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Fixed Income Analysis Tool

Use the Fixed Income Analysis Tool to oversee your fixed income portfolio. Gain additional insight into the composition of your fixed income portfolio and analyze cash flows by adding hypothetical and outside positions.

The Fixed Income Analysis Tool is designed for educational purposes only and you should not rely on it as the primary basis for your investment, financial or tax planning decisions. Actual income may differ significantly from the amounts displayed.

About the Fixed Income Analysis Tool

Cash Flow Calculations

Analytics for Bonds and CDs

Analytics for Bond Funds

About the Fixed Income Analysis Tool

What types of securities can I view in the Fixed Income Analysis Tool?

You can view multiple types of fixed income securities in the tool, including municipal bonds, corporate bonds, U.S. Treasury bonds, agency/government-sponsored enterprise (GSE) bonds, brokered certificates of deposit (CDs), and bond mutual funds. This list of product types is not exhaustive. Other securities can be entered into the tool, but the tool may not be able to perform a complete analysis on them.

What types of securities are excluded from the Fixed Income Analysis Tool?

The following fixed income securities are specifically excluded from the Summary and Cash Flow Calculations sections of the tool:

The following fixed income securities are specifically excluded from the Summary Calculations sections of the tool:

These lists of product types are not exhaustive. There may be other securities that are excluded from the Summary and Cash Flow Calculations sections of the tool.

For step-up bonds, the current coupon per the securities' step schedule is used to calculate the Average Coupon Rate in the Summary Calculations section of the tool. Step-up bonds are excluded from the Annual Interest and the Average Estimated Yield fields.

Please also note that the Fixed Income Analysis Tool utilizes a third party price to calculate an estimated yield for individual bond and CD positions entered into the tool and this price may be different than the price at which the bond or CD may be purchased(ask price). The Bond Ladder Tool utilizes actual offering prices (ask prices) to compute yield and therefore the yields reflected in the Fixed Income Analysis Tool will be different from those reflected in the Bond Ladder Tool.

Additionally, Fidelity does not calculate Estimated Yield for the following holdings:

Because of this, the value in the Estimated Yield field defaults to 0.00. However, please note that the Estimated Yield may be something other than 0.00.

How do I view my fixed income positions?

The tool generally displays positions held in Fidelity accounts and positions held in non-Fidelity accounts and hypothetical positions you have identified for analysis. Please see the Fixed Income Illustrator and Bond Fund Income Illustrator for additional restrictions. The tool also displays composition details (subject to the limitations described in What types of securities can I view in the Fixed Income Analysis Tool? and What types of securities are excluded from the Fixed Income Analysis Tool?). You can view these positions across your entire fixed income portfolio, by individual account, or group them into lists using the Manage Lists and Positions dropdown.

How do I create a new list?

You can group Fidelity, outside, and hypothetical positions according to your investment strategy or any other approach. To create a new list, use the Manage Lists and Positions dropdown.

How do I add outside and hypothetical positions?

Select Add Positions from the Manage Lists and Positions dropdown to add positions to All Positions, an account or a previously created list. You will need to enter the CUSIP and quantity and indicate whether it is an outside or hypothetical position. Once you have added a position, you can see its result on the analytics and have the ability to see its impact on hypothetical future income if you utilize the toolís calculators

How do I import a spreadsheet?

Click on the Manage Lists & Positions dropdown and select Import Spreadsheet. In the Import Spreadsheet popup box click on the Browse link to find the Microsoft Excel file that you want to import into the tool. The tool will only accept .xls or .xlsx spreadsheet file name extensions. Your spreadsheet should not contain column headers and should include two columns, the first for CUSIP or Bond Fund Symbol and the second column should contain the quantity in whole numbers.

How do I import fixed income offering search results?

On the search offerings results tables there are checkboxes on the far left. Use them to select the bonds or CDs you want to export to Fixed Income Analysis. Click on the Select Action dropdown and select Fixed Income Analysis. You will need to be logged in to execute this action.

How do I import a bond ladder?

From the Search Results page on the Bond Ladder Tool click on the Export to Fixed Income Analysis link.

How do the analytic charts account for differently sized positions?

Each position is assigned a weighting based on its respective market value relative to the sum of the market values of the positions. For example, if a customer has three bond funds totaling $10,000, a single bond fund position with a market value of $5000 receives a 50% weighting.

How are short positions in a bond fund handled in the Bond Fund Analytic charts?

Some bond funds may hold a short position which may a result in a negative value. If the concentration is large enough, the short positions within the funds will be displayed using a red bar and the negative value when you hover your cursor over the chart.

What does the Other category represent in the Analytic charts?

The Other analytic bar chart category is displayed as the tenth category when more than ten unique categories exist or when position data is not available or is unknown. The exceptions to this are the Credit Quality, Duration and Portfolio Diversification charts for Bond Funds. This chart has an Unknown category instead of Other because that is the primary type of uncategorized data.

How many positions can the tool handle?

There is a 500 position limit for the tool. That includes bonds and CDs, and bond funds, for Fidelity, outside and hypothetical positions.

How do I create a PDF report?

On any tab of the tool, click the Print Report (PDF) link.

Unless you select a calculation type for the hypothetical portfolio income on either the Fixed Income Illustrator or the Bond Fund Income Illustrator to, the Indicated Annual Dividend (IAD) option is applied.

What does the PDF Report include?

Unless otherwise specifically stated, all position holdings data, including account balances, are gathered from Fidelity brokerage accounts that you own, authorized accounts, and positions held outside of Fidelity you identified for analysis. You may have holdings in other accounts that are not included in the report. The report does not include any positions you identified as hypothetical. The report only includes your holdings in the accounts selected and identified on Fidelity.com's Fixed Income Analysis tool's Position tab as "Existing Portfolio (Fidelity & Outside)."

The PDF report includes the positions tables and analytic charts for your Existing Portfolio (Fidelity & Outside) of Bonds CDs, and Bond Funds. The product types currently in context determine the Cash Flow Calculations included in the PDF report. Due to (system) limitations, cash flow calculation bar charts and analytic hover over information are not available on the report.

The report should not be substituted for, or considered, your account statement and is provided for educational purposes only. You should not rely on the report as the primary basis for your investment or tax-planning decisions. Please consult your most recent Fidelity account statement for information regarding your account balances, positions, and transactions. Fidelity reports data as of the most recent closing price. Fidelity is not able to verify the accuracy, timeliness or completeness of the position data reflected for positions that are held outside of Fidelity.

The charts described below can include a variety of fixed income securities and display at either a portfolio, account or list level, depending on which options you choose from the Select View dropdowns.

Cash Flow Calculations

What does the Fixed Income Illustrator table show?

See the footnotes in the Fixed Income Illustrator chart for detailed information about the historical distributions and hypothetical future income that may be illustrated. The Fixed Income Illustrator is an educational calculator and should not be relied upon for making financial decisions. The cash flows displayed are hypothetical and are for educational purposes only. Your actual distributions and interest and principal payments may differ significantly from the amounts displayed and should not be relied upon for making investment, financial, or tax planning decisions. There are circumstances in which cash flow calculations will not be performed for specific securities in your holdings list.

What do the Bond and CD Cash Distribution charts and tables show?

When bonds and CDs are selected in the Select View dropdowns at the top of the page, the Cash Flow Calculations charts display historical payments of interest and return of principal and hypothetical future income. In addition to the standard cash distribution chart you can also view distributions by Moody's Credit Rating, S&P Credit Rating, Issuer Events, and Taxability using the Select Chart dropdown. You can also view your data either as a chart or as a table, in monthly or annual increments.

What do the Bond Fund Income Illustrator chart and table show?

Please note that bond mutual funds are not included in the Summary Calculations. When Bond Funds are selected in the Select View dropdowns menus at the top of the page, the Cash Flow Calculations tab displays the Bond Fund Income Illustrator. The Bond Fund Income Illustrator chart and table show the historical distributions and hypothetical future income of bond funds held within your portfolio. Previous monthís income is based on actual fund distributions for your bond funds held in Fidelity retail brokerage accounts. Income calculations for the current month until the end of the year are calculated using your selected type, either 30-Day Yield, Indicated Annual Dividend (IAD), or Custom Yield. This selection will be applied and calculated for your bond funds held at Fidelity and those which you have identified as either hypothetical or outside. If you select to use the 30-day yield or IAD, the bond fund's specific 30-day yield or IAD for the current month will be applied for current month and all future months. If you enter a custom yield, it will be applied to all bond funds for the current month through the end of the calendar year. The cash flows displayed are hypothetical and are for educational purposes only. Your actual distriutions may differ significantly from the amounts displayed and should not be relied upon for making investment, financial, or tax planning decisions. There are circumstances in which cash flow calculations will not be performed for specific securities in your holdings list.

What does the Bond and CD Credit Rating chart show?

This chart shows the distribution of the credit ratings for fixed income positions. Positions that are not rated will appear as NR. The chart can show either the Moody's or S&P ratings. For insured municipal bond positions, please note that the chart reflects the higher of the issuer or insurer's rating and you should consider both the issuer and insurer's financial health when assessing credit risk.See the Underlying Ratings Chart for additional information on insured municipal bondís credit risk.

What does the Bond and CD Taxability chart show?

This chart identifies the percentage of your positions that are federally taxable or tax-exempt. Corporate bonds, agency/government-sponsored enterprise (GSE) bonds, U.S. Treasury bonds, and brokered CDs are categorized as taxable because their interest is not exempt from federal income tax. Most municipal bonds are categorized as federally tax-exempt because their interest is generally exempt from federal income tax (though this interest may be subject to federal and/or state alternative minimum taxes). There are federally taxable municipal bonds (such as Build America Bonds). You need to check Bond Details to determine the tax status of a municipal bond. Note that this information is general in nature and should not be construed as tax advice.

What does the Bond and CD Sector Exposure chart show?

Corporate bonds are classified by sectors representing the industries in which the companies issuing the bonds operate. Transportation, education, and retail are examples of these sectors. This chart will show the percentage of corporate bond holdings that belong to various sectors.

What does the Bond and CD State Exposure chart show?

Use this chart to see a breakdown of your municipal bond positions according to their state of origin.

What does the Bond and CD Issuer Concentration chart show?

Use this chart to determine the concentration of a single issuer or group of issuers for diversification purposes. Use the dropdown menu to view issuer concentration by bond type.

What does the Bond Type chart show?

This chart shows the type of individual fixed income security positions using the following categories: corporate, municipal, agency/government-sponsored enterprise (GSE), U.S. Treasury, and CD. Mortgage-backed securities (MBS) and asset-backed securities (ABS) are captured in the Other category.

What does the Bond Alternative Minimum Tax (AMT) chart show?

This chart will show the percentage of municipal bond positions that are expected to generate interest income subject to federal AMT. Note that this information is general in nature and should not be construed as tax advice.

What does the Bond Income Source chart show?

This chart displays the percentages of municipal bond holdings in your portfolio, account, or list that are categorized as General Obligation and Revenue bonds. Use the dropdown to view this breakdown for all municipal bonds in your portfolio or by specific types of projects associated with the bond's revenue stream.

What does the Bond and CD Duration chart show?

This chart shows bond and CD positions aggregated by duration ranges. Duration may be used to estimate how much a bond's price will fluctuate with changes in comparable interest rates. If rates rise 1%, for example, a bond with a five-year average duration will theoretically lose 5% of its value. Other factors, however, also can influence a bond's share price, and the bond's actual performance may differ. As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.

What does the Bond Underlying Ratings chart show?

Multiple ratings may be assigned to a municipal security by a single rating agency. Typically, a bond will receive a "long-term" rating, which reflects the rating agency's opinion about the overall risk of default for the municipal security, taking into account the effect of any credit enhancement features, such as bond insurance or other forms of third-party guarantee or support. Further, if the municipal security's rating is based on any credit enhancement features, the rating agency may also assign an "underlying" rating expressing an opinion on the credit quality of a municipal security independent of any credit enhancement features. If an underlying rating is unknown, it will be grouped into the Other category.

Analytics for Bond Funds

What does the Bond Fund Credit Quality chart show?

This chart shows a breakdown of the underlying credit ratings for bond fund positions. Fund managers are asked to consider ratings provided by all rating organizations for underlying bond holdings of the fund and map those ratings which are represented by S&P letter rating classifications/symbology. All short term ratings are reflected in a short term category on the chart. For further information on the source and methodology of this data, please visit the Positions tab of the Fixed Income Analysis tool on Fidelity.com. Click on the bond fund symbol and then click on the Composition tab.

Positions that are not rated will appear as "NR". Positions that data is not available or unknown will appear as "Unknown".

What does the Bond Fund Taxability chart show?

The Taxability chart displays the percentage of bond fund assets allocated to taxable or tax-exempt bond fund categories. Note that this information is general in nature and should not be construed as tax advice.

What does the Bond Fund Duration (years) chart show?

The Duration chart shows bond fund positions aggregated by duration ranges. When duration data is not available for specific positions, those positions will be included in the bar labeled "Unknown." Duration may be used to estimate how much a bond fundís price will fluctuate with changes in comparable interest rates. If rates rise 1%, for example, a bond fund with a five-year average duration will theoretically lose 5% of its value. Other factors, however, can also influence a bond fund's share price, and the fund's actual performance may differ. As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.

What does the Bond Fund Overall Morningstar TM Rating chart show?

This chart shows bond fund positions aggregated by Overall Morningstar TM. Rating Individual Morningstar ratings are assigned to each fund. Positions that are not rated or data is unavailable will appear as Not Rated. For further information about the comparison groups and methodology of this data, hover over a bar chart category and click on the bond fund name to view the fundís specific ratings information.

What does the Bond Fund U.S. vs. Foreign Exposure chart show?

This chart represents the percentage of bond fund assets invested in securities from issuers domiciled in the U.S or abroad.

What does the Bond Fund Country Diversification chart show?

This chart shows the percentage of bond fund assets invested in securities from issuers domiciled in each country.

What does the Bond Fund Portfolio Diversification chart show?

This chart shows the percentage of bond fund assets invested in securities from issuers in each industry and sector category. Portfolio Diversification is the makeup of a fundís portfolio expressed in terms of asset allocation and industry and sector diversification.

What does the Bond Fund Income Source chart show?

Income Source represents the makeup of the municipal bond fund portfolio (including Fidelity, outside, and hypothetical holdings) expressed in terms of asset allocation and the types of municipal bonds held within the portfolio. Income source data is only available for Fidelity bond funds. All non-Fidelity bond funds will be grouped into a non-Fidelity funds category to show the percentage of bond funds in your portfolio in which the Use of Proceeds information is not available.

What does the Bond Fund Revenue Source Diversification (Fidelity Funds Only) chart show?

This chart displays revenue sources defined by specific types of projects associated with the underlying bondsí revenue streams across the municipal bond fund portfolio (including Fidelity, outside, and hypothetical holdings).

What does the Bond Fund Alternative Minimum Tax (AMT) chart show?

This chart illustrates which of your bond fund positions are subject to AMT and which are AMT-free. AMT data is only available for Fidelity bond funds. All Non-Fidelity bond funds will be grouped into a non-Fidelity funds category to show the percentage of bonds fund in your portfolio in which the AMT information is not available. Note that this information is general in nature and should not be construed as tax advice.