NPORT-EX 2 QTLY_305_20220731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® International Discovery Fund
July 31, 2022
IGI-NPRT3-0922
1.804822.118
Common Stocks - 92.7%
 
 
Shares
Value ($)
(000s)
 
Australia - 2.0%
 
 
 
Bapcor Ltd.
 
5,672,973
26,599
Flight Centre Travel Group Ltd. (a)(b)
 
3,403,783
41,394
Iperionx Ltd. (a)(c)
 
12,059,029
5,971
Lynas Rare Earths Ltd. (a)
 
3,058,274
18,806
National Storage REIT unit
 
41,137,720
71,934
Rio Tinto Ltd.
 
352
24
TOTAL AUSTRALIA
 
 
164,728
Bailiwick of Jersey - 0.3%
 
 
 
Experian PLC
 
1,347
47
JTC PLC (d)
 
3,277,071
29,692
TOTAL BAILIWICK OF JERSEY
 
 
29,739
Belgium - 1.7%
 
 
 
KBC Group NV
 
1,506,665
78,915
UCB SA
 
878,885
68,538
TOTAL BELGIUM
 
 
147,453
Brazil - 0.2%
 
 
 
Rede D'Oregon Sao Luiz SA (d)
 
2,095,900
13,120
British Virgin Islands - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (e)
 
619,390
229
Canada - 4.6%
 
 
 
Canadian Natural Resources Ltd. (b)
 
3,061,501
169,051
Constellation Software, Inc.
 
56,740
96,521
Definity Financial Corp.
 
515,780
14,863
Nutrien Ltd.
 
714,082
61,128
The Toronto-Dominion Bank
 
652,387
42,377
Topicus.Com, Inc. (a)
 
103,371
5,913
TOTAL CANADA
 
 
389,853
Cayman Islands - 0.8%
 
 
 
Antengene Corp. (a)(d)
 
8,408,668
5,559
Li Ning Co. Ltd.
 
4,062,884
32,918
Medlive Technology Co. Ltd. (d)
 
2,278,538
2,897
Silergy Corp.
 
1,240,000
23,131
TOTAL CAYMAN ISLANDS
 
 
64,505
China - 0.2%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (d)
 
249,316
3,405
WuXi AppTec Co. Ltd. (H Shares) (d)
 
955,283
11,561
TOTAL CHINA
 
 
14,966
Denmark - 1.7%
 
 
 
DSV A/S
 
422,300
71,158
ORSTED A/S (d)
 
588,386
68,498
TOTAL DENMARK
 
 
139,656
Finland - 0.5%
 
 
 
Musti Group OYJ
 
547,128
11,307
Neste OYJ
 
600,141
30,718
TOTAL FINLAND
 
 
42,025
France - 9.9%
 
 
 
Air Liquide SA
 
723,154
99,421
AXA SA
 
4,034,076
92,955
BNP Paribas SA
 
1,259,299
59,499
Capgemini SA
 
621,377
117,712
Edenred SA
 
972,282
49,785
Euroapi SASU (a)
 
43,760
738
Exclusive Networks SA
 
1,467,941
23,885
LVMH Moet Hennessy Louis Vuitton SE
 
328,248
227,921
Sanofi SA
 
1,006,531
100,023
Teleperformance
 
176,816
58,967
TOTAL FRANCE
 
 
830,906
Germany - 5.2%
 
 
 
Allianz SE
 
191,206
34,724
Brenntag SE
 
844,996
59,357
Deutsche Borse AG
 
367,600
64,170
Deutsche Post AG
 
1,666,532
66,561
Linde PLC
 
158,794
47,942
Merck KGaA
 
151,918
28,934
Nexus AG
 
562,762
30,024
Rheinmetall AG
 
144,608
26,433
Siemens AG
 
493,254
55,020
Siemens Healthineers AG (d)
 
483,570
24,780
TOTAL GERMANY
 
 
437,945
Hong Kong - 2.0%
 
 
 
AIA Group Ltd.
 
13,096,736
131,578
Techtronic Industries Co. Ltd.
 
3,457,678
38,369
TOTAL HONG KONG
 
 
169,947
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
865,729
17,668
India - 6.4%
 
 
 
Avenue Supermarts Ltd. (a)(d)
 
505,358
27,150
Delhivery Private Ltd. (f)
 
1,020,800
7,352
Eicher Motors Ltd.
 
595,700
23,311
HDFC Bank Ltd.
 
3,117,382
56,862
HDFC Bank Ltd. sponsored ADR
 
1,603,797
100,718
Housing Development Finance Corp. Ltd.
 
4,533,815
136,666
Pine Labs Private Ltd. (a)(e)(f)
 
8,672
4,853
PVR Ltd. (a)
 
649,600
17,628
Reliance Industries Ltd.
 
2,618,180
83,175
Reliance Industries Ltd. sponsored GDR (d)
 
402,981
25,428
Star Health & Allied Insurance Co. Ltd.
 
992,200
9,363
Sunteck Realty Ltd. (a)
 
2,762,804
18,135
Vijaya Diagnostic Centre Pvt Ltd.
 
3,895,982
16,825
Zomato Ltd. (a)
 
10,934,400
6,492
TOTAL INDIA
 
 
533,958
Ireland - 1.8%
 
 
 
Cairn Homes PLC
 
28,467,964
31,791
CRH PLC
 
1,175,981
45,127
Dalata Hotel Group PLC (a)(c)
 
11,372,863
41,787
ICON PLC (a)
 
109,673
26,459
Ryanair Holdings PLC sponsored ADR (a)
 
140,950
10,289
TOTAL IRELAND
 
 
155,453
Italy - 0.3%
 
 
 
BFF Bank SpA (d)
 
3,211,595
22,501
Japan - 18.2%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
1,793,128
47,544
FUJIFILM Holdings Corp.
 
1,684,189
96,204
Fujitsu Ltd.
 
352,889
47,309
Hitachi Ltd.
 
2,655,479
134,442
Hoya Corp.
 
1,129,302
113,147
Itochu Corp.
 
2,887,499
84,054
JEOL Ltd.
 
1,034,486
47,033
Keyence Corp.
 
130,986
51,915
Minebea Mitsumi, Inc.
 
4,328,466
77,861
Misumi Group, Inc.
 
954,505
23,746
Mitsubishi UFJ Financial Group, Inc.
 
9,744,902
54,908
Olympus Corp.
 
4,728,980
101,210
ORIX Corp.
 
7,798,799
138,989
Persol Holdings Co. Ltd.
 
2,363,091
48,920
Recruit Holdings Co. Ltd.
 
1,353,304
50,577
Renesas Electronics Corp. (a)
 
7,043,269
67,086
Shin-Etsu Chemical Co. Ltd.
 
717,461
91,903
SMC Corp.
 
72,263
35,614
Sony Group Corp.
 
1,706,860
144,789
TIS, Inc.
 
1,444,115
40,947
ZOZO, Inc.
 
1,379,328
29,796
TOTAL JAPAN
 
 
1,527,994
Luxembourg - 0.4%
 
 
 
Eurofins Scientific SA
 
479,301
37,240
Netherlands - 5.7%
 
 
 
Airbus Group NV
 
524,087
56,508
ASML Holding NV (Netherlands)
 
327,451
188,205
Heineken NV (Bearer)
 
623,700
61,259
IMCD NV
 
229,230
36,502
ING Groep NV (Certificaten Van Aandelen)
 
4,847,767
47,090
Koninklijke KPN NV
 
16,605,668
54,666
RHI Magnesita NV
 
422,999
11,601
Universal Music Group NV
 
958,243
21,691
TOTAL NETHERLANDS
 
 
477,522
New Zealand - 0.9%
 
 
 
EBOS Group Ltd.
 
1,714,646
42,606
Ryman Healthcare Ltd.
 
5,655,913
33,082
TOTAL NEW ZEALAND
 
 
75,688
Norway - 3.1%
 
 
 
Equinor ASA
 
6,794,173
261,602
Volue A/S (a)
 
994,864
2,512
TOTAL NORWAY
 
 
264,114
Singapore - 0.5%
 
 
 
United Overseas Bank Ltd.
 
2,056,300
41,026
Spain - 2.0%
 
 
 
Aena SME SA (a)(d)
 
137,475
17,389
Amadeus IT Holding SA Class A (a)
 
1,323,933
77,199
Cellnex Telecom SA (d)
 
1,090,470
48,776
Cie Automotive SA
 
840,096
21,964
TOTAL SPAIN
 
 
165,328
Sweden - 3.1%
 
 
 
ASSA ABLOY AB (B Shares)
 
3,409,686
80,557
HEXPOL AB (B Shares)
 
1,996,229
20,724
Indutrade AB
 
1,843,982
43,096
Kry International AB (a)(e)(f)
 
4,183
946
Lagercrantz Group AB (B Shares)
 
2,991,776
32,531
Nibe Industrier AB (B Shares)
 
1,684,226
16,872
Nordnet AB
 
1,925,294
25,757
Svenska Handelsbanken AB (A Shares)
 
4,780,382
42,985
TOTAL SWEDEN
 
 
263,468
Switzerland - 8.0%
 
 
 
Lonza Group AG
 
84,168
51,153
Nestle SA (Reg. S)
 
2,489,316
305,012
Partners Group Holding AG
 
55,303
60,018
Roche Holding AG (participation certificate)
 
773,279
256,732
TOTAL SWITZERLAND
 
 
672,915
Taiwan - 1.2%
 
 
 
MediaTek, Inc.
 
1,624,000
37,296
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,535,000
60,428
TOTAL TAIWAN
 
 
97,724
United Kingdom - 11.2%
 
 
 
Anglo American PLC (United Kingdom)
 
1,150,738
41,593
AstraZeneca PLC (United Kingdom)
 
1,481,438
194,870
Beazley PLC
 
175,160
1,156
Big Yellow Group PLC
 
2,141,100
37,156
Bunzl PLC
 
2,419,393
90,482
Bytes Technology Group PLC
 
868,782
4,774
Compass Group PLC
 
5,202,687
121,933
Dechra Pharmaceuticals PLC
 
593,918
26,645
Diageo PLC
 
2,771,717
131,301
Dr. Martens Ltd.
 
4,300,613
13,596
M&G PLC
 
37,026,308
96,178
Reckitt Benckiser Group PLC
 
1,494,126
121,196
S4 Capital PLC (a)
 
3,786,465
5,833
Smart Metering Systems PLC
 
2,903,759
33,240
Starling Bank Ltd. Series D (a)(e)(f)
 
6,223,100
17,870
Zegona Communications PLC (c)
 
328,262
336
TOTAL UNITED KINGDOM
 
 
938,159
United States of America - 0.6%
 
 
 
NICE Ltd. sponsored ADR (a)
 
79,074
16,923
NVIDIA Corp.
 
185,435
33,681
TOTAL UNITED STATES OF AMERICA
 
 
50,604
 
TOTAL COMMON STOCKS
 (Cost $6,589,152)
 
 
 
7,786,434
 
 
 
 
Preferred Stocks - 0.9%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.5%
 
 
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(e)(f)
 
131,235
18,837
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f)
 
727,754
6,528
 
 
 
25,365
Estonia - 0.2%
 
 
 
Bolt Technology OU Series E (e)(f)
 
87,239
13,778
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
39,143
Nonconvertible Preferred Stocks - 0.4%
 
 
 
India - 0.3%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(e)(f)
 
20,726
11,598
 Series A (a)(e)(f)
 
5,179
2,898
 Series B (a)(e)(f)
 
5,635
3,153
 Series B2 (a)(e)(f)
 
4,558
2,551
 Series C (a)(e)(f)
 
8,478
4,744
 Series C1 (a)(e)(f)
 
1,786
999
 Series D (a)(e)(f)
 
1,910
1,069
 
 
 
27,012
Sweden - 0.1%
 
 
 
Kry International AB Series E (a)(e)(f)
 
24,162
5,467
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
32,479
 
TOTAL PREFERRED STOCKS
 (Cost $76,424)
 
 
 
71,622
 
 
 
 
Money Market Funds - 7.2%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 2.01% (g)
 
517,596,647
517,700
Fidelity Securities Lending Cash Central Fund 2.01% (g)(h)
 
85,058,018
85,067
 
TOTAL MONEY MARKET FUNDS
 (Cost $602,767)
 
 
602,767
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $7,268,343)
 
 
 
8,460,823
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(63,307)
NET ASSETS - 100.0%
8,397,516
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Categorizations in 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)
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 $300,756,000 or 3.6% of net assets.
 
(e)
Level 3 security
 
(f)
Restricted securities (including private placements) - 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 $102,643,000 or 1.2% of net assets.
 
(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 ($)
(000s)
Bolt Technology OU Series E
1/03/22
22,664
ByteDance Ltd. Series E1
11/18/20
14,380
Delhivery Private Ltd.
5/20/21
4,983
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
10,336
Kry International AB
5/14/21
1,817
Kry International AB Series E
5/14/21
11,046
Pine Labs Private Ltd.
6/30/21
3,233
Pine Labs Private Ltd. Series 1
6/30/21
7,728
Pine Labs Private Ltd. Series A
6/30/21
1,931
Pine Labs Private Ltd. Series B
6/30/21
2,101
Pine Labs Private Ltd. Series B2
6/30/21
1,699
Pine Labs Private Ltd. Series C
6/30/21
3,161
Pine Labs Private Ltd. Series C1
6/30/21
666
Pine Labs Private Ltd. Series D
6/30/21
712
Starling Bank Ltd. Series D
6/18/21
11,126
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
%ownership,
end
of period
Fidelity Cash Central Fund 2.01%
398,277
2,336,364
2,216,941
1,852
-
-
517,700
1.0%
Fidelity Securities Lending Cash Central Fund 2.01%
2,886
1,154,700
1,072,519
1,061
-
-
85,067
0.2%
Total
401,163
3,491,064
3,289,460
2,913
-
-
602,767
 
 
 
 
 
 
 
 
 
 
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 (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Dalata Hotel Group PLC
56,215
-
6,744
-
(4,075)
(3,609)
41,787
Iperionx Ltd.
9,332
-
219
-
(83)
(3,059)
5,971
Zegona Communications PLC
495
-
11
-
(1)
(147)
336
Total
66,042
-
6,974
-
(4,159)
(6,815)
48,094
 
 
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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 any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
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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