NPORT-EX 2 QTLY_6468_20230131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Sustainable Emerging Markets Equity Fund
January 31, 2023
MAR-NPRT1-0423
1.9904434.100
Common Stocks - 90.4%
 
 
Shares
Value ($)
 
Bermuda - 0.8%
 
 
 
Credicorp Ltd. (United States)
 
188
25,248
Kunlun Energy Co. Ltd.
 
24,559
19,369
TOTAL BERMUDA
 
 
44,617
Brazil - 2.0%
 
 
 
Localiza Rent a Car SA
 
4,435
51,730
Localiza Rent a Car SA
 
12
100
Localiza Rent a Car SA ADR
 
1,948
22,892
Pet Center Comercio e Participacoes SA
 
3,600
5,134
Raia Drogasil SA
 
3,776
18,470
Suzano Papel e Celulose SA
 
1,369
12,503
TOTAL BRAZIL
 
 
110,829
Cayman Islands - 23.1%
 
 
 
Alibaba Group Holding Ltd. (a)
 
13,815
189,938
Alibaba Group Holding Ltd. sponsored ADR (a)
 
196
21,599
Chailease Holding Co. Ltd.
 
5,313
40,005
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
3,575
7,317
JD.com, Inc. sponsored ADR
 
1,237
73,639
Li Ning Co. Ltd.
 
2,500
24,714
Meituan Class B (a)(b)
 
3,873
86,584
NetEase, Inc. ADR
 
1,024
90,737
New Horizon Health Ltd. (a)(b)
 
2,663
10,365
Pinduoduo, Inc. ADR (a)
 
892
87,398
Sea Ltd. ADR (a)
 
580
37,381
Shenzhou International Group Holdings Ltd.
 
4,845
61,016
Silergy Corp.
 
2,229
45,320
Sunny Optical Technology Group Co. Ltd.
 
2,450
33,068
Tencent Holdings Ltd.
 
5,980
291,399
Trip.com Group Ltd. ADR (a)
 
1,376
50,582
Wuxi Biologics (Cayman), Inc. (a)(b)
 
8,485
70,853
XP, Inc. Class A (a)
 
1,539
27,425
Zai Lab Ltd. (a)
 
3,530
14,765
Zai Lab Ltd. ADR (a)
 
230
9,692
TOTAL CAYMAN ISLANDS
 
 
1,273,797
China - 7.2%
 
 
 
China Construction Bank Corp. (H Shares)
 
170,055
110,075
China Merchants Bank Co. Ltd. (H Shares)
 
3,954
25,646
China Tourism Group Duty Free Corp. Ltd. (H Shares) (a)(b)
 
487
14,922
Haier Smart Home Co. Ltd.
 
7,384
27,233
Kweichow Moutai Co. Ltd. (A Shares)
 
132
36,203
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
12,143
94,323
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
601
29,724
Sinopharm Group Co. Ltd. (H Shares)
 
2,000
4,902
Wuliangye Yibin Co. Ltd. (A Shares)
 
1,821
56,683
TOTAL CHINA
 
 
399,711
Colombia - 0.2%
 
 
 
Bancolombia SA sponsored ADR
 
274
8,289
Hong Kong - 0.8%
 
 
 
China Resources Beer Holdings Co. Ltd.
 
4,788
36,045
Sinotruk Hong Kong Ltd.
 
3,437
5,942
TOTAL HONG KONG
 
 
41,987
Hungary - 1.1%
 
 
 
OTP Bank PLC
 
1,261
37,939
Richter Gedeon PLC
 
951
21,436
TOTAL HUNGARY
 
 
59,375
India - 10.7%
 
 
 
Axis Bank Ltd.
 
2,267
24,281
Axis Bank Ltd. GDR (Reg. S)
 
90
4,797
Bharti Airtel Ltd.
 
4,994
47,157
HDFC Bank Ltd. sponsored ADR
 
1,255
84,537
HDFC Standard Life Insurance Co. Ltd. (b)
 
3,567
25,332
Hindustan Unilever Ltd.
 
509
16,093
Housing Development Finance Corp. Ltd.
 
1,617
52,166
ICICI Bank Ltd.
 
4,459
45,718
Infosys Ltd. sponsored ADR
 
3,675
69,090
Larsen & Toubro Ltd.
 
2,155
56,219
NTPC Ltd.
 
6,443
13,523
Reliance Industries Ltd.
 
577
16,680
Reliance Industries Ltd. sponsored GDR (b)
 
1,336
76,553
Tata Consultancy Services Ltd.
 
367
15,180
Tata Steel Ltd.
 
29,755
43,915
TOTAL INDIA
 
 
591,241
Indonesia - 2.5%
 
 
 
PT Bank Central Asia Tbk
 
100,380
56,967
PT Bank Mandiri (Persero) Tbk
 
59,032
39,335
PT Bank Rakyat Indonesia (Persero) Tbk
 
86,035
26,384
PT Telkom Indonesia Persero Tbk
 
63,190
16,330
TOTAL INDONESIA
 
 
139,016
Korea (South) - 15.7%
 
 
 
Db Insurance Co. Ltd.
 
507
26,986
Hana Financial Group, Inc.
 
409
16,229
Hansol Chemical Co. Ltd.
 
134
23,077
Hyundai Fire & Marine Insurance Co. Ltd.
 
1,097
27,585
Hyundai Mipo Dockyard Co. Ltd. (a)
 
294
19,284
Hyundai Motor Co.
 
172
23,419
KB Financial Group, Inc.
 
160
7,283
LG Chemical Ltd.
 
188
105,978
LG Energy Solution (a)
 
69
29,313
LG H & H Co. Ltd.
 
32
19,377
NAVER Corp.
 
328
54,423
POSCO
 
402
98,662
Samsung Electronics Co. Ltd.
 
5,013
249,394
Shinhan Financial Group Co. Ltd.
 
517
17,461
SK Hynix, Inc.
 
1,292
93,354
Woori Financial Group, Inc.
 
915
9,533
Woori Financial Group, Inc. ADR
 
1,415
44,841
TOTAL KOREA (SOUTH)
 
 
866,199
Mexico - 4.6%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,200
6,408
Grupo Aeroportuario del Sureste S.A.B. de CV Series B
 
521
14,151
Grupo Aeroportuario Norte S.A.B. de CV
 
4,852
44,244
Grupo Financiero Banorte S.A.B. de CV Series O
 
9,347
77,529
Wal-Mart de Mexico SA de CV Series V
 
29,066
113,853
TOTAL MEXICO
 
 
256,185
Netherlands - 0.0%
 
 
 
Yandex NV Series A (a)(c)
 
517
1,773
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
18,054
9,718
Saudi Arabia - 0.6%
 
 
 
Dr Sulaiman Al Habib Medical Services Group Co.
 
521
32,484
South Africa - 4.5%
 
 
 
Absa Group Ltd.
 
5,125
58,569
Bid Corp. Ltd.
 
760
15,659
Gold Fields Ltd. sponsored ADR
 
1,175
13,442
Impala Platinum Holdings Ltd.
 
3,157
36,532
MTN Group Ltd.
 
8,976
75,765
Naspers Ltd. Class N
 
239
46,208
TOTAL SOUTH AFRICA
 
 
246,175
Taiwan - 12.7%
 
 
 
E.SUN Financial Holdings Co. Ltd.
 
22,596
18,491
eMemory Technology, Inc.
 
819
44,866
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
12,742
42,454
MediaTek, Inc.
 
2,778
67,061
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
5,488
508,899
Unimicron Technology Corp.
 
4,139
19,039
TOTAL TAIWAN
 
 
700,810
Thailand - 1.7%
 
 
 
CP ALL PCL (For. Reg.)
 
25,636
52,083
Kasikornbank PCL (For. Reg.)
 
3,352
14,869
SCB X PCL (For. Reg.)
 
3,299
10,510
Thai Beverage PCL
 
34,118
18,224
TOTAL THAILAND
 
 
95,686
United Arab Emirates - 0.4%
 
 
 
Abu Dhabi Commercial Bank PJSC
 
9,789
22,413
United Kingdom - 0.8%
 
 
 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 11/16/24 (a)(b)
 
572
28,366
Wuliangye Yibin Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/27/23 (a)(b)
 
558
17,386
TOTAL UNITED KINGDOM
 
 
45,752
United States of America - 0.8%
 
 
 
Li Auto, Inc. ADR (a)
 
1,884
46,912
 
TOTAL COMMON STOCKS
 (Cost $4,849,565)
 
 
 
4,992,969
 
 
 
 
Nonconvertible Preferred Stocks - 1.3%
 
 
Shares
Value ($)
 
Brazil - 1.3%
 
 
 
Itau Unibanco Holding SA
 
10,428
52,034
Itau Unibanco Holding SA sponsored ADR
 
3,960
19,721
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $71,337)
 
 
 
71,755
 
 
 
 
Money Market Funds - 7.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.38% (d)
 
 (Cost $390,399)
 
 
390,321
390,399
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
 (Cost $5,311,301)
 
 
 
5,455,123
NET OTHER ASSETS (LIABILITIES) - 1.2% (e)
68,807
NET ASSETS - 100.0%
5,523,930
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
2
Mar 2023
104,460
4,483
4,483
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
 
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 $337,678 or 6.1% of net assets.
 
(c)
Level 3 security
 
(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)
Includes $4,444 of cash collateral to cover margin requirements for futures contracts.
 
 
 
 
 
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%
102,935
1,617,651
1,330,187
3,348
-
-
390,399
0.0%
Total
102,935
1,617,651
1,330,187
3,348
-
-
390,399
 
 
 
 
 
 
 
 
 
 
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.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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