0001752724-21-004724.txt : 20210120 0001752724-21-004724.hdr.sgml : 20210120 20210120140604 ACCESSION NUMBER: 0001752724-21-004724 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201130 FILED AS OF DATE: 20210120 PERIOD START: 20210228 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: 21538392 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 S000029153 Strategic Advisers Fidelity International Fund C000089635 Strategic Advisers Fidelity International Fund FUSIX NPORT-P 1 primary_doc.xml NPORT-P false 0001364924 XXXXXXXX S000029153 C000089635 Fidelity Rutland Square Trust II 811-21991 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RETAIL S.A. 213800UK7ZRLY2K1X530 B and M EUROPEAN VALUE RETAIL S.A. N/A 916570.00000000 NS 5795135.35000000 0.039544965602 Long EC CORP LU N 2 N N N CHICAGO MERCANTILE EXCH INC SNZ2OJLFK8MNNCLQOF39 NIKKEI 225 (CME) FUT DEC20 NXZ0 N/A 250.00000000 NC USD 4118062.47000000 0.028100920667 N/A DE CORP US N 1 CHICAGO MERCANTILE EXCH INC SNZ2OJLFK8MNNCLQOF39 Long NIKKEI 225 INDX EI09NKY 2020-12-10 28775687.53000000 USD 4118062.47000000 N N N DEUTSCHE POST AG 8ER8GIG7CSMVD8VUFE78 DEUTSCHE POST AG N/A 242522.00000000 NS 11698840.24000000 0.079830790299 Long EC CORP DE N 2 N N N UNITED OVERSEAS BANK LTD IO66REGK3RCBAMA8HR66 UNITED OVERSEAS BANK (LOC) N/A 322503.00000000 NS 5412923.63000000 0.036936821287 Long EC CORP SG N 1 N N N UST BILLS N/A UST BILLS 0% 01/21/2021 9127963V9 1960000.00000000 PA USD 1959791.75000000 0.013373267863 Long DBT UST US N 2 2021-01-21 Fixed 0.00000000 N N N N N N TIS INC NEW 35380064HYEZXBQHDF07 TIS INC N/A 131700.00000000 NS 2615497.95000000 0.017847689522 Long EC CORP JP N 2 N N N Fidelity Advisor Series VIII 7NCVLVDHSF9IBHF3E783 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JAPAN FUND/UNITED STATESI 31618H614 21432311.50100000 NS USD 419216012.96000000 2.860654982405 Long EC RF US N 1 N N N HITACHI LTD 549300T6IPOCDWLKC615 HITACHI LTD N/A 232800.00000000 NS 8835639.21000000 0.060292819328 Long EC CORP JP N 2 N N N PERNOD RICARD SA 52990097YFPX9J0H5D87 PERNOD-RICARD N/A 59878.00000000 NS 11441771.02000000 0.078076595988 Long EC CORP FR N 2 N N N DIAGEO PLC 213800ZVIELEA55JMJ32 DIAGEO PLC N/A 334170.00000000 NS 12864207.50000000 0.087783047741 Long EC CORP GB N 2 N N N ORIX CORP 35380016EMHNBOVYE123 ORIX CORP N/A 762700.00000000 NS 11289008.90000000 0.077034174644 Long EC CORP JP N 2 N N N VOLVO AB 549300HGV012CNC8JD22 VOLVO AB SER B 928856301 247156.00000000 NS 5629379.18000000 0.038413875189 Long EC CORP SE N 2 N N N JDE PEETS BV 724500EHG519SE5ZRT89 JDE PEETS BV N/A 57660.00000000 NS 2226905.12000000 0.015196001655 Long EC CORP NL N 2 N N N NATIONAL AUSTRALIA BANK LTD F8SB4JFBSYQFRQEH3Z21 NATIONAL AUSTRALIA BANK LTD N/A 971605.00000000 NS 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0.041244098844 Long EC CORP SE N 2 N N N FORTESCUE METALS GROUP LTD 529900VEJFORCO6I4826 FORTESCUE METALS GROUP LTD N/A 424155.00000000 NS 5675928.32000000 0.038731518182 Long EC CORP AU N 1 N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Pacific Basin Fund 316343201 4884670.83200000 NS USD 211213166.78000000 1.441280817573 Long EC RF US N 1 N N N AMUNDI SA 96950010FL2T1TJKR531 AMUNDI SA N/A 45817.00000000 NS 3643930.59000000 0.024865529644 Long EC CORP FR N 2 N N N INTESA SANPAOLO SPA 2W8N8UU78PMDQKZENC08 INTESA SANPAOLO SPA N/A 3370700.00000000 NS 7808111.36000000 0.053281153330 Long EC CORP IT N 2 N N N SHIN ETSU CHEM CO LTD 353800PX8Q64N86H5W41 SHIN-ETSU CHEMICAL CO LTD N/A 75500.00000000 NS 12368875.03000000 0.084402987690 Long EC CORP JP N 2 N N N OLYMPUS CORP 5299000Y52IFDI1I2A21 OLYMPUS CORP N/A 124900.00000000 NS 2696028.36000000 0.018397214615 Long EC CORP JP N 2 N N N ASML HOLDING NV 724500Y6DUVHQD6OXN27 ASML HOLDING NV N/A 24021.00000000 NS 10436739.17000000 0.071218438665 Long EC CORP NL N 2 N N N AENA SME SA 959800R7QMXKF0NFMT29 AENA SME SA N/A 46400.00000000 NS 7558932.75000000 0.051580803128 Long EC CORP ES N 2 N N N LLOYDS BANKING GROUP PLC 549300PPXHEU2JF0AM85 LLOYDS BANKING GROUP PLC N/A 11659159.00000000 NS 5475320.83000000 0.037362608603 Long EC CORP GB N 2 N N N SOFTBANK GROUP CORP 5493003BZYYYCDIO0R13 SOFTBANK GROUP CORP N/A 199300.00000000 NS 13735025.17000000 0.093725351540 Long EC CORP JP N 2 N N N DAIMLER AG 529900R27DL06UVNT076 DAIMLER AG N/A 128765.00000000 NS 8620985.81000000 0.058828062975 Long EC CORP DE N 2 N N N NATIONAL STORAGE REIT N/A NATIONAL STORAGE REIT STAPLED N/A 2966515.00000000 NS 4170047.20000000 0.028455655153 Long EC CORP AU N 1 N N N COMPASS GROUP PLC 2138008M6MH9OZ6U2T68 COMPASS GROUP PLC N/A 270020.00000000 NS 4751182.60000000 0.032421219029 Long EC CORP GB N 2 N N N NESTLE SA KY37LUS27QQX7BB93L28 NESTLE SA (REG) N/A 308845.00000000 NS 34595123.15000000 0.236070923692 Long EC CORP CH N 2 N N N RENESAS ELECTRONICS CORP 5299000EPC47VJQOFB81 RENESAS ELECTRONICS CORP N/A 270900.00000000 NS 2400610.81000000 0.016381338169 Long EC CORP JP N 2 N N N VINCI S A 213800WFQ334R8UXUG83 VINCI SA N/A 110030.00000000 NS 11178749.12000000 0.076281781655 Long EC CORP FR N 2 N N N TSURUHA HOLDINGS INC N/A TSURUHA HOLDINGS INC N/A 27300.00000000 NS 4003423.67000000 0.027318646030 Long EC CORP JP N 2 N N N REXEL SA 969500N6AVPA51648T62 REXEL SA N/A 500368.00000000 NS 6766628.57000000 0.046174261322 Long EC CORP FR N 2 N N N ISHARES TRUST 549300G3FWQPUM47D181 iShares MSCI EAFE Small-Cap ETF 464288273 3317080.00000000 NS USD 213354585.60000000 1.455893476029 Long EC RF US N 1 N N TALANX AG 5299006ZIILJ6VJVSJ32 TALANX AKTIENGESELLSCHAFT N/A 108512.00000000 NS 3976597.18000000 0.027135586867 Long EC CORP DE N 2 N N N SANOFI 549300E9PC51EN656011 SANOFI N/A 220394.00000000 NS 22215457.59000000 0.151594303358 Long EC CORP FR N 2 N N N TOKIO MARINE HOLDINGS INC 5299009QN2NZ191KLS29 TOKIO MARINE HOLDINGS INC N/A 202600.00000000 NS 10032256.92000000 0.068458324242 Long EC CORP JP N 2 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 Fidelity SAI International Low Volatility Index Fund 31635V877 98940227.30600000 NS USD 1048766409.44000000 7.156594122825 Long EC RF US N 1 N N N NN GROUP NV 724500OHYNDT9OY6Q215 NN GROUP NV N/A 177672.00000000 NS 7180599.33000000 0.048999123637 Long EC CORP NL N 2 N N N ASM PACIFIC TECHNOLOGY LTD 529900PYFA1HFYKPT360 ASM PACIFIC TECHNOLOGY LTD N/A 528300.00000000 NS 6596814.34000000 0.045015479433 Long EC CORP KY N 2 N N N SECURITAS AB 635400TTYKE8EIWDS617 SECURITAS AB SER B N/A 412787.00000000 NS 6790988.56000000 0.046340489530 Long EC CORP SE N 2 N N N NIBE INDUSTRIER AB 549300ZQH0FIF1P0MX67 NIBE INDUSTRIER AB B SHS N/A 118736.00000000 NS 3349177.40000000 0.022854186672 Long EC CORP SE N 2 N N N NOF CORP N/A NOF CORP N/A 99800.00000000 NS 4416428.49000000 0.030136916944 Long EC CORP JP N 2 N N N UNICHARM CORP 353800UQ4BZIJTAQEG85 UNICHARM CORP N/A 115800.00000000 NS 5624831.58000000 0.038382843181 Long EC CORP JP N 2 N N N TECHTRONIC INDUSTRIES CO LTD 549300HZW2SBE758OK89 TECHTRONIC INDUSTRIES CO LTD N/A 423000.00000000 NS 5399998.66000000 0.036848623607 Long EC CORP HK N 2 N N N RENTOKIL INITIAL PLC 549300VN4WV7Z6T14K68 RENTOKIL INITIAL PLC N/A 619023.00000000 NS 4098435.36000000 0.027966988784 Long EC CORP GB N 2 N N N EQT AB 213800U7P9GOIRKCTB34 EQT AB N/A 198689.00000000 NS 4436318.99000000 0.030272646153 Long EC CORP SE N 2 N N N UST BILLS N/A UST BILLS 0% 12/03/2020 912796TU3 6230000.00000000 PA USD 6229983.55000000 0.042512291829 Long DBT UST US N 2 2020-12-03 Fixed 0.00000000 N N N N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Overseas Fund 316343102 30893484.56900000 NS USD 1759692881.05000000 12.00782902383 Long EC RF US N 1 N N N M and G PLC 254900TWUJUQ44TQJY84 M and G PLC N/A 2804935.00000000 NS 6959698.09000000 0.047491733144 Long EC CORP GB N 2 N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Japan Smaller Companies Fund 315910760 2607622.43400000 NS USD 45529087.70000000 0.310682339287 Long EC RF US N 1 N N N SWISS RE AG 529900PS9YW3YY29F326 SWISS RE LTD N/A 39021.00000000 NS 3565182.95000000 0.024328169854 Long EC CORP CH N 2 N N N 2020-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_1848_20201130.htm

Quarterly Holdings Report
for

Strategic Advisers® Fidelity® International Fund

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

November 30, 2020







SIL-QTLY-0121
1.912843.110





Schedule of Investments November 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 9.5%   
 Shares Value 
COMMUNICATION SERVICES - 0.4%   
Diversified Telecommunication Services - 0.2%   
Cellnex Telecom SA (a) 150,001 $9,502,037 
Deutsche Telekom AG 662,227 11,955,567 
HKT Trust/HKT Ltd. unit 4,900,000 6,404,350 
  27,861,954 
Interactive Media & Services - 0.0%   
Z Holdings Corp. 684,500 4,316,491 
Media - 0.1%   
Informa PLC 596,611 4,179,140 
Schibsted ASA (A Shares) 142,040 5,798,213 
  9,977,353 
Wireless Telecommunication Services - 0.1%   
SoftBank Group Corp. 199,300 13,735,025 
Vodafone Group PLC 4,795,018 7,823,739 
  21,558,764 
TOTAL COMMUNICATION SERVICES  63,714,562 
CONSUMER DISCRETIONARY - 1.2%   
Automobiles - 0.3%   
Daimler AG (Germany) 128,765 8,620,986 
Isuzu Motors Ltd. 995,200 9,673,666 
Suzuki Motor Corp. 72,800 3,904,125 
Toyota Motor Corp. 249,800 16,859,088 
  39,057,865 
Hotels, Restaurants & Leisure - 0.1%   
Aristocrat Leisure Ltd. 248,112 5,838,979 
Compass Group PLC 270,020 4,751,183 
Sands China Ltd. 1,768,800 7,229,316 
Wynn Macau Ltd. (b) 1,529,200 2,605,948 
  20,425,426 
Household Durables - 0.2%   
Panasonic Corp. 350,200 3,714,061 
Sony Corp. 247,500 23,063,405 
  26,777,466 
Internet & Direct Marketing Retail - 0.1%   
Delivery Hero AG (a)(b) 44,880 5,456,834 
Ocado Group PLC (b) 105,294 3,095,772 
THG Holdings Ltd. 519,914 4,340,926 
Zozo, Inc. 165,000 4,111,910 
  17,005,442 
Leisure Products - 0.0%   
Bandai Namco Holdings, Inc. 59,300 5,396,784 
Multiline Retail - 0.1%   
B&M European Value Retail SA 916,570 5,795,135 
Ryohin Keikaku Co. Ltd. 149,200 3,061,832 
  8,856,967 
Specialty Retail - 0.1%   
Fast Retailing Co. Ltd. 8,100 6,636,820 
John David Group PLC 184,597 1,894,247 
Nitori Holdings Co. Ltd. 15,400 3,274,299 
  11,805,366 
Textiles, Apparel & Luxury Goods - 0.3%   
adidas AG 21,610 6,896,694 
Asics Corp. 322,800 5,801,456 
Hermes International SCA 5,817 5,659,691 
LVMH Moet Hennessy Louis Vuitton SE (c) 40,984 23,541,037 
Moncler SpA 62,391 3,076,703 
  44,975,581 
TOTAL CONSUMER DISCRETIONARY  174,300,897 
CONSUMER STAPLES - 1.0%   
Beverages - 0.3%   
Anheuser-Busch InBev SA NV 53,452 3,563,299 
Asahi Group Holdings 177,200 6,808,920 
Diageo PLC 334,170 12,864,208 
Heineken NV (Bearer) 75,371 7,945,941 
Pernod Ricard SA 59,878 11,441,771 
  42,624,139 
Food & Staples Retailing - 0.1%   
Seven & i Holdings Co. Ltd. 241,900 7,629,064 
Tesco PLC 2,804,467 8,441,230 
Tsuruha Holdings, Inc. 27,300 4,003,424 
  20,073,718 
Food Products - 0.3%   
Barry Callebaut AG 2,161 4,656,498 
JDE Peet's BV 24,060 929,229 
Kerry Group PLC Class A 40,165 5,631,861 
Nestle SA (Reg. S) 308,845 34,595,123 
  45,812,711 
Household Products - 0.1%   
Reckitt Benckiser Group PLC 76,991 6,720,357 
Unicharm Corp. 115,800 5,624,832 
  12,345,189 
Personal Products - 0.1%   
Kao Corp. 98,600 7,390,564 
Shiseido Co. Ltd. 71,900 5,073,598 
  12,464,162 
Tobacco - 0.1%   
Swedish Match Co. AB 92,945 7,519,425 
TOTAL CONSUMER STAPLES  140,839,344 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
BP PLC 3,175,080 10,308,947 
Idemitsu Kosan Co. Ltd. 239,200 4,959,111 
Neste Oyj 56,988 3,807,955 
Royal Dutch Shell PLC Class A (United Kingdom) 392,532 6,580,550 
Total SA 432,457 18,355,800 
  44,012,363 
FINANCIALS - 1.7%   
Banks - 0.8%   
Bankinter SA 601,691 2,983,802 
BNP Paribas SA (b) 189,442 9,642,826 
Commonwealth Bank of Australia 227,289 13,192,157 
DBS Group Holdings Ltd. 384,900 7,232,211 
Erste Group Bank AG 165,273 4,742,136 
Intesa Sanpaolo SpA 3,370,700 7,808,111 
KBC Groep NV 212,410 14,786,225 
Lloyds Banking Group PLC 11,659,159 5,475,321 
Mizrahi Tefahot Bank Ltd. 162,970 3,481,200 
National Australia Bank Ltd. 971,605 16,163,828 
Standard Chartered PLC (United Kingdom) 1,234,689 7,335,909 
Sumitomo Mitsui Financial Group, Inc. 526,500 15,138,226 
United Overseas Bank Ltd. 322,503 5,412,924 
  113,394,876 
Capital Markets - 0.2%   
Amundi SA (a) 45,817 3,643,931 
Deutsche Borse AG 20,890 3,479,691 
EQT AB 198,689 4,436,319 
Julius Baer Group Ltd. 88,246 5,086,680 
London Stock Exchange Group PLC 49,685 5,358,609 
Nordnet AB 91,000 1,090,561 
UBS Group AG 440,380 6,246,400 
  29,342,191 
Diversified Financial Services - 0.2%   
Investor AB (B Shares) 87,066 6,044,136 
M&G PLC 2,804,935 6,959,698 
ORIX Corp. 762,700 11,289,009 
  24,292,843 
Insurance - 0.5%   
AIA Group Ltd. 1,200,400 13,173,656 
Allianz SE 11,951 2,801,137 
AXA SA 441,589 10,324,116 
Direct Line Insurance Group PLC 601,870 2,361,063 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 13,244 3,669,923 
NN Group NV 177,672 7,180,599 
Prudential PLC 641,542 9,865,457 
Swiss Re Ltd. 39,021 3,565,183 
Talanx AG 108,512 3,976,597 
Tokio Marine Holdings, Inc. 202,600 10,032,257 
Zurich Insurance Group Ltd. 30,385 12,322,559 
  79,272,547 
TOTAL FINANCIALS  246,302,457 
HEALTH CARE - 1.2%   
Biotechnology - 0.1%   
CSL Ltd. 52,328 11,422,773 
Health Care Equipment & Supplies - 0.2%   
Hoya Corp. 120,200 15,985,224 
Koninklijke Philips Electronics NV 67,099 3,457,839 
Olympus Corp. 124,900 2,696,028 
  22,139,091 
Life Sciences Tools & Services - 0.1%   
Eurofins Scientific SA (b) 66,210 5,416,132 
Lonza Group AG 17,638 11,097,350 
Sartorius Stedim Biotech 13,544 4,883,584 
  21,397,066 
Pharmaceuticals - 0.8%   
Astellas Pharma, Inc. 585,700 8,342,444 
AstraZeneca PLC (United Kingdom) 211,683 22,149,424 
Daiichi Sankyo Kabushiki Kaisha 249,500 8,833,634 
Novartis AG 221,603 20,062,947 
Roche Holding AG (participation certificate) 98,452 32,336,271 
Sanofi SA 220,394 22,215,458 
UCB SA 71,925 7,696,890 
  121,637,068 
TOTAL HEALTH CARE  176,595,998 
INDUSTRIALS - 1.5%   
Aerospace & Defense - 0.1%   
Airbus Group NV 78,868 8,245,455 
BAE Systems PLC 788,045 5,257,681 
MTU Aero Engines Holdings AG 18,980 4,469,670 
  17,972,806 
Air Freight & Logistics - 0.1%   
Deutsche Post AG 242,522 11,698,840 
Airlines - 0.0%   
Ryanair Holdings PLC (b) 30,100 548,561 
Ryanair Holdings PLC sponsored ADR (b) 55,700 5,779,989 
  6,328,550 
Building Products - 0.1%   
ASSA ABLOY AB (B Shares) 153,574 3,674,848 
Daikin Industries Ltd. 23,500 5,322,510 
Nibe Industrier AB (B Shares) 118,736 3,349,177 
  12,346,535 
Commercial Services & Supplies - 0.1%   
Park24 Co. Ltd. 210,400 3,122,299 
Rentokil Initial PLC (b) 619,023 4,098,435 
Secom Co. Ltd. 32,700 3,263,219 
Securitas AB (B Shares) 412,787 6,790,989 
  17,274,942 
Construction & Engineering - 0.1%   
Ferrovial SA 147,703 4,124,666 
VINCI SA 110,030 11,178,749 
  15,303,415 
Electrical Equipment - 0.1%   
Vestas Wind Systems A/S 48,446 9,873,949 
Industrial Conglomerates - 0.1%   
Siemens AG 120,603 16,097,433 
Machinery - 0.3%   
FANUC Corp. 52,900 12,975,856 
Kawasaki Heavy Industries Ltd. 290,500 4,194,141 
Makita Corp. 42,800 2,209,365 
Minebea Mitsumi, Inc. 119,400 2,478,212 
SMC Corp. 4,200 2,671,425 
Techtronic Industries Co. Ltd. 423,000 5,399,999 
THK Co. Ltd. 207,900 6,415,572 
Volvo AB (B Shares) 247,156 5,629,379 
  41,973,949 
Marine - 0.0%   
A.P. Moller - Maersk A/S Series B 2,520 5,137,324 
Professional Services - 0.2%   
Experian PLC 196,977 6,978,874 
Persol Holdings Co. Ltd. 128,600 2,345,991 
Recruit Holdings Co. Ltd. 232,400 9,742,469 
RELX PLC (London Stock Exchange) 133,820 3,096,745 
SR Teleperformance SA 20,400 6,783,978 
  28,948,057 
Trading Companies & Distributors - 0.2%   
Ferguson PLC 46,199 5,171,473 
Itochu Corp. 419,200 11,062,385 
Rexel SA 500,368 6,766,629 
  23,000,487 
Transportation Infrastructure - 0.1%   
Aena Sme SA (a)(b) 46,400 7,558,933 
Auckland International Airport Ltd. 1,403,129 7,654,540 
  15,213,473 
TOTAL INDUSTRIALS  221,169,760 
INFORMATION TECHNOLOGY - 0.9%   
Communications Equipment - 0.0%   
Ericsson (B Shares) 505,849 6,209,658 
Electronic Equipment & Components - 0.2%   
Hitachi Ltd. 232,800 8,835,639 
Keyence Corp. 23,500 11,981,789 
Murata Manufacturing Co. Ltd. 85,800 7,481,007 
  28,298,435 
IT Services - 0.3%   
Adyen BV (a)(b) 1,633 3,119,280 
Afterpay Ltd. (b) 73,109 5,098,774 
Amadeus IT Holding SA Class A 90,827 6,245,668 
Capgemini SA 65,835 9,159,352 
Edenred SA 48,795 2,788,396 
Fujitsu Ltd. 40,500 5,602,695 
IT Holdings Corp. 131,700 2,615,498 
Worldline SA (a)(b) 63,435 5,873,357 
  40,503,020 
Semiconductors & Semiconductor Equipment - 0.2%   
ASM Pacific Technology Ltd. 528,300 6,596,814 
ASML Holding NV (Netherlands) 24,021 10,436,739 
Infineon Technologies AG 129,019 4,551,915 
Renesas Electronics Corp. (b) 270,900 2,400,611 
Tokyo Electron Ltd. 24,000 8,156,493 
  32,142,572 
Software - 0.2%   
Dassault Systemes SA 24,490 4,523,016 
NICE Systems Ltd. (b) 36,967 8,887,770 
Oracle Corp. Japan 51,400 5,700,429 
SAP SE 54,413 6,568,537 
  25,679,752 
TOTAL INFORMATION TECHNOLOGY  132,833,437 
MATERIALS - 0.7%   
Chemicals - 0.2%   
NOF Corp. 99,800 4,416,428 
Shin-Etsu Chemical Co. Ltd. 75,500 12,368,875 
Sika AG 32,535 8,278,392 
Symrise AG 23,968 3,004,118 
  28,067,813 
Construction Materials - 0.1%   
CRH PLC 156,232 6,145,096 
HeidelbergCement AG 138,717 9,813,619 
  15,958,715 
Metals & Mining - 0.3%   
Anglo American PLC (United Kingdom) 508,261 14,800,483 
ArcelorMittal SA (Netherlands) (b) 506,493 9,209,821 
Fortescue Metals Group Ltd. 424,155 5,675,928 
Newcrest Mining Ltd. 253,491 5,011,002 
Rio Tinto PLC 166,520 10,870,291 
  45,567,525 
Paper & Forest Products - 0.1%   
Mondi PLC 293,324 6,418,280 
Stora Enso Oyj (R Shares) 428,456 7,229,444 
  13,647,724 
TOTAL MATERIALS  103,241,777 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Big Yellow Group PLC 218,032 3,287,389 
Link (REIT) 931,700 8,145,937 
National Storage (REIT) unit 3,065,064 4,308,578 
  15,741,904 
Real Estate Management & Development - 0.1%   
Grainger Trust PLC 740,543 2,777,580 
Mitsubishi Estate Co. Ltd. 292,100 5,025,339 
Sino Land Ltd. 3,197,959 4,365,631 
Vonovia SE 137,731 9,417,985 
  21,586,535 
TOTAL REAL ESTATE  37,328,439 
UTILITIES - 0.4%   
Electric Utilities - 0.3%   
Enel SpA 1,480,432 14,852,917 
Iberdrola SA 1,165,844 16,004,373 
ORSTED A/S (a) 45,340 8,157,880 
SP AusNet 3,984,093 5,424,991 
  44,440,161 
Multi-Utilities - 0.1%   
RWE AG 260,881 10,790,652 
TOTAL UTILITIES  55,230,813 
TOTAL COMMON STOCKS   
(Cost $1,193,383,038)  1,395,569,847 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG   
(Cost $7,505,076) 48,620 8,161,252 
Equity Funds - 84.5%   
Foreign Large Blend Funds - 10.2%   
Fidelity Pacific Basin Fund (d) 4,884,671 211,213,167 
Fidelity SAI International Index Fund (d) 19,075,647 242,069,963 
Fidelity SAI International Low Volatility Index Fund (d) 98,940,227 1,048,766,409 
TOTAL FOREIGN LARGE BLEND FUNDS  1,502,049,539 
Foreign Large Growth Funds - 47.4%   
Fidelity Advisor Overseas Fund Class I (d) 3,075,382 87,402,369 
Fidelity Diversified International Fund (d) 38,277,789 1,754,653,853 
Fidelity International Capital Appreciation Fund (d) 55,896,939 1,490,771,360 
Fidelity International Discovery Fund (d) 35,857,959 1,855,649,383 
Fidelity Overseas Fund (d) 30,893,485 1,759,692,881 
TOTAL FOREIGN LARGE GROWTH FUNDS  6,948,169,846 
Foreign Large Value Funds - 19.6%   
Fidelity International Value Fund (d) 25,377,058 207,330,563 
Fidelity SAI International Value Index Fund (d) 311,910,654 2,669,955,193 
TOTAL FOREIGN LARGE VALUE FUNDS  2,877,285,756 
Foreign Small Mid Blend Funds - 1.4%   
iShares MSCI EAFE Small-Cap ETF (c) 3,317,080 213,354,586 
Foreign Small Mid Growth Funds - 0.7%   
Fidelity International Small Cap Opportunities Fund (d) 4,143,334 96,291,075 
Sector Funds - 0.7%   
Fidelity Advisor International Real Estate Fund Class I (d) 7,913,464 102,004,554 
Other - 4.5%   
Fidelity Advisor Japan Fund Class I (d) 21,432,312 419,216,013 
Fidelity Japan Smaller Companies Fund (d) 2,607,622 45,529,088 
iShares MSCI Japan ETF (c) 917,956 59,107,187 
JPMorgan BetaBuilders Japan ETF (c) 4,905,715 131,816,562 
TOTAL OTHER  655,668,850 
TOTAL EQUITY FUNDS   
(Cost $10,404,147,046)  12,394,824,206 
Other - 0.1%   
Commodity Funds - Broad Basket - 0.1%   
Fidelity SAI Inflation-Focused Fund (d)   
(Cost $6,694,501) 851,569 8,464,593 
U.S. Treasury Obligations - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.06% to 0.11% 12/3/20 to 2/25/21 (e)   
(Cost $59,781,979) 59,790,000 59,782,697 
Money Market Funds - 6.1%   
Fidelity Securities Lending Cash Central Fund 0.09% (f)(g) 92,209,204 92,218,425 
State Street Institutional U.S. Government Money Market Fund Premier Class .02% (h) 799,565,118 799,565,118 
TOTAL MONEY MARKET FUNDS   
(Cost $891,783,543)  891,783,543 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $12,563,295,183)  14,758,586,138 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (86,483,243) 
NET ASSETS - 100%  $14,672,102,895 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME Nikkei 225 Index Contracts (United States) 250 Dec. 2020 $32,893,750 $4,118,062 $4,118,062 
ICE E-mini MSCI EAFE Index Contracts (United States) 7,388 Dec. 2020 750,990,200 38,597,644 38,597,644 
TOTAL FUTURES CONTRACTS     $42,715,706 

The notional amount of futures purchased as a percentage of Net Assets is 5.3%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) 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 $43,312,252 or 0.3% of net assets.

 (b) Non-income producing

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

 (d) Affiliated Fund

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $59,782,697.

 (f) 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.

 (g) Investment made with cash collateral received from securities on loan.

 (h) 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 $112,133 
Total $112,133 

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 Advisor International Real Estate Fund Class I $90,819,267 $5,760,740 $-- $1,534,039 $-- $5,424,547 $102,004,554 
Fidelity Advisor Japan Fund Class I 261,585,312 55,842,473 -- -- -- 101,788,228 419,216,013 
Fidelity Advisor Overseas Fund Class I 73,378,625 -- -- -- -- 14,023,744 87,402,369 
Fidelity Diversified International Fund 1,328,945,986 111,203,922 -- -- -- 314,503,945 1,754,653,853 
Fidelity International Capital Appreciation Fund 1,155,854,840 60,630,200 -- -- -- 274,286,320 1,490,771,360 
Fidelity International Discovery Fund 1,306,698,955 201,970,250 -- -- -- 346,980,178 1,855,649,383 
Fidelity International Small Cap Opportunities Fund 74,242,760 2,000,000 -- -- -- 20,048,315 96,291,075 
Fidelity International Value Fund 186,775,146 -- -- -- -- 20,555,417 207,330,563 
Fidelity Japan Smaller Companies Fund 38,462,431 -- -- -- -- 7,066,657 45,529,088 
Fidelity Overseas Fund 1,352,562,045 125,977,224 -- -- -- 281,153,612 1,759,692,881 
Fidelity Pacific Basin Fund 156,211,773 -- -- -- -- 55,001,394 211,213,167 
Fidelity SAI Inflation-Focused Fund -- 6,694,502 -- 194,501 -- 1,770,091 8,464,593 
Fidelity SAI International Index Fund -- 180,000,000 -- -- -- 62,069,963 242,069,963 
Fidelity SAI International Low Volatility Index Fund 783,215,335 225,630,199 -- -- -- 39,920,875 1,048,766,409 
Fidelity SAI International Value Index Fund 1,044,676,873 1,458,605,689 -- -- -- 166,672,638 2,669,955,200 
Total $7,853,429,348 $2,434,315,199 $-- $1,728,540 $-- $1,711,265,924 $11,999,010,471 

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, changes in interest rates and credit quality. 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. 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in 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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