Qingdao Port International Co. Ltd. (H Shares) (d)
34,475,000
19,295,217
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
4,773,466
15,418,065
Sinopharm Group Co. Ltd. (H Shares)
6,564,000
17,259,940
Weifu High-Technology Group Co. Ltd. (B Shares)
7,210,386
8,610,427
Xingda International Holdings Ltd.
66,427,353
13,154,546
TOTAL CHINA
119,900,536
Denmark - 0.5%
Spar Nord Bank A/S
1,194,575
20,349,626
Finland - 1.2%
Huhtamaki Oyj
841,800
33,086,999
Tokmanni Group Corp.
1,023,456
17,564,056
TOTAL FINLAND
50,651,055
France - 2.2%
Altarea SCA (c)
139,644
12,223,975
Antin Infrastructure Partners SA
373,955
6,894,512
ARGAN SA
242,896
21,577,311
Elior SA (a)(d)
3,065,815
8,905,952
Lectra
361,754
12,803,532
Thermador Groupe SA
358,730
33,301,670
TOTAL FRANCE
95,706,952
Germany - 4.3%
DWS Group GmbH & Co. KGaA (d)
238,600
9,793,334
JOST Werke AG (d)
437,020
21,134,866
NORMA Group AG
623,692
10,184,502
Rheinmetall AG
166,725
58,522,369
Stabilus Se
322,000
22,636,450
Takkt AG
1,280,578
18,710,607
Talanx AG
632,867
44,490,256
TOTAL GERMANY
185,472,384
Greece - 0.9%
Mytilineos SA
978,216
40,172,005
Hong Kong - 1.8%
ASMPT Ltd.
2,691,000
25,969,174
China Metal Recycling (Holdings) Ltd. (a)(e)
436,800
1
HKT Trust/HKT Ltd. unit
13,770,000
16,541,364
Magnificent Hotel Investment Ltd. (a)
316,412,000
2,810,411
Pico Far East Holdings Ltd.
61,300,071
11,851,527
Sino Land Ltd.
11,082,375
11,576,253
WH Group Ltd. (d)
19,230,500
11,345,903
TOTAL HONG KONG
80,094,633
Hungary - 0.9%
Richter Gedeon PLC
1,497,000
40,410,935
India - 2.3%
Embassy Office Parks (REIT)
5,069,400
21,925,584
IndusInd Bank Ltd.
956,800
17,655,993
Mahanagar Gas Ltd.
1,575,600
28,107,379
Shriram Transport Finance Co. Ltd.
1,092,652
32,464,183
TOTAL INDIA
100,153,139
Indonesia - 0.4%
PT Selamat Sempurna Tbk
147,354,400
18,711,954
Ireland - 1.7%
AerCap Holdings NV (a)
300,772
23,027,104
Dalata Hotel Group PLC
4,579,272
23,779,076
Irish Residential Properties REIT PLC
15,386,543
19,222,242
Mincon Group PLC (b)
13,529,844
9,504,107
TOTAL IRELAND
75,532,529
Italy - 2.1%
Banca Generali SpA
577,794
22,104,538
BFF Bank SpA (d)
2,405,056
26,043,423
MARR SpA
25,200
307,195
MARR SpA
960,627
11,710,327
Recordati SpA
552,011
30,603,440
TOTAL ITALY
90,768,923
Japan - 18.3%
Amano Corp.
980,150
22,587,193
Arcland Sakamoto Co. Ltd.
2,098,534
24,031,423
As One Corp.
330,000
12,458,055
ASKUL Corp.
1,561,100
21,100,852
Capcom Co. Ltd.
616,500
23,512,560
Central Automotive Products Ltd.
437,100
14,426,936
DaikyoNishikawa Corp.
1,344,310
6,727,233
Dexerials Corp.
713,200
20,553,345
Dip Corp.
587,900
10,040,279
Funai Soken Holdings, Inc.
1,128,800
19,654,212
GMO Internet, Inc.
1,142,200
20,585,167
Hokuhoku Financial Group, Inc.
1,100,000
11,653,463
Inaba Denki Sangyo Co. Ltd.
1,225,400
29,279,459
Isuzu Motors Ltd.
1,623,900
22,158,029
Justsystems Corp.
510,200
10,660,076
Kamigumi Co. Ltd.
1,341,300
30,857,670
Kansai Electric Power Co., Inc.
1,995,800
27,226,976
Kyoto Financial Group, Inc.
1,170,400
19,451,429
Maruwa Ceramic Co. Ltd.
127,000
25,410,907
Meitec Group Holdings, Inc.
958,100
18,954,412
Minebea Mitsumi, Inc.
1,087,200
22,472,653
Mitani Shoji Co. Ltd.
1,094,900
14,633,959
Nishimoto Co. Ltd.
366,100
15,427,222
NOF Corp.
709,900
32,061,754
NSD Co. Ltd.
1,364,400
25,604,270
PALTAC Corp.
867,700
26,417,500
Park24 Co. Ltd. (a)
767,700
10,031,375
Persol Holdings Co. Ltd.
11,078,000
17,610,826
Prestige International, Inc.
3,233,500
13,277,272
Relo Group, Inc.
1,325,000
13,299,999
Renesas Electronics Corp. (a)
2,739,700
44,951,865
Roland Corp.
726,500
24,137,141
S Foods, Inc.
1,137,623
25,581,600
San-Ai Obbli Co. Ltd.
1,799,200
20,286,939
Ship Healthcare Holdings, Inc.
1,804,200
27,382,092
Sumco Corp.
1,248,900
18,933,858
TIS, Inc.
679,300
15,108,885
TKC Corp.
301,500
7,809,701
Tsuruha Holdings, Inc.
374,200
29,612,197
TOTAL JAPAN
795,970,784
Korea (South) - 1.4%
Hyundai Marine & Fire Insurance Co. Ltd.
546,046
13,868,692
Soulbrain Co. Ltd.
138,300
27,886,966
Vitzrocell Co. Ltd. (b)
1,372,541
18,005,723
TOTAL KOREA (SOUTH)
59,761,381
Mexico - 4.3%
Bolsa Mexicana de Valores S.A.B. de CV
10,333,882
20,936,145
GCC S.A.B. de CV
2,930,800
33,846,853
Genomma Lab Internacional SA de CV
16,940,461
13,897,645
Gruma S.A.B. de CV Series B
2,343,577
43,871,859
Grupo Comercial Chedraui S.A.B. de CV
5,180,600
35,017,924
Qualitas Controladora S.A.B. de CV
3,757,335
41,517,007
TOTAL MEXICO
189,087,433
Netherlands - 1.1%
Acomo NV
874,603
16,597,422
Arcadis NV
427,150
23,519,590
Van Lanschot Kempen NV (Bearer)
283,041
8,549,413
TOTAL NETHERLANDS
48,666,425
Norway - 1.6%
Europris ASA (d)
4,507,200
33,834,267
Selvaag Bolig ASA
2,186,000
6,557,636
Sparebanken Midt-Norge
2,232,500
30,439,564
TOTAL NORWAY
70,831,467
Peru - 0.4%
Intercorp Financial Services, Inc.
683,100
16,018,695
Philippines - 1.3%
Century Pacific Food, Inc.
59,549,800
34,563,945
Robinsons Land Corp.
78,319,100
22,236,157
TOTAL PHILIPPINES
56,800,102
Romania - 0.6%
Banca Transilvania SA
4,760,605
25,705,613
Singapore - 1.5%
Boustead Singapore Ltd.
13,666,712
8,849,061
HRnetgroup Ltd.
30,633,200
16,235,792
Mapletree Industrial (REIT)
14,230,731
25,919,234
The Hour Glass Ltd.
12,996,880
14,704,543
TOTAL SINGAPORE
65,708,630
Spain - 3.6%
Cie Automotive SA
894,600
23,686,458
Compania de Distribucion Integral Logista Holdings SA
1,436,843
40,745,373
Grupo Catalana Occidente SA
734,462
26,312,252
Indra Sistemas SA
1,988,564
35,394,707
Prosegur Compania de Seguridad SA (Reg.) (c)
7,021,325
13,309,257
Viscofan Envolturas Celulosicas SA
281,104
16,465,369
TOTAL SPAIN
155,913,416
Sweden - 1.5%
Alligo AB (B Shares)
866,597
11,025,397
Granges AB
2,087,476
20,741,066
Haypp Group (a)
1,154,900
6,436,673
HEXPOL AB (B Shares)
1,917,623
22,038,573
Nordnet AB
403,600
6,372,029
TOTAL SWEDEN
66,613,738
Switzerland - 0.4%
Anhui Heli Co. Ltd. (UBS AG London Branch Bank Warrant Programme) ELS Class A warrants 12/8/25 (a)(d)
8,014,256
19,498,916
Taiwan - 3.4%
International Games Systems Co. Ltd.
2,037,000
53,901,437
Lumax International Corp. Ltd.
4,537,292
13,062,084
Sporton International, Inc.
1,966,977
14,565,982
Test Research, Inc.
7,892,000
17,533,886
Tripod Technology Corp.
4,536,000
27,090,946
Yageo Corp.
845,578
14,876,055
Yung Chi Paint & Varnish Manufacturing Co. Ltd.
2,538,000
6,010,031
TOTAL TAIWAN
147,040,421
Thailand - 0.4%
Star Petroleum Refining PCL (For. Reg.)
70,104,800
16,516,020
United Kingdom - 15.5%
Alliance Pharma PLC (c)
18,418,366
8,764,769
Ashtead Technology Holdings PLC (b)
7,272,000
60,824,314
B&M European Value Retail SA
4,868,200
31,994,871
Bodycote PLC
1,978,451
15,983,980
Cranswick PLC
462,318
23,576,439
DCC PLC (United Kingdom)
441,000
32,169,093
Direct Line Insurance Group PLC (a)
8,828,600
18,953,293
Grainger Trust PLC
7,065,757
23,568,070
Harbour Energy PLC
4,698,894
16,602,285
Hiscox Ltd.
2,606,848
34,325,012
Indivior PLC (a)
884,583
15,548,714
Informa PLC
3,032,933
29,880,426
J.D. Wetherspoon PLC (a)
2,015,900
21,459,901
Jet2 PLC
1,762,100
29,834,341
John Wood Group PLC (a)
12,397,900
24,746,178
Lancashire Holdings Ltd.
2,186,395
16,818,868
LSL Property Services PLC
4,204,235
14,119,272
Luxfer Holdings PLC sponsored
1,079,659
8,885,594
Mears Group PLC (b)
7,524,814
32,709,155
On The Beach Group PLC (a)(d)
6,731,236
12,727,499
Pets At Home Group PLC
2,886,400
10,249,533
Premier Foods PLC
17,432,434
31,415,000
Rathbone Brothers PLC
889,200
18,683,723
RS GROUP PLC
2,394,553
23,839,951
Sabre Insurance Group PLC (d)
9,562,200
18,686,228
Savills PLC
2,085,527
26,773,472
Tate & Lyle PLC
3,509,643
27,709,611
Vistry Group PLC
1,828,098
23,283,324
WH Smith PLC
1,218,200
18,695,719
TOTAL UNITED KINGDOM
672,828,635
United States of America - 2.8%
Adient PLC (a)
485,600
16,855,176
Adtalem Global Education, Inc. (a)
581,600
29,359,168
Antero Resources Corp. (a)
966,200
21,584,908
RHI Magnesita NV
938,797
40,022,768
WestRock Co.
315,500
12,702,030
TOTAL UNITED STATES OF AMERICA
120,524,050
TOTAL COMMON STOCKS
(Cost $3,561,412,461)
4,041,177,171
Money Market Funds - 2.4%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (f)
97,012,219
97,031,622
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
7,867,050
7,867,837
TOTAL MONEY MARKET FUNDS
(Cost $104,899,459)
104,899,459
TOTAL INVESTMENT IN SECURITIES - 95.4%
(Cost $3,666,311,920)
4,146,076,630
NET OTHER ASSETS (LIABILITIES) - 4.6%
198,795,212
NET ASSETS - 100.0%
4,344,871,842
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
Legend
(a)
Non-income producing
(b)
Affiliated company
(c)
Security or a portion of the security is on loan at period end.
(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 $188,319,548 or 4.3% of net assets.
(e)
Level 3 security
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
93,381,597
166,315,835
162,665,810
954,673
-
-
97,031,622
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
31,092,349
189,209,353
212,433,865
36,919
-
-
7,867,837
0.0%
Total
124,473,946
355,525,188
375,099,675
991,592
-
-
104,899,459
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Ashtead Technology Holdings PLC
42,426,011
-
-
-
-
18,398,303
60,824,314
Genesis Land Development Corp.
7,126,596
2,059
-
212,336
-
(45,760)
7,082,895
Mears Group PLC
23,189,551
1,546,175
883,999
-
(706,930)
9,564,358
32,709,155
Mincon Group PLC
8,303,238
-
-
154,089
-
1,200,869
9,504,107
Servcorp Ltd.
13,569,097
-
-
-
-
1,607,421
15,176,518
SomnoMed Ltd.
1,718,117
-
380,075
-
(1,988,709)
1,995,249
-
Ten Entertainment Group PLC
21,267,175
-
-
-
17,753,663
(7,913,930)
-
Vitzrocell Co. Ltd.
17,271,915
-
-
221,517
-
733,808
18,005,723
Western Forest Products, Inc.
9,003,531
-
-
-
-
(232,659)
8,770,872
Total
143,875,231
1,548,234
1,264,074
587,942
15,058,024
25,307,659
152,073,584
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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