Quarterly Holdings Report
for
Fidelity® Education Income Fund
May 31, 2021
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 36.5% | |||
Principal Amount | Value | ||
COMMUNICATION SERVICES - 4.1% | |||
Diversified Telecommunication Services - 2.3% | |||
AT&T, Inc.: | |||
3 month U.S. LIBOR + 1.180% 1.3641% 6/12/24 (a)(b) | $200,000 | $205,252 | |
4.25% 3/1/27 | 400,000 | 454,697 | |
Verizon Communications, Inc. 3% 3/22/27 | 78,000 | 84,023 | |
743,972 | |||
Entertainment - 1.0% | |||
The Walt Disney Co. 1.75% 1/13/26 | 306,000 | 314,785 | |
Media - 0.8% | |||
Comcast Corp. 3.95% 10/15/25 | 225,000 | 252,590 | |
TOTAL COMMUNICATION SERVICES | 1,311,347 | ||
CONSUMER DISCRETIONARY - 1.3% | |||
Automobiles - 1.3% | |||
General Motors Financial Co., Inc. 1.05% 3/8/24 | 18,000 | 18,119 | |
Toyota Motor Corp. 3.419% 7/20/23 | 355,000 | 378,151 | |
396,270 | |||
CONSUMER STAPLES - 1.4% | |||
Beverages - 0.3% | |||
Anheuser-Busch InBev Worldwide, Inc. 4.15% 1/23/25 | 88,000 | 98,291 | |
Tobacco - 1.1% | |||
BAT Capital Corp. 4.7% 4/2/27 | 301,000 | 338,973 | |
TOTAL CONSUMER STAPLES | 437,264 | ||
ENERGY - 4.8% | |||
Oil, Gas & Consumable Fuels - 4.8% | |||
Canadian Natural Resources Ltd. 2.05% 7/15/25 | 315,000 | 323,155 | |
ConocoPhillips Co. 4.95% 3/15/26 | 300,000 | 349,482 | |
Energy Transfer LP 4.2% 9/15/23 | 73,000 | 78,229 | |
Exxon Mobil Corp. 2.992% 3/19/25 | 210,000 | 226,715 | |
MPLX LP: | |||
4% 3/15/28 | 60,000 | 66,506 | |
4.5% 7/15/23 | 350,000 | 375,092 | |
Phillips 66 Co. 3.7% 4/6/23 | 118,000 | 124,825 | |
1,544,004 | |||
FINANCIALS - 19.2% | |||
Banks - 14.2% | |||
Bank of America Corp.: | |||
2.816% 7/21/23 (a) | 350,000 | 359,709 | |
3.458% 3/15/25 (a) | 393,000 | 422,726 | |
Citigroup, Inc. 3.106% 4/8/26 (a) | 350,000 | 375,611 | |
Fifth Third Bancorp 3.65% 1/25/24 | 168,000 | 180,931 | |
Huntington Bancshares, Inc. 2.625% 8/6/24 | 450,000 | 476,203 | |
JPMorgan Chase & Co.: | |||
0.824% 6/1/25 (a) | 63,000 | 63,084 | |
2.776% 4/25/23 (a) | 350,000 | 357,809 | |
3.54% 5/1/28 (a) | 350,000 | 385,818 | |
Lloyds Banking Group PLC 2.907% 11/7/23 (a) | 285,000 | 294,912 | |
National Australia Bank Ltd. 2.875% 4/12/23 | 468,000 | 490,138 | |
PNC Financial Services Group, Inc. 3.5% 1/23/24 | 200,000 | 215,521 | |
Royal Bank of Scotland Group PLC 4.269% 3/22/25 (a) | 200,000 | 218,227 | |
Sumitomo Mitsui Financial Group, Inc. 2.696% 7/16/24 | 500,000 | 529,871 | |
Wells Fargo & Co. 2.188% 4/30/26 (a) | 176,000 | 183,514 | |
4,554,074 | |||
Capital Markets - 2.6% | |||
Goldman Sachs Group, Inc. 2.905% 7/24/23 (a) | 350,000 | 359,881 | |
Intercontinental Exchange, Inc. 3.75% 9/21/28 | 125,000 | 139,436 | |
Morgan Stanley 3.591% 7/22/28 (a) | 300,000 | 331,827 | |
831,144 | |||
Consumer Finance - 0.5% | |||
Synchrony Financial 2.85% 7/25/22 | 142,000 | 145,419 | |
Insurance - 1.9% | |||
American International Group, Inc. 2.5% 6/30/25 | 573,000 | 605,846 | |
TOTAL FINANCIALS | 6,136,483 | ||
HEALTH CARE - 1.2% | |||
Health Care Providers & Services - 1.0% | |||
CVS Health Corp. 4.3% 3/25/28 | 281,000 | 321,991 | |
Pharmaceuticals - 0.2% | |||
AstraZeneca Finance LLC 0.7% 5/28/24 | 60,000 | 60,028 | |
TOTAL HEALTH CARE | 382,019 | ||
INDUSTRIALS - 2.5% | |||
Aerospace & Defense - 1.4% | |||
Raytheon Technologies Corp. 3.95% 8/16/25 | 116,000 | 129,499 | |
The Boeing Co. 1.95% 2/1/24 | 307,000 | 315,472 | |
444,971 | |||
Industrial Conglomerates - 0.2% | |||
Roper Technologies, Inc. 1% 9/15/25 | 76,000 | 75,806 | |
Trading Companies & Distributors - 0.9% | |||
Air Lease Corp.: | |||
2.25% 1/15/23 | 175,000 | 179,702 | |
3.25% 3/1/25 | 97,000 | 102,851 | |
282,553 | |||
TOTAL INDUSTRIALS | 803,330 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
Crown Castle International Corp. 3.15% 7/15/23 | 399,000 | 420,525 | |
UTILITIES - 0.7% | |||
Electric Utilities - 0.1% | |||
Eversource Energy 0.8% 8/15/25 | 43,000 | 42,608 | |
Independent Power and Renewable Electricity Producers - 0.6% | |||
Exelon Generation Co. LLC 3.25% 6/1/25 | 178,000 | 191,929 | |
TOTAL UTILITIES | 234,537 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $11,577,663) | 11,665,779 | ||
U.S. Treasury Obligations - 36.1% | |||
U.S. Treasury Notes: | |||
0.125% 7/15/23 | $2,680,800 | $2,678,601 | |
0.25% 5/15/24 | 775,000 | 773,789 | |
0.25% 7/31/25 | 2,250,000 | 2,216,953 | |
0.75% 3/31/26 | 1,278,400 | 1,277,002 | |
1.125% 2/15/31 | 484,200 | 463,546 | |
2% 2/15/25 | 3,391,700 | 3,579,702 | |
2.125% 3/31/24 | 500,000 | 526,074 | |
TOTAL U.S. TREASURY OBLIGATIONS | |||
(Cost $11,485,380) | 11,515,667 | ||
U.S. Government Agency - Mortgage Securities - 15.8% | |||
Fannie Mae - 12.3% | |||
2.5% 7/1/31 | 747,302 | 782,814 | |
3% 8/1/32 | 1,352,106 | 1,428,471 | |
3% 2/1/33 | 125,589 | 132,603 | |
3% 2/1/33 | 904,260 | 955,897 | |
3% 12/1/36 | 601,522 | 635,070 | |
TOTAL FANNIE MAE | 3,934,855 | ||
Freddie Mac - 3.5% | |||
3% 7/1/32 | 944,335 | 997,975 | |
3% 3/1/33 | 118,628 | 125,253 | |
TOTAL FREDDIE MAC | 1,123,228 | ||
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES | |||
(Cost $5,057,388) | 5,058,083 | ||
Asset-Backed Securities - 4.6% | |||
Bank of America Credit Card Master Trust Series 2021-A1 Class A1, 0.44% 9/15/26 | $80,000 | $80,019 | |
CarMax Auto Owner Trust Series 2017-4 Class A3, 2.11% 10/17/22 | 2,037 | 2,038 | |
Ford Credit Auto Owner Trust Series 2021-A Class A3, 0.3% 8/15/25 | 500,000 | 500,306 | |
GM Financial Securitized Term Automobile Receivables Trust 2.32% 7/18/22 | 11,669 | 11,681 | |
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25 | 825,000 | 825,421 | |
Verizon Master Trust Series 2021-1 Class A, 0.5% 5/20/27 | 59,000 | 59,070 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $1,475,143) | 1,478,535 | ||
Commercial Mortgage Securities - 4.9% | |||
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50 | 250,000 | 256,208 | |
GS Mortgage Securities Trust sequential payer: | |||
Series 2015-GC28 Class AAB, 3.206% 2/10/48 | 168,792 | 176,128 | |
Series 2015-GC32 Class AAB, 3.513% 7/10/48 | 498,400 | 527,175 | |
Wells Fargo Commercial Mortgage Trust sequential payer Series 2015-C27 Class ASB, 3.278% 2/15/48 | 576,837 | 605,305 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
(Cost $1,563,624) | 1,564,816 | ||
Bank Notes - 1.6% | |||
Truist Bank 3% 2/2/23 | |||
(Cost $520,329) | 500,000 | 521,637 | |
TOTAL BANK NOTES | |||
(Cost $520,329) | 521,637 | ||
Shares | Value | ||
Money Market Funds - 0.9% | |||
Fidelity Cash Central Fund 0.03% (c)(d)(e) | |||
(Cost $276,772) | 276,717 | 276,772 | |
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $31,956,299) | 32,081,289 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (132,345) | ||
NET ASSETS - 100% | $31,948,944 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) 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.
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(e) Affiliated fund that is 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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $132 |
Total | $132 |
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank notes and U.S. government and government agency obligations are valued by pricing vendors 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, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
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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