NPORT-EX 2 QTLY_6549_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® SAI Sustainable International Equity Fund
January 31, 2024
 
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-NPRT1-0324
1.9904874.101
Common Stocks - 95.8%
 
  
Shares
Value ($)
 
Australia - 1.2%
 
  
  
Macquarie Group Ltd.
 
2,197
271,087
Austria - 0.9%
 
  
  
Wienerberger AG
 
6,159
209,532
Belgium - 1.5%
 
  
  
KBC Group NV
 
1,700
111,113
UCB SA
 
2,534
239,071
TOTAL BELGIUM
  
  
350,184
Canada - 0.3%
 
  
  
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,045
61,233
China - 0.3%
 
  
  
Chervon Holdings Ltd.
 
37,485
76,197
Denmark - 6.3%
 
  
  
Novo Nordisk A/S Series B
 
11,702
1,337,591
Vestas Wind Systems A/S (a)
  
3,988
112,442
TOTAL DENMARK
  
  
1,450,033
France - 11.5%
 
  
  
Air Liquide SA
 
1,538
287,811
AXA SA
 
12,093
405,906
BNP Paribas SA
 
6,307
423,731
Capgemini SA
 
810
181,376
Edenred SA
 
2,036
121,941
L'Oreal SA
 
950
454,627
LVMH Moet Hennessy Louis Vuitton SE
 
659
548,327
Pernod Ricard SA
 
1,312
216,226
Worldline SA (a)(b)
  
1,668
22,549
TOTAL FRANCE
  
  
2,662,494
Germany - 8.9%
 
  
  
Deutsche Borse AG
 
1,126
224,231
DHL Group
 
3,792
182,444
Gerresheimer AG
 
1,875
192,297
Merck KGaA
 
2,282
374,421
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
882
375,743
SAP SE
 
1,233
213,613
Siemens AG
 
2,732
489,093
TOTAL GERMANY
  
  
2,051,842
Hong Kong - 3.0%
 
  
  
AIA Group Ltd.
 
51,103
400,771
Hang Seng Bank Ltd.
 
16,311
169,800
Prudential PLC
 
12,318
126,537
TOTAL HONG KONG
  
  
697,108
India - 1.0%
 
  
  
HDFC Bank Ltd. sponsored ADR
 
4,352
241,492
Ireland - 1.4%
 
  
  
Dalata Hotel Group PLC
 
46,595
241,957
Kingspan Group PLC (Ireland)
 
882
72,022
TOTAL IRELAND
  
  
313,979
Italy - 1.0%
 
  
  
Prysmian SpA
 
5,218
231,146
Japan - 19.4%
 
  
  
Eisai Co. Ltd.
 
1,637
77,084
FUJIFILM Holdings Corp.
 
5,501
348,681
Hitachi Ltd.
 
8,529
669,956
Hoya Corp.
 
3,741
475,216
Itochu Corp.
 
16,417
745,071
ORIX Corp.
 
31,417
606,639
Persol Holdings Co. Ltd.
 
83,976
133,498
Renesas Electronics Corp. (a)
  
12,285
201,567
Sony Group Corp.
 
9,070
889,480
TIS, Inc.
 
3,012
66,992
Tokyo Electron Ltd.
 
1,451
269,266
TOTAL JAPAN
  
  
4,483,450
Korea (South) - 0.7%
 
  
  
SK Hynix, Inc.
 
1,648
165,034
Netherlands - 10.0%
 
  
  
ASML Holding NV (Netherlands)
 
1,077
934,392
BE Semiconductor Industries NV
 
889
134,312
Heineken NV (Bearer)
 
1,748
175,841
ING Groep NV (Certificaten Van Aandelen)
 
21,753
309,077
Koninklijke KPN NV
 
130,306
443,267
Wolters Kluwer NV
 
2,053
302,849
TOTAL NETHERLANDS
  
  
2,299,738
New Zealand - 1.1%
 
  
  
Contact Energy Ltd.
 
52,138
256,961
Norway - 1.9%
 
  
  
DNB Bank ASA
 
20,919
406,660
Schibsted ASA (A Shares)
 
916
28,158
TOTAL NORWAY
  
  
434,818
Spain - 1.3%
 
  
  
CaixaBank SA
 
15,949
68,006
EDP Renovaveis SA
 
1,736
28,235
Iberdrola SA
 
16,044
193,185
TOTAL SPAIN
  
  
289,426
Sweden - 2.0%
 
  
  
Boliden AB
 
10,356
275,602
Instalco AB
 
5,158
20,678
Investor AB (B Shares)
 
4,513
106,638
Lagercrantz Group AB (B Shares)
 
4,024
52,820
TOTAL SWEDEN
  
  
455,738
Taiwan - 2.4%
 
  
  
Taiwan Semiconductor Manufacturing Co. Ltd.
 
27,650
553,627
United Kingdom - 13.8%
 
  
  
3i Group PLC
 
5,721
179,096
AstraZeneca PLC (United Kingdom)
 
5,911
783,662
Beazley PLC
 
8,696
60,006
Berkeley Group Holdings PLC
 
1,957
119,070
Big Yellow Group PLC
 
2,683
39,034
Bunzl PLC
 
1,646
67,064
Compass Group PLC
 
13,464
370,849
Diageo PLC
 
8,945
323,074
Endava PLC ADR (a)
  
655
46,354
Grainger Trust PLC
 
33,057
110,263
Impax Asset Management Group PLC
 
2,462
17,005
London Stock Exchange Group PLC
 
1,086
122,842
National Grid PLC
 
13,495
179,741
Reckitt Benckiser Group PLC
 
2,613
188,922
RELX PLC (London Stock Exchange)
 
3,130
129,188
Renewi PLC (a)
  
3,102
23,076
Sage Group PLC
 
13,521
201,852
SSE PLC
 
11,145
237,366
TOTAL UNITED KINGDOM
  
  
3,198,464
United States of America - 5.9%
 
  
  
CRH PLC
 
7,214
514,163
Ferguson PLC
 
737
138,699
Linde PLC
 
713
288,644
Nestle SA (Reg. S)
 
3,775
430,164
TOTAL UNITED STATES OF AMERICA
  
  
1,371,670
 
TOTAL COMMON STOCKS
 (Cost $20,554,844)
  
  
  
22,125,253
 
  
  
  
Money Market Funds - 4.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $1,048,246)
 
  
1,048,036
1,048,246
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $21,603,090)
 
  
 
23,173,499
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(64,142)
NET ASSETS - 100.0%
23,109,357
 
  
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 $22,549 or 0.1% 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%
712,258
5,937,791
5,601,803
12,805
-
-
1,048,246
0.0%
Total
712,258
5,937,791
5,601,803
12,805
-
-
1,048,246
  
 
  
  
  
  
  
  
  
  
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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