Quarterly Holdings Report
for
Fidelity® International Real Estate Fund
October 31, 2022
IRE-NPRT1-1222
1.809077.119
Common Stocks - 98.2% | |||
Shares | Value ($) | ||
Australia - 7.4% | |||
Abacus Property Group unit | 5,818,982 | 10,421,913 | |
Arena (REIT) unit | 2,285,026 | 5,744,154 | |
Charter Hall Group unit | 480,815 | 3,979,740 | |
Ingenia Communities Group unit | 1,805,563 | 4,527,319 | |
National Storage REIT unit | 10,420,216 | 17,396,410 | |
NEXTDC Ltd. (a) | 776,356 | 4,131,680 | |
TOTAL AUSTRALIA | 46,201,216 | ||
Belgium - 3.5% | |||
Home Invest Belgium SA (b) | 89,591 | 2,054,089 | |
Inclusio SA | 284,666 | 4,205,752 | |
Montea SICAFI SCA | 33,537 | 2,290,177 | |
Warehouses de Pauw | 525,235 | 13,485,269 | |
TOTAL BELGIUM | 22,035,287 | ||
Bermuda - 3.8% | |||
Great Eagle Holdings Ltd. | 7,963,541 | 14,608,930 | |
Tai Cheung Holdings Ltd. | 11,852,000 | 6,039,505 | |
Wing Tai Properties Ltd. | 7,656,000 | 3,403,902 | |
TOTAL BERMUDA | 24,052,337 | ||
Cayman Islands - 4.4% | |||
CK Asset Holdings Ltd. | 5,009,500 | 27,697,069 | |
France - 1.0% | |||
ARGAN SA | 83,532 | 6,265,583 | |
Germany - 5.9% | |||
LEG Immobilien AG | 142,140 | 9,287,867 | |
Vonovia SE | 1,239,441 | 27,404,805 | |
TOTAL GERMANY | 36,692,672 | ||
Hong Kong - 3.2% | |||
Magnificent Hotel Investment Ltd. (a) | 201,209,000 | 2,614,552 | |
Sino Land Ltd. (b) | 16,014,945 | 17,117,373 | |
TOTAL HONG KONG | 19,731,925 | ||
Ireland - 1.6% | |||
Irish Residential Properties REIT PLC | 9,387,261 | 10,148,995 | |
Italy - 0.5% | |||
Infrastrutture Wireless Italiane SpA (c) | 369,800 | 3,264,243 | |
Japan - 26.4% | |||
Advance Residence Investment Corp. | 9,112 | 21,202,811 | |
Daiwa Securities Living Invest | 21,295 | 16,526,736 | |
Goldcrest Co. Ltd. | 767,700 | 9,035,105 | |
Health Care & Medical Investment Corp. | 11,350 | 15,609,637 | |
Ichigo, Inc. | 1,397,900 | 3,149,376 | |
JTOWER, Inc. (a)(b) | 179,300 | 7,295,235 | |
Katitas Co. Ltd. | 155,400 | 3,485,383 | |
Kenedix Residential Investment Corp. | 5,400 | 7,909,614 | |
Kyoritsu Maintenance Co. Ltd. (b) | 217,300 | 8,958,264 | |
Mirarth Holdings, Inc. | 2,003,200 | 5,388,749 | |
Mitsubishi Estate Co. Ltd. | 3,646,300 | 45,853,315 | |
Mitsui Fudosan Logistics Park, Inc. | 4,921 | 16,315,633 | |
Nomura Real Estate Holdings, Inc. | 217,800 | 4,928,861 | |
TOTAL JAPAN | 165,658,719 | ||
New Zealand - 3.4% | |||
Arvida Group Ltd. | 12,019,496 | 8,805,050 | |
Auckland International Airport Ltd. (a) | 1,131,797 | 5,066,806 | |
Stride Property Group unit | 7,618,836 | 7,087,346 | |
TOTAL NEW ZEALAND | 20,959,202 | ||
Singapore - 10.4% | |||
CDL Hospitality Trusts unit | 352,884 | 289,167 | |
City Developments Ltd. | 1,818,600 | 9,802,146 | |
Keppel DC (REIT) | 11,145,000 | 13,856,457 | |
Parkway Life REIT | 4,395,800 | 12,421,023 | |
Singapore Land Group Ltd. | 9,109,000 | 13,963,358 | |
Wing Tai Holdings Ltd. | 13,805,881 | 14,824,060 | |
TOTAL SINGAPORE | 65,156,211 | ||
Spain - 3.2% | |||
Aena SME SA (a)(c) | 28,200 | 3,314,389 | |
Arima Real Estate SOCIMI SA (a) | 1,230,319 | 9,179,764 | |
Cellnex Telecom SA (c) | 236,010 | 7,724,669 | |
TOTAL SPAIN | 20,218,822 | ||
Sweden - 4.6% | |||
Catena AB | 66,000 | 2,243,995 | |
Fastighets AB Trianon Class B | 676,732 | 1,148,603 | |
Fastighetsbolaget Emilshus AB | 735,600 | 1,540,994 | |
Heba Fastighets AB (B Shares) | 1,091,500 | 3,118,939 | |
Hemnet Group AB | 805,608 | 10,010,635 | |
John Mattson Fastighetsforetag (a) | 161,006 | 1,017,844 | |
Nibe Industrier AB (B Shares) | 493,000 | 3,933,748 | |
Stendorren Fastigheter AB (a) | 40,367 | 701,958 | |
Wihlborgs Fastigheter AB | 817,960 | 5,363,575 | |
TOTAL SWEDEN | 29,080,291 | ||
Switzerland - 3.2% | |||
Flughafen Zuerich AG (a) | 20,990 | 3,257,448 | |
PSP Swiss Property AG | 155,594 | 16,626,113 | |
TOTAL SWITZERLAND | 19,883,561 | ||
United Kingdom - 13.3% | |||
Berkeley Group Holdings PLC | 20,300 | 808,050 | |
Big Yellow Group PLC | 551,600 | 7,122,793 | |
Grainger Trust PLC | 4,444,681 | 11,570,554 | |
Great Portland Estates PLC | 445,117 | 2,623,765 | |
Harworth Group PLC | 2,218,600 | 2,633,341 | |
Londonmetric Properity PLC | 8,440,106 | 18,090,263 | |
Rightmove PLC | 896,400 | 5,047,804 | |
Safestore Holdings PLC | 584,819 | 6,059,507 | |
Segro PLC | 1,757,208 | 15,819,054 | |
Shaftesbury PLC | 695,568 | 2,932,262 | |
Unite Group PLC | 785,480 | 8,026,025 | |
Urban Logistics REIT PLC | 1,708,265 | 2,576,135 | |
TOTAL UNITED KINGDOM | 83,309,553 | ||
United States of America - 2.4% | |||
Airbnb, Inc. Class A (a) | 89,000 | 9,514,990 | |
CoStar Group, Inc. (a) | 65,800 | 5,442,976 | |
TOTAL UNITED STATES OF AMERICA | 14,957,966 | ||
TOTAL COMMON STOCKS (Cost $766,741,825) | 615,313,652 | ||
Money Market Funds - 3.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (d) | 8,978,338 | 8,980,134 | |
Fidelity Securities Lending Cash Central Fund 3.10% (d)(e) | 9,932,657 | 9,933,650 | |
TOTAL MONEY MARKET FUNDS (Cost $18,913,673) | 18,913,784 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $785,655,498) | 634,227,436 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (7,518,204) |
NET ASSETS - 100.0% | 626,709,232 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 3.10% | 25,343,355 | 63,647,348 | 80,010,569 | 151,657 | - | - | 8,980,134 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.10% | 5,012,018 | 18,308,318 | 13,386,686 | 45,340 | - | - | 9,933,650 | 0.0% |
Total | 30,355,373 | 81,955,666 | 93,397,255 | 196,997 | - | - | 18,913,784 | |
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.
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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