NPORT-EX 2 QTLY_6361_20221130.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Education Income Fund
November 30, 2022
EDI-NPRT1-0123
1.9901561.101
Nonconvertible Bonds - 25.7%
 
  
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 1.1%
 
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
AT&T, Inc.:
  
  
  
 1.65% 2/1/28
 
2,750,000
2,360,779
 4.25% 3/1/27
 
400,000
392,695
 4.3% 2/15/30
 
250,000
237,524
Verizon Communications, Inc.:
  
  
  
 2.1% 3/22/28
 
500,000
437,464
 2.355% 3/15/32
 
2,000,000
1,605,460
 3% 3/22/27
 
78,000
73,147
 
  
  
5,107,069
Entertainment - 0.1%
  
  
  
The Walt Disney Co. 1.75% 1/13/26
 
306,000
281,354
Media - 0.3%
  
  
  
Comcast Corp.:
  
  
  
 2.35% 1/15/27
 
500,000
458,496
 3.95% 10/15/25
 
725,000
712,579
Magallanes, Inc.:
  
  
  
 3.755% 3/15/27 (b)
  
1,000,000
911,283
 4.054% 3/15/29 (b)
  
6,000
5,254
 
  
  
2,087,612
Wireless Telecommunication Services - 0.0%
  
  
  
Rogers Communications, Inc. 3.2% 3/15/27 (b)
  
19,000
17,730
TOTAL COMMUNICATION SERVICES
  
  
7,493,765
CONSUMER DISCRETIONARY - 2.0%
 
  
  
Automobiles - 1.1%
  
  
  
Daimler Finance North America LLC:
  
  
  
 0.75% 3/1/24 (b)
  
500,000
473,277
 1.45% 3/2/26 (b)
  
2,500,000
2,234,239
General Motors Financial Co., Inc.:
  
  
  
 1.05% 3/8/24
 
18,000
17,028
 1.25% 1/8/26
 
500,000
438,197
 2.35% 2/26/27
 
3,000,000
2,641,819
Toyota Motor Corp. 3.419% 7/20/23
 
355,000
352,059
Volkswagen Group of America Finance LLC:
  
  
  
 1.25% 11/24/25 (b)
  
1,000,000
895,359
 3.95% 6/6/25 (b)
  
227,000
220,590
 4.35% 6/8/27 (b)
  
200,000
193,552
 
  
  
7,466,120
Multiline Retail - 0.3%
  
  
  
Dollar General Corp. 4.625% 11/1/27
 
2,406,000
2,386,637
Specialty Retail - 0.6%
  
  
  
Lowe's Companies, Inc. 4.4% 9/8/25
 
2,275,000
2,258,840
The Home Depot, Inc. 2.875% 4/15/27
 
2,028,000
1,902,845
 
  
  
4,161,685
TOTAL CONSUMER DISCRETIONARY
  
  
14,014,442
CONSUMER STAPLES - 0.6%
 
  
  
Tobacco - 0.6%
  
  
  
BAT Capital Corp. 4.7% 4/2/27
 
801,000
772,301
BAT International Finance PLC 1.668% 3/25/26
 
2,750,000
2,437,679
Philip Morris International, Inc. 1.5% 5/1/25
 
750,000
693,812
 
  
  
3,903,792
ENERGY - 0.5%
 
  
  
Energy Equipment & Services - 0.0%
  
  
  
Baker Hughes Co.:
  
  
  
 1.231% 12/15/23
 
16,000
15,405
 2.061% 12/15/26
 
15,000
13,508
 
  
  
28,913
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Canadian Natural Resources Ltd. 2.05% 7/15/25
 
315,000
294,004
ConocoPhillips Co. 2.4% 3/7/25
 
30,000
28,519
Enbridge, Inc.:
  
  
  
 2.15% 2/16/24
 
12,000
11,572
 2.5% 2/14/25
 
12,000
11,355
Energy Transfer LP 4.2% 9/15/23
 
73,000
72,467
Exxon Mobil Corp. 2.992% 3/19/25
 
210,000
203,383
MPLX LP:
  
  
  
 1.75% 3/1/26
 
2,000,000
1,785,234
 4% 3/15/28
 
760,000
711,453
 4.5% 7/15/23
 
350,000
347,891
Phillips 66 Co. 3.7% 4/6/23
 
118,000
117,713
 
  
  
3,583,591
TOTAL ENERGY
  
  
3,612,504
FINANCIALS - 18.7%
 
  
  
Banks - 12.5%
  
  
  
Bank of America Corp.:
  
  
  
 1.197% 10/24/26 (c)
  
500,000
443,859
 1.734% 7/22/27 (c)
  
500,000
438,113
 2.456% 10/22/25 (c)
  
500,000
470,455
 2.551% 2/4/28 (c)
  
850,000
760,418
 2.651% 3/11/32 (c)
  
2,750,000
2,230,888
 3.004% 12/20/23 (c)
  
500,000
499,414
 3.458% 3/15/25 (c)
  
393,000
382,572
 4.827% 7/22/26 (c)
  
2,500,000
2,467,360
 4.948% 7/22/28 (c)
  
3,750,000
3,676,055
Banque Federative du Credit Mutuel SA 4.524% 7/13/25 (b)
  
449,000
441,774
Barclays PLC:
  
  
  
 1.007% 12/10/24 (c)
  
750,000
709,229
 2.279% 11/24/27 (c)
  
1,300,000
1,118,149
 2.852% 5/7/26 (c)
  
750,000
691,511
 5.304% 8/9/26 (c)
  
2,500,000
2,458,501
BNP Paribas SA U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d)
  
750,000
651,447
Canadian Imperial Bank of Commerce:
  
  
  
 3.45% 4/7/27
 
1,150,000
1,083,193
 3.945% 8/4/25
 
495,000
481,527
Citigroup, Inc.:
  
  
  
 1.122% 1/28/27 (c)
  
3,000,000
2,616,863
 3.07% 2/24/28 (c)
  
3,000,000
2,725,917
 3.106% 4/8/26 (c)
  
1,100,000
1,043,381
 4.14% 5/24/25 (c)
  
2,500,000
2,453,604
 4.4% 6/10/25
 
250,000
245,868
DNB Bank ASA:
  
  
  
 0.856% 9/30/25 (b)(c)
  
2,500,000
2,294,318
 1.605% 3/30/28 (b)(c)
  
2,250,000
1,913,045
Fifth Third Bancorp 3.65% 1/25/24
 
168,000
165,366
HSBC Holdings PLC:
  
  
  
 1.589% 5/24/27 (c)
  
550,000
471,242
 2.251% 11/22/27 (c)
  
1,300,000
1,120,535
 3.803% 3/11/25 (c)
  
2,250,000
2,179,101
 3.95% 5/18/24 (c)
  
750,000
741,213
 5.21% 8/11/28 (c)
  
2,827,000
2,727,995
Huntington Bancshares, Inc.:
  
  
  
 2.625% 8/6/24
 
450,000
430,940
 4.443% 8/4/28 (c)
  
2,261,000
2,147,148
Huntington National Bank 5.699% 11/18/25 (c)
  
1,490,000
1,492,389
JPMorgan Chase & Co.:
  
  
  
 0.697% 3/16/24 (c)
  
500,000
492,734
 0.824% 6/1/25 (c)
  
63,000
58,589
 1.47% 9/22/27 (c)
  
3,080,000
2,673,474
 2.083% 4/22/26 (c)
  
500,000
464,507
 2.58% 4/22/32 (c)
  
3,000,000
2,431,442
 2.947% 2/24/28 (c)
  
3,318,000
3,018,071
 3.54% 5/1/28 (c)
  
350,000
325,169
 4.851% 7/25/28 (c)
  
3,750,000
3,671,627
KeyBank NA 4.15% 8/8/25
 
250,000
244,608
KeyCorp 3.878% 5/23/25 (c)
  
177,000
173,550
Mitsubishi UFJ Financial Group, Inc.:
  
  
  
 0.848% 9/15/24 (c)
  
750,000
721,007
 0.953% 7/19/25 (c)
  
750,000
695,559
 1.64% 10/13/27 (c)
  
1,300,000
1,123,610
Mizuho Financial Group, Inc.:
  
  
  
 0.849% 9/8/24 (c)
  
500,000
480,338
 1.234% 5/22/27 (c)
  
2,050,000
1,773,340
 2.651% 5/22/26 (c)
  
500,000
463,270
National Australia Bank Ltd. 2.875% 4/12/23
 
468,000
464,953
NatWest Group PLC:
  
  
  
 1.642% 6/14/27 (c)
  
3,300,000
2,825,240
 4.269% 3/22/25 (c)
  
200,000
194,607
PNC Financial Services Group, Inc.:
  
  
  
 3.5% 1/23/24
 
200,000
196,922
 5.354% 12/2/28 (c)
  
1,020,000
1,027,565
Rabobank Nederland 1.98% 12/15/27 (b)(c)
  
3,050,000
2,641,770
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)
  
773,000
670,814
Societe Generale:
  
  
  
 2.226% 1/21/26 (b)(c)
  
2,500,000
2,289,232
 2.797% 1/19/28 (b)(c)
  
950,000
824,110
Sumitomo Mitsui Financial Group, Inc.:
  
  
  
 1.402% 9/17/26
 
750,000
652,154
 1.474% 7/8/25
 
2,500,000
2,279,165
 2.696% 7/16/24
 
500,000
478,976
The Toronto-Dominion Bank 2.8% 3/10/27
 
64,000
58,758
Truist Financial Corp. 4.26% 7/28/26 (c)
  
2,960,000
2,906,061
Wells Fargo & Co.:
  
  
  
 1.654% 6/2/24 (c)
  
750,000
736,441
 2.164% 2/11/26 (c)
  
750,000
699,235
 2.188% 4/30/26 (c)
  
2,676,000
2,492,412
 3.526% 3/24/28 (c)
  
3,288,000
3,054,210
 4.808% 7/25/28 (c)
  
1,250,000
1,220,840
 
  
  
88,297,750
Capital Markets - 4.2%
  
  
  
Credit Suisse Group AG:
  
  
  
 1.305% 2/2/27 (b)(c)
  
1,300,000
1,022,294
 2.593% 9/11/25 (b)(c)
  
2,500,000
2,214,722
 3.091% 5/14/32 (b)(c)
  
250,000
170,316
 6.373% 7/15/26 (b)(c)
  
300,000
278,210
Deutsche Bank AG New York Branch:
  
  
  
 2.129% 11/24/26 (c)
  
750,000
656,422
 2.311% 11/16/27 (c)
  
3,300,000
2,756,498
Goldman Sachs Group, Inc.:
  
  
  
 1.757% 1/24/25 (c)
  
500,000
476,607
 2.64% 2/24/28 (c)
  
2,563,000
2,286,547
 4.482% 8/23/28 (c)
  
2,500,000
2,400,109
Intercontinental Exchange, Inc.:
  
  
  
 3.65% 5/23/25
 
314,000
307,790
 3.75% 9/21/28
 
125,000
118,639
 4% 9/15/27
 
1,981,000
1,940,921
 4.35% 6/15/29
 
2,500,000
2,464,039
Moody's Corp. 3.75% 3/24/25
 
750,000
730,828
Morgan Stanley:
  
  
  
 0.79% 5/30/25 (c)
  
750,000
694,938
 2.188% 4/28/26 (c)
  
750,000
697,643
 2.239% 7/21/32 (c)
  
2,750,000
2,144,612
 3.591% 7/22/28 (c)
  
1,050,000
969,175
 3.737% 4/24/24 (c)
  
500,000
496,547
 4.679% 7/17/26 (c)
  
1,842,000
1,821,044
S&P Global, Inc. 2.45% 3/1/27 (b)
  
2,814,000
2,587,709
UBS Group AG 4.703% 8/5/27 (b)(c)
  
2,500,000
2,418,160
 
  
  
29,653,770
Consumer Finance - 1.1%
  
  
  
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 2.45% 10/29/26
 
700,000
615,507
American Express Co.:
  
  
  
 2.25% 3/4/25
 
35,000
33,064
 2.55% 3/4/27
 
54,000
49,045
Capital One Financial Corp.:
  
  
  
 1.343% 12/6/24 (c)
  
850,000
810,997
 1.878% 11/2/27 (c)
  
3,400,000
2,950,426
 4.985% 7/24/26 (c)
  
2,701,000
2,677,414
Hyundai Capital America 1% 9/17/24 (b)
  
74,000
67,961
John Deere Capital Corp. 3.4% 6/6/25
 
355,000
346,346
 
  
  
7,550,760
Diversified Financial Services - 0.6%
  
  
  
Athene Global Funding:
  
  
  
 1.716% 1/7/25 (b)
  
600,000
555,696
 1.73% 10/2/26 (b)
  
573,000
494,143
Corebridge Financial, Inc.:
  
  
  
 3.5% 4/4/25 (b)
  
508,000
486,471
 3.65% 4/5/27 (b)
  
2,762,000
2,585,386
 
  
  
4,121,696
Insurance - 0.3%
  
  
  
American International Group, Inc. 2.5% 6/30/25
 
383,000
361,637
Equitable Financial Life Global Funding:
  
  
  
 1.1% 11/12/24 (b)
  
500,000
461,563
 1.4% 8/27/27 (b)
  
700,000
588,581
 1.7% 11/12/26 (b)
  
799,000
703,133
MassMutual Global Funding II 4.15% 8/26/25 (b)
  
463,000
454,468
RGA Global Funding 2% 11/30/26 (b)
  
30,000
26,616
 
  
  
2,595,998
TOTAL FINANCIALS
  
  
132,219,974
HEALTH CARE - 0.4%
 
  
  
Health Care Providers & Services - 0.4%
  
  
  
CVS Health Corp. 4.3% 3/25/28
 
110,000
106,933
Humana, Inc. 3.7% 3/23/29
 
2,500,000
2,302,179
UnitedHealth Group, Inc. 3.7% 5/15/27
 
399,000
386,736
 
  
  
2,795,848
Pharmaceuticals - 0.0%
  
  
  
AstraZeneca Finance LLC 0.7% 5/28/24
 
60,000
56,487
TOTAL HEALTH CARE
  
  
2,852,335
INDUSTRIALS - 0.8%
 
  
  
Aerospace & Defense - 0.1%
  
  
  
Raytheon Technologies Corp. 3.95% 8/16/25
 
116,000
114,075
The Boeing Co.:
  
  
  
 1.95% 2/1/24
 
307,000
295,364
 5.04% 5/1/27
 
500,000
495,149
 
  
  
904,588
Machinery - 0.2%
  
  
  
Daimler Trucks Finance North America LLC 2% 12/14/26 (b)
  
500,000
438,465
Parker Hannifin Corp.:
  
  
  
 3.65% 6/15/24
 
440,000
430,111
 4.25% 9/15/27
 
217,000
210,452
 
  
  
1,079,028
Road & Rail - 0.2%
  
  
  
Canadian Pacific Railway Co. 1.75% 12/2/26
 
1,517,000
1,355,687
Trading Companies & Distributors - 0.3%
  
  
  
Air Lease Corp.:
  
  
  
 2.2% 1/15/27
 
2,530,000
2,207,401
 2.25% 1/15/23
 
175,000
174,184
 3.25% 3/1/25
 
97,000
91,948
 
  
  
2,473,533
TOTAL INDUSTRIALS
  
  
5,812,836
INFORMATION TECHNOLOGY - 0.3%
 
  
  
Software - 0.3%
  
  
  
Roper Technologies, Inc.:
  
  
  
 1% 9/15/25
 
2,076,000
1,867,393
 1.75% 2/15/31
 
750,000
581,972
 
  
  
2,449,365
REAL ESTATE - 0.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.3%
  
  
  
Crown Castle International Corp. 3.15% 7/15/23
 
399,000
394,394
Ventas Realty LP 2.65% 1/15/25
 
2,000,000
1,888,182
 
  
  
2,282,576
UTILITIES - 1.0%
 
  
  
Electric Utilities - 0.8%
  
  
  
Alabama Power Co. 3.05% 3/15/32
 
2,526,000
2,198,405
Duke Energy Corp. 4.3% 3/15/28
 
1,341,000
1,292,345
Eversource Energy 0.8% 8/15/25
 
43,000
38,342
Exelon Corp. 2.75% 3/15/27 (b)
  
1,006,000
927,269
Southern Co. 3.25% 7/1/26
 
500,000
474,861
Virginia Electric & Power Co. 2.4% 3/30/32
 
500,000
408,470
 
  
  
5,339,692
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Exelon Generation Co. LLC 3.25% 6/1/25
 
178,000
170,883
Multi-Utilities - 0.2%
  
  
  
NiSource, Inc. 0.95% 8/15/25
 
1,500,000
1,352,578
Sempra Energy 3.3% 4/1/25
 
28,000
27,012
 
  
  
1,379,590
TOTAL UTILITIES
  
  
6,890,165
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $185,528,978)
  
  
  
181,531,754
 
  
  
  
U.S. Treasury Obligations - 65.8%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Notes:
  
  
  
 0.125% 8/15/23
 
59,733,800
57,818,119
 0.625% 7/31/26
 
223,300
197,821
 0.75% 3/31/26
 
28,048,900
25,223,192
 1.75% 3/15/25
 
82,950,100
78,471,587
 2.25% 4/30/24
 
49,000
47,413
 2.5% 4/30/24
 
31,681,900
30,768,570
 2.5% 3/31/27
 
678,700
640,921
 2.625% 4/15/25
 
57,349,000
55,256,657
 2.75% 4/30/27
 
16,773,900
16,003,349
 2.75% 7/31/27
 
500,000
476,406
 2.75% 8/15/32
 
7,291,700
6,753,937
 2.875% 4/30/29
 
19,656,500
18,627,605
 3.125% 8/15/25
 
66,297,000
64,580,011
 3.5% 9/15/25
 
21,279,200
20,936,738
 3.875% 11/30/27
 
9,100,000
9,134,125
 4.125% 9/30/27
 
7,162,000
7,249,287
 4.125% 10/31/27
 
50,177,900
50,816,884
 4.5% 11/15/25
 
21,200,000
21,438,500
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $469,191,910)
  
  
464,441,122
 
  
  
  
U.S. Government Agency - Mortgage Securities - 1.1%
 
  
Principal
Amount (a)
 
Value ($)
 
Fannie Mae - 1.0%
 
  
  
2.5% 7/1/31 to 11/1/36
 
1,413,137
1,320,989
3% 8/1/32 to 12/1/36
 
5,691,877
5,403,671
TOTAL FANNIE MAE
  
  
6,724,660
Freddie Mac - 0.1%
 
  
  
3% 7/1/32 to 10/1/35
 
729,523
696,492
 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
 (Cost $7,537,193)
  
  
  
7,421,152
 
  
  
  
Asset-Backed Securities - 3.3%
 
  
Principal
Amount (a)
 
Value ($)
 
American Express Credit Account Master Trust:
  
  
  
 Series 2021-1 Class A, 0.9% 11/15/26
 
100,000
92,406
 Series 2022-2 Class A, 3.39% 5/15/27
 
600,000
579,335
 Series 2022-3 Class A, 3.75% 8/15/27
 
3,570,000
3,470,449
 Series 2022-4 Class A, 4.95% 10/15/27
 
1,122,000
1,126,387
Bank of America Credit Card Master Trust:
  
  
  
 Series 2021-A1 Class A1, 0.44% 9/15/26
 
80,000
74,975
 Series 2022-A1 Class A1, 3.53% 11/15/27
 
2,624,000
2,540,225
 Series 2022-A2 Class A2, 5% 4/17/28
 
1,294,000
1,295,545
Capital One Multi-Asset Execution Trust:
  
  
  
 Series 2021-A3 Class A3, 1.04% 11/15/26
 
97,000
89,863
 Series 2022-A1 Class A1, 2.8% 3/15/27
 
148,000
141,302
 Series 2022-A2 Class A, 3.49% 5/15/27
 
5,671,000
5,477,756
 Series 2022-A3 Class A, 4.95% 10/15/27
 
1,603,000
1,608,234
Chase Issuance Trust Series 2022-A1 Class A, 3.97% 9/15/27
 
560,000
547,619
Discover Card Execution Note Trust:
  
  
  
 Series 2021-A1 Class A1, 0.58% 9/15/26
 
80,000
74,122
 Series 2022-A1 Class A1, 1.96% 2/15/27
 
49,000
46,114
 Series 2022-A2 Class A, 3.32% 5/15/27
 
540,000
521,134
 Series 2022-A3 Class A3, 3.56% 7/15/27
 
2,540,000
2,435,471
 Series 2022-A4 Class A, 5.03% 10/15/27
 
1,613,000
1,618,532
Ford Credit Auto Owner Trust:
  
  
  
 Series 2019-1 Class A, 3.52% 7/15/30 (b)
  
320,000
312,378
 Series 2021-A Class A3, 0.3% 8/15/25
 
407,967
395,503
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25
 
622,427
602,122
Verizon Master Trust:
  
  
  
 Series 2021-1 Class A, 0.5% 5/20/27
 
59,000
55,036
 Series 2021-2 Class A, 0.99% 4/20/28
 
90,000
83,350
 Series 2022-5 Class A1A, 3.72% 7/20/27
 
277,000
271,776
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $23,854,330)
  
  
23,459,634
 
  
  
  
Collateralized Mortgage Obligations - 0.1%
 
  
Principal
Amount (a)
 
Value ($)
 
Private Sponsor - 0.1%
 
  
  
CSAIL Commercial Mortgage Trust Series 2015-C2 Class ASB, 3.2241% 6/15/57
  (Cost $584,059)
  
585,260
569,091
 
  
  
  
Commercial Mortgage Securities - 2.6%
 
  
Principal
Amount (a)
 
Value ($)
 
BANK sequential payer Series 2017-BNK9 Class ASB, 3.47% 11/15/54
 
3,308,000
3,156,769
BX Commercial Mortgage Trust floater:
  
  
  
 Series 2021-PAC Class A, 1 month U.S. LIBOR + 0.680% 4.5651% 10/15/36 (b)(c)(d)
  
100,000
95,426
 Series 2022-LP2 Class A, CME Term SOFR 1 Month Index + 1.010% 4.8072% 2/15/39 (b)(c)(d)
  
93,383
89,582
BX Trust:
  
  
  
 floater:
 
  
  
Series 2021-ACNT Class A, 1 month U.S. LIBOR + 0.850% 4.726% 11/15/38 (b)(c)(d)
 
  
100,000
95,891
Series 2021-BXMF Class A, 1 month U.S. LIBOR + 0.630% 4.5109% 10/15/26 (b)(c)(d)
 
  
100,000
94,875
Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 5.9593% 10/15/39 (b)(c)(d)
 
  
17,000
16,925
 floater, sequential payer Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 4.8287% 10/15/36 (b)(c)(d)
  
1,586,395
1,558,444
CD Mortgage Trust sequential payer Series 2017-CD5 Class AAB, 3.22% 8/15/50
 
655,290
618,047
Credit Suisse Mortgage Trust floater Series 2019-ICE4 Class A, 1 month U.S. LIBOR + 0.980% 4.855% 5/15/36 (b)(c)(d)
  
3,120,000
3,079,717
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50
 
29,384
29,319
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 4.577% 11/15/38 (b)(c)(d)
  
770,000
734,540
GS Mortgage Securities Trust sequential payer:
  
  
  
 Series 2015-GC28 Class AAB, 3.206% 2/10/48
 
97,969
95,194
 Series 2015-GC32 Class AAB, 3.513% 7/10/48
 
318,761
308,841
 Series 2016-GS2 Class AAB, 2.922% 5/10/49
 
692,159
662,568
 Series 2017-GS7 Class AAB, 3.203% 8/10/50
 
2,529,577
2,401,360
JPMorgan Chase Commercial Mortgage Securities Trust sequential payer Series 2019-COR4 Class ASB, 3.9381% 3/10/52
 
1,000,000
950,420
Life Financial Services Trust floater Series 2022-BMR2 Class A1, CME Term SOFR 1 Month Index + 1.290% 5.0895% 5/15/39 (b)(c)(d)
  
445,000
431,616
MSCCG Trust floater Series 2018-SELF Class A, 1 month U.S. LIBOR + 0.900% 4.773% 10/15/37 (b)(c)(d)
  
1,919,130
1,869,718
SREIT Trust floater Series 2021-MFP Class A, 1 month U.S. LIBOR + 0.730% 4.6061% 11/15/38 (b)(c)(d)
  
200,000
191,103
Wells Fargo Commercial Mortgage Trust sequential payer:
  
  
  
 Series 2015-C27 Class ASB, 3.278% 2/15/48
 
329,085
319,032
 Series 2019-C50 Class ASB, 3.635% 5/15/52
 
1,000,000
940,235
WF-RBS Commercial Mortgage Trust sequential payer Series 2014-C20 Class ASB, 3.638% 5/15/47
 
571,456
562,388
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $18,555,086)
  
  
18,302,010
 
  
  
  
Bank Notes - 0.1%
 
  
Principal
Amount (a)
 
Value ($)
 
Truist Bank 3% 2/2/23
 
 (Cost $501,117)
 
  
500,000
498,348
 
  
  
  
Money Market Funds - 1.0%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 3.86% (e)
 
 (Cost $6,991,385)
 
  
6,989,987
6,991,385
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $712,744,058)
 
  
 
703,214,496
NET OTHER ASSETS (LIABILITIES) - 0.3%  
2,359,369
NET ASSETS - 100.0%
705,573,865
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
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 $41,058,358 or 5.8% of net assets.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(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 3.86%
4,178,473
472,282,890
469,469,978
67,506
-
-
6,991,385
0.0%
Total
4,178,473
472,282,890
469,469,978
67,506
-
-
6,991,385
  
 
  
  
  
  
  
  
  
  
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. 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. U.S. Government Agency - Mortgage Securities, Asset-Backed Securities, Collateralized Mortgage Obligations and Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.