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.
REF-NPRT1-1224
1.9912343.100
Common Stocks - 99.1%
Shares
Value ($)
UNITED STATES - 99.1%
Real Estate - 99.1%
Health Care REITs - 12.3%
Ventas Inc
1,020,214
66,813,815
Welltower Inc
480,818
64,852,732
131,666,547
Hotel & Resort REITs - 0.5%
Ryman Hospitality Properties Inc
47,911
5,128,872
Industrial REITs - 14.9%
Americold Realty Trust Inc
966,814
24,827,784
Prologis Inc
937,107
105,836,865
STAG Industrial Inc Class A
474,594
17,692,864
Terreno Realty Corp
176,457
10,578,597
158,936,110
Real Estate Management & Development - 5.5%
CBRE Group Inc Class A (a)
342,483
44,854,999
Compass Inc Class A (a)
1,147,345
7,285,641
CoStar Group Inc (a)
92,916
6,763,355
58,903,995
Residential REITs - 16.8%
American Homes 4 Rent Class A
637,482
22,464,866
Camden Property Trust
109,649
12,696,258
Elme Communities
322,301
5,437,218
Equity LifeStyle Properties Inc
58,467
4,099,706
Equity Residential
439,166
30,904,111
Invitation Homes Inc
524,295
16,468,106
Mid-America Apartment Communities Inc
112,856
17,079,627
Sun Communities Inc
236,721
31,408,142
UDR Inc
927,044
39,111,986
179,670,020
Retail REITs - 15.5%
Acadia Realty Trust
139,570
3,418,069
Agree Realty Corp
128,500
9,541,125
Curbline Properties Corp
350,278
7,926,791
FrontView REIT Inc
129,700
2,420,202
InvenTrust Properties Corp
78,100
2,300,045
Kimco Realty Corp
1,982,861
47,033,463
Macerich Co/The
265,466
4,964,214
NNN REIT Inc
918,921
39,917,928
Phillips Edison & Co Inc
229,392
8,673,312
Regency Centers Corp
145,725
10,410,594
SITE Centers Corp
197,789
3,154,735
Tanger Inc
266,289
8,848,783
Urban Edge Properties
763,279
16,975,325
165,584,586
Specialized REITs - 33.6%
American Tower Corp
498,610
106,473,179
Crown Castle Inc
128,733
13,837,510
CubeSmart
472,476
22,603,252
Digital Realty Trust Inc
236,355
42,125,552
Equinix Inc
98,897
89,806,388
Extra Space Storage Inc
47,345
7,731,439
Four Corners Property Trust Inc
80,001
2,204,827
Lamar Advertising Co Class A
113,485
14,980,020
Public Storage Operating Co
135,435
44,566,241
SBA Communications Corp Class A
50,148
11,507,462
Weyerhaeuser Co
114,625
3,571,715
359,407,585
TOTAL REAL ESTATE
1,059,297,715
TOTAL COMMON STOCKS
(Cost $1,104,783,827)
1,059,297,715
Money Market Funds - 0.8%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (b)
(Cost $8,761,550)
4.87
8,759,798
8,761,550
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $1,113,545,377)
1,068,059,265
NET OTHER ASSETS (LIABILITIES) - 0.1%
573,556
NET ASSETS - 100.0%
1,068,632,821
Legend
(a)
Non-income producing
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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
-
170,924,483
162,162,933
177,731
-
-
8,761,550
0.0%
Total
-
170,924,483
162,162,933
177,731
-
-
8,761,550
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.
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
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