Constellation Software, Inc. warrants 3/31/40 (b)(c)
50,942
0
Definity Financial Corp.
504,012
17,530
Lumine Group, Inc. (c)
158,038
4,230
TOTAL CANADA
464,903
China - 0.6%
Chervon Holdings Ltd.
3,976,854
9,101
PDD Holdings, Inc. ADR (c)
390,600
50,344
TOTAL CHINA
59,445
Denmark - 3.7%
Novo Nordisk A/S Series B
2,524,919
334,535
Tryg A/S
1,348,700
29,535
TOTAL DENMARK
364,070
France - 9.5%
Air Liquide SA
759,775
138,627
AXA SA
4,000,431
140,454
BNP Paribas SA
658,933
45,146
EssilorLuxottica SA
431,239
98,802
Hermes International SCA
39,881
87,315
L'Oreal SA
351,703
152,093
LVMH Moet Hennessy Louis Vuitton SE
229,248
161,703
Safran SA
532,200
116,920
TOTAL FRANCE
941,060
Germany - 6.3%
adidas AG
209,900
52,543
Merck KGaA
377,314
67,704
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
185,686
91,557
Nexus AG
562,762
33,741
Rheinmetall AG
263,742
143,802
SAP SE
621,200
131,334
Siemens AG
551,952
101,061
TOTAL GERMANY
621,742
Hong Kong - 0.4%
AIA Group Ltd.
5,136,126
34,355
Hungary - 0.2%
Richter Gedeon PLC
845,978
24,118
India - 2.8%
360 ONE WAM Ltd.
1,381,869
18,688
Avenue Supermarts Ltd. (c)(f)
505,358
29,792
Computer Age Management Services Private Ltd.
717,700
38,866
HDFC Bank Ltd.
7,338,719
141,817
Larsen & Toubro Ltd.
853,073
38,870
Lenskart Solutions Pvt Ltd. (a)(b)(c)
3,274,000
8,994
Pine Labs Private Ltd. (a)(b)(c)
8,672
2,797
TOTAL INDIA
279,824
Ireland - 2.2%
AIB Group PLC
3,015,660
17,298
Cairn Homes PLC
26,921,493
55,028
Dalata Hotel Group PLC
8,897,302
39,527
Kingspan Group PLC (Ireland)
1,097,670
102,639
TOTAL IRELAND
214,492
Israel - 0.4%
Wix.com Ltd. (c)
252,900
39,433
Italy - 4.9%
BFF Bank SpA (f)
3,138,320
35,493
Davide Campari Milano NV (d)
3,394,037
30,634
Ferrari NV
146,928
60,683
FinecoBank SpA
1,616,874
27,473
Prysmian SpA
1,041,486
71,619
Recordati SpA
215,407
11,738
UniCredit SpA
5,935,034
243,780
TOTAL ITALY
481,420
Japan - 19.2%
Capcom Co. Ltd.
2,547,702
54,456
Daiichi Sankyo Co. Ltd.
1,818,049
74,045
Disco Corp.
69,600
23,274
Fast Retailing Co. Ltd.
355,280
97,933
Fuji Electric Co. Ltd.
1,135,500
63,868
Hitachi Ltd.
11,442,960
247,244
Hoya Corp.
694,943
87,077
Itochu Corp.
3,156,571
161,880
Keyence Corp.
129,062
56,434
Mitsubishi Heavy Industries Ltd.
5,841,700
70,019
Mitsubishi UFJ Financial Group, Inc.
8,721,999
100,742
Mitsui & Co. Ltd.
3,313,100
76,877
Murata Manufacturing Co. Ltd.
1,103,500
24,551
ORIX Corp.
5,081,138
122,911
Pan Pacific International Holdings Ltd. (d)
2,045,633
53,816
Renesas Electronics Corp.
7,030,259
121,088
Shin-Etsu Chemical Co. Ltd.
3,512,978
156,084
Sony Group Corp.
907,050
80,563
Sumitomo Mitsui Financial Group, Inc.
1,089,013
78,641
Taiyo Yuden Co. Ltd.
718,600
21,594
Timee, Inc.
232,400
2,249
Tokio Marine Holdings, Inc.
1,768,226
69,373
Tokyo Seimitsu Co. Ltd.
398,100
27,757
Visional, Inc. (c)(d)
360,400
18,958
TOTAL JAPAN
1,891,434
Kazakhstan - 0.2%
Kaspi.KZ JSC ADR
131,337
17,091
Korea (South) - 2.2%
Samsung Electronics Co. Ltd.
1,657,870
101,545
SK Hynix, Inc.
826,980
117,485
TOTAL KOREA (SOUTH)
219,030
Luxembourg - 0.3%
CVC Capital Partners PLC (f)
1,626,100
30,542
Netherlands - 7.3%
ASML Holding NV (Netherlands)
348,194
320,496
BE Semiconductor Industries NV
723,294
93,269
EXOR NV
211,600
21,664
IMCD NV
224,001
32,243
ING Groep NV (Certificaten Van Aandelen)
4,820,287
87,493
Topicus.Com, Inc.
101,012
8,894
Universal Music Group NV
973,154
23,185
Wolters Kluwer NV
768,069
128,926
TOTAL NETHERLANDS
716,170
Puerto Rico - 0.0%
Liberty Latin America Ltd. Class C (c)
409,756
4,343
Spain - 1.1%
CaixaBank SA
16,781,777
97,875
Puig Brands SA Class B
336,200
9,387
TOTAL SPAIN
107,262
Sweden - 3.4%
ASSA ABLOY AB (B Shares)
1,443,455
43,959
Indutrade AB
3,645,846
107,035
Investor AB (B Shares)
4,718,600
133,858
Kry International AB (a)(b)(c)
4,183
107
Lagercrantz Group AB (B Shares)
2,923,515
49,302
TOTAL SWEDEN
334,261
Switzerland - 0.9%
Partners Group Holding AG
65,832
88,839
Taiwan - 2.0%
Taiwan Semiconductor Manufacturing Co. Ltd.
6,659,000
195,101
United Kingdom - 12.2%
3i Group PLC
3,316,742
133,435
AstraZeneca PLC (United Kingdom)
996,540
158,321
BAE Systems PLC
8,746,645
145,878
Baltic Classifieds Group PLC
4,754,200
16,563
Big Yellow Group PLC
1,838,537
28,599
Cab Payments Holdings Ltd. (d)
400,673
468
Compass Group PLC
4,989,026
153,637
Diageo PLC
664,480
20,675
Flutter Entertainment PLC (c)
313,695
62,003
Games Workshop Group PLC
420,200
55,639
JD Sports Fashion PLC
11,510,700
19,474
London Stock Exchange Group PLC
1,067,021
129,884
RELX PLC (London Stock Exchange)
2,331,485
110,040
Sage Group PLC
3,722,673
51,973
Starling Bank Ltd. Series D (a)(b)(c)
6,223,100
25,360
Zegona Communications PLC (c)
20,350,692
91,043
TOTAL UNITED KINGDOM
1,202,992
United States of America - 5.7%
CRH PLC
1,191,726
101,604
Linde PLC
211,623
95,971
Microsoft Corp.
57,940
24,239
Nestle SA (Reg. S)
371,803
37,661
NVIDIA Corp.
170,110
19,906
Samsonite International SA (f)
9,300,083
26,843
Schneider Electric SA
512,200
123,458
Shell PLC (London)
3,758,799
137,060
TOTAL UNITED STATES OF AMERICA
566,742
TOTAL COMMON STOCKS
(Cost $6,471,152)
9,463,989
Convertible Preferred Stocks - 0.7%
Shares
Value ($)
(000s)
Australia - 0.0%
Canva, Inc.:
Series A (a)(b)
931
993
Series A2 (a)(b)
169
180
TOTAL AUSTRALIA
1,173
China - 0.4%
ByteDance Ltd. Series E1 (a)(b)(c)
131,235
30,160
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(c)
727,754
3,333
TOTAL CHINA
33,493
Estonia - 0.1%
Bolt Technology OU Series E (a)(b)(c)
87,239
11,754
India - 0.2%
Pine Labs Private Ltd.:
Series 1 (a)(b)(c)
20,726
6,686
Series A (a)(b)(c)
5,179
1,671
Series B (a)(b)(c)
5,635
1,818
Series B2 (a)(b)(c)
4,558
1,470
Series C (a)(b)(c)
8,478
2,735
Series C1 (a)(b)(c)
1,786
576
Series D (a)(b)(c)
1,910
616
TOTAL INDIA
15,572
Sweden - 0.0%
Kry International AB Series E (a)(b)(c)
24,162
817
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $77,597)
62,809
Money Market Funds - 4.0%
Shares
Value ($)
(000s)
Fidelity Cash Central Fund 5.39% (g)
376,963,819
377,039
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
18,278,960
18,281
TOTAL MONEY MARKET FUNDS
(Cost $395,320)
395,320
TOTAL INVESTMENT IN SECURITIES - 100.6%
(Cost $6,944,069)
9,922,118
NET OTHER ASSETS (LIABILITIES) - (0.6)%
(55,809)
NET ASSETS - 100.0%
9,866,309
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a)
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 $106,360,000 or 1.1% of net assets.
(b)
Level 3 security
(c)
Non-income producing
(d)
Security or a portion of the security is on loan at period end.
(e)
Affiliated company
(f)
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 $173,261,000 or 1.8% of net assets.
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Bolt Technology OU Series E
1/03/22
22,664
ByteDance Ltd. Series E1
11/18/20
14,380
Canva, Inc. Class A
3/18/24
6,293
Canva, Inc. Series A
9/22/23
993
Canva, Inc. Series A2
9/22/23
180
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
10,336
Kry International AB
5/14/21
1,817
Kry International AB Series E
5/14/21
11,046
Lenskart Solutions Pvt Ltd.
4/30/24
9,023
Pine Labs Private Ltd.
6/30/21
3,233
Pine Labs Private Ltd. Series 1
6/30/21
7,728
Pine Labs Private Ltd. Series A
6/30/21
1,931
Pine Labs Private Ltd. Series B
6/30/21
2,101
Pine Labs Private Ltd. Series B2
6/30/21
1,699
Pine Labs Private Ltd. Series C
6/30/21
3,161
Pine Labs Private Ltd. Series C1
6/30/21
666
Pine Labs Private Ltd. Series D
6/30/21
712
Starling Bank Ltd. Series D
6/18/21
11,126
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 (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
264,603
2,128,015
2,015,579
8,251
-
-
377,039
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
31,747
482,039
495,505
342
-
-
18,281
0.1%
Total
296,350
2,610,054
2,511,084
8,593
-
-
395,320
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
IperionX Ltd.
13,105
3,778
41
-
19
12,334
29,195
Zegona Communications PLC
122
36,973
87
-
29
54,006
-
Total
13,227
40,751
128
-
48
66,340
29,195
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.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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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