Investment objective & strategy
As of Sept. 24, 2025 · prospectusObjective. Fidelity GNMA Fund seeks a high level of current income, consistent with prudent investment risk. In seeking current income, the fund may also consider the potential for capital gain.
Strategy. Normally investing at least 80% of assets in Ginnie Maes and repurchase agreements for Ginnie Maes. Ginnie Maes are U.S. Government securities that represent interests in pools of mortgage loans. Their principal and interest payments are fully guaranteed by the U.S. Government. A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Investing in other U.S. Government … Normally investing at least 80% of assets in Ginnie Maes and repurchase agreements for Ginnie Maes. Ginnie Maes are U.S. Government securities that represent interests in pools of mortgage loans. Their principal and interest payments are fully guaranteed by the U.S. Government. A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price. Effective December 11, 2025, derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Investing in other U.S. Government securities and instruments related to U.S. Government securities. Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury. Managing the fund to have similar overall interest rate risk to the Bloomberg GNMA Index. Allocating assets across different market sectors and maturities. Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Government National Mortgage Association, TBA | GNR | $264.19M | 15.30% |
| TBA GNMA 30 YR 5.50000000 | GNR | $214.89M | 12.45% |
| Government National Mortgage Association, TBA | GNR | $174.21M | 10.09% |
| GNII II 5.5% 03/01/2056 #TBA | — | $147.74M | 8.56% |
| G2 MA7135 | — | $108.71M | 6.30% |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | GNR | $94.08M | 5.45% |
| G2 MB0146 | — | $87.44M | 5.06% |
| G2 MA7705 | — | $78.36M | 4.54% |
| G2 MA6598 | — | $69.83M | 4.04% |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | — | $61.58M | 3.57% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Advisor Mortgage Securities Fund · FMGAX, FOMCX, FMSAX, FMSCX, FMSFX, FIKUX | 20% | 0.36% |
| Fidelity SAI Investment Grade Securitized Fund · FSMOX | 19% | 0.31% |
| Fidelity Series Investment Grade Securitized Fund · FHPFX | 19% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of September 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.