Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
5,062
204,168
Canadian Natural Resources Ltd.
5,425
275,955
Constellation Software, Inc.
120
206,681
Imperial Oil Ltd.
6,812
278,718
Lundin Mining Corp.
9,632
80,245
Nutrien Ltd.
799
55,804
Open Text Corp.
3,618
173,165
Shaw Communications, Inc. Class B
4,386
130,736
Suncor Energy, Inc.
10,281
293,754
TOTAL CANADA
1,699,226
Cayman Islands - 1.2%
51job, Inc. sponsored ADR (a)
1,297
65,369
HKBN Ltd.
238,045
298,954
SITC International Holdings Co. Ltd.
12,254
46,707
TOTAL CAYMAN ISLANDS
411,030
China - 0.7%
Kweichow Moutai Co. Ltd. (A Shares)
565
169,024
TravelSky Technology Ltd. (H Shares)
37,507
70,290
TOTAL CHINA
239,314
Denmark - 0.2%
A.P. Moller - Maersk A/S Series B
18
64,659
Finland - 0.9%
Elisa Corp. (A Shares)
5,701
334,887
France - 4.3%
Capgemini SA
1,836
412,763
Edenred SA
1,700
73,019
Elior SA (a)(b)
7,397
44,620
LVMH Moet Hennessy Louis Vuitton SE
433
355,656
Sanofi SA
3,077
321,737
Teleperformance
272
102,432
Vicat SA
1,747
72,396
VINCI SA
1,327
145,448
TOTAL FRANCE
1,528,071
Germany - 2.3%
Deutsche Post AG
4,197
252,578
Deutsche Telekom AG
7,360
138,949
DWS Group GmbH & Co. KGaA (b)
2,576
103,694
Linde PLC
518
164,734
Siemens AG
934
148,292
TOTAL GERMANY
808,247
Hong Kong - 0.6%
AIA Group Ltd.
20,537
214,402
India - 2.0%
HDFC Bank Ltd. sponsored ADR
1,237
84,895
Petronet LNG Ltd.
32,745
94,194
Redington (India) Ltd.
64,898
142,083
Reliance Industries Ltd.
12,370
398,900
TOTAL INDIA
720,072
Indonesia - 0.3%
PT Bank Central Asia Tbk
195,649
104,065
Ireland - 2.4%
Accenture PLC Class A
1,440
509,155
Johnson Controls International PLC
2,010
146,067
Linde PLC
635
202,362
TOTAL IRELAND
857,584
Japan - 6.0%
Daiichikosho Co. Ltd.
4,214
119,408
FUJIFILM Holdings Corp.
1,344
90,096
Fujitsu Ltd.
611
80,773
Hitachi Ltd.
4,152
215,805
Hoya Corp.
2,715
352,050
Inaba Denki Sangyo Co. Ltd.
7,196
166,761
Jm Holdings Co. Ltd.
3,557
50,343
Minebea Mitsumi, Inc.
6,394
156,465
NSD Co. Ltd.
3,072
52,469
Renesas Electronics Corp. (a)
9,387
107,733
Roland Corp.
2,442
93,152
Sony Group Corp.
4,176
467,163
Toyota Motor Corp.
10,209
201,762
TOTAL JAPAN
2,153,980
Kenya - 0.4%
Safaricom Ltd.
450,743
146,412
Korea (South) - 1.5%
Samsung Electronics Co. Ltd.
8,346
519,043
Luxembourg - 0.3%
B&M European Value Retail SA
15,920
121,909
Netherlands - 1.7%
Airbus Group NV (a)
1,674
213,758
Koninklijke Philips Electronics NV
3,439
114,392
NXP Semiconductors NV
1,432
294,190
TOTAL NETHERLANDS
622,340
New Zealand - 0.4%
Auckland International Airport Ltd. (a)
32,877
156,064
South Africa - 0.0%
Thungela Resources Ltd. (a)
395
2,367
Spain - 1.9%
Aena SME SA (a)(b)
1,997
322,680
Amadeus IT Holding SA Class A (a)
5,327
366,286
TOTAL SPAIN
688,966
Sweden - 0.4%
EQT AB
878
34,406
HEXPOL AB (B Shares)
10,318
123,112
TOTAL SWEDEN
157,518
Switzerland - 3.6%
Barry Callebaut AG
22
50,504
Chubb Ltd.
725
143,028
Nestle SA (Reg. S)
2,526
326,204
Roche Holding AG (participation certificate)
1,199
464,012
Sika AG
891
311,738
TOTAL SWITZERLAND
1,295,486
Taiwan - 2.6%
International Games Systems Co. Ltd.
4,076
105,404
MediaTek, Inc.
3,000
119,252
Taiwan Semiconductor Manufacturing Co. Ltd.
30,393
703,303
TOTAL TAIWAN
927,959
United Kingdom - 7.7%
Anglo American PLC (United Kingdom)
4,833
213,065
AstraZeneca PLC sponsored ADR
6,242
363,347
Compass Group PLC
20,976
476,735
Cranswick PLC
1,752
86,821
Diageo PLC
6,615
333,802
Electrocomponents PLC
4,800
72,676
Informa PLC (a)
51,205
387,334
JD Sports Fashion PLC
46,655
119,631
Reckitt Benckiser Group PLC
2,692
218,112
RELX PLC (London Stock Exchange)
9,738
299,545
Starling Bank Ltd. Series D (a)(c)(d)
18,400
56,421
WH Smith PLC (a)
5,180
116,216
TOTAL UNITED KINGDOM
2,743,705
United States of America - 46.7%
AbbVie, Inc.
2,402
328,810
Albertsons Companies, Inc.
900
25,335
Ameren Corp.
2,233
198,156
American Tower Corp.
1,157
290,986
AMETEK, Inc.
762
104,219
Amgen, Inc.
1,700
386,138
Apple, Inc.
10,434
1,823,655
Bank of America Corp.
8,306
383,239
BJ's Wholesale Club Holdings, Inc. (a)
4,036
248,093
BlackRock, Inc. Class A
281
231,246
Bristol-Myers Squibb Co.
5,002
324,580
Burlington Stores, Inc. (a)
229
54,257
Capital One Financial Corp.
2,382
349,511
Cisco Systems, Inc.
4,620
257,195
Citigroup, Inc.
3,590
233,781
Comcast Corp. Class A
5,326
266,247
Costco Wholesale Corp.
482
243,473
Crane Co.
884
91,503
Crown Holdings, Inc.
1,212
138,653
Danaher Corp.
1,584
452,691
Digital Realty Trust, Inc.
918
136,993
Dominion Energy, Inc.
2,239
180,598
Eli Lilly & Co.
1,519
372,747
Exxon Mobil Corp.
3,008
228,488
Fortive Corp.
1,427
100,661
General Electric Co.
1,936
182,913
Gilead Sciences, Inc.
1,910
131,179
Hartford Financial Services Group, Inc.
1,528
109,817
Hess Corp.
1,435
132,436
JPMorgan Chase & Co.
2,679
398,099
Keurig Dr. Pepper, Inc.
3,808
144,514
Kohl's Corp.
3,202
191,191
Lamar Advertising Co. Class A
2,385
264,163
Lowe's Companies, Inc.
1,258
298,586
M&T Bank Corp.
1,292
218,839
Merck & Co., Inc.
2,025
164,997
Microsoft Corp.
4,623
1,437,661
Mondelez International, Inc.
2,641
177,026
MSCI, Inc.
181
97,038
NextEra Energy, Inc.
3,307
258,343
Northrop Grumman Corp.
361
133,534
NRG Energy, Inc.
2,735
109,209
Packaging Corp. of America
1,291
194,463
PG&E Corp. (a)
2,926
37,424
Phillips 66 Co.
1,472
124,811
PNC Financial Services Group, Inc.
1,126
231,945
Procter & Gamble Co.
2,517
403,853
PVH Corp.
925
87,884
Roper Technologies, Inc.
257
112,350
T-Mobile U.S., Inc. (a)
2,114
228,671
Tapestry, Inc.
4,011
152,217
Target Corp.
743
163,779
Tempur Sealy International, Inc.
2,291
91,205
The Coca-Cola Co.
6,938
423,287
The Travelers Companies, Inc.
1,253
208,224
The Walt Disney Co. (a)
1,617
231,182
United Parcel Service, Inc. Class B
1,367
276,421
UnitedHealth Group, Inc.
939
443,743
Valero Energy Corp.
1,878
155,818
Verizon Communications, Inc.
3,669
195,301
Vistra Corp.
6,692
145,953
Walmart, Inc.
1,296
181,194
Watsco, Inc.
121
34,190
WEC Energy Group, Inc.
1,100
106,744
Wells Fargo & Co.
10,059
541,174
TOTAL UNITED STATES OF AMERICA
16,672,633
TOTAL COMMON STOCKS
(Cost $24,163,707)
34,093,780
Money Market Funds - 4.6%
Shares
Value ($)
Fidelity Cash Central Fund 0.08% (e)
(Cost $1,632,903)
1,632,577
1,632,903
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $25,796,610)
35,726,683
NET OTHER ASSETS (LIABILITIES) - (0.2)%
(62,149)
NET ASSETS - 100.0%
35,664,534
Categorizations in Schedule of Investments are based on country or territory of incorporation.
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 $470,994 or 1.3% 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 $56,421 or 0.2% of net assets.
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Starling Bank Ltd. Series D
6/18/21
32,897
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 0.08%
3,121,618
2,424,856
3,913,571
359
-
-
1,632,903
0.0%
Total
3,121,618
2,424,856
3,913,571
359
-
-
1,632,903
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 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.
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