NPORT-EX 2 QTLY_6525_20240531.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® SAI Sustainable Low Duration Income Fund
May 31, 2024
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
SLO-NPRT3-0724
1.9904918.102
Nonconvertible Bonds - 62.6%
 
  
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 4.4%
 
  
  
Diversified Telecommunication Services - 1.3%
  
  
  
AT&T, Inc.:
  
  
  
 1.7% 3/25/26
 
104,000
97,358
 5.539% 2/20/26
 
20,000
19,999
Verizon Communications, Inc.:
  
  
  
 0.85% 11/20/25
 
64,000
59,978
 3.376% 2/15/25
 
41,000
40,368
 3.5% 11/1/24
 
97,000
96,142
 
  
  
313,845
Media - 1.4%
  
  
  
Discovery Communications LLC:
  
  
  
 3.9% 11/15/24
 
120,000
118,880
 4.9% 3/11/26
 
50,000
49,342
Warnermedia Holdings, Inc.:
  
  
  
 3.638% 3/15/25
 
102,000
100,268
 3.788% 3/15/25
 
90,000
88,516
 
  
  
357,006
Wireless Telecommunication Services - 1.7%
  
  
  
Rogers Communications, Inc. 3.625% 12/15/25
 
90,000
87,304
Sprint Corp.:
  
  
  
 7.625% 2/15/25
 
90,000
90,711
 7.625% 3/1/26
 
25,000
25,662
T-Mobile U.S.A., Inc.:
  
  
  
 2.25% 2/15/26
 
120,000
113,613
 3.5% 4/15/25
 
104,000
102,044
 
  
  
419,334
TOTAL COMMUNICATION SERVICES
  
  
1,090,185
CONSUMER DISCRETIONARY - 5.2%
 
  
  
Automobiles - 3.8%
  
  
  
American Honda Finance Corp.:
  
  
  
 2.15% 9/10/24
 
38,000
37,642
 4.95% 1/9/26
 
28,000
27,858
General Motors Financial Co., Inc.:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.620% 5.9515% 10/15/24 (b)(c)
  
25,000
25,017
 1.2% 10/15/24
 
43,000
42,294
 2.75% 6/20/25
 
100,000
96,975
 3.8% 4/7/25
 
50,000
49,184
 4% 1/15/25
 
93,000
92,029
 4.3% 7/13/25
 
60,000
59,109
 4.35% 4/9/25
 
30,000
29,653
 6.05% 10/10/25
 
70,000
70,351
Hyundai Capital America:
  
  
  
 1.8% 10/15/25 (d)
  
50,000
47,436
 2.65% 2/10/25 (d)
  
104,000
101,736
 5.8% 6/26/25 (d)
  
55,000
55,023
 5.875% 4/7/25 (d)
  
40,000
40,012
 6% 7/11/25 (d)
  
90,000
90,255
 6.25% 11/3/25 (d)
  
90,000
90,580
 
  
  
955,154
Leisure Products - 0.3%
  
  
  
Mattel, Inc. 3.375% 4/1/26 (d)
  
70,000
66,977
Specialty Retail - 1.1%
  
  
  
AutoZone, Inc.:
  
  
  
 3.25% 4/15/25
 
102,000
99,957
 3.625% 4/15/25
 
41,000
40,304
Lowe's Companies, Inc.:
  
  
  
 3.375% 9/15/25
 
30,000
29,247
 4% 4/15/25
 
60,000
59,210
Ross Stores, Inc. 4.6% 4/15/25
 
40,000
39,656
 
  
  
268,374
TOTAL CONSUMER DISCRETIONARY
  
  
1,290,505
CONSUMER STAPLES - 1.8%
 
  
  
Beverages - 0.1%
  
  
  
Constellation Brands, Inc. 4.75% 11/15/24
 
20,000
19,908
Consumer Staples Distribution & Retail - 1.2%
  
  
  
7-Eleven, Inc. 0.95% 2/10/26 (d)
  
70,000
64,920
Dollar Tree, Inc. 4% 5/15/25
 
100,000
98,570
Sysco Corp. 3.75% 10/1/25
 
130,000
126,984
 
  
  
290,474
Food Products - 0.5%
  
  
  
Conagra Brands, Inc. 4.6% 11/1/25
 
100,000
98,663
Mondelez International, Inc. 1.5% 5/4/25
 
30,000
28,910
 
  
  
127,573
TOTAL CONSUMER STAPLES
  
  
437,955
ENERGY - 5.5%
 
  
  
Oil, Gas & Consumable Fuels - 5.5%
  
  
  
Canadian Natural Resources Ltd.:
  
  
  
 2.05% 7/15/25
 
120,000
115,217
 3.9% 2/1/25
 
83,000
81,988
DCP Midstream Operating LP 5.375% 7/15/25
 
70,000
69,679
Enbridge, Inc.:
  
  
  
 2.5% 1/15/25
 
120,000
117,717
 2.5% 2/14/25
 
30,000
29,341
Enterprise Products Operating LP 3.75% 2/15/25
 
50,000
49,321
EQT Corp. 6.125% 2/1/25
 
110,000
110,008
MPLX LP:
  
  
  
 1.75% 3/1/26
 
50,000
46,814
 4% 2/15/25
 
120,000
118,488
 4.875% 12/1/24
 
102,000
101,629
 4.875% 6/1/25
 
100,000
99,197
Phillips 66 Co. 3.605% 2/15/25
 
40,000
39,408
Spectra Energy Partners LP 3.5% 3/15/25
 
80,000
78,635
The Williams Companies, Inc.:
  
  
  
 3.9% 1/15/25
 
120,000
118,719
 4.55% 6/24/24
 
35,000
34,968
Transcontinental Gas Pipe Line Co. LLC 7.85% 2/1/26
 
50,000
51,504
Western Midstream Operating LP 3.1% 2/1/25
 
110,000
107,780
 
  
  
1,370,413
FINANCIALS - 28.2%
 
  
  
Banks - 14.8%
  
  
  
Bank of America Corp.:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.650% 1.53% 12/6/25 (b)(c)
  
50,000
48,924
 1.197% 10/24/26 (b)
  
74,000
69,597
 1.319% 6/19/26 (b)
  
59,000
56,347
 2.015% 2/13/26 (b)
  
30,000
29,220
 2.456% 10/22/25 (b)
  
25,000
24,677
 3.093% 10/1/25 (b)
  
40,000
39,633
 3.366% 1/23/26 (b)
  
60,000
59,085
 3.384% 4/2/26 (b)
  
85,000
83,334
 4.827% 7/22/26 (b)
  
70,000
69,308
Bank of Montreal:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Averages Index + 0.460% 5.7976% 1/10/25 (b)(c)
  
50,000
50,056
 0.949% 1/22/27 (b)
  
50,000
46,500
 1.5% 1/10/25
 
20,000
19,517
 3.7% 6/7/25
 
50,000
49,085
 5.2% 12/12/24
 
57,000
56,885
 5.92% 9/25/25
 
30,000
30,168
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
 1.3% 6/11/25
 
33,000
31,605
 3.45% 4/11/25
 
30,000
29,466
 5.25% 12/6/24
 
112,000
111,758
 5.45% 6/12/25
 
30,000
29,964
Canadian Imperial Bank of Commerce:
  
  
  
 2.25% 1/28/25
 
41,000
40,115
 5.144% 4/28/25
 
50,000
49,815
Citigroup, Inc.:
  
  
  
 1.281% 11/3/25 (b)
  
94,000
92,214
 2.014% 1/25/26 (b)
  
114,000
111,233
 3.106% 4/8/26 (b)
  
111,000
108,558
 3.29% 3/17/26 (b)
  
112,000
109,824
JPMorgan Chase & Co.:
  
  
  
 2.005% 3/13/26 (b)
  
115,000
111,737
 2.083% 4/22/26 (b)
  
113,000
109,450
 2.301% 10/15/25 (b)
  
112,000
110,555
 4.08% 4/26/26 (b)
  
94,000
92,628
 5.546% 12/15/25 (b)
  
103,000
102,877
PNC Financial Services Group, Inc.:
  
  
  
 2.2% 11/1/24
 
30,000
29,575
 4.758% 1/26/27 (b)
  
62,000
61,222
 5.671% 10/28/25 (b)
  
116,000
115,978
 5.812% 6/12/26 (b)
  
79,000
79,116
Regions Financial Corp. 2.25% 5/18/25
 
90,000
87,045
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
 
25,000
24,910
 5.66% 10/25/24
 
40,000
39,989
The Toronto-Dominion Bank:
  
  
  
 2.65% 6/12/24
 
55,000
54,959
 3.766% 6/6/25
 
42,000
41,276
Truist Financial Corp.:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.400% 5.7473% 6/9/25 (b)(c)
  
25,000
24,999
 1.267% 3/2/27 (b)
  
34,000
31,537
 2.5% 8/1/24
 
20,000
19,894
 2.85% 10/26/24
 
21,000
20,760
 4% 5/1/25
 
40,000
39,408
 4.26% 7/28/26 (b)
  
100,000
98,344
 5.9% 10/28/26 (b)
  
116,000
116,282
U.S. Bancorp:
  
  
  
 1.45% 5/12/25
 
22,000
21,188
 2.4% 7/30/24
 
38,000
37,800
 5.727% 10/21/26 (b)
  
79,000
79,128
Wells Fargo & Co.:
  
  
  
 2.164% 2/11/26 (b)
  
100,000
97,562
 2.188% 4/30/26 (b)
  
121,000
117,191
 2.406% 10/30/25 (b)
  
114,000
112,439
 3.908% 4/25/26 (b)
  
111,000
109,198
 4.54% 8/15/26 (b)
  
77,000
76,082
 
  
  
3,660,073
Capital Markets - 6.6%
  
  
  
Bank of New York Mellon Corp.:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.200% 5.5278% 10/25/24 (b)(c)
  
50,000
49,983
 1.6% 4/24/25
 
43,000
41,555
 4.414% 7/24/26 (b)
  
80,000
79,056
Goldman Sachs Group, Inc.:
  
  
  
 0.855% 2/12/26 (b)
  
114,000
110,167
 1.093% 12/9/26 (b)
  
84,000
78,411
 3.272% 9/29/25 (b)
  
93,000
92,236
 3.5% 1/23/25
 
40,000
39,454
 3.5% 4/1/25
 
30,000
29,479
 5.7% 11/1/24
 
36,000
36,000
 5.798% 8/10/26 (b)
  
96,000
96,065
Intercontinental Exchange, Inc. 3.65% 5/23/25
 
76,000
74,664
Moody's Corp. 3.75% 3/24/25
 
41,000
40,423
Morgan Stanley:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.500% 5.8379% 1/22/25 (b)(c)
  
150,000
150,105
 0.864% 10/21/25 (b)
  
110,000
107,885
 0.985% 12/10/26 (b)
  
52,000
48,463
 1.164% 10/21/25 (b)
  
40,000
39,279
 2.188% 4/28/26 (b)
  
116,000
112,386
 4.679% 7/17/26 (b)
  
30,000
29,665
NASDAQ, Inc. 5.65% 6/28/25
 
79,000
79,017
State Street Corp.:
  
  
  
 2.354% 11/1/25 (b)
  
103,000
101,546
 2.901% 3/30/26 (b)
  
113,000
110,340
 4.857% 1/26/26 (b)
  
42,000
41,761
 5.751% 11/4/26 (b)
  
50,000
50,178
 
  
  
1,638,118
Consumer Finance - 3.0%
  
  
  
Ally Financial, Inc. 5.8% 5/1/25
 
115,000
114,922
American Express Co.:
  
  
  
 3% 10/30/24
 
38,000
37,593
 4.99% 5/1/26 (b)
  
111,000
110,268
 6.338% 10/30/26 (b)
  
75,000
75,802
Capital One Financial Corp.:
  
  
  
 2.636% 3/3/26 (b)
  
113,000
110,318
 3.2% 2/5/25
 
40,000
39,324
 3.3% 10/30/24
 
75,000
74,247
 4.25% 4/30/25
 
70,000
69,102
 4.985% 7/24/26 (b)
  
100,000
99,074
Toyota Motor Credit Corp. 0.5% 6/18/24
 
20,000
19,958
 
  
  
750,608
Financial Services - 1.6%
  
  
  
Corebridge Financial, Inc. 3.5% 4/4/25
 
105,000
103,067
Corebridge Global Funding 0.9% 9/22/25 (d)
  
100,000
94,037
PayPal Holdings, Inc.:
  
  
  
 1.65% 6/1/25
 
30,000
28,889
 2.4% 10/1/24
 
20,000
19,789
The Western Union Co.:
  
  
  
 1.35% 3/15/26
 
34,000
31,498
 2.85% 1/10/25
 
110,000
107,994
 
  
  
385,274
Insurance - 2.2%
  
  
  
Equitable Financial Life Global Funding:
  
  
  
 0.8% 8/12/24 (d)
  
36,000
35,642
 1% 1/9/26 (d)
  
120,000
111,549
 1.1% 11/12/24 (d)
  
76,000
74,408
 1.4% 7/7/25 (d)
  
121,000
115,533
 5.5% 12/2/25 (d)
  
101,000
100,753
Marsh & McLennan Companies, Inc. 3.5% 3/10/25
 
21,000
20,686
TIAA Asset Management Finance LLC 4.125% 11/1/24 (d)
  
80,000
79,414
 
  
  
537,985
TOTAL FINANCIALS
  
  
6,972,058
HEALTH CARE - 4.5%
 
  
  
Biotechnology - 0.7%
  
  
  
AbbVie, Inc.:
  
  
  
 2.6% 11/21/24
 
20,000
19,720
 3.6% 5/14/25
 
21,000
20,635
 3.8% 3/15/25
 
20,000
19,730
 3.85% 6/15/24
 
25,000
24,976
Amgen, Inc.:
  
  
  
 3.125% 5/1/25
 
50,000
48,919
 5.25% 3/2/25
 
40,000
39,903
 
  
  
173,883
Health Care Equipment & Supplies - 0.2%
  
  
  
Boston Scientific Corp. 1.9% 6/1/25
 
41,000
39,580
Health Care Providers & Services - 3.2%
  
  
  
Cigna Group:
  
  
  
 1.25% 3/15/26
 
120,000
111,623
 3.25% 4/15/25
 
60,000
58,824
CVS Health Corp.:
  
  
  
 2.625% 8/15/24
 
58,000
57,620
 4.1% 3/25/25
 
90,000
88,852
HCA Holdings, Inc.:
  
  
  
 5.25% 4/15/25
 
80,000
79,655
 5.25% 6/15/26
 
60,000
59,658
 5.375% 2/1/25
 
120,000
119,592
 5.875% 2/15/26
 
100,000
100,151
Humana, Inc. 3.85% 10/1/24
 
110,000
109,291
 
  
  
785,266
Life Sciences Tools & Services - 0.1%
  
  
  
Thermo Fisher Scientific, Inc. 1.215% 10/18/24
 
40,000
39,353
Pharmaceuticals - 0.3%
  
  
  
Bayer U.S. Finance II LLC 3.375% 7/15/24 (d)
  
42,000
41,870
Bristol-Myers Squibb Co. 2.9% 7/26/24
 
35,000
34,861
 
  
  
76,731
TOTAL HEALTH CARE
  
  
1,114,813
INDUSTRIALS - 3.1%
 
  
  
Building Products - 0.7%
  
  
  
Carrier Global Corp.:
  
  
  
 2.242% 2/15/25
 
83,000
81,007
 5.8% 11/30/25
 
87,000
87,393
 
  
  
168,400
Commercial Services & Supplies - 0.3%
  
  
  
Republic Services, Inc.:
  
  
  
 0.875% 11/15/25
 
40,000
37,486
 3.2% 3/15/25
 
30,000
29,477
 
  
  
66,963
Ground Transportation - 0.2%
  
  
  
Canadian Pacific Railway Co. 1.35% 12/2/24
 
50,000
48,957
Industrial Conglomerates - 0.3%
  
  
  
Trane Technologies Financing Ltd. 3.55% 11/1/24
 
88,000
87,208
Machinery - 0.5%
  
  
  
Caterpillar Financial Services Corp. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.270% 5.616% 9/13/24 (b)(c)
  
75,000
75,028
Otis Worldwide Corp. 2.056% 4/5/25
 
51,000
49,532
 
  
  
124,560
Trading Companies & Distributors - 1.1%
  
  
  
Air Lease Corp.:
  
  
  
 2.3% 2/1/25
 
111,000
108,388
 2.875% 1/15/26
 
50,000
47,792
 3.25% 3/1/25
 
110,000
107,810
 
  
  
263,990
TOTAL INDUSTRIALS
  
  
760,078
INFORMATION TECHNOLOGY - 3.2%
 
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
Dell International LLC/EMC Corp.:
  
  
  
 4% 7/15/24
 
22,000
21,955
 5.85% 7/15/25
 
50,000
50,157
 6.02% 6/15/26
 
72,000
72,649
 
  
  
144,761
Semiconductors & Semiconductor Equipment - 1.2%
  
  
  
Marvell Technology, Inc. 1.65% 4/15/26
 
60,000
55,967
Micron Technology, Inc. 4.975% 2/6/26
 
70,000
69,424
NXP BV/NXP Funding LLC 5.35% 3/1/26
 
61,000
60,763
NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.7% 5/1/25
 
122,000
118,699
 
  
  
304,853
Software - 1.4%
  
  
  
Oracle Corp.:
  
  
  
 1.65% 3/25/26
 
50,000
46,778
 2.5% 4/1/25
 
40,000
38,968
 2.95% 11/15/24
 
88,000
86,920
 2.95% 5/15/25
 
63,000
61,418
Roper Technologies, Inc.:
  
  
  
 1% 9/15/25
 
70,000
66,103
 2.35% 9/15/24
 
45,000
44,585
 
  
  
344,772
TOTAL INFORMATION TECHNOLOGY
  
  
794,386
MATERIALS - 1.7%
 
  
  
Chemicals - 1.7%
  
  
  
Celanese U.S. Holdings LLC:
  
  
  
 5.9% 7/5/24
 
20,000
19,996
 6.05% 3/15/25
 
79,000
79,063
International Flavors & Fragrances, Inc. 1.23% 10/1/25 (d)
  
90,000
84,766
Nutrien Ltd.:
  
  
  
 3% 4/1/25
 
84,000
82,203
 5.9% 11/7/24
 
74,000
74,048
 5.95% 11/7/25
 
70,000
70,377
 
  
  
410,453
REAL ESTATE - 1.4%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 1.4%
  
  
  
American Tower Corp.:
  
  
  
 1.3% 9/15/25
 
70,000
66,294
 2.4% 3/15/25
 
90,000
87,739
 2.95% 1/15/25
 
120,000
117,908
 4% 6/1/25
 
48,000
47,217
Crown Castle, Inc. 1.35% 7/15/25
 
30,000
28,591
 
  
  
347,749
UTILITIES - 3.6%
 
  
  
Electric Utilities - 1.1%
  
  
  
Edison International:
  
  
  
 3.55% 11/15/24
 
40,000
39,589
 4.7% 8/15/25
 
30,000
29,620
Eversource Energy:
  
  
  
 2.9% 10/1/24
 
50,000
49,491
 4.2% 6/27/24
 
20,000
19,977
Exelon Corp. 3.95% 6/15/25
 
70,000
68,802
Mississippi Power Co. U.S. Secured Overnight Fin. Rate (SOFR) Index + 0.300% 5.6413% 6/28/24 (b)(c)
  
50,000
50,000
Tampa Electric Co. 3.875% 7/12/24
 
7,000
6,985
 
  
  
264,464
Gas Utilities - 0.4%
  
  
  
The East Ohio Gas Co. 1.3% 6/15/25 (d)
  
104,000
99,247
Independent Power and Renewable Electricity Producers - 0.4%
  
  
  
The AES Corp. 3.3% 7/15/25 (d)
  
100,000
97,127
Multi-Utilities - 1.7%
  
  
  
Dominion Energy, Inc.:
  
  
  
 3.3% 3/15/25
 
50,000
49,002
 3.9% 10/1/25
 
110,000
107,600
NiSource, Inc. 0.95% 8/15/25
 
85,000
80,437
Puget Energy, Inc. 3.65% 5/15/25
 
110,000
107,792
Sempra 3.3% 4/1/25
 
20,000
19,603
WEC Energy Group, Inc. 5% 9/27/25
 
70,000
69,524
 
  
  
433,958
TOTAL UTILITIES
  
  
894,796
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $15,478,219)
  
  
  
15,483,391
 
  
  
  
U.S. Treasury Obligations - 28.3%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.06% to 5.33% 6/13/24 to 9/5/24
 
5,952,300
5,904,194
U.S. Treasury Notes 3% 6/30/24
 
1,100,000
1,098,028
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $7,001,141)
  
  
7,002,222
 
  
  
  
Asset-Backed Securities - 6.6%
 
  
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
 
16,711
16,726
 Series 2024-1 Class A2A, 5.1% 7/27/26
 
32,000
31,887
BMW Vehicle Owner Trust Series 2023-A Class A2A, 5.72% 4/27/26
 
27,305
27,315
Bofa Auto Trust 2024-1 Series 2024-1A Class A2, 5.57% 12/15/26 (d)
  
39,000
38,980
Capital One Prime Auto Receiva Series 2023-2 Class A2A, 5.91% 10/15/26
 
35,087
35,146
Capital One Prime Auto Receivables Series 2023-1 Class A2, 5.2% 5/15/26
 
8,174
8,160
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
 
5,406
5,402
Carmax Auto Owner Trust:
  
  
  
 Series 2024-1 Class A2A, 5.3% 3/15/27
 
33,000
32,919
 Series 2024-2 Class A2A, 5.65% 5/17/27
 
57,000
57,020
Carmax Auto Owner Trust 2023-4 Series 2023-4 Class A2A, 6.08% 12/15/26
 
17,585
17,621
Chase Auto Owner Trust Series 2024-1A Class A2, 5.48% 4/26/27 (d)
  
50,000
49,945
Citizens Auto Receivables Trust:
  
  
  
 Series 2024-1 Class A2A, 5.43% 10/15/26 (d)
  
34,000
33,947
 Series 2024-2 Class A2A, 5.54% 11/16/26 (d)
  
43,000
42,970
Daimler Trucks Retail Trust 20 Series 2024-1 Class A2, 5.6% 4/15/26
 
100,000
99,953
Dllaa 2023-1A Series 2023-1A Class A2, 5.93% 7/20/26 (d)
  
1,590
1,592
DLLAD:
  
  
  
 Series 2023-1A Class A2, 5.19% 4/20/26 (d)
  
7,517
7,499
 Series 2024-1A Class A2, 5.5% 8/20/27 (d)
  
25,000
24,986
Ford Credit Auto Lease Trust Series 2024-A Class A2A, 5.24% 7/15/26
 
23,000
22,951
Ford Credit Auto Owner Trust Series 2023-B Class A2A, 5.57% 6/15/26
 
17,640
17,634
Ford Credit Floorplan Master Owner Trust Series 2019-4 Class A, 2.44% 9/15/26
 
30,000
29,722
Fordl 2023-A Series 2023-A Class A2A, 5.19% 6/15/25
 
104
104
GM Financial Automobile Leasing Trust:
  
  
  
 Series 2023-A Class A2A, 5.27% 6/20/25
 
2,496
2,495
 Series 2024-2 Class A2A, 5.43% 9/21/26
 
63,000
63,028
Gm Financial Consumer Automobi Series 2024-2 Class A2A, 5.33% 3/16/27
 
41,000
40,921
GM Financial Consumer Automobile Series 2024-1 Class ASB, 5.12% 2/16/27
 
28,000
27,915
Gm Financial Consumer Automobile Re Series 2023-1 Class A2A, 5.19% 3/16/26
 
2,719
2,715
GM Financial Consumer Automobile Receivables Series 2023 2 Class A2A, 5.1% 5/18/26
 
8,356
8,341
GM Financial Consumer Automobile Receivables Trust:
  
  
  
 Series 2022-3 Class A2A, 3.5% 9/16/25
 
395
395
 Series 2022-4 Class A2A, 4.6% 11/17/25
 
1,468
1,466
Gm Financial Leasing Trust 202 Series 2023-3 Class A2A, 5.58% 1/20/26
 
14,598
14,593
Honda Auto Receivables 2024-2 Series 2024-2 Class A2, 5.48% 11/18/26
 
60,000
59,975
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
 
3,751
3,749
 Series 2023-B Class A2A, 5.77% 5/15/26
 
12,367
12,373
 Series 2024-A Class A2A, 5.29% 4/15/27
 
40,000
39,920
John Deere Owner Trust Series 2024-A Class A2A, 5.19% 2/16/27
 
60,000
59,836
Mercedes-Benz Auto Lease Trust Series 2024-A Class A2A, 5.44% 2/16/27
 
76,000
75,932
Mercedes-Benz Auto Receivables:
  
  
  
 Series 2023-1 Class A2, 5.09% 1/15/26
 
2,213
2,212
 Series 2023-2 Class A2, 5.92% 11/16/26
 
14,880
14,898
 Series 2024-1 Class A2A, 5.06% 5/17/27
 
35,000
34,863
Nissan Auto Receivables 2023-B Series 2023-B Class A2A, 5.95% 5/15/26
 
20,000
20,039
Sbna Auto Lease Trust Series 2024-B Class A2, 5.67% 11/20/26 (d)
  
45,000
45,016
Sfs Auto Receivables Securitization Trust:
  
  
  
 Series 2024-1A Class A2, 5.35% 6/21/27 (d)
  
13,283
13,253
 Series 2024-2A Class A2, 5.71% 10/20/27 (d)
  
63,000
63,025
Tesla Series 2024-A Class A2A, 5.37% 6/22/26 (d)
  
3,000
2,993
Tesla Auto Lease Trust 2023-B Series 2023-B Class A2, 6.02% 9/22/25 (d)
  
5,971
5,978
Tesla Auto Lease Trust 23-A Series 2023-A Class A2, 5.86% 8/20/25 (d)
  
12,823
12,829
Tesla Electric Vehicle Trust 2023-1 Series 2023-1 Class A2A, 5.54% 12/21/26 (d)
  
30,000
29,982
Toyota Auto Receivables Series 2022-D Class A2A, 5.27% 1/15/26
 
6,250
6,245
Toyota Auto Receivables 2023-D Series 2023-D Class A2A, 5.8% 11/16/26
 
15,675
15,691
Toyota Auto Receivables Owner Trust:
  
  
  
 Series 2023-A Class A2, 5.05% 1/15/26
 
5,202
5,195
 Series 2023-C Class A2A, 5.6% 8/17/26
 
15,478
15,475
Toyota Lease Owner Trust Series 2024-A Class A2A, 5.33% 7/20/26 (d)
  
60,000
59,882
Usaa Auto Owner Trust 2023-A Series 2023-A Class A2, 5.83% 7/15/26 (d)
  
11,290
11,296
World Omni Auto Receivables Trust:
  
  
  
 Series 2023-C Class A2A, 5.57% 12/15/26
 
13,407
13,404
 Series 2023-D Class A2A, 5.91% 2/16/27
 
10,862
10,879
 Series 2024-B Class A2A, 5.48% 9/15/27
 
54,000
53,977
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $1,634,826)
  
  
1,634,056
 
  
  
  
Commercial Mortgage Securities - 0.2%
 
  
Principal
Amount (a)
 
Value ($)
 
Morgan Stanley BAML Trust Series 2015-C21 Class ASB, 3.15% 3/15/48
 
 (Cost $56,956)
 
  
57,699
57,180
 
  
  
  
Money Market Funds - 3.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
 (Cost $859,312)
 
  
859,140
859,312
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $25,030,454)
 
  
 
25,036,161
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(300,774)
NET ASSETS - 100.0%
24,735,387
 
  
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 $2,035,325 or 8.2% 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%
15,087
20,913,577
20,069,343
18,459
(9)
-
859,312
0.0%
Total
15,087
20,913,577
20,069,343
18,459
(9)
-
859,312
  
 
  
  
  
  
  
  
  
  
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 and U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.  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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.