Quarterly Holdings Report
for
Fidelity® Series Corporate Bond Fund
May 31, 2024
XBC-NPRT3-0724
1.9891234.105
Nonconvertible Bonds - 89.1% | |||
Principal Amount (a) | Value ($) | ||
COMMUNICATION SERVICES - 5.2% | |||
Diversified Telecommunication Services - 1.3% | |||
AT&T, Inc.: | |||
2.25% 2/1/32 | 650,000 | 524,107 | |
3.65% 9/15/59 | 223,000 | 148,852 | |
3.8% 12/1/57 | 1,354,000 | 942,640 | |
4.35% 3/1/29 | 900,000 | 868,226 | |
Verizon Communications, Inc.: | |||
2.1% 3/22/28 | 312,000 | 279,520 | |
2.355% 3/15/32 | 3,000,000 | 2,435,458 | |
2.55% 3/21/31 | 289,000 | 243,661 | |
3.15% 3/22/30 | 47,000 | 42,128 | |
3.7% 3/22/61 | 1,300,000 | 917,126 | |
4.016% 12/3/29 | 1,250,000 | 1,179,578 | |
7,581,296 | |||
Entertainment - 0.3% | |||
The Walt Disney Co.: | |||
3.8% 3/22/30 | 600,000 | 563,252 | |
4.75% 9/15/44 | 320,000 | 290,213 | |
6.65% 11/15/37 | 970,000 | 1,084,788 | |
1,938,253 | |||
Media - 3.0% | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: | |||
5.05% 3/30/29 | 1,600,000 | 1,533,109 | |
5.25% 4/1/53 | 342,000 | 269,686 | |
5.375% 5/1/47 | 120,000 | 96,464 | |
5.5% 4/1/63 | 450,000 | 351,892 | |
5.75% 4/1/48 | 1,950,000 | 1,641,508 | |
6.1% 6/1/29 | 379,000 | 379,414 | |
6.55% 6/1/34 | 803,000 | 804,635 | |
Comcast Corp.: | |||
2.937% 11/1/56 | 679,000 | 408,073 | |
2.987% 11/1/63 | 2,211,000 | 1,290,793 | |
COX Communications, Inc.: | |||
1.8% 10/1/30 (b) | 740,000 | 590,874 | |
3.15% 8/15/24 (b) | 35,000 | 34,801 | |
Discovery Communications LLC: | |||
3.625% 5/15/30 | 1,583,000 | 1,392,941 | |
3.95% 3/20/28 | 600,000 | 562,156 | |
Fox Corp.: | |||
4.709% 1/25/29 | 4,000 | 3,912 | |
5.476% 1/25/39 | 504,000 | 476,901 | |
Time Warner Cable LLC: | |||
5.5% 9/1/41 | 952,000 | 796,219 | |
5.875% 11/15/40 | 2,475,000 | 2,146,117 | |
7.3% 7/1/38 | 500,000 | 507,256 | |
Warnermedia Holdings, Inc.: | |||
3.755% 3/15/27 | 250,000 | 237,078 | |
4.054% 3/15/29 | 87,000 | 80,109 | |
4.279% 3/15/32 | 2,519,000 | 2,204,648 | |
5.05% 3/15/42 | 348,000 | 287,599 | |
5.141% 3/15/52 | 1,040,000 | 820,985 | |
5.391% 3/15/62 | 650,000 | 511,176 | |
17,428,346 | |||
Wireless Telecommunication Services - 0.6% | |||
Rogers Communications, Inc.: | |||
3.8% 3/15/32 | 238,000 | 211,236 | |
4.55% 3/15/52 | 1,450,000 | 1,181,024 | |
5% 3/15/44 | 270,000 | 241,730 | |
T-Mobile U.S.A., Inc.: | |||
2.4% 3/15/29 | 381,000 | 335,631 | |
2.7% 3/15/32 | 1,382,000 | 1,149,052 | |
3,118,673 | |||
TOTAL COMMUNICATION SERVICES | 30,066,568 | ||
CONSUMER DISCRETIONARY - 4.2% | |||
Automobiles - 1.3% | |||
Ford Motor Co. 3.25% 2/12/32 | 1,400,000 | 1,150,685 | |
General Motors Co. 5.95% 4/1/49 | 1,300,000 | 1,252,175 | |
General Motors Financial Co., Inc.: | |||
3.1% 1/12/32 | 1,400,000 | 1,172,362 | |
5.55% 7/15/29 | 2,000,000 | 1,991,106 | |
5.95% 4/4/34 | 1,700,000 | 1,692,005 | |
7,258,333 | |||
Distributors - 0.1% | |||
Genuine Parts Co. 2.75% 2/1/32 | 747,000 | 618,191 | |
Leisure Products - 0.2% | |||
Brunswick Corp. 5.85% 3/18/29 | 1,300,000 | 1,297,979 | |
Specialty Retail - 1.9% | |||
Advance Auto Parts, Inc.: | |||
1.75% 10/1/27 | 2,313,000 | 1,997,208 | |
3.9% 4/15/30 | 1,000,000 | 898,895 | |
AutoNation, Inc.: | |||
3.85% 3/1/32 | 1,900,000 | 1,672,859 | |
4.75% 6/1/30 | 20,000 | 19,036 | |
Lowe's Companies, Inc.: | |||
3.5% 4/1/51 | 975,000 | 669,410 | |
5.15% 7/1/33 | 2,150,000 | 2,131,904 | |
5.625% 4/15/53 | 600,000 | 580,549 | |
O'Reilly Automotive, Inc.: | |||
4.2% 4/1/30 | 800,000 | 757,990 | |
4.35% 6/1/28 | 75,000 | 72,710 | |
Ross Stores, Inc. 1.875% 4/15/31 | 600,000 | 486,539 | |
The Home Depot, Inc. 1.375% 3/15/31 | 575,000 | 454,750 | |
Triton Container International Ltd. 1.15% 6/7/24 (b) | 1,200,000 | 1,198,410 | |
10,940,260 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
Tapestry, Inc.: | |||
3.05% 3/15/32 | 1,515,000 | 1,218,113 | |
7% 11/27/26 | 200,000 | 205,348 | |
7.35% 11/27/28 | 320,000 | 331,372 | |
7.7% 11/27/30 | 1,000,000 | 1,044,850 | |
7.85% 11/27/33 | 1,000,000 | 1,054,130 | |
3,853,813 | |||
TOTAL CONSUMER DISCRETIONARY | 23,968,576 | ||
CONSUMER STAPLES - 4.5% | |||
Beverages - 1.0% | |||
Anheuser-Busch InBev Worldwide, Inc.: | |||
4.439% 10/6/48 | 500,000 | 425,998 | |
4.9% 1/23/31 | 525,000 | 524,066 | |
Constellation Brands, Inc.: | |||
2.25% 8/1/31 | 1,600,000 | 1,306,008 | |
2.875% 5/1/30 | 470,000 | 410,882 | |
PepsiCo, Inc. 3.9% 7/18/32 | 3,000,000 | 2,783,270 | |
5,450,224 | |||
Consumer Staples Distribution & Retail - 0.2% | |||
Alimentation Couche-Tard, Inc. 2.95% 1/25/30 (b) | 138,000 | 122,780 | |
Dollar Tree, Inc.: | |||
3.375% 12/1/51 | 1,000,000 | 649,642 | |
4.2% 5/15/28 | 375,000 | 359,429 | |
1,131,851 | |||
Food Products - 0.5% | |||
JDE Peet's BV 2.25% 9/24/31 (b) | 545,000 | 431,680 | |
Smithfield Foods, Inc. 3% 10/15/30 (b) | 1,432,000 | 1,210,017 | |
Viterra Finance BV 4.9% 4/21/27 (b) | 1,500,000 | 1,473,454 | |
3,115,151 | |||
Tobacco - 2.8% | |||
Altria Group, Inc.: | |||
2.45% 2/4/32 | 1,500,000 | 1,205,572 | |
4.8% 2/14/29 | 612,000 | 600,163 | |
BAT Capital Corp.: | |||
2.259% 3/25/28 | 1,225,000 | 1,092,810 | |
2.726% 3/25/31 | 2,800,000 | 2,353,356 | |
3.557% 8/15/27 | 659,000 | 624,310 | |
5.834% 2/20/31 | 468,000 | 474,027 | |
6.421% 8/2/33 | 1,300,000 | 1,357,432 | |
Imperial Tobacco Finance PLC: | |||
3.5% 7/26/26 (b) | 500,000 | 478,072 | |
4.25% 7/21/25 (b) | 3,200,000 | 3,144,539 | |
Philip Morris International, Inc.: | |||
5.125% 2/15/30 | 2,200,000 | 2,182,944 | |
5.625% 11/17/29 | 800,000 | 814,745 | |
5.75% 11/17/32 | 903,000 | 921,594 | |
Reynolds American, Inc. 4.45% 6/12/25 | 1,070,000 | 1,056,882 | |
16,306,446 | |||
TOTAL CONSUMER STAPLES | 26,003,672 | ||
ENERGY - 6.5% | |||
Oil, Gas & Consumable Fuels - 6.5% | |||
Canadian Natural Resources Ltd.: | |||
2.95% 7/15/30 | 1,071,000 | 934,007 | |
6.25% 3/15/38 | 1,075,000 | 1,105,237 | |
Cenovus Energy, Inc.: | |||
2.65% 1/15/32 | 159,000 | 130,836 | |
3.75% 2/15/52 | 480,000 | 341,152 | |
5.25% 6/15/37 | 413,000 | 389,085 | |
5.4% 6/15/47 | 39,000 | 36,006 | |
6.75% 11/15/39 | 45,000 | 48,240 | |
Columbia Pipelines Holding Co. LLC 6.042% 8/15/28 (b) | 1,000,000 | 1,018,169 | |
Columbia Pipelines Operating Co. LLC: | |||
5.927% 8/15/30 (b) | 73,000 | 74,074 | |
6.036% 11/15/33 (b) | 197,000 | 200,801 | |
6.497% 8/15/43 (b) | 59,000 | 61,524 | |
6.544% 11/15/53 (b) | 106,000 | 112,313 | |
DCP Midstream Operating LP: | |||
5.125% 5/15/29 | 2,200,000 | 2,165,774 | |
5.375% 7/15/25 | 318,000 | 316,541 | |
Eastern Gas Transmission & Storage, Inc.: | |||
3% 11/15/29 | 582,000 | 517,072 | |
3.9% 11/15/49 | 1,000,000 | 707,775 | |
Enbridge, Inc.: | |||
3.4% 8/1/51 | 900,000 | 607,241 | |
4.5% 6/10/44 | 250,000 | 207,375 | |
Energy Transfer LP: | |||
3.75% 5/15/30 | 3,554,000 | 3,250,855 | |
4% 10/1/27 | 950,000 | 909,438 | |
4.95% 6/15/28 | 650,000 | 639,496 | |
6% 6/15/48 | 800,000 | 773,270 | |
6.4% 12/1/30 | 1,250,000 | 1,304,645 | |
EQT Corp. 5.75% 2/1/34 | 2,864,000 | 2,833,447 | |
Equinor ASA: | |||
1.75% 1/22/26 | 61,000 | 57,754 | |
2.375% 5/22/30 | 550,000 | 477,201 | |
Hess Corp.: | |||
4.3% 4/1/27 | 2,575,000 | 2,506,517 | |
5.8% 4/1/47 | 1,135,000 | 1,137,861 | |
6% 1/15/40 | 575,000 | 593,532 | |
Marathon Petroleum Corp. 4.75% 9/15/44 | 300,000 | 257,606 | |
MPLX LP: | |||
2.65% 8/15/30 | 702,000 | 599,624 | |
4.95% 9/1/32 | 377,000 | 358,802 | |
5.65% 3/1/53 | 2,300,000 | 2,171,965 | |
Occidental Petroleum Corp. 2.9% 8/15/24 | 83,000 | 82,490 | |
ONEOK, Inc. 3.25% 6/1/30 | 500,000 | 447,039 | |
Ovintiv, Inc.: | |||
5.15% 11/15/41 | 136,000 | 117,996 | |
8.125% 9/15/30 | 409,000 | 459,994 | |
Petroleos Mexicanos: | |||
4.5% 1/23/26 | 1,000,000 | 946,180 | |
6.49% 1/23/27 | 75,000 | 71,355 | |
6.5% 3/13/27 | 80,000 | 75,472 | |
Phillips 66 Co. 4.875% 11/15/44 | 300,000 | 269,501 | |
Plains All American Pipeline LP/PAA Finance Corp.: | |||
3.8% 9/15/30 | 97,000 | 88,251 | |
4.65% 10/15/25 | 1,119,000 | 1,105,305 | |
Suncor Energy, Inc. 6.5% 6/15/38 | 430,000 | 450,417 | |
The Williams Companies, Inc.: | |||
3.5% 11/15/30 | 913,000 | 821,994 | |
4.65% 8/15/32 | 394,000 | 373,358 | |
5.3% 8/15/52 | 89,000 | 82,130 | |
TotalEnergies Capital International SA 3.127% 5/29/50 | 800,000 | 542,872 | |
Transcontinental Gas Pipe Line Co. LLC 3.25% 5/15/30 | 25,000 | 22,372 | |
Western Midstream Operating LP: | |||
3.1% 2/1/25 | 1,500,000 | 1,469,732 | |
4.05% 2/1/30 | 1,870,000 | 1,730,934 | |
5.3% 3/1/48 | 188,000 | 161,582 | |
6.15% 4/1/33 | 735,000 | 745,890 | |
6.35% 1/15/29 | 182,000 | 187,116 | |
37,097,215 | |||
FINANCIALS - 34.6% | |||
Banks - 17.2% | |||
AIB Group PLC: | |||
5.871% 3/28/35 (b)(c) | 1,400,000 | 1,390,178 | |
6.608% 9/13/29 (b)(c) | 378,000 | 388,646 | |
Banco Santander SA 2.749% 12/3/30 | 1,000,000 | 833,898 | |
Bank of America Corp.: | |||
2.299% 7/21/32 (c) | 1,500,000 | 1,220,704 | |
2.676% 6/19/41 (c) | 1,030,000 | 718,177 | |
2.972% 2/4/33 (c) | 2,500,000 | 2,106,936 | |
3.483% 3/13/52 (c) | 950,000 | 682,765 | |
4.271% 7/23/29 (c) | 700,000 | 671,828 | |
4.571% 4/27/33 (c) | 1,600,000 | 1,502,615 | |
5.015% 7/22/33 (c) | 2,000,000 | 1,948,641 | |
5.202% 4/25/29 (c) | 5,000,000 | 4,972,997 | |
Bank of Ireland Group PLC 5.601% 3/20/30 (b)(c) | 1,025,000 | 1,012,592 | |
Barclays PLC: | |||
2.645% 6/24/31 (c) | 450,000 | 379,295 | |
2.894% 11/24/32 (c) | 2,250,000 | 1,857,061 | |
5.2% 5/12/26 | 1,750,000 | 1,728,027 | |
5.746% 8/9/33 (c) | 349,000 | 348,537 | |
6.692% 9/13/34 (c) | 1,800,000 | 1,910,420 | |
7.437% 11/2/33 (c) | 1,100,000 | 1,209,519 | |
BNP Paribas SA: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 1.000% 1.323% 1/13/27 (b)(c)(d) | 1,182,000 | 1,102,257 | |
2.591% 1/20/28 (b)(c) | 490,000 | 454,031 | |
3.052% 1/13/31 (b)(c) | 875,000 | 766,177 | |
3.132% 1/20/33 (b)(c) | 1,250,000 | 1,055,707 | |
5.894% 12/5/34 (b)(c) | 1,600,000 | 1,646,326 | |
BPCE SA: | |||
2.277% 1/20/32 (b)(c) | 600,000 | 485,174 | |
4.875% 4/1/26 (b) | 200,000 | 196,288 | |
5.975% 1/18/27 (b)(c) | 3,000,000 | 3,008,403 | |
6.508% 1/18/35 (b)(c) | 1,400,000 | 1,420,584 | |
CaixaBank SA: | |||
5.673% 3/15/30 (b)(c) | 1,400,000 | 1,394,258 | |
6.037% 6/15/35 (b)(c) | 1,400,000 | 1,404,612 | |
Citigroup, Inc.: | |||
4.075% 4/23/29 (c) | 1,600,000 | 1,528,589 | |
4.45% 9/29/27 | 1,200,000 | 1,168,036 | |
4.91% 5/24/33 (c) | 599,000 | 574,420 | |
6.174% 5/25/34 (c) | 283,000 | 287,403 | |
Citizens Financial Group, Inc.: | |||
2.638% 9/30/32 | 2,015,000 | 1,533,870 | |
6.645% 4/25/35 (c) | 175,000 | 179,551 | |
Commonwealth Bank of Australia 3.784% 3/14/32 (b) | 1,280,000 | 1,117,446 | |
Cooperatieve Rabobank UA 3.75% 7/21/26 | 300,000 | 288,345 | |
Credit Agricole SA 2.811% 1/11/41 (b) | 444,000 | 301,568 | |
Fifth Third Bancorp 8.25% 3/1/38 | 300,000 | 351,639 | |
HSBC Holdings PLC: | |||
2.357% 8/18/31 (c) | 1,002,000 | 832,024 | |
2.848% 6/4/31 (c) | 1,800,000 | 1,547,547 | |
4.762% 3/29/33 (c) | 1,600,000 | 1,479,395 | |
5.402% 8/11/33 (c) | 815,000 | 804,825 | |
7.39% 11/3/28 (c) | 720,000 | 760,425 | |
Huntington Bancshares, Inc.: | |||
2.487% 8/15/36 (c) | 1,287,000 | 972,072 | |
6.208% 8/21/29 (c) | 1,600,000 | 1,630,934 | |
ING Groep NV 4.017% 3/28/28 (c) | 2,000,000 | 1,926,656 | |
Intesa Sanpaolo SpA: | |||
5.71% 1/15/26 (b) | 1,126,000 | 1,115,115 | |
7.2% 11/28/33 (b) | 500,000 | 537,656 | |
JPMorgan Chase & Co.: | |||
2.956% 5/13/31 (c) | 104,000 | 90,485 | |
3.882% 7/24/38 (c) | 2,725,000 | 2,331,850 | |
4.203% 7/23/29 (c) | 600,000 | 574,979 | |
4.912% 7/25/33 (c) | 3,000,000 | 2,907,333 | |
5.717% 9/14/33 (c) | 2,500,000 | 2,528,528 | |
KBC Group NV 6.324% 9/21/34 (b)(c) | 1,700,000 | 1,757,986 | |
Lloyds Banking Group PLC: | |||
4.65% 3/24/26 | 1,000,000 | 980,504 | |
7.953% 11/15/33 (c) | 1,000,000 | 1,119,239 | |
National Australia Bank Ltd. 2.99% 5/21/31 (b) | 1,200,000 | 1,006,104 | |
PNC Financial Services Group, Inc.: | |||
5.068% 1/24/34 (c) | 2,200,000 | 2,112,041 | |
5.582% 6/12/29 (c) | 1,220,000 | 1,228,070 | |
6.875% 10/20/34 (c) | 1,200,000 | 1,300,570 | |
Santander Holdings U.S.A., Inc.: | |||
2.49% 1/6/28 (c) | 335,000 | 307,137 | |
6.499% 3/9/29 (c) | 443,000 | 451,657 | |
6.565% 6/12/29 (c) | 1,750,000 | 1,790,011 | |
Societe Generale: | |||
1.488% 12/14/26 (b)(c) | 3,300,000 | 3,083,885 | |
3% 1/22/30 (b) | 430,000 | 372,163 | |
3.625% 3/1/41 (b) | 1,300,000 | 888,090 | |
6.221% 6/15/33 (b)(c) | 800,000 | 799,313 | |
Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/33 | 2,100,000 | 2,155,867 | |
Truist Financial Corp. 5.122% 1/26/34 (c) | 700,000 | 666,655 | |
U.S. Bancorp 5.775% 6/12/29 (c) | 2,000,000 | 2,022,168 | |
UniCredit SpA 1.982% 6/3/27 (b)(c) | 1,200,000 | 1,114,631 | |
Wells Fargo & Co.: | |||
2.393% 6/2/28 (c) | 800,000 | 733,884 | |
4.478% 4/4/31 (c) | 1,000,000 | 952,291 | |
5.013% 4/4/51 (c) | 700,000 | 638,272 | |
5.389% 4/24/34 (c) | 1,300,000 | 1,279,446 | |
5.557% 7/25/34 (c) | 1,300,000 | 1,294,182 | |
5.574% 7/25/29 (c) | 1,300,000 | 1,307,349 | |
6.491% 10/23/34 (c) | 1,750,000 | 1,861,339 | |
Westpac Banking Corp. U.S. TREASURY 1 YEAR INDEX + 2.680% 5.405% 8/10/33 (c)(d) | 1,400,000 | 1,365,825 | |
Zions Bancorp. NA 3.25% 10/29/29 | 850,000 | 705,071 | |
98,481,094 | |||
Capital Markets - 5.6% | |||
Ares Capital Corp.: | |||
2.15% 7/15/26 | 750,000 | 691,841 | |
2.875% 6/15/28 | 1,100,000 | 977,731 | |
3.25% 7/15/25 | 1,775,000 | 1,719,652 | |
3.875% 1/15/26 | 240,000 | 231,474 | |
4.25% 3/1/25 | 75,000 | 73,977 | |
Athene Global Funding: | |||
1.45% 1/8/26 (b) | 1,150,000 | 1,075,038 | |
1.985% 8/19/28 (b) | 1,355,000 | 1,174,067 | |
2.5% 3/24/28 (b) | 750,000 | 671,078 | |
Blackstone Holdings Finance Co. LLC 2.8% 9/30/50 (b) | 523,000 | 311,747 | |
Blackstone Private Credit Fund: | |||
2.7% 1/15/25 | 1,500,000 | 1,468,102 | |
4.7% 3/24/25 | 127,000 | 125,636 | |
7.05% 9/29/25 | 466,000 | 470,498 | |
Deutsche Bank AG 4.5% 4/1/25 | 3,029,000 | 2,989,298 | |
Deutsche Bank AG New York Branch: | |||
2.129% 11/24/26 (c) | 1,650,000 | 1,562,502 | |
6.72% 1/18/29 (c) | 270,000 | 278,792 | |
Goldman Sachs Group, Inc.: | |||
1.431% 3/9/27 (c) | 1,850,000 | 1,720,706 | |
4.223% 5/1/29 (c) | 900,000 | 862,760 | |
HPS Corporate Lending Fund 6.75% 1/30/29 (b) | 3,142,000 | 3,162,040 | |
Morgan Stanley: | |||
1.794% 2/13/32 (c) | 740,000 | 589,220 | |
2.239% 7/21/32 (c) | 1,500,000 | 1,216,387 | |
4.431% 1/23/30 (c) | 111,000 | 106,919 | |
5.164% 4/20/29 (c) | 2,500,000 | 2,483,160 | |
5.424% 7/21/34 (c) | 641,000 | 634,359 | |
5.449% 7/20/29 (c) | 316,000 | 317,106 | |
NASDAQ, Inc.: | |||
5.95% 8/15/53 | 189,000 | 192,105 | |
6.1% 6/28/63 | 151,000 | 154,983 | |
Nuveen LLC 5.55% 1/15/30 (b) | 293,000 | 293,659 | |
Sixth Street Specialty Lending, Inc. 6.125% 3/1/29 | 354,000 | 351,203 | |
UBS Group AG: | |||
1.305% 2/2/27 (b)(c) | 800,000 | 741,963 | |
2.095% 2/11/32 (b)(c) | 1,550,000 | 1,245,893 | |
3.091% 5/14/32 (b)(c) | 1,200,000 | 1,022,571 | |
3.126% 8/13/30 (b)(c) | 613,000 | 546,780 | |
4.194% 4/1/31 (b)(c) | 800,000 | 743,656 | |
4.988% 8/5/33 (b)(c) | 1,200,000 | 1,147,013 | |
6.537% 8/12/33 (b)(c) | 500,000 | 526,605 | |
9.016% 11/15/33 (b)(c) | 300,000 | 363,524 | |
32,244,045 | |||
Consumer Finance - 3.8% | |||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: | |||
1.65% 10/29/24 | 236,000 | 232,022 | |
2.45% 10/29/26 | 227,000 | 211,218 | |
3% 10/29/28 | 237,000 | 214,131 | |
3.3% 1/30/32 | 1,754,000 | 1,493,994 | |
3.4% 10/29/33 | 526,000 | 438,050 | |
3.85% 10/29/41 | 860,000 | 671,254 | |
5.75% 6/6/28 | 1,200,000 | 1,209,946 | |
6.15% 9/30/30 | 1,800,000 | 1,852,810 | |
6.45% 4/15/27 | 599,000 | 613,154 | |
Ally Financial, Inc.: | |||
2.2% 11/2/28 | 480,000 | 413,895 | |
4.75% 6/9/27 | 2,100,000 | 2,038,890 | |
5.75% 11/20/25 | 910,000 | 905,882 | |
6.992% 6/13/29 (c) | 1,170,000 | 1,209,173 | |
8% 11/1/31 | 717,000 | 784,859 | |
Capital One Financial Corp.: | |||
2.359% 7/29/32 (c) | 1,785,000 | 1,393,151 | |
3.8% 1/31/28 | 11,000 | 10,426 | |
5.247% 7/26/30 (c) | 662,000 | 646,664 | |
5.268% 5/10/33 (c) | 1,300,000 | 1,251,630 | |
5.468% 2/1/29 (c) | 318,000 | 315,445 | |
5.817% 2/1/34 (c) | 552,000 | 544,538 | |
6.312% 6/8/29 (c) | 1,250,000 | 1,275,805 | |
7.624% 10/30/31 (c) | 495,000 | 541,380 | |
Discover Financial Services: | |||
4.1% 2/9/27 | 39,000 | 37,479 | |
6.7% 11/29/32 | 98,000 | 102,419 | |
Ford Motor Credit Co. LLC: | |||
3.625% 6/17/31 | 200,000 | 170,849 | |
4.271% 1/9/27 | 400,000 | 384,375 | |
4.95% 5/28/27 | 1,850,000 | 1,803,729 | |
Synchrony Financial 4.25% 8/15/24 | 858,000 | 854,980 | |
21,622,148 | |||
Financial Services - 3.2% | |||
Aon Corp. / Aon Global Holdings PLC 2.6% 12/2/31 | 404,000 | 336,132 | |
Aviation Capital Group LLC 6.75% 10/25/28 (b) | 1,300,000 | 1,350,891 | |
Corebridge Financial, Inc.: | |||
3.65% 4/5/27 | 171,000 | 163,296 | |
3.85% 4/5/29 | 168,000 | 156,626 | |
3.9% 4/5/32 | 1,699,000 | 1,516,756 | |
4.35% 4/5/42 | 45,000 | 37,098 | |
4.4% 4/5/52 | 134,000 | 106,176 | |
6.05% 9/15/33 (b) | 1,600,000 | 1,635,804 | |
Equitable Holdings, Inc.: | |||
4.35% 4/20/28 | 700,000 | 672,004 | |
5% 4/20/48 | 1,000,000 | 891,099 | |
Fiserv, Inc. 3.5% 7/1/29 | 271,000 | 250,140 | |
Jackson Financial, Inc.: | |||
3.125% 11/23/31 | 2,257,000 | 1,871,412 | |
4% 11/23/51 | 800,000 | 541,211 | |
5.17% 6/8/27 | 181,000 | 179,080 | |
5.67% 6/8/32 | 194,000 | 194,199 | |
Jbs U.S.A. Holding Lux/ Jbs U.S.A. F: | |||
2.5% 1/15/27 | 1,625,000 | 1,496,416 | |
3% 5/15/32 | 1,570,000 | 1,275,102 | |
4.375% 2/2/52 | 680,000 | 503,653 | |
5.5% 1/15/30 | 1,600,000 | 1,562,508 | |
5.75% 4/1/33 | 1,500,000 | 1,478,235 | |
Rexford Industrial Realty LP 2.15% 9/1/31 | 599,000 | 477,404 | |
Sixth Street Lending Partners 6.5% 3/11/29 (b) | 1,751,000 | 1,749,183 | |
18,444,425 | |||
Insurance - 4.8% | |||
AIA Group Ltd.: | |||
3.2% 9/16/40 (b) | 950,000 | 688,923 | |
3.6% 4/9/29 (b) | 1,515,000 | 1,414,341 | |
5.375% 4/5/34 (b) | 2,800,000 | 2,740,816 | |
AmFam Holdings, Inc. 2.805% 3/11/31 (b) | 950,000 | 725,558 | |
Assurant, Inc. 2.65% 1/15/32 | 2,100,000 | 1,710,135 | |
Athene Holding Ltd.: | |||
3.45% 5/15/52 | 700,000 | 447,272 | |
3.95% 5/25/51 | 316,000 | 225,454 | |
6.65% 2/1/33 | 800,000 | 842,182 | |
Empower Finance 2020 LP: | |||
1.776% 3/17/31 (b) | 324,000 | 255,844 | |
3.075% 9/17/51 (b) | 540,000 | 346,848 | |
Fairfax Financial Holdings Ltd.: | |||
3.375% 3/3/31 | 571,000 | 493,354 | |
5.625% 8/16/32 | 2,100,000 | 2,057,845 | |
6% 12/7/33 (b) | 1,400,000 | 1,409,176 | |
Five Corners Funding Trust II 2.85% 5/15/30 (b) | 890,000 | 776,154 | |
Guardian Life Insurance Co. of America 4.85% 1/24/77 (b) | 400,000 | 329,705 | |
Hartford Financial Services Group, Inc. 4.3% 4/15/43 | 1,025,000 | 860,800 | |
Intact Financial Corp. 5.459% 9/22/32 (b) | 1,117,000 | 1,105,625 | |
Liberty Mutual Group, Inc. 5.5% 6/15/52 (b) | 946,000 | 878,069 | |
Marsh & McLennan Companies, Inc.: | |||
4.375% 3/15/29 | 10,000 | 9,740 | |
4.9% 3/15/49 | 834,000 | 749,088 | |
Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (b) | 350,000 | 229,405 | |
MetLife, Inc. 5.375% 7/15/33 | 2,500,000 | 2,517,389 | |
New York Life Insurance Co. 4.45% 5/15/69 (b) | 54,000 | 42,581 | |
Pacific LifeCorp 3.35% 9/15/50 (b) | 700,000 | 479,440 | |
Prudential Financial, Inc. 6% 9/1/52 (c) | 672,000 | 656,898 | |
Reinsurance Group of America, Inc. 5.75% 9/15/34 | 1,700,000 | 1,690,870 | |
Reliance Standard Life Global Funding II 2.75% 5/7/25 (b) | 478,000 | 465,106 | |
Swiss Re Finance Luxembourg SA 5% 4/2/49 (b)(c) | 200,000 | 192,072 | |
Unum Group 4.125% 6/15/51 | 2,220,000 | 1,620,454 | |
Willis Group North America, Inc. 5.35% 5/15/33 | 1,200,000 | 1,169,851 | |
27,130,995 | |||
TOTAL FINANCIALS | 197,922,707 | ||
HEALTH CARE - 5.9% | |||
Biotechnology - 0.3% | |||
Amgen, Inc.: | |||
3.375% 2/21/50 | 700,000 | 493,035 | |
5.25% 3/2/30 | 222,000 | 222,580 | |
5.25% 3/2/33 | 251,000 | 249,091 | |
5.65% 3/2/53 | 118,000 | 116,459 | |
5.75% 3/2/63 | 216,000 | 212,679 | |
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/30 | 400,000 | 325,967 | |
1,619,811 | |||
Health Care Equipment & Supplies - 0.1% | |||
Becton, Dickinson & Co. 2.823% 5/20/30 | 750,000 | 656,495 | |
Health Care Providers & Services - 3.8% | |||
Centene Corp.: | |||
2.5% 3/1/31 | 650,000 | 529,722 | |
2.625% 8/1/31 | 2,645,000 | 2,152,155 | |
3% 10/15/30 | 1,310,000 | 1,113,824 | |
4.25% 12/15/27 | 1,025,000 | 975,381 | |
4.625% 12/15/29 | 585,000 | 550,702 | |
Cigna Group: | |||
3.4% 3/15/50 | 500,000 | 340,318 | |
4.375% 10/15/28 | 561,000 | 542,198 | |
4.8% 8/15/38 | 1,907,000 | 1,743,620 | |
4.9% 12/15/48 | 7,000 | 6,158 | |
CVS Health Corp.: | |||
5% 1/30/29 | 202,000 | 199,273 | |
5.125% 2/21/30 | 2,200,000 | 2,163,399 | |
5.25% 1/30/31 | 83,000 | 81,737 | |
5.3% 6/1/33 | 1,900,000 | 1,848,844 | |
5.875% 6/1/53 | 1,000,000 | 958,612 | |
HCA Holdings, Inc.: | |||
3.375% 3/15/29 | 439,000 | 400,821 | |
3.625% 3/15/32 | 440,000 | 384,465 | |
4.625% 3/15/52 | 660,000 | 532,013 | |
5.125% 6/15/39 | 1,217,000 | 1,129,834 | |
5.25% 6/15/49 | 240,000 | 212,884 | |
Humana, Inc. 5.375% 4/15/31 | 345,000 | 341,605 | |
ICON Investments Six Designated Activity: | |||
5.849% 5/8/29 | 868,000 | 878,885 | |
6% 5/8/34 | 1,014,000 | 1,032,465 | |
Sabra Health Care LP: | |||
3.2% 12/1/31 | 588,000 | 484,557 | |
3.9% 10/15/29 | 123,000 | 109,989 | |
UnitedHealth Group, Inc. 4.75% 7/15/45 | 950,000 | 865,174 | |
Universal Health Services, Inc.: | |||
2.65% 10/15/30 | 1,704,000 | 1,436,324 | |
2.65% 1/15/32 | 1,072,000 | 871,347 | |
21,886,306 | |||
Pharmaceuticals - 1.7% | |||
Bayer U.S. Finance II LLC: | |||
4.25% 12/15/25 (b) | 1,050,000 | 1,024,208 | |
4.875% 6/25/48 (b) | 1,150,000 | 931,534 | |
Bayer U.S. Finance LLC: | |||
6.5% 11/21/33 (b) | 1,300,000 | 1,330,025 | |
6.875% 11/21/53 (b) | 400,000 | 414,788 | |
Bristol-Myers Squibb Co.: | |||
4.125% 6/15/39 | 138,000 | 119,350 | |
5.1% 2/22/31 | 550,000 | 548,747 | |
5.2% 2/22/34 | 1,100,000 | 1,092,895 | |
5.5% 2/22/44 | 223,000 | 220,701 | |
5.55% 2/22/54 | 757,000 | 745,314 | |
5.65% 2/22/64 | 1,100,000 | 1,074,884 | |
Elanco Animal Health, Inc. 6.65% 8/28/28 (c) | 1,375,000 | 1,386,301 | |
Perrigo Finance PLC 4.65% 6/15/30 | 600,000 | 551,471 | |
9,440,218 | |||
TOTAL HEALTH CARE | 33,602,830 | ||
INDUSTRIALS - 5.6% | |||
Aerospace & Defense - 2.3% | |||
BAE Systems PLC: | |||
5.25% 3/26/31 (b) | 200,000 | 198,262 | |
5.3% 3/26/34 (b) | 800,000 | 788,137 | |
5.5% 3/26/54 (b) | 264,000 | 257,065 | |
Northrop Grumman Corp. 4.03% 10/15/47 | 1,225,000 | 972,040 | |
RTX Corp.: | |||
6.1% 3/15/34 | 1,100,000 | 1,151,173 | |
6.4% 3/15/54 | 1,000,000 | 1,090,224 | |
The Boeing Co.: | |||
2.196% 2/4/26 | 1,200,000 | 1,126,235 | |
2.75% 2/1/26 | 900,000 | 851,709 | |
3.625% 2/1/31 | 2,000,000 | 1,739,023 | |
3.75% 2/1/50 | 1,150,000 | 747,975 | |
5.04% 5/1/27 | 900,000 | 879,575 | |
5.15% 5/1/30 | 2,385,000 | 2,275,591 | |
6.298% 5/1/29 (b) | 161,000 | 162,305 | |
6.388% 5/1/31 (b) | 122,000 | 123,410 | |
6.528% 5/1/34 (b) | 130,000 | 131,809 | |
6.858% 5/1/54 (b) | 196,000 | 198,788 | |
7.008% 5/1/64 (b) | 185,000 | 186,598 | |
12,879,919 | |||
Building Products - 0.0% | |||
Carrier Global Corp.: | |||
5.9% 3/15/34 | 60,000 | 62,328 | |
6.2% 3/15/54 | 62,000 | 66,491 | |
128,819 | |||
Ground Transportation - 0.2% | |||
Burlington Northern Santa Fe LLC 4.7% 9/1/45 | 500,000 | 445,928 | |
Norfolk Southern Corp. 5.35% 8/1/54 | 950,000 | 903,446 | |
1,349,374 | |||
Industrial Conglomerates - 0.1% | |||
Trane Technologies Financing Ltd. 4.5% 3/21/49 | 300,000 | 254,588 | |
Machinery - 1.1% | |||
AGCO Corp. 5.8% 3/21/34 | 1,188,000 | 1,185,922 | |
Daimler Trucks Finance North America LLC 2% 12/14/26 (b) | 1,276,000 | 1,174,207 | |
Ingersoll Rand, Inc.: | |||
5.314% 6/15/31 | 1,400,000 | 1,401,265 | |
5.4% 8/14/28 | 629,000 | 633,947 | |
5.45% 6/15/34 | 1,400,000 | 1,403,141 | |
5.7% 8/14/33 | 697,000 | 710,449 | |
6,508,931 | |||
Passenger Airlines - 0.1% | |||
American Airlines 2019-1 Class B Pass Through Trust equipment trust certificate 3.85% 8/15/29 | 136,109 | 125,713 | |
British Airways 2021-1 Class A Pass Through Trust equipment trust certificate 2.9% 9/15/36 (b) | 270,170 | 232,742 | |
United Airlines 2019-1 Class A Pass Through Trust 4.55% 2/25/33 | 151,554 | 144,597 | |
United Airlines 2019-2 Class B Pass Through Trust equipment trust certificate 3.5% 11/1/29 | 88,207 | 81,765 | |
584,817 | |||
Professional Services - 0.3% | |||
Booz Allen Hamilton, Inc. 5.95% 8/4/33 | 1,488,000 | 1,527,401 | |
Leidos, Inc. 3.625% 5/15/25 | 70,000 | 68,704 | |
1,596,105 | |||
Trading Companies & Distributors - 0.4% | |||
Air Lease Corp.: | |||
2.3% 2/1/25 | 850,000 | 829,998 | |
2.875% 1/15/32 | 1,900,000 | 1,586,823 | |
2,416,821 | |||
Transportation Infrastructure - 1.1% | |||
Avolon Holdings Funding Ltd.: | |||
2.528% 11/18/27 (b) | 1,601,000 | 1,430,843 | |
4.375% 5/1/26 (b) | 110,000 | 106,834 | |
5.75% 3/1/29 (b) | 4,300,000 | 4,269,747 | |
6.375% 5/4/28 (b) | 440,000 | 446,148 | |
6,253,572 | |||
TOTAL INDUSTRIALS | 31,972,946 | ||
INFORMATION TECHNOLOGY - 5.2% | |||
Electronic Equipment, Instruments & Components - 1.3% | |||
Amphenol Corp. 5.25% 4/5/34 | 937,000 | 933,964 | |
Dell International LLC/EMC Corp.: | |||
3.45% 12/15/51 | 253,000 | 172,137 | |
6.02% 6/15/26 | 1,518,000 | 1,531,674 | |
6.2% 7/15/30 | 950,000 | 993,794 | |
Vontier Corp.: | |||
1.8% 4/1/26 | 3,000,000 | 2,784,889 | |
2.95% 4/1/31 | 1,169,000 | 960,609 | |
7,377,067 | |||
IT Services - 0.1% | |||
CDW LLC/CDW Finance Corp. 2.67% 12/1/26 | 1,054,000 | 979,938 | |
Semiconductors & Semiconductor Equipment - 2.0% | |||
Broadcom, Inc.: | |||
1.95% 2/15/28 (b) | 854,000 | 759,869 | |
2.45% 2/15/31 (b) | 460,000 | 384,563 | |
2.6% 2/15/33 (b) | 1,617,000 | 1,295,011 | |
3.469% 4/15/34 (b) | 1,500,000 | 1,264,156 | |
3.5% 2/15/41 (b) | 371,000 | 282,889 | |
3.75% 2/15/51 (b) | 174,000 | 128,283 | |
Marvell Technology, Inc.: | |||
2.45% 4/15/28 | 1,500,000 | 1,347,852 | |
5.75% 2/15/29 | 750,000 | 763,047 | |
5.95% 9/15/33 | 591,000 | 606,401 | |
Micron Technology, Inc.: | |||
2.703% 4/15/32 | 1,100,000 | 907,408 | |
4.185% 2/15/27 | 1,250,000 | 1,213,701 | |
5.3% 1/15/31 | 1,556,000 | 1,546,091 | |
NVIDIA Corp. 3.7% 4/1/60 | 1,050,000 | 790,233 | |
11,289,504 | |||
Software - 1.7% | |||
Microsoft Corp. 3.3% 2/6/27 | 5,000,000 | 4,812,356 | |
Oracle Corp.: | |||
2.3% 3/25/28 | 529,000 | 475,952 | |
2.875% 3/25/31 | 1,300,000 | 1,117,982 | |
3.95% 3/25/51 | 1,880,000 | 1,384,973 | |
4% 11/15/47 | 375,000 | 284,695 | |
Roper Technologies, Inc. 2% 6/30/30 | 2,035,000 | 1,691,962 | |
9,767,920 | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Apple, Inc. 2.8% 2/8/61 | 700,000 | 426,153 | |
TOTAL INFORMATION TECHNOLOGY | 29,840,582 | ||
MATERIALS - 1.8% | |||
Chemicals - 1.5% | |||
Celanese U.S. Holdings LLC: | |||
6.165% 7/15/27 | 2,000,000 | 2,027,220 | |
6.35% 11/15/28 | 256,000 | 262,887 | |
6.55% 11/15/30 | 259,000 | 270,381 | |
6.7% 11/15/33 | 151,000 | 158,848 | |
International Flavors & Fragrances, Inc.: | |||
1.832% 10/15/27 (b) | 1,825,000 | 1,618,053 | |
3.468% 12/1/50 (b) | 525,000 | 344,069 | |
5% 9/26/48 | 850,000 | 721,888 | |
Sherwin-Williams Co. 4.5% 6/1/47 | 375,000 | 317,703 | |
The Dow Chemical Co. 5.15% 2/15/34 | 1,900,000 | 1,864,144 | |
Westlake Corp. 3.375% 6/15/30 | 900,000 | 806,245 | |
8,391,438 | |||
Containers & Packaging - 0.3% | |||
Avery Dennison Corp. 4.875% 12/6/28 | 50,000 | 49,254 | |
Smurfit Kappa Treasury ULC 5.438% 4/3/34 (b) | 1,700,000 | 1,668,615 | |
1,717,869 | |||
TOTAL MATERIALS | 10,109,307 | ||
REAL ESTATE - 5.7% | |||
Equity Real Estate Investment Trusts (REITs) - 5.4% | |||
Agree LP: | |||
2% 6/15/28 | 2,100,000 | 1,839,132 | |
4.8% 10/1/32 | 1,065,000 | 998,381 | |
5.625% 6/15/34 | 980,000 | 963,968 | |
Alexandria Real Estate Equities, Inc. 1.875% 2/1/33 | 950,000 | 712,194 | |
Brixmor Operating Partnership LP: | |||
2.25% 4/1/28 | 410,000 | 363,487 | |
4.05% 7/1/30 | 148,000 | 136,248 | |
Corporate Office Properties LP: | |||
2% 1/15/29 | 904,000 | 764,656 | |
2.25% 3/15/26 | 52,000 | 48,944 | |
2.75% 4/15/31 | 414,000 | 340,660 | |
2.9% 12/1/33 | 1,600,000 | 1,249,851 | |
Crown Castle, Inc. 3.25% 1/15/51 | 450,000 | 297,186 | |
Hudson Pacific Properties LP: | |||
3.95% 11/1/27 | 3,400,000 | 2,916,477 | |
5.95% 2/15/28 | 1,900,000 | 1,630,749 | |
Invitation Homes Operating Partnership LP: | |||
2% 8/15/31 | 600,000 | 470,934 | |
4.15% 4/15/32 | 269,000 | 244,799 | |
Kite Realty Group LP 5.5% 3/1/34 | 90,000 | 87,801 | |
Kite Realty Group Trust: | |||
4% 3/15/25 | 14,000 | 13,785 | |
4.75% 9/15/30 | 277,000 | 262,999 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 815,000 | 528,945 | |
NNN (REIT), Inc. 5.6% 10/15/33 | 1,900,000 | 1,891,700 | |
Omega Healthcare Investors, Inc.: | |||
3.25% 4/15/33 | 278,000 | 222,736 | |
3.375% 2/1/31 | 1,402,000 | 1,192,940 | |
4.5% 1/15/25 | 600,000 | 594,416 | |
4.5% 4/1/27 | 1,000,000 | 966,150 | |
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/34 | 92,000 | 91,045 | |
Piedmont Operating Partnership LP 2.75% 4/1/32 | 86,000 | 61,877 | |
Realty Income Corp.: | |||
2.1% 3/15/28 | 516,000 | 459,940 | |
2.85% 12/15/32 | 30,000 | 24,649 | |
3.25% 1/15/31 | 30,000 | 26,502 | |
Store Capital LLC 2.7% 12/1/31 | 1,675,000 | 1,337,554 | |
Sun Communities Operating LP: | |||
2.3% 11/1/28 | 97,000 | 84,694 | |
2.7% 7/15/31 | 250,000 | 205,380 | |
4.2% 4/15/32 | 1,800,000 | 1,606,089 | |
5.7% 1/15/33 | 1,100,000 | 1,082,618 | |
UDR, Inc.: | |||
2.1% 8/1/32 | 939,000 | 726,220 | |
2.1% 6/15/33 | 374,000 | 281,132 | |
Ventas Realty LP 2.5% 9/1/31 | 729,000 | 594,565 | |
VICI Properties LP: | |||
4.75% 2/15/28 | 378,000 | 366,697 | |
4.95% 2/15/30 | 1,100,000 | 1,053,785 | |
5.125% 5/15/32 | 2,578,000 | 2,436,422 | |
5.75% 4/1/34 | 69,000 | 67,865 | |
Vornado Realty LP: | |||
2.15% 6/1/26 | 103,000 | 94,598 | |
3.4% 6/1/31 | 372,000 | 289,407 | |
Welltower OP LLC 4.125% 3/15/29 | 675,000 | 641,092 | |
WP Carey, Inc.: | |||
2.4% 2/1/31 | 348,000 | 289,322 | |
4.25% 10/1/26 | 450,000 | 437,270 | |
30,997,861 | |||
Real Estate Management & Development - 0.3% | |||
Brandywine Operating Partnership LP: | |||
8.05% 3/15/28 | 412,000 | 424,836 | |
8.875% 4/12/29 | 373,000 | 386,040 | |
Tanger Properties LP: | |||
2.75% 9/1/31 | 596,000 | 484,608 | |
3.125% 9/1/26 | 497,000 | 466,625 | |
1,762,109 | |||
TOTAL REAL ESTATE | 32,759,970 | ||
UTILITIES - 9.9% | |||
Electric Utilities - 5.2% | |||
Alabama Power Co. 3.05% 3/15/32 | 380,000 | 327,410 | |
American Transmission Systems, Inc. 2.65% 1/15/32 (b) | 1,148,000 | 947,682 | |
Cleco Corporate Holdings LLC: | |||
3.743% 5/1/26 | 2,790,000 | 2,686,269 | |
4.973% 5/1/46 | 750,000 | 615,694 | |
Duke Energy Corp.: | |||
2.45% 6/1/30 | 70,000 | 59,685 | |
4.5% 8/15/32 | 1,240,000 | 1,160,356 | |
5% 8/15/52 | 3,150,000 | 2,750,574 | |
Duke Energy Ohio, Inc. 5.25% 4/1/33 | 2,500,000 | 2,475,564 | |
Duquesne Light Holdings, Inc.: | |||
2.532% 10/1/30 (b) | 293,000 | 245,721 | |
2.775% 1/7/32 (b) | 266,000 | 214,854 | |
3.616% 8/1/27 (b) | 1,810,000 | 1,693,335 | |
Entergy Corp. 2.8% 6/15/30 | 72,000 | 62,445 | |
Exelon Corp.: | |||
3.35% 3/15/32 | 1,602,000 | 1,398,278 | |
4.1% 3/15/52 | 76,000 | 58,441 | |
4.7% 4/15/50 | 800,000 | 679,744 | |
5.1% 6/15/45 | 370,000 | 336,727 | |
5.45% 3/15/34 | 1,400,000 | 1,387,629 | |
5.6% 3/15/53 | 1,400,000 | 1,355,223 | |
FirstEnergy Corp.: | |||
2.25% 9/1/30 | 534,000 | 440,802 | |
2.65% 3/1/30 | 2,150,000 | 1,847,833 | |
3.4% 3/1/50 | 400,000 | 264,495 | |
4.15% 7/15/27 | 900,000 | 857,131 | |
Georgia Power Co. 5.25% 3/15/34 | 1,400,000 | 1,390,318 | |
IPALCO Enterprises, Inc. 5.75% 4/1/34 (b) | 600,000 | 591,574 | |
ITC Holdings Corp. 5.65% 5/9/34 (b) | 2,000,000 | 1,995,376 | |
Monongahela Power Co. 5.85% 2/15/34 (b) | 875,000 | 886,439 | |
Nevada Power Co. 3.7% 5/1/29 | 75,000 | 70,452 | |
Southern Co.: | |||
4.4% 7/1/46 | 700,000 | 587,564 | |
5.113% 8/1/27 (e) | 2,050,000 | 2,038,531 | |
5.7% 3/15/34 | 380,000 | 385,516 | |
29,811,662 | |||
Gas Utilities - 0.5% | |||
ONE Gas, Inc. 2% 5/15/30 | 278,000 | 232,858 | |
Southern Co. Gas Capital Corp.: | |||
4.4% 5/30/47 | 625,000 | 509,632 | |
5.75% 9/15/33 | 1,800,000 | 1,839,581 | |
2,582,071 | |||
Independent Power and Renewable Electricity Producers - 1.7% | |||
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 1,215,000 | 1,186,007 | |
Emera U.S. Finance LP: | |||
3.55% 6/15/26 | 2,550,000 | 2,439,731 | |
4.75% 6/15/46 | 1,775,000 | 1,436,823 | |
The AES Corp.: | |||
1.375% 1/15/26 | 290,000 | 270,801 | |
2.45% 1/15/31 | 4,555,000 | 3,740,295 | |
3.3% 7/15/25 (b) | 216,000 | 209,794 | |
3.95% 7/15/30 (b) | 593,000 | 534,284 | |
9,817,735 | |||
Multi-Utilities - 2.5% | |||
Berkshire Hathaway Energy Co. 4.6% 5/1/53 | 2,000,000 | 1,657,791 | |
Consolidated Edison Co. of New York, Inc. 5.2% 3/1/33 | 1,300,000 | 1,297,917 | |
NiSource, Inc.: | |||
2.95% 9/1/29 | 229,000 | 204,656 | |
3.6% 5/1/30 | 950,000 | 866,697 | |
4.375% 5/15/47 | 650,000 | 530,268 | |
4.8% 2/15/44 | 500,000 | 436,213 | |
5.25% 3/30/28 | 4,295,000 | 4,283,415 | |
Puget Energy, Inc.: | |||
2.379% 6/15/28 | 2,000,000 | 1,773,228 | |
4.1% 6/15/30 | 1,023,000 | 934,375 | |
4.224% 3/15/32 | 1,344,000 | 1,194,848 | |
Sempra 3.8% 2/1/38 | 1,500,000 | 1,225,971 | |
14,405,379 | |||
TOTAL UTILITIES | 56,616,847 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $558,973,747) | 509,961,220 | ||
U.S. Treasury Obligations - 8.7% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bonds: | |||
1.75% 8/15/41 | 2,500,000 | 1,630,566 | |
1.875% 2/15/41 | 2,943,000 | 1,987,560 | |
2% 11/15/41 | 2,000,000 | 1,355,625 | |
3.625% 5/15/53 | 80,000 | 67,013 | |
4.125% 8/15/53 | 6,215,000 | 5,700,320 | |
4.25% 2/15/54 | 36,850,000 | 34,564,133 | |
4.625% 5/15/54 | 3,000,000 | 2,996,250 | |
U.S. Treasury Notes: | |||
3.5% 2/15/33 | 4,000 | 3,714 | |
4.5% 11/15/33 | 1,500,000 | 1,500,234 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $52,993,654) | 49,805,415 | ||
Asset-Backed Securities - 0.2% | |||
Principal Amount (a) | Value ($) | ||
Subway Funding LLC Issuer Series 2024-1A: | |||
Class A23, 6.505% 7/30/54 (b) | 379,000 | 379,000 | |
Class A2I, 6.028% 7/30/54 (b) | 727,000 | 727,000 | |
Class A2II, 6.268% 7/30/54 (b) | 432,000 | 432,000 | |
TOTAL ASSET-BACKED SECURITIES (Cost $1,538,000) | 1,538,000 | ||
Foreign Government and Government Agency Obligations - 0.2% | |||
Principal Amount (a) | Value ($) | ||
United Mexican States: | |||
3.25% 4/16/30 | 200,000 | 175,600 | |
4.5% 4/22/29 | 1,000,000 | 956,563 | |
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $1,290,645) | 1,132,163 | ||
Preferred Securities - 0.3% | |||
Principal Amount (a) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Enbridge, Inc. 5.75% 7/15/80 (c) | 753,000 | 701,727 | |
FINANCIALS - 0.2% | |||
Capital Markets - 0.2% | |||
UBS Group AG 4.875% (b)(c)(f) | 950,000 | 868,743 | |
TOTAL PREFERRED SECURITIES (Cost $1,705,000) | 1,570,470 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) (Cost $8,111,474) | 8,109,862 | 8,111,484 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $624,612,520) | 572,118,752 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 339,855 |
NET ASSETS - 100.0% | 572,458,607 |
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 $99,876,640 or 17.4% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(f) | Security is perpetual in nature with no stated maturity date. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 5.39% | 30,765,819 | 77,413,807 | 100,068,024 | 637,244 | (118) | - | 8,111,484 | 0.0% |
Total | 30,765,819 | 77,413,807 | 100,068,024 | 637,244 | (118) | - | 8,111,484 | |
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, U.S. Treasury Obligations, Foreign Government and Government Agency Obligations and Preferred Securities 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. Asset-Backed 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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