NPORT-EX 2 QTLY_349_20200731.htm

Quarterly Holdings Report
for

Fidelity® Latin America Fund

July 31, 2020







LAF-QTLY-0920
1.804841.116





Schedule of Investments July 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 77.5%   
 Shares Value 
Brazil - 34.6%   
Atacadao Distribuicao Comercio e Industria Ltda 2,963,382 $12,747,562 
Azul SA sponsored ADR (a)(b) 670,607 7,738,805 
Banco do Brasil SA 828,259 5,331,673 
Companhia de Locacao das Americas 3,187,798 11,690,212 
CVC Brasil Operadora e Agencia de Viagens SA 1,940,700 7,738,172 
CVC Brasil Operadora e Agencia de Viagens SA rights(a) 305,524 948,805 
Hapvida Participacoes e Investimentos SA (c) 894,329 11,167,647 
Hypermarcas SA 1,930,810 13,369,153 
Locaweb Servicos de Internet SA (c) 1,370,019 12,579,945 
Lojas Renner SA 1,571,824 12,393,080 
Qualicorp Consultoria E Corret 2,249,915 12,076,491 
Rumo SA (a) 2,926,825 12,466,870 
Suzano Papel e Celulose SA (a) 1,476,027 11,883,934 
TOTAL BRAZIL  132,132,349 
Cayman Islands - 2.1%   
PagSeguro Digital Ltd. (a) 208,788 7,981,965 
Luxembourg - 3.4%   
Globant SA (a) 76,407 13,213,827 
Mexico - 19.7%   
Banco del Bajio SA (a)(c) 6,283,777 4,836,715 
Credito Real S.A.B. de CV (a) 14,635,664 8,411,150 
Genomma Lab Internacional SA de CV (a) 26,538,731 28,023,374 
Grupo Aeroportuario Norte S.A.B. de CV (a) 1,721,972 7,096,026 
Qualitas Controladora S.A.B. de CV 5,325,872 21,516,475 
Unifin Financiera SAPI de CV (a) 6,595,815 5,328,814 
TOTAL MEXICO  75,212,554 
Panama - 2.7%   
Intercorp Financial Services, Inc. 404,931 10,224,508 
United States of America - 15.0%   
Afya Ltd. (b) 1,159,442 30,319,408 
First Cash Financial Services, Inc. 158,770 9,151,503 
Vasta Platform Ltd. (a)(d) 932,625 17,719,875 
TOTAL UNITED STATES OF AMERICA  57,190,786 
TOTAL COMMON STOCKS   
(Cost $293,904,213)  295,955,989 
Nonconvertible Preferred Stocks - 22.1%   
Brazil - 22.1%   
Banco BMG SA (c) 11,175,912 10,819,096 
Itausa-Investimentos Itau SA (PN) 12,113,528 24,777,170 
Lojas Americanas SA (PN) 2,116,300 13,834,015 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 8,246,496 35,094,497 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $98,438,541)  84,524,778 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund 0.14% (e) 1,872,581 1,873,143 
Fidelity Securities Lending Cash Central Fund 0.13% (e)(f) 12,417,143 12,418,385 
TOTAL MONEY MARKET FUNDS   
(Cost $14,291,429)  14,291,528 
TOTAL INVESTMENT IN SECURITIES - 103.4%   
(Cost $406,634,183)  394,772,295 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (12,937,605) 
NET ASSETS - 100%  $381,834,690 

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 $39,403,403 or 10.3% of net assets.

 (d) Affiliated company

 (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 $11,626 
Fidelity Securities Lending Cash Central Fund 28,711 
Total $40,337 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Vasta Platform Ltd. $-- $17,719,875 $-- $-- $-- $-- $17,719,875 
Total $-- $17,719,875 $-- $-- $-- $-- $17,719,875 

Investment Valuation

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 Fund’s 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. 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.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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