Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
25,800
10,991,108
Rheinmetall AG
40,050
14,058,005
RWE AG
218,200
8,095,314
Siemens AG
114,139
20,433,607
Vonovia SE
220,529
6,869,999
TOTAL GERMANY
93,201,083
Hong Kong - 0.8%
Prudential PLC
674,566
6,929,524
India - 0.7%
Reliance Industries Ltd. GDR (b)
95,600
6,634,640
Indonesia - 0.5%
PT Bank Rakyat Indonesia (Persero) Tbk
13,852,694
4,990,233
Ireland - 0.6%
Bank of Ireland Group PLC
598,700
5,505,633
Italy - 4.7%
Eni SpA
860,900
13,723,899
Mediobanca SpA
646,825
8,597,992
Prysmian SpA
107,500
4,762,023
Ryanair Holdings PLC sponsored ADR (a)
64,300
8,590,480
UniCredit SpA
215,700
6,318,296
TOTAL ITALY
41,992,690
Japan - 25.0%
Daiichi Sankyo Kabushiki Kaisha
47,300
1,416,116
DENSO Corp.
655,900
10,302,911
Eisai Co. Ltd.
46,100
2,170,787
Fast Retailing Co. Ltd.
20,100
5,366,237
FUJIFILM Holdings Corp.
92,400
5,856,768
Fujitsu Ltd.
48,000
6,643,888
Hitachi Ltd.
293,900
23,085,947
Hoya Corp.
27,200
3,455,194
Ibiden Co. Ltd.
80,300
4,040,691
INPEX Corp.
389,800
5,298,342
Itochu Corp.
373,700
16,960,047
LY Corp.
736,300
2,290,654
Minebea Mitsumi, Inc.
195,770
4,046,607
Mitsubishi Heavy Industries Ltd.
109,100
7,277,352
Mitsubishi UFJ Financial Group, Inc.
2,038,961
19,098,030
NOF Corp.
46,200
2,086,566
ORIX Corp.
489,200
9,446,095
Renesas Electronics Corp. (a)
556,388
9,128,984
Shin-Etsu Chemical Co. Ltd.
374,400
14,737,205
SoftBank Group Corp.
84,500
3,647,919
Sony Group Corp.
66,000
6,472,514
Sumitomo Mitsui Financial Group, Inc.
294,600
15,323,142
Suzuki Motor Corp.
198,830
8,931,183
TIS, Inc.
104,701
2,328,743
Tokio Marine Holdings, Inc.
530,544
13,989,083
Toyota Motor Corp.
1,054,925
21,064,554
TOTAL JAPAN
224,465,559
Korea (South) - 0.8%
Samsung Electronics Co. Ltd.
136,250
7,403,478
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)
105,432
2,921,431
Netherlands - 4.5%
Shell PLC ADR
590,300
37,135,774
Universal Music Group NV
118,038
3,479,493
TOTAL NETHERLANDS
40,615,267
Singapore - 1.0%
United Overseas Bank Ltd.
423,905
8,935,298
South Africa - 0.7%
Anglo American PLC (United Kingdom)
246,540
5,876,941
Thungela Resources Ltd.
43,581
275,046
TOTAL SOUTH AFRICA
6,151,987
Spain - 2.5%
Banco Santander SA (Spain)
4,225,082
16,980,857
Cellnex Telecom SA (b)
101,800
3,916,996
Unicaja Banco SA (b)
1,685,700
1,616,791
TOTAL SPAIN
22,514,644
Sweden - 1.8%
Investor AB (B Shares)
675,240
15,955,328
Switzerland - 3.9%
Swiss Life Holding AG
9,543
6,871,800
UBS Group AG
498,658
14,914,861
Zurich Insurance Group Ltd.
25,651
13,052,151
TOTAL SWITZERLAND
34,838,812
United Kingdom - 9.5%
AstraZeneca PLC (United Kingdom)
82,612
10,952,438
B&M European Value Retail SA
545,900
3,587,774
BAE Systems PLC
1,344,974
20,061,795
Barratt Developments PLC
1,179,932
8,080,752
Beazley PLC
487,800
3,366,039
Flutter Entertainment PLC (a)
17,800
3,673,561
HSBC Holdings PLC (United Kingdom)
638,000
4,981,315
Imperial Brands PLC
244,209
5,862,268
JD Sports Fashion PLC
931,186
1,381,298
Lloyds Banking Group PLC
15,245,654
8,172,521
London Stock Exchange Group PLC
30,300
3,427,356
Rolls-Royce Holdings PLC (a)
1,095,700
4,159,772
Standard Chartered PLC (United Kingdom)
1,026,149
7,755,168
TOTAL UNITED KINGDOM
85,462,057
United States of America - 5.5%
CRH PLC
221,902
15,815,611
Ferguson PLC
32,816
6,175,776
Linde PLC
27,314
11,057,527
Sanofi SA
167,679
16,792,300
TOTAL UNITED STATES OF AMERICA
49,841,214
TOTAL COMMON STOCKS
(Cost $711,614,725)
856,606,846
Nonconvertible Preferred Stocks - 0.6%
Shares
Value ($)
Germany - 0.6%
Porsche Automobil Holding SE (Germany)
(Cost $7,900,450)
117,800
5,881,043
Money Market Funds - 4.2%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (c)
(Cost $37,648,636)
37,641,108
37,648,636
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $757,163,811)
900,136,525
NET OTHER ASSETS (LIABILITIES) - (0.1)%
(1,021,945)
NET ASSETS - 100.0%
899,114,580
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 $14,581,781 or 1.6% of net assets.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
17,765,904
90,117,505
70,234,773
349,113
-
-
37,648,636
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
-
2,951
2,951
-
-
-
-
0.0%
Total
17,765,904
90,120,456
70,237,724
349,113
-
-
37,648,636
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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