Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
1,800,000
2,968,271
TOTAL BRAZIL
5,297,711
Canada - 4.3%
CAE, Inc. (a)
1,185,900
23,745,344
Cameco Corp.
80,000
3,820,000
ECN Capital Corp.
533,950
1,092,166
Lumine Group, Inc.
364,900
8,511,484
McCoy Global, Inc.
1,106,750
1,654,630
MTY Food Group, Inc.
93,600
4,009,390
North West Co., Inc.
200,000
5,785,265
Onex Corp. (sub. vtg.)
78,000
5,759,277
Osisko Gold Royalties Ltd.
974,700
14,202,368
Parkland Corp.
182,500
6,227,900
Pason Systems, Inc.
1,851,500
20,299,089
Quebecor, Inc. Class B (sub. vtg.)
160,000
3,890,364
Real Matters, Inc. (a)
950,000
4,939,194
Richelieu Hardware Ltd.
1,835,620
59,282,696
Total Energy Services, Inc.
318,900
2,234,399
TOTAL CANADA
165,453,566
China - 0.4%
Chlitina Holding Ltd.
2,142,000
12,897,107
JOYY, Inc. ADR
79,300
2,431,338
TOTAL CHINA
15,328,445
Denmark - 0.4%
Spar Nord Bank A/S
936,553
15,954,212
Egypt - 0.1%
Integrated Diagnostics Holdings PLC (a)(b)
15,331,734
5,335,443
Finland - 0.2%
Huhtamaki Oyj
136,689
5,372,569
Nanoform Finland PLC (a)
500,000
1,621,050
TOTAL FINLAND
6,993,619
France - 3.9%
ARGAN SA
75,600
6,715,816
Elis SA
430,000
9,489,194
Exail Technologies SA (a)(c)
197,579
4,569,406
Exclusive Networks SA (a)
480,000
9,804,110
Laurent-Perrier Group SA
104,531
13,951,381
Lectra
1,060,210
37,523,933
LISI
429,088
10,108,996
Maisons du Monde SA (b)
259,100
1,252,202
Stef SA
75,000
9,807,352
Thermador Groupe SA
82,100
7,621,518
Vallourec SA (a)
250,000
3,602,784
Vetoquinol SA
298,648
34,405,032
Worldline SA (a)(b)
180,000
2,433,328
TOTAL FRANCE
151,285,052
Germany - 6.3%
Auto1 Group SE (a)(b)(c)
600,000
2,530,783
CTS Eventim AG
1,354,770
92,018,681
Gerresheimer AG
57,000
5,845,830
Instone Real Estate Group BV (b)
615,000
5,343,629
Nexus AG
618,016
38,670,825
NORMA Group AG
107,000
1,747,243
Rheinmetall AG
116,100
40,752,419
Scout24 AG (b)
330,500
24,437,664
Stabilus Se
479,629
33,717,696
TOTAL GERMANY
245,064,770
Greece - 0.1%
Mytilineos SA
126,900
5,211,352
Hong Kong - 0.2%
Cadeler A/S (a)
1,413,600
6,502,647
Hungary - 0.2%
Richter Gedeon PLC
363,700
9,817,941
India - 0.3%
Embassy Office Parks (REIT)
1,472,219
6,367,472
Mahanagar Gas Ltd.
318,200
5,676,420
TOTAL INDIA
12,043,892
Indonesia - 0.2%
PT Selamat Sempurna Tbk
55,532,360
7,051,836
Ireland - 2.2%
AerCap Holdings NV (a)
436,000
33,380,160
Cairn Homes PLC
11,190,034
17,187,530
Cairn Homes PLC
5,336,600
8,177,980
Greencore Group PLC
2,250,000
2,919,859
Irish Residential Properties REIT PLC
10,274,300
12,835,572
Mincon Group PLC
3,809,284
2,675,851
Smurfit Kappa Group PLC
190,000
7,094,255
TOTAL IRELAND
84,271,207
Israel - 1.2%
Ituran Location & Control Ltd.
893,735
22,236,127
Maytronics Ltd.
334,000
3,671,688
NICE Ltd. sponsored ADR (a)
52,000
10,821,200
Tel Aviv Stock Exchange Ltd.
1,620,557
10,071,421
TOTAL ISRAEL
46,800,436
Italy - 2.6%
Banca Generali SpA
140,000
5,355,949
BFF Bank SpA (b)
529,000
5,728,337
Industrie de Nora SpA
198,400
3,134,687
Intercos SpA
269,000
4,215,270
Interpump Group SpA
1,633,037
81,252,455
MARR SpA
131,400
1,601,805
TOTAL ITALY
101,288,503
Japan - 29.7%
ABC-MART, Inc.
204,900
3,551,021
Ai Holdings Corp.
416,292
6,988,311
Anritsu Corp.
400,000
3,167,457
Artnature, Inc.
1,214,900
6,507,119
As One Corp.
121,500
4,586,829
ASKUL Corp.
640,000
8,650,660
Aucnet, Inc.
757,060
10,854,342
Azbil Corp.
3,379,090
109,194,297
BayCurrent Consulting, Inc.
171,800
3,994,178
Broadleaf Co. Ltd. (d)
6,232,673
25,655,214
Central Automotive Products Ltd.
194,079
6,405,778
Chiba Bank Ltd.
1,631,900
12,092,814
CKD Corp.
267,000
4,708,033
Curves Holdings Co. Ltd. (d)
5,887,359
27,274,931
Daiichikosho Co. Ltd.
1,316,928
18,041,730
Daikokutenbussan Co. Ltd.
179,300
10,149,691
Dexerials Corp.
298,300
8,596,555
Digital Hearts Holdings Co. Ltd. (d)
1,291,250
8,974,445
Dowa Holdings Co. Ltd.
90,000
3,138,780
Elan Corp.
1,663,200
11,926,270
Fuji Electric Co. Ltd.
80,700
4,041,459
Fujitec Co. Ltd.
635,300
16,209,973
Funai Soken Holdings, Inc.
861,757
15,004,566
Fuyo General Lease Co. Ltd.
28,800
2,575,476
Goldcrest Co. Ltd.
1,537,300
24,517,118
Inaba Denki Sangyo Co. Ltd.
396,300
9,469,112
Iwatani Corp.
100,000
4,468,650
Iwatsuka Confectionary Co. Ltd.
105,800
3,658,840
Japan Elevator Service Holdings Co. Ltd.
146,300
2,210,813
JINS Holdings, Inc. (c)
123,200
3,473,563
JTOWER, Inc. (a)
302,000
9,303,713
Justsystems Corp.
150,000
3,134,087
Kamigumi Co. Ltd.
450,800
10,371,011
Kansai Electric Power Co., Inc.
740,000
10,095,181
Katitas Co. Ltd.
180,000
2,237,867
Kato Sangyo
70,000
2,282,527
Kobayashi Pharmaceutical Co. Ltd.
286,800
12,943,439
Kobe Bussan Co. Ltd.
82,300
2,102,988
Koshidaka Holdings Co. Ltd. (d)
5,227,659
33,303,205
Kusuri No Aoki Holdings Co. Ltd.
813,574
17,564,862
Kyoritsu Maintenance Co. Ltd. (c)
118,800
4,881,641
Kyoto Financial Group, Inc.
352,612
5,860,225
Lasertec Corp.
174,360
45,408,442
Maeda Kosen Co. Ltd.
202,400
4,412,253
Maruwa Ceramic Co. Ltd.
50,600
10,124,346
MCJ Co. Ltd.
850,000
7,127,597
Medikit Co. Ltd.
625,900
12,749,172
Meitec Group Holdings, Inc.
201,000
3,976,450
Miroku Jyoho Service Co., Ltd. (c)
618,891
7,663,183
Misumi Group, Inc.
1,365,000
23,402,784
Mitsuboshi Belting Ltd.
227,952
7,603,969
Miura Co. Ltd.
147,900
2,702,664
Nagaileben Co. Ltd.
1,528,000
24,245,649
Nihon Parkerizing Co. Ltd.
5,332,368
42,354,633
Nippon Concept Corp.
135,000
1,600,762
Nippon Gas Co. Ltd.
303,700
4,704,510
Nitto Kohki Co. Ltd.
270,000
3,578,940
NOF Corp.
261,900
11,828,389
NS Tool Co. Ltd. (d)
1,434,000
9,900,088
NSD Co. Ltd.
1,733,380
32,528,532
OBIC Co. Ltd.
359,600
55,238,030
Osaka Soda Co. Ltd.
77,700
5,454,576
OSG Corp.
1,797,175
24,456,529
PALTAC Corp.
135,000
4,110,133
Paramount Bed Holdings Co. Ltd.
586,612
10,594,871
Prestige International, Inc.
600,000
2,463,697
ProNexus, Inc.
1,204,277
10,580,431
Qol Holdings Co. Ltd.
330,000
3,962,430
Relo Group, Inc.
603,600
6,058,777
Renesas Electronics Corp. (a)
265,000
4,348,010
Roland Corp.
140,000
4,651,342
San-Ai Obbli Co. Ltd.
1,208,972
13,631,804
Sekisui Jushi Corp.
180,000
3,100,298
SHO-BOND Holdings Co. Ltd.
1,372,000
61,109,638
Shoei Co. Ltd.
1,030,000
13,765,290
SK Kaken Co. Ltd.
526,920
26,016,625
Software Service, Inc.
181,500
15,418,661
Sumco Corp.
491,400
7,449,834
SWCC Showa Holdings Co. Ltd.
293,500
6,042,706
Techno Medica Co. Ltd.
283,000
3,780,597
The Monogatari Corp.
695,288
24,516,162
TIS, Inc.
732,836
16,299,624
Tocalo Co. Ltd.
1,467,849
15,613,718
Toyo Suisan Kaisha Ltd.
145,000
7,550,365
Tri Chemical Laboratories, Inc.
177,600
4,379,729
USS Co. Ltd.
1,177,100
22,260,628
YAKUODO Holdings Co. Ltd.
894,700
15,708,232
Yaoko Co. Ltd.
80,500
4,644,678
YONEX Co. Ltd.
1,100,000
8,938,591
TOTAL JAPAN
1,152,227,140
Korea (South) - 0.5%
BGF Retail Co. Ltd.
123,318
13,051,862
Hansol Chemical Co. Ltd.
18,660
2,792,985
Soulbrain Co. Ltd.
18,000
3,629,540
TOTAL KOREA (SOUTH)
19,474,387
Luxembourg - 0.2%
L'Occitane Ltd.
1,800,000
5,747,208
Novem Group SA
255,000
1,929,049
TOTAL LUXEMBOURG
7,676,257
Mexico - 0.1%
Bolsa Mexicana de Valores S.A.B. de CV
1,151,300
2,332,500
Netherlands - 5.5%
Aalberts Industries NV
2,236,135
89,365,538
BE Semiconductor Industries NV
333,651
50,408,614
IMCD NV
310,629
47,668,940
Koninklijke Heijmans NV (Certificaten Van Aandelen)
310,000
4,489,228
OCI NV
210,000
6,041,329
TKH Group NV (bearer) (depositary receipt)
142,800
5,774,803
Van Lanschot Kempen NV (Bearer)
305,761
9,235,684
TOTAL NETHERLANDS
212,984,136
Norway - 2.4%
Europris ASA (b)
674,800
5,065,531
Kongsberg Gruppen ASA
1,251,008
63,875,186
Medistim ASA
440,375
8,960,541
Selvaag Bolig ASA
840,200
2,520,460
Sparebanken Midt-Norge
721,800
9,841,557
TGS ASA
340,000
3,339,466
TOTAL NORWAY
93,602,741
Philippines - 0.1%
Robinsons Land Corp.
11,000,000
3,123,092
Singapore - 0.1%
Boustead Singapore Ltd.
9,000,000
5,827,411
Spain - 0.8%
Cie Automotive SA
227,305
6,018,389
Compania de Distribucion Integral Logista Holdings SA
447,000
12,675,833
Fluidra SA
619,020
13,459,775
TOTAL SPAIN
32,153,997
Sweden - 12.1%
AAK AB
246,700
5,570,909
Addlife AB
1,585,326
17,168,468
AddTech AB (B Shares)
5,641,065
117,302,539
Alligo AB (B Shares)
745,270
9,481,798
Arjo AB
370,000
1,739,311
Autoliv, Inc.
378,900
40,587,768
Bergman & Beving AB (B Shares)
1,406,054
24,590,221
Betsson AB (B Shares)
540,000
5,884,314
BHG Group AB (a)(c)
1,953,200
3,196,321
Dometic Group AB (b)
491,200
3,912,929
Hemnet Group AB
1,619,200
43,721,582
HEXPOL AB (B Shares)
375,500
4,315,491
INVISIO AB
1,258,172
24,482,406
JM AB (B Shares)
615,100
10,083,558
John Mattson Fastighetsforetagen AB (a)(c)
2,484,706
12,893,114
Lagercrantz Group AB (B Shares)
9,739,623
127,844,452
Rusta AB
1,050,000
7,387,680
Swedish Logistic Property AB (a)
2,200,000
6,627,493
Teqnion AB (a)
150,353
3,243,527
TOTAL SWEDEN
470,033,881
Switzerland - 1.4%
Kardex AG
14,990
3,830,228
Tecan Group AG
104,285
40,193,744
VZ Holding AG
81,662
9,633,457
TOTAL SWITZERLAND
53,657,429
Taiwan - 0.5%
Addcn Technology Co. Ltd.
2,464,641
15,842,949
International Games Systems Co. Ltd.
192,000
5,080,548
TOTAL TAIWAN
20,923,497
United Kingdom - 14.3%
Allfunds Group PLC (c)
375,000
2,703,101
B&M European Value Retail SA
783,231
5,147,565
Baltic Classifieds Group PLC
3,170,300
9,763,063
Bodycote PLC
5,797,308
46,836,669
Cab Payments Holdings Ltd. (c)
3,570,900
3,597,694
Clarkson PLC
498,634
22,433,120
DCC PLC (United Kingdom)
165,000
12,036,055
Direct Line Insurance Group PLC (a)
4,000,000
8,587,225
Domino's Pizza UK & IRL PLC
1,017,300
4,530,334
DP Poland PLC (a)
32,210,430
4,286,129
Games Workshop Group PLC
34,000
4,267,886
GlobalData PLC
1,200,000
3,056,728
Grainger Trust PLC
1,156,700
3,858,212
H&T Group PLC (c)
600,000
2,828,614
Harbour Energy PLC
875,800
3,094,405
Hill & Smith Holdings PLC
477,474
11,339,627
Howden Joinery Group PLC
3,987,682
40,570,216
Inchcape PLC
572,600
4,970,743
Indivior PLC (a)
608,000
10,687,090
InterContinental Hotel Group PLC ADR
460,000
43,819,600
J.D. Wetherspoon PLC (a)
333,500
3,550,214
JD Sports Fashion PLC
1,900,000
2,818,412
John Wood Group PLC (a)
2,678,987
5,347,251
Lancashire Holdings Ltd.
1,761,924
13,553,620
LSL Property Services PLC
694,900
2,333,714
Mears Group PLC
800,000
3,477,471
On The Beach Group PLC (a)(b)
2,387,000
4,513,367
Oxford Instruments PLC
475,000
13,363,679
Petershill Partners PLC (b)
2,673,300
5,996,535
Pets At Home Group PLC
1,201,500
4,266,496
Premier Foods PLC
2,661,300
4,795,930
Rightmove PLC
2,849,463
20,166,144
RS GROUP PLC
535,487
5,331,260
Sabre Insurance Group PLC (b)
5,832,581
11,397,893
Sage Group PLC
895,000
13,361,271
SigmaRoc PLC (a)
2,025,218
1,668,263
Softcat PLC
280,945
5,148,362
Spectris PLC
2,711,228
127,164,112
Spirax-Sarco Engineering PLC
179,897
22,809,746
Synthomer PLC (a)(c)
973,595
1,937,124
Tate & Lyle PLC
514,700
4,063,700
Unite Group PLC
999,074
12,876,506
Urban Logistics REIT PLC
4,100,000
6,515,696
Vistry Group PLC
627,500
7,992,069
Watches of Switzerland Group PLC (a)(b)
400,000
1,895,881
TOTAL UNITED KINGDOM
554,758,792
United States of America - 3.2%
Morningstar, Inc. (c)
231,100
64,546,230
NOV, Inc.
1,086,900
21,205,419
PriceSmart, Inc.
209,112
15,896,694
Ramaco Resources, Inc. (c)
320,000
6,041,600
Ramaco Resources, Inc. Class B
50,018
631,227
ResMed, Inc.
81,300
15,463,260
TOTAL UNITED STATES OF AMERICA
123,784,430
TOTAL COMMON STOCKS
(Cost $2,755,204,121)
3,742,944,044
Investment Companies - 2.1%
Shares
Value ($)
United States of America - 2.1%
iShares MSCI EAFE Small-Cap ETF (c)
(Cost $75,739,929)
1,335,000
80,513,850
Money Market Funds - 3.4%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (e)
100,331,825
100,351,891
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)
32,055,478
32,058,683
TOTAL MONEY MARKET FUNDS
(Cost $132,409,681)
132,410,574
TOTAL INVESTMENT IN SECURITIES - 101.9%
(Cost $2,963,353,731)
3,955,868,468
NET OTHER ASSETS (LIABILITIES) - (1.9)%
(75,065,790)
NET ASSETS - 100.0%
3,880,802,678
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
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 $79,843,522 or 2.1% of net assets.
(c)
Security or a portion of the security is on loan at period end.
(d)
Affiliated company
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
133,243,313
254,074,714
286,966,136
1,492,263
67
(67)
100,351,891
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
25,436,981
134,938,033
128,316,331
98,004
-
-
32,058,683
0.1%
Total
158,680,294
389,012,747
415,282,467
1,590,267
67
(67)
132,410,574
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) ($)
Value,
end
of period ($)
Broadleaf Co. Ltd.
22,027,448
-
-
49,541
-
3,627,766
25,655,214
Curves Holdings Co. Ltd.
25,681,624
-
-
-
-
1,593,307
27,274,931
Digital Hearts Holdings Co. Ltd.
7,796,576
71,986
-
-
-
1,105,883
8,974,445
Koshidaka Holdings Co. Ltd.
31,643,463
5,702,170
-
-
-
(4,042,428)
33,303,205
NS Tool Co. Ltd.
10,284,096
-
-
-
-
(384,008)
9,900,088
Total
97,433,207
5,774,156
-
49,541
-
1,900,520
105,107,883
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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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