Quarterly Holdings Report
for
Fidelity® SAI Global ex U.S. Low Volatility Index Fund
July 31, 2026
 
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.
GEU-NPRT3-0926
1.9912330.102
Common Stocks - 99.0%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.0%
 
  
  
Financials - 0.4%
  
  
  
Insurance - 0.4%
  
  
  
Medibank Pvt Ltd
 
5,288,465
19,169,320
Industrials - 0.6%
  
  
  
Professional Services - 0.6%
  
  
  
Computershare Ltd
 
1,039,853
29,878,193
TOTAL AUSTRALIA
  
  
49,047,513
BRAZIL - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Paper & Forest Products - 0.2%
  
  
  
Suzano SA
 
1,352,600
11,559,065
CANADA - 9.3%
 
  
  
Consumer Discretionary - 1.4%
  
  
  
Broadline Retail - 1.4%
  
  
  
Dollarama Inc
 
525,745
71,620,732
Consumer Staples - 1.9%
  
  
  
Consumer Staples Distribution & Retail - 1.9%
  
  
  
Empire Co Ltd Class A
 
208,176
7,619,581
George Weston Ltd
 
231,540
17,304,595
Loblaw Cos Ltd
 
1,074,604
50,447,401
Metro Inc/CN
 
367,507
24,427,936
TOTAL CONSUMER STAPLES
  
  
99,799,513
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
South Bow Corp
 
379,690
14,078,743
Financials - 1.9%
  
  
  
Capital Markets - 0.4%
  
  
  
TMX Group Ltd
 
547,794
20,022,801
Insurance - 1.5%
  
  
  
Definity Financial Corp
 
183,023
10,448,572
Intact Financial Corp
 
341,488
67,050,378
 
  
  
77,498,950
TOTAL FINANCIALS
  
  
97,521,751
Industrials - 0.5%
  
  
  
Professional Services - 0.5%
  
  
  
Thomson Reuters Corp
 
253,633
24,881,129
Information Technology - 0.8%
  
  
  
IT Services - 0.6%
  
  
  
CGI Inc Class A
 
368,342
26,961,210
Software - 0.2%
  
  
  
Descartes Systems Group Inc/The (e)
  
167,099
12,549,262
TOTAL INFORMATION TECHNOLOGY
  
  
39,510,472
Materials - 0.4%
  
  
  
Containers & Packaging - 0.4%
  
  
  
CCL Industries Inc Class B
 
280,943
18,627,993
Paper & Forest Products - 0.0%
  
  
  
Stella-Jones Inc
 
70,506
3,889,813
TOTAL MATERIALS
  
  
22,517,806
Utilities - 2.1%
  
  
  
Electric Utilities - 2.1%
  
  
  
Emera Inc (b)
  
570,274
30,473,464
Fortis Inc/Canada
 
963,885
54,868,940
Hydro One Ltd (c)(d)
  
597,900
24,908,057
TOTAL UTILITIES
  
  
110,250,461
TOTAL CANADA
  
  
480,180,607
CHINA - 11.8%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Household Durables - 0.5%
  
  
  
Midea Group Co Ltd H Shares (b)
  
1,945,900
24,654,123
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Want Want China Holdings Ltd
 
8,629,000
3,719,016
Energy - 0.6%
  
  
  
Oil, Gas & Consumable Fuels - 0.6%
  
  
  
China Shenhua Energy Co Ltd H Shares
 
6,005,500
33,280,505
Financials - 9.9%
  
  
  
Banks - 9.3%
  
  
  
Agricultural Bank of China Ltd H Shares
 
84,349,000
67,867,259
Bank of Beijing Co Ltd A Shares (China)
 
3,431,400
2,629,227
Bank of China Ltd H Shares
 
127,096,000
89,296,511
Bank of Communications Co Ltd H Shares
 
50,517,000
48,697,914
Bank of Jiangsu Co Ltd A Shares (China)
 
3,032,700
5,312,257
Bank of Shanghai Co Ltd A Shares (China)
 
2,373,300
3,321,425
BOC Hong Kong Holdings Ltd
 
6,979,500
46,456,429
China CITIC Bank Corp Ltd H Shares
 
20,575,000
20,280,112
China Construction Bank Corp H Shares
 
79,647,000
93,459,854
Chongqing Rural Commercial Bank Co Ltd H Shares
 
6,219,000
5,202,061
Huaxia Bank Co Ltd A Shares (China)
 
2,726,300
2,789,284
Industrial & Commercial Bank of China Ltd H Shares
 
94,662,000
90,649,753
 
  
  
475,962,086
Financial Services - 0.1%
  
  
  
Far East Horizon Ltd
 
3,353,000
2,941,528
Insurance - 0.5%
  
  
  
PICC Property & Casualty Co Ltd H Shares
 
13,314,000
27,842,191
TOTAL FINANCIALS
  
  
506,745,805
Industrials - 0.3%
  
  
  
Construction & Engineering - 0.1%
  
  
  
China State Construction Engineering Corp Ltd A Shares (China)
 
6,004,900
4,181,257
Ground Transportation - 0.0%
  
  
  
Daqin Railway Co Ltd A Shares (China)
 
3,124,700
2,300,116
Transportation Infrastructure - 0.2%
  
  
  
Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)
 
7,354,188
5,587,359
Jiangsu Expressway Co Ltd H Shares (b)
  
2,704,000
3,351,382
 
  
  
8,938,741
TOTAL INDUSTRIALS
  
  
15,420,114
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
China Railway Signal & Communication Corp Ltd H Shares (c)(d)
  
5,533,000
2,377,616
Software - 0.0%
  
  
  
Shanghai Baosight Software Co Ltd A Shares (China)
 
771,600
2,125,073
TOTAL INFORMATION TECHNOLOGY
  
  
4,502,689
Utilities - 0.3%
  
  
  
Independent Power and Renewable Electricity Producers - 0.3%
  
  
  
China Three Gorges Renewables Group Co Ltd A Shares (China)
 
4,035,700
2,331,423
China Yangtze Power Co Ltd A Shares (China)
 
3,567,500
15,370,715
TOTAL UTILITIES
  
  
17,702,138
TOTAL CHINA
  
  
606,024,390
CZECH REPUBLIC - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Moneta Money Bank AS (c)(d)
  
605,425
5,540,421
DENMARK - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Insurance - 0.3%
  
  
  
Tryg A/S
 
602,037
14,368,270
FINLAND - 0.7%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Elisa Oyj A Shares
 
242,529
9,782,938
Materials - 0.5%
  
  
  
Paper & Forest Products - 0.5%
  
  
  
UPM-Kymmene Oyj
 
1,018,326
27,704,360
TOTAL FINLAND
  
  
37,487,298
FRANCE - 1.3%
 
  
  
Communication Services - 1.3%
  
  
  
Diversified Telecommunication Services - 1.3%
  
  
  
Orange SA
 
3,535,066
67,546,965
GERMANY - 0.3%
 
  
  
Consumer Staples - 0.3%
  
  
  
Personal Care Products - 0.3%
  
  
  
Beiersdorf AG (b)
  
177,205
16,460,763
HONG KONG - 1.9%
 
  
  
Industrials - 0.2%
  
  
  
Ground Transportation - 0.2%
  
  
  
MTR Corp Ltd (b)
  
3,068,500
12,958,880
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
Hongkong Land Holdings Ltd (Singapore)
 
1,912,500
15,507,975
Sino Land Co Ltd
 
7,472,473
10,195,279
TOTAL REAL ESTATE
  
  
25,703,254
Utilities - 1.2%
  
  
  
Electric Utilities - 1.0%
  
  
  
CLP Holdings Ltd
 
2,972,500
29,553,620
Power Assets Holdings Ltd
 
2,474,000
18,628,188
 
  
  
48,181,808
Gas Utilities - 0.2%
  
  
  
Hong Kong & China Gas Co Ltd
 
14,042,000
12,587,379
TOTAL UTILITIES
  
  
60,769,187
TOTAL HONG KONG
  
  
99,431,321
INDIA - 8.3%
 
  
  
Communication Services - 0.5%
  
  
  
Wireless Telecommunication Services - 0.5%
  
  
  
Bharti Airtel Ltd
 
1,333,899
27,564,677
Consumer Discretionary - 1.2%
  
  
  
Automobiles - 1.2%
  
  
  
Eicher Motors Ltd
 
270,007
22,159,118
Maruti Suzuki India Ltd
 
255,617
38,128,837
TOTAL CONSUMER DISCRETIONARY
  
  
60,287,955
Consumer Staples - 1.1%
  
  
  
Personal Care Products - 0.8%
  
  
  
Hindustan Unilever Ltd
 
1,738,340
38,275,694
Tobacco - 0.3%
  
  
  
ITC Ltd
 
5,703,217
16,794,439
TOTAL CONSUMER STAPLES
  
  
55,070,133
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
Reliance Industries Ltd
 
3,546,512
48,569,640
Industrials - 0.2%
  
  
  
Construction & Engineering - 0.2%
  
  
  
Larsen & Toubro Ltd
 
294,803
12,162,603
Information Technology - 3.5%
  
  
  
IT Services - 3.5%
  
  
  
HCL Technologies Ltd
 
2,028,788
28,695,659
Infosys Ltd
 
6,434,830
76,459,716
Tata Consultancy Services Ltd
 
1,947,718
48,334,695
Tech Mahindra Ltd
 
1,219,138
21,173,855
Wipro Ltd
 
2,418,365
4,665,826
TOTAL INFORMATION TECHNOLOGY
  
  
179,329,751
Materials - 0.7%
  
  
  
Chemicals - 0.3%
  
  
  
Asian Paints Ltd
 
219,379
6,312,118
SRF Ltd
 
285,141
7,836,589
 
  
  
14,148,707
Construction Materials - 0.4%
  
  
  
Grasim Industries Ltd
 
635,254
20,638,830
TOTAL MATERIALS
  
  
34,787,537
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
Power Grid Corp of India Ltd
 
3,091,264
9,204,431
TOTAL INDIA
  
  
426,976,727
INDONESIA - 1.3%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Indofood Sukses Makmur Tbk PT
 
8,484,900
3,284,909
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Bank Central Asia Tbk PT
 
78,445,800
27,493,293
Industrials - 0.7%
  
  
  
Industrial Conglomerates - 0.7%
  
  
  
Astra International Tbk PT
 
39,424,400
11,199,695
Jardine Matheson Holdings Ltd (Singapore)
 
396,600
26,340,174
TOTAL INDUSTRIALS
  
  
37,539,869
TOTAL INDONESIA
  
  
68,318,071
ISRAEL - 0.9%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Bezeq The Israeli Telecommunication Corp Ltd
 
1,884,450
4,514,295
Industrials - 0.8%
  
  
  
Aerospace & Defense - 0.8%
  
  
  
Elbit Systems Ltd
 
51,712
41,650,450
TOTAL ISRAEL
  
  
46,164,745
JAPAN - 21.0%
 
  
  
Communication Services - 4.0%
  
  
  
Diversified Telecommunication Services - 1.0%
  
  
  
NTT Inc
 
57,137,600
54,767,182
Wireless Telecommunication Services - 3.0%
  
  
  
KDDI Corp
 
4,179,700
77,005,612
SoftBank Corp
 
54,579,600
76,606,723
 
  
  
153,612,335
TOTAL COMMUNICATION SERVICES
  
  
208,379,517
Consumer Discretionary - 3.2%
  
  
  
Automobile Components - 0.9%
  
  
  
Bridgestone Corp
 
1,880,200
46,432,356
Automobiles - 1.2%
  
  
  
Toyota Motor Corp
 
3,267,800
61,842,077
Broadline Retail - 0.6%
  
  
  
Pan Pacific International Holdings Corp
 
5,158,900
28,902,343
Hotels, Restaurants & Leisure - 0.5%
  
  
  
McDonald's Holdings Co Japan Ltd (b)
  
169,700
8,566,349
Skylark Holdings Co Ltd
 
443,400
8,737,796
Zensho Holdings Co Ltd
 
178,800
11,164,547
 
  
  
28,468,692
TOTAL CONSUMER DISCRETIONARY
  
  
165,645,468
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
MEIJI Holdings Co Ltd (b)
  
501,800
11,934,441
Financials - 4.7%
  
  
  
Banks - 1.9%
  
  
  
Gunma Bank Ltd/The
 
128,400
2,017,853
Hachijuni Nagano Bank Ltd
 
881,200
13,692,112
Japan Post Bank Co Ltd
 
3,270,500
63,235,560
Mebuki Financial Group Inc
 
1,846,800
17,112,429
 
  
  
96,057,954
Insurance - 2.8%
  
  
  
Japan Post Holdings Co Ltd
 
3,286,400
48,620,190
Tokio Marine Holdings Inc
 
1,862,000
94,899,437
 
  
  
143,519,627
TOTAL FINANCIALS
  
  
239,577,581
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Medipal Holdings Corp
 
382,200
6,882,088
Industrials - 2.3%
  
  
  
Building Products - 0.3%
  
  
  
AGC Inc
 
420,000
15,839,469
Commercial Services & Supplies - 0.7%
  
  
  
Secom Co Ltd
 
787,400
33,918,097
Ground Transportation - 1.3%
  
  
  
East Japan Railway Co
 
557,100
12,818,060
Hankyu Hanshin Holdings Inc
 
457,600
13,539,433
Kintetsu Group Holdings Co Ltd
 
362,500
7,874,043
Kyushu Railway Co
 
291,300
6,573,399
Tokyu Corp
 
1,080,500
11,861,668
West Japan Railway Co
 
868,500
16,388,438
 
  
  
69,055,041
TOTAL INDUSTRIALS
  
  
118,812,607
Information Technology - 4.8%
  
  
  
Electronic Equipment, Instruments & Components - 1.4%
  
  
  
Azbil Corp
 
166,900
1,728,252
Hirose Electric Co Ltd
 
59,400
10,009,424
Kyocera Corp
 
2,694,400
61,450,631
 
  
  
73,188,307
IT Services - 0.8%
  
  
  
Nomura Research Institute Ltd
 
835,400
24,714,100
Otsuka Corp
 
442,400
9,128,730
TISI Inc
 
392,700
9,414,737
 
  
  
43,257,567
Technology Hardware, Storage & Peripherals - 2.6%
  
  
  
Brother Industries Ltd
 
488,400
12,162,723
Canon Inc
 
1,723,900
47,984,973
FUJIFILM Holdings Corp
 
2,374,200
55,887,823
Ricoh Co Ltd
 
1,075,200
10,550,919
 
  
  
126,586,438
TOTAL INFORMATION TECHNOLOGY
  
  
243,032,312
Materials - 0.2%
  
  
  
Paper & Forest Products - 0.2%
  
  
  
Oji Holdings Corp
 
1,733,700
9,533,262
Utilities - 1.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Chubu Electric Power Co Inc
 
1,452,200
25,144,954
Kansai Electric Power Co Inc/The
 
206,000
3,119,762
 
  
  
28,264,716
Gas Utilities - 1.0%
  
  
  
Osaka Gas Co Ltd
 
761,700
26,133,099
Tokyo Gas Co Ltd
 
612,700
23,653,203
 
  
  
49,786,302
TOTAL UTILITIES
  
  
78,051,018
TOTAL JAPAN
  
  
1,081,848,294
KOREA (SOUTH) - 1.3%
 
  
  
Consumer Staples - 0.5%
  
  
  
Food Products - 0.0%
  
  
  
CJ CheilJedang Corp
 
15,998
2,101,605
Tobacco - 0.5%
  
  
  
KT&G Corp
 
187,073
23,000,538
TOTAL CONSUMER STAPLES
  
  
25,102,143
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Hyundai Marine & Fire Insurance Co Ltd (e)
  
111,108
2,920,076
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Samsung Biologics Co Ltd (c)(d)(e)
  
5,066
5,149,732
Information Technology - 0.7%
  
  
  
Technology Hardware, Storage & Peripherals - 0.7%
  
  
  
Samsung Electronics Co Ltd
 
206,029
35,431,275
TOTAL KOREA (SOUTH)
  
  
68,603,226
KUWAIT - 0.7%
 
  
  
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
National Bank of Kuwait SAKP
 
11,692,632
32,424,946
Industrials - 0.1%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
Agility Global PLC
 
8,928,535
4,108,147
TOTAL KUWAIT
  
  
36,533,093
MALAYSIA - 1.3%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Hong Leong Bank Bhd
 
909,300
4,906,100
Malayan Banking Bhd
 
14,924,100
39,787,519
TOTAL FINANCIALS
  
  
44,693,619
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
IHH Healthcare Bhd
 
4,715,200
9,640,555
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Sime Darby Bhd
 
5,888,900
3,110,024
Marine Transportation - 0.1%
  
  
  
MISC Bhd
 
2,434,300
4,716,752
TOTAL INDUSTRIALS
  
  
7,826,776
Utilities - 0.0%
  
  
  
Gas Utilities - 0.0%
  
  
  
Petronas Gas Bhd
 
850,600
3,650,927
TOTAL MALAYSIA
  
  
65,811,877
MEXICO - 0.3%
 
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Arca Continental SAB de CV
 
939,200
10,762,068
Real Estate - 0.1%
  
  
  
Industrial REITs - 0.1%
  
  
  
Fibra MTY SAPI de CV (b)
  
4,124,000
3,566,934
TOTAL MEXICO
  
  
14,329,002
NETHERLANDS - 2.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Koninklijke KPN NV
 
817,581
3,860,487
Consumer Staples - 1.3%
  
  
  
Consumer Staples Distribution & Retail - 1.3%
  
  
  
Koninklijke Ahold Delhaize NV
 
1,692,218
67,049,458
Industrials - 0.7%
  
  
  
Professional Services - 0.7%
  
  
  
Wolters Kluwer NV
 
446,811
35,078,537
TOTAL NETHERLANDS
  
  
105,988,482
PHILIPPINES - 0.0%
 
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Manila Electric Co
 
601,480
4,673,315
SAUDI ARABIA - 2.4%
 
  
  
Communication Services - 0.5%
  
  
  
Diversified Telecommunication Services - 0.5%
  
  
  
Saudi Telecom Co
 
2,402,913
27,602,627
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.1%
  
  
  
Jarir Marketing Co
 
1,087,461
4,812,569
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Nahdi Medical Co
 
17,459
441,879
Energy - 1.5%
  
  
  
Oil, Gas & Consumable Fuels - 1.5%
  
  
  
Saudi Arabian Oil Co (c)(d)
  
10,838,180
76,419,919
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Alinma Bank
 
1,193,167
7,421,750
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Saudi Basic Industries Corp
 
233,719
3,086,796
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Saudi Energy Co
 
648,911
2,928,782
TOTAL SAUDI ARABIA
  
  
122,714,322
SINGAPORE - 1.8%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.3%
  
  
  
Oversea-Chinese Banking Corp Ltd
 
810,500
18,409,067
Capital Markets - 0.6%
  
  
  
Singapore Exchange Ltd
 
1,591,200
30,334,967
TOTAL FINANCIALS
  
  
48,744,034
Industrials - 0.6%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Singapore Technologies Engineering Ltd
 
2,935,500
23,066,538
Industrial Conglomerates - 0.1%
  
  
  
Keppel Ltd
 
710,800
6,348,126
TOTAL INDUSTRIALS
  
  
29,414,664
Real Estate - 0.3%
  
  
  
Industrial REITs - 0.3%
  
  
  
CapitaLand Ascendas REIT
 
7,425,328
14,872,768
TOTAL SINGAPORE
  
  
93,031,466
SWITZERLAND - 3.8%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
Swisscom AG
 
49,051
37,738,539
Consumer Staples - 1.8%
  
  
  
Food Products - 1.8%
  
  
  
Nestle SA
 
878,810
87,837,999
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Banque Cantonale Vaudoise (b)
  
55,333
8,692,301
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Galenica AG (c)(d)
  
92,677
9,852,914
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Givaudan SA
 
1,853
7,403,290
Real Estate - 0.8%
  
  
  
Real Estate Management & Development - 0.8%
  
  
  
PSP Swiss Property AG
 
88,623
16,004,648
Swiss Prime Site AG
 
154,431
25,176,580
TOTAL REAL ESTATE
  
  
41,181,228
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
BKW AG
 
12,793
2,118,848
TOTAL SWITZERLAND
  
  
194,825,119
TAIWAN - 10.6%
 
  
  
Communication Services - 1.0%
  
  
  
Diversified Telecommunication Services - 0.6%
  
  
  
Chunghwa Telecom Co Ltd
 
7,234,000
31,116,673
Wireless Telecommunication Services - 0.4%
  
  
  
Far EasTone Telecommunications Co Ltd
 
3,378,000
10,971,011
Taiwan Mobile Co Ltd
 
3,286,000
11,417,682
 
  
  
22,388,693
TOTAL COMMUNICATION SERVICES
  
  
53,505,366
Consumer Discretionary - 0.1%
  
  
  
Broadline Retail - 0.1%
  
  
  
Poya International Co Ltd (f)
  
148,590
3,311,812
Consumer Staples - 0.5%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
President Chain Store Corp
 
1,029,000
7,128,954
Food Products - 0.4%
  
  
  
Uni-President Enterprises Corp
 
9,207,000
20,946,114
TOTAL CONSUMER STAPLES
  
  
28,075,068
Financials - 4.5%
  
  
  
Banks - 4.4%
  
  
  
Chang Hwa Commercial Bank Ltd
 
16,853,639
13,108,719
E.Sun Financial Holding Co Ltd
 
31,092,893
37,102,089
Far Eastern International Bank
 
8,915,709
3,713,627
First Financial Holding Co Ltd
 
22,386,870
25,444,631
Hua Nan Financial Holdings Co Ltd
 
20,021,070
26,904,973
Mega Financial Holding Co Ltd
 
22,451,480
36,818,966
Shanghai Commercial & Savings Bank Ltd/The
 
8,761,750
12,292,960
SinoPac Financial Holdings Co Ltd
 
28,394,656
35,428,546
Taichung Commercial Bank Co Ltd
 
8,350,920
5,285,061
Taiwan Business Bank
 
14,302,936
8,030,467
Taiwan Cooperative Financial Holding Co Ltd
 
22,175,236
18,904,623
Union Bank Of Taiwan
 
7,394,326
4,725,451
 
  
  
227,760,113
Capital Markets - 0.1%
  
  
  
IBF Financial Holdings Co Ltd (e)
  
5,622,930
2,714,187
TOTAL FINANCIALS
  
  
230,474,300
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Far Eastern New Century Corp
 
7,300,000
6,120,018
Transportation Infrastructure - 0.1%
  
  
  
Taiwan High Speed Rail Corp
 
3,815,000
3,063,068
TOTAL INDUSTRIALS
  
  
9,183,086
Information Technology - 4.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Synnex Technology International Corp
 
2,600,000
7,460,363
Wpg Holding Co Ltd (e)
  
3,210,000
11,010,569
WT Microelectronics Co Ltd
 
1,058,000
6,388,476
 
  
  
24,859,408
Semiconductors & Semiconductor Equipment - 3.0%
  
  
  
Chipbond Technology Corp
 
625,000
2,434,657
Radiant Opto-Electronics Corp
 
920,000
2,329,708
Taiwan Semiconductor Manufacturing Co Ltd
 
1,977,000
146,297,252
Topco Scientific Co Ltd
 
346,000
5,283,778
 
  
  
156,345,395
Technology Hardware, Storage & Peripherals - 0.6%
  
  
  
Catcher Technology Co Ltd
 
1,133,000
6,367,989
Chicony Electronics Co Ltd
 
1,208,000
3,936,124
Compal Electronics Inc
 
7,919,000
8,712,827
Pegatron Corp
 
3,917,000
10,140,246
 
  
  
29,157,186
TOTAL INFORMATION TECHNOLOGY
  
  
210,361,989
Materials - 0.1%
  
  
  
Construction Materials - 0.1%
  
  
  
Asia Cement Corp
 
4,908,000
5,003,803
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Highwealth Construction Corp
 
3,257,675
4,420,648
TOTAL TAIWAN
  
  
544,336,072
THAILAND - 0.5%
 
  
  
Communication Services - 0.5%
  
  
  
Wireless Telecommunication Services - 0.5%
  
  
  
Advanced Info Service PCL depository receipt
 
2,081,200
23,627,726
UNITED ARAB EMIRATES - 1.2%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Americana Restaurants International PLC - Foreign Co
 
2,341,405
1,383,296
Specialty Retail - 0.1%
  
  
  
Abu Dhabi National Oil Co for Distribution PJSC
 
5,966,351
6,497,524
TOTAL CONSUMER DISCRETIONARY
  
  
7,880,820
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Adnoc Gas PLC
 
13,170,461
11,832,976
Dana Gas PJSC
 
10,752,858
2,500,120
TOTAL ENERGY
  
  
14,333,096
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Dubai Islamic Bank PJSC
 
6,089,239
12,052,483
Sharjah Islamic Bank
 
3,547,109
2,800,603
TOTAL FINANCIALS
  
  
14,853,086
Industrials - 0.2%
  
  
  
Passenger Airlines - 0.1%
  
  
  
Air Arabia PJSC
 
2,312,921
3,085,574
Transportation Infrastructure - 0.1%
  
  
  
Salik Co PJSC
 
3,919,981
5,677,729
TOTAL INDUSTRIALS
  
  
8,763,303
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Borouge PLC
 
6,077,566
3,971,184
Utilities - 0.3%
  
  
  
Multi-Utilities - 0.3%
  
  
  
Dubai Electricity & Water Authority PJSC
 
17,752,988
13,243,449
TOTAL UNITED ARAB EMIRATES
  
  
63,044,938
UNITED KINGDOM - 5.5%
 
  
  
Consumer Staples - 0.3%
  
  
  
Household Products - 0.3%
  
  
  
Reckitt Benckiser Group PLC
 
261,827
18,479,064
Financials - 0.5%
  
  
  
Insurance - 0.5%
  
  
  
Admiral Group PLC
 
520,949
26,483,552
Health Care - 2.0%
  
  
  
Pharmaceuticals - 2.0%
  
  
  
Astrazeneca PLC
 
593,227
100,995,580
Industrials - 1.2%
  
  
  
Professional Services - 1.2%
  
  
  
RELX PLC
 
1,733,338
60,964,892
Utilities - 1.5%
  
  
  
Multi-Utilities - 1.5%
  
  
  
National Grid PLC
 
4,792,191
76,703,107
TOTAL UNITED KINGDOM
  
  
283,626,195
UNITED STATES - 9.2%
 
  
  
Energy - 1.8%
  
  
  
Oil, Gas & Consumable Fuels - 1.8%
  
  
  
Shell PLC
 
2,014,320
92,198,863
Health Care - 5.8%
  
  
  
Life Sciences Tools & Services - 0.3%
  
  
  
QIAGEN NV (Germany)
 
393,706
16,216,954
Pharmaceuticals - 5.5%
  
  
  
Haleon PLC
 
1,950,285
9,547,738
Novartis AG
 
740,179
115,757,996
Roche Holding AG
 
258,232
112,945,557
Sanofi SA
 
518,357
44,636,594
 
  
  
282,887,885
TOTAL HEALTH CARE
  
  
299,104,839
Industrials - 1.6%
  
  
  
Commercial Services & Supplies - 1.6%
  
  
  
Waste Connections Inc
 
484,984
81,245,242
TOTAL UNITED STATES
  
  
472,548,944
 
TOTAL COMMON STOCKS
 (Cost $4,308,534,201)
  
  
  
5,104,648,227
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (i)
 (Cost $1,906,703)
  
3.64
1,909,000
1,907,088
 
  
  
  
  
Money Market Funds - 1.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (j)
  
3.69
24,418,385
24,423,269
Fidelity Securities Lending Cash Central Fund (j)(k)
  
3.72
43,480,123
43,484,471
 
TOTAL MONEY MARKET FUNDS
 (Cost $67,905,530)
  
  
  
67,907,740
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $4,378,346,434)
 
  
 
5,174,463,055
NET OTHER ASSETS (LIABILITIES) - (0.3)% (g)
(16,962,612)
NET ASSETS - 100.0%
5,157,500,443
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
200
9/2026
31,823,000
418,689
ICE MSCI Emerging Markets Index Contracts (United States)
192
9/2026
15,766,080
(283,772)
TME S&P/TSX 60 Index Contracts (Canada)
18
9/2026
5,353,069
53,209
TOTAL LONG
  
  
  
188,126

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $124,248,659 or 2.4% of net assets.
 
(d)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $124,248,659 or 2.4% of net assets.
 
(e)
Non-income producing.
 
(f)
Level 3 security.
 
(g)
Includes $565,177 of cash collateral to cover margin requirements for futures contracts.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
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 $1,907,088.
 
(j)
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.
 
(k)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $18,695,115.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
52,280,455
415,450,482
443,305,028
1,044,277
(4,850)
2,210
24,423,269
24,418,385
Fidelity Securities Lending Cash Central Fund
52,907,490
594,604,430
604,018,438
591,344
(9,011)
-
43,484,471
43,480,123
 
105,187,945
1,010,054,912
1,047,323,466
1,635,621
(13,861)
2,210
67,907,740
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column 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 income 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. 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.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services 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 services. 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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