NPORT-EX 2 QTLY_6361_20230531.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Education Income Fund
May 31, 2023
EDI-NPRT3-0723
1.9901560.102
Nonconvertible Bonds - 24.8%
 
  
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 1.0%
 
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
AT&T, Inc.:
  
  
  
 1.65% 2/1/28
 
2,750,000
2,381,457
 4.25% 3/1/27
 
400,000
392,824
 4.3% 2/15/30
 
250,000
239,258
Verizon Communications, Inc.:
  
  
  
 2.1% 3/22/28
 
500,000
441,285
 2.355% 3/15/32
 
2,000,000
1,612,934
 3% 3/22/27
 
78,000
73,482
 
  
  
5,141,240
Entertainment - 0.0%
  
  
  
The Walt Disney Co. 1.75% 1/13/26
 
306,000
285,005
Media - 0.3%
  
  
  
Comcast Corp.:
  
  
  
 2.35% 1/15/27
 
500,000
462,713
 3.95% 10/15/25
 
725,000
712,578
Magallanes, Inc.:
  
  
  
 3.755% 3/15/27
 
1,000,000
937,131
 4.054% 3/15/29
 
6,000
5,482
 
  
  
2,117,904
Wireless Telecommunication Services - 0.0%
  
  
  
Rogers Communications, Inc. 3.2% 3/15/27 (b)
  
19,000
17,688
TOTAL COMMUNICATION SERVICES
  
  
7,561,837
CONSUMER DISCRETIONARY - 1.6%
 
  
  
Automobiles - 1.0%
  
  
  
Daimler Finance North America LLC:
  
  
  
 0.75% 3/1/24 (b)
  
500,000
482,517
 1.45% 3/2/26 (b)
  
2,500,000
2,282,609
General Motors Financial Co., Inc.:
  
  
  
 1.05% 3/8/24
 
18,000
17,406
 1.25% 1/8/26
 
500,000
448,955
 2.35% 2/26/27
 
3,000,000
2,682,571
Toyota Motor Corp. 3.419% 7/20/23
 
355,000
354,148
Volkswagen Group of America Finance LLC:
  
  
  
 1.25% 11/24/25 (b)
  
1,000,000
904,398
 3.95% 6/6/25 (b)
  
227,000
220,858
 4.35% 6/8/27 (b)
  
200,000
194,576
 
  
  
7,588,038
Specialty Retail - 0.6%
  
  
  
Lowe's Companies, Inc.:
  
  
  
 4.4% 9/8/25
 
2,275,000
2,251,182
 4.8% 4/1/26
 
261,000
260,374
The Home Depot, Inc. 2.875% 4/15/27
 
2,028,000
1,922,892
 
  
  
4,434,448
TOTAL CONSUMER DISCRETIONARY
  
  
12,022,486
CONSUMER STAPLES - 1.1%
 
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Dollar General Corp. 4.625% 11/1/27
 
2,406,000
2,389,184
Personal Care Products - 0.3%
  
  
  
Kenvue, Inc.:
  
  
  
 5.05% 3/22/28 (b)
  
1,262,000
1,289,009
 5.35% 3/22/26 (b)
  
598,000
607,814
 
  
  
1,896,823
Tobacco - 0.5%
  
  
  
BAT Capital Corp. 4.7% 4/2/27
 
801,000
781,451
BAT International Finance PLC 1.668% 3/25/26
 
2,750,000
2,478,318
Philip Morris International, Inc. 1.5% 5/1/25
 
750,000
702,224
 
  
  
3,961,993
TOTAL CONSUMER STAPLES
  
  
8,248,000
ENERGY - 0.4%
 
  
  
Energy Equipment & Services - 0.0%
  
  
  
Baker Hughes Co.:
  
  
  
 1.231% 12/15/23
 
16,000
15,656
 2.061% 12/15/26
 
15,000
13,615
 
  
  
29,271
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Canadian Natural Resources Ltd. 2.05% 7/15/25
 
315,000
295,788
ConocoPhillips Co. 2.4% 3/7/25
 
4,000
3,837
Enbridge, Inc.:
  
  
  
 2.15% 2/16/24
 
12,000
11,691
 2.5% 2/14/25
 
12,000
11,432
Energy Transfer LP 4.2% 9/15/23
 
73,000
72,622
Exxon Mobil Corp. 2.992% 3/19/25
 
210,000
203,649
MPLX LP:
  
  
  
 1.75% 3/1/26
 
2,000,000
1,823,374
 4% 3/15/28
 
760,000
721,799
 
  
  
3,144,192
TOTAL ENERGY
  
  
3,173,463
FINANCIALS - 17.7%
 
  
  
Financial Services - 0.6%
  
  
  
Athene Global Funding:
  
  
  
 1.716% 1/7/25 (b)
  
600,000
556,605
 1.73% 10/2/26 (b)
  
573,000
493,366
Corebridge Financial, Inc.:
  
  
  
 3.5% 4/4/25
 
508,000
484,939
 3.65% 4/5/27
 
2,762,000
2,584,301
 
  
  
4,119,211
Banks - 11.8%
  
  
  
Bank of America Corp.:
  
  
  
 1.197% 10/24/26 (c)
  
500,000
450,658
 1.734% 7/22/27 (c)
  
500,000
445,901
 2.456% 10/22/25 (c)
  
500,000
476,996
 2.551% 2/4/28 (c)
  
850,000
769,458
 2.651% 3/11/32 (c)
  
2,750,000
2,274,422
 3.458% 3/15/25 (c)
  
393,000
385,408
 4.827% 7/22/26 (c)
  
2,500,000
2,472,664
 4.948% 7/22/28 (c)
  
3,750,000
3,709,150
Banque Federative du Credit Mutuel SA 4.524% 7/13/25 (b)
  
449,000
438,970
Barclays PLC:
  
  
  
 1.007% 12/10/24 (c)
  
750,000
726,706
 2.279% 11/24/27 (c)
  
1,300,000
1,155,083
 2.852% 5/7/26 (c)
  
750,000
704,760
 5.304% 8/9/26 (c)
  
2,500,000
2,463,800
BNP Paribas SA U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d)
  
750,000
669,054
Canadian Imperial Bank of Commerce:
  
  
  
 3.45% 4/7/27
 
1,150,000
1,086,835
 3.945% 8/4/25
 
495,000
479,627
Citigroup, Inc.:
  
  
  
 1.122% 1/28/27 (c)
  
3,000,000
2,682,168
 3.07% 2/24/28 (c)
  
3,000,000
2,779,161
 3.106% 4/8/26 (c)
  
1,100,000
1,054,454
 4.14% 5/24/25 (c)
  
2,500,000
2,459,881
DNB Bank ASA:
  
  
  
 0.856% 9/30/25 (b)(c)
  
2,500,000
2,338,794
 1.605% 3/30/28 (b)(c)
  
2,250,000
1,956,768
Fifth Third Bancorp 3.65% 1/25/24
 
168,000
164,580
HSBC Holdings PLC:
  
  
  
 1.589% 5/24/27 (c)
  
550,000
488,101
 2.251% 11/22/27 (c)
  
1,300,000
1,156,197
 3.803% 3/11/25 (c)
  
2,250,000
2,207,968
 5.21% 8/11/28 (c)
  
2,827,000
2,786,090
Huntington Bancshares, Inc.:
  
  
  
 2.625% 8/6/24
 
450,000
425,763
 4.443% 8/4/28 (c)
  
2,261,000
2,100,904
Huntington National Bank 5.699% 11/18/25 (c)
  
1,490,000
1,413,265
JPMorgan Chase & Co.:
  
  
  
 0.824% 6/1/25 (c)
  
63,000
59,852
 1.47% 9/22/27 (c)
  
3,080,000
2,729,621
 2.083% 4/22/26 (c)
  
500,000
470,115
 2.58% 4/22/32 (c)
  
3,000,000
2,497,603
 2.947% 2/24/28 (c)
  
3,318,000
3,070,792
 3.54% 5/1/28 (c)
  
350,000
330,389
 4.851% 7/25/28 (c)
  
3,750,000
3,730,016
KeyBank NA 4.15% 8/8/25
 
250,000
229,898
KeyCorp 3.878% 5/23/25 (c)
  
177,000
161,109
Mitsubishi UFJ Financial Group, Inc.:
  
  
  
 0.848% 9/15/24 (c)
  
750,000
738,330
 0.953% 7/19/25 (c)
  
750,000
707,870
 1.64% 10/13/27 (c)
  
1,300,000
1,146,209
Mizuho Financial Group, Inc.:
  
  
  
 0.849% 9/8/24 (c)
  
500,000
492,693
 1.234% 5/22/27 (c)
  
2,050,000
1,808,307
 2.651% 5/22/26 (c)
  
500,000
469,898
Morgan Stanley Bank, West Valley City Utah 4.754% 4/21/26
 
1,062,000
1,057,867
NatWest Group PLC:
  
  
  
 1.642% 6/14/27 (c)
  
3,300,000
2,921,018
 4.269% 3/22/25 (c)
  
200,000
196,619
PNC Financial Services Group, Inc.:
  
  
  
 3.5% 1/23/24
 
200,000
197,225
 5.354% 12/2/28 (c)
  
1,020,000
1,018,543
Rabobank Nederland 1.98% 12/15/27 (b)(c)
  
3,050,000
2,687,969
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)
  
773,000
675,506
Societe Generale:
  
  
  
 2.226% 1/21/26 (b)(c)
  
2,500,000
2,320,409
 2.797% 1/19/28 (b)(c)
  
950,000
842,415
Sumitomo Mitsui Financial Group, Inc.:
  
  
  
 1.402% 9/17/26
 
750,000
662,852
 1.474% 7/8/25
 
2,500,000
2,300,973
 2.696% 7/16/24
 
500,000
483,541
The Toronto-Dominion Bank 2.8% 3/10/27
 
64,000
58,868
Truist Financial Corp. 4.26% 7/28/26 (c)
  
2,960,000
2,845,633
Wells Fargo & Co.:
  
  
  
 1.654% 6/2/24 (c)
  
750,000
750,000
 2.164% 2/11/26 (c)
  
750,000
708,208
 2.188% 4/30/26 (c)
  
2,676,000
2,517,359
 3.526% 3/24/28 (c)
  
3,288,000
3,081,740
 4.808% 7/25/28 (c)
  
1,250,000
1,230,241
 
  
  
87,923,274
Capital Markets - 4.0%
  
  
  
Credit Suisse Group AG:
  
  
  
 1.305% 2/2/27 (b)(c)
  
1,300,000
1,122,550
 2.593% 9/11/25 (b)(c)
  
2,500,000
2,352,900
 3.091% 5/14/32 (b)(c)
  
250,000
200,966
 6.373% 7/15/26 (b)(c)
  
300,000
295,257
Deutsche Bank AG New York Branch:
  
  
  
 2.129% 11/24/26 (c)
  
750,000
665,304
 2.311% 11/16/27 (c)
  
3,300,000
2,839,313
Goldman Sachs Group, Inc.:
  
  
  
 1.757% 1/24/25 (c)
  
500,000
485,863
 2.64% 2/24/28 (c)
  
2,563,000
2,323,656
 4.482% 8/23/28 (c)
  
2,500,000
2,428,823
Intercontinental Exchange, Inc.:
  
  
  
 3.65% 5/23/25
 
314,000
307,835
 3.75% 9/21/28
 
125,000
119,705
 4% 9/15/27
 
1,981,000
1,945,848
 4.35% 6/15/29
 
2,500,000
2,465,375
Moody's Corp. 3.75% 3/24/25
 
750,000
729,195
Morgan Stanley:
  
  
  
 0.79% 5/30/25 (c)
  
750,000
710,832
 2.188% 4/28/26 (c)
  
750,000
708,085
 2.239% 7/21/32 (c)
  
2,750,000
2,193,814
 3.591% 7/22/28 (c)
  
1,050,000
980,266
 4.679% 7/17/26 (c)
  
1,842,000
1,821,504
S&P Global, Inc. 2.45% 3/1/27
 
2,814,000
2,611,845
UBS Group AG 4.703% 8/5/27 (b)(c)
  
2,500,000
2,402,665
 
  
  
29,711,601
Consumer Finance - 1.0%
  
  
  
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 2.45% 10/29/26
 
700,000
624,194
American Express Co.:
  
  
  
 2.25% 3/4/25
 
35,000
33,236
 2.55% 3/4/27
 
54,000
49,595
Capital One Financial Corp.:
  
  
  
 1.343% 12/6/24 (c)
  
850,000
824,134
 1.878% 11/2/27 (c)
  
3,400,000
2,935,297
 4.985% 7/24/26 (c)
  
2,701,000
2,642,415
Hyundai Capital America 1% 9/17/24 (b)
  
74,000
69,676
John Deere Capital Corp. 3.4% 6/6/25
 
355,000
346,211
 
  
  
7,524,758
Insurance - 0.3%
  
  
  
American International Group, Inc. 2.5% 6/30/25
 
383,000
363,015
Equitable Financial Life Global Funding:
  
  
  
 1.1% 11/12/24 (b)
  
500,000
470,400
 1.4% 8/27/27 (b)
  
700,000
593,856
 1.7% 11/12/26 (b)
  
799,000
702,949
MassMutual Global Funding II 4.15% 8/26/25 (b)
  
463,000
453,183
RGA Global Funding 2% 11/30/26 (b)
  
30,000
26,788
 
  
  
2,610,191
TOTAL FINANCIALS
  
  
131,889,035
HEALTH CARE - 0.5%
 
  
  
Biotechnology - 0.1%
  
  
  
Amgen, Inc.:
  
  
  
 5.15% 3/2/28
 
378,000
381,126
 5.507% 3/2/26
 
700,000
700,016
 
  
  
1,081,142
Health Care Providers & Services - 0.4%
  
  
  
CVS Health Corp. 4.3% 3/25/28
 
110,000
107,199
Humana, Inc. 3.7% 3/23/29
 
2,500,000
2,318,094
UnitedHealth Group, Inc. 3.7% 5/15/27
 
399,000
389,698
 
  
  
2,814,991
Pharmaceuticals - 0.0%
  
  
  
AstraZeneca Finance LLC 0.7% 5/28/24
 
60,000
57,290
TOTAL HEALTH CARE
  
  
3,953,423
INDUSTRIALS - 0.8%
 
  
  
Aerospace & Defense - 0.1%
  
  
  
Raytheon Technologies Corp. 3.95% 8/16/25
 
116,000
113,853
The Boeing Co.:
  
  
  
 1.95% 2/1/24
 
307,000
299,875
 5.04% 5/1/27
 
500,000
496,390
 
  
  
910,118
Ground Transportation - 0.2%
  
  
  
Canadian Pacific Railway Co. 1.75% 12/2/26
 
1,517,000
1,376,300
Machinery - 0.2%
  
  
  
Daimler Trucks Finance North America LLC 2% 12/14/26 (b)
  
500,000
449,618
Parker Hannifin Corp.:
  
  
  
 3.65% 6/15/24
 
440,000
431,486
 4.25% 9/15/27
 
217,000
211,556
 
  
  
1,092,660
Trading Companies & Distributors - 0.3%
  
  
  
Air Lease Corp.:
  
  
  
 2.2% 1/15/27
 
2,530,000
2,233,761
 3.25% 3/1/25
 
97,000
92,354
 
  
  
2,326,115
TOTAL INDUSTRIALS
  
  
5,705,193
INFORMATION TECHNOLOGY - 0.3%
 
  
  
Software - 0.3%
  
  
  
Roper Technologies, Inc.:
  
  
  
 1% 9/15/25
 
2,076,000
1,892,438
 1.75% 2/15/31
 
750,000
593,291
 
  
  
2,485,729
REAL ESTATE - 0.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.3%
  
  
  
Crown Castle International Corp. 3.15% 7/15/23
 
399,000
397,626
Ventas Realty LP 2.65% 1/15/25
 
2,000,000
1,884,896
 
  
  
2,282,522
UTILITIES - 1.1%
 
  
  
Electric Utilities - 0.9%
  
  
  
Alabama Power Co. 3.05% 3/15/32
 
2,526,000
2,209,830
Duke Energy Corp. 4.3% 3/15/28
 
1,341,000
1,296,784
Eversource Energy 0.8% 8/15/25
 
43,000
38,908
Exelon Corp. 2.75% 3/15/27
 
1,006,000
929,473
Georgia Power Co. 4.65% 5/16/28
 
948,000
937,710
Southern Co. 3.25% 7/1/26
 
500,000
475,278
Virginia Electric & Power Co. 2.4% 3/30/32
 
500,000
411,259
 
  
  
6,299,242
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Constellation Energy Generation, LLC 3.25% 6/1/25
 
178,000
170,257
Multi-Utilities - 0.2%
  
  
  
NiSource, Inc. 0.95% 8/15/25
 
1,500,000
1,368,250
Sempra Energy 3.3% 4/1/25
 
28,000
26,953
 
  
  
1,395,203
TOTAL UTILITIES
  
  
7,864,702
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $188,311,711)
  
  
  
185,186,390
 
  
  
  
U.S. Treasury Obligations - 65.8%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Notes:
  
  
  
 0.625% 7/31/26
 
223,300
200,996
 0.75% 12/31/23
 
15,973,400
15,555,970
 0.75% 3/31/26
 
28,048,900
25,599,004
 0.875% 1/31/24
 
4,800,800
4,662,589
 1.75% 3/15/25
 
4,068,500
3,872,939
 2.25% 4/30/24
 
49,000
47,683
 2.5% 4/30/24
 
11,749,900
11,460,742
 2.5% 3/31/27
 
678,700
644,632
 2.625% 4/15/25
 
27,280,000
26,365,694
 2.75% 2/15/24
 
8,435,800
8,286,526
 2.75% 4/30/27
 
16,773,900
16,065,596
 2.75% 7/31/27
 
500,000
478,203
 2.75% 8/15/32
 
7,291,700
6,780,426
 2.875% 4/30/29
 
19,656,500
18,727,423
 3.125% 8/15/25
 
66,297,000
64,644,760
 3.375% 5/15/33
 
4,000,000
3,914,375
 3.5% 9/15/25
 
21,279,200
20,923,438
 3.5% 1/31/28
 
6,600,000
6,510,281
 3.5% 4/30/28
 
23,000,000
22,703,544
 3.625% 3/31/28
 
5,600,000
5,557,125
 3.625% 5/31/28
 
13,000,000
12,925,859
 3.625% 3/31/30
 
5,000,000
4,974,219
 3.75% 4/15/26
 
38,000,000
37,667,500
 3.875% 4/30/25
 
5,000,000
4,945,508
 3.875% 1/15/26
 
12,900,000
12,809,801
 3.875% 11/30/27
 
15,500,000
15,524,824
 4% 12/15/25
 
18,200,000
18,126,773
 4% 2/15/26
 
11,900,000
11,860,953
 4% 2/29/28
 
15,000,000
15,131,836
 4.125% 9/30/27
 
7,162,000
7,232,221
 4.125% 10/31/27
 
50,177,900
50,695,360
 4.5% 11/15/25
 
21,200,000
21,336,641
 4.625% 3/15/26
 
15,100,000
15,314,703
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $495,102,308)
  
  
491,548,144
 
  
  
  
U.S. Government Agency - Mortgage Securities - 1.1%
 
  
Principal
Amount (a)
 
Value ($)
 
Fannie Mae - 1.0%
 
  
  
2% 2/1/28
 
232,078
219,139
2.5% 1/1/28 to 11/1/36
 
1,953,775
1,832,892
3% 8/1/32 to 12/1/36
 
5,301,078
4,999,724
TOTAL FANNIE MAE
  
  
7,051,755
Freddie Mac - 0.1%
 
  
  
2.5% 1/1/28
 
271,692
259,983
3% 7/1/32 to 10/1/35
 
673,195
643,640
TOTAL FREDDIE MAC
  
  
903,623
 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
 (Cost $8,108,030)
  
  
  
7,955,378
 
  
  
  
Asset-Backed Securities - 4.0%
 
  
Principal
Amount (a)
 
Value ($)
 
American Express Credit Account Master Trust:
  
  
  
 Series 2021-1 Class A, 0.9% 11/15/26
 
100,000
93,932
 Series 2022-2 Class A, 3.39% 5/15/27
 
600,000
583,293
 Series 2022-3 Class A, 3.75% 8/15/27
 
3,570,000
3,487,784
 Series 2022-4 Class A, 4.95% 10/15/27
 
1,122,000
1,126,739
Bank of America Credit Card Master Trust:
  
  
  
 Series 2021-A1 Class A1, 0.44% 9/15/26
 
80,000
76,529
 Series 2022-A1 Class A1, 3.53% 11/15/27
 
2,624,000
2,555,298
 Series 2022-A2, Class A2, 5% 4/15/28
 
1,294,000
1,300,651
Capital One Multi-Asset Execution Trust:
  
  
  
 Series 2021-A3 Class A3, 1.04% 11/15/26
 
97,000
91,434
 Series 2022-A1 Class A1, 2.8% 3/15/27
 
148,000
142,433
 Series 2022-A2 Class A, 3.49% 5/15/27
 
5,671,000
5,519,864
 Series 2022-A3 Class A, 4.95% 10/15/27
 
1,603,000
1,608,153
Carmax Auto Owner Trust Series 2023 2 Class A3, 5.05% 1/18/28
 
1,732,000
1,724,103
Chase Issuance Trust Series 2022-A1 Class A, 3.97% 9/15/27
 
560,000
549,576
Discover Card Execution Note Trust:
  
  
  
 Series 2021-A1 Class A1, 0.58% 9/15/26
 
80,000
75,273
 Series 2022-A1 Class A1, 1.96% 2/15/27
 
49,000
46,433
 Series 2022-A2 Class A, 3.32% 5/15/27
 
540,000
523,158
 Series 2022-A3 Class A3, 3.56% 7/15/27
 
2,540,000
2,473,056
 Series 2022-A4, Class A, 5.03% 10/15/27
 
1,613,000
1,620,447
Ford Credit Auto Owner Trust:
  
  
  
 Series 2019-1 Class A, 3.52% 7/15/30 (b)
  
320,000
315,066
 Series 2021-A Class A3, 0.3% 8/15/25
 
265,419
258,260
Ford Credit Floorplan Master Owner Trust Series 2023-1 Class A1, 4.92% 5/15/28 (b)
  
1,171,000
1,164,767
Gm Financial Automobile Leasing Series 2023-2 Class A3, 5.05% 7/20/26
 
1,165,000
1,161,533
GM Financial Consumer Automobile Re Series 2023 2 Class A3, 4.47% 2/16/28
 
440,000
436,163
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25
 
372,975
363,435
Hyundai Auto Receivables Trust Series 2023 A Class A3, 4.58% 4/15/27
 
533,000
528,362
Verizon Master Trust:
  
  
  
 Series 2021-1 Class A, 0.5% 5/20/27
 
59,000
56,090
 Series 2021-2 Class A, 0.99% 4/20/28
 
90,000
84,604
 Series 2022-5 Class A1A, 3.72% 7/20/27
 
277,000
273,230
 Series 2023 2 Class A, 4.89% 4/13/28
 
1,342,000
1,337,229
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $29,866,735)
  
  
29,576,895
 
  
  
  
Collateralized Mortgage Obligations - 0.0%
 
  
Principal
Amount (a)
 
Value ($)
 
Private Sponsor - 0.0%
 
  
  
CSAIL Commercial Mortgage Trust Series 2015-C2 Class ASB, 3.2241% 6/15/57
  (Cost $430,261)
  
431,139
419,200
 
  
  
  
Commercial Mortgage Securities - 2.3%
 
  
Principal
Amount (a)
 
Value ($)
 
BANK sequential payer Series 2017-BNK9 Class ASB, 3.47% 11/15/54
 
3,035,479
2,898,360
BX Commercial Mortgage Trust floater:
  
  
  
 Series 2021-PAC Class A, 1 month U.S. LIBOR + 0.680% 5.7971% 10/15/36 (b)(c)(d)
  
100,000
96,543
 Series 2022-LP2 Class A, CME Term SOFR 1 Month Index + 1.010% 6.0722% 2/15/39 (b)(c)(d)
  
92,839
90,182
BX Trust:
  
  
  
 floater:
 
  
  
Series 2021-ACNT Class A, 1 month U.S. LIBOR + 0.850% 5.958% 11/15/38 (b)(c)(d)
 
  
100,000
96,897
Series 2021-BXMF Class A, 1 month U.S. LIBOR + 0.630% 5.7429% 10/15/26 (b)(c)(d)
 
  
100,000
96,409
Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 7.2243% 10/15/39 (b)(c)(d)
 
  
17,000
16,989
 floater sequential payer Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 6.0938% 10/15/36 (b)(c)(d)
  
1,534,635
1,524,046
CD Mortgage Trust sequential payer Series 2017-CD5 Class AAB, 3.22% 8/15/50
 
584,321
556,273
Credit Suisse Mortgage Trust floater Series 2019-ICE4 Class A, 1 month U.S. LIBOR + 0.980% 6.087% 5/15/36 (b)(c)(d)
  
3,112,257
3,092,897
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50
 
29,356
29,277
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 5.809% 11/15/38 (b)(c)(d)
  
770,000
742,488
GS Mortgage Securities Trust sequential payer:
  
  
  
 Series 2015-GC28 Class AAB, 3.206% 2/10/48
 
73,108
71,129
 Series 2015-GC32 Class AAB, 3.513% 7/10/48
 
251,816
244,244
 Series 2016-GS2 Class AAB, 2.922% 5/10/49
 
583,009
558,493
 Series 2017-GS7 Class AAB, 3.203% 8/10/50
 
2,251,773
2,135,092
JPMorgan Chase Commercial Mortgage Securities Trust sequential payer Series 2019-COR4 Class ASB, 3.9381% 3/10/52
 
1,000,000
958,094
Life Financial Services Trust floater Series 2022-BMR2 Class A1, CME Term SOFR 1 Month Index + 1.290% 6.3545% 5/15/39 (b)(c)(d)
  
445,000
435,615
MSCCG Trust floater Series 2018-SELF Class A, 1 month U.S. LIBOR + 0.900% 6.008% 10/15/37 (b)(c)(d)
  
1,919,130
1,890,716
SREIT Trust floater Series 2021-MFP Class A, 1 month U.S. LIBOR + 0.730% 5.8382% 11/15/38 (b)(c)(d)
  
200,000
193,230
Wells Fargo Commercial Mortgage Trust sequential payer:
  
  
  
 Series 2015-C27 Class ASB, 3.278% 2/15/48
 
252,733
245,548
 Series 2019-C50 Class ASB, 3.635% 5/15/52
 
1,000,000
943,244
WF-RBS Commercial Mortgage Trust sequential payer Series 2014-C20 Class ASB, 3.638% 5/15/47
 
364,060
358,821
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $17,412,464)
  
  
17,274,587
 
  
  
  
Money Market Funds - 2.2%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.14% (e)
 
 (Cost $16,156,636)
 
  
16,153,405
16,156,636
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $755,388,145)
 
  
 
748,117,230
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(1,442,082)
NET ASSETS - 100.0%
746,675,148
 
  
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 $37,200,472 or 5.0% 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 5.14%
4,178,473
534,387,023
522,408,860
208,265
-
-
16,156,636
0.0%
Total
4,178,473
534,387,023
522,408,860
208,265
-
-
16,156,636
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Nonconvertible Bonds and U.S. Treasury Obligations 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.
 
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