Quarterly Holdings Report
for
Strategic Advisers® Fidelity® International Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicNovember 30, 2019
Schedule of Investments November 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 7.7% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 0.5% | |||
Diversified Telecommunication Services - 0.2% | |||
Cellnex Telecom SA (a) | 72,425 | $3,112,117 | |
HKT Trust/HKT Ltd. unit | 3,791,000 | 5,559,475 | |
Nippon Telegraph & Telephone Corp. | 117,400 | 5,930,084 | |
14,601,676 | |||
Entertainment - 0.0% | |||
Nintendo Co. Ltd. | 7,800 | 3,020,438 | |
Interactive Media & Services - 0.1% | |||
Adevinta ASA Class B | 151,794 | 1,580,364 | |
Yahoo! Japan Corp. | 1,286,800 | 4,433,592 | |
6,013,956 | |||
Media - 0.1% | |||
Informa PLC | 222,675 | 2,279,118 | |
Schibsted ASA (A Shares) | 76,356 | 2,090,913 | |
4,370,031 | |||
Wireless Telecommunication Services - 0.1% | |||
SoftBank Corp. | 192,700 | 7,489,975 | |
Vodafone Group PLC | 2,337,505 | 4,636,219 | |
12,126,194 | |||
TOTAL COMMUNICATION SERVICES | 40,132,295 | ||
CONSUMER DISCRETIONARY - 0.8% | |||
Auto Components - 0.1% | |||
DENSO Corp. | 134,200 | 5,994,970 | |
Pirelli & C. SpA (a) | 410,059 | 2,326,785 | |
8,321,755 | |||
Automobiles - 0.3% | |||
Bayerische Motoren Werke AG (BMW) | 34,271 | 2,767,792 | |
Daimler AG (Germany) | 92,978 | 5,245,090 | |
Ferrari NV | 18,511 | 3,128,657 | |
Isuzu Motors Ltd. | 264,700 | 3,097,682 | |
Subaru Corp. | 128,800 | 3,374,202 | |
Suzuki Motor Corp. | 55,600 | 2,467,498 | |
Toyota Motor Corp. | 56,900 | 3,980,650 | |
24,061,571 | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Compass Group PLC | 82,389 | 2,018,727 | |
Galaxy Entertainment Group Ltd. | 396,000 | 2,590,021 | |
Oriental Land Co. Ltd. | 4,600 | 636,693 | |
5,245,441 | |||
Household Durables - 0.1% | |||
Sony Corp. | 87,900 | 5,577,950 | |
Internet & Direct Marketing Retail - 0.1% | |||
Delivery Hero AG (a)(b) | 47,635 | 2,519,244 | |
Ocado Group PLC (b) | 115,140 | 1,973,065 | |
Prosus NV (b) | 23,100 | 1,574,689 | |
Zozo, Inc. | 47,000 | 935,962 | |
7,002,960 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 61,800 | 3,748,552 | |
Multiline Retail - 0.0% | |||
B&M European Value Retail SA | 320,748 | 1,568,862 | |
Specialty Retail - 0.0% | |||
Nitori Holdings Co. Ltd. | 10,600 | 1,661,396 | |
Textiles, Apparel & Luxury Goods - 0.2% | |||
adidas AG | 5,029 | 1,566,704 | |
Kering SA | 3,610 | 2,174,498 | |
LVMH Moet Hennessy Louis Vuitton SE | 24,321 | 10,888,555 | |
14,629,757 | |||
TOTAL CONSUMER DISCRETIONARY | 71,818,244 | ||
CONSUMER STAPLES - 0.8% | |||
Beverages - 0.2% | |||
Asahi Group Holdings | 18,100 | 871,089 | |
Coca-Cola European Partners PLC | 46,800 | 2,361,528 | |
Davide Campari-Milano SpA | 200,458 | 1,829,863 | |
Diageo PLC | 190,805 | 7,795,676 | |
Heineken NV (Bearer) | 26,719 | 2,768,443 | |
Treasury Wine Estates Ltd. | 386,890 | 4,893,648 | |
20,520,247 | |||
Food & Staples Retailing - 0.1% | |||
Koninklijke Ahold Delhaize NV | 175,617 | 4,523,271 | |
Tsuruha Holdings, Inc. | 17,700 | 2,107,759 | |
Woolworths Group Ltd. | 92,416 | 2,485,405 | |
9,116,435 | |||
Food Products - 0.2% | |||
Danone SA | 65,432 | 5,383,897 | |
Nestle SA (Reg. S) | 92,479 | 9,603,466 | |
14,987,363 | |||
Personal Products - 0.2% | |||
Kao Corp. | 55,200 | 4,344,566 | |
Shiseido Co. Ltd. | 38,800 | 2,803,089 | |
Unilever NV | 124,452 | 7,404,019 | |
Unilever PLC | 60,696 | 3,595,482 | |
18,147,156 | |||
Tobacco - 0.1% | |||
British American Tobacco PLC (United Kingdom) | 103,863 | 4,110,768 | |
Imperial Brands PLC | 95,278 | 2,098,735 | |
6,209,503 | |||
TOTAL CONSUMER STAPLES | 68,980,704 | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
BP PLC | 2,334,305 | 14,539,234 | |
Equinor ASA (c) | 133,006 | 2,449,291 | |
Idemitsu Kosan Co. Ltd. | 69,800 | 1,906,072 | |
Lundin Petroleum AB | 184,836 | 5,697,744 | |
Total SA | 237,389 | 12,452,191 | |
Woodside Petroleum Ltd. | 113,009 | 2,637,920 | |
39,682,452 | |||
FINANCIALS - 1.5% | |||
Banks - 0.7% | |||
Commonwealth Bank of Australia | 98,968 | 5,410,249 | |
DBS Group Holdings Ltd. | 206,900 | 3,819,995 | |
Erste Group Bank AG | 32,541 | 1,165,244 | |
HSBC Holdings PLC (United Kingdom) | 491,909 | 3,664,772 | |
Intesa Sanpaolo SpA | 1,684,682 | 4,262,606 | |
KBC Groep NV | 105,720 | 7,704,139 | |
Lloyds Banking Group PLC | 6,291,436 | 4,959,891 | |
Mediobanca SpA | 189,195 | 2,115,819 | |
Mitsubishi UFJ Financial Group, Inc. | 1,264,000 | 6,700,200 | |
Standard Chartered PLC (United Kingdom) | 463,446 | 4,180,039 | |
Sumitomo Mitsui Financial Group, Inc. | 186,800 | 6,839,935 | |
Svenska Handelsbanken AB (A Shares) | 251,263 | 2,466,360 | |
United Overseas Bank Ltd. | 90,403 | 1,706,790 | |
Westpac Banking Corp. | 349,391 | 5,829,375 | |
60,825,414 | |||
Capital Markets - 0.2% | |||
Amundi SA (a) | 41,786 | 3,162,935 | |
EQT AB (b) | 171,340 | 2,016,428 | |
Julius Baer Group Ltd. | 45,709 | 2,153,096 | |
London Stock Exchange Group PLC | 26,794 | 2,382,569 | |
Macquarie Group Ltd. | 60,012 | 5,603,742 | |
Standard Life PLC | 1,291,999 | 5,295,216 | |
20,613,986 | |||
Diversified Financial Services - 0.0% | |||
Investor AB (B Shares) | 39,840 | 2,105,918 | |
ORIX Corp. | 62,700 | 1,027,141 | |
3,133,059 | |||
Insurance - 0.6% | |||
AIA Group Ltd. | 637,600 | 6,380,595 | |
Allianz SE | 24,819 | 5,935,929 | |
AXA SA | 249,651 | 6,792,313 | |
NN Group NV | 100,477 | 3,856,982 | |
Prudential PLC | 325,391 | 5,775,083 | |
QBE Insurance Group Ltd. | 188,728 | 1,618,673 | |
Swiss Re Ltd. | 39,300 | 4,257,254 | |
Talanx AG | 39,158 | 1,866,422 | |
Tokio Marine Holdings, Inc. | 92,700 | 5,042,500 | |
Zurich Insurance Group Ltd. | 16,296 | 6,395,451 | |
47,921,202 | |||
TOTAL FINANCIALS | 132,493,661 | ||
HEALTH CARE - 1.0% | |||
Biotechnology - 0.1% | |||
CSL Ltd. | 21,589 | 4,139,602 | |
Morphosys AG (b) | 28,804 | 3,560,807 | |
Morphosys AG sponsored ADR (b) | 61,700 | 1,889,254 | |
9,589,663 | |||
Health Care Equipment & Supplies - 0.1% | |||
Hoya Corp. | 76,000 | 6,938,768 | |
Olympus Corp. | 109,300 | 1,622,219 | |
Terumo Corp. | 68,900 | 2,418,615 | |
10,979,602 | |||
Life Sciences Tools & Services - 0.1% | |||
Lonza Group AG | 12,822 | 4,355,440 | |
Pharmaceuticals - 0.7% | |||
Astellas Pharma, Inc. | 282,200 | 4,816,382 | |
AstraZeneca PLC (United Kingdom) | 156,033 | 15,074,007 | |
Bayer AG | 60,690 | 4,583,589 | |
Daiichi Sankyo Kabushiki Kaisha | 38,300 | 2,401,888 | |
Novartis AG | 48,891 | 4,507,062 | |
Roche Holding AG (participation certificate) | 53,564 | 16,513,405 | |
Sanofi SA | 94,499 | 8,809,083 | |
Takeda Pharmaceutical Co. Ltd. | 69,000 | 2,811,273 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR (b) | 106,700 | 1,111,814 | |
60,628,503 | |||
TOTAL HEALTH CARE | 85,553,208 | ||
INDUSTRIALS - 1.2% | |||
Aerospace & Defense - 0.1% | |||
Airbus Group NV | 15,584 | 2,289,988 | |
MTU Aero Engines Holdings AG | 12,114 | 3,282,078 | |
Rolls-Royce Holdings PLC (C Shares) | 3,670,478 | 4,747 | |
5,576,813 | |||
Air Freight & Logistics - 0.1% | |||
Deutsche Post AG | 140,028 | 5,220,932 | |
DSV A/S | 26,470 | 2,882,193 | |
8,103,125 | |||
Airlines - 0.0% | |||
Qantas Airways Ltd. | 385,460 | 1,903,294 | |
Building Products - 0.1% | |||
Agc, Inc. | 105,000 | 3,833,623 | |
Compagnie de St. Gobain | 80,968 | 3,278,487 | |
Daikin Industries Ltd. | 20,000 | 2,881,224 | |
9,993,334 | |||
Commercial Services & Supplies - 0.1% | |||
Edenred SA | 61,325 | 3,043,933 | |
Park24 Co. Ltd. | 50,100 | 1,211,063 | |
Rentokil Initial PLC | 192,122 | 1,105,449 | |
5,360,445 | |||
Construction & Engineering - 0.1% | |||
Ferrovial SA | 116,848 | 3,469,627 | |
Ferrovial SA (b)(c) | 1,854 | 55,052 | |
Taisei Corp. | 36,600 | 1,436,639 | |
VINCI SA | 71,881 | 7,839,066 | |
12,800,384 | |||
Electrical Equipment - 0.1% | |||
Akasol AG (a)(b)(c) | 19,900 | 738,900 | |
Nidec Corp. | 20,700 | 3,062,813 | |
Vestas Wind Systems A/S | 35,807 | 3,407,802 | |
7,209,515 | |||
Industrial Conglomerates - 0.1% | |||
Siemens AG | 52,739 | 6,796,195 | |
Machinery - 0.2% | |||
Fanuc Corp. | 21,700 | 4,143,455 | |
Makita Corp. | 61,900 | 2,047,871 | |
Minebea Mitsumi, Inc. | 137,900 | 2,676,838 | |
SMC Corp. | 2,300 | 1,042,798 | |
Techtronic Industries Co. Ltd. | 227,500 | 1,710,275 | |
The Weir Group PLC | 98,012 | 1,768,921 | |
THK Co. Ltd. | 104,400 | 2,933,924 | |
16,324,082 | |||
Marine - 0.0% | |||
A.P. Moller - Maersk A/S Series B | 1,076 | 1,503,857 | |
Professional Services - 0.2% | |||
Experian PLC | 94,462 | 3,133,415 | |
Recruit Holdings Co. Ltd. | 135,000 | 4,893,531 | |
RELX PLC (London Stock Exchange) | 96,943 | 2,348,300 | |
SR Teleperformance SA | 17,425 | 4,127,756 | |
Wolters Kluwer NV | 14,945 | 1,072,951 | |
15,575,953 | |||
Trading Companies & Distributors - 0.1% | |||
Ashtead Group PLC | 58,155 | 1,767,479 | |
Itochu Corp. | 276,000 | 6,023,469 | |
MonotaRO Co. Ltd. | 84,400 | 2,375,727 | |
Rexel SA | 269,957 | 3,294,133 | |
13,460,808 | |||
TOTAL INDUSTRIALS | 104,607,805 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Communications Equipment - 0.1% | |||
Ericsson (B Shares) | 497,615 | 4,484,399 | |
Electronic Equipment & Components - 0.1% | |||
Hitachi High-Technologies Corp. | 64,300 | 4,195,778 | |
Hitachi Ltd. | 46,000 | 1,807,713 | |
Keyence Corp. | 14,000 | 4,790,349 | |
TDK Corp. | 22,200 | 2,335,240 | |
13,129,080 | |||
IT Services - 0.1% | |||
Atos Origin SA | 31,898 | 2,709,517 | |
Capgemini SA | 34,267 | 4,053,040 | |
6,762,557 | |||
Semiconductors& Semiconductor Equipment - 0.1% | |||
ASM Pacific Technology Ltd. | 122,900 | 1,604,504 | |
ASML Holding NV (Netherlands) | 13,853 | 3,755,335 | |
Disco Corp. | 5,100 | 1,100,914 | |
Renesas Electronics Corp. (b) | 167,900 | 1,094,066 | |
Tokyo Electron Ltd. | 7,400 | 1,528,423 | |
9,083,242 | |||
Software - 0.1% | |||
Netcompany Group A/S (a)(b) | 58,725 | 2,480,124 | |
Oracle Corp. Japan | 16,900 | 1,555,319 | |
SAP SE | 50,263 | 6,828,567 | |
10,864,010 | |||
TOTAL INFORMATION TECHNOLOGY | 44,323,288 | ||
MATERIALS - 0.5% | |||
Chemicals - 0.1% | |||
JSR Corp. | 213,400 | 3,777,699 | |
Shin-Etsu Chemical Co. Ltd. | 32,900 | 3,536,390 | |
Sika AG | 17,435 | 3,035,321 | |
10,349,410 | |||
Construction Materials - 0.1% | |||
CRH PLC | 125,995 | 4,820,390 | |
HeidelbergCement Finance AG | 24,514 | 1,812,339 | |
6,632,729 | |||
Metals & Mining - 0.2% | |||
Anglo American PLC (United Kingdom) | 330,478 | 8,661,407 | |
Antofagasta PLC | 272,904 | 3,063,578 | |
Newcrest Mining Ltd. | 109,290 | 2,273,895 | |
13,998,880 | |||
Paper & Forest Products - 0.1% | |||
Stora Enso Oyj (R Shares) | 217,127 | 2,918,612 | |
Svenska Cellulosa AB (SCA) (B Shares) | 302,838 | 3,013,722 | |
UPM-Kymmene Corp. | 88,409 | 2,953,442 | |
8,885,776 | |||
TOTAL MATERIALS | 39,866,795 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Land Securities Group PLC | 196,678 | 2,437,821 | |
Real Estate Management & Development - 0.3% | |||
Cheung Kong Property Holdings Ltd. | 284,500 | 1,891,651 | |
LEG Immobilien AG | 36,190 | 4,085,106 | |
Lendlease Group unit | 281,736 | 3,679,834 | |
Mitsubishi Estate Co. Ltd. | 157,400 | 2,886,338 | |
Mitsui Fudosan Co. Ltd. | 80,500 | 2,003,304 | |
Sino Land Ltd. | 1,229,959 | 1,844,577 | |
Vonovia SE | 93,011 | 4,846,256 | |
21,237,066 | |||
TOTAL REAL ESTATE | 23,674,887 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
Enel SpA | 685,784 | 5,183,214 | |
Fortum Corp. | 217,780 | 5,132,531 | |
Iberdrola SA | 315,369 | 3,102,518 | |
SP AusNet | 3,147,777 | 3,704,732 | |
17,122,995 | |||
Multi-Utilities - 0.0% | |||
RWE AG | 164,218 | 4,868,971 | |
TOTAL UTILITIES | 21,991,966 | ||
TOTAL COMMON STOCKS | |||
(Cost $592,391,427) | 673,125,305 | ||
Equity Funds - 88.3% | |||
Foreign Large Blend Funds - 10.6% | |||
Fidelity Pacific Basin Fund (d) | 4,884,671 | 161,975,685 | |
Fidelity SAI International Low Volatility Index Fund (d) | 66,202,553 | 765,963,541 | |
TOTAL FOREIGN LARGE BLEND FUNDS | 927,939,226 | ||
Foreign Large Growth Funds - 57.8% | |||
Fidelity Advisor Overseas Fund Class I (d) | 3,075,382 | 77,807,176 | |
Fidelity Diversified International Fund (d) | 32,556,422 | 1,283,699,713 | |
Fidelity International Capital Appreciation Fund (d) | 48,414,479 | 1,109,175,705 | |
Fidelity International Discovery Fund (d) | 28,678,722 | 1,276,203,107 | |
Fidelity Overseas Fund (d) | 26,325,436 | 1,330,487,523 | |
TOTAL FOREIGN LARGE GROWTH FUNDS | 5,077,373,224 | ||
Foreign Large Value Funds - 14.6% | |||
Fidelity International Value Fund (d) | 25,377,058 | 211,898,434 | |
Fidelity SAI International Value Index Fund (d) | 114,349,703 | 1,068,026,225 | |
TOTAL FOREIGN LARGE VALUE FUNDS | 1,279,924,659 | ||
Foreign Small Mid Growth Funds - 0.9% | |||
Fidelity International Small Cap Opportunities Fund (d) | 4,034,933 | 80,739,001 | |
Sector Funds - 0.9% | |||
Fidelity Advisor International Real Estate Fund Class I (d) | 6,270,360 | 79,131,941 | |
Other - 3.5% | |||
Fidelity Advisor Japan Fund Class I (d) | 16,373,022 | 264,588,030 | |
Fidelity Japan Smaller Companies Fund (d) | 2,433,573 | 43,658,301 | |
TOTAL OTHER | 308,246,331 | ||
TOTAL EQUITY FUNDS | |||
(Cost $6,878,851,954) | 7,753,354,382 | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.95% 12/5/19 to 2/27/20 (e) | |||
(Cost $14,367,890) | 14,400,000 | 14,368,430 | |
Money Market Funds - 3.8% | |||
Fidelity Securities Lending Cash Central Fund 1.61% (f)(g) | 749,646 | 749,721 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 1.59% (h) | 329,895,609 | 329,895,609 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $330,645,330) | 330,645,330 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $7,816,256,601) | 8,771,493,447 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 5,626,207 | ||
NET ASSETS - 100% | $8,777,119,654 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME Nikkei 225 Index Contracts (United States) | 250 | Dec. 2019 | $29,162,500 | $2,809,946 | $2,809,946 |
ICE E-mini MSCI EAFE Index Contracts (United States) | 2,910 | Dec. 2019 | 287,697,150 | 7,385,445 | 7,385,445 |
TOTAL FUTURES CONTRACTS | $10,195,391 |
The notional amount of futures purchased as a percentage of Net Assets is 3.6%
Legend
(a) 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 $14,340,105 or 0.2% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Affiliated Fund
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $14,368,430.
(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.
(h) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $147,524 |
Total | $147,524 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount 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.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Advisor International Real Estate Fund Class I | $63,118,130 | $10,260,635 | $-- | $2,631,281 | $-- | $5,753,176 | $79,131,941 |
Fidelity Advisor Japan Fund Class I | 163,992,431 | 71,655,531 | -- | -- | -- | 28,940,068 | 264,588,030 |
Fidelity Advisor Overseas Fund Class I | 69,718,920 | -- | -- | -- | -- | 8,088,256 | 77,807,176 |
Fidelity Diversified International Fund | 875,174,842 | 266,346,067 | -- | -- | -- | 142,178,804 | 1,283,699,713 |
Fidelity International Capital Appreciation Fund | 719,283,460 | 263,129,844 | -- | -- | -- | 126,762,401 | 1,109,175,705 |
Fidelity International Discovery Fund | 892,560,870 | 262,530,470 | -- | -- | -- | 121,111,767 | 1,276,203,107 |
Fidelity International Small Cap Opportunities Fund | 71,579,704 | -- | -- | -- | -- | 9,159,297 | 80,739,001 |
Fidelity International Value Fund | 200,478,758 | -- | -- | -- | -- | 11,419,676 | 211,898,434 |
Fidelity Japan Smaller Companies Fund | 39,715,912 | -- | -- | -- | -- | 3,942,389 | 43,658,301 |
Fidelity Overseas Fund | 866,297,158 | 334,537,623 | -- | -- | -- | 129,652,742 | 1,330,487,523 |
Fidelity Pacific Basin Fund | 142,143,921 | -- | -- | -- | -- | 19,831,764 | 161,975,685 |
Fidelity SAI International Low Volatility Index Fund | 522,200,627 | 199,350,494 | -- | -- | -- | 44,412,420 | 765,963,541 |
Fidelity SAI International Value Index Fund | 597,997,103 | 432,009,370 | -- | -- | -- | 38,019,752 | 1,068,026,225 |
Total | $5,224,261,836 | $1,839,820,034 | $-- | $2,631,281 | $-- | $689,272,512 | $7,753,354,382 |
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the 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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