UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-4008
Fidelity Investment Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | January 31, 2016 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 49.4% | |||
Shares | Value | ||
Argentina - 0.3% | |||
Telecom Argentina SA Class B sponsored ADR | 4,034 | $63,132 | |
YPF SA Class D sponsored ADR | 5,800 | 97,672 | |
TOTAL ARGENTINA | 160,804 | ||
Austria - 0.2% | |||
Erste Group Bank AG (a) | 4,616 | 133,341 | |
Bermuda - 0.8% | |||
Aquarius Platinum Ltd. (Australia) (a) | 312,441 | 54,414 | |
China Resource Gas Group Ltd. | 24,000 | 59,890 | |
Credicorp Ltd. (United States) | 1,319 | 133,694 | |
GP Investments Ltd. Class A (depositary receipt) (a) | 30,222 | 58,860 | |
PAX Global Technology Ltd. | 6,000 | 6,082 | |
Shangri-La Asia Ltd. | 192,000 | 178,865 | |
TOTAL BERMUDA | 491,805 | ||
Brazil - 1.5% | |||
B2W Companhia Global do Varejo (a) | 12,300 | 40,777 | |
BB Seguridade Participacoes SA | 21,580 | 124,793 | |
CCR SA | 33,000 | 105,440 | |
Cielo SA | 8,940 | 75,703 | |
Companhia de Saneamento de Minas Gerais | 13,546 | 43,586 | |
Cosan SA Industria e Comercio | 10,471 | 65,814 | |
Direcional Engenharia SA | 41,800 | 34,487 | |
Fibria Celulose SA | 15,200 | 167,436 | |
FPC Par Corretora de Seguros | 24,100 | 60,856 | |
Minerva SA (a) | 42,300 | 129,867 | |
Minerva SA rights 2/25/16 (a) | 21,973 | 55 | |
Smiles SA | 9,700 | 69,067 | |
TOTAL BRAZIL | 917,881 | ||
British Virgin Islands - 0.2% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 4,830 | 105,155 | |
Canada - 0.2% | |||
Goldcorp, Inc. | 3,000 | 34,178 | |
Pan American Silver Corp. | 13,700 | 90,694 | |
Torex Gold Resources, Inc. (a) | 36,200 | 32,559 | |
TOTAL CANADA | 157,431 | ||
Cayman Islands - 5.0% | |||
51job, Inc. sponsored ADR (a) | 2,500 | 69,575 | |
58.com, Inc. ADR (a) | 5,850 | 328,185 | |
AAC Technology Holdings, Inc. | 10,000 | 64,073 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 10,200 | 683,706 | |
Autohome, Inc. ADR Class A (a) | 200 | 4,914 | |
Bitauto Holdings Ltd. ADR (a) | 1,700 | 31,705 | |
China State Construction International Holdings Ltd. | 70,000 | 113,042 | |
China ZhengTong Auto Services Holdings Ltd. | 98,640 | 36,595 | |
Ctrip.com International Ltd. sponsored ADR (a) | 1,100 | 46,948 | |
ENN Energy Holdings Ltd. | 26,000 | 117,235 | |
Haitian International Holdings Ltd. | 28,000 | 34,054 | |
JD.com, Inc. sponsored ADR (a) | 2,900 | 75,487 | |
Leju Holdings Ltd. ADR | 3,500 | 13,965 | |
Qihoo 360 Technology Co. Ltd. ADR (a) | 100 | 7,171 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 700 | 30,856 | |
SINA Corp. (a) | 700 | 32,165 | |
Sino Biopharmaceutical Ltd. | 128,000 | 88,203 | |
SouFun Holdings Ltd. ADR | 10,600 | 63,176 | |
Sunny Optical Technology Group Co. Ltd. | 29,000 | 62,240 | |
Tencent Holdings Ltd. | 49,050 | 921,488 | |
Uni-President China Holdings Ltd. | 297,600 | 193,100 | |
Vipshop Holdings Ltd. ADR (a) | 5,900 | 75,756 | |
TOTAL CAYMAN ISLANDS | 3,093,639 | ||
Chile - 1.2% | |||
Compania Cervecerias Unidas SA sponsored ADR | 9,500 | 205,105 | |
CorpBanca SA | 3,591,377 | 27,235 | |
Empresas CMPC SA | 50,670 | 115,062 | |
Enersis SA | 451,109 | 107,497 | |
Inversiones La Construccion SA | 7,838 | 78,050 | |
Vina Concha y Toro SA | 123,422 | 196,361 | |
TOTAL CHILE | 729,310 | ||
China - 4.5% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 60,000 | 117,801 | |
BBMG Corp. (H Shares) | 267,500 | 150,322 | |
China Cinda Asset Management Co. Ltd. (H Shares) | 186,840 | 58,792 | |
China Life Insurance Co. Ltd. (H Shares) | 98,414 | 238,602 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 100,760 | 60,205 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 116,416 | 410,791 | |
China Petroleum & Chemical Corp. (H Shares) | 150,000 | 84,741 | |
China Suntien Green Energy Corp. Ltd. (H Shares) | 349,690 | 39,411 | |
China Telecom Corp. Ltd. (H Shares) | 364,389 | 171,388 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,271,260 | 661,616 | |
Inner Mongoli Yili Industries Co. Ltd. | 57,500 | 117,394 | |
Kweichow Moutai Co. Ltd. | 6,620 | 203,107 | |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 244,000 | 45,148 | |
PetroChina Co. Ltd. (H Shares) | 134,000 | 83,012 | |
Qingdao Haier Co. Ltd. | 143,700 | 200,538 | |
Zhengzhou Yutong Bus Co. Ltd. | 31,500 | 89,985 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 16,500 | 85,136 | |
TOTAL CHINA | 2,817,989 | ||
Colombia - 0.2% | |||
Bancolombia SA sponsored ADR | 3,695 | 109,003 | |
Egypt - 0.1% | |||
Citadel Capital Corp. (a) | 164,800 | 27,782 | |
Global Telecom Holding GDR (a) | 11,300 | 12,893 | |
TOTAL EGYPT | 40,675 | ||
Greece - 0.2% | |||
Titan Cement Co. SA (Reg.) | 7,400 | 142,695 | |
Hong Kong - 3.4% | |||
AIA Group Ltd. | 27,660 | 153,775 | |
China Mobile Ltd. | 15,750 | 173,001 | |
China Mobile Ltd. sponsored ADR | 10,065 | 548,844 | |
China Resources Beer Holdings Co. Ltd. | 90,000 | 143,524 | |
China Resources Power Holdings Co. Ltd. | 45,089 | 76,699 | |
China Unicom Ltd. | 8,390 | 9,295 | |
China Unicom Ltd. sponsored ADR | 5,406 | 59,953 | |
CNOOC Ltd. | 312,000 | 318,000 | |
CNOOC Ltd. sponsored ADR | 70 | 7,110 | |
Far East Horizon Ltd. | 362,980 | 279,676 | |
Sinotruk Hong Kong Ltd. | 151,500 | 50,698 | |
Techtronic Industries Co. Ltd. | 74,500 | 282,668 | |
TOTAL HONG KONG | 2,103,243 | ||
India - 5.2% | |||
Adani Ports & Special Economic Zone (a) | 29,227 | 92,150 | |
Axis Bank Ltd. (a) | 26,749 | 162,267 | |
Bharti Infratel Ltd. | 36,854 | 197,367 | |
Coal India Ltd. | 50,133 | 237,291 | |
Edelweiss Financial Services Ltd. | 62,457 | 48,186 | |
Eicher Motors Ltd. (a) | 450 | 110,304 | |
Grasim Industries Ltd. | 3,862 | 193,863 | |
ICICI Bank Ltd. (a) | 19,376 | 65,993 | |
ITC Ltd. | 69,734 | 330,661 | |
JK Cement Ltd. | 10,894 | 79,943 | |
Just Dial Ltd. | 5,670 | 51,178 | |
Larsen & Toubro Ltd. (a) | 5,849 | 95,652 | |
LIC Housing Finance Ltd. (a) | 14,229 | 100,830 | |
Lupin Ltd. | 7,274 | 184,229 | |
NTPC Ltd. | 13,829 | 29,179 | |
Oil & Natural Gas Corp. Ltd. | 30,674 | 103,016 | |
Petronet LNG Ltd. | 25,957 | 94,413 | |
Phoenix Mills Ltd. (a) | 19,942 | 88,053 | |
Power Grid Corp. of India Ltd. | 93,473 | 204,379 | |
SREI Infrastructure Finance Ltd. (a) | 129,278 | 118,959 | |
State Bank of India (a) | 50,990 | 136,291 | |
Sun Pharmaceutical Industries Ltd. | 15,614 | 202,105 | |
Tata Consultancy Services Ltd. | 8,498 | 300,589 | |
TOTAL INDIA | 3,226,898 | ||
Indonesia - 0.5% | |||
PT Bank Mandiri (Persero) Tbk | 196,000 | 138,416 | |
PT Bank Rakyat Indonesia Tbk | 174,900 | 144,245 | |
PT Kalbe Farma Tbk | 286,400 | 28,004 | |
TOTAL INDONESIA | 310,665 | ||
Israel - 0.4% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 110,455 | 236,510 | |
Korea (South) - 7.0% | |||
AMOREPACIFIC Group, Inc. | 1,562 | 194,311 | |
Daewoo International Corp. | 2,753 | 35,454 | |
Daou Technology, Inc. | 1,603 | 27,370 | |
E-Mart Co. Ltd. | 1,406 | 191,584 | |
Fila Korea Ltd. | 2,319 | 187,014 | |
Hanon Systems | 1,976 | 85,870 | |
Hyundai Glovis Co. Ltd. | 1,524 | 259,620 | |
Hyundai Industrial Development & Construction Co. | 3,036 | 114,499 | |
Hyundai Mobis | 3,141 | 677,184 | |
InterPark INT Corp. | 2,839 | 49,615 | |
Kakao Corp. | 334 | 30,493 | |
KB Financial Group, Inc. | 5,866 | 148,907 | |
KEPCO Plant Service & Engineering Co. Ltd. | 928 | 76,796 | |
Korea Electric Power Corp. | 2,679 | 116,707 | |
Korean Reinsurance Co. | 17,766 | 195,810 | |
KT Corp. (a) | 2,228 | 50,978 | |
KT Corp. sponsored ADR (a) | 1,932 | 23,802 | |
LG Chemical Ltd. | 1,186 | 294,511 | |
NAVER Corp. | 219 | 114,592 | |
NCSOFT Corp. | 606 | 118,391 | |
Samsung Electronics Co. Ltd. | 522 | 501,160 | |
Samsung Fire & Marine Insurance Co. Ltd. | 272 | 67,379 | |
Samsung SDI Co. Ltd. | 587 | 46,087 | |
Shinhan Financial Group Co. Ltd. | 11,459 | 367,564 | |
SK Hynix, Inc. | 11,698 | 267,943 | |
SK Telecom Co. Ltd. sponsored ADR | 4,359 | 85,916 | |
TOTAL KOREA (SOUTH) | 4,329,557 | ||
Malaysia - 0.2% | |||
Tenaga Nasional Bhd | 41,529 | 136,243 | |
Mauritius - 0.0% | |||
MakeMyTrip Ltd. (a) | 1,500 | 27,960 | |
Mexico - 3.5% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 23,134 | 327,115 | |
Banregio Grupo Financiero S.A.B. de CV | 11,080 | 52,041 | |
El Puerto de Liverpool S.A.B. de CV Class C | 14,000 | 167,002 | |
Fibra Uno Administracion SA de CV | 58,200 | 116,671 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 13,800 | 115,907 | |
Grupo Comercial Chedraui S.A.B. de CV | 34,576 | 90,378 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 99,724 | 520,290 | |
Infraestructura Energetica Nova S.A.B. de CV | 11,700 | 45,793 | |
Macquarie Mexican (REIT) | 210,470 | 248,673 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 6,100 | 69,705 | |
Telesites S.A.B. de C.V. (a) | 815 | 495 | |
Tenedora Nemak SA de CV | 53,900 | 68,527 | |
Wal-Mart de Mexico SA de CV Series V | 137,800 | 346,290 | |
TOTAL MEXICO | 2,168,887 | ||
Netherlands - 0.3% | |||
Cnova NV (a) | 5,900 | 13,747 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) | 15,500 | 63,268 | |
Yandex NV (a) | 10,502 | 140,937 | |
TOTAL NETHERLANDS | 217,952 | ||
Nigeria - 0.2% | |||
Guaranty Trust Bank PLC GDR (Reg. S) | 10,280 | 37,437 | |
Transnational Corp. of Nigeria PLC | 3,253,146 | 20,111 | |
Zenith Bank PLC | 1,591,817 | 100,889 | |
TOTAL NIGERIA | 158,437 | ||
Pakistan - 0.2% | |||
Habib Bank Ltd. | 62,500 | 101,917 | |
Panama - 0.2% | |||
Copa Holdings SA Class A | 2,100 | 98,910 | |
Philippines - 0.8% | |||
Alliance Global Group, Inc. | 411,450 | 127,874 | |
Metro Pacific Investments Corp. | 578,900 | 67,088 | |
Metropolitan Bank & Trust Co. | 91,041 | 135,877 | |
Robinsons Land Corp. | 333,180 | 175,348 | |
TOTAL PHILIPPINES | 506,187 | ||
Romania - 0.1% | |||
Banca Transilvania SA (a) | 104,256 | 56,024 | |
Russia - 2.2% | |||
E.ON Russia JSC (a) | 1,389,700 | 56,055 | |
Lukoil PJSC sponsored ADR | 9,500 | 323,200 | |
Magnit OJSC GDR (Reg. S) | 5,900 | 231,554 | |
MMC Norilsk Nickel PJSC sponsored ADR | 9,900 | 114,710 | |
Mobile TeleSystems OJSC (a) | 28,232 | 84,850 | |
Mobile TeleSystems OJSC sponsored ADR | 2,440 | 17,080 | |
NOVATEK OAO GDR (Reg. S) | 2,600 | 225,956 | |
Sberbank of Russia (a) | 59,060 | 75,949 | |
Sberbank of Russia sponsored ADR | 32,984 | 182,618 | |
Sistema JSFC (a) | 152,600 | 35,926 | |
Sistema JSFC sponsored GDR | 3,860 | 21,825 | |
TOTAL RUSSIA | 1,369,723 | ||
Singapore - 0.4% | |||
Ascendas Real Estate Investment Trust | 94,710 | 155,295 | |
CapitaMall Trust | 44,500 | 62,521 | |
First Resources Ltd. | 50,300 | 61,959 | |
TOTAL SINGAPORE | 279,775 | ||
South Africa - 2.5% | |||
Alexander Forbes Group Holding | 68,571 | 23,302 | |
Aspen Pharmacare Holdings Ltd. | 3,683 | 62,704 | |
Barclays Africa Group Ltd. | 28,611 | 260,976 | |
Bidvest Group Ltd. | 6,756 | 156,017 | |
JSE Ltd. | 6,010 | 48,971 | |
Life Healthcare Group Holdings Ltd. | 27,600 | 60,966 | |
Naspers Ltd. Class N | 6,145 | 776,563 | |
Sasol Ltd. | 2,700 | 71,028 | |
Telkom SA Ltd. | 17,162 | 69,511 | |
TOTAL SOUTH AFRICA | 1,530,038 | ||
Taiwan - 4.3% | |||
Advanced Semiconductor Engineering, Inc. | 44,000 | 47,044 | |
Advantech Co. Ltd. | 22,000 | 131,531 | |
Catcher Technology Co. Ltd. | 14,000 | 103,681 | |
E.SUN Financial Holdings Co. Ltd. | 342,946 | 177,174 | |
Hermes Microvision, Inc. | 1,000 | 24,653 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 26,555 | 62,183 | |
Inotera Memories, Inc. (a) | 64,000 | 54,906 | |
King's Town Bank | 78,600 | 49,510 | |
Largan Precision Co. Ltd. | 1,833 | 130,950 | |
MediaTek, Inc. | 3,000 | 19,421 | |
Siliconware Precision Industries Co. Ltd. | 40,000 | 61,657 | |
Taiwan Cement Corp. | 186,000 | 148,931 | |
Taiwan Fertilizer Co. Ltd. | 49,000 | 61,775 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 276,000 | 1,182,910 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,442 | 32,229 | |
Unified-President Enterprises Corp. | 110,012 | 183,112 | |
Universal Cement Corp. | 97,654 | 59,675 | |
Vanguard International Semiconductor Corp. | 35,000 | 50,013 | |
Yuanta Financial Holding Co. Ltd. | 265,231 | 81,978 | |
TOTAL TAIWAN | 2,663,333 | ||
Thailand - 1.6% | |||
Airports of Thailand PCL (For. Reg.) | 13,900 | 147,963 | |
Intouch Holdings PCL NVDR | 53,750 | 84,939 | |
Jasmine Broadband Internet Infrastructure Fund | 224,090 | 54,979 | |
Kasikornbank PCL (For. Reg.) | 65,280 | 313,897 | |
PTT PCL (For. Reg.) | 22,500 | 150,689 | |
Star Petroleum Refining PCL (a) | 222,200 | 56,939 | |
Thai Union Frozen Products PCL (For. Reg.) | 312,100 | 161,823 | |
TOTAL THAILAND | 971,229 | ||
Turkey - 0.6% | |||
Aselsan A/S | 12,000 | 73,488 | |
Enka Insaat ve Sanayi A/S | 22,307 | 33,133 | |
Tupras Turkiye Petrol Rafinelleri A/S (a) | 6,900 | 174,858 | |
Turkiye Garanti Bankasi A/S | 44,174 | 111,632 | |
TOTAL TURKEY | 393,111 | ||
United Arab Emirates - 0.6% | |||
DP World Ltd. | 5,046 | 87,548 | |
Emaar Properties PJSC | 73,041 | 97,249 | |
First Gulf Bank PJSC | 64,878 | 178,413 | |
TOTAL UNITED ARAB EMIRATES | 363,210 | ||
United Kingdom - 0.4% | |||
Fresnillo PLC | 8,200 | 84,877 | |
HSBC Holdings PLC (Hong Kong) | 20,450 | 144,564 | |
TOTAL UNITED KINGDOM | 229,441 | ||
United States of America - 0.4% | |||
Cognizant Technology Solutions Corp. Class A (a) | 2,120 | 134,217 | |
First Cash Financial Services, Inc. (a) | 2,149 | 76,290 | |
Micron Technology, Inc. (a) | 5,500 | 60,665 | |
TOTAL UNITED STATES OF AMERICA | 271,172 | ||
TOTAL COMMON STOCKS | |||
(Cost $32,174,970) | 30,650,150 | ||
Nonconvertible Preferred Stocks - 2.0% | |||
Brazil - 0.9% | |||
Banco do Estado Rio Grande do Sul SA | 27,720 | 30,840 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 515 | 2,839 | |
(PN-B) sponsored | 8,812 | 48,378 | |
Itau Unibanco Holding SA sponsored ADR | 46,498 | 292,472 | |
Metalurgica Gerdau SA (PN) | 141,870 | 36,533 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) | 36,906 | 89,682 | |
Vale SA (PN-A) sponsored ADR | 25,500 | 47,175 | |
TOTAL BRAZIL | 547,919 | ||
Korea (South) - 0.9% | |||
Hyundai Motor Co. Series 2 | 2,908 | 245,034 | |
Samsung Electronics Co. Ltd. | 266 | 222,068 | |
Samsung Fire & Marine Insurance Co. Ltd. | 630 | 97,801 | |
TOTAL KOREA (SOUTH) | 564,903 | ||
Russia - 0.2% | |||
Surgutneftegas OJSC (a) | 188,200 | 114,811 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $2,034,088) | 1,227,633 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 16.6% | |||
Azerbaijan - 1.1% | |||
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) | 200,000 | 166,400 | |
State Oil Co. of Azerbaijan Republic: | |||
4.75% 3/13/23 (Reg. S) | 325,000 | 266,747 | |
6.95% 3/18/30 (Reg. S) | 275,000 | 225,088 | |
TOTAL AZERBAIJAN | 658,235 | ||
Brazil - 0.4% | |||
Caixa Economica Federal 3.5% 11/7/22 (b) | 300,000 | 226,800 | |
Canada - 0.1% | |||
First Quantum Minerals Ltd. 7% 2/15/21 (b) | 100,000 | 45,250 | |
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b) | 100,000 | 11,950 | |
TOTAL CANADA | 57,200 | ||
Cayman Islands - 1.7% | |||
Lamar Funding Ltd. 3.958% 5/7/25 (b) | 200,000 | 169,500 | |
Petrobras International Finance Co. Ltd.: | |||
3.5% 2/6/17 | 200,000 | 190,000 | |
5.375% 1/27/21 | 530,000 | 398,163 | |
8.375% 12/10/18 | 300,000 | 281,250 | |
TOTAL CAYMAN ISLANDS | 1,038,913 | ||
Chile - 0.5% | |||
Corporacion Nacional del Cobre de Chile (Codelco) 4.5% 9/16/25 (b) | 200,000 | 191,570 | |
Empresa Nacional de Petroleo 4.75% 12/6/21 (b) | 100,000 | 100,537 | |
TOTAL CHILE | 292,107 | ||
Colombia - 0.1% | |||
Ecopetrol SA 7.375% 9/18/43 | 100,000 | 76,875 | |
Indonesia - 1.9% | |||
PT Pertamina Persero: | |||
4.875% 5/3/22 (b) | 275,000 | 261,410 | |
5.25% 5/23/21 (b) | 200,000 | 196,869 | |
5.625% 5/20/43 (b) | 200,000 | 155,837 | |
6% 5/3/42 (b) | 400,000 | 326,106 | |
6.5% 5/27/41 (b) | 275,000 | 238,536 | |
TOTAL INDONESIA | 1,178,758 | ||
Ireland - 0.6% | |||
Vnesheconombank Via VEB Finance PLC: | |||
5.375% 2/13/17 (b) | 250,000 | 250,708 | |
6.8% 11/22/25 (b) | 100,000 | 95,000 | |
TOTAL IRELAND | 345,708 | ||
Israel - 1.0% | |||
B Communications Ltd. 7.375% 2/15/21 (b) | 300,000 | 325,230 | |
Israel Electric Corp. Ltd. 7.25% 1/15/19 (Reg. S) | 250,000 | 275,619 | |
TOTAL ISRAEL | 600,849 | ||
Kazakhstan - 1.0% | |||
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) | 400,000 | 324,000 | |
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) | 300,000 | 319,950 | |
TOTAL KAZAKHSTAN | 643,950 | ||
Luxembourg - 1.0% | |||
RSHB Capital SA: | |||
5.1% 7/25/18 (b) | 400,000 | 395,118 | |
6.299% 5/15/17 (Reg. S) | 200,000 | 202,016 | |
TOTAL LUXEMBOURG | 597,134 | ||
Mexico - 2.2% | |||
Pemex Project Funding Master Trust 6.625% 6/15/35 | 350,000 | 309,824 | |
Petroleos Mexicanos: | |||
6.5% 6/2/41 | 425,000 | 362,100 | |
6.625% (b)(c) | 850,000 | 716,125 | |
TOTAL MEXICO | 1,388,049 | ||
Morocco - 0.3% | |||
OCP SA 5.625% 4/25/24 (b) | 200,000 | 198,864 | |
Netherlands - 1.0% | |||
Kazakhstan Temir Zholy Finance BV 6.375% 10/6/20 (b) | 200,000 | 193,750 | |
Petrobras Global Finance BV: | |||
6.85% 6/5/2115 | 215,000 | 135,988 | |
7.25% 3/17/44 | 400,000 | 262,000 | |
TOTAL NETHERLANDS | 591,738 | ||
South Africa - 0.4% | |||
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) | 300,000 | 258,810 | |
Trinidad & Tobago - 0.2% | |||
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (b) | 150,000 | 151,500 | |
Turkey - 0.7% | |||
Arcelik A/S 5% 4/3/23 (b) | 300,000 | 270,556 | |
Turk Sise ve Cam Fabrikalari A/S 4.25% 5/9/20 (Reg. S) | 200,000 | 192,958 | |
TOTAL TURKEY | 463,514 | ||
United Arab Emirates - 0.1% | |||
DP World Ltd. 6.85% 7/2/37 (Reg. S) | 100,000 | 95,025 | |
United Kingdom - 0.6% | |||
Biz Finance PLC 9.625% 4/27/22 (b) | 450,000 | 394,650 | |
Venezuela - 1.7% | |||
Petroleos de Venezuela SA: | |||
5.25% 4/12/17 | 300,000 | 117,000 | |
5.5% 4/12/37 | 500,000 | 145,500 | |
6% 11/15/26 (Reg. S) | 700,000 | 205,730 | |
8.5% 11/2/17 (b) | 166,667 | 68,733 | |
9% 11/17/21 (Reg. S) | 550,000 | 183,425 | |
9.75% 5/17/35 (b) | 300,000 | 102,075 | |
12.75% 2/17/22 (b) | 600,000 | 229,500 | |
TOTAL VENEZUELA | 1,051,963 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $12,249,148) | 10,310,642 | ||
Government Obligations - 28.4% | |||
Angola - 0.3% | |||
Angola Republic 9.5% 11/12/25 (b) | 200,000 | 167,040 | |
Argentina - 0.4% | |||
Argentine Republic 8.28% 12/31/33 (d) | 245,357 | 276,026 | |
Armenia - 0.5% | |||
Republic of Armenia 6% 9/30/20 (b) | 325,000 | 312,065 | |
Barbados - 0.6% | |||
Barbados Government 7% 8/4/22 (b) | 350,000 | 343,219 | |
Belize - 0.4% | |||
Belize Government 5% 2/20/38 (b)(e) | 332,500 | 219,450 | |
Bolivia - 0.3% | |||
Plurinational State of Bolivia 4.875% 10/29/22 (b) | 200,000 | 206,000 | |
Brazil - 2.2% | |||
Brazilian Federative Republic: | |||
4.25% 1/7/25 | 850,000 | 712,725 | |
5% 1/27/45 | 200,000 | 137,500 | |
7.125% 1/20/37 | 100,000 | 90,500 | |
8.25% 1/20/34 | 275,000 | 277,750 | |
12.25% 3/6/30 | 100,000 | 142,000 | |
TOTAL BRAZIL | 1,360,475 | ||
Cameroon - 0.3% | |||
Cameroon Republic 9.5% 11/19/25 (b) | 200,000 | 171,500 | |
Colombia - 0.8% | |||
Colombian Republic: | |||
4% 2/26/24 | 200,000 | 188,000 | |
6.125% 1/18/41 | 100,000 | 93,000 | |
7.375% 9/18/37 | 225,000 | 236,813 | |
TOTAL COLOMBIA | 517,813 | ||
Congo - 0.3% | |||
Congo Republic 4% 6/30/29 (e) | 292,600 | 212,867 | |
Costa Rica - 0.8% | |||
Costa Rican Republic: | |||
4.375% 4/30/25 (b) | 225,000 | 190,125 | |
7% 4/4/44 (b) | 200,000 | 168,000 | |
7.158% 3/12/45 (b) | 200,000 | 168,000 | |
TOTAL COSTA RICA | 526,125 | ||
Croatia - 0.8% | |||
Croatia Republic 6% 1/26/24 (b) | 450,000 | 483,638 | |
Dominican Republic - 0.9% | |||
Dominican Republic: | |||
6.6% 1/28/24 (b) | 375,000 | 377,813 | |
7.45% 4/30/44 (b) | 200,000 | 193,000 | |
TOTAL DOMINICAN REPUBLIC | 570,813 | ||
Ecuador - 0.2% | |||
Ecuador Republic 7.95% 6/20/24 (b) | 200,000 | 138,500 | |
Egypt - 0.2% | |||
Arab Republic of Egypt 6.875% 4/30/40 (b) | 150,000 | 119,358 | |
El Salvador - 0.3% | |||
El Salvador Republic: | |||
7.375% 12/1/19 | 100,000 | 96,375 | |
7.625% 2/1/41 (b) | 150,000 | 116,438 | |
TOTAL EL SALVADOR | 212,813 | ||
Ethiopia - 0.3% | |||
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) | 200,000 | 173,000 | |
Gabon - 0.3% | |||
Gabonese Republic 6.375% 12/12/24 (b) | 200,000 | 153,916 | |
Georgia - 0.3% | |||
Georgia Republic 6.875% 4/12/21 (b) | 200,000 | 207,008 | |
Ghana - 0.8% | |||
Ghana Republic: | |||
7.875% 8/7/23 (Reg.S) | 200,000 | 144,600 | |
8.125% 1/18/26 (b) | 200,000 | 143,224 | |
10.75% 10/14/30 (b) | 200,000 | 189,316 | |
TOTAL GHANA | 477,140 | ||
Hungary - 0.4% | |||
Hungarian Republic 5.75% 11/22/23 | 200,000 | 224,266 | |
Indonesia - 0.3% | |||
Indonesian Republic 5.95% 1/8/46 (b) | 200,000 | 206,987 | |
Iraq - 0.3% | |||
Republic of Iraq 5.8% 1/15/28 (Reg. S) | 250,000 | 157,975 | |
Ivory Coast - 0.7% | |||
Ivory Coast: | |||
5.375% 7/23/24 (b) | 200,000 | 173,500 | |
5.75% 12/31/32 | 275,000 | 238,409 | |
TOTAL IVORY COAST | 411,909 | ||
Jamaica - 0.3% | |||
Jamaican Government 8% 6/24/19 | 150,000 | 160,125 | |
Jordan - 0.3% | |||
Jordanian Kingdom 6.125% 1/29/26 (b) | 200,000 | 203,002 | |
Kenya - 0.3% | |||
Republic of Kenya 6.875% 6/24/24 (b) | 200,000 | 178,008 | |
Lebanon - 0.8% | |||
Lebanese Republic: | |||
6.1% 10/4/22 | 150,000 | 145,278 | |
6.65% 2/26/30(Reg. S) | 125,000 | 119,990 | |
11.625% 5/11/16 (Reg. S) | 250,000 | 255,920 | |
TOTAL LEBANON | 521,188 | ||
Mexico - 0.3% | |||
United Mexican States 5.75% 10/12/2110 | 200,000 | 184,000 | |
Mongolia - 0.2% | |||
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) | 200,000 | 148,243 | |
Netherlands - 0.4% | |||
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) | 234,375 | 220,313 | |
Pakistan - 0.3% | |||
Islamic Republic of Pakistan 7.25% 4/15/19 (b) | 200,000 | 203,738 | |
Panama - 0.4% | |||
Panamanian Republic 8.875% 9/30/27 | 200,000 | 278,000 | |
Philippines - 0.9% | |||
Philippine Republic 9.5% 2/2/30 | 350,000 | 571,209 | |
Qatar - 0.5% | |||
State of Qatar 5.75% 1/20/42 (b) | 250,000 | 283,625 | |
Romania - 0.3% | |||
Romanian Republic 6.75% 2/7/22 (b) | 170,000 | 200,864 | |
Russia - 3.0% | |||
Russian Federation: | |||
5% 4/29/20 (b) | 225,000 | 233,398 | |
5.625% 4/4/42 (b) | 200,000 | 191,325 | |
5.875% 9/16/43 (b) | 200,000 | 195,409 | |
7.5% 3/31/30 (Reg. S) | 490,875 | 589,040 | |
12.75% 6/24/28 (Reg. S) | 425,000 | 675,091 | |
TOTAL RUSSIA | 1,884,263 | ||
Senegal - 0.3% | |||
Republic of Senegal 8.75% 5/13/21 (b) | 200,000 | 209,950 | |
Serbia - 0.5% | |||
Republic of Serbia 7.25% 9/28/21 (b) | 260,000 | 291,491 | |
South Africa - 0.4% | |||
South African Republic 5.875% 9/16/25 | 250,000 | 260,717 | |
Sri Lanka - 0.5% | |||
Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (b) | 300,000 | 287,537 | |
Tanzania - 0.3% | |||
United Republic of Tanzania 6.5375% 3/9/20 (f) | 200,000 | 189,770 | |
Turkey - 2.0% | |||
Turkish Republic: | |||
6.25% 9/26/22 | 200,000 | 219,657 | |
6.875% 3/17/36 | 100,000 | 113,378 | |
7% 6/5/20 | 250,000 | 279,320 | |
7.375% 2/5/25 | 300,000 | 353,382 | |
11.875% 1/15/30 | 165,000 | 273,571 | |
TOTAL TURKEY | 1,239,308 | ||
Ukraine - 1.4% | |||
Ukraine Government: | |||
0% 5/31/40 (b)(f) | 430,000 | 161,465 | |
7.75% 9/1/20 (b) | 635,000 | 596,583 | |
7.75% 9/1/21 (b) | 100,000 | 92,950 | |
TOTAL UKRAINE | 850,998 | ||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.12% to 0.19% 2/11/16 to 3/31/16 | 90,000 | 89,979 | |
Venezuela - 1.4% | |||
Venezuelan Republic: | |||
7% 3/31/38 | 650,000 | 209,625 | |
8.25% 10/13/24 | 300,000 | 100,500 | |
9% 5/7/23 (Reg. S) | 300,000 | 102,000 | |
9.25% 9/15/27 | 650,000 | 238,875 | |
9.25% 5/7/28 (Reg. S) | 250,000 | 86,250 | |
12.75% 8/23/22 | 325,000 | 124,313 | |
TOTAL VENEZUELA | 861,563 | ||
Vietnam - 0.4% | |||
Vietnamese Socialist Republic 6.75% 1/29/20 (b) | 200,000 | 217,835 | |
Zambia - 0.4% | |||
Republic of Zambia: | |||
5.375% 9/20/22 (b) | 200,000 | 132,878 | |
8.97% 7/30/27 (b) | 200,000 | 142,020 | |
TOTAL ZAMBIA | 274,898 | ||
TOTAL GOVERNMENT OBLIGATIONS | |||
(Cost $19,268,416) | 17,660,527 | ||
Preferred Securities - 1.0% | |||
China - 0.5% | |||
Sinochem Group 5% (b)(c)(f) | 300,000 | 312,000 | |
Colombia - 0.2% | |||
Colombia Telecomunicacines SA 8.5% (b)(c)(f) | 100,000 | 85,166 | |
India - 0.3% | |||
State Bank of India 6.439% (c)(f) | 200,000 | 203,565 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $611,117) | 600,731 | ||
Shares | Value | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 0.38% (g) | |||
(Cost $1,896,252) | 1,896,252 | 1,896,252 | |
TOTAL INVESTMENT PORTFOLIO - 100.4% | |||
(Cost $68,233,991) | 62,345,935 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (267,957) | ||
NET ASSETS - 100% | $62,077,978 |
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
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 $15,122,543 or 24.4% of net assets.
(c) Security is perpetual in nature with no stated maturity date.
(d) Non-income producing - Security is in default.
(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,375 |
Fidelity Securities Lending Cash Central Fund | 21 |
Total | $1,396 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $3,370,560 | $650,614 | $2,433,538 | $286,408 |
Consumer Staples | 2,980,185 | 968,001 | 2,012,184 | -- |
Energy | 2,337,643 | 435,136 | 1,902,507 | -- |
Financials | 8,551,831 | 2,512,153 | 6,039,678 | -- |
Health Care | 626,211 | -- | 626,211 | -- |
Industrials | 2,242,950 | 653,706 | 1,589,244 | -- |
Information Technology | 6,316,596 | 1,608,738 | 4,707,858 | -- |
Materials | 2,072,302 | 523,637 | 1,548,665 | -- |
Telecommunication Services | 2,274,820 | 1,362,847 | 911,973 | -- |
Utilities | 1,104,685 | 248,093 | 856,592 | -- |
Corporate Bonds | 10,310,642 | -- | 10,310,642 | -- |
Government Obligations | 17,660,527 | -- | 17,660,527 | -- |
Preferred Securities | 600,731 | -- | 600,731 | -- |
Money Market Funds | 1,896,252 | 1,896,252 | -- | -- |
Total Investments in Securities: | $62,345,935 | $10,859,177 | $51,200,350 | $286,408 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $9,452,863 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $68,261,294. Net unrealized depreciation aggregated $5,915,359, of which $4,122,495 related to appreciated investment securities and $10,037,854 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Value Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
Australia - 3.6% | |||
Ansell Ltd. | 95,058 | $1,366,149 | |
Macquarie Group Ltd. | 29,385 | 1,515,726 | |
Transurban Group unit | 203,659 | 1,570,144 | |
Westpac Banking Corp. (a) | 298,272 | 6,605,611 | |
TOTAL AUSTRALIA | 11,057,630 | ||
Bailiwick of Jersey - 1.0% | |||
Shire PLC | 17,200 | 964,783 | |
Wolseley PLC | 41,902 | 2,078,618 | |
TOTAL BAILIWICK OF JERSEY | 3,043,401 | ||
Belgium - 0.6% | |||
Anheuser-Busch InBev SA NV | 13,970 | 1,756,958 | |
Canada - 1.1% | |||
Imperial Oil Ltd. | 71,200 | 2,182,911 | |
Potash Corp. of Saskatchewan, Inc. | 73,100 | 1,191,808 | |
TOTAL CANADA | 3,374,719 | ||
Finland - 1.2% | |||
Sampo Oyj (A Shares) | 77,034 | 3,730,315 | |
France - 16.2% | |||
Atos Origin SA | 40,653 | 3,213,764 | |
AXA SA | 185,321 | 4,579,789 | |
Capgemini SA | 43,993 | 4,020,113 | |
Havas SA | 228,566 | 1,821,250 | |
Orange SA | 178,900 | 3,176,486 | |
Renault SA | 21,445 | 1,819,671 | |
Sanofi SA | 81,613 | 6,786,992 | |
Societe Generale Series A | 73,700 | 2,811,479 | |
SR Teleperformance SA | 14,500 | 1,208,072 | |
Total SA | 212,302 | 9,430,654 | |
Unibail-Rodamco | 13,900 | 3,503,657 | |
VINCI SA | 64,700 | 4,383,246 | |
Vivendi SA (a) | 156,592 | 3,404,324 | |
TOTAL FRANCE | 50,159,497 | ||
Germany - 4.8% | |||
Axel Springer Verlag AG | 23,200 | 1,208,081 | |
BASF AG | 65,944 | 4,395,380 | |
Bayer AG | 15,903 | 1,789,823 | |
Continental AG | 6,366 | 1,335,888 | |
Fresenius SE & Co. KGaA | 50,600 | 3,357,708 | |
GEA Group AG | 24,095 | 1,010,860 | |
SAP AG | 24,045 | 1,916,024 | |
TOTAL GERMANY | 15,013,764 | ||
Hong Kong - 0.6% | |||
Power Assets Holdings Ltd. | 204,000 | 1,864,626 | |
Ireland - 1.4% | |||
Allergan PLC (b) | 7,680 | 2,184,422 | |
Medtronic PLC | 28,400 | 2,156,128 | |
TOTAL IRELAND | 4,340,550 | ||
Israel - 1.7% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 83,999 | 5,164,259 | |
Italy - 1.5% | |||
Intesa Sanpaolo SpA | 656,000 | 1,869,055 | |
Mediaset SpA | 344,400 | 1,156,126 | |
Telecom Italia SpA (b) | 1,470,900 | 1,637,088 | |
TOTAL ITALY | 4,662,269 | ||
Japan - 20.4% | |||
Astellas Pharma, Inc. | 224,500 | 3,108,553 | |
Dentsu, Inc. | 59,800 | 3,178,145 | |
East Japan Railway Co. | 23,100 | 2,123,304 | |
Hoya Corp. | 90,000 | 3,474,205 | |
Itochu Corp. | 222,500 | 2,615,027 | |
Japan Tobacco, Inc. | 88,800 | 3,477,741 | |
KDDI Corp. | 138,400 | 3,504,649 | |
Makita Corp. | 34,200 | 1,925,005 | |
Mitsubishi UFJ Financial Group, Inc. | 993,400 | 5,094,055 | |
Nippon Prologis REIT, Inc. | 610 | 1,085,643 | |
Nippon Telegraph & Telephone Corp. | 116,500 | 4,959,710 | |
OBIC Co. Ltd. | 37,200 | 1,926,956 | |
Olympus Corp. | 67,300 | 2,624,287 | |
ORIX Corp. | 200,700 | 2,838,393 | |
Seven & i Holdings Co. Ltd. | 65,200 | 2,908,081 | |
Seven Bank Ltd. | 480,100 | 2,044,739 | |
Sony Corp. | 78,700 | 1,826,573 | |
Sony Financial Holdings, Inc. | 123,200 | 2,038,605 | |
Sumitomo Mitsui Financial Group, Inc. | 119,800 | 4,019,123 | |
Toyota Motor Corp. | 142,200 | 8,564,644 | |
TOTAL JAPAN | 63,337,438 | ||
Luxembourg - 0.5% | |||
RTL Group SA | 18,239 | 1,470,385 | |
Netherlands - 3.7% | |||
ING Groep NV (Certificaten Van Aandelen) | 297,290 | 3,386,814 | |
Koninklijke KPN NV | 398,560 | 1,542,288 | |
Mylan N.V. | 28,600 | 1,506,934 | |
PostNL NV (b) | 92,431 | 336,364 | |
RELX NV | 280,449 | 4,679,702 | |
TOTAL NETHERLANDS | 11,452,102 | ||
Spain - 2.0% | |||
Iberdrola SA | 684,376 | 4,810,655 | |
Mediaset Espana Comunicacion SA | 139,100 | 1,352,730 | |
TOTAL SPAIN | 6,163,385 | ||
Sweden - 1.6% | |||
Nordea Bank AB | 378,600 | 3,812,390 | |
Sandvik AB | 145,100 | 1,214,240 | |
TOTAL SWEDEN | 5,026,630 | ||
Switzerland - 7.8% | |||
Credit Suisse Group AG | 138,212 | 2,448,477 | |
Nestle SA | 94,187 | 6,938,985 | |
Novartis AG | 89,875 | 6,962,926 | |
Syngenta AG (Switzerland) | 8,939 | 3,291,476 | |
UBS Group AG | 64,958 | 1,080,901 | |
Zurich Insurance Group AG | 15,128 | 3,353,355 | |
TOTAL SWITZERLAND | 24,076,120 | ||
United Kingdom - 23.4% | |||
AstraZeneca PLC (United Kingdom) | 93,231 | 6,003,196 | |
Aviva PLC | 485,420 | 3,347,829 | |
BAE Systems PLC | 356,529 | 2,636,836 | |
Barclays PLC | 1,279,796 | 3,424,573 | |
BP PLC sponsored ADR | 220,945 | 7,151,990 | |
Bunzl PLC | 117,164 | 3,134,438 | |
Compass Group PLC | 202,239 | 3,480,510 | |
HSBC Holdings PLC sponsored ADR (a) | 160,371 | 5,677,133 | |
Imperial Tobacco Group PLC | 106,063 | 5,742,850 | |
Informa PLC | 290,336 | 2,640,476 | |
ITV PLC | 1,026,096 | 3,922,635 | |
Liberty Global PLC: | |||
Class A (b) | 27,500 | 946,275 | |
LiLAC Class A (b) | 7,000 | 246,400 | |
Lloyds Banking Group PLC | 4,610,300 | 4,319,198 | |
Micro Focus International PLC | 67,200 | 1,331,041 | |
National Grid PLC | 321,950 | 4,535,861 | |
Prudential PLC | 75,192 | 1,477,236 | |
Rio Tinto PLC | 175,008 | 4,291,506 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 109,782 | 2,391,924 | |
Vodafone Group PLC sponsored ADR | 179,958 | 5,794,648 | |
TOTAL UNITED KINGDOM | 72,496,555 | ||
United States of America - 3.9% | |||
Altria Group, Inc. | 36,300 | 2,218,293 | |
Chevron Corp. | 25,000 | 2,161,750 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 24,800 | 3,781,504 | |
Edgewell Personal Care Co. (b) | 13,300 | 984,333 | |
McGraw Hill Financial, Inc. | 23,200 | 1,972,464 | |
ResMed, Inc. CDI | 177,724 | 1,027,353 | |
TOTAL UNITED STATES OF AMERICA | 12,145,697 | ||
TOTAL COMMON STOCKS | |||
(Cost $321,550,835) | 300,336,300 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Germany - 0.4% | |||
Volkswagen AG | |||
(Cost $2,112,685) | 9,931 | 1,156,480 | |
Money Market Funds - 4.9% | |||
Fidelity Cash Central Fund, 0.38% (c) | 8,191,543 | 8,191,543 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 7,147,645 | 7,147,645 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $15,339,188) | 15,339,188 | ||
TOTAL INVESTMENT PORTFOLIO - 102.3% | |||
(Cost $339,002,708) | 316,831,968 | ||
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (7,102,536) | ||
NET ASSETS - 100% | $309,729,432 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $3,941 |
Fidelity Securities Lending Cash Central Fund | 29,123 |
Total | $33,064 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $44,210,295 | $1,192,675 | $43,017,620 | $-- |
Consumer Staples | 27,808,745 | 6,984,130 | 20,824,615 | -- |
Energy | 23,319,229 | 11,496,651 | 11,822,578 | -- |
Financials | 76,036,560 | 8,730,498 | 67,306,062 | -- |
Health Care | 48,477,718 | 11,011,743 | 37,465,975 | -- |
Industrials | 24,236,154 | -- | 24,236,154 | -- |
Information Technology | 12,407,898 | -- | 12,407,898 | -- |
Materials | 13,170,170 | 1,191,808 | 11,978,362 | -- |
Telecommunication Services | 20,614,869 | 5,794,648 | 14,820,221 | -- |
Utilities | 11,211,142 | -- | 11,211,142 | -- |
Money Market Funds | 15,339,188 | 15,339,188 | -- | -- |
Total Investments in Securities: | $316,831,968 | $61,741,341 | $255,090,627 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $64,797,372 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $339,460,188. Net unrealized depreciation aggregated $22,628,220, of which $15,901,144 related to appreciated investment securities and $38,529,364 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Overseas Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.1% | |||
Shares | Value | ||
Australia - 2.3% | |||
Amcor Ltd. | 3,751,449 | $35,773,685 | |
Ansell Ltd. | 527,656 | 7,583,335 | |
Aub Group Ltd. | 2,943,429 | 17,870,978 | |
Australia & New Zealand Banking Group Ltd. | 1,452,585 | 25,215,423 | |
Flight Centre Travel Group Ltd. (a) | 702,512 | 19,632,565 | |
Life Healthcare Group Ltd. | 1,667,758 | 3,414,168 | |
TOTAL AUSTRALIA | 109,490,154 | ||
Austria - 0.4% | |||
Andritz AG | 380,700 | 17,701,937 | |
Bailiwick of Jersey - 2.2% | |||
Regus PLC | 5,699,270 | 24,092,559 | |
Sanne Group PLC | 989,300 | 5,247,185 | |
Wolseley PLC | 557,005 | 27,631,160 | |
WPP PLC | 2,177,633 | 47,358,079 | |
TOTAL BAILIWICK OF JERSEY | 104,328,983 | ||
Belgium - 2.1% | |||
Anheuser-Busch InBev SA NV | 489,612 | 61,576,789 | |
KBC Groep NV | 636,030 | 36,448,842 | |
TOTAL BELGIUM | 98,025,631 | ||
Canada - 0.9% | |||
Constellation Software, Inc. | 64,400 | 23,444,928 | |
Open Text Corp. | 353,900 | 17,314,802 | |
TOTAL CANADA | 40,759,730 | ||
Cayman Islands - 0.1% | |||
Lifestyle International Holdings Ltd. | 5,420,000 | 6,709,693 | |
Denmark - 0.4% | |||
NNIT A/S | 818,830 | 20,552,192 | |
France - 7.3% | |||
ALTEN | 361,400 | 20,342,416 | |
Amundi SA (b) | 579,200 | 24,260,635 | |
AXA SA | 1,324,100 | 32,722,132 | |
Christian Dior SA | 137,297 | 23,220,577 | |
Ipsen SA | 200,400 | 11,550,982 | |
Publicis Groupe SA | 521,900 | 31,306,342 | |
Sanofi SA | 901,977 | 75,009,016 | |
Sodexo SA | 326,500 | 31,976,908 | |
Total SA | 1,618,300 | 71,886,381 | |
Zodiac Aerospace (a) | 1,239,211 | 25,841,270 | |
TOTAL FRANCE | 348,116,659 | ||
Germany - 6.6% | |||
adidas AG | 484,700 | 49,910,826 | |
Axel Springer Verlag AG | 214,757 | 11,182,927 | |
Bayer AG | 623,197 | 70,138,504 | |
CompuGroup Medical AG | 466,300 | 18,753,673 | |
Continental AG | 133,400 | 27,993,633 | |
Deutsche Post AG | 1,039,532 | 25,194,929 | |
Fresenius SE & Co. KGaA | 762,500 | 50,597,866 | |
mutares AG | 422,100 | 7,954,237 | |
SAP AG | 695,417 | 55,414,265 | |
TOTAL GERMANY | 317,140,860 | ||
Hong Kong - 1.6% | |||
AIA Group Ltd. | 9,268,400 | 51,527,354 | |
Techtronic Industries Co. Ltd. | 7,011,500 | 26,603,048 | |
TOTAL HONG KONG | 78,130,402 | ||
Indonesia - 0.4% | |||
PT Bank Rakyat Indonesia Tbk | 25,942,800 | 21,395,745 | |
Ireland - 2.9% | |||
Accenture PLC Class A | 258,600 | 27,292,644 | |
DCC PLC (United Kingdom) | 307,600 | 23,747,650 | |
Kerry Group PLC Class A | 511,164 | 41,681,717 | |
Medtronic PLC | 394,800 | 29,973,216 | |
United Drug PLC (United Kingdom) | 2,088,200 | 15,609,472 | |
TOTAL IRELAND | 138,304,699 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 1,856,301 | 20,399,850 | |
Israel - 1.6% | |||
Frutarom Industries Ltd. | 534,972 | 26,945,797 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 768,700 | 47,259,676 | |
TOTAL ISRAEL | 74,205,473 | ||
Italy - 2.0% | |||
DiaSorin S.p.A. | 420,800 | 22,147,718 | |
Mediaset SpA | 6,103,900 | 20,490,352 | |
OVS (b) | 3,160,200 | 19,286,496 | |
Recordati SpA | 933,500 | 23,136,948 | |
Reply SpA | 90,048 | 11,828,554 | |
TOTAL ITALY | 96,890,068 | ||
Japan - 17.9% | |||
ACOM Co. Ltd. (b) | 3,029,600 | 13,766,958 | |
Ai Holdings Corp. | 1,052,300 | 25,705,018 | |
Arc Land Sakamoto Co. Ltd. | 524,500 | 11,078,211 | |
Astellas Pharma, Inc. | 3,375,600 | 46,740,458 | |
Bridgestone Corp. | 910,500 | 33,171,305 | |
Broadleaf Co. Ltd. | 529,900 | 4,901,803 | |
Casio Computer Co. Ltd. (a) | 1,156,800 | 22,445,530 | |
Daito Trust Construction Co. Ltd. | 284,400 | 36,157,471 | |
Dentsu, Inc. | 611,100 | 32,477,663 | |
Fukuda Denshi Co. Ltd. | 147,200 | 7,324,177 | |
GMO Internet, Inc. | 1,223,400 | 15,158,879 | |
Hoya Corp. | 1,216,000 | 46,940,374 | |
Iriso Electronics Co. Ltd. (a) | 276,500 | 13,280,023 | |
Japan Tobacco, Inc. | 1,212,000 | 47,466,465 | |
KDDI Corp. | 1,591,100 | 40,290,804 | |
Keyence Corp. | 58,490 | 27,600,596 | |
Konica Minolta, Inc. | 1,456,300 | 12,275,121 | |
Leopalace21 Corp. (b) | 1,802,900 | 9,985,542 | |
Makita Corp. | 479,500 | 26,989,474 | |
Meitec Corp. | 452,300 | 15,246,058 | |
Miraca Holdings, Inc. | 492,300 | 20,316,921 | |
Misumi Group, Inc. | 1,764,400 | 21,577,148 | |
Nakanishi, Inc. | 574,300 | 22,437,319 | |
NGK Spark Plug Co. Ltd. | 1,418,800 | 33,521,160 | |
Nitori Holdings Co. Ltd. | 285,700 | 23,206,223 | |
OBIC Co. Ltd. | 431,900 | 22,372,374 | |
Olympus Corp. | 1,181,900 | 46,086,852 | |
ORIX Corp. | 2,574,400 | 36,408,363 | |
Roland DG Corp. | 298,900 | 5,928,328 | |
Shinsei Bank Ltd. | 13,723,000 | 21,448,599 | |
Ship Healthcare Holdings, Inc. | 818,900 | 19,563,663 | |
SoftBank Corp. | 441,600 | 19,446,083 | |
Software Service, Inc. | 108,400 | 3,615,176 | |
Sundrug Co. Ltd. | 410,900 | 27,221,759 | |
Tsuruha Holdings, Inc. | 336,600 | 27,932,678 | |
VT Holdings Co. Ltd. | 3,170,300 | 18,592,899 | |
TOTAL JAPAN | 858,677,475 | ||
Luxembourg - 0.8% | |||
Eurofins Scientific SA | 52,259 | 17,144,304 | |
Grand City Properties SA | 1,046,905 | 21,690,179 | |
TOTAL LUXEMBOURG | 38,834,483 | ||
Netherlands - 2.1% | |||
Altice NV Class A (b) | 1,591,222 | 22,948,599 | |
Arcadis NV | 772,600 | 10,360,607 | |
IMCD Group BV | 812,300 | 28,796,593 | |
ING Groep NV (Certificaten Van Aandelen) | 3,525,900 | 40,168,074 | |
TOTAL NETHERLANDS | 102,273,873 | ||
New Zealand - 0.4% | |||
EBOS Group Ltd. | 2,276,701 | 19,843,778 | |
Norway - 0.4% | |||
Telenor ASA | 1,083,200 | 17,669,412 | |
Portugal - 0.5% | |||
NOS SGPS SA | 3,437,200 | 24,943,516 | |
South Africa - 0.1% | |||
EOH Holdings Ltd. | 731,981 | 6,207,257 | |
Spain - 0.8% | |||
Amadeus IT Holding SA Class A | 887,200 | 36,232,128 | |
Sweden - 3.6% | |||
Alfa Laval AB | 847,000 | 14,603,263 | |
HEXPOL AB (B Shares) | 2,850,100 | 25,291,149 | |
Nordea Bank AB | 3,919,200 | 39,465,181 | |
Svenska Cellulosa AB (SCA) (B Shares) | 1,574,300 | 46,658,555 | |
Svenska Handelsbanken AB (A Shares) | 1,839,300 | 23,142,812 | |
Swedbank AB (A Shares) | 1,059,100 | 22,212,307 | |
TOTAL SWEDEN | 171,373,267 | ||
Switzerland - 8.1% | |||
Credit Suisse Group AG | 2,193,804 | 38,864,058 | |
DKSH Holding AG | 268,967 | 16,561,680 | |
EFG International | 1,489,897 | 13,081,073 | |
Nestle SA | 1,543,139 | 113,686,790 | |
Novartis AG | 1,236,681 | 95,809,943 | |
Sika AG | 8,220 | 29,416,408 | |
Syngenta AG (Switzerland) | 88,162 | 32,462,596 | |
UBS Group AG | 2,831,096 | 46,784,349 | |
TOTAL SWITZERLAND | 386,666,897 | ||
Taiwan - 0.5% | |||
King's Town Bank | 12,292,899 | 7,743,294 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,091,000 | 17,533,774 | |
TOTAL TAIWAN | 25,277,068 | ||
United Kingdom - 24.4% | |||
Aberdeen Asset Management PLC | 3,270,700 | 11,528,761 | |
Aldermore Group PLC | 4,423,800 | 13,702,030 | |
Aon PLC | 216,100 | 18,980,063 | |
Ashmore Group PLC (a) | 4,370,900 | 13,745,328 | |
Barclays PLC | 9,534,646 | 25,513,510 | |
British American Tobacco PLC (United Kingdom) | 814,400 | 45,381,215 | |
BT Group PLC | 8,379,700 | 58,319,425 | |
Capita Group PLC | 1,635,600 | 27,531,707 | |
Cineworld Group PLC | 3,347,783 | 24,158,053 | |
Close Brothers Group PLC | 1,273,800 | 23,469,473 | |
Compass Group PLC | 2,229,200 | 38,364,276 | |
Dechra Pharmaceuticals PLC | 474,295 | 6,774,802 | |
Diageo PLC | 1,781,860 | 47,970,416 | |
Diploma PLC | 1,954,703 | 18,724,454 | |
Elementis PLC | 4,604,700 | 14,141,367 | |
Essentra PLC | 2,123,343 | 22,313,819 | |
Exova Group Ltd. PLC | 5,645,035 | 10,553,769 | |
Hikma Pharmaceuticals PLC | 740,632 | 21,377,418 | |
Hilton Food Group PLC | 1,129,369 | 8,434,434 | |
Howden Joinery Group PLC | 4,888,300 | 35,013,560 | |
IMI PLC | 1,164,999 | 13,452,424 | |
Intertek Group PLC | 475,000 | 19,252,223 | |
ITV PLC | 9,975,700 | 38,135,841 | |
James Fisher and Sons PLC | 945,156 | 14,632,200 | |
John Wood Group PLC | 2,002,796 | 18,512,567 | |
Lloyds Banking Group PLC | 58,198,800 | 54,524,025 | |
London Stock Exchange Group PLC | 1,179,645 | 41,770,511 | |
Micro Focus International PLC | 1,200,900 | 23,786,421 | |
New Melrose Industries PLC | 965,385 | 4,115,824 | |
Next PLC | 244,900 | 24,273,639 | |
Prudential PLC | 2,689,208 | 52,832,678 | |
Reckitt Benckiser Group PLC | 548,300 | 48,766,398 | |
Rio Tinto PLC | 885,800 | 21,721,385 | |
Rolls-Royce Group PLC | 1,834,566 | 14,593,151 | |
Rotork PLC | 3,131,522 | 7,667,280 | |
SABMiller PLC | 536,700 | 32,139,136 | |
Schroders PLC | 896,500 | 35,027,407 | |
Senior Engineering Group PLC | 4,641,300 | 14,521,819 | |
Shawbrook Group PLC | 4,213,586 | 17,843,680 | |
Sinclair Pharma PLC (b) | 10,370,587 | 5,874,535 | |
Softcat PLC (b) | 4,524,200 | 22,049,720 | |
Spectris PLC | 567,900 | 12,864,279 | |
Spirax-Sarco Engineering PLC | 399,510 | 17,437,490 | |
St. James's Place Capital PLC | 3,516,205 | 48,141,514 | |
The Restaurant Group PLC | 3,095,000 | 23,579,269 | |
Vodafone Group PLC | 7,625,732 | 24,511,788 | |
Whitbread PLC | 509,228 | 29,184,023 | |
TOTAL UNITED KINGDOM | 1,167,209,107 | ||
United States of America - 5.3% | |||
Alphabet, Inc. Class C | 48,893 | 36,325,054 | |
Cognizant Technology Solutions Corp. Class A (b) | 457,300 | 28,951,663 | |
Fidelity National Information Services, Inc. | 453,700 | 27,099,501 | |
McGraw Hill Financial, Inc. | 463,700 | 39,423,774 | |
McKesson Corp. | 119,817 | 19,288,141 | |
MSCI, Inc. Class A | 538,700 | 37,084,108 | |
Polaris Industries, Inc. (a) | 245,700 | 18,142,488 | |
PPG Industries, Inc. | 286,400 | 27,242,368 | |
Verisk Analytics, Inc. (b) | 305,400 | 22,294,200 | |
TOTAL UNITED STATES OF AMERICA | 255,851,297 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,536,470,440) | 4,603,211,634 | ||
Nonconvertible Preferred Stocks - 1.0% | |||
Germany - 1.0% | |||
Henkel AG & Co. KGaA | 437,100 | 46,442,588 | |
United Kingdom - 0.0% | |||
Rolls-Royce Group PLC (C Shares) (b) | 170,064,268 | 242,325 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $41,706,095) | 46,684,913 | ||
Money Market Funds - 5.0% | |||
Fidelity Cash Central Fund, 0.38% (c) | 160,929,909 | 160,929,909 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 77,065,341 | 77,065,341 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $237,995,250) | 237,995,250 | ||
TOTAL INVESTMENT PORTFOLIO - 102.1% | |||
(Cost $4,816,171,785) | 4,887,891,797 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (98,820,644) | ||
NET ASSETS - 100% | $4,789,071,153 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $110,086 |
Fidelity Securities Lending Cash Central Fund | 582,685 |
Total | $692,771 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $768,907,701 | $18,142,488 | $750,765,213 | $-- |
Consumer Staples | 595,358,940 | -- | 595,358,940 | -- |
Energy | 105,031,148 | -- | 105,031,148 | -- |
Financials | 1,027,147,653 | 95,487,945 | 931,659,708 | -- |
Health Care | 794,864,627 | 116,364,811 | 678,499,816 | -- |
Industrials | 448,730,994 | 22,536,525 | 426,194,469 | -- |
Information Technology | 514,309,398 | 160,428,592 | 353,880,806 | -- |
Materials | 235,308,574 | 54,188,165 | 181,120,409 | -- |
Telecommunication Services | 160,237,512 | -- | 160,237,512 | -- |
Money Market Funds | 237,995,250 | 237,995,250 | -- | -- |
Total Investments in Securities: | $4,887,891,797 | $705,143,776 | $4,182,748,021 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $1,650,577,439 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $4,816,220,253. Net unrealized appreciation aggregated $71,671,544, of which $518,887,424 related to appreciated investment securities and $447,215,880 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Emerging Markets Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6% | |||
Shares | Value | ||
Argentina - 0.8% | |||
Banco Macro SA sponsored ADR (a) | 215,500 | $13,785,535 | |
Grupo Financiero Galicia SA sponsored ADR (b) | 408,383 | 11,144,772 | |
TOTAL ARGENTINA | 24,930,307 | ||
Australia - 0.9% | |||
Amcor Ltd. | 1,413,962 | 13,483,492 | |
Sydney Airport unit | 3,474,438 | 16,360,767 | |
TOTAL AUSTRALIA | 29,844,259 | ||
Bailiwick of Jersey - 0.1% | |||
Integrated Diagnostics Holdings PLC (a) | 1,004,632 | 4,820,847 | |
Belgium - 0.4% | |||
Anheuser-Busch InBev SA NV | 110,700 | 13,922,352 | |
Bermuda - 1.9% | |||
Axalta Coating Systems (a) | 390,543 | 9,298,829 | |
China Gas Holdings Ltd. | 11,596,000 | 14,814,376 | |
China Resource Gas Group Ltd. | 5,875,000 | 14,660,560 | |
Credicorp Ltd. (United States) | 211,532 | 21,440,884 | |
TOTAL BERMUDA | 60,214,649 | ||
Brazil - 4.3% | |||
BB Seguridade Participacoes SA | 3,087,320 | 17,853,321 | |
Cetip SA - Mercados Organizado | 1,764,400 | 16,868,507 | |
Cielo SA | 2,477,612 | 20,980,229 | |
Kroton Educacional SA | 7,634,660 | 16,224,464 | |
Qualicorp SA | 4,570,200 | 15,413,770 | |
Smiles SA | 2,167,100 | 15,430,524 | |
Ultrapar Participacoes SA | 1,350,000 | 20,041,752 | |
Weg SA | 4,537,790 | 17,539,435 | |
TOTAL BRAZIL | 140,352,002 | ||
British Virgin Islands - 0.6% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 827,800 | 18,022,174 | |
Cayman Islands - 9.4% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 728,000 | 48,797,840 | |
Baidu.com, Inc. sponsored ADR (a) | 226,500 | 36,980,655 | |
ENN Energy Holdings Ltd. | 3,560,000 | 16,052,194 | |
Fu Shou Yuan International Group Ltd. (b) | 21,161,000 | 15,226,587 | |
NetEase, Inc. sponsored ADR | 119,800 | 18,705,572 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 520,200 | 16,339,482 | |
Shenzhou International Group Holdings Ltd. | 3,441,000 | 18,451,042 | |
TAL Education Group ADR (a)(b) | 369,000 | 17,700,930 | |
Tencent Holdings Ltd. | 6,122,100 | 115,014,058 | |
TOTAL CAYMAN ISLANDS | 303,268,360 | ||
China - 5.2% | |||
Beijing Capital International Airport Co. Ltd. (H Shares) | 16,452,000 | 14,946,395 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 6,949,000 | 24,520,594 | |
Inner Mongoli Yili Industries Co. Ltd. | 6,290,108 | 12,842,122 | |
Jiangsu Hengrui Medicine Co. Ltd. | 2,121,471 | 14,249,642 | |
Kweichow Moutai Co. Ltd. | 523,692 | 16,067,300 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 11,490,783 | 19,655,622 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 7,989,500 | 36,197,602 | |
Shanghai International Airport Co. Ltd. | 3,738,100 | 14,809,532 | |
Weifu High-Technology Co. Ltd. (B Shares) | 1,022,407 | 2,006,171 | |
Zhengzhou Yutong Bus Co. Ltd. | 4,986,250 | 14,243,999 | |
TOTAL CHINA | 169,538,979 | ||
Denmark - 0.5% | |||
Novo Nordisk A/S Series B sponsored ADR | 272,900 | 15,246,923 | |
France - 0.9% | |||
Hermes International SCA | 43,300 | 14,731,238 | |
LVMH Moet Hennessy - Louis Vuitton SA | 91,652 | 14,741,902 | |
TOTAL FRANCE | 29,473,140 | ||
Germany - 0.9% | |||
Bayer AG | 120,600 | 13,573,081 | |
Wirecard AG (b) | 302,763 | 15,310,978 | |
TOTAL GERMANY | 28,884,059 | ||
Hong Kong - 2.0% | |||
AIA Group Ltd. | 2,766,800 | 15,381,930 | |
CSPC Pharmaceutical Group Ltd. | 17,974,000 | 15,200,934 | |
Guangdong Investment Ltd. | 12,997,000 | 16,628,919 | |
Techtronic Industries Co. Ltd. | 4,265,000 | 16,182,272 | |
TOTAL HONG KONG | 63,394,055 | ||
India - 12.9% | |||
Adani Ports & Special Economic Zone (a) | 5,490,903 | 17,312,314 | |
Amara Raja Batteries Ltd. (a) | 1,109,202 | 13,774,245 | |
Asian Paints India Ltd. | 1,383,651 | 17,809,566 | |
Axis Bank Ltd. (a) | 2,285,820 | 13,866,442 | |
Bharti Infratel Ltd. | 2,992,406 | 16,025,443 | |
Colgate-Palmolive (India) | 1,145,880 | 14,527,376 | |
GlaxoSmithKline Consumer Healthcare Ltd. (a) | 169,685 | 14,616,775 | |
HCL Technologies Ltd. | 1,768,035 | 22,681,799 | |
HDFC Bank Ltd. (a) | 855,782 | 15,604,518 | |
Hindustan Unilever Ltd. | 1,812,066 | 21,892,456 | |
Housing Development Finance Corp. Ltd. | 2,305,800 | 40,363,497 | |
IndusInd Bank Ltd. | 1,062,557 | 14,628,870 | |
ITC Ltd. | 5,274,474 | 25,010,205 | |
LIC Housing Finance Ltd. (a) | 2,425,539 | 17,188,005 | |
Lupin Ltd. | 759,027 | 19,223,924 | |
Maruti Suzuki India Ltd. (a) | 327,201 | 19,830,555 | |
Power Grid Corp. of India Ltd. | 7,383,665 | 16,144,419 | |
Sun Pharmaceutical Industries Ltd. | 2,291,037 | 29,654,854 | |
Tata Consultancy Services Ltd. | 920,214 | 32,549,611 | |
Titan Co. Ltd. (a) | 2,900,773 | 15,642,906 | |
Zee Entertainment Enterprises Ltd. | 3,009,830 | 18,733,738 | |
TOTAL INDIA | 417,081,518 | ||
Indonesia - 4.4% | |||
PT ACE Hardware Indonesia Tbk | 280,235,600 | 16,375,081 | |
PT Bank Central Asia Tbk | 27,907,600 | 26,758,964 | |
PT Bank Rakyat Indonesia Tbk | 30,039,600 | 24,774,490 | |
PT Kalbe Farma Tbk | 170,851,800 | 16,705,593 | |
PT Matahari Department Store Tbk | 15,562,200 | 18,269,838 | |
PT Media Nusantara Citra Tbk | 107,096,800 | 9,368,970 | |
PT Surya Citra Media Tbk | 81,575,700 | 16,166,823 | |
PT Tower Bersama Infrastructure Tbk (a) | 31,912,000 | 14,735,398 | |
TOTAL INDONESIA | 143,155,157 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 1,285,674 | 14,128,935 | |
Israel - 0.9% | |||
Check Point Software Technologies Ltd. (a) | 181,500 | 14,304,015 | |
Frutarom Industries Ltd. | 15,400 | 775,677 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 235,200 | 14,460,096 | |
TOTAL ISRAEL | 29,539,788 | ||
Kenya - 0.5% | |||
Safaricom Ltd. | 100,105,900 | 14,810,590 | |
Korea (South) - 5.5% | |||
AMOREPACIFIC Corp. | 77,523 | 26,222,349 | |
AMOREPACIFIC Group, Inc. | 136,165 | 16,938,791 | |
BGFretail Co. Ltd. | 106,159 | 18,983,442 | |
Coway Co. Ltd. | 239,887 | 19,589,990 | |
KEPCO Plant Service & Engineering Co. Ltd. | 206,636 | 17,099,960 | |
KT&G Corp. | 37,995 | 3,265,438 | |
LG Chemical Ltd. | 102,797 | 25,526,849 | |
LG Household & Health Care Ltd. | 27,069 | 22,393,160 | |
NAVER Corp. | 52,560 | 27,502,019 | |
TOTAL KOREA (SOUTH) | 177,521,998 | ||
Luxembourg - 0.5% | |||
Eurofins Scientific SA | 47,480 | 15,576,486 | |
Mexico - 7.2% | |||
Banregio Grupo Financiero S.A.B. de CV | 2,857,515 | 13,421,273 | |
Fomento Economico Mexicano S.A.B. de CV unit | 3,343,367 | 31,670,074 | |
Gruma S.A.B. de CV Series B | 1,168,600 | 17,705,133 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 2,103,257 | 17,665,376 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 1,329,085 | 18,169,102 | |
Grupo Aeroportuario Norte S.A.B. de CV | 3,677,600 | 17,110,869 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,242,400 | 27,351,150 | |
Grupo GICSA SA de CV (a) | 15,378,503 | 12,709,612 | |
Infraestructura Energetica Nova S.A.B. de CV | 3,369,600 | 13,188,400 | |
Kimberly-Clark de Mexico SA de CV Series A | 7,159,700 | 17,115,937 | |
Megacable Holdings S.A.B. de CV unit | 4,248,052 | 15,572,658 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 1,485,200 | 16,971,375 | |
Tenedora Nemak SA de CV | 12,221,200 | 15,537,808 | |
TOTAL MEXICO | 234,188,767 | ||
Netherlands - 0.3% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(c) | 2,723,000 | 11,114,712 | |
Philippines - 4.8% | |||
Ayala Corp. | 1,298,030 | 18,566,982 | |
Ayala Land, Inc. | 31,193,400 | 20,676,149 | |
D&L Industries, Inc. | 61,338,700 | 10,457,919 | |
GT Capital Holdings, Inc. | 603,700 | 16,394,731 | |
International Container Terminal Services, Inc. | 12,652,070 | 16,186,373 | |
Jollibee Food Corp. | 3,667,160 | 15,830,334 | |
SM Investments Corp. | 1,135,422 | 19,835,110 | |
SM Prime Holdings, Inc. | 45,568,000 | 20,359,160 | |
Universal Robina Corp. | 4,296,790 | 17,456,579 | |
TOTAL PHILIPPINES | 155,763,337 | ||
Russia - 0.9% | |||
Magnit OJSC (a) | 157,236 | 24,002,298 | |
NOVATEK OAO GDR (Reg. S) | 74,600 | 6,483,206 | |
TOTAL RUSSIA | 30,485,504 | ||
South Africa - 6.6% | |||
Aspen Pharmacare Holdings Ltd. | 1,107,190 | 18,850,109 | |
Bidvest Group Ltd. | 1,008,698 | 23,293,973 | |
Discovery Ltd. | 2,366,585 | 19,293,630 | |
FirstRand Ltd. | 8,842,800 | 25,086,011 | |
Mr Price Group Ltd. | 1,771,188 | 18,279,354 | |
Naspers Ltd. Class N | 539,712 | 68,205,090 | |
Sanlam Ltd. | 5,699,100 | 20,985,922 | |
Woolworths Holdings Ltd. | 3,211,300 | 19,000,521 | |
TOTAL SOUTH AFRICA | 212,994,610 | ||
Spain - 0.5% | |||
Amadeus IT Holding SA Class A | 364,100 | 14,869,384 | |
Switzerland - 0.4% | |||
Sika AG | 3,880 | 13,885,117 | |
Taiwan - 6.2% | |||
Advantech Co. Ltd. | 2,468,000 | 14,755,347 | |
ECLAT Textile Co. Ltd. | 1,252,000 | 17,757,174 | |
ECLAT Textile Co. Ltd. rights 2/16/16 | 29,288 | 132,479 | |
Giant Manufacturing Co. Ltd. | 2,368,000 | 15,564,158 | |
Largan Precision Co. Ltd. | 312,000 | 22,289,306 | |
Merida Industry Co. Ltd. | 3,098,600 | 13,641,119 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 27,557,000 | 118,107,597 | |
TOTAL TAIWAN | 202,247,180 | ||
Thailand - 1.7% | |||
Airports of Thailand PCL (For. Reg.) | 2,105,800 | 22,415,922 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 27,569,600 | 17,059,504 | |
Thai Beverage PCL | 31,441,400 | 15,050,123 | |
TOTAL THAILAND | 54,525,549 | ||
Turkey - 2.3% | |||
Bim Birlesik Magazalar A/S JSC | 932,000 | 15,754,067 | |
Koc Holding A/S | 4,347,000 | 17,384,470 | |
TAV Havalimanlari Holding A/S | 1,304,319 | 7,722,825 | |
Tofas Turk Otomobil Fabrikasi A/S | 2,303,731 | 15,885,112 | |
Tupras Turkiye Petrol Rafinelleri A/S (a) | 677,000 | 17,156,347 | |
TOTAL TURKEY | 73,902,821 | ||
United Arab Emirates - 0.5% | |||
DP World Ltd. | 1,025,536 | 17,793,050 | |
United Kingdom - 2.8% | |||
British American Tobacco PLC (United Kingdom) | 264,200 | 14,722,148 | |
Hikma Pharmaceuticals PLC | 505,155 | 14,580,669 | |
InterContinental Hotel Group PLC | 383,700 | 12,609,331 | |
NMC Health PLC | 1,274,000 | 17,696,019 | |
Prudential PLC | 745,460 | 14,645,445 | |
Unilever PLC | 342,600 | 15,062,338 | |
TOTAL UNITED KINGDOM | 89,315,950 | ||
United States of America - 8.4% | |||
A.O. Smith Corp. | 212,700 | 14,857,095 | |
Alphabet, Inc. Class C | 20,845 | 15,486,793 | |
Amazon.com, Inc. (a) | 23,400 | 13,735,800 | |
China Biologic Products, Inc. (a) | 116,878 | 14,991,941 | |
Ecolab, Inc. | 131,700 | 14,206,479 | |
Facebook, Inc. Class A (a) | 130,500 | 14,643,405 | |
International Flavors & Fragrances, Inc. | 128,010 | 14,972,050 | |
MasterCard, Inc. Class A | 158,500 | 14,111,255 | |
McGraw Hill Financial, Inc. | 172,200 | 14,640,444 | |
MercadoLibre, Inc. (b) | 145,900 | 14,333,216 | |
Mettler-Toledo International, Inc. (a) | 46,680 | 14,603,838 | |
Moody's Corp. | 164,500 | 14,663,530 | |
MSCI, Inc. Class A | 187,000 | 12,873,080 | |
NIKE, Inc. Class B | 223,600 | 13,865,436 | |
Philip Morris International, Inc. | 154,700 | 13,924,547 | |
PPG Industries, Inc. | 153,656 | 14,615,759 | |
Sherwin-Williams Co. | 59,200 | 15,135,664 | |
The Walt Disney Co. | 129,900 | 12,447,018 | |
Visa, Inc. Class A | 199,300 | 14,845,857 | |
TOTAL UNITED STATES OF AMERICA | 272,953,207 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,093,494,428) | 3,097,765,766 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
Brazil - 1.1% | |||
Ambev SA sponsored ADR | |||
(Cost $54,507,075) | 7,770,480 | 36,288,142 | |
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund, 0.38% (d) | 41,882,752 | 41,882,752 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 32,835,030 | 32,835,030 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $74,717,782) | 74,717,782 | ||
TOTAL INVESTMENT PORTFOLIO - 99.0% | |||
(Cost $3,222,719,285) | 3,208,771,690 | ||
NET OTHER ASSETS (LIABILITIES) - 1.0% | 32,831,371 | ||
NET ASSETS - 100% | $3,241,603,061 |
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $11,114,712 or 0.3% of net assets.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $36,694 |
Fidelity Securities Lending Cash Central Fund | 64,002 |
Total | $100,696 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $549,075,905 | $152,739,232 | $396,336,673 | $-- |
Consumer Staples | 425,433,152 | 132,457,900 | 292,975,252 | -- |
Energy | 43,681,305 | 37,198,099 | 6,483,206 | -- |
Financials | 592,815,384 | 176,752,108 | 416,063,276 | -- |
Health Care | 271,908,230 | 74,716,568 | 197,191,662 | -- |
Industrials | 335,492,187 | 145,213,597 | 190,278,590 | -- |
Information Technology | 628,420,045 | 213,188,837 | 415,231,208 | -- |
Materials | 150,167,401 | 69,004,458 | 81,162,943 | -- |
Telecommunication Services | 45,571,431 | 14,810,590 | 30,760,841 | -- |
Utilities | 91,488,868 | 13,188,400 | 78,300,468 | -- |
Money Market Funds | 74,717,782 | 74,717,782 | -- | -- |
Total Investments in Securities: | $3,208,771,690 | $1,103,987,571 | $2,104,784,119 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $580,214,788 |
Level 2 to Level 1 | $18,458,439 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $3,249,402,091. Net unrealized depreciation aggregated $40,630,401, of which $295,979,811 related to appreciated investment securities and $336,610,212 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Canada Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 3.1% | |||
Media - 1.2% | |||
Corus Entertainment, Inc. rights 10/3/16(a)(b) | 501,600 | $3,222,500 | |
DHX Media Ltd. | 587,200 | 3,302,974 | |
Quebecor, Inc. Class B (sub. vtg.) | 307,100 | 7,782,176 | |
14,307,650 | |||
Specialty Retail - 0.9% | |||
AutoCanada, Inc. (c) | 188,500 | 2,674,980 | |
RONA, Inc. | 821,000 | 7,208,437 | |
9,883,417 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Gildan Activewear, Inc. | 440,890 | 11,128,468 | |
TOTAL CONSUMER DISCRETIONARY | 35,319,535 | ||
CONSUMER STAPLES - 9.9% | |||
Beverages - 0.4% | |||
Molson Coors Brewing Co. Class B | 58,000 | 5,247,840 | |
Food & Staples Retailing - 8.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 715,100 | 31,127,702 | |
George Weston Ltd. | 359,200 | 27,694,476 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 485,700 | 6,826,635 | |
Metro, Inc. Class A (sub. vtg.) | 490,095 | 14,486,997 | |
North West Co., Inc. | 583,300 | 12,711,934 | |
92,847,744 | |||
Food Products - 0.3% | |||
AGT Food & Ingredients, Inc. | 142,600 | 3,574,925 | |
Personal Products - 0.4% | |||
Edgewell Personal Care Co. (a) | 59,400 | 4,396,194 | |
Tobacco - 0.5% | |||
Imperial Tobacco Group PLC | 100,352 | 5,433,624 | |
TOTAL CONSUMER STAPLES | 111,500,327 | ||
ENERGY - 19.1% | |||
Energy Equipment & Services - 1.4% | |||
Canadian Energy Services & Technology Corp. | 1,335,600 | 3,727,744 | |
Pason Systems, Inc. | 502,600 | 6,432,735 | |
ZCL Composites, Inc. | 1,052,400 | 5,348,767 | |
15,509,246 | |||
Oil, Gas & Consumable Fuels - 17.7% | |||
ARC Resources Ltd. (c) | 850,300 | 11,429,188 | |
Canadian Natural Resources Ltd. | 413,898 | 8,860,590 | |
Cenovus Energy, Inc. | 746,500 | 9,197,366 | |
Enbridge, Inc. | 1,077,900 | 37,440,655 | |
Imperial Oil Ltd. | 674,600 | 20,682,468 | |
Keyera Corp. | 315,704 | 8,653,747 | |
Painted Pony Petroleum Ltd. (a) | 994,400 | 2,981,283 | |
Paramount Resources Ltd. Class A (a)(c) | 385,100 | 1,264,516 | |
Parkland Fuel Corp. | 378,100 | 5,991,734 | |
Peyto Exploration & Development Corp. | 445,400 | 9,579,486 | |
PrairieSky Royalty Ltd. (c) | 595,529 | 8,476,585 | |
Raging River Exploration, Inc. (a) | 851,800 | 5,441,937 | |
Seven Generations Energy Ltd. (a) | 241,800 | 2,720,228 | |
Spartan Energy Corp. (a) | 3,000,800 | 5,419,390 | |
Suncor Energy, Inc. | 2,325,500 | 55,078,942 | |
Whitecap Resources, Inc. | 1,008,500 | 5,514,391 | |
198,732,506 | |||
TOTAL ENERGY | 214,241,752 | ||
FINANCIALS - 33.3% | |||
Banks - 21.5% | |||
Bank of Nova Scotia | 445,700 | 18,258,779 | |
National Bank of Canada | 524,900 | 14,976,267 | |
Royal Bank of Canada | 2,075,800 | 107,501,813 | |
The Toronto-Dominion Bank | 2,643,500 | 100,294,115 | |
241,030,974 | |||
Capital Markets - 0.8% | |||
AGF Management Ltd. Class B (non-vtg.) | 355,200 | 1,194,227 | |
Ashmore Group PLC (c) | 1,217,600 | 3,829,031 | |
CI Financial Corp. | 139,100 | 3,072,135 | |
Uranium Participation Corp. (a) | 359,600 | 1,301,429 | |
9,396,822 | |||
Insurance - 9.4% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 34,800 | 17,918,187 | |
Intact Financial Corp. | 300,925 | 18,043,900 | |
Power Corp. of Canada (sub. vtg.) | 1,277,000 | 27,082,354 | |
Sun Life Financial, Inc. | 1,494,300 | 42,858,858 | |
105,903,299 | |||
Real Estate Investment Trusts - 1.6% | |||
Allied Properties (REIT) | 405,500 | 9,638,911 | |
H&R REIT/H&R Finance Trust | 589,100 | 7,926,715 | |
17,565,626 | |||
TOTAL FINANCIALS | 373,896,721 | ||
HEALTH CARE - 3.1% | |||
Health Care Equipment & Supplies - 0.2% | |||
Novadaq Technologies, Inc. (a) | 142,687 | 1,570,984 | |
Pharmaceuticals - 2.9% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 80,000 | 4,918,400 | |
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 302,321 | 27,838,824 | |
32,757,224 | |||
TOTAL HEALTH CARE | 34,328,208 | ||
INDUSTRIALS - 7.7% | |||
Airlines - 0.5% | |||
WestJet Airlines Ltd. | 367,000 | 4,956,557 | |
Professional Services - 0.6% | |||
Stantec, Inc. | 290,800 | 7,086,810 | |
Road & Rail - 6.6% | |||
Canadian National Railway Co. | 1,107,400 | 60,037,854 | |
Canadian Pacific Railway Ltd. | 58,600 | 7,044,214 | |
TransForce, Inc. | 450,000 | 6,745,664 | |
73,827,732 | |||
TOTAL INDUSTRIALS | 85,871,099 | ||
INFORMATION TECHNOLOGY - 4.0% | |||
Electronic Equipment & Components - 0.2% | |||
Avigilon Corp. (a)(c) | 268,100 | 2,507,038 | |
IT Services - 1.4% | |||
CGI Group, Inc. Class A (sub. vtg.) (a) | 374,500 | 16,050,382 | |
Software - 2.4% | |||
Constellation Software, Inc. | 33,700 | 12,268,542 | |
Open Text Corp. | 291,114 | 14,242,954 | |
26,511,496 | |||
TOTAL INFORMATION TECHNOLOGY | 45,068,916 | ||
MATERIALS - 10.7% | |||
Chemicals - 2.8% | |||
Agrium, Inc. | 189,700 | 16,563,712 | |
LyondellBasell Industries NV Class A | 35,200 | 2,744,544 | |
Methanex Corp. | 140,700 | 3,750,259 | |
Monsanto Co. | 50,700 | 4,593,420 | |
Potash Corp. of Saskatchewan, Inc. | 266,700 | 4,348,225 | |
32,000,160 | |||
Containers & Packaging - 1.3% | |||
CCL Industries, Inc. Class B | 69,300 | 9,769,969 | |
Winpak Ltd. | 143,100 | 4,575,237 | |
14,345,206 | |||
Metals & Mining - 5.5% | |||
Agnico Eagle Mines Ltd. (Canada) | 414,000 | 12,270,169 | |
Continental Gold, Inc. (a) | 923,000 | 1,021,236 | |
Goldcorp, Inc. | 465,000 | 5,297,594 | |
Labrador Iron Ore Royalty Corp. (c) | 368,800 | 2,337,743 | |
Lundin Mining Corp. (a) | 2,500,100 | 6,192,695 | |
Randgold Resources Ltd. | 136,964 | 9,720,386 | |
Silver Wheaton Corp. | 934,200 | 11,009,809 | |
Tahoe Resources, Inc. | 712,600 | 5,534,362 | |
Teck Resources Ltd. Class B (sub. vtg.) (c) | 803,500 | 2,999,718 | |
Torex Gold Resources, Inc. (a) | 5,334,400 | 4,797,876 | |
61,181,588 | |||
Paper & Forest Products - 1.1% | |||
Stella-Jones, Inc. | 161,700 | 4,885,974 | |
West Fraser Timber Co. Ltd. | 204,700 | 7,035,695 | |
11,921,669 | |||
TOTAL MATERIALS | 119,448,623 | ||
TELECOMMUNICATION SERVICES - 6.6% | |||
Diversified Telecommunication Services - 3.1% | |||
TELUS Corp. | 1,133,700 | 34,318,859 | |
Wireless Telecommunication Services - 3.5% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 1,146,900 | 39,272,463 | |
TOTAL TELECOMMUNICATION SERVICES | 73,591,322 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
Hydro One Ltd. (a) | 158,100 | 2,509,918 | |
TOTAL COMMON STOCKS | |||
(Cost $1,054,212,138) | 1,095,776,421 | ||
Money Market Funds - 4.0% | |||
Fidelity Cash Central Fund, 0.38% (d) | 22,100,766 | 22,100,766 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 22,093,733 | 22,093,733 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $44,194,499) | 44,194,499 | ||
TOTAL INVESTMENT PORTFOLIO - 101.7% | |||
(Cost $1,098,406,637) | 1,139,970,920 | ||
NET OTHER ASSETS (LIABILITIES) - (1.7)% | (18,664,290) | ||
NET ASSETS - 100% | $1,121,306,630 |
Legend
(a) Non-income producing
(b) Restricted securities - 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 $3,222,500 or 0.3% of net assets.
(c) Security or a portion of the security is on loan at period end.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Corus Entertainment, Inc. rights 10/3/16 | 1/27/16 | $3,200,794 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $17,709 |
Fidelity Securities Lending Cash Central Fund | 543,128 |
Total | $560,837 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $35,319,535 | $32,097,035 | $3,222,500 | $-- |
Consumer Staples | 111,500,327 | 106,066,703 | 5,433,624 | -- |
Energy | 214,241,752 | 214,241,752 | -- | -- |
Financials | 373,896,721 | 370,067,690 | 3,829,031 | -- |
Health Care | 34,328,208 | 34,328,208 | -- | -- |
Industrials | 85,871,099 | 85,871,099 | -- | -- |
Information Technology | 45,068,916 | 45,068,916 | -- | -- |
Materials | 119,448,623 | 109,728,237 | 9,720,386 | -- |
Telecommunication Services | 73,591,322 | 73,591,322 | -- | -- |
Utilities | 2,509,918 | 2,509,918 | -- | -- |
Money Market Funds | 44,194,499 | 44,194,499 | -- | -- |
Total Investments in Securities: | $1,139,970,920 | $1,117,765,379 | $22,205,541 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees(the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,106,651,901. Net unrealized appreciation aggregated $33,319,019, of which $218,817,959 related to appreciated investment securities and $185,498,940 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Global Commodity Stock Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.9% | |||
Shares | Value | ||
Aerospace & Defense - 0.3% | |||
Aerospace & Defense - 0.3% | |||
Rolls-Royce Group PLC | 80,520 | $640,501 | |
Chemicals - 30.4% | |||
Commodity Chemicals - 1.0% | |||
Axiall Corp. | 32,500 | 582,725 | |
LyondellBasell Industries NV Class A | 15,600 | 1,216,332 | |
1,799,057 | |||
Diversified Chemicals - 1.2% | |||
E.I. du Pont de Nemours & Co. | 13,200 | 696,432 | |
Eastman Chemical Co. | 25,900 | 1,585,339 | |
2,281,771 | |||
Fertilizers & Agricultural Chemicals - 28.0% | |||
Agrium, Inc. | 57,100 | 4,985,703 | |
CF Industries Holdings, Inc. | 168,560 | 5,056,800 | |
Israel Chemicals Ltd. | 94,700 | 378,484 | |
Monsanto Co. | 158,600 | 14,369,155 | |
OCI NV (a) | 36,100 | 653,317 | |
Potash Corp. of Saskatchewan, Inc. | 436,300 | 7,113,350 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (b) | 182,300 | 2,958,729 | |
Syngenta AG (Switzerland) | 26,546 | 9,774,643 | |
The Mosaic Co. | 223,961 | 5,397,460 | |
Yara International ASA | 56,800 | 2,153,274 | |
52,840,915 | |||
Specialty Chemicals - 0.2% | |||
Ashland, Inc. | 4,800 | 454,848 | |
TOTAL CHEMICALS | 57,376,591 | ||
Construction Materials - 0.5% | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 17,300 | 926,242 | |
Containers & Packaging - 1.6% | |||
Paper Packaging - 1.6% | |||
International Paper Co. | 22,200 | 759,462 | |
WestRock Co. | 65,859 | 2,323,506 | |
3,082,968 | |||
Electrical Equipment - 0.4% | |||
Electrical Components & Equipment - 0.4% | |||
SolarCity Corp. (a) | 20,500 | 730,825 | |
Energy Equipment & Services - 0.4% | |||
Oil & Gas Equipment & Services - 0.4% | |||
Amec Foster Wheeler PLC | 66,900 | 396,092 | |
SBM Offshore NV (a) | 33,900 | 447,516 | |
843,608 | |||
Food Products - 3.0% | |||
Agricultural Products - 3.0% | |||
Archer Daniels Midland Co. | 55,700 | 1,968,995 | |
Bunge Ltd. | 9,700 | 601,497 | |
Darling International, Inc. (a) | 117,500 | 1,056,325 | |
First Resources Ltd. | 651,300 | 802,261 | |
Golden Agri-Resources Ltd. | 2,114,000 | 553,772 | |
SLC Agricola SA | 160,800 | 657,705 | |
5,640,555 | |||
Independent Power and Renewable Electricity Producers - 1.1% | |||
Independent Power Producers & Energy Traders - 0.5% | |||
China Resources Power Holdings Co. Ltd. | 332,000 | 564,751 | |
Dynegy, Inc. (a) | 37,200 | 440,448 | |
1,005,199 | |||
Renewable Electricity - 0.6% | |||
Huaneng Renewables Corp. Ltd. (H Shares) | 1,724,000 | 374,816 | |
NextEra Energy Partners LP | 24,200 | 653,158 | |
1,027,974 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 2,033,173 | ||
Machinery - 2.7% | |||
Agricultural & Farm Machinery - 2.0% | |||
AGCO Corp. | 12,400 | 604,748 | |
Deere & Co. | 33,500 | 2,579,835 | |
Jain Irrigation Systems Ltd. (a) | 679,803 | 645,321 | |
3,829,904 | |||
Industrial Machinery - 0.7% | |||
Rexnord Corp. (a) | 54,500 | 892,165 | |
The Weir Group PLC | 36,500 | 451,923 | |
1,344,088 | |||
TOTAL MACHINERY | 5,173,992 | ||
Metals & Mining - 24.1% | |||
Aluminum - 0.5% | |||
Alcoa, Inc. (b) | 131,000 | 954,990 | |
Diversified Metals & Mining - 10.2% | |||
Anglo American PLC (United Kingdom) | 106,051 | 423,008 | |
BHP Billiton PLC | 644,648 | 6,259,620 | |
Boliden AB | 32,700 | 454,943 | |
First Quantum Minerals Ltd. | 152,324 | 329,461 | |
Freeport-McMoRan, Inc. (b) | 85,800 | 394,680 | |
Glencore Xstrata PLC | 1,407,334 | 1,814,468 | |
Grupo Mexico SA de CV Series B | 598,911 | 1,161,318 | |
Ivanhoe Mines Ltd. (a) | 1,036,000 | 502,877 | |
Korea Zinc Co. Ltd. | 1,200 | 434,742 | |
Mitsubishi Materials Corp. | 18,000 | 55,523 | |
MMC Norilsk Nickel PJSC sponsored ADR | 32,300 | 374,255 | |
Rio Tinto PLC | 270,287 | 6,627,916 | |
South32 Ltd. (a) | 545,536 | 382,902 | |
19,215,713 | |||
Gold - 7.3% | |||
Acacia Mining PLC | 151,100 | 446,432 | |
Agnico Eagle Mines Ltd. (Canada) | 34,200 | 1,013,623 | |
AngloGold Ashanti Ltd. sponsored ADR (a) | 45,900 | 389,232 | |
Argonaut Gold, Inc. (a) | 567,800 | 433,683 | |
B2Gold Corp. (a) | 1,296,680 | 990,397 | |
Barrick Gold Corp. | 178,800 | 1,777,917 | |
Continental Gold, Inc. (a) | 399,900 | 442,462 | |
Franco-Nevada Corp. | 21,800 | 965,275 | |
Goldcorp, Inc. | 145,210 | 1,654,331 | |
New Gold, Inc. (a) | 170,300 | 419,398 | |
Newcrest Mining Ltd. (a) | 69,173 | 650,275 | |
Newmont Mining Corp. | 99,300 | 1,982,028 | |
Premier Gold Mines Ltd. (a) | 277,600 | 493,414 | |
Randgold Resources Ltd. sponsored ADR | 21,200 | 1,499,264 | |
Royal Gold, Inc. | 11,000 | 327,690 | |
Torex Gold Resources, Inc. (a) | 445,000 | 400,243 | |
13,885,664 | |||
Precious Metals & Minerals - 0.3% | |||
Impala Platinum Holdings Ltd. (a) | 60,500 | 126,393 | |
Tahoe Resources, Inc. | 55,600 | 431,814 | |
558,207 | |||
Silver - 0.6% | |||
Silver Wheaton Corp. | 89,900 | 1,059,497 | |
Steel - 5.2% | |||
ArcelorMittal SA Class A unit (b) | 111,300 | 425,166 | |
Hitachi Metals Ltd. | 41,700 | 469,190 | |
Hyundai Steel Co. | 16,164 | 659,353 | |
Kobe Steel Ltd. | 450,000 | 437,290 | |
Nippon Steel & Sumitomo Metal Corp. | 98,800 | 1,770,921 | |
Nucor Corp. | 54,500 | 2,129,315 | |
POSCO | 11,861 | 1,764,273 | |
Steel Dynamics, Inc. | 24,900 | 456,915 | |
SunCoke Energy Partners LP | 50,900 | 366,480 | |
Thyssenkrupp AG | 70,400 | 1,087,768 | |
Voestalpine AG | 13,400 | 352,408 | |
9,919,079 | |||
TOTAL METALS & MINING | 45,593,150 | ||
Multi-Utilities - 0.2% | |||
Multi-Utilities - 0.2% | |||
E.ON AG | 35,573 | 364,510 | |
Oil, Gas & Consumable Fuels - 29.2% | |||
Coal & Consumable Fuels - 0.4% | |||
Cameco Corp. | 45,500 | 552,470 | |
Coal India Ltd. | 55,487 | 262,633 | |
815,103 | |||
Integrated Oil & Gas - 14.8% | |||
BG Group PLC | 89,500 | 1,354,387 | |
BP PLC | 439,900 | 2,375,558 | |
Cenovus Energy, Inc. | 38,200 | 470,649 | |
Chevron Corp. | 88,900 | 7,687,183 | |
China Petroleum & Chemical Corp. (H Shares) | 788,000 | 445,171 | |
Exxon Mobil Corp. | 43,300 | 3,370,905 | |
Imperial Oil Ltd. | 1,900 | 58,252 | |
Lukoil PJSC sponsored ADR | 33,100 | 1,126,097 | |
Occidental Petroleum Corp. | 6,900 | 474,927 | |
Royal Dutch Shell PLC Class A (United Kingdom) | 153,800 | 3,359,840 | |
Statoil ASA | 74,700 | 1,022,156 | |
Suncor Energy, Inc. | 72,232 | 1,710,799 | |
Total SA | 89,500 | 3,975,673 | |
YPF SA Class D sponsored ADR | 26,000 | 437,840 | |
27,869,437 | |||
Oil & Gas Exploration & Production - 13.8% | |||
Anadarko Petroleum Corp. | 76,000 | 2,970,840 | |
Apache Corp. | 32,100 | 1,365,534 | |
Cabot Oil & Gas Corp. | 68,600 | 1,423,450 | |
Canadian Natural Resources Ltd. | 20,300 | 434,576 | |
Carrizo Oil & Gas, Inc. (a) | 4,900 | 132,937 | |
Cimarex Energy Co. | 6,000 | 558,000 | |
CNOOC Ltd. sponsored ADR (b) | 20,300 | 2,061,871 | |
Cobalt International Energy, Inc. (a) | 225,900 | 856,161 | |
ConocoPhillips Co. | 66,600 | 2,602,728 | |
Continental Resources, Inc. (a) | 32,800 | 692,408 | |
Devon Energy Corp. | 53,000 | 1,478,700 | |
EOG Resources, Inc. | 28,100 | 1,995,662 | |
EQT Corp. | 17,200 | 1,061,928 | |
Hess Corp. | 9,700 | 412,250 | |
Marathon Oil Corp. | 59,300 | 576,989 | |
Memorial Resource Development Corp. (a) | 26,800 | 426,388 | |
Newfield Exploration Co. (a) | 19,800 | 575,586 | |
Noble Energy, Inc. | 40,200 | 1,301,274 | |
NOVATEK OAO GDR (Reg. S) | 8,700 | 756,084 | |
PDC Energy, Inc. (a) | 10,900 | 619,883 | |
Pioneer Natural Resources Co. | 3,310 | 410,275 | |
PrairieSky Royalty Ltd. | 41,200 | 586,429 | |
SM Energy Co. (b) | 50,100 | 700,398 | |
Southwestern Energy Co. (a)(b) | 151,300 | 1,345,057 | |
Tullow Oil PLC (a) | 191,700 | 475,132 | |
Woodside Petroleum Ltd. | 13,000 | 262,007 | |
26,082,547 | |||
Oil & Gas Storage & Transport - 0.2% | |||
Williams Partners LP | 15,100 | 332,502 | |
TOTAL OIL, GAS & CONSUMABLE FUELS | 55,099,589 | ||
Paper & Forest Products - 3.4% | |||
Forest Products - 0.5% | |||
TFS Corp. Ltd. | 362,648 | 333,455 | |
West Fraser Timber Co. Ltd. | 19,200 | 659,919 | |
993,374 | |||
Paper Products - 2.9% | |||
Empresas CMPC SA | 174,200 | 395,576 | |
Fibria Celulose SA | 87,800 | 967,165 | |
Mondi PLC | 147,200 | 2,399,804 | |
Oji Holdings Corp. | 123,000 | 496,745 | |
Stora Enso Oyj (R Shares) | 56,300 | 458,831 | |
UPM-Kymmene Corp. | 38,700 | 630,687 | |
5,348,808 | |||
TOTAL PAPER & FOREST PRODUCTS | 6,342,182 | ||
Real Estate Investment Trusts - 0.6% | |||
Specialized REITs - 0.6% | |||
Potlatch Corp. | 21,400 | 617,176 | |
Weyerhaeuser Co. | 16,800 | 430,248 | |
1,047,424 | |||
TOTAL COMMON STOCKS | |||
(Cost $316,278,675) | 184,895,310 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Metals & Mining - 0.2% | |||
Steel - 0.2% | |||
Vale SA (PN-A) sponsored ADR | 250,900 | 464,165 | |
Oil, Gas & Consumable Fuels - 0.2% | |||
Integrated Oil & Gas - 0.2% | |||
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) | 123,600 | 300,348 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $5,268,942) | 764,513 | ||
Money Market Funds - 4.4% | |||
Fidelity Cash Central Fund, 0.38% (c) | 3,960,337 | 3,960,337 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 4,287,400 | 4,287,400 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $8,247,737) | 8,247,737 | ||
TOTAL INVESTMENT PORTFOLIO - 102.7% | |||
(Cost $329,795,354) | 193,907,560 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (5,085,940) | ||
NET ASSETS - 100% | $188,821,620 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $812 |
Fidelity Securities Lending Cash Central Fund | 58,951 |
Total | $59,763 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $184,895,310 | $122,746,673 | $62,148,637 | $-- |
Nonconvertible Preferred Stocks | 764,513 | 764,513 | -- | -- |
Money Market Funds | 8,247,737 | 8,247,737 | -- | -- |
Total Investments in Securities: | $193,907,560 | $131,758,923 | $62,148,637 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $15,953,195 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $334,645,938. Net unrealized depreciation aggregated $140,738,378, of which $1,485,965 related to appreciated investment securities and $142,224,343 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Series International Small Cap Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 91.5% | |||
Shares | Value | ||
Australia - 2.2% | |||
DuluxGroup Ltd. | 3,814,749 | $17,679,389 | |
Imdex Ltd. (a) | 8,978,319 | 1,267,950 | |
RCG Corp. Ltd. | 16,053,658 | 18,138,556 | |
Sydney Airport unit | 2,789,707 | 13,136,440 | |
TFS Corp. Ltd. (b) | 9,181,386 | 8,442,285 | |
TOTAL AUSTRALIA | 58,664,620 | ||
Austria - 1.1% | |||
Andritz AG | 411,024 | 19,111,954 | |
Zumtobel AG | 543,419 | 11,278,125 | |
TOTAL AUSTRIA | 30,390,079 | ||
Bailiwick of Jersey - 0.4% | |||
Integrated Diagnostics Holdings PLC (a) | 2,259,265 | 10,841,354 | |
Belgium - 1.3% | |||
Gimv NV (b) | 170,309 | 8,206,825 | |
KBC Ancora | 730,073 | 27,327,877 | |
TOTAL BELGIUM | 35,534,702 | ||
Bermuda - 0.4% | |||
Vostok New Ventures Ltd. SDR (a) | 1,820,942 | 9,333,889 | |
British Virgin Islands - 0.1% | |||
Gem Diamonds Ltd. | 1,376,865 | 2,328,926 | |
Canada - 1.6% | |||
Cara Operations Ltd. (c) | 619,500 | 11,210,168 | |
McCoy Global, Inc. | 1,108,950 | 1,662,356 | |
New Look Vision Group, Inc. | 475,800 | 8,575,880 | |
Pason Systems, Inc. | 1,016,700 | 13,012,657 | |
ShawCor Ltd. Class A | 346,200 | 7,475,587 | |
TOTAL CANADA | 41,936,648 | ||
Cayman Islands - 0.7% | |||
58.com, Inc. ADR (a) | 173,600 | 9,738,960 | |
Value Partners Group Ltd. | 8,778,000 | 7,985,538 | |
TOTAL CAYMAN ISLANDS | 17,724,498 | ||
Denmark - 1.6% | |||
Jyske Bank A/S (Reg.) (a) | 571,719 | 25,104,846 | |
Spar Nord Bank A/S | 2,292,747 | 18,868,064 | |
TOTAL DENMARK | 43,972,910 | ||
Finland - 0.5% | |||
Tikkurila Oyj | 862,330 | 14,625,372 | |
France - 1.9% | |||
Elis SA | 303,052 | 5,296,239 | |
Laurent-Perrier Group SA | 126,224 | 11,176,635 | |
Vetoquinol SA | 272,727 | 10,872,132 | |
Virbac SA | 120,100 | 22,063,459 | |
TOTAL FRANCE | 49,408,465 | ||
Germany - 5.4% | |||
alstria office REIT-AG | 934,540 | 11,669,053 | |
CompuGroup Medical AG | 1,171,715 | 47,124,083 | |
CTS Eventim AG | 1,480,124 | 54,447,782 | |
Fielmann AG | 393,190 | 29,666,946 | |
Nexus AG | 7,626 | 144,470 | |
TOTAL GERMANY | 143,052,334 | ||
Greece - 0.4% | |||
Titan Cement Co. SA (Reg.) | 560,199 | 10,802,367 | |
India - 0.6% | |||
Jyothy Laboratories Ltd. | 3,726,337 | 15,804,419 | |
Ireland - 1.5% | |||
FBD Holdings PLC | 1,298,400 | 9,084,132 | |
James Hardie Industries PLC CDI | 2,776,486 | 32,173,260 | |
TOTAL IRELAND | 41,257,392 | ||
Isle of Man - 0.7% | |||
Playtech Ltd. | 1,588,984 | 17,462,165 | |
Israel - 1.7% | |||
Azrieli Group | 399,179 | 14,059,147 | |
Ituran Location & Control Ltd. | 525,092 | 9,567,176 | |
Sarine Technologies Ltd. | 5,308,800 | 5,786,061 | |
Strauss Group Ltd. | 1,129,555 | 15,599,540 | |
TOTAL ISRAEL | 45,011,924 | ||
Italy - 3.6% | |||
Azimut Holding SpA | 1,561,964 | 32,889,583 | |
Banco di Desio e della Brianza SpA | 237,967 | 604,445 | |
Beni Stabili SpA SIIQ (b) | 39,816,820 | 26,902,085 | |
Interpump Group SpA | 2,843,666 | 36,189,982 | |
TOTAL ITALY | 96,586,095 | ||
Japan - 25.3% | |||
Aoki Super Co. Ltd. | 1,000 | 10,525 | |
Artnature, Inc. (c) | 1,821,100 | 13,797,942 | |
Asahi Co. Ltd. | 1,264,100 | 15,826,476 | |
Autobacs Seven Co. Ltd. | 984,300 | 17,209,794 | |
Azbil Corp. | 1,253,500 | 29,079,313 | |
Broadleaf Co. Ltd. | 273,500 | 2,529,992 | |
Coca-Cola Central Japan Co. Ltd. | 1,137,800 | 18,360,825 | |
Daiichikosho Co. Ltd. | 533,100 | 21,489,922 | |
Daikokutenbussan Co. Ltd. | 567,600 | 20,242,268 | |
GCA Savvian Group Corp. | 1,085,600 | 9,956,586 | |
Glory Ltd. | 802,600 | 25,666,096 | |
Goldcrest Co. Ltd. | 1,371,210 | 23,062,908 | |
Iwatsuka Confectionary Co. Ltd. (b) | 159,200 | 7,430,621 | |
Japan Digital Laboratory Co. | 1,084,500 | 14,432,884 | |
Kobayashi Pharmaceutical Co. Ltd. | 323,800 | 27,589,858 | |
Koshidaka Holdings Co. Ltd. (b) | 384,200 | 7,002,035 | |
Lasertec Corp. (b) | 917,200 | 8,743,449 | |
Medikit Co. Ltd. | 276,800 | 8,528,865 | |
Meiko Network Japan Co. Ltd. | 514,400 | 4,809,983 | |
Miraial Co. Ltd. | 301,300 | 2,346,810 | |
Nagaileben Co. Ltd. | 1,339,600 | 21,393,371 | |
ND Software Co. Ltd. | 222,536 | 1,922,178 | |
Nihon Parkerizing Co. Ltd. | 3,101,000 | 29,419,607 | |
Nippon Seiki Co. Ltd. | 374,000 | 8,213,151 | |
NS Tool Co. Ltd. | 2,000 | 35,843 | |
OBIC Co. Ltd. | 933,400 | 48,350,020 | |
OSG Corp. (b) | 1,951,500 | 32,432,707 | |
Paramount Bed Holdings Co. Ltd. | 566,000 | 19,518,416 | |
ProNexus, Inc. | 745,400 | 6,160,965 | |
San-Ai Oil Co. Ltd. | 1,783,000 | 13,826,688 | |
Seven Bank Ltd. | 8,481,500 | 36,122,587 | |
SHO-BOND Holdings Co. Ltd. | 778,800 | 26,709,225 | |
Shoei Co. Ltd. (c) | 697,000 | 12,604,392 | |
SK Kaken Co. Ltd. | 165,000 | 12,934,123 | |
Software Service, Inc. | 175,900 | 5,866,324 | |
Techno Medica Co. Ltd. | 283,000 | 6,083,464 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 1,095,000 | 7,637,916 | |
TKC Corp. | 684,400 | 16,683,583 | |
Tocalo Co. Ltd. | 458,400 | 8,767,095 | |
Tsutsumi Jewelry Co. Ltd. | 307,700 | 6,191,513 | |
USS Co. Ltd. | 3,708,600 | 56,970,206 | |
Workman Co. Ltd. | 235,600 | 13,683,227 | |
Yamato Kogyo Co. Ltd. | 260,100 | 6,158,116 | |
TOTAL JAPAN | 675,801,869 | ||
Korea (South) - 1.5% | |||
BGFretail Co. Ltd. | 202,374 | 36,188,689 | |
Leeno Industrial, Inc. | 149,988 | 4,830,072 | |
TOTAL KOREA (SOUTH) | 41,018,761 | ||
Mexico - 0.5% | |||
Consorcio ARA S.A.B. de CV | 42,884,127 | 12,602,026 | |
Netherlands - 2.9% | |||
Aalberts Industries NV | 1,044,900 | 33,003,019 | |
Heijmans NV (Certificaten Van Aandelen) (a)(b) | 1,131,571 | 8,725,607 | |
VastNed Retail NV | 801,249 | 35,081,006 | |
TOTAL NETHERLANDS | 76,809,632 | ||
Norway - 0.4% | |||
Kongsberg Gruppen ASA | 639,048 | 10,190,929 | |
Philippines - 0.4% | |||
Jollibee Food Corp. | 2,720,820 | 11,745,190 | |
South Africa - 0.6% | |||
Alexander Forbes Group Holding | 14,011,048 | 4,761,256 | |
Clicks Group Ltd. | 2,117,421 | 11,598,635 | |
TOTAL SOUTH AFRICA | 16,359,891 | ||
Spain - 1.9% | |||
Hispania Activos Inmobiliarios SA (a) | 821,600 | 10,217,041 | |
Merlin Properties Socimi SA | 1,487,900 | 17,279,088 | |
Prosegur Compania de Seguridad SA (Reg.) (b) | 5,150,886 | 23,105,873 | |
TOTAL SPAIN | 50,602,002 | ||
Sweden - 3.0% | |||
Fagerhult AB (c) | 2,218,495 | 36,983,008 | |
Intrum Justitia AB | 931,003 | 30,850,129 | |
Saab AB (B Shares) | 449,700 | 13,574,695 | |
TOTAL SWEDEN | 81,407,832 | ||
Taiwan - 0.4% | |||
Addcn Technology Co. Ltd. | 1,234,400 | 9,409,401 | |
United Kingdom - 21.0% | |||
AA PLC | 3,391,661 | 14,296,831 | |
Alliance Pharma PLC | 9,842,796 | 7,019,302 | |
Bellway PLC | 1,084,900 | 43,078,899 | |
Berendsen PLC | 3,016,911 | 47,043,505 | |
Britvic PLC | 1,362,412 | 14,065,637 | |
Dechra Pharmaceuticals PLC | 1,595,563 | 22,790,928 | |
Elementis PLC | 6,893,682 | 21,170,996 | |
Great Portland Estates PLC | 2,334,200 | 25,600,305 | |
H&T Group PLC | 1,288,592 | 3,555,103 | |
Hilton Food Group PLC | 906,338 | 6,768,778 | |
Howden Joinery Group PLC | 3,791,700 | 27,158,913 | |
Informa PLC | 4,000,785 | 36,385,346 | |
InterContinental Hotel Group PLC ADR | 539,546 | 17,880,554 | |
ITE Group PLC | 5,346,572 | 10,731,479 | |
JUST EAT Ltd. (a) | 2,283,725 | 12,230,975 | |
Rightmove PLC | 415,700 | 23,719,280 | |
Shaftesbury PLC | 2,535,255 | 30,434,243 | |
Spectris PLC | 1,285,416 | 29,117,714 | |
Spirax-Sarco Engineering PLC | 1,006,228 | 43,919,027 | |
Taylor Wimpey PLC | 5,180,800 | 14,285,249 | |
Ted Baker PLC | 559,367 | 23,962,230 | |
Topps Tiles PLC | 4,420,476 | 8,601,838 | |
Ultra Electronics Holdings PLC | 969,010 | 26,364,804 | |
Unite Group PLC | 5,504,163 | 50,618,221 | |
TOTAL UNITED KINGDOM | 560,800,157 | ||
United States of America - 7.9% | |||
ANSYS, Inc. (a) | 84,715 | 7,471,016 | |
Autoliv, Inc. | 168,500 | 17,318,430 | |
Broadridge Financial Solutions, Inc. | 241,895 | 12,955,896 | |
China Biologic Products, Inc. (a) | 203,808 | 26,142,452 | |
Domino's Pizza, Inc. | 103,000 | 11,734,790 | |
Energizer Holdings, Inc. | 106,832 | 3,422,897 | |
Kennedy-Wilson Holdings, Inc. | 1,239,688 | 25,140,873 | |
Martin Marietta Materials, Inc. | 85,080 | 10,684,346 | |
Mohawk Industries, Inc. (a) | 113,362 | 18,864,570 | |
PriceSmart, Inc. | 356,261 | 27,275,342 | |
ResMed, Inc. | 229,700 | 13,023,990 | |
SS&C Technologies Holdings, Inc. | 569,688 | 36,625,242 | |
TOTAL UNITED STATES OF AMERICA | 210,659,844 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,976,723,890) | 2,442,145,693 | ||
Nonconvertible Preferred Stocks - 1.7% | |||
Germany - 1.7% | |||
Sartorius AG (non-vtg.) | |||
(Cost $19,654,689) | 178,293 | 45,859,541 | |
Money Market Funds - 3.6% | |||
Fidelity Cash Central Fund, 0.38% (d) | 85,178,493 | 85,178,493 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 11,107,530 | 11,107,530 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $96,286,023) | 96,286,023 | ||
TOTAL INVESTMENT PORTFOLIO - 96.8% | |||
(Cost $2,092,664,602) | 2,584,291,257 | ||
NET OTHER ASSETS (LIABILITIES) - 3.2% | 86,150,071 | ||
NET ASSETS - 100% | $2,670,441,328 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $66,742 |
Fidelity Securities Lending Cash Central Fund | 76,756 |
Total | $143,498 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Artnature, Inc. | $17,350,955 | $122,795 | $-- | $-- | $13,797,942 |
Cara Operations Ltd. | 15,755,782 | 807,315 | -- | 37,784 | 11,210,168 |
Fagerhult AB | 37,911,673 | -- | -- | -- | 36,983,008 |
Shoei Co. Ltd. | 12,037,779 | -- | -- | 40,749 | 12,604,392 |
Total | $83,056,189 | $930,110 | $-- | $78,533 | $74,595,510 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $540,389,545 | $98,186,418 | $442,203,127 | $-- |
Consumer Staples | 229,332,611 | 46,297,779 | 183,034,832 | -- |
Energy | 35,977,288 | 22,150,600 | 13,826,688 | -- |
Financials | 463,864,701 | 39,200,020 | 424,664,681 | -- |
Health Care | 269,194,329 | 39,166,442 | 230,027,887 | -- |
Industrials | 478,628,159 | -- | 478,628,159 | -- |
Information Technology | 295,293,948 | 76,358,290 | 218,935,658 | -- |
Materials | 175,324,653 | 10,684,346 | 164,640,307 | -- |
Money Market Funds | 96,286,023 | 96,286,023 | -- | -- |
Total Investments in Securities: | $2,584,291,257 | $428,329,918 | $2,155,961,339 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $1,400,358,422 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $2,122,960,613. Net unrealized appreciation aggregated $461,330,644, of which $649,117,817 related to appreciated investment securities and $187,787,173 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.6% | |||
Shares | Value | ||
Argentina - 0.5% | |||
Telecom Argentina SA Class B sponsored ADR | 1,207,323 | $18,894,605 | |
YPF SA Class D sponsored ADR | 2,193,600 | 36,940,224 | |
TOTAL ARGENTINA | 55,834,829 | ||
Austria - 0.4% | |||
Erste Group Bank AG (a) | 1,565,600 | 45,224,884 | |
Bermuda - 1.3% | |||
Aquarius Platinum Ltd. (Australia) (a)(b) | 91,132,865 | 15,871,465 | |
China Resource Gas Group Ltd. | 7,810,000 | 19,489,186 | |
Credicorp Ltd. (United States) | 443,640 | 44,967,350 | |
GP Investments Ltd. Class A (depositary receipt) (a)(b) | 7,978,637 | 15,539,173 | |
PAX Global Technology Ltd. | 690,000 | 699,448 | |
Shangri-La Asia Ltd. | 66,236,000 | 61,704,683 | |
TOTAL BERMUDA | 158,271,305 | ||
Brazil - 2.6% | |||
B2W Companhia Global do Varejo (a) | 6,073,094 | 20,133,313 | |
BB Seguridade Participacoes SA | 7,343,000 | 42,463,021 | |
CCR SA | 11,639,900 | 37,191,340 | |
Cielo SA | 2,909,138 | 24,634,358 | |
Companhia de Saneamento de Minas Gerais | 4,298,110 | 13,829,860 | |
Cosan SA Industria e Comercio | 3,432,600 | 21,574,970 | |
Direcional Engenharia SA (b) | 14,063,000 | 11,602,555 | |
Fibria Celulose SA | 4,473,300 | 49,275,863 | |
FPC Par Corretora de Seguros | 7,881,600 | 19,902,035 | |
Minerva SA (a)(b) | 12,338,700 | 37,881,703 | |
Minerva SA rights 2/25/16 (a) | 6,409,654 | 16,025 | |
Smiles SA | 3,422,800 | 24,371,555 | |
TOTAL BRAZIL | 302,876,598 | ||
British Virgin Islands - 0.3% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 1,563,575 | 34,040,856 | |
Canada - 0.4% | |||
Goldcorp, Inc. | 860,900 | 9,807,955 | |
Pan American Silver Corp. | 4,015,100 | 26,579,962 | |
Torex Gold Resources, Inc. (a) | 10,134,400 | 9,115,100 | |
TOTAL CANADA | 45,503,017 | ||
Cayman Islands - 9.9% | |||
51job, Inc. sponsored ADR (a)(c) | 897,400 | 24,974,642 | |
58.com, Inc. ADR (a) | 2,144,207 | 120,290,013 | |
AAC Technology Holdings, Inc. | 3,283,000 | 21,035,085 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 3,522,000 | 236,079,660 | |
Autohome, Inc. ADR Class A (a)(c) | 886,300 | 21,776,391 | |
Baidu.com, Inc. sponsored ADR (a) | 82,200 | 13,420,794 | |
Bitauto Holdings Ltd. ADR (a) | 1,847,500 | 34,455,875 | |
China State Construction International Holdings Ltd. | 24,840,000 | 40,113,765 | |
China ZhengTong Auto Services Holdings Ltd. | 33,195,900 | 12,315,594 | |
Ctrip.com International Ltd. sponsored ADR (a) | 353,300 | 15,078,844 | |
ENN Energy Holdings Ltd. | 7,030,000 | 31,698,574 | |
Haitian International Holdings Ltd. | 9,987,000 | 12,146,425 | |
JD.com, Inc. sponsored ADR (a) | 1,123,300 | 29,239,499 | |
Leju Holdings Ltd. ADR (c) | 1,197,176 | 4,776,732 | |
Qihoo 360 Technology Co. Ltd. ADR (a)(c) | 170,900 | 12,255,239 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 425,972 | 18,776,846 | |
SINA Corp. (a) | 243,200 | 11,175,040 | |
Sino Biopharmaceutical Ltd. | 68,453,000 | 47,170,071 | |
SouFun Holdings Ltd. ADR | 5,134,300 | 30,600,428 | |
Sunny Optical Technology Group Co. Ltd. | 9,430,000 | 20,238,824 | |
Tencent Holdings Ltd. | 15,928,199 | 299,238,300 | |
Uni-President China Holdings Ltd. | 91,850,000 | 59,597,452 | |
Vipshop Holdings Ltd. ADR (a) | 3,486,800 | 44,770,512 | |
Yirendai Ltd. ADR | 568,148 | 3,874,769 | |
TOTAL CAYMAN ISLANDS | 1,165,099,374 | ||
Chile - 1.9% | |||
Compania Cervecerias Unidas SA sponsored ADR | 2,885,500 | 62,297,945 | |
CorpBanca SA | 1,063,719,000 | 8,066,610 | |
Empresas CMPC SA | 14,924,556 | 33,890,918 | |
Enersis SA | 150,505,081 | 35,864,681 | |
Inversiones La Construccion SA | 2,581,968 | 25,711,103 | |
Vina Concha y Toro SA | 34,096,719 | 54,246,953 | |
TOTAL CHILE | 220,078,210 | ||
China - 7.8% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 17,683,500 | 34,718,765 | |
BBMG Corp. (H Shares) | 74,774,500 | 42,019,588 | |
China Cinda Asset Management Co. Ltd. (H Shares) | 63,070,000 | 19,845,810 | |
China Life Insurance Co. Ltd. (H Shares) | 33,513,900 | 81,253,386 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 33,374,910 | 19,941,910 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 38,594,094 | 136,185,078 | |
China Petroleum & Chemical Corp. (H Shares) | 57,442,000 | 32,451,181 | |
China Suntien Green Energy Corp. Ltd. (H Shares) (b)(c) | 111,264,060 | 12,539,675 | |
China Telecom Corp. Ltd. (H Shares) | 111,432,882 | 52,411,855 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 421,505,400 | 219,368,802 | |
Inner Mongoli Yili Industries Co. Ltd. | 16,908,358 | 34,520,743 | |
Kweichow Moutai Co. Ltd. | 1,945,762 | 59,697,575 | |
Maanshan Iron & Steel Ltd. (H Shares) (a)(c) | 71,616,000 | 13,251,275 | |
PetroChina Co. Ltd. (H Shares) | 42,748,000 | 26,481,978 | |
Qingdao Haier Co. Ltd. | 44,675,277 | 62,345,791 | |
Zhengzhou Yutong Bus Co. Ltd. | 11,129,454 | 31,793,017 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 5,932,500 | 30,610,413 | |
TOTAL CHINA | 909,436,842 | ||
Colombia - 0.3% | |||
Bancolombia SA sponsored ADR (c) | 1,263,911 | 37,285,375 | |
Egypt - 0.1% | |||
Citadel Capital Corp. (a) | 54,615,500 | 9,207,152 | |
Global Telecom Holding GDR (a) | 3,728,053 | 4,253,711 | |
TOTAL EGYPT | 13,460,863 | ||
Greece - 0.4% | |||
Titan Cement Co. SA (Reg.) | 2,191,300 | 42,255,032 | |
Hong Kong - 5.9% | |||
AIA Group Ltd. | 9,497,200 | 52,799,360 | |
China Mobile Ltd. | 4,869,795 | 53,490,708 | |
China Mobile Ltd. sponsored ADR | 3,116,080 | 169,919,842 | |
China Resources Beer Holdings Co. Ltd. | 27,498,000 | 43,851,496 | |
China Resources Power Holdings Co. Ltd. | 14,700,417 | 25,006,237 | |
China Unicom Ltd. | 2,869,850 | 3,179,529 | |
China Unicom Ltd. sponsored ADR | 1,593,990 | 17,677,349 | |
CNOOC Ltd. | 111,950,000 | 114,102,917 | |
CNOOC Ltd. sponsored ADR | 16,600 | 1,686,062 | |
Far East Horizon Ltd. | 122,516,750 | 94,399,122 | |
Sinotruk Hong Kong Ltd. | 41,464,000 | 13,875,593 | |
Techtronic Industries Co. Ltd. | 25,711,000 | 97,552,730 | |
TOTAL HONG KONG | 687,540,945 | ||
India - 9.4% | |||
Adani Ports & Special Economic Zone (a) | 10,345,098 | 32,617,145 | |
Axis Bank Ltd. (a) | 9,120,539 | 55,327,815 | |
Bharti Infratel Ltd. | 11,405,531 | 61,080,845 | |
Coal India Ltd. | 14,384,129 | 68,083,459 | |
Edelweiss Financial Services Ltd. | 17,965,304 | 13,860,369 | |
Eicher Motors Ltd. (a) | 119,757 | 29,354,836 | |
Grasim Industries Ltd. | 1,137,427 | 57,096,116 | |
ICICI Bank Ltd. (a) | 6,421,109 | 21,869,725 | |
ITC Ltd. | 20,800,711 | 98,631,644 | |
JK Cement Ltd. | 3,139,049 | 23,035,246 | |
Just Dial Ltd. | 1,232,627 | 11,125,895 | |
Larsen & Toubro Ltd. (a) | 2,070,480 | 33,859,692 | |
LIC Housing Finance Ltd. (a) | 4,721,587 | 33,458,403 | |
Lupin Ltd. | 3,891,432 | 98,558,543 | |
NTPC Ltd. | 4,394,153 | 9,271,493 | |
Oil & Natural Gas Corp. Ltd. | 9,850,411 | 33,081,683 | |
Petronet LNG Ltd. | 8,339,284 | 30,332,267 | |
Phoenix Mills Ltd. (a) | 6,758,824 | 29,843,267 | |
Power Grid Corp. of India Ltd. | 31,160,451 | 68,132,477 | |
SREI Infrastructure Finance Ltd. (a)(b) | 42,943,661 | 39,515,991 | |
State Bank of India (a) | 17,138,465 | 45,809,198 | |
Sun Pharmaceutical Industries Ltd. | 8,353,489 | 108,126,363 | |
Tata Consultancy Services Ltd. | 2,760,771 | 97,653,396 | |
TOTAL INDIA | 1,099,725,868 | ||
Indonesia - 0.9% | |||
PT Bank Mandiri (Persero) Tbk | 63,613,400 | 44,923,923 | |
PT Bank Rakyat Indonesia Tbk | 59,737,100 | 49,266,840 | |
PT Kalbe Farma Tbk | 153,207,500 | 14,980,364 | |
TOTAL INDONESIA | 109,171,127 | ||
Israel - 0.6% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 32,555,924 | 69,709,854 | |
Korea (South) - 12.5% | |||
AMOREPACIFIC Group, Inc. | 481,428 | 59,889,166 | |
Daewoo International Corp. | 765,569 | 9,859,237 | |
Daou Technology, Inc. | 252,576 | 4,312,518 | |
E-Mart Co. Ltd. | 433,125 | 59,018,376 | |
Fila Korea Ltd. (b) | 631,503 | 50,927,002 | |
Hanon Systems | 695,618 | 30,228,990 | |
Hyundai Glovis Co. Ltd. | 524,150 | 89,291,301 | |
Hyundai Industrial Development & Construction Co. | 1,180,259 | 44,511,982 | |
Hyundai Mobis | 1,076,844 | 232,162,048 | |
InterPark INT Corp. | 1,068,280 | 18,669,335 | |
Kakao Corp. | 219,868 | 20,072,827 | |
KB Financial Group, Inc. | 1,997,504 | 50,706,283 | |
KEPCO Plant Service & Engineering Co. Ltd. | 328,292 | 27,167,483 | |
Korea Electric Power Corp. | 893,194 | 38,910,753 | |
Korean Reinsurance Co. (b) | 6,086,115 | 67,078,939 | |
KT Corp. (a) | 711,513 | 16,279,794 | |
KT Corp. sponsored ADR (a)(c) | 597,100 | 7,356,272 | |
LG Chemical Ltd. | 337,447 | 83,795,818 | |
NAVER Corp. | 76,572 | 40,066,298 | |
NCSOFT Corp. | 212,897 | 41,592,447 | |
Samsung Electronics Co. Ltd. | 174,236 | 167,280,058 | |
Samsung Fire & Marine Insurance Co. Ltd. | 86,406 | 21,404,216 | |
Samsung SDI Co. Ltd. | 266,354 | 20,912,247 | |
Shinhan Financial Group Co. Ltd. | 3,903,868 | 125,222,312 | |
SK Hynix, Inc. | 4,816,940 | 110,332,330 | |
SK Telecom Co. Ltd. sponsored ADR (c) | 1,348,600 | 26,580,906 | |
TOTAL KOREA (SOUTH) | 1,463,628,938 | ||
Malaysia - 0.4% | |||
Tenaga Nasional Bhd | 12,979,960 | 42,582,888 | |
Mauritius - 0.1% | |||
MakeMyTrip Ltd. (a)(c) | 501,900 | 9,355,416 | |
Mexico - 6.1% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 7,162,620 | 101,279,447 | |
Banregio Grupo Financiero S.A.B. de CV | 3,670,850 | 17,241,373 | |
El Puerto de Liverpool S.A.B. de CV Class C | 4,724,400 | 56,356,008 | |
Fibra Uno Administracion SA de CV | 19,792,600 | 39,677,410 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 4,901,000 | 41,163,779 | |
Grupo Comercial Chedraui S.A.B. de CV | 10,662,888 | 27,871,567 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 34,416,000 | 179,558,439 | |
Infraestructura Energetica Nova S.A.B. de CV | 3,760,700 | 14,719,141 | |
Macquarie Mexican (REIT) (b) | 71,832,748 | 84,871,375 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 2,169,800 | 24,794,296 | |
Telesites S.A.B. de C.V. (a) | 240,441 | 145,953 | |
Tenedora Nemak SA de CV | 18,978,000 | 24,128,278 | |
Wal-Mart de Mexico SA de CV Series V | 42,474,600 | 106,738,282 | |
TOTAL MEXICO | 718,545,348 | ||
Netherlands - 0.6% | |||
Cnova NV (a)(c) | 1,840,572 | 4,288,533 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(d) | 4,581,900 | 18,702,350 | |
Yandex NV (a) | 3,697,700 | 49,623,134 | |
TOTAL NETHERLANDS | 72,614,017 | ||
Nigeria - 0.5% | |||
Guaranty Trust Bank PLC GDR (Reg. S) | 3,410,477 | 12,420,002 | |
Transnational Corp. of Nigeria PLC | 1,092,554,742 | 6,754,334 | |
Zenith Bank PLC | 545,544,939 | 34,576,406 | |
TOTAL NIGERIA | 53,750,742 | ||
Pakistan - 0.3% | |||
Habib Bank Ltd. | 20,995,800 | 34,237,395 | |
Panama - 0.3% | |||
Copa Holdings SA Class A | 731,100 | 34,434,810 | |
Philippines - 1.5% | |||
Alliance Global Group, Inc. | 143,464,450 | 44,586,971 | |
Metro Pacific Investments Corp. | 194,219,556 | 22,507,880 | |
Metropolitan Bank & Trust Co. | 30,934,187 | 46,168,590 | |
Robinsons Land Corp. | 114,641,970 | 60,334,311 | |
TOTAL PHILIPPINES | 173,597,752 | ||
Romania - 0.1% | |||
Banca Transilvania SA (a) | 32,463,294 | 17,444,669 | |
Russia - 4.1% | |||
E.ON Russia JSC (a) | 463,854,400 | 18,710,212 | |
Lukoil PJSC sponsored ADR | 3,385,600 | 115,181,702 | |
Magnit OJSC GDR (Reg. S) | 1,784,600 | 70,039,227 | |
MMC Norilsk Nickel PJSC sponsored ADR | 2,901,300 | 33,616,926 | |
Mobile TeleSystems OJSC (a) | 8,316,310 | 24,994,387 | |
Mobile TeleSystems OJSC sponsored ADR | 755,300 | 5,287,100 | |
NOVATEK OAO GDR (Reg. S) | 834,500 | 72,523,258 | |
Rosneft Oil Co. OJSC (a) | 10,970,000 | 39,751,259 | |
Sberbank of Russia (a) | 19,059,020 | 24,509,104 | |
Sberbank of Russia sponsored ADR | 11,260,231 | 62,342,891 | |
Sistema JSFC (a) | 46,963,500 | 11,056,512 | |
Sistema JSFC sponsored GDR | 814,700 | 4,606,334 | |
TOTAL RUSSIA | 482,618,912 | ||
Singapore - 0.8% | |||
Ascendas Real Estate Investment Trust | 32,258,900 | 52,894,524 | |
CapitaMall Trust | 10,099,800 | 14,189,990 | |
First Resources Ltd. | 25,710,500 | 31,669,768 | |
TOTAL SINGAPORE | 98,754,282 | ||
South Africa - 4.8% | |||
Alexander Forbes Group Holding | 5,105,573 | 1,734,984 | |
Aspen Pharmacare Holdings Ltd. | 1,970,282 | 33,544,405 | |
Barclays Africa Group Ltd. | 9,482,733 | 86,497,059 | |
Bidvest Group Ltd. | 2,390,145 | 55,195,879 | |
JSE Ltd. | 2,056,792 | 16,759,300 | |
Life Healthcare Group Holdings Ltd. | 14,777,300 | 32,641,558 | |
Naspers Ltd. Class N | 2,290,800 | 289,495,545 | |
Sasol Ltd. | 1,127,600 | 29,663,252 | |
Telkom SA Ltd. | 5,279,700 | 21,384,336 | |
TOTAL SOUTH AFRICA | 566,916,318 | ||
Taiwan - 7.6% | |||
Advanced Semiconductor Engineering, Inc. | 28,729,000 | 30,716,571 | |
Advantech Co. Ltd. | 7,646,000 | 45,712,877 | |
Catcher Technology Co. Ltd. | 5,151,000 | 38,147,073 | |
E.SUN Financial Holdings Co. Ltd. | 116,935,528 | 60,411,508 | |
Hermes Microvision, Inc. | 438,000 | 10,797,909 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 8,704,644 | 20,383,522 | |
Inotera Memories, Inc. (a) | 20,826,000 | 17,866,828 | |
King's Town Bank | 25,049,000 | 15,778,359 | |
Largan Precision Co. Ltd. | 617,000 | 44,078,531 | |
MediaTek, Inc. | 1,398,000 | 9,050,330 | |
Siliconware Precision Industries Co. Ltd. | 13,716,000 | 21,142,027 | |
Taiwan Cement Corp. | 54,755,000 | 43,842,569 | |
Taiwan Fertilizer Co. Ltd. | 14,280,000 | 18,003,073 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 90,465,284 | 387,728,637 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 469,701 | 10,497,817 | |
Unified-President Enterprises Corp. | 33,436,942 | 55,655,016 | |
Universal Cement Corp. | 26,528,559 | 16,211,285 | |
Vanguard International Semiconductor Corp. | 11,370,000 | 16,246,939 | |
Yuanta Financial Holding Co. Ltd. | 90,630,206 | 28,012,264 | |
TOTAL TAIWAN | 890,283,135 | ||
Thailand - 2.7% | |||
Airports of Thailand PCL (For. Reg.) | 4,918,400 | 52,355,623 | |
Intouch Holdings PCL NVDR | 16,633,670 | 26,285,684 | |
Jasmine Broadband Internet Infrastructure Fund | 71,595,200 | 17,565,354 | |
Kasikornbank PCL (For. Reg.) | 21,481,304 | 103,292,361 | |
PTT PCL (For. Reg.) | 7,238,100 | 48,475,746 | |
Star Petroleum Refining PCL (a) | 71,350,300 | 18,283,546 | |
Thai Union Frozen Products PCL (For. Reg.) | 96,152,300 | 49,854,799 | |
TOTAL THAILAND | 316,113,113 | ||
Turkey - 1.1% | |||
Aselsan A/S | 4,268,000 | 26,137,096 | |
Enka Insaat ve Sanayi A/S | 3,736,556 | 5,549,966 | |
Tupras Turkiye Petrol Rafinelleri A/S (a) | 2,216,196 | 56,162,228 | |
Turkiye Garanti Bankasi A/S | 14,721,500 | 37,202,591 | |
TOTAL TURKEY | 125,051,881 | ||
United Arab Emirates - 1.0% | |||
DP World Ltd. | 1,781,818 | 30,914,542 | |
Emaar Properties PJSC | 24,151,142 | 32,155,492 | |
First Gulf Bank PJSC | 21,466,063 | 59,031,308 | |
TOTAL UNITED ARAB EMIRATES | 122,101,342 | ||
United Kingdom - 0.6% | |||
Fresnillo PLC | 2,398,100 | 24,822,515 | |
HSBC Holdings PLC (Hong Kong) | 6,860,800 | 48,499,840 | |
TOTAL UNITED KINGDOM | 73,322,355 | ||
United States of America - 0.8% | |||
Cognizant Technology Solutions Corp. Class A (a) | 700,572 | 44,353,213 | |
First Cash Financial Services, Inc. (a) | 733,000 | 26,021,500 | |
Micron Technology, Inc. (a) | 2,554,000 | 28,170,620 | |
TOTAL UNITED STATES OF AMERICA | 98,545,333 | ||
TOTAL COMMON STOCKS | |||
(Cost $11,344,790,893) | 10,389,413,625 | ||
Nonconvertible Preferred Stocks - 3.5% | |||
Brazil - 1.5% | |||
Banco do Estado Rio Grande do Sul SA | 9,154,536 | 10,184,931 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 155,900 | 859,442 | |
(PN-B) sponsored (c) | 2,931,939 | 16,096,345 | |
Itau Unibanco Holding SA sponsored ADR | 15,823,986 | 99,532,872 | |
Metalurgica Gerdau SA (PN) | 37,970,522 | 9,777,898 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) | 11,840,600 | 28,772,658 | |
Vale SA (PN-A) sponsored ADR (c) | 7,489,800 | 13,856,130 | |
TOTAL BRAZIL | 179,080,276 | ||
Cayman Islands - 0.2% | |||
China Internet Plus Holdings Ltd. (e) | 7,577,282 | 29,253,613 | |
Korea (South) - 1.6% | |||
Hyundai Motor Co. Series 2 | 960,290 | 80,916,104 | |
Samsung Electronics Co. Ltd. | 86,532 | 72,240,658 | |
Samsung Fire & Marine Insurance Co. Ltd. | 191,972 | 29,801,653 | |
TOTAL KOREA (SOUTH) | 182,958,415 | ||
Russia - 0.2% | |||
Surgutneftegas OJSC (a) | 40,688,100 | 24,821,677 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $674,271,017) | 416,113,981 | ||
Principal Amount | Value | ||
Government Obligations - 0.2% | |||
United States of America - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.26% 3/3/16 to 3/17/16(f) | |||
(Cost $20,054,816) | 20,060,000 | 20,054,871 | |
Shares | Value | ||
Money Market Funds - 5.8% | |||
Fidelity Cash Central Fund, 0.38% (g) | 647,058,935 | 647,058,935 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (g)(h) | 33,778,001 | 33,778,001 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $680,836,936) | 680,836,936 | ||
TOTAL INVESTMENT PORTFOLIO - 98.1% | |||
(Cost $12,719,953,662) | 11,506,419,413 | ||
NET OTHER ASSETS (LIABILITIES) - 1.9% | 221,286,168 | ||
NET ASSETS - 100% | $11,727,705,581 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
13,870 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | March 2016 | 518,599,300 | $4,583,177 |
The face value of futures purchased as a percentage of Net Assets is 4.4%
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(d) 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 $18,702,350 or 0.2% of net assets.
(e) Restricted securities - 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 $29,253,613 or 0.2% of net assets.
(f) 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 $13,358,382.
(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 |
China Internet Plus Holdings Ltd. | 1/26/15 | $23,950,652 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $525,380 |
Fidelity Securities Lending Cash Central Fund | 208,421 |
Total | $733,801 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Aquarius Platinum Ltd. (Australia) | $15,805,131 | $-- | $-- | $-- | $15,871,465 |
China Suntien Green Energy Corp. Ltd. (H Shares) | 18,471,705 | 1,162,098 | -- | -- | 12,539,675 |
Direcional Engenharia SA | 12,974,783 | -- | 57,853 | -- | 11,602,555 |
Fila Korea Ltd. | 57,918,933 | 1,011,413 | 3,491,849 | 112,531 | 50,927,002 |
GP Investments Ltd. Class A (depositary receipt) | 17,741,993 | -- | 3,249,032 | -- | 15,539,173 |
Korean Reinsurance Co. | 75,545,757 | -- | 2,887,584 | 996,486 | 67,078,939 |
Macquarie Mexican (REIT) | 99,884,761 | -- | 139,726 | 1,819,015 | 84,871,375 |
Minerva SA | 40,386,125 | 420,488 | -- | -- | 37,881,703 |
SREI Infrastructure Finance Ltd. | 30,184,892 | -- | 1,109,273 | -- | 39,515,991 |
Total | $368,914,080 | $2,593,999 | $10,935,317 | $2,928,032 | $335,827,878 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,223,672,794 | $258,101,359 | $843,743,041 | $121,828,394 |
Consumer Staples | 911,477,737 | 289,036,450 | 622,441,287 | -- |
Energy | 810,909,742 | 145,136,142 | 665,773,600 | -- |
Financials | 2,851,417,961 | 844,429,323 | 2,006,988,638 | -- |
Health Care | 335,021,304 | -- | 335,021,304 | -- |
Industrials | 772,499,833 | 225,160,471 | 547,339,362 | -- |
Information Technology | 2,248,696,514 | 645,984,083 | 1,602,712,431 | -- |
Materials | 600,843,499 | 152,303,826 | 448,539,673 | -- |
Telecommunication Services | 695,875,023 | 416,851,328 | 279,023,695 | -- |
Utilities | 355,113,199 | 81,369,469 | 273,743,730 | -- |
Government Obligations | 20,054,871 | -- | 20,054,871 | -- |
Money Market Funds | 680,836,936 | 680,836,936 | -- | -- |
Total Investments in Securities: | $11,506,419,413 | $3,739,209,387 | $7,645,381,632 | $121,828,394 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $4,583,177 | $4,583,177 | $-- | $-- |
Total Assets | $4,583,177 | $4,583,177 | $-- | $-- |
Total Derivative Instruments: | $4,583,177 | $4,583,177 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $2,993,286,574 |
Level 2 to Level 1 | $0 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $97,260,030 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (2,786,750) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | 27,355,114 |
Transfers out of Level 3 | -- |
Ending Balance | $121,828,394 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $(2,786,750) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 01/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $121,828,394 | Adjusted transaction price | Proxy movement | 7.5% | Increase |
Last transaction price | Transaction price | $3.86 - $52,500 / $26,682 | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $12,785,566,222. Net unrealized depreciation aggregated $1,279,146,809, of which $900,389,360 related to appreciated investment securities and $2,179,536,169 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Nordic Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Bermuda - 1.2% | |||
Vostok Emerging Finance Ltd. (depository receipt) (a) | 1,397,202 | $165,383 | |
Vostok New Ventures Ltd. SDR (a) | 919,054 | 4,710,940 | |
TOTAL BERMUDA | 4,876,323 | ||
Denmark - 22.0% | |||
Alm. Brand A/S | 1,198,354 | 8,027,163 | |
Carlsberg A/S Series B | 241,400 | 20,351,856 | |
DSV de Sammensluttede Vognmaend A/S | 295,800 | 11,511,473 | |
NNIT A/S | 131,374 | 3,297,417 | |
Novo Nordisk A/S Series B | 485,705 | 27,135,563 | |
Novozymes A/S Series B | 166,400 | 6,945,405 | |
William Demant Holding A/S (a) | 131,500 | 11,591,840 | |
TOTAL DENMARK | 88,860,717 | ||
Finland - 12.2% | |||
Amer Group PLC (A Shares) | 327,500 | 8,964,134 | |
Cramo Oyj (B Shares) | 472,100 | 9,079,921 | |
Olvi PLC (A Shares) | 323,500 | 7,844,243 | |
Raisio Group PLC (V Shares) | 1,234,000 | 5,510,279 | |
Vaisala Oyj | 313,900 | 8,118,979 | |
Valmet Corp. | 968,885 | 9,632,460 | |
TOTAL FINLAND | 49,150,016 | ||
Malta - 9.4% | |||
Kambi Group PLC (a)(b) | 1,418,983 | 20,870,446 | |
Unibet Group PLC unit | 1,515,608 | 17,154,527 | |
TOTAL MALTA | 38,024,973 | ||
Norway - 4.4% | |||
Schibsted ASA (B Shares) (a) | 100,000 | 2,812,238 | |
Statoil ASA | 420,000 | 5,747,060 | |
TGS Nopec Geophysical Co. ASA (b) | 157,198 | 2,278,160 | |
Zalaris ASA (A Shares) (c) | 1,823,800 | 6,961,808 | |
TOTAL NORWAY | 17,799,266 | ||
Sweden - 49.8% | |||
AddTech AB (B Shares) | 631,600 | 8,697,427 | |
Bravida AB (a) | 2,000,000 | 12,654,954 | |
Coor Service Management Holding AB (a) | 908,700 | 3,676,620 | |
Dustin Group AB (b) | 792,693 | 5,899,152 | |
East Capital Explorer AB (a) | 1,420,992 | 8,044,501 | |
Elekta AB (B Shares) (b) | 1,361,785 | 10,155,630 | |
Eltel AB | 1,326,500 | 13,237,226 | |
Getinge AB (B Shares) | 688,200 | 15,158,541 | |
H&M Hennes & Mauritz AB (B Shares) | 674,855 | 22,099,620 | |
Hemfosa Fastigheter AB | 1,293,658 | 12,783,322 | |
Kungsleden AB | 726,300 | 4,857,020 | |
Mekonomen AB | 371,200 | 7,579,214 | |
Nordea Bank AB | 290,535 | 2,925,601 | |
Pandox AB (a)(b) | 256,900 | 4,002,489 | |
Sandvik AB | 1,636,700 | 13,696,394 | |
Svenska Cellulosa AB (SCA) (B Shares) | 766,800 | 22,726,151 | |
Svenska Handelsbanken AB (A Shares) | 1,031,400 | 12,977,489 | |
Systemair AB (b) | 456,779 | 5,932,103 | |
Telefonaktiebolaget LM Ericsson (B Shares) | 1,591,300 | 14,134,696 | |
TOTAL SWEDEN | 201,238,150 | ||
TOTAL COMMON STOCKS | |||
(Cost $386,556,088) | 399,949,445 | ||
Money Market Funds - 5.0% | |||
Fidelity Cash Central Fund, 0.38% (d) | 4,222,522 | 4,222,522 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 15,753,425 | 15,753,425 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $19,975,947) | 19,975,947 | ||
TOTAL INVESTMENT PORTFOLIO - 104.0% | |||
(Cost $406,532,035) | 419,925,392 | ||
NET OTHER ASSETS (LIABILITIES) - (4.0)% | (16,024,920) | ||
NET ASSETS - 100% | $403,900,472 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $6,481 |
Fidelity Securities Lending Cash Central Fund | 50,447 |
Total | $56,928 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Zalaris ASA (A Shares) | $7,941,931 | $-- | $-- | $-- | $6,961,808 |
Total | $7,941,931 | $-- | $-- | $-- | $6,961,808 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $89,381,820 | $-- | $89,381,820 | $-- |
Consumer Staples | 56,432,529 | -- | 56,432,529 | -- |
Energy | 8,025,220 | -- | 8,025,220 | -- |
Financials | 54,491,419 | -- | 54,491,419 | -- |
Health Care | 67,338,991 | -- | 67,338,991 | -- |
Industrials | 95,080,386 | -- | 95,080,386 | -- |
Information Technology | 22,253,675 | -- | 22,253,675 | -- |
Materials | 6,945,405 | -- | 6,945,405 | -- |
Money Market Funds | 19,975,947 | 19,975,947 | -- | -- |
Total Investments in Securities: | $419,925,392 | $19,975,947 | $399,949,445 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $327,746,612 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $409,394,132. Net unrealized appreciation aggregated $10,531,260, of which $46,451,571 related to appreciated investment securities and $35,920,311 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® China Region Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 16.7% | |||
Auto Components - 1.1% | |||
Weifu High-Technology Co. Ltd. (B Shares) | 4,257,836 | $8,354,744 | |
Xingda International Holdings Ltd. | 18,702,000 | 3,470,516 | |
11,825,260 | |||
Automobiles - 3.7% | |||
Brilliance China Automotive Holdings Ltd. | 7,908,000 | 7,624,520 | |
Chongqing Changan Automobile Co. Ltd. (B Shares) | 15,733,741 | 30,891,231 | |
38,515,751 | |||
Diversified Consumer Services - 0.3% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR | 90,000 | 2,826,900 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Huangshan Tourism Development Co. Ltd. | 5,899,876 | 10,671,816 | |
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) | 5,000,000 | 1,849,020 | |
Tuniu Corp. Class A sponsored ADR (a)(b) | 895,000 | 11,429,150 | |
23,949,986 | |||
Household Durables - 2.4% | |||
Haier Electronics Group Co. Ltd. | 5,492,000 | 9,695,446 | |
Qingdao Haier Co. Ltd. | 3,099,822 | 4,325,902 | |
Techtronic Industries Co. Ltd. | 2,887,500 | 10,955,759 | |
24,977,107 | |||
Internet & Catalog Retail - 2.4% | |||
Ctrip.com International Ltd. sponsored ADR (a) | 286,000 | 12,206,480 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 285,000 | 12,562,800 | |
24,769,280 | |||
Media - 2.0% | |||
Poly Culture Group Corp. Ltd. (H Shares)(b)(c) | 4,978,100 | 11,492,947 | |
Shanghaioriental Pearl Media Co. Ltd. | 2,336,455 | 9,238,911 | |
20,731,858 | |||
Specialty Retail - 0.4% | |||
China Harmony New Energy Auto | 7,500,000 | 4,766,954 | |
Textiles, Apparel & Luxury Goods - 2.1% | |||
Lao Feng Xiang Co. Ltd. (B Shares) | 2,499,988 | 9,464,809 | |
Pacific Textile Holdings Ltd. | 4,000,000 | 5,832,086 | |
Toung Loong Textile Manufacturing Co. Ltd. | 2,375,000 | 6,637,424 | |
21,934,319 | |||
TOTAL CONSUMER DISCRETIONARY | 174,297,415 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 2.2% | |||
Kweichow Moutai Co. Ltd. | 743,946 | 22,824,874 | |
Food & Staples Retailing - 1.0% | |||
China Resources Beer Holdings Co. Ltd. | 6,536,000 | 10,423,063 | |
Food Products - 0.6% | |||
China Modern Dairy Holdings Ltd. (b) | 34,000,000 | 6,235,854 | |
TOTAL CONSUMER STAPLES | 39,483,791 | ||
FINANCIALS - 26.5% | |||
Banks - 11.1% | |||
Bank of China Ltd. (H Shares) | 46,321,000 | 18,137,973 | |
China Construction Bank Corp. (H Shares) | 69,148,000 | 42,214,514 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(d) | 4,704,400 | 19,202,369 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 44,543,000 | 23,182,015 | |
Midea Group Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(d) | 3,090,600 | 12,976,290 | |
115,713,161 | |||
Capital Markets - 3.8% | |||
Beijing Yanjing Brewery Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 7/30/18 (a)(d) | 10,595,900 | 10,946,951 | |
Hangzhou Robam Appliances Co. Ltd. (UBS Warrant Programme) warrants 1/15/18 (a) | 512,858 | 3,048,211 | |
Huayi Brothers Media Corp. ELS (UBS Warrant Programme) warrants 5/19/16 (a)(d) | 1,490,000 | 6,180,367 | |
Shanghai Bestway Marine Engineering Design Co. Ltd. warrants 3/5/17 (a) | 2,158,144 | 7,850,209 | |
Shenzhen Airport Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(d) | 5,020,806 | 5,364,686 | |
Yunnan Baiyao Group Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(d) | 559,455 | 5,159,767 | |
Zhejiang Huace Film & TV Co. Ltd. ELS (UBS Warrant Programme) warrants 2/17/17 (a) | 485,000 | 1,573,295 | |
40,123,486 | |||
Insurance - 10.4% | |||
AIA Group Ltd. | 7,498,200 | 41,685,988 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 7,908,800 | 27,907,393 | |
New China Life Insurance Co. Ltd. (H Shares) | 3,477,000 | 11,909,383 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 6,024,500 | 27,294,881 | |
108,797,645 | |||
Real Estate Management & Development - 1.2% | |||
Beijing Capital Land Ltd. (H Shares) | 35,170,000 | 13,187,616 | |
TOTAL FINANCIALS | 277,821,908 | ||
HEALTH CARE - 6.1% | |||
Biotechnology - 0.1% | |||
3SBio, Inc. (a) | 1,257,500 | 1,524,504 | |
Health Care Providers & Services - 0.9% | |||
China National Accord Medicines Corp. Ltd. | 1,256,673 | 5,216,839 | |
Phoenix Healthcare Group Ltd. (b) | 4,576,500 | 3,958,873 | |
9,175,712 | |||
Life Sciences Tools & Services - 1.3% | |||
JHL Biotech, Inc. | 4,010,696 | 13,637,540 | |
Pharmaceuticals - 3.8% | |||
CSPC Pharmaceutical Group Ltd. | 13,662,000 | 11,554,198 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,099,988 | 7,388,475 | |
Lee's Pharmaceutical Holdings Ltd. | 8,273,500 | 7,650,919 | |
Livzon Pharmaceutical Group, Inc. | 2,990,000 | 13,491,955 | |
40,085,547 | |||
TOTAL HEALTH CARE | 64,423,303 | ||
INDUSTRIALS - 11.1% | |||
Air Freight & Logistics - 0.4% | |||
Sinotrans Air Transportation Development Co. Ltd. (A Shares) | 1,599,830 | 4,425,909 | |
Airlines - 2.8% | |||
Air China Ltd. (H Shares) | 6,648,000 | 4,322,196 | |
China Eastern Airlines Corp. Ltd. (H Shares) (a) | 26,446,000 | 12,912,204 | |
China Southern Airlines Ltd. (H Shares) | 20,194,000 | 12,245,733 | |
29,480,133 | |||
Construction & Engineering - 1.6% | |||
Beijing Urban Consolidated & Development Group Ltd. (H Shares) (b)(c) | 20,963,000 | 10,911,071 | |
China Energy Engineering Corp. Ltd. | 30,000,000 | 5,352,680 | |
16,263,751 | |||
Electrical Equipment - 1.4% | |||
Harbin Electric Machinery Co. Ltd.(H Shares) (b) | 21,974,000 | 7,958,632 | |
Jiangnan Group Ltd. (b) | 42,000,000 | 6,257,104 | |
14,215,736 | |||
Machinery - 2.0% | |||
Lonking Holdings Ltd. | 28,600,000 | 3,703,808 | |
Sinotruk Hong Kong Ltd. | 8,000,000 | 2,677,135 | |
Weichai Power Co. Ltd. (H Shares) | 7,850,000 | 7,522,188 | |
Zhengzhou Yutong Bus Co. Ltd. | 2,424,656 | 6,926,407 | |
20,829,538 | |||
Marine - 1.8% | |||
China Shipping Development Co. Ltd. (H Shares) | 27,640,000 | 17,431,775 | |
Sinotrans Shipping Ltd. (b) | 12,186,000 | 1,912,687 | |
19,344,462 | |||
Trading Companies & Distributors - 1.1% | |||
Summit Ascent Holdings Ltd. (a)(b) | 48,136,000 | 11,402,999 | |
TOTAL INDUSTRIALS | 115,962,528 | ||
INFORMATION TECHNOLOGY - 22.8% | |||
Electronic Equipment & Components - 3.2% | |||
Largan Precision Co. Ltd. | 159,000 | 11,358,973 | |
Sunny Optical Technology Group Co. Ltd. (b) | 3,000,000 | 6,438,650 | |
Tongda Group Holdings Ltd. | 65,800,000 | 10,542,390 | |
Wasion Group Holdings Ltd. | 8,250,000 | 5,119,462 | |
33,459,475 | |||
Internet Software & Services - 12.8% | |||
58.com, Inc. ADR (a)(b) | 235,178 | 13,193,486 | |
Alibaba Group Holding Ltd. sponsored ADR (a)(b) | 397,400 | 26,637,722 | |
SINA Corp. (a) | 240,000 | 11,028,000 | |
Tencent Holdings Ltd. | 4,388,400 | 82,443,552 | |
133,302,760 | |||
Semiconductors & Semiconductor Equipment - 4.8% | |||
Advanced Semiconductor Engineering, Inc. | 10,011,000 | 10,703,595 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,653,000 | 32,800,286 | |
Vanguard International Semiconductor Corp. | 5,000,000 | 7,144,652 | |
50,648,533 | |||
Software - 0.9% | |||
China City Railway Transportation Technology Holdings Co. Ltd. (a) | 48,540,000 | 9,315,456 | |
Technology Hardware, Storage & Peripherals - 1.1% | |||
ADLINK Technology, Inc. | 3,682,844 | 7,656,547 | |
Axiomtek Co. Ltd. | 2,000,000 | 3,993,025 | |
11,649,572 | |||
TOTAL INFORMATION TECHNOLOGY | 238,375,796 | ||
MATERIALS - 4.5% | |||
Construction Materials - 3.4% | |||
Asia Cement (China) Holdings Corp. | 465,000 | 95,740 | |
BBMG Corp. (H Shares) (b) | 34,800,000 | 19,555,887 | |
China Shanshui Cement Group Ltd. (a)(b) | 20,656,000 | 8,050,837 | |
West China Cement Ltd. | 37,258,000 | 7,682,160 | |
35,384,624 | |||
Metals & Mining - 1.0% | |||
Angang Steel Co. Ltd. (H Shares) (b) | 13,780,000 | 6,029,959 | |
Fushan International Energy Group Ltd. (b) | 15,578,000 | 1,675,404 | |
Maanshan Iron & Steel Ltd. (H Shares) (a)(b) | 14,818,000 | 2,741,809 | |
10,447,172 | |||
Paper & Forest Products - 0.1% | |||
Lee & Man Paper Manufacturing Ltd. | 1,506,000 | 853,476 | |
TOTAL MATERIALS | 46,685,272 | ||
TELECOMMUNICATION SERVICES - 2.7% | |||
Diversified Telecommunication Services - 2.7% | |||
China Telecom Corp. Ltd. (H Shares) | 13,024,000 | 6,125,768 | |
China Unicom Ltd. | 13,784,000 | 15,271,402 | |
CITIC 1616 Holdings Ltd. | 19,565,000 | 6,780,482 | |
28,177,652 | |||
UTILITIES - 2.1% | |||
Independent Power and Renewable Electricity Producers - 2.1% | |||
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) | 50,462,000 | 14,894,334 | |
Huaneng Renewables Corp. Ltd. (H Shares) | 31,944,000 | 6,944,971 | |
21,839,305 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,201,059,266) | 1,007,066,970 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
CONSUMER DISCRETIONARY - 0.7% | |||
Internet & Catalog Retail - 0.7% | |||
China Internet Plus Holdings Ltd. (e) | |||
(Cost $6,268,244) | 1,983,088 | 7,656,108 | |
Money Market Funds - 7.6% | |||
Fidelity Cash Central Fund, 0.38% (f) | 28,840,338 | 28,840,338 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) | 50,596,908 | 50,596,908 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $79,437,246) | 79,437,246 | ||
TOTAL INVESTMENT PORTFOLIO - 104.6% | |||
(Cost $1,286,764,756) | 1,094,160,324 | ||
NET OTHER ASSETS (LIABILITIES) - (4.6)% | (48,176,288) | ||
NET ASSETS - 100% | $1,045,984,036 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) 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 $59,830,430 or 5.7% of net assets.
(e) Restricted securities - 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 $7,656,108 or 0.7% 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 |
China Internet Plus Holdings Ltd. | 1/26/15 | $6,268,244 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $12,796 |
Fidelity Securities Lending Cash Central Fund | 346,823 |
Total | $359,619 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Beijing Urban Consolidated & Development Group Ltd. (H Shares) | $12,897,334 | $-- | $-- | $-- | $10,911,071 |
Poly Culture Group Corp. Ltd. (H Shares) | 11,968,205 | -- | -- | -- | 11,492,947 |
Total | $24,865,539 | $-- | $-- | $-- | $22,404,018 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $181,953,523 | $39,025,330 | $130,946,183 | $11,982,010 |
Consumer Staples | 39,483,791 | -- | 39,483,791 | -- |
Financials | 277,821,908 | -- | 277,821,908 | -- |
Health Care | 64,423,303 | -- | 59,206,464 | 5,216,839 |
Industrials | 115,962,528 | -- | 115,962,528 | -- |
Information Technology | 238,375,796 | 50,859,208 | 187,516,588 | -- |
Materials | 46,685,272 | -- | 38,634,435 | 8,050,837 |
Telecommunication Services | 28,177,652 | -- | 28,177,652 | -- |
Utilities | 21,839,305 | -- | 21,839,305 | -- |
Money Market Funds | 79,437,246 | 79,437,246 | -- | -- |
Total Investments in Securities: | $1,094,160,324 | $169,321,784 | $899,588,854 | $25,249,686 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $33,300,654 |
Level 2 to Level 1 | $0 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $12,373,756 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (391,746) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $11,982,010 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $(391,746) |
Equities - Health Care | |
Beginning Balance | $14,369,442 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (1,065,520) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (8,087,083) |
Ending Balance | $5,216,839 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $(1,065,520) |
Equities - Industrials | |
Beginning Balance | $15,897,809 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | -- |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (15,897,809) |
Ending Balance | $-- |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $-- |
Equities - Materials | |
Beginning Balance | $14,440,021 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (6,389,184) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $8,050,837 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $(6,389,184) |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 01/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input* |
Equities | $25,249,686 | Adjusted transaction price | Proxy movement | 51.8% - 7.5% / 31.3% | Increase |
Last transaction price | Transaction price | $3.86 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,288,247,803. Net unrealized depreciation aggregated $194,087,479, of which $49,606,140 related to appreciated investment securities and $243,693,619 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Worldwide Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value | ||
Australia - 0.9% | |||
1-Page Ltd. (a) | 188,555 | $468,829 | |
Ansell Ltd. | 120,679 | 1,734,367 | |
Australia & New Zealand Banking Group Ltd. | 192,743 | 3,345,826 | |
Burson Group Ltd. | 486,326 | 1,453,107 | |
Mantra Group Ltd. | 551,523 | 1,904,549 | |
Ramsay Health Care Ltd. | 80,656 | 3,501,789 | |
Spark Infrastructure Group unit | 686,588 | 970,654 | |
TOTAL AUSTRALIA | 13,379,121 | ||
Austria - 0.3% | |||
Andritz AG | 28,200 | 1,311,255 | |
Erste Group Bank AG (a) | 118,900 | 3,434,619 | |
TOTAL AUSTRIA | 4,745,874 | ||
Bailiwick of Jersey - 0.6% | |||
Integrated Diagnostics Holdings PLC (a) | 332,800 | 1,596,981 | |
Regus PLC | 731,421 | 3,091,941 | |
Wizz Air Holdings PLC | 34,000 | 920,616 | |
Wolseley PLC | 64,103 | 3,179,936 | |
TOTAL BAILIWICK OF JERSEY | 8,789,474 | ||
Belgium - 1.0% | |||
Anheuser-Busch InBev SA NV | 85,411 | 10,741,843 | |
KBC Groep NV | 64,064 | 3,671,303 | |
TOTAL BELGIUM | 14,413,146 | ||
Bermuda - 0.1% | |||
PAX Global Technology Ltd. | 1,889,000 | 1,914,866 | |
Canada - 0.8% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 52,000 | 2,263,516 | |
Constellation Software, Inc. | 14,600 | 5,315,155 | |
Entertainment One Ltd. | 51,661 | 110,694 | |
Imperial Oil Ltd. | 79,300 | 2,431,248 | |
PrairieSky Royalty Ltd. (b) | 112,799 | 1,605,548 | |
Premium Brands Holdings Corp. | 5,000 | 149,904 | |
Suncor Energy, Inc. | 39,400 | 933,180 | |
TOTAL CANADA | 12,809,245 | ||
Cayman Islands - 0.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 31,400 | 2,104,742 | |
Ctrip.com International Ltd. sponsored ADR (a) | 19,200 | 819,456 | |
JD.com, Inc. sponsored ADR (a) | 98,000 | 2,550,940 | |
Lee's Pharmaceutical Holdings Ltd. | 433,629 | 400,998 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 54,800 | 1,721,268 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 3,364 | 148,285 | |
Tencent Holdings Ltd. | 20,000 | 375,734 | |
TOTAL CAYMAN ISLANDS | 8,121,423 | ||
Chile - 0.2% | |||
Vina San Pedro SA | 364,985,751 | 3,407,352 | |
China - 0.2% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 264,160 | 1,774,328 | |
Kweichow Moutai Co. Ltd. | 41,800 | 1,282,458 | |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 28,559 | 89,487 | |
TOTAL CHINA | 3,146,273 | ||
Curacao - 0.2% | |||
Schlumberger Ltd. | 42,000 | 3,035,340 | |
Cyprus - 0.0% | |||
SPDI Secure Property Development & Investment PLC (a) | 31,822 | 11,404 | |
Denmark - 0.7% | |||
NNIT A/S | 121,582 | 3,051,643 | |
Novo Nordisk A/S Series B | 132,980 | 7,429,381 | |
TOTAL DENMARK | 10,481,024 | ||
Finland - 0.3% | |||
Sampo Oyj (A Shares) | 99,200 | 4,803,688 | |
France - 4.4% | |||
Accor SA | 107,169 | 4,070,094 | |
ALTEN | 40,600 | 2,285,285 | |
Altran Technologies SA | 155,600 | 1,965,000 | |
Amundi SA (a) | 38,700 | 1,621,006 | |
Atos Origin SA | 32,556 | 2,573,668 | |
AXA SA | 275,600 | 6,810,830 | |
Capgemini SA | 54,900 | 5,016,803 | |
Cegedim SA (a) | 35,010 | 1,045,615 | |
Havas SA | 324,941 | 2,589,182 | |
Sanofi SA | 64,239 | 5,342,159 | |
Sodexo SA | 27,200 | 2,663,926 | |
SR Teleperformance SA | 18,900 | 1,574,660 | |
Total SA | 392,931 | 17,454,358 | |
Unibail-Rodamco | 9,900 | 2,495,410 | |
VINCI SA | 107,700 | 7,296,377 | |
Vivendi SA (b) | 73,151 | 1,590,309 | |
TOTAL FRANCE | 66,394,682 | ||
Germany - 3.2% | |||
adidas AG | 18,000 | 1,853,507 | |
Axel Springer Verlag AG | 43,237 | 2,251,457 | |
Beiersdorf AG | 15,300 | 1,412,097 | |
Continental AG | 18,900 | 3,966,114 | |
Deutsche Boerse AG | 34,100 | 2,909,840 | |
Deutsche Telekom AG | 208,000 | 3,621,878 | |
Fresenius SE & Co. KGaA | 29,600 | 1,964,193 | |
GEA Group AG | 48,856 | 2,049,662 | |
KION Group AG | 95,589 | 4,718,890 | |
LEG Immobilien AG | 29,191 | 2,369,499 | |
ProSiebenSat.1 Media AG | 74,400 | 3,717,313 | |
Rational AG | 5,900 | 2,645,883 | |
SAP AG | 133,913 | 10,670,850 | |
Symrise AG | 41,600 | 2,697,728 | |
United Internet AG | 28,291 | 1,464,157 | |
TOTAL GERMANY | 48,313,068 | ||
Greece - 0.1% | |||
Folli Follie SA | 59,300 | 931,465 | |
Hong Kong - 1.5% | |||
AIA Group Ltd. | 1,895,800 | 10,539,636 | |
China Resources Beer Holdings Co. Ltd. | 1,854,000 | 2,956,603 | |
Techtronic Industries Co. Ltd. | 2,227,500 | 8,451,585 | |
TOTAL HONG KONG | 21,947,824 | ||
India - 1.2% | |||
Bharti Infratel Ltd. | 702,057 | 3,759,775 | |
Dr Lal Pathlabs Ltd. | 8,817 | 101,671 | |
HDFC Bank Ltd. sponsored ADR | 89,493 | 5,399,113 | |
Housing Development Finance Corp. Ltd. | 454,567 | 7,957,288 | |
InterGlobe Aviation Ltd. (a) | 4,829 | 62,913 | |
Kotak Mahindra Bank Ltd. | 55,000 | 558,096 | |
Lupin Ltd. | 31,060 | 786,659 | |
Sun Pharmaceutical Industries Ltd. | 20,398 | 264,029 | |
TOTAL INDIA | 18,889,544 | ||
Ireland - 2.6% | |||
Alkermes PLC (a) | 159,495 | 5,105,435 | |
Bank of Ireland (a) | 3,692,100 | 1,201,932 | |
Cairn Homes PLC (a) | 968,256 | 1,241,115 | |
Dalata Hotel Group PLC (a) | 574,200 | 3,056,385 | |
Green REIT PLC | 471,013 | 764,809 | |
Greencore Group PLC | 1,444,741 | 8,025,501 | |
Kerry Group PLC Class A | 59,000 | 4,811,022 | |
Medtronic PLC | 179,000 | 13,589,680 | |
Prothena Corp. PLC (a) | 6,300 | 245,385 | |
Ryanair Holdings PLC sponsored ADR | 25,500 | 1,997,925 | |
TOTAL IRELAND | 40,039,189 | ||
Isle of Man - 0.4% | |||
Optimal Payments PLC (a) | 794,588 | 4,578,030 | |
Playtech Ltd. | 94,225 | 1,035,487 | |
TOTAL ISLE OF MAN | 5,613,517 | ||
Israel - 1.5% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 3,079,900 | 6,594,787 | |
Frutarom Industries Ltd. | 66,100 | 3,329,365 | |
Partner Communications Co. Ltd. (a) | 177,040 | 795,625 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 188,000 | 11,558,240 | |
TOTAL ISRAEL | 22,278,017 | ||
Italy - 0.8% | |||
De Longhi SpA | 168,300 | 4,026,253 | |
Intesa Sanpaolo SpA | 1,622,700 | 4,623,346 | |
Mediaset SpA | 189,800 | 637,145 | |
Telecom Italia SpA (a)(b) | 2,866,200 | 3,190,034 | |
TOTAL ITALY | 12,476,778 | ||
Japan - 7.3% | |||
A/S One Corp. | 67,300 | 2,349,499 | |
ACOM Co. Ltd. (a) | 315,100 | 1,431,862 | |
Ain Holdings, Inc. | 37,900 | 1,722,115 | |
Aozora Bank Ltd. | 678,000 | 2,270,969 | |
Asahi Group Holdings | 79,900 | 2,564,537 | |
Astellas Pharma, Inc. | 433,700 | 6,005,254 | |
Broadleaf Co. Ltd. | 107,900 | 998,121 | |
Daiichikosho Co. Ltd. | 46,200 | 1,862,379 | |
Dentsu, Inc. | 82,800 | 4,400,508 | |
Don Quijote Holdings Co. Ltd. | 71,000 | 2,404,414 | |
Hoya Corp. | 183,500 | 7,083,519 | |
Japan Exchange Group, Inc. | 115,400 | 1,640,636 | |
Japan Tobacco, Inc. | 125,600 | 4,918,967 | |
KDDI Corp. | 363,300 | 9,199,704 | |
Keyence Corp. | 4,360 | 2,057,422 | |
Misumi Group, Inc. | 201,700 | 2,466,624 | |
Mitsubishi UFJ Financial Group, Inc. | 1,167,200 | 5,985,283 | |
Monex Group, Inc. | 843,700 | 2,140,999 | |
NEC Corp. | 1,525,000 | 4,039,015 | |
Nidec Corp. | 44,200 | 3,015,714 | |
Nippon Kanzai Co. Ltd. | 107,000 | 1,643,700 | |
Olympus Corp. | 203,400 | 7,931,353 | |
ORIX Corp. | 297,000 | 4,200,312 | |
Seven & i Holdings Co. Ltd. | 75,800 | 3,380,867 | |
Seven Bank Ltd. | 701,100 | 2,985,975 | |
Shinsei Bank Ltd. | 1,157,000 | 1,808,353 | |
Sony Corp. | 145,700 | 3,381,597 | |
Sundrug Co. Ltd. | 41,400 | 2,742,713 | |
Tsuruha Holdings, Inc. | 61,000 | 5,062,072 | |
United Arrows Ltd. | 63,100 | 3,052,028 | |
VT Holdings Co. Ltd. | 280,200 | 1,643,293 | |
Welcia Holdings Co. Ltd. | 63,800 | 3,444,746 | |
TOTAL JAPAN | 109,834,550 | ||
Kenya - 0.1% | |||
Safaricom Ltd. | 6,251,600 | 924,919 | |
Luxembourg - 0.3% | |||
Eurofins Scientific SA | 6,900 | 2,263,643 | |
Grand City Properties SA | 100,234 | 2,076,686 | |
TOTAL LUXEMBOURG | 4,340,329 | ||
Marshall Islands - 0.0% | |||
Hoegh LNG Partners LP | 49,800 | 702,678 | |
Netherlands - 1.5% | |||
AerCap Holdings NV (a) | 87,000 | 2,671,770 | |
Arcadis NV | 75,300 | 1,009,777 | |
IMCD Group BV | 127,200 | 4,509,327 | |
ING Groep NV (Certificaten Van Aandelen) | 302,900 | 3,450,725 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 245,700 | 10,781,151 | |
TOTAL NETHERLANDS | 22,422,750 | ||
New Zealand - 0.3% | |||
EBOS Group Ltd. | 210,137 | 1,831,559 | |
Ryman Healthcare Group Ltd. | 459,616 | 2,392,900 | |
TOTAL NEW ZEALAND | 4,224,459 | ||
Philippines - 0.1% | |||
SM Investments Corp. | 106,630 | 1,862,759 | |
Portugal - 0.1% | |||
NOS SGPS SA | 224,600 | 1,629,906 | |
South Africa - 0.9% | |||
Distell Group Ltd. | 126,410 | 1,262,281 | |
EOH Holdings Ltd. | 184,122 | 1,561,369 | |
Naspers Ltd. Class N | 80,700 | 10,198,311 | |
TOTAL SOUTH AFRICA | 13,021,961 | ||
Spain - 1.0% | |||
Amadeus IT Holding SA Class A | 108,400 | 4,426,919 | |
Atresmedia Corporacion de Medios de Comunicacion SA | 140,600 | 1,334,270 | |
Hispania Activos Inmobiliarios SA (a) | 76,100 | 946,345 | |
Inditex SA | 133,345 | 4,388,283 | |
Mediaset Espana Comunicacion SA | 215,200 | 2,092,793 | |
Merlin Properties Socimi SA | 162,800 | 1,890,608 | |
TOTAL SPAIN | 15,079,218 | ||
Sweden - 1.6% | |||
ASSA ABLOY AB (B Shares) | 177,600 | 3,764,257 | |
Getinge AB (B Shares) | 203,100 | 4,473,554 | |
HEXPOL AB (B Shares) | 189,000 | 1,677,144 | |
Indutrade AB | 8,479 | 451,404 | |
Nordea Bank AB | 331,200 | 3,335,086 | |
Saab AB (B Shares) | 36,200 | 1,092,737 | |
Sandvik AB | 215,700 | 1,805,042 | |
Svenska Cellulosa AB (SCA) (B Shares) | 198,900 | 5,894,929 | |
Svenska Handelsbanken AB (A Shares) | 154,000 | 1,937,690 | |
TOTAL SWEDEN | 24,431,843 | ||
Switzerland - 2.6% | |||
Chubb Ltd. | 56,000 | 6,331,920 | |
Credit Suisse Group AG | 329,055 | 5,829,332 | |
EFG International | 121,135 | 1,063,547 | |
GAM Holding Ltd. | 88,177 | 1,231,883 | |
Julius Baer Group Ltd. | 59,790 | 2,537,896 | |
Novartis AG | 136,929 | 10,608,362 | |
Partners Group Holding AG | 14,778 | 5,329,755 | |
Schindler Holding AG (participation certificate) | 10,829 | 1,659,538 | |
Syngenta AG (Switzerland) | 11,414 | 4,202,809 | |
UBS Group AG | 50,495 | 834,439 | |
TOTAL SWITZERLAND | 39,629,481 | ||
Taiwan - 0.1% | |||
JHL Biotech, Inc. | 309,104 | 1,051,044 | |
United Kingdom - 7.4% | |||
AA PLC | 246,910 | 1,040,797 | |
Associated British Foods PLC | 48,600 | 2,192,521 | |
Aviva PLC | 413,900 | 2,854,572 | |
B&M European Value Retail S.A. | 583,765 | 2,344,948 | |
BAE Systems PLC | 184,000 | 1,360,837 | |
BCA Marketplace PLC | 511,600 | 1,225,097 | |
BT Group PLC | 385,900 | 2,685,713 | |
Bunzl PLC | 134,200 | 3,590,194 | |
Compass Group PLC | 131,200 | 2,257,937 | |
Diploma PLC | 147,500 | 1,412,929 | |
Essentra PLC | 60,211 | 632,746 | |
Hikma Pharmaceuticals PLC | 151,087 | 4,360,938 | |
Hilton Food Group PLC | 350,100 | 2,614,642 | |
Howden Joinery Group PLC | 711,100 | 5,093,415 | |
Imperial Tobacco Group PLC | 287,003 | 15,539,963 | |
ITV PLC | 1,407,500 | 5,380,695 | |
JUST EAT Ltd. (a) | 150,600 | 806,570 | |
Lloyds Banking Group PLC | 4,617,400 | 4,325,849 | |
London Stock Exchange Group PLC | 163,581 | 5,792,304 | |
McCarthy & Stone PLC (a) | 205,500 | 817,442 | |
Micro Focus International PLC | 210,900 | 4,177,331 | |
Moneysupermarket.com Group PLC | 330,200 | 1,597,709 | |
New Melrose Industries PLC | 98,908 | 421,685 | |
Next PLC | 56,500 | 5,600,084 | |
Persimmon PLC | 92,000 | 2,684,494 | |
Poundland Group PLC | 157,551 | 319,961 | |
Reckitt Benckiser Group PLC | 46,700 | 4,153,549 | |
Rex Bionics PLC (a) | 100,000 | 62,355 | |
SABMiller PLC | 46,300 | 2,772,577 | |
Schroders PLC | 37,600 | 1,469,080 | |
Shawbrook Group PLC | 574,700 | 2,433,738 | |
Softcat PLC (a) | 114,400 | 557,554 | |
Spirax-Sarco Engineering PLC | 33,846 | 1,477,283 | |
St. James's Place Capital PLC | 335,400 | 4,592,071 | |
Taylor Wimpey PLC | 761,900 | 2,100,821 | |
The Restaurant Group PLC | 123,700 | 942,409 | |
Virgin Money Holdings Uk PLC | 423,100 | 1,904,514 | |
Vodafone Group PLC | 1,977,009 | 6,354,803 | |
Whitbread PLC | 28,175 | 1,614,718 | |
Workspace Group PLC | 48,900 | 564,125 | |
TOTAL UNITED KINGDOM | 112,130,970 | ||
United States of America - 52.0% | |||
Activision Blizzard, Inc. | 12,900 | 449,178 | |
Acuity Brands, Inc. | 20,000 | 4,048,600 | |
Adobe Systems, Inc. (a) | 525,200 | 46,811,076 | |
Alaska Air Group, Inc. | 243,400 | 17,135,360 | |
Alphabet, Inc. Class A | 66,000 | 50,249,094 | |
Amazon.com, Inc. (a) | 45,000 | 26,415,000 | |
American Tower Corp. | 200,000 | 18,868,000 | |
ANSYS, Inc. (a) | 56,000 | 4,938,640 | |
AT&T, Inc. | 276,000 | 9,952,560 | |
AutoZone, Inc. (a) | 33,100 | 25,400,609 | |
Ball Corp. | 12,000 | 801,960 | |
Becton, Dickinson & Co. | 21,000 | 3,052,770 | |
bluebird bio, Inc. (a) | 33,000 | 1,364,880 | |
Bristol-Myers Squibb Co. | 236,900 | 14,725,704 | |
Celgene Corp. (a) | 19,000 | 1,906,080 | |
Chevron Corp. | 131,900 | 11,405,393 | |
Cigna Corp. | 24,000 | 3,206,400 | |
CME Group, Inc. | 27,000 | 2,425,950 | |
Cognizant Technology Solutions Corp. Class A (a) | 304,000 | 19,246,240 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 99,200 | 15,126,016 | |
Costco Wholesale Corp. | 44,000 | 6,649,280 | |
CVS Health Corp. | 116,000 | 11,204,440 | |
E*TRADE Financial Corp. (a) | 170,700 | 4,021,692 | |
Edwards Lifesciences Corp. (a) | 82,000 | 6,413,220 | |
Electronic Arts, Inc. (a) | 127,000 | 8,197,215 | |
Estee Lauder Companies, Inc. Class A | 180,000 | 15,345,000 | |
Extra Space Storage, Inc. | 59,000 | 5,350,710 | |
Exxon Mobil Corp. | 177,000 | 13,779,450 | |
Facebook, Inc. Class A (a) | 289,500 | 32,484,795 | |
Harris Corp. | 23,000 | 2,000,310 | |
Home Depot, Inc. | 99,000 | 12,450,240 | |
Illumina, Inc. (a) | 7,000 | 1,105,650 | |
Intercept Pharmaceuticals, Inc. (a) | 44,100 | 4,684,743 | |
Interpublic Group of Companies, Inc. | 92,000 | 2,064,480 | |
Ionis Pharmaceuticals, Inc. (a) | 35,200 | 1,370,336 | |
J.B. Hunt Transport Services, Inc. | 15,000 | 1,090,500 | |
Johnson & Johnson | 95,000 | 9,921,800 | |
Kansas City Southern | 125,000 | 8,860,000 | |
L Brands, Inc. | 52,000 | 4,999,800 | |
Level 3 Communications, Inc. (a) | 164,000 | 8,004,840 | |
LinkedIn Corp. Class A (a) | 7,000 | 1,385,370 | |
Lockheed Martin Corp. | 25,000 | 5,275,000 | |
lululemon athletica, Inc. (a) | 48,500 | 3,010,395 | |
MasterCard, Inc. Class A | 275,000 | 24,483,250 | |
McGraw Hill Financial, Inc. | 128,149 | 10,895,228 | |
Medivation, Inc. (a) | 417,082 | 13,638,581 | |
Microsoft Corp. | 444,000 | 24,459,960 | |
Molson Coors Brewing Co. Class B | 104,400 | 9,446,112 | |
Monster Beverage Corp. | 15,700 | 2,119,971 | |
MSCI, Inc. Class A | 278,200 | 19,151,288 | |
Netflix, Inc. (a) | 25,100 | 2,305,184 | |
NIKE, Inc. Class B | 178,000 | 11,037,780 | |
Northrop Grumman Corp. | 10,000 | 1,850,600 | |
O'Reilly Automotive, Inc. (a) | 42,000 | 10,957,800 | |
Orbital ATK, Inc. | 15,000 | 1,353,450 | |
PayPal Holdings, Inc. (a) | 619,000 | 22,370,660 | |
Post Holdings, Inc. (a) | 137,800 | 8,061,300 | |
Prestige Brands Holdings, Inc. (a) | 463,000 | 21,612,840 | |
Priceline Group, Inc. (a) | 1,300 | 1,384,461 | |
Public Storage | 13,000 | 3,296,280 | |
Raytheon Co. | 18,000 | 2,308,320 | |
Regeneron Pharmaceuticals, Inc. (a) | 3,000 | 1,260,270 | |
Reynolds American, Inc. | 393,000 | 19,630,350 | |
Salesforce.com, Inc. (a) | 97,118 | 6,609,851 | |
ServiceMaster Global Holdings, Inc. (a) | 577,500 | 24,376,275 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 21,000 | 591,990 | |
Snap-On, Inc. | 57,000 | 9,208,920 | |
Spirit Airlines, Inc. (a) | 134,200 | 5,609,560 | |
Starbucks Corp. | 34,000 | 2,066,180 | |
Synchrony Financial (a) | 105,000 | 2,984,100 | |
The Cooper Companies, Inc. | 16,800 | 2,203,320 | |
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 56,000 | 10,145,520 | |
Ultragenyx Pharmaceutical, Inc. (a) | 21,700 | 1,218,455 | |
Under Armour, Inc. Class A (sub. vtg.) (a) | 20,000 | 1,708,600 | |
UnitedHealth Group, Inc. | 109,000 | 12,552,440 | |
VeriSign, Inc. (a) | 12,000 | 907,200 | |
Verisk Analytics, Inc. (a) | 22,000 | 1,606,000 | |
Verizon Communications, Inc. | 182,000 | 9,094,540 | |
Visa, Inc. Class A | 361,000 | 26,890,890 | |
Wells Fargo & Co. | 102,000 | 5,123,460 | |
Workday, Inc. Class A (a) | 59,000 | 3,717,590 | |
Zebra Technologies Corp. Class A (a) | 10,890 | 657,756 | |
TOTAL UNITED STATES OF AMERICA | 786,095,108 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,340,832,720) | 1,463,324,289 | ||
Preferred Stocks - 0.3% | |||
Convertible Preferred Stocks - 0.2% | |||
United States of America - 0.2% | |||
American Tower Corp. 5.50% | 34,000 | 3,357,500 | |
Nonconvertible Preferred Stocks - 0.1% | |||
Cayman Islands - 0.1% | |||
China Internet Plus Holdings Ltd. (c) | 369,166 | 1,425,239 | |
TOTAL PREFERRED STOCKS | |||
(Cost $4,566,878) | 4,782,739 | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund, 0.38% (d) | 30,088,830 | 30,088,830 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 3,775,400 | 3,775,400 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $33,864,230) | 33,864,230 | ||
TOTAL INVESTMENT PORTFOLIO - 99.4% | |||
(Cost $1,379,263,828) | 1,501,971,258 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 9,794,789 | ||
NET ASSETS - 100% | $1,511,766,047 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $1,425,239 or 0.1% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
China Internet Plus Holdings Ltd. | 1/26/15 | $1,166,878 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $23,036 |
Fidelity Securities Lending Cash Central Fund | 49,889 |
Total | $72,925 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $256,046,063 | $144,154,263 | $110,466,561 | $1,425,239 |
Consumer Staples | 191,769,882 | 93,403,241 | 98,366,641 | -- |
Energy | 51,347,195 | 33,892,837 | 17,454,358 | -- |
Financials | 221,188,407 | 87,205,241 | 133,983,166 | -- |
Health Care | 210,961,464 | 134,960,688 | 76,000,776 | -- |
Industrials | 122,452,742 | 63,016,005 | 59,436,737 | -- |
Information Technology | 335,849,691 | 283,278,972 | 52,570,719 | -- |
Materials | 13,341,752 | 4,131,325 | 9,210,427 | -- |
Telecommunication Services | 64,179,178 | 35,367,271 | 28,811,907 | -- |
Utilities | 970,654 | -- | 970,654 | -- |
Money Market Funds | 33,864,230 | 33,864,230 | -- | -- |
Total Investments in Securities: | $1,501,971,258 | $913,274,073 | $587,271,946 | $1,425,239 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $292,755,823 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,381,938,357. Net unrealized appreciation aggregated $120,032,901, of which $200,873,063 related to appreciated investment securities and $80,840,162 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Japan Smaller Companies Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.0% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 18.4% | |||
Auto Components - 3.0% | |||
Bridgestone Corp. | 154,500 | $5,628,739 | |
Hi-Lex Corp. | 107,800 | 2,977,026 | |
Kinugawa Rubber Industrial Co. Ltd. | 1,340,000 | 7,022,094 | |
15,627,859 | |||
Distributors - 2.1% | |||
Central Automotive Products Ltd. | 808,000 | 5,905,517 | |
Chori Co. Ltd. | 368,700 | 4,735,650 | |
10,641,167 | |||
Diversified Consumer Services - 1.3% | |||
Asante, Inc. | 519,900 | 6,791,667 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Koshidaka Holdings Co. Ltd. (a) | 286,600 | 5,223,277 | |
St. Marc Holdings Co. Ltd. | 156,600 | 4,208,935 | |
9,432,212 | |||
Media - 2.8% | |||
Daiichikosho Co. Ltd. | 237,400 | 9,569,888 | |
Proto Corp. | 355,700 | 5,071,183 | |
14,641,071 | |||
Specialty Retail - 6.6% | |||
Arc Land Sakamoto Co. Ltd. | 269,700 | 5,696,461 | |
Asahi Co. Ltd. | 687,600 | 8,608,721 | |
Fuji Corp. | 292,800 | 4,754,375 | |
Nitori Holdings Co. Ltd. | 94,200 | 7,651,474 | |
VT Holdings Co. Ltd. | 1,209,800 | 7,095,130 | |
33,806,161 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Hagihara Industries, Inc. | 216,000 | 4,019,794 | |
TOTAL CONSUMER DISCRETIONARY | 94,959,931 | ||
CONSUMER STAPLES - 10.8% | |||
Food & Staples Retailing - 5.5% | |||
Kato Sangyo | 273,400 | 6,788,695 | |
Mitsubishi Shokuhin Co. Ltd. | 285,700 | 6,733,264 | |
San-A Co. Ltd. | 163,400 | 7,541,201 | |
Sogo Medical Co. Ltd. | 196,600 | 7,121,630 | |
28,184,790 | |||
Food Products - 4.4% | |||
Kotobuki Spirits Co. Ltd. | 215,000 | 9,853,319 | |
Rokko Butter Co. Ltd. | 235,600 | 3,036,074 | |
S Foods, Inc. (a) | 250,900 | 5,102,446 | |
Toyo Suisan Kaisha Ltd. | 139,800 | 4,841,383 | |
22,833,222 | |||
Tobacco - 0.9% | |||
Japan Tobacco, Inc. | 111,900 | 4,382,424 | |
TOTAL CONSUMER STAPLES | 55,400,436 | ||
ENERGY - 2.1% | |||
Energy Equipment & Services - 1.0% | |||
Shinko Plantech Co. Ltd. | 636,400 | 5,000,582 | |
Oil, Gas & Consumable Fuels - 1.1% | |||
San-Ai Oil Co. Ltd. | 761,000 | 5,901,351 | |
TOTAL ENERGY | 10,901,933 | ||
FINANCIALS - 10.5% | |||
Banks - 2.3% | |||
Fukuoka Financial Group, Inc. | 1,178,000 | 4,999,400 | |
Shinsei Bank Ltd. | 4,382,000 | 6,848,922 | |
11,848,322 | |||
Consumer Finance - 1.0% | |||
ACOM Co. Ltd. (b) | 1,084,700 | 4,929,040 | |
Diversified Financial Services - 3.0% | |||
Fuyo General Lease Co. Ltd. | 152,100 | 7,477,290 | |
ORIX Corp. | 552,800 | 7,817,955 | |
15,295,245 | |||
Insurance - 1.3% | |||
Tokio Marine Holdings, Inc. | 190,100 | 6,801,710 | |
Real Estate Management & Development - 2.9% | |||
Daito Trust Construction Co. Ltd. | 70,400 | 8,950,373 | |
Leopalace21 Corp. (b) | 1,090,500 | 6,039,843 | |
14,990,216 | |||
TOTAL FINANCIALS | 53,864,533 | ||
HEALTH CARE - 7.2% | |||
Health Care Equipment & Supplies - 3.5% | |||
Fukuda Denshi Co. Ltd. | 109,800 | 5,463,279 | |
Medikit Co. Ltd. | 189,000 | 5,823,539 | |
Paramount Bed Holdings Co. Ltd. | 189,800 | 6,545,221 | |
17,832,039 | |||
Health Care Providers & Services - 2.6% | |||
A/S One Corp. | 197,900 | 6,908,854 | |
Miraca Holdings, Inc. | 159,500 | 6,582,468 | |
13,491,322 | |||
Pharmaceuticals - 1.1% | |||
Astellas Pharma, Inc. | 405,100 | 5,609,243 | |
TOTAL HEALTH CARE | 36,932,604 | ||
INDUSTRIALS - 22.2% | |||
Building Products - 3.5% | |||
Bunka Shutter Co. Ltd. | 631,700 | 5,195,906 | |
Sekisui Jushi Corp. | 497,600 | 5,993,894 | |
Sinko Industries Ltd. | 524,200 | 6,829,091 | |
18,018,891 | |||
Commercial Services & Supplies - 2.7% | |||
Aeon Delight Co. Ltd. | 236,100 | 7,784,480 | |
ProNexus, Inc. | 745,200 | 6,159,312 | |
13,943,792 | |||
Construction & Engineering - 2.2% | |||
Hokuriku Electrical Construction Co. Ltd. | 684,500 | 5,291,566 | |
Toshiba Plant Systems & Services Corp. | 533,800 | 6,236,923 | |
11,528,489 | |||
Electrical Equipment - 1.0% | |||
Aichi Electric Co. Ltd. | 816,000 | 2,364,805 | |
Denyo Co. Ltd. | 231,500 | 2,960,796 | |
5,325,601 | |||
Machinery - 2.5% | |||
Daiwa Industries Ltd. | 602,100 | 4,421,493 | |
Kokusai Co. Ltd. (a) | 239,100 | 3,014,945 | |
Oiles Corp. | 367,380 | 5,445,330 | |
12,881,768 | |||
Professional Services - 3.7% | |||
Funai Soken Holdings, Inc. | 333,720 | 4,232,168 | |
Meitec Corp. | 71,900 | 2,423,594 | |
Weathernews, Inc. | 210,900 | 7,028,155 | |
Yamada Consulting Group Co. Ltd. (a) | 185,200 | 5,348,542 | |
19,032,459 | |||
Trading Companies & Distributors - 5.3% | |||
Daiichi Jitsugyo Co. Ltd. | 679,000 | 3,004,090 | |
Inaba Denki Sangyo Co. Ltd. | 140,800 | 4,391,440 | |
Maruka Machinery Co. Ltd. | 205,800 | 2,532,260 | |
Mitani Shoji Co. Ltd. | 276,800 | 7,023,707 | |
Yamazen Co. Ltd. | 748,100 | 6,237,192 | |
Yuasa Trading Co. Ltd. | 183,000 | 4,120,128 | |
27,308,817 | |||
Transportation Infrastructure - 1.3% | |||
Kamigumi Co. Ltd. | 732,000 | 6,596,798 | |
TOTAL INDUSTRIALS | 114,636,615 | ||
INFORMATION TECHNOLOGY - 8.8% | |||
Electronic Equipment & Components - 2.7% | |||
Amano Corp. | 602,400 | 7,947,603 | |
Macnica Fuji Electronics Holdings, Inc. (b) | 480,400 | 5,923,652 | |
13,871,255 | |||
IT Services - 1.0% | |||
TKC Corp. | 210,700 | 5,136,223 | |
Software - 3.0% | |||
Broadleaf Co. Ltd. | 321,500 | 2,974,013 | |
Oracle Corp. Japan | 87,100 | 3,955,713 | |
SRA Holdings, Inc. | 378,200 | 8,871,129 | |
15,800,855 | |||
Technology Hardware, Storage & Peripherals - 2.1% | |||
Elecom Co. Ltd. | 600,600 | 7,366,855 | |
Hitachi Maxell Ltd. | 231,800 | 3,388,469 | |
10,755,324 | |||
TOTAL INFORMATION TECHNOLOGY | 45,563,657 | ||
MATERIALS - 8.1% | |||
Chemicals - 8.1% | |||
C. Uyemura & Co. Ltd. | 116,600 | 4,621,242 | |
JSR Corp. | 415,100 | 6,028,212 | |
Kuraray Co. Ltd. | 640,600 | 7,727,066 | |
Lintec Corp. | 361,200 | 7,325,688 | |
Sakata INX Corp. | 518,300 | 4,940,822 | |
SK Kaken Co. Ltd. | 69,000 | 5,408,815 | |
Tokyo Ohka Kogyo Co. Ltd. | 188,700 | 5,896,696 | |
41,948,541 | |||
TELECOMMUNICATION SERVICES - 1.3% | |||
Wireless Telecommunication Services - 1.3% | |||
KDDI Corp. | 256,800 | 6,502,846 | |
UTILITIES - 3.6% | |||
Electric Utilities - 2.0% | |||
Hokuriku Electric Power Co., Inc. | 341,300 | 4,829,945 | |
The Okinawa Electric Power Co., Inc. | 237,250 | 5,789,361 | |
10,619,306 | |||
Gas Utilities - 1.6% | |||
Tokyo Gas Co. Ltd. | 1,758,000 | 8,100,246 | |
TOTAL UTILITIES | 18,719,552 | ||
TOTAL COMMON STOCKS | |||
(Cost $431,930,440) | 479,430,648 | ||
Money Market Funds - 5.2% | |||
Fidelity Cash Central Fund, 0.38% (c) | 25,970,066 | 25,970,066 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 564,184 | 564,184 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $26,534,250) | 26,534,250 | ||
TOTAL INVESTMENT PORTFOLIO - 98.2% | |||
(Cost $458,464,690) | 505,964,898 | ||
NET OTHER ASSETS (LIABILITIES) - 1.8% | 9,294,602 | ||
NET ASSETS - 100% | $515,259,500 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $15,035 |
Fidelity Securities Lending Cash Central Fund | 12,610 |
Total | $27,645 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $94,959,931 | $-- | $94,959,931 | $-- |
Consumer Staples | 55,400,436 | -- | 55,400,436 | -- |
Energy | 10,901,933 | -- | 10,901,933 | -- |
Financials | 53,864,533 | -- | 53,864,533 | -- |
Health Care | 36,932,604 | -- | 36,932,604 | -- |
Industrials | 114,636,615 | -- | 114,636,615 | -- |
Information Technology | 45,563,657 | -- | 45,563,657 | -- |
Materials | 41,948,541 | -- | 41,948,541 | -- |
Telecommunication Services | 6,502,846 | -- | 6,502,846 | -- |
Utilities | 18,719,552 | -- | 18,719,552 | -- |
Money Market Funds | 26,534,250 | 26,534,250 | -- | -- |
Total Investments in Securities: | $505,964,898 | $26,534,250 | $479,430,648 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $465,430,784. Net unrealized appreciation aggregated $40,534,114, of which $62,189,438 related to appreciated investment securities and $21,655,324 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Global Equity Income Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value | ||
Australia - 0.5% | |||
Telstra Corp. Ltd. | 87,033 | $350,687 | |
Bailiwick of Jersey - 1.5% | |||
Shire PLC | 6,500 | 364,598 | |
Wolseley PLC | 13,599 | 674,601 | |
TOTAL BAILIWICK OF JERSEY | 1,039,199 | ||
Belgium - 0.7% | |||
Anheuser-Busch InBev SA NV | 3,800 | 477,913 | |
Canada - 3.4% | |||
Constellation Software, Inc. | 1,000 | 364,052 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 741 | 381,534 | |
Imperial Oil Ltd. | 11,700 | 358,709 | |
Potash Corp. of Saskatchewan, Inc. | 11,300 | 184,233 | |
PrairieSky Royalty Ltd. | 5,200 | 74,015 | |
Suncor Energy, Inc. | 39,000 | 923,706 | |
TOTAL CANADA | 2,286,249 | ||
Cayman Islands - 0.3% | |||
SITC International Holdings Co. Ltd. | 493,000 | 228,821 | |
Chile - 0.5% | |||
Vina San Pedro SA | 33,308,523 | 310,954 | |
France - 2.4% | |||
Cegedim SA (a) | 6,000 | 179,197 | |
Renault SA | 5,700 | 483,662 | |
Sanofi SA | 11,900 | 989,612 | |
TOTAL FRANCE | 1,652,471 | ||
Germany - 1.3% | |||
adidas AG | 1,700 | 175,053 | |
AURELIUS AG | 8,199 | 413,946 | |
Muenchener Rueckversicherungs AG | 1,600 | 308,274 | |
TOTAL GERMANY | 897,273 | ||
Hong Kong - 2.0% | |||
HKT Trust/HKT Ltd. unit | 400,600 | 526,985 | |
Techtronic Industries Co. Ltd. | 220,500 | 836,622 | |
TOTAL HONG KONG | 1,363,607 | ||
Indonesia - 0.6% | |||
PT Bank Central Asia Tbk | 403,800 | 387,180 | |
Ireland - 4.7% | |||
Accenture PLC Class A | 13,340 | 1,407,904 | |
Greencore Group PLC | 118,486 | 658,187 | |
Medtronic PLC | 14,300 | 1,085,656 | |
TOTAL IRELAND | 3,151,747 | ||
Isle of Man - 1.5% | |||
Optimal Payments PLC (a) | 103,000 | 593,436 | |
Playtech Ltd. | 38,635 | 424,580 | |
TOTAL ISLE OF MAN | 1,018,016 | ||
Israel - 3.4% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 251,000 | 537,450 | |
Cellcom Israel Ltd. (Israel) (a) | 46,380 | 296,257 | |
Partner Communications Co. Ltd. (a) | 16,401 | 73,707 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 4,496 | 194,106 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 19,550 | 1,201,934 | |
TOTAL ISRAEL | 2,303,454 | ||
Italy - 0.2% | |||
Astaldi SpA | 27,253 | 137,314 | |
Japan - 11.8% | |||
A/S One Corp. | 10,000 | 349,108 | |
Astellas Pharma, Inc. | 80,100 | 1,109,110 | |
Broadleaf Co. Ltd. | 8,000 | 74,003 | |
Daiichikosho Co. Ltd. | 19,500 | 786,069 | |
Daito Trust Construction Co. Ltd. | 5,100 | 648,393 | |
Hoya Corp. | 30,700 | 1,185,090 | |
Japan Tobacco, Inc. | 12,600 | 493,463 | |
KDDI Corp. | 21,400 | 541,904 | |
NEC Corp. | 164,000 | 434,360 | |
Olympus Corp. | 18,900 | 736,984 | |
ORIX Corp. | 15,600 | 220,622 | |
Shinsei Bank Ltd. | 260,000 | 406,371 | |
Sony Corp. | 16,200 | 375,991 | |
Tsuruha Holdings, Inc. | 4,600 | 381,730 | |
United Arrows Ltd. | 5,100 | 246,677 | |
TOTAL JAPAN | 7,989,875 | ||
Netherlands - 1.2% | |||
Altice NV Class A (a) | 17,479 | 252,082 | |
LyondellBasell Industries NV Class A | 6,900 | 537,993 | |
TOTAL NETHERLANDS | 790,075 | ||
Singapore - 0.5% | |||
United Overseas Bank Ltd. | 28,791 | 366,014 | |
South Africa - 0.9% | |||
Capitec Bank Holdings Ltd. | 10,100 | 307,605 | |
EOH Holdings Ltd. | 17,400 | 147,553 | |
Lewis Group Ltd. | 54,500 | 150,112 | |
TOTAL SOUTH AFRICA | 605,270 | ||
Sweden - 0.5% | |||
Sandvik AB | 38,900 | 325,527 | |
Switzerland - 2.1% | |||
Banque Cantonale Vaudoise | 510 | 307,907 | |
Chubb Ltd. | 6,600 | 746,262 | |
Sika AG | 100 | 357,864 | |
TOTAL SWITZERLAND | 1,412,033 | ||
Taiwan - 2.3% | |||
ECLAT Textile Co. Ltd. | 13,000 | 184,380 | |
ECLAT Textile Co. Ltd. rights 2/16/16 | 298 | 1,348 | |
King's Town Bank | 120,000 | 75,588 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 301,000 | 1,290,067 | |
TOTAL TAIWAN | 1,551,383 | ||
United Kingdom - 13.2% | |||
British American Tobacco PLC (United Kingdom) | 17,400 | 969,589 | |
Hilton Food Group PLC | 56,200 | 419,717 | |
Howden Joinery Group PLC | 30,700 | 219,896 | |
Imperial Tobacco Group PLC | 17,326 | 938,127 | |
ITV PLC | 272,800 | 1,042,880 | |
Lloyds Banking Group PLC | 873,700 | 818,533 | |
Micro Focus International PLC | 49,100 | 972,532 | |
Reckitt Benckiser Group PLC | 5,545 | 493,178 | |
SABMiller PLC | 6,400 | 383,250 | |
St. James's Place Capital PLC | 28,239 | 386,629 | |
Tesco PLC (a) | 91,535 | 227,750 | |
The Restaurant Group PLC | 16,100 | 122,658 | |
WH Smith PLC | 41,552 | 1,096,464 | |
Whitbread PLC | 5,856 | 335,609 | |
William Hill PLC | 93,152 | 518,591 | |
TOTAL UNITED KINGDOM | 8,945,403 | ||
United States of America - 40.7% | |||
American Tower Corp. | 6,860 | 647,172 | |
Amgen, Inc. | 3,820 | 583,429 | |
Apple, Inc. | 15,550 | 1,513,637 | |
Bank of America Corp. | 59,580 | 842,461 | |
BWX Technologies, Inc. | 22,800 | 682,632 | |
C.H. Robinson Worldwide, Inc. | 1,900 | 123,063 | |
Chevron Corp. | 14,165 | 1,224,848 | |
Comcast Corp. Class A | 10,700 | 596,097 | |
CVB Financial Corp. | 28,410 | 434,957 | |
CVS Health Corp. | 12,900 | 1,246,011 | |
Danaher Corp. | 9,000 | 779,850 | |
Deere & Co. | 2,800 | 215,628 | |
Deluxe Corp. | 1,800 | 100,620 | |
Diamond Hill Investment Group, Inc. | 2,600 | 439,530 | |
Dr. Pepper Snapple Group, Inc. | 6,741 | 632,575 | |
EMC Corp. | 17,900 | 443,383 | |
Exxon Mobil Corp. | 13,630 | 1,061,096 | |
First NBC Bank Holding Co. (a) | 2,200 | 69,058 | |
General Electric Co. | 48,100 | 1,399,710 | |
H&R Block, Inc. | 13,600 | 463,080 | |
HP, Inc. | 25,100 | 243,721 | |
IBM Corp. | 5,270 | 657,643 | |
Johnson & Johnson | 17,900 | 1,869,478 | |
JPMorgan Chase & Co. | 23,730 | 1,411,935 | |
McGraw Hill Financial, Inc. | 6,040 | 513,521 | |
Microsoft Corp. | 24,864 | 1,369,758 | |
Oracle Corp. | 21,726 | 788,871 | |
PepsiCo, Inc. | 8,900 | 883,770 | |
Procter & Gamble Co. | 10,900 | 890,421 | |
Roper Technologies, Inc. | 2,100 | 368,907 | |
SunTrust Banks, Inc. | 13,300 | 486,514 | |
Target Corp. | 17,100 | 1,238,382 | |
The Coca-Cola Co. | 18,500 | 794,020 | |
U.S. Bancorp | 20,780 | 832,447 | |
VF Corp. | 3,820 | 239,132 | |
Wells Fargo & Co. | 23,457 | 1,178,245 | |
Western Digital Corp. | 6,900 | 331,062 | |
TOTAL UNITED STATES OF AMERICA | 27,596,664 | ||
TOTAL COMMON STOCKS | |||
(Cost $63,948,188) | 65,187,129 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Germany - 0.1% | |||
Volkswagen AG | |||
(Cost $116,413) | 800 | 93,161 | |
Principal Amount(b) | Value | ||
Nonconvertible Bonds - 0.0% | |||
Canada - 0.0% | |||
Constellation Software, Inc. 8.5% 3/31/40 (Cost $2,060)(c) | CAD | 2,400 | 1,859 |
Shares | Value | ||
Money Market Funds - 3.6% | |||
Fidelity Cash Central Fund, 0.38% (d) | |||
(Cost $2,413,647) | 2,413,647 | 2,413,647 | |
TOTAL INVESTMENT PORTFOLIO - 99.9% | |||
(Cost $66,480,308) | 67,695,796 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 63,535 | ||
NET ASSETS - 100% | $67,759,331 |
Currency Abbreviations
CAD – Canadian dollar
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Amount is stated in United States dollars unless otherwise noted.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $2,059 |
Fidelity Securities Lending Cash Central Fund | 1,373 |
Total | $3,432 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $9,457,946 | $2,536,691 | $6,921,255 | $-- |
Consumer Staples | 10,394,761 | 4,951,857 | 5,442,904 | -- |
Energy | 3,642,374 | 3,642,374 | -- | -- |
Financials | 12,630,698 | 7,983,636 | 4,647,062 | -- |
Health Care | 9,654,196 | 4,740,497 | 4,913,699 | -- |
Industrials | 5,036,673 | 3,670,410 | 1,366,263 | -- |
Information Technology | 11,056,562 | 7,120,031 | 3,936,531 | -- |
Materials | 1,080,090 | 722,226 | 357,864 | -- |
Telecommunication Services | 2,326,990 | 907,414 | 1,419,576 | -- |
Corporate Bonds | 1,859 | -- | 1,859 | -- |
Money Market Funds | 2,413,647 | 2,413,647 | -- | -- |
Total Investments in Securities: | $67,695,796 | $38,688,783 | $29,007,013 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $10,601,655 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $66,580,029. Net unrealized appreciation aggregated $1,115,767, of which $6,332,075 related to appreciated investment securities and $5,216,308 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Discovery Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value (000s) | ||
Australia - 2.0% | |||
1-Page Ltd. (a)(b) | 2,546,348 | $6,331 | |
Ansell Ltd. | 1,597,592 | 22,960 | |
Australia & New Zealand Banking Group Ltd. | 3,558,240 | 61,767 | |
Burson Group Ltd. | 7,498,137 | 22,404 | |
Mantra Group Ltd. | 7,839,732 | 27,073 | |
Ramsay Health Care Ltd. | 1,171,082 | 50,844 | |
Spark Infrastructure Group unit | 9,098,919 | 12,863 | |
TOTAL AUSTRALIA | 204,242 | ||
Austria - 0.7% | |||
Andritz AG | 447,100 | 20,789 | |
Erste Group Bank AG (a) | 1,832,400 | 52,932 | |
TOTAL AUSTRIA | 73,721 | ||
Bailiwick of Jersey - 1.2% | |||
Integrated Diagnostics Holdings PLC (a) | 4,961,400 | 23,808 | |
Regus PLC | 11,120,488 | 47,010 | |
Wolseley PLC | 1,048,393 | 52,007 | |
TOTAL BAILIWICK OF JERSEY | 122,825 | ||
Belgium - 2.3% | |||
Anheuser-Busch InBev SA NV | 1,426,327 | 179,384 | |
KBC Groep NV | 955,745 | 54,771 | |
TOTAL BELGIUM | 234,155 | ||
Bermuda - 0.3% | |||
PAX Global Technology Ltd. (c) | 29,242,000 | 29,642 | |
Canada - 2.0% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 786,100 | 34,218 | |
Constellation Software, Inc. | 230,700 | 83,987 | |
Entertainment One Ltd. | 808,027 | 1,731 | |
Imperial Oil Ltd. | 1,249,100 | 38,296 | |
PrairieSky Royalty Ltd. (b) | 1,744,673 | 24,833 | |
Suncor Energy, Inc. | 680,200 | 16,110 | |
TOTAL CANADA | 199,175 | ||
Cayman Islands - 0.8% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 456,400 | 30,592 | |
Ctrip.com International Ltd. sponsored ADR (a) | 296,200 | 12,642 | |
Lee's Pharmaceutical Holdings Ltd. | 6,774,164 | 6,264 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 834,900 | 26,224 | |
Qunar Cayman Islands Ltd. sponsored ADR (a) | 70,260 | 3,097 | |
TOTAL CAYMAN ISLANDS | 78,819 | ||
China - 0.5% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 4,183,623 | 28,101 | |
Kweichow Moutai Co. Ltd. | 663,582 | 20,359 | |
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) | 395,195 | 1,238 | |
TOTAL CHINA | 49,698 | ||
Cyprus - 0.0% | |||
SPDI Secure Property Development & Investment PLC (a) | 520,230 | 186 | |
Denmark - 1.3% | |||
Novo Nordisk A/S Series B | 2,385,545 | 133,277 | |
Finland - 0.8% | |||
Sampo Oyj (A Shares) | 1,663,200 | 80,539 | |
France - 9.6% | |||
Accor SA | 1,694,818 | 64,366 | |
ALTEN | 612,259 | 34,463 | |
Altran Technologies SA | 2,398,000 | 30,283 | |
Amundi SA (a) | 519,400 | 21,756 | |
Atos Origin SA | 510,238 | 40,336 | |
AXA SA | 4,428,200 | 109,433 | |
Capgemini SA | 860,800 | 78,661 | |
Cegedim SA (a) | 539,590 | 16,115 | |
Havas SA | 4,843,944 | 38,597 | |
Sanofi SA | 992,072 | 82,501 | |
Sodexo SA (b) | 433,700 | 42,476 | |
SR Teleperformance SA | 291,800 | 24,311 | |
Total SA | 4,569,799 | 203,000 | |
Unibail-Rodamco | 157,400 | 39,675 | |
VINCI SA | 1,661,000 | 112,528 | |
Vivendi SA (b) | 1,148,200 | 24,962 | |
TOTAL FRANCE | 963,463 | ||
Germany - 6.6% | |||
Axel Springer Verlag AG | 628,702 | 32,738 | |
Beiersdorf AG | 244,300 | 22,547 | |
Continental AG | 299,300 | 62,807 | |
Deutsche Boerse AG | 529,594 | 45,192 | |
Deutsche Telekom AG | 3,260,600 | 56,776 | |
Fresenius SE & Co. KGaA | 471,500 | 31,288 | |
GEA Group AG | 884,110 | 37,091 | |
KION Group AG | 1,377,249 | 67,990 | |
LEG Immobilien AG | 316,114 | 25,660 | |
ProSiebenSat.1 Media AG | 1,176,900 | 58,802 | |
Rational AG | 89,371 | 40,079 | |
SAP AG | 1,398,773 | 111,461 | |
Symrise AG | 641,500 | 41,601 | |
United Internet AG | 433,247 | 22,422 | |
TOTAL GERMANY | 656,454 | ||
Hong Kong - 3.3% | |||
AIA Group Ltd. | 24,849,200 | 138,148 | |
China Resources Beer Holdings Co. Ltd. | 27,508,000 | 43,867 | |
Techtronic Industries Co. Ltd. | 38,670,000 | 146,722 | |
TOTAL HONG KONG | 328,737 | ||
India - 2.9% | |||
Bharti Infratel Ltd. | 12,647,734 | 67,733 | |
Dr Lal Pathlabs Ltd. | 304,066 | 3,506 | |
HDFC Bank Ltd. sponsored ADR | 1,298,584 | 78,344 | |
Housing Development Finance Corp. Ltd. | 7,355,732 | 128,764 | |
Lupin Ltd. | 452,781 | 11,468 | |
Sun Pharmaceutical Industries Ltd. | 347,397 | 4,497 | |
TOTAL INDIA | 294,312 | ||
Ireland - 2.1% | |||
Bank of Ireland (a) | 62,440,800 | 20,327 | |
Cairn Homes PLC (a) | 12,682,329 | 16,256 | |
Dalata Hotel Group PLC (a) | 8,813,800 | 46,915 | |
Green REIT PLC | 6,251,301 | 10,151 | |
Kerry Group PLC Class A | 989,500 | 80,687 | |
Ryanair Holdings PLC sponsored ADR | 395,700 | 31,003 | |
TOTAL IRELAND | 205,339 | ||
Isle of Man - 0.8% | |||
Optimal Payments PLC (a) | 11,821,825 | 68,112 | |
Playtech Ltd. | 1,395,092 | 15,331 | |
TOTAL ISLE OF MAN | 83,443 | ||
Israel - 2.0% | |||
Frutarom Industries Ltd. | 1,038,100 | 52,288 | |
Partner Communications Co. Ltd. (a) | 2,282,206 | 10,256 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 2,304,800 | 141,699 | |
TOTAL ISRAEL | 204,243 | ||
Italy - 2.0% | |||
De Longhi SpA | 2,630,100 | 62,920 | |
Intesa Sanpaolo SpA | 25,324,300 | 72,153 | |
Mediaset SpA | 3,460,400 | 11,616 | |
Telecom Italia SpA (a)(b) | 50,788,000 | 56,526 | |
TOTAL ITALY | 203,215 | ||
Japan - 16.8% | |||
ACOM Co. Ltd. (a) | 5,223,800 | 23,738 | |
Aozora Bank Ltd. | 11,048,000 | 37,005 | |
Asahi Group Holdings | 1,240,200 | 39,806 | |
Astellas Pharma, Inc. | 6,994,600 | 96,851 | |
Dentsu, Inc. | 1,281,800 | 68,123 | |
Don Quijote Holdings Co. Ltd. | 1,346,000 | 45,582 | |
Hoya Corp. | 2,994,400 | 115,591 | |
Japan Exchange Group, Inc. | 1,932,000 | 27,467 | |
Japan Tobacco, Inc. | 2,332,200 | 91,338 | |
KDDI Corp. | 5,771,100 | 146,139 | |
Keyence Corp. | 95,960 | 45,282 | |
Misumi Group, Inc. | 3,200,000 | 39,133 | |
Mitsubishi UFJ Financial Group, Inc. | 21,656,100 | 111,050 | |
Monex Group, Inc. | 12,231,649 | 31,039 | |
NEC Corp. | 25,011,000 | 66,243 | |
Nidec Corp. | 701,900 | 47,890 | |
Olympus Corp. | 3,029,300 | 118,124 | |
ORIX Corp. | 6,891,200 | 97,459 | |
Seven & i Holdings Co. Ltd. | 1,160,100 | 51,743 | |
Seven Bank Ltd. | 12,110,400 | 51,578 | |
Shinsei Bank Ltd. | 17,922,000 | 28,011 | |
Sony Corp. | 2,320,500 | 53,857 | |
Sundrug Co. Ltd. | 626,200 | 41,485 | |
Tsuruha Holdings, Inc. | 1,040,400 | 86,337 | |
United Arrows Ltd. | 997,100 | 48,228 | |
VT Holdings Co. Ltd. | 3,895,300 | 22,845 | |
Welcia Holdings Co. Ltd. | 964,000 | 52,049 | |
TOTAL JAPAN | 1,683,993 | ||
Luxembourg - 0.7% | |||
Eurofins Scientific SA | 106,239 | 34,853 | |
Grand City Properties SA | 1,537,386 | 31,852 | |
TOTAL LUXEMBOURG | 66,705 | ||
Marshall Islands - 0.1% | |||
Hoegh LNG Partners LP (c) | 715,655 | 10,098 | |
Netherlands - 3.5% | |||
AerCap Holdings NV (a) | 1,402,700 | 43,077 | |
Arcadis NV | 1,205,000 | 16,159 | |
IMCD Group BV | 1,938,100 | 68,707 | |
ING Groep NV (Certificaten Van Aandelen) | 4,566,600 | 52,024 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 3,836,500 | 168,343 | |
TOTAL NETHERLANDS | 348,310 | ||
New Zealand - 0.6% | |||
EBOS Group Ltd. | 3,173,554 | 27,661 | |
Ryman Healthcare Group Ltd. | 7,179,412 | 37,378 | |
TOTAL NEW ZEALAND | 65,039 | ||
Philippines - 0.3% | |||
SM Investments Corp. | 1,651,390 | 28,849 | |
Portugal - 0.3% | |||
NOS SGPS SA | 3,466,500 | 25,156 | |
Romania - 0.2% | |||
Banca Transilvania SA (a) | 31,143,575 | 16,735 | |
South Africa - 1.2% | |||
EOH Holdings Ltd. | 2,871,867 | 24,354 | |
Naspers Ltd. Class N | 724,700 | 91,583 | |
TOTAL SOUTH AFRICA | 115,937 | ||
Spain - 2.4% | |||
Amadeus IT Holding SA Class A | 1,727,200 | 70,537 | |
Atresmedia Corporacion de Medios de Comunicacion SA | 2,218,100 | 21,049 | |
Hispania Activos Inmobiliarios SA (a) | 1,091,600 | 13,575 | |
Inditex SA | 2,302,339 | 75,768 | |
Mediaset Espana Comunicacion SA | 3,431,200 | 33,368 | |
Merlin Properties Socimi SA | 2,497,700 | 29,006 | |
TOTAL SPAIN | 243,303 | ||
Sweden - 3.9% | |||
ASSA ABLOY AB (B Shares) | 2,977,200 | 63,102 | |
Getinge AB (B Shares) | 3,132,300 | 68,993 | |
HEXPOL AB (B Shares) | 2,985,000 | 26,488 | |
Indutrade AB | 112,158 | 5,971 | |
Nordea Bank AB | 5,783,000 | 58,233 | |
Saab AB (B Shares) | 482,792 | 14,574 | |
Sandvik AB | 3,361,100 | 28,127 | |
Svenska Cellulosa AB (SCA) (B Shares) | 3,052,300 | 90,463 | |
Svenska Handelsbanken AB (A Shares) | 2,582,200 | 32,490 | |
TOTAL SWEDEN | 388,441 | ||
Switzerland - 5.2% | |||
Credit Suisse Group AG | 4,718,847 | 83,596 | |
EFG International | 1,747,368 | 15,342 | |
GAM Holding Ltd. | 1,413,451 | 19,747 | |
Julius Baer Group Ltd. | 955,230 | 40,546 | |
Novartis AG | 2,126,476 | 164,745 | |
Partners Group Holding AG | 240,636 | 86,787 | |
Schindler Holding AG (participation certificate) | 182,339 | 27,943 | |
Syngenta AG (Switzerland) | 176,963 | 65,160 | |
UBS Group AG | 1,306,221 | 21,586 | |
TOTAL SWITZERLAND | 525,452 | ||
Taiwan - 0.2% | |||
JHL Biotech, Inc. | 4,995,560 | 16,986 | |
United Kingdom - 15.9% | |||
AA PLC | 3,853,399 | 16,243 | |
Associated British Foods PLC | 776,700 | 35,040 | |
Aviva PLC | 6,618,100 | 45,644 | |
B&M European Value Retail S.A. | 9,234,121 | 37,093 | |
BAE Systems PLC | 2,811,700 | 20,795 | |
BCA Marketplace PLC | 7,808,000 | 18,697 | |
BT Group PLC | 6,169,700 | 42,939 | |
Bunzl PLC | 2,087,500 | 55,846 | |
Compass Group PLC | 2,024,800 | 34,847 | |
Diploma PLC | 2,326,200 | 22,283 | |
Essentra PLC | 839,233 | 8,819 | |
Hikma Pharmaceuticals PLC | 2,598,333 | 74,998 | |
Howden Joinery Group PLC | 10,977,300 | 78,627 | |
Imperial Tobacco Group PLC | 2,386,086 | 129,196 | |
ITV PLC | 21,873,900 | 83,621 | |
JUST EAT Ltd. (a) | 2,222,800 | 11,905 | |
Lloyds Banking Group PLC | 69,588,800 | 65,195 | |
London Stock Exchange Group PLC | 2,751,136 | 97,416 | |
McCarthy & Stone PLC (a) | 2,747,300 | 10,928 | |
Micro Focus International PLC | 3,266,700 | 64,704 | |
Moneysupermarket.com Group PLC | 4,418,500 | 21,379 | |
New Melrose Industries PLC | 1,595,807 | 6,804 | |
Next PLC | 760,844 | 75,412 | |
Persimmon PLC | 1,478,400 | 43,139 | |
Poundland Group PLC | 2,389,360 | 4,852 | |
Reckitt Benckiser Group PLC | 759,700 | 67,569 | |
Rex Bionics PLC (a)(c) | 1,304,916 | 814 | |
SABMiller PLC | 723,500 | 43,325 | |
Schroders PLC | 598,200 | 23,372 | |
Shawbrook Group PLC | 9,004,300 | 38,131 | |
Softcat PLC (a) | 1,535,900 | 7,486 | |
Spirax-Sarco Engineering PLC | 542,700 | 23,687 | |
St. James's Place Capital PLC | 5,426,000 | 74,289 | |
Taylor Wimpey PLC | 11,785,800 | 32,498 | |
The Restaurant Group PLC | 1,956,100 | 14,903 | |
Virgin Money Holdings Uk PLC | 5,909,100 | 26,599 | |
Vodafone Group PLC | 31,387,896 | 100,892 | |
Whitbread PLC | 441,964 | 25,329 | |
Workspace Group PLC | 652,800 | 7,531 | |
TOTAL UNITED KINGDOM | 1,592,847 | ||
United States of America - 3.7% | |||
Chevron Corp. | 854,400 | 73,880 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 626,700 | 95,559 | |
McGraw Hill Financial, Inc. | 465,100 | 39,543 | |
Molson Coors Brewing Co. Class B | 122,300 | 11,066 | |
Monster Beverage Corp. | 168,900 | 22,807 | |
MSCI, Inc. Class A | 590,200 | 40,629 | |
Visa, Inc. Class A | 1,154,500 | 85,999 | |
TOTAL UNITED STATES OF AMERICA | 369,483 | ||
TOTAL COMMON STOCKS | |||
(Cost $9,041,106) | 9,642,819 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Cayman Islands - 0.2% | |||
China Internet Plus Holdings Ltd. (d) | |||
(Cost $18,833) | 5,958,244 | 23,003 | |
Principal Amount (000s) | Value (000s) | ||
Government Obligations - 0.1% | |||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.31% 3/3/16 to 4/28/16 (Cost $10,663)(e) | 10,670 | 10,663 | |
Shares | Value (000s) | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund, 0.38% (f) | 271,412,735 | 271,413 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) | 94,391,760 | 94,392 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $365,805) | 365,805 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $9,436,407) | 10,042,290 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (22,225) | ||
NET ASSETS - 100% | $10,020,065 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value (000s) | Unrealized Appreciation/(Depreciation) (000s) | |
Purchased | |||
Equity Index Contracts | |||
2,402 CME Nikkei 225 Index Contracts (United States) | March 2016 | 177,077 | $9,888 |
The face value of futures purchased as a percentage of Net Assets is 1.8%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(d) Restricted securities - 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 $23,003,000 or 0.2% of net assets.
(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 $10,663,000.
(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 (000s) |
China Internet Plus Holdings Ltd. | 1/26/15 | $18,833 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $292 |
Fidelity Securities Lending Cash Central Fund | 602 |
Total | $894 |
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 as follows:
Affiliate (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Hoegh LNG Partners LP | $11,465 | $-- | $-- | $242 | $10,098 |
Rex Bionics PLC | 976 | -- | -- | -- | 814 |
Total | $12,441 | $-- | $-- | $242 | $10,912 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,659,928 | $41,963 | $1,594,962 | $23,003 |
Consumer Staples | 1,408,426 | 163,650 | 1,244,776 | -- |
Energy | 366,217 | 163,217 | 203,000 | -- |
Financials | 2,307,013 | 175,251 | 2,131,762 | -- |
Health Care | 1,324,250 | 206,738 | 1,117,512 | -- |
Industrials | 961,998 | 74,080 | 887,918 | -- |
Information Technology | 949,510 | 200,578 | 748,932 | -- |
Materials | 194,356 | 52,288 | 142,068 | -- |
Telecommunication Services | 481,261 | 10,256 | 471,005 | -- |
Utilities | 12,863 | -- | 12,863 | -- |
Government Obligations | 10,663 | -- | 10,663 | -- |
Money Market Funds | 365,805 | 365,805 | -- | -- |
Total Investments in Securities: | $10,042,290 | $1,453,826 | $8,565,461 | $23,003 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $9,888 | $9,888 | $-- | $-- |
Total Assets | $9,888 | $9,888 | $-- | $-- |
Total Derivative Instruments: | $9,888 | $9,888 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total (000s) |
Level 1 to Level 2 | $4,122,823 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $9,437,269,000. Net unrealized appreciation aggregated $605,021,000 of which $1,416,404,000 related to appreciated investment securities and $811,383,000 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Pacific Basin Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.3% | |||
Shares | Value | ||
Australia - 13.7% | |||
1-Page Ltd. (a)(b) | 872,167 | $2,168,582 | |
Aconex Ltd. (a) | 833,188 | 2,950,474 | |
Amcor Ltd. | 732,177 | 6,982,014 | |
Ansell Ltd. | 303,164 | 4,356,994 | |
ARB Corp. Ltd. | 243,082 | 2,651,368 | |
Arena (REIT) unit | 2,192,142 | 2,753,830 | |
Asaleo Care Ltd. | 2,645,270 | 2,940,994 | |
Australia & New Zealand Banking Group Ltd. | 482,778 | 8,380,543 | |
Commonwealth Bank of Australia | 240,378 | 13,587,516 | |
CSL Ltd. | 121,217 | 9,029,341 | |
Magellan Financial Group Ltd. | 251,802 | 4,127,521 | |
realestate.com.au Ltd. | 123,597 | 4,691,398 | |
Sydney Airport unit | 1,171,376 | 5,515,888 | |
Transurban Group unit | 1,015,283 | 7,827,501 | |
Woodside Petroleum Ltd. | 344,166 | 6,936,447 | |
TOTAL AUSTRALIA | 84,900,411 | ||
Bermuda - 4.8% | |||
Brilliance China Automotive Holdings Ltd. | 2,248,000 | 2,167,416 | |
Cheung Kong Infrastructure Holdings Ltd. | 1,211,000 | 11,390,000 | |
Dairy Farm International Holdings Ltd. | 865,500 | 5,365,606 | |
Hongkong Land Holdings Ltd. | 982,000 | 6,187,430 | |
PAX Global Technology Ltd. | 4,667,000 | 4,730,905 | |
TOTAL BERMUDA | 29,841,357 | ||
Cayman Islands - 2.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 99,700 | 6,682,891 | |
China High Precision Automation Group Ltd. (a) | 1,875,000 | 2 | |
China Metal Recycling (Holdings) Ltd. (a) | 2,572,200 | 3 | |
ENN Energy Holdings Ltd. | 778,000 | 3,508,036 | |
International Housewares Retail Co. Ltd. | 17,378,000 | 2,241,565 | |
TOTAL CAYMAN ISLANDS | 12,432,497 | ||
China - 3.8% | |||
Industrial & Commercial Bank of China Ltd. (H Shares) | 13,110,000 | 6,822,985 | |
Jiangsu Hengrui Medicine Co. Ltd. | 882,081 | 5,924,822 | |
Kweichow Moutai Co. Ltd. | 261,750 | 8,030,705 | |
Weifu High-Technology Co. Ltd. (B Shares) | 1,382,213 | 2,712,184 | |
TOTAL CHINA | 23,490,696 | ||
Hong Kong - 5.8% | |||
AIA Group Ltd. | 2,358,600 | 13,112,556 | |
China Resources Beer Holdings Co. Ltd. | 1,546,000 | 2,465,431 | |
Hang Seng Bank Ltd. | 426,300 | 7,088,347 | |
Lenovo Group Ltd. | 3,310,000 | 2,971,186 | |
Magnificent Hotel Investment L | 90,048,000 | 2,037,889 | |
Techtronic Industries Co. Ltd. | 2,202,000 | 8,354,833 | |
TOTAL HONG KONG | 36,030,242 | ||
India - 5.9% | |||
Asian Paints India Ltd. | 433,057 | 5,574,063 | |
Bharti Infratel Ltd. | 1,443,623 | 7,731,136 | |
Housing Development Finance Corp. Ltd. | 229,506 | 4,017,549 | |
Lupin Ltd. | 191,388 | 4,847,296 | |
Page Industries Ltd. | 21,955 | 3,927,174 | |
Petronet LNG Ltd. | 1,712,799 | 6,229,921 | |
Sun Pharmaceutical Industries Ltd. | 295,972 | 3,831,019 | |
TOTAL INDIA | 36,158,158 | ||
Indonesia - 3.5% | |||
PT Bank Central Asia Tbk | 8,610,900 | 8,256,488 | |
PT Bank Rakyat Indonesia Tbk | 8,236,100 | 6,792,540 | |
PT Gudang Garam Tbk | 1,517,400 | 6,470,321 | |
TOTAL INDONESIA | 21,519,349 | ||
Israel - 0.6% | |||
Sarine Technologies Ltd. | 3,274,400 | 3,568,768 | |
Japan - 40.3% | |||
Arcland Service Co. Ltd. | 219,700 | 5,170,523 | |
Asahi Group Holdings | 186,400 | 5,982,849 | |
Astellas Pharma, Inc. | 876,300 | 12,133,743 | |
Broadleaf Co. Ltd. | 151,351 | 1,400,062 | |
Century Tokyo Leasing Corp. | 91,500 | 3,388,028 | |
Create SD Holdings Co. Ltd. | 211,800 | 4,577,298 | |
Daito Trust Construction Co. Ltd. | 61,800 | 7,857,003 | |
Dentsu, Inc. | 91,900 | 4,884,139 | |
East Japan Railway Co. | 93,800 | 8,621,900 | |
Fuji Heavy Industries Ltd. | 265,400 | 10,860,942 | |
Hamakyorex Co. Ltd. | 108,800 | 1,872,068 | |
Harmonic Drive Systems, Inc. (b) | 115,100 | 2,334,458 | |
Hoya Corp. | 209,400 | 8,083,318 | |
Japan Exchange Group, Inc. | 222,000 | 3,156,163 | |
Japan Tobacco, Inc. | 273,900 | 10,726,951 | |
KDDI Corp. | 392,100 | 9,928,995 | |
Keyence Corp. | 12,300 | 5,804,194 | |
Miraca Holdings, Inc. | 85,800 | 3,540,914 | |
Misumi Group, Inc. | 300,900 | 3,679,757 | |
Mitsubishi Pencil Co. Ltd. | 107,200 | 4,932,296 | |
Mitsui Fudosan Co. Ltd. | 237,000 | 5,579,190 | |
Nakanishi, Inc. | 138,400 | 5,407,148 | |
NGK Spark Plug Co. Ltd. | 240,700 | 5,686,879 | |
Nidec Corp. | 87,100 | 5,942,730 | |
Nihon M&A Center, Inc. | 90,100 | 4,266,031 | |
Nihon Parkerizing Co. Ltd. | 426,800 | 4,049,109 | |
Nitori Holdings Co. Ltd. | 103,700 | 8,423,120 | |
Open House Co. Ltd. | 268,900 | 5,073,568 | |
ORIX Corp. | 532,200 | 7,526,620 | |
Pigeon Corp. | 137,600 | 2,954,655 | |
ProNexus, Inc. | 276,400 | 2,284,533 | |
Rakuten, Inc. | 432,400 | 4,468,809 | |
Seven Bank Ltd. | 1,931,900 | 8,227,935 | |
SHIMANO, Inc. | 27,800 | 4,434,791 | |
Ship Healthcare Holdings, Inc. | 147,200 | 3,516,634 | |
SK Kaken Co. Ltd. | 40,000 | 3,135,545 | |
SoftBank Corp. | 181,300 | 7,983,639 | |
Sony Financial Holdings, Inc. | 253,700 | 4,198,005 | |
Sosei Group Corp. (b) | 66,900 | 6,773,823 | |
Sundrug Co. Ltd. | 85,500 | 5,664,299 | |
Sysmex Corp. | 99,000 | 6,374,867 | |
The Suruga Bank Ltd. | 223,500 | 4,057,766 | |
Toshiba Plant Systems & Services Corp. | 423,100 | 4,943,503 | |
VT Holdings Co. Ltd. | 572,200 | 3,355,789 | |
Welcia Holdings Co. Ltd. | 105,600 | 5,701,649 | |
TOTAL JAPAN | 248,966,238 | ||
Korea (South) - 2.4% | |||
KEPCO Plant Service & Engineering Co. Ltd. | 86,395 | 7,149,534 | |
LG Household & Health Care Ltd. | 3,837 | 3,174,205 | |
Medy-Tox, Inc. | 10,750 | 4,632,992 | |
TOTAL KOREA (SOUTH) | 14,956,731 | ||
Malaysia - 0.4% | |||
Bursa Malaysia Bhd | 1,145,100 | 2,307,248 | |
Netherlands - 0.4% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) | 600,000 | 2,449,074 | |
New Zealand - 2.2% | |||
EBOS Group Ltd. | 580,263 | 5,057,586 | |
Ryman Healthcare Group Ltd. | 1,695,247 | 8,825,968 | |
TOTAL NEW ZEALAND | 13,883,554 | ||
Philippines - 1.1% | |||
Bank of the Philippine Islands (BPI) | 1,759,520 | 3,240,304 | |
D&L Industries, Inc. | 20,046,200 | 3,417,770 | |
TOTAL PHILIPPINES | 6,658,074 | ||
Singapore - 0.6% | |||
Parkway Life REIT | 2,386,100 | 3,790,207 | |
South Africa - 2.1% | |||
Naspers Ltd. Class N | 101,400 | 12,814,234 | |
Taiwan - 5.9% | |||
Advantech Co. Ltd. | 573,000 | 3,425,775 | |
CTCI Corp. | 1,631,000 | 1,799,441 | |
eMemory Technology, Inc. | 205,000 | 2,376,529 | |
King Slide Works Co. Ltd. | 511,000 | 6,609,656 | |
Lung Yen Life Service Co. Ltd. | 1,305,000 | 2,245,896 | |
Merida Industry Co. Ltd. | 674,750 | 2,970,485 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,007,000 | 17,173,751 | |
TOTAL TAIWAN | 36,601,533 | ||
Thailand - 0.9% | |||
Thai Beverage PCL | 11,431,700 | 5,472,037 | |
United States of America - 1.9% | |||
China Biologic Products, Inc. (a)(b) | 34,400 | 4,412,488 | |
Cognizant Technology Solutions Corp. Class A (a) | 109,800 | 6,951,438 | |
GI Dynamics, Inc. CDI (a) | 5,561,290 | 90,682 | |
TOTAL UNITED STATES OF AMERICA | 11,454,608 | ||
TOTAL COMMON STOCKS | |||
(Cost $558,696,560) | 607,295,016 | ||
Money Market Funds - 4.2% | |||
Fidelity Cash Central Fund, 0.38% (d) | 13,265,233 | 13,265,233 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 12,832,399 | 12,832,399 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $26,097,632) | 26,097,632 | ||
TOTAL INVESTMENT PORTFOLIO - 102.5% | |||
(Cost $584,794,192) | 633,392,648 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (15,740,284) | ||
NET ASSETS - 100% | $617,652,364 |
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $2,449,074 or 0.4% of net assets.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $4,755 |
Fidelity Securities Lending Cash Central Fund | 111,719 |
Total | $116,474 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $94,099,434 | $-- | $94,099,434 | $-- |
Consumer Staples | 69,527,000 | -- | 69,527,000 | -- |
Energy | 13,166,368 | -- | 13,166,368 | -- |
Financials | 141,978,416 | -- | 141,978,416 | -- |
Health Care | 96,839,635 | 18,296,042 | 78,543,593 | -- |
Industrials | 71,348,064 | -- | 71,348,064 | -- |
Information Technology | 56,635,789 | 13,634,329 | 43,001,458 | 2 |
Materials | 23,158,504 | -- | 23,158,501 | 3 |
Telecommunication Services | 25,643,770 | -- | 25,643,770 | -- |
Utilities | 14,898,036 | -- | 14,898,036 | -- |
Money Market Funds | 26,097,632 | 26,097,632 | -- | -- |
Total Investments in Securities: | $633,392,648 | $58,028,003 | $575,364,640 | $5 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $49,495,528 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $591,214,210. Net unrealized appreciation aggregated $42,178,438, of which $109,308,969 related to appreciated investment securities and $67,130,531 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Series International Value Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Australia - 3.6% | |||
Ansell Ltd. | 3,537,235 | $50,836,220 | |
Macquarie Group Ltd. | 1,129,597 | 58,266,444 | |
Transurban Group unit | 7,656,845 | 59,031,775 | |
Westpac Banking Corp. | 11,465,958 | 253,928,167 | |
TOTAL AUSTRALIA | 422,062,606 | ||
Bailiwick of Jersey - 1.0% | |||
Shire PLC | 630,000 | 35,337,993 | |
Wolseley PLC | 1,575,364 | 78,148,554 | |
TOTAL BAILIWICK OF JERSEY | 113,486,547 | ||
Belgium - 0.6% | |||
Anheuser-Busch InBev SA NV | 537,030 | 67,540,385 | |
Canada - 1.1% | |||
Imperial Oil Ltd. | 2,737,000 | 83,913,306 | |
Potash Corp. of Saskatchewan, Inc. | 2,683,900 | 43,757,781 | |
TOTAL CANADA | 127,671,087 | ||
Finland - 1.2% | |||
Sampo Oyj (A Shares) | 2,961,313 | 143,399,426 | |
France - 16.5% | |||
Atos Origin SA | 1,562,753 | 123,541,186 | |
AXA SA | 7,123,973 | 176,052,853 | |
Capgemini SA | 1,691,105 | 154,534,446 | |
Havas SA | 8,417,350 | 67,070,789 | |
Orange SA | 6,877,100 | 122,107,388 | |
Renault SA | 824,392 | 69,952,069 | |
Sanofi SA | 3,137,308 | 260,900,651 | |
Societe Generale Series A | 2,833,100 | 108,075,982 | |
SR Teleperformance SA | 530,600 | 44,207,116 | |
Total SA (a) | 8,161,150 | 362,525,824 | |
Unibail-Rodamco | 534,300 | 134,676,530 | |
VINCI SA | 2,487,200 | 168,500,913 | |
Vivendi SA (a) | 6,019,581 | 130,866,210 | |
TOTAL FRANCE | 1,923,011,957 | ||
Germany - 4.9% | |||
Axel Springer Verlag AG | 853,700 | 44,454,267 | |
BASF AG | 2,534,972 | 168,964,034 | |
Bayer AG | 611,314 | 68,801,116 | |
Continental AG | 234,233 | 49,153,169 | |
Fresenius SE & Co. KGaA | 1,945,100 | 129,072,667 | |
GEA Group AG | 879,572 | 36,900,789 | |
SAP AG | 924,321 | 73,654,467 | |
TOTAL GERMANY | 571,000,509 | ||
Hong Kong - 0.6% | |||
Power Assets Holdings Ltd. | 7,842,000 | 71,678,415 | |
Ireland - 1.4% | |||
Allergan PLC (b) | 295,200 | 83,963,736 | |
Medtronic PLC | 1,091,700 | 82,881,864 | |
TOTAL IRELAND | 166,845,600 | ||
Israel - 1.7% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 3,167,492 | 194,737,408 | |
Italy - 1.5% | |||
Intesa Sanpaolo SpA | 25,217,500 | 71,848,906 | |
Mediaset SpA | 12,572,300 | 42,204,304 | |
Telecom Italia SpA (a)(b) | 54,481,300 | 60,636,804 | |
TOTAL ITALY | 174,690,014 | ||
Japan - 20.7% | |||
Astellas Pharma, Inc. | 8,630,100 | 119,497,224 | |
Dentsu, Inc. | 2,298,800 | 122,172,559 | |
East Japan Railway Co. | 888,000 | 81,623,106 | |
Hoya Corp. | 3,459,700 | 133,552,312 | |
Itochu Corp. | 8,365,200 | 98,315,605 | |
Japan Tobacco, Inc. | 3,413,600 | 133,689,376 | |
KDDI Corp. | 5,320,300 | 134,723,879 | |
Makita Corp. | 1,314,700 | 74,000,129 | |
Mitsubishi UFJ Financial Group, Inc. | 38,187,600 | 195,822,147 | |
Nippon Prologis REIT, Inc. | 23,209 | 41,306,034 | |
Nippon Telegraph & Telephone Corp. | 4,478,400 | 190,657,230 | |
OBIC Co. Ltd. | 1,398,600 | 72,447,331 | |
Olympus Corp. | 2,530,200 | 98,662,284 | |
ORIX Corp. | 7,545,600 | 106,713,387 | |
Seven & i Holdings Co. Ltd. | 2,506,400 | 111,791,637 | |
Seven Bank Ltd. | 18,037,200 | 76,820,177 | |
Sony Corp. | 3,025,300 | 70,215,131 | |
Sony Financial Holdings, Inc. | 4,736,000 | 78,367,164 | |
Sumitomo Mitsui Financial Group, Inc. | 4,605,300 | 154,501,401 | |
Toyota Motor Corp. | 5,466,400 | 329,238,881 | |
TOTAL JAPAN | 2,424,116,994 | ||
Luxembourg - 0.5% | |||
RTL Group SA | 667,356 | 53,800,673 | |
Netherlands - 3.8% | |||
ING Groep NV (Certificaten Van Aandelen) | 11,428,234 | 130,193,753 | |
Koninklijke KPN NV | 15,321,157 | 59,287,517 | |
Mylan N.V. | 1,067,100 | 56,225,499 | |
PostNL NV (b) | 5,580,449 | 20,307,726 | |
RELX NV | 10,780,819 | 179,893,760 | |
TOTAL NETHERLANDS | 445,908,255 | ||
Spain - 2.0% | |||
Iberdrola SA | 26,308,240 | 184,927,389 | |
Mediaset Espana Comunicacion SA | 5,347,200 | 52,000,852 | |
TOTAL SPAIN | 236,928,241 | ||
Sweden - 1.6% | |||
Nordea Bank AB | 14,553,933 | 146,553,785 | |
Sandvik AB | 5,322,700 | 44,541,941 | |
TOTAL SWEDEN | 191,095,726 | ||
Switzerland - 7.9% | |||
Credit Suisse Group AG | 5,196,274 | 92,053,937 | |
Nestle SA | 3,620,669 | 266,743,474 | |
Novartis AG | 3,454,910 | 267,663,796 | |
Syngenta AG (Switzerland) | 343,627 | 126,528,715 | |
UBS Group AG | 2,404,671 | 40,013,725 | |
Zurich Insurance Group AG | 581,540 | 128,907,343 | |
TOTAL SWITZERLAND | 921,910,990 | ||
United Kingdom - 23.9% | |||
AstraZeneca PLC (United Kingdom) | 3,583,919 | 230,770,549 | |
Aviva PLC | 18,660,172 | 128,694,882 | |
BAE Systems PLC | 13,404,250 | 99,135,867 | |
Barclays PLC | 49,196,997 | 131,644,959 | |
BP PLC sponsored ADR | 8,328,160 | 269,582,539 | |
Bunzl PLC | 4,484,938 | 119,983,596 | |
Compass Group PLC | 7,774,317 | 133,795,102 | |
HSBC Holdings PLC sponsored ADR (a) | 6,045,711 | 214,018,169 | |
Imperial Tobacco Group PLC | 4,077,198 | 220,762,526 | |
Informa PLC | 10,930,017 | 99,403,604 | |
ITV PLC | 39,444,485 | 150,791,283 | |
Liberty Global PLC: | |||
Class A (b) | 1,091,900 | 37,572,279 | |
LiLAC Class A (b) | 402,069 | 14,152,829 | |
Lloyds Banking Group PLC | 177,225,800 | 166,035,450 | |
Micro Focus International PLC | 3,275,200 | 64,872,418 | |
National Grid PLC | 12,376,215 | 174,364,921 | |
Prudential PLC | 2,890,477 | 56,786,845 | |
Rio Tinto PLC | 6,727,576 | 164,972,081 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 4,220,161 | 91,948,619 | |
Vodafone Group PLC sponsored ADR | 6,783,266 | 218,421,165 | |
TOTAL UNITED KINGDOM | 2,787,709,683 | ||
United States of America - 3.9% | |||
Altria Group, Inc. | 1,364,700 | 83,396,817 | |
Chevron Corp. | 961,000 | 83,097,670 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 934,100 | 142,431,568 | |
Edgewell Personal Care Co. (b) | 504,500 | 37,338,045 | |
McGraw Hill Financial, Inc. | 891,800 | 75,820,836 | |
ResMed, Inc. CDI | 6,762,103 | 39,089,091 | |
TOTAL UNITED STATES OF AMERICA | 461,174,027 | ||
TOTAL COMMON STOCKS | |||
(Cost $11,457,981,901) | 11,498,768,543 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Germany - 0.3% | |||
Volkswagen AG | |||
(Cost $74,511,220) | 365,390 | 42,550,228 | |
Money Market Funds - 3.8% | |||
Fidelity Cash Central Fund, 0.38% (c) | 259,588,726 | 259,588,726 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 186,637,209 | 186,637,209 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $446,225,935) | 446,225,935 | ||
TOTAL INVESTMENT PORTFOLIO - 102.5% | |||
(Cost $11,978,719,056) | 11,987,544,706 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (297,533,121) | ||
NET ASSETS - 100% | $11,690,011,585 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $87,008 |
Fidelity Securities Lending Cash Central Fund | 1,232,026 |
Total | $1,319,034 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,689,287,989 | $51,725,108 | $1,637,562,881 | $-- |
Consumer Staples | 1,063,693,828 | 263,166,430 | 800,527,398 | -- |
Energy | 891,067,958 | 436,593,515 | 454,474,443 | -- |
Financials | 2,910,502,302 | 329,852,730 | 2,580,649,572 | -- |
Health Care | 1,851,992,410 | 417,808,507 | 1,434,183,903 | -- |
Industrials | 924,697,117 | -- | 924,697,117 | -- |
Information Technology | 489,049,848 | -- | 489,049,848 | -- |
Materials | 504,222,611 | 43,757,781 | 460,464,830 | -- |
Telecommunication Services | 785,833,983 | 218,421,165 | 567,412,818 | -- |
Utilities | 430,970,725 | -- | 430,970,725 | -- |
Money Market Funds | 446,225,935 | 446,225,935 | -- | -- |
Total Investments in Securities: | $11,987,544,706 | $2,207,551,171 | $9,779,993,535 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $2,735,474,161 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $12,022,087,415. Net unrealized depreciation aggregated $34,542,709, of which $1,188,967,512 related to appreciated investment securities and $1,223,510,221 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Latin America Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.4% | |||
Shares | Value | ||
Argentina - 0.2% | |||
Grupo Financiero Galicia SA sponsored ADR | 28,072 | $766,085 | |
Bermuda - 3.3% | |||
Credicorp Ltd. (United States) | 135,801 | 13,764,789 | |
Brazil - 29.1% | |||
BB Seguridade Participacoes SA | 1,513,600 | 8,752,830 | |
CCR SA | 2,409,700 | 7,699,376 | |
Cetip SA - Mercados Organizado | 668,561 | 6,391,763 | |
Cielo SA | 1,652,357 | 13,992,033 | |
CVC Brasil Operadora e Agencia de Viagens SA | 1,210,900 | 3,784,252 | |
Equatorial Energia SA | 668,406 | 6,044,363 | |
Estacio Participacoes SA | 1,736,200 | 5,082,980 | |
Fibria Celulose SA | 837,933 | 9,230,294 | |
FPC Par Corretora de Seguros | 1,724,000 | 4,353,318 | |
Grendene SA | 1,074,900 | 4,100,949 | |
Hypermarcas SA (a) | 1,101,286 | 6,153,743 | |
Industrias Romi SA | 2,809,500 | 976,350 | |
Kroton Educacional SA | 3,397,200 | 7,219,411 | |
Linx SA | 338,067 | 4,237,037 | |
Localiza Rent A Car SA | 922,100 | 5,055,666 | |
M. Dias Branco SA | 36,083 | 523,320 | |
Mills Estruturas e Servicos de Engenharia SA | 1,621,700 | 1,009,559 | |
Multiplus SA | 504,100 | 3,995,192 | |
Odontoprev SA | 1,791,500 | 4,523,764 | |
Qualicorp SA | 2,194,272 | 7,400,552 | |
Smiles SA | 609,020 | 4,336,439 | |
Tegma Gestao Logistica SA | 2,003,800 | 1,638,188 | |
Valid Solucoes SA | 482,161 | 4,807,386 | |
TOTAL BRAZIL | 121,308,765 | ||
Chile - 3.8% | |||
Banmedica SA | 3,100,772 | 4,302,962 | |
CorpBanca SA | 708,761,813 | 5,374,827 | |
Forus SA | 1,749,549 | 3,887,069 | |
Vina San Pedro SA | 238,206,744 | 2,223,797 | |
TOTAL CHILE | 15,788,655 | ||
France - 1.0% | |||
Edenred SA | 220,881 | 4,155,834 | |
Luxembourg - 2.0% | |||
Atento SA (a) | 434,179 | 4,120,359 | |
Millicom International Cellular SA (depository receipt) | 89,930 | 3,972,881 | |
TOTAL LUXEMBOURG | 8,093,240 | ||
Mexico - 38.8% | |||
Banregio Grupo Financiero S.A.B. de CV | 360,000 | 1,690,860 | |
Compartamos S.A.B. de CV | 6,064,800 | 10,847,107 | |
Consorcio ARA S.A.B. de CV | 7,124,817 | 2,093,715 | |
Controladora Comercial Mexicana S.A.B de C.V. (a) | 2,172,018 | 1,930,390 | |
Credito Real S.A.B. de CV | 1,937,310 | 4,073,769 | |
Embotelladoras Arca S.A.B. de CV | 1,099,169 | 6,569,774 | |
Embotelladoras Arca S.A.B. de CV rights 2/18/16 | 62,067 | 0 | |
Fomento Economico Mexicano S.A.B. de CV unit | 2,839,109 | 26,893,486 | |
Genomma Lab Internacional SA de CV (a) | 5,884,937 | 3,958,387 | |
Gruma S.A.B. de CV Series B | 656,994 | 9,953,933 | |
Grupo Aeroportuario Norte S.A.B. de CV | 878,515 | 4,087,491 | |
Grupo Carso SA de CV Series A1 | 222,963 | 896,265 | |
Grupo Comercial Chedraui S.A.B. de CV | 2,870,700 | 7,503,681 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 4,199,397 | 21,909,495 | |
Grupo Financiero Santander Mexico S.A.B. de CV | 5,928,570 | 9,126,031 | |
Grupo GICSA SA de CV (a) | 5,177,756 | 4,279,173 | |
Grupo Herdez S.A.B. de CV | 1,735,505 | 4,146,975 | |
Grupo Mexico SA de CV Series B | 1,087,435 | 2,108,591 | |
Kimberly-Clark de Mexico SA de CV Series A | 5,066,888 | 12,112,873 | |
Megacable Holdings S.A.B. de CV unit | 2,226,025 | 8,160,241 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 326,961 | 3,233,963 | |
Qualitas Controladora S.A.B. de CV (a) | 3,489,500 | 3,867,015 | |
Telesites S.A.B. de C.V. (a)(b) | 6,627,138 | 4,022,814 | |
Tenedora Nemak SA de CV | 3,169,744 | 4,029,954 | |
Unifin Financiera SAPI de CV (a) | 1,424,900 | 4,169,174 | |
TOTAL MEXICO | 161,665,157 | ||
Panama - 2.0% | |||
Copa Holdings SA Class A | 97,338 | 4,584,620 | |
Intergroup Financial Services Corp. | 191,778 | 3,864,327 | |
TOTAL PANAMA | 8,448,947 | ||
Peru - 1.3% | |||
Alicorp SA Class C (a) | 2,619,452 | 3,848,917 | |
Cementos Pacasmayo SAA | 1,318,207 | 1,709,047 | |
TOTAL PERU | 5,557,964 | ||
Philippines - 0.5% | |||
International Container Terminal Services, Inc. | 1,626,022 | 2,080,244 | |
Spain - 1.0% | |||
Prosegur Compania de Seguridad SA (Reg.) | 943,649 | 4,233,026 | |
United States of America - 5.4% | |||
First Cash Financial Services, Inc. (a) | 198,631 | 7,051,401 | |
Monsanto Co. | 90,218 | 8,173,751 | |
PriceSmart, Inc. | 94,216 | 7,213,177 | |
TOTAL UNITED STATES OF AMERICA | 22,438,329 | ||
TOTAL COMMON STOCKS | |||
(Cost $389,682,083) | 368,301,035 | ||
Nonconvertible Preferred Stocks - 9.0% | |||
Brazil - 9.0% | |||
Alpargatas SA (PN) | 1,916,787 | 3,493,519 | |
Itau Unibanco Holding SA | 4,666,314 | 29,107,582 | |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) | 4,099,671 | 4,960,850 | |
TOTAL BRAZIL | |||
(Cost 31,596,445) | 37,561,951 | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund, 0.38% (c) | 10,995,325 | 10,995,325 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 2,100,000 | 2,100,000 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $13,095,325) | 13,095,325 | ||
TOTAL INVESTMENT PORTFOLIO - 100.5% | |||
(Cost $434,373,853) | 418,958,311 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (2,084,235) | ||
NET ASSETS - 100% | $416,874,076 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $4,458 |
Fidelity Securities Lending Cash Central Fund | 879 |
Total | $5,337 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $50,183,721 | $50,183,721 | $-- | $-- |
Consumer Staples | 89,074,066 | 89,074,066 | -- | -- |
Energy | 4,960,850 | 4,960,850 | -- | -- |
Financials | 139,389,546 | 139,389,546 | -- | -- |
Health Care | 20,185,665 | 20,185,665 | -- | -- |
Industrials | 48,578,327 | 38,109,223 | 10,469,104 | -- |
Information Technology | 18,229,070 | 18,229,070 | -- | -- |
Materials | 21,221,683 | 21,221,683 | -- | -- |
Telecommunication Services | 7,995,695 | 4,022,814 | 3,972,881 | -- |
Utilities | 6,044,363 | 6,044,363 | -- | -- |
Money Market Funds | 13,095,325 | 13,095,325 | -- | -- |
Total Investments in Securities: | $418,958,311 | $404,516,326 | $14,441,985 | $-- |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $439,429,038. Net unrealized depreciation aggregated $20,470,727, of which $32,851,060 related to appreciated investment securities and $53,321,787 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Japan Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.1% | |||
Auto Components - 3.7% | |||
Bridgestone Corp. | 236,400 | $8,612,517 | |
NGK Spark Plug Co. Ltd. | 233,800 | 5,523,856 | |
Sumitomo Electric Industries Ltd. | 351,900 | 4,636,614 | |
18,772,987 | |||
Automobiles - 7.8% | |||
Fuji Heavy Industries Ltd. | 57,600 | 2,357,160 | |
Honda Motor Co. Ltd. | 495,700 | 13,436,944 | |
Isuzu Motors Ltd. | 306,800 | 3,108,787 | |
Mazda Motor Corp. | 276,900 | 5,038,951 | |
Suzuki Motor Corp. | 314,900 | 9,668,367 | |
Toyota Motor Corp. | 95,300 | 5,739,877 | |
39,350,086 | |||
Hotels, Restaurants & Leisure - 0.6% | |||
Skylark Co. Ltd. | 250,300 | 2,900,769 | |
Household Durables - 3.9% | |||
Casio Computer Co. Ltd. (a) | 205,400 | 3,985,401 | |
Rinnai Corp. | 49,700 | 4,564,122 | |
Sony Corp. | 496,700 | 11,528,065 | |
20,077,588 | |||
Internet & Catalog Retail - 0.3% | |||
Rakuten, Inc. | 177,700 | 1,836,511 | |
Media - 0.9% | |||
Dentsu, Inc. | 39,300 | 2,088,647 | |
Proto Corp. | 174,000 | 2,480,702 | |
4,569,349 | |||
Multiline Retail - 0.4% | |||
Don Quijote Holdings Co. Ltd. | 55,000 | 1,862,574 | |
Specialty Retail - 2.5% | |||
Fast Retailing Co. Ltd. | 7,200 | 2,328,094 | |
United Arrows Ltd. | 119,700 | 5,789,663 | |
USS Co. Ltd. | 172,800 | 2,654,493 | |
Xebio Holdings Co. Ltd. | 104,200 | 1,837,531 | |
12,609,781 | |||
TOTAL CONSUMER DISCRETIONARY | 101,979,645 | ||
CONSUMER STAPLES - 8.3% | |||
Beverages - 1.2% | |||
Asahi Group Holdings | 193,100 | 6,197,897 | |
Food & Staples Retailing - 4.7% | |||
Ain Holdings, Inc. | 38,100 | 1,731,203 | |
San-A Co. Ltd. | 53,800 | 2,482,966 | |
Seven & i Holdings Co. Ltd. | 208,600 | 9,304,076 | |
Sundrug Co. Ltd. | 52,300 | 3,464,828 | |
Tsuruha Holdings, Inc. | 24,800 | 2,058,023 | |
Welcia Holdings Co. Ltd. | 84,300 | 4,551,600 | |
23,592,696 | |||
Personal Products - 0.3% | |||
Kao Corp. | 31,400 | 1,685,092 | |
Tobacco - 2.1% | |||
Japan Tobacco, Inc. | 276,100 | 10,813,111 | |
TOTAL CONSUMER STAPLES | 42,288,796 | ||
FINANCIALS - 16.5% | |||
Banks - 5.5% | |||
Mitsubishi UFJ Financial Group, Inc. | 3,380,400 | 17,334,349 | |
Seven Bank Ltd. | 1,358,900 | 5,787,536 | |
Shinsei Bank Ltd. | 3,139,000 | 4,906,154 | |
28,028,039 | |||
Capital Markets - 0.7% | |||
Monex Group, Inc. | 1,462,000 | 3,710,016 | |
Diversified Financial Services - 3.2% | |||
ORIX Corp. | 1,141,000 | 16,136,553 | |
Insurance - 2.2% | |||
Tokio Marine Holdings, Inc. | 310,700 | 11,116,734 | |
Real Estate Investment Trusts - 1.4% | |||
Invincible Investment Corp. | 2,648 | 1,625,248 | |
Nippon Prologis REIT, Inc. | 942 | 1,676,517 | |
Parkway Life REIT | 1,347,000 | 2,139,646 | |
Sekisui House (REIT), Inc. | 1,502 | 1,624,427 | |
7,065,838 | |||
Real Estate Management & Development - 3.5% | |||
AEON MALL Co. Ltd. | 252,100 | 3,852,941 | |
Mitsui Fudosan Co. Ltd. | 590,000 | 13,889,122 | |
17,742,063 | |||
TOTAL FINANCIALS | 83,799,243 | ||
HEALTH CARE - 13.6% | |||
Biotechnology - 0.3% | |||
PeptiDream, Inc. (a)(b) | 42,400 | 1,375,855 | |
Health Care Equipment & Supplies - 5.5% | |||
Hoya Corp. | 430,200 | 16,606,701 | |
Olympus Corp. | 286,900 | 11,187,341 | |
27,794,042 | |||
Health Care Providers & Services - 2.8% | |||
Message Co. Ltd. (a) | 66,700 | 1,934,117 | |
Miraca Holdings, Inc. | 104,100 | 4,296,144 | |
Ship Healthcare Holdings, Inc. | 326,600 | 7,802,531 | |
14,032,792 | |||
Pharmaceuticals - 5.0% | |||
Astellas Pharma, Inc. | 1,852,400 | 25,649,375 | |
TOTAL HEALTH CARE | 68,852,064 | ||
INDUSTRIALS - 13.6% | |||
Airlines - 0.9% | |||
Japan Airlines Co. Ltd. | 120,600 | 4,526,523 | |
Building Products - 1.4% | |||
Daikin Industries Ltd. | 72,800 | 4,918,836 | |
LIXIL Group Corp. | 107,700 | 2,273,026 | |
7,191,862 | |||
Construction & Engineering - 1.2% | |||
Toshiba Plant Systems & Services Corp. | 508,800 | 5,944,823 | |
Electrical Equipment - 2.5% | |||
Mitsubishi Electric Corp. | 641,000 | 5,949,174 | |
Nidec Corp. | 99,000 | 6,754,653 | |
12,703,827 | |||
Machinery - 2.3% | |||
Kubota Corp. | 334,000 | 4,936,515 | |
Makita Corp. | 117,000 | 6,585,544 | |
11,522,059 | |||
Professional Services - 0.1% | |||
Funai Soken Holdings, Inc. | 59,160 | 750,255 | |
Road & Rail - 4.4% | |||
East Japan Railway Co. | 240,300 | 22,087,874 | |
Trading Companies & Distributors - 0.8% | |||
Misumi Group, Inc. | 349,200 | 4,270,426 | |
TOTAL INDUSTRIALS | 68,997,649 | ||
INFORMATION TECHNOLOGY - 14.5% | |||
Electronic Equipment & Components - 7.5% | |||
Azbil Corp. | 207,200 | 4,806,728 | |
Hitachi Ltd. | 2,128,000 | 10,516,632 | |
OMRON Corp. | 123,900 | 3,220,094 | |
Shimadzu Corp. | 792,000 | 12,263,166 | |
TDK Corp. | 60,100 | 3,301,254 | |
Topcon Corp. | 266,900 | 3,786,833 | |
37,894,707 | |||
Internet Software & Services - 4.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 57,600 | 3,860,928 | |
DeNA Co. Ltd. (a) | 269,300 | 3,897,613 | |
Kakaku.com, Inc. | 500,500 | 9,710,229 | |
NAVER Corp. | 6,152 | 3,219,034 | |
20,687,804 | |||
Semiconductors & Semiconductor Equipment - 1.1% | |||
Sanken Electric Co. Ltd. | 750,000 | 2,373,993 | |
Sumco Corp. | 478,700 | 3,232,830 | |
5,606,823 | |||
Software - 0.5% | |||
COLOPL, Inc. (a) | 116,700 | 2,255,058 | |
Technology Hardware, Storage & Peripherals - 1.3% | |||
NEC Corp. | 1,043,000 | 2,762,422 | |
Samsung Electronics Co. Ltd. | 4,206 | 4,038,086 | |
6,800,508 | |||
TOTAL INFORMATION TECHNOLOGY | 73,244,900 | ||
MATERIALS - 5.4% | |||
Chemicals - 5.1% | |||
Daicel Chemical Industries Ltd. | 226,100 | 3,326,175 | |
Hitachi Chemical Co. Ltd. | 155,500 | 2,733,824 | |
JSR Corp. | 289,800 | 4,208,567 | |
Kansai Paint Co. Ltd. | 267,600 | 3,738,758 | |
Shin-Etsu Chemical Co. Ltd. | 132,600 | 6,772,717 | |
Toray Industries, Inc. | 584,000 | 4,950,460 | |
25,730,501 | |||
Metals & Mining - 0.3% | |||
Yamato Kogyo Co. Ltd. | 58,400 | 1,382,676 | |
TOTAL MATERIALS | 27,113,177 | ||
TELECOMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 1.4% | |||
Nippon Telegraph & Telephone Corp. | 162,200 | 6,905,279 | |
Wireless Telecommunication Services - 6.1% | |||
KDDI Corp. | 738,000 | 18,688,086 | |
SoftBank Corp. | 277,200 | 12,206,644 | |
30,894,730 | |||
TOTAL TELECOMMUNICATION SERVICES | 37,800,009 | ||
TOTAL COMMON STOCKS | |||
(Cost $520,979,533) | 504,075,483 | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 0.38% (c) | 1,597,093 | 1,597,093 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 7,775,337 | 7,775,337 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $9,372,430) | 9,372,430 | ||
TOTAL INVESTMENT PORTFOLIO - 101.4% | |||
(Cost $530,351,963) | 513,447,913 | ||
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (7,012,507) | ||
NET ASSETS - 100% | $506,435,406 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $3,179 |
Fidelity Securities Lending Cash Central Fund | 23,137 |
Total | $26,316 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $101,979,645 | $-- | $101,979,645 | $-- |
Consumer Staples | 42,288,796 | -- | 42,288,796 | -- |
Financials | 83,799,243 | -- | 83,799,243 | -- |
Health Care | 68,852,064 | -- | 68,852,064 | -- |
Industrials | 68,997,649 | -- | 68,997,649 | -- |
Information Technology | 73,244,900 | 3,860,928 | 69,383,972 | -- |
Materials | 27,113,177 | -- | 27,113,177 | -- |
Telecommunication Services | 37,800,009 | -- | 37,800,009 | -- |
Money Market Funds | 9,372,430 | 9,372,430 | -- | -- |
Total Investments in Securities: | $513,447,913 | $13,233,358 | $500,214,555 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $9,553,966 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $534,123,472. Net unrealized depreciation aggregated $20,675,559, of which $45,239,341 related to appreciated investment securities and $65,914,900 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Total International Equity Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Argentina - 0.2% | |||
Banco Macro SA sponsored ADR (a) | 4,500 | $287,865 | |
Grupo Financiero Galicia SA sponsored ADR | 10,100 | 275,629 | |
TOTAL ARGENTINA | 563,494 | ||
Australia - 3.2% | |||
Amcor Ltd. | 30,377 | 289,674 | |
Ansell Ltd. | 33,670 | 483,896 | |
CSL Ltd. | 42,420 | 3,159,826 | |
DuluxGroup Ltd. | 22,765 | 105,504 | |
Imdex Ltd. (a) | 134,227 | 18,956 | |
Macquarie Group Ltd. | 10,408 | 536,862 | |
RCG Corp. Ltd. | 97,518 | 110,183 | |
Sydney Airport unit | 247,780 | 1,166,770 | |
TFS Corp. Ltd. | 55,935 | 51,432 | |
Transurban Group unit | 211,805 | 1,632,947 | |
Westpac Banking Corp. | 108,903 | 2,411,795 | |
TOTAL AUSTRALIA | 9,967,845 | ||
Austria - 0.4% | |||
Andritz AG | 24,972 | 1,161,158 | |
Zumtobel AG | 3,400 | 70,564 | |
TOTAL AUSTRIA | 1,231,722 | ||
Bailiwick of Jersey - 0.8% | |||
Integrated Diagnostics Holdings PLC (a) | 28,377 | 136,170 | |
Shire PLC | 25,380 | 1,423,616 | |
Wolseley PLC | 15,486 | 768,209 | |
TOTAL BAILIWICK OF JERSEY | 2,327,995 | ||
Belgium - 1.9% | |||
Anheuser-Busch InBev SA NV | 36,671 | 4,611,983 | |
Gimv NV | 819 | 39,466 | |
KBC Ancora | 4,281 | 160,245 | |
KBC Groep NV | 21,007 | 1,203,844 | |
TOTAL BELGIUM | 6,015,538 | ||
Bermuda - 0.5% | |||
Axalta Coating Systems (a) | 12,800 | 304,768 | |
China Gas Holdings Ltd. | 250,000 | 319,385 | |
China Resource Gas Group Ltd. | 126,000 | 314,422 | |
Credicorp Ltd. (United States) | 4,500 | 456,120 | |
Vostok New Ventures Ltd. SDR (a) | 13,260 | 67,969 | |
TOTAL BERMUDA | 1,462,664 | ||
Brazil - 1.0% | |||
BB Seguridade Participacoes SA | 65,600 | 379,351 | |
Cetip SA - Mercados Organizado | 37,300 | 356,606 | |
Cielo SA | 53,680 | 454,558 | |
Kroton Educacional SA | 158,500 | 336,829 | |
Qualicorp SA | 98,200 | 331,196 | |
Smiles SA | 45,000 | 320,416 | |
Ultrapar Participacoes SA | 28,700 | 426,073 | |
Weg SA | 100,100 | 386,906 | |
TOTAL BRAZIL | 2,991,935 | ||
British Virgin Islands - 0.1% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 17,900 | 389,704 | |
Canada - 0.6% | |||
Cara Operations Ltd. | 3,900 | 70,572 | |
Imperial Oil Ltd. | 27,200 | 833,921 | |
McCoy Global, Inc. | 15,800 | 23,685 | |
New Look Vision Group, Inc. | 3,000 | 54,072 | |
Pason Systems, Inc. | 40,100 | 513,236 | |
Potash Corp. of Saskatchewan, Inc. | 27,900 | 454,876 | |
ShawCor Ltd. Class A | 2,100 | 45,346 | |
TOTAL CANADA | 1,995,708 | ||
Cayman Islands - 2.5% | |||
58.com, Inc. ADR (a) | 8,600 | 482,460 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 26,900 | 1,803,107 | |
Baidu.com, Inc. sponsored ADR (a) | 4,900 | 800,023 | |
ENN Energy Holdings Ltd. | 76,000 | 342,687 | |
Fu Shou Yuan International Group Ltd. | 455,000 | 327,399 | |
NetEase, Inc. sponsored ADR | 2,600 | 405,964 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 10,600 | 332,946 | |
Shenzhou International Group Holdings Ltd. | 75,000 | 402,159 | |
TAL Education Group ADR (a)(b) | 7,600 | 364,572 | |
Tencent Holdings Ltd. | 131,400 | 2,468,572 | |
Value Partners Group Ltd. | 53,000 | 48,215 | |
TOTAL CAYMAN ISLANDS | 7,778,104 | ||
China - 1.2% | |||
Beijing Capital International Airport Co. Ltd. (H Shares) | 360,000 | 327,055 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 152,400 | 537,766 | |
Inner Mongoli Yili Industries Co. Ltd. | 136,200 | 278,071 | |
Jiangsu Hengrui Medicine Co. Ltd. | 45,730 | 307,162 | |
Kweichow Moutai Co. Ltd. | 11,240 | 344,852 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 245,340 | 419,668 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 174,500 | 790,598 | |
Shanghai International Airport Co. Ltd. | 79,300 | 314,169 | |
Weifu High-Technology Co. Ltd. (B Shares) | 23,067 | 45,262 | |
Zhengzhou Yutong Bus Co. Ltd. | 105,850 | 302,377 | |
TOTAL CHINA | 3,666,980 | ||
Denmark - 1.5% | |||
Jyske Bank A/S (Reg.) (a) | 21,054 | 924,506 | |
Novo Nordisk A/S Series B sponsored ADR | 62,460 | 3,489,640 | |
Spar Nord Bank A/S | 13,631 | 112,176 | |
TOTAL DENMARK | 4,526,322 | ||
Finland - 0.6% | |||
Sampo Oyj (A Shares) | 28,153 | 1,363,289 | |
Tikkurila Oyj | 23,580 | 399,924 | |
TOTAL FINLAND | 1,763,213 | ||
France - 6.6% | |||
Atos Origin SA | 15,092 | 1,193,076 | |
AXA SA | 67,706 | 1,673,200 | |
Capgemini SA | 16,102 | 1,471,413 | |
Elis SA | 5,000 | 87,382 | |
Essilor International SA | 8,514 | 1,056,262 | |
Havas SA | 80,986 | 645,309 | |
Hermes International SCA | 900 | 306,192 | |
Laurent-Perrier Group SA | 759 | 67,206 | |
LVMH Moet Hennessy - Louis Vuitton SA | 1,984 | 319,119 | |
Orange SA | 65,300 | 1,159,444 | |
Renault SA | 7,711 | 654,301 | |
Sanofi SA | 29,798 | 2,478,022 | |
Societe Generale Series A | 26,900 | 1,026,171 | |
SR Teleperformance SA | 5,500 | 458,234 | |
Total SA | 80,933 | 3,595,119 | |
Unibail-Rodamco | 5,100 | 1,285,514 | |
Vetoquinol SA | 1,700 | 67,770 | |
VINCI SA | 23,600 | 1,598,835 | |
Virbac SA | 730 | 134,108 | |
Vivendi SA (b) | 57,152 | 1,242,489 | |
TOTAL FRANCE | 20,519,166 | ||
Germany - 3.1% | |||
alstria office REIT-AG | 5,900 | 73,670 | |
Axel Springer Verlag AG | 8,300 | 432,201 | |
BASF AG | 24,077 | 1,604,809 | |
Bayer AG | 22,512 | 2,533,642 | |
CompuGroup Medical AG | 7,646 | 307,507 | |
Continental AG | 2,283 | 479,081 | |
CTS Eventim AG | 8,680 | 319,302 | |
Fielmann AG | 2,458 | 185,461 | |
Fresenius SE & Co. KGaA | 18,800 | 1,247,528 | |
GEA Group AG | 9,132 | 383,116 | |
Nexus AG | 2,000 | 37,889 | |
SAP AG | 21,225 | 1,691,313 | |
Wirecard AG (b) | 6,500 | 328,710 | |
TOTAL GERMANY | 9,624,229 | ||
Greece - 0.0% | |||
Titan Cement Co. SA (Reg.) | 2,244 | 43,271 | |
Hong Kong - 1.4% | |||
AIA Group Ltd. | 443,200 | 2,463,955 | |
CSPC Pharmaceutical Group Ltd. | 396,000 | 334,904 | |
Guangdong Investment Ltd. | 286,000 | 365,921 | |
Power Assets Holdings Ltd. | 72,000 | 658,103 | |
Techtronic Industries Co. Ltd. | 94,000 | 356,655 | |
TOTAL HONG KONG | 4,179,538 | ||
India - 3.2% | |||
Adani Ports & Special Economic Zone (a) | 118,904 | 374,893 | |
Amara Raja Batteries Ltd. (a) | 23,874 | 296,471 | |
Asian Paints India Ltd. | 30,234 | 389,155 | |
Axis Bank Ltd. (a) | 48,975 | 297,096 | |
Bharti Infratel Ltd. | 65,836 | 352,576 | |
Colgate-Palmolive (India) | 24,701 | 313,157 | |
GlaxoSmithKline Consumer Healthcare Ltd. (a) | 4,071 | 350,679 | |
HCL Technologies Ltd. | 38,818 | 497,989 | |
HDFC Bank Ltd. (a) | 19,066 | 347,654 | |
Hindustan Unilever Ltd. | 39,532 | 477,605 | |
Housing Development Finance Corp. Ltd. | 92,473 | 1,618,759 | |
IndusInd Bank Ltd. | 22,985 | 316,449 | |
ITC Ltd. | 115,652 | 548,392 | |
Jyothy Laboratories Ltd. | 20,417 | 86,594 | |
LIC Housing Finance Ltd. (a) | 53,001 | 375,579 | |
Lupin Ltd. | 16,539 | 418,884 | |
Maruti Suzuki India Ltd. (a) | 7,049 | 427,216 | |
Power Grid Corp. of India Ltd. | 159,718 | 349,224 | |
Sun Pharmaceutical Industries Ltd. | 50,168 | 649,367 | |
Tata Consultancy Services Ltd. | 20,074 | 710,053 | |
Titan Co. Ltd. (a) | 62,320 | 336,071 | |
Zee Entertainment Enterprises Ltd. | 65,768 | 409,352 | |
TOTAL INDIA | 9,943,215 | ||
Indonesia - 1.0% | |||
PT ACE Hardware Indonesia Tbk | 5,917,800 | 345,796 | |
PT Bank Central Asia Tbk | 610,200 | 585,085 | |
PT Bank Rakyat Indonesia Tbk | 658,500 | 543,083 | |
PT Kalbe Farma Tbk | 3,733,300 | 365,036 | |
PT Matahari Department Store Tbk | 337,000 | 395,634 | |
PT Media Nusantara Citra Tbk | 2,309,500 | 202,038 | |
PT Surya Citra Media Tbk | 1,766,500 | 350,088 | |
PT Tower Bersama Infrastructure Tbk (a) | 685,600 | 316,576 | |
TOTAL INDONESIA | 3,103,336 | ||
Ireland - 1.5% | |||
Allergan PLC (a) | 2,700 | 767,961 | |
CRH PLC sponsored ADR | 59,129 | 1,591,753 | |
FBD Holdings PLC | 5,372 | 37,585 | |
James Hardie Industries PLC: | |||
CDI | 22,978 | 266,264 | |
sponsored ADR | 112,225 | 1,282,732 | |
Medtronic PLC | 10,200 | 774,384 | |
TOTAL IRELAND | 4,720,679 | ||
Isle of Man - 0.3% | |||
Playtech Ltd. | 78,414 | 861,732 | |
Israel - 1.0% | |||
Azrieli Group | 11,596 | 408,413 | |
Check Point Software Technologies Ltd. (a) | 3,700 | 291,597 | |
Frutarom Industries Ltd. | 1,580 | 79,582 | |
Ituran Location & Control Ltd. | 3,661 | 66,703 | |
Strauss Group Ltd. | 6,859 | 94,725 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 35,109 | 2,158,501 | |
TOTAL ISRAEL | 3,099,521 | ||
Italy - 1.0% | |||
Azimut Holding SpA | 22,714 | 478,279 | |
Banco di Desio e della Brianza SpA | 19,000 | 48,261 | |
Beni Stabili SpA SIIQ | 190,326 | 128,593 | |
Interpump Group SpA | 55,891 | 711,298 | |
Intesa Sanpaolo SpA | 234,700 | 668,700 | |
Mediaset SpA | 130,500 | 438,079 | |
Telecom Italia SpA (a) | 529,100 | 588,880 | |
TOTAL ITALY | 3,062,090 | ||
Japan - 14.4% | |||
Aoki Super Co. Ltd. | 6,000 | 63,152 | |
Artnature, Inc. | 12,000 | 90,920 | |
Asahi Co. Ltd. | 8,200 | 102,664 | |
Astellas Pharma, Inc. | 244,100 | 3,379,946 | |
Autobacs Seven Co. Ltd. | 6,200 | 108,403 | |
Azbil Corp. | 7,700 | 178,628 | |
Broadleaf Co. Ltd. | 2,800 | 25,901 | |
Coca-Cola Central Japan Co. Ltd. | 27,200 | 438,930 | |
Daiichikosho Co. Ltd. | 3,300 | 133,027 | |
Daikokutenbussan Co. Ltd. | 5,000 | 178,315 | |
DENSO Corp. | 48,600 | 2,096,021 | |
Dentsu, Inc. | 21,800 | 1,158,588 | |
East Japan Railway Co. | 19,700 | 1,810,783 | |
Fast Retailing Co. Ltd. | 2,400 | 776,031 | |
GCA Savvian Group Corp. | 6,600 | 60,532 | |
Glory Ltd. | 4,900 | 156,696 | |
Goldcrest Co. Ltd. | 7,960 | 133,882 | |
Hoya Corp. | 55,700 | 2,150,147 | |
Itochu Corp. | 82,800 | 973,143 | |
Iwatsuka Confectionary Co. Ltd. | 800 | 37,340 | |
Japan Digital Laboratory Co. | 7,000 | 93,158 | |
Japan Tobacco, Inc. | 68,100 | 2,667,051 | |
KDDI Corp. | 51,300 | 1,299,050 | |
Keyence Corp. | 2,721 | 1,284,001 | |
Kobayashi Pharmaceutical Co. Ltd. | 2,000 | 170,413 | |
Koshidaka Holdings Co. Ltd. | 4,000 | 72,900 | |
Lasertec Corp. | 6,300 | 60,056 | |
Makita Corp. | 12,300 | 692,326 | |
Medikit Co. Ltd. | 2,100 | 64,706 | |
Meiko Network Japan Co. Ltd. | 2,700 | 25,247 | |
Miraial Co. Ltd. | 2,400 | 18,693 | |
Mitsubishi UFJ Financial Group, Inc. | 362,700 | 1,859,889 | |
Mitsui Fudosan Co. Ltd. | 56,000 | 1,318,290 | |
Nagaileben Co. Ltd. | 8,100 | 129,357 | |
Nakano Refrigerators Co. Ltd. | 2,000 | 50,009 | |
ND Software Co. Ltd. | 6,000 | 51,826 | |
Nihon Parkerizing Co. Ltd. | 18,500 | 175,512 | |
Nintendo Co. Ltd. | 4,300 | 602,919 | |
Nippon Prologis REIT, Inc. | 225 | 400,442 | |
Nippon Seiki Co. Ltd. | 2,000 | 43,921 | |
Nippon Telegraph & Telephone Corp. | 42,500 | 1,809,336 | |
NS Tool Co. Ltd. | 3,800 | 68,101 | |
OBIC Co. Ltd. | 20,000 | 1,035,998 | |
Olympus Corp. | 37,300 | 1,454,471 | |
ORIX Corp. | 73,300 | 1,036,643 | |
OSG Corp. | 33,500 | 556,749 | |
Paramount Bed Holdings Co. Ltd. | 3,400 | 117,248 | |
ProNexus, Inc. | 13,000 | 107,449 | |
San-Ai Oil Co. Ltd. | 11,000 | 85,302 | |
Seven& i Holdings Co. Ltd. | 23,800 | 1,061,539 | |
Seven Bank Ltd. | 493,100 | 2,100,106 | |
Shinsei Bank Ltd. | 318,000 | 497,024 | |
SHO-BOND Holdings Co. Ltd. | 22,100 | 757,927 | |
Shoei Co. Ltd. | 5,800 | 104,886 | |
SK Kaken Co. Ltd. | 1,000 | 78,389 | |
Software Service, Inc. | 1,600 | 53,361 | |
Sony Corp. | 28,100 | 652,182 | |
Sony Financial Holdings, Inc. | 44,000 | 728,073 | |
Sumitomo Mitsui Financial Group, Inc. | 43,700 | 1,466,074 | |
Techno Medica Co. Ltd. | 1,800 | 38,693 | |
The Monogatari Corp. | 1,500 | 64,036 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 6,000 | 41,852 | |
TKC Corp. | 4,000 | 97,508 | |
Tocalo Co. Ltd. | 2,800 | 53,551 | |
Toyota Motor Corp. | 51,900 | 3,125,914 | |
Tsutsumi Jewelry Co. Ltd. | 2,200 | 44,268 | |
USS Co. Ltd. | 129,500 | 1,989,333 | |
Workman Co. Ltd. | 1,900 | 110,349 | |
Yamada Consulting Group Co. Ltd. | 2,000 | 57,760 | |
Yamato Kogyo Co. Ltd. | 1,700 | 40,249 | |
TOTAL JAPAN | 44,567,186 | ||
Kenya - 0.2% | |||
Safaricom Ltd. | 4,292,600 | 635,087 | |
Korea (South) - 1.7% | |||
AMOREPACIFIC Corp. | 1,696 | 573,676 | |
AMOREPACIFIC Group, Inc. | 2,913 | 362,374 | |
BGFretail Co. Ltd. | 7,690 | 1,375,132 | |
Coway Co. Ltd. | 5,278 | 431,019 | |
KEPCO Plant Service & Engineering Co. Ltd. | 4,546 | 376,200 | |
KT&G Corp. | 834 | 71,677 | |
Leeno Industrial, Inc. | 1,159 | 37,323 | |
LG Chemical Ltd. | 2,226 | 552,767 | |
LG Household & Health Care Ltd. | 595 | 492,221 | |
NAVER Corp. | 2,029 | 1,061,674 | |
TOTAL KOREA (SOUTH) | 5,334,063 | ||
Luxembourg - 0.3% | |||
Eurofins Scientific SA | 1,000 | 328,064 | |
RTL Group SA | 6,427 | 518,130 | |
TOTAL LUXEMBOURG | 846,194 | ||
Mexico - 1.8% | |||
Banregio Grupo Financiero S.A.B. de CV | 64,200 | 301,537 | |
Consorcio ARA S.A.B. de CV | 254,355 | 74,745 | |
Fomento Economico Mexicano S.A.B. de CV: | |||
unit | 70,100 | 664,023 | |
sponsored ADR | 7,333 | 695,315 | |
Gruma S.A.B. de CV Series B | 24,200 | 366,647 | |
Grupo Aeroportuario del Pacifico SA de CV Series B | 44,300 | 372,078 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 27,215 | 372,039 | |
Grupo Aeroportuario Norte S.A.B. de CV | 78,800 | 366,635 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 108,900 | 568,163 | |
Grupo GICSA SA de CV (a) | 320,800 | 265,126 | |
Infraestructura Energetica Nova S.A.B. de CV | 70,000 | 273,976 | |
Kimberly-Clark de Mexico SA de CV Series A | 147,100 | 351,656 | |
Megacable Holdings S.A.B. de CV unit | 86,800 | 318,194 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 31,900 | 364,521 | |
Tenedora Nemak SA de CV | 253,700 | 322,549 | |
TOTAL MEXICO | 5,677,204 | ||
Netherlands - 1.6% | |||
Aalberts Industries NV | 6,100 | 192,668 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(c) | 58,600 | 239,193 | |
Heijmans NV (Certificaten Van Aandelen) (a) | 5,881 | 45,349 | |
ING Groep NV (Certificaten Van Aandelen) | 108,576 | 1,236,929 | |
Koninklijke KPN NV | 152,592 | 590,478 | |
Mylan N.V. | 10,400 | 547,976 | |
PostNL NV (a) | 74,300 | 270,384 | |
RELX NV | 102,395 | 1,708,611 | |
VastNed Retail NV | 5,035 | 220,447 | |
TOTAL NETHERLANDS | 5,052,035 | ||
Norway - 0.0% | |||
Kongsberg Gruppen ASA | 4,200 | 66,978 | |
Philippines - 1.1% | |||
Ayala Corp. | 27,980 | 400,225 | |
Ayala Land, Inc. | 672,400 | 445,692 | |
D&L Industries, Inc. | 1,650,400 | 281,384 | |
GT Capital Holdings, Inc. | 13,155 | 357,251 | |
International Container Terminal Services, Inc. | 266,090 | 340,421 | |
Jollibee Food Corp. | 95,760 | 413,375 | |
SM Investments Corp. | 24,590 | 429,572 | |
SM Prime Holdings, Inc. | 1,002,500 | 447,903 | |
Universal Robina Corp. | 94,060 | 382,138 | |
TOTAL PHILIPPINES | 3,497,961 | ||
Russia - 0.3% | |||
Magnit OJSC (a) | 3,454 | 527,258 | |
NOVATEK OAO GDR (Reg. S) | 5,900 | 512,747 | |
TOTAL RUSSIA | 1,040,005 | ||
South Africa - 2.0% | |||
Alexander Forbes Group Holding | 86,905 | 29,532 | |
Aspen Pharmacare Holdings Ltd. | 24,300 | 413,712 | |
Bidvest Group Ltd. | 21,932 | 506,478 | |
Clicks Group Ltd. | 60,379 | 330,739 | |
Discovery Ltd. | 49,767 | 405,726 | |
FirstRand Ltd. | 192,300 | 545,533 | |
Mr Price Group Ltd. | 38,400 | 396,303 | |
Naspers Ltd. Class N | 21,400 | 2,704,385 | |
Sanlam Ltd. | 125,400 | 461,763 | |
Woolworths Holdings Ltd. | 69,200 | 409,440 | |
TOTAL SOUTH AFRICA | 6,203,611 | ||
Spain - 2.7% | |||
Amadeus IT Holding SA Class A | 41,300 | 1,686,640 | |
Hispania Activos Inmobiliarios SA (a) | 38,400 | 477,525 | |
Iberdrola SA | 249,772 | 1,755,712 | |
Inditex SA | 89,472 | 2,944,455 | |
Mediaset Espana Comunicacion SA | 49,300 | 479,436 | |
Merlin Properties Socimi SA | 36,100 | 419,232 | |
Prosegur Compania de Seguridad SA (Reg.) | 101,176 | 453,856 | |
TOTAL SPAIN | 8,216,856 | ||
Sweden - 2.8% | |||
ASSA ABLOY AB (B Shares) | 139,700 | 2,960,961 | |
Fagerhult AB | 50,855 | 847,769 | |
H&M Hennes & Mauritz AB (B Shares) | 32,638 | 1,068,804 | |
Intrum Justitia AB | 15,263 | 505,762 | |
Nordea Bank AB | 138,267 | 1,392,308 | |
Saab AB (B Shares) | 2,800 | 84,521 | |
Sandvik AB | 55,300 | 462,767 | |
Svenska Handelsbanken AB (A Shares) | 97,045 | 1,221,059 | |
TOTAL SWEDEN | 8,543,951 | ||
Switzerland - 8.3% | |||
Credit Suisse Group AG | 50,463 | 893,971 | |
Nestle SA | 97,948 | 7,216,075 | |
Novartis AG | 84,477 | 6,544,725 | |
Roche Holding AG (participation certificate) | 16,701 | 4,325,965 | |
Schindler Holding AG: | |||
(participation certificate) | 7,634 | 1,169,906 | |
(Reg.) | 2,251 | 347,856 | |
Sika AG | 90 | 322,077 | |
Syngenta AG (Switzerland) | 3,404 | 1,253,405 | |
Tecan Group AG | 600 | 86,642 | |
UBS Group AG | 128,015 | 2,130,170 | |
Zurich Insurance Group AG | 5,523 | 1,224,258 | |
TOTAL SWITZERLAND | 25,515,050 | ||
Taiwan - 1.8% | |||
Addcn Technology Co. Ltd. | 8,500 | 64,793 | |
Advantech Co. Ltd. | 53,000 | 316,869 | |
ECLAT Textile Co. Ltd. | 28,000 | 397,125 | |
ECLAT Textile Co. Ltd. rights 2/16/16 | 643 | 2,909 | |
Giant Manufacturing Co. Ltd. | 50,000 | 328,635 | |
Largan Precision Co. Ltd. | 6,870 | 490,793 | |
Merida Industry Co. Ltd. | 65,500 | 288,354 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 864,035 | 3,703,201 | |
TOTAL TAIWAN | 5,592,679 | ||
Thailand - 0.4% | |||
Airports of Thailand PCL (For. Reg.) | 45,800 | 487,534 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 602,400 | 372,753 | |
Thai Beverage PCL | 678,000 | 324,540 | |
TOTAL THAILAND | 1,184,827 | ||
Turkey - 0.5% | |||
Bim Birlesik Magazalar A/S JSC | 20,000 | 338,070 | |
Koc Holding A/S | 94,000 | 375,924 | |
TAV Havalimanlari Holding A/S | 29,000 | 171,708 | |
Tofas Turk Otomobil Fabrikasi A/S | 49,833 | 343,618 | |
Tupras Turkiye Petrol Rafinelleri A/S (a) | 15,000 | 380,126 | |
TOTAL TURKEY | 1,609,446 | ||
United Arab Emirates - 0.1% | |||
DP World Ltd. | 22,578 | 391,728 | |
United Kingdom - 14.8% | |||
AA PLC | 21,973 | 92,623 | |
Alliance Pharma PLC | 64,414 | 45,936 | |
Associated British Foods PLC | 28,900 | 1,303,783 | |
AstraZeneca PLC (United Kingdom) | 34,040 | 2,191,855 | |
Aviva PLC | 177,279 | 1,222,652 | |
Babcock International Group PLC | 39,923 | 523,174 | |
BAE Systems PLC | 246,721 | 1,824,712 | |
Barclays PLC | 467,270 | 1,250,356 | |
Bellway PLC | 6,328 | 251,270 | |
Berendsen PLC | 69,555 | 1,084,590 | |
BP PLC sponsored ADR | 81,709 | 2,644,920 | |
British American Tobacco PLC (United Kingdom) | 5,700 | 317,624 | |
Britvic PLC | 8,417 | 86,898 | |
Bunzl PLC | 43,632 | 1,167,268 | |
Compass Group PLC | 75,007 | 1,290,862 | |
Dechra Pharmaceuticals PLC | 9,100 | 129,984 | |
DP Poland PLC (a) | 200,000 | 63,789 | |
Elementis PLC | 44,108 | 135,459 | |
Great Portland Estates PLC | 13,972 | 153,238 | |
Hikma Pharmaceuticals PLC | 10,823 | 312,392 | |
Hilton Food Group PLC | 5,400 | 40,329 | |
Howden Joinery Group PLC | 63,600 | 455,549 | |
HSBC Holdings PLC sponsored ADR | 57,417 | 2,032,562 | |
Imperial Tobacco Group PLC | 38,725 | 2,096,790 | |
Informa PLC | 227,677 | 2,070,620 | |
InterContinental Hotel Group PLC | 8,300 | 272,759 | |
InterContinental Hotel Group PLC ADR | 69,496 | 2,303,097 | |
ITE Group PLC | 32,700 | 65,634 | |
ITV PLC | 374,619 | 1,432,121 | |
JUST EAT Ltd. (a) | 14,240 | 76,265 | |
Liberty Global PLC: | |||
Class A (a) | 11,100 | 381,951 | |
LiLAC Class A (a) | 4,450 | 156,640 | |
Lloyds Banking Group PLC | 2,256,400 | 2,113,927 | |
Micro Focus International PLC | 34,100 | 675,424 | |
National Grid PLC | 117,565 | 1,656,339 | |
NMC Health PLC | 27,600 | 383,367 | |
Prudential PLC | 130,439 | 2,562,629 | |
Reckitt Benckiser Group PLC | 38,651 | 3,437,662 | |
Rightmove PLC | 7,800 | 445,057 | |
Rio Tinto PLC | 63,884 | 1,566,549 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 41,209 | 897,859 | |
Shaftesbury PLC | 41,837 | 502,229 | |
Spectris PLC | 7,870 | 178,274 | |
Spirax-Sarco Engineering PLC | 6,199 | 270,569 | |
Taylor Wimpey PLC | 29,400 | 81,066 | |
Ted Baker PLC | 3,375 | 144,579 | |
Topps Tiles PLC | 33,400 | 64,993 | |
Ultra Electronics Holdings PLC | 5,901 | 160,554 | |
Unilever PLC | 7,300 | 320,943 | |
Unite Group PLC | 67,977 | 625,140 | |
Vodafone Group PLC sponsored ADR | 64,426 | 2,074,517 | |
TOTAL UNITED KINGDOM | 45,639,379 | ||
United States of America - 10.1% | |||
A.O. Smith Corp. | 4,400 | 307,340 | |
Alphabet, Inc.: | |||
Class A | 2,530 | 1,926,216 | |
Class C | 430 | 319,469 | |
Altria Group, Inc. | 13,300 | 812,763 | |
Amazon.com, Inc. (a) | 500 | 293,500 | |
ANSYS, Inc. (a) | 500 | 44,095 | |
Autoliv, Inc. | 14,154 | 1,454,748 | |
Berkshire Hathaway, Inc. Class B (a) | 8,616 | 1,118,098 | |
Broadridge Financial Solutions, Inc. | 1,340 | 71,770 | |
Chevron Corp. | 9,500 | 821,465 | |
China Biologic Products, Inc. (a) | 8,200 | 1,051,814 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 9,000 | 1,372,320 | |
Domino's Pizza, Inc. | 6,400 | 729,152 | |
Ecolab, Inc. | 2,900 | 312,823 | |
Edgewell Personal Care Co. (a) | 4,900 | 362,649 | |
Energizer Holdings, Inc. | 1,200 | 38,448 | |
Facebook, Inc. Class A (a) | 2,800 | 314,188 | |
International Flavors & Fragrances, Inc. | 2,800 | 327,488 | |
Kennedy-Wilson Holdings, Inc. | 7,573 | 153,580 | |
Martin Marietta Materials, Inc. | 5,270 | 661,807 | |
MasterCard, Inc. Class A | 29,900 | 2,661,997 | |
McGraw Hill Financial, Inc. | 20,000 | 1,700,400 | |
MercadoLibre, Inc. (b) | 3,000 | 294,720 | |
Mettler-Toledo International, Inc. (a) | 1,000 | 312,850 | |
Mohawk Industries, Inc. (a) | 9,315 | 1,550,109 | |
Molson Coors Brewing Co. Class B | 7,500 | 678,600 | |
Moody's Corp. | 9,400 | 837,916 | |
MSCI, Inc. Class A | 3,800 | 261,592 | |
NIKE, Inc. Class B | 4,700 | 291,447 | |
Philip Morris International, Inc. | 19,400 | 1,746,194 | |
PPG Industries, Inc. | 3,200 | 304,384 | |
PriceSmart, Inc. | 8,885 | 680,236 | |
ResMed, Inc. | 12,720 | 721,224 | |
ResMed, Inc. CDI | 65,669 | 379,607 | |
Reynolds American, Inc. | 23,500 | 1,173,825 | |
Sherwin-Williams Co. | 3,140 | 802,804 | |
SS&C Technologies Holdings, Inc. | 21,854 | 1,404,994 | |
The Walt Disney Co. | 2,700 | 258,714 | |
Visa, Inc. Class A | 36,024 | 2,683,428 | |
TOTAL UNITED STATES OF AMERICA | 31,238,774 | ||
TOTAL COMMON STOCKS | |||
(Cost $277,642,533) | 304,691,015 | ||
Nonconvertible Preferred Stocks - 0.5% | |||
Brazil - 0.3% | |||
Ambev SA sponsored ADR | 163,000 | 761,210 | |
Germany - 0.2% | |||
Sartorius AG (non-vtg.) | 950 | 244,354 | |
Volkswagen AG | 3,590 | 418,061 | |
TOTAL GERMANY | 662,415 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $1,815,375) | 1,423,625 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund, 0.38% (d) | 1,532,276 | 1,532,276 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 1,719,386 | 1,719,386 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,251,662) | 3,251,662 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $282,709,570) | 309,366,302 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (15,614) | ||
NET ASSETS - 100% | $309,350,688 |
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $239,193 or 0.1% of net assets.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $3,565 |
Fidelity Securities Lending Cash Central Fund | 10,582 |
Total | $14,147 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $47,997,312 | $9,957,871 | $38,039,441 | $-- |
Consumer Staples | 41,182,739 | 10,136,681 | 31,046,058 | -- |
Energy | 10,779,799 | 5,688,772 | 5,091,027 | -- |
Financials | 60,566,833 | 11,533,128 | 49,033,705 | -- |
Health Care | 48,496,246 | 10,155,546 | 38,340,700 | -- |
Industrials | 32,719,323 | 3,108,879 | 29,610,444 | -- |
Information Technology | 35,771,026 | 14,025,289 | 21,745,737 | -- |
Materials | 13,739,649 | 6,123,017 | 7,616,632 | -- |
Telecommunication Services | 8,825,944 | 2,709,604 | 6,116,340 | -- |
Utilities | 6,035,769 | 273,976 | 5,761,793 | -- |
Money Market Funds | 3,251,662 | 3,251,662 | -- | -- |
Total Investments in Securities: | $309,366,302 | $76,964,425 | $232,401,877 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $74,744,696 |
Level 2 to Level 1 | $410,990 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $284,727,221. Net unrealized appreciation aggregated $24,639,081, of which $48,701,332 related to appreciated investment securities and $24,062,251 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Europe Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Austria - 2.1% | |||
Andritz AG | 277,200 | $12,889,353 | |
Erste Group Bank AG (a) | 483,600 | 13,969,567 | |
TOTAL AUSTRIA | 26,858,920 | ||
Bailiwick of Jersey - 5.6% | |||
Shire PLC | 787,600 | 44,178,100 | |
Wolseley PLC | 265,134 | 13,152,414 | |
WPP PLC | 620,800 | 13,500,849 | |
TOTAL BAILIWICK OF JERSEY | 70,831,363 | ||
Bermuda - 1.8% | |||
Vostok Emerging Finance Ltd. (depository receipt) (a)(b) | 29,776,435 | 3,524,560 | |
Vostok New Ventures Ltd. SDR (a) | 3,662,236 | 18,772,100 | |
TOTAL BERMUDA | 22,296,660 | ||
Denmark - 5.7% | |||
Carlsberg A/S Series B | 245,700 | 20,714,379 | |
DSV de Sammensluttede Vognmaend A/S | 236,000 | 9,184,272 | |
Novozymes A/S Series B | 349,855 | 14,602,673 | |
William Demant Holding A/S (a) | 309,100 | 27,247,434 | |
TOTAL DENMARK | 71,748,758 | ||
Finland - 1.9% | |||
Amer Group PLC (A Shares) | 450,500 | 12,330,816 | |
Valmet Corp. | 1,119,700 | 11,131,833 | |
TOTAL FINLAND | 23,462,649 | ||
France - 7.5% | |||
Amundi SA (a) | 67,300 | 2,818,958 | |
Bollore Group | 3,447,549 | 13,914,073 | |
Christian Dior SA | 22,495 | 3,804,503 | |
Eurazeo SA | 207,255 | 12,651,660 | |
Havas SA | 2,906,500 | 23,159,456 | |
Publicis Groupe SA | 230,946 | 13,853,371 | |
Wendel SA | 146,000 | 14,620,607 | |
Zodiac Aerospace | 454,600 | 9,479,775 | |
TOTAL FRANCE | 94,302,403 | ||
Germany - 13.7% | |||
adidas AG | 210,900 | 21,716,924 | |
Bayer AG | 258,700 | 29,115,722 | |
Brenntag AG | 343,800 | 16,869,471 | |
CompuGroup Medical AG | 259,600 | 10,440,604 | |
Fresenius SE & Co. KGaA | 206,797 | 13,722,606 | |
GEA Group AG | 337,831 | 14,173,064 | |
LEG Immobilien AG | 275,095 | 22,330,082 | |
SAP AG | 566,054 | 45,105,981 | |
TOTAL GERMANY | 173,474,454 | ||
Ireland - 2.7% | |||
DCC PLC (United Kingdom) | 149,700 | 11,557,293 | |
Ryanair Holdings PLC sponsored ADR | 137,767 | 10,794,044 | |
United Drug PLC (United Kingdom) | 1,554,241 | 11,618,083 | |
TOTAL IRELAND | 33,969,420 | ||
Isle of Man - 3.8% | |||
Optimal Payments PLC (a) | 4,443,710 | 25,602,498 | |
Playtech Ltd. | 2,008,523 | 22,072,696 | |
TOTAL ISLE OF MAN | 47,675,194 | ||
Malta - 0.9% | |||
Kambi Group PLC (a) | 752,299 | 11,064,837 | |
Netherlands - 1.2% | |||
RELX NV | 945,977 | 15,785,012 | |
Norway - 3.3% | |||
Statoil ASA | 2,750,200 | 37,632,294 | |
TGS Nopec Geophysical Co. ASA (b) | 303,100 | 4,392,615 | |
TOTAL NORWAY | 42,024,909 | ||
Spain - 2.9% | |||
Amadeus IT Holding SA Class A | 497,200 | 20,305,020 | |
Red Electrica Corporacion SA | 210,600 | 17,051,014 | |
TOTAL SPAIN | 37,356,034 | ||
Sweden - 15.3% | |||
Elekta AB (B Shares) (b) | 2,939,402 | 21,920,845 | |
Getinge AB (B Shares) | 1,681,200 | 37,030,716 | |
H&M Hennes & Mauritz AB (B Shares) | 664,643 | 21,765,205 | |
Hemfosa Fastigheter AB | 1,181,300 | 11,673,053 | |
Indutrade AB | 306,300 | 16,306,746 | |
Kungsleden AB | 1,999,100 | 13,368,674 | |
Lundbergfoeretagen AB | 94,092 | 4,816,932 | |
Pandox AB (a) | 781,300 | 12,172,614 | |
Sandvik AB | 2,362,400 | 19,769,268 | |
Svenska Cellulosa AB (SCA) (B Shares) | 790,100 | 23,416,708 | |
Svenska Handelsbanken AB (A Shares) | 913,800 | 11,497,799 | |
TOTAL SWEDEN | 193,738,560 | ||
Switzerland - 2.1% | |||
Credit Suisse Group AG | 552,383 | 9,785,671 | |
Julius Baer Group Ltd. | 399,910 | 16,974,913 | |
TOTAL SWITZERLAND | 26,760,584 | ||
United Kingdom - 28.1% | |||
Aberdeen Asset Management PLC | 3,701,357 | 13,046,767 | |
Aldermore Group PLC | 2,955,137 | 9,153,075 | |
Babcock International Group PLC | 1,325,300 | 17,367,487 | |
Big Yellow Group PLC | 1,234,200 | 13,592,188 | |
Bunzl PLC | 684,258 | 18,305,657 | |
Compass Group PLC | 1,271,917 | 21,889,545 | |
Dechra Pharmaceuticals PLC | 954,814 | 13,638,507 | |
Diploma PLC | 1,298,700 | 12,440,483 | |
Essentra PLC | 463,572 | 4,871,593 | |
International Personal Finance PLC | 5,079,503 | 17,513,419 | |
ITV PLC | 2,265,600 | 8,661,103 | |
London Stock Exchange Group PLC | 405,800 | 14,369,131 | |
Micro Focus International PLC | 595,700 | 11,799,127 | |
Prudential PLC | 1,143,880 | 22,472,878 | |
Rolls-Royce Group PLC | 1,654,892 | 13,163,924 | |
Schroders PLC | 216,222 | 8,448,071 | |
Senior Engineering Group PLC | 3,385,600 | 10,592,952 | |
Shawbrook Group PLC | 2,658,100 | 11,256,513 | |
Softcat PLC (a) | 1,874,478 | 9,135,696 | |
St. James's Place Capital PLC | 577,862 | 7,911,698 | |
Standard Chartered PLC (United Kingdom) | 4,856,740 | 32,763,577 | |
Unite Group PLC | 1,385,987 | 12,746,025 | |
Virgin Money Holdings Uk PLC | 1,292,548 | 5,818,190 | |
William Hill PLC | 8,038,473 | 44,751,406 | |
TOTAL UNITED KINGDOM | 355,709,012 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,306,813,147) | 1,247,058,769 | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund, 0.38% (c) | 8,523,573 | 8,523,573 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 20,603,224 | 20,603,224 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $29,126,797) | 29,126,797 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% | |||
(Cost $1,335,939,944) | 1,276,185,566 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (11,663,862) | ||
NET ASSETS - 100% | $1,264,521,704 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $4,684 |
Fidelity Securities Lending Cash Central Fund | 85,618 |
Total | $90,302 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $224,455,641 | $-- | $224,455,641 | $-- |
Consumer Staples | 44,131,087 | -- | 44,131,087 | -- |
Energy | 42,024,909 | -- | 42,024,909 | -- |
Financials | 325,896,108 | -- | 325,896,108 | -- |
Health Care | 208,912,617 | -- | 208,912,617 | -- |
Industrials | 231,092,109 | 10,794,044 | 220,298,065 | -- |
Information Technology | 134,021,018 | -- | 134,021,018 | -- |
Materials | 19,474,266 | -- | 19,474,266 | -- |
Utilities | 17,051,014 | -- | 17,051,014 | -- |
Money Market Funds | 29,126,797 | 29,126,797 | -- | -- |
Total Investments in Securities: | $1,276,185,566 | $39,920,841 | $1,236,264,725 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $998,423,233 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,340,638,403. Net unrealized depreciation aggregated $64,452,837, of which $103,691,791 related to appreciated investment securities and $168,144,628 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.4% | |||
Shares | Value | ||
Austria - 3.3% | |||
CA Immobilien Anlagen AG | 39,100 | $670,550 | |
Erste Group Bank AG (a) | 29,100 | 840,601 | |
Raiffeisen International Bank-Holding AG (a) | 20,300 | 256,053 | |
Wienerberger AG | 31,000 | 474,384 | |
TOTAL AUSTRIA | 2,241,588 | ||
Bailiwick of Jersey - 0.5% | |||
Wizz Air Holdings PLC | 13,888 | 376,045 | |
Botswana - 0.5% | |||
First National Bank of Botswana Ltd. | 964,358 | 317,754 | |
British Virgin Islands - 0.5% | |||
Lenta Ltd. GDR (a) | 61,000 | 360,689 | |
Canada - 0.2% | |||
Detour Gold Corp. (a) | 13,200 | 160,560 | |
Croatia - 0.5% | |||
Ledo d.d. | 282 | 354,872 | |
Czech Republic - 1.4% | |||
Komercni Banka A/S | 4,449 | 934,369 | |
Estonia - 0.7% | |||
Tallinna Kaubamaja AS | 70,900 | 512,296 | |
Germany - 0.1% | |||
UNIWHEELS AG | 2,202 | 65,846 | |
Greece - 0.8% | |||
Jumbo SA | 26,536 | 281,850 | |
Sarantis SA | 37,800 | 298,660 | |
TOTAL GREECE | 580,510 | ||
Hungary - 2.2% | |||
OTP Bank PLC | 70,000 | 1,484,561 | |
Israel - 1.0% | |||
Elbit Systems Ltd. (Israel) | 4,000 | 340,335 | |
Osem Investment Ltd. | 18,800 | 312,795 | |
TOTAL ISRAEL | 653,130 | ||
Kenya - 1.1% | |||
British American Tobacco Kenya Ltd. | 31,700 | 247,656 | |
Kenya Commercial Bank Ltd. | 756,500 | 282,579 | |
Safaricom Ltd. | 1,516,544 | 224,372 | |
TOTAL KENYA | 754,607 | ||
Lithuania - 0.7% | |||
Apranga AB (a) | 163,766 | 454,164 | |
Luxembourg - 0.6% | |||
Pegas NONWOVENS SA | 13,700 | 384,273 | |
Malta - 0.7% | |||
Brait SA | 48,000 | 500,284 | |
Netherlands - 0.7% | |||
AmRest Holdings NV (a) | 6,600 | 299,110 | |
Yandex NV (a) | 15,000 | 201,300 | |
TOTAL NETHERLANDS | 500,410 | ||
Nigeria - 0.6% | |||
Zenith Bank PLC | 6,384,656 | 404,657 | |
Pakistan - 0.7% | |||
Millat Tractors Ltd. | 45,000 | 212,342 | |
United Bank Ltd. | 190,000 | 260,705 | |
TOTAL PAKISTAN | 473,047 | ||
Poland - 3.3% | |||
Bank Polska Kasa Opieki SA | 19,500 | 654,318 | |
Inter Cars SA | 3,700 | 210,352 | |
Kruk SA | 8,300 | 332,720 | |
NG2 SA | 7,400 | 216,111 | |
Orbis SA | 44,200 | 689,992 | |
Quercus TFI SA | 169,292 | 191,703 | |
TOTAL POLAND | 2,295,196 | ||
Qatar - 2.3% | |||
Al Meera Consumer Goods Co. (a) | 6,496 | 331,888 | |
Qatar National Bank SAQ (a) | 27,850 | 1,253,826 | |
TOTAL QATAR | 1,585,714 | ||
Romania - 4.5% | |||
Banca Transilvania SA (a) | 2,204,397 | 1,184,568 | |
BRD-Groupe Societe Generale (a) | 453,129 | 1,081,726 | |
Bursa de Valori Bucuresti | 71,506 | 447,157 | |
Fondul Propietatea SA GDR | 39,000 | 370,369 | |
TOTAL ROMANIA | 3,083,820 | ||
Russia - 18.9% | |||
Gazprom OAO (a) | 1,553,600 | 2,821,268 | |
Lukoil PJSC (a) | 12,600 | 430,333 | |
Lukoil PJSC sponsored ADR | 77,895 | 2,650,070 | |
Magnit OJSC (a) | 9,243 | 1,410,957 | |
Megafon OJSC GDR | 71,800 | 861,745 | |
Moscow Exchange MICEX-RTS OAO (a) | 645,000 | 823,538 | |
NOVATEK OAO (a) | 127,000 | 1,079,231 | |
Sberbank of Russia (a) | 2,280,970 | 2,933,232 | |
TOTAL RUSSIA | 13,010,374 | ||
Slovenia - 0.7% | |||
Krka dd Novo mesto | 6,700 | 450,003 | |
South Africa - 35.7% | |||
AngloGold Ashanti Ltd. (a) | 106,400 | 918,654 | |
Aspen Pharmacare Holdings Ltd. | 33,300 | 566,938 | |
Aveng Ltd. (a) | 470,000 | 70,916 | |
Cashbuild Ltd. | 14,800 | 257,569 | |
Clicks Group Ltd. | 164,755 | 902,481 | |
DRDGOLD Ltd. | 4,219,214 | 1,183,852 | |
FirstRand Ltd. | 646,900 | 1,835,181 | |
Holdsport Ltd. | 151,700 | 486,745 | |
Hulamin Ltd. | 996,200 | 423,716 | |
KAP Industrial Holdings Ltd. | 680,000 | 252,646 | |
Life Healthcare Group Holdings Ltd. | 186,000 | 410,855 | |
Mr Price Group Ltd. | 11,700 | 120,749 | |
MTN Group Ltd. | 142,850 | 1,262,352 | |
Nampak Ltd. | 617,100 | 763,015 | |
Naspers Ltd. Class N | 42,400 | 5,358,222 | |
Pioneer Foods Ltd. | 99,500 | 830,363 | |
PSG Konsult Ltd. | 444,336 | 205,288 | |
Remgro Ltd. | 111,700 | 1,771,346 | |
RMB Holdings Ltd. | 164,600 | 587,923 | |
Sasol Ltd. | 46,500 | 1,223,254 | |
Shoprite Holdings Ltd. | 120,100 | 1,108,981 | |
Spar Group Ltd. | 99,200 | 1,147,152 | |
Spur Corp. Ltd. | 155,000 | 283,225 | |
Standard Bank Group Ltd. | 55,663 | 396,320 | |
Steinhoff International Holdings NV | 321,700 | 1,559,095 | |
Truworths International Ltd. | 91,100 | 565,803 | |
TOTAL SOUTH AFRICA | 24,492,641 | ||
Turkey - 4.1% | |||
Aselsan A/S | 185,000 | 1,132,934 | |
Koc Holding A/S | 188,850 | 755,247 | |
Turk Tuborg Bira ve Malt Sanayii A/S (a) | 110,000 | 248,985 | |
Turkiye Garanti Bankasi A/S | 281,000 | 710,113 | |
TOTAL TURKEY | 2,847,279 | ||
United Arab Emirates - 4.2% | |||
Agthia Group PJSC | 141,093 | 268,529 | |
Aldar Properties PJSC (a) | 809,585 | 484,946 | |
Dubai Islamic Bank Pakistan Ltd. (a) | 425,219 | 662,243 | |
Emaar Malls Group PJSC (a) | 590,000 | 367,871 | |
First Gulf Bank PJSC | 286,313 | 787,356 | |
SHUAA Capital PSC (a) | 3,383,913 | 313,261 | |
TOTAL UNITED ARAB EMIRATES | 2,884,206 | ||
United Kingdom - 2.9% | |||
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a) | 2,200 | 67,779 | |
Georgia Healthcare Group PLC (a) | 125,600 | 313,047 | |
NMC Health PLC | 23,900 | 331,974 | |
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (a)(b) | 14,000 | 439,869 | |
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(b) | 46,200 | 509,152 | |
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(b) | 33,634 | 319,905 | |
TOTAL UNITED KINGDOM | 1,981,726 | ||
TOTAL COMMON STOCKS | |||
(Cost $68,620,782) | 64,144,621 | ||
Nonconvertible Preferred Stocks - 3.8% | |||
Russia - 3.8% | |||
Surgutneftegas OJSC (a) | 2,598,600 | 1,585,270 | |
Tatneft OAO (a) | 433,800 | 1,066,191 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $2,739,936) | 2,651,461 | ||
Money Market Funds - 2.8% | |||
Fidelity Cash Central Fund, 0.38%(c) | |||
(Cost $1,901,175) | 1,901,175 | 1,901,175 | |
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $73,261,893) | 68,697,257 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (4,605) | ||
NET ASSETS - 100% | $68,692,652 |
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
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 $1,268,926 or 1.8% of net assets.
(c) 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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,082 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $11,233,106 | $2,319,848 | $8,913,258 | $-- |
Consumer Staples | 8,336,304 | 2,277,021 | 6,059,283 | -- |
Energy | 10,855,617 | -- | 10,855,617 | -- |
Financials | 24,683,823 | 11,446,320 | 13,237,503 | -- |
Health Care | 2,072,817 | 450,003 | 1,622,814 | -- |
Industrials | 3,614,849 | 2,440,858 | 1,173,991 | -- |
Information Technology | 201,300 | 201,300 | -- | -- |
Materials | 3,449,797 | 160,560 | 3,289,237 | -- |
Telecommunication Services | 2,348,469 | 224,372 | 2,124,097 | -- |
Money Market Funds | 1,901,175 | 1,901,175 | -- | -- |
Total Investments in Securities: | $68,697,257 | $21,421,457 | $47,275,800 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $36,671,072 |
Level 2 to Level 1 | $852,918 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $74,191,897. Net unrealized depreciation aggregated $5,494,640, of which $7,535,998 related to appreciated investment securities and $13,030,638 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Emerging Markets Discovery Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.8% | |||
Shares | Value | ||
Bangladesh - 0.5% | |||
BRAC Bank Ltd. | 449,466 | $270,980 | |
Bermuda - 3.0% | |||
Aquarius Platinum Ltd. (Australia) (a) | 2,009,820 | 350,025 | |
China Resource Gas Group Ltd. | 78,000 | 194,642 | |
Digital China Holdings Ltd. (H Shares) | 157,000 | 162,763 | |
PAX Global Technology Ltd. | 469,000 | 475,422 | |
Shangri-La Asia Ltd. | 676,000 | 629,754 | |
TOTAL BERMUDA | 1,812,606 | ||
Brazil - 4.2% | |||
Companhia de Saneamento de Minas Gerais | 75,290 | 242,258 | |
Cosan SA Industria e Comercio | 32,660 | 205,278 | |
Direcional Engenharia SA | 219,000 | 180,684 | |
Fibria Celulose SA | 38,500 | 424,099 | |
FPC Par Corretora de Seguros | 94,600 | 238,877 | |
Mills Estruturas e Servicos de Engenharia SA | 267,200 | 166,340 | |
Minerva SA (a) | 131,200 | 402,804 | |
Minerva SA rights 2/25/16 (a) | 68,155 | 170 | |
QGEP Participacoes SA (a) | 152,100 | 158,572 | |
Smiles SA | 36,000 | 256,333 | |
Tegma Gestao Logistica SA | 269,600 | 220,409 | |
TOTAL BRAZIL | 2,495,824 | ||
British Virgin Islands - 0.3% | |||
Dolphin Capital Investors Ltd. (a) | 918,400 | 181,489 | |
Canada - 1.2% | |||
Pan American Silver Corp. | 44,000 | 291,280 | |
Torex Gold Resources, Inc. (a) | 488,600 | 439,457 | |
TOTAL CANADA | 730,737 | ||
Cayman Islands - 11.4% | |||
51job, Inc. sponsored ADR (a) | 12,300 | 342,309 | |
58.com, Inc. ADR (a) | 12,700 | 712,470 | |
Casetek Holdings | 50,000 | 258,228 | |
China State Construction International Holdings Ltd. | 304,000 | 490,925 | |
Cosmo Lady (China) Holdings Co. Ltd. | 635,000 | 571,380 | |
ENN Energy Holdings Ltd. | 42,000 | 189,380 | |
GCL-Poly Energy Holdings Ltd. | 1,073,000 | 138,377 | |
Goodbaby International Holdings Ltd. (a) | 412,000 | 175,683 | |
Haitian International Holdings Ltd. | 256,000 | 311,353 | |
Ju Teng International Holdings Ltd. | 428,000 | 168,815 | |
Kingboard Laminates Holdings Ltd. | 597,000 | 241,748 | |
Kingsoft Corp. Ltd. | 80,000 | 173,816 | |
Lee's Pharmaceutical Holdings Ltd. | 366,000 | 338,458 | |
Pico Far East Holdings Ltd. | 2,320,000 | 569,918 | |
Semiconductor Manufacturing International Corp. (a) | 2,142,000 | 185,997 | |
Sino Biopharmaceutical Ltd. | 640,000 | 441,016 | |
SITC International Holdings Co. Ltd. | 941,000 | 436,756 | |
Sunny Optical Technology Group Co. Ltd. | 112,000 | 240,376 | |
TPK Holding Co. Ltd. | 31,000 | 63,803 | |
Uni-President China Holdings Ltd. | 909,000 | 589,810 | |
Yirendai Ltd. ADR | 26,400 | 180,048 | |
TOTAL CAYMAN ISLANDS | 6,820,666 | ||
Chile - 4.6% | |||
Compania Cervecerias Unidas SA sponsored ADR | 23,500 | 507,365 | |
CorpBanca SA | 31,817,424 | 241,284 | |
Empresas CMPC SA | 229,393 | 520,909 | |
Inversiones La Construccion SA | 34,117 | 339,735 | |
Quinenco SA | 303,074 | 539,535 | |
Vina Concha y Toro SA | 372,483 | 592,610 | |
TOTAL CHILE | 2,741,438 | ||
China - 5.6% | |||
BBMG Corp. (H Shares) | 805,000 | 452,370 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 340,000 | 203,154 | |
China Suntien Green Energy Corp. Ltd. (H Shares) (b) | 1,409,200 | 158,820 | |
Huangshan Tourism Development Co. Ltd. | 326,000 | 589,675 | |
Qingdao Haier Co. Ltd. | 520,686 | 726,634 | |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 373,000 | 574,651 | |
Zhengzhou Yutong Bus Co. Ltd. | 129,419 | 369,706 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 58,000 | 299,267 | |
TOTAL CHINA | 3,374,277 | ||
Colombia - 0.3% | |||
Organizacion Terpel SA | 59,128 | 152,751 | |
Cyprus - 0.7% | |||
Global Ports Investment PLC GDR (Reg. S) (a) | 138,600 | 416,900 | |
Egypt - 0.3% | |||
Citadel Capital Corp. (a) | 1,032,100 | 173,993 | |
Greece - 0.6% | |||
Titan Cement Co. SA (Reg.) | 18,700 | 360,594 | |
Hong Kong - 3.8% | |||
BYD Electronic International Co. Ltd. (a) | 146,000 | 61,719 | |
China Resources Beer Holdings Co. Ltd. | 290,000 | 462,468 | |
Far East Horizon Ltd. | 568,584 | 438,094 | |
Techtronic Industries Co. Ltd. | 348,000 | 1,320,388 | |
TOTAL HONG KONG | 2,282,669 | ||
India - 11.3% | |||
Adani Ports & Special Economic Zone (a) | 112,231 | 353,854 | |
Arvind Mills Ltd. (a) | 78,162 | 378,830 | |
Cadila Healthcare Ltd. (a) | 81,714 | 368,042 | |
Edelweiss Financial Services Ltd. | 460,199 | 355,047 | |
Exide Industries Ltd. (a) | 166,914 | 296,974 | |
Grasim Industries Ltd. | 11,001 | 552,224 | |
Iifl Holdings Ltd. (a) | 227,222 | 703,785 | |
Indraprastha Gas Ltd. (a) | 50,968 | 422,396 | |
JK Cement Ltd. | 33,842 | 248,342 | |
LIC Housing Finance Ltd. (a) | 47,601 | 337,313 | |
Mahindra Lifespace Developers Ltd. (a) | 45,739 | 312,483 | |
Mphasis BFL Ltd. | 50,835 | 342,988 | |
Power Grid Corp. of India Ltd. | 260,226 | 568,985 | |
Redington India Ltd. (a) | 100,384 | 153,987 | |
Solar Industries India Ltd. (a) | 5,500 | 250,238 | |
The Jammu & Kashmir Bank Ltd. | 288,070 | 304,607 | |
Torrent Pharmaceuticals Ltd. | 24,848 | 513,976 | |
VST Industries Ltd. (a) | 12,644 | 317,324 | |
TOTAL INDIA | 6,781,395 | ||
Indonesia - 1.0% | |||
PT Bank Danamon Indonesia Tbk Series A | 975,900 | 289,026 | |
PT Panin Life Tbk (a) | 25,472,400 | 288,449 | |
TOTAL INDONESIA | 577,475 | ||
Israel - 0.6% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 155,760 | 333,519 | |
Korea (South) - 11.1% | |||
AMOREPACIFIC Group, Inc. | 3,047 | 379,044 | |
Binggrea Co. Ltd. | 3,453 | 205,282 | |
Com2uS Corp. | 2,340 | 264,970 | |
Devsisters Co. Ltd. (a) | 7,020 | 154,326 | |
DGB Financial Group Co. Ltd. | 53,172 | 394,736 | |
E-Mart Co. Ltd. | 2,863 | 390,117 | |
Fila Korea Ltd. | 7,714 | 622,089 | |
Hanon Systems | 9,558 | 415,355 | |
Hyundai Glovis Co. Ltd. | 5,840 | 994,870 | |
Hyundai HCN | 108,646 | 282,034 | |
Hyundai Industrial Development & Construction Co. | 11,472 | 432,652 | |
Hyundai Wia Corp. | 4,572 | 402,571 | |
Koh Young Technology, Inc. | 6,015 | 182,865 | |
Korean Reinsurance Co. | 25,100 | 276,643 | |
Medy-Tox, Inc. | 1,624 | 699,905 | |
NCSOFT Corp. | 2,020 | 394,636 | |
Silicon Works Co. Ltd. | 7,576 | 176,832 | |
TOTAL KOREA (SOUTH) | 6,668,927 | ||
Malaysia - 1.9% | |||
Inari Amertron Bhd | 274,300 | 214,092 | |
Top Glove Corp. Bhd | 694,200 | 908,090 | |
TOTAL MALAYSIA | 1,122,182 | ||
Mexico - 6.2% | |||
Grupo Aeroportuario del Pacifico SA de CV Series B | 45,900 | 385,517 | |
Grupo Comercial Chedraui S.A.B. de CV | 177,200 | 463,180 | |
Grupo GICSA SA de CV (a) | 247,332 | 204,408 | |
Industrias Penoles SA de CV | 36,630 | 347,342 | |
Macquarie Mexican (REIT) | 775,572 | 916,349 | |
Megacable Holdings S.A.B. de CV unit | 70,800 | 259,541 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 29,000 | 331,383 | |
Qualitas Controladora S.A.B. de CV (a) | 268,500 | 297,548 | |
Tenedora Nemak SA de CV | 203,600 | 258,853 | |
Terrafina | 149,500 | 238,867 | |
TOTAL MEXICO | 3,702,988 | ||
Netherlands - 0.6% | |||
Yandex NV (a) | 28,400 | 381,128 | |
Pakistan - 0.4% | |||
Habib Bank Ltd. | 146,900 | 239,547 | |
Panama - 0.8% | |||
Copa Holdings SA Class A | 10,200 | 480,420 | |
Philippines - 1.2% | |||
Alliance Global Group, Inc. | 1,282,000 | 398,430 | |
Metro Pacific Investments Corp. | 2,848,400 | 330,098 | |
TOTAL PHILIPPINES | 728,528 | ||
Poland - 1.7% | |||
Asseco Poland SA | 20,900 | 287,536 | |
Inter Cars SA | 8,900 | 505,982 | |
Prime Car Management SA | 27,100 | 234,806 | |
TOTAL POLAND | 1,028,324 | ||
Romania - 0.9% | |||
Banca Transilvania SA (a) | 492,829 | 264,830 | |
BRD-Groupe Societe Generale (a) | 109,232 | 260,763 | |
TOTAL ROMANIA | 525,593 | ||
Russia - 0.7% | |||
E.ON Russia JSC (a) | 5,471,000 | 220,680 | |
Sistema JSFC sponsored GDR | 34,060 | 192,576 | |
TOTAL RUSSIA | 413,256 | ||
Singapore - 0.7% | |||
First (REIT) | 271,800 | 223,548 | |
First Resources Ltd. | 152,700 | 188,093 | |
TOTAL SINGAPORE | 411,641 | ||
South Africa - 1.4% | |||
Alexander Forbes Group Holding | 1,289,398 | 438,165 | |
Reunert Ltd. | 99,100 | 400,882 | |
TOTAL SOUTH AFRICA | 839,047 | ||
Sri Lanka - 0.6% | |||
Hatton National Bank PLC | 273,700 | 373,797 | |
Taiwan - 10.4% | |||
ADLINK Technology, Inc. | 99,087 | 206,000 | |
Advantech Co. Ltd. | 123,000 | 735,376 | |
Chipbond Technology Corp. | 122,000 | 172,202 | |
Cleanaway Co. Ltd. | 69,000 | 341,857 | |
CTCI Corp. | 340,000 | 375,113 | |
Cub Elecparts, Inc. | 44,892 | 513,747 | |
Elite Semiconductor Memory Technology, Inc. | 140,000 | 116,517 | |
eMemory Technology, Inc. | 22,000 | 255,042 | |
Everlight Electronics Co. Ltd. | 157,000 | 261,483 | |
FLEXium Interconnect, Inc. | 82,442 | 197,739 | |
Forhouse Corp. | 476,000 | 121,508 | |
Hermes Microvision, Inc. | 4,000 | 98,611 | |
Inventec Corp. | 432,000 | 322,538 | |
Lite-On Technology Corp. | 327,640 | 346,983 | |
Powertech Technology, Inc. | 181,000 | 378,368 | |
Radiant Opto-Electronics Corp. | 86,000 | 167,335 | |
Sirtec International Co. Ltd. | 173,000 | 180,411 | |
St.Shine Optical Co. Ltd. | 27,000 | 521,838 | |
Synnex Technology International Corp. | 272,000 | 254,666 | |
Tong Hsing Electronics Industries Ltd. | 106,000 | 223,342 | |
Universal Cement Corp. | 293,840 | 179,562 | |
Vanguard International Semiconductor Corp. | 196,000 | 280,070 | |
TOTAL TAIWAN | 6,250,308 | ||
Thailand - 1.4% | |||
Delta Electronics PCL (For. Reg.) | 114,100 | 255,162 | |
Star Petroleum Refining PCL (a) | 46,200 | 11,839 | |
Thai Union Frozen Products PCL (For. Reg.) | 1,075,700 | 557,749 | |
TOTAL THAILAND | 824,750 | ||
Turkey - 2.0% | |||
Aksa Akrilik Kimya Sanayii | 73,000 | 253,657 | |
Aselsan A/S | 88,000 | 538,909 | |
Tupras Turkiye Petrol Rafinelleri A/S (a) | 16,576 | 420,064 | |
TOTAL TURKEY | 1,212,630 | ||
United Arab Emirates - 0.4% | |||
National Bank of Ras Al-Khaimah PSC (a) | 178,179 | 259,549 | |
United Kingdom - 0.7% | |||
Bgeo Group PLC | 16,340 | 413,705 | |
United States of America - 0.4% | |||
First Cash Financial Services, Inc. (a) | 6,560 | 232,880 | |
Vietnam - 0.9% | |||
FTP Corp. | 142,600 | 297,645 | |
Vingroup JSC (a) | 109,580 | 234,638 | |
TOTAL VIETNAM | 532,283 | ||
TOTAL COMMON STOCKS | |||
(Cost $67,327,391) | 56,148,796 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
Brazil - 0.4% | |||
Banco do Estado Rio Grande do Sul SA | 142,200 | 158,205 | |
Companhia Paranaense de Energia-Copel (PN-B) sponsored | 6,286 | 34,510 | |
Metalurgica Gerdau SA (PN) | 226,500 | 58,327 | |
TOTAL BRAZIL | 251,042 | ||
Korea (South) - 0.7% | |||
LG Chemical Ltd. | 2,301 | 415,804 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $995,372) | 666,846 | ||
Principal Amount | Value | ||
Government Obligations - 0.1% | |||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.17% to 0.27% 3/10/16 to 4/14/16 (Cost $59,981)(c) | 60,000 | 59,974 | |
Shares | Value | ||
Money Market Funds - 4.6% | |||
Fidelity Cash Central Fund, 0.38% (d) | 2,564,826 | 2,564,826 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 150,000 | 150,000 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,714,826) | 2,714,826 | ||
TOTAL INVESTMENT PORTFOLIO - 99.6% | |||
(Cost $71,097,570) | 59,590,442 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 268,711 | ||
NET ASSETS - 100% | $59,859,153 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
29 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | March 2016 | 1,084,310 | $35,386 |
The face value of futures purchased as a percentage of Net Assets is 1.8%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $59,974.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,155 |
Fidelity Securities Lending Cash Central Fund | 3,399 |
Total | $4,554 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $9,362,833 | $1,867,801 | $6,353,043 | $1,141,989 |
Consumer Staples | 5,056,016 | 1,965,959 | 3,090,057 | -- |
Energy | 954,573 | 783,914 | 170,659 | -- |
Financials | 10,233,438 | 4,946,250 | 5,287,188 | -- |
Health Care | 4,365,976 | -- | 4,365,976 | -- |
Industrials | 8,862,193 | 3,239,628 | 5,622,565 | -- |
Information Technology | 10,487,940 | 1,858,827 | 8,629,113 | -- |
Materials | 4,890,573 | 2,081,414 | 2,809,159 | -- |
Telecommunication Services | 526,095 | 333,519 | 192,576 | -- |
Utilities | 2,076,005 | 276,768 | 1,799,237 | -- |
Government Obligations | 59,974 | -- | 59,974 | -- |
Money Market Funds | 2,714,826 | 2,714,826 | -- | -- |
Total Investments in Securities: | $59,590,442 | $20,068,906 | $38,379,547 | $1,141,989 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $35,386 | $35,386 | $-- | $-- |
Total Assets | $35,386 | $35,386 | $-- | $-- |
Total Derivative Instruments: | $35,386 | $35,386 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $19,280,599 |
Level 2 to Level 1 | $0 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Equities - Consumer Discretionary | |
Beginning Balance | $792,670 |
Net Realized Gain (Loss) on Investment Securities | 296 |
Net Unrealized Gain (Loss) on Investment Securities | (38,704) |
Cost of Purchases | 447,457 |
Proceeds of Sales | (59,730) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $1,141,989 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2016 | $(38,704) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 01/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input* |
Equities | $1,141,989 | Adjusted transaction price | Proxy movement | 7.5% | Increase |
Last transaction price | Transaction price | $52,500.00 | Increase |
* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $71,528,294. Net unrealized depreciation aggregated $11,937,852, of which $3,036,026 related to appreciated investment securities and $14,973,878 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Growth Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Australia - 4.3% | |||
CSL Ltd. | 551,253 | $41,062,321 | |
Sydney Airport unit | 1,791,989 | 8,438,290 | |
Transurban Group unit | 1,765,957 | 13,614,952 | |
TOTAL AUSTRALIA | 63,115,563 | ||
Austria - 0.9% | |||
Andritz AG | 284,921 | 13,248,368 | |
Bailiwick of Jersey - 0.9% | |||
Shire PLC | 240,500 | 13,490,139 | |
Belgium - 4.4% | |||
Anheuser-Busch InBev SA NV | 400,391 | 50,355,776 | |
KBC Groep NV | 269,228 | 15,428,594 | |
TOTAL BELGIUM | 65,784,370 | ||
Canada - 0.4% | |||
Pason Systems, Inc. | 422,200 | 5,403,702 | |
Cayman Islands - 1.0% | |||
58.com, Inc. ADR (a) | 90,700 | 5,088,270 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 147,300 | 9,873,519 | |
TOTAL CAYMAN ISLANDS | 14,961,789 | ||
Denmark - 3.5% | |||
Jyske Bank A/S (Reg.) (a) | 230,500 | 10,121,523 | |
Novo Nordisk A/S Series B sponsored ADR | 735,900 | 41,114,733 | |
TOTAL DENMARK | 51,236,256 | ||
Finland - 0.3% | |||
Tikkurila Oyj | 239,900 | 4,068,775 | |
France - 0.9% | |||
Essilor International SA | 109,321 | 13,562,560 | |
Germany - 2.2% | |||
Bayer AG | 179,200 | 20,168,293 | |
SAP AG | 155,699 | 12,406,866 | |
TOTAL GERMANY | 32,575,159 | ||
Hong Kong - 1.9% | |||
AIA Group Ltd. | 4,985,600 | 27,717,273 | |
India - 0.6% | |||
Housing Development Finance Corp. Ltd. | 546,293 | 9,562,970 | |
Ireland - 2.6% | |||
CRH PLC sponsored ADR | 768,566 | 20,689,797 | |
James Hardie Industries PLC: | |||
CDI | 939,986 | 10,892,335 | |
sponsored ADR | 601,500 | 6,875,145 | |
TOTAL IRELAND | 38,457,277 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 553,465 | 6,082,312 | |
Israel - 0.2% | |||
Azrieli Group | 105,700 | 3,722,771 | |
Italy - 0.7% | |||
Azimut Holding SpA | 172,200 | 3,625,939 | |
Interpump Group SpA | 492,026 | 6,261,780 | |
TOTAL ITALY | 9,887,719 | ||
Japan - 14.3% | |||
Astellas Pharma, Inc. | 2,114,800 | 29,282,712 | |
Coca-Cola Central Japan Co. Ltd. | 240,700 | 3,884,207 | |
DENSO Corp. | 619,500 | 26,717,794 | |
East Japan Railway Co. | 149,600 | 13,750,920 | |
Fast Retailing Co. Ltd. | 31,500 | 10,185,411 | |
Hoya Corp. | 291,900 | 11,268,006 | |
Japan Tobacco, Inc. | 449,900 | 17,619,771 | |
Keyence Corp. | 35,662 | 16,828,389 | |
Mitsui Fudosan Co. Ltd. | 731,000 | 17,208,386 | |
Nintendo Co. Ltd. | 55,300 | 7,753,820 | |
Olympus Corp. | 97,700 | 3,809,701 | |
OSG Corp. | 306,900 | 5,100,486 | |
Seven Bank Ltd. | 3,253,700 | 13,857,462 | |
Shinsei Bank Ltd. | 3,966,000 | 6,198,728 | |
SHO-BOND Holdings Co. Ltd. | 182,600 | 6,262,332 | |
USS Co. Ltd. | 1,395,200 | 21,432,571 | |
TOTAL JAPAN | 211,160,696 | ||
Kenya - 0.3% | |||
Safaricom Ltd. | 26,596,500 | 3,934,931 | |
Korea (South) - 1.0% | |||
BGFretail Co. Ltd. | 52,454 | 9,379,868 | |
NAVER Corp. | 11,451 | 5,991,736 | |
TOTAL KOREA (SOUTH) | 15,371,604 | ||
Mexico - 0.6% | |||
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 94,655 | 8,975,187 | |
South Africa - 1.3% | |||
Clicks Group Ltd. | 672,578 | 3,684,192 | |
Naspers Ltd. Class N | 124,900 | 15,784,003 | |
TOTAL SOUTH AFRICA | 19,468,195 | ||
Spain - 4.5% | |||
Amadeus IT Holding SA Class A | 439,500 | 17,948,625 | |
Hispania Activos Inmobiliarios SA (a) | 215,259 | 2,676,862 | |
Inditex SA | 1,162,701 | 38,263,605 | |
Merlin Properties Socimi SA | 350,200 | 4,066,897 | |
Prosegur Compania de Seguridad SA (Reg.) | 859,849 | 3,857,115 | |
TOTAL SPAIN | 66,813,104 | ||
Sweden - 5.3% | |||
ASSA ABLOY AB (B Shares) | 1,814,283 | 38,453,980 | |
Fagerhult AB | 384,153 | 6,403,951 | |
H&M Hennes & Mauritz AB (B Shares) | 411,435 | 13,473,349 | |
Intrum Justitia AB | 114,300 | 3,787,496 | |
Svenska Handelsbanken AB (A Shares) | 1,258,620 | 15,836,463 | |
TOTAL SWEDEN | 77,955,239 | ||
Switzerland - 14.1% | |||
Nestle SA | 885,106 | 65,207,907 | |
Novartis AG | 643,183 | 49,829,606 | |
Roche Holding AG (participation certificate) | 209,973 | 54,388,111 | |
Schindler Holding AG: | |||
(participation certificate) | 99,199 | 15,202,188 | |
(Reg.) | 16,980 | 2,623,990 | |
UBS Group AG | 1,314,661 | 21,875,959 | |
TOTAL SWITZERLAND | 209,127,761 | ||
Taiwan - 1.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,502,000 | 15,009,356 | |
United Kingdom - 12.9% | |||
Associated British Foods PLC | 382,200 | 17,242,420 | |
Babcock International Group PLC | 503,184 | 6,594,010 | |
BAE Systems PLC | 1,419,400 | 10,497,674 | |
Berendsen PLC | 654,573 | 10,206,933 | |
Howden Joinery Group PLC | 532,900 | 3,817,017 | |
Informa PLC | 1,243,397 | 11,308,138 | |
InterContinental Hotel Group PLC ADR (b) | 862,196 | 28,573,175 | |
Lloyds Banking Group PLC | 6,953,100 | 6,514,069 | |
Prudential PLC | 1,138,330 | 22,363,842 | |
Reckitt Benckiser Group PLC | 502,245 | 44,670,216 | |
Rightmove PLC | 69,300 | 3,954,164 | |
SABMiller PLC | 292,366 | 17,507,715 | |
Shaftesbury PLC | 295,533 | 3,547,700 | |
Unite Group PLC | 440,976 | 4,055,371 | |
TOTAL UNITED KINGDOM | 190,852,444 | ||
United States of America - 17.5% | |||
Alphabet, Inc. Class A | 32,836 | 24,999,689 | |
Autoliv, Inc. (b) | 172,969 | 17,777,754 | |
Berkshire Hathaway, Inc. Class B (a) | 114,684 | 14,882,543 | |
China Biologic Products, Inc. (a) | 60,466 | 7,755,974 | |
Domino's Pizza, Inc. | 74,490 | 8,486,646 | |
Martin Marietta Materials, Inc. | 62,800 | 7,886,424 | |
MasterCard, Inc. Class A | 347,400 | 30,929,022 | |
McGraw Hill Financial, Inc. | 104,300 | 8,867,586 | |
Mohawk Industries, Inc. (a) | 113,000 | 18,804,330 | |
Molson Coors Brewing Co. Class B | 92,500 | 8,369,400 | |
Moody's Corp. | 78,200 | 6,970,748 | |
Philip Morris International, Inc. | 210,608 | 18,956,826 | |
PriceSmart, Inc. | 85,200 | 6,522,912 | |
ResMed, Inc. | 151,900 | 8,612,730 | |
Reynolds American, Inc. | 305,300 | 15,249,735 | |
Sherwin-Williams Co. | 23,900 | 6,110,513 | |
SS&C Technologies Holdings, Inc. | 238,100 | 15,307,449 | |
Visa, Inc. Class A | 425,000 | 31,658,250 | |
TOTAL UNITED STATES OF AMERICA | 258,148,531 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,410,490,049) | 1,449,694,051 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund, 0.38% (c) | 26,320,651 | 26,320,651 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 40,635,112 | 40,635,112 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $66,955,763) | 66,955,763 | ||
TOTAL INVESTMENT PORTFOLIO - 102.5% | |||
(Cost $1,477,445,812) | 1,516,649,814 | ||
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (37,654,075) | ||
NET ASSETS - 100% | $1,478,995,739 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Includes investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $19,779 |
Fidelity Securities Lending Cash Central Fund | 83,107 |
Total | $102,886 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $214,623,793 | $73,641,905 | $140,981,888 | $-- |
Consumer Staples | 287,626,132 | 58,074,060 | 229,552,072 | -- |
Energy | 5,403,702 | 5,403,702 | -- | -- |
Financials | 219,101,686 | 56,319,607 | 162,782,079 | -- |
Health Care | 294,344,886 | 57,483,437 | 236,861,449 | -- |
Industrials | 164,304,465 | -- | 164,304,465 | -- |
Information Technology | 203,831,467 | 117,856,199 | 85,975,268 | -- |
Materials | 56,522,989 | 41,561,879 | 14,961,110 | -- |
Telecommunication Services | 3,934,931 | 3,934,931 | -- | -- |
Money Market Funds | 66,955,763 | 66,955,763 | -- | -- |
Total Investments in Securities: | $1,516,649,814 | $481,231,483 | $1,035,418,331 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $308,135,621 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,480,386,512. Net unrealized appreciation aggregated $36,263,302, of which $128,492,225 related to appreciated investment securities and $92,228,923 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Diversified International Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.3% | |||
Shares | Value | ||
Australia - 1.1% | |||
Ansell Ltd. | 2,982,339 | $42,861,399 | |
Australia & New Zealand Banking Group Ltd. | 7,453,423 | 129,383,967 | |
CSL Ltd. | 283,081 | 21,086,439 | |
Ramsay Health Care Ltd. | 700,300 | 30,404,466 | |
TOTAL AUSTRALIA | 223,736,271 | ||
Austria - 0.2% | |||
Andritz AG | 737,400 | 34,287,912 | |
Bailiwick of Jersey - 1.7% | |||
Shire PLC | 2,032,800 | 114,023,923 | |
Wolseley PLC | 2,662,831 | 132,094,166 | |
WPP PLC | 5,299,709 | 115,255,434 | |
TOTAL BAILIWICK OF JERSEY | 361,373,523 | ||
Belgium - 2.8% | |||
Anheuser-Busch InBev SA NV | 3,151,930 | 396,407,214 | |
KBC Groep NV | 3,112,899 | 178,390,271 | |
TOTAL BELGIUM | 574,797,485 | ||
Canada - 3.8% | |||
Agrium, Inc. | 529,500 | 46,233,450 | |
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 5,037,181 | 219,264,257 | |
Cenovus Energy, Inc. | 2,595,300 | 31,975,786 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 3,711,800 | 159,080,928 | |
Constellation Software, Inc. | 68,438 | 24,914,969 | |
Entertainment One Ltd. | 3,125,177 | 6,696,331 | |
Fairfax India Holdings Corp. (a)(b) | 6,033,800 | 60,941,380 | |
Imperial Oil Ltd. | 1,653,300 | 50,688,297 | |
Keyera Corp. (c) | 1,187,100 | 32,539,539 | |
PrairieSky Royalty Ltd. (c) | 949,598 | 13,516,300 | |
Suncor Energy, Inc. | 3,615,300 | 85,627,564 | |
Tourmaline Oil Corp. (a) | 2,211,900 | 44,099,056 | |
TOTAL CANADA | 775,577,857 | ||
Cayman Islands - 1.3% | |||
58.com, Inc. ADR (a) | 71,500 | 4,011,150 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,771,600 | 118,750,348 | |
Baidu.com, Inc. sponsored ADR (a) | 407,300 | 66,499,871 | |
China Modern Dairy Holdings Ltd. (c) | 8,790,000 | 1,612,152 | |
PW Medtech Group Ltd. (a)(c) | 60,330,000 | 12,884,871 | |
Regina Miracle International Holdings Ltd. (a) | 12,563,271 | 20,563,150 | |
Sands China Ltd. | 5,636,400 | 19,686,511 | |
Vipshop Holdings Ltd. ADR (a) | 1,751,700 | 22,491,828 | |
TOTAL CAYMAN ISLANDS | 266,499,881 | ||
China - 0.8% | |||
Inner Mongoli Yili Industries Co. Ltd. | 10,030,300 | 20,478,240 | |
Kweichow Moutai Co. Ltd. | 2,230,910 | 68,446,150 | |
Qingdao Haier Co. Ltd. | 45,397,678 | 63,353,925 | |
Weifu High-Technology Co. Ltd. (B Shares) | 2,589,429 | 5,080,989 | |
TOTAL CHINA | 157,359,304 | ||
Curacao - 0.7% | |||
Schlumberger Ltd. | 2,049,525 | 148,119,172 | |
Denmark - 3.0% | |||
Genmab A/S (a) | 1,143,176 | 143,556,466 | |
NNIT A/S | 686,914 | 17,241,171 | |
Novo Nordisk A/S Series B | 8,158,095 | 455,779,761 | |
TOTAL DENMARK | 616,577,398 | ||
Finland - 0.3% | |||
Sampo Oyj (A Shares) | 1,342,600 | 65,014,427 | |
France - 4.2% | |||
Accor SA | 1,934,782 | 73,479,686 | |
Air Liquide SA | 604,070 | 62,466,564 | |
ALTEN | 352,400 | 19,835,826 | |
Amundi SA (a) | 1,968,784 | 82,465,383 | |
AXA SA | 5,617,600 | 138,826,257 | |
Capgemini SA | 553,884 | 50,614,336 | |
Danone SA | 1,030,834 | 70,999,082 | |
Publicis Groupe SA | 624,216 | 37,443,801 | |
Sanofi SA | 3,415,555 | 284,039,859 | |
VINCI SA | 519,400 | 35,187,912 | |
Worldline SA (a)(d) | 998,600 | 23,605,576 | |
TOTAL FRANCE | 878,964,282 | ||
Germany - 7.0% | |||
adidas AG | 1,162,333 | 119,688,467 | |
Axel Springer Verlag AG | 122,600 | 6,384,085 | |
Bayer AG | 2,714,762 | 305,536,362 | |
Brenntag AG | 872,500 | 42,811,558 | |
Continental AG | 527,200 | 110,631,511 | |
Deutsche Boerse AG | 483,700 | 41,275,358 | |
Deutsche Post AG | 1,545,988 | 37,469,802 | |
Fresenius SE & Co. KGaA | 4,028,100 | 267,296,083 | |
KION Group AG | 1,289,900 | 63,677,792 | |
OSRAM Licht AG | 483,169 | 21,571,786 | |
ProSiebenSat.1 Media AG | 2,887,890 | 144,290,190 | |
Rational AG | 11,667 | 5,232,122 | |
SAP AG | 2,536,052 | 202,085,162 | |
Symrise AG | 1,259,300 | 81,664,626 | |
TOTAL GERMANY | 1,449,614,904 | ||
Hong Kong - 2.0% | |||
AIA Group Ltd. | 56,801,800 | 315,787,673 | |
China Resources Beer Holdings Co. Ltd. | 15,434,000 | 24,612,844 | |
Hang Seng Bank Ltd. | 1,602,800 | 26,650,722 | |
Techtronic Industries Co. Ltd. | 13,415,500 | 50,901,118 | |
TOTAL HONG KONG | 417,952,357 | ||
India - 3.1% | |||
Apollo Hospitals Enterprise Ltd. (a) | 1,724,846 | 37,594,833 | |
Axis Bank Ltd. (a) | 7,605,606 | 46,137,795 | |
Bharti Infratel Ltd. | 14,300,000 | 76,581,799 | |
HCL Technologies Ltd. | 3,632,422 | 46,599,681 | |
HDFC Bank Ltd. (a) | 10,285,876 | 187,554,938 | |
Housing Development Finance Corp. Ltd. | 8,291,778 | 145,149,257 | |
ITC Ltd. | 15,650,924 | 74,212,673 | |
Just Dial Ltd. | 1,389,317 | 12,540,204 | |
LIC Housing Finance Ltd. (a) | 3,164,765 | 22,426,354 | |
TOTAL INDIA | 648,797,534 | ||
Indonesia - 0.5% | |||
PT Bank Central Asia Tbk | 50,459,200 | 48,382,372 | |
PT Bank Rakyat Indonesia Tbk | 64,542,600 | 53,230,069 | |
TOTAL INDONESIA | 101,612,441 | ||
Ireland - 3.6% | |||
Allergan PLC (a) | 736,600 | 209,511,138 | |
DCC PLC (United Kingdom) | 823,489 | 63,575,841 | |
Greencore Group PLC | 10,839,500 | 60,213,155 | |
Horizon Pharma PLC (a) | 2,300,800 | 40,264,000 | |
Kerry Group PLC Class A | 1,103,300 | 89,966,114 | |
Medtronic PLC | 1,440,900 | 109,393,128 | |
Ryanair Holdings PLC sponsored ADR | 2,228,232 | 174,581,977 | |
TOTAL IRELAND | 747,505,353 | ||
Isle of Man - 0.6% | |||
Optimal Payments PLC (a) | 11,970,168 | 68,966,292 | |
Playtech Ltd. | 5,308,800 | 58,341,143 | |
TOTAL ISLE OF MAN | 127,307,435 | ||
Israel - 2.3% | |||
Check Point Software Technologies Ltd. (a) | 1,484,800 | 117,017,088 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 5,684,500 | 349,483,060 | |
TOTAL ISRAEL | 466,500,148 | ||
Italy - 0.7% | |||
Intesa Sanpaolo SpA | 39,082,000 | 111,351,202 | |
Mediaset SpA | 8,442,600 | 28,341,199 | |
TOTAL ITALY | 139,692,401 | ||
Japan - 14.8% | |||
Astellas Pharma, Inc. | 15,993,000 | 221,448,084 | |
Casio Computer Co. Ltd. (c) | 1,549,000 | 30,055,434 | |
Dentsu, Inc. | 1,857,900 | 98,740,385 | |
Don Quijote Holdings Co. Ltd. | 2,021,400 | 68,454,691 | |
Fast Retailing Co. Ltd. | 248,900 | 80,480,911 | |
Glory Ltd. | 1,176,600 | 37,626,125 | |
Hoya Corp. | 8,426,200 | 325,270,542 | |
Japan Exchange Group, Inc. | 7,703,500 | 109,520,272 | |
Japan Tobacco, Inc. | 5,338,100 | 209,060,013 | |
KDDI Corp. | 7,467,000 | 189,083,925 | |
Keyence Corp. | 420,510 | 198,432,665 | |
Minebea Ltd. | 1,483,000 | 11,621,823 | |
Misumi Group, Inc. | 1,240,600 | 15,171,509 | |
Mitsubishi UFJ Financial Group, Inc. | 39,627,300 | 203,204,783 | |
NGK Spark Plug Co. Ltd. | 1,670,100 | 39,458,479 | |
Nitori Holdings Co. Ltd. | 890,000 | 72,291,000 | |
Olympus Corp. | 2,376,400 | 92,665,027 | |
ORIX Corp. | 28,394,000 | 401,561,161 | |
Rakuten, Inc. | 7,472,800 | 77,230,612 | |
Seven & i Holdings Co. Ltd. | 1,642,500 | 73,259,561 | |
SHIMANO, Inc. | 638,600 | 101,872,584 | |
Shinsei Bank Ltd. | 26,747,000 | 41,804,684 | |
SoftBank Corp. | 2,671,300 | 117,632,068 | |
Sundrug Co. Ltd. | 1,700 | 112,623 | |
Suzuki Motor Corp. | 1,993,700 | 61,212,520 | |
TDK Corp. | 538,400 | 29,573,959 | |
Tsuruha Holdings, Inc. | 1,467,500 | 121,780,170 | |
Welcia Holdings Co. Ltd. | 502,400 | 27,126,026 | |
TOTAL JAPAN | 3,055,751,636 | ||
Korea (South) - 0.3% | |||
Orion Corp. | 70,722 | 60,635,336 | |
Luxembourg - 0.3% | |||
Eurofins Scientific SA | 201,300 | 66,039,313 | |
Netherlands - 3.9% | |||
AerCap Holdings NV (a) | 1,117,200 | 34,309,212 | |
Altice NV: | |||
Class A (a) | 7,032,093 | 101,416,826 | |
Class B (a) | 3,142,158 | 46,501,356 | |
Gree Electric Appliances, Inc. of Zhuhai ELS (BNP Paribas Warrants Program) (A Shares)warrants 11/24/16 (a)(d) | 1,832,000 | 5,275,326 | |
IMCD Group BV | 1,621,047 | 57,467,229 | |
ING Groep NV (Certificaten Van Aandelen) | 10,531,300 | 119,975,621 | |
NXP Semiconductors NV (a) | 887,800 | 66,389,684 | |
RELX NV | 7,782,769 | 129,866,903 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 5,757,357 | 252,628,956 | |
TOTAL NETHERLANDS | 813,831,113 | ||
New Zealand - 0.1% | |||
Ryman Healthcare Group Ltd. | 2,713,447 | 14,127,025 | |
Norway - 0.4% | |||
Statoil ASA | 5,290,200 | 72,388,322 | |
Philippines - 0.2% | |||
Alliance Global Group, Inc. | 152,405,156 | 47,365,631 | |
Singapore - 0.5% | |||
Avago Technologies Ltd. | 307,000 | 41,048,970 | |
United Overseas Bank Ltd. | 5,246,100 | 66,692,561 | |
TOTAL SINGAPORE | 107,741,531 | ||
South Africa - 0.9% | |||
Naspers Ltd. Class N | 1,517,699 | 191,796,359 | |
Spain - 2.0% | |||
Amadeus IT Holding SA Class A | 3,224,900 | 131,700,843 | |
Hispania Activos Inmobiliarios SA (a) | 2,488,000 | 30,939,626 | |
Inditex SA | 7,753,228 | 255,152,835 | |
TOTAL SPAIN | 417,793,304 | ||
Sweden - 2.7% | |||
ASSA ABLOY AB (B Shares) | 3,337,200 | 70,732,417 | |
Coor Service Management Holding AB (a)(b) | 5,316,400 | 21,510,271 | |
HEXPOL AB (B Shares) | 1,637,000 | 14,526,371 | |
Nordea Bank AB | 14,041,000 | 141,388,702 | |
Sandvik AB | 3,117,700 | 26,089,843 | |
Svenska Cellulosa AB (SCA) (B Shares) | 6,917,000 | 205,003,635 | |
Svenska Handelsbanken AB (A Shares) | 6,774,000 | 85,233,191 | |
TOTAL SWEDEN | 564,484,430 | ||
Switzerland - 4.9% | |||
Actelion Ltd. | 678,007 | 89,347,486 | |
Compagnie Financiere Richemont SA Series A | 699,231 | 45,447,155 | |
Credit Suisse Group AG | 5,855,222 | 103,727,447 | |
GAM Holding Ltd. | 1,000,546 | 13,978,199 | |
Roche Holding AG (participation certificate) | 917,154 | 237,565,182 | |
Sika AG | 27,665 | 99,003,032 | |
Syngenta AG (Switzerland) | 733,852 | 270,215,526 | |
UBS Group AG | 9,919,297 | 163,918,091 | |
TOTAL SWITZERLAND | 1,023,202,118 | ||
Taiwan - 1.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 10,535,200 | 235,461,720 | |
Thailand - 0.2% | |||
Kasikornbank PCL (For. Reg.) | 9,296,500 | 44,702,009 | |
United Kingdom - 17.1% | |||
AA PLC | 5,930,086 | 24,997,027 | |
Al Noor Hospitals Group PLC | 1,610,900 | 26,712,825 | |
Associated British Foods PLC | 2,106,800 | 95,045,344 | |
Atlassian Corp. PLC | 182,200 | 3,784,294 | |
B&M European Value Retail S.A. | 27,405,022 | 110,084,291 | |
Barclays PLC | 23,483,747 | 62,839,545 | |
BG Group PLC | 5,292,402 | 80,088,943 | |
British American Tobacco PLC sponsored ADR | 1,143,600 | 126,951,036 | |
BT Group PLC | 24,589,600 | 171,133,971 | |
Bunzl PLC | 1,766,870 | 47,268,305 | |
Capita Group PLC | 3,192,200 | 53,733,623 | |
Compass Group PLC | 6,501,976 | 111,898,260 | |
Essentra PLC (b) | 13,408,812 | 140,910,729 | |
Exova Group Ltd. PLC | 5,078,738 | 9,495,039 | |
Hikma Pharmaceuticals PLC | 2,193,723 | 63,319,076 | |
Howden Joinery Group PLC | 6,078,800 | 43,540,787 | |
IMI PLC | 1,847,935 | 21,338,392 | |
Imperial Tobacco Group PLC | 2,933,252 | 158,822,829 | |
Indivior PLC | 10,442,500 | 22,606,287 | |
ITV PLC | 44,804,400 | 171,281,561 | |
Johnson Matthey PLC | 235,049 | 8,314,750 | |
JUST EAT Ltd. (a) | 2,034,200 | 10,894,591 | |
Liberty Global PLC: | |||
Class A (a) | 1,697,700 | 58,417,857 | |
Class C (a) | 725,600 | 24,169,736 | |
LiLAC Class A (a) | 70,805 | 2,492,336 | |
LiLAC Class C (a) | 28,675 | 1,056,674 | |
Lloyds Banking Group PLC | 303,509,600 | 284,345,468 | |
London Stock Exchange Group PLC | 2,886,700 | 102,216,288 | |
Micro Focus International PLC | 3,598,741 | 71,280,848 | |
New Melrose Industries PLC | 3,030,280 | 12,919,301 | |
Next PLC | 1,961,000 | 194,367,522 | |
Poundland Group PLC (b) | 14,612,078 | 29,674,800 | |
Prudential PLC | 12,885,863 | 253,158,047 | |
Reckitt Benckiser Group PLC | 2,296,187 | 204,225,366 | |
Rolls-Royce Group PLC | 8,160,900 | 64,916,303 | |
SABMiller PLC | 2,159,800 | 129,335,020 | |
Schroders PLC | 1,527,400 | 59,677,480 | |
Softcat PLC (a) | 4,686,300 | 22,839,751 | |
Sophos Group PLC | 8,312,917 | 28,739,655 | |
Spectris PLC | 1,754,800 | 39,750,373 | |
St. James's Place Capital PLC | 13,382,100 | 183,218,713 | |
The Restaurant Group PLC | 6,254,800 | 47,652,216 | |
Virgin Money Holdings Uk PLC | 11,700,882 | 52,669,574 | |
Whitbread PLC | 1,799,962 | 103,156,411 | |
TOTAL UNITED KINGDOM | 3,535,341,244 | ||
United States of America - 7.2% | |||
Alliance Data Systems Corp. (a) | 220,800 | 44,113,632 | |
Alphabet, Inc.: | |||
Class A | 125,205 | 95,324,827 | |
Class C | 240,003 | 178,310,229 | |
Amgen, Inc. | 599,900 | 91,622,727 | |
Baxalta, Inc. | 1,826,200 | 73,066,262 | |
Celgene Corp. (a) | 685,400 | 68,759,328 | |
Cognizant Technology Solutions Corp. Class A (a) | 625,500 | 39,600,405 | |
Fidelity National Information Services, Inc. | 536,000 | 32,015,280 | |
HP, Inc. | 785,400 | 7,626,234 | |
Las Vegas Sands Corp. | 2,023,700 | 91,268,870 | |
MasterCard, Inc. Class A | 1,577,000 | 140,400,310 | |
McGraw Hill Financial, Inc. | 2,123,900 | 180,573,978 | |
Molson Coors Brewing Co. Class B | 578,300 | 52,324,584 | |
NJOY, Inc. (a)(e) | 9,361,812 | 1,198,312 | |
Noble Energy, Inc. | 1,061,456 | 34,359,331 | |
Oceaneering International, Inc. | 1,259,100 | 42,620,535 | |
Qualcomm, Inc. | 1,925,600 | 87,306,704 | |
Spectrum Brands Holdings, Inc. | 40,900 | 3,887,136 | |
The Blackstone Group LP | 641,449 | 16,850,865 | |
Visa, Inc. Class A | 2,199,300 | 163,825,857 | |
Western Digital Corp. | 915,700 | 43,935,286 | |
TOTAL UNITED STATES OF AMERICA | 1,488,990,692 | ||
TOTAL COMMON STOCKS | |||
(Cost $17,026,314,325) | 19,940,941,868 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Brazil - 0.2% | |||
Itau Unibanco Holding SA | 7,002,700 | 43,681,525 | |
Germany - 1.0% | |||
Henkel AG & Co. KGaA | 1,831,400 | 194,589,236 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $218,522,503) | 238,270,761 | ||
Principal Amount | Value | ||
Government Obligations - 0.0% | |||
United States of America - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.31% 3/3/16 to 4/28/16 (Cost $6,615,629)(f) | 6,620,000 | 6,615,615 | |
Shares | Value | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 0.38% (g) | 474,473,935 | 474,473,935 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (g)(h) | 53,089,034 | 53,089,034 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $527,562,969) | 527,562,969 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $17,779,015,426) | 20,713,391,213 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (4,333,539) | ||
NET ASSETS - 100% | $20,709,057,674 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
1,256 CME Nikkei 225 Index Contracts (United States) | March 2016 | 112,317,800 | $(11,897,798) |
The face value of futures purchased as a percentage of Net Assets is 0.5%
Currency Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(d) 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 $28,880,902 or 0.1% of net assets.
(e) Restricted securities - 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 $1,198,312 or 0.0% of net assets.
(f) 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 $6,615,615.
(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 |
NJOY, Inc. | 6/7/13 - 2/14/14 | $10,471,244 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $543,805 |
Fidelity Securities Lending Cash Central Fund | 180,639 |
Total | $724,444 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
Coor Service Management Holding AB | $22,025,249 | $-- | $327,696 | $-- | $21,510,271 |
Essentra PLC | 176,517,577 | -- | 2,249,754 | -- | 140,910,729 |
Fairfax India Holdings Corp. | 64,252,650 | -- | 873,276 | -- | 60,941,380 |
Poundland Group PLC | 60,695,655 | 1,304,918 | 687,814 | 347,496 | 29,674,800 |
Total | $323,491,131 | $1,304,918 | $4,138,540 | $347,496 | $253,037,180 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $3,214,525,908 | $199,897,301 | $2,950,076,370 | $64,552,237 |
Consumer Staples | 2,940,998,752 | 402,427,013 | 2,538,571,739 | -- |
Energy | 636,022,845 | 483,545,580 | 152,477,265 | -- |
Financials | 4,424,120,581 | 302,047,748 | 4,122,072,833 | -- |
Health Care | 3,833,506,123 | 956,226,668 | 2,877,279,455 | -- |
Industrials | 1,167,052,918 | 208,891,189 | 958,161,729 | -- |
Information Technology | 2,685,218,691 | 1,669,417,786 | 1,015,800,905 | -- |
Materials | 723,335,048 | 46,233,450 | 677,101,598 | -- |
Telecommunication Services | 554,431,763 | -- | 554,431,763 | -- |
Government Obligations | 6,615,615 | -- | 6,615,615 | -- |
Money Market Funds | 527,562,969 | 527,562,969 | -- | -- |
Total Investments in Securities: | $20,713,391,213 | $4,796,249,704 | $15,852,589,272 | $64,552,237 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(11,897,798) | $(11,897,798) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $7,076,218,294 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $17,968,468,073. Net unrealized appreciation aggregated $2,744,923,140, of which $4,259,355,113 related to appreciated investment securities and $1,514,431,973 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Small Cap Opportunities Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 89.5% | |||
Shares | Value | ||
Australia - 2.1% | |||
DuluxGroup Ltd. | 1,527,979 | $7,081,392 | |
Imdex Ltd. (a) | 2,434,488 | 343,807 | |
RCG Corp. Ltd. | 5,829,148 | 6,586,183 | |
Sydney Airport unit | 1,084,757 | 5,108,008 | |
TFS Corp. Ltd. (b) | 3,627,274 | 3,335,279 | |
TOTAL AUSTRALIA | 22,454,669 | ||
Austria - 1.1% | |||
Andritz AG | 159,900 | 7,435,092 | |
Zumtobel AG | 216,681 | 4,497,000 | |
TOTAL AUSTRIA | 11,932,092 | ||
Bailiwick of Jersey - 0.4% | |||
Integrated Diagnostics Holdings PLC (a) | 868,700 | 4,168,561 | |
Belgium - 1.3% | |||
Gimv NV | 56,688 | 2,731,673 | |
KBC Ancora | 304,438 | 11,395,633 | |
TOTAL BELGIUM | 14,127,306 | ||
Bermuda - 0.3% | |||
Vostok New Ventures Ltd. SDR (a) | 712,589 | 3,652,630 | |
Canada - 1.6% | |||
Cara Operations Ltd. | 251,700 | 4,554,640 | |
McCoy Global, Inc. | 636,215 | 953,709 | |
New Look Vision Group, Inc. | 187,200 | 3,374,117 | |
Pason Systems, Inc. | 413,800 | 5,296,191 | |
ShawCor Ltd. Class A | 134,500 | 2,904,294 | |
TOTAL CANADA | 17,082,951 | ||
Cayman Islands - 0.7% | |||
58.com, Inc. ADR (a) | 67,900 | 3,809,190 | |
Value Partners Group Ltd. (b) | 3,545,000 | 3,224,964 | |
TOTAL CAYMAN ISLANDS | 7,034,154 | ||
Denmark - 1.5% | |||
Jyske Bank A/S (Reg.) (a) | 208,127 | 9,139,098 | |
Spar Nord Bank A/S | 846,369 | 6,965,158 | |
TOTAL DENMARK | 16,104,256 | ||
Finland - 0.5% | |||
Tikkurila Oyj | 345,646 | 5,862,259 | |
France - 2.2% | |||
Elis SA | 320,597 | 5,602,861 | |
Laurent-Perrier Group SA | 46,163 | 4,087,551 | |
Vetoquinol SA | 112,384 | 4,480,135 | |
Virbac SA | 48,752 | 8,956,184 | |
TOTAL FRANCE | 23,126,731 | ||
Germany - 5.4% | |||
alstria office REIT-AG | 425,500 | 5,312,969 | |
CompuGroup Medical AG | 470,896 | 18,938,515 | |
CTS Eventim AG | 541,280 | 19,911,504 | |
Fielmann AG | 151,773 | 11,451,566 | |
Nexus AG | 130,295 | 2,468,363 | |
TOTAL GERMANY | 58,082,917 | ||
Greece - 0.3% | |||
Titan Cement Co. SA (Reg.) | 154,480 | 2,978,852 | |
India - 0.5% | |||
Jyothy Laboratories Ltd. | 1,289,354 | 5,468,504 | |
Ireland - 1.2% | |||
FBD Holdings PLC | 240,328 | 1,681,432 | |
James Hardie Industries PLC: | |||
CDI | 395,775 | 4,586,147 | |
sponsored ADR | 564,575 | 6,453,092 | |
TOTAL IRELAND | 12,720,671 | ||
Isle of Man - 0.7% | |||
Playtech Ltd. | 641,592 | 7,050,786 | |
Israel - 1.4% | |||
Azrieli Group | 121,005 | 4,261,815 | |
Ituran Location & Control Ltd. | 227,133 | 4,138,363 | |
Sarine Technologies Ltd. | 952,300 | 1,037,912 | |
Strauss Group Ltd. | 434,244 | 5,997,058 | |
TOTAL ISRAEL | 15,435,148 | ||
Italy - 3.5% | |||
Azimut Holding SpA | 631,097 | 13,288,730 | |
Banco di Desio e della Brianza SpA | 1,070,000 | 2,717,841 | |
Beni Stabili SpA SIIQ | 12,945,675 | 8,746,697 | |
Interpump Group SpA | 1,012,943 | 12,891,243 | |
TOTAL ITALY | 37,644,511 | ||
Japan - 25.6% | |||
Aoki Super Co. Ltd. | 265,000 | 2,789,214 | |
Artnature, Inc. | 743,500 | 5,633,282 | |
Asahi Co. Ltd. | 537,000 | 6,723,216 | |
Autobacs Seven Co. Ltd. | 409,300 | 7,156,323 | |
Azbil Corp. | 509,700 | 11,824,273 | |
Broadleaf Co. Ltd. | 79,000 | 730,784 | |
Coca-Cola Central Japan Co. Ltd. | 383,300 | 6,185,361 | |
Daiichikosho Co. Ltd. | 216,300 | 8,719,321 | |
Daikokutenbussan Co. Ltd. | 169,100 | 6,030,598 | |
GCA Savvian Group Corp. | 433,300 | 3,974,013 | |
Glory Ltd. | 302,100 | 9,660,762 | |
Goldcrest Co. Ltd. | 472,130 | 7,940,936 | |
Iwatsuka Confectionary Co. Ltd. | 50,400 | 2,352,408 | |
Japan Digital Laboratory Co. | 451,800 | 6,012,703 | |
Kobayashi Pharmaceutical Co. Ltd. | 131,000 | 11,162,049 | |
Koshidaka Holdings Co. Ltd. | 166,900 | 3,041,748 | |
Lasertec Corp. | 376,136 | 3,585,615 | |
Medikit Co. Ltd. | 119,200 | 3,672,835 | |
Meiko Network Japan Co. Ltd. | 112,600 | 1,052,885 | |
Miraial Co. Ltd. | 73,200 | 570,151 | |
Nagaileben Co. Ltd. | 537,600 | 8,585,456 | |
Nakano Refrigerators Co. Ltd. | 96,000 | 2,400,451 | |
ND Software Co. Ltd. | 72,982 | 630,390 | |
Nihon Parkerizing Co. Ltd. | 1,223,000 | 11,602,767 | |
Nippon Seiki Co. Ltd. | 132,000 | 2,898,759 | |
NS Tool Co. Ltd. (b) | 35,600 | 638,003 | |
OBIC Co. Ltd. | 347,500 | 18,000,463 | |
OSG Corp. | 715,000 | 11,882,852 | |
Paramount Bed Holdings Co. Ltd. | 221,400 | 7,634,942 | |
ProNexus, Inc. | 747,900 | 6,181,628 | |
San-Ai Oil Co. Ltd. | 620,000 | 4,807,934 | |
Seven Bank Ltd. | 3,368,800 | 14,347,671 | |
SHO-BOND Holdings Co. Ltd. | 263,700 | 9,043,686 | |
Shoei Co. Ltd. | 289,426 | 5,233,915 | |
SK Kaken Co. Ltd. | 67,000 | 5,252,038 | |
Software Service, Inc. | 62,900 | 2,097,736 | |
Techno Medica Co. Ltd. | 79,491 | 1,708,765 | |
The Monogatari Corp. | 61,200 | 2,612,666 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 356,000 | 2,483,195 | |
TKC Corp. | 239,900 | 5,848,030 | |
Tocalo Co. Ltd. | 117,000 | 2,237,675 | |
Tsutsumi Jewelry Co. Ltd. | 134,000 | 2,696,336 | |
USS Co. Ltd. | 1,504,000 | 23,103,915 | |
Workman Co. Ltd. | 94,100 | 5,465,160 | |
Yamada Consulting Group Co. Ltd. | 130,200 | 3,760,152 | |
Yamato Kogyo Co. Ltd. | 99,100 | 2,346,287 | |
TOTAL JAPAN | 272,319,349 | ||
Korea (South) - 1.5% | |||
BGFretail Co. Ltd. | 77,226 | 13,809,618 | |
Leeno Industrial, Inc. | 57,500 | 1,851,676 | |
TOTAL KOREA (SOUTH) | 15,661,294 | ||
Mexico - 0.4% | |||
Consorcio ARA S.A.B. de CV | 16,196,078 | 4,759,416 | |
Netherlands - 2.5% | |||
Aalberts Industries NV | 319,501 | 10,091,394 | |
Heijmans NV (Certificaten Van Aandelen) (a)(b) | 356,792 | 2,751,243 | |
VastNed Retail NV | 317,390 | 13,896,255 | |
TOTAL NETHERLANDS | 26,738,892 | ||
Norway - 0.4% | |||
Kongsberg Gruppen ASA | 272,600 | 4,347,165 | |
Philippines - 0.4% | |||
Jollibee Food Corp. | 951,090 | 4,105,649 | |
South Africa - 0.6% | |||
Alexander Forbes Group Holding | 5,223,618 | 1,775,098 | |
Clicks Group Ltd. | 838,287 | 4,591,900 | |
TOTAL SOUTH AFRICA | 6,366,998 | ||
Spain - 1.7% | |||
Hispania Activos Inmobiliarios SA (a) | 210,543 | 2,618,216 | |
Merlin Properties Socimi SA | 578,100 | 6,713,516 | |
Prosegur Compania de Seguridad SA (Reg.) | 2,082,690 | 9,342,542 | |
TOTAL SPAIN | 18,674,274 | ||
Sweden - 3.0% | |||
Fagerhult AB | 797,305 | 13,291,325 | |
Intrum Justitia AB | 376,534 | 12,476,998 | |
Saab AB (B Shares) | 195,000 | 5,886,292 | |
TOTAL SWEDEN | 31,654,615 | ||
Switzerland - 0.3% | |||
Tecan Group AG | 20,393 | 2,944,811 | |
Taiwan - 0.4% | |||
Addcn Technology Co. Ltd. | 501,900 | 3,825,809 | |
United Kingdom - 20.3% | |||
AA PLC | 1,286,400 | 5,422,548 | |
Alliance Pharma PLC | 4,253,100 | 3,033,060 | |
Bellway PLC | 402,872 | 15,997,126 | |
Berendsen PLC | 1,169,263 | 18,232,633 | |
Britvic PLC | 543,571 | 5,611,865 | |
Dechra Pharmaceuticals PLC | 544,609 | 7,779,163 | |
DP Poland PLC (a)(c) | 8,188,000 | 2,611,501 | |
Elementis PLC | 2,762,310 | 8,483,254 | |
Great Portland Estates PLC | 836,189 | 9,170,891 | |
Hilton Food Group PLC | 220,288 | 1,645,171 | |
Howden Joinery Group PLC | 1,536,300 | 11,004,098 | |
Informa PLC | 1,603,965 | 14,587,343 | |
InterContinental Hotel Group PLC ADR (b) | 216,931 | 7,189,093 | |
ITE Group PLC | 2,109,534 | 4,234,193 | |
JUST EAT Ltd. (a) | 852,370 | 4,565,049 | |
Rightmove PLC | 155,414 | 8,867,713 | |
Shaftesbury PLC | 1,012,673 | 12,156,543 | |
Spectris PLC | 526,578 | 11,928,238 | |
Spirax-Sarco Engineering PLC | 393,791 | 17,187,871 | |
Taylor Wimpey PLC | 1,686,800 | 4,651,088 | |
Ted Baker PLC | 221,700 | 9,497,211 | |
Topps Tiles PLC | 2,173,300 | 4,229,041 | |
Ultra Electronics Holdings PLC | 356,537 | 9,700,651 | |
Unite Group PLC | 1,959,823 | 18,023,222 | |
TOTAL UNITED KINGDOM | 215,808,566 | ||
United States of America - 7.7% | |||
ANSYS, Inc. (a) | 36,085 | 3,182,336 | |
Autoliv, Inc. (b) | 68,200 | 7,009,596 | |
Broadridge Financial Solutions, Inc. | 93,905 | 5,029,552 | |
China Biologic Products, Inc. (a) | 83,180 | 10,669,499 | |
Domino's Pizza, Inc. | 42,000 | 4,785,060 | |
Energizer Holdings, Inc. | 44,409 | 1,422,864 | |
Kennedy-Wilson Holdings, Inc. | 490,329 | 9,943,872 | |
Martin Marietta Materials, Inc. | 34,720 | 4,360,138 | |
Mohawk Industries, Inc. (a) | 42,600 | 7,089,066 | |
PriceSmart, Inc. | 144,199 | 11,039,875 | |
ResMed, Inc. | 86,095 | 4,881,587 | |
SS&C Technologies Holdings, Inc. | 189,258 | 12,167,397 | |
TOTAL UNITED STATES OF AMERICA | 81,580,842 | ||
TOTAL COMMON STOCKS | |||
(Cost $887,416,392) | 953,714,678 | ||
Nonconvertible Preferred Stocks - 1.6% | |||
Germany - 1.6% | |||
Sartorius AG (non-vtg.) | |||
(Cost $9,053,715) | 66,020 | 16,981,300 | |
Money Market Funds - 9.3% | |||
Fidelity Cash Central Fund, 0.38% (d) | 91,099,780 | 91,099,780 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 7,633,259 | 7,633,259 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $98,733,039) | 98,733,039 | ||
TOTAL INVESTMENT PORTFOLIO - 100.4% | |||
(Cost $995,203,146) | 1,069,429,017 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (4,048,655) | ||
NET ASSETS - 100% | $1,065,380,362 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated company
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $71,556 |
Fidelity Securities Lending Cash Central Fund | 19,916 |
Total | $91,472 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
DP Poland PLC | $2,507,081 | $314,622 | $-- | $-- | $2,611,501 |
Total | $2,507,081 | $314,622 | $-- | $-- | $2,611,501 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $216,331,735 | $38,760,988 | $177,570,747 | $-- |
Consumer Staples | 87,827,318 | 18,459,797 | 69,367,521 | -- |
Energy | 13,962,128 | 9,154,194 | 4,807,934 | -- |
Financials | 173,678,873 | 14,205,687 | 159,473,186 | -- |
Health Care | 109,631,302 | 15,551,086 | 94,080,216 | -- |
Industrials | 191,107,987 | -- | 191,107,987 | -- |
Information Technology | 112,988,128 | 28,326,838 | 84,661,290 | -- |
Materials | 65,168,507 | 10,813,230 | 54,355,277 | -- |
Money Market Funds | 98,733,039 | 98,733,039 | -- | -- |
Total Investments in Securities: | $1,069,429,017 | $234,004,859 | $835,424,158 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $463,548,903 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,002,844,855. Net unrealized appreciation aggregated $66,584,162, of which $148,476,714 related to appreciated investment securities and $81,892,552 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Capital Appreciation Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Australia - 3.4% | |||
Amcor Ltd. | 738,890 | $7,046,029 | |
Carsales.com Ltd. | 698,702 | 5,904,533 | |
CSL Ltd. | 117,059 | 8,719,616 | |
Ramsay Health Care Ltd. | 137,538 | 5,971,397 | |
realestate.com.au Ltd. | 159,916 | 6,069,966 | |
Sydney Airport unit | 1,455,124 | 6,852,027 | |
Transurban Group unit | 950,955 | 7,331,553 | |
TOTAL AUSTRALIA | 47,895,121 | ||
Bailiwick of Jersey - 1.1% | |||
Experian PLC | 420,300 | 7,169,842 | |
WPP PLC | 376,800 | 8,194,459 | |
TOTAL BAILIWICK OF JERSEY | 15,364,301 | ||
Belgium - 1.5% | |||
Anheuser-Busch InBev SA NV | 117,930 | 14,831,644 | |
Ontex Group NV | 161,000 | 5,966,618 | |
TOTAL BELGIUM | 20,798,262 | ||
Bermuda - 0.5% | |||
Axalta Coating Systems (a) | 264,500 | 6,297,745 | |
Canada - 1.8% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 177,200 | 7,713,367 | |
Canadian National Railway Co. | 179,730 | 9,744,088 | |
Constellation Software, Inc. | 19,860 | 7,230,066 | |
TOTAL CANADA | 24,687,521 | ||
Cayman Islands - 2.3% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 133,930 | 8,977,328 | |
Baidu.com, Inc. sponsored ADR (a) | 49,100 | 8,016,557 | |
Tencent Holdings Ltd. | 809,600 | 15,209,713 | |
TOTAL CAYMAN ISLANDS | 32,203,598 | ||
Denmark - 1.6% | |||
Coloplast A/S Series B | 80,500 | 6,608,916 | |
Novo Nordisk A/S Series B sponsored ADR | 278,780 | 15,575,439 | |
TOTAL DENMARK | 22,184,355 | ||
Finland - 0.5% | |||
Sampo Oyj (A Shares) | 155,500 | 7,529,974 | |
France - 3.7% | |||
Capgemini SA | 74,300 | 6,789,590 | |
Christian Dior SA | 40,349 | 6,824,090 | |
Dassault Systemes SA | 89,000 | 6,879,122 | |
Essilor International SA | 62,122 | 7,706,967 | |
Hermes International SCA | 19,370 | 6,589,932 | |
L'Oreal SA | 56,300 | 9,623,061 | |
Sodexo SA (b) | 68,930 | 6,750,898 | |
TOTAL FRANCE | 51,163,660 | ||
Germany - 7.9% | |||
adidas AG | 72,800 | 7,496,406 | |
Axel Springer Verlag AG | 126,200 | 6,571,546 | |
Bayer AG | 123,730 | 13,925,351 | |
CTS Eventim AG | 175,038 | 6,438,941 | |
Fresenius Medical Care AG & Co. KGaA | 90,900 | 8,072,895 | |
Fresenius SE & Co. KGaA | 123,020 | 8,163,344 | |
Henkel AG & Co. KGaA | 89,389 | 8,242,517 | |
ProSiebenSat.1 Media AG | 128,760 | 6,433,349 | |
SAP AG | 157,447 | 12,546,155 | |
Scout24 Holding GmbH (a) | 180,048 | 5,994,596 | |
Stroer Out-of-Home Media AG (b) | 108,900 | 6,408,704 | |
Symrise AG | 95,700 | 6,206,071 | |
United Internet AG | 123,976 | 6,416,185 | |
Wirecard AG (b) | 122,111 | 6,175,255 | |
TOTAL GERMANY | 109,091,315 | ||
Hong Kong - 1.3% | |||
AIA Group Ltd. | 2,258,000 | 12,553,274 | |
Techtronic Industries Co. Ltd. | 1,560,000 | 5,918,955 | |
TOTAL HONG KONG | 18,472,229 | ||
India - 4.1% | |||
Adani Ports & Special Economic Zone (a) | 1,900,777 | 5,992,976 | |
Amara Raja Batteries Ltd. (a) | 450,329 | 5,592,256 | |
Asian Paints India Ltd. | 482,297 | 6,207,852 | |
Colgate-Palmolive (India) | 453,556 | 5,750,147 | |
GlaxoSmithKline Consumer Healthcare Ltd. (a) | 68,184 | 5,873,414 | |
HDFC Bank Ltd. (a) | 310,225 | 5,656,711 | |
Housing Development Finance Corp. Ltd. | 474,962 | 8,314,306 | |
ITC Ltd. | 1,454,594 | 6,897,312 | |
Tata Consultancy Services Ltd. | 204,949 | 7,249,412 | |
TOTAL INDIA | 57,534,386 | ||
Indonesia - 1.0% | |||
PT Bank Central Asia Tbk | 7,610,100 | 7,296,879 | |
PT Bank Rakyat Indonesia Tbk | 8,576,200 | 7,073,030 | |
TOTAL INDONESIA | 14,369,909 | ||
Ireland - 3.2% | |||
Accenture PLC Class A | 59,400 | 6,269,076 | |
Allegion PLC | 101,000 | 6,116,560 | |
Kerry Group PLC Class A | 80,200 | 6,539,728 | |
Kingspan Group PLC (Ireland) | 253,669 | 6,532,104 | |
Medtronic PLC | 78,220 | 5,938,462 | |
Paddy Power PLC (Ireland) | 44,130 | 6,591,370 | |
Ryanair Holdings PLC sponsored ADR | 80,862 | 6,335,538 | |
TOTAL IRELAND | 44,322,838 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 556,974 | 6,120,875 | |
Israel - 1.7% | |||
Check Point Software Technologies Ltd. (a) | 78,200 | 6,162,942 | |
Frutarom Industries Ltd. | 124,900 | 6,291,040 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 175,330 | 10,779,288 | |
TOTAL ISRAEL | 23,233,270 | ||
Italy - 0.9% | |||
Atlantia SpA | 271,764 | 7,120,862 | |
Recordati SpA | 232,821 | 5,770,506 | |
TOTAL ITALY | 12,891,368 | ||
Japan - 5.9% | |||
Astellas Pharma, Inc. | 599,900 | 8,306,553 | |
Daito Trust Construction Co. Ltd. | 55,300 | 7,030,619 | |
Dentsu, Inc. | 126,000 | 6,696,425 | |
Hoya Corp. | 182,900 | 7,060,357 | |
Kansai Paint Co. Ltd. | 431,200 | 6,024,486 | |
Keyence Corp. | 16,420 | 7,748,364 | |
Misumi Group, Inc. | 433,900 | 5,306,237 | |
Nippon Paint Holdings Co. Ltd. | 313,000 | 5,982,771 | |
OBIC Co. Ltd. | 48,700 | 2,522,655 | |
Olympus Corp. | 173,600 | 6,769,335 | |
Sundrug Co. Ltd. | 87,800 | 5,816,672 | |
Tsuruha Holdings, Inc. | 71,700 | 5,950,009 | |
Unicharm Corp. | 339,500 | 6,627,003 | |
TOTAL JAPAN | 81,841,486 | ||
Korea (South) - 1.2% | |||
AMOREPACIFIC Group, Inc. | 48,714 | 6,059,973 | |
LG Household & Health Care Ltd. | 5,939 | 4,913,110 | |
NAVER Corp. | 9,623 | 5,035,235 | |
TOTAL KOREA (SOUTH) | 16,008,318 | ||
Luxembourg - 0.4% | |||
Eurofins Scientific SA | 18,300 | 6,003,574 | |
Mexico - 1.7% | |||
Grupo Aeroportuario del Pacifico SA de CV Series B | 707,300 | 5,940,653 | |
Grupo Aeroportuario del Sureste SA de CV Series B | 483,200 | 6,605,529 | |
Grupo Aeroportuario Norte S.A.B. de CV | 1,286,600 | 5,986,199 | |
Megacable Holdings S.A.B. de CV unit | 1,562,600 | 5,728,234 | |
TOTAL MEXICO | 24,260,615 | ||
Netherlands - 1.0% | |||
Heineken Holding NV | 106,700 | 8,165,537 | |
IMCD Group BV | 150,766 | 5,344,758 | |
TOTAL NETHERLANDS | 13,510,295 | ||
Norway - 0.4% | |||
Schibsted ASA (A Shares) | 202,900 | 5,955,349 | |
Philippines - 2.9% | |||
Ayala Corp. | 506,680 | 7,247,536 | |
Ayala Land, Inc. | 9,949,100 | 6,594,635 | |
GT Capital Holdings, Inc. | 242,005 | 6,572,150 | |
International Container Terminal Services, Inc. | 4,732,750 | 6,054,824 | |
SM Investments Corp. | 378,643 | 6,614,656 | |
SM Prime Holdings, Inc. | 15,063,200 | 6,730,032 | |
TOTAL PHILIPPINES | 39,813,833 | ||
South Africa - 1.1% | |||
Discovery Ltd. | 443,000 | 3,611,566 | |
Naspers Ltd. Class N | 90,517 | 11,438,916 | |
TOTAL SOUTH AFRICA | 15,050,482 | ||
Spain - 2.2% | |||
Aena SA | 60,630 | 6,750,789 | |
Amadeus IT Holding SA Class A | 194,300 | 7,934,967 | |
Grifols SA ADR | 451,320 | 6,553,166 | |
Inditex SA | 275,236 | 9,057,807 | |
TOTAL SPAIN | 30,296,729 | ||
Sweden - 1.6% | |||
ASSA ABLOY AB (B Shares) | 361,362 | 7,659,118 | |
Hexagon AB (B Shares) | 194,500 | 6,485,869 | |
Svenska Cellulosa AB (SCA) (B Shares) | 266,300 | 7,892,507 | |
TOTAL SWEDEN | 22,037,494 | ||
Switzerland - 4.2% | |||
BB BIOTECH AG | 26,390 | 6,132,039 | |
Givaudan SA | 4,020 | 7,528,191 | |
Kaba Holding AG (B Shares) (Reg.) | 9,360 | 5,782,119 | |
Nestle SA | 356,171 | 26,239,982 | |
Partners Group Holding AG | 17,500 | 6,311,457 | |
Sika AG | 1,880 | 6,727,840 | |
TOTAL SWITZERLAND | 58,721,628 | ||
Taiwan - 1.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 661,400 | 14,782,290 | |
Thailand - 0.5% | |||
Airports of Thailand PCL (For. Reg.) | 624,200 | 6,644,515 | |
United Arab Emirates - 0.4% | |||
DP World Ltd. | 335,796 | 5,826,061 | |
United Kingdom - 15.0% | |||
Aon PLC | 69,230 | 6,080,471 | |
ARM Holdings PLC | 515,000 | 7,346,669 | |
Associated British Foods PLC | 170,900 | 7,709,915 | |
Auto Trader Group PLC | 1,082,300 | 6,075,653 | |
Berkeley Group Holdings PLC | 118,850 | 6,008,654 | |
British American Tobacco PLC (United Kingdom) | 279,200 | 15,558,000 | |
Bunzl PLC | 248,642 | 6,651,811 | |
Compass Group PLC | 467,676 | 8,048,650 | |
Dignity PLC | 184,812 | 6,205,652 | |
Diploma PLC | 602,359 | 5,770,106 | |
Essentra PLC | 527,000 | 5,538,146 | |
Halma PLC | 508,600 | 6,086,022 | |
Hargreaves Lansdown PLC | 328,000 | 6,394,531 | |
Howden Joinery Group PLC | 823,290 | 5,897,002 | |
Imperial Tobacco Group PLC | 195,983 | 10,611,626 | |
InterContinental Hotel Group PLC | 198,400 | 6,519,915 | |
Intertek Group PLC | 158,200 | 6,412,003 | |
ITV PLC | 1,805,746 | 6,903,139 | |
London Stock Exchange Group PLC | 209,654 | 7,423,720 | |
Moneysupermarket.com Group PLC | 1,204,700 | 5,829,072 | |
Persimmon PLC | 245,400 | 7,160,597 | |
Prudential PLC | 554,458 | 10,892,984 | |
Reckitt Benckiser Group PLC | 124,380 | 11,062,492 | |
Rightmove PLC | 111,154 | 6,342,297 | |
St. James's Place Capital PLC | 486,876 | 6,665,979 | |
The Restaurant Group PLC | 828,285 | 6,310,292 | |
Unilever PLC | 391,400 | 17,207,820 | |
TOTAL UNITED KINGDOM | 208,713,218 | ||
United States of America - 22.5% | |||
A.O. Smith Corp. | 89,930 | 6,281,611 | |
Acuity Brands, Inc. | 30,660 | 6,206,504 | |
Adobe Systems, Inc. (a) | 70,500 | 6,283,665 | |
Alphabet, Inc. Class C | 8,340 | 6,196,203 | |
Altria Group, Inc. | 101,000 | 6,172,110 | |
Amazon.com, Inc. (a) | 10,500 | 6,163,500 | |
AMETEK, Inc. | 119,600 | 5,627,180 | |
Amphenol Corp. Class A | 128,492 | 6,369,348 | |
AutoZone, Inc. (a) | 8,000 | 6,139,120 | |
Cerner Corp. (a) | 107,930 | 6,261,019 | |
Colgate-Palmolive Co. | 94,100 | 6,354,573 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 39,960 | 6,093,101 | |
CVS Health Corp. | 61,000 | 5,891,990 | |
Danaher Corp. | 71,930 | 6,232,735 | |
Domino's Pizza, Inc. | 54,430 | 6,201,210 | |
Ecolab, Inc. | 58,360 | 6,295,293 | |
Estee Lauder Companies, Inc. Class A | 72,460 | 6,177,215 | |
Facebook, Inc. Class A (a) | 60,300 | 6,766,263 | |
FactSet Research Systems, Inc. | 40,060 | 6,037,042 | |
Fiserv, Inc. (a) | 65,985 | 6,239,542 | |
FleetCor Technologies, Inc. (a) | 48,810 | 5,995,820 | |
Gartner, Inc. Class A (a) | 69,700 | 6,125,933 | |
Henry Schein, Inc. (a) | 38,000 | 5,754,720 | |
Home Depot, Inc. | 48,400 | 6,086,784 | |
International Flavors & Fragrances, Inc. | 53,100 | 6,210,576 | |
Kimberly-Clark Corp. | 46,000 | 5,907,320 | |
L Brands, Inc. | 61,500 | 5,913,225 | |
MasterCard, Inc. Class A | 71,130 | 6,332,704 | |
McGraw Hill Financial, Inc. | 72,063 | 6,126,796 | |
MercadoLibre, Inc. | 60,100 | 5,904,224 | |
Mettler-Toledo International, Inc. (a) | 19,660 | 6,150,631 | |
Molson Coors Brewing Co. Class B | 67,900 | 6,143,592 | |
Moody's Corp. | 67,200 | 5,990,208 | |
MSCI, Inc. Class A | 91,200 | 6,278,208 | |
NIKE, Inc. Class B | 99,600 | 6,176,196 | |
O'Reilly Automotive, Inc. (a) | 24,350 | 6,352,915 | |
PayPal Holdings, Inc. (a) | 185,200 | 6,693,128 | |
Philip Morris International, Inc. | 67,900 | 6,111,679 | |
PPG Industries, Inc. | 64,146 | 6,101,568 | |
Priceline Group, Inc. (a) | 5,743 | 6,116,123 | |
Reynolds American, Inc. | 121,300 | 6,058,935 | |
ServiceMaster Global Holdings, Inc. (a) | 149,500 | 6,310,395 | |
Sherwin-Williams Co. | 24,860 | 6,355,956 | |
Snap-On, Inc. | 38,440 | 6,210,366 | |
SS&C Technologies Holdings, Inc. | 89,400 | 5,747,526 | |
Starbucks Corp. | 98,700 | 5,997,999 | |
The Walt Disney Co. | 63,507 | 6,085,241 | |
Thermo Fisher Scientific, Inc. | 46,000 | 6,074,760 | |
TJX Companies, Inc. | 85,600 | 6,098,144 | |
TransDigm Group, Inc. (a) | 25,930 | 5,827,249 | |
Visa, Inc. Class A | 82,768 | 6,165,388 | |
TOTAL UNITED STATES OF AMERICA | 313,393,533 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,269,896,346) | 1,377,020,147 | ||
Nonconvertible Preferred Stocks - 0.5% | |||
Germany - 0.5% | |||
Sartorius AG (non-vtg.) | |||
(Cost $2,626,053) | 24,784 | 6,374,804 | |
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.38% (c) | 17,300,103 | 17,300,103 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 16,221,101 | 16,221,101 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $33,521,204) | 33,521,204 | ||
TOTAL INVESTMENT PORTFOLIO - 101.9% | |||
(Cost $1,306,043,603) | 1,416,916,155 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (26,427,784) | ||
NET ASSETS - 100% | $1,390,488,371 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $11,459 |
Fidelity Securities Lending Cash Central Fund | 28,331 |
Total | $39,790 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $245,860,100 | $79,369,086 | $166,491,014 | $-- |
Consumer Staples | 260,162,969 | 62,623,882 | 197,539,087 | -- |
Financials | 154,412,108 | 30,512,725 | 123,899,383 | -- |
Health Care | 168,673,139 | 63,087,485 | 105,585,654 | -- |
Industrials | 198,522,829 | 82,940,273 | 115,582,556 | -- |
Information Technology | 266,950,242 | 126,258,003 | 140,692,239 | -- |
Materials | 88,813,564 | 37,552,178 | 51,261,386 | -- |
Money Market Funds | 33,521,204 | 33,521,204 | -- | -- |
Total Investments in Securities: | $1,416,916,155 | $515,864,836 | $901,051,319 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $340,603,640 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $1,311,511,770. Net unrealized appreciation aggregated $105,404,385, of which $145,234,367 related to appreciated investment securities and $39,829,982 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Emerging Asia Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
Australia - 0.2% | |||
Beacon Lighting Group Ltd. | 438,521 | $620,875 | |
Sino Gas & Energy Ltd. (a) | 4,797,856 | 112,978 | |
Woodside Petroleum Ltd. | 47,102 | 949,311 | |
TOTAL AUSTRALIA | 1,683,164 | ||
Bermuda - 2.8% | |||
Brilliance China Automotive Holdings Ltd. | 3,062,000 | 2,952,236 | |
BW LPG Ltd. | 33,694 | 258,712 | |
Cheung Kong Infrastructure Holdings Ltd. | 338,000 | 3,179,042 | |
CSI Properties Ltd. | 31,520,000 | 855,959 | |
Digital China Holdings Ltd. (H Shares) | 1,206,000 | 1,250,265 | |
Great Eagle Holdings Ltd. | 153,000 | 429,746 | |
Hongkong Land Holdings Ltd. | 675,600 | 4,256,851 | |
Joy City Property Ltd. | 2,692,000 | 354,126 | |
Kerry Logistics Network Ltd. | 1,607,000 | 2,220,208 | |
PAX Global Technology Ltd. | 2,382,000 | 2,414,617 | |
Shenzhen International Holdings Ltd. | 2,077,000 | 3,263,343 | |
Skyworth Digital Holdings Ltd. | 5,505,200 | 2,860,709 | |
Summit Ascent Holdings Ltd. (a) | 978,000 | 231,680 | |
Tai Cheung Holdings Ltd. | 244,000 | 181,194 | |
TOTAL BERMUDA | 24,708,688 | ||
Cayman Islands - 14.8% | |||
58.com, Inc. ADR (a) | 56,000 | 3,141,600 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 240,700 | 16,134,121 | |
AMVIG Holdings Ltd. | 1,270,000 | 475,658 | |
Belle International Holdings Ltd. | 2,588,000 | 1,743,699 | |
Bitauto Holdings Ltd. ADR (a) | 42,800 | 798,220 | |
Changyou.com Ltd. (A Shares) ADR (a) | 45,500 | 836,745 | |
Cheung Kong Property Holdings Ltd. | 1,636,000 | 8,867,673 | |
China Modern Dairy Holdings Ltd. | 6,486,000 | 1,189,581 | |
China Resources Cement Holdings Ltd. | 9,945,706 | 2,409,499 | |
China State Construction International Holdings Ltd. | 2,558,000 | 4,130,878 | |
ChinaCache International Holdings Ltd. sponsored ADR (a)(b) | 63,600 | 464,916 | |
CK Hutchison Holdings Ltd. | 985,500 | 12,313,524 | |
Cosmo Lady (China) Holdings Co. Ltd. | 552,000 | 496,696 | |
Ctrip.com International Ltd. sponsored ADR (a) | 84,200 | 3,593,656 | |
Daqo New Energy Corp. ADR (a) | 24,933 | 380,976 | |
E-Commerce China Dangdang, Inc. ADR (a)(b) | 147,000 | 993,720 | |
ENN Energy Holdings Ltd. | 934,000 | 4,211,446 | |
Greatview Aseptic Pack Co. Ltd. | 2,085,000 | 874,924 | |
Haitian International Holdings Ltd. | 564,000 | 685,950 | |
iKang Healthcare Group, Inc. sponsored ADR (a) | 20,600 | 428,480 | |
International Housewares Retail Co. Ltd. | 6,982,000 | 900,599 | |
JD.com, Inc. sponsored ADR (a) | 132,000 | 3,435,960 | |
KWG Property Holding Ltd. | 1,350,500 | 856,065 | |
Lee & Man Paper Manufacturing Ltd. | 4,934,000 | 2,796,182 | |
Lee's Pharmaceutical Holdings Ltd. | 333,500 | 308,404 | |
Longfor Properties Co. Ltd. | 3,094,000 | 3,952,743 | |
MGM China Holdings Ltd. | 3,785,200 | 4,556,856 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 64,500 | 2,025,945 | |
Pico Far East Holdings Ltd. | 1,932,000 | 474,604 | |
Samson Holding Ltd. | 4,079,000 | 472,815 | |
SITC International Holdings Co. Ltd. | 2,863,000 | 1,328,834 | |
Sitoy Group Holdings Ltd. | 1,108,000 | 374,194 | |
SOHO China Ltd. | 2,636,500 | 1,230,140 | |
Stella International Holdings Ltd. | 425,000 | 1,019,744 | |
TAL Education Group ADR (a)(b) | 38,600 | 1,851,642 | |
TCC International Holdings Ltd. | 2,076,000 | 303,554 | |
Tencent Holdings Ltd. | 1,812,800 | 34,056,530 | |
Tuniu Corp. Class A sponsored ADR (a) | 64,600 | 824,942 | |
Uni-President China Holdings Ltd. | 2,383,000 | 1,546,225 | |
Xingda International Holdings Ltd. | 2,193,000 | 406,953 | |
Youku Tudou, Inc. ADR (a) | 49,700 | 1,353,331 | |
Zhen Ding Technology Holding Ltd. | 282,000 | 596,702 | |
TOTAL CAYMAN ISLANDS | 128,844,926 | ||
China - 13.9% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 918,500 | 1,803,330 | |
BBMG Corp. (H Shares) | 4,464,000 | 2,508,548 | |
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) | 3,018,000 | 890,791 | |
Beijing Urban Consolidated & Development Group Ltd. (H Shares) | 1,574,000 | 819,254 | |
China Construction Bank Corp. (H Shares) | 35,882,000 | 21,905,784 | |
China Oilfield Services Ltd. (H Shares) | 2,436,000 | 1,768,610 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 2,081,200 | 7,343,828 | |
China Petroleum & Chemical Corp. (H Shares) | 12,382,000 | 6,995,065 | |
China Railway Construction Corp. Ltd. (H Shares) | 3,423,000 | 3,437,582 | |
China Shipping Development Co. Ltd. (H Shares) | 1,886,000 | 1,189,447 | |
China Telecom Corp. Ltd. (H Shares) | 17,810,000 | 8,376,837 | |
China Vanke Co. Ltd. (H Shares) | 1,906,700 | 4,367,431 | |
Chongqing Changan Automobile Co. Ltd. (B Shares) | 759,543 | 1,491,268 | |
Huadian Fuxin Energy Corp. Ltd. (H Shares) | 6,500,000 | 1,275,354 | |
Huadian Power International Corp. Ltd. (H Shares) | 3,846,000 | 2,299,112 | |
Huaneng Renewables Corp. Ltd. (H Shares) | 13,448,000 | 2,923,741 | |
Huangshan Tourism Development Co. Ltd. | 284,920 | 515,369 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 29,145,000 | 15,168,261 | |
Jiangling Motors Corp. Ltd. (B Shares) | 303,894 | 923,393 | |
Jiangsu Hengrui Medicine Co. Ltd. | 500,926 | 3,364,654 | |
Kweichow Moutai Co. Ltd. | 135,645 | 4,161,700 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 2,993,120 | 5,119,898 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 2,562,500 | 11,609,782 | |
SAIC Motor Corp. Ltd. | 425,958 | 1,213,533 | |
Shenzhen Expressway Co. (H Shares) | 3,798,000 | 3,034,722 | |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 625,000 | 962,887 | |
TravelSky Technology Ltd. (H Shares) | 900,000 | 1,374,520 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 4,448,000 | 3,900,895 | |
TOTAL CHINA | 120,745,596 | ||
Hong Kong - 12.1% | |||
AIA Group Ltd. | 4,263,600 | 23,703,339 | |
China Everbright Ltd. | 1,606,000 | 3,339,275 | |
China Mobile Ltd. | 1,109,900 | 12,191,342 | |
China Resources Beer Holdings Co. Ltd. | 2,118,000 | 3,377,608 | |
China Resources Power Holdings Co. Ltd. | 1,696,000 | 2,884,991 | |
CNOOC Ltd. sponsored ADR (b) | 123,500 | 12,543,895 | |
Dah Sing Banking Group Ltd. | 566,400 | 891,852 | |
Far East Horizon Ltd. | 2,722,000 | 2,097,300 | |
Hang Lung Properties Ltd. | 2,071,000 | 3,820,222 | |
HKT Trust/HKT Ltd. unit | 3,131,300 | 4,119,192 | |
Hysan Development Co. Ltd. | 1,175,000 | 4,552,760 | |
Lenovo Group Ltd. | 6,074,000 | 5,452,261 | |
Magnificent Hotel Investment L | 6,930,000 | 156,834 | |
PCCW Ltd. | 11,517,000 | 6,908,504 | |
Power Assets Holdings Ltd. | 639,000 | 5,840,667 | |
Sino Land Ltd. | 3,704,000 | 4,758,584 | |
Techtronic Industries Co. Ltd. | 1,312,500 | 4,979,890 | |
Wheelock and Co. Ltd. | 963,000 | 3,686,816 | |
TOTAL HONG KONG | 105,305,332 | ||
India - 10.4% | |||
Adani Ports & Special Economic Zone (a) | 383,179 | 1,208,128 | |
Apollo Tyres Ltd. | 1,467,806 | 3,212,771 | |
Bajaj Finserv Ltd. | 105,257 | 2,895,053 | |
Bharat Petroleum Corp. Ltd. (a) | 214,556 | 2,828,061 | |
Bharti Infratel Ltd. | 397,798 | 2,130,356 | |
Cox & Kings India Ltd. (a) | 699,198 | 2,358,554 | |
Edelweiss Financial Services Ltd. | 1,985,568 | 1,531,881 | |
Exide Industries Ltd. (a) | 228,254 | 406,110 | |
HCL Technologies Ltd. | 311,503 | 3,996,215 | |
Hexaware Technologies Ltd. | 533,980 | 1,824,631 | |
ICICI Bank Ltd. (a) | 1,315,435 | 4,480,254 | |
IL&FS Transportation Networks Ltd. | 335,845 | 397,022 | |
Indian Oil Corp. Ltd. (a) | 648,071 | 3,855,746 | |
Jain Irrigation Systems Ltd. (a) | 492,485 | 467,504 | |
JK Tyre & Industries Ltd. (a) | 1,242,243 | 1,677,601 | |
Just Dial Ltd. | 59,523 | 537,264 | |
LIC Housing Finance Ltd. (a) | 151,373 | 1,072,669 | |
Mahindra & Mahindra Ltd. (a) | 309,624 | 5,656,094 | |
McLeod Russel India Ltd. (a) | 384,327 | 883,834 | |
NTPC Ltd. | 1,872,238 | 3,950,350 | |
Petronet LNG Ltd. | 1,055,640 | 3,839,653 | |
Power Finance Corp. Ltd. | 808,042 | 2,103,241 | |
Power Grid Corp. of India Ltd. | 645,755 | 1,411,946 | |
Redington India Ltd. (a) | 533,540 | 818,440 | |
Reliance Capital Ltd. (a) | 73,076 | 416,436 | |
Reliance Industries Ltd. | 773,397 | 11,862,305 | |
Shriram City Union Finance Ltd. | 42,095 | 880,854 | |
Sun Pharmaceutical Industries Ltd. | 520,832 | 6,741,575 | |
Suzlon Energy Ltd. (a) | 9,081,865 | 2,745,860 | |
The Jammu & Kashmir Bank Ltd. | 1,080,744 | 1,142,785 | |
Torrent Pharmaceuticals Ltd. | 125,427 | 2,594,433 | |
UPL Ltd. | 381,746 | 2,475,531 | |
Vakrangee Ltd. (a) | 172,201 | 464,122 | |
VST Industries Ltd. (a) | 42,310 | 1,061,845 | |
Yes Bank Ltd. (a) | 566,055 | 6,271,136 | |
TOTAL INDIA | 90,200,260 | ||
Indonesia - 1.8% | |||
PT ACE Hardware Indonesia Tbk | 12,337,500 | 720,920 | |
PT Bank Rakyat Indonesia Tbk | 11,143,200 | 9,190,106 | |
PT Gudang Garam Tbk | 880,500 | 3,754,526 | |
PT Indofood Sukses Makmur Tbk | 5,370,200 | 2,443,543 | |
TOTAL INDONESIA | 16,109,095 | ||
Israel - 0.1% | |||
Sarine Technologies Ltd. | 466,400 | 508,329 | |
Japan - 1.5% | |||
Fuji Media Holdings, Inc. | 237,400 | 2,671,525 | |
KDDI Corp. | 169,100 | 4,282,053 | |
NGK Insulators Ltd. | 150,000 | 3,136,296 | |
SoftBank Corp. | 72,500 | 3,192,575 | |
TOTAL JAPAN | 13,282,449 | ||
Korea (South) - 16.9% | |||
AMOREPACIFIC Corp. | 20,779 | 7,028,549 | |
AMOREPACIFIC Group, Inc. | 29,333 | 3,648,996 | |
BGFretail Co. Ltd. | 5,318 | 950,969 | |
Daelim Industrial Co. | 38,599 | 2,522,108 | |
DGB Financial Group Co. Ltd. | 277,359 | 2,059,048 | |
Dongbu Insurance Co. Ltd. | 99,942 | 5,633,387 | |
Duksan Hi-Metal Co. Ltd. (a) | 69,051 | 526,187 | |
Fila Korea Ltd. | 5,402 | 435,640 | |
Hana Financial Group, Inc. | 117,013 | 2,089,683 | |
Hyosung Corp. | 31,512 | 2,864,020 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 82,358 | 2,212,822 | |
Hyundai Mobis | 34,267 | 7,387,790 | |
Hyundai Motor Co. | 99,070 | 11,024,291 | |
Hyundai Steel Co. | 115,721 | 4,720,430 | |
KB Financial Group, Inc. | 227,440 | 5,773,524 | |
Kiwoom Securities Co. Ltd. | 28,327 | 1,299,958 | |
Korea Electric Power Corp. | 138,630 | 6,039,223 | |
Korea Petro Chemical Industries Co. Ltd. | 26,319 | 4,384,553 | |
Korea Zinc Co. Ltd. | 12,240 | 4,434,363 | |
LG Chemical Ltd. | 26,642 | 6,615,819 | |
LG Household & Health Care Ltd. | 8,095 | 6,696,687 | |
LS Industrial Systems Ltd. | 53,956 | 1,827,687 | |
Poongsan Corp. | 43,436 | 878,196 | |
Samsung Card Co. Ltd. | 63,208 | 1,998,826 | |
Samsung Electronics Co. Ltd. | 43,153 | 41,430,222 | |
Shinhan Financial Group Co. Ltd. | 326,861 | 10,484,548 | |
SK Telecom Co. Ltd. | 12,553 | 2,185,154 | |
SL Corp. | 6,418 | 93,534 | |
TOTAL KOREA (SOUTH) | 147,246,214 | ||
Malaysia - 1.8% | |||
AEON Credit Service Bhd | 165,700 | 437,639 | |
Cahya Mata Sarawak Bhd | 723,400 | 901,184 | |
Glomac Bhd | 1,592,200 | 323,493 | |
Media Prima Bhd | 3,540,600 | 1,091,892 | |
MISC Bhd | 769,800 | 1,629,994 | |
Sunway Bhd | 1,353,500 | 962,108 | |
Tenaga Nasional Bhd | 2,199,500 | 7,215,820 | |
Top Glove Corp. Bhd | 536,800 | 702,193 | |
YTL Power International Bhd | 8,024,300 | 2,843,126 | |
TOTAL MALAYSIA | 16,107,449 | ||
Netherlands - 0.2% | |||
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares) (BNP Paribas Warrants Program) (A Shares)warrants 11/24/16 (a)(c) | 577,300 | 1,662,361 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) | 103,800 | 423,690 | |
TOTAL NETHERLANDS | 2,086,051 | ||
Philippines - 0.9% | |||
ABS CBN Broadcasting Corp. (depositary receipt) | 357,700 | 416,063 | |
LT Group, Inc. | 1,319,300 | 440,549 | |
Metro Pacific Investments Corp. | 13,203,200 | 1,530,104 | |
Metropolitan Bank & Trust Co. | 2,388,671 | 3,565,039 | |
Security Bank Corp. | 530,998 | 1,585,276 | |
TOTAL PHILIPPINES | 7,537,031 | ||
Singapore - 3.6% | |||
Boustead Singapore Ltd. | 630,288 | 351,312 | |
CapitaLand Ltd. | 1,603,600 | 3,485,911 | |
Centurion Corp. Ltd. | 927,500 | 232,675 | |
CWT Ltd. | 422,000 | 545,424 | |
Frasers Centrepoint Ltd. | 438,000 | 508,086 | |
Hyflux Ltd. | 1,003,300 | 344,025 | |
Interplex Holdings Ltd. | 707,000 | 396,282 | |
Mapletree Industrial (REIT) | 2,768,751 | 2,996,435 | |
Singapore Telecommunications Ltd. | 2,851,400 | 7,070,478 | |
United Overseas Bank Ltd. | 798,600 | 10,152,433 | |
UOL Group Ltd. | 602,000 | 2,384,941 | |
Wing Tai Holdings Ltd. | 2,006,800 | 2,167,753 | |
Yoma Strategic Holdings Ltd. (a) | 1,397,300 | 442,424 | |
TOTAL SINGAPORE | 31,078,179 | ||
Taiwan - 13.7% | |||
Advanced Semiconductor Engineering, Inc. | 5,635,000 | 6,024,849 | |
ASUSTeK Computer, Inc. | 435,000 | 3,510,190 | |
Cathay Financial Holding Co. Ltd. | 6,795,000 | 7,386,551 | |
China Life Insurance Co. Ltd. | 2,998,600 | 2,119,844 | |
E.SUN Financial Holdings Co. Ltd. | 12,797,312 | 6,611,378 | |
Fubon Financial Holding Co. Ltd. | 6,424,000 | 7,059,897 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 6,819,600 | 15,969,345 | |
Mega Financial Holding Co. Ltd. | 4,787,000 | 3,037,915 | |
Nanya Technology Corp. | 352,000 | 420,751 | |
Nien Made Enterprise Co. Ltd. | 65,909 | 443,295 | |
Novatek Microelectronics Corp. | 413,000 | 1,723,416 | |
PChome Online, Inc. | 85,053 | 767,832 | |
Pegatron Corp. | 3,574,000 | 8,129,289 | |
Pou Chen Corp. | 2,823,000 | 3,517,212 | |
Powertech Technology, Inc. | 637,000 | 1,331,605 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8,993,192 | 38,544,267 | |
Unified-President Enterprises Corp. | 3,365,000 | 5,600,965 | |
Vanguard International Semiconductor Corp. | 1,798,000 | 2,569,217 | |
Wistron NeWeb Corp. | 677,661 | 1,719,014 | |
Yuanta Financial Holding Co. Ltd. | 7,690,560 | 2,377,022 | |
TOTAL TAIWAN | 118,863,854 | ||
Thailand - 2.3% | |||
Asian Property Development PCL (For. Reg.) | 14,036,300 | 2,197,795 | |
Bangkok Expressway and Metro PCL (a) | 12,354,687 | 1,871,551 | |
Intouch Holdings PCL NVDR | 1,431,200 | 2,261,682 | |
Kasikornbank PCL (For. Reg.) | 1,767,400 | 8,498,503 | |
Preuksa Real Estate PCL (For. Reg.) | 2,512,300 | 1,782,875 | |
Thai Beverage PCL | 6,959,000 | 3,331,080 | |
TOTAL THAILAND | 19,943,486 | ||
United Kingdom - 0.2% | |||
Standard Chartered PLC (United Kingdom) | 295,723 | 1,994,948 | |
United States of America - 1.0% | |||
China Biologic Products, Inc. (a) | 17,200 | 2,206,244 | |
Cognizant Technology Solutions Corp. Class A (a) | 70,200 | 4,444,362 | |
Las Vegas Sands Corp. | 40,100 | 1,808,510 | |
TOTAL UNITED STATES OF AMERICA | 8,459,116 | ||
TOTAL COMMON STOCKS | |||
(Cost $966,848,531) | 854,704,167 | ||
Principal Amount(d) | Value | ||
Nonconvertible Bonds - 0.1% | |||
India - 0.1% | |||
NTPC Ltd. 8.49% 3/25/25 (Cost $449,651) | INR | 2,245,016 | 415,461 |
Shares | Value | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.38% (e) | 9,622,317 | 9,622,317 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) | 11,470,600 | 11,470,600 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $21,092,917) | 21,092,917 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $988,391,099) | 876,212,545 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (5,711,812) | ||
NET ASSETS - 100% | $870,500,733 |
Currency Abbreviations
INR – Indian rupee
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $2,086,051 or 0.2% of net assets.
(d) Amount is stated in United States dollars unless otherwise noted.
(e) 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.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $19,071 |
Fidelity Securities Lending Cash Central Fund | 7,157 |
Total | $26,228 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $82,040,609 | $14,534,375 | $67,506,234 | $-- |
Consumer Staples | 45,676,108 | -- | 45,676,108 | -- |
Energy | 45,365,648 | 12,543,895 | 32,821,753 | -- |
Financials | 270,580,261 | -- | 270,580,261 | -- |
Health Care | 17,308,870 | 2,634,724 | 14,674,146 | -- |
Industrials | 55,154,235 | -- | 55,154,235 | -- |
Information Technology | 203,006,022 | 27,554,271 | 175,451,751 | -- |
Materials | 37,544,607 | -- | 37,544,607 | -- |
Telecommunication Services | 52,718,173 | -- | 52,718,173 | -- |
Utilities | 45,309,634 | -- | 45,309,634 | -- |
Corporate Bonds | 415,461 | -- | 415,461 | -- |
Money Market Funds | 21,092,917 | 21,092,917 | -- | -- |
Total Investments in Securities: | $876,212,545 | $78,360,182 | $797,852,363 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $196,654,580 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $988,684,177. Net unrealized depreciation aggregated $112,471,632, of which $58,159,065 related to appreciated investment securities and $170,630,697 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® Series International Growth Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.1% | |||
Shares | Value | ||
Australia - 4.0% | |||
CSL Ltd. | 4,113,835 | $306,435,727 | |
Sydney Airport unit | 14,361,827 | 67,628,347 | |
Transurban Group unit | 12,682,414 | 97,777,272 | |
TOTAL AUSTRALIA | 471,841,346 | ||
Austria - 1.0% | |||
Andritz AG | 2,472,198 | 114,953,225 | |
Bailiwick of Jersey - 0.9% | |||
Shire PLC | 1,854,900 | 104,045,147 | |
Belgium - 4.2% | |||
Anheuser-Busch InBev SA NV | 2,942,981 | 370,128,429 | |
KBC Groep NV | 2,156,204 | 123,565,145 | |
TOTAL BELGIUM | 493,693,574 | ||
Canada - 0.3% | |||
Pason Systems, Inc. | 2,809,069 | 35,953,035 | |
Cayman Islands - 1.0% | |||
58.com, Inc. ADR (a) | 719,400 | 40,358,340 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,127,200 | 75,556,216 | |
TOTAL CAYMAN ISLANDS | 115,914,556 | ||
Denmark - 3.3% | |||
Jyske Bank A/S (Reg.) (a) | 1,707,200 | 74,965,136 | |
Novo Nordisk A/S Series B sponsored ADR | 5,444,281 | 304,171,979 | |
TOTAL DENMARK | 379,137,115 | ||
Finland - 0.3% | |||
Tikkurila Oyj | 1,755,779 | 29,778,532 | |
France - 0.9% | |||
Essilor International SA | 827,278 | 102,633,597 | |
Germany - 2.1% | |||
Bayer AG | 1,364,100 | 153,524,380 | |
SAP AG | 1,190,234 | 94,843,730 | |
TOTAL GERMANY | 248,368,110 | ||
Hong Kong - 1.7% | |||
AIA Group Ltd. | 36,702,000 | 204,043,519 | |
India - 0.7% | |||
Housing Development Finance Corp. Ltd. | 4,515,219 | 79,039,825 | |
Ireland - 2.5% | |||
CRH PLC sponsored ADR | 5,853,005 | 157,562,895 | |
James Hardie Industries PLC CDI | 11,929,270 | 138,233,548 | |
TOTAL IRELAND | 295,796,443 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 4,042,680 | 44,427,097 | |
Israel - 0.3% | |||
Azrieli Group | 1,019,186 | 35,895,891 | |
Italy - 0.7% | |||
Azimut Holding SpA | 1,613,606 | 33,976,986 | |
Interpump Group SpA | 3,440,349 | 43,783,682 | |
TOTAL ITALY | 77,760,668 | ||
Japan - 13.8% | |||
Astellas Pharma, Inc. | 15,682,300 | 217,145,957 | |
Coca-Cola Central Japan Co. Ltd. | 2,097,500 | 33,847,628 | |
DENSO Corp. | 4,792,300 | 206,682,302 | |
East Japan Railway Co. | 1,128,300 | 103,710,981 | |
Fast Retailing Co. Ltd. | 241,200 | 77,991,144 | |
Hoya Corp. | 2,180,900 | 84,187,715 | |
Japan Tobacco, Inc. | 3,387,100 | 132,651,537 | |
Keyence Corp. | 264,200 | 124,672,208 | |
Mitsui Fudosan Co. Ltd. | 5,554,000 | 130,746,071 | |
Nintendo Co. Ltd. | 423,800 | 59,422,587 | |
Olympus Corp. | 735,500 | 28,679,990 | |
OSG Corp. | 2,257,400 | 37,516,574 | |
Seven Bank Ltd. | 25,212,300 | 107,378,826 | |
Shinsei Bank Ltd. | 31,712,000 | 49,564,817 | |
SHO-BOND Holdings Co. Ltd. (b) | 1,557,600 | 53,418,449 | |
USS Co. Ltd. | 10,468,400 | 160,811,877 | |
TOTAL JAPAN | 1,608,428,663 | ||
Kenya - 0.2% | |||
Safaricom Ltd. | 194,377,500 | 28,757,999 | |
Korea (South) - 1.0% | |||
BGFretail Co. Ltd. | 372,072 | 66,534,228 | |
NAVER Corp. | 89,161 | 46,653,492 | |
TOTAL KOREA (SOUTH) | 113,187,720 | ||
Mexico - 0.6% | |||
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 707,412 | 67,076,806 | |
South Africa - 1.4% | |||
Clicks Group Ltd. | 6,902,484 | 37,809,859 | |
Naspers Ltd. Class N | 947,910 | 119,790,345 | |
TOTAL SOUTH AFRICA | 157,600,204 | ||
Spain - 4.4% | |||
Amadeus IT Holding SA Class A | 3,299,400 | 134,743,329 | |
Hispania Activos Inmobiliarios SA (a) | 1,884,200 | 23,431,047 | |
Inditex SA | 8,753,319 | 288,065,069 | |
Merlin Properties Socimi SA | 2,598,300 | 30,174,241 | |
Prosegur Compania de Seguridad SA (Reg.) | 6,891,189 | 30,912,534 | |
TOTAL SPAIN | 507,326,220 | ||
Sweden - 4.6% | |||
ASSA ABLOY AB (B Shares) | 12,583,417 | 266,707,270 | |
H&M Hennes & Mauritz AB (B Shares) | 3,212,901 | 105,213,549 | |
Intrum Justitia AB | 1,353,000 | 44,833,609 | |
Svenska Handelsbanken AB (A Shares) | 9,555,413 | 120,230,048 | |
TOTAL SWEDEN | 536,984,476 | ||
Switzerland - 13.6% | |||
Nestle SA | 6,601,460 | 486,345,583 | |
Novartis AG | 5,010,410 | 388,173,747 | |
Roche Holding AG (participation certificate) | 1,601,612 | 414,856,443 | |
Schindler Holding AG: | |||
(participation certificate) | 718,219 | 110,066,633 | |
(Reg.) | 154,309 | 23,846,008 | |
UBS Group AG | 9,885,313 | 164,491,608 | |
TOTAL SWITZERLAND | 1,587,780,022 | ||
Taiwan - 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,156,000 | 107,817,066 | |
United Kingdom - 12.6% | |||
Associated British Foods PLC | 2,912,900 | 131,411,421 | |
Babcock International Group PLC | 3,781,661 | 49,557,043 | |
BAE Systems PLC | 10,981,100 | 81,214,605 | |
Berendsen PLC | 4,640,133 | 72,354,842 | |
Howden Joinery Group PLC | 1,250,000 | 8,953,409 | |
Informa PLC | 9,570,180 | 87,036,496 | |
InterContinental Hotel Group PLC ADR (c) | 6,447,027 | 213,654,475 | |
Lloyds Banking Group PLC | 54,635,000 | 51,185,250 | |
Prudential PLC | 8,723,546 | 171,384,397 | |
Reckitt Benckiser Group PLC | 3,783,587 | 336,516,337 | |
Rightmove PLC | 390,970 | 22,308,220 | |
SABMiller PLC | 2,713,836 | 162,512,284 | |
Shaftesbury PLC | 3,385,400 | 40,639,733 | |
Unite Group PLC | 4,544,258 | 41,790,597 | |
TOTAL UNITED KINGDOM | 1,470,519,109 | ||
United States of America - 16.7% | |||
Alphabet, Inc. Class A | 248,194 | 188,962,502 | |
Autoliv, Inc. (c) | 1,319,227 | 135,590,151 | |
Berkshire Hathaway, Inc. Class B (a) | 880,150 | 114,217,066 | |
China Biologic Products, Inc. (a) | 476,600 | 61,133,482 | |
Domino's Pizza, Inc. | 569,440 | 64,876,299 | |
Martin Marietta Materials, Inc. | 469,200 | 58,922,136 | |
MasterCard, Inc. Class A | 2,561,410 | 228,042,332 | |
McGraw Hill Financial, Inc. | 741,271 | 63,022,860 | |
Mohawk Industries, Inc. (a) | 855,415 | 142,349,610 | |
Molson Coors Brewing Co. Class B | 708,000 | 64,059,840 | |
Moody's Corp. | 542,700 | 48,376,278 | |
Philip Morris International, Inc. | 1,597,792 | 143,817,258 | |
PriceSmart, Inc. | 648,475 | 49,647,246 | |
ResMed, Inc. | 1,112,900 | 63,101,430 | |
Reynolds American, Inc. | 2,360,200 | 117,891,990 | |
Sherwin-Williams Co. | 180,200 | 46,071,734 | |
SS&C Technologies Holdings, Inc. | 1,793,844 | 115,326,231 | |
Visa, Inc. Class A | 3,243,296 | 241,593,119 | |
TOTAL UNITED STATES OF AMERICA | 1,947,001,564 | ||
TOTAL COMMON STOCKS | |||
(Cost $8,958,301,617) | 10,965,761,529 | ||
Money Market Funds - 4.6% | |||
Fidelity Cash Central Fund, 0.38% (d) | 409,087,191 | 409,087,191 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 120,902,988 | 120,902,988 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $529,990,179) | 529,990,179 | ||
TOTAL INVESTMENT PORTFOLIO - 98.7% | |||
(Cost $9,488,291,796) | 11,495,751,708 | ||
NET OTHER ASSETS (LIABILITIES) - 1.3% | 156,429,083 | ||
NET ASSETS - 100% | $11,652,180,791 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Affiliated company
(c) Security or a portion of the security is on loan at period end.
(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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $226,151 |
Fidelity Securities Lending Cash Central Fund | 376,590 |
Total | $602,741 |
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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
SHO-BOND Holdings Co. Ltd. | $61,860,089 | $-- | $-- | $314,471 | $53,418,449 |
Total | $61,860,089 | $-- | $-- | $314,471 | $53,418,449 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $1,611,014,726 | $556,470,535 | $1,054,544,191 | $-- |
Consumer Staples | 2,200,250,446 | 442,493,140 | 1,757,757,306 | -- |
Energy | 35,953,035 | 35,953,035 | -- | -- |
Financials | 1,708,119,341 | 426,003,703 | 1,282,115,638 | -- |
Health Care | 2,228,089,594 | 428,406,891 | 1,799,682,703 | -- |
Industrials | 1,198,281,074 | -- | 1,198,281,074 | -- |
Information Technology | 1,524,726,469 | 889,838,740 | 634,887,729 | -- |
Materials | 430,568,845 | 262,556,765 | 168,012,080 | -- |
Telecommunication Services | 28,757,999 | 28,757,999 | -- | -- |
Money Market Funds | 529,990,179 | 529,990,179 | -- | -- |
Total Investments in Securities: | $11,495,751,708 | $3,600,470,987 | $7,895,280,721 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $2,487,951,161 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $9,494,010,187. Net unrealized appreciation aggregated $2,001,741,521, of which $2,422,280,541 related to appreciated investment securities and $420,539,020 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Quarterly Holdings Report
for
Fidelity® International Small Cap Fund
January 31, 2016
Investments January 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9% | |||
Shares | Value | ||
Australia - 3.1% | |||
Austal Ltd. | 919,229 | $860,545 | |
Challenger Ltd. | 849,722 | 4,836,107 | |
GUD Holdings Ltd. | 1,022,988 | 4,761,640 | |
Imdex Ltd. (a) | 10,646,454 | 1,503,530 | |
Life Healthcare Group Ltd. | 2,075,053 | 4,247,966 | |
Nanosonics Ltd. (a) | 1,719,782 | 2,346,577 | |
RCG Corp. Ltd. | 1,515,746 | 1,712,597 | |
SAI Global Ltd. | 1,070,469 | 3,098,986 | |
SomnoMed Ltd. (a)(b) | 584,445 | 1,104,024 | |
TOTAL AUSTRALIA | 24,471,972 | ||
Austria - 1.6% | |||
Andritz AG | 115,532 | 5,372,052 | |
IMMOFINANZ Immobilien Anlagen AG (a) | 1,697,043 | 3,198,332 | |
RHI AG | 208,140 | 3,910,917 | |
TOTAL AUSTRIA | 12,481,301 | ||
Bailiwick of Jersey - 1.2% | |||
Kennedy Wilson Europe Real Estate PLC | 193,806 | 3,091,006 | |
Regus PLC | 1,401,100 | 5,922,879 | |
TOTAL BAILIWICK OF JERSEY | 9,013,885 | ||
Belgium - 1.0% | |||
Barco NV | 63,883 | 4,011,818 | |
Econocom Group SA | 434,901 | 4,077,605 | |
TOTAL BELGIUM | 8,089,423 | ||
Bermuda - 1.7% | |||
BW Offshore Ltd. | 5,305,227 | 1,304,944 | |
Hiscox Ltd. | 409,855 | 5,821,227 | |
Petra Diamonds Ltd. | 3,093,474 | 3,917,287 | |
Travelport Worldwide Ltd. | 222,200 | 2,419,758 | |
TOTAL BERMUDA | 13,463,216 | ||
Brazil - 0.3% | |||
Banco ABC Brasil SA rights 2/4/16 (a) | 58,718 | 16,824 | |
MAHLE Metal Leve SA | 349,000 | 2,117,663 | |
TOTAL BRAZIL | 2,134,487 | ||
British Virgin Islands - 0.3% | |||
Gem Diamonds Ltd. | 1,174,862 | 1,987,244 | |
Canada - 3.7% | |||
AutoCanada, Inc. (b) | 216,184 | 3,067,841 | |
Constellation Software, Inc. | 3,166 | 1,152,588 | |
Dorel Industries, Inc. Class B (sub. vtg.) | 113,703 | 2,236,075 | |
Genesis Land Development Corp. | 965,422 | 1,502,334 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) (b) | 244,913 | 3,442,313 | |
Lassonde Industries, Inc. Class A (sub. vtg.) | 35,769 | 3,957,595 | |
McCoy Global, Inc. | 1,341,870 | 2,011,512 | |
Open Text Corp. | 132,548 | 6,485,002 | |
ShawCor Ltd. Class A | 102,985 | 2,223,782 | |
Whitecap Resources, Inc. (b) | 563,453 | 3,080,912 | |
TOTAL CANADA | 29,159,954 | ||
Cayman Islands - 3.7% | |||
AMVIG Holdings Ltd. | 15,526,000 | 5,815,016 | |
Best Pacific International Holdings Ltd. | 1,046,000 | 453,051 | |
Bonjour Holdings Ltd. | 7,806,800 | 364,316 | |
China High Precision Automation Group Ltd. (a) | 712,000 | 1 | |
China Metal Recycling (Holdings) Ltd. (a) | 436,800 | 1 | |
Greatview Aseptic Pack Co. Ltd. | 5,391,000 | 2,262,215 | |
Haitian International Holdings Ltd. | 2,450,000 | 2,979,748 | |
Lifestyle International Holdings Ltd. | 3,212,500 | 3,976,917 | |
Pico Far East Holdings Ltd. | 18,482,000 | 4,540,185 | |
SITC International Holdings Co. Ltd. | 11,653,000 | 5,408,628 | |
Value Partners Group Ltd. | 3,286,000 | 2,989,346 | |
TOTAL CAYMAN ISLANDS | 28,789,424 | ||
Chile - 0.9% | |||
Quinenco SA | 2,409,395 | 4,289,223 | |
Vina San Pedro SA | 335,133,168 | 3,128,661 | |
TOTAL CHILE | 7,417,884 | ||
Denmark - 0.9% | |||
Jyske Bank A/S (Reg.) (a) | 154,303 | 6,775,624 | |
Finland - 2.4% | |||
Amer Group PLC (A Shares) | 193,345 | 5,292,123 | |
Asiakastieto Group Oyj (a) | 181,623 | 2,893,776 | |
Cramo Oyj (B Shares) | 182,510 | 3,510,223 | |
Olvi PLC (A Shares) | 119,838 | 2,905,837 | |
Tikkurila Oyj | 230,646 | 3,911,825 | |
TOTAL FINLAND | 18,513,784 | ||
France - 3.5% | |||
ALTEN | 102,319 | 5,759,313 | |
Coface SA | 347,502 | 2,849,998 | |
Rexel SA | 271,700 | 3,217,663 | |
The Lisi Group | 143,009 | 3,503,617 | |
The Vicat Group | 85,756 | 4,632,673 | |
Thermador Groupe SA | 26,557 | 2,492,491 | |
Wendel SA | 46,435 | 4,650,054 | |
TOTAL FRANCE | 27,105,809 | ||
Germany - 2.8% | |||
AURELIUS AG | 89,435 | 4,515,339 | |
CompuGroup Medical AG | 178,949 | 7,196,978 | |
GEA Group AG | 36,918 | 1,548,825 | |
mutares AG | 118,200 | 2,227,412 | |
OSRAM Licht AG | 98,205 | 4,384,506 | |
SHW Group | 82,439 | 1,994,045 | |
TOTAL GERMANY | 21,867,105 | ||
Greece - 0.4% | |||
Metka SA | 411,516 | 3,115,988 | |
Hong Kong - 1.9% | |||
Dah Sing Banking Group Ltd. | 2,912,400 | 4,585,857 | |
Far East Horizon Ltd. | 3,735,000 | 2,877,816 | |
Magnificent Hotel Investment L | 105,926,000 | 2,397,227 | |
Shun Ho Technology Holdings Ltd. (a) | 1,650,033 | 520,785 | |
Techtronic Industries Co. Ltd. | 1,120,000 | 4,249,506 | |
TOTAL HONG KONG | 14,631,191 | ||
India - 0.3% | |||
Edelweiss Financial Services Ltd. | 3,486,519 | 2,689,876 | |
Indonesia - 0.5% | |||
PT ACE Hardware Indonesia Tbk | 43,202,200 | 2,524,446 | |
PT Media Nusantara Citra Tbk | 16,013,700 | 1,400,900 | |
TOTAL INDONESIA | 3,925,346 | ||
Ireland - 2.5% | |||
C&C Group PLC | 904,278 | 3,518,350 | |
Mincon Group PLC | 4,905,805 | 3,614,054 | |
Origin Enterprises PLC | 495,000 | 3,611,184 | |
United Drug PLC (United Kingdom) | 1,222,449 | 9,137,910 | |
TOTAL IRELAND | 19,881,498 | ||
Isle of Man - 0.8% | |||
Optimal Payments PLC (a) | 1,050,400 | 6,051,894 | |
Israel - 1.1% | |||
Frutarom Industries Ltd. | 177,389 | 8,934,838 | |
Italy - 1.3% | |||
Banco di Desio e della Brianza SpA | 669,139 | 1,699,638 | |
Cerved Information Solutions SpA | 133,261 | 1,101,364 | |
Danieli & C. Officine Meccaniche SpA | 98,967 | 1,919,970 | |
Recordati SpA | 221,861 | 5,498,861 | |
TOTAL ITALY | 10,219,833 | ||
Japan - 22.8% | |||
A/S One Corp. | 135,700 | 4,737,400 | |
Aeon Delight Co. Ltd. | 187,700 | 6,188,678 | |
Ain Holdings, Inc. | 61,100 | 2,776,286 | |
Arc Land Sakamoto Co. Ltd. | 188,500 | 3,981,397 | |
Broadleaf Co. Ltd. | 394,900 | 3,652,995 | |
Central Automotive Products Ltd. | 281,000 | 2,053,775 | |
Daiwa Industries Ltd. | 495,600 | 3,639,415 | |
Dexerials Corp. (b) | 292,400 | 2,892,154 | |
Fuji Corp. | 149,100 | 2,421,029 | |
Fukuda Denshi Co. Ltd. | 124,800 | 6,209,629 | |
Funai Soken Holdings, Inc. | 190,320 | 2,413,599 | |
GMO Internet, Inc. | 328,900 | 4,075,327 | |
Iida Group Holdings Co. Ltd. | 214,851 | 3,830,132 | |
JSR Corp. | 532,400 | 7,731,680 | |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 174,800 | 2,983,085 | |
Kinugawa Rubber Industrial Co. Ltd. | 733,000 | 3,841,190 | |
Konica Minolta, Inc. | 286,800 | 2,417,431 | |
Kotobuki Spirits Co. Ltd. | 79,100 | 3,625,104 | |
Leopalace21 Corp. (a) | 966,500 | 5,353,057 | |
Meitec Corp. | 145,700 | 4,911,233 | |
Miraca Holdings, Inc. | 121,900 | 5,030,739 | |
Mitani Shoji Co. Ltd. | 244,700 | 6,209,181 | |
Monex Group, Inc. | 699,100 | 1,774,057 | |
Nihon House Holdings Co. Ltd. (b) | 795,600 | 2,805,048 | |
Nitori Holdings Co. Ltd. | 99,800 | 8,106,339 | |
Paramount Bed Holdings Co. Ltd. | 195,000 | 6,724,542 | |
Ricoh Leasing Co. Ltd. | 232,900 | 7,268,501 | |
S Foods, Inc. (b) | 325,800 | 6,625,655 | |
San-Ai Oil Co. Ltd. | 589,000 | 4,567,537 | |
Shinsei Bank Ltd. | 3,159,000 | 4,937,413 | |
Ship Healthcare Holdings, Inc. | 161,700 | 3,863,041 | |
TKC Corp. | 244,400 | 5,957,726 | |
Toshiba Plant Systems & Services Corp. | 582,700 | 6,808,271 | |
Toyo Suisan Kaisha Ltd. | 103,400 | 3,580,823 | |
Tsuruha Holdings, Inc. | 104,800 | 8,696,805 | |
VT Holdings Co. Ltd. | 1,047,600 | 6,143,873 | |
Welcia Holdings Co. Ltd. | 77,700 | 4,195,247 | |
Yamada Consulting Group Co. Ltd. | 174,600 | 5,042,416 | |
TOTAL JAPAN | 178,071,810 | ||
Korea (South) - 1.6% | |||
BGFretail Co. Ltd. | 17,709 | 3,166,738 | |
DGB Financial Group Co. Ltd. | 207,259 | 1,538,642 | |
Fila Korea Ltd. | 38,617 | 3,114,234 | |
Hy-Lok Corp. | 125,792 | 2,790,103 | |
NS Shopping Co. Ltd. | 10,714 | 1,638,955 | |
TOTAL KOREA (SOUTH) | 12,248,672 | ||
Luxembourg - 0.5% | |||
Grand City Properties SA | 203,895 | 4,224,375 | |
Netherlands - 1.9% | |||
Amsterdam Commodities NV | 196,055 | 4,828,732 | |
Arcadis NV | 169,700 | 2,275,686 | |
BinckBank NV | 336,559 | 2,683,900 | |
IMCD Group BV | 142,000 | 5,033,998 | |
TOTAL NETHERLANDS | 14,822,316 | ||
New Zealand - 2.1% | |||
EBOS Group Ltd. | 1,083,656 | 9,445,171 | |
Nuplex Industries Ltd. | 2,680,889 | 7,204,440 | |
TOTAL NEW ZEALAND | 16,649,611 | ||
Norway - 2.2% | |||
ABG Sundal Collier ASA | 6,615,910 | 4,581,423 | |
Ekornes A/S | 331,597 | 3,586,789 | |
Kongsberg Gruppen ASA | 329,633 | 5,256,673 | |
Spectrum ASA | 1,129,572 | 3,507,898 | |
TOTAL NORWAY | 16,932,783 | ||
Philippines - 0.2% | |||
Century Pacific Food, Inc. | 4,507,400 | 1,472,817 | |
Portugal - 0.6% | |||
NOS SGPS SA | 670,400 | 4,865,045 | |
Romania - 0.4% | |||
Banca Transilvania SA (a) | 5,501,626 | 2,956,387 | |
Singapore - 2.5% | |||
Boustead Projects Pte Ltd. (a) | 618,906 | 293,432 | |
Boustead Singapore Ltd. | 2,126,569 | 1,185,315 | |
Hour Glass Ltd. | 7,926,700 | 4,162,769 | |
Interplex Holdings Ltd. | 6,290,400 | 3,525,844 | |
Mapletree Industrial (REIT) | 2,988,818 | 3,234,599 | |
OSIM International Ltd. | 4,165,300 | 2,981,211 | |
Wing Tai Holdings Ltd. | 3,973,100 | 4,291,758 | |
TOTAL SINGAPORE | 19,674,928 | ||
South Africa - 0.7% | |||
Clicks Group Ltd. | 978,565 | 5,360,303 | |
Spain - 0.5% | |||
Hispania Activos Inmobiliarios SA (a) | 315,800 | 3,927,144 | |
Sweden - 1.1% | |||
AddTech AB (B Shares) | 198,619 | 2,735,076 | |
Coor Service Management Holding AB (a) | 474,600 | 1,920,242 | |
Ratos AB (B Shares) | 690,800 | 3,703,807 | |
TOTAL SWEDEN | 8,359,125 | ||
Switzerland - 3.6% | |||
Allied World Assurance Co. Holdings AG | 222,104 | 8,126,785 | |
Daetwyler Holdings AG | 18,222 | 2,326,239 | |
Pargesa Holding SA | 41,276 | 2,405,603 | |
Vontobel Holdings AG | 186,260 | 7,846,397 | |
VZ Holding AG | 26,551 | 7,104,916 | |
TOTAL SWITZERLAND | 27,809,940 | ||
Taiwan - 2.2% | |||
King's Town Bank | 3,141,000 | 1,978,515 | |
Sunspring Metal Corp. | 3,075,000 | 4,116,630 | |
Tripod Technology Corp. | 2,738,000 | 4,499,588 | |
Vanguard International Semiconductor Corp. | 3,124,000 | 4,463,979 | |
Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 1,109,000 | 2,382,159 | |
TOTAL TAIWAN | 17,440,871 | ||
Thailand - 1.1% | |||
Delta Electronics PCL (For. Reg.) | 2,473,600 | 5,531,723 | |
TISCO Financial Group PCL | 2,642,800 | 3,139,011 | |
TOTAL THAILAND | 8,670,734 | ||
Turkey - 0.4% | |||
Aygaz A/S | 864,000 | 2,949,574 | |
United Kingdom - 14.6% | |||
Aberdeen Asset Management PLC | 799,849 | 2,819,356 | |
AEW UK REIT PLC | 2,828,268 | 3,904,464 | |
Alliance Pharma PLC | 3,728,897 | 2,659,230 | |
Amec Foster Wheeler PLC | 436,419 | 2,583,887 | |
Ashmore Group PLC (b) | 1,036,507 | 3,259,541 | |
BBA Aviation PLC | 2,449,898 | 5,707,441 | |
Bond International Software PLC | 899,666 | 1,352,026 | |
Brammer PLC (b) | 760,228 | 1,839,516 | |
Brewin Dolphin Holding PLC | 881,475 | 3,522,489 | |
Cineworld Group PLC | 459,976 | 3,319,249 | |
Close Brothers Group PLC | 291,880 | 5,377,822 | |
Countrywide PLC | 1,161,507 | 5,826,284 | |
Diploma PLC | 363,251 | 3,479,647 | |
Elementis PLC | 1,178,900 | 3,620,487 | |
Empiric Student Property PLC | 1,607,263 | 2,583,781 | |
Exova Group Ltd. PLC | 927,869 | 1,734,713 | |
Informa PLC | 778,538 | 7,080,454 | |
ITE Group PLC | 1,680,854 | 3,373,760 | |
James Fisher and Sons PLC | 195,100 | 3,020,393 | |
John Wood Group PLC | 493,100 | 4,557,901 | |
Luxfer Holdings PLC sponsored ADR | 428,009 | 4,254,409 | |
McColl's Retail Group PLC | 1,807,274 | 3,578,123 | |
Mears Group PLC | 1,047,710 | 6,382,817 | |
Micro Focus International PLC | 476,044 | 9,429,081 | |
New Melrose Industries PLC | 124,968 | 532,789 | |
PayPoint PLC | 201,100 | 2,271,910 | |
Sinclair Pharma PLC (a) | 6,551,214 | 3,711,008 | |
Softcat PLC (a) | 122,300 | 596,057 | |
Spectris PLC | 200,847 | 4,549,660 | |
Ultra Electronics Holdings PLC | 267,425 | 7,276,094 | |
TOTAL UNITED KINGDOM | 114,204,389 | ||
United States of America - 1.0% | |||
Dillard's, Inc. Class A | 93,994 | 6,618,118 | |
Hornbeck Offshore Services, Inc. (a)(b) | 152,170 | 1,237,142 | |
YOU On Demand Holdings, Inc. warrants 8/30/17 (a)(c) | 27,500 | 1,662 | |
TOTAL UNITED STATES OF AMERICA | 7,856,922 | ||
TOTAL COMMON STOCKS | |||
(Cost $799,573,040) | 749,219,322 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Brazil - 0.3% | |||
Banco ABC Brasil SA | |||
(Cost $3,766,544) | 1,030,137 | 2,073,254 | |
Money Market Funds - 4.8% | |||
Fidelity Cash Central Fund, 0.38% (d) | 24,865,229 | 24,865,229 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 12,394,714 | 12,394,714 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $37,259,943) | 37,259,943 | ||
TOTAL INVESTMENT PORTFOLIO - 101.0% | |||
(Cost $840,599,527) | 788,552,519 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (7,796,981) | ||
NET ASSETS - 100% | $780,755,538 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $1,662 or 0.0% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
YOU On Demand Holdings, Inc. warrants 8/30/17 | 9/14/12 | $0 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $22,444 |
Fidelity Securities Lending Cash Central Fund | 78,324 |
Total | $100,768 |
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $118,517,431 | $14,039,697 | $104,477,734 | $-- |
Consumer Staples | 68,470,573 | 10,528,569 | 57,942,004 | -- |
Energy | 29,281,223 | 8,553,348 | 20,727,875 | -- |
Financials | 165,871,435 | 14,658,760 | 151,212,675 | -- |
Health Care | 71,913,076 | 9,445,171 | 62,467,905 | -- |
Industrials | 157,099,226 | 8,543,632 | 148,555,594 | -- |
Information Technology | 79,375,726 | 10,057,348 | 69,318,377 | 1 |
Materials | 57,814,312 | 16,139,278 | 41,675,033 | 1 |
Utilities | 2,949,574 | 2,949,574 | -- | -- |
Money Market Funds | 37,259,943 | 37,259,943 | -- | -- |
Total Investments in Securities: | $788,552,519 | $132,175,320 | $656,377,197 | $2 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:
Transfers | Total |
Level 1 to Level 2 | $398,783,077 |
Level 2 to Level 1 | $0 |
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Other Information
Income Tax Information
At January 31, 2016, the cost of investment securities for income tax purposes was $847,692,629. Net unrealized depreciation aggregated $59,140,110, of which $83,998,325 related to appreciated investment securities and $143,138,435 related to depreciated investment securities.
For additional information on the Fund's policy regarding valuation of investments and other 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.
Item 2.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 3.
Exhibits
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Investment Trust
By: | /s/Kenneth B. Robins |
Kenneth B. Robins | |
President and Treasurer | |
Date: | March 30, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Kenneth B. Robins |
Kenneth B. Robins | |
President and Treasurer | |
Date: | March 30, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | March 30, 2016 |
Exhibit EX-99.CERT
I, Kenneth B. Robins, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Investment Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
March 30, 2016
/s/Kenneth B. Robins |
Kenneth B. Robins |
President and Treasurer |
I, Howard J. Galligan III, certify that:
1.
I have reviewed this report on Form N-Q of Fidelity Investment Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
March 30, 2016
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |