Quarterly Holdings Report
for
Strategic Advisers® Value Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicFebruary 29, 2020
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 87.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 6.3% | |||
Diversified Telecommunication Services - 4.1% | |||
AT&T, Inc. | 4,351,400 | $153,256,308 | |
Verizon Communications, Inc. | 3,451,175 | 186,915,638 | |
340,171,946 | |||
Entertainment - 0.2% | |||
Electronic Arts, Inc. (a) | 120,400 | 12,204,948 | |
Interactive Media & Services - 0.2% | |||
Alphabet, Inc. Class A (a) | 8,670 | 11,611,298 | |
Twitter, Inc. (a) | 247,000 | 8,200,400 | |
19,811,698 | |||
Media - 1.8% | |||
Altice U.S.A., Inc. Class A (a) | 121,813 | 3,150,084 | |
Charter Communications, Inc. Class A (a) | 17,577 | 8,668,449 | |
Comcast Corp. Class A | 2,108,592 | 85,250,375 | |
Discovery Communications, Inc. Class C (non-vtg.) (a) | 147,969 | 3,714,022 | |
DISH Network Corp. Class A (a) | 210,048 | 7,040,809 | |
Entercom Communications Corp. Class A | 625,195 | 2,169,427 | |
Fox Corp. Class A | 103,934 | 3,194,931 | |
Interpublic Group of Companies, Inc. | 133,770 | 2,857,327 | |
New Media Investment Group, Inc. | 11,375 | 47,775 | |
Nexstar Broadcasting Group, Inc. Class A | 62,558 | 7,192,919 | |
Omnicom Group, Inc. | 89,719 | 6,215,732 | |
Tegna, Inc. | 471,200 | 6,747,584 | |
ViacomCBS, Inc. Class B | 362,131 | 8,912,044 | |
145,161,478 | |||
TOTAL COMMUNICATION SERVICES | 517,350,070 | ||
CONSUMER DISCRETIONARY - 6.5% | |||
Auto Components - 0.6% | |||
Aptiv PLC | 105,229 | 8,219,437 | |
BorgWarner, Inc. | 391,316 | 12,365,586 | |
Cooper Tire & Rubber Co. | 265,127 | 6,758,087 | |
Gentex Corp. | 98,267 | 2,623,729 | |
Lear Corp. | 132,700 | 14,756,240 | |
The Goodyear Tire & Rubber Co. | 685,300 | 6,637,131 | |
51,360,210 | |||
Automobiles - 0.8% | |||
Ford Motor Co. | 2,037,000 | 14,177,520 | |
General Motors Co. | 1,186,424 | 36,185,932 | |
Harley-Davidson, Inc. | 465,362 | 14,179,580 | |
Thor Industries, Inc. | 19,200 | 1,447,872 | |
65,990,904 | |||
Distributors - 0.1% | |||
Genuine Parts Co. | 59,853 | 5,221,576 | |
LKQ Corp. (a) | 126,300 | 3,735,954 | |
8,957,530 | |||
Diversified Consumer Services - 0.0% | |||
H&R Block, Inc. | 72,109 | 1,490,493 | |
Hotels, Restaurants & Leisure - 0.5% | |||
Brinker International, Inc. | 358,740 | 12,322,719 | |
Hilton Worldwide Holdings, Inc. | 38,239 | 3,716,831 | |
Hyatt Hotels Corp. Class A | 12,679 | 971,211 | |
Las Vegas Sands Corp. | 102,350 | 5,968,029 | |
Royal Caribbean Cruises Ltd. | 94,500 | 7,598,745 | |
Wyndham Destinations, Inc. | 287,649 | 11,477,195 | |
Wyndham Hotels & Resorts, Inc. | 11,908 | 606,713 | |
Wynn Resorts Ltd. | 19,776 | 2,135,412 | |
44,796,855 | |||
Household Durables - 1.4% | |||
D.R. Horton, Inc. | 151,979 | 8,095,921 | |
Lennar Corp.: | |||
Class A | 390,653 | 23,572,002 | |
Class B | 6,200 | 296,422 | |
Mohawk Industries, Inc. (a) | 75,377 | 9,131,924 | |
Newell Brands, Inc. | 345,560 | 5,331,991 | |
PulteGroup, Inc. | 614,007 | 24,683,081 | |
Sony Corp. sponsored ADR | 179,000 | 11,133,800 | |
Toll Brothers, Inc. | 172,647 | 6,393,118 | |
Whirlpool Corp. | 224,863 | 28,750,983 | |
117,389,242 | |||
Internet & Direct Marketing Retail - 0.4% | |||
eBay, Inc. | 624,500 | 21,632,680 | |
The Booking Holdings, Inc. (a) | 4,089 | 6,933,554 | |
28,566,234 | |||
Leisure Products - 0.0% | |||
Polaris, Inc. | 25,200 | 2,079,756 | |
Multiline Retail - 1.0% | |||
Big Lots, Inc. (b) | 160,800 | 2,542,248 | |
Dillard's, Inc. Class A (b) | 109,300 | 6,152,497 | |
Kohl's Corp. | 449,409 | 17,594,362 | |
Macy's, Inc. | 348,100 | 4,605,363 | |
Nordstrom, Inc. (b) | 198,478 | 6,887,187 | |
Target Corp. | 394,120 | 40,594,360 | |
78,376,017 | |||
Specialty Retail - 1.6% | |||
American Eagle Outfitters, Inc. | 464,400 | 5,981,472 | |
AutoZone, Inc. (a) | 33,040 | 34,114,130 | |
Best Buy Co., Inc. | 444,609 | 33,634,671 | |
CarMax, Inc. (a) | 67,311 | 5,876,923 | |
Dick's Sporting Goods, Inc. | 233,200 | 8,490,812 | |
Foot Locker, Inc. | 71,661 | 2,597,711 | |
Murphy U.S.A., Inc. (a) | 44,499 | 4,338,653 | |
Office Depot, Inc. | 579,800 | 1,362,530 | |
Penske Automotive Group, Inc. | 131,800 | 6,065,436 | |
Sleep Number Corp. (a) | 90,000 | 3,964,500 | |
The Home Depot, Inc. | 75,012 | 16,340,614 | |
Tiffany & Co., Inc. | 35,047 | 4,681,929 | |
Williams-Sonoma, Inc. | 31,900 | 1,990,241 | |
129,439,622 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Columbia Sportswear Co. | 39,364 | 3,200,293 | |
Ralph Lauren Corp. | 18,808 | 1,984,432 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 55,200 | 1,826,016 | |
7,010,741 | |||
TOTAL CONSUMER DISCRETIONARY | 535,457,604 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 0.4% | |||
Keurig Dr. Pepper, Inc. | 138,385 | 3,858,174 | |
Molson Coors Beverage Co. Class B | 311,782 | 15,467,505 | |
The Coca-Cola Co. | 226,000 | 12,088,740 | |
31,414,419 | |||
Food & Staples Retailing - 1.2% | |||
Kroger Co. | 1,181,473 | 33,234,835 | |
U.S. Foods Holding Corp. (a) | 32,739 | 1,101,340 | |
Walgreens Boots Alliance, Inc. | 1,377,422 | 63,030,831 | |
97,367,006 | |||
Food Products - 1.5% | |||
Archer Daniels Midland Co. | 229,500 | 8,640,675 | |
Campbell Soup Co. | 124,340 | 5,610,221 | |
Conagra Brands, Inc. | 200,700 | 5,356,683 | |
Ingredion, Inc. | 201,900 | 16,818,270 | |
Kellogg Co. | 140,559 | 8,499,603 | |
Pilgrim's Pride Corp. (a) | 171,200 | 3,622,592 | |
Post Holdings, Inc. (a) | 68,881 | 6,974,890 | |
The J.M. Smucker Co. | 281,345 | 28,975,722 | |
Tyson Foods, Inc. Class A | 557,997 | 37,848,937 | |
122,347,593 | |||
Household Products - 0.4% | |||
Energizer Holdings, Inc. (b) | 135,417 | 5,821,577 | |
Procter & Gamble Co. | 254,810 | 28,852,136 | |
34,673,713 | |||
Personal Products - 0.1% | |||
Coty, Inc. Class A | 269,171 | 2,484,448 | |
Unilever NV (NY Reg.) | 160,000 | 8,441,600 | |
10,926,048 | |||
Tobacco - 0.6% | |||
Philip Morris International, Inc. | 641,349 | 52,507,243 | |
TOTAL CONSUMER STAPLES | 349,236,022 | ||
ENERGY - 4.5% | |||
Energy Equipment & Services - 0.0% | |||
Halliburton Co. | 210,000 | 3,561,600 | |
Oil, Gas & Consumable Fuels - 4.5% | |||
BP PLC sponsored ADR | 268,479 | 8,400,708 | |
Cabot Oil & Gas Corp. | 824,951 | 11,491,567 | |
Chevron Corp. | 907,838 | 84,737,599 | |
ConocoPhillips Co. | 1,215,972 | 58,877,364 | |
Diamondback Energy, Inc. | 90,723 | 5,624,826 | |
EQT Corp. | 351,649 | 2,064,180 | |
Equitrans Midstream Corp. | 305,394 | 2,156,082 | |
Gulfport Energy Corp. (a) | 1,106,553 | 906,931 | |
HollyFrontier Corp. | 66,500 | 2,239,720 | |
Kinder Morgan, Inc. | 1,257,645 | 24,109,055 | |
Marathon Petroleum Corp. | 678,811 | 32,189,218 | |
Noble Energy, Inc. | 341,004 | 5,398,093 | |
PBF Energy, Inc. Class A | 524,037 | 11,733,188 | |
Phillips 66 Co. | 674,896 | 50,522,715 | |
Pioneer Natural Resources Co. | 46,000 | 5,647,880 | |
The Williams Companies, Inc. | 362,992 | 6,914,998 | |
Total SA sponsored ADR | 217,330 | 9,375,616 | |
Valero Energy Corp. | 702,194 | 46,520,353 | |
368,910,093 | |||
TOTAL ENERGY | 372,471,693 | ||
FINANCIALS - 25.4% | |||
Banks - 12.6% | |||
Bank of America Corp. | 8,263,191 | 235,500,944 | |
BOK Financial Corp. | 69,000 | 4,995,600 | |
CIT Group, Inc. | 251,200 | 9,975,152 | |
Citigroup, Inc. | 2,333,174 | 148,063,222 | |
Citizens Financial Group, Inc. | 441,702 | 13,997,536 | |
Commerce Bancshares, Inc. | 150,161 | 9,165,827 | |
Cullen/Frost Bankers, Inc. | 83,068 | 6,511,701 | |
East West Bancorp, Inc. | 136,000 | 5,268,640 | |
Fifth Third Bancorp | 882,685 | 21,537,514 | |
First Republic Bank | 43,494 | 4,374,192 | |
Huntington Bancshares, Inc. | 661,454 | 8,116,041 | |
ING Groep NV sponsored ADR (b) | 483,721 | 4,590,512 | |
JPMorgan Chase & Co. | 2,152,803 | 249,961,956 | |
KeyCorp | 1,163,226 | 19,018,745 | |
M&T Bank Corp. | 134,881 | 18,934,595 | |
Mitsubishi UFJ Financial Group, Inc. sponsored ADR | 990,000 | 4,821,300 | |
PNC Financial Services Group, Inc. | 381,935 | 48,276,584 | |
Popular, Inc. | 39,855 | 1,912,243 | |
Regions Financial Corp. | 2,571,460 | 34,766,139 | |
Signature Bank | 19,765 | 2,472,602 | |
SVB Financial Group (a) | 21,300 | 4,433,808 | |
Truist Financial Corp. | 591,182 | 27,277,137 | |
U.S. Bancorp | 819,320 | 38,049,221 | |
Wells Fargo & Co. | 2,743,594 | 112,075,815 | |
Western Alliance Bancorp. | 42,300 | 1,947,492 | |
Zions Bancorp NA | 70,161 | 2,802,932 | |
1,038,847,450 | |||
Capital Markets - 3.8% | |||
Ameriprise Financial, Inc. | 422,573 | 59,709,565 | |
Bank of New York Mellon Corp. | 379,625 | 15,147,038 | |
BlackRock, Inc. Class A | 63,977 | 29,621,991 | |
Charles Schwab Corp. | 649,848 | 26,481,306 | |
Eaton Vance Corp. (non-vtg.) | 45,900 | 1,893,834 | |
Goldman Sachs Group, Inc. | 192,225 | 38,593,013 | |
Invesco Ltd. | 149,257 | 2,149,301 | |
LPL Financial | 33,335 | 2,649,466 | |
Morgan Stanley | 1,447,995 | 65,203,215 | |
Northern Trust Corp. | 146,585 | 12,864,300 | |
Raymond James Financial, Inc. | 57,222 | 4,785,476 | |
SEI Investments Co. | 50,352 | 2,754,758 | |
State Street Corp. | 434,800 | 29,614,228 | |
T. Rowe Price Group, Inc. | 187,540 | 22,131,595 | |
313,599,086 | |||
Consumer Finance - 2.1% | |||
Ally Financial, Inc. | 156,403 | 3,921,023 | |
American Express Co. | 412,075 | 45,299,405 | |
Capital One Financial Corp. | 778,578 | 68,717,294 | |
Credit Acceptance Corp. (a)(b) | 7,787 | 3,139,718 | |
Discover Financial Services | 529,443 | 34,720,872 | |
Navient Corp. | 530,400 | 5,956,392 | |
Nelnet, Inc. Class A | 5,100 | 270,810 | |
OneMain Holdings, Inc. | 55,500 | 2,039,625 | |
Synchrony Financial | 266,394 | 7,752,065 | |
171,817,204 | |||
Diversified Financial Services - 0.7% | |||
AXA Equitable Holdings, Inc. | 191,800 | 4,104,520 | |
Berkshire Hathaway, Inc. Class B (a) | 227,262 | 46,893,241 | |
Jefferies Financial Group, Inc. | 123,918 | 2,442,424 | |
Voya Financial, Inc. | 61,007 | 3,211,408 | |
56,651,593 | |||
Insurance - 6.0% | |||
AFLAC, Inc. | 558,695 | 23,940,081 | |
Alleghany Corp. | 11,283 | 7,584,997 | |
Allstate Corp. | 487,215 | 51,279,379 | |
American Financial Group, Inc. | 157,708 | 14,575,373 | |
American International Group, Inc. | 816,788 | 34,435,782 | |
Aon PLC | 13,042 | 2,712,736 | |
Arch Capital Group Ltd. (a) | 166,800 | 6,743,724 | |
Assurant, Inc. | 24,700 | 2,978,573 | |
Athene Holding Ltd. (a) | 59,277 | 2,445,176 | |
Chubb Ltd. | 409,917 | 59,450,263 | |
Cincinnati Financial Corp. | 56,988 | 5,313,561 | |
Everest Re Group Ltd. | 96,878 | 24,014,119 | |
Fairfax Financial Holdings Ltd. | 10,422 | 4,491,465 | |
FNF Group | 113,337 | 4,392,942 | |
Globe Life, Inc. | 97,482 | 9,032,682 | |
Hanover Insurance Group, Inc. | 14,200 | 1,683,268 | |
Hartford Financial Services Group, Inc. | 516,028 | 25,775,599 | |
Lincoln National Corp. | 607,949 | 27,594,805 | |
Loews Corp. | 459,998 | 20,989,709 | |
Markel Corp. (a) | 5,762 | 6,808,379 | |
Marsh & McLennan Companies, Inc. | 48,523 | 5,073,565 | |
MetLife, Inc. | 897,616 | 38,346,156 | |
Old Republic International Corp. | 89,000 | 1,755,080 | |
Principal Financial Group, Inc. | 114,460 | 5,080,879 | |
Progressive Corp. | 288,934 | 21,138,411 | |
Prudential Financial, Inc. | 450,881 | 34,018,971 | |
Reinsurance Group of America, Inc. | 25,787 | 3,146,788 | |
The Travelers Companies, Inc. | 346,513 | 41,515,723 | |
Unum Group | 383,000 | 8,927,730 | |
W.R. Berkley Corp. | 63,415 | 4,257,683 | |
499,503,599 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Annaly Capital Management, Inc. | 1,012,900 | 8,974,294 | |
Thrifts & Mortgage Finance - 0.1% | |||
New York Community Bancorp, Inc. | 192,398 | 2,079,822 | |
Radian Group, Inc. | 448,300 | 9,521,892 | |
11,601,714 | |||
TOTAL FINANCIALS | 2,100,994,940 | ||
HEALTH CARE - 12.8% | |||
Biotechnology - 2.9% | |||
AbbVie, Inc. | 484,666 | 41,540,723 | |
Amgen, Inc. | 487,556 | 97,379,560 | |
Biogen, Inc. (a) | 142,900 | 44,068,931 | |
Gilead Sciences, Inc. | 824,868 | 57,212,844 | |
240,202,058 | |||
Health Care Equipment & Supplies - 0.7% | |||
Alcon, Inc. (a) | 148,000 | 9,072,400 | |
Danaher Corp. | 107,000 | 15,470,060 | |
Medtronic PLC | 293,334 | 29,529,934 | |
Zimmer Biomet Holdings, Inc. | 51,669 | 7,034,734 | |
61,107,128 | |||
Health Care Providers & Services - 3.5% | |||
AmerisourceBergen Corp. | 204,195 | 17,217,722 | |
Anthem, Inc. | 153,237 | 39,395,700 | |
Cardinal Health, Inc. | 351,000 | 18,294,120 | |
Cigna Corp. | 92,886 | 16,992,565 | |
CVS Health Corp. | 401,877 | 23,783,081 | |
DaVita HealthCare Partners, Inc. (a) | 57,300 | 4,447,626 | |
HCA Holdings, Inc. | 398,382 | 50,598,498 | |
Henry Schein, Inc. (a) | 60,364 | 3,678,582 | |
Humana, Inc. | 48,300 | 15,440,544 | |
Laboratory Corp. of America Holdings (a) | 39,976 | 7,023,383 | |
McKesson Corp. | 280,287 | 39,200,940 | |
Molina Healthcare, Inc. (a) | 23,500 | 2,879,925 | |
Quest Diagnostics, Inc. | 104,514 | 11,084,755 | |
UnitedHealth Group, Inc. | 62,698 | 15,985,482 | |
Universal Health Services, Inc. Class B | 176,334 | 21,819,569 | |
287,842,492 | |||
Life Sciences Tools & Services - 0.1% | |||
Bio-Rad Laboratories, Inc. Class A (a) | 9,700 | 3,414,594 | |
Pharmaceuticals - 5.6% | |||
Allergan PLC | 49,243 | 9,389,163 | |
Bristol-Myers Squibb Co. | 692,615 | 40,905,842 | |
GlaxoSmithKline PLC sponsored ADR | 238,621 | 9,671,309 | |
Jazz Pharmaceuticals PLC (a) | 103,280 | 11,833,822 | |
Johnson & Johnson | 1,308,976 | 176,031,092 | |
Merck & Co., Inc. | 1,640,622 | 125,606,020 | |
Novartis AG sponsored ADR | 102,000 | 8,563,920 | |
Novo Nordisk A/S Series B sponsored ADR | 51,421 | 2,989,103 | |
Perrigo Co. PLC | 56,000 | 2,838,640 | |
Pfizer, Inc. | 2,277,890 | 76,127,084 | |
463,955,995 | |||
TOTAL HEALTH CARE | 1,056,522,267 | ||
INDUSTRIALS - 9.9% | |||
Aerospace & Defense - 2.5% | |||
General Dynamics Corp. | 191,073 | 30,512,447 | |
Huntington Ingalls Industries, Inc. | 97,635 | 20,066,922 | |
Lockheed Martin Corp. | 116,066 | 42,929,331 | |
Moog, Inc. Class A | 80,600 | 6,215,872 | |
Northrop Grumman Corp. | 69,452 | 22,838,596 | |
Raytheon Co. | 170,200 | 32,092,912 | |
Spirit AeroSystems Holdings, Inc. Class A | 166,500 | 8,797,860 | |
Textron, Inc. | 496,700 | 20,166,020 | |
United Technologies Corp. | 181,004 | 23,637,312 | |
Vectrus, Inc. (a) | 37,733 | 1,965,512 | |
209,222,784 | |||
Air Freight & Logistics - 0.5% | |||
C.H. Robinson Worldwide, Inc. | 94,375 | 6,502,438 | |
FedEx Corp. | 59,700 | 8,427,849 | |
United Parcel Service, Inc. Class B | 325,481 | 29,452,776 | |
44,383,063 | |||
Airlines - 1.1% | |||
Alaska Air Group, Inc. | 50,766 | 2,561,652 | |
Delta Air Lines, Inc. | 953,316 | 43,976,467 | |
JetBlue Airways Corp. (a) | 117,345 | 1,851,704 | |
Southwest Airlines Co. | 399,999 | 18,475,954 | |
United Airlines Holdings, Inc. (a) | 423,634 | 26,091,618 | |
92,957,395 | |||
Building Products - 0.5% | |||
A.O. Smith Corp. | 41,600 | 1,645,280 | |
Allegion PLC | 96,000 | 11,039,040 | |
Fortune Brands Home & Security, Inc. | 56,560 | 3,492,580 | |
Johnson Controls International PLC | 237,000 | 8,667,090 | |
Masco Corp. | 117,136 | 4,840,060 | |
Owens Corning | 149,261 | 8,431,754 | |
38,115,804 | |||
Commercial Services & Supplies - 0.1% | |||
Deluxe Corp. | 166,100 | 5,531,130 | |
Construction & Engineering - 0.1% | |||
AECOM (a) | 60,779 | 2,731,408 | |
Quanta Services, Inc. | 58,702 | 2,238,307 | |
4,969,715 | |||
Electrical Equipment - 0.7% | |||
Eaton Corp. PLC | 440,341 | 39,947,736 | |
Emerson Electric Co. | 219,600 | 14,078,556 | |
Hubbell, Inc. Class B | 22,392 | 2,983,510 | |
Sensata Technologies, Inc. PLC (a) | 65,493 | 2,672,114 | |
59,681,916 | |||
Industrial Conglomerates - 0.2% | |||
Carlisle Companies, Inc. | 52,719 | 7,659,544 | |
Honeywell International, Inc. | 52,166 | 8,459,760 | |
16,119,304 | |||
Machinery - 3.4% | |||
AGCO Corp. | 204,238 | 12,342,102 | |
Allison Transmission Holdings, Inc. | 235,291 | 9,552,815 | |
Caterpillar, Inc. | 416,335 | 51,725,460 | |
Crane Co. | 14,683 | 997,710 | |
Cummins, Inc. | 323,086 | 48,879,681 | |
Deere & Co. | 169,260 | 26,485,805 | |
Dover Corp. | 198,219 | 20,365,020 | |
Illinois Tool Works, Inc. | 42,904 | 7,198,433 | |
ITT, Inc. | 33,800 | 2,033,070 | |
Lincoln Electric Holdings, Inc. | 22,000 | 1,801,580 | |
Middleby Corp. (a) | 40,813 | 4,563,302 | |
Oshkosh Corp. | 389,223 | 28,082,439 | |
PACCAR, Inc. | 142,549 | 9,536,528 | |
Parker Hannifin Corp. | 107,970 | 19,949,617 | |
Pentair PLC | 64,919 | 2,557,159 | |
Snap-On, Inc. | 22,594 | 3,270,482 | |
Stanley Black & Decker, Inc. | 58,553 | 8,414,066 | |
Timken Co. | 169,200 | 7,586,928 | |
Trinity Industries, Inc. | 382,700 | 7,787,945 | |
Xylem, Inc. | 124,132 | 9,600,369 | |
282,730,511 | |||
Professional Services - 0.1% | |||
Manpower, Inc. | 24,300 | 1,845,342 | |
Robert Half International, Inc. | 44,404 | 2,238,406 | |
4,083,748 | |||
Road & Rail - 0.5% | |||
AMERCO | 8,039 | 2,592,658 | |
CSX Corp. | 320,500 | 22,579,225 | |
Kansas City Southern | 38,091 | 5,739,552 | |
Knight-Swift Transportation Holdings, Inc. Class A | 70,320 | 2,246,021 | |
Ryder System, Inc. | 3,700 | 140,748 | |
Union Pacific Corp. | 36,689 | 5,863,269 | |
39,161,473 | |||
Trading Companies & Distributors - 0.2% | |||
Aircastle Ltd. | 153,916 | 4,902,225 | |
HD Supply Holdings, Inc. (a) | 60,900 | 2,315,418 | |
United Rentals, Inc. (a) | 31,000 | 4,106,880 | |
W.W. Grainger, Inc. | 22,179 | 6,155,560 | |
17,480,083 | |||
TOTAL INDUSTRIALS | 814,436,926 | ||
INFORMATION TECHNOLOGY - 10.0% | |||
Communications Equipment - 0.4% | |||
Cisco Systems, Inc. | 676,163 | 26,999,189 | |
CommScope Holding Co., Inc. (a) | 363,034 | 3,997,004 | |
Juniper Networks, Inc. | 136,219 | 2,890,567 | |
33,886,760 | |||
Electronic Equipment & Components - 0.4% | |||
Arrow Electronics, Inc. (a) | 202,187 | 13,558,660 | |
Corning, Inc. | 193,800 | 4,624,068 | |
Jabil, Inc. | 58,700 | 1,881,335 | |
Vishay Intertechnology, Inc. | 507,400 | 9,488,380 | |
29,552,443 | |||
IT Services - 1.4% | |||
Cognizant Technology Solutions Corp. Class A | 211,500 | 12,886,695 | |
CSG Systems International, Inc. | 185,800 | 8,221,650 | |
DXC Technology Co. | 162,100 | 3,908,231 | |
IBM Corp. | 539,260 | 70,184,689 | |
PayPal Holdings, Inc. (a) | 119,000 | 12,850,810 | |
The Western Union Co. | 163,446 | 3,659,556 | |
111,711,631 | |||
Semiconductors & Semiconductor Equipment - 4.9% | |||
Analog Devices, Inc. | 64,351 | 7,017,477 | |
Applied Materials, Inc. | 589,980 | 34,289,638 | |
Broadcom, Inc. | 164,000 | 44,709,680 | |
Cirrus Logic, Inc. (a) | 90,000 | 6,177,600 | |
Intel Corp. | 3,074,911 | 170,719,059 | |
KLA-Tencor Corp. | 39,655 | 6,095,370 | |
Lam Research Corp. | 153,882 | 45,153,595 | |
Microchip Technology, Inc. | 133,000 | 12,064,430 | |
Micron Technology, Inc. (a) | 667,646 | 35,091,474 | |
NXP Semiconductors NV | 77,757 | 8,840,193 | |
ON Semiconductor Corp. (a) | 167,244 | 3,120,773 | |
Qorvo, Inc. (a) | 75,860 | 7,629,999 | |
Qualcomm, Inc. | 21,464 | 1,680,631 | |
Skyworks Solutions, Inc. | 175,400 | 17,571,572 | |
Texas Instruments, Inc. | 68,668 | 7,837,766 | |
407,999,257 | |||
Software - 1.8% | |||
Adobe, Inc. (a) | 66,000 | 22,777,920 | |
ANSYS, Inc. (a) | 57,000 | 13,804,830 | |
CDK Global, Inc. | 46,911 | 2,158,844 | |
Microsoft Corp. | 198,843 | 32,214,554 | |
Nortonlifelock, Inc. | 225,506 | 4,291,379 | |
Oracle Corp. | 1,483,149 | 73,356,550 | |
148,604,077 | |||
Technology Hardware, Storage & Peripherals - 1.1% | |||
Hewlett Packard Enterprise Co. | 1,893,921 | 24,223,250 | |
HP, Inc. | 1,340,300 | 27,864,837 | |
NCR Corp. (a) | 166,500 | 4,195,800 | |
Seagate Technology LLC | 343,000 | 16,446,850 | |
Western Digital Corp. | 104,634 | 5,813,465 | |
Xerox Holdings Corp. | 361,423 | 11,637,821 | |
90,182,023 | |||
TOTAL INFORMATION TECHNOLOGY | 821,936,191 | ||
MATERIALS - 3.6% | |||
Chemicals - 2.0% | |||
AdvanSix, Inc. (a) | 73,896 | 1,073,709 | |
Albemarle Corp. U.S. (b) | 43,700 | 3,576,845 | |
Cabot Corp. | 215,400 | 8,051,652 | |
Celanese Corp. Class A | 242,839 | 22,763,728 | |
Corteva, Inc. | 583,165 | 15,862,088 | |
DuPont de Nemours, Inc. | 171,726 | 7,367,045 | |
Eastman Chemical Co. | 399,867 | 24,595,819 | |
FMC Corp. | 82,922 | 7,720,038 | |
Huntsman Corp. | 718,700 | 13,612,178 | |
LyondellBasell Industries NV Class A | 539,031 | 38,519,155 | |
PPG Industries, Inc. | 99,420 | 10,384,419 | |
The Chemours Co. LLC | 279,700 | 4,156,342 | |
The Mosaic Co. | 236,476 | 4,027,186 | |
161,710,204 | |||
Construction Materials - 0.3% | |||
CRH PLC sponsored ADR | 208,719 | 7,071,400 | |
Martin Marietta Materials, Inc. | 84,386 | 19,200,347 | |
26,271,747 | |||
Containers & Packaging - 0.8% | |||
Avery Dennison Corp. | 27,356 | 3,131,988 | |
Ball Corp. | 123,728 | 8,717,875 | |
Crown Holdings, Inc. (a) | 55,800 | 3,933,900 | |
Graphic Packaging Holding Co. | 361,505 | 4,887,548 | |
International Paper Co. | 396,735 | 14,663,326 | |
Packaging Corp. of America | 101,761 | 9,221,582 | |
Sonoco Products Co. | 32,556 | 1,569,525 | |
WestRock Co. | 488,108 | 16,229,591 | |
62,355,335 | |||
Metals & Mining - 0.4% | |||
Barrick Gold Corp. (Canada) | 804,974 | 15,352,829 | |
Freeport-McMoRan, Inc. | 560,000 | 5,577,600 | |
Nucor Corp. | 124,803 | 5,160,604 | |
Reliance Steel & Aluminum Co. | 27,464 | 2,809,293 | |
Steel Dynamics, Inc. | 88,800 | 2,364,744 | |
Yamana Gold, Inc. | 533,334 | 2,078,105 | |
33,343,175 | |||
Paper & Forest Products - 0.1% | |||
Domtar Corp. | 211,100 | 6,073,347 | |
Schweitzer-Mauduit International, Inc. | 165,200 | 5,570,544 | |
11,643,891 | |||
TOTAL MATERIALS | 295,324,352 | ||
REAL ESTATE - 1.8% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
American Homes 4 Rent Class A | 171,618 | 4,443,190 | |
Brixmor Property Group, Inc. | 271,625 | 4,946,291 | |
EastGroup Properties, Inc. | 20,037 | 2,519,252 | |
Equity Lifestyle Properties, Inc. | 100,000 | 6,833,000 | |
Equity Residential (SBI) | 59,416 | 4,462,142 | |
Federal Realty Investment Trust (SBI) | 41,905 | 4,875,228 | |
Hospitality Properties Trust (SBI) | 461,800 | 8,349,344 | |
Kimco Realty Corp. | 298,412 | 5,177,448 | |
Lexington Corporate Properties Trust | 666,800 | 6,914,716 | |
Mid-America Apartment Communities, Inc. | 58,237 | 7,527,715 | |
Omega Healthcare Investors, Inc. | 322,300 | 12,763,080 | |
Outfront Media, Inc. | 202,197 | 5,325,869 | |
Park Hotels & Resorts, Inc. | 332,200 | 6,065,972 | |
Piedmont Office Realty Trust, Inc. Class A | 655,900 | 14,160,881 | |
Public Storage | 44,766 | 9,361,466 | |
Rayonier, Inc. | 183,598 | 4,870,855 | |
Sun Communities, Inc. | 47,000 | 7,185,360 | |
VEREIT, Inc. | 2,035,200 | 17,624,832 | |
Weyerhaeuser Co. | 113,382 | 2,945,664 | |
136,352,305 | |||
Real Estate Management & Development - 0.2% | |||
CBRE Group, Inc. (a) | 286,561 | 16,087,535 | |
Howard Hughes Corp. (a) | 4,472 | 482,439 | |
16,569,974 | |||
TOTAL REAL ESTATE | 152,922,279 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 1.5% | |||
American Electric Power Co., Inc. | 297,434 | 26,548,959 | |
Duke Energy Corp. | 55,483 | 5,087,791 | |
Edison International | 203,236 | 13,655,427 | |
Entergy Corp. | 39,394 | 4,605,553 | |
Evergy, Inc. | 93,800 | 6,129,830 | |
Exelon Corp. | 657,000 | 28,323,270 | |
FirstEnergy Corp. | 176,700 | 7,868,451 | |
NextEra Energy, Inc. | 44,528 | 11,254,897 | |
OGE Energy Corp. | 55,536 | 2,115,922 | |
Pinnacle West Capital Corp. | 43,375 | 3,881,629 | |
Xcel Energy, Inc. | 193,570 | 12,063,282 | |
121,535,011 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
NRG Energy, Inc. | 274,800 | 9,126,108 | |
The AES Corp. | 256,269 | 4,287,380 | |
Vistra Energy Corp. | 898,405 | 17,276,328 | |
30,689,816 | |||
Multi-Utilities - 0.1% | |||
NiSource, Inc. | 24,922 | 673,392 | |
Public Service Enterprise Group, Inc. | 208,428 | 10,694,441 | |
11,367,833 | |||
TOTAL UTILITIES | 163,592,660 | ||
TOTAL COMMON STOCKS | |||
(Cost $5,605,849,151) | 7,180,245,004 | ||
Equity Funds - 11.7% | |||
Large Blend Funds - 6.1% | |||
Fidelity SAI U.S. Large Cap Index Fund (c) | 5,229,126 | 82,881,651 | |
Fidelity SAI U.S. Low Volatility Index Fund (c) | 29,978,867 | 421,802,661 | |
TOTAL LARGE BLEND FUNDS | 504,684,312 | ||
Large Value Funds - 5.6% | |||
Invesco Diversified Dividend Fund Class R6 | 25,104,684 | 461,424,075 | |
TOTAL EQUITY FUNDS | |||
(Cost $754,245,180) | 966,108,387 | ||
Money Market Funds - 1.5% | |||
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) | 25,423,052 | 25,425,594 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 1.53% (f) | 101,194,720 | 101,194,720 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $126,620,314) | 126,620,314 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $6,486,714,645) | 8,272,973,705 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (17,894,749) | ||
NET ASSETS - 100% | $8,255,078,956 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated Fund
(d) 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.
(e) Investment made with cash collateral received from securities on loan.
(f) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $652,591 |
Total | $652,591 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity SAI U.S. Large Cap Index Fund | $169,787,209 | $1,498,443,247 | $1,595,260,750 | $2,175,463 | $6,046,906 | $3,865,039 | $82,881,651 |
Fidelity SAI U.S. Low Volatility Index Fund | 362,888,020 | 51,681,544 | -- | 16,681,544 | -- | 7,233,097 | 421,802,661 |
Fidelity SAI U.S. Value Index Fund | 35,586,584 | -- | 36,402,643 | -- | (2,048,135) | 2,864,194 | -- |
Total | $568,261,813 | $1,550,124,791 | $1,631,663,393 | $18,857,007 | $3,998,771 | $13,962,330 | $504,684,312 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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