Quarterly Holdings Report
for
Fidelity® Sustainable Low Duration Bond Fund
May 31, 2024
SLD-NPRT3-0724
1.9904904.102
| Nonconvertible Bonds - 60.4% | |||
Principal Amount (a) | Value ($) | ||
| COMMUNICATION SERVICES - 3.6% | |||
| Diversified Telecommunication Services - 1.0% | |||
| AT&T, Inc. 5.539% 2/20/26 | 60,000 | 59,997 | |
| Verizon Communications, Inc.: | |||
| 0.85% 11/20/25 | 90,000 | 84,344 | |
| 1.45% 3/20/26 | 60,000 | 56,055 | |
| 3.5% 11/1/24 | 80,000 | 79,293 | |
| 279,689 | |||
| Media - 1.3% | |||
| Discovery Communications LLC: | |||
| 3.9% 11/15/24 | 70,000 | 69,346 | |
| 4.9% 3/11/26 | 100,000 | 98,684 | |
| Warnermedia Holdings, Inc.: | |||
| 3.638% 3/15/25 | 121,000 | 118,945 | |
| 3.788% 3/15/25 | 60,000 | 59,011 | |
| 345,986 | |||
| Wireless Telecommunication Services - 1.3% | |||
| Sprint Corp. 7.625% 2/15/25 | 105,000 | 105,829 | |
| T-Mobile U.S.A., Inc.: | |||
| 1.5% 2/15/26 | 80,000 | 74,843 | |
| 2.25% 2/15/26 | 53,000 | 50,179 | |
| 3.5% 4/15/25 | 120,000 | 117,743 | |
| 348,594 | |||
TOTAL COMMUNICATION SERVICES | 974,269 | ||
| CONSUMER DISCRETIONARY - 5.9% | |||
| Automobiles - 4.5% | |||
| American Honda Finance Corp. 4.95% 1/9/26 | 59,000 | 58,700 | |
| General Motors Financial Co., Inc.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.620% 5.9515% 10/15/24 (b)(c) | 75,000 | 75,050 | |
| 1.2% 10/15/24 | 80,000 | 78,687 | |
| 1.25% 1/8/26 | 60,000 | 56,064 | |
| 2.75% 6/20/25 | 60,000 | 58,185 | |
| 3.8% 4/7/25 | 80,000 | 78,694 | |
| 4% 1/15/25 | 80,000 | 79,165 | |
| 4.35% 4/9/25 | 80,000 | 79,074 | |
| 6.05% 10/10/25 | 50,000 | 50,250 | |
| Hyundai Capital America: | |||
| 1.8% 10/15/25 (d) | 53,000 | 50,282 | |
| 2.65% 2/10/25 (d) | 120,000 | 117,388 | |
| 5.5% 3/30/26 (d) | 50,000 | 49,890 | |
| 5.8% 6/26/25 (d) | 75,000 | 75,032 | |
| 5.875% 4/7/25 (d) | 80,000 | 80,023 | |
| 6.25% 11/3/25 (d) | 80,000 | 80,516 | |
| Mercedes-Benz Finance North America LLC 4.9% 1/9/26 (d) | 150,000 | 149,273 | |
| 1,216,273 | |||
| Specialty Retail - 1.4% | |||
| AutoZone, Inc. 3.625% 4/15/25 | 120,000 | 117,962 | |
| Lowe's Companies, Inc.: | |||
| 3.375% 9/15/25 | 70,000 | 68,243 | |
| 4% 4/15/25 | 120,000 | 118,420 | |
| Ross Stores, Inc. 4.6% 4/15/25 | 80,000 | 79,313 | |
| 383,938 | |||
TOTAL CONSUMER DISCRETIONARY | 1,600,211 | ||
| CONSUMER STAPLES - 0.6% | |||
| Consumer Staples Distribution & Retail - 0.4% | |||
| Dollar Tree, Inc. 4% 5/15/25 | 110,000 | 108,427 | |
| Food Products - 0.2% | |||
| Conagra Brands, Inc. 4.6% 11/1/25 | 50,000 | 49,331 | |
TOTAL CONSUMER STAPLES | 157,758 | ||
| ENERGY - 4.7% | |||
| Oil, Gas & Consumable Fuels - 4.7% | |||
| Canadian Natural Resources Ltd.: | |||
| 2.05% 7/15/25 | 110,000 | 105,615 | |
| 3.9% 2/1/25 | 111,000 | 109,647 | |
| Enbridge, Inc.: | |||
| 2.5% 1/15/25 | 136,000 | 133,412 | |
| 2.5% 2/14/25 | 70,000 | 68,462 | |
| Enterprise Products Operating LP 3.75% 2/15/25 | 60,000 | 59,185 | |
| EQT Corp. 6.125% 2/1/25 | 100,000 | 100,007 | |
| MPLX LP: | |||
| 1.75% 3/1/26 | 114,000 | 106,736 | |
| 4% 2/15/25 | 56,000 | 55,294 | |
| 4.875% 12/1/24 | 135,000 | 134,509 | |
| Phillips 66 Co.: | |||
| 1.3% 2/15/26 | 60,000 | 56,037 | |
| 3.605% 2/15/25 | 80,000 | 78,816 | |
| The Williams Companies, Inc.: | |||
| 3.9% 1/15/25 | 84,000 | 83,103 | |
| 4.55% 6/24/24 | 100,000 | 99,910 | |
| Western Midstream Operating LP 3.1% 2/1/25 | 110,000 | 107,780 | |
| 1,298,513 | |||
| FINANCIALS - 28.7% | |||
| Banks - 15.0% | |||
| Bank of America Corp.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.290% 5.08% 1/20/27 (b)(c) | 50,000 | 49,641 | |
| 1.197% 10/24/26 (b) | 80,000 | 75,240 | |
| 1.658% 3/11/27 (b) | 60,000 | 56,088 | |
| 3.093% 10/1/25 (b) | 80,000 | 79,267 | |
| 3.366% 1/23/26 (b) | 110,000 | 108,322 | |
| 3.384% 4/2/26 (b) | 100,000 | 98,040 | |
| Bank of Montreal: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.460% 5.7976% 1/10/25 (b)(c) | 108,000 | 108,120 | |
| 0.949% 1/22/27 (b) | 55,000 | 51,150 | |
| 5.2% 12/12/24 | 130,000 | 129,739 | |
| 5.92% 9/25/25 | 50,000 | 50,279 | |
| Bank of Nova Scotia: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.380% 5.707% 7/31/24 (b)(c) | 50,000 | 50,013 | |
| 5.25% 12/6/24 | 130,000 | 129,719 | |
| 5.45% 6/12/25 | 80,000 | 79,904 | |
| Canadian Imperial Bank of Commerce: | |||
| 2.25% 1/28/25 | 120,000 | 117,409 | |
| 5.144% 4/28/25 | 60,000 | 59,778 | |
| Citigroup, Inc.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.690% 6.0218% 1/25/26 (b)(c) | 40,000 | 40,047 | |
| 3.106% 4/8/26 (b) | 120,000 | 117,360 | |
| JPMorgan Chase & Co.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.530% 5.8846% 6/1/25 (b)(c) | 50,000 | 50,000 | |
| 2.005% 3/13/26 (b) | 80,000 | 77,730 | |
| 2.083% 4/22/26 (b) | 102,000 | 98,796 | |
| 2.301% 10/15/25 (b) | 70,000 | 69,097 | |
| 3.96% 1/29/27 (b) | 80,000 | 78,005 | |
| 5.546% 12/15/25 (b) | 69,000 | 68,918 | |
| Mitsubishi UFJ Financial Group, Inc. 4.788% 7/18/25 (b) | 250,000 | 249,640 | |
| PNC Financial Services Group, Inc.: | |||
| 4.758% 1/26/27 (b) | 100,000 | 98,744 | |
| 5.671% 10/28/25 (b) | 80,000 | 79,985 | |
| 5.812% 6/12/26 (b) | 110,000 | 110,162 | |
| Royal Bank of Canada: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.340% 5.6746% 10/7/24 (b)(c) | 50,000 | 50,033 | |
| U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.360% 5.6872% 7/29/24 (b)(c) | 50,000 | 50,010 | |
| 2.55% 7/16/24 | 430,000 | 428,450 | |
| 5.66% 10/25/24 | 60,000 | 59,984 | |
| The Toronto-Dominion Bank 3.766% 6/6/25 | 120,000 | 117,931 | |
| Truist Financial Corp.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.400% 5.7473% 6/9/25 (b)(c) | 50,000 | 49,998 | |
| 1.267% 3/2/27 (b) | 90,000 | 83,479 | |
| 4.26% 7/28/26 (b) | 101,000 | 99,327 | |
| 5.9% 10/28/26 (b) | 80,000 | 80,194 | |
| U.S. Bancorp: | |||
| 2.4% 7/30/24 | 130,000 | 129,317 | |
| 5.727% 10/21/26 (b) | 110,000 | 110,178 | |
| Wells Fargo & Co.: | |||
| 2.164% 2/11/26 (b) | 80,000 | 78,049 | |
| 2.188% 4/30/26 (b) | 90,000 | 87,167 | |
| 2.406% 10/30/25 (b) | 84,000 | 82,850 | |
| 3.908% 4/25/26 (b) | 120,000 | 118,051 | |
| 4.54% 8/15/26 (b) | 90,000 | 88,927 | |
| 4,095,138 | |||
| Capital Markets - 7.4% | |||
| Bank of New York Mellon Corp.: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.200% 5.5278% 10/25/24 (b)(c) | 150,000 | 149,949 | |
| 1.6% 4/24/25 | 130,000 | 125,632 | |
| 4.414% 7/24/26 (b) | 70,000 | 69,174 | |
| Goldman Sachs Group, Inc.: | |||
| 0.855% 2/12/26 (b) | 53,000 | 51,218 | |
| 1.093% 12/9/26 (b) | 54,000 | 50,407 | |
| 1.431% 3/9/27 (b) | 60,000 | 55,807 | |
| 3.272% 9/29/25 (b) | 84,000 | 83,310 | |
| 5.7% 11/1/24 | 130,000 | 130,001 | |
| 5.798% 8/10/26 (b) | 80,000 | 80,054 | |
| Intercontinental Exchange, Inc. 3.65% 5/23/25 | 84,000 | 82,523 | |
| Moody's Corp. 3.75% 3/24/25 | 120,000 | 118,312 | |
| Morgan Stanley: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.500% 5.8379% 1/22/25 (b)(c) | 475,000 | 475,333 | |
| 0.864% 10/21/25 (b) | 56,000 | 54,923 | |
| 1.164% 10/21/25 (b) | 40,000 | 39,279 | |
| NASDAQ, Inc. 5.65% 6/28/25 | 94,000 | 94,020 | |
| State Street Corp.: | |||
| 2.354% 11/1/25 (b) | 80,000 | 78,871 | |
| 2.901% 3/30/26 (b) | 112,000 | 109,364 | |
| 4.857% 1/26/26 (b) | 80,000 | 79,545 | |
| 5.751% 11/4/26 (b) | 100,000 | 100,357 | |
| 2,028,079 | |||
| Consumer Finance - 3.2% | |||
| Ally Financial, Inc. 5.8% 5/1/25 | 50,000 | 49,966 | |
| American Express Co.: | |||
| 3% 10/30/24 | 130,000 | 128,609 | |
| 4.99% 5/1/26 (b) | 120,000 | 119,208 | |
| 6.338% 10/30/26 (b) | 114,000 | 115,219 | |
| Capital One Financial Corp.: | |||
| 2.636% 3/3/26 (b) | 130,000 | 126,914 | |
| 3.2% 2/5/25 | 80,000 | 78,648 | |
| 3.3% 10/30/24 | 84,000 | 83,157 | |
| 4.25% 4/30/25 | 110,000 | 108,589 | |
| 4.985% 7/24/26 (b) | 60,000 | 59,444 | |
| 869,754 | |||
| Financial Services - 1.2% | |||
| Corebridge Financial, Inc. 3.5% 4/4/25 | 100,000 | 98,159 | |
| PayPal Holdings, Inc. 1.65% 6/1/25 | 80,000 | 77,037 | |
| The Western Union Co.: | |||
| 1.35% 3/15/26 | 55,000 | 50,953 | |
| 2.85% 1/10/25 | 100,000 | 98,176 | |
| 324,325 | |||
| Insurance - 1.9% | |||
| Equitable Financial Life Global Funding: | |||
| 1% 1/9/26 (d) | 120,000 | 111,549 | |
| 1.1% 11/12/24 (d) | 121,000 | 118,466 | |
| 1.4% 7/7/25 (d) | 53,000 | 50,605 | |
| 5.5% 12/2/25 (d) | 120,000 | 119,707 | |
| TIAA Asset Management Finance LLC 4.125% 11/1/24 (d) | 131,000 | 130,040 | |
| 530,367 | |||
TOTAL FINANCIALS | 7,847,663 | ||
| HEALTH CARE - 4.7% | |||
| Biotechnology - 0.7% | |||
| AbbVie, Inc.: | |||
| 3.8% 3/15/25 | 60,000 | 59,191 | |
| 3.85% 6/15/24 | 50,000 | 49,952 | |
| Amgen, Inc. 5.25% 3/2/25 | 75,000 | 74,818 | |
| 183,961 | |||
| Health Care Equipment & Supplies - 0.5% | |||
| Boston Scientific Corp. 1.9% 6/1/25 | 130,000 | 125,498 | |
| Health Care Providers & Services - 2.6% | |||
| Cigna Group: | |||
| 1.25% 3/15/26 | 55,000 | 51,160 | |
| 3.25% 4/15/25 | 80,000 | 78,431 | |
| CVS Health Corp. 4.1% 3/25/25 | 110,000 | 108,596 | |
| HCA Holdings, Inc.: | |||
| 5.25% 4/15/25 | 60,000 | 59,741 | |
| 5.25% 6/15/26 | 100,000 | 99,430 | |
| 5.375% 2/1/25 | 135,000 | 134,541 | |
| 5.875% 2/15/26 | 80,000 | 80,121 | |
| Humana, Inc. 3.85% 10/1/24 | 100,000 | 99,355 | |
| 711,375 | |||
| Life Sciences Tools & Services - 0.3% | |||
| Thermo Fisher Scientific, Inc. 1.215% 10/18/24 | 80,000 | 78,705 | |
| Pharmaceuticals - 0.6% | |||
| Bayer U.S. Finance II LLC 3.375% 7/15/24 (d) | 80,000 | 79,753 | |
| Bristol-Myers Squibb Co. 2.9% 7/26/24 | 100,000 | 99,602 | |
| 179,355 | |||
TOTAL HEALTH CARE | 1,278,894 | ||
| INDUSTRIALS - 2.8% | |||
| Building Products - 0.5% | |||
| Carrier Global Corp.: | |||
| 2.242% 2/15/25 | 85,000 | 82,959 | |
| 5.8% 11/30/25 | 45,000 | 45,203 | |
| 128,162 | |||
| Ground Transportation - 0.3% | |||
| Canadian Pacific Railway Co. 1.35% 12/2/24 | 80,000 | 78,332 | |
| Industrial Conglomerates - 0.3% | |||
| Trane Technologies Financing Ltd. 3.55% 11/1/24 | 97,000 | 96,127 | |
| Machinery - 0.9% | |||
| Caterpillar Financial Services Corp. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.270% 5.616% 9/13/24 (b)(c) | 200,000 | 200,074 | |
| Otis Worldwide Corp. 2.056% 4/5/25 | 60,000 | 58,273 | |
| 258,347 | |||
| Trading Companies & Distributors - 0.8% | |||
| Air Lease Corp.: | |||
| 2.3% 2/1/25 | 60,000 | 58,588 | |
| 2.875% 1/15/26 | 53,000 | 50,660 | |
| 3.25% 3/1/25 | 110,000 | 107,810 | |
| 217,058 | |||
TOTAL INDUSTRIALS | 778,026 | ||
| INFORMATION TECHNOLOGY - 3.1% | |||
| Electronic Equipment, Instruments & Components - 0.6% | |||
| Dell International LLC/EMC Corp.: | |||
| 4% 7/15/24 | 80,000 | 79,837 | |
| 5.85% 7/15/25 | 60,000 | 60,188 | |
| 6.02% 6/15/26 | 36,000 | 36,324 | |
| 176,349 | |||
| Semiconductors & Semiconductor Equipment - 0.9% | |||
| NXP BV/NXP Funding LLC 5.35% 3/1/26 | 121,000 | 120,531 | |
| NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.7% 5/1/25 | 120,000 | 116,753 | |
| 237,284 | |||
| Software - 1.6% | |||
| Oracle Corp.: | |||
| 2.5% 4/1/25 | 170,000 | 165,613 | |
| 2.95% 11/15/24 | 84,000 | 82,969 | |
| Roper Technologies, Inc.: | |||
| 1% 9/15/25 | 60,000 | 56,659 | |
| 2.35% 9/15/24 | 125,000 | 123,848 | |
| 429,089 | |||
TOTAL INFORMATION TECHNOLOGY | 842,722 | ||
| MATERIALS - 1.3% | |||
| Chemicals - 1.3% | |||
| Celanese U.S. Holdings LLC: | |||
| 5.9% 7/5/24 | 60,000 | 59,989 | |
| 6.05% 3/15/25 | 100,000 | 100,080 | |
| Nutrien Ltd.: | |||
| 3% 4/1/25 | 52,000 | 50,888 | |
| 5.9% 11/7/24 | 83,000 | 83,054 | |
| 5.95% 11/7/25 | 50,000 | 50,269 | |
| 344,280 | |||
| REAL ESTATE - 1.3% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
| American Tower Corp.: | |||
| 2.4% 3/15/25 | 80,000 | 77,990 | |
| 2.95% 1/15/25 | 98,000 | 96,291 | |
| 4% 6/1/25 | 101,000 | 99,353 | |
| Crown Castle, Inc. 1.35% 7/15/25 | 90,000 | 85,773 | |
| 359,407 | |||
| UTILITIES - 3.7% | |||
| Electric Utilities - 1.6% | |||
| Edison International: | |||
| 3.55% 11/15/24 | 80,000 | 79,178 | |
| 4.7% 8/15/25 | 50,000 | 49,366 | |
| Eversource Energy 4.2% 6/27/24 | 80,000 | 79,909 | |
| Mississippi Power Co. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.300% 5.6413% 6/28/24 (b)(c) | 105,000 | 105,000 | |
| Pacific Gas & Electric Co. 2.95% 3/1/26 | 50,000 | 47,690 | |
| Tampa Electric Co. 3.875% 7/12/24 | 85,000 | 84,812 | |
| 445,955 | |||
| Gas Utilities - 0.7% | |||
| Southern California Gas Co. 3.15% 9/15/24 | 80,000 | 79,367 | |
| The East Ohio Gas Co. 1.3% 6/15/25 (d) | 111,000 | 105,927 | |
| 185,294 | |||
| Independent Power and Renewable Electricity Producers - 0.3% | |||
| The AES Corp. 3.3% 7/15/25 (d) | 80,000 | 77,701 | |
| Multi-Utilities - 1.1% | |||
| Dominion Energy, Inc. 3.9% 10/1/25 | 80,000 | 78,255 | |
| NiSource, Inc. 0.95% 8/15/25 | 90,000 | 85,169 | |
| Puget Energy, Inc. 3.65% 5/15/25 | 136,000 | 133,270 | |
| 296,694 | |||
TOTAL UTILITIES | 1,005,644 | ||
| TOTAL NONCONVERTIBLE BONDS (Cost $16,463,216) | 16,487,387 | ||
| U.S. Treasury Obligations - 24.6% | |||
Principal Amount (a) | Value ($) | ||
| U.S. Treasury Bills, yield at date of purchase 5.18% to 5.33% 6/13/24 to 11/29/24 | 3,256,700 | 3,220,292 | |
| U.S. Treasury Notes 3% 6/30/24 | 3,500,000 | 3,493,728 | |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,714,022) | 6,714,020 | ||
| Asset-Backed Securities - 11.1% | |||
Principal Amount (a) | Value ($) | ||
| Ally Auto Receivables Trust Series 2024-1 Class A2, 5.32% 1/15/27 | 80,000 | 79,842 | |
| BMW Vehicle Lease Trust: | |||
| Series 2023-2 Class A2, 5.95% 8/25/25 | 50,132 | 50,179 | |
| Series 2024-1 Class A2A, 5.1% 7/27/26 | 57,000 | 56,799 | |
| BMW Vehicle Owner Trust Series 2023-A Class A2A, 5.72% 4/27/26 | 68,263 | 68,288 | |
| Bofa Auto Trust 2024-1 Series 2024-1A Class A2, 5.57% 12/15/26 (d) | 43,000 | 42,977 | |
| Capital One Prime Auto Receiva Series 2023-2 Class A2A, 5.91% 10/15/26 | 105,261 | 105,437 | |
| Capital One Prime Auto Receivables Series 2023-1 Class A2, 5.2% 5/15/26 | 20,434 | 20,400 | |
| CarMax Auto Owner Trust: | |||
| Series 2021-1 Class A3, 0.34% 12/15/25 | 1,091 | 1,082 | |
| Series 2023 2 Class A2A, 5.5% 6/15/26 | 27,032 | 27,012 | |
| Carmax Auto Owner Trust Series 2024-1 Class A2A, 5.3% 3/15/27 | 68,000 | 67,833 | |
| Carmax Auto Owner Trust 2023-4 Series 2023-4 Class A2A, 6.08% 12/15/26 | 51,829 | 51,934 | |
| Carmax Owner Trust Series 2023-1 Class A2A, 5.23% 1/15/26 | 9,637 | 9,631 | |
| Chase Auto Owner Trust Series 2024-1A Class A2, 5.48% 4/26/27 (d) | 57,000 | 56,938 | |
| Citibank Credit Card Issuance Trust Series 2023-A1 Class A1, 5.23% 12/8/27 | 100,000 | 99,742 | |
| Citizens Auto Receivables Trust: | |||
| Series 2024-1 Class A2A, 5.43% 10/15/26 (d) | 72,000 | 71,887 | |
| Series 2024-2 Class A2A, 5.54% 11/16/26 (d) | 64,000 | 63,955 | |
| Dell Equipment Finance Trust 2: | |||
| Series 2023-3 Class A2, 6.1% 4/23/29 (d) | 99,828 | 99,967 | |
| Series 2024-1 Class A2, 5.58% 3/22/30 (d) | 100,000 | 100,051 | |
| Dllaa 2023-1A Series 2023-1A Class A2, 5.93% 7/20/26 (d) | 4,770 | 4,775 | |
| DLLAD: | |||
| Series 2023-1A Class A2, 5.19% 4/20/26 (d) | 27,755 | 27,688 | |
| Series 2024-1A Class A2, 5.5% 8/20/27 (d) | 28,000 | 27,985 | |
| Ford Credit Auto Lease Trust Series 2024-A Class A2A, 5.24% 7/15/26 | 48,000 | 47,897 | |
| Ford Credit Auto Owner Trust Series 2023-B Class A2A, 5.57% 6/15/26 | 49,392 | 49,374 | |
| Ford Credit Floorplan Master Owner Trust Series 2019-4 Class A, 2.44% 9/15/26 | 100,000 | 99,075 | |
| Fordl 2023-A Series 2023-A Class A2A, 5.19% 6/15/25 | 386 | 386 | |
| GM Financial Automobile Leasing Trust: | |||
| Series 2023-A Class A2A, 5.27% 6/20/25 | 8,738 | 8,734 | |
| Series 2024-2 Class A2A, 5.43% 9/21/26 | 70,000 | 70,031 | |
| Gm Financial Consumer Automobi Series 2024-2 Class A2A, 5.33% 3/16/27 | 60,000 | 59,884 | |
| GM Financial Consumer Automobile Series 2024-1 Class ASB, 5.12% 2/16/27 | 59,000 | 58,821 | |
| Gm Financial Consumer Automobile Re Series 2023-1 Class A2A, 5.19% 3/16/26 | 9,709 | 9,696 | |
| GM Financial Consumer Automobile Receivables Series 2023 2 Class A2A, 5.1% 5/18/26 | 30,474 | 30,418 | |
| GM Financial Consumer Automobile Receivables Trust: | |||
| Series 2022-3 Class A2A, 3.5% 9/16/25 | 429 | 429 | |
| Series 2022-4 Class A2A, 4.6% 11/17/25 | 4,076 | 4,072 | |
| Gm Financial Leasing Trust 202 Series 2023-3 Class A2A, 5.58% 1/20/26 | 51,092 | 51,074 | |
| Honda Auto Receivables 2024-2 Series 2024-2 Class A2, 5.48% 11/18/26 | 66,000 | 65,973 | |
| Hyundai Auto Lease Securitizat Series 2024-B Class A2A, 5.51% 10/15/26 (d) | 100,000 | 99,867 | |
| Hyundai Auto Receivables Trust: | |||
| Series 2022-C, Class A2A, 5.35% 11/17/25 | 13,128 | 13,123 | |
| Series 2023-B Class A2A, 5.77% 5/15/26 | 36,372 | 36,392 | |
| Series 2024-A Class A2A, 5.29% 4/15/27 | 63,000 | 62,875 | |
| John Deere Owner Trust Series 2024-A Class A2A, 5.19% 2/16/27 | 100,000 | 99,726 | |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A2A, 5.44% 2/16/27 | 80,000 | 79,928 | |
| Mercedes-Benz Auto Receivables: | |||
| Series 2023-1 Class A2, 5.09% 1/15/26 | 7,870 | 7,864 | |
| Series 2023-2 Class A2, 5.92% 11/16/26 | 43,711 | 43,763 | |
| Series 2024-1 Class A2A, 5.06% 5/17/27 | 71,000 | 70,722 | |
| Nissan Auto Receivables 2023-B Series 2023-B Class A2A, 5.95% 5/15/26 | 75,000 | 75,146 | |
| Sbna Auto Lease Trust Series 2024-B Class A2, 5.67% 11/20/26 (d) | 49,000 | 49,018 | |
| Sfs Auto Receivables Securitization Trust: | |||
| Series 2024-1A Class A2, 5.35% 6/21/27 (d) | 27,515 | 27,453 | |
| Series 2024-2A Class A2, 5.71% 10/20/27 (d) | 69,000 | 69,027 | |
| Tesla Series 2024-A Class A2A, 5.37% 6/22/26 (d) | 5,000 | 4,988 | |
| Tesla Auto Lease Trust 2023-B Series 2023-B Class A2, 6.02% 9/22/25 (d) | 17,059 | 17,080 | |
| Tesla Auto Lease Trust 23-A Series 2023-A Class A2, 5.86% 8/20/25 (d) | 38,469 | 38,488 | |
| Tesla Electric Vehicle Trust 2023-1 Series 2023-1 Class A2A, 5.54% 12/21/26 (d) | 80,000 | 79,951 | |
| Toyota Auto Receivables Series 2022-D Class A2A, 5.27% 1/15/26 | 21,562 | 21,544 | |
| Toyota Auto Receivables 2023-D Series 2023-D Class A2A, 5.8% 11/16/26 | 44,085 | 44,130 | |
| Toyota Auto Receivables Owner Trust: | |||
| Series 2023-A Class A2, 5.05% 1/15/26 | 19,321 | 19,296 | |
| Series 2023-C Class A2A, 5.6% 8/17/26 | 46,433 | 46,426 | |
| Toyota Lease Owner Trust Series 2024-A Class A2A, 5.33% 7/20/26 (d) | 102,000 | 101,799 | |
| Usaa Auto Owner Trust 2023-A Series 2023-A Class A2, 5.83% 7/15/26 (d) | 33,871 | 33,888 | |
| Volkswagen Auto Loan Enhanced Series 2023-1 Class A2A, 5.5% 12/21/26 | 68,166 | 68,096 | |
| World Omni Auto Receivables Trust: | |||
| Series 2023-C Class A2A, 5.57% 12/15/26 | 39,432 | 39,425 | |
| Series 2023-D Class A2A, 5.91% 2/16/27 | 31,598 | 31,649 | |
| Series 2024-B Class A2A, 5.48% 9/15/27 | 59,000 | 58,975 | |
| TOTAL ASSET-BACKED SECURITIES (Cost $3,031,193) | 3,030,905 | ||
| Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
| Morgan Stanley BAML Trust Series 2015-C21 Class ASB, 3.15% 3/15/48 | 96,514 | 95,647 | |
| Wells Fargo Commercial Mortgage Trust sequential payer Series 2016-C32 Class ASB, 3.324% 1/15/59 | 21,033 | 20,704 | |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $115,917) | 116,351 | ||
| Bank Notes - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Citibank NA 5.438% 4/30/26 (Cost $250,000) | 250,000 | 250,513 | |
| Money Market Funds - 1.9% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) (Cost $525,138) | 525,033 | 525,138 | |
| TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $27,099,486) | 27,124,314 |
NET OTHER ASSETS (LIABILITIES) - 0.7% | 186,675 |
| NET ASSETS - 100.0% | 27,310,989 |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (d) | 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 $2,413,934 or 8.8% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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% | 269,424 | 22,990,868 | 22,735,147 | 29,081 | (7) | - | 525,138 | 0.0% |
| Total | 269,424 | 22,990,868 | 22,735,147 | 29,081 | (7) | - | 525,138 | |
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 and Bank Notes 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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