Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
377
22,091
China - 0.4%
Chervon Holdings Ltd.
15,179
30,855
Denmark - 6.3%
Novo Nordisk A/S Series B
4,138
472,990
Vestas Wind Systems A/S (a)
1,410
39,755
TOTAL DENMARK
512,745
France - 11.5%
Air Liquide SA
544
101,801
AXA SA
4,276
143,525
BNP Paribas SA
2,230
149,821
Capgemini SA
286
64,041
Edenred SA
726
43,482
L'Oreal SA
336
160,794
LVMH Moet Hennessy Louis Vuitton SE
233
193,870
Pernod Ricard SA
464
76,470
Worldline SA (a)(b)
577
7,800
TOTAL FRANCE
941,604
Germany - 8.8%
Deutsche Borse AG
398
79,258
DHL Group
1,341
64,519
Gerresheimer AG
663
67,996
Merck KGaA
807
132,409
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
312
132,916
SAP SE
436
75,535
Siemens AG
966
172,937
TOTAL GERMANY
725,570
Hong Kong - 3.0%
AIA Group Ltd.
18,070
141,713
Hang Seng Bank Ltd.
5,767
60,035
Prudential PLC
4,317
44,347
TOTAL HONG KONG
246,095
India - 1.0%
HDFC Bank Ltd. sponsored ADR
1,539
85,399
Ireland - 1.4%
Dalata Hotel Group PLC
16,476
85,556
Kingspan Group PLC (Ireland)
313
25,559
TOTAL IRELAND
111,115
Italy - 1.0%
Prysmian SpA
1,845
81,730
Japan - 19.3%
Eisai Co. Ltd.
585
27,547
FUJIFILM Holdings Corp.
1,945
123,284
Hitachi Ltd.
3,016
236,908
Hoya Corp.
1,323
168,060
Itochu Corp.
5,805
263,455
ORIX Corp.
11,109
214,507
Persol Holdings Co. Ltd.
29,461
46,834
Renesas Electronics Corp. (a)
4,344
71,275
Sony Group Corp.
3,207
314,505
TIS, Inc.
1,068
23,754
Tokyo Electron Ltd.
513
95,199
TOTAL JAPAN
1,585,328
Korea (South) - 0.7%
SK Hynix, Inc.
582
58,283
Netherlands - 10.0%
ASML Holding NV (Netherlands)
381
330,551
BE Semiconductor Industries NV
360
54,389
Heineken NV (Bearer)
618
62,168
ING Groep NV (Certificaten Van Aandelen)
7,692
109,292
Koninklijke KPN NV
46,076
156,739
Wolters Kluwer NV
726
107,096
TOTAL NETHERLANDS
820,235
New Zealand - 1.1%
Contact Energy Ltd.
18,436
90,861
Norway - 1.9%
DNB Bank ASA
7,397
143,796
Schibsted ASA (A Shares)
329
10,113
TOTAL NORWAY
153,909
Spain - 1.2%
CaixaBank SA
5,649
24,087
EDP Renovaveis SA
598
9,726
Iberdrola SA
5,673
68,308
TOTAL SPAIN
102,121
Sweden - 2.0%
Boliden AB
3,662
97,456
Instalco AB
1,724
6,911
Investor AB (B Shares)
1,596
37,712
Lagercrantz Group AB (B Shares)
1,680
22,052
TOTAL SWEDEN
164,131
Taiwan - 2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
9,777
195,762
United Kingdom - 13.8%
3i Group PLC
2,023
63,330
AstraZeneca PLC (United Kingdom)
2,090
277,086
Beazley PLC
3,036
20,950
Berkeley Group Holdings PLC
697
42,408
Big Yellow Group PLC
956
13,908
Bunzl PLC
577
23,509
Compass Group PLC
4,761
131,136
Diageo PLC
3,163
114,241
Endava PLC ADR (a)
237
16,772
Grainger Trust PLC
11,689
38,989
Impax Asset Management Group PLC
849
5,864
London Stock Exchange Group PLC
384
43,436
National Grid PLC
4,772
63,559
Reckitt Benckiser Group PLC
924
66,806
RELX PLC (London Stock Exchange)
1,097
45,278
Renewi PLC (a)
1,071
7,967
Sage Group PLC
4,781
71,375
SSE PLC
3,941
83,935
TOTAL UNITED KINGDOM
1,130,549
United States of America - 5.9%
CRH PLC
2,551
181,817
Ferguson PLC
259
48,742
Linde PLC
252
102,017
Nestle SA (Reg. S)
1,335
152,124
TOTAL UNITED STATES OF AMERICA
484,700
TOTAL COMMON STOCKS
(Cost $6,909,723)
7,836,869
Money Market Funds - 3.6%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (c)
(Cost $290,669)
290,611
290,669
TOTAL INVESTMENT IN SECURITIES - 99.2%
(Cost $7,200,392)
8,127,538
NET OTHER ASSETS (LIABILITIES) - 0.8%
67,138
NET ASSETS - 100.0%
8,194,676
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 $7,800 or 0.1% of net assets.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
226,885
813,787
750,003
3,447
-
-
290,669
0.0%
Total
226,885
813,787
750,003
3,447
-
-
290,669
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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