Constellation Software, Inc. warrants 3/31/40 (a)(b)
105,870
8
Lumine Group, Inc. (a)
521,550
13,958,116
TOTAL CANADA
440,921,291
Denmark - 3.5%
Novo Nordisk A/S Series B
4,093,200
542,319,931
Finland - 0.5%
Nordea Bank Abp
6,299,000
73,846,735
France - 12.5%
Accor SA
3,225,700
124,175,362
Air Liquide SA
1,467,386
267,737,137
Alten SA
898,501
98,990,596
Antin Infrastructure Partners SA
334,200
4,528,333
Capgemini SA
1,108,462
220,055,736
Dassault Systemes SA
3,748,100
142,085,865
EssilorLuxottica SA
860,516
197,154,822
L'Oreal SA
489,200
211,553,497
LVMH Moet Hennessy Louis Vuitton SE
402,783
284,107,986
Safran SA
1,379,100
302,978,172
TotalEnergies SE
1,414,779
95,449,967
TOTAL FRANCE
1,948,817,473
Germany - 8.7%
Allianz SE
784,533
220,975,812
Deutsche Borse AG
984,060
201,504,530
Hannover Reuck SE
883,116
219,536,302
Merck KGaA
850,320
152,578,913
SAP SE
1,966,100
415,673,486
Siemens Healthineers AG (c)
2,683,300
144,125,591
TOTAL GERMANY
1,354,394,634
India - 0.4%
HDFC Bank Ltd.
3,545,000
68,505,276
Indonesia - 0.9%
PT Bank Central Asia Tbk
222,483,100
140,591,258
Ireland - 1.1%
Kingspan Group PLC (Ireland)
1,763,500
164,898,537
Italy - 3.4%
FinecoBank SpA
8,302,885
141,077,018
GVS SpA (a)(c)
833,338
5,753,995
Industrie de Nora SpA (d)
597,100
6,914,463
Recordati SpA
2,894,739
157,738,056
UniCredit SpA
5,412,900
222,333,265
TOTAL ITALY
533,816,797
Japan - 16.3%
Ajinomoto Co., Inc.
4,026,700
165,840,740
BayCurrent Consulting, Inc.
1,603,500
48,649,294
Capcom Co. Ltd.
4,084,500
87,303,955
DENSO Corp.
8,132,800
133,369,893
FUJIFILM Holdings Corp.
7,227,700
171,845,319
Hitachi Ltd.
11,737,600
253,610,596
Hoya Corp.
1,567,060
196,353,887
Mitsubishi Heavy Industries Ltd.
21,398,200
256,480,624
Renesas Electronics Corp.
7,293,626
125,624,485
Rohto Pharmaceutical Co. Ltd.
2,000,500
47,206,485
Shin-Etsu Chemical Co. Ltd.
6,962,500
309,348,658
Suzuki Motor Corp.
11,451,980
131,608,263
TIS, Inc.
1,707,776
36,821,978
Tokio Marine Holdings, Inc.
9,261,400
363,353,822
Tokyo Electron Ltd.
925,700
193,700,407
Tokyo Seimitsu Co. Ltd.
259,200
18,072,454
TOTAL JAPAN
2,539,190,860
Netherlands - 7.8%
ASM International NV (Netherlands)
177,280
121,563,308
ASML Holding NV (Netherlands)
659,328
606,880,851
IMCD NV
1,054,851
151,834,462
Topicus.Com, Inc.
182,877
16,102,819
Wolters Kluwer NV
1,896,108
318,274,955
TOTAL NETHERLANDS
1,214,656,395
Spain - 1.1%
CaixaBank SA
29,057,200
169,468,599
Sweden - 2.8%
AddTech AB (B Shares)
1,719,619
55,398,027
Atlas Copco AB (A Shares)
9,862,100
175,522,288
Indutrade AB
6,899,875
202,566,083
Kry International AB (a)(b)(e)
4,451
113,491
TOTAL SWEDEN
433,599,889
Switzerland - 4.1%
Compagnie Financiere Richemont SA Series A
1,042,980
159,087,170
Galderma Group AG
702,780
55,317,653
Partners Group Holding AG
138,950
187,509,285
Sika AG
794,961
241,635,540
TOTAL SWITZERLAND
643,549,648
Taiwan - 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.
6,551,684
191,956,337
United Kingdom - 16.6%
3i Group PLC
5,463,991
219,820,352
AstraZeneca PLC (United Kingdom)
2,457,700
390,456,970
BAE Systems PLC
12,034,200
200,707,757
Compass Group PLC
9,757,387
300,478,900
Diageo PLC
2,893,647
90,035,781
Diploma PLC
1,445,431
82,651,572
Halma PLC
3,576,000
122,375,516
Hiscox Ltd.
2,695,583
44,044,049
InterContinental Hotel Group PLC
1,625,898
163,802,194
Lloyds Banking Group PLC
293,346,500
224,102,102
London Stock Exchange Group PLC
2,212,600
269,330,361
RELX PLC (London Stock Exchange)
7,439,455
351,123,777
Sage Group PLC
9,389,200
131,083,307
TOTAL UNITED KINGDOM
2,590,012,638
United States of America - 15.0%
Alcon, Inc. (Switzerland)
2,283,590
216,924,790
CDW Corp.
471,100
102,751,621
Experian PLC
4,427,500
209,001,892
Ferguson PLC
968,900
214,673,886
Holcim AG
1,737,640
162,383,163
ICON PLC (a)
446,300
146,582,772
Linde PLC
561,000
254,413,500
Marsh & McLennan Companies, Inc.
1,211,728
269,694,301
S&P Global, Inc.
485,951
235,555,028
Schneider Electric SA
1,047,831
252,564,218
Thermo Fisher Scientific, Inc.
196,600
120,582,644
Visa, Inc. Class A
587,700
156,134,259
TOTAL UNITED STATES OF AMERICA
2,341,262,074
TOTAL COMMON STOCKS
(Cost $10,824,936,639)
15,522,272,152
Convertible Preferred Stocks - 0.0%
Shares
Value ($)
Sweden - 0.0%
Kry International AB Series E (a)(b)(e)
(Cost $11,754,376)
25,711
869,554
Money Market Funds - 0.8%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (f)
113,383,426
113,406,103
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
2,717,748
2,718,020
TOTAL MONEY MARKET FUNDS
(Cost $116,124,123)
116,124,123
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $10,952,815,138)
15,639,265,829
NET OTHER ASSETS (LIABILITIES) - (0.3)%
(41,100,396)
NET ASSETS - 100.0%
15,598,165,433
Legend
(a)
Non-income producing
(b)
Level 3 security
(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 $149,879,586 or 1.0% of net assets.
(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 $983,045 or 0.0% of net assets.
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Kry International AB
5/14/21
1,933,095
Kry International AB Series E
5/14/21
11,754,376
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%
329,038,521
2,287,889,977
2,503,550,065
5,533,476
27,670
-
113,406,103
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
127,149,982
124,431,962
200,910
-
-
2,718,020
0.0%
Total
329,038,521
2,415,039,959
2,627,982,027
5,734,386
27,670
-
116,124,123
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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