Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
18,404
840,425
Canadian Natural Resources Ltd.
9,129
560,344
Constellation Software, Inc.
182
321,551
Imperial Oil Ltd.
9,060
495,166
Nutrien Ltd.
2,109
174,578
Open Text Corp.
12,766
428,204
Shaw Communications, Inc. Class B
2,567
76,399
Suncor Energy, Inc.
14,490
502,911
TOTAL CANADA
3,399,578
Cayman Islands - 0.6%
HKBN Ltd.
618,744
435,473
SITC International Holdings Co. Ltd.
31,567
68,961
TOTAL CAYMAN ISLANDS
504,434
China - 0.7%
Kweichow Moutai Co. Ltd. (A Shares)
1,508
413,589
TravelSky Technology Ltd. (H Shares)
88,085
183,089
TOTAL CHINA
596,678
Denmark - 0.2%
DSV A/S
922
151,720
Finland - 1.2%
Elisa Corp. (A Shares)
13,676
778,779
Neste OYJ
3,898
185,739
TOTAL FINLAND
964,518
France - 4.7%
Capgemini SA
4,574
864,739
Edenred SA
10,888
591,726
LVMH Moet Hennessy Louis Vuitton SE
1,306
1,140,106
Sanofi SA
7,470
731,496
Teleperformance
652
180,750
VINCI SA
3,086
348,686
TOTAL FRANCE
3,857,503
Germany - 1.4%
Deutsche Telekom AG
18,314
408,014
Rheinmetall AG
1,181
274,760
Siemens AG
2,971
464,086
TOTAL GERMANY
1,146,860
Hong Kong - 0.7%
AIA Group Ltd.
54,172
612,558
India - 1.0%
HDFC Bank Ltd. sponsored ADR
2,950
198,712
Redington (India) Ltd.
70,886
161,366
Reliance Industries Ltd.
17,027
492,229
TOTAL INDIA
852,307
Indonesia - 0.3%
PT Bank Central Asia Tbk
483,181
274,210
Ireland - 3.0%
Accenture PLC Class A
3,468
967,745
Johnson Controls International PLC
4,755
330,805
Linde PLC
3,394
1,123,210
TOTAL IRELAND
2,421,760
Japan - 5.5%
Capcom Co. Ltd.
5,253
170,217
Daiichikosho Co. Ltd.
11,957
371,782
FUJIFILM Holdings Corp.
3,032
160,457
Fujitsu Ltd.
1,426
203,033
Hitachi Ltd.
6,823
357,815
Hoya Corp.
8,468
931,242
Inaba Denki Sangyo Co. Ltd.
17,478
379,724
Minebea Mitsumi, Inc.
15,444
269,231
Renesas Electronics Corp. (a)
23,107
237,681
Roland Corp.
5,621
167,831
Shin-Etsu Chemical Co. Ltd.
1,071
157,890
Sony Group Corp.
8,492
758,774
Toyota Motor Corp.
25,393
372,915
TOTAL JAPAN
4,538,592
Kenya - 0.3%
Safaricom Ltd.
1,435,064
269,723
Korea (South) - 1.4%
Samsung Electronics Co. Ltd.
22,987
1,143,591
Luxembourg - 0.5%
B&M European Value Retail SA
76,619
422,896
Netherlands - 1.6%
Airbus Group NV
3,310
414,961
NXP Semiconductors NV
4,827
889,664
TOTAL NETHERLANDS
1,304,625
New Zealand - 0.3%
Auckland International Airport Ltd. (a)
45,146
248,463
Spain - 1.3%
Aena SME SA (a)(b)
1,604
240,999
Amadeus IT Holding SA Class A (a)
12,994
818,673
TOTAL SPAIN
1,059,672
Sweden - 0.4%
EQT AB
1,599
35,764
HEXPOL AB (B Shares)
23,834
256,628
TOTAL SWEDEN
292,392
Switzerland - 3.3%
Chubb Ltd.
1,745
396,970
Nestle SA (Reg. S)
6,101
744,377
Roche Holding AG (participation certificate)
3,678
1,148,163
Sika AG
1,358
385,871
TOTAL SWITZERLAND
2,675,381
Taiwan - 2.2%
MediaTek, Inc.
15,509
374,388
Taiwan Semiconductor Manufacturing Co. Ltd.
78,926
1,391,586
TOTAL TAIWAN
1,765,974
United Kingdom - 6.2%
Anglo American PLC (United Kingdom)
10,223
440,922
AstraZeneca PLC sponsored ADR
12,180
796,207
BAE Systems PLC
49,645
525,545
Bunzl PLC
6,043
221,268
Compass Group PLC
19,767
472,195
Diageo PLC
11,662
509,934
JD Sports Fashion PLC
133,202
267,265
Reckitt Benckiser Group PLC
6,542
466,189
RELX PLC (London Stock Exchange)
16,269
483,335
RS GROUP PLC
15,694
181,874
Starling Bank Ltd. Series D (a)(c)(d)
20,800
86,674
Unilever PLC
7,726
393,247
WH Smith PLC
12,498
245,837
TOTAL UNITED KINGDOM
5,090,492
United States of America - 51.1%
AbbVie, Inc.
4,828
713,337
Activision Blizzard, Inc.
3,523
269,756
Albertsons Companies, Inc.
5,499
116,579
Ameren Corp.
5,353
465,015
American Tower Corp.
1,774
396,294
Amgen, Inc.
4,091
1,032,568
Apple, Inc.
23,907
3,449,543
AT&T, Inc.
10,338
210,585
Ball Corp.
3,097
180,369
Bank of America Corp.
32,801
1,163,779
BJ's Wholesale Club Holdings, Inc. (a)
7,568
548,453
BlackRock, Inc. Class A
680
516,263
Bristol-Myers Squibb Co.
12,865
934,642
Capital One Financial Corp.
7,649
910,231
Cisco Systems, Inc.
15,051
732,532
Comcast Corp. Class A
15,791
621,376
Costco Wholesale Corp.
998
510,118
Crane Holdings Co.
2,012
233,211
Crown Holdings, Inc.
4,986
439,566
Danaher Corp.
4,434
1,172,261
Dollar Tree, Inc. (a)
3,654
548,758
Dominion Energy, Inc.
5,389
342,956
Eli Lilly & Co.
3,593
1,236,531
Exxon Mobil Corp.
11,148
1,293,279
Freeport-McMoRan, Inc.
11,770
525,177
GE HealthCare Technologies, Inc. (a)
2,247
156,211
General Electric Co.
6,625
533,180
H&R Block, Inc.
7,150
278,707
Hartford Financial Services Group, Inc.
3,838
297,867
Hess Corp.
5,492
824,679
JPMorgan Chase & Co.
9,043
1,265,658
KBR, Inc.
5,400
276,642
Keurig Dr. Pepper, Inc.
11,502
405,791
Lamar Advertising Co. Class A
6,025
641,904
Lowe's Companies, Inc.
1,300
270,725
M&T Bank Corp.
3,665
571,740
McDonald's Corp.
2,110
564,214
Merck & Co., Inc.
4,895
525,772
Microsoft Corp.
11,516
2,853,780
Mondelez International, Inc.
8,030
525,483
MSCI, Inc.
467
248,239
NextEra Energy, Inc.
7,746
578,084
Northrop Grumman Corp.
907
406,372
PG&E Corp. (a)
3,708
58,957
Philip Morris International, Inc.
2,685
279,884
Phillips 66 Co.
5,575
559,005
PNC Financial Services Group, Inc.
4,105
679,090
Procter & Gamble Co.
5,615
799,464
T-Mobile U.S., Inc. (a)
6,678
997,092
Target Corp.
4,075
701,471
The Coca-Cola Co.
12,934
793,113
The Travelers Companies, Inc.
3,568
681,916
TJX Companies, Inc.
10,223
836,855
United Parcel Service, Inc. Class B
2,831
524,386
UnitedHealth Group, Inc.
2,680
1,337,829
Valero Energy Corp.
4,313
603,949
Verizon Communications, Inc.
14,250
592,373
Vistra Corp.
16,644
383,811
Walmart, Inc.
5,582
803,082
Watsco, Inc.
192
55,175
WEC Energy Group, Inc.
2,694
253,209
Wells Fargo & Co.
22,884
1,072,573
TOTAL UNITED STATES OF AMERICA
41,801,461
TOTAL COMMON STOCKS
(Cost $66,984,528)
77,096,095
Money Market Funds - 5.5%
Shares
Value ($)
Fidelity Cash Central Fund 4.38% (e)
(Cost $4,505,705)
4,504,804
4,505,705
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $71,490,233)
81,601,800
NET OTHER ASSETS (LIABILITIES) - 0.3%
241,727
NET ASSETS - 100.0%
81,843,527
Categorizations in the 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 $240,999 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 $86,674 or 0.1% of net assets.
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
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 4.38%
3,668,251
20,755,951
19,918,497
51,638
-
-
4,505,705
0.0%
Total
3,668,251
20,755,951
19,918,497
51,638
-
-
4,505,705
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.
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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