Quarterly Holdings Report
for
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
July 31, 2026
NUD-NPRT3-0926
1.9908947.103
Common Stocks - 95.3%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.4%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
REA Group Ltd
 
51
5,760
Consumer Discretionary - 0.3%
  
  
  
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Aristocrat Leisure Ltd
 
1,333
59,912
Lottery Corp/The
 
10,185
39,904
TOTAL CONSUMER DISCRETIONARY
  
  
99,816
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Woodside Energy Group Ltd
 
1,628
38,103
Financials - 0.3%
  
  
  
Banks - 0.2%
  
  
  
Commonwealth Bank of Australia
 
510
63,752
Capital Markets - 0.0%
  
  
  
ASX Ltd
 
323
12,460
Macquarie Group Ltd
 
66
11,716
 
  
  
24,176
Insurance - 0.1%
  
  
  
QBE Insurance Group Ltd
 
1,474
25,566
Suncorp Group Ltd
 
718
9,661
 
  
  
35,227
TOTAL FINANCIALS
  
  
123,155
Health Care - 0.1%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Cochlear Ltd
 
267
22,377
Health Care Providers & Services - 0.1%
  
  
  
Sigma Healthcare Ltd
 
12,691
26,169
TOTAL HEALTH CARE
  
  
48,546
Industrials - 0.5%
  
  
  
Commercial Services & Supplies - 0.1%
  
  
  
Brambles Ltd
 
3,092
42,446
Professional Services - 0.1%
  
  
  
Computershare Ltd
 
1,764
50,685
Transportation Infrastructure - 0.3%
  
  
  
Transurban Group unit
 
8,033
83,421
TOTAL INDUSTRIALS
  
  
176,552
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Imdex Ltd
 
1,118
2,887
Lynas Rare Earths Ltd (a)
  
1,205
11,827
PLS Group Ltd (a)
  
5,568
16,179
South32 Ltd
 
5,787
18,450
TOTAL MATERIALS
  
  
49,343
TOTAL AUSTRALIA
  
  
541,275
AUSTRIA - 0.8%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
OMV AG
 
729
53,087
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
BAWAG Group AG (b)(c)
  
193
38,992
Erste Group Bank AG
 
1,594
207,340
TOTAL FINANCIALS
  
  
246,332
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Verbund AG Class A
 
118
8,103
TOTAL AUSTRIA
  
  
307,522
BELGIUM - 1.6%
 
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Anheuser-Busch InBev SA/NV
 
697
60,536
Financials - 1.3%
  
  
  
Banks - 1.3%
  
  
  
KBC Group NV
 
3,353
481,961
Financial Services - 0.0%
  
  
  
Sofina SA
 
38
10,771
TOTAL FINANCIALS
  
  
492,732
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Fagron
 
1,249
33,415
Pharmaceuticals - 0.1%
  
  
  
UCB SA
 
187
48,066
TOTAL HEALTH CARE
  
  
81,481
TOTAL BELGIUM
  
  
634,749
BRAZIL - 0.7%
 
  
  
Materials - 0.7%
  
  
  
Metals & Mining - 0.7%
  
  
  
Wheaton Precious Metals Corp
 
2,595
282,260
CANADA - 14.2%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Broadline Retail - 0.2%
  
  
  
Dollarama Inc
 
540
73,563
Specialty Retail - 0.1%
  
  
  
Aritzia Inc Subordinate Voting Shares (a)
  
141
14,049
Pet Valu Holdings Ltd
 
595
8,331
 
  
  
22,380
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Canada Goose Holdings Inc Subordinate Voting Shares (a)
  
682
6,096
Gildan Activewear Inc
 
810
44,838
 
  
  
50,934
TOTAL CONSUMER DISCRETIONARY
  
  
146,877
Consumer Staples - 0.8%
  
  
  
Consumer Staples Distribution & Retail - 0.8%
  
  
  
Alimentation Couche-Tard Inc
 
3,683
239,105
George Weston Ltd
 
913
68,235
TOTAL CONSUMER STAPLES
  
  
307,340
Energy - 1.9%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Pason Systems Inc
 
3,735
33,038
Oil, Gas & Consumable Fuels - 1.8%
  
  
  
ARC Resources Ltd
 
816
19,517
Cameco Corp
 
913
78,792
Canadian Natural Resources Ltd
 
2,719
129,525
Enbridge Inc
 
2,890
157,256
Imperial Oil Ltd
 
495
64,177
Keyera Corp
 
2,332
99,079
PrairieSky Royalty Ltd
 
1,766
43,676
Suncor Energy Inc
 
1,451
97,441
 
  
  
689,463
TOTAL ENERGY
  
  
722,501
Financials - 6.9%
  
  
  
Banks - 4.8%
  
  
  
Bank of Montreal
 
1,332
238,940
Bank of Nova Scotia/The
 
2,395
210,089
Canadian Imperial Bank of Commerce
 
1,528
180,981
National Bank of Canada
 
2,174
351,646
Royal Bank of Canada
 
1,994
417,348
Toronto Dominion Bank
 
3,892
466,535
 
  
  
1,865,539
Capital Markets - 0.4%
  
  
  
Brookfield Asset Management Ltd Class A
 
111
5,369
Brookfield Corp Class A
 
385
16,363
TMX Group Ltd
 
3,715
135,790
 
  
  
157,522
Insurance - 1.7%
  
  
  
Definity Financial Corp
 
1,438
82,094
iA Financial Corp Inc
 
95
14,046
Intact Financial Corp
 
672
131,946
Manulife Financial Corp
 
4,165
184,979
Sun Life Financial Inc
 
3,126
259,361
 
  
  
672,426
TOTAL FINANCIALS
  
  
2,695,487
Industrials - 1.4%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
CAE Inc (a)
  
4,515
116,462
Commercial Services & Supplies - 0.4%
  
  
  
BOYD GROUP SERVICES INC
 
249
25,739
Element Fleet Management Corp
 
4,291
96,298
RB Global Inc
 
137
15,027
 
  
  
137,064
Construction & Engineering - 0.0%
  
  
  
AtkinsRealis Group Inc
 
410
25,412
Ground Transportation - 0.5%
  
  
  
Canadian National Railway Co
 
503
63,958
Canadian Pacific Kansas City Ltd
 
1,335
118,582
 
  
  
182,540
Professional Services - 0.2%
  
  
  
Thomson Reuters Corp
 
715
70,141
TOTAL INDUSTRIALS
  
  
531,619
Information Technology - 1.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Celestica Inc (a)
  
106
35,075
Celestica Inc (United States) (a)
  
219
72,586
 
  
  
107,661
IT Services - 0.6%
  
  
  
Shopify Inc Class A (a)
  
1,874
219,477
Software - 0.3%
  
  
  
Constellation Software Inc/Canada
 
51
109,250
TOTAL INFORMATION TECHNOLOGY
  
  
436,388
Materials - 1.7%
  
  
  
Chemicals - 0.1%
  
  
  
Nutrien Ltd
 
699
48,247
Metals & Mining - 1.6%
  
  
  
Agnico Eagle Mines Ltd/CA
 
529
76,800
Franco-Nevada Corp
 
1,864
396,561
Kinross Gold Corp
 
752
17,338
Lundin Gold Inc
 
458
25,644
OR Royalties Inc
 
1,420
42,199
Teck Resources Ltd Class B
 
912
54,882
Triple Flag Precious Metals Corp
 
367
10,542
 
  
  
623,966
TOTAL MATERIALS
  
  
672,213
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Brookfield Renewable Corp Class A
 
733
24,460
TOTAL CANADA
  
  
5,536,885
CHILE - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Antofagasta PLC
 
876
43,152
Lundin Mining Corp
 
3,627
89,805
 
  
  
  
TOTAL CHILE
  
  
132,957
CHINA - 0.4%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
BOC Hong Kong Holdings Ltd
 
11,630
77,411
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
1,333
78,103
TOTAL CHINA
  
  
155,514
DENMARK - 0.7%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Pandora A/S
 
348
43,594
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Carlsberg AS Series B
 
298
43,960
Industrials - 0.5%
  
  
  
Air Freight & Logistics - 0.5%
  
  
  
DSV A/S
 
750
162,091
Electrical Equipment - 0.0%
  
  
  
Vestas Wind Systems A/S
 
551
14,832
TOTAL INDUSTRIALS
  
  
176,923
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Orsted AS (a)(b)(c)
  
545
12,191
TOTAL DENMARK
  
  
276,668
FINLAND - 1.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Elisa Oyj A Shares
 
285
11,495
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Kesko Oyj B Shares
 
2,044
50,865
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Neste Oyj
 
573
20,193
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Sampo Oyj A Shares
 
7,459
82,584
Industrials - 0.3%
  
  
  
Machinery - 0.3%
  
  
  
Metso Oyj
 
1,936
35,966
Wartsila OYJ Abp
 
1,531
51,799
TOTAL INDUSTRIALS
  
  
87,765
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.2%
  
  
  
Nokia Oyj
 
6,572
60,745
Nokia Oyj ADR
 
1,481
13,536
TOTAL INFORMATION TECHNOLOGY
  
  
74,281
Materials - 0.1%
  
  
  
Paper & Forest Products - 0.1%
  
  
  
Stora Enso Oyj R Shares
 
3,776
43,273
TOTAL FINLAND
  
  
370,456
FRANCE - 6.5%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
LVMH Moet Hennessy Louis Vuitton SE
 
30
16,474
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Pernod Ricard SA
 
271
21,120
Personal Care Products - 0.0%
  
  
  
L'Oreal SA
 
35
15,589
TOTAL CONSUMER STAPLES
  
  
36,709
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Gaztransport Et Technigaz SA
 
157
35,430
TotalEnergies SE
 
1,863
164,175
TOTAL ENERGY
  
  
199,605
Financials - 1.7%
  
  
  
Banks - 1.0%
  
  
  
BNP Paribas SA
 
2,158
274,215
Credit Agricole SA
 
603
13,474
Societe Generale SA Series A
 
928
87,229
 
  
  
374,918
Insurance - 0.7%
  
  
  
AXA SA
 
5,531
286,669
TOTAL FINANCIALS
  
  
661,587
Industrials - 3.3%
  
  
  
Aerospace & Defense - 1.8%
  
  
  
Airbus SE
 
952
223,490
Safran SA
 
1,080
424,420
 
  
  
647,910
Construction & Engineering - 0.2%
  
  
  
Eiffage SA
 
461
65,520
Electrical Equipment - 0.7%
  
  
  
Legrand SA
 
1,888
287,031
Ground Transportation - 0.0%
  
  
  
Stef SA
 
68
10,617
Machinery - 0.0%
  
  
  
Alstom SA (a)
  
956
17,711
Trading Companies & Distributors - 0.4%
  
  
  
Rexel SA
 
3,117
128,822
Thermador Groupe
 
146
12,745
 
  
  
141,567
Transportation Infrastructure - 0.2%
  
  
  
Getlink SE Series A
 
3,778
80,510
TOTAL INDUSTRIALS
  
  
1,250,866
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Dassault Systemes SE
 
1,635
38,038
Materials - 0.6%
  
  
  
Chemicals - 0.6%
  
  
  
Air Liquide SA
 
1,237
243,700
Real Estate - 0.2%
  
  
  
Retail REITs - 0.2%
  
  
  
Unibail-Rodamco-Westfield unit
 
538
65,328
TOTAL FRANCE
  
  
2,512,307
GERMANY - 5.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.0%
  
  
  
Auto1 Group SE (a)
  
879
22,888
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Adidas AG
 
189
34,969
TOTAL CONSUMER DISCRETIONARY
  
  
57,857
Consumer Staples - 0.4%
  
  
  
Household Products - 0.3%
  
  
  
Henkel AG & Co KGaA
 
1,395
114,307
Personal Care Products - 0.1%
  
  
  
Beiersdorf AG
 
343
31,861
TOTAL CONSUMER STAPLES
  
  
146,168
Financials - 1.0%
  
  
  
Capital Markets - 0.1%
  
  
  
Deutsche Bank AG
 
1,096
40,285
Deutsche Boerse AG
 
42
12,651
 
  
  
52,936
Insurance - 0.9%
  
  
  
Allianz SE
 
590
293,881
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
64
38,445
 
  
  
332,326
TOTAL FINANCIALS
  
  
385,262
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Bayer AG
 
1,012
56,162
Merck KGaA
 
568
93,872
TOTAL HEALTH CARE
  
  
150,034
Industrials - 2.1%
  
  
  
Aerospace & Defense - 0.8%
  
  
  
Hensoldt AG
 
85
7,808
Rheinmetall AG
 
230
304,048
 
  
  
311,856
Air Freight & Logistics - 0.1%
  
  
  
Deutsche Post AG
 
489
32,666
Construction & Engineering - 0.2%
  
  
  
HOCHTIEF AG
 
139
71,040
Electrical Equipment - 0.3%
  
  
  
Siemens Energy AG
 
713
121,811
Industrial Conglomerates - 0.7%
  
  
  
Siemens AG
 
819
268,343
Machinery - 0.0%
  
  
  
Gea Group Ag
 
381
27,086
TOTAL INDUSTRIALS
  
  
832,802
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
LPKF Laser & Electronics SE (a)
  
376
6,178
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Infineon Technologies AG
 
545
39,111
Software - 0.2%
  
  
  
SAP SE
 
436
79,917
TOTAL INFORMATION TECHNOLOGY
  
  
125,206
Materials - 0.5%
  
  
  
Construction Materials - 0.5%
  
  
  
Heidelberg Materials AG
 
980
182,442
Metals & Mining - 0.0%
  
  
  
Aurubis AG
 
60
12,564
TOTAL MATERIALS
  
  
195,006
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Vonovia SE
 
2,467
59,851
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
RWE AG
 
180
11,869
Multi-Utilities - 0.1%
  
  
  
E.ON SE
 
1,011
21,780
TOTAL UTILITIES
  
  
33,649
TOTAL GERMANY
  
  
1,985,835
HONG KONG - 0.4%
 
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
AIA Group Ltd
 
7,204
72,623
Prudential PLC
 
1,071
16,095
TOTAL FINANCIALS
  
  
88,718
Industrials - 0.1%
  
  
  
Ground Transportation - 0.1%
  
  
  
MTR Corp Ltd
 
6,380
26,944
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Sino Land Co Ltd
 
21,884
29,858
TOTAL HONG KONG
  
  
145,520
IRELAND - 0.6%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Household Durables - 0.0%
  
  
  
Cairn Homes PLC
 
3,030
8,514
Consumer Staples - 0.3%
  
  
  
Food Products - 0.3%
  
  
  
Kerry Group PLC Class A
 
1,068
101,974
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
AIB Group PLC
 
2,345
27,731
Bank of Ireland Group PLC
 
1,868
38,967
TOTAL FINANCIALS
  
  
66,698
Industrials - 0.1%
  
  
  
Building Products - 0.1%
  
  
  
Kingspan Group PLC
 
435
40,255
TOTAL IRELAND
  
  
217,441
ISRAEL - 0.4%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Bank Hapoalim BM
 
1,968
47,859
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (a)
  
525
18,380
Industrials - 0.3%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
Elbit Systems Ltd
 
77
62,018
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
Ituran Location and Control Ltd
 
323
17,817
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Enlight Renewable Energy Ltd (a)
  
203
17,268
TOTAL ISRAEL
  
  
163,342
ITALY - 2.7%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Moncler SpA
 
782
44,277
Financials - 2.5%
  
  
  
Banks - 1.9%
  
  
  
BPER Banca SPA
 
674
10,935
FinecoBank Banca Fineco SpA
 
1,244
33,984
Intesa Sanpaolo SpA
 
49,416
373,551
UniCredit SpA
 
3,311
312,267
 
  
  
730,737
Financial Services - 0.0%
  
  
  
Banca Mediolanum SpA
 
1,205
32,196
Insurance - 0.6%
  
  
  
Generali
 
4,274
216,602
TOTAL FINANCIALS
  
  
979,535
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Avio SpA (c)
  
651
21,793
Leonardo SpA
 
19
1,208
 
  
  
23,001
Electrical Equipment - 0.0%
  
  
  
Prysmian SpA
 
137
18,904
TOTAL INDUSTRIALS
  
  
41,905
TOTAL ITALY
  
  
1,065,717
JAPAN - 17.3%
 
  
  
Communication Services - 0.5%
  
  
  
Interactive Media & Services - 0.1%
  
  
  
LY Corp
 
7,567
21,083
Wireless Telecommunication Services - 0.4%
  
  
  
KDDI Corp
 
5,527
101,828
SoftBank Group Corp
 
1,781
55,474
 
  
  
157,302
TOTAL COMMUNICATION SERVICES
  
  
178,385
Consumer Discretionary - 2.2%
  
  
  
Automobile Components - 0.3%
  
  
  
Bridgestone Corp
 
3,722
91,917
Niterra Co Ltd
 
530
30,951
 
  
  
122,868
Automobiles - 0.6%
  
  
  
Toyota Motor Corp
 
7,445
140,894
Yamaha Motor Co Ltd
 
7,887
65,974
 
  
  
206,868
Broadline Retail - 0.0%
  
  
  
Rakuten Group Inc (a)
  
2,207
11,507
Diversified Consumer Services - 0.0%
  
  
  
Aucnet Inc
 
2,200
18,330
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Oriental Land Co Ltd/Japan
 
3,751
74,869
Household Durables - 1.0%
  
  
  
Nikon Corp
 
719
8,543
Panasonic Holdings Corp
 
10,238
270,718
Sony Group Corp
 
3,366
78,660
 
  
  
357,921
Specialty Retail - 0.1%
  
  
  
Sanrio Co Ltd
 
5,491
44,061
USS Co Ltd
 
867
10,949
 
  
  
55,010
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Asics Corp
 
245
7,223
TOTAL CONSUMER DISCRETIONARY
  
  
854,596
Consumer Staples - 0.5%
  
  
  
Food Products - 0.5%
  
  
  
Ajinomoto Co Inc
 
4,917
151,633
Kikkoman Corp
 
2,874
29,599
TOTAL CONSUMER STAPLES
  
  
181,232
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
ENEOS Holdings Inc
 
8,044
66,432
Financials - 3.9%
  
  
  
Banks - 2.8%
  
  
  
Mitsubishi UFJ Financial Group Inc
 
21,178
473,042
Mizuho Financial Group Inc
 
3,558
184,462
Resona Holdings Inc
 
505
6,848
Sumitomo Mitsui Financial Group Inc
 
7,993
343,451
Yokohama Financial Group Inc
 
6,037
68,718
 
  
  
1,076,521
Capital Markets - 0.3%
  
  
  
Daiwa Securities Group Inc
 
8,714
97,481
Japan Exchange Group Inc
 
2,244
30,525
 
  
  
128,006
Financial Services - 0.2%
  
  
  
ORIX Corp
 
2,782
112,279
Insurance - 0.6%
  
  
  
Daiichi Life Group Inc
 
2,862
34,508
Tokio Marine Holdings Inc
 
3,559
181,390
 
  
  
215,898
TOTAL FINANCIALS
  
  
1,532,704
Health Care - 1.1%
  
  
  
Health Care Equipment & Supplies - 0.9%
  
  
  
Hoya Corp
 
2,121
324,337
Health Care Providers & Services - 0.0%
  
  
  
H.U. Group Holdings Inc
 
660
14,105
Pharmaceuticals - 0.2%
  
  
  
Chugai Pharmaceutical Co Ltd
 
112
4,860
Daiichi Sankyo Co Ltd
 
459
7,418
Takeda Pharmaceutical Co Ltd
 
1,875
64,379
 
  
  
76,657
TOTAL HEALTH CARE
  
  
415,099
Industrials - 4.6%
  
  
  
Building Products - 0.1%
  
  
  
Daikin Industries Ltd
 
185
26,798
Commercial Services & Supplies - 0.0%
  
  
  
CTS Co Ltd
 
730
3,852
Midac Holdings Co Ltd
 
723
9,903
 
  
  
13,755
Construction & Engineering - 0.1%
  
  
  
Kajima Corp
 
212
7,084
Obayashi Corp
 
1,832
36,007
Taisei Corp
 
144
11,664
 
  
  
54,755
Electrical Equipment - 0.1%
  
  
  
Fuji Electric Co Ltd
 
349
30,457
Furukawa Electric Co Ltd
 
333
6,354
Mitsubishi Electric Corp
 
568
20,461
 
  
  
57,272
Ground Transportation - 0.1%
  
  
  
Hankyu Hanshin Holdings Inc
 
781
23,108
Kyushu Railway Co
 
443
9,997
 
  
  
33,105
Industrial Conglomerates - 0.9%
  
  
  
Hitachi Ltd
 
11,230
368,014
Machinery - 2.1%
  
  
  
Daifuku Co Ltd
 
1,423
52,418
Ebara Corp
 
2,936
99,670
FANUC Corp
 
1,551
62,498
IHI Corp
 
1,345
23,517
Komatsu Ltd
 
2,625
113,899
Meidensha Corp
 
134
7,901
Mitsubishi Heavy Industries Ltd
 
17,229
402,511
 
  
  
762,414
Passenger Airlines - 0.2%
  
  
  
ANA Holdings Inc
 
4,722
92,229
Professional Services - 0.1%
  
  
  
Recruit Holdings Co Ltd
 
583
46,104
Trading Companies & Distributors - 0.9%
  
  
  
ITOCHU Corp
 
20,267
254,343
Marubeni Corp
 
2,326
75,178
Mitani Corp
 
453
8,226
 
  
  
337,747
TOTAL INDUSTRIALS
  
  
1,792,193
Information Technology - 3.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.9%
  
  
  
Anritsu Corp
 
295
6,447
Azbil Corp
 
11,400
118,048
Ibiden Co Ltd
 
218
21,809
Keyence Corp
 
212
106,336
Murata Manufacturing Co Ltd
 
820
37,363
Yokogawa Electric Corp
 
1,906
67,977
 
  
  
357,980
IT Services - 0.3%
  
  
  
Fujitsu Ltd
 
1,715
39,530
NEC Corp
 
1,193
35,454
Nomura Research Institute Ltd
 
806
23,844
 
  
  
98,828
Semiconductors & Semiconductor Equipment - 2.7%
  
  
  
Advantest Corp
 
2,564
506,601
Disco Corp
 
635
226,971
Lasertec Corp
 
360
82,704
Renesas Electronics Corp
 
8,232
165,000
Shibaura Mechatronics Corp
 
212
5,648
Tokyo Electron Ltd
 
241
80,575
 
  
  
1,067,499
TOTAL INFORMATION TECHNOLOGY
  
  
1,524,307
Materials - 0.5%
  
  
  
Chemicals - 0.3%
  
  
  
Asahi Kasei Corp
 
4,494
47,973
Mitsubishi Chemical Group Corp
 
1,482
10,906
Resonac Holdings Corp
 
78
6,497
Shin-Etsu Chemical Co Ltd
 
1,080
38,502
Toray Industries Inc
 
3,360
24,136
Toyo Gosei Co Ltd
 
82
6,501
 
  
  
134,515
Metals & Mining - 0.2%
  
  
  
JX Advanced Metals Corp
 
1,053
24,396
Mitsui Kinzoku Co Ltd
 
106
19,957
Sumitomo Metal Mining Co Ltd
 
281
14,124
 
  
  
58,477
TOTAL MATERIALS
  
  
192,992
TOTAL JAPAN
  
  
6,737,940
NETHERLANDS - 5.0%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Koninklijke KPN NV
 
15,498
73,179
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Heineken NV
 
648
58,670
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Koninklijke Ahold Delhaize NV
 
181
7,171
Food Products - 0.0%
  
  
  
JDE Peet's NV
 
575
21,119
TOTAL CONSUMER STAPLES
  
  
86,960
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Koninklijke Heijmans N.V depository receipt
 
143
15,410
Professional Services - 0.0%
  
  
  
Wolters Kluwer NV
 
72
5,652
TOTAL INDUSTRIALS
  
  
21,062
Information Technology - 4.4%
  
  
  
Semiconductors & Semiconductor Equipment - 4.4%
  
  
  
ASM International NV
 
161
148,749
ASML Holding NV
 
908
1,496,335
BE Semiconductor Industries NV
 
299
68,354
 
  
  
1,713,438
Software - 0.0%
  
  
  
Nebius Group NV Class A (a)
  
36
6,855
TOTAL INFORMATION TECHNOLOGY
  
  
1,720,293
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Akzo Nobel NV
 
837
58,626
TOTAL NETHERLANDS
  
  
1,960,120
NEW ZEALAND - 0.1%
 
  
  
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
Auckland International Airport Ltd
 
3,019
15,479
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Meridian Energy Ltd
 
7,314
24,526
TOTAL NEW ZEALAND
  
  
40,005
NORWAY - 0.9%
 
  
  
Consumer Staples - 0.4%
  
  
  
Food Products - 0.4%
  
  
  
Mowi ASA
 
2,356
50,364
Orkla ASA
 
7,740
85,976
TOTAL CONSUMER STAPLES
  
  
136,340
Energy - 0.4%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
TGS ASA
 
1
13
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Aker BP ASA
 
1,437
50,718
Equinor ASA
 
2,141
87,890
 
  
  
138,608
TOTAL ENERGY
  
  
138,621
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Kongsberg Gruppen ASA
 
2,117
66,162
TOTAL NORWAY
  
  
341,123
POLAND - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
InPost SA (a)
  
1,926
34,336
PORTUGAL - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Galp Energia SGPS SA
 
7,049
160,087
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Banco Comercial Portugues SA
 
6,221
7,640
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
EDP SA
 
2,135
11,005
TOTAL PORTUGAL
  
  
178,732
SINGAPORE - 0.6%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Singapore Telecommunications Ltd
 
5,927
20,507
Financials - 0.4%
  
  
  
Banks - 0.2%
  
  
  
DBS Group Holdings Ltd
 
700
40,388
United Overseas Bank Ltd
 
698
23,605
 
  
  
63,993
Capital Markets - 0.2%
  
  
  
Singapore Exchange Ltd
 
4,243
80,890
TOTAL FINANCIALS
  
  
144,883
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Keppel Ltd
 
1,229
10,976
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
STMicroelectronics NV
 
418
22,016
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Sembcorp Industries Ltd
 
3,725
16,022
TOTAL SINGAPORE
  
  
214,404
SPAIN - 3.8%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Cellnex Telecom SA (b)(c)
  
918
28,517
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Amadeus IT Group SA Class A
 
1,081
66,716
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Repsol SA
 
2,030
61,958
Financials - 2.3%
  
  
  
Banks - 2.3%
  
  
  
Banco Santander SA
 
34,968
497,324
Bankinter SA
 
511
9,387
CaixaBank SA
 
24,947
362,389
 
  
  
869,100
Insurance - 0.0%
  
  
  
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros
 
9,648
14,196
TOTAL FINANCIALS
  
  
883,296
Industrials - 0.1%
  
  
  
Construction & Engineering - 0.1%
  
  
  
ACS Actividades de Construccion y Servicios SA
 
297
37,776
Utilities - 1.0%
  
  
  
Electric Utilities - 1.0%
  
  
  
Acciona SA
 
170
46,774
Endesa SA
 
1,610
78,644
Iberdrola SA
 
10,850
258,367
 
  
  
383,785
Gas Utilities - 0.0%
  
  
  
Naturgy Energy Group SA
 
563
18,781
TOTAL UTILITIES
  
  
402,566
TOTAL SPAIN
  
  
1,480,829
SWEDEN - 3.3%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Telia Co AB
 
17,656
81,918
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Evolution AB (a)(b)
  
420
32,119
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
AAK AB
 
630
13,590
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
EQT AB
 
439
14,923
Industrials - 2.4%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Invisio AB
 
503
10,976
Building Products - 0.5%
  
  
  
Assa Abloy AB B Shares
 
4,466
165,714
Nibe Industrier AB B Shares
 
3,111
12,461
 
  
  
178,175
Machinery - 1.5%
  
  
  
Atlas Copco AB A Shares
 
10,910
230,526
Epiroc AB A Shares
 
8,932
228,987
Epiroc AB B Shares
 
869
19,037
Sandvik AB
 
2,761
103,247
 
  
  
581,797
Trading Companies & Distributors - 0.4%
  
  
  
AddTech AB B Shares
 
3,384
123,175
Bergman & Beving AB B Shares
 
720
20,718
 
  
  
143,893
TOTAL INDUSTRIALS
  
  
914,841
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Lagercrantz Group AB B Shares
 
872
20,513
Materials - 0.5%
  
  
  
Metals & Mining - 0.3%
  
  
  
Alleima AB
 
1,244
14,763
Boliden AB
 
2,070
103,650
 
  
  
118,413
Paper & Forest Products - 0.2%
  
  
  
Svenska Cellulosa AB SCA B Shares
 
6,861
77,997
TOTAL MATERIALS
  
  
196,410
TOTAL SWEDEN
  
  
1,274,314
SWITZERLAND - 4.5%
 
  
  
Financials - 1.8%
  
  
  
Capital Markets - 0.8%
  
  
  
UBS Group AG
 
5,064
266,527
UBS Group AG (United States)
 
783
41,295
 
  
  
307,822
Insurance - 1.0%
  
  
  
Swiss Life Holding AG
 
2
2,362
Zurich Insurance Group AG
 
504
383,911
 
  
  
386,273
TOTAL FINANCIALS
  
  
694,095
Health Care - 0.4%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Sonova Holding AG
 
112
30,478
Life Sciences Tools & Services - 0.2%
  
  
  
Lonza Group AG
 
121
84,145
Tecan Group AG
 
33
7,596
 
  
  
91,741
Pharmaceuticals - 0.1%
  
  
  
Galderma Group AG
 
110
23,937
TOTAL HEALTH CARE
  
  
146,156
Industrials - 1.6%
  
  
  
Building Products - 0.1%
  
  
  
Belimo Holding AG
 
48
49,873
Electrical Equipment - 1.2%
  
  
  
ABB Ltd
 
4,322
426,404
Machinery - 0.1%
  
  
  
VAT Group AG (b)(c)
  
57
42,444
Marine Transportation - 0.2%
  
  
  
Kuehne + Nagel International AG
 
259
65,899
Professional Services - 0.0%
  
  
  
SGS SA
 
162
19,193
TOTAL INDUSTRIALS
  
  
603,813
Information Technology - 0.1%
  
  
  
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Logitech International SA
 
450
45,687
Materials - 0.3%
  
  
  
Chemicals - 0.3%
  
  
  
Givaudan SA
 
17
67,920
Sika AG
 
282
63,447
TOTAL MATERIALS
  
  
131,367
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
PSP Swiss Property AG
 
140
25,283
Swiss Prime Site AG
 
592
96,513
TOTAL REAL ESTATE
  
  
121,796
TOTAL SWITZERLAND
  
  
1,742,914
TAIWAN - 1.8%
 
  
  
Information Technology - 1.8%
  
  
  
Semiconductors & Semiconductor Equipment - 1.8%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd
 
9,232
683,165
UNITED KINGDOM - 12.0%
 
  
  
Communication Services - 0.3%
  
  
  
Media - 0.3%
  
  
  
Informa PLC
 
9,554
114,059
Consumer Discretionary - 1.3%
  
  
  
Automobile Components - 0.0%
  
  
  
AB Dynamics PLC
 
1,771
17,663
Distributors - 0.0%
  
  
  
Inchcape PLC
 
925
10,452
Diversified Consumer Services - 0.1%
  
  
  
ME Group International PLC
 
18,134
27,080
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Compass Group PLC
 
9,055
287,134
Playtech Plc (a)
  
1,385
7,067
 
  
  
294,201
Household Durables - 0.1%
  
  
  
Barratt Redrow PLC
 
13,709
54,483
Leisure Products - 0.1%
  
  
  
Games Workshop Group PLC
 
114
29,377
Specialty Retail - 0.1%
  
  
  
Kingfisher PLC
 
13,528
56,438
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Burberry Group PLC (a)
  
794
12,708
TOTAL CONSUMER DISCRETIONARY
  
  
502,402
Consumer Staples - 0.7%
  
  
  
Beverages - 0.3%
  
  
  
Diageo PLC
 
4,813
105,734
Consumer Staples Distribution & Retail - 0.1%
  
  
  
J Sainsbury PLC
 
6,413
31,063
Tesco PLC
 
3,635
23,926
 
  
  
54,989
Personal Care Products - 0.3%
  
  
  
Unilever PLC
 
1,560
99,259
TOTAL CONSUMER STAPLES
  
  
259,982
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
DCC Energy plc
 
454
38,732
Financials - 3.3%
  
  
  
Banks - 2.4%
  
  
  
Barclays PLC
 
5,502
37,818
HSBC Holdings PLC
 
13,368
284,677
Lloyds Banking Group PLC
 
151,746
234,541
NatWest Group PLC
 
24,635
232,373
Standard Chartered PLC
 
4,611
136,336
 
  
  
925,745
Capital Markets - 0.3%
  
  
  
3i Group PLC
 
1,480
56,977
London Stock Exchange Group PLC
 
391
43,985
Schroders PLC
 
510
4,044
St James's Place PLC
 
997
14,156
 
  
  
119,162
Insurance - 0.6%
  
  
  
Admiral Group PLC
 
499
25,368
Aviva PLC
 
9,387
87,855
Beazley PLC
 
4,974
86,511
Legal & General Group PLC
 
10,237
41,446
 
  
  
241,180
TOTAL FINANCIALS
  
  
1,286,087
Health Care - 1.1%
  
  
  
Pharmaceuticals - 1.1%
  
  
  
Astrazeneca PLC
 
1,822
310,191
GSK PLC
 
4,159
108,146
TOTAL HEALTH CARE
  
  
418,337
Industrials - 3.9%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
Avon Technologies PLC
 
2,741
63,023
BAE Systems PLC
 
26,413
747,735
 
  
  
810,758
Commercial Services & Supplies - 0.1%
  
  
  
Rentokil Initial PLC
 
3,494
16,091
Verisure PLC (a)
  
637
7,911
 
  
  
24,002
Construction & Engineering - 0.2%
  
  
  
Balfour Beatty PLC
 
5,982
69,537
Industrial Conglomerates - 0.5%
  
  
  
Smiths Group PLC
 
4,995
177,860
Machinery - 0.0%
  
  
  
Bodycote PLC
 
2,334
22,727
Marine Transportation - 0.0%
  
  
  
Clarkson PLC
 
206
13,132
Professional Services - 0.2%
  
  
  
RELX PLC
 
1,808
63,591
Trading Companies & Distributors - 0.8%
  
  
  
Bunzl PLC
 
879
33,195
Diploma PLC
 
1,690
166,727
Howden Joinery Group PLC
 
8,765
93,146
 
  
  
293,068
TOTAL INDUSTRIALS
  
  
1,474,675
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Halma PLC
 
1,213
57,710
Oxford Instruments PLC
 
895
32,954
 
  
  
90,664
Software - 0.1%
  
  
  
Sage Group PLC/The
 
3,141
41,198
TOTAL INFORMATION TECHNOLOGY
  
  
131,862
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Hill & Smith PLC
 
203
7,797
Real Estate - 0.3%
  
  
  
Diversified REITs - 0.1%
  
  
  
Land Securities Group PLC
 
3,857
36,737
Industrial REITs - 0.2%
  
  
  
Segro PLC
 
6,873
89,389
TOTAL REAL ESTATE
  
  
126,126
Utilities - 0.7%
  
  
  
Electric Utilities - 0.5%
  
  
  
SSE PLC
 
5,805
183,400
Multi-Utilities - 0.2%
  
  
  
National Grid PLC
 
6,408
102,565
TOTAL UTILITIES
  
  
285,965
TOTAL UNITED KINGDOM
  
  
4,646,024
UNITED STATES - 8.7%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Hotels, Restaurants & Leisure - 0.8%
  
  
  
InterContinental Hotels Group PLC
 
863
138,684
InterContinental Hotels Group PLC ADR
 
1,037
168,285
 
  
  
306,969
Leisure Products - 0.0%
  
  
  
BRP Inc Subordinate Voting Shares
 
180
11,122
TOTAL CONSUMER DISCRETIONARY
  
  
318,091
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
Shell PLC
 
1,981
90,674
Shell PLC ADR
 
2,677
246,230
TOTAL ENERGY
  
  
336,904
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Visa Inc Class A
 
82
30,023
Insurance - 0.0%
  
  
  
Swiss Re AG
 
96
16,013
TOTAL FINANCIALS
  
  
46,036
Health Care - 1.8%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Alcon AG
 
653
44,731
Life Sciences Tools & Services - 0.0%
  
  
  
QIAGEN NV (Germany)
 
673
27,721
Pharmaceuticals - 1.7%
  
  
  
Novartis AG
 
937
146,539
Roche Holding AG
 
1,007
440,443
Roche Holding AG bearer shares
 
128
56,776
 
  
  
643,758
TOTAL HEALTH CARE
  
  
716,210
Industrials - 2.9%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
31
1,280
Electrical Equipment - 2.7%
  
  
  
GE Vernova Inc
 
338
334,718
Schneider Electric SE
 
1,998
671,299
 
  
  
1,006,017
Trading Companies & Distributors - 0.2%
  
  
  
Ferguson Enterprises Inc
 
224
52,490
Sunbelt Rentals Holdings Inc (United Kingdom)
 
362
25,819
 
  
  
78,309
TOTAL INDUSTRIALS
  
  
1,085,606
Materials - 2.2%
  
  
  
Chemicals - 0.7%
  
  
  
Linde PLC
 
451
215,749
Sherwin-Williams Co/The
 
200
68,170
 
  
  
283,919
Construction Materials - 1.5%
  
  
  
CRH PLC
 
6,083
577,946
TOTAL MATERIALS
  
  
861,865
TOTAL UNITED STATES
  
  
3,364,712
 
TOTAL COMMON STOCKS
 (Cost $29,289,651)
  
  
  
37,027,066
 
  
  
  
Money Market Funds - 3.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 (Cost $1,494,150)
  
3.69
1,493,878
1,494,177
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.1%
 (Cost $30,783,801)
 
  
 
38,521,243
NET OTHER ASSETS (LIABILITIES) - 0.9% (d)
343,500
NET ASSETS - 100.0%
38,864,743
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
9
9/2026
1,432,035
17,937

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 $154,263 or 0.4% of net assets.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $143,937 or 0.4% of net assets.
 
(d)
Includes $38,612 of cash collateral to cover margin requirements for futures contracts.
 
(e)
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 Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
1,089,069
11,432,864
11,027,767
32,369
(16)
27
1,494,177
1,493,878
 
1,089,069
11,432,864
11,027,767
32,369
(16)
27
1,494,177
  
 
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.
 
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.
 
Derivative Instruments
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 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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