Quarterly Holdings Report
for
Fidelity® Nordic Fund
July 31, 2026
NOR-NPRT3-0926
1.804855.122
Common Stocks - 97.3%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
DroneShield Ltd (a)(c)(d)
  
425,227
506,544
CHINA - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Electrical Equipment - 0.1%
  
  
  
Sigenergy Technology Co Ltd H Shares
 
12,700
471,893
DENMARK - 23.1%
 
  
  
Consumer Staples - 1.7%
  
  
  
Beverages - 1.7%
  
  
  
Carlsberg AS Series B
 
41,600
6,136,674
Financials - 4.6%
  
  
  
Banks - 4.6%
  
  
  
Danske Bank A/S
 
280,300
16,138,223
Health Care - 7.5%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Coloplast AS Series B
 
5,100
337,261
Pharmaceuticals - 7.4%
  
  
  
ALK-Abello A/S Series B
 
51,600
1,767,232
Novo Nordisk A/S Series B
 
514,200
24,322,473
 
  
  
26,089,705
TOTAL HEALTH CARE
  
  
26,426,966
Industrials - 7.7%
  
  
  
Air Freight & Logistics - 3.3%
  
  
  
DSV A/S
 
54,500
11,778,595
Electrical Equipment - 4.4%
  
  
  
NKT A/S (a)
  
32,300
4,404,998
Vestas Wind Systems A/S
 
400,100
10,769,679
 
  
  
15,174,677
TOTAL INDUSTRIALS
  
  
26,953,272
Materials - 1.6%
  
  
  
Chemicals - 1.6%
  
  
  
Novonesis Novozymes B Series B
 
87,000
5,663,992
TOTAL DENMARK
  
  
81,319,127
FINLAND - 11.6%
 
  
  
Energy - 1.0%
  
  
  
Oil, Gas & Consumable Fuels - 1.0%
  
  
  
Neste Oyj
 
96,100
3,386,589
Financials - 5.2%
  
  
  
Banks - 5.2%
  
  
  
Nordea Bank Abp (Sweden)
 
915,344
18,485,293
Information Technology - 2.8%
  
  
  
Communications Equipment - 2.8%
  
  
  
Nokia Oyj
 
1,052,400
9,727,263
Materials - 1.1%
  
  
  
Paper & Forest Products - 1.1%
  
  
  
UPM-Kymmene Oyj
 
146,100
3,974,765
Real Estate - 0.4%
  
  
  
Real Estate Management & Development - 0.4%
  
  
  
Cityvarasto Oyj (d)
  
80,500
1,401,711
Utilities - 1.1%
  
  
  
Electric Utilities - 1.1%
  
  
  
Fortum Oyj
 
178,300
4,055,591
TOTAL FINLAND
  
  
41,031,212
FRANCE - 0.6%
 
  
  
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
Abivax SA ADR (a)
  
2,200
274,824
Industrials - 0.5%
  
  
  
Electrical Equipment - 0.5%
  
  
  
Nexans SA
 
11,900
1,808,624
TOTAL FRANCE
  
  
2,083,448
GERMANY - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Electrical Equipment - 0.3%
  
  
  
Nordex SE (a)
  
22,100
979,629
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
LPKF Laser & Electronics SE (a)
  
12,700
208,691
TOTAL GERMANY
  
  
1,188,320
NETHERLANDS - 1.0%
 
  
  
Information Technology - 1.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.9%
  
  
  
ASM International NV
 
1,200
1,108,684
ASML Holding NV
 
1,200
1,977,535
 
  
  
3,086,219
Software - 0.1%
  
  
  
Nebius Group NV Class A (a)(d)
  
3,100
590,271
TOTAL NETHERLANDS
  
  
3,676,490
NORWAY - 13.1%
 
  
  
Consumer Staples - 1.3%
  
  
  
Food Products - 1.3%
  
  
  
Mowi ASA
 
219,800
4,698,652
Energy - 2.7%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Odfjell Drilling Ltd
 
59,700
573,221
Oil, Gas & Consumable Fuels - 2.5%
  
  
  
Equinor ASA
 
214,400
8,801,320
TOTAL ENERGY
  
  
9,374,541
Financials - 2.9%
  
  
  
Banks - 2.4%
  
  
  
DNB Bank ASA
 
262,000
8,431,549
Insurance - 0.5%
  
  
  
Storebrand ASA A Shares
 
76,400
1,623,525
TOTAL FINANCIALS
  
  
10,055,074
Industrials - 2.5%
  
  
  
Aerospace & Defense - 1.3%
  
  
  
Kongsberg Gruppen ASA
 
136,400
4,262,905
Industrial Conglomerates - 0.5%
  
  
  
Aker ASA A Shares
 
13,500
1,814,719
Machinery - 0.7%
  
  
  
Kongsberg Maritime AS
 
464,400
2,611,714
TOTAL INDUSTRIALS
  
  
8,689,338
Information Technology - 2.5%
  
  
  
Communications Equipment - 1.0%
  
  
  
Smartoptics Group ASA
 
786,700
3,619,111
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
General Oceans AS
 
64,100
147,442
Norbit ASA (d)
  
69,500
1,286,236
 
  
  
1,433,678
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
Nordic Semiconductor ASA (a)(d)
  
231,900
3,883,147
TOTAL INFORMATION TECHNOLOGY
  
  
8,935,936
Materials - 1.2%
  
  
  
Metals & Mining - 1.2%
  
  
  
Norsk Hydro ASA
 
442,900
4,085,322
TOTAL NORWAY
  
  
45,838,863
SWEDEN - 43.3%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
Tele2 AB B Shares
 
52,700
912,979
Consumer Discretionary - 2.2%
  
  
  
Leisure Products - 0.5%
  
  
  
MIPS AB (c)(d)
  
41,700
1,836,653
Specialty Retail - 1.7%
  
  
  
Haypp Group AB (a)
  
415,698
5,762,548
TOTAL CONSUMER DISCRETIONARY
  
  
7,599,201
Financials - 10.2%
  
  
  
Banks - 3.7%
  
  
  
Swedbank AB A1 Shares
 
330,300
13,215,885
Capital Markets - 0.8%
  
  
  
Nordnet AB
 
69,400
2,660,204
Financial Services - 5.7%
  
  
  
Investor AB B Shares
 
464,500
20,048,886
TOTAL FINANCIALS
  
  
35,924,975
Health Care - 3.2%
  
  
  
Biotechnology - 1.4%
  
  
  
Swedish Orphan Biovitrum AB B Shares (a)
  
99,800
4,932,251
Health Care Equipment & Supplies - 0.2%
  
  
  
Elekta AB B Shares
 
145,200
737,726
Health Care Providers & Services - 0.4%
  
  
  
Ambea AB (b)(c)
  
96,500
1,462,367
Life Sciences Tools & Services - 0.8%
  
  
  
AddLife AB B Shares
 
118,200
2,005,957
Medcap AB (a)
  
12,900
743,068
 
  
  
2,749,025
Pharmaceuticals - 0.4%
  
  
  
Camurus AB (a)
  
22,800
1,478,545
TOTAL HEALTH CARE
  
  
11,359,914
Industrials - 24.2%
  
  
  
Aerospace & Defense - 3.4%
  
  
  
Mildef Group AB
 
56,500
1,285,196
Saab AB B Shares
 
173,000
10,870,943
 
  
  
12,156,139
Building Products - 3.1%
  
  
  
Assa Abloy AB B Shares
 
190,200
7,057,521
Munters Group AB (b)(c)
  
228,300
4,051,868
 
  
  
11,109,389
Machinery - 17.7%
  
  
  
Atlas Copco AB B Shares
 
1,242,400
22,943,863
Beijer Alma AB B Shares
 
106,300
3,326,689
Epiroc AB A Shares
 
305,400
7,829,428
Indutrade AB
 
127,500
3,197,475
Sandvik AB
 
371,700
13,899,624
Volvo AB B Shares
 
287,500
10,997,377
 
  
  
62,194,456
TOTAL INDUSTRIALS
  
  
85,459,984
Information Technology - 2.7%
  
  
  
Electronic Equipment, Instruments & Components - 2.4%
  
  
  
Lagercrantz Group AB B Shares
 
296,253
6,969,048
Ncab Group Ab
 
167,700
1,211,670
 
  
  
8,180,718
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Silex Microsystems AB
 
41,700
753,229
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Dynavox Group AB
 
58,000
437,336
TOTAL INFORMATION TECHNOLOGY
  
  
9,371,283
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Boliden AB
 
25,900
1,296,877
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Swedish Logistic Property AB B Shares (a)
  
142,304
549,956
TOTAL SWEDEN
  
  
152,475,169
SWITZERLAND - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Huber + Suhner AG
 
3,640
852,763
TAIWAN - 1.9%
 
  
  
Information Technology - 1.9%
  
  
  
Semiconductors & Semiconductor Equipment - 1.9%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd
 
92,000
6,807,965
UNITED KINGDOM - 2.0%
 
  
  
Consumer Staples - 1.5%
  
  
  
Tobacco - 1.5%
  
  
  
British American Tobacco PLC
 
88,336
5,358,545
Industrials - 0.5%
  
  
  
Commercial Services & Supplies - 0.5%
  
  
  
Verisure PLC (a)
  
135,300
1,680,348
TOTAL UNITED KINGDOM
  
  
7,038,893
 
TOTAL COMMON STOCKS
 (Cost $236,676,555)
  
  
  
343,290,687
 
  
  
  
Money Market Funds - 1.5%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
3.69
5,074,460
5,075,475
Fidelity Securities Lending Cash Central Fund (e)(f)
  
3.72
312,024
312,055
 
TOTAL MONEY MARKET FUNDS
 (Cost $5,387,516)
  
  
  
5,387,530
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
 (Cost $242,064,071)
 
  
 
348,678,217
NET OTHER ASSETS (LIABILITIES) - 1.2%  
4,265,837
NET ASSETS - 100.0%
352,944,054
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
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 $5,514,235 or 1.6% of net assets.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,857,432 or 2.2% of net assets.
 
(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 $3,394,672.
 
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
631,975
63,055,337
58,611,487
84,294
(365)
15
5,075,475
5,074,460
Fidelity Securities Lending Cash Central Fund
1,790,526
19,454,936
20,933,259
91,430
(147)
(1)
312,055
312,024
 
2,422,501
82,510,273
79,544,746
175,724
(512)
14
5,387,530
  
 
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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