NPORT-EX 2 QTLY_6549_20230131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® SAI Sustainable International Equity Fund
January 31, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
IEE-NPRT1-0423
1.9904874.100
Common Stocks - 97.6%
 
 
Shares
Value ($)
 
Australia - 0.7%
 
 
 
Bapcor Ltd.
 
5,557
25,131
Austria - 1.8%
 
 
 
Verbund AG
 
499
42,341
Wienerberger AG
 
641
19,164
TOTAL AUSTRIA
 
 
61,505
Bailiwick of Jersey - 0.3%
 
 
 
Ferguson PLC
 
82
11,484
Belgium - 1.6%
 
 
 
KBC Group NV
 
194
14,312
UCB SA
 
484
39,663
TOTAL BELGIUM
 
 
53,975
Canada - 1.8%
 
 
 
Nutrien Ltd.
 
438
36,257
The Toronto-Dominion Bank
 
376
26,015
TOTAL CANADA
 
 
62,272
Denmark - 3.1%
 
 
 
Novo Nordisk A/S Series B
 
503
69,610
ORSTED A/S (a)
 
392
34,908
TOTAL DENMARK
 
 
104,518
Finland - 1.5%
 
 
 
Neste OYJ
 
1,038
49,460
France - 11.6%
 
 
 
Air Liquide SA
 
284
45,220
AXA SA
 
1,956
61,025
BNP Paribas SA
 
758
52,061
Capgemini SA
 
203
38,378
Edenred SA
 
285
15,489
L'Oreal SA
 
51
21,059
LVMH Moet Hennessy Louis Vuitton SE
 
109
95,154
Pernod Ricard SA
 
256
52,851
Worldline SA (a)(b)
 
279
12,657
TOTAL FRANCE
 
 
393,894
Germany - 10.6%
 
 
 
Brenntag SE
 
179
13,362
Deutsche Borse AG
 
247
44,199
Deutsche Post AG
 
1,003
43,186
Linde PLC
 
164
53,960
Merck KGaA
 
361
75,351
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
101
36,345
SAP SE
 
134
15,884
Siemens AG
 
510
79,665
TOTAL GERMANY
 
 
361,952
Hong Kong - 4.6%
 
 
 
AIA Group Ltd.
 
8,739
98,818
Chervon Holdings Ltd.
 
3,324
16,689
Hang Seng Bank Ltd.
 
2,535
42,216
TOTAL HONG KONG
 
 
157,723
India - 2.0%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
1,024
68,977
Ireland - 2.0%
 
 
 
CRH PLC
 
824
38,464
Dalata Hotel Group PLC (b)
 
7,086
29,851
TOTAL IRELAND
 
 
68,315
Italy - 0.6%
 
 
 
Carel Industries SpA (a)
 
805
19,866
Japan - 16.6%
 
 
 
FUJIFILM Holdings Corp.
 
1,013
53,609
Fujitsu Ltd.
 
195
27,764
Hitachi Ltd.
 
1,310
68,700
Hoya Corp.
 
592
65,103
Itochu Corp.
 
1,873
60,539
Nomura Research Institute Ltd.
 
890
21,367
ORIX Corp.
 
6,230
109,542
Persol Holdings Co. Ltd.
 
1,196
26,223
Sony Group Corp.
 
1,334
119,195
TIS, Inc.
 
533
15,369
TOTAL JAPAN
 
 
567,411
Kenya - 0.4%
 
 
 
Safaricom Ltd.
 
64,919
12,202
Netherlands - 6.4%
 
 
 
ASML Holding NV (Netherlands)
 
132
87,337
BE Semiconductor Industries NV
 
194
13,768
Heineken NV (Bearer)
 
347
34,679
ING Groep NV (Certificaten Van Aandelen)
 
2,479
35,897
Koninklijke KPN NV
 
13,377
45,734
TOTAL NETHERLANDS
 
 
217,415
New Zealand - 1.2%
 
 
 
Contact Energy Ltd.
 
1,597
8,032
EBOS Group Ltd.
 
1,126
31,389
TOTAL NEW ZEALAND
 
 
39,421
Norway - 1.5%
 
 
 
DNB Bank ASA
 
2,340
43,757
Schibsted ASA (A Shares)
 
345
7,500
TOTAL NORWAY
 
 
51,257
Singapore - 0.8%
 
 
 
United Overseas Bank Ltd.
 
1,245
28,300
Spain - 3.0%
 
 
 
Amadeus IT Holding SA Class A (b)
 
493
31,061
CaixaBank SA
 
2,574
11,421
EDP Renovaveis SA
 
955
20,707
Iberdrola SA
 
3,243
38,046
TOTAL SPAIN
 
 
101,235
Sweden - 3.9%
 
 
 
Boliden AB
 
1,499
67,012
Instalco AB
 
1,692
6,525
Investor AB (B Shares)
 
914
17,686
Lagercrantz Group AB (B Shares)
 
748
7,825
Nibe Industrier AB (B Shares)
 
3,264
35,066
TOTAL SWEDEN
 
 
134,114
Switzerland - 5.6%
 
 
 
Nestle SA (Reg. S)
 
857
104,562
Roche Holding AG (participation certificate)
 
237
73,984
SGS SA (Reg.)
 
5
12,152
TOTAL SWITZERLAND
 
 
190,698
Taiwan - 2.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,997
70,473
United Kingdom - 13.9%
 
 
 
AstraZeneca PLC (United Kingdom)
 
935
122,498
Barratt Developments PLC
 
1,855
10,515
Beazley PLC
 
2,883
23,636
Big Yellow Group PLC
 
726
10,821
Bunzl PLC
 
485
17,759
Compass Group PLC
 
2,804
66,982
Diageo PLC
 
1,247
54,526
Endava PLC ADR (b)
 
99
8,699
Grainger Trust PLC
 
4,220
13,506
Impax Asset Management Group PLC
 
766
7,328
National Grid PLC
 
1,306
16,603
Prudential PLC
 
2,123
35,274
Reckitt Benckiser Group PLC
 
815
58,078
Renewi PLC (b)
 
1,184
9,561
Smart Metering Systems PLC
 
1,747
18,738
TOTAL UNITED KINGDOM
 
 
474,524
 
TOTAL COMMON STOCKS
 (Cost $3,167,964)
 
 
 
3,326,122
 
 
 
 
Money Market Funds - 2.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (c)
 
 (Cost $96,838)
 
 
96,818
96,838
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $3,264,802)
 
 
 
3,422,960
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(14,502)
NET ASSETS - 100.0%
3,408,458
 
 
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 $67,431 or 2.0% 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
 
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 4.38%
102,083
678,395
683,640
1,135
-
-
96,838
0.0%
Total
102,083
678,395
683,640
1,135
-
-
96,838
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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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