Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
ISM-NPRT3-0924
1.9893101.105
Common Stocks - 98.8%
Shares
Value ($)
Australia - 3.3%
Aristocrat Leisure Ltd.
389,887
13,824,289
CAR Group Ltd.
158,560
3,613,607
Steadfast Group Ltd.
2,013,426
8,545,253
TOTAL AUSTRALIA
25,983,149
Belgium - 2.6%
UCB SA
121,600
20,352,188
Canada - 11.6%
Alimentation Couche-Tard, Inc. (multi-vtg.)
445,100
27,438,135
Constellation Software, Inc.
13,236
41,762,829
Constellation Software, Inc. warrants 3/31/40 (a)(b)
10,836
1
Ivanhoe Mines Ltd. (a)(c)
1,427,400
18,661,189
MEG Energy Corp.
130,900
2,712,526
TOTAL CANADA
90,574,680
France - 4.2%
Capgemini SA
51,685
10,260,686
Sartorius Stedim Biotech
19,300
3,863,129
Thales SA
119,000
18,925,360
TOTAL FRANCE
33,049,175
Germany - 3.0%
Hannover Reuck SE
93,982
23,363,251
India - 6.4%
Axis Bank Ltd.
479,278
6,675,036
HDFC Bank Ltd.
897,778
17,349,091
Reliance Industries Ltd.
717,571
25,803,839
TOTAL INDIA
49,827,966
Indonesia - 2.7%
PT Bank Central Asia Tbk
18,643,987
11,781,486
PT Bank Rakyat Indonesia (Persero) Tbk
32,421,538
9,328,976
TOTAL INDONESIA
21,110,462
Ireland - 3.3%
Kingspan Group PLC (Ireland)
270,807
25,322,188
Italy - 1.8%
FinecoBank SpA
438,676
7,453,687
Prysmian SpA
96,800
6,656,565
TOTAL ITALY
14,110,252
Japan - 22.6%
BayCurrent Consulting, Inc.
217,800
6,607,930
Capcom Co. Ltd.
451,300
9,646,291
Fast Retailing Co. Ltd.
67,600
18,633,866
Fuji Electric Co. Ltd.
207,300
11,659,982
Itochu Corp.
763,666
39,163,433
Keyence Corp.
73,224
32,017,955
Mitsubishi Heavy Industries Ltd.
3,002,500
35,988,217
Renesas Electronics Corp.
1,345,900
23,181,610
TOTAL JAPAN
176,899,284
Korea (South) - 1.2%
Samsung Electronics Co. Ltd.
152,284
9,327,435
Netherlands - 3.2%
BE Semiconductor Industries NV
99,600
12,843,429
IMCD NV
86,510
12,452,185
TOTAL NETHERLANDS
25,295,614
Portugal - 1.2%
Galp Energia SGPS SA
443,300
9,333,759
Spain - 3.3%
CaixaBank SA
4,370,005
25,486,923
Sweden - 11.6%
Atlas Copco AB (A Shares)
785,700
13,983,620
Indutrade AB
1,213,506
35,626,031
Investor AB (B Shares)
1,436,104
40,739,588
TOTAL SWEDEN
90,349,239
Switzerland - 4.4%
Partners Group Holding AG
7,370
9,945,617
Sika AG
80,704
24,530,706
TOTAL SWITZERLAND
34,476,323
United Kingdom - 8.1%
B&M European Value Retail SA
3,080,487
18,537,322
Big Yellow Group PLC
429,000
6,673,162
Games Workshop Group PLC
42,200
5,587,772
RS GROUP PLC
1,018,100
10,706,135
Sage Group PLC
1,558,500
21,758,332
TOTAL UNITED KINGDOM
63,262,723
United States of America - 4.3%
CRH PLC
100,900
8,647,130
Schneider Electric SA
104,700
25,236,392
TOTAL UNITED STATES OF AMERICA
33,883,522
TOTAL COMMON STOCKS
(Cost $636,563,013)
772,008,133
Money Market Funds - 3.0%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
8,470,547
8,472,241
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
15,114,049
15,115,560
TOTAL MONEY MARKET FUNDS
(Cost $23,587,801)
23,587,801
TOTAL INVESTMENT IN SECURITIES - 101.8%
(Cost $660,150,814)
795,595,934
NET OTHER ASSETS (LIABILITIES) - (1.8)%
(13,965,496)
NET ASSETS - 100.0%
781,630,438
Legend
(a)
Non-income producing
(b)
Level 3 security
(c)
Security or a portion of the security is on loan at period end.
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
68,161,995
167,530,776
227,220,374
1,750,445
(156)
-
8,472,241
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
40,509,282
25,393,722
10,776
-
-
15,115,560
0.1%
Total
68,161,995
208,040,058
252,614,096
1,761,221
(156)
-
23,587,801
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.
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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