NPORT-EX 2 QTLY_2118_20200831.htm

Quarterly Holdings Report
for

Strategic Advisers® Value Fund

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

August 31, 2020







SUF-QTLY-1020
1.912901.110





Schedule of Investments August 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%   
 Shares Value 
COMMUNICATION SERVICES - 6.8%   
Diversified Telecommunication Services - 4.0%   
AT&T, Inc. 4,629,400 $138,002,414 
Verizon Communications, Inc. 3,332,090 197,492,974 
  335,495,388 
Entertainment - 0.2%   
Electronic Arts, Inc. (a) 120,400 16,792,188 
Interactive Media & Services - 0.4%   
Alphabet, Inc.:   
Class A (a) 8,769 14,289,349 
Class C (a) 4,573 7,473,105 
Twitter, Inc. (a) 247,000 10,023,260 
  31,785,714 
Media - 2.0%   
Charter Communications, Inc. Class A (a) 19,436 11,964,996 
Comcast Corp. Class A 2,433,477 109,044,104 
Discovery Communications, Inc.:   
Class A (a)(b) 63,100 1,392,302 
Class C (non-vtg.) (a) 301,246 6,015,883 
DISH Network Corp. Class A (a) 224,695 7,981,166 
Fox Corp. Class A 132,200 3,683,092 
Interpublic Group of Companies, Inc. 133,770 2,375,755 
Nexstar Broadcasting Group, Inc. Class A 91,251 8,761,009 
Omnicom Group, Inc. 89,719 4,852,901 
Tegna, Inc. 471,200 5,899,424 
ViacomCBS, Inc. Class B 458,687 12,774,433 
  174,745,065 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. 132,124 15,416,228 
TOTAL COMMUNICATION SERVICES  574,234,583 
CONSUMER DISCRETIONARY - 7.0%   
Auto Components - 0.6%   
BorgWarner, Inc. 391,316 15,883,516 
Cooper Tire & Rubber Co. 265,127 9,165,440 
Gentex Corp. 98,267 2,658,122 
Lear Corp. 173,755 19,795,907 
The Goodyear Tire & Rubber Co. 685,300 6,575,454 
  54,078,439 
Automobiles - 0.8%   
Ford Motor Co. 2,865,900 19,545,438 
General Motors Co. 1,186,424 35,153,743 
Harley-Davidson, Inc. 490,921 13,603,421 
  68,302,602 
Distributors - 0.2%   
Genuine Parts Co. 59,853 5,652,517 
LKQ Corp. (a) 229,176 7,274,046 
  12,926,563 
Hotels, Restaurants & Leisure - 0.4%   
Brinker International, Inc. 236,800 10,665,472 
Hyatt Hotels Corp. Class A 14,179 800,972 
Las Vegas Sands Corp. 129,438 6,563,801 
Royal Caribbean Cruises Ltd. 94,500 6,505,380 
Wyndham Destinations, Inc. 228,000 6,609,720 
Wyndham Hotels & Resorts, Inc. 35,658 1,867,053 
  33,012,398 
Household Durables - 1.5%   
D.R. Horton, Inc. 151,979 10,846,741 
Lennar Corp.:   
Class A 350,361 26,214,010 
Class B 6,200 367,660 
Mohawk Industries, Inc. (a) 90,520 8,357,712 
Newell Brands, Inc. 432,235 6,907,115 
PulteGroup, Inc. 615,307 27,436,539 
Sony Corp. sponsored ADR 179,000 14,076,560 
Toll Brothers, Inc. 19,200 810,624 
Whirlpool Corp. 174,522 31,016,050 
  126,033,011 
Internet & Direct Marketing Retail - 0.7%   
eBay, Inc. 841,000 46,069,980 
The Booking Holdings, Inc. (a) 4,739 9,053,623 
  55,123,603 
Leisure Products - 0.0%   
Brunswick Corp. 30,500 1,887,645 
Multiline Retail - 0.7%   
Big Lots, Inc. 160,800 7,581,720 
Dillard's, Inc. Class A (b) 109,300 3,301,953 
Kohl's Corp. 496,032 10,595,244 
Macy's, Inc. (b) 348,100 2,426,257 
Nordstrom, Inc. (b) 207,419 3,318,704 
Target Corp. 230,200 34,808,542 
  62,032,420 
Specialty Retail - 1.9%   
Advance Auto Parts, Inc. 27,500 4,298,525 
AutoZone, Inc. (a) 31,306 37,451,681 
Best Buy Co., Inc. 487,414 54,059,087 
Dick's Sporting Goods, Inc. 233,200 12,620,784 
Lowe's Companies, Inc. 35,321 5,817,015 
Murphy U.S.A., Inc. (a) 52,406 7,067,473 
Penske Automotive Group, Inc. 177,500 8,372,675 
Sleep Number Corp. (a) 162,100 7,780,800 
The Home Depot, Inc. 29,959 8,539,513 
The ODP Corp. 57,980 1,355,572 
TJX Companies, Inc. 86,505 4,739,609 
Williams-Sonoma, Inc. 59,653 5,235,147 
  157,337,881 
Textiles, Apparel & Luxury Goods - 0.2%   
Columbia Sportswear Co. 76,547 6,550,127 
Deckers Outdoor Corp. (a) 4,300 876,641 
Hanesbrands, Inc. 73,900 1,129,931 
Ralph Lauren Corp. 66,612 4,584,904 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 55,200 1,647,720 
Tapestry, Inc. 163,435 2,407,398 
  17,196,721 
TOTAL CONSUMER DISCRETIONARY  587,931,283 
CONSUMER STAPLES - 5.0%   
Beverages - 0.4%   
Coca-Cola European Partners PLC 101,142 4,163,005 
Keurig Dr. Pepper, Inc. 180,734 5,391,295 
Molson Coors Beverage Co. Class B 365,600 13,761,184 
The Coca-Cola Co. 226,000 11,193,780 
  34,509,264 
Food & Staples Retailing - 1.2%   
Kroger Co. 1,526,385 54,461,417 
Sysco Corp. 67,678 4,070,155 
Walgreens Boots Alliance, Inc. 1,094,123 41,598,556 
  100,130,128 
Food Products - 2.1%   
Archer Daniels Midland Co. 229,500 10,272,420 
Bunge Ltd. 21,300 971,706 
Conagra Brands, Inc. 719,100 27,584,676 
Ingredion, Inc. 201,900 16,240,836 
Kellogg Co. 140,559 9,967,039 
Pilgrim's Pride Corp. (a) 171,200 2,739,200 
Post Holdings, Inc. (a) 108,614 9,560,204 
The J.M. Smucker Co. 286,945 34,485,050 
The Kraft Heinz Co. 1,029,600 36,077,184 
Tyson Foods, Inc. Class A 519,012 32,593,954 
  180,492,269 
Household Products - 0.7%   
Energizer Holdings, Inc. 208,803 9,665,491 
Kimberly-Clark Corp. 91,202 14,388,028 
Procter & Gamble Co. 224,758 31,090,774 
  55,144,293 
Personal Products - 0.0%   
Coty, Inc. Class A 577,186 2,066,326 
Tobacco - 0.6%   
Philip Morris International, Inc. 641,349 51,173,237 
TOTAL CONSUMER STAPLES  423,515,517 
ENERGY - 3.5%   
Oil, Gas & Consumable Fuels - 3.5%   
Cabot Oil & Gas Corp. 825,108 15,652,299 
Cheniere Energy, Inc. (a) 38,500 2,003,925 
Chevron Corp. 900,367 75,567,802 
Concho Resources, Inc. 75,900 3,945,282 
ConocoPhillips Co. 897,938 34,022,871 
Diamondback Energy, Inc. 70,196 2,734,836 
EQT Corp. 343,383 5,449,488 
Equitrans Midstream Corp. 621,671 6,390,778 
Kinder Morgan, Inc. 1,456,406 20,127,531 
Marathon Petroleum Corp. 771,902 27,371,645 
Parsley Energy, Inc. Class A 274,815 2,954,261 
PBF Energy, Inc. Class A 387,600 3,317,856 
Phillips 66 Co. 632,694 36,993,618 
Pioneer Natural Resources Co. 106,000 11,016,580 
Royal Dutch Shell PLC Class A sponsored ADR (b) 74,178 2,201,603 
The Williams Companies, Inc. 717,709 14,899,639 
Valero Energy Corp. 514,328 27,048,510 
  291,698,524 
FINANCIALS - 21.6%   
Banks - 9.7%   
Bank of America Corp. 8,201,665 211,110,857 
BOK Financial Corp. 69,000 3,873,660 
CIT Group, Inc. 251,200 4,941,104 
Citigroup, Inc. 2,274,231 116,258,689 
Citizens Financial Group, Inc. 896,652 23,196,387 
Commerce Bancshares, Inc. 150,161 8,945,091 
Cullen/Frost Bankers, Inc. 85,168 5,915,769 
East West Bancorp, Inc. 190,600 7,010,268 
Fifth Third Bancorp 1,429,082 29,524,834 
First Republic Bank 29,548 3,336,265 
Huntington Bancshares, Inc. 392,068 3,689,360 
JPMorgan Chase & Co. 2,172,107 217,623,400 
KeyCorp 928,900 11,444,048 
M&T Bank Corp. 110,643 11,424,996 
Mitsubishi UFJ Financial Group, Inc. sponsored ADR 990,000 4,138,200 
PNC Financial Services Group, Inc. 556,723 61,907,598 
Regions Financial Corp. 2,173,800 25,129,128 
Signature Bank 21,465 2,082,749 
SVB Financial Group (a) 21,300 5,439,594 
Truist Financial Corp. 826,472 32,075,378 
U.S. Bancorp 256,687 9,343,407 
Wells Fargo & Co. 925,151 22,342,397 
  820,753,179 
Capital Markets - 4.1%   
Ameriprise Financial, Inc. 372,973 58,482,166 
Bank of New York Mellon Corp. 379,625 14,038,533 
BlackRock, Inc. Class A 63,977 38,014,494 
Charles Schwab Corp. 896,692 31,859,467 
Eaton Vance Corp. (non-vtg.) 45,900 1,882,818 
Goldman Sachs Group, Inc. 192,225 39,381,136 
Invesco Ltd. 150,865 1,538,823 
LPL Financial 33,335 2,738,804 
Morgan Stanley 1,451,851 75,873,733 
Northern Trust Corp. 185,954 15,227,773 
Raymond James Financial, Inc. 57,222 4,332,850 
SEI Investments Co. 59,652 3,123,379 
State Street Corp. 536,900 36,557,521 
T. Rowe Price Group, Inc. 170,806 23,777,903 
  346,829,400 
Consumer Finance - 1.5%   
American Express Co. 445,220 45,229,900 
Capital One Financial Corp. 831,903 57,426,264 
Credit Acceptance Corp. (a)(b) 7,787 3,012,012 
Discover Financial Services 340,900 18,094,972 
Navient Corp. 619,200 5,628,528 
  129,391,676 
Diversified Financial Services - 0.8%   
Berkshire Hathaway, Inc. Class B (a) 244,579 53,328,005 
Equitable Holdings, Inc. 191,800 4,064,242 
Jefferies Financial Group, Inc. 123,918 2,173,522 
Voya Financial, Inc. 61,007 3,166,873 
  62,732,642 
Insurance - 5.3%   
AFLAC, Inc. 672,083 24,410,055 
Alleghany Corp. 10,299 5,711,413 
Allstate Corp. 487,215 45,310,995 
American Financial Group, Inc. 97,800 6,537,930 
American International Group, Inc. 445,463 12,980,792 
Arch Capital Group Ltd. (a) 166,800 5,260,872 
Assurant, Inc. 24,700 3,002,532 
Assured Guaranty Ltd. 208,100 4,463,745 
Axis Capital Holdings Ltd. 163,800 7,823,088 
Chubb Ltd. 407,623 50,952,875 
Cincinnati Financial Corp. 11,979 951,252 
CNA Financial Corp. 39,000 1,254,630 
Everest Re Group Ltd. 102,607 22,581,749 
Fairfax Financial Holdings Ltd. 19,292 5,953,266 
First American Financial Corp. 43,000 2,260,510 
Globe Life, Inc. 97,482 8,040,315 
Hartford Financial Services Group, Inc. 455,977 18,444,270 
Kemper Corp. 10,000 776,600 
Lincoln National Corp. 531,900 19,174,995 
Loews Corp. 703,668 25,233,534 
Markel Corp. (a) 5,762 6,262,314 
Marsh & McLennan Companies, Inc. 103,066 11,843,314 
MetLife, Inc. 897,616 34,522,311 
Old Republic International Corp. 89,000 1,433,790 
Primerica, Inc. 15,700 1,960,145 
Principal Financial Group, Inc. 58,100 2,446,591 
Progressive Corp. 351,495 33,406,085 
Prudential Financial, Inc. 420,508 28,497,827 
RenaissanceRe Holdings Ltd. 16,452 3,022,890 
The Travelers Companies, Inc. 355,595 41,263,244 
Unum Group 383,000 7,077,840 
W.R. Berkley Corp. 63,415 3,934,901 
  446,796,670 
Mortgage Real Estate Investment Trusts - 0.1%   
Annaly Capital Management, Inc. 1,012,900 7,444,815 
Thrifts & Mortgage Finance - 0.1%   
New York Community Bancorp, Inc. 192,398 1,741,202 
Radian Group, Inc. 448,300 6,921,752 
  8,662,954 
TOTAL FINANCIALS  1,822,611,336 
HEALTH CARE - 16.1%   
Biotechnology - 3.5%   
AbbVie, Inc. 407,348 39,011,718 
Alexion Pharmaceuticals, Inc. (a) 293,400 33,512,148 
Amgen, Inc. 495,980 125,641,654 
Biogen, Inc. (a) 147,600 42,455,664 
Gilead Sciences, Inc. 824,868 55,059,939 
  295,681,123 
Health Care Equipment & Supplies - 0.9%   
Alcon, Inc. (a)(b) 164,000 9,403,760 
Danaher Corp. 107,000 22,092,290 
Hill-Rom Holdings, Inc. 92,800 8,703,712 
Medtronic PLC 300,800 32,326,976 
Zimmer Biomet Holdings, Inc. 23,297 3,282,081 
  75,808,819 
Health Care Providers & Services - 4.8%   
AmerisourceBergen Corp. 235,792 22,878,898 
Anthem, Inc. 146,673 41,291,383 
Cardinal Health, Inc. 381,300 19,354,788 
Cigna Corp. 222,776 39,513,779 
CVS Health Corp. 529,000 32,861,480 
DaVita HealthCare Partners, Inc. (a) 57,300 4,971,348 
HCA Holdings, Inc. 398,587 54,096,228 
Henry Schein, Inc. (a) 60,364 4,010,584 
Humana, Inc. 20,200 8,386,434 
Laboratory Corp. of America Holdings (a) 39,976 7,025,782 
McKesson Corp. 267,915 41,108,878 
Molina Healthcare, Inc. (a) 23,500 4,346,795 
Quest Diagnostics, Inc. 199,467 22,188,709 
UnitedHealth Group, Inc. 266,378 83,256,444 
Universal Health Services, Inc. Class B 137,900 15,217,265 
  400,508,795 
Life Sciences Tools & Services - 0.1%   
Avantor, Inc. (a) 153,523 3,465,014 
Bio-Rad Laboratories, Inc. Class A (a) 9,700 4,933,323 
  8,398,337 
Pharmaceuticals - 6.8%   
Bristol-Myers Squibb Co. 1,100,195 68,432,129 
Elanco Animal Health, Inc. (a) 344,000 9,996,640 
GlaxoSmithKline PLC sponsored ADR 123,836 4,903,906 
Jazz Pharmaceuticals PLC (a) 169,500 22,779,105 
Johnson & Johnson 860,466 132,004,089 
Merck & Co., Inc. 1,711,126 145,907,714 
Novartis AG sponsored ADR 223,884 19,267,457 
Perrigo Co. PLC 56,000 2,928,800 
Pfizer, Inc. 4,416,423 166,896,625 
  573,116,465 
TOTAL HEALTH CARE  1,353,513,539 
INDUSTRIALS - 11.1%   
Aerospace & Defense - 2.1%   
BWX Technologies, Inc. 20,200 1,123,322 
General Dynamics Corp. 231,090 34,513,292 
Howmet Aerospace, Inc. 165,230 2,894,830 
Huntington Ingalls Industries, Inc. 111,146 16,840,842 
Lockheed Martin Corp. 116,066 45,295,917 
Moog, Inc. Class A 100,300 6,047,087 
Northrop Grumman Corp. 79,850 27,357,409 
Raytheon Technologies Corp. 361,478 22,050,158 
Spirit AeroSystems Holdings, Inc. Class A 166,500 3,423,240 
Textron, Inc. 443,400 17,483,262 
Vectrus, Inc. (a) 37,733 1,637,990 
  178,667,349 
Air Freight & Logistics - 0.7%   
FedEx Corp. 59,700 13,124,448 
United Parcel Service, Inc. Class B 288,855 47,262,455 
  60,386,903 
Airlines - 0.4%   
Delta Air Lines, Inc. 430,000 13,265,500 
Southwest Airlines Co. 133,574 5,019,711 
United Airlines Holdings, Inc. (a) 319,300 11,494,800 
  29,780,011 
Building Products - 0.7%   
Allegion PLC 96,000 9,925,440 
Carrier Global Corp. 101,243 3,022,104 
Fortune Brands Home & Security, Inc. 56,560 4,755,565 
Johnson Controls International PLC 540,900 22,030,857 
Masco Corp. 117,136 6,829,029 
Owens Corning 145,340 9,830,798 
Trane Technologies PLC 37,708 4,464,250 
  60,858,043 
Commercial Services & Supplies - 0.1%   
Deluxe Corp. 166,100 4,717,240 
Construction & Engineering - 0.1%   
MasTec, Inc. (a) 170,900 7,897,289 
Quanta Services, Inc. 58,702 3,008,478 
  10,905,767 
Electrical Equipment - 0.6%   
AMETEK, Inc. 25,644 2,582,351 
Eaton Corp. PLC 282,140 28,806,494 
Emerson Electric Co. 243,400 16,908,998 
Hubbell, Inc. Class B 22,392 3,245,049 
Sensata Technologies, Inc. PLC (a) 65,493 2,727,129 
  54,270,021 
Industrial Conglomerates - 1.2%   
3M Co. 221,942 36,180,985 
Carlisle Companies, Inc. 71,151 9,317,223 
Honeywell International, Inc. 346,623 57,383,438 
  102,881,646 
Machinery - 4.0%   
AGCO Corp. 245,838 17,479,082 
Allison Transmission Holdings, Inc. 270,991 9,720,447 
Caterpillar, Inc. 280,283 39,887,074 
Crane Co. 108,490 6,134,025 
Cummins, Inc. 319,202 66,154,615 
Deere & Co. 175,766 36,921,406 
Dover Corp. 239,084 26,260,987 
Illinois Tool Works, Inc. 33,364 6,591,058 
ITT, Inc. 140,168 8,803,952 
Lincoln Electric Holdings, Inc. 22,000 2,127,620 
Middleby Corp. (a) 63,107 6,178,175 
Oshkosh Corp. 389,223 29,974,063 
Otis Worldwide Corp. 103,147 6,487,946 
PACCAR, Inc. 142,549 12,236,406 
Parker Hannifin Corp. 107,970 22,242,900 
Pentair PLC 66,719 3,011,696 
Snap-On, Inc. 22,594 3,350,012 
Timken Co. 197,300 10,691,687 
Trinity Industries, Inc. (b) 447,800 9,166,466 
Xylem, Inc. 129,000 10,343,220 
  333,762,837 
Professional Services - 0.1%   
Manpower, Inc. 24,300 1,781,433 
Robert Half International, Inc. 47,578 2,531,150 
  4,312,583 
Road & Rail - 0.7%   
AMERCO 8,039 2,852,961 
CSX Corp. 320,500 24,505,430 
Kansas City Southern 32,961 6,000,220 
Knight-Swift Transportation Holdings, Inc. Class A 70,320 3,196,747 
Norfolk Southern Corp. 98,841 21,006,678 
Union Pacific Corp. 24,896 4,790,986 
  62,353,022 
Trading Companies & Distributors - 0.4%   
HD Supply Holdings, Inc. (a) 384,250 15,239,355 
United Rentals, Inc. (a) 54,530 9,654,537 
W.W. Grainger, Inc. 22,179 8,104,872 
  32,998,764 
TOTAL INDUSTRIALS  935,894,186 
INFORMATION TECHNOLOGY - 11.9%   
Communications Equipment - 1.5%   
Cisco Systems, Inc. 2,763,468 116,673,619 
CommScope Holding Co., Inc. (a) 629,068 6,479,400 
Juniper Networks, Inc. 136,219 3,405,475 
  126,558,494 
Electronic Equipment & Components - 0.5%   
Arrow Electronics, Inc. (a) 221,026 17,363,803 
CDW Corp. 21,800 2,477,570 
Corning, Inc. 293,700 9,533,502 
Jabil, Inc. 58,700 2,004,605 
Vishay Intertechnology, Inc. 507,400 8,113,326 
  39,492,806 
IT Services - 1.4%   
Amdocs Ltd. 158,620 9,712,303 
Cognizant Technology Solutions Corp. Class A 215,300 14,394,958 
CSG Systems International, Inc. 185,800 7,909,506 
DXC Technology Co. 162,100 3,238,758 
IBM Corp. 539,260 66,496,151 
Leidos Holdings, Inc. 30,100 2,723,749 
PayPal Holdings, Inc. (a) 56,516 11,537,176 
The Western Union Co. 163,446 3,855,691 
  119,868,292 
Semiconductors & Semiconductor Equipment - 5.2%   
Analog Devices, Inc. 94,749 11,074,263 
Applied Materials, Inc. 925,484 57,009,814 
Broadcom, Inc. 164,000 56,932,600 
Cirrus Logic, Inc. (a) 85,700 5,192,563 
Intel Corp. 3,074,911 156,666,715 
KLA-Tencor Corp. 52,005 10,668,306 
Lam Research Corp. 135,843 45,689,435 
Microchip Technology, Inc. 133,000 14,590,100 
Micron Technology, Inc. (a) 617,163 28,087,088 
NXP Semiconductors NV 57,157 7,188,064 
ON Semiconductor Corp. (a) 209,042 4,467,228 
Qorvo, Inc. (a) 77,072 9,886,025 
Qualcomm, Inc. 115,848 13,797,497 
Skyworks Solutions, Inc. 39,400 5,707,090 
Texas Instruments, Inc. 101,065 14,366,390 
  441,323,178 
Software - 2.3%   
Adobe, Inc. (a) 43,821 22,497,263 
ANSYS, Inc. (a) 57,000 19,323,570 
CDK Global, Inc. 48,311 2,252,259 
Microsoft Corp. 170,007 38,341,679 
Oracle Corp. 1,892,500 108,288,850 
SS&C Technologies Holdings, Inc. 83,455 5,317,753 
  196,021,374 
Technology Hardware, Storage & Peripherals - 1.0%   
Hewlett Packard Enterprise Co. 1,230,200 11,896,034 
HP, Inc. 1,909,200 37,324,860 
NCR Corp. (a) 236,200 4,827,928 
NetApp, Inc. 88,000 4,170,320 
Seagate Technology LLC 343,000 16,460,570 
Western Digital Corp. 64,091 2,462,376 
Xerox Holdings Corp. 282,500 5,327,950 
  82,470,038 
TOTAL INFORMATION TECHNOLOGY  1,005,734,182 
MATERIALS - 4.4%   
Chemicals - 2.3%   
Albemarle Corp. U.S. 43,700 3,977,137 
Cabot Corp. 215,400 7,971,954 
Celanese Corp. Class A 262,839 26,586,165 
Corteva, Inc. 503,200 14,366,360 
DuPont de Nemours, Inc. 148,598 8,285,824 
Eastman Chemical Co. 399,867 29,234,276 
FMC Corp. 90,388 9,658,862 
Huntsman Corp. 826,700 17,873,254 
Ingevity Corp. (a) 136,575 7,671,418 
LyondellBasell Industries NV Class A 539,031 35,295,750 
PPG Industries, Inc. 117,016 14,088,726 
RPM International, Inc. 136,000 11,528,720 
The Chemours Co. LLC 279,700 5,778,602 
The Mosaic Co. 57,800 1,053,694 
  193,370,742 
Construction Materials - 0.3%   
CRH PLC sponsored ADR 97,745 3,626,340 
Martin Marietta Materials, Inc. 102,764 20,847,733 
  24,474,073 
Containers & Packaging - 1.1%   
Amcor PLC 240,100 2,655,506 
Avery Dennison Corp. 32,156 3,710,481 
Ball Corp. 97,963 7,873,286 
Berry Global Group, Inc. (a) 226,823 11,690,457 
Crown Holdings, Inc. (a) 55,800 4,288,230 
Graphic Packaging Holding Co. 532,730 7,447,565 
International Paper Co. 396,735 14,389,578 
Packaging Corp. of America 128,969 13,056,822 
Sealed Air Corp. 61,900 2,432,670 
Sonoco Products Co. 32,556 1,726,445 
WestRock Co. 604,402 18,331,513 
  87,602,553 
Metals & Mining - 0.6%   
Barrick Gold Corp. 322,924 9,574,697 
Freeport-McMoRan, Inc. 577,700 9,017,897 
Kinross Gold Corp. (a) 306,167 2,718,763 
Newmont Corp. 63,953 4,302,758 
Nucor Corp. 124,803 5,673,544 
Reliance Steel & Aluminum Co. 100,964 10,588,095 
Steel Dynamics, Inc. 88,800 2,621,376 
Yamana Gold, Inc. 843,281 5,223,836 
  49,720,966 
Paper & Forest Products - 0.1%   
Domtar Corp. 211,100 6,020,572 
Schweitzer-Mauduit International, Inc. 165,200 5,010,516 
  11,031,088 
TOTAL MATERIALS  366,199,422 
REAL ESTATE - 1.9%   
Equity Real Estate Investment Trusts (REITs) - 1.7%   
American Homes 4 Rent Class A 262,545 7,519,289 
Boston Properties, Inc. 30,780 2,673,859 
Brandywine Realty Trust (SBI) 614,800 6,842,724 
Brixmor Property Group, Inc. 434,789 5,130,510 
EastGroup Properties, Inc. 33,566 4,469,649 
Equity Lifestyle Properties, Inc. 84,600 5,608,134 
Federal Realty Investment Trust (SBI) 66,091 5,237,051 
Hospitality Properties Trust (SBI) 461,800 3,791,378 
Kimco Realty Corp. 380,681 4,564,365 
Lexington Corporate Properties Trust 666,800 7,581,516 
Mid-America Apartment Communities, Inc. 77,919 9,125,873 
Omega Healthcare Investors, Inc. 356,200 11,031,514 
Outfront Media, Inc. 196,602 3,328,472 
Paramount Group, Inc. 715,000 5,291,000 
Park Hotels & Resorts, Inc. 332,200 3,152,578 
Piedmont Office Realty Trust, Inc. Class A 655,900 10,041,829 
Public Storage 53,978 11,464,927 
Rayonier, Inc. 292,715 8,570,695 
Sun Communities, Inc. 38,000 5,665,040 
VEREIT, Inc. 2,035,200 13,676,544 
Weyerhaeuser Co. 262,006 7,941,402 
  142,708,349 
Real Estate Management & Development - 0.2%   
CBRE Group, Inc. (a) 324,057 15,240,401 
TOTAL REAL ESTATE  157,948,750 
UTILITIES - 2.4%   
Electric Utilities - 1.7%   
American Electric Power Co., Inc. 405,657 31,977,941 
Duke Energy Corp. 81,863 6,576,873 
Edison International 211,275 11,087,712 
Entergy Corp. 56,844 5,635,514 
Evergy, Inc. 93,800 4,992,036 
Exelon Corp. 657,000 24,249,870 
FirstEnergy Corp. 107,806 3,082,174 
NextEra Energy, Inc. 57,974 16,184,602 
NRG Energy, Inc. 630,900 21,709,269 
OGE Energy Corp. 79,636 2,537,203 
Pinnacle West Capital Corp. 68,575 5,029,976 
Xcel Energy, Inc. 219,323 15,237,465 
  148,300,635 
Independent Power and Renewable Electricity Producers - 0.3%   
The AES Corp. 256,569 4,554,100 
Vistra Corp. 988,741 19,013,489 
  23,567,589 
Multi-Utilities - 0.4%   
CenterPoint Energy, Inc. 233,739 4,691,142 
Public Service Enterprise Group, Inc. 560,128 29,261,087 
  33,952,229 
TOTAL UTILITIES  205,820,453 
TOTAL COMMON STOCKS   
(Cost $5,939,992,482)  7,725,101,775 
Equity Funds - 6.9%   
Large Blend Funds - 5.3%   
Fidelity SAI U.S. Large Cap Index Fund (c) 5,240,879 99,314,652 
Fidelity SAI U.S. Low Volatility Index Fund (c) 21,983,490 346,239,952 
TOTAL LARGE BLEND FUNDS  445,554,604 
Large Value Funds - 1.6%   
Fidelity SAI U.S. Value Index Fund (c) 14,402,703 131,928,763 
TOTAL EQUITY FUNDS   
(Cost $467,921,550)  577,483,367 
Money Market Funds - 1.6%   
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e) 32,867,989 32,871,276 
State Street Institutional U.S. Government Money Market Fund Premier Class .04% (f) 102,615,201 102,615,201 
TOTAL MONEY MARKET FUNDS   
(Cost $135,486,477)  135,486,477 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $6,543,400,509)  8,438,071,619 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (13,811,644) 
NET ASSETS - 100%  $8,424,259,975 

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 $101,173 
Total $101,173 

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 $531,799,524 $188,165,805 $665,876,407 $-- $65,449,000 $(20,223,270) $99,314,652 
Fidelity SAI U.S. Low Volatility Index Fund 489,689,898 -- 174,437,074 -- 26,891,508 4,095,620 346,239,952 
Fidelity SAI U.S. Value Index Fund 51,830,133 125,000,001 44,953,306 -- (2,318,758) 2,370,693 131,928,763 
Total $1,073,319,555 $313,165,806 $885,266,787 $-- $90,021,750 $(13,756,957) $577,483,367 

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. 

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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