Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Conservative Income Bond Fund
May 31, 2024
ZCI-NPRT3-0724
1.9887607.106
Nonconvertible Bonds - 45.8% | |||
Principal Amount (a) | Value ($) | ||
COMMUNICATION SERVICES - 1.2% | |||
Media - 0.5% | |||
COX Communications, Inc. 3.85% 2/1/25 (b) | 1,000,000 | 986,465 | |
Warnermedia Holdings, Inc. 3.638% 3/15/25 | 1,200,000 | 1,179,619 | |
2,166,084 | |||
Wireless Telecommunication Services - 0.7% | |||
Rogers Communications, Inc. 2.95% 3/15/25 | 800,000 | 782,126 | |
Sprint Corp. 7.625% 2/15/25 | 1,000,000 | 1,007,898 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/25 | 1,200,000 | 1,177,429 | |
2,967,453 | |||
TOTAL COMMUNICATION SERVICES | 5,133,537 | ||
CONSUMER DISCRETIONARY - 3.7% | |||
Automobiles - 3.5% | |||
American Honda Finance Corp.: | |||
4.95% 1/9/26 | 786,000 | 782,009 | |
5.8% 10/3/25 | 1,000,000 | 1,005,763 | |
BMW U.S. Capital LLC U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.840% 6.1808% 4/1/25 (b)(c)(d) | 1,000,000 | 1,004,729 | |
General Motors Financial Co., Inc.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 1.300% 6.6346% 4/7/25 (c)(d) | 775,000 | 780,474 | |
1.2% 10/15/24 | 900,000 | 885,224 | |
2.9% 2/26/25 | 1,200,000 | 1,175,408 | |
3.8% 4/7/25 | 1,200,000 | 1,180,416 | |
Mercedes-Benz Finance North America LLC: | |||
2.7% 6/14/24 (b) | 750,000 | 749,255 | |
4.95% 3/30/25 (b) | 1,000,000 | 995,264 | |
5.5% 11/27/24 (b) | 500,000 | 499,016 | |
Volkswagen Group of America Finance LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.830% 6.1731% 3/20/26 (b)(c)(d) | 1,600,000 | 1,604,726 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.950% 6.298% 6/7/24 (b)(c)(d) | 1,000,000 | 1,000,083 | |
2.85% 9/26/24 (b) | 630,000 | 623,726 | |
3.35% 5/13/25 (b) | 1,000,000 | 979,239 | |
5.8% 9/12/25 (b) | 1,000,000 | 1,001,546 | |
14,266,878 | |||
Household Durables - 0.2% | |||
Lennar Corp. 4.75% 5/30/25 | 1,000,000 | 991,358 | |
TOTAL CONSUMER DISCRETIONARY | 15,258,236 | ||
CONSUMER STAPLES - 2.2% | |||
Beverages - 0.2% | |||
PepsiCo, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.400% 5.7207% 11/12/24 (c)(d) | 807,000 | 807,848 | |
Consumer Staples Distribution & Retail - 0.5% | |||
Dollar General Corp. 4.25% 9/20/24 | 1,500,000 | 1,492,768 | |
Mondelez International Holdings Netherlands BV 0.75% 9/24/24 (b) | 650,000 | 639,908 | |
2,132,676 | |||
Food Products - 0.1% | |||
Campbell Soup Co. 3.3% 3/19/25 | 600,000 | 589,037 | |
Tobacco - 1.4% | |||
Altria Group, Inc. 2.35% 5/6/25 | 1,300,000 | 1,261,280 | |
BAT Capital Corp.: | |||
2.789% 9/6/24 | 900,000 | 892,741 | |
3.222% 8/15/24 | 1,000,000 | 994,700 | |
Philip Morris International, Inc.: | |||
3.25% 11/10/24 | 800,000 | 792,000 | |
5.125% 11/15/24 | 500,000 | 499,119 | |
Reynolds American, Inc. 4.45% 6/12/25 | 1,250,000 | 1,234,675 | |
5,674,515 | |||
TOTAL CONSUMER STAPLES | 9,204,076 | ||
ENERGY - 2.6% | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Canadian Natural Resources Ltd. 3.9% 2/1/25 | 1,174,000 | 1,159,692 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 650,000 | 647,018 | |
Devon Energy Corp. 5.25% 9/15/24 | 1,633,000 | 1,629,425 | |
Enbridge, Inc.: | |||
2.5% 1/15/25 | 573,000 | 562,098 | |
2.5% 2/14/25 | 800,000 | 782,427 | |
Energy Transfer LP 5.75% 4/1/25 | 750,000 | 749,530 | |
Marathon Petroleum Corp. 4.7% 5/1/25 | 1,250,000 | 1,238,700 | |
MPLX LP 4.875% 12/1/24 | 900,000 | 896,728 | |
Phillips 66 Co.: | |||
3.605% 2/15/25 | 1,400,000 | 1,379,284 | |
3.85% 4/9/25 | 1,250,000 | 1,231,801 | |
Plains All American Pipeline LP/PAA Finance Corp. 3.6% 11/1/24 | 600,000 | 594,429 | |
10,871,132 | |||
FINANCIALS - 27.0% | |||
Banks - 16.1% | |||
ABN AMRO Bank NV U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 1.780% 7.125% 9/18/27 (b)(c)(d) | 1,100,000 | 1,118,150 | |
Bank of America Corp.: | |||
0.981% 9/25/25 (c) | 740,000 | 728,993 | |
1.319% 6/19/26 (c) | 1,000,000 | 955,034 | |
3.366% 1/23/26 (c) | 800,000 | 787,797 | |
3.384% 4/2/26 (c) | 1,000,000 | 980,399 | |
Bank of America NA 5.65% 8/18/25 | 1,000,000 | 1,003,931 | |
Bank of Montreal: | |||
4.25% 9/14/24 | 1,000,000 | 995,896 | |
5.92% 9/25/25 | 1,000,000 | 1,005,586 | |
Bank of Nova Scotia: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.380% 5.707% 7/31/24 (c)(d) | 700,000 | 700,179 | |
5.45% 6/12/25 | 1,000,000 | 998,806 | |
Barclays PLC: | |||
2.852% 5/7/26 (c) | 1,000,000 | 973,292 | |
3.65% 3/16/25 | 1,100,000 | 1,082,362 | |
4.375% 1/12/26 | 1,250,000 | 1,224,726 | |
5.304% 8/9/26 (c) | 1,000,000 | 994,059 | |
BNP Paribas SA: | |||
2.219% 6/9/26 (b)(c) | 930,000 | 897,342 | |
2.819% 11/19/25 (b)(c) | 800,000 | 788,783 | |
BPCE SA: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.570% 5.9015% 1/14/25 (b)(c)(d) | 506,000 | 506,625 | |
2.375% 1/14/25 (b) | 1,239,000 | 1,211,875 | |
Canadian Imperial Bank of Commerce U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.940% 6.2746% 4/7/25 (c)(d) | 1,000,000 | 1,004,664 | |
Citibank NA 5.864% 9/29/25 | 1,000,000 | 1,006,690 | |
Citigroup, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.680% 6.0116% 10/30/24 (c)(d) | 1,140,000 | 1,140,714 | |
Cooperatieve Rabobank UA: | |||
1.339% 6/24/26 (b)(c) | 1,105,000 | 1,055,134 | |
2.625% 7/22/24 (b) | 600,000 | 597,650 | |
Credit Agricole SA 1.907% 6/16/26 (b)(c) | 610,000 | 586,263 | |
Danske Bank A/S: | |||
0.976% 9/10/25 (b)(c) | 1,150,000 | 1,134,249 | |
6.259% 9/22/26 (b)(c) | 1,000,000 | 1,006,524 | |
6.466% 1/9/26 (b)(c) | 1,055,000 | 1,057,568 | |
DNB Bank ASA 0.856% 9/30/25 (b)(c) | 750,000 | 737,843 | |
HSBC Holdings PLC: | |||
2.099% 6/4/26 (c) | 1,000,000 | 963,789 | |
2.633% 11/7/25 (c) | 1,175,000 | 1,158,963 | |
2.999% 3/10/26 (c) | 920,000 | 900,638 | |
4.18% 12/9/25 (c) | 1,000,000 | 990,770 | |
Huntington National Bank 5.699% 11/18/25 (c) | 564,000 | 562,789 | |
ING Groep NV 3.869% 3/28/26 (c) | 1,400,000 | 1,379,200 | |
JPMorgan Chase & Co.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.970% 6.3156% 6/14/25 (c)(d) | 1,000,000 | 1,000,368 | |
0.824% 6/1/25 (c) | 1,000,000 | 1,000,000 | |
0.969% 6/23/25 (c) | 1,000,000 | 996,892 | |
1.561% 12/10/25 (c) | 900,000 | 880,661 | |
2.301% 10/15/25 (c) | 640,000 | 631,745 | |
3.845% 6/14/25 (c) | 630,000 | 629,563 | |
5.546% 12/15/25 (c) | 1,000,000 | 998,806 | |
KeyBank NA U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.320% 5.6656% 6/14/24 (c)(d) | 1,330,000 | 1,329,842 | |
Lloyds Banking Group PLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 1.560% 6.8804% 8/7/27 (c)(d) | 500,000 | 506,854 | |
3.511% 3/18/26 (c) | 910,000 | 893,460 | |
Mitsubishi UFJ Financial Group, Inc.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.380% 6.7301% 9/12/25 (c)(d) | 800,000 | 802,505 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.650% 6.9797% 7/18/25 (c)(d) | 1,000,000 | 1,001,238 | |
0.953% 7/19/25 (c) | 1,200,000 | 1,192,388 | |
4.788% 7/18/25 (c) | 1,125,000 | 1,123,378 | |
5.063% 9/12/25 (c) | 960,000 | 957,587 | |
Mizuho Financial Group, Inc.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.960% 6.2729% 5/22/26 (c)(d) | 800,000 | 803,520 | |
2.226% 5/25/26 (c) | 1,000,000 | 966,890 | |
2.555% 9/13/25 (c) | 1,240,000 | 1,228,595 | |
Morgan Stanley Bank, West Valley City Utah: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.160% 6.4923% 10/30/26 (c)(d) | 900,000 | 913,995 | |
5.479% 7/16/25 | 1,000,000 | 1,000,912 | |
NatWest Markets PLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.530% 5.8507% 8/12/24 (b)(c)(d) | 640,000 | 640,224 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.450% 6.7931% 3/22/25 (b)(c)(d) | 656,000 | 661,195 | |
PNC Financial Services Group, Inc.: | |||
5.671% 10/28/25 (c) | 610,000 | 609,883 | |
5.812% 6/12/26 (c) | 1,710,000 | 1,712,520 | |
Royal Bank of Canada: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.340% 5.6746% 10/7/24 (c)(d) | 640,000 | 640,416 | |
4.95% 4/25/25 | 1,000,000 | 994,738 | |
Santander Holdings U.S.A., Inc. 3.45% 6/2/25 | 600,000 | 585,731 | |
Svenska Handelsbanken AB 0.55% 6/11/24 (b) | 600,000 | 599,335 | |
Swedbank AB U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.910% 6.246% 4/4/25 (b)(c)(d) | 645,000 | 647,755 | |
The Toronto-Dominion Bank U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.480% 5.8126% 10/10/25 (c)(d) | 1,600,000 | 1,602,645 | |
Truist Financial Corp.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.400% 5.7473% 6/9/25 (c)(d) | 1,000,000 | 999,950 | |
2.5% 8/1/24 | 630,000 | 626,647 | |
4.26% 7/28/26 (c) | 730,000 | 717,909 | |
U.S. Bancorp 1.45% 5/12/25 | 1,000,000 | 963,086 | |
Wells Fargo & Co.: | |||
2.164% 2/11/26 (c) | 1,300,000 | 1,268,303 | |
2.406% 10/30/25 (c) | 640,000 | 631,235 | |
3.3% 9/9/24 | 1,100,000 | 1,093,009 | |
Wells Fargo Bank NA U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.800% 6.1253% 8/1/25 (c)(d) | 750,000 | 752,597 | |
66,843,660 | |||
Capital Markets - 5.9% | |||
Athene Global Funding: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.710% 6.0502% 1/7/25 (b)(c)(d) | 1,150,000 | 1,151,924 | |
0.914% 8/19/24 (b) | 750,000 | 742,229 | |
2.75% 6/25/24 (b) | 560,000 | 558,945 | |
5.684% 2/23/26 (b) | 1,250,000 | 1,249,070 | |
Bank of New York, New York U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.450% 5.7956% 3/13/26 (c)(d) | 805,000 | 805,687 | |
Charles Schwab Corp. 4.2% 3/24/25 | 800,000 | 791,330 | |
Credit Suisse AG U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 1.260% 6.5795% 2/21/25 (c)(d) | 800,000 | 803,927 | |
Deutsche Bank AG New York Branch: | |||
2.129% 11/24/26 (c) | 559,000 | 529,357 | |
3.961% 11/26/25 (c) | 700,000 | 693,242 | |
6.119% 7/14/26 (c) | 1,200,000 | 1,201,421 | |
Goldman Sachs Group, Inc.: | |||
CME Term SOFR 3 Month Index + 1.430% 6.754% 5/15/26 (c)(d) | 800,000 | 805,902 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.480% 5.815% 10/21/24 (c)(d) | 1,000,000 | 1,000,140 | |
0.855% 2/12/26 (c) | 1,000,000 | 966,375 | |
3.272% 9/29/25 (c) | 800,000 | 793,426 | |
5.7% 11/1/24 | 1,000,000 | 1,000,009 | |
Intercontinental Exchange, Inc. 3.65% 5/23/25 | 1,000,000 | 982,422 | |
Moody's Corp. 3.75% 3/24/25 | 600,000 | 591,560 | |
Morgan Stanley: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.500% 5.8379% 1/22/25 (c)(d) | 1,300,000 | 1,300,910 | |
1.164% 10/21/25 (c) | 650,000 | 638,285 | |
2.188% 4/28/26 (c) | 1,250,000 | 1,211,056 | |
3.7% 10/23/24 | 600,000 | 595,443 | |
UBS AG London Branch: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.450% 5.7713% 8/9/24 (b)(c)(d) | 1,000,000 | 1,000,410 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.470% 5.8015% 1/13/25 (b)(c)(d) | 750,000 | 750,197 | |
UBS Group AG: | |||
1.364% 1/30/27 (b)(c) | 1,300,000 | 1,208,937 | |
2.193% 6/5/26 (b)(c) | 750,000 | 723,200 | |
3.75% 3/26/25 | 1,200,000 | 1,181,349 | |
6.373% 7/15/26 (b)(c) | 1,000,000 | 1,004,889 | |
24,281,642 | |||
Consumer Finance - 2.5% | |||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: | |||
1.65% 10/29/24 | 1,400,000 | 1,376,401 | |
3.5% 1/15/25 | 1,400,000 | 1,379,402 | |
Ally Financial, Inc. 5.8% 5/1/25 | 1,000,000 | 999,323 | |
American Express Co.: | |||
3.625% 12/5/24 | 1,000,000 | 989,853 | |
3.95% 8/1/25 | 700,000 | 688,225 | |
6.338% 10/30/26 (c) | 874,000 | 883,343 | |
Capital One Financial Corp.: | |||
2.636% 3/3/26 (c) | 600,000 | 585,759 | |
3.2% 2/5/25 | 1,000,000 | 983,103 | |
3.3% 10/30/24 | 520,000 | 514,782 | |
Toyota Motor Credit Corp.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.550% 5.8698% 10/16/24 (c)(d) | 1,000,000 | 1,001,457 | |
5.6% 9/11/25 | 1,000,000 | 1,003,914 | |
10,405,562 | |||
Financial Services - 1.2% | |||
CNH Industrial Capital LLC: | |||
3.95% 5/23/25 | 700,000 | 688,702 | |
5.45% 10/14/25 | 1,000,000 | 999,980 | |
Corebridge Financial, Inc. 3.5% 4/4/25 | 551,000 | 540,858 | |
DH Europe Finance II SARL 2.2% 11/15/24 | 1,300,000 | 1,281,373 | |
PayPal Holdings, Inc. 1.65% 6/1/25 | 800,000 | 770,368 | |
The Western Union Co. 2.85% 1/10/25 | 800,000 | 785,407 | |
5,066,688 | |||
Insurance - 1.3% | |||
Equitable Financial Life Global Funding: | |||
0.8% 8/12/24 (b) | 500,000 | 495,033 | |
1.1% 11/12/24 (b) | 1,000,000 | 979,056 | |
Jackson National Life Global Funding 1.75% 1/12/25 (b) | 1,000,000 | 974,717 | |
MassMutual Global Funding II 2.95% 1/11/25 (b) | 700,000 | 688,930 | |
New York Life Global Funding U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.430% 5.7783% 6/6/24 (b)(c)(d) | 1,100,000 | 1,100,026 | |
Protective Life Global Funding U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.980% 6.3213% 3/28/25 (b)(c)(d) | 1,000,000 | 1,004,677 | |
5,242,439 | |||
TOTAL FINANCIALS | 111,839,991 | ||
HEALTH CARE - 2.9% | |||
Biotechnology - 0.4% | |||
AbbVie, Inc. 2.6% 11/21/24 | 1,000,000 | 986,005 | |
Amgen, Inc. 5.25% 3/2/25 | 800,000 | 798,054 | |
1,784,059 | |||
Health Care Providers & Services - 2.3% | |||
Cigna Group 3.25% 4/15/25 | 800,000 | 784,314 | |
CVS Health Corp.: | |||
3.375% 8/12/24 | 1,000,000 | 995,415 | |
4.1% 3/25/25 | 1,200,000 | 1,184,688 | |
Elevance Health, Inc. 3.35% 12/1/24 | 1,500,000 | 1,483,319 | |
HCA Holdings, Inc.: | |||
5.25% 4/15/25 | 1,600,000 | 1,593,102 | |
5.375% 2/1/25 | 1,250,000 | 1,245,747 | |
Humana, Inc.: | |||
3.85% 10/1/24 | 1,000,000 | 993,555 | |
4.5% 4/1/25 | 1,200,000 | 1,190,873 | |
9,471,013 | |||
Pharmaceuticals - 0.2% | |||
Bristol-Myers Squibb Co. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.490% 5.8096% 2/20/26 (c)(d) | 654,000 | 656,753 | |
TOTAL HEALTH CARE | 11,911,825 | ||
INDUSTRIALS - 3.0% | |||
Aerospace & Defense - 0.7% | |||
BAE Systems Holdings, Inc. 3.8% 10/7/24 (b) | 1,600,000 | 1,588,697 | |
The Boeing Co. 4.875% 5/1/25 | 1,250,000 | 1,236,642 | |
2,825,339 | |||
Building Products - 0.1% | |||
Carrier Global Corp. 5.8% 11/30/25 | 574,000 | 576,591 | |
Ground Transportation - 0.2% | |||
Canadian Pacific Railway Co. 2.9% 2/1/25 | 800,000 | 786,225 | |
Machinery - 1.6% | |||
Caterpillar Financial Services Corp.: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.450% 5.7705% 11/14/24 (c)(d) | 1,300,000 | 1,301,806 | |
2.15% 11/8/24 | 620,000 | 611,009 | |
3.25% 12/1/24 | 620,000 | 613,659 | |
Daimler Trucks Finance North America LLC: | |||
1.625% 12/13/24 (b) | 586,000 | 573,652 | |
5.2% 1/17/25 (b) | 990,000 | 986,620 | |
Otis Worldwide Corp. 2.056% 4/5/25 | 600,000 | 582,725 | |
Parker Hannifin Corp.: | |||
3.3% 11/21/24 | 1,000,000 | 989,134 | |
3.65% 6/15/24 | 1,000,000 | 998,874 | |
6,657,479 | |||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
0.8% 8/18/24 | 1,000,000 | 989,068 | |
2.3% 2/1/25 | 550,000 | 537,057 | |
1,526,125 | |||
TOTAL INDUSTRIALS | 12,371,759 | ||
INFORMATION TECHNOLOGY - 0.8% | |||
Semiconductors & Semiconductor Equipment - 0.3% | |||
Analog Devices, Inc. U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.250% 5.5908% 10/1/24 (c)(d) | 274,000 | 274,046 | |
Microchip Technology, Inc. 0.983% 9/1/24 | 925,000 | 913,707 | |
1,187,753 | |||
Software - 0.5% | |||
Oracle Corp.: | |||
2.5% 4/1/25 | 1,600,000 | 1,558,708 | |
2.95% 11/15/24 | 600,000 | 592,635 | |
2,151,343 | |||
TOTAL INFORMATION TECHNOLOGY | 3,339,096 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.3% | |||
Celanese U.S. Holdings LLC 6.05% 3/15/25 | 1,000,000 | 1,000,800 | |
REAL ESTATE - 1.0% | |||
Equity Real Estate Investment Trusts (REITs) - 1.0% | |||
Alexandria Real Estate Equities, Inc. 3.45% 4/30/25 | 1,200,000 | 1,175,613 | |
Brixmor Operating Partnership LP 3.85% 2/1/25 | 750,000 | 739,572 | |
NNN (REIT), Inc. 3.9% 6/15/24 | 500,000 | 499,571 | |
Simon Property Group LP 3.375% 10/1/24 | 1,000,000 | 992,434 | |
Ventas Realty LP 2.65% 1/15/25 | 900,000 | 881,933 | |
4,289,123 | |||
UTILITIES - 1.1% | |||
Electric Utilities - 0.2% | |||
Mississippi Power Co. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.300% 5.6413% 6/28/24 (c)(d) | 650,000 | 650,002 | |
Gas Utilities - 0.1% | |||
Eastern Energy Gas Holdings LLC 2.5% 11/15/24 | 630,000 | 621,267 | |
Multi-Utilities - 0.8% | |||
Berkshire Hathaway Energy Co. 3.5% 2/1/25 | 1,430,000 | 1,410,023 | |
Dominion Energy, Inc. 3.3% 3/15/25 | 800,000 | 784,035 | |
DTE Energy Co. 2.529% 10/1/24 | 1,250,000 | 1,236,690 | |
3,430,748 | |||
TOTAL UTILITIES | 4,702,017 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $189,509,011) | 189,921,592 | ||
U.S. Treasury Obligations - 16.9% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 5.31% to 5.32% 6/13/24 to 7/18/24 | 38,000,000 | 37,903,544 | |
U.S. Treasury Notes: | |||
3% 6/30/24 | 10,477,000 | 10,458,215 | |
4.125% 1/31/25 | 18,421,400 | 18,282,880 | |
4.25% 1/31/26 | 2,000,000 | 1,977,031 | |
4.75% 7/31/25 | 1,700,000 | 1,692,828 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $70,341,818) | 70,314,498 | ||
Asset-Backed Securities - 12.5% | |||
Principal Amount (a) | Value ($) | ||
Ally Auto Receivables Trust Series 2024-1 Class A2, 5.32% 1/15/27 | 1,000,000 | 998,028 | |
American Express Credit Account Master Trust Series 2022-3 Class A, 3.75% 8/15/27 | 1,100,000 | 1,078,265 | |
BMW Vechicle Lease Trust Series 2023-1 Class A3, 5.16% 11/25/25 | 992,082 | 989,984 | |
BMW Vehicle Lease Trust: | |||
Series 2023-2 Class A3, 5.99% 9/25/26 | 750,000 | 753,645 | |
Series 2024-1 Class A2A, 5.1% 7/27/26 | 796,000 | 793,197 | |
Bofa Auto Trust 2024-1 Series 2024-1A Class A2, 5.57% 12/15/26 (b) | 635,000 | 634,667 | |
Capital One Multi-Asset Execution Trust: | |||
Series 2021-A3 Class A3, 1.04% 11/15/26 | 1,000,000 | 979,651 | |
Series 2022-A2 Class A, 3.49% 5/15/27 | 1,507,000 | 1,478,172 | |
CarMax Auto Owner Trust Series 2022-3 Class A2A, 3.97% 4/15/27 | 1,169,073 | 1,154,137 | |
Carmax Auto Owner Trust: | |||
Series 2024-1 Class A2A, 5.3% 3/15/27 | 907,000 | 904,774 | |
Series 2024-2 Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.730% 5.9037% 5/17/27 (c)(d) | 1,615,000 | 1,615,715 | |
Carmax Auto Owner Trust 2021-4 Series 2021-4 Class A3, 0.56% 9/15/26 | 521,996 | 507,350 | |
Chase Auto Owner Trust Series 2024-1A Class A2, 5.48% 4/26/27 (b) | 844,000 | 843,075 | |
Citizens Auto Receivables Trust: | |||
Series 2024-1 Class A2A, 5.43% 10/15/26 (b) | 958,000 | 956,502 | |
Series 2024-2 Class A2A, 5.54% 11/16/26 (b) | 961,000 | 960,332 | |
Daimler Trucks Retail Trust 20 Series 2024-1 Class A2, 5.6% 4/15/26 | 1,600,000 | 1,599,252 | |
Discover Card Execution Note Trust: | |||
Series 2022-A1 Class A1, 1.96% 2/15/27 | 1,000,000 | 974,805 | |
Series 2022-A2 Class A, 3.32% 5/15/27 | 1,081,000 | 1,059,235 | |
Series 2022-A3 Class A3, 3.56% 7/15/27 | 1,200,000 | 1,175,108 | |
DLLAD Series 2024-1A Class A2, 5.5% 8/20/27 (b) | 411,000 | 410,776 | |
DLLST Series 2024-1A Class A2, 5.33% 1/20/26 (b) | 543,000 | 541,338 | |
Drive Auto Receivables Trust Series 2024-1 Class A2, 5.83% 12/15/26 | 646,000 | 646,073 | |
Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/26 (b) | 185,000 | 185,251 | |
Ford Credit Auto Lease Trust Series 2024-A Class A2A, 5.24% 7/15/26 | 644,000 | 642,622 | |
Ford Credit Floorplan Master Owner Trust Series 2019-4 Class A, 2.44% 9/15/26 | 1,000,000 | 990,747 | |
Fordl 2023-A Series 2023-A Class A3, 4.94% 3/15/26 | 330,000 | 329,099 | |
FORDO Series 2022-B Class A3, 3.74% 9/15/26 | 535,837 | 530,332 | |
GM Financial Automobile Leasing Trust: | |||
Series 2023-1 Class A3, 5.16% 4/20/26 | 435,000 | 433,853 | |
Series 2024-2 Class A2A, 5.43% 9/21/26 | 1,032,000 | 1,032,464 | |
Gm Financial Consumer Automobi Series 2024-2 Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.390% 5.7137% 3/16/27 (c)(d) | 925,000 | 925,072 | |
GM Financial Consumer Automobile Series 2024-1 Class ASB, 5.12% 2/16/27 | 777,000 | 774,637 | |
GM Financial Consumer Automobile Receivables Trust Series 2021-4 Class A3, 0.68% 9/16/26 | 886,103 | 863,731 | |
GM Financial Leasing Trust Series 2024-1 Class A2A, 5.18% 6/22/26 | 1,179,000 | 1,174,946 | |
Honda Auto Receivables 2024-2 Series 2024-2 Class A2, 5.48% 11/18/26 | 968,000 | 967,599 | |
Huntington Auto Trust Series 2024-1A Class A2, 5.5% 3/15/27 (b) | 1,108,000 | 1,106,570 | |
Hyundai Auto Lease Securitizat Series 2024-B Class A2A, 5.51% 10/15/26 (b) | 966,000 | 964,715 | |
Hyundai Auto Lease Securitization Series 2024-A Class A2A, 5.15% 6/15/26 (b) | 687,000 | 684,728 | |
Hyundai Auto Receivables Trust Series 2024-A Class A2A, 5.29% 4/15/27 | 926,000 | 924,156 | |
John Deere Owner Trust Series 2024-A Class A2A, 5.19% 2/16/27 | 1,539,000 | 1,534,787 | |
Mercedes-Benz Auto Lease Trust Series 2024-A Class A2A, 5.44% 2/16/27 | 1,212,000 | 1,210,910 | |
Mercedes-Benz Auto Receivables Series 2024-1 Class A2A, 5.06% 5/17/27 | 954,000 | 950,262 | |
Nissan Master Owner Trust Receiva Series 2024-A Class A, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.670% 5.9937% 2/15/28 (b)(c)(d) | 1,500,000 | 1,500,484 | |
Sbna Auto Lease Trust Series 2024-B Class A2, 5.67% 11/20/26 (b) | 726,000 | 726,263 | |
SBNA Auto Lease Trust 2024-A Series 2024-A Class A2, 5.45% 1/20/26 (b) | 1,500,000 | 1,498,151 | |
Sfs Auto Receivables Securitization Trust: | |||
Series 2024-1A Class A2, 5.35% 6/21/27 (b) | 362,443 | 361,621 | |
Series 2024-2A Class A2, 5.71% 10/20/27 (b) | 1,000,000 | 1,000,396 | |
Tesla Series 2024-A Class A2A, 5.37% 6/22/26 (b) | 77,000 | 76,813 | |
Tesla Electric Vehicle Trust 2023-1 Series 2023-1 Class A2A, 5.54% 12/21/26 (b) | 1,030,000 | 1,029,370 | |
Toyota Auto Receivables 2024-B Series 2024-B Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.350% 5.6737% 3/15/27 (c)(d) | 1,056,000 | 1,056,528 | |
Toyota Lease Owner Trust: | |||
Series 2023 A Class A3, 4.93% 4/20/26 (b) | 1,200,000 | 1,193,545 | |
Series 2024-A Class A2A, 5.33% 7/20/26 (b) | 1,453,000 | 1,450,134 | |
Verizon Master Trust Series 2022-6 Class A, 3.67% 1/22/29 | 700,000 | 685,734 | |
Volkswagen Auto Lease Trust 2024- Series 2024-A Class A2B, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Index + 0.470% 5.7934% 12/21/26 (c)(d) | 1,500,000 | 1,500,251 | |
World Omni Auto Receivables Trust: | |||
Series 2022-A Class A3, 1.66% 5/17/27 | 728,140 | 709,672 | |
Series 2024-B Class A2A, 5.48% 9/15/27 | 874,000 | 873,626 | |
World Omni Automobile Lease Se Series 2024-A Class A2B, 5.7537% 2/16/27 (c) | 794,000 | 794,318 | |
TOTAL ASSET-BACKED SECURITIES (Cost $51,765,621) | 51,737,468 | ||
Bank Notes - 0.1% | |||
Principal Amount (a) | Value ($) | ||
Truist Bank 2.15% 12/6/24 (Cost $560,274) | 570,000 | 559,806 | |
Certificates of Deposit - 5.8% | |||
Principal Amount (a) | Value ($) | ||
Bank of Nova Scotia yankee: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.390% 5.72% 6/7/24 (c)(d) | 1,000,000 | 1,000,011 | |
6% 10/18/24 | 1,300,000 | 1,301,694 | |
BMO Harris Bank NA U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.670% 6% 7/8/24 (c)(d) | 1,300,000 | 1,300,013 | |
Canadian Imperial Bank of Commerce yankee: | |||
5.95% 9/19/24 | 1,400,000 | 1,401,151 | |
6% 10/18/24 | 1,300,000 | 1,301,552 | |
Citibank NA U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.650% 5.98% 6/17/24 (c)(d) | 1,000,000 | 1,000,263 | |
Cooperatieve Rabobank UA/NY yankee 6.05% 7/10/24 | 1,300,000 | 1,300,492 | |
Lloyds Bank Corporate Markets PLC yankee: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.690% 6.02% 7/8/24 (c)(d) | 1,300,000 | 1,299,983 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.700% 6.03% 6/7/24 (c)(d) | 1,300,000 | 1,300,129 | |
5.91% 6/17/24 | 1,300,000 | 1,300,179 | |
Royal Bank of Canada yankee U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.650% 5.98% 7/3/24 (c)(d) | 1,300,000 | 1,300,559 | |
Sumitomo Mitsui Banking Corp. yankee: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.700% 6.03% 7/11/24 (c)(d) | 1,300,000 | 1,300,856 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.700% 6.03% 7/26/24 (c)(d) | 1,500,000 | 1,501,342 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.700% 6.03% 8/14/24 (c)(d) | 1,300,000 | 1,301,508 | |
Svenska Handelsbanken, Inc. yankee U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.570% 5.9% 8/29/24 (c)(d) | 1,300,000 | 1,301,606 | |
Toronto-Dominion Bank yankee: | |||
6% 10/17/24 | 1,300,000 | 1,301,626 | |
6.01% 10/3/24 | 1,000,000 | 1,001,149 | |
Wells Fargo Bank NA: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.630% 5.96% 7/18/24 (c)(d) | 1,300,000 | 1,300,949 | |
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.650% 5.98% 7/5/24 (c)(d) | 1,300,000 | 1,300,713 | |
TOTAL CERTIFICATES OF DEPOSIT (Cost $24,100,000) | 24,115,775 | ||
Commercial Paper - 5.0% | |||
Principal Amount (a) | Value ($) | ||
Bank of Montreal U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.390% 5.72% 6/7/24 (c)(d) | 1,000,000 | 1,000,062 | |
Barclays Bank PLC U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.730% 6.06% 6/5/24 (b)(c)(d) | 1,300,000 | 1,300,017 | |
Bayer Corp.: | |||
5.9% 8/15/24 | 1,300,000 | 1,284,424 | |
5.93% 7/9/24 | 1,300,000 | 1,292,035 | |
5.93% 7/24/24 | 1,500,000 | 1,487,252 | |
5.94% 9/10/24 | 1,300,000 | 1,279,079 | |
BPCE SA yankee 5.66% 7/19/24 | 1,300,000 | 1,290,575 | |
HSBC U.S.A., Inc.: | |||
yankee 6.05% 8/14/24 | 1,300,000 | 1,285,104 | |
5.9% 11/21/24 | 1,300,000 | 1,265,555 | |
ING U.S. Funding LLC: | |||
yankee 5.66% 7/26/24 | 1,300,000 | 1,289,123 | |
5.64% 6/18/24 | 1,600,000 | 1,595,728 | |
J.P. Morgan Securities, LLC 5.97% 7/12/24 (c)(d) | 1,300,000 | 1,300,010 | |
Royal Bank of Canada: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.390% 5.72% 6/6/24 (c)(d) | 1,000,000 | 1,000,018 | |
5.66% 10/11/24 | 1,300,000 | 1,274,174 | |
Svenska Handelsbanken AB yankee: | |||
5.61% 9/18/24 | 1,700,000 | 1,672,631 | |
5.65% 10/1/24 | 1,000,000 | 982,081 | |
TOTAL COMMERCIAL PAPER (Cost $20,587,784) | 20,597,868 | ||
Money Market Funds - 13.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) (Cost $55,959,374) | 55,948,185 | 55,959,374 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $412,823,882) | 413,206,381 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 1,588,993 |
NET ASSETS - 100.0% | 414,795,374 |
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 $57,536,429 or 13.9% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 56,137,648 | 187,036,154 | 187,214,338 | 2,166,248 | (90) | - | 55,959,374 | 0.1% |
Total | 56,137,648 | 187,036,154 | 187,214,338 | 2,166,248 | (90) | - | 55,959,374 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
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 Obligations, Bank Notes, Certificates of Deposit and Commercial Paper 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 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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