# EDGAR Filing Document

**Accession Number:** 0000751199
**File Stem:** 0001752724-25-176673
**Filing Date:** 2025-7
**Character Count:** 132305
**Document Hash:** d0b9a0df5506a7b9cf44b915b0ba3d26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-176673.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001752724-25-176673

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INCOME FUND /MA/
- **CENTRAL INDEX KEY:** 0000751199

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04085
- **FILM NUMBER:** 251146261

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MORTGAGE SECURITIES FUND
- **DATE OF NAME CHANGE:** 19851103

## Series and Classes Contracts Data

### Fidelity Environmental Bond Fund (Series ID: S000072130)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000227901 | Fidelity Advisor Environmental Bond Fund: Class M | FEBEX           |
| C000227902 | Fidelity Advisor Environmental Bond Fund: Class A | FEBBX           |
| C000227903 | Fidelity Environmental Bond Fund                  | FFEBX           |
| C000227904 | Fidelity Advisor Environmental Bond Fund: Class I | FEBFX           |
| C000227905 | Fidelity Advisor Environmental Bond Fund: Class C | FEBDX           |
| C000227906 | Fidelity Advisor Environmental Bond Fund: Class Z | FEBGX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Environmental Bond Fund**

**May 31, 2025**

ENB-NPRT3-0725

1.9901921.103 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.5%  |  |  |
| Helios Issuer LLC Series 2022-A Class A, 2.79% 2/22/2049 (b) | 204522 | 172610 |
| Hertz Vehicle Financing III LLC Series 2023-1A Class A, 5.49% 6/25/2027 (b) | 100000 | 100493 |
| Mosaic Solar Loans LLC Series 2024-1A Class A, 5.5% 9/20/2049 (b) | 78821 | 75775 |
| Sunrun Callisto Issuer LLC Series 2021-2A Class A, 2.27% 1/30/2057 (b) | 163506 | 141964 |
| Sunrun Julius Issuer LLC Series 2023-2A Class A1, 6.6% 1/30/2059 (b) | 144550 | 143211 |
| Tesla Auto Lease Trust 23-A Series 2023-A Class A3, 5.89% 6/22/2026 (b) | 14619 | 14637 |
| TOTAL UNITED STATES |  | 648690 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $701,773) |  | <br> **648690** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 2.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 2.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.0%  |  |  |
| DC Commercial Mortgage Trust Series 2023-DC Class A, 6.3143% 9/12/2040 (b) | 100000 | 103233 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-KG03 Class A2, 1.297% 6/25/2030 (c) | 160000 | 138129 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-KG07 Class A2, 3.123% 8/25/2032  | 200000 | 182100 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-KSG4 Class A2, 3.4% 8/25/2032 (c) | 200000 | 185045 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-KG08 Class A2, 4.134% 5/25/2033  | 300000 | 289337 |
| TOTAL UNITED STATES |  | 897844 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $935,538) |  | <br> **897844** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 1.1%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GERMANY - 0.7%  |  |  |  |
| German Federal Republic 0% 10/10/2025 (d) | EUR | 210000 | 236893 |
| German Federal Republic 0% 8/15/2031 (d) | EUR | 30000 | 29822 |
| German Federal Republic 2.3% 2/15/2033 (d) | EUR | 10000 | 11328 |
| TOTAL GERMANY |  |  | 278043 |
| UNITED KINGDOM - 0.2%  |  |  |  |
| United Kingdom of Great Britain and Northern Ireland 0.375% 10/22/2030 (d) | GBP | 55000 | 60996 |
| United Kingdom of Great Britain and Northern Ireland 0.875% 7/31/2033 (d) | GBP | 10000 | 10185 |
| United Kingdom of Great Britain and Northern Ireland 4.25% 6/7/2032 (d) | GBP | 20000 | 26865 |
| TOTAL UNITED KINGDOM |  |  | 98046 |
| URUGUAY - 0.2%  |  |  |  |
| Uruguay Republic 5.75% 10/28/2034  |  | 100000 | 104085 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $450,844) |  |  | <br> **480174** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 36.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 36.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 36.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 36.4%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Lendlease Finance Ltd 3.4% 10/27/2027 (d) | AUD | 20000 | 12411 |
| BELGIUM - 0.5%  |  |  |  |
| Financials - 0.5% |  |  |  |
| Banks - 0.5% |  |  |  |
| KBC Group NV 4.932% 10/16/2030 (b)(c) |  | 200000 | 200687 |
| CANADA - 0.6%  |  |  |  |
| Communication Services - 0.6% |  |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |  |
| TELUS Corp 3.4% 5/13/2032  |  | 300000 | 267872 |
| DENMARK - 0.5%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Banks - 0.3% |  |  |  |
| Danske Bank A/S 4.75% 6/21/2030 (c)(d) | EUR | 100000 | 121378 |
| Industrials - 0.2% |  |  |  |
| Marine Transportation - 0.2% |  |  |  |
| AP Moller - Maersk A/S 5.875% 9/14/2033 (b) |  | 100000 | 103446 |
| TOTAL DENMARK |  |  | 224824 |
| FINLAND - 0.3%  |  |  |  |
| Real Estate - 0.3% |  |  |  |
| Real Estate Management & Development - 0.3% |  |  |  |
| Citycon Treasury BV 5% 3/11/2030 (d) | EUR | 100000 | 115324 |
| FRANCE - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| BNP Paribas SA 5.786% 1/13/2033 (b)(c) |  | 39000 | 39947 |
| GERMANY - 2.1%  |  |  |  |
| Consumer Discretionary - 0.7% |  |  |  |
| Automobile Components - 0.7% |  |  |  |
| ZF Finance GmbH 2% 5/6/2027 (d) | EUR | 100000 | 108569 |
| ZF North America Capital Inc 6.75% 4/23/2030 (b) |  | 100000 | 94973 |
| ZF North America Capital Inc 6.875% 4/23/2032 (b) |  | 100000 | 91610 |
|  |  |  | 295152 |
| Financials - 0.6% |  |  |  |
| Banks - 0.3% |  |  |  |
| Commerzbank AG 3.625% 1/14/2032 (c)(d) | EUR | 100000 | 114335 |
| Capital Markets - 0.3% |  |  |  |
| Deutsche Bank AG/New York NY 5.706% 2/8/2028 (c) |  | 150000 | 151858 |
| TOTAL FINANCIALS |  |  | 266193 |
| Materials - 0.2% |  |  |  |
| Chemicals - 0.2% |  |  |  |
| Evonik Industries AG 1.375% 9/2/2081 (c)(d) | EUR | 100000 | 109912 |
| Construction Materials - 0.0% |  |  |  |
| Heidelberg Materials AG 3.95% 7/19/2034 (d) | EUR | 10000 | 11720 |
| TOTAL MATERIALS |  |  | 121632 |
| Utilities - 0.6% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| Amprion GmbH 3.875% 9/7/2028 (d) | EUR | 100000 | 117324 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |  |
| RWE Finance US LLC 6.25% 4/16/2054 (b) |  | 150000 | 144952 |
| TOTAL UTILITIES |  |  | 262276 |
| TOTAL GERMANY |  |  | 945253 |
| IRELAND - 1.5%  |  |  |  |
| Financials - 0.6% |  |  |  |
| Banks - 0.6% |  |  |  |
| AIB Group PLC 2.875% 5/30/2031 (c)(d) | EUR | 125000 | 141469 |
| Bank of Ireland Group PLC 5% 7/4/2031 (c)(d) | EUR | 100000 | 122661 |
|  |  |  | 264130 |
| Materials - 0.9% |  |  |  |
| Containers & Packaging - 0.9% |  |  |  |
| Smurfit Kappa Treasury ULC 5.2% 1/15/2030  |  | 200000 | 202202 |
| Smurfit Westrock Financing DAC 5.418% 1/15/2035  |  | 200000 | 199141 |
|  |  |  | 401343 |
| TOTAL IRELAND |  |  | 665473 |
| ITALY - 1.4%  |  |  |  |
| Utilities - 1.4% |  |  |  |
| Electric Utilities - 0.9% |  |  |  |
| Enel Finance International NV 5.125% 6/26/2029 (b) |  | 400000 | 404959 |
| Gas Utilities - 0.5% |  |  |  |
| Snam SpA 5% 5/28/2030 (b) |  | 200000 | 199732 |
| TOTAL ITALY |  |  | 604691 |
| JAPAN - 0.2%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| NTT Finance Corp 4.372% 7/27/2027 (b) |  | 100000 | 99777 |
| LUXEMBOURG - 1.0%  |  |  |  |
| Financials - 0.5% |  |  |  |
| Financial Services - 0.5% |  |  |  |
| Acef Holding SCA 1.25% 4/26/2030 (d) | EUR | 100000 | 101992 |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund 4.75% 3/27/2034 (d) | EUR | 100000 | 118725 |
|  |  |  | 220717 |
| Real Estate - 0.5% |  |  |  |
| Real Estate Management & Development - 0.5% |  |  |  |
| Blackstone Property Partners Europe Holdings Sarl 1.625% 4/20/2030 (d) | EUR | 100000 | 102873 |
| P3 Group Sarl 4% 4/19/2032 (d) | EUR | 100000 | 114081 |
|  |  |  | 216954 |
| TOTAL LUXEMBOURG |  |  | 437671 |
| NETHERLANDS - 0.7%  |  |  |  |
| Consumer Staples - 0.3% |  |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |  |
| REWE International Finance BV 4.875% 9/13/2030 (d) | EUR | 100000 | 121852 |
| Information Technology - 0.2% |  |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 2.5% 5/11/2031  |  | 100000 | 86549 |
| Real Estate - 0.2% |  |  |  |
| Real Estate Management & Development - 0.2% |  |  |  |
| CTP NV 1.5% 9/27/2031 (d) | EUR | 100000 | 98698 |
| TOTAL NETHERLANDS |  |  | 307099 |
| NORWAY - 0.3%  |  |  |  |
| Financials - 0.3% |  |  |  |
| Banks - 0.3% |  |  |  |
| DNB Bank ASA 4% 3/14/2029 (c)(d) | EUR | 100000 | 117999 |
| PORTUGAL - 0.3%  |  |  |  |
| Utilities - 0.3% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| EDP SA 1.7% 7/20/2080 (c)(d) | EUR | 100000 | 113171 |
| SPAIN - 0.4%  |  |  |  |
| Utilities - 0.4% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (b) |  | 200000 | 191448 |
| UNITED KINGDOM - 2.4%  |  |  |  |
| Communication Services - 0.2% |  |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (b) |  | 100000 | 91854 |
| Financials - 1.4% |  |  |  |
| Banks - 1.4% |  |  |  |
| Barclays PLC 5.367% 2/25/2031 (c) |  | 200000 | 201730 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (c)(d) | EUR | 100000 | 116168 |
| NatWest Group PLC 3.673% 8/5/2031 (c)(d) | EUR | 100000 | 116229 |
| NatWest Group PLC 4.964% 8/15/2030 (c) |  | 200000 | 200384 |
|  |  |  | 634511 |
| Utilities - 0.8% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| Scottish Hydro Electric Transmission PLC 3.375% 9/4/2032 (d) | EUR | 100000 | 113180 |
| Water Utilities - 0.5% |  |  |  |
| Severn Trent Utilities Finance PLC 4% 3/5/2034 (d) | EUR | 100000 | 116063 |
| United Utilities Water Finance PLC 3.5% 2/27/2033 (d) | EUR | 100000 | 112179 |
|  |  |  | 228242 |
| TOTAL UTILITIES |  |  | 341422 |
| TOTAL UNITED KINGDOM |  |  | 1067787 |
| UNITED STATES - 24.2%  |  |  |  |
| Communication Services - 2.1% |  |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |  |
| AT&T Inc 5.4% 2/15/2034  |  | 150000 | 152038 |
| Verizon Communications Inc 2.55% 3/21/2031  |  | 50000 | 44285 |
| Verizon Communications Inc 3.875% 2/8/2029  |  | 450000 | 441170 |
| Verizon Communications Inc 5.05% 5/9/2033  |  | 100000 | 100132 |
|  |  |  | 737625 |
| Entertainment - 0.2% |  |  |  |
| Netflix Inc 4.9% 8/15/2034  |  | 100000 | 100457 |
| Wireless Telecommunication Services - 0.2% |  |  |  |
| T-Mobile USA Inc 4.2% 10/1/2029  |  | 100000 | 98561 |
| TOTAL COMMUNICATION SERVICES |  |  | 936643 |
| Consumer Discretionary - 0.2% |  |  |  |
| Automobiles - 0.2% |  |  |  |
| General Motors Financial Co Inc 4.9% 10/6/2029  |  | 100000 | 98577 |
| Consumer Staples - 2.2% |  |  |  |
| Beverages - 0.2% |  |  |  |
| PepsiCo Inc 3.9% 7/18/2032  |  | 100000 | 95336 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |  |
| Walmart Inc 1.8% 9/22/2031  |  | 300000 | 258461 |
| Food Products - 1.4% |  |  |  |
| Bunge Ltd Fin Corp 4.1% 1/7/2028  |  | 55000 | 54569 |
| Bunge Ltd Fin Corp 4.2% 9/17/2029  |  | 100000 | 98682 |
| General Mills Inc 2.25% 10/14/2031  |  | 450000 | 385930 |
| Mondelez International Inc 4.75% 8/28/2034  |  | 100000 | 97091 |
|  |  |  | 636272 |
| TOTAL CONSUMER STAPLES |  |  | 990069 |
| Financials - 9.5% |  |  |  |
| Banks - 4.3% |  |  |  |
| Bank of America Corp 5.425% 8/15/2035 (c) |  | 100000 | 97985 |
| Bank of America Corp 6.204% 11/10/2028 (c) |  | 290000 | 300251 |
| Citigroup Inc 4.542% 9/19/2030 (c) |  | 100000 | 98769 |
| Fifth Third Bancorp 4.895% 9/6/2030 (c) |  | 100000 | 100239 |
| HAT Holdings I LLC / HAT Holdings II LLC 3.75% 9/15/2030 (b) |  | 100000 | 89035 |
| JPMorgan Chase & Co 4.603% 10/22/2030 (c) |  | 150000 | 149112 |
| JPMorgan Chase & Co 6.07% 10/22/2027 (c) |  | 200000 | 204152 |
| PNC Financial Services Group Inc/The 4.758% 1/26/2027 (c) |  | 200000 | 200114 |
| PNC Financial Services Group Inc/The 4.812% 10/21/2032 (c) |  | 200000 | 197505 |
| PNC Financial Services Group Inc/The 5.401% 7/23/2035 (c) |  | 100000 | 99806 |
| PNC Financial Services Group Inc/The 5.676% 1/22/2035 (c) |  | 150000 | 153020 |
| Wells Fargo & Co 4.54% 8/15/2026 (c) |  | 100000 | 99960 |
| Wells Fargo & Co 5.244% 1/24/2031 (c) |  | 55000 | 55819 |
|  |  |  | 1845767 |
| Capital Markets - 3.5% |  |  |  |
| Athene Global Funding 2.5% 3/24/2028 (b) |  | 250000 | 234933 |
| Blackstone Private Credit Fund 3.25% 3/15/2027  |  | 200000 | 193372 |
| GA Global Funding Trust 5.2% 12/9/2031 (b) |  | 150000 | 148907 |
| GA Global Funding Trust 5.4% 1/13/2030 (b) |  | 150000 | 152481 |
| Moody's Corp 5% 8/5/2034  |  | 100000 | 99407 |
| Morgan Stanley 4.654% 10/18/2030 (c) |  | 100000 | 99333 |
| Morgan Stanley 5.23% 1/15/2031 (c) |  | 79000 | 80167 |
| Morgan Stanley 5.449% 7/20/2029 (c) |  | 150000 | 153428 |
| Nuveen LLC 5.55% 1/15/2030 (b) |  | 18000 | 18586 |
| S&P Global Inc 2.7% 3/1/2029  |  | 400000 | 376987 |
|  |  |  | 1557601 |
| Consumer Finance - 0.7% |  |  |  |
| Capital One Financial Corp 7.149% 10/29/2027 (c) |  | 100000 | 103164 |
| Ford Motor Credit Co LLC 5.125% 11/5/2026  |  | 200000 | 198221 |
|  |  |  | 301385 |
| Financial Services - 0.2% |  |  |  |
| Mastercard Inc 4.35% 1/15/2032  |  | 100000 | 98441 |
| Insurance - 0.8% |  |  |  |
| Arthur J Gallagher & Co 5% 2/15/2032  |  | 12000 | 12028 |
| Arthur J Gallagher & Co 5.15% 2/15/2035  |  | 150000 | 147629 |
| Pine Street Trust III 6.223% 5/15/2054 (b) |  | 200000 | 192846 |
|  |  |  | 352503 |
| TOTAL FINANCIALS |  |  | 4155697 |
| Health Care - 2.2% |  |  |  |
| Health Care Providers & Services - 1.6% |  |  |  |
| CVS Health Corp 4.3% 3/25/2028  |  | 200000 | 197782 |
| CVS Health Corp 5.25% 1/30/2031  |  | 100000 | 100836 |
| CVS Health Corp 5.875% 6/1/2053  |  | 50000 | 45983 |
| Humana Inc 5.375% 4/15/2031  |  | 122000 | 122783 |
| Icon Investments Six DAC 6% 5/8/2034  |  | 200000 | 200206 |
| Kaiser Foundation Hospitals 3.15% 5/1/2027  |  | 50000 | 48771 |
|  |  |  | 716361 |
| Pharmaceuticals - 0.6% |  |  |  |
| Merck & Co Inc 1.9% 12/10/2028  |  | 300000 | 277484 |
| TOTAL HEALTH CARE |  |  | 993845 |
| Industrials - 0.2% |  |  |  |
| Ground Transportation - 0.2% |  |  |  |
| Uber Technologies Inc 4.8% 9/15/2034  |  | 100000 | 96498 |
| Information Technology - 1.9% |  |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |  |
| Dell International LLC / EMC Corp 4.85% 2/1/2035  |  | 100000 | 94992 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |  |
| Analog Devices Inc 1.7% 10/1/2028  |  | 300000 | 275495 |
| Broadcom Inc 4.55% 2/15/2032  |  | 200000 | 195832 |
|  |  |  | 471327 |
| Software - 0.6% |  |  |  |
| Autodesk Inc 2.4% 12/15/2031  |  | 300000 | 258531 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 824850 |
| Materials - 0.4% |  |  |  |
| Chemicals - 0.4% |  |  |  |
| Dow Chemical Co/The 5.15% 2/15/2034  |  | 200000 | 195741 |
| Real Estate - 2.2% |  |  |  |
| Diversified REITs - 0.3% |  |  |  |
| WP Carey Inc 2.45% 2/1/2032  |  | 150000 | 126095 |
| Health Care REITs - 0.5% |  |  |  |
| Healthpeak OP LLC 2.125% 12/1/2028  |  | 150000 | 137773 |
| Healthpeak OP LLC 5.375% 2/15/2035  |  | 100000 | 98971 |
|  |  |  | 236744 |
| Office REITs - 0.3% |  |  |  |
| Boston Properties LP 6.75% 12/1/2027  |  | 22000 | 22954 |
| Hudson Pacific Properties LP 5.95% 2/15/2028  |  | 151000 | 129823 |
|  |  |  | 152777 |
| Residential REITs - 1.1% |  |  |  |
| American Homes 4 Rent LP 5.5% 2/1/2034  |  | 50000 | 49898 |
| UDR Inc 1.9% 3/15/2033  |  | 525000 | 409694 |
|  |  |  | 459592 |
| TOTAL REAL ESTATE |  |  | 975208 |
| Utilities - 3.3% |  |  |  |
| Electric Utilities - 2.3% |  |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (b) |  | 200000 | 175675 |
| Consolidated Edison Co of New York Inc 3.35% 4/1/2030  |  | 325000 | 309660 |
| MidAmerican Energy Co 5.35% 1/15/2034  |  | 150000 | 153580 |
| Oncor Electric Delivery Co LLC 4.15% 6/1/2032  |  | 100000 | 94868 |
| Pacific Gas and Electric Co 5.9% 10/1/2054  |  | 53000 | 47467 |
| Public Service Electric and Gas Co 4.65% 3/15/2033  |  | 100000 | 98230 |
| Puget Sound Energy Inc 5.448% 6/1/2053  |  | 100000 | 92472 |
| Wisconsin Power and Light Co 4.95% 4/1/2033  |  | 50000 | 49499 |
|  |  |  | 1021451 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |  |
| AES Corp/The 2.45% 1/15/2031  |  | 400000 | 342035 |
| Multi-Utilities - 0.2% |  |  |  |
| New York State Electric & Gas Corp 5.3% 8/15/2034 (b) |  | 100000 | 99948 |
| TOTAL UTILITIES |  |  | 1463434 |
| TOTAL UNITED STATES |  |  | 10730562 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $16,337,039) |  |  | <br> **16141996** |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** | &nbsp;&nbsp;**Preferred Securities - 0.5%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ITALY - 0.2%  |  |  |  |
| Utilities - 0.2% |  |  |  |
| Electric Utilities - 0.2% |  |  |  |
| Terna - Rete Elettrica Nazionale 2.375% (c)(d)(e) | EUR | 100000 | 110391 |
| NETHERLANDS - 0.3%  |  |  |  |
| Utilities - 0.3% |  |  |  |
| Electric Utilities - 0.3% |  |  |  |
| TenneT Holding BV 4.625% (c)(d)(e) | EUR | 100000 | 120772 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $221,136) |  |  | <br> **231163** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 13.8%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 13.8%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 13.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 13.8%  |  |  |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 201191 | 169682 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2036  | 112590 | 102060 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 158081 | 144136 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2051  | 177680 | 138757 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 87400 | 71462 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 868612 | 743904 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2052  | 528543 | 500394 |
| Fannie Mae Mortgage pass-thru certificates 5% 1/1/2054  | 260129 | 252112 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2053  | 184502 | 178989 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2053  | 189066 | 183652 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2053  | 93332 | 90601 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2053  | 128489 | 127483 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2053  | 78256 | 77765 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2053  | 60037 | 61699 |
| Freddie Mac Gold Pool 1.5% 12/1/2031  | 139169 | 130574 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 690081 | 537613 |
| Freddie Mac Gold Pool 2% 3/1/2052  | 208815 | 162679 |
| Freddie Mac Gold Pool 2% 4/1/2051  | 74611 | 58360 |
| Freddie Mac Gold Pool 2.5% 2/1/2052  | 679171 | 555324 |
| Freddie Mac Gold Pool 2.5% 3/1/2052  | 872624 | 713501 |
| Freddie Mac Gold Pool 3.5% 6/1/2052  | 87224 | 77503 |
| Freddie Mac Gold Pool 4% 12/1/2052  | 328895 | 301935 |
| Freddie Mac Gold Pool 5% 6/1/2053  | 181273 | 175969 |
| Freddie Mac Gold Pool 5.5% 10/1/2053  | 174062 | 172699 |
| Freddie Mac Gold Pool 6.5% 1/1/2053  | 49388 | 50979 |
| Freddie Mac Gold Pool 6.5% 6/1/2053  | 49004 | 50379 |
| Ginnie Mae II Pool 2% 2/20/2051  | 174281 | 140083 |
| Uniform Mortgage Backed Securities 2.5% 6/1/2055 (f) | 175000 | 142618 |
| TOTAL UNITED STATES |  | 6112912 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $6,505,506) |  | <br> **6112912** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.4%** | &nbsp;&nbsp;**U.S. Government Agency Obligations - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Utilities - 0.4% |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Tennessee Valley Authority 1.5% 9/15/2031 <br>(Cost $199,977)<br>| 200000 | **169086** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 42.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 42.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 3/19/2026  | 4.08 | 500000 | 483820 |
| US Treasury Bonds 2% 11/15/2041 (h) | 2.12 to 2.14 | 1770000 | 1192883 |
| US Treasury Bonds 3.625% 5/15/2053  | 3.78 to 4.00 | 405000 | 323098 |
| US Treasury Bonds 4.125% 8/15/2053  | 4.73 | 270000 | 236071 |
| US Treasury Bonds 4.25% 2/15/2054  | 4.03 to 4.79 | 570000 | 509104 |
| US Treasury Bonds 4.25% 8/15/2054  | 3.97 to 4.97 | 530000 | 473936 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.77 to 4.80 | 530000 | 494722 |
| US Treasury Bonds 4.625% 2/15/2055  | 4.50 to 5.05 | 1620000 | 1545287 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.43 to 4.64 | 350000 | 332924 |
| US Treasury Bonds 4.75% 11/15/2053  | 4.05 to 4.52 | 190000 | 184373 |
| US Treasury Notes 2.875% 5/15/2032  | 3.00 | 63000 | 58098 |
| US Treasury Notes 3.5% 1/31/2028  | 3.59 to 4.86 | 53000 | 52507 |
| US Treasury Notes 3.625% 9/30/2031  | 3.60 to 4.23 | 1450000 | 1410408 |
| US Treasury Notes 3.75% 8/31/2031  | 3.61 to 3.82 | 730000 | 715543 |
| US Treasury Notes 3.875% 8/15/2034  | 3.65 to 4.20 | 350000 | 337117 |
| US Treasury Notes 3.875% 9/30/2029  | 3.46 | 55000 | 54856 |
| US Treasury Notes 4% 1/31/2031  | 4.16 to 4.72 | 800000 | 798031 |
| US Treasury Notes 4% 2/28/2030  | 4.10 | 800000 | 801719 |
| US Treasury Notes 4% 4/30/2032  | 3.93 | 350000 | 346555 |
| US Treasury Notes 4% 7/31/2030  | 3.78 to 4.42 | 1690000 | 1690396 |
| US Treasury Notes 4.125% 10/31/2031  | 4.39 | 300000 | 299977 |
| US Treasury Notes 4.125% 11/30/2031  | 4.13 | 100000 | 99945 |
| US Treasury Notes 4.125% 2/28/2027  | 4.05 | 600000 | 601664 |
| US Treasury Notes 4.125% 2/29/2032  | 3.88 to 4.19 | 1330000 | 1327714 |
| US Treasury Notes 4.125% 3/31/2032  | 4.23 | 350000 | 349289 |
| US Treasury Notes 4.125% 7/31/2031  | 3.96 to 4.19 | 1550000 | 1551970 |
| US Treasury Notes 4.25% 11/15/2034  | 4.45 | 400000 | 396063 |
| US Treasury Notes 4.25% 2/28/2029  | 4.21 | 105000 | 106235 |
| US Treasury Notes 4.25% 2/28/2031  | 4.21 | 150000 | 151494 |
| US Treasury Notes 4.25% 5/15/2035  | 4.40 | 400000 | 395500 |
| US Treasury Notes 4.375% 11/30/2030  | 3.96 | 300000 | 305027 |
| US Treasury Notes 4.625% 2/15/2035  | 4.16 to 4.34 | 800000 | 814765 |
| US Treasury Notes 4.625% 9/30/2028 (h) | 4.60 | 190000 | 194371 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $19,462,726) |  |  | **18635462** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i)<br>(Cost $1,104,473)<br>| 4.32 | 1104253 | **1104473** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $45,919,012)<br>| <br>**44421800** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(71594)** |
| **NET ASSETS - 100.0%** | **44350206** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 5 Year US Treasury Note Contracts (United States) | 4 | Sep 2025 | 433219 | 3402 | 3402 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| Eurex Deutschland Contracts (Germany) | 6 | Sep 2025 | 731786 | (40) | (40) |
| Eurex Deutschland Contracts (Germany) | 10 | Sep 2025 | 1341307 | (2054) | (2054) |
| Eurex Deutschland Contracts (Germany) | 3 | Sep 2025 | 446300 | (1197) | (1197) |
| TOTAL SOLD |  |  |  |  | (3291) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **111** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% |
| The notional amount of futures sold as a percentage of Net Assets is 5.7% | The notional amount of futures sold as a percentage of Net Assets is 5.7% | The notional amount of futures sold as a percentage of Net Assets is 5.7% | The notional amount of futures sold as a percentage of Net Assets is 5.7% | The notional amount of futures sold as a percentage of Net Assets is 5.7% | The notional amount of futures sold as a percentage of Net Assets is 5.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| EUR | 2000 | USD | 2233 | BNP Paribas SA | 7/08/25 | 43 |
| EUR | 4000 | USD | 4520 | Bank of America NA | 7/08/25 | 32 |
| EUR | 4000 | USD | 4486 | Citibank NA | 7/08/25 | 67 |
| USD | 12288 | AUD | 19000 | JPMorgan Chase Bank NA | 7/08/25 | 34 |
| USD | 4542 | EUR | 4000 | BNP Paribas SA | 6/03/25 | 0 |
| USD | 6819 | EUR | 6000 | BNP Paribas SA | 7/08/25 | (9) |
| USD | 4528 | EUR | 4000 | BNP Paribas SA | 7/08/25 | (24) |
| USD | 5641 | EUR | 5000 | Bank of America NA | 7/08/25 | (49) |
| USD | 3038460 | EUR | 2668000 | Goldman Sachs Bank USA | 7/08/25 | 2149 |
| USD | 7888 | EUR | 7000 | State Street Bank & Trust Co | 7/08/25 | (79) |
| USD | 112512 | GBP | 84000 | BNP Paribas SA | 7/08/25 | (683) |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **1481** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 2325 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (844) |

---

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | United Kingdom Pound |
| USD | - | United States Dollar |

---

**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 $3,527,719 or 8.0% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,045,565 or 6.9% of net assets.

(e) Security is perpetual in nature with no stated maturity date.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $51,690.

(i) 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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 674248 | 13666329 | 13236104 | 27300 | - | - | 1104473 | 1104253 | 0.0% |
| Total | 674248 | 13666329 | 13236104 | 27300 | - | - | 1104473 |  |  |

---

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. U.S. Treasury Obligations, Foreign Government and Government Agency Obligations, Non-Convertible Corporate Bonds, Preferred Securities and U.S. Government Agency Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset-Backed Securities, Commercial Mortgage Securities and U.S. Government Agency - Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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.

**Derivative Instruments**

Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Foreign Exchange Risk - Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.

Interest Rate Risk - Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund.

Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net the amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Forward Foreign Currency Contracts: Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.

The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

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.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Income Fund

- **b. Investment Company Act file number:** 811-04085

- **c. CIK number of Registrant:** 0000751199

- **d. LEI of Registrant:** D66RCKM57LC8ELZCAY58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity Environmental Bond Fund

- **b. EDGAR series identifier (if any):** S000072130

- **c. LEI of Series:** 549300CM673U4XQN4K40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $44516617.43

**Total Liabilities:** $300600.72

**Net Assets:** $44216016.71

**Delayed Delivery Securities:** $143267.58

**Cash Not Reported:** $54863.93

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 738.45178007 | **1-Year:** 3473.27395106 | **5-Year:** 10275.29442771 | **10-Year:** 7745.71930747 | **30-Year:** 5279.26475131

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 58.85378094 | **1-Year:** 187.54026431 | **5-Year:** 242.91200768 | **10-Year:** 123.43683223 | **30-Year:** 16.71041509

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227902 | -0.18%               | 0.39%                | -0.77%               |
| Class ID C000227903 | -0.16%               | 0.41%                | -0.75%               |
| Class ID C000227904 | -0.05%               | 0.30%                | -0.75%               |
| Class ID C000227905 | -0.13%               | 0.21%                | -0.84%               |
| Class ID C000227901 | -0.18%               | 0.40%                | -0.77%               |
| Class ID C000227906 | -0.04%               | 0.42%                | -0.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17250.45               | $-151223.96                                |
| Month 2  | $-26630.94               | $69077.81                                  |
| Month 3  | $-51295.15               | $-396958.61                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Bond Index

- **Index Identifier:** 19808143

### Schedule of Portfolio Investments

| Name                                                  | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LLOYDS BANKING GROUP PLC                              | LLOYDS BANKING GROUP PLC 3.875%/VAR 05/14/2032 REGS               | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | DBT              | CORP              | GB        |    100000 | PA      | $116168.37    | 0.26%             | 2032-05-14      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                           | BNP PARIBAS 5.786%/VAR 01/13/2033 144A                            | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     39000 | PA      | $39947.36     | 0.09%             | 2033-01-13      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.625% 02/15/2055                     | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1620000 | PA      | $1545286.73   | 3.49%             | 2055-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KBC GROUPE SA/NV                                      | KBC GROUPE SA/NV 4.932%/VAR 10/16/2030 144A                       | CUSIP: 48241FAD6<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |    200000 | PA      | $200687.39    | 0.45%             | 2030-10-16      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 3.875% 09/30/2029                                       | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     55000 | PA      | $54856.05     | 0.12%             | 2029-09-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OPERATING LLC                         | CLEARWAY ENERGY OPER LLC 3.75% 01/15/2032 144A                    | CUSIP: 18539UAE5<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175675.08    | 0.40%             | 2032-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| S and P GLOBAL INC                                    | S and P GLOBAL INC 2.7% 03/01/2029                                | CUSIP: 78409VBJ2<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    400000 | PA      | $376986.86    | 0.85%             | 2029-03-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE ELECTRIC and GAS                       | NEW YORK STATE ELECTRIC and GAS 5.3% 08/15/2034 144A              | CUSIP: 649840CW3<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99947.85     | 0.23%             | 2034-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MTRS FINL CO INC                              | GENERAL MTRS FINL CO INC 4.9% 10/06/2029                          | CUSIP: 37045XEZ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98576.84     | 0.22%             | 2029-10-06      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NXP B V/NXP FDG LLC/NXP USA INC                       | NXP B V/NXP FDG LLC/NXP USA INC 2.5% 05/11/2031                   | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    100000 | PA      | $86550.00     | 0.20%             | 2031-05-11      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                                     | HEALTHPEAK OP LLC 2.125% 12/01/2028                               | CUSIP: 42250PAD5<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137772.47    | 0.31%             | 2028-12-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| EVONIK INDUSTRIES AG                                  | EVONIK INDUSTRIES AG EUSA5+NA 09/02/2081 REGS                     | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $109911.56    | 0.25%             | 2081-09-02      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 4.5% 12/01/2052#CB5401                                  | CUSIP: 3140QRAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    528543 | PA      | $500394.15    | 1.13%             | 2052-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PWR and LT CO                               | WISCONSIN PWR and LT CO 4.95% 04/01/2033                          | CUSIP: 976826BR7<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49498.60     | 0.11%             | 2033-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AT and T INC                                          | AT and T INC 5.4% 02/15/2034                                      | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152038.70    | 0.34%             | 2034-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                           | NETFLIX INC 4.9% 08/15/2034                                       | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100456.88    | 0.23%             | 2034-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 2% 03/01/2052#RA7065                                    | CUSIP: 3133KNZ63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    208815 | PA      | $162679.23    | 0.37%             | 2052-03-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC                                | PUGET SOUND ENERGY INC 5.448% 06/01/2053                          | CUSIP: 745332CL8<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92472.42     | 0.21%             | 2053-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                | FX Forward: USD/EUR settle 2025-07-08                             | CUSIP: N/A<br>LEI: KD3XUN7C6T14HNAYLU02       | N/A              | DFE              | CORP              | US        |         1 | NC      | $2149.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 3.75% 08/31/2031                                        | CUSIP: 91282CLJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    730000 | PA      | $715542.58    | 1.62%             | 2031-08-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| REWE INT FINANCE                                      | REWE INT FINANCE 4.875% 09/13/2030 REGS                           | CUSIP: N/A<br>LEI: 5299003XLG8J4YTHLX44       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $121851.73    | 0.28%             | 2030-09-13      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                     | NATWEST GROUP PLC 4.964%/VAR 08/15/2030                           | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200383.53    | 0.45%             | 2030-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4% 01/31/2031                                           | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $798031.25    | 1.80%             | 2031-01-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CBRE GLOBAL INVESTOR PAN EUROPEAN CORE FUND           | CBRE GLOBAL INVESTOR PAN EUROPEAN CORE FUND 4.75% 03/27/2034 REGS | CUSIP: N/A<br>LEI: 529900J5H3JGJ83AUZ88       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $118725.38    | 0.27%             | 2034-03-27      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                           | PEPSICO INC 3.9% 07/18/2032                                       | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95336.48     | 0.22%             | 2032-07-18      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                        | MORGAN STANLEY 5.449%/VAR 07/20/2029                              | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153427.69    | 0.35%             | 2029-07-20      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 3% 01/01/2052#CB2786                                    | CUSIP: 3140QNCY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    868612 | PA      | $743903.50    | 1.68%             | 2052-01-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENTAL DEL URUGUAY                        | URUGUAY REPUBLICA ORIENTAL DL 5.75% 10/28/2034                    | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    100000 | PA      | $104084.67    | 0.24%             | 2034-10-28      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOANS LLC                                | MOSAIC SOLAR LOANS LLC 5.5% 09/20/2049 144A                       | CUSIP: 618937AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     78821 | PA      | $75774.67     | 0.17%             | 2049-09-20      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                              | SNAM SPA 5% 05/28/2030 144A                                       | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $199731.82    | 0.45%             | 2030-05-28      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                          | BARCLAYS PLC 5.367%/VAR 02/25/2031                                | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201729.76    | 0.46%             | 2031-02-25      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                      | T-MOBILE USA INC 4.2% 10/01/2029                                  | CUSIP: 87264ADL6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98561.05     | 0.22%             | 2029-10-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5% 01/01/2054#CB7925                                    | CUSIP: 3140QTYX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260129 | PA      | $252111.76    | 0.57%             | 2054-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HEIDELBERG MATERIALS AG                               | HEIDELBERG MATERIALS AG 3.95% 07/19/2034 REGS                     | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | DBT              | CORP              | DE        |     10000 | PA      | $11720.82     | 0.03%             | 2034-07-19      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KAISER FNDTN HOSPS                                    | KAISER FNDTN HOSPS 3.15% 05/01/2027                               | CUSIP: 48305QAC7<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48770.90     | 0.11%             | 2027-05-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS VIII ISSUER LLC                        | SUNNOVA HELIOS VIII ISSUER LLC 2.79% 02/22/2049 144A              | CUSIP: 86745AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    204522 | PA      | $172610.02    | 0.39%             | 2049-02-22      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LEND LEASE FINANCE LTD                                | LEND LEASE FINANCE LTD 3.4% 10/27/2027 REGS                       | CUSIP: N/A<br>LEI: 5493002EE2IQRQ3JUP44       | Long             | DBT              | CORP              | AU        |     20000 | PA      | $12411.00     | 0.03%             | 2027-10-27      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.375% 11/30/2030                                       | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $305027.34    | 0.69%             | 2030-11-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 6.5% 05/01/2053#CB6421                                  | CUSIP: 3140QSD32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60037 | PA      | $61698.81     | 0.14%             | 2053-05-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| DC COML MTG TR 2023-DC                                | DC COML MTG TR 2023-DC 6.3143% 09/12/2040 144A                    | CUSIP: 24023AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103233.35    | 0.23%             | 2040-09-12      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                              | FORD MTR CR CO LLC 5.125% 11/05/2026                              | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198220.55    | 0.45%             | 2026-11-05      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TENNESSEE VALLEY AUTHORITY                            | TENNESSEE VALLEY AUTHORITY 1.5% 09/15/2031                        | CUSIP: 880591EX6<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGSE             | US        |    200000 | PA      | $169086.96    | 0.38%             | 2031-09-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.625% 02/15/2035                                       | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $814764.56    | 1.84%             | 2035-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                        | PNC FINANCIAL SERVICES GRP INC 4.758%/VAR 01/26/2027              | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200114.01    | 0.45%             | 2027-01-26      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.25% 02/28/2031                                        | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $151494.14    | 0.34%             | 2031-02-28      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.625% 05/15/2054                     | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $332923.83    | 0.75%             | 2054-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 07/31/2031                                       | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1551970.21   | 3.51%             | 2031-07-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENNET HOLDING BV                                     | TENNET HOLDING BV 4.625%/VAR PERP REGS                            | CUSIP: N/A<br>LEI: 724500LTUWK3JQG63903       | Long             | EP               | CORP              | NL        |    100000 | PA      | $115821.58    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| PINE STR TR III                                       | PINE STR TR III 6.223% 05/15/2054 144A                            | CUSIP: 72284KAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192846.35    | 0.44%             | 2054-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.75% 11/15/2053                      | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    190000 | PA      | $184374.22    | 0.42%             | 2053-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SCOTTISH HYDRO ELECTRIC TRANSMISSION PLC              | SCOTTISH HYDRO ELECTRIC TRANSMISSION PLC 3.375% 09/04/2032 REGS   | CUSIP: N/A<br>LEI: 549300ECJZDA7203MK64       | Long             | DBT              | CORP              | GB        |    100000 | PA      | $113179.52    | 0.26%             | 2032-09-04      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 11/30/2031                                       | CUSIP: 91282CLZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99945.31     | 0.23%             | 2031-11-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TRUST 23-A                           | TESLA AUTO LEASE TRUST 23-A 5.89% 06/22/2026 144A                 | CUSIP: 88167PAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     14619 | PA      | $14638.14     | 0.03%             | 2026-06-22      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                  | ENEL FINANCE INTL NV 5.125% 06/26/2029 144A                       | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $404959.15    | 0.92%             | 2029-06-26      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| EUREX DEUTSCHLAND                                     | EURO-BUND FUTURE SEP25 RXU5                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        -3 | NC      | $-1196.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                | SMURFIT KAPPA TREASURY 5.2% 01/15/2030                            | CUSIP: 83272GAD3<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $202201.60    | 0.46%             | 2030-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4% 07/31/2030                                           | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1690000 | PA      | $1690396.10   | 3.82%             | 2030-07-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AMPRION GMBH                                          | AMPRION GMBH 3.875% 09/07/2028 REGS                               | CUSIP: N/A<br>LEI: 529900ZIV0ETYHYZM863       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $117323.55    | 0.27%             | 2028-09-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                       | HERTZ VEHICLE FINANCING III LLC 5.49% 06/25/2027 144A             | CUSIP: 42806MBS7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100492.57    | 0.23%             | 2027-06-25      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                          | BROADCOM INC 4.55% 02/15/2032                                     | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195831.90    | 0.44%             | 2032-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                       | DANSKE BANK AS (UNGTD) 4.75%/VAR 06/21/2030 REGS                  | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | DBT              | CORP              | DK        |    100000 | PA      | $121377.33    | 0.27%             | 2030-06-21      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                           | FX Forward: EUR/USD settle 2025-07-08                             | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DFE              | CORP              | FR        |         1 | NC      | $43.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                          | DNB BANK ASA 4%/VAR 03/14/2029 REGS                               | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | DBT              | CORP              | NO        |    100000 | PA      | $117998.69    | 0.27%             | 2029-03-14      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TELUS CORPORATION                                     | TELUS CORPORATION 3.4% 05/13/2032                                 | CUSIP: 87971MBW2<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $267871.88    | 0.61%             | 2032-05-13      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                          | AUTODESK INC 2.4% 12/15/2031                                      | CUSIP: 052769AH9<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    300000 | PA      | $258530.97    | 0.58%             | 2031-12-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 6.5% 06/01/2053#RA8704                                  | CUSIP: 3133KQU53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49004 | PA      | $50379.88     | 0.11%             | 2053-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL LLC / EMC CORP                     | DELL INTL/EMC CORP 4.85% 02/01/2035                               | CUSIP: 24703DBQ3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94992.14     | 0.21%             | 2035-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5% 05/01/2053#CB6418                                    | CUSIP: 3140QSDY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    189066 | PA      | $183652.34    | 0.42%             | 2053-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                        | PNC FINANCIAL SERVICES GRP INC 4.812%/VAR 10/21/2032              | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197505.47    | 0.45%             | 2032-10-21      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM,G.B. and N.IRELAND                     | UNITED KINGDOM G.B. and N.IRELAND 0.375% 10/22/2030 REGS          | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |     55000 | PA      | $60995.77     | 0.14%             | 2030-10-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 03/31/2032                                       | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $349289.06    | 0.79%             | 2032-03-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD | FHMS KSG4 A2 3.4% 8/32                                            | CUSIP: 3137H92X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $185044.94    | 0.42%             | 2032-08-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                 | JPMORGAN CHASE and CO 4.603%/VAR 10/22/2030                       | CUSIP: 46647PEQ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149111.82    | 0.34%             | 2030-10-22      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                           | BOSTON PPTYS LTD PARTNERSHIP 6.75% 12/01/2027                     | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22954.21     | 0.05%             | 2027-12-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC                                     | HEALTHPEAK OP LLC 5.375% 02/15/2035                               | CUSIP: 42250GAA1<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98971.22     | 0.22%             | 2035-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 4% 12/01/2052#RA8200                                    | CUSIP: 3133KQDD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    328895 | PA      | $301935.26    | 0.68%             | 2052-12-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TERNA - RETE ELETTRICA NAZIONALE                      | TERNA - RETE ELETTRICA NAZIONALE EUSA5+NA PERP REGS               | CUSIP: N/A<br>LEI: 8156009E94ED54DE7C31       | Long             | EP               | CORP              | IT        |    100000 | PA      | $109570.92    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                               | GA GLOBAL FUNDING TRUST 5.4% 01/13/2030 144A                      | CUSIP: 36143L2R5<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152481.08    | 0.34%             | 2030-01-13      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 3.625% 09/30/2031                                       | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1450000 | PA      | $1410408.20   | 3.19%             | 2031-09-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CREDIT FUND                        | BLACKSTONE PRIVATE CREDIT FUND 3.25% 03/15/2027                   | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193371.72    | 0.44%             | 2027-03-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5% 10/01/2053#CB7218                                    | CUSIP: 3140QTAU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    184502 | PA      | $178988.75    | 0.40%             | 2053-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 5% 06/01/2053#RA8573                                    | CUSIP: 3133KQQ25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    181273 | PA      | $175969.21    | 0.40%             | 2053-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD | FEDERAL HOME LN MTG MLT CTF GT 4.134% 05/25/2033                  | CUSIP: 3137HAD86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $289336.32    | 0.65%             | 2033-05-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                         | CITIGROUP INC 4.542%/VAR 09/19/2030                               | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98768.96     | 0.22%             | 2030-09-19      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 3.5% 01/31/2028                                         | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     53000 | PA      | $52507.27     | 0.12%             | 2028-01-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                            | CAPITAL ONE FINANCIAL CORP 7.149%/VAR 10/29/2027                  | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103163.96    | 0.23%             | 2027-10-29      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                        | PNC FINANCIAL SERVICES GRP INC 5.401%/VAR 07/23/2035              | CUSIP: 693475BZ7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99805.58     | 0.23%             | 2035-07-23      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4% 04/30/2032                                           | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $346554.69    | 0.78%             | 2032-04-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GNMA II GTD PASS THRU CTF MULTIPLE ISSUER             | GNII II 2% 02/20/2051#MA7192                                      | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    174281 | PA      | $140082.70    | 0.32%             | 2051-02-20      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| GERMANY FEDERAL REPUBLIC OF                           | GERMANY FEDERAL REPUBLIC OF 0% 08/15/2031 REGS                    | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |     80000 | PA      | $79524.74     | 0.18%             | 2031-08-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                                    | WELLS FARGO and CO NEW 4.54%/VAR 08/15/2026                       | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99959.52     | 0.23%             | 2026-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK NA NEW YORK NY                    | FX Forward: USD/AUD settle 2025-07-08                             | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | N/A              | DFE              | CORP              | US        |         1 | NC      | $34.39        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GALLAGHER (ARTHUR J.) and CO                          | GALLAGHER (ARTHUR J.) and CO 5.15% 02/15/2035                     | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147628.24    | 0.33%             | 2035-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NUVEEN LLC                                            | NUVEEN LLC 5.55% 01/15/2030 144A                                  | CUSIP: 67080LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     18000 | PA      | $18586.11     | 0.04%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, N.A.                                 | FX Forward: EUR/USD settle 2025-07-08                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              | CORP              | US        |         1 | NC      | $32.44        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES LP                          | HUDSON PAC PPTYS LP 5.95% 02/15/2028                              | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    151000 | PA      | $129823.03    | 0.29%             | 2028-02-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 02/29/2032                                       | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1330000 | PA      | $1327714.06   | 3.00%             | 2032-02-29      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                           | BANK OF AMERICA CORPORATION 6.204%/VAR 11/10/2028                 | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300251.09    | 0.68%             | 2028-11-10      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ONCOR ELEC DELIVERY CO LLC                            | ONCOR ELEC DELIVERY CO LLC 4.15% 06/01/2032                       | CUSIP: 68233JCF9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94867.51     | 0.21%             | 2032-06-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5.5% 11/01/2053#CB7589                                  | CUSIP: 3140QTNF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    128489 | PA      | $127482.97    | 0.29%             | 2053-11-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                 | ATHENE GLOBAL FUNDING 2.5% 03/24/2028 144A                        | CUSIP: 04685A2V2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234933.25    | 0.53%             | 2028-03-24      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 5.5% 10/01/2053#RJ0050                                  | CUSIP: 3142GQBU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    174062 | PA      | $172698.81    | 0.39%             | 2053-10-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                       | CVS HEALTH CORP 5.25% 01/30/2031                                  | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100835.62    | 0.23%             | 2031-01-30      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                           | FX Forward: USD/EUR settle 2025-07-08                             | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DFE              | CORP              | FR        |         1 | NC      | $-9.05        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC                            | VERIZON COMMUNICATIONS INC 5.05% 05/09/2033                       | CUSIP: 92343VGT5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100132.30    | 0.23%             | 2033-05-09      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ACEF HOLDING SCA                                      | ACEF HOLDING SCA 1.25% 04/26/2030 REGS                            | CUSIP: N/A<br>LEI: 213800KW7LHVG5QUS111       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $101991.68    | 0.23%             | 2030-04-26      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| SMURFIT WESTROCK FIN                                  | SMURFIT WESTROCK FIN 5.418% 01/15/2035                            | CUSIP: 83272YAB8<br>LEI: 6354005S6ZLHLVX7VT12 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $199141.57    | 0.45%             | 2035-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                           | FX Forward: USD/EUR settle 2025-07-08                             | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DFE              | CORP              | FR        |         1 | NC      | $-23.83       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 3.875% 08/15/2034                                       | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $337116.96    | 0.76%             | 2034-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC              | ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC 4.125% 06/15/2028 144A   | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191447.90    | 0.43%             | 2028-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM,G.B. and N.IRELAND                     | UNITED KINGDOM G.B. and N.IRELAND 0.875% 07/31/2033 REGS          | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |     10000 | PA      | $10186.15     | 0.02%             | 2033-07-31      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLG TBA ISSUER                                  | UMBS 30YR 2.5% 06/01/2055 #TBA                                    | CUSIP: 01F022667<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    175000 | PA      | $142618.14    | 0.32%             | 2055-06-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                              | AMERICAN HOMES 4 RENT LP 5.5% 02/01/2034                          | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49898.19     | 0.11%             | 2034-02-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC                            | MONDELEZ INTL INC 4.75% 08/28/2034                                | CUSIP: 609207BE4<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97091.02     | 0.22%             | 2034-08-28      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SUNRUN CALLISTO ISSUER LLC 2021                       | SUNRUN CALLISTO ISSUER LLC 2021 2.27% 01/30/2057 144A             | CUSIP: 86772HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    163506 | PA      | $141963.67    | 0.32%             | 2057-01-30      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.5% 11/15/2054                       | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $494721.88    | 1.12%             | 2054-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 20YR 2% 11/01/2041#RB0708                                    | CUSIP: 3133KTYD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    201191 | PA      | $169682.18    | 0.38%             | 2041-11-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| ZF NORTH AMER CAP INC                                 | ZF NORTH AMER CAP INC 6.75% 04/23/2030 144A                       | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94972.90     | 0.21%             | 2030-04-23      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC / HAT HOLDINGS II LLC              | HAT HOLDINGS I LLC / II LLC 3.75% 09/15/2030 144A                 | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $89034.86     | 0.20%             | 2030-09-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.25% 08/15/2054                      | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $473935.94    | 1.07%             | 2054-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 6.5% 01/01/2053#RA8524                                  | CUSIP: 3133KQPH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49388 | PA      | $50978.60     | 0.12%             | 2053-01-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| GERMANY FEDERAL REPUBLIC OF                           | GERMANY FEDERAL REPUBLIC OF 0% 10/10/2025 REGS                    | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |    210000 | PA      | $236892.70    | 0.54%             | 2025-10-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP PLC                             | BANK IRELAND GROUP PLC 5%/VAR 07/04/2031 REGS                     | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | DBT              | CORP              | IE        |    100000 | PA      | $122661.64    | 0.28%             | 2031-07-04      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                           | FX Forward: USD/GBP settle 2025-07-08                             | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DFE              | CORP              | FR        |         1 | NC      | $-683.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                               | GA GLOBAL FUNDING TRUST 5.2% 12/09/2031 144A                      | CUSIP: 36143L2Q7<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148907.09    | 0.34%             | 2031-12-09      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 2.5% 04/01/2052#CB4805                                  | CUSIP: 3140QQKT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87400 | PA      | $71462.36     | 0.16%             | 2052-04-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 2% 01/01/2052#RA6694                                    | CUSIP: 3133KNNK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    690081 | PA      | $537613.05    | 1.22%             | 2052-01-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE GMBH                                       | ZF FINANCE GMBH 2% 05/06/2027 REGS                                | CUSIP: N/A<br>LEI: 5493001N9T6QDCCXB426       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $108568.89    | 0.25%             | 2027-05-06      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| EDP S.A.                                              | EDP S.A. 1.7%/VAR 07/20/2080 REGS                                 | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | DBT              | CORP              | PT        |    100000 | PA      | $113171.44    | 0.26%             | 2080-07-20      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                | VMED O2 UK FINANCING I 4.75% 07/15/2031 144A                      | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $91854.40     | 0.21%             | 2031-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FIN CORP                                    | BUNGE LTD FIN CORP 4.2% 09/17/2029                                | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98681.86     | 0.22%             | 2029-09-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.625% 09/30/2028                                       | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    190000 | PA      | $194371.48    | 0.44%             | 2028-09-30      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                        | MORGAN STANLEY 5.23%/VAR 01/15/2031                               | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     79000 | PA      | $80167.11     | 0.18%             | 2031-01-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                        | MORGAN STANLEY 4.654%/VAR 10/18/2030                              | CUSIP: 61747YFU4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99333.09     | 0.22%             | 2030-10-18      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                          | Fidelity Cash Central Fund                                        | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1104253 | NS      | $1104473.49   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT FINANCE CORP                                      | NTT FINANCE CORP 4.372% 07/27/2027 144A                           | CUSIP: 62954WAK1<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $99777.38     | 0.23%             | 2027-07-27      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GRP INC                        | PNC FINANCIAL SERVICES GRP INC 5.676%/VAR 01/22/2035              | CUSIP: 693475BW4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153019.52    | 0.35%             | 2035-01-22      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UDR INC                                               | UDR INC 1.9% 03/15/2033                                           | CUSIP: 90265EAU4<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    525000 | PA      | $409693.36    | 0.93%             | 2033-03-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 02/28/2027                                       | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $601664.06    | 1.36%             | 2027-02-28      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                 | MIDAMERICAN ENERGY CO 5.35% 01/15/2034                            | CUSIP: 595620AX3<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153580.28    | 0.35%             | 2034-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                     | NATWEST GROUP PLC 3.673%/VAR 08/05/2031 REGS                      | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | DBT              | CORP              | GB        |    100000 | PA      | $116228.61    | 0.26%             | 2031-08-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 2% 11/15/2041                         | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1770000 | PA      | $1192883.20   | 2.70%             | 2041-11-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| EUREX DEUTSCHLAND                                     | EURO-SCHATZ FUT SEP25 DUU5                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        -6 | NC      | $-40.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD | FEDERAL HOME LN MTG MLT CTF GT 3.123% 08/25/2032                  | CUSIP: 3137H8TZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $182100.24    | 0.41%             | 2032-08-25      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BNCH                        | DEUTSCHE BANK AG NEW YORK BNCH 5.706%/VAR 02/08/2028              | CUSIP: 251526CV9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151857.74    | 0.34%             | 2028-02-08      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC                            | VERIZON COMMUNICATIONS INC 2.55% 03/21/2031                       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44284.85     | 0.10%             | 2031-03-21      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.25% 02/15/2054                      | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    570000 | PA      | $509103.51    | 1.15%             | 2054-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MOODYS CORP                                           | MOODYS CORP 5% 08/05/2034                                         | CUSIP: 615369BA2<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99406.74     | 0.22%             | 2034-08-05      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD | FEDERAL HOME LN MTG MLT CTF GT 1.329% 06/25/2030                  | CUSIP: 3137FVED0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160000 | PA      | $138129.20    | 0.31%             | 2030-06-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CITYCON TREASURY BV                                   | CITYCON TREASURY BV 5% 03/11/2030 REGS                            | CUSIP: N/A<br>LEI: 549300WAE0CGQ0IE1H63       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $115324.25    | 0.26%             | 2030-03-11      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO and CO                                    | WELLS FARGO and CO NEW 5.244%/VAR 01/24/2031                      | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55819.02     | 0.13%             | 2031-01-24      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MERCK and CO INC                                      | MERCK and CO INC 1.9% 12/10/2028                                  | CUSIP: 58933YBD6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    300000 | PA      | $277484.81    | 0.63%             | 2028-12-10      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| AP MOLLER MAERSK AS                                   | AP MOLLER MAERSK AS 5.875% 09/14/2033 144A                        | CUSIP: 00203QAF4<br>LEI: 549300D2K6PKKKXVNN73 | Long             | DBT              | CORP              | DK        |    100000 | PA      | $103446.21    | 0.23%             | 2033-09-14      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| EUREX DEUTSCHLAND                                     | EURO-BOBL FUTURE SEP25 OEU5                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |       -11 | NC      | $-2204.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 15YR 2% 06/01/2036#CB1048                                    | CUSIP: 3140QLEW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112590 | PA      | $102060.11    | 0.23%             | 2036-06-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELEC and GAS CO                        | PUBLIC SERVICE ELEC and GAS CO 4.65% 03/15/2033                   | CUSIP: 74456QCL8<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98229.85     | 0.22%             | 2033-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4% 02/28/2030                                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $801718.75    | 1.81%             | 2030-02-28      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AES CORP                                              | AES CORP 2.45% 01/15/2031                                         | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    400000 | PA      | $342035.26    | 0.77%             | 2031-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.25% 11/15/2034                                        | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $396062.50    | 0.90%             | 2034-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CTP BV                                                | CTP BV 1.5% 09/27/2031 REGS                                       | CUSIP: N/A<br>LEI: 3157000YTVO4TN65UM14       | Long             | DBT              | CORP              | NL        |    100000 | PA      | $98697.54     | 0.22%             | 2031-09-27      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON CO OF NEW YORK INC                | CONSOLIDATED EDISON CO OF NY 3.35% 04/01/2030                     | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    325000 | PA      | $309660.00    | 0.70%             | 2030-04-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                       | CVS HEALTH CORP 4.3% 03/25/2028                                   | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197782.17    | 0.45%             | 2028-03-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GERMANY FEDERAL REPUBLIC OF                           | GERMANY FEDERAL REPUBLIC OF 2.3% 02/15/2033 REGS                  | CUSIP: N/A<br>LEI: 529900AQBND3S6YJLY83       | Long             | DBT              | NUSS              | DE        |     10000 | PA      | $11327.95     | 0.03%             | 2033-02-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO           | ICON INVESTMENTS SIX DESIGNATED ACTIVITY CO 6% 05/08/2034         | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $200206.30    | 0.45%             | 2034-05-08      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, N.A.                                 | FX Forward: USD/EUR settle 2025-07-08                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              | CORP              | US        |         1 | NC      | $-49.06       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| P3 GROUP SARL                                         | P3 GROUP SARL 4% 04/19/2032 REGS                                  | CUSIP: N/A<br>LEI: 529900GR62MT0O5VW110       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $114080.25    | 0.26%             | 2032-04-19      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                 | UBER TECHNOLOGIES INC 4.8% 09/15/2034                             | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96497.52     | 0.22%             | 2034-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 2.5% 02/01/2052#RA6528                                  | CUSIP: 3133KNHD8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    679171 | PA      | $555323.52    | 1.26%             | 2052-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 15YR 2% 08/01/2035#FM3313                                    | CUSIP: 3140X6VF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158081 | PA      | $144136.41    | 0.33%             | 2035-08-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 2.5% 03/01/2052#RA7091                                  | CUSIP: 3133KN2Y8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    872624 | PA      | $713500.61    | 1.61%             | 2052-03-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SEVERN TRENT WATER UTIL FIN                           | SEVERN TRENT WATER UTIL FIN 4% 03/05/2034 REGS                    | CUSIP: N/A<br>LEI: 213800KY9PT6WBH33232       | Long             | DBT              | CORP              | GB        |    100000 | PA      | $116063.36    | 0.26%             | 2034-03-05      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                     | GENERAL MILLS INC 2.25% 10/14/2031                                | CUSIP: 370334CQ5<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    450000 | PA      | $385928.62    | 0.87%             | 2031-10-14      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 4.125% 08/15/2053                     | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $236070.70    | 0.53%             | 2053-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                           | UNITED STATES TREASURY BOND 3.625% 05/15/2053                     | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    405000 | PA      | $323098.24    | 0.73%             | 2053-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                       | CVS HEALTH CORP 5.875% 06/01/2053                                 | CUSIP: 126650DZ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45982.93     | 0.10%             | 2053-06-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.25% 02/28/2029                                        | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    105000 | PA      | $106234.57    | 0.24%             | 2029-02-28      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5% 07/01/2053#CB6832                                    | CUSIP: 3140QSSW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93332 | PA      | $90600.98     | 0.20%             | 2053-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS INC                            | VERIZON COMMUNICATIONS INC 3.875% 02/08/2029                      | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441169.44    | 1.00%             | 2029-02-08      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FIN CORP                                    | BUNGE LTD FIN CORP 4.1% 01/07/2028                                | CUSIP: 120568BD1<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54569.52     | 0.12%             | 2028-01-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                                   | FIFTH THIRD BANCORP 4.895%/VAR 09/06/2030                         | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100239.49    | 0.23%             | 2030-09-06      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                            | HUMANA INC 5.375% 04/15/2031                                      | CUSIP: 444859CA8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    122000 | PA      | $122782.71    | 0.28%             | 2031-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UNITED UTILITIES WATER FINANCE PLC                    | UNITED UTILITIES WATER FINANCE PLC 3.5% 02/27/2033 REGS           | CUSIP: N/A<br>LEI: 213800313INX42GDLR44       | Long             | DBT              | CORP              | GB        |    100000 | PA      | $112179.13    | 0.25%             | 2033-02-27      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                        | COMMERZBANK AG 3.625%/VAR 01/14/2032 REGS                         | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $114334.82    | 0.26%             | 2032-01-14      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUNRUN JULIUS ISSUER 2023-2 LLC                       | SUNRUN JULIUS ISSUER 2023-2A A1 LLC 6.6% 01/30/2059               | CUSIP: 86772JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    144550 | PA      | $143210.57    | 0.32%             | 2059-01-30      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| GALLAGHER (ARTHUR J.) and CO                          | GALLAGHER (ARTHUR J.) and CO 5% 02/15/2032                        | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12028.29     | 0.03%             | 2032-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY                   | FX Forward: USD/EUR settle 2025-07-08                             | CUSIP: N/A<br>LEI: 571474TGEMMWANRLN572       | N/A              | DFE              | CORP              | US        |         1 | NC      | $-78.59       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WP CAREY INC                                          | WP CAREY INC 2.45% 02/01/2032                                     | CUSIP: 92936UAJ8<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $126095.03    | 0.29%             | 2032-02-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                | US 5YR NOTE (CBT) FUT SEP25 FVU5                                  | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |         4 | NC      | $3401.99      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ZF NORTH AMER CAP INC                                 | ZF NORTH AMER CAP INC 6.875% 04/23/2032 144A                      | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91610.04     | 0.21%             | 2032-04-23      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| UST BILLS                                             | UST BILLS 0% 03/19/2026                                           | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $483820.52    | 1.09%             | 2026-03-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 2.875% 05/15/2032                                       | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     63000 | PA      | $58097.81     | 0.13%             | 2032-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE and CO                                 | JPMORGAN CHASE and CO 6.07%/VAR 10/22/2027                        | CUSIP: 46647PDW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204152.48    | 0.46%             | 2027-10-22      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US LLC                                    | RWE FINANCE US LLC 6.25% 04/16/2054 144A                          | CUSIP: 749983AB8<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144952.20    | 0.33%             | 2054-04-16      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO                                       | DOW CHEMICAL CO 5.15% 02/15/2034                                  | CUSIP: 260543DJ9<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195741.33    | 0.44%             | 2034-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                           | BANK OF AMERICA CORPORATION 5.425%/VAR 08/15/2035                 | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97985.19     | 0.22%             | 2035-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 3.5% 06/01/2052#RA7258                                  | CUSIP: 3133KPB31<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87224 | PA      | $77502.91     | 0.18%             | 2052-06-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 10YR 1.5% 12/01/2031#RD0016                                  | CUSIP: 3133LJAR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    139169 | PA      | $130574.46    | 0.30%             | 2031-12-01      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS and ELECTRIC CO                           | PACIFIC GAS and ELECTRIC CO 5.9% 10/01/2054                       | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     53000 | PA      | $47467.32     | 0.11%             | 2054-10-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| FED HOME LOAN MTG CORP - GOLD                         | FHLG 30YR 2% 04/01/2051#RA5180                                    | CUSIP: 3133KLXH5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74611 | PA      | $58359.68     | 0.13%             | 2051-04-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                        | MASTERCARD INC 4.35% 01/15/2032                                   | CUSIP: 57636QBB9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98441.76     | 0.22%             | 2032-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                           | WALMART INC 1.8% 09/22/2031                                       | CUSIP: 931142ET6<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    300000 | PA      | $258461.37    | 0.58%             | 2031-09-22      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 2% 08/01/2051#CB1572                                    | CUSIP: 3140QLXA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    177680 | PA      | $138756.52    | 0.31%             | 2051-08-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PROPERTY PARTNERS EUROPE HOLDINGS SARL     | BLACKSTONE PROP PARTNERS EUR HOLD 1.625% 04/20/2030 REGS          | CUSIP: N/A<br>LEI: 213800Y3B5GQFBGVHP79       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $102873.25    | 0.23%             | 2030-04-20      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| FNMA GTD MTG PASS THRU CTF                            | FNMA 30YR 5.5% 05/01/2053#MA5010                                  | CUSIP: 31418ER85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78256 | PA      | $77765.23     | 0.18%             | 2053-05-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                    | ANALOG DEVICES INC 1.7% 10/01/2028                                | CUSIP: 032654AU9<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    300000 | PA      | $275494.56    | 0.62%             | 2028-10-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                         | AIB GROUP PLC 2.875%/VAR 05/30/2031 REGS                          | CUSIP: N/A<br>LEI: 635400AKJBGNS5WNQL34       | Long             | DBT              | CORP              | IE        |    125000 | PA      | $141468.55    | 0.32%             | 2031-05-30      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                             | UST NOTES 4.125% 10/31/2031                                       | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299976.56    | 0.68%             | 2031-10-31      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIBANK, N.A.                                        | FX Forward: EUR/USD settle 2025-07-08                             | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DFE              | CORP              | US        |         1 | NC      | $66.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED KINGDOM,G.B. and N.IRELAND                     | UNITED KINGDOM G.B. and N.IRELAND 4.25% 06/07/2032 REGS           | CUSIP: N/A<br>LEI: ECTRVYYCEF89VWYS6K36       | Long             | DBT              | NUSS              | GB        |     20000 | PA      | $26864.54     | 0.06%             | 2032-06-07      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer