Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
21,067
1,234,451
Canadian Natural Resources Ltd.
10,935
699,801
Constellation Software, Inc.
219
605,283
Constellation Software, Inc. warrants 8/22/28 (a)(b)
219
0
Imperial Oil Ltd.
12,119
699,043
Metro, Inc.
17,169
901,454
PrairieSky Royalty Ltd.
36,606
603,906
TOTAL CANADA
4,743,938
China - 2.1%
Kweichow Moutai Co. Ltd. (A Shares)
1,016
227,784
NXP Semiconductors NV
7,901
1,663,714
SITC International Holdings Co. Ltd.
111,487
169,164
TOTAL CHINA
2,060,662
Finland - 0.9%
Elisa Corp. (A Shares)
16,987
775,619
Neste OYJ
4,672
161,821
TOTAL FINLAND
937,440
France - 4.2%
Airbus Group NV
5,916
942,335
Capgemini SA
3,057
684,527
Edenred SA
15,175
908,867
LVMH Moet Hennessy Louis Vuitton SE
1,611
1,340,447
VINCI SA
2,436
307,721
TOTAL FRANCE
4,183,897
Germany - 2.9%
Deutsche Telekom AG
30,283
743,382
Rheinmetall AG
4,230
1,484,778
Siemens AG
3,788
678,142
TOTAL GERMANY
2,906,302
Hong Kong - 0.6%
AIA Group Ltd.
66,214
519,278
HKBN Ltd.
271,997
113,032
TOTAL HONG KONG
632,310
Hungary - 0.4%
Richter Gedeon PLC
13,502
364,481
India - 0.3%
HDFC Bank Ltd. sponsored ADR
3,440
190,886
Redington (India) Ltd.
45,659
98,756
TOTAL INDIA
289,642
Italy - 0.4%
Prysmian SpA
9,300
411,970
Japan - 7.0%
Capcom Co. Ltd.
12,094
461,250
Daiichikosho Co. Ltd.
32,322
442,807
FUJIFILM Holdings Corp.
5,027
318,636
Hitachi Ltd.
8,577
673,726
Hoya Corp.
6,431
816,925
Inaba Denki Sangyo Co. Ltd.
21,556
515,055
Minebea Mitsumi, Inc.
19,998
413,363
Renesas Electronics Corp. (a)
34,569
567,194
Roland Corp.
11,195
371,941
Shin-Etsu Chemical Co. Ltd.
20,663
813,341
Sony Group Corp.
10,297
1,009,810
Toyota Motor Corp.
28,847
576,012
TOTAL JAPAN
6,980,060
Kenya - 0.1%
Safaricom Ltd.
1,435,064
121,600
Korea (South) - 1.1%
Samsung Electronics Co. Ltd.
20,046
1,089,249
Luxembourg - 0.2%
L'Occitane Ltd.
49,000
156,452
Sweden - 0.3%
HEXPOL AB (B Shares)
30,602
351,698
Switzerland - 0.9%
Compagnie Financiere Richemont SA Series A
2,620
389,161
Sika AG
1,872
516,781
TOTAL SWITZERLAND
905,942
Taiwan - 2.0%
Taiwan Semiconductor Manufacturing Co. Ltd.
102,421
2,050,741
United Kingdom - 6.8%
AstraZeneca PLC sponsored ADR
19,297
1,285,952
B&M European Value Retail SA
92,608
608,640
BAE Systems PLC
63,889
952,976
Compass Group PLC
25,311
697,160
Diageo PLC
10,523
380,068
JD Sports Fashion PLC
338,653
502,349
London Stock Exchange Group PLC
4,200
475,079
RELX PLC (London Stock Exchange)
16,799
693,363
RS GROUP PLC
43,405
432,136
Starling Bank Ltd. Series D (a)(b)(c)
20,800
82,770
Unilever PLC
8,742
425,388
WH Smith PLC
15,492
237,756
TOTAL UNITED KINGDOM
6,773,637
United States of America - 62.7%
Accenture PLC Class A
4,925
1,792,109
Albertsons Companies, Inc.
9,300
197,346
Amdocs Ltd.
10,591
970,983
Ameren Corp.
6,689
465,354
American Tower Corp.
2,196
429,647
Apple, Inc.
27,508
5,072,475
AT&T, Inc.
18,808
332,714
Ball Corp.
3,698
205,054
Bank of America Corp.
46,728
1,589,219
BJ's Wholesale Club Holdings, Inc. (a)
7,910
508,929
BlackRock, Inc. Class A
500
387,155
Bristol-Myers Squibb Co.
7,311
357,289
Capital One Financial Corp.
4,754
643,311
Chubb Ltd.
3,090
757,050
Cisco Systems, Inc.
23,846
1,196,592
Comcast Corp. Class A
16,782
781,034
Costco Wholesale Corp.
1,198
832,466
Crane Co.
4,321
536,279
Crane Nxt Co.
2,421
141,096
Crown Holdings, Inc.
6,270
554,895
Danaher Corp.
5,334
1,279,680
Dollar Tree, Inc. (a)
6,425
839,234
Eli Lilly & Co.
3,216
2,076,282
Estee Lauder Companies, Inc. Class A
2,257
297,901
Experian PLC
19,215
799,774
Exxon Mobil Corp.
14,772
1,518,709
Freeport-McMoRan, Inc.
24,937
989,750
General Dynamics Corp.
1,000
264,990
General Electric Co.
7,557
1,000,698
Gilead Sciences, Inc.
9,401
735,722
H&R Block, Inc.
17,425
816,187
Hartford Financial Services Group, Inc.
11,508
1,000,736
Hess Corp.
3,908
549,191
Hillenbrand, Inc.
4,800
223,536
Johnson Controls International PLC
6,106
321,725
JPMorgan Chase & Co.
12,434
2,167,992
Kenvue, Inc.
14,200
294,792
Keurig Dr. Pepper, Inc.
11,737
369,011
Lamar Advertising Co. Class A
6,746
706,171
Linde PLC
3,870
1,566,692
Lowe's Companies, Inc.
3,396
722,805
M&T Bank Corp.
5,525
763,003
McDonald's Corp.
2,857
836,301
Merck & Co., Inc.
8,544
1,031,944
Microsoft Corp.
13,369
5,315,253
Mondelez International, Inc.
4,754
357,834
MSCI, Inc.
562
336,424
Nestle SA (Reg. S)
5,701
649,632
NextEra Energy, Inc.
9,479
555,754
PG&E Corp.
10,627
179,277
Phillips 66 Co.
1,943
280,394
PNC Financial Services Group, Inc.
8,096
1,224,196
Procter & Gamble Co.
6,226
978,354
Roche Holding AG (participation certificate)
4,731
1,346,993
Sanofi SA
9,980
999,452
Southern Co.
8,150
566,588
T-Mobile U.S., Inc.
8,079
1,302,577
Tapestry, Inc.
9,008
349,420
Target Corp.
1,969
273,849
The Coca-Cola Co.
11,672
694,367
The Travelers Companies, Inc.
4,536
958,729
TJX Companies, Inc.
13,720
1,302,165
U.S. Bancorp
12,900
535,866
United Parcel Service, Inc. Class B
2,735
388,097
UnitedHealth Group, Inc.
3,523
1,802,860
Valero Energy Corp.
1,558
216,406
Veralto Corp.
1,992
152,766
Verizon Communications, Inc.
10,023
424,474
Vistra Corp.
11,406
467,988
Walmart, Inc.
3,980
657,695
WEC Energy Group, Inc.
3,665
295,985
Wells Fargo & Co.
26,627
1,336,143
TOTAL UNITED STATES OF AMERICA
62,873,361
Zambia - 0.2%
First Quantum Minerals Ltd.
23,850
216,423
TOTAL COMMON STOCKS
(Cost $80,610,741)
99,670,522
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $80,610,741)
99,670,522
NET OTHER ASSETS (LIABILITIES) - 0.6%
582,283
NET ASSETS - 100.0%
100,252,805
Legend
(a)
Non-income producing
(b)
Level 3 security
(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 $82,770 or 0.1% of net assets.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
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 5.39%
1,880,612
5,928,948
7,809,560
27,099
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
885,055
885,055
88
-
-
-
0.0%
Total
1,880,612
6,814,003
8,694,615
27,187
-
-
-
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.
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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