Quarterly Holdings Report
for
Strategic Advisers® Fidelity® Emerging Markets Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
February 28, 2026
STE-NPRT3-0426
1.9890709.107
Common Stocks - 61.3%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.9%
 
  
  
Materials - 0.9%
  
  
  
Metals & Mining - 0.9%
  
  
  
Anglogold Ashanti Plc (c)
  
1,898,332
242,549,880
Anglogold Ashanti Plc (South Africa)
 
528,579
67,622,909
 
  
  
  
TOTAL AUSTRALIA
  
  
310,172,789
AUSTRIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Raiffeisen Bank International AG
 
135,466
6,764,416
BRAZIL - 2.8%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Broadline Retail - 0.0%
  
  
  
MercadoLibre Inc (b)
  
7,300
12,830,334
Household Durables - 0.1%
  
  
  
Cyrela Brazil Realty SA Empreendimentos e Participacoes
 
2,660,100
15,935,174
Cyrela Brazil Realty SA Empreendimentos e Participacoes
 
340,220
1,934,539
 
  
  
17,869,713
Specialty Retail - 0.1%
  
  
  
Vibra Energia SA
 
7,191,385
41,971,372
TOTAL CONSUMER DISCRETIONARY
  
  
72,671,419
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Raia Drogasil SA
 
3,956,500
19,356,095
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
PRIO SA/Brazil (b)
  
8,365,776
88,920,537
Financials - 1.5%
  
  
  
Banks - 0.9%
  
  
  
Banco do Brasil SA
 
8,230,100
43,265,619
Inter & Co Inc Class A
 
1,700,876
14,814,630
Itau Unibanco Holding SA
 
10,537,031
96,151,821
Itausa SA
 
20,622,650
57,404,704
NU Holdings Ltd/Cayman Islands Class A (b)
  
7,797,776
116,810,685
 
  
  
328,447,459
Capital Markets - 0.5%
  
  
  
Banco BTG Pactual SA unit
 
13,796,748
164,866,631
XP Inc Class A
 
592,600
12,758,678
 
  
  
177,625,309
Financial Services - 0.1%
  
  
  
StoneCo Ltd Class A (b)
  
2,027,630
34,064,184
TOTAL FINANCIALS
  
  
540,136,952
Industrials - 0.1%
  
  
  
Ground Transportation - 0.1%
  
  
  
Localiza Rent a Car SA
 
4,668,170
46,221,849
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
TOTVS SA
 
3,101,600
22,893,698
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Vale SA ADR
 
5,072,485
87,145,292
Utilities - 0.3%
  
  
  
Electric Utilities - 0.3%
  
  
  
Axia Energia
 
5,717,161
68,329,358
Axia Energia Series C
 
1,039,599
11,972,676
Equatorial SA
 
3,042,400
24,990,825
TOTAL UTILITIES
  
  
105,292,859
TOTAL BRAZIL
  
  
982,638,701
CANADA - 0.2%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Cameco Corp
 
291,500
34,487,204
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Torex Gold Resources Inc
 
532,255
32,429,685
TOTAL CANADA
  
  
66,916,889
CHILE - 0.4%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Banco de Chile
 
146,390,200
30,193,230
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Antofagasta PLC
 
2,043,569
117,541,393
TOTAL CHILE
  
  
147,734,623
CHINA - 14.3%
 
  
  
Communication Services - 3.0%
  
  
  
Entertainment - 0.3%
  
  
  
iQIYI Inc Class A ADR (b)
  
813,237
1,301,178
Netease Inc
 
722,020
16,263,640
Netease Inc ADR
 
162,767
18,713,322
Tencent Music Entertainment Group A Shares
 
3,386,468
24,658,643
Tencent Music Entertainment Group Class A ADR
 
3,314,034
48,384,897
 
  
  
109,321,680
Interactive Media & Services - 2.7%
  
  
  
Baidu Inc A Shares (b)
  
2,768,999
43,011,800
Tencent Holdings Ltd
 
13,490,346
887,581,570
Weibo Corp Class A ADR (c)
  
162,441
1,613,039
 
  
  
932,206,409
TOTAL COMMUNICATION SERVICES
  
  
1,041,528,089
Consumer Discretionary - 3.5%
  
  
  
Automobile Components - 0.0%
  
  
  
Minth Group Ltd
 
446,000
2,501,531
Automobiles - 0.5%
  
  
  
BYD Co Ltd H Shares
 
13,123,127
158,200,688
Yadea Group Holdings Ltd (d)(e)
  
2,170,000
3,164,826
 
  
  
161,365,514
Broadline Retail - 1.8%
  
  
  
Alibaba Group Holding Ltd
 
14,863,479
268,980,536
Alibaba Group Holding Ltd ADR
 
1,694,254
244,158,944
JD.com Inc ADR
 
314,511
8,343,977
PDD Holdings Inc Class A ADR (b)
  
895,063
92,844,885
Prosus NV Class N
 
311,013
15,986,205
 
  
  
630,314,547
Diversified Consumer Services - 0.1%
  
  
  
New Oriental Education & Technology Group Inc
 
951,120
5,230,871
New Oriental Education & Technology Group Inc ADR
 
428,860
23,437,199
TAL Education Group Class A ADR (b)
  
1,065,390
11,218,556
 
  
  
39,886,626
Hotels, Restaurants & Leisure - 0.8%
  
  
  
H World Group Ltd ADR
 
1,567,765
85,913,522
Luckin Coffee Inc ADR (b)
  
328,800
11,501,424
Meituan B Shares (b)(d)(e)
  
7,343,342
75,614,437
Shangri-La Asia Ltd
 
29,908,426
19,458,789
Trip.com Group Ltd
 
160,490
8,329,136
Trip.com Group Ltd ADR
 
374,731
19,718,345
Yum China Holdings Inc (c)
  
1,020,800
56,052,128
 
  
  
276,587,781
Household Durables - 0.2%
  
  
  
Haier Smart Home Co Ltd A Shares (China)
 
18,898,441
70,818,864
Specialty Retail - 0.0%
  
  
  
Zhongsheng Group Holdings Ltd
 
1,828,500
2,421,359
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
ANTA Sports Products Ltd
 
89,400
971,888
Bosideng International Holdings Ltd
 
16,174,000
10,047,504
Shenzhou International Group Holdings Ltd
 
854,800
6,921,745
 
  
  
17,941,137
TOTAL CONSUMER DISCRETIONARY
  
  
1,201,837,359
Consumer Staples - 0.4%
  
  
  
Beverages - 0.4%
  
  
  
China Resources Beer Holdings Co Ltd
 
1,164,500
4,108,214
China Resources Beverage Holdings Co Ltd
 
320,800
411,692
Eastroc Beverage Group Co Ltd A Shares (China)
 
940,400
33,122,835
Kweichow Moutai Co Ltd A Shares (China)
 
291,133
61,766,110
Tsingtao Brewery Co Ltd H Shares
 
370,000
2,506,583
 
  
  
101,915,434
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Yifeng Pharmacy Chain Co Ltd A Shares (China)
 
596,700
2,114,230
Food Products - 0.0%
  
  
  
China Mengniu Dairy Co Ltd
 
2,747,000
5,681,220
Muyuan Foods Co Ltd H Shares
 
823,100
4,296,777
 
  
  
9,977,997
Personal Care Products - 0.0%
  
  
  
Mao Geping Cosmetics Co LTD H Shares
 
1,400,094
14,048,544
TOTAL CONSUMER STAPLES
  
  
128,056,205
Energy - 0.4%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
China Oilfield Services Ltd H Shares
 
3,794,000
4,893,200
Sinopec Oilfield Service Corp H Shares (b)
  
5,078,000
649,078
 
  
  
5,542,278
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
China Petroleum & Chemical Corp H Shares
 
132,880,000
92,567,938
PetroChina Co Ltd H Shares
 
28,291,185
34,498,799
 
  
  
127,066,737
TOTAL ENERGY
  
  
132,609,015
Financials - 1.9%
  
  
  
Banks - 0.8%
  
  
  
Bank of Chengdu Co Ltd A Shares (China)
 
9,160,570
21,598,439
China Construction Bank Corp H Shares
 
219,327,837
223,142,792
China Merchants Bank Co Ltd A Shares (China)
 
393,000
2,220,517
China Merchants Bank Co Ltd H Shares
 
2,509,243
15,664,727
Industrial & Commercial Bank of China Ltd H Shares
 
40,265,045
33,196,505
 
  
  
295,822,980
Capital Markets - 0.0%
  
  
  
Huatai Securities Co Ltd H Shares (d)(e)
  
1,377,400
2,954,313
Insurance - 1.1%
  
  
  
China Life Insurance Co Ltd H Shares
 
36,038,101
145,471,692
China Pacific Insurance Group Co Ltd H Shares
 
3,256,982
14,962,284
People's Insurance Co Group of China Ltd/The H Shares
 
11,647,000
9,542,816
PICC Property & Casualty Co Ltd H Shares
 
39,193,319
81,107,937
Ping An Insurance Group Co of China Ltd H Shares
 
13,006,027
112,510,522
 
  
  
363,595,251
TOTAL FINANCIALS
  
  
662,372,544
Health Care - 1.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Innovent Biologics Inc (b)(d)(e)
  
2,591,347
28,187,697
Health Care Equipment & Supplies - 0.1%
  
  
  
APT Medical Inc A Shares (China)
 
1,185,302
42,557,634
Shandong Weigao Group Medical Polymer Co Ltd H Shares
 
1,904,800
1,239,286
Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)
 
95,600
2,591,635
 
  
  
46,388,555
Health Care Providers & Services - 0.0%
  
  
  
Hygeia Healthcare Holdings Co Ltd (b)(d)(e)
  
857,600
1,455,751
Sinopharm Group Co Ltd H Shares
 
858,000
2,318,445
 
  
  
3,774,196
Health Care Technology - 0.0%
  
  
  
Medlive Technology Co Ltd (d)(e)
  
1,101,000
1,265,178
Life Sciences Tools & Services - 0.4%
  
  
  
Wuxi Apptec Co Ltd H Shares (d)(e)
  
8,210,773
124,892,245
Pharmaceuticals - 0.5%
  
  
  
Consun Pharmaceutical Group Ltd
 
5,545,843
12,759,820
Hansoh Pharmaceutical Group Co Ltd (d)(e)
  
34,027,360
152,056,204
 
  
  
164,816,024
TOTAL HEALTH CARE
  
  
369,323,895
Industrials - 2.4%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
China Everbright Environment Group Ltd
 
3,385,000
2,215,303
Construction & Engineering - 0.0%
  
  
  
China Railway Group Ltd H Shares
 
4,026,000
2,660,534
Electrical Equipment - 1.3%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
5,600,628
279,296,431
Sieyuan Electric Co Ltd A Shares (China)
 
5,716,485
178,732,886
 
  
  
458,029,317
Ground Transportation - 0.1%
  
  
  
Full Truck Alliance Co Ltd ADR
 
2,694,367
25,273,162
Machinery - 1.0%
  
  
  
Airtac International Group
 
750,000
28,813,046
Huaming Power Equipment Co Ltd A Shares (China)
 
9,494,772
46,517,211
Neway Valve Suzhou Co Ltd A Shares (China)
 
3,097,600
25,293,167
Sany Heavy Equipment International Holdings Co Ltd
 
5,973,000
12,024,791
Sany Heavy Industry Co Ltd A Shares (China)
 
17,892,700
60,397,190
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
10,805,511
114,889,893
UBTech Robotics Corp Ltd H Shares (b)
  
1,003,365
15,582,592
Weichai Power Co Ltd H Shares
 
11,416,000
47,599,499
Zhuzhou CRRC Times Electric Co Ltd H Shares
 
1,520,700
8,626,513
 
  
  
359,743,902
Passenger Airlines - 0.0%
  
  
  
Spring Airlines Co Ltd A Shares (China)
 
172,500
1,383,380
TOTAL INDUSTRIALS
  
  
849,305,598
Information Technology - 0.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
3,614,783
26,469,686
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
626,391
32,210,063
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
767,200
30,032,688
Montage Technology Co Ltd A Shares (China)
 
1,363,300
32,511,114
NAURA Technology Group Co Ltd A Shares (China)
 
343,940
23,664,869
Xinyi Solar Holdings Ltd
 
6,916,000
3,058,691
 
  
  
121,477,425
Software - 0.1%
  
  
  
Pony AI Inc ADR (b)
  
1,395,072
20,005,332
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Lenovo Group Ltd
 
4,230,000
5,221,185
Xiaomi Corp B Shares (b)(d)(e)
  
7,369,977
32,596,749
 
  
  
37,817,934
TOTAL INFORMATION TECHNOLOGY
  
  
205,770,377
Materials - 1.1%
  
  
  
Construction Materials - 0.1%
  
  
  
Anhui Conch Cement Co Ltd H Shares
 
10,469,583
32,786,868
Metals & Mining - 1.0%
  
  
  
Baoshan Iron & Steel Co Ltd A Shares (China)
 
3,146,001
3,302,792
Chuangxin Industries Holdings Ltd H Shares
 
9,617,500
29,134,999
JCHX Mining Management Co Ltd A Shares (China)
 
2,570,000
29,026,888
MMG Ltd (b)
  
41,266,654
57,020,289
Zijin Mining Group Co Ltd A Shares (China)
 
19,369,400
111,699,829
Zijin Mining Group Co Ltd H Shares
 
20,191,436
116,140,632
 
  
  
346,325,429
Paper & Forest Products - 0.0%
  
  
  
Lee & Man Paper Manufacturing Ltd
 
2,374,000
1,174,346
TOTAL MATERIALS
  
  
380,286,643
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
China Overseas Land & Investment Ltd
 
3,784,500
6,941,685
KE Holdings Inc A Shares
 
434,934
2,396,270
TOTAL REAL ESTATE
  
  
9,337,955
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
China Longyuan Power Group Corp Ltd H Shares
 
2,227,000
2,154,867
TOTAL CHINA
  
  
4,982,582,547
COLOMBIA - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Aris Mining Corp (b)
  
2,090,538
47,357,226
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Ivanhoe Mines Ltd Class A (b)(c)
  
3,698,018
42,292,497
COTE D'IVOIRE - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Endeavour Mining PLC
 
1,417,294
101,981,164
FRANCE - 0.2%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Hermes International SCA
 
9,000
21,789,885
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Gaztransport Et Technigaz SA
 
277,397
63,128,944
TOTAL FRANCE
  
  
84,918,829
GEORGIA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
TBC Bank Group PLC
 
662,882
42,969,314
GERMANY - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
BioNTech SE ADR (b)
  
141,200
15,564,476
GREECE - 0.8%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
OPAP Holding SA
 
705,551
13,172,129
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Eurobank SA
 
26,235,467
121,519,325
National Bank of Greece SA
 
8,104,246
132,004,844
Optima bank SA
 
1,898,380
21,937,770
TOTAL FINANCIALS
  
  
275,461,939
TOTAL GREECE
  
  
288,634,068
HONG KONG - 0.4%
 
  
  
Financials - 0.3%
  
  
  
Capital Markets - 0.1%
  
  
  
Futu Holdings Ltd Class A ADR (b)
  
248,970
37,056,695
Hong Kong Exchanges & Clearing Ltd
 
98,900
5,283,728
 
  
  
42,340,423
Insurance - 0.2%
  
  
  
AIA Group Ltd
 
4,939,200
54,486,954
TOTAL FINANCIALS
  
  
96,827,377
Industrials - 0.1%
  
  
  
Machinery - 0.1%
  
  
  
Techtronic Industries Co Ltd
 
2,139,500
34,650,660
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Cowell e Holdings Inc (b)
  
706,000
2,530,388
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Zijin Gold International Co Ltd
 
494,510
14,778,285
Real Estate - 0.0%
  
  
  
Retail REITs - 0.0%
  
  
  
Link REIT
 
53,700
266,050
TOTAL HONG KONG
  
  
149,052,760
HUNGARY - 1.1%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
OTP Bank Nyrt
 
2,391,757
294,815,879
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Richter Gedeon Nyrt
 
2,462,738
92,204,753
TOTAL HUNGARY
  
  
387,020,632
INDIA - 5.2%
 
  
  
Communication Services - 0.4%
  
  
  
Media - 0.0%
  
  
  
Affle 3i Ltd (b)
  
523,256
7,917,511
Wireless Telecommunication Services - 0.4%
  
  
  
Bharti Airtel Ltd
 
5,745,568
118,633,288
TOTAL COMMUNICATION SERVICES
  
  
126,550,799
Consumer Discretionary - 0.3%
  
  
  
Automobiles - 0.2%
  
  
  
Eicher Motors Ltd
 
293,814
25,858,873
Mahindra & Mahindra Ltd
 
970,930
36,241,995
 
  
  
62,100,868
Broadline Retail - 0.0%
  
  
  
Meesho
 
4,193,605
7,371,533
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Eternal Ltd (b)
  
18,947,235
51,272,883
TOTAL CONSUMER DISCRETIONARY
  
  
120,745,284
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Reliance Industries Ltd
 
9,601,646
147,046,534
Financials - 2.4%
  
  
  
Banks - 1.7%
  
  
  
Axis Bank Ltd
 
1,900,195
28,892,183
HDFC Bank Ltd
 
19,458,226
189,789,163
HDFC Bank Ltd ADR
 
892,417
28,423,481
ICICI Bank Ltd
 
11,459,277
174,179,965
ICICI Bank Ltd ADR
 
375,301
11,450,433
Kotak Mahindra Bank Ltd
 
5,763,900
26,293,673
State Bank of India
 
10,648,494
140,592,365
 
  
  
599,621,263
Capital Markets - 0.2%
  
  
  
360 ONE WAM Ltd
 
3,017,300
36,585,389
HDFC Asset Management Co Ltd (d)(e)
  
1,117,229
33,125,176
 
  
  
69,710,565
Consumer Finance - 0.3%
  
  
  
Bajaj Finance Ltd
 
8,368,408
91,566,384
Five-Star Business Finance Ltd
 
2,342,156
10,734,592
 
  
  
102,300,976
Insurance - 0.2%
  
  
  
HDFC Life Insurance Co Ltd (d)(e)
  
2,190,246
17,213,080
SBI Life Insurance Co Ltd (d)(e)
  
1,664,500
37,255,890
 
  
  
54,468,970
TOTAL FINANCIALS
  
  
826,101,774
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Max Healthcare Institute Ltd
 
3,676,819
44,111,567
Industrials - 0.9%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Bharat Electronics Ltd
 
896,400
4,379,721
Hindustan Aeronautics Ltd (e)
  
729,543
31,366,093
 
  
  
35,745,814
Construction & Engineering - 0.7%
  
  
  
Larsen & Toubro Ltd
 
5,423,173
254,918,983
Professional Services - 0.1%
  
  
  
Computer Age Management Services Ltd
 
2,488,200
18,524,059
TOTAL INDUSTRIALS
  
  
309,188,856
Information Technology - 0.3%
  
  
  
IT Services - 0.3%
  
  
  
Infosys Ltd
 
606,521
8,663,634
Tata Consultancy Services Ltd
 
3,547,668
102,800,791
TOTAL INFORMATION TECHNOLOGY
  
  
111,464,425
Materials - 0.2%
  
  
  
Construction Materials - 0.2%
  
  
  
JK Cement Ltd
 
897,700
55,785,086
Metals & Mining - 0.0%
  
  
  
Tata Steel Ltd
 
9,246,952
21,571,853
TOTAL MATERIALS
  
  
77,356,939
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
NTPC Ltd
 
19,306,751
81,009,572
TOTAL INDIA
  
  
1,843,575,750
INDONESIA - 0.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telkom Indonesia Persero Tbk PT
 
48,988,800
10,344,190
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Indofood CBP Sukses Makmur Tbk PT
 
27,427,100
12,842,394
Indofood Sukses Makmur Tbk PT
 
48,320,100
18,590,197
TOTAL CONSUMER STAPLES
  
  
31,432,591
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
Bank Central Asia Tbk PT
 
411,957,213
175,901,508
Bank Rakyat Indonesia Persero Tbk PT
 
52,452,401
12,206,692
TOTAL FINANCIALS
  
  
188,108,200
TOTAL INDONESIA
  
  
229,884,981
ITALY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Brunello Cucinelli SpA (c)
  
115,700
11,256,794
JAPAN - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Machinery - 0.2%
  
  
  
Komatsu Ltd
 
1,807,200
86,746,292
KAZAKHSTAN - 0.4%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
NAC Kazatomprom JSC GDR (e)
  
689,505
56,539,410
Financials - 0.2%
  
  
  
Consumer Finance - 0.2%
  
  
  
Kaspi.KZ JSC ADR (b)
  
1,022,927
72,208,417
TOTAL KAZAKHSTAN
  
  
128,747,827
KOREA (SOUTH) - 10.1%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
KT Corp
 
204,075
9,071,314
Entertainment - 0.2%
  
  
  
HYBE Co Ltd
 
220,140
59,235,772
Interactive Media & Services - 0.2%
  
  
  
Kakao Corp
 
381,479
16,503,348
NAVER Corp
 
69,954
12,362,711
Webtoon Entertainment Inc (b)(c)
  
2,456,610
27,636,863
 
  
  
56,502,922
TOTAL COMMUNICATION SERVICES
  
  
124,810,008
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.2%
  
  
  
Hyundai Mobis Co Ltd
 
197,210
70,799,935
Automobiles - 0.3%
  
  
  
Hyundai Motor Co
 
186,739
87,399,371
Kia Corp
 
130,216
18,581,876
 
  
  
105,981,247
TOTAL CONSUMER DISCRETIONARY
  
  
176,781,182
Consumer Staples - 0.2%
  
  
  
Personal Care Products - 0.1%
  
  
  
APR Corp/Korea
 
164,860
35,774,922
Tobacco - 0.1%
  
  
  
KT&G Corp
 
429,157
48,605,291
TOTAL CONSUMER STAPLES
  
  
84,380,213
Financials - 0.6%
  
  
  
Banks - 0.5%
  
  
  
KB Financial Group Inc
 
531,365
58,668,293
Shinhan Financial Group Co Ltd
 
840,672
56,478,618
Woori Financial Group Inc
 
1,173,453
29,334,695
 
  
  
144,481,606
Capital Markets - 0.1%
  
  
  
Korea Investment Holdings Co Ltd
 
278,749
50,036,537
TOTAL FINANCIALS
  
  
194,518,143
Health Care - 0.2%
  
  
  
Biotechnology - 0.0%
  
  
  
Samsung Episholdings Co Ltd
 
1
469
Life Sciences Tools & Services - 0.2%
  
  
  
Samsung Biologics Co Ltd (b)(d)(e)
  
55,272
68,241,775
TOTAL HEALTH CARE
  
  
68,242,244
Industrials - 1.3%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Hanwha Aerospace Co Ltd
 
42,531
35,292,862
Korea Aerospace Industries Ltd
 
791,485
105,250,665
 
  
  
140,543,527
Electrical Equipment - 0.2%
  
  
  
Doosan Enerbility Co Ltd (b)
  
258,068
19,049,378
LS Electric Co Ltd
 
120,685
65,954,041
 
  
  
85,003,419
Industrial Conglomerates - 0.6%
  
  
  
Samsung C&T Corp
 
270,412
65,815,375
SK Square Co Ltd (b)
  
262,743
117,680,431
 
  
  
183,495,806
Machinery - 0.1%
  
  
  
Samsung Heavy Industries Co Ltd (b)
  
1,574,540
31,653,056
TOTAL INDUSTRIALS
  
  
440,695,808
Information Technology - 6.9%
  
  
  
Semiconductors & Semiconductor Equipment - 1.7%
  
  
  
SK Hynix Inc
 
849,032
625,536,742
Technology Hardware, Storage & Peripherals - 5.2%
  
  
  
Samsung Electronics Co Ltd
 
11,578,570
1,740,709,131
Samsung Electronics Co Ltd GDR (e)
  
21,541
78,452,322
 
  
  
1,819,161,453
TOTAL INFORMATION TECHNOLOGY
  
  
2,444,698,195
TOTAL KOREA (SOUTH)
  
  
3,534,125,793
MACAU - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Galaxy Entertainment Group Ltd
 
6,507,000
34,733,277
MALAYSIA - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
CIMB Group Holdings Bhd
 
53,690,365
110,940,770
MEXICO - 1.8%
 
  
  
Communication Services - 0.4%
  
  
  
Wireless Telecommunication Services - 0.4%
  
  
  
America Movil SAB de CV ADR
 
4,706,200
122,455,324
America Movil SAB de CV Series B
 
25,058,738
32,578,396
TOTAL COMMUNICATION SERVICES
  
  
155,033,720
Consumer Staples - 0.7%
  
  
  
Beverages - 0.2%
  
  
  
Fomento Economico Mexicano SAB de CV ADR (c)
  
746,522
83,849,351
Consumer Staples Distribution & Retail - 0.4%
  
  
  
BBB Foods Inc Class A (b)
  
789,595
28,780,738
Grupo Comercial Chedraui SA de CV (c)
  
2,036,900
13,062,085
Wal-Mart de Mexico SAB de CV Series V
 
24,447,900
79,127,044
 
  
  
120,969,867
Food Products - 0.1%
  
  
  
Gruma SAB de CV Series B
 
1,383,516
24,802,388
TOTAL CONSUMER STAPLES
  
  
229,621,606
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Grupo Financiero Banorte SAB de CV
 
7,413,233
84,536,339
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Grupo Aeroportuario del Centro Norte SAB de CV Series B
 
1,274,442
19,468,874
Grupo Aeroportuario del Pacifico SAB de CV Series B (c)
  
413,804
10,798,021
TOTAL INDUSTRIALS
  
  
30,266,895
Materials - 0.3%
  
  
  
Construction Materials - 0.2%
  
  
  
Cemex SAB de CV ADR
 
4,101,794
51,313,443
Metals & Mining - 0.1%
  
  
  
Grupo Mexico SAB de CV Series B
 
3,512,465
44,671,653
TOTAL MATERIALS
  
  
95,985,096
Real Estate - 0.1%
  
  
  
Industrial REITs - 0.1%
  
  
  
Prologis Property Mexico SA de CV (c)
  
5,734,492
28,163,009
Real Estate Management & Development - 0.0%
  
  
  
Corp Inmobiliaria Vesta SAB de CV ADR
 
576,596
21,178,371
TOTAL REAL ESTATE
  
  
49,341,380
TOTAL MEXICO
  
  
644,785,036
NETHERLANDS - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
BE Semiconductor Industries NV
 
85,900
19,223,994
NIGERIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Guaranty Trust Holding Co PLC (United Kingdom) (c)
  
102,934,740
9,161,192
PANAMA - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Copa Holdings SA Class A
 
26,744
3,706,986
PERU - 1.0%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Credicorp Ltd
 
670,181
232,137,295
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Cia de Minas Buenaventura SAA ADR
 
2,796,684
122,131,190
TOTAL PERU
  
  
354,268,485
PHILIPPINES - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
International Container Terminal Services Inc
 
3,765,438
46,864,412
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Ayala Land Inc
 
15,459,299
5,600,661
TOTAL PHILIPPINES
  
  
52,465,073
POLAND - 0.3%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Broadline Retail - 0.1%
  
  
  
Allegro.eu SA (b)(d)(e)
  
2,715,904
21,096,208
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Dino Polska SA (b)(d)(e)
  
1,589,000
17,877,167
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Powszechna Kasa Oszczednosci Bank Polski SA
 
2,658,224
68,785,075
TOTAL POLAND
  
  
107,758,450
RUSSIA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Gazprom PJSC (Russia) (b)(f)
  
5,946,277
60
LUKOIL PJSC (b)(f)
  
345,667
0
LUKOIL PJSC ADR (b)(f)
  
499,400
5
TOTAL ENERGY
  
  
65
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
3,314,825
0
Sberbank of Russia PJSC (Russia) (b)(f)
  
617,111
6
Sberbank of Russia PJSC ADR (b)(f)
  
1,653,549
17
TOTAL FINANCIALS
  
  
23
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Phosagro Pjsc (b)(f)
  
88,909
0
Phosagro Pjsc GDR (b)(e)(f)
  
1,718
0
Phosagro Pjsc GDR (b)(e)(f)
  
1
0
TOTAL MATERIALS
  
  
0
TOTAL RUSSIA
  
  
88
SAUDI ARABIA - 1.0%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Saudi Arabian Oil Co (d)(e)
  
12,253,500
81,539,726
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Al Rajhi Bank
 
7,569,229
203,815,652
Saudi National Bank/The
 
5,148,043
57,205,053
TOTAL FINANCIALS
  
  
261,020,705
TOTAL SAUDI ARABIA
  
  
342,560,431
SOUTH AFRICA - 2.5%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
MTN Group Ltd
 
6,969,838
90,657,564
Consumer Discretionary - 0.7%
  
  
  
Broadline Retail - 0.7%
  
  
  
Naspers Ltd Class N
 
4,719,282
262,631,298
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Shoprite Holdings Ltd
 
1,809,012
30,094,413
Financials - 0.8%
  
  
  
Banks - 0.5%
  
  
  
Capitec Bank Holdings Ltd
 
278,922
83,112,999
Standard Bank Group Ltd
 
4,559,390
91,823,884
 
  
  
174,936,883
Financial Services - 0.3%
  
  
  
FirstRand Ltd
 
15,242,515
94,985,170
Insurance - 0.0%
  
  
  
OUTsurance Group Ltd
 
2,886,404
13,397,377
TOTAL FINANCIALS
  
  
283,319,430
Materials - 0.6%
  
  
  
Chemicals - 0.1%
  
  
  
Sasol Ltd (b)
  
6,867,566
62,574,854
Metals & Mining - 0.5%
  
  
  
Harmony Gold Mining Co Ltd
 
700,747
15,945,321
Harmony Gold Mining Co Ltd ADR
 
361,919
8,233,657
Impala Platinum Holdings Ltd
 
4,194,793
93,190,197
Pan African Resources PLC
 
3,467,707
8,374,473
Pan African Resources PLC (South Africa)
 
4,831,367
11,667,193
Sibanye Stillwater Ltd (b)
  
3,924,259
17,432,382
Sibanye Stillwater Ltd ADR (b)
  
371,521
6,579,637
 
  
  
161,422,860
TOTAL MATERIALS
  
  
223,997,714
TOTAL SOUTH AFRICA
  
  
890,700,419
SWEDEN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
VEF AB (b)
  
25,177,300
5,828,853
TAIWAN - 13.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Eclat Textile Co Ltd
 
4,591,000
61,913,951
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
CTBC Financial Holding Co Ltd
 
1,998,000
3,560,804
Financial Services - 0.0%
  
  
  
Chailease Holding Co Ltd
 
1,294,000
4,290,506
TOTAL FINANCIALS
  
  
7,851,310
Industrials - 0.3%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Bizlink Holding Inc
 
1,042,993
46,885,804
Machinery - 0.1%
  
  
  
Hiwin Technologies Corp
 
5,450,112
39,964,476
TOTAL INDUSTRIALS
  
  
86,850,280
Information Technology - 12.7%
  
  
  
Communications Equipment - 0.2%
  
  
  
Accton Technology Corp
 
1,859,000
82,975,196
Electronic Equipment, Instruments & Components - 1.8%
  
  
  
Chroma ATE Inc
 
1,846,968
81,260,468
Delta Electronics Inc
 
3,024,908
137,907,876
Elite Material Co Ltd
 
2,256,260
175,517,261
Gold Circuit Electronics Ltd
 
872,000
22,963,464
Hon Hai Precision Industry Co Ltd
 
9,478,302
73,430,702
Lotes Co Ltd
 
48,000
2,716,316
Yageo Corp
 
13,267,796
126,053,791
Zhen Ding Technology Holding Ltd
 
408,000
2,718,613
 
  
  
622,568,491
Semiconductors & Semiconductor Equipment - 10.6%
  
  
  
Alchip Technologies Ltd
 
150,000
16,690,047
ASE Technology Holding Co Ltd
 
6,881,000
82,503,398
ASPEED Technology Inc
 
132,000
40,947,523
eMemory Technology Inc
 
249,000
20,084,486
Grand Process Technology Corp
 
288,000
16,343,812
Jentech Precision Industrial Co Ltd
 
208,000
20,689,919
MediaTek Inc
 
5,603,767
347,488,580
Novatek Microelectronics Corp
 
508,000
6,364,981
Taiwan Semiconductor Manufacturing Co Ltd
 
50,472,742
3,133,844,638
 
  
  
3,684,957,384
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Asustek Computer Inc
 
236,000
4,002,806
Wiwynn Corp
 
375,000
47,822,483
 
  
  
51,825,289
TOTAL INFORMATION TECHNOLOGY
  
  
4,442,326,360
TOTAL TAIWAN
  
  
4,598,941,901
THAILAND - 0.3%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Kasikornbank PCL
 
6,203,222
40,117,362
Industrials - 0.2%
  
  
  
Transportation Infrastructure - 0.2%
  
  
  
Airports of Thailand PCL
 
27,495,709
48,214,805
TOTAL THAILAND
  
  
88,332,167
TURKEY - 0.7%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Akbank TAS
 
10,269,000
21,071,387
Yapi ve Kredi Bankasi AS (b)
  
57,152,000
56,327,255
TOTAL FINANCIALS
  
  
77,398,642
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
4,292,352
31,459,401
Electrical Equipment - 0.3%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
19,445,915
83,211,910
Transportation Infrastructure - 0.1%
  
  
  
TAV Havalimanlari Holding AS (b)
  
3,670,113
25,812,922
TOTAL INDUSTRIALS
  
  
140,484,233
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Eldorado Gold Corp (United States) (c)
  
358,115
16,623,698
TOTAL TURKEY
  
  
234,506,573
UNITED ARAB EMIRATES - 0.9%
 
  
  
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
ADNOC Drilling Co PJSC
 
36,671,724
51,118,070
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Adnoc Gas PLC
 
116,559,200
107,894,333
TOTAL ENERGY
  
  
159,012,403
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
15,820,567
65,297,177
First Abu Dhabi Bank PJSC
 
494,600
2,641,960
TOTAL FINANCIALS
  
  
67,939,137
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Presight AI Holding PLC (b)
  
9,726,000
9,585,527
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Aldar Properties PJSC
 
5,443,000
16,004,247
Emaar Properties PJSC
 
12,299,456
54,246,794
TOTAL REAL ESTATE
  
  
70,251,041
TOTAL UNITED ARAB EMIRATES
  
  
306,788,108
UNITED KINGDOM - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
Investec PLC
 
2,121,583
18,355,751
UNITED STATES - 0.6%
 
  
  
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
BeOne Medicines Ltd H Shares (b)
  
1,266,924
31,141,126
Information Technology - 0.4%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
NVIDIA Corp
 
543,900
96,373,641
Software - 0.1%
  
  
  
Synopsys Inc (b)
  
76,700
31,753,800
TOTAL INFORMATION TECHNOLOGY
  
  
128,127,441
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Aura Minerals Inc
 
381,677
32,232,623
Freeport-McMoRan Inc
 
234,410
15,958,632
TOTAL MATERIALS
  
  
48,191,255
TOTAL UNITED STATES
  
  
207,459,822
ZAMBIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
First Quantum Minerals Ltd (b)
  
571,553
17,112,441
 
TOTAL COMMON STOCKS
 (Cost $13,563,375,247)
  
  
  
21,538,568,185
 
  
  
  
International Equity Funds - 35.4%
 
  
Shares
Value ($)
 
Fidelity Advisor China Region Fund - Class Z (g)
  
5,544,051
346,614,040
Fidelity SAI Emerging Markets Index Fund (g)
  
88,359,577
1,778,678,278
Fidelity SAI Emerging Markets Low Volatility Index Fund (g)
  
146,620,078
1,777,035,344
Fidelity SAI Emerging Markets Momentum Index Fund (g)
  
22,381,902
273,059,199
Fidelity SAI Emerging Markets Value Index Fund (g)
  
420,802,950
8,285,610,090
 
TOTAL INTERNATIONAL EQUITY FUNDS
 (Cost $8,823,721,325)
  
  
12,460,996,951
 
  
  
  
Non-Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
RUSSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
2,462,434
25
Sberbank of Russia PJSC (b)(f)
  
3,791,522
0
 
  
  
  
TOTAL RUSSIA
  
  
25
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $19,998,262)
  
  
  
25
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 3/12/2026
 
3.55 to 3.57
16,240,000
16,223,620
US Treasury Bills 0% 3/19/2026
 
3.56
1,210,000
1,207,925
US Treasury Bills 0% 4/16/2026 (i)
  
3.58 to 3.60
1,920,000
1,911,307
US Treasury Bills 0% 4/2/2026 (i)
  
3.51 to 3.58
27,370,000
27,284,564
US Treasury Bills 0% 4/9/2026 (i)
  
3.55 to 3.58
5,820,000
5,797,746
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $52,423,707)
  
  
  
52,425,162
 
  
  
  
  
Money Market Funds - 3.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (j)
  
3.70
307,099,020
307,160,440
Fidelity Securities Lending Cash Central Fund (j)(k)
  
3.69
108,470,917
108,481,764
Invesco Government & Agency Portfolio Institutional Class (l)
  
3.59
756,788,187
756,788,187
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,172,410,248)
  
  
  
1,172,430,391
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $23,631,928,789)
 
  
 
35,224,420,714
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(19,881,820)
NET ASSETS - 100.0%
35,204,538,894
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
9,303
3/2026
745,961,055
61,732,830
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 2.1%.

Currency Abbreviations
         USD
-
United States Dollar
         ZAR
-
South African Rand
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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 $698,536,422 or 2.0% of net assets.
 
(e)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $864,894,247 or 2.5% of net assets.
 
(f)
Level 3 security.
 
(g)
Affiliated fund.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
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 $21,694,261.
 
(j)
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.
 
(k)
Investment made with cash collateral received from securities on loan.
 
(l)
The rate quoted is the annualized seven-day yield of the fund at period end.
 
 
 
 
 
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
240,382,367
3,214,119,369
3,147,337,572
7,947,683
(3,724)
-
307,160,440
307,099,020
0.5%
Fidelity Securities Lending Cash Central Fund
182,642,111
1,411,370,182
1,485,528,470
893,731
(2,059)
-
108,481,764
108,470,917
0.3%
Total
423,024,478
4,625,489,551
4,632,866,042
8,841,414
(5,783)
-
415,642,204
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity China Region Fund Class Z
159,406,093
90,058,999
-
6,058,998
-
97,148,948
346,614,040
5,544,051
Fidelity SAI Emerging Markets Index Fund
2,459,468,029
347,246,503
2,000,000,000
86,824,139
607,399,805
364,563,941
1,778,678,278
88,359,577
Fidelity SAI Emerging Markets Low Volatility Index Fund
1,516,874,526
208,800,374
20,000,000
122,800,375
(540,885)
71,901,329
1,777,035,344
146,620,078
Fidelity SAI Emerging Markets Momentum Index Fund
-
224,170,711
-
170,711
-
48,888,488
273,059,199
22,381,902
Fidelity SAI Emerging Markets Value Index Fund
5,479,227,687
580,965,711
89,000,000
272,965,710
10,874,825
2,303,541,867
8,285,610,090
420,802,950
 
9,614,976,335
1,451,242,298
2,109,000,000
488,819,933
617,733,745
2,886,044,573
12,460,996,951
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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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