| Nonconvertible Bonds - 88.2% |
| | | Principal Amount (a) | Value ($) |
| COMMUNICATION SERVICES - 6.3% | | | |
| Diversified Telecommunication Services - 1.4% | | | |
| AT&T, Inc.: | | | |
| 3.55% 9/15/55 | | 322,000 | 212,285 |
| 3.65% 9/15/59 | | 775,000 | 511,514 |
| 4.3% 2/15/30 | | 412,000 | 389,801 |
| 4.5% 5/15/35 | | 293,000 | 265,237 |
| Verizon Communications, Inc.: | | | |
| 2.55% 3/21/31 | | 312,000 | 259,073 |
| 3.7% 3/22/61 | | 945,000 | 668,315 |
| 4.4% 11/1/34 | | 412,000 | 378,634 |
| | | | 2,684,859 |
| Entertainment - 0.1% | | | |
| The Walt Disney Co. 4.75% 11/15/46 | | 204,000 | 183,217 |
| Media - 3.2% | | | |
| CCO Holdings LLC/CCO Holdings Capital Corp. 4.5% 8/15/30 (b) | | 443,000 | 380,100 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: | | | |
| 3.7% 4/1/51 | | 228,000 | 141,087 |
| 3.85% 4/1/61 | | 980,000 | 585,062 |
| 4.2% 3/15/28 | | 1,498,000 | 1,409,706 |
| 5.375% 5/1/47 | | 338,000 | 273,346 |
| Comcast Corp. 2.937% 11/1/56 | | 295,000 | 180,241 |
| Discovery Communications LLC 4.125% 5/15/29 | | 295,000 | 272,146 |
| Fox Corp.: | | | |
| 3.5% 4/8/30 | | 178,000 | 158,173 |
| 5.476% 1/25/39 | | 78,000 | 71,243 |
| Magallanes, Inc.: | | | |
| 3.755% 3/15/27 | | 252,000 | 237,780 |
| 4.054% 3/15/29 | | 129,000 | 119,175 |
| 4.279% 3/15/32 | | 797,000 | 703,084 |
| 5.05% 3/15/42 | | 171,000 | 141,183 |
| 5.141% 3/15/52 | | 426,000 | 340,485 |
| 5.391% 3/15/62 | | 385,000 | 306,796 |
| Time Warner Cable LLC: | | | |
| 4.5% 9/15/42 | | 273,000 | 202,026 |
| 5.875% 11/15/40 | | 354,000 | 306,026 |
| 7.3% 7/1/38 | | 498,000 | 498,136 |
| | | | 6,325,795 |
| Wireless Telecommunication Services - 1.6% | | | |
| Rogers Communications, Inc.: | | | |
| 3.8% 3/15/32 | | 629,000 | 547,506 |
| 4.3% 2/15/48 | | 100,000 | 75,342 |
| 4.55% 3/15/52 | | 314,000 | 249,090 |
| T-Mobile U.S.A., Inc.: | | | |
| 2.4% 3/15/29 | | 242,000 | 210,664 |
| 2.7% 3/15/32 | | 1,680,000 | 1,376,648 |
| 3.75% 4/15/27 | | 412,000 | 392,804 |
| Vodafone Group PLC 3.25% 6/4/81 (c) | | 210,000 | 191,492 |
| | | | 3,043,546 |
TOTAL COMMUNICATION SERVICES | | | 12,237,417 |
| CONSUMER DISCRETIONARY - 4.3% | | | |
| Automobiles - 1.5% | | | |
| Ford Motor Co. 3.25% 2/12/32 | | 810,000 | 646,026 |
| General Motors Co.: | | | |
| 5.4% 4/1/48 | | 500,000 | 423,820 |
| 5.95% 4/1/49 | | 416,000 | 379,359 |
| General Motors Financial Co., Inc. 3.1% 1/12/32 | | 400,000 | 325,489 |
| Volkswagen Group of America Finance LLC: | | | |
| 1.625% 11/24/27 (b) | | 390,000 | 334,230 |
| 4.75% 11/13/28 (b) | | 930,000 | 895,969 |
| | | | 3,004,893 |
| Distributors - 0.2% | | | |
| Genuine Parts Co. 2.75% 2/1/32 | | 450,000 | 358,725 |
| Specialty Retail - 1.9% | | | |
| Advance Auto Parts, Inc. 1.75% 10/1/27 | | 338,000 | 280,747 |
| AutoNation, Inc.: | | | |
| 3.85% 3/1/32 | | 1,250,000 | 1,054,708 |
| 4.75% 6/1/30 | | 19,000 | 17,628 |
| Lowe's Companies, Inc.: | | | |
| 3.65% 4/5/29 | | 291,000 | 271,749 |
| 4.25% 4/1/52 | | 180,000 | 141,329 |
| 5.15% 7/1/33 | | 1,200,000 | 1,180,133 |
| 5.625% 4/15/53 | | 250,000 | 243,186 |
| O'Reilly Automotive, Inc. 4.35% 6/1/28 | | 416,000 | 404,393 |
| | | | 3,593,873 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Tapestry, Inc.: | | | |
| 3.05% 3/15/32 | | 434,000 | 324,504 |
| 7% 11/27/26 | | 70,000 | 70,755 |
| 7.35% 11/27/28 | | 113,000 | 113,862 |
| 7.7% 11/27/30 | | 400,000 | 405,497 |
| 7.85% 11/27/33 | | 400,000 | 406,234 |
| | | | 1,320,852 |
TOTAL CONSUMER DISCRETIONARY | | | 8,278,343 |
| CONSUMER STAPLES - 6.3% | | | |
| Beverages - 1.1% | | | |
| Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide, Inc.: | | | |
| 4.7% 2/1/36 | | 198,000 | 188,675 |
| 4.9% 2/1/46 | | 368,000 | 340,773 |
| Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36 | | 1,024,000 | 975,775 |
| Anheuser-Busch InBev Worldwide, Inc. 4.6% 4/15/48 (d) | | 16,000 | 14,239 |
| Constellation Brands, Inc. 2.875% 5/1/30 | | 363,000 | 314,541 |
| Molson Coors Beverage Co. 3% 7/15/26 | | 261,000 | 247,252 |
| | | | 2,081,255 |
| Consumer Staples Distribution & Retail - 0.1% | | | |
| Alimentation Couche-Tard, Inc. 2.95% 1/25/30 (b) | | 229,000 | 197,688 |
| Food Products - 1.7% | | | |
| JBS U.S.A. Lux SA / JBS Food Co.: | | | |
| 2.5% 1/15/27 | | 1,000,000 | 899,970 |
| 3% 5/15/32 | | 435,000 | 338,996 |
| 4.375% 2/2/52 | | 405,000 | 277,793 |
| 5.5% 1/15/30 | | 530,000 | 502,360 |
| 5.75% 4/1/33 | | 340,000 | 321,072 |
| McCormick & Co., Inc. 1.85% 2/15/31 | | 261,000 | 206,807 |
| Smithfield Foods, Inc. 3% 10/15/30 (b) | | 135,000 | 106,769 |
| Viterra Finance BV 4.9% 4/21/27 (b) | | 660,000 | 641,375 |
| | | | 3,295,142 |
| Tobacco - 3.4% | | | |
| Altria Group, Inc.: | | | |
| 2.45% 2/4/32 | | 440,000 | 345,586 |
| 4.25% 8/9/42 | | 195,000 | 149,034 |
| 4.8% 2/14/29 | | 213,000 | 207,849 |
| BAT Capital Corp.: | | | |
| 2.726% 3/25/31 | | 1,100,000 | 896,123 |
| 3.557% 8/15/27 | | 192,000 | 179,729 |
| 3.984% 9/25/50 | | 440,000 | 296,129 |
| Imperial Tobacco Finance PLC: | | | |
| 3.5% 7/26/26 (b) | | 670,000 | 631,535 |
| 4.25% 7/21/25 (b) | | 250,000 | 243,941 |
| Philip Morris International, Inc.: | | | |
| 5.625% 11/17/29 | | 1,240,000 | 1,259,705 |
| 5.75% 11/17/32 | | 1,881,000 | 1,924,023 |
| Reynolds American, Inc. 4.45% 6/12/25 | | 600,000 | 589,965 |
| | | | 6,723,619 |
TOTAL CONSUMER STAPLES | | | 12,297,704 |
| ENERGY - 7.5% | | | |
| Oil, Gas & Consumable Fuels - 7.5% | | | |
| Canadian Natural Resources Ltd.: | | | |
| 4.95% 6/1/47 | | 134,000 | 114,613 |
| 6.25% 3/15/38 | | 450,000 | 450,018 |
| Cenovus Energy, Inc.: | | | |
| 2.65% 1/15/32 | | 99,000 | 79,059 |
| 3.75% 2/15/52 | | 350,000 | 242,657 |
| 5.4% 6/15/47 | | 172,000 | 153,674 |
| 6.75% 11/15/39 | | 33,000 | 34,178 |
| Cheniere Corpus Christi Holdings LLC 5.875% 3/31/25 | | 565,000 | 565,094 |
| Columbia Pipelines Operating Co. LLC: | | | |
| 5.927% 8/15/30 (b) | | 24,000 | 24,096 |
| 6.036% 11/15/33 (b) | | 64,000 | 64,581 |
| 6.497% 8/15/43 (b) | | 19,000 | 19,226 |
| 6.544% 11/15/53 (b) | | 34,000 | 34,789 |
| DCP Midstream Operating LP 5.125% 5/15/29 | | 515,000 | 506,278 |
| Eastern Gas Transmission & Storage, Inc. 3.9% 11/15/49 | | 296,000 | 206,568 |
| Enbridge, Inc. 4.25% 12/1/26 | | 174,000 | 169,138 |
| Energy Transfer LP: | | | |
| 4% 10/1/27 | | 1,112,000 | 1,050,133 |
| 5% 5/15/50 | | 450,000 | 379,624 |
| 5.4% 10/1/47 | | 316,000 | 278,178 |
| 5.8% 6/15/38 | | 123,000 | 117,425 |
| 6% 6/15/48 | | 257,000 | 244,418 |
| Enterprise Products Operating LP 4.9% 5/15/46 | | 183,000 | 166,318 |
| Equinor ASA 2.375% 5/22/30 | | 422,000 | 364,398 |
| Hess Corp.: | | | |
| 4.3% 4/1/27 | | 354,000 | 344,824 |
| 5.6% 2/15/41 | | 410,000 | 412,337 |
| 5.8% 4/1/47 | | 240,000 | 247,314 |
| 6% 1/15/40 | | 405,000 | 421,452 |
| MPLX LP: | | | |
| 1.75% 3/1/26 | | 351,000 | 323,674 |
| 2.65% 8/15/30 | | 722,000 | 603,561 |
| 5.65% 3/1/53 | | 240,000 | 223,061 |
| Occidental Petroleum Corp.: | | | |
| 2.9% 8/15/24 | | 86,000 | 84,108 |
| 3.45% 7/15/24 | | 481,000 | 472,703 |
| Ovintiv, Inc. 7.2% 11/1/31 | | 270,000 | 283,968 |
| Petroleos Mexicanos: | | | |
| 5.35% 2/12/28 | | 394,000 | 326,094 |
| 6.49% 1/23/27 | | 85,000 | 76,504 |
| 6.5% 3/13/27 | | 280,000 | 251,545 |
| Plains All American Pipeline LP/PAA Finance Corp. 4.65% 10/15/25 | | 456,000 | 447,077 |
| Spectra Energy Partners LP 3.375% 10/15/26 | | 278,000 | 262,920 |
| Suncor Energy, Inc.: | | | |
| 6.5% 6/15/38 | | 255,000 | 261,048 |
| 6.85% 6/1/39 | | 166,000 | 173,893 |
| The Williams Companies, Inc.: | | | |
| 4.65% 8/15/32 | | 1,463,000 | 1,371,141 |
| 5.3% 8/15/52 | | 57,000 | 51,807 |
| 5.75% 6/24/44 | | 360,000 | 342,726 |
| Transcontinental Gas Pipe Line Co. LLC 3.25% 5/15/30 | | 1,326,000 | 1,170,284 |
| Western Gas Partners LP 4.05% 2/1/30 | | 1,204,000 | 1,091,149 |
| | | | 14,507,653 |
| FINANCIALS - 31.7% | | | |
| Banks - 16.6% | | | |
| AIB Group PLC 4.263% 4/10/25 (b)(c) | | 250,000 | 247,846 |
| Banco Santander SA 2.749% 12/3/30 | | 600,000 | 470,827 |
| Bank of America Corp.: | | | |
| 2.676% 6/19/41 (c) | | 619,000 | 419,953 |
| 2.884% 10/22/30 (c) | | 407,000 | 349,599 |
| 3.194% 7/23/30 (c) | | 495,000 | 435,166 |
| 3.705% 4/24/28 (c) | | 362,000 | 340,199 |
| 4.45% 3/3/26 | | 350,000 | 341,744 |
| 4.571% 4/27/33 (c) | | 2,500,000 | 2,293,159 |
| 5.015% 7/22/33 (c) | | 640,000 | 608,111 |
| Bank of Nova Scotia 4.5% 12/16/25 | | 1,236,000 | 1,205,551 |
| Barclays PLC: | | | |
| 2.645% 6/24/31 (c) | | 550,000 | 442,432 |
| 2.894% 11/24/32 (c) | | 920,000 | 724,284 |
| 4.836% 5/9/28 | | 415,000 | 391,203 |
| 5.088% 6/20/30 (c) | | 200,000 | 183,593 |
| BNP Paribas SA: | | | |
| 1.904% 9/30/28 (b)(c) | | 670,000 | 580,163 |
| 2.591% 1/20/28 (b)(c) | | 510,000 | 462,641 |
| 2.824% 1/26/41 (b) | | 560,000 | 360,840 |
| BPCE SA: | | | |
| 2.277% 1/20/32 (b)(c) | | 490,000 | 375,640 |
| 4.875% 4/1/26 (b) | | 350,000 | 338,917 |
| Citigroup, Inc.: | | | |
| 2.572% 6/3/31 (c) | | 256,000 | 211,379 |
| 2.666% 1/29/31 (c) | | 307,000 | 257,350 |
| 4.3% 11/20/26 | | 371,000 | 357,979 |
| 4.91% 5/24/33 (c) | | 295,000 | 277,537 |
| 6.174% 5/25/34 (c) | | 631,000 | 626,152 |
| Citizens Financial Group, Inc. 2.638% 9/30/32 | | 427,000 | 308,222 |
| Commonwealth Bank of Australia 3.784% 3/14/32 (b) | | 490,000 | 409,872 |
| Credit Agricole SA 2.811% 1/11/41 (b) | | 408,000 | 260,503 |
| Fifth Third Bancorp 8.25% 3/1/38 | | 335,000 | 372,317 |
| HSBC Holdings PLC: | | | |
| 1.589% 5/24/27 (c) | | 790,000 | 711,773 |
| 2.357% 8/18/31 (c) | | 570,000 | 456,234 |
| 2.848% 6/4/31 (c) | | 400,000 | 332,286 |
| 4.041% 3/13/28 (c) | | 300,000 | 283,845 |
| 7.39% 11/3/28 (c) | | 300,000 | 316,781 |
| Huntington Bancshares, Inc.: | | | |
| 2.487% 8/15/36 (c) | | 1,548,000 | 1,111,230 |
| 6.208% 8/21/29 (c) | | 500,000 | 500,776 |
| Intesa Sanpaolo SpA: | | | |
| 5.71% 1/15/26 (b) | | 200,000 | 196,297 |
| 7.2% 11/28/33 (b) | | 400,000 | 405,127 |
| JPMorgan Chase & Co.: | | | |
| 2.522% 4/22/31 (c) | | 456,000 | 382,522 |
| 2.956% 5/13/31 (c) | | 467,000 | 397,465 |
| 4.912% 7/25/33 (c) | | 890,000 | 846,467 |
| 4.95% 6/1/45 | | 204,000 | 184,694 |
| 5.717% 9/14/33 (c) | | 2,240,000 | 2,231,898 |
| Lloyds Banking Group PLC: | | | |
| 1.627% 5/11/27 (c) | | 480,000 | 433,287 |
| 7.953% 11/15/33 (c) | | 350,000 | 377,884 |
| PNC Financial Services Group, Inc.: | | | |
| 5.582% 6/12/29 (c) | | 400,000 | 397,156 |
| 6.875% 10/20/34 (c) | | 450,000 | 477,721 |
| Rabobank Nederland 3.75% 7/21/26 | | 700,000 | 662,533 |
| Santander Holdings U.S.A., Inc. 2.49% 1/6/28 (c) | | 1,735,000 | 1,554,334 |
| Societe Generale: | | | |
| 1.488% 12/14/26 (b)(c) | | 325,000 | 294,137 |
| 3% 1/22/30 (b) | | 555,000 | 464,307 |
| 3.625% 3/1/41 (b) | | 750,000 | 474,521 |
| 6.221% 6/15/33 (b)(c) | | 1,000,000 | 937,569 |
| Standard Chartered PLC 3.785% 5/21/25 (b)(c) | | 500,000 | 493,762 |
| Synchrony Bank 5.625% 8/23/27 | | 210,000 | 198,924 |
| U.S. Bancorp 5.775% 6/12/29 (c) | | 600,000 | 599,589 |
| UniCredit SpA 1.982% 6/3/27 (b)(c) | | 505,000 | 454,565 |
| Wells Fargo & Co.: | | | |
| 4.478% 4/4/31 (c) | | 432,000 | 403,147 |
| 4.65% 11/4/44 | | 1,464,000 | 1,207,591 |
| Westpac Banking Corp. U.S. TREASURY 1 YEAR INDEX + 2.680% 5.405% 8/10/33 (c)(e) | | 400,000 | 375,789 |
| Zions Bancorp NA 3.25% 10/29/29 | | 340,000 | 265,762 |
| | | | 32,083,152 |
| Capital Markets - 5.0% | | | |
| Ares Capital Corp.: | | | |
| 2.15% 7/15/26 | | 335,000 | 299,956 |
| 3.875% 1/15/26 | | 1,252,000 | 1,186,067 |
| 4.2% 6/10/24 | | 406,000 | 401,554 |
| 4.25% 3/1/25 | | 378,000 | 366,285 |
| Blackstone Holdings Finance Co. LLC 3.5% 9/10/49 (b) | | 268,000 | 177,791 |
| Blackstone Private Credit Fund: | | | |
| 4.7% 3/24/25 | | 556,000 | 541,664 |
| 7.05% 9/29/25 | | 247,000 | 249,634 |
| Deutsche Bank AG 4.5% 4/1/25 | | 320,000 | 310,372 |
| Deutsche Bank AG New York Branch: | | | |
| 2.129% 11/24/26 (c) | | 731,000 | 669,931 |
| 3.035% 5/28/32 (c) | | 566,000 | 449,466 |
| 6.819% 11/20/29 (c) | | 120,000 | 122,258 |
| Goldman Sachs Group, Inc. 4.223% 5/1/29 (c) | | 276,000 | 260,551 |
| Morgan Stanley: | | | |
| 1.794% 2/13/32 (c) | | 434,000 | 332,553 |
| 2.239% 7/21/32 (c) | | 1,630,000 | 1,274,695 |
| 2.699% 1/22/31 (c) | | 286,000 | 241,492 |
| 4.431% 1/23/30 (c) | | 410,000 | 389,224 |
| UBS Group AG: | | | |
| 3.091% 5/14/32 (b)(c) | | 725,000 | 591,883 |
| 3.126% 8/13/30 (b)(c) | | 500,000 | 431,057 |
| 3.869% 1/12/29 (b)(c) | | 230,000 | 211,770 |
| 4.194% 4/1/31 (b)(c) | | 580,000 | 520,661 |
| 4.55% 4/17/26 | | 250,000 | 243,284 |
| 9.016% 11/15/33 (b)(c) | | 300,000 | 355,056 |
| | | | 9,627,204 |
| Consumer Finance - 4.0% | | | |
| AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: | | | |
| 1.65% 10/29/24 | | 350,000 | 335,829 |
| 2.45% 10/29/26 | | 150,000 | 136,649 |
| 3% 10/29/28 | | 151,000 | 133,085 |
| 3.3% 1/30/32 | | 161,000 | 133,452 |
| 3.4% 10/29/33 | | 333,000 | 269,392 |
| 3.85% 10/29/41 | | 470,000 | 350,830 |
| Ally Financial, Inc.: | | | |
| 2.2% 11/2/28 | | 254,000 | 208,047 |
| 5.75% 11/20/25 | | 141,000 | 138,378 |
| 5.8% 5/1/25 | | 309,000 | 306,681 |
| 7.1% 11/15/27 | | 1,750,000 | 1,784,500 |
| Capital One Financial Corp.: | | | |
| 2.359% 7/29/32 (c) | | 1,462,000 | 1,038,135 |
| 5.247% 7/26/30 (c) | | 321,000 | 301,912 |
| 5.468% 2/1/29 (c) | | 114,000 | 109,515 |
| 5.817% 2/1/34 (c) | | 238,000 | 223,219 |
| 6.312% 6/8/29 (c) | | 390,000 | 387,712 |
| 7.624% 10/30/31 (c) | | 170,000 | 177,670 |
| Discover Financial Services: | | | |
| 4.5% 1/30/26 | | 488,000 | 472,414 |
| 6.7% 11/29/32 | | 35,000 | 34,740 |
| Ford Motor Credit Co. LLC: | | | |
| 3.375% 11/13/25 | | 615,000 | 579,428 |
| 4.063% 11/1/24 | | 350,000 | 341,794 |
| 4.95% 5/28/27 | | 400,000 | 381,580 |
| | | | 7,844,962 |
| Financial Services - 2.7% | | | |
| Athene Global Funding: | | | |
| 1.45% 1/8/26 (b) | | 290,000 | 263,164 |
| 1.985% 8/19/28 (b) | | 380,000 | 317,771 |
| 2.5% 3/24/28 (b) | | 340,000 | 293,789 |
| Aviation Capital Group LLC 6.75% 10/25/28 (b) | | 450,000 | 455,758 |
| Brixmor Operating Partnership LP: | | | |
| 2.25% 4/1/28 | | 302,000 | 260,351 |
| 4.05% 7/1/30 | | 509,000 | 456,731 |
| 4.125% 5/15/29 | | 365,000 | 332,898 |
| Corebridge Financial, Inc.: | | | |
| 3.65% 4/5/27 | | 95,000 | 89,227 |
| 3.85% 4/5/29 | | 183,000 | 167,552 |
| 3.9% 4/5/32 | | 241,000 | 210,977 |
| 4.35% 4/5/42 | | 25,000 | 20,058 |
| 4.4% 4/5/52 | | 95,000 | 74,072 |
| Equitable Holdings, Inc.: | | | |
| 4.35% 4/20/28 | | 227,000 | 215,611 |
| 5% 4/20/48 | | 436,000 | 383,515 |
| Jackson Financial, Inc.: | | | |
| 3.125% 11/23/31 | | 420,000 | 334,309 |
| 4% 11/23/51 | | 485,000 | 309,714 |
| 5.17% 6/8/27 | | 84,000 | 81,591 |
| 5.67% 6/8/32 | | 90,000 | 87,331 |
| Rexford Industrial Realty LP 2.15% 9/1/31 | | 394,000 | 300,796 |
| Voya Financial, Inc.: | | | |
| 4.7% 1/23/48 (c) | | 423,000 | 338,868 |
| 4.8% 6/15/46 | | 204,000 | 163,855 |
| 5.7% 7/15/43 | | 56,000 | 50,788 |
| | | | 5,208,726 |
| Insurance - 3.4% | | | |
| American International Group, Inc. 5.75% 4/1/48 (c) | | 558,000 | 522,504 |
| AmFam Holdings, Inc. 2.805% 3/11/31 (b) | | 250,000 | 185,573 |
| Assurant, Inc. 2.65% 1/15/32 | | 420,000 | 324,661 |
| Athene Holding Ltd.: | | | |
| 3.45% 5/15/52 | | 250,000 | 156,684 |
| 6.65% 2/1/33 | | 1,300,000 | 1,347,493 |
| Empower Finance 2020 LP 1.776% 3/17/31 (b) | | 293,000 | 227,956 |
| Fairfax Financial Holdings Ltd.: | | | |
| 3.375% 3/3/31 | | 20,000 | 16,919 |
| 4.85% 4/17/28 | | 315,000 | 305,980 |
| 5.625% 8/16/32 | | 740,000 | 718,298 |
| Five Corners Funding Trust II 2.85% 5/15/30 (b) | | 510,000 | 435,973 |
| Intact Financial Corp. 5.459% 9/22/32 (b) | | 447,000 | 434,014 |
| Liberty Mutual Group, Inc. 5.5% 6/15/52 (b) | | 920,000 | 813,140 |
| Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b) | | 273,000 | 173,310 |
| Pacific LifeCorp 5.125% 1/30/43 (b) | | 309,000 | 275,115 |
| Unum Group 4.125% 6/15/51 | | 530,000 | 365,958 |
| Willis Group North America, Inc. 5.35% 5/15/33 | | 385,000 | 375,906 |
| | | | 6,679,484 |
TOTAL FINANCIALS | | | 61,443,528 |
| HEALTH CARE - 7.7% | | | |
| Biotechnology - 0.9% | | | |
| AbbVie, Inc. 4.55% 3/15/35 | | 321,000 | 303,127 |
| Amgen, Inc.: | | | |
| 3.375% 2/21/50 | | 312,000 | 216,280 |
| 5.25% 3/2/30 | | 918,000 | 922,688 |
| 5.25% 3/2/33 | | 88,000 | 87,110 |
| 5.65% 3/2/53 | | 41,000 | 40,431 |
| 5.75% 3/2/63 | | 75,000 | 73,394 |
| Regeneron Pharmaceuticals, Inc. 1.75% 9/15/30 | | 278,000 | 220,757 |
| | | | 1,863,787 |
| Health Care Providers & Services - 3.9% | | | |
| Centene Corp.: | | | |
| 2.625% 8/1/31 | | 1,200,000 | 955,200 |
| 3% 10/15/30 | | 294,000 | 245,311 |
| 4.25% 12/15/27 | | 160,000 | 151,040 |
| 4.625% 12/15/29 | | 1,590,000 | 1,476,686 |
| Cigna Group: | | | |
| 3.4% 3/15/50 | | 397,000 | 273,026 |
| 4.8% 8/15/38 | | 1,516,000 | 1,398,655 |
| 4.9% 12/15/48 | | 40,000 | 35,446 |
| CVS Health Corp.: | | | |
| 4.78% 3/25/38 | | 926,000 | 830,919 |
| 4.875% 7/20/35 | | 134,000 | 125,040 |
| 5% 1/30/29 | | 65,000 | 64,636 |
| 5.25% 1/30/31 | | 26,000 | 25,879 |
| 5.3% 6/1/33 | | 450,000 | 442,620 |
| HCA Holdings, Inc.: | | | |
| 3.625% 3/15/32 | | 200,000 | 172,635 |
| 4.625% 3/15/52 | | 370,000 | 293,018 |
| Sabra Health Care LP 3.2% 12/1/31 | | 615,000 | 480,998 |
| Universal Health Services, Inc.: | | | |
| 2.65% 10/15/30 | | 388,000 | 315,615 |
| 2.65% 1/15/32 | | 275,000 | 216,417 |
| | | | 7,503,141 |
| Pharmaceuticals - 2.9% | | | |
| AstraZeneca PLC 6.45% 9/15/37 | | 236,000 | 262,882 |
| Bayer U.S. Finance II LLC: | | | |
| 4.25% 12/15/25 (b) | | 447,000 | 430,787 |
| 4.375% 12/15/28 (b) | | 410,000 | 379,796 |
| Elanco Animal Health, Inc. 6.65% 8/28/28 (c) | | 372,000 | 371,535 |
| Mylan NV 4.55% 4/15/28 | | 1,220,000 | 1,152,681 |
| Pfizer Investment Enterprises: | | | |
| 4.75% 5/19/33 | | 780,000 | 758,801 |
| 5.3% 5/19/53 | | 602,000 | 586,971 |
| Utah Acquisition Sub, Inc. 3.95% 6/15/26 | | 547,000 | 521,418 |
| Viatris, Inc.: | | | |
| 2.7% 6/22/30 | | 1,235,000 | 1,003,054 |
| 4% 6/22/50 | | 280,000 | 181,472 |
| | | | 5,649,397 |
TOTAL HEALTH CARE | | | 15,016,325 |
| INDUSTRIALS - 5.3% | | | |
| Aerospace & Defense - 2.0% | | | |
| BAE Systems PLC 1.9% 2/15/31 (b) | | 425,000 | 336,705 |
| RTX Corp.: | | | |
| 6.1% 3/15/34 | | 350,000 | 366,750 |
| 6.4% 3/15/54 | | 350,000 | 379,947 |
| The Boeing Co.: | | | |
| 3.625% 2/1/31 | | 1,535,000 | 1,381,198 |
| 5.04% 5/1/27 | | 558,000 | 554,369 |
| 5.15% 5/1/30 | | 888,000 | 879,808 |
| | | | 3,898,777 |
| Air Freight & Logistics - 0.1% | | | |
| FedEx Corp. 4.05% 2/15/48 | | 348,000 | 270,868 |
| Building Products - 0.0% | | | |
| Carrier Global Corp.: | | | |
| 5.9% 3/15/34 (b) | | 21,000 | 21,610 |
| 6.2% 3/15/54 (b) | | 22,000 | 23,255 |
| | | | 44,865 |
| Ground Transportation - 0.2% | | | |
| CSX Corp. 4.75% 11/15/48 | | 402,000 | 350,470 |
| Industrial Conglomerates - 0.1% | | | |
| Trane Technologies Financing Ltd. 3.8% 3/21/29 | | 250,000 | 235,697 |
| Machinery - 0.8% | | | |
| Ingersoll Rand, Inc.: | | | |
| 5.4% 8/14/28 | | 194,000 | 194,430 |
| 5.7% 8/14/33 | | 514,000 | 520,246 |
| Westinghouse Air Brake Tech Co.: | | | |
| 3.2% 6/15/25 | | 438,000 | 420,456 |
| 3.45% 11/15/26 | | 366,000 | 345,749 |
| | | | 1,480,881 |
| Passenger Airlines - 0.5% | | | |
| American Airlines 2017-2 Class B Pass Through Trust equipment trust certificate 3.7% 4/15/27 | | 348,030 | 324,358 |
| American Airlines 2019-1 Class B Pass Through Trust equipment trust certificate 3.85% 8/15/29 | | 156,657 | 137,856 |
| American Airlines, Inc. 3.75% 4/15/27 | | 115,076 | 107,478 |
| British Airways 2021-1 Class A Pass Through Trust equipment trust certificate 2.9% 9/15/36 (b) | | 184,218 | 154,173 |
| United Airlines 2019-2 Class B Pass Through Trust equipment trust certificate 3.5% 11/1/29 | | 135,016 | 120,782 |
| United Airlines, Inc. equipment trust certificate 4.6% 9/1/27 | | 72,550 | 68,285 |
| | | | 912,932 |
| Professional Services - 0.2% | | | |
| Booz Allen Hamilton, Inc. 5.95% 8/4/33 | | 298,000 | 300,921 |
| Trading Companies & Distributors - 0.4% | | | |
| Air Lease Corp.: | | | |
| 2.875% 1/15/32 | | 460,000 | 372,962 |
| 3.25% 3/1/25 | | 331,000 | 319,351 |
| | | | 692,313 |
| Transportation Infrastructure - 1.0% | | | |
| Avolon Holdings Funding Ltd.: | | | |
| 2.528% 11/18/27 (b) | | 219,000 | 189,240 |
| 4.25% 4/15/26 (b) | | 1,445,000 | 1,374,366 |
| 5.5% 1/15/26 (b) | | 312,000 | 305,915 |
| 6.375% 5/4/28 (b) | | 139,000 | 138,618 |
| | | | 2,008,139 |
TOTAL INDUSTRIALS | | | 10,195,863 |
| INFORMATION TECHNOLOGY - 3.8% | | | |
| Electronic Equipment, Instruments & Components - 1.4% | | | |
| Dell International LLC/EMC Corp.: | | | |
| 3.45% 12/15/51 | | 845,000 | 564,157 |
| 4.9% 10/1/26 | | 1,726,000 | 1,703,384 |
| Vontier Corp. 2.95% 4/1/31 | | 632,000 | 502,602 |
| | | | 2,770,143 |
| IT Services - 0.2% | | | |
| CDW LLC/CDW Finance Corp. 2.67% 12/1/26 | | 544,000 | 498,144 |
| Semiconductors & Semiconductor Equipment - 1.5% | | | |
| Broadcom, Inc.: | | | |
| 1.95% 2/15/28 (b) | | 302,000 | 265,009 |
| 2.45% 2/15/31 (b) | | 175,000 | 143,887 |
| 2.6% 2/15/33 (b) | | 1,022,000 | 804,690 |
| 3.5% 2/15/41 (b) | | 363,000 | 270,956 |
| Marvell Technology, Inc.: | | | |
| 5.75% 2/15/29 | | 260,000 | 262,389 |
| 5.95% 9/15/33 | | 205,000 | 207,676 |
| Micron Technology, Inc.: | | | |
| 2.703% 4/15/32 | | 335,000 | 268,212 |
| 4.185% 2/15/27 | | 321,000 | 308,800 |
| NXP BV/NXP Funding LLC/NXP U.S.A., Inc. 2.7% 5/1/25 | | 337,000 | 322,539 |
| | | | 2,854,158 |
| Software - 0.7% | | | |
| Oracle Corp.: | | | |
| 2.3% 3/25/28 | | 328,000 | 291,650 |
| 2.875% 3/25/31 | | 170,000 | 145,522 |
| 3.95% 3/25/51 | | 390,000 | 288,557 |
| 4.3% 7/8/34 | | 287,000 | 258,927 |
| Roper Technologies, Inc. 2.95% 9/15/29 | | 389,000 | 345,878 |
| | | | 1,330,534 |
TOTAL INFORMATION TECHNOLOGY | | | 7,452,979 |
| MATERIALS - 1.2% | | | |
| Chemicals - 1.0% | | | |
| Celanese U.S. Holdings LLC: | | | |
| 6.165% 7/15/27 | | 620,000 | 625,463 |
| 6.35% 11/15/28 | | 82,000 | 83,771 |
| 6.55% 11/15/30 | | 204,000 | 209,190 |
| 6.7% 11/15/33 | | 49,000 | 50,772 |
| International Flavors & Fragrances, Inc.: | | | |
| 1.832% 10/15/27 (b) | | 352,000 | 302,179 |
| 3.468% 12/1/50 (b) | | 832,000 | 524,153 |
| LYB International Finance III LLC 2.25% 10/1/30 | | 308,000 | 250,641 |
| | | | 2,046,169 |
| Containers & Packaging - 0.2% | | | |
| Avery Dennison Corp. 4.875% 12/6/28 | | 325,000 | 320,618 |
TOTAL MATERIALS | | | 2,366,787 |
| REAL ESTATE - 5.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.0% | | | |
| Agree LP 4.8% 10/1/32 | | 441,000 | 401,069 |
| American Homes 4 Rent LP: | | | |
| 3.375% 7/15/51 | | 45,000 | 27,841 |
| 4.3% 4/15/52 | | 71,000 | 52,888 |
| Camden Property Trust: | | | |
| 2.8% 5/15/30 | | 85,000 | 73,176 |
| 3.15% 7/1/29 | | 367,000 | 329,307 |
| Corporate Office Properties LP 2% 1/15/29 | | 278,000 | 219,979 |
| Crown Castle International Corp. 2.25% 1/15/31 | | 323,000 | 258,469 |
| Hudson Pacific Properties LP: | | | |
| 3.95% 11/1/27 | | 422,000 | 327,446 |
| 5.95% 2/15/28 | | 355,000 | 293,052 |
| Invitation Homes Operating Partnership LP: | | | |
| 2% 8/15/31 | | 395,000 | 298,574 |
| 4.15% 4/15/32 | | 133,000 | 116,326 |
| Kite Realty Group Trust: | | | |
| 4% 3/15/25 | | 15,000 | 14,452 |
| 4.75% 9/15/30 | | 257,000 | 233,980 |
| LXP Industrial Trust (REIT) 4.4% 6/15/24 | | 242,000 | 238,832 |
| MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | | 606,000 | 373,403 |
| Omega Healthcare Investors, Inc.: | | | |
| 3.25% 4/15/33 | | 394,000 | 301,239 |
| 3.625% 10/1/29 | | 1,227,000 | 1,045,736 |
| 4.5% 1/15/25 | | 204,000 | 199,361 |
| Piedmont Operating Partnership LP 2.75% 4/1/32 | | 53,000 | 35,123 |
| Realty Income Corp. 2.2% 6/15/28 | | 27,000 | 23,505 |
| Spirit Realty LP 2.1% 3/15/28 | | 338,000 | 293,520 |
| Store Capital Corp.: | | | |
| 2.7% 12/1/31 | | 450,000 | 322,414 |
| 2.75% 11/18/30 | | 67,000 | 49,151 |
| Sun Communities Operating LP: | | | |
| 2.3% 11/1/28 | | 1,120,000 | 952,289 |
| 2.7% 7/15/31 | | 445,000 | 352,460 |
| 4.2% 4/15/32 | | 280,000 | 244,842 |
| 5.7% 1/15/33 | | 450,000 | 437,986 |
| Ventas Realty LP 3% 1/15/30 | | 1,247,000 | 1,059,118 |
| VICI Properties LP: | | | |
| 4.75% 2/15/28 | | 348,000 | 329,854 |
| 4.95% 2/15/30 | | 540,000 | 502,133 |
| 5.125% 5/15/32 | | 41,000 | 37,749 |
| Vornado Realty LP: | | | |
| 2.15% 6/1/26 | | 73,000 | 63,211 |
| 3.4% 6/1/31 | | 225,000 | 160,871 |
| | | | 9,669,356 |
| Real Estate Management & Development - 0.4% | | | |
| Brandywine Operating Partnership LP 7.8% 3/15/28 | | 133,000 | 127,390 |
| Tanger Properties LP: | | | |
| 2.75% 9/1/31 | | 253,000 | 193,579 |
| 3.125% 9/1/26 | | 410,000 | 377,321 |
| | | | 698,290 |
TOTAL REAL ESTATE | | | 10,367,646 |
| UTILITIES - 8.7% | | | |
| Electric Utilities - 4.4% | | | |
| Cleco Corporate Holdings LLC: | | | |
| 3.743% 5/1/26 | | 2,301,000 | 2,193,827 |
| 4.973% 5/1/46 | | 356,000 | 278,133 |
| Cleveland Electric Illuminating Co. 3.5% 4/1/28 (b) | | 224,000 | 206,145 |
| Duke Energy Corp.: | | | |
| 4.5% 8/15/32 | | 1,830,000 | 1,706,902 |
| 5% 8/15/52 | | 550,000 | 478,723 |
| Duke Energy Industries, Inc. 4.9% 7/15/43 | | 88,000 | 78,089 |
| Duquesne Light Holdings, Inc.: | | | |
| 2.532% 10/1/30 (b) | | 86,000 | 69,379 |
| 2.775% 1/7/32 (b) | | 177,000 | 134,806 |
| 3.616% 8/1/27 (b) | | 250,000 | 228,106 |
| Exelon Corp.: | | | |
| 3.35% 3/15/32 | | 1,558,000 | 1,333,818 |
| 4.05% 4/15/30 | | 240,000 | 222,645 |
| 4.1% 3/15/52 | | 213,000 | 162,666 |
| FirstEnergy Corp.: | | | |
| 2.25% 9/1/30 | | 639,000 | 519,817 |
| 2.65% 3/1/30 | | 500,000 | 422,945 |
| 4.15% 7/15/27 | | 416,000 | 395,748 |
| Southern Co. 5.7% 3/15/34 | | 126,000 | 128,382 |
| | | | 8,560,131 |
| Gas Utilities - 0.7% | | | |
| ONE Gas, Inc. 2% 5/15/30 | | 254,000 | 207,350 |
| Southern Co. Gas Capital Corp.: | | | |
| 3.15% 9/30/51 | | 416,000 | 258,833 |
| 4.4% 5/30/47 | | 204,000 | 160,218 |
| 5.75% 9/15/33 | | 700,000 | 708,434 |
| | | | 1,334,835 |
| Independent Power and Renewable Electricity Producers - 2.0% | | | |
| Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | | 550,000 | 493,343 |
| Emera U.S. Finance LP: | | | |
| 3.55% 6/15/26 | | 1,271,000 | 1,216,611 |
| 4.75% 6/15/46 | | 426,000 | 327,535 |
| The AES Corp.: | | | |
| 1.375% 1/15/26 | | 392,000 | 356,913 |
| 2.45% 1/15/31 | | 402,000 | 324,403 |
| 3.3% 7/15/25 (b) | | 804,000 | 767,552 |
| 3.95% 7/15/30 (b) | | 322,000 | 286,322 |
| | | | 3,772,679 |
| Multi-Utilities - 1.6% | | | |
| Dominion Energy, Inc. 4.25% 6/1/28 | | 343,000 | 327,659 |
| NiSource, Inc.: | | | |
| 3.49% 5/15/27 | | 594,000 | 561,298 |
| 3.6% 5/1/30 | | 100,000 | 89,636 |
| 3.95% 3/30/48 | | 426,000 | 320,320 |
| 4.8% 2/15/44 | | 268,000 | 229,147 |
| Puget Energy, Inc.: | | | |
| 3.65% 5/15/25 | | 848,000 | 819,411 |
| 4.1% 6/15/30 | | 624,000 | 556,894 |
| Sempra 3.8% 2/1/38 | | 282,000 | 228,804 |
| | | | 3,133,169 |
TOTAL UTILITIES | | | 16,800,814 |
| TOTAL NONCONVERTIBLE BONDS (Cost $190,091,949) | | | 170,965,059 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
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)
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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