Quarterly Holdings Report
for
Fidelity® Europe Fund
July 31, 2022
EUR-NPRT3-0922
1.804873.118
Common Stocks - 98.7%
 
  
Shares
Value ($)
 
Austria - 0.7%
 
  
  
Verbund AG
 
41,700
4,581,595
Bailiwick of Jersey - 4.0%
 
  
  
Experian PLC
 
213,500
7,475,123
Ferguson PLC
 
49,800
6,240,519
Glencore Xstrata PLC
 
2,135,900
12,105,644
TOTAL BAILIWICK OF JERSEY
  
  
25,821,286
Belgium - 2.0%
 
  
  
Fagron NV
 
204,908
3,120,451
KBC Group NV
 
78,200
4,095,882
UCB SA
 
72,800
5,677,120
TOTAL BELGIUM
  
  
12,893,453
Bermuda - 0.5%
 
  
  
Hiscox Ltd.
 
301,414
3,276,395
Denmark - 4.5%
 
  
  
DSV A/S
 
45,800
7,717,346
Novo Nordisk A/S Series B
 
59,800
6,965,137
ORSTED A/S (a)
  
80,900
9,418,107
Tryg A/S
 
234,200
5,329,597
TOTAL DENMARK
  
  
29,430,187
Finland - 3.4%
 
  
  
Elisa Corp. (A Shares)
 
130,200
7,191,152
Nordea Bank ABP
 
989,900
9,732,234
Sampo Oyj (A Shares)
 
125,900
5,439,226
TOTAL FINLAND
  
  
22,362,612
France - 20.0%
 
  
  
Air Liquide SA
 
88,780
12,205,688
AXA SA
 
301,800
6,954,237
BNP Paribas SA
 
154,200
7,285,538
Capgemini SA
 
45,100
8,543,607
Dassault Aviation SA
 
22,100
3,150,929
Dassault Systemes SA
 
108,000
4,632,306
Edenred SA
 
88,100
4,511,135
L'Oreal SA
 
28,300
10,699,025
LVMH Moet Hennessy Louis Vuitton SE
 
37,100
25,760,564
Sanofi SA
 
183,700
18,254,921
Sartorius Stedim Biotech
 
23,300
9,277,843
TotalEnergies SE
 
382,307
19,527,240
TOTAL FRANCE
  
  
130,803,033
Germany - 4.5%
 
  
  
Brenntag SE
 
64,900
4,558,909
Deutsche Borse AG
 
59,800
10,439,009
RWE AG
 
168,200
6,907,296
Scout24 AG (a)
  
48,700
2,770,412
Siemens Healthineers AG (a)
  
88,800
4,550,437
TOTAL GERMANY
  
  
29,226,063
Ireland - 1.0%
 
  
  
Bank of Ireland Group PLC
 
791,200
4,513,862
Flutter Entertainment PLC (Ireland) (b)
  
22,500
2,247,641
TOTAL IRELAND
  
  
6,761,503
Israel - 0.4%
 
  
  
NICE Ltd. (b)
  
13,600
2,820,705
Italy - 0.6%
 
  
  
Prada SpA
 
702,200
4,052,238
Netherlands - 9.2%
 
  
  
Airbus Group NV
 
113,800
12,270,111
ASML Holding NV (Netherlands)
 
34,700
19,944,116
Ferrari NV (Italy)
 
22,600
4,762,876
Heineken NV (Bearer)
 
125,600
12,336,307
Prosus NV
 
108,512
7,078,781
RHI Magnesita NV
 
140,542
3,854,344
TOTAL NETHERLANDS
  
  
60,246,535
Norway - 3.4%
 
  
  
Equinor ASA
 
215,400
8,293,743
Kongsberg Gruppen ASA
 
103,700
3,808,910
TGS ASA
 
702,883
10,406,779
TOTAL NORWAY
  
  
22,509,432
Spain - 1.4%
 
  
  
Amadeus IT Holding SA Class A (b)
  
74,700
4,355,775
CaixaBank SA
 
1,576,000
4,732,313
TOTAL SPAIN
  
  
9,088,088
Sweden - 8.0%
 
  
  
ASSA ABLOY AB (B Shares)
 
356,000
8,410,864
EQT AB (c)
  
134,900
3,631,954
Haypp Group (b)
  
491,497
962,468
HEXPOL AB (B Shares)
 
394,600
4,096,583
Indutrade AB
 
310,500
7,256,672
Investor AB (B Shares)
 
420,900
7,819,756
Kry International AB (b)(d)(e)
  
406
91,866
Sandvik AB
 
364,200
6,710,820
Swedish Match Co. AB
 
1,270,700
13,302,352
TOTAL SWEDEN
  
  
52,283,335
Switzerland - 11.2%
 
  
  
Compagnie Financiere Richemont SA Series A
 
81,030
9,770,404
Nestle SA (Reg. S)
 
290,510
35,595,401
Roche Holding AG (participation certificate)
 
83,140
27,602,856
TOTAL SWITZERLAND
  
  
72,968,661
United Kingdom - 23.2%
 
  
  
AstraZeneca PLC (United Kingdom)
 
199,200
26,203,025
Beazley PLC
 
503,600
3,324,000
Bunzl PLC
 
158,600
5,931,424
Compass Group PLC
 
524,500
12,292,422
Deliveroo PLC Class A (a)(b)
  
2,126,500
2,347,260
Diageo PLC
 
408,200
19,337,194
Grainger Trust PLC
 
873,600
3,151,183
Harbour Energy PLC
 
401,000
1,788,293
Informa PLC
 
1,078,300
7,802,760
JD Sports Fashion PLC
 
1,887,400
2,977,675
Lloyds Banking Group PLC
 
12,445,800
6,890,722
Londonmetric Properity PLC
 
907,400
2,766,999
Mondi PLC
 
306,139
5,776,785
Next PLC
 
43,100
3,572,277
Prudential PLC
 
627,374
7,738,276
Reckitt Benckiser Group PLC
 
111,100
9,011,853
RELX PLC (London Stock Exchange)
 
436,700
12,930,455
Rightmove PLC
 
1,000,400
7,820,907
RS GROUP PLC
 
317,700
3,996,626
Sabre Insurance Group PLC (a)
  
1,989,822
2,650,987
Safestore Holdings PLC
 
211,600
2,937,626
TOTAL UNITED KINGDOM
  
  
151,248,749
United States of America - 0.7%
 
  
  
ResMed, Inc.
 
18,700
4,497,724
 
TOTAL COMMON STOCKS
 (Cost $607,932,059)
  
  
  
644,871,594
 
  
  
  
Preferred Stocks - 0.2%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
  
  
Estonia - 0.1%
  
  
  
Bolt Technology OU Series E (d)(e)
  
3,852
608,375
Nonconvertible Preferred Stocks - 0.1%
 
  
  
Sweden - 0.1%
  
  
  
Kry International AB Series E (b)(d)(e)
  
2,345
530,607
 
TOTAL PREFERRED STOCKS
 (Cost $2,072,807)
  
  
  
1,138,982
 
  
  
  
Money Market Funds - 1.2%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 2.01% (f)
  
4,246,899
4,247,749
Fidelity Securities Lending Cash Central Fund 2.01% (f)(g)
  
3,464,510
3,464,856
 
TOTAL MONEY MARKET FUNDS
 (Cost $7,712,605)
  
  
7,712,605
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $617,717,471)
 
  
 
653,723,181
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(706,401)
NET ASSETS - 100.0%
653,016,780
 
  
Categorizations in 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 $21,737,203 or 3.3% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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 $1,230,848 or 0.2% of net assets.
 
(e)
Level 3 security
 
(f)
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.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
1,000,736
Kry International AB
5/14/21
176,328
Kry International AB Series E
5/14/21
1,072,071
 
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 2.01%
8,041,251
153,657,414
157,450,916
18,323
-
-
4,247,749
0.0%
Fidelity Securities Lending Cash Central Fund 2.01%
34,103,332
167,506,891
198,145,367
183,707
-
-
3,464,856
0.0%
Total
42,144,583
321,164,305
355,596,283
202,030
-
-
7,712,605
  
 
  
  
  
  
  
  
  
  
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.
 
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.
 
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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