Quarterly Holdings Report

for

Fidelity® Infrastructure Fund

January 31, 2022

ISF-NPRT1-0422

1.9896237.102

Common Stocks - 94.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 6.9%
Diversified Telecommunication Services - 6.9%
Cellnex Telecom SA (a)	62,089	2,815,464
Helios Towers PLC (b)	451,297	932,925
		3,748,389
ENERGY - 22.5%
Oil, Gas & Consumable Fuels - 22.5%
Cheniere Energy, Inc.	22,094	2,472,319
DT Midstream, Inc.	25,500	1,318,350
Enbridge, Inc.	43,644	1,845,123
Enterprise Products Partners LP	22,924	541,923
ONEOK, Inc.	24,100	1,462,388
Targa Resources Corp.	37,600	2,221,408
The Williams Companies, Inc.	76,054	2,277,057
		12,138,568
INDUSTRIALS - 35.6%
Commercial Services & Supplies - 5.5%
Casella Waste Systems, Inc. Class A (b)	5,600	425,488
GFL Environmental, Inc.	43,084	1,416,171
Waste Connections, Inc. (United States)	9,050	1,128,535
		2,970,194
Construction & Engineering - 5.5%
Ferrovial SA	58,131	1,615,377
VINCI SA	12,420	1,361,314
		2,976,691
Transportation Infrastructure - 24.6%
Aena SME SA (a)(b)	22,588	3,649,826
Aeroports de Paris SA (b)	9,647	1,309,106
Flughafen Zuerich AG (b)	8,790	1,626,296
Fraport AG Frankfurt Airport Services Worldwide (b)	11,128	760,117
Getlink SE	123,715	1,951,587
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR	10,800	1,483,812
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR	5,458	1,108,847
Grupo Aeroportuario Norte S.A.B. de CV ADR	25,813	1,387,707
		13,277,298
TOTAL INDUSTRIALS		19,224,183
REAL ESTATE - 11.1%
Equity Real Estate Investment Trusts (REITs) - 11.1%
American Tower Corp.	3,935	989,653
ARGAN SA	6,600	831,859
Crown Castle International Corp.	5,224	953,432
Digital Realty Trust, Inc.	1,280	191,014
Digitalbridge Group, Inc. (b)	70,500	514,650
Equinix, Inc.	506	366,799
Prologis (REIT), Inc.	5,119	802,762
SBA Communications Corp. Class A	2,006	652,833
Warehouses de Pauw	16,413	706,109
		6,009,111
UTILITIES - 18.7%
Electric Utilities - 13.7%
Exelon Corp.	31,100	1,802,245
Iberdrola SA	147,600	1,692,244
NextEra Energy, Inc.	34,597	2,702,718
ORSTED A/S (a)	8,467	902,116
SSE PLC	14,167	304,818
		7,404,141
Independent Power and Renewable Electricity Producers - 1.9%
NextEra Energy Partners LP	6,794	511,045
The AES Corp.	23,690	525,444
		1,036,489
Multi-Utilities - 3.1%
Dominion Energy, Inc.	20,628	1,663,854
TOTAL UTILITIES		10,104,484
TOTAL COMMON STOCKS (Cost $47,779,925)		51,224,735

Money Market Funds - 5.2%
	Shares	Value ($)
Fidelity Cash Central Fund 0.08% (c) (Cost $2,786,037)	2,785,479	2,786,037

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $50,565,962)	54,010,772
NET OTHER ASSETS (LIABILITIES) - 0.0%	15,263
NET ASSETS - 100.0%	54,026,035

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 $7,367,406 or 13.6% 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 0.08%	2,707,951	9,129,926	9,051,840	582	-	-	2,786,037	0.0%
Fidelity Securities Lending Cash Central Fund 0.08%	870,800	5,138,088	6,008,888	550	-	-	-	0.0%
Total	3,578,751	14,268,014	15,060,728	1,132	-	-	2,786,037

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 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. 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 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 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 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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