Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
12,153
38,717
593,569
Professional Services - 1.5%
KBR, Inc.
6,102
302,903
TOTAL INDUSTRIALS
3,821,228
INFORMATION TECHNOLOGY - 23.2%
Electronic Equipment & Components - 1.0%
Teledyne Technologies, Inc. (b)
467
200,520
IT Services - 5.1%
Accenture PLC Class A
1,211
382,700
Amadeus IT Holding SA Class A (b)
3,297
217,525
MasterCard, Inc. Class A
1,225
442,005
1,042,230
Semiconductors & Semiconductor Equipment - 7.5%
Aixtron AG
5,596
119,784
Allegro MicroSystems LLC (b)
3,961
113,562
Enphase Energy, Inc. (b)
1,158
193,039
NVIDIA Corp.
1,775
432,834
onsemi (b)
1,947
121,902
SolarEdge Technologies, Inc. (b)
1,056
337,308
STMicroelectronics NV (NY Shares) unit
3,305
139,868
Wolfspeed, Inc. (b)
783
80,430
1,538,727
Software - 9.6%
Aspen Technology, Inc. (b)
2,269
345,818
Autodesk, Inc. (b)
927
204,153
Microsoft Corp.
3,612
1,079,231
Salesforce.com, Inc. (b)
1,374
289,268
Volue A/S (b)
9,150
43,663
1,962,133
TOTAL INFORMATION TECHNOLOGY
4,743,610
MATERIALS - 4.4%
Chemicals - 3.5%
Aker Clean Hydrogen A/S (b)
72,759
36,740
Eastman Chemical Co.
1,343
159,105
Koninklijke DSM NV
1,907
358,066
Sika AG
485
160,940
714,851
Metals & Mining - 0.9%
Lynas Rare Earths Ltd. (b)
13,132
99,401
MP Materials Corp. (b)
1,197
54,607
Thyssenkrupp AG
3,473
36,820
190,828
TOTAL MATERIALS
905,679
REAL ESTATE - 3.1%
Equity Real Estate Investment Trusts (REITs) - 3.1%
Prologis (REIT), Inc.
2,764
403,129
Weyerhaeuser Co.
5,844
227,215
630,344
UTILITIES - 4.0%
Electric Utilities - 3.3%
Elia System Operator SA/NV
1,802
259,422
ORSTED A/S (a)
1,679
217,286
Verbund AG
1,701
205,169
681,877
Independent Power and Renewable Electricity Producers - 0.7%
Brookfield Renewable Corp.
3,636
135,877
TOTAL UTILITIES
817,754
TOTAL COMMON STOCKS
(Cost $21,318,389)
20,212,948
Convertible Preferred Stocks - 0.0%
Shares
Value ($)
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
CelLink Corp. Series D (c)(d)
(Cost $8,330)
400
8,330
Money Market Funds - 1.0%
Shares
Value ($)
Fidelity Cash Central Fund 0.07% (e)
(Cost $202,105)
202,064
202,105
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $21,528,824)
20,423,383
NET OTHER ASSETS (LIABILITIES) - 0.1%
25,475
NET ASSETS - 100.0%
20,448,858
Legend
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $340,453 or 1.7% of net assets.
(b)
Non-income producing
(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 $8,330 or 0.0% of net assets.
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
CelLink Corp. Series D
1/20/22
8,330
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 0.07%
-
11,627,427
11,425,322
208
-
-
202,105
0.0%
Total
-
11,627,427
11,425,322
208
-
-
202,105
Amounts in the 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 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. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's 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 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 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 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.
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.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual 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.
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