Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
22,725
11,088,979
Rational AG
619
533,579
SAP SE
123,073
23,960,993
SAP SE sponsored ADR
9,146
1,783,744
Scout24 AG (b)
41,787
3,149,422
Siemens AG
89,947
17,172,078
Siemens AG sponsored ADR
26,052
2,486,142
Talanx AG
17,985
1,424,189
TOTAL GERMANY
116,409,975
Hong Kong - 2.0%
AIA Group Ltd.
1,725,632
11,585,936
AIA Group Ltd. ADR
18,753
504,081
Hang Seng Bank Ltd.
273,100
2,988,541
Hongkong Land Holdings Ltd.
82,200
252,354
Jardine Matheson Holdings Ltd.
120,500
4,494,650
Prudential PLC ADR (c)
23,934
461,208
Sun Hung Kai Properties Ltd.
562,000
5,417,586
Swire Pacific Ltd. (A Shares)
30,500
250,955
WH Group Ltd. (b)
4,837,455
3,189,164
TOTAL HONG KONG
29,144,475
Israel - 0.6%
Bank Hapoalim BM (Reg.)
37,868
355,111
Wix.com Ltd. (a)
61,237
8,418,863
TOTAL ISRAEL
8,773,974
Italy - 2.8%
Assicurazioni Generali SpA
112,455
2,846,216
Coca-Cola HBC AG
250,924
7,927,094
Ferrari NV (Italy)
2,480
1,080,921
Intesa Sanpaolo SpA
3,584,403
13,004,833
Poste Italiane SpA (b)
216,473
2,710,254
UniCredit SpA
345,093
13,095,778
UniCredit SpA ADR
21,377
404,346
TOTAL ITALY
41,069,442
Japan - 23.1%
Asahi Group Holdings
76,600
2,805,327
Canon, Inc.
26,200
779,008
Central Japan Railway Co.
187,900
4,657,159
Chubu Electric Power Co., Inc.
516,000
6,730,361
Daiwa Securities Group, Inc. (c)
1,114,748
8,439,036
DENSO Corp.
570,900
10,880,212
Disco Corp.
29,350
10,700,400
Fast Retailing Co. Ltd.
39,142
12,077,704
Fujitsu Ltd.
218,000
3,481,404
Hitachi Ltd.
170,000
15,446,889
Honda Motor Co. Ltd.
573,806
7,063,598
Hoya Corp.
86,784
10,797,838
Itochu Corp.
40,050
1,710,155
Japan Exchange Group, Inc.
51,100
1,378,937
JFE Holdings, Inc.
407,200
6,720,764
Kansai Electric Power Co., Inc.
549,800
7,804,995
Keyence Corp.
6,300
2,916,944
Kintetsu Group Holdings Co. Ltd.
32,700
950,456
Komatsu Ltd.
71,800
2,116,815
LY Corp.
2,429,722
6,139,309
Makita Corp.
36,200
1,022,295
Marubeni Corp. (c)
345,400
5,956,313
Mazda Motor Corp. (c)
402,600
4,684,766
Mitsubishi Chemical Holdings Corp. (c)
801,100
4,864,918
Mitsubishi Corp.
632,918
14,562,382
Mitsubishi UFJ Financial Group, Inc.
344,600
3,494,259
Mitsui & Co. Ltd. (c)
272,500
12,678,144
Murata Manufacturing Co. Ltd.
247,600
4,636,162
Nexon Co. Ltd.
154,500
2,561,732
Nidec Corp.
112,900
4,641,892
Nintendo Co. Ltd.
52,108
2,842,912
Nippon Paint Holdings Co. Ltd.
970,000
6,949,168
Nippon Sanso Holdings Corp.
42,400
1,323,985
Nippon Steel & Sumitomo Metal Corp. (c)
147,300
3,531,191
Nissan Motor Co. Ltd. sponsored ADR (c)
88,153
699,053
Nitto Denko Corp.
80,600
7,334,291
Nomura Research Institute Ltd.
10,300
289,649
Ono Pharmaceutical Co. Ltd.
157,900
2,583,685
Oracle Corp. Japan
5,400
404,697
ORIX Corp.
84,500
1,840,937
Otsuka Holdings Co. Ltd.
100,300
4,154,983
Pan Pacific International Holdings Ltd.
33,800
894,233
Panasonic Holdings Corp.
930,700
8,844,048
Rakuten Group, Inc.
1,421,800
8,039,773
Renesas Electronics Corp.
571,100
10,125,726
Shin-Etsu Chemical Co. Ltd.
315,100
13,750,499
Shin-Etsu Chemical Co. Ltd. ADR (c)
16,040
350,795
Shiseido Co. Ltd.
27,098
739,297
SoftBank Corp. (c)
810,564
10,393,082
Sompo Holdings, Inc.
257,100
5,366,865
Sony Group Corp.
25,636
2,189,678
Subaru Corp.
276,858
6,265,791
Tokyo Electric Power Co., Inc. (a)
117,500
712,700
Tokyo Electron Ltd.
70,300
18,232,118
Tokyo Gas Co. Ltd.
38,800
880,676
Toyota Motor Corp.
715,961
18,000,711
Toyota Motor Corp. sponsored ADR (c)
12,609
3,173,433
Toyota Tsusho Corp.
130,700
8,918,820
Trend Micro, Inc.
42,900
2,172,206
USS Co. Ltd.
73,400
605,848
Yokogawa Electric Corp.
316,600
7,263,521
TOTAL JAPAN
341,574,545
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)
98,264
2,698,538
Eurofins Scientific SA
38,645
2,463,173
TOTAL LUXEMBOURG
5,161,711
Netherlands - 6.7%
Akzo Nobel NV
13,919
1,038,842
ASML Holding NV:
(depository receipt)
17,028
16,525,163
(Netherlands)
25,820
24,853,040
BE Semiconductor Industries NV
14,664
2,244,894
Koninklijke Ahold Delhaize NV
163,580
4,891,978
Koninklijke Philips Electronics NV
420,708
8,444,907
NN Group NV
203,771
9,413,478
Shell PLC (London)
737,630
24,438,742
Wolters Kluwer NV
42,762
6,698,625
TOTAL NETHERLANDS
98,549,669
New Zealand - 0.1%
Meridian Energy Ltd.
589,331
2,080,886
Norway - 0.6%
DNB Bank ASA
272,637
5,401,761
Gjensidige Forsikring ASA
164,013
2,374,876
Salmar ASA
13,429
884,917
TOTAL NORWAY
8,661,554
Singapore - 2.0%
CapitaLand Ascendas REIT
905,500
1,857,608
Genting Singapore Ltd.
2,490,800
1,632,555
Oversea-Chinese Banking Corp. Ltd.
921,300
9,204,471
Sembcorp Industries Ltd.
83,600
334,338
Singapore Technologies Engineering Ltd.
182,900
544,535
Singapore Telecommunications Ltd.
464,000
869,409
STMicroelectronics NV:
(depository receipt)
12,502
540,586
(France)
116,187
5,003,906
United Overseas Bank Ltd.
445,155
9,663,020
TOTAL SINGAPORE
29,650,428
Spain - 3.2%
ACS Actividades de Construccion y Servicios SA
24,321
1,017,537
Aena SME SA (b)
43,194
8,502,142
Banco Santander SA (Spain)
862,131
4,205,492
CaixaBank SA (c)
1,485,747
7,201,821
Iberdrola SA
1,092,134
13,543,970
Industria de Diseno Textil SA
255,999
12,889,532
TOTAL SPAIN
47,360,494
Sweden - 2.0%
Evolution AB (b)
29,232
3,633,791
Industrivarden AB (A Shares)
68,087
2,341,445
Svenska Handelsbanken AB (A Shares) (c)
576,158
5,826,710
Swedish Orphan Biovitrum AB (a)
189,692
4,735,211
Volvo AB (B Shares) (c)
419,033
11,356,640
Volvo Car AB (a)
466,261
1,767,645
TOTAL SWEDEN
29,661,442
Switzerland - 5.1%
ABB Ltd.:
(Reg.)
228,305
10,604,531
sponsored ADR
77,065
3,572,733
Alcon, Inc. (Switzerland)
94,886
7,863,591
Barry Callebaut AG
504
731,536
BKW AG
2,452
376,290
Clariant AG (Reg.)
28,244
381,765
Compagnie Financiere Richemont SA (c)
7,489
1,141,717
Compagnie Financiere Richemont SA Series A
23,714
3,615,540
Givaudan SA
2,541
11,315,248
Lindt & Spruengli AG (participation certificate)
155
1,854,466
Logitech International SA (Reg.)
95,692
8,569,148
Novartis AG
237,235
22,983,004
Novartis AG sponsored ADR
7,694
744,241
Temenos AG
3,586
256,390
UBS Group AG
29,014
892,441
TOTAL SWITZERLAND
74,902,641
United Kingdom - 10.4%
3i Group PLC
92,270
3,271,322
AstraZeneca PLC (United Kingdom)
79,056
10,654,565
Aviva PLC
603,721
3,784,025
BAE Systems PLC
757,138
12,896,115
Barclays PLC sponsored ADR
53,413
504,753
BP PLC
267,764
1,675,259
British American Tobacco PLC:
(United Kingdom)
80,851
2,455,229
sponsored ADR (c)
330,709
10,086,625
BT Group PLC
2,188,492
3,028,758
Bunzl PLC
80,051
3,079,589
Centrica PLC
532,602
858,093
Coca-Cola European Partners PLC
39,479
2,761,556
Halma PLC
5,608
167,610
Hargreaves Lansdown PLC
220,522
2,048,522
HSBC Holdings PLC:
(United Kingdom)
1,781,407
13,917,614
sponsored ADR (c)
141,574
5,572,353
Imperial Brands PLC
87,435
1,953,303
InterContinental Hotel Group PLC
24,068
2,503,707
InterContinental Hotel Group PLC ADR
25,576
2,702,360
Land Securities Group PLC
230,173
1,912,156
Lloyds Banking Group PLC
6,503,284
4,248,523
Lloyds Banking Group PLC sponsored ADR
176,341
456,723
London Stock Exchange Group PLC
18,593
2,227,033
NatWest Group PLC
406,334
1,361,629
NatWest Group PLC sponsored ADR (c)
76,803
522,260
Pearson PLC
458,785
6,033,758
Rolls-Royce Holdings PLC (a)
2,330,232
12,549,684
Sage Group PLC
468,492
7,482,992
Schroders PLC
742,736
3,530,415
Smith & Nephew PLC sponsored ADR (c)
29,929
758,999
Tesco PLC
2,499,774
9,357,996
Tesco PLC Sponsored ADR (c)
30,778
352,716
Unilever PLC
93,489
4,690,976
Unilever PLC sponsored ADR
61,468
3,085,079
Vodafone Group PLC
6,543,230
5,818,966
Vodafone Group PLC sponsored ADR
357,285
3,179,837
Whitbread PLC
27,245
1,139,594
Wise PLC (a)
158,594
1,858,773
TOTAL UNITED KINGDOM
154,489,467
United States of America - 7.0%
CRH PLC
44,117
3,801,985
CSL Ltd.
2,071
388,567
GSK PLC
347,170
7,486,754
GSK PLC sponsored ADR
178,452
7,650,237
Holcim AG
136,367
12,347,651
James Hardie Industries PLC CDI (a)
36,714
1,473,999
Monday.com Ltd. (a)
31,015
7,005,358
Nestle SA (Reg. S)
163,397
17,347,966
QIAGEN NV (Germany)
126,729
5,418,960
Roche Holding AG:
(Bearer)
1,786
481,231
(participation certificate)
36,053
9,182,651
Sanofi SA
138,813
13,622,024
Sanofi SA sponsored ADR
54,207
2,634,460
Schneider Electric SA
62,138
14,054,429
Schneider Electric SA ADR
7,221
327,111
TOTAL UNITED STATES OF AMERICA
103,223,383
TOTAL COMMON STOCKS
(Cost $1,122,425,414)
1,440,303,600
Nonconvertible Preferred Stocks - 0.9%
Shares
Value ($)
Germany - 0.9%
Dr. Ing. h.c. F. Porsche AG Series F (b)
55,457
5,521,092
Volkswagen AG
57,077
7,564,183
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $14,289,549)
13,085,275
Government Obligations - 0.1%
Principal
Amount (d)
Value ($)
United States of America - 0.1%
U.S. Treasury Bills, yield at date of purchase 5.27% to 5.32% 5/30/24 to 6/13/24 (e)
(Cost $1,168,028)
1,180,000
1,168,069
Money Market Funds - 5.8%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (f)
13,210,636
13,213,278
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
73,724,213
73,731,585
TOTAL MONEY MARKET FUNDS
(Cost $86,944,863)
86,944,863
TOTAL INVESTMENT IN SECURITIES - 104.2%
(Cost $1,224,827,854)
1,541,501,807
NET OTHER ASSETS (LIABILITIES) - (4.2)%
(62,522,056)
NET ASSETS - 100.0%
1,478,979,751
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Equity Index Contracts
ICE E-mini MSCI EAFE Index Contracts (United States)
113
Jun 2024
13,317,615
101,975
101,975
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
Legend
(a)
Non-income producing
(b)
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 $31,167,162 or 2.1% of net assets.
(c)
Security or a portion of the security is on loan at period end.
(d)
Amount is stated in United States dollars unless otherwise noted.
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $440,294.
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
19,925,982
290,468,000
297,180,704
284,832
-
-
13,213,278
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
10,181,938
183,113,947
119,564,300
80,980
-
-
73,731,585
0.2%
Total
30,107,920
473,581,947
416,745,004
365,812
-
-
86,944,863
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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Government Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual 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.
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