Quarterly Holdings Report
for
Fidelity® SAI Emerging Markets Low Volatility Index Fund
July 31, 2022
 
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.
MLV-NPRT3-0922
1.9892173.103
Common Stocks - 98.3%
 
  
Shares
Value ($)
 
Bailiwick of Jersey - 0.8%
 
  
  
WNS Holdings Ltd. sponsored ADR (a)
  
174,087
15,095,084
Bermuda - 1.0%
 
  
  
China Gas Holdings Ltd.
 
407,200
626,629
China Resource Gas Group Ltd.
 
4,298,600
18,043,398
TOTAL BERMUDA
  
  
18,670,027
Brazil - 0.9%
 
  
  
Hypera SA
 
164,900
1,357,355
Telefonica Brasil SA
 
1,820,100
15,689,001
TOTAL BRAZIL
  
  
17,046,356
Cayman Islands - 8.6%
 
  
  
Anta Sports Products Ltd.
 
1,389,200
15,281,395
Hansoh Pharmaceutical Group Co. Ltd. (b)
  
4,082,000
7,956,101
Hengan International Group Co. Ltd.
 
2,687,000
12,990,185
JD.com, Inc. sponsored ADR
 
304,243
18,102,459
Kingdee International Software Group Co. Ltd. (a)
  
1,057,000
2,283,688
Li Ning Co. Ltd.
 
2,735,000
22,159,008
Shenzhou International Group Holdings Ltd.
 
1,363,500
14,341,512
Sino Biopharmaceutical Ltd.
 
19,304,000
11,164,494
Tencent Holdings Ltd.
 
321,400
12,421,728
Want Want China Holdings Ltd.
 
23,881,000
19,409,264
ZTO Express, Inc. sponsored ADR
 
1,151,897
29,477,044
TOTAL CAYMAN ISLANDS
  
  
165,586,878
Chile - 0.7%
 
  
  
Banco de Chile
 
141,184,492
13,396,154
China - 8.4%
 
  
  
Bank of China Ltd. (H Shares)
 
78,349,000
27,859,753
Bank of Communications Co. Ltd. (H Shares)
 
45,012,000
26,778,181
CGN Power Co. Ltd. (H Shares) (b)
  
48,370,000
11,152,970
China Minsheng Banking Corp. Ltd. (H Shares)
 
29,725,000
9,693,881
China Railway Group Ltd. (H Shares)
 
18,611,000
11,095,617
China Shenhua Energy Co. Ltd. (H Shares)
 
2,909,000
8,208,302
PetroChina Co. Ltd. (H Shares)
 
60,318,000
28,166,081
Postal Savings Bank of China Co. Ltd. (H Shares) (b)
  
33,451,000
22,116,293
Shandong Weigao Medical Polymer Co. Ltd. (H Shares)
 
9,008,000
11,245,799
Sinopharm Group Co. Ltd. (H Shares)
 
2,678,000
6,140,715
TOTAL CHINA
  
  
162,457,592
Hong Kong - 1.4%
 
  
  
China Resources Power Holdings Co. Ltd.
 
6,815,000
12,814,100
Guangdong Investment Ltd.
 
13,696,000
13,347,227
TOTAL HONG KONG
  
  
26,161,327
India - 15.2%
 
  
  
Apollo Hospitals Enterprise Ltd.
 
367,751
19,605,204
Cipla Ltd./India
 
1,416,067
17,485,272
Dr. Reddy's Laboratories Ltd.
 
537,570
27,784,652
HCL Technologies Ltd.
 
2,006,636
24,104,529
Hindustan Unilever Ltd.
 
1,045,764
34,896,189
Infosys Ltd.
 
1,383,013
27,098,810
Lupin Ltd.
 
920,713
7,491,262
Nestle India Ltd.
 
128,051
31,323,669
Power Grid Corp. of India Ltd.
 
10,019,946
27,103,947
Sun Pharmaceutical Industries Ltd.
 
782,396
9,321,251
Tata Consultancy Services Ltd.
 
628,810
26,272,617
Tech Mahindra Ltd.
 
1,576,115
20,934,566
Wipro Ltd.
 
3,633,204
19,364,166
TOTAL INDIA
  
  
292,786,134
Indonesia - 2.8%
 
  
  
PT Bank Central Asia Tbk
 
54,795,900
27,247,820
PT Telkom Indonesia Persero Tbk
 
96,403,000
27,534,631
TOTAL INDONESIA
  
  
54,782,451
Korea (South) - 8.2%
 
  
  
Coway Co. Ltd.
 
211,902
10,414,295
Db Insurance Co. Ltd.
 
171,669
7,959,611
Hankook Tire Co. Ltd.
 
303,579
8,107,175
Hyundai Mobis
 
97,982
17,180,994
Kangwon Land, Inc. (a)
  
433,519
8,633,077
Korea Electric Power Corp. (a)
  
898,884
15,423,466
KT&G Corp.
 
469,519
29,482,596
NCSOFT Corp.
 
76,288
21,834,702
Samsung Electronics Co. Ltd.
 
424,278
20,008,108
Samsung Life Insurance Co. Ltd.
 
303,030
14,112,689
SK Hynix, Inc.
 
38,428
2,894,163
SK, Inc.
 
18,066
3,052,916
TOTAL KOREA (SOUTH)
  
  
159,103,792
Kuwait - 2.9%
 
  
  
Boubyan Bank KSC
 
4,164,449
11,248,292
Mobile Telecommunication Co.
 
7,818,282
15,429,981
National Bank of Kuwait
 
8,693,145
30,229,628
TOTAL KUWAIT
  
  
56,907,901
Malaysia - 5.5%
 
  
  
Dialog Group Bhd
 
12,511,900
6,220,489
DiGi.com Bhd
 
13,689,300
11,179,159
IHH Healthcare Bhd
 
10,167,400
14,619,448
Malayan Banking Bhd
 
4,829,333
9,618,659
Nestle (Malaysia) Bhd
 
136,100
4,121,203
Petronas Gas Bhd
 
1,744,300
6,722,581
PPB Group Bhd
 
2,088,100
7,676,495
Public Bank Bhd
 
24,923,600
26,002,935
Tenaga Nasional Bhd
 
10,918,400
20,266,810
TOTAL MALAYSIA
  
  
106,427,779
Mexico - 0.4%
 
  
  
Gruma S.A.B. de CV Series B
 
93,005
1,156,500
Kimberly-Clark de Mexico SA de CV Series A
 
4,304,100
6,338,284
TOTAL MEXICO
  
  
7,494,784
Philippines - 2.2%
 
  
  
Bank of the Philippine Islands (BPI)
 
6,238,470
10,486,152
BDO Unibank, Inc.
 
6,708,190
14,501,004
Manila Electric Co.
 
641,740
3,944,524
PLDT, Inc.
 
381,795
11,472,972
SM Prime Holdings, Inc.
 
3,967,100
2,625,482
TOTAL PHILIPPINES
  
  
43,030,134
Qatar - 3.5%
 
  
  
Masraf al Rayan
 
2,291,566
2,768,694
Qatar Islamic Bank (a)
  
4,051,881
28,605,440
Qatar National Bank SAQ (a)
  
4,077,285
22,515,055
The Commercial Bank of Qatar (a)
  
6,467,340
12,956,879
TOTAL QATAR
  
  
66,846,068
Russia - 0.0%
 
  
  
PhosAgro OJSC (c)
  
1,400
129
PhosAgro OJSC GDR (Reg. S) (c)
  
589,848
12,098
TOTAL RUSSIA
  
  
12,227
Saudi Arabia - 8.2%
 
  
  
Advanced Polypropylene Co.
 
605,369
7,889,460
Alinma Bank
 
2,778,778
28,150,294
Almarai Co. Ltd.
 
1,086,489
15,099,767
Jarir Marketing Co.
 
225,126
9,769,845
Mouwasat Medical Services Co.
 
223,795
14,645,583
Sabic Agriculture-Nutrients Co.
 
471,117
16,682,258
Saudi Basic Industries Corp.
 
879,513
23,182,052
Saudi Electricity Co.
 
2,401,538
15,754,498
Saudi Telecom Co.
 
993,100
26,546,124
TOTAL SAUDI ARABIA
  
  
157,719,881
Taiwan - 20.7%
 
  
  
ASUSTeK Computer, Inc.
 
2,173,000
20,433,095
Chang Hwa Commercial Bank
 
24,728,007
14,676,409
Chicony Electronics Co. Ltd.
 
3,122,000
8,252,497
China Steel Corp.
 
3,900,000
3,619,436
Chunghwa Telecom Co. Ltd.
 
7,248,000
29,314,679
Compal Electronics, Inc.
 
19,699,000
14,995,134
Far EasTone Telecommunications Co. Ltd.
 
7,597,000
19,092,264
Formosa Petrochemical Corp.
 
6,447,000
18,172,589
Formosa Plastics Corp.
 
6,495,000
19,968,049
Inventec Corp.
 
14,856,000
11,761,155
Lite-On Technology Corp.
 
5,465,000
11,952,548
Mega Financial Holding Co. Ltd.
 
22,723,000
26,831,056
Novatek Microelectronics Corp.
 
1,093,000
9,705,867
Pou Chen Corp.
 
9,708,000
8,688,540
President Chain Store Corp.
 
2,484,000
23,411,348
Quanta Computer, Inc.
 
9,621,000
27,225,217
Sinopac Financial Holdings Co.
 
30,687,000
17,324,403
Synnex Technology International Corp.
 
6,351,000
11,744,145
Taiwan Cooperative Financial Holding Co. Ltd.
 
26,119,995
23,870,439
Taiwan Mobile Co. Ltd.
 
7,858,000
26,579,912
The Shanghai Commercial & Savings Bank Ltd.
 
11,085,000
18,548,447
Unified-President Enterprises Corp.
 
9,175,000
21,529,446
WPG Holding Co. Ltd.
 
6,800,000
11,388,246
TOTAL TAIWAN
  
  
399,084,921
Thailand - 2.4%
 
  
  
Advanced Info Service PCL (For. Reg.)
 
4,891,700
26,999,724
Advanced Information Service PCL NVDR
 
217,600
1,201,043
Bangkok Bank PCL:
  
  
  
 (For. Reg.)
 
1,710,300
6,246,001
 NVDR
 
78,200
285,586
Bangkok Dusit Medical Services PCL:
  
  
  
 (For. Reg.)
 
14,746,800
10,829,816
 NVDR
 
114,800
84,307
TOTAL THAILAND
  
  
45,646,477
United Arab Emirates - 3.3%
 
  
  
Abu Dhabi National Oil Co. for Distribution PJSC
 
13,684,541
15,945,614
Dubai Islamic Bank Pakistan Ltd. (a)
  
9,676,032
15,489,659
Emirates Telecommunications Corp.
 
3,267,738
24,820,966
First Abu Dhabi Bank PJSC
 
1,440,682
7,617,011
TOTAL UNITED ARAB EMIRATES
  
  
63,873,250
United States of America - 1.2%
 
  
  
Yum China Holdings, Inc.
 
497,375
24,227,136
 
TOTAL COMMON STOCKS
 (Cost $1,868,698,919)
  
  
  
1,896,356,353
 
  
  
  
Government Obligations - 0.1%
 
  
Principal
Amount (d)
 
Value ($)
 
United States of America - 0.1%
 
  
  
U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (e)
  (Cost $1,789,191)
  
1,800,000
1,775,236
 
  
  
  
Money Market Funds - 0.4%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 2.01% (f)
 
 (Cost $8,470,273)
 
  
8,468,579
8,470,273
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
 (Cost $1,878,958,383)
 
  
 
1,906,601,862
NET OTHER ASSETS (LIABILITIES) - 1.2%  
22,417,837
NET ASSETS - 100.0%
1,929,019,699
 
  
 
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)
667
Sep 2022
33,299,975
329,646
329,646
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 1.7%
 
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 $41,225,364 or 2.1% of net assets.
 
(c)
Level 3 security
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,546,428.
 
(f)
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 2.01%
20,125,016
280,544,866
292,199,609
27,579
-
-
8,470,273
0.0%
Fidelity Securities Lending Cash Central Fund 2.01%
21,000,909
33,939,299
54,940,208
3,640
-
-
-
0.0%
Total
41,125,925
314,484,165
347,139,817
31,219
-
-
8,470,273
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security 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, changes in interest rates and credit quality. 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.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Government Obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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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