Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
427,817
182,255,150
Rheinmetall AG
652,441
229,014,202
RWE AG
3,634,600
134,845,226
Siemens AG
1,881,407
336,816,784
Vonovia SE
3,594,041
111,962,859
TOTAL GERMANY
1,534,378,120
Hong Kong - 0.8%
Prudential PLC
10,995,450
112,951,495
India - 0.7%
Reliance Industries Ltd. GDR (c)
1,558,800
108,180,720
Indonesia - 0.6%
PT Bank Rakyat Indonesia (Persero) Tbk
225,743,837
81,320,957
Ireland - 0.6%
Bank of Ireland Group PLC
9,758,000
89,734,372
Italy - 4.7%
Eni SpA
14,213,800
226,587,004
Mediobanca SpA (a)
10,762,555
143,062,446
Prysmian SpA
1,730,900
76,675,223
Ryanair Holdings PLC sponsored ADR (b)
1,046,300
139,785,680
UniCredit SpA
3,516,400
103,002,570
TOTAL ITALY
689,112,923
Japan - 25.3%
Daiichi Sankyo Kabushiki Kaisha
751,100
22,487,211
DENSO Corp.
10,875,984
170,840,513
Eisai Co. Ltd.
738,500
34,774,976
Fast Retailing Co. Ltd.
327,900
87,541,752
FUJIFILM Holdings Corp.
1,504,649
95,372,072
Fujitsu Ltd.
782,900
108,364,579
Hitachi Ltd.
4,839,400
380,136,558
Hoya Corp.
441,709
56,109,935
Ibiden Co. Ltd.
1,293,444
65,086,019
INPEX Corp.
6,353,200
86,355,633
Itochu Corp.
6,157,953
279,473,305
LY Corp.
11,946,600
37,166,277
Minebea Mitsumi, Inc.
3,190,751
65,953,495
Mitsubishi Heavy Industries Ltd.
1,778,800
118,652,182
Mitsubishi UFJ Financial Group, Inc.
33,578,024
314,510,246
NOF Corp.
743,100
33,561,191
ORIX Corp.
8,126,533
156,917,415
Renesas Electronics Corp. (b)
9,241,300
151,627,432
Shin-Etsu Chemical Co. Ltd.
6,177,590
243,163,488
SoftBank Group Corp.
1,411,437
60,932,635
Sony Group Corp.
1,075,545
105,476,975
Sumitomo Mitsui Financial Group, Inc.
4,858,663
252,715,483
Suzuki Motor Corp.
3,306,682
148,531,824
TIS, Inc.
1,693,756
37,672,257
Tokio Marine Holdings, Inc.
8,759,545
230,966,709
Toyota Motor Corp.
17,372,520
346,891,370
TOTAL JAPAN
3,691,281,532
Korea (South) - 0.8%
Samsung Electronics Co. Ltd.
2,299,585
124,953,587
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)
1,718,158
47,608,694
Netherlands - 4.5%
Shell PLC ADR
9,600,648
603,976,763
Universal Music Group NV
1,924,360
56,725,770
TOTAL NETHERLANDS
660,702,533
Singapore - 1.0%
United Overseas Bank Ltd.
7,048,889
148,580,288
South Africa - 0.7%
Anglo American PLC (United Kingdom)
4,017,776
95,774,453
Thungela Resources Ltd.
727,274
4,589,938
TOTAL SOUTH AFRICA
100,364,391
Spain - 2.5%
Banco Santander SA (Spain)
69,605,172
279,747,351
Cellnex Telecom SA (c)
1,699,138
65,378,365
Unicaja Banco SA (a)(c)
26,416,431
25,336,560
TOTAL SPAIN
370,462,276
Sweden - 1.8%
Investor AB (B Shares)
11,129,860
262,988,817
Switzerland - 3.9%
Swiss Life Holding AG
155,520
111,988,097
UBS Group AG (a)
8,057,691
241,005,538
Zurich Insurance Group Ltd.
423,880
215,685,391
TOTAL SWITZERLAND
568,679,026
United Kingdom - 9.7%
AstraZeneca PLC (United Kingdom)
1,368,099
181,378,246
B&M European Value Retail SA
9,131,200
60,012,236
BAE Systems PLC
22,150,539
330,400,122
Barratt Developments PLC
19,665,099
134,676,219
Beazley PLC
7,951,417
54,868,344
Flutter Entertainment PLC (b)
294,100
60,696,301
HSBC Holdings PLC (United Kingdom)
10,377,600
81,025,223
Imperial Brands PLC
3,963,733
95,149,918
JD Sports Fashion PLC
14,980,727
22,222,031
Lloyds Banking Group PLC
253,957,371
136,135,325
London Stock Exchange Group PLC
495,400
56,036,708
Rolls-Royce Holdings PLC (b)
17,589,900
66,779,199
Standard Chartered PLC (United Kingdom)
17,872,722
135,073,905
TOTAL UNITED KINGDOM
1,414,453,777
United States of America - 5.6%
CRH PLC
3,657,908
260,709,903
Ferguson PLC
534,255
100,543,613
Linde PLC
443,574
179,572,062
Sanofi SA
2,763,106
276,712,679
TOTAL UNITED STATES OF AMERICA
817,538,257
TOTAL COMMON STOCKS
(Cost $10,382,396,556)
14,094,064,477
Nonconvertible Preferred Stocks - 0.7%
Shares
Value ($)
Germany - 0.7%
Porsche Automobil Holding SE (Germany)
(Cost $124,696,369)
1,920,877
95,897,803
Money Market Funds - 2.7%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
344,017,899
344,086,703
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
56,434,589
56,440,232
TOTAL MONEY MARKET FUNDS
(Cost $400,526,935)
400,526,935
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $10,907,619,860)
14,590,489,215
NET OTHER ASSETS (LIABILITIES) - 0.1%
13,484,858
NET ASSETS - 100.0%
14,603,974,073
Legend
(a)
Security or a portion of the security is on loan at period end.
(b)
Non-income producing
(c)
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 $237,869,992 or 1.6% of net assets.
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
292,175,622
520,887,843
468,976,762
4,146,266
-
-
344,086,703
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
171,028,158
297,723,571
412,311,497
330,870
-
-
56,440,232
0.2%
Total
463,203,780
818,611,414
881,288,259
4,477,136
-
-
400,526,935
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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