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0.150434997276 Long EC CORP JP N 2 N N N PERNOD RICARD SA 52990097YFPX9J0H5D87 PERNOD-RICARD N/A 98290.00000000 NS 21718585.04000000 0.110889876912 Long EC CORP FR N 1 N N N DIAGEO PLC 213800ZVIELEA55JMJ32 DIAGEO PLC N/A 554789.00000000 NS 26753851.81000000 0.136598739222 Long EC CORP GB N 2 N N N ORIX CORP 35380016EMHNBOVYE123 ORIX CORP N/A 1425700.00000000 NS 25324720.72000000 0.129301939252 Long EC CORP JP N 1 N N N VOLVO AB 549300HGV012CNC8JD22 VOLVO AB SER B 928856301 303805.00000000 NS 8017541.32000000 0.040935639613 Long EC CORP SE N 1 N N N NATIONAL AUSTRALIA BANK LTD F8SB4JFBSYQFRQEH3Z21 NATIONAL AUSTRALIA BANK LTD N/A 1144746.00000000 NS 23906510.26000000 0.122060897395 Long EC CORP AU N 1 N N N UST BILLS N/A UST BILLS 0% 07/08/2021 912796B57 10690000.00000000 PA USD 10689890.11000000 0.054580010453 Long DBT UST US N 2 2021-07-08 Fixed 0.00000000 N N N N N N HANG SENG BANK LTD 5493009Z5F07LWZYMK62 HANG SENG BANK LTD N/A 996300.00000000 NS 21207432.13000000 0.108280052968 Long EC CORP HK N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 78486594.35400000 NS USD 78494443.01000000 0.400773766231 Long STIV RF US N 1 N N TESCO PLC 2138002P5RNKC5W2JZ46 TESCO PLC N/A 2920596.00000000 NS 9244456.65000000 0.047199974499 Long EC CORP GB N 2 N N N SCHIBSTED ASA 5967007LIEEXZXHT0O36 SCHIBSTED ASA A SHARES N/A 193054.00000000 NS 9418394.36000000 0.048088058654 Long EC CORP NO N 1 N N N INVESTOR AB 549300VEBQPHRZBKUX38 INVESTOR AB SER B N/A 580498.00000000 NS 13348276.84000000 0.068153094368 Long EC CORP SE N 1 N N N FORTESCUE METALS GROUP LTD 529900VEJFORCO6I4826 FORTESCUE METALS GROUP LTD N/A 1062406.00000000 NS 18116474.31000000 0.092498365000 Long EC CORP AU N 1 N N N UST BILLS N/A UST BILLS 0% 06/24/2021 912796B32 11660000.00000000 PA USD 11659981.34000000 0.059533063190 Long DBT UST US N 2 2021-06-24 Fixed 0.00000000 N N N N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Pacific Basin 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N/A 64290.00000000 NS 43433704.44000000 0.221762059100 Long EC CORP NL N 2 N N N AENA SME SA 959800R7QMXKF0NFMT29 AENA SME SA N/A 95591.00000000 NS 16669287.67000000 0.085109377730 Long EC CORP ES N 1 N N N LLOYDS BANKING GROUP PLC 549300PPXHEU2JF0AM85 LLOYDS BANKING GROUP PLC N/A 21216330.00000000 NS 15002124.77000000 0.076597244530 Long EC CORP GB N 2 N N N SOFTBANK GROUP CORP 5493003BZYYYCDIO0R13 SOFTBANK GROUP CORP N/A 256300.00000000 NS 19523086.68000000 0.099680189796 Long EC CORP JP N 2 N N N DAIMLER AG 529900R27DL06UVNT076 DAIMLER AG N/A 364703.00000000 NS 34084649.39000000 0.174028030302 Long EC CORP DE N 1 N N N NATIONAL STORAGE REIT N/A NATIONAL STORAGE REIT STAPLED N/A 3225922.00000000 NS 5172675.59000000 0.026410438729 Long EC CORP AU N 1 N N N COMPASS GROUP PLC 2138008M6MH9OZ6U2T68 COMPASS GROUP PLC N/A 444357.00000000 NS 10129339.54000000 0.051717973925 Long EC CORP GB N 2 N N N NESTLE SA KY37LUS27QQX7BB93L28 NESTLE SA (REG) N/A 508292.00000000 NS 62783306.69000000 0.320556479080 Long EC CORP CH N 2 N N N RENESAS ELECTRONICS CORP 5299000EPC47VJQOFB81 RENESAS ELECTRONICS CORP N/A 491500.00000000 NS 5275900.21000000 0.026937478837 Long EC CORP JP N 1 N N N VINCI S A 213800WFQ334R8UXUG83 VINCI SA N/A 136945.00000000 NS 15566937.28000000 0.079481041500 Long EC CORP FR N 2 N N N NATWEST GROUP PLC (UNGTD) 2138005O9XJIJN4JPN90 NATWEST GROUP PLC N/A 2676119.00000000 NS 7861475.53000000 0.040138805187 Long EC CORP GB N 1 N N N TSURUHA HOLDINGS INC N/A TSURUHA HOLDINGS INC N/A 88000.00000000 NS 10712068.10000000 0.054693245941 Long EC CORP JP N 1 N N N REXEL SA 969500N6AVPA51648T62 REXEL SA N/A 823430.00000000 NS 16758958.34000000 0.085567214626 Long EC CORP FR N 1 N N N UST BILLS N/A UST BILLS 0% 08/12/2021 9127964B2 10270000.00000000 PA USD 10269717.58000000 0.052434710469 Long DBT UST US N 2 2021-08-12 Fixed 0.00000000 N N N N N N DSV AS 529900X41C0BSLK67H70 DSV PANALPINA A/S N/A 24125.00000000 NS 5888633.12000000 0.030065945855 Long EC CORP DK N 1 N N N ISHARES CORE TOTAL USD BOND MARKET ETF 549300G3FWQPUM47D181 iShares MSCI EAFE Small-Cap ETF 464288273 5753229.00000000 NS USD 437993323.77000000 2.236288674974 Long EC RF US N 1 N N N TALANX AG 5299006ZIILJ6VJVSJ32 TALANX AKTIENGESELLSCHAFT N/A 281239.00000000 NS 11907463.55000000 0.060796647892 Long EC CORP DE N 1 N N N SANOFI 549300E9PC51EN656011 SANOFI N/A 388281.00000000 NS 41543475.00000000 0.212111001742 Long EC CORP FR N 2 N N N TOKIO MARINE HOLDINGS INC 5299009QN2NZ191KLS29 TOKIO MARINE HOLDINGS INC N/A 373900.00000000 NS 17524463.64000000 0.089475700761 Long EC CORP JP N 2 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 Fidelity SAI International Low Volatility Index Fund 31635V877 103763418.86400000 NS USD 1196392219.50000000 6.108491216867 Long EC RF US N 1 N N N NN GROUP NV 724500OHYNDT9OY6Q215 NN GROUP NV N/A 226349.00000000 NS 11510087.74000000 0.058767742483 Long EC CORP NL N 1 N N N ASM PACIFIC TECHNOLOGY LTD 529900PYFA1HFYKPT360 ASM PACIFIC TECHNOLOGY LTD N/A 539200.00000000 NS 7114391.37000000 0.036324372967 Long EC CORP KY N 1 N N N UST BILLS N/A UST BILLS 0% 07/22/2021 912796C49 1630000.00000000 PA USD 1629994.23000000 0.008322358901 Long DBT UST US N 2 2021-07-22 Fixed 0.00000000 N N N N N N SECURITAS AB 635400TTYKE8EIWDS617 SECURITAS AB SER B N/A 419071.00000000 NS 6868320.43000000 0.035067993871 Long EC CORP SE N 1 N N N NIBE INDUSTRIER AB 549300ZQH0FIF1P0MX67 NIBE INDUSTRIER AB B SHS N/A 780912.00000000 NS 8221809.11000000 0.041978581870 Long EC CORP SE N 1 N N N TECHTRONIC INDUSTRIES CO LTD 549300HZW2SBE758OK89 TECHTRONIC INDUSTRIES CO LTD N/A 693500.00000000 NS 13073103.63000000 0.066748126073 Long EC CORP HK N 1 N N N RENTOKIL INITIAL PLC 549300VN4WV7Z6T14K68 RENTOKIL INITIAL PLC N/A 907347.00000000 NS 6100940.15000000 0.031149934539 Long EC CORP GB N 1 N N N EQT AB 213800U7P9GOIRKCTB34 EQT AB N/A 71740.00000000 NS 2610722.11000000 0.013329719818 Long EC CORP SE N 1 N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Overseas Fund 316343102 33704812.43500000 NS USD 2207665214.49000000 11.27180815178 Long EC RF US N 1 N N N DELIVEROO HOLDINGS PLC 984500F6537F74DDEE77 DELIVEROO HOLDINGS PLC N/A 1093597.00000000 NS 3901673.14000000 0.019921005601 Long EC CORP GB N 1 N N M and G PLC 254900TWUJUQ44TQJY84 M and G PLC N/A 1409387.00000000 NS 4890321.66000000 0.024968807403 Long EC CORP GB N 1 N N N Fidelity Investment Trust MXNTE4GH7BW81YELH558 Fidelity Japan Smaller Companies Fund 315910760 2649960.76700000 NS USD 46930805.18000000 0.239617415233 Long EC RF US N 1 N N N SEA LTD 529900OM6JLLW44YKI15 SEA LTD ADR 81141R100 28100.00000000 NS USD 7116044.00000000 0.036332810899 Long EC CORP KY N 1 N N N 2021-06-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_1848_20210531.htm

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 public

May 31, 2021







SIL-QTLY-0721
1.912844.110





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 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 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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