0001752724-24-151173.txt : 20240628 0001752724-24-151173.hdr.sgml : 20240628 20240628160346 ACCESSION NUMBER: 0001752724-24-151173 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240430 FILED AS OF DATE: 20240628 DATE AS OF CHANGE: 20240628 PERIOD START: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SALEM STREET TRUST CENTRAL INDEX KEY: 0000035315 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02105 FILM NUMBER: 241085568 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FIXED INCOME TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FLEXIBLE BOND FUND DATE OF NAME CHANGE: 19860904 FORMER COMPANY: 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0.015298870225 Long EC CORP US N 1 N N N BROADSTONE NET LEASE INC 549300U8D7PT70B49V21 BROADSTONE NET LEASE INC 11135E203 355263.00000000 NS USD 5172629.28000000 0.217031440285 Long EC CORP US N 1 N N N HOWARD HUGHES HOLDINGS INC N/A HOWARD HUGHES HOLDINGS INC 44267T102 58871.00000000 NS USD 3836034.36000000 0.160951039997 Long EC CORP US N 1 N N N FRANKLIN STREET PROPERTIES CORP 549300STLK2T6QY5WO82 FRANKLIN STREET PPTYS CORP 35471R106 154474.00000000 NS USD 287321.64000000 0.012055344773 Long EC CORP US N 1 N N N INDUSTRIAL LOGISTICS PROPERTIES TRUST 5493004XH9PJW009HR47 INDUSTRIAL LOGISTICS PROPERTIES TR 456237106 119639.00000000 NS USD 421129.28000000 0.017669600746 Long EC CORP US N 1 N N N AMERICAN ASSETS TRUST INC N/A AMERICAN ASSETS TRUST INC 024013104 96906.00000000 NS USD 2068943.10000000 0.086808019008 Long EC CORP US N 1 N N N PLYMOUTH INDUSTRIAL REIT INC N/A PLYMOUTH INDL REIT INC 729640102 83341.00000000 NS USD 1740160.08000000 0.073013051592 Long EC CORP US N 1 N N N EQUITY LIFESTYLE PROPERTIES INC 529900PEQG66LENB6798 EQUITY LIFESTYLE PPTYS INC 29472R108 331784.00000000 NS USD 20003257.36000000 0.839289947189 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 9400570.78900000 NS USD 9401510.85000000 0.394465431443 Long STIV RF US N 1 N N HOST HOTELS and RESORTS INC N6EL63S0K3PB1YFTDI24 HOST HOTELS and RESORTS INC 44107P104 1331661.00000000 NS USD 25128443.07000000 1.054330766114 Long EC CORP US N 1 N N N UDR INC P3CH2EG5X6Z1XWU1OO74 UDR INC 902653104 588057.00000000 NS USD 22393210.56000000 0.939566800049 Long EC CORP US N 1 N N N AGREE REALTY CORP N/A AGREE REALTY CORP 008492100 188737.00000000 NS USD 10799531.14000000 0.453123096755 Long EC CORP US N 1 N N N ESSEX PROPERTY TRUST INC 549300TR2H2VEFX0NC60 ESSEX PROPERTY TRUST INC 297178105 120866.00000000 NS USD 29763252.50000000 1.248796541949 Long EC CORP US N 1 N N N ZILLOW GROUP INC 2549002XEELQDIR6FU05 ZILLOW GROUP INC CL A 98954M101 114911.00000000 NS USD 4826262.00000000 0.202498678400 Long EC CORP US N 1 N N N SBA COMMUNICATIONS CORP 5299001HX8ZN8Y8QIT49 SBA COMMUNICATIONS CORP 78410G104 202249.00000000 NS USD 37642583.88000000 1.579394878950 Long EC CORP US N 1 N N N ORION OFFICE REIT INC 254900ZBXYX11W8ZL437 ORION OFFICE REIT INC 68629Y103 106878.00000000 NS USD 333459.36000000 0.013991175717 Long EC CORP US N 1 N N N EASTGROUP PROPERTIES INC 31TIGQQZC4P6JMHKSW85 EASTGROUP PPTYS INC 277276101 87650.00000000 NS USD 13617304.00000000 0.571350263076 Long EC CORP US N 1 N N N ZILLOW GROUP INC 2549002XEELQDIR6FU05 ZILLOW GROUP INC CL C 98954M200 280159.00000000 NS USD 11926368.63000000 0.500402565316 Long EC CORP US N 1 N N N OMEGA HEALTHCARE INVESTORS INC 549300OJ7ENK42CZ8E73 OMEGA HEALTHCARE INVESTORS INC 681936100 461122.00000000 NS USD 14022720.02000000 0.588360572141 Long EC CORP US N 1 N N N UST BILLS 254900HROIFWPRGM1V77 UST BILLS 0% 05/23/2024 912797HR1 600000.00000000 PA USD 598064.00000000 0.025093368242 Long DBT UST US N 2 2024-05-23 Fixed 0.00000000 N N N N N N EMPIRE STATE REALTY TRUST INC 549300VOKY1DUEQSB456 EMPIRE STATE REALTY TRUST INC CL A 292104106 267149.00000000 NS USD 2431055.90000000 0.102001426127 Long EC CORP US N 1 N N N WHITESTONE REIT N/A WHITESTONE REIT 966084204 94448.00000000 NS USD 1086152.00000000 0.045572400450 Long EC CORP US N 1 N N N SIMON PROPERTY GROUP INC 529900GQL5X8H7AO3T64 SIMON PPTY GROUP INC - REIT 828806109 613572.00000000 NS USD 86225273.16000000 3.617811022195 Long EC CORP US N 1 N N N NEWMARK GROUP INC N/A NEWMARK GROUP INC CL A 65158N102 277351.00000000 NS USD 2654249.07000000 0.111366090116 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 875424.00000000 NS USD 150187741.44000000 6.301526762020 Long EC CORP US N 1 N N N DIAMONDROCK HOSPITALITY CO 529900KKD4BPVBUAQ734 DIAMONDROCK HOSPITALITY CO 252784301 402774.00000000 NS USD 3584688.60000000 0.150405159101 Long EC CORP US N 1 N N N REXFORD INDL RLTY INC 549300MSLO0DF0EMX355 REXFORD INDUSTRIAL REALTY INC 76169C100 399799.00000000 NS USD 17115395.19000000 0.718121997163 Long EC CORP US N 1 N N N REGENCY CENTERS CORP(REIT) 529900053A7X7FJ97S58 REGENCY CENTERS CORP REIT 758849103 329846.00000000 NS USD 19533480.12000000 0.819579191692 Long EC CORP US N 1 N N N PARAMOUNT GROUP INC 5493006GJU1CFI7Z5J17 PARAMOUNT GROUP INC 69924R108 304100.00000000 NS USD 1411024.00000000 0.059203270603 Long EC CORP US N 1 N N N KENNEDY-WILSON HOLDINGS INC 549300MOI1T78144X610 KENNEDY-WILSON HOLDINGS INC 489398107 203353.00000000 NS USD 1746802.27000000 0.073291742367 Long EC CORP US N 1 N N TANGER INC UKEW8YSXE4Y581KYOL30 TANGER INC- REIT 875465106 207144.00000000 NS USD 5872532.40000000 0.246397740085 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 1737690.00000000 NS USD 177331264.50000000 7.440405576883 Long EC CORP US N 1 N N N APARTMENT INVESTMENT AND MANAGEMENT CO 549300O8FT5GJ4RU1D57 APARTMENT INV and MGMT CO A REIT 03748R747 240353.00000000 NS USD 1922824.00000000 0.080677202936 Long EC CORP US N 1 N N N AVALONBAY COMMUNITIES INC K9G90K85RBWD2LAGQX17 AVALONBAY COMMUNITIES INC REIT 053484101 267198.00000000 NS USD 50652724.86000000 2.125270000162 Long EC CORP US N 1 N N N OPENDOOR TECHNOLOGIES INC 254900KX11YZ4HV5BQ47 OPENDOOR TECHNOLOGIES INC 683712103 1025738.00000000 NS USD 2041218.62000000 0.085644764597 Long EC CORP US N 1 N N ANYWHERE REAL ESTATE INC 5493004HBTOTE9DI9P12 ANYWHERE REAL ESTATE INC 75605Y106 188183.00000000 NS USD 914569.38000000 0.038373194566 Long EC CORP US N 1 N N N LAMAR ADVERTISING CO 529900Y8WW4MKVPTB543 LAMAR ADVERTISING CO CL A 512816109 165145.00000000 NS USD 19132048.25000000 0.802736048253 Long EC CORP US N 1 N N N COUSINS PROPERTIES INC 5493007XPYD5EJABN062 COUSINS PROPERTIES INC 222795502 288284.00000000 NS USD 6613234.96000000 0.277475889073 Long EC CORP US N 1 N N N 2024-05-30 Laura M. Del Prato Laura M. Del Prato Laura M. Del Prato President and Treasurer XXXX NPORT-EX 2 QTLY_2353_20240430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Real Estate Index Fund
April 30, 2024
URX-NPRT3-0624
1.929338.112
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
Equity Real Estate Investment Trusts (REITs) - 91.7%
 
 
 
REITs - Apartments - 11.2%
 
 
 
American Homes 4 Rent Class A
 
613,918
21,978,264
Apartment Investment & Management Co. Class A (a)
 
240,353
1,922,824
AvalonBay Communities, Inc.
 
267,198
50,652,725
Camden Property Trust (SBI)
 
201,141
20,049,735
Centerspace
 
28,604
1,923,619
Equity Residential (SBI)
 
678,200
43,676,080
Essex Property Trust, Inc.
 
120,866
29,763,253
Independence Realty Trust, Inc.
 
427,324
6,738,899
Invitation Homes, Inc.
 
1,155,457
39,516,629
Mid-America Apartment Communities, Inc.
 
219,407
28,522,910
UDR, Inc.
 
588,057
22,393,211
 
 
 
267,138,149
REITs - Diversified - 21.4%
 
 
 
Alexander & Baldwin, Inc.
 
137,111
2,258,218
Apartment Income (REIT) Corp.
 
276,955
10,629,533
Apple Hospitality (REIT), Inc.
 
414,713
6,121,164
Armada Hoffler Properties, Inc.
 
129,811
1,365,612
Broadstone Net Lease, Inc.
 
355,263
5,172,629
Cousins Properties, Inc.
 
288,284
6,613,235
Crown Castle, Inc.
 
814,491
76,382,966
Digital Realty Trust, Inc.
 
570,019
79,107,237
Elme Communities (SBI)
 
164,811
2,498,535
EPR Properties
 
142,467
5,782,736
Equinix, Inc.
 
176,556
125,550,737
Farmland Partners, Inc.
 
87,855
945,320
Gaming & Leisure Properties
 
500,991
21,407,345
Gladstone Commercial Corp.
 
78,638
1,051,390
Gladstone Land Corp.
 
63,202
801,401
Global Net Lease, Inc. (b)
 
372,150
2,586,443
InvenTrust Properties Corp.
 
127,913
3,241,315
Lamar Advertising Co. Class A
 
165,145
19,132,048
NexPoint Diversified Real Estate Trust
 
69,757
417,147
NexPoint Residential Trust, Inc.
 
43,742
1,497,726
One Liberty Properties, Inc. (b)
 
33,296
762,811
Outfront Media, Inc.
 
265,712
4,214,192
Potlatch Corp.
 
149,173
5,968,412
SBA Communications Corp. Class A
 
202,249
37,642,584
Uniti Group, Inc.
 
461,219
2,652,009
VICI Properties, Inc.
 
1,949,398
55,655,313
Vornado Realty Trust
 
307,957
8,016,121
WP Carey, Inc.
 
410,490
22,511,272
 
 
 
509,985,451
REITs - Health Care - 8.0%
 
 
 
CareTrust (REIT), Inc.
 
226,555
5,600,440
Community Healthcare Trust, Inc.
 
48,423
1,284,662
Diversified Healthcare Trust (SBI)
 
328,790
775,944
Global Medical REIT, Inc.
 
123,647
1,002,777
Healthcare Realty Trust, Inc.
 
712,720
10,142,006
Healthpeak Properties, Inc.
 
1,332,622
24,800,095
LTC Properties, Inc.
 
77,443
2,563,363
Medical Properties Trust, Inc. (b)
 
1,123,902
5,169,949
Sabra Health Care REIT, Inc.
 
439,760
6,121,459
Universal Health Realty Income Trust (SBI)
 
25,041
902,227
Ventas, Inc.
 
752,597
33,324,995
Welltower, Inc.
 
1,039,897
99,081,386
 
 
 
190,769,303
REITs - Health Care Facilities - 0.8%
 
 
 
National Health Investors, Inc.
 
82,293
5,189,397
Omega Healthcare Investors, Inc.
 
461,122
14,022,720
 
 
 
19,212,117
REITs - Hotels - 2.7%
 
 
 
Chatham Lodging Trust
 
93,147
854,158
DiamondRock Hospitality Co.
 
402,774
3,584,689
Host Hotels & Resorts, Inc.
 
1,331,661
25,128,443
Park Hotels & Resorts, Inc.
 
402,253
6,488,341
Pebblebrook Hotel Trust
 
228,220
3,316,037
RLJ Lodging Trust
 
298,699
3,285,689
Ryman Hospitality Properties, Inc.
 
107,249
11,312,625
Service Properties Trust
 
313,999
1,924,814
Summit Hotel Properties, Inc.
 
210,552
1,265,418
Sunstone Hotel Investors, Inc.
 
373,359
3,808,262
Xenia Hotels & Resorts, Inc.
 
201,695
2,797,510
 
 
 
63,765,986
REITs - Industrial Buildings - 0.5%
 
 
 
STAG Industrial, Inc.
 
344,276
11,839,652
REITs - Management/Investment - 9.5%
 
 
 
American Assets Trust, Inc.
 
96,906
2,068,943
American Tower Corp.
 
875,424
150,187,741
Empire State Realty Trust, Inc.
 
267,149
2,431,056
LXP Industrial Trust (REIT)
 
546,524
4,563,475
NNN (REIT), Inc.
 
341,990
13,860,855
Rayonier, Inc.
 
266,238
7,896,619
Safehold, Inc. (b)
 
86,206
1,572,397
UMH Properties, Inc.
 
120,406
1,916,864
Weyerhaeuser Co.
 
1,375,421
41,496,452
Whitestone REIT Class B
 
94,448
1,086,152
 
 
 
227,080,554
REITs - Manufactured Homes - 1.9%
 
 
 
Equity Lifestyle Properties, Inc.
 
331,784
20,003,257
Sun Communities, Inc.
 
233,436
25,986,096
 
 
 
45,989,353
REITs - Office Buildings - 0.0%
 
 
 
Office Properties Income Trust
 
99,759
201,513
REITs - Office Property - 4.2%
 
 
 
Alexandria Real Estate Equities, Inc.
 
310,995
36,034,991
Boston Properties, Inc.
 
281,674
17,432,804
Brandywine Realty Trust (SBI)
 
338,892
1,538,570
City Office REIT, Inc.
 
78,246
364,626
COPT Defense Properties (SBI)
 
210,327
5,041,538
Douglas Emmett, Inc.
 
316,167
4,334,650
Easterly Government Properties, Inc.
 
186,454
2,179,647
Equity Commonwealth (a)
 
191,439
3,583,738
Franklin Street Properties Corp.
 
154,474
287,322
Highwoods Properties, Inc. (SBI)
 
202,316
5,300,679
Hudson Pacific Properties, Inc.
 
239,059
1,386,542
JBG SMITH Properties
 
173,146
2,598,921
Kilroy Realty Corp.
 
211,856
7,160,733
Net Lease Office Properties
 
27,733
633,976
Orion Office (REIT), Inc.
 
106,878
333,459
Paramount Group, Inc.
 
304,100
1,411,024
Peakstone Realty Trust (b)
 
68,032
950,407
Piedmont Office Realty Trust, Inc. Class A
 
238,479
1,643,120
SL Green Realty Corp.
 
124,336
6,195,663
Veris Residential, Inc.
 
136,917
1,972,974
 
 
 
100,385,384
REITs - Regional Malls - 4.1%
 
 
 
CBL & Associates Properties, Inc.
 
19,422
422,429
Simon Property Group, Inc.
 
613,572
86,225,273
Tanger, Inc.
 
207,144
5,872,532
The Macerich Co.
 
412,326
5,673,606
 
 
 
98,193,840
REITs - Shopping Centers - 7.8%
 
 
 
Acadia Realty Trust (SBI)
 
195,953
3,386,068
Alexanders, Inc.
 
4,637
981,004
Brixmor Property Group, Inc.
 
566,964
12,529,904
Federal Realty Investment Trust (SBI)
 
138,239
14,400,357
Kimco Realty Corp.
 
1,268,112
23,624,927
Kite Realty Group Trust
 
417,341
9,098,034
Phillips Edison & Co., Inc.
 
229,122
7,492,289
Realty Income Corp.
 
1,564,044
83,738,916
Regency Centers Corp.
 
329,846
19,533,480
Retail Opportunity Investments Corp.
 
238,734
2,929,266
Saul Centers, Inc.
 
24,566
894,448
SITE Centers Corp.
 
360,771
4,866,801
Urban Edge Properties
 
223,261
3,735,157
 
 
 
187,210,651
REITs - Single Tenant - 1.2%
 
 
 
Agree Realty Corp.
 
188,737
10,799,531
Essential Properties Realty Trust, Inc.
 
298,252
7,855,958
Four Corners Property Trust, Inc.
 
171,582
4,023,598
Getty Realty Corp.
 
92,822
2,515,476
NETSTREIT Corp.
 
138,299
2,330,338
 
 
 
27,524,901
REITs - Storage - 8.2%
 
 
 
CubeSmart
 
423,696
17,134,266
Extra Space Storage, Inc.
 
397,516
53,378,448
Iron Mountain, Inc.
 
549,213
42,574,992
National Storage Affiliates Trust
 
150,395
5,269,841
Public Storage
 
297,639
77,222,439
 
 
 
195,579,986
REITs - Warehouse/Industrial - 10.2%
 
 
 
Americold Realty Trust
 
531,483
11,676,682
EastGroup Properties, Inc.
 
87,650
13,617,304
First Industrial Realty Trust, Inc.
 
249,087
11,313,532
Industrial Logistics Properties Trust
 
119,639
421,129
Plymouth Industrial REIT, Inc.
 
83,341
1,740,160
Prologis, Inc.
 
1,737,690
177,331,263
Rexford Industrial Realty, Inc.
 
399,799
17,115,395
Terreno Realty Corp.
 
162,503
8,832,038
 
 
 
242,047,503
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
 
 
2,186,924,343
Real Estate Management & Development - 7.8%
 
 
 
Diversified Real Estate Activities - 0.2%
 
 
 
The RMR Group, Inc.
 
30,762
729,675
The St. Joe Co.
 
67,126
3,839,607
 
 
 
4,569,282
Real Estate Development - 0.2%
 
 
 
Forestar Group, Inc. (a)
 
39,083
1,211,182
Howard Hughes Holdings, Inc.
 
58,871
3,836,034
 
 
 
5,047,216
Real Estate Operating Companies - 0.3%
 
 
 
Digitalbridge Group, Inc.
 
311,902
5,127,669
Kennedy-Wilson Holdings, Inc. (b)
 
203,353
1,746,802
 
 
 
6,874,471
Real Estate Services - 7.1%
 
 
 
Anywhere Real Estate, Inc. (a)
 
188,183
914,569
CBRE Group, Inc. (a)
 
573,388
49,821,683
Compass, Inc. (a)
 
704,801
2,220,123
CoStar Group, Inc. (a)
 
768,084
70,302,729
Cushman & Wakefield PLC (a)
 
343,757
3,317,255
Doma Holdings, Inc. Class A (a)(b)
 
12,363
74,796
eXp World Holdings, Inc.
 
144,573
1,439,947
Jones Lang LaSalle, Inc. (a)
 
89,542
16,180,239
Marcus & Millichap, Inc.
 
46,718
1,479,559
Newmark Group, Inc.
 
277,351
2,654,249
Offerpad Solutions, Inc. (a)(b)
 
19,520
151,670
Opendoor Technologies, Inc. (a)(b)
 
1,025,738
2,041,219
Redfin Corp. (a)(b)
 
217,280
1,218,941
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
114,911
4,826,262
 Class C (a)
 
280,159
11,926,369
 
 
 
168,569,610
REITs - Shopping Centers - 0.0%
 
 
 
Seritage Growth Properties (a)(b)
 
65,774
614,329
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
 
 
185,674,908
 
TOTAL COMMON STOCKS
 (Cost $2,410,001,008)
 
 
 
2,372,599,251
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (d)
 
 (Cost $598,080)
 
 
600,000
598,064
 
 
 
 
Money Market Funds - 0.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
8,714,683
8,716,426
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)
 
9,737,812
9,738,786
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,455,212)
 
 
18,455,212
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $2,429,054,300)
 
 
 
2,391,652,527
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(7,828,278)
NET ASSETS - 100.0%
2,383,824,249
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CBOT Dow Jones U.S. Real Estate Index Contracts (United States)
139
Jun 2024
4,420,200
(422,171)
(422,171)
CME E-mini S&P MidCap 400 Index Contracts (United States)
22
Jun 2024
6,329,840
(34,604)
(34,604)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(456,775)
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $598,064.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
6,169,355
152,892,522
150,345,443
218,053
(8)
-
8,716,426
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
22,663,855
76,543,743
89,468,812
89,019
-
-
9,738,786
0.0%
Total
28,833,210
229,436,265
239,814,255
307,072
(8)
-
18,455,212
 
 
 
 
 
 
 
 
 
 
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. U.S. Treasury Obligations 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. 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.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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