Quarterly Holdings Report
for
Fidelity® Series International Value Fund
July 31, 2026
VSF-S-NPRT3-0926
1.907975.116
Common Stocks - 98.9%
 
  
Shares
Value ($)
 
AUSTRALIA - 3.1%
 
  
  
Financials - 0.6%
  
  
  
Capital Markets - 0.6%
  
  
  
Macquarie Group Ltd
 
621,396
110,309,498
Materials - 2.5%
  
  
  
Metals & Mining - 2.5%
  
  
  
Glencore PLC
 
18,128,727
133,524,393
Rio Tinto PLC
 
3,221,273
313,010,002
TOTAL MATERIALS
  
  
446,534,395
TOTAL AUSTRALIA
  
  
556,843,893
AUSTRIA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Erste Group Bank AG
 
917,900
119,396,136
BELGIUM - 2.2%
 
  
  
Financials - 1.9%
  
  
  
Banks - 1.9%
  
  
  
KBC Group NV
 
2,347,004
337,358,702
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
UCB SA
 
218,100
56,059,799
TOTAL BELGIUM
  
  
393,418,501
DENMARK - 0.6%
 
  
  
Industrials - 0.6%
  
  
  
Air Freight & Logistics - 0.6%
  
  
  
DSV A/S
 
538,840
116,454,648
FINLAND - 1.3%
 
  
  
Financials - 0.9%
  
  
  
Insurance - 0.9%
  
  
  
Mandatum Holding Oy
 
2,494,187
17,098,841
Sampo Oyj A Shares
 
13,957,835
154,537,738
TOTAL FINANCIALS
  
  
171,636,579
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.2%
  
  
  
Nokia Oyj
 
3,895,700
36,007,691
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
Fortum Oyj
 
1,569,777
35,705,965
TOTAL FINLAND
  
  
243,350,235
FRANCE - 11.1%
 
  
  
Communication Services - 1.4%
  
  
  
Diversified Telecommunication Services - 1.1%
  
  
  
Orange SA
 
10,445,100
199,581,791
Entertainment - 0.1%
  
  
  
Vivendi SE
 
14,529,055
26,739,671
Media - 0.2%
  
  
  
Canal+ SA
 
10,518,355
37,283,177
TOTAL COMMUNICATION SERVICES
  
  
263,604,639
Consumer Discretionary - 0.7%
  
  
  
Textiles, Apparel & Luxury Goods - 0.7%
  
  
  
LVMH Moet Hennessy Louis Vuitton SE
 
238,100
130,749,109
Consumer Staples - 1.0%
  
  
  
Food Products - 1.0%
  
  
  
Danone SA
 
2,277,500
177,157,908
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
TotalEnergies SE
 
788,767
69,509,084
Financials - 4.0%
  
  
  
Banks - 2.0%
  
  
  
BNP Paribas SA
 
2,339,870
297,324,314
Societe Generale SA Series A
 
749,000
70,403,497
 
  
  
367,727,811
Insurance - 2.0%
  
  
  
AXA SA
 
7,039,979
364,879,541
TOTAL FINANCIALS
  
  
732,607,352
Industrials - 1.4%
  
  
  
Building Products - 1.0%
  
  
  
Cie de Saint-Gobain SA
 
1,868,500
175,614,925
Trading Companies & Distributors - 0.4%
  
  
  
Rexel SA
 
2,119,300
87,588,329
TOTAL INDUSTRIALS
  
  
263,203,254
Materials - 1.5%
  
  
  
Chemicals - 1.5%
  
  
  
Air Liquide SA
 
1,386,086
273,070,773
Utilities - 0.7%
  
  
  
Multi-Utilities - 0.7%
  
  
  
Veolia Environnement SA
 
2,997,800
119,292,562
TOTAL FRANCE
  
  
2,029,194,681
GERMANY - 11.1%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobiles - 0.3%
  
  
  
Bayerische Motoren Werke AG
 
828,400
56,647,479
Financials - 2.5%
  
  
  
Banks - 0.2%
  
  
  
Commerzbank AG
 
992,600
43,724,358
Capital Markets - 0.4%
  
  
  
Deutsche Bank AG
 
2,206,200
81,092,535
Insurance - 1.9%
  
  
  
Hannover Rueck SE
 
563,663
162,886,990
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
274,891
165,127,063
 
  
  
328,014,053
TOTAL FINANCIALS
  
  
452,830,946
Health Care - 1.2%
  
  
  
Health Care Providers & Services - 0.7%
  
  
  
Fresenius SE & Co KGaA
 
2,267,000
116,517,581
Pharmaceuticals - 0.5%
  
  
  
Bayer AG
 
1,703,182
94,519,418
TOTAL HEALTH CARE
  
  
211,036,999
Industrials - 4.3%
  
  
  
Aerospace & Defense - 0.9%
  
  
  
Rheinmetall AG
 
129,388
171,044,358
Air Freight & Logistics - 1.2%
  
  
  
Deutsche Post AG
 
3,151,407
210,519,657
Industrial Conglomerates - 2.2%
  
  
  
Siemens AG
 
1,246,487
408,407,199
TOTAL INDUSTRIALS
  
  
789,971,214
Materials - 0.2%
  
  
  
Construction Materials - 0.2%
  
  
  
Heidelberg Materials AG
 
282,500
52,591,622
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
Vonovia SE
 
3,416,949
82,897,415
Utilities - 2.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.9%
  
  
  
RWE AG
 
2,546,500
167,908,869
Multi-Utilities - 1.2%
  
  
  
E.ON SE
 
10,196,100
219,657,391
TOTAL UTILITIES
  
  
387,566,260
TOTAL GERMANY
  
  
2,033,541,935
HONG KONG - 0.6%
 
  
  
Financials - 0.6%
  
  
  
Insurance - 0.6%
  
  
  
Prudential PLC
 
7,352,225
110,493,284
INDIA - 0.3%
 
  
  
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Reliance Industries Ltd GDR (c)
  
855,700
46,806,790
ISRAEL - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
2,385,300
83,509,353
ITALY - 6.3%
 
  
  
Energy - 1.3%
  
  
  
Oil, Gas & Consumable Fuels - 1.3%
  
  
  
Eni SpA
 
8,586,100
238,836,865
Financials - 4.4%
  
  
  
Banks - 3.3%
  
  
  
BPER Banca SPA
 
9,835,600
159,580,845
UniCredit SpA
 
4,758,700
448,801,872
 
  
  
608,382,717
Insurance - 1.1%
  
  
  
Generali
 
3,845,200
194,871,065
TOTAL FINANCIALS
  
  
803,253,782
Industrials - 0.6%
  
  
  
Passenger Airlines - 0.6%
  
  
  
Ryanair Holdings PLC ADR
 
1,792,300
104,867,473
TOTAL ITALY
  
  
1,146,958,120
JAPAN - 22.0%
 
  
  
Communication Services - 0.5%
  
  
  
Interactive Media & Services - 0.2%
  
  
  
LY Corp
 
11,353,000
31,632,235
Wireless Telecommunication Services - 0.3%
  
  
  
SoftBank Group Corp
 
1,650,900
51,421,421
TOTAL COMMUNICATION SERVICES
  
  
83,053,656
Consumer Discretionary - 3.2%
  
  
  
Automobiles - 2.1%
  
  
  
Toyota Motor Corp
 
20,302,900
384,225,937
Household Durables - 1.1%
  
  
  
Panasonic Holdings Corp
 
5,824,100
154,003,574
Sumitomo Forestry Co Ltd (a)
  
6,467,100
54,546,254
 
  
  
208,549,828
TOTAL CONSUMER DISCRETIONARY
  
  
592,775,765
Consumer Staples - 0.1%
  
  
  
Personal Care Products - 0.1%
  
  
  
Shiseido Co Ltd
 
1,243,670
24,567,014
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Inpex Corp
 
3,954,400
91,143,648
Financials - 9.6%
  
  
  
Banks - 6.5%
  
  
  
Mitsubishi UFJ Financial Group Inc
 
29,229,544
652,885,646
Sumitomo Mitsui Financial Group Inc
 
12,597,949
541,320,478
 
  
  
1,194,206,124
Financial Services - 1.5%
  
  
  
ORIX Corp
 
6,612,933
266,893,711
Insurance - 1.6%
  
  
  
Tokio Marine Holdings Inc
 
5,633,025
287,095,006
TOTAL FINANCIALS
  
  
1,748,194,841
Industrials - 6.0%
  
  
  
Building Products - 0.6%
  
  
  
Daikin Industries Ltd
 
759,300
109,988,303
Industrial Conglomerates - 1.3%
  
  
  
Hitachi Ltd
 
7,436,000
243,681,849
Machinery - 1.3%
  
  
  
MINEBEA MITSUMI Inc
 
1,685,151
38,377,844
Mitsubishi Heavy Industries Ltd
 
4,594,500
107,338,263
SMC Corp
 
195,800
84,597,410
 
  
  
230,313,517
Trading Companies & Distributors - 2.8%
  
  
  
ITOCHU Corp
 
21,928,765
275,197,489
Mitsui & Co Ltd
 
5,772,600
177,128,099
Sumitomo Corp
 
5,608,100
58,211,879
 
  
  
510,537,467
TOTAL INDUSTRIALS
  
  
1,094,521,136
Information Technology - 0.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Murata Manufacturing Co Ltd
 
479,400
21,843,554
IT Services - 0.2%
  
  
  
TISI Inc
 
1,626,356
38,990,869
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
Renesas Electronics Corp
 
5,155,560
103,336,801
TOTAL INFORMATION TECHNOLOGY
  
  
164,171,224
Materials - 0.7%
  
  
  
Chemicals - 0.7%
  
  
  
Shin-Etsu Chemical Co Ltd
 
3,792,810
135,214,200
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
Sumitomo Realty & Development Co Ltd
 
3,864,300
86,615,725
TOTAL JAPAN
  
  
4,020,257,209
NETHERLANDS - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Nebius Group NV Class A (a)(b)
  
115,800
22,049,477
PORTUGAL - 1.1%
 
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Galp Energia SGPS SA
 
5,612,600
127,465,567
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Banco Comercial Portugues SA
 
65,774,100
80,777,485
TOTAL PORTUGAL
  
  
208,243,052
SINGAPORE - 1.2%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Singapore Telecommunications Ltd
 
14,698,200
50,854,280
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
United Overseas Bank Ltd
 
4,720,989
159,659,580
TOTAL SINGAPORE
  
  
210,513,860
SOUTH AFRICA - 0.7%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Thungela Resources Ltd (United Kingdom)
 
667,874
4,064,074
Materials - 0.7%
  
  
  
Metals & Mining - 0.7%
  
  
  
Anglo American PLC
 
1,842,915
93,291,125
Valterra Platinum Ltd (United Kingdom) (a)
  
499,479
37,462,068
TOTAL MATERIALS
  
  
130,753,193
TOTAL SOUTH AFRICA
  
  
134,817,267
SPAIN - 4.8%
 
  
  
Financials - 4.8%
  
  
  
Banks - 4.8%
  
  
  
Banco Santander SA
 
49,921,372
709,995,451
Bankinter SA
 
8,671,300
159,289,002
 
  
  
  
TOTAL SPAIN
  
  
869,284,453
SWEDEN - 1.9%
 
  
  
Financials - 1.2%
  
  
  
Financial Services - 1.2%
  
  
  
Investor AB B Shares
 
5,157,160
222,594,858
Industrials - 0.7%
  
  
  
Machinery - 0.7%
  
  
  
Volvo AB B Shares
 
3,324,178
127,155,609
TOTAL SWEDEN
  
  
349,750,467
SWITZERLAND - 4.2%
 
  
  
Consumer Staples - 1.0%
  
  
  
Food Products - 1.0%
  
  
  
Nestle SA
 
1,861,380
186,046,921
Financials - 3.2%
  
  
  
Capital Markets - 0.6%
  
  
  
UBS Group AG (United States) (a)
  
2,154,129
113,608,763
Insurance - 2.6%
  
  
  
Swiss Life Holding AG
 
89,120
105,252,985
Zurich Insurance Group AG
 
468,539
356,899,363
 
  
  
462,152,348
TOTAL FINANCIALS
  
  
575,761,111
TOTAL SWITZERLAND
  
  
761,808,032
UNITED KINGDOM - 14.5%
 
  
  
Consumer Discretionary - 0.9%
  
  
  
Household Durables - 0.8%
  
  
  
Barratt Redrow PLC
 
36,575,296
145,358,128
Specialty Retail - 0.1%
  
  
  
JD Sports Fashion PLC
 
15,527,600
18,721,583
TOTAL CONSUMER DISCRETIONARY
  
  
164,079,711
Consumer Staples - 2.8%
  
  
  
Tobacco - 2.8%
  
  
  
British American Tobacco PLC
 
4,711,368
285,796,033
Imperial Brands PLC
 
5,902,091
223,989,540
TOTAL CONSUMER STAPLES
  
  
509,785,573
Financials - 6.6%
  
  
  
Banks - 5.8%
  
  
  
HSBC Holdings PLC
 
20,902,500
445,125,236
Lloyds Banking Group PLC
 
244,455,313
377,834,279
Standard Chartered PLC
 
7,592,022
224,477,932
 
  
  
1,047,437,447
Capital Markets - 0.1%
  
  
  
St James's Place PLC
 
1,683,200
23,898,993
Insurance - 0.7%
  
  
  
Beazley PLC
 
7,501,017
130,463,041
TOTAL FINANCIALS
  
  
1,201,799,481
Health Care - 1.8%
  
  
  
Pharmaceuticals - 1.8%
  
  
  
Astrazeneca PLC
 
856,359
145,793,218
GSK PLC
 
7,158,239
186,134,702
TOTAL HEALTH CARE
  
  
331,927,920
Industrials - 2.1%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
BAE Systems PLC
 
8,865,286
250,970,336
Rolls-Royce Holdings PLC
 
6,374,493
127,168,957
TOTAL INDUSTRIALS
  
  
378,139,293
Utilities - 0.3%
  
  
  
Electric Utilities - 0.3%
  
  
  
SSE PLC
 
2,043,900
64,573,823
TOTAL UNITED KINGDOM
  
  
2,650,305,801
UNITED STATES - 10.6%
 
  
  
Energy - 3.4%
  
  
  
Oil, Gas & Consumable Fuels - 3.4%
  
  
  
BP PLC
 
14,173,718
106,489,483
Shell PLC ADR (a)
  
5,612,007
516,192,404
TOTAL ENERGY
  
  
622,681,887
Health Care - 3.5%
  
  
  
Pharmaceuticals - 3.5%
  
  
  
Roche Holding AG
 
1,473,880
644,645,888
Industrials - 0.5%
  
  
  
Trading Companies & Distributors - 0.5%
  
  
  
Ferguson Enterprises Inc
 
392,295
91,926,487
Materials - 3.2%
  
  
  
Chemicals - 0.8%
  
  
  
Linde PLC
 
294,214
140,746,093
Construction Materials - 2.4%
  
  
  
Amrize Ltd
 
1,453,670
71,348,414
CRH PLC
 
2,703,828
256,890,699
Holcim AG
 
1,199,240
108,919,996
 
  
  
437,159,109
TOTAL MATERIALS
  
  
577,905,202
TOTAL UNITED STATES
  
  
1,937,159,464
 
TOTAL COMMON STOCKS
 (Cost $11,263,505,213)
  
  
  
18,044,156,658
 
  
  
  
Money Market Funds - 2.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
  
3.69
392,015,335
392,093,738
Fidelity Securities Lending Cash Central Fund (d)(e)
  
3.72
10,716,715
10,717,787
 
TOTAL MONEY MARKET FUNDS
 (Cost $402,803,566)
  
  
  
402,811,525
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $11,666,308,779)
 
  
 
18,446,968,183
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(206,187,857)
NET ASSETS - 100.0%
18,240,780,326
 
  
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(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 $46,806,790 or 0.3% 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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $57,124,693.
 
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
188,544,089
3,039,433,422
2,835,883,995
7,101,547
(7,736)
7,958
392,093,738
392,015,335
Fidelity Securities Lending Cash Central Fund
19,063,320
1,423,018,113
1,431,359,554
652,328
(4,093)
1
10,717,787
10,716,715
 
207,607,409
4,462,451,535
4,267,243,549
7,753,875
(11,829)
7,959
402,811,525
  
 
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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