NPORT-EX 2 QTLY_6361_20231130.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Education Income Fund
November 30, 2023
EDI-NPRT1-0124
1.9901561.102
Nonconvertible Bonds - 26.9%
 
  
Principal
Amount (a)
 
Value ($)
 
COMMUNICATION SERVICES - 1.1%
 
  
  
Diversified Telecommunication Services - 0.7%
  
  
  
AT&T, Inc.:
  
  
  
 1.65% 2/1/28
 
2,750,000
2,395,285
 4.25% 3/1/27
 
400,000
389,803
 4.3% 2/15/30
 
250,000
236,530
Verizon Communications, Inc.:
  
  
  
 2.1% 3/22/28
 
500,000
442,749
 2.355% 3/15/32
 
2,000,000
1,595,376
 3% 3/22/27
 
78,000
73,062
 
  
  
5,132,805
Entertainment - 0.1%
  
  
  
The Walt Disney Co. 1.75% 1/13/26
 
306,000
287,086
Media - 0.3%
  
  
  
Comcast Corp.:
  
  
  
 2.35% 1/15/27
 
500,000
463,206
 3.95% 10/15/25
 
725,000
709,610
Magallanes, Inc.:
  
  
  
 3.755% 3/15/27
 
1,000,000
943,572
 4.054% 3/15/29
 
6,000
5,543
 
  
  
2,121,931
Wireless Telecommunication Services - 0.0%
  
  
  
Rogers Communications, Inc. 3.2% 3/15/27
 
19,000
17,711
TOTAL COMMUNICATION SERVICES
  
  
7,559,533
CONSUMER DISCRETIONARY - 2.0%
 
  
  
Automobiles - 1.3%
  
  
  
Daimler Finance North America LLC 1.45% 3/2/26 (b)
  
2,500,000
2,301,423
General Motors Financial Co., Inc.:
  
  
  
 1.05% 3/8/24
 
18,000
17,771
 1.25% 1/8/26
 
500,000
454,860
 2.35% 2/26/27
 
3,000,000
2,705,154
Hyundai Capital America 1% 9/17/24 (b)
  
74,000
71,231
Volkswagen Group of America Finance LLC:
  
  
  
 1.25% 11/24/25 (b)
  
1,000,000
918,864
 3.95% 6/6/25 (b)
  
227,000
220,865
 4.35% 6/8/27 (b)
  
200,000
192,177
 5.7% 9/12/26 (b)
  
2,500,000
2,499,306
 
  
  
9,381,651
Specialty Retail - 0.7%
  
  
  
Lowe's Companies, Inc.:
  
  
  
 4.4% 9/8/25
 
2,275,000
2,241,689
 4.8% 4/1/26
 
261,000
258,920
O'Reilly Automotive, Inc. 5.75% 11/20/26
 
516,000
521,865
The Home Depot, Inc. 2.875% 4/15/27
 
2,028,000
1,906,247
 
  
  
4,928,721
TOTAL CONSUMER DISCRETIONARY
  
  
14,310,372
CONSUMER STAPLES - 1.1%
 
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Dollar General Corp. 4.625% 11/1/27
 
2,406,000
2,351,977
Personal Care Products - 0.3%
  
  
  
Kenvue, Inc.:
  
  
  
 5.05% 3/22/28
 
1,262,000
1,270,354
 5.35% 3/22/26
 
598,000
602,361
 
  
  
1,872,715
Tobacco - 0.5%
  
  
  
BAT Capital Corp. 4.7% 4/2/27
 
801,000
781,927
BAT International Finance PLC 1.668% 3/25/26
 
2,750,000
2,520,952
 
  
  
3,302,879
TOTAL CONSUMER STAPLES
  
  
7,527,571
ENERGY - 0.5%
 
  
  
Energy Equipment & Services - 0.0%
  
  
  
Baker Hughes Co.:
  
  
  
 1.231% 12/15/23
 
16,000
15,977
 2.061% 12/15/26
 
15,000
13,714
 
  
  
29,691
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Canadian Natural Resources Ltd. 2.05% 7/15/25
 
315,000
297,125
Enbridge, Inc.:
  
  
  
 2.5% 2/14/25
 
12,000
11,555
 5.9% 11/15/26
 
720,000
732,334
Exxon Mobil Corp. 2.992% 3/19/25
 
210,000
204,341
MPLX LP:
  
  
  
 1.75% 3/1/26
 
2,000,000
1,844,297
 4% 3/15/28
 
760,000
717,128
 
  
  
3,806,780
TOTAL ENERGY
  
  
3,836,471
FINANCIALS - 19.0%
 
  
  
Banks - 12.5%
  
  
  
Bank of America Corp.:
  
  
  
 1.197% 10/24/26 (c)
  
500,000
458,139
 1.734% 7/22/27 (c)
  
500,000
451,342
 2.456% 10/22/25 (c)
  
500,000
484,086
 2.551% 2/4/28 (c)
  
850,000
774,373
 2.651% 3/11/32 (c)
  
2,750,000
2,236,205
 3.458% 3/15/25 (c)
  
393,000
389,932
 4.827% 7/22/26 (c)
  
2,500,000
2,466,418
 4.948% 7/22/28 (c)
  
3,750,000
3,679,138
Banque Federative du Credit Mutuel SA 4.524% 7/13/25 (b)
  
449,000
441,409
Barclays PLC:
  
  
  
 1.007% 12/10/24 (c)
  
750,000
744,897
 2.279% 11/24/27 (c)
  
1,300,000
1,165,551
 2.852% 5/7/26 (c)
  
750,000
714,669
 5.304% 8/9/26 (c)
  
2,500,000
2,460,864
BNP Paribas SA U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d)
  
750,000
681,541
Canadian Imperial Bank of Commerce:
  
  
  
 3.45% 4/7/27
 
1,150,000
1,083,601
 3.945% 8/4/25
 
495,000
482,394
Citigroup, Inc.:
  
  
  
 1.122% 1/28/27 (c)
  
3,000,000
2,716,533
 3.07% 2/24/28 (c)
  
3,000,000
2,781,132
 3.106% 4/8/26 (c)
  
1,100,000
1,060,647
 4.14% 5/24/25 (c)
  
2,500,000
2,477,086
DNB Bank ASA:
  
  
  
 0.856% 9/30/25 (b)(c)
  
2,500,000
2,396,171
 1.605% 3/30/28 (b)(c)
  
2,250,000
1,968,527
Fifth Third Bancorp 3.65% 1/25/24
 
168,000
167,339
HSBC Holdings PLC:
  
  
  
 1.589% 5/24/27 (c)
  
550,000
495,538
 2.251% 11/22/27 (c)
  
1,300,000
1,176,290
 3.803% 3/11/25 (c)
  
2,250,000
2,235,100
 5.21% 8/11/28 (c)
  
2,827,000
2,776,981
Huntington Bancshares, Inc.:
  
  
  
 2.625% 8/6/24
 
450,000
438,490
 4.443% 8/4/28 (c)
  
2,261,000
2,149,389
Huntington National Bank 5.699% 11/18/25 (c)
  
1,490,000
1,455,411
JPMorgan Chase & Co.:
  
  
  
 0.824% 6/1/25 (c)
  
63,000
61,294
 1.47% 9/22/27 (c)
  
3,080,000
2,760,507
 2.083% 4/22/26 (c)
  
500,000
474,941
 2.58% 4/22/32 (c)
  
3,000,000
2,451,952
 2.947% 2/24/28 (c)
  
3,318,000
3,073,543
 3.54% 5/1/28 (c)
  
350,000
329,303
 4.851% 7/25/28 (c)
  
3,750,000
3,691,751
KeyBank NA 4.15% 8/8/25
 
250,000
238,557
KeyCorp 3.878% 5/23/25 (c)
  
177,000
171,311
Lloyds Banking Group PLC 5.985% 8/7/27 (c)
  
901,000
903,070
Mitsubishi UFJ Financial Group, Inc.:
  
  
  
 0.953% 7/19/25 (c)
  
750,000
726,293
 1.64% 10/13/27 (c)
  
1,300,000
1,163,706
Mizuho Financial Group, Inc.:
  
  
  
 1.234% 5/22/27 (c)
  
2,050,000
1,840,408
 2.651% 5/22/26 (c)
  
500,000
476,343
Morgan Stanley Bank, West Valley City Utah:
  
  
  
 4.754% 4/21/26
 
1,062,000
1,048,818
 5.882% 10/30/26
 
1,700,000
1,727,199
NatWest Group PLC:
  
  
  
 1.642% 6/14/27 (c)
  
3,300,000
2,961,457
 4.269% 3/22/25 (c)
  
200,000
198,741
PNC Financial Services Group, Inc.:
  
  
  
 3.5% 1/23/24
 
200,000
199,287
 5.354% 12/2/28 (c)
  
1,020,000
1,007,500
Rabobank Nederland 1.98% 12/15/27 (b)(c)
  
3,050,000
2,720,722
Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c)
  
773,000
692,507
Societe Generale:
  
  
  
 2.226% 1/21/26 (b)(c)
  
2,500,000
2,377,633
 2.797% 1/19/28 (b)(c)
  
950,000
859,029
Sumitomo Mitsui Financial Group, Inc.:
  
  
  
 1.402% 9/17/26
 
750,000
672,761
 1.474% 7/8/25
 
2,500,000
2,341,800
 2.696% 7/16/24
 
500,000
490,844
The Toronto-Dominion Bank 2.8% 3/10/27
 
64,000
59,280
Truist Financial Corp. 4.26% 7/28/26 (c)
  
2,960,000
2,862,774
Wells Fargo & Co.:
  
  
  
 2.164% 2/11/26 (c)
  
750,000
716,158
 2.188% 4/30/26 (c)
  
2,676,000
2,543,763
 3.526% 3/24/28 (c)
  
3,288,000
3,082,725
 4.808% 7/25/28 (c)
  
1,250,000
1,219,390
 
  
  
89,154,560
Capital Markets - 4.2%
  
  
  
Deutsche Bank AG New York Branch:
  
  
  
 2.129% 11/24/26 (c)
  
750,000
687,343
 2.311% 11/16/27 (c)
  
3,300,000
2,949,241
Goldman Sachs Group, Inc.:
  
  
  
 1.757% 1/24/25 (c)
  
500,000
496,668
 2.64% 2/24/28 (c)
  
2,563,000
2,334,416
 4.482% 8/23/28 (c)
  
2,500,000
2,411,203
Intercontinental Exchange, Inc.:
  
  
  
 3.75% 9/21/28
 
125,000
117,913
 4% 9/15/27
 
1,981,000
1,911,420
 4.35% 6/15/29
 
2,500,000
2,407,091
Moody's Corp. 3.75% 3/24/25
 
750,000
733,706
Morgan Stanley:
  
  
  
 0.79% 5/30/25 (c)
  
750,000
728,868
 2.188% 4/28/26 (c)
  
750,000
713,103
 2.239% 7/21/32 (c)
  
2,750,000
2,150,559
 3.591% 7/22/28 (c)
  
1,050,000
982,863
 4.679% 7/17/26 (c)
  
1,842,000
1,810,369
S&P Global, Inc. 2.45% 3/1/27
 
2,814,000
2,607,807
UBS Group AG:
  
  
  
 1.305% 2/2/27 (b)(c)
  
1,300,000
1,173,126
 2.593% 9/11/25 (b)(c)
  
2,500,000
2,429,358
 3.091% 5/14/32 (b)(c)
  
250,000
204,098
 4.703% 8/5/27 (b)(c)
  
2,500,000
2,424,025
 6.373% 7/15/26 (b)(c)
  
300,000
300,614
 
  
  
29,573,791
Consumer Finance - 1.5%
  
  
  
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
  
  
  
 2.45% 10/29/26
 
700,000
637,694
 6.1% 1/15/27
 
2,500,000
2,512,736
American Express Co. 2.55% 3/4/27
 
54,000
49,691
Capital One Financial Corp.:
  
  
  
 1.343% 12/6/24 (c)
  
850,000
849,769
 1.878% 11/2/27 (c)
  
3,400,000
2,981,787
 4.985% 7/24/26 (c)
  
2,701,000
2,636,593
John Deere Capital Corp. 4.75% 6/8/26
 
804,000
801,814
 
  
  
10,470,084
Financial Services - 0.6%
  
  
  
Athene Global Funding:
  
  
  
 1.716% 1/7/25 (b)
  
600,000
570,078
 1.73% 10/2/26 (b)
  
573,000
504,725
Corebridge Financial, Inc.:
  
  
  
 3.5% 4/4/25
 
508,000
492,276
 3.65% 4/5/27
 
2,762,000
2,594,172
 
  
  
4,161,251
Insurance - 0.2%
  
  
  
Equitable Financial Life Global Funding:
  
  
  
 1.1% 11/12/24 (b)
  
500,000
478,205
 1.4% 8/27/27 (b)
  
700,000
597,835
 1.7% 11/12/26 (b)
  
799,000
708,235
RGA Global Funding 2% 11/30/26 (b)
  
30,000
26,859
 
  
  
1,811,134
TOTAL FINANCIALS
  
  
135,170,820
HEALTH CARE - 0.4%
 
  
  
Biotechnology - 0.0%
  
  
  
Amgen, Inc. 5.15% 3/2/28
 
378,000
378,788
Health Care Providers & Services - 0.4%
  
  
  
CVS Health Corp. 4.3% 3/25/28
 
110,000
106,416
Humana, Inc. 3.7% 3/23/29
 
2,500,000
2,337,682
UnitedHealth Group, Inc. 3.7% 5/15/27
 
399,000
384,582
 
  
  
2,828,680
TOTAL HEALTH CARE
  
  
3,207,468
INDUSTRIALS - 0.9%
 
  
  
Aerospace & Defense - 0.3%
  
  
  
RTX Corp.:
  
  
  
 3.95% 8/16/25
 
116,000
113,109
 5.75% 11/8/26
 
778,000
788,389
 5.75% 1/15/29
 
366,000
373,601
The Boeing Co.:
  
  
  
 1.95% 2/1/24
 
307,000
305,039
 5.04% 5/1/27
 
500,000
496,746
 
  
  
2,076,884
Ground Transportation - 0.2%
  
  
  
Canadian Pacific Railway Co. 1.75% 12/2/26
 
1,517,000
1,375,534
Machinery - 0.1%
  
  
  
Daimler Trucks Finance North America LLC 2% 12/14/26 (b)
  
500,000
452,577
Parker Hannifin Corp. 4.25% 9/15/27
 
217,000
211,251
 
  
  
663,828
Trading Companies & Distributors - 0.3%
  
  
  
Air Lease Corp.:
  
  
  
 2.2% 1/15/27
 
2,530,000
2,268,230
 3.25% 3/1/25
 
97,000
93,586
 
  
  
2,361,816
TOTAL INDUSTRIALS
  
  
6,478,062
INFORMATION TECHNOLOGY - 0.4%
 
  
  
Software - 0.4%
  
  
  
Roper Technologies, Inc.:
  
  
  
 1% 9/15/25
 
2,076,000
1,919,663
 1.75% 2/15/31
 
750,000
591,852
 
  
  
2,511,515
REAL ESTATE - 0.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 0.3%
  
  
  
Ventas Realty LP 2.65% 1/15/25
 
2,000,000
1,924,311
UTILITIES - 1.2%
 
  
  
Electric Utilities - 1.0%
  
  
  
Alabama Power Co. 3.05% 3/15/32
 
2,526,000
2,148,062
Duke Energy Corp. 4.3% 3/15/28
 
1,341,000
1,292,028
Eversource Energy 0.8% 8/15/25
 
43,000
39,579
Exelon Corp. 2.75% 3/15/27
 
1,006,000
934,223
Georgia Power Co. 4.65% 5/16/28
 
948,000
930,897
Southern Co.:
  
  
  
 3.25% 7/1/26
 
500,000
475,495
 5.5% 3/15/29
 
900,000
913,730
Virginia Electric & Power Co. 2.4% 3/30/32
 
500,000
400,517
 
  
  
7,134,531
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Constellation Energy Generation, LLC 3.25% 6/1/25
 
178,000
171,717
Multi-Utilities - 0.2%
  
  
  
NiSource, Inc. 0.95% 8/15/25
 
1,500,000
1,385,893
Sempra 3.3% 4/1/25
 
28,000
27,099
 
  
  
1,412,992
TOTAL UTILITIES
  
  
8,719,240
 
TOTAL NONCONVERTIBLE BONDS
 (Cost $194,436,265)
  
  
  
191,245,363
 
  
  
  
U.S. Treasury Obligations - 57.7%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Notes:
  
  
  
 2.625% 4/15/25
 
12,839,100
12,440,887
 2.75% 2/15/24
 
8,435,800
8,390,655
 2.75% 4/30/27
 
12,367,200
11,718,405
 2.75% 8/15/32
 
7,291,700
6,439,198
 2.875% 4/30/29
 
12,937,400
12,017,126
 3.125% 8/15/25
 
19,414,800
18,877,101
 3.375% 5/15/33
 
4,000,000
3,696,250
 3.5% 9/15/25
 
2,560,600
2,504,087
 3.5% 4/30/28
 
23,000,000
22,233,645
 3.625% 5/31/28
 
13,000,000
12,630,820
 3.625% 3/31/30
 
5,000,000
4,792,578
 3.75% 4/15/26
 
22,299,000
21,885,249
 3.875% 1/15/26
 
12,900,000
12,699,445
 3.875% 11/30/27
 
15,500,000
15,217,852
 4% 12/15/25
 
18,200,000
17,957,570
 4% 2/15/26
 
11,900,000
11,742,418
 4% 2/29/28
 
10,368,800
10,226,229
 4% 6/30/28
 
7,000,000
6,905,117
 4% 7/31/30
 
2,000,000
1,956,953
 4.125% 6/15/26
 
22,000,000
21,782,578
 4.125% 9/30/27
 
7,162,000
7,095,696
 4.125% 10/31/27
 
50,177,900
49,713,365
 4.125% 7/31/28
 
7,000,000
6,941,758
 4.375% 11/30/28
 
14,000,000
14,052,500
 4.5% 11/15/25
 
12,700,000
12,647,414
 4.5% 7/15/26
 
24,000,000
23,983,125
 4.625% 3/15/26
 
2,155,800
2,156,558
 4.625% 9/15/26
 
10,000,000
10,034,375
 4.625% 11/15/26
 
8,000,000
8,034,375
 4.875% 10/31/28
 
35,960,000
36,842,144
 4.875% 10/31/30
 
3,000,000
3,090,000
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $415,646,100)
  
  
410,705,473
 
  
  
  
U.S. Government Agency - Mortgage Securities - 2.1%
 
  
Principal
Amount (a)
 
Value ($)
 
Fannie Mae - 1.5%
 
  
  
2% 2/1/28 to 3/1/32
 
1,485,732
1,362,523
2.5% 1/1/28 to 11/1/36
 
1,920,059
1,783,274
3% 2/1/31 to 12/1/36
 
5,428,227
5,036,285
3.5% 12/1/28 to 2/1/33
 
809,155
784,463
1.5% 1/1/32
 
2,205,843
1,986,226
TOTAL FANNIE MAE
  
  
10,952,771
Freddie Mac - 0.6%
 
  
  
2.5% 1/1/28 to 3/1/32
 
2,209,348
2,059,741
3% 12/1/30 to 10/1/35
 
1,959,751
1,839,305
TOTAL FREDDIE MAC
  
  
3,899,046
 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
 (Cost $15,171,907)
  
  
  
14,851,817
 
  
  
  
Asset-Backed Securities - 9.5%
 
  
Principal
Amount (a)
 
Value ($)
 
American Express Credit Account Master Trust:
  
  
  
 Series 2022-2 Class A, 3.39% 5/15/27
 
600,000
583,444
 Series 2022-3 Class A, 3.75% 8/15/27
 
3,570,000
3,482,347
 Series 2022-4 Class A, 4.95% 10/15/27
 
1,122,000
1,116,193
 Series 2023-1 Class A, 4.87% 5/15/28
 
1,003,000
997,946
 Series 2023-3 Class A, 5.23% 9/15/28
 
2,016,000
2,024,194
Bank of America Credit Card Master Trust:
  
  
  
 Series 2022-A1 Class A1, 3.53% 11/15/27
 
2,624,000
2,552,643
 Series 2022-A2, Class A2, 5% 4/15/28
 
1,294,000
1,290,836
 Series 2023-A1 Class A1, 4.79% 5/15/28
 
729,000
724,255
Bmw Vechile Owner Trust 2023-A Series 2023-A Class A3, 5.47% 2/25/28
 
272,000
273,220
Capital One Multi-Asset Execution Trust:
  
  
  
 Series 2022-A1 Class A1, 2.8% 3/15/27
 
148,000
143,096
 Series 2022-A2 Class A, 3.49% 5/15/27
 
5,671,000
5,517,085
 Series 2022-A3 Class A, 4.95% 10/15/27
 
1,603,000
1,593,951
Capital One Prime Auto Receiva Series 2023-2 Class A3, 5.82% 6/15/28
 
1,612,000
1,631,669
CarMax Auto Owner Trust Series 2023 2 Class A3, 5.05% 1/18/28
 
1,732,000
1,719,186
Carmax Auto Owner Trust 2023-4 Series 2023-4 Class A3, 6% 7/17/28
 
321,000
326,606
Carmx 2023-3 A3 Series 2023-3 Class A3, 5.28% 5/15/28
 
1,274,000
1,272,890
Chase Issuance Trust:
  
  
  
 Series 2022-A1 Class A, 3.97% 9/15/27
 
560,000
547,477
 Series 2023-A1 Class A, 5.16% 9/15/28
 
2,354,000
2,363,314
 Series 2023-A2 Class A, 5.08% 9/15/30
 
2,135,000
2,141,761
Dell Equipment Finance Trust 2 Series 2023-3 Class A3, 5.93% 4/23/29 (b)
  
827,000
832,310
Dell Equipment Finance Trust 2023-2 Series 2023-2 Class A3, 5.65% 1/22/29 (b)
  
578,000
578,639
Discover Card Execution Note Trust:
  
  
  
 Series 2022-A2 Class A, 3.32% 5/15/27
 
540,000
524,168
 Series 2022-A3 Class A3, 3.56% 7/15/27
 
2,540,000
2,467,354
 Series 2022-A4, Class A, 5.03% 10/15/27
 
1,613,000
1,606,194
Dllaa 2023-1A Series 2023-1A Class A3, 5.64% 2/22/28 (b)
  
146,000
145,978
Ford Credit Auto Lease Trust 2 Series 2023-B Class A3, 5.91% 10/15/26
 
1,684,000
1,693,006
Ford Credit Auto Owner Trust:
  
  
  
 Series 2019-1 Class A, 3.52% 7/15/30 (b)
  
320,000
319,099
 Series 2021-A Class A3, 0.3% 8/15/25
 
134,111
131,936
Ford Credit Auto Owner Trust 2 Series 2023-B Class A3, 5.23% 5/15/28
 
1,127,000
1,127,964
Ford Credit Floorplan Master Owner Trust Series 2023-1 Class A1, 4.92% 5/15/28 (b)
  
1,171,000
1,155,272
GM Financial Automobile Leasing Series 2023-2 Class A3, 5.05% 7/20/26
 
1,165,000
1,155,697
Gm Financial Consumer Automobile Re Series 2023-3 Class A3, 5.45% 6/16/28
 
312,000
313,553
GM Financial Consumer Automobile Receivables Series 2023 2 Class A3, 4.47% 2/16/28
 
440,000
433,255
Gm Financial Leasing Trust 202 Series 2023-3 Class A3, 5.38% 11/20/26
 
147,000
146,603
Gm Financial Securitized Term Series 2023-4 Class A3, 5.78% 8/16/28
 
1,324,000
1,339,263
GMF Floorplan Owner Revolving Trust Series 2023-1 Class A1, 5.34% 6/15/28 (b)
  
1,660,000
1,656,155
Harot 2023-4 Series 2023-4 Class A3, 5.67% 6/21/28
 
1,195,000
1,207,911
Honda Auto Receivables Owner Trust Series 2021-1 Class A3, 0.27% 4/21/25
 
166,461
164,201
Hyundai Auto Lease Securitizat Series 2023-C Class A3, 5.8% 12/15/26 (b)
  
1,391,000
1,400,191
Hyundai Auto Receivables Trust:
  
  
  
 Series 2023 A Class A3, 4.58% 4/15/27
 
533,000
525,824
 Series 2023-B Class A3, 5.48% 4/17/28
 
314,000
315,743
 Series 2023-C Class A3, 5.54% 10/16/28
 
994,000
1,002,890
Mercedes-Benz Auto Receivables Series 2023-2 Class A3, 5.95% 11/15/28
 
759,000
774,256
Nissan Auto Receivables 2023-B Series 2023-B Class A3, 5.93% 3/15/28
 
901,000
913,535
Porsche Financial Auto Securitizati Series 2023-2A Class A3, 5.79% 1/22/29 (b)
  
721,000
729,597
Toyota Auto Receivables 2023-D Series 2023-D Class A3, 5.54% 8/15/28
 
985,000
994,303
Toyota Lease Owner Trust 2023- Series 2023-B Class A3, 5.66% 11/20/26 (b)
  
1,515,000
1,524,837
Usaa Auto Owner Trust 2023-A Series 2023-A Class A3, 5.58% 5/15/28 (b)
  
1,697,000
1,703,023
Verizon Master Trust:
  
  
  
 Series 2021-1 Class A, 0.5% 5/20/27
 
59,000
57,559
 Series 2021-2 Class A, 0.99% 4/20/28
 
90,000
86,417
 Series 2022-5 Class A1A, 3.72% 7/20/27
 
277,000
276,203
 Series 2023 2 Class A, 4.89% 4/13/28
 
1,342,000
1,329,981
 Series 2023-4 Class A1A, 5.16% 6/20/29
 
1,806,000
1,803,042
 Series 2023-5 Class A1A, 5.61% 9/8/28
 
1,480,000
1,482,539
Volkswagen Auto Lease Trust 20 Series 2023-A Class A3, 5.81% 10/20/26
 
1,997,000
2,009,090
Volkswagen Auto Loan Enhanced:
  
  
  
 Series 2023-1 Class A3, 5.02% 6/20/28
 
823,000
818,564
 Series 2023-2 Class A3, 5.48% 12/20/28
 
1,153,000
1,158,446
World Omni Auto Receivables Trust:
  
  
  
 Series 2023-C Class A3, 5.15% 11/15/28
 
181,000
180,588
 Series 2023-D Class A3, 5.79% 2/15/29
 
1,089,000
1,106,234
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $67,661,908)
  
  
67,493,533
 
  
  
  
Collateralized Mortgage Obligations - 0.8%
 
  
Principal
Amount (a)
 
Value ($)
 
Private Sponsor - 0.0%
 
  
  
CSAIL Commercial Mortgage Trust Series 2015-C2 Class ASB, 3.2241% 6/15/57
 
294,349
288,567
U.S. Government Agency - 0.8%
 
  
  
Fannie Mae Series 2022-28 Class A, 2.5% 2/25/52
 
429,071
388,126
Freddie Mac:
  
  
  
 Series 2020-5000 Class BA, 2% 4/25/45
 
614,901
537,195
 Series 2022-5236:
 
  
  
Class HP, 4.5% 12/25/42
 
  
2,618,432
2,564,648
Class P, 5% 4/25/48
 
  
1,635,231
1,608,963
 Series 2022-5266 Class CD, 4.5% 10/25/44
 
347,317
337,462
TOTAL U.S. GOVERNMENT AGENCY
  
  
5,436,394
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
 (Cost $5,774,657)
  
  
  
5,724,961
 
  
  
  
Commercial Mortgage Securities - 1.9%
 
  
Principal
Amount (a)
 
Value ($)
 
BANK sequential payer Series 2017-BNK9 Class ASB, 3.47% 11/15/54
 
2,716,992
2,613,856
BX Commercial Mortgage Trust floater:
  
  
  
 Series 2021-PAC Class A, CME Term SOFR 1 Month Index + 0.800% 6.1266% 10/15/36 (b)(c)(d)
  
100,000
97,646
 Series 2022-LP2 Class A, CME Term SOFR 1 Month Index + 1.010% 6.3358% 2/15/39 (b)(c)(d)
  
81,007
79,050
BX Trust:
  
  
  
 floater:
 
  
  
Series 2021-ACNT Class A, CME Term SOFR 1 Month Index + 0.960% 6.2875% 11/15/38 (b)(c)(d)
 
  
100,000
98,055
Series 2021-BXMF Class A, CME Term SOFR 1 Month Index + 0.750% 6.0734% 10/15/26 (b)(c)(d)
 
  
93,847
91,755
Series 2022-GPA Class A, CME Term SOFR 1 Month Index + 2.160% 7.4879% 8/15/39 (b)(c)(d)
 
  
17,000
17,016
 floater sequential payer Series 2019-XL Class A, CME Term SOFR 1 Month Index + 1.030% 6.3574% 10/15/36 (b)(c)(d)
  
1,303,871
1,300,560
CD Mortgage Trust sequential payer Series 2017-CD5 Class AAB, 3.22% 8/15/50
 
513,934
491,780
Credit Suisse Mortgage Trust floater Series 2019-ICE4 Class A, CME Term SOFR 1 Month Index + 1.020% 6.35% 5/15/36 (b)(c)(d)
  
3,112,257
3,105,240
CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A2, 3.0538% 9/15/50
 
5,239
5,224
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, CME Term SOFR 1 Month Index + 0.810% 6.1385% 11/15/38 (b)(c)(d)
  
769,105
752,693
GS Mortgage Securities Trust sequential payer:
  
  
  
 Series 2015-GC28 Class AAB, 3.206% 2/10/48
 
47,641
46,883
 Series 2015-GC32 Class AAB, 3.513% 7/10/48
 
185,881
182,307
 Series 2016-GS2 Class AAB, 2.922% 5/10/49
 
475,645
460,284
 Series 2017-GS7 Class AAB, 3.203% 8/10/50
 
1,979,292
1,890,795
JPMorgan Chase Commercial Mortgage Securities Trust sequential payer Series 2019-COR4 Class ASB, 3.9381% 3/10/52
 
1,000,000
957,862
Life Financial Services Trust floater Series 2022-BMR2 Class A1, CME Term SOFR 1 Month Index + 1.290% 6.6182% 5/15/39 (b)(c)(d)
  
445,000
435,785
SREIT Trust floater Series 2021-MFP Class A, CME Term SOFR 1 Month Index + 0.840% 6.1682% 11/15/38 (b)(c)(d)
  
200,000
196,293
Wells Fargo Commercial Mortgage Trust sequential payer:
  
  
  
 Series 2015-C27 Class ASB, 3.278% 2/15/48
 
180,905
178,013
 Series 2019-C50 Class ASB, 3.635% 5/15/52
 
1,000,000
946,765
WF-RBS Commercial Mortgage Trust sequential payer Series 2014-C20 Class ASB, 3.638% 5/15/47
 
44,325
44,212
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $14,012,553)
  
  
13,992,074
 
  
  
  
Money Market Funds - 0.7%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $4,903,123)
 
  
4,902,143
4,903,123
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $717,606,513)
 
  
 
708,916,344
NET OTHER ASSETS (LIABILITIES) - 0.4%  
2,578,275
NET ASSETS - 100.0%
711,494,619
 
  
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 $43,737,827 or 6.1% 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 5.40%
8,051,408
54,076,779
57,225,064
66,247
-
-
4,903,123
0.0%
Total
8,051,408
54,076,779
57,225,064
66,247
-
-
4,903,123
  
 
  
  
  
  
  
  
  
  
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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