Constellation Software, Inc. warrants 3/31/40 (a)(c)
38,399
3
Thomson Reuters Corp.
483,601
78,373,030
TOTAL CANADA
542,137,961
Denmark - 2.9%
Novo Nordisk A/S Series B
1,266,329
167,779,599
France - 12.0%
Air Liquide SA
519,794
94,840,865
Capgemini SA
320,131
63,553,521
Compagnie de St.-Gobain
980,229
84,089,690
Dassault Systemes SA
751,264
28,479,495
Hermes International SCA
44,645
97,745,395
L'Oreal SA
219,788
95,046,852
LVMH Moet Hennessy Louis Vuitton SE
181,477
128,007,053
Safran SA
437,822
96,186,287
TOTAL FRANCE
687,949,158
Germany - 3.6%
HeidelbergCement AG
737,795
77,037,219
SAP SE
623,737
131,870,674
TOTAL GERMANY
208,907,893
India - 8.0%
Axis Bank Ltd.
6,241,431
86,926,119
Bharti Airtel Ltd.
5,290,846
94,252,582
HDFC Bank Ltd.
4,965,510
95,955,890
ICICI Bank Ltd.
6,656,673
97,031,932
Larsen & Toubro Ltd.
1,825,146
83,161,530
TOTAL INDIA
457,328,053
Indonesia - 1.5%
PT Bank Central Asia Tbk
138,980,834
87,824,605
Ireland - 1.4%
Kingspan Group PLC (Ireland)
880,084
82,293,487
Italy - 1.3%
Ferrari NV (Italy)
186,508
76,783,087
Japan - 11.0%
Hitachi Ltd.
4,631,408
100,069,362
Hoya Corp.
690,806
86,558,551
Keyence Corp.
228,634
99,972,591
Recruit Holdings Co. Ltd.
696,100
39,916,665
Shin-Etsu Chemical Co. Ltd.
2,253,052
100,104,648
Tokio Marine Holdings, Inc.
2,447,174
96,010,325
Tokyo Electron Ltd.
518,618
108,519,518
TOTAL JAPAN
631,151,660
Netherlands - 5.9%
ASM International NV (Netherlands)
121,187
83,099,574
ASML Holding NV (Netherlands)
179,702
165,407,358
Wolters Kluwer NV
542,633
91,084,734
TOTAL NETHERLANDS
339,591,666
Sweden - 2.9%
ASSA ABLOY AB (B Shares)
2,547,795
77,591,331
Atlas Copco AB (A Shares)
5,113,287
91,004,536
TOTAL SWEDEN
168,595,867
Switzerland - 3.9%
ABB Ltd. (Reg.)
1,851,953
102,795,675
Compagnie Financiere Richemont SA Series A
646,568
98,621,904
Partners Group Holding AG
14,460
19,513,381
TOTAL SWITZERLAND
220,930,960
Taiwan - 4.2%
Taiwan Semiconductor Manufacturing Co. Ltd.
8,150,231
238,791,817
United Kingdom - 13.6%
3i Group PLC
2,163,856
87,053,508
Ashtead Group PLC
1,237,629
89,129,723
BAE Systems PLC
5,262,206
87,763,670
Compass Group PLC
2,900,911
89,333,604
InterContinental Hotel Group PLC
772,132
77,788,961
London Stock Exchange Group PLC
684,641
83,338,429
RELX PLC (London Stock Exchange)
2,157,172
101,813,154
Rolls-Royce Holdings PLC (a)
13,927,986
80,645,866
Sage Group PLC
5,833,543
81,442,520
TOTAL UNITED KINGDOM
778,309,435
United States of America - 16.5%
Arthur J. Gallagher & Co.
284,502
80,653,472
Experian PLC
1,861,554
87,875,394
Holcim AG
903,585
84,440,385
Linde PLC
174,225
79,011,038
Marsh & McLennan Companies, Inc.
363,999
81,015,257
MasterCard, Inc. Class A
183,784
85,222,479
Moody's Corp.
193,355
88,262,690
S&P Global, Inc.
176,454
85,532,547
Schneider Electric SA
464,755
112,022,343
Visa, Inc. Class A
316,405
84,059,316
Waste Connections, Inc. (Canada)
438,188
77,932,179
TOTAL UNITED STATES OF AMERICA
946,027,100
TOTAL COMMON STOCKS
(Cost $3,993,111,889)
5,715,839,661
Money Market Funds - 1.7%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
48,081,135
48,090,752
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
53,130,087
53,135,400
TOTAL MONEY MARKET FUNDS
(Cost $101,226,152)
101,226,152
TOTAL INVESTMENT IN SECURITIES - 101.2%
(Cost $4,094,338,041)
5,817,065,813
NET OTHER ASSETS (LIABILITIES) - (1.2)%
(71,383,375)
NET ASSETS - 100.0%
5,745,682,438
Legend
(a)
Non-income producing
(b)
Security or a portion of the security is on loan at period end.
(c)
Level 3 security
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
69,951,135
1,452,004,015
1,473,871,187
3,485,041
6,789
-
48,090,752
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
12,706,225
510,230,561
469,801,386
37,061
-
-
53,135,400
0.2%
Total
82,657,360
1,962,234,576
1,943,672,573
3,522,102
6,789
-
101,226,152
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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