Quarterly Holdings Report
for
Fidelity® Sustainable Emerging Markets Equity Fund
July 31, 2022
MAR-NPRT3-0922
1.9904435.100
| Common Stocks - 89.2% | |||
| Shares | Value ($) | ||
| Bermuda - 0.9% | |||
| Credicorp Ltd. (United States) | 144 | 18,634 | |
| Kunlun Energy Co. Ltd. | 15,645 | 11,520 | |
TOTAL BERMUDA | 30,154 | ||
| Brazil - 3.6% | |||
| Banco do Brasil SA | 2,905 | 20,195 | |
| Hypera SA | 700 | 5,762 | |
| Localiza Rent A Car SA | 2,521 | 28,070 | |
| Localiza Rent A Car SA ADR | 1,948 | 20,941 | |
| Natura & Co. Holding SA (a) | 6,501 | 19,576 | |
| Suzano Papel e Celulose SA | 1,074 | 10,024 | |
| Suzano Papel e Celulose SA ADR | 1,658 | 15,502 | |
TOTAL BRAZIL | 120,070 | ||
| Cayman Islands - 22.6% | |||
| Alibaba Group Holding Ltd. sponsored ADR (a) | 1,114 | 99,558 | |
| Bilibili, Inc. ADR (a) | 1,390 | 33,972 | |
| JD.com, Inc. sponsored ADR | 944 | 56,168 | |
| Li Ning Co. Ltd. | 2,390 | 19,364 | |
| Meituan Class B (a)(b) | 3,672 | 82,375 | |
| NetEase, Inc. ADR | 491 | 45,653 | |
| Parade Technologies Ltd. | 247 | 9,272 | |
| Pinduoduo, Inc. ADR (a) | 623 | 30,533 | |
| Sea Ltd. ADR (a) | 284 | 21,675 | |
| Shenzhou International Group Holdings Ltd. | 938 | 9,866 | |
| Silergy Corp. | 1,774 | 33,092 | |
| Tencent Holdings Ltd. | 3,540 | 136,817 | |
| Trip.com Group Ltd. ADR (a) | 2,242 | 57,799 | |
| Wuxi Biologics (Cayman), Inc. (a)(b) | 7,908 | 75,696 | |
| XP, Inc. Class A (a) | 803 | 16,943 | |
| XPeng, Inc. ADR (a) | 475 | 11,604 | |
| Zai Lab Ltd. (a) | 3,455 | 14,106 | |
| Zai Lab Ltd. ADR (a) | 155 | 6,282 | |
TOTAL CAYMAN ISLANDS | 760,775 | ||
| China - 7.2% | |||
| China Construction Bank Corp. (H Shares) | 128,097 | 81,804 | |
| China Merchants Bank Co. Ltd. (H Shares) | 3,216 | 17,371 | |
| Haier Smart Home Co. Ltd. | 3,082 | 9,864 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 70 | 19,702 | |
| Pharmaron Beijing Co. Ltd. (H Shares) (b) | 1,801 | 14,672 | |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | 7,665 | 45,048 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 299 | 12,857 | |
| Wuliangye Yibin Co. Ltd. (A Shares) | 820 | 21,723 | |
| WuXi AppTec Co. Ltd. (H Shares) (b) | 1,518 | 18,371 | |
TOTAL CHINA | 241,412 | ||
| Hong Kong - 0.5% | |||
| China Resources Beer Holdings Co. Ltd. | 2,643 | 18,249 | |
| Hungary - 0.8% | |||
| OTP Bank PLC | 251 | 5,151 | |
| Richter Gedeon PLC | 1,121 | 22,878 | |
TOTAL HUNGARY | 28,029 | ||
| India - 8.7% | |||
| Axis Bank Ltd. GDR (Reg. S) (a) | 263 | 12,072 | |
| HDFC Bank Ltd. sponsored ADR | 1,620 | 101,736 | |
| ICICI Bank Ltd. sponsored ADR | 1,927 | 40,043 | |
| Infosys Ltd. sponsored ADR | 2,618 | 51,025 | |
| Reliance Industries Ltd. sponsored GDR (b) | 1,383 | 87,267 | |
TOTAL INDIA | 292,143 | ||
| Indonesia - 5.2% | |||
| PT Avia Avian Tbk | 231,442 | 13,408 | |
| PT Bank Central Asia Tbk | 119,492 | 59,419 | |
| PT Bank Mandiri (Persero) Tbk | 67,273 | 37,657 | |
| PT Bank Rakyat Indonesia (Persero) Tbk | 64,233 | 18,961 | |
| PT Telkom Indonesia Persero Tbk | 163,363 | 46,660 | |
TOTAL INDONESIA | 176,105 | ||
| Korea (South) - 12.6% | |||
| Db Insurance Co. Ltd. | 181 | 8,392 | |
| Hansol Chemical Co. Ltd. | 118 | 19,905 | |
| Hyundai Fire & Marine Insurance Co. Ltd. | 576 | 14,496 | |
| LG Chemical Ltd. | 132 | 61,250 | |
| LG Energy Solution (a) | 23 | 7,472 | |
| NAVER Corp. | 238 | 47,432 | |
| POSCO | 305 | 56,748 | |
| Samsung Electronics Co. Ltd. | 2,429 | 114,547 | |
| Shinhan Financial Group Co. Ltd. | 332 | 9,109 | |
| SK Hynix, Inc. | 722 | 54,377 | |
| Woori Financial Group, Inc. ADR | 1,174 | 32,461 | |
TOTAL KOREA (SOUTH) | 426,189 | ||
| Malaysia - 0.3% | |||
| Press Metal Bhd | 9,830 | 10,758 | |
| Mexico - 3.7% | |||
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 713 | 13,431 | |
| Grupo Aeroportuario Norte S.A.B. de CV | 2,249 | 13,699 | |
| Grupo Financiero Banorte S.A.B. de CV Series O | 2,723 | 15,493 | |
| Grupo Mexico SA de CV Series B | 2,637 | 10,426 | |
| Wal-Mart de Mexico SA de CV Series V | 19,319 | 69,977 | |
TOTAL MEXICO | 123,026 | ||
| Netherlands - 0.1% | |||
| Yandex NV Series A (a)(c) | 517 | 1,773 | |
| Philippines - 1.0% | |||
| Ayala Land, Inc. | 75,302 | 34,415 | |
| South Africa - 3.4% | |||
| Absa Group Ltd. | 1,953 | 19,979 | |
| Capitec Bank Holdings Ltd. | 93 | 11,147 | |
| Impala Platinum Holdings Ltd. | 1,673 | 18,549 | |
| MTN Group Ltd. | 2,902 | 24,286 | |
| Naspers Ltd. Class N | 299 | 42,245 | |
TOTAL SOUTH AFRICA | 116,206 | ||
| Taiwan - 14.7% | |||
| E.SUN Financial Holdings Co. Ltd. | 50,828 | 46,701 | |
| eMemory Technology, Inc. | 790 | 31,303 | |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | 12,221 | 44,520 | |
| MediaTek, Inc. | 1,971 | 45,265 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 3,439 | 304,281 | |
| Unimicron Technology Corp. | 4,728 | 25,141 | |
TOTAL TAIWAN | 497,211 | ||
| Thailand - 1.8% | |||
| CP ALL PCL (For. Reg.) | 24,329 | 40,875 | |
| SCB X PCL (For. Reg.) | 3,910 | 10,945 | |
| Thai Beverage PCL | 22,019 | 10,298 | |
TOTAL THAILAND | 62,118 | ||
| United Kingdom - 1.4% | |||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 12/7/22 (a)(b) | 572 | 24,676 | |
| Sungrow Power Supply Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 8/4/23 (a)(b) | 438 | 8,084 | |
| Wuliangye Yibin Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/27/23 (a)(b) | 558 | 14,834 | |
TOTAL UNITED KINGDOM | 47,594 | ||
| United States of America - 0.7% | |||
| Li Auto, Inc. ADR (a) | 695 | 22,824 | |
| TOTAL COMMON STOCKS (Cost $3,375,222) | 3,009,051 | ||
| Nonconvertible Preferred Stocks - 1.3% | |||
| Shares | Value ($) | ||
| Brazil - 1.3% | |||
| Itau Unibanco Holding SA | 5,603 | 25,578 | |
| Itau Unibanco Holding SA sponsored ADR | 3,960 | 17,820 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $46,839) | 43,398 | ||
| Investment Companies - 3.4% | |||
| Shares | Value ($) | ||
| United States of America - 3.4% | |||
iShares MSCI India ETF (Cost $117,315) | 2,701 | 115,265 | |
| Money Market Funds - 7.8% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 2.01% (d) (Cost $262,850) | 262,797 | 262,850 | |
| TOTAL INVESTMENT IN SECURITIES - 101.7% (Cost $3,802,226) | 3,430,564 |
NET OTHER ASSETS (LIABILITIES) - (1.7)% (e) | (57,214) |
| NET ASSETS - 100.0% | 3,373,350 |
| Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 2 | Sep 2022 | 99,850 | 432 | 432 |
| The notional amount of futures purchased as a percentage of Net Assets is 3.0% | |||||
Security Type Abbreviations
| ELS | - | EQUITY-LINKED SECURITY |
| ETF | - | EXCHANGE-TRADED FUND |
Categorizations in 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 $325,975 or 9.7% 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 $4,896 of cash collateral to cover margin requirements for futures contracts. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 2.01% | - | 4,004,242 | 3,741,392 | 895 | - | - | 262,850 | 0.0% |
| Total | - | 4,004,242 | 3,741,392 | 895 | - | - | 262,850 | |
Amounts in the 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 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 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 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 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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 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.
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