NPORT-EX 2 QTLY_1504_20210731.htm

Quarterly Holdings Report
for

Fidelity® International Small Cap Opportunities Fund

July 31, 2021







ILS-QTLY-0921
1.834743.115





Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.5%   
 Shares Value 
Australia - 0.2%   
Imdex Ltd. 2,622,752 $4,041,884 
Bailiwick of Jersey - 0.5%   
Integrated Diagnostics Holdings PLC (a) 6,846,716 8,010,658 
Belgium - 0.7%   
KBC Ancora 268,489 11,873,497 
Canada - 1.6%   
McCoy Global, Inc. (b) 630,715 363,991 
Richelieu Hardware Ltd. 480,763 16,766,590 
Summit Industrial Income REIT (c) 700,000 10,643,636 
TOTAL CANADA  27,774,217 
Cayman Islands - 0.3%   
Chlitina Holding Ltd. 714,500 5,245,722 
China - 0.2%   
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 1,139,491 3,773,937 
Denmark - 2.5%   
Netcompany Group A/S (a) 158,226 19,554,321 
SimCorp A/S 113,800 15,816,948 
Spar Nord Bank A/S 640,287 7,698,555 
TOTAL DENMARK  43,069,824 
Finland - 0.7%   
Admicom OYJ 51,100 5,667,725 
Musti Group OYJ 136,302 5,633,219 
TOTAL FINLAND  11,300,944 
France - 2.6%   
Laurent-Perrier Group SA 62,312 7,539,596 
Lectra 304,400 12,403,596 
The Lisi Group 219,379 7,481,852 
Vetoquinol SA 116,884 16,971,206 
TOTAL FRANCE  44,396,250 
Germany - 3.0%   
CompuGroup Medical AG 85,597 6,869,143 
CTS Eventim AG (b) 328,993 22,362,353 
Nexus AG 291,358 23,191,332 
TOTAL GERMANY  52,422,828 
India - 1.2%   
Embassy Office Parks (REIT) 1,894,400 9,219,030 
Indian Energy Exchange Ltd. (a) 1,842,436 10,681,363 
TOTAL INDIA  19,900,393 
Ireland - 0.6%   
Cairn Homes PLC (b) 3,679,500 4,741,146 
Irish Residential Properties REIT PLC 2,725,000 4,978,098 
TOTAL IRELAND  9,719,244 
Israel - 1.8%   
Ituran Location & Control Ltd. 467,077 11,859,085 
Maytronics Ltd. 375,315 8,173,914 
Strauss Group Ltd. 251,484 6,974,645 
Tel Aviv Stock Exchange Ltd. 707,643 4,376,112 
TOTAL ISRAEL  31,383,756 
Italy - 2.5%   
Interpump Group SpA 686,943 42,903,755 
Japan - 31.0%   
Ai Holdings Corp. 225,800 4,188,533 
Aoki Super Co. Ltd. 175,000 5,008,887 
Artnature, Inc. 483,700 2,989,368 
Aucnet, Inc. 296,077 4,293,865 
Azbil Corp. 1,261,492 48,928,020 
Broadleaf Co. Ltd. 2,509,998 11,531,279 
Central Automotive Products Ltd. 130,900 3,985,288 
Century21 Real Estate Japan Ltd. 29,400 284,071 
Curves Holdings Co. Ltd. 1,814,826 13,465,825 
Daiichikosho Co. Ltd. 397,500 13,859,327 
Daikokutenbussan Co. Ltd. 87,500 5,032,815 
Digital Hearts Holdings Co. Ltd. 299,700 4,130,590 
Funai Soken Holdings, Inc. 409,750 9,367,422 
Goldcrest Co. Ltd. 680,030 10,029,520 
Iwatsuka Confectionary Co. Ltd. 18,900 685,675 
JEOL Ltd. 234,200 15,135,846 
Kobayashi Pharmaceutical Co. Ltd. (c) 123,800 9,840,354 
Koshidaka Holdings Co. Ltd. 1,546,400 7,809,176 
Kusuri No Aoki Holdings Co. Ltd. 98,300 6,567,969 
Lasertec Corp. 270,844 50,846,016 
Medikit Co. Ltd. 224,400 6,566,009 
Miroku Jyoho Service Co., Ltd. 349,800 5,009,214 
Misumi Group, Inc. 519,650 17,999,818 
Mitsuboshi Belting Ltd. 272,680 4,526,232 
Nabtesco Corp. 460,600 17,297,954 
Nagaileben Co. Ltd. 653,227 15,344,478 
Nihon Parkerizing Co. Ltd. 1,745,600 17,852,999 
NS Tool Co. Ltd. 570,200 7,733,992 
NSD Co. Ltd. 142,200 2,429,085 
OBIC Co. Ltd. 250,700 43,921,918 
OSG Corp. 993,800 18,416,621 
Paramount Bed Holdings Co. Ltd. 486,720 8,660,293 
Poletowin Pitcrew Holdings, Inc. 369,700 3,484,525 
ProNexus, Inc. 467,800 4,281,220 
San-Ai Oil Co. Ltd. 794,700 9,837,315 
SHO-BOND Holdings Co. Ltd. 635,600 26,738,016 
Shoei Co. Ltd. 720,652 29,954,634 
SK Kaken Co. Ltd. 30,900 11,745,408 
Software Service, Inc. 78,600 7,064,364 
Techno Medica Co. Ltd. 80,791 1,176,829 
The Monogatari Corp. 106,600 6,607,538 
TKC Corp. 112,000 3,312,885 
Tocalo Co. Ltd. 643,336 8,028,139 
USS Co. Ltd. 739,700 12,797,508 
Welcia Holdings Co. Ltd. 219,400 7,449,660 
Workman Co. Ltd. 54,600 3,757,623 
YAKUODO Holdings Co. Ltd. 195,900 4,117,820 
Yamada Consulting Group Co. Ltd. 310,400 3,310,405 
TOTAL JAPAN  537,402,348 
Korea (South) - 0.6%   
BGF Retail Co. Ltd. 53,526 7,498,915 
Leeno Industrial, Inc. 23,528 3,649,334 
TOTAL KOREA (SOUTH)  11,148,249 
Luxembourg - 0.3%   
Stabilus SA 75,000 5,947,561 
Netherlands - 2.8%   
Aalberts Industries NV 789,480 48,062,240 
Norway - 1.4%   
Kongsberg Gruppen ASA 471,559 13,503,996 
Medistim ASA 170,842 6,100,982 
PatientSky Group A/S 2,373,662 1,061,260 
Volue A/S 673,944 3,512,847 
TOTAL NORWAY  24,179,085 
South Africa - 0.7%   
Clicks Group Ltd. 632,129 11,436,891 
Spain - 0.9%   
Fluidra SA 404,101 16,370,308 
Sweden - 10.8%   
Addlife AB 1,462,956 48,808,253 
AddTech AB (B Shares) 3,071,340 63,864,349 
BHG Group AB (b) 305,000 4,705,172 
Hemnet Group AB (b) 16,100 347,589 
INVISIO AB 316,300 6,554,984 
John Mattson Fastighetsforetag (b) 343,652 6,906,254 
Lagercrantz Group AB (B Shares) 3,755,887 51,309,455 
Stillfront Group AB (b) 620,000 4,728,289 
TOTAL SWEDEN  187,224,345 
Switzerland - 1.3%   
Tecan Group AG 38,620 22,276,260 
Taiwan - 0.4%   
Addcn Technology Co. Ltd. 691,435 6,095,346 
United Kingdom - 17.2%   
Alliance Pharma PLC 9,107,237 13,165,422 
Avon Rubber PLC 725,000 27,370,490 
Bodycote PLC 1,093,967 13,723,543 
Clarkson PLC 305,549 13,696,998 
Dechra Pharmaceuticals PLC 730,095 50,437,153 
DP Poland PLC (b) 16,469,165 1,716,910 
Helios Towers PLC (b) 2,340,833 5,323,148 
Howden Joinery Group PLC 1,004,900 12,532,188 
Meggitt PLC (b) 2,592,707 16,905,720 
Rightmove PLC 2,014,170 19,659,467 
Spectris PLC 939,278 46,609,792 
Spirax-Sarco Engineering PLC 297,391 62,047,361 
Ultra Electronics Holdings PLC 348,258 15,345,292 
TOTAL UNITED KINGDOM  298,533,484 
United States of America - 2.7%   
Autoliv, Inc. 52,300 5,276,024 
Morningstar, Inc. 53,100 13,414,653 
PriceSmart, Inc. 120,660 10,828,028 
ResMed, Inc. 63,495 17,257,941 
TOTAL UNITED STATES OF AMERICA  46,776,646 
TOTAL COMMON STOCKS   
(Cost $793,124,219)  1,531,269,672 
Nonconvertible Preferred Stocks - 1.6%   
Germany - 1.6%   
Sartorius AG (non-vtg.)   
(Cost $1,284,364) 46,680 28,229,742 
Investment Companies - 6.5%   
United States of America - 6.5%   
iShares MSCI EAFE Small-Cap ETF 1,120,000 84,492,797 
Vanguard FTSE All-World ex-US Small-Cap ETF 200,000 27,544,000 
TOTAL INVESTMENT COMPANIES   
(Cost $92,657,502)  112,036,797 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund 0.06% (d) 74,560,128 74,575,040 
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) 5,227,597 5,228,120 
TOTAL MONEY MARKET FUNDS   
(Cost $79,803,130)  79,803,160 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $966,869,215)  1,751,339,371 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (20,051,575) 
NET ASSETS - 100%  $1,731,287,796 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) 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 $38,246,342 or 2.2% of net assets.

 (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.

 (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 $33,223 
Fidelity Securities Lending Cash Central Fund 110,502 
Total $143,725 

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.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $76,203,661 $136,501,345 $138,132,071 $2,105 $-- $74,575,040 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 7,076,555 73,838,225 75,686,660 -- -- 5,228,120 0.0% 
Total $83,280,216 $210,339,570 $213,818,731 $2,105 $-- $79,803,160  

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. 

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in any open-end mutual 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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