NPORT-EX 2 QTLY_2369_20230731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
July 31, 2023
TEK-NPRT3-0923
1.931233.111
Common Stocks - 55.2%
 
  
Shares
Value ($)
 
Brazil - 3.8%
 
  
  
Arezzo Industria e Comercio SA
 
16,403
285,828
Cury Construtora e Incorporado SA
 
12,300
46,222
Cyrela Brazil Realty SA
 
11,300
56,921
Dexco SA
 
212,643
376,383
ENGIE Brasil Energia SA
 
29,700
276,603
Equatorial Energia SA
 
60,458
428,816
Hapvida Participacoes e Investimentos SA (a)(b)
  
99,800
101,304
Localiza Rent a Car SA
 
53,126
755,195
LOG Commercial Properties e Participacoes SA
 
15,700
71,050
Lojas Renner SA
 
66,813
264,921
MercadoLibre, Inc. (a)
  
249
308,274
Multiplan Empreendimentos Imobiliarios SA
 
11,700
65,344
PagSeguro Digital Ltd. (a)
  
77,780
883,581
Raia Drogasil SA
 
143,208
877,343
Rede D'Oregon Sao Luiz SA (b)
  
38,494
293,055
Rumo SA
 
144,800
711,637
StoneCo Ltd. Class A (a)
  
38,564
558,792
Transmissora Alianca de Energia Eletrica SA
 
29,100
221,538
Vale SA sponsored ADR
 
86,568
1,266,490
XP, Inc. Class A (a)
  
56,535
1,527,010
YDUQS Participacoes SA
 
48,000
225,243
TOTAL BRAZIL
  
  
9,601,550
Canada - 0.4%
 
  
  
Barrick Gold Corp.
 
58,500
1,011,465
Chile - 0.6%
 
  
  
Antofagasta PLC
 
37,058
797,792
Banco de Chile
 
6,642,300
739,489
TOTAL CHILE
  
  
1,537,281
China - 15.9%
 
  
  
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a)
  
8,600
171,957
Akeso, Inc. (a)(b)
  
29,890
157,328
Alibaba Group Holding Ltd. (a)
  
331,331
4,234,207
Alibaba Group Holding Ltd. sponsored ADR (a)
  
3,431
350,511
Angelalign Technology, Inc. (b)
  
5,264
53,019
Ant International Co. Ltd. Class C (a)(c)(d)
  
424,550
798,154
Baidu, Inc.:
  
  
  
 Class A (a)
  
13,669
267,240
 sponsored ADR (a)
  
2,704
421,797
BeiGene Ltd. ADR (a)
  
1,252
268,203
Beijing Enlight Media Co. Ltd. (A Shares)
 
102,900
120,723
Bilibili, Inc. ADR (a)(e)
  
7,409
141,290
BYD Co. Ltd. (H Shares)
 
28,303
1,008,097
C&S Paper Co. Ltd. (A Shares)
 
137,500
213,292
China Communications Services Corp. Ltd. (H Shares)
 
470,000
222,980
China Construction Bank Corp. (H Shares)
 
3,286,000
1,915,273
China Gas Holdings Ltd.
 
220,744
245,966
China Jushi Co. Ltd. (A Shares)
 
178,360
370,564
China Life Insurance Co. Ltd. (H Shares)
 
716,000
1,248,586
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
27,100
54,065
China Overseas Land and Investment Ltd.
 
103,540
243,752
China Petroleum & Chemical Corp. (H Shares)
 
1,204,000
671,556
China Resources Beer Holdings Co. Ltd.
 
82,666
529,455
China Resources Land Ltd.
 
80,510
372,669
China Tower Corp. Ltd. (H Shares) (b)
  
814,723
91,930
Daqin Railway Co. Ltd. (A Shares)
 
505,000
506,216
Daqo New Energy Corp. ADR (a)
  
1,121
43,797
ENN Energy Holdings Ltd.
 
32,000
384,670
ESR Group Ltd. (b)
  
32,200
56,152
Greentown China Holdings Ltd.
 
79,000
90,154
Guangdong Investment Ltd.
 
282,000
243,711
Haier Smart Home Co. Ltd.
 
141,400
464,993
Haier Smart Home Co. Ltd. (A Shares)
 
12,560
43,433
Haitian International Holdings Ltd.
 
107,000
266,440
Hansoh Pharmaceutical Group Co. Ltd. (b)
  
122,113
197,287
Innovent Biologics, Inc. (a)(b)
  
49,096
217,816
JD Health International, Inc. (a)(b)
  
10,539
76,081
JD.com, Inc. Class A
 
34,488
714,025
Jiumaojiu International Holdings Ltd. (b)
  
17,520
34,236
KE Holdings, Inc. ADR (a)
  
15,167
264,209
Kingdee International Software Group Co. Ltd. (a)
  
25,000
43,468
Kunlun Energy Co. Ltd.
 
344,040
280,123
Kweichow Moutai Co. Ltd. (A Shares)
 
2,600
684,537
Lenovo Group Ltd.
 
306,684
351,557
Li Auto, Inc.:
  
  
  
 ADR (a)
  
24,271
1,038,799
 Class A (a)
  
3,038
65,217
Li Ning Co. Ltd.
 
84,613
509,919
Longfor Properties Co. Ltd. (b)
  
15,980
42,517
Meituan Class B (a)(b)
  
119,612
2,283,407
NetEase, Inc. ADR
 
5,133
558,162
New Oriental Education & Technology Group, Inc. (a)
  
7,200
41,015
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
  
10,564
592,957
PDD Holdings, Inc. ADR (a)
  
20,844
1,872,208
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
283,500
2,065,792
Proya Cosmetics Co. Ltd. (A Shares)
 
41,056
648,649
Shangri-La Asia Ltd. (a)
  
98,000
81,427
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
9,812
406,613
Sinopec Engineering Group Co. Ltd. (H Shares)
 
311,500
140,195
Sinopharm Group Co. Ltd. (H Shares)
 
65,375
204,954
Sinotruk Hong Kong Ltd.
 
102,500
214,492
Sunny Optical Technology Group Co. Ltd.
 
17,371
168,277
TAL Education Group ADR (a)
  
7,300
59,714
Tencent Holdings Ltd.
 
119,676
5,500,447
Tongdao Liepin Group (a)
  
43,097
52,111
TravelSky Technology Ltd. (H Shares)
 
142,000
271,295
Trip.com Group Ltd. ADR (a)
  
25,386
1,041,841
Tsingtao Brewery Co. Ltd. (H Shares)
 
64,000
573,619
Uni-President China Holdings Ltd.
 
222,600
192,091
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
  
35,747
33,231
WuXi AppTec Co. Ltd. (H Shares) (b)
  
17,453
164,596
Wuxi Biologics (Cayman), Inc. (a)(b)
  
104,998
593,726
Xinyi Solar Holdings Ltd.
 
266,899
287,470
XPeng, Inc.:
  
  
  
 ADR (a)
  
20,500
428,860
 Class A (a)
  
4,300
45,868
Zai Lab Ltd. (a)
  
70,111
214,399
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
89,700
356,550
TOTAL CHINA
  
  
39,885,937
Greece - 0.6%
 
  
  
Alpha Bank SA (a)
  
556,800
1,001,256
Piraeus Financial Holdings SA (a)
  
126,700
478,658
TOTAL GREECE
  
  
1,479,914
Hong Kong - 0.6%
 
  
  
ASMPT Ltd.
 
23,600
229,527
Huanxi Media Group Ltd. (a)
  
761,081
101,492
Kerry Properties Ltd.
 
38,000
81,858
Prudential PLC
 
68,556
951,991
TOTAL HONG KONG
  
  
1,364,868
Hungary - 0.1%
 
  
  
Richter Gedeon PLC
 
11,203
282,602
India - 9.5%
 
  
  
Apollo Hospitals Enterprise Ltd.
 
7,041
442,926
Bajaj Auto Ltd.
 
5,171
310,071
Bajaj Finance Ltd.
 
13,064
1,159,668
Bharat Electronics Ltd.
 
377,700
600,260
Bharti Airtel Ltd.
 
122,867
1,329,515
Coal India Ltd.
 
138,100
384,964
Divi's Laboratories Ltd.
 
4,477
200,567
Eicher Motors Ltd.
 
7,213
295,177
Embassy Office Parks (REIT)
 
28,000
106,219
HDFC Bank Ltd.
 
152,896
3,069,881
HDFC Standard Life Insurance Co. Ltd. (b)
  
122,500
963,511
Hindustan Aeronautics Ltd.
 
8,000
385,360
ICICI Bank Ltd.
 
80,800
984,853
Indraprastha Gas Ltd.
 
59,393
334,447
Infosys Ltd.
 
14,399
238,345
Infosys Ltd. sponsored ADR
 
91,300
1,521,058
ITC Ltd.
 
163,413
925,358
Jio Financial Services Ltd. (d)
  
74,913
238,521
JK Cement Ltd.
 
21,874
870,984
Larsen & Toubro Ltd.
 
33,069
1,078,180
Mahanagar Gas Ltd.
 
19,725
268,221
Mankind Pharma Ltd.
 
15,961
338,230
Maruti Suzuki India Ltd.
 
4,012
479,096
NTPC Ltd.
 
205,738
546,241
Oberoi Realty Ltd.
 
5,770
78,548
One97 Communications Ltd. (a)
  
34,935
340,005
Petronet LNG Ltd.
 
66,306
188,300
Power Grid Corp. of India Ltd.
 
159,387
515,624
Reliance Industries Ltd.
 
74,913
2,322,130
Shree Cement Ltd.
 
1,751
513,300
Sona Blw Precision Forgings Ltd. (b)
  
37,244
258,181
SRF Ltd.
 
15,700
414,368
Tata Motors Ltd.
 
25,743
201,681
Tata Steel Ltd.
 
564,500
845,309
Torrent Pharmaceuticals Ltd.
 
8,937
217,649
Zomato Ltd. (a)
  
868,066
887,699
TOTAL INDIA
  
  
23,854,447
Indonesia - 1.4%
 
  
  
First Resources Ltd.
 
315,200
357,926
PT Bank Central Asia Tbk
 
2,144,100
1,297,408
PT Bank Rakyat Indonesia (Persero) Tbk
 
3,755,079
1,406,910
PT Dayamitra Telekomunikasi Tbk
 
325,700
14,147
PT Sumber Alfaria Trijaya Tbk
 
1,816,100
325,164
TOTAL INDONESIA
  
  
3,401,555
Korea (South) - 6.3%
 
  
  
Coway Co. Ltd.
 
6,680
214,351
Delivery Hero AG (a)(b)
  
5,455
247,498
Hyundai Fire & Marine Insurance Co. Ltd.
 
15,620
350,243
Hyundai Motor Co. Ltd.
 
416
63,814
Jeisys Medical, Inc. (a)
  
12,635
110,457
Kakao Corp.
 
11,907
478,062
Kakao Pay Corp. (a)
  
3,150
123,760
Kia Corp.
 
13,082
846,728
L&F Co. Ltd.
 
400
80,612
LG Chemical Ltd.
 
583
295,670
LG Corp.
 
6,410
418,899
NAVER Corp.
 
5,087
903,757
NCSOFT Corp.
 
287
62,107
POSCO
 
2,132
1,071,694
Samsung Biologics Co. Ltd. (a)(b)
  
905
542,552
Samsung Electronics Co. Ltd.
 
128,231
7,005,075
Samsung SDI Co. Ltd.
 
1,544
803,588
SK Hynix, Inc.
 
20,839
2,012,595
TOTAL KOREA (SOUTH)
  
  
15,631,462
Mauritius - 0.0%
 
  
  
Jumo World Ltd. (a)(d)
  
30
26,878
Mexico - 2.0%
 
  
  
CEMEX S.A.B. de CV sponsored ADR (a)
  
150,000
1,143,000
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
81,655
296,240
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
28,300
539,213
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR
 
1,673
473,442
Grupo Aeroportuario Norte S.A.B. de CV
 
28,400
320,210
Grupo Financiero Banorte S.A.B. de CV Series O
 
162,521
1,540,383
Wal-Mart de Mexico SA de CV Series V
 
164,400
684,403
TOTAL MEXICO
  
  
4,996,891
Netherlands - 0.0%
 
  
  
CTP BV (b)
  
5,352
73,439
Panama - 0.1%
 
  
  
Copa Holdings SA Class A
 
3,020
356,420
Peru - 0.3%
 
  
  
Credicorp Ltd. (United States)
 
4,479
703,427
Philippines - 0.2%
 
  
  
Ayala Land, Inc.
 
327,200
163,243
SM Investments Corp.
 
15,000
249,090
SM Prime Holdings, Inc.
 
127,700
77,662
TOTAL PHILIPPINES
  
  
489,995
Poland - 0.4%
 
  
  
CD Projekt RED SA
 
7,839
319,674
Dino Polska SA (a)(b)
  
5,200
579,372
TOTAL POLAND
  
  
899,046
Romania - 0.0%
 
  
  
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
2,800
70,009
Russia - 1.1%
 
  
  
Fix Price Group Ltd. GDR (Reg. S) (a)(d)
  
68,238
25,202
Gazprom OAO sponsored ADR (Reg. S) (a)(d)
  
155,600
35,545
LSR Group OJSC (d)
  
755
770
LUKOIL PJSC sponsored ADR (a)(d)
  
35,200
9,958
Novatek PJSC GDR (Reg. S) (a)(d)
  
9,100
400,400
Sberbank of Russia (d)
  
30
0
Sberbank of Russia sponsored ADR (a)(d)
  
324,104
5,769
Severstal PAO GDR (Reg. S) (a)(d)
  
83,700
1,976
TCS Group Holding PLC GDR (a)(d)
  
56,395
505,299
X5 Retail Group NV GDR (Reg. S) (a)(d)
  
77,500
671,894
Yandex NV Series A (a)(d)
  
88,218
1,058,616
TOTAL RUSSIA
  
  
2,715,429
Saudi Arabia - 1.6%
 
  
  
Al Rajhi Bank
 
53,514
1,064,118
Alinma Bank
 
85,200
840,281
Bupa Arabia for Cooperative Insurance Co.
 
15,675
721,160
Saudi Arabian Oil Co. (b)
  
15,800
136,454
The Saudi National Bank
 
130,767
1,343,711
TOTAL SAUDI ARABIA
  
  
4,105,724
Singapore - 0.6%
 
  
  
Sea Ltd. ADR (a)
  
23,097
1,536,412
South Africa - 1.6%
 
  
  
Capitec Bank Holdings Ltd.
 
10,650
1,067,998
Discovery Ltd. (a)
  
90,100
795,968
Impala Platinum Holdings Ltd.
 
116,300
840,043
Naspers Ltd. Class N
 
3,125
614,022
Pick 'n Pay Stores Ltd.
 
140,500
302,389
Shoprite Holdings Ltd.
 
27,624
399,136
TOTAL SOUTH AFRICA
  
  
4,019,556
Switzerland - 0.1%
 
  
  
Glodon Co. Ltd. (UBS AG London Branch Bank Warrant Programme) Class A warrants 2/6/25 (a)(b)
  
38,700
175,003
Taiwan - 6.7%
 
  
  
Alchip Technologies Ltd.
 
4,500
284,412
ASE Technology Holding Co. Ltd.
 
26,000
94,982
ASUSTeK Computer, Inc.
 
21,000
242,775
BizLink Holding, Inc.
 
30,027
288,483
Chailease Holding Co. Ltd.
 
174,144
1,150,415
Chroma ATE, Inc.
 
19,000
166,550
Delta Electronics, Inc.
 
9,000
104,475
eMemory Technology, Inc.
 
5,035
296,637
Formosa Plastics Corp.
 
186,000
491,495
Global Unichip Corp.
 
1,000
51,928
Inventec Corp.
 
35,932
72,695
King Yuan Electronics Co. Ltd.
 
91,000
182,081
Quanta Computer, Inc.
 
85,679
649,001
Realtek Semiconductor Corp.
 
5,075
69,389
Taiwan Semiconductor Manufacturing Co. Ltd.
 
598,705
10,790,735
Uni-President Enterprises Corp.
 
243,000
581,144
Unimicron Technology Corp.
 
27,504
161,166
Wistron Corp.
 
96,526
433,794
Wiwynn Corp.
 
9,213
520,839
TOTAL TAIWAN
  
  
16,632,996
Tanzania - 0.0%
 
  
  
Helios Towers PLC (a)
  
54,000
62,683
Thailand - 0.4%
 
  
  
Carabao Group PCL (For. Reg.)
 
159,800
340,274
Land & House PCL (For. Reg.)
 
316,900
78,842
PTT Global Chemical PCL (For. Reg.)
 
396,300
458,184
Supalai PCL (For. Reg.)
 
82,500
51,193
TOTAL THAILAND
  
  
928,493
United States of America - 0.9%
 
  
  
FirstCash Holdings, Inc.
 
9,801
933,839
Globant SA (a)
  
1,238
216,316
Legend Biotech Corp. ADR (a)
  
2,479
187,214
Tenaris SA sponsored ADR
 
10,500
351,645
Titan Cement International Trading SA
 
28,200
592,833
TOTAL UNITED STATES OF AMERICA
  
  
2,281,847
 
TOTAL COMMON STOCKS
 (Cost $117,010,749)
  
  
  
138,125,329
 
  
  
  
Preferred Stocks - 1.8%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 0.3%
 
  
  
China - 0.1%
  
  
  
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)
  
11,962
93,662
India - 0.2%
  
  
  
Meesho Series F (a)(c)(d)
  
7,108
562,314
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
655,976
Nonconvertible Preferred Stocks - 1.5%
 
  
  
Brazil - 1.1%
  
  
  
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
38,700
205,418
Metalurgica Gerdau SA (PN)
 
290,170
843,740
Petroleo Brasileiro SA - Petrobras:
  
  
  
 (PN) sponsored ADR (non-vtg.)
 
66,806
881,839
 sponsored ADR
 
56,800
833,824
 
  
  
2,764,821
Korea (South) - 0.4%
  
  
  
Hyundai Motor Co. Ltd. Series 2
 
5,501
466,697
Samsung Electronics Co. Ltd.
 
9,152
411,142
 
  
  
877,839
United States of America - 0.0%
  
  
  
Gupshup, Inc. (a)(c)(d)
  
8,409
95,779
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
3,738,439
 
TOTAL PREFERRED STOCKS
 (Cost $2,963,533)
  
  
  
4,394,415
 
  
  
  
Corporate Bonds - 14.0%
 
  
Principal
Amount (f)
 
Value ($)
 
Convertible Bonds - 0.2%
 
  
  
Brazil - 0.2%
  
  
  
Creditas Financial Solutions Ltd. 5% 7/28/27 (c)(d)
  
506,964
506,964
Nonconvertible Bonds - 13.8%
 
  
  
Azerbaijan - 0.5%
  
  
  
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
  
695,000
705,557
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S)
 
585,000
604,638
 
  
  
1,310,195
Bahrain - 0.5%
  
  
  
The Oil and Gas Holding Co. 7.5% 10/25/27 (b)
  
1,185,000
1,205,181
Brazil - 0.4%
  
  
  
Adecoagro SA 6% 9/21/27 (b)
  
275,000
260,942
Azul Secured Finance LLP 11.93% 8/28/28 (b)
  
200,000
200,250
Braskem Netherlands BV 7.25% 2/13/33 (b)
  
115,000
112,832
Embraer Netherlands Finance BV 5.4% 2/1/27
 
90,000
88,217
MARB BondCo PLC 3.95% 1/29/31 (b)
  
145,000
106,503
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
  
372,007
239,479
Natura Cosmeticos SA 4.125% 5/3/28 (b)
  
95,000
83,291
 
  
  
1,091,514
Burkina Faso - 0.1%
  
  
  
Endeavour Mining PLC 5% 10/14/26 (b)
  
285,000
257,928
Cambodia - 0.1%
  
  
  
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
200,000
188,054
Chile - 0.8%
  
  
  
Antofagasta PLC 2.375% 10/14/30 (b)
  
450,000
365,283
Corporacion Nacional del Cobre de Chile (Codelco):
  
  
  
 3.7% 1/30/50 (b)
  
300,000
223,581
 4.5% 8/1/47 (b)
  
250,000
212,273
 5.125% 2/2/33 (b)
  
200,000
196,990
Empresa Nacional de Petroleo 4.5% 9/14/47 (b)
  
440,000
334,673
Sable International Finance Ltd. 5.75% 9/7/27 (b)
  
600,000
554,625
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
  
400,000
235,756
 
  
  
2,123,181
China - 0.5%
  
  
  
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
  
395,000
364,305
Meituan 2.125% 10/28/25 (b)
  
365,000
334,132
Prosus NV:
  
  
  
 3.832% 2/8/51 (b)
  
425,000
260,453
 4.193% 1/19/32 (b)
  
245,000
206,937
 
  
  
1,165,827
Colombia - 0.6%
  
  
  
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
  
690,000
454,834
Gcm Mining Corp. 6.875% 8/9/26 (b)
  
400,000
320,000
GeoPark Ltd. 5.5% 1/17/27 (b)
  
500,000
428,625
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
  
414,625
384,863
 
  
  
1,588,322
Egypt - 0.1%
  
  
  
Energean PLC 6.5% 4/30/27 (b)
  
160,000
145,816
Georgia - 0.1%
  
  
  
JSC Georgian Railway 4% 6/17/28 (b)
  
300,000
258,924
Ghana - 0.5%
  
  
  
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
  
700,000
652,659
Tullow Oil PLC:
  
  
  
 7% 3/1/25 (b)
  
450,000
285,804
 10.25% 5/15/26 (b)
  
411,000
334,570
 
  
  
1,273,033
Guatemala - 0.3%
  
  
  
CT Trust 5.125% 2/3/32 (b)
  
440,000
363,713
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
  
510,000
477,222
 
  
  
840,935
Hungary - 0.1%
  
  
  
Magyar Export-Import Bank 6.125% 12/4/27 (b)
  
200,000
200,004
India - 0.1%
  
  
  
CA Magnum Holdings 5.375% 10/31/26 (b)
  
400,000
367,000
Indonesia - 1.1%
  
  
  
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
  
560,000
526,154
PT Adaro Indonesia 4.25% 10/31/24 (b)
  
250,000
239,958
PT Freeport Indonesia:
  
  
  
 5.315% 4/14/32 (b)
  
250,000
235,976
 6.2% 4/14/52 (b)
  
200,000
184,406
PT Hutama Karya Persero 3.75% 5/11/30 (b)
  
300,000
274,059
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
  
690,000
671,456
PT Pertamina Persero:
  
  
  
 4.15% 2/25/60 (b)
  
365,000
272,878
 4.175% 1/21/50 (b)
  
450,000
354,420
 
  
  
2,759,307
Israel - 0.1%
  
  
  
Energean Israel Finance Ltd. 8.5% 9/30/33 (Reg. S) (b)
  
250,000
250,000
Kazakhstan - 0.2%
  
  
  
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
  
400,000
315,660
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
  
350,000
267,750
 
  
  
583,410
Malaysia - 0.6%
  
  
  
MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b)
  
380,000
356,003
Petronas Capital Ltd.:
  
  
  
 3.404% 4/28/61 (b)
  
500,000
352,680
 3.5% 4/21/30 (b)
  
450,000
413,910
 4.55% 4/21/50 (b)
  
400,000
363,484
 
  
  
1,486,077
Mauritius - 0.1%
  
  
  
AXIAN Telecom 7.375% 2/16/27 (b)
  
355,000
325,723
Mexico - 1.7%
  
  
  
Braskem Idesa SAPI 6.99% 2/20/32 (b)
  
205,000
130,179
Comision Federal de Electricidad 3.348% 2/9/31 (b)
  
450,000
357,566
Petroleos Mexicanos:
  
  
  
 5.35% 2/12/28
 
320,000
262,240
 6.49% 1/23/27
 
315,000
279,484
 6.5% 6/2/41
 
820,000
529,823
 6.625% 6/15/35
 
410,000
290,998
 6.7% 2/16/32
 
415,000
319,509
 6.75% 9/21/47
 
960,000
615,360
 6.84% 1/23/30
 
380,000
303,149
 6.95% 1/28/60
 
1,075,000
679,938
 7.69% 1/23/50
 
589,000
405,909
 
  
  
4,174,155
Morocco - 0.2%
  
  
  
OCP SA:
  
  
  
 3.75% 6/23/31 (b)
  
535,000
447,640
 5.125% 6/23/51 (b)
  
200,000
150,264
 
  
  
597,904
Nigeria - 0.1%
  
  
  
IHS Netherlands Holdco BV 8% 9/18/27 (b)
  
210,000
190,777
Panama - 0.4%
  
  
  
Aeropuerto Internacional de Tocumen SA:
  
  
  
 4% 8/11/41 (b)
  
290,000
241,358
 5.125% 8/11/61 (b)
  
200,000
161,784
Cable Onda SA 4.5% 1/30/30 (b)
  
580,000
493,342
 
  
  
896,484
Paraguay - 0.1%
  
  
  
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
  
250,000
235,693
Peru - 0.2%
  
  
  
Camposol SA 6% 2/3/27 (b)
  
500,000
361,485
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
  
165,000
143,756
 
  
  
505,241
Qatar - 0.6%
  
  
  
Qatar Petroleum:
  
  
  
 2.25% 7/12/31 (b)
  
755,000
628,288
 3.125% 7/12/41 (b)
  
650,000
493,324
 3.3% 7/12/51 (b)
  
580,000
423,354
 
  
  
1,544,966
Saudi Arabia - 1.2%
  
  
  
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
  
720,000
607,147
Greensaif Pipelines Bidco SARL:
  
  
  
 6.129% 2/23/38 (b)
  
200,000
204,662
 6.51% 2/23/42 (b)
  
200,000
206,768
Saudi Arabian Oil Co.:
  
  
  
 3.25% 11/24/50 (b)
  
260,000
182,088
 4.25% 4/16/39 (b)
  
1,680,000
1,469,412
 4.375% 4/16/49 (b)
  
275,000
233,104
 
  
  
2,903,181
South Africa - 0.8%
  
  
  
Eskom Holdings SOC Ltd.:
  
  
  
 6.35% 8/10/28 (b)
  
315,000
300,412
 7.125% 2/11/25 (b)
  
860,000
853,361
 8.45% 8/10/28 (b)
  
235,000
231,738
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
  
470,000
310,811
Stillwater Mining Co.:
  
  
  
 4% 11/16/26 (b)
  
235,000
211,359
 4.5% 11/16/29 (b)
  
220,000
178,363
 
  
  
2,086,044
Tanzania - 0.1%
  
  
  
HTA Group Ltd. 7% 12/18/25 (b)
  
190,000
181,157
Thailand - 0.1%
  
  
  
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b)
  
350,000
235,939
Ukraine - 0.1%
  
  
  
NAK Naftogaz Ukraine 7.375% (Reg. S) (g)
  
400,000
234,000
United Arab Emirates - 0.9%
  
  
  
Abu Dhabi National Energy Co. PJSC:
  
  
  
 4% 10/3/49 (b)
  
390,000
326,886
 4.696% 4/24/33 (b)
  
165,000
163,437
 4.875% 4/23/30 (b)
  
50,000
50,272
Galaxy Pipeline Assets BidCo Ltd.:
  
  
  
 2.16% 3/31/34 (b)
  
399,195
339,304
 2.625% 3/31/36 (b)
  
570,000
461,107
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)
  
250,000
241,563
MDGH GMTN RSC Ltd.:
  
  
  
 4.375% 11/22/33 (b)
  
200,000
192,500
 5.084% 5/22/53 (b)
  
265,000
263,344
 5.5% 4/28/33 (b)
  
200,000
210,166
 
  
  
2,248,579
Uzbekistan - 0.1%
  
  
  
Uzbekneftegaz JSC 4.75% 11/16/28 (b)
  
200,000
168,700
Venezuela - 0.2%
  
  
  
Petroleos de Venezuela SA:
  
  
  
 6% (b)(g)
  
5,700,000
199,500
 6% (Reg. S) (g)
  
6,800,000
238,000
 
  
  
437,500
Vietnam - 0.2%
  
  
  
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b)
  
440,000
396,495
TOTAL NONCONVERTIBLE BONDS
  
  
34,457,246
 
TOTAL CORPORATE BONDS
 (Cost $42,700,267)
  
  
  
34,964,210
 
  
  
  
Government Obligations - 23.0%
 
  
Principal
Amount (f)
 
Value ($)
 
Angola - 0.7%
 
  
  
Angola Republic:
  
  
  
 8.25% 5/9/28 (b)
  
720,000
660,485
 8.75% 4/14/32 (b)
  
200,000
175,108
 9.125% 11/26/49 (b)
  
225,000
181,733
 9.375% 5/8/48 (b)
  
290,000
239,450
 9.5% 11/12/25 (b)
  
365,000
365,566
TOTAL ANGOLA
  
  
1,622,342
Argentina - 0.9%
 
  
  
Argentine Republic:
  
  
  
 0.75% 7/9/30 (h)
  
1,995,365
685,827
 1% 7/9/29
 
498,666
166,754
 3.625% 7/9/35 (h)
  
1,537,734
479,081
 4.25% 1/9/38 (h)
  
1,736,834
624,374
Buenos Aires Province 5.25% 9/1/37 (b)(h)
  
780,000
301,470
TOTAL ARGENTINA
  
  
2,257,506
Armenia - 0.1%
 
  
  
Republic of Armenia 3.6% 2/2/31 (b)
  
360,000
285,307
Barbados - 0.1%
 
  
  
Barbados Government 6.5% 10/1/29 (b)
  
290,000
270,300
Benin - 0.0%
 
  
  
Republic of Benin 4.875% 1/19/32 (b)
EUR
140,000
119,457
Brazil - 0.6%
 
  
  
Brazilian Federative Republic:
  
  
  
 3.875% 6/12/30
 
775,000
693,307
 4.75% 1/14/50
 
505,000
386,381
 6% 10/20/33
 
295,000
292,493
TOTAL BRAZIL
  
  
1,372,181
Cameroon - 0.1%
 
  
  
Cameroon Republic 5.95% 7/7/32 (b)
EUR
360,000
291,672
Chile - 0.6%
 
  
  
Chilean Republic:
  
  
  
 2.45% 1/31/31
 
535,000
456,189
 3.1% 1/22/61
 
340,000
221,626
 3.5% 1/31/34
 
280,000
245,734
 4% 1/31/52
 
200,000
163,250
 4.34% 3/7/42
 
200,000
176,722
 5.33% 1/5/54
 
230,000
228,275
TOTAL CHILE
  
  
1,491,796
Colombia - 1.0%
 
  
  
Colombian Republic:
  
  
  
 3% 1/30/30
 
715,000
574,217
 3.125% 4/15/31
 
548,000
427,714
 5% 6/15/45
 
515,000
370,244
 5.2% 5/15/49
 
185,000
134,267
 6.125% 1/18/41
 
200,000
169,920
 7.375% 9/18/37
 
425,000
419,399
 7.5% 2/2/34
 
200,000
201,866
 8% 4/20/33
 
160,000
167,955
TOTAL COLOMBIA
  
  
2,465,582
Costa Rica - 0.4%
 
  
  
Costa Rican Republic:
  
  
  
 5.625% 4/30/43 (b)
  
425,000
371,773
 6.125% 2/19/31 (b)
  
315,000
314,364
 6.55% 4/3/34 (b)
  
245,000
247,864
 7% 4/4/44 (b)
  
105,000
103,903
TOTAL COSTA RICA
  
  
1,037,904
Dominican Republic - 1.4%
 
  
  
Dominican Republic:
  
  
  
 4.5% 1/30/30 (b)
  
515,000
455,852
 4.875% 9/23/32 (b)
  
870,000
753,081
 5.3% 1/21/41 (b)
  
200,000
161,232
 5.875% 1/30/60 (b)
  
900,000
710,748
 6% 7/19/28 (b)
  
400,000
391,276
 6% 2/22/33 (b)
  
425,000
398,990
 6.5% 2/15/48 (b)
  
200,000
177,810
 6.85% 1/27/45 (b)
  
350,000
325,462
 7.05% 2/3/31 (b)
  
150,000
151,469
TOTAL DOMINICAN REPUBLIC
  
  
3,525,920
Ecuador - 0.4%
 
  
  
Ecuador Republic:
  
  
  
 2.5% 7/31/40 (b)
  
250,000
78,208
 3.5% 7/31/35 (b)
  
1,490,256
510,577
 6% 7/31/30 (b)
  
925,630
439,063
TOTAL ECUADOR
  
  
1,027,848
Egypt - 0.8%
 
  
  
Arab Republic of Egypt:
  
  
  
 7.0529% 1/15/32 (b)
  
665,000
421,397
 7.5% 2/16/61 (b)
  
395,000
215,220
 7.903% 2/21/48 (b)
  
865,000
477,791
 8.5% 1/31/47 (b)
  
1,160,000
675,074
 8.7002% 3/1/49 (b)
  
400,000
232,860
TOTAL EGYPT
  
  
2,022,342
El Salvador - 0.1%
 
  
  
El Salvador Republic 7.1246% 1/20/50 (b)
  
560,000
343,689
Gabon - 0.3%
 
  
  
Gabonese Republic:
  
  
  
 6.95% 6/16/25 (b)
  
200,000
191,206
 7% 11/24/31 (b)
  
540,000
456,073
TOTAL GABON
  
  
647,279
Georgia - 0.2%
 
  
  
Georgia Republic 2.75% 4/22/26 (b)
  
505,000
453,657
Ghana - 0.3%
 
  
  
Ghana Republic:
  
  
  
 8.125% (b)(g)
  
500,000
235,710
 8.627% (b)(g)
  
615,000
271,449
 10.75% 10/14/30 (b)
  
475,000
335,621
TOTAL GHANA
  
  
842,780
Guatemala - 0.2%
 
  
  
Guatemalan Republic:
  
  
  
 6.125% 6/1/50 (b)
  
350,000
325,010
 6.6% 6/13/36 (b)
  
200,000
204,700
TOTAL GUATEMALA
  
  
529,710
Hungary - 0.3%
 
  
  
Hungarian Republic:
  
  
  
 2.125% 9/22/31 (b)
  
300,000
234,114
 3.125% 9/21/51 (b)
  
560,000
357,991
 6.25% 9/22/32 (b)
  
200,000
205,214
TOTAL HUNGARY
  
  
797,319
Indonesia - 0.6%
 
  
  
Indonesian Republic:
  
  
  
 3.35% 3/12/71
 
470,000
324,573
 3.5% 2/14/50
 
380,000
292,847
 4.2% 10/15/50
 
600,000
518,700
 8.5% 10/12/35 (b)
  
300,000
388,953
TOTAL INDONESIA
  
  
1,525,073
Ivory Coast - 0.3%
 
  
  
Ivory Coast:
  
  
  
 5.875% 10/17/31 (b)
EUR
255,000
242,699
 6.375% 3/3/28 (b)
  
635,000
619,303
TOTAL IVORY COAST
  
  
862,002
Jordan - 0.2%
 
  
  
Jordanian Kingdom:
  
  
  
 5.85% 7/7/30 (b)
  
200,000
185,332
 7.375% 10/10/47 (b)
  
280,000
248,030
TOTAL JORDAN
  
  
433,362
Kenya - 0.4%
 
  
  
Republic of Kenya:
  
  
  
 6.3% 1/23/34 (b)
  
440,000
332,204
 6.875% 6/24/24 (b)
  
275,000
262,012
 7% 5/22/27 (b)
  
410,000
369,328
TOTAL KENYA
  
  
963,544
Lebanon - 0.2%
 
  
  
Lebanese Republic 6.375% (g)
  
7,090,000
514,025
Mexico - 0.9%
 
  
  
United Mexican States:
  
  
  
 2.659% 5/24/31
 
400,000
332,016
 3.25% 4/16/30
 
400,000
355,168
 4.35% 1/15/47
 
850,000
679,516
 4.75% 3/8/44
 
450,000
386,420
 6.338% 5/4/53
 
200,000
203,700
 6.35% 2/9/35
 
220,000
230,747
TOTAL MEXICO
  
  
2,187,567
Morocco - 0.1%
 
  
  
Moroccan Kingdom 6.5% 9/8/33 (b)
  
240,000
247,800
Nigeria - 0.9%
 
  
  
Republic of Nigeria:
  
  
  
 6.125% 9/28/28 (b)
  
325,000
281,288
 6.5% 11/28/27 (b)
  
705,000
628,543
 7.143% 2/23/30 (b)
  
850,000
742,849
 7.625% 11/28/47 (b)
  
300,000
223,317
 8.25% 9/28/51 (b)
  
200,000
156,788
 8.375% 3/24/29 (b)
  
190,000
178,089
TOTAL NIGERIA
  
  
2,210,874
Oman - 1.2%
 
  
  
Sultanate of Oman:
  
  
  
 5.375% 3/8/27 (b)
  
245,000
241,369
 5.625% 1/17/28 (b)
  
420,000
417,119
 6% 8/1/29 (b)
  
285,000
287,232
 6.25% 1/25/31 (b)
  
690,000
707,471
 6.5% 3/8/47 (b)
  
1,275,000
1,223,490
 7% 1/25/51 (b)
  
115,000
117,154
TOTAL OMAN
  
  
2,993,835
Pakistan - 0.3%
 
  
  
Islamic Republic of Pakistan:
  
  
  
 6% 4/8/26 (b)
  
695,000
371,394
 6.875% 12/5/27 (b)
  
560,000
297,567
TOTAL PAKISTAN
  
  
668,961
Panama - 0.9%
 
  
  
Panamanian Republic:
  
  
  
 2.252% 9/29/32
 
485,000
372,271
 3.16% 1/23/30
 
660,000
577,612
 3.298% 1/19/33
 
190,000
158,274
 3.87% 7/23/60
 
510,000
338,864
 4.5% 5/15/47
 
405,000
321,602
 6.4% 2/14/35
 
250,000
260,828
 6.853% 3/28/54
 
200,000
209,318
TOTAL PANAMA
  
  
2,238,769
Paraguay - 0.3%
 
  
  
Republic of Paraguay:
  
  
  
 2.739% 1/29/33 (b)
  
415,000
332,344
 5.4% 3/30/50 (b)
  
415,000
358,112
 5.6% 3/13/48 (b)
  
65,000
57,234
TOTAL PARAGUAY
  
  
747,690
Peru - 0.4%
 
  
  
Peruvian Republic:
  
  
  
 2.783% 1/23/31
 
435,000
369,293
 3% 1/15/34
 
260,000
213,548
 3.3% 3/11/41
 
635,000
480,879
TOTAL PERU
  
  
1,063,720
Philippines - 0.4%
 
  
  
Philippine Republic:
  
  
  
 2.65% 12/10/45
 
430,000
291,265
 2.95% 5/5/45
 
320,000
229,741
 5.5% 1/17/48
 
200,000
208,224
 5.95% 10/13/47
 
225,000
245,909
TOTAL PHILIPPINES
  
  
975,139
Poland - 0.2%
 
  
  
Bank Gospodarstwa Krajowego 5.375% 5/22/33 (b)
  
200,000
199,500
Polish Government 5.5% 4/4/53
 
170,000
172,140
TOTAL POLAND
  
  
371,640
Qatar - 1.2%
 
  
  
State of Qatar:
  
  
  
 4.4% 4/16/50 (b)
  
1,675,000
1,513,899
 4.625% 6/2/46 (b)
  
600,000
568,572
 4.817% 3/14/49 (b)
  
855,000
821,775
TOTAL QATAR
  
  
2,904,246
Romania - 0.6%
 
  
  
Romanian Republic:
  
  
  
 3% 2/27/27 (b)
  
334,000
303,636
 3% 2/14/31 (b)
  
574,000
480,587
 3.625% 3/27/32 (b)
  
334,000
286,368
 6.125% 1/22/44 (b)
  
400,000
395,792
TOTAL ROMANIA
  
  
1,466,383
Russia - 0.1%
 
  
  
Ministry of Finance of the Russian Federation 5.1% (Reg. S) (d)(g)
  
600,000
195,000
Rwanda - 0.2%
 
  
  
Rwanda Republic 5.5% 8/9/31 (b)
  
700,000
543,991
Saudi Arabia - 0.3%
 
  
  
Kingdom of Saudi Arabia:
  
  
  
 2.25% 2/2/33 (b)
  
445,000
356,903
 3.45% 2/2/61 (b)
  
570,000
391,476
TOTAL SAUDI ARABIA
  
  
748,379
Senegal - 0.1%
 
  
  
Republic of Senegal:
  
  
  
 6.25% 5/23/33 (b)
  
235,000
202,004
 6.75% 3/13/48 (b)
  
200,000
149,266
TOTAL SENEGAL
  
  
351,270
Serbia - 0.2%
 
  
  
Republic of Serbia:
  
  
  
 2.125% 12/1/30 (b)
  
620,000
479,762
 6.25% 5/26/28 (b)
  
105,000
105,059
TOTAL SERBIA
  
  
584,821
South Africa - 0.5%
 
  
  
South African Republic:
  
  
  
 4.85% 9/27/27
 
400,000
381,008
 5% 10/12/46
 
155,000
108,255
 5.65% 9/27/47
 
325,000
243,100
 5.75% 9/30/49
 
795,000
594,557
TOTAL SOUTH AFRICA
  
  
1,326,920
Sri Lanka - 0.4%
 
  
  
Democratic Socialist Republic of Sri Lanka:
  
  
  
 6.2% (b)(g)
  
935,000
414,476
 6.85% (b)(g)
  
695,000
315,488
 7.55% (b)(g)
  
150,000
66,398
 7.85% (b)(g)
  
210,000
93,122
TOTAL SRI LANKA
  
  
889,484
Turkey - 1.1%
 
  
  
Turkish Republic:
  
  
  
 4.875% 10/9/26
 
520,000
477,880
 4.875% 4/16/43
 
1,055,000
721,852
 5.125% 2/17/28
 
245,000
222,462
 5.75% 5/11/47
 
405,000
297,752
 6.125% 10/24/28
 
220,000
204,798
 6.625% 2/17/45
 
15,000
12,327
 9.125% 7/13/30
 
220,000
228,491
 9.375% 3/14/29
 
495,000
516,914
TOTAL TURKEY
  
  
2,682,476
Ukraine - 0.6%
 
  
  
Ukraine Government:
  
  
  
 6.876% 5/21/31 (b)
  
200,000
59,000
 7.253% 3/15/35 (b)
  
380,000
113,707
 7.375% 9/25/34 (b)
  
200,000
59,000
 7.75% 9/1/25 (b)
  
830,000
273,485
 7.75% 9/1/26 (b)
  
830,000
261,450
 7.75% 9/1/27 (b)
  
345,000
107,813
 7.75% 9/1/28 (b)
  
560,000
173,600
 7.75% 9/1/29 (b)
  
400,000
124,000
 7.75% 8/1/41 (b)(i)
  
775,000
372,000
TOTAL UKRAINE
  
  
1,544,055
United Arab Emirates - 0.4%
 
  
  
Emirate of Abu Dhabi 3.125% 9/30/49 (b)
  
410,000
298,025
Emirate of Dubai:
  
  
  
 3.9% 9/9/50 (Reg. S)
 
650,000
478,504
 5.25% 1/30/43 (Reg. S)
 
295,000
277,265
TOTAL UNITED ARAB EMIRATES
  
  
1,053,794
United States of America - 0.8%
 
  
  
U.S. Treasury Bills, yield at date of purchase 5.29% to 5.3% 8/31/23 to 10/12/23 (j)
  
310,000
307,594
U.S. Treasury Bonds 2.875% 5/15/52
 
1,533,000
1,234,484
U.S. Treasury Notes:
  
  
  
 3.625% 3/31/30
 
147,000
142,958
 4% 2/28/30
 
252,000
250,405
TOTAL UNITED STATES OF AMERICA
  
  
1,935,441
Uruguay - 0.3%
 
  
  
Uruguay Republic 5.1% 6/18/50
 
730,000
727,576
Uzbekistan - 0.1%
 
  
  
Republic of Uzbekistan:
  
  
  
 3.7% 11/25/30 (b)
  
200,000
164,464
 3.9% 10/19/31 (b)
  
240,000
196,908
TOTAL UZBEKISTAN
  
  
361,372
Venezuela - 0.2%
 
  
  
Venezuelan Republic 9.25% (g)
  
6,200,000
558,000
Zambia - 0.1%
 
  
  
Republic of Zambia:
  
  
  
 8.5% (b)(g)
  
50,000
28,859
 8.97% (b)(g)
  
370,000
211,677
TOTAL ZAMBIA
  
  
240,536
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $72,704,300)
  
  
  
57,522,336
 
  
  
  
Preferred Securities - 0.9%
 
  
Principal
Amount (f)
 
Value ($)
 
Georgia - 0.3%
 
  
  
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (i)(k)
  
700,000
691,978
Mexico - 0.3%
 
  
  
Banco Mercantil del Norte SA:
  
  
  
 6.75% (b)(i)(k)
  
400,000
390,330
 7.625% (b)(i)(k)
  
105,000
96,993
CEMEX S.A.B. de CV 5.125% (b)(i)(k)
  
400,000
366,840
TOTAL MEXICO
  
  
854,163
United Arab Emirates - 0.3%
 
  
  
DP World Salaam 6% (Reg. S) (i)(k)
  
600,000
596,130
Emirates NBD Bank PJSC 6.125% (Reg. S) (i)(k)
  
200,000
197,372
TOTAL UNITED ARAB EMIRATES
  
  
793,502
 
TOTAL PREFERRED SECURITIES
 (Cost $2,526,750)
  
  
  
2,339,643
 
  
  
  
Money Market Funds - 4.4%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.32% (l)
  
11,048,964
11,051,174
Fidelity Securities Lending Cash Central Fund 5.32% (l)(m)
  
36,571
36,575
 
TOTAL MONEY MARKET FUNDS
 (Cost $11,087,452)
  
  
11,087,749
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $248,993,051)
 
  
 
248,433,682
NET OTHER ASSETS (LIABILITIES) - 0.7%  
1,805,157
NET ASSETS - 100.0%
250,238,839
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Index Contracts
  
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
148
Sep 2023
7,801,820
234,404
234,404
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 3.1%
 
Currency Abbreviations
         EUR
-
European Monetary Unit
 
Legend
 
(a)
Non-income producing
 
(b)
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 $71,411,864 or 28.5% of net assets.
 
(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 $2,056,873 or 0.8% of net assets.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Non-income producing - Security is in default.
 
(h)
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.
 
(i)
Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 $307,594.
 
(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
 
  
  
Creditas Financial Solutions Ltd. 5% 7/28/27
7/28/23
506,964
 
  
  
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
169,898
 
  
  
Gupshup, Inc.
6/08/21
192,273
 
  
  
Meesho Series F
9/21/21
544,986
 
  
  
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.32%
8,147,400
95,913,427
93,009,653
214,531
-
-
11,051,174
0.0%
Fidelity Securities Lending Cash Central Fund 5.32%
421,999
6,614,769
7,000,193
3,543
-
-
36,575
0.0%
Total
8,569,399
102,528,196
100,009,846
218,074
-
-
11,087,749
  
 
  
  
  
  
  
  
  
  
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 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. 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. Corporate Bonds, Government Obligations and Preferred Securities 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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