Quarterly Holdings Report
for
Strategic Advisers® Fidelity® International Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general publicMay 31, 2021
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 13.7% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.3% | |||
Cellnex Telecom SA (a) | 474,617 | $28,828,618 | |
Deutsche Telekom AG | 1,081,699 | 22,512,496 | |
Elisa Corp. (A Shares) | 147,531 | 8,748,862 | |
HKT Trust/HKT Ltd. unit | 4,127,000 | 5,636,743 | |
65,726,719 | |||
Entertainment - 0.1% | |||
Sea Ltd. ADR (b) | 28,100 | 7,116,044 | |
Spotify Technology SA (b) | 22,070 | 5,331,450 | |
12,447,494 | |||
Interactive Media & Services - 0.1% | |||
Z Holdings Corp. | 2,707,400 | 12,914,112 | |
Media - 0.1% | |||
Informa PLC (b) | 658,886 | 5,086,716 | |
Schibsted ASA (A Shares) | 193,054 | 9,418,394 | |
WPP PLC | 491,456 | 6,788,773 | |
21,293,883 | |||
Wireless Telecommunication Services - 0.1% | |||
SoftBank Group Corp. | 256,300 | 19,523,087 | |
Vodafone Group PLC | 4,568,926 | 8,283,713 | |
27,806,800 | |||
TOTAL COMMUNICATION SERVICES | 140,189,008 | ||
CONSUMER DISCRETIONARY - 1.9% | |||
Auto Components - 0.1% | |||
DENSO Corp. | 168,600 | 11,508,244 | |
Automobiles - 0.5% | |||
Daimler AG (Germany) | 364,703 | 34,084,649 | |
Ferrari NV | 38,854 | 8,201,566 | |
Isuzu Motors Ltd. | 1,637,600 | 22,153,279 | |
Suzuki Motor Corp. | 108,700 | 4,743,463 | |
Toyota Motor Corp. | 443,800 | 36,830,462 | |
106,013,419 | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Aristocrat Leisure Ltd. | 413,457 | 13,358,142 | |
Compass Group PLC (b) | 444,357 | 10,129,340 | |
Sands China Ltd. (b) | 3,262,000 | 14,942,094 | |
38,429,576 | |||
Household Durables - 0.2% | |||
Sony Group Corp. | 315,100 | 31,332,476 | |
Vistry Group PLC | 504,806 | 9,492,239 | |
40,824,715 | |||
Internet & Direct Marketing Retail - 0.2% | |||
Deliveroo Holdings PLC (a)(b)(c) | 1,093,597 | 3,901,673 | |
Delivery Hero AG (a)(b) | 73,778 | 10,009,005 | |
Ocado Group PLC (b) | 166,306 | 4,458,289 | |
Prosus NV | 65,964 | 6,834,101 | |
THG PLC | 1,108,321 | 9,578,801 | |
ZOZO, Inc. | 271,800 | 9,304,575 | |
44,086,444 | |||
Leisure Products - 0.0% | |||
Bandai Namco Holdings, Inc. | 62,100 | 4,458,431 | |
Multiline Retail - 0.1% | |||
B&M European Value Retail SA | 1,655,667 | 13,533,925 | |
Ryohin Keikaku Co. Ltd. | 150,900 | 2,911,250 | |
16,445,175 | |||
Specialty Retail - 0.2% | |||
Fast Retailing Co. Ltd. | 15,500 | 12,602,604 | |
Industria de Diseno Textil SA | 173,451 | 6,741,237 | |
JD Sports Fashion PLC | 352,570 | 4,729,306 | |
WH Smith PLC (b) | 205,760 | 5,048,754 | |
29,121,901 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Hermes International SCA | 9,674 | 13,495,721 | |
LVMH Moet Hennessy Louis Vuitton SE | 64,484 | 51,653,802 | |
Moncler SpA | 131,144 | 9,281,963 | |
74,431,486 | |||
TOTAL CONSUMER DISCRETIONARY | 365,319,391 | ||
CONSUMER STAPLES - 1.3% | |||
Beverages - 0.5% | |||
Anheuser-Busch InBev SA NV | 113,904 | 8,625,539 | |
Asahi Group Holdings | 291,800 | 14,105,477 | |
Diageo PLC | 554,789 | 26,753,852 | |
Heineken NV (Bearer) | 98,426 | 11,779,311 | |
Pernod Ricard SA | 98,290 | 21,718,585 | |
Treasury Wine Estates Ltd. | 890,526 | 8,059,586 | |
91,042,350 | |||
Food & Staples Retailing - 0.2% | |||
Seven & i Holdings Co. Ltd. | 398,300 | 17,529,140 | |
Tesco PLC | 2,920,596 | 9,244,457 | |
Tsuruha Holdings, Inc. | 88,000 | 10,712,068 | |
Zur Rose Group AG (b)(c) | 26,852 | 10,090,023 | |
47,575,688 | |||
Food Products - 0.3% | |||
Nestle SA (Reg. S) | 508,292 | 62,783,307 | |
Household Products - 0.0% | |||
Reckitt Benckiser Group PLC | 110,188 | 9,938,794 | |
Personal Products - 0.2% | |||
Kao Corp. | 172,000 | 10,559,678 | |
L'Oreal SA | 27,109 | 12,272,782 | |
Shiseido Co. Ltd. | 143,100 | 10,340,787 | |
33,173,247 | |||
Tobacco - 0.1% | |||
Swedish Match Co. AB | 2,041,860 | 18,933,090 | |
TOTAL CONSUMER STAPLES | 263,446,476 | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Idemitsu Kosan Co. Ltd. | 564,700 | 13,403,762 | |
Neste Oyj | 150,707 | 9,942,479 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 1,762,649 | 33,636,768 | |
rights (b)(d) | 1,388,109 | 243,626 | |
Total SA | 643,949 | 30,034,277 | |
87,260,912 | |||
FINANCIALS - 2.4% | |||
Banks - 1.4% | |||
Bankinter SA | 1,795,770 | 10,248,506 | |
BNP Paribas SA (c) | 330,921 | 22,782,298 | |
Commonwealth Bank of Australia | 374,030 | 28,995,443 | |
Hang Seng Bank Ltd. | 996,300 | 21,207,432 | |
Intesa Sanpaolo SpA | 6,272,522 | 18,415,946 | |
KBC Groep NV | 300,577 | 24,624,065 | |
Lloyds Banking Group PLC | 21,216,330 | 15,002,125 | |
National Australia Bank Ltd. | 1,144,746 | 23,906,510 | |
NatWest Group PLC | 2,676,119 | 7,861,476 | |
Societe Generale Series A | 463,698 | 14,847,176 | |
Standard Chartered PLC (United Kingdom) | 2,524,865 | 18,195,297 | |
Sumitomo Mitsui Financial Group, Inc. | 866,500 | 31,679,784 | |
Swedbank AB (A Shares) | 533,878 | 9,805,588 | |
United Overseas Bank Ltd. | 1,081,703 | 21,495,013 | |
269,066,659 | |||
Capital Markets - 0.1% | |||
EQT AB | 71,740 | 2,610,722 | |
Nordnet AB | 444,465 | 8,028,486 | |
UBS Group AG | 860,983 | 14,065,753 | |
24,704,961 | |||
Diversified Financial Services - 0.2% | |||
Investor AB (B Shares) | 580,498 | 13,348,277 | |
M&G PLC | 1,409,387 | 4,890,322 | |
ORIX Corp. | 1,425,700 | 25,324,721 | |
43,563,320 | |||
Insurance - 0.7% | |||
AIA Group Ltd. | 3,087,800 | 41,210,747 | |
AXA SA | 438,341 | 12,202,798 | |
Hiscox Ltd. (b) | 487,975 | 5,430,661 | |
Legal & General Group PLC | 4,314,818 | 17,408,752 | |
NN Group NV | 226,349 | 11,510,088 | |
NN Group NV rights (b)(c)(d) | 226,349 | 405,751 | |
Prudential PLC | 782,949 | 16,659,133 | |
Talanx AG | 281,239 | 11,907,464 | |
Tokio Marine Holdings, Inc. | 373,900 | 17,524,464 | |
134,259,858 | |||
TOTAL FINANCIALS | 471,594,798 | ||
HEALTH CARE - 1.6% | |||
Health Care Equipment & Supplies - 0.4% | |||
GN Store Nord A/S | 53,525 | 4,555,357 | |
Hoya Corp. | 174,900 | 23,097,596 | |
Koninklijke Philips Electronics NV | 147,081 | 8,311,015 | |
Koninklijke Philips Electronics NV rights 6/4/21 (b)(d) | 120,401 | 124,800 | |
Olympus Corp. | 539,200 | 11,487,200 | |
Siemens Healthineers AG (a) | 299,275 | 16,897,227 | |
64,473,195 | |||
Health Care Providers & Services - 0.0% | |||
UDG Healthcare PLC (United Kingdom) | 312,332 | 4,689,542 | |
Life Sciences Tools & Services - 0.2% | |||
Eurofins Scientific SA (b) | 136,957 | 14,677,033 | |
Lonza Group AG | 22,008 | 14,227,271 | |
Sartorius Stedim Biotech | 22,159 | 9,614,354 | |
38,518,658 | |||
Pharmaceuticals - 1.0% | |||
Astellas Pharma, Inc. | 277,400 | 4,426,194 | |
AstraZeneca PLC (United Kingdom) | 380,848 | 43,406,631 | |
Daiichi Sankyo Kabushiki Kaisha | 416,100 | 9,548,717 | |
Merck KGaA | 65,194 | 11,734,322 | |
PolyPeptide Group AG (a)(b) | 44,020 | 3,743,290 | |
Roche Holding AG (participation certificate) | 182,795 | 63,987,693 | |
Sanofi SA | 388,281 | 41,543,475 | |
UCB SA | 198,000 | 18,620,709 | |
197,011,031 | |||
TOTAL HEALTH CARE | 304,692,426 | ||
INDUSTRIALS - 2.2% | |||
Aerospace & Defense - 0.2% | |||
Airbus Group NV (b) | 162,287 | 21,322,275 | |
BAE Systems PLC | 1,915,111 | 14,263,579 | |
35,585,854 | |||
Air Freight & Logistics - 0.2% | |||
Deutsche Post AG | 469,297 | 31,877,554 | |
DSV Panalpina A/S | 24,125 | 5,888,633 | |
Yamato Holdings Co. Ltd. | 277,400 | 7,579,289 | |
45,345,476 | |||
Building Products - 0.2% | |||
ASSA ABLOY AB (B Shares) | 243,560 | 7,498,278 | |
Compagnie de St. Gobain (c) | 169,145 | 11,354,179 | |
Kingspan Group PLC (Ireland) | 56,024 | 5,335,672 | |
Nibe Industrier AB (B Shares) | 780,912 | 8,221,809 | |
32,409,938 | |||
Commercial Services & Supplies - 0.1% | |||
Park24 Co. Ltd. (b) | 346,200 | 7,268,514 | |
Rentokil Initial PLC | 907,347 | 6,100,940 | |
Securitas AB (B Shares) | 419,071 | 6,868,320 | |
20,237,774 | |||
Construction & Engineering - 0.1% | |||
Ferrovial SA | 319,372 | 9,335,313 | |
Ferrovial SA rights (b) | 251,562 | 61,277 | |
VINCI SA | 136,945 | 15,566,937 | |
24,963,527 | |||
Electrical Equipment - 0.0% | |||
Mitsubishi Electric Corp. | 289,000 | 4,505,629 | |
Vestas Wind Systems A/S | 139,480 | 5,461,911 | |
9,967,540 | |||
Industrial Conglomerates - 0.2% | |||
Siemens AG | 182,539 | 29,961,535 | |
Machinery - 0.4% | |||
Alfa Laval AB | 126,100 | 4,707,405 | |
FANUC Corp. | 77,700 | 18,627,835 | |
Minebea Mitsumi, Inc. | 194,200 | 5,304,163 | |
Misumi Group, Inc. | 572,500 | 18,582,078 | |
Sandvik AB | 232,800 | 6,198,356 | |
SMC Corp. | 14,400 | 8,696,244 | |
Techtronic Industries Co. Ltd. | 693,500 | 13,073,104 | |
Volvo AB (B Shares) | 303,805 | 8,017,541 | |
83,206,726 | |||
Marine - 0.1% | |||
A.P. Moller - Maersk A/S Series B | 4,465 | 12,314,909 | |
Professional Services - 0.3% | |||
Experian PLC | 356,663 | 13,665,153 | |
Persol Holdings Co. Ltd. | 419,400 | 8,202,041 | |
Recruit Holdings Co. Ltd. | 446,000 | 22,860,194 | |
SR Teleperformance SA | 29,991 | 11,502,059 | |
56,229,447 | |||
Trading Companies & Distributors - 0.3% | |||
Ashtead Group PLC | 62,860 | 4,592,416 | |
Brenntag AG | 83,261 | 7,826,135 | |
Ferguson PLC | 92,128 | 12,530,452 | |
Itochu Corp. | 690,100 | 20,810,694 | |
Rexel SA | 823,430 | 16,758,958 | |
62,518,655 | |||
Transportation Infrastructure - 0.1% | |||
Aena SME SA (a)(b) | 95,591 | 16,669,288 | |
Auckland International Airport Ltd. (b) | 1,787,859 | 9,454,413 | |
26,123,701 | |||
TOTAL INDUSTRIALS | 438,865,082 | ||
INFORMATION TECHNOLOGY - 1.3% | |||
Communications Equipment - 0.0% | |||
Ericsson (B Shares) | 832,458 | 11,165,403 | |
Electronic Equipment & Components - 0.3% | |||
Hitachi Ltd. | 559,200 | 29,463,783 | |
Keyence Corp. | 25,500 | 12,671,644 | |
Murata Manufacturing Co. Ltd. | 140,900 | 10,672,806 | |
52,808,233 | |||
IT Services - 0.4% | |||
Adyen BV (a)(b) | 4,259 | 9,857,300 | |
Afterpay Ltd. (b) | 120,090 | 8,695,793 | |
Amadeus IT Holding SA Class A (b) | 90,878 | 6,857,322 | |
Capgemini SA | 95,483 | 17,878,862 | |
Edenred SA | 83,723 | 4,615,761 | |
Edenred SA rights (b)(c)(d) | 63,313 | 57,905 | |
Fujitsu Ltd. | 88,800 | 14,485,277 | |
TIS, Inc. | 479,300 | 12,336,515 | |
Worldline SA (a)(b) | 104,266 | 10,035,726 | |
84,820,461 | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
ASM Pacific Technology Ltd. | 539,200 | 7,114,391 | |
ASML Holding NV (Netherlands) | 64,290 | 43,433,704 | |
Infineon Technologies AG | 212,225 | 8,581,740 | |
Lasertec Corp. | 22,200 | 3,933,282 | |
Renesas Electronics Corp. (b) | 491,500 | 5,275,900 | |
Tokyo Electron Ltd. | 36,600 | 16,058,210 | |
84,397,227 | |||
Software - 0.1% | |||
NICE Systems Ltd. (b) | 46,862 | 10,506,088 | |
Temenos Group AG | 28,338 | 4,391,681 | |
14,897,769 | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Fujifilm Holdings Corp. | 172,000 | 11,842,224 | |
TOTAL INFORMATION TECHNOLOGY | 259,931,317 | ||
MATERIALS - 1.2% | |||
Chemicals - 0.2% | |||
Corbion NV | 130,332 | 7,523,905 | |
NOF Corp. | 49,500 | 2,622,934 | |
Shin-Etsu Chemical Co. Ltd. | 109,800 | 19,021,102 | |
Sika AG | 53,406 | 17,224,103 | |
46,392,044 | |||
Construction Materials - 0.2% | |||
CRH PLC | 312,130 | 16,329,687 | |
HeidelbergCement AG | 172,335 | 15,769,950 | |
32,099,637 | |||
Metals & Mining - 0.6% | |||
Anglo American PLC (United Kingdom) | 537,833 | 23,876,166 | |
ArcelorMittal SA (Netherlands) | 358,926 | 11,596,658 | |
Fortescue Metals Group Ltd. | 1,062,406 | 18,116,474 | |
Iluka Resources Ltd. | 2,194,378 | 13,042,591 | |
Lynas Rare Earths Ltd. (b) | 3,098,131 | 13,231,454 | |
Rio Tinto PLC | 351,998 | 30,271,208 | |
110,134,551 | |||
Paper & Forest Products - 0.2% | |||
Mondi PLC | 363,783 | 9,842,547 | |
Stora Enso Oyj (R Shares) | 783,900 | 13,970,871 | |
UPM-Kymmene Corp. | 378,553 | 14,462,757 | |
38,276,175 | |||
TOTAL MATERIALS | 226,902,407 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Big Yellow Group PLC | 370,825 | 6,883,432 | |
Link (REIT) | 717,322 | 6,918,212 | |
National Storage (REIT) unit | 3,225,922 | 5,172,676 | |
18,974,320 | |||
Real Estate Management & Development - 0.2% | |||
Grainger Trust PLC | 1,273,199 | 5,156,779 | |
LEG Immobilien AG (c) | 62,338 | 9,175,382 | |
LEG Immobilien AG rights (b)(d) | 62,338 | 287,348 | |
Sino Land Ltd. | 9,542,846 | 15,222,517 | |
29,842,026 | |||
TOTAL REAL ESTATE | 48,816,346 | ||
UTILITIES - 0.4% | |||
Electric Utilities - 0.3% | |||
Enel SpA | 2,151,678 | 21,338,855 | |
Energias de Portugal SA | 1,468,753 | 8,557,737 | |
Iberdrola SA | 1,942,935 | 26,781,417 | |
ORSTED A/S (a) | 41,008 | 6,278,093 | |
62,956,102 | |||
Multi-Utilities - 0.1% | |||
RWE AG | 429,308 | 16,328,578 | |
TOTAL UTILITIES | 79,284,680 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,280,109,427) | 2,686,302,843 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Volkswagen AG | |||
(Cost $10,518,407) | 59,552 | 16,423,168 | |
Equity Funds - 78.7% | |||
Foreign Large Blend Funds - 8.7% | |||
Fidelity Pacific Basin Fund (e) | 4,884,671 | 224,157,544 | |
Fidelity SAI International Index Fund (e) | 19,448,510 | 281,030,966 | |
Fidelity SAI International Low Volatility Index Fund (e) | 103,763,419 | 1,196,392,220 | |
TOTAL FOREIGN LARGE BLEND FUNDS | 1,701,580,730 | ||
Foreign Large Growth Funds - 41.3% | |||
Fidelity Diversified International Fund (e) | 38,662,478 | 1,972,946,252 | |
Fidelity International Capital Appreciation Fund (e) | 56,640,974 | 1,659,014,125 | |
Fidelity International Discovery Fund (e) | 38,500,972 | 2,260,007,033 | |
Fidelity Overseas Fund (e) | 33,704,812 | 2,207,665,214 | |
TOTAL FOREIGN LARGE GROWTH FUNDS | 8,099,632,624 | ||
Foreign Large Value Funds - 21.8% | |||
Fidelity International Value Fund (e) | 25,377,058 | 244,381,068 | |
Fidelity SAI International Value Index Fund (e) | 390,080,894 | 4,041,238,071 | |
TOTAL FOREIGN LARGE VALUE FUNDS | 4,285,619,139 | ||
Foreign Small Mid Blend Funds - 2.2% | |||
iShares MSCI EAFE Small-Cap ETF | 5,753,229 | 437,993,324 | |
Foreign Small Mid Growth Funds - 0.6% | |||
Fidelity International Small Cap Opportunities Fund (e) | 4,143,334 | 109,508,309 | |
Sector Funds - 0.6% | |||
Fidelity Advisor International Real Estate Fund Class I (e) | 7,943,766 | 115,184,601 | |
Other - 3.5% | |||
Fidelity Advisor Japan Fund Class I (e) | 21,854,346 | 438,179,642 | |
Fidelity Japan Smaller Companies Fund (e) | 2,649,961 | 46,930,805 | |
iShares MSCI Japan ETF (c) | 917,956 | 62,953,422 | |
JPMorgan BetaBuilders Japan ETF (c) | 2,452,857 | 139,910,963 | |
TOTAL OTHER | 687,974,832 | ||
TOTAL EQUITY FUNDS | |||
(Cost $11,722,551,573) | 15,437,493,559 | ||
Other - 0.0% | |||
Commodity Funds - Broad Basket - 0.0% | |||
Fidelity SAI Inflation-Focused Fund (e) | |||
(Cost $6,768,588) | 858,825 | 10,795,429 | |
U.S. Treasury Obligations - 0.5% | |||
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.04% 6/10/21 to 8/19/21 (f) | |||
(Cost $90,098,618) | 90,100,000 | 90,098,764 | |
Money Market Funds - 7.2% | |||
Fidelity Securities Lending Cash Central Fund 0.03% (g)(h) | 73,825,089 | 73,832,472 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 0.04% (i) | 1,330,578,364 | 1,330,578,364 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $1,404,410,836) | 1,404,410,836 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $15,514,457,449) | 19,645,524,599 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (37,639,708) | ||
NET ASSETS - 100% | $19,607,884,891 |
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 | June 2021 | $36,275,000 | $(13,515) | $(13,515) |
ICE E-mini MSCI EAFE Index Contracts (United States) | 11,092 | June 2021 | 1,297,043,020 | 43,561,720 | 43,561,720 |
TOTAL FUTURES CONTRACTS | $43,548,205 |
The notional amount of futures purchased as a percentage of Net Assets is 6.8%
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 $106,220,220 or 0.5% of net assets.
(b) Non-income producing
(c) Security or a portion of the security is on loan at period end.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Affiliated Fund
(f) 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 $80,543,932.
(g) 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.
(h) Investment made with cash collateral received from securities on loan.
(i) 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 | $158,958 |
Total | $158,958 |
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 | $106,764,209 | $-- | $-- | $-- | $-- | $8,420,392 | $115,184,601 |
Fidelity Advisor Japan Fund Class I | 435,775,664 | -- | -- | -- | -- | 2,403,978 | 438,179,642 |
Fidelity Advisor Overseas Fund Class I | 91,215,843 | -- | 98,196,961 | -- | 50,899,070 | (43,917,952) | -- |
Fidelity Diversified International Fund | 1,828,735,209 | -- | -- | -- | -- | 144,211,043 | 1,972,946,252 |
Fidelity International Capital Appreciation Fund | 1,570,087,796 | -- | -- | -- | -- | 88,926,329 | 1,659,014,125 |
Fidelity International Discovery Fund | 2,016,080,656 | 73,000,000 | -- | -- | -- | 170,926,377 | 2,260,007,033 |
Fidelity International Small Cap Opportunities Fund | 98,652,775 | -- | -- | -- | -- | 10,855,534 | 109,508,309 |
Fidelity International Value Fund | 222,303,028 | -- | -- | -- | -- | 22,078,040 | 244,381,068 |
Fidelity Japan Smaller Companies Fund | 45,605,825 | -- | -- | -- | -- | 1,324,980 | 46,930,805 |
Fidelity Overseas Fund | 1,834,480,517 | 169,196,961 | -- | -- | -- | 203,987,736 | 2,207,665,214 |
Fidelity Pacific Basin Fund | 220,347,501 | -- | -- | -- | -- | 3,810,043 | 224,157,544 |
Fidelity SAI Inflation-Focused Fund | 9,687,545 | -- | -- | -- | -- | 1,107,884 | 10,795,429 |
Fidelity SAI International Index Fund | 256,720,329 | -- | -- | -- | -- | 24,310,637 | 281,030,966 |
Fidelity SAI International Low Volatility Index Fund | 1,065,869,771 | 40,000,001 | -- | -- | -- | 90,522,448 | 1,196,392,220 |
Fidelity SAI International Value Index Fund | 3,180,979,210 | 510,000,010 | -- | -- | -- | 350,258,851 | 4,041,238,071 |
Total | $12,983,305,878 | $792,196,972 | $98,196,961 | $-- | $50,899,070 | $1,079,226,320 | $14,807,431,279 |
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 Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 open-end mutual 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.
Any open loans at period end are presented under the caption "Interfund Loans" in the Fund's Schedule of Investments with accrued interest.
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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