Quarterly Holdings Report
for
Fidelity® Europe Fund
July 31, 2026
EUR-NPRT3-0926
1.804873.122
Common Stocks - 97.7%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.1%
 
  
  
Materials - 1.1%
  
  
  
Metals & Mining - 1.1%
  
  
  
Glencore PLC
 
1,491,600
10,986,154
AUSTRIA - 1.1%
 
  
  
Financials - 1.1%
  
  
  
Banks - 1.1%
  
  
  
Erste Group Bank AG
 
47,000
6,113,540
Raiffeisen Bank International AG
 
70,900
4,856,445
 
  
  
  
TOTAL AUSTRIA
  
  
10,969,985
BELGIUM - 2.4%
 
  
  
Consumer Staples - 0.7%
  
  
  
Food Products - 0.7%
  
  
  
Lotus Bakeries NV (d)
  
500
6,423,046
Financials - 1.2%
  
  
  
Banks - 1.2%
  
  
  
KBC Group NV
 
84,800
12,189,165
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
UCB SA
 
18,800
4,832,297
TOTAL BELGIUM
  
  
23,444,508
DENMARK - 3.5%
 
  
  
Consumer Discretionary - 1.3%
  
  
  
Textiles, Apparel & Luxury Goods - 1.3%
  
  
  
Pandora A/S
 
102,700
12,865,227
Consumer Staples - 1.6%
  
  
  
Beverages - 1.6%
  
  
  
Carlsberg AS Series B
 
103,400
15,253,175
Industrials - 0.6%
  
  
  
Air Freight & Logistics - 0.6%
  
  
  
DSV A/S
 
29,900
6,462,018
TOTAL DENMARK
  
  
34,580,420
FINLAND - 0.4%
 
  
  
Information Technology - 0.4%
  
  
  
Communications Equipment - 0.4%
  
  
  
Nokia Oyj
 
371,000
3,429,127
FRANCE - 13.7%
 
  
  
Communication Services - 1.2%
  
  
  
Diversified Telecommunication Services - 1.2%
  
  
  
Orange SA
 
635,200
12,137,208
Consumer Discretionary - 2.8%
  
  
  
Automobile Components - 0.4%
  
  
  
Valeo SE
 
231,500
3,972,279
Hotels, Restaurants & Leisure - 1.7%
  
  
  
Sodexo SA (d)
  
238,900
15,709,293
Textiles, Apparel & Luxury Goods - 0.7%
  
  
  
LVMH Moet Hennessy Louis Vuitton SE
 
13,100
7,193,672
TOTAL CONSUMER DISCRETIONARY
  
  
26,875,244
Consumer Staples - 0.5%
  
  
  
Personal Care Products - 0.5%
  
  
  
L'Oreal SA
 
11,200
4,988,427
Energy - 1.0%
  
  
  
Oil, Gas & Consumable Fuels - 1.0%
  
  
  
Gaztransport Et Technigaz SA
 
43,100
9,726,440
Financials - 1.1%
  
  
  
Banks - 1.1%
  
  
  
BNP Paribas SA
 
87,400
11,105,807
Industrials - 3.1%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
Airbus SE
 
85,400
20,048,394
Electrical Equipment - 0.8%
  
  
  
Legrand SA
 
48,800
7,419,028
Trading Companies & Distributors - 0.2%
  
  
  
Rexel SA
 
49,100
2,029,249
TOTAL INDUSTRIALS
  
  
29,496,671
Materials - 2.1%
  
  
  
Chemicals - 2.1%
  
  
  
Air Liquide SA
 
104,349
20,557,644
Utilities - 1.9%
  
  
  
Multi-Utilities - 1.9%
  
  
  
Engie SA
 
214,300
6,679,973
Veolia Environnement SA
 
301,900
12,013,618
TOTAL UTILITIES
  
  
18,693,591
TOTAL FRANCE
  
  
133,581,032
GERMANY - 7.4%
 
  
  
Consumer Discretionary - 0.9%
  
  
  
Automobile Components - 0.1%
  
  
  
Schaeffler AG Class Registered
 
109,700
896,889
Textiles, Apparel & Luxury Goods - 0.8%
  
  
  
Adidas AG
 
43,800
8,104,013
TOTAL CONSUMER DISCRETIONARY
  
  
9,000,902
Health Care - 1.6%
  
  
  
Pharmaceuticals - 1.6%
  
  
  
Bayer AG
 
136,400
7,569,625
Merck KGaA
 
48,500
8,015,510
TOTAL HEALTH CARE
  
  
15,585,135
Industrials - 4.2%
  
  
  
Electrical Equipment - 1.5%
  
  
  
Siemens Energy AG
 
84,200
14,384,986
Industrial Conglomerates - 2.7%
  
  
  
Siemens AG
 
81,800
26,801,490
TOTAL INDUSTRIALS
  
  
41,186,476
Utilities - 0.7%
  
  
  
Independent Power and Renewable Electricity Producers - 0.7%
  
  
  
RWE AG
 
102,800
6,778,336
TOTAL GERMANY
  
  
72,550,849
GREECE - 0.8%
 
  
  
Industrials - 0.8%
  
  
  
Construction & Engineering - 0.8%
  
  
  
GEK TERNA SA
 
148,900
7,764,456
IRELAND - 1.4%
 
  
  
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
AIB Group PLC
 
1,185,300
14,016,828
ISRAEL - 1.1%
 
  
  
Health Care - 0.8%
  
  
  
Pharmaceuticals - 0.8%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (a)
  
227,900
7,978,779
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
Tower Semiconductor Ltd (United States) (a)
  
12,900
2,833,743
TOTAL ISRAEL
  
  
10,812,522
ITALY - 6.7%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Textiles, Apparel & Luxury Goods - 0.4%
  
  
  
Brunello Cucinelli SpA (d)
  
42,100
4,268,306
Consumer Staples - 0.8%
  
  
  
Beverages - 0.8%
  
  
  
Coca-Cola HBC AG
 
120,300
8,122,930
Financials - 3.5%
  
  
  
Banks - 2.5%
  
  
  
FinecoBank Banca Fineco SpA
 
326,335
8,914,860
Intesa Sanpaolo SpA
 
1,961,700
14,829,104
 
  
  
23,743,964
Insurance - 1.0%
  
  
  
Generali
 
201,800
10,227,031
TOTAL FINANCIALS
  
  
33,970,995
Health Care - 1.1%
  
  
  
Pharmaceuticals - 1.1%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
172,300
10,262,222
Industrials - 0.9%
  
  
  
Electrical Equipment - 0.9%
  
  
  
Prysmian SpA
 
66,300
9,148,958
TOTAL ITALY
  
  
65,773,411
LUXEMBOURG - 0.9%
 
  
  
Materials - 0.9%
  
  
  
Metals & Mining - 0.9%
  
  
  
ArcelorMittal SA
 
119,900
8,398,076
NETHERLANDS - 7.5%
 
  
  
Financials - 1.1%
  
  
  
Banks - 1.1%
  
  
  
ING Groep NV (d)
  
308,900
10,855,227
Industrials - 0.5%
  
  
  
Professional Services - 0.5%
  
  
  
Randstad NV
 
120,400
5,067,633
Information Technology - 5.9%
  
  
  
Semiconductors & Semiconductor Equipment - 5.9%
  
  
  
ASML Holding NV
 
34,800
57,348,503
TOTAL NETHERLANDS
  
  
73,271,363
NORWAY - 1.0%
 
  
  
Financials - 1.0%
  
  
  
Insurance - 1.0%
  
  
  
Storebrand ASA A Shares
 
463,900
9,858,028
POLAND - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Professional Services - 0.3%
  
  
  
Benefit Systems SA (a)
  
2,000
2,891,062
PORTUGAL - 1.6%
 
  
  
Consumer Staples - 0.4%
  
  
  
Consumer Staples Distribution & Retail - 0.4%
  
  
  
Sonae SGPS SA
 
1,769,000
4,161,442
Financials - 1.2%
  
  
  
Banks - 1.2%
  
  
  
Banco Comercial Portugues SA
 
9,612,500
11,805,157
TOTAL PORTUGAL
  
  
15,966,599
SPAIN - 8.3%
 
  
  
Financials - 5.6%
  
  
  
Banks - 5.6%
  
  
  
Banco Santander SA
 
1,832,200
26,058,051
Bankinter SA
 
571,200
10,492,761
CaixaBank SA
 
1,240,600
18,021,386
TOTAL FINANCIALS
  
  
54,572,198
Utilities - 2.7%
  
  
  
Electric Utilities - 2.7%
  
  
  
Iberdrola SA
 
1,106,512
26,348,870
TOTAL SPAIN
  
  
80,921,068
SWEDEN - 5.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Specialty Retail - 0.6%
  
  
  
Haypp Group AB (a)
  
399,824
5,542,497
Financials - 1.6%
  
  
  
Financial Services - 1.6%
  
  
  
Investor AB B Shares
 
354,500
15,301,033
Health Care - 1.5%
  
  
  
Biotechnology - 1.5%
  
  
  
Swedish Orphan Biovitrum AB B Shares (a)
  
295,100
14,584,241
Industrials - 1.9%
  
  
  
Building Products - 1.2%
  
  
  
Assa Abloy AB B Shares
 
321,200
11,918,379
Machinery - 0.7%
  
  
  
Atlas Copco AB B Shares
 
378,800
6,995,440
TOTAL INDUSTRIALS
  
  
18,913,819
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Kry International Ab (a)(b)(c)
  
18,879
167,849
TOTAL SWEDEN
  
  
54,509,439
SWITZERLAND - 5.5%
 
  
  
Consumer Discretionary - 1.8%
  
  
  
Textiles, Apparel & Luxury Goods - 1.8%
  
  
  
Cie Financiere Richemont SA Series A
 
75,120
17,754,007
Financials - 2.2%
  
  
  
Capital Markets - 2.2%
  
  
  
UBS Group AG
 
405,690
21,352,106
Health Care - 1.5%
  
  
  
Pharmaceuticals - 1.5%
  
  
  
Galderma Group AG
 
67,950
14,786,701
TOTAL SWITZERLAND
  
  
53,892,814
UNITED KINGDOM - 17.2%
 
  
  
Communication Services - 0.5%
  
  
  
Interactive Media & Services - 0.5%
  
  
  
MONY Group PLC
 
2,016,400
5,340,090
Consumer Discretionary - 1.9%
  
  
  
Broadline Retail - 0.9%
  
  
  
Next PLC
 
43,800
8,763,219
Leisure Products - 0.6%
  
  
  
Games Workshop Group PLC
 
22,868
5,892,850
Textiles, Apparel & Luxury Goods - 0.4%
  
  
  
Burberry Group PLC (a)
  
270,300
4,326,025
TOTAL CONSUMER DISCRETIONARY
  
  
18,982,094
Consumer Staples - 2.0%
  
  
  
Tobacco - 2.0%
  
  
  
British American Tobacco PLC
 
321,200
19,484,295
Financials - 6.6%
  
  
  
Banks - 3.1%
  
  
  
HSBC Holdings PLC
 
1,438,200
30,626,917
Financial Services - 0.4%
  
  
  
Revolut Group Holdings Ltd (a)(b)(c)
  
1,798
3,455,342
Insurance - 3.1%
  
  
  
Admiral Group PLC
 
289,600
14,722,433
Hiscox Ltd
 
631,915
15,406,592
 
  
  
30,129,025
TOTAL FINANCIALS
  
  
64,211,284
Health Care - 2.3%
  
  
  
Pharmaceuticals - 2.3%
  
  
  
Astrazeneca PLC
 
129,300
22,013,038
Industrials - 3.1%
  
  
  
Aerospace & Defense - 2.9%
  
  
  
Rolls-Royce Holdings PLC
 
1,413,000
28,188,867
Electrical Equipment - 0.1%
  
  
  
DiscoverIE Group PLC
 
91,900
959,901
Trading Companies & Distributors - 0.1%
  
  
  
Diploma PLC
 
11,500
1,134,536
TOTAL INDUSTRIALS
  
  
30,283,304
Utilities - 0.8%
  
  
  
Electric Utilities - 0.8%
  
  
  
SSE PLC
 
232,600
7,348,633
TOTAL UNITED KINGDOM
  
  
167,662,738
UNITED STATES - 10.2%
 
  
  
Energy - 3.1%
  
  
  
Oil, Gas & Consumable Fuels - 3.1%
  
  
  
Shell PLC
 
662,277
30,313,548
Health Care - 3.8%
  
  
  
Pharmaceuticals - 3.8%
  
  
  
Roche Holding AG
 
83,180
36,381,283
Industrials - 2.2%
  
  
  
Electrical Equipment - 2.2%
  
  
  
Schneider Electric SE
 
64,400
21,637,473
Materials - 1.1%
  
  
  
Construction Materials - 1.1%
  
  
  
Holcim AG
 
120,190
10,916,159
TOTAL UNITED STATES
  
  
99,248,463
 
TOTAL COMMON STOCKS
 (Cost $701,225,859)
  
  
  
954,528,942
 
  
  
  
Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
ESTONIA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Bolt Technology OU Series E (a)(b)(c)
  (Cost $1,000,736)
  
3,852
778,360
 
  
  
  
Money Market Funds - 4.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
3.69
22,579,171
22,583,687
Fidelity Securities Lending Cash Central Fund (e)(f)
  
3.72
18,280,315
18,282,143
 
TOTAL MONEY MARKET FUNDS
 (Cost $40,865,223)
  
  
  
40,865,830
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
 (Cost $743,091,818)
 
  
 
996,173,132
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(18,991,616)
NET ASSETS - 100.0%
977,181,516
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
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 $4,401,551 or 0.5% of net assets.
 
(c)
Level 3 security.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $10,956,726.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/3/2022
1,000,736
 
  
  
Kry International Ab
5/14/2021 - 10/30/2024
1,248,474
 
  
  
Revolut Group Holdings Ltd
12/27/2024 - 1/28/2026
1,834,012
 
  
  
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
3,759,906
342,997,666
324,172,665
455,445
(1,827)
607
22,583,687
22,579,171
Fidelity Securities Lending Cash Central Fund
5,772,200
87,135,437
74,625,317
46,079
(177)
-
18,282,143
18,280,315
 
9,532,106
430,133,103
398,797,982
501,524
(2,004)
607
40,865,830
  
 
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 income 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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