Quarterly Holdings Report
for
Fidelity® High Income Central Fund
May 31, 2024
HICII-NPRT3-0724
1.861967.116
Corporate Bonds - 84.0% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.5% | |||
Broadcasting - 1.2% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 3,263,000 | 2,481,566 | |
3.375% 8/15/26 | 20,439,000 | 13,079,417 | |
15,560,983 | |||
Diversified Financial Services - 0.3% | |||
Coinbase Global, Inc. 0.25% 4/1/30 (b) | 40,000 | 38,480 | |
New Cotai LLC 5% 2/24/27 (c) | 1,673,956 | 4,176,519 | |
4,214,999 | |||
TOTAL CONVERTIBLE BONDS | 19,775,982 | ||
Nonconvertible Bonds - 82.5% | |||
Aerospace - 3.3% | |||
AAR Escrow Issuer LLC 6.75% 3/15/29 (b) | 2,285,000 | 2,320,201 | |
ATI, Inc.: | |||
4.875% 10/1/29 | 1,205,000 | 1,126,062 | |
5.125% 10/1/31 | 845,000 | 770,818 | |
5.875% 12/1/27 | 2,480,000 | 2,435,496 | |
Bombardier, Inc.: | |||
6% 2/15/28 (b) | 1,450,000 | 1,426,363 | |
7% 6/1/32 (b)(d) | 1,395,000 | 1,400,086 | |
7.25% 7/1/31 (b) | 1,920,000 | 1,960,049 | |
7.875% 4/15/27 (b) | 4,447,000 | 4,451,705 | |
Moog, Inc. 4.25% 12/15/27 (b) | 735,000 | 688,191 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 12,450,000 | 12,107,625 | |
6.375% 3/1/29 (b) | 5,680,000 | 5,667,678 | |
6.625% 3/1/32 (b) | 2,160,000 | 2,166,402 | |
6.875% 12/15/30 (b) | 4,905,000 | 4,966,729 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (b) | 4,250,000 | 3,412,636 | |
Wesco Aircraft Holdings, Inc. 8.5% (b)(e) | 1,585,000 | 182,275 | |
45,082,316 | |||
Air Transportation - 0.6% | |||
Air Canada 3.875% 8/15/26 (b) | 2,110,000 | 2,003,029 | |
Allegiant Travel Co. 7.25% 8/15/27 (b) | 1,545,000 | 1,461,719 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 4,225,000 | 3,172,576 | |
United Airlines, Inc. 4.625% 4/15/29 (b) | 1,650,000 | 1,525,097 | |
8,162,421 | |||
Automotive & Auto Parts - 1.6% | |||
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 1,745,000 | 1,683,053 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 2,000,000 | 1,801,482 | |
3.625% 6/17/31 | 2,480,000 | 2,118,528 | |
4.95% 5/28/27 | 2,270,000 | 2,213,225 | |
Hudson Automotive Group 8% 5/15/32 (b) | 825,000 | 850,235 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 3,665,000 | 3,405,418 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 440,000 | 444,625 | |
6.5% 3/26/31 (b) | 675,000 | 685,371 | |
8.375% 5/1/28 (b) | 2,010,000 | 2,113,618 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 2,775,000 | 2,394,825 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (b) | 1,770,000 | 1,622,817 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b) | 1,675,000 | 1,716,371 | |
21,049,568 | |||
Banks & Thrifts - 1.3% | |||
Ally Financial, Inc.: | |||
5.8% 5/1/25 | 20,000 | 19,986 | |
8% 11/1/31 | 4,573,000 | 5,011,459 | |
8% 11/1/31 | 3,758,000 | 4,113,670 | |
Aretec Group, Inc. 10% 8/15/30 (b) | 4,615,000 | 5,047,855 | |
Jane Street Group LLC/JSG Finance, Inc. 7.125% 4/30/31 (b) | 2,805,000 | 2,855,726 | |
17,048,696 | |||
Broadcasting - 2.5% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (b) | 2,590,000 | 2,126,405 | |
7.75% 4/15/28 (b) | 1,370,000 | 1,181,588 | |
7.875% 4/1/30 (b) | 4,440,000 | 4,415,749 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 2,515,000 | 46,213 | |
Gray Television, Inc. 5.375% 11/15/31 (b) | 2,970,000 | 1,649,398 | |
iHeartCommunications, Inc. 9% (c)(e) | 780,000 | 0 | |
Nexstar Media, Inc. 5.625% 7/15/27 (b) | 2,755,000 | 2,600,397 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (b) | 2,170,000 | 1,393,451 | |
5.375% 1/15/31 (b) | 1,130,000 | 462,165 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (b) | 1,780,000 | 1,155,889 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (b) | 2,155,000 | 1,806,212 | |
5% 8/1/27 (b) | 5,295,000 | 5,028,541 | |
Univision Communications, Inc.: | |||
6.625% 6/1/27 (b) | 5,150,000 | 4,975,418 | |
7.375% 6/30/30 (b) | 3,455,000 | 3,274,066 | |
8.5% 7/31/31 (b)(d) | 3,495,000 | 3,436,691 | |
33,552,183 | |||
Building Materials - 2.0% | |||
Acproducts Holdings, Inc. 6.375% 5/15/29 (b) | 3,465,000 | 2,242,641 | |
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 505,000 | 488,449 | |
6.375% 6/15/30 (b) | 2,270,000 | 2,265,459 | |
Builders FirstSource, Inc. 6.375% 3/1/34 (b) | 4,935,000 | 4,837,890 | |
EMRLD Borrower LP / Emerald Co. 6.625% 12/15/30 (b) | 5,505,000 | 5,514,591 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (b) | 1,065,000 | 1,057,931 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (b) | 590,000 | 537,758 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 1,825,000 | 1,814,498 | |
6% 12/1/29 (b) | 1,705,000 | 1,730,241 | |
6.125% 7/1/29 (b) | 1,005,000 | 1,020,462 | |
Wesco Distribution, Inc. 6.625% 3/15/32 (b) | 4,935,000 | 4,958,954 | |
26,468,874 | |||
Cable/Satellite TV - 3.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (b) | 3,730,000 | 2,779,185 | |
4.5% 6/1/33 (b) | 4,415,000 | 3,406,991 | |
4.75% 3/1/30 (b) | 5,200,000 | 4,429,642 | |
5% 2/1/28 (b) | 5,055,000 | 4,667,322 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 3,305,000 | 1,935,456 | |
4.125% 12/1/30 (b) | 2,590,000 | 1,597,146 | |
4.5% 11/15/31 (b) | 2,175,000 | 1,330,406 | |
4.625% 12/1/30 (b) | 5,895,000 | 2,478,576 | |
5% 11/15/31 (b) | 2,290,000 | 955,876 | |
5.375% 2/1/28 (b) | 4,625,000 | 3,248,127 | |
5.75% 1/15/30 (b) | 3,690,000 | 1,594,473 | |
7.5% 4/1/28 (b) | 4,545,000 | 2,537,292 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 1,465,000 | 1,020,661 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (b) | 6,820,000 | 5,064,056 | |
6.5% 9/15/28 (b) | 5,050,000 | 2,320,664 | |
VZ Secured Financing BV 5% 1/15/32 (b) | 6,990,000 | 5,932,263 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (b) | 1,155,000 | 986,482 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,730,000 | 1,541,923 | |
47,826,541 | |||
Capital Goods - 0.2% | |||
Zebra Technologies Corp. 6.5% 6/1/32 (b) | 2,100,000 | 2,113,541 | |
Chemicals - 3.4% | |||
Avient Corp. 5.75% 5/15/25 (b) | 1,970,000 | 1,959,354 | |
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 2,445,000 | 2,359,944 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 2,105,000 | 2,199,449 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b) | 3,010,000 | 2,877,762 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(f) | 6,510,262 | 5,387,242 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 270,000 | 259,806 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 2,650,000 | 2,324,910 | |
9% 2/15/30 (b) | 2,100,000 | 2,221,428 | |
Olympus Water U.S. Holding Corp.: | |||
7.125% 10/1/27 (b) | 1,560,000 | 1,580,349 | |
9.75% 11/15/28 (b) | 1,805,000 | 1,919,266 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 2,630,000 | 2,461,286 | |
6.625% 5/1/29 (b) | 1,755,000 | 1,652,938 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 5,950,000 | 5,074,173 | |
5.375% 5/15/27 | 2,940,000 | 2,791,157 | |
5.75% 11/15/28 (b) | 3,490,000 | 3,194,149 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 2,210,000 | 2,005,343 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 3,255,000 | 3,125,828 | |
5.625% 8/15/29 (b) | 2,375,000 | 2,185,036 | |
45,579,420 | |||
Consumer Products - 1.0% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 1,675,000 | 1,483,291 | |
Gannett Holdings LLC 6% 11/1/26 (b) | 1,390,000 | 1,311,794 | |
Mattel, Inc. 3.375% 4/1/26 (b) | 745,000 | 712,828 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 1,495,000 | 1,277,804 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 4,590,000 | 4,483,586 | |
10.5% 5/15/29 (b) | 4,209,000 | 4,147,728 | |
13,417,031 | |||
Containers - 0.4% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(f) | 2,525,000 | 587,010 | |
Berry Global, Inc.: | |||
4.5% 2/15/26 (b) | 2,134,000 | 2,078,552 | |
4.875% 7/15/26 (b) | 631,000 | 620,497 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 1,430,000 | 1,347,915 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 1,185,000 | 1,050,297 | |
5,684,271 | |||
Diversified Financial Services - 3.5% | |||
Boost Newco Borrower LLC 7.5% 1/15/31 (b) | 6,510,000 | 6,747,366 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 6,085,000 | 4,839,163 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 7,485,000 | 7,446,976 | |
Fortress Transportation & Infrastructure Investors LLC 7% 5/1/31 (b) | 2,815,000 | 2,847,814 | |
GGAM Finance Ltd. 6.875% 4/15/29 (b) | 1,690,000 | 1,702,962 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 2,995,000 | 2,728,558 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 970,000 | 909,361 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 2,200,000 | 2,196,637 | |
5.25% 5/15/27 | 5,970,000 | 5,484,938 | |
6.375% 12/15/25 | 1,740,000 | 1,738,528 | |
9% 6/15/30 (b) | 5,580,000 | 5,506,572 | |
MSCI, Inc. 4% 11/15/29 (b) | 2,265,000 | 2,083,501 | |
OneMain Finance Corp. 7.125% 3/15/26 | 3,460,000 | 3,510,790 | |
47,743,166 | |||
Diversified Media - 0.6% | |||
Allen Media LLC/Allen Media Co.-Issuer, Inc. 10.5% 2/15/28 (b) | 7,650,000 | 3,465,692 | |
CMG Media Corp. 8.875% 12/15/27 (b) | 6,280,000 | 3,142,676 | |
Lamar Media Corp. 4.875% 1/15/29 | 1,980,000 | 1,885,979 | |
8,494,347 | |||
Energy - 11.1% | |||
Archrock Partners LP / Archrock Partners Finance Corp.: | |||
6.25% 4/1/28 (b) | 2,475,000 | 2,446,232 | |
6.875% 4/1/27 (b) | 700,000 | 702,757 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 1,235,000 | 1,205,530 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.25% 7/15/32 (b) | 2,120,000 | 2,159,980 | |
California Resources Corp. 8.25% 6/15/29 (b)(d) | 1,920,000 | 1,922,971 | |
Canacol Energy Ltd. 5.75% 11/24/28 (b) | 3,172,000 | 1,664,269 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 2,610,000 | 2,610,767 | |
7% 6/15/25 (b) | 6,180,000 | 6,186,810 | |
CNX Resources Corp.: | |||
6% 1/15/29 (b) | 1,185,000 | 1,156,294 | |
7.25% 3/1/32 (b) | 1,885,000 | 1,911,038 | |
7.375% 1/15/31 (b) | 1,685,000 | 1,714,814 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 1,595,000 | 1,470,257 | |
6.75% 3/1/29 (b) | 3,485,000 | 3,370,990 | |
6.75% 3/1/29 (b) | 2,110,000 | 2,013,325 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (b) | 7,280,000 | 6,822,245 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (b) | 830,000 | 818,587 | |
CVR Energy, Inc. 5.75% 2/15/28 (b) | 3,995,000 | 3,687,103 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125% 6/1/28 (b) | 1,520,000 | 1,500,582 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 2,545,000 | 2,327,279 | |
4.375% 6/15/31 (b) | 2,545,000 | 2,286,015 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 4,185,000 | 4,225,431 | |
Energy Transfer LP: | |||
5.75% 4/1/25 | 1,045,000 | 1,044,346 | |
6% 2/1/29 (b) | 1,390,000 | 1,397,304 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 1,060,000 | 1,047,201 | |
6.5% 9/1/30 (b) | 2,150,000 | 2,196,253 | |
EQT Corp. 3.625% 5/15/31 (b) | 1,720,000 | 1,504,492 | |
Global Partners LP/GLP Finance Corp. 8.25% 1/15/32 (b) | 820,000 | 843,642 | |
Harvest Midstream I LP 7.5% 9/1/28 (b) | 5,565,000 | 5,647,125 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (b) | 1,560,000 | 1,417,936 | |
5.125% 6/15/28 (b) | 2,905,000 | 2,798,510 | |
5.5% 10/15/30 (b) | 920,000 | 882,994 | |
5.625% 2/15/26 (b) | 6,900,000 | 6,856,469 | |
Jonah Energy Parent LLC 12% 11/5/25 (c)(g) | 9,428,234 | 10,124,038 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (b) | 2,685,000 | 2,666,899 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) | 7,045,068 | 6,338,360 | |
MEG Energy Corp. 5.875% 2/1/29 (b) | 4,235,000 | 4,110,213 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (b) | 4,431,000 | 4,378,581 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 3,455,000 | 3,512,716 | |
8.75% 6/15/31 (b) | 1,840,000 | 1,927,843 | |
Occidental Petroleum Corp.: | |||
4.3% 8/15/39 | 880,000 | 705,611 | |
4.4% 4/15/46 | 1,750,000 | 1,383,364 | |
4.5% 7/15/44 | 815,000 | 630,739 | |
6.2% 3/15/40 | 980,000 | 986,075 | |
6.6% 3/15/46 | 2,590,000 | 2,709,479 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 2,320,000 | 2,266,975 | |
7.875% 9/15/30 (b) | 4,835,000 | 4,966,650 | |
Permian Resources Operating LLC 5.875% 7/1/29 (b) | 2,610,000 | 2,548,013 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 920,000 | 916,945 | |
6.625% 1/15/27 | 1,145,000 | 1,138,337 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 2,135,000 | 1,935,166 | |
5.375% 2/1/29 | 1,625,000 | 1,562,792 | |
Strathcona Resources Ltd. 6.875% 8/1/26 (b) | 1,395,000 | 1,378,292 | |
Sunoco Logistics Partners, LP 7.25% 5/1/32 (b) | 1,515,000 | 1,551,033 | |
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29 | 2,280,000 | 2,092,229 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (b) | 2,370,000 | 2,233,585 | |
Transocean, Inc.: | |||
8.25% 5/15/29 (b) | 1,405,000 | 1,405,332 | |
8.5% 5/15/31 (b) | 1,405,000 | 1,403,568 | |
Tullow Oil PLC 10.25% 5/15/26 (b) | 4,650,000 | 4,492,598 | |
Venture Global Calcasieu Pass LLC 3.875% 8/15/29 (b) | 2,220,000 | 1,999,344 | |
Viper Energy, Inc. 5.375% 11/1/27 (b) | 1,105,000 | 1,077,696 | |
150,282,021 | |||
Environmental - 0.5% | |||
Covanta Holding Corp. 4.875% 12/1/29 (b) | 1,355,000 | 1,234,913 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 1,795,000 | 1,663,281 | |
5.875% 6/30/29 (b) | 2,775,000 | 2,572,087 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 1,645,000 | 1,493,601 | |
6,963,882 | |||
Food & Drug Retail - 0.7% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (b) | 1,655,000 | 1,476,108 | |
4.875% 2/15/30 (b) | 6,890,000 | 6,444,897 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 1,470,000 | 877,957 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 960,000 | 833,021 | |
9,631,983 | |||
Food/Beverage/Tobacco - 2.8% | |||
BellRing Brands, Inc. 7% 3/15/30 (b) | 845,000 | 863,334 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 1,905,000 | 1,407,746 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (b) | 1,465,000 | 1,381,286 | |
7.625% 7/1/29 (b) | 2,700,000 | 2,750,528 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b) | 1,215,000 | 1,248,390 | |
Kraft Heinz Foods Co. 5.5% 6/1/50 | 855,000 | 819,427 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (b) | 2,290,000 | 2,059,530 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (b) | 1,350,000 | 1,226,759 | |
5.5% 10/15/27 (b) | 5,775,000 | 5,628,578 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 625,000 | 567,539 | |
6.25% 2/15/32 (b) | 3,715,000 | 3,692,968 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 765,830 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 5,345,000 | 4,938,964 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 1,110,000 | 1,019,291 | |
4.75% 2/15/29 (b) | 3,100,000 | 2,909,788 | |
6.875% 9/15/28 (b) | 4,795,000 | 4,878,895 | |
7.25% 1/15/32 (b) | 1,550,000 | 1,599,691 | |
37,758,544 | |||
Gaming - 3.0% | |||
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (b) | 2,860,000 | 2,583,770 | |
6.5% 2/15/32 (b) | 3,790,000 | 3,747,749 | |
8.125% 7/1/27 (b) | 6,225,000 | 6,346,334 | |
Churchill Downs, Inc. 5.75% 4/1/30 (b) | 4,380,000 | 4,201,178 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (b) | 2,925,000 | 2,631,193 | |
6.75% 1/15/30 (b) | 1,410,000 | 1,246,288 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 1,245,000 | 1,160,963 | |
Light & Wonder International, Inc. 7.5% 9/1/31 (b) | 1,075,000 | 1,105,242 | |
Station Casinos LLC: | |||
4.625% 12/1/31 (b) | 3,685,000 | 3,227,093 | |
6.625% 3/15/32 (b) | 4,450,000 | 4,368,490 | |
Studio City Finance Ltd. 6.5% 1/15/28 (b) | 5,015,000 | 4,742,309 | |
VICI Properties LP / VICI Note Co. 4.625% 6/15/25 (b) | 5,180,000 | 5,109,414 | |
40,470,023 | |||
Healthcare - 7.0% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 1,023,000 | 988,389 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (b) | 2,665,000 | 2,457,611 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 2,290,000 | 2,052,401 | |
4.625% 7/15/28 (b) | 1,915,000 | 1,802,044 | |
Centene Corp.: | |||
3.375% 2/15/30 | 2,690,000 | 2,368,192 | |
4.625% 12/15/29 | 1,825,000 | 1,718,002 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 740,000 | 669,368 | |
4% 3/15/31 (b) | 2,080,000 | 1,828,316 | |
4.25% 5/1/28 (b) | 735,000 | 689,455 | |
CHS/Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 11,675,000 | 9,218,344 | |
5.25% 5/15/30 (b) | 4,900,000 | 4,067,500 | |
6.125% 4/1/30 (b) | 5,840,000 | 4,164,387 | |
6.875% 4/15/29 (b) | 2,815,000 | 2,202,816 | |
8% 3/15/26 (b) | 1,501,000 | 1,503,679 | |
10.875% 1/15/32 (b)(d) | 2,785,000 | 2,877,585 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 2,495,000 | 2,093,811 | |
4.625% 6/1/30 (b) | 2,580,000 | 2,311,376 | |
Encompass Health Corp. 5.75% 9/15/25 | 4,660,000 | 4,641,143 | |
Endo Finance Holdings, Inc. 8.5% 4/15/31 (b) | 2,040,000 | 2,091,039 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,005,000 | 920,623 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 2,525,000 | 2,254,413 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 1,875,000 | 1,893,570 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 1,980,000 | 1,821,219 | |
Medline Borrower LP 3.875% 4/1/29 (b) | 2,005,000 | 1,824,904 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 2,105,000 | 2,105,425 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 2,430,000 | 2,118,956 | |
3.875% 5/15/32 (b) | 3,315,000 | 2,805,013 | |
4.375% 6/15/28 (b) | 1,835,000 | 1,707,344 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 3,005,000 | 2,775,667 | |
5.125% 4/30/31 (b) | 2,995,000 | 2,646,703 | |
Radiology Partners, Inc. 7.775% 1/31/29 pay-in-kind (b)(f) | 2,057,273 | 1,895,263 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 2,950,000 | 2,972,135 | |
Tenet Healthcare Corp.: | |||
4.375% 1/15/30 | 6,565,000 | 6,037,162 | |
6.125% 10/1/28 | 7,085,000 | 7,018,390 | |
6.125% 6/15/30 | 3,680,000 | 3,644,550 | |
6.875% 11/15/31 | 330,000 | 344,939 | |
94,531,734 | |||
Homebuilders/Real Estate - 2.1% | |||
Arcosa, Inc. 4.375% 4/15/29 (b) | 1,425,000 | 1,319,911 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (b) | 1,380,000 | 1,239,822 | |
6.625% 1/15/28 (b) | 40,000 | 39,524 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 2,190,000 | 1,862,328 | |
5% 3/1/31 | 2,190,000 | 1,742,259 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 700,000 | 454,309 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 2,220,000 | 2,238,474 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 2,985,000 | 2,048,456 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 2,705,000 | 1,765,312 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 2,420,000 | 2,379,390 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (b) | 2,945,000 | 2,899,262 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 795,000 | 777,248 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 2,035,000 | 1,681,823 | |
6.5% 2/15/29 (b) | 3,300,000 | 2,290,359 | |
10.5% 2/15/28 (b) | 4,250,000 | 4,250,688 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (b) | 1,185,000 | 1,085,284 | |
28,074,449 | |||
Hotels - 1.2% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (b) | 5,095,000 | 5,516,046 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,470,000 | 1,246,699 | |
3.75% 5/1/29 (b) | 1,650,000 | 1,495,161 | |
5.375% 5/1/25 (b) | 3,525,000 | 3,507,201 | |
6.125% 4/1/32 (b) | 1,250,000 | 1,235,841 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (b) | 2,120,000 | 2,097,879 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7% 2/1/30 (b) | 925,000 | 931,020 | |
16,029,847 | |||
Insurance - 1.8% | |||
Acrisure LLC / Acrisure Finance, Inc. 10.125% 8/1/26 (b) | 2,450,000 | 2,524,799 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
5.875% 11/1/29 (b) | 3,030,000 | 2,818,530 | |
6.75% 10/15/27 (b) | 9,895,000 | 9,698,591 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 1,400,000 | 1,286,870 | |
AssuredPartners, Inc. 5.625% 1/15/29 (b) | 1,445,000 | 1,344,693 | |
HUB International Ltd. 7.25% 6/15/30 (b) | 6,190,000 | 6,289,219 | |
23,962,702 | |||
Leisure - 1.3% | |||
Carnival Corp. 5.75% 3/1/27 (b) | 5,135,000 | 5,040,426 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 735,000 | 722,675 | |
7.75% 2/15/29 (b) | 2,575,000 | 2,644,731 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 910,000 | 890,900 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (b) | 4,375,000 | 4,216,973 | |
5.375% 7/15/27 (b) | 1,975,000 | 1,935,072 | |
6.25% 3/15/32 (b) | 1,805,000 | 1,796,773 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 895,000 | 964,146 | |
18,211,696 | |||
Metals/Mining - 2.6% | |||
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (b) | 2,670,000 | 2,457,489 | |
7.125% 3/15/31 (b) | 555,000 | 567,658 | |
Alpha Natural Resources, Inc. 9.75% (c)(e) | 1,099,000 | 0 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 910,000 | 946,526 | |
Cleveland-Cliffs, Inc. 7% 3/15/32 (b) | 4,925,000 | 4,857,114 | |
Constellium NV 5.875% 2/15/26 (b) | 990,000 | 983,400 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 8,865,000 | 8,531,587 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 2,360,000 | 2,310,393 | |
9.375% 3/1/29 (b) | 1,600,000 | 1,669,569 | |
FMG Resources August 2006 Pty Ltd.: | |||
4.375% 4/1/31 (b) | 1,615,000 | 1,433,781 | |
5.875% 4/15/30 (b) | 2,755,000 | 2,668,856 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (b) | 4,755,000 | 4,689,657 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 2,835,000 | 2,883,989 | |
8.5% 5/1/30 (b) | 680,000 | 704,061 | |
34,704,080 | |||
Paper - 0.7% | |||
Ahlstrom Holding 3 OY 4.875% 2/4/28 (b) | 1,770,000 | 1,634,418 | |
Berry Global, Inc. 5.625% 7/15/27 (b) | 1,110,000 | 1,095,352 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 1,070,000 | 1,052,887 | |
8.75% 4/15/30 (b) | 6,430,000 | 6,201,039 | |
9,983,696 | |||
Railroad - 0.3% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 4,225,000 | 4,176,042 | |
Restaurants - 1.0% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (b) | 7,635,000 | 6,643,542 | |
CEC Entertainment LLC 6.75% 5/1/26 (b) | 2,250,000 | 2,216,933 | |
KFC Holding Co./Pizza Hut Holding LLC/Taco Bell of America LLC 4.75% 6/1/27 (b) | 1,325,000 | 1,285,360 | |
Papa John's International, Inc. 3.875% 9/15/29 (b) | 870,000 | 755,666 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 2,585,000 | 2,354,609 | |
13,256,110 | |||
Services - 5.7% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (b) | 1,050,000 | 896,210 | |
Artera Services LLC 8.5% 2/15/31 (b) | 2,765,000 | 2,825,222 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 5,875,000 | 5,525,637 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (b) | 1,328,000 | 1,195,695 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (b) | 1,470,000 | 1,341,329 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 3,910,000 | 4,197,563 | |
Camelot Finance SA 4.5% 11/1/26 (b) | 2,285,000 | 2,204,554 | |
CoreCivic, Inc. 8.25% 4/15/29 | 2,225,000 | 2,323,544 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 4,470,000 | 4,038,304 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 9,979,000 | 9,929,903 | |
Hertz Corp.: | |||
4.625% 12/1/26 (b) | 1,680,000 | 1,304,375 | |
5% 12/1/29 (b) | 2,190,000 | 1,446,276 | |
5.5% (b)(c)(e) | 3,155,000 | 102,538 | |
6% (b)(c)(e) | 3,900,000 | 351,000 | |
6.25% (c)(e) | 2,880,000 | 93,600 | |
7.125% (b)(c)(e) | 3,980,000 | 358,200 | |
OpenLane, Inc. 5.125% 6/1/25 (b) | 96,000 | 94,791 | |
Sabre GLBL, Inc. 8.625% 6/1/27 (b) | 3,128,000 | 2,879,737 | |
Service Corp. International 5.125% 6/1/29 | 1,845,000 | 1,773,199 | |
Staples, Inc. 10.75% 9/1/29 (b)(d) | 1,400,000 | 1,354,649 | |
The GEO Group, Inc.: | |||
8.625% 4/15/29 (b) | 2,860,000 | 2,943,814 | |
10.25% 4/15/31 (b) | 2,730,000 | 2,873,085 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 17,310,000 | 16,318,637 | |
6.25% 1/15/28 (b) | 2,145,000 | 2,144,906 | |
7.5% 9/15/27 (b) | 2,765,000 | 2,816,150 | |
United Rentals North America, Inc. 6.125% 3/15/34 (b) | 3,705,000 | 3,634,792 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 1,640,000 | 1,594,239 | |
76,561,949 | |||
Steel - 0.2% | |||
Commercial Metals Co. 3.875% 2/15/31 | 1,125,000 | 987,653 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 690,000 | 630,264 | |
Vallourec SA 7.5% 4/15/32 (b) | 1,300,000 | 1,337,644 | |
2,955,561 | |||
Super Retail - 1.6% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 681,000 | 643,231 | |
4.625% 11/15/29 (b) | 1,520,000 | 1,398,426 | |
4.75% 3/1/30 | 680,000 | 623,609 | |
5% 2/15/32 (b) | 1,520,000 | 1,360,647 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (b) | 5,045,000 | 5,051,811 | |
Carvana Co.: | |||
12% 12/1/28 pay-in-kind (b)(f) | 317,454 | 331,860 | |
13% 6/1/30 pay-in-kind (b)(f) | 477,709 | 491,655 | |
14% 6/1/31 pay-in-kind (b)(f) | 568,057 | 598,571 | |
EG Global Finance PLC 12% 11/30/28 (b) | 2,975,000 | 3,081,296 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,455,000 | 2,216,823 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (b) | 1,065,000 | 1,013,251 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 1,320,000 | 1,070,678 | |
7.875% 5/1/29 (b) | 1,235,000 | 839,917 | |
Sally Holdings LLC 6.75% 3/1/32 | 3,070,000 | 3,011,524 | |
21,733,299 | |||
Technology - 5.9% | |||
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 6,520,000 | 5,915,844 | |
Block, Inc.: | |||
2.75% 6/1/26 | 2,555,000 | 2,406,251 | |
3.5% 6/1/31 | 2,555,000 | 2,188,494 | |
6.5% 5/15/32 (b) | 3,495,000 | 3,527,475 | |
Boxer Parent Co., Inc. 9.125% 3/1/26 (b) | 60,000 | 60,233 | |
CA Magnum Holdings 5.375% 10/31/26 (b) | 770,000 | 734,118 | |
Cloud Software Group, Inc.: | |||
8.25% 6/30/32 (b) | 5,585,000 | 5,640,665 | |
9% 9/30/29 (b) | 6,530,000 | 6,318,734 | |
Coherent Corp. 5% 12/15/29 (b) | 1,385,000 | 1,291,488 | |
Elastic NV 4.125% 7/15/29 (b) | 1,275,000 | 1,139,983 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 6,075,000 | 6,021,710 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (b) | 2,235,000 | 2,174,722 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 1,850,000 | 1,396,391 | |
Iliad Holding SAS 8.5% 4/15/31 (b) | 2,155,000 | 2,182,099 | |
Match Group Holdings II LLC 4.125% 8/1/30 (b) | 1,515,000 | 1,317,086 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,530,000 | 3,374,741 | |
NCR Atleos Corp. 9.5% 4/1/29 (b) | 3,180,000 | 3,430,768 | |
NCR Voyix Corp. 5.125% 4/15/29 (b) | 1,775,000 | 1,648,121 | |
Open Text Corp. 3.875% 12/1/29 (b) | 2,200,000 | 1,937,141 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 3,095,000 | 2,751,573 | |
4.125% 12/1/31 (b) | 2,200,000 | 1,893,027 | |
Roblox Corp. 3.875% 5/1/30 (b) | 6,155,000 | 5,362,664 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (b) | 1,545,000 | 1,652,707 | |
8.5% 7/15/31 (b) | 1,410,000 | 1,504,251 | |
Sensata Technologies BV 4% 4/15/29 (b) | 2,480,000 | 2,252,869 | |
Sensata Technologies, Inc. 6.625% 7/15/32 (b)(d) | 1,495,000 | 1,499,908 | |
SS&C Technologies, Inc. 6.5% 6/1/32 (b) | 4,900,000 | 4,913,544 | |
Synaptics, Inc. 4% 6/15/29 (b) | 1,210,000 | 1,083,637 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 2,215,000 | 2,006,398 | |
UKG, Inc. 6.875% 2/1/31 (b) | 1,630,000 | 1,640,335 | |
79,266,977 | |||
Telecommunications - 4.8% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 7,480,000 | 5,552,517 | |
Altice France Holding SA 10.5% 5/15/27 (b) | 4,240,000 | 1,568,768 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 2,270,000 | 1,533,657 | |
5.5% 1/15/28 (b) | 4,825,000 | 3,378,365 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 9,965,000 | 9,501,229 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 1,320,000 | 1,082,397 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 2,480,000 | 2,316,285 | |
5.875% 10/15/27 (b) | 2,440,000 | 2,375,963 | |
5.875% 11/1/29 | 615,475 | 530,963 | |
6% 1/15/30 (b) | 3,035,000 | 2,630,291 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 4,985,000 | 4,689,022 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (b) | 2,520,000 | 2,113,705 | |
6.75% 10/15/27 (b) | 4,724,000 | 4,449,476 | |
Level 3 Financing, Inc.: | |||
4% 4/15/31 (b) | 3,850,000 | 2,102,870 | |
4.5% 4/1/30 (b) | 3,420,000 | 1,940,796 | |
Lumen Technologies, Inc.: | |||
4.125% 4/15/29 (b) | 1,795,625 | 1,154,702 | |
4.125% 4/15/30 (b) | 1,795,625 | 1,148,302 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (b) | 1,450,000 | 1,488,976 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 6,860,000 | 4,642,023 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 6,380,000 | 5,994,056 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (b) | 3,835,000 | 2,990,489 | |
6.125% 3/1/28 (b) | 2,115,000 | 1,439,026 | |
64,623,878 | |||
Textiles/Apparel - 0.5% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (b) | 3,760,000 | 3,270,028 | |
4.25% 3/15/29 (b) | 1,710,000 | 1,560,869 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 1,665,000 | 1,357,794 | |
6,188,691 | |||
Transportation Ex Air/Rail - 0.2% | |||
Avolon Holdings Funding Ltd.: | |||
3.95% 7/1/24 (b) | 9,000 | 8,985 | |
4.375% 5/1/26 (b) | 7,000 | 6,799 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 3,695,000 | 3,292,720 | |
3,308,504 | |||
Utilities - 3.6% | |||
Clearway Energy Operating LLC 4.75% 3/15/28 (b) | 2,940,000 | 2,795,018 | |
DPL, Inc. 4.35% 4/15/29 | 9,480,000 | 8,760,594 | |
NRG Energy, Inc. 3.875% 2/15/32 (b) | 132,000 | 112,977 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 350,000 | 255,527 | |
3.95% 12/1/47 | 2,495,000 | 1,802,227 | |
4.55% 7/1/30 | 4,110,000 | 3,880,610 | |
4.95% 7/1/50 | 14,750,000 | 12,308,179 | |
PG&E Corp. 5.25% 7/1/30 | 9,430,000 | 8,982,697 | |
Pike Corp. 5.5% 9/1/28 (b) | 5,310,000 | 5,053,489 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 3,055,000 | 2,831,757 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (b) | 2,000,000 | 1,967,920 | |
48,750,995 | |||
TOTAL NONCONVERTIBLE BONDS | 1,113,649,038 | ||
TOTAL CORPORATE BONDS (Cost $1,235,487,094) | 1,133,425,020 | ||
Asset-Backed Securities - 0.7% | |||
Principal Amount (a) | Value ($) | ||
Golub Capital Partners Clo 74 Series 2024-74A Class D2, CME Term SOFR 3 Month Index + 4.500% 0% 7/25/37 (b)(f)(h) | 1,650,000 | 1,652,925 | |
KKR CLO Ltd. / KKR CLO LLC Series 2024-29A Class D2R, CME Term SOFR 3 Month Index + 5.200% 10.5209% 7/15/37 (b)(f)(h) | 2,000,000 | 2,000,286 | |
Palmer Square Ln Funding 2024-3 Series 2024-3A Class D, CME Term SOFR 3 Month Index + 5.400% 0% 8/8/32 (b)(d)(f)(h) | 2,000,000 | 2,005,540 | |
Sandstone Peak Iii Ltd. Series 2024-1A Class D2A, CME Term SOFR 3 Month Index + 5.250% 5.25% 4/25/37 (b)(f)(h) | 1,000,000 | 1,002,201 | |
Sixth Street Clo Xxv Ltd. Series 2024-25A Class D2, CME Term SOFR 3 Month Index + 4.500% 4.5% 7/24/37 (b)(d)(f)(h) | 1,350,000 | 1,352,608 | |
Sycamore Tree Clo 2023-3 Ltd. / Series 2024-3A Class D2BR, 9.628% 4/20/37 (b) | 2,000,000 | 1,999,560 | |
TOTAL ASSET-BACKED SECURITIES (Cost $10,000,000) | 10,013,120 | ||
Common Stocks - 2.5% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (c)(i) | 32,168 | 26,378 | |
Broadcasting - 0.0% | |||
iHeartMedia, Inc. (i)(j) | 8,204 | 7,594 | |
Energy - 1.4% | |||
California Resources Corp. (j) | 119,243 | 5,646,156 | |
California Resources Corp. warrants 10/27/24 (i) | 20,004 | 238,448 | |
Chesapeake Energy Corp. (j) | 64,281 | 5,845,071 | |
EP Energy Corp. (c)(i) | 218,900 | 295,515 | |
Exxon Mobil Corp. | 25,555 | 2,996,579 | |
Forbes Energy Services Ltd. (c)(i) | 72,087 | 7 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (i) | 27,051 | 735,566 | |
warrants 2/4/28 (i) | 27,051 | 645,437 | |
PureWest Energy (c) | 2,832 | 637 | |
Superior Energy Services, Inc. Class A (c) | 15,005 | 1,054,852 | |
Tidewater, Inc. warrants 11/14/42 (i) | 8,251 | 937,996 | |
Tribune Resources, Inc. (c) | 182,155 | 116,579 | |
TOTAL ENERGY | 18,512,843 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. (c)(g)(i) | 1,330,466 | 1,170,810 | |
Food & Drug Retail - 0.2% | |||
Northeast Grocery, Inc. (c)(g)(i) | 228,430 | 1,370,580 | |
Southeastern Grocers, Inc. rights (c)(i) | 687,397 | 756,137 | |
TOTAL FOOD & DRUG RETAIL | 2,126,717 | ||
Gaming - 0.0% | |||
Studio City International Holdings Ltd.: | |||
ADR (b)(i) | 25,434 | 197,114 | |
(NYSE) ADR (i) | 28,000 | 217,000 | |
TOTAL GAMING | 414,114 | ||
Hotels - 0.0% | |||
Travelport Finance Luxembourg SARL (c) | 261 | 686,349 | |
Telecommunications - 0.1% | |||
CUI Acquisition Corp. Class E (c)(i) | 0 | 0 | |
Frontier Communications Parent, Inc. (i)(j) | 77,463 | 2,065,164 | |
TOTAL TELECOMMUNICATIONS | 2,065,164 | ||
Textiles/Apparel - 0.2% | |||
Intelsat Emergence SA (c) | 61,616 | 2,582,327 | |
Utilities - 0.5% | |||
PG&E Corp. | 350,590 | 6,499,939 | |
TOTAL COMMON STOCKS (Cost $26,903,503) | 34,092,235 | ||
Bank Loan Obligations - 7.6% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 1.3% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1792% 11/23/28 (c)(f)(h)(k) | 7,197,395 | 7,197,395 | |
2LN, term loan: | |||
CME Term SOFR 3 Month Index + 7.000% 12.4292% 11/23/29 (c)(f)(h)(k) | 915,000 | 915,000 | |
CME Term SOFR 3 Month Index + 8.000% 13.4292% 11/23/29 (c)(f)(h)(k) | 9,743,000 | 9,743,000 | |
TOTAL AIR TRANSPORTATION | 17,855,395 | ||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.500% 7.8019% 2/1/27 (f)(h)(k) | 625,172 | 624,234 | |
Broadcasting - 0.0% | |||
Diamond Sports Group LLC term loan NULL 5% 8/2/27 (k) | 169,766 | 239,370 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8359% 2/25/29 (f)(h)(k) | 1,517,963 | 1,508,202 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8292% 11/15/30 (f)(h)(k) | 2,155,000 | 2,143,320 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (f)(h)(k) | 2,824,375 | 2,822,624 | |
TOTAL CHEMICALS | 4,965,944 | ||
Consumer Products - 0.2% | |||
TKC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.1082% 5/14/28 (f)(h)(k) | 2,292,625 | 2,287,856 | |
Diversified Financial Services - 1.1% | |||
Cabazon Finance Authority term loan 13% 11/23/26 pay-in-kind (c)(f)(k) | 3,504,253 | 2,395,508 | |
GTCR W-2 Merger Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3094% 1/31/31 (f)(h)(k) | 3,980,000 | 3,990,507 | |
HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8292% 4/22/30 (f)(h)(k) | 227,118 | 227,402 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 12/31/24 (c)(f)(h)(k) | 7,827,081 | 7,739,418 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 14,352,835 | ||
Diversified Media - 0.3% | |||
CMG Media Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9094% 12/17/26 (f)(h)(k) | 4,909,258 | 3,866,581 | |
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(k) | 3,964,252 | 0 | |
term loan 0% (c)(e)(f)(k) | 1,710,000 | 0 | |
TOTAL ENERGY | 0 | ||
Food & Drug Retail - 0.0% | |||
Northeast Grocery, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.8267% 12/13/28 (f)(h)(k) | 745,000 | 743,138 | |
Food/Beverage/Tobacco - 0.4% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.7359% 5/16/29 (f)(h)(k) | 1,856,725 | 1,441,283 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3019% 3/31/28 (f)(h)(k) | 3,925,163 | 3,937,919 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 5,379,202 | ||
Healthcare - 0.0% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4437% 11/1/28 (f)(h)(k) | 284,200 | 285,146 | |
Insurance - 0.6% | |||
Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6937% 2/15/27 (f)(h)(k) | 210,163 | 210,688 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4292% 8/19/28 (f)(h)(k) | 4,235,500 | 4,183,149 | |
HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5746% 6/20/30 (f)(h)(k) | 648,375 | 652,479 | |
Truist Insurance Holdings LLC 2L, term loan CME Term SOFR 1 Month Index + 4.750% 10.0859% 3/8/32 (f)(h)(k) | 2,460,000 | 2,510,233 | |
USI, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3019% 11/22/29 (f)(h)(k) | 430,467 | 431,065 | |
TOTAL INSURANCE | 7,987,614 | ||
Publishing/Printing - 0.3% | |||
Clear Channel International BV Tranche B 1LN, term loan 7.5% 8/31/27 (c)(k) | 3,525,000 | 3,472,125 | |
Services - 1.8% | |||
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1792% 12/10/29 (f)(h)(k) | 305,000 | 299,053 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9437% 6/2/28 (f)(h)(k) | 5,731,519 | 5,645,546 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.4592% 9/13/29 (c)(f)(h)(k) | 6,212,915 | 6,212,915 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4059% 4/11/29 (f)(h)(k) | 5,479,650 | 5,245,231 | |
PG Investment Co. 59 Sarl Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8125% 3/24/31 (f)(h)(k) | 305,000 | 307,034 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (f)(h)(k) | 6,934,217 | 5,954,758 | |
STS Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.42% 3/25/31 (f)(h)(k) | 645,000 | 648,760 | |
TOTAL SERVICES | 24,313,297 | ||
Super Retail - 0.2% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1937% 3/5/28 (f)(h)(k) | 2,589,765 | 2,590,982 | |
Technology - 0.8% | |||
Applied Systems, Inc.: | |||
Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (f)(h)(k) | 25,000 | 25,883 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (f)(h)(k) | 135,000 | 136,085 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5792% 2/15/29 (f)(h)(k) | 2,794,074 | 2,786,307 | |
Cotiviti, Inc.: | |||
Tranche 1LN, term loan 7.625% 5/1/31 (k) | 2,220,000 | 2,206,125 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5632% 5/1/31 (f)(h)(k) | 560,000 | 561,753 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.4592% 9/13/29 (c)(f)(h)(k) | 145,100 | 145,100 | |
UKG, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5699% 2/10/31 (f)(h)(k) | 4,738,702 | 4,772,441 | |
TOTAL TECHNOLOGY | 10,633,694 | ||
Telecommunications - 0.1% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8286% 8/15/28 (f)(h)(k) | 1,042,717 | 782,038 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0795% 1/30/31 (f)(h)(k) | 425,000 | 428,540 | |
TOTAL TELECOMMUNICATIONS | 1,210,578 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $106,753,495) | 102,316,193 | ||
Preferred Securities - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.6% | |||
Bank of America Corp.: | |||
6.1% (f)(l) | 3,690,000 | 3,694,133 | |
6.25% (f)(l) | 2,310,000 | 2,299,903 | |
Wells Fargo & Co. 5.9% (f)(l) | 1,955,000 | 1,951,259 | |
TOTAL BANKS & THRIFTS | 7,945,295 | ||
Diversified Financial Services - 0.3% | |||
Charles Schwab Corp. 5.375% (f)(l) | 4,340,000 | 4,271,376 | |
TOTAL PREFERRED SECURITIES (Cost $12,070,242) | 12,216,671 | ||
Other - 2.1% | |||
Shares | Value ($) | ||
Other - 2.1% | |||
Fidelity Private Credit Co. LLC (g)(m) (Cost $27,223,104) | 2,733,005 | 27,821,978 | |
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (n) | 9,861,747 | 9,863,719 | |
Fidelity Securities Lending Cash Central Fund 5.39% (n)(o) | 4,867,313 | 4,867,800 | |
TOTAL MONEY MARKET FUNDS (Cost $14,731,519) | 14,731,519 | ||
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $1,433,168,957) | 1,334,616,736 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 14,994,455 |
NET ASSETS - 100.0% | 1,349,611,191 |
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 $956,814,501 or 70.9% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(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) | 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 $40,487,406 or 3.0% of net assets. |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Non-income producing |
(j) | Security or a portion of the security is on loan at period end. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated Fund |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(o) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Co. LLC | 4/15/22 - 5/06/24 | 27,223,105 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 9,239,670 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 6,590,796 |
Northeast Grocery, Inc. | 11/08/21 | 90,888 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 21,545,624 | 422,660,742 | 434,342,856 | 1,448,616 | 209 | - | 9,863,719 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 7,268,450 | 23,532,344 | 25,932,994 | 7,357 | - | - | 4,867,800 | 0.0% |
Total | 28,814,074 | 446,193,086 | 460,275,850 | 1,455,973 | 209 | - | 14,731,519 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Private Credit Co. LLC | 24,227,898 | 3,266,929 | - | 2,704,912 | - | 327,160 | 27,821,987 |
24,227,898 | 3,266,929 | - | 2,704,912 | - | 327,160 | 27,821,987 |
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 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. Asset-Backed Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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 Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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