NPORT-EX 2 QTLY_6526_20240531.htm 010 - Quarterly Front Cover
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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