NPORT-EX 2 QTLY_305_20230731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® International Discovery Fund
July 31, 2023
IGI-NPRT3-0923
1.804822.119
Common Stocks - 97.2%
 
 
Shares
Value ($)
(000s)
 
Australia - 3.7%
 
 
 
Bapcor Ltd.
 
5,572,948
23,396
EBOS Group Ltd.
 
1,672,673
40,049
Flight Centre Travel Group Ltd. (a)(b)
 
3,499,107
54,928
Flutter Entertainment PLC (a)
 
521,218
103,747
Iperionx Ltd. (a)(c)
 
16,527,456
11,657
National Storage REIT unit
 
41,646,941
64,900
TOTAL AUSTRALIA
 
 
298,677
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (d)
 
3,616,073
33,413
Belgium - 2.0%
 
 
 
Azelis Group NV
 
490,100
12,663
KBC Group NV
 
1,007,321
75,816
UCB SA
 
823,012
72,863
TOTAL BELGIUM
 
 
161,342
Brazil - 0.6%
 
 
 
MercadoLibre, Inc. (a)
 
39,936
49,443
Canada - 2.9%
 
 
 
Canadian Natural Resources Ltd.
 
1,438,559
87,482
Constellation Software, Inc.
 
51,211
108,195
Definity Financial Corp.
 
506,686
12,753
Franco-Nevada Corp.
 
205,729
30,020
Lumine Group, Inc.
 
158,876
2,522
TOTAL CANADA
 
 
240,972
China - 3.1%
 
 
 
Alibaba Group Holding Ltd. (a)
 
5,217,028
66,670
Chervon Holdings Ltd.
 
7,803,207
29,216
Glodon Co. Ltd. (A Shares)
 
6,171,620
27,908
Li Ning Co. Ltd.
 
3,811,358
22,969
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
758,200
31,420
Tencent Holdings Ltd.
 
1,591,794
73,161
TOTAL CHINA
 
 
251,344
Denmark - 3.3%
 
 
 
DSV A/S
 
394,372
78,963
Novo Nordisk A/S Series B
 
1,176,803
189,762
TOTAL DENMARK
 
 
268,725
France - 12.3%
 
 
 
Air Liquide SA
 
730,750
131,384
Airbus Group NV
 
489,145
72,051
AXA SA
 
3,101,358
95,332
BNP Paribas SA
 
1,381,796
91,126
Edenred SA
 
1,364,493
88,635
EssilorLuxottica SA
 
314,416
63,242
Exclusive Networks SA
 
1,616,563
34,482
L'Oreal SA
 
195,645
91,035
LVMH Moet Hennessy Louis Vuitton SE
 
302,250
280,720
Pernod Ricard SA
 
276,393
60,961
TOTAL FRANCE
 
 
1,008,968
Germany - 4.8%
 
 
 
DHL Group
 
1,556,991
79,981
Merck KGaA
 
359,030
63,082
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
174,315
65,662
Nexus AG
 
562,762
35,950
Rheinmetall AG
 
136,045
38,502
Siemens AG
 
461,612
78,678
Siemens Healthineers AG (d)
 
475,045
27,589
TOTAL GERMANY
 
 
389,444
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
11,687,137
116,927
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
850,465
21,453
India - 5.4%
 
 
 
Avenue Supermarts Ltd. (a)(d)
 
505,358
23,061
Campus Activewear Ltd. (a)
 
1,643,898
6,040
HDFC Bank Ltd.
 
10,043,319
201,652
HDFC Bank Ltd. sponsored ADR
 
1,186,465
81,012
ITC Ltd.
 
4,656,000
26,366
Larsen & Toubro Ltd.
 
579,300
18,887
One97 Communications Ltd. (a)
 
4,023,500
39,159
Pine Labs Private Ltd. (a)(e)(f)
 
8,672
4,633
PVR INOX Ltd. (a)
 
649,600
12,299
Sona Blw Precision Forgings Ltd. (d)
 
2,874,000
19,923
Star Health & Allied Insurance Co. Ltd. (a)
 
992,200
7,678
TOTAL INDIA
 
 
440,710
Ireland - 2.2%
 
 
 
Cairn Homes PLC
 
27,768,466
33,819
CRH PLC
 
1,123,211
66,911
Dalata Hotel Group PLC (a)(c)
 
11,172,339
52,268
Kingspan Group PLC (Ireland)
 
348,509
27,973
TOTAL IRELAND
 
 
180,971
Italy - 3.9%
 
 
 
BFF Bank SpA (d)
 
3,154,969
35,591
Davide Campari Milano NV
 
2,893,514
38,909
Ferrari NV
 
151,803
48,636
FinecoBank SpA
 
1,625,451
25,226
Prysmian SpA
 
800,300
31,897
Recordati SpA
 
158,575
8,186
UniCredit SpA
 
4,998,771
126,570
TOTAL ITALY
 
 
315,015
Japan - 18.9%
 
 
 
Advantest Corp.
 
261,607
35,904
BayCurrent Consulting, Inc.
 
577,000
18,608
Capcom Co. Ltd.
 
1,225,625
55,137
Daiichi Sankyo Kabushiki Kaisha
 
1,712,619
52,748
Eisai Co. Ltd.
 
299,900
18,922
Fast Retailing Co. Ltd.
 
228,673
57,158
FUJIFILM Holdings Corp.
 
692,538
40,146
Hitachi Ltd.
 
2,274,914
148,681
Hoya Corp.
 
1,020,783
118,606
Itochu Corp.
 
2,615,509
105,712
JTOWER, Inc. (a)
 
589,544
30,044
Keyence Corp.
 
125,031
56,036
Misumi Group, Inc.
 
937,676
17,100
Mitsubishi UFJ Financial Group, Inc.
 
9,101,298
73,286
NOF Corp.
 
447,204
19,273
ORIX Corp.
 
3,761,766
72,213
Outsourcing, Inc.
 
2,520,506
25,698
Persol Holdings Co. Ltd.
 
2,287,062
45,142
Renesas Electronics Corp. (a)
 
5,996,514
115,696
Shin-Etsu Chemical Co. Ltd.
 
3,250,901
107,100
SMC Corp.
 
84,953
44,278
Sony Group Corp.
 
1,195,018
111,933
Sumitomo Mitsui Financial Group, Inc.
 
1,229,174
57,589
TechnoPro Holdings, Inc.
 
803,637
20,806
TIS, Inc.
 
1,356,750
34,361
Tokio Marine Holdings, Inc.
 
1,758,860
40,445
ZOZO, Inc.
 
1,355,009
26,402
TOTAL JAPAN
 
 
1,549,024
Korea (South) - 1.2%
 
 
 
Samsung Electronics Co. Ltd.
 
1,785,070
97,516
Netherlands - 6.1%
 
 
 
Adyen BV (a)(d)
 
33,955
63,021
ASML Holding NV (Netherlands)
 
315,174
225,749
BE Semiconductor Industries NV
 
721,740
86,220
IMCD NV
 
225,189
34,156
ING Groep NV (Certificaten Van Aandelen)
 
3,889,474
56,773
Topicus.Com, Inc. (a)
 
101,548
8,009
Universal Music Group NV
 
962,628
24,691
TOTAL NETHERLANDS
 
 
498,619
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(f)
 
619,390
229
Spain - 1.3%
 
 
 
CaixaBank SA
 
17,998,287
72,807
Cie Automotive SA
 
1,050,928
32,909
TOTAL SPAIN
 
 
105,716
Sweden - 2.4%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,380,789
33,198
HEXPOL AB (B Shares)
 
1,961,031
21,294
Indutrade AB
 
2,394,149
50,242
Kry International AB (a)(e)(f)
 
4,183
236
Lagercrantz Group AB (B Shares)
 
2,939,024
35,375
Nibe Industrier AB (B Shares)
 
3,116,844
28,052
Nordnet AB
 
1,801,451
26,732
TOTAL SWEDEN
 
 
195,129
Switzerland - 1.5%
 
 
 
Compagnie Financiere Richemont SA Series A
 
564,287
90,869
Partners Group Holding AG
 
30,988
34,753
TOTAL SWITZERLAND
 
 
125,622
Taiwan - 2.0%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,144,000
164,807
United Kingdom - 10.9%
 
 
 
3i Group PLC
 
1,855,300
47,071
AstraZeneca PLC (United Kingdom)
 
1,546,581
222,207
BAE Systems PLC
 
6,223,621
74,429
Beazley PLC
 
3,488,397
24,555
Big Yellow Group PLC
 
1,999,553
27,535
Bunzl PLC
 
2,238,046
82,949
Cab Payments Holdings Ltd.
 
4,659,200
17,161
Compass Group PLC
 
4,817,382
125,337
Diageo PLC
 
1,495,972
65,288
Endava PLC ADR (a)
 
231,005
12,119
Games Workshop Group PLC
 
164,010
24,521
JD Sports Fashion PLC
 
15,236,172
30,836
London Stock Exchange Group PLC
 
455,413
49,455
Sage Group PLC
 
2,758,200
33,153
Smart Metering Systems PLC
 
2,852,560
25,516
Starling Bank Ltd. Series D (a)(e)(f)
 
6,223,100
27,873
Zegona Communications PLC (a)(c)
 
322,474
155
TOTAL UNITED KINGDOM
 
 
890,160
United States of America - 6.2%
 
 
 
Globant SA (a)
 
100,728
17,600
Lattice Semiconductor Corp. (a)
 
486,685
44,259
Linde PLC
 
216,883
84,730
Microsoft Corp.
 
96,900
32,551
Nestle SA (Reg. S)
 
1,652,478
202,460
NVIDIA Corp.
 
184,132
86,043
Samsonite International SA (a)(d)
 
12,741,420
37,740
TOTAL UNITED STATES OF AMERICA
 
 
505,383
Zambia - 0.4%
 
 
 
First Quantum Minerals Ltd.
 
1,179,400
34,980
 
TOTAL COMMON STOCKS
 (Cost $6,038,616)
 
 
 
7,944,589
 
 
 
 
Preferred Stocks - 0.9%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.6%
 
 
 
China - 0.5%
 
 
 
ByteDance Ltd. Series E1 (a)(e)(f)
 
131,235
31,464
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f)
 
727,754
5,698
 
 
 
37,162
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(e)(f)
 
87,239
11,420
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
48,582
Nonconvertible Preferred Stocks - 0.3%
 
 
 
India - 0.3%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(e)(f)
 
20,726
11,073
 Series A (a)(e)(f)
 
5,179
2,767
 Series B (a)(e)(f)
 
5,635
3,011
 Series B2 (a)(e)(f)
 
4,558
2,435
 Series C (a)(e)(f)
 
8,478
4,529
 Series C1 (a)(e)(f)
 
1,786
954
 Series D (a)(e)(f)
 
1,910
1,020
 
 
 
25,789
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(e)(f)
 
24,162
1,365
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
27,154
 
TOTAL PREFERRED STOCKS
 (Cost $76,424)
 
 
 
75,736
 
 
 
 
Money Market Funds - 1.0%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.32% (g)
 
73,093,262
73,108
Fidelity Securities Lending Cash Central Fund 5.32% (g)(h)
 
12,588,439
12,590
 
TOTAL MONEY MARKET FUNDS
 (Cost $85,698)
 
 
85,698
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.1%
 (Cost $6,200,738)
 
 
 
8,106,023
NET OTHER ASSETS (LIABILITIES) - 0.9%  
71,686
NET ASSETS - 100.0%
8,177,709
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
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 $240,338,000 or 2.9% of net assets.
 
(e)
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 $108,478,000 or 1.3% of net assets.
 
(f)
Level 3 security
 
(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
 
 
 
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 5.32%
376,692
1,443,474
1,747,058
6,635
-
-
73,108
0.2%
Fidelity Securities Lending Cash Central Fund 5.32%
29,429
801,427
818,266
1,248
-
-
12,590
0.0%
Total
406,121
2,244,901
2,565,324
7,883
-
-
85,698
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Dalata Hotel Group PLC
36,423
-
853
-
289
16,409
52,268
Iperionx Ltd.
6,780
1,236
147
-
13
3,775
11,657
Zegona Communications PLC
282
-
5
-
(2)
(120)
155
Total
43,485
1,236
1,005
-
300
20,064
64,080
 
 
 
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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
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 service 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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