Fidelity® International Capital Appreciation K6 Fund
January 31, 2024
IVFK6-NPRT1-0324
1.9883989.106
Common Stocks - 100.0%
Shares
Value ($)
Brazil - 1.6%
MercadoLibre, Inc. (a)
13,737
23,515,134
Canada - 11.0%
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
385,254
22,574,518
Brookfield Asset Management Ltd. Class A (b)
523,236
21,028,855
Canadian National Railway Co. (b)
171,747
21,305,340
Canadian Pacific Kansas City Ltd.
277,194
22,306,236
CGI, Inc. Class A (sub. vtg.) (a)
170,567
19,101,170
Constellation Software, Inc.
10,364
28,644,556
Constellation Software, Inc. warrants 8/22/28 (a)(c)
9,222
1
Thomson Reuters Corp.
147,985
21,971,279
TOTAL CANADA
156,931,955
China - 1.6%
PDD Holdings, Inc. ADR (a)
176,039
22,334,068
Denmark - 4.4%
DSV A/S
124,242
22,228,114
Novo Nordisk A/S Series B
361,830
41,358,784
TOTAL DENMARK
63,586,898
France - 15.7%
Air Liquide SA
123,317
23,076,729
Airbus Group NV
141,474
22,534,812
Capgemini SA
105,791
23,688,831
Dassault Systemes SA
511,394
26,509,789
EssilorLuxottica SA
108,487
21,373,198
Hermes International SCA
10,817
22,886,549
L'Oreal SA
55,182
26,407,586
LVMH Moet Hennessy Louis Vuitton SE
43,379
36,093,886
Safran SA
119,534
22,318,051
TOTAL FRANCE
224,889,431
Germany - 3.6%
Infineon Technologies AG
596,595
21,750,014
SAP SE
168,133
29,128,461
TOTAL GERMANY
50,878,475
India - 8.9%
Axis Bank Ltd.
1,545,526
19,862,740
HCL Technologies Ltd.
1,315,909
24,946,371
HDFC Bank Ltd.
1,214,700
21,352,336
ICICI Bank Ltd.
1,851,225
22,917,793
ITC Ltd.
2,941,787
15,632,039
Larsen & Toubro Ltd.
542,533
22,703,488
TOTAL INDIA
127,414,767
Indonesia - 1.4%
PT Bank Central Asia Tbk
34,329,464
20,770,234
Ireland - 1.5%
Kingspan Group PLC (Ireland)
261,609
21,362,387
Italy - 1.6%
Ferrari NV (Italy)
64,886
22,698,589
Japan - 9.4%
Hoya Corp.
140,393
17,834,008
Keyence Corp.
55,282
24,733,049
OBIC Co. Ltd.
125,120
19,219,639
Renesas Electronics Corp. (a)
1,106,901
18,161,574
Shin-Etsu Chemical Co. Ltd.
631,342
24,851,005
Tokyo Electron Ltd.
157,951
29,311,355
TOTAL JAPAN
134,110,630
Netherlands - 6.6%
ASM International NV (Netherlands)
45,787
25,542,614
ASML Holding NV (Netherlands)
52,014
45,126,730
Wolters Kluwer NV
161,315
23,796,471
TOTAL NETHERLANDS
94,465,815
Sweden - 1.6%
Atlas Copco AB (A Shares)
1,427,198
22,777,257
Switzerland - 1.8%
UBS Group AG
873,547
26,309,156
Taiwan - 3.3%
Taiwan Semiconductor Manufacturing Co. Ltd.
2,371,054
47,474,804
United Kingdom - 11.5%
3i Group PLC
467,500
14,635,064
Ashtead Group PLC
323,387
21,319,271
AstraZeneca PLC (United Kingdom)
146,870
19,471,561
BAE Systems PLC
1,393,953
20,792,372
Compass Group PLC
835,943
23,025,024
London Stock Exchange Group PLC
178,847
20,230,111
RELX PLC (London Stock Exchange)
641,227
26,466,049
Sage Group PLC
1,264,346
18,875,161
TOTAL UNITED KINGDOM
164,814,613
United States of America - 14.5%
Alphabet, Inc. Class A (a)
143,600
20,118,360
Linde PLC
51,177
20,717,985
Marsh & McLennan Companies, Inc.
104,944
20,342,345
MasterCard, Inc. Class A
41,697
18,731,543
Moody's Corp.
57,589
22,577,192
NVIDIA Corp.
29,807
18,339,353
S&P Global, Inc.
48,084
21,558,461
Schneider Electric SA
134,939
26,508,784
Visa, Inc. Class A
70,604
19,293,249
Waste Connections, Inc. (Canada)
130,255
20,220,552
TOTAL UNITED STATES OF AMERICA
208,407,824
TOTAL COMMON STOCKS
(Cost $1,087,770,459)
1,432,742,037
Money Market Funds - 2.7%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
22,392,390
22,396,868
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
16,609,739
16,611,400
TOTAL MONEY MARKET FUNDS
(Cost $39,008,268)
39,008,268
TOTAL INVESTMENT IN SECURITIES - 102.7%
(Cost $1,126,778,727)
1,471,750,305
NET OTHER ASSETS (LIABILITIES) - (2.7)%
(38,533,965)
NET ASSETS - 100.0%
1,433,216,340
Legend
(a)
Non-income producing
(b)
Security or a portion of the security is on loan at period end.
(c)
Level 3 security
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
17,211,551
160,893,002
155,707,685
323,543
-
-
22,396,868
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
505,800
44,392,366
28,286,766
846
-
-
16,611,400
0.1%
Total
17,717,351
205,285,368
183,994,451
324,389
-
-
39,008,268
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.
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.
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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