NPORT-EX 2 QTLY_342_20210731.htm

Quarterly Holdings Report
for

Fidelity® Nordic Fund

July 31, 2021







NOR-QTLY-0921
1.804855.117





Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Denmark - 19.2%   
A.P. Moller - Maersk A/S Series B 2,974 $8,253,514 
DSV Panalpina A/S 42,200 10,282,507 
GN Store Nord A/S 90,500 7,931,558 
Novo Nordisk A/S Series B 341,000 31,566,833 
ORSTED A/S (a) 88,888 13,202,086 
Tryg A/S 359,783 8,895,607 
TOTAL DENMARK  80,132,105 
Finland - 18.4%   
Elisa Corp. (A Shares) 162,000 10,411,906 
Kone OYJ (B Shares) 46,000 3,809,903 
Nanoform Finland PLC (b) 527,400 4,441,961 
Nokian Tyres PLC 259,300 10,938,065 
Olvi PLC (A Shares) 187,187 11,746,476 
Sampo Oyj (A Shares) 320,000 15,419,352 
Stora Enso Oyj (R Shares) 336,500 6,660,204 
UPM-Kymmene Corp. 323,400 13,212,329 
TOTAL FINLAND  76,640,196 
Luxembourg - 0.8%   
Subsea 7 SA 400,000 3,210,051 
Malta - 1.3%   
Kambi Group PLC (b) 126,188 5,423,721 
Norway - 8.0%   
Equinor ASA 359,200 7,011,002 
Kongsberg Gruppen ASA 380,000 10,882,028 
Schibsted ASA (B Shares) 203,350 9,400,169 
Selvaag Bolig ASA 350,000 2,317,553 
TGS ASA 300,900 3,448,442 
Volue A/S 85,700 446,700 
TOTAL NORWAY  33,505,894 
Sweden - 50.0%   
Addlife AB 363,084 12,113,485 
Alfa Laval AB 344,900 14,399,547 
ASSA ABLOY AB (B Shares) 425,300 13,642,048 
Atlas Copco AB (B Shares) 232,100 13,181,740 
Dustin Group AB (a) 597,400 6,936,263 
Eltel AB (a)(b) 1,477,623 3,947,926 
Ericsson (B Shares) 1,528,400 17,628,840 
Fortnox AB 33,000 1,770,294 
HEXPOL AB (B Shares) 948,770 12,917,133 
Instalco AB 160,000 8,620,417 
Investor AB (B Shares) 533,000 13,206,740 
INVISIO AB 260,000 5,388,225 
John Mattson Fastighetsforetag (b) 120,731 2,426,289 
Lagercrantz Group AB (B Shares) 326,653 4,462,431 
Momentum Group AB (B Shares) 221,206 4,923,455 
Nibe Industrier AB (B Shares) 737,600 8,808,290 
Stillfront Group AB (b) 560,000 4,270,712 
Swedbank AB (A Shares) 1,001,699 19,521,052 
Swedish Match Co. AB 1,741,000 15,590,606 
VNV Global AB (b) 955,496 11,554,660 
VNV Global AB warrants 8/10/23 (b) 162,854 312,148 
Volvo AB (B Shares) 550,000 12,953,917 
TOTAL SWEDEN  208,576,218 
United States of America - 1.3%   
Autoliv, Inc. (depositary receipt) 53,200 5,325,933 
TOTAL COMMON STOCKS   
(Cost $284,102,209)  412,814,118 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.06% (c)   
(Cost $3,771,433) 3,770,679 3,771,433 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $287,873,642)  416,585,551 
NET OTHER ASSETS (LIABILITIES) - 0.1%  486,901 
NET ASSETS - 100%  $417,072,452 

Categorizations in the 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 $24,086,275 or 5.8% of net assets.

 (b) Non-income producing

 (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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,678 
Fidelity Securities Lending Cash Central Fund 100,137 
Total $102,815 

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.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $16,853,661 $62,389,773 $75,472,019 $18 $-- $3,771,433 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 12,355,896 136,651,264 149,007,160 -- -- -- 0.0% 
Total $29,209,557 $199,041,037 $224,479,179 $18 $-- $3,771,433  

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security 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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 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 each business day and are categorized as Level 1 in the 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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