Quarterly Holdings Report
for
Fidelity® Strategic Real Return Fund
June 30, 2024
RRS-NPRT3-0824
1.833432.118
| Nonconvertible Bonds - 3.7% | |||
Principal Amount (a) | Value ($) | ||
| CONSUMER DISCRETIONARY - 0.2% | |||
| Hotels, Restaurants & Leisure - 0.2% | |||
| Hilton Domestic Operating Co., Inc. 4% 5/1/31 (b) | 350,000 | 313,287 | |
| Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (b) | 395,000 | 349,678 | |
| Hyatt Hotels Corp. 5.5% 6/30/34 | 100,000 | 97,359 | |
| Times Square Hotel Trust 8.528% 8/1/26 (b) | 145,813 | 145,124 | |
| 905,448 | |||
| Household Durables - 0.0% | |||
| LGI Homes, Inc. 4% 7/15/29 (b) | 170,000 | 147,093 | |
| TRI Pointe Homes, Inc. 5.25% 6/1/27 | 100,000 | 97,534 | |
| 244,627 | |||
TOTAL CONSUMER DISCRETIONARY | 1,150,075 | ||
| ENERGY - 0.1% | |||
| Oil, Gas & Consumable Fuels - 0.1% | |||
| EG Global Finance PLC 12% 11/30/28 (b) | 250,000 | 266,170 | |
| HEALTH CARE - 0.0% | |||
| Health Care Providers & Services - 0.0% | |||
| Sabra Health Care LP 3.2% 12/1/31 | 250,000 | 207,816 | |
| REAL ESTATE - 3.4% | |||
| Equity Real Estate Investment Trusts (REITs) - 3.2% | |||
| Agree LP 5.625% 6/15/34 | 3,000 | 2,969 | |
| American Homes 4 Rent LP: | |||
| 2.375% 7/15/31 | 750,000 | 609,363 | |
| 3.625% 4/15/32 | 1,000,000 | 874,288 | |
| American Tower Corp.: | |||
| 2.7% 4/15/31 | 750,000 | 634,299 | |
| 4.05% 3/15/32 | 750,000 | 685,682 | |
| 5.55% 7/15/33 | 250,000 | 249,727 | |
| Brixmor Operating Partnership LP 4.05% 7/1/30 | 350,000 | 324,808 | |
| CBL & Associates LP 5.95% (c)(d) | 132,000 | 0 | |
| Crown Castle, Inc.: | |||
| 2.25% 1/15/31 | 1,250,000 | 1,028,016 | |
| 2.5% 7/15/31 | 500,000 | 413,133 | |
| 3.8% 2/15/28 | 100,000 | 94,743 | |
| EPR Properties: | |||
| 3.6% 11/15/31 | 250,000 | 208,420 | |
| 4.95% 4/15/28 | 250,000 | 239,310 | |
| Equinix, Inc.: | |||
| 2.15% 7/15/30 | 500,000 | 419,213 | |
| 3.9% 4/15/32 | 250,000 | 227,321 | |
| GLP Capital LP/GLP Financing II, Inc.: | |||
| 3.25% 1/15/32 | 250,000 | 210,085 | |
| 4% 1/15/31 | 500,000 | 448,272 | |
| 5.3% 1/15/29 | 1,000,000 | 985,274 | |
| Invitation Homes Operating Partnership LP: | |||
| 2% 8/15/31 | 750,000 | 595,458 | |
| 4.15% 4/15/32 | 1,000,000 | 912,275 | |
| MPT Operating Partnership LP/MPT Finance Corp. 4.625% 8/1/29 | 915,000 | 664,119 | |
| Omega Healthcare Investors, Inc.: | |||
| 3.375% 2/1/31 | 500,000 | 427,039 | |
| 4.5% 4/1/27 | 83,000 | 80,354 | |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7% 2/1/30 (b) | 40,000 | 40,477 | |
| Public Storage Operating Co. 5.1% 8/1/33 | 500,000 | 495,877 | |
| Realty Income Corp. 4% 7/15/29 | 250,000 | 236,689 | |
| Safehold Operating Partnership LP 6.1% 4/1/34 | 500,000 | 493,914 | |
| SBA Communications Corp. 3.125% 2/1/29 | 500,000 | 445,774 | |
| Sun Communities Operating LP: | |||
| 2.7% 7/15/31 | 1,000,000 | 825,932 | |
| 4.2% 4/15/32 | 4,000 | 3,586 | |
| 5.7% 1/15/33 | 250,000 | 246,189 | |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 105,000 | 63,503 | |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
| 6.5% 2/15/29 (b) | 235,000 | 149,855 | |
| 10.5% 2/15/28 (b) | 235,000 | 230,131 | |
| Ventas Realty LP 4.75% 11/15/30 | 250,000 | 239,945 | |
| VICI Properties LP 5.125% 5/15/32 | 1,250,000 | 1,190,919 | |
| VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (b) | 500,000 | 473,187 | |
| Welltower OP LLC 3.85% 6/15/32 | 500,000 | 450,371 | |
| Weyerhaeuser Co. 4% 4/15/30 | 250,000 | 233,336 | |
| 16,153,853 | |||
| Real Estate Management & Development - 0.2% | |||
| Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (b) | 285,000 | 282,899 | |
| Extra Space Storage LP 2.35% 3/15/32 | 500,000 | 398,295 | |
| Howard Hughes Corp. 4.125% 2/1/29 (b) | 40,000 | 35,771 | |
| 716,965 | |||
TOTAL REAL ESTATE | 16,870,818 | ||
| TOTAL NONCONVERTIBLE BONDS (Cost $19,558,214) | 18,494,879 | ||
| U.S. Treasury Inflation-Protected Obligations - 23.6% | |||
Principal Amount (a) | Value ($) | ||
| U.S. Treasury Inflation-Indexed Bonds: | |||
| 0.125% 2/15/51 | 1,244,000 | 867,195 | |
| 0.125% 2/15/52 | 2,450,000 | 1,568,572 | |
| 0.625% 2/15/43 | 1,787,000 | 1,831,256 | |
| 0.75% 2/15/42 | 57,000 | 61,831 | |
| 0.75% 2/15/45 | 1,390,000 | 1,387,374 | |
| 0.875% 2/15/47 | 523,000 | 510,470 | |
| 1% 2/15/46 | 453,000 | 468,089 | |
| 1% 2/15/48 | 889,000 | 866,076 | |
| 1% 2/15/49 | 1,980,000 | 1,875,365 | |
| 1.375% 2/15/44 | 2,390,000 | 2,757,447 | |
| 1.75% 1/15/28 | 442,000 | 650,920 | |
| 2.125% 2/15/40 | 794,000 | 1,140,659 | |
| 2.125% 2/15/41 | 1,035,000 | 1,470,084 | |
| 2.125% 2/15/54 | 690,000 | 685,873 | |
| 2.375% 1/15/27 | 1,431,000 | 2,223,405 | |
| 2.5% 1/15/29 | 619,000 | 919,734 | |
| 3.375% 4/15/32 | 20,000 | 38,572 | |
| 3.625% 4/15/28 | 890,000 | 1,813,041 | |
| U.S. Treasury Inflation-Indexed Notes: | |||
| 0.125% 10/15/25 | 2,584,000 | 3,019,042 | |
| 0.125% 4/15/26 | 2,657,000 | 3,033,986 | |
| 0.125% 7/15/26 | 2,087,000 | 2,609,107 | |
| 0.125% 10/15/26 | 1,925,000 | 2,101,985 | |
| 0.125% 4/15/27 | 5,240,000 | 5,474,150 | |
| 0.125% 1/15/30 | 3,223,000 | 3,534,976 | |
| 0.125% 7/15/30 | 3,172,000 | 3,470,949 | |
| 0.125% 1/15/31 | 3,150,000 | 3,349,116 | |
| 0.125% 7/15/31 | 3,906,000 | 4,012,717 | |
| 0.125% 1/15/32 | 3,380,000 | 3,310,190 | |
| 0.25% 7/15/29 | 3,663,000 | 4,122,715 | |
| 0.375% 7/15/25 | 3,613,000 | 4,655,704 | |
| 0.375% 1/15/27 | 4,303,000 | 5,307,986 | |
| 0.375% 7/15/27 | 1,899,000 | 2,309,497 | |
| 0.5% 1/15/28 | 5,657,000 | 6,774,909 | |
| 0.625% 1/15/26 | 2,942,000 | 3,754,930 | |
| 0.625% 7/15/32 | 4,570,000 | 4,422,568 | |
| 0.75% 7/15/28 | 3,436,000 | 4,077,963 | |
| 0.875% 1/15/29 | 2,203,000 | 2,591,319 | |
| 1.125% 1/15/33 | 5,160,000 | 5,025,642 | |
| 1.25% 4/15/28 | 2,120,000 | 2,140,044 | |
| 1.375% 7/15/33 | 3,780,000 | 3,685,295 | |
| 1.5% 2/15/53 | 1,260,000 | 1,117,333 | |
| 1.75% 1/15/34 | 4,840,000 | 4,791,072 | |
| 2.125% 4/15/29 | 3,705,000 | 3,759,874 | |
| 2.375% 10/15/28 | 3,900,000 | 4,044,082 | |
| TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS (Cost $127,821,447) | 117,633,114 | ||
| Asset-Backed Securities - 0.5% | |||
Principal Amount (a) | Value ($) | ||
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(d)(e)(f) | 133,482 | 1 | |
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(d) | 500,000 | 0 | |
| DigitalBridge Issuer, LLC / DigitalBridge Co.-Issuer, LLC Series 2021-1A Class A2, 3.933% 9/25/51 (b) | 85,000 | 79,798 | |
| Home Partners of America Trust: | |||
| Series 2021-1 Class F, 3.325% 9/17/41 (b) | 84,796 | 67,839 | |
| Series 2021-2 Class G, 4.505% 12/17/26 (b) | 181,631 | 162,847 | |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (b) | 100,000 | 89,643 | |
| Progress Residential: | |||
| Series 2022-SFR3 Class F, 6.6% 4/17/39 (b) | 250,000 | 239,383 | |
| Series 2022-SFR4 Class E1, 6.121% 5/17/41 (b) | 221,000 | 215,547 | |
| Series 2022-SFR5: | |||
Class E1, 6.618% 6/17/39 (b) | 201,000 | 199,311 | |
Class E2, 6.863% 6/17/39 (b) | 336,000 | 333,600 | |
| Progress Residential Trust: | |||
| Series 2021-SFR6 Class F, 3.422% 7/17/38 (b) | 100,000 | 91,976 | |
| Series 2022-SFR2 Class E2, 4.8% 4/17/27 (b) | 100,000 | 93,486 | |
| Starwood Mortgage Residential Trust Series 2022-SFR3 Class F, CME Term SOFR 1 Month Index + 4.500% 9.8288% 5/17/39 (b)(e)(g) | 500,000 | 489,233 | |
| Tricon Residential Series 2022-SFR1: | |||
| Class E1, 5.344% 4/17/39 (b) | 238,000 | 228,286 | |
| Class E2, 5.739% 4/17/39 (b) | 295,000 | 283,373 | |
| TOTAL ASSET-BACKED SECURITIES (Cost $3,253,937) | 2,574,323 | ||
| Commercial Mortgage Securities - 3.9% | |||
Principal Amount (a) | Value ($) | ||
| BAMLL Commercial Mortgage Securities Trust floater Series 2021-JACX Class E, CME Term SOFR 1 Month Index + 3.860% 9.1935% 9/15/38 (b)(e)(g) | 106,000 | 80,487 | |
| BANK: | |||
| sequential payer: | |||
Series 2021-BN35 Class A5, 2.285% 6/15/64 | 134,000 | 110,185 | |
Series 2022-BNK42: | |||
| Class D, 2.5% 6/15/55 (b) | 180,000 | 122,122 | |
| Class E, 2.5% 6/15/55 (b) | 141,000 | 89,489 | |
Series 2022-BNK44, Class A5, 5.9362% 11/15/55 (e) | 100,000 | 103,149 | |
| Series 2020-BN30 Class MCDG, 3.0155% 12/15/53 (e) | 264,000 | 110,956 | |
| Series 2021-BN38 Class C, 3.3248% 12/15/64 (e) | 554,000 | 426,168 | |
| Series 2022-BNK41, Class C, 3.9165% 4/15/65 (d)(e) | 567,000 | 453,004 | |
| Series 2022-BNK42 Class C, 4.88% 6/15/55 (e) | 500,000 | 435,242 | |
| BBCMS Mortgage Trust: | |||
| sequential payer Series 2022-C17 Class D, 2.5% 9/15/55 (b) | 163,000 | 103,008 | |
| Series 2020-C7 Class C, 3.7147% 4/15/53 (e) | 500,000 | 348,165 | |
| Series 2022-C15, Class A5, 3.662% 4/15/55 | 178,000 | 158,843 | |
| Series 2022-C16 Class C, 4.6% 6/15/55 (d)(e) | 750,000 | 636,183 | |
| Benchmark Mortgage Trust: | |||
| sequential payer Series 2022-B36 Class A5, 4.4699% 7/15/55 | 100,000 | 94,504 | |
| Series 2020-B18 Class AGNG, 4.5348% 7/15/53 (b)(e) | 63,000 | 56,736 | |
| Series 2020-IG2 Class D, 3.4028% 9/15/48 (b)(e) | 417,000 | 155,141 | |
| Series 2022-B36 Class D, 2.5% 7/15/55 (b) | 250,000 | 149,359 | |
| Series 2023-C5 Class B, 6.6966% 6/15/56 (e) | 250,000 | 259,696 | |
| BMO Mortgage Trust Series 2022-C1: | |||
| Class 360D, 4.0699% 2/17/55 (b)(e) | 84,000 | 57,706 | |
| Class 360E, 3.9387% 2/17/55 (b)(e) | 105,000 | 67,509 | |
| Bx 2024 Vlt4 floater Series 2024-VLT4: | |||
| Class E, CME Term SOFR 1 Month Index + 2.880% 8.2094% 7/15/29 (b)(e)(g) | 200,000 | 198,999 | |
| Class F, CME Term SOFR 1 Month Index + 3.930% 9.2579% 7/15/29 (b)(e)(g) | 500,000 | 495,630 | |
| BX Commercial Mortgage Trust: | |||
| floater: | |||
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.6625% 12/15/38 (b)(e)(g) | 210,000 | 204,735 | |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.3896% 10/15/36 (b)(e)(g) | 198,000 | 190,557 | |
Series 2021-SOAR: | |||
| Class F, CME Term SOFR 1 Month Index + 2.460% 7.7935% 6/15/38 (b)(e)(g) | 419,957 | 414,450 | |
| Class J, CME Term SOFR 1 Month Index + 3.860% 9.1935% 6/15/38 (b)(e)(g) | 526,043 | 519,974 | |
Series 2021-VINO: | |||
| Class F, CME Term SOFR 1 Month Index + 2.910% 8.2458% 5/15/38 (b)(e)(g) | 240,077 | 236,476 | |
| Class G, CME Term SOFR 1 Month Index + 4.060% 9.3958% 5/15/38 (b)(e)(g) | 144,911 | 142,582 | |
Series 2021-VOLT: | |||
| Class F, CME Term SOFR 1 Month Index + 2.510% 7.8433% 9/15/36 (b)(e)(g) | 100,000 | 98,287 | |
| Class G, CME Term SOFR 1 Month Index + 2.960% 8.2933% 9/15/36 (b)(e)(g) | 105,000 | 103,955 | |
Series 2022-LBA6: | |||
| Class F, CME Term SOFR 1 Month Index + 3.350% 8.6788% 1/15/39 (b)(e)(g) | 100,000 | 99,495 | |
| Class G, CME Term SOFR 1 Month Index + 4.200% 9.5288% 1/15/39 (b)(e)(g) | 100,000 | 99,486 | |
| Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(e) | 284,000 | 240,433 | |
| Series 2020-VIVA Class E, 3.667% 3/11/44 (b)(e) | 789,000 | 644,116 | |
| BX Trust floater: | |||
| Series 2021-MFM1: | |||
Class F, CME Term SOFR 1 Month Index + 3.110% 8.4435% 1/15/34 (b)(e)(g) | 257,464 | 251,881 | |
Class G, CME Term SOFR 1 Month Index + 4.010% 9.3435% 1/15/34 (b)(e)(g) | 130,265 | 126,420 | |
| Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.6278% 1/15/39 (b)(e)(g) | 157,000 | 153,218 | |
| CD Mortgage Trust: | |||
| Series 2017-CD4 Class D, 3.3% 5/10/50 (b) | 56,000 | 44,692 | |
| Series 2019-CD4 Class C, 4.3497% 5/10/50 (e) | 232,000 | 206,363 | |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 6.0475% 10/12/40 (b)(e) | 250,000 | 245,697 | |
| COMM Mortgage Trust: | |||
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | 150,000 | 135,298 | |
| Series 2012-CR1 Class G, 2.462% 5/15/45 (b) | 34,183 | 478 | |
| Computershare Corporate Trust Series 2020-C58 Class C, 3.162% 7/15/53 | 1,000,000 | 766,459 | |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.7602% 6/15/34 (b)(d)(g) | 80,000 | 25,941 | |
| CSAIL Commercial Mortgage Trust Series 2019-C16 Class C, 4.2371% 6/15/52 (e) | 750,000 | 634,282 | |
| ELP Commercial Mortgage Trust floater Series 2021-ELP: | |||
| Class F, CME Term SOFR 1 Month Index + 2.780% 8.1105% 11/15/38 (b)(e)(g) | 478,443 | 468,874 | |
| Class J, CME Term SOFR 1 Month Index + 3.720% 9.0584% 11/15/38 (b)(e)(g) | 209,756 | 203,539 | |
| GS Mortgage Securities Trust Series 2011-GC5: | |||
| Class E, 5.2964% 8/10/44 (b)(e) | 63,000 | 7,101 | |
| Class F, 4.5% 8/10/44 (b)(d) | 42,000 | 126 | |
| Hilton U.S.A. Trust Series 2016-HHV: | |||
| Class E, 4.3333% 11/5/38 (b)(e) | 900,000 | 840,820 | |
| Class F, 4.3333% 11/5/38 (b)(e) | 163,000 | 151,149 | |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | 100,000 | 93,606 | |
| J.P. Morgan Chase Commercial Mortgage Securities Trust floater Series 2022-NXSS Class D, CME Term SOFR 1 Month Index + 4.120% 9.4578% 9/15/39 (b)(e)(g) | 330,000 | 331,238 | |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b) | 54,000 | 50,398 | |
| JPMorgan Chase Commercial Mortgage Securities Trust: | |||
| floater Series 2021-MHC Class F, CME Term SOFR 1 Month Index + 3.310% 8.6435% 4/15/38 (b)(e)(g) | 210,000 | 208,033 | |
| sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (b)(e) | 100,000 | 59,074 | |
| Series 2011-C3 Class E, 5.7094% 2/15/46 (b)(e) | 200,000 | 81,460 | |
| Series 2012-CBX Class G 4% 6/15/45 (b) | 151,000 | 85,896 | |
| KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.3945% 8/15/38 (b)(e)(g) | 99,185 | 93,817 | |
| Merit floater Series 2021-STOR: | |||
| Class G, CME Term SOFR 1 Month Index + 2.860% 8.1935% 7/15/38 (b)(e)(g) | 105,000 | 103,557 | |
| Class J, CME Term SOFR 1 Month Index + 4.060% 9.3935% 7/15/38 (b)(e)(g) | 100,000 | 98,282 | |
| MHC Commercial Mortgage Trust floater Series 2021-MHC: | |||
| Class F, CME Term SOFR 1 Month Index + 2.710% 8.0444% 4/15/38 (b)(e)(g) | 83,888 | 82,997 | |
| Class G, CME Term SOFR 1 Month Index + 3.310% 8.6444% 4/15/38 (b)(e)(g) | 167,775 | 165,995 | |
| MHP Commercial Mortgage Trust floater Series 2022-MHIL Class F, CME Term SOFR 1 Month Index + 3.250% 8.588% 1/15/27 (b)(e)(g) | 91,161 | 89,965 | |
| Morgan Stanley Capital I Trust: | |||
| sequential payer Series 2021-L5 Class C, 3.156% 5/15/54 | 513,000 | 416,004 | |
| Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (b)(e) | 169,175 | 162,354 | |
Class XB, 0.5125% 6/15/44 (b)(e)(f) | 5,226,167 | 18,251 | |
| Series 2011-C3 Class G, 5.1079% 7/15/49 (b)(e) | 112,000 | 95,346 | |
| Series 2017-H1 Class C, 4.281% 6/15/50 | 231,000 | 206,242 | |
| Series 2020-L4, Class C, 3.536% 2/15/53 | 542,000 | 427,192 | |
| MSWF Commercial Mortgage Trust sequential payer Series 2023-1 Class B, 6.9056% 5/15/56 (e) | 250,000 | 266,581 | |
| Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0005% 10/15/28 (b)(e)(g) | 225,715 | 226,280 | |
| OPG Trust floater Series 2021-PORT: | |||
| Class G, CME Term SOFR 1 Month Index + 2.510% 7.8415% 10/15/36 (b)(e)(g) | 202,800 | 200,267 | |
| Class J, CME Term SOFR 1 Month Index + 3.460% 8.7895% 10/15/36 (b)(e)(g) | 60,450 | 58,637 | |
| PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
| Class E, CME Term SOFR 1 Month Index + 2.710% 8.0435% 7/15/38 (b)(e)(g) | 100,000 | 76,083 | |
| Class G, CME Term SOFR 1 Month Index + 4.460% 9.7935% 7/15/38 (b)(d)(e)(g) | 100,000 | 60,857 | |
| Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (b) | 350,000 | 272,475 | |
| Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.8032% 12/15/37 (b)(e)(g) | 143,092 | 143,666 | |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | 150,506 | 152,433 | |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (b)(e) | 150,000 | 131,869 | |
| SREIT Trust floater: | |||
| Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7093% 10/15/38 (b)(e)(g) | 198,000 | 189,722 | |
| Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4171% 11/15/38 (b)(e)(g) | 120,565 | 119,266 | |
| Series 2021-MFP2: | |||
Class F, CME Term SOFR 1 Month Index + 2.730% 8.0617% 11/15/36 (b)(e)(g) | 100,000 | 98,626 | |
Class J, CME Term SOFR 1 Month Index + 4.020% 9.359% 11/15/36 (b)(e)(g) | 128,000 | 125,059 | |
| Series 2021-PALM Class G, CME Term SOFR 1 Month Index + 3.730% 9.0596% 10/15/34 (b)(e)(g) | 164,000 | 161,072 | |
| STWD Trust floater sequential payer Series 2021-LIH: | |||
| Class F, CME Term SOFR 1 Month Index + 3.660% 8.994% 11/15/36 (b)(e)(g) | 100,000 | 98,195 | |
| Class G, CME Term SOFR 1 Month Index + 4.310% 9.643% 11/15/36 (b)(e)(g) | 42,000 | 40,848 | |
| TPGI Trust floater Series 2021-DGWD Class E, CME Term SOFR 1 Month Index + 2.460% 7.7945% 6/15/26 (b)(e)(g) | 402,400 | 400,409 | |
| Wells Fargo Commercial Mortgage Trust: | |||
| Series 2018-C44 Class D, 3% 5/15/51 (b) | 535,000 | 381,339 | |
| Series 2019-C52: | |||
Class B, 3.375% 8/15/52 | 785,000 | 670,418 | |
Class C, 3.561% 8/15/52 | 100,000 | 79,919 | |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.1965% 3/15/45 (b)(e) | 220,000 | 137,996 | |
| WFCM Series 2022-C62: | |||
| Class C, 4.4963% 4/15/55 (e) | 500,000 | 404,658 | |
| Class D, 2.5% 4/15/55 (b) | 294,000 | 180,752 | |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.6332% 6/5/35 (b)(d)(e) | 140,000 | 113,315 | |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $20,988,151) | 19,629,614 | ||
| Common Stocks - 15.1% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 0.1% | |||
| Diversified Telecommunication Services - 0.1% | |||
| Cellnex Telecom SA (b) | 5,857 | 190,496 | |
| Helios Towers PLC (h) | 101,006 | 148,621 | |
| 339,117 | |||
| Wireless Telecommunication Services - 0.0% | |||
| T-Mobile U.S., Inc. | 192 | 33,827 | |
TOTAL COMMUNICATION SERVICES | 372,944 | ||
| CONSUMER STAPLES - 1.4% | |||
| Food Products - 1.4% | |||
| Archer Daniels Midland Co. | 61,320 | 3,706,794 | |
| JBS SA | 361,990 | 2,089,662 | |
| Lamb Weston Holdings, Inc. | 3,540 | 297,643 | |
| The J.M. Smucker Co. | 3,770 | 411,081 | |
| Tyson Foods, Inc. Class A | 11,170 | 638,254 | |
| 7,143,434 | |||
| ENERGY - 5.9% | |||
| Energy Equipment & Services - 0.8% | |||
| Archrock, Inc. | 25,380 | 513,184 | |
| Bristow Group, Inc. (h) | 7,410 | 248,457 | |
| Diamond Offshore Drilling, Inc. (h) | 5,100 | 78,999 | |
| DOF Group ASA | 184,500 | 1,671,853 | |
| Kodiak Gas Services, Inc. | 42,200 | 1,150,372 | |
| Tidewater, Inc. (h) | 4,060 | 386,553 | |
| 4,049,418 | |||
| Oil, Gas & Consumable Fuels - 5.1% | |||
| Alliance Resource Partners LP | 15,190 | 371,547 | |
| Antero Resources Corp. (h) | 86,091 | 2,809,149 | |
| Cameco Corp. | 504 | 24,797 | |
| Canadian Natural Resources Ltd. | 59,000 | 2,101,583 | |
| Cenovus Energy, Inc. (Canada) | 166,510 | 3,272,873 | |
| Cheniere Energy, Inc. | 2,016 | 352,457 | |
| Coal India Ltd. | 41,100 | 233,282 | |
| Energy Transfer LP | 114,429 | 1,856,038 | |
| Exxon Mobil Corp. | 42,420 | 4,883,390 | |
| Keyera Corp. | 5,420 | 150,114 | |
| Mach Natural Resources LP | 36,320 | 690,806 | |
| MEG Energy Corp. (h) | 66,560 | 1,424,079 | |
| Petroleo Brasileiro SA - Petrobras (ON) | 37,420 | 270,303 | |
| Plains All American Pipeline LP | 3,268 | 58,366 | |
| Plains GP Holdings LP Class A | 62,860 | 1,183,025 | |
| Shell PLC (London) | 126,266 | 4,528,909 | |
| Targa Resources Corp. | 6,834 | 880,083 | |
| The Williams Companies, Inc. | 7,040 | 299,200 | |
| 25,390,001 | |||
TOTAL ENERGY | 29,439,419 | ||
| INDUSTRIALS - 0.4% | |||
| Commercial Services & Supplies - 0.2% | |||
| GFL Environmental, Inc. | 9,338 | 363,528 | |
| Republic Services, Inc. | 773 | 150,225 | |
| Waste Connections, Inc. (United States) | 1,076 | 188,687 | |
| 702,440 | |||
| Construction & Engineering - 0.0% | |||
| Ferrovial SE | 3,314 | 128,691 | |
| Electrical Equipment - 0.0% | |||
| GrafTech International Ltd. | 46,660 | 45,260 | |
| Ground Transportation - 0.1% | |||
| Canadian Pacific Kansas City Ltd. | 975 | 76,762 | |
| CSX Corp. | 3,264 | 109,181 | |
| Norfolk Southern Corp. | 594 | 127,526 | |
| Union Pacific Corp. | 612 | 138,471 | |
| 451,940 | |||
| Transportation Infrastructure - 0.1% | |||
| Aena SME SA (b) | 2,462 | 495,696 | |
TOTAL INDUSTRIALS | 1,824,027 | ||
| MATERIALS - 6.7% | |||
| Chemicals - 0.8% | |||
| CF Industries Holdings, Inc. | 6,100 | 452,132 | |
| Corteva, Inc. | 22,700 | 1,224,438 | |
| FMC Corp. | 12,010 | 691,176 | |
| Nutrien Ltd. | 35,190 | 1,791,589 | |
| 4,159,335 | |||
| Construction Materials - 0.1% | |||
| Ultratech Cement Ltd. | 3,100 | 433,904 | |
| Containers & Packaging - 0.2% | |||
| Billerud AB | 23,040 | 213,249 | |
| Smurfit Kappa Group PLC | 16,440 | 732,427 | |
| 945,676 | |||
| Metals & Mining - 4.2% | |||
| Alamos Gold, Inc. | 41,930 | 657,738 | |
| Alcoa Corp. | 4,520 | 179,806 | |
| Anglo American Platinum Ltd. (i) | 7,813 | 257,303 | |
| Anglo American PLC (United Kingdom) | 37,510 | 1,185,335 | |
| BHP Group Ltd. (London) | 57,365 | 1,641,017 | |
| Champion Iron Ltd. | 353,510 | 1,514,249 | |
| Eramet SA | 3,200 | 322,656 | |
| ERO Copper Corp. (h) | 33,970 | 726,057 | |
| First Quantum Minerals Ltd. | 137,825 | 1,810,398 | |
| Franco-Nevada Corp. | 8,760 | 1,038,611 | |
| Impala Platinum Holdings Ltd. | 120,180 | 596,866 | |
| Northam Platinum Holdings Ltd. | 237,440 | 1,661,346 | |
| Reliance, Inc. | 6,620 | 1,890,672 | |
| Sigma Lithium Corp. (h) | 35,345 | 425,200 | |
| Sumitomo Metal Mining Co. Ltd. | 7,180 | 218,153 | |
| Tata Steel Ltd. | 395,800 | 826,209 | |
| Teck Resources Ltd. Class B (sub. vtg.) | 69,690 | 3,339,700 | |
| Wheaton Precious Metals Corp. | 48,140 | 2,524,091 | |
| 20,815,407 | |||
| Paper & Forest Products - 1.4% | |||
| Interfor Corp. (h) | 72,980 | 881,276 | |
| Mondi PLC | 12 | 230 | |
| Stora Enso Oyj (R Shares) | 79,080 | 1,080,230 | |
| Suzano SA | 65,480 | 667,790 | |
| Svenska Cellulosa AB SCA (B Shares) (i) | 64,110 | 946,921 | |
| UPM-Kymmene Corp. | 77,440 | 2,705,319 | |
| West Fraser Timber Co. Ltd. | 12,930 | 993,060 | |
| 7,274,826 | |||
TOTAL MATERIALS | 33,629,148 | ||
| REAL ESTATE - 0.1% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| American Tower Corp. | 1,121 | 217,900 | |
| Equinix, Inc. | 202 | 152,833 | |
| Prologis, Inc. | 1,002 | 112,535 | |
| Segro PLC | 15,093 | 171,368 | |
| 654,636 | |||
| UTILITIES - 0.5% | |||
| Electric Utilities - 0.3% | |||
| Constellation Energy Corp. | 1,261 | 252,540 | |
| Kansai Electric Power Co., Inc. | 7,146 | 119,994 | |
| NextEra Energy, Inc. | 7,359 | 521,091 | |
| NRG Energy, Inc. | 1,126 | 87,670 | |
| Southern Co. | 6,160 | 477,831 | |
| SSE PLC | 7,349 | 165,967 | |
| 1,625,093 | |||
| Independent Power and Renewable Electricity Producers - 0.1% | |||
| RWE AG | 2,913 | 99,674 | |
| The AES Corp. | 2,679 | 47,070 | |
| Vistra Corp. | 1,179 | 101,370 | |
| 248,114 | |||
| Multi-Utilities - 0.1% | |||
| National Grid PLC | 24,646 | 275,201 | |
| Sempra | 3,217 | 244,685 | |
| 519,886 | |||
TOTAL UTILITIES | 2,393,093 | ||
| TOTAL COMMON STOCKS (Cost $65,817,231) | 75,456,701 | ||
| Preferred Stocks - 2.3% | |||
| Shares | Value ($) | ||
| Convertible Preferred Stocks - 0.0% | |||
| REAL ESTATE - 0.0% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| Braemar Hotels & Resorts, Inc. 5.50% | 2,700 | 34,722 | |
| RLJ Lodging Trust Series A, 1.95% | 400 | 9,888 | |
| 44,610 | |||
| Nonconvertible Preferred Stocks - 2.3% | |||
| FINANCIALS - 1.0% | |||
| Mortgage Real Estate Investment Trusts - 1.0% | |||
| AGNC Investment Corp.: | |||
| 6.125%(e) | 7,000 | 168,840 | |
| Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(e)(g) | 14,200 | 368,633 | |
| Series E, 6.50%(e) | 17,400 | 437,610 | |
| Series G, 7.75%(e) | 16,000 | 385,600 | |
| Annaly Capital Management, Inc.: | |||
| 6.75%(e) | 8,600 | 221,364 | |
| Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(e)(g) | 8,800 | 225,016 | |
| Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(e)(g) | 23,000 | 586,040 | |
| Arbor Realty Trust, Inc.: | |||
| Series D, 6.375% | 1,500 | 28,215 | |
| Series F, 6.25%(e) | 13,000 | 254,020 | |
| Armour Residential REIT, Inc. Series C 7.00% | 1,000 | 20,795 | |
| Chimera Investment Corp. Series C, 7.75% (e) | 8,700 | 195,228 | |
| Dynex Capital, Inc. Series C 6.90% (e) | 23,400 | 584,766 | |
| Ellington Financial LLC 6.75% (e) | 2,000 | 48,520 | |
| PennyMac Mortgage Investment Trust: | |||
| 6.75% | 1,300 | 25,077 | |
| 8.125%(e) | 2,000 | 49,340 | |
| Series B, 8.00%(e)(g) | 5,500 | 134,090 | |
| Rithm Capital Corp.: | |||
| 7.125%(e) | 6,200 | 155,992 | |
| Series A, 7.50%(e) | 14,700 | 371,175 | |
| Series C, 6.375%(e) | 10,300 | 243,904 | |
| Series D, 7.00%(e) | 2,700 | 62,505 | |
| Two Harbors Investment Corp.: | |||
| Series A, 8.125%(e) | 6,938 | 160,545 | |
| Series B, 7.625%(e) | 6,320 | 140,304 | |
| 4,867,579 | |||
| REAL ESTATE - 1.3% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
| Agree Realty Corp. 4.25% | 1,500 | 26,640 | |
| American Homes 4 Rent Series G, 5.875% | 5,200 | 116,376 | |
| Armada Hoffler Properties, Inc. 6.75% | 6,000 | 129,240 | |
| Ashford Hospitality Trust, Inc.: | |||
| Series H, 7.50% | 400 | 5,740 | |
| Series I, 7.50% | 1,200 | 17,328 | |
| Cedar Realty Trust, Inc.: | |||
| 7.25% | 1,673 | 23,255 | |
| Series C, 6.50% | 4,900 | 59,290 | |
| CTO Realty Growth, Inc. 6.375% | 1,000 | 20,170 | |
| DiamondRock Hospitality Co. 8.25% | 11,337 | 286,033 | |
| Digital Realty Trust, Inc.: | |||
| 5.25% | 5,800 | 125,280 | |
| Series L, 5.20% | 12,700 | 273,050 | |
| Gladstone Commercial Corp.: | |||
| 6.625% | 3,600 | 79,830 | |
| Series G, 6.00% | 18,200 | 350,896 | |
| Global Medical REIT, Inc. Series A, 7.50% | 2,100 | 52,542 | |
| Global Net Lease, Inc.: | |||
| 7.50% | 16,700 | 341,348 | |
| Series A, 7.25% | 9,300 | 195,021 | |
| Series B 6.875% | 2,200 | 44,176 | |
| Series E, 7.375% | 10,000 | 207,100 | |
| Healthcare Trust, Inc.: | |||
| 7.125% | 2,000 | 28,130 | |
| Series A 7.375% | 4,200 | 61,068 | |
| Hudson Pacific Properties, Inc. Series C, 4.75% | 18,100 | 247,789 | |
| Kimco Realty Corp.: | |||
| 5.125% | 11,600 | 236,756 | |
| Series M, 5.25% | 16,500 | 345,510 | |
| National Storage Affiliates Trust Series A, 6.00% | 200 | 4,528 | |
| Pebblebrook Hotel Trust: | |||
| 6.30% | 10,273 | 205,665 | |
| 6.375% | 8,700 | 177,219 | |
| 6.375% | 17,200 | 336,088 | |
| Series H, 5.70% | 10,600 | 194,298 | |
| Public Storage Operating Co.: | |||
| 4.00% | 1,200 | 21,540 | |
| 4.00% | 2,300 | 41,883 | |
| Series F, 5.15% | 3,200 | 74,048 | |
| Series G, 5.05% | 6,000 | 137,460 | |
| Series M, 4.125% | 1,000 | 18,310 | |
| Realty Income Corp. 6.00% | 6,700 | 163,413 | |
| Regency Centers Corp.: | |||
| 5.875% | 2,000 | 43,300 | |
| Series A, 6.25% | 4,500 | 104,153 | |
| Rexford Industrial Realty, Inc.: | |||
| Series B, 5.875% | 1,200 | 26,064 | |
| Series C, 5.625% | 4,400 | 92,400 | |
| Saul Centers, Inc. Series D, 6.125% | 1,300 | 26,585 | |
| SITE Centers Corp. 6.375% | 5,500 | 120,450 | |
| Sotherly Hotels, Inc. Series C, 7.875% | 1,700 | 31,365 | |
| Summit Hotel Properties, Inc.: | |||
| Series E, 6.25% | 6,800 | 147,560 | |
| Series F, 5.875% | 4,000 | 80,200 | |
| Sunstone Hotel Investors, Inc.: | |||
| Series H, 6.125% | 3,500 | 78,540 | |
| Series I, 5.70% | 9,600 | 193,152 | |
| UMH Properties, Inc. Series D, 6.375% | 3,900 | 88,959 | |
| Vornado Realty Trust Series L, 5.40% | 1,000 | 15,220 | |
| 5,694,968 | |||
| Real Estate Management & Development - 0.2% | |||
| Digitalbridge Group, Inc.: | |||
| Series H, 7.125% | 12,830 | 307,792 | |
| Series I, 7.15% | 13,800 | 338,238 | |
| Series J, 7.15% | 12,600 | 303,786 | |
| 949,816 | |||
TOTAL REAL ESTATE | 6,644,784 | ||
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 11,512,363 | ||
| TOTAL PREFERRED STOCKS (Cost $12,120,288) | 11,556,973 | ||
| Bank Loan Obligations - 0.0% | |||
Principal Amount (a) | Value ($) | ||
| FINANCIALS - 0.0% | |||
| Financial Services - 0.0% | |||
Walker & Dunlop, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.6939% 12/16/28 (e)(g)(j) (Cost $4,867) | 4,875 | 4,863 | |
| Equity Funds - 23.6% | |||
| Shares | Value ($) | ||
| Fidelity Commodity Strategy Central Fund (k) | 778,549 | 72,319,458 | |
| Fidelity Real Estate Equity Central Fund (k) | 360,197 | 45,683,736 | |
| TOTAL EQUITY FUNDS (Cost $131,271,592) | 118,003,194 | ||
| Fixed-Income Funds - 25.6% | |||
| Shares | Value ($) | ||
Fidelity Floating Rate Central Fund (k) (Cost $128,581,338) | 1,303,829 | 127,736,096 | |
| Preferred Securities - 0.1% | |||
Principal Amount (a) | Value ($) | ||
| FINANCIALS - 0.1% | |||
| Mortgage Real Estate Investment Trusts - 0.1% | |||
| Chimera Investment Corp.: | |||
| CME Term SOFR 3 Month Index + 5.590% 10.9014% 12/31/99 (e)(g) | 5,000 | 122,750 | |
| Series B, CME Term SOFR 3 Month Index + 6.050% 11.3508% 12/31/99 (e)(g) | 16,587 | 409,035 | |
| (Cost $485,095) | 531,785 | ||
| Money Market Funds - 1.7% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 5.38% (l) | 7,522,374 | 7,523,879 | |
| Fidelity Securities Lending Cash Central Fund 5.38% (l)(m) | 818,584 | 818,665 | |
| TOTAL MONEY MARKET FUNDS (Cost $8,342,543) | 8,342,544 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $518,244,703) | 499,964,086 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (266,531) |
| NET ASSETS - 100.0% | 499,697,555 |
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 $18,173,091 or 3.6% 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) | Security or a portion of the security is on loan at period end. |
| (j) | 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. |
| (k) | 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. |
| (l) | 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. |
| (m) | 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 5.38% | 5,257,233 | 85,634,721 | 83,368,128 | 267,165 | 53 | - | 7,523,879 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 80,369,516 | 4,239,875 | 11,013,142 | 1,489,875 | (2,639,954) | 1,363,163 | 72,319,458 | 31.4% |
| Fidelity Floating Rate Central Fund | 139,118,660 | 11,403,166 | 22,699,286 | 9,402,606 | (345,829) | 259,385 | 127,736,096 | 8.5% |
| Fidelity Real Estate Equity Central Fund | 48,764,668 | 7,283,590 | 16,815,016 | 1,079,133 | (612,704) | 7,063,198 | 45,683,736 | 4.7% |
| Fidelity Securities Lending Cash Central Fund 5.38% | - | 3,404,152 | 2,585,487 | 2,603 | - | - | 818,665 | 0.0% |
| Total | 273,510,077 | 111,965,504 | 136,481,059 | 12,241,382 | (3,598,434) | 8,685,746 | 254,081,834 | |
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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