NPORT-EX 2 QTLY_1978_20230731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Total International Equity Fund
July 31, 2023
TIE-NPRT3-0923
1.863105.115
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Australia - 2.6%
 
 
 
BHP Group Ltd.
 
90,793
2,805,950
Flutter Entertainment PLC (a)
 
1,674
333,206
Glencore PLC
 
249,413
1,516,789
Imdex Ltd.
 
43,461
57,218
Macquarie Group Ltd.
 
8,029
943,843
Steadfast Group Ltd.
 
17,941
70,257
Woodside Energy Group Ltd.
 
30,718
791,762
TOTAL AUSTRALIA
 
 
6,519,025
Belgium - 0.6%
 
 
 
Azelis Group NV
 
14,644
378,375
KBC Ancora
 
2,719
127,175
KBC Group NV
 
9,070
682,652
UCB SA
 
3,088
273,386
TOTAL BELGIUM
 
 
1,461,588
Brazil - 0.9%
 
 
 
Localiza Rent a Car SA
 
79,811
1,134,527
XP, Inc. Class A (a)
 
40,763
1,101,009
TOTAL BRAZIL
 
 
2,235,536
Canada - 7.4%
 
 
 
Barrick Gold Corp.
 
76,930
1,330,120
CAE, Inc. (a)
 
59,665
1,363,293
Cameco Corp.
 
30,670
1,078,270
Canadian Natural Resources Ltd.
 
15,965
970,867
Canadian Pacific Kansas City Ltd.
 
48,315
3,975,412
Constellation Software, Inc.
 
921
1,945,830
Franco-Nevada Corp.
 
11,149
1,626,884
McCoy Global, Inc.
 
7,000
7,750
Nutrien Ltd.
 
20,512
1,413,510
Osisko Gold Royalties Ltd.
 
3,688
54,677
Pason Systems, Inc.
 
5,503
54,919
Richelieu Hardware Ltd.
 
29,467
983,686
Suncor Energy, Inc.
 
41,159
1,287,848
The Toronto-Dominion Bank
 
35,467
2,338,915
TOTAL CANADA
 
 
18,431,981
Chile - 0.4%
 
 
 
Antofagasta PLC
 
49,960
1,075,549
China - 10.2%
 
 
 
Alibaba Group Holding Ltd. (a)
 
179,631
2,295,574
BeiGene Ltd. ADR (a)
 
1,157
247,853
China Life Insurance Co. Ltd. (H Shares)
 
1,166,723
2,034,573
Chlitina Holding Ltd.
 
9,200
55,371
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
809,356
506,438
Haier Smart Home Co. Ltd. (A Shares)
 
577,700
1,997,703
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
583,577
942,834
Industrial & Commercial Bank of China Ltd. (H Shares)
 
2,118,664
1,034,603
JD.com, Inc. Class A
 
57,216
1,184,576
Kweichow Moutai Co. Ltd. (A Shares)
 
4,000
1,053,133
Li Ning Co. Ltd.
 
112,754
679,511
Meituan Class B (a)(b)
 
141,883
2,708,563
New Oriental Education & Technology Group, Inc. (a)
 
135,100
769,600
PDD Holdings, Inc. ADR (a)
 
8,929
802,003
Shangri-La Asia Ltd. (a)
 
783,524
651,019
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
135,900
1,351,047
Sunny Optical Technology Group Co. Ltd.
 
80,627
781,055
Tencent Holdings Ltd.
 
124,445
5,719,636
Tsingtao Brewery Co. Ltd. (H Shares)
 
72,565
650,386
TOTAL CHINA
 
 
25,465,478
Denmark - 1.4%
 
 
 
DSV A/S
 
2,649
530,394
Novo Nordisk A/S Series B
 
14,393
2,320,904
Spar Nord Bank A/S
 
3,579
56,927
Vestas Wind Systems A/S (a)
 
22,065
590,161
TOTAL DENMARK
 
 
3,498,386
Egypt - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (b)
 
60,949
33,644
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
7,672
393,425
Musti Group OYJ
 
3,187
62,513
Sampo Oyj (A Shares)
 
15,565
686,089
TOTAL FINLAND
 
 
1,142,027
France - 8.4%
 
 
 
Air Liquide SA
 
5,441
978,259
Airbus Group NV
 
17,217
2,536,064
ALTEN
 
2,489
358,502
AXA SA
 
49,020
1,506,818
BNP Paribas SA
 
17,626
1,162,397
Capgemini SA
 
3,282
594,759
Edenred SA
 
17,561
1,140,736
Euroapi SASU (a)
 
459
5,355
Laurent-Perrier Group SA
 
469
63,427
Lectra
 
8,953
284,979
Legrand SA
 
12,547
1,257,039
LISI
 
647
16,895
LVMH Moet Hennessy Louis Vuitton SE
 
4,956
4,602,974
Safran SA
 
15,000
2,490,197
Teleperformance
 
1,400
202,803
TotalEnergies SE
 
42,312
2,570,730
Vetoquinol SA
 
1,238
125,637
VINCI SA
 
6,299
739,532
Vivendi SA (c)
 
51,661
461,340
TOTAL FRANCE
 
 
21,098,443
Germany - 4.0%
 
 
 
Bayer AG
 
12,833
750,518
Covestro AG (a)(b)
 
7,705
413,671
CTS Eventim AG
 
5,036
343,576
Deutsche Borse AG
 
4,746
909,341
DHL Group
 
18,648
957,922
Hannover Reuck SE
 
4,405
940,326
Infineon Technologies AG
 
7,114
312,557
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,505
943,605
Nexus AG
 
1,420
90,711
Rheinmetall AG
 
4,241
1,200,251
RWE AG
 
21,213
912,656
Scout24 AG (b)
 
1,301
86,084
Siemens AG
 
10,998
1,874,524
Stabilus Se
 
831
47,375
Vonovia SE
 
13,347
310,985
TOTAL GERMANY
 
 
10,094,102
Greece - 0.7%
 
 
 
National Bank of Greece SA (a)
 
249,974
1,720,539
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
215,098
2,152,000
Pacific Basin Shipping Ltd.
 
1,170,812
379,817
Prudential PLC
 
63,553
882,518
TOTAL HONG KONG
 
 
3,414,335
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
50,264
1,267,938
India - 3.8%
 
 
 
Axis Bank Ltd.
 
96,432
1,118,513
Bharat Heavy Electricals Ltd.
 
763,428
965,889
Embassy Office Parks (REIT)
 
13,300
50,454
HDFC Bank Ltd.
 
184,525
3,704,935
Jio Financial Services Ltd. (d)
 
2,800
8,915
Kotak Mahindra Bank Ltd.
 
15,203
343,204
Larsen & Toubro Ltd.
 
23,486
765,737
Reliance Industries Ltd.
 
2,800
86,794
Reliance Industries Ltd. GDR (b)
 
12,874
804,625
Shree Cement Ltd.
 
2,888
846,608
Solar Industries India Ltd.
 
15,066
696,244
TOTAL INDIA
 
 
9,391,918
Indonesia - 0.2%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
1,256,388
470,729
Ireland - 1.8%
 
 
 
AerCap Holdings NV (a)
 
1,652
105,414
Bank of Ireland Group PLC
 
64,786
683,544
Cairn Homes PLC
 
47,804
58,220
CRH PLC
 
20,769
1,237,228
CRH PLC sponsored ADR
 
28,893
1,742,248
Irish Residential Properties REIT PLC
 
34,729
36,963
Ryanair Holdings PLC sponsored ADR (a)
 
5,809
595,597
TOTAL IRELAND
 
 
4,459,214
Israel - 0.3%
 
 
 
Ituran Location & Control Ltd.
 
3,915
108,876
Maytronics Ltd.
 
1,924
26,238
NICE Ltd. sponsored ADR (a)
 
3,017
657,253
Tel Aviv Stock Exchange Ltd. (a)
 
7,300
38,916
TOTAL ISRAEL
 
 
831,283
Italy - 1.5%
 
 
 
Eni SpA
 
71,769
1,095,688
Interpump Group SpA
 
14,603
794,451
Mediobanca SpA
 
59,896
798,171
Prada SpA
 
83,900
594,375
Prysmian SpA
 
5,070
202,074
UniCredit SpA
 
15,660
396,515
TOTAL ITALY
 
 
3,881,274
Japan - 12.5%
 
 
 
Ai Holdings Corp.
 
1,450
22,810
Aoki Super Co. Ltd.
 
1,900
34,537
Artnature, Inc.
 
5,300
29,133
Aucnet, Inc.
 
3,400
42,732
Azbil Corp.
 
39,800
1,253,323
Broadleaf Co. Ltd.
 
27,600
93,316
Central Automotive Products Ltd.
 
1,100
27,642
Curves Holdings Co. Ltd.
 
23,300
131,678
Daiichi Sankyo Kabushiki Kaisha
 
2,299
70,808
Daiichikosho Co. Ltd.
 
7,200
145,225
Daikokutenbussan Co. Ltd.
 
700
29,670
DENSO Corp.
 
15,587
1,082,593
Digital Hearts Holdings Co. Ltd.
 
4,900
48,048
Eisai Co. Ltd.
 
3,955
249,535
FANUC Corp.
 
15,100
461,946
Fast Retailing Co. Ltd.
 
1,933
483,165
FUJIFILM Holdings Corp.
 
9,167
531,404
Fujitec Co. Ltd.
 
2,200
56,475
Fujitsu Ltd.
 
3,866
499,606
Funai Soken Holdings, Inc.
 
3,250
60,196
Goldcrest Co. Ltd.
 
6,560
88,994
Hitachi Ltd.
 
28,341
1,852,280
Hoya Corp.
 
12,555
1,458,786
Ibiden Co. Ltd.
 
6,912
419,098
INPEX Corp.
 
35,184
453,201
Itochu Corp.
 
29,943
1,210,222
Keyence Corp.
 
5,384
2,412,989
Kobayashi Pharmaceutical Co. Ltd.
 
1,600
87,926
Koshidaka Holdings Co. Ltd.
 
16,300
135,428
Kusuri No Aoki Holdings Co. Ltd.
 
1,000
57,344
Lasertec Corp.
 
5,550
840,169
Medikit Co. Ltd.
 
3,300
58,570
Minebea Mitsumi, Inc.
 
25,170
464,955
Miroku Jyoho Service Co., Ltd.
 
2,400
28,460
Misumi Group, Inc.
 
39,124
713,508
Mitsubishi UFJ Financial Group, Inc.
 
190,904
1,537,208
Mitsuboshi Belting Ltd.
 
1,200
37,957
Nagaileben Co. Ltd.
 
7,400
122,653
Nihon Parkerizing Co. Ltd.
 
17,800
139,007
NOF Corp.
 
2,560
110,325
NS Tool Co. Ltd.
 
5,600
44,520
NSD Co. Ltd.
 
4,800
93,898
OBIC Co. Ltd.
 
1,450
237,174
ORIX Corp.
 
47,177
905,637
OSG Corp.
 
21,080
280,271
Paramount Bed Holdings Co. Ltd.
 
2,400
39,256
ProNexus, Inc.
 
5,100
37,892
Recruit Holdings Co. Ltd.
 
32,800
1,136,050
Renesas Electronics Corp. (a)
 
48,937
944,183
San-Ai Obbli Co. Ltd.
 
6,300
71,562
Shin-Etsu Chemical Co. Ltd.
 
34,892
1,149,512
SHO-BOND Holdings Co. Ltd.
 
17,880
725,556
Shoei Co. Ltd.
 
6,800
123,415
SK Kaken Co. Ltd.
 
2,100
108,642
SoftBank Group Corp.
 
7,821
397,795
Software Service, Inc.
 
800
57,808
Sony Group Corp.
 
6,173
578,202
Sumitomo Mitsui Financial Group, Inc.
 
27,503
1,288,562
Suzuki Motor Corp.
 
18,947
758,732
Techno Medica Co. Ltd.
 
500
7,468
The Monogatari Corp.
 
3,160
77,298
TIS, Inc.
 
12,774
323,514
Tocalo Co. Ltd.
 
4,600
46,690
Tokio Marine Holdings, Inc.
 
50,636
1,164,374
Toyota Motor Corp.
 
135,587
2,279,728
USS Co. Ltd.
 
28,200
488,220
YAKUODO Holdings Co. Ltd.
 
2,800
49,755
YONEX Co. Ltd.
 
3,500
34,148
Z Holdings Corp.
 
53,266
148,193
TOTAL JAPAN
 
 
31,180,977
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
545,845
64,690
Korea (South) - 3.9%
 
 
 
BGF Retail Co. Ltd.
 
491
64,405
Hyundai Mipo Dockyard Co. Ltd. (a)
 
11,474
838,737
Hyundai Motor Co. Ltd.
 
7,759
1,190,217
Korea Aerospace Industries Ltd.
 
34,586
1,331,772
POSCO
 
1,660
834,434
Samsung Electronics Co. Ltd.
 
98,910
5,403,311
TOTAL KOREA (SOUTH)
 
 
9,662,876
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
18,880
545,950
Mexico - 0.6%
 
 
 
Grupo Financiero Banorte S.A.B. de CV Series O
 
86,927
823,899
Wal-Mart de Mexico SA de CV Series V
 
179,330
746,557
TOTAL MEXICO
 
 
1,570,456
Netherlands - 3.9%
 
 
 
Aalberts Industries NV
 
13,075
589,846
ASML Holding NV (Netherlands)
 
6,827
4,889,967
BE Semiconductor Industries NV
 
1,284
153,388
IMCD NV
 
3,740
567,268
Shell PLC ADR
 
52,410
3,230,028
Universal Music Group NV
 
10,273
263,501
TOTAL NETHERLANDS
 
 
9,693,998
Norway - 0.2%
 
 
 
Kongsberg Gruppen ASA
 
4,725
204,850
Medistim ASA
 
1,929
49,486
Schibsted ASA (B Shares)
 
11,210
219,996
Volue A/S (a)
 
10,613
22,409
TOTAL NORWAY
 
 
496,741
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
7,584
1,191,067
Russia - 0.1%
 
 
 
LUKOIL PJSC sponsored ADR (a)(d)
 
15,040
4,255
Sberbank of Russia sponsored ADR (a)(d)
 
62,556
1,114
Yandex NV Series A (a)(d)
 
15,421
185,052
TOTAL RUSSIA
 
 
190,421
Singapore - 0.4%
 
 
 
United Overseas Bank Ltd.
 
41,834
946,947
South Africa - 1.5%
 
 
 
Absa Group Ltd.
 
103,513
1,096,556
Anglo American PLC (United Kingdom)
 
25,782
792,843
Impala Platinum Holdings Ltd.
 
101,251
731,343
MTN Group Ltd.
 
132,978
1,041,368
Thungela Resources Ltd. (c)
 
4,647
34,971
TOTAL SOUTH AFRICA
 
 
3,697,081
Spain - 1.6%
 
 
 
Amadeus IT Holding SA Class A
 
24,876
1,783,843
Banco Santander SA (Spain)
 
399,846
1,620,289
Cellnex Telecom SA (b)
 
7,378
301,284
Fluidra SA
 
1,801
39,842
Unicaja Banco SA (b)
 
147,836
172,298
TOTAL SPAIN
 
 
3,917,556
Sweden - 3.3%
 
 
 
Addlife AB
 
7,452
60,670
AddTech AB (B Shares)
 
24,909
464,275
Alleima AB
 
2,191
9,510
ASSA ABLOY AB (B Shares)
 
41,792
1,004,801
Atlas Copco AB (A Shares)
 
151,993
2,159,195
Autoliv, Inc.
 
8,755
883,642
Bergman & Beving AB (B Shares)
 
5,000
74,099
Epiroc AB (A Shares)
 
55,837
1,114,821
Hemnet Group AB
 
6,082
107,757
Investor AB (B Shares)
 
60,896
1,243,502
INVISIO AB
 
3,873
80,577
John Mattson Fastighetsforetag (a)
 
3,623
21,236
Lagercrantz Group AB (B Shares)
 
53,594
645,079
Sandvik AB
 
20,558
417,550
Teqnion AB (a)
 
800
18,924
TOTAL SWEDEN
 
 
8,305,638
Switzerland - 1.6%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
1,868
452,407
 (Reg.)
 
107
24,736
Swiss Life Holding AG
 
879
557,206
Tecan Group AG
 
416
165,246
UBS Group AG
 
14,790
326,905
UBS Group AG
 
67,762
1,502,284
Zurich Insurance Group Ltd.
 
2,272
1,096,333
TOTAL SWITZERLAND
 
 
4,125,117
Taiwan - 3.8%
 
 
 
Addcn Technology Co. Ltd.
 
9,413
61,286
ECLAT Textile Co. Ltd.
 
63,914
1,100,216
HIWIN Technologies Corp.
 
102,415
686,323
Taiwan Semiconductor Manufacturing Co. Ltd.
 
387,572
6,985,390
Yageo Corp.
 
48,420
706,631
TOTAL TAIWAN
 
 
9,539,846
United Kingdom - 5.3%
 
 
 
AstraZeneca PLC (United Kingdom)
 
7,827
1,124,554
B&M European Value Retail SA
 
54,821
389,201
BAE Systems PLC
 
179,883
2,151,232
Barratt Developments PLC
 
87,279
511,547
Beazley PLC
 
52,430
369,064
Bodycote PLC
 
21,381
189,880
BP PLC
 
26,700
165,659
Clarkson PLC
 
2,103
75,299
Compass Group PLC
 
61,669
1,604,483
Dechra Pharmaceuticals PLC
 
1,176
56,052
Howden Joinery Group PLC
 
16,094
152,222
HSBC Holdings PLC (United Kingdom)
 
54,111
449,469
Imperial Brands PLC
 
15,723
371,463
InterContinental Hotel Group PLC ADR
 
14,467
1,090,812
Lloyds Banking Group PLC
 
1,000,063
577,785
NatWest Group PLC
 
144,297
452,954
Rightmove PLC
 
58,026
424,764
Rolls-Royce Holdings PLC (a)
 
97,312
230,740
Spectris PLC
 
26,961
1,214,820
Spirax-Sarco Engineering PLC
 
1,085
154,908
Standard Chartered PLC (United Kingdom)
 
147,237
1,412,262
Unite Group PLC
 
4,000
49,974
TOTAL UNITED KINGDOM
 
 
13,219,144
United States of America - 10.0%
 
 
 
Experian PLC
 
37,939
1,466,175
Ferguson PLC
 
3,068
492,362
Lam Research Corp.
 
841
604,250
Linde PLC
 
10,242
4,001,242
Marsh & McLennan Companies, Inc.
 
10,925
2,058,489
MasterCard, Inc. Class A
 
3,170
1,249,868
Moody's Corp.
 
3,437
1,212,402
Morningstar, Inc.
 
958
220,800
MSCI, Inc.
 
2,321
1,272,094
Nestle SA (Reg. S)
 
29,128
3,568,740
NOV, Inc.
 
21,616
434,049
Otis Worldwide Corp.
 
5,124
466,079
PriceSmart, Inc.
 
3,122
242,673
ResMed, Inc.
 
6,901
1,534,437
Roche Holding AG (participation certificate)
 
4,283
1,327,950
S&P Global, Inc.
 
2,828
1,115,674
Sanofi SA
 
12,837
1,369,510
Sherwin-Williams Co.
 
3,983
1,101,300
Visa, Inc. Class A
 
5,102
1,212,898
TOTAL UNITED STATES OF AMERICA
 
 
24,950,992
 
TOTAL COMMON STOCKS
 (Cost $201,709,108)
 
 
 
239,792,486
 
 
 
 
Preferred Stocks - 1.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.0%
 
 
 
China - 0.0%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
577
138,336
Nonconvertible Preferred Stocks - 1.5%
 
 
 
Brazil - 1.2%
 
 
 
Itau Unibanco Holding SA
 
232,798
1,409,957
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
113,493
1,666,077
 
 
 
3,076,034
Germany - 0.3%
 
 
 
Porsche Automobil Holding SE (Germany)
 
10,964
646,940
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,722,974
 
TOTAL PREFERRED STOCKS
 (Cost $3,013,292)
 
 
 
3,861,310
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.32% (f)
 
5,200,242
5,201,282
Fidelity Securities Lending Cash Central Fund 5.32% (f)(g)
 
24,408
24,410
 
TOTAL MONEY MARKET FUNDS
 (Cost $5,225,688)
 
 
5,225,692
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $209,948,088)
 
 
 
248,879,488
NET OTHER ASSETS (LIABILITIES) - 0.4%  
993,236
NET ASSETS - 100.0%
249,872,724
 
 
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 $5,463,003 or 2.2% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $138,336 or 0.1% of net assets.
 
(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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
63,224
 
 
 
 
 
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 5.32%
5,394,098
105,970,112
106,162,928
215,290
-
-
5,201,282
0.0%
Fidelity Securities Lending Cash Central Fund 5.32%
2,836,886
31,531,540
34,344,016
16,461
-
-
24,410
0.0%
Total
8,230,984
137,501,652
140,506,944
231,751
-
-
5,225,692
 
 
 
 
 
 
 
 
 
 
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.
 
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