NPORT-EX 2 QTLY_1505_20231231.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Strategic Real Return Fund
December 31, 2023
RRS-NPRT1-0224
1.825846.118
Nonconvertible Bonds - 4.2%
 
  
Principal
Amount (a)
 
Value ($)
 
CONSUMER DISCRETIONARY - 0.4%
 
  
  
Hotels, Restaurants & Leisure - 0.3%
  
  
  
Caesars Entertainment, Inc. 8.125% 7/1/27 (b)
  
535,000
548,428
Hilton Domestic Operating Co., Inc. 4% 5/1/31 (b)
  
350,000
320,574
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (b)
  
395,000
349,655
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (b)
  
285,000
251,145
Times Square Hotel Trust 8.528% 8/1/26 (b)
  
175,814
175,261
 
  
  
1,645,063
Household Durables - 0.1%
  
  
  
LGI Homes, Inc. 4% 7/15/29 (b)
  
170,000
146,625
TRI Pointe Homes, Inc. 5.25% 6/1/27
 
100,000
98,250
 
  
  
244,875
TOTAL CONSUMER DISCRETIONARY
  
  
1,889,938
ENERGY - 0.1%
 
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
EG Global Finance PLC 12% 11/30/28 (b)
  
250,000
266,258
FINANCIALS - 0.1%
 
  
  
Financial Services - 0.1%
  
  
  
Brixmor Operating Partnership LP 4.05% 7/1/30
 
350,000
327,058
HEALTH CARE - 0.0%
 
  
  
Health Care Providers & Services - 0.0%
  
  
  
Sabra Health Care LP 3.2% 12/1/31
 
250,000
204,498
REAL ESTATE - 3.6%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 3.4%
  
  
  
American Homes 4 Rent LP:
  
  
  
 2.375% 7/15/31
 
750,000
618,670
 3.625% 4/15/32
 
1,000,000
895,582
American Tower Corp.:
  
  
  
 2.7% 4/15/31
 
750,000
644,032
 3.8% 8/15/29
 
1,250,000
1,186,674
 4.05% 3/15/32
 
750,000
702,200
 5.55% 7/15/33
 
250,000
258,657
CBL & Associates LP 5.95% (c)(d)
  
132,000
0
Crown Castle International Corp.:
  
  
  
 2.25% 1/15/31
 
1,250,000
1,035,073
 2.5% 7/15/31
 
500,000
416,861
 3.8% 2/15/28
 
100,000
94,992
EPR Properties:
  
  
  
 3.6% 11/15/31
 
250,000
207,342
 4.95% 4/15/28
 
250,000
237,005
Equinix, Inc.:
  
  
  
 2.15% 7/15/30
 
500,000
423,615
 3.2% 11/18/29
 
750,000
688,824
 3.9% 4/15/32
 
250,000
232,094
GLP Capital LP/GLP Financing II, Inc.:
  
  
  
 3.25% 1/15/32
 
250,000
211,063
 4% 1/15/31
 
500,000
450,317
 5.3% 1/15/29
 
1,000,000
994,218
Invitation Homes Operating Partnership LP:
  
  
  
 2% 8/15/31
 
750,000
596,821
 4.15% 4/15/32
 
1,000,000
918,910
MPT Operating Partnership LP/MPT Finance Corp. 4.625% 8/1/29
 
915,000
657,941
Omega Healthcare Investors, Inc.:
  
  
  
 3.375% 2/1/31
 
500,000
424,810
 4.5% 4/1/27
 
83,000
79,625
Public Storage 5.1% 8/1/33
 
500,000
517,600
SBA Communications Corp. 3.125% 2/1/29
 
500,000
449,248
Spirit Realty LP 4% 7/15/29
 
250,000
237,190
Sun Communities Operating LP:
  
  
  
 2.7% 7/15/31
 
1,000,000
833,253
 4.2% 4/15/32
 
4,000
3,648
 5.7% 1/15/33
 
250,000
253,078
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 6.5% 2/15/29 (b)
  
435,000
313,920
 10.5% 2/15/28 (b)
  
235,000
238,244
Uniti Group, Inc. 6% 1/15/30 (b)
  
105,000
73,386
Ventas Realty LP 4.75% 11/15/30
 
250,000
242,227
VICI Properties LP 5.125% 5/15/32
 
1,250,000
1,218,505
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (b)
  
500,000
471,125
Welltower OP LLC 3.85% 6/15/32
 
500,000
462,321
Weyerhaeuser Co. 4% 4/15/30
 
250,000
238,063
 
  
  
17,527,134
Real Estate Management & Development - 0.2%
  
  
  
DTZ U.S. Borrower LLC 6.75% 5/15/28 (b)
  
285,000
283,575
Extra Space Storage LP 2.35% 3/15/32
 
500,000
407,559
Howard Hughes Corp. 4.125% 2/1/29 (b)
  
40,000
35,668
Kennedy-Wilson, Inc. 4.75% 3/1/29
 
430,000
359,016
 
  
  
1,085,818
TOTAL REAL ESTATE
  
  
18,612,952
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $22,159,708)
  
  
  
21,300,704
 
  
  
  
U.S. Treasury Inflation-Protected Obligations - 23.6%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Inflation-Indexed Bonds:
  
  
  
 0.125% 2/15/51
 
1,794,000
1,314,382
 0.125% 2/15/52
 
2,380,000
1,615,108
 0.25% 2/15/50
 
70,000
54,689
 0.625% 2/15/43
 
2,197,000
2,299,234
 0.75% 2/15/42
 
248,000
273,997
 0.75% 2/15/45
 
1,390,000
1,421,626
 0.875% 2/15/47
 
523,000
525,980
 1% 2/15/46
 
53,000
56,365
 1% 2/15/48
 
989,000
996,908
 1% 2/15/49
 
1,980,000
1,951,249
 1.375% 2/15/44
 
2,390,000
2,823,240
 1.75% 1/15/28
 
682,000
995,773
 2% 1/15/26
 
753,000
1,158,355
 2.125% 2/15/40
 
794,000
1,161,905
 2.125% 2/15/41
 
1,035,000
1,494,787
 2.375% 1/15/25
 
828,000
1,341,067
 2.375% 1/15/27
 
721,000
1,110,073
 2.5% 1/15/29
 
1,249,000
1,851,009
 3.375% 4/15/32
 
20,000
38,808
 3.625% 4/15/28
 
890,000
1,814,277
U.S. Treasury Inflation-Indexed Notes:
  
  
  
 0.125% 4/15/25
 
2,131,000
2,448,029
 0.125% 10/15/25
 
2,584,000
2,946,794
 0.125% 4/15/26
 
2,657,000
2,967,707
 0.125% 7/15/26
 
2,697,000
3,299,294
 0.125% 10/15/26
 
1,925,000
2,058,717
 0.125% 4/15/27
 
5,240,000
5,367,044
 0.125% 1/15/30
 
3,123,000
3,386,688
 0.125% 7/15/30
 
2,784,000
3,019,825
 0.125% 1/15/31
 
3,250,000
3,430,684
 0.125% 7/15/31
 
4,596,000
4,693,372
 0.125% 1/15/32
 
4,250,000
4,145,733
 0.25% 1/15/25
 
3,231,000
4,074,351
 0.25% 7/15/29
 
3,663,000
4,073,728
 0.375% 7/15/25
 
4,353,000
5,472,561
 0.375% 1/15/27
 
4,303,000
5,209,732
 0.375% 7/15/27
 
1,799,000
2,150,743
 0.5% 1/15/28
 
6,157,000
7,269,615
 0.625% 1/15/26
 
3,282,000
4,101,141
 0.625% 7/15/32
 
3,930,000
3,804,571
 0.75% 7/15/28
 
4,246,000
4,982,553
 0.875% 1/15/29
 
2,713,000
3,164,969
 1.125% 1/15/33
 
4,950,000
4,840,460
 1.25% 4/15/28
 
2,310,000
2,308,616
 1.375% 7/15/33
 
4,350,000
4,275,966
 1.5% 2/15/53
 
1,020,000
958,236
 2.375% 10/15/28
 
2,510,000
2,597,794
 
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS
 (Cost $131,383,485)
  
  
121,347,755
 
  
  
  
Asset-Backed Securities - 0.5%
 
  
Principal
Amount (a)
 
Value ($)
 
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(d)(e)(f)
  
134,251
1
DigitalBridge Issuer, LLC / DigitalBridge Co.-Issuer, LLC Series 2021-1A Class A2, 3.933% 9/25/51 (b)
  
85,000
79,644
Home Partners of America Trust:
  
  
  
 Series 2021-1 Class F, 3.325% 9/17/41 (b)
  
85,157
65,194
 Series 2021-2 Class G, 4.505% 12/17/26 (b)
  
181,863
157,539
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (b)
  
100,000
88,286
Progress Residential:
  
  
  
 Series 2022-SFR3 Class F, 6.6% 4/17/39 (b)
  
250,000
236,816
 Series 2022-SFR4 Class E1, 6.121% 5/17/41 (b)
  
221,000
209,715
 Series 2022-SFR5:
 
  
  
Class E1, 6.618% 6/17/39 (b)
 
  
201,000
198,290
Class E2, 6.863% 6/17/39 (b)
 
  
336,000
329,988
Progress Residential Trust:
  
  
  
 Series 2021-SFR6 Class F, 3.422% 7/17/38 (b)
  
100,000
88,764
 Series 2022-SFR2 Class E2, 4.8% 4/17/27 (b)
  
100,000
91,782
Starwood Mortgage Residential Trust Series 2022-SFR3 Class F, CME Term SOFR 1 Month Index + 4.500% 9.8618% 5/17/24 (b)(e)(g)
  
500,000
485,656
Tricon Residential Series 2022-SFR1:
  
  
  
 Class E1, 5.344% 4/17/39 (b)
  
238,000
223,850
 Class E2, 5.739% 4/17/39 (b)
  
295,000
277,737
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $2,666,095)
  
  
2,533,262
 
  
  
  
Commercial Mortgage Securities - 3.9%
 
  
Principal
Amount (a)
 
Value ($)
 
BAMLL Commercial Mortgage Securities Trust floater Series 2021-JACX Class E, CME Term SOFR 1 Month Index + 3.860% 9.2265% 9/15/38 (b)(e)(g)
  
106,000
84,358
BANK:
  
  
  
 sequential payer:
 
  
  
Series 2021-BN35 Class A5, 2.285% 6/15/64
 
  
134,000
111,277
Series 2022-BNK42:
 
  
  
  
 Class D, 2.5% 6/15/55 (b)
  
180,000
98,252
 Class E, 2.5% 6/15/55 (b)
  
141,000
66,930
Series 2022-BNK44, Class A5, 5.7452% 11/15/55 (e)
 
  
100,000
105,675
 Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (d)(e)
  
264,000
105,311
 Series 2021-BN38 Class C, 3.2174% 12/15/64 (e)
  
554,000
368,363
 Series 2022-BNK41, Class C, 3.7901% 4/15/65 (e)
  
567,000
398,664
 Series 2022-BNK42 Class C, 4.7222% 6/15/55 (e)
  
500,000
390,116
BBCMS Mortgage Trust:
  
  
  
 sequential payer Series 2022-C17 Class D, 2.5% 9/15/55 (b)(d)
  
163,000
82,610
 Series 2020-C7 Class C, 3.6022% 4/15/53 (e)
  
500,000
333,923
 Series 2022-C15, Class A5, 3.662% 4/15/55
 
178,000
161,386
 Series 2022-C16 Class C, 4.6% 6/15/55 (e)
  
750,000
567,153
Benchmark Mortgage Trust:
  
  
  
 sequential payer Series 2022-B36 Class A5, 4.4699% 7/15/55
 
100,000
95,488
 Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (b)(e)
  
63,000
54,382
 Series 2020-IG2 Class D, 3.2931% 9/15/48 (b)(e)
  
417,000
121,391
 Series 2022-B36 Class D, 2.5% 7/15/55 (b)(d)
  
250,000
117,107
 Series 2023-C5 Class B, 6.4762% 6/15/56 (e)
  
250,000
258,394
BMO Mortgage Trust Series 2022-C1:
  
  
  
 Class 360D, 3.9387% 2/17/55 (b)(e)
  
84,000
52,372
 Class 360E, 3.9387% 2/17/55 (b)(e)
  
105,000
62,648
BX Commercial Mortgage Trust:
  
  
  
 floater:
 
  
  
Series 2019-XL:
 
  
  
  
 Class G, CME Term SOFR 1 Month Index + 2.410% 7.7763% 10/15/36 (b)(e)(g)
  
386,750
380,851
 Class J, CME Term SOFR 1 Month Index + 2.760% 8.1263% 10/15/36 (b)(e)(g)
  
145,350
142,978
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.6955% 12/15/38 (b)(e)(g)
 
  
210,000
201,560
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.4226% 10/15/36 (b)(e)(g)
 
  
198,000
186,839
Series 2021-SOAR:
 
  
  
  
 Class F, CME Term SOFR 1 Month Index + 2.460% 7.8265% 6/15/38 (b)(e)(g)
  
444,706
425,714
 Class J, CME Term SOFR 1 Month Index + 3.860% 9.2265% 6/15/38 (b)(e)(g)
  
557,043
526,831
Series 2021-VINO:
 
  
  
  
 Class F, CME Term SOFR 1 Month Index + 2.910% 8.2788% 5/15/38 (b)(e)(g)
  
251,691
238,411
 Class G, CME Term SOFR 1 Month Index + 4.060% 9.4288% 5/15/38 (b)(e)(g)
  
151,922
144,592
Series 2021-VOLT:
 
  
  
  
 Class F, CME Term SOFR 1 Month Index + 2.510% 7.8763% 9/15/36 (b)(e)(g)
  
100,000
95,303
 Class G, CME Term SOFR 1 Month Index + 2.960% 8.3263% 9/15/36 (b)(e)(g)
  
105,000
99,238
Series 2022-LBA6:
 
  
  
  
 Class F, CME Term SOFR 1 Month Index + 3.350% 8.7118% 1/15/39 (b)(e)(g)
  
100,000
96,427
 Class G, CME Term SOFR 1 Month Index + 4.200% 9.5618% 1/15/39 (b)(e)(g)
  
100,000
96,102
 Series 2019-OC11 Class E, 3.944% 12/9/41 (b)(e)
  
284,000
240,688
 Series 2020-VIVA Class E, 3.5488% 3/11/44 (b)(e)
  
789,000
625,214
BX Trust floater:
  
  
  
 Series 2021-MFM1:
 
  
  
Class F, CME Term SOFR 1 Month Index + 3.110% 8.4765% 1/15/34 (b)(e)(g)
 
  
257,464
249,290
Class G, CME Term SOFR 1 Month Index + 4.010% 9.3765% 1/15/34 (b)(e)(g)
 
  
130,265
127,576
 Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.6608% 1/15/39 (b)(e)(g)
  
157,000
145,770
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/40 (b)(e)
  
250,000
245,886
COMM Mortgage Trust:
  
  
  
 sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b)
  
150,000
119,539
 Series 2012-CR1 Class G, 2.462% 5/15/45 (b)(d)
  
19,016
367
 Series 2017-CD4 Class D, 3.3% 5/10/50 (b)(d)
  
56,000
33,515
 Series 2019-CD4 Class C, 4.3497% 5/10/50 (e)
  
232,000
170,154
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6932% 6/15/34 (b)(d)(g)
  
80,000
30,161
CSAIL Commercial Mortgage Trust:
  
  
  
 Series 2017-C8 Class D, 4.432% 6/15/50 (b)(e)
  
156,000
105,069
 Series 2019-C16 Class C, 4.2371% 6/15/52 (e)
  
750,000
595,995
ELP Commercial Mortgage Trust floater Series 2021-ELP:
  
  
  
 Class F, CME Term SOFR 1 Month Index + 2.780% 8.1435% 11/15/38 (b)(e)(g)
  
478,443
458,027
 Class J, CME Term SOFR 1 Month Index + 3.720% 9.0914% 11/15/38 (b)(e)(g)
  
209,756
195,644
GS Mortgage Securities Trust:
  
  
  
 floater Series 2019-70P:
 
  
  
Class E, CME Term SOFR 1 Month Index + 2.310% 7.9265% 10/15/36 (b)(e)(g)
 
  
139,000
127,014
Class F, CME Term SOFR 1 Month Index + 2.760% 8.3765% 10/15/36 (b)(e)(g)
 
  
218,000
196,634
 Series 2011-GC5:
 
  
  
Class E, 5.1531% 8/10/44 (b)(e)
 
  
63,000
6,500
Class F, 4.5% 8/10/44 (b)(d)
 
  
42,000
126
Hilton U.S.A. Trust Series 2016-HHV:
  
  
  
 Class E, 4.1935% 11/5/38 (b)(e)
  
900,000
831,872
 Class F, 4.1935% 11/5/38 (b)(e)
  
163,000
147,391
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b)
  
100,000
91,977
J.P. Morgan Chase Commercial Mortgage Securities Trust floater Series 2022-NXSS Class D, CME Term SOFR 1 Month Index + 4.120% 9.4908% 9/15/39 (b)(e)(g)
  
330,000
330,410
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b)(d)
  
54,000
43,368
JPMorgan Chase Commercial Mortgage Securities Trust:
  
  
  
 floater Series 2021-MHC Class F, CME Term SOFR 1 Month Index + 3.060% 8.4265% 4/15/38 (b)(e)(g)
  
210,000
203,099
 sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (b)(e)
  
100,000
55,842
 Series 2011-C3 Class E, 5.5255% 2/15/46 (b)(e)
  
200,000
75,957
 Series 2012-CBX Class G 4% 6/15/45 (b)(d)
  
151,000
40,015
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.4265% 8/15/38 (b)(e)(g)
  
99,282
89,746
Merit floater Series 2021-STOR:
  
  
  
 Class G, CME Term SOFR 1 Month Index + 2.860% 8.2265% 7/15/38 (b)(e)(g)
  
105,000
100,241
 Class J, CME Term SOFR 1 Month Index + 4.060% 9.4265% 7/15/38 (b)(e)(g)
  
100,000
95,211
MHC Commercial Mortgage Trust floater Series 2021-MHC:
  
  
  
 Class F, CME Term SOFR 1 Month Index + 2.710% 8.0774% 4/15/38 (b)(e)(g)
  
92,249
89,703
 Class G, CME Term SOFR 1 Month Index + 3.310% 8.6774% 4/15/38 (b)(e)(g)
  
184,498
177,325
MHP Commercial Mortgage Trust floater Series 2022-MHIL Class F, CME Term SOFR 1 Month Index + 3.250% 8.621% 1/15/27 (b)(e)(g)
  
91,161
86,718
Morgan Stanley Capital I Trust:
  
  
  
 sequential payer Series 2021-L5 Class C, 3.156% 5/15/54
 
513,000
361,817
 Series 2011-C2:
 
  
  
Class D, 5.2113% 6/15/44 (b)(e)
 
  
189,687
171,426
Class F, 5.2113% 6/15/44 (b)(d)(e)
 
  
343,000
135,050
Class XB, 0.4577% 6/15/44 (b)(e)(f)
 
  
5,312,591
18,128
 Series 2011-C3 Class G, 4.944% 7/15/49 (b)(d)(e)
  
112,000
79,664
 Series 2017-H1 Class C, 4.281% 6/15/50
 
231,000
192,273
 Series 2020-L4, Class C, 3.536% 2/15/53
 
542,000
367,620
MSWF Commercial Mortgage Trust sequential payer Series 2023-1:
  
  
  
 Class A5, 5.752% 5/15/56
 
1,000,000
1,053,558
 Class B, 6.6828% 5/15/56 (e)
  
250,000
260,198
Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0456% 10/15/28 (b)(e)(g)
  
246,881
246,891
OPG Trust floater Series 2021-PORT:
  
  
  
 Class G, CME Term SOFR 1 Month Index + 2.510% 7.8745% 10/15/36 (b)(e)(g)
  
205,406
194,577
 Class J, CME Term SOFR 1 Month Index + 3.460% 8.8225% 10/15/36 (b)(e)(g)
  
61,227
57,026
PKHL Commercial Mortgage Trust floater Series 2021-MF:
  
  
  
 Class E, CME Term SOFR 1 Month Index + 2.710% 8.0765% 7/15/38 (b)(e)(g)
  
100,000
78,138
 Class G, CME Term SOFR 1 Month Index + 4.460% 9.8265% 7/15/38 (b)(d)(e)(g)
  
100,000
64,659
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (b)
  
350,000
273,035
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.8202% 12/15/37 (b)(e)(g)
  
250,000
241,140
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b)
  
164,358
167,460
SG Commercial Mortgage Securities Trust Series 2020-COVE:
  
  
  
 Class F, 3.7276% 3/15/37 (b)(e)
  
150,000
128,564
 Class G, 3.7276% 3/15/37 (b)(e)
  
100,000
84,782
SREIT Trust floater:
  
  
  
 Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7423% 10/15/38 (b)(e)(g)
  
198,000
185,621
 Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4501% 11/15/38 (b)(e)(g)
  
120,565
114,931
 Series 2021-MFP2:
 
  
  
Class F, CME Term SOFR 1 Month Index + 2.730% 8.0947% 11/15/36 (b)(e)(g)
 
  
100,000
95,231
Class J, CME Term SOFR 1 Month Index + 4.020% 9.392% 11/15/36 (b)(e)(g)
 
  
128,000
123,155
 Series 2021-PALM Class G, CME Term SOFR 1 Month Index + 3.730% 9.0926% 10/15/34 (b)(e)(g)
  
164,000
156,166
STWD Trust floater sequential payer Series 2021-LIH:
  
  
  
 Class F, CME Term SOFR 1 Month Index + 3.660% 9.027% 11/15/36 (b)(e)(g)
  
100,000
94,695
 Class G, CME Term SOFR 1 Month Index + 4.310% 9.676% 11/15/36 (b)(e)(g)
  
42,000
39,595
TPGI Trust floater Series 2021-DGWD Class E, CME Term SOFR 1 Month Index + 2.460% 7.8345% 6/15/26 (b)(e)(g)
  
402,400
385,215
Wells Fargo Commercial Mortgage Trust:
  
  
  
 Series 2018-C44 Class D, 3% 5/15/51 (b)(d)
  
535,000
330,872
 Series 2019-C52:
 
  
  
Class B, 3.375% 8/15/52
 
  
785,000
638,731
Class C, 3.561% 8/15/52
 
  
100,000
75,661
 Series 2020-C58 Class C, 3.162% 7/15/53
 
1,000,000
679,927
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0542% 3/15/45 (b)(e)
  
220,000
121,543
WFCM Series 2022-C62:
  
  
  
 Class C, 4.3511% 4/15/55 (e)
  
500,000
378,629
 Class D, 2.5% 4/15/55 (b)
  
294,000
140,661
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/35 (b)(e)
  
140,000
117,479
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $22,979,154)
  
  
20,256,808
 
  
  
  
Common Stocks - 15.4%
 
  
Shares
Value ($)
 
COMMUNICATION SERVICES - 0.1%
 
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Cellnex Telecom SA (b)
  
7,667
301,873
Helios Towers PLC (h)
  
84,730
96,121
 
  
  
397,994
CONSUMER STAPLES - 0.7%
 
  
  
Food Products - 0.7%
  
  
  
Bunge Global SA
 
6,660
672,327
Darling Ingredients, Inc. (h)
  
12,020
599,077
JBS SA
 
350,640
1,798,098
Pilgrim's Pride Corp. (h)
  
9,160
253,366
Wilmar International Ltd.
 
169,140
457,533
 
  
  
3,780,401
ENERGY - 5.6%
 
  
  
Energy Equipment & Services - 0.5%
  
  
  
Diamond Offshore Drilling, Inc. (h)
  
51,390
668,070
Noble Corp. PLC
 
29,020
1,397,603
Valaris Ltd. (h)
  
9,120
625,358
 
  
  
2,691,031
Oil, Gas & Consumable Fuels - 5.1%
  
  
  
Antero Resources Corp. (h)
  
103,161
2,339,691
Canadian Natural Resources Ltd.
 
32,470
2,127,256
Cenovus Energy, Inc. (Canada)
 
145,190
2,419,377
Cheniere Energy, Inc.
 
2,056
350,980
Energy Transfer LP
 
206,935
2,855,703
Exxon Mobil Corp.
 
47,970
4,796,041
Gulfport Energy Corp. (h)
  
500
66,600
Mach Natural Resources LP
 
15,700
258,893
MEG Energy Corp. (h)
  
78,360
1,399,782
Petroleo Brasileiro SA - Petrobras (ON)
 
105,680
848,033
Range Resources Corp.
 
39,960
1,216,382
Shell PLC (London)
 
133,893
4,382,865
Targa Resources Corp.
 
12,930
1,123,229
The Williams Companies, Inc.
 
7,596
264,569
TotalEnergies SE
 
20,320
1,381,827
 
  
  
25,831,228
TOTAL ENERGY
  
  
28,522,259
HEALTH CARE - 0.1%
 
  
  
Pharmaceuticals - 0.1%
  
  
  
Bayer AG
 
11,330
420,387
INDUSTRIALS - 0.4%
 
  
  
Commercial Services & Supplies - 0.2%
  
  
  
GFL Environmental, Inc.
 
8,931
308,209
Republic Services, Inc.
 
1,293
213,229
Waste Connections, Inc. (United States)
 
1,235
184,348
 
  
  
705,786
Construction & Engineering - 0.0%
  
  
  
Ferrovial SE
 
3,713
135,348
Electrical Equipment - 0.0%
  
  
  
GrafTech International Ltd.
 
46,190
101,156
Sunrun, Inc. (h)
  
3,802
74,633
 
  
  
175,789
Ground Transportation - 0.1%
  
  
  
Canadian Pacific Kansas City Ltd.
 
515
40,716
CSX Corp.
 
2,651
91,910
Norfolk Southern Corp.
 
197
46,567
Union Pacific Corp.
 
409
100,459
 
  
  
279,652
Transportation Infrastructure - 0.1%
  
  
  
Aena SME SA (b)
  
3,304
598,547
TOTAL INDUSTRIALS
  
  
1,895,122
MATERIALS - 7.8%
 
  
  
Chemicals - 1.2%
  
  
  
Albemarle Corp.
 
400
57,792
CF Industries Holdings, Inc.
 
6,090
484,155
Corteva, Inc.
 
49,690
2,381,145
FMC Corp.
 
13,100
825,955
Nutrien Ltd.
 
43,630
2,458,005
 
  
  
6,207,052
Containers & Packaging - 0.2%
  
  
  
Billerud AB
 
22,400
227,419
Smurfit Kappa Group PLC
 
17,600
697,131
 
  
  
924,550
Metals & Mining - 4.8%
  
  
  
Agnico Eagle Mines Ltd. (Canada)
 
21,005
1,151,665
Alamos Gold, Inc.
 
62,750
843,896
Alcoa Corp.
 
2,200
74,800
Anglo American Platinum Ltd.
 
6,083
319,280
Anglo American PLC (United Kingdom)
 
39,470
987,804
BHP Group Ltd. (London)
 
67,074
2,299,412
Champion Iron Ltd.
 
353,540
1,990,422
ERO Copper Corp. (h)
  
32,590
515,272
First Quantum Minerals Ltd.
 
115,895
948,991
Franco-Nevada Corp.
 
4,910
543,859
Glencore PLC
 
437,140
2,627,669
Impala Platinum Holdings Ltd.
 
122,030
605,998
Northam Platinum Holdings Ltd.
 
258,070
1,955,442
Reliance Steel & Aluminum Co.
 
10,240
2,863,923
Sigma Lithium Corp. (h)
  
12,575
396,490
Stelco Holdings, Inc.
 
400
15,151
Sumitomo Metal Mining Co. Ltd.
 
6,880
204,321
Teck Resources Ltd. Class B (sub. vtg.)
 
84,890
3,588,309
Wheaton Precious Metals Corp.
 
56,730
2,798,717
 
  
  
24,731,421
Paper & Forest Products - 1.6%
  
  
  
Interfor Corp. (h)
  
40,960
725,815
Mondi PLC
 
13
255
Stora Enso Oyj (R Shares)
 
88,600
1,225,070
Suzano Papel e Celulose SA
 
71,340
816,997
Svenska Cellulosa AB SCA (B Shares)
 
72,290
1,082,983
UPM-Kymmene Corp.
 
83,790
3,150,549
West Fraser Timber Co. Ltd.
 
16,500
1,411,600
 
  
  
8,413,269
TOTAL MATERIALS
  
  
40,276,292
REAL ESTATE - 0.2%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.2%
  
  
  
American Tower Corp.
 
1,124
242,649
Crown Castle International Corp.
 
795
91,576
Equinix, Inc.
 
254
204,569
Londonmetric Properity PLC
 
43,542
106,284
Prologis (REIT), Inc.
 
1,158
154,361
Segro PLC
 
14,249
160,992
Tritax Big Box REIT PLC
 
41,928
90,266
Urban Logistics REIT PLC
 
42,473
68,972
 
  
  
1,119,669
UTILITIES - 0.5%
 
  
  
Electric Utilities - 0.3%
  
  
  
Constellation Energy Corp.
 
1,356
158,503
Iberdrola SA
 
11,493
150,751
Kansai Electric Power Co., Inc.
 
5,979
79,354
NextEra Energy, Inc.
 
6,930
420,928
Southern Co.
 
6,156
431,659
SSE PLC
 
5,507
129,998
Xcel Energy, Inc.
 
1,844
114,162
 
  
  
1,485,355
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
EDP Renovaveis SA
 
8,175
167,184
RWE AG
 
4,186
190,298
Solaria Energia y Medio Ambiente SA (h)
  
4,769
97,977
The AES Corp.
 
2,877
55,382
 
  
  
510,841
Multi-Utilities - 0.1%
  
  
  
National Grid PLC
 
22,965
309,369
Sempra
 
3,545
264,918
 
  
  
574,287
TOTAL UTILITIES
  
  
2,570,483
 
TOTAL COMMON STOCKS
 (Cost $73,212,756)
  
  
  
78,982,607
 
  
  
  
Preferred Stocks - 2.7%
 
  
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
  
  
FINANCIALS - 0.1%
  
  
  
Mortgage Real Estate Investment Trusts - 0.1%
  
  
  
Great Ajax Corp. 7.25%
 
16,367
400,828
 
  
  
  
REAL ESTATE - 0.0%
  
  
  
Equity Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
Braemar Hotels & Resorts, Inc. 5.50%
 
2,700
37,584
RLJ Lodging Trust Series A, 1.95%
 
400
10,008
 
  
  
47,592
TOTAL CONVERTIBLE PREFERRED STOCKS
  
  
448,420
Nonconvertible Preferred Stocks - 2.6%
 
  
  
FINANCIALS - 1.1%
  
  
  
Mortgage Real Estate Investment Trusts - 1.1%
  
  
  
AGNC Investment Corp.:
  
  
  
  6.125%(e)
  
7,000
152,670
  Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(e)(g)
  
14,200
352,586
  Series E, 6.50%(e)
  
17,400
403,332
  Series G, 7.75%(e)
  
16,000
347,040
Annaly Capital Management, Inc.:
  
  
  
  6.75%(e)
  
8,600
209,496
  Series F, 3 month U.S. LIBOR + 4.990% 6.95%(e)(g)
  
18,800
473,008
  Series G, 3 month U.S. LIBOR + 4.170% 6.50%(e)(g)
  
23,000
570,170
Arbor Realty Trust, Inc.:
  
  
  
  Series D, 6.375%
  
1,500
26,670
  Series F, 6.25%(e)
  
13,000
244,400
Armour Residential REIT, Inc. Series C 7.00%
 
1,000
20,500
Chimera Investment Corp.:
  
  
  
  8.00%(e)
  
5,000
117,000
  Series B, 8.00%(e)
  
23,187
545,358
  Series C, 7.75%(e)
  
8,700
173,913
Dynex Capital, Inc. Series C 6.90% (e)
  
23,400
540,540
Ellington Financial LLC 6.75% (e)
  
2,000
45,700
PennyMac Mortgage Investment Trust:
  
  
  
  6.75%
  
1,300
25,584
  8.125%(e)
  
5,700
136,344
  Series B, 8.00%(e)
  
9,300
219,945
Rithm Capital Corp.:
  
  
  
  7.125%(e)
  
6,200
143,840
  Series A, 7.50%(e)
  
14,700
352,213
  Series C, 6.375%(e)
  
10,300
217,330
  Series D, 7.00%(e)
  
2,700
59,427
Two Harbors Investment Corp.:
  
  
  
  Series A, 8.125%(e)
  
6,938
155,897
  Series B, 7.625%(e)
  
6,320
136,954
 
  
  
5,669,917
REAL ESTATE - 1.5%
  
  
  
Equity Real Estate Investment Trusts (REITs) - 1.3%
  
  
  
Agree Realty Corp. 4.375%
 
1,500
28,125
American Homes 4 Rent Series G, 5.875%
 
5,200
125,944
Armada Hoffler Properties, Inc. 6.75%
 
6,000
142,860
Ashford Hospitality Trust, Inc.:
  
  
  
  Series H, 7.50%
  
1,400
20,300
  Series I, 7.50%
  
1,200
16,800
Cedar Realty Trust, Inc.:
  
  
  
  7.25%
  
1,673
20,913
  Series C, 6.50%
  
4,900
61,933
CTO Realty Growth, Inc. 6.375%
 
1,000
20,100
DiamondRock Hospitality Co. 8.25%
 
11,337
285,579
Digital Realty Trust, Inc.:
  
  
  
  5.25%
  
5,800
129,804
  Series L, 5.20%
  
12,700
279,146
Gladstone Commercial Corp.:
  
  
  
  6.625%
  
3,600
74,700
  Series G, 6.00%
  
18,200
353,810
Global Medical REIT, Inc. Series A, 7.50%
 
2,100
53,529
Global Net Lease, Inc.:
  
  
  
  7.50%
  
16,700
363,225
  Series A, 7.25%
  
9,300
204,863
  Series B 6.875%
  
2,200
45,606
  Series E, 7.375%
  
10,000
219,700
Healthcare Trust, Inc.:
  
  
  
  7.125%
  
2,000
31,600
  Series A 7.375%
  
4,200
68,502
Hudson Pacific Properties, Inc. Series C, 4.75%
 
18,100
252,495
Kimco Realty Corp.:
  
  
  
  5.125%
  
11,600
270,976
  Series M, 5.25%
  
16,500
386,265
National Storage Affiliates Trust Series A, 6.00%
 
200
4,772
Pebblebrook Hotel Trust:
  
  
  
  6.30%
  
10,273
224,876
  6.375%
  
17,200
366,360
  6.375%
  
8,700
189,834
  Series H, 5.70%
  
10,600
200,234
Pennsylvania (REIT):
  
  
  
  Series B, 7.375%(h)
  
4,082
1,634
  Series D, 6.875%(h)
  
2,500
975
Public Storage:
  
  
  
  4.00%
  
1,200
21,456
  4.00%
  
3,800
68,818
  Series F, 5.15%
  
3,200
75,872
  Series G, 5.05%
  
6,000
142,380
  Series I, 4.875%
  
6,000
134,340
  Series J, 4.70%
  
1,500
32,303
  Series K, 4.75%
  
20,400
437,376
  Series M, 4.125%
  
1,000
18,900
Regency Centers Corp.:
  
  
  
  5.875%
  
2,000
47,600
  Series A, 6.25%
  
4,500
110,745
Rexford Industrial Realty, Inc.:
  
  
  
  Series B, 5.875%
  
1,200
28,224
  Series C, 5.625%
  
4,400
98,120
Saul Centers, Inc. Series D, 6.125%
 
1,300
30,550
SITE Centers Corp. 6.375%
 
5,500
127,875
Sotherly Hotels, Inc. Series C, 7.875%
 
1,700
35,700
Spirit Realty Capital, Inc. Series A, 6.00%
 
6,700
159,326
Summit Hotel Properties, Inc.:
  
  
  
  Series E, 6.25%
  
6,800
148,240
  Series F, 5.875%
  
4,000
81,800
Sunstone Hotel Investors, Inc.:
  
  
  
  Series H, 6.125%
  
3,500
76,545
  Series I, 5.70%
  
9,600
205,632
UMH Properties, Inc. Series D, 6.375%
 
3,900
88,491
Vornado Realty Trust Series L, 5.40%
 
1,000
15,620
 
  
  
6,631,373
Real Estate Management & Development - 0.2%
  
  
  
Digitalbridge Group, Inc.:
  
  
  
  Series H, 7.125%
  
12,830
295,347
  Series I, 7.15%
  
17,600
409,376
  Series J, 7.15%
  
15,200
347,320
 
  
  
1,052,043
TOTAL REAL ESTATE
  
  
7,683,416
 
  
  
  
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  
  
13,353,333
 
TOTAL PREFERRED STOCKS
 (Cost $14,621,062)
  
  
  
13,801,753
 
  
  
  
Bank Loan Obligations - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
FINANCIALS - 0.0%
 
  
  
Financial Services - 0.0%
  
  
  
Walker & Dunlop, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.706% 12/16/28 (e)(g)(i)
 
  (Cost $4,891)
 
  
4,900
4,876
 
  
  
  
Equity Funds - 23.1%
 
  
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (j)
  
802,737
70,905,777
Fidelity Real Estate Equity Central Fund (j)
  
372,998
47,904,160
 
TOTAL EQUITY FUNDS
 (Cost $136,161,617)
  
  
118,809,937
 
  
  
  
Fixed-Income Funds - 25.7%
 
  
Shares
Value ($)
 
Fidelity Floating Rate Central Fund (j)
 
 (Cost $131,901,373)
 
  
1,336,497
131,698,426
 
  
  
  
Preferred Securities - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
FINANCIALS - 0.0%
 
  
  
Financial Services - 0.0%
  
  
  
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(d)
 
  (Cost $594,368)
 
  
500,000
0
 
  
  
  
Money Market Funds - 1.0%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (k)
 
 (Cost $4,943,123)
 
  
4,942,134
4,943,123
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $540,627,632)
 
  
 
513,679,251
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(353,814)
NET ASSETS - 100.0%
513,325,437
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
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 $19,494,041 or 3.8% of net assets.
 
(c)
Non-income producing - Security is in default.
 
(d)
Level 3 security
 
(e)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(f)
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
 
(g)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(h)
Non-income producing
 
(i)
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.
 
(j)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(k)
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 5.40%
5,257,233
38,330,096
38,644,206
80,791
-
-
4,943,123
0.0%
Fidelity Commodity Strategy Central Fund
80,369,516
1,489,874
6,004,028
1,489,875
(1,823,513)
(3,126,072)
70,905,777
35.0%
Fidelity Floating Rate Central Fund
139,118,660
3,413,822
11,499,123
3,413,822
(236,613)
901,680
131,698,426
8.8%
Fidelity Real Estate Equity Central Fund
48,764,668
3,281,197
10,960,137
737,405
(650,720)
7,469,152
47,904,160
4.8%
Fidelity Securities Lending Cash Central Fund 5.40%
-
275,419
275,419
11
-
-
-
0.0%
Total
273,510,077
46,790,408
67,382,913
5,721,904
(2,710,846)
5,244,760
255,451,486
  
 
  
  
  
  
  
  
  
  
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 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.
 
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. Nonconvertible Bonds, U.S. Treasury Inflation-Protected Obligations, Bank Loan Obligations and Preferred Securities 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.
 
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