Quarterly Holdings Report
for
Fidelity® International Value Fund
January 31, 2024
FIV-NPRT1-0324
1.844602.117
Common Stocks - 95.3% | |||
Shares | Value ($) | ||
Australia - 7.4% | |||
BHP Group Ltd. | 937,218 | 28,673,280 | |
Commonwealth Bank of Australia | 58,975 | 4,497,105 | |
Glencore PLC | 2,933,900 | 15,523,141 | |
Macquarie Group Ltd. | 85,414 | 10,539,187 | |
Woodside Energy Group Ltd. | 334,854 | 7,003,883 | |
TOTAL AUSTRALIA | 66,236,596 | ||
Belgium - 1.1% | |||
KBC Group NV | 99,016 | 6,471,759 | |
UCB SA | 33,100 | 3,122,823 | |
TOTAL BELGIUM | 9,594,582 | ||
Denmark - 0.3% | |||
DSV A/S | 13,700 | 2,451,065 | |
Finland - 1.0% | |||
Mandatum Holding OY | 150,534 | 683,916 | |
Sampo Oyj (A Shares) | 193,634 | 8,116,159 | |
TOTAL FINLAND | 8,800,075 | ||
France - 12.3% | |||
Air Liquide SA | 58,870 | 11,016,543 | |
Airbus Group NV | 32,200 | 5,129,006 | |
ALTEN | 29,500 | 4,584,437 | |
AXA SA | 574,205 | 19,273,381 | |
BNP Paribas SA | 201,400 | 13,530,891 | |
Capgemini SA | 38,293 | 8,574,608 | |
TotalEnergies SE | 433,505 | 28,123,885 | |
VINCI SA | 105,900 | 13,377,536 | |
Vivendi SA | 668,692 | 7,555,363 | |
TOTAL FRANCE | 111,165,650 | ||
Germany - 10.4% | |||
Bayer AG | 98,800 | 3,074,322 | |
Covestro AG (a)(b) | 45,500 | 2,413,354 | |
DHL Group | 181,300 | 8,722,844 | |
Fresenius SE & Co. KGaA | 156,700 | 4,423,309 | |
Hannover Reuck SE | 44,800 | 10,757,893 | |
Infineon Technologies AG | 92,200 | 3,361,328 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 25,800 | 10,991,108 | |
Rheinmetall AG | 40,050 | 14,058,005 | |
RWE AG | 218,200 | 8,095,314 | |
Siemens AG | 114,139 | 20,433,607 | |
Vonovia SE | 220,529 | 6,869,999 | |
TOTAL GERMANY | 93,201,083 | ||
Hong Kong - 0.8% | |||
Prudential PLC | 674,566 | 6,929,524 | |
India - 0.7% | |||
Reliance Industries Ltd. GDR (b) | 95,600 | 6,634,640 | |
Indonesia - 0.5% | |||
PT Bank Rakyat Indonesia (Persero) Tbk | 13,852,694 | 4,990,233 | |
Ireland - 0.6% | |||
Bank of Ireland Group PLC | 598,700 | 5,505,633 | |
Italy - 4.7% | |||
Eni SpA | 860,900 | 13,723,899 | |
Mediobanca SpA | 646,825 | 8,597,992 | |
Prysmian SpA | 107,500 | 4,762,023 | |
Ryanair Holdings PLC sponsored ADR (a) | 64,300 | 8,590,480 | |
UniCredit SpA | 215,700 | 6,318,296 | |
TOTAL ITALY | 41,992,690 | ||
Japan - 25.0% | |||
Daiichi Sankyo Kabushiki Kaisha | 47,300 | 1,416,116 | |
DENSO Corp. | 655,900 | 10,302,911 | |
Eisai Co. Ltd. | 46,100 | 2,170,787 | |
Fast Retailing Co. Ltd. | 20,100 | 5,366,237 | |
FUJIFILM Holdings Corp. | 92,400 | 5,856,768 | |
Fujitsu Ltd. | 48,000 | 6,643,888 | |
Hitachi Ltd. | 293,900 | 23,085,947 | |
Hoya Corp. | 27,200 | 3,455,194 | |
Ibiden Co. Ltd. | 80,300 | 4,040,691 | |
INPEX Corp. | 389,800 | 5,298,342 | |
Itochu Corp. | 373,700 | 16,960,047 | |
LY Corp. | 736,300 | 2,290,654 | |
Minebea Mitsumi, Inc. | 195,770 | 4,046,607 | |
Mitsubishi Heavy Industries Ltd. | 109,100 | 7,277,352 | |
Mitsubishi UFJ Financial Group, Inc. | 2,038,961 | 19,098,030 | |
NOF Corp. | 46,200 | 2,086,566 | |
ORIX Corp. | 489,200 | 9,446,095 | |
Renesas Electronics Corp. (a) | 556,388 | 9,128,984 | |
Shin-Etsu Chemical Co. Ltd. | 374,400 | 14,737,205 | |
SoftBank Group Corp. | 84,500 | 3,647,919 | |
Sony Group Corp. | 66,000 | 6,472,514 | |
Sumitomo Mitsui Financial Group, Inc. | 294,600 | 15,323,142 | |
Suzuki Motor Corp. | 198,830 | 8,931,183 | |
TIS, Inc. | 104,701 | 2,328,743 | |
Tokio Marine Holdings, Inc. | 530,544 | 13,989,083 | |
Toyota Motor Corp. | 1,054,925 | 21,064,554 | |
TOTAL JAPAN | 224,465,559 | ||
Korea (South) - 0.8% | |||
Samsung Electronics Co. Ltd. | 136,250 | 7,403,478 | |
Luxembourg - 0.3% | |||
ArcelorMittal SA (Netherlands) | 105,432 | 2,921,431 | |
Netherlands - 4.5% | |||
Shell PLC ADR | 590,300 | 37,135,774 | |
Universal Music Group NV | 118,038 | 3,479,493 | |
TOTAL NETHERLANDS | 40,615,267 | ||
Singapore - 1.0% | |||
United Overseas Bank Ltd. | 423,905 | 8,935,298 | |
South Africa - 0.7% | |||
Anglo American PLC (United Kingdom) | 246,540 | 5,876,941 | |
Thungela Resources Ltd. | 43,581 | 275,046 | |
TOTAL SOUTH AFRICA | 6,151,987 | ||
Spain - 2.5% | |||
Banco Santander SA (Spain) | 4,225,082 | 16,980,857 | |
Cellnex Telecom SA (b) | 101,800 | 3,916,996 | |
Unicaja Banco SA (b) | 1,685,700 | 1,616,791 | |
TOTAL SPAIN | 22,514,644 | ||
Sweden - 1.8% | |||
Investor AB (B Shares) | 675,240 | 15,955,328 | |
Switzerland - 3.9% | |||
Swiss Life Holding AG | 9,543 | 6,871,800 | |
UBS Group AG | 498,658 | 14,914,861 | |
Zurich Insurance Group Ltd. | 25,651 | 13,052,151 | |
TOTAL SWITZERLAND | 34,838,812 | ||
United Kingdom - 9.5% | |||
AstraZeneca PLC (United Kingdom) | 82,612 | 10,952,438 | |
B&M European Value Retail SA | 545,900 | 3,587,774 | |
BAE Systems PLC | 1,344,974 | 20,061,795 | |
Barratt Developments PLC | 1,179,932 | 8,080,752 | |
Beazley PLC | 487,800 | 3,366,039 | |
Flutter Entertainment PLC (a) | 17,800 | 3,673,561 | |
HSBC Holdings PLC (United Kingdom) | 638,000 | 4,981,315 | |
Imperial Brands PLC | 244,209 | 5,862,268 | |
JD Sports Fashion PLC | 931,186 | 1,381,298 | |
Lloyds Banking Group PLC | 15,245,654 | 8,172,521 | |
London Stock Exchange Group PLC | 30,300 | 3,427,356 | |
Rolls-Royce Holdings PLC (a) | 1,095,700 | 4,159,772 | |
Standard Chartered PLC (United Kingdom) | 1,026,149 | 7,755,168 | |
TOTAL UNITED KINGDOM | 85,462,057 | ||
United States of America - 5.5% | |||
CRH PLC | 221,902 | 15,815,611 | |
Ferguson PLC | 32,816 | 6,175,776 | |
Linde PLC | 27,314 | 11,057,527 | |
Sanofi SA | 167,679 | 16,792,300 | |
TOTAL UNITED STATES OF AMERICA | 49,841,214 | ||
TOTAL COMMON STOCKS (Cost $711,614,725) | 856,606,846 | ||
Nonconvertible Preferred Stocks - 0.6% | |||
Shares | Value ($) | ||
Germany - 0.6% | |||
Porsche Automobil Holding SE (Germany) (Cost $7,900,450) | 117,800 | 5,881,043 | |
Money Market Funds - 4.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) (Cost $37,648,636) | 37,641,108 | 37,648,636 | |
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $757,163,811) | 900,136,525 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (1,021,945) |
NET ASSETS - 100.0% | 899,114,580 |
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 $14,581,781 or 1.6% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 17,765,904 | 90,117,505 | 70,234,773 | 349,113 | - | - | 37,648,636 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 2,951 | 2,951 | - | - | - | - | 0.0% |
Total | 17,765,904 | 90,120,456 | 70,237,724 | 349,113 | - | - | 37,648,636 | |
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.
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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