Fidelity® International Small Cap Opportunities Fund
July 31, 2024
ILS-NPRT3-0924
1.834743.118
Common Stocks - 92.7%
Shares
Value ($)
Australia - 1.8%
Imdex Ltd.
6,280,074
9,404,697
Steadfast Group Ltd.
3,236,460
13,735,975
TOTAL AUSTRALIA
23,140,672
Belgium - 1.8%
Azelis Group NV
395,600
7,492,417
KBC Ancora
318,289
15,501,072
TOTAL BELGIUM
22,993,489
Canada - 3.9%
CAE, Inc. (a)
455,600
8,289,336
McCoy Global, Inc. (b)
630,215
912,925
Osisko Gold Royalties Ltd.
627,100
10,996,336
Pason Systems, Inc. (b)
937,900
11,113,638
Richelieu Hardware Ltd. (b)
667,458
19,714,582
TOTAL CANADA
51,026,817
China - 0.3%
Chlitina Holding Ltd.
898,842
4,070,477
Denmark - 0.7%
Spar Nord Bank A/S
451,153
9,199,192
Egypt - 0.1%
Integrated Diagnostics Holdings PLC (a)(c)
5,696,716
1,765,982
France - 2.7%
Laurent-Perrier Group SA
35,632
4,608,246
Lectra
434,742
12,256,513
LISI
198,010
5,453,841
Vetoquinol SA
121,442
13,248,205
TOTAL FRANCE
35,566,805
Germany - 7.8%
CTS Eventim AG
533,054
47,017,162
Nexus AG
291,358
17,468,850
Rheinmetall AG
37,500
20,446,408
Scout24 AG (c)
148,700
11,780,118
Stabilus Se
102,336
5,011,579
TOTAL GERMANY
101,724,117
Greece - 0.2%
Athens International Airport SA
348,700
3,004,704
Ireland - 1.9%
AerCap Holdings NV
151,200
14,205,240
Cairn Homes PLC
2,685,691
5,489,618
Irish Residential Properties REIT PLC
4,704,557
4,684,186
TOTAL IRELAND
24,379,044
Israel - 1.2%
Ituran Location & Control Ltd.
362,877
9,605,354
NICE Ltd. sponsored ADR (a)
6,716
1,215,596
Tel Aviv Stock Exchange Ltd.
674,096
5,358,318
TOTAL ISRAEL
16,179,268
Italy - 2.2%
Interpump Group SpA
646,943
28,076,178
Japan - 25.8%
Ai Holdings Corp.
172,500
2,916,742
Artnature, Inc.
531,000
2,973,926
Aucnet, Inc.
281,977
4,555,151
Azbil Corp.
1,283,092
37,583,577
Broadleaf Co. Ltd.
2,162,798
8,922,327
Central Automotive Products Ltd.
156,500
5,207,787
Curves Holdings Co. Ltd.
2,558,426
14,123,816
Daiichikosho Co. Ltd.
538,100
6,546,425
Daikokutenbussan Co. Ltd.
74,100
5,272,895
Digital Hearts Holdings Co. Ltd.
547,814
3,649,534
Elan Corp.
837,600
5,149,558
Fujitec Co. Ltd.
417,300
12,187,093
Funai Soken Holdings, Inc.
236,950
3,476,627
Gift Holdings, Inc.
208,500
3,544,938
Goldcrest Co. Ltd.
610,730
11,782,048
Iwatsuka Confectionary Co. Ltd.
37,800
643,184
Kansai Paint Co. Ltd.
282,100
4,658,826
Koshidaka Holdings Co. Ltd. (b)
1,940,216
13,107,030
Kusuri No Aoki Holdings Co. Ltd. (b)
283,500
5,906,368
Medikit Co. Ltd.
281,800
5,831,448
Miroku Jyoho Service Co., Ltd.
261,700
3,411,769
Misumi Group, Inc.
315,868
5,866,978
Mitsuboshi Belting Ltd.
117,580
3,473,125
Nagaileben Co. Ltd.
720,427
12,994,184
Nihon Parkerizing Co. Ltd.
1,593,878
13,278,327
NS Tool Co. Ltd.
598,900
3,714,016
NSD Co. Ltd.
593,849
12,288,855
OBIC Co. Ltd.
94,400
14,367,478
OSG Corp.
536,900
7,452,912
Paramount Bed Holdings Co. Ltd.
238,520
4,036,235
ProNexus, Inc.
475,000
4,112,513
San-Ai Obbli Co. Ltd.
474,600
6,548,501
SHO-BOND Holdings Co. Ltd.
502,100
19,399,585
Shoei Co. Ltd. (b)
201,604
2,698,281
SK Kaken Co. Ltd.
200,400
12,855,672
Software Service, Inc.
66,400
6,218,698
Techno Medica Co. Ltd.
80,791
967,518
The Monogatari Corp. (b)
393,800
8,990,327
TIS, Inc.
269,700
5,815,100
Tocalo Co. Ltd.
608,636
8,052,579
USS Co. Ltd.
1,044,380
9,453,485
YAKUODO Holdings Co. Ltd.
350,000
6,623,611
YONEX Co. Ltd.
406,000
5,973,259
TOTAL JAPAN
336,632,308
Korea (South) - 0.4%
BGF Retail Co. Ltd.
68,256
5,152,374
Netherlands - 5.0%
Aalberts Industries NV
762,980
29,148,449
BE Semiconductor Industries NV
144,300
18,607,498
IMCD NV
121,988
17,558,861
TOTAL NETHERLANDS
65,314,808
Norway - 2.0%
Kongsberg Gruppen ASA
229,981
23,102,229
Medistim ASA
185,242
2,835,354
TOTAL NORWAY
25,937,583
Philippines - 0.2%
International Container Terminal Services, Inc.
520,000
3,173,395
Spain - 0.3%
Fluidra SA (b)
144,201
3,211,746
Sweden - 15.6%
Addlife AB
525,159
7,708,792
AddTech AB (B Shares)
2,141,556
68,990,850
Autoliv, Inc.
166,000
16,789,240
Bergman & Beving AB (B Shares)
417,154
12,348,058
Hemnet Group AB
600,600
22,197,501
INVISIO AB
453,163
10,578,825
John Mattson Fastighetsforetagen AB (a)
942,052
5,541,896
Lagercrantz Group AB (B Shares)
3,456,312
58,287,262
Teqnion AB (a)(b)
48,839
916,655
TOTAL SWEDEN
203,359,079
Switzerland - 0.9%
Tecan Group AG
31,550
11,760,934
Taiwan - 0.9%
Addcn Technology Co. Ltd.
1,355,535
8,144,083
eMemory Technology, Inc.
47,000
3,353,245
TOTAL TAIWAN
11,497,328
United Kingdom - 13.8%
Baltic Classifieds Group PLC
3,049,002
10,622,237
Bodycote PLC
2,349,726
21,084,418
Clarkson PLC
180,153
10,502,865
DP Poland PLC (a)
18,541,591
2,621,976
Games Workshop Group PLC
85,000
11,254,990
Howden Joinery Group PLC
2,129,700
25,749,346
InterContinental Hotel Group PLC ADR
194,000
19,658,020
Oxford Instruments PLC
303,100
9,780,220
Rightmove PLC
1,023,693
7,582,841
Sage Group PLC
638,700
8,916,937
Spectris PLC
1,053,778
41,155,309
Spirax-Sarco Engineering PLC
22,691
2,642,840
Unite Group PLC
677,900
8,305,151
TOTAL UNITED KINGDOM
179,877,150
United States of America - 3.2%
Morningstar, Inc.
105,821
33,614,041
PriceSmart, Inc.
91,060
8,316,510
TOTAL UNITED STATES OF AMERICA
41,930,551
TOTAL COMMON STOCKS
(Cost $845,462,839)
1,208,974,001
Investment Companies - 5.6%
Shares
Value ($)
United States of America - 5.6%
iShares MSCI EAFE Small-Cap ETF
985,000
63,818,150
Schwab Fundamental International Small Equity ETF
275,000
10,018,250
TOTAL INVESTMENT COMPANIES
(Cost $71,549,624)
73,836,400
Money Market Funds - 2.8%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
30,602,358
30,608,479
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
5,715,243
5,715,815
TOTAL MONEY MARKET FUNDS
(Cost $36,324,294)
36,324,294
TOTAL INVESTMENT IN SECURITIES - 101.1%
(Cost $953,336,757)
1,319,134,695
NET OTHER ASSETS (LIABILITIES) - (1.1)%
(14,826,006)
NET ASSETS - 100.0%
1,304,308,689
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
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 $13,546,100 or 1.0% of net assets.
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
47,754,532
249,320,279
266,465,740
1,318,025
(592)
-
30,608,479
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
4,475,514
226,431,606
225,191,305
48,561
-
-
5,715,815
0.0%
Total
52,230,046
475,751,885
491,657,045
1,366,586
(592)
-
36,324,294
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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs 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 and ETNs 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 (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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