0001752724-20-077827.txt : 20200424 0001752724-20-077827.hdr.sgml : 20200424 20200424092426 ACCESSION NUMBER: 0001752724-20-077827 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200229 FILED AS OF DATE: 20200424 PERIOD START: 20200531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity Rutland Square Trust II CENTRAL INDEX KEY: 0001364924 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21991 FILM NUMBER: 20812808 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0001364924 S000061481 Strategic Advisers Fidelity U.S. Total Stock Fund C000199108 Strategic Advisers Fidelity U.S. Total Stock Fund FCTDX NPORT-P 1 primary_doc.xml NPORT-P false 0001364924 XXXXXXXX S000061481 C000199108 FIDELITY RUTLAND SQUARE TRUST II 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N YAGI and CO LTD N/A YAGI and CO LTD N/A 50800.00000000 NS 745091.79000000 0.002607305778 Long EC CORP JP N 1 N N N VIACOMCBS INC 5KYC8KF17ROCY24M3H09 VIACOMCBS INC CL B 92556H206 293125.00000000 NS USD 7213806.25000000 0.025243331058 Long EC CORP US N 1 N N N KEYCORP RKPI3RZGV1V1FJTH5T61 KEYCORP 493267108 674195.00000000 NS USD 11023088.25000000 0.038573182635 Long EC CORP US N 1 N N N LILLY (ELI) and CO FRDRIPF3EKNDJ2CQJL29 LILLY (ELI) and CO 532457108 270000.00000000 NS USD 34055100.00000000 0.119169289239 Long EC CORP US N 1 N N N BECTON DICKINSON and CO ICE2EP6D98PQUILVRZ91 BECTON DICKINSON and CO 075887109 137900.00000000 NS USD 32795378.00000000 0.114761133768 Long EC CORP US N 1 N N N GENWORTH FINANCIAL INC 549300EMCG286BDNKJ33 GENWORTH FINANCIAL INC A 37247D106 289400.00000000 NS USD 1128660.00000000 0.003949529145 Long EC CORP US N 1 N N N ROCHE HOLDING LTD 549300U41AUUVOAAOB37 ROCHE HOLDINGS AG (GENUSSCHEINE) N/A 266866.00000000 NS 85806429.16000000 0.300263137539 Long EC CORP CH N 2 N N N ASCENDIS PHARMA A/S 549300B66JN3W3J8GH73 ASCENDIS PHARMA AS SPON ADR 04351P101 70000.00000000 NS USD 9126600.00000000 0.031936785831 Long EC CORP DK N 1 N N N US BANCORP DEL N1GZ7BBF3NP8GI976H15 US BANCORP DEL 902973304 1723127.00000000 NS USD 80022017.88000000 0.280021699959 Long EC CORP US N 1 N N N KEIYO GAS CO LTD N/A KEIYO GAS CO N/A 3000.00000000 NS 83218.99000000 0.000291208890 Long EC CORP JP N 1 N N N BRUKER CORP LEBZ6VLQ6I8XB1NHVY15 BRUKER CORP 116794108 602900.00000000 NS USD 26262324.00000000 0.091899964612 Long EC CORP US N 1 N N N ENTERGY CORP NEW 4XM3TW50JULSLG8BNC79 ENTERGY CORP 29364G103 96200.00000000 NS USD 11246742.00000000 0.039355816027 Long EC CORP US N 1 N N N FOX CORPORATION 549300DDU6FDRBIELS05 FOX CORP CL A 35137L105 351133.00000000 NS USD 10793828.42000000 0.037770931842 Long EC CORP US N 1 N N N INGREDION INC N/A INGREDION INC 457187102 25000.00000000 NS USD 2082500.00000000 0.007287309238 Long EC CORP US N 1 N N N PUBLIC SVC ENTERPRISE GRP INC PUSS41EMO3E6XXNV3U28 PUBLIC SVC ENTERPRISE GRP INC 744573106 92900.00000000 NS USD 4766699.00000000 0.016680148695 Long EC CORP US N 1 N N N 10X GENOMICS INC 5493003Z6741WNLG7H43 10X GENOMICS INC 88025U109 28000.00000000 NS USD 2231600.00000000 0.007809056084 Long EC CORP US N 1 N N YAMAGUCHI FINANCIAL GROUP INC 353800898JPV95YSY548 YAMAGUCHI FINANCIAL GROUP INC N/A 108200.00000000 NS 576812.53000000 0.002018444791 Long EC CORP JP N 1 N N N CAPRI HOLDINGS LTD 549300LPG8W0H1OX3A26 CAPRI HOLDINGS LTD N/A 59500.00000000 NS USD 1536290.00000000 0.005375952129 Long EC CORP VG N 1 N N N MARATHON OIL CORP 1FRVQX2CRLGC1XLP5727 MARATHON OIL CORP 565849106 103400.00000000 NS USD 856152.00000000 0.002995939677 Long EC CORP US N 1 N N N UNITED TECHNOLOGIES CORP I07WOS4YJ0N7YRFE7309 UNITED TECHNOLOGIES CORP 913017109 592469.00000000 NS USD 77370526.71000000 0.270743315278 Long EC CORP US N 1 N N N KOREA UNITED PHARMA INC N/A KOREA UNITED PHARMA INC N/A 37112.00000000 NS 488291.39000000 0.001708682044 Long EC CORP KR N 1 N N N EXELON CORP 3SOUA6IRML7435B56G12 EXELON CORP 30161N101 1574066.00000000 NS USD 67857985.26000000 0.237456001382 Long EC CORP US N 1 N N N APPLE INC HWUPKR0MPOU8FGXBT394 APPLE INC 037833100 1157553.00000000 NS USD 316428688.08000000 1.107281489516 Long EC CORP US N 1 N N N HEALTHEQUITY INC 529900LRJU1RAFQHM467 HEALTHEQUITY INC 42226A107 69000.00000000 NS USD 4898310.00000000 0.017140696141 Long EC CORP US N 1 N N N RIGNET INC 549300ORCNWIVKUB8129 RIGNET INC 766582100 73000.00000000 NS USD 256960.00000000 0.000899182224 Long EC CORP US N 1 N N N ELECOM CO LTD 353800BXFUVR7EPC0G35 ELECOM CO LTD N/A 44100.00000000 NS 1484173.93000000 0.005193581940 Long EC CORP JP N 1 N N N WORLD WRESTLING ENTMT INC 549300WZVLSCS3L4L698 WORLD WRESTLING ENTMT CL A 98156Q108 290900.00000000 NS USD 13605393.00000000 0.047609462713 Long EC CORP US N 1 N N SEOUL CITY GAS N/A SEOUL CITY GAS N/A 11774.00000000 NS 681422.48000000 0.002384507243 Long EC CORP KR N 1 N N N R1 RCM INC 549300VKOMJ3EM506212 R1 RCM INC 749397105 902700.00000000 NS USD 11085156.00000000 0.038790376819 Long EC CORP US N 1 N N N LOOKERS PLC 213800TSB8PJEACDAV33 LOOKERS PLC N/A 828728.00000000 NS 479353.53000000 0.001677405717 Long EC CORP GB N 2 N N N MONSTER BEVERAGE CORP NEW 52990090AP0E7HCB6F33 MONSTER BEVERAGE CORP 61174X109 342700.00000000 NS USD 21387907.00000000 0.074842877440 Long EC CORP US N 1 N N N SUMITOMO MITSUI FINL GRP INC 35380028MYWPB6AUO129 SUMITOMO MITSUI FINL GROUP INC N/A 500000.00000000 NS 15864905.65000000 0.055516193761 Long EC CORP JP N 2 N N N MRC GLOBAL INC 529900TSBPOLCLI2L582 MRC GLOBAL INC 55345K103 790110.00000000 NS USD 6873957.00000000 0.024054093805 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 665300.00000000 NS USD 169624888.00000000 0.593569754320 Long EC CORP US N 1 N N N SUMMIT MATERIALS INC N/A SUMMIT MATERIALS INC CL A 86614U100 1727600.00000000 NS USD 33757304.00000000 0.118127209267 Long EC CORP US N 1 N N N CNOOC LTD 549300XIVJCBIGMRUD48 CNOOC LTD SPON ADR 126132109 16400.00000000 NS USD 2268612.00000000 0.007938572478 Long EC CORP HK N 1 N N N ALLERGAN PLC 635400FWJZQC1IPYUH69 ALLERGAN PLC N/A 233700.00000000 NS USD 44559579.00000000 0.155927698296 Long EC CORP IE N 1 N N N AT GROUP CO LTD N/A AT GROUP CO LTD N/A 128800.00000000 NS 1858082.70000000 0.006502003949 Long EC CORP JP N 1 N N N FIDELITY SALEM STREET TRUST S4W85DGKOEJ24DPRB829 Fidelity SAI U.S. Value Index Fund 31635V190 82778781.07700000 NS USD 767359300.58000000 2.685226660376 Long EC RF US N 1 N N N BRISTOL-MYERS SQUIBB CO HLYYNH7UQUORYSJQCN42 BRISTOL-MYERS SQUIBB CO 110122108 2524100.00000000 NS USD 149073346.00000000 0.521653575747 Long EC CORP US N 1 N N N NRG ENERGY INC 5E2UPK5SW04M13XY7I38 NRG ENERGY INC 629377508 428300.00000000 NS USD 14223843.00000000 0.049773609843 Long EC CORP US N 1 N N N VIVINT SOLAR INC 549300IMDTS6JXV4CV59 VIVINT SOLAR INC 92854Q106 1961563.00000000 NS USD 22047968.12000000 0.077152634702 Long EC CORP US N 1 N N FASTLY INC 549300E2FZC83FJ3H565 FASTLY INC CL A 31188V100 174517.00000000 NS USD 3455436.60000000 0.012091637482 Long EC CORP US N 1 N N THAI OIL PUB CO LTD 549300HG5527UPZLTT69 THAI OIL PCL (FOR) N/A 396400.00000000 NS 543400.95000000 0.001901527377 Long EC CORP TH N 1 N N N CHINA PETROLEUM and CHEM CORP 529900A2OB24EZ5B3J19 CHINA PETE and CHEM SPONS ADR H 16941R108 9000.00000000 NS USD 463860.00000000 0.001623189082 Long EC CORP CN N 1 N N N BLACKLINE INC 529900P9N7PK9LV5EK56 BLACKLINE INC 09239B109 26200.00000000 NS USD 1639334.00000000 0.005736534839 Long EC CORP US N 1 N N N COGNIZANT TECH SOLUTIONS CORP 5493006IEVQEFQO40L83 COGNIZANT TECH SOLUTIONS CL A 192446102 425600.00000000 NS USD 25931808.00000000 0.090743387277 Long EC CORP US N 1 N N N MOTOR OIL (HELLAS) SA 213800U3Y9UL7Y4QVM11 MOTOR OIL (HELLAS) SA N/A 99400.00000000 NS 1641430.09000000 0.005743869704 Long EC CORP GR N 2 N N N FIDELITY SALEM STREET TRUST S4W85DGKOEJ24DPRB829 Fidelity SAI U.S. Large Cap Index Fund 31635V794 65613335.78600000 NS USD 1039971372.21000000 3.639180306508 Long EC RF US N 1 N N N ELASTIC NV N/A ELASTIC NV N/A 358137.00000000 NS USD 26451998.82000000 0.092563695257 Long EC CORP NL N 1 N N N 2020-03-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_3080_20200229.htm

Quarterly Holdings Report
for

Strategic Advisers® Fidelity® U.S. Total Stock Fund

Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general public

February 29, 2020







TSF-QTLY-0420
1.9887486.101





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 43.5%   
 Shares Value 
COMMUNICATION SERVICES - 3.9%   
Diversified Telecommunication Services - 0.5%   
AT&T, Inc. 337,301 $11,879,741 
GCI Liberty, Inc. (a) 250,300 17,298,233 
Verizon Communications, Inc. 2,178,287 117,976,024 
  147,153,998 
Entertainment - 0.9%   
Activision Blizzard, Inc. 1,259,100 73,191,483 
DouYu International Holdings Ltd. ADR 699,650 5,436,281 
Electronic Arts, Inc. (a) 415,500 42,119,235 
Lions Gate Entertainment Corp. Class B (a) 918,800 6,799,120 
Netflix, Inc. (a) 71,700 26,459,451 
Nihon Falcom Corp. 5,000 47,654 
Spotify Technology SA (a) 19,600 2,687,552 
Take-Two Interactive Software, Inc. (a) 51,298 5,513,509 
The Walt Disney Co. 424,063 49,891,012 
Vivendi SA 848,600 21,681,108 
World Wrestling Entertainment, Inc. Class A (b) 290,900 13,605,393 
  247,431,798 
Interactive Media & Services - 1.2%   
Alphabet, Inc.:   
Class A (a) 115,800 155,085,150 
Class C (a) 46,800 62,680,644 
Eventbrite, Inc. (a) 10,900 159,249 
Facebook, Inc. Class A (a) 550,400 105,935,488 
Wise Talent Information Technology Co. Ltd. (a)(b) 909,874 2,241,126 
Yahoo! Japan Corp. 4,350,000 15,849,713 
YY, Inc. ADR (a) 8,900 480,333 
  342,431,703 
Media - 1.2%   
AMC Networks, Inc. Class A (a) 9,100 282,100 
Cable One, Inc. 7,000 11,011,140 
Comcast Corp. Class A 5,694,010 230,208,824 
Corus Entertainment, Inc. Class B (non-vtg.) 95,400 299,224 
Discovery Communications, Inc. Class A (a)(b) 550,000 14,135,000 
F@N Communications, Inc. 26,900 109,984 
Fox Corp. Class A 351,133 10,793,828 
Hyundai HCN 461,413 1,241,081 
Interpublic Group of Companies, Inc. 1,349,100 28,816,776 
Liberty Broadband Corp. Class C (a) 153,800 19,361,882 
Liberty Global PLC Class C (a) 514,700 9,568,273 
Liberty Media Corp. Liberty Formula One Group Series C (a) 152,300 5,948,838 
Nexstar Broadcasting Group, Inc. Class A 125,200 14,395,496 
Nippon Television Network Corp. 59,800 722,967 
Pico Far East Holdings Ltd. 1,000,000 251,443 
ViacomCBS, Inc.:   
Class A 99,096 2,972,880 
Class B 241,725 5,948,852 
WOWOW INC. 73,700 1,654,253 
  357,722,841 
Wireless Telecommunication Services - 0.1%   
Okinawa Cellular Telephone Co. 28,300 1,021,959 
T-Mobile U.S., Inc. (a) 343,400 30,960,944 
  31,982,903 
TOTAL COMMUNICATION SERVICES  1,126,723,243 
CONSUMER DISCRETIONARY - 3.7%   
Auto Components - 0.3%   
Adient PLC (a) 100,000 2,393,000 
Aptiv PLC 143,800 11,232,218 
BorgWarner, Inc. 529,500 16,732,200 
Cooper Tire & Rubber Co. 175,000 4,460,750 
Cooper-Standard Holding, Inc. (a) 5,000 86,400 
DaikyoNishikawa Corp. 27,200 152,820 
DTR Automotive Corp. 11,829 273,350 
Eagle Industry Co. Ltd. 67,200 510,261 
G-Tekt Corp. 455,000 5,496,616 
Gentex Corp. 47,200 1,260,240 
Hi-Lex Corp. 85,000 1,287,688 
Hyundai Mobis 86,687 15,159,361 
IJT Technology Holdings Co. Ltd. 276,000 1,325,496 
Lear Corp. 208,100 23,140,720 
Linamar Corp. 10,000 275,061 
Strattec Security Corp. 11,700 244,647 
TPR Co. Ltd. 173,000 2,413,916 
  86,444,744 
Automobiles - 0.1%   
Audi AG 4,727 4,258,504 
Fiat Chrysler Automobiles NV (b) 50,100 623,244 
Fiat Chrysler Automobiles NV (Italy) 101,500 1,278,964 
General Motors Co. 718,400 21,911,200 
Renault SA 28,800 856,062 
  28,927,974 
Distributors - 0.0%   
Arata Corp. 5,000 191,452 
Harima-Kyowa Co. Ltd. (b) 24,100 330,911 
Yagi & Co. Ltd. 50,800 745,092 
  1,267,455 
Diversified Consumer Services - 0.2%   
Afya Ltd. 208,069 4,947,881 
Heian Ceremony Service Co. Ltd. 128,400 1,010,677 
MegaStudy Co. Ltd. 79,794 767,467 
Multicampus Co. Ltd. 28,028 840,238 
Service Corp. International 623,809 29,811,832 
ServiceMaster Global Holdings, Inc. (a) 452,200 16,175,194 
  53,553,289 
Hotels, Restaurants & Leisure - 0.3%   
Eldorado Resorts, Inc. (a)(b) 185,561 9,311,451 
McDonald's Corp. 292,800 56,852,976 
Royal Caribbean Cruises Ltd. 202,900 16,315,189 
The Restaurant Group PLC 1,000,000 1,384,296 
Wendy's Co. 457,350 8,634,768 
  92,498,680 
Household Durables - 0.2%   
Cuckoo Holdings Co. Ltd. 19,647 1,583,723 
FJ Next Co. Ltd. 309,600 2,672,331 
Gree Electric Appliances, Inc. of Zhuhai (A Shares) 398,613 3,375,008 
Iida Group Holdings Co. Ltd. 58,300 788,612 
Lennar Corp. Class A 244,400 14,747,096 
Mohawk Industries, Inc. (a) 56,800 6,881,320 
Toll Brothers, Inc. 482,885 17,881,232 
Whirlpool Corp. 20,000 2,557,200 
  50,486,522 
Internet & Direct Marketing Retail - 0.9%   
Amazon.com, Inc. (a) 70,600 132,992,750 
eBay, Inc. 482,400 16,710,336 
Etsy, Inc. (a) 283,400 16,383,354 
Expedia, Inc. 122,200 12,051,364 
GrubHub, Inc. (a) 55,090 2,650,380 
Hyundai Home Shopping Network Corp. 4,861 300,357 
Mercari, Inc. (a)(b) 10,000 226,497 
NS Shopping Co. Ltd. 21,105 129,176 
The Booking Holdings, Inc. (a) 40,070 67,945,096 
  249,389,310 
Leisure Products - 0.1%   
Brunswick Corp. 461,392 24,546,054 
Hasbro, Inc. 202,600 15,650,850 
  40,196,904 
Multiline Retail - 0.2%   
Big Lots, Inc. 1,000 15,810 
Dollar General Corp. 248,800 37,394,640 
Dollar Tree, Inc. (a) 247,300 20,533,319 
Macy's, Inc. 40,000 529,200 
Ryohin Keikaku Co. Ltd. 1,000 13,703 
  58,486,672 
Specialty Retail - 1.0%   
Arc Land Sakamoto Co. Ltd. 30,000 304,283 
AT-Group Co. Ltd. 128,800 1,858,083 
AutoNation, Inc. (a) 100,000 4,273,000 
Bed Bath & Beyond, Inc. (b) 306,300 3,311,103 
Best Buy Co., Inc. 218,400 16,521,960 
Burlington Stores, Inc. (a) 152,645 33,011,008 
Dunelm Group PLC 231,500 3,304,832 
Five Below, Inc. (a) 142,400 13,805,680 
Foot Locker, Inc. 25,000 906,250 
Gap, Inc. 5,000 71,650 
GNC Holdings, Inc. Class A (a)(b) 680,400 1,143,072 
Hibbett Sports, Inc. (a)(b) 70,200 1,370,304 
Hour Glass Ltd. 1,125,400 585,767 
JB Hi-Fi Ltd. (b) 63,375 1,518,899 
John David Group PLC 877,200 8,391,464 
Ku Holdings Co. Ltd. 47,500 333,372 
Lookers PLC 828,728 479,354 
Lowe's Companies, Inc. 509,480 54,295,284 
Mandarake, Inc. (b) 15,700 74,963 
Sally Beauty Holdings, Inc. (a) 1,075,000 13,373,000 
Samse SA 2,200 357,582 
The Home Depot, Inc. 269,100 58,620,744 
TJX Companies, Inc. 628,782 37,601,164 
Tokatsu Holdings Co. Ltd. 18,700 70,216 
Ulta Beauty, Inc. (a) 74,800 19,230,332 
Urban Outfitters, Inc. (a) 100,000 2,351,000 
Williams-Sonoma, Inc. 130,000 8,110,700 
  285,275,066 
Textiles, Apparel & Luxury Goods - 0.4%   
Capri Holdings Ltd. (a) 59,500 1,536,290 
Columbia Sportswear Co. 368,800 29,983,440 
Embry Holdings Ltd. 280,000 47,056 
Ff Group (a)(c) 2,700 3,577 
Fossil Group, Inc. (a) 20,800 95,472 
G-III Apparel Group Ltd. (a) 5,000 111,800 
Levi Strauss & Co. Class A (b) 1,093,400 18,576,866 
NIKE, Inc. Class B 343,700 30,719,906 
PVH Corp. 290,900 21,558,599 
Sitoy Group Holdings Ltd. 2,613,000 234,650 
Tapestry, Inc. 635,300 14,897,785 
Ted Baker PLC (b) 59,126 221,241 
Wolverine World Wide, Inc. 1,000 26,290 
  118,012,972 
TOTAL CONSUMER DISCRETIONARY  1,064,539,588 
CONSUMER STAPLES - 3.2%   
Beverages - 0.5%   
Boston Beer Co., Inc. Class A (a) 20,400 7,564,116 
Britvic PLC 499,246 5,528,545 
C&C Group PLC (United Kingdom) 4,105,600 17,352,233 
Constellation Brands, Inc. Class A (sub. vtg.) 140,800 24,271,104 
Diageo PLC sponsored ADR 10,600 1,504,246 
Monster Beverage Corp. (a) 342,700 21,387,907 
PepsiCo, Inc. 186,000 24,557,580 
The Coca-Cola Co. 612,060 32,739,089 
Yantai Changyu Pioneer Wine Co. Ltd. (B Shares) 690,621 1,234,169 
  136,138,989 
Food & Staples Retailing - 0.8%   
Amsterdam Commodities NV 34,400 745,979 
Halows Co. Ltd. 21,800 500,636 
Kroger Co. 733,200 20,624,916 
Nihon Chouzai Co. Ltd. 6,700 222,070 
OM2 Network Co. Ltd. 60,000 601,891 
Qol Holdings Co. Ltd. 50,800 584,958 
Retail Partners Co. Ltd. 130,700 838,535 
Sapporo Clinical Laboratory 8,200 138,365 
Satoh & Co. Ltd. (b) 12,300 175,388 
Sysco Corp. 436,900 29,119,385 
U.S. Foods Holding Corp. (a) 967,800 32,556,792 
Walgreens Boots Alliance, Inc. 424,800 19,438,848 
Walmart, Inc. 1,240,400 133,566,272 
  239,114,035 
Food Products - 0.6%   
Axyz Co. Ltd. 10,000 213,796 
Changshouhua Food Co. Ltd. 2,144,000 728,877 
Conagra Brands, Inc. 787,300 21,013,037 
Danone SA 331,300 23,382,662 
Ingredion, Inc. 25,000 2,082,500 
JC Comsa Corp. 26,800 101,873 
Kaneko Seeds Co. Ltd. 75,300 802,148 
Lotte Samkang Co. Ltd. 1,057 291,787 
Mondelez International, Inc. 644,600 34,034,880 
Nestle SA sponsored ADR 171,900 17,690,229 
Pickles Corp. 27,500 540,515 
Post Holdings, Inc. (a) 287,477 29,109,921 
Prima Meat Packers Ltd. 14,600 300,771 
S Foods, Inc. 26,000 540,200 
Seaboard Corp. 577 1,970,455 
Toyo Sugar Refining Co. Ltd. 39,400 415,333 
TreeHouse Foods, Inc. (a) 312,400 11,905,564 
Tyson Foods, Inc. Class A 313,300 21,251,139 
  166,375,687 
Household Products - 0.4%   
Colgate-Palmolive Co. 36,000 2,432,520 
Procter & Gamble Co. (d) 867,198 98,192,830 
  100,625,350 
Personal Products - 0.1%   
Hengan International Group Co. Ltd. 202,500 1,502,838 
Herbalife Nutrition Ltd. (a) 452,882 14,655,262 
Unilever NV 73,100 3,859,481 
Unilever NV (NY Reg.) 253,800 13,390,488 
  33,408,069 
Tobacco - 0.8%   
Altria Group, Inc. 3,738,140 150,908,712 
British American Tobacco PLC sponsored ADR 474,014 18,865,757 
KT&G Corp. 20,099 1,417,638 
Philip Morris International, Inc. 645,700 52,863,459 
Scandinavian Tobacco Group A/S (e) 32,565 418,517 
  224,474,083 
TOTAL CONSUMER STAPLES  900,136,213 
ENERGY - 2.3%   
Energy Equipment & Services - 0.1%   
Baker Hughes Co. Class A 195,800 3,150,422 
Carbo Ceramics, Inc. (a)(b) 159,200 29,452 
CGG SA (a) 277,900 772,646 
Geospace Technologies Corp. (a) 39,300 484,569 
High Arctic Energy Services, Inc. 362,600 372,798 
Liberty Oilfield Services, Inc. Class A 124,500 832,905 
National Oilwell Varco, Inc. 66,500 1,244,215 
Oceaneering International, Inc. (a) 228,108 2,404,258 
RigNet, Inc. (a) 73,000 256,960 
SBM Offshore NV 83,800 1,326,501 
Schlumberger Ltd. 129,400 3,505,446 
Subsea 7 SA 346,600 3,149,426 
TechnipFMC PLC 82,300 1,221,332 
Tecnicas Reunidas SA (a) 37,400 845,652 
TGS Nopec Geophysical Co. ASA 20,500 478,346 
Valaris PLC Class A (b) 319,125 1,177,571 
  21,252,499 
Oil, Gas & Consumable Fuels - 2.2%   
Africa Oil Corp. (a)(b) 623,800 576,280 
Apache Corp. 86,000 2,143,120 
Baytex Energy Corp. (a) 1,949,600 1,801,083 
Bonavista Energy Corp. (b) 877,200 215,665 
Bonterra Energy Corp. (b) 218,300 390,330 
BP PLC sponsored ADR 776,500 24,296,685 
Cabot Oil & Gas Corp. 1,586,100 22,094,373 
Cairn Energy PLC (a) 462,800 841,365 
Canadian Natural Resources Ltd. 154,200 3,969,164 
Cenovus Energy, Inc. (Canada) 2,477,286 18,216,288 
Cheniere Energy, Inc. (a) 75,100 3,851,879 
Chevron Corp. 762,500 71,171,750 
China Petroleum & Chemical Corp.:   
(H Shares) 23,000,000 11,903,812 
sponsored ADR (H Shares) 9,000 463,860 
CNOOC Ltd. sponsored ADR 16,400 2,268,612 
CNX Resources Corp. (a) 124,400 660,564 
Concho Resources, Inc. 25,400 1,727,708 
ConocoPhillips Co. 123,600 5,984,712 
Delek U.S. Holdings, Inc. 292,028 6,243,559 
Enbridge, Inc. 61,400 2,298,202 
Enterprise Products Partners LP 100,000 2,334,000 
EQT Corp. 250,000 1,467,500 
Equinor ASA sponsored ADR (b) 2,009,291 31,244,475 
Exxon Mobil Corp. 3,204,945 164,862,371 
Galp Energia SGPS SA Class B 263,800 3,638,909 
GasLog Partners LP (b) 233,173 883,726 
Gibson Energy, Inc. 51,700 986,816 
Golar LNG Partners LP 846,367 3,597,060 
Hess Corp. 806,500 45,309,170 
Hoegh LNG Partners LP (b) 258,300 3,228,750 
Husky Energy, Inc. 990,500 4,715,437 
Imperial Oil Ltd. 118,600 2,596,874 
Lundin Petroleum AB 55,900 1,595,850 
Magnolia Oil & Gas Corp. Class A (a)(b) 1,653,600 12,418,536 
Marathon Oil Corp. 103,400 856,152 
Marathon Petroleum Corp. 38,000 1,801,960 
MEG Energy Corp. (a) 1,039,825 4,787,572 
Motor Oil (HELLAS) Corinth Refineries SA 99,400 1,641,430 
Murphy Oil Corp. 419,800 7,913,230 
Noble Energy, Inc. 35,201 557,232 
Northern Oil & Gas, Inc. (a) 3,366,900 4,882,005 
NuVista Energy Ltd. (a) 5,000 7,376 
Oil & Natural Gas Corp. Ltd. 1,000,000 1,267,594 
Parex Resources, Inc. (a) 854,500 11,688,300 
Parsley Energy, Inc. Class A 1,002,480 13,433,232 
Phillips 66 Co. 110,800 8,294,488 
Pioneer Natural Resources Co. 34,500 4,235,910 
QEP Resources, Inc. 35,700 80,325 
Seven Generations Energy Ltd. (a) 5,000 20,562 
Shell Midstream Partners LP (b) 106,813 1,827,570 
Sinopec Kantons Holdings Ltd. 4,288,000 1,732,803 
Southwestern Energy Co. (a)(b) 3,029,684 4,302,151 
Star Petroleum Refining PCL 2,244,600 562,039 
Suncor Energy, Inc. 818,200 22,582,320 
Teekay LNG Partners LP 705,800 8,871,906 
Thai Oil PCL (For. Reg.) 396,400 543,401 
Total SA sponsored ADR 1,232,200 53,157,108 
Valero Energy Corp. 111,100 7,360,375 
Whiting Petroleum Corp. (a)(b) 23,300 43,105 
World Fuel Services Corp. 42,900 1,213,212 
  623,661,843 
TOTAL ENERGY  644,914,342 
FINANCIALS - 7.1%   
Banks - 3.3%   
Bank of America Corp. 5,459,209 155,587,457 
BankUnited, Inc. 556,881 16,539,366 
Boston Private Financial Holdings, Inc. 905,919 8,837,240 
Citigroup, Inc. 816,170 51,794,148 
Credit Agricole Atlantique Vendee 6,600 1,276,662 
East West Bancorp, Inc. 5,000 193,700 
EFG Eurobank Ergasias SA (a) 4,888,400 3,114,821 
First Citizens Bancshares, Inc. 15,893 7,204,456 
First Foundation, Inc. 650,873 9,421,387 
First Horizon National Corp. 1,170,470 15,602,365 
FNB Corp., Pennsylvania 2,145,655 21,649,659 
Gunma Bank Ltd. 396,600 1,198,698 
Hiroshima Bank Ltd. 65,700 286,288 
Huntington Bancshares, Inc. 1,908,000 23,411,160 
IBERIABANK Corp. 198,700 11,959,753 
JPMorgan Chase & Co. 496,471 57,645,248 
KeyCorp 674,195 11,023,088 
M&T Bank Corp. 264,500 37,130,510 
NIBC Holding NV (e) 590,026 6,264,477 
Northrim Bancorp, Inc. 5,000 174,750 
Ogaki Kyoritsu Bank Ltd. 43,500 816,684 
PNC Financial Services Group, Inc. 680,511 86,016,590 
Shinsei Bank Ltd. 69,900 931,266 
Signature Bank 61,800 7,731,180 
Skandiabanken ASA (e) 98,800 675,433 
Societe Generale Series A 158,600 4,494,192 
Sumitomo Mitsui Financial Group, Inc. 500,000 15,864,906 
Synovus Financial Corp. 98,900 2,870,078 
TCF Financial Corp. 602,400 21,951,456 
The Keiyo Bank Ltd. 125,700 593,188 
The San-In Godo Bank Ltd. 120,400 609,479 
Truist Financial Corp. 1,051,145 48,499,830 
U.S. Bancorp 1,723,127 80,022,018 
Unicaja Banco SA (e) 1,549,300 1,434,395 
United Community Bank, Inc. 617,299 15,290,496 
Van Lanschot NV (Bearer) 5,800 118,997 
Wells Fargo & Co. 5,146,513 210,235,056 
Yamaguchi Financial Group, Inc. 108,200 576,813 
  939,047,290 
Capital Markets - 0.8%   
Affiliated Managers Group, Inc. 176,200 13,253,764 
Apollo Global Management LLC Class A 61,700 2,570,422 
Ares Capital Corp. 34,629 595,273 
Bank of New York Mellon Corp. 154,100 6,148,590 
BlackRock, Inc. Class A 34,000 15,742,340 
Cboe Global Markets, Inc. 165,500 18,867,000 
Charles Schwab Corp. 167,065 6,807,899 
Cowen Group, Inc. Class A 315,800 4,727,526 
E*TRADE Financial Corp. 120,700 5,525,646 
Goldman Sachs Group, Inc. 134,200 26,943,334 
Intercontinental Exchange, Inc. 176,300 15,729,486 
Invesco Ltd. 756,100 10,887,840 
Lazard Ltd. Class A 202,608 7,257,419 
Morgan Stanley 546,730 24,619,252 
Morningstar, Inc. 71,000 10,429,900 
State Street Corp. 885,546 60,314,538 
Virtu Financial, Inc. Class A 421,600 7,930,296 
  238,350,525 
Consumer Finance - 0.8%   
360 Finance, Inc. ADR (a)(b) 301,530 2,520,791 
Aeon Credit Service (Asia) Co. Ltd. 3,340,000 2,566,594 
Ally Financial, Inc. 217,800 5,460,246 
American Express Co. 153,000 16,819,290 
Capital One Financial Corp. 918,300 81,049,158 
Discover Financial Services 636,000 41,708,880 
First Cash Financial Services, Inc. 284,410 21,876,817 
Navient Corp. 78,400 880,432 
OneMain Holdings, Inc. 602,859 22,155,068 
Qudian, Inc. ADR (a)(b) 162,484 425,708 
Santander Consumer U.S.A. Holdings, Inc. (b) 157,000 3,830,800 
Shriram Transport Finance Co. Ltd. 189,400 3,123,550 
SLM Corp. 1,102,400 11,431,888 
Synchrony Financial 665,468 19,365,119 
  233,214,341 
Diversified Financial Services - 0.6%   
AXA Equitable Holdings, Inc. 650,000 13,910,000 
Berkshire Hathaway, Inc.:   
Class A (a) 618,192 
Class B (a) 652,800 134,698,752 
Fuyo General Lease Co. Ltd. 78,100 4,409,688 
Ricoh Leasing Co. Ltd. 96,500 3,323,730 
Voya Financial, Inc. 460,510 24,241,246 
  181,201,608 
Insurance - 1.3%   
AFLAC, Inc. 244,200 10,463,970 
Allstate Corp. 182,200 19,176,550 
American International Group, Inc. 366,071 15,433,553 
ASR Nederland NV 78,300 2,634,967 
Assurant, Inc. 192,830 23,253,370 
Axis Capital Holdings Ltd. 377,400 21,179,688 
Brown & Brown, Inc. 606,082 26,067,587 
Chubb Ltd. 274,800 39,854,244 
Db Insurance Co. Ltd. 139,982 5,047,400 
Fairfax Financial Holdings Ltd. (sub. vtg.) 10,000 4,307,767 
FNF Group 385,100 14,926,476 
Genworth Financial, Inc. Class A 289,400 1,128,660 
Hartford Financial Services Group, Inc. 170,700 8,526,465 
Hyundai Fire & Marine Insurance Co. Ltd. 180,042 3,388,363 
Lincoln National Corp. 33,100 1,502,409 
Marsh & McLennan Companies, Inc. 287,200 30,029,632 
MetLife, Inc. 1,230,374 52,561,577 
NN Group NV 134,103 4,583,398 
Prudential Financial, Inc. 56,800 4,285,560 
Reinsurance Group of America, Inc. 53,180 6,489,555 
Sul America SA unit 10,000 120,888 
The Travelers Companies, Inc. 517,900 62,049,599 
Willis Group Holdings PLC 88,500 16,748,625 
  373,760,303 
Mortgage Real Estate Investment Trusts - 0.2%   
AGNC Investment Corp. 438,600 7,473,744 
MFA Financial, Inc. 1,735,700 12,549,111 
Redwood Trust, Inc. 1,166,800 19,928,944 
  39,951,799 
Thrifts & Mortgage Finance - 0.1%   
ASAX Co. Ltd. 159,600 944,046 
Essent Group Ltd. 576,630 25,164,133 
Genworth Mortgage Insurance Ltd. 232,786 488,308 
MGIC Investment Corp. 806,200 9,698,586 
  36,295,073 
TOTAL FINANCIALS  2,041,820,939 
HEALTH CARE - 7.2%   
Biotechnology - 1.5%   
AbbVie, Inc. 452,300 38,766,633 
Acceleron Pharma, Inc. (a) 80,000 6,874,400 
Alexion Pharmaceuticals, Inc. (a) 217,700 20,470,331 
Alnylam Pharmaceuticals, Inc. (a) 55,000 6,471,300 
Amgen, Inc. 423,600 84,605,628 
Arcutis Biotherapeutics, Inc. (a) 100,000 2,657,500 
Argenx SE ADR (a) 55,500 7,846,590 
Ascendis Pharma A/S sponsored ADR (a) 70,000 9,126,600 
Aurinia Pharmaceuticals, Inc. (a) 759,200 13,286,000 
BeiGene Ltd. ADR (a)(b) 20,000 3,167,000 
BELLUS Health, Inc. (a) 260,000 2,280,200 
Biogen, Inc. (a) 50,000 15,419,500 
bluebird bio, Inc. (a) 9,862 713,318 
Blueprint Medicines Corp. (a) 383,598 20,764,160 
Cell Biotech Co. Ltd. 46,872 581,577 
FibroGen, Inc. (a) 100,000 4,180,000 
Gilead Sciences, Inc. 168,700 11,701,032 
Global Blood Therapeutics, Inc. (a) 351,130 22,458,275 
Innovent Biolgics, Inc. (a)(e) 700,000 3,196,921 
Intercept Pharmaceuticals, Inc. (a)(b) 89,700 8,247,018 
Neurocrine Biosciences, Inc. (a) 256,968 24,334,870 
Passage Bio, Inc. (a) 84,700 1,524,600 
Principia Biopharma, Inc. (a) 80,000 5,164,800 
Regeneron Pharmaceuticals, Inc. (a) 22,800 10,136,196 
Revolution Medicines, Inc. 70,000 2,188,900 
Sarepta Therapeutics, Inc. (a) 263,892 30,207,717 
Seattle Genetics, Inc. (a) 143,500 16,338,910 
Turning Point Therapeutics, Inc. 54,000 2,676,780 
Twist Bioscience Corp. (a) 70,000 2,143,400 
United Therapeutics Corp. (a) 51,200 5,271,552 
Vertex Pharmaceuticals, Inc. (a) 120,000 26,883,600 
Xencor, Inc. (a) 90,000 2,924,100 
Zymeworks, Inc. (a) 110,000 4,502,300 
  417,111,708 
Health Care Equipment & Supplies - 1.0%   
A&T Corp. 21,000 265,956 
Atricure, Inc. (a) 88,000 3,380,960 
Becton, Dickinson & Co. 137,900 32,795,378 
Boston Scientific Corp. (a) 1,697,921 63,485,266 
Danaher Corp. 69,000 9,976,020 
Dentsply Sirona, Inc. 420,000 20,680,800 
Fukuda Denshi Co. Ltd. 59,550 3,726,706 
Genmark Diagnostics, Inc. (a) 458,522 1,600,242 
Glaukos Corp. (a)(b) 289,200 12,719,016 
Hologic, Inc. (a) 524,600 24,719,152 
Insulet Corp. (a) 82,000 15,577,540 
Intuitive Surgical, Inc. (a) 45,000 24,028,200 
Masimo Corp. (a) 54,000 8,819,820 
Medtronic PLC 90,100 9,070,367 
Meridian Bioscience, Inc. 1,000 7,990 
Nanosonics Ltd. (a) 600,000 2,618,829 
Penumbra, Inc. (a) 70,000 11,610,200 
STERIS PLC 179,649 28,495,924 
Stryker Corp. 80,000 15,247,200 
ViewRay, Inc. (a)(b) 2,099,416 6,025,324 
  294,850,890 
Health Care Providers & Services - 2.3%   
1Life Healthcare, Inc. (a)(b) 140,000 3,026,800 
Anthem, Inc. 303,478 78,021,159 
Centene Corp. (a) 1,317,700 69,864,454 
Cigna Corp. 703,877 128,767,258 
CVS Health Corp. 1,361,712 80,586,116 
HCA Holdings, Inc. 120,000 15,241,200 
HealthEquity, Inc. (a) 69,000 4,898,310 
Humana, Inc. 126,700 40,503,456 
Laboratory Corp. of America Holdings (a) 55,000 9,662,950 
McKesson Corp. 195,490 27,341,231 
MEDNAX, Inc. (a) 70,000 1,196,300 
Molina Healthcare, Inc. (a) 48,000 5,882,400 
Patterson Companies, Inc. 49,100 1,168,089 
Quest Diagnostics, Inc. 3,700 392,422 
R1 RCM, Inc. (a) 902,700 11,085,156 
RadNet, Inc. (a) 819,500 16,742,385 
Tokai Corp. 107,400 2,318,072 
UnitedHealth Group, Inc. 665,600 169,701,376 
Universal Health Services, Inc. Class B 40,000 4,949,600 
  671,348,734 
Life Sciences Tools & Services - 0.2%   
10X Genomics, Inc. (a)(b) 28,000 2,231,600 
Accelerate Diagnostics, Inc. (a)(b) 673,100 8,622,411 
Bio-Rad Laboratories, Inc. Class A (a) 58,816 20,704,408 
Bruker Corp. 622,900 27,133,524 
ICON PLC (a) 4,400 686,664 
Lonza Group AG 16,000 6,384,604 
  65,763,211 
Pharmaceuticals - 2.2%   
Allergan PLC 233,700 44,559,579 
AstraZeneca PLC (United Kingdom) 390,000 34,228,324 
Bayer AG 563,682 40,994,366 
Bristol-Myers Squibb Co. 2,524,100 149,073,346 
Bristol-Myers Squibb Co. rights (a) 727,000 2,435,450 
Dawnrays Pharmaceutical Holdings Ltd. 6,848,000 1,159,636 
Dechra Pharmaceuticals PLC 100,000 3,433,742 
Eli Lilly & Co. 270,000 34,055,100 
Genomma Lab Internacional SA de CV (a) 1,700,000 1,720,469 
GlaxoSmithKline PLC sponsored ADR 1,060,258 42,972,257 
Johnson & Johnson 714,585 96,097,391 
Korea United Pharm, Inc. 37,112 488,291 
Mylan NV (a) 25,000 429,750 
MyoKardia, Inc. (a) 56,000 3,549,840 
Nektar Therapeutics (a) 160,000 3,329,600 
Nippon Chemiphar Co. Ltd. 10,400 222,058 
Reata Pharmaceuticals, Inc. (a) 86,100 16,767,975 
Recordati SpA 70,000 2,993,730 
Roche Holding AG (participation certificate) 266,866 85,806,429 
Sanofi SA 200,000 18,653,164 
Sanofi SA sponsored ADR 738,200 34,141,750 
Taro Pharmaceutical Industries Ltd.(a)(b) 9,500 639,635 
Theravance Biopharma, Inc. (a) 146,934 3,577,843 
  621,329,725 
TOTAL HEALTH CARE  2,070,404,268 
INDUSTRIALS - 4.9%   
Aerospace & Defense - 1.0%   
General Dynamics Corp. 242,323 38,696,560 
HEICO Corp. Class A 331,546 29,285,458 
Huntington Ingalls Industries, Inc. 134,800 27,705,444 
Lockheed Martin Corp. 167,600 61,990,212 
Teledyne Technologies, Inc. (a) 51,900 17,506,908 
The Boeing Co. 157,700 43,384,847 
United Technologies Corp. 592,469 77,370,527 
Vectrus, Inc. (a) 5,000 260,450 
  296,200,406 
Air Freight & Logistics - 0.3%   
Expeditors International of Washington, Inc. 189,300 13,330,506 
FedEx Corp. 99,330 14,022,416 
Onelogix Group Ltd. 488,862 76,882 
United Parcel Service, Inc. Class B (d) 466,206 42,186,981 
  69,616,785 
Airlines - 0.1%   
Alaska Air Group, Inc. 608,900 30,725,094 
Delta Air Lines, Inc. 88,000 4,059,440 
Hawaiian Holdings, Inc. 2,000 41,760 
  34,826,294 
Building Products - 0.3%   
Apogee Enterprises, Inc. 5,000 150,950 
Fortune Brands Home & Security, Inc. 913,429 56,404,241 
KVK Corp. 5,500 69,094 
Nihon Dengi Co. Ltd. 88,000 2,716,855 
Owens Corning 260,600 14,721,294 
  74,062,434 
Commercial Services & Supplies - 0.0%   
Nippon Kanzai Co. Ltd. 26,600 439,716 
VSE Corp. 1,000 29,450 
  469,166 
Construction & Engineering - 0.0%   
Arcadis NV 50,193 1,139,807 
Boustead Projs. Pte Ltd. 1,846,700 1,193,216 
Joban Kaihatsu Co. Ltd. 1,400 71,648 
Kawasaki Setsubi Kogyo Co. Ltd. 23,200 93,566 
Meisei Industrial Co. Ltd. 360,100 2,383,751 
Raiznext Corp. 381,700 4,306,776 
Seikitokyu Kogyo Co. Ltd. 64,600 485,129 
Watanabe Sato Co. Ltd. 4,100 75,074 
  9,748,967 
Electrical Equipment - 0.5%   
Acuity Brands, Inc. 139,300 14,328,398 
Aichi Electric Co. Ltd. (b) 58,100 1,459,772 
AMETEK, Inc. 482,200 41,469,200 
Eaton Corp. PLC 14,200 1,288,224 
Emerson Electric Co. 694,100 44,498,751 
Gerard Perrier Industrie SA 5,000 347,707 
Iwabuchi Corp. 1,600 94,196 
Regal Beloit Corp. 31,300 2,430,132 
Sunrun, Inc. (a) 176,500 3,413,510 
Terasaki Electric Co. Ltd. 33,600 310,580 
Vertiv Holdings LLC (f) 600,000 7,074,000 
Vestas Wind Systems A/S 168,100 16,218,346 
Vivint Solar, Inc. (a)(b) 1,961,563 22,047,968 
  154,980,784 
Industrial Conglomerates - 0.8%   
3M Co. 40,700 6,074,068 
Carlisle Companies, Inc. 200,220 29,089,964 
General Electric Co. 17,304,908 188,277,399 
Mytilineos SA 202,900 1,544,396 
Reunert Ltd. 56,900 206,876 
  225,192,703 
Machinery - 0.8%   
Conrad Industries, Inc. (a) 5,400 59,940 
Crane Co. 1,000 67,950 
Cummins, Inc. 5,900 892,611 
Flowserve Corp. 513,727 20,646,688 
Fortive Corp. 697,100 48,211,436 
Fukushima Industries Corp. 4,100 131,902 
Gardner Denver Holdings, Inc. 641,800 21,044,622 
Haitian International Holdings Ltd. 1,150,000 2,254,266 
Hy-Lok Corp. 14,316 169,285 
IDEX Corp. 205,427 30,403,196 
Koike Sanso Kogyo Co. Ltd. 2,200 43,853 
Nakanishi Manufacturing Co. Ltd. 20,000 173,002 
Nansin Co. Ltd. 32,900 157,088 
Oshkosh Corp. 196,400 14,170,260 
Sakura Rubber Co. Ltd. 17,500 902,095 
The Hanshin Diesel Works Ltd. 4,500 84,234 
Trane Technologies PLC 647,500 83,553,400 
Westinghouse Air Brake Co. 27,662 1,900,379 
Yamada Corp. 19,700 472,683 
  225,338,890 
Marine - 0.0%   
Japan Transcity Corp. 237,400 946,431 
Professional Services - 0.1%   
ABIST Co. Ltd. 24,400 484,561 
Bertrandt AG 15,400 722,330 
Career Design Center Co. Ltd. 22,100 204,076 
McMillan Shakespeare Ltd. 46,017 324,659 
RELX PLC (London Stock Exchange) 657,214 15,901,184 
SHL-JAPAN Ltd. 29,000 514,343 
  18,151,153 
Road & Rail - 0.7%   
Autohellas SA 51,600 375,339 
CSX Corp. 623,900 43,953,755 
Daqin Railway Co. Ltd. (A Shares) 2,500,041 2,531,524 
Landstar System, Inc. 221,520 22,366,874 
Lyft, Inc. (b) 506,800 19,319,216 
Meitetsu Transport Co. Ltd. 5,000 105,693 
NANSO Transport Co. Ltd. 43,900 451,780 
Nikkon Holdings Co. Ltd. 40,300 779,771 
Old Dominion Freight Lines, Inc. 155,973 30,227,567 
Schneider National, Inc. Class B 641,200 11,483,892 
STEF-TFE Group 3,667 301,661 
Tohbu Network Co. Ltd. 42,500 372,752 
Uber Technologies, Inc. 953,635 32,299,617 
Union Pacific Corp. 128,343 20,510,495 
Utoc Corp. 121,800 540,907 
  185,620,843 
Trading Companies & Distributors - 0.3%   
AerCap Holdings NV (a) 75,000 3,906,000 
Canox Corp. 69,421 585,695 
Daiichi Jitsugyo Co. Ltd. 5,900 182,426 
Green Cross Co. Ltd. 81,100 567,685 
HD Supply Holdings, Inc. (a) 826,480 31,422,770 
Howden Joinery Group PLC 26,900 222,481 
Itochu Corp. 1,620,000 36,970,425 
Kamei Corp. 194,100 1,776,161 
Mitani Shoji Co. Ltd. 47,900 2,589,069 
Mitsubishi Corp. 201,900 5,035,333 
MRC Global, Inc. (a) 639,610 5,564,607 
MSC Industrial Direct Co., Inc. Class A 5,000 309,100 
Narasaki Sangyo Co. Ltd. 9,600 154,689 
Nishikawa Keisoku Co. Ltd. 5,800 225,848 
Pla Matels Corp. 49,800 241,012 
Shinsho Corp. 77,000 1,556,991 
  91,310,292 
Transportation Infrastructure - 0.0%   
Isewan Terminal Service Co. Ltd. 169,800 1,227,925 
Qingdao Port International Co. Ltd. (H Shares) (e) 3,809,000 2,482,325 
  3,710,250 
TOTAL INDUSTRIALS  1,390,175,398 
INFORMATION TECHNOLOGY - 7.2%   
Communications Equipment - 0.2%   
Cisco Systems, Inc. 1,176,700 46,985,631 
CommScope Holding Co., Inc. (a) 248,500 2,735,985 
Ericsson (B Shares) sponsored ADR 402,058 3,232,546 
F5 Networks, Inc. (a) 35,000 4,198,250 
Juniper Networks, Inc. 41,100 872,142 
  58,024,554 
Electronic Equipment & Components - 0.4%   
Avnet, Inc. 460,300 14,122,004 
Cognex Corp. 308,800 13,753,952 
Daido Signal Co. Ltd. 98,300 477,556 
Elematec Corp. 98,400 839,310 
Flextronics International Ltd. (a) 1,594,589 17,715,884 
HAGIAWARA ELECTRIC Co. Ltd. 15,000 315,548 
II-VI, Inc. (a) 347,910 10,329,448 
Insight Enterprises, Inc. (a) 5,000 275,450 
Jabil, Inc. 212,867 6,822,387 
Kingboard Chemical Holdings Ltd. 311,000 821,886 
Makus, Inc. 587,111 1,694,069 
New Cosmos Electric Co. Ltd. 6,200 103,582 
PAX Global Technology Ltd. 4,204,000 2,087,169 
Redington India Ltd. 139,664 211,694 
Riken Kieki Co. Ltd. 46,800 862,151 
ScanSource, Inc. (a) 28,100 798,883 
TE Connectivity Ltd. 373,300 30,935,371 
Trimble, Inc. (a) 577,100 22,783,908 
  124,950,252 
IT Services - 1.2%   
Alliance Data Systems Corp. 70,100 6,020,188 
Amdocs Ltd. 403,500 25,723,125 
Avant Corp. 251,800 1,956,317 
Cielo SA 346,800 531,224 
Cognizant Technology Solutions Corp. Class A 425,600 25,931,808 
Data Applications Co. Ltd. 5,000 66,151 
DXC Technology Co. 153,972 3,712,265 
E-Credible Co. Ltd. 78,916 1,182,892 
Enea Data AB (a) 57,300 883,329 
Fastly, Inc. Class A (b) 162,517 3,217,837 
FDM Group Holdings PLC 5,000 55,243 
Fidelity National Information Services, Inc. 271,291 37,904,779 
Gartner, Inc. (a) 127,800 16,536,042 
Genpact Ltd. 216,030 8,308,514 
Global Payments, Inc. 47,234 8,689,639 
GoDaddy, Inc. (a) 437,105 30,588,608 
GreenSky, Inc. Class A (a)(b) 459,600 3,667,608 
IBM Corp. 57,000 7,418,550 
Korea Information & Communication Co. Ltd. (a) 18,423 106,623 
MasterCard, Inc. Class A 43,500 12,625,875 
MongoDB, Inc. Class A (a) 34,400 5,246,000 
PayPal Holdings, Inc. (a) 279,125 30,142,709 
Twilio, Inc. Class A (a) 367,342 41,377,403 
Visa, Inc. Class A 291,557 52,993,400 
WEX, Inc. (a) 97,900 18,330,796 
  343,216,925 
Semiconductors & Semiconductor Equipment - 1.0%   
Advanced Micro Devices, Inc. (a) 186,932 8,501,667 
Applied Materials, Inc. 401,070 23,310,188 
Lam Research Corp. 17,537 5,145,882 
Marvell Technology Group Ltd. 1,179,581 25,125,075 
Microchip Technology, Inc. 500 45,355 
Micron Technology, Inc. (a) 861,353 45,272,714 
Miraial Co. Ltd. 30,400 280,156 
NVIDIA Corp. 133,851 36,149,140 
NXP Semiconductors NV 333,291 37,891,854 
ON Semiconductor Corp. (a) 402,609 7,512,684 
Phison Electronics Corp. 44,000 472,655 
Qualcomm, Inc. 917,643 71,851,447 
Sanken Electric Co. Ltd. 65,800 1,559,898 
Skyworks Solutions, Inc. 169,845 17,015,072 
STMicroelectronics NV:   
(France) 180,500 4,981,758 
(NY Shares) unit (b) 155,884 4,271,222 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 141,500 7,618,360 
Xilinx, Inc. 9,300 776,457 
  297,781,584 
Software - 3.1%   
Adobe, Inc. (a) 93,401 32,234,553 
Autodesk, Inc. (a) 410,458 78,348,223 
Avaya Holdings Corp. (a) 47,800 619,488 
Blackbaud, Inc. 252,900 17,146,620 
Box, Inc. Class A (a) 1,031,200 17,272,600 
Citrix Systems, Inc. 143,100 14,795,109 
Cloudflare, Inc. (a)(b) 136,700 2,911,710 
Cyient Ltd. 126,206 738,648 
eBase Co. Ltd. 75,500 1,061,872 
Elastic NV (a) 358,137 26,451,999 
Encourage Technologies Co. Ltd. 5,000 34,211 
Envestnet, Inc. (a) 100 7,548 
HubSpot, Inc. (a) 160,795 28,854,663 
Instructure, Inc. (a) 246,900 12,038,844 
LivePerson, Inc. (a) 415,874 11,004,026 
Micro Focus International PLC sponsored ADR 12,029 115,478 
Microsoft Corp. 2,551,350 413,344,214 
Nortonlifelock, Inc. 1,247,908 23,747,689 
Nutanix, Inc. Class A (a) 35,800 853,472 
Oracle Corp. 523,069 25,870,993 
Parametric Technology Corp. (a) 260,700 19,695,885 
Pluralsight, Inc. (a) 777,900 13,869,957 
Proofpoint, Inc. (a) 163,220 17,407,413 
RealPage, Inc. (a) 400,200 25,652,820 
RingCentral, Inc. (a) 7,500 1,768,125 
Salesforce.com, Inc. (a) 240,952 41,058,221 
SAP SE sponsored ADR (b) 226,556 27,995,525 
Sinosoft Tech Group Ltd. 4,769,000 997,238 
SS&C Technologies Holdings, Inc. 68,639 3,809,465 
System Research Co. Ltd. 14,200 214,856 
Toho System Science Co. Ltd. (b) 11,200 82,448 
Workday, Inc. Class A (a) 50,620 8,769,915 
Workiva, Inc. (a) 23,300 995,842 
Yext, Inc. (a)(b) 261,333 3,961,808 
Zendesk, Inc. (a) 40,644 3,223,476 
Zuora, Inc. (a) 16,600 219,784 
  877,174,738 
Technology Hardware, Storage & Peripherals - 1.3%   
Apple, Inc. 1,152,953 315,171,232 
Dell Technologies, Inc. (a) 17,996 728,118 
Elecom Co. Ltd. 44,100 1,484,174 
HP, Inc. 697,100 14,492,709 
NetApp, Inc. 1,000 46,720 
Western Digital Corp. 431,984 24,001,031 
Xerox Holdings Corp. 193,100 6,217,820 
  362,141,804 
TOTAL INFORMATION TECHNOLOGY  2,063,289,857 
MATERIALS - 1.1%   
Chemicals - 0.3%   
Albemarle Corp. U.S. (b) 169,200 13,849,020 
Amyris, Inc. (a)(b) 2,121,578 6,757,226 
C. Uyemura & Co. Ltd. 62,700 3,935,463 
Cabot Corp. 7,400 276,612 
CF Industries Holdings, Inc. 444,010 16,366,209 
DuPont de Nemours, Inc. 83,000 3,560,700 
Innospec, Inc. 168,811 14,608,904 
Isamu Paint Co. Ltd. 2,600 78,222 
KPC Holdings Corp. 7,154 282,679 
Livent Corp. (a) 813,919 7,268,297 
NOF Corp. 18,300 587,887 
PPG Industries, Inc. 42,200 4,407,790 
Scientex Bhd 33,400 71,342 
Sherwin-Williams Co. 13,800 7,131,150 
Toho Acetylene Co. Ltd. 78,450 872,798 
Yara International ASA 44,900 1,648,480 
Yip's Chemical Holdings Ltd. 450,000 133,932 
  81,836,711 
Construction Materials - 0.1%   
Kunimine Industries Co. Ltd. 5,000 47,840 
Mitani Sekisan Co. Ltd. 14,700 485,866 
Summit Materials, Inc. (a) 1,727,600 33,757,304 
  34,291,010 
Containers & Packaging - 0.2%   
Crown Holdings, Inc. (a) 607,830 42,852,015 
Graphic Packaging Holding Co. 943,800 12,760,176 
Mayr-Melnhof Karton AG 8,500 1,119,646 
Packaging Corp. of America 5,000 453,100 
Silgan Holdings, Inc. 16,200 463,806 
  57,648,743 
Metals & Mining - 0.5%   
ArcelorMittal SA Class A unit (b) 86,200 1,232,660 
BHP Billiton Ltd. sponsored ADR (b) 225,200 9,753,412 
Chubu Steel Plate Co. Ltd. 151,600 948,730 
CI Resources Ltd. 136,202 88,729 
CK-SAN-ETSU Co. Ltd. 32,800 887,054 
Compania de Minas Buenaventura SA sponsored ADR 150,400 1,676,960 
First Quantum Minerals Ltd. 1,474,300 10,895,926 
Kaiser Aluminum Corp. 183,400 17,340,470 
Labrador Iron Ore Royalty Corp. 4,700 68,211 
Lundin Mining Corp. 2,398,700 12,241,457 
Mount Gibson Iron Ltd. 3,793,094 1,704,998 
Newmont Corp. 1,541,800 68,810,534 
Pacific Metals Co. Ltd. (b) 52,000 942,518 
Perenti Global Ltd. 2,027,719 1,783,293 
Rio Tinto PLC sponsored ADR 49,000 2,299,570 
Royal Gold, Inc. 188,700 18,203,889 
Teck Resources Ltd. Class B (sub. vtg.) 82,400 828,758 
  149,707,169 
TOTAL MATERIALS  323,483,633 
REAL ESTATE - 1.5%   
Equity Real Estate Investment Trusts (REITs) - 1.3%   
Alexandria Real Estate Equities, Inc. 64,800 9,841,824 
American Homes 4 Rent Class A 174,100 4,507,449 
American Tower Corp. 126,217 28,626,016 
Apartment Investment & Management Co. Class A 497,900 23,819,536 
CoreSite Realty Corp. 269,442 27,949,219 
Corporate Office Properties Trust (SBI) 198,000 5,017,320 
CubeSmart 159,600 4,831,092 
Digital Realty Trust, Inc. (b) 154,000 18,496,940 
Empire State Realty Trust, Inc. 1,238,526 14,490,754 
Equinix, Inc. (d) 36,400 20,849,920 
Equity Commonwealth 579,900 18,243,654 
Equity Lifestyle Properties, Inc. 65,300 4,461,949 
Front Yard Residential Corp. Class B 504,000 6,390,720 
Healthcare Trust of America, Inc. 880,360 27,414,410 
Lexington Corporate Properties Trust 63,000 653,310 
Medical Properties Trust, Inc. 1,308,730 27,653,465 
Omega Healthcare Investors, Inc. 74,700 2,958,120 
Outfront Media, Inc. 772,340 20,343,436 
Potlatch Corp. 61,393 2,255,579 
Prologis, Inc. 226,200 19,064,136 
Public Storage 42,500 8,887,600 
Sabra Health Care REIT, Inc. 1,247,400 24,386,670 
Simon Property Group, Inc. 177,400 21,834,392 
Store Capital Corp. 43,100 1,416,266 
Weingarten Realty Investors (SBI) 729,100 19,634,663 
Welltower, Inc. 116,200 8,694,084 
Weyerhaeuser Co. 203,000 5,273,940 
  377,996,464 
Real Estate Management & Development - 0.2%   
Arealink Co. Ltd. 25,000 184,730 
CBRE Group, Inc. (a) 717,100 40,257,994 
Cushman & Wakefield PLC (a) 339,800 6,180,962 
Howard Hughes Corp. (a) 142,400 15,362,112 
Nisshin Group Holdings Co. 64,700 272,333 
  62,258,131 
TOTAL REAL ESTATE  440,254,595 
UTILITIES - 1.4%   
Electric Utilities - 0.9%   
Duke Energy Corp. 150,300 13,782,510 
Edison International 207,000 13,908,330 
Entergy Corp. 96,200 11,246,742 
Evergy, Inc. 236,597 15,461,614 
Exelon Corp. 1,521,766 65,603,332 
NextEra Energy, Inc. 75,900 19,184,484 
OGE Energy Corp. 519,300 19,785,330 
PNM Resources, Inc. 411,200 19,359,296 
PPL Corp. 825,000 24,758,250 
Southern Co. 964,900 58,241,364 
  261,331,252 
Gas Utilities - 0.1%   
Atmos Energy Corp. 17,500 1,806,875 
Busan City Gas Co. Ltd. 54,716 1,496,778 
China Resource Gas Group Ltd. 648,000 3,233,765 
Enagas SA 50,598 1,312,899 
Hokuriku Gas Co. 6,200 171,181 
Keiyo Gas Co. Ltd. 3,000 83,219 
Seoul City Gas Co. Ltd. 11,774 681,422 
South Jersey Industries, Inc. 624,600 16,895,430 
YESCO Co. Ltd. 22,407 639,075 
  26,320,644 
Independent Power and Renewable Electricity Producers - 0.1%   
NextEra Energy Partners LP (b) 79,900 4,607,833 
NRG Energy, Inc. 428,300 14,223,843 
The AES Corp. 122,500 2,049,425 
Vistra Energy Corp. 204,200 3,926,766 
  24,807,867 
Multi-Utilities - 0.3%   
CenterPoint Energy, Inc. 198,900 4,578,678 
Dominion Energy, Inc. 309,557 24,201,166 
MDU Resources Group, Inc. 807,700 22,397,521 
Public Service Enterprise Group, Inc. 92,900 4,766,699 
Sempra Energy 110,200 15,403,756 
  71,347,820 
TOTAL UTILITIES  383,807,583 
TOTAL COMMON STOCKS   
(Cost $12,247,988,865)  12,449,549,659 
Preferred Stocks - 0.1%   
Convertible Preferred Stocks - 0.0%   
HEALTH CARE - 0.0%   
Health Care Equipment & Supplies - 0.0%   
Becton, Dickinson & Co. Series A, 6.125% 57,200 3,258,103 
Nonconvertible Preferred Stocks - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Technology Hardware, Storage & Peripherals - 0.1%   
Samsung Electronics Co. Ltd. 592,750 22,483,689 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Companhia Paranaense de Energia-Copel (PN-B) 36,200 580,492 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  23,064,181 
TOTAL PREFERRED STOCKS   
(Cost $29,285,495)  26,322,284 
Equity Funds - 55.1%   
Domestic Equity Funds - 4.4%   
Fidelity Magellan Fund (g) 129,731,169 1,266,176,214 
Large Blend Funds - 5.8%   
Fidelity SAI U.S. Large Cap Index Fund (g) 66,579,776 1,055,289,453 
Fidelity SAI U.S. Low Volatility Index Fund (g) 42,548,983 598,664,192 
TOTAL LARGE BLEND FUNDS  1,653,953,645 
Large Growth Funds - 33.3%   
Fidelity Contrafund (g) 154,132,769 2,016,056,613 
Fidelity Growth Company Fund (g) 121,053,000 2,539,691,941 
Fidelity SAI U.S. Momentum Index Fund (g) 120,435,059 1,621,055,900 
Fidelity SAI U.S. Quality Index Fund (g) 243,872,173 3,338,610,038 
TOTAL LARGE GROWTH FUNDS  9,515,414,492 
Large Value Funds - 9.2%   
Fidelity Large Cap Value Enhanced Index Fund (g) 153,528,542 1,859,230,641 
Fidelity SAI U.S. Value Index Fund (g) 82,778,781 767,359,301 
TOTAL LARGE VALUE FUNDS  2,626,589,942 
Small Blend Funds - 2.4%   
Fidelity Small Cap Index Fund (g) 37,720,377 703,107,824 
TOTAL EQUITY FUNDS   
(Cost $15,693,536,683)  15,765,242,117 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund 1.60% (h) 384,332,794 384,409,660 
Fidelity Securities Lending Cash Central Fund 1.60% (h)(i) 232,985,984 233,009,282 
TOTAL MONEY MARKET FUNDS   
(Cost $617,415,180)  617,418,942 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $28,588,226,223)  28,858,533,002 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (250,655,886) 
NET ASSETS - 100%  $28,607,877,116 

Written Options       
 Counterparty Number of Contracts Notional Amount Exercise Price Expiration Date Value 
Call Options       
Equinix, Inc. Chicago Board Options Exchange 58 $3,322,240 $700.00 6/19/20 $(36,830) 
Procter & Gamble Co. Chicago Board Options Exchange 252 2,853,396 125.00 3/20/20 (15,246) 
Procter & Gamble Co. Chicago Board Options Exchange 252 2,853,396 130.00 3/20/20 (4,662) 
United Parcel Service, Inc. Class B Chicago Board Options Exchange 353 3,194,297 130.00 4/17/20 (3,707) 
TOTAL WRITTEN OPTIONS      $(60,445) 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $12,223,329.

 (e) 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 $14,472,068 or 0.1% of net assets.

 (f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,074,000 or 0.0% of net assets.

 (g) Affiliated Fund

 (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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Vertiv Holdings LLC 2/6/20 $6,000,000 

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 Cash Central Fund 5,005,075 
Fidelity Securities Lending Cash Central Fund 1,585,625 
Total $6,590,700 

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 
Fid-
elity Contra-
fund 
$1,541,982,376 $383,510,669 $-- $83,510,669 $-- $90,563,568 $2,016,056,613 
Fid-
elity Gro-
wth Comp-
any Fund 
1,975,431,920 265,730,638 -- 95,730,638 -- 298,529,383 2,539,691,941 
Fid-
elity Large Cap Value Enhan-
ced Index Fund 
1,533,078,826 365,175,370 -- 65,175,369 -- (39,023,555) 1,859,230,641 
Fid-
elity Mage-
llan Fund 
-- 1,368,647,605 -- -- -- (102,471,391) 1,266,176,214 
Fid-
elity SAI U.S. Large Cap Index Fund 
-- 4,267,635,641 3,285,781,086 35,957,965 93,463,180 (20,028,282) 1,055,289,453 
Fid-
elity SAI U.S. Low Volat-
ility Index Fund 
563,638,676 23,676,101 -- 23,676,101 -- 11,349,415 598,664,192 
Fid-
elity SAI U.S. Mom-
ent-
um Index Fund 
1,466,830,954 84,847,630 -- 34,847,630 -- 69,377,316 1,621,055,900 
Fid-
elity SAI U.S. Quality Index Fund 
2,429,472,096 1,020,511,672 -- 395,511,681 -- (111,373,730) 3,338,610,038 
Fid-
elity SAI U.S. Value Index Fund 
550,613,983 218,177,713 -- 18,177,712 -- (1,432,395) 767,359,301 
Fid-
elity Small Cap Index Fund 
503,719,722 220,926,340 -- 20,926,341 -- (21,538,238) 703,107,824 
Fid-
elity Total Market Index Fund 
1,297,238,579 621,564,840 2,016,357,078 -- 85,174,780 12,378,879 -- 
 $11,862,007,132 $8,840,404,219 $5,302,138,164 $773,514,106 $178,637,960 $186,330,970 $15,765,242,117 

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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The 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. 

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 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.

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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