Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
9,834
439,345
Canadian Natural Resources Ltd.
5,858
323,470
Constellation Software, Inc.
106
180,318
Imperial Oil Ltd.
5,793
277,628
Nutrien Ltd.
1,287
110,172
Open Text Corp.
7,962
325,680
Shaw Communications, Inc. Class B
8,413
227,579
Suncor Energy, Inc.
9,080
308,162
TOTAL CANADA
2,192,354
Cayman Islands - 0.9%
HKBN Ltd.
376,707
418,462
SITC International Holdings Co. Ltd.
16,839
57,168
TOTAL CAYMAN ISLANDS
475,630
China - 0.6%
Kweichow Moutai Co. Ltd. (A Shares)
843
237,270
TravelSky Technology Ltd. (H Shares)
51,968
86,195
TOTAL CHINA
323,465
Denmark - 0.2%
DSV A/S
472
79,532
Finland - 1.2%
Elisa Corp. (A Shares)
8,536
471,457
Neste OYJ
2,424
124,071
TOTAL FINLAND
595,528
France - 4.5%
Capgemini SA
2,750
520,952
Edenred SA
6,773
346,809
LVMH Moet Hennessy Louis Vuitton SE
787
546,457
Sanofi SA
4,717
468,745
Teleperformance
411
137,066
Vicat SA
2,427
63,129
VINCI SA
1,943
186,254
TOTAL FRANCE
2,269,412
Germany - 1.1%
Deutsche Telekom AG
11,407
216,721
Rheinmetall AG
774
141,482
Siemens AG
1,772
197,656
TOTAL GERMANY
555,859
Hong Kong - 0.7%
AIA Group Ltd.
32,788
329,410
India - 1.1%
HDFC Bank Ltd. sponsored ADR
1,813
113,856
Redington (India) Ltd.
70,886
111,775
Reliance Industries Ltd.
10,521
334,235
TOTAL INDIA
559,866
Indonesia - 0.3%
PT Bank Central Asia Tbk
318,435
158,345
Ireland - 2.9%
Accenture PLC Class A
2,153
659,378
Johnson Controls International PLC
2,959
159,520
Linde PLC
2,112
637,824
TOTAL IRELAND
1,456,722
Japan - 5.4%
Capcom Co. Ltd.
3,077
85,533
Daiichikosho Co. Ltd.
7,043
199,776
FUJIFILM Holdings Corp.
1,794
102,477
Fujitsu Ltd.
815
109,261
Hitachi Ltd.
4,261
215,726
Hoya Corp.
5,179
518,893
Inaba Denki Sangyo Co. Ltd.
10,962
228,560
Minebea Mitsumi, Inc.
9,975
179,432
NSD Co. Ltd.
2,669
50,136
Renesas Electronics Corp. (a)
12,892
122,794
Roland Corp.
3,258
105,585
Shin-Etsu Chemical Co. Ltd.
871
111,570
Sony Group Corp.
5,401
458,156
Toyota Motor Corp.
15,957
258,999
TOTAL JAPAN
2,746,898
Kenya - 0.3%
Safaricom Ltd.
642,101
161,740
Korea (South) - 1.3%
Samsung Electronics Co. Ltd.
14,384
678,321
Luxembourg - 0.5%
B&M European Value Retail SA
47,806
247,020
Netherlands - 1.5%
Airbus Group NV
1,951
210,360
NXP Semiconductors NV
3,014
554,214
TOTAL NETHERLANDS
764,574
New Zealand - 0.3%
Auckland International Airport Ltd. (a)
28,105
131,973
Spain - 1.2%
Aena SME SA (a)(b)
1,016
128,514
Amadeus IT Holding SA Class A (a)
8,041
468,873
TOTAL SPAIN
597,387
Sweden - 0.3%
EQT AB
1,035
27,866
HEXPOL AB (B Shares)
13,939
144,709
TOTAL SWEDEN
172,575
Switzerland - 3.2%
Chubb Ltd.
1,025
193,356
Nestle SA (Reg. S)
3,744
458,742
Roche Holding AG (participation certificate)
2,299
763,278
Sika AG
850
210,024
TOTAL SWITZERLAND
1,625,400
Taiwan - 2.2%
International Games Systems Co. Ltd.
1,271
15,016
MediaTek, Inc.
9,656
221,757
Taiwan Semiconductor Manufacturing Co. Ltd.
49,607
847,991
TOTAL TAIWAN
1,084,764
United Kingdom - 6.1%
Anglo American PLC (United Kingdom)
6,469
233,821
AstraZeneca PLC sponsored ADR
7,600
503,348
BAE Systems PLC
31,315
294,322
Bunzl PLC
3,843
143,723
Compass Group PLC
12,419
291,057
Diageo PLC
7,253
343,588
JD Sports Fashion PLC
80,658
127,251
Reckitt Benckiser Group PLC
4,030
326,893
RELX PLC (London Stock Exchange)
10,159
300,803
RS GROUP PLC
9,455
118,943
Starling Bank Ltd. Series D (a)(c)(d)
20,800
59,729
Unilever PLC
4,842
235,819
WH Smith PLC (a)
7,288
128,115
TOTAL UNITED KINGDOM
3,107,412
United States of America - 51.1%
AbbVie, Inc.
3,549
509,317
Activision Blizzard, Inc.
2,178
174,131
Albertsons Companies, Inc.
3,565
95,720
Ameren Corp.
3,346
311,580
American Tower Corp.
1,118
302,788
Amgen, Inc.
2,572
636,493
Apple, Inc.
15,103
2,454,384
AT&T, Inc.
6,440
120,943
Ball Corp.
2,022
148,455
Bank of America Corp.
20,521
693,815
BJ's Wholesale Club Holdings, Inc. (a)
6,238
422,313
BlackRock, Inc. Class A
431
288,417
Bristol-Myers Squibb Co.
9,822
724,667
Capital One Financial Corp.
4,796
526,745
Cisco Systems, Inc.
8,347
378,703
Comcast Corp. Class A
9,887
370,960
Costco Wholesale Corp.
626
338,854
Crane Holdings Co.
1,309
129,499
Crown Holdings, Inc.
3,140
319,275
Danaher Corp.
2,736
797,462
Dollar Tree, Inc. (a)
1,593
263,418
Dominion Energy, Inc.
3,339
273,731
Eli Lilly & Co.
2,238
737,846
Exxon Mobil Corp.
7,631
739,673
Freeport-McMoRan, Inc.
7,341
231,609
General Electric Co.
4,130
305,248
H&R Block, Inc.
4,450
177,822
Hartford Financial Services Group, Inc.
2,356
151,891
Hess Corp.
2,551
286,911
JPMorgan Chase & Co.
5,607
646,824
KBR, Inc.
3,343
177,948
Keurig Dr. Pepper, Inc.
7,216
279,548
Lamar Advertising Co. Class A
3,841
388,171
Lowe's Companies, Inc.
804
153,990
M&T Bank Corp.
2,290
406,361
McDonald's Corp.
1,316
346,595
Merck & Co., Inc.
3,079
275,078
Microsoft Corp.
7,131
2,001,957
Mondelez International, Inc.
5,005
320,520
MSCI, Inc.
281
135,257
NextEra Energy, Inc.
4,863
410,875
Northrop Grumman Corp.
552
264,353
PG&E Corp. (a)
3,708
40,269
Philip Morris International, Inc.
1,653
160,589
Phillips 66 Co.
3,493
310,877
PNC Financial Services Group, Inc.
2,585
428,955
Procter & Gamble Co.
3,511
487,713
T-Mobile U.S., Inc. (a)
4,186
598,849
Target Corp.
2,533
413,842
The Coca-Cola Co.
9,331
598,770
The Travelers Companies, Inc.
1,253
198,851
TJX Companies, Inc.
4,839
295,953
United Parcel Service, Inc. Class B
1,767
344,371
UnitedHealth Group, Inc.
1,693
918,182
Valero Energy Corp.
2,680
296,864
Verizon Communications, Inc.
8,877
410,029
Vistra Corp.
10,419
269,331
Walmart, Inc.
4,015
530,181
Watsco, Inc.
122
33,422
WEC Energy Group, Inc.
1,680
174,401
Wells Fargo & Co.
14,311
627,824
TOTAL UNITED STATES OF AMERICA
25,859,420
TOTAL COMMON STOCKS
(Cost $39,642,933)
47,036,398
Money Market Funds - 6.4%
Shares
Value ($)
Fidelity Cash Central Fund 2.01% (e)
(Cost $3,253,524)
3,252,874
3,253,524
TOTAL INVESTMENT IN SECURITIES - 99.3%
(Cost $42,896,457)
50,289,922
NET OTHER ASSETS (LIABILITIES) - 0.7%
331,317
NET ASSETS - 100.0%
50,621,239
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 $128,514 or 0.3% 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 $59,729 or 0.1% of net assets.
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
40,298
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 2.01%
3,121,618
20,915,109
20,783,203
14,338
-
-
3,253,524
0.0%
Fidelity Securities Lending Cash Central Fund 2.01%
-
576,770
576,770
566
-
-
-
0.0%
Total
3,121,618
21,491,879
21,359,973
14,904
-
-
3,253,524
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount 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 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.
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