Quarterly Holdings Report
for
Fidelity® Climate Action Fund
August 31, 2026
CLA-NPRT1-1026
1.9901892.105
Common Stocks - 97.8%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Lynas Rare Earths Ltd (a)
  
10,433
117,595
CANADA - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Cameco Corp (United States)
 
3,123
308,427
CHINA - 1.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Automobiles - 0.6%
  
  
  
BYD Co Ltd A Shares (China)
 
29,538
387,701
Industrials - 1.0%
  
  
  
Electrical Equipment - 0.6%
  
  
  
Sungrow Power Supply Co Ltd A Shares (China)
 
20,760
282,680
Machinery - 0.4%
  
  
  
UBTech Robotics Corp Ltd H Shares (a)
  
14,134
152,908
Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)
 
17,000
91,834
 
  
  
244,742
TOTAL INDUSTRIALS
  
  
527,422
TOTAL CHINA
  
  
915,123
DENMARK - 1.0%
 
  
  
Industrials - 1.0%
  
  
  
Electrical Equipment - 1.0%
  
  
  
Vestas Wind Systems A/S
 
18,694
619,907
FRANCE - 0.7%
 
  
  
Health Care - 0.4%
  
  
  
Health Care Equipment & Supplies - 0.4%
  
  
  
EssilorLuxottica SA
 
1,377
255,541
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
SOITEC (a)
  
1,455
194,187
TOTAL FRANCE
  
  
449,728
GERMANY - 1.3%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Birkenstock Holding Plc (a)
  
1,775
61,965
Health Care - 0.4%
  
  
  
Biotechnology - 0.4%
  
  
  
BioNTech SE ADR (a)
  
2,514
255,448
Information Technology - 0.6%
  
  
  
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
AIXTRON SE
 
1,947
80,940
Infineon Technologies AG
 
4,366
284,607
TOTAL INFORMATION TECHNOLOGY
  
  
365,547
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Wacker Chemie AG (a)
  
1,307
142,478
TOTAL GERMANY
  
  
825,438
HONG KONG - 0.7%
 
  
  
Industrials - 0.7%
  
  
  
Machinery - 0.7%
  
  
  
Techtronic Industries Co Ltd
 
25,819
446,322
ISRAEL - 0.2%
 
  
  
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Enlight Renewable Energy Ltd (a)
  
1,578
123,181
ITALY - 0.6%
 
  
  
Industrials - 0.6%
  
  
  
Electrical Equipment - 0.6%
  
  
  
Prysmian SpA
 
2,572
359,506
JAPAN - 0.6%
 
  
  
Information Technology - 0.6%
  
  
  
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
Allegro MicroSystems Inc (a)
  
10,149
367,901
KOREA (SOUTH) - 1.2%
 
  
  
Information Technology - 1.2%
  
  
  
Semiconductors & Semiconductor Equipment - 1.2%
  
  
  
SK Hynix Inc
 
597
730,919
SOUTH AFRICA - 0.3%
 
  
  
Utilities - 0.3%
  
  
  
Independent Power and Renewable Electricity Producers - 0.3%
  
  
  
Scatec ASA (a)(b)(c)
  
17,179
177,513
UNITED KINGDOM - 0.4%
 
  
  
Industrials - 0.3%
  
  
  
Electrical Equipment - 0.3%
  
  
  
Ceres Power Holdings PLC (a)
  
30,313
161,339
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
IQE PLC (a)
  
134,076
87,566
TOTAL UNITED KINGDOM
  
  
248,905
UNITED STATES - 88.5%
 
  
  
Communication Services - 6.4%
  
  
  
Interactive Media & Services - 6.4%
  
  
  
Alphabet Inc Class A
 
11,567
3,925,261
Consumer Discretionary - 8.3%
  
  
  
Automobiles - 2.4%
  
  
  
Tesla Inc (a)
  
4,020
1,479,159
Broadline Retail - 3.0%
  
  
  
Amazon.com Inc (a)
  
4,418
1,147,664
Etsy Inc (a)
  
8,581
697,893
 
  
  
1,845,557
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Starbucks Corp
 
1,689
179,456
Leisure Products - 0.3%
  
  
  
YETI Holdings Inc (a)
  
4,852
199,175
Specialty Retail - 2.3%
  
  
  
Lowe's Cos Inc
 
3,724
762,303
Williams-Sonoma Inc
 
2,762
630,426
 
  
  
1,392,729
TOTAL CONSUMER DISCRETIONARY
  
  
5,096,076
Consumer Staples - 1.0%
  
  
  
Personal Care Products - 1.0%
  
  
  
Kenvue Inc
 
33,245
627,666
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Centrus Energy Corp Class A (a)
  
503
86,214
Financials - 9.2%
  
  
  
Capital Markets - 5.4%
  
  
  
Intercontinental Exchange Inc
 
2,172
349,040
MarketAxess Holdings Inc
 
3,899
634,094
Moody's Corp
 
1,643
829,124
Morgan Stanley
 
6,435
1,372,715
MSCI Inc
 
202
115,269
 
  
  
3,300,242
Consumer Finance - 1.4%
  
  
  
American Express Co
 
1,213
400,496
Capital One Financial Corp
 
2,152
461,626
 
  
  
862,122
Financial Services - 1.6%
  
  
  
Visa Inc Class A
 
2,565
973,084
Insurance - 0.8%
  
  
  
Marsh & McLennan Cos Inc
 
2,849
540,740
TOTAL FINANCIALS
  
  
5,676,188
Health Care - 14.8%
  
  
  
Biotechnology - 1.8%
  
  
  
Gilead Sciences Inc
 
7,419
1,085,696
Health Care Equipment & Supplies - 0.3%
  
  
  
Intuitive Surgical Inc (a)
  
548
206,519
Health Care Providers & Services - 2.0%
  
  
  
Cencora Inc
 
1,157
374,405
Elevance Health Inc
 
2,195
861,626
 
  
  
1,236,031
Life Sciences Tools & Services - 6.2%
  
  
  
Agilent Technologies Inc
 
3,619
555,734
Bruker Corp
 
6,631
384,664
Danaher Corp
 
3,483
743,829
Mettler-Toledo International Inc (a)
  
182
255,735
Repligen Corp (a)
  
3,071
555,790
Thermo Fisher Scientific Inc
 
2,023
1,248,394
 
  
  
3,744,146
Pharmaceuticals - 4.5%
  
  
  
Haleon PLC
 
146,654
730,492
Johnson & Johnson
 
3,867
1,028,042
Ligand Pharmaceuticals Inc (a)
  
895
254,269
Roche Holding AG
 
1,769
772,071
 
  
  
2,784,874
TOTAL HEALTH CARE
  
  
9,057,266
Industrials - 13.7%
  
  
  
Building Products - 1.0%
  
  
  
Trane Technologies PLC
 
1,439
639,492
Commercial Services & Supplies - 2.3%
  
  
  
Clean Harbors Inc (a)
  
3,402
1,072,481
Veralto Corp
 
3,389
334,053
 
  
  
1,406,534
Construction & Engineering - 1.5%
  
  
  
Fluor Corp (a)
  
5,791
315,667
Quanta Services Inc
 
953
578,557
 
  
  
894,224
Electrical Equipment - 2.6%
  
  
  
Acuity Inc
 
1,560
517,592
Eaton Corp PLC
 
1,138
457,339
Generac Holdings Inc (a)
  
532
98,622
Nextpower Inc (a)
  
6,471
530,817
 
  
  
1,604,370
Industrial Conglomerates - 0.6%
  
  
  
3M Co
 
2,232
383,525
Machinery - 3.8%
  
  
  
Deere & Co
 
1,940
1,270,526
Flowserve Corp
 
5,235
414,036
Ingersoll Rand Inc
 
4,689
361,287
Proto Labs Inc (a)
  
3,451
276,287
 
  
  
2,322,136
Professional Services - 1.4%
  
  
  
KBR Inc
 
6,022
225,825
UL Solutions Inc Class A
 
5,417
403,675
Verisk Analytics Inc
 
1,196
231,761
 
  
  
861,261
Trading Companies & Distributors - 0.5%
  
  
  
QXO Inc (a)
  
24,288
322,544
TOTAL INDUSTRIALS
  
  
8,434,086
Information Technology - 33.5%
  
  
  
Communications Equipment - 2.1%
  
  
  
Ciena Corp (a)
  
938
359,066
Lumentum Holdings Inc (a)
  
399
364,989
Motorola Solutions Inc
 
1,140
553,243
 
  
  
1,277,298
Electronic Equipment, Instruments & Components - 3.5%
  
  
  
Amphenol Corp Class A
 
3,717
589,330
Flex Ltd (a)
  
3,765
411,326
Keysight Technologies Inc (a)
  
3,186
1,028,123
Mirion Technologies Inc Class A (a)
  
6,884
103,742
 
  
  
2,132,521
IT Services - 1.0%
  
  
  
IBM Corporation
 
2,726
637,529
Semiconductors & Semiconductor Equipment - 12.6%
  
  
  
Advanced Micro Devices Inc (a)
  
1,833
862,830
Aehr Test Systems (a)
  
1,693
134,203
Applied Materials Inc
 
1,526
699,503
First Solar Inc (a)
  
2,674
539,881
MACOM Technology Solutions Holdings Inc (a)
  
2,040
538,213
Monolithic Power Systems Inc
 
236
299,194
NVIDIA Corp
 
18,869
4,165,898
QUALCOMM Inc
 
2,464
420,063
 
  
  
7,659,785
Software - 8.2%
  
  
  
Microsoft Corp
 
5,204
2,639,937
Palo Alto Networks Inc (a)
  
2,891
1,104,738
Samsara Inc Class A (a)
  
4,981
203,474
Synopsys Inc (a)
  
840
369,256
Zoom Communications Inc Class A (a)
  
7,743
748,593
 
  
  
5,065,998
Technology Hardware, Storage & Peripherals - 6.1%
  
  
  
Apple Inc
 
11,882
3,764,812
TOTAL INFORMATION TECHNOLOGY
  
  
20,537,943
Materials - 1.5%
  
  
  
Chemicals - 1.1%
  
  
  
Linde PLC
 
1,150
563,017
Perimeter Solutions Inc (a)
  
3,192
97,356
 
  
  
660,373
Metals & Mining - 0.4%
  
  
  
MP Materials Corp (a)
  
4,791
262,307
TOTAL MATERIALS
  
  
922,680
TOTAL UNITED STATES
  
  
54,363,380
 
TOTAL COMMON STOCKS
 (Cost $40,661,619)
  
  
  
60,053,845
 
  
  
  
Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Cellink Corp Series D (a)(d)(e)
  
400
5,212
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Illuminated Holdings Inc Series E2 (d)(e)
  
713
19,608
TOTAL UNITED STATES
  
  
24,820
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $20,330)
  
  
  
24,820
 
  
  
  
Money Market Funds - 1.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 (Cost $1,191,095)
  
3.69
1,190,866
1,191,104
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $41,873,044)
 
  
 
61,269,769
NET OTHER ASSETS (LIABILITIES) - 0.3%  
202,446
NET ASSETS - 100.0%
61,472,215
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $177,513 or 0.3% of net assets.
 
(c)
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 $177,513 or 0.3% of net assets.
 
(d)
Level 3 security.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,820 or 0.0% of net assets.
 
(f)
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.
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Cellink Corp Series D
1/20/2022
8,330
 
  
  
Illuminated Holdings Inc Series E2
9/27/2023
12,000
 
  
  
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
1,103,657
4,207,155
4,119,716
8,079
(1)
9
1,191,104
1,190,866
 
1,103,657
4,207,155
4,119,716
8,079
(1)
9
1,191,104
  
 
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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