Quarterly Holdings Report
for
Strategic Advisers® Fidelity® Short Duration Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
February 28, 2026
SDF-NPRT3-0426
1.9921313.100
Asset-Backed Securities - 0.4%
 
  
Principal
Amount (a)
 
Value ($)
 
BAILIWICK OF JERSEY - 0.0%
 
  
  
Neuberger Berman Ln Advisers Nbla CLO Ltd / Neuberger Berman Ln Series 2026-50A Class BR2, CME Term SOFR 3 month Index + 1.35%, 5.0089% 7/23/2036 (d)(e)(f)
  
750,000
750,101
Neuberger Berman Loan Advisers CLO Ltd Series 2026-51A Class AR2, CME Term SOFR 3 month Index + 1%, 4.6677% 10/23/2036 (d)(e)(f)
  
750,000
749,996
TOTAL BAILIWICK OF JERSEY
  
  
1,500,097
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
 
  
  
522 Fdg CLO Ltd / 522 Fdg CLO Series 2026-5A Class AR2, CME Term SOFR 3 month Index + 1.02%, 4.6796% 4/15/2035 (d)(e)(f)
  
740,000
740,155
Ares Lx Clo Ltd Series 2026-60A Class CR, CME Term SOFR 3 month Index + 1.75%, 5.4176% 7/18/2034 (d)(e)(f)
  
875,000
875,038
Bain Cap Cr CLO Ltd / Bain Cap Cr CLO LLC Series 2026-4A Class A1RR, CME Term SOFR 3 month Index + 1%, 0% 10/20/2034 (d)(e)(f)
  
750,000
750,037
Carlyle Global Market Strategies Series 2026-1A Class A1R, CME Term SOFR 3 month Index + 0.98%, 4.6522% 4/15/2035 (d)(e)(f)
  
750,000
750,037
Cifc AR Mtge Series 2026-3A Class AR, CME Term SOFR 3 month Index + 0.95%, 4.6197% 4/21/2035 (d)(e)(f)
  
750,000
749,996
Lcm Ltd Series 2026-39A Class A1R2, CME Term SOFR 3 month Index + 1.04%, 4.703% 10/15/2034 (d)(e)(f)
  
460,000
459,997
Ozlm Xix Ltd Series 2026-19A Class A1R3, CME Term SOFR 3 month Index + 1%, 4.6633% 1/15/2035 (d)(e)(f)
  
635,000
635,117
Thayer Park Clo Ltd Series 2025-1A Class BRR, CME Term SOFR 3 month Index + 1.95%, 5.6176% 4/20/2034 (d)(e)(f)
  
750,000
751,072
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
  
  
5,711,449
UNITED STATES - 0.3%
 
  
  
Affirm Master Trust Series 2025-2A Class A, 4.67% 7/15/2033 (d)
  
245,000
246,747
Ally Bank/UT Series 2024-A Class B, 5.827% 5/17/2032 (d)
  
530,695
539,871
Ally Bank/UT Series 2025-B Class B, 4.501% 9/15/2033 (d)
  
362,259
364,461
Ally Bank/UT Series 2025-B Class C, 4.697% 9/15/2033 (d)
  
314,821
317,125
Amur Equipment Finance Receivables Xi LLC Series 2022-2A Class C, 6.27% 1/22/2029 (d)
  
675,000
679,692
Auxilior Term Funding LLC Series 2023-1A Class A2, 6.18% 12/15/2028 (d)
  
33,072
33,163
Avis Budget Rental Car Funding AESOP LLC Series 2024-3A Class B, 5.58% 12/20/2030 (d)
  
500,000
519,242
Drive Auto Receivables Trust Series 2024-2 Class C, 4.67% 5/17/2032
 
750,000
756,446
Driven Brands Fdg LLC / Driven Brands CDA Fdg Corp Series 2021-1A Class A2, 2.791% 10/20/2051 (d)
  
700,569
666,531
GM Financial Automobile Leasing Trust Series 2026-1 Class B, 4.12% 1/22/2030
 
70,000
70,377
Hardee's Funding LLC / Carl's Jr Funding LLC Series 2024-1A Class A2, 7.253% 3/20/2054 (d)
  
642,353
665,906
Huntington Bank Auto Credit-Linked Notes Series 2025-2 Class B2, U.S. 30-Day Avg. SOFR Index + 1.2%, 4.8615% 9/20/2033 (d)(e)(f)
  
206,671
207,239
Hyundai Auto Receivables Trust Series 2026-A Class C, 4.31% 6/15/2033
 
90,000
90,607
Navient Refinance Loan Trust Series 2026-A Class A, 4.5% 1/18/2056 (d)
  
160,000
160,342
NMEF Funding LLC Series 2026-A Class C, 4.71% 2/15/2034 (d)
  
100,000
100,688
Octane Receivables Trust Series 2025-RVM1 Class C, 5.26% 12/20/2046 (d)
  
1,000,000
1,018,829
Pstat Series 2026-2A Class A2R, CME Term SOFR 3 month Index + 1.15%, 1.15% 1/15/2033 (d)(e)(f)
  
1,000,000
1,000,000
Santander Drive Auto Receivables Trust Series 2026-1 Class A3, 3.93% 7/15/2030
 
145,000
145,305
SEB Funding LLC Series 2021-1A Class A2, 4.969% 1/30/2052 (d)
  
528,675
528,700
SFS Auto Receivables Securitization Trust Series 2024-1A Class C, 5.51% 1/20/2032 (d)
  
730,000
753,391
SFS Auto Receivables Securitization Trust Series 2026-1A Class C, 4.46% 11/21/2033 (d)
  
345,000
346,912
Sonic Capital LLC Series 2020-1A Class A2II, 4.336% 1/20/2050 (d)
  
590,625
577,726
Sonic Capital LLC Series 2021-1A Class A2I, 2.19% 8/20/2051 (d)
  
1,127,883
1,060,501
Wheels Fleet Lease Funding LLC Series 2023-2A Class A, 6.46% 8/18/2038 (d)
  
130,864
132,301
Wheels Fleet Lease Funding LLC Series 2025-3A Class B, 4.44% 9/18/2040 (d)
  
210,000
212,177
TOTAL UNITED STATES
  
  
11,194,279
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $18,366,847)
  
  
  
18,405,825
 
  
  
  
Collateralized Mortgage Obligations - 0.1%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.1%
 
  
  
BRAVO Residential Funding Trust 2023-NQM7 Series 2023-NQM7 Class A1, 7.13% 9/25/2063 (d)(e)
  
467,237
471,655
Connecticut Avenue Securities Trust Series 2023-R03 Class 2M1, U.S. 30-Day Avg. SOFR Index + 2.5%, 6.1672% 4/25/2043 (d)(e)(f)
  
830,036
839,393
Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1, U.S. 30-Day Avg. SOFR Index + 1.15%, 4.8172% 3/25/2044 (d)(e)(f)
  
637,155
637,361
EFMT Series 2026-NQM1 Class A1F, 4.8672% 2/25/2071 (d)
  
394,146
394,489
Freddie Mac STACR REMIC Trust Series 2026-DNA1 Class M1, U.S. 30-Day Avg. SOFR Index + 1%, 4.6579% 2/25/2046 (d)(e)(f)
  
505,000
505,473
HOMES 2026-AFC1 Trust Series 2026-AFC1 Class A1, 4.846% 2/25/2061 (d)(e)
  
385,000
384,996
Homes Trust Series 2025-AFC3 Class A1, 4.932% 8/25/2060 (d)(e)
  
905,844
909,471
MAST 2026-1 LLC Series 2026-R01 Class 2A1, U.S. 30-Day Avg. SOFR Index + 0.85%, 4.5172% 1/25/2046 (d)(e)(f)
  
678,624
678,837
MFA 2023-NQM4 Trust Series 2023-NQM4 Class A1, 6.105% 12/25/2068 (d)
  
277,807
279,538
MFA Trust Series 2023-INV2 Class A1, 6.775% 10/25/2058 (d)(h)
  
149,063
150,005
OBX 2025-NQM23 Trust Series 2025-NQM23 Class A1, 4.872% 10/25/2065 (d)(e)
  
883,841
886,942
Spruce Hill Mtg Ln Tr 2022-Sh1 Series 2022-SH1 Class A1A, 4.1% 7/25/2057 (d)(h)
  
580,761
578,220
TOTAL UNITED STATES
  
  
6,716,380
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
 (Cost $6,716,184)
  
  
  
6,716,380
 
  
  
  
Commercial Mortgage Securities - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
  
  
BANK5 Series 2026-5YR20 Class AS, 5.336% 2/15/2059
 
750,000
778,478
Grace Trust Series 2020-GRCE Class B, 2.6% 12/10/2040 (d)
  
750,000
682,069
NYC Commercial Mortgage Trust Series 2025-28L Class C, 5.4416% 11/5/2038 (d)(e)
  
750,000
759,389
Penn Commercial Mortgage Trust Series 2025-P11 Class A, 5.344% 8/10/2042 (d)(e)
  
750,000
778,916
TOTAL UNITED STATES
  
  
2,998,852
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $2,979,905)
  
  
  
2,998,852
 
  
  
  
Fixed-Income Funds - 7.0%
 
  
Shares
Value ($)
 
Fidelity SAI Short-Term Treasury Bond Index Fund (i)
 (Cost $350,841,552)
  
34,746,557
352,677,551
 
  
  
  
Non-Convertible Corporate Bonds - 1.4%
 
  
Principal
Amount (a)
 
Value ($)
 
AUSTRALIA - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
CSL Finance PLC 3.85% 4/27/2027 (d)
  
610,000
610,329
BERMUDA - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Bacardi Ltd 4.7% 5/15/2028 (d)
  
585,000
589,500
CANADA - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Rogers Communications Inc 3.2% 3/15/2027
 
565,000
560,863
Rogers Communications Inc 5% 2/15/2029
 
525,000
537,093
TOTAL COMMUNICATION SERVICES
  
  
1,097,956
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Canadian Natural Resources Ltd 3.85% 6/1/2027
 
230,000
229,970
Enbridge Inc 4.6% 6/20/2028
 
85,000
86,142
Enbridge Inc 5.9% 11/15/2026
 
75,000
75,910
Enbridge Inc 6% 11/15/2028
 
85,000
89,544
South Bow USA Infrastructure Holdings LLC 4.911% 9/1/2027
 
340,000
343,673
TOTAL ENERGY
  
  
825,239
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Canadian Imperial Bank of Commerce 4.283% 1/29/2030 (e)
  
335,000
337,251
Federation des Caisses Desjardins du Quebec 4.565% 8/26/2030 (d)
  
200,000
202,657
TOTAL FINANCIALS
  
  
539,908
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Element Fleet Management Corp 5.037% 3/25/2030 (d)
  
275,000
281,895
Element Fleet Management Corp 5.643% 3/13/2027 (d)
  
190,000
192,767
TOTAL INDUSTRIALS
  
  
474,662
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Nutrien Ltd 4.9% 3/27/2028
 
110,000
111,992
TOTAL CANADA
  
  
3,049,757
CHILE - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Corp Nacional del Cobre de Chile 3% 9/30/2029 (g)
  
360,000
344,813
DENMARK - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Danske Bank A/S 4.613% 10/2/2030 (d)(e)
  
200,000
202,621
Danske Bank A/S 5.427% 3/1/2028 (d)(e)
  
245,000
248,619
 
  
  
  
TOTAL DENMARK
  
  
451,240
FRANCE - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Orange SA 4.25% 1/13/2031 (d)
  
200,000
200,325
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
TotalEnergies Capital USA LLC 4.248% 1/13/2031
 
505,000
509,525
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
BNP Paribas SA 4.792% 5/9/2029 (d)(e)
  
200,000
202,538
Societe Generale SA 5.519% 1/19/2028 (d)(e)
  
200,000
202,479
TOTAL FINANCIALS
  
  
405,017
TOTAL FRANCE
  
  
1,114,867
GERMANY - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
BMW US Capital LLC 4.6% 8/13/2027 (d)
  
565,000
570,848
Volkswagen Group of America Finance LLC 4.450%  9/11/2027 (d)
  
255,000
256,357
Volkswagen Group of America Finance LLC 4.75% 11/13/2028 (d)
  
225,000
227,876
Volkswagen Group of America Finance LLC 4.85% 8/15/2027 (d)
  
360,000
363,755
Volkswagen Group of America Finance LLC 5.7% 9/12/2026 (d)
  
270,000
272,329
Volkswagen Group of America Finance LLC 6% 11/16/2026 (d)
  
200,000
202,648
Volkswagen Group of America Finance LLC 6.2% 11/16/2028 (d)
  
200,000
209,658
TOTAL CONSUMER DISCRETIONARY
  
  
2,103,471
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Bayer US Finance II LLC 4.375% 12/15/2028 (d)
  
475,000
476,703
EMD Finance LLC 4.125% 8/15/2028 (d)
  
590,000
592,903
TOTAL HEALTH CARE
  
  
1,069,606
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Daimler Truck Finance North America LLC 4.15% 1/12/2029 (d)
  
150,000
150,417
Daimler Truck Finance North America LLC 4.3% 8/12/2027 (d)
  
165,000
165,989
Daimler Truck Finance North America LLC 5.125% 9/25/2027 (d)
  
300,000
305,168
TOTAL INDUSTRIALS
  
  
621,574
TOTAL GERMANY
  
  
3,794,651
INDIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
State Bank of India/London 4.875% 5/5/2028 (g)
  
430,000
434,941
Consumer Finance - 0.0%
  
  
  
Tata Capital Ltd 5.389% 7/21/2028 (g)
  
340,000
346,728
TOTAL INDIA
  
  
781,669
IRELAND - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Consumer Finance - 0.0%
  
  
  
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027
 
390,000
399,815
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
Avolon Holdings Funding Ltd 6.375% 5/4/2028 (d)
  
85,000
88,590
TOTAL IRELAND
  
  
488,405
ITALY - 0.0%
 
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Enel Finance International NV 4.125% 9/30/2028 (d)
  
200,000
200,426
JAPAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
NTT Finance Corp 4.62% 7/16/2028 (d)
  
200,000
203,021
Consumer Staples - 0.0%
  
  
  
Tobacco - 0.0%
  
  
  
Japan Tobacco Inc 4.85% 5/15/2028 (d)
  
485,000
494,870
TOTAL JAPAN
  
  
697,891
KOREA (SOUTH) - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Shinhan Bank Co Ltd 4.5% 3/26/2028 (g)
  
345,000
347,544
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
LG Energy Solution Ltd 5.25% 4/2/2028 (g)
  
340,000
346,710
TOTAL KOREA (SOUTH)
  
  
694,254
KUWAIT - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
MEGlobal BV 2.625% 4/28/2028 (g)
  
360,000
347,040
MACAU - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Sands China Ltd 5.4% 8/8/2028 (h)
  
345,000
352,327
MEXICO - 0.0%
 
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Comision Federal de Electricidad 5.7% 1/24/2030 (g)
  
430,000
440,643
NETHERLANDS - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Heineken NV 3.5% 1/29/2028 (d)
  
1,070,000
1,062,885
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
ING Groep NV 4.858% 3/25/2029 (e)
  
210,000
213,649
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 6/18/2029
 
335,000
336,978
NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 8/19/2028
 
270,000
271,807
TOTAL INFORMATION TECHNOLOGY
  
  
608,785
TOTAL NETHERLANDS
  
  
1,885,319
QATAR - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
QNB Finance Ltd 4.875% 1/30/2029 (g)
  
430,000
438,600
SAUDI ARABIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Ma'aden Sukuk Ltd 5.25% 2/13/2030 (g)
  
426,000
437,574
SPAIN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Banco Santander SA 5.552% 3/14/2028 (e)
  
200,000
202,984
CaixaBank SA 6.684% 9/13/2027 (d)(e)
  
300,000
304,262
 
  
  
  
TOTAL SPAIN
  
  
507,246
THAILAND - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Advanced Info Service PCL 4.26% 3/4/2031 (g)
  
220,000
220,759
UNITED ARAB EMIRATES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
DP World Crescent Ltd 4.848% 9/26/2028 (g)
  
340,000
342,674
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Emaar Sukuk Ltd 3.875% 9/17/2029 (g)
  
350,000
346,828
TOTAL UNITED ARAB EMIRATES
  
  
689,502
UNITED KINGDOM - 0.1%
 
  
  
Consumer Staples - 0.0%
  
  
  
Tobacco - 0.0%
  
  
  
BAT International Finance PLC 4.448% 3/16/2028
 
570,000
575,390
Imperial Brands Finance PLC 4.5% 6/30/2028 (d)
  
200,000
202,090
Imperial Brands Finance PLC 6.125% 7/27/2027 (d)
  
455,000
467,453
TOTAL CONSUMER STAPLES
  
  
1,244,933
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Barclays PLC 4.219% 5/24/2030 (e)
  
200,000
200,043
Barclays PLC 5.086% 2/25/2029 (e)
  
515,000
524,671
HSBC Holdings PLC 4.899% 3/3/2029 (e)
  
200,000
203,263
HSBC Holdings PLC 5.597% 5/17/2028 (e)
  
630,000
641,524
Lloyds Banking Group PLC 5.462% 1/5/2028 (e)
  
200,000
202,465
Standard Chartered PLC 5.688% 5/14/2028 (d)(e)
  
200,000
203,845
TOTAL FINANCIALS
  
  
1,975,811
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Rolls-Royce PLC 5.75% 10/15/2027 (d)
  
400,000
409,121
TOTAL UNITED KINGDOM
  
  
3,629,865
UNITED STATES - 1.1%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
SBA Tower Trust 6.599% 11/15/2052 (d)
  
725,000
740,086
Verizon Communications Inc 2.1% 3/22/2028
 
460,000
444,497
 
  
  
1,184,583
Interactive Media & Services - 0.0%
  
  
  
Alphabet Inc 3.7% 2/15/2029
 
360,000
360,348
Meta Platforms Inc 4.2% 11/15/2030
 
420,000
423,694
 
  
  
784,042
Media - 0.0%
  
  
  
Cox Communications Inc 3.5% 8/15/2027 (d)
  
105,000
104,011
Cox Communications Inc 5.45% 9/15/2028 (d)
  
65,000
67,063
Omnicom Group Inc / Omnicom Capital Inc 3.6% 4/15/2026
 
75,000
74,987
 
  
  
246,061
TOTAL COMMUNICATION SERVICES
  
  
2,214,686
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
American Honda Finance Corp 5.65% 11/15/2028
 
360,000
375,759
General Motors Financial Co Inc 5.05% 4/4/2028
 
230,000
234,489
General Motors Financial Co Inc 5.35% 7/15/2027
 
330,000
335,707
General Motors Financial Co Inc 5.4% 4/6/2026
 
90,000
90,097
General Motors Financial Co Inc 5.4% 5/8/2027
 
135,000
137,119
Hyundai Capital America 4.25% 1/8/2029 (d)
  
145,000
145,801
Hyundai Capital America 4.85% 3/25/2027 (d)
  
120,000
121,138
Hyundai Capital America 4.875% 6/23/2027 (d)
  
365,000
369,368
Hyundai Capital America 5% 1/7/2028 (d)
  
345,000
350,914
Hyundai Capital America 5.25% 1/8/2027 (d)
  
120,000
121,293
Hyundai Capital America 5.6% 3/30/2028 (d)
  
120,000
123,499
 
  
  
2,405,184
Diversified Consumer Services - 0.0%
  
  
  
ERAC USA Finance LLC 4.6% 5/1/2028 (d)
  
375,000
380,900
ERAC USA Finance LLC 5% 2/15/2029 (d)
  
105,000
108,131
 
  
  
489,031
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Darden Restaurants Inc 4.35% 10/15/2027
 
210,000
211,439
Marriott International Inc/MD 3.125% 6/15/2026
 
300,000
299,325
 
  
  
510,764
Specialty Retail - 0.0%
  
  
  
AutoZone Inc 5.165% 6/15/2030
 
230,000
238,390
O'Reilly Automotive Inc 4.35% 6/1/2028
 
210,000
211,980
 
  
  
450,370
TOTAL CONSUMER DISCRETIONARY
  
  
3,855,349
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Keurig Dr Pepper Inc 3.95% 4/15/2029
 
45,000
44,747
Keurig Dr Pepper Inc 4.35% 5/15/2028
 
210,000
211,263
Keurig Dr Pepper Inc 5.05% 3/15/2029
 
340,000
348,400
 
  
  
604,410
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Dollar General Corp 4.125% 5/1/2028
 
210,000
210,798
Dollar General Corp 5.2% 7/5/2028
 
170,000
174,341
Mars Inc 4.55% 4/20/2028 (d)
  
360,000
364,940
Mars Inc 4.6% 3/1/2028 (d)
  
210,000
213,046
 
  
  
963,125
Food Products - 0.0%
  
  
  
Bunge Ltd Finance Corp 2% 4/21/2026
 
90,000
89,745
Bunge Ltd Finance Corp 4.9% 4/21/2027
 
380,000
384,043
 
  
  
473,788
Tobacco - 0.0%
  
  
  
Philip Morris International Inc 5.125% 11/17/2027
 
85,000
86,784
TOTAL CONSUMER STAPLES
  
  
2,128,107
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Schlumberger Holdings Corp 3.9% 5/17/2028 (d)
  
400,000
400,228
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/2027
 
295,000
297,791
Cheniere Energy Inc 4.625% 10/15/2028
 
30,000
29,988
Columbia Pipelines Holding Co LLC 6.055% 8/15/2026 (d)
  
30,000
30,201
Diamondback Energy Inc 5.2% 4/18/2027
 
255,000
258,274
Energy Transfer LP 4.55% 1/15/2031
 
170,000
171,629
Energy Transfer LP 5.25% 7/1/2029
 
190,000
197,012
Energy Transfer LP 6.05% 12/1/2026
 
550,000
557,328
EOG Resources Inc 4.4% 1/15/2031
 
170,000
171,992
MPLX LP 4.8% 2/15/2031
 
800,000
816,693
ONEOK Inc 4.25% 9/24/2027
 
610,000
612,918
ONEOK Inc 5.55% 11/1/2026
 
195,000
196,749
Plains All American Pipeline LP / PAA Finance Corp 4.7%  1/15/2031
 
320,000
325,022
Sabine Pass Liquefaction LLC 4.2% 3/15/2028
 
85,000
85,345
Targa Resources Corp 4.35% 1/15/2029
 
275,000
277,239
Targa Resources Corp 5.2% 7/1/2027
 
85,000
86,364
Williams Cos Inc/The 4.625% 6/30/2030
 
295,000
300,085
Williams Cos Inc/The 4.8% 11/15/2029
 
135,000
138,370
Williams Cos Inc/The 4.9% 3/15/2029
 
75,000
76,949
 
  
  
4,629,949
TOTAL ENERGY
  
  
5,030,177
Financials - 0.4%
  
  
  
Banks - 0.1%
  
  
  
Bank of America Corp 1.734% 7/22/2027 (e)
  
135,000
133,788
Bank of America Corp 4.623% 5/9/2029 (e)
  
420,000
425,961
Citigroup Inc 5.174% 2/13/2030 (e)
  
210,000
216,380
Fifth Third Bancorp 4.566% 4/29/2032 (e)
  
400,000
402,370
Huntington Bancshares Inc/OH 4.623% 1/28/2032 (e)
  
420,000
423,987
JPMorgan Chase & Co 4.979% 7/22/2028 (e)
  
310,000
314,117
JPMorgan Chase & Co 5.04% 1/23/2028 (e)
  
135,000
136,206
Santander Holdings USA Inc 2.49% 1/6/2028 (e)
  
240,000
236,541
Santander Holdings USA Inc 6.124% 5/31/2027 (e)
  
30,000
30,124
US Bancorp 4.548% 7/22/2028 (e)
  
275,000
277,357
Wells Fargo & Co 4.9% 1/24/2028 (e)
  
445,000
448,510
Wells Fargo & Co 4.97% 4/23/2029 (e)
  
845,000
861,491
 
  
  
3,906,832
Capital Markets - 0.2%
  
  
  
Athene Global Funding 4.86% 8/27/2026 (d)
  
165,000
165,598
Athene Global Funding 5.349% 7/9/2027 (d)
  
255,000
258,877
Charles Schwab Corp/The 4.343% 11/14/2031 (e)
  
505,000
508,198
Equitable America Global Funding 4.65% 6/9/2028 (d)
  
320,000
323,653
GA Global Funding Trust 5.4% 1/13/2030 (d)
  
495,000
507,221
Goldman Sachs Group Inc/The 4.148% 1/21/2029 (e)
  
355,000
355,147
Goldman Sachs Group Inc/The 4.482% 8/23/2028 (e)
  
405,000
407,762
Goldman Sachs Group Inc/The 4.937% 4/23/2028 (e)
  
375,000
378,542
Goldman Sachs Group Inc/The 5.218% 4/23/2031 (e)
  
360,000
372,675
LPL Holdings Inc 6.75% 11/17/2028
 
495,000
524,923
Morgan Stanley 4.238% 1/9/2030 (e)
  
210,000
210,734
Morgan Stanley 4.994% 4/12/2029 (e)
  
320,000
325,832
Sammons Financial Group Global Funding 5.05% 1/10/2028 (d)
  
105,000
106,803
 
  
  
4,445,965
Consumer Finance - 0.0%
  
  
  
American Express Co 4.731% 4/25/2029 (e)
  
255,000
259,223
American Express Co 5.043% 7/26/2028 (e)
  
260,000
264,063
American Express Co 5.098% 2/16/2028 (e)
  
75,000
75,771
American Express Co 5.532% 4/25/2030 (e)
  
255,000
266,274
Capital One Financial Corp 7.149% 10/29/2027 (e)
  
110,000
112,182
Ford Motor Credit Co LLC 5.125% 11/5/2026
 
200,000
201,154
Ford Motor Credit Co LLC 5.8% 3/5/2027
 
455,000
461,177
Ford Motor Credit Co LLC 5.918% 3/20/2028
 
200,000
205,327
 
  
  
1,845,171
Financial Services - 0.1%
  
  
  
CNH Industrial Capital LLC 4.375% 3/7/2031
 
675,000
674,560
Fiserv Inc 3.5% 7/1/2029
 
230,000
223,419
Fiserv Inc 4.2% 10/1/2028
 
210,000
210,052
Fiserv Inc 4.55% 2/15/2031
 
230,000
229,276
Fiserv Inc 5.15% 3/15/2027
 
530,000
535,115
Fiserv Inc 5.375% 8/21/2028
 
320,000
327,963
National Rural Utilities Cooperative Finance Corp 4.05% 2/9/2029
 
595,000
597,895
Penske Truck Leasing Co Lp / PTL Finance Corp 1.7% 6/15/2026 (d)
  
60,000
59,593
Penske Truck Leasing Co Lp / PTL Finance Corp 3.4% 11/15/2026 (d)
  
105,000
104,444
Penske Truck Leasing Co Lp / PTL Finance Corp 4.4% 7/1/2027 (d)
  
30,000
30,131
Penske Truck Leasing Co Lp / PTL Finance Corp 5.35% 1/12/2027 (d)
  
215,000
217,171
Penske Truck Leasing Co Lp / PTL Finance Corp 5.75% 5/24/2026 (d)
  
405,000
405,958
 
  
  
3,615,577
Insurance - 0.0%
  
  
  
Brown & Brown Inc 4.7% 6/23/2028
 
125,000
126,181
CNO Global Funding 1.75% 10/7/2026 (d)
  
405,000
399,452
Corebridge Global Funding 4.25% 8/21/2028 (d)
  
220,000
220,681
Corebridge Global Funding 4.65% 8/20/2027 (d)
  
125,000
126,169
Health Care Service Corp 5.2% 6/15/2029 (d)
  
615,000
632,459
Jackson National Life Global Funding 5.55% 7/2/2027 (d)
  
180,000
183,255
RGA Global Funding 4.35% 8/25/2028 (d)
  
225,000
226,141
RGA Global Funding 4.6% 11/25/2030 (d)
  
255,000
256,945
 
  
  
2,171,283
TOTAL FINANCIALS
  
  
15,984,828
Health Care - 0.2%
  
  
  
Biotechnology - 0.0%
  
  
  
AbbVie Inc 3.775% 3/3/2028
 
690,000
690,913
AbbVie Inc 4.125% 3/15/2031
 
195,000
195,620
 
  
  
886,533
Health Care Equipment & Supplies - 0.0%
  
  
  
Becton Dickinson & Co 4.693% 2/13/2028
 
400,000
405,468
Medline Borrower LP 3.875% 4/1/2029 (d)
  
930,000
914,666
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)
  
37,000
38,183
Solventum Corp 5.45% 2/25/2027
 
120,000
121,615
Stryker Corp 4.7% 2/10/2028
 
275,000
279,118
 
  
  
1,759,050
Health Care Providers & Services - 0.2%
  
  
  
Cencora Inc 3.45% 12/15/2027
 
45,000
44,663
Cencora Inc 3.95% 2/13/2029
 
195,000
195,083
Cencora Inc 4.625% 12/15/2027
 
145,000
146,813
Centene Corp 4.625% 12/15/2029
 
225,000
219,547
CVS Health Corp 1.3% 8/21/2027
 
775,000
746,182
CVS Health Corp 2.875% 6/1/2026
 
135,000
134,660
CVS Health Corp 3% 8/15/2026
 
75,000
74,666
CVS Health Corp 4.3% 3/25/2028
 
210,000
211,233
HCA Inc 3.125% 3/15/2027
 
335,000
332,215
HCA Inc 4.3% 11/15/2030
 
125,000
125,240
HCA Inc 5.625% 9/1/2028
 
550,000
567,546
Humana Inc 5.75% 12/1/2028
 
300,000
310,946
Humana Inc 5.75% 3/1/2028
 
60,000
61,639
Icon Investments Six DAC 5.809% 5/8/2027
 
375,000
378,352
 
  
  
3,548,785
Health Care Technology - 0.0%
  
  
  
IQVIA Inc 6.25% 2/1/2029
 
130,000
136,634
Life Sciences Tools & Services - 0.0%
  
  
  
Revvity Inc 1.9% 9/15/2028
 
290,000
274,687
Thermo Fisher Scientific Inc 4.215% 2/12/2031
 
325,000
327,667
 
  
  
602,354
Pharmaceuticals - 0.0%
  
  
  
Utah Acquisition Sub Inc 3.95% 6/15/2026
 
225,000
224,745
Viatris Inc 2.3% 6/22/2027
 
355,000
346,237
 
  
  
570,982
TOTAL HEALTH CARE
  
  
7,504,338
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Boeing Co 3.2% 3/1/2029
 
230,000
224,731
Boeing Co 6.259% 5/1/2027
 
505,000
517,341
Huntington Ingalls Industries Inc 5.353% 1/15/2030
 
85,000
88,199
 
  
  
830,271
Building Products - 0.0%
  
  
  
Owens Corning 3.4% 8/15/2026
 
90,000
89,696
Owens Corning 5.5% 6/15/2027
 
210,000
213,843
 
  
  
303,539
Electrical Equipment - 0.0%
  
  
  
Regal Rexnord Corp 6.05% 4/15/2028
 
320,000
331,815
Ground Transportation - 0.0%
  
  
  
Uber Technologies Inc 4.5% 8/15/2029 (d)
  
545,000
545,433
Machinery - 0.0%
  
  
  
Fortive Corp 3.15% 6/15/2026
 
210,000
209,258
Passenger Airlines - 0.0%
  
  
  
Delta Air Lines Inc 4.95% 7/10/2028
 
210,000
213,491
Southwest Airlines Co 4.375% 11/15/2028
 
355,000
358,040
 
  
  
571,531
Professional Services - 0.1%
  
  
  
Booz Allen Hamilton Inc 3.875% 9/1/2028 (d)
  
340,000
334,798
Booz Allen Hamilton Inc 4% 7/1/2029 (d)
  
585,000
573,169
Leidos Inc 4.1% 3/15/2029 (c)
  
220,000
220,563
 
  
  
1,128,530
Trading Companies & Distributors - 0.0%
  
  
  
GATX Corp 5.4% 3/15/2027
 
570,000
578,042
TOTAL INDUSTRIALS
  
  
4,498,419
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Dell International LLC / EMC Corp 4.75% 4/1/2028
 
295,000
299,721
IT Services - 0.0%
  
  
  
Gartner Inc 4.5% 7/1/2028 (d)
  
448,000
441,667
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Intel Corp 3.15% 5/11/2027
 
125,000
123,786
Intel Corp 3.75% 8/5/2027
 
190,000
189,383
Marvell Technology Inc 1.65% 4/15/2026
 
90,000
89,739
Marvell Technology Inc 4.75% 7/15/2030
 
85,000
86,657
Marvell Technology Inc 4.875% 6/22/2028
 
445,000
453,541
 
  
  
943,106
Software - 0.1%
  
  
  
Atlassian Corp 5.25% 5/15/2029
 
110,000
111,942
Oracle Corp 4.45% 9/26/2030
 
370,000
362,879
Synopsys Inc 4.65% 4/1/2028
 
595,000
602,578
Workday Inc 3.5% 4/1/2027
 
170,000
169,079
 
  
  
1,246,478
TOTAL INFORMATION TECHNOLOGY
  
  
2,930,972
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Amrize Finance US LLC 4.7% 4/7/2028
 
340,000
345,264
Amrize Finance US LLC 4.95% 4/7/2030
 
75,000
77,162
 
  
  
422,426
Containers & Packaging - 0.0%
  
  
  
AptarGroup Inc 4.75% 3/30/2031
 
110,000
111,634
Metals & Mining - 0.0%
  
  
  
Freeport-McMoRan Inc 4.125% 3/1/2028
 
45,000
45,002
Freeport-McMoRan Inc 4.375% 8/1/2028
 
30,000
30,034
Freeport-McMoRan Inc 5.25% 9/1/2029
 
60,000
60,920
Steel Dynamics Inc 4% 12/15/2028
 
525,000
525,438
 
  
  
661,394
TOTAL MATERIALS
  
  
1,195,454
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
CBRE Services Inc 5.1% 6/15/2030
 
110,000
112,210
Extra Space Storage LP 3.875% 12/15/2027
 
195,000
194,838
 
  
  
307,048
Specialized REITs - 0.0%
  
  
  
American Tower Corp 1.6% 4/15/2026
 
375,000
373,921
American Tower Corp 3.55% 7/15/2027
 
190,000
189,042
 
  
  
562,963
TOTAL REAL ESTATE
  
  
870,011
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
American Electric Power Co Inc 5.2% 1/15/2029
 
340,000
351,569
Exelon Corp 5.15% 3/15/2029
 
110,000
113,705
FirstEnergy Corp 3.9% 7/15/2027 (h)
  
445,000
446,838
FirstEnergy Transmission LLC 4.55% 1/15/2030
 
85,000
86,267
NextEra Energy Capital Holdings Inc 1.875% 1/15/2027
 
355,000
348,980
NextEra Energy Capital Holdings Inc 4.685% 9/1/2027
 
65,000
65,737
Niagara Mohawk Power Corp 4.647% 10/3/2030 (d)
  
190,000
192,974
Pacific Gas and Electric Co 3.3% 12/1/2027
 
100,000
98,795
Pacific Gas and Electric Co 5% 6/4/2028
 
190,000
193,552
Pacific Gas and Electric Co 5.45% 6/15/2027
 
105,000
106,717
Southern California Edison Co 5.15% 6/1/2029
 
305,000
313,757
Southern Co/The 5.113% 8/1/2027 (h)
  
210,000
213,463
Vistra Operations Co LLC 5.05% 12/30/2026 (d)
  
190,000
192,062
 
  
  
2,724,416
Gas Utilities - 0.0%
  
  
  
Southern Co Gas Capital Corp 4.05%  9/15/2028
 
210,000
210,613
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Constellation Energy Generation LLC 5.6% 3/1/2028
 
85,000
87,668
Multi-Utilities - 0.0%
  
  
  
Ameren Corp 1.95% 3/15/2027
 
170,000
166,558
DTE Energy Co 4.875% 6/1/2028
 
255,000
259,911
DTE Energy Co 4.95% 7/1/2027
 
190,000
192,263
DTE Energy Co 5.2% 4/1/2030
 
255,000
265,150
NiSource Inc 5.25% 3/30/2028
 
65,000
66,648
Public Service Enterprise Group Inc 4.9% 3/15/2030
 
360,000
370,642
Sempra 5.4% 8/1/2026
 
60,000
60,274
 
  
  
1,381,446
TOTAL UTILITIES
  
  
4,404,143
TOTAL UNITED STATES
  
  
50,616,484
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $72,306,746)
  
  
  
72,383,161
 
  
  
  
Short-Term Funds - 88.3%
 
  
Shares
Value ($)
 
Fidelity Advisor Limited Term Bond Fund - Class Z (i)
  
31,012,891
362,540,697
Fidelity Intermediate Bond Fund (i)
  
13,050,750
136,380,342
Fidelity SAI Low Duration Bond Fund (i)
  
85,555,408
858,976,293
Fidelity SAI Short-Term Bond Fund (i)
  
317,376,794
3,100,771,275
 
TOTAL SHORT-TERM FUNDS
 (Cost $4,448,409,672)
  
  
4,458,668,607
 
  
  
  
U.S. Government Agency - Mortgage Securities - 0.3%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.3%
 
  
  
Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052
 
107,735
89,785
Fannie Mae Mortgage pass-thru certificates 3% 10/1/2035
 
180,185
175,340
Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052
 
784,553
763,368
Fannie Mae Mortgage pass-thru certificates 5% 1/1/2056
 
381,639
383,630
Fannie Mae Mortgage pass-thru certificates 5% 10/1/2055
 
262,704
265,470
Fannie Mae Mortgage pass-thru certificates 5% 3/1/2056
 
481,000
483,547
Fannie Mae Mortgage pass-thru certificates 5% 4/1/2053
 
866,676
878,510
Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2055
 
1,198,115
1,226,404
Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2055
 
375,629
384,704
Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2054
 
343,763
352,806
Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2053
 
1,409,034
1,449,789
Fannie Mae Mortgage pass-thru certificates 6% 9/1/2055
 
1,161,165
1,199,598
Fannie Mae Mortgage pass-thru certificates 6.5% 4/1/2055
 
347,375
362,784
Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2055
 
417,220
435,206
Freddie Mac Gold Pool 2.5% 1/1/2052
 
406,461
357,695
Freddie Mac Gold Pool 3% 6/1/2052
 
588,814
533,544
Freddie Mac Gold Pool 3.5% 5/1/2052
 
812,039
766,787
Freddie Mac Gold Pool 4.5% 9/1/2052
 
1,137,008
1,128,909
Freddie Mac Gold Pool 5% 1/1/2055
 
345,843
350,133
Freddie Mac Gold Pool 6% 1/1/2056
 
1,172,914
1,214,486
Freddie Mac Gold Pool 6% 8/1/2055
 
619,443
639,946
Freddie Mac Non Gold Pool 5.5% 4/1/2055
 
483,428
496,014
Freddie Mac Non Gold Pool 5.5% 5/1/2055
 
174,832
177,812
Freddie Mac STACR REMIC Trust Series DNA3 Class A1, U.S. 30-Day Avg. SOFR Index + 1.05%, 4.7172% 10/25/2044 (d)(e)(f)
  
47,500
47,623
Freddie Mac STACR REMIC Trust Series HQA3 Class M2, U.S. 30-Day Avg. SOFR Index + 2.1%, 5.7672% 9/25/2041 (d)(e)(f)
  
1,040,000
1,046,476
Uniform Mortgage Backed Securities 3.5% 3/1/2056 (b)(c)
  
255,000
240,318
TOTAL UNITED STATES
  
  
15,450,684
 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
 (Cost $15,389,119)
  
  
  
15,450,684
 
  
  
  
Commercial Paper - 0.2%
 
  
Yield (%) (j)
Principal
Amount (a)
 
Value ($)
 
Bacardi-Martini BV yankee 0% 3/24/2026
 
4.12
750,000
747,851
Bacardi-Martini BV yankee 0% 3/27/2026
 
4.11
750,000
747,592
Brunswick Corp/DE 0% 3/3/2026
 
4.20
550,000
549,741
Crown Castle Inc 0% 3/12/2026
 
4.15
750,000
748,865
Edison International 0% 3/19/2026
 
4.21
370,000
369,151
Harley-Davidson Financial Services Inc 0% 3/6/2026
 
4.11
750,000
749,434
HCA Inc 0% 5/12/2026
 
4.24
750,000
743,788
HCA Inc 0% 5/14/2026
 
4.30
750,000
743,373
Ovintiv Inc 0% 3/19/2026
 
4.22
435,000
433,993
Ovintiv Inc 0% 3/20/2026
 
4.22
460,000
458,880
Rogers Communications Inc/Ontario yankee 0% 5/14/2026
 
3.98
1,000,000
991,865
Southern California Edison Co 0% 3/27/2026
 
4.22
880,000
877,179
 
TOTAL COMMERCIAL PAPER
 (Cost $8,163,050)
  
  
  
8,161,712
 
  
  
  
  
U.S. Treasury Obligations - 2.3%
 
  
Yield (%) (j)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 7/30/2026 (k)(l)
  
3.58 to 3.59
17,325,000
17,070,178
US Treasury Notes 3.5% 1/15/2029
 
3.64
1,450,000
1,454,418
US Treasury Notes 3.5% 1/31/2028
 
3.45 to 3.53
96,640,000
96,824,975
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $115,166,518)
  
  
  
115,349,571
 
  
  
  
  
Money Market Funds - 0.1%
 
  
Yield (%)
Shares
Value ($)
 
Invesco Government & Agency Portfolio Institutional Class (m)
 (Cost $3,775,193)
  
0.00
3,775,193
3,775,193
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $5,042,114,786)
 
  
 
5,054,587,536
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(2,767,220)
NET ASSETS - 100.0%
5,051,820,316
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Interest Rate Contracts
  
  
  
  
CBOT 10Y US Treasury Notes Contracts (United States)
3
6/2026
341,344
1,379
CBOT 2Y US Treasury Notes Contracts (United States)
181
6/2026
37,871,422
35,095
 
  
  
  
  
TOTAL LONG
  
  
  
36,474
 
  
  
  
  
SHORT
  
  
  
  
 
  
  
  
  
Interest Rate Contracts
  
  
  
  
CBOT 10Y Ultra US Treasury Notes Contracts (United States)
(18)
6/2026
(2,100,656)
(10,291)
CBOT 5Y US Treasury Notes Contracts (United States)
(67)
6/2026
(7,377,852)
(19,742)
CBOT US Treasury Ultra Bond Contracts (United States)
(6)
6/2026
(729,375)
(6,805)
 
  
  
  
  
TOTAL SHORT
  
  
  
(36,838)
 
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
(364)
The notional amount of long futures as a percentage of Net Assets is 0.7%.
The notional amount of short futures as a percentage of Net Assets is 0.1%.

 Credit Default Swaps
Underlying Reference
Rating(4)
Maturity
Date
Clearinghouse /
Counterparty(1)
Fixed
Payment
Received/
(Paid)
Payment
Frequency
Notional
Amount(5)(3)
Value ($)(4)
Upfront
Premium
Received/
(Paid) ($)(2)
Unrealized
Appreciation/
(Depreciation) ($)
Sell Protection
  
  
  
  
  
  
  
  
  
  
5Y CDX NA IG Series 45 Index
NR
12/2030
ICE
1%
Quarterly
  
4,800,000
(8,000)
0
(8,000)
 
  
  
  
  
  
  
  
  
  
  
 
(1)Swaps with Intercontinental Exchange (ICE) are centrally cleared swaps.
 
(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).
 
(3)Notional amount is stated in U.S. Dollars unless otherwise noted.
 
(4)Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.
 
(5)The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
A portion of the security sold on a delayed delivery basis.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $48,837,009 or 1.0% of net assets.
 
(e)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(f)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(g)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $4,394,854 or 0.1% of net assets.
 
(h)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(i)
Affiliated fund.
 
(j)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(k)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $240,411.
 
(l)
Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $118,235.
 
(m)
The rate quoted is the annualized seven-day yield of the fund at period end.
 
 
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Advisor Limited Term Bond Fund Class Z
-
361,112,755
-
1,112,757
-
1,427,942
362,540,697
31,012,891
Fidelity Intermediate Bond Fund
-
135,379,814
-
379,824
-
1,000,528
136,380,342
13,050,750
Fidelity SAI Low Duration Bond Fund
-
1,371,477,789
513,000,000
2,977,794
-
498,504
858,976,293
85,555,408
Fidelity SAI Short-Term Bond Fund
-
3,093,440,074
760
8,582,670
(1)
7,331,962
3,100,771,275
317,376,794
Fidelity SAI Short-Term Treasury Bond Index Fund
-
350,841,552
-
841,572
-
1,835,999
352,677,551
34,746,557
 
-
5,312,251,984
513,000,760
13,894,617
(1)
12,094,935
4,811,346,158
  
 
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.  Commercial Paper, U.S. Treasury Obligations and Non-Convertible Corporate Bonds 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, Collateralized Mortgage Obligations, Commercial Mortgage Securities and U.S. Government Agency - 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.
 
Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Credit Risk - Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
 
Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
Swaps: A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount.
 
A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
 
Credit Default Swaps: Credit default swaps enable the Fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. The Fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs. For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index. Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where the Fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, FMR monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/ performance risk.
 
Open swaps at period end are included in the Schedule of Investments under the caption Credit Default Swaps, Interest Rate Swaps and/or Total Return Swaps, as applicable.
 
 
 
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.
 
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