Quarterly Holdings Report
for
Fidelity® Series Real Estate Income Fund
April 30, 2026
SRE-NPRT3-0626
1.924316.114
Asset-Backed Securities - 1.9%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.9%
 
 
 
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (g)
 
405,278
366,113
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (g)
 
959,345
948,003
MetroNet Infrastructure Issuer LLC Series 2026-1A Class C, 7.1% 4/20/2056 (g)
 
990,000
996,169
Retained Vantage Data Centers Issuer LLC / Vantage Data Centers CDA Ltd Series 2024-1A Class B, 5.775% 9/15/2049 (g)
 
553,000
531,290
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(g)
 
2,000,000
1,662,540
Switch ABS Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (g)
 
750,000
764,670
VB-S1 Issuer LLC Series 2026-1A Class F, 6.843% 3/15/2056 (g)
 
460,000
461,679
TOTAL UNITED STATES
 
 
5,730,464
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $5,982,841)
 
 
 
5,730,464
 
 
 
 
Bank Loan Obligations - 1.3%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.3%
 
 
 
Communication Services - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 10/6/2032 (b)(c)(d)
 
498,750
498,750
Financials - 1.2%
 
 
 
Financial Services - 1.2%
 
 
 
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.6547% 1/9/2027 (b)(c)(d)(e)
 
3,514,502
3,426,640
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 1/31/2030 (b)(c)(d)
 
16,950
16,992
TOTAL UNITED STATES
 
 
3,942,382
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $4,025,519)
 
 
 
3,942,382
 
 
 
 
Commercial Mortgage Securities - 20.6%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 20.6%
 
 
 
Ares Trust 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2047% 4/15/2042 (b)(c)(g)
 
1,000,000
1,001,250
BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (e)(g)
 
625,000
414,395
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (g)
 
1,848,000
887,288
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (c)
 
825,000
832,073
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.0747% 12/15/2062 (c)(e)(g)
 
573,000
2,865
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.0747% 12/15/2062 (c)(e)(g)
 
859,000
2,148
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3456% 11/15/2041 (b)(c)(g)
 
381,000
381,238
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 5.7711% 11/5/2039 (c)(g)
 
303,000
310,583
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(g)
 
254,000
252,925
BRES Commercial Mortgage Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 8.8432% 11/15/2042 (b)(c)(g)
 
1,000,000
992,979
BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 6.6195% 8/15/2038 (b)(c)(e)(g)
 
91,177
37,200
BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 7.6195% 8/15/2038 (b)(c)(g)
 
213,030
74,092
BX 2019 Trust Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(g)
 
5,666,000
5,189,729
BX 2024 Trust Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.5926% 6/15/2041 (b)(c)(g)
 
719,625
712,337
BX Commercial Mortgage 2020 Trust Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(g)
 
2,018,000
1,803,415
BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class B, 5.4147% 11/13/2046 (c)(g)
 
353,000
354,402
BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class E, 7.3467% 11/13/2046 (c)(g)
 
800,000
835,945
BX Commercial Mortgage 2025 Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3449% 4/15/2040 (b)(c)(g)
 
906,642
906,642
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3013% 4/15/2034 (b)(c)(g)
 
819,000
806,545
BX Commercial Mortgage Trust Series 2026-XL6 Class D, CME Term SOFR 1 month Index + 2.1%, 5.7547% 3/15/2043 (b)(c)(g)
 
1,045,000
1,039,775
BX Commercial Mortgage Trust Series 2026-XL6 Class E, CME Term SOFR 1 month Index + 3%, 6.6547% 3/15/2043 (b)(c)(g)
 
430,000
427,327
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0047% 1/15/2039 (b)(c)(g)
 
700,000
696,596
BX Trust Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.5949% 11/15/2041 (b)(c)(g)
 
202,949
203,201
BX Trust Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.5935% 11/15/2041 (b)(c)(g)
 
683,044
680,555
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.255% 10/15/2042 (b)(c)(e)(g)
 
1,000,000
998,100
BX Trust Series 2026-CART Class D, CME Term SOFR 1 month Index + 1.9%, 5.5547% 2/15/2036 (b)(c)(g)
 
1,655,000
1,638,933
BX Trust Series 2026-LP3 Class E, CME Term SOFR 1 month Index + 3.2%, 6.85% 4/15/2043 (b)(c)(g)
 
1,000,000
1,002,813
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (e)(g)
 
213,000
158,653
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (g)
 
31,000
27,700
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.001% 9/15/2033 (b)(c)(g)
 
735,000
45,117
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0073% 9/15/2033 (b)(c)(g)
 
735,000
20,347
COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (c)(g)
 
2,000,000
1,938,238
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5432% 8/15/2041 (b)(c)(g)
 
500,000
495,664
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.0861% 6/15/2034 (b)(g)
 
800,000
343,149
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6424% 10/15/2051 (c)
 
1,000,000
905,722
ELP Series 2025-ELP Class E, 6.02% 11/13/2042 (c)(g)
 
1,115,000
1,099,630
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (c)(g)
 
1,000,000
1,011,019
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7547% 10/15/2042 (b)(c)(g)
 
963,133
967,949
Extended Stay America Trust Series 2026-ESH2 Class E, CME Term SOFR 1 month Index + 2.9%, 6.5547% 2/15/2043 (b)(c)(g)
 
733,418
736,168
Extended Stay America Trust Series 2026-ESH2 Class F, 7.4047% 2/15/2043 (c)(g)
 
921,474
926,077
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.5575% 8/10/2044 (c)(g)
 
76,563
74,583
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.5575% 8/10/2044 (c)(g)
 
759,236
596,142
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.5575% 8/10/2044 (c)(g)
 
848,000
284,127
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (e)(g)
 
677,000
2,031
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.2475% 11/10/2045 (c)(g)
 
268,331
257,574
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.552% 7/15/2035 (b)(c)(g)
 
669,000
485
GS Mortgage Securities Trust Series 2024-RVR Class A, 4.8518% 8/10/2041 (c)(g)
 
500,000
501,736
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(g)
 
2,515,000
2,481,117
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6912% 6/15/2045 (c)(g)
 
568,678
553,045
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (g)
 
805,000
548,952
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 3.6068% 4/15/2046 (c)(e)
 
284,465
2,139
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(g)
 
924,000
2,301
JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(g)
 
961,000
154,225
JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (e)(g)
 
1,406,000
316,392
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(g)
 
356,000
350,088
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (g)
 
1,533,786
1,492,609
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2554% 6/15/2051 (c)(g)
 
302,000
246,730
MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.5195% 7/15/2038 (b)(c)(g)
 
250,000
249,844
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1547% 9/15/2040 (b)(c)(g)
 
2,000,000
2,002,483
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(g)
 
1,000,000
135,010
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7042% 5/15/2046 (c)
 
625,000
577,585
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2129% 6/15/2044 (c)(g)
 
589,688
583,903
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2129% 6/15/2044 (c)(g)
 
970,000
729,818
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.496% 6/15/2044 (c)(g)(h)
 
20,912,728
79,968
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.941% 7/15/2049 (c)(g)
 
107,806
107,106
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.941% 7/15/2049 (c)(e)(g)
 
636,000
626,354
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.941% 7/15/2049 (c)(g)
 
979,600
960,972
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(g)
 
980,000
808,598
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (e)(g)
 
2,346,000
1,730,232
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (g)
 
958,490
999,963
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(g)
 
739,000
712,120
MSJP Series 2015-HAUL Class E, 4.8542% 9/5/2047 (c)(g)
 
1,000,000
846,508
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(g)
 
1,022,000
1,019,494
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (c)(g)
 
115,000
114,196
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (c)(g)
 
235,000
232,222
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1195% 7/15/2038 (b)(c)(g)
 
500,000
93,226
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (g)
 
250,000
214,475
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (c)(g)
 
500,000
499,125
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (g)
 
418,586
424,583
Ride Series 2025-SHRE Class E, 7.2881% 2/14/2047 (c)(g)
 
320,000
326,401
Rocket Mortgage Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (g)
 
720,000
753,501
SCG Trust Series 2025-SNIP Class E, 7.0547% 9/15/2042 (c)(g)
 
500,000
501,250
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.595% 11/15/2034 (b)(c)(g)
 
212,100
212,099
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8432% 11/15/2034 (b)(c)(g)
 
247,800
246,950
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2547% 10/15/2041 (b)(c)(g)
 
512,000
513,600
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.685% 11/15/2036 (b)(c)(g)
 
1,000,000
996,793
SREIT Trust Series 2021-PALM Class E, CME Term SOFR 1 month Index + 2.0245%, 5.6795% 10/15/2034 (b)(c)(g)
 
400,000
399,875
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.969% 11/15/2036 (b)(c)(g)
 
1,280,000
1,278,400
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.8936% 2/15/2042 (b)(c)(g)
 
500,000
495,242
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(g)
 
926,620
880,271
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(e)(g)
 
399,000
115,708
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.4642% 3/15/2044 (c)(g)
 
843,916
303,801
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2963% 3/15/2045 (c)(g)
 
53,000
37,896
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 4.0879% 5/15/2045 (c)(g)
 
33,218
31,350
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(g)
 
1,168,000
584,024
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e)(g)
 
459,000
100,989
TOTAL UNITED STATES
 
 
60,550,995
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $70,229,619)
 
 
 
60,550,995
 
 
 
 
Common Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Real Estate - 0.0%
 
 
 
Retail REITs - 0.0%
 
 
 
Retail Value Inc (e)(f)
  (Cost $709,414)
 
24,066
0
 
 
 
 
Convertible Preferred Stocks - 5.3%
 
 
Shares
Value ($)
 
UNITED STATES - 5.3%
 
 
 
Financials - 4.2%
 
 
 
Mortgage Real Estate Investment Trusts (REITs) - 4.2%
 
 
 
AGNC Investment Corp CME Term SOFR 3 month Index + 4.5936%, 0% (b)(c)
 
65,750
1,643,750
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (b)(c)
 
61,500
1,530,735
AGNC Investment Corp CME Term SOFR 3 month Index + 5.2546%, 0% (b)(c)
 
46,750
1,191,190
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (b)(c)
 
27,900
714,519
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (b)(c)
 
35,058
858,220
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (b)(c)
 
45,866
1,049,873
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (b)(c)
 
89,500
2,309,995
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (b)(c)
 
20,446
512,377
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (b)(c)
 
60,467
1,547,955
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (b)(c)
 
43,666
1,125,273
TOTAL FINANCIALS
 
 
12,483,887
Real Estate - 1.1%
 
 
 
Industrial REITs - 1.1%
 
 
 
LXP Industrial Trust 6.5%
 
68,019
3,119,351
TOTAL UNITED STATES
 
 
15,603,238
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $12,890,024)
 
 
 
15,603,238
 
 
 
 
Non-Convertible Corporate Bonds - 51.4%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED KINGDOM - 0.3%
 
 
 
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
EG Global Finance PLC 12% 11/30/2028 (g)
 
750,000
800,054
UNITED STATES - 51.1%
 
 
 
Communication Services - 1.5%
 
 
 
Diversified Telecommunication Services - 1.2%
 
 
 
APLD ComputeCo 2 LLC 6.75% 3/15/2031 (g)
 
450,000
445,525
Cipher Compute LLC 7.125% 11/15/2030 (g)
 
185,000
191,753
Flash Compute LLC 7.25% 12/31/2030 (g)
 
480,000
489,634
Hut 8 DC LLC 6.192% 11/15/2042 (g)
 
462,000
465,824
Meridian Arc Holdco LLC 6.25% 4/30/2031 (g)
 
690,000
689,843
RD Michigan Property Owner I LLC 7.5% 3/30/2045 (g)
 
445,000
444,911
Uniti Services LLC 7.5% 10/15/2033 (g)
 
250,000
263,214
WULF Compute LLC 7.75% 10/15/2030 (g)
 
565,000
593,812
 
 
 
3,584,516
Media - 0.3%
 
 
 
Lamar Media Corp 4% 2/15/2030
 
875,000
839,008
TOTAL COMMUNICATION SERVICES
 
 
4,423,524
Consumer Discretionary - 3.0%
 
 
 
Hotels, Restaurants & Leisure - 1.7%
 
 
 
Choice Hotels International Inc 5.85% 8/1/2034
 
250,000
252,743
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (g)
 
200,000
183,096
Hilton Domestic Operating Co Inc 4% 5/1/2031 (g)
 
500,000
473,510
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (g)
 
470,000
466,527
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (g)
 
990,000
996,648
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (g)
 
1,200,000
1,215,094
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (g)
 
740,000
684,808
Las Vegas Sands Corp 6% 6/14/2030
 
500,000
515,534
Times Square Hotel Trust 8.528% 8/1/2026 (g)
 
117,418
117,523
 
 
 
4,905,483
Household Durables - 1.3%
 
 
 
Century Communities Inc 6.625%  9/15/2033 (g)
 
1,810,000
1,800,912
LGI Homes Inc 7% 11/15/2032 (g)
 
770,000
737,940
M/I Homes Inc 3.95% 2/15/2030
 
1,430,000
1,359,295
 
 
 
3,898,147
TOTAL CONSUMER DISCRETIONARY
 
 
8,803,630
Financials - 0.3%
 
 
 
Financial Services - 0.3%
 
 
 
Rexford Industrial Realty LP 2.125% 12/1/2030
 
1,000,000
884,057
Health Care - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
Sabra Health Care LP 3.2% 12/1/2031
 
415,000
375,183
Industrials - 0.3%
 
 
 
Commercial Services & Supplies - 0.3%
 
 
 
Williams Scotsman Inc 4.625% 8/15/2028 (g)
 
750,000
742,447
Williams Scotsman Inc 6.625% 4/15/2030 (g)
 
190,000
195,685
TOTAL INDUSTRIALS
 
 
938,132
Information Technology - 0.2%
 
 
 
IT Services - 0.2%
 
 
 
Beignet Investor LLC 6.581% 5/30/2049 (g)
 
460,000
475,061
Real Estate - 45.7%
 
 
 
Diversified REITs - 6.7%
 
 
 
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
 
1,000,000
1,020,166
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (g)
 
925,000
904,147
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
 
1,000,000
947,836
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
 
500,000
491,753
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
 
1,000,000
1,007,979
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
 
500,000
497,569
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
 
1,340,000
1,311,802
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
 
500,000
492,410
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
 
500,000
530,744
Safehold GL Holdings LLC 2.8% 6/15/2031
 
500,000
452,890
Safehold GL Holdings LLC 2.85% 1/15/2032
 
1,250,000
1,118,768
Safehold GL Holdings LLC 6.1% 4/1/2034
 
1,400,000
1,472,907
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (g)
 
1,040,000
1,004,901
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (g)
 
820,000
805,663
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (g)
 
3,095,000
3,044,819
VICI Properties LP 5.125% 5/15/2032
 
500,000
495,701
VICI Properties LP 5.625% 5/15/2052
 
667,000
606,253
VICI Properties LP 5.75% 4/1/2034
 
32,000
32,487
VICI Properties LP 6.125% 4/1/2054
 
1,254,000
1,214,989
WP Carey Inc 2.25% 4/1/2033
 
1,000,000
834,651
WP Carey Inc 2.45% 2/1/2032
 
1,000,000
877,592
WP Carey Inc 4.25% 10/1/2026
 
459,000
459,089
 
 
 
19,625,116
Health Care REITs - 4.3%
 
 
 
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
 
1,506,000
1,246,190
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
 
3,237,000
3,156,062
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (g)
 
340,000
353,226
Omega Healthcare Investors Inc 4.5% 4/1/2027
 
483,000
482,814
Omega Healthcare Investors Inc 4.75% 1/15/2028
 
1,616,000
1,617,115
Ventas Realty LP 2.5% 9/1/2031
 
500,000
445,629
Ventas Realty LP 4.4% 1/15/2029
 
2,000,000
1,989,049
Ventas Realty LP 4.75% 11/15/2030
 
1,000,000
1,001,500
Ventas Realty LP 5% 2/15/2036
 
1,145,000
1,122,712
Welltower OP LLC 5.125% 7/1/2035
 
1,230,000
1,233,257
 
 
 
12,647,554
Hotel & Resort REITs - 0.3%
 
 
 
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (g)
 
295,000
303,854
RLJ Lodging Trust LP 4% 9/15/2029 (g)
 
715,000
675,602
 
 
 
979,456
Industrial REITs - 2.9%
 
 
 
Lineage OP LP 5.25% 7/15/2030
 
500,000
499,812
LXP Industrial Trust 2.375% 10/1/2031
 
500,000
435,364
LXP Industrial Trust 2.7% 9/15/2030
 
78,000
71,195
LXP Industrial Trust 6.75% 11/15/2028
 
62,000
64,808
Prologis LP 4.875% 6/15/2028
 
1,000,000
1,011,754
Prologis LP 5% 3/15/2034
 
1,500,000
1,500,841
Prologis LP 5.125% 1/15/2034
 
2,000,000
2,019,632
Prologis LP 5.25% 3/15/2054
 
1,500,000
1,395,789
Prologis LP 5.25% 5/15/2035
 
230,000
233,194
Prologis LP 5.25% 6/15/2053
 
1,500,000
1,397,850
 
 
 
8,630,239
Real Estate Management & Development - 5.4%
 
 
 
Americold Realty Operating Partnership LP 5.409% 9/12/2034
 
750,000
721,362
Americold Realty Operating Partnership LP 5.6% 5/15/2032
 
1,000,000
996,669
CBRE Services Inc 5.95% 8/15/2034
 
1,750,000
1,826,286
CoStar Group Inc 2.8% 7/15/2030 (g)
 
1,035,000
939,772
Essex Portfolio LP 4.5% 3/15/2048
 
180,000
146,861
Essex Portfolio LP 4.875% 2/15/2036
 
1,460,000
1,411,928
Essex Portfolio LP 5.5% 4/1/2034
 
1,006,000
1,026,299
Extra Space Storage LP 2.35% 3/15/2032
 
2,000,000
1,731,148
Extra Space Storage LP 5.35% 1/15/2035
 
230,000
231,217
Extra Space Storage LP 5.4% 2/1/2034
 
2,000,000
2,017,810
Extra Space Storage LP 5.4% 6/15/2035
 
685,000
689,377
Extra Space Storage LP 5.5% 7/1/2030
 
1,000,000
1,025,974
Extra Space Storage LP 5.9% 1/15/2031
 
1,000,000
1,041,499
Kennedy-Wilson Inc 4.75% 2/1/2030
 
1,755,000
1,726,359
Taylor Morrison Communities Inc 5.125% 8/1/2030 (g)
 
230,000
229,070
Taylor Morrison Communities Inc 5.75% 11/15/2032 (g)
 
235,000
237,510
 
 
 
15,999,141
Residential REITs - 4.7%
 
 
 
American Homes 4 Rent LP 2.375% 7/15/2031
 
2,000,000
1,765,310
American Homes 4 Rent LP 3.625% 4/15/2032
 
1,000,000
931,642
American Homes 4 Rent LP 4.25% 2/15/2028
 
2,000,000
1,987,795
American Homes 4 Rent LP 5.5% 2/1/2034
 
1,500,000
1,521,019
American Homes 4 Rent LP 5.5% 7/15/2034
 
3,000
3,014
Invitation Homes Operating Partnership LP 2% 8/15/2031
 
1,000,000
859,436
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
 
1,000,000
950,689
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
 
3,000,000
3,038,877
Sun Communities Operating LP 2.7% 7/15/2031
 
2,500,000
2,251,653
UDR Inc 3% 8/15/2031
 
500,000
459,817
 
 
 
13,769,252
Retail REITs - 8.8%
 
 
 
Agree LP 2.6% 6/15/2033
 
1,000,000
850,964
Agree LP 2.9% 10/1/2030
 
500,000
464,241
Agree LP 4.8% 10/1/2032
 
77,000
76,005
Agree LP 5.625% 6/15/2034
 
25,000
25,614
Brixmor Operating Partnership LP 4.125% 5/15/2029
 
138,000
136,295
Brixmor Operating Partnership LP 5.5% 2/15/2034
 
500,000
508,710
Kimco Realty OP LLC 4.6% 2/1/2033
 
1,000,000
987,274
Kimco Realty OP LLC 5.3% 2/1/2036
 
460,000
465,944
Kimco Realty OP LLC 6.4% 3/1/2034
 
1,576,000
1,712,821
Kite Realty Group LP 5.2% 8/15/2032
 
1,000,000
1,008,819
Kite Realty Group LP 5.5% 3/1/2034
 
1,000,000
1,012,397
NNN REIT Inc 5.5% 6/15/2034
 
1,400,000
1,423,134
NNN REIT Inc 5.6% 10/15/2033
 
311,000
318,943
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
 
3,000,000
2,672,285
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
 
412,000
399,964
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
 
500,000
507,856
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
 
1,000,000
1,030,401
Realty Income Corp 3.1% 12/15/2029
 
1,000,000
952,431
Realty Income Corp 3.4% 1/15/2030
 
500,000
480,644
Realty Income Corp 4% 7/15/2029
 
1,000,000
987,666
Realty Income Corp 4.65% 3/15/2047
 
900,000
772,559
Realty Income Corp 5.125% 4/15/2035
 
1,510,000
1,512,888
Realty Income Corp 5.625% 10/13/2032
 
1,000,000
1,043,807
Simon Property Group LP 3.25% 9/13/2049
 
230,000
155,980
Simon Property Group LP 4.75% 9/26/2034
 
1,500,000
1,467,364
Simon Property Group LP 5.125% 10/1/2035
 
690,000
689,524
Simon Property Group LP 5.85% 3/8/2053
 
1,000,000
998,318
Simon Property Group LP 6.25% 1/15/2034
 
2,000,000
2,155,241
Simon Property Group LP 6.65% 1/15/2054
 
1,000,000
1,106,657
 
 
 
25,924,746
Specialized REITs - 12.6%
 
 
 
American Tower Corp 3.1% 6/15/2050
 
1,500,000
961,886
American Tower Corp 3.8% 8/15/2029
 
1,000,000
977,697
American Tower Corp 4.05% 3/15/2032
 
1,500,000
1,443,628
American Tower Corp 5.35% 3/15/2035
 
500,000
503,219
American Tower Corp 5.4% 1/31/2035
 
1,000,000
1,012,669
American Tower Corp 5.45% 2/15/2034
 
2,000,000
2,039,829
American Tower Corp 5.55% 7/15/2033
 
1,000,000
1,030,051
American Tower Corp 5.65% 3/15/2033
 
2,000,000
2,074,452
American Tower Corp 5.9% 11/15/2033
 
1,500,000
1,573,147
Crown Castle Inc 2.1% 4/1/2031
 
2,000,000
1,753,182
Crown Castle Inc 2.25% 1/15/2031
 
1,500,000
1,329,862
Crown Castle Inc 2.5% 7/15/2031
 
1,500,000
1,328,972
Crown Castle Inc 2.9% 4/1/2041
 
1,660,000
1,190,971
Crown Castle Inc 5.1% 5/1/2033
 
2,500,000
2,479,500
Crown Castle Inc 5.2% 9/1/2034
 
825,000
820,715
Crown Castle Inc 5.8% 3/1/2034
 
500,000
514,196
CubeSmart LP 2.5% 2/15/2032
 
1,500,000
1,317,883
CubeSmart LP 4.375% 2/15/2029
 
1,000,000
993,854
Equinix Inc 2.5% 5/15/2031
 
2,000,000
1,792,927
Equinix Inc 2.95% 9/15/2051
 
2,000,000
1,238,700
Equinix Inc 3% 7/15/2050
 
2,735,000
1,714,100
Iron Mountain Inc 4.5% 2/15/2031 (g)
 
500,000
480,488
Iron Mountain Inc 6.25% 1/15/2033 (g)
 
1,000,000
1,015,487
Millrose Properties Inc 6.25% 9/15/2032 (g)
 
490,000
492,147
Millrose Properties Inc 6.375% 8/1/2030 (g)
 
470,000
475,998
Public Storage Operating Co 5.1% 8/1/2033
 
1,000,000
1,018,334
Public Storage Operating Co 5.35% 8/1/2053
 
2,820,000
2,660,598
SBA Communications Corp 3.125% 2/1/2029
 
2,500,000
2,406,630
 
 
 
36,641,122
TOTAL REAL ESTATE
 
 
134,216,626
TOTAL UNITED STATES
 
 
150,116,213
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $148,397,399)
 
 
 
150,916,267
 
 
 
 
Non-Convertible Preferred Stocks - 12.4%
 
 
Shares
Value ($)
 
CANADA - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% Series 1 (b)(c)
 
20,325
508,125
UNITED STATES - 12.2%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Global Partners LP/MA 9.5% Series B
 
12,200
316,041
Financials - 3.3%
 
 
 
Capital Markets - 0.2%
 
 
 
DigitalBridge Group Inc 7.125% Series J
 
18,731
324,702
DigitalBridge Group Inc Series H, 7.125%
 
9,647
167,182
DigitalBridge Group Inc Series I, 7.15%
 
10,318
177,779
 
 
 
669,663
Mortgage Real Estate Investment Trusts (REITs) - 3.1%
 
 
 
AGNC Investment Corp CME Term SOFR 3 month Index + 5.3726%, 10.3713% (b)(c)
 
41,899
1,081,832
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (b)(c)
 
70,990
1,781,849
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (b)(c)
 
73,400
1,904,731
Arbor Realty Trust Inc Series D 6.375%
 
12,400
210,552
Arbor Realty Trust Inc Series F, 6.25% (c)
 
14,100
328,953
MFA Financial Inc 7.5%
 
16,249
338,629
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (b)(c)
 
26,100
621,441
Pennymac Mortgage Investment Trust 8.125% (c)
 
14,975
356,150
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (b)(c)
 
20,205
480,879
Rithm Capital Corp 7% Series D (c)
 
17,100
430,065
Two Harbors Investment Corp 7.625% Series B (c)
 
38,276
948,862
Two Harbors Investment Corp 8.125% Series A (c)
 
21,429
529,082
 
 
 
9,013,025
TOTAL FINANCIALS
 
 
9,682,688
Real Estate - 8.8%
 
 
 
Diversified REITs - 2.3%
 
 
 
Armada Hoffler Properties Inc Series A 6.75%
 
33,250
711,883
CTO Realty Growth Inc 6.375%
 
20,000
414,800
Gladstone Commercial Corp Series E 6.625%
 
41,125
915,031
Gladstone Commercial Corp Series G, 6%
 
64,500
1,293,225
Global Net Lease Inc 6.875% Series B
 
47,200
1,024,240
Global Net Lease Inc 7.25% Series A
 
45,925
1,037,905
Global Net Lease Inc 7.375% Series E
 
19,100
437,008
Global Net Lease Inc 7.5%
 
34,998
814,753
 
 
 
6,648,845
Health Care REITs - 0.7%
 
 
 
Global Medical REIT Inc 7.5% Series A
 
27,461
664,831
National Healthcare Properties Inc Series A, 7.375%
 
33,000
687,060
National Healthcare Properties Inc Series B, 7.125%
 
40,300
826,150
 
 
 
2,178,041
Hotel & Resort REITs - 2.2%
 
 
 
Braemar Hotels & Resorts Inc 8.25% Series D
 
2,397
39,550
Pebblebrook Hotel Trust 6.3% Series F
 
37,902
753,492
Pebblebrook Hotel Trust 6.375%
 
20,200
404,404
Pebblebrook Hotel Trust 6.375% Series E
 
45,192
898,643
Pebblebrook Hotel Trust Series H, 5.7%
 
50,200
898,580
Summit Hotel Properties Inc Series E, 6.25%
 
60,784
1,115,994
Summit Hotel Properties Inc Series F, 5.875%
 
61,000
1,060,790
Sunstone Hotel Investors Inc Series H, 6.125%
 
20,000
416,000
Sunstone Hotel Investors Inc Series I, 5.7%
 
38,700
779,542
 
 
 
6,366,995
Industrial REITs - 0.8%
 
 
 
Prologis Inc Series Q, 8.54%
 
16,850
894,735
Rexford Industrial Realty Inc 5.625% Series C
 
11,775
246,098
Rexford Industrial Realty Inc 5.875% Series B
 
50,000
1,082,500
 
 
 
2,223,333
Office REITs - 0.4%
 
 
 
Hudson Pacific Properties Inc 4.75% Series C
 
22,900
325,867
Vornado Realty Trust 5.25% Series M
 
15,895
275,778
Vornado Realty Trust Series L, 5.4%
 
20,315
357,544
Vornado Realty Trust Series N 5.25%
 
9,341
159,731
 
 
 
1,118,920
Real Estate Management & Development - 0.0%
 
 
 
Brookfield Property Partners LP 5.75%
 
7,000
97,930
Brookfield Property Partners LP 6.5%
 
5,875
94,764
Seritage Growth Properties Series A, 7%
 
1,050
22,312
 
 
 
215,006
Residential REITs - 0.9%
 
 
 
American Homes 4 Rent 5.875% Series G
 
37,050
843,258
American Homes 4 Rent Series H, 6.25%
 
21,284
504,537
UMH Properties Inc 6.375% Series D
 
63,875
1,401,098
 
 
 
2,748,893
Retail REITs - 1.1%
 
 
 
Agree Realty Corp 4.25%
 
38,700
662,931
Cedar Realty Trust Inc 7.25%
 
7,070
149,902
Kimco Realty Corp Series M 5.25%
 
4,691
94,570
Regency Centers Corp 5.875%
 
28,775
645,711
Regency Centers Corp 6.25% Series A
 
51,175
1,179,584
Saul Centers Inc 6% Series E
 
13,475
297,259
Saul Centers Inc 6.125% Series D
 
15,958
323,947
 
 
 
3,353,904
Specialized REITs - 0.4%
 
 
 
Digital Realty Trust Inc Series L, 5.2%
 
4,614
92,372
National Storage Affiliates Trust Series A, 6%
 
12,325
284,584
Public Storage 4%
 
16,238
258,834
Public Storage 4%
 
2,327
36,627
Public Storage Operating Co 5.05% Series G
 
4,670
95,081
Public Storage Series J, 4.7%
 
2,315
42,990
Public Storage Series L, 4.625%
 
18,496
339,772
 
 
 
1,150,260
TOTAL REAL ESTATE
 
 
26,004,197
TOTAL UNITED STATES
 
 
36,002,926
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $39,577,940)
 
 
 
36,511,051
 
 
 
 
Money Market Funds - 6.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 (Cost $17,756,773)
 
3.69
17,753,222
17,756,773
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.9%
 (Cost $299,569,529)
 
 
 
291,011,170
NET OTHER ASSETS (LIABILITIES) - 1.1%  
3,144,365
NET ASSETS - 100.0%
294,155,535
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower.  Such prepayments cannot be predicted with certainty.
 
(e)
Level 3 security.
 
(f)
Non-income producing.
 
(g)
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 $87,400,445 or 29.7% of net assets.
 
(h)
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
 
(i)
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 ($)
 
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
34,900,900
36,802,873
53,947,835
848,068
835
-
17,756,773
17,753,222
0.0%
Total
34,900,900
36,802,873
53,947,835
848,068
835
-
17,756,773
 
 
 
 
 
 
 
 
 
 
 
 
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.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities.  Bank Loan Obligations and Non-Convertible Corporate Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.  Asset-Backed Securities and Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.  When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
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.
 
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.