Azorim-Investment Development & Construction Co Ltd (a)
167,200
883,569
ITALY - 1.1%
Communication Services - 1.1%
Diversified Telecommunication Services - 1.1%
Infrastrutture Wireless Italiane SpA (c)(d)
306,100
3,446,139
JAPAN - 22.0%
Consumer Discretionary - 0.3%
Household Durables - 0.3%
Sekisui House Ltd
34,200
825,984
Real Estate - 21.7%
Health Care REITs - 3.2%
Health Care & Medical Investment Corp
14,587
10,462,778
Industrial REITs - 1.3%
Japan Logistics Fund Inc
354
634,274
Mitsui Fudosan Logistics Park Inc (b)
5,268
3,507,468
4,141,742
Real Estate Management & Development - 6.2%
Katitas Co Ltd
352,200
4,465,559
Nomura Real Estate Holdings Inc
344,100
8,471,646
Tosei Corp
466,200
7,250,793
20,187,998
Residential REITs - 11.0%
Advance Residence Investment Corp
8,750
17,583,274
Comforia Residential REIT Inc
1,500
2,939,639
Daiwa Securities Living Investment Corporation
25,654
15,429,421
35,952,334
TOTAL JAPAN
71,570,836
NETHERLANDS - 0.4%
Real Estate - 0.4%
Real Estate Management & Development - 0.4%
CTP NV (c)(d)
85,438
1,423,767
NEW ZEALAND - 1.4%
Health Care - 0.8%
Health Care Providers & Services - 0.8%
Ryman Healthcare Ltd (a)
871,607
2,580,317
Industrials - 0.2%
Transportation Infrastructure - 0.2%
Auckland International Airport Ltd
205,742
889,616
Real Estate - 0.4%
Diversified REITs - 0.4%
Stride Property Group unit
1,423,032
1,178,061
TOTAL NEW ZEALAND
4,647,994
SINGAPORE - 10.2%
Real Estate - 10.2%
Health Care REITs - 2.6%
Parkway Life Real Estate Investment Trust
2,934,500
8,369,530
Real Estate Management & Development - 6.8%
Singapore Land Group Ltd
2,765,400
3,695,626
Wing Tai Holdings Ltd
18,144,422
18,377,965
22,073,591
Specialized REITs - 0.8%
Digital Core REIT Management Pte Ltd
4,772,000
2,964,160
TOTAL SINGAPORE
33,407,281
SPAIN - 4.0%
Communication Services - 0.6%
Diversified Telecommunication Services - 0.6%
Cellnex Telecom SA (c)(d)
50,810
1,862,551
Consumer Discretionary - 1.5%
Household Durables - 1.5%
Neinor Homes SA (c)(d)
295,898
4,853,695
Real Estate - 1.9%
Real Estate Management & Development - 1.9%
Aedas Homes SL (c)(d)
219,984
6,269,335
TOTAL SPAIN
12,985,581
SWEDEN - 5.4%
Communication Services - 0.2%
Interactive Media & Services - 0.2%
Hemnet Group AB
26,600
834,858
Real Estate - 5.2%
Real Estate Management & Development - 5.2%
Dios Fastigheter AB
305,800
2,274,582
Heba Fastighets AB B Shares
2,524,847
7,749,037
Nyfosa AB
684,100
6,902,286
16,925,905
TOTAL SWEDEN
17,760,763
UNITED KINGDOM - 11.1%
Communication Services - 0.1%
Interactive Media & Services - 0.1%
Rightmove PLC
62,600
475,277
Consumer Discretionary - 0.5%
Household Durables - 0.5%
Berkeley Group Holdings PLC
27,438
1,565,745
Real Estate - 10.5%
Diversified REITs - 2.1%
LondonMetric Property PLC
2,687,456
6,722,760
Health Care REITs - 1.3%
Assura PLC
8,426,089
4,372,084
Real Estate Management & Development - 1.5%
Grainger PLC
1,040,722
3,046,247
Harworth Group PLC
764,000
1,758,474
4,804,721
Residential REITs - 1.2%
UNITE Group PLC/The
364,111
4,110,498
Specialized REITs - 4.4%
Big Yellow Group PLC (The)
734,900
11,447,211
Safestore Holdings PLC
266,977
2,785,011
14,232,222
TOTAL REAL ESTATE
34,242,285
TOTAL UNITED KINGDOM
36,283,307
UNITED STATES - 1.3%
Consumer Discretionary - 0.5%
Hotels, Restaurants & Leisure - 0.5%
Airbnb Inc Class A (a)
12,500
1,684,875
Real Estate - 0.8%
Specialized REITs - 0.8%
Equinix Inc
2,700
2,451,816
TOTAL UNITED STATES
4,136,691
TOTAL COMMON STOCKS
(Cost $322,843,276)
318,603,541
Money Market Funds - 3.4%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (e)
4.87
5,783,726
5,784,883
Fidelity Securities Lending Cash Central Fund (e)(f)
4.87
5,571,233
5,571,790
TOTAL MONEY MARKET FUNDS
(Cost $11,356,672)
11,356,673
TOTAL INVESTMENT IN SECURITIES - 101.1%
(Cost $334,199,948)
329,960,214
NET OTHER ASSETS (LIABILITIES) - (1.1)%
(3,692,450)
NET ASSETS - 100.0%
326,267,764
Legend
(a)
Non-income producing
(b)
Security or a portion of the security is on loan at period end.
(c)
Security is 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 $23,816,777 or 7.3% of net assets.
(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 $20,624,318 or 6.3% of net assets.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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
20,401,364
102,436,379
117,052,860
124,706
-
-
5,784,883
0.0%
Fidelity Securities Lending Cash Central Fund
35,459,374
18,462,144
48,349,728
8,088
-
-
5,571,790
0.0%
Total
55,860,738
120,898,523
165,402,588
132,794
-
-
11,356,673
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.
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 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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
