Fidelity® Sustainable Emerging Markets Equity Fund
July 31, 2024
MAR-NPRT3-0924
1.9904435.102
Common Stocks - 98.3%
Shares
Value ($)
Brazil - 5.2%
Banco BTG Pactual SA unit
6,807
39,245
Banco do Brasil SA
7,219
33,886
Gerdau SA sponsored ADR ADR
11,525
37,341
Hapvida Participacoes e Investimentos SA (a)(b)
47,267
34,012
Localiza Rent a Car SA
1,916
14,847
Nu Holdings Ltd. Class A (a)
6,106
74,066
Raia Drogasil SA
3,703
18,069
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
32,104
48,983
TOTAL BRAZIL
300,449
China - 26.6%
Airtac International Group
352
9,062
Alibaba Group Holding Ltd.
19,319
190,103
Anta Sports Products Ltd.
2,529
22,691
Baidu, Inc. sponsored ADR (a)
149
13,197
BYD Co. Ltd. (H Shares)
1,953
57,818
China Construction Bank Corp. (H Shares)
193,287
135,326
China Life Insurance Co. Ltd. (H Shares)
19,188
26,672
China Merchants Bank Co. Ltd. (H Shares)
7,069
29,406
ENN Energy Holdings Ltd.
1,252
8,798
Fuyao Glass Industries Group Co. Ltd. (A Shares)
2,692
16,783
Haier Smart Home Co. Ltd.
14,521
47,475
Innovent Biologics, Inc. (a)(b)
4,977
24,653
JD.com, Inc. sponsored ADR
839
22,141
Kweichow Moutai Co. Ltd. (A Shares)
202
39,766
Li Auto, Inc. Class A (a)
3,188
31,186
Meituan Class B (a)(b)
4,857
67,253
NetEase, Inc. ADR
192
17,685
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
304
19,097
PDD Holdings, Inc. ADR (a)
941
121,285
Ping An Insurance Group Co. of China Ltd. (H Shares)
8,578
37,251
Qingdao Port International Co. Ltd. (H Shares) (b)
19,752
14,739
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
1,175
41,844
Sinotruk Hong Kong Ltd.
9,875
25,974
Tencent Holdings Ltd.
7,908
364,926
Tencent Music Entertainment Group ADR
2,484
35,223
Trip.com Group Ltd. ADR (a)
398
16,927
Xiaomi Corp. Class B (a)(b)
10,203
21,914
Zhongji Innolight Co. Ltd. (A Shares)
970
17,399
Zijin Mining Group Co. Ltd. (H Shares)
29,331
59,542
TOTAL CHINA
1,536,136
Greece - 0.5%
OPAP SA
1,598
27,861
Hungary - 1.9%
OTP Bank PLC
1,223
62,628
Richter Gedeon PLC
1,698
48,407
TOTAL HUNGARY
111,035
India - 17.7%
Axis Bank Ltd.
6,288
87,575
Bharti Airtel Ltd.
6,912
123,132
Computer Age Management Services Private Ltd.
756
40,940
HDFC Bank Ltd.
4,853
93,782
HDFC Bank Ltd. sponsored ADR
586
35,166
HDFC Standard Life Insurance Co. Ltd. (b)
3,053
26,090
ICICI Bank Ltd.
4,007
58,409
Infosys Ltd. sponsored ADR
1,835
40,609
Larsen & Toubro Ltd.
1,383
63,015
MakeMyTrip Ltd. (a)
160
14,974
Mankind Pharma Ltd. (a)
877
21,243
NTPC Ltd.
8,761
43,529
Reliance Industries Ltd.
3,204
115,216
Reliance Industries Ltd. GDR (b)
1,103
79,526
SBI Life Insurance Co. Ltd. (b)
995
20,840
Tata Consultancy Services Ltd.
599
31,373
Tata Steel Ltd.
7,998
15,793
Ultratech Cement Ltd.
227
32,228
Zomato Ltd. (a)
29,891
81,914
TOTAL INDIA
1,025,354
Indonesia - 2.2%
PT Bank Central Asia Tbk
171,147
108,151
PT Bank Mandiri (Persero) Tbk
32,908
12,979
PT Bank Rakyat Indonesia (Persero) Tbk
28,178
8,108
TOTAL INDONESIA
129,238
Korea (South) - 15.1%
AMOREPACIFIC Corp.
257
34,091
BGF Retail Co. Ltd.
103
7,775
Hana Financial Group, Inc.
498
23,522
Hyundai Motor Co. Ltd.
321
58,351
KB Financial Group, Inc.
737
47,886
Kia Corp.
331
27,088
NAVER Corp.
238
30,232
Samsung Biologics Co. Ltd. (a)(b)
109
74,641
Samsung Electronics Co. Ltd.
6,231
381,650
Samsung Fire & Marine Insurance Co. Ltd.
78
21,211
Samsung SDI Co. Ltd.
87
20,293
SK Hynix, Inc.
725
102,998
SK Square Co. Ltd. (a)
646
40,652
TOTAL KOREA (SOUTH)
870,390
Malaysia - 0.2%
CIMB Group Holdings Bhd
6,131
9,915
Mexico - 3.8%
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
1,410
41,426
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
126
13,892
Grupo Aeroportuario Norte S.A.B. de CV
1,407
12,079
Grupo Financiero Banorte S.A.B. de CV
12,354
92,574
Wal-Mart de Mexico SA de CV Series V
17,119
56,932
TOTAL MEXICO
216,903
Peru - 0.7%
Credicorp Ltd. (United States)
232
39,588
Philippines - 1.2%
Ayala Land, Inc.
74,420
37,634
International Container Terminal Services, Inc.
5,448
33,247
TOTAL PHILIPPINES
70,881
Poland - 1.3%
Allegro.eu SA (a)(b)
2,400
22,040
Powszechna Kasa Oszczednosci Bank SA
3,502
52,092
TOTAL POLAND
74,132
Saudi Arabia - 1.4%
Al Rajhi Bank
1,622
37,006
Alinma Bank
1,023
8,834
The Saudi National Bank
3,681
37,282
TOTAL SAUDI ARABIA
83,122
South Africa - 4.2%
Absa Group Ltd.
1,248
10,950
Capitec Bank Holdings Ltd.
322
50,141
FirstRand Ltd.
6,320
28,351
Impala Platinum Holdings Ltd.
7,261
37,301
MTN Group Ltd.
2,594
11,268
Naspers Ltd. Class N
188
36,358
Pepkor Holdings Ltd. (b)
16,322
18,273
Shoprite Holdings Ltd.
1,429
23,894
Standard Bank Group Ltd.
2,266
27,594
TOTAL SOUTH AFRICA
244,130
Taiwan - 15.2%
Alchip Technologies Ltd.
594
48,592
Chailease Holding Co. Ltd.
6,741
31,585
E.SUN Financial Holdings Co. Ltd.
16,704
13,592
eMemory Technology, Inc.
184
13,128
Hon Hai Precision Industry Co. Ltd. (Foxconn)
13,700
84,416
MediaTek, Inc.
1,929
73,787
Taiwan Semiconductor Manufacturing Co. Ltd.
19,243
563,800
Unimicron Technology Corp.
2,659
14,882
Yageo Corp.
1,556
38,110
TOTAL TAIWAN
881,892
Thailand - 0.7%
PTT Exploration and Production PCL (For. Reg.)
10,251
42,391
United Kingdom - 0.4%
AngloGold Ashanti PLC
897
25,188
TOTAL COMMON STOCKS
(Cost $5,218,152)
5,688,605
Nonconvertible Preferred Stocks - 0.9%
Shares
Value ($)
Brazil - 0.9%
Itau Unibanco Holding SA
(Cost $46,741)
8,901
53,316
Money Market Funds - 1.9%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (c)
(Cost $110,591)
110,569
110,591
TOTAL INVESTMENT IN SECURITIES - 101.1%
(Cost $5,375,484)
5,852,512
NET OTHER ASSETS (LIABILITIES) - (1.1)%
(65,055)
NET ASSETS - 100.0%
5,787,457
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 $403,981 or 7.0% of net assets.
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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%
151,488
2,412,120
2,453,012
15,098
(5)
-
110,591
0.0%
Total
151,488
2,412,120
2,453,012
15,098
(5)
-
110,591
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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