Quarterly Holdings Report
for
Fidelity® SAI International Momentum 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.
IMI-NPRT3-0926
1.9898217.106
Common Stocks - 99.2%
 
  
Shares
Value ($)
 
AUSTRALIA - 6.0%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telstra Group Ltd
 
416,936
1,471,940
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
Wesfarmers Ltd
 
100,842
6,316,273
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Ampol Ltd
 
61,760
1,742,507
Whitehaven Coal Ltd
 
208,036
1,027,396
Woodside Energy Group Ltd
 
241,169
5,644,547
TOTAL ENERGY
  
  
8,414,450
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Sigma Healthcare Ltd
 
1,425,228
2,938,815
Industrials - 0.2%
  
  
  
Professional Services - 0.2%
  
  
  
ALS Ltd
 
126,656
1,911,649
Materials - 4.3%
  
  
  
Metals & Mining - 4.3%
  
  
  
BlueScope Steel Ltd
 
35,021
803,251
Fortescue Ltd
 
415,016
5,385,355
Glencore PLC
 
1,277,746
9,411,045
IGO Ltd (b)
  
173,540
835,217
Lynas Rare Earths Ltd (b)
  
229,710
2,254,551
Mineral Resources Ltd (b)
  
45,587
1,852,750
Perseus Mining Ltd
 
337,080
1,153,917
PLS Group Ltd (b)
  
793,281
2,304,980
Rio Tinto PLC
 
268,432
26,083,446
Sandfire Resources Ltd (b)
  
116,326
1,539,851
TOTAL MATERIALS
  
  
51,624,363
TOTAL AUSTRALIA
  
  
72,677,490
AUSTRIA - 0.9%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
OMV AG
 
34,755
2,530,909
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
BAWAG Group AG (c)(e)
  
19,106
3,860,021
Raiffeisen Bank International AG
 
32,338
2,215,060
TOTAL FINANCIALS
  
  
6,075,081
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
AT&S Austria Technologie & Systemtechnik AG (b)
  
6,444
971,961
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
voestalpine AG
 
26,508
1,374,935
TOTAL AUSTRIA
  
  
10,952,886
BELGIUM - 1.3%
 
  
  
Consumer Staples - 0.7%
  
  
  
Beverages - 0.6%
  
  
  
Anheuser-Busch InBev SA/NV
 
78,851
6,848,524
Food Products - 0.1%
  
  
  
Lotus Bakeries NV
 
106
1,361,685
TOTAL CONSUMER STAPLES
  
  
8,210,209
Health Care - 0.6%
  
  
  
Pharmaceuticals - 0.6%
  
  
  
UCB SA
 
30,806
7,918,286
TOTAL BELGIUM
  
  
16,128,495
BRAZIL - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Yara International ASA
 
42,248
1,991,262
CHILE - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Antofagasta PLC
 
86,946
4,282,983
CHINA - 0.6%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
Prosus NV Class N
 
121,168
5,631,017
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Wilmar International Ltd
 
680,400
2,080,733
TOTAL CHINA
  
  
7,711,750
DENMARK - 0.5%
 
  
  
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Danske Bank A/S
 
84,269
4,851,773
Jyske Bank A/S
 
10,223
1,624,451
 
  
  
  
TOTAL DENMARK
  
  
6,476,224
FINLAND - 0.6%
 
  
  
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Neste Oyj
 
111,634
3,934,012
Industrials - 0.3%
  
  
  
Machinery - 0.3%
  
  
  
Wartsila OYJ Abp
 
109,661
3,710,206
TOTAL FINLAND
  
  
7,644,218
FRANCE - 4.1%
 
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Carrefour SA
 
32,509
596,605
Energy - 1.0%
  
  
  
Oil, Gas & Consumable Fuels - 1.0%
  
  
  
Gaztransport Et Technigaz SA
 
8,148
1,838,771
TotalEnergies SE
 
121,126
10,674,074
TOTAL ENERGY
  
  
12,512,845
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
Societe Generale SA Series A
 
77,087
7,245,920
Health Care - 0.3%
  
  
  
Biotechnology - 0.1%
  
  
  
Abivax SA (b)(d)
  
12,164
1,509,632
Pharmaceuticals - 0.2%
  
  
  
Ipsen SA
 
9,992
1,926,524
TOTAL HEALTH CARE
  
  
3,436,156
Industrials - 0.8%
  
  
  
Electrical Equipment - 0.8%
  
  
  
Legrand SA
 
64,279
9,772,289
Real Estate - 0.2%
  
  
  
Retail REITs - 0.2%
  
  
  
Klepierre SA
 
55,150
2,501,875
Utilities - 1.2%
  
  
  
Multi-Utilities - 1.2%
  
  
  
Engie SA
 
437,659
13,642,325
TOTAL FRANCE
  
  
49,708,015
GERMANY - 3.9%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Puma SE (b)
  
26,851
851,489
Financials - 0.2%
  
  
  
Capital Markets - 0.1%
  
  
  
flatexDEGIRO SE
 
21,192
887,083
Insurance - 0.1%
  
  
  
Talanx AG
 
12,388
1,647,086
TOTAL FINANCIALS
  
  
2,534,169
Industrials - 2.4%
  
  
  
Construction & Engineering - 0.2%
  
  
  
HOCHTIEF AG
 
4,229
2,161,341
Electrical Equipment - 2.2%
  
  
  
Nordex SE (b)
  
32,532
1,442,048
Siemens Energy AG
 
148,533
25,375,833
 
  
  
26,817,881
TOTAL INDUSTRIALS
  
  
28,979,222
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
AIXTRON SE
 
29,404
1,229,815
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Aurubis AG
 
6,641
1,390,705
Utilities - 1.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
RWE AG
 
35,925
2,368,791
Multi-Utilities - 0.8%
  
  
  
E.ON SE
 
453,123
9,761,754
TOTAL UTILITIES
  
  
12,130,545
TOTAL GERMANY
  
  
47,115,945
HONG KONG - 1.1%
 
  
  
Financials - 0.7%
  
  
  
Capital Markets - 0.7%
  
  
  
Hong Kong Exchanges & Clearing Ltd
 
166,300
8,664,704
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
ASMPT Ltd
 
81,200
1,566,556
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
CK Asset Holdings Ltd
 
508,000
3,098,888
TOTAL HONG KONG
  
  
13,330,148
IRELAND - 0.4%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Glanbia PLC
 
51,496
1,364,612
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
AIB Group PLC
 
253,986
3,003,525
TOTAL IRELAND
  
  
4,368,137
ISRAEL - 2.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Shufersal Ltd
 
51,854
741,547
Financials - 1.2%
  
  
  
Banks - 1.2%
  
  
  
Bank Hapoalim BM
 
233,381
5,675,514
Bank Leumi Le-Israel BM
 
371,521
8,799,086
TOTAL FINANCIALS
  
  
14,474,600
Information Technology - 0.8%
  
  
  
Semiconductors & Semiconductor Equipment - 0.8%
  
  
  
Nova Ltd (Israel) (b)
  
7,117
2,853,320
Tower Semiconductor Ltd (b)
  
29,240
6,476,519
TOTAL INFORMATION TECHNOLOGY
  
  
9,329,839
TOTAL ISRAEL
  
  
24,545,986
ITALY - 8.1%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Telecom Italia SpA/Milano (b)
  
447,577
3,795,055
Consumer Discretionary - 0.4%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Lottomatica Group Spa
 
65,211
1,765,651
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Moncler SpA
 
57,686
3,266,162
TOTAL CONSUMER DISCRETIONARY
  
  
5,031,813
Consumer Staples - 0.3%
  
  
  
Beverages - 0.3%
  
  
  
Coca-Cola HBC AG
 
48,998
3,308,456
Energy - 1.2%
  
  
  
Oil, Gas & Consumable Fuels - 1.2%
  
  
  
Eni SpA
 
517,913
14,406,624
Financials - 5.2%
  
  
  
Banks - 3.6%
  
  
  
Banco BPM SpA
 
374,097
6,805,177
BPER Banca SPA
 
248,203
4,027,049
UniCredit SpA
 
338,401
31,915,230
 
  
  
42,747,456
Financial Services - 0.3%
  
  
  
Poste Italiane SpA
 
114,102
3,448,626
Insurance - 1.3%
  
  
  
Generali
 
244,230
12,377,343
Unipol Assicurazioni SpA
 
111,425
3,478,217
 
  
  
15,855,560
TOTAL FINANCIALS
  
  
62,051,642
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Leonardo SpA
 
97,185
6,177,237
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Technoprobe SpA (b)
  
47,404
1,514,191
Utilities - 0.1%
  
  
  
Gas Utilities - 0.1%
  
  
  
Italgas SpA
 
154,582
1,594,680
TOTAL ITALY
  
  
97,879,698
JAPAN - 26.8%
 
  
  
Consumer Discretionary - 3.2%
  
  
  
Automobile Components - 1.4%
  
  
  
GS Yuasa Corp
 
26,000
875,599
Koito Manufacturing Co Ltd
 
55,800
932,587
Niterra Co Ltd
 
42,900
2,505,302
Sumitomo Electric Industries Ltd
 
823,000
10,892,485
Yokohama Rubber Co Ltd/The
 
36,600
1,738,532
 
  
  
16,944,505
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Food & Life Cos Ltd
 
59,300
2,070,368
Household Durables - 1.1%
  
  
  
Panasonic Holdings Corp
 
507,700
13,424,841
Specialty Retail - 0.1%
  
  
  
USS Co Ltd
 
102,900
1,299,512
Textiles, Apparel & Luxury Goods - 0.4%
  
  
  
Asics Corp
 
181,300
5,345,529
TOTAL CONSUMER DISCRETIONARY
  
  
39,084,755
Consumer Staples - 0.3%
  
  
  
Beverages - 0.0%
  
  
  
Coca-Cola Bottlers Japan Holdings Inc
 
37,200
893,951
Food Products - 0.3%
  
  
  
MEIJI Holdings Co Ltd
 
67,800
1,612,505
Toyo Suisan Kaisha Ltd
 
23,800
1,544,270
 
  
  
3,156,775
TOTAL CONSUMER STAPLES
  
  
4,050,726
Energy - 0.9%
  
  
  
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
ENEOS Holdings Inc
 
691,400
5,709,949
Inpex Corp
 
229,400
5,287,364
TOTAL ENERGY
  
  
10,997,313
Financials - 5.2%
  
  
  
Banks - 4.7%
  
  
  
Kyoto Financial Group Inc
 
77,000
2,122,426
Mizuho Financial Group Inc
 
545,200
28,265,459
Sumitomo Mitsui Financial Group Inc
 
594,000
25,523,549
 
  
  
55,911,434
Financial Services - 0.5%
  
  
  
ORIX Corp
 
159,700
6,445,389
TOTAL FINANCIALS
  
  
62,356,823
Health Care - 2.7%
  
  
  
Health Care Equipment & Supplies - 1.1%
  
  
  
Asahi Intecc Co Ltd
 
61,200
1,380,742
Hoya Corp
 
79,400
12,141,612
 
  
  
13,522,354
Pharmaceuticals - 1.6%
  
  
  
Astellas Pharma Inc
 
462,300
6,349,601
Otsuka Holdings Co Ltd
 
133,700
9,270,683
Shionogi & Co Ltd
 
199,900
3,614,449
 
  
  
19,234,733
TOTAL HEALTH CARE
  
  
32,757,087
Industrials - 7.5%
  
  
  
Construction & Engineering - 1.2%
  
  
  
JGC Holdings Corp
 
63,300
885,325
Kajima Corp
 
113,200
3,782,493
Kandenko Co Ltd
 
31,100
1,034,450
Kinden Corp
 
29,000
1,276,244
Obayashi Corp
 
104,200
2,047,978
Shimizu Corp
 
135,900
2,001,920
Taisei Corp
 
41,100
3,329,201
 
  
  
14,357,611
Electrical Equipment - 1.7%
  
  
  
Fujikura Ltd
 
427,900
10,858,544
Furukawa Electric Co Ltd
 
183,100
3,493,901
Mitsubishi Electric Corp
 
163,100
5,875,371
 
  
  
20,227,816
Machinery - 1.7%
  
  
  
Daifuku Co Ltd
 
92,400
3,403,666
Fuji Corp/Aichi
 
22,800
1,018,620
IHI Corp
 
270,300
4,726,184
Mitsubishi Heavy Industries Ltd
 
365,400
8,536,599
NGK Corp
 
63,600
2,176,036
THK Co Ltd
 
29,000
1,193,335
 
  
  
21,054,440
Trading Companies & Distributors - 2.9%
  
  
  
Mitsubishi Corp
 
961,600
28,744,898
Mitsui & Co Ltd
 
193,800
5,946,614
 
  
  
34,691,512
TOTAL INDUSTRIALS
  
  
90,331,379
Information Technology - 4.4%
  
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
Ibiden Co Ltd
 
70,300
7,033,012
Meiko Electronics Co Ltd
 
5,500
690,853
 
  
  
7,723,865
Semiconductors & Semiconductor Equipment - 3.8%
  
  
  
Advantest Corp
 
161,200
31,850,209
Kioxia Holdings Corp (b)
  
48,100
13,407,223
Micronics Japan Co Ltd
 
8,500
693,112
 
  
  
45,950,544
TOTAL INFORMATION TECHNOLOGY
  
  
53,674,409
Materials - 1.4%
  
  
  
Chemicals - 0.5%
  
  
  
Resonac Holdings Corp (d)
  
47,900
3,990,029
Tokyo Ohka Kogyo Co Ltd
 
31,100
1,684,309
 
  
  
5,674,338
Metals & Mining - 0.9%
  
  
  
Dowa Holdings Co Ltd
 
14,900
760,215
JX Advanced Metals Corp
 
141,300
3,273,665
Mitsubishi Materials Corp
 
33,600
872,070
Mitsui Kinzoku Co Ltd
 
14,900
2,805,270
Sumitomo Metal Mining Co Ltd
 
69,900
3,513,555
 
  
  
11,224,775
TOTAL MATERIALS
  
  
16,899,113
Real Estate - 0.6%
  
  
  
Real Estate Management & Development - 0.6%
  
  
  
Mitsubishi Estate Co Ltd
 
306,700
7,445,812
Utilities - 0.6%
  
  
  
Electric Utilities - 0.1%
  
  
  
Kyushu Electric Power Co Inc
 
113,800
1,260,793
Gas Utilities - 0.5%
  
  
  
Osaka Gas Co Ltd
 
99,300
3,406,875
Tokyo Gas Co Ltd
 
74,700
2,883,784
 
  
  
6,290,659
TOTAL UTILITIES
  
  
7,551,452
TOTAL JAPAN
  
  
325,148,869
KOREA (SOUTH) - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Delivery Hero SE (b)(c)(d)(e)
  
57,469
2,505,236
NETHERLANDS - 6.6%
 
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Koninklijke Ahold Delhaize NV
 
86,602
3,431,365
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
SBM Offshore NV
 
43,120
1,608,069
Health Care - 1.0%
  
  
  
Biotechnology - 1.0%
  
  
  
Argenx SE (b)
  
13,916
11,919,016
Information Technology - 5.2%
  
  
  
Semiconductors & Semiconductor Equipment - 5.2%
  
  
  
ASM International NV
 
4,213
3,892,407
ASML Holding NV
 
33,108
54,560,179
BE Semiconductor Industries NV
 
19,138
4,375,176
TOTAL INFORMATION TECHNOLOGY
  
  
62,827,762
TOTAL NETHERLANDS
  
  
79,786,212
NEW ZEALAND - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Health Care Equipment & Supplies - 0.3%
  
  
  
Fisher & Paykel Healthcare Corp Ltd
 
150,019
3,587,976
NIGERIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Airtel Africa PLC (c)(e)
  
192,824
865,396
NORWAY - 1.0%
 
  
  
Consumer Staples - 0.4%
  
  
  
Food Products - 0.4%
  
  
  
Mowi ASA
 
110,644
2,365,231
Orkla ASA
 
186,103
2,067,222
TOTAL CONSUMER STAPLES
  
  
4,432,453
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Aker BP ASA
 
78,615
2,774,647
Frontline PLC (Norway)
 
36,924
1,464,103
TOTAL ENERGY
  
  
4,238,750
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Norsk Hydro ASA
 
338,406
3,121,467
TOTAL NORWAY
  
  
11,792,670
SINGAPORE - 3.3%
 
  
  
Financials - 2.4%
  
  
  
Banks - 2.1%
  
  
  
DBS Group Holdings Ltd
 
436,400
25,178,859
Capital Markets - 0.3%
  
  
  
Singapore Exchange Ltd
 
211,100
4,024,454
TOTAL FINANCIALS
  
  
29,203,313
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Singapore Technologies Engineering Ltd
 
390,800
3,070,824
Industrial Conglomerates - 0.3%
  
  
  
Keppel Ltd
 
362,800
3,240,152
TOTAL INDUSTRIALS
  
  
6,310,976
Real Estate - 0.4%
  
  
  
Diversified REITs - 0.3%
  
  
  
CapitaLand Integrated Commercial Trust
 
1,443,600
2,801,649
Real Estate Management & Development - 0.1%
  
  
  
City Developments Ltd
 
146,300
894,761
UOL Group Ltd
 
118,900
917,471
 
  
  
1,812,232
TOTAL REAL ESTATE
  
  
4,613,881
TOTAL SINGAPORE
  
  
40,128,170
SPAIN - 9.9%
 
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Repsol SA
 
278,527
8,500,932
Financials - 6.5%
  
  
  
Banks - 6.5%
  
  
  
Banco Bilbao Vizcaya Argentaria SA
 
1,194,453
33,482,802
Banco Santander SA
 
1,953,187
27,778,761
Bankinter SA
 
161,560
2,967,805
CaixaBank SA
 
955,807
13,884,384
Unicaja Banco SA (c)(e)
  
339,981
1,303,955
TOTAL FINANCIALS
  
  
79,417,707
Industrials - 0.5%
  
  
  
Construction & Engineering - 0.5%
  
  
  
ACS Actividades de Construccion y Servicios SA
 
50,946
6,479,946
Utilities - 2.2%
  
  
  
Electric Utilities - 2.2%
  
  
  
Endesa SA
 
78,422
3,830,713
Iberdrola SA
 
946,756
22,544,673
TOTAL UTILITIES
  
  
26,375,386
TOTAL SPAIN
  
  
120,773,971
SWEDEN - 1.3%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Telia Co AB
 
592,980
2,751,240
Wireless Telecommunication Services - 0.2%
  
  
  
Tele2 AB B Shares
 
141,690
2,454,649
TOTAL COMMUNICATION SERVICES
  
  
5,205,889
Consumer Staples - 0.2%
  
  
  
Household Products - 0.2%
  
  
  
Essity AB B Shares
 
68,721
2,000,532
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Swedish Orphan Biovitrum AB B Shares (b)
  
57,431
2,838,318
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Saab AB B Shares
 
70,235
4,413,414
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Lagercrantz Group AB B Shares
 
48,076
1,130,938
TOTAL SWEDEN
  
  
15,589,091
SWITZERLAND - 4.6%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Sunrise Communications AG Series A
 
6,872
362,789
Consumer Discretionary - 0.3%
  
  
  
Specialty Retail - 0.1%
  
  
  
Avolta AG
 
25,820
1,543,866
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Swatch Group AG/The bearer shares
 
10,191
2,278,470
TOTAL CONSUMER DISCRETIONARY
  
  
3,822,336
Health Care - 1.4%
  
  
  
Pharmaceuticals - 1.4%
  
  
  
Galderma Group AG
 
34,727
7,556,995
Sandoz Group AG
 
114,031
9,275,377
TOTAL HEALTH CARE
  
  
16,832,372
Industrials - 2.5%
  
  
  
Electrical Equipment - 2.5%
  
  
  
ABB Ltd
 
302,976
29,891,291
Real Estate - 0.4%
  
  
  
Real Estate Management & Development - 0.4%
  
  
  
Allreal Holding AG
 
3,643
953,052
Mobimo Holding AG
 
1,815
784,639
Swiss Prime Site AG
 
18,794
3,063,949
TOTAL REAL ESTATE
  
  
4,801,640
TOTAL SWITZERLAND
  
  
55,710,428
UNITED KINGDOM - 12.8%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Zegona Communications plc
 
54,924
1,082,228
Wireless Telecommunication Services - 0.6%
  
  
  
Vodafone Group PLC
 
4,928,405
7,821,330
TOTAL COMMUNICATION SERVICES
  
  
8,903,558
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.5%
  
  
  
Next PLC
 
28,569
5,715,900
Leisure Products - 0.1%
  
  
  
Games Workshop Group PLC
 
8,143
2,098,368
TOTAL CONSUMER DISCRETIONARY
  
  
7,814,268
Consumer Staples - 2.0%
  
  
  
Consumer Staples Distribution & Retail - 0.9%
  
  
  
Tesco PLC
 
1,608,928
10,590,220
Food Products - 0.0%
  
  
  
Cranswick PLC
 
13,541
976,368
Tobacco - 1.1%
  
  
  
British American Tobacco PLC
 
129,128
7,833,027
Imperial Brands PLC
 
142,988
5,426,520
 
  
  
13,259,547
TOTAL CONSUMER STAPLES
  
  
24,826,135
Financials - 6.0%
  
  
  
Banks - 5.9%
  
  
  
HSBC Holdings PLC
 
2,056,110
43,785,502
NatWest Group PLC
 
1,707,440
16,105,652
Standard Chartered PLC
 
352,230
10,414,598
 
  
  
70,305,752
Capital Markets - 0.1%
  
  
  
Man Group Plc/Jersey
 
289,940
1,180,897
TOTAL FINANCIALS
  
  
71,486,649
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Astrazeneca PLC
 
6,827
1,162,282
Industrials - 3.0%
  
  
  
Aerospace & Defense - 2.9%
  
  
  
Babcock International Group PLC
 
124,902
1,887,054
Rolls-Royce Holdings PLC
 
1,686,613
33,647,353
 
  
  
35,534,407
Construction & Engineering - 0.1%
  
  
  
Balfour Beatty PLC
 
123,131
1,431,317
TOTAL INDUSTRIALS
  
  
36,965,724
Information Technology - 0.4%
  
  
  
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
Halma PLC
 
94,763
4,508,404
TOTAL UNITED KINGDOM
  
  
155,667,020
UNITED STATES - 2.3%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Hotels, Restaurants & Leisure - 0.4%
  
  
  
InterContinental Hotels Group PLC
 
28,287
4,545,720
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Tenaris SA
 
82,972
2,380,436
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
BP PLC
 
570,519
4,286,404
TOTAL ENERGY
  
  
6,666,840
Health Care - 0.8%
  
  
  
Pharmaceuticals - 0.8%
  
  
  
Novartis AG
 
55,389
8,662,391
Industrials - 0.6%
  
  
  
Construction & Engineering - 0.6%
  
  
  
Ferrovial NV
 
117,168
7,666,271
TOTAL UNITED STATES
  
  
27,541,222
 
TOTAL COMMON STOCKS
 (Cost $842,260,316)
  
  
  
1,203,909,498
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (g)
 (Cost $428,483)
  
3.64
429,000
428,570
 
  
  
  
  
Money Market Funds - 1.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
3.69
6,717,566
6,718,910
Fidelity Securities Lending Cash Central Fund (h)(i)
  
3.72
5,341,769
5,342,303
 
TOTAL MONEY MARKET FUNDS
 (Cost $12,061,194)
  
  
  
12,061,213
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $854,749,993)
 
  
 
1,216,399,281
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(2,309,547)
NET ASSETS - 100.0%
1,214,089,734
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
64
9/2026
10,183,360
115,761

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(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 $8,534,608 or 0.7% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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 $8,534,608 or 0.7% of net assets.
 
(f)
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.
 
(g)
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 $402,596.
 
(h)
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.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
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
9,553,967
171,538,650
174,373,385
194,770
(341)
19
6,718,910
6,717,566
Fidelity Securities Lending Cash Central Fund
-
37,212,513
31,870,302
38,080
92
-
5,342,303
5,341,769
 
9,553,967
208,751,163
206,243,687
232,850
(249)
19
12,061,213
  
 
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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