Quarterly Holdings Report
for
Fidelity Flex® Funds
Fidelity Flex® Core Bond Fund
May 31, 2022
ZCD-NPRT3-0722
1.9881604.105
Nonconvertible Bonds - 21.9% | |||
Principal Amount (a) | Value ($) | ||
COMMUNICATION SERVICES - 2.0% | |||
Diversified Telecommunication Services - 0.4% | |||
AT&T, Inc.: | |||
2.55% 12/1/33 | 18,000 | 15,214 | |
3.8% 12/1/57 | 175,000 | 144,322 | |
5.15% 11/15/46 | 50,000 | 51,497 | |
Verizon Communications, Inc.: | |||
2.1% 3/22/28 | 54,000 | 49,116 | |
2.55% 3/21/31 | 50,000 | 44,260 | |
3% 3/22/27 | 13,000 | 12,603 | |
4.862% 8/21/46 | 57,000 | 59,509 | |
5.012% 4/15/49 | 4,000 | 4,272 | |
380,793 | |||
Entertainment - 0.1% | |||
The Walt Disney Co. 3.8% 3/22/30 | 100,000 | 99,179 | |
Media - 1.2% | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: | |||
4.4% 4/1/33 | 90,000 | 84,581 | |
4.908% 7/23/25 | 45,000 | 45,949 | |
5.25% 4/1/53 | 137,000 | 124,764 | |
5.375% 5/1/47 | 55,000 | 50,475 | |
5.5% 4/1/63 | 137,000 | 122,242 | |
5.75% 4/1/48 | 100,000 | 97,016 | |
Comcast Corp. 6.45% 3/15/37 | 15,000 | 18,409 | |
Discovery Communications LLC: | |||
3.625% 5/15/30 | 30,000 | 27,721 | |
4.65% 5/15/50 | 81,000 | 68,181 | |
Fox Corp.: | |||
4.03% 1/25/24 | 6,000 | 6,087 | |
4.709% 1/25/29 | 9,000 | 9,108 | |
5.476% 1/25/39 | 9,000 | 9,200 | |
Magallanes, Inc.: | |||
3.428% 3/15/24 (b) | 54,000 | 53,670 | |
3.638% 3/15/25 (b) | 29,000 | 28,633 | |
3.755% 3/15/27 (b) | 57,000 | 55,324 | |
4.054% 3/15/29 (b) | 20,000 | 19,161 | |
4.279% 3/15/32 (b) | 26,000 | 24,301 | |
5.05% 3/15/42 (b) | 31,000 | 28,020 | |
5.141% 3/15/52 (b) | 25,000 | 22,369 | |
Time Warner Cable LLC: | |||
5.875% 11/15/40 | 100,000 | 99,490 | |
7.3% 7/1/38 | 120,000 | 132,937 | |
1,127,638 | |||
Wireless Telecommunication Services - 0.3% | |||
Rogers Communications, Inc.: | |||
3.2% 3/15/27 (b) | 63,000 | 61,259 | |
3.8% 3/15/32 (b) | 55,000 | 52,167 | |
T-Mobile U.S.A., Inc.: | |||
3.75% 4/15/27 | 60,000 | 59,236 | |
3.875% 4/15/30 | 100,000 | 96,165 | |
4.375% 4/15/40 | 13,000 | 12,212 | |
4.5% 4/15/50 | 26,000 | 24,183 | |
305,222 | |||
TOTAL COMMUNICATION SERVICES | 1,912,832 | ||
CONSUMER DISCRETIONARY - 0.6% | |||
Automobiles - 0.2% | |||
Volkswagen Group of America Finance LLC 3.125% 5/12/23 (b) | 200,000 | 200,244 | |
Hotels, Restaurants & Leisure - 0.0% | |||
McDonald's Corp.: | |||
3.5% 7/1/27 | 17,000 | 16,829 | |
3.6% 7/1/30 | 20,000 | 19,340 | |
36,169 | |||
Leisure Products - 0.0% | |||
Hasbro, Inc. 3% 11/19/24 | 34,000 | 33,835 | |
Specialty Retail - 0.4% | |||
AutoNation, Inc. 4.75% 6/1/30 | 7,000 | 6,831 | |
AutoZone, Inc.: | |||
3.625% 4/15/25 | 12,000 | 12,009 | |
4% 4/15/30 | 55,000 | 53,465 | |
Lowe's Companies, Inc.: | |||
3.35% 4/1/27 | 9,000 | 8,829 | |
3.75% 4/1/32 | 27,000 | 25,746 | |
4.25% 4/1/52 | 110,000 | 100,075 | |
4.45% 4/1/62 | 124,000 | 112,084 | |
4.5% 4/15/30 | 39,000 | 39,540 | |
O'Reilly Automotive, Inc. 4.2% 4/1/30 | 12,000 | 11,752 | |
370,331 | |||
TOTAL CONSUMER DISCRETIONARY | 640,579 | ||
CONSUMER STAPLES - 1.2% | |||
Beverages - 0.8% | |||
Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36 | 125,000 | 126,524 | |
Anheuser-Busch InBev Worldwide, Inc.: | |||
3.5% 6/1/30 | 100,000 | 96,339 | |
4.35% 6/1/40 | 35,000 | 33,048 | |
4.5% 6/1/50 | 100,000 | 95,117 | |
4.75% 4/15/58 | 27,000 | 25,723 | |
5.45% 1/23/39 | 20,000 | 21,345 | |
5.55% 1/23/49 | 204,000 | 221,080 | |
5.8% 1/23/59 (Reg. S) | 34,000 | 38,270 | |
The Coca-Cola Co.: | |||
3.375% 3/25/27 | 63,000 | 63,361 | |
3.45% 3/25/30 | 35,000 | 34,684 | |
755,491 | |||
Food & Staples Retailing - 0.1% | |||
Sysco Corp.: | |||
5.95% 4/1/30 | 20,000 | 21,932 | |
6.6% 4/1/50 | 30,000 | 36,614 | |
58,546 | |||
Tobacco - 0.3% | |||
Altria Group, Inc.: | |||
3.875% 9/16/46 | 30,000 | 22,109 | |
4.25% 8/9/42 | 27,000 | 21,682 | |
4.5% 5/2/43 | 80,000 | 65,412 | |
4.8% 2/14/29 | 40,000 | 39,961 | |
BAT Capital Corp. 4.906% 4/2/30 | 100,000 | 96,828 | |
Reynolds American, Inc. 7.25% 6/15/37 | 75,000 | 81,355 | |
327,347 | |||
TOTAL CONSUMER STAPLES | 1,141,384 | ||
ENERGY - 3.1% | |||
Oil, Gas & Consumable Fuels - 3.1% | |||
Canadian Natural Resources Ltd.: | |||
3.9% 2/1/25 | 25,000 | 25,087 | |
5.85% 2/1/35 | 25,000 | 26,112 | |
Cenovus Energy, Inc.: | |||
3.75% 2/15/52 | 10,000 | 8,017 | |
4.25% 4/15/27 | 24,000 | 24,065 | |
5.4% 6/15/47 | 14,000 | 14,273 | |
6.75% 11/15/39 | 26,000 | 29,284 | |
Columbia Pipeline Group, Inc.: | |||
4.5% 6/1/25 | 25,000 | 25,636 | |
5.8% 6/1/45 | 10,000 | 10,722 | |
DCP Midstream Operating LP: | |||
3.875% 3/15/23 | 20,000 | 19,983 | |
5.85% 5/21/43 (b)(c) | 105,000 | 92,138 | |
Enbridge, Inc.: | |||
4% 10/1/23 | 20,000 | 20,215 | |
4.25% 12/1/26 | 25,000 | 25,251 | |
Energy Transfer LP: | |||
3.75% 5/15/30 | 22,000 | 20,457 | |
4.2% 9/15/23 | 6,000 | 6,073 | |
4.25% 3/15/23 | 7,000 | 7,040 | |
4.95% 6/15/28 | 172,000 | 174,429 | |
5% 5/15/50 | 67,000 | 60,303 | |
5.4% 10/1/47 | 51,000 | 46,944 | |
5.8% 6/15/38 | 12,000 | 11,832 | |
6% 6/15/48 | 8,000 | 7,909 | |
Exxon Mobil Corp. 3.482% 3/19/30 | 160,000 | 157,467 | |
Hess Corp.: | |||
4.3% 4/1/27 | 57,000 | 56,874 | |
7.125% 3/15/33 | 100,000 | 115,555 | |
Kinder Morgan Energy Partners LP: | |||
3.45% 2/15/23 | 10,000 | 10,028 | |
6.55% 9/15/40 | 65,000 | 70,737 | |
Kinder Morgan, Inc. 5.55% 6/1/45 | 12,000 | 12,081 | |
MPLX LP: | |||
4.5% 7/15/23 | 10,000 | 10,119 | |
4.8% 2/15/29 | 6,000 | 6,083 | |
4.875% 12/1/24 | 14,000 | 14,324 | |
5.5% 2/15/49 | 17,000 | 16,949 | |
Occidental Petroleum Corp.: | |||
5.55% 3/15/26 | 50,000 | 52,078 | |
6.2% 3/15/40 | 10,000 | 10,550 | |
6.6% 3/15/46 | 36,000 | 40,680 | |
7.5% 5/1/31 | 40,000 | 47,960 | |
Ovintiv, Inc.: | |||
5.15% 11/15/41 | 148,000 | 140,605 | |
6.625% 8/15/37 | 15,000 | 16,471 | |
7.375% 11/1/31 | 28,000 | 32,081 | |
8.125% 9/15/30 | 26,000 | 30,528 | |
Petroleos Mexicanos: | |||
5.95% 1/28/31 | 160,000 | 132,976 | |
6.35% 2/12/48 | 246,000 | 170,441 | |
6.49% 1/23/27 | 20,000 | 19,104 | |
6.5% 3/13/27 | 20,000 | 19,079 | |
6.75% 9/21/47 | 210,000 | 150,507 | |
6.84% 1/23/30 | 348,000 | 311,460 | |
6.95% 1/28/60 | 88,000 | 63,140 | |
7.69% 1/23/50 | 15,000 | 11,625 | |
Phillips 66 Co.: | |||
3.7% 4/6/23 | 4,000 | 4,021 | |
3.85% 4/9/25 | 5,000 | 5,054 | |
Plains All American Pipeline LP/PAA Finance Corp.: | |||
3.55% 12/15/29 | 200,000 | 185,011 | |
3.6% 11/1/24 | 10,000 | 9,950 | |
Sabine Pass Liquefaction LLC 4.5% 5/15/30 | 68,000 | 67,768 | |
The Williams Companies, Inc.: | |||
3.5% 11/15/30 | 74,000 | 68,805 | |
4.3% 3/4/24 | 100,000 | 101,486 | |
4.55% 6/24/24 | 70,000 | 71,155 | |
5.75% 6/24/44 | 35,000 | 36,424 | |
Transcontinental Gas Pipe Line Co. LLC 3.25% 5/15/30 | 10,000 | 9,256 | |
Valero Energy Corp. 2.85% 4/15/25 | 3,000 | 2,939 | |
Western Gas Partners LP: | |||
4.65% 7/1/26 | 35,000 | 34,913 | |
4.75% 8/15/28 | 6,000 | 5,941 | |
2,977,995 | |||
FINANCIALS - 10.4% | |||
Banks - 4.0% | |||
Bank of America Corp.: | |||
2.299% 7/21/32 (c) | 90,000 | 75,650 | |
3.5% 4/19/26 | 160,000 | 158,800 | |
3.705% 4/24/28 (c) | 29,000 | 28,342 | |
3.974% 2/7/30 (c) | 325,000 | 316,925 | |
Barclays PLC: | |||
2.852% 5/7/26 (c) | 200,000 | 192,341 | |
4.375% 1/12/26 | 200,000 | 200,626 | |
BNP Paribas SA 2.219% 6/9/26 (b)(c) | 200,000 | 187,954 | |
Citigroup, Inc.: | |||
3.352% 4/24/25 (c) | 36,000 | 35,758 | |
4.3% 11/20/26 | 9,000 | 9,032 | |
4.4% 6/10/25 | 81,000 | 81,879 | |
4.412% 3/31/31 (c) | 108,000 | 106,709 | |
4.45% 9/29/27 | 393,000 | 394,042 | |
First Citizens Bank & Trust Co. 3.929% 6/19/24 (c) | 10,000 | 10,047 | |
Intesa Sanpaolo SpA 5.71% 1/15/26 (b) | 200,000 | 201,459 | |
JPMorgan Chase & Co.: | |||
2.956% 5/13/31 (c) | 37,000 | 33,018 | |
3.797% 7/23/24 (c) | 35,000 | 35,200 | |
4.452% 12/5/29 (c) | 300,000 | 302,065 | |
4.493% 3/24/31 (c) | 100,000 | 100,975 | |
NatWest Group PLC: | |||
5.125% 5/28/24 | 165,000 | 167,557 | |
6% 12/19/23 | 175,000 | 180,618 | |
6.1% 6/10/23 | 150,000 | 153,201 | |
6.125% 12/15/22 | 80,000 | 81,263 | |
NatWest Markets PLC 2.375% 5/21/23 (b) | 200,000 | 198,231 | |
Societe Generale 1.038% 6/18/25 (b)(c) | 200,000 | 187,877 | |
Wells Fargo & Co.: | |||
2.406% 10/30/25 (c) | 46,000 | 44,596 | |
3.526% 3/24/28 (c) | 121,000 | 117,636 | |
4.478% 4/4/31 (c) | 149,000 | 150,442 | |
5.013% 4/4/51 (c) | 144,000 | 150,748 | |
Westpac Banking Corp. 4.11% 7/24/34 (c) | 27,000 | 25,313 | |
3,928,304 | |||
Capital Markets - 2.6% | |||
Affiliated Managers Group, Inc. 4.25% 2/15/24 | 22,000 | 22,335 | |
Ares Capital Corp.: | |||
3.875% 1/15/26 | 112,000 | 107,110 | |
4.2% 6/10/24 | 63,000 | 63,236 | |
Credit Suisse Group AG: | |||
2.193% 6/5/26 (b)(c) | 250,000 | 231,491 | |
3.8% 6/9/23 | 250,000 | 251,054 | |
Deutsche Bank AG New York Branch: | |||
4.1% 1/13/26 | 100,000 | 99,087 | |
5.882% 7/8/31 (c) | 250,000 | 242,101 | |
Goldman Sachs Group, Inc.: | |||
2.383% 7/21/32 (c) | 90,000 | 75,609 | |
3.2% 2/23/23 | 35,000 | 35,155 | |
3.691% 6/5/28 (c) | 170,000 | 165,505 | |
3.75% 5/22/25 | 50,000 | 50,271 | |
3.8% 3/15/30 | 180,000 | 171,831 | |
3.814% 4/23/29 (c) | 75,000 | 72,947 | |
6.75% 10/1/37 | 113,000 | 132,118 | |
Moody's Corp.: | |||
3.25% 1/15/28 | 10,000 | 9,643 | |
3.75% 3/24/25 | 52,000 | 52,420 | |
4.875% 2/15/24 | 9,000 | 9,244 | |
Morgan Stanley: | |||
3.125% 7/27/26 | 271,000 | 263,378 | |
3.622% 4/1/31 (c) | 102,000 | 97,156 | |
3.737% 4/24/24 (c) | 115,000 | 115,495 | |
4.431% 1/23/30 (c) | 197,000 | 198,110 | |
5% 11/24/25 | 35,000 | 36,216 | |
2,501,512 | |||
Consumer Finance - 2.1% | |||
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: | |||
1.65% 10/29/24 | 150,000 | 140,618 | |
4.45% 4/3/26 | 150,000 | 146,760 | |
6.5% 7/15/25 | 150,000 | 156,570 | |
Ally Financial, Inc.: | |||
1.45% 10/2/23 | 21,000 | 20,526 | |
3.05% 6/5/23 | 80,000 | 80,042 | |
5.125% 9/30/24 | 21,000 | 21,662 | |
5.75% 11/20/25 | 80,000 | 82,364 | |
5.8% 5/1/25 | 49,000 | 51,228 | |
8% 11/1/31 | 23,000 | 27,012 | |
Capital One Financial Corp.: | |||
2.6% 5/11/23 | 64,000 | 64,014 | |
2.636% 3/3/26 (c) | 64,000 | 61,694 | |
3.273% 3/1/30 (c) | 82,000 | 74,582 | |
3.65% 5/11/27 | 116,000 | 112,940 | |
3.8% 1/31/28 | 39,000 | 37,764 | |
Discover Financial Services: | |||
3.95% 11/6/24 | 80,000 | 80,046 | |
4.1% 2/9/27 | 59,000 | 58,475 | |
4.5% 1/30/26 | 74,000 | 74,556 | |
Ford Motor Credit Co. LLC: | |||
4.063% 11/1/24 | 200,000 | 195,992 | |
5.584% 3/18/24 | 200,000 | 202,375 | |
Synchrony Financial: | |||
2.85% 7/25/22 | 11,000 | 11,004 | |
3.95% 12/1/27 | 217,000 | 206,949 | |
4.375% 3/19/24 | 13,000 | 13,104 | |
5.15% 3/19/29 | 50,000 | 49,383 | |
Toyota Motor Credit Corp. 2.9% 3/30/23 | 79,000 | 79,203 | |
2,048,863 | |||
Diversified Financial Services - 0.7% | |||
Blackstone Private Credit Fund 4.7% 3/24/25 (b) | 193,000 | 188,135 | |
Brixmor Operating Partnership LP: | |||
3.85% 2/1/25 | 85,000 | 84,848 | |
4.05% 7/1/30 | 44,000 | 41,348 | |
4.125% 5/15/29 | 37,000 | 35,581 | |
Equitable Holdings, Inc. 3.9% 4/20/23 | 4,000 | 4,032 | |
Park Aerospace Holdings Ltd. 5.5% 2/15/24 (b) | 145,000 | 146,322 | |
Pine Street Trust I 4.572% 2/15/29 (b) | 100,000 | 99,198 | |
Pine Street Trust II 5.568% 2/15/49 (b) | 100,000 | 101,096 | |
700,560 | |||
Insurance - 1.0% | |||
AIA Group Ltd. 3.375% 4/7/30 (b) | 200,000 | 190,886 | |
American International Group, Inc. 2.5% 6/30/25 | 100,000 | 96,524 | |
Five Corners Funding Trust II 2.85% 5/15/30 (b) | 100,000 | 88,994 | |
Marsh & McLennan Companies, Inc. 4.375% 3/15/29 | 20,000 | 20,300 | |
Pacific LifeCorp 5.125% 1/30/43 (b) | 50,000 | 50,770 | |
Pricoa Global Funding I 5.375% 5/15/45 (c) | 45,000 | 43,895 | |
SunAmerica, Inc.: | |||
3.5% 4/4/25 (b) | 26,000 | 25,756 | |
3.65% 4/5/27 (b) | 37,000 | 36,032 | |
3.85% 4/5/29 (b) | 36,000 | 34,547 | |
3.9% 4/5/32 (b) | 43,000 | 40,857 | |
4.35% 4/5/42 (b) | 10,000 | 9,079 | |
4.4% 4/5/52 (b) | 29,000 | 25,953 | |
TIAA Asset Management Finance LLC 4.125% 11/1/24 (b) | 80,000 | 80,898 | |
Unum Group: | |||
3.875% 11/5/25 | 175,000 | 174,180 | |
4% 6/15/29 | 31,000 | 30,013 | |
948,684 | |||
TOTAL FINANCIALS | 10,127,923 | ||
HEALTH CARE - 0.7% | |||
Health Care Providers & Services - 0.6% | |||
Centene Corp.: | |||
2.45% 7/15/28 | 85,000 | 76,326 | |
2.625% 8/1/31 | 40,000 | 34,198 | |
3.375% 2/15/30 | 35,000 | 32,113 | |
4.25% 12/15/27 | 35,000 | 34,825 | |
4.625% 12/15/29 | 55,000 | 54,205 | |
Cigna Corp.: | |||
4.375% 10/15/28 | 133,000 | 135,041 | |
4.8% 8/15/38 | 21,000 | 21,257 | |
CVS Health Corp.: | |||
3% 8/15/26 | 5,000 | 4,881 | |
3.625% 4/1/27 | 18,000 | 17,925 | |
4.78% 3/25/38 | 29,000 | 28,855 | |
Humana, Inc. 3.7% 3/23/29 | 35,000 | 34,197 | |
Sabra Health Care LP 3.2% 12/1/31 | 96,000 | 79,129 | |
552,952 | |||
Pharmaceuticals - 0.1% | |||
Elanco Animal Health, Inc.: | |||
5.772% 8/28/23 (c) | 18,000 | 18,360 | |
6.4% 8/28/28 (c) | 7,000 | 7,195 | |
Mylan NV 4.55% 4/15/28 | 20,000 | 19,616 | |
Utah Acquisition Sub, Inc. 3.95% 6/15/26 | 20,000 | 19,540 | |
Viatris, Inc.: | |||
1.125% 6/22/22 | 27,000 | 26,994 | |
1.65% 6/22/25 | 9,000 | 8,298 | |
2.7% 6/22/30 | 44,000 | 36,792 | |
3.85% 6/22/40 | 19,000 | 14,780 | |
151,575 | |||
TOTAL HEALTH CARE | 704,527 | ||
INDUSTRIALS - 0.4% | |||
Aerospace & Defense - 0.2% | |||
BAE Systems Holdings, Inc. 3.8% 10/7/24 (b) | 40,000 | 39,914 | |
The Boeing Co.: | |||
5.04% 5/1/27 | 31,000 | 31,147 | |
5.15% 5/1/30 | 31,000 | 30,820 | |
5.705% 5/1/40 | 30,000 | 29,560 | |
5.93% 5/1/60 | 30,000 | 29,319 | |
160,760 | |||
Trading Companies & Distributors - 0.1% | |||
Air Lease Corp.: | |||
2.25% 1/15/23 | 10,000 | 9,925 | |
3.375% 7/1/25 | 56,000 | 54,271 | |
3.875% 7/3/23 | 38,000 | 38,116 | |
4.25% 2/1/24 | 29,000 | 29,114 | |
131,426 | |||
Transportation Infrastructure - 0.1% | |||
Avolon Holdings Funding Ltd.: | |||
2.875% 2/15/25 (b) | 30,000 | 28,209 | |
3.95% 7/1/24 (b) | 13,000 | 12,708 | |
4.25% 4/15/26 (b) | 10,000 | 9,568 | |
4.375% 5/1/26 (b) | 10,000 | 9,625 | |
60,110 | |||
TOTAL INDUSTRIALS | 352,296 | ||
INFORMATION TECHNOLOGY - 0.8% | |||
Electronic Equipment & Components - 0.1% | |||
Dell International LLC/EMC Corp.: | |||
5.45% 6/15/23 | 28,000 | 28,553 | |
5.85% 7/15/25 | 13,000 | 13,663 | |
6.02% 6/15/26 | 25,000 | 26,398 | |
6.1% 7/15/27 | 23,000 | 24,544 | |
6.2% 7/15/30 | 20,000 | 21,447 | |
114,605 | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
Broadcom, Inc.: | |||
1.95% 2/15/28 (b) | 15,000 | 13,041 | |
2.45% 2/15/31 (b) | 151,000 | 125,159 | |
2.6% 2/15/33 (b) | 134,000 | 107,643 | |
3.5% 2/15/41 (b) | 106,000 | 83,870 | |
3.75% 2/15/51 (b) | 50,000 | 39,046 | |
368,759 | |||
Software - 0.3% | |||
Oracle Corp.: | |||
1.65% 3/25/26 | 58,000 | 52,810 | |
2.3% 3/25/28 | 92,000 | 81,230 | |
2.8% 4/1/27 | 69,000 | 64,027 | |
2.875% 3/25/31 | 120,000 | 102,110 | |
300,177 | |||
TOTAL INFORMATION TECHNOLOGY | 783,541 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.1% | |||
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP 5.125% 4/1/25 (b) | 59,000 | 61,479 | |
REAL ESTATE - 1.5% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
Alexandria Real Estate Equities, Inc. 4.9% 12/15/30 | 42,000 | 43,422 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 7,000 | 5,788 | |
3.625% 4/15/32 | 40,000 | 36,491 | |
Boston Properties, Inc.: | |||
3.25% 1/30/31 | 34,000 | 30,449 | |
4.5% 12/1/28 | 19,000 | 19,109 | |
Corporate Office Properties LP: | |||
2.25% 3/15/26 | 15,000 | 13,828 | |
2.75% 4/15/31 | 11,000 | 9,247 | |
Healthcare Trust of America Holdings LP: | |||
3.1% 2/15/30 | 10,000 | 8,947 | |
3.5% 8/1/26 | 10,000 | 9,803 | |
Healthpeak Properties, Inc.: | |||
3.25% 7/15/26 | 4,000 | 3,907 | |
3.5% 7/15/29 | 5,000 | 4,779 | |
Hudson Pacific Properties LP 4.65% 4/1/29 | 54,000 | 53,781 | |
Invitation Homes Operating Partnership LP 4.15% 4/15/32 | 60,000 | 57,256 | |
Kite Realty Group Trust 4.75% 9/15/30 | 3,000 | 2,931 | |
LXP Industrial Trust (REIT) 2.7% 9/15/30 | 7,000 | 5,921 | |
Omega Healthcare Investors, Inc.: | |||
3.25% 4/15/33 | 64,000 | 50,796 | |
3.375% 2/1/31 | 32,000 | 26,729 | |
3.625% 10/1/29 | 154,000 | 135,452 | |
4.375% 8/1/23 | 34,000 | 34,123 | |
4.5% 1/15/25 | 6,000 | 5,985 | |
4.75% 1/15/28 | 59,000 | 57,099 | |
Piedmont Operating Partnership LP 2.75% 4/1/32 | 14,000 | 11,284 | |
Realty Income Corp.: | |||
2.2% 6/15/28 | 8,000 | 7,194 | |
2.85% 12/15/32 | 9,000 | 8,033 | |
3.25% 1/15/31 | 9,000 | 8,431 | |
3.4% 1/15/28 | 14,000 | 13,536 | |
Simon Property Group LP 2.45% 9/13/29 | 14,000 | 12,328 | |
Store Capital Corp.: | |||
2.75% 11/18/30 | 19,000 | 16,157 | |
4.625% 3/15/29 | 9,000 | 8,949 | |
Sun Communities Operating LP: | |||
2.3% 11/1/28 | 16,000 | 14,020 | |
2.7% 7/15/31 | 42,000 | 35,504 | |
Ventas Realty LP: | |||
3% 1/15/30 | 59,000 | 53,229 | |
3.5% 2/1/25 | 65,000 | 64,464 | |
4% 3/1/28 | 11,000 | 10,818 | |
4.75% 11/15/30 | 100,000 | 101,477 | |
VICI Properties LP: | |||
4.375% 5/15/25 | 10,000 | 9,943 | |
4.75% 2/15/28 | 81,000 | 80,129 | |
4.95% 2/15/30 | 109,000 | 107,143 | |
5.125% 5/15/32 | 10,000 | 9,916 | |
Vornado Realty LP 2.15% 6/1/26 | 17,000 | 15,507 | |
WP Carey, Inc.: | |||
4% 2/1/25 | 28,000 | 28,151 | |
4.6% 4/1/24 | 50,000 | 50,898 | |
1,282,954 | |||
Real Estate Management & Development - 0.2% | |||
Brandywine Operating Partnership LP: | |||
3.95% 2/15/23 | 103,000 | 103,320 | |
3.95% 11/15/27 | 24,000 | 23,209 | |
4.1% 10/1/24 | 6,000 | 6,050 | |
4.55% 10/1/29 | 10,000 | 9,853 | |
CBRE Group, Inc. 2.5% 4/1/31 | 50,000 | 42,072 | |
Tanger Properties LP 2.75% 9/1/31 | 43,000 | 34,962 | |
219,466 | |||
TOTAL REAL ESTATE | 1,502,420 | ||
UTILITIES - 1.1% | |||
Electric Utilities - 0.7% | |||
Alabama Power Co. 3.05% 3/15/32 | 87,000 | 81,227 | |
Cleco Corporate Holdings LLC 3.375% 9/15/29 | 226,000 | 205,440 | |
Duke Energy Corp. 2.45% 6/1/30 | 24,000 | 20,821 | |
Duquesne Light Holdings, Inc.: | |||
2.532% 10/1/30 (b) | 13,000 | 10,979 | |
2.775% 1/7/32 (b) | 44,000 | 37,029 | |
Edison International 5.75% 6/15/27 | 100,000 | 103,779 | |
Entergy Corp. 2.8% 6/15/30 | 25,000 | 22,045 | |
Exelon Corp.: | |||
2.75% 3/15/27 (b) | 19,000 | 18,040 | |
3.35% 3/15/32 (b) | 23,000 | 21,083 | |
4.05% 4/15/30 | 18,000 | 17,635 | |
4.1% 3/15/52 (b) | 17,000 | 15,153 | |
FirstEnergy Corp. 7.375% 11/15/31 | 77,000 | 90,935 | |
IPALCO Enterprises, Inc. 3.7% 9/1/24 | 10,000 | 9,995 | |
654,161 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
The AES Corp.: | |||
3.3% 7/15/25 (b) | 75,000 | 72,989 | |
3.95% 7/15/30 (b) | 66,000 | 61,228 | |
134,217 | |||
Multi-Utilities - 0.3% | |||
Berkshire Hathaway Energy Co. 4.05% 4/15/25 | 126,000 | 128,836 | |
Consolidated Edison Co. of New York, Inc. 3.35% 4/1/30 | 8,000 | 7,644 | |
NiSource, Inc. 2.95% 9/1/29 | 65,000 | 58,780 | |
Puget Energy, Inc.: | |||
4.1% 6/15/30 | 29,000 | 27,656 | |
4.224% 3/15/32 | 77,000 | 73,473 | |
296,389 | |||
TOTAL UTILITIES | 1,084,767 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $22,431,259) | 21,289,743 | ||
U.S. Treasury Obligations - 40.3% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bonds: | |||
1.75% 8/15/41 | 607,000 | 471,895 | |
1.875% 11/15/51 | 3,122,000 | 2,378,574 | |
2% 11/15/41 | 617,000 | 501,023 | |
2% 8/15/51 | 4,588,000 | 3,599,967 | |
2.25% 2/15/52 | 1,930,000 | 1,614,264 | |
2.875% 5/15/49 | 894,000 | 847,100 | |
2.875% 5/15/52 | 740,000 | 712,019 | |
3% 2/15/47 | 703,000 | 667,548 | |
U.S. Treasury Notes: | |||
0.75% 3/31/26 | 1,585,000 | 1,466,868 | |
1.125% 10/31/26 | 2,000,000 | 1,858,984 | |
1.125% 8/31/28 | 1,710,000 | 1,537,597 | |
1.125% 2/15/31 | 655,000 | 568,545 | |
1.25% 12/31/26 | 1,500,000 | 1,398,223 | |
1.25% 5/31/28 | 3,452,000 | 3,141,590 | |
1.25% 9/30/28 | 370,000 | 334,908 | |
1.375% 11/15/31 | 899,000 | 788,592 | |
1.75% 1/31/29 | 7,406,000 | 6,901,163 | |
1.875% 2/15/32 | 1,960,000 | 1,797,534 | |
2.375% 4/30/26 | 608,000 | 598,714 | |
2.5% 3/31/27 | 1,500,000 | 1,477,852 | |
2.75% 4/30/27 | 1,000,000 | 996,328 | |
2.875% 5/15/32 | 5,500,000 | 5,506,875 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $43,117,474) | 39,166,163 | ||
U.S. Government Agency - Mortgage Securities - 0.3% | |||
Principal Amount (a) | Value ($) | ||
Ginnie Mae - 0.3% | |||
4% 6/1/52 (d) (Cost $250,938) | 250,000 | 252,469 | |
Asset-Backed Securities - 6.5% | |||
Principal Amount (a) | Value ($) | ||
AASET Trust: | |||
Series 2019-1 Class A, 3.844% 5/15/39 (b) | 20,518 | 12,605 | |
Series 2021-2A Class A, 2.798% 1/15/47 (b) | 243,943 | 211,279 | |
AIMCO CLO Ltd. Series 2021-11A Class AR, 3 month U.S. LIBOR + 1.130% 2.1743% 10/17/34 (b)(c)(e) | 250,000 | 241,872 | |
Allegro CLO XIV, Ltd. Series 2021-2A Class A1, 3 month U.S. LIBOR + 1.160% 2.2043% 10/15/34 (b)(c)(e) | 250,000 | 241,932 | |
Allegro CLO, Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.140% 2.2027% 7/20/34 (b)(c)(e) | 250,000 | 241,778 | |
Ares LVIII CLO LLC Series 2022-58A Class AR, U.S. 90-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 1.330% 2.1764% 1/15/35 (b)(c)(e) | 250,000 | 242,410 | |
Barings CLO Ltd. Series 2021-4A Class A, 3 month U.S. LIBOR + 1.220% 2.2827% 1/20/32 (b)(c)(e) | 250,000 | 246,162 | |
Blackbird Capital Aircraft Series 2021-1A Class A, 2.443% 7/15/46 (b) | 228,406 | 197,989 | |
Bristol Park CLO, Ltd. Series 2020-1A Class AR, 3 month U.S. LIBOR + 0.990% 2.0343% 4/15/29 (b)(c)(e) | 249,078 | 245,718 | |
Cedar Funding Ltd. Series 2022-15A Class A, CME TERM SOFR 3 MONTH INDEX + 1.320% 2.0327% 4/20/35 (b)(c)(e) | 100,000 | 96,812 | |
Cedar Funding XII CLO Ltd. / Cedar Funding XII CLO LLC Series 2021-12A Class A1R, 3 month U.S. LIBOR + 1.130% 2.314% 10/25/34 (b)(c)(e) | 250,000 | 241,858 | |
Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1, 3 month U.S. LIBOR + 1.200% 2.2627% 4/20/34 (b)(c)(e) | 100,000 | 96,939 | |
Columbia Cent CLO Ltd. / Columbia Cent CLO Corp. Series 2021-30A Class A1, 3 month U.S. LIBOR + 1.310% 2.3727% 1/20/34 (b)(c)(e) | 100,000 | 97,683 | |
DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/47 (b) | 47,875 | 46,889 | |
Dryden Senior Loan Fund Series 2021-90A Class A1A, 3 month U.S. LIBOR + 1.130% 2.608% 2/20/35 (b)(c)(e) | 250,000 | 242,117 | |
Eaton Vance CLO, Ltd. Series 2021-2A Class AR, 3 month U.S. LIBOR + 1.150% 2.1943% 1/15/35 (b)(c)(e) | 100,000 | 97,124 | |
Flatiron CLO Ltd. / Flatiron CLO LLC Series 2020-1A Class A, 3 month U.S. LIBOR + 1.300% 2.778% 11/20/33 (b)(c)(e) | 100,000 | 97,739 | |
KKR CLO Ltd. Series 2022-41A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.330% 2.0223% 4/15/35 (b)(c)(e) | 150,000 | 144,963 | |
Lucali CLO Ltd. Series 2021-1A Class A, 3 month U.S. LIBOR + 1.210% 2.2543% 1/15/33 (b)(c)(e) | 250,000 | 245,454 | |
Madison Park Funding L Ltd. / Madison Park Funding L LLC Series 2021-50A Class A, 3 month U.S. LIBOR + 1.140% 2.1843% 4/19/34 (b)(c)(e) | 250,000 | 244,258 | |
Madison Park Funding LII Ltd. / Madison Park Funding LII LLC Series 2021-52A Class A, 3 month U.S. LIBOR + 1.100% 2.2363% 1/22/35 (b)(c)(e) | 250,000 | 241,300 | |
Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC Series 2021-45A Class AR, 3 month U.S. LIBOR + 1.120% 2.1643% 7/15/34 (b)(c)(e) | 250,000 | 242,521 | |
Magnetite XXIII, Ltd. Series 2021-23A Class AR, 3 month U.S. LIBOR + 1.130% 2.314% 1/25/35 (b)(c)(e) | 250,000 | 242,174 | |
Magnetite XXIX, Ltd. / Magnetite XXIX LLC Series 2021-29A Class A, 3 month U.S. LIBOR + 0.990% 2.0343% 1/15/34 (b)(c)(e) | 250,000 | 244,815 | |
Planet Fitness Master Issuer LLC: | |||
Series 2018-1A Class A2II, 4.666% 9/5/48 (b) | 80,095 | 78,525 | |
Series 2019-1A Class A2, 3.858% 12/5/49 (b) | 50,830 | 45,728 | |
Series 2022-1A: | |||
Class A2I, 3.251% 12/5/51 (b) | 64,000 | 58,663 | |
Class A2II, 4.008% 12/5/51 (b) | 55,000 | 47,423 | |
RR 7 Ltd. Series 2022-7A Class A1AB, 3 month U.S. LIBOR + 1.340% 1.5203% 1/15/37 (b)(c)(e) | 250,000 | 242,715 | |
Sapphire Aviation Finance Series 2020-1A Class A, 3.228% 3/15/40 (b) | 196,565 | 171,059 | |
SBA Tower Trust: | |||
Series 2019, 2.836% 1/15/50 (b) | 46,000 | 44,879 | |
1.884% 7/15/50 (b) | 25,000 | 23,328 | |
2.328% 7/15/52 (b) | 16,000 | 14,416 | |
SYMP Series 2022-32A Class A1, CME TERM SOFR 3 MONTH INDEX + 1.320% 1.6326% 4/23/35 (b)(c)(e) | 250,000 | 242,719 | |
Symphony CLO Ltd. Series 2020-22A Class A1A, 3 month U.S. LIBOR + 1.290% 2.3343% 4/18/33 (b)(c)(e) | 250,000 | 246,301 | |
Symphony CLO XXVI Ltd. / Symphony CLO XXVI LLC Series 2021-26A Class AR, 3 month U.S. LIBOR + 1.080% 2.1427% 4/20/33 (b)(c)(e) | 250,000 | 244,274 | |
Thunderbolt Aircraft Lease Ltd. Series 2018-A Class A, 4.147% 9/15/38 (b)(c) | 200,850 | 175,452 | |
Thunderbolt III Aircraft Lease Ltd. Series 2019-1 Class A, 3.671% 11/15/39 (b) | 196,860 | 168,981 | |
TOTAL ASSET-BACKED SECURITIES (Cost $6,618,876) | 6,308,854 | ||
Collateralized Mortgage Obligations - 0.1% | |||
Principal Amount (a) | Value ($) | ||
Private Sponsor - 0.1% | |||
Cascade Funding Mortgage Trust Series 2021-HB6 Class A, 0.8983% 6/25/36 (b) (Cost $76,965) | 76,965 | 75,939 | |
Commercial Mortgage Securities - 3.8% | |||
Principal Amount (a) | Value ($) | ||
BAMLL Commercial Mortgage Securities Trust floater Series 2022-DKLX Class C, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 2.150% 2.932% 1/15/39 (b)(c)(e) | 100,000 | 96,667 | |
BFLD Trust floater sequential payer Series 2020-OBRK Class A, 1 month U.S. LIBOR + 2.050% 2.925% 11/15/28 (b)(c)(e) | 34,000 | 33,585 | |
BPR Trust floater Series 2022-OANA: | |||
Class A, CME TERM SOFR 1 MONTH INDEX + 1.890% 2.6797% 4/15/37 (b)(c)(e) | 201,000 | 195,687 | |
Class B, CME TERM SOFR 1 MONTH INDEX + 2.440% 3.2287% 4/15/37 (b)(c)(e) | 53,000 | 51,853 | |
BX Commercial Mortgage Trust floater: | |||
Series 2021-PAC: | |||
Class A, 1 month U.S. LIBOR + 0.680% 1.5641% 10/15/36 (b)(c)(e) | 100,000 | 95,084 | |
Class E, 1 month U.S. LIBOR + 1.940% 2.8225% 10/15/36 (b)(c)(e) | 100,000 | 93,182 | |
Series 2022-LP2: | |||
Class A, CME TERM SOFR 1 MONTH INDEX + 1.010% 1.8089% 2/15/39 (b)(c)(e) | 140,622 | 135,780 | |
Class B, CME TERM SOFR 1 MONTH INDEX + 1.310% 2.1083% 2/15/39 (b)(c)(e) | 94,377 | 90,958 | |
Class C, CME TERM SOFR 1 MONTH INDEX + 1.560% 2.3577% 2/15/39 (b)(c)(e) | 94,377 | 90,486 | |
Class D, CME TERM SOFR 1 MONTH INDEX + 1.960% 2.7568% 2/15/39 (b)(c)(e) | 94,377 | 90,363 | |
BX Trust floater: | |||
Series 2018-EXCL Class D, 1 month U.S. LIBOR + 2.620% 3.5% 9/15/37 (b)(c)(e) | 8,429 | 7,038 | |
Series 2019-XL Class E, 1 month U.S. LIBOR + 1.800% 2.675% 10/15/36 (b)(c)(e) | 85,000 | 82,656 | |
Series 2022-IND: | |||
Class A, CME TERM SOFR 1 MONTH INDEX + 1.490% 2.287% 4/15/37 (b)(c)(e) | 108,000 | 105,709 | |
Class B, CME TERM SOFR 1 MONTH INDEX + 1.940% 2.736% 4/15/37 (b)(c)(e) | 55,000 | 53,608 | |
Class C, CME TERM SOFR 1 MONTH INDEX + 2.290% 2.64% 4/15/37 (b)(c)(e) | 12,000 | 11,565 | |
Class D, CME TERM SOFR 1 MONTH INDEX + 2.830% 3.189% 4/15/37 (b)(c)(e) | 10,000 | 9,578 | |
CF Hippolyta Issuer LLC sequential payer Series 2021-1A Class A1, 1.53% 3/15/61 (b) | 96,451 | 86,949 | |
CHC Commercial Mortgage Trust floater Series 2019-CHC Class A, 1 month U.S. LIBOR + 1.120% 1.995% 6/15/34 (b)(c)(e) | 99,275 | 97,008 | |
CIM Retail Portfolio Trust floater Series 2021-RETL: | |||
Class C, 1 month U.S. LIBOR + 2.300% 3.175% 8/15/36 (b)(c)(e) | 46,445 | 44,154 | |
Class D, 1 month U.S. LIBOR + 3.050% 3.925% 8/15/36 (b)(c)(e) | 75,000 | 70,766 | |
Credit Suisse Mortgage Trust: | |||
floater Series 2019-ICE4 Class B, 1 month U.S. LIBOR + 1.230% 2.105% 5/15/36 (b)(c)(e) | 100,000 | 97,998 | |
Series 2018-SITE Class D, 4.782% 4/15/36 (b)(c) | 100,000 | 94,210 | |
CSMC Trust Series 2017-PFHP Class D, 1 month U.S. LIBOR + 2.250% 3.125% 12/15/30 (b)(c)(e) | 76,000 | 74,478 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class A, 1 month U.S. LIBOR + 0.700% 1.576% 11/15/38 (b)(c)(e) | 124,000 | 118,488 | |
Extended Stay America Trust floater Series 2021-ESH: | |||
Class A, 1 month U.S. LIBOR + 1.080% 1.955% 7/15/38 (b)(c)(e) | 99,388 | 97,149 | |
Class D, 1 month U.S. LIBOR + 2.250% 3.125% 7/15/38 (b)(c)(e) | 99,388 | 96,154 | |
GS Mortgage Securities Trust floater Series 2021-IP Class A, 1 month U.S. LIBOR + 0.950% 1.825% 10/15/36 (b)(c)(e) | 100,000 | 96,698 | |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT: | |||
Class AFX, 4.2475% 7/5/33 (b) | 20,000 | 19,883 | |
Class DFX, 5.3503% 7/5/33 (b) | 10,000 | 9,841 | |
Class EFX, 5.5422% 7/5/33 (b) | 10,000 | 9,743 | |
Life Financial Services Trust floater Series 2022-BMR2: | |||
Class A1, CME TERM SOFR 1 MONTH INDEX + 1.290% 2.0952% 5/15/39 (b)(c)(e) | 155,000 | 151,898 | |
Class B, CME TERM SOFR 1 MONTH INDEX + 1.790% 2.5939% 5/15/39 (b)(c)(e) | 100,000 | 97,879 | |
Class C, CME TERM SOFR 1 MONTH INDEX + 2.090% 2.8931% 5/15/39 (b)(c)(e) | 100,000 | 97,619 | |
Class D, CME TERM SOFR 1 MONTH INDEX + 2.540% 3.3419% 5/15/39 (b)(c)(e) | 100,000 | 97,379 | |
LIFE Mortgage Trust floater Series 2021-BMR: | |||
Class A, 1 month U.S. LIBOR + 0.700% 1.575% 3/15/38 (b)(c)(e) | 98,297 | 94,113 | |
Class E, 1 month U.S. LIBOR + 1.750% 2.625% 3/15/38 (b)(c)(e) | 98,297 | 91,741 | |
Morgan Stanley Capital I Trust: | |||
floater Series 2018-BOP: | |||
Class B, 1 month U.S. LIBOR + 1.250% 2.125% 8/15/33 (b)(c)(e) | 18,605 | 18,377 | |
Class C, 1 month U.S. LIBOR + 1.500% 2.375% 8/15/33 (b)(c)(e) | 45,299 | 44,612 | |
sequential payer Series 2019-MEAD Class A, 3.17% 11/10/36 (b) | 65,000 | 63,080 | |
Series 2018-H4 Class A4, 4.31% 12/15/51 | 11,000 | 11,027 | |
Series 2019-MEAD: | |||
Class B, 3.1771% 11/10/36 (b)(c) | 10,000 | 9,519 | |
Class C, 3.1771% 11/10/36 (b)(c) | 10,000 | 9,383 | |
Prima Capital Ltd.: | |||
floater Series 2021-9A Class B, 1 month U.S. LIBOR + 1.800% 2.7273% 12/15/37 (b)(c)(e) | 21,000 | 20,091 | |
floater sequential payer Series 2021-9A Class A, 1 month U.S. LIBOR + 1.450% 2.3773% 12/15/37 (b)(c)(e) | 4,243 | 4,186 | |
SPGN Mortgage Trust floater Series 2022-TFLM: | |||
Class B, CME TERM SOFR 1 MONTH INDEX + 2.000% 2.7817% 2/15/39 (b)(c)(e) | 27,000 | 25,852 | |
Class C, CME TERM SOFR 1 MONTH INDEX + 2.650% 3.4317% 2/15/39 (b)(c)(e) | 14,000 | 13,414 | |
SREIT Trust floater Series 2021-MFP: | |||
Class A, 1 month U.S. LIBOR + 0.730% 1.6055% 11/15/38 (b)(c)(e) | 100,000 | 97,073 | |
Class B, 1 month U.S. LIBOR + 1.070% 1.9545% 11/15/38 (b)(c)(e) | 100,000 | 95,692 | |
Class C, 1 month U.S. LIBOR + 1.320% 2.2037% 11/15/38 (b)(c)(e) | 100,000 | 94,965 | |
Class D, 1 month U.S. LIBOR + 1.570% 2.4529% 11/15/38 (b)(c)(e) | 100,000 | 94,330 | |
VLS Commercial Mortgage Trust: | |||
sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b) | 45,000 | 37,654 | |
Series 2020-LAB Class B, 2.453% 10/10/42 (b) | 10,000 | 8,271 | |
Wells Fargo Commercial Mortgage Trust: | |||
floater Series 2021-FCMT Class A, 1 month U.S. LIBOR + 1.200% 2.075% 5/15/31 (b)(c)(e) | 100,000 | 96,249 | |
Series 2018-C48 Class A5, 4.302% 1/15/52 | 10,000 | 10,093 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $3,781,626) | 3,641,815 | ||
Municipal Securities - 0.3% | |||
Principal Amount (a) | Value ($) | ||
California Gen. Oblig. Series 2009, 7.35% 11/1/39 | 90,000 | 119,082 | |
Illinois Gen. Oblig. Series 2003, 5.1% 6/1/33 | 125,000 | 127,416 | |
New Jersey Econ. Dev. Auth. State Pension Fdg. Rev. Series 1997, 7.425% 2/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 68,000 | 77,178 | |
TOTAL MUNICIPAL SECURITIES (Cost $320,433) | 323,676 | ||
Foreign Government and Government Agency Obligations - 0.2% | |||
Principal Amount (a) | Value ($) | ||
Argentine Republic: | |||
0.5% 7/9/30 (f) | 34,250 | 10,018 | |
1% 7/9/29 | 3,762 | 1,114 | |
1.125% 7/9/35 (f) | 62,749 | 17,068 | |
Dominican Republic 5.95% 1/25/27 (b) | 100,000 | 99,925 | |
Emirate of Abu Dhabi 3.875% 4/16/50 (b) | 15,000 | 14,164 | |
State of Qatar 4.4% 4/16/50 (b) | 50,000 | 50,625 | |
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $227,101) | 192,914 | ||
Supranational Obligations - 0.1% | |||
Principal Amount (a) | Value ($) | ||
Corporacion Andina de Fomento 2.375% 5/12/23 (Cost $99,929) | 100,000 | 99,724 | |
Fixed-Income Funds - 18.8% | |||
Shares | Value ($) | ||
Fidelity Emerging Markets Debt Central Fund (g) | 269,147 | 2,131,641 | |
Fidelity Floating Rate Central Fund (g) | 56,148 | 5,428,346 | |
Fidelity International Credit Central Fund (g) | 36,389 | 3,239,743 | |
Fidelity Specialized High Income Central Fund (g) | 84,911 | 7,459,418 | |
TOTAL FIXED-INCOME FUNDS (Cost $19,825,705) | 18,259,148 | ||
Money Market Funds - 6.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.82% (h) (Cost $6,652,616) | 6,651,285 | 6,652,616 | |
TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $103,402,922) | 96,263,061 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | 822,852 |
NET ASSETS - 100.0% | 97,085,913 |
TBA Sale Commitments | ||
Principal Amount (a) | Value ($) | |
Ginnie Mae | ||
4% 6/1/52 | (250,000) | (252,469) |
TOTAL TBA SALE COMMITMENTS (Proceeds $248,000) | (252,469) |
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 $13,699,786 or 14.1% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 0.82% | 3,527,731 | 71,565,400 | 68,440,515 | 8,046 | - | - | 6,652,616 | 0.0% |
Fidelity Emerging Markets Debt Central Fund | 2,207,757 | 274,974 | - | 74,975 | - | (351,090) | 2,131,641 | 0.1% |
Fidelity Floating Rate Central Fund | 5,070,192 | 568,524 | - | 168,527 | - | (210,370) | 5,428,346 | 0.2% |
Fidelity International Credit Central Fund | - | 3,568,101 | - | 45,601 | - | (328,358) | 3,239,743 | 0.7% |
Fidelity Mortgage Backed Securities Central Fund | 7,461,781 | 6,142,879 | 12,745,982 | 142,878 | (586,946) | (271,732) | - | 0.0% |
Fidelity Specialized High Income Central Fund | 6,024,646 | 2,323,356 | - | 423,403 | - | (888,584) | 7,459,418 | 2.1% |
Total | 24,292,107 | 84,443,234 | 81,186,497 | 863,430 | (586,946) | (2,050,134) | 24,911,764 |
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 vendors or from brokers who make markets in such securities. Nonconvertible Bonds, U.S. Treasury Obligations, Municipal Securities, Foreign Government and Government Agency Obligations and Supranational Obligations are valued by pricing vendors 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 vendors 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 vendors. 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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