Constellation Software, Inc. warrants 3/31/40 (a)(b)
219
0
Imperial Oil Ltd.
10,219
732,091
Metro, Inc.
13,969
831,877
PrairieSky Royalty Ltd.
36,606
735,752
TOTAL CANADA
4,789,184
China - 2.5%
Kweichow Moutai Co. Ltd. (A Shares)
816
160,638
NXP Semiconductors NV
7,901
2,079,227
SITC International Holdings Co. Ltd.
93,487
208,205
TOTAL CHINA
2,448,070
Finland - 0.8%
Elisa Corp. (A Shares)
15,087
702,427
Neste OYJ
4,672
94,294
TOTAL FINLAND
796,721
France - 2.7%
Airbus Group NV
5,016
759,055
Capgemini SA
2,857
567,182
LVMH Moet Hennessy Louis Vuitton SE
1,311
924,730
Thales SA
700
111,326
VINCI SA
2,436
277,991
TOTAL FRANCE
2,640,284
Germany - 3.6%
Deutsche Telekom AG
25,383
663,956
Rheinmetall AG
4,230
2,306,355
Siemens AG
3,288
602,023
TOTAL GERMANY
3,572,334
Hong Kong - 0.5%
AIA Group Ltd.
60,814
406,776
HKBN Ltd.
271,997
86,339
TOTAL HONG KONG
493,115
Hungary - 0.6%
Richter Gedeon PLC
19,500
555,915
India - 0.3%
HDFC Bank Ltd. sponsored ADR
2,740
164,427
Redington (India) Ltd.
45,659
115,789
TOTAL INDIA
280,216
Ireland - 1.3%
Accenture PLC Class A
3,825
1,264,622
Italy - 0.7%
Prysmian SpA
9,700
667,032
Japan - 6.4%
Capcom Co. Ltd.
22,188
474,256
Daiichikosho Co. Ltd.
25,722
312,929
FUJIFILM Holdings Corp.
13,281
315,768
Hitachi Ltd.
41,385
894,193
Hoya Corp.
4,231
530,148
Inaba Denki Sangyo Co. Ltd.
18,156
479,942
Minebea Mitsumi, Inc.
11,098
266,955
Mitsubishi Electric Corp.
8,300
138,293
Renesas Electronics Corp.
30,169
519,627
Roland Corp.
11,195
292,196
Shin-Etsu Chemical Co. Ltd.
17,663
784,779
Sony Group Corp.
9,297
825,747
Toyota Motor Corp.
25,447
488,856
TOTAL JAPAN
6,323,689
Kenya - 0.2%
Safaricom Ltd.
1,435,064
176,880
Korea (South) - 0.9%
Samsung Electronics Co. Ltd.
15,256
934,434
Luxembourg - 0.2%
L'Occitane Ltd.
49,500
214,464
Sweden - 0.3%
HEXPOL AB (B Shares)
27,302
305,163
Switzerland - 1.0%
Compagnie Financiere Richemont SA Series A
2,100
320,316
Galderma Group AG
2,900
228,267
Sika AG
1,582
480,863
TOTAL SWITZERLAND
1,029,446
Taiwan - 2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
80,421
2,356,237
United Kingdom - 6.7%
AstraZeneca PLC sponsored ADR
15,997
1,266,163
B&M European Value Retail SA
80,508
484,470
BAE Systems PLC
48,889
815,376
Compass Group PLC
21,011
647,034
Diageo PLC
9,423
293,197
Games Workshop Group PLC
800
105,929
JD Sports Fashion PLC
279,653
473,112
London Stock Exchange Group PLC
4,300
523,421
RELX PLC (London Stock Exchange)
17,599
830,629
RS GROUP PLC
39,005
410,169
Starling Bank Ltd. Series D (a)(b)(c)
20,800
84,764
Unilever PLC
7,942
488,073
WH Smith PLC
12,992
220,465
TOTAL UNITED KINGDOM
6,642,802
United States of America - 59.8%
AbbVie, Inc.
4,800
889,536
Albertsons Companies, Inc.
5,200
103,116
Amdocs Ltd.
9,291
812,684
Ameren Corp.
5,489
435,113
American Tower Corp.
1,996
439,918
Apple, Inc.
22,908
5,087,407
AT&T, Inc.
16,508
317,779
Ball Corp.
3,098
197,745
Bank of America Corp.
38,428
1,549,033
BJ's Wholesale Club Holdings, Inc. (a)
6,710
590,212
BlackRock, Inc.
400
350,600
Capital One Financial Corp.
4,154
628,916
Chubb Ltd.
2,690
741,525
Cisco Systems, Inc.
18,846
913,089
Comcast Corp. Class A
14,882
614,180
Costco Wholesale Corp.
898
738,156
Crane Co.
4,021
645,049
Crane NXT Co.
2,421
152,232
Crown Holdings, Inc.
5,170
458,579
Danaher Corp.
4,234
1,173,157
Dollar Tree, Inc. (a)
5,825
607,781
Eli Lilly & Co.
1,716
1,380,127
Estee Lauder Companies, Inc. Class A
1,957
194,937
Experian PLC
17,215
812,641
Exxon Mobil Corp.
11,872
1,407,900
Freeport-McMoRan, Inc.
20,537
932,585
GE Vernova LLC
1,539
274,311
General Dynamics Corp.
900
268,839
General Electric Co.
6,457
1,098,981
Gilead Sciences, Inc.
8,201
623,768
GSK PLC
21,300
413,620
H&R Block, Inc.
15,325
887,931
Hartford Financial Services Group, Inc.
9,808
1,087,903
Hess Corp.
3,308
507,513
Hillenbrand, Inc.
4,700
207,881
Johnson Controls International PLC
7,206
515,517
JPMorgan Chase & Co.
9,934
2,113,955
Kenvue, Inc.
12,200
225,578
Keurig Dr. Pepper, Inc.
10,337
354,352
Lamar Advertising Co. Class A
5,946
712,688
Linde PLC
3,470
1,573,645
Lowe's Companies, Inc.
2,996
735,548
M&T Bank Corp.
4,925
847,937
McDonald's Corp.
2,457
652,088
MDU Resources Group, Inc.
6,100
164,334
Merck & Co., Inc.
6,944
785,575
Microsoft Corp.
10,869
4,547,046
Mondelez International, Inc.
3,454
236,081
MSCI, Inc.
462
249,831
Nestle SA (Reg. S)
4,941
500,487
NextEra Energy, Inc.
9,779
747,018
Norfolk Southern Corp.
500
124,780
PG&E Corp.
10,627
193,943
Phillips 66 Co.
1,643
239,024
PNC Financial Services Group, Inc.
6,696
1,212,646
Procter & Gamble Co.
5,326
856,208
Roche Holding AG (participation certificate)
3,091
1,000,741
Samsonite International SA (d)
79,200
228,593
Sanofi SA
6,080
626,803
Southern Co.
7,050
588,816
Southwest Gas Holdings, Inc.
2,700
200,232
Spirit AeroSystems Holdings, Inc. Class A (a)
2,900
105,125
T-Mobile U.S., Inc.
6,279
1,144,536
Tapestry, Inc.
8,108
325,050
Target Corp.
1,669
251,034
The Boeing Co. (a)
200
38,120
The Coca-Cola Co.
10,272
685,553
The Travelers Companies, Inc.
3,736
808,620
The Walt Disney Co.
6,600
618,354
TJX Companies, Inc.
9,720
1,098,554
U.S. Bancorp
11,900
534,072
United Parcel Service, Inc. Class B
2,435
317,451
UnitedHealth Group, Inc.
2,323
1,338,420
Valero Energy Corp.
1,258
203,444
Veralto Corp.
1,992
212,268
Verizon Communications, Inc.
9,023
365,612
Vistra Corp.
10,006
792,675
Walmart, Inc.
10,540
723,466
WEC Energy Group, Inc.
3,165
272,380
Wells Fargo & Co.
21,527
1,277,412
TOTAL UNITED STATES OF AMERICA
58,890,356
Zambia - 0.3%
First Quantum Minerals Ltd.
20,250
247,872
TOTAL COMMON STOCKS
(Cost $68,478,427)
96,101,662
Money Market Funds - 1.9%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (e)
(Cost $1,873,515)
1,873,141
1,873,515
TOTAL INVESTMENT IN SECURITIES - 99.5%
(Cost $70,351,942)
97,975,177
NET OTHER ASSETS (LIABILITIES) - 0.5%
494,475
NET ASSETS - 100.0%
98,469,652
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 $84,764 or 0.1% 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 $228,593 or 0.2% of net assets.
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
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
24,060,174
24,067,280
75,251
9
-
1,873,515
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
1,681,483
1,681,483
160
-
-
-
0.0%
Total
1,880,612
25,741,657
25,748,763
75,411
9
-
1,873,515
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.
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