Quarterly Holdings Report
for
Fidelity® SAI Sustainable Sector Fund
February 28, 2023
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
SES-NPRT3-0423
1.9905638.100
| Common Stocks - 98.6% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 7.8% | |||
| Diversified Telecommunication Services - 0.1% | |||
| AT&T, Inc. | 553 | 10,457 | |
| Cellnex Telecom SA (a) | 81 | 3,039 | |
| 13,496 | |||
| Entertainment - 1.6% | |||
| Cinemark Holdings, Inc. (b) | 359 | 4,886 | |
| Netflix, Inc. (b) | 215 | 69,258 | |
| Sea Ltd. ADR (b) | 213 | 13,310 | |
| Take-Two Interactive Software, Inc. (b) | 103 | 11,284 | |
| The Walt Disney Co. (b) | 420 | 41,836 | |
| Warner Bros Discovery, Inc. (b) | 284 | 4,436 | |
| 145,010 | |||
| Interactive Media & Services - 5.0% | |||
| Alphabet, Inc. Class A (b) | 3,243 | 292,065 | |
| Meta Platforms, Inc. Class A (b) | 926 | 161,994 | |
| Snap, Inc. Class A (b) | 1,312 | 13,317 | |
| 467,376 | |||
| Media - 0.6% | |||
| Charter Communications, Inc. Class A (b) | 45 | 16,542 | |
| Comcast Corp. Class A | 1,047 | 38,917 | |
| 55,459 | |||
| Wireless Telecommunication Services - 0.5% | |||
| T-Mobile U.S., Inc. (b) | 299 | 42,512 | |
TOTAL COMMUNICATION SERVICES | 723,853 | ||
| CONSUMER DISCRETIONARY - 10.1% | |||
| Auto Components - 0.1% | |||
| Lear Corp. | 105 | 14,663 | |
| Automobiles - 1.6% | |||
| Ferrari NV | 67 | 17,445 | |
| Tesla, Inc. (b) | 650 | 133,712 | |
| 151,157 | |||
| Hotels, Restaurants & Leisure - 1.8% | |||
| Booking Holdings, Inc. (b) | 23 | 58,052 | |
| Domino's Pizza, Inc. | 50 | 14,701 | |
| Marriott International, Inc. Class A | 351 | 59,403 | |
| Yum! Brands, Inc. | 243 | 30,900 | |
| 163,056 | |||
| Household Durables - 0.1% | |||
| Mohawk Industries, Inc. (b) | 62 | 6,377 | |
| Internet & Direct Marketing Retail - 3.3% | |||
| Amazon.com, Inc. (b) | 2,793 | 263,184 | |
| eBay, Inc. | 572 | 26,255 | |
| Uber Technologies, Inc. (b) | 566 | 18,825 | |
| 308,264 | |||
| Multiline Retail - 0.5% | |||
| Dollar General Corp. | 173 | 37,420 | |
| Target Corp. | 35 | 5,898 | |
| 43,318 | |||
| Specialty Retail - 2.0% | |||
| Fast Retailing Co. Ltd. | 54 | 10,669 | |
| Lowe's Companies, Inc. | 319 | 65,634 | |
| The Home Depot, Inc. | 142 | 42,109 | |
| TJX Companies, Inc. | 864 | 66,182 | |
| 184,594 | |||
| Textiles, Apparel & Luxury Goods - 0.7% | |||
| NIKE, Inc. Class B | 205 | 24,352 | |
| PVH Corp. | 192 | 15,406 | |
| Tapestry, Inc. | 498 | 21,668 | |
| 61,426 | |||
TOTAL CONSUMER DISCRETIONARY | 932,855 | ||
| CONSUMER STAPLES - 6.7% | |||
| Beverages - 1.9% | |||
| Constellation Brands, Inc. Class A (sub. vtg.) | 285 | 63,755 | |
| The Coca-Cola Co. | 1,896 | 112,831 | |
| 176,586 | |||
| Food & Staples Retailing - 1.2% | |||
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 253 | 11,868 | |
| Costco Wholesale Corp. | 169 | 81,826 | |
| Walmart, Inc. | 153 | 21,746 | |
| 115,440 | |||
| Food Products - 0.6% | |||
| Bunge Ltd. | 557 | 53,194 | |
| Household Products - 2.0% | |||
| Colgate-Palmolive Co. | 499 | 36,577 | |
| Procter & Gamble Co. | 1,062 | 146,089 | |
| 182,666 | |||
| Personal Products - 1.0% | |||
| Estee Lauder Companies, Inc. Class A | 370 | 89,929 | |
TOTAL CONSUMER STAPLES | 617,815 | ||
| ENERGY - 4.5% | |||
| Energy Equipment & Services - 0.5% | |||
| Schlumberger Ltd. | 886 | 47,144 | |
| Oil, Gas & Consumable Fuels - 4.0% | |||
| Africa Oil Corp. | 7,801 | 15,951 | |
| Canadian Natural Resources Ltd. | 860 | 48,600 | |
| Eco Atlantic Oil & Gas Ltd. (b) | 20,329 | 5,512 | |
| Hess Corp. | 471 | 63,444 | |
| Imperial Oil Ltd. | 975 | 48,225 | |
| Kosmos Energy Ltd. (b) | 2,693 | 21,194 | |
| MEG Energy Corp. (b) | 3,389 | 53,548 | |
| Phillips 66 Co. | 451 | 46,255 | |
| Tourmaline Oil Corp. | 515 | 22,570 | |
| Valero Energy Corp. | 333 | 43,866 | |
| 369,165 | |||
TOTAL ENERGY | 416,309 | ||
| FINANCIALS - 11.8% | |||
| Banks - 5.9% | |||
| AIB Group PLC | 2,333 | 9,984 | |
| Bank of America Corp. | 4,420 | 151,606 | |
| BankUnited, Inc. | 105 | 3,719 | |
| BNP Paribas SA | 163 | 11,396 | |
| Citigroup, Inc. | 321 | 16,271 | |
| Citizens Financial Group, Inc. | 252 | 10,524 | |
| Comerica, Inc. | 158 | 11,076 | |
| DNB Bank ASA | 643 | 12,831 | |
| Eurobank Ergasias Services and Holdings SA ADR (b) | 12,722 | 9,033 | |
| JPMorgan Chase & Co. | 474 | 67,948 | |
| KBC Group NV | 187 | 13,984 | |
| M&T Bank Corp. | 96 | 14,908 | |
| NatWest Group PLC | 460 | 1,616 | |
| Piraeus Financial Holdings SA (b) | 3,243 | 8,236 | |
| PNC Financial Services Group, Inc. | 67 | 10,581 | |
| Societe Generale Series A | 117 | 3,372 | |
| U.S. Bancorp | 653 | 31,168 | |
| UniCredit SpA | 881 | 18,024 | |
| Wells Fargo & Co. | 3,020 | 141,245 | |
| 547,522 | |||
| Capital Markets - 1.6% | |||
| Bank of New York Mellon Corp. | 1,122 | 57,087 | |
| BlackRock, Inc. Class A | 37 | 25,509 | |
| Cboe Global Markets, Inc. | 80 | 10,094 | |
| Goldman Sachs Group, Inc. | 22 | 7,736 | |
| Intercontinental Exchange, Inc. | 132 | 13,438 | |
| State Street Corp. | 400 | 35,472 | |
| 149,336 | |||
| Consumer Finance - 0.7% | |||
| American Express Co. | 172 | 29,926 | |
| Capital One Financial Corp. | 219 | 23,889 | |
| OneMain Holdings, Inc. | 177 | 7,627 | |
| 61,442 | |||
| Diversified Financial Services - 0.3% | |||
| Apollo Global Management, Inc. | 409 | 28,998 | |
| Sunrisemezz Ltd. (b) | 43 | 6 | |
| 29,004 | |||
| Insurance - 3.3% | |||
| Arthur J. Gallagher & Co. | 191 | 35,784 | |
| Assurant, Inc. | 44 | 5,605 | |
| Chubb Ltd. | 40 | 8,441 | |
| Globe Life, Inc. | 205 | 24,946 | |
| Hartford Financial Services Group, Inc. | 487 | 38,122 | |
| Marsh & McLennan Companies, Inc. | 276 | 44,751 | |
| Progressive Corp. | 322 | 46,213 | |
| Prudential PLC | 255 | 3,897 | |
| The Travelers Companies, Inc. | 514 | 95,152 | |
| 302,911 | |||
TOTAL FINANCIALS | 1,090,215 | ||
| HEALTH CARE - 14.7% | |||
| Biotechnology - 2.2% | |||
| AbbVie, Inc. | 174 | 26,779 | |
| Avidity Biosciences, Inc. (b) | 321 | 7,608 | |
| Exact Sciences Corp. (b) | 154 | 9,599 | |
| Karuna Therapeutics, Inc. (b) | 65 | 12,962 | |
| Legend Biotech Corp. ADR (b) | 337 | 15,563 | |
| Regeneron Pharmaceuticals, Inc. (b) | 83 | 63,115 | |
| Repligen Corp. (b) | 61 | 10,637 | |
| Sarepta Therapeutics, Inc. (b) | 105 | 12,824 | |
| Vertex Pharmaceuticals, Inc. (b) | 84 | 24,384 | |
| Xencor, Inc. (b) | 385 | 12,370 | |
| Zai Lab Ltd. (b) | 1,989 | 7,283 | |
| 203,124 | |||
| Health Care Equipment & Supplies - 3.1% | |||
| Boston Scientific Corp. (b) | 2,162 | 101,009 | |
| Insulet Corp. (b) | 80 | 22,109 | |
| Intuitive Surgical, Inc. (b) | 31 | 7,111 | |
| iRhythm Technologies, Inc. (b) | 61 | 7,178 | |
| Masimo Corp. (b) | 160 | 26,770 | |
| Nevro Corp. (b) | 159 | 4,999 | |
| Penumbra, Inc. (b) | 240 | 62,398 | |
| ResMed, Inc. | 79 | 16,827 | |
| Stryker Corp. | 104 | 27,340 | |
| Tandem Diabetes Care, Inc. (b) | 197 | 7,064 | |
| 282,805 | |||
| Health Care Providers & Services - 3.9% | |||
| Acadia Healthcare Co., Inc. (b) | 211 | 15,300 | |
| agilon health, Inc. (b) | 1,720 | 36,481 | |
| Centene Corp. (b) | 549 | 37,552 | |
| Cigna Group | 173 | 50,533 | |
| CVS Health Corp. | 119 | 9,941 | |
| Humana, Inc. | 80 | 39,602 | |
| LifeStance Health Group, Inc. (b) | 672 | 3,441 | |
| Molina Healthcare, Inc. (b) | 37 | 10,187 | |
| Surgery Partners, Inc. (b) | 473 | 15,822 | |
| UnitedHealth Group, Inc. | 308 | 146,590 | |
| 365,449 | |||
| Health Care Technology - 0.2% | |||
| Phreesia, Inc. (b) | 298 | 10,966 | |
| Veeva Systems, Inc. Class A (b) | 54 | 8,946 | |
| 19,912 | |||
| Life Sciences Tools & Services - 2.7% | |||
| Bruker Corp. | 243 | 16,748 | |
| Danaher Corp. | 302 | 74,754 | |
| IQVIA Holdings, Inc. (b) | 174 | 36,274 | |
| Lonza Group AG | 7 | 4,170 | |
| Thermo Fisher Scientific, Inc. | 183 | 99,142 | |
| West Pharmaceutical Services, Inc. | 45 | 14,266 | |
| 245,354 | |||
| Pharmaceuticals - 2.6% | |||
| AstraZeneca PLC (United Kingdom) | 260 | 33,872 | |
| Eli Lilly & Co. | 322 | 100,213 | |
| Merck & Co., Inc. | 479 | 50,889 | |
| Novo Nordisk A/S Series B | 106 | 14,973 | |
| Royalty Pharma PLC | 957 | 34,308 | |
| UCB SA | 121 | 10,415 | |
| 244,670 | |||
TOTAL HEALTH CARE | 1,361,314 | ||
| INDUSTRIALS - 7.7% | |||
| Aerospace & Defense - 1.2% | |||
| Lockheed Martin Corp. | 243 | 115,245 | |
| Airlines - 0.4% | |||
| Delta Air Lines, Inc. (b) | 864 | 33,126 | |
| Building Products - 1.1% | |||
| Trane Technologies PLC | 530 | 98,034 | |
| Electrical Equipment - 1.4% | |||
| AMETEK, Inc. | 922 | 130,518 | |
| Machinery - 2.2% | |||
| Caterpillar, Inc. | 381 | 91,269 | |
| Fortive Corp. | 1,724 | 114,922 | |
| 206,191 | |||
| Professional Services - 0.1% | |||
| Dun & Bradstreet Holdings, Inc. | 590 | 7,086 | |
| Road & Rail - 1.3% | |||
| CSX Corp. | 2,494 | 76,042 | |
| Old Dominion Freight Lines, Inc. | 126 | 42,747 | |
| 118,789 | |||
TOTAL INDUSTRIALS | 708,989 | ||
| INFORMATION TECHNOLOGY - 26.4% | |||
| Electronic Equipment & Components - 0.5% | |||
| Amphenol Corp. Class A | 565 | 43,799 | |
| IT Services - 3.6% | |||
| Accenture PLC Class A | 78 | 20,713 | |
| Block, Inc. Class A (b) | 439 | 33,684 | |
| Capgemini SA | 100 | 18,811 | |
| Cognizant Technology Solutions Corp. Class A | 310 | 19,415 | |
| Dlocal Ltd. (b) | 335 | 5,005 | |
| MasterCard, Inc. Class A | 76 | 27,002 | |
| MongoDB, Inc. Class A (b) | 98 | 20,533 | |
| Twilio, Inc. Class A (b) | 230 | 15,458 | |
| Visa, Inc. Class A | 688 | 151,319 | |
| Wix.com Ltd. (b) | 159 | 14,394 | |
| Worldline SA (a)(b) | 248 | 10,330 | |
| 336,664 | |||
| Semiconductors & Semiconductor Equipment - 5.7% | |||
| Advanced Micro Devices, Inc. (b) | 323 | 25,381 | |
| ASML Holding NV (Netherlands) | 28 | 17,258 | |
| Lam Research Corp. | 101 | 49,087 | |
| Marvell Technology, Inc. | 166 | 7,495 | |
| Micron Technology, Inc. | 931 | 53,830 | |
| NVIDIA Corp. | 936 | 217,302 | |
| NXP Semiconductors NV | 244 | 43,549 | |
| Renesas Electronics Corp. (b) | 3,218 | 41,569 | |
| SolarEdge Technologies, Inc. (b) | 91 | 28,931 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 511 | 44,493 | |
| 528,895 | |||
| Software - 10.6% | |||
| Adobe, Inc. (b) | 225 | 72,889 | |
| Autodesk, Inc. (b) | 179 | 35,566 | |
| Black Knight, Inc. (b) | 70 | 4,172 | |
| Coupa Software, Inc. (b) | 111 | 8,991 | |
| Elastic NV (b) | 192 | 11,332 | |
| Five9, Inc. (b) | 157 | 10,362 | |
| HubSpot, Inc. (b) | 71 | 27,467 | |
| Intuit, Inc. | 138 | 56,191 | |
| Microsoft Corp. | 2,464 | 614,562 | |
| Salesforce.com, Inc. (b) | 459 | 75,097 | |
| Synopsys, Inc. (b) | 108 | 39,286 | |
| Workday, Inc. Class A (b) | 125 | 23,184 | |
| 979,099 | |||
| Technology Hardware, Storage & Peripherals - 6.0% | |||
| Apple, Inc. | 3,741 | 551,461 | |
TOTAL INFORMATION TECHNOLOGY | 2,439,918 | ||
| MATERIALS - 3.4% | |||
| Chemicals - 2.4% | |||
| Air Products & Chemicals, Inc. | 94 | 26,882 | |
| Celanese Corp. Class A | 66 | 7,671 | |
| CF Industries Holdings, Inc. | 179 | 15,374 | |
| Chemtrade Logistics Income Fund | 1,267 | 8,524 | |
| Corteva, Inc. | 488 | 30,398 | |
| DuPont de Nemours, Inc. | 199 | 14,533 | |
| Linde PLC | 190 | 66,190 | |
| LyondellBasell Industries NV Class A | 164 | 15,742 | |
| Olin Corp. | 167 | 9,644 | |
| The Chemours Co. LLC | 209 | 7,144 | |
| Valvoline, Inc. | 553 | 19,466 | |
| 221,568 | |||
| Construction Materials - 0.2% | |||
| Martin Marietta Materials, Inc. | 24 | 8,637 | |
| Vulcan Materials Co. | 64 | 11,578 | |
| 20,215 | |||
| Containers & Packaging - 0.2% | |||
| Aptargroup, Inc. | 67 | 7,820 | |
| Greif, Inc. Class A | 85 | 6,039 | |
| Sealed Air Corp. | 140 | 6,807 | |
| 20,666 | |||
| Metals & Mining - 0.6% | |||
| First Quantum Minerals Ltd. | 525 | 11,470 | |
| Freeport-McMoRan, Inc. | 916 | 37,529 | |
| 48,999 | |||
TOTAL MATERIALS | 311,448 | ||
| REAL ESTATE - 2.8% | |||
| Equity Real Estate Investment Trusts (REITs) - 2.8% | |||
| Alexandria Real Estate Equities, Inc. | 27 | 4,044 | |
| American Tower Corp. | 132 | 26,137 | |
| Corporate Office Properties Trust (SBI) | 398 | 10,121 | |
| Crown Castle International Corp. | 150 | 19,613 | |
| CubeSmart | 108 | 5,075 | |
| Elme Communities (SBI) | 416 | 7,742 | |
| Equinix, Inc. | 49 | 33,725 | |
| Equity Lifestyle Properties, Inc. | 294 | 20,142 | |
| Essex Property Trust, Inc. | 54 | 12,315 | |
| Host Hotels & Resorts, Inc. | 1,346 | 22,613 | |
| Life Storage, Inc. | 20 | 2,410 | |
| Mid-America Apartment Communities, Inc. | 50 | 8,005 | |
| Prologis (REIT), Inc. | 298 | 36,773 | |
| Simon Property Group, Inc. | 60 | 7,325 | |
| Ventas, Inc. | 342 | 16,638 | |
| Welltower, Inc. | 288 | 21,347 | |
| 254,025 | |||
| Real Estate Management & Development - 0.0% | |||
| Cushman & Wakefield PLC (b) | 280 | 3,623 | |
TOTAL REAL ESTATE | 257,648 | ||
| UTILITIES - 2.7% | |||
| Electric Utilities - 1.8% | |||
| Edison International | 342 | 22,644 | |
| Evergy, Inc. | 192 | 11,292 | |
| Exelon Corp. | 380 | 15,348 | |
| FirstEnergy Corp. | 564 | 22,301 | |
| NextEra Energy, Inc. | 701 | 49,792 | |
| PG&E Corp. (b) | 312 | 4,873 | |
| Southern Co. | 593 | 37,395 | |
| 163,645 | |||
| Multi-Utilities - 0.9% | |||
| Consolidated Edison, Inc. | 128 | 11,437 | |
| Dominion Energy, Inc. | 296 | 16,464 | |
| NiSource, Inc. | 570 | 15,635 | |
| Public Service Enterprise Group, Inc. | 201 | 12,146 | |
| Sempra Energy | 214 | 32,091 | |
| 87,773 | |||
TOTAL UTILITIES | 251,418 | ||
| TOTAL COMMON STOCKS (Cost $8,933,768) | 9,111,782 | ||
| Money Market Funds - 2.0% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 4.63% (c) (Cost $187,005) | 186,968 | 187,005 | |
| TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $9,120,773) | 9,298,787 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (56,375) |
| NET ASSETS - 100.0% | 9,242,412 |
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 $13,369 or 0.1% of net assets. |
| (b) | Non-income producing |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.63% | 20,845 | 5,330,009 | 5,163,849 | 2,562 | - | - | 187,005 | 0.0% |
| Total | 20,845 | 5,330,009 | 5,163,849 | 2,562 | - | - | 187,005 | |
Amounts in the dividend 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted 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)
Valuation techniques used to value 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 service 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 any 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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