Quarterly Holdings Report
for
Fidelity® SAI International Value 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.
IIV-NPRT3-0926
1.9885500.108
Common Stocks - 99.5%
 
  
Shares
Value ($)
 
AUSTRALIA - 5.1%
 
  
  
Financials - 0.5%
  
  
  
Insurance - 0.5%
  
  
  
QBE Insurance Group Ltd
 
4,262,455
73,931,277
Health Care - 1.0%
  
  
  
Biotechnology - 0.8%
  
  
  
CSL Ltd
 
1,384,617
119,714,335
Health Care Providers & Services - 0.2%
  
  
  
Sonic Healthcare Ltd
 
1,410,062
21,580,296
TOTAL HEALTH CARE
  
  
141,294,631
Industrials - 0.1%
  
  
  
Passenger Airlines - 0.1%
  
  
  
Qantas Airways Ltd
 
2,115,408
14,721,160
Materials - 3.5%
  
  
  
Metals & Mining - 3.5%
  
  
  
Fortescue Ltd
 
4,743,520
61,553,142
Ramelius Resources Ltd
 
5,417,903
11,651,929
Regis Resources Ltd
 
2,160,442
9,257,938
Rio Tinto Ltd
 
1,060,807
126,428,838
Rio Tinto PLC
 
3,005,035
291,998,228
TOTAL MATERIALS
  
  
500,890,075
TOTAL AUSTRALIA
  
  
730,837,143
AUSTRIA - 0.3%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
OMV AG
 
410,833
29,917,444
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
voestalpine AG
 
300,546
15,588,926
TOTAL AUSTRIA
  
  
45,506,370
BELGIUM - 1.9%
 
  
  
Consumer Staples - 1.7%
  
  
  
Beverages - 1.7%
  
  
  
Anheuser-Busch InBev SA/NV
 
2,729,391
237,058,494
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Ageas SA/NV
 
408,945
33,906,237
TOTAL BELGIUM
  
  
270,964,731
BRAZIL - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Yara International ASA
 
465,110
21,921,882
CHINA - 0.6%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Wilmar International Ltd (d)
  
7,490,300
22,906,102
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
BOC Hong Kong Holdings Ltd
 
10,256,000
68,265,225
TOTAL CHINA
  
  
91,171,327
COTE D'IVOIRE - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Endeavour Mining PLC (United Kingdom)
 
538,622
25,567,177
DENMARK - 2.4%
 
  
  
Health Care - 2.4%
  
  
  
Pharmaceuticals - 2.4%
  
  
  
Novo Nordisk A/S Series B
 
7,233,852
342,172,625
FRANCE - 15.4%
 
  
  
Communication Services - 0.9%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Orange SA
 
2,885,784
55,140,682
Media - 0.5%
  
  
  
Publicis Groupe SA
 
645,742
68,920,396
TOTAL COMMUNICATION SERVICES
  
  
124,061,078
Consumer Discretionary - 0.7%
  
  
  
Automobile Components - 0.6%
  
  
  
Cie Generale des Etablissements Michelin SCA Series B
 
1,961,720
79,293,667
Valeo SE
 
616,634
10,580,744
 
  
  
89,874,411
Automobiles - 0.1%
  
  
  
Renault SA
 
523,091
16,517,268
TOTAL CONSUMER DISCRETIONARY
  
  
106,391,679
Consumer Staples - 0.5%
  
  
  
Beverages - 0.3%
  
  
  
Pernod Ricard SA
 
568,582
44,311,486
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Carrefour SA
 
1,596,539
29,299,660
TOTAL CONSUMER STAPLES
  
  
73,611,146
Energy - 2.2%
  
  
  
Oil, Gas & Consumable Fuels - 2.2%
  
  
  
TotalEnergies SE
 
3,599,712
317,220,024
Financials - 6.1%
  
  
  
Banks - 4.3%
  
  
  
BNP Paribas SA
 
2,828,584
359,424,583
Credit Agricole SA
 
3,194,176
71,375,334
Societe Generale SA Series A
 
1,890,144
177,667,219
 
  
  
608,467,136
Insurance - 1.8%
  
  
  
AXA SA
 
4,711,995
244,220,980
SCOR SE
 
470,998
18,629,405
 
  
  
262,850,385
TOTAL FINANCIALS
  
  
871,317,521
Industrials - 3.3%
  
  
  
Building Products - 0.9%
  
  
  
Cie de Saint-Gobain SA
 
1,298,798
122,070,277
Commercial Services & Supplies - 0.1%
  
  
  
Elis SA
 
584,600
16,704,978
Construction & Engineering - 1.8%
  
  
  
Bouygues SA
 
538,672
30,343,292
Eiffage SA
 
204,104
29,008,432
Vinci SA
 
1,427,536
201,557,908
 
  
  
260,909,632
Ground Transportation - 0.1%
  
  
  
Ayvens SA (c)(e)
  
983,998
13,196,530
Machinery - 0.1%
  
  
  
Alstom SA (b)(d)
  
949,084
17,582,676
Professional Services - 0.1%
  
  
  
Teleperformance SE (d)
  
152,030
12,096,624
Trading Companies & Distributors - 0.2%
  
  
  
Rexel SA
 
633,572
26,184,831
TOTAL INDUSTRIALS
  
  
468,745,548
Information Technology - 0.7%
  
  
  
IT Services - 0.4%
  
  
  
Capgemini SE
 
436,327
51,862,145
Software - 0.3%
  
  
  
Dassault Systemes SE
 
1,875,807
43,640,676
TOTAL INFORMATION TECHNOLOGY
  
  
95,502,821
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Arkema SA
 
177,942
12,085,915
Real Estate - 0.4%
  
  
  
Diversified REITs - 0.1%
  
  
  
Covivio SA/France
 
156,046
9,519,061
Office REITs - 0.1%
  
  
  
Gecina SA
 
148,980
12,876,132
Retail REITs - 0.2%
  
  
  
Klepierre SA
 
630,180
28,588,066
TOTAL REAL ESTATE
  
  
50,983,259
Utilities - 0.5%
  
  
  
Multi-Utilities - 0.5%
  
  
  
Veolia Environnement SA
 
1,671,686
66,522,018
TOTAL FRANCE
  
  
2,186,441,009
GERMANY - 11.5%
 
  
  
Communication Services - 2.1%
  
  
  
Diversified Telecommunication Services - 2.1%
  
  
  
Deutsche Telekom AG
 
9,685,501
298,904,309
Consumer Discretionary - 1.4%
  
  
  
Automobiles - 1.2%
  
  
  
Bayerische Motoren Werke AG
 
913,594
62,473,198
Mercedes-Benz Group AG
 
2,060,367
111,402,368
 
  
  
173,875,566
Hotels, Restaurants & Leisure - 0.1%
  
  
  
TUI AG (d)
  
1,288,455
11,161,194
Specialty Retail - 0.1%
  
  
  
Zalando SE (b)(c)(e)
  
625,609
20,387,358
TOTAL CONSUMER DISCRETIONARY
  
  
205,424,118
Financials - 3.0%
  
  
  
Capital Markets - 1.4%
  
  
  
Deutsche Bank AG
 
5,450,888
200,356,417
Insurance - 1.6%
  
  
  
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
362,246
217,601,224
TOTAL FINANCIALS
  
  
417,957,641
Health Care - 2.1%
  
  
  
Health Care Providers & Services - 0.6%
  
  
  
Fresenius Medical Care AG
 
594,347
30,503,012
Fresenius SE & Co KGaA
 
1,173,049
60,291,501
 
  
  
90,794,513
Pharmaceuticals - 1.5%
  
  
  
Bayer AG
 
2,655,788
147,385,035
Merck KGaA
 
368,728
60,939,028
 
  
  
208,324,063
TOTAL HEALTH CARE
  
  
299,118,576
Industrials - 2.2%
  
  
  
Air Freight & Logistics - 1.3%
  
  
  
Deutsche Post AG
 
2,624,762
175,338,823
Machinery - 0.6%
  
  
  
Daimler Truck Holding AG
 
1,376,083
77,659,466
KION Group AG
 
198,385
8,905,925
 
  
  
86,565,391
Passenger Airlines - 0.1%
  
  
  
Deutsche Lufthansa AG
 
1,710,779
17,951,258
Trading Companies & Distributors - 0.2%
  
  
  
Brenntag SE
 
350,141
24,686,198
TOTAL INDUSTRIALS
  
  
304,541,670
Materials - 0.2%
  
  
  
Chemicals - 0.1%
  
  
  
Evonik Industries AG
 
717,930
14,521,032
Metals & Mining - 0.1%
  
  
  
thyssenkrupp AG
 
1,403,108
19,504,918
TOTAL MATERIALS
  
  
34,025,950
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
LEG Immobilien SE
 
215,604
12,940,866
Vonovia SE
 
2,420,559
58,724,343
TOTAL REAL ESTATE
  
  
71,665,209
TOTAL GERMANY
  
  
1,631,637,473
HONG KONG - 1.8%
 
  
  
Financials - 0.8%
  
  
  
Insurance - 0.8%
  
  
  
Prudential PLC
 
7,202,285
108,239,904
Industrials - 0.1%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Swire Pacific Ltd A Shares
 
1,265,400
16,054,689
Real Estate - 0.9%
  
  
  
Real Estate Management & Development - 0.9%
  
  
  
CK Asset Holdings Ltd
 
5,591,500
34,109,120
Hongkong Land Holdings Ltd (Singapore)
 
2,818,900
22,857,741
Sun Hung Kai Properties Ltd
 
4,381,500
68,766,990
TOTAL REAL ESTATE
  
  
125,733,851
TOTAL HONG KONG
  
  
250,028,444
INDONESIA - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Industrial Conglomerates - 0.3%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
588,833
39,107,321
ISRAEL - 1.7%
 
  
  
Financials - 1.6%
  
  
  
Banks - 1.6%
  
  
  
Bank Hapoalim BM
 
3,737,393
90,888,409
Bank Leumi Le-Israel BM
 
4,211,963
99,755,931
Israel Discount Bank Ltd Class A
 
3,490,635
36,499,490
TOTAL FINANCIALS
  
  
227,143,830
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Nice Ltd (b)
  
166,738
16,229,202
TOTAL ISRAEL
  
  
243,373,032
ITALY - 1.3%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Banca Monte dei Paschi di Siena SpA
 
6,154,718
82,101,718
Banco BPM SpA
 
2,530,019
46,023,427
TOTAL FINANCIALS
  
  
128,125,145
Industrials - 0.4%
  
  
  
Machinery - 0.1%
  
  
  
Iveco Group NV
 
541,644
8,678,772
Passenger Airlines - 0.3%
  
  
  
Ryanair Holdings PLC
 
1,485,704
41,661,369
TOTAL INDUSTRIALS
  
  
50,340,141
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
A2A SpA
 
4,469,094
11,693,372
TOTAL ITALY
  
  
190,158,658
JAPAN - 27.2%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.6%
  
  
  
NTT Inc
 
85,252,300
81,715,511
Interactive Media & Services - 0.1%
  
  
  
LY Corp
 
7,070,700
19,700,700
TOTAL COMMUNICATION SERVICES
  
  
101,416,211
Consumer Discretionary - 6.2%
  
  
  
Automobile Components - 1.2%
  
  
  
Aisin Corp
 
1,602,500
22,093,205
Bridgestone Corp
 
3,349,300
82,712,419
Denso Corp
 
5,564,400
68,324,734
 
  
  
173,130,358
Automobiles - 4.6%
  
  
  
Honda Motor Co Ltd
 
11,122,100
112,106,567
Isuzu Motors Ltd
 
1,532,700
22,867,199
Mazda Motor Corp
 
1,712,400
12,484,406
Subaru Corp
 
1,616,800
27,521,886
Suzuki Motor Corp
 
5,605,000
73,165,153
Toyota Motor Corp
 
21,020,900
397,813,858
 
  
  
645,959,069
Household Durables - 0.4%
  
  
  
Sekisui House Ltd
 
1,858,500
40,686,815
Sumitomo Forestry Co Ltd
 
1,764,800
14,885,069
 
  
  
55,571,884
TOTAL CONSUMER DISCRETIONARY
  
  
874,661,311
Consumer Staples - 1.0%
  
  
  
Beverages - 0.3%
  
  
  
Asahi Group Holdings Ltd
 
4,339,400
45,286,846
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Seven & i Holdings Co Ltd
 
6,836,300
90,650,179
TOTAL CONSUMER STAPLES
  
  
135,937,025
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Idemitsu Kosan Co Ltd
 
2,338,200
19,141,747
Inpex Corp
 
2,622,400
60,442,824
TOTAL ENERGY
  
  
79,584,571
Financials - 2.9%
  
  
  
Capital Markets - 0.8%
  
  
  
Nomura Holdings Inc
 
8,194,905
79,281,575
SBI Holdings Inc
 
1,546,700
29,199,050
 
  
  
108,480,625
Consumer Finance - 0.0%
  
  
  
Credit Saison Co Ltd
 
423,300
11,990,917
Insurance - 2.1%
  
  
  
Japan Post Holdings Co Ltd
 
4,646,800
68,746,440
MS&AD Insurance Group Holdings Inc
 
3,449,200
106,178,693
Sompo Holdings Inc
 
2,665,400
118,334,795
 
  
  
293,259,928
TOTAL FINANCIALS
  
  
413,731,470
Health Care - 0.9%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Medipal Holdings Corp
 
579,200
10,429,370
Pharmaceuticals - 0.8%
  
  
  
Astellas Pharma Inc
 
5,163,000
70,912,802
Shionogi & Co Ltd
 
2,284,300
41,303,093
 
  
  
112,215,895
TOTAL HEALTH CARE
  
  
122,645,265
Industrials - 7.8%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
NIPPON EXPRESS HOLDINGS INC
 
623,900
20,590,673
Building Products - 0.2%
  
  
  
AGC Inc
 
620,300
23,393,388
Commercial Services & Supplies - 0.2%
  
  
  
Dai Nippon Printing Co Ltd
 
1,253,800
22,734,187
Construction & Engineering - 0.1%
  
  
  
INFRONEER Holdings Inc
 
643,000
10,402,829
Electrical Equipment - 0.3%
  
  
  
NIDEC CORP (b)
  
2,994,100
48,078,796
Ground Transportation - 0.6%
  
  
  
Central Japan Railway Co
 
2,685,000
66,815,827
West Japan Railway Co
 
1,299,700
24,525,104
 
  
  
91,340,931
Industrial Conglomerates - 0.1%
  
  
  
Sekisui Chemical Co Ltd
 
1,130,000
18,807,088
Machinery - 1.2%
  
  
  
Komatsu Ltd
 
2,654,300
115,170,769
Kubota Corp
 
2,858,900
48,502,660
 
  
  
163,673,429
Marine Transportation - 0.8%
  
  
  
Kawasaki Kisen Kaisha Ltd (d)
  
1,823,600
32,494,430
Mitsui OSK Lines Ltd
 
1,035,600
38,257,079
Nippon Yusen KK
 
1,166,200
44,779,175
 
  
  
115,530,684
Trading Companies & Distributors - 4.2%
  
  
  
Marubeni Corp
 
4,738,100
153,138,639
Mitsubishi Corp
 
9,757,700
291,684,780
Sumitomo Corp
 
13,638,700
141,569,222
 
  
  
586,392,641
TOTAL INDUSTRIALS
  
  
1,100,944,646
Information Technology - 4.4%
  
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
TDK Corp
 
4,519,200
86,897,291
IT Services - 0.8%
  
  
  
NEC Corp
 
3,892,180
115,670,411
Semiconductors & Semiconductor Equipment - 1.5%
  
  
  
Kioxia Holdings Corp (b)
  
529,700
147,646,693
Renesas Electronics Corp
 
3,527,060
70,695,539
 
  
  
218,342,232
Technology Hardware, Storage & Peripherals - 1.5%
  
  
  
Brother Industries Ltd
 
735,400
18,313,814
Canon Inc
 
2,587,600
72,026,170
FUJIFILM Holdings Corp
 
3,548,800
83,537,487
Ricoh Co Ltd (d)
  
1,625,400
15,950,023
Seiko Epson Corp
 
895,300
16,399,260
 
  
  
206,226,754
TOTAL INFORMATION TECHNOLOGY
  
  
627,136,688
Materials - 1.4%
  
  
  
Chemicals - 0.7%
  
  
  
Asahi Kasei Corp
 
3,896,500
41,594,917
Mitsubishi Chemical Group Corp
 
3,906,900
28,750,295
Mitsui Chemicals Inc
 
1,065,800
14,012,900
Sumitomo Chemical Co Ltd
 
4,730,000
15,305,382
 
  
  
99,663,494
Metals & Mining - 0.7%
  
  
  
JFE Holdings Inc
 
1,824,300
20,698,729
Kobe Steel Ltd
 
1,130,800
14,636,306
Nippon Steel Corp (d)
  
15,331,000
62,455,750
 
  
  
97,790,785
TOTAL MATERIALS
  
  
197,454,279
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Daiwa House Industry Co Ltd
 
1,731,400
50,845,269
Utilities - 1.1%
  
  
  
Electric Utilities - 0.8%
  
  
  
Chubu Electric Power Co Inc
 
2,162,600
37,445,584
Kansai Electric Power Co Inc/The
 
2,926,400
44,318,798
Kyushu Electric Power Co Inc
 
1,352,800
14,987,713
Tohoku Electric Power Co Inc
 
1,434,700
10,542,567
 
  
  
107,294,662
Gas Utilities - 0.2%
  
  
  
Tokyo Gas Co Ltd
 
821,800
31,725,481
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Electric Power Development Co Ltd
 
462,800
10,948,162
TOTAL UTILITIES
  
  
149,968,305
TOTAL JAPAN
  
  
3,854,325,040
LUXEMBOURG - 0.6%
 
  
  
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
ArcelorMittal SA
 
1,216,092
85,177,919
MEXICO - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Fresnillo PLC
 
525,590
17,532,007
NETHERLANDS - 2.8%
 
  
  
Consumer Staples - 0.9%
  
  
  
Beverages - 0.2%
  
  
  
Heineken Holding NV Class A
 
320,483
26,959,765
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Koninklijke Ahold Delhaize NV
 
2,530,211
100,252,612
TOTAL CONSUMER STAPLES
  
  
127,212,377
Financials - 0.5%
  
  
  
Insurance - 0.5%
  
  
  
NN Group NV
 
750,340
70,604,773
Industrials - 0.5%
  
  
  
Professional Services - 0.5%
  
  
  
Randstad NV
 
331,361
13,946,976
Wolters Kluwer NV
 
663,446
52,086,263
TOTAL INDUSTRIALS
  
  
66,033,239
Information Technology - 0.9%
  
  
  
Semiconductors & Semiconductor Equipment - 0.9%
  
  
  
ASML Holding NV
 
78,479
129,329,113
TOTAL NETHERLANDS
  
  
393,179,502
NORWAY - 0.7%
 
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Equinor ASA
 
2,410,947
98,971,622
SINGAPORE - 2.9%
 
  
  
Financials - 2.0%
  
  
  
Banks - 2.0%
  
  
  
Oversea-Chinese Banking Corp Ltd
 
6,664,886
151,381,041
United Overseas Bank Ltd
 
4,085,600
138,171,298
TOTAL FINANCIALS
  
  
289,552,339
Industrials - 0.2%
  
  
  
Passenger Airlines - 0.2%
  
  
  
Singapore Airlines Ltd
 
4,142,800
24,851,848
Information Technology - 0.7%
  
  
  
Semiconductors & Semiconductor Equipment - 0.7%
  
  
  
STMicroelectronics NV (Italy)
 
1,845,922
97,235,588
TOTAL SINGAPORE
  
  
411,639,775
SPAIN - 1.0%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Telefonica SA (d)
  
11,323,894
46,752,892
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Banco de Sabadell SA
 
14,332,570
54,954,281
Utilities - 0.3%
  
  
  
Gas Utilities - 0.3%
  
  
  
Naturgy Energy Group SA
 
1,383,156
46,141,902
TOTAL SPAIN
  
  
147,849,075
SWEDEN - 4.7%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Evolution AB (b)(c)
  
403,561
30,861,893
Financials - 1.9%
  
  
  
Financial Services - 1.9%
  
  
  
Industrivarden AB A Shares
 
836,139
48,207,380
Investor AB B Shares
 
5,017,269
216,556,842
TOTAL FINANCIALS
  
  
264,764,222
Industrials - 1.6%
  
  
  
Construction & Engineering - 0.2%
  
  
  
Skanska AB B Shares
 
1,016,649
28,474,542
Machinery - 1.4%
  
  
  
Volvo AB B Shares
 
5,031,398
192,459,753
TOTAL INDUSTRIALS
  
  
220,934,295
Information Technology - 1.0%
  
  
  
Communications Equipment - 0.6%
  
  
  
Telefonaktiebolaget LM Ericsson B Shares
 
8,340,374
82,041,635
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
Hexagon AB B Shares
 
5,997,397
59,197,736
TOTAL INFORMATION TECHNOLOGY
  
  
141,239,371
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Fastighets AB Balder B Shares (b)
  
1,985,764
10,877,470
TOTAL SWEDEN
  
  
668,677,251
SWITZERLAND - 0.9%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.1%
  
  
  
Avolta AG
 
284,236
16,995,446
Industrials - 0.1%
  
  
  
Professional Services - 0.1%
  
  
  
Adecco Group AG
 
495,552
13,791,724
Information Technology - 0.1%
  
  
  
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Logitech International SA
 
169,557
17,214,718
Materials - 0.6%
  
  
  
Chemicals - 0.6%
  
  
  
DSM-Firmenich AG
 
712,496
76,812,620
TOTAL SWITZERLAND
  
  
124,814,508
UNITED KINGDOM - 11.3%
 
  
  
Communication Services - 1.0%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
BT Group PLC
 
16,209,492
43,976,688
Media - 0.1%
  
  
  
WPP PLC
 
3,077,826
12,432,207
Wireless Telecommunication Services - 0.6%
  
  
  
Vodafone Group PLC
 
55,183,174
87,575,153
TOTAL COMMUNICATION SERVICES
  
  
143,984,048
Consumer Discretionary - 0.3%
  
  
  
Household Durables - 0.2%
  
  
  
Barratt Redrow PLC
 
4,024,218
15,993,112
Berkeley Group Holdings PLC (b)
  
265,001
12,500,428
 
  
  
28,493,540
Specialty Retail - 0.1%
  
  
  
Kingfisher PLC
 
4,822,140
20,117,679
TOTAL CONSUMER DISCRETIONARY
  
  
48,611,219
Consumer Staples - 1.6%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
J Sainsbury PLC
 
4,799,935
23,249,990
Food Products - 0.1%
  
  
  
Associated British Foods PLC (d)
  
803,189
22,565,201
Tobacco - 1.3%
  
  
  
British American Tobacco PLC
 
1,638,021
99,363,901
Imperial Brands PLC
 
2,080,824
78,969,099
 
  
  
178,333,000
TOTAL CONSUMER STAPLES
  
  
224,148,191
Financials - 5.2%
  
  
  
Banks - 4.3%
  
  
  
Barclays PLC
 
38,833,294
266,922,035
NatWest Group PLC
 
22,750,980
214,601,604
Standard Chartered PLC
 
3,852,196
113,900,222
 
  
  
595,423,861
Capital Markets - 0.9%
  
  
  
3i Group PLC
 
2,923,492
112,547,976
Investec PLC
 
1,674,991
14,650,975
 
  
  
127,198,951
TOTAL FINANCIALS
  
  
722,622,812
Health Care - 2.0%
  
  
  
Pharmaceuticals - 2.0%
  
  
  
GSK PLC
 
10,967,335
285,182,100
Industrials - 1.1%
  
  
  
Industrial Conglomerates - 0.5%
  
  
  
CK Hutchison Holdings Ltd
 
7,758,000
72,686,880
Passenger Airlines - 0.4%
  
  
  
easyJet PLC
 
1,838,215
15,607,962
International Consolidated Airlines Group SA
 
6,365,466
37,313,810
 
  
  
52,921,772
Trading Companies & Distributors - 0.2%
  
  
  
Bunzl PLC
 
924,975
34,930,714
TOTAL INDUSTRIALS
  
  
160,539,366
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.1%
  
  
  
British Land Co PLC/The
 
2,922,627
17,410,250
TOTAL UNITED KINGDOM
  
  
1,602,497,986
UNITED STATES - 4.6%
 
  
  
Energy - 2.3%
  
  
  
Oil, Gas & Consumable Fuels - 2.3%
  
  
  
Shell PLC
 
7,200,447
329,576,743
Health Care - 1.8%
  
  
  
Pharmaceuticals - 1.8%
  
  
  
Sanofi SA
 
3,043,433
262,075,140
Industrials - 0.4%
  
  
  
Marine Transportation - 0.4%
  
  
  
AP Moller - Maersk A/S Series B
 
19,775
53,098,407
Materials - 0.1%
  
  
  
Construction Materials - 0.1%
  
  
  
Buzzi SpA
 
247,303
11,723,644
TOTAL UNITED STATES
  
  
656,473,934
 
TOTAL COMMON STOCKS
 (Cost $11,293,677,428)
  
  
  
14,130,025,811
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (g)
 (Cost $2,819,603)
  
3.64
2,823,000
2,820,173
 
  
  
  
  
Money Market Funds - 0.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
3.69
39,124,062
39,131,886
Fidelity Securities Lending Cash Central Fund (h)(i)
  
3.72
69,617,880
69,624,842
 
TOTAL MONEY MARKET FUNDS
 (Cost $108,756,171)
  
  
  
108,756,728
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $11,405,253,202)
 
  
 
14,241,602,712
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(37,088,046)
NET ASSETS - 100.0%
14,204,514,666
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
469
9/2026
74,624,935
1,763,137

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 $64,445,781 or 0.5% 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 $33,583,888 or 0.2% 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 $2,613,380.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $20,999,967.
 
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
151,469,181
1,153,775,289
1,266,112,489
1,547,277
(652)
557
39,131,886
39,124,062
Fidelity Securities Lending Cash Central Fund
52,834,985
835,610,383
818,804,725
2,013,156
(15,801)
-
69,624,842
69,617,880
 
204,304,166
1,989,385,672
2,084,917,214
3,560,433
(16,453)
557
108,756,728
  
 
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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