Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
301
113,383
SAP SE
410
55,929
Siemens AG
934
159,193
TOTAL GERMANY
688,267
Hong Kong - 4.0%
AIA Group Ltd.
17,435
174,433
Hang Seng Bank Ltd.
5,487
83,513
Prudential PLC
4,003
55,587
TOTAL HONG KONG
313,533
India - 1.3%
HDFC Bank Ltd. sponsored ADR
1,483
101,259
Ireland - 3.1%
CRH PLC
2,464
147,463
Dalata Hotel Group PLC (b)
15,824
74,031
Kingspan Group PLC (Ireland)
329
26,407
TOTAL IRELAND
247,901
Italy - 1.4%
Carel Industries SpA (a)
1,413
40,471
Prysmian SpA
1,771
70,587
TOTAL ITALY
111,058
Japan - 17.3%
FUJIFILM Holdings Corp.
2,488
144,228
Fujitsu Ltd.
584
75,471
Hitachi Ltd.
2,912
190,319
Hoya Corp.
1,278
148,493
Itochu Corp.
5,603
226,459
ORIX Corp.
10,719
205,768
Persol Holdings Co. Ltd.
2,750
54,279
Sony Group Corp.
3,094
289,803
TIS, Inc.
1,160
29,378
TOTAL JAPAN
1,364,198
Korea (South) - 0.7%
SK Hynix, Inc.
546
52,732
Netherlands - 8.0%
ASML Holding NV (Netherlands)
369
264,303
BE Semiconductor Industries NV
326
38,944
Heineken NV (Bearer)
579
56,673
ING Groep NV (Certificaten Van Aandelen)
7,423
108,351
Koninklijke KPN NV
44,464
160,882
TOTAL NETHERLANDS
629,153
New Zealand - 0.8%
Contact Energy Ltd.
12,582
64,940
Norway - 2.3%
DNB Bank ASA
8,631
177,863
Schibsted ASA (A Shares)
329
7,047
TOTAL NORWAY
184,910
Spain - 1.3%
CaixaBank SA
5,958
24,101
EDP Renovaveis SA
683
13,044
Iberdrola SA
5,417
67,630
TOTAL SPAIN
104,775
Sweden - 2.7%
Boliden AB
3,534
104,109
Instalco AB
1,724
6,780
Investor AB (B Shares)
1,578
32,223
Lagercrantz Group AB (B Shares)
1,680
20,221
Nibe Industrier AB (B Shares)
5,908
53,173
TOTAL SWEDEN
216,506
Taiwan - 2.2%
Taiwan Semiconductor Manufacturing Co. Ltd.
9,437
170,088
United Kingdom - 12.6%
3i Group PLC
1,875
47,571
AstraZeneca PLC (United Kingdom)
2,019
290,082
Barratt Developments PLC
5,755
33,730
Beazley PLC
3,295
23,194
Big Yellow Group PLC
769
10,589
Bunzl PLC
623
23,090
Compass Group PLC
4,596
119,577
Diageo PLC
3,006
131,189
Endava PLC ADR (b)
263
13,797
Grainger Trust PLC
11,205
36,209
Impax Asset Management Group PLC
849
5,982
London Stock Exchange Group PLC
356
38,660
National Grid PLC
4,433
58,759
Reckitt Benckiser Group PLC
863
64,649
Renewi PLC (b)
1,152
7,688
Sage Group PLC
3,252
39,089
Smart Metering Systems PLC
5,422
48,500
TOTAL UNITED KINGDOM
992,355
United States of America - 4.6%
Ferguson PLC
250
40,121
Linde PLC
242
94,542
Nestle SA (Reg. S)
1,851
226,783
TOTAL UNITED STATES OF AMERICA
361,446
TOTAL COMMON STOCKS
(Cost $6,964,197)
7,605,018
Money Market Funds - 3.4%
Shares
Value ($)
Fidelity Cash Central Fund 5.14% (c)
(Cost $266,090)
266,037
266,090
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $7,230,287)
7,871,108
NET OTHER ASSETS (LIABILITIES) - 0.2%
13,965
NET ASSETS - 100.0%
7,885,073
Legend
(a)
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 $133,311 or 1.7% of net assets.
(b)
Non-income producing
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.32%
225,629
2,478,611
2,438,150
8,750
-
-
266,090
0.0%
Total
225,629
2,478,611
2,438,150
8,750
-
-
266,090
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.
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