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: | July 31, 2016 |
Item 1.
Schedule of Investments
Quarterly Holdings Report
for
Fidelity® Emerging Markets Discovery Fund
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.9% | |||
Shares | Value | ||
Argentina - 1.2% | |||
Grupo Superveille SA sponsored ADR | 27,400 | $371,270 | |
Inversiones y Representaciones SA ADR | 27,000 | 498,960 | |
TOTAL ARGENTINA | 870,230 | ||
Bangladesh - 0.5% | |||
BRAC Bank Ltd. | 449,466 | 352,376 | |
Bermuda - 1.9% | |||
Digital China Holdings Ltd. (H Shares) | 154,000 | 119,692 | |
PAX Global Technology Ltd. | 445,000 | 367,660 | |
Shangri-La Asia Ltd. | 666,000 | 715,068 | |
VimpelCom Ltd. sponsored ADR | 32,600 | 133,008 | |
TOTAL BERMUDA | 1,335,428 | ||
Brazil - 5.0% | |||
Cosan SA Industria e Comercio | 26,260 | 275,769 | |
Direcional Engenharia SA | 219,000 | 432,272 | |
Fibria Celulose SA | 32,600 | 198,974 | |
FPC Par Corretora de Seguros | 132,000 | 529,645 | |
Metalurgica Gerdau SA rights 8/9/16 | 3,056 | 15,222 | |
Minerva SA (a) | 122,600 | 362,990 | |
QGEP Participacoes SA | 327,200 | 616,578 | |
Smiles SA | 51,100 | 818,886 | |
Tegma Gestao Logistica SA | 128,200 | 337,264 | |
TOTAL BRAZIL | 3,587,600 | ||
British Virgin Islands - 1.1% | |||
Arcos Dorados Holdings, Inc. Class A (a) | 121,900 | 668,012 | |
Dolphin Capital Investors Ltd. (a) | 1,343,300 | 99,112 | |
TOTAL BRITISH VIRGIN ISLANDS | 767,124 | ||
Canada - 1.5% | |||
Pan American Silver Corp. | 24,700 | 481,650 | |
Torex Gold Resources, Inc. (a) | 29,670 | 615,374 | |
TOTAL CANADA | 1,097,024 | ||
Cayman Islands - 9.5% | |||
51job, Inc. sponsored ADR (a)(b) | 11,700 | 372,294 | |
58.com, Inc. ADR (a)(b) | 17,100 | 889,371 | |
Casetek Holdings | 48,000 | 193,846 | |
China State Construction International Holdings Ltd. | 376,000 | 503,052 | |
GCL-Poly Energy Holdings Ltd. | 1,040,000 | 142,091 | |
Goodbaby International Holdings Ltd. | 506,000 | 229,573 | |
Haitian International Holdings Ltd. | 303,000 | 507,708 | |
Ju Teng International Holdings Ltd. | 416,000 | 132,440 | |
Kingboard Laminates Holdings Ltd. | 574,000 | 365,483 | |
Kingsoft Corp. Ltd. | 76,000 | 129,305 | |
Lee's Pharmaceutical Holdings Ltd. | 376,000 | 294,659 | |
Pico Far East Holdings Ltd. | 2,320,000 | 717,674 | |
Semiconductor Manufacturing International Corp. (a) | 2,077,000 | 168,383 | |
SITC International Holdings Co. Ltd. | 937,000 | 554,345 | |
Sunny Optical Technology Group Co. Ltd. | 108,000 | 430,140 | |
TPK Holding Co. Ltd. | 30,000 | 57,513 | |
Uni-President China Holdings Ltd. | 841,000 | 644,972 | |
Yirendai Ltd. sponsored ADR | 16,000 | 410,240 | |
TOTAL CAYMAN ISLANDS | 6,743,089 | ||
Chile - 3.8% | |||
Compania Cervecerias Unidas SA sponsored ADR | 22,000 | 503,140 | |
CorpBanca SA | 45,526,053 | 396,393 | |
Empresas CMPC SA | 154,503 | 324,181 | |
Inversiones La Construccion SA | 28,922 | 331,345 | |
Quinenco SA | 93,980 | 184,472 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 14,100 | 349,398 | |
Vina Concha y Toro SA | 372,483 | 634,641 | |
TOTAL CHILE | 2,723,570 | ||
China - 5.7% | |||
BBMG Corp. (H Shares) | 1,500,000 | 549,082 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 331,200 | 265,527 | |
Huangshan Tourism Development Co. Ltd. | 535,800 | 729,760 | |
Qingdao Haier Co. Ltd. | 570,386 | 940,138 | |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 460,000 | 725,717 | |
Zhengzhou Yutong Bus Co. Ltd. | 140,419 | 485,951 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 71,500 | 394,437 | |
TOTAL CHINA | 4,090,612 | ||
Colombia - 0.3% | |||
Organizacion Terpel SA | 59,128 | 187,592 | |
Cyprus - 0.5% | |||
Global Ports Investment PLC GDR (Reg. S) (a) | 144,900 | 376,740 | |
Egypt - 0.4% | |||
Citadel Capital Corp. (a) | 1,032,100 | 117,390 | |
Commercial International Bank SAE sponsored GDR | 42,300 | 160,317 | |
TOTAL EGYPT | 277,707 | ||
Georgia - 0.2% | |||
TBC Bank JSC unit | 8,575 | 113,190 | |
Greece - 0.6% | |||
Titan Cement Co. SA (Reg.) | 17,400 | 397,623 | |
Hong Kong - 2.8% | |||
BYD Electronic International Co. Ltd. (a) | 146,000 | 111,028 | |
China Resources Beer Holdings Co. Ltd. | 240,000 | 464,632 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) | 80,000 | 32,172 | |
Far East Horizon Ltd. | 497,584 | 391,223 | |
Techtronic Industries Co. Ltd. | 231,500 | 980,200 | |
TOTAL HONG KONG | 1,979,255 | ||
India - 13.8% | |||
Adani Ports & Special Economic Zone | 129,133 | 450,236 | |
Alembic Pharmaceuticals Ltd. (a) | 79,752 | 750,977 | |
Arvind Mills Ltd. | 81,291 | 371,728 | |
Dr Lal Pathlabs Ltd. | 22,335 | 325,869 | |
Edelweiss Financial Services Ltd. | 431,938 | 613,351 | |
Exide Industries Ltd. | 173,595 | 466,445 | |
Grasim Industries Ltd. | 8,861 | 650,666 | |
IDFC Ltd. | 317,213 | 260,319 | |
Iifl Holdings Ltd. (a) | 115,270 | 462,861 | |
Indraprastha Gas Ltd. (a) | 50,968 | 495,763 | |
JK Cement Ltd. | 32,200 | 344,608 | |
LIC Housing Finance Ltd. | 47,601 | 371,353 | |
Mahindra Lifespace Developers Ltd. | 42,765 | 285,025 | |
Manappuram General Finance & Leasing Ltd. | 732,000 | 900,518 | |
Marksans Pharma Ltd. | 475,274 | 337,622 | |
Mphasis BFL Ltd. | 48,914 | 396,933 | |
Power Grid Corp. of India Ltd. | 252,209 | 665,948 | |
Redington India Ltd. | 97,326 | 150,395 | |
Solar Industries India Ltd. | 27,640 | 273,166 | |
The Jammu & Kashmir Bank Ltd. | 200,767 | 202,559 | |
Torrent Pharmaceuticals Ltd. | 30,938 | 668,587 | |
VST Industries Ltd. (a) | 12,885 | 393,838 | |
TOTAL INDIA | 9,838,767 | ||
Indonesia - 1.6% | |||
Link Net Tbk PT | 381,500 | 127,278 | |
PT Bank Danamon Indonesia Tbk Series A | 820,800 | 219,323 | |
PT Indo Tambangraya Megah Tbk | 408,000 | 391,694 | |
PT Panin Life Tbk (a) | 23,451,300 | 379,561 | |
TOTAL INDONESIA | 1,117,856 | ||
Israel - 0.5% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 189,760 | 375,220 | |
Korea (South) - 10.9% | |||
AMOREPACIFIC Group, Inc. | 2,849 | 369,950 | |
Binggrea Co. Ltd. | 3,195 | 180,594 | |
BS Financial Group, Inc. | 55,802 | 441,783 | |
Com2uS Corp. | 2,252 | 233,942 | |
Daou Technology, Inc. | 20,645 | 493,491 | |
Devsisters Co. Ltd. (a) | 6,881 | 166,955 | |
E-Mart Co. Ltd. | 16 | 2,351 | |
Fila Korea Ltd. | 7,591 | 603,023 | |
Hanon Systems | 40,466 | 416,369 | |
Hyundai Glovis Co. Ltd. | 6,313 | 953,077 | |
Hyundai HCN | 114,997 | 395,276 | |
Hyundai Industrial Development & Construction Co. | 7,283 | 289,933 | |
Hyundai Wia Corp. | 5,281 | 407,654 | |
Koh Young Technology, Inc. | 5,832 | 245,009 | |
Korea Express Co. Ltd. (a) | 2,360 | 425,216 | |
Korean Reinsurance Co. | 41,722 | 453,663 | |
Medy-Tox, Inc. | 1,880 | 732,707 | |
NCSOFT Corp. | 1,944 | 438,483 | |
Nice Information & Telecom, Inc. | 9,861 | 299,516 | |
Silicon Works Co. Ltd. | 7,289 | 206,985 | |
TOTAL KOREA (SOUTH) | 7,755,977 | ||
Malaysia - 1.1% | |||
Inari Amertron Bhd | 266,000 | 202,580 | |
Top Glove Corp. Bhd | 547,200 | 576,708 | |
TOTAL MALAYSIA | 779,288 | ||
Mexico - 4.8% | |||
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 43,900 | 431,906 | |
Grupo Comercial Chedraui S.A.B. de CV | 170,100 | 385,923 | |
Grupo GICSA SA de CV (a) | 319,532 | 221,542 | |
Industrias Penoles SA de CV | 26,155 | 672,972 | |
Macquarie Mexican (REIT) | 390,272 | 499,340 | |
Megacable Holdings S.A.B. de CV unit | 77,600 | 311,021 | |
Qualitas Controladora S.A.B. de CV | 293,900 | 412,557 | |
Tenedora Nemak SA de CV | 22,800 | 25,913 | |
Terrafina | 279,600 | 463,912 | |
TOTAL MEXICO | 3,425,086 | ||
Netherlands - 1.2% | |||
Yandex NV (a) | 38,500 | 833,525 | |
Pakistan - 0.5% | |||
Habib Bank Ltd. | 172,400 | 357,760 | |
Panama - 0.7% | |||
Copa Holdings SA Class A | 7,800 | 522,600 | |
Philippines - 0.6% | |||
Alliance Global Group, Inc. | 1,224,000 | 419,731 | |
Poland - 0.6% | |||
Asseco Poland SA | 20,100 | 276,311 | |
Prime Car Management SA | 19,300 | 160,416 | |
TOTAL POLAND | 436,727 | ||
Romania - 0.3% | |||
Banca Transilvania SA | 399,713 | 228,909 | |
Russia - 1.7% | |||
Inter Rao Ues JSC | 13,451,004 | 532,822 | |
RusHydro PJSC (a) | 38,141,300 | 408,867 | |
Sistema JSFC sponsored GDR | 34,060 | 277,248 | |
TOTAL RUSSIA | 1,218,937 | ||
Singapore - 0.4% | |||
First Resources Ltd. | 244,500 | 294,523 | |
South Africa - 3.1% | |||
Alexander Forbes Group Holdings Ltd. | 424,062 | 191,238 | |
Bidvest Group Ltd. | 51,400 | 590,602 | |
Imperial Holdings Ltd. | 43,100 | 514,607 | |
Northam Platinum Ltd. (a) | 121,200 | 448,609 | |
Reunert Ltd. | 94,600 | 425,934 | |
TOTAL SOUTH AFRICA | 2,170,990 | ||
Sri Lanka - 0.6% | |||
Hatton National Bank PLC | 278,137 | 404,424 | |
Taiwan - 10.0% | |||
ADLINK Technology, Inc. | 95,087 | 194,543 | |
Advantech Co. Ltd. | 99,000 | 771,614 | |
Chipbond Technology Corp. | 118,000 | 161,504 | |
Cleanaway Co. Ltd. | 74,000 | 403,501 | |
CTCI Corp. | 281,000 | 397,404 | |
Cub Elecparts, Inc. | 46,892 | 569,589 | |
Elite Semiconductor Memory Technology, Inc. | 137,000 | 126,585 | |
eMemory Technology, Inc. | 22,000 | 221,597 | |
Everlight Electronics Co. Ltd. | 152,000 | 247,927 | |
FLEXium Interconnect, Inc. | 78,442 | 209,547 | |
Forhouse Corp. | 462,000 | 201,097 | |
Hermes Microvision, Inc. | 4,000 | 170,338 | |
Inventec Corp. | 415,000 | 322,802 | |
Lite-On Technology Corp. | 316,640 | 475,672 | |
Powertech Technology, Inc. | 174,000 | 444,037 | |
Radiant Opto-Electronics Corp. | 84,000 | 134,901 | |
Sirtec International Co. Ltd. | 168,000 | 203,275 | |
St.Shine Optical Co. Ltd. | 27,000 | 654,232 | |
Synnex Technology International Corp. | 262,000 | 310,425 | |
Tong Hsing Electronics Industries Ltd. | 102,000 | 379,867 | |
Universal Cement Corp. | 275,568 | 185,767 | |
Vanguard International Semiconductor Corp. | 188,000 | 341,507 | |
TOTAL TAIWAN | 7,127,731 | ||
Thailand - 2.2% | |||
Delta Electronics PCL (For. Reg.) | 110,600 | 226,249 | |
PTT Global Chemical PCL (For. Reg.) | 237,600 | 414,419 | |
Star Petroleum Refining PCL | 1,186,900 | 313,508 | |
Thai Union Frozen Products PCL (For. Reg.) | 995,200 | 622,893 | |
TOTAL THAILAND | 1,577,069 | ||
Turkey - 2.1% | |||
Aksa Akrilik Kimya Sanayii | 242,000 | 631,033 | |
Aselsan A/S | 144,000 | 455,506 | |
Tupras Turkiye Petrol Rafinelleri A/S | 18,576 | 397,020 | |
TOTAL TURKEY | 1,483,559 | ||
United Arab Emirates - 0.3% | |||
National Bank of Ras Al-Khaimah PSC | 152,077 | 202,885 | |
United Kingdom - 0.5% | |||
BGEO Group PLC | 9,440 | 341,194 | |
Vietnam - 0.4% | |||
FTP Corp. | 163,990 | 301,520 | |
TOTAL COMMON STOCKS | |||
(Cost $65,429,127) | 66,113,438 | ||
Nonconvertible Preferred Stocks - 2.9% | |||
Brazil - 2.4% | |||
Banco ABC Brasil SA | 105,300 | 457,911 | |
Banco do Estado Rio Grande do Sul SA | 116,000 | 385,665 | |
Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR | 35,000 | 346,500 | |
Metalurgica Gerdau SA (PN) | 615,600 | 516,417 | |
TOTAL BRAZIL | 1,706,493 | ||
Korea (South) - 0.5% | |||
LG Chemical Ltd. | 2,144 | 341,984 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $1,621,211) | 2,048,477 | ||
Principal Amount | Value | ||
Government Obligations - 0.1% | |||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.31% 9/29/16 to 10/20/16 (Cost $79,962)(c) | 80,000 | 79,965 | |
Shares | Value | ||
Money Market Funds - 6.4% | |||
Fidelity Cash Central Fund, 0.42% (d) | 3,039,986 | 3,039,986 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 1,555,800 | 1,555,800 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,595,786) | 4,595,786 | ||
TOTAL INVESTMENT PORTFOLIO - 102.3% | |||
(Cost $71,726,086) | 72,837,666 | ||
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (1,669,002) | ||
NET ASSETS - 100% | $71,168,664 |
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) | Sept. 2016 | 1,278,175 | $92,396 |
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 $79,965.
(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 | $6,175 |
Fidelity Securities Lending Cash Central Fund | 11,298 |
Total | $17,473 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $11,131,833 | $11,131,833 | $-- | $-- |
Consumer Staples | 4,892,619 | 4,892,619 | -- | -- |
Energy | 1,994,569 | 1,994,569 | -- | -- |
Financials | 12,118,874 | 12,118,874 | -- | -- |
Health Care | 5,067,078 | 5,067,078 | -- | -- |
Industrials | 9,642,325 | 9,642,325 | -- | -- |
Information Technology | 12,906,324 | 12,737,941 | 168,383 | -- |
Materials | 6,780,112 | 6,129,446 | 650,666 | -- |
Telecommunication Services | 912,754 | 912,754 | -- | -- |
Utilities | 2,715,427 | 2,715,427 | -- | -- |
Government Obligations | 79,965 | -- | 79,965 | -- |
Money Market Funds | 4,595,786 | 4,595,786 | -- | -- |
Total Investments in Securities: | $72,837,666 | $71,938,652 | $899,014 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $92,396 | $92,396 | $-- | $-- |
Total Assets | $92,396 | $92,396 | $-- | $-- |
Total Derivative Instruments: | $92,396 | $92,396 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $22,365,321 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Consumer Discretionary | |
Beginning Balance | $792,670 |
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 | (792,670) |
Ending Balance | $-- |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 | $-- |
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, 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 July 31, 2016, the cost of investment securities for income tax purposes was $72,098,434. Net unrealized appreciation aggregated $739,232, of which $9,521,557 related to appreciated investment securities and $8,782,325 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Bailiwick of Jersey - 4.8% | |||
Shire PLC | 652,600 | $42,159,572 | |
Wolseley PLC | 265,134 | 14,783,443 | |
TOTAL BAILIWICK OF JERSEY | 56,943,015 | ||
Bermuda - 2.5% | |||
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) | 53,380,307 | 7,485,844 | |
Vostok New Ventures Ltd. SDR (a) | 3,662,236 | 22,576,014 | |
TOTAL BERMUDA | 30,061,858 | ||
Denmark - 4.3% | |||
DONG Energy A/S | 385,200 | 15,689,249 | |
DSV de Sammensluttede Vognmaend A/S | 236,000 | 10,506,151 | |
Novozymes A/S Series B | 343,955 | 16,878,404 | |
Scandinavian Tobacco Group A/S | 493,189 | 8,709,592 | |
TOTAL DENMARK | 51,783,396 | ||
Finland - 1.7% | |||
Amer Group PLC (A Shares) | 234,400 | 6,651,063 | |
Valmet Corp. | 1,047,200 | 13,674,589 | |
TOTAL FINLAND | 20,325,652 | ||
France - 9.4% | |||
Bollore Group | 3,447,549 | 12,480,417 | |
Capgemini SA | 198,200 | 19,045,454 | |
Eurazeo SA | 217,617 | 13,909,221 | |
Havas SA | 2,857,100 | 24,071,776 | |
Publicis Groupe SA | 196,146 | 14,604,796 | |
Wendel SA | 167,500 | 17,878,190 | |
Zodiac Aerospace | 454,600 | 10,241,092 | |
TOTAL FRANCE | 112,230,946 | ||
Germany - 12.8% | |||
Brenntag AG | 389,700 | 19,348,753 | |
CompuGroup Medical AG | 259,600 | 11,208,791 | |
CTS Eventim AG | 365,769 | 12,729,983 | |
Fresenius SE & Co. KGaA | 206,797 | 15,441,784 | |
GEA Group AG | 332,091 | 17,722,943 | |
LEG Immobilien AG | 244,965 | 24,590,866 | |
SAP AG | 587,805 | 51,446,694 | |
TOTAL GERMANY | 152,489,814 | ||
Ireland - 3.0% | |||
DCC PLC (United Kingdom) | 149,700 | 13,363,225 | |
Ryanair Holdings PLC sponsored ADR | 152,067 | 10,761,782 | |
United Drug PLC (United Kingdom) | 1,554,241 | 11,961,224 | |
TOTAL IRELAND | 36,086,231 | ||
Isle of Man - 3.5% | |||
Gaming VC Holdings SA | 586,400 | 4,897,009 | |
Paysafe Group PLC (a) | 4,237,010 | 21,644,838 | |
Playtech Ltd. | 1,358,287 | 15,630,349 | |
TOTAL ISLE OF MAN | 42,172,196 | ||
Malta - 0.9% | |||
Kambi Group PLC (a) | 752,299 | 10,440,050 | |
Netherlands - 6.5% | |||
CSM NV (exchangeable) | 489,300 | 11,772,245 | |
Koninklijke Philips Electronics NV | 1,044,600 | 27,782,985 | |
Koninklijke Wessanen NV | 858,800 | 10,475,110 | |
RELX NV | 794,789 | 14,321,614 | |
Wolters Kluwer NV | 316,200 | 13,300,874 | |
TOTAL NETHERLANDS | 77,652,828 | ||
Norway - 1.6% | |||
TGS Nopec Geophysical Co. ASA (b) | 1,181,700 | 19,622,286 | |
Spain - 1.4% | |||
Amadeus IT Holding SA Class A | 342,900 | 16,099,296 | |
Sweden - 17.3% | |||
Dometic Group AB | 1,899,000 | 13,315,414 | |
Getinge AB (B Shares) | 2,070,400 | 41,979,011 | |
H&M Hennes & Mauritz AB (B Shares) | 748,827 | 22,613,109 | |
Hemfosa Fastigheter AB | 1,417,560 | 15,199,384 | |
Indutrade AB | 903,300 | 19,085,736 | |
Lundbergfoeretagen AB | 94,092 | 5,662,894 | |
Nordea Bank AB | 3,277,000 | 29,200,801 | |
Pandox AB (b) | 781,300 | 13,339,714 | |
Svenska Cellulosa AB (SCA) (B Shares) | 776,700 | 23,090,283 | |
Svenska Handelsbanken AB (A Shares) | 1,953,700 | 23,489,393 | |
TOTAL SWEDEN | 206,975,739 | ||
Switzerland - 5.9% | |||
ABB Ltd. (Reg.) | 291,450 | 6,191,009 | |
Nestle SA | 550,986 | 44,151,962 | |
Panalpina Welttransport Holding AG | 151,620 | 20,524,705 | |
TOTAL SWITZERLAND | 70,867,676 | ||
United Kingdom - 23.0% | |||
Bunzl PLC | 460,058 | 14,399,628 | |
CMC Markets PLC | 3,189,300 | 11,742,486 | |
Dechra Pharmaceuticals PLC | 982,700 | 17,297,372 | |
Diploma PLC | 1,298,700 | 14,669,655 | |
Essentra PLC | 1,990,100 | 12,773,920 | |
Howden Joinery Group PLC | 1,125,900 | 6,437,113 | |
International Personal Finance PLC | 4,993,203 | 17,716,730 | |
Micro Focus International PLC | 611,300 | 15,662,724 | |
Prudential PLC | 1,465,649 | 25,837,158 | |
Saga PLC | 3,108,100 | 8,370,799 | |
Shawbrook Group PLC (a) | 3,061,100 | 7,616,280 | |
Softcat PLC | 2,303,478 | 10,587,572 | |
St. James's Place Capital PLC | 1,046,662 | 12,826,997 | |
Standard Chartered PLC (United Kingdom) | 4,774,215 | 38,201,257 | |
William Hill PLC | 11,166,573 | 47,234,474 | |
Worldpay Group PLC (a) | 3,322,800 | 12,902,440 | |
TOTAL UNITED KINGDOM | 274,276,605 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,154,886,904) | 1,178,027,588 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund, 0.42% (d) | 177,343 | 177,343 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 11,935,645 | 11,935,645 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $12,112,988) | 12,112,988 | ||
TOTAL INVESTMENT PORTFOLIO - 99.6% | |||
(Cost $1,166,999,892) | 1,190,140,576 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 4,628,342 | ||
NET ASSETS - 100% | $1,194,768,918 |
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 | $28,832 |
Fidelity Securities Lending Cash Central Fund | 699,562 |
Total | $728,394 |
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 |
Vostok Emerging Finance Ltd. (depository receipt) | $1,697,310 | $5,886,498 | $-- | $-- | $7,485,844 |
Total | $1,697,310 | $5,886,498 | $-- | $-- | $7,485,844 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $197,519,876 | $113,350,679 | $84,169,197 | $-- |
Consumer Staples | 77,717,355 | 10,475,110 | 67,242,245 | -- |
Energy | 19,622,286 | 19,622,286 | -- | -- |
Financials | 291,013,906 | 241,687,355 | 49,326,551 | -- |
Health Care | 140,047,754 | 97,888,182 | 42,159,572 | -- |
Industrials | 231,973,226 | 183,215,789 | 48,757,437 | -- |
Information Technology | 163,019,367 | 111,572,673 | 51,446,694 | -- |
Materials | 41,424,569 | 41,424,569 | -- | -- |
Utilities | 15,689,249 | 15,689,249 | -- | -- |
Money Market Funds | 12,112,988 | 12,112,988 | -- | -- |
Total Investments in Securities: | $1,190,140,576 | $847,038,880 | $343,101,696 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $46,018,397 |
Level 2 to Level 1 | $17,988,270 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,171,695,953. Net unrealized appreciation aggregated $18,444,623, of which $120,122,393 related to appreciated investment securities and $101,677,770 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
Australia - 4.4% | |||
CSL Ltd. | 4,638,835 | $415,983,355 | |
Sydney Airport unit | 7,532,050 | 43,273,300 | |
Transurban Group unit | 10,438,207 | 99,632,394 | |
TOTAL AUSTRALIA | 558,889,049 | ||
Austria - 1.5% | |||
Andritz AG | 2,717,698 | 138,550,419 | |
Buwog-Gemeinnuetzige Wohnung | 2,046,329 | 49,622,292 | |
TOTAL AUSTRIA | 188,172,711 | ||
Belgium - 4.1% | |||
Anheuser-Busch InBev SA NV | 3,640,981 | 470,386,306 | |
KBC Groep NV (a) | 1,122,855 | 58,355,033 | |
TOTAL BELGIUM | 528,741,339 | ||
Canada - 0.4% | |||
Pason Systems, Inc. | 3,687,269 | 49,393,279 | |
Cayman Islands - 0.9% | |||
58.com, Inc. ADR (a) | 976,900 | 50,808,569 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 769,100 | 63,435,368 | |
TOTAL CAYMAN ISLANDS | 114,243,937 | ||
Denmark - 3.2% | |||
Jyske Bank A/S (Reg.) | 1,334,500 | 55,497,614 | |
Novo Nordisk A/S Series B sponsored ADR | 6,129,281 | 349,185,139 | |
TOTAL DENMARK | 404,682,753 | ||
Finland - 0.3% | |||
Tikkurila Oyj | 1,960,479 | 37,721,145 | |
France - 1.1% | |||
Essilor International SA (b) | 1,128,168 | 144,480,979 | |
Germany - 3.3% | |||
Bayer AG | 1,383,800 | 148,755,557 | |
SAP AG | 3,125,191 | 273,527,370 | |
TOTAL GERMANY | 422,282,927 | ||
Hong Kong - 1.9% | |||
AIA Group Ltd. | 39,602,000 | 245,266,563 | |
India - 0.6% | |||
Housing Development Finance Corp. Ltd. | 3,993,267 | 82,345,593 | |
Ireland - 3.2% | |||
CRH PLC sponsored ADR | 6,810,505 | 209,491,134 | |
James Hardie Industries PLC CDI | 12,279,270 | 203,429,562 | |
TOTAL IRELAND | 412,920,696 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 4,792,493 | 55,149,123 | |
Israel - 0.4% | |||
Azrieli Group | 1,019,186 | 44,715,677 | |
Italy - 0.6% | |||
Azimut Holding SpA | 1,613,606 | 25,364,402 | |
Interpump Group SpA | 3,440,349 | 55,694,572 | |
TOTAL ITALY | 81,058,974 | ||
Japan - 13.9% | |||
Astellas Pharma, Inc. | 16,116,600 | 268,530,535 | |
Coca-Cola Central Japan Co. Ltd. | 1,180,100 | 22,773,189 | |
DENSO Corp. | 4,593,600 | 177,862,589 | |
East Japan Railway Co. | 1,253,100 | 114,946,483 | |
Hoya Corp. | 2,955,500 | 104,863,660 | |
Japan Tobacco, Inc. | 4,759,000 | 185,599,684 | |
Keyence Corp. | 296,200 | 208,931,712 | |
Misumi Group, Inc. | 1,841,700 | 33,826,372 | |
Mitsui Fudosan Co. Ltd. | 5,634,000 | 121,951,990 | |
Nintendo Co. Ltd. | 205,400 | 42,634,386 | |
Olympus Corp. | 2,764,900 | 95,410,685 | |
OSG Corp. | 3,087,200 | 51,430,825 | |
Seven Bank Ltd. | 16,719,600 | 57,117,081 | |
Shinsei Bank Ltd. | 31,098,000 | 46,652,122 | |
SHO-BOND Holdings Co. Ltd. (c) | 1,496,100 | 75,401,136 | |
USS Co. Ltd. | 10,690,800 | 181,334,056 | |
TOTAL JAPAN | 1,789,266,505 | ||
Kenya - 0.3% | |||
Safaricom Ltd. | 223,964,300 | 42,076,133 | |
Korea (South) - 0.6% | |||
BGFretail Co. Ltd. | 446,900 | 80,119,114 | |
Mexico - 0.5% | |||
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 777,412 | 69,578,374 | |
Netherlands - 0.9% | |||
ASML Holding NV (Netherlands) | 1,023,000 | 112,326,088 | |
South Africa - 1.6% | |||
Clicks Group Ltd. | 6,902,484 | 61,788,575 | |
Naspers Ltd. Class N | 948,010 | 148,764,879 | |
TOTAL SOUTH AFRICA | 210,553,454 | ||
Spain - 4.9% | |||
Amadeus IT Holding SA Class A | 3,818,800 | 179,294,226 | |
Hispania Activos Inmobiliarios SA | 2,473,010 | 33,094,958 | |
Inditex SA | 9,743,471 | 336,965,692 | |
Merlin Properties Socimi SA | 2,920,800 | 33,438,253 | |
Prosegur Compania de Seguridad SA (Reg.) | 7,501,289 | 50,989,562 | |
TOTAL SPAIN | 633,782,691 | ||
Sweden - 4.1% | |||
ASSA ABLOY AB (B Shares) | 14,933,417 | 327,610,295 | |
Fagerhult AB | 452,500 | 10,364,614 | |
Intrum Justitia AB | 782,800 | 25,120,589 | |
Svenska Cellulosa AB (SCA) (B Shares) | 2,861,600 | 85,071,654 | |
Svenska Handelsbanken AB (A Shares) | 6,938,413 | 83,420,746 | |
TOTAL SWEDEN | 531,587,898 | ||
Switzerland - 13.2% | |||
Nestle SA | 8,880,297 | 711,601,624 | |
Novartis AG | 4,760,410 | 394,843,705 | |
Roche Holding AG (participation certificate) | 1,643,432 | 419,515,653 | |
Schindler Holding AG: | |||
(participation certificate) | 758,219 | 145,432,225 | |
(Reg.) | 154,309 | 29,804,627 | |
TOTAL SWITZERLAND | 1,701,197,834 | ||
Taiwan - 0.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,690,000 | 101,287,519 | |
United Kingdom - 11.2% | |||
Associated British Foods PLC | 2,224,900 | 79,237,677 | |
BAE Systems PLC | 12,625,600 | 89,144,066 | |
Berendsen PLC | 5,189,100 | 87,698,159 | |
Howden Joinery Group PLC | 5,721,200 | 32,709,840 | |
Informa PLC | 10,545,180 | 99,645,972 | |
InterContinental Hotel Group PLC ADR(b) | 6,243,352 | 252,855,756 | |
Prudential PLC | 8,975,918 | 158,231,753 | |
Reckitt Benckiser Group PLC | 3,978,587 | 385,764,481 | |
Rightmove PLC | 570,970 | 30,611,392 | |
SABMiller PLC | 2,713,836 | 158,534,383 | |
Shaftesbury PLC | 3,385,400 | 41,847,007 | |
Unite Group PLC | 2,394,258 | 20,073,593 | |
TOTAL UNITED KINGDOM | 1,436,354,079 | ||
United States of America - 18.2% | |||
Alphabet, Inc. Class A | 232,294 | 183,823,534 | |
Autoliv, Inc. (b) | 1,210,227 | 128,042,017 | |
Berkshire Hathaway, Inc. Class B (a) | 922,750 | 133,125,143 | |
China Biologic Products, Inc. (a) | 563,750 | 67,300,475 | |
Domino's Pizza, Inc. | 783,740 | 115,444,902 | |
Martin Marietta Materials, Inc. | 440,200 | 89,206,530 | |
MasterCard, Inc. Class A | 2,329,310 | 221,843,484 | |
McGraw Hill Financial, Inc. | 830,171 | 101,446,896 | |
Mohawk Industries, Inc. (a) | 875,415 | 182,909,210 | |
Molson Coors Brewing Co. Class B | 875,100 | 89,400,216 | |
Moody's Corp. | 709,300 | 75,192,893 | |
MSCI, Inc. Class A | 822,200 | 70,742,088 | |
Philip Morris International, Inc. | 1,753,392 | 175,795,082 | |
PriceSmart, Inc. | 663,475 | 51,671,433 | |
ResMed, Inc. | 1,227,900 | 84,577,752 | |
Reynolds American, Inc. | 2,981,500 | 149,253,890 | |
Sherwin-Williams Co. | 283,200 | 84,883,536 | |
SS&C Technologies Holdings, Inc. | 2,000,356 | 64,451,470 | |
Visa, Inc. Class A | 3,527,496 | 275,321,063 | |
TOTAL UNITED STATES OF AMERICA | 2,344,431,614 | ||
TOTAL COMMON STOCKS | |||
(Cost $9,526,630,268) | 12,422,626,048 | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 0.42% (d) | 336,732,846 | 336,732,846 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 43,332,932 | 43,332,932 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $380,065,778) | 380,065,778 | ||
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $9,906,696,046) | 12,802,691,826 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 67,822,557 | ||
NET ASSETS - 100% | $12,870,514,383 |
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 | $1,202,715 |
Fidelity Securities Lending Cash Central Fund | 1,701,115 |
Total | $2,903,830 |
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 | $-- | $2,777,406 | $1,075,014 | $75,401,136 |
Total | $61,860,089 | $-- | $2,777,406 | $1,075,014 | $75,401,136 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $1,623,825,073 | $778,897,857 | $844,927,216 | $-- |
Consumer Staples | 2,776,575,682 | 915,378,744 | 1,861,196,938 | -- |
Energy | 49,393,279 | 49,393,279 | -- | -- |
Financials | 1,537,501,697 | 1,070,128,005 | 467,373,692 | -- |
Health Care | 2,493,447,495 | 1,061,527,700 | 1,431,919,795 | -- |
Industrials | 1,411,629,478 | 719,270,301 | 692,359,177 | -- |
Information Technology | 1,863,445,304 | 1,124,738,229 | 738,707,075 | -- |
Materials | 624,731,907 | 624,731,907 | -- | -- |
Telecommunication Services | 42,076,133 | 42,076,133 | -- | -- |
Money Market Funds | 380,065,778 | 380,065,778 | -- | -- |
Total Investments in Securities: | $12,802,691,826 | $6,766,207,933 | $6,036,483,893 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $589,675,963 |
Level 2 to Level 1 | $885,385,238 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $9,920,605,156. Net unrealized appreciation aggregated $2,882,086,670, of which $3,163,911,308 related to appreciated investment securities and $281,824,638 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6% | |||
Shares | Value | ||
Australia - 4.5% | |||
Aub Group Ltd. | 550,234 | $4,260,952 | |
Austal Ltd. | 2,172,581 | 1,915,221 | |
Challenger Ltd. | 600,621 | 4,336,198 | |
GUD Holdings Ltd. (a) | 1,286,901 | 9,828,703 | |
Imdex Ltd. (b)(c) | 13,086,370 | 3,878,545 | |
Life Healthcare Group Ltd. | 2,075,053 | 2,885,794 | |
Monadelphous Group Ltd. (a) | 8,707 | 69,676 | |
Nanosonics Ltd. (b) | 1,719,782 | 3,581,038 | |
Programmed Maintenance Services Ltd. | 2,408,776 | 3,770,932 | |
SAI Global Ltd. | 1,348,285 | 3,647,680 | |
SomnoMed Ltd. (a)(b) | 726,815 | 1,905,584 | |
TOTAL AUSTRALIA | 40,080,323 | ||
Austria - 2.0% | |||
Andritz AG | 118,732 | 6,053,052 | |
Buwog-Gemeinnuetzige Wohnung | 121,228 | 2,939,709 | |
IMMOFINANZ Immobilien Anlagen AG (a)(b) | 1,973,943 | 4,298,979 | |
RHI AG | 218,140 | 4,527,642 | |
TOTAL AUSTRIA | 17,819,382 | ||
Bailiwick of Jersey - 0.6% | |||
Regus PLC | 1,228,200 | 4,962,533 | |
Belgium - 1.0% | |||
Barco NV | 67,583 | 5,200,643 | |
Econocom Group SA | 287,003 | 3,758,985 | |
TOTAL BELGIUM | 8,959,628 | ||
Bermuda - 1.6% | |||
BW Offshore Ltd. (a) | 71,549,686 | 2,120,079 | |
Hiscox Ltd. | 311,955 | 4,376,283 | |
Petra Diamonds Ltd. | 3,093,474 | 4,902,635 | |
Travelport Worldwide Ltd. | 250,900 | 3,384,641 | |
TOTAL BERMUDA | 14,783,638 | ||
Brazil - 0.4% | |||
Banco ABC Brasil SA rights 8/2/16 (b) | 54,374 | 75,916 | |
MAHLE Metal Leve SA | 374,900 | 3,087,167 | |
TOTAL BRAZIL | 3,163,083 | ||
British Virgin Islands - 0.2% | |||
Gem Diamonds Ltd. | 1,174,862 | 2,040,768 | |
Canada - 4.6% | |||
AutoCanada, Inc. (a) | 259,484 | 4,223,211 | |
Dorel Industries, Inc. Class B (sub. vtg.) | 122,003 | 3,518,104 | |
Genesis Land Development Corp. | 1,179,822 | 2,539,195 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 206,613 | 2,992,419 | |
Lassonde Industries, Inc. Class A (sub. vtg.) | 39,269 | 6,046,521 | |
McCoy Global, Inc. (b) | 1,341,870 | 1,849,934 | |
Open Text Corp. | 136,048 | 8,290,108 | |
ShawCor Ltd. Class A | 107,585 | 2,453,859 | |
Western Forest Products, Inc. | 1,875,000 | 3,073,182 | |
Whitecap Resources, Inc. | 886,253 | 6,577,407 | |
TOTAL CANADA | 41,563,940 | ||
Cayman Islands - 4.0% | |||
AMVIG Holdings Ltd. | 16,494,000 | 5,825,113 | |
Best Pacific International Holdings Ltd. | 1,678,000 | 1,137,642 | |
China High Precision Automation Group Ltd. (b) | 712,000 | 1 | |
China Metal Recycling (Holdings) Ltd. (b) | 436,800 | 1 | |
Greatview Aseptic Pack Co. Ltd. | 5,597,000 | 2,900,075 | |
Haitian International Holdings Ltd. | 2,655,000 | 4,448,727 | |
Lifestyle China Group Ltd. (b) | 3,347,000 | 668,675 | |
Lifestyle International Holdings Ltd. | 3,347,000 | 4,719,553 | |
Pico Far East Holdings Ltd. | 18,482,000 | 5,717,261 | |
SITC International Holdings Co. Ltd. | 12,351,000 | 7,307,059 | |
Value Partners Group Ltd. | 3,493,000 | 2,939,948 | |
TOTAL CAYMAN ISLANDS | 35,664,055 | ||
Chile - 1.0% | |||
Quinenco SA | 2,409,395 | 4,729,356 | |
Vina San Pedro SA | 380,410,732 | 3,951,414 | |
TOTAL CHILE | 8,680,770 | ||
Denmark - 0.7% | |||
Jyske Bank A/S (Reg.) | 158,103 | 6,575,001 | |
Finland - 2.5% | |||
Amer Group PLC (A Shares) | 201,445 | 5,715,970 | |
Asiakastieto Group Oyj | 192,023 | 3,703,260 | |
Cramo Oyj (B Shares) | 186,710 | 4,406,539 | |
Olvi PLC (A Shares) | 131,638 | 3,835,284 | |
Tikkurila Oyj | 270,446 | 5,203,592 | |
TOTAL FINLAND | 22,864,645 | ||
France - 3.8% | |||
ALTEN | 99,119 | 6,872,749 | |
Coface SA | 358,202 | 1,823,740 | |
Maisons du Monde SA | 171,100 | 3,653,635 | |
Rexel SA | 314,500 | 4,674,668 | |
The Lisi Group | 115,009 | 3,124,496 | |
The Vicat Group | 88,556 | 5,286,899 | |
Thermador Groupe SA | 32,107 | 2,968,209 | |
Wendel SA | 54,135 | 5,778,124 | |
TOTAL FRANCE | 34,182,520 | ||
Germany - 2.0% | |||
AURELIUS AG | 85,535 | 5,210,777 | |
CompuGroup Medical AG | 178,949 | 7,726,510 | |
mutares AG | 150,700 | 2,272,830 | |
SHW Group | 115,039 | 3,215,340 | |
TOTAL GERMANY | 18,425,457 | ||
Greece - 0.4% | |||
Metka Industrial-Construction | 435,516 | 3,564,158 | |
Hong Kong - 1.9% | |||
Dah Sing Banking Group Ltd. | 3,119,200 | 5,837,645 | |
Far East Horizon Ltd. | 4,517,000 | 3,551,467 | |
Magnificent Hotel Investment Ltd. | 117,556,000 | 2,621,312 | |
Shun Ho Technology Holdings Ltd. | 1,650,033 | 578,481 | |
Techtronic Industries Co. Ltd. | 1,040,500 | 4,405,602 | |
TOTAL HONG KONG | 16,994,507 | ||
India - 0.9% | |||
Edelweiss Financial Services Ltd. | 3,634,440 | 5,160,899 | |
Torrent Pharmaceuticals Ltd. | 126,796 | 2,740,129 | |
TOTAL INDIA | 7,901,028 | ||
Indonesia - 0.7% | |||
PT ACE Hardware Indonesia Tbk | 43,202,200 | 3,199,308 | |
PT Media Nusantara Citra Tbk | 17,616,500 | 2,891,589 | |
TOTAL INDONESIA | 6,090,897 | ||
Ireland - 2.2% | |||
C&C Group PLC | 773,756 | 3,117,673 | |
Mincon Group PLC | 5,579,806 | 4,054,845 | |
Origin Enterprises PLC | 709,500 | 4,284,187 | |
United Drug PLC (United Kingdom) | 1,030,649 | 7,931,732 | |
TOTAL IRELAND | 19,388,437 | ||
Isle of Man - 0.6% | |||
Paysafe Group PLC (b) | 1,050,400 | 5,365,986 | |
Israel - 0.9% | |||
Frutarom Industries Ltd. | 167,089 | 8,360,585 | |
Italy - 1.0% | |||
Banco di Desio e della Brianza SpA | 669,139 | 1,271,766 | |
Recordati SpA | 232,561 | 7,542,693 | |
TOTAL ITALY | 8,814,459 | ||
Japan - 22.3% | |||
A/S One Corp. | 142,500 | 5,880,587 | |
Aeon Delight Co. Ltd. | 192,900 | 5,865,126 | |
Arc Land Sakamoto Co. Ltd. | 432,300 | 4,799,768 | |
Broadleaf Co. Ltd. | 383,300 | 3,847,386 | |
Central Automotive Products Ltd. | 337,000 | 2,969,395 | |
Daiwa Industries Ltd. | 495,600 | 4,511,651 | |
Dexerials Corp. | 532,000 | 4,295,798 | |
Fuji Corp. | 149,100 | 2,462,983 | |
Fukuda Denshi Co. Ltd. | 80,100 | 4,878,982 | |
Funai Soken Holdings, Inc. | 190,320 | 2,641,736 | |
GMO Internet, Inc. | 446,600 | 5,782,765 | |
Iida Group Holdings Co. Ltd. | 227,851 | 4,510,958 | |
Japan Meat Co. Ltd. | 314,100 | 4,488,241 | |
JSR Corp. | 640,800 | 8,752,696 | |
Kaken Pharmaceutical Co. Ltd. | 86,700 | 5,733,175 | |
KAWAI Musical Instruments Manufacturing Co. Ltd. | 61,200 | 1,154,216 | |
Kotobuki Spirits Co. Ltd. | 111,700 | 3,383,736 | |
Leopalace21 Corp. | 966,500 | 6,925,537 | |
Meitec Corp. | 132,400 | 4,407,106 | |
Minebea Mitsumi, Inc. | 512,000 | 4,060,341 | |
Miraca Holdings, Inc. | 122,900 | 5,660,754 | |
Mitani Shoji Co. Ltd. | 247,700 | 7,630,833 | |
Monex Group, Inc. | 695,600 | 1,710,616 | |
Nihon Parkerizing Co. Ltd. | 518,300 | 6,238,524 | |
Nitori Holdings Co. Ltd. | 65,500 | 8,146,406 | |
Paramount Bed Holdings Co. Ltd. | 152,200 | 5,779,621 | |
Ricoh Leasing Co. Ltd. | 243,600 | 6,248,496 | |
S Foods, Inc. (a) | 337,600 | 9,078,175 | |
San-Ai Oil Co. Ltd. | 589,000 | 3,954,506 | |
Shinsei Bank Ltd. | 3,841,000 | 5,762,133 | |
Ship Healthcare Holdings, Inc. | 161,700 | 4,890,887 | |
TKC Corp. | 246,900 | 6,990,052 | |
Toshiba Plant Systems & Services Corp. | 552,900 | 9,766,032 | |
Tsuruha Holdings, Inc. | 78,600 | 8,937,840 | |
VT Holdings Co. Ltd. | 1,173,100 | 6,202,487 | |
Welcia Holdings Co. Ltd. | 77,700 | 5,126,622 | |
Yamada Consulting Group Co. Ltd. | 168,200 | 7,149,237 | |
TOTAL JAPAN | 200,625,404 | ||
Korea (South) - 1.3% | |||
BGFretail Co. Ltd. | 17,709 | 3,174,825 | |
Fila Korea Ltd. | 46,190 | 3,669,299 | |
Hy-Lok Corp. | 125,792 | 2,549,074 | |
NS Shopping Co. Ltd. (b) | 14,630 | 2,353,316 | |
TOTAL KOREA (SOUTH) | 11,746,514 | ||
Luxembourg - 0.3% | |||
SAF-Holland SA | 255,600 | 3,084,788 | |
Mexico - 0.0% | |||
Genomma Lab Internacional SA de CV (b) | 66,889 | 76,699 | |
Netherlands - 2.6% | |||
Amsterdam Commodities NV | 199,755 | 5,103,001 | |
Arcadis NV | 212,989 | 2,851,507 | |
Basic-Fit NV | 210,900 | 3,479,025 | |
BinckBank NV (a) | 926,159 | 5,171,016 | |
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit | 65,247 | 1,094,922 | |
IMCD Group BV | 142,000 | 6,020,821 | |
TOTAL NETHERLANDS | 23,720,292 | ||
New Zealand - 1.7% | |||
EBOS Group Ltd. | 876,465 | 10,444,220 | |
Nuplex Industries Ltd. | 1,387,025 | 5,319,077 | |
TOTAL NEW ZEALAND | 15,763,297 | ||
Norway - 1.9% | |||
ABG Sundal Collier ASA (a) | 6,890,610 | 4,181,498 | |
Ekornes A/S | 356,197 | 4,221,769 | |
Kongsberg Gruppen ASA | 337,433 | 5,039,209 | |
Spectrum ASA (b) | 1,183,572 | 3,787,588 | |
TOTAL NORWAY | 17,230,064 | ||
Philippines - 0.3% | |||
Century Pacific Food, Inc. | 7,408,500 | 2,637,976 | |
Romania - 0.4% | |||
Banca Transilvania SA | 6,683,667 | 3,827,632 | |
Singapore - 1.8% | |||
Boustead Projects Pte Ltd. (b) | 618,906 | 283,902 | |
Boustead Singapore Ltd. | 2,730,069 | 1,629,041 | |
Hour Glass Ltd. | 8,087,500 | 4,825,837 | |
Mapletree Industrial (REIT) | 3,216,394 | 4,342,264 | |
Wing Tai Holdings Ltd. | 4,110,600 | 5,334,858 | |
TOTAL SINGAPORE | 16,415,902 | ||
South Africa - 1.0% | |||
Clicks Group Ltd. | 992,132 | 8,881,212 | |
Spain - 0.6% | |||
Hispania Activos Inmobiliarios SA (a) | 414,485 | 5,546,829 | |
Sweden - 0.8% | |||
Addlife AB (b) | 98,854 | 1,452,716 | |
AddTech AB (B Shares) | 225,019 | 3,254,190 | |
Coor Service Management Holding AB | 474,600 | 2,745,436 | |
TOTAL SWEDEN | 7,452,342 | ||
Switzerland - 3.3% | |||
Allied World Assurance Co. Holdings AG | 239,504 | 9,817,269 | |
Daetwyler Holdings AG | 26,071 | 3,496,936 | |
Vontobel Holdings AG | 189,326 | 8,722,045 | |
VZ Holding AG | 24,791 | 7,417,860 | |
TOTAL SWITZERLAND | 29,454,110 | ||
Taiwan - 2.2% | |||
King's Town Bank | 4,627,000 | 3,402,741 | |
Makalot Industrial Co. Ltd. | 473,000 | 2,452,780 | |
Tripod Technology Corp. | 2,830,000 | 5,807,819 | |
Vanguard International Semiconductor Corp. | 3,013,000 | 5,473,189 | |
Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 1,182,000 | 2,815,789 | |
TOTAL TAIWAN | 19,952,318 | ||
Thailand - 1.1% | |||
Delta Electronics PCL (For. Reg.) | 2,612,900 | 5,345,080 | |
TISCO Financial Group PCL | 2,917,600 | 4,523,411 | |
TOTAL THAILAND | 9,868,491 | ||
Turkey - 0.4% | |||
Aygaz A/S | 864,000 | 3,250,719 | |
United Kingdom - 14.2% | |||
Aberdeen Asset Management PLC | 892,249 | 3,758,059 | |
AEW UK REIT PLC | 2,828,268 | 3,569,954 | |
Alliance Pharma PLC | 4,392,658 | 2,659,659 | |
Amec Foster Wheeler PLC | 641,231 | 3,784,073 | |
Ashmore Group PLC (a) | 1,036,507 | 4,567,978 | |
BBA Aviation PLC | 1,180,829 | 3,719,388 | |
Bond International Software PLC | 899,666 | 1,339,496 | |
Cineworld Group PLC | 443,376 | 3,447,368 | |
Close Brothers Group PLC | 303,580 | 5,062,339 | |
Countrywide PLC | 1,578,707 | 5,181,563 | |
Diploma PLC | 347,751 | 3,928,072 | |
Elementis PLC | 1,211,800 | 3,550,717 | |
Empiric Student Property PLC | 2,048,472 | 3,117,708 | |
Essentra PLC | 610,800 | 3,920,562 | |
Exova Group Ltd. PLC | 1,002,769 | 2,660,865 | |
Howden Joinery Group PLC | 393,627 | 2,250,485 | |
Informa PLC | 468,257 | 4,424,763 | |
ITE Group PLC | 1,919,854 | 4,160,610 | |
James Fisher and Sons PLC | 164,400 | 3,254,925 | |
Jardine Lloyd Thompson Group PLC | 316,200 | 4,101,054 | |
John Wood Group PLC | 513,900 | 4,485,398 | |
Luxfer Holdings PLC sponsored ADR | 553,609 | 6,698,669 | |
McColl's Retail Group PLC | 2,893,181 | 6,279,528 | |
Mears Group PLC | 1,304,910 | 6,834,536 | |
Melrose Industries PLC (a) | 143,706 | 1,301,835 | |
Micro Focus International PLC | 507,044 | 12,991,471 | |
PayPoint PLC | 243,511 | 3,180,851 | |
Sinclair Pharma PLC (a)(b) | 6,297,432 | 2,541,973 | |
Spectris PLC | 189,947 | 4,723,531 | |
The Restaurant Group PLC | 676,100 | 3,169,327 | |
Ultra Electronics Holdings PLC | 154,825 | 3,505,893 | |
TOTAL UNITED KINGDOM | 128,172,650 | ||
United States of America - 0.9% | |||
Dillard's, Inc. Class A | 101,394 | 6,862,346 | |
Hornbeck Offshore Services, Inc. (b) | 152,170 | 1,214,317 | |
YOU On Demand Holdings, Inc. warrants 8/30/17 (b)(d) | 27,500 | 449 | |
TOTAL UNITED STATES OF AMERICA | 8,077,112 | ||
TOTAL COMMON STOCKS | |||
(Cost $808,826,664) | 852,030,151 | ||
Preferred Stocks - 0.9% | |||
Convertible Preferred Stocks - 0.4% | |||
India - 0.4% | |||
PC Jeweller Ltd. 13.00% (d)(e) | 20,810,176 | 3,145,986 | |
Nonconvertible Preferred Stocks - 0.5% | |||
Brazil - 0.5% | |||
Banco ABC Brasil SA | 1,117,476 | 4,859,490 | |
TOTAL PREFERRED STOCKS | |||
(Cost $7,067,359) | 8,005,476 | ||
Money Market Funds - 5.4% | |||
Fidelity Cash Central Fund, 0.42% (f) | 41,701,394 | 41,701,394 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) | 7,003,648 | 7,003,648 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $48,705,042) | 48,705,042 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% | |||
(Cost $864,599,065) | 908,740,669 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (8,474,372) | ||
NET ASSETS - 100% | $900,266,297 |
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 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 $3,146,435 or 0.4% of net assets.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 |
PC Jeweller Ltd. 13.00% | 7/28/16 | $3,105,681 |
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 | $108,743 |
Fidelity Securities Lending Cash Central Fund | 209,841 |
Total | $318,584 |
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 |
Imdex Ltd. | $1,246,756 | $769,515 | $-- | $-- | $3,878,545 |
Total | $1,246,756 | $769,515 | $-- | $-- | $3,878,545 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $138,725,429 | $105,332,781 | $33,392,648 | $-- |
Consumer Staples | 81,318,654 | 50,304,040 | 31,014,614 | -- |
Energy | 35,111,127 | 31,156,621 | 3,954,506 | -- |
Financials | 181,496,701 | 157,015,944 | 24,480,757 | -- |
Health Care | 84,312,753 | 51,488,747 | 32,824,006 | -- |
Industrials | 169,754,142 | 123,722,080 | 46,032,062 | -- |
Information Technology | 89,469,700 | 68,553,698 | 20,916,001 | 1 |
Materials | 76,596,402 | 61,605,181 | 14,991,220 | 1 |
Utilities | 3,250,719 | 3,250,719 | -- | -- |
Money Market Funds | 48,705,042 | 48,705,042 | -- | -- |
Total Investments in Securities: | $908,740,669 | $701,134,853 | $207,605,814 | $2 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $3,823,345 |
Level 2 to Level 1 | $97,663,498 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $871,327,895. Net unrealized appreciation aggregated $37,412,774, of which $148,115,083 related to appreciated investment securities and $110,702,309 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Argentina - 0.4% | |||
Banco Macro SA sponsored ADR | 100,600 | $7,558,078 | |
Australia - 3.1% | |||
Amcor Ltd. | 810,188 | 9,247,850 | |
CSL Ltd. | 117,487 | 10,535,541 | |
Ramsay Health Care Ltd. | 147,180 | 8,812,617 | |
realestate.com.au Ltd. | 167,939 | 8,330,100 | |
Sydney Airport unit | 1,506,729 | 8,656,493 | |
Transurban Group unit | 940,080 | 8,973,037 | |
TOTAL AUSTRALIA | 54,555,638 | ||
Austria - 0.4% | |||
Buwog-Gemeinnuetzige Wohnung | 311,935 | 7,564,243 | |
Bailiwick of Jersey - 1.6% | |||
Experian PLC | 461,000 | 9,017,409 | |
Wolseley PLC | 155,754 | 8,684,591 | |
WPP PLC | 472,200 | 10,595,003 | |
TOTAL BAILIWICK OF JERSEY | 28,297,003 | ||
Belgium - 1.1% | |||
Anheuser-Busch InBev SA NV | 145,130 | 18,749,662 | |
Brazil - 1.5% | |||
Kroton Educacional SA | 2,000,000 | 8,906,982 | |
Qualicorp SA | 1,253,100 | 8,309,169 | |
Ultrapar Participacoes SA | 373,400 | 8,526,566 | |
TOTAL BRAZIL | 25,742,717 | ||
Canada - 2.6% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 207,300 | 9,372,281 | |
Canadian National Railway Co. | 186,500 | 11,822,927 | |
CCL Industries, Inc. Class B | 46,020 | 8,237,180 | |
Constellation Software, Inc. | 21,260 | 8,654,618 | |
Open Text Corp. | 137,200 | 8,360,305 | |
TOTAL CANADA | 46,447,311 | ||
Cayman Islands - 2.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 181,130 | 14,939,602 | |
Tencent Holdings Ltd. | 829,300 | 20,030,189 | |
TOTAL CAYMAN ISLANDS | 34,969,791 | ||
Denmark - 2.1% | |||
Coloplast A/S Series B | 108,300 | 8,486,922 | |
Novo Nordisk A/S Series B sponsored ADR | 319,780 | 18,217,867 | |
Pandora A/S | 74,000 | 9,631,550 | |
TOTAL DENMARK | 36,336,339 | ||
Finland - 0.5% | |||
Sampo Oyj (A Shares) | 232,600 | 9,639,935 | |
France - 4.0% | |||
Capgemini SA | 108,530 | 10,428,876 | |
Dassault Systemes SA | 107,700 | 8,894,583 | |
Essilor International SA | 76,306 | 9,772,273 | |
L'Oreal SA | 64,700 | 12,293,283 | |
Orpea | 95,500 | 8,440,089 | |
Sodexo SA | 74,530 | 8,728,246 | |
VINCI SA | 156,600 | 11,886,100 | |
TOTAL FRANCE | 70,443,450 | ||
Germany - 6.3% | |||
adidas AG | 67,400 | 11,071,921 | |
CTS Eventim AG | 244,737 | 8,517,665 | |
Deutsche Wohnen AG (Bearer) | 251,600 | 9,416,143 | |
Fresenius SE & Co. KGaA | 133,020 | 9,932,766 | |
Henkel AG & Co. KGaA | 95,089 | 10,322,653 | |
LEG Immobilien AG | 81,585 | 8,189,928 | |
ProSiebenSat.1 Media AG | 216,560 | 9,919,912 | |
Scout24 Holding GmbH (a) | 207,006 | 8,516,724 | |
Symrise AG | 121,900 | 8,591,356 | |
United Internet AG | 198,717 | 8,784,428 | |
Vonovia SE | 257,700 | 10,213,450 | |
Wirecard AG (b) | 178,111 | 8,281,738 | |
TOTAL GERMANY | 111,758,684 | ||
Hong Kong - 1.3% | |||
AIA Group Ltd. | 2,298,200 | 14,233,413 | |
Techtronic Industries Co. Ltd. | 1,869,000 | 7,913,571 | |
TOTAL HONG KONG | 22,146,984 | ||
India - 2.9% | |||
GlaxoSmithKline Consumer Healthcare Ltd. (a) | 84,409 | 8,017,114 | |
Godrej Consumer Products Ltd. | 298,958 | 7,134,984 | |
HDFC Bank Ltd. | 392,537 | 8,727,911 | |
Housing Development Finance Corp. Ltd. | 532,155 | 10,973,626 | |
IndusInd Bank Ltd. | 422,758 | 7,456,537 | |
ITC Ltd. | 2,208,404 | 8,364,138 | |
TOTAL INDIA | 50,674,310 | ||
Indonesia - 1.5% | |||
PT Bank Central Asia Tbk | 8,318,700 | 9,177,021 | |
PT Bank Rakyat Indonesia Tbk | 10,140,400 | 8,922,251 | |
PT Matahari Department Store Tbk | 5,270,000 | 8,016,548 | |
TOTAL INDONESIA | 26,115,820 | ||
Ireland - 3.4% | |||
Accenture PLC Class A | 64,000 | 7,219,840 | |
Allegion PLC | 115,300 | 8,346,567 | |
CRH PLC | 311,500 | 9,473,976 | |
Kerry Group PLC Class A | 97,500 | 8,344,333 | |
Kingspan Group PLC (Ireland) | 365,408 | 8,397,255 | |
Medtronic PLC | 90,820 | 7,958,557 | |
Paddy Power PLC (Ireland) | 84,080 | 9,870,151 | |
TOTAL IRELAND | 59,610,679 | ||
Isle of Man - 0.5% | |||
Playtech Ltd. | 752,066 | 8,654,323 | |
Israel - 0.7% | |||
Check Point Software Technologies Ltd. (a) | 40,400 | 3,105,952 | |
Frutarom Industries Ltd. | 169,700 | 8,491,230 | |
TOTAL ISRAEL | 11,597,182 | ||
Italy - 1.0% | |||
Atlantia SpA | 345,833 | 8,641,433 | |
Recordati SpA | 256,121 | 8,306,819 | |
TOTAL ITALY | 16,948,252 | ||
Japan - 12.3% | |||
Astellas Pharma, Inc. | 653,900 | 10,895,109 | |
Benefit One, Inc. | 283,400 | 8,773,660 | |
Daito Trust Construction Co. Ltd. | 56,100 | 9,420,295 | |
Dentsu, Inc. | 200,700 | 9,588,372 | |
Dip Corp. | 264,800 | 7,967,047 | |
Japan Tobacco, Inc. | 315,900 | 12,320,013 | |
Kakaku.com, Inc. | 353,700 | 7,338,107 | |
Kansai Paint Co. Ltd. | 393,700 | 8,244,784 | |
Kao Corp. | 185,900 | 10,011,313 | |
KDDI Corp. | 415,400 | 12,747,430 | |
Keyence Corp. | 14,760 | 10,411,317 | |
Kusuri No Aoki Co. Ltd. | 177,800 | 9,167,128 | |
Misumi Group, Inc. | 456,900 | 8,391,849 | |
Nippon Telegraph & Telephone Corp. | 217,500 | 10,335,550 | |
Nitori Holdings Co. Ltd. | 70,100 | 8,718,520 | |
OBIC Co. Ltd. | 135,300 | 7,876,171 | |
Relo Holdings Corp. | 48,600 | 7,583,549 | |
Ryohin Keikaku Co. Ltd. | 40,300 | 8,947,082 | |
Seria Co. Ltd. | 97,300 | 7,929,069 | |
Shionogi & Co. Ltd. | 172,300 | 8,936,827 | |
SMS Co., Ltd. | 313,700 | 7,408,207 | |
Sundrug Co. Ltd. | 87,400 | 7,581,652 | |
Sysmex Corp. | 114,100 | 7,903,910 | |
Tsuruha Holdings, Inc. | 67,100 | 7,630,141 | |
TOTAL JAPAN | 216,127,102 | ||
Kenya - 0.5% | |||
Safaricom Ltd. | 44,652,800 | 8,388,914 | |
Korea (South) - 1.5% | |||
AMOREPACIFIC Group, Inc. | 66,463 | 8,630,395 | |
LG Household & Health Care Ltd. | 10,097 | 9,146,096 | |
NAVER Corp. | 13,269 | 8,466,023 | |
TOTAL KOREA (SOUTH) | 26,242,514 | ||
Luxembourg - 0.9% | |||
Eurofins Scientific SA | 20,700 | 7,763,185 | |
Grand City Properties SA | 391,299 | 8,705,698 | |
TOTAL LUXEMBOURG | 16,468,883 | ||
Mexico - 2.1% | |||
Gruma S.A.B. de CV Series B | 546,400 | 7,858,543 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 733,400 | 7,215,483 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 474,055 | 7,285,277 | |
Grupo Aeroportuario Norte S.A.B. de CV | 1,275,900 | 7,935,077 | |
Megacable Holdings S.A.B. de CV unit | 1,684,910 | 6,753,119 | |
TOTAL MEXICO | 37,047,499 | ||
Netherlands - 2.2% | |||
Ahold Delhaize NV | 429,584 | 10,258,672 | |
Heineken NV (Bearer) | 103,200 | 9,742,485 | |
RELX NV | 601,704 | 10,842,340 | |
Wolters Kluwer NV | 202,559 | 8,520,594 | |
TOTAL NETHERLANDS | 39,364,091 | ||
New Zealand - 0.4% | |||
Ryman Healthcare Group Ltd. | 1,154,107 | 7,943,218 | |
Philippines - 2.2% | |||
Ayala Corp. | 414,580 | 7,653,785 | |
Ayala Land, Inc. | 9,492,200 | 7,956,327 | |
GT Capital Holdings, Inc. | 243,135 | 7,945,420 | |
SM Investments Corp. | 541,924 | 7,923,303 | |
SM Prime Holdings, Inc. | 12,808,800 | 7,936,699 | |
TOTAL PHILIPPINES | 39,415,534 | ||
Russia - 0.5% | |||
Magnit OJSC | 58,663 | 9,076,364 | |
South Africa - 1.3% | |||
Capitec Bank Holdings Ltd. | 184,500 | 8,180,801 | |
Naspers Ltd. Class N | 95,397 | 14,970,014 | |
TOTAL SOUTH AFRICA | 23,150,815 | ||
Spain - 1.6% | |||
Aena SA | 63,130 | 9,104,735 | |
Amadeus IT Holding SA Class A | 222,200 | 10,432,381 | |
Grifols SA ADR | 468,020 | 7,928,259 | |
TOTAL SPAIN | 27,465,375 | ||
Sweden - 1.6% | |||
ASSA ABLOY AB (B Shares) | 433,762 | 9,515,900 | |
Hexagon AB (B Shares) | 235,800 | 9,300,280 | |
Svenska Cellulosa AB (SCA) (B Shares) | 305,300 | 9,076,173 | |
TOTAL SWEDEN | 27,892,353 | ||
Switzerland - 2.0% | |||
Geberit AG (Reg.) | 22,170 | 8,555,076 | |
Givaudan SA | 4,480 | 9,207,759 | |
Partners Group Holding AG | 18,040 | 8,254,994 | |
Sika AG | 1,880 | 8,818,077 | |
TOTAL SWITZERLAND | 34,835,906 | ||
Taiwan - 1.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 720,900 | 20,026,602 | |
Thailand - 0.4% | |||
Airports of Thailand PCL (For. Reg.) | 664,900 | 7,540,497 | |
United Kingdom - 11.4% | |||
Auto Trader Group PLC | 1,819,900 | 8,928,482 | |
Big Yellow Group PLC | 884,900 | 8,314,958 | |
Booker Group PLC | 3,343,495 | 7,699,410 | |
British American Tobacco PLC (United Kingdom) | 311,100 | 19,855,916 | |
Bunzl PLC | 257,942 | 8,073,480 | |
Compass Group PLC | 528,876 | 10,047,489 | |
Dignity PLC | 239,112 | 8,541,060 | |
Diploma PLC | 648,820 | 7,328,841 | |
Halma PLC | 529,700 | 7,353,820 | |
Howden Joinery Group PLC | 1,462,490 | 8,361,500 | |
Imperial Tobacco Group PLC | 244,219 | 12,875,136 | |
Intertek Group PLC | 166,600 | 7,992,645 | |
London Stock Exchange Group PLC | 261,454 | 9,602,091 | |
Provident Financial PLC | 213,200 | 7,643,702 | |
Reckitt Benckiser Group PLC | 141,780 | 13,747,013 | |
Rightmove PLC | 160,554 | 8,607,775 | |
Sage Group PLC | 962,100 | 9,072,200 | |
St. James's Place Capital PLC | 601,300 | 7,369,020 | |
Unilever PLC | 447,500 | 20,935,414 | |
WH Smith PLC | 429,000 | 8,681,051 | |
TOTAL UNITED KINGDOM | 201,031,003 | ||
United States of America - 19.1% | |||
A.O. Smith Corp. | 88,630 | 8,232,841 | |
Acuity Brands, Inc. | 28,910 | 7,586,851 | |
Adobe Systems, Inc. (a) | 79,300 | 7,760,298 | |
Alphabet, Inc. Class C (a) | 10,703 | 8,228,359 | |
Altria Group, Inc. | 130,000 | 8,801,000 | |
Amazon.com, Inc. (a) | 10,257 | 7,783,114 | |
American Tower Corp. | 70,600 | 8,173,362 | |
Amphenol Corp. Class A | 124,978 | 7,438,691 | |
AutoZone, Inc. (a) | 9,900 | 8,058,303 | |
Cerner Corp. (a) | 131,100 | 8,179,329 | |
China Biologic Products, Inc. (a) | 66,300 | 7,914,894 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 46,660 | 7,681,636 | |
Domino's Pizza, Inc. | 54,930 | 8,091,189 | |
Ecolab, Inc. | 60,460 | 7,157,255 | |
Equifax, Inc. | 59,200 | 7,841,632 | |
Facebook, Inc. Class A (a) | 62,640 | 7,763,602 | |
FactSet Research Systems, Inc. | 46,360 | 7,972,066 | |
Fiserv, Inc. (a) | 71,285 | 7,867,013 | |
Gartner, Inc. Class A (a) | 73,900 | 7,408,475 | |
HEICO Corp. Class A | 144,670 | 8,343,119 | |
Henry Schein, Inc. (a) | 42,200 | 7,637,356 | |
Home Depot, Inc. | 57,200 | 7,907,328 | |
International Flavors & Fragrances, Inc. | 57,200 | 7,621,900 | |
MasterCard, Inc. Class A | 90,130 | 8,583,981 | |
McGraw Hill Financial, Inc. | 68,763 | 8,402,839 | |
Mettler-Toledo International, Inc. (a) | 20,320 | 8,355,787 | |
Middleby Corp. (a) | 67,650 | 8,143,707 | |
Molson Coors Brewing Co. Class B | 77,800 | 7,948,048 | |
Moody's Corp. | 79,330 | 8,409,773 | |
MSCI, Inc. Class A | 99,800 | 8,586,792 | |
NIKE, Inc. Class B | 140,930 | 7,821,615 | |
O'Reilly Automotive, Inc. (a) | 28,200 | 8,195,766 | |
Philip Morris International, Inc. | 80,600 | 8,080,956 | |
PPG Industries, Inc. | 73,446 | 7,690,531 | |
Public Storage | 33,900 | 8,099,388 | |
Reynolds American, Inc. | 174,900 | 8,755,494 | |
Sherwin-Williams Co. | 27,790 | 8,329,497 | |
SS&C Technologies Holdings, Inc. | 265,000 | 8,538,300 | |
Starbucks Corp. | 138,300 | 8,028,315 | |
TransDigm Group, Inc. (a) | 28,030 | 7,834,946 | |
Verisk Analytics, Inc. (a) | 90,900 | 7,751,952 | |
Visa, Inc. Class A | 100,468 | 7,841,527 | |
TOTAL UNITED STATES OF AMERICA | 336,848,827 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,463,056,632) | 1,726,675,898 | ||
Nonconvertible Preferred Stocks - 1.0% | |||
Brazil - 0.5% | |||
Itausa-Investimentos Itau SA (PN) | 3,694,000 | 9,524,377 | |
Germany - 0.5% | |||
Sartorius AG (non-vtg.) | 101,356 | 8,099,828 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $11,452,087) | 17,624,205 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund, 0.42% (c) | 13,564,009 | 13,564,009 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 3,756,630 | 3,756,630 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $17,320,639) | 17,320,639 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $1,491,829,358) | 1,761,620,742 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (577,201) | ||
NET ASSETS - 100% | $1,761,043,541 |
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 | $48,572 |
Fidelity Securities Lending Cash Central Fund | 547,593 |
Total | $596,165 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $260,925,989 | $158,296,267 | $102,629,722 | $-- |
Consumer Staples | 309,477,446 | 168,109,738 | 141,367,708 | -- |
Energy | 8,526,566 | 8,526,566 | -- | -- |
Financials | 277,808,472 | 252,076,717 | 25,731,755 | -- |
Health Care | 190,330,322 | 154,107,554 | 36,222,768 | -- |
Industrials | 254,158,183 | 209,774,774 | 44,383,409 | -- |
Information Technology | 310,489,836 | 249,458,798 | 61,031,038 | -- |
Materials | 101,111,395 | 83,392,635 | 17,718,760 | -- |
Telecommunication Services | 31,471,894 | 8,388,914 | 23,082,980 | -- |
Money Market Funds | 17,320,639 | 17,320,639 | -- | -- |
Total Investments in Securities: | $1,761,620,742 | $1,309,452,602 | $452,168,140 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $42,019,095 |
Level 2 to Level 1 | $100,321,545 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,504,563,692. Net unrealized appreciation aggregated $257,057,050, of which $277,571,482 related to appreciated investment securities and $20,514,432 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
Argentina - 0.2% | |||
Banco Macro SA sponsored ADR | 4,800 | $360,624 | |
Grupo Financiero Galicia SA sponsored ADR | 11,100 | 329,448 | |
TOTAL ARGENTINA | 690,072 | ||
Australia - 3.2% | |||
Amcor Ltd. | 27,302 | 311,637 | |
Ansell Ltd. | 32,018 | 471,312 | |
Beacon Lighting Group Ltd. | 40,231 | 42,803 | |
CSL Ltd. | 39,110 | 3,507,154 | |
DuluxGroup Ltd. | 24,523 | 123,745 | |
Imdex Ltd. (a) | 134,227 | 39,782 | |
Macquarie Group Ltd. | 13,734 | 776,420 | |
RCG Corp. Ltd. | 97,518 | 138,583 | |
Sydney Airport unit | 134,675 | 773,738 | |
TFS Corp. Ltd. | 64,586 | 80,004 | |
Transurban Group unit | 147,774 | 1,410,499 | |
Westpac Banking Corp. | 104,944 | 2,483,221 | |
TOTAL AUSTRALIA | 10,158,898 | ||
Austria - 0.6% | |||
Andritz AG | 25,772 | 1,313,877 | |
Buwog-Gemeinnuetzige Wohnung | 20,980 | 508,753 | |
Zumtobel AG | 4,500 | 68,296 | |
TOTAL AUSTRIA | 1,890,926 | ||
Bailiwick of Jersey - 0.2% | |||
Integrated Diagnostics Holdings PLC | 17,300 | 67,989 | |
Wolseley PLC | 9,252 | 515,877 | |
TOTAL BAILIWICK OF JERSEY | 583,866 | ||
Belgium - 1.7% | |||
Anheuser-Busch InBev SA NV | 36,271 | 4,685,930 | |
Gimv NV | 819 | 44,482 | |
KBC Ancora (a) | 4,281 | 132,242 | |
KBC Groep NV (a) | 9,289 | 482,751 | |
TOTAL BELGIUM | 5,345,405 | ||
Bermuda - 0.6% | |||
Axalta Coating Systems (a) | 12,100 | 345,455 | |
China Gas Holdings Ltd. | 254,000 | 401,377 | |
China Resource Gas Group Ltd. | 130,000 | 381,200 | |
Credicorp Ltd. (United States) | 3,400 | 545,122 | |
Vostok New Ventures Ltd. SDR (a) | 13,260 | 81,742 | |
TOTAL BERMUDA | 1,754,896 | ||
Brazil - 1.3% | |||
BB Seguridade Participacoes SA | 50,800 | 472,216 | |
CCR SA | 85,600 | 494,476 | |
Cielo SA | 51,636 | 585,253 | |
Kroton Educacional SA | 103,700 | 461,827 | |
Odontoprev SA | 82,400 | 330,373 | |
Qualicorp SA | 62,800 | 416,420 | |
Smiles SA | 23,300 | 373,386 | |
Ultrapar Participacoes SA | 23,000 | 525,204 | |
Weg SA | 92,700 | 436,568 | |
TOTAL BRAZIL | 4,095,723 | ||
British Virgin Islands - 0.1% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 16,000 | 308,800 | |
Canada - 4.2% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 35,903 | 1,623,218 | |
Canadian National Railway Co. | 31,059 | 1,968,945 | |
Cara Operations Ltd. | 50,559 | 1,186,480 | |
CCL Industries, Inc. Class B | 8,166 | 1,461,643 | |
Constellation Software, Inc. | 3,782 | 1,539,594 | |
Imperial Oil Ltd. | 66,026 | 2,031,375 | |
McCoy Global, Inc. (a) | 15,800 | 21,782 | |
New Look Vision Group, Inc. | 3,100 | 67,430 | |
Pason Systems, Inc. | 91,878 | 1,230,763 | |
Potash Corp. of Saskatchewan, Inc. | 117,526 | 1,831,773 | |
ShawCor Ltd. Class A | 1,900 | 43,336 | |
Tesco Corp. | 6,300 | 41,643 | |
TOTAL CANADA | 13,047,982 | ||
Cayman Islands - 3.2% | |||
58.com, Inc. ADR (a) | 10,300 | 535,703 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 29,400 | 2,424,912 | |
Baidu.com, Inc. sponsored ADR (a) | 7,100 | 1,133,160 | |
Ctrip.com International Ltd. ADR (a) | 13,300 | 580,811 | |
ENN Energy Holdings Ltd. | 78,000 | 371,481 | |
Fu Shou Yuan International Group Ltd. | 449,000 | 300,938 | |
International Housewares Retail Co. Ltd. | 300,000 | 57,228 | |
NetEase, Inc. sponsored ADR | 2,200 | 449,394 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 9,200 | 405,352 | |
Shenzhou International Group Holdings Ltd. | 72,000 | 379,563 | |
Sino Biopharmaceutical Ltd. | 515,000 | 343,847 | |
TAL Education Group ADR (a) | 5,700 | 343,197 | |
Tencent Holdings Ltd. | 117,000 | 2,825,916 | |
Value Partners Group Ltd. | 60,000 | 50,500 | |
TOTAL CAYMAN ISLANDS | 10,202,002 | ||
Chile - 0.1% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 13,300 | 329,574 | |
China - 0.4% | |||
Inner Mongoli Yili Industries Co. Ltd. | 130,500 | 364,523 | |
Jiangsu Hengrui Medicine Co. Ltd. | 51,416 | 338,366 | |
Kweichow Moutai Co. Ltd. | 7,440 | 351,019 | |
Shanghai International Airport Co. Ltd. | 69,400 | 291,513 | |
TOTAL CHINA | 1,345,421 | ||
Denmark - 1.3% | |||
Jyske Bank A/S (Reg.) | 14,354 | 596,937 | |
Novo Nordisk A/S Series B sponsored ADR | 56,160 | 3,199,435 | |
Scandinavian Tobacco Group A/S | 3,110 | 54,922 | |
Spar Nord Bank A/S | 11,631 | 96,145 | |
TOTAL DENMARK | 3,947,439 | ||
Finland - 0.5% | |||
Sampo Oyj (A Shares) | 25,353 | 1,050,736 | |
Tikkurila Oyj | 26,280 | 505,648 | |
TOTAL FINLAND | 1,556,384 | ||
France - 6.3% | |||
Atos Origin SA | 15,094 | 1,479,439 | |
AXA SA | 70,706 | 1,439,033 | |
Capgemini SA | 15,702 | 1,508,838 | |
Dassault Systemes SA | 4,200 | 346,864 | |
Elis SA | 6,000 | 108,334 | |
Essilor International SA | 9,685 | 1,240,328 | |
Havas SA | 73,304 | 617,604 | |
Laurent-Perrier Group SA | 759 | 60,239 | |
Orange SA | 53,800 | 825,671 | |
Renault SA | 8,311 | 727,075 | |
Sanofi SA | 25,828 | 2,199,855 | |
Societe Generale Series A | 35,300 | 1,203,508 | |
SR Teleperformance SA | 6,300 | 585,940 | |
Total SA | 67,147 | 3,229,356 | |
Unibail-Rodamco | 4,400 | 1,210,861 | |
Vetoquinol SA | 1,700 | 75,264 | |
VINCI SA | 22,600 | 1,715,363 | |
Virbac SA | 730 | 143,804 | |
Vivendi SA | 50,652 | 994,588 | |
TOTAL FRANCE | 19,711,964 | ||
Germany - 3.7% | |||
adidas AG | 2,200 | 361,398 | |
alstria office REIT-AG | 4,200 | 58,460 | |
Axel Springer Verlag AG | 9,700 | 531,494 | |
BASF AG | 22,781 | 1,789,483 | |
Bayer AG | 15,212 | 1,635,258 | |
CompuGroup Medical AG | 7,646 | 330,133 | |
Continental AG | 2,683 | 562,424 | |
CTS Eventim AG | 8,480 | 295,132 | |
Fielmann AG | 2,558 | 197,672 | |
Fresenius SE & Co. KGaA | 16,100 | 1,202,207 | |
GEA Group AG | 15,343 | 818,821 | |
Nexus AG | 4,000 | 75,711 | |
ProSiebenSat.1 Media AG | 9,200 | 421,422 | |
SAP AG | 34,448 | 3,015,006 | |
Wirecard AG (b) | 7,500 | 348,732 | |
TOTAL GERMANY | 11,643,353 | ||
Hong Kong - 1.6% | |||
AIA Group Ltd. | 512,800 | 3,175,918 | |
CSPC Pharmaceutical Group Ltd. | 400,000 | 345,948 | |
Guangdong Investment Ltd. | 288,000 | 441,741 | |
Power Assets Holdings Ltd. | 85,000 | 832,098 | |
Techtronic Industries Co. Ltd. | 88,500 | 374,720 | |
TOTAL HONG KONG | 5,170,425 | ||
India - 3.2% | |||
Amara Raja Batteries Ltd. | 25,114 | 353,077 | |
Asian Paints India Ltd. | 26,222 | 438,305 | |
Bharti Infratel Ltd. | 69,450 | 411,980 | |
Colgate-Palmolive (India) | 26,340 | 368,831 | |
Divi's Laboratories Ltd. | 1,150 | 20,678 | |
GlaxoSmithKline Consumer Healthcare Ltd. (a) | 3,939 | 374,124 | |
Godrej Consumer Products Ltd. | 16,575 | 395,582 | |
HDFC Bank Ltd. | 19,066 | 423,925 | |
Hindustan Unilever Ltd. | 35,417 | 490,195 | |
Housing Development Finance Corp. Ltd. | 82,271 | 1,696,519 | |
IndusInd Bank Ltd. | 20,579 | 362,969 | |
Infosys Ltd. | 52,609 | 846,977 | |
ITC Ltd. | 159,838 | 605,372 | |
Jyothy Laboratories Ltd. | 16,417 | 70,934 | |
LIC Housing Finance Ltd. | 49,301 | 384,615 | |
Lupin Ltd. | 16,930 | 441,912 | |
Power Grid Corp. of India Ltd. | 150,441 | 397,234 | |
Sun Pharmaceutical Industries Ltd. | 42,915 | 534,353 | |
Tata Consultancy Services Ltd. | 17,174 | 674,876 | |
Titan Co. Ltd. | 52,860 | 334,187 | |
Zee Entertainment Enterprises Ltd. | 51,357 | 383,165 | |
TOTAL INDIA | 10,009,810 | ||
Indonesia - 1.1% | |||
PT ACE Hardware Indonesia Tbk | 4,534,100 | 335,770 | |
PT Bank Central Asia Tbk | 540,800 | 596,600 | |
PT Bank Rakyat Indonesia Tbk | 1,072,700 | 943,838 | |
PT Kalbe Farma Tbk | 3,083,900 | 394,361 | |
PT Matahari Department Store Tbk | 254,500 | 387,137 | |
PT Surya Citra Media Tbk | 1,450,700 | 349,980 | |
PT Tower Bersama Infrastructure Tbk | 680,400 | 296,086 | |
TOTAL INDONESIA | 3,303,772 | ||
Ireland - 1.8% | |||
Allergan PLC (a) | 1,900 | 480,605 | |
CRH PLC | 18,700 | 570,634 | |
CRH PLC sponsored ADR | 57,729 | 1,775,744 | |
FBD Holdings PLC (a) | 5,372 | 37,122 | |
James Hardie Industries PLC: | |||
CDI | 12,845 | 212,802 | |
sponsored ADR | 106,725 | 1,772,702 | |
Medtronic PLC | 9,700 | 850,011 | |
TOTAL IRELAND | 5,699,620 | ||
Isle of Man - 0.2% | |||
Playtech Ltd. | 48,516 | 558,293 | |
Israel - 0.8% | |||
Azrieli Group | 9,396 | 412,239 | |
Check Point Software Technologies Ltd. (a) | 1,492 | 114,705 | |
Frutarom Industries Ltd. | 7,300 | 365,268 | |
Ituran Location & Control Ltd. | 5,061 | 121,262 | |
Strauss Group Ltd. | 6,859 | 109,832 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 26,409 | 1,412,882 | |
TOTAL ISRAEL | 2,536,188 | ||
Italy - 1.2% | |||
Azimut Holding SpA | 23,314 | 366,475 | |
Beni Stabili SpA SIIQ | 155,426 | 101,740 | |
Eni SpA | 90,100 | 1,382,136 | |
Interpump Group SpA | 46,991 | 760,720 | |
Intesa Sanpaolo SpA | 280,300 | 618,526 | |
Telecom Italia SpA (a) | 609,100 | 520,470 | |
TOTAL ITALY | 3,750,067 | ||
Japan - 13.1% | |||
Aoki Super Co. Ltd. | 6,000 | 76,791 | |
Artnature, Inc. | 13,200 | 106,291 | |
Asahi Co. Ltd. | 5,300 | 75,093 | |
Astellas Pharma, Inc. | 182,700 | 3,044,099 | |
Autobacs Seven Co. Ltd. | 5,800 | 84,040 | |
Azbil Corp. | 8,700 | 262,578 | |
Broadleaf Co. Ltd. | 2,700 | 27,101 | |
Central Automotive Products Ltd. | 8,000 | 70,490 | |
Century21 Real Estate Japan Ltd. | 4,000 | 51,372 | |
Coca-Cola Central Japan Co. Ltd. | 1,400 | 27,017 | |
Daiichikosho Co. Ltd. | 3,300 | 150,649 | |
Daikokutenbussan Co. Ltd. | 5,000 | 217,474 | |
Daito Trust Construction Co. Ltd. | 4,600 | 772,431 | |
DENSO Corp. | 38,600 | 1,494,579 | |
Dentsu, Inc. | 20,000 | 955,493 | |
East Japan Railway Co. | 17,300 | 1,586,924 | |
Fuji Heavy Industries Ltd. | 19,800 | 756,455 | |
Funai Soken Holdings, Inc. | 3,300 | 45,806 | |
GCA Savvian Group Corp. | 6,800 | 58,839 | |
Glory Ltd. | 3,600 | 99,902 | |
Goldcrest Co. Ltd. | 7,960 | 125,346 | |
Hokuriku Electrical Construction Co. Ltd. | 6,000 | 45,950 | |
Hoya Corp. | 45,300 | 1,607,283 | |
Hub Co. Ltd. | 2,500 | 43,520 | |
Itochu Corp. | 81,000 | 918,366 | |
Iwatsuka Confectionary Co. Ltd. | 800 | 27,439 | |
Japan Digital Laboratory Co. | 6,600 | 91,005 | |
Japan Tobacco, Inc. | 66,100 | 2,577,882 | |
KDDI Corp. | 30,000 | 920,614 | |
Keyence Corp. | 2,521 | 1,778,247 | |
Kobayashi Pharmaceutical Co. Ltd. | 4,000 | 188,783 | |
Koshidaka Holdings Co. Ltd. | 4,000 | 80,319 | |
Lasertec Corp. | 6,300 | 88,205 | |
Makita Corp. | 10,900 | 766,876 | |
Medikit Co. Ltd. | 2,200 | 84,701 | |
Meiko Network Japan Co. Ltd. | 2,700 | 28,851 | |
Misumi Group, Inc. | 21,400 | 393,052 | |
Mitsubishi UFJ Financial Group, Inc. | 453,500 | 2,292,681 | |
Mitsui Fudosan Co. Ltd. | 46,000 | 995,703 | |
Nagaileben Co. Ltd. | 8,400 | 199,304 | |
Nakano Refrigerators Co. Ltd. | 2,000 | 52,786 | |
ND Software Co. Ltd. | 6,000 | 48,582 | |
Nihon Parkerizing Co. Ltd. | 21,200 | 255,174 | |
Nintendo Co. Ltd. | 1,800 | 373,622 | |
Nippon Prologis REIT, Inc. | 251 | 627,693 | |
Nippon Telegraph & Telephone Corp. | 37,500 | 1,781,991 | |
NS Tool Co. Ltd. | 3,800 | 66,589 | |
OBIC Co. Ltd. | 16,300 | 948,866 | |
Olympus Corp. | 50,200 | 1,732,293 | |
ORIX Corp. | 75,600 | 1,060,938 | |
OSG Corp. | 37,000 | 616,397 | |
Paramount Bed Holdings Co. Ltd. | 3,200 | 121,516 | |
ProNexus, Inc. | 8,400 | 88,771 | |
San-Ai Oil Co. Ltd. | 11,000 | 73,853 | |
Seven & i Holdings Co. Ltd. | 23,900 | 992,402 | |
Seven Bank Ltd. | 282,900 | 966,436 | |
Shinsei Bank Ltd. | 266,000 | 399,044 | |
SHO-BOND Holdings Co. Ltd. | 22,100 | 1,113,806 | |
Shoei Co. Ltd. | 5,800 | 96,014 | |
SK Kaken Co. Ltd. | 1,100 | 111,472 | |
Software Service, Inc. | 1,600 | 66,816 | |
Sony Corp. | 28,600 | 938,850 | |
Sony Financial Holdings, Inc. | 26,200 | 328,217 | |
Techno Medica Co. Ltd. | 1,800 | 27,846 | |
The Monogatari Corp. | 1,500 | 78,422 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 8,000 | 49,746 | |
TKC Corp. | 3,300 | 93,427 | |
Tocalo Co. Ltd. | 2,800 | 55,347 | |
Toyota Motor Corp. | 49,700 | 2,784,932 | |
Tsutsumi Jewelry Co. Ltd. | 2,400 | 46,933 | |
USS Co. Ltd. | 105,600 | 1,791,155 | |
Workman Co. Ltd. | 3,800 | 127,615 | |
Yamada Consulting Group Co. Ltd. | 2,000 | 85,009 | |
Yamato Kogyo Co. Ltd. | 1,700 | 48,001 | |
TOTAL JAPAN | 41,268,112 | ||
Kenya - 0.2% | |||
Safaricom Ltd. | 4,137,300 | 777,274 | |
Korea (South) - 1.5% | |||
AMOREPACIFIC Corp. | 1,791 | 624,468 | |
AMOREPACIFIC Group, Inc. | 3,357 | 435,915 | |
BGFretail Co. Ltd. | 5,239 | 939,235 | |
Coway Co. Ltd. | 4,593 | 353,720 | |
Hanssem Co. Ltd. | 2,223 | 343,598 | |
KT&G Corp. | 5,024 | 546,283 | |
Leeno Industrial, Inc. | 959 | 36,238 | |
LG Household & Health Care Ltd. | 661 | 598,749 | |
NAVER Corp. | 1,060 | 676,312 | |
TOTAL KOREA (SOUTH) | 4,554,518 | ||
Luxembourg - 0.3% | |||
Eurofins Scientific SA | 1,000 | 375,033 | |
RTL Group SA | 6,027 | 513,921 | |
TOTAL LUXEMBOURG | 888,954 | ||
Malta - 0.1% | |||
Brait SA | 42,000 | 377,482 | |
Mexico - 1.9% | |||
Banregio Grupo Financiero S.A.B. de CV | 57,000 | 326,557 | |
Consorcio ARA S.A.B. de CV | 254,355 | 93,874 | |
El Puerto de Liverpool S.A.B. de CV Class C | 32,700 | 316,937 | |
Fomento Economico Mexicano S.A.B. de CV: | |||
unit | 66,700 | 596,743 | |
sponsored ADR | 6,733 | 602,604 | |
Gruma S.A.B. de CV Series B | 26,000 | 373,942 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 40,600 | 399,439 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 25,345 | 389,502 | |
Grupo Aeroportuario Norte S.A.B. de CV | 60,300 | 375,018 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 104,100 | 570,135 | |
Infraestructura Energetica Nova S.A.B. de CV | 78,400 | 316,694 | |
Kimberly-Clark de Mexico SA de CV Series A | 175,900 | 397,862 | |
Megacable Holdings S.A.B. de CV unit | 76,700 | 307,414 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 32,100 | 374,346 | |
Tenedora Nemak SA de CV | 13,595 | 15,451 | |
Wal-Mart de Mexico SA de CV Series V | 241,000 | 550,765 | |
TOTAL MEXICO | 6,007,283 | ||
Netherlands - 1.9% | |||
Aalberts Industries NV | 6,100 | 202,514 | |
ASML Holding NV (Netherlands) | 9,000 | 988,206 | |
Heijmans NV (Certificaten Van Aandelen) (a) | 4,481 | 41,656 | |
ING Groep NV (Certificaten Van Aandelen) | 131,176 | 1,466,548 | |
Mylan N.V. (a) | 9,000 | 421,110 | |
PostNL NV (a) | 74,300 | 285,420 | |
RELX NV | 88,752 | 1,599,257 | |
VastNed Retail NV | 4,191 | 175,848 | |
Wolters Kluwer NV | 17,900 | 752,959 | |
TOTAL NETHERLANDS | 5,933,518 | ||
New Zealand - 0.0% | |||
Auckland International Airport Ltd. | 4,980 | 26,543 | |
Norway - 0.0% | |||
Kongsberg Gruppen ASA | 4,700 | 70,190 | |
Philippines - 1.1% | |||
Ayala Corp. | 23,750 | 438,462 | |
Ayala Land, Inc. | 536,100 | 449,357 | |
D&L Industries, Inc. | 1,552,100 | 327,053 | |
GT Capital Holdings, Inc. | 11,865 | 387,737 | |
International Container Terminal Services, Inc. | 177,130 | 240,559 | |
Jollibee Food Corp. | 16,980 | 91,881 | |
Security Bank Corp. | 71,540 | 332,462 | |
SM Investments Corp. | 28,350 | 414,497 | |
SM Prime Holdings, Inc. | 750,000 | 464,721 | |
Universal Robina Corp. | 92,530 | 393,486 | |
TOTAL PHILIPPINES | 3,540,215 | ||
Russia - 0.3% | |||
Magnit OJSC | 3,371 | 521,563 | |
NOVATEK OAO GDR (Reg. S) | 4,800 | 479,040 | |
TOTAL RUSSIA | 1,000,603 | ||
South Africa - 2.6% | |||
Aspen Pharmacare Holdings Ltd. | 20,300 | 548,402 | |
Bidcorp Ltd. (a) | 22,732 | 424,172 | |
Capitec Bank Holdings Ltd. | 8,600 | 381,327 | |
Clicks Group Ltd. | 60,693 | 543,302 | |
Discovery Ltd. | 43,967 | 395,889 | |
FirstRand Ltd. | 165,800 | 580,367 | |
Mondi Ltd. | 19,500 | 394,980 | |
Mr Price Group Ltd. | 27,900 | 460,067 | |
Naspers Ltd. Class N | 17,900 | 2,808,927 | |
Remgro Ltd. | 26,800 | 502,358 | |
Sanlam Ltd. | 97,800 | 460,774 | |
Shoprite Holdings Ltd. | 36,300 | 531,637 | |
TOTAL SOUTH AFRICA | 8,032,202 | ||
Spain - 2.7% | |||
Amadeus IT Holding SA Class A | 38,900 | 1,826,371 | |
Hispania Activos Inmobiliarios SA | 50,395 | 674,409 | |
Iberdrola SA | 5,648 | 38,802 | |
Iberdrola SA | 231,072 | 1,587,490 | |
Inditex SA | 84,736 | 2,930,488 | |
Mediaset Espana Comunicacion SA | 35,700 | 410,302 | |
Merlin Properties Socimi SA | 33,300 | 381,229 | |
Prosegur Compania de Seguridad SA (Reg.) | 92,376 | 627,920 | |
TOTAL SPAIN | 8,477,011 | ||
Sweden - 2.6% | |||
Addlife AB (a) | 3,000 | 44,087 | |
AddTech AB (B Shares) | 5,000 | 72,309 | |
ASSA ABLOY AB (B Shares) | 123,700 | 2,713,739 | |
Fagerhult AB | 37,655 | 862,496 | |
Intrum Justitia AB | 9,563 | 306,883 | |
Loomis AB (B Shares) | 3,300 | 95,217 | |
Nordea Bank AB | 154,067 | 1,372,865 | |
Saab AB (B Shares) | 3,600 | 123,604 | |
Svenska Cellulosa AB (SCA) (B Shares) | 25,700 | 764,028 | |
Svenska Handelsbanken AB (A Shares) | 57,945 | 696,674 | |
Swedbank AB (A Shares) | 50,100 | 1,052,703 | |
TOTAL SWEDEN | 8,104,605 | ||
Switzerland - 7.1% | |||
ABB Ltd. (Reg.) | 36,540 | 776,186 | |
Credit Suisse Group AG | 41,017 | 471,684 | |
Lafargeholcim Ltd. (Reg.) | 15,200 | 723,302 | |
Nestle SA | 88,162 | 7,064,651 | |
Novartis AG | 59,453 | 4,931,223 | |
Roche Holding AG (participation certificate) | 13,377 | 3,414,720 | |
Schindler Holding AG: | |||
(participation certificate) | 6,506 | 1,247,901 | |
(Reg.) | 1,121 | 216,520 | |
Sika AG | 90 | 422,142 | |
Syngenta AG (Switzerland) | 821 | 322,887 | |
Tecan Group AG | 600 | 96,451 | |
UBS Group AG | 90,289 | 1,244,182 | |
Zurich Insurance Group AG | 5,922 | 1,421,831 | |
TOTAL SWITZERLAND | 22,353,680 | ||
Taiwan - 1.6% | |||
Addcn Technology Co. Ltd. | 8,500 | 68,253 | |
Advantech Co. Ltd. | 45,000 | 350,734 | |
ECLAT Textile Co. Ltd. | 35,643 | 400,464 | |
Largan Precision Co. Ltd. | 4,870 | 523,442 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 672,035 | 3,641,988 | |
TOTAL TAIWAN | 4,984,881 | ||
Thailand - 0.3% | |||
Airports of Thailand PCL (For. Reg.) | 34,200 | 387,855 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 502,400 | 324,548 | |
Thai Beverage PCL | 487,900 | 376,651 | |
TOTAL THAILAND | 1,089,054 | ||
Turkey - 0.4% | |||
Bim Birlesik Magazalar A/S JSC | 22,000 | 406,501 | |
Tofas Turk Otomobil Fabrikasi A/S | 41,462 | 327,538 | |
Tupras Turkiye Petrol Rafinelleri A/S | 20,000 | 427,455 | |
TOTAL TURKEY | 1,161,494 | ||
United Arab Emirates - 0.2% | |||
DP World Ltd. | 21,409 | 363,739 | |
First Gulf Bank PJSC | 108,142 | 356,263 | |
TOTAL UNITED ARAB EMIRATES | 720,002 | ||
United Kingdom - 11.3% | |||
AA PLC | 16,973 | 55,686 | |
Alliance Pharma PLC | 68,814 | 41,665 | |
Associated British Foods PLC | 17,600 | 626,807 | |
AstraZeneca PLC (United Kingdom) | 34,691 | 2,322,500 | |
Aviva PLC | 180,979 | 931,958 | |
BAE Systems PLC | 294,021 | 2,075,959 | |
Bellway PLC | 6,128 | 169,988 | |
Berendsen PLC | 62,955 | 1,063,968 | |
British American Tobacco PLC (United Kingdom) | 5,300 | 338,272 | |
Britvic PLC | 8,617 | 71,276 | |
Bunzl PLC | 37,495 | 1,173,578 | |
Compass Group PLC | 63,407 | 1,204,595 | |
Dechra Pharmaceuticals PLC | 9,600 | 168,978 | |
DP Poland PLC (a) | 200,000 | 128,375 | |
Elementis PLC | 47,708 | 139,790 | |
Great Portland Estates PLC | 14,372 | 130,006 | |
Hikma Pharmaceuticals PLC | 10,011 | 348,980 | |
Hilton Food Group PLC | 5,400 | 42,665 | |
Howden Joinery Group PLC | 73,700 | 421,365 | |
HSBC Holdings PLC sponsored ADR | 60,517 | 1,981,932 | |
Imperial Tobacco Group PLC | 34,446 | 1,815,980 | |
Informa PLC | 205,467 | 1,941,547 | |
InterContinental Hotel Group PLC ADR | 55,712 | 2,256,336 | |
ITE Group PLC | 44,000 | 95,355 | |
ITV PLC | 197,619 | 512,616 | |
JUST EAT Ltd. (a) | 9,740 | 69,221 | |
Lloyds Banking Group PLC | 1,759,000 | 1,237,193 | |
Micro Focus International PLC | 36,100 | 924,954 | |
National Grid PLC | 101,865 | 1,460,624 | |
NMC Health PLC | 21,600 | 315,881 | |
Prudential PLC | 76,137 | 1,342,179 | |
Reckitt Benckiser Group PLC | 34,951 | 3,388,855 | |
Rightmove PLC | 7,500 | 402,097 | |
Rio Tinto PLC | 60,003 | 1,947,232 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 35,346 | 940,159 | |
Shaftesbury PLC | 38,037 | 470,176 | |
Spectris PLC | 8,370 | 208,142 | |
Spirax-Sarco Engineering PLC | 5,999 | 316,225 | |
Taylor Wimpey PLC | 20,400 | 41,766 | |
Ted Baker PLC | 3,075 | 95,717 | |
Topps Tiles PLC | 45,500 | 72,260 | |
Ultra Electronics Holdings PLC | 5,901 | 133,624 | |
Unite Group PLC | 22,251 | 186,554 | |
Vodafone Group PLC sponsored ADR | 60,426 | 1,867,163 | |
TOTAL UNITED KINGDOM | 35,480,199 | ||
United States of America - 10.6% | |||
A.O. Smith Corp. | 3,800 | 352,982 | |
Alphabet, Inc.: | |||
Class A | 1,930 | 1,527,286 | |
Class C (a) | 448 | 344,418 | |
Altria Group, Inc. | 7,400 | 500,980 | |
Amazon.com, Inc. (a) | 480 | 364,229 | |
American Tower Corp. | 2,600 | 301,002 | |
ANSYS, Inc. (a) | 500 | 44,680 | |
Autoliv, Inc. | 10,954 | 1,158,933 | |
Berkshire Hathaway, Inc. Class B (a) | 7,716 | 1,113,187 | |
Broadridge Financial Solutions, Inc. | 1,340 | 90,691 | |
Chevron Corp. | 7,900 | 809,592 | |
China Biologic Products, Inc. (a) | 9,400 | 1,122,172 | |
ConocoPhillips Co. | 14,900 | 608,218 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 6,100 | 1,004,243 | |
Domino's Pizza, Inc. | 7,900 | 1,163,670 | |
Ecolab, Inc. | 2,600 | 307,788 | |
Edgewell Personal Care Co. (a) | 5,000 | 423,050 | |
Energizer Holdings, Inc. | 800 | 41,224 | |
Facebook, Inc. Class A (a) | 2,500 | 309,850 | |
Gartner, Inc. Class A (a) | 3,200 | 320,800 | |
International Flavors & Fragrances, Inc. | 2,700 | 359,775 | |
Kennedy-Wilson Holdings, Inc. | 6,673 | 140,467 | |
Martin Marietta Materials, Inc. | 4,470 | 905,846 | |
MasterCard, Inc. Class A | 23,540 | 2,241,950 | |
McGraw Hill Financial, Inc. | 18,900 | 2,309,580 | |
MercadoLibre, Inc. | 2,100 | 321,468 | |
Mettler-Toledo International, Inc. (a) | 900 | 370,089 | |
Mohawk Industries, Inc. (a) | 8,165 | 1,705,995 | |
Molson Coors Brewing Co. Class B | 11,900 | 1,215,704 | |
Monsanto Co. | 3,400 | 363,018 | |
Moody's Corp. | 9,400 | 996,494 | |
MSCI, Inc. Class A | 11,500 | 989,460 | |
NIKE, Inc. Class B | 6,800 | 377,400 | |
Philip Morris International, Inc. | 18,300 | 1,834,758 | |
PPG Industries, Inc. | 3,600 | 376,956 | |
PriceSmart, Inc. | 7,585 | 590,720 | |
ResMed, Inc. | 12,020 | 827,938 | |
Reynolds American, Inc. | 24,600 | 1,231,476 | |
Sherwin-Williams Co. | 2,400 | 719,352 | |
SS&C Technologies Holdings, Inc. | 20,208 | 651,102 | |
TransDigm Group, Inc. (a) | 1,300 | 363,376 | |
Visa, Inc. Class A | 33,277 | 2,597,270 | |
TOTAL UNITED STATES OF AMERICA | 33,399,189 | ||
TOTAL COMMON STOCKS | |||
(Cost $258,535,226) | 305,887,889 | ||
Preferred Stocks - 1.0% | |||
Convertible Preferred Stocks - 0.2% | |||
India - 0.2% | |||
PC Jeweller Ltd. 13.00% (c)(d) | 3,557,622 | 537,825 | |
Nonconvertible Preferred Stocks - 0.8% | |||
Brazil - 0.6% | |||
Ambev SA sponsored ADR | 150,600 | 870,468 | |
Itau Unibanco Holding SA | 89,300 | 930,621 | |
1,801,089 | |||
Germany - 0.2% | |||
Sartorius AG (non-vtg.) | 3,800 | 303,676 | |
Volkswagen AG | 2,790 | 392,398 | |
696,074 | |||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 2,497,163 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $2,861,820) | 3,034,988 | ||
Money Market Funds - 1.1% | |||
Fidelity Cash Central Fund, 0.42% (e) | 3,570,865 | 3,570,865 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) | 78,480 | 78,480 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,649,345) | 3,649,345 | ||
TOTAL INVESTMENT PORTFOLIO - 99.4% | |||
(Cost $265,046,391) | 312,572,222 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 1,898,823 | ||
NET ASSETS - 100% | $314,471,045 |
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 purchased on a delayed delivery or when-issued basis.
(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 $537,825 or 0.2% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
PC Jeweller Ltd. 13.00% | 7/28/16 | $530,934 |
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 | $9,722 |
Fidelity Securities Lending Cash Central Fund | 63,694 |
Total | $73,416 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $44,816,265 | $24,354,355 | $20,461,910 | $-- |
Consumer Staples | 44,402,913 | 23,947,098 | 20,455,815 | -- |
Energy | 11,843,912 | 6,218,408 | 5,625,504 | -- |
Financials | 56,819,982 | 36,871,550 | 19,948,432 | -- |
Health Care | 42,968,099 | 21,532,103 | 21,435,996 | -- |
Industrials | 34,066,755 | 22,049,413 | 12,017,342 | -- |
Information Technology | 40,646,248 | 25,665,104 | 14,981,144 | -- |
Materials | 19,728,713 | 14,634,084 | 5,094,629 | -- |
Telecommunication Services | 7,401,249 | 3,352,503 | 4,048,746 | -- |
Utilities | 6,228,741 | 4,768,117 | 1,460,624 | -- |
Money Market Funds | 3,649,345 | 3,649,345 | -- | -- |
Total Investments in Securities: | $312,572,222 | $187,042,080 | $125,530,142 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $11,773,756 |
Level 2 to Level 1 | $30,928,300 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $267,467,604. Net unrealized appreciation aggregated $45,104,618, of which $59,369,888 related to appreciated investment securities and $14,265,270 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Australia - 4.6% | |||
CSL Ltd. | 640,976 | $57,478,946 | |
Sydney Airport unit | 1,169,545 | 6,719,296 | |
Transurban Group unit | 1,481,213 | 14,138,137 | |
TOTAL AUSTRALIA | 78,336,379 | ||
Austria - 1.5% | |||
Andritz AG | 378,721 | 19,307,500 | |
Buwog-Gemeinnuetzige Wohnung | 280,559 | 6,803,393 | |
TOTAL AUSTRIA | 26,110,893 | ||
Belgium - 4.2% | |||
Anheuser-Busch InBev SA NV | 500,591 | 64,672,447 | |
KBC Groep NV (a) | 152,232 | 7,911,532 | |
TOTAL BELGIUM | 72,583,979 | ||
Canada - 0.4% | |||
Pason Systems, Inc. | 515,500 | 6,905,446 | |
Cayman Islands - 1.0% | |||
58.com, Inc. ADR (a)(b) | 139,970 | 7,279,840 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 109,100 | 8,998,568 | |
TOTAL CAYMAN ISLANDS | 16,278,408 | ||
Denmark - 3.1% | |||
Jyske Bank A/S (Reg.) | 182,600 | 7,593,754 | |
Novo Nordisk A/S Series B sponsored ADR | 811,700 | 46,242,549 | |
TOTAL DENMARK | 53,836,303 | ||
Finland - 0.3% | |||
Tikkurila Oyj | 283,000 | 5,445,141 | |
France - 1.1% | |||
Essilor International SA (b) | 152,171 | 19,488,068 | |
Germany - 3.4% | |||
Bayer AG | 190,700 | 20,499,844 | |
SAP AG | 427,032 | 37,375,296 | |
TOTAL GERMANY | 57,875,140 | ||
Hong Kong - 2.0% | |||
AIA Group Ltd. | 5,506,800 | 34,105,194 | |
India - 0.7% | |||
Housing Development Finance Corp. Ltd. | 586,036 | 12,084,712 | |
Ireland - 3.3% | |||
CRH PLC sponsored ADR (b) | 946,466 | 29,113,294 | |
James Hardie Industries PLC: | |||
CDI | 1,201,255 | 19,901,084 | |
sponsored ADR | 501,500 | 8,329,915 | |
TOTAL IRELAND | 57,344,293 | ||
Isle of Man - 0.4% | |||
Playtech Ltd. | 648,066 | 7,457,553 | |
Israel - 0.3% | |||
Azrieli Group | 118,800 | 5,212,221 | |
Italy - 0.7% | |||
Azimut Holding SpA | 234,600 | 3,687,696 | |
Interpump Group SpA | 532,426 | 8,619,253 | |
TOTAL ITALY | 12,306,949 | ||
Japan - 14.0% | |||
Astellas Pharma, Inc. | 2,097,000 | 34,939,660 | |
DENSO Corp. | 633,400 | 24,525,027 | |
East Japan Railway Co. | 176,500 | 16,190,291 | |
Hoya Corp. | 406,300 | 14,415,870 | |
Japan Tobacco, Inc. | 665,200 | 25,942,616 | |
Keyence Corp. | 41,662 | 29,387,282 | |
Misumi Group, Inc. | 252,500 | 4,637,649 | |
Mitsui Fudosan Co. Ltd. | 758,000 | 16,407,456 | |
Nintendo Co. Ltd. | 28,000 | 5,811,893 | |
Olympus Corp. | 380,300 | 13,123,326 | |
OSG Corp. | 418,600 | 6,973,615 | |
Seven Bank Ltd. | 2,301,600 | 7,862,669 | |
Shinsei Bank Ltd. | 4,366,000 | 6,549,719 | |
SHO-BOND Holdings Co. Ltd. | 207,600 | 10,462,720 | |
USS Co. Ltd. | 1,364,600 | 23,145,925 | |
TOTAL JAPAN | 240,375,718 | ||
Kenya - 0.4% | |||
Safaricom Ltd. | 35,969,100 | 6,757,508 | |
Korea (South) - 0.7% | |||
BGFretail Co. Ltd. | 63,188 | 11,328,187 | |
Mexico - 0.6% | |||
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 110,755 | 9,912,573 | |
Netherlands - 0.9% | |||
ASML Holding NV (Netherlands) | 140,300 | 15,405,034 | |
South Africa - 1.6% | |||
Clicks Group Ltd. | 786,670 | 7,041,989 | |
Naspers Ltd. Class N | 129,700 | 20,352,955 | |
TOTAL SOUTH AFRICA | 27,394,944 | ||
Spain - 5.2% | |||
Amadeus IT Holding SA Class A | 515,600 | 24,207,631 | |
Hispania Activos Inmobiliarios SA | 322,524 | 4,316,165 | |
Inditex SA | 1,417,243 | 49,013,567 | |
Merlin Properties Socimi SA | 395,600 | 4,528,955 | |
Prosegur Compania de Seguridad SA (Reg.) | 1,089,149 | 7,403,425 | |
TOTAL SPAIN | 89,469,743 | ||
Sweden - 4.7% | |||
ASSA ABLOY AB (B Shares) | 2,036,683 | 44,680,887 | |
Fagerhult AB | 380,544 | 8,716,445 | |
Intrum Justitia AB | 107,100 | 3,436,912 | |
Svenska Cellulosa AB (SCA) (B Shares) | 397,600 | 11,820,132 | |
Svenska Handelsbanken AB (A Shares) | 950,020 | 11,422,119 | |
TOTAL SWEDEN | 80,076,495 | ||
Switzerland - 13.3% | |||
Nestle SA | 1,215,765 | 97,422,459 | |
Novartis AG | 615,183 | 51,025,255 | |
Roche Holding AG (participation certificate) | 219,236 | 55,963,942 | |
Schindler Holding AG: | |||
(participation certificate) | 106,632 | 20,452,836 | |
(Reg.) | 18,350 | 3,544,284 | |
TOTAL SWITZERLAND | 228,408,776 | ||
Taiwan - 0.8% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,527,000 | 13,694,680 | |
United Kingdom - 10.8% | |||
Associated British Foods PLC | 287,900 | 10,253,282 | |
BAE Systems PLC | 1,793,000 | 12,659,621 | |
Berendsen PLC | 747,873 | 12,639,395 | |
Howden Joinery Group PLC | 775,100 | 4,431,482 | |
Informa PLC | 1,454,317 | 13,742,471 | |
InterContinental Hotel Group PLC ADR | 865,446 | 35,050,563 | |
Prudential PLC | 1,247,824 | 21,997,235 | |
Reckitt Benckiser Group PLC | 565,145 | 54,796,557 | |
Rightmove PLC | 81,100 | 4,348,011 | |
SABMiller PLC | 192,366 | 11,237,461 | |
Shaftesbury PLC | 362,533 | 4,481,279 | |
TOTAL UNITED KINGDOM | 185,637,357 | ||
United States of America - 19.0% | |||
Alphabet, Inc. Class A | 31,436 | 24,876,564 | |
Autoliv, Inc. (b) | 167,169 | 17,686,480 | |
Berkshire Hathaway, Inc. Class B (a) | 125,784 | 18,146,858 | |
China Biologic Products, Inc. (a) | 80,566 | 9,617,969 | |
Domino's Pizza, Inc. | 112,790 | 16,613,967 | |
Martin Marietta Materials, Inc. | 66,100 | 13,395,165 | |
MasterCard, Inc. Class A | 323,500 | 30,810,140 | |
McGraw Hill Financial, Inc. | 121,900 | 14,896,180 | |
Mohawk Industries, Inc. (a) | 122,200 | 25,532,468 | |
Molson Coors Brewing Co. Class B | 119,900 | 12,248,984 | |
Moody's Corp. | 100,200 | 10,622,202 | |
MSCI, Inc. Class A | 114,400 | 9,842,976 | |
Philip Morris International, Inc. | 238,308 | 23,892,760 | |
PriceSmart, Inc. | 89,600 | 6,978,048 | |
ResMed, Inc. | 177,700 | 12,239,976 | |
Reynolds American, Inc. | 402,900 | 20,169,174 | |
Sherwin-Williams Co. | 40,100 | 12,019,173 | |
SS&C Technologies Holdings, Inc. | 273,000 | 8,796,060 | |
Visa, Inc. Class A | 473,760 | 36,976,968 | |
TOTAL UNITED STATES OF AMERICA | 325,362,112 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,514,301,969) | 1,699,193,806 | ||
Money Market Funds - 3.0% | |||
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | |||
(Cost $51,982,120) | 51,982,120 | 51,982,120 | |
TOTAL INVESTMENT PORTFOLIO - 102.0% | |||
(Cost $1,566,284,089) | 1,751,175,926 | ||
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (33,909,787) | ||
NET ASSETS - 100% | $1,717,266,139 |
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 | $112,488 |
Fidelity Securities Lending Cash Central Fund | 464,539 |
Total | $577,027 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $225,663,423 | $108,625,949 | $117,037,474 | $-- |
Consumer Staples | 367,716,669 | 113,062,458 | 254,654,211 | -- |
Energy | 6,905,446 | 6,905,446 | -- | -- |
Financials | 208,472,315 | 144,233,117 | 64,239,198 | -- |
Health Care | 335,035,405 | 145,067,508 | 189,967,897 | -- |
Industrials | 205,013,748 | 109,408,965 | 95,604,783 | -- |
Information Technology | 255,425,520 | 153,751,335 | 101,674,185 | -- |
Materials | 88,203,772 | 88,203,772 | -- | -- |
Telecommunication Services | 6,757,508 | 6,757,508 | -- | -- |
Money Market Funds | 51,982,120 | 51,982,120 | -- | -- |
Total Investments in Securities: | $1,751,175,926 | $927,998,178 | $823,177,748 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $75,455,279 |
Level 2 to Level 1 | $99,720,508 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,570,514,561. Net unrealized appreciation aggregated $180,661,365, of which $238,891,801 related to appreciated investment securities and $58,230,436 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
Aerospace & Defense - 0.5% | |||
Aerospace & Defense - 0.5% | |||
Rolls-Royce Group PLC | 161,220 | $1,686,943 | |
Chemicals - 25.5% | |||
Commodity Chemicals - 0.9% | |||
Essentra PLC | 29,300 | 188,069 | |
LyondellBasell Industries NV Class A | 26,600 | 2,001,916 | |
Westlake Chemical Corp. | 19,100 | 873,634 | |
3,063,619 | |||
Diversified Chemicals - 1.5% | |||
E.I. du Pont de Nemours & Co. | 36,800 | 2,545,456 | |
Eastman Chemical Co. | 14,400 | 939,312 | |
The Dow Chemical Co. | 33,000 | 1,771,110 | |
5,255,878 | |||
Fertilizers & Agricultural Chemicals - 22.6% | |||
Agrium, Inc. | 87,000 | 7,896,067 | |
CF Industries Holdings, Inc. | 314,460 | 7,760,873 | |
FMC Corp. | 35,200 | 1,673,408 | |
Monsanto Co. | 188,400 | 20,115,464 | |
OCI NV (a) | 60,800 | 928,530 | |
Potash Corp. of Saskatchewan, Inc. | 525,700 | 8,193,616 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 191,200 | 4,737,936 | |
Syngenta AG (Switzerland) | 38,398 | 15,101,367 | |
The Mosaic Co. | 273,761 | 7,391,547 | |
Yara International ASA | 106,300 | 3,455,917 | |
77,254,725 | |||
Specialty Chemicals - 0.5% | |||
W.R. Grace & Co. | 22,100 | 1,654,627 | |
TOTAL CHEMICALS | 87,228,849 | ||
Containers & Packaging - 1.0% | |||
Metal & Glass Containers - 0.2% | |||
Ball Corp. | 12,400 | 876,308 | |
Paper Packaging - 0.8% | |||
Graphic Packaging Holding Co. | 78,700 | 1,073,468 | |
Smurfit Kappa Group PLC | 36,800 | 863,990 | |
WestRock Co. | 17,259 | 740,584 | |
2,678,042 | |||
TOTAL CONTAINERS & PACKAGING | 3,554,350 | ||
Electrical Equipment - 0.7% | |||
Electrical Components & Equipment - 0.7% | |||
Regal Beloit Corp. | 27,100 | 1,653,371 | |
Zumtobel AG | 48,100 | 730,006 | |
2,383,377 | |||
Energy Equipment & Services - 0.2% | |||
Oil & Gas Equipment & Services - 0.2% | |||
Amec Foster Wheeler PLC | 111,400 | 657,401 | |
Dril-Quip, Inc. (a) | 2,607 | 141,899 | |
799,300 | |||
Food & Staples Retailing - 0.1% | |||
Food Distributors - 0.1% | |||
Andersons, Inc. | 9,100 | 336,518 | |
Food Products - 4.3% | |||
Agricultural Products - 4.0% | |||
Archer Daniels Midland Co. | 71,600 | 3,227,728 | |
Bunge Ltd. | 74,700 | 4,918,248 | |
Darling International, Inc. (a) | 23,500 | 370,830 | |
First Resources Ltd. | 1,458,300 | 1,756,660 | |
Golden Agri-Resources Ltd. | 2,492,100 | 669,170 | |
Ingredion, Inc. | 7,300 | 972,652 | |
SLC Agricola SA | 370,900 | 1,715,859 | |
13,631,147 | |||
Packaged Foods & Meats - 0.3% | |||
Adecoagro SA (a) | 84,600 | 927,216 | |
TOTAL FOOD PRODUCTS | 14,558,363 | ||
Household Products - 0.2% | |||
Household Products - 0.2% | |||
Svenska Cellulosa AB (SCA) (B Shares) | 22,800 | 677,814 | |
Independent Power and Renewable Electricity Producers - 1.2% | |||
Independent Power Producers & Energy Traders - 0.2% | |||
China Resources Power Holdings Co. Ltd. | 548,000 | 873,025 | |
Renewable Electricity - 1.0% | |||
Huaneng Renewables Corp. Ltd. (H Shares) | 3,314,000 | 1,059,332 | |
NextEra Energy Partners LP | 71,500 | 2,232,945 | |
3,292,277 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 4,165,302 | ||
Machinery - 2.0% | |||
Agricultural & Farm Machinery - 1.0% | |||
AGCO Corp. | 14,000 | 674,240 | |
Deere & Co. | 8,500 | 660,535 | |
Jain Irrigation Systems Ltd. (a) | 1,131,194 | 1,203,235 | |
Kubota Corp. | 72,400 | 1,048,869 | |
3,586,879 | |||
Construction Machinery & Heavy Trucks - 0.4% | |||
Allison Transmission Holdings, Inc. | 24,600 | 708,972 | |
Caterpillar, Inc. | 8,600 | 711,736 | |
1,420,708 | |||
Industrial Machinery - 0.6% | |||
Andritz AG | 24,300 | 1,238,833 | |
Rexnord Corp. (a) | 33,700 | 717,473 | |
1,956,306 | |||
TOTAL MACHINERY | 6,963,893 | ||
Metals & Mining - 27.1% | |||
Aluminum - 0.3% | |||
Alcoa, Inc. | 101,000 | 1,072,620 | |
Diversified Metals & Mining - 11.6% | |||
Anglo American PLC (United Kingdom) | 145,451 | 1,598,689 | |
BHP Billiton PLC | 920,583 | 11,607,199 | |
First Quantum Minerals Ltd. | 170,924 | 1,477,986 | |
Freeport-McMoRan, Inc. | 119,800 | 1,552,608 | |
Glencore Xstrata PLC | 2,399,569 | 5,930,638 | |
Grupo Mexico SA de CV Series B | 632,811 | 1,527,184 | |
Ivanhoe Mines Ltd. (a) | 1,007,300 | 1,103,235 | |
MMC Norilsk Nickel PJSC sponsored ADR | 57,400 | 839,188 | |
Rio Tinto PLC | 368,187 | 11,948,494 | |
South32 Ltd. (a) | 526,378 | 734,038 | |
Teck Resources Ltd. Class B (sub. vtg.) | 50,300 | 801,703 | |
Turquoise Hill Resources Ltd. (a) | 169,600 | 604,021 | |
39,724,983 | |||
Gold - 9.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 44,900 | 2,612,876 | |
AngloGold Ashanti Ltd. sponsored ADR (a) | 43,900 | 961,849 | |
Argonaut Gold, Inc. (a) | 193,700 | 531,112 | |
B2Gold Corp. (a) | 861,680 | 2,699,247 | |
Barrick Gold Corp. | 249,800 | 5,454,600 | |
Compania de Minas Buenaventura SA sponsored ADR (a) | 54,600 | 799,890 | |
Continental Gold, Inc. (a) | 381,300 | 1,127,268 | |
Detour Gold Corp. (a) | 29,500 | 771,363 | |
Franco-Nevada Corp. | 29,700 | 2,289,970 | |
Goldcorp, Inc. | 136,110 | 2,432,081 | |
Newcrest Mining Ltd. (a) | 116,347 | 2,266,039 | |
Newmont Mining Corp. | 124,600 | 5,482,400 | |
Premier Gold Mines Ltd. (a) | 360,500 | 1,369,494 | |
Randgold Resources Ltd. sponsored ADR | 21,400 | 2,516,854 | |
Sibanye Gold Ltd. ADR (b) | 53,800 | 1,003,370 | |
Tahoe Resources, Inc. | 46,300 | 718,800 | |
Torex Gold Resources, Inc. (a) | 38,870 | 806,188 | |
33,843,401 | |||
Precious Metals & Minerals - 0.4% | |||
Impala Platinum Holdings Ltd. (a) | 67,400 | 296,184 | |
Industrias Penoles SA de CV | 45,015 | 1,158,242 | |
1,454,426 | |||
Silver - 0.8% | |||
Silver Wheaton Corp. | 89,700 | 2,504,167 | |
Steel - 4.1% | |||
ArcelorMittal SA Class A unit (a)(b) | 326,110 | 2,126,237 | |
Hitachi Metals Ltd. | 77,100 | 857,181 | |
Hyundai Steel Co. | 25,252 | 1,148,231 | |
JFE Holdings, Inc. | 59,900 | 780,673 | |
Nippon Steel & Sumitomo Metal Corp. | 129,300 | 2,430,787 | |
Nucor Corp. | 31,392 | 1,683,867 | |
POSCO | 15,862 | 3,235,294 | |
Thyssenkrupp AG | 80,800 | 1,851,855 | |
14,114,125 | |||
TOTAL METALS & MINING | 92,713,722 | ||
Oil, Gas & Consumable Fuels - 28.8% | |||
Coal & Consumable Fuels - 0.3% | |||
Cameco Corp. | 104,000 | 994,080 | |
Integrated Oil & Gas - 14.8% | |||
BP PLC | 422,900 | 2,392,621 | |
Cenovus Energy, Inc. | 217,700 | 3,116,312 | |
Chevron Corp. | 126,600 | 12,973,968 | |
China Petroleum & Chemical Corp. (H Shares) | 1,130,000 | 810,405 | |
Eni SpA | 88,100 | 1,351,456 | |
Exxon Mobil Corp. | 60,600 | 5,390,370 | |
Imperial Oil Ltd. | 69,000 | 2,122,874 | |
Lukoil PJSC sponsored ADR | 48,400 | 2,069,100 | |
Occidental Petroleum Corp. | 9,500 | 709,935 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 74,200 | 1,915,860 | |
Class B (United Kingdom) | 44,393 | 1,180,797 | |
Statoil ASA | 84,300 | 1,340,156 | |
Suncor Energy, Inc. | 295,732 | 7,959,271 | |
Total SA | 151,200 | 7,271,786 | |
50,604,911 | |||
Oil & Gas Exploration & Production - 13.4% | |||
Anadarko Petroleum Corp. | 133,500 | 7,279,755 | |
Apache Corp. | 24,100 | 1,265,250 | |
Cabot Oil & Gas Corp. | 59,900 | 1,477,733 | |
Canadian Natural Resources Ltd. | 22,000 | 666,243 | |
Cimarex Energy Co. | 5,800 | 696,116 | |
CNOOC Ltd. sponsored ADR | 14,800 | 1,781,772 | |
Cobalt International Energy, Inc. (a)(b) | 479,500 | 714,455 | |
ConocoPhillips Co. | 136,700 | 5,580,094 | |
Continental Resources, Inc. (a) | 18,400 | 810,520 | |
Devon Energy Corp. | 36,100 | 1,381,908 | |
Diamondback Energy, Inc. | 7,800 | 684,762 | |
EOG Resources, Inc. | 36,600 | 2,990,220 | |
EQT Corp. | 45,201 | 3,293,345 | |
Hess Corp. | 14,900 | 799,385 | |
INPEX Corp. | 80,600 | 640,756 | |
Marathon Oil Corp. | 65,400 | 892,056 | |
Newfield Exploration Co. (a) | 15,700 | 679,810 | |
Noble Energy, Inc. | 73,200 | 2,614,704 | |
NOVATEK OAO GDR (Reg. S) | 13,400 | 1,337,320 | |
Oil Search Ltd. ADR | 71,312 | 384,232 | |
Parsley Energy, Inc. Class A (a) | 24,600 | 701,346 | |
PDC Energy, Inc. (a) | 12,900 | 706,533 | |
Pioneer Natural Resources Co. | 13,410 | 2,180,064 | |
PrairieSky Royalty Ltd. | 91,398 | 1,778,749 | |
SM Energy Co. | 55,300 | 1,500,289 | |
Southwestern Energy Co. (a) | 51,300 | 747,954 | |
Tullow Oil PLC (a) | 165,400 | 432,763 | |
Whiting Petroleum Corp. (a) | 97,600 | 719,312 | |
Woodside Petroleum Ltd. | 58,911 | 1,187,733 | |
45,925,179 | |||
Oil & Gas Refining & Marketing - 0.3% | |||
HollyFrontier Corp. | 12,600 | 320,292 | |
Phillips 66 Co. | 9,000 | 684,540 | |
1,004,832 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 98,529,002 | ||
Paper & Forest Products - 4.7% | |||
Forest Products - 0.7% | |||
TFS Corp. Ltd. | 829,147 | 1,027,080 | |
West Fraser Timber Co. Ltd. | 39,900 | 1,370,899 | |
2,397,979 | |||
Paper Products - 4.0% | |||
Empresas CMPC SA | 667,079 | 1,399,679 | |
Fibria Celulose SA | 262,200 | 1,600,339 | |
Mondi PLC | 191,700 | 3,881,692 | |
Oji Holdings Corp. | 224,000 | 934,157 | |
Sappi Ltd. (a) | 186,961 | 951,153 | |
Stora Enso Oyj (R Shares) | 242,200 | 2,198,730 | |
UPM-Kymmene Corp. | 135,000 | 2,781,640 | |
13,747,390 | |||
TOTAL PAPER & FOREST PRODUCTS | 16,145,369 | ||
Real Estate Investment Trusts - 0.5% | |||
Specialized REITs - 0.5% | |||
Potlatch Corp. | 41,500 | 1,587,375 | |
Semiconductors & Semiconductor Equipment - 0.2% | |||
Semiconductor Equipment - 0.2% | |||
SolarEdge Technologies, Inc. (a)(b) | 35,700 | 639,030 | |
TOTAL COMMON STOCKS | |||
(Cost $401,595,947) | 331,969,207 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
Aerospace & Defense - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Rolls-Royce Group PLC | 8,542,720 | 11,306 | |
Metals & Mining - 0.8% | |||
Steel - 0.8% | |||
Vale SA (PN-A) sponsored ADR | 607,400 | 2,800,114 | |
Oil, Gas & Consumable Fuels - 0.3% | |||
Integrated Oil & Gas - 0.3% | |||
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) | 137,600 | 1,003,104 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $5,933,841) | 3,814,524 | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 0.42% (c) | 5,206,423 | 5,206,423 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 1,098,825 | 1,098,825 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,305,248) | 6,305,248 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% | |||
(Cost $413,835,036) | 342,088,979 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 14,762 | ||
NET ASSETS - 100% | $342,103,741 |
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 | $11,286 |
Fidelity Securities Lending Cash Central Fund | 148,178 |
Total | $159,464 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $331,969,207 | $262,490,553 | $69,478,654 | $-- |
Nonconvertible Preferred Stocks | 3,814,524 | 3,814,524 | -- | -- |
Money Market Funds | 6,305,248 | 6,305,248 | -- | -- |
Total Investments in Securities: | $342,088,979 | $272,610,325 | $69,478,654 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $5,370,335 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $419,326,725. Net unrealized depreciation aggregated $77,237,746, of which $19,955,390 related to appreciated investment securities and $97,193,136 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Australia - 4.1% | |||
Ansell Ltd. | 101,524 | $1,494,457 | |
Macquarie Group Ltd. | 43,380 | 2,452,388 | |
Transurban Group unit | 181,994 | 1,737,128 | |
Westpac Banking Corp. | 331,464 | 7,843,216 | |
TOTAL AUSTRALIA | 13,527,189 | ||
Bailiwick of Jersey - 0.5% | |||
Wolseley PLC | 29,337 | 1,635,784 | |
Belgium - 0.4% | |||
Anheuser-Busch InBev SA NV | 10,070 | 1,300,965 | |
Canada - 0.8% | |||
Imperial Oil Ltd. | 54,100 | 1,664,456 | |
Potash Corp. of Saskatchewan, Inc. | 66,000 | 1,028,683 | |
TOTAL CANADA | 2,693,139 | ||
Finland - 1.0% | |||
Sampo Oyj (A Shares) | 80,434 | 3,333,528 | |
France - 17.1% | |||
Atos Origin SA | 47,862 | 4,691,197 | |
AXA SA | 224,121 | 4,561,388 | |
Capgemini SA | 49,893 | 4,794,323 | |
Havas SA | 232,403 | 1,958,053 | |
Orange SA | 170,700 | 2,619,739 | |
Renault SA | 26,245 | 2,296,004 | |
Sanofi SA | 81,896 | 6,975,348 | |
Societe Generale Series A | 111,900 | 3,815,086 | |
SR Teleperformance SA | 20,000 | 1,860,128 | |
Total SA (a) | 212,921 | 10,240,184 | |
Unibail-Rodamco | 14,000 | 3,852,740 | |
VINCI SA | 71,700 | 5,442,103 | |
Vivendi SA | 160,492 | 3,151,374 | |
TOTAL FRANCE | 56,257,667 | ||
Germany - 6.2% | |||
Axel Springer Verlag AG | 30,600 | 1,676,671 | |
BASF AG | 72,237 | 5,674,330 | |
Bayer AG | 11,603 | 1,247,298 | |
Continental AG | 8,666 | 1,816,610 | |
Fresenius SE & Co. KGaA | 51,200 | 3,823,166 | |
GEA Group AG | 48,651 | 2,596,393 | |
ProSiebenSat.1 Media AG | 29,200 | 1,337,557 | |
SAP AG | 26,610 | 2,328,998 | |
TOTAL GERMANY | 20,501,023 | ||
Hong Kong - 1.5% | |||
AIA Group Ltd. | 373,200 | 2,311,335 | |
Power Assets Holdings Ltd. | 270,000 | 2,643,135 | |
TOTAL HONG KONG | 4,954,470 | ||
Indonesia - 0.1% | |||
PT Bank Rakyat Indonesia Tbk | 537,700 | 473,107 | |
Ireland - 1.8% | |||
Allergan PLC (b) | 6,180 | 1,563,231 | |
CRH PLC | 59,200 | 1,806,500 | |
Medtronic PLC | 30,700 | 2,690,241 | |
TOTAL IRELAND | 6,059,972 | ||
Israel - 1.4% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 83,799 | 4,483,247 | |
Italy - 2.4% | |||
Eni SpA | 285,600 | 4,381,109 | |
Intesa Sanpaolo SpA | 837,200 | 1,847,414 | |
Telecom Italia SpA (b) | 1,931,300 | 1,650,276 | |
TOTAL ITALY | 7,878,799 | ||
Japan - 20.2% | |||
Astellas Pharma, Inc. | 173,300 | 2,887,479 | |
Daito Trust Construction Co. Ltd. | 14,600 | 2,451,627 | |
Dentsu, Inc. | 63,500 | 3,033,690 | |
East Japan Railway Co. | 20,600 | 1,889,632 | |
Fuji Heavy Industries Ltd. | 62,700 | 2,395,441 | |
Hoya Corp. | 61,500 | 2,182,072 | |
Itochu Corp. | 256,700 | 2,910,428 | |
Japan Tobacco, Inc. | 80,800 | 3,151,178 | |
KDDI Corp. | 95,200 | 2,921,414 | |
Makita Corp. | 34,700 | 2,441,340 | |
Mitsubishi UFJ Financial Group, Inc. | 1,437,900 | 7,269,340 | |
Nippon Prologis REIT, Inc. | 795 | 1,988,111 | |
Nippon Telegraph & Telephone Corp. | 118,900 | 5,650,101 | |
OBIC Co. Ltd. | 36,100 | 2,101,477 | |
Olympus Corp. | 85,700 | 2,957,321 | |
ORIX Corp. | 239,700 | 3,363,847 | |
Seven & i Holdings Co. Ltd. | 75,700 | 3,143,298 | |
Seven Bank Ltd. | 344,700 | 1,177,556 | |
Sony Corp. | 90,800 | 2,980,684 | |
Sony Financial Holdings, Inc. | 78,300 | 980,891 | |
Toyota Motor Corp. | 157,600 | 8,831,092 | |
TOTAL JAPAN | 66,708,019 | ||
Luxembourg - 0.5% | |||
RTL Group SA | 19,239 | 1,640,507 | |
Netherlands - 4.0% | |||
ING Groep NV (Certificaten Van Aandelen) | 391,890 | 4,381,330 | |
Mylan N.V. (b) | 28,600 | 1,338,194 | |
PostNL NV (b) | 92,431 | 355,069 | |
RELX NV | 281,422 | 5,071,053 | |
Wolters Kluwer NV | 51,500 | 2,166,335 | |
TOTAL NETHERLANDS | 13,311,981 | ||
New Zealand - 0.0% | |||
Auckland International Airport Ltd. | 5,195 | 27,689 | |
Spain - 2.0% | |||
Iberdrola SA | 732,576 | 5,032,878 | |
Iberdrola SA | 16,937 | 116,359 | |
Mediaset Espana Comunicacion SA | 113,300 | 1,302,161 | |
TOTAL SPAIN | 6,451,398 | ||
Sweden - 2.3% | |||
Nordea Bank AB | 488,600 | 4,353,833 | |
Swedbank AB (A Shares) | 151,900 | 3,191,728 | |
TOTAL SWEDEN | 7,545,561 | ||
Switzerland - 7.5% | |||
ABB Ltd. (Reg.) | 115,400 | 2,451,338 | |
Credit Suisse Group AG | 122,407 | 1,407,647 | |
Lafargeholcim Ltd. (Reg.) | 48,190 | 2,293,152 | |
Nestle SA | 44,331 | 3,552,360 | |
Novartis AG | 69,744 | 5,784,792 | |
Syngenta AG (Switzerland) | 2,453 | 964,729 | |
UBS Group AG | 286,258 | 3,944,635 | |
Zurich Insurance Group AG | 17,916 | 4,301,507 | |
TOTAL SWITZERLAND | 24,700,160 | ||
United Kingdom - 19.2% | |||
AstraZeneca PLC (United Kingdom) | 110,002 | 7,364,437 | |
Aviva PLC | 540,420 | 2,782,914 | |
BAE Systems PLC | 585,329 | 4,132,763 | |
Bunzl PLC | 118,934 | 3,722,586 | |
Compass Group PLC | 201,139 | 3,821,202 | |
HSBC Holdings PLC sponsored ADR (c) | 180,771 | 5,920,250 | |
Imperial Tobacco Group PLC | 109,223 | 5,758,196 | |
Informa PLC | 297,199 | 2,808,362 | |
ITV PLC | 626,496 | 1,625,107 | |
Lloyds Banking Group PLC | 5,577,700 | 3,923,076 | |
Micro Focus International PLC | 70,200 | 1,798,664 | |
National Grid PLC | 323,050 | 4,632,158 | |
Rio Tinto PLC | 190,226 | 6,173,260 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 112,078 | 2,981,132 | |
Vodafone Group PLC sponsored ADR | 191,658 | 5,922,232 | |
TOTAL UNITED KINGDOM | 63,366,339 | ||
United States of America - 5.0% | |||
Altria Group, Inc. | 23,500 | 1,590,950 | |
Chevron Corp. | 24,900 | 2,551,752 | |
ConocoPhillips Co. | 47,400 | 1,934,868 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 19,300 | 3,177,359 | |
Edgewell Personal Care Co. (b) | 15,900 | 1,345,299 | |
McGraw Hill Financial, Inc. | 25,200 | 3,079,440 | |
Molson Coors Brewing Co. Class B | 14,800 | 1,511,968 | |
Monsanto Co. | 10,700 | 1,142,439 | |
TOTAL UNITED STATES OF AMERICA | 16,334,075 | ||
TOTAL COMMON STOCKS | |||
(Cost $338,148,137) | 323,184,619 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Germany - 0.4% | |||
Volkswagen AG | |||
(Cost $1,940,159) | 8,731 | 1,227,966 | |
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund, 0.42% (d) | 1,344,062 | 1,344,062 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (a)(d) | 4,821,250 | 4,821,250 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,165,312) | 6,165,312 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $346,253,608) | 330,577,897 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (806,240) | ||
NET ASSETS - 100% | $329,771,657 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Investment made with cash collateral received from securities on loan.
(b) Non-income producing
(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.
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 | $10,106 |
Fidelity Securities Lending Cash Central Fund | 213,305 |
Total | $223,411 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $49,139,869 | $18,517,776 | $30,622,093 | $-- |
Consumer Staples | 24,531,573 | 13,383,772 | 11,147,801 | -- |
Energy | 23,753,501 | 6,151,076 | 17,602,425 | -- |
Financials | 85,007,934 | 37,294,314 | 47,713,620 | -- |
Health Care | 44,791,283 | 15,392,536 | 29,398,747 | -- |
Industrials | 31,202,381 | 15,741,096 | 15,461,285 | -- |
Information Technology | 15,714,659 | 11,284,184 | 4,430,475 | -- |
Materials | 19,083,093 | 4,464,274 | 14,618,819 | -- |
Telecommunication Services | 18,763,762 | 5,922,232 | 12,841,530 | -- |
Utilities | 12,424,530 | 7,792,372 | 4,632,158 | -- |
Money Market Funds | 6,165,312 | 6,165,312 | -- | -- |
Total Investments in Securities: | $330,577,897 | $142,108,944 | $188,468,953 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $8,635,467 |
Level 2 to Level 1 | $8,647,357 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $347,205,181. Net unrealized depreciation aggregated $16,627,284, of which $20,988,428 related to appreciated investment securities and $37,615,712 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6% | |||
Shares | Value | ||
Australia - 0.1% | |||
Asaleo Care Ltd. | 32,461 | $33,549 | |
Bailiwick of Jersey - 0.9% | |||
Wolseley PLC | 12,057 | 672,279 | |
Belgium - 0.7% | |||
Anheuser-Busch InBev SA NV | 4,200 | 542,607 | |
Canada - 4.3% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 7,200 | 325,521 | |
Constellation Software, Inc. | 1,100 | 447,793 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 741 | 397,279 | |
Imperial Oil Ltd. | 28,200 | 867,609 | |
PrairieSky Royalty Ltd. | 5,200 | 101,200 | |
Suncor Energy, Inc. | 43,600 | 1,173,442 | |
TOTAL CANADA | 3,312,844 | ||
Cayman Islands - 0.4% | |||
SITC International Holdings Co. Ltd. | 551,000 | 325,981 | |
Chile - 0.5% | |||
Vina San Pedro SA | 37,219,054 | 386,603 | |
France - 3.5% | |||
Bouygues SA | 7,382 | 218,376 | |
Cegedim SA (a) | 6,000 | 175,347 | |
Maisons du Monde SA | 7,700 | 164,424 | |
Renault SA | 6,400 | 559,894 | |
Sanofi SA | 13,297 | 1,132,549 | |
VINCI SA | 5,400 | 409,866 | |
TOTAL FRANCE | 2,660,456 | ||
Germany - 2.5% | |||
adidas AG | 5,100 | 837,786 | |
AURELIUS AG | 8,099 | 493,390 | |
SAP AG | 6,168 | 539,844 | |
TOTAL GERMANY | 1,871,020 | ||
Hong Kong - 1.8% | |||
HKT Trust/HKT Ltd. unit | 284,600 | 449,731 | |
Techtronic Industries Co. Ltd. | 220,500 | 933,624 | |
TOTAL HONG KONG | 1,383,355 | ||
Ireland - 4.0% | |||
Accenture PLC Class A | 11,940 | 1,346,951 | |
Greencore Group PLC | 75,086 | 325,545 | |
Medtronic PLC | 16,000 | 1,402,080 | |
TOTAL IRELAND | 3,074,576 | ||
Isle of Man - 1.2% | |||
Paysafe Group PLC (a) | 103,000 | 526,177 | |
Playtech Ltd. | 32,778 | 377,189 | |
TOTAL ISLE OF MAN | 903,366 | ||
Israel - 3.3% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 251,000 | 496,313 | |
Cellcom Israel Ltd. (Israel) (a) | 51,780 | 373,698 | |
Partner Communications Co. Ltd. (a) | 69,481 | 331,808 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 4,496 | 174,030 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 21,850 | 1,168,975 | |
TOTAL ISRAEL | 2,544,824 | ||
Italy - 0.2% | |||
Astaldi SpA | 37,353 | 163,368 | |
Japan - 12.1% | |||
A/S One Corp. | 11,200 | 462,193 | |
Astellas Pharma, Inc. | 89,500 | 1,491,225 | |
Broadleaf Co. Ltd. | 9,000 | 90,338 | |
Casio Computer Co. Ltd. | 10,700 | 152,312 | |
Daiichikosho Co. Ltd. | 21,800 | 995,195 | |
Daito Trust Construction Co. Ltd. | 4,600 | 772,431 | |
Hoya Corp. | 25,000 | 887,021 | |
Inaba Denki Sangyo Co. Ltd. | 4,700 | 170,201 | |
Japan Meat Co. Ltd. | 8,300 | 118,600 | |
Japan Tobacco, Inc. | 10,600 | 413,397 | |
KDDI Corp. | 26,600 | 816,277 | |
Nippon Telegraph & Telephone Corp. | 13,100 | 622,509 | |
Olympus Corp. | 16,300 | 562,478 | |
ORIX Corp. | 17,400 | 244,184 | |
Shinsei Bank Ltd. | 365,000 | 547,560 | |
Sony Corp. | 11,800 | 387,358 | |
Tsuruha Holdings, Inc. | 3,200 | 363,882 | |
USS Co. Ltd. | 6,800 | 115,340 | |
TOTAL JAPAN | 9,212,501 | ||
Netherlands - 1.1% | |||
Altice NV Class A (a) | 19,531 | 289,868 | |
LyondellBasell Industries NV Class A | 7,700 | 579,502 | |
TOTAL NETHERLANDS | 869,370 | ||
Singapore - 0.4% | |||
United Overseas Bank Ltd. | 21,591 | 296,257 | |
South Africa - 1.2% | |||
Capitec Bank Holdings Ltd. | 11,300 | 501,046 | |
EOH Holdings Ltd. | 19,400 | 198,035 | |
Lewis Group Ltd. | 60,900 | 190,844 | |
TOTAL SOUTH AFRICA | 889,925 | ||
Spain - 0.9% | |||
Amadeus IT Holding SA Class A | 14,700 | 690,171 | |
Sweden - 0.5% | |||
Loomis AB (B Shares) | 13,000 | 375,096 | |
Switzerland - 1.5% | |||
Banque Cantonale Vaudoise | 570 | 385,803 | |
Chubb Ltd. | 6,000 | 751,560 | |
TOTAL SWITZERLAND | 1,137,363 | ||
Taiwan - 2.5% | |||
ECLAT Textile Co. Ltd. | 38,298 | 430,294 | |
King's Town Bank | 120,000 | 88,249 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 261,000 | 1,414,449 | |
TOTAL TAIWAN | 1,932,992 | ||
United Kingdom - 9.7% | |||
British American Tobacco PLC (United Kingdom) | 11,100 | 708,456 | |
BT Group PLC | 55,200 | 301,582 | |
Hilton Food Group PLC | 56,200 | 444,036 | |
Howden Joinery Group PLC | 51,800 | 296,156 | |
Imperial Tobacco Group PLC | 7,649 | 403,252 | |
ITV PLC | 299,000 | 775,595 | |
Lloyds Banking Group PLC | 863,000 | 606,991 | |
Mears Group PLC | 16,500 | 86,420 | |
Micro Focus International PLC | 50,000 | 1,281,100 | |
Reckitt Benckiser Group PLC | 4,515 | 437,775 | |
SABMiller PLC | 7,200 | 420,603 | |
St. James's Place Capital PLC | 29,905 | 366,490 | |
The Restaurant Group PLC | 21,900 | 102,660 | |
WH Smith PLC | 36,152 | 731,556 | |
Whitbread PLC | 6,160 | 314,603 | |
Wuliangye Yibin Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 3/7/19 (a)(b) | 27,300 | 148,770 | |
TOTAL UNITED KINGDOM | 7,426,045 | ||
United States of America - 42.3% | |||
American Tower Corp. | 7,660 | 886,798 | |
Amgen, Inc. | 4,220 | 725,967 | |
Apple, Inc. | 18,750 | 1,953,938 | |
Bank of America Corp. | 66,580 | 964,744 | |
BWX Technologies, Inc. | 11,500 | 423,315 | |
Chevron Corp. | 15,865 | 1,625,845 | |
Comcast Corp. Class A | 12,000 | 807,000 | |
ConocoPhillips Co. | 16,900 | 689,858 | |
CVS Health Corp. | 14,400 | 1,335,168 | |
Danaher Corp. | 8,400 | 684,096 | |
Deluxe Corp. | 2,700 | 182,493 | |
Diamond Hill Investment Group, Inc. | 2,900 | 553,871 | |
Dr. Pepper Snapple Group, Inc. | 6,241 | 614,801 | |
E.I. du Pont de Nemours & Co. | 8,300 | 574,111 | |
EMC Corp. | 24,700 | 698,516 | |
Exxon Mobil Corp. | 13,630 | 1,212,389 | |
First NBC Bank Holding Co. (a) | 2,200 | 41,866 | |
Fortive Corp. (a) | 4,200 | 202,482 | |
General Electric Co. | 38,600 | 1,202,004 | |
H&R Block, Inc. | 20,100 | 478,179 | |
IBM Corp. | 3,370 | 541,289 | |
Johnson & Johnson | 13,100 | 1,640,513 | |
JPMorgan Chase & Co. | 17,730 | 1,134,188 | |
L Brands, Inc. | 5,600 | 413,840 | |
McDonald's Corp. | 4,400 | 517,660 | |
McGraw Hill Financial, Inc. | 8,140 | 994,708 | |
Microsoft Corp. | 23,564 | 1,335,608 | |
Molson Coors Brewing Co. Class B | 4,300 | 439,288 | |
Monsanto Co. | 1,800 | 192,186 | |
MSCI, Inc. Class A | 7,400 | 636,696 | |
Oracle Corp. | 17,326 | 711,059 | |
PepsiCo, Inc. | 8,500 | 925,820 | |
Procter & Gamble Co. | 12,200 | 1,044,198 | |
Roper Technologies, Inc. | 2,300 | 391,828 | |
SunTrust Banks, Inc. | 14,900 | 630,121 | |
Target Corp. | 7,300 | 549,909 | |
The Coca-Cola Co. | 20,700 | 903,141 | |
U.S. Bancorp | 23,180 | 977,501 | |
United Technologies Corp. | 6,100 | 656,665 | |
VF Corp. | 4,220 | 263,455 | |
W.R. Grace & Co. | 4,200 | 314,454 | |
Wells Fargo & Co. | 26,257 | 1,259,548 | |
TOTAL UNITED STATES OF AMERICA | 32,331,116 | ||
TOTAL COMMON STOCKS | |||
(Cost $65,956,511) | 73,035,664 | ||
Principal Amount(c) | Value | ||
Nonconvertible Bonds - 0.0% | |||
Canada - 0.0% | |||
Constellation Software, Inc. 7.6% 3/31/40 (Cost $2,060)(d) | CAD | 2,400 | 2,095 |
Shares | Value | ||
Money Market Funds - 4.3% | |||
Fidelity Cash Central Fund, 0.42% (e) | |||
(Cost $3,291,837) | 3,291,837 | 3,291,837 | |
TOTAL INVESTMENT PORTFOLIO - 99.9% | |||
(Cost $69,250,408) | 76,329,596 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 49,349 | ||
NET ASSETS - 100% | $76,378,945 |
Currency Abbreviations
CAD – Canadian dollar
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 $148,770 or 0.2% of net assets.
(c) Amount is stated in United States dollars unless otherwise noted.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(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.
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 | $11,674 |
Fidelity Securities Lending Cash Central Fund | 3,965 |
Total | $15,639 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $10,011,396 | $7,523,405 | $2,487,991 | $-- |
Consumer Staples | 10,360,272 | 7,775,555 | 2,584,717 | -- |
Energy | 5,670,343 | 5,670,343 | -- | -- |
Financials | 13,680,051 | 11,063,858 | 2,616,193 | -- |
Health Care | 10,332,444 | 5,796,978 | 4,535,466 | -- |
Industrials | 5,776,530 | 4,934,050 | 842,480 | -- |
Information Technology | 12,152,457 | 10,107,826 | 2,044,631 | -- |
Materials | 1,660,253 | 1,660,253 | -- | -- |
Telecommunication Services | 3,391,918 | 1,651,550 | 1,740,368 | -- |
Corporate Bonds | 2,095 | -- | 2,095 | -- |
Money Market Funds | 3,291,837 | 3,291,837 | -- | -- |
Total Investments in Securities: | $76,329,596 | $59,475,655 | $16,853,941 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $1,508,625 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $69,588,607. Net unrealized appreciation aggregated $6,740,989, of which $10,442,548 related to appreciated investment securities and $3,701,559 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
Bermuda - 1.5% | |||
Vostok Emerging Finance Ltd. (depository receipt) (a) | 9,489,995 | $1,330,840 | |
Vostok New Ventures Ltd. SDR (a) | 919,054 | 5,665,549 | |
TOTAL BERMUDA | 6,996,389 | ||
Denmark - 20.2% | |||
Alm. Brand A/S | 1,265,654 | 8,579,029 | |
Carlsberg A/S Series B | 91,900 | 9,122,942 | |
DONG Energy A/S (b) | 375,900 | 15,310,458 | |
DSV de Sammensluttede Vognmaend A/S | 312,400 | 13,907,295 | |
Jyske Bank A/S (Reg.) | 107,400 | 4,466,425 | |
NNIT A/S | 138,748 | 5,724,211 | |
Novo Nordisk A/S Series B | 384,005 | 21,836,939 | |
Novozymes A/S Series B | 175,700 | 8,621,871 | |
Scandinavian Tobacco Group A/S | 445,507 | 7,867,540 | |
TOTAL DENMARK | 95,436,710 | ||
Finland - 14.3% | |||
Amer Group PLC (A Shares) | 264,700 | 7,510,820 | |
Cramo Oyj (B Shares) | 455,600 | 10,752,607 | |
Olvi PLC (A Shares) | 320,546 | 9,339,133 | |
Raisio Group PLC (V Shares) | 1,784,000 | 8,217,389 | |
Sampo Oyj (A Shares) | 28,500 | 1,181,161 | |
Vaisala Oyj | 455,400 | 16,501,137 | |
Valmet Corp. | 1,062,585 | 13,875,490 | |
TOTAL FINLAND | 67,377,737 | ||
Malta - 7.2% | |||
Kambi Group PLC (a) | 1,373,411 | 19,059,548 | |
Unibet Group PLC unit | 1,470,698 | 14,987,129 | |
TOTAL MALTA | 34,046,677 | ||
Norway - 4.1% | |||
Schibsted ASA (B Shares) | 291,854 | 8,595,997 | |
TGS Nopec Geophysical Co. ASA (b) | 226,058 | 3,753,723 | |
Zalaris ASA (A Shares) (c) | 1,912,400 | 7,026,591 | |
TOTAL NORWAY | 19,376,311 | ||
Sweden - 52.2% | |||
AcadeMedia AB | 350,000 | 2,372,327 | |
Addlife AB (a) | 227,375 | 3,341,405 | |
AddTech AB (B Shares) | 667,000 | 9,646,050 | |
Bravida AB | 2,631,700 | 17,453,427 | |
Coor Service Management Holding AB | 711,900 | 4,118,155 | |
Dometic Group AB | 2,180,500 | 15,289,237 | |
Dustin Group AB (b) | 837,188 | 5,454,392 | |
East Capital Explorer AB (c) | 1,420,992 | 10,710,995 | |
Eltel AB | 1,620,600 | 17,092,340 | |
Getinge AB (B Shares) | 907,800 | 18,406,369 | |
H&M Hennes & Mauritz AB (B Shares) | 921,472 | 27,826,649 | |
Hemfosa Fastigheter AB | 1,624,989 | 17,423,483 | |
Mekonomen AB (b) | 411,100 | 9,512,423 | |
Nobia AB | 1,554,000 | 14,592,018 | |
Nordea Bank AB | 2,096,000 | 18,677,106 | |
Pandox AB | 271,300 | 4,632,106 | |
Svenska Cellulosa AB (SCA) (B Shares) | 780,700 | 23,209,198 | |
Svenska Handelsbanken AB (A Shares) | 1,739,000 | 20,908,049 | |
Systemair AB (b) | 482,379 | 5,848,641 | |
TOTAL SWEDEN | 246,514,370 | ||
TOTAL COMMON STOCKS | |||
(Cost $425,410,310) | 469,748,194 | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.42% (d) | 115,202 | 115,202 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 10,945,059 | 10,945,059 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,060,261) | 11,060,261 | ||
TOTAL INVESTMENT PORTFOLIO - 101.9% | |||
(Cost $436,470,571) | 480,808,455 | ||
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (8,881,333) | ||
NET ASSETS - 100% | $471,927,122 |
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 | $29,399 |
Fidelity Securities Lending Cash Central Fund | 476,011 |
Total | $505,410 |
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 |
East Capital Explorer AB | $5,881,630 | $2,469,905 | $-- | $116,274 | $10,710,995 |
Zalaris ASA (A Shares) | 7,941,931 | 347,140 | -- | 195,500 | 7,026,591 |
Total | $13,823,561 | $2,817,045 | $-- | $311,774 | $17,737,586 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $129,832,646 | $102,005,997 | $27,826,649 | $-- |
Consumer Staples | 49,888,662 | 26,679,464 | 23,209,198 | -- |
Energy | 3,753,723 | 3,753,723 | -- | -- |
Financials | 96,810,177 | 75,902,128 | 20,908,049 | -- |
Health Care | 49,308,924 | 27,471,985 | 21,836,939 | -- |
Industrials | 99,720,596 | 99,720,596 | -- | -- |
Information Technology | 16,501,137 | 16,501,137 | -- | -- |
Materials | 8,621,871 | 8,621,871 | -- | -- |
Utilities | 15,310,458 | 15,310,458 | -- | -- |
Money Market Funds | 11,060,261 | 11,060,261 | -- | -- |
Total Investments in Securities: | $480,808,455 | $387,027,620 | $93,780,835 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $16,730,070 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $438,966,190. Net unrealized appreciation aggregated $41,842,265, of which $62,285,073 related to appreciated investment securities and $20,442,808 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value (000s) | ||
Australia - 2.4% | |||
1-Page Ltd. (a)(b) | 2,531,460 | $770 | |
Australia & New Zealand Banking Group Ltd. | 2,945,060 | 57,832 | |
Bapcor Ltd. | 7,454,296 | 32,403 | |
Magellan Financial Group Ltd. | 1,204,177 | 20,901 | |
Ramsay Health Care Ltd. | 1,164,235 | 69,710 | |
Spark Infrastructure Group unit | 28,900,918 | 57,544 | |
TOTAL AUSTRALIA | 239,160 | ||
Austria - 0.6% | |||
Erste Group Bank AG | 995,900 | 26,394 | |
Wienerberger AG | 2,226,200 | 34,347 | |
TOTAL AUSTRIA | 60,741 | ||
Bailiwick of Jersey - 1.7% | |||
Integrated Diagnostics Holdings PLC | 4,086,300 | 16,059 | |
Randgold Resources Ltd. sponsored ADR (b) | 241,314 | 28,381 | |
Regus PLC | 11,055,488 | 44,670 | |
Shire PLC | 788,000 | 50,907 | |
Wolseley PLC | 514,260 | 28,674 | |
TOTAL BAILIWICK OF JERSEY | 168,691 | ||
Belgium - 1.9% | |||
Anheuser-Busch InBev SA NV | 872,627 | 112,737 | |
KBC Groep NV (a) | 1,471,256 | 76,462 | |
TOTAL BELGIUM | 189,199 | ||
Bermuda - 0.2% | |||
PAX Global Technology Ltd. | 16,959,000 | 14,012 | |
Canada - 1.9% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 547,900 | 24,771 | |
Cenovus Energy, Inc. | 2,806,100 | 40,169 | |
Constellation Software, Inc. | 107,800 | 43,884 | |
Franco-Nevada Corp. | 297,300 | 22,901 | |
PrairieSky Royalty Ltd. (b) | 1,734,473 | 33,756 | |
Suncor Energy, Inc. | 676,200 | 18,199 | |
TOTAL CANADA | 183,680 | ||
Cayman Islands - 1.4% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 453,700 | 37,421 | |
Ctrip.com International Ltd. ADR (a) | 744,000 | 32,490 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 1,446,000 | 63,711 | |
TOTAL CAYMAN ISLANDS | 133,622 | ||
China - 0.3% | |||
Kweichow Moutai Co. Ltd. | 663,582 | 31,308 | |
Cyprus - 0.0% | |||
SPDI Secure Property Development & Investment PLC (a) | 517,230 | 103 | |
Denmark - 1.9% | |||
DONG Energy A/S | 775,800 | 31,598 | |
Novo Nordisk A/S Series B | 2,342,745 | 133,223 | |
Pandora A/S | 205,700 | 26,773 | |
TOTAL DENMARK | 191,594 | ||
Finland - 0.7% | |||
Sampo Oyj (A Shares) | 1,653,500 | 68,528 | |
France - 8.9% | |||
Accor SA | 1,251,036 | 52,345 | |
ALTEN | 608,659 | 42,203 | |
Altran Technologies SA | 2,384,000 | 34,596 | |
Amundi SA | 516,400 | 22,571 | |
Atos Origin SA | 450,682 | 44,174 | |
AXA SA | 3,749,100 | 76,303 | |
Capgemini SA | 855,800 | 82,236 | |
Cegedim SA (a) | 536,390 | 15,676 | |
Dassault Aviation SA | 18,200 | 19,301 | |
Havas SA | 4,911,881 | 41,384 | |
Maisons du Monde SA | 965,200 | 20,611 | |
Sodexo SA | 431,200 | 50,498 | |
SR Teleperformance SA | 290,100 | 26,981 | |
Total SA | 4,400,671 | 211,636 | |
VINCI SA | 1,901,400 | 144,318 | |
TOTAL FRANCE | 884,833 | ||
Germany - 9.3% | |||
adidas AG | 269,200 | 44,222 | |
Axel Springer Verlag AG | 625,002 | 34,246 | |
Beiersdorf AG | 242,900 | 22,809 | |
Deutsche Borse AG | 759,594 | 63,522 | |
Deutsche Post AG | 1,715,798 | 51,198 | |
Deutsche Telekom AG | 3,793,800 | 64,542 | |
Fresenius SE & Co. KGaA | 468,700 | 34,998 | |
GEA Group AG | 878,941 | 46,907 | |
Henkel AG & Co. KGaA | 364,600 | 39,580 | |
KION Group AG | 1,369,149 | 75,051 | |
LEG Immobilien AG | 314,266 | 31,548 | |
Nexus AG | 614,500 | 11,631 | |
ProSiebenSat.1 Media AG | 1,170,000 | 53,594 | |
Rational AG | 104,405 | 50,507 | |
SAP AG | 1,936,053 | 169,450 | |
Siemens AG | 685,498 | 74,408 | |
Symrise AG | 637,700 | 44,944 | |
United Internet AG | 244,148 | 10,793 | |
TOTAL GERMANY | 923,950 | ||
Hong Kong - 3.5% | |||
AIA Group Ltd. | 24,402,600 | 151,132 | |
China Resources Beer Holdings Co. Ltd. | 16,944,000 | 32,803 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) | 5,648,000 | 2,271 | |
Techtronic Industries Co. Ltd. | 38,444,000 | 162,777 | |
TOTAL HONG KONG | 348,983 | ||
India - 3.0% | |||
Bharti Infratel Ltd. | 12,647,734 | 75,027 | |
Dr Lal Pathlabs Ltd. | 798,016 | 11,643 | |
HDFC Bank Ltd. sponsored ADR | 1,433,184 | 99,277 | |
Housing Development Finance Corp. Ltd. | 5,581,896 | 115,105 | |
TOTAL INDIA | 301,052 | ||
Indonesia - 0.3% | |||
PT Bank Rakyat Indonesia Tbk | 33,710,000 | 29,660 | |
Ireland - 2.9% | |||
Cairn Homes PLC (a) | 17,549,270 | 18,737 | |
CRH PLC | 2,551,000 | 77,844 | |
Dalata Hotel Group PLC (a) | 5,126,600 | 22,181 | |
Green REIT PLC | 9,492,200 | 15,579 | |
Irish Continental Group PLC unit | 101,800 | 537 | |
James Hardie Industries PLC CDI | 1,790,532 | 29,664 | |
Kerry Group PLC Class A | 916,300 | 78,420 | |
Ryanair Holdings PLC sponsored ADR | 685,066 | 48,482 | |
TOTAL IRELAND | 291,444 | ||
Isle of Man - 0.7% | |||
Paysafe Group PLC (a) | 11,752,725 | 60,039 | |
Playtech Ltd. | 954,924 | 10,989 | |
TOTAL ISLE OF MAN | 71,028 | ||
Israel - 1.4% | |||
Frutarom Industries Ltd. | 1,032,000 | 51,638 | |
Partner Communications Co. Ltd. (a) | 1,242,009 | 5,931 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,526,500 | 81,668 | |
TOTAL ISRAEL | 139,237 | ||
Italy - 0.8% | |||
De Longhi SpA | 1,518,600 | 37,946 | |
Intesa Sanpaolo SpA | 14,664,500 | 32,360 | |
Mediaset SpA | 3,440,200 | 10,415 | |
TOTAL ITALY | 80,721 | ||
Japan - 16.6% | |||
ACOM Co. Ltd. (a) | 3,246,300 | 15,357 | |
Aozora Bank Ltd. | 9,464,000 | 34,727 | |
Astellas Pharma, Inc. | 6,868,900 | 114,448 | |
Casio Computer Co. Ltd. (b) | 2,015,200 | 28,686 | |
Daito Trust Construction Co. Ltd. | 484,800 | 81,407 | |
Dentsu, Inc. | 1,274,300 | 60,879 | |
Don Quijote Holdings Co. Ltd. | 1,060,100 | 41,606 | |
Hoya Corp. | 1,146,200 | 40,668 | |
Japan Tobacco, Inc. | 2,290,300 | 89,321 | |
KDDI Corp. | 4,671,200 | 143,346 | |
Keyence Corp. | 95,360 | 67,264 | |
LINE Corp. sponsored ADR | 47,048 | 1,728 | |
Misumi Group, Inc. | 3,181,300 | 58,431 | |
Mitsubishi UFJ Financial Group, Inc. | 11,142,500 | 56,331 | |
Monex Group, Inc. | 12,156,649 | 29,896 | |
Nidec Corp. | 324,300 | 29,427 | |
Nintendo Co. Ltd. | 170,000 | 35,286 | |
Nippon Telegraph & Telephone Corp. | 904,500 | 42,982 | |
Olympus Corp. | 2,480,700 | 85,604 | |
ORIX Corp. | 8,336,700 | 116,994 | |
Seven & i Holdings Co. Ltd. | 1,034,700 | 42,964 | |
Seven Bank Ltd. | 6,915,800 | 23,626 | |
Shionogi & Co. Ltd. | 856,200 | 44,409 | |
Sony Corp. | 3,550,700 | 116,559 | |
Sundrug Co. Ltd. | 622,500 | 54,000 | |
Tsuruha Holdings, Inc. | 653,500 | 74,311 | |
United Arrows Ltd. | 827,700 | 23,069 | |
VT Holdings Co. Ltd. | 3,872,500 | 20,475 | |
Welcia Holdings Co. Ltd. | 1,150,800 | 75,929 | |
TOTAL JAPAN | 1,649,730 | ||
Luxembourg - 1.1% | |||
Eurofins Scientific SA | 171,419 | 64,288 | |
Grand City Properties SA | 1,528,397 | 34,004 | |
Senvion SA | 598,599 | 7,425 | |
TOTAL LUXEMBOURG | 105,717 | ||
Marshall Islands - 0.2% | |||
Hoegh LNG Partners LP (c) | 715,655 | 13,655 | |
Netherlands - 3.9% | |||
Basic-Fit NV | 579,100 | 9,553 | |
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit | 223,700 | 3,754 | |
IMCD Group BV | 1,926,800 | 81,697 | |
ING Groep NV (Certificaten Van Aandelen) | 5,842,000 | 65,314 | |
RELX NV | 2,922,034 | 52,653 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 3,767,600 | 174,532 | |
TOTAL NETHERLANDS | 387,503 | ||
New Zealand - 0.9% | |||
EBOS Group Ltd. | 3,154,998 | 37,596 | |
Ryman Healthcare Group Ltd. | 7,137,434 | 49,124 | |
TOTAL NEW ZEALAND | 86,720 | ||
Norway - 1.5% | |||
Statoil ASA (b) | 9,044,100 | 143,778 | |
Philippines - 0.3% | |||
SM Investments Corp. | 2,110,335 | 30,855 | |
Romania - 0.2% | |||
Banca Transilvania SA | 37,524,529 | 21,490 | |
South Africa - 1.4% | |||
EOH Holdings Ltd. | 2,855,067 | 29,145 | |
Naspers Ltd. Class N | 711,700 | 111,682 | |
TOTAL SOUTH AFRICA | 140,827 | ||
Spain - 2.6% | |||
Amadeus IT Holding SA Class A | 1,825,700 | 85,717 | |
Atresmedia Corporacion de Medios de Comunicacion SA | 1,719,200 | 18,010 | |
Grifols SA ADR | 1,060,876 | 17,971 | |
Hispania Activos Inmobiliarios SA | 1,424,325 | 19,061 | |
Inditex SA | 2,288,877 | 79,158 | |
Mediaset Espana Comunicacion SA | 2,931,000 | 33,686 | |
TOTAL SPAIN | 253,603 | ||
Sweden - 3.6% | |||
ASSA ABLOY AB (B Shares) | 3,682,800 | 80,794 | |
Getinge AB (B Shares) | 280,678 | 5,691 | |
HEXPOL AB (B Shares) | 2,967,500 | 26,408 | |
Indutrade AB (b) | 864,300 | 18,262 | |
Nordea Bank AB | 5,749,200 | 51,230 | |
Saab AB (B Shares) | 980,200 | 33,655 | |
Sandvik AB | 2,242,600 | 24,033 | |
Svenska Cellulosa AB (SCA) (B Shares) | 2,997,500 | 89,112 | |
Svenska Handelsbanken AB (A Shares) | 2,567,100 | 30,864 | |
TOTAL SWEDEN | 360,049 | ||
Switzerland - 4.7% | |||
ABB Ltd. (Reg.) | 2,419,860 | 51,403 | |
GAM Holding Ltd. | 1,405,187 | 15,441 | |
Julius Baer Group Ltd. | 949,640 | 38,939 | |
Kaba Holding AG (B Shares) (Reg.) | 34,511 | 25,228 | |
Novartis AG | 1,012,874 | 84,011 | |
Partners Group Holding AG | 247,326 | 113,175 | |
Schindler Holding AG (participation certificate) | 181,273 | 34,770 | |
Syngenta AG (Switzerland) | 139,722 | 54,951 | |
UBS Group AG | 3,690,490 | 50,834 | |
TOTAL SWITZERLAND | 468,752 | ||
Taiwan - 0.1% | |||
JHL Biotech, Inc. (a) | 4,654,560 | 10,386 | |
United Kingdom - 13.2% | |||
AA PLC | 3,830,868 | 12,568 | |
B&M European Value Retail S.A. | 9,180,129 | 31,261 | |
BAE Systems PLC | 4,147,100 | 29,281 | |
BCA Marketplace PLC | 7,762,300 | 18,568 | |
BHP Billiton PLC | 2,881,014 | 36,325 | |
Booker Group PLC | 10,000,100 | 23,028 | |
British American Tobacco PLC (United Kingdom) | 1,266,500 | 80,834 | |
BT Group PLC | 6,133,600 | 33,511 | |
Bunzl PLC | 2,075,300 | 64,956 | |
Cineworld Group PLC | 2,055,200 | 15,980 | |
CMC Markets PLC | 12,479,500 | 45,947 | |
Compass Group PLC | 2,013,000 | 38,243 | |
Countryside Properties PLC (a) | 3,312,793 | 9,944 | |
Dialog Semiconductor PLC (a) | 5,246 | 172 | |
Diploma PLC | 2,312,600 | 26,122 | |
GlaxoSmithKline PLC | 5,512,900 | 123,120 | |
Howden Joinery Group PLC | 7,427,100 | 42,463 | |
Imperial Tobacco Group PLC | 1,848,336 | 97,444 | |
London Stock Exchange Group PLC | 1,031,436 | 37,880 | |
McCarthy & Stone PLC | 3,908,855 | 8,836 | |
Melrose Industries PLC (b) | 1,586,476 | 14,372 | |
Micro Focus International PLC | 3,632,054 | 93,060 | |
Moneysupermarket.com Group PLC | 5,210,600 | 20,584 | |
NCC Group Ltd. | 4,411,380 | 18,980 | |
Reckitt Benckiser Group PLC | 900,800 | 87,342 | |
Rex Bionics PLC (a)(c) | 1,297,286 | 558 | |
Rio Tinto PLC | 1,185,200 | 38,462 | |
SABMiller PLC | 719,300 | 42,019 | |
Softcat PLC | 3,518,800 | 16,174 | |
Spirax-Sarco Engineering PLC | 539,500 | 28,439 | |
St. James's Place Capital PLC | 2,354,900 | 28,860 | |
Standard Chartered PLC (United Kingdom) | 6,529,771 | 52,248 | |
Virgin Money Holdings Uk PLC | 61,489 | 215 | |
Vodafone Group PLC | 30,823,796 | 93,639 | |
TOTAL UNITED KINGDOM | 1,311,435 | ||
United States of America - 3.1% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 213,200 | 35,099 | |
Coty, Inc. Class A | 400,372 | 10,758 | |
Global Payments, Inc. | 590,800 | 44,109 | |
McGraw Hill Financial, Inc. | 462,400 | 56,505 | |
Monsanto Co. | 305,900 | 32,661 | |
MSCI, Inc. Class A | 586,700 | 50,480 | |
Visa, Inc. Class A | 1,007,700 | 78,651 | |
TOTAL UNITED STATES OF AMERICA | 308,263 | ||
TOTAL COMMON STOCKS | |||
(Cost $8,374,056) | 9,644,309 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Cayman Islands - 0.3% | |||
China Internet Plus Holdings Ltd. Series A-11 (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 0.2% to 0.35% 8/4/16 to 10/27/16 (e) | |||
(Cost $12,104) | 12,110 | 12,105 | |
Shares | Value (000s) | ||
Money Market Funds - 3.7% | |||
Fidelity Cash Central Fund, 0.42% (f) | 243,242,606 | 243,243 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) | 125,143,364 | 125,143 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $368,386) | 368,386 | ||
TOTAL INVESTMENT PORTFOLIO - 101.3% | |||
(Cost $8,773,379) | 10,047,803 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (126,056) | ||
NET ASSETS - 100% | $9,921,747 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value (000s) | Unrealized Appreciation/(Depreciation) (000s) | |
Purchased | |||
Equity Index Contracts | |||
2,009 CME Yen Denominated Nikkei 225 Contracts (United States) | Sept. 2016 | 160,665 | $(7,249) |
The face value of futures purchased as a percentage of Net Assets is 1.6%
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 0.3% 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 $12,105,000.
(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. Series A-11 | 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 | $790 |
Fidelity Securities Lending Cash Central Fund | 3,525 |
Total | $4,315 |
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 | $-- | $-- | $832 | $13,655 |
Rex Bionics PLC | 976 | -- | 4 | -- | 558 |
Total | $12,441 | $-- | $4 | $832 | $14,213 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $1,449,916 | $756,087 | $670,826 | $23,003 |
Consumer Staples | 1,321,392 | 614,842 | 706,550 | -- |
Energy | 461,193 | 105,779 | 355,414 | -- |
Financials | 1,961,856 | 1,425,052 | 536,804 | -- |
Health Care | 1,112,225 | 435,835 | 676,390 | -- |
Industrials | 1,285,222 | 932,804 | 352,418 | -- |
Information Technology | 1,041,437 | 769,437 | 272,000 | -- |
Materials | 478,526 | 270,944 | 207,582 | -- |
Telecommunication Services | 458,978 | 80,958 | 378,020 | -- |
Utilities | 96,567 | 96,567 | -- | -- |
Government Obligations | 12,105 | -- | 12,105 | -- |
Money Market Funds | 368,386 | 368,386 | -- | -- |
Total Investments in Securities: | $10,047,803 | $5,856,691 | $4,168,109 | $23,003 |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(7,249) | $(7,249) | $-- | $-- |
Total Liabilities | $(7,249) | $(7,249) | $-- | $-- |
Total Derivative Instruments: | $(7,249) | $(7,249) | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $325,085 |
Level 2 to Level 1 | $817,177 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $8,784,000,000. Net unrealized appreciation aggregated $1,263,803,000, of which $1,723,217,000 related to appreciated investment securities and $459,414,000 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.4% | |||
Shares | Value | ||
Argentina - 0.4% | |||
Grupo Superveille SA sponsored ADR | 630,952 | $8,549,400 | |
Telecom Argentina SA Class B sponsored ADR (a) | 1,326,073 | 25,076,040 | |
YPF SA Class D sponsored ADR | 1,779,100 | 32,859,977 | |
TOTAL ARGENTINA | 66,485,417 | ||
Austria - 0.4% | |||
Erste Group Bank AG | 2,097,140 | 55,578,803 | |
Bermuda - 1.4% | |||
AGTech Holdings Ltd. (b) | 74,748,000 | 18,594,509 | |
Credicorp Ltd. (United States) | 299,240 | 47,977,149 | |
GP Investments Ltd. Class A (depositary receipt) (b)(c) | 7,978,637 | 15,871,641 | |
PAX Global Technology Ltd. | 42,386,000 | 35,019,367 | |
Shangri-La Asia Ltd. | 74,510,000 | 79,999,523 | |
VimpelCom Ltd. sponsored ADR | 2,559,344 | 10,442,124 | |
TOTAL BERMUDA | 207,904,313 | ||
Brazil - 3.1% | |||
B2W Companhia Global do Varejo (b) | 11,962,294 | 47,961,332 | |
BB Seguridade Participacoes SA | 5,610,300 | 52,151,012 | |
Cielo SA | 5,083,625 | 57,618,807 | |
Companhia de Saneamento de Minas Gerais | 4,101,070 | 41,739,239 | |
Cosan SA Industria e Comercio | 3,298,000 | 34,633,882 | |
Direcional Engenharia SA (c) | 13,592,100 | 26,828,719 | |
FPC Par Corretora de Seguros (c) | 9,576,300 | 38,424,520 | |
Metalurgica Gerdau SA rights 8/9/16(b) | 191,156 | 952,125 | |
Minerva SA (b)(c) | 12,847,500 | 38,038,490 | |
Smiles SA (c) | 7,533,600 | 120,727,195 | |
TOTAL BRAZIL | 459,075,321 | ||
British Virgin Islands - 0.2% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (b) | 1,528,901 | 29,507,789 | |
Canada - 0.6% | |||
Pan American Silver Corp. | 3,200,800 | 62,415,600 | |
Torex Gold Resources, Inc. (b) | 1,079,590 | 22,391,374 | |
TOTAL CANADA | 84,806,974 | ||
Cayman Islands - 12.2% | |||
51job, Inc. sponsored ADR (a)(b) | 900,100 | 28,641,182 | |
58.com, Inc. ADR (a)(b) | 3,401,122 | 176,892,355 | |
AAC Technology Holdings, Inc. | 3,969,500 | 37,042,663 | |
Alibaba Group Holding Ltd. sponsored ADR (b) | 5,573,906 | 459,735,767 | |
Autohome, Inc. ADR Class A (b) | 585,900 | 12,714,030 | |
Bitauto Holdings Ltd. ADR (a)(b) | 2,306,460 | 63,427,650 | |
BizLink Holding, Inc. | 1,471,000 | 9,061,127 | |
China State Construction International Holdings Ltd. | 31,906,000 | 42,687,188 | |
CK Hutchison Holdings Ltd. | 2,784,270 | 32,585,548 | |
Ctrip.com International Ltd. ADR (b) | 1,177,600 | 51,425,792 | |
Haitian International Holdings Ltd. | 15,980,000 | 26,776,139 | |
Himax Technologies, Inc. sponsored ADR (a) | 1,203,200 | 10,768,640 | |
JD.com, Inc. sponsored ADR (b) | 4,362,000 | 94,437,300 | |
Sino Biopharmaceutical Ltd. | 73,576,000 | 49,124,005 | |
SouFun Holdings Ltd. ADR (a)(b) | 5,558,200 | 28,457,984 | |
Sunny Optical Technology Group Co. Ltd. | 4,761,000 | 18,962,015 | |
Tencent Holdings Ltd. | 19,365,900 | 467,747,050 | |
Uni-President China Holdings Ltd. | 110,383,000 | 84,653,904 | |
Vipshop Holdings Ltd. ADR (b) | 8,194,900 | 116,613,427 | |
TOTAL CAYMAN ISLANDS | 1,811,753,766 | ||
Chile - 1.7% | |||
Compania Cervecerias Unidas SA sponsored ADR | 2,722,400 | 62,261,288 | |
CorpBanca SA | 3,748,503,074 | 32,638,001 | |
Enersis SA | 178,103,396 | 31,284,059 | |
Inversiones La Construccion SA | 2,702,822 | 30,964,890 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 1,492,200 | 36,976,716 | |
Vina Concha y Toro SA | 34,096,719 | 58,094,372 | |
TOTAL CHILE | 252,219,326 | ||
China - 7.8% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 15,521,500 | 40,838,341 | |
BBMG Corp. (H Shares) | 156,886,500 | 57,429,065 | |
China Life Insurance Co. Ltd. (H Shares) | 36,820,900 | 83,520,360 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 50,041,410 | 40,118,784 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 31,219,694 | 110,257,220 | |
China Petroleum & Chemical Corp. (H Shares) | 61,076,000 | 43,802,018 | |
China Shenhua Energy Co. Ltd. (H Shares) | 22,475,000 | 42,931,468 | |
China Suntien Green Energy Corp. Ltd. (H Shares) | 70,530,500 | 8,090,862 | |
China Telecom Corp. Ltd. (H Shares) | 88,048,882 | 43,352,589 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 390,191,400 | 222,600,541 | |
Inner Mongoli Yili Industries Co. Ltd. | 18,403,379 | 51,405,854 | |
Kweichow Moutai Co. Ltd. | 2,206,529 | 104,103,981 | |
Maanshan Iron & Steel Ltd. (H Shares) (b) | 72,204,000 | 16,100,345 | |
PetroChina Co. Ltd. (H Shares) | 45,452,000 | 31,156,703 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 34,964,500 | 54,170,098 | |
Qingdao Haier Co. Ltd. | 53,518,837 | 88,212,325 | |
Shanghai International Airport Co. Ltd. | 7,726,398 | 32,454,515 | |
Zhengzhou Yutong Bus Co. Ltd. | 11,518,554 | 39,862,473 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 7,925,500 | 43,721,824 | |
TOTAL CHINA | 1,154,129,366 | ||
Colombia - 0.2% | |||
Bancolombia SA sponsored ADR | 864,511 | 29,531,696 | |
Czech Republic - 0.2% | |||
MONETA Money Bank A/S | 10,087,900 | 31,108,898 | |
Egypt - 0.1% | |||
Citadel Capital Corp. (b) | 54,615,500 | 6,211,933 | |
Global Telecom Holding GDR (b) | 6,032,799 | 10,678,054 | |
TOTAL EGYPT | 16,889,987 | ||
Greece - 0.5% | |||
Hellenic Telecommunications Organization SA | 1,792,380 | 17,433,763 | |
Titan Cement Co. SA (Reg.) | 2,474,800 | 56,553,932 | |
TOTAL GREECE | 73,987,695 | ||
Hong Kong - 5.6% | |||
AIA Group Ltd. | 11,894,920 | 73,668,657 | |
China Mobile Ltd. | 6,027,795 | 74,645,350 | |
China Mobile Ltd. sponsored ADR | 3,733,670 | 231,823,570 | |
China Resources Beer Holdings Co. Ltd. (a) | 38,474,000 | 74,484,363 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (b) | 12,160,666 | 4,890,348 | |
China Resources Power Holdings Co. Ltd. | 22,347,397 | 35,601,906 | |
CNOOC Ltd. | 132,184,000 | 159,312,575 | |
CNOOC Ltd. sponsored ADR | 16,626 | 2,001,604 | |
Far East Horizon Ltd. | 121,017,750 | 95,149,551 | |
Sinotruk Hong Kong Ltd. | 42,356,000 | 18,889,431 | |
Techtronic Industries Co. Ltd. | 16,341,000 | 69,189,762 | |
TOTAL HONG KONG | 839,657,117 | ||
India - 9.5% | |||
Adani Ports & Special Economic Zone | 15,288,386 | 53,304,642 | |
Axis Bank Ltd. | 6,364,422 | 52,148,062 | |
Bharti Infratel Ltd. | 7,959,095 | 47,213,655 | |
Coal India Ltd. | 18,216,545 | 89,641,089 | |
Edelweiss Financial Services Ltd. | 19,647,922 | 27,900,020 | |
Eicher Motors Ltd. | 123,870 | 41,740,687 | |
Grasim Industries Ltd. | 1,070,523 | 78,608,879 | |
Housing Development Finance Corp. Ltd. | 3,811,126 | 78,589,643 | |
ICICI Bank Ltd. | 6,155,085 | 24,000,920 | |
ICICI Bank Ltd. sponsored ADR | 2,029,400 | 15,382,852 | |
ITC Ltd. | 23,667,964 | 89,640,350 | |
JK Cement Ltd. | 3,180,810 | 34,041,419 | |
Larsen & Toubro Ltd. | 2,501,041 | 58,491,452 | |
LIC Housing Finance Ltd. | 5,456,295 | 42,566,550 | |
Lupin Ltd. | 4,182,662 | 109,177,173 | |
Oil & Natural Gas Corp. Ltd. | 13,822,227 | 45,642,070 | |
Petronet LNG Ltd. | 7,752,511 | 34,659,790 | |
Phoenix Mills Ltd. | 6,598,413 | 35,776,258 | |
Power Grid Corp. of India Ltd. | 41,549,640 | 109,710,249 | |
SREI Infrastructure Finance Ltd. (c) | 41,882,982 | 47,063,766 | |
State Bank of India | 19,684,364 | 67,745,752 | |
Sun Pharmaceutical Industries Ltd. | 9,194,697 | 114,487,117 | |
Tata Consultancy Services Ltd. | 3,034,412 | 119,241,398 | |
TOTAL INDIA | 1,416,773,793 | ||
Indonesia - 1.5% | |||
Link Net Tbk PT | 52,028,841 | 17,358,173 | |
PT Astra International Tbk | 145,034,900 | 85,536,100 | |
PT Bank Mandiri (Persero) Tbk | 53,282,800 | 41,362,999 | |
PT Bank Rakyat Indonesia Tbk | 64,251,900 | 56,533,431 | |
PT Kalbe Farma Tbk | 164,657,800 | 21,055,985 | |
TOTAL INDONESIA | 221,846,688 | ||
Israel - 0.6% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 43,899,815 | 86,804,942 | |
Japan - 0.8% | |||
Rakuten, Inc. | 1,317,600 | 14,910,798 | |
Sony Corp. | 878,700 | 28,845,008 | |
Suzuki Motor Corp. | 2,628,900 | 80,508,295 | |
TOTAL JAPAN | 124,264,101 | ||
Korea (South) - 10.7% | |||
AMOREPACIFIC Group, Inc. | 545,938 | 70,891,482 | |
Daou Technology, Inc. | 2,180,287 | 52,116,853 | |
Duk San Neolux Co. Ltd. (b) | 319,937 | 8,754,567 | |
E-Mart Co. Ltd. | 5,099 | 749,179 | |
EO Technics Co. Ltd. | 129,790 | 12,573,115 | |
Fila Korea Ltd. (c) | 670,598 | 53,271,804 | |
Hanon Systems | 3,488,604 | 35,895,503 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 816,317 | 22,227,179 | |
Hyundai Glovis Co. Ltd. | 266,616 | 40,251,157 | |
Hyundai Industrial Development & Construction Co. | 857,741 | 34,146,231 | |
Hyundai Mobis | 509,337 | 116,715,434 | |
InterPark INT Corp. (c) | 2,050,320 | 27,545,187 | |
Kakao Corp. | 219,868 | 17,960,102 | |
KB Financial Group, Inc. | 3,759,221 | 120,154,321 | |
KEPCO Plant Service & Engineering Co. Ltd. | 482,369 | 29,736,263 | |
Korea Electric Power Corp. | 1,475,025 | 81,289,229 | |
Korea Express Co. Ltd. (b) | 110,546 | 19,917,751 | |
Korean Reinsurance Co. (c) | 6,846,178 | 74,441,727 | |
KT Corp. | 571,148 | 16,293,472 | |
KT Corp. sponsored ADR (a) | 234,100 | 3,572,366 | |
LG Chemical Ltd. | 295,262 | 64,608,462 | |
NAVER Corp. | 29,505 | 18,825,081 | |
NCSOFT Corp. | 213,191 | 48,086,755 | |
Samsung Electronics Co. Ltd. | 144,020 | 199,179,349 | |
Samsung Fire & Marine Insurance Co. Ltd. | 125,558 | 30,069,381 | |
Samsung SDI Co. Ltd. | 384,432 | 36,446,420 | |
Shinhan Financial Group Co. Ltd. | 3,749,944 | 134,889,791 | |
Shinhan Financial Group Co. Ltd. sponsored ADR | 22,600 | 806,594 | |
SK Hynix, Inc. | 5,490,855 | 169,738,868 | |
SK Telecom Co. Ltd. | 9,914 | 2,050,727 | |
SK Telecom Co. Ltd. sponsored ADR (a) | 1,205,200 | 27,611,132 | |
Viatron Technologies, Inc. | 593,068 | 14,602,861 | |
TOTAL KOREA (SOUTH) | 1,585,418,343 | ||
Mauritius - 0.2% | |||
MakeMyTrip Ltd. (a)(b) | 1,314,096 | 24,744,428 | |
Mexico - 4.5% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 3,254,120 | 37,520,004 | |
Banregio Grupo Financiero S.A.B. de CV | 3,999,971 | 22,916,101 | |
CEMEX S.A.B. de CV sponsored ADR | 5,915,412 | 45,252,902 | |
El Puerto de Liverpool S.A.B. de CV Class C | 5,200,400 | 50,403,664 | |
Fibra Uno Administracion SA de CV | 29,174,400 | 59,500,216 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 4,478,000 | 44,056,355 | |
Grupo Comercial Chedraui S.A.B. de CV | 12,170,788 | 27,613,084 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 33,258,400 | 182,149,605 | |
Infraestructura Energetica Nova S.A.B. de CV (a) | 4,022,500 | 16,248,755 | |
Macquarie Mexican (REIT) (c) | 70,878,513 | 90,686,695 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 2,386,446 | 27,830,415 | |
Tenedora Nemak SA de CV | 2,136,698 | 2,428,429 | |
Wal-Mart de Mexico SA de CV Series V | 25,831,500 | 59,033,588 | |
TOTAL MEXICO | 665,639,813 | ||
Netherlands - 0.9% | |||
Cnova NV (a)(b) | 1,636,108 | 8,016,929 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (b)(d) | 10,192,900 | 39,697,540 | |
Yandex NV (b) | 4,010,380 | 86,824,727 | |
TOTAL NETHERLANDS | 134,539,196 | ||
Nigeria - 0.4% | |||
Guaranty Trust Bank PLC | 12,996,925 | 982,171 | |
Guaranty Trust Bank PLC GDR (Reg. S) | 4,534,017 | 19,496,273 | |
Transnational Corp. of Nigeria PLC | 1,224,931,252 | 5,042,137 | |
Zenith Bank PLC | 552,038,821 | 29,332,212 | |
TOTAL NIGERIA | 54,852,793 | ||
Pakistan - 0.4% | |||
Habib Bank Ltd. | 30,750,600 | 63,812,812 | |
Panama - 0.3% | |||
Copa Holdings SA Class A | 645,900 | 43,275,300 | |
Philippines - 1.4% | |||
Alliance Global Group, Inc. | 146,064,250 | 50,088,027 | |
Metro Pacific Investments Corp. | 54,507,156 | 8,674,879 | |
Metropolitan Bank & Trust Co. | 35,447,717 | 71,421,978 | |
Robinsons Land Corp. | 106,658,970 | 72,426,250 | |
TOTAL PHILIPPINES | 202,611,134 | ||
Romania - 0.1% | |||
Banca Transilvania SA | 39,141,391 | 22,415,666 | |
Russia - 5.4% | |||
E.ON Russia JSC | 565,259,400 | 25,697,503 | |
Lukoil PJSC sponsored ADR | 3,761,900 | 160,821,225 | |
Magnit OJSC GDR (Reg. S) | 2,636,800 | 101,174,016 | |
MegaFon PJSC (b) | 1,324,400 | 13,446,704 | |
MegaFon PJSC GDR | 405,200 | 4,003,376 | |
MMC Norilsk Nickel PJSC sponsored ADR | 5,671,700 | 82,920,254 | |
Mobile TeleSystems OJSC | 10,321,880 | 39,452,865 | |
NOVATEK OAO GDR (Reg. S) | 887,100 | 88,532,580 | |
Rosneft Oil Co. OJSC (b) | 16,656,000 | 82,156,812 | |
Sberbank of Russia | 25,641,770 | 54,166,078 | |
Sberbank of Russia sponsored ADR | 13,333,631 | 116,015,923 | |
Sistema JSFC | 69,711,100 | 24,355,045 | |
Sistema JSFC sponsored GDR | 846,300 | 6,888,882 | |
TOTAL RUSSIA | 799,631,263 | ||
Singapore - 0.8% | |||
Ascendas Real Estate Investment Trust | 36,950,600 | 67,523,659 | |
CapitaMall Trust | 13,259,400 | 21,164,404 | |
First Resources Ltd. | 28,640,700 | 34,500,433 | |
TOTAL SINGAPORE | 123,188,496 | ||
South Africa - 7.5% | |||
Alexander Forbes Group Holdings Ltd. | 45,711,992 | 20,614,647 | |
Aspen Pharmacare Holdings Ltd. | 2,117,682 | 57,208,879 | |
Barclays Africa Group Ltd. | 5,408,915 | 59,808,329 | |
Bidcorp Ltd. (b) | 2,411,145 | 44,991,249 | |
Bidvest Group Ltd. | 2,411,145 | 27,704,827 | |
Imperial Holdings Ltd. | 7,010,400 | 83,703,103 | |
JSE Ltd. | 1,905,292 | 23,321,254 | |
Life Healthcare Group Holdings Ltd. | 15,883,300 | 43,194,566 | |
MTN Group Ltd. | 3,355,900 | 33,921,464 | |
Naspers Ltd. Class N | 3,379,600 | 530,338,059 | |
Nedbank Group Ltd. | 2,307,300 | 33,077,187 | |
Sasol Ltd. | 1,198,900 | 31,901,299 | |
Shoprite Holdings Ltd. | 6,320,700 | 92,570,792 | |
Telkom SA Ltd. | 8,269,100 | 38,375,177 | |
TOTAL SOUTH AFRICA | 1,120,730,832 | ||
Spain - 0.3% | |||
Banco Bilbao Vizcaya Argentaria SA | 7,867,200 | 45,928,319 | |
Taiwan - 7.3% | |||
Advanced Semiconductor Engineering, Inc. | 28,769,000 | 34,072,547 | |
Advantech Co. Ltd. | 7,924,000 | 61,760,332 | |
Boardtek Electronics Corp. | 10,592,000 | 13,564,977 | |
E.SUN Financial Holdings Co. Ltd. | 76,004,420 | 42,517,951 | |
Hermes Microvision, Inc. | 438,000 | 18,652,063 | |
HTC Corp. | 6,577,000 | 19,657,208 | |
Inotera Memories, Inc. (b) | 8,383,000 | 6,849,932 | |
King's Town Bank | 28,696,000 | 21,103,316 | |
Largan Precision Co. Ltd. | 512,000 | 55,031,271 | |
MediaTek, Inc. | 3,608,000 | 27,610,799 | |
Siliconware Precision Industries Co. Ltd. | 8,664,000 | 13,084,078 | |
Taiwan Cement Corp. | 66,350,000 | 70,689,368 | |
Taiwan Fertilizer Co. Ltd. | 15,211,000 | 21,273,123 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 104,891,284 | 568,441,837 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 469,801 | 13,051,072 | |
Universal Cement Corp. | 25,285,914 | 17,045,880 | |
Vanguard International Semiconductor Corp. | 11,379,000 | 20,670,235 | |
Wistron NeWeb Corp. | 5,660,000 | 15,155,473 | |
Yuanta Financial Holding Co. Ltd. | 137,901,206 | 48,539,976 | |
TOTAL TAIWAN | 1,088,771,438 | ||
Thailand - 2.3% | |||
Intouch Holdings PCL NVDR | 8,776,870 | 15,119,500 | |
Jasmine Broadband Internet Infrastructure Fund | 71,462,900 | 24,415,978 | |
Kasikornbank PCL (For. Reg.) | 23,812,304 | 136,392,611 | |
PTT Global Chemical PCL (For. Reg.) | 16,269,400 | 28,376,860 | |
PTT PCL (For. Reg.) | 7,695,900 | 72,915,504 | |
Star Petroleum Refining PCL | 75,862,700 | 20,038,382 | |
Thai Union Frozen Products PCL (For. Reg.) | 73,828,300 | 46,208,927 | |
TOTAL THAILAND | 343,467,762 | ||
Turkey - 0.9% | |||
Aselsan A/S | 8,562,000 | 27,083,600 | |
Enka Insaat ve Sanayi A/S | 14,312,550 | 21,079,924 | |
Tupras Turkiye Petrol Rafinelleri A/S | 2,510,796 | 53,662,597 | |
Turkiye Garanti Bankasi A/S | 15,312,500 | 37,665,969 | |
TOTAL TURKEY | 139,492,090 | ||
United Arab Emirates - 1.1% | |||
DP World Ltd. | 2,410,405 | 40,952,781 | |
Emaar Properties PJSC | 33,798,843 | 63,311,291 | |
First Gulf Bank PJSC | 16,703,434 | 55,027,785 | |
TOTAL UNITED ARAB EMIRATES | 159,291,857 | ||
United Kingdom - 0.3% | |||
Fresnillo PLC | 1,999,500 | 51,098,861 | |
United States of America - 0.8% | |||
Cognizant Technology Solutions Corp. Class A (b) | 693,672 | 39,879,203 | |
First Cash Financial Services, Inc. | 701,300 | 35,983,703 | |
Micron Technology, Inc. (b) | 3,051,300 | 41,924,862 | |
TOTAL UNITED STATES OF AMERICA | 117,787,768 | ||
TOTAL COMMON STOCKS | |||
(Cost $12,368,542,879) | 13,749,024,163 | ||
Nonconvertible Preferred Stocks - 6.4% | |||
Brazil - 4.8% | |||
Ambev SA sponsored ADR | 27,431,000 | 158,551,180 | |
Banco do Estado Rio Grande do Sul SA | 8,741,136 | 29,061,635 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 165,000 | 1,636,057 | |
(PN-B) sponsored ADR | 5,581,813 | 55,259,949 | |
Itau Unibanco Holding SA sponsored ADR | 19,309,586 | 201,785,174 | |
Metalurgica Gerdau SA (PN) (c) | 37,824,122 | 31,730,080 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (b) | 12,589,400 | 91,776,726 | |
Telefonica Brasil SA | 3,462,600 | 52,573,340 | |
Vale SA (PN-A) sponsored ADR | 19,026,000 | 87,709,860 | |
TOTAL BRAZIL | 710,084,001 | ||
Cayman Islands - 0.2% | |||
China Internet Plus Holdings Ltd. Series A-11 (e) | 7,577,282 | 29,253,613 | |
Korea (South) - 1.4% | |||
Hyundai Motor Co. Series 2 | 907,125 | 81,924,930 | |
Samsung Electronics Co. Ltd. | 86,671 | 98,525,175 | |
Samsung Fire & Marine Insurance Co. Ltd. | 191,001 | 29,350,441 | |
TOTAL KOREA (SOUTH) | 209,800,546 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $894,080,267) | 949,138,160 | ||
Principal Amount | Value | ||
Government Obligations - 0.0% | |||
United States of America - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.28% 9/15/16 to 10/13/16(f) | |||
(Cost $1,639,331) | 1,640,000 | 1,639,436 | |
Shares | Value | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 0.42% (g) | 193,868,720 | 193,868,720 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (g)(h) | 94,249,944 | 94,249,944 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $288,118,664) | 288,118,664 | ||
TOTAL INVESTMENT PORTFOLIO - 100.7% | |||
(Cost $13,552,381,141) | 14,987,920,423 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (109,004,513) | ||
NET ASSETS - 100% | $14,878,915,910 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
690 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | Sept. 2016 | 30,411,750 | $771,284 |
The face value of futures purchased as a percentage of Net Assets is 0.2%
Security Type Abbreviations
ELS – Equity-Linked Security
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 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 $39,697,540 or 0.3% 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 $1,639,436.
(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. Series A-11 | 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 | $1,733,232 |
Fidelity Securities Lending Cash Central Fund | 529,702 |
Total | $2,262,934 |
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 | $-- | $- | $-- | $-- |
China Suntien Green Energy Corp. Ltd. (H Shares) | 18,471,705 | 1,654,608 | 5,089,894 | 187,935 | -- |
Direcional Engenharia SA | 12,974,783 | 201,995 | 1,042,837 | 1,118,109 | 26,828,719 |
Fila Korea Ltd. | 57,918,933 | 4,383,793 | 3,491,849 | 112,515 | 53,271,804 |
FPC Par Corretora de Seguros | 21,739,477 | 5,222,561 | -- | 1,479,594 | 38,424,520 |
GP Investments Ltd. Class A (depositary receipt) | 17,741,993 | -- | 3,249,032 | -- | 15,871,641 |
InterPark INT Corp. | -- | 35,193,348 | -- | 160,455 | 27,545,187 |
Korean Reinsurance Co. | 75,545,757 | 10,144,986 | 4,560,300 | 1,474,511 | 74,441,727 |
Macquarie Mexican (REIT) | 99,884,761 | 465,178 | 1,786,051 | 5,452,197 | 90,686,695 |
Metalurgica Gerdau SA (PN) | -- | 18,809,798 | 1,386,192 | -- | 31,730,080 |
Minerva SA | 40,386,125 | 2,654,775 | 595,203 | -- | 38,038,490 |
Smiles SA | 23,204,758 | 62,995,986 | 15,124,164 | 5,283,471 | 120,727,195 |
SREI Infrastructure Finance Ltd. | 30,184,892 | -- | 2,264,636 | 312,244 | 47,063,766 |
Total | $413,858,315 | $141,727,028 | $38,590,158 | $15,581,031 | $564,629,824 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $1,949,436,659 | $1,265,580,886 | $654,602,160 | $29,253,613 |
Consumer Staples | 1,203,856,880 | 1,203,856,880 | -- | -- |
Energy | 1,126,537,163 | 860,364,568 | 266,172,595 | -- |
Financials | 3,710,321,644 | 2,906,334,806 | 803,986,838 | -- |
Health Care | 394,247,725 | 394,247,725 | -- | -- |
Industrials | 834,338,839 | 834,338,839 | -- | -- |
Information Technology | 3,240,015,219 | 2,156,669,707 | 1,083,345,512 | -- |
Materials | 915,768,013 | 796,320,793 | 119,447,220 | -- |
Telecommunication Services | 880,012,314 | 713,648,436 | 166,363,878 | -- |
Utilities | 443,627,867 | 362,338,638 | 81,289,229 | -- |
Government Obligations | 1,639,436 | -- | 1,639,436 | -- |
Money Market Funds | 288,118,664 | 288,118,664 | -- | -- |
Total Investments in Securities: | $14,987,920,423 | $11,781,819,942 | $3,176,846,868 | $29,253,613 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $771,284 | $771,284 | $-- | $-- |
Total Assets | $771,284 | $771,284 | $-- | $-- |
Total Derivative Instruments: | $771,284 | $771,284 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $238,746,297 |
Level 2 to Level 1 | $2,646,596,104 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $13,634,623,144. Net unrealized appreciation aggregated $1,353,297,279, of which $2,313,324,972 related to appreciated investment securities and $960,027,693 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.8% | |||
Shares | Value | ||
Australia - 2.4% | |||
Beacon Lighting Group Ltd. | 2,695,741 | $2,868,080 | |
DuluxGroup Ltd. | 1,736,117 | 8,760,564 | |
Imdex Ltd. (a) | 2,434,488 | 721,535 | |
RCG Corp. Ltd. (b) | 6,879,148 | 9,776,002 | |
TFS Corp. Ltd. (b) | 4,654,304 | 5,765,372 | |
TOTAL AUSTRALIA | 27,891,553 | ||
Austria - 1.8% | |||
Andritz AG | 178,500 | 9,100,073 | |
Buwog-Gemeinnuetzige Wohnung | 263,444 | 6,388,364 | |
Zumtobel AG (b) | 316,081 | 4,797,114 | |
TOTAL AUSTRIA | 20,285,551 | ||
Bailiwick of Jersey - 0.4% | |||
Integrated Diagnostics Holdings PLC | 1,112,779 | 4,373,221 | |
Belgium - 1.1% | |||
Gimv NV | 56,688 | 3,078,864 | |
KBC Ancora (a) | 304,448 | 9,404,502 | |
TOTAL BELGIUM | 12,483,366 | ||
Bermuda - 0.4% | |||
Vostok New Ventures Ltd. SDR (a) | 712,589 | 4,392,786 | |
Canada - 2.1% | |||
Cara Operations Ltd. | 287,000 | 6,735,097 | |
McCoy Global, Inc. (a) | 636,215 | 877,101 | |
New Look Vision Group, Inc. | 206,400 | 4,489,534 | |
Pason Systems, Inc. | 427,700 | 5,729,310 | |
ShawCor Ltd. Class A | 135,600 | 3,092,841 | |
Tesco Corp. | 430,047 | 2,842,611 | |
TOTAL CANADA | 23,766,494 | ||
Cayman Islands - 0.6% | |||
58.com, Inc. ADR (a) | 67,900 | 3,531,479 | |
Value Partners Group Ltd. | 4,233,000 | 3,562,782 | |
TOTAL CAYMAN ISLANDS | 7,094,261 | ||
Denmark - 1.7% | |||
Jyske Bank A/S (Reg.) | 213,127 | 8,863,275 | |
Scandinavian Tobacco Group A/S | 207,610 | 3,666,340 | |
Spar Nord Bank A/S | 816,369 | 6,748,322 | |
TOTAL DENMARK | 19,277,937 | ||
Finland - 0.7% | |||
Tikkurila Oyj | 432,646 | 8,324,447 | |
France - 2.3% | |||
Elis SA | 414,962 | 7,492,429 | |
Laurent-Perrier Group SA | 51,163 | 4,060,645 | |
Vetoquinol SA | 121,184 | 5,365,155 | |
Virbac SA (b) | 49,252 | 9,702,230 | |
TOTAL FRANCE | 26,620,459 | ||
Germany - 5.3% | |||
alstria office REIT-AG | 268,700 | 3,740,062 | |
CompuGroup Medical AG | 486,478 | 21,004,739 | |
CTS Eventim AG | 578,280 | 20,126,076 | |
Fielmann AG | 151,773 | 11,728,435 | |
Nexus AG | 278,558 | 5,272,473 | |
TOTAL GERMANY | 61,871,785 | ||
India - 0.4% | |||
Jyothy Laboratories Ltd. | 1,189,354 | 5,138,909 | |
Ireland - 1.5% | |||
FBD Holdings PLC (a) | 240,328 | 1,660,753 | |
James Hardie Industries PLC: | |||
CDI | 405,775 | 6,722,438 | |
sponsored ADR | 564,575 | 9,377,591 | |
TOTAL IRELAND | 17,760,782 | ||
Isle of Man - 0.7% | |||
Playtech Ltd. | 655,514 | 7,543,260 | |
Israel - 2.0% | |||
Azrieli Group | 155,005 | 6,800,676 | |
Ituran Location & Control Ltd. | 347,108 | 8,316,708 | |
Strauss Group Ltd. | 484,244 | 7,754,101 | |
TOTAL ISRAEL | 22,871,485 | ||
Italy - 3.1% | |||
Azimut Holding SpA | 710,097 | 11,162,072 | |
Banco di Desio e della Brianza SpA | 510,000 | 969,306 | |
Beni Stabili SpA SIIQ | 10,671,275 | 6,985,299 | |
Interpump Group SpA | 1,027,943 | 16,640,999 | |
TOTAL ITALY | 35,757,676 | ||
Japan - 27.8% | |||
Aoki Super Co. Ltd. | 273,000 | 3,493,978 | |
Artnature, Inc. | 950,500 | 7,653,791 | |
Asahi Co. Ltd. | 398,900 | 5,651,840 | |
Autobacs Seven Co. Ltd. | 400,300 | 5,800,241 | |
Azbil Corp. | 591,900 | 17,864,379 | |
Broadleaf Co. Ltd. | 90,700 | 910,404 | |
Central Automotive Products Ltd. | 134,000 | 1,180,709 | |
Century21 Real Estate Japan Ltd. | 72,900 | 936,253 | |
Coca-Cola Central Japan Co. Ltd. | 258,700 | 4,992,309 | |
Daiichikosho Co. Ltd. | 232,300 | 10,604,759 | |
Daikokutenbussan Co. Ltd. | 169,500 | 7,372,376 | |
Funai Soken Holdings, Inc. | 235,700 | 3,271,633 | |
GCA Savvian Group Corp. | 527,761 | 4,566,619 | |
Glory Ltd. | 245,500 | 6,812,775 | |
Goldcrest Co. Ltd. | 522,130 | 8,221,998 | |
Iwatsuka Confectionary Co. Ltd. | 50,400 | 1,728,659 | |
Japan Digital Laboratory Co. | 499,100 | 6,881,909 | |
Kobayashi Pharmaceutical Co. Ltd. | 272,000 | 12,837,260 | |
Koshidaka Holdings Co. Ltd. | 166,900 | 3,351,310 | |
Lasertec Corp. | 391,136 | 5,476,200 | |
Medikit Co. Ltd. | 130,000 | 5,005,078 | |
Meiko Network Japan Co. Ltd. | 112,600 | 1,203,198 | |
Miraial Co. Ltd. | 20,900 | 148,931 | |
Misumi Group, Inc. | 353,900 | 6,500,056 | |
Nagaileben Co. Ltd. | 568,400 | 13,486,265 | |
Nakano Refrigerators Co. Ltd. | 140,000 | 3,694,986 | |
ND Software Co. Ltd. | 84,343 | 682,927 | |
Nihon Parkerizing Co. Ltd. | 1,392,500 | 16,760,843 | |
NS Tool Co. Ltd. (b) | 35,600 | 623,830 | |
OBIC Co. Ltd. | 336,500 | 19,588,555 | |
OSG Corp. (b) | 800,000 | 13,327,501 | |
Paramount Bed Holdings Co. Ltd. | 224,600 | 8,528,928 | |
ProNexus, Inc. | 592,800 | 6,264,670 | |
San-Ai Oil Co. Ltd. | 631,000 | 4,236,492 | |
Seven Bank Ltd. | 1,903,600 | 6,503,031 | |
SHO-BOND Holdings Co. Ltd. (b) | 293,700 | 14,802,028 | |
Shoei Co. Ltd. | 309,926 | 5,130,544 | |
SK Kaken Co. Ltd. | 82,000 | 8,309,732 | |
Software Service, Inc. | 62,900 | 2,626,697 | |
Techno Medica Co. Ltd. | 79,491 | 1,229,710 | |
The Monogatari Corp. | 109,300 | 5,714,332 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 466,000 | 2,897,713 | |
TKC Corp. | 247,400 | 7,004,207 | |
Tocalo Co. Ltd. | 117,000 | 2,312,696 | |
Tsutsumi Jewelry Co. Ltd. | 156,100 | 3,052,589 | |
USS Co. Ltd. | 1,531,500 | 25,976,830 | |
Workman Co. Ltd. | 222,500 | 7,472,221 | |
Yamada Consulting Group Co. Ltd. | 135,700 | 5,767,844 | |
Yamato Kogyo Co. Ltd. | 124,100 | 3,504,060 | |
TOTAL JAPAN | 321,965,896 | ||
Korea (South) - 1.6% | |||
BGFretail Co. Ltd. | 93,633 | 16,786,290 | |
Leeno Industrial, Inc. | 57,500 | 2,172,785 | |
TOTAL KOREA (SOUTH) | 18,959,075 | ||
Mexico - 0.6% | |||
Consorcio ARA S.A.B. de CV | 17,546,078 | 6,475,673 | |
Netherlands - 2.2% | |||
Aalberts Industries NV | 319,501 | 10,607,117 | |
Heijmans NV (Certificaten Van Aandelen) (a) | 304,192 | 2,827,821 | |
VastNed Retail NV | 292,355 | 12,266,789 | |
TOTAL NETHERLANDS | 25,701,727 | ||
Norway - 0.4% | |||
Kongsberg Gruppen ASA | 335,600 | 5,011,835 | |
Philippines - 0.5% | |||
Jollibee Food Corp. | 1,026,090 | 5,552,317 | |
South Africa - 0.7% | |||
Clicks Group Ltd. | 944,913 | 8,458,524 | |
Spain - 2.1% | |||
Hispania Activos Inmobiliarios SA (b) | 359,031 | 4,804,718 | |
Merlin Properties Socimi SA | 680,300 | 7,788,292 | |
Prosegur Compania de Seguridad SA (Reg.) | 1,793,190 | 12,189,101 | |
TOTAL SPAIN | 24,782,111 | ||
Sweden - 3.9% | |||
Addlife AB (a) | 37,600 | 552,553 | |
AddTech AB (B Shares) | 325,943 | 4,713,737 | |
Fagerhult AB | 783,159 | 17,938,432 | |
Intrum Justitia AB | 203,934 | 6,544,382 | |
Loomis AB (B Shares) | 224,700 | 6,483,397 | |
Saab AB (B Shares) | 251,900 | 8,648,851 | |
TOTAL SWEDEN | 44,881,352 | ||
Switzerland - 0.4% | |||
Tecan Group AG | 26,000 | 4,179,530 | |
Taiwan - 0.4% | |||
Addcn Technology Co. Ltd. | 546,900 | 4,391,494 | |
United Kingdom - 19.2% | |||
AA PLC | 1,241,400 | 4,072,826 | |
Alliance Pharma PLC | 4,548,400 | 2,753,958 | |
Bellway PLC | 427,372 | 11,855,091 | |
Berendsen PLC | 1,188,163 | 20,080,497 | |
Britvic PLC | 583,571 | 4,827,044 | |
Dechra Pharmaceuticals PLC | 659,609 | 11,610,362 | |
DP Poland PLC (a)(c) | 8,208,000 | 5,268,496 | |
Elementis PLC | 3,262,010 | 9,558,075 | |
Great Portland Estates PLC | 1,015,989 | 9,190,414 | |
Hilton Food Group PLC | 223,887 | 1,768,930 | |
Howden Joinery Group PLC | 1,795,300 | 10,264,276 | |
Informa PLC | 1,613,965 | 15,251,054 | |
InterContinental Hotel Group PLC ADR | 180,775 | 7,321,388 | |
ITE Group PLC | 3,080,234 | 6,675,327 | |
JUST EAT Ltd. (a) | 720,770 | 5,122,459 | |
Rightmove PLC | 182,147 | 9,765,440 | |
Shaftesbury PLC | 1,139,573 | 14,086,288 | |
Spectris PLC | 592,778 | 14,740,981 | |
Spirax-Sarco Engineering PLC | 420,291 | 22,154,805 | |
Taylor Wimpey PLC | 1,386,800 | 2,839,303 | |
Ted Baker PLC | 211,200 | 6,574,137 | |
Topps Tiles PLC | 3,130,908 | 4,972,320 | |
Ultra Electronics Holdings PLC | 392,558 | 8,889,173 | |
Unite Group PLC | 1,546,423 | 12,965,297 | |
TOTAL UNITED KINGDOM | 222,607,941 | ||
United States of America - 7.5% | |||
ANSYS, Inc. (a) | 36,085 | 3,224,556 | |
Autoliv, Inc. | 53,800 | 5,692,040 | |
Broadridge Financial Solutions, Inc. | 93,905 | 6,355,490 | |
China Biologic Products, Inc. (a) | 102,280 | 12,210,186 | |
Domino's Pizza, Inc. | 44,000 | 6,481,200 | |
Energizer Holdings, Inc. | 51,409 | 2,649,106 | |
Kennedy-Wilson Holdings, Inc. | 460,229 | 9,687,820 | |
Martin Marietta Materials, Inc. | 34,720 | 7,036,008 | |
Mohawk Industries, Inc. (a) | 42,600 | 8,900,844 | |
PriceSmart, Inc. | 139,799 | 10,887,546 | |
ResMed, Inc. | 86,095 | 5,930,224 | |
SS&C Technologies Holdings, Inc. | 238,116 | 7,672,098 | |
TOTAL UNITED STATES OF AMERICA | 86,727,118 | ||
TOTAL COMMON STOCKS | |||
(Cost $965,246,979) | 1,085,148,565 | ||
Nonconvertible Preferred Stocks - 1.8% | |||
Germany - 1.8% | |||
Sartorius AG (non-vtg.) | |||
(Cost $9,231,224) | 262,080 | 20,944,029 | |
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund, 0.42% (d) | 48,021,369 | 48,021,369 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 3,441,480 | 3,441,480 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $51,462,849) | 51,462,849 | ||
TOTAL INVESTMENT PORTFOLIO - 100.1% | |||
(Cost $1,025,941,052) | 1,157,555,443 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (1,049,186) | ||
NET ASSETS - 100% | $1,156,506,257 |
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 | $244,670 |
Fidelity Securities Lending Cash Central Fund | 86,786 |
Total | $331,456 |
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 | $321,456 | $-- | $-- | $5,268,496 |
Total | $2,507,081 | $321,456 | $-- | $-- | $5,268,496 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $228,793,813 | $153,655,240 | $75,138,573 | $-- |
Consumer Staples | 100,409,468 | 62,331,095 | 38,078,373 | -- |
Energy | 16,778,355 | 12,541,863 | 4,236,492 | -- |
Financials | 168,440,922 | 148,213,021 | 20,227,901 | -- |
Health Care | 135,458,265 | 103,898,660 | 31,559,605 | -- |
Industrials | 237,762,058 | 174,384,039 | 63,378,019 | -- |
Information Technology | 130,711,335 | 72,836,750 | 57,874,585 | -- |
Materials | 87,738,378 | 56,266,030 | 31,472,348 | -- |
Money Market Funds | 51,462,849 | 51,462,849 | -- | -- |
Total Investments in Securities: | $1,157,555,443 | $835,589,547 | $321,965,896 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $29,416,696 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,032,038,902. Net unrealized appreciation aggregated $125,516,541, of which $202,585,130 related to appreciated investment securities and $77,068,589 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 17.4% | |||
Auto Components - 0.7% | |||
Weifu High-Technology Co. Ltd. (B Shares) | 3,297,936 | $6,890,537 | |
Automobiles - 1.4% | |||
Chongqing Changan Automobile Co. Ltd. (B Shares) | 9,000,741 | 14,930,854 | |
Diversified Consumer Services - 1.5% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR | 297,200 | 13,094,632 | |
TAL Education Group ADR (a) | 51,000 | 3,070,710 | |
16,165,342 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
China CYTS Tours Holding Co. Ltd. | 887,536 | 2,723,844 | |
China International Travel Service Corp. Ltd. (A Shares) | 753,281 | 5,105,970 | |
Huangshan Tourism Development Co. Ltd. | 7,381,914 | 10,054,167 | |
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) | 18,324,000 | 5,999,041 | |
23,883,022 | |||
Household Durables - 4.5% | |||
Haier Electronics Group Co. Ltd. | 5,492,000 | 9,202,413 | |
Nien Made Enterprise Co. Ltd. | 800,000 | 8,372,356 | |
Qingdao Haier Co. Ltd. | 3,099,822 | 5,109,276 | |
Sundart Holdings Ltd. | 20,000,000 | 11,755,001 | |
Techtronic Industries Co. Ltd. | 3,218,500 | 13,627,517 | |
48,066,563 | |||
Internet & Catalog Retail - 2.9% | |||
Ctrip.com International Ltd. ADR (a)(b) | 286,000 | 12,489,620 | |
JD.com, Inc. sponsored ADR (a) | 390,500 | 8,454,325 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) | 109,500 | 3,292,665 | |
Vipshop Holdings Ltd. ADR (a) | 420,300 | 5,980,869 | |
30,217,479 | |||
Multiline Retail - 0.0% | |||
Lifestyle China Group Ltd. (a) | 339,000 | 67,727 | |
Lifestyle International Holdings Ltd. | 339,000 | 478,019 | |
545,746 | |||
Specialty Retail - 1.8% | |||
Chow Tai Fook Jewellery Group Ltd. (b) | 14,980,800 | 11,546,863 | |
Luk Fook Holdings International Ltd. | 2,830,000 | 7,185,889 | |
18,732,752 | |||
Textiles, Apparel & Luxury Goods - 2.3% | |||
Anta Sports Products Ltd. | 582,000 | 1,296,267 | |
ECLAT Textile Co. Ltd. | 110,000 | 1,235,897 | |
Lao Feng Xiang Co. Ltd. (B Shares) | 2,499,988 | 8,982,457 | |
Pacific Textile Holdings Ltd. | 4,000,000 | 5,671,272 | |
Toung Loong Textile Manufacturing Co. Ltd. | 2,375,000 | 6,605,723 | |
23,791,616 | |||
TOTAL CONSUMER DISCRETIONARY | 183,223,911 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 2.0% | |||
Kweichow Moutai Co. Ltd. | 446,346 | 21,058,593 | |
Food Products - 1.3% | |||
China Modern Dairy Holdings Ltd. (a)(b) | 34,000,000 | 4,469,994 | |
Unified-President Enterprises Corp. | 4,611,000 | 9,448,355 | |
13,918,349 | |||
TOTAL CONSUMER STAPLES | 34,976,942 | ||
ENERGY - 1.0% | |||
Energy Equipment & Services - 0.1% | |||
China Oilfield Services Ltd. (H Shares) | 1,024,000 | 798,515 | |
Oil, Gas & Consumable Fuels - 0.9% | |||
China Coal Energy Co. Ltd. (H Shares) | 9,113,000 | 4,804,105 | |
China Shenhua Energy Co. Ltd. (H Shares) | 2,747,500 | 5,248,241 | |
10,052,346 | |||
TOTAL ENERGY | 10,850,861 | ||
FINANCIALS - 21.1% | |||
Banks - 6.9% | |||
China Construction Bank Corp. (H Shares) | 38,839,000 | 26,031,501 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) | 3,196,700 | 12,449,953 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 40,529,000 | 23,121,415 | |
Midea Group Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(c) | 2,559,400 | 10,874,081 | |
72,476,950 | |||
Capital Markets - 3.9% | |||
CITIC Securities Co. Ltd. (H Shares) | 2,307,000 | 4,906,360 | |
Hangzhou Robam Appliances Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 1/15/18 (a)(c) | 1,330,500 | 8,172,612 | |
Tai Fook Securities Group Ltd. | 8,368,000 | 5,047,721 | |
Wuliangye Yibin Co. Ltd. ELS (A Shares): | |||
(Deutsche Bank Warrant Program) warrants 3/5/17 (a)(c) | 2,108,594 | 11,490,707 | |
(UBS Warrant Programme) warrants 3/7/19 (a)(c) | 1,071,282 | 5,837,913 | |
Yunnan Baiyao Group Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 2/17/17 (a)(c) | 559,455 | 5,835,321 | |
41,290,634 | |||
Insurance - 6.3% | |||
AIA Group Ltd. | 3,432,400 | 21,257,839 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 5,143,600 | 18,165,426 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 2,656,000 | 4,114,910 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 4,994,500 | 23,303,890 | |
66,842,065 | |||
Real Estate Management & Development - 4.0% | |||
Beijing Capital Land Ltd. (H Shares) | 35,170,000 | 13,418,127 | |
Cheung Kong Property Holdings Ltd. | 2,338,500 | 16,698,404 | |
Longfor Properties Co. Ltd. | 4,000,000 | 5,465,044 | |
Sun Hung Kai Properties Ltd. | 456,000 | 6,524,026 | |
42,105,601 | |||
TOTAL FINANCIALS | 222,715,250 | ||
HEALTH CARE - 3.4% | |||
Health Care Providers & Services - 1.0% | |||
Phoenix Healthcare Group Ltd. | 6,945,000 | 10,258,520 | |
Life Sciences Tools & Services - 0.8% | |||
JHL Biotech, Inc. (a) | 3,976,696 | 8,873,485 | |
Pharmaceuticals - 1.6% | |||
Livzon Pharmaceutical Group, Inc. | 2,485,700 | 12,318,927 | |
Sino Biopharmaceutical Ltd. | 7,242,000 | 4,835,219 | |
17,154,146 | |||
TOTAL HEALTH CARE | 36,286,151 | ||
INDUSTRIALS - 8.4% | |||
Air Freight & Logistics - 0.0% | |||
Sinotrans Air Transportation Development Co. Ltd. (A Shares) | 30 | 84 | |
Airlines - 2.9% | |||
Air China Ltd. (H Shares) | 6,648,000 | 5,081,285 | |
China Eastern Airlines Corp. Ltd. (H Shares) (a) | 20,908,000 | 11,722,752 | |
China Southern Airlines Ltd. (H Shares) | 20,194,000 | 13,326,624 | |
30,130,661 | |||
Construction & Engineering - 1.4% | |||
Beijing Urban Consolidated & Development Group Ltd. (H Shares) | 20,963,000 | 11,294,254 | |
China Energy Engineering Corp. Ltd. | 27,132,000 | 3,951,737 | |
15,245,991 | |||
Electrical Equipment - 1.4% | |||
Harbin Electric Machinery Co. Ltd.(H Shares) | 21,974,000 | 10,111,257 | |
Jiangnan Group Ltd. | 25,552,000 | 4,479,109 | |
14,590,366 | |||
Machinery - 0.7% | |||
EVA Precision Industrial Holdings Ltd. | 36,000,000 | 3,108,888 | |
Lonking Holdings Ltd. | 28,600,000 | 4,239,276 | |
7,348,164 | |||
Marine - 1.0% | |||
China Shipping Development Co. Ltd. (H Shares) | 18,762,000 | 10,616,259 | |
Sinotrans Shipping Ltd. (a) | 1,345,000 | 206,299 | |
10,822,558 | |||
Trading Companies & Distributors - 1.0% | |||
Summit Ascent Holdings Ltd. (a)(b) | 48,136,000 | 10,113,126 | |
TOTAL INDUSTRIALS | 88,250,950 | ||
INFORMATION TECHNOLOGY - 31.1% | |||
Electronic Equipment & Components - 2.8% | |||
Chroma ATE, Inc. | 2,228,000 | 5,636,695 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 4,464,000 | 12,331,802 | |
Largan Precision Co. Ltd. | 58,000 | 6,234,011 | |
Tongda Group Holdings Ltd. | 29,030,000 | 5,837,131 | |
30,039,639 | |||
Internet Software & Services - 15.1% | |||
58.com, Inc. ADR (a) | 141,178 | 7,342,668 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 606,200 | 49,999,376 | |
SINA Corp. (a) | 99,700 | 5,371,836 | |
Tencent Holdings Ltd. | 3,859,700 | 93,223,827 | |
YY, Inc. ADR (a)(b) | 91,000 | 3,566,290 | |
159,503,997 | |||
Semiconductors & Semiconductor Equipment - 10.9% | |||
Advanced Semiconductor Engineering, Inc. | 13,995,000 | 16,574,970 | |
Himax Technologies, Inc. sponsored ADR (b) | 400,000 | 3,580,000 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 15,873,000 | 86,021,230 | |
Vanguard International Semiconductor Corp. | 4,668,000 | 8,479,537 | |
114,655,737 | |||
Software - 0.8% | |||
China City Railway Transportation Technology Holdings Co. Ltd. (a) | 48,540,000 | 8,508,765 | |
Technology Hardware, Storage & Peripherals - 1.5% | |||
ADLINK Technology, Inc. | 3,682,844 | 7,534,905 | |
Axiomtek Co. Ltd. | 2,000,000 | 4,381,030 | |
HTC Corp. | 1,410,000 | 4,214,180 | |
16,130,115 | |||
TOTAL INFORMATION TECHNOLOGY | 328,838,253 | ||
MATERIALS - 5.9% | |||
Construction Materials - 2.8% | |||
BBMG Corp. (H Shares) | 49,643,000 | 18,172,061 | |
China Shanshui Cement Group Ltd. (a)(b) | 20,656,000 | 8,880,176 | |
TCC International Holdings Ltd. | 15,608,000 | 2,715,869 | |
29,768,106 | |||
Metals & Mining - 3.1% | |||
Angang Steel Co. Ltd. (H Shares) | 10,712,000 | 5,232,842 | |
Jiangxi Copper Co. Ltd. (H Shares) | 4,214,000 | 4,828,632 | |
Zhaojin Mining Industry Co. Ltd. (H Shares) | 9,357,000 | 10,733,824 | |
Zijin Mining Group Co. Ltd. (H Shares) | 31,580,000 | 11,478,604 | |
32,273,902 | |||
TOTAL MATERIALS | 62,042,008 | ||
TELECOMMUNICATION SERVICES - 3.8% | |||
Diversified Telecommunication Services - 3.8% | |||
China Telecom Corp. Ltd. (H Shares) | 13,024,000 | 6,412,621 | |
China Unicom Ltd. | 11,762,000 | 12,530,172 | |
Chunghwa Telecom Co. Ltd. | 4,980,000 | 17,854,287 | |
CITIC 1616 Holdings Ltd. | 9,294,000 | 3,497,948 | |
40,295,028 | |||
UTILITIES - 3.3% | |||
Independent Power and Renewable Electricity Producers - 2.5% | |||
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) | 29,330,000 | 8,846,180 | |
Canvest Environmental Protection Group Co. Ltd. (a) | 16,700,000 | 7,662,920 | |
Huaneng Renewables Corp. Ltd. (H Shares) | 31,944,000 | 10,211,013 | |
26,720,113 | |||
Water Utilities - 0.8% | |||
Beijing Enterprises Water Group Ltd. | 13,838,000 | 8,400,827 | |
TOTAL UTILITIES | 35,120,940 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,012,515,594) | 1,042,600,294 | ||
Nonconvertible Preferred Stocks - 0.8% | |||
CONSUMER DISCRETIONARY - 0.8% | |||
Internet & Catalog Retail - 0.8% | |||
China Internet Plus Holdings Ltd. Series A-11 (d) | |||
(Cost $6,268,244) | 1,983,088 | 7,656,108 | |
Money Market Funds - 3.2% | |||
Fidelity Cash Central Fund, 0.42% (e) | 2,573,063 | 2,573,063 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) | 31,462,125 | 31,462,125 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $34,035,188) | 34,035,188 | ||
TOTAL INVESTMENT PORTFOLIO - 102.7% | |||
(Cost $1,052,819,026) | 1,084,291,590 | ||
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (28,061,192) | ||
NET ASSETS - 100% | $1,056,230,398 |
Security Type Abbreviations
ELS – Equity-Linked Security
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 $54,660,587 or 5.2% of net assets.
(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 $7,656,108 or 0.7% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
China Internet Plus Holdings Ltd. Series A-11 | 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 | $52,710 |
Fidelity Securities Lending Cash Central Fund | 1,085,595 |
Total | $1,138,305 |
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 | $-- | $-- | $240,422 | $-- |
Poly Culture Group Corp. Ltd. (H Shares) | 11,968,205 | -- | 11,659,847 | -- | -- |
Total | $24,865,539 | $-- | $11,659,847 | $240,422 | $-- |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $190,880,019 | $183,223,911 | $-- | $7,656,108 |
Consumer Staples | 34,976,942 | 34,976,942 | -- | -- |
Energy | 10,850,861 | 10,850,861 | -- | -- |
Financials | 222,715,250 | 144,933,248 | 71,946,681 | 5,835,321 |
Health Care | 36,286,151 | 36,286,151 | -- | -- |
Industrials | 88,250,950 | 88,250,950 | -- | -- |
Information Technology | 328,838,253 | 133,018,226 | 195,820,027 | -- |
Materials | 62,042,008 | 53,161,832 | -- | 8,880,176 |
Telecommunication Services | 40,295,028 | 9,910,569 | 30,384,459 | -- |
Utilities | 35,120,940 | 35,120,940 | -- | -- |
Money Market Funds | 34,035,188 | 34,035,188 | -- | -- |
Total Investments in Securities: | $1,084,291,590 | $763,768,818 | $298,151,167 | $22,371,605 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $523,495,707 |
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 | 1,388 |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (4,719,036) |
Ending Balance | $7,656,108 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 | $1,388 |
Equities - Health Care | |
Beginning Balance | $14,369,442 |
Net Realized Gain (Loss) on Investment Securities | (2,338,033) |
Net Unrealized Gain (Loss) on Investment Securities | 2,825,119 |
Cost of Purchases | -- |
Proceeds of Sales | (6,769,445) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (8,087,083) |
Ending Balance | $-- |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 | $-- |
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 July 31, 2016 | $-- |
Equities - Materials | |
Beginning Balance | $14,440,021 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (5,559,845) |
Cost of Purchases | -- |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $8,880,176 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 | $(5,559,845) |
Other Investments in Securities | |
Beginning Balance | $-- |
Net Realized Gain (Loss) on Investment Securities | 45,691 |
Net Unrealized Gain (Loss) on Investment Securities | (551,303) |
Cost of Purchases | 6,340,933 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $5,835,321 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 | $(551,303) |
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 07/31/16 | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $16,536,284 | Market approach | Transaction price | $3.86 | Increase |
Market comparable | Proxy based discount | 58.9% | Decrease |
(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 July 31, 2016, the cost of investment securities for income tax purposes was $1,056,371,778. Net unrealized appreciation aggregated $27,919,812, of which $136,903,576 related to appreciated investment securities and $108,983,764 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 100.0% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.6% | |||
Auto Components - 3.3% | |||
Bridgestone Corp. | 143,900 | $4,983,394 | |
DaikyoNishikawa Corp. | 90,600 | 1,285,560 | |
Hi-Lex Corp. | 17,200 | 456,320 | |
NGK Spark Plug Co. Ltd. | 214,300 | 3,497,309 | |
Sumitomo Electric Industries Ltd. | 249,000 | 3,430,448 | |
13,653,031 | |||
Automobiles - 5.7% | |||
Fuji Heavy Industries Ltd. | 47,300 | 1,807,087 | |
Honda Motor Co. Ltd. | 352,800 | 9,556,584 | |
Isuzu Motors Ltd. | 255,600 | 3,308,776 | |
Suzuki Motor Corp. | 284,700 | 8,718,746 | |
23,391,193 | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Skylark Co. Ltd. | 230,600 | 3,071,913 | |
Household Durables - 5.4% | |||
Casio Computer Co. Ltd. | 189,200 | 2,693,226 | |
Rinnai Corp. | 43,300 | 4,239,895 | |
Sony Corp. | 457,600 | 15,021,595 | |
21,954,716 | |||
Internet & Catalog Retail - 1.4% | |||
Rakuten, Inc. | 317,600 | 3,594,163 | |
Start Today Co. Ltd. | 41,300 | 1,968,155 | |
5,562,318 | |||
Media - 1.1% | |||
Dentsu, Inc. | 36,200 | 1,729,442 | |
NEXT Co. Ltd. | 155,700 | 1,500,149 | |
Proto Corp. | 105,300 | 1,195,519 | |
4,425,110 | |||
Multiline Retail - 0.5% | |||
Don Quijote Holdings Co. Ltd. | 50,700 | 1,989,827 | |
Specialty Retail - 2.5% | |||
Fast Retailing Co. Ltd. | 11,500 | 3,711,133 | |
Nitori Holdings Co. Ltd. | 15,600 | 1,940,213 | |
USS Co. Ltd. | 179,400 | 3,042,928 | |
Xebio Holdings Co. Ltd. | 106,100 | 1,528,429 | |
10,222,703 | |||
TOTAL CONSUMER DISCRETIONARY | 84,270,811 | ||
CONSUMER STAPLES - 10.6% | |||
Beverages - 1.4% | |||
Asahi Group Holdings | 166,200 | 5,642,040 | |
Food & Staples Retailing - 5.9% | |||
Ain Holdings, Inc. | 35,100 | 2,416,815 | |
San-A Co. Ltd. | 49,600 | 2,476,671 | |
Seven & i Holdings Co. Ltd. | 182,500 | 7,577,963 | |
Sundrug Co. Ltd. | 48,200 | 4,181,186 | |
Tsuruha Holdings, Inc. | 22,800 | 2,592,656 | |
Welcia Holdings Co. Ltd. | 74,700 | 4,928,683 | |
24,173,974 | |||
Personal Products - 0.9% | |||
Kao Corp. | 69,500 | 3,742,798 | |
Tobacco - 2.4% | |||
Japan Tobacco, Inc. | 249,700 | 9,738,231 | |
TOTAL CONSUMER STAPLES | 43,297,043 | ||
FINANCIALS - 14.6% | |||
Banks - 4.8% | |||
Mitsubishi UFJ Financial Group, Inc. | 2,552,000 | 12,901,701 | |
Seven Bank Ltd. | 753,500 | 2,574,088 | |
Shinsei Bank Ltd. | 2,594,000 | 3,891,427 | |
19,367,216 | |||
Capital Markets - 0.7% | |||
Monex Group, Inc. | 1,092,900 | 2,687,655 | |
Diversified Financial Services - 3.1% | |||
ORIX Corp. | 912,300 | 12,802,827 | |
Insurance - 2.7% | |||
Sony Financial Holdings, Inc. (a) | 214,600 | 2,688,369 | |
Tokio Marine Holdings, Inc. | 217,800 | 8,430,437 | |
11,118,806 | |||
Real Estate Investment Trusts - 1.2% | |||
Invincible Investment Corp. | 2,530 | 1,704,303 | |
LaSalle Logiport REIT | 881 | 920,575 | |
Mitsui Fudosan Logistics Park, Inc. | 170 | 449,846 | |
Nippon Prologis REIT, Inc. | 771 | 1,928,092 | |
5,002,816 | |||
Real Estate Management & Development - 2.1% | |||
Mitsui Fudosan Co. Ltd. | 401,000 | 8,679,934 | |
TOTAL FINANCIALS | 59,659,254 | ||
HEALTH CARE - 13.0% | |||
Biotechnology - 0.5% | |||
PeptiDream, Inc. (a)(b) | 34,800 | 1,931,854 | |
Health Care Equipment & Supplies - 4.9% | |||
Hoya Corp. | 310,500 | 11,016,805 | |
Olympus Corp. | 259,300 | 8,947,879 | |
19,964,684 | |||
Health Care Providers & Services - 1.9% | |||
Miraca Holdings, Inc. | 67,400 | 3,104,433 | |
Ship Healthcare Holdings, Inc. | 140,300 | 4,243,608 | |
Solasto Corp. | 45,300 | 480,260 | |
7,828,301 | |||
Pharmaceuticals - 5.7% | |||
Astellas Pharma, Inc. | 1,360,600 | 22,669,957 | |
Ono Pharmaceutical Co. Ltd. | 16,700 | 600,663 | |
23,270,620 | |||
TOTAL HEALTH CARE | 52,995,459 | ||
INDUSTRIALS - 14.5% | |||
Building Products - 1.4% | |||
Daikin Industries Ltd. | 64,500 | 5,593,657 | |
Construction & Engineering - 1.3% | |||
Toshiba Plant Systems & Services Corp. | 304,100 | 5,371,406 | |
Electrical Equipment - 3.3% | |||
Mitsubishi Electric Corp. | 447,000 | 5,211,332 | |
Nidec Corp. | 91,200 | 8,275,585 | |
13,486,917 | |||
Machinery - 2.4% | |||
Kubota Corp. | 300,700 | 4,356,283 | |
Makita Corp. | 76,900 | 5,410,348 | |
9,766,631 | |||
Professional Services - 0.4% | |||
Outsourcing, Inc. | 45,100 | 1,692,218 | |
Road & Rail - 4.3% | |||
East Japan Railway Co. | 189,200 | 17,355,259 | |
Trading Companies & Distributors - 1.4% | |||
Misumi Group, Inc. | 321,800 | 5,910,477 | |
TOTAL INDUSTRIALS | 59,176,565 | ||
INFORMATION TECHNOLOGY - 12.2% | |||
Electronic Equipment & Components - 7.0% | |||
Alps Electric Co. Ltd. | 20,600 | 458,831 | |
Azbil Corp. | 162,900 | 4,916,552 | |
Hitachi Ltd. | 1,350,000 | 6,168,317 | |
OMRON Corp. | 69,200 | 2,294,851 | |
Shimadzu Corp. | 613,000 | 8,871,784 | |
TDK Corp. | 55,400 | 3,399,140 | |
Topcon Corp. | 245,900 | 2,352,094 | |
28,461,569 | |||
Internet Software & Services - 4.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 47,000 | 3,876,560 | |
DeNA Co. Ltd. | 163,400 | 4,177,861 | |
Kakaku.com, Inc. | 411,900 | 8,545,565 | |
16,599,986 | |||
Semiconductors & Semiconductor Equipment - 0.7% | |||
Sumco Corp. | 367,100 | 2,726,607 | |
Software - 0.4% | |||
COLOPL, Inc. (a) | 117,000 | 1,748,893 | |
LINE Corp. sponsored ADR | 3,944 | 144,824 | |
1,893,717 | |||
TOTAL INFORMATION TECHNOLOGY | 49,681,879 | ||
MATERIALS - 4.8% | |||
Chemicals - 4.8% | |||
Daicel Chemical Industries Ltd. | 208,300 | 2,335,957 | |
Hitachi Chemical Co. Ltd. | 143,200 | 2,986,957 | |
Kansai Paint Co. Ltd. | 172,100 | 3,604,083 | |
Shin-Etsu Chemical Co. Ltd. | 87,600 | 5,977,743 | |
Toray Industries, Inc. | 524,000 | 4,773,586 | |
19,678,326 | |||
TELECOMMUNICATION SERVICES - 9.7% | |||
Diversified Telecommunication Services - 2.1% | |||
Nippon Telegraph & Telephone Corp. | 179,200 | 8,515,543 | |
Wireless Telecommunication Services - 7.6% | |||
KDDI Corp. | 587,600 | 18,031,753 | |
SoftBank Corp. | 234,000 | 12,880,397 | |
30,912,150 | |||
TOTAL TELECOMMUNICATION SERVICES | 39,427,693 | ||
TOTAL COMMON STOCKS | |||
(Cost $383,064,368) | 408,187,030 | ||
Money Market Funds - 1.1% | |||
Fidelity Cash Central Fund, 0.42% (c) | 661,876 | 661,876 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 3,786,178 | 3,786,178 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,448,054) | 4,448,054 | ||
TOTAL INVESTMENT PORTFOLIO - 101.1% | |||
(Cost $387,512,422) | 412,635,084 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (4,491,514) | ||
NET ASSETS - 100% | $408,143,570 |
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 | $4,651 |
Fidelity Securities Lending Cash Central Fund | 88,520 |
Total | $93,171 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $84,270,811 | $-- | $84,270,811 | $-- |
Consumer Staples | 43,297,043 | -- | 43,297,043 | -- |
Financials | 59,659,254 | -- | 59,659,254 | -- |
Health Care | 52,995,459 | -- | 52,995,459 | -- |
Industrials | 59,176,565 | -- | 59,176,565 | -- |
Information Technology | 49,681,879 | 4,021,384 | 45,660,495 | -- |
Materials | 19,678,326 | -- | 19,678,326 | -- |
Telecommunication Services | 39,427,693 | -- | 39,427,693 | -- |
Money Market Funds | 4,448,054 | 4,448,054 | -- | -- |
Total Investments in Securities: | $412,635,084 | $8,469,438 | $404,165,646 | $-- |
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 July 31, 2016, the cost of investment securities for income tax purposes was $391,040,568. Net unrealized appreciation aggregated $21,594,516, of which $62,240,643 related to appreciated investment securities and $40,646,127 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.0% | |||
Shares | Value | ||
Australia - 1.2% | |||
Ansell Ltd. | 599,714 | $8,827,929 | |
Australia & New Zealand Banking Group Ltd. | 4,836,745 | 94,979,684 | |
CSL Ltd. | 467,456 | 41,918,696 | |
Magellan Financial Group Ltd. | 2,973,705 | 51,615,365 | |
Ramsay Health Care Ltd. | 865,228 | 51,806,790 | |
TOTAL AUSTRALIA | 249,148,464 | ||
Austria - 0.1% | |||
Andritz AG | 476,000 | 24,266,861 | |
Bailiwick of Jersey - 2.3% | |||
Shire PLC | 2,826,800 | 182,618,263 | |
Shire PLC sponsored ADR | 189,029 | 36,694,309 | |
Wolseley PLC | 2,598,481 | 144,887,100 | |
WPP PLC | 4,949,809 | 111,061,505 | |
TOTAL BAILIWICK OF JERSEY | 475,261,177 | ||
Belgium - 2.6% | |||
Anheuser-Busch InBev SA NV | 2,837,330 | 366,560,874 | |
KBC Groep NV (a) | 3,037,673 | 157,868,565 | |
TOTAL BELGIUM | 524,429,439 | ||
Canada - 4.0% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 4,653,581 | 210,393,970 | |
Cenovus Energy, Inc. | 3,364,800 | 48,166,133 | |
CGI Group, Inc. Class A (sub. vtg.) (a) | 3,099,600 | 150,487,224 | |
Constellation Software, Inc. | 67,738 | 27,575,096 | |
Fairfax India Holdings Corp. (a) | 5,962,400 | 59,981,744 | |
Imperial Oil Ltd. | 1,873,800 | 57,649,865 | |
Keyera Corp. | 1,173,000 | 33,672,148 | |
PrairieSky Royalty Ltd. (b) | 938,398 | 18,262,699 | |
Suncor Energy, Inc. | 5,252,100 | 141,353,957 | |
Tourmaline Oil Corp. (a) | 2,158,400 | 55,296,963 | |
TOTAL CANADA | 802,839,799 | ||
Cayman Islands - 1.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 2,157,000 | 177,909,360 | |
Regina Miracle International Holdings Ltd. (b) | 3,195,271 | 3,508,933 | |
Yihai International Holding Ltd. | 31,911,000 | 13,367,544 | |
TOTAL CAYMAN ISLANDS | 194,785,837 | ||
China - 0.9% | |||
Kweichow Moutai Co. Ltd. | 2,165,610 | 102,173,423 | |
Qingdao Haier Co. Ltd. | 44,831,078 | 73,892,742 | |
Weifu High-Technology Co. Ltd. (B Shares) | 2,886,629 | 6,031,173 | |
TOTAL CHINA | 182,097,338 | ||
Curacao - 0.8% | |||
Schlumberger Ltd. | 2,047,225 | 164,842,557 | |
Denmark - 3.0% | |||
DONG Energy A/S | 609,500 | 24,825,018 | |
Genmab A/S (a) | 562,476 | 101,952,500 | |
NNIT A/S | 762,332 | 31,450,900 | |
Novo Nordisk A/S Series B | 8,051,595 | 457,864,318 | |
TOTAL DENMARK | 616,092,736 | ||
Finland - 0.3% | |||
Sampo Oyj (A Shares) | 1,310,100 | 54,296,125 | |
France - 4.5% | |||
Accor SA | 2,083,881 | 87,191,978 | |
ALTEN | 383,800 | 26,612,063 | |
Amundi SA | 2,160,384 | 94,426,518 | |
AXA SA | 5,481,800 | 111,567,477 | |
Capgemini SA | 794,084 | 76,305,199 | |
Danone SA | 1,344,634 | 103,124,928 | |
Publicis Groupe SA | 609,116 | 45,354,047 | |
Sanofi SA | 3,391,434 | 288,859,439 | |
VINCI SA | 568,000 | 43,111,780 | |
Worldline SA (a)(c) | 1,531,200 | 45,801,392 | |
TOTAL FRANCE | 922,354,821 | ||
Germany - 7.5% | |||
adidas AG | 1,022,500 | 167,967,946 | |
Axel Springer Verlag AG | 557,400 | 30,541,719 | |
Bayer AG | 3,033,862 | 326,133,713 | |
Brenntag AG | 491,200 | 24,388,267 | |
Continental AG | 471,300 | 98,796,263 | |
Deutsche Borse AG | 478,900 | 40,048,683 | |
Deutsche Post AG | 685,155 | 20,444,628 | |
Fresenius SE & Co. KGaA | 3,930,700 | 293,510,165 | |
KION Group AG | 1,136,000 | 62,270,454 | |
ProSiebenSat.1 Media AG | 2,818,190 | 129,092,156 | |
Rational AG | 15,894 | 7,688,859 | |
SAP AG | 2,777,652 | 243,109,572 | |
Symrise AG | 1,235,800 | 87,097,602 | |
TOTAL GERMANY | 1,531,090,027 | ||
Hong Kong - 2.2% | |||
AIA Group Ltd. | 55,429,000 | 343,287,720 | |
China Resources Beer Holdings Co. Ltd. | 12,430,000 | 24,064,060 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) | 4,143,333 | 1,666,220 | |
Hang Seng Bank Ltd. | 656,000 | 11,710,662 | |
Techtronic Industries Co. Ltd. | 16,945,000 | 71,747,171 | |
TOTAL HONG KONG | 452,475,833 | ||
India - 3.4% | |||
Apollo Hospitals Enterprise Ltd. | 680,208 | 13,898,061 | |
Axis Bank Ltd. | 5,980,583 | 49,003,007 | |
Bharti Infratel Ltd. | 15,702,404 | 93,147,259 | |
HCL Technologies Ltd. | 1,893,633 | 21,390,908 | |
HDFC Bank Ltd. | 10,285,876 | 228,702,537 | |
Housing Development Finance Corp. Ltd. | 8,188,299 | 168,851,804 | |
ITC Ltd. | 24,591,186 | 93,136,973 | |
LIC Housing Finance Ltd. | 3,164,765 | 24,689,488 | |
TOTAL INDIA | 692,820,037 | ||
Indonesia - 0.6% | |||
PT Bank Central Asia Tbk | 49,239,700 | 54,320,240 | |
PT Bank Rakyat Indonesia Tbk | 72,808,300 | 64,061,966 | |
TOTAL INDONESIA | 118,382,206 | ||
Ireland - 3.4% | |||
Allergan PLC (a) | 538,600 | 136,238,870 | |
DCC PLC (United Kingdom) | 813,689 | 72,635,334 | |
Greencore Group PLC | 7,481,900 | 32,438,692 | |
Horizon Pharma PLC (a) | 2,254,500 | 43,489,305 | |
Jazz Pharmaceuticals PLC (a) | 68,300 | 10,311,251 | |
Kerry Group PLC Class A | 1,004,300 | 85,950,907 | |
Medtronic PLC | 1,435,900 | 125,827,917 | |
Paddy Power PLC (Ireland) | 172,153 | 20,209,041 | |
Ryanair Holdings PLC sponsored ADR | 2,330,732 | 164,945,904 | |
TOTAL IRELAND | 692,047,221 | ||
Isle of Man - 0.6% | |||
Paysafe Group PLC (a) | 12,193,160 | 62,288,965 | |
Playtech Ltd. | 4,680,572 | 53,861,204 | |
TOTAL ISLE OF MAN | 116,150,169 | ||
Israel - 2.0% | |||
Check Point Software Technologies Ltd. (a) | 1,448,900 | 111,391,432 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 5,510,700 | 294,822,450 | |
TOTAL ISRAEL | 406,213,882 | ||
Italy - 0.5% | |||
Intesa Sanpaolo SpA | 38,137,500 | 84,156,424 | |
Mediaset SpA | 8,342,700 | 25,257,891 | |
TOTAL ITALY | 109,414,315 | ||
Japan - 14.8% | |||
Astellas Pharma, Inc. | 16,332,900 | 272,134,468 | |
Casio Computer Co. Ltd. (b) | 2,451,800 | 34,900,901 | |
Daito Trust Construction Co. Ltd. | 194,500 | 32,660,380 | |
Dentsu, Inc. | 1,850,400 | 88,402,209 | |
Don Quijote Holdings Co. Ltd. | 1,972,500 | 77,414,886 | |
Hoya Corp. | 7,574,500 | 268,749,719 | |
Japan Exchange Group, Inc. | 6,545,500 | 92,246,931 | |
Japan Tobacco, Inc. | 5,209,100 | 203,153,459 | |
Kaken Pharmaceutical Co. Ltd. | 218,400 | 14,442,047 | |
KDDI Corp. | 7,411,400 | 227,434,531 | |
Keyence Corp. | 403,010 | 284,272,684 | |
Kubota Corp. | 1,445,300 | 20,938,264 | |
Minebea Mitsumi, Inc. | 3,205,000 | 25,416,785 | |
Misumi Group, Inc. | 2,453,400 | 45,061,421 | |
Mitsubishi UFJ Financial Group, Inc. | 10,487,500 | 53,019,825 | |
NGK Spark Plug Co. Ltd. | 1,017,300 | 16,602,020 | |
Nippon Paint Holdings Co. Ltd. | 206,100 | 5,630,454 | |
Nitori Holdings Co. Ltd. | 881,000 | 109,572,264 | |
Olympus Corp. | 2,319,000 | 80,023,646 | |
ORIX Corp. | 27,420,500 | 384,807,533 | |
Rakuten, Inc. | 8,886,100 | 100,560,748 | |
Seven & i Holdings Co. Ltd. | 2,572,800 | 106,830,600 | |
SHIMANO, Inc. | 368,400 | 57,614,344 | |
Shinsei Bank Ltd. | 26,430,000 | 39,649,353 | |
SoftBank Corp. | 1,604,500 | 88,318,792 | |
Sony Corp. | 469,100 | 15,399,105 | |
Suzuki Motor Corp. | 1,187,500 | 36,366,389 | |
Tsuruha Holdings, Inc. | 1,504,100 | 171,035,694 | |
Welcia Holdings Co. Ltd. | 769,800 | 50,791,164 | |
TOTAL JAPAN | 3,003,450,616 | ||
Korea (South) - 0.3% | |||
Orion Corp. | 69,839 | 57,801,689 | |
Luxembourg - 0.4% | |||
Eurofins Scientific SA | 224,700 | 84,269,938 | |
Netherlands - 4.3% | |||
AerCap Holdings NV (a) | 1,668,900 | 60,931,539 | |
Altice NV: | |||
Class A (a) | 6,910,639 | 102,563,904 | |
Class B (a) | 2,794,227 | 41,314,183 | |
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares)(BNP Paribas Warrants Program) warrants 11/24/16 (a)(c) | 1,832,000 | 4,890,964 | |
IMCD Group BV | 1,601,847 | 67,918,553 | |
ING Groep NV (Certificaten Van Aandelen) | 10,276,800 | 114,894,624 | |
NXP Semiconductors NV (a) | 893,600 | 75,142,824 | |
RELX NV | 7,594,689 | 136,851,675 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 5,618,157 | 260,257,360 | |
Wolters Kluwer NV | 419,800 | 17,658,782 | |
TOTAL NETHERLANDS | 882,424,408 | ||
New Zealand - 0.1% | |||
Ryman Healthcare Group Ltd. | 2,758,170 | 18,983,287 | |
Norway - 0.4% | |||
Statoil ASA | 5,162,400 | 82,069,060 | |
Philippines - 0.2% | |||
Alliance Global Group, Inc. | 141,122,356 | 48,393,364 | |
Singapore - 0.5% | |||
Broadcom Ltd. | 410,400 | 66,476,592 | |
United Overseas Bank Ltd. | 1,886,000 | 25,878,425 | |
TOTAL SINGAPORE | 92,355,017 | ||
South Africa - 1.1% | |||
Naspers Ltd. Class N | 1,480,999 | 232,403,283 | |
Spain - 2.3% | |||
Amadeus IT Holding SA Class A (b) | 3,580,400 | 168,101,249 | |
Hispania Activos Inmobiliarios SA | 3,226,880 | 43,183,593 | |
Inditex SA | 7,236,945 | 250,280,642 | |
Telepizza Group SAU | 2,468,900 | 14,861,079 | |
TOTAL SPAIN | 476,426,563 | ||
Sweden - 2.7% | |||
ASSA ABLOY AB (B Shares) | 4,414,000 | 96,834,625 | |
Coor Service Management Holding AB (d) | 5,253,500 | 30,390,119 | |
HEXPOL AB (B Shares) | 1,617,700 | 14,396,150 | |
Nordea Bank AB | 15,420,200 | 137,406,831 | |
Svenska Cellulosa AB (SCA) (B Shares) | 6,513,800 | 193,646,820 | |
Svenska Handelsbanken AB (A Shares) | 6,610,300 | 79,475,834 | |
TOTAL SWEDEN | 552,150,379 | ||
Switzerland - 3.6% | |||
Actelion Ltd. | 578,304 | 102,569,601 | |
Credit Suisse Group AG | 6,034,466 | 69,394,719 | |
GAM Holding Ltd. | 988,705 | 10,864,330 | |
Julius Baer Group Ltd. | 1,001,770 | 41,076,629 | |
Sika AG | 27,801 | 130,399,655 | |
Syngenta AG (Switzerland) | 688,053 | 270,601,097 | |
UBS Group AG | 7,874,577 | 108,466,367 | |
TOTAL SWITZERLAND | 733,372,398 | ||
Taiwan - 1.2% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 8,476,000 | 235,463,280 | |
Thailand - 0.3% | |||
Kasikornbank PCL (For. Reg.) | 9,071,900 | 51,962,218 | |
United Kingdom - 14.0% | |||
AA PLC | 5,859,908 | 19,225,377 | |
Associated British Foods PLC | 1,432,400 | 51,013,550 | |
B&M European Value Retail S.A. | 26,764,516 | 91,139,516 | |
Booker Group PLC | 3,099,818 | 7,138,270 | |
British American Tobacco PLC sponsored ADR | 814,300 | 103,977,967 | |
BT Group PLC | 23,995,400 | 131,097,299 | |
Bunzl PLC | 1,822,570 | 57,045,698 | |
Capita Group PLC | 3,212,100 | 40,810,116 | |
Coca-Cola European Partners PLC | 667,800 | 24,928,974 | |
Compass Group PLC | 6,546,576 | 124,370,651 | |
Dialog Semiconductor PLC (a) | 182,100 | 5,964,105 | |
Dignity PLC | 357,200 | 12,759,154 | |
Essentra PLC (d) | 13,949,812 | 89,540,112 | |
Halma PLC | 1,398,656 | 19,417,528 | |
Howden Joinery Group PLC | 7,816,700 | 44,690,450 | |
IMI PLC | 1,826,035 | 25,906,660 | |
Imperial Tobacco Group PLC | 2,862,366 | 150,902,879 | |
Indivior PLC | 10,319,000 | 40,437,431 | |
ITV PLC | 44,087,300 | 114,360,781 | |
Liberty Global PLC: | |||
Class A (a) | 1,677,700 | 53,199,867 | |
Class C (a) | 222,800 | 6,895,660 | |
Lloyds Banking Group PLC | 316,704,500 | 222,754,162 | |
London Stock Exchange Group PLC | 2,483,500 | 91,208,369 | |
Melrose Industries PLC (b) | 3,744,966 | 33,925,704 | |
Micro Focus International PLC | 4,246,219 | 108,796,589 | |
Next PLC | 1,900,400 | 126,382,990 | |
Poundland Group PLC | 3,388,364 | 10,168,219 | |
Prudential PLC | 12,671,086 | 223,371,933 | |
Reckitt Benckiser Group PLC | 2,240,687 | 217,257,398 | |
Rio Tinto PLC | 1,204,600 | 39,091,972 | |
Rolls-Royce Group PLC | 4,990,500 | 52,218,631 | |
SABMiller PLC | 1,347,200 | 78,699,494 | |
Schroders PLC | 1,299,700 | 45,031,903 | |
Softcat PLC | 5,257,000 | 24,162,969 | |
Spectris PLC | 1,712,500 | 42,585,809 | |
St. James's Place Capital PLC | 13,058,800 | 160,037,514 | |
The Restaurant Group PLC | 6,202,808 | 29,076,654 | |
Virgin Money Holdings Uk PLC | 10,883,682 | 37,983,372 | |
Whitbread PLC | 1,811,761 | 92,530,141 | |
TOTAL UNITED KINGDOM | 2,850,105,868 | ||
United States of America - 8.9% | |||
Activision Blizzard, Inc. | 589,200 | 23,662,272 | |
Alexion Pharmaceuticals, Inc. (a) | 76,300 | 9,812,180 | |
Alphabet, Inc.: | |||
Class A | 107,205 | 84,835,605 | |
Class C (a) | 207,903 | 159,833,747 | |
Amgen, Inc. | 693,200 | 119,251,196 | |
Celgene Corp. (a) | 558,600 | 62,669,334 | |
Coach, Inc. | 518,800 | 22,365,468 | |
Cognizant Technology Solutions Corp. Class A (a) | 1,090,000 | 62,664,100 | |
Coty, Inc. Class A (b) | 3,938,700 | 105,832,869 | |
Fidelity National Information Services, Inc. | 523,100 | 41,602,143 | |
Las Vegas Sands Corp. | 1,575,900 | 79,819,335 | |
MasterCard, Inc. Class A | 1,612,900 | 153,612,596 | |
McGraw Hill Financial, Inc. | 2,236,300 | 273,275,860 | |
Mead Johnson Nutrition Co. Class A | 180,400 | 16,091,680 | |
Molson Coors Brewing Co. Class B | 627,700 | 64,125,832 | |
MSCI, Inc. Class A | 489,900 | 42,150,996 | |
NJOY, Inc. (a)(e) | 9,361,812 | 375,409 | |
Oceaneering International, Inc. | 1,244,200 | 34,688,296 | |
Phillips 66 Co. | 532,400 | 40,494,344 | |
Qualcomm, Inc. | 1,701,200 | 106,461,096 | |
Regeneron Pharmaceuticals, Inc. (a) | 138,100 | 58,709,072 | |
Spectrum Brands Holdings, Inc. | 249,200 | 32,089,484 | |
Verisk Analytics, Inc. (a) | 274,300 | 23,392,304 | |
Vertex Pharmaceuticals, Inc. (a) | 313,600 | 30,419,200 | |
Visa, Inc. Class A | 2,159,800 | 168,572,390 | |
TOTAL UNITED STATES OF AMERICA | 1,816,806,808 | ||
TOTAL COMMON STOCKS | |||
(Cost $15,611,846,534) | 19,547,447,020 | ||
Nonconvertible Preferred Stocks - 1.8% | |||
Brazil - 0.6% | |||
Itau Unibanco Holding SA | 10,593,600 | 110,399,008 | |
Germany - 1.2% | |||
Henkel AG & Co. KGaA | 1,838,100 | 228,926,533 | |
Jungheinrich AG | 532,400 | 16,234,713 | |
TOTAL GERMANY | 245,161,246 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $262,144,149) | 355,560,254 | ||
Principal Amount | Value | ||
Government Obligations - 0.0% | |||
United States of America - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 0.26% to 0.35% 8/25/16 to 9/8/16 (Cost $2,479,336) | 2,480,000 | 2,479,579 | |
Shares | Value | ||
Money Market Funds - 3.0% | |||
Fidelity Cash Central Fund, 0.42% (f) | 395,512,936 | 395,512,936 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) | 224,562,079 | 224,562,079 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $620,075,015) | 620,075,015 | ||
TOTAL INVESTMENT PORTFOLIO - 100.8% | |||
(Cost $16,496,545,034) | 20,525,561,868 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (161,478,071) | ||
NET ASSETS - 100% | $20,364,083,797 |
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 $50,692,356 or 0.2% of net assets.
(d) Affiliated company
(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 $375,409 or 0.0% of net assets.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
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 | $1,154,016 |
Fidelity Securities Lending Cash Central Fund | 4,638,883 |
Total | $5,792,899 |
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 | $-- | $615,431 | $1,114,274 | $30,390,119 |
Essentra PLC | 176,517,577 | 5,955,440 | 3,907,199 | 2,787,249 | 89,540,112 |
Fairfax India Holdings Corp. | 64,252,650 | -- | 1,613,900 | -- | -- |
Poundland Group PLC | 60,695,655 | 2,415,927 | 34,671,979 | 347,496 | -- |
Total | $323,491,131 | $8,371,367 | $40,808,509 | $4,249,019 | $119,930,231 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $2,986,088,201 | $1,296,852,068 | $1,688,860,724 | $375,409 |
Consumer Staples | 3,144,011,763 | 1,731,610,826 | 1,412,400,937 | -- |
Energy | 676,496,022 | 594,426,962 | 82,069,060 | -- |
Financials | 4,269,503,818 | 2,575,850,692 | 1,688,762,162 | 4,890,964 |
Health Care | 3,608,695,995 | 1,717,870,382 | 1,890,825,613 | -- |
Industrials | 1,254,748,133 | 869,391,307 | 385,356,826 | -- |
Information Technology | 2,761,883,401 | 2,234,501,145 | 527,382,256 | -- |
Materials | 636,757,042 | 321,433,519 | 315,323,523 | -- |
Telecommunication Services | 539,997,881 | 93,147,259 | 446,850,622 | -- |
Utilities | 24,825,018 | 24,825,018 | -- | -- |
Government Obligations | 2,479,579 | -- | 2,479,579 | -- |
Money Market Funds | 620,075,015 | 620,075,015 | -- | -- |
Total Investments in Securities: | $20,525,561,868 | $12,079,984,193 | $8,440,311,302 | $5,266,373 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $1,313,679,376 |
Level 2 to Level 1 | $1,784,507,569 |
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 Directors (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.
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 July 31, 2016, the cost of investment securities for income tax purposes was $16,682,511,402. Net unrealized appreciation aggregated $3,843,050,466, of which $5,013,420,053 related to appreciated investment securities and $1,170,369,587 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 92.8% | |||
Shares | Value | ||
Australia - 2.6% | |||
Austal Ltd. | 1,269,600 | $1,119,206 | |
Beacon Lighting Group Ltd. | 6,173,255 | 6,567,911 | |
Credit Corp. Group Ltd. | 148,931 | 1,506,427 | |
DuluxGroup Ltd. | 4,194,853 | 21,167,514 | |
Imdex Ltd. (a) | 8,978,319 | 2,660,999 | |
John Fairfax Holdings Ltd. | 3,021,388 | 2,410,909 | |
Nanosonics Ltd. (a) | 273,826 | 570,178 | |
RCG Corp. Ltd. (b) | 16,803,658 | 23,879,788 | |
SAI Global Ltd. | 261,024 | 706,180 | |
SomnoMed Ltd. (a) | 108,980 | 285,727 | |
TFS Corp. Ltd. (b) | 11,922,378 | 14,768,470 | |
TOTAL AUSTRALIA | 75,643,309 | ||
Austria - 1.7% | |||
Andritz AG | 428,024 | 21,821,006 | |
Buwog-Gemeinnuetzige Wohnung | 617,695 | 14,978,746 | |
IMMOFINANZ Immobilien Anlagen AG (a) | 1,100,706 | 2,397,188 | |
Wienerberger AG | 79,500 | 1,226,558 | |
Zumtobel AG (b) | 732,919 | 11,123,402 | |
TOTAL AUSTRIA | 51,546,900 | ||
Bailiwick of Jersey - 0.4% | |||
Integrated Diagnostics Holdings PLC | 2,654,532 | 10,432,311 | |
Regus PLC | 328,400 | 1,326,898 | |
TOTAL BAILIWICK OF JERSEY | 11,759,209 | ||
Belgium - 1.1% | |||
Econocom Group SA | 58,186 | 762,084 | |
Gimv NV | 140,309 | 7,620,524 | |
KBC Ancora (a) | 730,073 | 22,552,203 | |
Van de Velde | 8,733 | 636,580 | |
TOTAL BELGIUM | 31,571,391 | ||
Bermuda - 0.4% | |||
APT Satellite Holdings Ltd. | 695,000 | 478,359 | |
Vostok New Ventures Ltd. SDR (a) | 1,820,942 | 11,225,276 | |
TOTAL BERMUDA | 11,703,635 | ||
Brazil - 0.0% | |||
Banco ABC Brasil SA rights 8/2/16(a) | 29,195 | 40,762 | |
Canada - 2.1% | |||
Cara Operations Ltd. | 670,000 | 15,723,050 | |
McCoy Global, Inc. (a) | 1,111,450 | 1,532,271 | |
New Look Vision Group, Inc. | 518,800 | 11,284,739 | |
Pason Systems, Inc. | 1,175,300 | 15,743,880 | |
ShawCor Ltd. Class A | 375,300 | 8,560,054 | |
Tesco Corp. | 1,129,193 | 7,463,966 | |
Total Energy Services, Inc. | 71,480 | 700,757 | |
Whitecap Resources, Inc. | 160,000 | 1,187,455 | |
ZCL Composites, Inc. | 170,000 | 1,169,226 | |
TOTAL CANADA | 63,365,398 | ||
Cayman Islands - 0.7% | |||
58.com, Inc. ADR (a) | 195,500 | 10,167,955 | |
SITC International Holdings Co. Ltd. | 2,819,000 | 1,667,768 | |
Value Partners Group Ltd. (b) | 11,826,000 | 9,953,570 | |
TOTAL CAYMAN ISLANDS | 21,789,293 | ||
Denmark - 1.8% | |||
Jyske Bank A/S (Reg.) | 531,719 | 22,112,503 | |
NNIT A/S | 16,221 | 669,216 | |
Royal Unibrew A/S | 39,400 | 1,812,025 | |
Scandinavian Tobacco Group A/S | 604,739 | 10,679,537 | |
Spar Nord Bank A/S | 2,163,323 | 17,882,599 | |
TOTAL DENMARK | 53,155,880 | ||
Finland - 0.7% | |||
Olvi PLC (A Shares) | 42,172 | 1,228,685 | |
Tikkurila Oyj | 947,630 | 18,233,140 | |
TOTAL FINLAND | 19,461,825 | ||
France - 2.3% | |||
Elis SA | 1,018,400 | 18,387,925 | |
Ipsen SA | 14,000 | 913,294 | |
Laurent-Perrier Group SA | 126,224 | 10,017,998 | |
Parrot SA (a)(b) | 126,480 | 1,966,939 | |
Vetoquinol SA | 286,927 | 12,703,062 | |
Virbac SA (b) | 118,600 | 23,363,204 | |
TOTAL FRANCE | 67,352,422 | ||
Germany - 5.3% | |||
alstria office REIT-AG | 631,129 | 8,784,748 | |
CompuGroup Medical AG | 1,178,415 | 50,880,613 | |
CTS Eventim AG | 1,405,124 | 48,903,008 | |
EDAG Engineering Group AG | 16,500 | 302,531 | |
Fielmann AG | 403,190 | 31,156,975 | |
MLP AG | 598,745 | 2,316,113 | |
Nexus AG | 519,508 | 9,833,112 | |
Scout24 Holding GmbH (a) | 25,000 | 1,028,560 | |
SMA Solar Technology AG (b) | 44,572 | 2,238,929 | |
TOTAL GERMANY | 155,444,589 | ||
Greece - 0.1% | |||
Motor Oil (HELLAS) Corinth Refineries SA | 106,800 | 1,247,755 | |
Mytilineos Holdings SA | 280,800 | 1,224,344 | |
TOTAL GREECE | 2,472,099 | ||
India - 0.5% | |||
Jyothy Laboratories Ltd. | 3,501,337 | 15,128,423 | |
Torrent Pharmaceuticals Ltd. | 27,296 | 589,881 | |
TOTAL INDIA | 15,718,304 | ||
Ireland - 1.8% | |||
FBD Holdings PLC (a) | 1,298,400 | 8,972,409 | |
James Hardie Industries PLC CDI | 2,576,486 | 42,684,412 | |
United Drug PLC (United Kingdom) | 123,300 | 948,900 | |
TOTAL IRELAND | 52,605,721 | ||
Isle of Man - 0.6% | |||
Playtech Ltd. | 1,555,433 | 17,898,986 | |
Israel - 2.1% | |||
Azrieli Group | 364,179 | 15,977,957 | |
Ituran Location & Control Ltd. | 898,507 | 21,528,228 | |
Sarine Technologies Ltd. | 4,483,800 | 6,019,870 | |
Strauss Group Ltd. | 1,129,555 | 18,087,336 | |
TOTAL ISRAEL | 61,613,391 | ||
Italy - 2.8% | |||
Astm SpA | 54,000 | 602,513 | |
Azimut Holding SpA | 1,586,764 | 24,942,470 | |
Beni Stabili SpA SIIQ | 24,951,120 | 16,332,729 | |
Cerved Information Solutions SpA | 262,926 | 2,204,635 | |
Interpump Group SpA | 2,418,666 | 39,154,913 | |
TOTAL ITALY | 83,237,260 | ||
Japan - 26.8% | |||
Ain Holdings, Inc. | 29,700 | 2,044,997 | |
Aoki Super Co. Ltd. | 87,000 | 1,113,466 | |
Arcland Service Holdings Co. Ltd. | 35,400 | 1,008,195 | |
Artnature, Inc. (c) | 2,190,700 | 17,640,357 | |
Asahi Co. Ltd. | 926,600 | 13,128,591 | |
Autobacs Seven Co. Ltd. | 928,700 | 13,456,618 | |
Azbil Corp. | 1,358,200 | 40,992,397 | |
Broadleaf Co. Ltd. | 300,300 | 3,014,271 | |
Central Automotive Products Ltd. | 119,000 | 1,048,540 | |
Chugoku Marine Paints Ltd. | 182,000 | 1,228,534 | |
Coca-Cola Central Japan Co. Ltd. | 635,200 | 12,257,885 | |
Daiichikosho Co. Ltd. | 550,100 | 25,112,691 | |
Daikokutenbussan Co. Ltd. | 568,400 | 24,722,468 | |
Fukuda Denshi Co. Ltd. | 4,200 | 255,827 | |
Funai Soken Holdings, Inc. | 534,000 | 7,412,184 | |
GCA Savvian Group Corp. | 1,354,987 | 11,724,455 | |
Glory Ltd. | 572,500 | 15,887,225 | |
GMO Internet, Inc. | 233,200 | 3,019,572 | |
Goldcrest Co. Ltd. | 1,246,210 | 19,624,108 | |
Iwatsuka Confectionary Co. Ltd. | 158,600 | 5,439,789 | |
Japan Digital Laboratory Co. | 1,296,200 | 17,872,832 | |
Kaken Pharmaceutical Co. Ltd. | 13,200 | 872,871 | |
Kamigumi Co. Ltd. | 129,000 | 1,160,912 | |
Kobayashi Pharmaceutical Co. Ltd. | 621,600 | 29,336,914 | |
Konoike Transport Co. Ltd. | 124,200 | 1,436,861 | |
Koshidaka Holdings Co. Ltd. | 384,200 | 7,714,640 | |
Lasertec Corp. (b) | 942,200 | 13,191,513 | |
Leopalace21 Corp. | 367,400 | 2,632,635 | |
Mandom Corp. | 28,900 | 1,274,454 | |
Medikit Co. Ltd. | 294,400 | 11,334,576 | |
Meiko Network Japan Co. Ltd. | 514,400 | 5,496,668 | |
Miraca Holdings, Inc. | 11,400 | 525,082 | |
Miraial Co. Ltd. | 281,300 | 2,004,515 | |
Mirait Holdings Corp. | 151,300 | 1,611,287 | |
Misumi Group, Inc. | 840,900 | 15,444,750 | |
Mitsuboshi Belting Ltd. | 125,000 | 1,053,258 | |
Monex Group, Inc. | 719,396 | 1,769,135 | |
Nagaileben Co. Ltd. | 1,336,100 | 31,701,265 | |
Nakanishi, Inc. | 19,400 | 669,549 | |
Nakano Refrigerators Co. Ltd. | 15,000 | 395,891 | |
ND Software Co. Ltd. | 222,536 | 1,801,878 | |
Nihon Parkerizing Co. Ltd. | 3,384,800 | 40,741,185 | |
Nippon Kanzai Co. Ltd. | 75,600 | 1,257,269 | |
Nitto Kohki Co. Ltd. | 43,400 | 1,007,991 | |
NOF Corp. | 180,000 | 1,552,661 | |
NS Tool Co. Ltd. | 2,000 | 35,047 | |
OBIC Co. Ltd. | 808,400 | 47,059,103 | |
OSG Corp. (b) | 1,901,500 | 31,677,803 | |
Paramount Bed Holdings Co. Ltd. | 540,760 | 20,534,743 | |
ProNexus, Inc. | 1,241,000 | 13,114,804 | |
Sacs Bar Holdings, Inc. | 121,500 | 1,294,819 | |
Sakai Moving Service Co. Ltd. | 13,100 | 318,754 | |
San-A Co. Ltd. | 37,400 | 1,867,490 | |
San-Ai Oil Co. Ltd. | 1,783,000 | 11,970,942 | |
Sekisui Jushi Corp. | 89,400 | 1,457,877 | |
Seven Bank Ltd. | 4,464,500 | 15,251,514 | |
Shinko Plantech Co. Ltd. | 138,200 | 1,000,311 | |
Shinsei Bank Ltd. | 1,546,000 | 2,319,255 | |
Ship Healthcare Holdings, Inc. | 17,400 | 526,292 | |
SHO-BOND Holdings Co. Ltd. (b) | 778,800 | 39,250,321 | |
Shoei Co. Ltd. (c) | 733,100 | 12,135,806 | |
SK Kaken Co. Ltd. | 186,000 | 18,848,905 | |
Software Service, Inc. | 175,900 | 7,345,564 | |
St. Marc Holdings Co. Ltd. | 19,300 | 580,691 | |
Techno Medica Co. Ltd. | 283,000 | 4,377,954 | |
The Monogatari Corp. | 189,000 | 9,881,141 | |
The Nippon Synthetic Chemical Industry Co. Ltd. | 1,095,000 | 6,809,004 | |
TKC Corp. | 684,400 | 19,376,231 | |
Tocalo Co. Ltd. | 458,400 | 9,061,024 | |
Toshiba Plant Systems & Services Corp. | 68,000 | 1,201,104 | |
Tsuruha Holdings, Inc. | 3,900 | 443,481 | |
Tsutsumi Jewelry Co. Ltd. | 359,100 | 7,022,323 | |
USS Co. Ltd. | 3,630,000 | 61,570,938 | |
Welcia Holdings Co. Ltd. | 48,100 | 3,173,623 | |
Workman Co. Ltd. | 517,600 | 17,382,570 | |
Yamato Kogyo Co. Ltd. | 270,100 | 7,626,484 | |
Yuasa Trading Co. Ltd. | 47,000 | 1,032,166 | |
Yusen Logistics Co. Ltd. | 111,500 | 1,226,918 | |
TOTAL JAPAN | 790,767,764 | ||
Korea (South) - 1.5% | |||
BGFretail Co. Ltd. | 222,172 | 39,830,440 | |
iMarketKorea, Inc. | 68,442 | 771,879 | |
Leeno Industrial, Inc. | 139,988 | 5,289,805 | |
TOTAL KOREA (SOUTH) | 45,892,124 | ||
Marshall Islands - 0.0% | |||
StealthGas, Inc. (a) | 62,954 | 224,116 | |
Mexico - 0.5% | |||
Consorcio ARA S.A.B. de CV | 39,884,127 | 14,719,902 | |
Netherlands - 2.5% | |||
Aalberts Industries NV | 984,900 | 32,697,705 | |
Arcadis NV | 58,718 | 786,120 | |
BinckBank NV (b) | 472,550 | 2,638,385 | |
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit | 108,000 | 1,812,367 | |
Heijmans NV (Certificaten Van Aandelen) (a)(b) | 729,571 | 6,782,216 | |
VastNed Retail NV | 706,428 | 29,640,688 | |
TOTAL NETHERLANDS | 74,357,481 | ||
New Zealand - 0.1% | |||
EBOS Group Ltd. | 63,180 | 752,872 | |
Trade Maine Group Ltd. | 639,139 | 2,363,321 | |
TOTAL NEW ZEALAND | 3,116,193 | ||
Norway - 0.6% | |||
ABG Sundal Collier ASA | 2,918,049 | 1,770,789 | |
Borregaard ASA | 221,800 | 1,787,618 | |
Kongsberg Gruppen ASA | 820,848 | 12,258,505 | |
Spectrum ASA (a) | 314,300 | 1,005,802 | |
TOTAL NORWAY | 16,822,714 | ||
Philippines - 0.5% | |||
Jollibee Food Corp. | 2,720,820 | 14,722,740 | |
Singapore - 0.1% | |||
Boustead Singapore Ltd. | 2,441,300 | 1,456,732 | |
Hour Glass Ltd. | 1,558,300 | 929,843 | |
TOTAL SINGAPORE | 2,386,575 | ||
South Africa - 0.7% | |||
Clicks Group Ltd. | 2,170,481 | 19,429,372 | |
Spain - 2.2% | |||
Baron de Ley SA (a) | 20,300 | 2,344,435 | |
Hispania Activos Inmobiliarios SA | 1,078,350 | 14,430,976 | |
Merlin Properties Socimi SA | 1,540,500 | 17,636,137 | |
Prosegur Compania de Seguridad SA (Reg.) | 4,470,586 | 30,388,540 | |
TOTAL SPAIN | 64,800,088 | ||
Sweden - 3.4% | |||
Addlife AB (a) | 147,500 | 2,167,597 | |
Fagerhult AB | 1,808,495 | 41,423,983 | |
Granges AB | 186,500 | 1,896,167 | |
Intrum Justitia AB | 486,603 | 15,615,424 | |
Loomis AB (B Shares) | 532,000 | 15,350,099 | |
Mekonomen AB | 65,800 | 1,522,543 | |
Ratos AB (B Shares) (b) | 460,752 | 2,328,798 | |
Saab AB (B Shares) | 596,600 | 20,483,941 | |
Swedish Orphan Biovitrum AB (a) | 58,000 | 740,844 | |
TOTAL SWEDEN | 101,529,396 | ||
Switzerland - 0.1% | |||
Vontobel Holdings AG | 51,162 | 2,356,978 | |
Taiwan - 0.3% | |||
Addcn Technology Co. Ltd. | 1,266,400 | 10,168,931 | |
United Kingdom - 19.0% | |||
AA PLC | 3,419,255 | 11,218,003 | |
Alliance Pharma PLC | 11,775,896 | 7,130,050 | |
BCA Marketplace PLC | 196,500 | 470,055 | |
Bellway PLC | 1,007,800 | 27,955,880 | |
Berendsen PLC | 3,005,409 | 50,792,784 | |
Britvic PLC | 1,397,212 | 11,557,126 | |
Cineworld Group PLC | 112,000 | 870,830 | |
Countrywide PLC | 645,647 | 2,119,114 | |
Dechra Pharmaceuticals PLC | 1,652,163 | 29,081,183 | |
Dignity PLC | 11,007 | 393,169 | |
Elementis PLC | 7,625,382 | 22,343,271 | |
Great Portland Estates PLC | 2,404,000 | 21,746,057 | |
H&T Group PLC | 1,481,559 | 5,568,585 | |
Hill & Smith Holdings PLC | 97,563 | 1,385,455 | |
Hilton Food Group PLC | 911,038 | 7,198,108 | |
Howden Joinery Group PLC | 4,693,100 | 26,831,879 | |
Informa PLC | 4,050,785 | 38,277,622 | |
InterContinental Hotel Group PLC ADR | 499,621 | 20,234,651 | |
ITE Group PLC | 7,089,572 | 15,364,162 | |
John David Group PLC | 58,100 | 967,307 | |
Joules Group PLC | 141,550 | 315,658 | |
JUST EAT Ltd. (a) | 1,643,325 | 11,678,990 | |
Luxfer Holdings PLC sponsored ADR | 145,800 | 1,764,180 | |
Mears Group PLC | 426,812 | 2,235,451 | |
Mitie Group PLC | 449,200 | 1,478,506 | |
PayPoint PLC | 94,400 | 1,233,095 | |
Rightmove PLC | 447,100 | 23,970,354 | |
Shaftesbury PLC | 2,672,755 | 33,037,986 | |
Sinclair Pharma PLC (a) | 1,299,976 | 524,738 | |
Spectris PLC | 1,364,016 | 33,919,839 | |
Spirax-Sarco Engineering PLC | 1,016,628 | 53,589,526 | |
Taylor Wimpey PLC | 3,480,800 | 7,126,510 | |
Ted Baker PLC | 492,167 | 15,319,950 | |
Topps Tiles PLC | 7,826,050 | 12,428,863 | |
Tullett Prebon PLC | 461,016 | 2,026,857 | |
Ultra Electronics Holdings PLC | 969,010 | 21,942,485 | |
Unite Group PLC | 4,204,163 | 35,247,937 | |
Zoopla Property Group PLC | 217,325 | 845,599 | |
TOTAL UNITED KINGDOM | 560,191,815 | ||
United States of America - 7.5% | |||
ANSYS, Inc. (a) | 87,715 | 7,838,212 | |
Autoliv, Inc. | 133,100 | 14,081,980 | |
Broadridge Financial Solutions, Inc. | 221,895 | 15,017,854 | |
China Biologic Products, Inc. (a) | 241,308 | 28,807,349 | |
Compass Minerals International, Inc. | 20,000 | 1,391,800 | |
Domino's Pizza, Inc. | 151,000 | 22,242,300 | |
Energizer Holdings, Inc. | 119,832 | 6,174,943 | |
Kennedy-Wilson Holdings, Inc. | 1,102,688 | 23,211,582 | |
Martin Marietta Materials, Inc. | 85,080 | 17,241,462 | |
Mohawk Industries, Inc. (a) | 106,362 | 22,223,276 | |
PriceSmart, Inc. | 333,761 | 25,993,307 | |
ResMed, Inc. | 229,700 | 15,821,736 | |
Resources Connection, Inc. | 69,500 | 1,035,550 | |
SS&C Technologies Holdings, Inc. | 570,176 | 18,371,071 | |
Utah Medical Products, Inc. | 8,900 | 579,123 | |
TOTAL UNITED STATES OF AMERICA | 220,031,545 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,137,095,521) | 2,737,898,108 | ||
Nonconvertible Preferred Stocks - 1.7% | |||
Brazil - 0.1% | |||
Banco ABC Brasil SA | 522,300 | 2,271,290 | |
Germany - 1.6% | |||
Sartorius AG (non-vtg.) | 613,172 | 49,001,420 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $18,611,654) | 51,272,710 | ||
Money Market Funds - 5.7% | |||
Fidelity Cash Central Fund, 0.42% (d) | 141,186,535 | 141,186,535 | |
Fidelity Securities Lending Cash Central Fund, 0.45%(d)(e) | 26,594,316 | 26,594,316 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $167,780,851) | 167,780,851 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $2,323,488,026) | 2,956,951,669 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (5,504,851) | ||
NET ASSETS - 100% | $2,951,446,818 |
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 | $338,027 |
Fidelity Securities Lending Cash Central Fund | 270,453 |
Total | $608,480 |
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 | $3,671,344 | $311,286 | $210,401 | $17,640,357 |
Cara Operations Ltd. | 15,755,782 | 1,659,870 | -- | 126,542 | -- |
Fagerhult AB | 37,911,673 | -- | 9,496,197 | 787,067 | -- |
Shoei Co. Ltd. | 12,037,779 | 597,793 | -- | 40,749 | 12,135,806 |
Total | $83,056,189 | $5,929,007 | $9,807,483 | $1,164,759 | $29,776,163 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $561,448,287 | $384,614,056 | $176,834,231 | $-- |
Consumer Staples | 258,117,122 | 158,802,198 | 99,314,924 | -- |
Energy | 53,263,267 | 40,292,014 | 12,971,253 | -- |
Financials | 450,139,597 | 396,777,733 | 53,361,864 | -- |
Health Care | 325,742,011 | 245,796,410 | 79,945,601 | -- |
Industrials | 587,165,766 | 442,122,320 | 145,043,446 | -- |
Information Technology | 329,222,770 | 182,692,336 | 146,530,434 | -- |
Materials | 223,593,639 | 146,786,866 | 76,806,773 | -- |
Telecommunication Services | 478,359 | 478,359 | -- | -- |
Money Market Funds | 167,780,851 | 167,780,851 | -- | -- |
Total Investments in Securities: | $2,956,951,669 | $2,166,143,143 | $790,808,526 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $122,860,362 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $2,347,608,699. Net unrealized appreciation aggregated $609,342,970, of which $766,824,815 related to appreciated investment securities and $157,481,845 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5% | |||
Shares | Value | ||
Australia - 0.2% | |||
Beacon Lighting Group Ltd. | 438,521 | $466,556 | |
Woodside Petroleum Ltd. | 43,963 | 886,359 | |
TOTAL AUSTRALIA | 1,352,915 | ||
Bermuda - 3.2% | |||
Brilliance China Automotive Holdings Ltd. | 2,752,000 | 3,054,073 | |
BW LPG Ltd. | 33,694 | 119,846 | |
Cheung Kong Infrastructure Holdings Ltd. | 231,000 | 2,042,509 | |
CSI Properties Ltd. | 24,250,000 | 922,065 | |
Digital China Holdings Ltd. (H Shares) | 1,686,000 | 1,310,396 | |
Great Eagle Holdings Ltd. | 99,655 | 450,210 | |
Haier Electronics Group Co. Ltd. | 886,000 | 1,484,584 | |
Hongkong Land Holdings Ltd. | 804,300 | 5,147,520 | |
Jardine Strategic Holdings Ltd. | 30,100 | 921,060 | |
Joy City Property Ltd. | 2,692,000 | 437,193 | |
Kerry Logistics Network Ltd. | 1,607,000 | 2,295,004 | |
PAX Global Technology Ltd. (a) | 2,775,000 | 2,292,709 | |
Shenzhen International Holdings Ltd. | 1,894,000 | 2,753,702 | |
Skyworth Digital Holdings Ltd. | 5,769,200 | 4,305,484 | |
Tai Cheung Holdings Ltd. | 244,000 | 201,908 | |
Vtech Holdings Ltd. | 161,300 | 1,753,668 | |
TOTAL BERMUDA | 29,491,931 | ||
Cayman Islands - 15.2% | |||
58.com, Inc. ADR (b) | 56,000 | 2,912,560 | |
Alibaba Group Holding Ltd. sponsored ADR (b) | 344,200 | 28,389,616 | |
Bitauto Holdings Ltd. ADR (b) | 32,200 | 885,500 | |
Cheung Kong Property Holdings Ltd. | 1,382,500 | 9,871,945 | |
China Modern Dairy Holdings Ltd. (b) | 6,486,000 | 852,717 | |
China Resources Cement Holdings Ltd. | 2,515,706 | 914,401 | |
China State Construction International Holdings Ltd. | 2,734,000 | 3,657,832 | |
ChinaCache International Holdings Ltd. sponsored ADR (a)(b) | 63,600 | 380,328 | |
Ctrip.com International Ltd. ADR (b) | 184,900 | 8,074,583 | |
Daqo New Energy Corp. ADR (a)(b) | 24,933 | 569,968 | |
ENN Energy Holdings Ltd. | 654,000 | 3,114,727 | |
Haitian International Holdings Ltd. | 444,000 | 743,968 | |
Hilong Holding Ltd. | 1,640,000 | 221,953 | |
HKBN Ltd. | 777,000 | 927,385 | |
International Housewares Retail Co. Ltd. | 6,982,000 | 1,331,893 | |
JD.com, Inc. sponsored ADR (b) | 253,300 | 5,483,945 | |
KWG Property Holding Ltd. | 1,486,000 | 919,365 | |
Lee & Man Paper Manufacturing Ltd. | 4,725,000 | 3,641,924 | |
Lee's Pharmaceutical Holdings Ltd. | 360,000 | 282,120 | |
Longfor Properties Co. Ltd. | 4,225,000 | 5,772,453 | |
MGM China Holdings Ltd. | 3,386,000 | 4,905,475 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 66,500 | 2,929,990 | |
Pico Far East Holdings Ltd. | 1,598,000 | 494,329 | |
Samson Holding Ltd. | 2,744,000 | 293,555 | |
SINA Corp. (b) | 17,300 | 932,124 | |
Sino Biopharmaceutical Ltd. | 2,488,000 | 1,661,147 | |
SITC International Holdings Co. Ltd. | 2,318,000 | 1,371,368 | |
Sitoy Group Holdings Ltd. | 1,640,000 | 536,915 | |
TCC International Holdings Ltd. | 2,680,000 | 466,333 | |
Tencent Holdings Ltd. | 1,717,600 | 41,485,412 | |
Uni-President China Holdings Ltd. | 2,347,000 | 1,799,939 | |
Xingda International Holdings Ltd. | 1,652,000 | 425,861 | |
Xinyi Glass Holdings Ltd. | 1,748,000 | 1,333,801 | |
Zhen Ding Technology Holding Ltd. | 282,000 | 580,502 | |
TOTAL CAYMAN ISLANDS | 138,165,934 | ||
China - 13.9% | |||
Aluminum Corp. of China Ltd. (H Shares) (b) | 6,398,000 | 2,061,636 | |
Anhui Conch Cement Co. Ltd. (H Shares) | 918,500 | 2,416,649 | |
BBMG Corp. (H Shares) | 17,937,000 | 6,565,926 | |
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) | 3,018,000 | 910,255 | |
Beijing Urban Consolidated & Development Group Ltd. (H Shares) | 1,574,000 | 848,025 | |
China Communications Construction Co. Ltd. (H Shares) | 3,626,000 | 3,963,250 | |
China Construction Bank Corp. (H Shares) | 31,430,000 | 21,065,684 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 2,466,800 | 8,711,889 | |
China Petroleum & Chemical Corp. (H Shares) | 9,958,000 | 7,141,602 | |
China Railway Construction Corp. Ltd. (H Shares) | 3,510,000 | 4,207,440 | |
China Railway Group Ltd. (H Shares) | 3,389,000 | 2,551,011 | |
China Telecom Corp. Ltd. (H Shares) | 17,468,000 | 8,600,711 | |
China Vanke Co. Ltd. (H Shares) | 2,174,000 | 4,914,926 | |
Huadian Fuxin Energy Corp. Ltd. (H Shares) | 5,808,000 | 1,347,494 | |
Huadian Power International Corp. Ltd. (H Shares) | 5,378,000 | 2,543,986 | |
Huaneng Renewables Corp. Ltd. (H Shares) | 18,080,000 | 5,779,336 | |
Huangshan Tourism Development Co. Ltd. | 427,380 | 582,092 | |
Jiangling Motors Corp. Ltd. (B Shares) | 141,494 | 326,452 | |
Jiangsu Hengrui Medicine Co. Ltd. | 420,651 | 2,768,279 | |
Kweichow Moutai Co. Ltd. | 58,345 | 2,752,716 | |
People's Insurance Co. of China Group (H Shares) | 13,389,000 | 5,142,712 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 4,901,120 | 7,593,249 | |
Ping An Insurance (Group) Co. of China Ltd. (H Shares) | 2,368,500 | 11,051,209 | |
Qingdao Haier Co. Ltd. | 287,900 | 474,531 | |
SAIC Motor Corp. Ltd. | 425,958 | 1,490,806 | |
Shenzhen Expressway Co. (H Shares) | 3,484,000 | 3,282,641 | |
Sinopec Engineering Group Co. Ltd. (H Shares) (c) | 1,335,500 | 1,163,639 | |
Sinotrans Ltd. (H Shares) | 2,477,000 | 1,133,397 | |
Tong Ren Tang Technologies Co. Ltd. (H Shares) | 548,000 | 864,549 | |
TravelSky Technology Ltd. (H Shares) | 900,000 | 1,723,809 | |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 1,210,000 | 743,929 | |
Zhengzhou Yutong Bus Co. Ltd. | 272,800 | 944,084 | |
ZTE Corp. (H Shares) | 522,800 | 703,500 | |
TOTAL CHINA | 126,371,414 | ||
Hong Kong - 9.4% | |||
AIA Group Ltd. | 3,691,600 | 22,863,139 | |
Cathay Pacific Airways Ltd. | 1,446,000 | 2,348,371 | |
China Everbright Ltd. | 1,632,000 | 3,113,219 | |
China Mobile Ltd. | 853,400 | 10,568,100 | |
China Resources Beer Holdings Co. Ltd. | 1,364,000 | 2,640,658 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16(b) | 454,666 | 182,842 | |
China Resources Power Holdings Co. Ltd. | 628,000 | 1,000,474 | |
China Taiping Insurance Group Ltd. (b) | 1,330,000 | 2,605,692 | |
CNOOC Ltd. sponsored ADR (a) | 98,300 | 11,834,337 | |
Dah Sing Banking Group Ltd. | 566,400 | 1,060,029 | |
Dah Sing Financial Holdings Ltd. | 130,800 | 876,676 | |
Fosun International Ltd. | 1,038,000 | 1,356,635 | |
HKT Trust/HKT Ltd. unit | 2,751,300 | 4,347,667 | |
Hysan Development Co. Ltd. | 652,000 | 3,000,155 | |
Magnificent Hotel Investment Ltd. | 6,930,000 | 154,528 | |
PCCW Ltd. | 3,117,000 | 2,269,933 | |
Sino Land Ltd. | 2,824,000 | 5,037,657 | |
Techtronic Industries Co. Ltd. | 1,312,500 | 5,557,283 | |
Wheelock and Co. Ltd. | 922,000 | 4,937,758 | |
TOTAL HONG KONG | 85,755,153 | ||
India - 9.3% | |||
Adani Ports & Special Economic Zone | 493,321 | 1,720,018 | |
Adani Power Ltd. (b) | 1,065,042 | 446,597 | |
Apollo Tyres Ltd. | 1,338,550 | 3,279,352 | |
Bajaj Finserv Ltd. | 46,299 | 1,892,039 | |
Bharat Petroleum Corp. Ltd. | 308,889 | 2,746,427 | |
Bharti Airtel Ltd. | 431,817 | 2,345,501 | |
Bharti Infratel Ltd. | 397,798 | 2,359,753 | |
CCL Products (India) Ltd. (b) | 80,347 | 311,118 | |
Coal India Ltd. | 548,355 | 2,698,379 | |
Cox & Kings India Ltd. (b) | 581,986 | 1,664,626 | |
Edelweiss Financial Services Ltd. | 724,511 | 1,028,805 | |
Exide Industries Ltd. | 172,930 | 464,658 | |
Havells India Ltd. | 101,037 | 590,639 | |
HCL Technologies Ltd. | 321,191 | 3,628,246 | |
Idea Cellular Ltd. (b) | 913,985 | 1,435,665 | |
Indian Oil Corp. Ltd. (b) | 532,764 | 4,351,312 | |
JK Tyre & Industries Ltd. (b) | 1,350,961 | 1,827,157 | |
Just Dial Ltd. | 57,855 | 482,161 | |
LIC Housing Finance Ltd. | 151,373 | 1,180,916 | |
McLeod Russel India Ltd. (b) | 296,819 | 909,984 | |
NTPC Ltd. | 1,792,798 | 4,259,089 | |
Petronet LNG Ltd. | 412,981 | 1,846,348 | |
Power Finance Corp. Ltd. | 1,250,499 | 4,090,785 | |
Power Grid Corp. of India Ltd. | 929,047 | 2,453,113 | |
Redington India Ltd. | 533,540 | 824,464 | |
Reliance Capital Ltd. (b) | 73,076 | 491,266 | |
Reliance Industries Ltd. | 747,167 | 11,376,488 | |
Rural Electrification Corp. Ltd. | 303,685 | 966,799 | |
Sun Pharmaceutical Industries Ltd. | 338,023 | 4,208,869 | |
Suzlon Energy Ltd. (b) | 3,336,287 | 873,426 | |
Tata Motors Ltd. (b) | 990,372 | 7,512,525 | |
The Jammu & Kashmir Bank Ltd. | 412,719 | 416,403 | |
Torrent Pharmaceuticals Ltd. | 125,427 | 2,710,544 | |
UPL Ltd. | 296,415 | 2,778,710 | |
Vakrangee Ltd. (b) | 172,201 | 481,429 | |
VST Industries Ltd. (b) | 31,444 | 961,105 | |
Yes Bank Ltd. (b) | 133,299 | 2,433,699 | |
TOTAL INDIA | 84,048,415 | ||
Indonesia - 2.7% | |||
PT ACE Hardware Indonesia Tbk | 12,337,500 | 913,645 | |
PT Adaro Energy Tbk | 14,982,200 | 1,189,563 | |
PT Bank Mandiri (Persero) Tbk | 6,090,600 | 4,728,083 | |
PT Bank Rakyat Indonesia Tbk | 9,459,300 | 8,322,971 | |
PT Bank Tabungan Pensiunan Nasional Tbk (b) | 989,200 | 178,227 | |
PT Gudang Garam Tbk | 680,100 | 3,506,031 | |
PT Indo Tambangraya Megah Tbk | 499,900 | 479,921 | |
PT Indofood Sukses Makmur Tbk | 4,342,900 | 2,760,212 | |
PT Media Nusantara Citra Tbk | 3,964,000 | 650,655 | |
PT Perusahaan Gas Negara Tbk Series B | 7,068,500 | 1,775,422 | |
TOTAL INDONESIA | 24,504,730 | ||
Israel - 0.0% | |||
Sarine Technologies Ltd. | 316,300 | 424,659 | |
Japan - 1.0% | |||
KDDI Corp. | 121,200 | 3,719,279 | |
NGK Insulators Ltd. | 144,000 | 3,437,862 | |
Olympus Corp. | 48,400 | 1,670,179 | |
TOTAL JAPAN | 8,827,320 | ||
Korea (South) - 20.1% | |||
AMOREPACIFIC Corp. | 15,241 | 5,314,080 | |
AMOREPACIFIC Group, Inc. | 33,709 | 4,377,202 | |
BGFretail Co. Ltd. | 5,318 | 953,398 | |
Com2uS Corp. | 4,421 | 459,263 | |
Daelim Industrial Co. | 20,579 | 1,553,411 | |
DGB Financial Group Co. Ltd. | 277,359 | 2,245,691 | |
Dongbu Insurance Co. Ltd. | 61,469 | 3,507,622 | |
Duksan Hi-Metal Co. Ltd. (b) | 29,546 | 228,870 | |
Hana Financial Group, Inc. | 99,707 | 2,468,483 | |
Hyosung Corp. | 24,749 | 3,091,401 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 97,819 | 2,663,476 | |
Hyundai Mobis | 44,043 | 10,092,528 | |
Hyundai Motor Co. | 97,802 | 11,601,244 | |
Hyundai Steel Co. | 106,581 | 4,846,332 | |
KB Financial Group, Inc. | 306,660 | 9,801,638 | |
Kia Motors Corp. | 121,185 | 4,590,176 | |
Kiwoom Securities Co. Ltd. | 21,065 | 1,497,341 | |
Korea Electric Power Corp. | 119,351 | 6,577,482 | |
Korea Petro Chemical Industries Co. Ltd. | 16,499 | 3,484,242 | |
Korea Power Engineering Co., Inc. | 58,251 | 1,643,675 | |
Korea Zinc Co. Ltd. | 10,137 | 4,636,712 | |
KT Corp. | 2,900 | 82,730 | |
LG Chemical Ltd. | 22,799 | 4,988,818 | |
LG Display Co. Ltd. | 96,921 | 2,704,917 | |
LG Household & Health Care Ltd. | 7,601 | 6,885,162 | |
LG Innotek Co. Ltd. | 9,355 | 751,561 | |
LG Telecom Ltd. | 443,347 | 4,362,554 | |
LS Industrial Systems Ltd. | 70,383 | 2,741,825 | |
Poongsan Corp. | 34,005 | 948,828 | |
Samsung Card Co. Ltd. | 34,113 | 1,322,768 | |
Samsung Electronics Co. Ltd. | 36,630 | 50,659,205 | |
Shinhan Financial Group Co. Ltd. | 256,793 | 9,237,139 | |
Shinsegae Co. Ltd. | 4,718 | 771,636 | |
Silicon Works Co. Ltd. | 31,741 | 901,344 | |
SK Hynix, Inc. | 254,492 | 7,867,114 | |
SK Telecom Co. Ltd. | 14,549 | 3,009,484 | |
SL Corp. | 6,418 | 83,339 | |
TOTAL KOREA (SOUTH) | 182,952,691 | ||
Malaysia - 1.6% | |||
AEON Credit Service Bhd | 136,100 | 474,787 | |
Bursa Malaysia Bhd | 408,400 | 863,856 | |
Cahya Mata Sarawak Bhd | 973,500 | 860,975 | |
Glomac Bhd | 1,592,200 | 305,102 | |
Media Prima Bhd | 2,785,700 | 992,327 | |
Padini Holdings Bhd | 698,200 | 454,546 | |
Sunway Bhd | 1,219,300 | 877,668 | |
Tenaga Nasional Bhd | 1,931,600 | 6,823,832 | |
YTL Power International Bhd | 8,024,300 | 2,819,002 | |
TOTAL MALAYSIA | 14,472,095 | ||
Mauritius - 0.1% | |||
MakeMyTrip Ltd. (b) | 27,200 | 512,176 | |
Netherlands - 0.2% | |||
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares)(BNP Paribas Warrants Program) warrants 11/24/16 (b)(c) | 577,300 | 1,541,241 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (b)(c) | 155,700 | 606,393 | |
TOTAL NETHERLANDS | 2,147,634 | ||
Philippines - 1.3% | |||
ABS CBN Broadcasting Corp. (depositary receipt) | 357,700 | 374,209 | |
Alliance Global Group, Inc. | 3,156,200 | 1,082,317 | |
LT Group, Inc. | 234,700 | 77,694 | |
Metro Pacific Investments Corp. | 9,411,000 | 1,497,772 | |
Metropolitan Bank & Trust Co. | 2,415,411 | 4,866,701 | |
Robinsons Land Corp. | 1,085,000 | 736,764 | |
Robinsons Retail Holdings, Inc. | 487,890 | 891,402 | |
Security Bank Corp. | 467,698 | 2,173,493 | |
TOTAL PHILIPPINES | 11,700,352 | ||
Singapore - 3.3% | |||
Boustead Singapore Ltd. | 630,288 | 376,095 | |
CapitaLand Ltd. | 1,535,600 | 3,630,829 | |
Centurion Corp. Ltd. | 927,500 | 245,590 | |
CWT Ltd. | 422,000 | 660,998 | |
Frasers Centrepoint Ltd. | 438,000 | 494,943 | |
Hyflux Ltd. | 1,003,300 | 434,037 | |
Mapletree Industrial (REIT) | 2,480,251 | 3,348,441 | |
Sheng Siong Group Ltd. | 638,100 | 468,806 | |
Singapore Telecommunications Ltd. | 2,442,500 | 7,615,164 | |
United Overseas Bank Ltd. | 704,500 | 9,666,676 | |
UOL Group Ltd. | 344,000 | 1,480,480 | |
Wing Tai Holdings Ltd. | 1,041,800 | 1,352,079 | |
Yoma Strategic Holdings Ltd. | 1,015,700 | 439,402 | |
TOTAL SINGAPORE | 30,213,540 | ||
Taiwan - 13.8% | |||
Advanced Semiconductor Engineering, Inc. | 4,835,000 | 5,726,329 | |
Cathay Financial Holding Co. Ltd. | 5,342,000 | 6,018,753 | |
China Life Insurance Co. Ltd. | 2,620,544 | 2,170,129 | |
Chinatrust Financial Holding Co. Ltd. | 9,138,000 | 5,054,489 | |
E.SUN Financial Holdings Co. Ltd. | 11,935,343 | 6,676,800 | |
Everlight Electronics Co. Ltd. | 517,000 | 843,279 | |
Formosa Chemicals & Fibre Corp. | 1,559,000 | 4,071,558 | |
Fubon Financial Holding Co. Ltd. | 5,765,000 | 7,183,829 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 5,828,600 | 16,101,510 | |
Innolux Corp. | 4,775,000 | 1,770,797 | |
Mega Financial Holding Co. Ltd. | 4,106,000 | 3,226,060 | |
Micro-Star International Co. Ltd. | 211,000 | 461,536 | |
Nanya Technology Corp. | 547,000 | 648,100 | |
PChome Online, Inc. | 85,053 | 956,943 | |
Pegatron Corp. | 2,417,000 | 5,947,739 | |
Pou Chen Corp. | 3,843,000 | 5,253,795 | |
Powertech Technology, Inc. | 577,000 | 1,472,466 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,785,192 | 42,190,625 | |
Unified-President Enterprises Corp. | 2,822,000 | 5,782,532 | |
Vanguard International Semiconductor Corp. | 751,000 | 1,364,210 | |
Yuanta Financial Holding Co. Ltd. | 7,690,560 | 2,707,008 | |
TOTAL TAIWAN | 125,628,487 | ||
Thailand - 2.4% | |||
Asian Property Development PCL (For. Reg.) | 10,756,700 | 2,285,374 | |
Delta Electronics PCL (For. Reg.) | 124,500 | 254,683 | |
Indorama Ventures PCL (For. Reg.) | 1,389,100 | 1,326,086 | |
Intouch Holdings PCL NVDR | 1,312,000 | 2,260,121 | |
Kasikornbank PCL (For. Reg.) | 1,148,500 | 6,578,402 | |
Preuksa Real Estate PCL (For. Reg.) | 2,332,500 | 1,841,624 | |
PTT Global Chemical PCL (For. Reg.) | 1,577,200 | 2,750,930 | |
Thai Beverage PCL | 4,779,800 | 3,689,933 | |
TISCO Financial Group PCL | 625,800 | 970,233 | |
TOTAL THAILAND | 21,957,386 | ||
United States of America - 0.8% | |||
China Biologic Products, Inc. (b) | 12,300 | 1,468,374 | |
Cognizant Technology Solutions Corp. Class A (b) | 92,500 | 5,317,825 | |
TOTAL UNITED STATES OF AMERICA | 6,786,199 | ||
TOTAL COMMON STOCKS | |||
(Cost $877,836,500) | 895,313,031 | ||
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 | 434,712 |
Shares | Value | ||
Money Market Funds - 1.9% | |||
Fidelity Cash Central Fund, 0.42% (e) | 6,070,701 | 6,070,701 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) | 11,147,650 | 11,147,650 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $17,218,351) | 17,218,351 | ||
TOTAL INVESTMENT PORTFOLIO - 100.5% | |||
(Cost $895,504,502) | 912,966,094 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (4,376,549) | ||
NET ASSETS - 100% | $908,589,545 |
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) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(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 $3,311,273 or 0.4% 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 | $38,626 |
Fidelity Securities Lending Cash Central Fund | 40,499 |
Total | $79,125 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $94,990,920 | $87,478,395 | $7,512,525 | $-- |
Consumer Staples | 45,039,837 | 45,039,837 | -- | -- |
Energy | 46,012,559 | 38,870,957 | 7,141,602 | -- |
Financials | 263,240,132 | 227,658,962 | 34,039,929 | 1,541,241 |
Health Care | 15,634,061 | 13,963,882 | 1,670,179 | -- |
Industrials | 48,347,951 | 44,910,089 | 3,437,862 | -- |
Information Technology | 235,964,708 | 143,857,425 | 92,107,283 | -- |
Materials | 49,851,461 | 47,434,812 | 2,416,649 | -- |
Telecommunication Services | 53,904,047 | 36,524,454 | 17,379,593 | -- |
Utilities | 42,327,355 | 35,749,873 | 6,577,482 | -- |
Corporate Bonds | 434,712 | -- | 434,712 | -- |
Money Market Funds | 17,218,351 | 17,218,351 | -- | -- |
Total Investments in Securities: | $912,966,094 | $738,707,037 | $172,717,816 | $1,541,241 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $0 |
Level 2 to Level 1 | $365,888,875 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $895,715,106. Net unrealized appreciation aggregated $17,250,988, of which $103,943,447 related to appreciated investment securities and $86,692,459 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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 Emerging Markets Fund
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 57.4% | |||
Shares | Value | ||
Argentina - 0.3% | |||
Grupo Superveille SA sponsored ADR | 3,400 | $46,070 | |
Telecom Argentina SA Class B sponsored ADR | 5,534 | 104,648 | |
YPF SA Class D sponsored ADR | 7,300 | 134,831 | |
TOTAL ARGENTINA | 285,549 | ||
Austria - 0.2% | |||
Erste Group Bank AG | 8,675 | 229,907 | |
Bermuda - 0.9% | |||
AGTech Holdings Ltd. (a) | 308,000 | 76,619 | |
Credicorp Ltd. (United States) | 1,250 | 200,413 | |
GP Investments Ltd. Class A (depositary receipt) (a) | 22,922 | 45,598 | |
PAX Global Technology Ltd. | 176,460 | 145,791 | |
Shangri-La Asia Ltd. | 320,000 | 343,576 | |
VimpelCom Ltd. sponsored ADR | 11,300 | 46,104 | |
TOTAL BERMUDA | 858,101 | ||
Brazil - 1.9% | |||
B2W Companhia Global do Varejo (a) | 49,640 | 199,025 | |
BB Seguridade Participacoes SA | 23,270 | 216,308 | |
Cielo SA | 21,036 | 238,426 | |
Companhia de Saneamento de Minas Gerais | 14,556 | 148,146 | |
Cosan SA Industria e Comercio | 13,161 | 138,210 | |
Direcional Engenharia SA | 56,500 | 111,522 | |
FPC Par Corretora de Seguros | 33,600 | 134,819 | |
Metalurgica Gerdau SA rights 8/9/16 (a) | 702 | 3,497 | |
Minerva SA (a) | 47,700 | 141,229 | |
Smiles SA | 31,800 | 509,600 | |
TOTAL BRAZIL | 1,840,782 | ||
British Virgin Islands - 0.1% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 6,196 | 119,583 | |
Canada - 0.3% | |||
Pacific Exploration and Production Corp. warrants (a) | 450 | 1,440 | |
Pan American Silver Corp. | 12,700 | 247,650 | |
Torex Gold Resources, Inc.(a) | 4,530 | 93,955 | |
TOTAL CANADA | 343,045 | ||
Cayman Islands - 7.6% | |||
51job, Inc. sponsored ADR (a) | 3,600 | 114,552 | |
58.com, Inc. ADR (a) | 14,550 | 756,746 | |
AAC Technology Holdings, Inc. | 16,500 | 153,975 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 23,000 | 1,897,040 | |
Autohome, Inc. ADR Class A (a) | 2,400 | 52,080 | |
Bitauto Holdings Ltd. ADR (a) | 9,500 | 261,250 | |
BizLink Holding, Inc. | 6,000 | 36,959 | |
China State Construction International Holdings Ltd. | 128,000 | 171,252 | |
CK Hutchison Holdings Ltd. | 11,670 | 136,579 | |
Ctrip.com International Ltd. ADR (a) | 4,900 | 213,983 | |
Haitian International Holdings Ltd. | 64,000 | 107,239 | |
Himax Technologies, Inc. sponsored ADR | 5,000 | 44,750 | |
JD.com, Inc. sponsored ADR (a) | 18,500 | 400,525 | |
Sino Biopharmaceutical Ltd. | 308,000 | 205,640 | |
SouFun Holdings Ltd. ADR (a) | 23,000 | 117,760 | |
Sunny Optical Technology Group Co. Ltd. | 20,000 | 79,656 | |
Tencent Holdings Ltd. | 80,050 | 1,933,458 | |
Uni-President China Holdings Ltd. | 484,600 | 371,645 | |
Vipshop Holdings Ltd. ADR (a) | 33,900 | 482,397 | |
TOTAL CAYMAN ISLANDS | 7,537,486 | ||
Chile - 1.0% | |||
Compania Cervecerias Unidas SA sponsored ADR | 12,000 | 274,440 | |
CorpBanca SA | 15,572,496 | 135,589 | |
Enersis SA | 713,694 | 125,361 | |
Inversiones La Construccion SA | 10,587 | 121,290 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 6,200 | 153,636 | |
Vina Concha y Toro SA | 93,580 | 159,443 | |
TOTAL CHILE | 969,759 | ||
China - 4.8% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 65,000 | 171,020 | |
BBMG Corp. (H Shares) | 655,000 | 239,766 | |
China Life Insurance Co. Ltd. (H Shares) | 153,034 | 347,125 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 200,360 | 160,631 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 129,306 | 456,664 | |
China Petroleum & Chemical Corp. (H Shares) | 252,000 | 180,727 | |
China Shenhua Energy Co. Ltd. (H Shares) | 100,000 | 191,019 | |
China Suntien Green Energy Corp. Ltd. (H Shares) | 163,250 | 18,727 | |
China Telecom Corp. Ltd. (H Shares) | 364,449 | 179,444 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 1,591,660 | 908,027 | |
Inner Mongoli Yili Industries Co. Ltd. | 80,871 | 225,896 | |
Kweichow Moutai Co. Ltd. | 8,940 | 421,789 | |
Maanshan Iron & Steel Ltd. (H Shares) (a) | 296,000 | 66,003 | |
PetroChina Co. Ltd. (H Shares) | 188,000 | 128,871 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 138,580 | 214,700 | |
Qingdao Haier Co. Ltd. | 229,652 | 378,523 | |
Shanghai International Airport Co. Ltd. | 31,100 | 130,635 | |
Zhengzhou Yutong Bus Co. Ltd. | 46,300 | 160,231 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 32,000 | 176,531 | |
TOTAL CHINA | 4,756,329 | ||
Colombia - 0.1% | |||
Bancolombia SA sponsored ADR | 3,555 | 121,439 | |
Czech Republic - 0.1% | |||
MONETA Money Bank A/S | 41,900 | 129,211 | |
Egypt - 0.2% | |||
Citadel Capital Corp. (a) | 226,900 | 25,807 | |
Commercial International Bank SAE sponsored GDR | 33,800 | 128,102 | |
Global Telecom Holding GDR (a) | 25,160 | 44,533 | |
TOTAL EGYPT | 198,442 | ||
Greece - 0.3% | |||
Hellenic Telecommunications Organization SA | 7,468 | 72,638 | |
Titan Cement Co. SA (Reg.) | 10,700 | 244,516 | |
TOTAL GREECE | 317,154 | ||
Hong Kong - 3.5% | |||
AIA Group Ltd. | 49,420 | 306,072 | |
China Mobile Ltd. | 25,310 | 313,427 | |
China Mobile Ltd. sponsored ADR | 15,557 | 965,934 | |
China Resources Beer Holdings Co. Ltd. | 170,000 | 329,114 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) | 50,666 | 20,375 | |
China Resources Power Holdings Co. Ltd. | 88,549 | 141,068 | |
CNOOC Ltd. | 544,000 | 655,647 | |
CNOOC Ltd. sponsored ADR | 44 | 5,297 | |
Far East Horizon Ltd. | 474,980 | 373,450 | |
Sinotruk Hong Kong Ltd. | 154,000 | 68,679 | |
Techtronic Industries Co. Ltd. | 70,000 | 296,388 | |
TOTAL HONG KONG | 3,475,451 | ||
India - 5.8% | |||
Adani Ports & Special Economic Zone | 61,501 | 214,430 | |
Axis Bank Ltd. | 26,440 | 216,641 | |
Bharti Infratel Ltd. | 30,770 | 182,529 | |
Coal India Ltd. | 74,947 | 368,804 | |
Edelweiss Financial Services Ltd. | 85,459 | 121,352 | |
Eicher Motors Ltd. | 525 | 176,910 | |
Grasim Industries Ltd. | 4,149 | 304,663 | |
Housing Development Finance Corp. Ltd. | 15,833 | 326,494 | |
ICICI Bank Ltd. | 25,570 | 99,707 | |
ICICI Bank Ltd. sponsored ADR | 8,400 | 63,672 | |
ITC Ltd. | 103,963 | 393,751 | |
JK Cement Ltd. | 13,817 | 147,871 | |
Larsen & Toubro Ltd. | 10,061 | 235,295 | |
LIC Housing Finance Ltd. | 22,667 | 176,834 | |
Lupin Ltd. | 17,485 | 456,399 | |
Oil & Natural Gas Corp. Ltd. | 56,868 | 187,783 | |
Petronet LNG Ltd. | 31,896 | 142,600 | |
Phoenix Mills Ltd. | 27,412 | 148,626 | |
Power Grid Corp. of India Ltd. | 154,757 | 408,630 | |
SREI Infrastructure Finance Ltd. | 116,223 | 130,599 | |
State Bank of India | 81,675 | 281,093 | |
Sun Pharmaceutical Industries Ltd. | 38,438 | 478,608 | |
Tata Consultancy Services Ltd. | 12,548 | 493,091 | |
TOTAL INDIA | 5,756,382 | ||
Indonesia - 0.9% | |||
Link Net Tbk PT | 216,800 | 72,330 | |
PT Astra International Tbk | 622,300 | 367,009 | |
PT Bank Mandiri (Persero) Tbk | 221,150 | 171,677 | |
PT Bank Rakyat Indonesia Tbk | 266,900 | 234,838 | |
PT Kalbe Farma Tbk | 688,300 | 88,018 | |
TOTAL INDONESIA | 933,872 | ||
Israel - 0.4% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 182,855 | 361,567 | |
Japan - 0.5% | |||
Rakuten, Inc. | 5,400 | 61,110 | |
Sony Corp. | 3,700 | 121,460 | |
Suzuki Motor Corp. | 11,300 | 346,055 | |
TOTAL JAPAN | 528,625 | ||
Korea (South) - 6.5% | |||
AMOREPACIFIC Group, Inc. | 2,398 | 311,387 | |
Daou Technology, Inc. | 9,155 | 218,838 | |
Duk San Neolux Co. Ltd. (a) | 1,826 | 49,966 | |
EO Technics Co. Ltd. | 537 | 52,021 | |
Fila Korea Ltd. | 2,845 | 226,005 | |
Hanon Systems | 14,034 | 144,401 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 4,139 | 112,699 | |
Hyundai Glovis Co. Ltd. | 1,073 | 161,991 | |
Hyundai Industrial Development & Construction Co. | 3,639 | 144,867 | |
Hyundai Mobis | 1,265 | 289,877 | |
InterPark INT Corp. | 8,479 | 113,912 | |
Kakao Corp. | 909 | 74,252 | |
KB Financial Group, Inc. | 15,554 | 497,146 | |
KEPCO Plant Service & Engineering Co. Ltd. | 1,940 | 119,594 | |
Korea Electric Power Corp. | 6,596 | 363,508 | |
Korea Express Co. Ltd. (a) | 445 | 80,178 | |
Korean Reinsurance Co. | 28,465 | 309,513 | |
KT Corp. | 2,380 | 67,896 | |
KT Corp. sponsored ADR | 1,010 | 15,413 | |
LG Chemical Ltd. | 1,233 | 269,802 | |
NAVER Corp. | 122 | 77,840 | |
NCSOFT Corp. | 882 | 198,941 | |
Samsung Electronics Co. Ltd. | 596 | 824,267 | |
Samsung Fire & Marine Insurance Co. Ltd. | 522 | 125,012 | |
Samsung SDI Co. Ltd. | 1,590 | 150,741 | |
Shinhan Financial Group Co. Ltd. | 15,578 | 560,359 | |
Shinhan Financial Group Co. Ltd. sponsored ADR | 200 | 7,138 | |
SK Hynix, Inc. | 22,707 | 701,942 | |
SK Telecom Co. Ltd. | 38 | 7,860 | |
SK Telecom Co. Ltd. sponsored ADR | 5,062 | 115,970 | |
Viatron Technologies, Inc. | 2,453 | 60,399 | |
TOTAL KOREA (SOUTH) | 6,453,735 | ||
Mauritius - 0.1% | |||
MakeMyTrip Ltd. (a) | 7,200 | 135,576 | |
Mexico - 2.8% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 12,573 | 144,967 | |
Banregio Grupo Financiero S.A.B. de CV | 16,580 | 94,988 | |
CEMEX S.A.B. de CV sponsored ADR | 24,488 | 187,333 | |
El Puerto de Liverpool S.A.B. de CV Class C | 22,100 | 214,199 | |
Fibra Uno Administracion SA de CV | 121,160 | 247,102 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 18,000 | 177,091 | |
Grupo Comercial Chedraui S.A.B. de CV | 49,076 | 111,344 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 138,169 | 756,724 | |
Infraestructura Energetica Nova S.A.B. de CV | 16,500 | 66,651 | |
Macquarie Mexican (REIT) | 294,470 | 376,765 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 10,800 | 125,948 | |
Wal-Mart de Mexico SA de CV Series V | 113,500 | 259,385 | |
TOTAL MEXICO | 2,762,497 | ||
Netherlands - 0.6% | |||
Cnova NV (a) | 6,850 | 33,565 | |
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) | 37,850 | 147,412 | |
Yandex NV (a) | 17,067 | 369,501 | |
TOTAL NETHERLANDS | 550,478 | ||
Nigeria - 0.3% | |||
Guaranty Trust Bank PLC | 134,150 | 10,138 | |
Guaranty Trust Bank PLC GDR (Reg. S) | 23,480 | 100,964 | |
Transnational Corp. of Nigeria PLC | 5,628,516 | 23,168 | |
Zenith Bank PLC | 2,293,348 | 121,856 | |
TOTAL NIGERIA | 256,126 | ||
Pakistan - 0.3% | |||
Habib Bank Ltd. | 127,700 | 265,000 | |
Panama - 0.2% | |||
Copa Holdings SA Class A | 2,200 | 147,400 | |
Philippines - 0.8% | |||
Alliance Global Group, Inc. | 581,650 | 199,458 | |
Metro Pacific Investments Corp. | 218,300 | 34,743 | |
Metropolitan Bank & Trust Co. | 147,261 | 296,709 | |
Robinsons Land Corp. | 443,080 | 300,871 | |
TOTAL PHILIPPINES | 831,781 | ||
Romania - 0.1% | |||
Banca Transilvania SA | 108,076 | 61,893 | |
Russia - 3.4% | |||
E.ON Russia JSC | 2,527,700 | 114,913 | |
Lukoil PJSC sponsored ADR | 15,500 | 662,625 | |
Magnit OJSC GDR (Reg. S) | 11,600 | 445,092 | |
MegaFon PJSC (a) | 5,500 | 55,842 | |
MegaFon PJSC GDR | 1,700 | 16,796 | |
MMC Norilsk Nickel PJSC sponsored ADR | 23,700 | 346,494 | |
Mobile TeleSystems OJSC | 43,012 | 164,403 | |
NOVATEK OAO GDR (Reg. S) | 3,600 | 359,280 | |
Rosneft Oil Co. OJSC (a) | 68,500 | 337,881 | |
Sberbank of Russia | 106,400 | 224,761 | |
Sberbank of Russia sponsored ADR | 55,384 | 481,896 | |
Sistema JSFC | 290,500 | 101,492 | |
Sistema JSFC sponsored GDR | 3,560 | 28,978 | |
TOTAL RUSSIA | 3,340,453 | ||
Singapore - 0.5% | |||
Ascendas Real Estate Investment Trust | 153,310 | 280,159 | |
CapitaMall Trust | 55,100 | 87,950 | |
First Resources Ltd. | 125,800 | 151,538 | |
TOTAL SINGAPORE | 519,647 | ||
South Africa - 4.8% | |||
Alexander Forbes Group Holdings Ltd. | 179,578 | 80,984 | |
Aspen Pharmacare Holdings Ltd. | 8,853 | 239,163 | |
Barclays Africa Group Ltd. | 21,403 | 236,661 | |
Bidcorp Ltd. (a) | 9,656 | 180,178 | |
Bidvest Group Ltd. | 9,656 | 110,951 | |
Imperial Holdings Ltd. | 30,100 | 359,389 | |
JSE Ltd. | 7,910 | 96,820 | |
Life Healthcare Group Holdings Ltd. | 66,400 | 180,575 | |
MTN Group Ltd. | 13,950 | 141,007 | |
Naspers Ltd. Class N | 14,250 | 2,236,157 | |
Nedbank Group Ltd. | 9,580 | 137,338 | |
Sasol Ltd. | 4,900 | 130,383 | |
Shoprite Holdings Ltd. | 27,800 | 407,149 | |
Telkom SA Ltd. | 34,502 | 160,117 | |
TOTAL SOUTH AFRICA | 4,696,872 | ||
Spain - 0.2% | |||
Banco Bilbao Vizcaya Argentaria SA | 32,681 | 190,790 | |
Taiwan - 4.5% | |||
Advanced Semiconductor Engineering, Inc. | 119,000 | 140,938 | |
Advantech Co. Ltd. | 32,000 | 249,411 | |
Boardtek Electronics Corp. | 44,000 | 56,350 | |
E.SUN Financial Holdings Co. Ltd. | 315,200 | 176,327 | |
Hermes Microvision, Inc. | 2,000 | 85,169 | |
HTC Corp. | 27,000 | 80,697 | |
Inotera Memories, Inc. (a) | 35,000 | 28,599 | |
King's Town Bank | 99,600 | 73,247 | |
Largan Precision Co. Ltd. | 1,833 | 197,016 | |
MediaTek, Inc. | 15,000 | 114,790 | |
Siliconware Precision Industries Co. Ltd. | 36,000 | 54,366 | |
Taiwan Cement Corp. | 277,000 | 295,116 | |
Taiwan Fertilizer Co. Ltd. | 64,000 | 89,506 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 434,000 | 2,351,983 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,942 | 53,949 | |
Universal Cement Corp. | 67,320 | 45,382 | |
Vanguard International Semiconductor Corp. | 47,000 | 85,377 | |
Wistron NeWeb Corp. | 23,000 | 61,586 | |
Yuanta Financial Holding Co. Ltd. | 573,231 | 201,772 | |
TOTAL TAIWAN | 4,441,581 | ||
Thailand - 1.4% | |||
Intouch Holdings PCL NVDR | 33,950 | 58,484 | |
Jasmine Broadband Internet Infrastructure Fund | 297,790 | 101,743 | |
Kasikornbank PCL (For. Reg.) | 98,780 | 565,794 | |
PTT Global Chemical PCL (For. Reg.) | 72,200 | 125,930 | |
PTT PCL (For. Reg.) | 31,700 | 300,345 | |
Star Petroleum Refining PCL | 312,100 | 82,438 | |
Thai Union Frozen Products PCL (For. Reg.) | 298,000 | 186,517 | |
TOTAL THAILAND | 1,421,251 | ||
Turkey - 0.6% | |||
Aselsan A/S | 34,000 | 107,550 | |
Enka Insaat ve Sanayi A/S | 57,550 | 84,761 | |
Tupras Turkiye Petrol Rafinelleri A/S | 10,300 | 220,139 | |
Turkiye Garanti Bankasi A/S | 63,074 | 155,151 | |
TOTAL TURKEY | 567,601 | ||
United Arab Emirates - 0.7% | |||
DP World Ltd. | 9,696 | 164,735 | |
Emaar Properties PJSC | 140,411 | 263,015 | |
First Gulf Bank PJSC | 69,391 | 228,602 | |
TOTAL UNITED ARAB EMIRATES | 656,352 | ||
United Kingdom - 0.2% | |||
Fresnillo PLC | 8,300 | 212,113 | |
United States of America - 0.5% | |||
Cognizant Technology Solutions Corp. Class A (a) | 2,820 | 162,122 | |
First Cash Financial Services, Inc. | 2,949 | 151,313 | |
Micron Technology, Inc. (a) | 12,600 | 173,124 | |
TOTAL UNITED STATES OF AMERICA | 486,559 | ||
TOTAL COMMON STOCKS | |||
(Cost $50,422,715) | 56,760,389 | ||
Nonconvertible Preferred Stocks - 3.9% | |||
Brazil - 3.0% | |||
Ambev SA sponsored ADR | 120,500 | 696,490 | |
Banco do Estado Rio Grande do Sul SA | 36,320 | 120,753 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 615 | 6,098 | |
(PN-B) sponsored ADR | 22,452 | 222,275 | |
Itau Unibanco Holding SA sponsored ADR | 80,238 | 838,487 | |
Metalurgica Gerdau SA (PN) | 157,970 | 132,519 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) | 51,806 | 377,666 | |
Telefonica Brasil SA | 14,397 | 218,593 | |
Vale SA (PN-A) sponsored ADR | 82,600 | 380,786 | |
TOTAL BRAZIL | 2,993,667 | ||
Korea (South) - 0.9% | |||
Hyundai Motor Co. Series 2 | 3,876 | 350,052 | |
Samsung Electronics Co. Ltd. | 358 | 406,964 | |
Samsung Fire & Marine Insurance Co. Ltd. | 793 | 121,857 | |
TOTAL KOREA (SOUTH) | 878,873 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $3,477,348) | 3,872,540 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 11.3% | |||
Azerbaijan - 1.0% | |||
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) | 200,000 | 196,216 | |
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) | 200,000 | 219,200 | |
State Oil Co. of Azerbaijan Republic: | |||
4.75% 3/13/23 (Reg. S) | 325,000 | 305,935 | |
6.95% 3/18/30 (Reg. S) | 275,000 | 285,423 | |
TOTAL AZERBAIJAN | 1,006,774 | ||
Canada - 0.3% | |||
First Quantum Minerals Ltd. 7% 2/15/21 (b) | 250,000 | 223,075 | |
Pacific Exploration and Production Corp. 12% 12/22/16 | 18,000 | 15,840 | |
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b)(c) | 100,000 | 16,500 | |
TOTAL CANADA | 255,415 | ||
Georgia - 0.7% | |||
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) | 250,000 | 260,050 | |
JSC BGEO Group 6% 7/26/23 (b) | 200,000 | 201,300 | |
JSC Georgian Railway 7.75% 7/11/22 (b) | 200,000 | 222,000 | |
TOTAL GEORGIA | 683,350 | ||
Indonesia - 1.8% | |||
PT Pertamina Persero: | |||
4.875% 5/3/22 (b) | 275,000 | 293,012 | |
5.625% 5/20/43 (b) | 200,000 | 206,791 | |
6% 5/3/42 (b) | 400,000 | 430,568 | |
6.5% 5/27/41 (b) | 700,000 | 799,319 | |
TOTAL INDONESIA | 1,729,690 | ||
Ireland - 0.1% | |||
Vnesheconombank Via VEB Finance PLC 6.8% 11/22/25 (b) | 100,000 | 107,156 | |
Kazakhstan - 0.7% | |||
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) | 400,000 | 370,080 | |
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) | 300,000 | 330,030 | |
TOTAL KAZAKHSTAN | 700,110 | ||
Luxembourg - 0.7% | |||
Petrobras International Finance Co. Ltd. 8.375% 12/10/18 | 300,000 | 328,500 | |
RSHB Capital SA 5.1% 7/25/18 (b) | 400,000 | 410,828 | |
TOTAL LUXEMBOURG | 739,328 | ||
Mexico - 1.6% | |||
Pemex Project Funding Master Trust 6.625% 6/15/35 | 825,000 | 853,009 | |
Petroleos Mexicanos: | |||
6.5% 6/2/41 | 600,000 | 600,900 | |
6.625% (b)(d) | 165,000 | 161,906 | |
TOTAL MEXICO | 1,615,815 | ||
Netherlands - 1.2% | |||
Petrobras Global Finance BV: | |||
6.85% 6/5/2115 | 215,000 | 164,153 | |
7.25% 3/17/44 | 205,000 | 174,906 | |
8.375% 5/23/21 | 175,000 | 185,019 | |
8.75% 5/23/26 | 675,000 | 701,798 | |
TOTAL NETHERLANDS | 1,225,876 | ||
South Africa - 0.3% | |||
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) | 300,000 | 305,862 | |
Trinidad & Tobago - 0.6% | |||
Petroleum Co. of Trinidad & Tobago Ltd.: | |||
6% 5/8/22 (b) | 242,500 | 236,438 | |
9.75% 8/14/19 (b) | 300,000 | 326,625 | |
TOTAL TRINIDAD & TOBAGO | 563,063 | ||
United Arab Emirates - 0.1% | |||
DP World Ltd. 6.85% 7/2/37 (Reg. S) | 100,000 | 115,000 | |
United Kingdom - 0.6% | |||
Biz Finance PLC 9.625% 4/27/22 (b) | 600,000 | 594,000 | |
Venezuela - 1.6% | |||
Petroleos de Venezuela SA: | |||
5.25% 4/12/17 | 300,000 | 209,550 | |
5.5% 4/12/37 | 500,000 | 177,500 | |
6% 11/15/26 (Reg. S) | 1,200,000 | 438,000 | |
8.5% 11/2/17 (b) | 166,667 | 129,750 | |
9% 11/17/21 (Reg. S) | 550,000 | 270,749 | |
12.75% 2/17/22 (b) | 600,000 | 326,700 | |
TOTAL VENEZUELA | 1,552,249 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $11,144,505) | 11,193,688 | ||
Government Obligations - 14.8% | |||
Angola - 0.2% | |||
Angola Republic 9.5% 11/12/25 (b) | 200,000 | 190,540 | |
Argentina - 1.3% | |||
Argentine Republic: | |||
6.25% 4/22/19 (b) | 150,000 | 159,000 | |
6.875% 4/22/21 (b) | 170,000 | 182,920 | |
7% 4/17/17 | 225,000 | 230,123 | |
7.125% 7/6/36 (b) | 150,000 | 152,400 | |
7.5% 4/22/26 (b) | 185,000 | 200,910 | |
8.28% 12/31/33 | 315,459 | 354,102 | |
TOTAL ARGENTINA | 1,279,455 | ||
Armenia - 0.3% | |||
Republic of Armenia 6% 9/30/20 (b) | 325,000 | 332,313 | |
Bahrain - 0.2% | |||
Bahrain Kingdom 6% 9/19/44 (Reg. S) | 200,000 | 165,000 | |
Barbados - 0.2% | |||
Barbados Government 7% 8/4/22 (b) | 250,000 | 247,188 | |
Brazil - 0.8% | |||
Brazilian Federative Republic: | |||
5% 1/27/45 | 200,000 | 182,800 | |
5.625% 2/21/47 | 200,000 | 192,500 | |
8.25% 1/20/34 | 200,000 | 251,500 | |
12.25% 3/6/30 | 100,000 | 167,750 | |
TOTAL BRAZIL | 794,550 | ||
Cameroon - 0.2% | |||
Cameroon Republic 9.5% 11/19/25 (b) | 200,000 | 211,124 | |
Colombia - 0.4% | |||
Colombian Republic: | |||
6.125% 1/18/41 | 100,000 | 114,750 | |
7.375% 9/18/37 | 250,000 | 321,875 | |
TOTAL COLOMBIA | 436,625 | ||
Congo - 0.2% | |||
Congo Republic 4% 6/30/29 (e) | 268,090 | 189,057 | |
Costa Rica - 0.6% | |||
Costa Rican Republic: | |||
4.375% 4/30/25 (b) | 225,000 | 216,000 | |
7.158% 3/12/45 (b) | 400,000 | 427,000 | |
TOTAL COSTA RICA | 643,000 | ||
Croatia - 0.5% | |||
Croatia Republic 6% 1/26/24 (b) | 450,000 | 498,038 | |
Dominican Republic - 0.4% | |||
Dominican Republic 6.6% 1/28/24 (b) | 375,000 | 413,438 | |
Ecuador - 0.4% | |||
Ecuador Republic: | |||
7.95% 6/20/24 (b) | 200,000 | 173,500 | |
10.75% 3/28/22 (b) | 200,000 | 199,300 | |
TOTAL ECUADOR | 372,800 | ||
El Salvador - 0.5% | |||
El Salvador Republic 7.625% 2/1/41 (b) | 450,000 | 461,813 | |
Ethiopia - 0.2% | |||
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) | 200,000 | 190,500 | |
Gabon - 0.2% | |||
Gabonese Republic 6.375% 12/12/24 (b) | 200,000 | 179,900 | |
Ghana - 0.8% | |||
Ghana Republic: | |||
7.875% 8/7/23 (Reg.S) | 400,000 | 347,040 | |
10.75% 10/14/30 (b) | 400,000 | 435,200 | |
TOTAL GHANA | 782,240 | ||
Iraq - 0.4% | |||
Republic of Iraq 5.8% 1/15/28 (Reg. S) | 500,000 | 375,000 | |
Ivory Coast - 0.4% | |||
Ivory Coast 5.375% 7/23/24 (b) | 400,000 | 382,000 | |
Jamaica - 0.2% | |||
Jamaican Government 8% 6/24/19 | 150,000 | 162,188 | |
Jordan - 0.2% | |||
Jordanian Kingdom 6.125% 1/29/26 (b) | 200,000 | 215,520 | |
Kenya - 0.2% | |||
Republic of Kenya 6.875% 6/24/24 (b) | 200,000 | 189,700 | |
Lebanon - 0.8% | |||
Lebanese Republic: | |||
5.45% 11/28/19 | 500,000 | 495,950 | |
6.1% 10/4/22 | 300,000 | 296,772 | |
TOTAL LEBANON | 792,722 | ||
Mongolia - 0.2% | |||
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) | 200,000 | 180,587 | |
Mozambique - 0.1% | |||
Mozambique Republic 10.5% 1/18/23 (b) | 200,000 | 141,000 | |
Netherlands - 0.2% | |||
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) | 203,125 | 198,341 | |
Oman - 0.2% | |||
Sultanate of Oman 4.75% 6/15/26 (b) | 200,000 | 205,232 | |
Pakistan - 0.2% | |||
Islamic Republic of Pakistan 7.25% 4/15/19 (b) | 200,000 | 213,894 | |
Russia - 1.0% | |||
Russian Federation: | |||
5.625% 4/4/42 (b) | 200,000 | 219,500 | |
12.75% 6/24/28 (Reg. S) | 425,000 | 756,315 | |
TOTAL RUSSIA | 975,815 | ||
Rwanda - 0.2% | |||
Republic of Rwanda 6.625% 5/2/23 (b) | 225,000 | 221,877 | |
Senegal - 0.2% | |||
Republic of Senegal 8.75% 5/13/21 (b) | 200,000 | 220,540 | |
Tanzania - 0.2% | |||
United Republic of Tanzania 6.8921% 3/9/20 (f) | 177,778 | 182,222 | |
Turkey - 0.9% | |||
Turkish Republic: | |||
6.875% 3/17/36 | 250,000 | 293,750 | |
7% 6/5/20 | 250,000 | 276,820 | |
11.875% 1/15/30 | 165,000 | 277,664 | |
TOTAL TURKEY | 848,234 | ||
Ukraine - 0.4% | |||
Ukraine Government: | |||
0% 5/31/40 (b)(f) | 430,000 | 145,211 | |
7.75% 9/1/19 (b) | 100,000 | 99,270 | |
7.75% 9/1/20 (b) | 200,000 | 197,040 | |
TOTAL UKRAINE | 441,521 | ||
United States of America - 0.3% | |||
U.S. Treasury Bills, yield at date of purchase 0.28% to 0.32% 9/15/16 to 10/20/16 (g) | 250,000 | 249,913 | |
Venezuela - 0.9% | |||
Venezuelan Republic: | |||
7% 3/31/38 | 650,000 | 265,688 | |
9% 5/7/23 (Reg. S) | 300,000 | 133,125 | |
9.25% 9/15/27 | 650,000 | 312,813 | |
12.75% 8/23/22 | 325,000 | 171,031 | |
TOTAL VENEZUELA | 882,657 | ||
Zambia - 0.2% | |||
Republic of Zambia 8.97% 7/30/27 (b) | 200,000 | 175,500 | |
TOTAL GOVERNMENT OBLIGATIONS | |||
(Cost $14,533,903) | 14,642,044 | ||
Preferred Securities - 0.1% | |||
Colombia - 0.1% | |||
Colombia Telecomunicacines SA 8.5% (Cost $90,831)(b)(d)(f) | 100,000 | 96,114 | |
Shares | Value | ||
Money Market Funds - 5.3% | |||
Fidelity Cash Central Fund, 0.42% (h) | |||
(Cost $5,219,403) | 5,219,403 | 5,219,403 | |
TOTAL INVESTMENT PORTFOLIO - 92.8% | |||
(Cost $84,888,705) | 91,784,178 | ||
NET OTHER ASSETS (LIABILITIES) - 7.2% | 7,127,754 | ||
NET ASSETS - 100% | $98,911,932 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
206 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | Sept. 2016 | 9,079,450 | $160,489 |
The face value of futures purchased as a percentage of Net Assets is 9.2%
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 $13,912,084 or 14.1% of net assets.
(c) Non-income producing - Security is in default.
(d) Security is perpetual in nature with no stated maturity date.
(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) 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 $249,913.
(h) 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 | $8,201 |
Fidelity Securities Lending Cash Central Fund | 51 |
Total | $8,252 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $7,934,306 | $5,169,524 | $2,764,782 | $-- |
Consumer Staples | 5,086,762 | 5,086,762 | -- | -- |
Energy | 4,624,713 | 3,527,645 | 1,095,628 | 1,440 |
Financials | 15,354,576 | 12,052,421 | 3,302,155 | -- |
Health Care | 1,648,403 | 1,648,403 | -- | -- |
Industrials | 3,353,816 | 3,353,816 | -- | -- |
Information Technology | 13,401,408 | 8,920,663 | 4,480,745 | -- |
Materials | 3,807,524 | 3,331,841 | 475,683 | -- |
Telecommunication Services | 3,640,972 | 2,946,379 | 694,593 | -- |
Utilities | 1,780,449 | 1,416,941 | 363,508 | -- |
Corporate Bonds | 11,193,688 | -- | 11,177,848 | 15,840 |
Government Obligations | 14,642,044 | -- | 14,642,044 | -- |
Preferred Securities | 96,114 | -- | 96,114 | -- |
Money Market Funds | 5,219,403 | 5,219,403 | -- | -- |
Total Investments in Securities: | $91,784,178 | $52,673,798 | $39,093,100 | $17,280 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $160,489 | $160,489 | $-- | $-- |
Total Assets | $160,489 | $160,489 | $-- | $-- |
Total Derivative Instruments: | $160,489 | $160,489 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $761,645 |
Level 2 to Level 1 | $8,353,528 |
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.
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 July 31, 2016, the cost of investment securities for income tax purposes was $85,388,103. Net unrealized appreciation aggregated $6,396,075, of which $10,534,150 related to appreciated investment securities and $4,138,075 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0% | |||
Shares | Value | ||
Australia - 2.0% | |||
Amcor Ltd. | 3,956,685 | $45,163,379 | |
Ansell Ltd. | 527,656 | 7,767,219 | |
Aub Group Ltd. | 2,948,275 | 22,831,119 | |
Australia & New Zealand Banking Group Ltd. | 1,452,585 | 28,524,569 | |
Life Healthcare Group Ltd. | 1,672,012 | 2,325,281 | |
TOTAL AUSTRALIA | 106,611,567 | ||
Austria - 0.4% | |||
Andritz AG | 378,900 | 19,316,625 | |
Bailiwick of Jersey - 2.2% | |||
Regus PLC | 5,936,170 | 23,985,052 | |
Sanne Group PLC | 2,222,700 | 11,170,849 | |
Wolseley PLC | 605,653 | 33,770,232 | |
WPP PLC | 2,228,133 | 49,993,809 | |
TOTAL BAILIWICK OF JERSEY | 118,919,942 | ||
Belgium - 2.3% | |||
Anheuser-Busch InBev SA NV | 562,012 | 72,607,561 | |
KBC Groep NV (a) | 942,375 | 48,975,446 | |
TOTAL BELGIUM | 121,583,007 | ||
Bermuda - 0.5% | |||
IHS Markit Ltd. (a) | 715,100 | 24,842,574 | |
Canada - 0.5% | |||
Constellation Software, Inc. | 64,400 | 26,216,248 | |
Cayman Islands - 0.1% | |||
Lifestyle China Group Ltd. (a) | 5,835,500 | 1,165,836 | |
Lifestyle International Holdings Ltd. | 2,387,000 | 3,365,872 | |
TOTAL CAYMAN ISLANDS | 4,531,708 | ||
Denmark - 0.6% | |||
NNIT A/S | 836,084 | 34,493,625 | |
France - 8.3% | |||
ALTEN | 396,500 | 27,492,660 | |
Amundi SA | 693,600 | 30,316,015 | |
AXA SA | 1,569,900 | 31,951,144 | |
Capgemini SA | 406,900 | 39,099,876 | |
Christian Dior SA | 137,297 | 24,828,309 | |
Ipsen SA | 344,600 | 22,480,084 | |
Maisons du Monde SA | 812,900 | 17,358,504 | |
Publicis Groupe SA | 604,300 | 44,995,453 | |
Sanofi SA | 945,019 | 80,490,335 | |
Sodexo SA | 370,700 | 43,412,862 | |
Total SA | 1,618,300 | 77,830,236 | |
TOTAL FRANCE | 440,255,478 | ||
Germany - 8.3% | |||
adidas AG | 350,600 | 57,593,704 | |
Axel Springer Verlag AG | 597,900 | 32,760,842 | |
Bayer AG | 594,897 | 63,950,162 | |
CompuGroup Medical AG | 466,300 | 20,133,510 | |
Continental AG | 148,000 | 31,024,500 | |
Deutsche Post AG | 1,581,850 | 47,201,487 | |
Fresenius SE & Co. KGaA | 777,800 | 58,079,275 | |
mutares AG | 422,100 | 6,366,036 | |
ProSiebenSat.1 Media AG | 641,800 | 29,398,779 | |
SAP AG | 849,155 | 74,320,940 | |
Wirecard AG (b) | 389,600 | 18,115,473 | |
TOTAL GERMANY | 438,944,708 | ||
Hong Kong - 1.7% | |||
AIA Group Ltd. | 9,619,800 | 59,578,185 | |
Techtronic Industries Co. Ltd. | 7,906,000 | 33,474,956 | |
TOTAL HONG KONG | 93,053,141 | ||
Indonesia - 0.5% | |||
PT Bank Rakyat Indonesia Tbk | 30,415,300 | 26,761,563 | |
Ireland - 3.1% | |||
Allergan PLC (a) | 100,500 | 25,421,475 | |
DCC PLC (United Kingdom) | 307,600 | 27,458,438 | |
Kerry Group PLC Class A | 436,664 | 37,370,972 | |
Kingspan Group PLC (Ireland) | 733,400 | 16,853,891 | |
Medtronic PLC | 445,800 | 39,065,454 | |
United Drug PLC (United Kingdom) | 2,288,996 | 17,615,797 | |
TOTAL IRELAND | 163,786,027 | ||
Isle of Man - 0.3% | |||
Playtech Ltd. | 1,545,370 | 17,783,187 | |
Israel - 0.6% | |||
Frutarom Industries Ltd. | 614,172 | 30,731,149 | |
Italy - 2.1% | |||
DiaSorin S.p.A. | 420,800 | 26,486,583 | |
Mediaset SpA | 5,244,600 | 15,878,257 | |
OVS | 3,316,500 | 19,503,275 | |
Recordati SpA | 933,500 | 30,276,374 | |
Reply SpA | 125,622 | 17,977,011 | |
TOTAL ITALY | 110,121,500 | ||
Japan - 19.6% | |||
Ai Holdings Corp. | 1,147,100 | 28,127,381 | |
Arc Land Sakamoto Co. Ltd. | 1,049,000 | 11,646,904 | |
Astellas Pharma, Inc. | 3,555,200 | 59,235,804 | |
Bridgestone Corp. | 910,500 | 31,531,484 | |
Broadleaf Co. Ltd. | 514,300 | 5,162,302 | |
Daiichikosho Co. Ltd. | 594,700 | 27,148,732 | |
Daito Trust Construction Co. Ltd. | 291,800 | 48,998,966 | |
Dentsu, Inc. | 670,100 | 32,013,792 | |
Fukuda Denshi Co. Ltd. | 135,600 | 8,259,551 | |
GMO Internet, Inc. | 1,509,000 | 19,539,170 | |
Hoya Corp. | 789,300 | 28,005,037 | |
Iriso Electronics Co. Ltd. (b) | 333,600 | 19,499,168 | |
Japan Tobacco, Inc. | 1,212,000 | 47,267,665 | |
Kaken Pharmaceutical Co. Ltd. | 356,400 | 23,567,516 | |
KDDI Corp. | 1,687,600 | 51,787,586 | |
Keyence Corp. | 58,490 | 41,257,312 | |
KOMEDA Holdings Co. Ltd. | 1,137,900 | 20,869,422 | |
Leopalace21 Corp. | 1,802,900 | 12,918,831 | |
Makita Corp. | 496,500 | 34,931,567 | |
Miraca Holdings, Inc. | 492,300 | 22,675,257 | |
Miroku Jyoho Service Co., Ltd. | 150,400 | 1,991,565 | |
Misumi Group, Inc. | 1,906,900 | 35,023,895 | |
Nakanishi, Inc. | 718,200 | 24,787,128 | |
NGK Spark Plug Co. Ltd. | 1,224,200 | 19,978,564 | |
Nippon Paint Holdings Co. Ltd. | 888,400 | 24,270,233 | |
Nitori Holdings Co. Ltd. | 322,200 | 40,072,853 | |
NOF Corp. | 1,463,000 | 12,619,685 | |
OBIC Co. Ltd. | 431,900 | 25,142,042 | |
Olympus Corp. | 1,584,800 | 54,688,001 | |
ORIX Corp. | 3,380,800 | 47,444,697 | |
Shinsei Bank Ltd. | 18,066,000 | 27,101,976 | |
Ship Healthcare Holdings, Inc. | 855,300 | 25,869,978 | |
Software Service, Inc. | 108,400 | 4,526,772 | |
Sundrug Co. Ltd. | 208,300 | 18,069,315 | |
The Suruga Bank Ltd. | 829,300 | 18,909,145 | |
Tsuruha Holdings, Inc. | 336,600 | 38,275,789 | |
VT Holdings Co. Ltd. | 3,332,400 | 17,619,271 | |
Welcia Holdings Co. Ltd. | 413,900 | 27,308,993 | |
TOTAL JAPAN | 1,038,143,349 | ||
Luxembourg - 0.4% | |||
Eurofins Scientific SA | 52,259 | 19,598,855 | |
Netherlands - 2.9% | |||
Arcadis NV | 575,500 | 7,704,823 | |
IMCD Group BV | 1,012,578 | 42,933,459 | |
ING Groep NV (Certificaten Van Aandelen) | 4,332,000 | 48,431,760 | |
Intertrust NV | 500,000 | 11,358,880 | |
Koninklijke Philips Electronics NV | 1,643,200 | 43,703,810 | |
TOTAL NETHERLANDS | 154,132,732 | ||
New Zealand - 0.9% | |||
EBOS Group Ltd. | 2,276,701 | 27,129,852 | |
Trade Maine Group Ltd. | 5,669,499 | 20,963,902 | |
TOTAL NEW ZEALAND | 48,093,754 | ||
Panama - 0.3% | |||
Copa Holdings SA Class A | 241,400 | 16,173,800 | |
Portugal - 0.6% | |||
NOS SGPS SA | 4,688,900 | 31,405,962 | |
Spain - 1.6% | |||
Amadeus IT Holding SA Class A | 1,159,600 | 54,443,696 | |
Grifols SA ADR (b) | 1,729,300 | 29,294,342 | |
TOTAL SPAIN | 83,738,038 | ||
Sweden - 4.5% | |||
Addlife AB (a) | 396,232 | 5,822,855 | |
Alfa Laval AB | 1,157,800 | 18,252,567 | |
HEXPOL AB (B Shares) | 3,192,100 | 28,406,967 | |
Nordea Bank AB | 6,696,200 | 59,668,722 | |
Svenska Cellulosa AB (SCA) (B Shares) | 1,690,300 | 50,250,425 | |
Svenska Handelsbanken AB (A Shares) | 2,850,400 | 34,270,444 | |
Swedbank AB (A Shares) | 2,014,600 | 42,330,850 | |
TOTAL SWEDEN | 239,002,830 | ||
Switzerland - 7.9% | |||
Credit Suisse Group AG | 1,947,844 | 22,399,677 | |
Julius Baer Group Ltd. | 782,920 | 32,102,892 | |
Nestle SA | 1,613,561 | 129,298,896 | |
Novartis AG | 1,301,514 | 107,951,754 | |
Sika AG | 8,220 | 38,555,634 | |
Syngenta AG (Switzerland) | 88,162 | 34,672,814 | |
UBS Group AG | 3,899,056 | 53,706,560 | |
TOTAL SWITZERLAND | 418,688,227 | ||
Taiwan - 0.4% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,310,000 | 23,357,368 | |
United Kingdom - 18.9% | |||
Aon PLC | 226,200 | 24,219,234 | |
Ashmore Group PLC (b) | 1,731,078 | 7,629,014 | |
Booker Group PLC | 8,322,600 | 19,165,308 | |
British American Tobacco PLC (United Kingdom) | 814,400 | 51,978,972 | |
BT Group PLC | 9,179,300 | 50,150,505 | |
Cineworld Group PLC | 4,230,000 | 32,889,387 | |
Close Brothers Group PLC | 1,445,021 | 24,096,404 | |
Coca-Cola European Partners PLC | 591,100 | 22,065,763 | |
Compass Group PLC | 1,932,000 | 36,703,782 | |
Dechra Pharmaceuticals PLC | 474,295 | 8,348,486 | |
Diageo PLC | 1,880,800 | 53,897,483 | |
Diploma PLC | 2,151,303 | 24,300,357 | |
Essentra PLC | 3,528,543 | 22,648,774 | |
Exova Group Ltd. PLC | 8,056,935 | 21,379,216 | |
Hikma Pharmaceuticals PLC | 589,972 | 20,566,231 | |
Hilton Food Group PLC | 1,138,579 | 8,995,909 | |
Howden Joinery Group PLC | 4,019,500 | 22,980,703 | |
IMI PLC | 1,164,999 | 16,528,288 | |
Intertek Group PLC | 556,400 | 26,693,325 | |
James Fisher and Sons PLC | 956,986 | 18,947,186 | |
Jardine Lloyd Thompson Group PLC | 1,681,799 | 21,812,614 | |
John Wood Group PLC | 2,056,996 | 17,953,775 | |
London Stock Exchange Group PLC | 747,345 | 27,446,796 | |
Melrose Industries PLC (b) | 965,385 | 8,745,437 | |
Micro Focus International PLC | 1,261,900 | 32,332,392 | |
Next PLC | 240,300 | 15,980,758 | |
Prudential PLC | 2,801,633 | 49,388,520 | |
Reckitt Benckiser Group PLC | 548,300 | 53,163,262 | |
Rio Tinto PLC | 1,347,700 | 43,735,888 | |
Rolls-Royce Group PLC | 1,834,566 | 19,196,178 | |
Rotork PLC | 3,702,547 | 10,662,696 | |
Schroders PLC | 835,100 | 28,934,479 | |
Shawbrook Group PLC (a) | 3,077,686 | 7,657,547 | |
Sinclair Pharma PLC (a) | 10,370,587 | 4,186,111 | |
Softcat PLC | 4,743,200 | 21,801,369 | |
Spectris PLC | 724,800 | 18,024,055 | |
Spirax-Sarco Engineering PLC | 399,510 | 21,059,376 | |
St. James's Place Capital PLC | 2,706,605 | 33,169,842 | |
Standard Life PLC | 6,256,976 | 25,082,528 | |
The Restaurant Group PLC | 2,659,400 | 12,466,363 | |
Victrex PLC | 776,800 | 15,194,667 | |
Volution Group PLC | 47,067 | 96,551 | |
TOTAL UNITED KINGDOM | 1,002,275,531 | ||
United States of America - 6.5% | |||
Alphabet, Inc. Class C (a) | 56,893 | 43,738,769 | |
Cognizant Technology Solutions Corp. Class A (a) | 586,300 | 33,706,387 | |
Fidelity National Information Services, Inc. | 489,600 | 38,937,888 | |
McGraw Hill Financial, Inc. | 495,300 | 60,525,660 | |
McKesson Corp. | 153,117 | 29,790,444 | |
Moody's Corp. | 232,400 | 24,636,724 | |
MSCI, Inc. Class A | 518,700 | 44,628,948 | |
PPG Industries, Inc. | 316,700 | 33,161,657 | |
Verisk Analytics, Inc. (a) | 388,700 | 33,148,336 | |
TOTAL UNITED STATES OF AMERICA | 342,274,813 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,726,577,568) | 5,194,837,308 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
Germany - 1.1% | |||
Henkel AG & Co. KGaA | |||
(Cost $44,826,786) | 468,900 | 58,399,244 | |
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 0.42% (c) | 43,642,897 | 43,642,897 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 28,158,698 | 28,158,698 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $71,801,595) | 71,801,595 | ||
TOTAL INVESTMENT PORTFOLIO - 100.4% | |||
(Cost $4,843,205,949) | 5,325,038,147 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (23,359,238) | ||
NET ASSETS - 100% | $5,301,678,909 |
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 | $326,281 |
Fidelity Securities Lending Cash Central Fund | 2,911,477 |
Total | $3,237,758 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $756,046,134 | $381,475,038 | $374,571,096 | $-- |
Consumer Staples | 688,115,557 | 145,997,196 | 542,118,361 | -- |
Energy | 114,731,197 | 36,900,961 | 77,830,236 | -- |
Financials | 1,105,346,636 | 779,860,344 | 325,486,292 | -- |
Health Care | 932,889,148 | 428,881,853 | 504,007,295 | -- |
Industrials | 596,942,683 | 430,317,001 | 166,625,682 | -- |
Information Technology | 628,066,259 | 389,669,011 | 238,397,248 | -- |
Materials | 329,160,847 | 213,862,227 | 115,298,620 | -- |
Telecommunication Services | 101,938,091 | -- | 101,938,091 | -- |
Money Market Funds | 71,801,595 | 71,801,595 | -- | -- |
Total Investments in Securities: | $5,325,038,147 | $2,878,765,226 | $2,446,272,921 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $69,202,894 |
Level 2 to Level 1 | $283,870,269 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $4,844,074,133. Net unrealized appreciation aggregated $480,964,014, of which $820,331,274 related to appreciated investment securities and $339,367,260 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Australia - 1.0% | |||
1-Page Ltd. (a) | 188,555 | $57,317 | |
Australia & New Zealand Banking Group Ltd. | 176,219 | 3,460,432 | |
Bapcor Ltd. | 486,326 | 2,114,017 | |
Magellan Financial Group Ltd. | 81,493 | 1,414,495 | |
Ramsay Health Care Ltd. | 73,742 | 4,415,410 | |
Spark Infrastructure Group unit | 1,722,821 | 3,430,256 | |
TOTAL AUSTRALIA | 14,891,927 | ||
Austria - 0.2% | |||
Erste Group Bank AG | 65,200 | 1,727,943 | |
Wienerberger AG | 142,700 | 2,201,633 | |
TOTAL AUSTRIA | 3,929,576 | ||
Bailiwick of Jersey - 0.7% | |||
Integrated Diagnostics Holdings PLC | 275,899 | 1,084,283 | |
Randgold Resources Ltd. sponsored ADR | 16,310 | 1,918,219 | |
Regus PLC | 695,121 | 2,808,631 | |
Shire PLC | 50,600 | 3,268,885 | |
Wizz Air Holdings PLC (a) | 34,000 | 697,008 | |
Wolseley PLC | 34,027 | 1,897,291 | |
TOTAL BAILIWICK OF JERSEY | 11,674,317 | ||
Belgium - 0.7% | |||
Anheuser-Busch InBev SA NV | 43,311 | 5,595,443 | |
KBC Groep NV (a) | 94,515 | 4,911,966 | |
TOTAL BELGIUM | 10,507,409 | ||
Bermuda - 0.2% | |||
Credicorp Ltd. (United States) | 6,000 | 961,980 | |
IHS Markit Ltd. (a) | 48,700 | 1,691,838 | |
PAX Global Technology Ltd. | 1,108,000 | 915,431 | |
TOTAL BERMUDA | 3,569,249 | ||
Canada - 2.4% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 37,000 | 1,672,814 | |
Canadian Pacific Railway Ltd. | 29,000 | 4,344,725 | |
Cenovus Energy, Inc. | 576,300 | 8,249,567 | |
Constellation Software, Inc. | 6,100 | 2,483,216 | |
Franco-Nevada Corp. | 19,800 | 1,525,194 | |
PrairieSky Royalty Ltd. (b) | 898,799 | 17,492,040 | |
Suncor Energy, Inc. | 39,400 | 1,060,404 | |
TOTAL CANADA | 36,827,960 | ||
Cayman Islands - 0.8% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 31,400 | 2,589,872 | |
Ctrip.com International Ltd. ADR (a) | 47,600 | 2,078,692 | |
Goodbaby International Holdings Ltd. | 5,171,000 | 2,346,092 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 94,500 | 4,163,670 | |
Tencent Holdings Ltd. | 41,000 | 990,278 | |
TOTAL CAYMAN ISLANDS | 12,168,604 | ||
Chile - 0.2% | |||
Vina San Pedro SA | 333,695,828 | 3,466,175 | |
China - 0.1% | |||
Kweichow Moutai Co. Ltd. | 41,800 | 1,972,123 | |
Cyprus - 0.0% | |||
SPDI Secure Property Development & Investment PLC (a) | 31,822 | 6,317 | |
Denmark - 1.1% | |||
DONG Energy A/S | 79,700 | 3,246,192 | |
NNIT A/S | 115,550 | 4,767,151 | |
Novo Nordisk A/S Series B | 117,880 | 6,703,398 | |
Pandora A/S | 13,200 | 1,718,060 | |
TOTAL DENMARK | 16,434,801 | ||
Finland - 0.2% | |||
Sampo Oyj (A Shares) | 90,700 | 3,758,994 | |
France - 3.4% | |||
Accor SA (b) | 70,980 | 2,969,885 | |
ALTEN | 40,600 | 2,815,137 | |
Altran Technologies SA | 155,600 | 2,258,011 | |
Amundi SA | 38,700 | 1,691,508 | |
Atos Origin SA | 28,717 | 2,814,698 | |
AXA SA | 215,400 | 4,383,895 | |
Capgemini SA | 48,700 | 4,679,685 | |
Cegedim SA (a) | 35,010 | 1,023,150 | |
Dassault Aviation SA | 1,400 | 1,484,670 | |
Havas SA | 315,012 | 2,654,054 | |
Maisons du Monde SA | 74,200 | 1,584,452 | |
Sodexo SA | 25,800 | 3,021,451 | |
SR Teleperformance SA | 18,900 | 1,757,821 | |
Total SA | 248,577 | 11,955,019 | |
VINCI SA | 111,900 | 8,493,324 | |
TOTAL FRANCE | 53,586,760 | ||
Germany - 4.6% | |||
adidas AG | 102,200 | 16,788,581 | |
Axel Springer Verlag AG | 43,237 | 2,369,093 | |
Beiersdorf AG | 15,300 | 1,436,683 | |
Deutsche Borse AG | 47,400 | 3,963,891 | |
Deutsche Post AG | 110,688 | 3,302,866 | |
Deutsche Telekom AG | 224,400 | 3,817,620 | |
Fresenius SE & Co. KGaA | 29,600 | 2,210,268 | |
GEA Group AG | 48,856 | 2,607,334 | |
Henkel AG & Co. KGaA | 23,400 | 2,540,253 | |
KION Group AG | 84,789 | 4,647,755 | |
LEG Immobilien AG | 27,743 | 2,784,987 | |
Nexus AG | 47,000 | 889,604 | |
ProSiebenSat.1 Media AG | 70,700 | 3,238,538 | |
Rational AG | 6,700 | 3,241,183 | |
SAP AG | 115,316 | 10,092,849 | |
Siemens AG | 40,980 | 4,448,233 | |
Symrise AG | 39,500 | 2,783,909 | |
United Internet AG | 15,957 | 705,391 | |
TOTAL GERMANY | 71,869,038 | ||
Greece - 0.1% | |||
Ff Group | 59,300 | 1,458,543 | |
Hong Kong - 1.2% | |||
AIA Group Ltd. | 1,319,800 | 8,173,901 | |
China Resources Beer Holdings Co. Ltd. | 1,100,000 | 2,129,563 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16(a) | 366,666 | 147,453 | |
Techtronic Industries Co. Ltd. | 2,080,500 | 8,809,088 | |
TOTAL HONG KONG | 19,260,005 | ||
India - 1.5% | |||
Bharti Infratel Ltd. | 667,227 | 3,958,016 | |
Dr Lal Pathlabs Ltd. | 46,973 | 685,339 | |
HDFC Bank Ltd. | 176,187 | 3,917,451 | |
HDFC Bank Ltd. sponsored ADR | 120,593 | 8,353,477 | |
Housing Development Finance Corp. Ltd. | 331,422 | 6,834,289 | |
Lupin Ltd. | 1,335 | 34,847 | |
TOTAL INDIA | 23,783,419 | ||
Indonesia - 0.1% | |||
PT Bank Rakyat Indonesia Tbk | 2,121,200 | 1,866,384 | |
PT Kino Indonesia Tbk | 234,500 | 113,683 | |
TOTAL INDONESIA | 1,980,067 | ||
Ireland - 3.5% | |||
Accenture PLC Class A | 93,000 | 10,491,330 | |
Alkermes PLC (a) | 160,695 | 8,018,681 | |
Cairn Homes PLC (a) | 1,347,939 | 1,439,181 | |
CRH PLC | 166,200 | 5,071,626 | |
Dalata Hotel Group PLC (a) | 328,100 | 1,419,577 | |
Green REIT PLC | 621,300 | 1,019,692 | |
Greencore Group PLC | 788,541 | 3,418,816 | |
Irish Continental Group PLC unit | 7,900 | 41,688 | |
James Hardie Industries PLC CDI | 119,520 | 1,980,077 | |
Kerry Group PLC Class A | 49,000 | 4,193,562 | |
Medtronic PLC | 62,000 | 5,433,060 | |
Pentair PLC | 125,000 | 7,977,500 | |
Ryanair Holdings PLC sponsored ADR | 43,870 | 3,104,680 | |
TOTAL IRELAND | 53,609,470 | ||
Isle of Man - 0.3% | |||
Paysafe Group PLC (a) | 794,588 | 4,059,166 | |
Playtech Ltd. | 63,981 | 736,255 | |
TOTAL ISLE OF MAN | 4,795,421 | ||
Israel - 0.8% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 2,004,600 | 3,963,780 | |
Frutarom Industries Ltd. | 62,800 | 3,142,306 | |
Partner Communications Co. Ltd. (a) | 95,779 | 457,394 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 85,700 | 4,584,950 | |
TOTAL ISRAEL | 12,148,430 | ||
Italy - 0.3% | |||
De Longhi SpA | 94,700 | 2,366,297 | |
Intesa Sanpaolo SpA | 833,000 | 1,838,146 | |
Mediaset SpA | 189,800 | 574,628 | |
TOTAL ITALY | 4,779,071 | ||
Japan - 6.8% | |||
A/S One Corp. | 67,300 | 2,777,288 | |
ACOM Co. Ltd. (a) | 186,100 | 880,371 | |
Ain Holdings, Inc. | 37,900 | 2,609,609 | |
Aozora Bank Ltd. | 577,000 | 2,117,247 | |
Astellas Pharma, Inc. | 384,500 | 6,406,438 | |
Broadleaf Co. Ltd. | 104,700 | 1,050,930 | |
Casio Computer Co. Ltd. | 134,100 | 1,908,888 | |
Daiichikosho Co. Ltd. | 46,200 | 2,109,083 | |
Daito Trust Construction Co. Ltd. | 31,700 | 5,323,054 | |
Dentsu, Inc. | 75,700 | 3,616,541 | |
Don Quijote Holdings Co. Ltd. | 53,200 | 2,087,945 | |
Hoya Corp. | 62,600 | 2,221,101 | |
Japan Tobacco, Inc. | 111,400 | 4,344,569 | |
KDDI Corp. | 262,300 | 8,049,232 | |
Keyence Corp. | 4,060 | 2,863,818 | |
LINE Corp. sponsored ADR | 1,502 | 55,153 | |
Misumi Group, Inc. | 191,700 | 3,520,940 | |
Mitsubishi UFJ Financial Group, Inc. | 507,500 | 2,565,679 | |
Monex Group, Inc. | 840,700 | 2,067,446 | |
Nidec Corp. | 19,300 | 1,751,303 | |
Nintendo Co. Ltd. | 11,700 | 2,428,541 | |
Nippon Kanzai Co. Ltd. | 107,000 | 1,779,468 | |
Nippon Telegraph & Telephone Corp. | 60,300 | 2,865,442 | |
Olympus Corp. | 143,400 | 4,948,422 | |
ORIX Corp. | 350,100 | 4,913,153 | |
Seven & i Holdings Co. Ltd. | 64,400 | 2,674,087 | |
Seven Bank Ltd. | 335,400 | 1,145,785 | |
Shionogi & Co. Ltd. | 57,900 | 3,003,147 | |
Sony Corp. | 222,800 | 7,313,836 | |
Sundrug Co. Ltd. | 37,800 | 3,279,021 | |
Tsuruha Holdings, Inc. | 42,400 | 4,821,430 | |
United Arrows Ltd. | 52,600 | 1,466,023 | |
VT Holdings Co. Ltd. | 280,200 | 1,481,491 | |
Welcia Holdings Co. Ltd. | 71,700 | 4,730,744 | |
TOTAL JAPAN | 105,177,225 | ||
Kenya - 0.1% | |||
Safaricom Ltd. | 6,251,600 | 1,174,487 | |
Luxembourg - 0.4% | |||
Eurofins Scientific SA | 11,200 | 4,200,371 | |
Grand City Properties SA | 100,234 | 2,230,026 | |
Senvion SA | 46,500 | 576,796 | |
TOTAL LUXEMBOURG | 7,007,193 | ||
Marshall Islands - 0.1% | |||
Hoegh LNG Partners LP | 49,800 | 950,184 | |
Netherlands - 1.7% | |||
Basic-Fit NV | 37,100 | 612,005 | |
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit | 17,200 | 288,636 | |
IMCD Group BV | 127,200 | 5,393,299 | |
ING Groep NV (Certificaten Van Aandelen) | 371,400 | 4,152,252 | |
RELX NV | 180,224 | 3,247,527 | |
Unilever NV: | |||
(Certificaten Van Aandelen) (Bearer) | 217,800 | 10,089,439 | |
(NY Reg.) | 46,000 | 2,121,520 | |
TOTAL NETHERLANDS | 25,904,678 | ||
New Zealand - 0.4% | |||
EBOS Group Ltd. | 210,137 | 2,504,056 | |
Ryman Healthcare Group Ltd. | 436,814 | 3,006,401 | |
TOTAL NEW ZEALAND | 5,510,457 | ||
Norway - 0.6% | |||
Statoil ASA | 579,600 | 9,214,169 | |
Philippines - 0.2% | |||
D&L Industries, Inc. | 8,349,900 | 1,759,459 | |
SM Investments Corp. | 137,205 | 2,006,032 | |
TOTAL PHILIPPINES | 3,765,491 | ||
South Africa - 0.7% | |||
Distell Group Ltd. | 126,410 | 1,516,328 | |
EOH Holdings Ltd. | 184,122 | 1,879,520 | |
Naspers Ltd. Class N | 47,700 | 7,485,242 | |
TOTAL SOUTH AFRICA | 10,881,090 | ||
Spain - 1.0% | |||
Amadeus IT Holding SA Class A | 102,800 | 4,826,502 | |
Atresmedia Corporacion de Medios de Comunicacion SA | 108,300 | 1,134,514 | |
Grifols SA ADR | 72,900 | 1,234,926 | |
Hispania Activos Inmobiliarios SA | 99,880 | 1,336,640 | |
Inditex SA | 121,914 | 4,216,242 | |
Mediaset Espana Comunicacion SA | 183,300 | 2,106,674 | |
TOTAL SPAIN | 14,855,498 | ||
Sweden - 1.4% | |||
ASSA ABLOY AB (B Shares) | 200,000 | 4,387,613 | |
Getinge AB (B Shares) | 17,412 | 353,042 | |
HEXPOL AB (B Shares) | 189,000 | 1,681,939 | |
Indutrade AB | 56,400 | 1,191,670 | |
Nordea Bank AB | 314,800 | 2,805,130 | |
Saab AB (B Shares) | 65,000 | 2,231,740 | |
Sandvik AB | 142,700 | 1,529,226 | |
Svenska Cellulosa AB (SCA) (B Shares) | 176,300 | 5,241,170 | |
Svenska Handelsbanken AB (A Shares) | 154,000 | 1,851,547 | |
TOTAL SWEDEN | 21,273,077 | ||
Switzerland - 2.0% | |||
ABB Ltd. (Reg.) | 155,150 | 3,295,711 | |
Chubb Ltd. | 11,000 | 1,377,860 | |
GAM Holding Ltd. | 88,177 | 968,928 | |
Julius Baer Group Ltd. | 59,790 | 2,451,632 | |
Kaba Holding AG (B Shares) (Reg.) | 2,620 | 1,915,260 | |
Novartis AG | 56,627 | 4,696,825 | |
Partners Group Holding AG | 15,318 | 7,009,423 | |
Schindler Holding AG (participation certificate) | 10,829 | 2,077,085 | |
Syngenta AG (Switzerland) | 8,303 | 3,265,447 | |
UBS Group AG | 246,320 | 3,392,872 | |
TOTAL SWITZERLAND | 30,451,043 | ||
Taiwan - 0.0% | |||
JHL Biotech, Inc. (a) | 266,104 | 593,777 | |
United Kingdom - 6.0% | |||
AA PLC | 246,910 | 810,070 | |
AstraZeneca PLC sponsored ADR (b) | 80,000 | 2,731,200 | |
B&M European Value Retail S.A. | 583,765 | 1,987,858 | |
BAE Systems PLC | 275,100 | 1,942,366 | |
BCA Marketplace PLC | 511,600 | 1,223,817 | |
BHP Billiton PLC | 192,312 | 2,424,772 | |
Booker Group PLC | 642,000 | 1,478,400 | |
British American Tobacco PLC (United Kingdom) | 81,200 | 5,182,579 | |
BT Group PLC | 385,900 | 2,108,339 | |
Bunzl PLC | 122,700 | 3,840,460 | |
Cineworld Group PLC | 138,500 | 1,076,875 | |
CMC Markets PLC | 899,700 | 3,312,550 | |
Compass Group PLC | 131,200 | 2,492,514 | |
Countryside Properties PLC (a) | 256,100 | 768,706 | |
Dialog Semiconductor PLC (a) | 600 | 19,651 | |
Diploma PLC | 147,500 | 1,666,108 | |
GlaxoSmithKline PLC | 355,700 | 7,943,859 | |
GlaxoSmithKline PLC sponsored ADR | 106,000 | 4,777,420 | |
Hilton Food Group PLC | 350,100 | 2,766,139 | |
Howden Joinery Group PLC | 438,900 | 2,509,325 | |
Imperial Tobacco Group PLC | 106,278 | 5,602,937 | |
London Stock Exchange Group PLC | 46,681 | 1,714,394 | |
McCarthy & Stone PLC | 291,100 | 658,018 | |
Melrose Industries PLC | 98,908 | 896,009 | |
Micro Focus International PLC | 241,800 | 6,195,398 | |
Moneysupermarket.com Group PLC | 393,500 | 1,554,521 | |
NCC Group Ltd. | 347,583 | 1,495,488 | |
Reckitt Benckiser Group PLC | 50,800 | 4,925,577 | |
Rex Bionics PLC (a) | 100,000 | 43,012 | |
Rio Tinto PLC | 79,100 | 2,566,972 | |
SABMiller PLC | 44,000 | 2,570,352 | |
Softcat PLC | 241,800 | 1,111,395 | |
Spirax-Sarco Engineering PLC | 33,846 | 1,784,125 | |
St. James's Place Capital PLC | 123,700 | 1,515,962 | |
Standard Chartered PLC (United Kingdom) | 431,492 | 3,452,617 | |
Virgin Money Holdings Uk PLC | 29,552 | 103,135 | |
Vodafone Group PLC | 1,752,509 | 5,323,919 | |
TOTAL UNITED KINGDOM | 92,576,839 | ||
United States of America - 54.5% | |||
AAON, Inc. | 67,000 | 1,774,160 | |
Activision Blizzard, Inc. | 167,000 | 6,706,720 | |
Acuity Brands, Inc. | 4,000 | 1,049,720 | |
Adobe Systems, Inc. (a) | 453,224 | 44,352,501 | |
Advance Auto Parts, Inc. | 24,000 | 4,076,640 | |
Allison Transmission Holdings, Inc. | 82,000 | 2,363,240 | |
Alphabet, Inc. Class A | 63,000 | 49,854,418 | |
Amazon.com, Inc. (a) | 37,500 | 28,455,375 | |
American Tower Corp. | 237,000 | 27,437,490 | |
American Water Works Co., Inc. | 42,000 | 3,468,360 | |
AT&T, Inc. | 705,000 | 30,519,450 | |
AutoZone, Inc. (a) | 27,700 | 22,546,969 | |
Ball Corp. | 71,000 | 5,017,570 | |
BlackRock, Inc. Class A | 2,000 | 732,500 | |
Boston Scientific Corp. (a) | 680,000 | 16,510,400 | |
Bristol-Myers Squibb Co. | 379,900 | 28,420,319 | |
Burlington Stores, Inc. (a) | 22,000 | 1,683,220 | |
Charter Communications, Inc. Class A (a) | 47,000 | 11,038,890 | |
Cloud Peak Energy, Inc. (a) | 150,000 | 511,500 | |
CME Group, Inc. | 113,000 | 11,553,120 | |
ConocoPhillips Co. | 88,000 | 3,592,160 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 90,900 | 14,964,867 | |
Costco Wholesale Corp. | 56,000 | 9,364,320 | |
Coty, Inc. Class A | 63,556 | 1,707,750 | |
Danaher Corp. | 81,000 | 6,596,640 | |
Deere & Co. | 3,900 | 303,069 | |
Dollar General Corp. | 94,000 | 8,905,560 | |
Dun & Bradstreet Corp. | 18,000 | 2,326,500 | |
Edwards Lifesciences Corp. (a) | 22,000 | 2,519,440 | |
Electronic Arts, Inc. (a) | 145,000 | 11,066,400 | |
EOG Resources, Inc. | 17,000 | 1,388,900 | |
Equifax, Inc. | 26,000 | 3,443,960 | |
Estee Lauder Companies, Inc. Class A | 225,000 | 20,902,500 | |
Exelon Corp. | 35,000 | 1,304,800 | |
Extra Space Storage, Inc. | 83,000 | 7,139,660 | |
Facebook, Inc. Class A (a) | 177,500 | 21,999,350 | |
Fidelity National Information Services, Inc. | 39,000 | 3,101,670 | |
FMC Corp. | 30,000 | 1,426,200 | |
Fortive Corp. (a) | 51,500 | 2,482,815 | |
Global Payments, Inc. | 104,300 | 7,787,038 | |
HealthSouth Corp. warrants 1/17/17 (a) | 341 | 1,149 | |
Home Depot, Inc. | 54,000 | 7,464,960 | |
Illumina, Inc. (a) | 21,000 | 3,493,350 | |
Intercept Pharmaceuticals, Inc. (a) | 45,100 | 7,803,653 | |
Kansas City Southern | 245,000 | 23,546,950 | |
Kinder Morgan, Inc. | 108,000 | 2,195,640 | |
Liberty Interactive Corp. QVC Group Series A (a) | 7,000 | 187,670 | |
Lockheed Martin Corp. | 41,000 | 10,361,930 | |
lululemon athletica, Inc. (a) | 48,000 | 3,727,200 | |
Marsh & McLennan Companies, Inc. | 47,000 | 3,090,250 | |
MasterCard, Inc. Class A | 51,000 | 4,857,240 | |
McGraw Hill Financial, Inc. | 381,349 | 46,600,848 | |
Medivation, Inc. (a) | 199,582 | 12,771,252 | |
Molson Coors Brewing Co. Class B | 154,300 | 15,763,288 | |
Monsanto Co. | 19,700 | 2,103,369 | |
Monster Beverage Corp. (a) | 28,000 | 4,497,640 | |
MSCI, Inc. Class A | 362,300 | 31,172,292 | |
Newell Brands, Inc. | 245,000 | 12,852,700 | |
NextEra Energy, Inc. | 54,000 | 6,927,660 | |
NIKE, Inc. Class B | 58,000 | 3,219,000 | |
Norfolk Southern Corp. | 206,000 | 18,494,680 | |
Northrop Grumman Corp. | 51,000 | 11,048,130 | |
NVIDIA Corp. | 85,000 | 4,853,500 | |
O'Reilly Automotive, Inc. (a) | 22,000 | 6,393,860 | |
Parsley Energy, Inc. Class A (a) | 24,000 | 684,240 | |
PayPal Holdings, Inc. (a) | 401,000 | 14,933,240 | |
Pfizer, Inc. | 213,000 | 7,857,570 | |
Pioneer Natural Resources Co. | 18,000 | 2,926,260 | |
Post Holdings, Inc. (a) | 104,800 | 9,083,016 | |
Prestige Brands Holdings, Inc. (a) | 195,000 | 10,432,500 | |
Priceline Group, Inc. (a) | 2,200 | 2,971,782 | |
PulteGroup, Inc. | 65,000 | 1,376,700 | |
Range Resources Corp. | 89,000 | 3,587,590 | |
Raytheon Co. | 21,000 | 2,930,130 | |
Reynolds American, Inc. | 546,000 | 27,332,760 | |
Salesforce.com, Inc. (a) | 112,300 | 9,186,140 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 31,200 | 749,424 | |
SLM Corp. (a) | 725,000 | 5,212,750 | |
SM Energy Co. | 43,066 | 1,168,381 | |
Spectrum Brands Holdings, Inc. | 17,000 | 2,189,090 | |
Tempur Sealy International, Inc. (a) | 8,000 | 605,040 | |
The Dow Chemical Co. | 172,000 | 9,231,240 | |
The NASDAQ OMX Group, Inc. | 77,000 | 5,448,520 | |
The Williams Companies, Inc. | 17,000 | 407,490 | |
Tractor Supply Co. | 10,000 | 916,500 | |
Union Pacific Corp. | 29,000 | 2,698,450 | |
UnitedHealth Group, Inc. | 132,000 | 18,902,400 | |
Visa, Inc. Class A | 285,300 | 22,267,665 | |
Xylem, Inc. | 185,000 | 8,844,850 | |
TOTAL UNITED STATES OF AMERICA | 845,768,100 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,292,271,218) | 1,541,580,984 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Brazil - 0.1% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR (a)(b) | 109,000 | 946,120 | |
Cayman Islands - 0.1% | |||
China Internet Plus Holdings Ltd. Series A-11 (c) | 369,166 | 1,425,239 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $2,066,154) | 2,371,359 | ||
Money Market Funds - 0.7% | |||
Fidelity Cash Central Fund, 0.42% (d) | 7,979,882 | 7,979,882 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 3,301,590 | 3,301,590 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $11,281,472) | 11,281,472 | ||
TOTAL INVESTMENT PORTFOLIO - 100.2% | |||
(Cost $1,305,618,844) | 1,555,233,815 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (3,080,198) | ||
NET ASSETS - 100% | $1,552,153,617 |
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. Series A-11 | 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 | $64,191 |
Fidelity Securities Lending Cash Central Fund | 154,037 |
Total | $218,228 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $226,856,479 | $167,978,789 | $57,452,451 | $1,425,239 |
Consumer Staples | 196,445,700 | 153,041,471 | 43,404,229 | -- |
Energy | 66,329,664 | 45,160,476 | 21,169,188 | -- |
Financials | 256,433,517 | 222,978,111 | 33,455,406 | -- |
Health Care | 210,527,002 | 168,557,639 | 41,969,363 | -- |
Industrials | 187,932,871 | 164,909,946 | 23,022,925 | -- |
Information Technology | 270,135,435 | 252,709,019 | 17,426,416 | -- |
Materials | 48,099,932 | 34,771,115 | 13,328,817 | -- |
Telecommunication Services | 62,237,679 | 40,073,127 | 22,164,552 | -- |
Utilities | 18,954,064 | 18,954,064 | -- | -- |
Money Market Funds | 11,281,472 | 11,281,472 | -- | -- |
Total Investments in Securities: | $1,555,233,815 | $1,280,415,229 | $273,393,347 | $1,425,239 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $24,682,236 |
Level 2 to Level 1 | $52,608,457 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,307,628,799. Net unrealized appreciation aggregated $247,605,016, of which $284,220,850 related to appreciated investment securities and $36,615,834 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 82.4% | |||
Shares | Value | ||
Argentina - 2.1% | |||
Grupo Financiero Galicia SA sponsored ADR | 202,608 | $6,013,405 | |
Grupo Superveille SA sponsored ADR | 475,000 | 6,436,250 | |
TOTAL ARGENTINA | 12,449,655 | ||
Bermuda - 4.9% | |||
Credicorp Ltd. (United States) | 140,908 | 22,591,780 | |
PAX Global Technology Ltd. (a) | 7,561,967 | 6,247,707 | |
TOTAL BERMUDA | 28,839,487 | ||
Brazil - 36.5% | |||
Ambev SA | 6,243,802 | 36,202,652 | |
BB Seguridade Participacoes SA | 1,602,114 | 14,892,584 | |
CCR SA | 2,130,502 | 12,307,026 | |
Cielo SA | 2,117,948 | 24,005,240 | |
CVC Brasil Operadora e Agencia de Viagens SA | 1,341,033 | 8,933,603 | |
Equatorial Energia SA | 668,406 | 11,447,257 | |
Estacio Participacoes SA | 2,421,505 | 13,181,459 | |
Fibria Celulose SA | 1,110,422 | 6,777,465 | |
FPC Par Corretora de Seguros | 1,667,889 | 6,692,338 | |
Grendene SA | 1,169,731 | 6,201,479 | |
Kroton Educacional SA | 3,718,837 | 16,561,808 | |
MAHLE Metal Leve SA | 764,763 | 6,297,549 | |
Multiplus SA | 621,812 | 8,202,227 | |
Qualicorp SA | 2,460,713 | 16,316,719 | |
Smiles SA | 814,156 | 13,046,985 | |
Tegma Gestao Logistica SA | 2,562,627 | 6,741,675 | |
Valid Solucoes SA | 659,175 | 5,968,843 | |
TOTAL BRAZIL | 213,776,909 | ||
Chile - 3.2% | |||
Banmedica SA | 3,100,772 | 6,086,446 | |
Forus SA | 1,878,297 | 6,741,096 | |
Vina San Pedro SA | 574,573,084 | 5,968,223 | |
TOTAL CHILE | 18,795,765 | ||
France - 1.5% | |||
Edenred SA | 389,832 | 8,840,856 | |
Mexico - 25.4% | |||
Compartamos S.A.B. de CV | 5,797,311 | 10,772,177 | |
Credito Real S.A.B. de CV | 3,856,371 | 7,200,616 | |
Fomento Economico Mexicano S.A.B. de CV unit | 2,628,295 | 23,514,479 | |
Genomma Lab Internacional SA de CV (b) | 9,725,099 | 11,151,447 | |
Gruma S.A.B. de CV Series B | 638,008 | 9,176,086 | |
Grupo Aeroportuario Norte S.A.B. de CV | 1,070,525 | 6,657,809 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,233,321 | 28,661,852 | |
Grupo GICSA SA de CV (b) | 9,351,392 | 6,483,632 | |
Kimberly-Clark de Mexico SA de CV Series A | 4,494,876 | 10,166,810 | |
Megacable Holdings S.A.B. de CV unit | 1,796,523 | 7,200,464 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 894,909 | 8,369,189 | |
Qualitas Controladora S.A.B. de CV | 4,954,982 | 6,955,473 | |
Tenedora Nemak SA de CV | 4,643,936 | 5,277,988 | |
Unifin Financiera SAPI de CV | 2,590,123 | 6,795,101 | |
TOTAL MEXICO | 148,383,123 | ||
Panama - 2.9% | |||
Copa Holdings SA Class A | 102,338 | 6,856,646 | |
Intergroup Financial Services Corp. | 314,911 | 10,234,608 | |
TOTAL PANAMA | 17,091,254 | ||
United Kingdom - 1.5% | |||
British American Tobacco PLC (United Kingdom) | 139,101 | 8,878,103 | |
United States of America - 4.4% | |||
First Cash Financial Services, Inc. | 120,864 | 6,201,532 | |
MercadoLibre, Inc. | 46,959 | 7,188,484 | |
Monsanto Co. | 112,070 | 11,965,714 | |
TOTAL UNITED STATES OF AMERICA | 25,355,730 | ||
TOTAL COMMON STOCKS | |||
(Cost $388,606,404) | 482,410,882 | ||
Nonconvertible Preferred Stocks - 15.7% | |||
Brazil - 15.7% | |||
Alpargatas SA (PN) | 2,325,383 | 8,247,565 | |
Itau Unibanco Holding SA | 4,473,142 | 46,615,923 | |
Itausa-Investimentos Itau SA (PN) | 8,599,551 | 22,172,541 | |
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (b) | 4,099,671 | 15,008,356 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $48,941,847) | 92,044,385 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 0.42% (c) | 11,062,898 | 11,062,898 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 3,570,000 | 3,570,000 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $14,632,898) | 14,632,898 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $452,181,149) | 589,088,165 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (3,477,145) | ||
NET ASSETS - 100% | $585,611,020 |
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 | $28,406 |
Fidelity Securities Lending Cash Central Fund | 28,531 |
Total | $56,937 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $99,892,223 | $99,892,223 | $-- | $-- |
Consumer Staples | 93,906,353 | 85,028,250 | 8,878,103 | -- |
Energy | 15,008,356 | 15,008,356 | -- | -- |
Financials | 208,719,812 | 208,719,812 | -- | -- |
Health Care | 33,554,612 | 33,554,612 | -- | -- |
Industrials | 55,742,044 | 55,742,044 | -- | -- |
Information Technology | 37,441,431 | 37,441,431 | -- | -- |
Materials | 18,743,179 | 18,743,179 | -- | -- |
Utilities | 11,447,257 | 11,447,257 | -- | -- |
Money Market Funds | 14,632,898 | 14,632,898 | -- | -- |
Total Investments in Securities: | $589,088,165 | $580,210,062 | $8,878,103 | $-- |
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 July 31, 2016, the cost of investment securities for income tax purposes was $455,590,405. Net unrealized appreciation aggregated $133,497,760, of which $153,460,087 related to appreciated investment securities and $19,962,327 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value | ||
Austria - 1.2% | |||
Buwog-Gemeinnuetzige Wohnung | 28,835 | $699,232 | |
Wienerberger AG | 28,200 | 435,081 | |
TOTAL AUSTRIA | 1,134,313 | ||
Bailiwick of Jersey - 0.3% | |||
Wizz Air Holdings PLC (a) | 13,888 | 284,707 | |
Bermuda - 0.4% | |||
Central European Media Enterprises Ltd.: | |||
Class A (a) | 50,000 | 115,500 | |
Class A (Czech Republic) (a) | 125,000 | 290,591 | |
TOTAL BERMUDA | 406,091 | ||
Botswana - 0.3% | |||
First National Bank of Botswana Ltd. | 990,388 | 300,286 | |
British Virgin Islands - 0.5% | |||
Lenta Ltd. GDR (a) | 62,600 | 470,126 | |
Canada - 1.2% | |||
Detour Gold Corp. (a) | 29,300 | 766,133 | |
OceanaGold Corp. | 57,000 | 206,058 | |
Potash Corp. of Saskatchewan, Inc. | 12,000 | 187,033 | |
TOTAL CANADA | 1,159,224 | ||
Czech Republic - 0.4% | |||
MONETA Money Bank A/S | 121,300 | 374,063 | |
Estonia - 0.5% | |||
Tallinna Kaubamaja AS | 64,300 | 510,401 | |
Germany - 0.4% | |||
UNIWHEELS AG | 9,302 | 365,692 | |
Greece - 1.7% | |||
Aegean Airlines SA | 28,300 | 225,273 | |
Jumbo SA | 26,536 | 313,583 | |
Motor Oil (HELLAS) Corinth Refineries SA | 58,400 | 682,293 | |
Sarantis SA | 37,800 | 373,582 | |
TOTAL GREECE | 1,594,731 | ||
Hungary - 2.0% | |||
OTP Bank PLC | 76,900 | 1,872,796 | |
Israel - 0.8% | |||
Elbit Systems Ltd. (Israel) | 7,100 | 714,618 | |
Kenya - 1.5% | |||
British American Tobacco Kenya Ltd. | 31,700 | 263,229 | |
Kcb Group Ltd. | 1,269,000 | 400,473 | |
Safaricom Ltd. | 3,777,844 | 709,743 | |
TOTAL KENYA | 1,373,445 | ||
Lithuania - 0.4% | |||
Apranga AB (a) | 142,966 | 401,188 | |
Netherlands - 0.5% | |||
AmRest Holdings NV (a) | 7,800 | 495,194 | |
Nigeria - 1.3% | |||
Dangote Cement PLC | 502,167 | 284,022 | |
Nigerian Breweries PLC | 850,000 | 368,551 | |
Zenith Bank PLC | 10,502,168 | 558,026 | |
TOTAL NIGERIA | 1,210,599 | ||
Pakistan - 1.6% | |||
Engro Corp. Ltd. | 135,000 | 430,789 | |
Indus Motor Co. Ltd. | 22,000 | 249,005 | |
Millat Tractors Ltd. | 77,000 | 420,270 | |
United Bank Ltd. | 246,500 | 435,928 | |
TOTAL PAKISTAN | 1,535,992 | ||
Poland - 1.5% | |||
Kruk SA | 8,900 | 478,470 | |
NG2 SA | 12,100 | 551,919 | |
Orbis SA | 24,200 | 378,193 | |
TOTAL POLAND | 1,408,582 | ||
Qatar - 2.2% | |||
Al Meera Consumer Goods Co. (a) | 6,671 | 401,200 | |
Qatar National Bank SAQ | 40,945 | 1,720,355 | |
TOTAL QATAR | 2,121,555 | ||
Romania - 3.4% | |||
Banca Transilvania SA | 2,656,052 | 1,521,080 | |
BRD-Groupe Societe Generale | 521,241 | 1,280,436 | |
Fondul Propietatea SA GDR | 40,900 | 407,773 | |
TOTAL ROMANIA | 3,209,289 | ||
Russia - 17.9% | |||
Gazprom OAO | 2,068,165 | 4,312,364 | |
Lukoil PJSC (a) | 14,300 | 622,121 | |
Lukoil PJSC sponsored ADR | 81,695 | 3,492,461 | |
Magnit OJSC | 6,622 | 1,024,559 | |
MegaFon PJSC GDR | 11,100 | 109,668 | |
Moscow Exchange MICEX-RTS OAO (a) | 612,000 | 1,052,707 | |
NOVATEK OAO (a) | 161,200 | 1,583,175 | |
Sberbank of Russia | 2,259,220 | 4,772,412 | |
TOTAL RUSSIA | 16,969,467 | ||
South Africa - 45.2% | |||
African Rainbow Minerals Ltd. | 131,200 | 932,778 | |
AngloGold Ashanti Ltd. (a) | 109,800 | 2,397,708 | |
Aveng Ltd. (a) | 1,320,000 | 378,467 | |
Barloworld Ltd. | 176,200 | 1,045,554 | |
Cashbuild Ltd. | 15,200 | 412,816 | |
City Lodge Hotels Ltd. | 43,000 | 489,437 | |
Clicks Group Ltd. | 129,167 | 1,156,257 | |
DRDGOLD Ltd. | 1,931,114 | 1,583,127 | |
Exxaro Resources Ltd. | 101,000 | 603,908 | |
FirstRand Ltd. | 784,200 | 2,745,018 | |
Grindrod Ltd. | 367,700 | 306,212 | |
Holdsport Ltd. | 149,400 | 634,893 | |
Hulamin Ltd. | 1,042,200 | 436,964 | |
Imperial Holdings Ltd. | 86,900 | 1,037,573 | |
KAP Industrial Holdings Ltd. | 1,172,600 | 548,234 | |
Kumba Iron Ore Ltd. (a) | 80,000 | 780,967 | |
Life Healthcare Group Holdings Ltd. | 246,100 | 669,268 | |
Mr Price Group Ltd. | 78,200 | 1,289,508 | |
MTN Group Ltd. | 110,850 | 1,120,473 | |
Murray & Roberts Holdings Ltd. | 531,100 | 493,175 | |
Nampak Ltd. | 897,800 | 1,371,803 | |
Naspers Ltd. Class N | 43,000 | 6,747,702 | |
Northam Platinum Ltd. (a) | 337,000 | 1,247,370 | |
Pioneer Foods Ltd. | 114,500 | 1,476,488 | |
PSG Group Ltd. | 110,600 | 1,579,414 | |
Remgro Ltd. | 146,400 | 2,744,225 | |
RMB Holdings Ltd. | 211,800 | 949,047 | |
Sasol Ltd. | 49,700 | 1,322,458 | |
Shoprite Holdings Ltd. | 146,100 | 2,139,730 | |
Spar Group Ltd. | 83,900 | 1,251,617 | |
Spur Corp. Ltd. | 100,000 | 226,925 | |
Steinhoff International Holdings NV (South Africa) | 303,400 | 1,918,373 | |
Super Group Ltd. (a) | 153,000 | 447,937 | |
Telkom SA Ltd. | 92,000 | 426,953 | |
TOTAL SOUTH AFRICA | 42,912,379 | ||
Turkey - 2.8% | |||
Aselsan A/S | 136,000 | 430,200 | |
Koc Holding A/S | 217,850 | 933,398 | |
Turk Traktor ve Ziraat Makinalari A/S | 18,000 | 502,502 | |
Turkiye Garanti Bankasi A/S | 323,000 | 794,521 | |
TOTAL TURKEY | 2,660,621 | ||
United Arab Emirates - 5.3% | |||
Agthia Group PJSC | 201,093 | 424,864 | |
Aldar Properties PJSC (a) | 1,635,877 | 1,282,726 | |
Dubai Islamic Bank Pakistan Ltd. (a) | 611,421 | 900,593 | |
Dubai Parks and Resorts PJSC (a) | 670,000 | 302,812 | |
Emaar Malls Group PJSC (a) | 904,599 | 714,241 | |
First Gulf Bank PJSC | 359,351 | 1,183,846 | |
SHUAA Capital PSC (a) | 983,913 | 176,536 | |
TOTAL UNITED ARAB EMIRATES | 4,985,618 | ||
United Kingdom - 2.9% | |||
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a)(b) | 9,800 | 357,841 | |
Georgia Healthcare Group PLC (a) | 43,600 | 176,569 | |
Mediclinic International PLC | 26,500 | 374,174 | |
NMC Health PLC | 30,500 | 446,036 | |
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (a)(b) | 14,000 | 550,772 | |
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(b) | 52,800 | 506,839 | |
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(b) | 40,361 | 350,844 | |
TOTAL UNITED KINGDOM | 2,763,075 | ||
TOTAL COMMON STOCKS | |||
(Cost $76,120,483) | 91,234,052 | ||
Nonconvertible Preferred Stocks - 2.8% | |||
Russia - 2.8% | |||
Surgutneftegas OJSC (a) | 2,989,300 | 1,477,400 | |
Tatneft PAO (a) | 464,500 | 1,189,582 | |
TOTAL RUSSIA | |||
(Cost $3,085,550) | 2,666,982 | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 0.42% (c) | |||
(Cost $1,246,355) | 1,246,355 | 1,246,355 | |
TOTAL INVESTMENT PORTFOLIO - 100.3% | |||
(Cost $80,452,388) | 95,147,389 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (252,719) | ||
NET ASSETS - 100% | $94,894,670 |
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 $1,766,296 or 1.9% 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 | $3,823 |
Fidelity Securities Lending Cash Central Fund | 79 |
Total | $3,902 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $16,668,841 | $9,921,139 | $6,747,702 | $-- |
Consumer Staples | 9,860,604 | 9,860,604 | -- | -- |
Energy | 15,285,762 | 7,551,419 | 7,734,343 | -- |
Financials | 30,710,500 | 23,377,271 | 7,333,229 | -- |
Health Care | 1,666,047 | 1,666,047 | -- | -- |
Industrials | 6,282,610 | 6,282,610 | -- | -- |
Materials | 11,059,833 | 7,078,998 | 3,980,835 | -- |
Telecommunication Services | 2,366,837 | 1,246,364 | 1,120,473 | -- |
Money Market Funds | 1,246,355 | 1,246,355 | -- | -- |
Total Investments in Securities: | $95,147,389 | $68,230,807 | $26,916,582 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $6,958,763 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $81,186,427. Net unrealized appreciation aggregated $13,960,962, of which $20,004,475 related to appreciated investment securities and $6,043,513 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Auto Components - 3.8% | |||
Bridgestone Corp. | 197,000 | $6,822,298 | |
Hi-Lex Corp. | 187,200 | 4,966,461 | |
Kinugawa Rubber Industrial Co. Ltd. | 1,369,884 | 10,373,916 | |
22,162,675 | |||
Distributors - 2.4% | |||
Central Automotive Products Ltd. | 885,000 | 7,797,966 | |
Chori Co. Ltd. | 406,100 | 6,073,753 | |
13,871,719 | |||
Diversified Consumer Services - 1.4% | |||
Asante, Inc. | 572,500 | 8,576,391 | |
Hotels, Restaurants & Leisure - 1.5% | |||
KOMEDA Holdings Co. Ltd. | 180,200 | 3,304,921 | |
Koshidaka Holdings Co. Ltd. | 286,600 | 5,754,857 | |
9,059,778 | |||
Media - 2.4% | |||
Daiichikosho Co. Ltd. | 237,400 | 10,837,580 | |
Proto Corp. | 281,500 | 3,195,997 | |
14,033,577 | |||
Specialty Retail - 7.3% | |||
Arc Land Sakamoto Co. Ltd. | 611,700 | 6,791,622 | |
Asahi Co. Ltd. | 687,600 | 9,742,304 | |
Fuji Corp. | 303,300 | 5,010,214 | |
Nitori Holdings Co. Ltd. | 108,100 | 13,444,678 | |
VT Holdings Co. Ltd. | 1,487,400 | 7,864,273 | |
42,853,091 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Hagihara Industries, Inc. | 276,400 | 6,885,133 | |
TOTAL CONSUMER DISCRETIONARY | 117,442,364 | ||
CONSUMER STAPLES - 13.5% | |||
Food & Staples Retailing - 5.7% | |||
Kato Sangyo | 311,600 | 7,516,723 | |
Mitsubishi Shokuhin Co. Ltd. | 314,600 | 8,707,067 | |
San-A Co. Ltd. | 179,900 | 8,982,926 | |
Sogo Medical Co. Ltd. | 218,700 | 8,367,879 | |
33,574,595 | |||
Food Products - 6.7% | |||
Japan Meat Co. Ltd. | 413,000 | 5,901,444 | |
Kotobuki Spirits Co. Ltd. | 434,000 | 13,147,194 | |
Rokko Butter Co. Ltd. | 259,500 | 5,861,342 | |
S Foods, Inc. (a) | 276,300 | 7,429,798 | |
Toyo Suisan Kaisha Ltd. | 154,000 | 6,839,628 | |
39,179,406 | |||
Tobacco - 1.1% | |||
Japan Tobacco, Inc. | 158,300 | 6,173,656 | |
TOTAL CONSUMER STAPLES | 78,927,657 | ||
ENERGY - 1.8% | |||
Energy Equipment & Services - 0.9% | |||
Shinko Plantech Co. Ltd. | 722,900 | 5,232,454 | |
Oil, Gas & Consumable Fuels - 0.9% | |||
San-Ai Oil Co. Ltd. | 808,000 | 5,424,858 | |
TOTAL ENERGY | 10,657,312 | ||
FINANCIALS - 9.2% | |||
Banks - 1.9% | |||
Fukuoka Financial Group, Inc. | 1,178,000 | 4,500,703 | |
Shinsei Bank Ltd. | 4,382,000 | 6,573,722 | |
11,074,425 | |||
Diversified Financial Services - 2.9% | |||
Fuyo General Lease Co. Ltd. | 166,000 | 7,533,269 | |
ORIX Corp. | 660,300 | 9,266,367 | |
16,799,636 | |||
Insurance - 1.8% | |||
Tokio Marine Holdings, Inc. | 268,300 | 10,385,152 | |
Real Estate Management & Development - 2.6% | |||
Century21 Real Estate Japan Ltd. | 198,700 | 2,551,899 | |
Daito Trust Construction Co. Ltd. | 77,600 | 13,030,568 | |
15,582,467 | |||
TOTAL FINANCIALS | 53,841,680 | ||
HEALTH CARE - 8.0% | |||
Health Care Equipment & Supplies - 3.5% | |||
Fukuda Denshi Co. Ltd. | 118,400 | 7,211,879 | |
Medikit Co. Ltd. | 208,200 | 8,015,825 | |
Paramount Bed Holdings Co. Ltd. | 138,900 | 5,274,569 | |
20,502,273 | |||
Health Care Providers & Services - 3.1% | |||
A/S One Corp. | 235,600 | 9,722,570 | |
Miraca Holdings, Inc. | 182,800 | 8,419,738 | |
18,142,308 | |||
Pharmaceuticals - 1.4% | |||
Astellas Pharma, Inc. | 476,100 | 7,932,653 | |
TOTAL HEALTH CARE | 46,577,234 | ||
INDUSTRIALS - 24.3% | |||
Air Freight & Logistics - 0.8% | |||
AIT Corp. | 525,400 | 4,410,841 | |
Building Products - 3.7% | |||
Bunka Shutter Co. Ltd. | 695,700 | 5,697,676 | |
Sekisui Jushi Corp. | 558,200 | 9,102,762 | |
Sinko Industries Ltd. | 577,300 | 6,658,986 | |
21,459,424 | |||
Commercial Services & Supplies - 2.9% | |||
Aeon Delight Co. Ltd. | 275,000 | 8,361,377 | |
ProNexus, Inc. | 830,700 | 8,778,781 | |
17,140,158 | |||
Construction & Engineering - 2.9% | |||
Hokuriku Electrical Construction Co. Ltd. | 829,900 | 6,355,598 | |
Toshiba Plant Systems & Services Corp. | 587,900 | 10,384,247 | |
16,739,845 | |||
Electrical Equipment - 1.1% | |||
Aichi Electric Co. Ltd. | 919,000 | 2,957,552 | |
Denyo Co. Ltd. | 345,900 | 3,601,325 | |
6,558,877 | |||
Machinery - 2.3% | |||
Daiwa Industries Ltd. | 689,500 | 6,276,803 | |
Oiles Corp. | 404,580 | 7,218,241 | |
13,495,044 | |||
Marine - 0.5% | |||
Nippon Concept Corp. | 322,100 | 3,009,818 | |
Professional Services - 4.0% | |||
Funai Soken Holdings, Inc. | 405,020 | 5,621,878 | |
Meitec Corp. | 79,100 | 2,632,946 | |
Weathernews, Inc. | 238,900 | 7,368,401 | |
Yamada Consulting Group Co. Ltd. | 186,300 | 7,918,566 | |
23,541,791 | |||
Trading Companies & Distributors - 4.8% | |||
Inaba Denki Sangyo Co. Ltd. | 196,600 | 7,119,473 | |
Mitani Shoji Co. Ltd. | 299,900 | 9,238,945 | |
Yamazen Co. Ltd. | 823,900 | 7,076,212 | |
Yuasa Trading Co. Ltd. | 215,800 | 4,739,178 | |
28,173,808 | |||
Transportation Infrastructure - 1.3% | |||
Kamigumi Co. Ltd. | 863,000 | 7,766,412 | |
TOTAL INDUSTRIALS | 142,296,018 | ||
INFORMATION TECHNOLOGY - 9.6% | |||
Electronic Equipment & Components - 2.7% | |||
Amano Corp. | 663,400 | 10,731,755 | |
Macnica Fuji Electronics Holdings, Inc. | 529,100 | 5,126,675 | |
15,858,430 | |||
IT Services - 1.1% | |||
TKC Corp. | 232,800 | 6,590,863 | |
Software - 3.1% | |||
Broadleaf Co. Ltd. | 312,000 | 3,131,710 | |
Oracle Corp. Japan | 102,600 | 6,241,790 | |
SRA Holdings, Inc. | 416,500 | 8,926,191 | |
18,299,691 | |||
Technology Hardware, Storage & Peripherals - 2.7% | |||
Elecom Co. Ltd. | 677,900 | 15,617,392 | |
TOTAL INFORMATION TECHNOLOGY | 56,366,376 | ||
MATERIALS - 6.6% | |||
Chemicals - 6.6% | |||
C. Uyemura & Co. Ltd. | 128,400 | 5,634,870 | |
Kuraray Co. Ltd. | 705,400 | 8,896,539 | |
Lintec Corp. | 412,700 | 8,736,790 | |
Sakata INX Corp. | 570,800 | 7,264,096 | |
SK Kaken Co. Ltd. | 81,000 | 8,208,394 | |
38,740,689 | |||
TELECOMMUNICATION SERVICES - 1.6% | |||
Wireless Telecommunication Services - 1.6% | |||
KDDI Corp. | 303,200 | 9,304,335 | |
UTILITIES - 3.5% | |||
Electric Utilities - 2.1% | |||
Hokuriku Electric Power Co., Inc. | 375,900 | 4,458,894 | |
The Okinawa Electric Power Co., Inc. | 391,875 | 7,891,137 | |
12,350,031 | |||
Gas Utilities - 1.4% | |||
Tokyo Gas Co. Ltd. | 1,936,000 | 8,241,370 | |
TOTAL UTILITIES | 20,591,401 | ||
TOTAL COMMON STOCKS | |||
(Cost $459,102,107) | 574,745,066 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 0.42% (b) | 11,882,282 | 11,882,282 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (b)(c) | 3,131,766 | 3,131,766 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $15,014,048) | 15,014,048 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $474,116,155) | 589,759,114 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (3,783,324) | ||
NET ASSETS - 100% | $585,975,790 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) 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.
(c) 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 | $57,500 |
Fidelity Securities Lending Cash Central Fund | 38,788 |
Total | $96,288 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $117,442,364 | $-- | $117,442,364 | $-- |
Consumer Staples | 78,927,657 | -- | 78,927,657 | -- |
Energy | 10,657,312 | -- | 10,657,312 | -- |
Financials | 53,841,680 | -- | 53,841,680 | -- |
Health Care | 46,577,234 | -- | 46,577,234 | -- |
Industrials | 142,296,018 | -- | 142,296,018 | -- |
Information Technology | 56,366,376 | -- | 56,366,376 | -- |
Materials | 38,740,689 | -- | 38,740,689 | -- |
Telecommunication Services | 9,304,335 | -- | 9,304,335 | -- |
Utilities | 20,591,401 | -- | 20,591,401 | -- |
Money Market Funds | 15,014,048 | 15,014,048 | -- | -- |
Total Investments in Securities: | $589,759,114 | $15,014,048 | $574,745,066 | $-- |
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 July 31, 2016, the cost of investment securities for income tax purposes was $480,083,978. Net unrealized appreciation aggregated $109,675,136, of which $124,512,559 related to appreciated investment securities and $14,837,423 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 3.3% | |||
Auto Components - 0.3% | |||
Magna International, Inc. Class A (sub. vtg.) | 90,900 | $3,501,911 | |
Media - 2.0% | |||
Cogeco Communications, Inc. | 163,200 | 8,032,192 | |
Corus Entertainment, Inc. Class B (non-vtg.) | 528,700 | 5,223,628 | |
DHX Media Ltd. | 773,000 | 4,156,137 | |
Quebecor, Inc. Class B (sub. vtg.) | 355,400 | 10,947,948 | |
28,359,905 | |||
Specialty Retail - 0.7% | |||
AutoCanada, Inc. (a) | 239,900 | 3,904,473 | |
Sleep Country Canada Holdings, Inc. | 241,600 | 5,588,266 | |
9,492,739 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Gildan Activewear, Inc. | 157,690 | 4,626,894 | |
TOTAL CONSUMER DISCRETIONARY | 45,981,449 | ||
CONSUMER STAPLES - 8.0% | |||
Beverages - 0.5% | |||
Molson Coors Brewing Co. Class B | 63,000 | 6,436,080 | |
Food & Staples Retailing - 6.8% | |||
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) | 640,800 | 28,971,335 | |
George Weston Ltd. | 369,500 | 32,816,773 | |
Jean Coutu Group, Inc. Class A (sub. vtg.) | 395,700 | 5,731,005 | |
Metro, Inc. Class A (sub. vtg.) | 471,795 | 17,153,225 | |
North West Co., Inc. | 467,300 | 10,916,134 | |
95,588,472 | |||
Food Products - 0.2% | |||
AGT Food & Ingredients, Inc. | 103,100 | 2,500,806 | |
Tobacco - 0.5% | |||
Imperial Tobacco Group PLC | 138,463 | 7,299,718 | |
TOTAL CONSUMER STAPLES | 111,825,076 | ||
ENERGY - 19.8% | |||
Energy Equipment & Services - 1.4% | |||
Canadian Energy Services & Technology Corp. | 2,099,800 | 5,661,009 | |
Pason Systems, Inc. | 482,500 | 6,463,390 | |
ZCL Composites, Inc. | 988,700 | 6,800,081 | |
18,924,480 | |||
Oil, Gas & Consumable Fuels - 18.4% | |||
ARC Resources Ltd. | 788,100 | 13,864,862 | |
Canadian Natural Resources Ltd. | 849,898 | 25,738,113 | |
Cenovus Energy, Inc. | 1,259,000 | 18,022,219 | |
Enbridge, Inc. | 1,238,400 | 50,943,564 | |
Imperial Oil Ltd. | 602,200 | 18,527,457 | |
Keyera Corp. | 207,404 | 5,953,741 | |
Painted Pony Petroleum Ltd. (b) | 740,200 | 4,892,526 | |
Parkland Fuel Corp. | 394,400 | 6,999,003 | |
Peyto Exploration & Development Corp. | 445,000 | 12,644,660 | |
PrairieSky Royalty Ltd. | 617,618 | 12,019,816 | |
Raging River Exploration, Inc. (b) | 865,700 | 6,862,478 | |
Seven Generations Energy Ltd. rights (b) | 184,700 | 3,860,501 | |
Spartan Energy Corp. (b) | 2,184,800 | 5,488,564 | |
Suncor Energy, Inc. | 2,400,700 | 64,611,954 | |
Whitecap Resources, Inc. | 931,400 | 6,912,470 | |
257,341,928 | |||
TOTAL ENERGY | 276,266,408 | ||
FINANCIALS - 31.0% | |||
Banks - 19.6% | |||
Bank of Nova Scotia | 780,100 | 39,618,911 | |
Royal Bank of Canada | 2,002,700 | 122,080,875 | |
The Toronto-Dominion Bank | 2,571,100 | 112,028,399 | |
273,728,185 | |||
Capital Markets - 0.9% | |||
Amundi SA | 139,100 | 6,079,812 | |
Ashmore Group PLC (a) | 1,088,600 | 4,797,557 | |
Uranium Participation Corp. (b) | 624,800 | 1,918,928 | |
12,796,297 | |||
Consumer Finance - 0.2% | |||
International Personal Finance PLC | 739,300 | 2,623,162 | |
Diversified Financial Services - 0.6% | |||
Element Financial Corp. | 709,500 | 7,618,573 | |
Insurance - 7.9% | |||
Fairfax Financial Holdings Ltd. (sub. vtg.) | 31,300 | 16,781,153 | |
Intact Financial Corp. | 317,325 | 22,746,101 | |
Manulife Financial Corp. | 249,600 | 3,402,811 | |
Power Corp. of Canada (sub. vtg.) | 1,049,000 | 22,849,585 | |
Sun Life Financial, Inc. | 1,328,800 | 43,782,772 | |
109,562,422 | |||
Real Estate Investment Trusts - 1.8% | |||
Allied Properties (REIT) | 396,700 | 12,037,877 | |
H&R REIT/H&R Finance Trust | 759,600 | 13,526,366 | |
25,564,243 | |||
TOTAL FINANCIALS | 431,892,882 | ||
HEALTH CARE - 0.4% | |||
Pharmaceuticals - 0.4% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 116,000 | 6,206,000 | |
INDUSTRIALS - 6.6% | |||
Airlines - 0.5% | |||
WestJet Airlines Ltd. | 400,400 | 7,053,345 | |
Professional Services - 0.6% | |||
Stantec, Inc. | 330,300 | 8,406,440 | |
Road & Rail - 5.4% | |||
Canadian National Railway Co. | 1,082,700 | 68,636,372 | |
TransForce, Inc. | 307,400 | 6,024,866 | |
74,661,238 | |||
Trading Companies & Distributors - 0.1% | |||
Toromont Industries Ltd. | 44,600 | 1,339,042 | |
TOTAL INDUSTRIALS | 91,460,065 | ||
INFORMATION TECHNOLOGY - 4.1% | |||
IT Services - 1.7% | |||
CGI Group, Inc. Class A (sub. vtg.) (b) | 494,500 | 24,008,237 | |
Software - 2.4% | |||
Constellation Software, Inc. | 41,000 | 16,690,468 | |
Open Text Corp. | 271,814 | 16,563,031 | |
33,253,499 | |||
TOTAL INFORMATION TECHNOLOGY | 57,261,736 | ||
MATERIALS - 16.0% | |||
Chemicals - 2.7% | |||
Agrium, Inc. | 261,200 | 23,706,353 | |
Monsanto Co. | 55,600 | 5,936,412 | |
Potash Corp. of Saskatchewan, Inc. | 497,500 | 7,754,088 | |
37,396,853 | |||
Construction Materials - 0.4% | |||
CRH PLC | 215,700 | 6,582,128 | |
Containers & Packaging - 1.0% | |||
CCL Industries, Inc. Class B | 76,300 | 13,657,037 | |
Metals & Mining - 11.2% | |||
Agnico Eagle Mines Ltd. (Canada) | 431,900 | 25,133,659 | |
Barrick Gold Corp. | 639,200 | 13,957,486 | |
Detour Gold Corp. (b) | 514,500 | 13,453,092 | |
Franco-Nevada Corp. | 237,700 | 18,327,468 | |
Goldcorp, Inc. | 232,500 | 4,154,425 | |
Labrador Iron Ore Royalty Corp. (a) | 514,200 | 5,891,649 | |
Lundin Mining Corp. (b) | 2,411,600 | 10,084,890 | |
Randgold Resources Ltd. | 115,164 | 13,552,289 | |
Silver Wheaton Corp. | 807,900 | 22,554,249 | |
Tahoe Resources, Inc. | 825,200 | 12,811,093 | |
Teck Resources Ltd. Class B (sub. vtg.) | 592,400 | 9,441,921 | |
Torex Gold Resources, Inc. (b) | 319,870 | 6,634,304 | |
155,996,525 | |||
Paper & Forest Products - 0.7% | |||
Stella-Jones, Inc. | 95,800 | 3,415,532 | |
Western Forest Products, Inc. | 4,134,900 | 6,777,227 | |
10,192,759 | |||
TOTAL MATERIALS | 223,825,302 | ||
TELECOMMUNICATION SERVICES - 7.3% | |||
Diversified Telecommunication Services - 3.4% | |||
TELUS Corp. | 1,403,800 | 46,974,321 | |
Wireless Telecommunication Services - 3.9% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 1,237,000 | 54,637,759 | |
TOTAL TELECOMMUNICATION SERVICES | 101,612,080 | ||
UTILITIES - 0.6% | |||
Electric Utilities - 0.6% | |||
Hydro One Ltd. | 437,200 | 8,682,722 | |
TOTAL COMMON STOCKS | |||
(Cost $1,096,619,312) | 1,355,013,720 | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund, 0.42% (c) | 28,200,392 | 28,200,392 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 4,890,297 | 4,890,297 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $33,090,689) | 33,090,689 | ||
TOTAL INVESTMENT PORTFOLIO - 99.5% | |||
(Cost $1,129,710,001) | 1,388,104,409 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 6,541,535 | ||
NET ASSETS - 100% | $1,394,645,944 |
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 | $77,382 |
Fidelity Securities Lending Cash Central Fund | 1,252,438 |
Total | $1,329,820 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $45,981,449 | $45,981,449 | $-- | $-- |
Consumer Staples | 111,825,076 | 111,825,076 | -- | -- |
Energy | 276,266,408 | 276,266,408 | -- | -- |
Financials | 431,892,882 | 431,892,882 | -- | -- |
Health Care | 6,206,000 | 6,206,000 | -- | -- |
Industrials | 91,460,065 | 91,460,065 | -- | -- |
Information Technology | 57,261,736 | 57,261,736 | -- | -- |
Materials | 223,825,302 | 203,690,885 | 20,134,417 | -- |
Telecommunication Services | 101,612,080 | 101,612,080 | -- | -- |
Utilities | 8,682,722 | 8,682,722 | -- | -- |
Money Market Funds | 33,090,689 | 33,090,689 | -- | -- |
Total Investments in Securities: | $1,388,104,409 | $1,367,969,992 | $20,134,417 | $-- |
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 July 31, 2016, the cost of investment securities for income tax purposes was $1,139,482,777. Net unrealized appreciation aggregated $248,621,632, of which $323,449,454 related to appreciated investment securities and $74,827,822 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Australia - 14.1% | |||
1-Page Ltd. (a)(b) | 872,167 | $265,121 | |
Aconex Ltd. (a) | 909,243 | 5,541,653 | |
ALS Ltd. | 815,324 | 3,159,988 | |
Amcor Ltd. | 447,130 | 5,103,743 | |
Ansell Ltd. | 231,725 | 3,411,046 | |
ARB Corp. Ltd. (b) | 114,454 | 1,578,675 | |
Arena (REIT) unit | 2,192,142 | 3,814,953 | |
Asaleo Care Ltd. | 3,476,847 | 3,593,433 | |
Australia & New Zealand Banking Group Ltd. | 517,822 | 10,168,527 | |
Blue Sky Alternative Investments Ltd. | 812,543 | 4,785,563 | |
Commonwealth Bank of Australia | 240,378 | 14,129,931 | |
CSL Ltd. | 106,723 | 9,570,289 | |
Hansen Technologies Ltd. | 683,174 | 2,154,589 | |
HUB24 Ltd. (a) | 220,633 | 751,162 | |
Magellan Financial Group Ltd. | 251,802 | 4,370,592 | |
NIB Holdings Ltd. | 1,403,041 | 4,936,696 | |
realestate.com.au Ltd. | 111,201 | 5,515,785 | |
Sydney Airport unit | 1,171,376 | 6,729,815 | |
Woodside Petroleum Ltd. | 309,417 | 6,238,303 | |
TOTAL AUSTRALIA | 95,819,864 | ||
Bermuda - 4.4% | |||
Brilliance China Automotive Holdings Ltd. | 2,248,000 | 2,494,752 | |
Cheung Kong Infrastructure Holdings Ltd. | 1,211,000 | 10,707,697 | |
Dairy Farm International Holdings Ltd. | 970,900 | 6,485,612 | |
Hongkong Land Holdings Ltd. | 982,000 | 6,284,800 | |
PAX Global Technology Ltd. (b) | 4,667,000 | 3,855,881 | |
TOTAL BERMUDA | 29,828,742 | ||
Cayman Islands - 2.7% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 140,200 | 11,563,696 | |
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 | 3,705,287 | |
International Housewares Retail Co. Ltd. | 17,378,000 | 3,315,044 | |
TOTAL CAYMAN ISLANDS | 18,584,032 | ||
China - 5.3% | |||
Industrial & Commercial Bank of China Ltd. (H Shares) | 13,110,000 | 7,479,132 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,381,079 | 9,088,798 | |
Kweichow Moutai Co. Ltd. | 261,750 | 12,349,358 | |
Shenzhen Expressway Co. (H Shares) | 4,216,000 | 3,972,335 | |
Weifu High-Technology Co. Ltd. (B Shares) | 1,382,213 | 2,887,924 | |
TOTAL CHINA | 35,777,547 | ||
Hong Kong - 5.4% | |||
AIA Group Ltd. | 2,311,200 | 14,313,926 | |
China Resources Beer Holdings Co. Ltd. | 1,538,000 | 2,977,516 | |
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) | 512,666 | 206,166 | |
Hang Seng Bank Ltd. | 394,400 | 7,040,678 | |
Magnificent Hotel Investment Ltd. | 90,048,000 | 2,007,927 | |
Techtronic Industries Co. Ltd. | 2,367,000 | 10,022,163 | |
TOTAL HONG KONG | 36,568,376 | ||
India - 6.5% | |||
Asian Paints India Ltd. | 433,057 | 7,238,624 | |
Bharti Infratel Ltd. | 1,673,826 | 9,929,200 | |
Housing Development Finance Corp. Ltd. | 332,256 | 6,851,487 | |
Page Industries Ltd. | 18,365 | 3,951,609 | |
Petronet LNG Ltd. | 1,596,517 | 7,137,680 | |
Sun Pharmaceutical Industries Ltd. | 709,144 | 8,829,856 | |
TOTAL INDIA | 43,938,456 | ||
Indonesia - 3.0% | |||
PT Bank Central Asia Tbk | 7,964,500 | 8,786,275 | |
PT Bank Rakyat Indonesia Tbk | 8,236,100 | 7,246,712 | |
PT Gudang Garam Tbk | 886,300 | 4,569,028 | |
TOTAL INDONESIA | 20,602,015 | ||
Israel - 1.0% | |||
Sarine Technologies Ltd. | 4,978,000 | 6,683,374 | |
Japan - 35.4% | |||
Arcland Service Holdings Co. Ltd. | 191,500 | 5,453,935 | |
Asahi Group Holdings | 227,600 | 7,726,404 | |
Astellas Pharma, Inc. | 876,300 | 14,600,679 | |
Broadleaf Co. Ltd. | 146,951 | 1,475,025 | |
Century Tokyo Leasing Corp. | 91,500 | 3,170,388 | |
Create SD Holdings Co. Ltd. | 211,800 | 5,163,079 | |
Daito Trust Construction Co. Ltd. | 57,400 | 9,638,590 | |
East Japan Railway Co. | 78,300 | 7,182,435 | |
Fuji Heavy Industries Ltd. | 251,300 | 9,600,867 | |
Harmonic Drive Systems, Inc. (b) | 115,100 | 3,585,797 | |
Hoya Corp. | 175,200 | 6,216,245 | |
Japan Tobacco, Inc. | 233,400 | 9,102,535 | |
Kakaku.com, Inc. | 304,100 | 6,309,071 | |
Kao Corp. | 138,300 | 7,447,900 | |
KDDI Corp. | 367,800 | 11,286,723 | |
Keyence Corp. | 10,800 | 7,618,037 | |
Misumi Group, Inc. | 300,900 | 5,526,609 | |
Mitsubishi Pencil Co. Ltd. | 96,200 | 4,690,155 | |
Mitsui Fudosan Co. Ltd. | 196,000 | 4,242,561 | |
Nakanishi, Inc. | 138,400 | 4,776,578 | |
Nidec Corp. | 78,300 | 7,105,025 | |
Nihon M&A Center, Inc. | 56,800 | 3,481,992 | |
Nihon Parkerizing Co. Ltd. | 426,800 | 5,137,183 | |
Nitori Holdings Co. Ltd. | 61,400 | 7,636,478 | |
Olympus Corp. | 135,500 | 4,675,810 | |
Open House Co. Ltd. | 191,800 | 5,446,426 | |
ORIX Corp. | 413,100 | 5,797,268 | |
ProNexus, Inc. | 276,400 | 2,920,976 | |
Rakuten, Inc. | 432,400 | 4,893,313 | |
Seven Bank Ltd. | 1,743,900 | 5,957,468 | |
Shionogi & Co. Ltd. | 141,900 | 7,360,045 | |
SK Kaken Co. Ltd. | 41,000 | 4,154,866 | |
SoftBank Corp. | 181,300 | 9,979,556 | |
Sosei Group Corp. (a)(b) | 27,300 | 4,335,168 | |
Start Today Co. Ltd. | 108,600 | 5,175,343 | |
Sysmex Corp. | 85,000 | 5,888,101 | |
The Suruga Bank Ltd. | 223,500 | 5,096,098 | |
Toshiba Plant Systems & Services Corp. | 355,900 | 6,286,364 | |
Welcia Holdings Co. Ltd. | 65,800 | 4,341,463 | |
TOTAL JAPAN | 240,482,556 | ||
Korea (South) - 2.6% | |||
BGFretail Co. Ltd. | 26,620 | 4,772,367 | |
KEPCO Plant Service & Engineering Co. Ltd. | 88,695 | 5,467,718 | |
LG Household & Health Care Ltd. | 3,593 | 3,254,623 | |
Medy-Tox, Inc. | 10,750 | 4,189,679 | |
TOTAL KOREA (SOUTH) | 17,684,387 | ||
Netherlands - 0.5% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) | 900,000 | 3,505,164 | |
New Zealand - 2.1% | |||
EBOS Group Ltd. | 495,076 | 5,899,474 | |
Ryman Healthcare Group Ltd. | 1,223,906 | 8,423,614 | |
TOTAL NEW ZEALAND | 14,323,088 | ||
Philippines - 1.4% | |||
Bank of the Philippine Islands (BPI) | 2,604,550 | 5,305,821 | |
D&L Industries, Inc. | 20,046,200 | 4,224,059 | |
TOTAL PHILIPPINES | 9,529,880 | ||
South Africa - 2.7% | |||
Naspers Ltd. Class N | 118,300 | 18,564,029 | |
Taiwan - 7.1% | |||
Advantech Co. Ltd. | 743,000 | 5,791,005 | |
CTCI Corp. | 3,183,000 | 4,501,556 | |
ECLAT Textile Co. Ltd. | 418,000 | 4,696,408 | |
eMemory Technology, Inc. | 205,000 | 2,064,883 | |
Merida Industry Co. Ltd. | 674,750 | 3,127,868 | |
Nien Made Enterprise Co. Ltd. | 589,000 | 6,164,147 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,007,000 | 21,715,307 | |
TOTAL TAIWAN | 48,061,174 | ||
Thailand - 1.2% | |||
Thai Beverage PCL | 10,071,600 | 7,775,122 | |
United States of America - 3.0% | |||
China Biologic Products, Inc. (a) | 41,600 | 4,966,208 | |
Cognizant Technology Solutions Corp. Class A (a) | 147,300 | 8,468,277 | |
GI Dynamics, Inc. CDI (a) | 5,561,290 | 147,921 | |
ResMed, Inc. CDI | 923,110 | 6,453,961 | |
TOTAL UNITED STATES OF AMERICA | 20,036,367 | ||
TOTAL COMMON STOCKS | |||
(Cost $548,070,626) | 667,764,173 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund, 0.42% (d) | 8,573,022 | 8,573,022 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) | 8,745,363 | 8,745,363 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $17,318,385) | 17,318,385 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% | |||
(Cost $565,389,011) | 685,082,558 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (6,151,337) | ||
NET ASSETS - 100% | $678,931,221 |
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 $3,505,164 or 0.5% 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 | $20,620 |
Fidelity Securities Lending Cash Central Fund | 319,379 |
Total | $339,999 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $97,086,267 | $45,762,302 | $51,323,965 | $-- |
Consumer Staples | 79,764,606 | 45,983,225 | 33,781,381 | -- |
Energy | 13,375,983 | 13,375,983 | -- | -- |
Financials | 152,602,210 | 98,787,123 | 53,815,087 | -- |
Health Care | 108,833,472 | 60,980,846 | 47,852,626 | -- |
Industrials | 67,812,147 | 30,514,786 | 37,297,361 | -- |
Information Technology | 76,822,547 | 39,705,105 | 37,117,440 | 2 |
Materials | 25,858,478 | 16,566,426 | 9,292,049 | 3 |
Telecommunication Services | 31,195,479 | 9,929,200 | 21,266,279 | -- |
Utilities | 14,412,984 | 14,412,984 | -- | -- |
Money Market Funds | 17,318,385 | 17,318,385 | -- | -- |
Total Investments in Securities: | $685,082,558 | $393,336,365 | $291,746,188 | $5 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $14,544,483 |
Level 2 to Level 1 | $219,750,781 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $570,537,893. Net unrealized appreciation aggregated $114,544,665, of which $159,529,264 related to appreciated investment securities and $44,984,599 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
Argentina - 1.0% | |||
Banco Macro SA sponsored ADR | 239,000 | $17,956,070 | |
Grupo Financiero Galicia SA sponsored ADR (a) | 557,900 | 16,558,472 | |
TOTAL ARGENTINA | 34,514,542 | ||
Australia - 0.9% | |||
Amcor Ltd. | 1,368,120 | 15,616,336 | |
Sydney Airport unit | 3,172,638 | 18,227,510 | |
TOTAL AUSTRALIA | 33,843,846 | ||
Belgium - 0.4% | |||
Anheuser-Busch InBev SA NV | 123,200 | 15,916,478 | |
Bermuda - 2.3% | |||
Axalta Coating Systems (b) | 604,600 | 17,261,330 | |
China Gas Holdings Ltd. | 12,714,000 | 20,090,952 | |
China Resource Gas Group Ltd. | 6,481,000 | 19,004,273 | |
Credicorp Ltd. (United States) | 169,132 | 27,116,934 | |
TOTAL BERMUDA | 83,473,489 | ||
Brazil - 5.7% | |||
BB Seguridade Participacoes SA | 2,546,520 | 23,671,389 | |
CCR SA | 4,291,700 | 24,791,371 | |
Cielo SA | 2,586,354 | 29,314,245 | |
Kroton Educacional SA | 5,197,060 | 23,145,061 | |
Odontoprev SA | 4,131,194 | 16,563,509 | |
Qualicorp SA | 3,145,800 | 20,859,456 | |
Smiles SA | 1,166,000 | 18,685,344 | |
Ultrapar Participacoes SA | 1,152,900 | 26,326,399 | |
Weg SA | 4,644,690 | 21,874,049 | |
TOTAL BRAZIL | 205,230,823 | ||
British Virgin Islands - 0.4% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (b) | 802,100 | 15,480,530 | |
Cayman Islands - 12.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 1,140,800 | 94,093,184 | |
Baidu.com, Inc. sponsored ADR (b) | 353,400 | 56,402,640 | |
Ctrip.com International Ltd. ADR (a)(b) | 666,400 | 29,101,688 | |
ENN Energy Holdings Ltd. | 3,864,000 | 18,402,609 | |
Fu Shou Yuan International Group Ltd. | 22,504,000 | 15,083,110 | |
NetEase, Inc. sponsored ADR | 111,500 | 22,776,105 | |
New Oriental Education & Technology Group, Inc. sponsored ADR | 460,400 | 20,285,224 | |
Shenzhou International Group Holdings Ltd. | 3,623,000 | 19,099,389 | |
Sino Biopharmaceutical Ltd. | 25,812,000 | 17,233,729 | |
TAL Education Group ADR (a)(b) | 287,300 | 17,298,333 | |
Tencent Holdings Ltd. | 5,860,400 | 141,546,985 | |
TOTAL CAYMAN ISLANDS | 451,322,996 | ||
Chile - 0.5% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 664,800 | 16,473,744 | |
China - 1.9% | |||
Inner Mongoli Yili Industries Co. Ltd. | 6,538,508 | 18,263,906 | |
Jiangsu Hengrui Medicine Co. Ltd. | 2,576,125 | 16,953,323 | |
Kweichow Moutai Co. Ltd. | 373,592 | 17,626,061 | |
Shanghai International Airport Co. Ltd. | 3,477,900 | 14,608,820 | |
TOTAL CHINA | 67,452,110 | ||
Denmark - 0.5% | |||
Novo Nordisk A/S Series B sponsored ADR | 334,100 | 19,033,677 | |
France - 0.5% | |||
Dassault Systemes SA | 210,062 | 17,348,319 | |
Germany - 1.0% | |||
adidas AG | 111,600 | 18,332,736 | |
Wirecard AG (a) | 373,363 | 17,360,491 | |
TOTAL GERMANY | 35,693,227 | ||
Hong Kong - 2.1% | |||
AIA Group Ltd. | 2,969,600 | 18,391,586 | |
CSPC Pharmaceutical Group Ltd. | 20,038,000 | 17,330,246 | |
Guangdong Investment Ltd. | 14,407,000 | 22,097,765 | |
Techtronic Industries Co. Ltd. | 4,445,500 | 18,822,782 | |
TOTAL HONG KONG | 76,642,379 | ||
India - 12.6% | |||
Amara Raja Batteries Ltd. | 1,258,458 | 17,692,611 | |
Asian Paints India Ltd. | 1,314,003 | 21,963,790 | |
Bharti Infratel Ltd. | 3,348,324 | 19,862,386 | |
Colgate-Palmolive (India) | 1,319,906 | 18,482,248 | |
Divi's Laboratories Ltd. | 20,443 | 367,578 | |
GlaxoSmithKline Consumer Healthcare Ltd. (b) | 197,387 | 18,747,693 | |
Godrej Consumer Products Ltd. | 830,563 | 19,822,363 | |
HDFC Bank Ltd. | 855,782 | 19,027,987 | |
Hindustan Unilever Ltd. | 1,774,748 | 24,563,705 | |
Housing Development Finance Corp. Ltd. | 2,330,814 | 48,063,969 | |
IndusInd Bank Ltd. | 1,031,214 | 18,188,384 | |
Infosys Ltd. | 2,636,240 | 42,442,052 | |
ITC Ltd. | 8,009,487 | 30,335,234 | |
LIC Housing Finance Ltd. | 2,470,464 | 19,272,992 | |
Lupin Ltd. | 848,383 | 22,144,763 | |
Power Grid Corp. of India Ltd. | 7,538,579 | 19,905,332 | |
Sun Pharmaceutical Industries Ltd. | 2,150,462 | 26,776,325 | |
Tata Consultancy Services Ltd. | 860,603 | 33,818,580 | |
Titan Co. Ltd. | 2,648,804 | 16,746,021 | |
Zee Entertainment Enterprises Ltd. | 2,573,509 | 19,200,450 | |
TOTAL INDIA | 457,424,463 | ||
Indonesia - 3.9% | |||
PT ACE Hardware Indonesia Tbk | 227,204,900 | 16,825,496 | |
PT Bank Central Asia Tbk | 27,097,900 | 29,893,855 | |
PT Bank Rakyat Indonesia Tbk | 27,918,900 | 24,565,051 | |
PT Kalbe Farma Tbk | 154,531,500 | 19,761,061 | |
PT Matahari Department Store Tbk | 12,751,900 | 19,397,764 | |
PT Surya Citra Media Tbk | 72,695,600 | 17,537,741 | |
PT Tower Bersama Infrastructure Tbk | 34,094,700 | 14,836,797 | |
TOTAL INDONESIA | 142,817,765 | ||
Israel - 0.7% | |||
Check Point Software Technologies Ltd. (b) | 78,200 | 6,012,016 | |
Frutarom Industries Ltd. | 366,000 | 18,313,438 | |
TOTAL ISRAEL | 24,325,454 | ||
Kenya - 0.5% | |||
Safaricom Ltd. | 97,344,900 | 18,288,169 | |
Korea (South) - 4.8% | |||
AMOREPACIFIC Corp. | 85,262 | 29,728,303 | |
AMOREPACIFIC Group, Inc. | 159,881 | 20,760,967 | |
Coway Co. Ltd. | 230,135 | 17,723,373 | |
Hanssem Co. Ltd. | 111,396 | 17,217,930 | |
KT&G Corp. | 251,744 | 27,373,314 | |
LG Household & Health Care Ltd. | 31,452 | 28,489,950 | |
NAVER Corp. | 53,099 | 33,878,765 | |
TOTAL KOREA (SOUTH) | 175,172,602 | ||
Luxembourg - 0.5% | |||
Eurofins Scientific SA | 45,580 | 17,094,009 | |
Malta - 0.5% | |||
Brait SA | 2,002,400 | 17,996,897 | |
Mexico - 7.3% | |||
Banregio Grupo Financiero S.A.B. de CV | 2,857,515 | 16,370,894 | |
El Puerto de Liverpool S.A.B. de CV Class C | 1,638,500 | 15,880,779 | |
Fomento Economico Mexicano S.A.B. de CV unit | 3,341,267 | 29,893,202 | |
Gruma S.A.B. de CV Series B | 1,304,200 | 18,757,526 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 2,031,957 | 19,991,206 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 1,269,940 | 19,516,438 | |
Grupo Aeroportuario Norte S.A.B. de CV | 3,019,300 | 18,777,631 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,218,500 | 28,580,681 | |
Infraestructura Energetica Nova S.A.B. de CV (a) | 3,930,500 | 15,877,124 | |
Kimberly-Clark de Mexico SA de CV Series A | 8,378,000 | 18,949,919 | |
Megacable Holdings S.A.B. de CV unit | 3,842,652 | 15,401,349 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 1,606,500 | 18,734,789 | |
Tenedora Nemak SA de CV | 1,402,711 | 1,594,228 | |
Wal-Mart de Mexico SA de CV Series V | 11,476,300 | 26,227,171 | |
TOTAL MEXICO | 264,552,937 | ||
Philippines - 4.8% | |||
Ayala Corp. | 1,189,860 | 21,966,646 | |
Ayala Land, Inc. | 26,863,100 | 22,516,551 | |
D&L Industries, Inc. | 77,778,100 | 16,389,104 | |
GT Capital Holdings, Inc. | 594,605 | 19,431,124 | |
International Container Terminal Services, Inc. | 8,846,580 | 12,014,453 | |
Security Bank Corp. | 3,584,920 | 16,659,893 | |
SM Investments Corp. | 1,396,713 | 20,420,907 | |
SM Prime Holdings, Inc. | 37,580,800 | 23,286,140 | |
Universal Robina Corp. | 4,636,420 | 19,716,468 | |
TOTAL PHILIPPINES | 172,401,286 | ||
Russia - 1.4% | |||
Magnit OJSC | 168,901 | 26,132,432 | |
NOVATEK OAO GDR (Reg. S) | 241,100 | 24,061,780 | |
TOTAL RUSSIA | 50,194,212 | ||
South Africa - 8.6% | |||
Aspen Pharmacare Holdings Ltd. | 1,017,090 | 27,476,542 | |
Bidcorp Ltd. (b) | 1,141,398 | 21,298,148 | |
Capitec Bank Holdings Ltd. | 428,700 | 19,008,724 | |
Discovery Ltd. | 2,203,285 | 19,838,890 | |
FirstRand Ltd. | 8,309,300 | 29,085,917 | |
Mondi Ltd. | 976,466 | 19,778,690 | |
Mr Price Group Ltd. | 1,326,288 | 21,870,316 | |
Naspers Ltd. Class N | 501,112 | 78,636,160 | |
Remgro Ltd. | 1,342,800 | 25,170,396 | |
Sanlam Ltd. | 4,901,000 | 23,090,529 | |
Shoprite Holdings Ltd. | 1,730,900 | 25,350,164 | |
TOTAL SOUTH AFRICA | 310,604,476 | ||
Spain - 0.5% | |||
Amadeus IT Holding SA Class A | 369,000 | 17,324,701 | |
Switzerland - 0.5% | |||
Sika AG | 3,880 | 18,199,009 | |
Taiwan - 5.7% | |||
Advantech Co. Ltd. | 2,254,000 | 17,567,868 | |
ECLAT Textile Co. Ltd. | 1,784,288 | 20,047,235 | |
Largan Precision Co. Ltd. | 251,000 | 26,978,221 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,950,000 | 140,631,949 | |
TOTAL TAIWAN | 205,225,273 | ||
Thailand - 1.5% | |||
Airports of Thailand PCL (For. Reg.) | 1,715,500 | 19,455,139 | |
Bangkok Dusit Medical Services PCL (For. Reg.) | 25,174,800 | 16,262,791 | |
Thai Beverage PCL | 24,450,900 | 18,875,723 | |
TOTAL THAILAND | 54,593,653 | ||
Turkey - 1.6% | |||
Bim Birlesik Magazalar A/S JSC | 1,079,000 | 19,937,003 | |
Tofas Turk Otomobil Fabrikasi A/S | 2,077,673 | 16,413,022 | |
Tupras Turkiye Petrol Rafinelleri A/S | 1,002,000 | 21,415,488 | |
TOTAL TURKEY | 57,765,513 | ||
United Arab Emirates - 0.9% | |||
DP World Ltd. | 1,028,956 | 17,481,962 | |
First Gulf Bank PJSC | 5,161,926 | 17,005,447 | |
TOTAL UNITED ARAB EMIRATES | 34,487,409 | ||
United Kingdom - 1.4% | |||
British American Tobacco PLC (United Kingdom) | 267,500 | 17,073,152 | |
Hikma Pharmaceuticals PLC | 501,648 | 17,487,285 | |
NMC Health PLC | 1,083,100 | 15,839,387 | |
TOTAL UNITED KINGDOM | 50,399,824 | ||
United States of America - 9.6% | |||
A.O. Smith Corp. | 190,100 | 17,658,389 | |
Alphabet, Inc. Class C (b) | 22,445 | 17,255,492 | |
Amazon.com, Inc. (b) | 23,480 | 17,816,859 | |
American Tower Corp. | 128,800 | 14,911,176 | |
China Biologic Products, Inc. (b) | 149,278 | 17,820,808 | |
Ecolab, Inc. | 130,100 | 15,401,238 | |
Facebook, Inc. Class A (b) | 127,700 | 15,827,138 | |
Gartner, Inc. Class A (b) | 159,800 | 16,019,950 | |
International Flavors & Fragrances, Inc. | 134,310 | 17,896,808 | |
MasterCard, Inc. Class A | 192,800 | 18,362,272 | |
McGraw Hill Financial, Inc. | 156,600 | 19,136,520 | |
MercadoLibre, Inc. | 105,100 | 16,088,708 | |
Mettler-Toledo International, Inc. (b) | 43,380 | 17,838,290 | |
Moody's Corp. | 165,500 | 17,544,655 | |
MSCI, Inc. Class A | 223,300 | 19,212,732 | |
NIKE, Inc. Class B | 325,100 | 18,043,050 | |
Philip Morris International, Inc. | 179,200 | 17,966,592 | |
PPG Industries, Inc. | 170,956 | 17,900,803 | |
TransDigm Group, Inc. (b) | 63,200 | 17,665,664 | |
Visa, Inc. Class A | 223,000 | 17,405,150 | |
TOTAL UNITED STATES OF AMERICA | 347,772,294 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,912,811,721) | 3,509,066,106 | ||
Preferred Stocks - 3.1% | |||
Convertible Preferred Stocks - 0.7% | |||
India - 0.7% | |||
PC Jeweller Ltd. 13.00% (c)(d) | 169,426,966 | 25,613,182 | |
Nonconvertible Preferred Stocks - 2.4% | |||
Brazil - 2.4% | |||
Ambev SA sponsored ADR | 7,167,380 | 41,427,456 | |
Itau Unibanco Holding SA | 4,473,400 | 46,618,612 | |
88,046,068 | |||
TOTAL PREFERRED STOCKS | |||
(Cost $112,333,143) | 113,659,250 | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund, 0.42% (e) | 32,817,983 | 32,817,983 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) | 37,813,783 | 37,813,783 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $70,631,766) | 70,631,766 | ||
TOTAL INVESTMENT PORTFOLIO - 102.1% | |||
(Cost $3,095,776,630) | 3,693,357,122 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (74,541,372) | ||
NET ASSETS - 100% | $3,618,815,750 |
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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(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 $25,613,182 or 0.7% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
PC Jeweller Ltd. 13.00% | 7/28/16 | $25,285,041 |
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 | $130,507 |
Fidelity Securities Lending Cash Central Fund | 1,059,531 |
Total | $1,190,038 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $535,818,622 | $413,236,544 | $122,582,078 | $-- |
Consumer Staples | 571,715,178 | 538,725,548 | 32,989,630 | -- |
Energy | 71,803,667 | 71,803,667 | -- | -- |
Financials | 680,139,113 | 661,111,126 | 19,027,987 | -- |
Health Care | 306,842,779 | 306,842,779 | -- | -- |
Industrials | 278,910,939 | 278,910,939 | -- | -- |
Information Technology | 813,935,361 | 489,314,375 | 324,620,986 | -- |
Materials | 195,194,290 | 195,194,290 | -- | -- |
Telecommunication Services | 52,987,352 | 52,987,352 | -- | -- |
Utilities | 115,378,055 | 115,378,055 | -- | -- |
Money Market Funds | 70,631,766 | 70,631,766 | -- | -- |
Total Investments in Securities: | $3,693,357,122 | $3,194,136,441 | $499,220,681 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $70,541,768 |
Level 2 to Level 1 | $803,937,739 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $3,124,679,238. Net unrealized appreciation aggregated $568,677,884, of which $663,935,331 related to appreciated investment securities and $95,257,447 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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
July 31, 2016
Investments July 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
Australia - 4.0% | |||
Ansell Ltd. | 3,944,416 | $58,062,717 | |
Macquarie Group Ltd. | 1,656,484 | 93,645,481 | |
Transurban Group unit | 7,227,051 | 68,982,000 | |
Westpac Banking Corp. | 12,687,509 | 300,216,244 | |
TOTAL AUSTRALIA | 520,906,442 | ||
Bailiwick of Jersey - 0.5% | |||
Wolseley PLC | 1,175,033 | 65,517,940 | |
Belgium - 0.4% | |||
Anheuser-Busch InBev SA NV | 384,030 | 49,613,676 | |
Canada - 0.8% | |||
Imperial Oil Ltd. | 2,066,000 | 63,563,145 | |
Potash Corp. of Saskatchewan, Inc. | 2,520,800 | 39,289,457 | |
TOTAL CANADA | 102,852,602 | ||
Finland - 1.0% | |||
Sampo Oyj (A Shares) | 3,197,813 | 132,530,994 | |
France - 17.2% | |||
Atos Origin SA | 1,829,506 | 179,319,141 | |
AXA SA | 8,903,673 | 181,210,612 | |
Capgemini SA | 1,907,205 | 183,267,334 | |
Havas SA | 9,394,531 | 79,151,254 | |
Orange SA | 6,739,300 | 103,428,287 | |
Renault SA | 1,052,492 | 92,075,684 | |
Sanofi SA | 3,261,780 | 277,816,387 | |
Societe Generale Series A | 4,443,800 | 151,505,627 | |
SR Teleperformance SA | 771,600 | 71,763,754 | |
Total SA | 8,405,963 | 404,274,905 | |
Unibail-Rodamco | 554,000 | 152,458,418 | |
VINCI SA | 2,830,800 | 214,860,608 | |
Vivendi SA | 6,376,781 | 125,212,589 | |
TOTAL FRANCE | 2,216,344,600 | ||
Germany - 6.2% | |||
Axel Springer Verlag AG (a) | 1,168,400 | 64,020,352 | |
BASF AG | 2,870,431 | 225,476,878 | |
Bayer AG | 432,314 | 46,472,836 | |
Continental AG | 344,533 | 72,222,730 | |
Fresenius SE & Co. KGaA | 2,022,600 | 151,030,010 | |
GEA Group AG | 1,857,760 | 99,144,434 | |
ProSiebenSat.1 Media AG | 1,116,700 | 51,152,410 | |
SAP AG | 1,016,069 | 88,929,823 | |
TOTAL GERMANY | 798,449,473 | ||
Hong Kong - 1.5% | |||
AIA Group Ltd. | 15,090,200 | 93,457,944 | |
Power Assets Holdings Ltd. | 10,732,050 | 105,060,218 | |
TOTAL HONG KONG | 198,518,162 | ||
Indonesia - 0.1% | |||
PT Bank Rakyat Indonesia Tbk | 20,563,200 | 18,092,979 | |
Ireland - 1.8% | |||
Allergan PLC (b) | 230,400 | 58,279,680 | |
CRH PLC | 2,261,300 | 69,004,020 | |
Medtronic PLC | 1,210,500 | 106,076,115 | |
TOTAL IRELAND | 233,359,815 | ||
Israel - 1.4% | |||
Teva Pharmaceutical Industries Ltd. sponsored ADR | 3,337,892 | 178,577,222 | |
Italy - 2.4% | |||
Eni SpA | 10,937,500 | 167,781,455 | |
Intesa Sanpaolo SpA | 31,979,100 | 70,566,941 | |
Telecom Italia SpA (b) | 75,035,000 | 64,116,628 | |
TOTAL ITALY | 302,465,024 | ||
Japan - 20.4% | |||
Astellas Pharma, Inc. | 7,043,300 | 117,353,605 | |
Daito Trust Construction Co. Ltd. | 581,900 | 97,712,468 | |
Dentsu, Inc. | 2,525,500 | 120,654,874 | |
East Japan Railway Co. | 817,500 | 74,989,027 | |
Fuji Heavy Industries Ltd. | 2,394,600 | 91,485,218 | |
Hoya Corp. | 2,443,200 | 86,686,819 | |
Itochu Corp. | 10,202,600 | 115,675,611 | |
Japan Tobacco, Inc. | 3,214,200 | 125,352,911 | |
KDDI Corp. | 3,850,200 | 118,151,555 | |
Makita Corp. | 1,402,600 | 98,680,799 | |
Mitsubishi UFJ Financial Group, Inc. | 57,140,400 | 288,874,756 | |
Nippon Prologis REIT, Inc. | 31,814 | 79,559,444 | |
Nippon Telegraph & Telephone Corp. | 4,735,100 | 225,010,874 | |
OBIC Co. Ltd. | 1,460,800 | 85,037,033 | |
Olympus Corp. | 3,406,400 | 117,547,454 | |
ORIX Corp. | 9,519,700 | 133,595,386 | |
Seven & i Holdings Co. Ltd. | 2,871,700 | 119,241,851 | |
Seven Bank Ltd. | 13,304,000 | 45,448,794 | |
Sony Corp. | 3,671,500 | 120,524,009 | |
Sony Financial Holdings, Inc. (a) | 2,989,200 | 37,446,751 | |
Toyota Motor Corp. | 6,026,400 | 337,688,387 | |
TOTAL JAPAN | 2,636,717,626 | ||
Luxembourg - 0.5% | |||
RTL Group SA | 747,439 | 63,734,019 | |
Netherlands - 4.1% | |||
ING Groep NV (Certificaten Van Aandelen) | 14,966,134 | 167,321,379 | |
Mylan N.V. (b) | 1,067,100 | 49,929,609 | |
PostNL NV (b) | 5,580,449 | 21,437,005 | |
RELX NV | 11,208,563 | 201,971,486 | |
Wolters Kluwer NV | 2,043,900 | 85,976,143 | |
TOTAL NETHERLANDS | 526,635,622 | ||
New Zealand - 0.0% | |||
Auckland International Airport Ltd. | 198,659 | 1,058,820 | |
Spain - 2.0% | |||
Iberdrola SA | 658,047 | 4,520,855 | |
Iberdrola SA | 29,175,540 | 200,439,170 | |
Mediaset Espana Comunicacion SA | 4,360,400 | 50,114,252 | |
TOTAL SPAIN | 255,074,277 | ||
Sweden - 2.3% | |||
Nordea Bank AB | 19,569,333 | 174,379,063 | |
Swedbank AB (A Shares) | 5,763,300 | 121,098,672 | |
TOTAL SWEDEN | 295,477,735 | ||
Switzerland - 7.5% | |||
ABB Ltd. (Reg.) | 4,526,510 | 96,152,562 | |
Credit Suisse Group AG | 4,681,100 | 53,831,378 | |
Lafargeholcim Ltd. (Reg.) | 1,914,930 | 91,123,165 | |
Nestle SA | 1,774,898 | 142,227,260 | |
Novartis AG | 2,727,035 | 226,189,047 | |
Syngenta AG (Switzerland) | 94,409 | 37,129,667 | |
UBS Group AG | 10,935,771 | 150,694,924 | |
Zurich Insurance Group AG | 679,963 | 163,254,380 | |
TOTAL SWITZERLAND | 960,602,383 | ||
United Kingdom - 19.2% | |||
AstraZeneca PLC (United Kingdom) | 4,053,947 | 271,404,506 | |
Aviva PLC | 20,798,072 | 107,100,487 | |
BAE Systems PLC | 22,354,950 | 157,838,925 | |
Bunzl PLC | 4,695,236 | 146,958,974 | |
Compass Group PLC | 7,939,917 | 150,841,088 | |
HSBC Holdings PLC sponsored ADR (a) | 6,903,311 | 226,083,435 | |
Imperial Tobacco Group PLC | 4,312,361 | 227,346,080 | |
Informa PLC | 11,734,063 | 110,880,242 | |
ITV PLC | 24,897,885 | 64,584,168 | |
Lloyds Banking Group PLC | 221,640,700 | 155,891,023 | |
Micro Focus International PLC | 3,419,700 | 87,619,526 | |
National Grid PLC | 12,867,615 | 184,506,489 | |
Rio Tinto PLC | 7,560,137 | 245,343,402 | |
Royal Dutch Shell PLC Class B (United Kingdom) | 4,453,663 | 118,461,767 | |
Vodafone Group PLC sponsored ADR | 7,320,266 | 226,196,219 | |
TOTAL UNITED KINGDOM | 2,481,056,331 | ||
United States of America - 4.9% | |||
Altria Group, Inc. | 898,100 | 60,801,370 | |
Chevron Corp. | 982,800 | 100,717,344 | |
ConocoPhillips Co. | 1,883,100 | 76,868,142 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 766,700 | 126,221,821 | |
Edgewell Personal Care Co. (b) | 610,900 | 51,688,249 | |
McGraw Hill Financial, Inc. | 957,000 | 116,945,400 | |
Molson Coors Brewing Co. Class B | 563,400 | 57,556,944 | |
Monsanto Co. | 412,900 | 44,085,333 | |
TOTAL UNITED STATES OF AMERICA | 634,884,603 | ||
TOTAL COMMON STOCKS | |||
(Cost $12,186,014,102) | 12,672,470,345 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Germany - 0.4% | |||
Volkswagen AG | |||
(Cost $65,583,102) | 324,190 | 45,595,508 | |
Money Market Funds - 0.5% | |||
Fidelity Cash Central Fund, 0.42% (c) | 38,584,553 | 38,584,553 | |
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) | 31,591,771 | 31,591,771 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $70,176,324) | 70,176,324 | ||
TOTAL INVESTMENT PORTFOLIO - 99.1% | |||
(Cost $12,321,773,528) | 12,788,242,177 | ||
NET OTHER ASSETS (LIABILITIES) - 0.9% | 111,059,787 | ||
NET ASSETS - 100% | $12,899,301,964 |
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 | $272,610 |
Fidelity Securities Lending Cash Central Fund | 7,607,620 |
Total | $7,880,230 |
Investment Valuation
The following is a summary of the inputs used, as of July 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 | $1,927,884,413 | $728,354,352 | $1,199,530,061 | $-- |
Consumer Staples | 960,050,162 | 523,614,464 | 436,435,698 | -- |
Energy | 931,666,758 | 241,148,631 | 690,518,127 | -- |
Financials | 3,312,922,980 | 1,446,708,689 | 1,866,214,291 | -- |
Health Care | 1,745,426,007 | 601,955,353 | 1,143,470,654 | -- |
Industrials | 1,233,060,459 | 624,205,595 | 608,854,864 | -- |
Information Technology | 624,172,857 | 450,206,001 | 173,966,856 | -- |
Materials | 751,451,922 | 174,497,955 | 576,953,967 | -- |
Telecommunication Services | 736,903,563 | 226,196,219 | 510,707,344 | -- |
Utilities | 494,526,732 | 310,020,243 | 184,506,489 | -- |
Money Market Funds | 70,176,324 | 70,176,324 | -- | -- |
Total Investments in Securities: | $12,788,242,177 | $5,397,083,826 | $7,391,158,351 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended July 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 | $361,938,250 |
Level 2 to Level 1 | $381,962,718 |
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 July 31, 2016, the cost of investment securities for income tax purposes was $12,437,370,420. Net unrealized appreciation aggregated $350,871,757, of which $1,452,610,574 related to appreciated investment securities and $1,101,738,817 related to depreciated investment securities.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | September 28, 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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | September 28, 2016 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | September 28, 2016 |
Exhibit EX-99.CERT
I, Stacie M. Smith, 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:
September 28, 2016
/s/Stacie M. Smith |
Stacie M. Smith |
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:
September 28, 2016
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |