Quarterly Holdings Report
for
Fidelity® High Income Central Fund
May 31, 2023
HICII-NPRT3-0723
1.861967.115
Corporate Bonds - 78.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 3.3% | |||
Broadcasting - 1.4% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 3,263,000 | 1,492,823 | |
2.375% 3/15/24 | 13,472,000 | 11,619,600 | |
3.375% 8/15/26 | 20,439,000 | 9,173,023 | |
22,285,446 | |||
Diversified Financial Services - 0.2% | |||
New Cotai LLC 5% 2/24/27 (b) | 1,592,432 | 2,903,003 | |
Energy - 1.7% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,687,240 | 10,579,838 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,913,114 | 18,266,681 | |
28,846,519 | |||
TOTAL CONVERTIBLE BONDS | 54,034,968 | ||
Nonconvertible Bonds - 75.1% | |||
Aerospace - 1.9% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,205,000 | 1,069,418 | |
5.125% 10/1/31 | 845,000 | 741,282 | |
5.875% 12/1/27 | 2,480,000 | 2,362,200 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 3,615,000 | 3,333,985 | |
7.875% 4/15/27 (d) | 6,180,000 | 6,109,942 | |
Moog, Inc. 4.25% 12/15/27 (d) | 735,000 | 685,355 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 12,450,000 | 11,703,000 | |
7.5% 3/15/27 | 5,250,000 | 5,235,288 | |
Wesco Aircraft Holdings, Inc. 8.5% 11/15/24 (d)(e) | 1,585,000 | 71,325 | |
31,311,795 | |||
Air Transportation - 0.8% | |||
Air Canada 3.875% 8/15/26 (d) | 2,110,000 | 1,958,684 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 1,545,000 | 1,533,413 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 8,125,000 | 8,226,351 | |
United Airlines, Inc. 4.625% 4/15/29 (d) | 1,650,000 | 1,494,640 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 2,660,000 | 172,900 | |
13,385,988 | |||
Automotive - 0.2% | |||
Ford Motor Co. 6.1% 8/19/32 | 1,740,000 | 1,633,715 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 2,480,000 | 2,005,674 | |
3,639,389 | |||
Automotive & Auto Parts - 1.7% | |||
Dana, Inc.: | |||
4.25% 9/1/30 | 1,400,000 | 1,121,718 | |
5.625% 6/15/28 | 2,450,000 | 2,243,006 | |
Ford Motor Co. 3.25% 2/12/32 | 4,510,000 | 3,427,081 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 2,000,000 | 1,688,445 | |
4.95% 5/28/27 | 5,375,000 | 5,030,982 | |
5.125% 6/16/25 | 2,560,000 | 2,481,947 | |
7.35% 11/4/27 | 5,000,000 | 5,044,225 | |
LCM Investments Holdings 4.875% 5/1/29 (d) | 3,665,000 | 3,056,227 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 2,010,000 | 1,980,111 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 1,770,000 | 1,564,344 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 875,000 | 452,813 | |
28,090,899 | |||
Banks & Thrifts - 1.5% | |||
Ally Financial, Inc.: | |||
5.8% 5/1/25 | 20,000 | 19,767 | |
8% 11/1/31 | 11,003,000 | 11,217,285 | |
8% 11/1/31 | 3,928,000 | 4,095,637 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 7,280,000 | 6,488,101 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (d) | 4,250,000 | 3,379,090 | |
25,199,880 | |||
Broadcasting - 1.6% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (d) | 2,590,000 | 1,844,681 | |
7.75% 4/15/28 (d) | 1,370,000 | 1,020,591 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(e) | 2,515,000 | 105,669 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 2,970,000 | 1,889,793 | |
iHeartCommunications, Inc. 9% 12/31/49 (b)(e) | 780,000 | 0 | |
Nexstar Media, Inc. 5.625% 7/15/27 (d) | 2,755,000 | 2,527,713 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (d) | 2,170,000 | 1,670,900 | |
5.375% 1/15/31 (d) | 1,130,000 | 788,864 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 1,780,000 | 1,370,673 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (d) | 2,155,000 | 1,694,896 | |
5% 8/1/27 (d) | 5,295,000 | 4,800,784 | |
Univision Communications, Inc.: | |||
6.625% 6/1/27 (d) | 5,150,000 | 4,875,962 | |
7.375% 6/30/30 (d) | 3,455,000 | 3,212,223 | |
25,802,749 | |||
Building Materials - 0.6% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (d) | 505,000 | 476,138 | |
6.375% 6/15/30 (d) | 3,635,000 | 3,584,110 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 590,000 | 474,950 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 1,825,000 | 1,610,362 | |
6% 12/1/29 (d) | 1,705,000 | 1,400,124 | |
6.125% 7/1/29 (d) | 1,005,000 | 832,220 | |
Victors Merger Corp. 6.375% 5/15/29 (d) | 3,465,000 | 2,208,206 | |
10,586,110 | |||
Cable/Satellite TV - 4.6% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (d) | 3,730,000 | 2,759,487 | |
4.5% 8/15/30 (d) | 3,095,000 | 2,547,655 | |
4.5% 6/1/33 (d) | 4,415,000 | 3,370,254 | |
4.75% 3/1/30 (d) | 5,200,000 | 4,385,515 | |
5% 2/1/28 (d) | 12,055,000 | 10,955,730 | |
5.125% 5/1/27 (d) | 3,920,000 | 3,631,184 | |
6.375% 9/1/29 (d) | 2,165,000 | 2,019,231 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 3,305,000 | 2,259,177 | |
4.125% 12/1/30 (d) | 2,590,000 | 1,797,871 | |
4.5% 11/15/31 (d) | 2,175,000 | 1,512,240 | |
4.625% 12/1/30 (d) | 5,895,000 | 2,519,959 | |
5% 11/15/31 (d) | 2,290,000 | 990,803 | |
5.375% 2/1/28 (d) | 4,625,000 | 3,638,665 | |
5.75% 1/15/30 (d) | 3,690,000 | 1,625,187 | |
7.5% 4/1/28 (d) | 4,545,000 | 2,462,507 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 1,465,000 | 1,062,602 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 6,820,000 | 5,251,468 | |
6.5% 9/15/28 (d) | 5,050,000 | 2,537,625 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 8,600,000 | 7,955,000 | |
VZ Secured Financing BV 5% 1/15/32 (d) | 6,990,000 | 5,559,602 | |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 1,155,000 | 885,726 | |
6% 1/15/27 (d) | 4,760,000 | 4,385,246 | |
Ziggo BV 4.875% 1/15/30 (d) | 1,730,000 | 1,439,680 | |
75,552,414 | |||
Chemicals - 2.2% | |||
Avient Corp. 5.75% 5/15/25 (d) | 1,970,000 | 1,960,361 | |
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (d) | 2,445,000 | 2,310,426 | |
CVR Partners LP 6.125% 6/15/28 (d) | 3,010,000 | 2,612,041 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (d)(f) | 5,905,000 | 4,015,400 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 535,000 | 488,188 | |
7% 12/31/27 (d) | 680,000 | 583,732 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 270,000 | 244,350 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (d) | 2,650,000 | 2,182,531 | |
Olympus Water U.S. Holding Corp.: | |||
7.125% 10/1/27 (d) | 1,560,000 | 1,454,831 | |
9.75% 11/15/28 (d)(g) | 1,805,000 | 1,791,463 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (d) | 2,630,000 | 2,330,486 | |
6.625% 5/1/29 (d) | 1,755,000 | 1,453,797 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 2,245,000 | 1,817,177 | |
5.375% 5/15/27 | 2,940,000 | 2,706,914 | |
5.75% 11/15/28 (d) | 3,490,000 | 3,072,285 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 2,210,000 | 1,793,825 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (d) | 3,255,000 | 3,018,850 | |
5.625% 8/15/29 (d) | 2,375,000 | 1,971,810 | |
35,808,467 | |||
Consumer Products - 0.4% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 1,675,000 | 1,405,002 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) | 1,775,000 | 1,614,540 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 1,390,000 | 1,157,175 | |
Mattel, Inc. 3.375% 4/1/26 (d) | 745,000 | 683,359 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 1,495,000 | 1,186,925 | |
TKC Holdings, Inc. 10.5% 5/15/29 (d) | 1,884,000 | 1,266,990 | |
7,313,991 | |||
Containers - 0.6% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(f) | 2,525,000 | 1,962,657 | |
Berry Global, Inc.: | |||
4.5% 2/15/26 (d) | 2,134,000 | 2,054,411 | |
4.875% 7/15/26 (d) | 1,355,000 | 1,310,727 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 1,430,000 | 1,212,368 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 1,185,000 | 1,041,425 | |
Trident Holdings, Inc. 12.75% 12/31/28 (d) | 845,000 | 864,013 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 1,510,000 | 1,434,667 | |
9,880,268 | |||
Diversified Financial Services - 2.5% | |||
Altice France Holding SA 10.5% 5/15/27 (d) | 4,240,000 | 2,533,400 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 9,125,000 | 5,752,367 | |
3.625% 10/1/31 (d) | 6,085,000 | 3,544,367 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (d) | 5,505,000 | 5,460,960 | |
FLY Leasing Ltd. 7% 10/15/24 (d) | 7,485,000 | 6,596,156 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 970,000 | 836,004 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 2,200,000 | 2,058,613 | |
5.25% 5/15/27 | 5,970,000 | 4,910,325 | |
6.375% 12/15/25 | 1,740,000 | 1,567,050 | |
MSCI, Inc. 4% 11/15/29 (d) | 5,785,000 | 5,192,775 | |
OneMain Finance Corp. 7.125% 3/15/26 | 3,460,000 | 3,308,652 | |
41,760,669 | |||
Diversified Media - 0.5% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 7,650,000 | 4,201,050 | |
Cmg Media Corp. 8.875% 12/15/27 (d) | 3,285,000 | 2,127,727 | |
Lamar Media Corp. 4.875% 1/15/29 | 1,980,000 | 1,830,866 | |
8,159,643 | |||
Energy - 11.3% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 1/15/28 (d) | 2,220,000 | 2,117,311 | |
Archrock Partners LP / Archrock Partners Finance Corp.: | |||
6.25% 4/1/28 (d) | 2,475,000 | 2,295,468 | |
6.875% 4/1/27 (d) | 700,000 | 668,855 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 1,235,000 | 1,104,931 | |
Centennial Resource Production LLC 5.875% 7/1/29 (d) | 2,610,000 | 2,427,300 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 2,625,000 | 2,628,281 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 2,610,000 | 2,512,125 | |
7% 6/15/25 (d) | 6,180,000 | 6,070,243 | |
CNX Resources Corp.: | |||
6% 1/15/29 (d) | 1,185,000 | 1,094,292 | |
7.375% 1/15/31 (d) | 1,685,000 | 1,621,859 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 1,595,000 | 1,329,820 | |
6.75% 3/1/29 (d) | 3,485,000 | 3,045,907 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.75% 4/1/25 | 1,045,000 | 1,024,957 | |
6% 2/1/29 (d) | 7,210,000 | 6,670,115 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 830,000 | 778,125 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 4,990,000 | 4,748,384 | |
5.75% 2/15/28 (d) | 3,995,000 | 3,357,718 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 1,520,000 | 1,383,200 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 2,545,000 | 2,207,027 | |
4.375% 6/15/31 (d) | 2,545,000 | 2,140,418 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 4,185,000 | 4,132,688 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (d) | 1,060,000 | 1,021,135 | |
6.5% 9/1/30 (d) | 2,150,000 | 2,136,709 | |
EQT Corp. 3.625% 5/15/31 (d) | 1,720,000 | 1,466,008 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 5,565,000 | 5,321,304 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,560,000 | 1,351,802 | |
5.125% 6/15/28 (d) | 2,905,000 | 2,719,806 | |
5.5% 10/15/30 (d) | 920,000 | 833,696 | |
5.625% 2/15/26 (d) | 6,900,000 | 6,770,625 | |
Jonah Energy Parent LLC 12% 11/5/25 (b)(c) | 9,428,234 | 9,239,670 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 2,685,000 | 2,510,475 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d) | 7,159,924 | 5,222,270 | |
MEG Energy Corp. 5.875% 2/1/29 (d) | 4,235,000 | 3,999,023 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 4,196,000 | 4,008,019 | |
Neptune Energy Bondco PLC 6.625% 5/15/25 (d) | 1,065,000 | 1,045,329 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (d) | 6,830,000 | 6,287,553 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 3,455,000 | 3,301,181 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (d) | 3,455,000 | 3,361,680 | |
8.75% 6/15/31 (d) | 1,840,000 | 1,799,786 | |
Occidental Petroleum Corp.: | |||
4.3% 8/15/39 | 880,000 | 692,287 | |
4.4% 4/15/46 | 1,750,000 | 1,325,625 | |
4.5% 7/15/44 | 815,000 | 631,625 | |
5.875% 9/1/25 | 1,665,000 | 1,667,081 | |
6.2% 3/15/40 | 980,000 | 956,725 | |
6.6% 3/15/46 | 2,590,000 | 2,655,268 | |
6.625% 9/1/30 | 3,140,000 | 3,273,450 | |
6.95% 7/1/24 | 1,308,000 | 1,320,818 | |
7.5% 5/1/31 | 10,215,000 | 11,094,512 | |
8.875% 7/15/30 | 6,715,000 | 7,738,366 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 5,755,000 | 5,352,150 | |
7.25% 6/15/25 | 5,150,000 | 5,132,799 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 920,000 | 862,629 | |
6.625% 1/15/27 | 1,145,000 | 1,100,512 | |
6.75% 9/15/26 | 805,000 | 777,223 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 2,135,000 | 1,847,153 | |
5.375% 2/1/29 | 4,415,000 | 4,111,378 | |
Strathcona Resources Ltd. 6.875% 8/1/26 (d) | 6,630,000 | 5,585,775 | |
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29 | 2,280,000 | 2,029,632 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) | 2,370,000 | 2,058,890 | |
Tullow Oil PLC 10.25% 5/15/26 (d) | 5,050,000 | 3,727,531 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 2,220,000 | 1,931,463 | |
4.125% 8/15/31 (d) | 2,220,000 | 1,913,816 | |
Viper Energy Partners LP 5.375% 11/1/27 (d) | 1,105,000 | 1,062,706 | |
184,604,509 | |||
Environmental - 0.4% | |||
Covanta Holding Corp. 4.875% 12/1/29 (d) | 1,355,000 | 1,175,638 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 1,795,000 | 1,550,990 | |
5.875% 6/30/29 (d) | 2,775,000 | 2,112,348 | |
Stericycle, Inc. 3.875% 1/15/29 (d) | 1,645,000 | 1,450,791 | |
6,289,767 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 1,655,000 | 1,438,987 | |
4.625% 1/15/27 (d) | 4,615,000 | 4,388,091 | |
4.875% 2/15/30 (d) | 6,890,000 | 6,304,350 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 845,000 | 856,720 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 1,470,000 | 807,935 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 960,000 | 810,895 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 2,200,000 | 2,084,568 | |
16,691,546 | |||
Food/Beverage/Tobacco - 1.9% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 1,905,000 | 1,479,023 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (d) | 1,465,000 | 1,328,858 | |
7.5% 4/15/25 (d) | 450,000 | 446,952 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 1,702,000 | 1,702,000 | |
Kraft Heinz Foods Co.: | |||
4.375% 6/1/46 | 645,000 | 541,515 | |
4.875% 10/1/49 | 3,225,000 | 2,902,674 | |
5.5% 6/1/50 | 855,000 | 840,126 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 2,290,000 | 2,039,318 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 1,350,000 | 1,191,896 | |
5.5% 10/15/27 (d) | 5,775,000 | 5,552,711 | |
6.875% 5/1/25 (d) | 995,000 | 997,209 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 625,000 | 547,309 | |
5.75% 3/1/27 (d) | 282,000 | 276,552 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 740,047 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 5,345,000 | 4,458,662 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 1,110,000 | 999,138 | |
4.75% 2/15/29 (d) | 3,100,000 | 2,827,329 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 1,810,000 | 1,688,187 | |
30,559,506 | |||
Gaming - 2.4% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 890,000 | 778,928 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 2,860,000 | 2,465,620 | |
8.125% 7/1/27 (d) | 6,225,000 | 6,343,214 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 4,380,000 | 4,105,398 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 2,925,000 | 2,552,999 | |
6.75% 1/15/30 (d) | 5,120,000 | 4,166,131 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 935,000 | 936,169 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 1,245,000 | 1,092,998 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 3,685,000 | 3,063,893 | |
Studio City Finance Ltd. 6.5% 1/15/28 (d) | 5,015,000 | 4,112,300 | |
VICI Properties LP / VICI Note Co.: | |||
4.5% 9/1/26 (d) | 4,310,000 | 4,084,975 | |
4.625% 6/15/25 (d) | 5,180,000 | 4,999,184 | |
38,701,809 | |||
Healthcare - 6.2% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 1,023,000 | 1,020,312 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (d) | 2,665,000 | 2,265,250 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 2,290,000 | 1,997,676 | |
4.625% 7/15/28 (d) | 3,345,000 | 3,094,021 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 1,819,000 | 1,373,345 | |
14% 10/15/30 (d) | 359,000 | 223,957 | |
Centene Corp.: | |||
3.375% 2/15/30 | 2,690,000 | 2,319,345 | |
4.625% 12/15/29 | 3,825,000 | 3,547,305 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 740,000 | 649,498 | |
4% 3/15/31 (d) | 2,080,000 | 1,787,157 | |
4.25% 5/1/28 (d) | 735,000 | 667,792 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 11,675,000 | 8,388,805 | |
5.25% 5/15/30 (d) | 4,900,000 | 3,680,477 | |
6% 1/15/29 (d) | 3,475,000 | 2,801,997 | |
6.125% 4/1/30 (d) | 5,840,000 | 3,154,478 | |
6.875% 4/15/29 (d) | 2,815,000 | 1,583,043 | |
8% 3/15/26 (d) | 5,205,000 | 4,860,068 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 2,495,000 | 1,979,434 | |
4.625% 6/1/30 (d) | 6,965,000 | 5,965,142 | |
Encompass Health Corp. 5.75% 9/15/25 | 4,660,000 | 4,619,640 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 1,085,000 | 917,856 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 1,005,000 | 892,408 | |
Hologic, Inc. 3.25% 2/15/29 (d) | 2,525,000 | 2,205,168 | |
IQVIA, Inc. 6.5% 5/15/30 (d) | 1,875,000 | 1,906,706 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 1,980,000 | 1,774,041 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 2,430,000 | 2,078,823 | |
3.875% 5/15/32 (d) | 3,315,000 | 2,762,188 | |
4.375% 6/15/28 (d) | 1,835,000 | 1,683,358 | |
Mozart Borrower LP 3.875% 4/1/29 (d) | 2,005,000 | 1,729,222 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 3,005,000 | 2,675,175 | |
5.125% 4/30/31 (d) | 2,995,000 | 2,541,414 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 2,295,000 | 1,532,372 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (d) | 124,000 | 123,195 | |
10% 4/15/27 (d) | 1,768,000 | 1,815,458 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 4,530,000 | 4,067,895 | |
4.375% 1/15/30 | 6,565,000 | 5,849,429 | |
6.125% 10/1/28 | 7,085,000 | 6,715,195 | |
6.125% 6/15/30 (d) | 3,680,000 | 3,556,648 | |
6.875% 11/15/31 | 330,000 | 318,038 | |
101,123,331 | |||
Homebuilders/Real Estate - 1.4% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 1,425,000 | 1,286,326 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (d) | 1,380,000 | 1,162,346 | |
6.625% 1/15/28 (d) | 40,000 | 37,502 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 2,190,000 | 1,720,525 | |
5% 3/1/31 | 2,190,000 | 1,637,025 | |
New Home Co., Inc. 7.25% 10/15/25 (d) | 1,685,000 | 1,550,200 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 2,420,000 | 2,270,532 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (d) | 2,945,000 | 2,856,650 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 795,000 | 769,552 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 2,035,000 | 1,631,925 | |
6.5% 2/15/29 (d) | 3,300,000 | 2,114,861 | |
10.5% 2/15/28 (d) | 4,250,000 | 4,123,449 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 1,185,000 | 1,038,854 | |
22,199,747 | |||
Hotels - 0.8% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 5,095,000 | 5,514,976 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 1,470,000 | 1,215,486 | |
3.75% 5/1/29 (d) | 1,650,000 | 1,456,258 | |
5.375% 5/1/25 (d) | 3,525,000 | 3,502,592 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (d) | 2,120,000 | 1,976,900 | |
13,666,212 | |||
Insurance - 1.8% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (d) | 9,401,000 | 8,907,683 | |
10.125% 8/1/26 (d) | 2,450,000 | 2,477,886 | |
Alliant Holdings Intermediate LLC: | |||
5.875% 11/1/29 (d) | 3,030,000 | 2,599,168 | |
6.75% 10/15/27 (d) | 9,895,000 | 9,222,259 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 1,400,000 | 1,249,560 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 1,445,000 | 1,250,233 | |
HUB International Ltd. 7% 5/1/26 (d) | 1,395,000 | 1,374,065 | |
USI, Inc. 6.875% 5/1/25 (d) | 3,250,000 | 3,195,225 | |
30,276,079 | |||
Leisure - 2.7% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 5,135,000 | 4,395,743 | |
9.875% 8/1/27 (d) | 4,130,000 | 4,262,854 | |
10.5% 2/1/26 (d) | 2,400,000 | 2,494,015 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 735,000 | 666,753 | |
5.875% 2/15/27 (d) | 2,890,000 | 2,741,031 | |
7.75% 2/15/29 (d) | 2,575,000 | 2,329,016 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 910,000 | 775,775 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 4,375,000 | 4,009,090 | |
5.375% 7/15/27 (d) | 1,975,000 | 1,819,878 | |
5.5% 8/31/26 (d) | 4,495,000 | 4,226,016 | |
7.25% 1/15/30 (d) | 1,620,000 | 1,634,456 | |
11.625% 8/15/27 (d) | 8,060,000 | 8,743,665 | |
Studio City Co. Ltd. 7% 2/15/27 (d) | 2,315,000 | 2,152,950 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 1,435,000 | 1,438,584 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 2,135,000 | 2,243,694 | |
43,933,520 | |||
Metals/Mining - 2.3% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 2,670,000 | 2,403,187 | |
Alpha Natural Resources, Inc. 9.75% 12/31/99 (b)(e) | 1,099,000 | 0 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 1,465,000 | 1,301,744 | |
4.875% 3/1/31 (d) | 1,465,000 | 1,251,892 | |
Constellium NV 5.875% 2/15/26 (d) | 990,000 | 975,323 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 8,865,000 | 7,737,483 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 3,930,000 | 3,807,188 | |
6.875% 10/15/27 (d) | 2,995,000 | 2,837,763 | |
7.5% 4/1/25 (d) | 1,925,000 | 1,919,345 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 1,615,000 | 1,364,951 | |
5.125% 5/15/24 (d) | 770,000 | 769,469 | |
5.875% 4/15/30 (d) | 4,300,000 | 4,057,421 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 1,505,000 | 1,505,548 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (d) | 4,755,000 | 4,270,243 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 2,835,000 | 2,843,250 | |
8.5% 5/1/30 (d) | 680,000 | 682,550 | |
37,727,357 | |||
Paper - 0.8% | |||
Berry Global, Inc. 5.625% 7/15/27 (d) | 1,110,000 | 1,094,738 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 1,070,000 | 1,013,246 | |
8.75% 4/15/30 (d) | 6,430,000 | 5,561,616 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 3,050,000 | 2,415,356 | |
Mercer International, Inc. 5.125% 2/1/29 | 2,220,000 | 1,755,307 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 1,770,000 | 1,468,984 | |
13,309,247 | |||
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 7,635,000 | 6,554,446 | |
CEC Entertainment LLC 6.75% 5/1/26 (d) | 2,250,000 | 2,151,220 | |
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (d) | 1,325,000 | 1,277,751 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 870,000 | 728,625 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 2,585,000 | 2,348,723 | |
13,060,765 | |||
Services - 5.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 4,114,000 | 3,843,217 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 1,050,000 | 777,000 | |
Aramark Services, Inc. 6.375% 5/1/25 (d) | 3,410,000 | 3,384,425 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 5,875,000 | 5,293,733 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (d) | 1,328,000 | 1,088,277 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) | 1,470,000 | 1,323,982 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 2,405,000 | 2,155,265 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 15,565,000 | 14,323,125 | |
CoreCivic, Inc. 8.25% 4/15/26 | 3,735,000 | 3,735,957 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 4,470,000 | 3,595,355 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 9,979,000 | 9,687,738 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 1,680,000 | 1,498,106 | |
5% 12/1/29 (d) | 2,190,000 | 1,758,191 | |
5.5% 10/15/24 (b)(d)(e) | 3,155,000 | 70,988 | |
6% 1/15/28 (b)(d)(e) | 3,900,000 | 229,125 | |
6.25% 12/31/49 (b)(e) | 2,880,000 | 3,600 | |
7.125% 8/1/26 (b)(d)(e) | 3,980,000 | 318,400 | |
OpenLane, Inc. 5.125% 6/1/25 (d) | 178,000 | 176,293 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 2,500,000 | 2,114,079 | |
Service Corp. International 5.125% 6/1/29 | 1,845,000 | 1,752,750 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 6,055,000 | 5,918,763 | |
10.5% 6/30/28 | 2,453,000 | 2,461,069 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (d) | 17,310,000 | 15,789,812 | |
6.25% 1/15/28 (d) | 2,145,000 | 2,134,275 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 1,640,000 | 1,463,072 | |
84,896,597 | |||
Steel - 0.1% | |||
Commercial Metals Co. 3.875% 2/15/31 | 1,125,000 | 945,947 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 690,000 | 610,650 | |
1,556,597 | |||
Super Retail - 1.7% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 681,000 | 621,092 | |
4.625% 11/15/29 (d) | 1,520,000 | 1,339,800 | |
4.75% 3/1/30 | 680,000 | 595,597 | |
5% 2/15/32 (d) | 1,520,000 | 1,304,035 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (d) | 5,045,000 | 4,807,112 | |
Carvana Co. 4.875% 9/1/29 (d) | 1,980,000 | 992,918 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 12,050,000 | 11,580,894 | |
8.5% 10/30/25 (d) | 2,520,000 | 2,429,860 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (d) | 1,065,000 | 902,588 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 2,370,000 | 1,824,900 | |
7.875% 5/1/29 (d) | 3,590,000 | 2,205,840 | |
28,604,636 | |||
Technology - 4.6% | |||
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 6,520,000 | 5,370,407 | |
Block, Inc.: | |||
2.75% 6/1/26 | 2,555,000 | 2,299,219 | |
3.5% 6/1/31 | 2,555,000 | 2,086,881 | |
CA Magnum Holdings 5.375% 10/31/26 (d) | 770,000 | 667,157 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 2,285,000 | 2,144,190 | |
Cloud Software Group, Inc. 9% 9/30/29 (d) | 6,530,000 | 5,550,500 | |
Coherent Corp. 5% 12/15/29 (d) | 1,385,000 | 1,231,667 | |
Elastic NV 4.125% 7/15/29 (d) | 1,275,000 | 1,102,590 | |
Gen Digital, Inc. 5% 4/15/25 (d) | 6,075,000 | 5,933,684 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d) | 2,235,000 | 2,134,425 | |
Match Group Holdings II LLC: | |||
4.125% 8/1/30 (d) | 2,335,000 | 1,981,785 | |
5.625% 2/15/29 (d) | 2,035,000 | 1,915,525 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 10,890,000 | 9,474,300 | |
NCR Corp. 5.125% 4/15/29 (d) | 1,775,000 | 1,552,677 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 1,450,000 | 1,278,265 | |
onsemi 3.875% 9/1/28 (d) | 3,110,000 | 2,808,423 | |
Open Text Corp. 3.875% 12/1/29 (d) | 2,200,000 | 1,832,309 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 3,095,000 | 2,620,017 | |
4.125% 12/1/31 (d) | 2,200,000 | 1,804,759 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 1,430,000 | 366,464 | |
Roblox Corp. 3.875% 5/1/30 (d) | 6,055,000 | 5,184,897 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (d) | 1,545,000 | 1,579,806 | |
8.5% 7/15/31 (d) | 1,410,000 | 1,444,460 | |
Sensata Technologies BV 4% 4/15/29 (d) | 2,480,000 | 2,209,015 | |
Synaptics, Inc. 4% 6/15/29 (d) | 1,210,000 | 1,013,375 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 2,215,000 | 1,876,103 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (d) | 5,010,000 | 5,068,344 | |
7.5% 9/15/27 (d) | 2,765,000 | 2,836,356 | |
75,367,600 | |||
Telecommunications - 5.5% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 2,375,000 | 1,855,686 | |
5.75% 8/15/29 (d) | 7,480,000 | 5,702,994 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 2,270,000 | 1,618,539 | |
5.5% 1/15/28 (d) | 4,825,000 | 3,658,701 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 9,965,000 | 8,571,893 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 1,280,000 | 1,054,694 | |
5.625% 9/15/28 (d) | 1,010,000 | 733,947 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 1,320,000 | 933,900 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 2,480,000 | 2,077,112 | |
5.875% 10/15/27 (d) | 2,440,000 | 2,174,537 | |
5.875% 11/1/29 | 615,475 | 430,974 | |
6% 1/15/30 (d) | 3,035,000 | 2,129,875 | |
6.75% 5/1/29 (d) | 2,795,000 | 2,061,659 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (b)(e) | 7,570,000 | 1 | |
6.5% 3/15/30 (d) | 10,625,000 | 9,773,938 | |
8.5% 10/15/24 (b)(d)(e) | 2,965,000 | 0 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 2,520,000 | 2,088,815 | |
6.75% 10/15/27 (d) | 4,724,000 | 4,383,352 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (d) | 3,850,000 | 2,085,052 | |
4.25% 7/1/28 (d) | 3,420,000 | 1,967,407 | |
Lumen Technologies, Inc. 4% 2/15/27 (d) | 4,225,000 | 2,764,375 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 1,700,000 | 1,449,081 | |
6% 2/15/28 (d) | 790,000 | 585,058 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 2,260,000 | 2,093,325 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 1,820,000 | 1,738,100 | |
SBA Communications Corp. 3.875% 2/15/27 | 5,020,000 | 4,626,975 | |
Sprint Capital Corp. 8.75% 3/15/32 | 4,725,000 | 5,733,823 | |
Telecom Italia SpA 5.303% 5/30/24 (d) | 2,020,000 | 1,970,518 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 6,860,000 | 4,226,720 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 10,615,000 | 8,631,538 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 3,835,000 | 2,679,781 | |
6.125% 3/1/28 (d) | 2,115,000 | 1,274,347 | |
91,076,717 | |||
Textiles/Apparel - 0.5% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 3,760,000 | 3,059,719 | |
4.25% 3/15/29 (d) | 3,735,000 | 3,217,030 | |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 1,665,000 | 1,277,592 | |
7,554,341 | |||
Transportation Ex Air/Rail - 0.4% | |||
Avolon Holdings Funding Ltd.: | |||
3.95% 7/1/24 (d) | 9,000 | 8,705 | |
4.375% 5/1/26 (d) | 7,000 | 6,464 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) | 3,600,000 | 3,483,000 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 3,695,000 | 2,905,379 | |
6,403,548 | |||
Utilities - 4.2% | |||
Clearway Energy Operating LLC 4.75% 3/15/28 (d) | 5,885,000 | 5,477,320 | |
DPL, Inc. 4.35% 4/15/29 | 9,480,000 | 8,392,121 | |
NRG Energy, Inc. 3.875% 2/15/32 (d) | 1,470,000 | 1,141,107 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 350,000 | 237,458 | |
3.95% 12/1/47 | 2,495,000 | 1,690,012 | |
4.55% 7/1/30 | 14,220,000 | 12,959,457 | |
4.95% 7/1/50 | 23,225,000 | 18,083,924 | |
PG&E Corp. 5.25% 7/1/30 | 9,430,000 | 8,521,649 | |
Pike Corp. 5.5% 9/1/28 (d) | 8,505,000 | 7,590,713 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 3,055,000 | 2,732,311 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (d) | 2,000,000 | 1,923,619 | |
68,749,691 | |||
TOTAL NONCONVERTIBLE BONDS | 1,232,845,384 | ||
TOTAL CORPORATE BONDS (Cost $1,446,849,499) | 1,286,880,352 | ||
Common Stocks - 4.5% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(h) | 32,168 | 174,672 | |
Broadcasting - 0.0% | |||
iHeartMedia, Inc. (h) | 8,204 | 19,443 | |
Chemicals - 0.0% | |||
Corteva, Inc. | 10,266 | 549,128 | |
Energy - 2.5% | |||
California Resources Corp. | 233,262 | 8,756,655 | |
California Resources Corp. warrants 10/27/24 (h) | 20,004 | 140,028 | |
Chesapeake Energy Corp. | 64,281 | 4,837,145 | |
Denbury, Inc. (h) | 42,041 | 3,790,837 | |
Denbury, Inc. warrants 9/18/25 (h) | 117,577 | 7,126,471 | |
EP Energy Corp. (b)(h) | 218,900 | 1,287,132 | |
Forbes Energy Services Ltd. (b)(h) | 72,087 | 1 | |
Mesquite Energy, Inc. (b)(h) | 214,437 | 12,572,423 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (h) | 27,051 | 678,439 | |
warrants 2/4/28 (h) | 27,051 | 622,173 | |
PureWest Energy (b)(h) | 2,832 | 27,612 | |
PureWest Energy rights (b)(h) | 1,707 | 0 | |
Superior Energy Services, Inc. Class A (b)(h) | 15,005 | 1,017,939 | |
Tidewater, Inc. warrants 11/14/42 (h) | 8,251 | 406,667 | |
Tribune Resources, Inc. (b)(h) | 182,155 | 191,263 | |
TOTAL ENERGY | 41,454,785 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(h) | 1,330,466 | 864,803 | |
Food & Drug Retail - 1.1% | |||
Northeast Grocery, Inc. (b)(c)(h) | 228,430 | 1,169,562 | |
Southeastern Grocers, Inc. (b)(c)(h) | 687,397 | 17,363,648 | |
TOTAL FOOD & DRUG RETAIL | 18,533,210 | ||
Gaming - 0.2% | |||
Caesars Entertainment, Inc. (h) | 57,808 | 2,370,706 | |
Studio City International Holdings Ltd.: | |||
ADR (d)(h) | 25,434 | 146,500 | |
(NYSE) ADR (h) | 28,000 | 161,280 | |
TOTAL GAMING | 2,678,486 | ||
Telecommunications - 0.1% | |||
CUI Acquisition Corp. Class E (b)(h) | 0 | 0 | |
Frontier Communications Parent, Inc. (h)(i) | 77,463 | 1,152,649 | |
Intelsat Jackson Holdings SA: | |||
Series A rights (b)(h) | 10,413 | 91,322 | |
Series B rights (b)(h) | 10,413 | 336,652 | |
TOTAL TELECOMMUNICATIONS | 1,580,623 | ||
Textiles/Apparel - 0.3% | |||
Intelsat Emergence SA (b)(h) | 99,434 | 5,232,217 | |
Utilities - 0.2% | |||
Vistra Corp. | 141,862 | 3,400,432 | |
TOTAL COMMON STOCKS (Cost $39,285,211) | 74,487,799 | ||
Convertible Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
Utilities - 0.4% | |||
PG&E Corp. (Cost $4,642,646) | 40,800 | 5,997,600 | |
Bank Loan Obligations - 7.4% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 1.1% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.750% 9.7746% 11/23/28 (b)(f)(j)(k) | 7,270,465 | 7,001,458 | |
2LN, term loan: | |||
3 month U.S. LIBOR + 8.000% 13.16% 11/23/29 (b)(f)(j)(k) | 9,743,000 | 9,383,483 | |
CME Term SOFR 3 Month Index + 7.000% 12.0341% 11/23/29 (b)(f)(j)(k) | 915,000 | 910,425 | |
TOTAL AIR TRANSPORTATION | 17,295,366 | ||
Banks & Thrifts - 0.1% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 7.6591% 2/1/27 (f)(j)(k) | 1,059,465 | 1,006,820 | |
Broadcasting - 0.1% | |||
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.1591% 8/14/26 (f)(j)(k) | 1,130,162 | 1,115,188 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.6662% 2/25/29 (f)(j)(k) | 1,533,413 | 1,403,839 | |
Chemicals - 0.5% | |||
Consolidated Energy Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (b)(f)(j)(k) | 5,683,763 | 5,499,040 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 7.5246% 5/7/25 (f)(j)(k) | 519,113 | 504,188 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (f)(j)(k) | 2,852,850 | 2,685,702 | |
TOTAL CHEMICALS | 8,688,930 | ||
Consumer Products - 0.1% | |||
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.6% 5/8/26 (b)(f)(j)(k) | 1,333,616 | 1,296,942 | |
Diversified Financial Services - 0.8% | |||
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (b)(f)(k) | 3,135,550 | 2,978,773 | |
HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.7984% 4/20/30 (f)(j)(k) | 238,033 | 235,355 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(f)(j)(k) | 10,281,109 | 10,207,085 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,421,213 | ||
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(j)(k) | 3,964,252 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(j)(k) | 1,710,000 | 0 | |
TOTAL ENERGY | 0 | ||
Food/Beverage/Tobacco - 0.3% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.4479% 5/16/29 (f)(j)(k) | 1,875,575 | 1,819,889 | |
Oatly Group AB Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.4819% 3/15/28 (b)(f)(j)(k) | 2,820,000 | 2,707,200 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 4,527,089 | ||
Gaming - 0.0% | |||
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.03% 10/20/24 (f)(j)(k) | 303,747 | 302,988 | |
Healthcare - 0.0% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.2679% 11/1/28 (f)(j)(k) | 287,100 | 280,551 | |
Homebuilders/Real Estate - 0.5% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(f)(k) | 9,553,815 | 9,076,124 | |
Hotels - 0.1% | |||
Travelport Finance Luxembourg SARL 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 6.750% 13.3646% 5/29/26 (f)(j)(k) | 1,432,763 | 881,149 | |
Insurance - 0.1% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4037% 2/15/27 (f)(j)(k) | 212,313 | 201,166 | |
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5593% 11/6/27 (f)(j)(k) | 1,245,002 | 1,212,084 | |
USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.6483% 11/22/29 (f)(j)(k) | 434,815 | 427,680 | |
TOTAL INSURANCE | 1,840,930 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.6537% 8/17/28 (f)(j)(k) | 42,774 | 42,488 | |
Services - 1.9% | |||
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.2534% 12/20/29 (f)(j)(k) | 165,000 | 152,625 | |
Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 11.0034% 12/10/29 (f)(j)(k) | 305,000 | 260,266 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.2534% 8/19/28 (f)(j)(k) | 4,278,500 | 3,921,374 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (f)(j)(k) | 5,790,304 | 5,164,604 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.405% 6/13/25 (f)(j)(k) | 4,035,000 | 3,412,117 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (f)(j)(k) | 6,500,905 | 6,168,969 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 13.4091% 8/22/25 (f)(j)(k) | 2,230,000 | 2,138,949 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (f)(j)(k) | 5,535,000 | 4,942,312 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (f)(j)(k) | 7,005,703 | 5,595,806 | |
TOTAL SERVICES | 31,757,022 | ||
Super Retail - 0.2% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.9037% 3/5/28 (f)(j)(k) | 2,616,326 | 2,536,528 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 4/15/28 (f)(j)(k) | 918,638 | 805,535 | |
TOTAL SUPER RETAIL | 3,342,063 | ||
Technology - 1.5% | |||
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 8/10/25 (f)(j)(k) | 4,897,436 | 3,751,436 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5979% 2/15/29 (f)(j)(k) | 2,822,513 | 2,653,162 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (j)(k)(l) | 346,739 | 325,935 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 4/30/25 (f)(j)(k) | 1,566,200 | 1,558,369 | |
Epicor Software Corp. 2LN, term loan 1 month U.S. LIBOR + 7.750% 13.0034% 7/31/28 (f)(j)(k) | 1,945,000 | 1,929,032 | |
UKG, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8954% 5/4/26 (f)(j)(k) | 689,975 | 665,053 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (f)(j)(k) | 3,898,700 | 3,739,711 | |
2LN, term loan 3 month U.S. LIBOR + 5.250% 10.2706% 5/3/27 (f)(j)(k) | 10,280,000 | 9,652,920 | |
TOTAL TECHNOLOGY | 24,275,618 | ||
Telecommunications - 0.0% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.4863% 8/15/28 (f)(j)(k) | 1,053,250 | 875,956 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $129,541,506) | 121,430,276 | ||
Preferred Securities - 1.8% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 1.3% | |||
Bank of America Corp.: | |||
6.1% (f)(m) | 3,690,000 | 3,597,750 | |
6.25% (f)(m) | 2,310,000 | 2,267,265 | |
Citigroup, Inc. 9.3407% (f)(j)(m) | 1,680,000 | 1,671,600 | |
JPMorgan Chase & Co. 6% (f)(m) | 11,680,000 | 11,616,928 | |
Wells Fargo & Co. 5.9% (f)(m) | 1,955,000 | 1,928,119 | |
TOTAL BANKS & THRIFTS | 21,081,662 | ||
Diversified Financial Services - 0.3% | |||
Charles Schwab Corp. 5.375% (f)(m) | 4,340,000 | 4,171,912 | |
Energy - 0.0% | |||
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.2963% (e)(f)(j)(m) | 204,000 | 129,030 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC 9.75% (b)(m) | 4,000,000 | 3,465,200 | |
TOTAL PREFERRED SECURITIES (Cost $30,177,967) | 28,847,804 | ||
Other - 1.4% | |||
Shares | Value ($) | ||
Other - 1.4% | |||
Fidelity Private Credit Central Fund LLC (c)(n) (Cost $23,148,815) | 2,327,615 | 23,066,656 | |
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (o) | 54,110,577 | 54,121,399 | |
Fidelity Securities Lending Cash Central Fund 5.14% (o)(p) | 585,691 | 585,750 | |
TOTAL MONEY MARKET FUNDS (Cost $54,707,149) | 54,707,149 | ||
TOTAL INVESTMENT IN SECURITIES - 97.2% (Cost $1,728,352,793) | 1,595,417,636 |
NET OTHER ASSETS (LIABILITIES) - 2.8% | 45,320,048 |
NET ASSETS - 100.0% | 1,640,737,684 |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $80,550,858 or 4.9% of net assets. |
(d) | 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 $966,408,061 or 58.9% of net assets. |
(e) | Non-income producing - Security is in default. |
(f) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) | Non-income producing |
(i) | Security or a portion of the security is on loan at period end. |
(j) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $346,739 and $325,935, respectively. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 5/31/23 | 23,148,811 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 9,239,670 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 1,687,240 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 2,913,114 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 6,590,796 |
Northeast Grocery, Inc. | 11/08/21 | 90,888 |
Southeastern Grocers, Inc. | 6/01/18 - 4/26/19 | 5,072,958 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 99,248,396 | 457,946,640 | 503,073,637 | 1,925,292 | - | - | 54,121,399 | 0.1% |
Fidelity Private Credit Central Fund LLC | 11,189,162 | 14,170,382 | 2,293,998 | 1,678,134 | 335 | 775 | 23,066,656 | 3.7% |
Fidelity Securities Lending Cash Central Fund 5.14% | 10,580,000 | 31,337,128 | 41,331,378 | 2,044 | - | - | 585,750 | 0.0% |
Total | 121,017,558 | 503,454,150 | 546,699,013 | 3,605,470 | 335 | 775 | 77,773,805 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
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 Directors (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:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
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.
Fidelity Private Credit Central Fund LLC is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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