NPORT-EX 2 QTLY_2724_20230630.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Real Estate Equity Central Fund
June 30, 2023
REE-NPRT3-0823
1.9862252.108
Common Stocks - 98.9%
 
 
Shares
Value ($)
 
Commercial Services & Supplies - 0.7%
 
 
 
REITs - Diversified - 0.7%
 
 
 
The GEO Group, Inc. (a)(b)
 
950,900
6,808,444
Equity Real Estate Investment Trusts (REITs) - 96.9%
 
 
 
REITs - Apartments - 16.8%
 
 
 
Essex Property Trust, Inc.
 
191,319
44,826,042
Invitation Homes, Inc.
 
966,504
33,247,738
Mid-America Apartment Communities, Inc.
 
330,000
50,113,800
UDR, Inc.
 
688,282
29,568,595
 
 
 
157,756,175
REITs - Diversified - 20.0%
 
 
 
Crown Castle International Corp.
 
108,200
12,328,308
Digital Realty Trust, Inc.
 
277,100
31,553,377
Equinix, Inc.
 
124,038
97,238,350
Lamar Advertising Co. Class A
 
223,759
22,208,081
Outfront Media, Inc.
 
434,800
6,835,056
VICI Properties, Inc.
 
568,031
17,853,214
 
 
 
188,016,386
REITs - Health Care - 9.9%
 
 
 
Ventas, Inc.
 
1,144,494
54,100,231
Welltower, Inc.
 
480,466
38,864,895
 
 
 
92,965,126
REITs - Health Care Facilities - 1.0%
 
 
 
Omega Healthcare Investors, Inc.
 
292,500
8,976,825
REITs - Hotels - 3.6%
 
 
 
Ryman Hospitality Properties, Inc.
 
360,500
33,497,660
REITs - Manufactured Homes - 3.8%
 
 
 
Equity Lifestyle Properties, Inc.
 
540,900
36,180,801
REITs - Office Property - 3.0%
 
 
 
Alexandria Real Estate Equities, Inc.
 
245,980
27,916,270
REITs - Regional Malls - 0.3%
 
 
 
Tanger Factory Outlet Centers, Inc.
 
131,600
2,904,412
REITs - Shopping Centers - 5.2%
 
 
 
SITE Centers Corp.
 
1,946,600
25,734,052
Urban Edge Properties
 
1,495,600
23,077,108
 
 
 
48,811,160
REITs - Single Tenant - 6.0%
 
 
 
Four Corners Property Trust, Inc.
 
1,280,500
32,524,700
Spirit Realty Capital, Inc. (b)
 
597,800
23,541,364
 
 
 
56,066,064
REITs - Storage - 9.6%
 
 
 
CubeSmart
 
1,385,019
61,854,949
Extra Space Storage, Inc.
 
192,900
28,713,165
 
 
 
90,568,114
REITs - Warehouse/Industrial - 17.7%
 
 
 
EastGroup Properties, Inc.
 
125,400
21,769,440
Prologis (REIT), Inc.
 
1,043,937
128,017,992
Terreno Realty Corp.
 
275,716
16,570,532
 
 
 
166,357,964
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
 
 
910,016,957
Real Estate Management & Development - 1.3%
 
 
 
Real Estate Operating Companies - 0.1%
 
 
 
WeWork, Inc. (a)(b)
 
2,251,600
575,059
Real Estate Services - 1.2%
 
 
 
CBRE Group, Inc. (a)
 
102,300
8,256,633
Jones Lang LaSalle, Inc. (a)
 
18,600
2,897,880
 
 
 
11,154,513
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
 
 
11,729,572
 
TOTAL COMMON STOCKS
 (Cost $832,289,181)
 
 
 
928,554,973
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.14% (c)
 
7,586,495
7,588,012
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d)
 
4,506,049
4,506,500
 
TOTAL MONEY MARKET FUNDS
 (Cost $12,094,512)
 
 
12,094,512
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $844,383,693)
 
 
 
940,649,485
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(1,472,160)
NET ASSETS - 100.0%
939,177,325
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
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 5.14%
11,883,685
233,633,184
237,928,857
310,579
-
-
7,588,012
0.0%
Fidelity Securities Lending Cash Central Fund 5.14%
21,869,667
71,196,650
88,559,817
165,154
-
-
4,506,500
0.0%
Total
33,753,352
304,829,834
326,488,674
475,733
-
-
12,094,512
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column 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 Directors (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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