Constellation Software, Inc. warrants 3/31/40 (b)(c)
62,100
5
Lumine Group, Inc. (b)
204,622
5,476,249
TOTAL CANADA
178,131,114
Denmark - 3.4%
Novo Nordisk A/S Series B
1,664,200
220,494,681
Finland - 0.4%
Nordea Bank Abp
2,237,800
26,234,993
France - 12.2%
Accor SA
1,313,600
50,567,863
Air Liquide SA
597,851
109,083,033
Alten SA
318,856
35,129,338
Antin Infrastructure Partners SA
113,000
1,531,124
Capgemini SA
451,533
89,639,903
Dassault Systemes SA
1,550,900
58,792,713
EssilorLuxottica SA
349,413
80,054,825
L'Oreal SA
199,800
86,403,084
LVMH Moet Hennessy Louis Vuitton SE
163,942
115,638,524
Safran SA
571,500
125,554,365
TotalEnergies SE
581,260
39,215,487
TOTAL FRANCE
791,610,259
Germany - 8.5%
Allianz SE
319,301
89,936,048
Deutsche Borse AG
400,591
82,028,434
Hannover Reuck SE
366,500
91,109,271
Merck KGaA
346,100
62,103,163
SAP SE
800,800
169,305,390
Siemens Healthineers AG (a)
1,113,500
59,808,387
TOTAL GERMANY
554,290,693
India - 0.4%
HDFC Bank Ltd.
1,436,000
27,749,951
Indonesia - 0.9%
PT Bank Central Asia Tbk
90,647,300
57,281,735
Ireland - 1.0%
Kingspan Group PLC (Ireland)
717,800
67,118,894
Italy - 3.0%
FinecoBank SpA
2,651,700
45,055,897
GVS SpA (a)(b)
299,900
2,070,736
Industrie de Nora SpA (d)
206,100
2,386,653
Recordati SpA
964,430
52,553,033
UniCredit SpA
2,194,400
90,134,330
TOTAL ITALY
192,200,649
Japan - 16.2%
Ajinomoto Co., Inc.
1,676,300
69,038,874
BayCurrent Consulting, Inc.
623,000
18,901,472
Capcom Co. Ltd.
1,663,200
35,549,991
DENSO Corp.
3,398,400
55,730,406
FUJIFILM Holdings Corp.
2,872,100
68,286,860
Hitachi Ltd.
4,945,200
106,849,366
Hoya Corp.
636,800
79,791,555
Mitsubishi Heavy Industries Ltd.
8,728,600
104,621,733
NOF Corp.
1,604,000
23,111,605
Renesas Electronics Corp.
2,976,600
51,268,579
Rohto Pharmaceutical Co. Ltd.
862,900
20,362,147
Shin-Etsu Chemical Co. Ltd.
2,767,800
122,975,255
Suzuki Motor Corp.
4,660,500
53,559,324
TIS, Inc.
673,500
14,521,578
Tokio Marine Holdings, Inc.
3,671,600
144,048,404
Tokyo Electron Ltd.
378,000
79,095,553
Tokyo Seimitsu Co. Ltd.
114,300
7,969,450
TOTAL JAPAN
1,055,682,152
Netherlands - 7.3%
ASM International NV (Netherlands)
68,065
46,673,096
ASML Holding NV (Netherlands)
263,300
242,355,446
IMCD NV
353,524
50,885,980
Topicus.Com, Inc.
69,488
6,118,608
Wolters Kluwer NV
771,721
129,538,753
TOTAL NETHERLANDS
475,571,883
Spain - 1.1%
CaixaBank SA
11,866,100
69,205,957
Sweden - 3.2%
Addlife AB
1,577,972
23,163,000
AddTech AB (B Shares)
1,195,996
38,529,360
Atlas Copco AB (A Shares)
4,013,644
71,433,465
Indutrade AB
2,616,016
76,800,828
Kry International AB (b)(c)(e)
2,787
71,062
TOTAL SWEDEN
209,997,715
Switzerland - 4.0%
Compagnie Financiere Richemont SA Series A
424,466
64,744,381
Galderma Group AG
267,769
21,076,799
Partners Group Holding AG
56,540
76,299,208
Sika AG
329,872
100,267,559
TOTAL SWITZERLAND
262,387,947
Taiwan - 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.
2,652,000
77,700,360
United Kingdom - 16.4%
3i Group PLC
2,267,400
91,219,159
AstraZeneca PLC (United Kingdom)
974,500
154,819,676
BAE Systems PLC
4,897,600
81,682,730
Compass Group PLC
3,970,998
122,286,951
Diageo PLC
1,098,700
34,186,033
Diploma PLC
890,195
50,902,476
Halma PLC
1,454,700
49,781,785
Hiscox Ltd.
1,019,945
16,665,229
InterContinental Hotel Group PLC
666,000
67,096,621
Lloyds Banking Group PLC
119,927,700
91,618,784
London Stock Exchange Group PLC
900,600
109,626,197
RELX PLC (London Stock Exchange)
3,027,700
142,899,911
Sage Group PLC
3,813,400
53,239,156
TOTAL UNITED KINGDOM
1,066,024,708
United States of America - 14.7%
Alcon, Inc. (Switzerland)
913,010
86,729,449
CDW Corp.
188,700
41,157,357
Experian PLC
1,806,200
85,262,387
Ferguson PLC
401,400
88,936,008
Holcim AG
719,300
67,218,877
ICON PLC (b)
181,700
59,677,548
Linde PLC
228,400
103,579,400
Marsh & McLennan Companies, Inc.
493,200
109,771,524
S&P Global, Inc.
197,905
95,930,491
Schneider Electric SA
427,000
102,922,056
Thermo Fisher Scientific, Inc.
80,100
49,128,534
Visa, Inc. Class A
243,900
64,796,913
TOTAL UNITED STATES OF AMERICA
955,110,544
TOTAL COMMON STOCKS
(Cost $4,829,815,720)
6,362,278,166
Convertible Preferred Stocks - 0.0%
Shares
Value ($)
Sweden - 0.0%
Kry International AB Series E (b)(c)(e)
(Cost $7,360,943)
16,101
544,541
Money Market Funds - 1.9%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (f)
122,029,632
122,054,038
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
191,161
191,180
TOTAL MONEY MARKET FUNDS
(Cost $122,245,218)
122,245,218
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $4,959,421,881)
6,485,067,925
NET OTHER ASSETS (LIABILITIES) - 0.3%
16,512,175
NET ASSETS - 100.0%
6,501,580,100
Legend
(a)
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 $85,282,381 or 1.3% of net assets.
(b)
Non-income producing
(c)
Level 3 security
(d)
Security or a portion of the security is on loan at period end.
(e)
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 $615,603 or 0.0% of net assets.
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Kry International AB
5/14/21
1,210,410
Kry International AB Series E
5/14/21
7,360,943
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%
150,881,981
2,279,813,864
2,308,643,717
6,092,975
1,910
-
122,054,038
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
81,967,878
81,776,698
144,583
-
-
191,180
0.0%
Total
150,881,981
2,361,781,742
2,390,420,415
6,237,558
1,910
-
122,245,218
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.
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