| Common Stocks - 97.3% |
| | | Shares | Value ($) |
| Australia - 2.2% | | | |
| ASX Ltd. | | 75 | 3,206 |
| Brambles Ltd. | | 1,811 | 17,267 |
| Cochlear Ltd. | | 27 | 5,358 |
| Commonwealth Bank of Australia | | 60 | 4,575 |
| Computershare Ltd. | | 292 | 4,836 |
| DEXUS Property Group unit | | 879 | 4,448 |
| EBOS Group Ltd. | | 430 | 9,847 |
| Fortescue Ltd. | | 284 | 5,489 |
| IGO Ltd. | | 1,140 | 5,542 |
| Imdex Ltd. | | 1,927 | 2,126 |
| Macquarie Group Ltd. | | 251 | 30,971 |
| Mineral Resources Ltd. | | 183 | 7,058 |
| Pilbara Minerals Ltd. | | 1,284 | 2,925 |
| QBE Insurance Group Ltd. | | 1,017 | 10,472 |
| REA Group Ltd. | | 59 | 7,037 |
| Transurban Group unit | | 3,088 | 27,129 |
| Woodside Energy Group Ltd. | | 1,798 | 37,607 |
TOTAL AUSTRALIA | | | 185,893 |
| Austria - 0.2% | | | |
| Mondi PLC | | 249 | 4,462 |
| OMV AG | | 206 | 9,197 |
| Verbund AG | | 62 | 5,069 |
TOTAL AUSTRIA | | | 18,728 |
| Belgium - 0.9% | | | |
| Azelis Group NV | | 617 | 12,749 |
| Fagron NV | | 143 | 2,576 |
| KBC Ancora | | 250 | 11,547 |
| KBC Group NV | | 709 | 46,341 |
| Umicore SA | | 189 | 4,299 |
TOTAL BELGIUM | | | 77,512 |
| Brazil - 0.3% | | | |
| Wheaton Precious Metals Corp. | | 592 | 27,745 |
| Canada - 10.9% | | | |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 1,159 | 67,913 |
| Andlauer Healthcare Group, Inc. | | 63 | 1,839 |
| Aritzia, Inc. (a) | | 141 | 3,430 |
| Bank of Montreal | | 549 | 51,713 |
| Brookfield Asset Management Ltd. Class A | | 131 | 5,267 |
| Brookfield Corp. (Canada) Class A | | 840 | 33,339 |
| CAE, Inc. (a) | | 1,566 | 31,356 |
| Cameco Corp. | | 355 | 16,949 |
| Cameco Corp. | | 127 | 6,064 |
| Canadian National Railway Co. | | 328 | 40,689 |
| Canadian Natural Resources Ltd. | | 182 | 11,647 |
| Canadian Pacific Kansas City Ltd. | | 917 | 73,792 |
| Computer Modelling Group Ltd. | | 781 | 5,989 |
| Constellation Software, Inc. | | 19 | 52,513 |
| Definity Financial Corp. | | 410 | 11,930 |
| Dollarama, Inc. | | 132 | 9,688 |
| Enbridge, Inc. | | 682 | 24,217 |
| Franco-Nevada Corp. | | 238 | 25,750 |
| Gildan Activewear, Inc. | | 297 | 9,808 |
| Intact Financial Corp. | | 152 | 23,770 |
| Jamieson Wellness, Inc. (b) | | 25 | 574 |
| Magna International, Inc. Class A (sub. vtg.) | | 266 | 15,118 |
| Metro, Inc. | | 173 | 9,083 |
| North West Co., Inc. | | 120 | 3,471 |
| Nutrien Ltd. | | 475 | 23,686 |
| Parkland Corp. | | 316 | 10,784 |
| Pason Systems, Inc. | | 951 | 10,426 |
| PrairieSky Royalty Ltd. | | 1,766 | 29,135 |
| Real Matters, Inc. (a) | | 413 | 2,147 |
| Restaurant Brands International, Inc. | | 126 | 9,836 |
| Richelieu Hardware Ltd. | | 309 | 9,979 |
| Royal Bank of Canada | | 649 | 63,338 |
| Shopify, Inc. Class A (a) | | 524 | 41,949 |
| Stella-Jones, Inc. | | 136 | 8,046 |
| Sun Life Financial, Inc. | | 971 | 50,332 |
| The Toronto-Dominion Bank | | 1,397 | 84,862 |
| Thomson Reuters Corp. | | 82 | 12,175 |
| TMX Group Ltd. | | 593 | 14,666 |
| Triple Flag Precious Metals Corp. | | 116 | 1,487 |
TOTAL CANADA | | | 908,757 |
| Denmark - 3.5% | | | |
| A.P. Moller - Maersk A/S Series A | | 2 | 3,627 |
| Carlsberg A/S Series B | | 58 | 7,463 |
| DSV A/S | | 193 | 34,530 |
| Genmab A/S (a) | | 13 | 3,595 |
| Novo Nordisk A/S Series B | | 1,808 | 206,662 |
| Novozymes A/S Series B | | 83 | 4,263 |
| ORSTED A/S (b) | | 111 | 6,256 |
| Pandora A/S | | 53 | 7,753 |
| Vestas Wind Systems A/S (a) | | 642 | 18,101 |
TOTAL DENMARK | | | 292,250 |
| Finland - 1.1% | | | |
| Kesko Oyj | | 262 | 5,119 |
| Metso Corp. | | 768 | 7,710 |
| Neste OYJ | | 277 | 9,594 |
| Nokia Corp. | | 2,645 | 9,496 |
| Nordea Bank Abp | | 2,111 | 26,014 |
| Sampo Oyj (A Shares) | | 227 | 9,515 |
| Stora Enso Oyj (R Shares) | | 390 | 4,980 |
| UPM-Kymmene Corp. | | 203 | 7,387 |
| Wartsila Corp. | | 608 | 9,002 |
TOTAL FINLAND | | | 88,817 |
| France - 9.9% | | | |
| Air Liquide SA | | 214 | 40,047 |
| Airbus Group NV | | 337 | 53,679 |
| ALTEN | | 187 | 29,061 |
| ARGAN SA | | 33 | 2,932 |
| AXA SA | | 1,647 | 55,282 |
| BNP Paribas SA | | 549 | 36,884 |
| Capgemini SA | | 229 | 51,278 |
| Compagnie Generale des Etablissements Michelin SCA Series B | | 959 | 31,841 |
| Covivio | | 257 | 12,543 |
| Danone SA | | 321 | 21,386 |
| Dassault Systemes SA | | 325 | 16,847 |
| Edenred SA | | 708 | 42,404 |
| EssilorLuxottica SA | | 90 | 17,731 |
| Eurazeo SA | | 108 | 9,226 |
| Exclusive Networks SA (a) | | 123 | 2,512 |
| Gecina SA | | 28 | 3,108 |
| Hermes International SCA | | 1 | 2,116 |
| Kering SA | | 14 | 5,751 |
| L'Oreal SA | | 80 | 38,284 |
| Lectra | | 412 | 14,582 |
| Legrand SA | | 324 | 31,401 |
| LVMH Moet Hennessy Louis Vuitton SE | | 186 | 154,763 |
| Societe Generale Series A | | 635 | 16,323 |
| Stef SA | | 25 | 3,269 |
| Thermador Groupe SA | | 36 | 3,342 |
| TotalEnergies SE | | 1,975 | 128,129 |
TOTAL FRANCE | | | 824,721 |
| Germany - 6.6% | | | |
| adidas AG | | 15 | 2,855 |
| Allianz SE | | 103 | 27,519 |
| Deutsche Borse AG | | 312 | 62,132 |
| DHL Group | | 163 | 7,842 |
| GEA Group AG | | 255 | 10,252 |
| Hannover Reuck SE | | 178 | 42,743 |
| Henkel AG & Co. KGaA | | 231 | 15,798 |
| Infineon Technologies AG | | 1,094 | 39,884 |
| LEG Immobilien AG (a) | | 85 | 7,115 |
| Merck KGaA | | 226 | 37,081 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 104 | 44,305 |
| Puma AG | | 79 | 3,179 |
| Rheinmetall AG | | 122 | 42,823 |
| SAP SE | | 826 | 143,102 |
| Siemens AG | | 318 | 56,930 |
| Siemens Healthineers AG (b) | | 129 | 7,230 |
| Stabilus Se | | 34 | 2,390 |
| Zalando SE (a)(b) | | 181 | 3,614 |
TOTAL GERMANY | | | 556,794 |
| Hong Kong - 0.3% | | | |
| AIA Group Ltd. | | 794 | 6,227 |
| Hong Kong Exchanges and Clearing Ltd. | | 3 | 91 |
| MTR Corp. Ltd. | | 1,297 | 4,220 |
| Prudential PLC | | 1,010 | 10,375 |
| Swire Pacific Ltd. (A Shares) | | 1,018 | 7,876 |
TOTAL HONG KONG | | | 28,789 |
| India - 0.4% | | | |
| HDFC Bank Ltd. sponsored ADR | | 134 | 7,436 |
| Reliance Industries Ltd. GDR (b) | | 432 | 29,981 |
TOTAL INDIA | | | 37,417 |
| Indonesia - 0.2% | | | |
| PT Bank Central Asia Tbk | | 12,789 | 7,738 |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 13,700 | 4,935 |
| PT Selamat Sempurna Tbk | | 15,200 | 1,930 |
TOTAL INDONESIA | | | 14,603 |
| Ireland - 0.7% | | | |
| AerCap Holdings NV (a) | | 72 | 5,512 |
| Bank of Ireland Group PLC | | 1,107 | 10,180 |
| Kerry Group PLC Class A | | 170 | 15,190 |
| Kingspan Group PLC (Ireland) | | 319 | 26,049 |
TOTAL IRELAND | | | 56,931 |
| Israel - 0.4% | | | |
| Elbit Systems Ltd. (Israel) | | 4 | 826 |
| Ituran Location & Control Ltd. | | 143 | 3,558 |
| NICE Ltd. (a) | | 11 | 2,268 |
| NICE Ltd. sponsored ADR (a) | | 71 | 14,775 |
| Wix.com Ltd. (a) | | 68 | 8,628 |
TOTAL ISRAEL | | | 30,055 |
| Italy - 2.1% | | | |
| Assicurazioni Generali SpA | | 1,753 | 39,197 |
| BFF Bank SpA (b) | | 235 | 2,545 |
| Enel SpA | | 646 | 4,408 |
| Eni SpA | | 1,612 | 25,697 |
| Industrie de Nora SpA | | 119 | 1,880 |
| Intesa Sanpaolo SpA | | 5,506 | 16,966 |
| Prada SpA | | 1,971 | 12,223 |
| Prysmian SpA | | 124 | 5,493 |
| Recordati SpA | | 269 | 14,913 |
| UniCredit SpA | | 1,832 | 53,663 |
TOTAL ITALY | | | 176,985 |
| Japan - 16.4% | | | |
| Advantest Corp. | | 100 | 3,980 |
| Ajinomoto Co., Inc. | | 461 | 18,931 |
| Anritsu Corp. | | 300 | 2,376 |
| As One Corp. | | 100 | 3,775 |
| Asahi Kasei Corp. | | 3,378 | 25,617 |
| Astellas Pharma, Inc. | | 296 | 3,446 |
| BayCurrent Consulting, Inc. | | 96 | 2,232 |
| Bridgestone Corp. | | 562 | 24,353 |
| Capcom Co. Ltd. | | 198 | 7,551 |
| Chugai Pharmaceutical Co. Ltd. | | 200 | 7,194 |
| Curves Holdings Co. Ltd. | | 1,618 | 7,496 |
| Daiichi Sankyo Kabushiki Kaisha | | 306 | 9,161 |
| Daiwa Securities Group, Inc. | | 4,597 | 32,946 |
| DENSO Corp. | | 400 | 6,283 |
| Eisai Co. Ltd. | | 201 | 9,465 |
| Elan Corp. | | 207 | 1,484 |
| ENEOS Holdings, Inc. | | 999 | 4,035 |
| FANUC Corp. | | 532 | 14,716 |
| Fast Retailing Co. Ltd. | | 92 | 24,562 |
| FUJIFILM Holdings Corp. | | 564 | 35,749 |
| Fujitsu Ltd. | | 189 | 26,160 |
| Hankyu Hanshin Holdings, Inc. | | 647 | 19,795 |
| Hitachi Ltd. | | 850 | 66,768 |
| Hoya Corp. | | 663 | 84,220 |
| Ibiden Co. Ltd. | | 457 | 22,996 |
| Itochu Corp. | | 1,581 | 71,752 |
| JFE Holdings, Inc. | | 178 | 2,810 |
| KDDI Corp. | | 846 | 28,032 |
| Koshidaka Holdings Co. Ltd. | | 592 | 3,771 |
| Kubota Corp. | | 594 | 8,992 |
| LY Corp. | | 1,100 | 3,422 |
| Marubeni Corp. | | 639 | 10,899 |
| MatsukiyoCocokara & Co. | | 200 | 3,635 |
| Mazda Motor Corp. | | 300 | 3,637 |
| Minebea Mitsumi, Inc. | | 298 | 6,160 |
| Mitsubishi Chemical Holdings Corp. | | 400 | 2,412 |
| Mitsubishi Heavy Industries Ltd. | | 464 | 30,950 |
| Miura Co. Ltd. | | 101 | 1,846 |
| Mizuho Financial Group, Inc. | | 600 | 10,897 |
| NEC Corp. | | 97 | 6,338 |
| Nippon Yusen KK | | 100 | 3,446 |
| Nitto Kohki Co. Ltd. | | 200 | 2,651 |
| Nomura Holdings, Inc. | | 1,897 | 10,218 |
| Nomura Research Institute Ltd. | | 439 | 13,426 |
| OMRON Corp. | | 362 | 16,277 |
| Oriental Land Co. Ltd. | | 278 | 10,325 |
| ORIX Corp. | | 1,092 | 21,086 |
| Pan Pacific International Holdings Ltd. | | 200 | 4,323 |
| Persol Holdings Co. Ltd. | | 5,500 | 8,743 |
| ProNexus, Inc. | | 700 | 6,150 |
| Recruit Holdings Co. Ltd. | | 1,206 | 47,635 |
| Renesas Electronics Corp. (a) | | 2,435 | 39,952 |
| San-Ai Obbli Co. Ltd. | | 200 | 2,255 |
| Seiko Epson Corp. | | 400 | 5,839 |
| SG Holdings Co. Ltd. | | 791 | 10,244 |
| Shimadzu Corp. | | 300 | 8,296 |
| Shin-Etsu Chemical Co. Ltd. | | 1,323 | 52,076 |
| Shiseido Co. Ltd. | | 100 | 2,788 |
| SoftBank Corp. | | 1,774 | 23,569 |
| SoftBank Group Corp. | | 199 | 8,591 |
| Sompo Holdings, Inc. | | 265 | 13,741 |
| Sony Group Corp. | | 841 | 82,476 |
| Sumitomo Chemical Co. Ltd. | | 6,186 | 14,565 |
| Sumitomo Metal Mining Co. Ltd. | | 399 | 11,028 |
| SWCC Showa Holdings Co. Ltd. | | 100 | 2,059 |
| Sysmex Corp. | | 201 | 10,889 |
| TDK Corp. | | 99 | 4,926 |
| TIS, Inc. | | 521 | 11,588 |
| Tokio Marine Holdings, Inc. | | 2,713 | 71,535 |
| Tokyo Electron Ltd. | | 188 | 34,888 |
| Tokyo Gas Co. Ltd. | | 97 | 2,228 |
| Toray Industries, Inc. | | 3,269 | 16,333 |
| Toyota Motor Corp. | | 2,824 | 56,389 |
| Unicharm Corp. | | 100 | 3,441 |
| USS Co. Ltd. | | 464 | 8,775 |
| YAKUODO Holdings Co. Ltd. | | 200 | 3,511 |
| Yamaha Corp. | | 461 | 10,138 |
| Yamaha Motor Co. Ltd. | | 2,524 | 23,856 |
| Yaskawa Electric Corp. | | 452 | 17,034 |
| Yokogawa Electric Corp. | | 776 | 15,249 |
TOTAL JAPAN | | | 1,373,383 |
| Korea (South) - 0.1% | | | |
| Samsung Electronics Co. Ltd. | | 207 | 11,248 |
| Netherlands - 6.4% | | | |
| Akzo Nobel NV | | 226 | 17,360 |
| ASM International NV (Netherlands) | | 46 | 25,661 |
| ASML Holding NV (Netherlands) | | 314 | 272,423 |
| BE Semiconductor Industries NV | | 110 | 16,619 |
| IMCD NV | | 260 | 39,899 |
| Koninklijke Ahold Delhaize NV | | 91 | 2,559 |
| Koninklijke KPN NV | | 3,072 | 10,450 |
| Shell PLC: | | | |
| ADR | | 1,301 | 81,846 |
| (London) | | 256 | 7,937 |
| Topicus.Com, Inc. (a) | | 20 | 1,547 |
| Universal Music Group NV | | 343 | 10,111 |
| Wolters Kluwer NV | | 331 | 48,828 |
TOTAL NETHERLANDS | | | 535,240 |
| New Zealand - 0.1% | | | |
| Meridian Energy Ltd. | | 696 | 2,358 |
| Xero Ltd. (a) | | 68 | 4,867 |
TOTAL NEW ZEALAND | | | 7,225 |
| Norway - 0.7% | | | |
| DNB Bank ASA | | 515 | 10,011 |
| Equinor ASA | | 617 | 17,657 |
| Gjensidige Forsikring ASA | | 478 | 7,713 |
| Kongsberg Gruppen ASA | | 254 | 12,969 |
| Norsk Hydro ASA | | 578 | 3,387 |
| Orkla ASA | | 939 | 7,366 |
TOTAL NORWAY | | | 59,103 |
| Portugal - 0.3% | | | |
| Galp Energia SGPS SA Class B | | 1,374 | 21,702 |
| Singapore - 0.8% | | | |
| CapitaLand Investment Ltd. | | 1,833 | 4,024 |
| City Developments Ltd. | | 2,928 | 13,290 |
| Keppel Ltd. | | 3,396 | 18,046 |
| STMicroelectronics NV (France) | | 329 | 14,446 |
| United Overseas Bank Ltd. | | 827 | 17,432 |
TOTAL SINGAPORE | | | 67,238 |
| South Africa - 0.2% | | | |
| Anglo American PLC (United Kingdom) | | 629 | 14,994 |
| Spain - 1.9% | | | |
| Amadeus IT Holding SA Class A | | 1,031 | 72,490 |
| Banco Bilbao Vizcaya Argentaria SA | | 1,142 | 10,688 |
| Banco Santander SA (Spain) | | 10,588 | 42,554 |
| CaixaBank SA | | 1,717 | 7,321 |
| Cellnex Telecom SA (b) | | 227 | 8,734 |
| Corp. ACCIONA Energias Renovables SA | | 175 | 4,558 |
| Industria de Diseno Textil SA | | 56 | 2,394 |
| Redeia Corp. SA | | 511 | 8,521 |
TOTAL SPAIN | | | 157,260 |
| Sweden - 3.7% | | | |
| Addlife AB | | 216 | 2,339 |
| AddTech AB (B Shares) | | 1,074 | 22,333 |
| Alfa Laval AB | | 57 | 2,104 |
| ASSA ABLOY AB (B Shares) | | 691 | 18,951 |
| Atlas Copco AB (A Shares) | | 5,670 | 90,490 |
| Autoliv, Inc. | | 140 | 14,997 |
| Bergman & Beving AB (B Shares) | | 290 | 5,072 |
| Boliden AB | | 558 | 14,850 |
| Dometic Group AB (b) | | 239 | 1,904 |
| Epiroc AB (A Shares) | | 1,464 | 25,867 |
| EQT AB | | 361 | 9,782 |
| Essity AB (B Shares) | | 138 | 3,245 |
| Evolution AB (b) | | 31 | 3,643 |
| Hemnet Group AB | | 266 | 7,183 |
| Indutrade AB | | 675 | 16,495 |
| Investor AB (B Shares) | | 418 | 9,877 |
| INVISIO AB | | 351 | 6,830 |
| John Mattson Fastighetsforetagen AB (a) | | 377 | 1,956 |
| Nibe Industrier AB (B Shares) | | 292 | 1,760 |
| Saab AB (B Shares) | | 170 | 10,991 |
| Svenska Cellulosa AB SCA (B Shares) | | 648 | 8,845 |
| Svenska Handelsbanken AB (A Shares) | | 681 | 7,341 |
| Swedbank AB (A Shares) | | 155 | 3,170 |
| Tele2 AB (B Shares) | | 848 | 7,241 |
| Telia Co. AB | | 3,593 | 9,267 |
| Volvo AB (A Shares) | | 55 | 1,355 |
TOTAL SWEDEN | | | 307,888 |
| Switzerland - 4.0% | | | |
| ABB Ltd. (Reg.) | | 1,419 | 60,041 |
| Alcon, Inc. (Switzerland) | | 528 | 40,040 |
| Banque Cantonale Vaudoise | | 12 | 1,541 |
| Clariant AG (Reg.) | | 201 | 2,588 |
| Compagnie Financiere Richemont SA Series A | | 233 | 34,609 |
| DSM-Firmenich AG | | 94 | 9,964 |
| Givaudan SA | | 4 | 16,729 |
| Kuehne & Nagel International AG | | 76 | 25,875 |
| Logitech International SA (Reg.) | | 144 | 12,091 |
| Novartis AG | | 76 | 7,859 |
| Partners Group Holding AG | | 20 | 27,186 |
| SGS SA (Reg.) | | 114 | 10,574 |
| Sig Group AG | | 591 | 12,437 |
| Swiss Life Holding AG | | 15 | 10,801 |
| Tecan Group AG | | 28 | 10,792 |
| VAT Group AG (b) | | 1 | 471 |
| Zurich Insurance Group Ltd. | | 108 | 54,954 |
TOTAL SWITZERLAND | | | 338,552 |
| Taiwan - 0.7% | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 2,823 | 56,524 |
| United Kingdom - 10.9% | | | |
| 3i Group PLC | | 1,472 | 46,081 |
| AstraZeneca PLC (United Kingdom) | | 625 | 82,861 |
| Aviva PLC | | 2,062 | 11,297 |
| B&M European Value Retail SA | | 837 | 5,501 |
| BAE Systems PLC | | 8,498 | 126,757 |
| Barratt Developments PLC | | 3,123 | 21,388 |
| Beazley PLC | | 1,002 | 6,914 |
| Berkeley Group Holdings PLC | | 95 | 5,780 |
| Bunzl PLC | | 70 | 2,852 |
| Burberry Group PLC | | 226 | 3,746 |
| Coca-Cola European Partners PLC | | 77 | 5,305 |
| Compass Group PLC | | 2,548 | 70,182 |
| Croda International PLC | | 154 | 9,378 |
| DCC PLC (United Kingdom) | | 205 | 14,954 |
| Diageo PLC | | 1,543 | 55,730 |
| Diploma PLC | | 242 | 9,998 |
| Flutter Entertainment PLC (a) | | 109 | 22,495 |
| Halma PLC | | 210 | 5,836 |
| Howden Joinery Group PLC | | 793 | 8,068 |
| HSBC Holdings PLC (United Kingdom) | | 1,420 | 11,087 |
| Informa PLC | | 1,271 | 12,522 |
| InterContinental Hotel Group PLC | | 76 | 7,201 |
| InterContinental Hotel Group PLC ADR | | 454 | 43,248 |
| Intertek Group PLC | | 110 | 6,263 |
| J Sainsbury PLC | | 2,740 | 9,382 |
| Kingfisher PLC | | 2,981 | 8,288 |
| Lloyds Banking Group PLC | | 23,589 | 12,645 |
| London Stock Exchange Group PLC | | 285 | 32,238 |
| Mears Group PLC | | 749 | 3,256 |
| NatWest Group PLC | | 604 | 1,705 |
| On The Beach Group PLC (a)(b) | | 1,107 | 2,093 |
| Pearson PLC | | 355 | 4,355 |
| RELX PLC (London Stock Exchange) | | 1,825 | 75,325 |
| Rentokil Initial PLC | | 859 | 4,424 |
| Rightmove PLC | | 1,375 | 9,731 |
| Sabre Insurance Group PLC (b) | | 986 | 1,927 |
| Sage Group PLC | | 3,934 | 58,730 |
| Schroders PLC | | 245 | 1,261 |
| Segro PLC | | 991 | 11,074 |
| Spectris PLC | | 903 | 42,353 |
| SSE PLC | | 426 | 9,073 |
| St. James's Place PLC | | 1,035 | 8,581 |
| Standard Chartered PLC (United Kingdom) | | 2,805 | 21,199 |
| Synthomer PLC (a) | | 22 | 44 |
| Unilever PLC | | 12 | 584 |
TOTAL UNITED KINGDOM | | | 913,712 |
| United States of America - 11.4% | | | |
| CBRE Group, Inc. (a) | | 225 | 19,420 |
| CDW Corp. | | 66 | 14,964 |
| CRH PLC | | 936 | 66,711 |
| CRH PLC | | 631 | 45,281 |
| CSL Ltd. | | 17 | 3,338 |
| CyberArk Software Ltd. (a) | | 35 | 8,172 |
| Experian PLC | | 1,081 | 44,994 |
| Ferguson PLC | | 213 | 40,085 |
| ICON PLC (a) | | 51 | 13,304 |
| James Hardie Industries PLC CDI (a) | | 16 | 601 |
| Linde PLC | | 311 | 125,902 |
| Marsh & McLennan Companies, Inc. | | 357 | 69,201 |
| MasterCard, Inc. Class A | | 79 | 35,489 |
| Microsoft Corp. | | 44 | 17,494 |
| Moody's Corp. | | 99 | 38,812 |
| Morningstar, Inc. | | 29 | 8,100 |
| MSCI, Inc. | | 46 | 27,537 |
| Nestle SA (Reg. S) | | 683 | 77,828 |
| NOV, Inc. | | 599 | 11,686 |
| PriceSmart, Inc. | | 15 | 1,140 |
| ResMed, Inc. | | 49 | 9,320 |
| S&P Global, Inc. | | 148 | 66,356 |
| Sanofi SA | | 349 | 34,951 |
| Schneider Electric SA | | 345 | 67,775 |
| Sherwin-Williams Co. | | 98 | 29,829 |
| Swiss Re Ltd. | | 199 | 22,853 |
| Synopsys, Inc. (a) | | 17 | 9,067 |
| Thermo Fisher Scientific, Inc. | | 12 | 6,468 |
| Visa, Inc. Class A | | 129 | 35,251 |
TOTAL UNITED STATES OF AMERICA | | | 951,929 |
| TOTAL COMMON STOCKS (Cost $7,529,818) | | | 8,141,995 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
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 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)
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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent 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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