NPORT-EX 2 QTLY_6361_20211130.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity® Education Income Fund
November 30, 2021
EDI-NPRT1-0122
1.9901561.100
Nonconvertible Bonds - 31.1%
 
  
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 3.4%
 
  
  
Diversified Telecommunication Services - 1.6%
  
  
  
AT&T, Inc. 4.25% 3/1/27
 
400,000
442,544
Verizon Communications, Inc. 3% 3/22/27
 
78,000
82,359
 
  
  
524,903
Entertainment - 1.0%
  
  
  
The Walt Disney Co. 1.75% 1/13/26
 
306,000
308,364
Media - 0.8%
  
  
  
Comcast Corp. 3.95% 10/15/25
 
225,000
245,315
TOTAL COMMUNICATION SERVICES
  
  
1,078,582
CONSUMER DISCRETIONARY - 1.2%
 
  
  
Automobiles - 1.2%
  
  
  
General Motors Financial Co., Inc. 1.05% 3/8/24
 
18,000
17,884
Toyota Motor Corp. 3.419% 7/20/23
 
355,000
371,087
 
  
  
388,971
CONSUMER STAPLES - 1.0%
 
  
  
Tobacco - 1.0%
  
  
  
BAT Capital Corp. 4.7% 4/2/27
 
301,000
332,061
ENERGY - 4.8%
 
  
  
Oil, Gas & Consumable Fuels - 4.8%
  
  
  
Canadian Natural Resources Ltd. 2.05% 7/15/25
 
315,000
318,321
ConocoPhillips Co. 4.95% 3/15/26
 
300,000
339,013
Energy Transfer LP 4.2% 9/15/23
 
73,000
76,497
Exxon Mobil Corp. 2.992% 3/19/25
 
210,000
221,173
MPLX LP:
  
  
  
 4% 3/15/28
 
60,000
65,212
 4.5% 7/15/23
 
350,000
365,981
Phillips 66 Co. 3.7% 4/6/23
 
118,000
122,340
 
  
  
1,508,537
FINANCIALS - 15.5%
 
  
  
Banks - 11.2%
  
  
  
Bank of America Corp. 3.458% 3/15/25 (b)
  
393,000
411,637
Citigroup, Inc. 3.106% 4/8/26 (b)
  
350,000
366,901
Fifth Third Bancorp 3.65% 1/25/24
 
168,000
176,704
Huntington Bancshares, Inc. 2.625% 8/6/24
 
450,000
465,495
JPMorgan Chase & Co.:
  
  
  
 0.824% 6/1/25 (b)
  
63,000
62,248
 1.47% 9/22/27 (b)
  
80,000
78,469
 3.54% 5/1/28 (b)
  
350,000
375,750
National Australia Bank Ltd. 2.875% 4/12/23
 
468,000
482,649
NatWest Group PLC 4.269% 3/22/25 (b)
  
200,000
212,624
PNC Financial Services Group, Inc. 3.5% 1/23/24
 
200,000
210,061
Sumitomo Mitsui Financial Group, Inc. 2.696% 7/16/24
 
500,000
518,796
Wells Fargo & Co. 2.188% 4/30/26 (b)
  
176,000
179,714
 
  
  
3,541,048
Capital Markets - 1.5%
  
  
  
Intercontinental Exchange, Inc. 3.75% 9/21/28
 
125,000
137,762
Morgan Stanley 3.591% 7/22/28 (b)
  
300,000
322,733
 
  
  
460,495
Consumer Finance - 0.5%
  
  
  
Capital One Financial Corp. 1.878% 11/2/27 (b)
  
100,000
99,444
Hyundai Capital America 1% 9/17/24 (c)
  
74,000
73,023
 
  
  
172,467
Diversified Financial Services - 0.2%
  
  
  
Athene Global Funding 1.73% 10/2/26 (c)
  
73,000
71,621
Insurance - 2.1%
  
  
  
American International Group, Inc. 2.5% 6/30/25
 
573,000
592,891
Equitable Financial Life Global Funding 1.7% 11/12/26 (c)
  
49,000
48,550
RGA Global Funding 2% 11/30/26 (c)
  
30,000
30,167
 
  
  
671,608
TOTAL FINANCIALS
  
  
4,917,239
HEALTH CARE - 0.6%
 
  
  
Health Care Providers & Services - 0.4%
  
  
  
CVS Health Corp. 4.3% 3/25/28
 
110,000
123,857
Pharmaceuticals - 0.2%
  
  
  
AstraZeneca Finance LLC 0.7% 5/28/24
 
60,000
59,393
TOTAL HEALTH CARE
  
  
183,250
INDUSTRIALS - 2.6%
 
  
  
Aerospace & Defense - 1.4%
  
  
  
Raytheon Technologies Corp. 3.95% 8/16/25
 
116,000
125,745
The Boeing Co. 1.95% 2/1/24
 
307,000
311,249
 
  
  
436,994
Industrial Conglomerates - 0.2%
  
  
  
Roper Technologies, Inc. 1% 9/15/25
 
76,000
74,222
Road & Rail - 0.1%
  
  
  
Canadian Pacific Railway Co. 1.75% 12/2/26 (d)
  
17,000
17,010
Trading Companies & Distributors - 0.9%
  
  
  
Air Lease Corp.:
  
  
  
 2.25% 1/15/23
 
175,000
177,715
 3.25% 3/1/25
 
97,000
101,051
 
  
  
278,766
TOTAL INDUSTRIALS
  
  
806,992
REAL ESTATE - 1.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 1.3%
  
  
  
Crown Castle International Corp. 3.15% 7/15/23
 
399,000
412,594
UTILITIES - 0.7%
 
  
  
Electric Utilities - 0.1%
  
  
  
Eversource Energy 0.8% 8/15/25
 
43,000
41,909
Independent Power and Renewable Electricity Producers - 0.6%
  
  
  
Exelon Generation Co. LLC 3.25% 6/1/25
 
178,000
187,066
TOTAL UTILITIES
  
  
228,975
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $9,909,498)
  
  
  
9,857,201
 
  
  
  
U.S. Treasury Obligations - 38.5%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Notes:
  
  
  
 0.125% 8/15/23
 
2,019,900
2,008,301
 0.25% 5/15/24
 
952,900
942,292
 0.25% 7/31/25
 
1,350,000
1,313,561
 0.625% 10/15/24
 
1,500,000
1,492,500
 0.75% 3/31/26
 
3,447,400
3,395,818
 1.125% 10/31/26
 
1,500,000
1,497,891
 1.25% 9/30/28
 
200,000
198,531
 1.375% 11/30/28
 
250,000
252,188
 1.375% 11/15/31
 
637,000
633,118
 2% 2/15/25
 
391,700
405,256
 2.125% 3/31/24
 
50,700
52,413
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $12,266,532)
  
  
12,191,869
 
  
  
  
U.S. Government Agency - Mortgage Securities - 12.8%
 
  
Principal
Amount (a)
 
Value ($)
 
Fannie Mae - 10.0%
 
  
  
2.5% 7/1/31
 
630,738
655,329
3% 8/1/32
 
1,056,070
1,108,074
3% 2/1/33
 
122,631
128,669
3% 2/1/33
 
743,901
780,766
3% 12/1/36
 
476,162
500,358
TOTAL FANNIE MAE
  
  
3,173,196
Freddie Mac - 2.8%
 
  
  
3% 7/1/32
 
743,406
780,275
3% 3/1/33
 
96,247
100,957
TOTAL FREDDIE MAC
  
  
881,232
 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
 (Cost $4,073,512)
  
  
  
4,054,428
 
  
  
  
Asset-Backed Securities - 5.8%
 
  
Principal
Amount (a)
 
Value ($)
 
American Express Credit Account Master Trust Series 2021-1 Class A, 0.9% 11/16/26
 
100,000
99,557
Bank of America Credit Card Master Trust Series 2021-A1 Class A1, 0.44% 9/15/26
 
80,000
79,012
Capital One Multi-Asset Execution Trust Series 2021-A3 Class A3, 1.04% 11/16/26
 
97,000
96,996
Discover Card Execution Note Trust Series 2021-A1 Class A1, 0.58% 9/15/26
 
80,000
78,971
Ford Credit Auto Owner Trust Series 2021-A Class A3, 0.3% 8/15/25
 
500,000
497,087
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25
 
825,000
820,666
Verizon Master Trust:
  
  
  
 Series 2021-1 Class A, 0.5% 5/20/27
 
59,000
58,384
 Series 2021-2 Class A, 0.99% 4/20/28
 
90,000
89,735
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $1,828,666)
  
  
1,820,408
 
  
  
  
Commercial Mortgage Securities - 5.9%
 
  
Principal
Amount (a)
 
Value ($)
 
BX Commercial Mortgage Trust floater Series 2021-PAC Class A, 1 month U.S. LIBOR + 0.680% 0.7791% 10/15/36 (b)(c)(e)
  
100,000
99,719
BX Trust floater:
  
  
  
 Series 2021-ACNT Class A, 1 month U.S. LIBOR + 0.850% 0.95% 11/15/26 (b)(c)(e)
  
100,000
99,751
 Series 2021-BXMF Class A, 1 month U.S. LIBOR + 0.630% 0.7259% 10/15/26 (b)(c)(e)
  
100,000
99,223
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50
 
250,000
252,943
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 0.801% 11/15/38 (b)(c)(e)
  
100,000
99,531
GS Mortgage Securities Trust sequential payer:
  
  
  
 Series 2015-GC28 Class AAB, 3.206% 2/10/48
 
146,596
151,283
 Series 2015-GC32 Class AAB, 3.513% 7/10/48
 
447,148
465,046
SREIT Trust floater Series 2021-MFP Class A, 1 month U.S. LIBOR + 0.730% 0.8308% 11/15/38 (b)(c)(e)
  
100,000
99,427
Wells Fargo Commercial Mortgage Trust sequential payer Series 2015-C27 Class ASB, 3.278% 2/15/48
 
485,167
501,807
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $1,887,331)
  
  
1,868,730
 
  
  
  
Bank Notes - 1.6%
 
  
Principal
Amount (a)
 
Value ($)
 
Truist Bank 3% 2/2/23
 
 (Cost $513,938)
 
  
500,000
512,420
 
  
  
  
Money Market Funds - 2.8%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.06% (f)
 
 (Cost $880,863)
 
  
880,686
880,863
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.5%
 (Cost $31,360,340)
 
  
 
31,185,919
NET OTHER ASSETS (LIABILITIES) - 1.5%  
469,091
NET ASSETS - 100.0%
31,655,010
 
  
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)
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 $721,012 or 2.3% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(f)
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 0.06%
950,803
2,256,363
2,326,303
68
-
-
880,863
0.0%
Fidelity Securities Lending Cash Central Fund 0.07%
-
443,085
443,085
-
-
-
-
0.0%
Total
950,803
2,699,448
2,769,388
68
-
-
880,863
  
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
 
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 Fund's 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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
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)
 
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 vendors or from brokers who make markets in such securities. Nonconvertible Bonds, U.S. Treasury Obligations and Bank Notes 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. U.S. Government Agency - Mortgage Securities, Asset-Backed Securities and Commercial 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 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 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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