UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | April 30 |
Date of reporting period: | April 30, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Class A (incl.4.00% sales charge) | -3.11% | 1.29% | 1.87% |
Class M (incl.4.00% sales charge) | -3.11% | 1.29% | 1.87% |
Class C (incl. contingent deferred sales charge) | -0.79% | 1.36% | 1.66% |
Fidelity® Short Duration High Income Fund | 1.18% | 2.38% | 2.56% |
Class I | 1.18% | 2.38% | 2.56% |
Class Z | 1.27% | 2.46% | 2.60% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Short Duration High Income Fund, a class of the fund, on November 5, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 2.7 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 2.6 | |
Ford Motor Credit Co. LLC | 2.0 | |
Occidental Petroleum Corp. | 1.6 | |
CSC Holdings LLC | 1.5 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.4 | |
DISH Network Corp. | 1.3 | |
Carnival Corp. | 1.2 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. | 1.2 | |
Community Health Systems, Inc. | 1.2 | |
16.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 13.4 | |
Services | 6.6 | |
Telecommunications | 6.2 | |
Healthcare | 5.8 | |
Aerospace | 5.3 | |
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Corporate Bonds - 78.5% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.7% | |||
Broadcasting - 0.7% | |||
DISH Network Corp. 3.375% 8/15/26 | 7,300,000 | 3,438,300 | |
Energy - 0.0% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 15,159 | 101,852 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 26,231 | 176,243 | |
278,095 | |||
TOTAL CONVERTIBLE BONDS | 3,716,395 | ||
Nonconvertible Bonds - 77.8% | |||
Aerospace - 5.3% | |||
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 125,000 | 118,555 | |
7.125% 6/15/26 (d) | 4,000,000 | 3,987,442 | |
7.875% 4/15/27 (d) | 1,000,000 | 997,788 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 1,255,000 | 1,284,590 | |
6.875% 5/1/25 | 3,708,000 | 3,817,844 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 1,300,000 | 1,297,448 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) | 1,750,000 | 1,738,620 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 3,335,000 | 3,201,600 | |
6.25% 3/15/26 (d) | 7,365,000 | 7,399,816 | |
6.75% 8/15/28 (d) | 2,935,000 | 2,980,613 | |
7.5% 3/15/27 | 25,000 | 25,125 | |
26,849,441 | |||
Air Transportation - 2.0% | |||
American Airlines, Inc. 7.25% 2/15/28 (d) | 380,000 | 369,601 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 6,300,000 | 6,186,561 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 1,010,000 | 915,023 | |
United Airlines, Inc. 4.375% 4/15/26 (d) | 2,600,000 | 2,483,050 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 250,000 | 32,500 | |
9,986,735 | |||
Automotive & Auto Parts - 2.2% | |||
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (d)(e) | 505,000 | 506,954 | |
Ford Motor Credit Co. LLC: | |||
2.3% 2/10/25 | 540,000 | 502,733 | |
3.375% 11/13/25 | 7,700,000 | 7,150,677 | |
4.687% 6/9/25 | 455,000 | 439,861 | |
5.125% 6/16/25 | 250,000 | 243,360 | |
7.35% 11/4/27 | 1,420,000 | 1,460,189 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 600,000 | 600,396 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 30,000 | 22,575 | |
10,926,745 | |||
Banks & Thrifts - 0.6% | |||
Ally Financial, Inc.: | |||
3.875% 5/21/24 | 970,000 | 944,392 | |
5.75% 11/20/25 | 1,895,000 | 1,841,346 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (d) | 235,000 | 224,425 | |
3,010,163 | |||
Broadcasting - 2.2% | |||
Clear Channel Outdoor Holdings, Inc. 5.125% 8/15/27 (d) | 1,000,000 | 903,263 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(f) | 410,000 | 27,675 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 3,030,000 | 2,862,273 | |
iHeartCommunications, Inc. 4.75% 1/15/28 (d) | 1,400,000 | 1,089,707 | |
Sirius XM Radio, Inc. 3.125% 9/1/26 (d) | 5,395,000 | 4,828,418 | |
Univision Communications, Inc. 6.625% 6/1/27 (d) | 1,375,000 | 1,323,942 | |
11,035,278 | |||
Building Materials - 0.1% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 245,000 | 234,281 | |
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (d) | 185,000 | 154,145 | |
SRS Distribution, Inc. 4.625% 7/1/28 (d) | 95,000 | 83,664 | |
472,090 | |||
Cable/Satellite TV - 4.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (d) | 7,650,000 | 7,218,308 | |
CSC Holdings LLC: | |||
5.25% 6/1/24 | 3,900,000 | 3,801,096 | |
5.5% 4/15/27 (d) | 4,300,000 | 3,676,531 | |
DISH DBS Corp.: | |||
5.25% 12/1/26 (d) | 2,400,000 | 1,833,197 | |
5.875% 11/15/24 | 3,100,000 | 2,560,561 | |
7.75% 7/1/26 | 650,000 | 375,498 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d) | 1,595,000 | 1,241,322 | |
20,706,513 | |||
Capital Goods - 0.7% | |||
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 3,525,000 | 3,295,404 | |
Chemicals - 2.5% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (d) | 580,000 | 556,178 | |
INEOS Finance PLC 6.75% 5/15/28 (d) | 1,485,000 | 1,466,438 | |
INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (d) | 250,000 | 229,527 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 1,990,000 | 1,751,349 | |
Methanex Corp. 5.125% 10/15/27 | 700,000 | 668,770 | |
NOVA Chemicals Corp.: | |||
4.875% 6/1/24 (d) | 300,000 | 295,232 | |
5% 5/1/25 (d) | 3,205,000 | 3,109,965 | |
5.25% 6/1/27 (d) | 1,100,000 | 995,490 | |
Rhodia Acetow Management GmbH 10.5% 2/15/27 (d) | 130,000 | 123,500 | |
SPCM SA 3.125% 3/15/27 (d) | 395,000 | 352,696 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,900,000 | 2,695,156 | |
W.R. Grace Holding LLC 7.375% 3/1/31 (d) | 180,000 | 180,278 | |
12,424,579 | |||
Consumer Products - 1.2% | |||
Coty, Inc. 5% 4/15/26 (d) | 3,000,000 | 2,929,170 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 75,000 | 63,375 | |
Mattel, Inc. 5.875% 12/15/27 (d) | 1,210,000 | 1,211,490 | |
Newell Brands, Inc. 4.7% 4/1/26 | 1,800,000 | 1,719,000 | |
5,923,035 | |||
Containers - 2.5% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (d) | 610,000 | 573,560 | |
5.25% 8/15/27 (d) | 500,000 | 426,763 | |
5.25% 8/15/27 (d) | 3,000,000 | 2,560,577 | |
Ball Corp.: | |||
4% 11/15/23 | 400,000 | 395,956 | |
5.25% 7/1/25 | 1,900,000 | 1,898,474 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 1,175,000 | 1,148,895 | |
BWAY Holding Co. 7.875% 8/15/26 (d) | 925,000 | 938,251 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 515,000 | 522,571 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 220,000 | 213,582 | |
8.5% 8/15/27 (d) | 4,050,000 | 3,910,090 | |
12,588,719 | |||
Diversified Financial Services - 4.1% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 225,000 | 200,813 | |
Freedom Mortgage Corp. 6.625% 1/15/27 (d) | 250,000 | 202,500 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 400,000 | 347,120 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 1,840,000 | 1,815,216 | |
5.25% 5/15/27 | 3,535,000 | 3,327,319 | |
6.25% 5/15/26 | 7,690,000 | 7,580,527 | |
Navient Corp.: | |||
6.125% 3/25/24 | 2,000,000 | 1,982,525 | |
6.75% 6/15/26 | 250,000 | 243,425 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 235,000 | 199,308 | |
6.125% 3/15/24 | 750,000 | 737,636 | |
6.875% 3/15/25 | 4,090,000 | 4,001,168 | |
20,637,557 | |||
Diversified Media - 0.3% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 1,660,000 | 1,291,580 | |
Energy - 13.4% | |||
Berry Petroleum Co. LLC 7% 2/15/26 (d) | 100,000 | 95,108 | |
Buckeye Partners LP: | |||
4.125% 3/1/25 (d) | 1,400,000 | 1,336,897 | |
4.125% 12/1/27 | 1,400,000 | 1,257,634 | |
California Resources Corp. 7.125% 2/1/26 (d) | 250,000 | 252,515 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (d) | 10,000 | 10,271 | |
Centennial Resource Production LLC 5.875% 7/1/29 (d) | 3,570,000 | 3,364,725 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 1,700,000 | 1,620,441 | |
Chesapeake Energy Corp. 5.5% 2/1/26 (d) | 505,000 | 499,854 | |
Chord Energy Corp. 6.375% 6/1/26 (d) | 100,000 | 99,483 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 2,650,000 | 2,669,160 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 1,450,000 | 1,412,271 | |
Comstock Resources, Inc. 6.75% 3/1/29 (d) | 120,000 | 108,645 | |
Continental Resources, Inc. 2.268% 11/15/26 (d) | 300,000 | 268,913 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
6% 2/1/29 (d) | 2,760,000 | 2,601,300 | |
7.375% 2/1/31 (d) | 525,000 | 525,000 | |
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (d) | 2,300,000 | 2,270,536 | |
CVR Energy, Inc. 5.25% 2/15/25 (d) | 1,615,000 | 1,561,447 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 1,400,000 | 1,400,269 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 80,000 | 72,867 | |
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (d) | 82,000 | 84,460 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 1,400,000 | 1,363,201 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (d) | 147,000 | 144,418 | |
7.5% 6/1/27 (d) | 2,550,000 | 2,540,870 | |
EQT Corp. 3.125% 5/15/26 (d) | 500,000 | 464,362 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 1,145,000 | 1,142,617 | |
Gulfport Energy Corp. 8% 5/17/26 | 100,000 | 100,250 | |
Hess Midstream Partners LP 5.625% 2/15/26 (d) | 2,450,000 | 2,411,609 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (d) | 105,000 | 103,421 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d) | 1,300,000 | 1,261,000 | |
Mesquite Energy, Inc. 7.25% 12/31/49 (c)(d)(f) | 135,000 | 0 | |
Murphy Oil Corp. 5.75% 8/15/25 | 64,000 | 63,424 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 2,550,000 | 2,489,208 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 3,815,000 | 3,512,968 | |
6.75% 9/15/25 (d) | 1,290,000 | 1,228,514 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 1,450,000 | 1,390,275 | |
NuStar Logistics LP 6% 6/1/26 | 400,000 | 393,628 | |
Occidental Petroleum Corp.: | |||
5.875% 9/1/25 | 5,250,000 | 5,306,317 | |
6.95% 7/1/24 | 424,000 | 431,420 | |
8.5% 7/15/27 | 2,000,000 | 2,202,260 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.25% 6/15/25 | 350,000 | 348,688 | |
PDC Energy, Inc. 5.75% 5/15/26 | 1,750,000 | 1,698,752 | |
Precision Drilling Corp. 7.125% 1/15/26 (d) | 1,660,000 | 1,612,284 | |
Range Resources Corp. 4.875% 5/15/25 | 1,250,000 | 1,233,113 | |
SM Energy Co. 6.625% 1/15/27 | 1,156,000 | 1,115,540 | |
Southwestern Energy Co. 5.7% 1/23/25 (g) | 1,128,000 | 1,125,682 | |
Sunnova Energy Corp. 5.875% 9/1/26 (d) | 2,210,000 | 2,002,813 | |
Sunoco LP/Sunoco Finance Corp.: | |||
5.875% 3/15/28 | 960,000 | 938,400 | |
6% 4/15/27 | 1,010,000 | 1,004,470 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (d) | 2,000,000 | 1,929,655 | |
Transocean, Inc. 8.75% 2/15/30 (d) | 650,000 | 655,844 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 1,500,000 | 1,483,799 | |
Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (d) | 715,000 | 725,015 | |
Western Gas Partners LP 4.65% 7/1/26 | 3,500,000 | 3,402,701 | |
67,338,314 | |||
Entertainment/Film - 0.7% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) | 3,900,000 | 3,611,985 | |
Environmental - 0.4% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 210,000 | 214,250 | |
Madison IAQ LLC 4.125% 6/30/28 (d) | 1,900,000 | 1,671,532 | |
1,885,782 | |||
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (d) | 4,600,000 | 4,326,101 | |
6.5% 2/15/28 (d) | 985,000 | 997,313 | |
5,323,414 | |||
Food/Beverage/Tobacco - 1.3% | |||
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 1,100,000 | 1,078,084 | |
Pilgrim's Pride Corp. 5.875% 9/30/27 (d) | 1,700,000 | 1,691,101 | |
Post Holdings, Inc.: | |||
5.625% 1/15/28 (d) | 1,625,000 | 1,587,781 | |
5.75% 3/1/27 (d) | 596,000 | 592,428 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (d) | 100,000 | 91,500 | |
U.S. Foods, Inc. 6.25% 4/15/25 (d) | 1,275,000 | 1,281,631 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 95,000 | 90,174 | |
6,412,699 | |||
Gaming - 4.4% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 1,030,000 | 926,472 | |
Boyd Gaming Corp. 4.75% 12/1/27 | 1,300,000 | 1,254,610 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 4,950,000 | 4,956,041 | |
8.125% 7/1/27 (d) | 900,000 | 918,227 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 495,000 | 499,076 | |
Carnival Corp. 10.5% 6/1/30 (d) | 245,000 | 232,487 | |
Churchill Downs, Inc.: | |||
4.75% 1/15/28 (d) | 1,300,000 | 1,231,095 | |
6.75% 5/1/31 (d) | 495,000 | 498,242 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 500,000 | 505,000 | |
International Game Technology PLC 4.125% 4/15/26 (d) | 2,200,000 | 2,111,937 | |
Melco Resorts Finance Ltd. 5.25% 4/26/26 (d) | 200,000 | 185,524 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (d) | 95,000 | 88,825 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 225,000 | 176,288 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (d) | 3,715,000 | 3,569,706 | |
4.625% 6/15/25 (d) | 300,000 | 291,410 | |
5.625% 5/1/24 (d) | 1,000,000 | 995,116 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | |||
5.25% 5/15/27 (d) | 900,000 | 865,804 | |
5.5% 3/1/25 (d) | 2,800,000 | 2,761,163 | |
22,067,023 | |||
Healthcare - 4.8% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 562,000 | 556,380 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 2,600,000 | 2,096,250 | |
14% 10/15/30 (d) | 197,000 | 126,080 | |
Centene Corp. 3% 10/15/30 | 585,000 | 498,221 | |
Community Health Systems, Inc.: | |||
5.625% 3/15/27 (d) | 6,050,000 | 5,582,765 | |
6.875% 4/15/29 (d) | 750,000 | 554,954 | |
HCA Holdings, Inc. 5.875% 2/15/26 | 1,750,000 | 1,777,234 | |
IQVIA, Inc. 5% 5/15/27 (d) | 4,500,000 | 4,390,565 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (d) | 235,000 | 201,391 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (d) | 1,500,000 | 1,380,007 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 65,000 | 52,132 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 200,000 | 140,282 | |
Surgery Center Holdings, Inc. 6.75% 7/1/25 (d) | 877,000 | 875,904 | |
Tenet Healthcare Corp.: | |||
4.625% 7/15/24 | 86,000 | 85,261 | |
5.125% 11/1/27 | 6,200,000 | 6,015,709 | |
24,333,135 | |||
Homebuilders/Real Estate - 2.0% | |||
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (d) | 250,000 | 226,888 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 1,700,000 | 1,416,705 | |
5.25% 8/1/26 | 4,000,000 | 3,562,181 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 230,000 | 218,348 | |
Service Properties Trust: | |||
4.35% 10/1/24 | 400,000 | 381,761 | |
7.5% 9/15/25 | 3,000,000 | 2,938,140 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 1,500,000 | 1,417,500 | |
10,161,523 | |||
Insurance - 0.4% | |||
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (d) | 1,920,000 | 1,833,504 | |
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (d) | 30,000 | 28,005 | |
Enact Holdings, Inc. 6.5% 8/15/25 (d) | 200,000 | 198,060 | |
2,059,569 | |||
Leisure - 3.1% | |||
Carnival Corp. 7.625% 3/1/26 (d) | 6,580,000 | 6,001,008 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 400,000 | 344,547 | |
5.875% 2/15/27 (d) | 2,025,000 | 1,909,747 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (d) | 120,000 | 106,536 | |
5.5% 8/31/26 (d) | 3,885,000 | 3,561,453 | |
7.25% 1/15/30 (d) | 445,000 | 446,251 | |
11.625% 8/15/27 (d) | 1,500,000 | 1,592,530 | |
Six Flags Entertainment Corp. 5.5% 4/15/27 (d) | 1,500,000 | 1,433,535 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 235,000 | 247,338 | |
15,642,945 | |||
Metals/Mining - 1.5% | |||
Cleveland-Cliffs, Inc. 6.75% 4/15/30 (d) | 495,000 | 481,133 | |
First Quantum Minerals Ltd. 6.875% 3/1/26 (d) | 2,610,000 | 2,551,275 | |
Howmet Aerospace, Inc. 5.125% 10/1/24 | 214,000 | 213,126 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 2,355,000 | 2,193,030 | |
Novelis Corp. 3.25% 11/15/26 (d) | 2,550,000 | 2,334,433 | |
7,772,997 | |||
Paper - 0.5% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (d) | 2,500,000 | 2,487,048 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 1,800,000 | 1,688,288 | |
5.75% 4/15/25 (d) | 1,000,000 | 1,002,002 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 55,000 | 59,125 | |
Yum! Brands, Inc. 3.875% 11/1/23 | 1,225,000 | 1,213,484 | |
3,962,899 | |||
Services - 3.9% | |||
AECOM 5.125% 3/15/27 | 1,505,000 | 1,474,253 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 1,505,000 | 1,503,465 | |
Aramark Services, Inc. 5% 4/1/25 (d) | 2,800,000 | 2,771,738 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 806,000 | 754,207 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 35,000 | 30,275 | |
8.25% 4/15/26 | 1,050,000 | 1,060,721 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 1,615,000 | 1,320,263 | |
Diebold Nixdorf, Inc. 9.375% 7/15/25 (d) | 103,000 | 45,281 | |
Iron Mountain, Inc. 4.875% 9/15/27 (d) | 1,300,000 | 1,239,025 | |
Life Time, Inc. 5.75% 1/15/26 (d) | 1,125,000 | 1,098,599 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 960,000 | 903,600 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 120,000 | 103,064 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (d) | 2,350,000 | 2,332,289 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 2,200,000 | 1,955,250 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 3,440,000 | 3,225,058 | |
19,817,088 | |||
Steel - 0.0% | |||
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 150,000 | 142,875 | |
Super Retail - 1.7% | |||
At Home Group, Inc. 4.875% 7/15/28 (d) | 60,000 | 38,940 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 80,000 | 32,238 | |
5.5% 4/15/27 (d) | 200,000 | 86,049 | |
5.875% 10/1/28 (d) | 115,000 | 47,713 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 3,700,000 | 3,505,750 | |
8.5% 10/30/25 (d) | 800,000 | 758,826 | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | 2,400,000 | 2,261,788 | |
Staples, Inc. 7.5% 4/15/26 (d) | 1,900,000 | 1,602,340 | |
Upbound Group, Inc. 6.375% 2/15/29 (d) | 30,000 | 26,342 | |
8,359,986 | |||
Technology - 2.9% | |||
Camelot Finance SA 4.5% 11/1/26 (d) | 2,600,000 | 2,460,822 | |
CommScope, Inc. 6% 3/1/26 (d) | 2,100,000 | 2,005,676 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 85,000 | 76,820 | |
MoneyGram International, Inc. 5.375% 8/1/26 (d) | 250,000 | 248,816 | |
Open Text Corp. 3.875% 2/15/28 (d) | 1,700,000 | 1,506,387 | |
Qorvo, Inc. 4.375% 10/15/29 | 1,350,000 | 1,227,920 | |
Sensata Technologies BV 5% 10/1/25 (d) | 2,300,000 | 2,264,556 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (d) | 2,000,000 | 1,935,832 | |
Uber Technologies, Inc. 7.5% 9/15/27 (d) | 2,500,000 | 2,578,710 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d) | 400,000 | 303,526 | |
Virtusa Corp. 7.125% 12/15/28 (d) | 50,000 | 40,249 | |
14,649,314 | |||
Telecommunications - 5.5% | |||
Altice Financing SA 5% 1/15/28 (d) | 1,400,000 | 1,133,583 | |
Altice France SA 8.125% 2/1/27 (d) | 3,410,000 | 3,044,835 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 25,000 | 21,688 | |
Cogent Communications Group, Inc. 7% 6/15/27 (d) | 1,800,000 | 1,782,060 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 1,060,000 | 777,192 | |
Hughes Satellite Systems Corp. 5.25% 8/1/26 | 1,400,000 | 1,338,526 | |
Level 3 Financing, Inc. 10.5% 5/15/30 (d) | 710,000 | 679,685 | |
Lumen Technologies, Inc. 4% 2/15/27 (d) | 4,000,000 | 2,671,200 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (d) | 95,000 | 82,413 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 2,402,000 | 2,230,858 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 200,000 | 184,500 | |
SBA Communications Corp. 3.875% 2/15/27 | 3,200,000 | 2,984,651 | |
Sprint Corp. 7.875% 9/15/23 | 2,280,000 | 2,298,457 | |
T-Mobile U.S.A., Inc.: | |||
2.25% 2/15/26 | 3,810,000 | 3,545,596 | |
2.625% 4/15/26 | 320,000 | 300,151 | |
Telecom Italia SpA 5.303% 5/30/24 (d) | 2,150,000 | 2,101,351 | |
ViaSat, Inc. 5.625% 9/15/25 (d) | 1,500,000 | 1,432,500 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 1,200,000 | 908,588 | |
27,517,834 | |||
Transportation Ex Air/Rail - 0.0% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 70,000 | 55,063 | |
Utilities - 1.6% | |||
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,157,000 | 2,084,827 | |
NextEra Energy Partners LP: | |||
4.25% 7/15/24 (d) | 1,500,000 | 1,477,470 | |
4.25% 9/15/24 (d) | 41,000 | 39,360 | |
PG&E Corp. 5% 7/1/28 | 1,210,000 | 1,138,571 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) | 120,000 | 115,200 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 225,000 | 213,820 | |
5.625% 2/15/27 (d) | 3,005,000 | 2,930,770 | |
8,000,018 | |||
TOTAL NONCONVERTIBLE BONDS | 390,749,350 | ||
TOTAL CORPORATE BONDS (Cost $397,729,699) | 394,465,745 | ||
Common Stocks - 0.0% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.0% | |||
Lime Tree Bay Ltd. (c)(h) | 80 | 2,277 | |
Energy - 0.0% | |||
California Resources Corp. warrants 10/27/24 (h) | 2 | 19 | |
Forbes Energy Services Ltd. (c)(h) | 6,468 | 0 | |
Mesquite Energy, Inc. (c)(h) | 1,922 | 120,761 | |
TOTAL ENERGY | 120,780 | ||
TOTAL COMMON STOCKS (Cost $364,526) | 123,057 | ||
Bank Loan Obligations - 13.0% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.2% | |||
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.4533% 6/3/28 (i)(j)(k) | 1,196,947 | 1,106,350 | |
Broadcasting - 0.5% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (i)(j)(k) | 196,992 | 12,558 | |
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 1/31/29 (i)(j)(k) | 2,347,842 | 2,306,755 | |
TOTAL BROADCASTING | 2,319,313 | ||
Building Materials - 0.8% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (i)(j)(k) | 1,674,168 | 1,322,977 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.4983% 4/29/29 (i)(j)(k) | 497,500 | 480,227 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 6/4/28 (i)(j)(k) | 2,336,613 | 2,225,250 | |
TOTAL BUILDING MATERIALS | 4,028,454 | ||
Chemicals - 1.1% | |||
Aruba Investment Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.0246% 11/24/27 (i)(j)(k) | 997,468 | 987,494 | |
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (c)(i)(j)(k) | 284,925 | 276,377 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (i)(j)(k) | 997,500 | 954,278 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 11/9/28 (i)(j)(k) | 1,974,701 | 1,869,548 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 3/16/27 (i)(j)(k) | 32,276 | 31,560 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 9/22/28 (i)(j)(k) | 1,517,131 | 1,516,372 | |
TOTAL CHEMICALS | 5,635,629 | ||
Consumer Products - 0.0% | |||
Conair Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 5/17/28 (i)(j)(k) | 24,625 | 22,912 | |
Diamond BC BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.0565% 9/29/28 (i)(j)(k) | 19,750 | 19,717 | |
TKC Holdings, Inc. 1LN, term loan 13% 2/14/27 (i)(k) | 213,000 | 121,810 | |
TOTAL CONSUMER PRODUCTS | 164,439 | ||
Diversified Financial Services - 0.5% | |||
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.8403% 1/27/27 (i)(j)(k) | 342,929 | 340,357 | |
Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.01% 4/21/28 (i)(j)(k) | 2,298,234 | 2,202,007 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 2,542,364 | ||
Energy - 0.0% | |||
DT Midstream, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.0246% 6/12/28 (i)(j)(k) | 15,973 | 15,973 | |
Forbes Energy Services LLC Tranche B, term loan 0% (c)(f)(i)(k) | 60,604 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(f)(j)(k) | 35,876 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(f)(j)(k) | 15,000 | 0 | |
TOTAL ENERGY | 15,973 | ||
Environmental - 0.1% | |||
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.3467% 6/28/28 (i)(j)(k) | 691,250 | 673,969 | |
Food/Beverage/Tobacco - 0.2% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3143% 5/16/29 (i)(j)(k) | 997,500 | 976,932 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 3/31/28 (i)(j)(k) | 54,038 | 51,133 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 1,028,065 | ||
Gaming - 0.4% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9822% 1/27/29 (i)(j)(k) | 320,837 | 311,815 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.03% 10/20/24 (i)(j)(k) | 1,664,147 | 1,659,986 | |
TOTAL GAMING | 1,971,801 | ||
Healthcare - 1.0% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0822% 11/23/27 (i)(j)(k) | 907,702 | 715,723 | |
Confluent Health LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 11/30/28 (i)(j)(k) | 14,868 | 12,167 | |
Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3467% 5/4/28 (i)(j)(k) | 19,650 | 19,616 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 5/5/28 (i)(j)(k) | 48,715 | 48,641 | |
MED ParentCo LP 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 8/31/26 (i)(j)(k) | 1,196,899 | 1,094,421 | |
Medical Solutions Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.2405% 11/1/28 (i)(j)(k) | 396,309 | 380,456 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 10/23/28 (i)(j)(k) | 113,850 | 110,419 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 8% 6/2/28 (i)(j)(k) | 2,204,266 | 2,199,681 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 11/30/27 (i)(j)(k) | 14,774 | 14,324 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 11/15/28 (i)(j)(k) | 59,400 | 58,327 | |
RadNet Management, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0967% 4/23/28 (i)(j)(k) | 343,875 | 342,500 | |
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.0976% 10/1/28 (i)(j)(k) | 29,550 | 27,999 | |
TOTAL HEALTHCARE | 5,024,274 | ||
Homebuilders/Real Estate - 0.3% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (c)(i)(k) | 1,650,476 | 1,567,953 | |
Hotels - 0.0% | |||
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 8/2/28 (i)(j)(k) | 49,250 | 48,969 | |
Insurance - 0.8% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.51% 11/12/27 (i)(j)(k) | 1,595,849 | 1,580,561 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (i)(j)(k) | 180,081 | 178,429 | |
AssuredPartners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 2/13/27 (i)(j)(k) | 1,337,770 | 1,313,249 | |
USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.6483% 11/22/29 (i)(j)(k) | 997,494 | 994,581 | |
TOTAL INSURANCE | 4,066,820 | ||
Leisure - 0.1% | |||
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 5/28/28 (i)(j)(k) | 393,000 | 381,147 | |
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 9% 5/12/28 (i)(j)(k) | 24,563 | 23,795 | |
TOTAL LEISURE | 404,942 | ||
Paper - 0.6% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (i)(j)(k) | 3,043,175 | 2,969,713 | |
Services - 2.7% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 12/21/28 (i)(j)(k) | 1,545,856 | 1,521,895 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.8322% 5/14/28 (i)(j)(k) | 3,153,791 | 3,038,331 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (i)(j)(k) | 20,000 | 17,325 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (i)(j)(k) | 2,421,352 | 2,208,346 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0822% 8/19/28 (i)(j)(k) | 997,494 | 924,996 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.2386% 6/21/24 (i)(j)(k) | 1,492,084 | 1,401,634 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 9/30/28 (i)(j)(k) | 14,775 | 14,675 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (i)(j)(k) | 49,250 | 44,070 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.405% 6/13/25 (i)(j)(k) | 500,000 | 419,740 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (i)(j)(k) | 997,218 | 949,102 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (i)(j)(k) | 1,115,000 | 993,465 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (i)(j)(k) | 2,432,420 | 1,995,338 | |
TOTAL SERVICES | 13,528,917 | ||
Super Retail - 0.7% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (i)(j)(k) | 3,122,181 | 3,092,927 | |
Empire Today LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.9477% 4/1/28 (i)(j)(k) | 492,481 | 385,120 | |
TOTAL SUPER RETAIL | 3,478,047 | ||
Technology - 1.0% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0483% 2/16/28 (i)(j)(k) | 10,156 | 9,812 | |
Aptean, Inc. 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.0822% 4/23/27 (i)(j)(k) | 200,000 | 183,166 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (i)(j)(k) | 2,340,138 | 2,189,690 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (j)(k)(l) | 287,480 | 268,998 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 4/30/25 (i)(j)(k) | 997,389 | 994,646 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 6.750% 11.7746% 3/31/29 (i)(j)(k) | 80,000 | 70,634 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/31/28 (i)(j)(k) | 14,738 | 14,372 | |
Electro Rent Corp. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.2706% 11/1/24 (i)(j)(k) | 391,645 | 380,875 | |
Maverick Bidco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.057% 5/18/28 (i)(j)(k) | 296,269 | 284,418 | |
Park Place Technologies LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0822% 11/10/27 (i)(j)(k) | 343,000 | 328,803 | |
TOTAL TECHNOLOGY | 4,725,414 | ||
Telecommunications - 0.7% | |||
Cablevision Lightpath LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.1977% 11/30/27 (i)(j)(k) | 1,337,003 | 1,310,825 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5967% 10/2/27 (i)(j)(k) | 700,000 | 594,748 | |
Intelsat Jackson Holdings SA 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.250% 9.0817% 2/1/29 (i)(j)(k) | 1,364,207 | 1,345,231 | |
Northwest Fiber LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8104% 4/30/27 (i)(j)(k) | 151,900 | 146,746 | |
Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.3322% 9/21/27 (i)(j)(k) | 342,842 | 308,825 | |
TOTAL TELECOMMUNICATIONS | 3,706,375 | ||
Textiles/Apparel - 0.3% | |||
Tory Burch LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 4/16/28 (i)(j)(k) | 1,292,212 | 1,193,952 | |
Utilities - 1.0% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.557% 8/1/25 (i)(j)(k) | 1,611,900 | 1,608,886 | |
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 10.1599% 2/15/24 (i)(j)(k) | 458,498 | 377,114 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (i)(j)(k) | 3,009,089 | 2,999,430 | |
TOTAL UTILITIES | 4,985,430 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $65,734,200) | 65,187,163 | ||
Preferred Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.2% | |||
Ally Financial, Inc.: | |||
4.7% (i)(m) | 870,000 | 650,239 | |
4.7% (i)(m) | 230,000 | 163,852 | |
TOTAL BANKS & THRIFTS | 814,091 | ||
Diversified Financial Services - 0.2% | |||
Charles Schwab Corp.: | |||
4% (i)(m) | 1,045,000 | 810,273 | |
5.375% (i)(m) | 515,000 | 494,804 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 1,305,077 | ||
TOTAL PREFERRED SECURITIES (Cost $1,976,279) | 2,119,168 | ||
Money Market Funds - 7.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (n) (Cost $35,169,703) | 35,162,710 | 35,169,742 | |
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $500,974,407) | 497,064,875 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 5,443,199 |
NET ASSETS - 100.0% | 502,508,074 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $278,095 or 0.1% of net assets. |
(c) | Level 3 security |
(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 $267,456,304 or 53.2% of net assets. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Non-income producing - Security is in default. |
(g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(h) | Non-income producing |
(i) | Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 $287,480 and $268,998, respectively. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 15,159 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 26,231 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 6,370,650 | 514,263,594 | 485,464,502 | 1,194,257 | - | - | 35,169,742 | 0.1% |
Total | 6,370,650 | 514,263,594 | 485,464,502 | 1,194,257 | - | - | 35,169,742 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 120,780 | 19 | - | 120,761 |
Financials | 2,277 | - | - | 2,277 |
Corporate Bonds | 394,465,745 | - | 394,187,650 | 278,095 |
Bank Loan Obligations | 65,187,163 | - | 63,342,833 | 1,844,330 |
Preferred Securities | 2,119,168 | - | 2,119,168 | - |
Money Market Funds | 35,169,742 | 35,169,742 | - | - |
Total Investments in Securities: | 497,064,875 | 35,169,761 | 459,649,651 | 2,245,463 |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $465,804,704) | $ | 461,895,133 | ||
Fidelity Central Funds (cost $35,169,703) | 35,169,742 | |||
Total Investment in Securities (cost $500,974,407) | $ | 497,064,875 | ||
Cash | 163,553 | |||
Receivable for investments sold | 2,500 | |||
Receivable for fund shares sold | 614,377 | |||
Interest receivable | 6,239,712 | |||
Distributions receivable from Fidelity Central Funds | 137,368 | |||
Prepaid expenses | 46 | |||
Other receivables | 777 | |||
Total assets | 504,223,208 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 287,480 | ||
Delayed delivery | 505,000 | |||
Payable for fund shares redeemed | 347,482 | |||
Distributions payable | 217,481 | |||
Accrued management fee | 237,346 | |||
Distribution and service plan fees payable | 7,280 | |||
Other affiliated payables | 54,105 | |||
Other payables and accrued expenses | 58,960 | |||
Total Liabilities | 1,715,134 | |||
Net Assets | $ | 502,508,074 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 514,191,350 | ||
Total accumulated earnings (loss) | (11,683,276) | |||
Net Assets | $ | 502,508,074 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($21,379,073 ÷ 2,468,590 shares) (a) | $ | 8.66 | ||
Maximum offering price per share (100/96.00 of $8.66) | $ | 9.02 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,317,621 ÷ 267,643 shares) (a) | $ | 8.66 | ||
Maximum offering price per share (100/96.00 of $8.66) | $ | 9.02 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,795,033 ÷ 322,690 shares) (a) | $ | 8.66 | ||
Short Duration High Income : | ||||
Net Asset Value , offering price and redemption price per share ($460,872,570 ÷ 53,213,749 shares) | $ | 8.66 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($4,854,884 ÷ 560,529 shares) | $ | 8.66 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($10,288,893 ÷ 1,187,525 shares) | $ | 8.66 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 2,023 | ||
Interest | 19,247,701 | |||
Income from Fidelity Central Funds | 1,194,257 | |||
Total Income | 20,443,981 | |||
Expenses | ||||
Management fee | $ | 1,652,625 | ||
Transfer agent fees | 290,537 | |||
Distribution and service plan fees | 91,491 | |||
Accounting fees and expenses | 125,179 | |||
Custodian fees and expenses | 12,005 | |||
Independent trustees' fees and expenses | 1,257 | |||
Registration fees | 153,428 | |||
Audit | 72,669 | |||
Legal | 9,294 | |||
Miscellaneous | 879 | |||
Total expenses before reductions | 2,409,364 | |||
Expense reductions | (76,938) | |||
Total expenses after reductions | 2,332,426 | |||
Net Investment income (loss) | 18,111,555 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,582,867) | |||
Total net realized gain (loss) | (2,582,867) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 2,108,837 | |||
Net gain (loss) | (474,030) | |||
Net increase (decrease) in net assets resulting from operations | $ | 17,637,525 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 18,111,555 | $ | 4,424,773 |
Net realized gain (loss) | (2,582,867) | 118,598 | ||
Change in net unrealized appreciation (depreciation) | 2,108,837 | (7,771,418) | ||
Net increase (decrease) in net assets resulting from operations | 17,637,525 | (3,228,047) | ||
Distributions to shareholders | (15,367,826) | (4,340,504) | ||
Share transactions - net increase (decrease) | 372,738,743 | 19,732,716 | ||
Total increase (decrease) in net assets | 375,008,442 | 12,164,165 | ||
Net Assets | ||||
Beginning of period | 127,499,632 | 115,335,467 | ||
End of period | $ | 502,508,074 | $ | 127,499,632 |
Fidelity Advisor® Short Duration High Income Fund Class A |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .502 | .307 | .300 | .348 | .409 | |||||
Net realized and unrealized gain (loss) | (.429) | (.546) | .651 | (.571) | .004 | |||||
Total from investment operations | .073 | (.239) | .951 | (.223) | .413 | |||||
Distributions from net investment income | (.393) | (.301) | (.301) | (.347) | (.393) | |||||
Total distributions | (.393) | (.301) | (.301) | (.347) | (.393) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D | .93% | (2.60)% | 10.83% | (2.47)% | 4.52% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.10% | 1.13% | 1.15% | 1.15% | 1.15% | |||||
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | |||||
Expenses net of all reductions | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | |||||
Net investment income (loss) | 5.81% | 3.27% | 3.21% | 3.74% | 4.37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 21,379 | $ | 22,554 | $ | 17,126 | $ | 12,603 | $ | 15,050 |
Portfolio turnover rate G | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class M |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .502 | .307 | .300 | .348 | .408 | |||||
Net realized and unrealized gain (loss) | (.429) | (.546) | .661 | (.581) | .005 | |||||
Total from investment operations | .073 | (.239) | .961 | (.233) | .413 | |||||
Distributions from net investment income | (.393) | (.301) | (.301) | (.347) | (.393) | |||||
Total distributions | (.393) | (.301) | (.301) | (.347) | (.393) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 |
Total Return C,D | .93% | (2.60)% | 10.96% | (2.58)% | 4.52% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.12% | 1.13% | 1.17% | 1.16% | 1.16% | |||||
Expenses net of fee waivers, if any | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | |||||
Expenses net of all reductions | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | |||||
Net investment income (loss) | 5.81% | 3.27% | 3.21% | 3.74% | 4.37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,318 | $ | 2,812 | $ | 2,289 | $ | 2,106 | $ | 2,537 |
Portfolio turnover rate G | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class C |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .439 | .237 | .230 | .278 | .338 | |||||
Net realized and unrealized gain (loss) | (.430) | (.546) | .651 | (.571) | .005 | |||||
Total from investment operations | .009 | (.309) | .881 | (.293) | .343 | |||||
Distributions from net investment income | (.329) | (.231) | (.231) | (.277) | (.323) | |||||
Total distributions | (.329) | (.231) | (.231) | (.277) | (.323) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D | .18% | (3.33)% | 10.01% | (3.20)% | 3.74% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.90% | 1.91% | 1.94% | 1.93% | 1.92% | |||||
Expenses net of fee waivers, if any | 1.75% | 1.76% | 1.80% | 1.80% | 1.80% | |||||
Expenses net of all reductions | 1.75% | 1.76% | 1.80% | 1.80% | 1.80% | |||||
Net investment income (loss) | 5.06% | 2.52% | 2.46% | 2.99% | 3.61% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,795 | $ | 3,884 | $ | 4,018 | $ | 4,017 | $ | 4,541 |
Portfolio turnover rate G | 14% | 42% | 74% | 77% | 33% |
Fidelity® Short Duration High Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .523 | .331 | .323 | .372 | .431 | |||||
Net realized and unrealized gain (loss) | (.428) | (.546) | .651 | (.572) | .006 | |||||
Total from investment operations | .095 | (.215) | .974 | (.200) | .437 | |||||
Distributions from net investment income | (.415) | (.325) | (.324) | (.370) | (.417) | |||||
Total distributions | (.415) | (.325) | (.324) | (.370) | (.417) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C | 1.18% | (2.35)% | 11.11% | (2.23)% | 4.78% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .76% | .83% | .87% | .86% | .86% | |||||
Expenses net of fee waivers, if any | .75% | .75% | .80% | .80% | .80% | |||||
Expenses net of all reductions | .75% | .75% | .80% | .80% | .80% | |||||
Net investment income (loss) | 6.06% | 3.52% | 3.46% | 3.99% | 4.61% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 460,873 | $ | 87,949 | $ | 83,066 | $ | 63,703 | $ | 88,429 |
Portfolio turnover rate F | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class I |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .524 | .331 | .323 | .372 | .430 | |||||
Net realized and unrealized gain (loss) | (.429) | (.546) | .651 | (.572) | .007 | |||||
Total from investment operations | .095 | (.215) | .974 | (.200) | .437 | |||||
Distributions from net investment income | (.415) | (.325) | (.324) | (.370) | (.417) | |||||
Total distributions | (.415) | (.325) | (.324) | (.370) | (.417) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C | 1.18% | (2.35)% | 11.11% | (2.23)% | 4.78% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .84% | .88% | .92% | .89% | .89% | |||||
Expenses net of fee waivers, if any | .75% | .76% | .80% | .80% | .80% | |||||
Expenses net of all reductions | .75% | .76% | .80% | .80% | .80% | |||||
Net investment income (loss) | 6.06% | 3.52% | 3.46% | 3.99% | 4.60% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 4,855 | $ | 5,055 | $ | 5,023 | $ | 3,950 | $ | 4,060 |
Portfolio turnover rate F | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class Z |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 | $ | 9.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .531 | .339 | .331 | .378 | .261 | |||||
Net realized and unrealized gain (loss) | (.428) | (.546) | .652 | (.579) | (.016) | |||||
Total from investment operations | .103 | (.207) | .983 | (.201) | .245 | |||||
Distributions from net investment income | (.423) | (.333) | (.333) | (.379) | (.255) | |||||
Total distributions | (.423) | (.333) | (.333) | (.379) | (.255) | |||||
Net asset value, end of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 |
Total Return D,E | 1.27% | (2.27)% | 11.21% | (2.24)% | 2.67% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .75% | .78% | .80% | .80% | .82% H | |||||
Expenses net of fee waivers, if any | .66% | .66% | .71% | .71% | .71% H | |||||
Expenses net of all reductions | .66% | .66% | .71% | .71% | .71% H | |||||
Net investment income (loss) | 6.15% | 3.61% | 3.55% | 4.08% | 4.86% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 10,289 | $ | 5,246 | $ | 3,815 | $ | 2,031 | $ | 425 |
Portfolio turnover rate I | 14% | 42% | 74% | 77% | 33% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $11,444,586 |
Gross unrealized depreciation | (11,995,945) |
Net unrealized appreciation (depreciation) | $(551,359) |
Tax Cost | $497,616,234 |
Capital loss carryforward | $(10,687,645) |
Net unrealized appreciation (depreciation) on securities and other investments | $(551,359) |
Short-term | $(4,879,806) |
Long-term | (5,807,839) |
Total Capital loss carryforward | $(10,687,645) |
April 30, 2023 | April 30,2022 | |
Ordinary Income | $15,367,826 | $4,340,504 |
Purchases ($) | Sales ($) | |
Fidelity Short Duration High Income Fund | 380,191,206 | 40,307,867 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $53,653 | $4,632 |
Class M | - % | .25% | 6,162 | 12 |
Class C | .75% | .25% | 31,676 | 5,683 |
$91,491 | $10,327 |
Retained by FDC | |
Class A | $12,585 |
Class M | 1,121 |
Class C A | 1,630 |
$15,336 |
Amount | % of Class-Level Average Net Assets | |
Class A | $30,190 | .14 |
Class M | 3,652 | .15 |
Class C | 6,026 | .19 |
Short Duration High Income | 239,152 | .09 |
Class I | 6,258 | .13 |
Class Z | 5,259 | .05 |
$290,537 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | .04 |
Amount | |
Fidelity Short Duration High Income Fund | $ 16 |
Amount | |
Fidelity Short Duration High Income Fund | $521 |
Expense Limitations | Reimbursement | |
Class A | 1.00% | $21,232 |
Class M | 1.00% | 2,793 |
Class C | 1.75% | 4,750 |
Short Duration High Income | .75% | 25,265 |
Class I | .75% | 4,329 |
Class Z | .66% | 8,638 |
$67,007 |
Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Short Duration High Income Fund | ||
Distributions to shareholders | ||
Class A | $977,618 | $614,597 |
Class M | 110,316 | 77,641 |
Class C | 119,358 | 95,717 |
Short Duration High Income | 13,395,089 | 3,213,389 |
Class I | 233,578 | 183,793 |
Class Z | 531,867 | 155,367 |
Total | $15,367,826 | $4,340,504 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Short Duration High Income Fund | ||||
Class A | ||||
Shares sold | 610,442 | 1,205,485 | $5,296,397 | $11,197,038 |
Reinvestment of distributions | 111,049 | 64,152 | 957,537 | 601,003 |
Shares redeemed | (764,843) | (557,369) | (6,627,528) | (5,198,452) |
Net increase (decrease) | (43,352) | 712,268 | $(373,594) | $6,599,589 |
Class M | ||||
Shares sold | 128,913 | 108,902 | $1,113,204 | $1,014,540 |
Reinvestment of distributions | 12,392 | 8,107 | 106,876 | 75,921 |
Shares redeemed | (186,791) | (44,415) | (1,605,675) | (417,836) |
Net increase (decrease) | (45,486) | 72,594 | $(385,595) | $672,625 |
Class C | ||||
Shares sold | 110,217 | 163,595 | $951,412 | $1,533,455 |
Reinvestment of distributions | 13,729 | 10,112 | 118,460 | 94,817 |
Shares redeemed | (233,652) | (163,460) | (2,022,594) | (1,537,583) |
Net increase (decrease) | (109,706) | 10,247 | $(952,722) | $90,689 |
Short Duration High Income | ||||
Shares sold | 51,006,236 | 6,342,757 | $434,795,776 | $59,798,674 |
Reinvestment of distributions | 1,386,203 | 287,476 | 11,955,926 | 2,695,908 |
Shares redeemed | (8,974,356) | (5,563,233) | (77,559,285) | (52,159,083) |
Net increase (decrease) | 43,418,083 | 1,067,000 | $369,192,417 | $10,335,499 |
Class I | ||||
Shares sold | 227,106 | 206,284 | $1,961,038 | $1,943,410 |
Reinvestment of distributions | 24,795 | 18,034 | 213,807 | 169,177 |
Shares redeemed | (254,191) | (189,184) | (2,192,726) | (1,770,381) |
Net increase (decrease) | (2,290) | 35,134 | $(17,881) | $342,206 |
Class Z | ||||
Shares sold | 1,699,944 | 448,784 | $14,714,297 | $4,184,309 |
Reinvestment of distributions | 48,777 | 14,784 | 420,604 | 138,688 |
Shares redeemed | (1,145,441) | (280,177) | (9,858,783) | (2,630,889) |
Net increase (decrease) | 603,280 | 183,391 | $5,276,118 | $1,692,108 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Short Duration High Income Fund | ||||||||||
Class A | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,040.20 | $ 5.06 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.84 | $ 5.01 | |||||||
Class M | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,041.50 | $ 5.06 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.84 | $ 5.01 | |||||||
Class C | 1.75% | |||||||||
Actual | $ 1,000 | $ 1,036.40 | $ 8.84 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.12 | $ 8.75 | |||||||
Fidelity® Short Duration High Income Fund | .75% | |||||||||
Actual | $ 1,000 | $ 1,041.50 | $ 3.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.08 | $ 3.76 | |||||||
Class I | .75% | |||||||||
Actual | $ 1,000 | $ 1,041.50 | $ 3.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.08 | $ 3.76 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 1,042.00 | $ 3.34 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Life of Fund A |
Class A (incl.5.75% sales charge) | -3.77% | 6.88% |
Class M (incl.3.50% sales charge) | -1.73% | 7.24% |
Class C (incl. contingent deferred sales charge) | 0.38% | 7.68% |
Fidelity® Women's Leadership Fund | 2.37% | 8.74% |
Class I | 2.46% | 8.79% |
Class Z | 2.59% | 8.93% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Women's Leadership Fund, a class of the fund, on May 1, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 3.7 | |
Apple, Inc. | 2.5 | |
Accenture PLC Class A | 2.1 | |
Progressive Corp. | 2.0 | |
Hologic, Inc. | 1.9 | |
Vertex Pharmaceuticals, Inc. | 1.8 | |
NVIDIA Corp. | 1.7 | |
Salesforce, Inc. | 1.7 | |
MasterCard, Inc. Class A | 1.7 | |
Hartford Financial Services Group, Inc. | 1.6 | |
20.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.1 | |
Financials | 15.8 | |
Health Care | 12.8 | |
Industrials | 11.6 | |
Consumer Discretionary | 11.3 | |
Consumer Staples | 5.2 | |
Communication Services | 4.8 | |
Materials | 4.1 | |
Utilities | 3.4 | |
Energy | 3.3 | |
Real Estate | 1.9 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.8% | |||
Entertainment - 1.9% | |||
Netflix, Inc. (a) | 4,656 | 1,536,154 | |
The Walt Disney Co. (a) | 12,208 | 1,251,320 | |
2,787,474 | |||
Interactive Media & Services - 1.1% | |||
Alphabet, Inc. Class A (a) | 7,358 | 789,808 | |
Bumble, Inc. (a) | 50,858 | 926,124 | |
1,715,932 | |||
Media - 1.8% | |||
Cable One, Inc. | 572 | 433,811 | |
Interpublic Group of Companies, Inc. | 61,875 | 2,210,794 | |
2,644,605 | |||
TOTAL COMMUNICATION SERVICES | 7,148,011 | ||
CONSUMER DISCRETIONARY - 11.3% | |||
Automobiles - 0.6% | |||
General Motors Co. | 28,236 | 932,917 | |
Broadline Retail - 2.1% | |||
Amazon.com, Inc. (a) | 15,377 | 1,621,505 | |
Etsy, Inc. (a) | 8,777 | 886,740 | |
Kohl's Corp. | 25,997 | 572,714 | |
3,080,959 | |||
Diversified Consumer Services - 1.4% | |||
Adtalem Global Education, Inc. (a) | 28,233 | 1,145,413 | |
Bright Horizons Family Solutions, Inc. (a) | 11,316 | 861,374 | |
2,006,787 | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Marriott International, Inc. Class A | 8,187 | 1,386,387 | |
Vail Resorts, Inc. | 3,460 | 832,199 | |
2,218,586 | |||
Household Durables - 0.8% | |||
Taylor Morrison Home Corp. (a) | 28,642 | 1,234,184 | |
Specialty Retail - 3.3% | |||
Best Buy Co., Inc. | 9,561 | 712,486 | |
Foot Locker, Inc. | 17,709 | 743,601 | |
FSN E-Commerce Ventures Private Ltd. | 2,854 | 4,300 | |
Gap, Inc. | 71,475 | 686,160 | |
Lowe's Companies, Inc. | 7,585 | 1,576,391 | |
Williams-Sonoma, Inc. | 9,149 | 1,107,395 | |
4,830,333 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,223 | 1,176,381 | |
Tapestry, Inc. | 28,536 | 1,164,554 | |
2,340,935 | |||
TOTAL CONSUMER DISCRETIONARY | 16,644,701 | ||
CONSUMER STAPLES - 5.2% | |||
Beverages - 1.0% | |||
The Coca-Cola Co. | 24,030 | 1,541,525 | |
Consumer Staples Distribution & Retail - 0.5% | |||
Albertsons Companies, Inc. | 33,284 | 695,636 | |
Food Products - 1.5% | |||
The Hershey Co. | 8,146 | 2,224,347 | |
Household Products - 0.8% | |||
The Clorox Co. | 6,990 | 1,157,684 | |
Personal Care Products - 1.4% | |||
Estee Lauder Companies, Inc. Class A | 5,445 | 1,343,390 | |
Shiseido Co. Ltd. | 13,646 | 684,017 | |
2,027,407 | |||
TOTAL CONSUMER STAPLES | 7,646,599 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.8% | |||
Baker Hughes Co. Class A | 38,936 | 1,138,489 | |
Oil, Gas & Consumable Fuels - 2.5% | |||
Antero Resources Corp. (a) | 30,966 | 711,908 | |
EQT Corp. | 15,678 | 546,222 | |
Equinor ASA | 25,695 | 739,786 | |
Marathon Petroleum Corp. | 5,585 | 681,370 | |
Occidental Petroleum Corp. | 16,035 | 986,634 | |
3,665,920 | |||
TOTAL ENERGY | 4,804,409 | ||
FINANCIALS - 15.8% | |||
Banks - 4.7% | |||
Bank of America Corp. | 74,907 | 2,193,277 | |
Citigroup, Inc. | 25,139 | 1,183,293 | |
First Horizon National Corp. | 46,827 | 821,814 | |
Huntington Bancshares, Inc. | 96,620 | 1,082,144 | |
JPMorgan Chase & Co. | 11,314 | 1,564,047 | |
Starling Bank Ltd. Series D (a)(b)(c) | 34,700 | 131,700 | |
6,976,275 | |||
Capital Markets - 2.9% | |||
Franklin Resources, Inc. | 27,820 | 747,802 | |
Macquarie Group Ltd. | 10,562 | 1,288,478 | |
NASDAQ, Inc. | 40,887 | 2,263,913 | |
4,300,193 | |||
Financial Services - 3.8% | |||
MasterCard, Inc. Class A | 6,514 | 2,475,515 | |
PayPal Holdings, Inc. (a) | 11,486 | 872,936 | |
WEX, Inc. (a) | 13,112 | 2,325,413 | |
5,673,864 | |||
Insurance - 4.4% | |||
Hartford Financial Services Group, Inc. | 33,272 | 2,361,979 | |
Marsh & McLennan Companies, Inc. | 6,592 | 1,187,812 | |
Progressive Corp. | 21,128 | 2,881,859 | |
6,431,650 | |||
TOTAL FINANCIALS | 23,381,982 | ||
HEALTH CARE - 12.6% | |||
Biotechnology - 2.9% | |||
Alnylam Pharmaceuticals, Inc. (a) | 4,012 | 799,190 | |
Moderna, Inc. (a) | 4,848 | 644,251 | |
Vertex Pharmaceuticals, Inc. (a) | 7,586 | 2,584,778 | |
Zai Lab Ltd. ADR (a) | 8,171 | 285,822 | |
4,314,041 | |||
Health Care Equipment & Supplies - 2.6% | |||
Hologic, Inc. (a) | 33,167 | 2,852,694 | |
Insulet Corp. (a) | 2,728 | 867,613 | |
Outset Medical, Inc. (a) | 5,606 | 100,852 | |
3,821,159 | |||
Health Care Providers & Services - 2.9% | |||
Centene Corp. (a) | 22,469 | 1,548,788 | |
Cigna Group | 6,251 | 1,583,316 | |
Elevance Health, Inc. | 2,550 | 1,195,058 | |
4,327,162 | |||
Life Sciences Tools & Services - 0.6% | |||
ICON PLC (a) | 4,196 | 808,527 | |
Pharmaceuticals - 3.6% | |||
Eli Lilly & Co. | 1,859 | 735,904 | |
Merck KGaA | 7,791 | 1,395,476 | |
UCB SA | 14,162 | 1,317,383 | |
Zoetis, Inc. Class A | 10,446 | 1,836,198 | |
5,284,961 | |||
TOTAL HEALTH CARE | 18,555,850 | ||
INDUSTRIALS - 11.6% | |||
Air Freight & Logistics - 1.2% | |||
United Parcel Service, Inc. Class B | 9,463 | 1,701,542 | |
Commercial Services & Supplies - 0.2% | |||
Tomra Systems ASA | 23,458 | 358,791 | |
Electrical Equipment - 3.7% | |||
AMETEK, Inc. | 12,108 | 1,670,056 | |
Eaton Corp. PLC | 6,365 | 1,063,719 | |
nVent Electric PLC | 33,117 | 1,388,596 | |
Regal Rexnord Corp. | 6,747 | 878,190 | |
Sunrun, Inc. (a) | 25,085 | 527,788 | |
5,528,349 | |||
Machinery - 3.5% | |||
Deere & Co. | 3,611 | 1,365,030 | |
Federal Signal Corp. | 31,491 | 1,618,008 | |
Hillenbrand, Inc. | 16,682 | 761,033 | |
Otis Worldwide Corp. | 15,831 | 1,350,384 | |
5,094,455 | |||
Passenger Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 42,021 | 300,030 | |
Professional Services - 2.8% | |||
Leidos Holdings, Inc. | 15,024 | 1,401,138 | |
Manpower, Inc. | 10,034 | 759,674 | |
Planet Labs PBC Class A (a) | 91,789 | 374,499 | |
Science Applications International Corp. | 15,977 | 1,630,133 | |
4,165,444 | |||
TOTAL INDUSTRIALS | 17,148,611 | ||
INFORMATION TECHNOLOGY - 23.1% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 9,023 | 1,445,124 | |
Electronic Equipment, Instruments & Components - 2.4% | |||
CDW Corp. | 12,633 | 2,142,430 | |
Flex Ltd. (a) | 31,940 | 657,006 | |
Insight Enterprises, Inc. (a) | 6,129 | 741,303 | |
3,540,739 | |||
IT Services - 2.1% | |||
Accenture PLC Class A | 11,051 | 3,097,485 | |
Semiconductors & Semiconductor Equipment - 5.0% | |||
Advanced Micro Devices, Inc. (a) | 16,263 | 1,453,424 | |
Axcelis Technologies, Inc. (a) | 8,484 | 1,003,657 | |
Marvell Technology, Inc. | 20,921 | 825,961 | |
NVIDIA Corp. | 9,302 | 2,581,212 | |
NXP Semiconductors NV | 9,396 | 1,538,501 | |
7,402,755 | |||
Software - 10.1% | |||
Adobe, Inc. (a) | 4,973 | 1,877,606 | |
HubSpot, Inc. (a) | 4,417 | 1,859,336 | |
Intuit, Inc. | 5,121 | 2,273,468 | |
Microsoft Corp. | 17,909 | 5,502,714 | |
Pagerduty, Inc. (a) | 25,894 | 778,374 | |
Salesforce, Inc. (a) | 12,715 | 2,522,275 | |
14,813,773 | |||
Technology Hardware, Storage & Peripherals - 2.5% | |||
Apple, Inc. | 22,033 | 3,738,559 | |
TOTAL INFORMATION TECHNOLOGY | 34,038,435 | ||
MATERIALS - 4.1% | |||
Chemicals - 2.0% | |||
Cabot Corp. | 11,702 | 839,736 | |
Celanese Corp. Class A | 7,026 | 746,442 | |
Eastman Chemical Co. | 8,895 | 749,582 | |
The Chemours Co. LLC | 24,349 | 707,825 | |
3,043,585 | |||
Construction Materials - 0.5% | |||
Summit Materials, Inc. | 24,984 | 684,811 | |
Metals & Mining - 1.6% | |||
Commercial Metals Co. | 35,818 | 1,672,342 | |
Schnitzer Steel Industries, Inc. Class A | 22,199 | 641,329 | |
2,313,671 | |||
TOTAL MATERIALS | 6,042,067 | ||
REAL ESTATE - 1.9% | |||
Equity Real Estate Investment Trusts (REITs) - 1.9% | |||
Equity Lifestyle Properties, Inc. | 24,378 | 1,679,644 | |
Ventas, Inc. | 22,435 | 1,078,002 | |
2,757,646 | |||
UTILITIES - 3.4% | |||
Electric Utilities - 2.4% | |||
NextEra Energy, Inc. | 15,649 | 1,199,183 | |
ORSTED A/S (d) | 14,766 | 1,324,127 | |
SSE PLC | 43,995 | 1,015,104 | |
3,538,414 | |||
Water Utilities - 1.0% | |||
American Water Works Co., Inc. | 10,306 | 1,527,865 | |
TOTAL UTILITIES | 5,066,279 | ||
TOTAL COMMON STOCKS (Cost $133,363,984) | 143,234,590 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.2% | |||
Health Care Providers & Services - 0.2% | |||
Somatus, Inc. Series E (a)(b)(c) (Cost $350,799) | 402 | 358,717 | |
Money Market Funds - 3.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (e) (Cost $4,527,991) | 4,527,086 | 4,527,991 | |
TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $138,242,774) | 148,121,298 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (623,957) |
NET ASSETS - 100.0% | 147,497,341 |
(a) | Non-income producing |
(b) | 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 $490,417 or 0.3% of net assets. |
(c) | Level 3 security |
(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 $1,324,127 or 0.9% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Somatus, Inc. Series E | 1/31/22 | 350,799 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 68,001 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 1,590,708 | 39,355,682 | 36,418,399 | 83,664 | - | - | 4,527,991 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 1,804,725 | 10,087,815 | 11,892,540 | 2,368 | - | - | - | 0.0% |
Total | 3,395,433 | 49,443,497 | 48,310,939 | 86,032 | - | - | 4,527,991 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 7,148,011 | 7,148,011 | - | - |
Consumer Discretionary | 16,644,701 | 15,464,020 | 1,180,681 | - |
Consumer Staples | 7,646,599 | 6,962,582 | 684,017 | - |
Energy | 4,804,409 | 4,064,623 | 739,786 | - |
Financials | 23,381,982 | 21,961,804 | 1,288,478 | 131,700 |
Health Care | 18,914,567 | 18,555,850 | - | 358,717 |
Industrials | 17,148,611 | 17,148,611 | - | - |
Information Technology | 34,038,435 | 34,038,435 | - | - |
Materials | 6,042,067 | 6,042,067 | - | - |
Real Estate | 2,757,646 | 2,757,646 | - | - |
Utilities | 5,066,279 | 4,051,175 | 1,015,104 | - |
Money Market Funds | 4,527,991 | 4,527,991 | - | - |
Total Investments in Securities: | 148,121,298 | 142,722,815 | 4,908,066 | 490,417 |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $133,714,783) | $ | 143,593,307 | ||
Fidelity Central Funds (cost $4,527,991) | 4,527,991 | |||
Total Investment in Securities (cost $138,242,774) | $ | 148,121,298 | ||
Foreign currency held at value (cost $274) | 274 | |||
Receivable for investments sold | 1,592,865 | |||
Receivable for fund shares sold | 69,753 | |||
Dividends receivable | 139,836 | |||
Distributions receivable from Fidelity Central Funds | 21,014 | |||
Prepaid expenses | 48 | |||
Total assets | 149,945,088 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,197,812 | ||
Payable for fund shares redeemed | 116,079 | |||
Accrued management fee | 58,511 | |||
Distribution and service plan fees payable | 3,063 | |||
Other affiliated payables | 30,108 | |||
Other payables and accrued expenses | 42,174 | |||
Total Liabilities | 2,447,747 | |||
Net Assets | $ | 147,497,341 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 142,959,007 | ||
Total accumulated earnings (loss) | 4,538,334 | |||
Net Assets | $ | 147,497,341 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($6,103,558 ÷ 455,677 shares) (a) | $ | 13.39 | ||
Maximum offering price per share (100/94.25 of $13.39) | $ | 14.21 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,122,180 ÷ 84,101 shares) (a) | $ | 13.34 | ||
Maximum offering price per share (100/96.50 of $13.34) | $ | 13.82 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,602,829 ÷ 121,637 shares) (a) | $ | 13.18 | ||
Fidelity Women's Leadership Fund : | ||||
Net Asset Value , offering price and redemption price per share ($115,107,104 ÷ 8,561,156 shares) | $ | 13.45 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($13,381,139 ÷ 995,735 shares) | $ | 13.44 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($10,180,531 ÷ 754,646 shares) | $ | 13.49 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 2,007,664 | ||
Interest | 276 | |||
Income from Fidelity Central Funds (including $2,368 from security lending) | 86,032 | |||
Total Income | 2,093,972 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 667,839 | ||
Performance adjustment | (56,629) | |||
Transfer agent fees | 294,697 | |||
Distribution and service plan fees | 34,691 | |||
Accounting fees | 45,243 | |||
Custodian fees and expenses | 4,512 | |||
Independent trustees' fees and expenses | 618 | |||
Registration fees | 88,322 | |||
Audit | 53,935 | |||
Legal | 1,009 | |||
Miscellaneous | 603 | |||
Total expenses before reductions | 1,134,840 | |||
Expense reductions | (5,413) | |||
Total expenses after reductions | 1,129,427 | |||
Net Investment income (loss) | 964,545 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,417,081) | |||
Foreign currency transactions | (12,444) | |||
Total net realized gain (loss) | (4,429,525) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $247) | 6,423,712 | |||
Assets and liabilities in foreign currencies | 669 | |||
Total change in net unrealized appreciation (depreciation) | 6,424,381 | |||
Net gain (loss) | 1,994,856 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,959,401 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 964,545 | $ | 257,436 |
Net realized gain (loss) | (4,429,525) | 1,450,283 | ||
Change in net unrealized appreciation (depreciation) | 6,424,381 | (19,539,713) | ||
Net increase (decrease) in net assets resulting from operations | 2,959,401 | (17,831,994) | ||
Distributions to shareholders | (755,398) | (3,850,676) | ||
Share transactions - net increase (decrease) | 16,505,229 | 33,890,981 | ||
Total increase (decrease) in net assets | 18,709,232 | 12,208,311 | ||
Net Assets | ||||
Beginning of period | 128,788,109 | 116,579,798 | ||
End of period | $ | 147,497,341 | $ | 128,788,109 |
Fidelity Advisor® Women's Leadership Fund Class A |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.18 | $ | 15.28 | $ | 9.80 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .07 | - D | - D | .04 | ||||
Net realized and unrealized gain (loss) | .20 | (1.70) | 5.49 | (.22) | ||||
Total from investment operations | .27 | (1.70) | 5.49 | (.18) | ||||
Distributions from net investment income | (.06) | - D | (.01) | (.02) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | (.06) | (.40) | (.01) | (.02) | ||||
Net asset value, end of period | $ | 13.39 | $ | 13.18 | $ | 15.28 | $ | 9.80 |
Total Return E,F | 2.10% | (11.46)% | 56.03% | (1.84)% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | 1.09% | 1.10% | 1.28% | 2.50% | ||||
Expenses net of fee waivers, if any | 1.09% | 1.10% | 1.25% | 1.25% | ||||
Expenses net of all reductions | 1.09% | 1.10% | 1.24% | 1.25% | ||||
Net investment income (loss) | .57% | (.01)% | (.03)% | .37% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 6,104 | $ | 5,171 | $ | 2,865 | $ | 769 |
Portfolio turnover rate I | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class M |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.14 | $ | 15.22 | $ | 9.78 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .04 | (.04) | (.04) | .01 | ||||
Net realized and unrealized gain (loss) | .20 | (1.69) | 5.48 | (.22) | ||||
Total from investment operations | .24 | (1.73) | 5.44 | (.21) | ||||
Distributions from net investment income | (.04) | - | - D | (.01) | ||||
Distributions from net realized gain | - | (.35) | - | - | ||||
Total distributions | (.04) | (.35) | - D | (.01) | ||||
Net asset value, end of period | $ | 13.34 | $ | 13.14 | $ | 15.22 | $ | 9.78 |
Total Return E,F | 1.83% | (11.66)% | 55.65% | (2.12)% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | 1.37% | 1.35% | 1.52% | 2.86% | ||||
Expenses net of fee waivers, if any | 1.37% | 1.35% | 1.50% | 1.50% | ||||
Expenses net of all reductions | 1.37% | 1.35% | 1.49% | 1.50% | ||||
Net investment income (loss) | .28% | (.27)% | (.28)% | .12% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 1,122 | $ | 1,054 | $ | 974 | $ | 443 |
Portfolio turnover rate I | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class C |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.00 | $ | 15.09 | $ | 9.74 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.03) | (.11) | (.10) | (.04) | ||||
Net realized and unrealized gain (loss) | .21 | (1.68) | 5.45 | (.22) | ||||
Total from investment operations | .18 | (1.79) | 5.35 | (.26) | ||||
Distributions from net realized gain | - | (.30) | - | - | ||||
Total distributions | - | (.30) | - | - | ||||
Net asset value, end of period | $ | 13.18 | $ | 13.00 | $ | 15.09 | $ | 9.74 |
Total Return D,E | 1.38% | (12.12)% | 54.93% | (2.60)% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | 1.86% | 1.84% | 1.99% | 3.36% | ||||
Expenses net of fee waivers, if any | 1.86% | 1.84% | 1.99% | 2.00% | ||||
Expenses net of all reductions | 1.86% | 1.84% | 1.98% | 2.00% | ||||
Net investment income (loss) | (.20)% | (.75)% | (.77)% | (.38)% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 1,603 | $ | 1,540 | $ | 937 | $ | 468 |
Portfolio turnover rate H | 22% | 48% | 35% | 52% |
Fidelity® Women's Leadership Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.22 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .10 | .03 | .03 | .06 | ||||
Net realized and unrealized gain (loss) | .21 | (1.70) | 5.50 | (.22) | ||||
Total from investment operations | .31 | (1.67) | 5.53 | (.16) | ||||
Distributions from net investment income | (.08) | (.02) | (.03) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | (.08) | (.42) | (.03) | (.03) | ||||
Net asset value, end of period | $ | 13.45 | $ | 13.22 | $ | 15.31 | $ | 9.81 |
Total Return D | 2.37% | (11.25)% | 56.44% | (1.63)% | ||||
Ratios to Average Net Assets C,E,F | ||||||||
Expenses before reductions | .89% | .92% | 1.10% | 2.19% | ||||
Expenses net of fee waivers, if any | .89% | .90% | 1.00% | 1.00% | ||||
Expenses net of all reductions | .89% | .90% | .99% | 1.00% | ||||
Net investment income (loss) | .76% | .18% | .22% | .62% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 115,107 | $ | 101,533 | $ | 98,888 | $ | 22,272 |
Portfolio turnover rate G | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class I |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.21 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .11 | .04 | .03 | .06 | ||||
Net realized and unrealized gain (loss) | .21 | (1.70) | 5.51 | (.22) | ||||
Total from investment operations | .32 | (1.66) | 5.54 | (.16) | ||||
Distributions from net investment income | (.09) | (.04) | (.04) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | (.09) | (.44) | (.04) | (.03) | ||||
Net asset value, end of period | $ | 13.44 | $ | 13.21 | $ | 15.31 | $ | 9.81 |
Total Return D | 2.46% | (11.20)% | 56.52% | (1.63)% | ||||
Ratios to Average Net Assets C,E,F | ||||||||
Expenses before reductions | .80% | .81% | .98% | 2.22% | ||||
Expenses net of fee waivers, if any | .79% | .81% | .98% | 1.00% | ||||
Expenses net of all reductions | .79% | .81% | .97% | 1.00% | ||||
Net investment income (loss) | .86% | .28% | .24% | .62% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 13,381 | $ | 11,273 | $ | 3,874 | $ | 702 |
Portfolio turnover rate G | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class Z |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.25 | $ | 15.35 | $ | 9.83 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .13 | .06 | .05 | .08 | ||||
Net realized and unrealized gain (loss) | .21 | (1.71) | 5.51 | (.22) | ||||
Total from investment operations | .34 | (1.65) | 5.56 | (.14) | ||||
Distributions from net investment income | (.10) | (.05) | (.04) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | (.10) | (.45) | (.04) | (.03) | ||||
Net asset value, end of period | $ | 13.49 | $ | 13.25 | $ | 15.35 | $ | 9.83 |
Total Return D | 2.59% | (11.13)% | 56.63% | (1.43)% | ||||
Ratios to Average Net Assets C,E,F | ||||||||
Expenses before reductions | .68% | .69% | .87% | 1.88% | ||||
Expenses net of fee waivers, if any | .67% | .69% | .85% | .85% | ||||
Expenses net of all reductions | .67% | .69% | .84% | .85% | ||||
Net investment income (loss) | .98% | .40% | .37% | .76% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 10,181 | $ | 8,216 | $ | 9,043 | $ | 2,376 |
Portfolio turnover rate G | 22% | 48% | 35% | 52% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $22,449,755 |
Gross unrealized depreciation | (12,983,770) |
Net unrealized appreciation (depreciation) | $9,465,985 |
Tax Cost | $138,655,313 |
Undistributed ordinary income | $151,635 |
Capital loss carryforward | $(5,078,623) |
Net unrealized appreciation (depreciation) on securities and other investments | $9,465,688 |
Short-term | $(5,078,623) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $755,398 | $2,206,934 |
Long-term Capital Gains | - | 1,643,743 |
Total | $755,398 | $3,850,677 |
Purchases ($) | Sales ($) | |
Fidelity Women's Leadership Fund | 42,467,656 | 28,113,111 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $13,978 | $559 |
Class M | .25% | .25% | 5,424 | 16 |
Class C | .75% | .25% | 15,289 | 4,119 |
$34,691 | $4,694 |
Retained by FDC | |
Class A | $9,035 |
Class M | 240 |
Class C A | 211 |
$9,486 |
Amount | % of Class-Level Average Net Assets | |
Class A | $11,514 | .21 |
Class M | 2,567 | .24 |
Class C | 3,438 | .22 |
Fidelity Women's Leadership Fund | 255,334 | .26 |
Class I | 18,382 | .16 |
Class Z | 3,462 | .04 |
$294,697 |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | .04 |
Amount | |
Fidelity Women's Leadership Fund | $337 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Women's Leadership Fund | 1,512,723 | 853,916 | (522,412) |
Amount | |
Fidelity Women's Leadership Fund | $236 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Women's Leadership Fund | $228 | $5 | $- |
Expense reduction | |
Class A | $85 |
Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Women's Leadership Fund | ||
Distributions to shareholders | ||
Class A | $27,652 | $111,894 |
Class M | 3,208 | 24,841 |
Class C | - | 28,323 |
Fidelity Women's Leadership Fund | 578,127 | 3,101,859 |
Class I | 87,523 | 293,915 |
Class Z | 58,888 | 289,844 |
Total | $755,398 | $3,850,676 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Women's Leadership Fund | ||||
Class A | ||||
Shares sold | 141,008 | 214,342 | $1,797,187 | $3,271,433 |
Reinvestment of distributions | 2,161 | 7,212 | 27,138 | 109,985 |
Shares redeemed | (79,981) | (16,599) | (1,015,214) | (254,825) |
Net increase (decrease) | 63,188 | 204,955 | $809,111 | $3,126,593 |
Class M | ||||
Shares sold | 11,061 | 17,367 | $139,353 | $265,289 |
Reinvestment of distributions | 256 | 1,635 | 3,208 | 24,841 |
Shares redeemed | (7,469) | (2,733) | (93,120) | (41,893) |
Net increase (decrease) | 3,848 | 16,269 | $49,441 | $248,237 |
Class C | ||||
Shares sold | 20,115 | 72,426 | $255,147 | $1,099,839 |
Reinvestment of distributions | - | 1,841 | - | 27,774 |
Shares redeemed | (16,959) | (17,878) | (213,813) | (249,596) |
Net increase (decrease) | 3,156 | 56,389 | $41,334 | $878,017 |
Fidelity Women's Leadership Fund | ||||
Shares sold | 2,347,545 | 2,939,308 | $30,916,025 | $45,268,708 |
Reinvestment of distributions | 42,668 | 191,234 | 537,622 | 2,919,250 |
Shares redeemed | (1,511,874) | (1,906,544) | (19,406,034) | (28,945,460) |
Net increase (decrease) | 878,339 | 1,223,998 | $12,047,613 | $19,242,498 |
Class I | ||||
Shares sold | 444,612 | 850,923 | $5,699,005 | $13,354,621 |
Reinvestment of distributions | 6,932 | 19,138 | 87,280 | 292,838 |
Shares redeemed | (309,351) | (269,624) | (3,964,930) | (3,716,366) |
Net increase (decrease) | 142,193 | 600,437 | $1,821,355 | $9,931,093 |
Class Z | ||||
Shares sold | 325,511 | 298,679 | $4,239,577 | $4,535,147 |
Reinvestment of distributions | 4,454 | 16,552 | 56,255 | 253,122 |
Shares redeemed | (195,364) | (284,436) | (2,559,457) | (4,323,726) |
Net increase (decrease) | 134,601 | 30,795 | $1,736,375 | $464,543 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Women's Leadership Fund | ||||||||||
Class A | 1.12% | |||||||||
Actual | $ 1,000 | $ 1,068.90 | $ 5.75 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.24 | $ 5.61 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 1,067.90 | $ 7.18 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.85 | $ 7.00 | |||||||
Class C | 1.90% | |||||||||
Actual | $ 1,000 | $ 1,065.50 | $ 9.73 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.37 | $ 9.49 | |||||||
Fidelity® Women's Leadership Fund | .92% | |||||||||
Actual | $ 1,000 | $ 1,070.70 | $ 4.72 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.23 | $ 4.61 | |||||||
Class I | .82% | |||||||||
Actual | $ 1,000 | $ 1,070.80 | $ 4.21 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.73 | $ 4.11 | |||||||
Class Z | .71% | |||||||||
Actual | $ 1,000 | $ 1,072.10 | $ 3.65 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.27 | $ 3.56 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.4.00% sales charge) | -5.28% | 0.55% | 2.43% |
Class M (incl.4.00% sales charge) | -5.28% | 0.54% | 2.43% |
Class C (incl. contingent deferred sales charge) | -3.03% | 0.69% | 2.50% |
Fidelity® High Income Fund | -1.04% | 1.64% | 2.99% |
Class I | -1.12% | 1.61% | 2.97% |
Class Z | -0.98% | 1.69% | 3.01% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® High Income Fund, a class of the fund, on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
New Fortress Energy, Inc. | 2.4 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.1 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 2.0 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.8 | |
Community Health Systems, Inc. | 1.8 | |
Ford Motor Credit Co. LLC | 1.8 | |
Occidental Petroleum Corp. | 1.7 | |
TransDigm, Inc. | 1.6 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.6 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 1.5 | |
18.3 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 16.2 | |
Telecommunications | 8.0 | |
Services | 7.1 | |
Healthcare | 6.8 | |
Technology | 6.2 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 86.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 2.3% | |||
Broadcasting - 1.2% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 23,514 | 20,340 | |
3.375% 8/15/26 | 33,458 | 15,759 | |
36,099 | |||
Energy - 1.1% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,681 | 11,296 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,898 | 19,470 | |
30,766 | |||
TOTAL CONVERTIBLE BONDS | 66,865 | ||
Nonconvertible Bonds - 83.9% | |||
Aerospace - 2.7% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 2,320 | 2,139 | |
5.875% 12/1/27 | 3,130 | 3,057 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 9,547 | 9,526 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 7,903 | 7,234 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 1,380 | 1,413 | |
6.875% 5/1/25 | 1,380 | 1,421 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 2,155 | 1,708 | |
4.625% 3/1/28 (d) | 6,545 | 5,779 | |
Moog, Inc. 4.25% 12/15/27 (d) | 410 | 385 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 5,930 | 5,367 | |
5.5% 11/15/27 | 23,422 | 22,485 | |
6.25% 3/15/26 (d) | 10,225 | 10,273 | |
6.375% 6/15/26 | 2,760 | 2,756 | |
6.75% 8/15/28 (d) | 4,100 | 4,164 | |
7.5% 3/15/27 | 1,582 | 1,590 | |
79,297 | |||
Air Transportation - 0.8% | |||
Air Canada 3.875% 8/15/26 (d) | 2,030 | 1,879 | |
American Airlines, Inc. 7.25% 2/15/28 (d) | 1,370 | 1,333 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 9,205 | 9,039 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 1,173 | 1,171 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 1,920 | 1,739 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 6,820 | 6,888 | |
22,049 | |||
Automotive - 0.2% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 3,105 | 2,961 | |
7.4% 11/1/46 | 1,085 | 1,105 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 3,945 | 3,252 | |
7,318 | |||
Automotive & Auto Parts - 2.2% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (d) | 815 | 836 | |
Allison Transmission, Inc. 3.75% 1/30/31 (d) | 1,370 | 1,169 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 1,115 | 903 | |
5.375% 11/15/27 | 745 | 700 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 2,745 | 2,122 | |
4.75% 1/15/43 | 1,360 | 1,022 | |
5.291% 12/8/46 | 550 | 445 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 7.7305% 3/6/26 (e)(f) | 3,910 | 3,931 | |
2.3% 2/10/25 | 12,405 | 11,549 | |
2.9% 2/10/29 | 6,905 | 5,729 | |
3.375% 11/13/25 | 1,380 | 1,282 | |
3.815% 11/2/27 | 4,080 | 3,658 | |
4% 11/13/30 | 1,415 | 1,213 | |
4.389% 1/8/26 | 2,765 | 2,627 | |
4.95% 5/28/27 | 5,655 | 5,348 | |
5.125% 6/16/25 | 1,385 | 1,348 | |
6.95% 3/6/26 | 11,030 | 11,133 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (d)(e) | 550 | 495 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 2,865 | 2,867 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (d) | 3,320 | 3,244 | |
6.875% 4/14/28 (d) | 1,440 | 1,482 | |
7.125% 4/14/30 (d) | 1,440 | 1,487 | |
64,590 | |||
Banks & Thrifts - 0.4% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 268 | 260 | |
6.7% 2/14/33 | 5,480 | 4,945 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 2,430 | 2,175 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (d) | 1,095 | 857 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (d) | 1,090 | 943 | |
7.875% 5/1/27 (d) | 1,090 | 1,041 | |
10,221 | |||
Broadcasting - 1.5% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(g) | 22,770 | 1,537 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 7,125 | 6,731 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (d) | 1,100 | 967 | |
5.625% 7/15/27 (d) | 1,370 | 1,287 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 2,700 | 2,086 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 5,800 | 4,897 | |
4.125% 7/1/30 (d) | 5,380 | 4,315 | |
5.5% 7/1/29 (d) | 8,285 | 7,380 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 4,880 | 4,345 | |
5% 9/15/29 | 1,775 | 1,554 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 5,615 | 4,839 | |
6.625% 6/1/27 (d) | 3,655 | 3,519 | |
43,457 | |||
Building Materials - 0.4% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 1,486 | 1,421 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 5,595 | 4,902 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 3,455 | 3,043 | |
6% 12/1/29 (d) | 3,095 | 2,521 | |
11,887 | |||
Cable/Satellite TV - 4.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 11,784 | 9,651 | |
4.25% 1/15/34 (d) | 5,535 | 4,216 | |
4.5% 8/15/30 (d) | 14,630 | 12,285 | |
4.5% 5/1/32 | 12,236 | 9,796 | |
4.5% 6/1/33 (d) | 11,280 | 8,979 | |
4.75% 3/1/30 (d) | 5,630 | 4,844 | |
4.75% 2/1/32 (d) | 7,980 | 6,603 | |
5% 2/1/28 (d) | 3,840 | 3,550 | |
5.375% 6/1/29 (d) | 4,390 | 4,026 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 5,000 | 3,436 | |
4.125% 12/1/30 (d) | 2,939 | 2,109 | |
4.5% 11/15/31 (d) | 1,430 | 1,002 | |
4.625% 12/1/30 (d) | 17,824 | 8,700 | |
5.375% 2/1/28 (d) | 15,430 | 12,656 | |
5.75% 1/15/30 (d) | 3,475 | 1,773 | |
7.5% 4/1/28 (d) | 2,935 | 1,834 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (d) | 1,355 | 1,189 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 7,065 | 5,023 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 4,188 | 3,754 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 4,479 | 3,486 | |
6.5% 9/15/28 (d) | 19,428 | 9,065 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 7,800 | 7,199 | |
Ziggo BV 4.875% 1/15/30 (d) | 5,505 | 4,735 | |
129,911 | |||
Capital Goods - 1.0% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 4,685 | 4,231 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (d) | 4,150 | 4,209 | |
6.05% 4/15/28 (d) | 2,765 | 2,791 | |
6.3% 2/15/30 (d) | 2,765 | 2,817 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 3,980 | 3,560 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 12,934 | 12,092 | |
29,700 | |||
Chemicals - 3.2% | |||
CVR Partners LP 6.125% 6/15/28 (d) | 5,120 | 4,623 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 2,554 | 2,254 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 4,440 | 4,109 | |
7% 12/31/27 (d) | 1,080 | 949 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 2,215 | 1,949 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 11,101 | 10,606 | |
5.65% 12/1/44 | 8,249 | 6,849 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 5,020 | 4,065 | |
4.875% 6/1/24 (d) | 4,330 | 4,261 | |
5% 5/1/25 (d) | 2,270 | 2,203 | |
5.25% 6/1/27 (d) | 4,970 | 4,498 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 6,520 | 5,795 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 5,155 | 4,398 | |
6.25% 10/1/29 (d) | 5,435 | 4,367 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 550 | 495 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 3,935 | 3,624 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 1,785 | 1,470 | |
5.375% 5/15/27 | 10,144 | 9,427 | |
5.75% 11/15/28 (d) | 6,620 | 5,884 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 1,370 | 1,137 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (d) | 9,670 | 8,341 | |
7.375% 3/1/31 (d) | 1,105 | 1,107 | |
92,411 | |||
Consumer Products - 0.7% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) | 740 | 690 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 6,425 | 6,077 | |
3.75% 4/1/29 (d) | 8,300 | 7,491 | |
5.45% 11/1/41 | 1,100 | 978 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 1,380 | 1,318 | |
6% 4/1/46 (h) | 1,100 | 857 | |
6.375% 9/15/27 | 1,380 | 1,359 | |
6.625% 9/15/29 | 1,470 | 1,452 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 550 | 444 | |
4.375% 2/1/32 | 820 | 663 | |
21,329 | |||
Containers - 1.3% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e) | 1,070 | 877 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (d) | 1,880 | 1,605 | |
5.25% 8/15/27 (d) | 3,205 | 2,736 | |
Ball Corp.: | |||
2.875% 8/15/30 | 1,370 | 1,149 | |
4.875% 3/15/26 | 4,150 | 4,110 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 2,210 | 2,161 | |
BWAY Holding Co. 7.875% 8/15/26 (d) | 4,120 | 4,179 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 1,360 | 1,184 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 2,160 | 1,925 | |
LABL, Inc.: | |||
5.875% 11/1/28 (d) | 800 | 738 | |
6.75% 7/15/26 (d) | 535 | 530 | |
9.5% 11/1/28 (d) | 535 | 551 | |
10.5% 7/15/27 (d) | 1,595 | 1,515 | |
Sealed Air Corp. 5% 4/15/29 (d) | 5,450 | 5,224 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 1,655 | 1,679 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 4,717 | 4,579 | |
8.5% 8/15/27 (d) | 2,621 | 2,530 | |
37,272 | |||
Diversified Financial Services - 3.9% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 4,470 | 2,700 | |
3.625% 10/1/31 (d) | 5,180 | 2,895 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 3,880 | 3,367 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 10,765 | 9,454 | |
4.75% 9/15/24 | 460 | 454 | |
5.25% 5/15/27 | 30,900 | 29,085 | |
6.25% 5/15/26 | 16,461 | 16,227 | |
6.375% 12/15/25 | 3,120 | 3,093 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (d) | 980 | 824 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 3,635 | 2,876 | |
LPL Holdings, Inc. 4.375% 5/15/31 (d) | 1,370 | 1,216 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 3,645 | 2,962 | |
3.625% 9/1/30 (d) | 5,655 | 4,878 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 8,300 | 7,039 | |
3.875% 9/15/28 | 11,800 | 9,470 | |
6.875% 3/15/25 | 4,965 | 4,857 | |
7.125% 3/15/26 | 11,800 | 11,499 | |
112,896 | |||
Diversified Media - 0.3% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 9,443 | 7,347 | |
Energy - 13.8% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 3,635 | 3,482 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 1,375 | 1,330 | |
7.875% 5/15/26 (d) | 1,375 | 1,412 | |
Apache Corp.: | |||
4.25% 1/15/30 | 1,960 | 1,791 | |
5.1% 9/1/40 | 2,465 | 2,113 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 6,465 | 5,899 | |
California Resources Corp. 7.125% 2/1/26 (d) | 1,930 | 1,949 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (d) | 3,925 | 3,699 | |
7.75% 2/15/26 (d) | 660 | 667 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 5,655 | 4,711 | |
4% 3/1/31 | 2,745 | 2,455 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 6,098 | 5,939 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 1,580 | 1,524 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 3,370 | 2,893 | |
6.75% 3/1/29 (d) | 4,280 | 3,875 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 22,398 | 21,494 | |
5.75% 4/1/25 | 9,692 | 9,547 | |
6% 2/1/29 (d) | 12,181 | 11,481 | |
7.375% 2/1/31 (d) | 2,760 | 2,760 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 2,510 | 2,371 | |
5.625% 10/15/25 (d) | 560 | 553 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 9,749 | 9,426 | |
5.75% 2/15/28 (d) | 5,483 | 4,900 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 7,325 | 6,672 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 4,090 | 3,625 | |
4.375% 6/15/31 (d) | 1,375 | 1,196 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 2,520 | 2,507 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (d) | 1,630 | 1,605 | |
6.5% 9/1/30 (d) | 2,530 | 2,556 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 2,485 | 2,420 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 2,745 | 2,659 | |
4.75% 1/15/31 (d) | 1,370 | 1,123 | |
6% 7/1/25 (d) | 355 | 349 | |
6.5% 7/1/27 (d) | 4,947 | 4,823 | |
6.5% 7/15/48 | 815 | 617 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 1,785 | 1,669 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 2,365 | 2,314 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,880 | 1,671 | |
5.125% 6/15/28 (d) | 7,610 | 7,229 | |
5.5% 10/15/30 (d) | 1,370 | 1,275 | |
5.625% 2/15/26 (d) | 6,625 | 6,521 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 1,960 | 1,831 | |
6.25% 11/1/28 (d) | 1,960 | 1,877 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 4,080 | 3,804 | |
Mesquite Energy, Inc. 7.25% 12/31/49 (c)(d)(g) | 28,768 | 0 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 31,990 | 29,457 | |
6.75% 9/15/25 (d) | 35,507 | 33,815 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 4,350 | 4,171 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 760 | 751 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 1,360 | 1,061 | |
4.4% 4/15/46 | 4,100 | 3,302 | |
4.4% 8/15/49 | 1,900 | 1,494 | |
4.5% 7/15/44 | 3,365 | 2,722 | |
5.5% 12/1/25 | 6,915 | 6,937 | |
5.55% 3/15/26 | 830 | 837 | |
5.875% 9/1/25 | 4,195 | 4,240 | |
6.125% 1/1/31 | 4,795 | 5,013 | |
6.45% 9/15/36 | 3,155 | 3,348 | |
6.625% 9/1/30 | 6,440 | 6,875 | |
7.5% 5/1/31 | 6,195 | 6,912 | |
7.875% 9/15/31 | 1,135 | 1,286 | |
7.95% 6/15/39 | 685 | 782 | |
8.875% 7/15/30 | 4,715 | 5,540 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 1,900 | 1,691 | |
4.95% 7/15/29 (d) | 4,294 | 3,965 | |
6.875% 4/15/40 (d) | 1,598 | 1,391 | |
SM Energy Co. 5.625% 6/1/25 | 3,075 | 3,004 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,580 | 3,157 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 525 | 512 | |
Sunnova Energy Corp. 5.875% 9/1/26 (d) | 1,600 | 1,450 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 5,094 | 4,589 | |
5.875% 3/15/28 | 4,990 | 4,878 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 2,990 | 2,648 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 9,865 | 9,127 | |
6% 3/1/27 (d) | 10,867 | 10,485 | |
6% 12/31/30 (d) | 9,160 | 8,135 | |
6% 9/1/31 (d) | 9,425 | 8,345 | |
7.5% 10/1/25 (d) | 9,570 | 9,643 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 2,745 | 2,587 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 745 | 680 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 2,003 | 1,954 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (d) | 2,085 | 1,923 | |
8% 2/1/27 (d) | 4,525 | 4,016 | |
8.75% 2/15/30 (d) | 3,585 | 3,617 | |
Valaris Ltd. 8.375% 4/30/30 (d) | 3,730 | 3,732 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 6,215 | 5,582 | |
3.875% 11/1/33 (d) | 1,455 | 1,227 | |
4.125% 8/15/31 (d) | 5,475 | 4,850 | |
6.25% 1/15/30 (d) | 4,150 | 4,208 | |
Western Gas Partners LP: | |||
3.35% 2/1/25 | 4,945 | 4,722 | |
3.95% 6/1/25 | 1,370 | 1,319 | |
5.3% 3/1/48 | 1,360 | 1,145 | |
5.5% 8/15/48 | 815 | 697 | |
5.5% 2/1/50 | 2,720 | 2,308 | |
400,744 | |||
Environmental - 1.1% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 1,305 | 1,331 | |
Covanta Holding Corp. 4.875% 12/1/29 (d) | 4,165 | 3,707 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 2,155 | 2,132 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (d) | 2,765 | 2,673 | |
5.125% 12/15/26 (d) | 2,765 | 2,720 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 6,715 | 5,908 | |
5.875% 6/30/29 (d) | 6,055 | 4,740 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 6,570 | 5,911 | |
5.375% 7/15/24 (d) | 1,385 | 1,377 | |
30,499 | |||
Food & Drug Retail - 0.7% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (d) | 740 | 696 | |
3.5% 3/15/29 (d) | 6,553 | 5,806 | |
4.875% 2/15/30 (d) | 5,310 | 4,952 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 1,100 | 1,127 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 9,414 | 4,995 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 1,435 | 1,228 | |
Parkland Corp. 4.625% 5/1/30 (d) | 1,605 | 1,396 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 275 | 261 | |
20,461 | |||
Food/Beverage/Tobacco - 1.8% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 3,995 | 3,154 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 1,100 | 1,009 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 11,855 | 10,857 | |
4.375% 1/31/32 (d) | 1,370 | 1,250 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 542 | 531 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 1,370 | 1,103 | |
4.25% 4/15/31 | 1,615 | 1,405 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 3,666 | 3,311 | |
5.5% 12/15/29 (d) | 3,587 | 3,412 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 5,745 | 5,067 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 2,065 | 1,828 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 16,125 | 13,545 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 2,045 | 1,870 | |
4.75% 2/15/29 (d) | 2,520 | 2,344 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 550 | 522 | |
51,208 | |||
Gaming - 1.7% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 10,355 | 9,314 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 4,530 | 4,536 | |
7% 2/15/30 (d) | 3,300 | 3,329 | |
8.125% 7/1/27 (d) | 6,319 | 6,447 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 5,565 | 5,611 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 5,390 | 4,366 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 3,921 | 3,960 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 2,400 | 2,088 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 4,745 | 4,363 | |
Transocean, Inc. 7.25% 11/1/25 (d) | 1,350 | 1,286 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (d) | 2,740 | 2,443 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (d) | 1,365 | 1,398 | |
49,141 | |||
Healthcare - 6.4% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 3,606 | 3,570 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 2,575 | 2,293 | |
Amgen, Inc. 5.6% 3/2/43 | 2,990 | 3,077 | |
AMN Healthcare 4% 4/15/29 (d) | 1,674 | 1,473 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 3,310 | 2,916 | |
4.625% 7/15/28 (d) | 2,215 | 2,072 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 2,900 | 2,459 | |
Centene Corp.: | |||
2.5% 3/1/31 | 3,710 | 3,026 | |
3% 10/15/30 | 3,590 | 3,057 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 2,975 | 2,610 | |
4% 3/15/31 (d) | 2,475 | 2,156 | |
4.25% 5/1/28 (d) | 768 | 699 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 10,365 | 8,362 | |
5.25% 5/15/30 (d) | 19,665 | 16,390 | |
5.625% 3/15/27 (d) | 13,825 | 12,757 | |
6% 1/15/29 (d) | 6,140 | 5,442 | |
6.125% 4/1/30 (d) | 6,035 | 4,295 | |
6.875% 4/15/29 (d) | 3,620 | 2,679 | |
8% 3/15/26 (d) | 3,135 | 3,107 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 5,375 | 4,676 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 2,170 | 1,747 | |
4.625% 6/1/30 (d) | 9,260 | 8,066 | |
Embecta Corp. 5% 2/15/30 (d) | 2,745 | 2,368 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 3,442 | 2,744 | |
HCA Holdings, Inc. 5.5% 6/15/47 | 2,720 | 2,559 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 3,705 | 3,313 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 6,190 | 5,564 | |
4.625% 2/1/28 (d) | 134 | 130 | |
Humana, Inc. 5.875% 3/1/33 | 2,720 | 2,930 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 4,925 | 4,526 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 2,030 | 1,637 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 3,370 | 2,973 | |
3.875% 5/15/32 (d) | 1,465 | 1,255 | |
Mozart Borrower LP 3.875% 4/1/29 (d) | 1,375 | 1,203 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 2,765 | 2,486 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 9,435 | 8,680 | |
5.125% 4/30/31 (d) | 820 | 731 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 2,610 | 2,093 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 7,060 | 6,448 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 3,955 | 2,774 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 1,540 | 1,444 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 6,395 | 5,867 | |
4.375% 1/15/30 | 4,965 | 4,562 | |
4.625% 6/15/28 | 1,728 | 1,638 | |
6.125% 10/1/28 | 5,720 | 5,550 | |
6.125% 6/15/30 (d) | 6,675 | 6,602 | |
6.25% 2/1/27 | 3,134 | 3,118 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 3,265 | 2,953 | |
7.875% 9/15/29 | 830 | 871 | |
8.125% 9/15/31 | 830 | 877 | |
184,825 | |||
Homebuilders/Real Estate - 3.9% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 2,515 | 2,100 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 2,350 | 1,976 | |
4.375% 2/1/31 (d) | 1,765 | 1,430 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 3,915 | 3,030 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 10,750 | 7,363 | |
4.625% 8/1/29 | 7,355 | 5,568 | |
5% 10/15/27 | 23,595 | 19,663 | |
5.25% 8/1/26 | 1,630 | 1,452 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 5,035 | 4,780 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 4,210 | 3,121 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 4,730 | 3,372 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 1,005 | 942 | |
5.625% 3/1/24 (d) | 1,375 | 1,368 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 2,115 | 1,817 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 70 | 70 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 545 | 535 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 19,235 | 15,295 | |
6.5% 2/15/29 (d) | 54,180 | 32,708 | |
10.5% 2/15/28 (d) | 5,485 | 5,249 | |
111,839 | |||
Hotels - 0.7% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 11,850 | 10,113 | |
3.75% 5/1/29 (d) | 215 | 194 | |
4% 5/1/31 (d) | 6,635 | 5,868 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 4,395 | 4,086 | |
20,261 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (d) | 1,100 | 921 | |
7% 11/15/25 (d) | 550 | 525 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 8,485 | 7,768 | |
6.75% 10/15/27 (d) | 1,355 | 1,265 | |
6.75% 4/15/28 (d) | 1,370 | 1,368 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 3,390 | 3,076 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 3,295 | 2,853 | |
HUB International Ltd. 7% 5/1/26 (d) | 1,900 | 1,892 | |
19,668 | |||
Leisure - 2.2% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 6,595 | 5,407 | |
6% 5/1/29 (d) | 5,195 | 4,078 | |
6.65% 1/15/28 | 750 | 580 | |
7.625% 3/1/26 (d) | 11,060 | 10,087 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 3,585 | 2,832 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 2,175 | 1,873 | |
7.75% 2/15/29 (d) | 4,840 | 4,100 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 1,660 | 1,340 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 10,620 | 9,512 | |
5.375% 7/15/27 (d) | 3,900 | 3,462 | |
5.5% 8/31/26 (d) | 10,740 | 9,846 | |
5.5% 4/1/28 (d) | 6,610 | 5,832 | |
7.25% 1/15/30 (d) | 1,370 | 1,374 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 1,605 | 1,357 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 3,550 | 3,157 | |
64,837 | |||
Metals/Mining - 1.4% | |||
Arconic Corp. 6% 5/15/25 (d) | 1,380 | 1,372 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (d) | 550 | 483 | |
Constellium NV 5.875% 2/15/26 (d) | 2,005 | 1,995 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 1,505 | 1,400 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 7,950 | 7,061 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 2,210 | 2,160 | |
6.875% 10/15/27 (d) | 9,420 | 9,113 | |
7.5% 4/1/25 (d) | 2,205 | 2,194 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 1,375 | 1,194 | |
4.5% 9/15/27 (d) | 1,595 | 1,516 | |
5.125% 5/15/24 (d) | 1,115 | 1,110 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 1,100 | 1,119 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 2,225 | 2,072 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 3,355 | 3,414 | |
Novelis Corp.: | |||
3.25% 11/15/26 (d) | 815 | 746 | |
3.875% 8/15/31 (d) | 1,360 | 1,139 | |
PMHC II, Inc. 9% 2/15/30 (d) | 5,155 | 3,942 | |
42,030 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 3,020 | 2,450 | |
6% 6/15/27 (d) | 4,690 | 4,666 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 1,950 | 1,914 | |
8.75% 4/15/30 (d) | 3,995 | 3,677 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 1,010 | 861 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 3,520 | 2,506 | |
Mercer International, Inc. 5.125% 2/1/29 | 1,780 | 1,486 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 5,695 | 4,822 | |
22,382 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (d) | 4,070 | 3,748 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 2,565 | 2,223 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 2,310 | 2,167 | |
4% 10/15/30 (d) | 7,316 | 6,387 | |
5.75% 4/15/25 (d) | 1,055 | 1,057 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 1,415 | 1,521 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 1,370 | 1,210 | |
4.625% 1/31/32 | 8,980 | 8,385 | |
5.375% 4/1/32 | 1,100 | 1,073 | |
21,800 | |||
Services - 5.7% | |||
ADT Corp. 4.125% 8/1/29 (d) | 3,320 | 2,884 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 7,028 | 6,677 | |
AECOM 5.125% 3/15/27 | 1,845 | 1,807 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (d) | 2,250 | 1,764 | |
9.75% 7/15/27 (d) | 3,570 | 3,321 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 2,720 | 2,717 | |
Aramark Services, Inc. 6.375% 5/1/25 (d) | 6,350 | 6,350 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 2,500 | 2,310 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 8,250 | 7,559 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 20,855 | 19,515 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 12,799 | 11,071 | |
8.25% 4/15/26 | 24,050 | 24,296 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 3,795 | 3,102 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 5,065 | 4,718 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 890 | 788 | |
3.75% 10/1/30 (d) | 1,565 | 1,367 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 19,014 | 18,554 | |
Iron Mountain, Inc. 4.5% 2/15/31 (d) | 1,370 | 1,191 | |
Korn Ferry 4.625% 12/15/27 (d) | 1,015 | 964 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 3,815 | 3,453 | |
Life Time, Inc. 8% 4/15/26 (d) | 2,665 | 2,650 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 5,640 | 5,309 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (d) | 2,770 | 2,749 | |
Service Corp. International: | |||
4% 5/15/31 | 2,300 | 2,027 | |
5.125% 6/1/29 | 1,443 | 1,389 | |
Sotheby's 7.375% 10/15/27 (d) | 2,745 | 2,574 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 3,435 | 3,350 | |
10.5% 6/30/28 | 1,425 | 1,441 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 8,560 | 7,486 | |
Uber Technologies, Inc. 4.5% 8/15/29 (d) | 680 | 625 | |
United Rentals North America, Inc. 6% 12/15/29 (d) | 1,375 | 1,396 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 9,077 | 8,510 | |
163,914 | |||
Steel - 0.3% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 1,655 | 1,450 | |
4.125% 1/15/30 | 4,160 | 3,724 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 3,630 | 3,293 | |
8,467 | |||
Super Retail - 1.8% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,315 | 1,312 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 3,820 | 1,539 | |
5.5% 4/15/27 (d) | 4,845 | 2,085 | |
5.875% 10/1/28 (d) | 2,535 | 1,052 | |
10.25% 5/1/30 (d) | 715 | 392 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 8,938 | 8,469 | |
8.5% 10/30/25 (d) | 11,203 | 10,626 | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | 740 | 697 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 5,580 | 4,444 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 1,785 | 1,509 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 3,550 | 2,925 | |
7.875% 5/1/29 (d) | 2,730 | 1,830 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 4,150 | 3,082 | |
4.375% 4/1/30 | 2,760 | 2,158 | |
Sally Holdings LLC 5.625% 12/1/25 | 3,045 | 3,007 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 8,395 | 6,978 | |
52,105 | |||
Technology - 5.7% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 11,650 | 9,242 | |
Alteryx, Inc. 8.75% 3/15/28 (d) | 1,090 | 1,060 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 1,845 | 1,515 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 8,405 | 7,586 | |
Block, Inc.: | |||
2.75% 6/1/26 | 1,375 | 1,244 | |
3.5% 6/1/31 | 3,245 | 2,644 | |
Broadcom, Inc.: | |||
2.45% 2/15/31 (d) | 5,210 | 4,271 | |
2.6% 2/15/33 (d) | 4,040 | 3,188 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 1,955 | 1,759 | |
4.875% 7/1/29 (d) | 1,975 | 1,779 | |
Cloud Software Group, Inc. 9% 9/30/29 (d) | 5,755 | 4,945 | |
Coherent Corp. 5% 12/15/29 (d) | 6,960 | 6,265 | |
CommScope, Inc. 4.75% 9/1/29 (d) | 3,600 | 2,907 | |
Elastic NV 4.125% 7/15/29 (d) | 4,275 | 3,699 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 8,185 | 7,613 | |
5.95% 6/15/30 (d) | 8,335 | 7,922 | |
Entegris, Inc. 3.625% 5/1/29 (d) | 2,550 | 2,184 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 4,490 | 4,220 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (d) | 2,715 | 2,684 | |
7.125% 9/30/30 (d) | 1,360 | 1,366 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (d) | 3,615 | 3,132 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 9,345 | 7,820 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (d) | 820 | 670 | |
4.125% 8/1/30 (d) | 1,760 | 1,504 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 8,160 | 7,375 | |
onsemi 3.875% 9/1/28 (d) | 3,675 | 3,308 | |
Open Text Corp. 3.875% 12/1/29 (d) | 4,020 | 3,379 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 1,655 | 1,413 | |
4.125% 12/1/31 (d) | 3,170 | 2,624 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 7,610 | 3,158 | |
5.375% 12/1/28 (d) | 51,444 | 12,208 | |
Roblox Corp. 3.875% 5/1/30 (d) | 4,035 | 3,406 | |
Seagate HDD Cayman 5.75% 12/1/34 | 1,595 | 1,416 | |
Sensata Technologies BV: | |||
4% 4/15/29 (d) | 3,440 | 3,109 | |
5% 10/1/25 (d) | 550 | 542 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (d) | 1,370 | 1,190 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (d) | 1,085 | 1,050 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 13,015 | 11,152 | |
Twilio, Inc. 3.875% 3/15/31 | 3,285 | 2,745 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (d) | 7,195 | 7,303 | |
8% 11/1/26 (d) | 9,595 | 9,838 | |
166,435 | |||
Telecommunications - 7.7% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 7,363 | 5,962 | |
5.75% 8/15/29 (d) | 15,535 | 12,392 | |
Altice France Holding SA 6% 2/15/28 (d) | 15,943 | 9,805 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 14,684 | 10,852 | |
5.125% 7/15/29 (d) | 5,655 | 4,181 | |
5.5% 1/15/28 (d) | 5,700 | 4,487 | |
5.5% 10/15/29 (d) | 50 | 37 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 37,722 | 32,724 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 2,199 | 1,835 | |
5.625% 9/15/28 (d) | 1,290 | 942 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 2,395 | 1,756 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 5,510 | 4,838 | |
5.875% 10/15/27 (d) | 3,283 | 3,022 | |
5.875% 11/1/29 | 6,414 | 4,878 | |
8.75% 5/15/30 (d) | 4,055 | 4,011 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 8,320 | 7,678 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (d) | 2,555 | 2,188 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 4,904 | 2,743 | |
4.25% 7/1/28 (d) | 12,615 | 7,354 | |
10.5% 5/15/30 (d) | 9,537 | 9,130 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 7,907 | 6,081 | |
5.125% 1/15/28 (d) | 3,560 | 3,143 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 1,577 | 1,465 | |
SBA Communications Corp. 3.125% 2/1/29 | 1,400 | 1,198 | |
Sprint Capital Corp. 8.75% 3/15/32 | 3,295 | 4,027 | |
Sprint Corp.: | |||
7.125% 6/15/24 | 11,040 | 11,221 | |
7.625% 2/15/25 | 4,140 | 4,266 | |
7.625% 3/1/26 | 9,410 | 9,964 | |
7.875% 9/15/23 | 2,745 | 2,767 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 6,855 | 6,193 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,477 | 2,964 | |
7.2% 7/18/36 | 5,009 | 4,532 | |
7.721% 6/4/38 | 995 | 930 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 17,315 | 10,214 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 5,830 | 4,996 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 1,079 | 895 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 15,630 | 12,873 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 4,245 | 3,214 | |
6.125% 3/1/28 (d) | 3,438 | 2,198 | |
223,956 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.125% 8/15/31 (d) | 1,815 | 1,533 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 1,740 | 1,472 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 1,460 | 1,241 | |
4,246 | |||
Transportation Ex Air/Rail - 0.5% | |||
Golar LNG Ltd. 7% 10/20/25 (d) | 4,050 | 4,024 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 2,635 | 2,073 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 10,205 | 8,164 | |
14,261 | |||
Utilities - 2.8% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 4,505 | 3,854 | |
4.75% 3/15/28 (d) | 1,540 | 1,459 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 3,465 | 3,331 | |
4.35% 4/15/29 | 460 | 415 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 1,385 | 1,339 | |
FirstEnergy Corp. 3.4% 3/1/50 | 5,445 | 3,815 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 6,506 | 6,288 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 6,240 | 5,284 | |
3.625% 2/15/31 (d) | 1,990 | 1,611 | |
5.25% 6/15/29 (d) | 5,350 | 4,935 | |
PG&E Corp.: | |||
5% 7/1/28 | 9,760 | 9,184 | |
5.25% 7/1/30 | 14,760 | 13,603 | |
Pike Corp. 5.5% 9/1/28 (d) | 8,587 | 7,791 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 585 | 528 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 8,646 | 8,216 | |
5.5% 9/1/26 (d) | 2,845 | 2,788 | |
5.625% 2/15/27 (d) | 6,375 | 6,218 | |
80,659 | |||
TOTAL NONCONVERTIBLE BONDS | 2,429,394 | ||
TOTAL CORPORATE BONDS (Cost $2,849,748) | 2,496,259 | ||
Common Stocks - 2.7% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 31,300 | 3,220 | |
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (i) | 267,294 | 936 | |
Charter Communications, Inc. Class A (i) | 7,600 | 2,802 | |
TOTAL CABLE/SATELLITE TV | 3,738 | ||
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 22,700 | 2,955 | |
Energy - 1.0% | |||
California Resources Corp. warrants 10/27/24 (i) | 4,683 | 45 | |
Forbes Energy Services Ltd. (c)(i) | 47,062 | 0 | |
Jonah Energy Parent LLC (c)(i) | 212,612 | 9,568 | |
Mesquite Energy, Inc. (c)(i) | 213,507 | 13,412 | |
New Fortress Energy, Inc. | 174,600 | 5,289 | |
TOTAL ENERGY | 28,314 | ||
Food & Drug Retail - 1.0% | |||
Southeastern Grocers, Inc. (b)(c)(i) | 1,235,303 | 30,339 | |
Healthcare - 0.2% | |||
Centene Corp. (i) | 66,300 | 4,570 | |
Technology - 0.1% | |||
Coherent Corp. (i)(j) | 83,800 | 2,861 | |
Telecommunications - 0.1% | |||
CUI Acquisition Corp. Class E (c)(i) | 1 | 0 | |
GTT Communications, Inc. (c) | 113,281 | 1,399 | |
TOTAL TELECOMMUNICATIONS | 1,399 | ||
TOTAL COMMON STOCKS (Cost $48,503) | 77,396 | ||
Bank Loan Obligations - 5.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (e)(f)(k) | 4,991 | 4,471 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (e)(f)(k) | 11,482 | 732 | |
TOTAL BROADCASTING | 5,203 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (e)(f)(k) | 5,415 | 4,279 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (c)(e)(f)(k) | 6,580 | 6,383 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (e)(f)(k) | 4,943 | 4,728 | |
TOTAL CHEMICALS | 11,111 | ||
Energy - 0.3% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.8403% 2/6/25 (e)(f)(k) | 5,974 | 5,762 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 9.1511% 2/6/25 (e)(f)(k) | 4,095 | 3,950 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(f)(g)(k) | 3,958 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(f)(g)(k) | 1,690 | 0 | |
TOTAL ENERGY | 9,712 | ||
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0822% 11/23/27 (e)(f)(k) | 3,540 | 2,792 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.9534% 12/13/26 (e)(f)(k) | 345 | 328 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (e)(f)(k) | 2,010 | 1,933 | |
TOTAL HEALTHCARE | 5,053 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (c)(e)(k) | 1,351 | 1,284 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (e)(f)(k) | 508 | 503 | |
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.0208% 4/25/25 (e)(f)(k) | 4,580 | 4,569 | |
TOTAL INSURANCE | 5,072 | ||
Leisure - 0.6% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.2727% 7/21/28 (e)(f)(k) | 14,760 | 14,354 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 9/18/24 (f)(k)(l) | 4,585 | 4,325 | |
TOTAL LEISURE | 18,679 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (e)(f)(k) | 862 | 841 | |
Services - 1.4% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (e)(f)(k) | 1,431 | 1,414 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (f)(k)(m) | 469 | 463 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (e)(f)(k) | 610 | 528 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (e)(f)(k) | 5,588 | 5,097 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.2386% 6/21/24 (e)(f)(k) | 11,665 | 10,957 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (e)(f)(k) | 6,209 | 5,556 | |
Finastra U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (e)(f)(k) | 3,240 | 3,084 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (e)(f)(k) | 6,865 | 6,117 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (e)(f)(k) | 8,723 | 7,155 | |
TOTAL SERVICES | 40,371 | ||
Super Retail - 0.7% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (e)(f)(k) | 6,648 | 6,585 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (e)(f)(k) | 13,530 | 12,539 | |
TOTAL SUPER RETAIL | 19,124 | ||
Technology - 0.4% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (e)(f)(k) | 3,909 | 3,657 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(k)(m) | 480 | 449 | |
Sophia LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 10/7/27 (e)(f)(k) | 1,571 | 1,549 | |
Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (e)(f)(k) | 4,382 | 4,261 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 8/27/25 (e)(f)(k) | 1,949 | 1,945 | |
TOTAL TECHNOLOGY | 11,861 | ||
Telecommunications - 0.2% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (e)(f)(k) | 4,444 | 2,311 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (e)(f)(k) | 5,574 | 4,571 | |
TOTAL TELECOMMUNICATIONS | 6,882 | ||
Utilities - 0.4% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (e)(f)(k) | 10,276 | 10,243 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $165,631) | 149,715 | ||
Preferred Securities - 0.9% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (e)(n) | 7,165 | 5,355 | |
4.7% (e)(n) | 4,365 | 3,110 | |
Bank of America Corp. 5.875% (e)(n) | 5,385 | 4,914 | |
JPMorgan Chase & Co.: | |||
4.6% (e)(n) | 3,885 | 3,647 | |
6.1% (e)(n) | 5,400 | 5,370 | |
Wells Fargo & Co. 5.9% (e)(n) | 2,970 | 2,866 | |
TOTAL BANKS & THRIFTS | 25,262 | ||
Diversified Financial Services - 0.1% | |||
Charles Schwab Corp. 4% (e)(n) | 3,465 | 2,687 | |
TOTAL PREFERRED SECURITIES (Cost $26,422) | 27,949 | ||
Other - 1.6% | |||
Shares | Value ($) (000s) | ||
Other - 1.6% | |||
Fidelity Private Credit Central Fund LLC (b)(q) (Cost $46,253) | 4,650,410 | 46,120 | |
Money Market Funds - 2.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.88% (o) | 70,200,557 | 70,215 | |
Fidelity Securities Lending Cash Central Fund 4.88% (o)(p) | 428,082 | 428 | |
TOTAL MONEY MARKET FUNDS (Cost $70,643) | 70,643 | ||
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $3,207,200) | 2,868,082 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 28,383 |
NET ASSETS - 100.0% | 2,896,465 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $107,225,000 or 3.7% of net assets. |
(c) | Level 3 security |
(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 $1,818,616,000 or 62.8% of net assets. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(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) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | 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 $949,000 and $913,000, respectively. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
(q) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 46,256 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 1,682 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 2,899 |
Southeastern Grocers, Inc. | 6/01/18 | 8,689 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 69,623 | 937,407 | 936,815 | 3,181 | - | - | 70,215 | 0.2% |
Fidelity Private Credit Central Fund LLC | 14,951 | 35,961 | 4,674 | 3,273 | 1 | (119) | 46,120 | 7.6% |
Fidelity Securities Lending Cash Central Fund 4.88% | - | 1,731 | 1,303 | - | - | - | 428 | 0.0% |
Total | 84,574 | 975,099 | 942,792 | 6,454 | 1 | (119) | 116,763 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 3,738 | 3,738 | - | - |
Consumer Discretionary | 3,220 | 3,220 | - | - |
Consumer Staples | 30,339 | - | - | 30,339 |
Energy | 28,314 | 5,334 | - | 22,980 |
Health Care | 4,570 | 4,570 | - | - |
Industrials | 2,955 | 2,955 | - | - |
Information Technology | 4,260 | 2,861 | - | 1,399 |
Corporate Bonds | 2,496,259 | - | 2,465,493 | 30,766 |
Bank Loan Obligations | 149,715 | - | 142,048 | 7,667 |
Preferred Securities | 27,949 | - | 27,949 | - |
Money Market Funds | 70,643 | 70,643 | - | - |
Total Investments in Securities: | 2,821,962 | 93,321 | 2,635,490 | 93,151 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 29,054 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,285 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 30,339 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 1,285 | |
Corporate Bonds | |||
Beginning Balance | $ | 22,150 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 8,616 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 30,766 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 8,616 | |
Other Investments in Securities | |||
Beginning Balance | $ | 33,636 | |
Net Realized Gain (Loss) on Investment Securities | (305) | ||
Net Unrealized Gain (Loss) on Investment Securities | (4,868) | ||
Cost of Purchases | 4,180 | ||
Proceeds of Sales | (641) | ||
Amortization/Accretion | 44 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 32,046 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (4,868) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | April 30, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $427) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,090,304) | $ | 2,751,319 | ||
Fidelity Central Funds (cost $116,896) | 116,763 | |||
Total Investment in Securities (cost $3,207,200) | $ | 2,868,082 | ||
Cash | 37 | |||
Receivable for investments sold | 3,378 | |||
Receivable for fund shares sold | 727 | |||
Interest receivable | 40,995 | |||
Distributions receivable from Fidelity Central Funds | 268 | |||
Prepaid expenses | 1 | |||
Total assets | 2,913,488 | |||
Liabilities | ||||
Payable for investments purchased | $ | 9,622 | ||
Payable for fund shares redeemed | 2,715 | |||
Distributions payable | 2,444 | |||
Accrued management fee | 1,314 | |||
Distribution and service plan fees payable | 41 | |||
Other affiliated payables | 367 | |||
Other payables and accrued expenses | 92 | |||
Collateral on securities loaned | 428 | |||
Total Liabilities | 17,023 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 2,896,465 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,819,030 | ||
Total accumulated earnings (loss) | (922,565) | |||
Net Assets | $ | 2,896,465 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($119,481 ÷ 16,082 shares) (a) | $ | 7.43 | ||
Maximum offering price per share (100/96.00 of $7.43) | $ | 7.74 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($28,957 ÷ 3,898 shares) (a) | $ | 7.43 | ||
Maximum offering price per share (100/96.00 of $7.43) | $ | 7.74 | ||
Class C : | ||||
Net Asset Value and offering price per share ($12,311 ÷ 1,656 shares) (a) | $ | 7.43 | ||
Fidelity High Income Fund : | ||||
Net Asset Value , offering price and redemption price per share ($2,566,789 ÷ 345,459 shares) | $ | 7.43 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($110,904 ÷ 14,920 shares) | $ | 7.43 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($58,023 ÷ 7,810 shares) | $ | 7.43 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Year ended April 30, 2023 | |||
Investment Income | ||||
Dividends | $ | 10,053 | ||
Interest | 174,140 | |||
Income from Fidelity Central Funds | 6,454 | |||
Total Income | 190,647 | |||
Expenses | ||||
Management fee | $ | 16,826 | ||
Transfer agent fees | 3,757 | |||
Distribution and service plan fees | 514 | |||
Accounting fees | 981 | |||
Custodian fees and expenses | 22 | |||
Independent trustees' fees and expenses | 16 | |||
Registration fees | 118 | |||
Audit | 110 | |||
Legal | 760 | |||
Miscellaneous | 18 | |||
Total expenses before reductions | 23,122 | |||
Expense reductions | (116) | |||
Total expenses after reductions | 23,006 | |||
Net Investment income (loss) | 167,641 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (210,958) | |||
Fidelity Central Funds | 1 | |||
Total net realized gain (loss) | (210,957) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (9,053) | |||
Fidelity Central Funds | (119) | |||
Total change in net unrealized appreciation (depreciation) | (9,172) | |||
Net gain (loss) | (220,129) | |||
Net increase (decrease) in net assets resulting from operations | $ | (52,488) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended April 30, 2023 | Year ended April 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 167,641 | $ | 220,892 |
Net realized gain (loss) | (210,957) | 211,004 | ||
Change in net unrealized appreciation (depreciation) | (9,172) | (556,211) | ||
Net increase (decrease) in net assets resulting from operations | (52,488) | (124,315) | ||
Distributions to shareholders | (158,804) | (240,456) | ||
Share transactions - net increase (decrease) | (471,047) | (4,669,187) | ||
Total increase (decrease) in net assets | (682,339) | (5,033,958) | ||
Net Assets | ||||
Beginning of period | 3,578,804 | 8,612,762 | ||
End of period | $ | 2,896,465 | $ | 3,578,804 |
Fidelity Advisor® High Income Fund Class A |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .387 | .345 | .368 | .438 | .192 | |||||
Net realized and unrealized gain (loss) | (.501) | (.760) | .772 | (.908) | .286 | |||||
Total from investment operations | (.114) | (.415) | 1.140 | (.470) | .478 | |||||
Distributions from net investment income | (.366) | (.385) | (.360) | (.430) | (.208) | |||||
Total distributions | (.366) | (.385) | (.360) | (.430) | (.208) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (1.33)% | (5.02)% | 14.56% | (5.63)% | 5.68% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.02% | .99% | .98% | .98% | .99% I | |||||
Expenses net of fee waivers, if any | 1.02% | .99% | .98% | .98% | .99% I | |||||
Expenses net of all reductions | 1.02% | .99% | .98% | .98% | .99% I | |||||
Net investment income (loss) | 5.19% | 4.02% | 4.32% | 5.04% | 5.60% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 119 | $ | 132 | $ | 148 | $ | 144 | $ | 170 |
Portfolio turnover rate J | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class M |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .386 | .345 | .367 | .438 | .191 | |||||
Net realized and unrealized gain (loss) | (.500) | (.761) | .772 | (.909) | .286 | |||||
Total from investment operations | (.114) | (.416) | 1.139 | (.471) | .477 | |||||
Distributions from net investment income | (.366) | (.384) | (.359) | (.429) | (.207) | |||||
Total distributions | (.366) | (.384) | (.359) | (.429) | (.207) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (1.34)% | (5.03)% | 14.55% | (5.64)% | 5.68% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.03% | 1.00% | .99% | .99% | 1.01% I | |||||
Expenses net of fee waivers, if any | 1.02% | 1.00% | .99% | .99% | 1.01% I | |||||
Expenses net of all reductions | 1.02% | 1.00% | .99% | .99% | 1.01% I | |||||
Net investment income (loss) | 5.18% | 4.01% | 4.31% | 5.02% | 5.59% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 29 | $ | 30 | $ | 36 | $ | 40 | $ | 50 |
Portfolio turnover rate J | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class C |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | �� | |||||||||
Net investment income (loss) B,C | .330 | .281 | .302 | .372 | .166 | |||||
Net realized and unrealized gain (loss) | (.501) | (.763) | .772 | (.909) | .285 | |||||
Total from investment operations | (.171) | (.482) | 1.074 | (.537) | .451 | |||||
Distributions from net investment income | (.309) | (.318) | (.294) | (.363) | (.181) | |||||
Total distributions | (.309) | (.318) | (.294) | (.363) | (.181) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (2.09)% | (5.75)% | 13.68% | (6.35)% | 5.36% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Expenses net of fee waivers, if any | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Expenses net of all reductions | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Net investment income (loss) | 4.42% | 3.25% | 3.55% | 4.27% | 4.84% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 12 | $ | 17 | $ | 30 | $ | 36 | $ | 52 |
Portfolio turnover rate J | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity® High Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.83 |
Income from Investment Operations | �� | |||||||||
Net investment income (loss) A,B | .408 | .371 | .392 | .464 | .493 | |||||
Net realized and unrealized gain (loss) | (.500) | (.761) | .772 | (.909) | - C | |||||
Total from investment operations | (.092) | (.390) | 1.164 | (.445) | .493 | |||||
Distributions from net investment income | (.388) | (.410) | (.384) | (.455) | (.493) | |||||
Total distributions | (.388) | (.410) | (.384) | (.455) | (.493) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D | (1.04)% | (4.75)% | 14.89% | (5.35)% | 5.83% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .73% | .70% | .69% | .69% | .70% | |||||
Expenses net of fee waivers, if any | .73% | .70% | .69% | .69% | .70% | |||||
Expenses net of all reductions | .73% | .70% | .69% | .69% | .70% | |||||
Net investment income (loss) | 5.48% | 4.31% | 4.61% | 5.33% | 5.66% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 2,567 | $ | 3,181 | $ | 4,139 | $ | 3,871 | $ | 4,392 |
Portfolio turnover rate G | 35% | 54% H | 62% | 44% H | 62% I |
Fidelity Advisor® High Income Fund Class I |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .401 | .390 | .390 | .458 | .199 | |||||
Net realized and unrealized gain (loss) | (.499) | (.774) | .771 | (.907) | .286 | |||||
Total from investment operations | (.098) | (.384) | 1.161 | (.449) | .485 | |||||
Distributions from net investment income | (.382) | (.416) | (.381) | (.451) | (.215) | |||||
Total distributions | (.382) | (.416) | (.381) | (.451) | (.215) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (1.12)% | (4.68)% | 14.85% | (5.40)% | 5.77% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .85% | .72% | .73% | .74% | .78% H | |||||
Expenses net of fee waivers, if any | .80% | .71% | .73% | .74% | .78% H | |||||
Expenses net of all reductions | .80% | .71% | .73% | .74% | .78% H | |||||
Net investment income (loss) | 5.41% | 4.29% | 4.57% | 5.28% | 5.81% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 111 | $ | 85 | $ | 4,010 | $ | 558 | $ | 448 |
Portfolio turnover rate I | 35% | 54% J | 62% | 44% J | 62% K |
Fidelity Advisor® High Income Fund Class Z |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .415 | .378 | .399 | .464 | .201 | |||||
Net realized and unrealized gain (loss) | (.502) | (.763) | .770 | (.904) | .289 | |||||
Total from investment operations | (.087) | (.385) | 1.169 | (.440) | .490 | |||||
Distributions from net investment income | (.393) | (.415) | (.389) | (.460) | (.220) | |||||
Total distributions | (.393) | (.415) | (.389) | (.460) | (.220) | |||||
Net asset value, end of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (.98)% | (4.68)% | 14.96% | (5.30)% | 5.83% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .66% | .64% | .63% | .63% | .64% H | |||||
Expenses net of fee waivers, if any | .66% | .63% | .63% | .63% | .64% H | |||||
Expenses net of all reductions | .66% | .63% | .62% | .63% | .63% H | |||||
Net investment income (loss) | 5.54% | 4.37% | 4.67% | 5.39% | 5.85% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 58 | $ | 133 | $ | 250 | $ | 61 | $ | 13 |
Portfolio turnover rate I | 35% | 54% J | 62% | 44% J | 62% K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $54,718 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 4.1 / 3.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $45.00 | Increase | ||
Parity price | $12.35 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Corporate Bonds | $30,766 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Bank Loan Obligations | $7,667 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 | Increase | ||
Indicative market price | Evaluated bid | $97.00 | Increase |
Gross unrealized appreciation | $79,880 |
Gross unrealized depreciation | (404,825) |
Net unrealized appreciation (depreciation) | $(324,945) |
Tax Cost | $3,193,027 |
Undistributed ordinary income | $794 |
Capital loss carryforward | $(598,413) |
Net unrealized appreciation (depreciation) on securities and other investments | $(324,945) |
Short-term | $(130,281) |
Long-term | (468,132) |
Total capital loss carryforward | $(598,413) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $158,804 | $ 240,456 |
Investment to be Acquired | Commitment Amount | |
Fidelity High Income Fund | Fidelity Private Credit Central Fund LLC | $12,276 |
Purchases ($) | Sales ($) | |
Fidelity High Income Fund | 1,038,740 | 1,514,208 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $303 | $4 |
Class M | - % | .25% | 71 | - A |
Class C | .75% | .25% | 140 | 11 |
$514 | $15 |
Retained by FDC | |
Class A | $12 |
Class M | 1 |
Class C A | 1 |
$14 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $190 | .16 |
Class M | 47 | .16 |
Class C | 25 | .18 |
Fidelity High Income Fund | 3,259 | .12 |
Class I | 203 | .23 |
Class Z | 33 | .05 |
$3,757 |
% of Average Net Assets | |
Fidelity High Income Fund | .03 |
Amount | |
Fidelity High Income Fund | $- A |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity High Income Fund | 3,211 | 3,107 | 78 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity High Income Fund | 479,966 | 172,034 | 4,188,784 | Class I & Class Z |
Amount | |
Fidelity High Income Fund | $6 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity High Income Fund | $- A | $- | $- |
Transfer Agent Fees Limitation | Waiver | |
Class I | .15%/.19% A | $43 |
Expense Limitations | |
Class M | - A |
Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity High Income Fund | ||
Distributions to shareholders | ||
Class A | $5,949 | $6,554 |
Class M | 1,395 | 1,513 |
Class C | 576 | 831 |
Fidelity High Income Fund | 143,007 | 178,412 |
Class I | 4,409 | 31,049 |
Class Z | 3,468 | 22,097 |
Total | $158,804 | $240,456 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity High Income Fund | ||||
Class A | ||||
Shares sold | 1,601 | 2,452 | $12,031 | $21,067 |
Reinvestment of distributions | 734 | 699 | 5,448 | 5,992 |
Shares redeemed | (2,939) | (3,491) | (21,937) | (29,901) |
Net increase (decrease) | (604) | (340) | $(4,458) | $(2,842) |
Class M | ||||
Shares sold | 482 | 322 | $3,625 | $2,710 |
Reinvestment of distributions | 165 | 158 | 1,223 | 1,351 |
Shares redeemed | (573) | (812) | (4,281) | (6,983) |
Net increase (decrease) | 74 | (332) | $567 | $(2,922) |
Class C | ||||
Shares sold | 199 | 356 | $1,483 | $3,077 |
Reinvestment of distributions | 73 | 90 | 544 | 771 |
Shares redeemed | (769) | (1,717) | (5,721) | (14,804) |
Net increase (decrease) | (497) | (1,271) | $(3,694) | $(10,956) |
Fidelity High Income Fund | ||||
Shares sold | 36,311 | 80,328 | $272,258 | $693,806 |
Reinvestment of distributions | 15,389 | 16,883 | 114,248 | 144,797 |
Shares redeemed | (108,580) | (170,267) | (811,949) | (1,465,748) |
Net increase (decrease) | (56,880) | (73,056) | $(425,443) | $(627,145) |
Class I | ||||
Shares sold | 18,269 | 31,952 | $137,197 | $277,895 |
Reinvestment of distributions | 555 | 3,376 | 4,118 | 29,375 |
Shares redeemed | (14,626) | (485,210) | (109,771) | (4,252,953) |
Net increase (decrease) | 4,198 | (449,882) | $31,544 | $(3,945,683) |
Class Z | ||||
Shares sold | 3,793 | 51,130 | $27,871 | $445,549 |
Reinvestment of distributions | 416 | 2,488 | 3,101 | 21,382 |
Shares redeemed | (13,283) | (65,393) | (100,535) | (546,569) |
Net increase (decrease) | (9,074) | (11,775) | $(69,563) | $(79,638) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® High Income Fund | ||||||||||
Class A | 1.02% | |||||||||
Actual | $ 1,000 | $ 1,043.20 | $ 5.17 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.74 | $ 5.11 | |||||||
Class M | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,043.10 | $ 5.22 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.69 | $ 5.16 | |||||||
Class C | 1.80% | |||||||||
Actual | $ 1,000 | $ 1,039.10 | $ 9.10 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.87 | $ 9.00 | |||||||
Fidelity® High Income Fund | .73% | |||||||||
Actual | $ 1,000 | $ 1,044.70 | $ 3.70 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.17 | $ 3.66 | |||||||
Class I | .80% | |||||||||
Actual | $ 1,000 | $ 1,044.20 | $ 4.05 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.83 | $ 4.01 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 1,045.00 | $ 3.35 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Healthy Future Fund, a class of the fund, on May 24, 2022, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 9.5 | |
Procter & Gamble Co. | 7.7 | |
Nestle SA (Reg. S) | 6.7 | |
UnitedHealth Group, Inc. | 5.7 | |
Thermo Fisher Scientific, Inc. | 4.6 | |
L'Oreal SA | 3.5 | |
Vertex Pharmaceuticals, Inc. | 3.4 | |
AIA Group Ltd. | 2.8 | |
agilon health, Inc. | 2.6 | |
Church & Dwight Co., Inc. | 2.5 | |
49.0 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 30.2 | |
Consumer Staples | 25.9 | |
Consumer Discretionary | 16.0 | |
Information Technology | 13.3 | |
Financials | 6.9 | |
Industrials | 3.0 | |
Utilities | 1.3 | |
Real Estate | 0.7 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.3% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 16.0% | |||
Automobile Components - 1.1% | |||
Aptiv PLC (a) | 437 | 44,950 | |
Automobiles - 1.5% | |||
Tesla, Inc. (a) | 367 | 60,302 | |
Hotels, Restaurants & Leisure - 4.5% | |||
Chipotle Mexican Grill, Inc. (a) | 35 | 72,367 | |
Hilton Worldwide Holdings, Inc. | 188 | 27,076 | |
Planet Fitness, Inc. (a) | 935 | 77,736 | |
Sweetgreen, Inc. Class A (a) | 480 | 3,811 | |
180,990 | |||
Specialty Retail - 3.9% | |||
TJX Companies, Inc. | 496 | 39,095 | |
Ulta Beauty, Inc. (a) | 185 | 102,015 | |
Warby Parker, Inc. (a) | 1,756 | 18,491 | |
159,601 | |||
Textiles, Apparel & Luxury Goods - 5.0% | |||
Crocs, Inc. (a) | 494 | 61,093 | |
Deckers Outdoor Corp. (a) | 66 | 31,636 | |
lululemon athletica, Inc. (a) | 39 | 14,817 | |
NIKE, Inc. Class B | 439 | 55,630 | |
On Holding AG (a) | 1,238 | 40,173 | |
203,349 | |||
TOTAL CONSUMER DISCRETIONARY | 649,192 | ||
CONSUMER STAPLES - 25.9% | |||
Consumer Staples Distribution & Retail - 3.8% | |||
Costco Wholesale Corp. | 83 | 41,767 | |
Dollar Tree, Inc. (a) | 413 | 63,482 | |
U.S. Foods Holding Corp. (a) | 1,232 | 47,309 | |
152,558 | |||
Food Products - 7.2% | |||
Freshpet, Inc. (a) | 294 | 20,277 | |
Nestle SA (Reg. S) | 2,136 | 274,027 | |
294,304 | |||
Household Products - 10.2% | |||
Church & Dwight Co., Inc. | 1,054 | 102,364 | |
Procter & Gamble Co. | 2,008 | 314,011 | |
416,375 | |||
Personal Care Products - 4.7% | |||
Estee Lauder Companies, Inc. Class A | 158 | 38,982 | |
L'Oreal SA | 303 | 144,485 | |
Olaplex Holdings, Inc. (a) | 2,391 | 8,847 | |
192,314 | |||
TOTAL CONSUMER STAPLES | 1,055,551 | ||
FINANCIALS - 6.9% | |||
Capital Markets - 1.3% | |||
BlackRock, Inc. Class A | 80 | 53,696 | |
Insurance - 5.6% | |||
AIA Group Ltd. | 10,557 | 114,935 | |
Globe Life, Inc. | 330 | 35,812 | |
Hartford Financial Services Group, Inc. | 372 | 26,408 | |
Marsh & McLennan Companies, Inc. | 268 | 48,291 | |
225,446 | |||
TOTAL FINANCIALS | 279,142 | ||
HEALTH CARE - 30.2% | |||
Biotechnology - 6.6% | |||
Gilead Sciences, Inc. | 811 | 66,672 | |
Moderna, Inc. (a) | 483 | 64,186 | |
Vertex Pharmaceuticals, Inc. (a) | 402 | 136,973 | |
267,831 | |||
Health Care Equipment & Supplies - 1.5% | |||
DexCom, Inc. (a) | 137 | 16,624 | |
Penumbra, Inc. (a) | 104 | 29,548 | |
The Cooper Companies, Inc. | 42 | 16,021 | |
62,193 | |||
Health Care Providers & Services - 11.8% | |||
agilon health, Inc. (a) | 4,380 | 106,303 | |
Centene Corp. (a) | 1,116 | 76,926 | |
LifeStance Health Group, Inc. (a) | 4,764 | 38,827 | |
Molina Healthcare, Inc. (a) | 70 | 20,852 | |
Surgery Partners, Inc. (a) | 119 | 4,720 | |
UnitedHealth Group, Inc. | 475 | 233,743 | |
481,371 | |||
Life Sciences Tools & Services - 6.7% | |||
Agilent Technologies, Inc. | 215 | 29,117 | |
Danaher Corp. | 235 | 55,674 | |
Thermo Fisher Scientific, Inc. | 336 | 186,446 | |
271,237 | |||
Pharmaceuticals - 3.6% | |||
Eli Lilly & Co. | 163 | 64,525 | |
UCB SA | 727 | 67,627 | |
Zoetis, Inc. Class A | 78 | 13,711 | |
145,863 | |||
TOTAL HEALTH CARE | 1,228,495 | ||
INDUSTRIALS - 3.0% | |||
Electrical Equipment - 1.8% | |||
Generac Holdings, Inc. (a) | 193 | 19,728 | |
Sensata Technologies, Inc. PLC | 1,144 | 49,707 | |
Sunrun, Inc. (a) | 232 | 4,881 | |
74,316 | |||
Ground Transportation - 1.2% | |||
Uber Technologies, Inc. (a) | 1,575 | 48,904 | |
TOTAL INDUSTRIALS | 123,220 | ||
INFORMATION TECHNOLOGY - 13.3% | |||
Semiconductors & Semiconductor Equipment - 11.5% | |||
Enphase Energy, Inc. (a) | 250 | 41,050 | |
NVIDIA Corp. | 1,390 | 385,711 | |
SolarEdge Technologies, Inc. (a) | 140 | 39,988 | |
466,749 | |||
Technology Hardware, Storage & Peripherals - 1.8% | |||
Apple, Inc. | 372 | 63,121 | |
Samsung Electronics Co. Ltd. GDR (Reg. S) | 9 | 11,106 | |
74,227 | |||
TOTAL INFORMATION TECHNOLOGY | 540,976 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
Welltower, Inc. | 352 | 27,885 | |
UTILITIES - 1.3% | |||
Electric Utilities - 1.3% | |||
NextEra Energy, Inc. | 703 | 53,871 | |
TOTAL COMMON STOCKS (Cost $3,636,501) | 3,958,332 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (b) (Cost $25,605) | 25,600 | 25,605 | |
TOTAL INVESTMENT IN SECURITIES - 97.9% (Cost $3,662,106) | 3,983,937 |
NET OTHER ASSETS (LIABILITIES) - 2.1% | 85,007 |
NET ASSETS - 100.0% | 4,068,944 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 4.88% | - | 3,217,927 | 3,192,322 | 1,715 | - | - | 25,605 | 0.0% |
Total | - | 3,217,927 | 3,192,322 | 1,715 | - | - | 25,605 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 649,192 | 649,192 | - | - |
Consumer Staples | 1,055,551 | 781,524 | 274,027 | - |
Financials | 279,142 | 164,207 | 114,935 | - |
Health Care | 1,228,495 | 1,228,495 | - | - |
Industrials | 123,220 | 123,220 | - | - |
Information Technology | 540,976 | 540,976 | - | - |
Real Estate | 27,885 | 27,885 | - | - |
Utilities | 53,871 | 53,871 | - | - |
Money Market Funds | 25,605 | 25,605 | - | - |
Total Investments in Securities: | 3,983,937 | 3,594,975 | 388,962 | - |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,636,501) | $ | 3,958,332 | ||
Fidelity Central Funds (cost $25,605) | 25,605 | |||
Total Investment in Securities (cost $3,662,106) | $ | 3,983,937 | ||
Cash | 42,443 | |||
Foreign currency held at value (cost $1,519) | 1,519 | |||
Receivable for investments sold | 7,913 | |||
Receivable for fund shares sold | 2,043 | |||
Dividends receivable | 2,935 | |||
Reclaims receivable | 2,125 | |||
Distributions receivable from Fidelity Central Funds | 223 | |||
Receivable from investment adviser for expense reductions | 66,650 | |||
Total assets | 4,109,788 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,535 | ||
Payable for fund shares redeemed | 925 | |||
Accrued management fee | 2,217 | |||
Distribution and service plan fees payable | 200 | |||
Other affiliated payables | 840 | |||
Audit fee payable | 28,268 | |||
Other payables and accrued expenses | 1,859 | |||
Total Liabilities | 40,844 | |||
Net Assets | $ | 4,068,944 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,844,670 | ||
Total accumulated earnings (loss) | 224,274 | |||
Net Assets | $ | 4,068,944 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($205,286 ÷ 19,427 shares) (a) | $ | 10.57 | ||
Maximum offering price per share (100/94.25 of $10.57) | $ | 11.21 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($136,020 ÷ 12,903 shares) (a) | $ | 10.54 | ||
Maximum offering price per share (100/96.50 of $10.54) | $ | 10.92 | ||
Class C : | ||||
Net Asset Value and offering price per share ($129,530 ÷ 12,345 shares) (a) | $ | 10.49 | ||
Fidelity Healthy Future Fund : | ||||
Net Asset Value , offering price and redemption price per share ($3,376,001 ÷ 318,718 shares) | $ | 10.59 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($115,271 ÷ 10,884 shares) | $ | 10.59 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($106,836 ÷ 10,074 shares) | $ | 10.61 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
For the period May 24, 2022 (commencement of operations) through April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 28,448 | ||
Foreign Tax Reclaims | 1,955 | |||
Income from Fidelity Central Funds | 1,715 | |||
Income before foreign taxes withheld | $ | 32,118 | ||
Less foreign taxes withheld | (1,955) | |||
Total Income | 30,163 | |||
Expenses | ||||
Management fee | $ | 17,055 | ||
Transfer agent fees | 6,312 | |||
Distribution and service plan fees | 1,841 | |||
Accounting fees and expenses | 893 | |||
Custodian fees and expenses | 5,522 | |||
Independent trustees' fees and expenses | 10 | |||
Registration fees | 172,385 | |||
Audit | 36,102 | |||
Miscellaneous | 136 | |||
Total expenses before reductions | 240,256 | |||
Expense reductions | (212,502) | |||
Total expenses after reductions | 27,754 | |||
Net Investment income (loss) | 2,409 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (99,875) | |||
Foreign currency transactions | (125) | |||
Total net realized gain (loss) | (100,000) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 321,831 | |||
Assets and liabilities in foreign currencies | 10 | |||
Total change in net unrealized appreciation (depreciation) | 321,841 | |||
Net gain (loss) | 221,841 | |||
Net increase (decrease) in net assets resulting from operations | $ | 224,250 |
Statement of Changes in Net Assets | ||
For the period May 24, 2022 (commencement of operations) through April 30, 2023 | ||
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ | 2,409 |
Net realized gain (loss) | (100,000) | |
Change in net unrealized appreciation (depreciation) | 321,841 | |
Net increase (decrease) in net assets resulting from operations | 224,250 | |
Share transactions - net increase (decrease) | 3,844,694 | |
Total increase (decrease) in net assets | 4,068,944 | |
Net Assets | ||
Beginning of period | - | |
End of period | $ | 4,068,944 |
Fidelity Advisor® Healthy Future Fund Class A |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.01) | |
Net realized and unrealized gain (loss) | .58 | |
Total from investment operations | .57 | |
Net asset value, end of period | $ | 10.57 |
Total Return D,E,F | 5.70% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 9.78% I,J | |
Expenses net of fee waivers, if any | 1.29% I | |
Expenses net of all reductions | 1.29% I | |
Net investment income (loss) | (.09)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 205 |
Portfolio turnover rate K | 68% I |
Fidelity Advisor® Healthy Future Fund Class M |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.03) | |
Net realized and unrealized gain (loss) | .57 | |
Total from investment operations | .54 | |
Net asset value, end of period | $ | 10.54 |
Total Return D,E,F | 5.40% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 10.17% I,J | |
Expenses net of fee waivers, if any | 1.54% I | |
Expenses net of all reductions | 1.54% I | |
Net investment income (loss) | (.34)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 136 |
Portfolio turnover rate K | 68% I |
Fidelity Advisor® Healthy Future Fund Class C |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.08) | |
Net realized and unrealized gain (loss) | .57 | |
Total from investment operations | .49 | |
Net asset value, end of period | $ | 10.49 |
Total Return D,E,F | 4.90% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 10.48% I,J | |
Expenses net of fee waivers, if any | 2.04% I | |
Expenses net of all reductions | 2.04% I | |
Net investment income (loss) | (.84)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 130 |
Portfolio turnover rate K | 68% I |
Fidelity® Healthy Future Fund |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .02 | |
Net realized and unrealized gain (loss) | .57 | |
Total from investment operations | .59 | |
Net asset value, end of period | $ | 10.59 |
Total Return D,E | 5.90% | |
Ratios to Average Net Assets C,F,G | ||
Expenses before reductions | 9.38% H,I | |
Expenses net of fee waivers, if any | 1.04% H | |
Expenses net of all reductions | 1.04% H | |
Net investment income (loss) | .16% H | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 3,376 |
Portfolio turnover rate J | 68% H |
Fidelity Advisor® Healthy Future Fund Class I |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .02 | |
Net realized and unrealized gain (loss) | .57 | |
Total from investment operations | .59 | |
Net asset value, end of period | $ | 10.59 |
Total Return D,E | 5.90% | |
Ratios to Average Net Assets C,F,G | ||
Expenses before reductions | 9.48% H,I | |
Expenses net of fee waivers, if any | 1.05% H | |
Expenses net of all reductions | 1.04% H | |
Net investment income (loss) | .16% H | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 115 |
Portfolio turnover rate J | 68% H |
Fidelity Advisor® Healthy Future Fund Class Z |
Years ended April 30, | 2023 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .03 | |
Net realized and unrealized gain (loss) | .58 | |
Total from investment operations | .61 | |
Net asset value, end of period | $ | 10.61 |
Total Return D,E | 6.10% | |
Ratios to Average Net Assets C,F,G | ||
Expenses before reductions | 9.34% H,I | |
Expenses net of fee waivers, if any | .90% H | |
Expenses net of all reductions | .89% H | |
Net investment income (loss) | .31% H | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 107 |
Portfolio turnover rate J | 68% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $434,032 |
Gross unrealized depreciation | (142,407) |
Net unrealized appreciation (depreciation) | $291,625 |
Tax Cost | $3,692,312 |
Undistributed ordinary income | $2,280 |
Capital loss carryforward | $(69,641) |
Net unrealized appreciation (depreciation) on securities and other investments | $291,635 |
Short-term | $(69,420) |
Long-term | (221) |
Total capital loss carryforward | $(69,641) |
Purchases ($) | Sales ($) | |
Fidelity Healthy Future Fund | 5,398,006 | 1,661,562 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $341 | $315 |
Class M | .25% | .25% | 484 | 463 |
Class C | .75% | .25% | 1,016 | 993 |
$1,841 | $1,771 |
Retained by FDC | |
Class M | $34 |
Amount | % of Class-Level Average Net Assets | |
Class A | $376 | .28 |
Class M | 150 | .16 |
Class C | 184 | .18 |
Fidelity Healthy Future Fund | 5,408 | .27 |
Class I | 155 | .16 |
Class Z | 39 | .04 |
$6,312 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | .04 |
Amount | |
Fidelity Healthy Future Fund | $42 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Healthy Future Fund | 242,222 | 36,123 | (1,397) |
Expense Limitations | Reimbursement | |
Class A | 1.30% | $11,639 |
Class M | 1.55% | 8,428 |
Class C | 2.05% | 8,649 |
Fidelity Healthy Future Fund | 1.05% | 167,451 |
Class I | 1.05% | 8,139 |
Class Z | .90% | 7,962 |
$212,268 |
Shares | Dollars | |
Year ended April 30, 2023 A | Year ended April 30, 2023 A | |
Fidelity Healthy Future Fund | ||
Class A | ||
Shares sold | 21,624 | $214,288 |
Shares redeemed | (2,197) | (22,414) |
Net increase (decrease) | 19,427 | $191,874 |
Class M | ||
Shares sold | 12,903 | $129,961 |
Net increase (decrease) | 12,903 | $129,961 |
Class C | ||
Shares sold | 12,345 | $123,179 |
Net increase (decrease) | 12,345 | $123,179 |
Fidelity Healthy Future Fund | ||
Shares sold | 405,307 | $4,047,257 |
Shares redeemed | (86,589) | (856,749) |
Net increase (decrease) | 318,718 | $3,190,508 |
Class I | ||
Shares sold | 10,884 | $108,773 |
Net increase (decrease) | 10,884 | $108,773 |
Class Z | ||
Shares sold | 10,820 | $107,700 |
Shares redeemed | (746) | (7,301) |
Net increase (decrease) | 10,074 | $100,399 |
Fund | Affiliated % |
Fidelity Healthy Future Fund | 26% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Healthy Future Fund | ||||||||||
Class A | 1.29% | |||||||||
Actual | $ 1,000 | $ 1,117.30 | $ 6.77 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.40 | $ 6.46 | |||||||
Class M | 1.54% | |||||||||
Actual | $ 1,000 | $ 1,115.30 | $ 8.08 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.16 | $ 7.70 | |||||||
Class C | 2.04% | |||||||||
Actual | $ 1,000 | $ 1,112.40 | $ 10.68 | |||||||
Hypothetical- B | $ 1,000 | $ 1,014.68 | $ 10.19 | |||||||
Fidelity® Healthy Future Fund | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,118.30 | $ 5.46 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class I | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,118.30 | $ 5.46 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class Z | .89% | |||||||||
Actual | $ 1,000 | $ 1,119.20 | $ 4.68 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.38 | $ 4.46 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Life of Fund A |
Fidelity® SAI High Income Fund | -0.07% | -2.66% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® SAI High Income Fund, on May 13, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Mesquite Energy, Inc. | 2.6 | |
New Fortress Energy, Inc. | 2.3 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.8 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.8 | |
Southeastern Grocers, Inc. | 1.8 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.8 | |
Ford Motor Credit Co. LLC | 1.8 | |
Community Health Systems, Inc. | 1.8 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.7 | |
Occidental Petroleum Corp. | 1.5 | |
18.9 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 17.8 | |
Telecommunications | 8.3 | |
Healthcare | 6.9 | |
Services | 6.8 | |
Technology | 6.0 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 82.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.9% | |||
Broadcasting - 1.1% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 11,916,000 | 10,307,340 | |
3.375% 8/15/26 | 16,374,000 | 7,712,154 | |
18,019,494 | |||
Energy - 1.8% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,610,553 | 10,821,145 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,784,113 | 18,706,177 | |
29,527,322 | |||
TOTAL CONVERTIBLE BONDS | 47,546,816 | ||
Nonconvertible Bonds - 79.5% | |||
Aerospace - 2.1% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 2,015,000 | 1,857,729 | |
5.875% 12/1/27 | 1,668,000 | 1,628,910 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 4,970,000 | 4,959,007 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 4,425,000 | 4,050,233 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 730,000 | 747,212 | |
6.875% 5/1/25 | 730,000 | 751,625 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 1,680,000 | 1,331,350 | |
4.625% 3/1/28 (d) | 3,475,000 | 3,068,564 | |
Moog, Inc. 4.25% 12/15/27 (d) | 220,000 | 206,842 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,390,000 | 3,972,950 | |
5.5% 11/15/27 | 4,520,000 | 4,339,200 | |
6.25% 3/15/26 (d) | 2,055,000 | 2,064,714 | |
6.375% 6/15/26 | 1,460,000 | 1,458,019 | |
6.75% 8/15/28 (d) | 2,200,000 | 2,234,190 | |
7.5% 3/15/27 | 1,925,000 | 1,934,608 | |
34,605,153 | |||
Air Transportation - 0.7% | |||
Air Canada 3.875% 8/15/26 (d) | 1,075,000 | 995,110 | |
American Airlines, Inc. 7.25% 2/15/28 (d) | 735,000 | 714,886 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 4,775,000 | 4,689,020 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 620,500 | 619,507 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 1,030,000 | 933,143 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 3,690,000 | 3,726,749 | |
11,678,415 | |||
Automotive - 0.2% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 1,610,000 | 1,535,532 | |
7.4% 11/1/46 | 585,000 | 595,518 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 2,015,000 | 1,660,887 | |
3,791,937 | |||
Automotive & Auto Parts - 2.2% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (d) | 445,000 | 456,293 | |
Allison Transmission, Inc. 3.75% 1/30/31 (d) | 735,000 | 627,391 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 590,000 | 477,895 | |
5.375% 11/15/27 | 395,000 | 371,250 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 1,470,000 | 1,136,284 | |
4.75% 1/15/43 | 735,000 | 552,132 | |
5.291% 12/8/46 | 295,000 | 238,586 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 7.7305% 3/6/26 (e)(f) | 2,065,000 | 2,076,251 | |
2.3% 2/10/25 | 6,565,000 | 6,111,934 | |
2.9% 2/10/29 | 4,310,000 | 3,575,966 | |
3.375% 11/13/25 | 730,000 | 677,921 | |
3.815% 11/2/27 | 3,500,000 | 3,138,084 | |
4% 11/13/30 | 725,000 | 621,663 | |
4.389% 1/8/26 | 1,460,000 | 1,387,128 | |
4.95% 5/28/27 | 2,905,000 | 2,747,236 | |
5.125% 6/16/25 | 730,000 | 710,611 | |
6.95% 3/6/26 | 5,815,000 | 5,869,056 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (d)(e) | 295,000 | 265,511 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 1,605,000 | 1,606,059 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (d) | 1,750,000 | 1,709,832 | |
6.875% 4/14/28 (d) | 810,000 | 833,640 | |
7.125% 4/14/30 (d) | 810,000 | 836,373 | |
36,027,096 | |||
Banks & Thrifts - 0.4% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 149,000 | 144,781 | |
6.7% 2/14/33 | 2,935,000 | 2,648,364 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 2,015,000 | 1,803,181 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (d) | 585,000 | 457,763 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (d) | 590,000 | 510,430 | |
7.875% 5/1/27 (d) | 590,000 | 563,450 | |
6,127,969 | |||
Broadcasting - 1.3% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(g) | 12,645,000 | 853,538 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 3,665,000 | 3,462,122 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (d) | 585,000 | 514,160 | |
5.625% 7/15/27 (d) | 735,000 | 690,297 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 224,000 | 173,040 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 4,490,000 | 3,791,132 | |
4.125% 7/1/30 (d) | 2,995,000 | 2,402,283 | |
5.5% 7/1/29 (d) | 1,515,000 | 1,349,457 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 3,285,000 | 2,924,636 | |
5% 9/15/29 | 1,395,000 | 1,221,434 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 1,735,000 | 1,495,332 | |
6.625% 6/1/27 (d) | 3,185,000 | 3,066,730 | |
21,944,161 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 350,000 | 334,688 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 3,750,000 | 3,285,677 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 2,715,000 | 2,391,033 | |
6% 12/1/29 (d) | 2,595,000 | 2,113,628 | |
8,125,026 | |||
Cable/Satellite TV - 3.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 5,510,000 | 4,512,750 | |
4.25% 1/15/34 (d) | 2,840,000 | 2,163,343 | |
4.5% 8/15/30 (d) | 5,705,000 | 4,790,486 | |
4.5% 5/1/32 | 7,039,000 | 5,635,243 | |
4.5% 6/1/33 (d) | 5,460,000 | 4,346,230 | |
4.75% 3/1/30 (d) | 4,700,000 | 4,043,862 | |
4.75% 2/1/32 (d) | 4,090,000 | 3,384,397 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (d) | 3,395,000 | 2,436,530 | |
4.5% 11/15/31 (d) | 745,000 | 521,913 | |
4.625% 12/1/30 (d) | 6,930,000 | 3,382,722 | |
5.375% 2/1/28 (d) | 3,690,000 | 3,026,530 | |
5.75% 1/15/30 (d) | 2,120,000 | 1,081,929 | |
7.5% 4/1/28 (d) | 2,580,000 | 1,611,947 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (d) | 720,000 | 631,850 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 3,630,000 | 2,580,594 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 1,585,000 | 1,420,864 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 4,020,000 | 3,128,597 | |
6.5% 9/15/28 (d) | 5,430,000 | 2,533,638 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 4,400,000 | 4,061,200 | |
Ziggo BV 4.875% 1/15/30 (d) | 1,730,000 | 1,487,926 | |
56,782,551 | |||
Capital Goods - 1.0% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 2,785,000 | 2,515,095 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (d) | 2,190,000 | 2,220,916 | |
6.05% 4/15/28 (d) | 1,459,000 | 1,472,854 | |
6.3% 2/15/30 (d) | 1,460,000 | 1,487,465 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 2,710,000 | 2,424,077 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 6,595,000 | 6,165,445 | |
16,285,852 | |||
Chemicals - 2.8% | �� | ||
CVR Partners LP 6.125% 6/15/28 (d) | 3,455,000 | 3,119,644 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 1,420,000 | 1,252,968 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 1,820,000 | 1,684,301 | |
7% 12/31/27 (d) | 1,040,000 | 914,085 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 1,210,000 | 1,064,890 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,705,000 | 3,539,702 | |
5.65% 12/1/44 | 4,460,000 | 3,703,279 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 3,365,000 | 2,725,079 | |
4.875% 6/1/24 (d) | 1,735,000 | 1,707,427 | |
5% 5/1/25 (d) | 250,000 | 242,587 | |
5.25% 6/1/27 (d) | 2,580,000 | 2,334,877 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 4,635,000 | 4,119,392 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 3,520,000 | 3,002,824 | |
6.25% 10/1/29 (d) | 2,505,000 | 2,012,984 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 295,000 | 265,626 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 3,235,000 | 2,979,116 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 1,330,000 | 1,095,379 | |
5.375% 5/15/27 | 1,160,000 | 1,078,062 | |
5.75% 11/15/28 (d) | 3,530,000 | 3,137,397 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 735,000 | 610,129 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (d) | 5,025,000 | 4,334,498 | |
7.375% 3/1/31 (d) | 595,000 | 595,919 | |
45,520,165 | |||
Consumer Products - 0.6% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) | 395,000 | 368,274 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 2,370,000 | 2,241,774 | |
3.75% 4/1/29 (d) | 4,320,000 | 3,899,030 | |
5.45% 11/1/41 | 585,000 | 520,058 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 730,000 | 697,150 | |
6% 4/1/46 (h) | 585,000 | 455,580 | |
6.375% 9/15/27 | 730,000 | 719,050 | |
6.625% 9/15/29 | 820,000 | 810,017 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 295,000 | 238,365 | |
4.375% 2/1/32 | 435,000 | 351,591 | |
10,300,889 | |||
Containers - 1.3% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e) | 600,000 | 491,709 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (d) | 1,040,000 | 887,667 | |
5.25% 8/15/27 (d) | 1,776,000 | 1,515,862 | |
Ball Corp.: | |||
2.875% 8/15/30 | 730,000 | 612,101 | |
4.875% 3/15/26 | 2,190,000 | 2,168,670 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 1,170,000 | 1,144,007 | |
BWAY Holding Co. 7.875% 8/15/26 (d) | 2,190,000 | 2,221,372 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 735,000 | 639,616 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 1,325,000 | 1,180,906 | |
LABL, Inc.: | |||
5.875% 11/1/28 (d) | 450,000 | 415,125 | |
6.75% 7/15/26 (d) | 300,000 | 297,234 | |
9.5% 11/1/28 (d) | 300,000 | 308,832 | |
10.5% 7/15/27 (d) | 895,000 | 850,322 | |
Sealed Air Corp. 5% 4/15/29 (d) | 3,940,000 | 3,776,372 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 875,000 | 887,863 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 2,400,000 | 2,329,983 | |
8.5% 8/15/27 (d) | 1,080,000 | 1,042,691 | |
20,770,332 | |||
Diversified Financial Services - 3.2% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 2,100,000 | 1,268,610 | |
3.625% 10/1/31 (d) | 2,610,000 | 1,458,520 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 2,235,000 | 1,939,533 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 6,990,000 | 6,138,688 | |
4.75% 9/15/24 | 255,000 | 251,565 | |
5.25% 5/15/27 | 13,865,000 | 13,050,431 | |
6.25% 5/15/26 | 6,655,000 | 6,560,273 | |
6.375% 12/15/25 | 1,650,000 | 1,635,973 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (d) | 520,000 | 437,242 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 2,550,000 | 2,017,688 | |
LPL Holdings, Inc. 4.375% 5/15/31 (d) | 730,000 | 647,875 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 1,890,000 | 1,535,625 | |
3.625% 9/1/30 (d) | 2,905,000 | 2,506,056 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 5,220,000 | 4,427,186 | |
3.875% 9/15/28 | 6,243,000 | 5,010,133 | |
6.875% 3/15/25 | 290,000 | 283,701 | |
7.125% 3/15/26 | 3,425,000 | 3,337,640 | |
52,506,739 | |||
Diversified Media - 0.2% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 4,985,000 | 3,878,629 | |
Energy - 13.9% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 2,270,000 | 2,174,592 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 730,000 | 706,142 | |
7.875% 5/15/26 (d) | 730,000 | 749,544 | |
Apache Corp.: | |||
4.25% 1/15/30 | 1,575,000 | 1,439,156 | |
5.1% 9/1/40 | 1,320,000 | 1,131,293 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 4,200,000 | 3,832,500 | |
California Resources Corp. 7.125% 2/1/26 (d) | 1,020,000 | 1,030,261 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (d) | 2,150,000 | 2,026,375 | |
7.75% 2/15/26 (d) | 1,150,000 | 1,162,938 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 2,905,000 | 2,420,105 | |
4% 3/1/31 | 1,460,000 | 1,305,861 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 3,110,000 | 3,029,078 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 855,000 | 824,918 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 1,910,000 | 1,639,683 | |
6.75% 3/1/29 (d) | 2,280,000 | 2,064,260 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 11,785,000 | 11,309,240 | |
5.75% 4/1/25 | 2,685,000 | 2,644,706 | |
6% 2/1/29 (d) | 8,235,000 | 7,761,488 | |
7.375% 2/1/31 (d) | 1,455,000 | 1,455,000 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 2,495,000 | 2,357,117 | |
5.625% 10/15/25 (d) | 395,000 | 389,940 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 5,580,000 | 5,394,967 | |
5.75% 2/15/28 (d) | 4,910,000 | 4,387,576 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 3,205,000 | 2,919,226 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 2,490,000 | 2,206,770 | |
4.375% 6/15/31 (d) | 730,000 | 634,746 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 1,380,000 | 1,373,096 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (d) | 1,365,000 | 1,344,381 | |
6.5% 9/1/30 (d) | 1,385,000 | 1,399,085 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 1,310,000 | 1,275,567 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 1,455,000 | 1,409,350 | |
4.75% 1/15/31 (d) | 735,000 | 602,385 | |
6% 7/1/25 (d) | 185,000 | 181,750 | |
6.5% 7/1/27 (d) | 2,745,000 | 2,676,399 | |
6.5% 7/15/48 | 440,000 | 333,153 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 870,000 | 813,450 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 1,690,000 | 1,653,581 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,330,000 | 1,182,490 | |
5.125% 6/15/28 (d) | 1,650,000 | 1,567,352 | |
5.5% 10/15/30 (d) | 730,000 | 679,426 | |
5.625% 2/15/26 (d) | 3,510,000 | 3,454,998 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 1,575,000 | 1,471,456 | |
6.25% 11/1/28 (d) | 1,575,000 | 1,508,459 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 3,270,000 | 3,048,588 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 20,250,000 | 18,646,815 | |
6.75% 9/15/25 (d) | 17,725,000 | 16,880,170 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 2,055,000 | 1,970,355 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 415,000 | 409,813 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 735,000 | 573,632 | |
4.4% 4/15/46 | 2,205,000 | 1,775,895 | |
4.4% 8/15/49 | 1,030,000 | 809,745 | |
4.5% 7/15/44 | 1,805,000 | 1,460,101 | |
5.5% 12/1/25 | 3,132,000 | 3,141,869 | |
5.55% 3/15/26 | 440,000 | 443,692 | |
5.875% 9/1/25 | 1,620,000 | 1,637,378 | |
6.125% 1/1/31 | 2,385,000 | 2,493,207 | |
6.45% 9/15/36 | 1,685,000 | 1,788,206 | |
6.625% 9/1/30 | 2,945,000 | 3,143,788 | |
7.5% 5/1/31 | 2,790,000 | 3,112,887 | |
7.875% 9/15/31 | 945,000 | 1,070,901 | |
7.95% 6/15/39 | 365,000 | 416,527 | |
8.875% 7/15/30 | 2,720,000 | 3,196,000 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 2,185,000 | 1,944,134 | |
4.95% 7/15/29 (d) | 3,370,000 | 3,112,027 | |
6.875% 4/15/40 (d) | 330,000 | 287,212 | |
SM Energy Co. 5.625% 6/1/25 | 1,915,000 | 1,870,744 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,505,000 | 3,090,550 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 275,000 | 268,071 | |
Sunnova Energy Corp. 5.875% 9/1/26 (d) | 900,000 | 815,625 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 2,585,000 | 2,328,839 | |
5.875% 3/15/28 | 2,780,000 | 2,717,450 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 2,010,000 | 1,780,237 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 4,880,000 | 4,514,819 | |
6% 3/1/27 (d) | 6,151,000 | 5,934,654 | |
6% 12/31/30 (d) | 11,005,000 | 9,774,076 | |
6% 9/1/31 (d) | 4,865,000 | 4,307,594 | |
7.5% 10/1/25 (d) | 4,735,000 | 4,771,083 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,460,000 | 1,375,928 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 395,000 | 360,776 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 1,153,750 | 1,125,390 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (d) | 1,145,000 | 1,056,125 | |
8% 2/1/27 (d) | 2,475,000 | 2,196,835 | |
8.75% 2/15/30 (d) | 1,895,000 | 1,912,036 | |
Valaris Ltd. 8.375% 4/30/30 (d) | 2,100,000 | 2,100,903 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 2,920,000 | 2,622,741 | |
3.875% 11/1/33 (d) | 780,000 | 657,710 | |
4.125% 8/15/31 (d) | 4,690,000 | 4,154,648 | |
6.25% 1/15/30 (d) | 2,190,000 | 2,220,675 | |
Western Gas Partners LP: | |||
3.35% 2/1/25 | 2,610,000 | 2,492,175 | |
3.95% 6/1/25 | 735,000 | 707,848 | |
5.3% 3/1/48 | 735,000 | 619,068 | |
5.5% 8/15/48 | 440,000 | 376,279 | |
5.5% 2/1/50 | 1,470,000 | 1,247,108 | |
228,686,789 | |||
Environmental - 1.1% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 690,000 | 703,966 | |
Covanta Holding Corp. 4.875% 12/1/29 (d) | 2,205,000 | 1,962,450 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 1,345,000 | 1,330,561 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (d) | 1,460,000 | 1,411,423 | |
5.125% 12/15/26 (d) | 1,460,000 | 1,436,239 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 3,790,000 | 3,334,266 | |
5.875% 6/30/29 (d) | 3,255,000 | 2,548,048 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 4,405,000 | 3,963,182 | |
5.375% 7/15/24 (d) | 990,000 | 983,981 | |
17,674,116 | |||
Food & Drug Retail - 0.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (d) | 395,000 | 371,480 | |
3.5% 3/15/29 (d) | 3,660,000 | 3,242,745 | |
4.875% 2/15/30 (d) | 3,835,000 | 3,576,138 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 585,000 | 599,320 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 5,715,000 | 3,032,322 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 1,170,000 | 1,000,865 | |
Parkland Corp. 4.625% 5/1/30 (d) | 895,000 | 778,720 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 145,000 | 137,388 | |
12,738,978 | |||
Food/Beverage/Tobacco - 1.7% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 2,440,000 | 1,926,258 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 585,000 | 536,766 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 4,645,000 | 4,254,039 | |
4.375% 1/31/32 (d) | 735,000 | 670,481 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 335,000 | 328,326 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 730,000 | 587,650 | |
4.25% 4/15/31 | 865,000 | 752,386 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 2,035,000 | 1,838,043 | |
5.5% 12/15/29 (d) | 2,055,000 | 1,954,596 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 2,365,000 | 2,085,755 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 1,265,000 | 1,119,525 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 10,060,000 | 8,450,400 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 1,725,000 | 1,577,536 | |
4.75% 2/15/29 (d) | 1,695,000 | 1,576,659 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 295,000 | 280,014 | |
27,938,434 | |||
Gaming - 1.5% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 4,930,000 | 4,434,474 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 2,430,000 | 2,432,966 | |
7% 2/15/30 (d) | 1,750,000 | 1,765,619 | |
8.125% 7/1/27 (d) | 3,509,000 | 3,580,064 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 2,980,000 | 3,004,540 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 2,845,000 | 2,304,709 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 2,005,000 | 2,025,050 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 2,000,000 | 1,740,000 | |
MGM Resorts International: | |||
4.75% 10/15/28 | 175,000 | 163,613 | |
5.5% 4/15/27 | 175,000 | 171,263 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 390,000 | 358,578 | |
Transocean, Inc. 7.25% 11/1/25 (d) | 745,000 | 709,613 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (d) | 1,465,000 | 1,306,149 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (d) | 735,000 | 752,870 | |
24,749,508 | |||
Healthcare - 6.5% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 2,883,000 | 2,854,170 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 1,435,000 | 1,277,946 | |
Amgen, Inc. 5.6% 3/2/43 | 1,610,000 | 1,656,695 | |
AMN Healthcare 4% 4/15/29 (d) | 925,000 | 814,000 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 1,830,000 | 1,611,977 | |
4.625% 7/15/28 (d) | 280,000 | 261,905 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 1,295,000 | 1,097,873 | |
Centene Corp.: | |||
2.5% 3/1/31 | 1,985,000 | 1,619,184 | |
3% 10/15/30 | 1,920,000 | 1,635,187 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,300,000 | 1,140,666 | |
4% 3/15/31 (d) | 1,310,000 | 1,141,338 | |
4.25% 5/1/28 (d) | 385,000 | 350,515 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 5,905,000 | 4,763,791 | |
5.25% 5/15/30 (d) | 11,150,000 | 9,293,124 | |
5.625% 3/15/27 (d) | 5,260,000 | 4,853,775 | |
6% 1/15/29 (d) | 3,600,000 | 3,190,500 | |
6.125% 4/1/30 (d) | 4,695,000 | 3,341,532 | |
6.875% 4/15/29 (d) | 2,035,000 | 1,505,776 | |
8% 3/15/26 (d) | 1,150,000 | 1,139,583 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 3,610,000 | 3,140,700 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 1,280,000 | 1,030,751 | |
4.625% 6/1/30 (d) | 6,215,000 | 5,413,694 | |
Embecta Corp. 5% 2/15/30 (d) | 1,680,000 | 1,449,118 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 2,780,000 | 2,216,475 | |
HCA Holdings, Inc. 5.5% 6/15/47 | 1,470,000 | 1,382,730 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 1,600,000 | 1,430,720 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 3,095,000 | 2,781,868 | |
4.625% 2/1/28 (d) | 125,000 | 121,535 | |
Humana, Inc. 5.875% 3/1/33 | 1,465,000 | 1,577,972 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 2,600,000 | 2,389,569 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 1,910,000 | 1,540,501 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 1,385,000 | 1,221,754 | |
3.875% 5/15/32 (d) | 785,000 | 672,731 | |
Mozart Borrower LP 3.875% 4/1/29 (d) | 730,000 | 638,716 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 1,585,000 | 1,425,139 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 5,440,000 | 5,004,824 | |
5.125% 4/30/31 (d) | 795,000 | 708,380 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 215,000 | 172,436 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 4,150,000 | 3,790,299 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 2,020,000 | 1,416,846 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 1,275,000 | 1,195,250 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 4,025,000 | 3,692,736 | |
4.375% 1/15/30 | 3,835,000 | 3,523,785 | |
4.625% 6/15/28 | 3,455,000 | 3,274,071 | |
6.125% 10/1/28 | 4,245,000 | 4,118,534 | |
6.125% 6/15/30 (d) | 4,165,000 | 4,119,650 | |
6.25% 2/1/27 | 1,405,000 | 1,398,029 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,775,000 | 1,605,191 | |
7.875% 9/15/29 | 450,000 | 472,278 | |
8.125% 9/15/31 | 450,000 | 475,264 | |
106,951,083 | |||
Homebuilders/Real Estate - 3.9% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 2,060,000 | 1,720,100 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 1,830,000 | 1,538,371 | |
4.375% 2/1/31 (d) | 995,000 | 806,091 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 2,080,000 | 1,610,066 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 8,590,000 | 5,883,900 | |
4.625% 8/1/29 | 3,225,000 | 2,441,397 | |
5% 10/15/27 | 11,855,000 | 9,879,432 | |
5.25% 8/1/26 | 920,000 | 819,302 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 2,700,000 | 2,563,211 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 2,290,000 | 1,697,463 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 2,590,000 | 1,846,561 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 535,000 | 501,673 | |
5.625% 3/1/24 (d) | 730,000 | 726,426 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 1,320,000 | 1,134,303 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 40,000 | 39,900 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 295,000 | 289,469 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 10,260,000 | 8,158,558 | |
6.5% 2/15/29 (d) | 31,190,000 | 18,828,882 | |
10.5% 2/15/28 (d) | 2,930,000 | 2,803,707 | |
63,288,812 | |||
Hotels - 0.6% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 4,555,000 | 3,887,283 | |
3.75% 5/1/29 (d) | 10,000 | 9,014 | |
4% 5/1/31 (d) | 4,050,000 | 3,582,122 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 2,965,000 | 2,756,827 | |
10,235,246 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (d) | 585,000 | 489,689 | |
7% 11/15/25 (d) | 295,000 | 281,710 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 3,940,000 | 3,607,254 | |
6.75% 10/15/27 (d) | 740,000 | 690,785 | |
6.75% 4/15/28 (d) | 735,000 | 734,071 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 2,045,000 | 1,855,667 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 2,915,000 | 2,523,626 | |
HUB International Ltd. 7% 5/1/26 (d) | 1,040,000 | 1,035,371 | |
11,218,173 | |||
Leisure - 2.2% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 3,545,000 | 2,906,199 | |
6% 5/1/29 (d) | 3,000,000 | 2,354,992 | |
6.65% 1/15/28 | 720,000 | 556,776 | |
7.625% 3/1/26 (d) | 5,780,000 | 5,271,402 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 295,000 | 233,050 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 1,585,000 | 1,365,267 | |
7.75% 2/15/29 (d) | 4,040,000 | 3,422,019 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 1,390,000 | 1,122,425 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 5,935,000 | 5,315,522 | |
5.375% 7/15/27 (d) | 2,775,000 | 2,463,649 | |
5.5% 8/31/26 (d) | 4,870,000 | 4,464,421 | |
5.5% 4/1/28 (d) | 3,715,000 | 3,277,925 | |
7.25% 1/15/30 (d) | 735,000 | 737,067 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 1,545,000 | 1,305,801 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 2,365,000 | 2,103,098 | |
36,899,613 | |||
Metals/Mining - 1.1% | |||
Arconic Corp. 6% 5/15/25 (d) | 725,000 | 720,802 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (d) | 295,000 | 259,054 | |
Constellium NV 5.875% 2/15/26 (d) | 1,073,000 | 1,067,785 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 125,000 | 116,250 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 4,180,000 | 3,712,363 | |
First Quantum Minerals Ltd. 6.875% 10/15/27 (d) | 2,385,000 | 2,307,189 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 730,000 | 634,088 | |
4.5% 9/15/27 (d) | 850,000 | 807,679 | |
5.125% 5/15/24 (d) | 590,000 | 587,556 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 585,000 | 595,274 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 1,485,000 | 1,382,866 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 2,310,000 | 2,350,425 | |
Novelis Corp.: | |||
3.25% 11/15/26 (d) | 445,000 | 407,381 | |
3.875% 8/15/31 (d) | 740,000 | 619,676 | |
PMHC II, Inc. 9% 2/15/30 (d) | 2,655,000 | 2,030,245 | |
17,598,633 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 1,040,000 | 843,583 | |
6% 6/15/27 (d) | 2,930,000 | 2,914,821 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 1,405,000 | 1,379,003 | |
8.75% 4/15/30 (d) | 2,250,000 | 2,070,705 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 515,000 | 439,036 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 2,885,000 | 2,053,976 | |
Mercer International, Inc. 5.125% 2/1/29 | 950,000 | 793,313 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 2,875,000 | 2,434,373 | |
12,928,810 | |||
Publishing/Printing - 0.2% | |||
News Corp. 5.125% 2/15/32 (d) | 3,130,000 | 2,882,097 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 1,255,000 | 1,087,624 | |
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 1,265,000 | 1,186,491 | |
4% 10/15/30 (d) | 3,170,000 | 2,767,351 | |
5.75% 4/15/25 (d) | 575,000 | 576,151 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 740,000 | 795,500 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 735,000 | 649,185 | |
4.625% 1/31/32 | 3,255,000 | 3,039,471 | |
5.375% 4/1/32 | 585,000 | 570,631 | |
9,584,780 | |||
Services - 5.4% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 5,149,000 | 4,891,550 | |
AECOM 5.125% 3/15/27 | 980,000 | 959,979 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (d) | 1,260,000 | 987,816 | |
9.75% 7/15/27 (d) | 1,975,000 | 1,837,210 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 2,660,000 | 2,657,288 | |
Aramark Services, Inc.: | |||
5% 2/1/28 (d) | 760,000 | 723,824 | |
6.375% 5/1/25 (d) | 3,350,000 | 3,350,000 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 1,395,000 | 1,289,146 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 3,855,000 | 3,532,256 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 11,010,000 | 10,302,503 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 6,520,000 | 5,639,738 | |
8.25% 4/15/26 | 13,298,000 | 13,433,773 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 2,080,000 | 1,700,400 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 3,295,000 | 3,069,400 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 575,000 | 509,032 | |
3.75% 10/1/30 (d) | 1,945,000 | 1,698,508 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 7,810,000 | 7,621,096 | |
Iron Mountain, Inc. 4.5% 2/15/31 (d) | 730,000 | 634,725 | |
Korn Ferry 4.625% 12/15/27 (d) | 540,000 | 512,865 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 2,130,000 | 1,927,650 | |
Life Time, Inc. 8% 4/15/26 (d) | 1,500,000 | 1,491,533 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 2,905,000 | 2,734,331 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 1,215,000 | 1,043,521 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (d) | 1,460,000 | 1,448,997 | |
Service Corp. International: | |||
4% 5/15/31 | 1,285,000 | 1,132,432 | |
5.125% 6/1/29 | 810,000 | 779,625 | |
Sotheby's 7.375% 10/15/27 (d) | 1,700,000 | 1,593,806 | |
The GEO Group, Inc. 9.5% 12/31/28 (d) | 3,300,000 | 3,218,391 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 4,635,000 | 4,053,308 | |
Uber Technologies, Inc. 4.5% 8/15/29 (d) | 175,000 | 160,927 | |
United Rentals North America, Inc. 6% 12/15/29 (d) | 730,000 | 740,901 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 3,350,000 | 3,140,682 | |
88,817,213 | |||
Steel - 0.3% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 880,000 | 771,091 | |
4.125% 1/15/30 | 2,495,000 | 2,233,542 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 2,005,000 | 1,818,668 | |
4,823,301 | |||
Super Retail - 1.6% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,123,000 | 1,120,341 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 3,035,000 | 1,223,020 | |
5.5% 4/15/27 (d) | 3,025,000 | 1,301,489 | |
5.875% 10/1/28 (d) | 1,778,000 | 737,683 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 4,830,000 | 4,576,425 | |
8.5% 10/30/25 (d) | 2,825,000 | 2,679,604 | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | 395,000 | 372,253 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 2,405,000 | 1,915,294 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 1,245,000 | 1,052,567 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 2,095,000 | 1,725,882 | |
7.875% 5/1/29 (d) | 1,315,000 | 881,523 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 3,440,000 | 2,554,544 | |
4.375% 4/1/30 | 2,295,000 | 1,794,828 | |
Sally Holdings LLC 5.625% 12/1/25 | 1,605,000 | 1,584,938 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 4,356,000 | 3,620,925 | |
27,141,316 | |||
Technology - 5.5% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 5,535,000 | 4,390,916 | |
Alteryx, Inc. 8.75% 3/15/28 (d) | 590,000 | 573,574 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 1,080,000 | 887,046 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 3,665,000 | 3,307,663 | |
Block, Inc.: | |||
2.75% 6/1/26 | 730,000 | 660,659 | |
3.5% 6/1/31 | 1,780,000 | 1,450,158 | |
Broadcom, Inc.: | |||
2.45% 2/15/31 (d) | 2,675,000 | 2,192,777 | |
2.6% 2/15/33 (d) | 2,050,000 | 1,617,822 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 1,195,000 | 1,075,261 | |
4.875% 7/1/29 (d) | 1,210,000 | 1,089,716 | |
Cloud Software Group, Inc. 9% 9/30/29 (d) | 3,240,000 | 2,784,132 | |
Coherent Corp. 5% 12/15/29 (d) | 4,115,000 | 3,704,035 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (d) | 2,985,000 | 2,410,525 | |
6% 3/1/26 (d) | 1,445,000 | 1,380,096 | |
Elastic NV 4.125% 7/15/29 (d) | 2,363,000 | 2,044,468 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 6,885,000 | 6,403,892 | |
5.95% 6/15/30 (d) | 4,375,000 | 4,158,186 | |
Entegris, Inc. 3.625% 5/1/29 (d) | 1,300,000 | 1,113,190 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 3,750,000 | 3,524,152 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (d) | 1,480,000 | 1,462,941 | |
7.125% 9/30/30 (d) | 740,000 | 743,337 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (d) | 1,840,000 | 1,593,963 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 5,045,000 | 4,221,606 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (d) | 440,000 | 359,436 | |
4.125% 8/1/30 (d) | 930,000 | 794,900 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 3,765,000 | 3,402,694 | |
onsemi 3.875% 9/1/28 (d) | 305,000 | 274,519 | |
Open Text Corp.: | |||
3.875% 2/15/28 (d) | 1,790,000 | 1,586,137 | |
3.875% 12/1/29 (d) | 905,000 | 760,597 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 930,000 | 794,110 | |
4.125% 12/1/31 (d) | 2,155,000 | 1,783,622 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 2,435,000 | 1,010,525 | |
5.375% 12/1/28 (d) | 28,245,000 | 6,702,541 | |
Roblox Corp. 3.875% 5/1/30 (d) | 3,335,000 | 2,815,407 | |
Seagate HDD Cayman 5.75% 12/1/34 | 895,000 | 794,375 | |
Sensata Technologies BV: | |||
4% 4/15/29 (d) | 2,060,000 | 1,861,772 | |
5% 10/1/25 (d) | 295,000 | 290,454 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (d) | 735,000 | 638,526 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (d) | 595,000 | 575,910 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 4,365,000 | 3,740,238 | |
Twilio, Inc. 3.875% 3/15/31 | 1,550,000 | 1,295,304 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (d) | 3,795,000 | 3,851,925 | |
8% 11/1/26 (d) | 4,365,000 | 4,475,391 | |
90,598,498 | |||
Telecommunications - 7.9% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 3,785,000 | 3,064,722 | |
5.75% 8/15/29 (d) | 11,520,000 | 9,189,466 | |
Altice France Holding SA 6% 2/15/28 (d) | 8,935,000 | 5,495,025 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 8,120,000 | 6,000,914 | |
5.125% 7/15/29 (d) | 8,025,000 | 5,932,849 | |
5.5% 1/15/28 (d) | 2,115,000 | 1,665,031 | |
5.5% 10/15/29 (d) | 30,000 | 22,458 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 17,777,000 | 15,421,548 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 2,555,000 | 2,132,499 | |
5.625% 9/15/28 (d) | 2,730,000 | 1,994,142 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 2,005,000 | 1,470,066 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 1,595,000 | 1,400,589 | |
5.875% 10/15/27 (d) | 2,480,000 | 2,282,802 | |
5.875% 11/1/29 | 3,385,000 | 2,574,627 | |
8.75% 5/15/30 (d) | 2,825,000 | 2,794,210 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 2,815,000 | 2,597,696 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (d) | 1,355,000 | 1,160,571 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 4,705,000 | 2,631,387 | |
4.25% 7/1/28 (d) | 4,140,000 | 2,413,397 | |
10.5% 5/15/30 (d) | 3,258,000 | 3,118,894 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 2,230,000 | 1,715,138 | |
5.125% 1/15/28 (d) | 531,000 | 468,707 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 130,000 | 120,738 | |
SBA Communications Corp. 3.125% 2/1/29 | 1,190,000 | 1,018,046 | |
Sprint Capital Corp. 8.75% 3/15/32 | 1,760,000 | 2,150,792 | |
Sprint Corp.: | |||
7.125% 6/15/24 | 5,835,000 | 5,930,524 | |
7.625% 2/15/25 | 2,190,000 | 2,256,473 | |
7.625% 3/1/26 | 4,985,000 | 5,278,682 | |
7.875% 9/15/23 | 1,460,000 | 1,471,819 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 3,655,000 | 3,301,866 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 2,740,000 | 2,335,840 | |
7.2% 7/18/36 | 3,910,000 | 3,537,687 | |
7.721% 6/4/38 | 850,000 | 794,640 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 8,570,000 | 5,055,529 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 4,685,000 | 4,014,635 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 4,595,000 | 3,810,246 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 9,005,000 | 7,416,778 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 3,320,000 | 2,513,761 | |
6.125% 3/1/28 (d) | 3,695,000 | 2,362,107 | |
128,916,901 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (d) | 970,000 | 819,097 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 970,000 | 820,649 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 1,230,000 | 1,045,207 | |
2,684,953 | |||
Transportation Ex Air/Rail - 0.5% | |||
Golar LNG Ltd. 7% 10/20/25 (d) | 2,910,000 | 2,891,449 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 2,085,000 | 1,640,082 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 5,300,000 | 4,240,000 | |
8,771,531 | |||
Utilities - 2.4% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 2,655,000 | 2,271,507 | |
4.75% 3/15/28 (d) | 1,280,000 | 1,213,023 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 1,835,000 | 1,763,894 | |
4.35% 4/15/29 | 245,000 | 220,805 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 735,000 | 710,699 | |
FirstEnergy Corp. 3.4% 3/1/50 | 2,935,000 | 2,056,466 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,435,000 | 2,353,525 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 2,565,000 | 2,172,027 | |
3.625% 2/15/31 (d) | 930,000 | 752,820 | |
5.25% 6/15/29 (d) | 2,640,000 | 2,435,158 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,410,000 | 4,149,669 | |
5.25% 7/1/30 | 8,455,000 | 7,792,509 | |
Pike Corp. 5.5% 9/1/28 (d) | 5,535,000 | 5,022,210 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 310,000 | 279,832 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 2,395,000 | 2,275,996 | |
5.5% 9/1/26 (d) | 1,520,000 | 1,489,360 | |
5.625% 2/15/27 (d) | 2,950,000 | 2,877,128 | |
39,836,628 | |||
TOTAL NONCONVERTIBLE BONDS | 1,304,397,951 | ||
TOTAL CORPORATE BONDS (Cost $1,525,659,979) | 1,351,944,767 | ||
Common Stocks - 4.0% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 16,200 | 1,666,332 | |
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (i) | 224,406 | 785,421 | |
Charter Communications, Inc. Class A (i) | 4,300 | 1,585,410 | |
TOTAL CABLE/SATELLITE TV | 2,370,831 | ||
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 12,000 | 1,561,920 | |
Energy - 1.5% | |||
California Resources Corp. warrants 10/27/24 (i) | 4,491 | 42,754 | |
Jonah Energy Parent LLC (c)(i) | 203,925 | 9,176,625 | |
Mesquite Energy, Inc. (c)(i) | 204,784 | 12,864,531 | |
New Fortress Energy, Inc. | 95,300 | 2,886,637 | |
TOTAL ENERGY | 24,970,547 | ||
Food & Drug Retail - 1.8% | |||
Southeastern Grocers, Inc. (b)(c)(i) | 1,184,833 | 29,099,479 | |
Healthcare - 0.2% | |||
Centene Corp. (i) | 37,100 | 2,557,303 | |
Technology - 0.1% | |||
Coherent Corp. (i)(j) | 46,800 | 1,597,752 | |
Telecommunications - 0.1% | |||
GTT Communications, Inc. (c) | 89,354 | 1,103,558 | |
TOTAL COMMON STOCKS (Cost $58,046,994) | 64,927,722 | ||
Bank Loan Obligations - 5.6% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (e)(f)(k) | 2,325,660 | 2,083,117 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (e)(f)(k) | 7,322,814 | 466,829 | |
TOTAL BROADCASTING | 2,549,946 | ||
Building Materials - 0.1% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (e)(f)(k) | 2,437,415 | 1,926,118 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (c)(e)(f)(k) | 5,093,479 | 4,940,675 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (e)(f)(k) | 2,573,550 | 2,462,038 | |
TOTAL CHEMICALS | 7,402,713 | ||
Energy - 0.6% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.8403% 2/6/25 (e)(f)(k) | 5,734,552 | 5,530,975 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 9.1511% 2/6/25 (e)(f)(k) | 3,935,736 | 3,796,018 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(f)(g)(k) | 3,800,000 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(f)(g)(k) | 1,620,000 | 0 | |
TOTAL ENERGY | 9,326,993 | ||
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0822% 11/23/27 (e)(f)(k) | 1,899,809 | 1,498,000 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.9534% 12/13/26 (e)(f)(k) | 241,278 | 229,893 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (e)(f)(k) | 1,067,270 | 1,026,586 | |
TOTAL HEALTHCARE | 2,754,479 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (c)(e)(k) | 742,964 | 705,815 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (e)(f)(k) | 268,993 | 266,526 | |
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.0208% 4/25/25 (e)(f)(k) | 2,342,044 | 2,336,002 | |
TOTAL INSURANCE | 2,602,528 | ||
Leisure - 0.9% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.2727% 7/21/28 (e)(f)(k) | 13,096,960 | 12,736,794 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 9/18/24 (f)(k)(l) | 2,570,000 | 2,424,153 | |
TOTAL LEISURE | 15,160,947 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (e)(f)(k) | 532,908 | 520,043 | |
Services - 1.4% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (e)(f)(k) | 783,210 | 773,749 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (f)(k)(m) | 256,790 | 253,688 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (e)(f)(k) | 425,000 | 368,156 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (e)(f)(k) | 4,701,651 | 4,288,047 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.2386% 6/21/24 (e)(f)(k) | 5,355,789 | 5,031,121 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (e)(f)(k) | 3,416,329 | 3,057,000 | |
Finastra U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (e)(f)(k) | 1,790,000 | 1,703,633 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (e)(f)(k) | 3,240,000 | 2,886,840 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (e)(f)(k) | 4,643,155 | 3,808,827 | |
TOTAL SERVICES | 22,171,061 | ||
Super Retail - 0.6% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (e)(f)(k) | 3,029,246 | 3,000,862 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (e)(f)(k) | 7,385,473 | 6,844,340 | |
TOTAL SUPER RETAIL | 9,845,202 | ||
Technology - 0.4% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (e)(f)(k) | 1,998,478 | 1,869,996 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(k)(m) | 245,508 | 229,725 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 7/6/29 (e)(f)(k) | 877,800 | 876,466 | |
Sophia LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 10/7/27 (e)(f)(k) | 832,886 | 821,084 | |
Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (e)(f)(k) | 1,675,758 | 1,629,674 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 8/27/25 (e)(f)(k) | 1,215,077 | 1,212,805 | |
TOTAL TECHNOLOGY | 6,639,750 | ||
Telecommunications - 0.3% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (e)(f)(k) | 3,505,610 | 1,822,917 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (e)(f)(k) | 4,396,639 | 3,605,244 | |
TOTAL TELECOMMUNICATIONS | 5,428,161 | ||
Utilities - 0.3% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (e)(f)(k) | 5,407,090 | 5,389,733 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $100,377,898) | 92,423,489 | ||
Preferred Securities - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (e)(n) | 3,950,000 | 2,952,237 | |
4.7% (e)(n) | 2,435,000 | 1,734,698 | |
Bank of America Corp. 5.875% (e)(n) | 2,985,000 | 2,723,823 | |
JPMorgan Chase & Co.: | |||
4.6% (e)(n) | 2,155,000 | 2,023,134 | |
6.1% (e)(n) | 2,980,000 | 2,963,519 | |
Wells Fargo & Co. 5.9% (e)(n) | 1,640,000 | 1,582,774 | |
TOTAL BANKS & THRIFTS | 13,980,185 | ||
Diversified Financial Services - 0.1% | |||
Charles Schwab Corp. 4% (e)(n) | 1,910,000 | 1,480,977 | |
TOTAL PREFERRED SECURITIES (Cost $14,613,137) | 15,461,162 | ||
Other - 1.0% | |||
Shares | Value ($) | ||
Other - 1.0% | |||
Fidelity Private Credit Central Fund LLC (b)(q) (Cost $16,819,387) | 1,691,065 | 16,775,367 | |
Money Market Funds - 5.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (o) | 80,970,337 | 80,986,531 | |
Fidelity Securities Lending Cash Central Fund 4.88% (o)(p) | 246,575 | 246,600 | |
TOTAL MONEY MARKET FUNDS (Cost $81,233,131) | 81,233,131 | ||
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $1,796,750,526) | 1,622,765,638 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 17,539,404 |
NET ASSETS - 100.0% | 1,640,305,042 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $75,402,168 or 4.6% of net assets. |
(c) | Level 3 security |
(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 $988,831,463 or 60.3% of net assets. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(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) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | 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 $502,299 and $483,413, respectively. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
(q) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 16,819,386 |
Mesquite Energy, Inc. 15% 7/15/23 | 6/25/21 - 4/01/22 | 6,243,973 |
Mesquite Energy, Inc. 15% 7/15/23 | 6/25/21 - 4/01/22 | 9,777,984 |
Southeastern Grocers, Inc. | 6/25/21 - 4/01/22 | 22,540,546 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 119,265,405 | 741,058,809 | 779,337,683 | 1,946,644 | - | - | 80,986,531 | 0.2% |
Fidelity Private Credit Central Fund LLC | 5,437,758 | 13,085,437 | 1,699,004 | 1,190,246 | 304 | (49,128) | 16,775,367 | 2.8% |
Fidelity Securities Lending Cash Central Fund 4.88% | 63,228,550 | 31,305,161 | 94,287,111 | 50,214 | - | - | 246,600 | 0.0% |
Total | 187,931,713 | 785,449,407 | 875,323,798 | 3,187,104 | 304 | (49,128) | 98,008,498 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 2,370,831 | 2,370,831 | - | - |
Consumer Discretionary | 1,666,332 | 1,666,332 | - | - |
Consumer Staples | 29,099,479 | - | - | 29,099,479 |
Energy | 24,970,547 | 2,929,391 | - | 22,041,156 |
Health Care | 2,557,303 | 2,557,303 | - | - |
Industrials | 1,561,920 | 1,561,920 | - | - |
Information Technology | 2,701,310 | 1,597,752 | - | 1,103,558 |
Corporate Bonds | 1,351,944,767 | - | 1,322,417,445 | 29,527,322 |
Bank Loan Obligations | 92,423,489 | - | 86,776,999 | 5,646,490 |
Preferred Securities | 15,461,162 | - | 15,461,162 | - |
Money Market Funds | 81,233,131 | 81,233,131 | - | - |
Total Investments in Securities: | 1,605,990,271 | 93,916,660 | 1,424,655,606 | 87,418,005 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 27,867,272 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,232,207 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 29,099,479 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 1,232,207 | |
Energy | |||
Beginning Balance | $ | 25,169,419 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (3,128,263) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 22,041,156 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (3,128,263) | |
Corporate Bonds | |||
Beginning Balance | $ | 21,256,578 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 8,270,744 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 29,527,322 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 8,270,744 | |
Other Investments in Securities | |||
Beginning Balance | $ | 5,724,228 | |
Net Realized Gain (Loss) on Investment Securities | (260,850) | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,238,582) | ||
Cost of Purchases | 2,981,075 | ||
Proceeds of Sales | (495,262) | ||
Amortization/Accretion | 39,439 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 6,750,048 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (1,238,582) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $245,808) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,698,698,008) | $ | 1,524,757,140 | ||
Fidelity Central Funds (cost $98,052,518) | 98,008,498 | |||
Total Investment in Securities (cost $1,796,750,526) | $ | 1,622,765,638 | ||
Cash | 374,720 | |||
Receivable for investments sold | 1,716,835 | |||
Receivable for fund shares sold | 1,297,115 | |||
Interest receivable | 22,080,195 | |||
Distributions receivable from Fidelity Central Funds | 282,638 | |||
Prepaid expenses | 638 | |||
Total assets | 1,648,517,779 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,507,489 | ||
Payable for fund shares redeemed | 624,394 | |||
Distributions payable | 12,614 | |||
Accrued management fee | 737,609 | |||
Other payables and accrued expenses | 84,031 | |||
Collateral on securities loaned | 246,600 | |||
Total Liabilities | 8,212,737 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,640,305,042 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,032,694,471 | ||
Total accumulated earnings (loss) | (392,389,429) | |||
Net Assets | $ | 1,640,305,042 | ||
Net Asset Value , offering price and redemption price per share ($1,640,305,042 ÷ 189,254,378 shares) | $ | 8.67 |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 9,851,036 | ||
Interest | 92,251,813 | |||
Income from Fidelity Central Funds (including $50,214 from security lending) | 3,187,104 | |||
Total Income | 105,289,953 | |||
Expenses | ||||
Management fee | $ | 9,220,778 | ||
Custodian fees and expenses | 17,229 | |||
Independent trustees' fees and expenses | 9,020 | |||
Registration fees | 63,508 | |||
Audit | 103,347 | |||
Legal | 724,945 | |||
Miscellaneous | 11,770 | |||
Total expenses before reductions | 10,150,597 | |||
Expense reductions | (40,841) | |||
Total expenses after reductions | 10,109,756 | |||
Net Investment income (loss) | 95,180,197 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (166,579,438) | |||
Fidelity Central Funds | 304 | |||
Total net realized gain (loss) | (166,579,134) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 37,015,767 | |||
Fidelity Central Funds | (49,128) | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | 36,966,638 | |||
Net gain (loss) | (129,612,496) | |||
Net increase (decrease) in net assets resulting from operations | $ | (34,432,299) |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | For the period May 13, 2021 (commencement of operations) through April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 95,180,197 | $ | 111,531,249 |
Net realized gain (loss) | (166,579,134) | (57,116,764) | ||
Change in net unrealized appreciation (depreciation) | 36,966,638 | (210,951,527) | ||
Net increase (decrease) in net assets resulting from operations | (34,432,299) | (156,537,042) | ||
Distributions to shareholders | (88,720,097) | (112,706,158) | ||
Share transactions | ||||
Proceeds from sales of shares | 342,593,298 | 5,413,238,176 | ||
Reinvestment of distributions | 88,547,414 | 112,444,143 | ||
Cost of shares redeemed | (1,149,048,683) | (2,775,073,710) | ||
Net increase (decrease) in net assets resulting from share transactions | (717,907,971) | 2,750,608,609 | ||
Total increase (decrease) in net assets | (841,060,367) | 2,481,365,409 | ||
Net Assets | ||||
Beginning of period | 2,481,365,409 | - | ||
End of period | $ | 1,640,305,042 | $ | 2,481,365,409 |
Other Information | ||||
Shares | ||||
Sold | 39,423,955 | 543,016,881 | ||
Issued in reinvestment of distributions | 10,242,638 | 11,438,350 | ||
Redeemed | (131,491,444) | (283,376,002) | ||
Net increase (decrease) | (81,824,851) | 271,079,229 | ||
Fidelity® SAI High Income Fund |
Years ended April 30, | 2023 | 2022 A | ||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.15 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .491 | .388 | ||
Net realized and unrealized gain (loss) | (.510) | (.879) | ||
Total from investment operations | (.019) | (.491) | ||
Distributions from net investment income | (.461) | (.345) | ||
Distributions from net realized gain | - | (.014) | ||
Total distributions | (.461) | (.359) | ||
Net asset value, end of period | $ | 8.67 | $ | 9.15 |
Total Return D,E | (.07)% | (5.10)% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | .60% | .60% H | ||
Expenses net of fee waivers, if any | .60% | .60% H | ||
Expenses net of all reductions | .60% | .60% H | ||
Net investment income (loss) | 5.65% | 4.06% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 1,640,305 | $ | 2,481,365 |
Portfolio turnover rate I | 32% | 59% H,J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $52,244,193 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 4.1 / 3.7 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Market approach | Transaction price | $45.00 | Increase | ||
Parity price | $12.35 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Corporate Bonds | $29,527,322 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Bank Loan Obligations | $5,646,490 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 | Increase | ||
Indicative market price | Evaluated bid | $97.00 | Increase |
Gross unrealized appreciation | $29,127,664 |
Gross unrealized depreciation | (195,515,026) |
Net unrealized appreciation (depreciation) | $(166,387,362) |
Tax Cost | $1,789,153,000 |
Undistributed ordinary income | $791,694 |
Capital loss carryforward | $(226,793,761) |
Net unrealized appreciation (depreciation) on securities and other investments | $(166,387,363) |
Short-term | $(157,865,635) |
Long-term | (68,928,126) |
Total capital loss carryforward | $(226,793,761) |
April 30, 2023 | April 30, 2022 A | |
Ordinary Income | $88,720,097 | $ 112,706,158 |
Investment to be Acquired | Commitment Amount | |
Fidelity SAI High Income Fund | Fidelity Private Credit Central Fund LLC | $4,463,995 |
Purchases ($) | Sales ($) | |
Fidelity SAI High Income Fund | 503,087,472 | 1,171,733,368 |
Amount | |
Fidelity SAI High Income Fund | $247 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity SAI High Income Fund | 1,648,017 | 1,413,188 | 59,904 |
Shares | Total Proceeds ($) | |
Fidelity SAI High Income Fund | 418,596,053 | 4,188,784,329 |
Amount | |
Fidelity SAI High Income Fund | $3,289 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity SAI High Income Fund | $4,991 | $- | $- |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity SAI High Income Fund | 24% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® SAI High Income Fund | .59% | |||||||||
Actual | $ 1,000 | $ 1,047.20 | $ 2.99 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.87 | $ 2.96 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.4.00% sales charge) | -3.38% | 0.85% | 2.49% |
Class M (incl.4.00% sales charge) | -3.38% | 0.85% | 2.49% |
Class C (incl. contingent deferred sales charge) | -1.07% | 0.92% | 2.30% |
Fidelity® Global High Income Fund | 0.89% | 1.91% | 3.16% |
Class I | 0.89% | 1.91% | 3.16% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Global High Income Fund, a class of the fund, on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® Global High Yield and Emerging Markets Plus Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
German Federal Republic | 1.9 | |
Occidental Petroleum Corp. | 1.2 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.2 | |
Tenet Healthcare Corp. | 1.1 | |
TransDigm, Inc. | 1.1 | |
Ford Motor Credit Co. LLC | 1.0 | |
Pacific Gas & Electric Co. | 1.0 | |
Mesquite Energy, Inc. | 0.9 | |
Uber Technologies, Inc. | 0.9 | |
Altice France SA | 0.8 | |
11.1 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.2 | |
Telecommunications | 7.3 | |
Technology | 5.7 | |
Banks & Thrifts | 5.6 | |
Services | 5.2 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 80.3% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.0% | |||
Broadcasting - 0.7% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 86,000 | 41,938 | |
2.375% 3/15/24 | 210,000 | 181,650 | |
3.375% 8/15/26 | 646,000 | 304,266 | |
527,854 | |||
Diversified Financial Services - 0.6% | |||
New Cotai LLC 5% 2/24/27 (b) | 150,721 | 351,859 | |
Nexi SpA 1.75% 4/24/27 (Reg. S) | EUR | 100,000 | 94,807 |
446,666 | |||
Energy - 0.6% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 27,566 | 185,213 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 47,694 | 320,451 | |
505,664 | |||
Homebuilders/Real Estate - 0.1% | |||
Fastighets AB Balder 3.5% 2/23/28 (Reg. S) | EUR | 100,000 | 99,333 |
TOTAL CONVERTIBLE BONDS | 1,579,517 | ||
Nonconvertible Bonds - 78.3% | |||
Aerospace - 1.9% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 35,000 | 32,268 | |
5.125% 10/1/31 | 25,000 | 22,497 | |
5.875% 12/1/27 | 70,000 | 68,360 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 110,000 | 104,329 | |
7.875% 4/15/27 (d) | 170,000 | 169,624 | |
Embraer Netherlands Finance BV 5.05% 6/15/25 | 75,000 | 73,406 | |
Moog, Inc. 4.25% 12/15/27 (d) | 20,000 | 18,804 | |
Rolls-Royce PLC: | |||
4.625% 2/16/26 (Reg. S) | EUR | 100,000 | 107,977 |
5.75% 10/15/27 (d) | 55,000 | 54,892 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 200,000 | 181,266 | |
5.5% 11/15/27 | 335,000 | 321,600 | |
6.25% 3/15/26 (d) | 180,000 | 180,851 | |
6.75% 8/15/28 (d) | 110,000 | 111,710 | |
Wesco Aircraft Holdings, Inc. 8.5% 11/15/24 (d) | 45,000 | 2,025 | |
1,449,609 | |||
Air Transportation - 0.9% | |||
Air Canada 3.875% 8/15/26 (d) | 65,000 | 60,169 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 40,000 | 39,505 | |
Azul Investments LLP 5.875% 10/26/24 (d) | 200,000 | 157,600 | |
Deutsche Lufthansa AG 3% 5/29/26 (Reg. S) | EUR | 100,000 | 103,303 |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 46,750 | 46,675 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 165,000 | 149,484 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 38,896 | 39,260 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 80,000 | 76,402 | |
4.625% 4/15/29 (d) | 50,000 | 45,251 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 60,000 | 7,800 | |
725,449 | |||
Automotive - 0.6% | |||
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 600,000 | 494,557 | |
Automotive & Auto Parts - 2.1% | |||
Adient Global Holdings Ltd.: | |||
7% 4/15/28 (d) | 95,000 | 97,411 | |
8.25% 4/15/31 (d) | 95,000 | 97,306 | |
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) | EUR | 119,000 | 120,508 |
Dana, Inc. 4.25% 9/1/30 | 40,000 | 32,400 | |
Faurecia SA 2.75% 2/15/27 (Reg. S) | EUR | 136,000 | 132,852 |
Ford Motor Co. 3.25% 2/12/32 | 140,000 | 108,217 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 50,000 | 43,268 | |
3.25% 9/15/25 | EUR | 100,000 | 105,257 |
5.125% 6/16/25 | 170,000 | 165,485 | |
Jaguar Land Rover Automotive PLC 4.5% 1/15/26 (Reg. S) | EUR | 100,000 | 103,826 |
LCM Investments Holdings 4.875% 5/1/29 (d) | 70,000 | 59,675 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 55,000 | 55,036 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 45,000 | 40,660 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 25,000 | 16,317 | |
Renault SA 2.375% 5/25/26 (Reg. S) | EUR | 100,000 | 100,581 |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.9311% 10/15/26 (d)(e)(f) | 40,000 | 39,359 | |
Valeo SA 1% 8/3/28 (Reg. S) | EUR | 100,000 | 88,792 |
ZF Finance GmbH 5.75% 8/3/26 (Reg. S) | EUR | 200,000 | 221,504 |
1,628,454 | |||
Banks & Thrifts - 3.0% | |||
Access Bank PLC 6.125% 9/21/26 (d) | 190,000 | 150,373 | |
Akbank TAS 6.8% 2/6/26 (d) | 100,000 | 95,509 | |
Ally Financial, Inc.: | |||
8% 11/1/31 | 155,000 | 163,989 | |
8% 11/1/31 | 118,000 | 124,468 | |
Alpha Bank SA 2.5% 3/23/28 (Reg. S) (e) | EUR | 100,000 | 90,016 |
Banca Monte dei Paschi di Siena SpA Eur Swap Annual 5Y Index + 5.000% 7.677% 1/18/28 (e)(f) | EUR | 100,000 | 92,723 |
Banco BPM SpA 3.375% 1/19/32 (Reg. S) (e) | EUR | 200,000 | 189,294 |
Banco de Sabadell SA 6% 8/16/33 (Reg. S) (e) | EUR | 100,000 | 99,175 |
Bangkok Bank Ltd. PCL 3.733% 9/25/34 (Reg. S) (e) | 200,000 | 171,913 | |
BankMuscat SAOG 4.75% 3/17/26 (Reg. S) | 200,000 | 192,788 | |
Cliffton Ltd. 6.25% 10/25/25 (Reg. S) | 250,000 | 238,563 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 250,000 | 232,675 | |
Intesa Sanpaolo SpA 2.925% 10/14/30 (Reg. S) | EUR | 100,000 | 89,799 |
Piraeus Bank SA 3.875% 11/3/27 (Reg. S) (e) | EUR | 100,000 | 94,666 |
Shinhan Bank 4.375% 4/13/32 (Reg. S) | 200,000 | 184,842 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (d) | 130,000 | 112,468 | |
2,323,261 | |||
Broadcasting - 1.5% | |||
Cable Onda SA 4.5% 1/30/30 (d) | 200,000 | 164,125 | |
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (d) | 75,000 | 55,500 | |
7.75% 4/15/28 (d) | 35,000 | 26,558 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(g) | 70,000 | 4,725 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 90,000 | 57,692 | |
Nexstar Media, Inc. 5.625% 7/15/27 (d) | 75,000 | 70,439 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (d) | 50,000 | 38,868 | |
5.375% 1/15/31 (d) | 25,000 | 17,375 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 50,000 | 35,857 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 315,000 | 265,970 | |
4.125% 7/1/30 (d) | 65,000 | 52,136 | |
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) | EUR | 100,000 | 95,728 |
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (g) | 200,000 | 82,702 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 100,000 | 86,186 | |
6.625% 6/1/27 (d) | 110,000 | 105,915 | |
1,159,776 | |||
Building Materials - 0.8% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 115,000 | 109,969 | |
CEMEX S.A.B. de CV 5.45% 11/19/29 (d) | 200,000 | 190,625 | |
James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S) | EUR | 100,000 | 104,690 |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 20,000 | 16,800 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 55,000 | 48,437 | |
6% 12/1/29 (d) | 55,000 | 44,798 | |
6.125% 7/1/29 (d) | 30,000 | 24,748 | |
Victors Merger Corp. 6.375% 5/15/29 (d) | 100,000 | 60,785 | |
600,852 | |||
Cable/Satellite TV - 2.1% | |||
Adria Bidco BV 3.125% 2/15/26 (Reg. S) | EUR | 100,000 | 95,501 |
Altice France Holding SA 8% 5/15/27 (d) | EUR | 175,000 | 137,427 |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 100,000 | 81,901 | |
4.25% 1/15/34 (d) | 115,000 | 87,600 | |
4.5% 8/15/30 (d) | 195,000 | 163,741 | |
4.5% 6/1/33 (d) | 120,000 | 95,522 | |
5.125% 5/1/27 (d) | 225,000 | 212,303 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (d) | 65,000 | 45,536 | |
4.625% 12/1/30 (d) | 75,000 | 36,610 | |
5% 11/15/31 (d) | 65,000 | 31,197 | |
5.75% 1/15/30 (d) | 100,000 | 51,034 | |
7.5% 4/1/28 (d) | 230,000 | 143,701 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 45,000 | 31,991 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 150,000 | 116,739 | |
6.5% 9/15/28 (d) | 110,000 | 51,326 | |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 35,000 | 28,442 | |
6% 1/15/27 (d) | 160,000 | 151,790 | |
Ziggo BV 4.875% 1/15/30 (d) | 50,000 | 43,004 | |
1,605,365 | |||
Capital Goods - 0.1% | |||
Tk Elevator Midco GmbH 4.375% 7/15/27 (Reg. S) | EUR | 100,000 | 98,207 |
Chemicals - 3.3% | |||
Braskem Idesa SAPI 6.99% 2/20/32 (d) | 70,000 | 49,648 | |
CF Industries Holdings, Inc.: | |||
5.15% 3/15/34 | 45,000 | 43,752 | |
5.375% 3/15/44 | 80,000 | 73,586 | |
CVR Partners LP 6.125% 6/15/28 (d) | 90,000 | 81,264 | |
ENN Clean Energy International Investment Ltd.: | |||
3.375% 5/12/26 (d) | 200,000 | 178,500 | |
3.375% 5/12/26 (Reg. S) | 200,000 | 178,500 | |
INEOS Finance PLC 2.875% 5/1/26 | EUR | 100,000 | 101,648 |
INEOS Quattro Finance 2 PLC 2.5% 1/15/26 (Reg. S) | EUR | 100,000 | 99,163 |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (d)(e) | 185,000 | 129,500 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 10,000 | 9,254 | |
7% 12/31/27 (d) | 15,000 | 13,184 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 20,000 | 17,601 | |
MEGlobal Canada, Inc. 5% 5/18/25 (d) | 200,000 | 198,663 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (d) | 75,000 | 60,737 | |
OCP SA: | |||
3.75% 6/23/31 (d) | 200,000 | 167,600 | |
4.5% 10/22/25 (d) | 200,000 | 194,225 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 180,663 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (d) | 160,000 | 144,068 | |
6.625% 5/1/29 (d) | 45,000 | 37,517 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 70,000 | 57,652 | |
5.375% 5/15/27 | 75,000 | 69,702 | |
5.75% 11/15/28 (d) | 230,000 | 204,420 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 55,000 | 45,656 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (d) | 70,000 | 66,479 | |
5.625% 8/15/29 (d) | 70,000 | 60,381 | |
7.375% 3/1/31 (d) | 120,000 | 120,185 | |
2,583,548 | |||
Consumer Products - 1.1% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 29,999 | |
Ferrellgas LP/Ferrellgas Finance Corp.: | |||
5.375% 4/1/26 (d) | 45,000 | 41,955 | |
5.875% 4/1/29 (d) | 45,000 | 38,023 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 45,000 | 38,025 | |
Kernel Holding SA 6.75% 10/27/27 (d) | 100,000 | 58,863 | |
Mattel, Inc. 3.375% 4/1/26 (d) | 20,000 | 18,918 | |
Meituan 2.125% 10/28/25 (d) | 200,000 | 183,288 | |
Natura Cosmeticos SA 4.125% 5/3/28 (d) | 40,000 | 33,145 | |
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (d) | 75,000 | 73,960 | |
Prosus NV 4.027% 8/3/50 (d) | 200,000 | 128,000 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (d) | 75,000 | 62,179 | |
4% 4/15/29 (d) | 60,000 | 52,485 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 40,000 | 32,321 | |
TKC Holdings, Inc. 10.5% 5/15/29 (d) | 45,000 | 30,488 | |
Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (d) | 75,000 | 72,670 | |
894,319 | |||
Containers - 1.0% | |||
ARD Finance SA: | |||
5% 6/30/27 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 84,350 |
6.5% 6/30/27 pay-in-kind (d)(e) | 70,000 | 57,366 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 2.125% 8/15/26 (Reg. S) | EUR | 200,000 | 195,302 |
Ball Corp. 4.875% 3/15/26 | 85,000 | 84,172 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 40,000 | 39,111 | |
CANPACK SA and Eastern PA Land Investment Holding LLC 2.375% 11/1/27 (Reg. S) | EUR | 100,000 | 87,326 |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 30,000 | 26,107 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 35,000 | 31,194 | |
Huhtamaki Oyj 4.25% 6/9/27 (Reg. S) | EUR | 100,000 | 107,490 |
Trident Holdings, Inc. 12.75% 12/31/28 (d) | 25,000 | 25,601 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 40,000 | 38,833 | |
776,852 | |||
Diversified Financial Services - 3.5% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 30,000 | 26,026 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 290,000 | 175,189 | |
3.625% 10/1/31 (d) | 185,000 | 103,382 | |
FLY Leasing Ltd. 7% 10/15/24 (d) | 105,000 | 91,284 | |
Fortune Star (BVI) Ltd. 6.85% 7/2/24 (Reg. S) | 200,000 | 174,500 | |
Garfunkelux Holdco 3 SA 6.75% 11/1/25 (Reg. S) | EUR | 100,000 | 83,463 |
Hightower Holding LLC 6.75% 4/15/29 (d) | 25,000 | 21,695 | |
HTA Group Ltd. 7% 12/18/25 (d) | 200,000 | 187,850 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 165,000 | 144,905 | |
4.75% 9/15/24 | 90,000 | 88,788 | |
5.25% 5/15/27 | 400,000 | 376,500 | |
6.375% 12/15/25 | 295,000 | 292,492 | |
Liberty Costa Rica SR SF 10.875% 1/15/31 (d) | 200,000 | 189,800 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 165,000 | 124,605 | |
7.125% 3/15/26 | 200,000 | 194,899 | |
Qtel International Finance Ltd. 2.625% 4/8/31 (d) | 200,000 | 174,475 | |
Verisure Holding AB: | |||
3.25% 2/15/27 (Reg. S) | EUR | 100,000 | 96,587 |
3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 126,719 |
Vivion Investments SARL 3% 8/8/24 (Reg. S) | EUR | 100,000 | 79,829 |
Yihua Overseas Investment Ltd. 8.5% 12/31/49 (Reg. S) (b)(g) | 200,000 | 10,000 | |
2,762,988 | |||
Diversified Media - 0.3% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 220,000 | 117,785 | |
Cmg Media Corp. 8.875% 12/15/27 (d) | 90,000 | 69,777 | |
Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 42,543 | |
230,105 | |||
Energy - 12.0% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 140,000 | 135,424 | |
5.75% 1/15/28 (d) | 60,000 | 58,118 | |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (d) | 70,000 | 67,196 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 200,000 | 182,500 | |
Centennial Resource Production LLC 5.875% 7/1/29 (d) | 80,000 | 75,400 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 70,000 | 70,506 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 70,000 | 68,179 | |
7% 6/15/25 (d) | 130,000 | 129,350 | |
CNX Resources Corp. 6% 1/15/29 (d) | 25,000 | 23,126 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 50,000 | 42,924 | |
6.75% 3/1/29 (d) | 90,000 | 81,484 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) | 285,000 | 268,613 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 25,000 | 23,618 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 140,000 | 135,358 | |
5.75% 2/15/28 (d) | 115,000 | 102,764 | |
DCP Midstream Operating LP: | |||
5.85% 5/21/43 (d)(e) | 60,000 | 59,964 | |
8.125% 8/16/30 | 5,000 | 5,667 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 45,000 | 40,988 | |
Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d) | 130,000 | 129,025 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 75,000 | 66,469 | |
4.375% 6/15/31 (d) | 75,000 | 65,214 | |
Ecopetrol SA 8.875% 1/13/33 | 40,000 | 38,675 | |
EDP Finance BV 1.875% 9/21/29 (Reg. S) | EUR | 100,000 | 98,795 |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 125,000 | 124,375 | |
Energean Israel Finance Ltd.: | |||
4.5% 3/30/24 (Reg. S) (d) | 40,000 | 39,080 | |
4.875% 3/30/26 (Reg. S) (d) | 40,000 | 36,850 | |
EnfraGen Energia Sur SA 5.375% 12/30/30 (d) | 200,000 | 126,700 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 25,000 | 24,622 | |
EQM Midstream Partners LP 6.5% 7/1/27 (d) | 70,000 | 68,251 | |
EQT Corp. 3.625% 5/15/31 (d) | 50,000 | 43,490 | |
GeoPark Ltd. 5.5% 1/17/27 (d) | 200,000 | 165,475 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 55,000 | 51,425 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 135,000 | 132,091 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 50,000 | 44,455 | |
5.125% 6/15/28 (d) | 80,000 | 75,993 | |
5.5% 10/15/30 (d) | 30,000 | 27,922 | |
5.625% 2/15/26 (d) | 100,000 | 98,433 | |
India Clean Energy Holdings 4.5% 4/18/27 (Reg. S) | 200,000 | 162,038 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (d) | 200,000 | 184,413 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 95,000 | 90,725 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (d) | 160,000 | 141,430 | |
Leeward Renewable Energy LLC 4.25% 7/1/29 (d) | 170,000 | 153,016 | |
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (d) | 150,000 | 145,875 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d) | 328,526 | 251,897 | |
Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (Reg. S) | 200,000 | 180,620 | |
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d) | 200,000 | 191,975 | |
MEG Energy Corp. 5.875% 2/1/29 (d) | 110,000 | 105,613 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 105,000 | 102,497 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (d) | 55,000 | 52,379 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 100,000 | 95,881 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 90,000 | 88,875 | |
Nostrum Oil & Gas Finance BV: | |||
5% 6/30/26 (d) | 89,000 | 65,860 | |
14% 6/30/26 pay-in-kind (d)(e) | 123,945 | 44,620 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 35,000 | 35,110 | |
5.875% 9/1/25 | 40,000 | 40,429 | |
6.125% 1/1/31 | 45,000 | 47,042 | |
6.375% 9/1/28 | 70,000 | 73,007 | |
6.6% 3/15/46 | 55,000 | 58,692 | |
6.625% 9/1/30 | 195,000 | 208,163 | |
6.95% 7/1/24 | 31,000 | 31,543 | |
7.5% 5/1/31 | 230,000 | 256,618 | |
8.875% 7/15/30 | 145,000 | 170,375 | |
Oleoducto Central SA 4% 7/14/27 (d) | 200,000 | 175,913 | |
Oq Saoc 5.125% 5/6/28 (d) | 200,000 | 191,505 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 160,000 | 147,176 | |
7.25% 6/15/25 | 70,000 | 69,738 | |
Petroleos Mexicanos: | |||
4.25% 1/15/25 | 185,000 | 175,843 | |
4.875% 2/21/28 (Reg. S) | EUR | 100,000 | 91,926 |
6.49% 1/23/27 | 175,000 | 156,625 | |
7.69% 1/23/50 | 75,000 | 49,969 | |
Petrorio Luxembourg SARL 6.125% 6/9/26 (d) | 100,000 | 92,250 | |
Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (e) | EUR | 100,000 | 107,160 |
Rio Oil Finance Trust 9.25% 7/6/24 (d) | 22,298 | 22,518 | |
Saudi Arabian Oil Co.: | |||
2.25% 11/24/30 (d) | 200,000 | 170,225 | |
3.5% 4/16/29 (d) | 200,000 | 188,600 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 25,000 | 23,688 | |
6.625% 1/15/27 | 65,000 | 62,725 | |
6.75% 9/15/26 | 25,000 | 24,625 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 65,000 | 57,314 | |
5.375% 2/1/29 | 115,000 | 108,420 | |
8.375% 9/15/28 | 60,000 | 62,821 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 50,000 | 45,045 | |
6% 4/15/27 | 175,000 | 174,042 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) | 55,000 | 48,848 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d) | 100,000 | 75,238 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (d) | 155,000 | 136,966 | |
Transportadora de Gas del Sur SA 6.75% 5/2/25 (d) | 70,000 | 60,169 | |
Tullow Oil PLC: | |||
7% 3/1/25 (d) | 200,000 | 121,350 | |
10.25% 5/15/26 (d) | 358,000 | 277,517 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 35,000 | 34,622 | |
Valaris Ltd. 8.25% 4/30/28 pay-in-kind (e) | 10,000 | 10,395 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 70,000 | 62,874 | |
4.125% 8/15/31 (d) | 70,000 | 62,010 | |
6.25% 1/15/30 (d) | 155,000 | 157,171 | |
YPF SA 8.5% 3/23/25 (d) | 185,500 | 167,854 | |
9,420,354 | |||
Entertainment/Film - 0.1% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) | 80,000 | 74,092 | |
Environmental - 0.4% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 20,000 | 20,405 | |
Covanta Holding Corp. 4.875% 12/1/29 (d) | 40,000 | 35,600 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 55,000 | 48,386 | |
5.875% 6/30/29 (d) | 85,000 | 66,539 | |
Paprec Holding SA 3.5% 7/1/28 (Reg. S) | EUR | 113,000 | 110,466 |
Stericycle, Inc. 3.875% 1/15/29 (d) | 35,000 | 31,490 | |
312,886 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 35,000 | 31,010 | |
4.625% 1/15/27 (d) | 130,000 | 125,671 | |
4.875% 2/15/30 (d) | 275,000 | 256,438 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 25,000 | 25,612 | |
Camposol SA 6% 2/3/27 (d) | 200,000 | 109,000 | |
Casino Guichard Perrachon SA 4.048% 8/5/26 (Reg. S) (e) | EUR | 100,000 | 20,936 |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 30,000 | 15,918 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 25,000 | 21,386 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 100,000 | 94,750 | |
700,721 | |||
Food/Beverage/Tobacco - 1.7% | |||
Adecoagro SA 6% 9/21/27 (d) | 100,000 | 92,925 | |
C&S Group Enterprises LLC 5% 12/15/28 (d) | 40,000 | 31,578 | |
Central American Bottling Corp. 5.25% 4/27/29 (d) | 200,000 | 186,600 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (d) | 30,000 | 27,526 | |
7.5% 4/15/25 (d) | 15,000 | 14,705 | |
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (d) | 120,000 | 114,570 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 48,000 | 48,000 | |
Kraft Heinz Foods Co.: | |||
4.375% 6/1/46 | 15,000 | 13,109 | |
4.875% 10/1/49 | 85,000 | 78,815 | |
5.5% 6/1/50 | 25,000 | 25,225 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 70,000 | 64,108 | |
MARB BondCo PLC 3.95% 1/29/31 (d) | 100,000 | 73,158 | |
MHP SA 7.75% 5/10/24 (d) | 100,000 | 58,000 | |
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (d) | 65,000 | 58,309 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 40,000 | 36,414 | |
5.5% 10/15/27 (d) | 100,000 | 98,008 | |
Post Holdings, Inc. 4.625% 4/15/30 (d) | 34,000 | 30,709 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 17,700 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 145,000 | 121,800 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 35,000 | 32,008 | |
4.75% 2/15/29 (d) | 80,000 | 74,415 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 40,000 | 37,968 | |
1,335,650 | |||
Gaming - 3.4% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 20,000 | 17,990 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 90,000 | 78,957 | |
6.25% 7/1/25 (d) | 110,000 | 110,134 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 135,000 | 130,171 | |
Cirsa Finance International SARL: | |||
6.25% 12/20/23 (Reg. S) | EUR | 24,133 | 26,492 |
10.375% 11/30/27 (Reg. S) | EUR | 100,000 | 117,337 |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 90,000 | 78,801 | |
6.75% 1/15/30 (d) | 160,000 | 129,615 | |
GENM Capital Labuan Ltd. 3.882% 4/19/31 (d) | 200,000 | 160,750 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.25% 6/1/25 | 95,000 | 93,225 | |
5.375% 4/15/26 | 30,000 | 29,695 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 40,000 | 34,800 | |
Lottomatica SpA 9.75% 9/30/27 (Reg. S) | EUR | 100,000 | 118,006 |
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 165,595 | |
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 180,913 | |
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 200,000 | 185,663 | |
Sands China Ltd. 5.9% 8/8/28 | 200,000 | 192,250 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 115,000 | 98,473 | |
Studio City Finance Ltd.: | |||
6.5% 1/15/28 (d) | 110,000 | 94,380 | |
6.5% 1/15/28 (Reg. S) | 200,000 | 171,600 | |
VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (d) | 70,000 | 69,551 | |
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) | 250,000 | 205,828 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (d) | 150,000 | 153,647 | |
2,643,873 | |||
Healthcare - 4.8% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 14,000 | 13,860 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (d) | 80,000 | 68,000 | |
Avantor Funding, Inc. 3.875% 11/1/29 (d) | 70,000 | 61,660 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 25,000 | 20,156 | |
14% 10/15/30 (d) | 4,000 | 2,560 | |
Bayer AG 3.125% 11/12/79 (Reg. S) (e) | EUR | 100,000 | 94,753 |
Catalent Pharma Solutions 5% 7/15/27 (d) | 20,000 | 19,200 | |
Centene Corp.: | |||
3.375% 2/15/30 | 160,000 | 141,210 | |
4.625% 12/15/29 | 105,000 | 98,963 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 20,000 | 17,549 | |
4% 3/15/31 (d) | 55,000 | 47,919 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 75,000 | 60,505 | |
5.25% 5/15/30 (d) | 155,000 | 129,187 | |
6% 1/15/29 (d) | 140,000 | 124,075 | |
6.125% 4/1/30 (d) | 170,000 | 120,993 | |
6.875% 4/15/29 (d) | 75,000 | 55,495 | |
8% 3/15/26 (d) | 145,000 | 143,687 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 60,000 | 48,316 | |
4.625% 6/1/30 (d) | 160,000 | 139,371 | |
Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 14,964 | |
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) | EUR | 100,000 | 107,606 |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 200,000 | 159,459 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 30,000 | 26,826 | |
Hologic, Inc. 3.25% 2/15/29 (d) | 55,000 | 49,435 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 55,000 | 50,549 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 50,000 | 44,107 | |
3.875% 5/15/32 (d) | 100,000 | 85,698 | |
4.375% 6/15/28 (d) | 40,000 | 37,489 | |
Nidda Healthcare Holding AG 7.5% 8/21/26 (Reg. S) | EUR | 100,000 | 107,084 |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 30,000 | 26,974 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
2.875% 4/30/28 (Reg. S) | EUR | 147,000 | 139,944 |
4.125% 4/30/28 (d) | 80,000 | 73,600 | |
5.125% 4/30/31 (d) | 80,000 | 71,283 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 50,000 | 35,070 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (d) | 16,000 | 15,980 | |
10% 4/15/27 (d) | 40,000 | 41,000 | |
Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 28,800 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 250,000 | 229,362 | |
4.375% 1/15/30 | 210,000 | 192,958 | |
4.625% 7/15/24 | 32,000 | 31,725 | |
6.125% 10/1/28 | 210,000 | 203,744 | |
6.25% 2/1/27 | 195,000 | 194,032 | |
6.875% 11/15/31 | 10,000 | 9,800 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
1.625% 10/15/28 (Reg. S) | EUR | 100,000 | 84,295 |
3.15% 10/1/26 | 75,000 | 67,825 | |
4.1% 10/1/46 | 200,000 | 133,258 | |
7.875% 9/15/29 | 100,000 | 104,951 | |
3,775,277 | |||
Homebuilders/Real Estate - 2.8% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 40,000 | 36,437 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (d) | 40,000 | 33,400 | |
6.625% 1/15/28 (d) | 5,000 | 4,738 | |
China Aoyuan Group Ltd. 6.2% 3/24/26 (Reg. S) (g) | 200,000 | 12,500 | |
CIFI Holdings Group Co. Ltd. 4.375% 4/12/27 (Reg. S) (g) | 200,000 | 29,000 | |
Country Garden Holdings Co. Ltd. 4.8% 8/6/30 (Reg. S) | 200,000 | 80,500 | |
Easy Tactic Ltd. 7.5% 7/11/28 pay-in-kind (e) | 216,075 | 29,980 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 55,000 | 43,943 | |
5% 3/1/31 | 55,000 | 41,694 | |
KWG Group Holdings Ltd. 6% 1/14/24 | 190,000 | 74,100 | |
Modernland Overseas Pte Ltd.: | |||
3% 4/30/27 pay-in-kind (Reg. S) (b)(e) | 2,803 | 813 | |
3% 4/30/27 pay-in-kind (e) | 106,828 | 30,980 | |
New Home Co., Inc. 7.25% 10/15/25 (d) | 35,000 | 32,641 | |
New Metro Global Ltd. 4.8% 12/15/24 (Reg. S) | 285,000 | 211,666 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 70,000 | 51,888 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 160,000 | 114,073 | |
Redsun Properties Group Ltd. 9.7% 4/16/23 (Reg. S) (g) | 220,000 | 22,000 | |
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) | 200,000 | 113,350 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 70,875 | |
Sunac China Holdings Ltd. 7.5% 2/1/24 (Reg. S) (g) | 200,000 | 39,000 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.75% 1/15/28 (d) | 80,000 | 79,265 | |
5.875% 6/15/27 (d) | 55,000 | 54,841 | |
Theta Capital Pte Ltd. 6.75% 10/31/26 (Reg. S) | 200,000 | 144,350 | |
Times China Holdings Ltd. 6.75% 7/8/25 (Reg. S) (g) | 200,000 | 25,500 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 14,719 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 55,000 | 43,735 | |
6.5% 2/15/29 (d) | 85,000 | 51,313 | |
10.5% 2/15/28 (d) | 110,000 | 105,259 | |
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (d) | 205,000 | 191,603 | |
Wanda Properties Global Co. Ltd. 11% 2/13/26 (Reg. S) | 200,000 | 115,913 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 25,000 | 21,703 | |
Yango Justice International Ltd.: | |||
8.25% 11/25/23 (Reg. S) (g) | 220,000 | 4,400 | |
10% 12/31/49 (Reg. S) (g) | 200,000 | 4,038 | |
Yanlord Land Group Ltd. 6.8% 2/27/24 (Reg. S) | 250,000 | 243,750 | |
2,173,967 | |||
Hotels - 0.6% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 125,000 | 134,386 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 40,000 | 34,136 | |
3.75% 5/1/29 (d) | 35,000 | 31,548 | |
Lindblad Expeditions Holdings 9% 5/15/28 (d)(h) | 185,000 | 185,534 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (d) | 65,000 | 61,101 | |
446,705 | |||
Insurance - 1.6% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (d) | 250,000 | 238,738 | |
10.125% 8/1/26 (d) | 35,000 | 35,550 | |
Alliant Holdings Intermediate LLC: | |||
5.875% 11/1/29 (d) | 190,000 | 163,902 | |
6.75% 10/15/27 (d) | 225,000 | 210,036 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 40,000 | 36,297 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 30,000 | 25,972 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (d) | 60,000 | 53,400 | |
7% 5/1/26 (d) | 190,000 | 189,154 | |
MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 38,226 | |
USI, Inc. 6.875% 5/1/25 (d) | 275,000 | 272,212 | |
1,263,487 | |||
Leisure - 1.7% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 135,000 | 110,673 | |
9.875% 8/1/27 (d) | 210,000 | 215,297 | |
10.5% 2/1/26 (d) | 75,000 | 78,291 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 20,000 | 17,227 | |
5.875% 2/15/27 (d) | 90,000 | 84,878 | |
7.75% 2/15/29 (d) | 80,000 | 67,763 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 25,000 | 20,188 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 130,000 | 116,431 | |
5.375% 7/15/27 (d) | 60,000 | 53,268 | |
5.5% 8/31/26 (d) | 135,000 | 123,757 | |
7.25% 1/15/30 (d) | 45,000 | 45,127 | |
11.625% 8/15/27 (d) | 220,000 | 233,571 | |
Studio City Co. Ltd. 7% 2/15/27 (d) | 75,000 | 71,100 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 35,000 | 35,263 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 50,000 | 52,625 | |
1,325,459 | |||
Metals/Mining - 3.2% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 70,000 | 63,566 | |
Alpha Natural Resources, Inc. 9.75% 12/31/99 (b)(g) | 210,000 | 0 | |
Antofagasta PLC 2.375% 10/14/30 (d) | 200,000 | 162,413 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 40,000 | 36,238 | |
4.875% 3/1/31 (d) | 40,000 | 35,126 | |
Endeavour Mining PLC 5% 10/14/26 (d) | 100,000 | 86,706 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 365,000 | 324,166 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 105,000 | 102,638 | |
6.875% 10/15/27 (d) | 80,000 | 77,390 | |
7.5% 4/1/25 (d) | 130,000 | 129,331 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 40,000 | 34,745 | |
5.875% 4/15/30 (d) | 130,000 | 126,185 | |
Gcm Mining Corp. 6.875% 8/9/26 (d) | 200,000 | 161,356 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 45,000 | 45,790 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (d) | 105,000 | 98,206 | |
Industrias Penoles SA de CV 4.75% 8/6/50 (d) | 200,000 | 163,038 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 85,000 | 86,563 | |
8.5% 5/1/30 (d) | 20,000 | 20,350 | |
Novelis Corp. 3.875% 8/15/31 (d) | 115,000 | 96,301 | |
PT Freeport Indonesia 5.315% 4/14/32 (d) | 200,000 | 192,288 | |
Stillwater Mining Co.: | |||
4% 11/16/26 (d) | 140,000 | 125,589 | |
4.5% 11/16/29 (d) | 65,000 | 53,576 | |
VM Holding SA 6.5% 1/18/28 (d) | 200,000 | 194,475 | |
Volcan Compania Minera SAA 4.375% 2/11/26 (d) | 95,000 | 71,773 | |
2,487,809 | |||
Paper - 0.5% | |||
Berry Global, Inc. 5.625% 7/15/27 (d) | 35,000 | 34,477 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 35,000 | 34,352 | |
8.75% 4/15/30 (d) | 200,000 | 184,063 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 90,000 | 76,725 | |
Mercer International, Inc. 5.125% 2/1/29 | 55,000 | 45,929 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 45,000 | 38,103 | |
413,649 | |||
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 160,000 | 139,677 | |
CEC Entertainment LLC 6.75% 5/1/26 (d) | 60,000 | 57,036 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 25,000 | 21,601 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 70,000 | 65,365 | |
4.75% 1/15/30 (d) | 200,000 | 193,464 | |
477,143 | |||
Services - 4.1% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 146,000 | 138,700 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 30,000 | 23,519 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 160,000 | 147,859 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (d) | 38,000 | 33,080 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) | 40,000 | 36,288 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 55,000 | 50,395 | |
4% 7/1/29 (d) | 30,000 | 27,197 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 440,000 | 411,726 | |
CoreCivic, Inc. 8.25% 4/15/26 | 100,000 | 101,021 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 125,000 | 102,188 | |
Elis SA 1.625% 4/3/28 (Reg. S) | EUR | 100,000 | 97,095 |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 520,000 | 507,423 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 90,000 | 77,990 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 55,000 | 49,536 | |
5% 12/1/29 (d) | 70,000 | 57,268 | |
5.5% 10/15/24 (b)(d)(g) | 65,000 | 1,463 | |
6% 1/15/28 (b)(d)(g) | 85,000 | 4,994 | |
6.25% 12/31/49 (b)(g) | 60,000 | 75 | |
7.125% 8/1/26 (b)(d)(g) | 85,000 | 6,800 | |
Intrum AB 3% 9/15/27 (Reg. S) | EUR | 100,000 | 83,193 |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 35,000 | 31,675 | |
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) | EUR | 114,000 | 121,679 |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 60,000 | 53,325 | |
Service Corp. International 5.125% 6/1/29 | 35,000 | 33,688 | |
The Bidvest Group UK PLC 3.625% 9/23/26 (d) | 200,000 | 181,350 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 170,000 | 165,796 | |
10.5% 6/30/28 | 67,000 | 67,754 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (d) | 485,000 | 445,998 | |
6.25% 1/15/28 (d) | 100,000 | 100,910 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 45,000 | 42,188 | |
3,202,173 | |||
Steel - 0.9% | |||
Big River Steel LLC/BRS Finance Corp. 6.625% 1/31/29 (d) | 132,000 | 130,913 | |
Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 26,287 | |
CSN Islands XI Corp. 6.75% 1/28/28 (d) | 50,000 | 47,134 | |
CSN Resources SA: | |||
5.875% 4/8/32 (d) | 40,000 | 32,633 | |
7.625% 4/17/26 (d) | 15,000 | 15,000 | |
JSW Steel Ltd. 3.95% 4/5/27 (d) | 160,000 | 140,480 | |
Metinvest BV 5.625% 6/17/25 (Reg. S) | EUR | 100,000 | 72,725 |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 20,000 | 18,141 | |
TMK Capital SA 4.3% 2/12/27 (Reg. S) (b)(g) | 200,000 | 124,600 | |
Vallourec SA 8.5% 6/30/26 (Reg. S) | EUR | 100,000 | 109,777 |
717,690 | |||
Super Retail - 1.2% | |||
Academy Ltd. 6% 11/15/27 (d) | 75,000 | 73,665 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 21,000 | 19,077 | |
4.625% 11/15/29 (d) | 45,000 | 40,051 | |
4.75% 3/1/30 | 20,000 | 17,750 | |
5% 2/15/32 (d) | 45,000 | 38,774 | |
At Home Group, Inc.: | |||
4.875% 7/15/28 (d) | 35,000 | 22,715 | |
7.125% 7/15/29 (d) | 45,000 | 25,200 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (d) | 110,000 | 105,596 | |
Carvana Co. 4.875% 9/1/29 (d) | 61,000 | 24,581 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 250,000 | 236,875 | |
8.5% 10/30/25 (d) | 50,000 | 47,427 | |
Group 1 Automotive, Inc. 4% 8/15/28 (d) | 200,000 | 177,472 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (d) | 35,000 | 30,637 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 65,000 | 53,548 | |
7.875% 5/1/29 (d) | 95,000 | 63,684 | |
977,052 | |||
Technology - 4.4% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 170,000 | 134,861 | |
Adevinta ASA 2.625% 11/15/25 (Reg. S) | EUR | 100,000 | 104,681 |
Alteryx, Inc. 8.75% 3/15/28 (d) | 55,000 | 53,469 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 175,000 | 143,734 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 60,000 | 54,150 | |
Block, Inc.: | |||
2.75% 6/1/26 | 75,000 | 67,876 | |
3.5% 6/1/31 | 75,000 | 61,102 | |
CA Magnum Holdings 5.375% 10/31/26 (d) | 400,000 | 350,700 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 150,000 | 141,971 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 80,000 | 74,410 | |
Cellnex Finance Co. SA 1% 9/15/27 (Reg. S) | EUR | 100,000 | 96,070 |
Cloud Software Group, Inc. 9% 9/30/29 (d) | 185,000 | 158,971 | |
Coherent Corp. 5% 12/15/29 (d) | 45,000 | 40,506 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 60,889 | |
Elastic NV 4.125% 7/15/29 (d) | 40,000 | 34,608 | |
Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S) | EUR | 124,000 | 107,430 |
Iliad SA 5.375% 6/14/27 (Reg. S) | EUR | 200,000 | 216,642 |
Lenovo Group Ltd. 3.421% 11/2/30 (d) | 200,000 | 168,288 | |
Match Group Holdings II LLC: | |||
4.125% 8/1/30 (d) | 100,000 | 85,473 | |
5.625% 2/15/29 (d) | 65,000 | 61,114 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 235,000 | 212,386 | |
NCR Corp. 5.125% 4/15/29 (d) | 45,000 | 38,925 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 30,000 | 27,164 | |
onsemi 3.875% 9/1/28 (d) | 70,000 | 63,004 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (d) | 200,000 | 170,776 | |
Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 40,931 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 100,000 | 41,500 | |
5.375% 12/1/28 (d) | 30,000 | 7,119 | |
Roblox Corp. 3.875% 5/1/30 (d) | 185,000 | 156,177 | |
Sensata Technologies BV 4% 4/15/29 (d) | 65,000 | 58,745 | |
SK Hynix, Inc. 6.5% 1/17/33 | 200,000 | 198,400 | |
SoftBank Group Corp. 3.875% 7/6/32 (Reg. S) | EUR | 100,000 | 79,061 |
Synaptics, Inc. 4% 6/15/29 (d) | 30,000 | 25,350 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 60,000 | 51,412 | |
Uber Technologies, Inc. 7.5% 9/15/27 (d) | 90,000 | 92,834 | |
3,480,729 | |||
Telecommunications - 6.4% | |||
Altice France Holding SA 6% 2/15/28 (d) | 75,000 | 46,125 | |
Altice France SA: | |||
4.25% 10/15/29 (Reg. S) | EUR | 120,000 | 97,212 |
5.125% 1/15/29 (d) | 50,000 | 36,951 | |
5.125% 7/15/29 (d) | 120,000 | 88,716 | |
5.5% 1/15/28 (d) | 130,000 | 102,342 | |
AXIAN Telecom 7.375% 2/16/27 (d) | 200,000 | 180,038 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 330,000 | 286,275 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 30,000 | 25,039 | |
5.625% 9/15/28 (d) | 20,000 | 14,609 | |
Cellnex Telecom SA 1.75% 10/23/30 (Reg. S) | EUR | 100,000 | 90,443 |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 135,000 | 98,982 | |
CT Trust 5.125% 2/3/32 (d) | 200,000 | 164,475 | |
Digicel Group Ltd. 6.75% 3/1/23 (d)(g) | 150,000 | 29,250 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 55,000 | 48,296 | |
5.875% 10/15/27 (d) | 50,000 | 46,024 | |
5.875% 11/1/29 | 14,771 | 11,235 | |
6% 1/15/30 (d) | 95,000 | 72,667 | |
6.75% 5/1/29 (d) | 60,000 | 48,291 | |
8.75% 5/15/30 (d) | 65,000 | 64,292 | |
IHS Netherlands Holdco BV 8% 9/18/27 (d) | 200,000 | 175,413 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (b)(g) | 200,000 | 0 | |
6.5% 3/15/30 (d) | 135,000 | 124,579 | |
8.5% 10/15/24 (b)(d)(g) | 45,000 | 0 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 400,000 | 342,604 | |
6.75% 10/15/27 (d) | 90,000 | 85,485 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (d) | 95,000 | 53,464 | |
4.25% 7/1/28 (d) | 75,000 | 43,721 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d) | 200,000 | 124,350 | |
Lorca Telecom Bondco SAU 4% 9/18/27 (Reg. S) | EUR | 100,000 | 101,167 |
Millicom International Cellular SA 4.5% 4/27/31 (d) | 200,000 | 153,824 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 50,000 | 43,375 | |
6% 2/15/28 (d) | 20,000 | 14,900 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 180,000 | 167,175 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 45,000 | 41,513 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 100,000 | 85,550 | |
3.875% 2/15/27 | 200,000 | 186,541 | |
Sprint Capital Corp. 8.75% 3/15/32 | 340,000 | 415,494 | |
Telecom Italia SpA: | |||
2.75% 4/15/25 (Reg. S) | EUR | 100,000 | 104,132 |
4% 4/11/24 (Reg. S) | EUR | 100,000 | 108,675 |
6.875% 2/15/28 (Reg. S) | EUR | 120,000 | 132,730 |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d) | 200,000 | 184,100 | |
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (d) | 200,000 | 175,663 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 210,000 | 123,881 | |
VTR Comunicaciones SpA 5.125% 1/15/28 (d) | 176,000 | 96,998 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 295,000 | 242,971 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 115,000 | 87,073 | |
6.125% 3/1/28 (d) | 60,000 | 38,356 | |
5,004,996 | |||
Textiles/Apparel - 0.4% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 115,000 | 97,109 | |
4.25% 3/15/29 (d) | 110,000 | 97,577 | |
CT Investment GmbH 5.5% 4/15/26 (Reg. S) | EUR | 100,000 | 97,207 |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 50,000 | 40,440 | |
332,333 | |||
Transportation Ex Air/Rail - 0.7% | |||
Autostrade per L'italia SpA: | |||
1.625% 6/12/23 | EUR | 115,000 | 126,440 |
1.75% 6/26/26 (Reg. S) | EUR | 100,000 | 102,135 |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 40,000 | 31,464 | |
Mersin Uluslararasi Liman Isletmeciligi A/S 5.375% 11/15/24 (d) | 100,000 | 95,863 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) | 110,000 | 108,763 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 110,000 | 88,000 | |
552,665 | |||
Utilities - 3.7% | |||
Abu Dhabi National Energy Co. PJSC 4.696% 4/24/33 (d) | 200,000 | 203,250 | |
Clearway Energy Operating LLC 4.75% 3/15/28 (d) | 40,000 | 37,907 | |
ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S) | EUR | 121,000 | 106,723 |
DPL, Inc.: | |||
4.125% 7/1/25 | 180,000 | 173,025 | |
4.35% 4/15/29 | 215,000 | 193,768 | |
Eskom Holdings SOC Ltd.: | |||
6.75% 8/6/23 (d) | 45,000 | 44,502 | |
8.45% 8/10/28 (d) | 60,000 | 57,349 | |
Mong Duong Finance Holdings BV 5.125% 5/7/29 (d) | 100,000 | 86,584 | |
NextEra Energy Partners LP 4.25% 9/15/24 (d) | 4,000 | 3,840 | |
NRG Energy, Inc.: | |||
3.875% 2/15/32 (d) | 45,000 | 36,286 | |
5.25% 6/15/29 (d) | 25,000 | 23,060 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 10,000 | 7,110 | |
3.95% 12/1/47 | 55,000 | 38,922 | |
4.55% 7/1/30 | 415,000 | 385,667 | |
4.95% 7/1/50 | 415,000 | 337,663 | |
PG&E Corp. 5% 7/1/28 | 375,000 | 352,863 | |
Pike Corp. 5.5% 9/1/28 (d) | 240,000 | 217,765 | |
PT Cikarang Listrindo Tbk 4.95% 9/14/26 (Reg. S) | 200,000 | 187,975 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) | 70,000 | 67,200 | |
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 162,160 | 158,511 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 95,000 | 85,755 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (d) | 60,000 | 58,518 | |
2,864,243 | |||
TOTAL NONCONVERTIBLE BONDS | 61,316,295 | ||
TOTAL CORPORATE BONDS (Cost $71,494,258) | 62,895,812 | ||
Government Obligations - 2.5% | |||
Principal Amount (a) | Value ($) | ||
Germany - 1.9% | |||
German Federal Republic 0% 9/15/23 (Reg. S) | EUR | 1,365,000 | 1,488,037 |
Sri Lanka - 0.2% | |||
Democratic Socialist Republic of Sri Lanka: | |||
6.2% 5/11/27 (Reg. S) (g) | 200,000 | 65,475 | |
7.55% 3/28/30 (Reg. S) (g) | 200,000 | 65,600 | |
7.85% 3/14/29(Reg. S) (g) | 200,000 | 65,500 | |
TOTAL SRI LANKA | 196,575 | ||
United States of America - 0.4% | |||
U.S. Treasury Bonds 2.875% 5/15/52 | 336,000 | 287,516 | |
TOTAL GOVERNMENT OBLIGATIONS (Cost $2,349,190) | 1,972,128 | ||
Common Stocks - 2.3% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(i) | 3,510 | 20,814 | |
Energy - 1.6% | |||
California Resources Corp. | 5,929 | 240,125 | |
California Resources Corp. warrants 10/27/24 (i) | 530 | 5,046 | |
Chesapeake Energy Corp. | 1,694 | 140,060 | |
Denbury, Inc. (i) | 1,860 | 173,687 | |
Denbury, Inc. warrants 9/18/25 (i) | 1,038 | 66,193 | |
EP Energy Corp. (b)(i) | 7,975 | 46,574 | |
Jonah Energy Parent LLC (b)(i) | 3,631 | 163,395 | |
Mesquite Energy, Inc. (b)(i) | 3,543 | 222,590 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (i) | 600 | 14,466 | |
warrants 2/4/28 (i) | 600 | 13,332 | |
Nostrum Oil & Gas LP warrants (b)(i) | 6,753 | 0 | |
PureWest Energy (b)(i) | 105 | 1,024 | |
PureWest Energy rights (b)(i) | 63 | 0 | |
Superior Energy Services, Inc. Class A (b)(i) | 609 | 41,394 | |
Tidewater, Inc. warrants 11/14/42 (i) | 1,897 | 93,972 | |
TOTAL ENERGY | 1,221,858 | ||
Entertainment/Film - 0.2% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(i) | 125,816 | 110,718 | |
Food & Drug Retail - 0.3% | |||
Northeast Grocery, Inc. (b)(c)(i) | 12,754 | 65,300 | |
Southeastern Grocers, Inc. (b)(c)(i) | 7,744 | 190,193 | |
TOTAL FOOD & DRUG RETAIL | 255,493 | ||
Telecommunications - 0.0% | |||
Intelsat Jackson Holdings SA: | |||
Series A rights (b)(i) | 240 | 2,090 | |
Series B rights (b)(i) | 240 | 7,706 | |
TOTAL TELECOMMUNICATIONS | 9,796 | ||
Textiles/Apparel - 0.1% | |||
Intelsat Emergence SA (b)(i) | 2,304 | 108,887 | |
Utilities - 0.1% | |||
Vistra Corp. | 3,895 | 92,935 | |
TOTAL COMMON STOCKS (Cost $1,227,765) | 1,820,501 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
Utilities - 0.2% | |||
PG&E Corp. (Cost $97,767) | 900 | 134,837 | |
Bank Loan Obligations - 5.0% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 0.1% | |||
TransDigm, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.1483% 8/24/28 (e)(f)(j) | 65,041 | 64,939 | |
Air Transportation - 0.6% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.750% 9.7746% 11/23/28 (b)(e)(f)(j) | 192,035 | 184,949 | |
2LN, term loan 3 month U.S. LIBOR + 8.000% 13.0246% 11/23/29 (b)(e)(f)(j) | 257,000 | 247,491 | |
TOTAL AIR TRANSPORTATION | 432,440 | ||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 7.6591% 2/1/27 (e)(f)(j) | 28,252 | 27,244 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.3733% 2/25/29 (e)(f)(j) | 49,625 | 45,035 | |
Chemicals - 0.3% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (b)(e)(f)(j) | 167,025 | 162,014 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (e)(f)(j) | 79,800 | 76,342 | |
Starfruit U.S. Holdco LLC Tranche B, term loan CME Term SOFR 1 Month Index + 2.750% 7.8954% 10/1/25 (e)(f)(j) | 33,064 | 32,868 | |
TOTAL CHEMICALS | 271,224 | ||
Consumer Products - 0.1% | |||
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.35% 5/8/26 (b)(e)(f)(j) | 74,465 | 72,328 | |
Diversified Financial Services - 0.4% | |||
BCP Renaissance Parent LLC Tranche B3 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.3983% 10/31/26 (e)(f)(j) | 12,912 | 12,783 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 7.1977% 3/1/25 (e)(f)(j) | 14,426 | 14,408 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(j) | 321,580 | 317,464 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 344,655 | ||
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(g)(j) | 65,772 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(g)(j) | 28,000 | 0 | |
TOTAL ENERGY | 0 | ||
Food/Beverage/Tobacco - 0.1% | |||
Oatly Group AB Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.4819% 3/15/28 (b)(e)(f)(j) | 80,000 | 76,800 | |
Gaming - 0.0% | |||
Scientific Games Holdings LP term loan CME Term SOFR 3 Month Index + 3.500% 8.4206% 4/4/29 (e)(f)(j) | 14,925 | 14,691 | |
Healthcare - 0.1% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0967% 11/1/28 (e)(f)(j) | 9,900 | 9,795 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 11/15/28 (e)(f)(j) | 34,650 | 34,024 | |
TOTAL HEALTHCARE | 43,819 | ||
Homebuilders/Real Estate - 0.3% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(e)(j) | 264,276 | 251,062 | |
Hotels - 0.0% | |||
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 6.750% 13.3646% 5/30/26 (e)(f)(j) | 38,122 | 23,581 | |
Insurance - 0.1% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 2/15/27 (e)(f)(j) | 4,938 | 4,769 | |
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (e)(f)(j) | 38,578 | 38,224 | |
TOTAL INSURANCE | 42,993 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 8/17/28 (e)(f)(j) | 4,753 | 4,733 | |
Railroad - 0.0% | |||
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.000% 12.0341% 11/23/28 (b)(e)(f)(j) | 30,000 | 29,850 | |
Services - 1.1% | |||
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.0822% 12/20/29 (e)(f)(j) | 5,000 | 4,600 | |
Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (e)(f)(j) | 10,000 | 8,663 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (e)(f)(j) | 159,595 | 142,809 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.405% 6/13/25 (e)(f)(j) | 220,000 | 184,686 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (e)(f)(j) | 174,666 | 166,238 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 13.4091% 8/22/25 (e)(f)(j) | 95,000 | 91,240 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 1/23/27 (e)(f)(j) | 14,588 | 14,077 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (e)(f)(j) | 193,806 | 158,981 | |
Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.7202% 3/3/30 (e)(f)(j) | 64,838 | 64,594 | |
TOTAL SERVICES | 835,888 | ||
Super Retail - 0.2% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (e)(f)(j) | 156,418 | 154,952 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 4/15/28 (e)(f)(j) | 24,563 | 22,456 | |
TOTAL SUPER RETAIL | 177,408 | ||
Technology - 1.1% | |||
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 8/10/25 (e)(f)(j) | 114,525 | 89,258 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (e)(f)(j) | 88,480 | 82,792 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(j)(k) | 10,870 | 10,171 | |
MH Sub I LLC 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 8.7746% 9/15/24 (e)(f)(j) | 14,772 | 14,680 | |
CME Term SOFR 1 Month Index + 4.250% 4/13/28 (f)(j)(l) | 145,000 | 139,019 | |
UKG, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8954% 5/4/26 (e)(f)(j) | 19,300 | 18,958 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (e)(f)(j) | 196,761 | 191,350 | |
2LN, term loan 3 month U.S. LIBOR + 5.250% 10.2706% 5/3/27 (e)(f)(j) | 286,989 | 275,272 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 7.9034% 2/28/27 (e)(f)(j) | 14,550 | 14,320 | |
TOTAL TECHNOLOGY | 835,820 | ||
Telecommunications - 0.4% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.4863% 8/15/28 (e)(f)(j) | 370,000 | 347,338 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $4,129,321) | 3,941,848 | ||
Preferred Securities - 4.9% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 2.6% | |||
AIB Group PLC 5.25% (Reg. S) (e)(m) | EUR | 200,000 | 201,313 |
Axis Bank GIFT City 4.1% (Reg. S) (e)(m) | 200,000 | 170,703 | |
Banco de Sabadell SA 9.375% (Reg. S) (e)(m) | EUR | 200,000 | 204,312 |
Banco Mercantil del Norte SA 7.625% (d)(e)(m) | 40,000 | 36,592 | |
Bank of America Corp.: | |||
4.375% (e)(m) | 100,000 | 85,298 | |
5.875% (e)(m) | 190,000 | 173,376 | |
Bank of Communications Co. Ltd. 3.8% (Reg. S) (e)(m) | 200,000 | 196,140 | |
Deutsche Bank AG 6.75% 12/31/99 (e) | EUR | 200,000 | 166,725 |
Emirates NBD Bank PJSC 6.125% (Reg. S) (e)(m) | 200,000 | 199,061 | |
Industrial & Commercial Bank of China Ltd. 3.2% (Reg. S) (e)(m) | 200,000 | 188,136 | |
Keb Hana Bank 3.5% (Reg. S) (e)(m) | 200,000 | 177,729 | |
Tinkoff Credit Systems 6% (b)(d)(e)(g)(m) | 100,000 | 37,500 | |
Woori Bank 4.25% (Reg. S) (e)(m) | 200,000 | 190,627 | |
TOTAL BANKS & THRIFTS | 2,027,512 | ||
Building Materials - 0.2% | |||
CEMEX S.A.B. de CV 5.125% (d)(e)(m) | 200,000 | 177,689 | |
Diversified Financial Services - 0.6% | |||
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(m) | 400,000 | 326,898 | |
Charles Schwab Corp. 5.375% (e)(m) | 125,000 | 120,098 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 446,996 | ||
Homebuilders/Real Estate - 0.4% | |||
Abertis Infraestructuras Finance BV 3.248% (Reg. S) (e)(m) | EUR | 100,000 | 98,068 |
Aroundtown SA 1.625% (Reg. S) (e)(m) | EUR | 100,000 | 29,266 |
CPI Property Group SA 4.875% (Reg. S) (e)(m) | EUR | 200,000 | 96,867 |
Heimstaden Bostad AB 2.625% (Reg. S) (e)(m) | EUR | 100,000 | 61,009 |
TOTAL HOMEBUILDERS/REAL ESTATE | 285,210 | ||
Technology - 0.2% | |||
Network i2i Ltd. 5.65% (Reg. S) (e)(m) | 200,000 | 192,157 | |
Telecommunications - 0.5% | |||
Telefonica Europe BV: | |||
3.875% (Reg. S) (e)(m) | EUR | 300,000 | 312,779 |
4.375% (Reg. S) (e)(m) | EUR | 100,000 | 108,069 |
TOTAL TELECOMMUNICATIONS | 420,848 | ||
Utilities - 0.4% | |||
Enel SpA 6.375% (Reg. S) (e)(m) | EUR | 100,000 | 113,037 |
Terna - Rete Elettrica Nazionale 2.375% (Reg. S) (e)(m) | EUR | 100,000 | 92,452 |
Veolia Environnement SA 2.5% (Reg. S) (e)(m) | EUR | 100,000 | 90,762 |
TOTAL UTILITIES | 296,251 | ||
TOTAL PREFERRED SECURITIES (Cost $4,217,088) | 3,846,663 | ||
Money Market Funds - 3.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (n) (Cost $2,730,553) | 2,730,100 | 2,730,646 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $86,245,942) | 77,342,435 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 987,160 |
NET ASSETS - 100.0% | 78,329,595 |
EUR | - | European Monetary Unit |
(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 $871,875 or 1.1% 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 $39,694,543 or 50.7% of net assets. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(i) | Non-income producing |
(j) | 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. |
(k) | 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 $10,870 and $10,171, respectively. |
(l) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 27,566 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 47,694 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 623,261 |
Northeast Grocery, Inc. | 11/08/21 | 5,075 |
Southeastern Grocers, Inc. | 6/01/18 | 54,475 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 3,385,473 | 42,784,764 | 43,439,591 | 130,826 | - | - | 2,730,646 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 3,300 | 156,894 | 160,194 | 1 | - | - | - | 0.0% |
Total | 3,388,773 | 42,941,658 | 43,599,785 | 130,827 | - | - | 2,730,646 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 118,683 | - | - | 118,683 |
Consumer Discretionary | 131,532 | - | - | 131,532 |
Consumer Staples | 255,493 | - | - | 255,493 |
Energy | 1,220,834 | 586,716 | 160,165 | 473,953 |
Utilities | 228,796 | 92,935 | 134,837 | 1,024 |
Corporate Bonds | 62,895,812 | - | 61,889,544 | 1,006,268 |
Government Obligations | 1,972,128 | - | 1,972,128 | - |
Bank Loan Obligations | 3,941,848 | - | 2,599,890 | 1,341,958 |
Preferred Securities | 3,846,663 | - | 3,809,163 | 37,500 |
Money Market Funds | 2,730,646 | 2,730,646 | - | - |
Total Investments in Securities: | 77,342,435 | 3,410,297 | 70,565,727 | 3,366,411 |
Investments in Securities: | |||
Corporate Bonds | |||
Beginning Balance | $ | 536,591 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 429,454 | ||
Cost of Purchases | 8,869 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | 1,354 | ||
Transfers into Level 3 | 30,000 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,006,268 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 429,454 | |
Bank Loan Obligations | |||
Beginning Balance | $ | 600,731 | |
Net Realized Gain (Loss) on Investment Securities | 335 | ||
Net Unrealized Gain (Loss) on Investment Securities | (10,106) | ||
Cost of Purchases | 771,176 | ||
Proceeds of Sales | (22,657) | ||
Amortization/Accretion | 2,479 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,341,958 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (10,106) | |
Other Investments in Securities | |||
Beginning Balance | $ | 826,337 | |
Net Realized Gain (Loss) on Investment Securities | 23,925 | ||
Net Unrealized Gain (Loss) on Investment Securities | 186,180 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (23,925) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 5,668 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,018,185 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 186,180 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $83,515,389) | $ | 74,611,789 | ||
Fidelity Central Funds (cost $2,730,553) | 2,730,646 | |||
Total Investment in Securities (cost $86,245,942) | $ | 77,342,435 | ||
Cash | 304,620 | |||
Foreign currency held at value (cost $55,527) | 55,527 | |||
Receivable for investments sold | 292,826 | |||
Receivable for fund shares sold | 5,459 | |||
Dividends receivable | 1,747 | |||
Interest receivable | 1,133,965 | |||
Distributions receivable from Fidelity Central Funds | 14,789 | |||
Prepaid expenses | 32 | |||
Receivable from investment adviser for expense reductions | 22,664 | |||
Total assets | 79,174,064 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 418,929 | ||
Delayed delivery | 185,000 | |||
Payable for fund shares redeemed | 27,633 | |||
Distributions payable | 57,306 | |||
Accrued management fee | 45,508 | |||
Distribution and service plan fees payable | 3,475 | |||
Other affiliated payables | 13,378 | |||
Audit fee payable | 86,688 | |||
Other payables and accrued expenses | 6,552 | |||
Total Liabilities | 844,469 | |||
Net Assets | $ | 78,329,595 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 99,090,523 | ||
Total accumulated earnings (loss) | (20,760,928) | |||
Net Assets | $ | 78,329,595 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($7,662,932 ÷ 916,772 shares) (a) | $ | 8.36 | ||
Maximum offering price per share (100/96.00 of $8.36) | $ | 8.71 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,634,115 ÷ 315,187 shares) (a) | $ | 8.36 | ||
Maximum offering price per share (100/96.00 of $8.36) | $ | 8.71 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,599,054 ÷ 191,316 shares) (a) | $ | 8.36 | ||
Global High Income : | ||||
Net Asset Value , offering price and redemption price per share ($63,000,015 ÷ 7,536,549 shares) | $ | 8.36 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($3,433,479 ÷ 410,843 shares) | $ | 8.36 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 458,624 | ||
Interest | 4,471,572 | |||
Income from Fidelity Central Funds (including $1 from security lending) | 130,827 | |||
Total Income | 5,061,023 | |||
Expenses | ||||
Management fee | $ | 561,014 | ||
Transfer agent fees | 130,699 | |||
Distribution and service plan fees | 46,048 | |||
Accounting fees | 33,352 | |||
Custodian fees and expenses | 14,838 | |||
Independent trustees' fees and expenses | 409 | |||
Registration fees | 36,528 | |||
Audit | 101,957 | |||
Legal | 16,048 | |||
Miscellaneous | 438 | |||
Total expenses before reductions | 941,331 | |||
Expense reductions | (157,058) | |||
Total expenses after reductions | 784,273 | |||
Net Investment income (loss) | 4,276,750 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (6,606,097) | |||
Foreign currency transactions | (5,325) | |||
Total net realized gain (loss) | (6,611,422) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 2,022,026 | |||
Assets and liabilities in foreign currencies | 11,232 | |||
Total change in net unrealized appreciation (depreciation) | 2,033,258 | |||
Net gain (loss) | (4,578,164) | |||
Net increase (decrease) in net assets resulting from operations | $ | (301,414) |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,276,750 | $ | 4,646,873 |
Net realized gain (loss) | (6,611,422) | (53,257) | ||
Change in net unrealized appreciation (depreciation) | 2,033,258 | (12,743,194) | ||
Net increase (decrease) in net assets resulting from operations | (301,414) | (8,149,578) | ||
Distributions to shareholders | (3,486,392) | (4,704,486) | ||
Distributions to shareholders from tax return of capital | (291,964) | - | ||
Total Distributions | (3,778,356) | (4,704,486) | ||
Share transactions - net increase (decrease) | (13,836,765) | (3,075,785) | ||
Total increase (decrease) in net assets | (17,916,535) | (15,929,849) | ||
Net Assets | ||||
Beginning of period | 96,246,130 | 112,175,979 | ||
End of period | $ | 78,329,595 | $ | 96,246,130 |
Fidelity Advisor® Global High Income Fund Class A |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .422 | .367 | .391 | .445 | .468 | |||||
Net realized and unrealized gain (loss) | (.382) | (1.089) | 1.394 | (1.120) | (.115) | |||||
Total from investment operations | .040 | (.722) | 1.785 | (.675) | .353 | |||||
Distributions from net investment income | (.341) | (.378) | (.375) | (.425) | (.457) | |||||
Distributions from net realized gain | - | - | - | - | (.026) | |||||
Tax return of capital | (.029) | - | - | - | - | |||||
Total distributions | (.370) | (.378) | (.375) | (.425) | (.483) | |||||
Net asset value, end of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D | .64% | (7.64)% | 21.59% | (7.44)% | 3.88% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.38% | 1.37% | 1.34% | 1.34% | 1.32% | |||||
Expenses net of fee waivers, if any | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | |||||
Net investment income (loss) | 5.13% | 3.89% | 4.17% | 4.77% | 5.00% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 7,663 | $ | 15,467 | $ | 8,582 | $ | 5,927 | $ | 7,365 |
Portfolio turnover rate G | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class M |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .421 | .372 | .389 | .445 | .467 | |||||
Net realized and unrealized gain (loss) | (.381) | (1.094) | 1.396 | (1.120) | (.114) | |||||
Total from investment operations | .040 | (.722) | 1.785 | (.675) | .353 | |||||
Distributions from net investment income | (.341) | (.378) | (.375) | (.425) | (.457) | |||||
Distributions from net realized gain | - | - | - | - | (.026) | |||||
Tax return of capital | (.029) | - | - | - | - | |||||
Total distributions | (.370) | (.378) | (.375) | (.425) | (.483) | |||||
Net asset value, end of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D | .64% | (7.64)% | 21.59% | (7.44)% | 3.88% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.45% | 1.41% | 1.41% | 1.41% | 1.40% | |||||
Expenses net of fee waivers, if any | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | |||||
Net investment income (loss) | 5.13% | 3.89% | 4.16% | 4.77% | 5.00% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,634 | $ | 3,118 | $ | 3,164 | $ | 2,928 | $ | 3,971 |
Portfolio turnover rate G | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class C |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .360 | .301 | .319 | .375 | .398 | |||||
Net realized and unrealized gain (loss) | (.381) | (1.094) | 1.396 | (1.119) | (.115) | |||||
Total from investment operations | (.021) | (.793) | 1.715 | (.744) | .283 | |||||
Distributions from net investment income | (.285) | (.307) | (.305) | (.356) | (.387) | |||||
Distributions from net realized gain | - | - | - | - | (.026) | |||||
Tax return of capital | (.024) | - | - | - | - | |||||
Total distributions | (.309) | (.307) | (.305) | (.356) | (.413) | |||||
Net asset value, end of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D | (.11)% | (8.33)% | 20.69% | (8.13)% | 3.10% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 2.20% | 2.12% | 2.14% | 2.11% | 2.08% | |||||
Expenses net of fee waivers, if any | 1.92% | 1.91% | 2.00% | 2.00% | 2.00% | |||||
Expenses net of all reductions | 1.92% | 1.91% | 2.00% | 2.00% | 2.00% | |||||
Net investment income (loss) | 4.38% | 3.14% | 3.41% | 4.02% | 4.25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,599 | $ | 2,246 | $ | 3,249 | $ | 2,684 | $ | 3,723 |
Portfolio turnover rate G | 29% | 45% | 53% | 54% | 44% |
Fidelity® Global High Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .442 | .397 | .413 | .468 | .491 | |||||
Net realized and unrealized gain (loss) | (.381) | (1.094) | 1.395 | (1.119) | (.125) | |||||
Total from investment operations | .061 | (.697) | 1.808 | (.651) | .366 | |||||
Distributions from net investment income | (.361) | (.403) | (.398) | (.449) | (.480) | |||||
Distributions from net realized gain | - | - | - | - | (.026) | |||||
Tax return of capital | (.030) | - | - | - | - | |||||
Total distributions | (.391) | (.403) | (.398) | (.449) | (.506) | |||||
Net asset value, end of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C | .89% | (7.40)% | 21.89% | (7.21)% | 4.03% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | 1.10% | 1.04% | 1.04% | 1.03% | 1.01% | |||||
Expenses net of fee waivers, if any | .92% | .91% | 1.00% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .92% | .91% | 1.00% | 1.00% | 1.00% | |||||
Net investment income (loss) | 5.38% | 4.15% | 4.41% | 5.02% | 5.25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 63,000 | $ | 72,441 | $ | 89,338 | $ | 73,039 | $ | 97,619 |
Portfolio turnover rate F | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class I |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .442 | .400 | .411 | .473 | .491 | |||||
Net realized and unrealized gain (loss) | (.381) | (1.097) | 1.397 | (1.124) | (.125) | |||||
Total from investment operations | .061 | (.697) | 1.808 | (.651) | .366 | |||||
Distributions from net investment income | (.361) | (.403) | (.398) | (.449) | (.480) | |||||
Distributions from net realized gain | - | - | - | - | (.026) | |||||
Tax return of capital | (.030) | - | - | - | - | |||||
Total distributions | (.391) | (.403) | (.398) | (.449) | (.506) | |||||
Net asset value, end of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C | .89% | (7.40)% | 21.89% | (7.21)% | 4.03% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | 1.15% | 1.05% | 1.05% | 1.03% | 1.05% | |||||
Expenses net of fee waivers, if any | .92% | .91% | 1.00% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .92% | .91% | 1.00% | 1.00% | 1.00% | |||||
Net investment income (loss) | 5.38% | 4.14% | 4.42% | 5.02% | 5.25% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 3,433 | $ | 2,975 | $ | 7,844 | $ | 4,350 | $ | 7,352 |
Portfolio turnover rate F | 29% | 45% | 53% | 54% | 44% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $ 980,685 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 5.5 / 3.9 | Increase |
Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase | |||
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 - 0.5 / 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 0.8 - 4.2 / 4.2 | Increase | |||
Daily production multiple ($/Million cubic feet equivalent per day) | $3,000.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $45.00 | Increase | ||
Discounted cash flow | Discount rate | 8.0% - 12.8% / 9.7% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Corporate Bonds | $ 1,006,268 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Indicative market price | Evaluated bid | $0.13 - $62.30 / $53.27 | Increase | ||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Preferred Securities | $ 37,500 | Indicative market price | Evaluated bid | $37.50 | Increase |
Bank Loan Obligations | $ 1,341,958 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 - $99.50 / $95.59 | Increase | ||
Discounted cash flow | Discount rate | 10.0% - 18.7% / 13.0% | Decrease | ||
Yield | 7.3% | Decrease | |||
Indicative market price | Evaluated bid | $97.00 | Increase | ||
Gross unrealized appreciation | $2,616,928 |
Gross unrealized depreciation | (11,028,297) |
Net unrealized appreciation (depreciation) | $(8,411,369) |
Tax Cost | $85,753,804 |
Capital loss carryforward | $(12,057,806) |
Net unrealized appreciation (depreciation) on securities and other investments | $(8,397,676) |
Short-term | $(1,607,422) |
Long-term | (10,450,384) |
Total capital loss carryforward | $(12,057,806) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $3,486,392 | $ 4,704,486 |
Tax Return of Capital | 291,964 | - |
Total | $3,778,356 | $ 4,704,486 |
Purchases ($) | Sales ($) | |
Fidelity Global High Income Fund | 21,684,341 | 34,674,278 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $21,172 | $3,237 |
Class M | -% | .25% | 6,570 | 17 |
Class C | .75% | .25% | 18,306 | 836 |
$46,048 | $4,090 |
Retained by FDC | |
Class A | $762 |
Class M | 109 |
Class C A | 106 |
$977 |
Amount | % of Class-Level Average Net Assets | |
Class A | $15,370 | .18 |
Class M | 6,556 | .25 |
Class C | 4,584 | .25 |
Global High Income | 97,202 | .15 |
Class I | 6,987 | .20 |
$130,699 |
% of Average Net Assets | |
Fidelity Global High Income Fund | .04 |
Amount | |
Fidelity Global High Income Fund | $10 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Global High Income Fund | - | 112,701 | 60,407 |
Amount | |
Fidelity Global High Income Fund | $154 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Global High Income Fund | $- | $- | $- |
Expense Limitations | Reimbursement | |
Class A | 1.15% | $17,964 |
Class M | 1.15% | 7,376 |
Class C | 1.90% | 5,099 |
Global High Income | .90% | 116,751 |
Class I | .90% | 8,085 |
$155,275 |
Expense Limitations | |
Class A | 1.05% |
Class M | 1.05% |
Class C | 1.80% |
Global High Income | .80% |
Class I | .80% |
Expense reduction | |
Class M | $32 |
Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Global High Income Fund | ||
Distributions to shareholders | ||
Class A | $380,555 | $427,363 |
Class M | 118,501 | 136,678 |
Class C | 69,010 | 87,509 |
Global High Income | 3,044,980 | 3,787,445 |
Class I | 165,310 | 265,491 |
Total | $3,778,356 | $4,704,486 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2023 | Year ended April 30, 2022 | Year ended April 30, 2023 | Year ended April 30, 2022 | |
Fidelity Global High Income Fund | ||||
Class A | ||||
Shares sold | 117,663 | 994,468 | $965,194 | $9,310,968 |
Reinvestment of distributions | 45,152 | 44,175 | 370,851 | 415,544 |
Shares redeemed | (1,026,071) | (135,230) | (8,638,977) | (1,259,170) |
Net increase (decrease) | (863,256) | 903,413 | $(7,302,932) | $8,467,342 |
Class M | ||||
Shares sold | 29,016 | 91,576 | $241,895 | $895,377 |
Reinvestment of distributions | 14,213 | 14,136 | 116,461 | 134,232 |
Shares redeemed | (86,940) | (70,038) | (717,956) | (666,034) |
Net increase (decrease) | (43,711) | 35,674 | $(359,600) | $363,575 |
Class C | ||||
Shares sold | 14,105 | 18,127 | $115,329 | $174,518 |
Reinvestment of distributions | 8,356 | 9,080 | 68,433 | 86,380 |
Shares redeemed | (89,592) | (100,614) | (738,846) | (966,704) |
Net increase (decrease) | (67,131) | (73,407) | $(555,084) | $(705,806) |
Global High Income | ||||
Shares sold | 1,464,734 | 3,066,135 | $12,141,545 | $29,769,948 |
Reinvestment of distributions | 287,398 | 326,573 | 2,353,838 | 3,111,366 |
Shares redeemed | (2,551,630) | (4,181,161) | (20,718,743) | (39,815,297) |
Net increase (decrease) | (799,498) | (788,453) | $(6,223,360) | $(6,933,983) |
Class I | ||||
Shares sold | 411,632 | 209,270 | $3,447,408 | $2,024,964 |
Reinvestment of distributions | 16,694 | 24,069 | 137,183 | 230,486 |
Shares redeemed | (359,777) | (692,191) | (2,980,380) | (6,522,363) |
Net increase (decrease) | 68,549 | (458,852) | $604,211 | $(4,266,913) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Global High Income Fund | ||||||||||
Class A ** | 1.16% | |||||||||
Actual | $ 1,000 | $ 1,094.50 | $ 6.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.04 | $ 5.81 | |||||||
Class M ** | 1.16% | |||||||||
Actual | $ 1,000 | $ 1,094.50 | $ 6.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.04 | $ 5.81 | |||||||
Class C ** | 1.91% | |||||||||
Actual | $ 1,000 | $ 1,090.50 | $ 9.90 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.32 | $ 9.54 | |||||||
Fidelity® Global High Income Fund ** | .91% | |||||||||
Actual | $ 1,000 | $ 1,095.80 | $ 4.73 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.28 | $ 4.56 | |||||||
Class I ** | .91% | |||||||||
Actual | $ 1,000 | $ 1,095.80 | $ 4.73 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.28 | $ 4.56 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Global High Income Fund | ||||||
Class A | 1.05% | |||||
Actual | $ 5.45 | |||||
Hypothetical - B | $ 5.26 | |||||
Class M | 1.05% | |||||
Actual | $ 5.45 | |||||
Hypothetical - B | $ 5.26 | |||||
Class C | 1.80% | |||||
Actual | $ 9.33 | |||||
Hypothetical - B | $ 9.00 | |||||
Fidelity® Global High Income Fund | .80% | |||||
Actual | $ 4.16 | |||||
Hypothetical - B | $ 4.01 | |||||
Class I | .80% | |||||
Actual | $ 4.16 | |||||
Hypothetical - B | $ 4.01 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series High Income Fund | 0.41% | 3.12% | 3.81% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series High Income Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Mesquite Energy, Inc. | 2.6 | |
New Fortress Energy, Inc. | 2.3 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.2 | |
Southeastern Grocers, Inc. | 2.0 | |
Occidental Petroleum Corp. | 1.7 | |
Ford Motor Credit Co. LLC | 1.7 | |
Community Health Systems, Inc. | 1.7 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.6 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.6 | |
TransDigm, Inc. | 1.4 | |
18.8 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 17.0 | |
Telecommunications | 8.0 | |
Healthcare | 6.9 | |
Services | 6.7 | |
Technology | 6.3 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 83.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 3.0% | |||
Broadcasting - 1.2% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 9,391,000 | 8,123,215 | |
3.375% 8/15/26 | 13,185,000 | 6,210,135 | |
14,333,350 | |||
Energy - 1.8% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,175,827 | 7,900,264 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,028,327 | 13,628,126 | |
21,528,390 | |||
TOTAL CONVERTIBLE BONDS | 35,861,740 | ||
Nonconvertible Bonds - 80.4% | |||
Aerospace - 2.6% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,215,000 | 1,120,169 | |
5.875% 12/1/27 | 1,230,000 | 1,201,175 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 3,678,000 | 3,669,865 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 3,247,000 | 2,972,002 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 545,000 | 557,850 | |
6.875% 5/1/25 | 545,000 | 561,145 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 830,000 | 657,750 | |
4.625% 3/1/28 (d) | 2,375,000 | 2,097,220 | |
Moog, Inc. 4.25% 12/15/27 (d) | 165,000 | 155,131 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 2,335,000 | 2,113,175 | |
5.5% 11/15/27 | 8,055,000 | 7,732,800 | |
6.25% 3/15/26 (d) | 3,980,000 | 3,998,814 | |
6.375% 6/15/26 | 1,090,000 | 1,088,521 | |
6.75% 8/15/28 (d) | 1,630,000 | 1,655,332 | |
7.5% 3/15/27 | 1,455,000 | 1,462,262 | |
31,043,211 | |||
Air Transportation - 0.7% | |||
Air Canada 3.875% 8/15/26 (d) | 805,000 | 745,175 | |
American Airlines, Inc. 7.25% 2/15/28 (d) | 540,000 | 525,222 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 3,435,000 | 3,373,149 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 463,250 | 462,509 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 760,000 | 688,532 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 2,735,000 | 2,762,238 | |
8,556,825 | |||
Automotive - 0.2% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 1,225,000 | 1,168,340 | |
7.4% 11/1/46 | 435,000 | 442,821 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 1,540,000 | 1,269,363 | |
2,880,524 | |||
Automotive & Auto Parts - 2.1% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (d) | 330,000 | 338,375 | |
Allison Transmission, Inc. 3.75% 1/30/31 (d) | 545,000 | 465,208 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 440,000 | 356,396 | |
5.375% 11/15/27 | 295,000 | 277,262 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 1,085,000 | 838,686 | |
4.75% 1/15/43 | 545,000 | 409,404 | |
5.291% 12/8/46 | 215,000 | 173,885 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 7.7305% 3/6/26 (e)(f) | 1,540,000 | 1,548,391 | |
2.3% 2/10/25 | 4,905,000 | 4,566,494 | |
2.9% 2/10/29 | 2,715,000 | 2,252,610 | |
3.375% 11/13/25 | 545,000 | 506,119 | |
3.815% 11/2/27 | 1,640,000 | 1,470,417 | |
4% 11/13/30 | 550,000 | 471,606 | |
4.389% 1/8/26 | 1,090,000 | 1,035,596 | |
4.95% 5/28/27 | 2,190,000 | 2,071,066 | |
5.125% 6/16/25 | 545,000 | 530,525 | |
6.95% 3/6/26 | 4,385,000 | 4,425,763 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (d)(e) | 215,000 | 193,508 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (d) | 1,180,000 | 1,180,779 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (d) | 1,310,000 | 1,279,931 | |
6.875% 4/14/28 (d) | 595,000 | 612,365 | |
7.125% 4/14/30 (d) | 595,000 | 614,373 | |
25,618,759 | |||
Banks & Thrifts - 0.3% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 110,000 | 106,886 | |
6.7% 2/14/33 | 2,170,000 | 1,958,075 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 970,000 | 868,033 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (d) | 435,000 | 340,388 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (d) | 435,000 | 376,334 | |
7.875% 5/1/27 (d) | 435,000 | 415,425 | |
4,065,141 | |||
Broadcasting - 1.4% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(g) | 9,005,000 | 607,838 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 2,760,000 | 2,607,219 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (d) | 435,000 | 382,324 | |
5.625% 7/15/27 (d) | 545,000 | 511,853 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 1,110,000 | 857,475 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 2,505,000 | 2,115,097 | |
4.125% 7/1/30 (d) | 2,200,000 | 1,764,615 | |
5.5% 7/1/29 (d) | 660,000 | 587,882 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,895,000 | 1,687,119 | |
5% 9/15/29 | 725,000 | 634,795 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 2,170,000 | 1,870,243 | |
6.625% 6/1/27 (d) | 3,080,000 | 2,965,629 | |
16,592,089 | |||
Building Materials - 0.4% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 824,000 | 787,950 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 2,210,000 | 1,936,359 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 1,335,000 | 1,175,702 | |
6% 12/1/29 (d) | 1,230,000 | 1,001,835 | |
4,901,846 | |||
Cable/Satellite TV - 4.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 3,680,000 | 3,013,960 | |
4.25% 1/15/34 (d) | 2,145,000 | 1,633,933 | |
4.5% 8/15/30 (d) | 3,585,000 | 3,010,323 | |
4.5% 5/1/32 | 5,635,000 | 4,511,237 | |
4.5% 6/1/33 (d) | 5,340,000 | 4,250,708 | |
4.75% 3/1/30 (d) | 4,755,000 | 4,091,184 | |
4.75% 2/1/32 (d) | 3,090,000 | 2,556,916 | |
5% 2/1/28 (d) | 1,495,000 | 1,382,266 | |
5.375% 6/1/29 (d) | 1,705,000 | 1,563,686 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (d) | 2,050,000 | 1,471,248 | |
4.5% 11/15/31 (d) | 555,000 | 388,807 | |
4.625% 12/1/30 (d) | 5,335,000 | 2,604,159 | |
5.375% 2/1/28 (d) | 3,840,000 | 3,149,559 | |
5.75% 1/15/30 (d) | 3,435,000 | 1,753,032 | |
7.5% 4/1/28 (d) | 3,345,000 | 2,089,908 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (d) | 535,000 | 469,500 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 2,740,000 | 1,947,886 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 1,680,000 | 1,506,026 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 2,875,000 | 2,237,492 | |
6.5% 9/15/28 (d) | 6,315,000 | 2,946,579 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 4,400,000 | 4,061,200 | |
Ziggo BV 4.875% 1/15/30 (d) | 1,455,000 | 1,251,406 | |
51,891,015 | |||
Capital Goods - 1.0% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 1,905,000 | 1,720,379 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (d) | 1,640,000 | 1,663,151 | |
6.05% 4/15/28 (d) | 1,090,000 | 1,100,350 | |
6.3% 2/15/30 (d) | 1,090,000 | 1,110,505 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 1,645,000 | 1,471,442 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 4,865,000 | 4,548,126 | |
11,613,953 | |||
Chemicals - 2.9% | |||
CVR Partners LP 6.125% 6/15/28 (d) | 2,072,000 | 1,870,883 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 1,044,000 | 921,196 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 1,360,000 | 1,258,599 | |
7% 12/31/27 (d) | 440,000 | 386,728 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 880,000 | 774,466 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,800,000 | 3,630,464 | |
5.65% 12/1/44 | 3,722,000 | 3,090,495 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 1,900,000 | 1,538,678 | |
4.875% 6/1/24 (d) | 1,290,000 | 1,269,499 | |
5% 5/1/25 (d) | 940,000 | 912,127 | |
5.25% 6/1/27 (d) | 1,935,000 | 1,751,158 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 2,575,000 | 2,288,551 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 2,030,000 | 1,731,742 | |
6.25% 10/1/29 (d) | 2,255,000 | 1,812,088 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 215,000 | 193,591 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 1,550,000 | 1,427,397 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 790,000 | 650,639 | |
5.375% 5/15/27 | 2,604,000 | 2,420,064 | |
5.75% 11/15/28 (d) | 2,625,000 | 2,333,050 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 545,000 | 452,409 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (d) | 3,750,000 | 3,234,700 | |
7.375% 3/1/31 (d) | 440,000 | 440,679 | |
34,389,203 | |||
Consumer Products - 0.6% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) | 295,000 | 275,040 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 1,750,000 | 1,655,318 | |
3.75% 4/1/29 (d) | 3,225,000 | 2,910,734 | |
5.45% 11/1/41 | 435,000 | 386,710 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 545,000 | 520,475 | |
6% 4/1/46 (h) | 435,000 | 338,765 | |
6.375% 9/15/27 | 545,000 | 536,825 | |
6.625% 9/15/29 | 605,000 | 597,634 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 215,000 | 173,723 | |
4.375% 2/1/32 | 330,000 | 266,724 | |
7,661,948 | |||
Containers - 1.2% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e) | 440,000 | 360,587 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (d) | 1,310,000 | 1,118,119 | |
5.25% 8/15/27 (d) | 765,000 | 652,947 | |
Ball Corp.: | |||
2.875% 8/15/30 | 545,000 | 456,980 | |
4.875% 3/15/26 | 1,635,000 | 1,619,075 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 875,000 | 855,560 | |
BWAY Holding Co. 7.875% 8/15/26 (d) | 1,630,000 | 1,653,350 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 545,000 | 474,273 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 610,000 | 543,663 | |
LABL, Inc.: | |||
5.875% 11/1/28 (d) | 330,000 | 304,425 | |
6.75% 7/15/26 (d) | 220,000 | 217,972 | |
9.5% 11/1/28 (d) | 220,000 | 226,477 | |
10.5% 7/15/27 (d) | 660,000 | 627,053 | |
Sealed Air Corp. 5% 4/15/29 (d) | 2,240,000 | 2,146,973 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 655,000 | 664,629 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 1,789,000 | 1,736,808 | |
8.5% 8/15/27 (d) | 810,000 | 782,018 | |
14,440,909 | |||
Diversified Financial Services - 2.9% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 1,570,000 | 948,437 | |
3.625% 10/1/31 (d) | 1,465,000 | 818,671 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 1,675,000 | 1,453,565 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 4,560,000 | 4,004,638 | |
4.75% 9/15/24 | 185,000 | 182,508 | |
5.25% 5/15/27 | 6,865,000 | 6,461,681 | |
6.25% 5/15/26 | 5,190,000 | 5,116,126 | |
6.375% 12/15/25 | 1,225,000 | 1,214,586 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (d) | 390,000 | 327,931 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 1,415,000 | 1,119,619 | |
LPL Holdings, Inc. 4.375% 5/15/31 (d) | 545,000 | 483,688 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 1,420,000 | 1,153,750 | |
3.625% 9/1/30 (d) | 2,190,000 | 1,889,247 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 3,265,000 | 2,769,112 | |
3.875% 9/15/28 | 4,040,000 | 3,242,181 | |
6.875% 3/15/25 | 220,000 | 215,222 | |
7.125% 3/15/26 | 3,970,000 | 3,868,738 | |
35,269,700 | |||
Diversified Media - 0.3% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 4,035,000 | 3,139,472 | |
Energy - 13.4% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 1,535,000 | 1,470,484 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 545,000 | 527,188 | |
7.875% 5/15/26 (d) | 545,000 | 559,591 | |
Apache Corp.: | |||
4.25% 1/15/30 | 775,000 | 708,156 | |
5.1% 9/1/40 | 980,000 | 839,899 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 2,540,000 | 2,317,750 | |
California Resources Corp. 7.125% 2/1/26 (d) | 765,000 | 772,696 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (d) | 1,573,000 | 1,482,553 | |
7.75% 2/15/26 (d) | 860,000 | 869,675 | |
CGG SA 8.75% 4/1/27 (d) | 750,000 | 645,183 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 2,190,000 | 1,824,451 | |
4% 3/1/31 | 1,085,000 | 970,452 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 2,380,000 | 2,318,072 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 625,000 | 603,010 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 1,410,000 | 1,210,447 | |
6.75% 3/1/29 (d) | 1,535,000 | 1,389,754 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 9,034,000 | 8,669,297 | |
5.75% 4/1/25 | 3,360,000 | 3,309,576 | |
6% 2/1/29 (d) | 4,453,000 | 4,196,953 | |
7.375% 2/1/31 (d) | 1,090,000 | 1,090,000 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 1,295,000 | 1,223,433 | |
5.625% 10/15/25 (d) | 230,000 | 227,054 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 3,735,000 | 3,611,147 | |
5.75% 2/15/28 (d) | 2,890,000 | 2,582,504 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 3,165,000 | 2,882,793 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 1,140,000 | 1,010,328 | |
4.375% 6/15/31 (d) | 545,000 | 473,886 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 1,020,000 | 1,014,897 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (d) | 665,000 | 654,955 | |
6.5% 9/1/30 (d) | 1,020,000 | 1,030,373 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 985,000 | 959,109 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 1,085,000 | 1,050,958 | |
4.75% 1/15/31 (d) | 545,000 | 446,666 | |
6% 7/1/25 (d) | 140,000 | 137,541 | |
6.5% 7/1/27 (d) | 1,962,000 | 1,912,967 | |
6.5% 7/15/48 | 325,000 | 246,079 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 835,000 | 780,725 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 1,110,000 | 1,086,080 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,115,000 | 991,335 | |
5.125% 6/15/28 (d) | 3,025,000 | 2,873,478 | |
5.5% 10/15/30 (d) | 545,000 | 507,242 | |
5.625% 2/15/26 (d) | 2,610,000 | 2,569,101 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 775,000 | 724,050 | |
6.25% 11/1/28 (d) | 775,000 | 742,258 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 2,280,000 | 2,125,621 | |
Mesquite Energy, Inc. 7.25% 12/31/49 (c)(d)(g) | 10,580,000 | 1 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 12,520,000 | 11,528,796 | |
6.75% 9/15/25 (d) | 13,740,000 | 13,085,108 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 1,725,000 | 1,653,948 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 305,000 | 301,188 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 545,000 | 425,346 | |
4.4% 4/15/46 | 1,630,000 | 1,312,793 | |
4.4% 8/15/49 | 760,000 | 597,482 | |
4.5% 7/15/44 | 1,335,000 | 1,079,908 | |
5.5% 12/1/25 | 2,335,000 | 2,342,358 | |
5.55% 3/15/26 | 325,000 | 327,727 | |
5.875% 9/1/25 | 1,656,000 | 1,673,764 | |
6.125% 1/1/31 | 1,895,000 | 1,980,976 | |
6.45% 9/15/36 | 1,250,000 | 1,326,563 | |
6.625% 9/1/30 | 2,545,000 | 2,716,788 | |
7.5% 5/1/31 | 2,575,000 | 2,873,005 | |
7.875% 9/15/31 | 635,000 | 719,600 | |
7.95% 6/15/39 | 270,000 | 308,116 | |
8.875% 7/15/30 | 2,170,000 | 2,549,750 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 145,000 | 129,016 | |
4.95% 7/15/29 (d) | 1,480,000 | 1,366,706 | |
6.875% 4/15/40 (d) | 655,000 | 570,073 | |
SM Energy Co. 5.625% 6/1/25 | 1,200,000 | 1,172,268 | |
Southwestern Energy Co. 4.75% 2/1/32 | 1,640,000 | 1,446,078 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 210,000 | 204,709 | |
Sunnova Energy Corp. 5.875% 9/1/26 (d) | 660,000 | 598,125 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,670,000 | 1,504,511 | |
5.875% 3/15/28 | 875,000 | 855,313 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 1,155,000 | 1,022,972 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 3,125,000 | 2,891,149 | |
6% 3/1/27 (d) | 4,290,000 | 4,139,110 | |
6% 12/31/30 (d) | 6,055,000 | 5,377,740 | |
6% 9/1/31 (d) | 3,695,000 | 3,271,647 | |
7.5% 10/1/25 (d) | 3,970,000 | 4,000,254 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,085,000 | 1,022,522 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 295,000 | 269,440 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 820,625 | 800,453 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (d) | 845,000 | 779,411 | |
8% 2/1/27 (d) | 1,830,000 | 1,624,326 | |
8.75% 2/15/30 (d) | 1,415,000 | 1,427,721 | |
Valaris Ltd. 8.375% 4/30/30 (d) | 1,535,000 | 1,535,660 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 2,155,000 | 1,935,618 | |
3.875% 11/1/33 (d) | 580,000 | 489,067 | |
4.125% 8/15/31 (d) | 1,865,000 | 1,652,115 | |
6.25% 1/15/30 (d) | 1,635,000 | 1,657,901 | |
Western Gas Partners LP: | |||
3.35% 2/1/25 | 1,950,000 | 1,861,970 | |
3.95% 6/1/25 | 540,000 | 520,052 | |
5.3% 3/1/48 | 540,000 | 454,825 | |
5.5% 8/15/48 | 325,000 | 277,934 | |
5.5% 2/1/50 | 1,085,000 | 920,485 | |
160,222,155 | |||
Environmental - 1.0% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 515,000 | 525,424 | |
Covanta Holding Corp. 4.875% 12/1/29 (d) | 1,650,000 | 1,468,500 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 910,000 | 900,231 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (d) | 1,090,000 | 1,053,734 | |
5.125% 12/15/26 (d) | 1,090,000 | 1,072,260 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 2,375,000 | 2,089,415 | |
5.875% 6/30/29 (d) | 2,280,000 | 1,784,807 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 2,775,000 | 2,496,670 | |
5.375% 7/15/24 (d) | 575,000 | 571,504 | |
11,962,545 | |||
Food & Drug Retail - 0.7% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (d) | 295,000 | 277,435 | |
3.5% 3/15/29 (d) | 2,690,000 | 2,383,329 | |
4.875% 2/15/30 (d) | 1,855,000 | 1,729,788 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 435,000 | 445,648 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 4,325,000 | 2,294,802 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 675,000 | 577,422 | |
Parkland Corp. 4.625% 5/1/30 (d) | 660,000 | 574,252 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 110,000 | 104,225 | |
8,386,901 | |||
Food/Beverage/Tobacco - 1.9% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 1,825,000 | 1,440,746 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 435,000 | 399,134 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 3,660,000 | 3,351,945 | |
4.375% 1/31/32 (d) | 545,000 | 497,160 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 1,505,000 | 1,475,015 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 545,000 | 438,725 | |
4.25% 4/15/31 | 640,000 | 556,679 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 1,290,000 | 1,165,148 | |
5.5% 12/15/29 (d) | 1,325,000 | 1,260,262 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 2,685,000 | 2,367,971 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 761,100 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 7,460,000 | 6,266,400 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 820,000 | 749,901 | |
4.75% 2/15/29 (d) | 2,180,000 | 2,027,798 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 215,000 | 204,078 | |
22,962,062 | |||
Gaming - 1.7% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 3,630,000 | 3,265,140 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 2,675,000 | 2,678,265 | |
7% 2/15/30 (d) | 1,305,000 | 1,316,647 | |
8.125% 7/1/27 (d) | 2,509,000 | 2,559,812 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 2,205,000 | 2,223,158 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 2,125,000 | 1,721,443 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 1,515,000 | 1,530,150 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 975,000 | 848,250 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 1,665,000 | 1,530,851 | |
Transocean, Inc. 7.25% 11/1/25 (d) | 545,000 | 519,113 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (d) | 1,085,000 | 967,353 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (d) | 545,000 | 558,251 | |
19,718,433 | |||
Healthcare - 6.5% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 1,306,000 | 1,292,940 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 1,055,000 | 939,535 | |
Amgen, Inc. 5.6% 3/2/43 | 1,195,000 | 1,229,658 | |
AMN Healthcare 4% 4/15/29 (d) | 680,000 | 598,400 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 1,345,000 | 1,184,759 | |
4.625% 7/15/28 (d) | 885,000 | 827,807 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 1,320,000 | 1,119,067 | |
Centene Corp. 2.5% 3/1/31 | 1,470,000 | 1,199,094 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,150,000 | 1,009,051 | |
4% 3/15/31 (d) | 975,000 | 849,469 | |
4.25% 5/1/28 (d) | 472,000 | 429,722 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 4,055,000 | 3,271,325 | |
5.25% 5/15/30 (d) | 7,690,000 | 6,409,338 | |
5.625% 3/15/27 (d) | 4,905,000 | 4,526,192 | |
6% 1/15/29 (d) | 2,290,000 | 2,029,513 | |
6.125% 4/1/30 (d) | 2,340,000 | 1,665,428 | |
6.875% 4/15/29 (d) | 1,490,000 | 1,102,510 | |
8% 3/15/26 (d) | 1,075,000 | 1,065,262 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 2,070,000 | 1,800,900 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 855,000 | 688,509 | |
4.625% 6/1/30 (d) | 4,560,000 | 3,972,075 | |
Embecta Corp. 5% 2/15/30 (d) | 860,000 | 741,810 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 1,365,000 | 1,088,305 | |
HCA Holdings, Inc. 5.5% 6/15/47 | 1,085,000 | 1,020,587 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 1,875,000 | 1,676,625 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 3,405,000 | 3,060,504 | |
4.625% 2/1/28 (d) | 6,000 | 5,834 | |
Humana, Inc. 5.875% 3/1/33 | 1,085,000 | 1,168,669 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 1,850,000 | 1,700,270 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 785,000 | 633,138 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (d) | 1,465,000 | 1,292,325 | |
Mozart Borrower LP 3.875% 4/1/29 (d) | 545,000 | 476,849 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 1,095,000 | 984,560 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 3,935,000 | 3,620,218 | |
5.125% 4/30/31 (d) | 1,050,000 | 935,596 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 1,010,000 | 810,050 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 2,895,000 | 2,644,076 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 1,540,000 | 1,080,170 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 930,000 | 871,829 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 2,790,000 | 2,559,685 | |
4.375% 1/15/30 | 1,990,000 | 1,828,509 | |
4.625% 6/15/28 | 2,545,000 | 2,411,725 | |
6.125% 10/1/28 | 3,035,000 | 2,944,582 | |
6.125% 6/15/30 (d) | 2,820,000 | 2,789,295 | |
6.25% 2/1/27 | 2,741,000 | 2,727,400 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,310,000 | 1,184,676 | |
7.875% 9/15/29 | 330,000 | 346,337 | |
8.125% 9/15/31 | 330,000 | 348,527 | |
78,162,705 | |||
Homebuilders/Real Estate - 3.6% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 985,000 | 822,475 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 945,000 | 794,405 | |
4.375% 2/1/31 (d) | 775,000 | 627,860 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 1,605,000 | 1,242,382 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 5,035,000 | 3,448,828 | |
4.625% 8/1/29 | 2,850,000 | 2,157,514 | |
5% 10/15/27 | 9,335,000 | 7,779,375 | |
5.25% 8/1/26 | 670,000 | 596,665 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 1,990,000 | 1,889,182 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 1,700,000 | 1,260,125 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 1,915,000 | 1,365,315 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 395,000 | 370,394 | |
5.625% 3/1/24 (d) | 545,000 | 542,332 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 1,185,000 | 1,018,295 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 30,000 | 29,925 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 220,000 | 215,875 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 6,395,000 | 5,085,183 | |
6.5% 2/15/29 (d) | 20,416,000 | 12,324,798 | |
10.5% 2/15/28 (d) | 2,175,000 | 2,081,250 | |
43,652,178 | |||
Hotels - 0.7% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 4,715,000 | 4,023,828 | |
3.75% 5/1/29 (d) | 495,000 | 446,172 | |
4% 5/1/31 (d) | 2,420,000 | 2,140,428 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 1,785,000 | 1,659,675 | |
8,270,103 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (d) | 435,000 | 364,127 | |
7% 11/15/25 (d) | 215,000 | 205,314 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 3,740,000 | 3,424,145 | |
6.75% 10/15/27 (d) | 550,000 | 513,421 | |
6.75% 4/15/28 (d) | 540,000 | 539,318 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 1,660,000 | 1,506,312 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 1,355,000 | 1,173,075 | |
HUB International Ltd. 7% 5/1/26 (d) | 765,000 | 761,595 | |
8,487,307 | |||
Leisure - 2.1% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 2,610,000 | 2,139,684 | |
6% 5/1/29 (d) | 2,235,000 | 1,754,469 | |
6.65% 1/15/28 | 300,000 | 231,990 | |
7.625% 3/1/26 (d) | 4,415,000 | 4,026,512 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 1,485,000 | 1,173,150 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 890,000 | 766,617 | |
7.75% 2/15/29 (d) | 2,010,000 | 1,702,539 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 640,000 | 516,800 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 4,110,000 | 3,681,010 | |
5.375% 7/15/27 (d) | 1,535,000 | 1,362,775 | |
5.5% 8/31/26 (d) | 3,160,000 | 2,896,832 | |
5.5% 4/1/28 (d) | 2,745,000 | 2,422,047 | |
7.25% 1/15/30 (d) | 540,000 | 541,518 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 630,000 | 532,462 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 1,440,000 | 1,280,533 | |
25,028,938 | |||
Metals/Mining - 1.2% | |||
Arconic Corp. 6% 5/15/25 (d) | 545,000 | 541,845 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (d) | 215,000 | 188,802 | |
Constellium NV 5.875% 2/15/26 (d) | 797,000 | 793,127 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 1,005,000 | 934,650 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 2,895,000 | 2,571,122 | |
First Quantum Minerals Ltd. 6.875% 10/15/27 (d) | 3,115,000 | 3,013,373 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 545,000 | 473,395 | |
4.5% 9/15/27 (d) | 630,000 | 598,633 | |
5.125% 5/15/24 (d) | 440,000 | 438,177 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 435,000 | 442,639 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 860,000 | 800,852 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 1,400,000 | 1,424,500 | |
Novelis Corp.: | |||
3.25% 11/15/26 (d) | 330,000 | 302,103 | |
3.875% 8/15/31 (d) | 545,000 | 456,383 | |
PMHC II, Inc. 9% 2/15/30 (d) | 2,130,000 | 1,628,784 | |
14,608,385 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 1,165,000 | 944,976 | |
6% 6/15/27 (d) | 1,985,000 | 1,974,716 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 815,000 | 799,920 | |
8.75% 4/15/30 (d) | 1,650,000 | 1,518,517 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 390,000 | 332,474 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 1,385,000 | 986,051 | |
Mercer International, Inc. 5.125% 2/1/29 | 710,000 | 592,897 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 2,205,000 | 1,867,058 | |
9,016,609 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (d) | 1,685,000 | 1,551,544 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 1,045,000 | 905,631 | |
Restaurants - 0.7% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 930,000 | 872,282 | |
4% 10/15/30 (d) | 2,680,000 | 2,339,590 | |
5.75% 4/15/25 (d) | 425,000 | 425,851 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 550,000 | 591,250 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 545,000 | 481,369 | |
4.625% 1/31/32 | 3,225,000 | 3,011,457 | |
5.375% 4/1/32 | 435,000 | 424,316 | |
8,146,115 | |||
Services - 5.4% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 3,646,000 | 3,463,700 | |
AECOM 5.125% 3/15/27 | 730,000 | 715,086 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (d) | 930,000 | 729,102 | |
9.75% 7/15/27 (d) | 1,455,000 | 1,353,489 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 1,280,000 | 1,278,695 | |
Aramark Services, Inc.: | |||
5% 2/1/28 (d) | 1,560,000 | 1,485,744 | |
6.375% 5/1/25 (d) | 2,505,000 | 2,505,000 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 1,025,000 | 947,222 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 3,975,000 | 3,642,210 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 7,602,000 | 7,113,499 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 4,361,000 | 3,772,223 | |
8.25% 4/15/26 | 7,700,000 | 7,778,617 | |
CoreLogic, Inc. 4.5% 5/1/28 (d) | 1,535,000 | 1,254,863 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 1,535,000 | 1,429,903 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 345,000 | 305,419 | |
3.75% 10/1/30 (d) | 1,330,000 | 1,161,448 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 7,291,000 | 7,114,649 | |
Iron Mountain, Inc. 4.5% 2/15/31 (d) | 545,000 | 473,870 | |
Korn Ferry 4.625% 12/15/27 (d) | 400,000 | 379,900 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 1,565,000 | 1,416,325 | |
Life Time, Inc. 8% 4/15/26 (d) | 1,100,000 | 1,093,791 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 2,190,000 | 2,061,338 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 840,000 | 721,446 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (d) | 1,090,000 | 1,081,785 | |
Service Corp. International: | |||
4% 5/15/31 | 945,000 | 832,800 | |
5.125% 6/1/29 | 597,000 | 574,613 | |
Sotheby's 7.375% 10/15/27 (d) | 1,270,000 | 1,190,667 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 2,110,000 | 2,057,820 | |
10.5% 6/30/28 | 355,000 | 358,994 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 3,950,000 | 3,454,275 | |
Uber Technologies, Inc. 4.5% 8/15/29 (d) | 270,000 | 248,287 | |
United Rentals North America, Inc. 6% 12/15/29 (d) | 545,000 | 553,138 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 2,762,000 | 2,589,422 | |
65,139,340 | |||
Steel - 0.3% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 655,000 | 573,937 | |
4.125% 1/15/30 | 1,140,000 | 1,020,536 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 1,475,000 | 1,337,923 | |
2,932,396 | |||
Super Retail - 1.8% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 625,000 | 623,520 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 1,545,000 | 622,592 | |
5.5% 4/15/27 (d) | 2,050,000 | 882,001 | |
5.875% 10/1/28 (d) | 1,015,000 | 421,118 | |
10.25% 5/1/30 (d) | 300,000 | 164,499 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 3,215,000 | 3,046,213 | |
8.5% 10/30/25 (d) | 5,280,000 | 5,008,251 | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | 295,000 | 278,011 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 2,315,000 | 1,843,620 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 700,000 | 591,805 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 1,425,000 | 1,173,929 | |
7.875% 5/1/29 (d) | 1,100,000 | 737,396 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 1,630,000 | 1,210,438 | |
4.375% 4/1/30 | 1,090,000 | 852,445 | |
Sally Holdings LLC 5.625% 12/1/25 | 1,200,000 | 1,185,000 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 3,250,000 | 2,701,563 | |
21,342,401 | |||
Technology - 5.8% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 4,495,000 | 3,565,884 | |
Alteryx, Inc. 8.75% 3/15/28 (d) | 435,000 | 422,889 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 760,000 | 624,217 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 3,485,000 | 3,145,213 | |
Block, Inc.: | |||
2.75% 6/1/26 | 545,000 | 493,232 | |
3.5% 6/1/31 | 1,315,000 | 1,071,324 | |
Broadcom, Inc.: | |||
2.45% 2/15/31 (d) | 2,035,000 | 1,668,150 | |
2.6% 2/15/33 (d) | 1,570,000 | 1,239,015 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 810,000 | 728,838 | |
4.875% 7/1/29 (d) | 820,000 | 738,485 | |
Cloud Software Group, Inc. 9% 9/30/29 (d) | 2,370,000 | 2,036,541 | |
Coherent Corp. 5% 12/15/29 (d) | 2,885,000 | 2,596,875 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (d) | 1,415,000 | 1,142,678 | |
6% 3/1/26 (d) | 1,260,000 | 1,203,405 | |
Elastic NV 4.125% 7/15/29 (d) | 1,715,000 | 1,483,818 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 3,475,000 | 3,232,175 | |
5.95% 6/15/30 (d) | 3,270,000 | 3,107,947 | |
Entegris, Inc. 3.625% 5/1/29 (d) | 990,000 | 847,737 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 2,505,000 | 2,354,134 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (d) | 1,090,000 | 1,077,437 | |
7.125% 9/30/30 (d) | 545,000 | 547,457 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (d) | 1,395,000 | 1,208,466 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 4,095,000 | 3,426,655 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (d) | 325,000 | 265,493 | |
4.125% 8/1/30 (d) | 695,000 | 594,038 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 3,355,000 | 3,032,148 | |
onsemi 3.875% 9/1/28 (d) | 1,875,000 | 1,687,619 | |
Open Text Corp.: | |||
3.875% 2/15/28 (d) | 1,310,000 | 1,160,804 | |
3.875% 12/1/29 (d) | 1,655,000 | 1,390,927 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 155,000 | 132,352 | |
4.125% 12/1/31 (d) | 875,000 | 724,209 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 2,710,000 | 1,124,650 | |
5.375% 12/1/28 (d) | 19,245,000 | 4,566,840 | |
Roblox Corp. 3.875% 5/1/30 (d) | 3,450,000 | 2,912,490 | |
Seagate HDD Cayman 5.75% 12/1/34 | 655,000 | 581,358 | |
Sensata Technologies BV: | |||
4% 4/15/29 (d) | 1,330,000 | 1,202,018 | |
5% 10/1/25 (d) | 215,000 | 211,687 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (d) | 545,000 | 473,465 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (d) | 440,000 | 425,883 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 4,905,000 | 4,202,947 | |
Twilio, Inc. 3.875% 3/15/31 | 1,270,000 | 1,061,314 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (d) | 2,835,000 | 2,877,525 | |
8% 11/1/26 (d) | 3,275,000 | 3,357,825 | |
69,948,164 | |||
Telecommunications - 7.8% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 2,610,000 | 2,113,322 | |
5.75% 8/15/29 (d) | 6,145,000 | 4,901,846 | |
Altice France Holding SA 6% 2/15/28 (d) | 6,280,000 | 3,862,200 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 5,910,000 | 4,367,660 | |
5.125% 7/15/29 (d) | 2,830,000 | 2,092,207 | |
5.5% 1/15/28 (d) | 4,455,000 | 3,507,192 | |
5.5% 10/15/29 (d) | 20,000 | 14,972 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 12,769,000 | 11,077,108 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 765,000 | 638,498 | |
5.625% 9/15/28 (d) | 605,000 | 441,925 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 930,000 | 681,876 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 3,330,000 | 2,924,113 | |
5.875% 10/15/27 (d) | 1,685,000 | 1,551,017 | |
5.875% 11/1/29 | 2,485,000 | 1,890,088 | |
8.75% 5/15/30 (d) | 1,675,000 | 1,656,744 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 3,100,000 | 2,860,696 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (d) | 1,010,000 | 865,075 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 565,000 | 315,990 | |
4.25% 7/1/28 (d) | 5,030,000 | 2,932,219 | |
10.5% 5/15/30 (d) | 2,909,000 | 2,784,795 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 3,880,000 | 2,984,186 | |
5.125% 1/15/28 (d) | 211,500 | 186,688 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 748,000 | 694,705 | |
SBA Communications Corp. 3.125% 2/1/29 | 550,000 | 470,526 | |
Sprint Capital Corp. 8.75% 3/15/32 | 1,305,000 | 1,594,763 | |
Sprint Corp.: | |||
7.125% 6/15/24 | 4,360,000 | 4,431,377 | |
7.625% 2/15/25 | 1,635,000 | 1,684,627 | |
7.625% 3/1/26 | 3,715,000 | 3,933,862 | |
7.875% 9/15/23 | 1,085,000 | 1,093,783 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 2,720,000 | 2,457,202 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,032,000 | 2,584,769 | |
7.2% 7/18/36 | 1,449,000 | 1,311,025 | |
7.721% 6/4/38 | 400,000 | 373,948 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 5,895,000 | 3,477,519 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 2,980,000 | 2,553,599 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 3,745,000 | 3,105,412 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 7,065,000 | 5,818,938 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 2,600,000 | 1,968,608 | |
6.125% 3/1/28 (d) | 1,755,000 | 1,121,921 | |
93,327,001 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.125% 8/15/31 (d) | 720,000 | 607,990 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 715,000 | 604,911 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 580,000 | 492,862 | |
1,705,763 | |||
Transportation Ex Air/Rail - 0.5% | |||
Golar LNG Ltd. 7% 10/20/25 (d) | 1,690,000 | 1,679,226 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 1,020,000 | 802,342 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 4,095,000 | 3,276,000 | |
5,757,568 | |||
Utilities - 2.6% | |||
Clearway Energy Operating LLC 3.75% 2/15/31 (d) | 1,750,000 | 1,497,227 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 1,370,000 | 1,316,913 | |
4.35% 4/15/29 | 185,000 | 166,731 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 545,000 | 526,981 | |
FirstEnergy Corp. 3.4% 3/1/50 | 2,175,000 | 1,523,957 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,927,000 | 2,829,063 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 2,360,000 | 1,998,434 | |
3.625% 2/15/31 (d) | 790,000 | 639,493 | |
5.25% 6/15/29 (d) | 2,565,000 | 2,365,978 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,420,000 | 4,159,079 | |
5.25% 7/1/30 | 5,030,000 | 4,635,875 | |
Pike Corp. 5.5% 9/1/28 (d) | 4,027,000 | 3,653,919 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 230,000 | 207,618 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 2,849,000 | 2,707,437 | |
5.5% 9/1/26 (d) | 1,130,000 | 1,107,221 | |
5.625% 2/15/27 (d) | 1,965,000 | 1,916,460 | |
31,252,386 | |||
TOTAL NONCONVERTIBLE BONDS | 964,551,225 | ||
TOTAL CORPORATE BONDS (Cost $1,125,795,167) | 1,000,412,965 | ||
Common Stocks - 4.1% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 12,300 | 1,265,178 | |
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (i) | 105,200 | 368,200 | |
Charter Communications, Inc. Class A (i) | 3,100 | 1,142,970 | |
TOTAL CABLE/SATELLITE TV | 1,511,170 | ||
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 9,000 | 1,171,440 | |
Energy - 1.5% | |||
California Resources Corp. warrants 10/27/24 (i) | 2,871 | 27,332 | |
Jonah Energy Parent LLC (c)(i) | 148,945 | 6,702,525 | |
Mesquite Energy, Inc. (c)(i) | 149,356 | 9,382,561 | |
New Fortress Energy, Inc. | 70,300 | 2,129,387 | |
TOTAL ENERGY | 18,241,805 | ||
Food & Drug Retail - 2.0% | |||
Southeastern Grocers, Inc. (b)(c)(i) | 963,443 | 23,662,145 | |
Healthcare - 0.2% | |||
Centene Corp. (i) | 27,200 | 1,874,896 | |
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (i) | 333 | 19,580 | |
Technology - 0.1% | |||
Coherent Corp. (i)(j) | 34,300 | 1,171,002 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. (c) | 40,978 | 506,095 | |
TOTAL COMMON STOCKS (Cost $23,264,614) | 49,423,311 | ||
Bank Loan Obligations - 4.9% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (e)(f)(k) | 1,960,555 | 1,756,089 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (e)(f)(k) | 4,452,028 | 283,817 | |
TOTAL BROADCASTING | 2,039,906 | ||
Building Materials - 0.1% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (e)(f)(k) | 2,132,444 | 1,685,121 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (c)(e)(f)(k) | 2,556,072 | 2,479,390 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (e)(f)(k) | 1,915,200 | 1,832,214 | |
TOTAL CHEMICALS | 4,311,604 | ||
Energy - 0.3% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.8403% 2/6/25 (e)(f)(k) | 2,363,851 | 2,279,934 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 9.1511% 2/6/25 (e)(f)(k) | 1,586,598 | 1,530,274 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(f)(g)(k) | 2,735,146 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(f)(g)(k) | 1,217,000 | 0 | |
TOTAL ENERGY | 3,810,208 | ||
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0822% 11/23/27 (e)(f)(k) | 1,422,250 | 1,121,444 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.9534% 12/13/26 (e)(f)(k) | 128,025 | 121,984 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (e)(f)(k) | 797,959 | 767,541 | |
TOTAL HEALTHCARE | 2,010,969 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (c)(e)(k) | 543,510 | 516,335 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (e)(f)(k) | 196,761 | 194,957 | |
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.0208% 4/25/25 (e)(f)(k) | 1,783,374 | 1,778,773 | |
TOTAL INSURANCE | 1,973,730 | ||
Leisure - 0.6% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.2727% 7/21/28 (e)(f)(k) | 5,763,795 | 5,605,291 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 9/18/24 (f)(k)(l) | 1,890,000 | 1,782,743 | |
TOTAL LEISURE | 7,388,034 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (e)(f)(k) | 348,871 | 340,449 | |
Services - 1.3% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (e)(f)(k) | 576,111 | 569,152 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (f)(k)(m) | 188,889 | 186,607 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (e)(f)(k) | 225,000 | 194,906 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (e)(f)(k) | 2,241,625 | 2,044,429 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.2386% 6/21/24 (e)(f)(k) | 4,705,747 | 4,420,485 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (e)(f)(k) | 2,513,620 | 2,249,238 | |
Finastra U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (e)(f)(k) | 1,315,000 | 1,251,551 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (e)(f)(k) | 2,720,000 | 2,423,520 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (e)(f)(k) | 3,351,450 | 2,749,228 | |
TOTAL SERVICES | 16,089,116 | ||
Super Retail - 0.7% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (e)(f)(k) | 2,771,859 | 2,745,887 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (e)(f)(k) | 5,452,492 | 5,052,988 | |
TOTAL SUPER RETAIL | 7,798,875 | ||
Technology - 0.4% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (e)(f)(k) | 1,591,493 | 1,489,176 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(k)(m) | 195,511 | 182,942 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 7/6/29 (e)(f)(k) | 563,588 | 562,731 | |
Sophia LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 10/7/27 (e)(f)(k) | 623,418 | 614,584 | |
Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (e)(f)(k) | 1,251,831 | 1,217,405 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 8/27/25 (e)(f)(k) | 823,277 | 821,737 | |
TOTAL TECHNOLOGY | 4,888,575 | ||
Telecommunications - 0.2% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (e)(f)(k) | 1,607,690 | 835,999 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (e)(f)(k) | 2,016,321 | 1,653,383 | |
TOTAL TELECOMMUNICATIONS | 2,489,382 | ||
Utilities - 0.3% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (e)(f)(k) | 3,940,308 | 3,927,659 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $66,559,675) | 59,269,963 | ||
Preferred Securities - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (e)(n) | 2,910,000 | 2,174,939 | |
4.7% (e)(n) | 1,785,000 | 1,271,637 | |
Bank of America Corp. 5.875% (e)(n) | 2,195,000 | 2,002,945 | |
JPMorgan Chase & Co.: | |||
4.6% (e)(n) | 1,580,000 | 1,483,319 | |
6.1% (e)(n) | 2,190,000 | 2,177,888 | |
Wells Fargo & Co. 5.9% (e)(n) | 1,205,000 | 1,162,953 | |
TOTAL BANKS & THRIFTS | 10,273,681 | ||
Diversified Financial Services - 0.1% | |||
Charles Schwab Corp. 4% (e)(n) | 1,405,000 | 1,089,410 | |
TOTAL PREFERRED SECURITIES (Cost $10,739,365) | 11,363,091 | ||
Other - 1.2% | |||
Shares | Value ($) | ||
Other - 1.2% | |||
Fidelity Private Credit Central Fund LLC (b)(q) (Cost $14,295,496) | 1,437,325 | 14,258,260 | |
Money Market Funds - 4.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (o) | 50,242,192 | 50,252,241 | |
Fidelity Securities Lending Cash Central Fund 4.88% (o)(p) | 1,171,233 | 1,171,350 | |
TOTAL MONEY MARKET FUNDS (Cost $51,423,591) | 51,423,591 | ||
TOTAL INVESTMENT IN SECURITIES - 98.8% (Cost $1,292,077,908) | 1,186,151,181 |
NET OTHER ASSETS (LIABILITIES) - 1.2% | 13,917,613 |
NET ASSETS - 100.0% | 1,200,068,794 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $59,448,795 or 5.0% of net assets. |
(c) | Level 3 security |
(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 $732,653,107 or 61.1% of net assets. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(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) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | 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 $384,400 and $369,549, respectively. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
(q) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 14,295,496 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 1,175,827 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 2,028,327 |
Southeastern Grocers, Inc. | 6/01/18 | 6,776,820 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 49,396,894 | 355,373,200 | 354,517,853 | 1,643,632 | - | - | 50,252,241 | 0.1% |
Fidelity Private Credit Central Fund LLC | 4,620,231 | 11,124,543 | 1,444,999 | 1,011,546 | 63 | (41,578) | 14,258,260 | 2.3% |
Fidelity Securities Lending Cash Central Fund 4.88% | - | 4,449,845 | 3,278,495 | 80 | - | - | 1,171,350 | 0.0% |
Total | 54,017,125 | 370,947,588 | 359,241,347 | 2,655,258 | 63 | (41,578) | 65,681,851 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,511,170 | 1,511,170 | - | - |
Consumer Discretionary | 1,265,178 | 1,265,178 | - | - |
Consumer Staples | 23,662,145 | - | - | 23,662,145 |
Energy | 18,241,805 | 2,156,719 | - | 16,085,086 |
Health Care | 1,874,896 | 1,874,896 | - | - |
Industrials | 1,171,440 | 1,171,440 | - | - |
Information Technology | 1,677,097 | 1,171,002 | - | 506,095 |
Materials | 19,580 | 19,580 | - | - |
Corporate Bonds | 1,000,412,965 | - | 978,884,574 | 21,528,391 |
Bank Loan Obligations | 59,269,963 | - | 56,274,238 | 2,995,725 |
Preferred Securities | 11,363,091 | - | 11,363,091 | - |
Money Market Funds | 51,423,591 | 51,423,591 | - | - |
Total Investments in Securities: | 1,171,892,921 | 60,593,576 | 1,046,521,903 | 64,777,442 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 22,660,158 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,001,987 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 23,662,145 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 1,001,987 | |
Energy | |||
Beginning Balance | $ | 18,371,467 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,286,381) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 16,085,086 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (2,286,381) | |
Corporate Bonds | |||
Beginning Balance | $ | 15,498,989 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 6,029,402 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 21,528,391 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 6,029,402 | |
Other Investments in Securities | |||
Beginning Balance | $ | 2,845,744 | |
Net Realized Gain (Loss) on Investment Securities | (108,574) | ||
Net Unrealized Gain (Loss) on Investment Securities | (571,967) | ||
Cost of Purchases | 1,560,623 | ||
Proceeds of Sales | (240,931) | ||
Amortization/Accretion | 16,925 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 3,501,820 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (571,967) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,167,588) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,226,358,821) | $ | 1,120,469,330 | ||
Fidelity Central Funds (cost $65,719,087) | 65,681,851 | |||
Total Investment in Securities (cost $1,292,077,908) | $ | 1,186,151,181 | ||
Cash | 266,666 | |||
Receivable for investments sold | 1,287,968 | |||
Receivable for fund shares sold | 1,212,971 | |||
Interest receivable | 16,244,206 | |||
Distributions receivable from Fidelity Central Funds | 195,053 | |||
Receivable from investment adviser for expense reductions | 39,551 | |||
Total assets | 1,205,397,596 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,971,973 | ||
Payable for fund shares redeemed | 181,026 | |||
Other payables and accrued expenses | 4,453 | |||
Collateral on securities loaned | 1,171,350 | |||
Total Liabilities | 5,328,802 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,200,068,794 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,686,601,408 | ||
Total accumulated earnings (loss) | (486,532,614) | |||
Net Assets | $ | 1,200,068,794 | ||
Net Asset Value , offering price and redemption price per share ($1,200,068,794 ÷ 145,701,982 shares) | $ | 8.24 |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 6,831,193 | ||
Interest | 69,987,586 | |||
Income from Fidelity Central Funds (including $80 from security lending) | 2,655,338 | |||
Total Income | 79,474,117 | |||
Expenses | ||||
Custodian fees and expenses | $ | 14,145 | ||
Independent trustees' fees and expenses | 6,231 | |||
Legal | 526,845 | |||
Total expenses before reductions | 547,221 | |||
Expense reductions | (510,446) | |||
Total expenses after reductions | 36,775 | |||
Net Investment income (loss) | 79,437,342 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (75,164,729) | |||
Fidelity Central Funds | 63 | |||
Total net realized gain (loss) | (75,164,666) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (8,012,232) | |||
Fidelity Central Funds | (41,578) | |||
Total change in net unrealized appreciation (depreciation) | (8,053,810) | |||
Net gain (loss) | (83,218,476) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,781,134) |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 79,437,342 | $ | 90,508,599 |
Net realized gain (loss) | (75,164,666) | 38,259,087 | ||
Change in net unrealized appreciation (depreciation) | (8,053,810) | (160,198,921) | ||
Net increase (decrease) in net assets resulting from operations | (3,781,134) | (31,431,235) | ||
Distributions to shareholders | (76,803,551) | (90,722,492) | ||
Share transactions | ||||
Proceeds from sales of shares | 114,999,411 | 116,542,416 | ||
Reinvestment of distributions | 76,697,542 | 90,722,337 | ||
Cost of shares redeemed | (385,925,272) | (312,390,348) | ||
Net increase (decrease) in net assets resulting from share transactions | (194,228,319) | (105,125,595) | ||
Total increase (decrease) in net assets | (274,813,004) | (227,279,322) | ||
Net Assets | ||||
Beginning of period | 1,474,881,798 | 1,702,161,120 | ||
End of period | $ | 1,200,068,794 | $ | 1,474,881,798 |
�� | ||||
Other Information | ||||
Shares | ||||
Sold | 13,920,010 | 12,377,370 | ||
Issued in reinvestment of distributions | 9,311,777 | 9,668,837 | ||
Redeemed | (46,319,197) | (33,519,693) | ||
Net increase (decrease) | (23,087,410) | (11,473,486) | ||
Fidelity® Series High Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 | $ | 9.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .536 | .510 | .513 | .577 | .607 | |||||
Net realized and unrealized gain (loss) | (.516) | (.699) | .890 | (.935) | (.051) | |||||
Total from investment operations | .020 | (.189) | 1.403 | (.358) | .556 | |||||
Distributions from net investment income | (.520) | (.511) | (.503) | (.598) | (.616) | |||||
Distributions from net realized gain | - | - | - | (.004) | - | |||||
Total distributions | (.520) | (.511) | (.503) | (.602) | (.616) | |||||
Net asset value, end of period | $ | 8.24 | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 |
Total Return C | .41% | (2.24)% | 16.72% | (4.11)% | 6.12% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .04% | .02% | -% F | -% F | -% F | |||||
Expenses net of fee waivers, if any | -% F | -% F | -% F | -% F | -% F | |||||
Expenses net of all reductions | -% F | -% F | -% F | -% F | -% F | |||||
Net investment income (loss) | 6.49% | 5.42% | 5.58% | 6.20% | 6.44% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,200,069 | $ | 1,474,882 | $ | 1,702,161 | $ | 1,491,532 | $ | 1,510,741 |
Portfolio turnover rate G | 34% | 49% | 68% | 41% H | 69% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $40,253,326 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 4.1 / 3.7 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Market approach | Transaction price | $45.00 | Increase | ||
Parity price | $12.35 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Corporate Bond | $21,528,391 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Bank Loan Obligations | $2,995,725 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 | Increase | ||
Indicative market price | Evaluated bid | $97.00 | Increase |
Gross unrealized appreciation | $54,390,854 |
Gross unrealized depreciation | (153,507,186) |
Net unrealized appreciation (depreciation) | $(99,116,332) |
Tax Cost | $1,285,267,513 |
Undistributed ordinary income | $2,216,345 |
Capital loss carryforward | $(389,632,629) |
Net unrealized appreciation (depreciation) on securities and other investments | $(99,116,332) |
Short-term | $(47,920,977) |
Long-term | (341,711,652) |
Total capital loss carryforward | $(389,632,629) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $76,803,551 | $90,722,492 |
Investment to be Acquired | Commitment Amount | |
Fidelity Series High Income Fund | Fidelity Private Credit Central Fund LLC | $3,795,010 |
Purchases ($) | Sales ($) | |
Fidelity Series High Income Fund | 397,605,807 | 616,406,534 |
Amount | |
Fidelity Series High Income Fund | $185 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series High Income Fund | 1,178,250 | 1,284,145 | 25,598 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series High Income Fund | $8 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Series High Income Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,050.50 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.79 | $- E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Capital & Income Fund | 2.09% | 5.37% | 5.73% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Capital & Income Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.9 | |
TransDigm, Inc. | 2.5 | |
Bank of America Corp. | 1.9 | |
Ally Financial, Inc. | 1.7 | |
Tenet Healthcare Corp. | 1.7 | |
JPMorgan Chase & Co. | 1.7 | |
Caesars Entertainment, Inc. | 1.6 | |
Altice France SA | 1.5 | |
Citigroup, Inc. | 1.3 | |
Community Health Systems, Inc. | 1.1 | |
17.9 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 11.7 | |
Banks & Thrifts | 11.5 | |
Technology | 8.4 | |
Healthcare | 5.8 | |
Telecommunications | 5.2 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Corporate Bonds - 66.7% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 0.5% | |||
Diversified Financial Services - 0.1% | |||
New Cotai LLC 5% 2/24/27 (b) | 4,032 | 9,414 | |
Energy - 0.4% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,495 | 16,764 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 4,306 | 28,931 | |
45,695 | |||
TOTAL CONVERTIBLE BONDS | 55,109 | ||
Nonconvertible Bonds - 66.2% | |||
Aerospace - 3.6% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 6,080 | 5,605 | |
5.125% 10/1/31 | 5,395 | 4,855 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 6,075 | 5,762 | |
7.125% 6/15/26 (d) | 12,110 | 12,072 | |
7.875% 4/15/27 (d) | 26,370 | 26,312 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (d) | 11,215 | 9,903 | |
Moog, Inc. 4.25% 12/15/27 (d) | 3,455 | 3,248 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 10,870 | 10,849 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) | 10,420 | 10,352 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 35,725 | 35,942 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 38,080 | 34,462 | |
4.875% 5/1/29 | 25,000 | 22,658 | |
5.5% 11/15/27 | 124,228 | 119,259 | |
6.25% 3/15/26 (d) | 17,925 | 18,010 | |
6.375% 6/15/26 | 61,985 | 61,901 | |
6.75% 8/15/28 (d) | 6,425 | 6,525 | |
7.5% 3/15/27 | 18,012 | 18,102 | |
Triumph Group, Inc. 9% 3/15/28 (d) | 8,905 | 9,027 | |
414,844 | |||
Air Transportation - 1.8% | |||
Air Canada 3.875% 8/15/26 (d) | 9,105 | 8,428 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 8,870 | 8,760 | |
American Airlines, Inc. 7.25% 2/15/28 (d) | 8,910 | 8,666 | |
Delta Air Lines, Inc. 7% 5/1/25 (d) | 2,708 | 2,794 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd.: | |||
4.5% 10/20/25 (d) | 29,600 | 29,028 | |
4.75% 10/20/28 (d) | 39,880 | 38,657 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 22,205 | 20,687 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 29,351 | 29,304 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 5,940 | 5,381 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.: | |||
8% 9/20/25 (d) | 7,779 | 7,852 | |
8% 9/20/25 (d) | 2,960 | 2,989 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 30,025 | 28,674 | |
4.625% 4/15/29 (d) | 18,025 | 16,313 | |
207,533 | |||
Automotive & Auto Parts - 1.9% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (d) | 5,935 | 6,086 | |
Allison Transmission, Inc. 5.875% 6/1/29 (d) | 7,960 | 7,839 | |
Arko Corp. 5.125% 11/15/29 (d) | 9,105 | 7,378 | |
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (d)(e) | 5,935 | 5,958 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 8,870 | 7,185 | |
4.5% 2/15/32 | 9,135 | 7,306 | |
Exide Technologies: | |||
11% 10/31/24 pay-in-kind (b)(d)(f)(g) | 1,760 | 0 | |
11% 10/31/24 pay-in-kind (b)(d)(f)(g) | 891 | 401 | |
Ford Motor Co. 3.25% 2/12/32 | 27,810 | 21,497 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 19,245 | 17,872 | |
4% 11/13/30 | 42,253 | 36,231 | |
5.113% 5/3/29 | 10,330 | 9,625 | |
6.8% 5/12/28 | 11,000 | 11,011 | |
7.35% 11/4/27 | 23,710 | 24,381 | |
McLaren Finance PLC 7.5% 8/1/26 (d) | 8,290 | 6,765 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 14,525 | 13,124 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 5,530 | 3,609 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.9311% 10/15/26 (d)(g)(h) | 30,350 | 29,863 | |
216,131 | |||
Banks & Thrifts - 1.9% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 20,638 | 21,835 | |
8% 11/1/31 | 151,039 | 159,318 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 27,225 | 25,338 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 8,740 | 7,821 | |
214,312 | |||
Broadcasting - 1.2% | |||
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d) | 12,070 | 8,932 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(f) | 46,565 | 3,143 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 29,655 | 28,013 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 17,790 | 11,404 | |
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d) | 8,990 | 6,549 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (d) | 13,320 | 11,707 | |
5.625% 7/15/27 (d) | 12,730 | 11,956 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (d) | 2,820 | 2,192 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (d) | 12,130 | 9,166 | |
4% 7/15/28 (d) | 10,140 | 8,562 | |
5% 8/1/27 (d) | 8,280 | 7,616 | |
Townsquare Media, Inc. 6.875% 2/1/26 (d) | 5,645 | 5,263 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 12,060 | 10,394 | |
7.375% 6/30/30 (d) | 17,095 | 16,403 | |
141,300 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (d) | 2,325 | 2,223 | |
6.375% 6/15/30 (d) | 6,050 | 5,985 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d) | 6,555 | 6,162 | |
CP Atlas Buyer, Inc. 7% 12/1/28 (d) | 5,480 | 4,118 | |
James Hardie International Finance Ltd. 5% 1/15/28 (d) | 4,136 | 3,897 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 4,125 | 3,465 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d) | 9,050 | 7,919 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 11,605 | 10,220 | |
6.125% 7/1/29 (d) | 4,870 | 4,017 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d) | 10,525 | 10,001 | |
58,007 | |||
Cable/Satellite TV - 4.5% | |||
Block Communications, Inc. 4.875% 3/1/28 (d) | 7,830 | 6,741 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 16,515 | 13,526 | |
4.5% 8/15/30 (d) | 21,660 | 18,188 | |
4.5% 5/1/32 | 46,575 | 37,287 | |
4.75% 3/1/30 (d) | 63,365 | 54,519 | |
4.75% 2/1/32 (d) | 26,255 | 21,726 | |
5% 2/1/28 (d) | 91,490 | 84,591 | |
5.125% 5/1/27 (d) | 69,885 | 65,941 | |
5.375% 6/1/29 (d) | 18,080 | 16,581 | |
5.5% 5/1/26 (d) | 8,759 | 8,599 | |
6.375% 9/1/29 (d) | 11,825 | 11,238 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 14,140 | 9,717 | |
4.5% 11/15/31 (d) | 33,390 | 23,391 | |
5.375% 2/1/28 (d) | 28,895 | 23,700 | |
6.5% 2/1/29 (d) | 42,885 | 35,809 | |
11.25% 5/15/28 (d) | 5,935 | 5,915 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 15,220 | 10,820 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 6,600 | 5,917 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d) | 17,280 | 13,448 | |
VZ Secured Financing BV 5% 1/15/32 (d) | 24,310 | 20,295 | |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 6,000 | 4,876 | |
6% 1/15/27 (d) | 11,435 | 10,848 | |
Ziggo BV 4.875% 1/15/30 (d) | 7,990 | 6,872 | |
510,545 | |||
Capital Goods - 0.2% | |||
ATS Corp. 4.125% 12/15/28 (d) | 7,895 | 7,069 | |
Chart Industries, Inc. 7.5% 1/1/30 (d) | 15,680 | 16,150 | |
23,219 | |||
Chemicals - 1.7% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (d) | 24,600 | 23,590 | |
Gpd Companies, Inc. 10.125% 4/1/26 (d) | 14,980 | 13,700 | |
Ingevity Corp. 3.875% 11/1/28 (d) | 11,105 | 9,745 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d) | 3,835 | 3,549 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 21,105 | 18,574 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 12,145 | 10,361 | |
7.125% 10/1/27 (d) | 5,915 | 5,638 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 7,820 | 7,041 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 14,015 | 12,906 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 2,970 | 2,446 | |
5.375% 5/15/27 | 32,330 | 30,046 | |
5.75% 11/15/28 (d) | 17,955 | 15,958 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 13,295 | 11,036 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (d) | 28,310 | 24,420 | |
7.375% 3/1/31 (d) | 5,940 | 5,949 | |
194,959 | |||
Consumer Products - 0.9% | |||
Angi Group LLC 3.875% 8/15/28 (d) | 5,530 | 4,328 | |
Foundation Building Materials, Inc. 6% 3/1/29 (d) | 5,845 | 4,670 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 8,785 | 7,423 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d) | 8,760 | 8,223 | |
Millennium Escrow Corp. 6.625% 8/1/26 (d) | 12,120 | 8,198 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (d) | 10,160 | 9,603 | |
7.75% 2/15/29 (d) | 8,880 | 8,757 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 8,380 | 6,872 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (d) | 15,965 | 13,236 | |
4% 4/15/29 (d) | 15,925 | 13,930 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 11,945 | 9,652 | |
TKC Holdings, Inc. 6.875% 5/15/28 (d) | 13,375 | 11,887 | |
106,779 | |||
Containers - 0.7% | |||
BWAY Holding Co. 7.875% 8/15/26 (d) | 11,865 | 12,035 | |
Crown Cork & Seal, Inc.: | |||
7.375% 12/15/26 | 4,845 | 5,093 | |
7.5% 12/15/96 | 12,871 | 15,059 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 6,000 | 5,221 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 7,880 | 7,023 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) | 4,230 | 3,516 | |
LABL, Inc. 5.875% 11/1/28 (d) | 14,730 | 13,588 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 5,935 | 6,022 | |
Trident Holdings, Inc. 12.75% 12/31/28 (d) | 5,870 | 6,011 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 6,930 | 6,728 | |
80,296 | |||
Diversified Financial Services - 2.3% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 15,505 | 13,451 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 6,915 | 6,172 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 8,805 | 5,319 | |
3.625% 10/1/31 (d) | 9,110 | 5,091 | |
Compass Group Diversified Holdings LLC: | |||
5% 1/15/32 (d) | 6,090 | 4,944 | |
5.25% 4/15/29 (d) | 17,730 | 15,959 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 5,945 | 5,159 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 11,165 | 9,805 | |
5.25% 5/15/27 | 41,665 | 39,217 | |
6.25% 5/15/26 | 24,085 | 23,742 | |
6.375% 12/15/25 | 28,275 | 28,035 | |
LPL Holdings, Inc. 4% 3/15/29 (d) | 17,730 | 15,925 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 9,110 | 7,402 | |
4% 11/15/29 (d) | 6,385 | 5,753 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 5,610 | 4,237 | |
5.375% 11/15/29 | 9,400 | 7,908 | |
6.625% 1/15/28 | 7,305 | 6,775 | |
6.875% 3/15/25 | 19,480 | 19,057 | |
7.125% 3/15/26 | 38,380 | 37,401 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d) | 3,750 | 3,526 | |
264,878 | |||
Diversified Media - 0.1% | |||
Cmg Media Corp. 8.875% 12/15/27 (d) | 11,760 | 9,118 | |
Energy - 8.5% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 9,060 | 8,679 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (d) | 9,060 | 8,484 | |
5.75% 1/15/28 (d) | 17,645 | 17,092 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 7,820 | 7,136 | |
Centennial Resource Production LLC 5.875% 7/1/29 (d) | 8,645 | 8,148 | |
CGG SA 8.75% 4/1/27 (d) | 11,985 | 10,310 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 9,110 | 7,589 | |
4% 3/1/31 | 31,040 | 27,763 | |
Chesapeake Energy Corp.: | |||
5.875% 2/1/29 (d) | 5,840 | 5,585 | |
6.75% 4/15/29 (d) | 8,995 | 8,904 | |
7% 10/1/24 (b)(f) | 6,915 | 0 | |
8% 1/15/25 (b)(f) | 3,385 | 0 | |
8% 6/15/27 (b)(f) | 2,132 | 0 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 27,185 | 27,382 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 8,760 | 8,532 | |
7% 6/15/25 (d) | 22,045 | 21,935 | |
CNX Midstream Partners LP 4.75% 4/15/30 (d) | 6,435 | 5,388 | |
CNX Resources Corp.: | |||
6% 1/15/29 (d) | 5,345 | 4,944 | |
7.375% 1/15/31 (d) | 5,930 | 5,721 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 32,085 | 27,544 | |
6.75% 3/1/29 (d) | 20,060 | 18,162 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 18,015 | 17,288 | |
5.75% 4/1/25 | 4,790 | 4,718 | |
6% 2/1/29 (d) | 25,785 | 24,302 | |
7.375% 2/1/31 (d) | 5,000 | 5,000 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 5,055 | 4,776 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 16,990 | 16,427 | |
5.75% 2/15/28 (d) | 22,655 | 20,245 | |
DCP Midstream Operating LP 5.85% 5/21/43 (d)(g) | 18,335 | 18,324 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 17,655 | 16,081 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 9,070 | 8,038 | |
4.375% 6/15/31 (d) | 9,070 | 7,886 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 21,251 | 21,145 | |
Energy Transfer LP 5.5% 6/1/27 | 16,735 | 16,711 | |
EnLink Midstream LLC 6.5% 9/1/30 (d) | 17,745 | 17,925 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 9,875 | 8,780 | |
5.125% 6/15/28 (d) | 11,235 | 10,672 | |
5.5% 10/15/30 (d) | 6,060 | 5,640 | |
5.625% 2/15/26 (d) | 15,535 | 15,292 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d) | 12,280 | 11,761 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (d) | 7,615 | 7,099 | |
6.375% 4/15/27 (d) | 6,050 | 5,959 | |
MEG Energy Corp. 7.125% 2/1/27 (d) | 11,335 | 11,618 | |
Mesquite Energy, Inc. 7.25% 12/31/49 (b)(d)(f) | 21,977 | 0 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (d) | 11,260 | 10,613 | |
7.5% 1/15/28 (d) | 9,715 | 8,840 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 23,915 | 22,022 | |
6.75% 9/15/25 (d) | 15,106 | 14,386 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 11,090 | 10,633 | |
Noble Finance II LLC 8% 4/15/30 (d) | 5,935 | 6,078 | |
NuStar Logistics LP 6% 6/1/26 | 12,025 | 11,833 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 14,690 | 13,331 | |
5.875% 9/1/25 | 11,055 | 11,174 | |
6.2% 3/15/40 | 5,785 | 5,938 | |
6.375% 9/1/28 | 18,145 | 18,924 | |
6.45% 9/15/36 | 19,110 | 20,280 | |
6.625% 9/1/30 | 22,115 | 23,608 | |
7.2% 3/15/29 | 3,964 | 4,189 | |
7.5% 5/1/31 | 1,100 | 1,227 | |
8.875% 7/15/30 | 12,405 | 14,576 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 27,530 | 25,323 | |
7.25% 6/15/25 | 22,875 | 22,789 | |
PDC Energy, Inc. 6.125% 9/15/24 | 1,777 | 1,764 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 6,330 | 6,184 | |
6.625% 1/15/27 | 21,320 | 20,574 | |
6.75% 9/15/26 | 4,550 | 4,482 | |
Southern Natural Gas Co. LLC: | |||
7.35% 2/15/31 | 23,497 | 25,327 | |
8% 3/1/32 | 12,475 | 14,543 | |
Southwestern Energy Co.: | |||
5.375% 3/15/30 | 12,145 | 11,303 | |
5.7% 1/23/25 (i) | 244 | 243 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d) | 12,070 | 10,569 | |
Summit Midstream Holdings LLC: | |||
5.75% 4/15/25 | 5,390 | 4,487 | |
8.5% (d)(j) | 9,110 | 8,746 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 10,170 | 9,162 | |
4.5% 4/30/30 | 12,185 | 10,875 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 595 | 550 | |
6% 3/1/27 (d) | 5,935 | 5,726 | |
6% 9/1/31 (d) | 11,485 | 10,169 | |
7.5% 10/1/25 (d) | 8,350 | 8,414 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 10,360 | 9,763 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 8,990 | 8,211 | |
Tennessee Gas Pipeline Co. 7.625% 4/1/37 | 5,445 | 6,233 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (d) | 12,289 | 12,525 | |
Transocean, Inc. 8.75% 2/15/30 (d) | 23,635 | 23,847 | |
Unit Corp. 0% 12/1/29 (b) | 2,202 | 0 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 7,585 | 6,813 | |
4.125% 8/15/31 (d) | 7,585 | 6,719 | |
977,978 | |||
Environmental - 0.7% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 4,960 | 5,060 | |
Covanta Holding Corp.: | |||
4.875% 12/1/29 (d) | 18,165 | 16,167 | |
5% 9/1/30 | 11,060 | 9,781 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 13,885 | 13,736 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (d) | 9,105 | 8,310 | |
4.75% 6/15/29 (d) | 12,095 | 11,257 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 11,390 | 10,020 | |
5.875% 6/30/29 (d) | 9,085 | 7,112 | |
81,443 | |||
Food & Drug Retail - 1.4% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 36,160 | 32,038 | |
4.625% 1/15/27 (d) | 25,300 | 24,457 | |
4.875% 2/15/30 (d) | 44,700 | 41,683 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 14,740 | 15,101 | |
Murphy Oil U.S.A., Inc.: | |||
3.75% 2/15/31 (d) | 5,300 | 4,534 | |
4.75% 9/15/29 | 6,860 | 6,363 | |
5.625% 5/1/27 | 6,030 | 5,940 | |
Parkland Corp.: | |||
4.5% 10/1/29 (d) | 8,995 | 7,882 | |
4.625% 5/1/30 (d) | 12,175 | 10,593 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 11,130 | 10,546 | |
159,137 | |||
Food/Beverage/Tobacco - 1.5% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 8,615 | 6,801 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 6,285 | 5,767 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 7,777 | 7,777 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 12,150 | 11,127 | |
4.375% 1/31/32 (d) | 6,075 | 5,542 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 8,495 | 7,733 | |
5.5% 10/15/27 (d) | 8,855 | 8,679 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 21,020 | 18,283 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 47,500 | 41,566 | |
4.625% 4/15/30 (d) | 15,630 | 14,117 | |
5.5% 12/15/29 (d) | 21,040 | 20,012 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 8,340 | 6,891 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 3,695 | 3,270 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 6,360 | 5,342 | |
U.S. Foods, Inc. 4.625% 6/1/30 (d) | 7,520 | 6,877 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 7,750 | 7,356 | |
177,140 | |||
Gaming - 3.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 4,295 | 3,863 | |
Boyd Gaming Corp. 4.75% 6/15/31 (d) | 15,120 | 13,844 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 18,245 | 16,006 | |
6.25% 7/1/25 (d) | 41,240 | 41,290 | |
7% 2/15/30 (d) | 17,800 | 17,959 | |
8.125% 7/1/27 (d) | 54,990 | 56,104 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 13,750 | 13,863 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 6,040 | 5,824 | |
Churchill Downs, Inc. 6.75% 5/1/31 (d) | 8,905 | 8,963 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 25,865 | 22,647 | |
6.75% 1/15/30 (d) | 34,295 | 27,782 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 8,585 | 7,469 | |
Melco Resorts Finance Ltd.: | |||
5.25% 4/26/26 (d) | 8,910 | 8,265 | |
5.75% 7/21/28 (d) | 4,420 | 3,834 | |
MGM Resorts International 4.75% 10/15/28 | 11,125 | 10,401 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 27,640 | 20,047 | |
5.875% 9/1/31 (d) | 11,145 | 7,885 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 9,135 | 7,822 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 5,700 | 4,466 | |
VICI Properties LP / VICI Note Co.: | |||
3.875% 2/15/29 (d) | 11,195 | 10,060 | |
4.25% 12/1/26 (d) | 21,450 | 20,440 | |
4.625% 12/1/29 (d) | 12,240 | 11,369 | |
340,203 | |||
Healthcare - 4.8% | |||
180 Medical, Inc. 3.875% 10/15/29 (d) | 6,495 | 5,784 | |
Avantor Funding, Inc. 3.875% 11/1/29 (d) | 6,075 | 5,351 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 4,050 | 2,168 | |
Centene Corp. 4.25% 12/15/27 | 11,560 | 11,047 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 10,515 | 9,226 | |
4% 3/15/31 (d) | 12,085 | 10,529 | |
4.25% 5/1/28 (d) | 3,400 | 3,095 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 21,790 | 17,579 | |
5.25% 5/15/30 (d) | 18,245 | 15,207 | |
5.625% 3/15/27 (d) | 7,180 | 6,625 | |
6% 1/15/29 (d) | 8,490 | 7,524 | |
6.125% 4/1/30 (d) | 21,795 | 15,512 | |
8% 3/15/26 (d) | 61,410 | 60,854 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 4,180 | 3,366 | |
4.625% 6/1/30 (d) | 31,515 | 27,452 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 6,075 | 4,844 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 6,410 | 5,732 | |
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d) | 12,050 | 12,381 | |
IQVIA, Inc. 5% 5/15/27 (d) | 12,070 | 11,776 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 12,305 | 11,309 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 7,010 | 5,654 | |
Modivcare, Inc. 5.875% 11/15/25 (d) | 8,105 | 7,744 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 10,465 | 9,232 | |
3.875% 5/15/32 (d) | 12,160 | 10,421 | |
4.375% 6/15/28 (d) | 7,525 | 7,053 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 6,680 | 6,006 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 21,010 | 19,329 | |
5.125% 4/30/31 (d) | 18,260 | 16,270 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 8,310 | 6,665 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 16,885 | 7,472 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 10,405 | 7,298 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 17,640 | 16,184 | |
4.375% 1/15/30 | 43,755 | 40,204 | |
4.625% 7/15/24 | 2,495 | 2,474 | |
4.875% 1/1/26 | 30,115 | 29,659 | |
5.125% 11/1/27 | 18,070 | 17,533 | |
6.125% 10/1/28 | 11,010 | 10,682 | |
6.125% 6/15/30 (d) | 24,015 | 23,754 | |
6.25% 2/1/27 | 35,815 | 35,637 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75% 5/9/27 | 6,085 | 5,699 | |
5.125% 5/9/29 | 6,085 | 5,660 | |
7.875% 9/15/29 | 5,935 | 6,229 | |
544,220 | |||
Homebuilders/Real Estate - 2.1% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 8,410 | 7,661 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d) | 8,940 | 7,408 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d) | 7,775 | 6,065 | |
Century Communities, Inc. 3.875% 8/15/29 (d) | 9,110 | 7,967 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 11,190 | 7,665 | |
4.625% 8/1/29 | 18,080 | 13,687 | |
5% 10/15/27 | 38,043 | 31,703 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 18,675 | 13,843 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 | 8,020 | 7,141 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 10,725 | 10,057 | |
5.625% 3/1/24 (d) | 1,312 | 1,306 | |
5.875% 6/15/27 (d) | 9,260 | 9,233 | |
TopBuild Corp. 3.625% 3/15/29 (d) | 5,910 | 5,096 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 16,130 | 16,090 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 14,380 | 14,110 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 31,410 | 24,977 | |
6.5% 2/15/29 (d) | 39,880 | 24,075 | |
10.5% 2/15/28 (d) | 23,750 | 22,726 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 5,045 | 4,380 | |
235,190 | |||
Hotels - 0.4% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 17,635 | 18,959 | |
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (d) | 5,595 | 5,043 | |
4% 5/1/31 (d) | 8,395 | 7,425 | |
4.875% 1/15/30 | 6,900 | 6,551 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 8,435 | 8,321 | |
46,299 | |||
Insurance - 1.2% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (d) | 9,105 | 7,531 | |
7% 11/15/25 (d) | 34,880 | 33,309 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 11,125 | 10,185 | |
5.875% 11/1/29 (d) | 9,115 | 7,863 | |
6.75% 10/15/27 (d) | 16,680 | 15,571 | |
6.75% 4/15/28 (d) | 11,880 | 11,865 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 8,805 | 7,990 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (d) | 6,550 | 5,671 | |
7% 8/15/25 (d) | 4,865 | 4,816 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (d) | 13,275 | 11,815 | |
7% 5/1/26 (d) | 11,770 | 11,718 | |
MGIC Investment Corp. 5.25% 8/15/28 | 7,710 | 7,368 | |
135,702 | |||
Leisure - 2.3% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (d) | 6,360 | 5,761 | |
Carnival Corp.: | |||
4% 8/1/28 (d) | 29,990 | 25,999 | |
7.625% 3/1/26 (d) | 19,665 | 17,935 | |
9.875% 8/1/27 (d) | 16,600 | 17,019 | |
10.5% 2/1/26 (d) | 11,990 | 12,516 | |
Merlin Entertainments PLC 5.75% 6/15/26 (d) | 7,725 | 7,339 | |
NCL Corp. Ltd. 5.875% 2/15/27 (d) | 12,100 | 11,411 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (d) | 9,125 | 8,101 | |
7.25% 1/15/30 (d) | 5,940 | 5,957 | |
8.25% 1/15/29 (d) | 32,435 | 34,153 | |
9.25% 1/15/29 (d) | 34,425 | 36,730 | |
11.5% 6/1/25 (d) | 23,674 | 25,094 | |
11.625% 8/15/27 (d) | 11,825 | 12,554 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d) | 12,145 | 10,931 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 6,250 | 6,297 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 9,250 | 9,736 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 4,965 | 4,196 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 10,755 | 9,564 | |
261,293 | |||
Metals/Mining - 1.9% | |||
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (d) | 15,485 | 14,062 | |
6.125% 5/15/28 (d) | 3,565 | 3,555 | |
Arconic Corp.: | |||
6% 5/15/25 (d) | 6,630 | 6,592 | |
6.125% 2/15/28 (d) | 16,695 | 16,477 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 23,720 | 21,489 | |
4.875% 3/1/31 (d) | 11,440 | 10,046 | |
5.875% 6/1/27 | 18,030 | 17,701 | |
6.75% 4/15/30 (d) | 3,000 | 2,916 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 13,719 | 12,759 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 9,085 | 8,069 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 28,325 | 27,688 | |
7.5% 4/1/25 (d) | 20,585 | 20,479 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 8,990 | 7,809 | |
4.5% 9/15/27 (d) | 9,015 | 8,566 | |
5.125% 5/15/24 (d) | 9,780 | 9,739 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 7,020 | 6,537 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 6,040 | 6,151 | |
8.125% 5/1/27 (d) | 18,015 | 18,168 | |
8.5% 5/1/30 (d) | 4,475 | 4,553 | |
Murray Energy Corp.: | |||
11.25% 12/31/49 (b)(d)(f) | 8,915 | 0 | |
12% 4/15/24 pay-in-kind (b)(d)(f)(g) | 10,343 | 0 | |
223,356 | |||
Paper - 0.9% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (d) | 5,915 | 5,179 | |
4% 9/1/29 (d) | 11,830 | 9,596 | |
6% 6/15/27 (d) | 6,045 | 6,014 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (d) | 5,600 | 5,321 | |
5.375% 1/15/28 (d) | 5,600 | 5,313 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 7,185 | 7,052 | |
8.75% 4/15/30 (d) | 39,890 | 36,711 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 11,230 | 9,574 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 9,105 | 6,482 | |
Mercer International, Inc. 5.125% 2/1/29 | 15,060 | 12,576 | |
103,818 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 15,860 | 15,694 | |
Restaurants - 0.7% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 12,115 | 11,363 | |
4% 10/15/30 (d) | 39,005 | 34,051 | |
4.375% 1/15/28 (d) | 10,600 | 9,909 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d) | 5,565 | 5,020 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 5,205 | 5,595 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 5,560 | 4,804 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 11,975 | 11,182 | |
81,924 | |||
Services - 3.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 9,010 | 8,560 | |
AECOM 5.125% 3/15/27 | 11,885 | 11,642 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 8,730 | 6,844 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (d) | 21,690 | 18,841 | |
4.625% 6/1/28 (d) | 14,365 | 12,505 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 10,240 | 9,383 | |
4% 7/1/29 (d) | 5,920 | 5,367 | |
CoreCivic, Inc. 8.25% 4/15/26 | 32,260 | 32,589 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 2,910 | 2,711 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 8,610 | 7,622 | |
3.75% 10/1/30 (d) | 11,495 | 10,038 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 8,765 | 8,553 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 16,800 | 14,558 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 5,180 | 4,665 | |
5% 12/1/29 (d) | 10,055 | 8,226 | |
5.5% 10/15/24 (b)(d)(f) | 10,890 | 245 | |
6% 1/15/28 (b)(d)(f) | 10,285 | 604 | |
6.25% 12/31/49 (b)(f) | 11,875 | 15 | |
7.125% 8/1/26 (b)(d)(f) | 10,285 | 823 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (d) | 22,025 | 19,150 | |
4.875% 9/15/29 (d) | 24,110 | 21,990 | |
KAR Auction Services, Inc. 5.125% 6/1/25 (d) | 10,355 | 10,267 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 35,575 | 33,485 | |
Service Corp. International 4% 5/15/31 | 12,070 | 10,637 | |
Sotheby's 7.375% 10/15/27 (d) | 4,960 | 4,650 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d) | 9,045 | 7,446 | |
The Brink's Co. 4.625% 10/15/27 (d) | 12,180 | 11,513 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 9,655 | 9,416 | |
10.5% 6/30/28 | 24,580 | 24,857 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 8,865 | 7,752 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (d) | 27,335 | 25,137 | |
6.25% 1/15/28 (d) | 9,175 | 9,258 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 9,760 | 9,150 | |
368,499 | |||
Steel - 0.2% | |||
Algoma Steel SCA 0% 12/31/23 (b) | 1,982 | 0 | |
Commercial Metals Co. 3.875% 2/15/31 | 6,135 | 5,376 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 10,705 | 10,197 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 4,375 | 3,968 | |
19,541 | |||
Super Retail - 0.9% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 3,534 | 3,210 | |
4.625% 11/15/29 (d) | 10,005 | 8,905 | |
4.75% 3/1/30 | 3,523 | 3,127 | |
5% 2/15/32 (d) | 10,800 | 9,306 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (d) | 5,555 | 5,333 | |
6.75% 7/1/36 | 12,766 | 11,362 | |
7.5% 6/15/29 | 8,335 | 8,484 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 23,329 | 9,401 | |
5.875% 10/1/28 (d) | 1,438 | 597 | |
EG Global Finance PLC 8.5% 10/30/25 (d) | 16,085 | 15,257 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 11,860 | 9,445 | |
Macy's Retail Holdings LLC: | |||
5.875% 3/15/30 (d) | 6,235 | 5,536 | |
6.125% 3/15/32 (d) | 6,015 | 5,265 | |
Michaels Companies, Inc. 5.25% 5/1/28 (d) | 14,150 | 11,657 | |
106,885 | |||
Technology - 3.7% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 9,045 | 7,175 | |
Alteryx, Inc. 8.75% 3/15/28 (d) | 5,935 | 5,770 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 11,390 | 10,279 | |
Block, Inc. 3.5% 6/1/31 | 12,070 | 9,833 | |
CA Magnum Holdings 5.375% 10/31/26 (d) | 4,870 | 4,270 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 10,590 | 10,023 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d) | 9,005 | 8,916 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 10,695 | 9,623 | |
4.875% 7/1/29 (d) | 10,115 | 9,109 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (d) | 17,795 | 16,026 | |
9% 9/30/29 (d) | 8,900 | 7,648 | |
Coherent Corp. 5% 12/15/29 (d) | 9,495 | 8,547 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 8,870 | 7,716 | |
Elastic NV 4.125% 7/15/29 (d) | 17,090 | 14,786 | |
Gen Digital, Inc. 5% 4/15/25 (d) | 10,050 | 9,934 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (d) | 11,810 | 10,231 | |
5.25% 12/1/27 (d) | 9,345 | 8,976 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 12,040 | 10,075 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d) | 9,100 | 7,972 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 23,020 | 20,805 | |
NCR Corp.: | |||
5% 10/1/28 (d) | 5,530 | 4,823 | |
5.125% 4/15/29 (d) | 8,870 | 7,673 | |
5.25% 10/1/30 (d) | 5,530 | 4,650 | |
5.75% 9/1/27 (d) | 9,035 | 8,866 | |
6.125% 9/1/29 (d) | 9,035 | 8,856 | |
onsemi 3.875% 9/1/28 (d) | 11,065 | 9,959 | |
Open Text Corp. 6.9% 12/1/27 (d) | 10,610 | 10,959 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 5,690 | 4,859 | |
4.125% 12/1/31 (d) | 5,485 | 4,540 | |
PTC, Inc.: | |||
3.625% 2/15/25 (d) | 6,650 | 6,413 | |
4% 2/15/28 (d) | 6,575 | 6,114 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 6,425 | 1,525 | |
Roblox Corp. 3.875% 5/1/30 (d) | 9,120 | 7,699 | |
Sensata Technologies BV 4% 4/15/29 (d) | 11,970 | 10,818 | |
Synaptics, Inc. 4% 6/15/29 (d) | 7,015 | 5,928 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 8,870 | 7,600 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 9,995 | 8,533 | |
3.875% 3/15/31 | 10,460 | 8,741 | |
Uber Technologies, Inc.: | |||
7.5% 9/15/27 (d) | 35,255 | 36,365 | |
8% 11/1/26 (d) | 51,060 | 52,351 | |
Unisys Corp. 6.875% 11/1/27 (d) | 6,095 | 4,058 | |
419,044 | |||
Telecommunications - 4.8% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 14,560 | 11,789 | |
5.75% 8/15/29 (d) | 25,600 | 20,421 | |
Altice France SA: | |||
5.125% 7/15/29 (d) | 79,325 | 58,645 | |
5.5% 1/15/28 (d) | 24,740 | 19,477 | |
5.5% 10/15/29 (d) | 106,150 | 79,464 | |
8.125% 2/1/27 (d) | 7,635 | 6,817 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 42,100 | 36,522 | |
Cablevision Lightpath LLC 3.875% 9/15/27 (d) | 5,500 | 4,591 | |
Cogent Communications Group, Inc. 7% 6/15/27 (d) | 6,050 | 5,990 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 19,575 | 17,189 | |
5.875% 10/15/27 (d) | 10,375 | 9,550 | |
8.75% 5/15/30 (d) | 6,045 | 5,979 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 25,303 | 23,350 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 14,860 | 12,728 | |
6.75% 10/15/27 (d) | 10,157 | 9,648 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 24,590 | 13,753 | |
3.75% 7/15/29 (d) | 24,670 | 13,884 | |
Millicom International Cellular SA 4.5% 4/27/31 (d) | 1,725 | 1,327 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 6,070 | 5,266 | |
6% 2/15/28 (d) | 4,490 | 3,345 | |
Qwest Corp. 7.25% 9/15/25 | 1,480 | 1,313 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 18,690 | 17,358 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 13,305 | 11,382 | |
3.875% 2/15/27 | 17,015 | 15,870 | |
Sprint Capital Corp. 8.75% 3/15/32 | 21,176 | 25,878 | |
Sprint Corp. 7.625% 3/1/26 | 10,895 | 11,537 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 15,190 | 8,961 | |
Virgin Media Finance PLC 5% 7/15/30 (d) | 21,860 | 18,421 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d) | 21,200 | 18,065 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 61,245 | 50,443 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 17,180 | 13,008 | |
551,971 | |||
Textiles/Apparel - 0.4% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 6,075 | 5,130 | |
4.25% 3/15/29 (d) | 8,675 | 7,695 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 6,070 | 5,135 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 5,320 | 4,521 | |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 22,560 | 18,246 | |
40,727 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (d) | 9,095 | 7,276 | |
Utilities - 2.1% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 13,295 | 11,375 | |
3.75% 1/15/32 (d) | 6,075 | 5,096 | |
4.75% 3/15/28 (d) | 6,920 | 6,558 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 5,145 | 4,357 | |
3.625% 2/15/31 (d) | 10,215 | 8,269 | |
3.875% 2/15/32 (d) | 13,975 | 11,269 | |
5.75% 1/15/28 | 9,000 | 8,775 | |
6.625% 1/15/27 | 6,378 | 6,396 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 2,868 | 2,738 | |
3.75% 7/1/28 | 2,868 | 2,650 | |
3.75% 8/15/42 | 10,400 | 7,394 | |
3.95% 12/1/47 | 31,671 | 22,413 | |
4% 12/1/46 | 18,952 | 13,451 | |
4.25% 3/15/46 | 2,400 | 1,777 | |
4.3% 3/15/45 | 5,995 | 4,484 | |
PG&E Corp.: | |||
5% 7/1/28 | 22,000 | 20,701 | |
5.25% 7/1/30 | 8,330 | 7,677 | |
Pike Corp. 5.5% 9/1/28 (d) | 28,165 | 25,556 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (d) | 23,230 | 20,783 | |
5% 7/31/27 (d) | 22,585 | 21,463 | |
5.5% 9/1/26 (d) | 3,485 | 3,415 | |
5.625% 2/15/27 (d) | 28,195 | 27,499 | |
244,096 | |||
TOTAL NONCONVERTIBLE BONDS | 7,583,357 | ||
TOTAL CORPORATE BONDS (Cost $8,369,411) | 7,638,466 | ||
Common Stocks - 10.5% | |||
Shares | Value ($) (000s) | ||
Air Transportation - 0.0% | |||
Delta Air Lines, Inc. (k) | 146,750 | 5,035 | |
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(k) | 9,824 | 10 | |
Exide Technologies (b)(k) | 580,031 | 0 | |
Exide Technologies (b)(k) | 385 | 250 | |
UC Holdings, Inc. (b)(k) | 677,217 | 4,016 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 4,276 | ||
Banks & Thrifts - 0.0% | |||
Algoma Steel Group, Inc. | 638,696 | 4,720 | |
Broadcasting - 0.1% | |||
iHeartMedia, Inc. (k) | 104 | 0 | |
Nexstar Broadcasting Group, Inc. Class A | 66,132 | 11,471 | |
TOTAL BROADCASTING | 11,471 | ||
Building Materials - 0.1% | |||
Builders FirstSource, Inc. (k) | 90,400 | 8,567 | |
WESCO International, Inc. | 8,400 | 1,210 | |
TOTAL BUILDING MATERIALS | 9,777 | ||
Capital Goods - 0.2% | |||
Regal Rexnord Corp. | 141,300 | 18,392 | |
Chemicals - 0.4% | |||
CF Industries Holdings, Inc. | 199,202 | 14,259 | |
Olin Corp. | 204,300 | 11,318 | |
The Chemours Co. LLC | 566,310 | 16,463 | |
TOTAL CHEMICALS | 42,040 | ||
Consumer Products - 0.3% | |||
Reddy Ice Holdings, Inc. (b)(k) | 199,717 | 11 | |
Tapestry, Inc. | 344,400 | 14,055 | |
Tempur Sealy International, Inc. | 680,118 | 25,484 | |
TOTAL CONSUMER PRODUCTS | 39,550 | ||
Containers - 0.4% | |||
Berry Global Group, Inc. | 124,455 | 7,195 | |
Graphic Packaging Holding Co. | 973,700 | 24,011 | |
WestRock Co. | 302,400 | 9,051 | |
TOTAL CONTAINERS | 40,257 | ||
Diversified Financial Services - 0.5% | |||
Apollo Global Management, Inc. | 157,000 | 9,952 | |
MasterCard, Inc. Class A | 35,400 | 13,453 | |
OneMain Holdings, Inc. | 769,000 | 29,507 | |
Penson Worldwide, Inc. Class A (b)(k) | 10,322,034 | 0 | |
PJT Partners, Inc. | 5,092 | 350 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 53,262 | ||
Energy - 1.8% | |||
Antero Resources Corp. (k) | 306,925 | 7,056 | |
California Resources Corp. | 1,376,738 | 55,758 | |
California Resources Corp. warrants 10/27/24 (k) | 57,076 | 543 | |
Canadian Natural Resources Ltd. | 190,900 | 11,633 | |
Chaparral Energy, Inc.: | |||
Series A warrants 10/1/24 (b)(k) | 392 | 0 | |
Series B warrants 10/1/25 (b)(k) | 392 | 0 | |
Cheniere Energy, Inc. | 220,400 | 33,721 | |
Chesapeake Energy Corp. | 372,387 | 30,789 | |
Chesapeake Energy Corp. (c)(k) | 22,818 | 1,887 | |
Civitas Resources, Inc. | 60,298 | 4,164 | |
Diamond Offshore Drilling, Inc. (k) | 118,485 | 1,361 | |
Diamondback Energy, Inc. | 63,074 | 8,969 | |
EP Energy Corp. (b)(k) | 841,775 | 4,916 | |
Forbes Energy Services Ltd. (b)(k) | 193,218 | 0 | |
Halliburton Co. | 207,600 | 6,799 | |
Jonah Energy Parent LLC (b)(k) | 304,505 | 13,703 | |
Mesquite Energy, Inc. (b)(k) | 317,026 | 19,916 | |
PureWest Energy (b)(k) | 17,812 | 174 | |
PureWest Energy rights (b)(k) | 10,734 | 0 | |
Superior Energy Services, Inc. Class A (b)(k) | 110,370 | 7,502 | |
Unit Corp. | 37,978 | 1,633 | |
TOTAL ENERGY | 210,524 | ||
Entertainment/Film - 0.0% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(k) | 3,366,626 | 2,963 | |
Environmental - 0.1% | |||
Darling Ingredients, Inc. (k) | 131,071 | 7,808 | |
Food & Drug Retail - 0.2% | |||
Southeastern Grocers, Inc. (b)(c)(k) | 793,345 | 19,485 | |
Food/Beverage/Tobacco - 0.2% | |||
JBS SA | 4,652,100 | 16,695 | |
Gaming - 0.7% | |||
Boyd Gaming Corp. | 453,873 | 31,499 | |
Caesars Entertainment, Inc. (k) | 874,536 | 39,608 | |
Studio City International Holdings Ltd.: | |||
ADR (d)(k) | 631,958 | 4,689 | |
(NYSE) ADR (k) | 695,700 | 5,162 | |
TOTAL GAMING | 80,958 | ||
Healthcare - 0.6% | |||
Charles River Laboratories International, Inc. (k) | 26,900 | 5,114 | |
Encompass Health Corp. | 34 | 2 | |
Enhabit Home Health & Hospice | 17 | 0 | |
Humana, Inc. | 21,400 | 11,352 | |
IQVIA Holdings, Inc. (k) | 151,200 | 28,460 | |
Tenet Healthcare Corp. (k) | 105,498 | 7,735 | |
UnitedHealth Group, Inc. | 42,700 | 21,012 | |
TOTAL HEALTHCARE | 73,675 | ||
Homebuilders/Real Estate - 0.1% | |||
Arthur J. Gallagher & Co. | 57,500 | 11,963 | |
Metals/Mining - 0.2% | |||
Elah Holdings, Inc. (k) | 906 | 53 | |
First Quantum Minerals Ltd. | 626,700 | 15,227 | |
Freeport-McMoRan, Inc. | 245,900 | 9,322 | |
TOTAL METALS/MINING | 24,602 | ||
Services - 0.3% | |||
ASGN, Inc. (k) | 156,378 | 11,195 | |
Penhall Acquisition Co.: | |||
Class A (b)(k) | 26,163 | 3,346 | |
Class B (b)(k) | 8,721 | 1,115 | |
Visa, Inc. Class A | 83,500 | 19,433 | |
TOTAL SERVICES | 35,089 | ||
Steel - 0.0% | |||
Algoma Steel SCA (b)(k) | 198,162 | 0 | |
Super Retail - 0.7% | |||
Arena Brands Holding Corp. Class B (b)(c)(k) | 659,302 | 7,074 | |
Booking Holdings, Inc. (k) | 4,600 | 12,357 | |
Dick's Sporting Goods, Inc. | 145,600 | 21,113 | |
Lowe's Companies, Inc. | 122,100 | 25,376 | |
Williams-Sonoma, Inc. | 76,303 | 9,236 | |
TOTAL SUPER RETAIL | 75,156 | ||
Technology - 3.2% | |||
Adobe, Inc. (k) | 57,400 | 21,672 | |
Advanced Micro Devices, Inc. (k) | 144,600 | 12,923 | |
Alphabet, Inc. Class A (k) | 222,400 | 23,872 | |
Arista Networks, Inc. (k) | 80,200 | 12,845 | |
ASML Holding NV (depository receipt) | 21,300 | 13,565 | |
CDW Corp. | 120,100 | 20,368 | |
Fiserv, Inc. (k) | 169,000 | 20,638 | |
Global Payments, Inc. | 169,524 | 19,107 | |
Marvell Technology, Inc. | 410,200 | 16,195 | |
Meta Platforms, Inc. Class A (k) | 179,000 | 43,017 | |
Microchip Technology, Inc. | 343,131 | 25,045 | |
Microsoft Corp. | 151,400 | 46,519 | |
NVIDIA Corp. | 65,500 | 18,176 | |
NXP Semiconductors NV | 93,600 | 15,326 | |
onsemi (k) | 556,703 | 40,060 | |
SS&C Technologies Holdings, Inc. | 126,516 | 7,406 | |
Synopsys, Inc. (k) | 32,000 | 11,882 | |
TOTAL TECHNOLOGY | 368,616 | ||
Telecommunications - 0.1% | |||
GTT Communications, Inc. (b) | 85,487 | 1,056 | |
Palo Alto Networks, Inc. (k) | 65,700 | 11,988 | |
TOTAL TELECOMMUNICATIONS | 13,044 | ||
Textiles/Apparel - 0.0% | |||
Victoria's Secret & Co. (k) | 99,133 | 3,074 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA: | |||
Class A1 (b)(c)(k) | 598,287 | 0 | |
Class A2 (b)(c)(k) | 598,287 | 0 | |
Class A3 (b)(c)(k) | 598,287 | 0 | |
Class A4 (b)(c)(k) | 598,287 | 0 | |
Class A5 (b)(c)(k) | 598,287 | 0 | |
Class A6 (b)(c)(k) | 598,287 | 0 | |
Class A7 (b)(c)(k) | 598,287 | 0 | |
Class A8 (b)(c)(k) | 598,287 | 0 | |
Class A9 (b)(c)(k) | 598,287 | 0 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 0 | ||
Utilities - 0.3% | |||
PG&E Corp. (k) | 2,097,796 | 35,893 | |
Portland General Electric Co. | 14,817 | 750 | |
TOTAL UTILITIES | 36,643 | ||
TOTAL COMMON STOCKS (Cost $932,171) | 1,209,075 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(k) | 858 | 799 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA (b)(c)(k) | 287,159,690 | 3 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $11,049) | 802 | ||
Bank Loan Obligations - 6.1% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.4% | |||
Air Canada Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3694% 8/11/28 (g)(h)(l) | 9,037 | 9,004 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/8/26 (g)(h)(l) | 2,551 | 2,503 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/4/26 (g)(h)(l) | 1,372 | 1,345 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7985% 10/20/27 (g)(h)(l) | 3,141 | 3,252 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7704% 4/21/28 (g)(h)(l) | 25,970 | 25,848 | |
TOTAL AIR TRANSPORTATION | 41,952 | ||
Automotive & Auto Parts - 0.2% | |||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 4/20/30 (h)(l)(m) | 2,645 | 2,641 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.52% 12/17/28 (g)(h)(l) | 2,281 | 1,868 | |
Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 2/5/26 (g)(h)(l) | 17,802 | 17,424 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 21,933 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.5967% 2/27/28 (g)(h)(l) | 9,648 | 9,574 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (g)(h)(l) | 6,761 | 6,056 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 6/24/29 (g)(h)(l) | 749 | 741 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 1/31/29 (g)(h)(l) | 7,425 | 7,295 | |
TOTAL BROADCASTING | 14,092 | ||
Building Materials - 0.4% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (g)(h)(l) | 23,590 | 18,641 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.3733% 2/25/29 (g)(h)(l) | 22,584 | 20,495 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 6/4/28 (g)(h)(l) | 6,391 | 6,087 | |
TOTAL BUILDING MATERIALS | 45,223 | ||
Capital Goods - 0.0% | |||
Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.7395% 3/15/30 (g)(h)(l) | 1,715 | 1,714 | |
Chemicals - 0.2% | |||
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2954% 8/29/29 (g)(h)(l) | 552 | 554 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (g)(h)(l) | 17,995 | 17,215 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 11/9/28 (g)(h)(l) | 3,659 | 3,464 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 9/22/28 (g)(h)(l) | 2,750 | 2,749 | |
TOTAL CHEMICALS | 23,982 | ||
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7034% 12/22/26 (g)(h)(l) | 19,948 | 19,424 | |
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.750% 10.1293% 2/9/26 (g)(h)(l) | 1,475 | 1,349 | |
Energy - 0.0% | |||
Forbes Energy Services LLC Tranche B, term loan 0% (b)(f)(g)(l) | 1,810 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(h)(l) | 5,861 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(h)(l) | 2,528 | 0 | |
TOTAL ENERGY | 0 | ||
Environmental - 0.0% | |||
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4822% 11/30/28 (g)(h)(l) | 2,192 | 2,179 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4965% 11/30/28 (g)(h)(l) | 166 | 165 | |
Madison IAQ LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.3023% 6/21/28 (g)(h)(l) | 2,977 | 2,860 | |
TOTAL ENVIRONMENTAL | 5,204 | ||
Food/Beverage/Tobacco - 0.0% | |||
Bengal Debt Merger Sub LLC 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.2483% 1/24/29 (g)(h)(l) | 2,268 | 2,014 | |
Gaming - 0.1% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9822% 1/27/29 (g)(h)(l) | 15,671 | 15,231 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9812% 4/14/29 (g)(h)(l) | 2,367 | 2,357 | |
TOTAL GAMING | 17,588 | ||
Healthcare - 0.4% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (g)(h)(l) | 17,497 | 16,830 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 5/5/28 (g)(h)(l) | 6,196 | 6,186 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 8% 6/2/28 (g)(h)(l) | 14,878 | 14,847 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 11/15/28 (g)(h)(l) | 7,123 | 6,994 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (g)(h)(l) | 1,693 | 1,692 | |
TOTAL HEALTHCARE | 46,549 | ||
Homebuilders/Real Estate - 0.2% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(g)(l) | 20,723 | 19,687 | |
Hotels - 0.1% | |||
Carnival Finance LLC Tranche B 1LN, term loan 6 month U.S. LIBOR + 3.250% 8.2746% 10/18/28 (g)(h)(l) | 7,954 | 7,799 | |
Insurance - 0.2% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 2/15/27 (g)(h)(l) | 1,427 | 1,378 | |
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.51% 11/12/27 (g)(h)(l) | 13,317 | 13,190 | |
HUB International Ltd. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.51% 4/25/25 (g)(h)(l) | 5,648 | 5,635 | |
CME Term SOFR 1 Month Index + 4.000% 8.7279% 11/10/29 (g)(h)(l) | 928 | 925 | |
TOTAL INSURANCE | 21,128 | ||
Leisure - 0.1% | |||
Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2322% 1/15/30 (g)(h)(l) | 3,445 | 3,448 | |
Topgolf Callaway Brands Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 3/9/30 (g)(h)(l) | 2,925 | 2,921 | |
TOTAL LEISURE | 6,369 | ||
Paper - 0.2% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (g)(h)(l) | 23,795 | 23,220 | |
Services - 0.9% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.0822% 12/20/29 (g)(h)(l) | 1,145 | 1,053 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 12/21/28 (g)(h)(l) | 5,389 | 5,306 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (g)(h)(l) | 11,183 | 11,048 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (h)(l)(n) | 3,667 | 3,622 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (g)(h)(l) | 15,190 | 13,158 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (g)(h)(l) | 24,203 | 22,074 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 13.4091% 8/22/25 (g)(h)(l) | 6,055 | 5,815 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (g)(h)(l) | 15,680 | 13,971 | |
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.5625% 12/10/26 (g)(h)(l) | 6,256 | 6,240 | |
Sotheby's Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 9.7603% 1/15/27 (g)(h)(l) | 10,864 | 10,839 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (g)(h)(l) | 17,922 | 14,702 | |
TOTAL SERVICES | 107,828 | ||
Specialty Retailing - 0.0% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 13.296% 6/30/27 (g)(h)(l) | 884 | 747 | |
Super Retail - 0.3% | |||
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (g)(h)(l) | 27,368 | 25,363 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 4/15/28 (g)(h)(l) | 5,463 | 4,994 | |
TOTAL SUPER RETAIL | 30,357 | ||
Technology - 1.5% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0483% 2/16/28 (g)(h)(l) | 1,131 | 1,092 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (g)(h)(l) | 29,411 | 27,520 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (h)(l)(n) | 3,613 | 3,381 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 10/2/25 (g)(h)(l) | 31,516 | 31,107 | |
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 10/31/26 (g)(h)(l) | 938 | 937 | |
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/31/28 (g)(h)(l) | 1,995 | 1,945 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 8/19/28 (g)(h)(l) | 11,516 | 11,444 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (g)(h)(l) | 6,797 | 6,792 | |
MH Sub I LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 4/13/28 (h)(l)(m) | 17,810 | 17,075 | |
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8322% 2/1/28 (g)(h)(l) | 13,667 | 13,371 | |
Polaris Newco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 6/2/28 (g)(h)(l) | 6,673 | 6,176 | |
Proofpoint, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.2746% 8/31/28 (g)(h)(l) | 6,522 | 6,373 | |
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 4/22/28 (g)(h)(l) | 5,940 | 5,762 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 1/31/27 (g)(h)(l) | 3,110 | 3,097 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (g)(h)(l) | 28,040 | 27,269 | |
2LN, term loan 3 month U.S. LIBOR + 5.250% 10.2706% 5/3/27 (g)(h)(l) | 4,000 | 3,837 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 7.9034% 2/28/27 (g)(h)(l) | 2,284 | 2,248 | |
TOTAL TECHNOLOGY | 169,426 | ||
Telecommunications - 0.3% | |||
Aventiv Technologies LLC Tranche B, term loan 3 month U.S. LIBOR + 4.500% 9.6591% 11/1/24 (g)(h)(l) | 6,898 | 4,894 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.53% 12/12/26 (g)(h)(l) | 8,779 | 8,724 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.8125% 5/1/28 (g)(h)(l) | 5,071 | 4,833 | |
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (g)(h)(l) | 3,354 | 1,744 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (g)(h)(l) | 4,206 | 3,449 | |
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 3/9/27 (g)(h)(l) | 7,821 | 6,337 | |
TOTAL TELECOMMUNICATIONS | 29,981 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (g)(h)(l) | 26,749 | 26,663 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $728,393) | 693,803 | ||
Preferred Securities - 7.7% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 6.7% | |||
Ally Financial, Inc. 4.7% (g)(j) | 7,055 | 5,026 | |
Bank of America Corp.: | |||
5.125% (g)(j) | 36,030 | 35,263 | |
5.2% (g)(j) | 61,440 | 62,335 | |
5.875% (g)(j) | 102,630 | 93,650 | |
6.25% (g)(j) | 28,555 | 28,187 | |
Citigroup, Inc.: | |||
4.7% (g)(j) | 15,285 | 13,578 | |
5% (g)(j) | 60,300 | 56,933 | |
6.3% (g)(j) | 5,610 | 5,455 | |
9.0936% (g)(h)(j) | 27,015 | 27,527 | |
9.3407% (g)(h)(j) | 51,015 | 50,875 | |
Goldman Sachs Group, Inc.: | |||
3 month U.S. LIBOR + 2.870% 7.7333% (g)(h)(j) | 70,565 | 69,484 | |
4.4% (g)(j) | 8,035 | 6,906 | |
4.95% (g)(j) | 13,335 | 12,614 | |
Huntington Bancshares, Inc. 8.1403% (g)(j) | 12,990 | 11,816 | |
JPMorgan Chase & Co.: | |||
4% (g)(j) | 34,340 | 31,007 | |
4.6% (g)(j) | 23,365 | 21,935 | |
5% (g)(j) | 30,845 | 29,940 | |
6% (g)(j) | 69,385 | 69,784 | |
6.125% (g)(j) | 17,585 | 17,368 | |
6.75% (g)(j) | 8,330 | 8,458 | |
Wells Fargo & Co.: | |||
5.875% (g)(j) | 50,420 | 50,437 | |
5.9% (g)(j) | 63,075 | 60,874 | |
TOTAL BANKS & THRIFTS | 769,452 | ||
Diversified Financial Services - 0.0% | |||
OEC Finance Ltd. 7.5% pay-in-kind (d)(j) | 37 | 2 | |
Energy - 1.0% | |||
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 8.8916% (g)(h)(j) | 81,527 | 74,221 | |
6.625% (g)(j) | 30,505 | 23,726 | |
7.125% (g)(j) | 9,130 | 7,992 | |
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.2963% (f)(g)(h)(j) | 2,912 | 1,907 | |
TOTAL ENERGY | 107,846 | ||
TOTAL PREFERRED SECURITIES (Cost $923,430) | 877,300 | ||
Other - 2.8% | |||
Shares | Value ($) (000s) | ||
Other - 2.8% | |||
Fidelity Private Credit Central Fund LLC (c)(p) (Cost $325,123) | 32,689,107 | 324,274 | |
Money Market Funds - 5.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.88% (o) (Cost $597,052) | 596,979,246 | 597,099 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $11,886,629) | 11,340,819 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 117,042 |
NET ASSETS - 100.0% | 11,457,861 |
(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 $401,381,000 or 3.5% 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 $5,641,077,000 or 49.2% of net assets. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Non-income producing - Security is in default. |
(g) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(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) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Non-income producing |
(l) | 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. |
(m) | The coupon rate will be determined upon settlement of the loan after period end. |
(n) | 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 $7,280,000 and $7,003,000, respectively. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 1/12/99 | 21,592 |
Chesapeake Energy Corp. | 2/10/21 | 216 |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 325,131 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 2,496 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 4,307 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 16,677 |
Southeastern Grocers, Inc. | 6/01/18 | 5,580 |
Tricer Holdco SCA | 10/16/09 - 12/30/17 | 10,248 |
Tricer Holdco SCA Class A1 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A2 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A3 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A4 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A5 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A6 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A7 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A8 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A9 | 10/16/09 - 10/29/09 | 1,655 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 1,558,265 | 1,694,962 | 2,656,128 | 21,134 | - | - | 597,099 | 1.5% |
Fidelity Private Credit Central Fund LLC | 105,967 | 251,972 | 32,722 | 23,036 | 5 | (948) | 324,274 | 53.3% |
Fidelity Securities Lending Cash Central Fund 4.88% | 36,678 | 192,938 | 229,616 | 16 | - | - | - | 0.0% |
Total | 1,700,910 | 2,139,872 | 2,918,466 | 44,186 | 5 | (948) | 921,373 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 78,360 | 78,360 | - | - |
Consumer Discretionary | 206,765 | 191,653 | - | 15,112 |
Consumer Staples | 43,999 | 24,503 | - | 19,496 |
Energy | 210,350 | 164,313 | - | 46,037 |
Financials | 124,403 | 124,403 | - | - |
Health Care | 73,675 | 73,675 | - | - |
Industrials | 56,269 | 51,805 | - | 4,464 |
Information Technology | 267,620 | 266,564 | - | 1,056 |
Materials | 111,619 | 111,619 | - | - |
Utilities | 36,817 | 36,643 | - | 174 |
Corporate Bonds | 7,638,466 | - | 7,581,269 | 57,197 |
Bank Loan Obligations | 693,803 | - | 674,116 | 19,687 |
Preferred Securities | 877,300 | - | 877,300 | - |
Money Market Funds | 597,099 | 597,099 | - | - |
Total Investments in Securities: | 11,016,545 | 1,720,637 | 9,132,685 | 163,223 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 117,399 | |
Net Realized Gain (Loss) on Investment Securities | 5,165 | ||
Net Unrealized Gain (Loss) on Investment Securities | 21,763 | ||
Cost of Purchases | 23,626 | ||
Proceeds of Sales | (4,783) | ||
Amortization/Accretion | 53 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 163,223 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 21,763 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | April 30, 2023 | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $10,964,454) | $ | 10,419,446 | ||
Fidelity Central Funds (cost $922,175) | 921,373 | |||
Total Investment in Securities (cost $11,886,629) | $ | 11,340,819 | ||
Cash | 1,138 | |||
Receivable for investments sold | 47,300 | |||
Receivable for fund shares sold | 5,455 | |||
Dividends receivable | 685 | |||
Interest receivable | 135,490 | |||
Distributions receivable from Fidelity Central Funds | 2,074 | |||
Prepaid expenses | 5 | |||
Other receivables | 431 | |||
Total assets | 11,533,397 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 47,857 | ||
Delayed delivery | 5,935 | |||
Payable for fund shares redeemed | 8,801 | |||
Distributions payable | 6,044 | |||
Accrued management fee | 5,195 | |||
Other affiliated payables | 1,163 | |||
Other payables and accrued expenses | 541 | |||
Total Liabilities | 75,536 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 11,457,861 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 12,018,554 | ||
Total accumulated earnings (loss) | (560,693) | |||
Net Assets | $ | 11,457,861 | ||
Net Asset Value , offering price and redemption price per share ($11,457,861 ÷ 1,234,868 shares) | $ | 9.28 |
Statement of Operations | ||||
Amounts in thousands | Year ended April 30, 2023 | |||
Investment Income | ||||
Dividends | $ | 94,673 | ||
Interest | 537,413 | |||
Income from Fidelity Central Funds (including $16 from security lending) | 44,186 | |||
Total Income | 676,272 | |||
Expenses | ||||
Management fee | $ | 63,413 | ||
Transfer agent fees | 12,864 | |||
Accounting fees | 1,441 | |||
Custodian fees and expenses | 20 | |||
Independent trustees' fees and expenses | 58 | |||
Registration fees | 141 | |||
Audit | 126 | |||
Legal | 1,129 | |||
Miscellaneous | 58 | |||
Total expenses before reductions | 79,250 | |||
Expense reductions | (264) | |||
Total expenses after reductions | 78,986 | |||
Net Investment income (loss) | 597,286 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 49,761 | |||
Fidelity Central Funds | 5 | |||
Foreign currency transactions | (102) | |||
Total net realized gain (loss) | 49,664 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (471,976) | |||
Fidelity Central Funds | (948) | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | (472,925) | |||
Net gain (loss) | (423,261) | |||
Net increase (decrease) in net assets resulting from operations | $ | 174,025 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended April 30, 2023 | Year ended April 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 597,286 | $ | 517,994 |
Net realized gain (loss) | 49,664 | 935,331 | ||
Change in net unrealized appreciation (depreciation) | (472,925) | (1,879,441) | ||
Net increase (decrease) in net assets resulting from operations | 174,025 | (426,116) | ||
Distributions to shareholders | (1,316,424) | (986,974) | ||
Share transactions | ||||
Proceeds from sales of shares | 1,660,390 | 3,210,567 | ||
Reinvestment of distributions | 1,172,169 | 888,209 | ||
Cost of shares redeemed | (3,309,299) | (4,283,042) | ||
Net increase (decrease) in net assets resulting from share transactions | (476,740) | (184,266) | ||
Total increase (decrease) in net assets | (1,619,139) | (1,597,356) | ||
Net Assets | ||||
Beginning of period | 13,077,000 | 14,674,356 | ||
End of period | $ | 11,457,861 | $ | 13,077,000 |
Other Information | ||||
Shares | ||||
Sold | 177,479 | 287,825 | ||
Issued in reinvestment of distributions | 125,646 | 80,218 | ||
Redeemed | (353,587) | (388,533) | ||
Net increase (decrease) | (50,462) | (20,490) | ||
Fidelity® Capital & Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 | $ | 10.12 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .480 | .387 | .386 | .426 | .432 | |||||
Net realized and unrealized gain (loss) | (.308) | (.714) | 2.442 | (1.085) | .207 | |||||
Total from investment operations | .172 | (.327) | 2.828 | (.659) | .639 | |||||
Distributions from net investment income | (.473) | (.390) | (.390) | (.425) | (.487) | |||||
Distributions from net realized gain | (.589) | (.353) | (.118) | (.076) | (.192) | |||||
Total distributions | (1.062) | (.743) | (.508) | (.501) | (.679) | |||||
Net asset value, end of period | $ | 9.28 | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 |
Total Return C | 2.09% | (3.27)% | 32.35% | (6.89)% | 6.74% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .68% | .67% | .68% | .67% | .69% | |||||
Expenses net of fee waivers, if any | .68% | .67% | .68% | .67% | .69% | |||||
Expenses net of all reductions | .68% | .67% | .68% | .67% | .69% | |||||
Net investment income (loss) | 5.16% | 3.49% | 3.75% | 4.32% | 4.37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 11,458 | $ | 13,077 | $ | 14,674 | $ | 10,228 | $ | 11,631 |
Portfolio turnover rate F | 20% | 28% | 37% | 46% | 43% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $86,339 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 6.5 / 4.0 | Increase |
Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase | |||
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 - 0.5 / 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 0.8 - 4.2 / 4.2 | Increase | |||
Daily production multiple ($/Million cubic feet equivalent per day) | $3,000.00 | Increase | |||
Recovery value | Recovery value | $0.00 - $1.00 / $0.44 | Increase | ||
Market approach | Transaction price | $45.00 | Increase | ||
Parity price | $12.35 - $930.75 / $436.65 | Increase | |||
Discounted cash flow | Discount rate | 10.0% - 12.8% / 10.5% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Corporate Bonds | $57,197 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Parity price | $45.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Indicative market price | Evaluated bid | $0.13 - $8.00 / $6.33 | Increase | ||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Bank Loan Obligations | $19,687 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 | Increase |
Fidelity Capital & Income Fund | $431 |
Gross unrealized appreciation | $554,381 |
Gross unrealized depreciation | (1,066,527) |
Net unrealized appreciation (depreciation) | $(512,146) |
Tax Cost | $11,852,965 |
Undistributed ordinary income | $6,956 |
Net unrealized appreciation (depreciation) on securities and other investments | $(512,147) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $587,843 | $618,934 |
Long-term Capital Gains | 728,581 | 368,040 |
Total | $1,316,424 | $986,974 |
Investment to be Acquired | Commitment Amount | |
Fidelity Capital & Income Fund | Fidelity Private Credit Central Fund LLC | $85,948 |
Purchases ($) | Sales ($) | |
Fidelity Capital & Income Fund | 2,176,470 | 2,492,776 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | .01 |
Amount | |
Fidelity Capital & Income Fund | $12 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Capital & Income Fund | 57,905 | 38,596 | (1,087) |
Amount ($) | |
Fidelity Capital & Income Fund | 23 |
Amount | |
Fidelity Capital & Income Fund | $22 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Capital & Income Fund | $2 | $- A | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Capital & Income Fund | .69% | |||||||||
Actual | $ 1,000 | $ 1,057.80 | $ 3.52 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.37 | $ 3.46 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Focused High Income Fund | 1.91% | 2.56% | 3.04% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Focused High Income Fund on April 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® BB US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Occidental Petroleum Corp. | 2.9 | |
Sprint Capital Corp. | 2.3 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.2 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 2.2 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 2.2 | |
PG&E Corp. | 2.0 | |
Ford Motor Credit Co. LLC | 1.8 | |
Tenet Healthcare Corp. | 1.8 | |
VICI Properties LP / VICI Note Co. | 1.6 | |
Hilton Domestic Operating Company, Inc. | 1.6 | |
20.6 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 18.5 | |
Services | 6.5 | |
Healthcare | 6.1 | |
Utilities | 5.6 | |
Diversified Financial Services | 5.1 | |
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Corporate Bonds - 87.3% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.4% | |||
Broadcasting - 0.4% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 640,000 | 553,600 | |
3.375% 8/15/26 | 680,000 | 320,280 | |
873,880 | |||
Nonconvertible Bonds - 86.9% | |||
Aerospace - 3.4% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 795,000 | 727,669 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 665,000 | 700,753 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 1,730,000 | 1,527,659 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,025,000 | 963,695 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,115,000 | 1,112,811 | |
Science Applications International Corp. 4.875% 4/1/28 (b) | 150,000 | 141,515 | |
TransDigm, Inc.: | |||
6.75% 8/15/28 (b) | 2,190,000 | 2,224,035 | |
7.5% 3/15/27 | 145,000 | 145,724 | |
7,543,861 | |||
Air Transportation - 0.4% | |||
American Airlines, Inc. 7.25% 2/15/28 (b) | 175,000 | 170,211 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 750,000 | 716,264 | |
886,475 | |||
Automotive & Auto Parts - 3.0% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,115,000 | 951,756 | |
Dana, Inc. 4.5% 2/15/32 | 380,000 | 303,906 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 580,000 | 448,330 | |
5.291% 12/8/46 | 290,000 | 234,542 | |
Ford Motor Credit Co. LLC: | |||
2.7% 8/10/26 | 305,000 | 270,510 | |
4% 11/13/30 | 1,495,000 | 1,281,912 | |
4.687% 6/9/25 | 2,140,000 | 2,068,795 | |
5.125% 6/16/25 | 530,000 | 515,923 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 165,000 | 140,663 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 500,000 | 409,999 | |
6,626,336 | |||
Banks & Thrifts - 0.1% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 210,000 | 187,925 | |
Broadcasting - 0.7% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (b)(c) | 1,390,000 | 93,825 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 410,000 | 318,717 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 390,000 | 294,712 | |
5.5% 7/1/29 (b) | 625,000 | 556,707 | |
TEGNA, Inc. 5% 9/15/29 | 210,000 | 183,872 | |
1,447,833 | |||
Building Materials - 1.4% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,320,000 | 1,262,250 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 890,000 | 779,801 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 1,300,000 | 1,122,093 | |
3,164,144 | |||
Cable/Satellite TV - 3.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.5% 8/15/30 (b) | 675,000 | 566,797 | |
4.5% 6/1/33 (b) | 785,000 | 624,870 | |
5% 2/1/28 (b) | 1,780,000 | 1,645,775 | |
5.125% 5/1/27 (b) | 2,110,000 | 1,990,932 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 160,000 | 114,829 | |
5.375% 2/1/28 (b) | 1,500,000 | 1,230,297 | |
5.5% 4/15/27 (b) | 1,320,000 | 1,128,610 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 300,000 | 284,606 | |
7,586,716 | |||
Chemicals - 3.5% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 935,000 | 894,908 | |
INEOS Finance PLC 6.75% 5/15/28 (b) | 455,000 | 449,313 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 235,000 | 206,818 | |
Methanex Corp.: | |||
5.25% 12/15/29 | 160,000 | 150,172 | |
5.65% 12/1/44 | 991,000 | 822,859 | |
NOVA Chemicals Corp. 5.25% 6/1/27 (b) | 1,710,000 | 1,547,535 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 865,000 | 768,776 | |
SPCM SA 3.125% 3/15/27 (b) | 385,000 | 343,767 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 385,000 | 317,083 | |
5.375% 5/15/27 | 1,000,000 | 929,364 | |
5.75% 11/15/28 (b) | 505,000 | 448,834 | |
Valvoline, Inc. 4.25% 2/15/30 (b) | 255,000 | 249,875 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 505,000 | 479,599 | |
7.375% 3/1/31 (b) | 85,000 | 85,131 | |
7,694,034 | |||
Consumer Products - 0.7% | |||
Mattel, Inc. 6.2% 10/1/40 | 245,000 | 230,886 | |
Newell Brands, Inc. 5.875% 4/1/36 (d) | 490,000 | 415,895 | |
Prestige Brands, Inc. 3.75% 4/1/31 (b) | 600,000 | 508,536 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 395,000 | 327,478 | |
1,482,795 | |||
Containers - 1.9% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 50,000 | 47,013 | |
Ball Corp. 3.125% 9/15/31 | 1,340,000 | 1,116,023 | |
BWAY Holding Co. 7.875% 8/15/26 (b) | 430,000 | 436,160 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 700,000 | 623,875 | |
OI European Group BV 4.75% 2/15/30 (b) | 390,000 | 357,372 | |
Sealed Air Corp. 6.875% 7/15/33 (b) | 445,000 | 472,719 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (b) | 1,215,000 | 1,179,554 | |
4,232,716 | |||
Diversified Financial Services - 4.9% | |||
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 310,000 | 173,234 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,105,000 | 958,919 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 3,405,000 | 3,204,956 | |
6.25% 5/15/26 | 1,620,000 | 1,596,941 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 845,000 | 720,363 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,520,000 | 1,365,226 | |
MSCI, Inc. 3.25% 8/15/33 (b) | 310,000 | 251,875 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,145,000 | 971,097 | |
6.875% 3/15/25 | 1,105,000 | 1,081,000 | |
7.125% 3/15/26 | 500,000 | 487,247 | |
10,810,858 | |||
Diversified Media - 0.4% | |||
Lamar Media Corp. 3.625% 1/15/31 | 915,000 | 788,167 | |
Energy - 18.3% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 270,000 | 258,652 | |
Apache Corp.: | |||
4.25% 1/15/30 | 215,000 | 196,456 | |
5.1% 9/1/40 | 600,000 | 514,224 | |
5.25% 2/1/42 | 905,000 | 764,345 | |
5.35% 7/1/49 | 150,000 | 116,278 | |
Centennial Resource Production LLC 5.875% 7/1/29 (b) | 200,000 | 188,500 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 865,000 | 720,616 | |
4% 3/1/31 | 1,625,000 | 1,453,441 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 1,085,000 | 1,034,223 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 160,000 | 133,958 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,630,000 | 1,593,817 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 1,928,000 | 1,850,167 | |
5.75% 4/1/25 | 3,007,000 | 2,961,874 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 640,000 | 618,778 | |
5.75% 2/15/28 (b) | 150,000 | 134,040 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 85,000 | 81,528 | |
8.125% 8/16/30 | 25,000 | 28,335 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 735,000 | 731,323 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 195,000 | 192,054 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 255,000 | 202,363 | |
5.45% 6/1/47 | 530,000 | 442,550 | |
5.6% 4/1/44 | 895,000 | 743,809 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 985,000 | 807,278 | |
5.5% 7/15/28 | 800,000 | 729,219 | |
6.5% 7/1/27 (b) | 785,000 | 765,382 | |
6.5% 7/15/48 | 485,000 | 367,225 | |
7.5% 6/1/27 (b) | 555,000 | 553,013 | |
EQT Corp. 3.9% 10/1/27 | 1,450,000 | 1,371,773 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (b) | 1,070,000 | 1,016,404 | |
5.625% 2/15/26 (b) | 2,310,000 | 2,273,802 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 330,000 | 316,058 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (b) | 1,360,000 | 1,267,914 | |
6.375% 4/15/27 (b) | 270,000 | 265,939 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 1,040,000 | 957,664 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 810,000 | 735,075 | |
4.2% 3/15/48 | 530,000 | 413,639 | |
4.3% 8/15/39 | 260,000 | 213,006 | |
4.4% 4/15/46 | 815,000 | 656,396 | |
4.4% 8/15/49 | 920,000 | 723,267 | |
5.55% 3/15/26 | 1,275,000 | 1,285,697 | |
6.125% 1/1/31 | 1,310,000 | 1,369,435 | |
6.2% 3/15/40 | 255,000 | 261,766 | |
7.875% 9/15/31 | 170,000 | 192,649 | |
8.875% 7/15/30 | 580,000 | 681,500 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,140,000 | 1,027,031 | |
5.875% 3/15/28 | 1,695,000 | 1,656,863 | |
6% 4/15/27 | 25,000 | 24,863 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 320,000 | 283,421 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 225,000 | 208,163 | |
6% 12/31/30 (b) | 1,190,000 | 1,056,897 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 480,000 | 431,135 | |
3.875% 11/1/33 (b) | 380,000 | 320,423 | |
4.125% 8/15/31 (b) | 460,000 | 407,492 | |
Western Gas Partners LP: | |||
4.3% 2/1/30 | 2,375,000 | 2,167,921 | |
4.65% 7/1/26 | 808,000 | 785,538 | |
40,555,179 | |||
Environmental - 1.5% | |||
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 970,000 | 950,500 | |
6% 6/15/30 (b) | 170,000 | 168,175 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 1,630,000 | 1,433,998 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 815,000 | 733,256 | |
3,285,929 | |||
Food & Drug Retail - 2.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (b) | 3,810,000 | 3,375,644 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 350,000 | 358,567 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 1,590,000 | 843,638 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 190,000 | 162,534 | |
4,740,383 | |||
Food/Beverage/Tobacco - 2.1% | |||
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (b) | 2,525,000 | 2,410,744 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/32 (b) | 755,000 | 688,726 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 405,000 | 352,273 | |
Post Holdings, Inc.: | |||
5.5% 12/15/29 (b) | 590,000 | 561,173 | |
5.625% 1/15/28 (b) | 405,000 | 395,724 | |
U.S. Foods, Inc. 4.625% 6/1/30 (b) | 180,000 | 164,612 | |
4,573,252 | |||
Gaming - 3.0% | |||
Melco Resorts Finance Ltd. 4.875% 6/6/25 (b) | 1,225,000 | 1,151,500 | |
MGM Resorts International 5.75% 6/15/25 | 866,000 | 863,682 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 1,210,000 | 1,153,000 | |
4.5% 9/1/26 (b) | 1,300,000 | 1,236,657 | |
4.625% 6/15/25 (b) | 245,000 | 237,985 | |
4.625% 12/1/29 (b) | 925,000 | 859,149 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) | 870,000 | 836,944 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125% 10/1/29 (b) | 380,000 | 349,885 | |
6,688,802 | |||
Healthcare - 5.9% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 625,000 | 556,597 | |
Avantor Funding, Inc. 4.625% 7/15/28 (b) | 1,195,000 | 1,117,773 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 835,000 | 707,895 | |
Centene Corp.: | |||
2.45% 7/15/28 | 75,000 | 65,189 | |
2.5% 3/1/31 | 1,665,000 | 1,358,157 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 315,000 | 276,392 | |
4.25% 5/1/28 (b) | 90,000 | 81,939 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 365,000 | 317,940 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (b) | 200,000 | 159,459 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 160,000 | 143,072 | |
Hologic, Inc. 4.625% 2/1/28 (b) | 1,650,000 | 1,604,260 | |
IQVIA, Inc. 5% 5/15/27 (b) | 820,000 | 800,059 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 350,000 | 321,673 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 510,000 | 437,061 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 840,000 | 772,804 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 280,000 | 224,568 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 235,000 | 220,301 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 | 1,810,000 | 1,715,215 | |
4.875% 1/1/26 | 595,000 | 585,989 | |
5.125% 11/1/27 | 1,200,000 | 1,164,331 | |
6.125% 6/15/30 (b) | 465,000 | 459,937 | |
13,090,611 | |||
Homebuilders/Real Estate - 1.8% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 460,000 | 402,272 | |
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (b) | 495,000 | 439,366 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 825,000 | 668,367 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 770,000 | 596,034 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 455,000 | 311,662 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 540,000 | 483,975 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 75,000 | 58,716 | |
5.5% 12/15/27 | 415,000 | 362,847 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 810,000 | 696,050 | |
4,019,289 | |||
Hotels - 2.0% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,165,000 | 994,223 | |
4% 5/1/31 (b) | 2,780,000 | 2,458,839 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 445,000 | 438,964 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 525,000 | 488,140 | |
4,380,166 | |||
Insurance - 0.4% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (b) | 1,075,000 | 984,213 | |
Leisure - 2.0% | |||
Carnival Corp.: | |||
7.625% 3/1/26 (b) | 675,000 | 615,605 | |
10.5% 2/1/26 (b) | 2,005,000 | 2,092,991 | |
NCL Corp. Ltd.: | |||
5.875% 2/15/27 (b) | 350,000 | 330,080 | |
8.375% 2/1/28 (b) | 230,000 | 231,369 | |
Royal Caribbean Cruises Ltd. 5.5% 4/1/28 (b) | 1,200,000 | 1,058,818 | |
4,328,863 | |||
Metals/Mining - 0.6% | |||
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 15,000 | 14,253 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 400,000 | 407,025 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 240,000 | 223,494 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 400,000 | 407,354 | |
Novelis Corp. 3.875% 8/15/31 (b) | 385,000 | 322,399 | |
1,374,525 | |||
Paper - 0.2% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 370,000 | 368,083 | |
Restaurants - 0.5% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 115,000 | 123,625 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 1,035,000 | 914,159 | |
5.35% 11/1/43 | 110,000 | 96,800 | |
1,134,584 | |||
Services - 6.0% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 385,000 | 334,469 | |
4.875% 7/15/32 (b) | 565,000 | 488,725 | |
AECOM 5.125% 3/15/27 | 1,485,000 | 1,454,661 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,685,000 | 1,604,794 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 2,740,000 | 2,532,087 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (b) | 155,000 | 140,520 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 450,000 | 419,190 | |
Gartner, Inc. 3.625% 6/15/29 (b) | 220,000 | 194,760 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 1,030,000 | 1,005,087 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 1,115,000 | 1,016,957 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,225,000 | 1,988,360 | |
Service Corp. International 5.125% 6/1/29 | 1,425,000 | 1,371,563 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 710,000 | 620,895 | |
13,172,068 | |||
Steel - 0.0% | |||
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 110,000 | 99,777 | |
Super Retail - 2.1% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 245,000 | 218,053 | |
5% 2/15/32 (b) | 260,000 | 224,025 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (b) | 1,170,000 | 1,123,158 | |
Gap, Inc. 3.875% 10/1/31 (b) | 385,000 | 268,955 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,115,000 | 1,050,789 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 630,000 | 532,624 | |
Nordstrom, Inc. 4.375% 4/1/30 | 930,000 | 727,316 | |
The William Carter Co. 5.625% 3/15/27 (b) | 465,000 | 459,188 | |
4,604,108 | |||
Technology - 3.6% | |||
Block, Inc. 2.75% 6/1/26 | 380,000 | 343,905 | |
Broadcom, Inc. 2.45% 2/15/31 (b) | 420,000 | 344,286 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 345,000 | 341,598 | |
Coherent Corp. 5% 12/15/29 (b) | 1,600,000 | 1,440,208 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 525,000 | 456,668 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 730,000 | 665,784 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 660,000 | 620,251 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 469,718 | |
4.125% 8/1/30 (b) | 265,000 | 226,504 | |
onsemi 3.875% 9/1/28 (b) | 545,000 | 490,534 | |
Open Text Corp. 3.875% 12/1/29 (b) | 390,000 | 327,771 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (b) | 130,000 | 111,005 | |
Qorvo, Inc. 4.375% 10/15/29 | 505,000 | 459,333 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,165,000 | 1,012,085 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 550,000 | 471,279 | |
Twilio, Inc. 3.875% 3/15/31 | 350,000 | 292,488 | |
8,073,417 | |||
Telecommunications - 5.1% | |||
Altice Financing SA 5% 1/15/28 (b) | 10,000 | 8,097 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 1,510,000 | 1,309,925 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 660,000 | 653,422 | |
Level 3 Financing, Inc. 4.625% 9/15/27 (b) | 1,100,000 | 679,392 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 490,000 | 376,869 | |
5.125% 1/15/28 (b) | 900,000 | 794,419 | |
SBA Communications Corp. 3.875% 2/15/27 | 750,000 | 699,527 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 3,545,000 | 3,821,788 | |
8.75% 3/15/32 | 1,150,000 | 1,405,347 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 295,000 | 251,486 | |
7.2% 7/18/36 | 655,000 | 592,630 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 105,000 | 88,481 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 740,000 | 679,107 | |
11,360,490 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 405,000 | 341,994 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 200,000 | 169,206 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 130,000 | 110,469 | |
621,669 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 385,000 | 308,000 | |
Utilities - 5.5% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,615,000 | 1,381,727 | |
4.75% 3/15/28 (b) | 195,000 | 184,796 | |
FirstEnergy Corp. 2.25% 9/1/30 | 825,000 | 680,625 | |
NextEra Energy Partners LP 4.25% 9/15/24 (b) | 158,000 | 151,680 | |
NRG Energy, Inc.: | |||
3.625% 2/15/31 (b) | 1,666,000 | 1,348,601 | |
5.25% 6/15/29 (b) | 625,000 | 576,505 | |
6.625% 1/15/27 | 729,000 | 731,057 | |
PG&E Corp.: | |||
5% 7/1/28 | 2,685,000 | 2,526,499 | |
5.25% 7/1/30 | 2,115,000 | 1,949,279 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 130,000 | 120,574 | |
TransAlta Corp. 6.5% 3/15/40 | 355,000 | 330,150 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 945,000 | 853,037 | |
Vistra Operations Co. LLC 5% 7/31/27 (b) | 1,395,000 | 1,325,684 | |
12,160,214 | |||
TOTAL NONCONVERTIBLE BONDS | 192,375,482 | ||
TOTAL CORPORATE BONDS (Cost $212,125,232) | 193,249,362 | ||
Common Stocks - 0.2% | |||
Shares | Value ($) | ||
Energy - 0.2% | |||
Jonah Energy Parent LLC (e)(f) (Cost $163,305) | 11,874 | 534,330 | |
Bank Loan Obligations - 1.0% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.0% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (g)(h)(i) | 206,842 | 13,186 | |
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0822% 11/23/27 (g)(h)(i) | 458,838 | 361,794 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.51% 11/12/27 (g)(h)(i) | 348,690 | 345,350 | |
Services - 0.5% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 12/21/28 (g)(h)(i) | 133,987 | 131,911 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (g)(h)(i) | 50,000 | 43,313 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (g)(h)(i) | 498,687 | 454,818 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (g)(h)(i) | 555,000 | 494,505 | |
TOTAL SERVICES | 1,124,547 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.557% 8/1/25 (g)(h)(i) | 258,700 | 258,216 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $2,290,723) | 2,103,093 | ||
Preferred Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.2% | |||
Ally Financial, Inc.: | |||
4.7% (g)(j) | 385,000 | 287,750 | |
4.7% (g)(j) | 100,000 | 71,240 | |
TOTAL BANKS & THRIFTS | 358,990 | ||
Diversified Financial Services - 0.2% | |||
Charles Schwab Corp.: | |||
4% (g)(j) | 465,000 | 360,552 | |
5.375% (g)(j) | 225,000 | 216,177 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 576,729 | ||
TOTAL PREFERRED SECURITIES (Cost $872,921) | 935,719 | ||
Money Market Funds - 10.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (k) (Cost $22,038,960) | 22,034,554 | 22,038,961 | |
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $237,491,141) | 218,861,465 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 2,518,405 |
NET ASSETS - 100.0% | 221,379,870 |
(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 $123,118,338 or 55.6% of net assets. |
(c) | Non-income producing - Security is in default. |
(d) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) | Non-income producing |
(f) | Level 3 security |
(g) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 4.88% | 13,061,727 | 74,103,715 | 65,126,482 | 645,812 | - | 1 | 22,038,961 | 0.1% |
Total | 13,061,727 | 74,103,715 | 65,126,482 | 645,812 | - | 1 | 22,038,961 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 534,330 | - | - | 534,330 |
Corporate Bonds | 193,249,362 | - | 193,249,362 | - |
Bank Loan Obligations | 2,103,093 | - | 2,103,093 | - |
Preferred Securities | 935,719 | - | 935,719 | - |
Money Market Funds | 22,038,961 | 22,038,961 | - | - |
Total Investments in Securities: | 218,861,465 | 22,038,961 | 196,288,174 | 534,330 |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $215,452,181) | $ | 196,822,504 | ||
Fidelity Central Funds (cost $22,038,960) | 22,038,961 | |||
Total Investment in Securities (cost $237,491,141) | $ | 218,861,465 | ||
Cash | 1,290 | |||
Receivable for fund shares sold | 67,826 | |||
Interest receivable | 2,845,521 | |||
Distributions receivable from Fidelity Central Funds | 84,658 | |||
Prepaid expenses | 99 | |||
Receivable from investment adviser for expense reductions | 8,626 | |||
Total assets | 221,869,485 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 154,014 | ||
Distributions payable | 129,918 | |||
Accrued management fee | 101,061 | |||
Transfer agent fee payable | 28,268 | |||
Other affiliated payables | 7,662 | |||
Other payables and accrued expenses | 68,692 | |||
Total Liabilities | 489,615 | |||
Net Assets | $ | 221,379,870 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 260,465,161 | ||
Total accumulated earnings (loss) | (39,085,291) | |||
Net Assets | $ | 221,379,870 | ||
Net Asset Value , offering price and redemption price per share ($221,379,870 ÷ 28,432,479 shares) | $ | 7.79 |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 668,668 | ||
Interest | 11,537,264 | |||
Income from Fidelity Central Funds | 645,812 | |||
Total Income | 12,851,744 | |||
Expenses | ||||
Management fee | $ | 1,309,278 | ||
Transfer agent fees | 362,700 | |||
Accounting fees and expenses | 99,135 | |||
Custodian fees and expenses | 3,286 | |||
Independent trustees' fees and expenses | 1,237 | |||
Registration fees | 23,351 | |||
Audit | 80,001 | |||
Legal | 167 | |||
Miscellaneous | 1,170 | |||
Total expenses before reductions | 1,880,325 | |||
Expense reductions | (90,300) | |||
Total expenses after reductions | 1,790,025 | |||
Net Investment income (loss) | 11,061,719 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (10,993,496) | |||
Total net realized gain (loss) | (10,993,496) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 2,549,481 | |||
Fidelity Central Funds | 1 | |||
Total change in net unrealized appreciation (depreciation) | 2,549,482 | |||
Net gain (loss) | (8,444,014) | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,617,705 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 11,061,719 | $ | 13,243,987 |
Net realized gain (loss) | (10,993,496) | (2,092,913) | ||
Change in net unrealized appreciation (depreciation) | 2,549,482 | (31,676,232) | ||
Net increase (decrease) in net assets resulting from operations | 2,617,705 | (20,525,158) | ||
Distributions to shareholders | (10,552,282) | (13,518,187) | ||
Share transactions | ||||
Proceeds from sales of shares | 14,368,413 | 48,014,625 | ||
Reinvestment of distributions | 8,853,903 | 11,416,988 | ||
Cost of shares redeemed | (71,841,155) | (132,087,012) | ||
Net increase (decrease) in net assets resulting from share transactions | (48,618,839) | (72,655,399) | ||
Total increase (decrease) in net assets | (56,553,416) | (106,698,744) | ||
Net Assets | ||||
Beginning of period | 277,933,286 | 384,632,030 | ||
End of period | $ | 221,379,870 | $ | 277,933,286 |
Other Information | ||||
Shares | ||||
Sold | 1,842,094 | 5,431,596 | ||
Issued in reinvestment of distributions | 1,150,252 | 1,308,964 | ||
Redeemed | (9,332,498) | (15,398,227) | ||
Net increase (decrease) | (6,340,152) | (8,657,667) | ||
Fidelity® Focused High Income Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 | $ | 8.47 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .357 | .317 | .340 | .374 | .399 | |||||
Net realized and unrealized gain (loss) | (.216) | (.863) | .574 | (.378) | .190 | |||||
Total from investment operations | .141 | (.546) | .914 | (.004) | .589 | |||||
Distributions from net investment income | (.341) | (.324) | (.334) | (.366) | (.409) | |||||
Total distributions | (.341) | (.324) | (.334) | (.366) | (.409) | |||||
Net asset value, end of period | $ | 7.79 | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 |
Total Return C | 1.91% | (6.41)% | 11.16% | (.16)% | 7.21% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .79% | .75% | .75% | .78% | .79% | |||||
Expenses net of fee waivers, if any | .75% | .75% | .75% | .78% | .79% | |||||
Expenses net of all reductions | .75% | .75% | .75% | .78% | .78% | |||||
Net investment income (loss) | 4.62% | 3.62% | 3.88% | 4.31% | 4.73% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 221,380 | $ | 277,933 | $ | 384,632 | $ | 347,510 | $ | 302,781 |
Portfolio turnover rate F | 9% | 20% | 73% | 43% | 49% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $2,429,596 |
Gross unrealized depreciation | (20,050,244) |
Net unrealized appreciation (depreciation) | $(17,620,648) |
Tax Cost | $236,482,113 |
Undistributed ordinary income | $174,582 |
Capital loss carryforward | $(21,639,225) |
Net unrealized appreciation (depreciation) on securities and other investments | $(17,620,648) |
Short-term | $(10,680,461) |
Long-term | (10,958,764) |
Total capital loss carryforward | $(21,639,225) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $10,552,282 | $13,518,187 |
Total | $10,552,282 | $13,518,187 |
Purchases ($) | Sales ($) | |
Fidelity Focused High Income Fund | 19,578,368 | 75,401,823 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | .04 |
Amount | |
Fidelity Focused High Income Fund | $8 |
Amount | |
Fidelity Focused High Income Fund | $461 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® Focused High Income Fund | .75% | |||||||||
Actual | $ 1,000 | $ 1,052.30 | $ 3.82 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.08 | $ 3.76 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2023 | Past 1 year | Life of Fund A |
Fidelity® U.S. Low Volatility Equity Fund | -0.22% | 4.31% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Low Volatility Equity Fund, on November 5, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Merck & Co., Inc. | 1.2 | |
Monster Beverage Corp. | 1.2 | |
Vertex Pharmaceuticals, Inc. | 1.2 | |
Eli Lilly & Co. | 1.2 | |
TreeHouse Foods, Inc. | 1.2 | |
Microsoft Corp. | 1.2 | |
Cboe Global Markets, Inc. | 1.1 | |
Thermo Fisher Scientific, Inc. | 1.1 | |
Landstar System, Inc. | 1.1 | |
Waste Connections, Inc. (United States) | 1.1 | |
11.6 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 23.0 | |
Consumer Staples | 17.7 | |
Financials | 14.2 | |
Information Technology | 13.8 | |
Industrials | 10.6 | |
Utilities | 6.3 | |
Communication Services | 4.6 | |
Consumer Discretionary | 4.1 | |
Materials | 4.0 | |
Energy | 1.3 | |
Investment Companies | 0.2 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.6% | |||
Diversified Telecommunication Services - 1.5% | |||
AT&T, Inc. | 83,140 | 1,469,084 | |
Verizon Communications, Inc. | 41,127 | 1,596,961 | |
3,066,045 | |||
Entertainment - 1.5% | |||
Activision Blizzard, Inc. | 20,878 | 1,622,429 | |
Electronic Arts, Inc. | 12,126 | 1,543,397 | |
3,165,826 | |||
Media - 0.6% | |||
Comcast Corp. Class A | 30,657 | 1,268,280 | |
Wireless Telecommunication Services - 1.0% | |||
T-Mobile U.S., Inc. (a) | 14,358 | 2,066,116 | |
TOTAL COMMUNICATION SERVICES | 9,566,267 | ||
CONSUMER DISCRETIONARY - 4.1% | |||
Diversified Consumer Services - 0.5% | |||
Grand Canyon Education, Inc. (a) | 9,532 | 1,131,448 | |
Hotels, Restaurants & Leisure - 1.7% | |||
McDonald's Corp. | 6,295 | 1,861,746 | |
Yum! Brands, Inc. | 12,151 | 1,708,188 | |
3,569,934 | |||
Specialty Retail - 1.9% | |||
Murphy U.S.A., Inc. | 3,924 | 1,080,003 | |
O'Reilly Automotive, Inc. (a) | 1,323 | 1,213,601 | |
TJX Companies, Inc. | 20,100 | 1,584,282 | |
3,877,886 | |||
TOTAL CONSUMER DISCRETIONARY | 8,579,268 | ||
CONSUMER STAPLES - 17.7% | |||
Beverages - 3.5% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 6,607 | 1,516,108 | |
Keurig Dr. Pepper, Inc. | 45,470 | 1,486,869 | |
Monster Beverage Corp. | 44,828 | 2,510,368 | |
The Coca-Cola Co. | 26,959 | 1,729,420 | |
7,242,765 | |||
Consumer Staples Distribution & Retail - 2.4% | |||
Dollar General Corp. | 9,853 | 2,182,045 | |
Dollar Tree, Inc. (a) | 7,152 | 1,099,334 | |
Walmart, Inc. | 11,656 | 1,759,706 | |
5,041,085 | |||
Food Products - 7.4% | |||
Archer Daniels Midland Co. | 16,519 | 1,289,804 | |
Bunge Ltd. | 17,889 | 1,674,410 | |
Ingredion, Inc. | 17,962 | 1,907,026 | |
McCormick & Co., Inc. (non-vtg.) | 17,514 | 1,538,605 | |
Mondelez International, Inc. | 28,056 | 2,152,456 | |
Nestle SA (Reg. S) | 11,404 | 1,463,014 | |
The Hershey Co. | 7,666 | 2,093,278 | |
TreeHouse Foods, Inc. (a) | 44,939 | 2,393,002 | |
Tyson Foods, Inc. Class A | 10,709 | 669,205 | |
15,180,800 | |||
Household Products - 3.5% | |||
Colgate-Palmolive Co. | 20,651 | 1,647,950 | |
Procter & Gamble Co. | 12,021 | 1,879,844 | |
Reynolds Consumer Products, Inc. (b) | 62,143 | 1,741,868 | |
The Clorox Co. | 12,092 | 2,002,677 | |
7,272,339 | |||
Tobacco - 0.9% | |||
Philip Morris International, Inc. | 18,761 | 1,875,537 | |
TOTAL CONSUMER STAPLES | 36,612,526 | ||
ENERGY - 1.3% | |||
Oil, Gas & Consumable Fuels - 1.3% | |||
Chevron Corp. | 3,600 | 606,888 | |
Exxon Mobil Corp. | 17,000 | 2,011,780 | |
2,618,668 | |||
FINANCIALS - 14.2% | |||
Banks - 1.9% | |||
1st Source Corp. | 8,539 | 355,906 | |
Community Trust Bancorp, Inc. | 13,788 | 496,506 | |
First Interstate Bancsystem, Inc. | 44,658 | 1,142,798 | |
Heartland Financial U.S.A., Inc. | 12,297 | 400,390 | |
Preferred Bank, Los Angeles | 10,377 | 498,926 | |
Trico Bancshares | 18,801 | 673,264 | |
Univest Corp. of Pennsylvania | 22,677 | 456,261 | |
4,024,051 | |||
Capital Markets - 2.7% | |||
Cboe Global Markets, Inc. | 16,267 | 2,272,500 | |
CME Group, Inc. | 8,959 | 1,664,313 | |
Intercontinental Exchange, Inc. | 15,147 | 1,649,963 | |
5,586,776 | |||
Financial Services - 2.7% | |||
Berkshire Hathaway, Inc. Class B (a) | 6,450 | 2,119,148 | |
MasterCard, Inc. Class A | 4,695 | 1,784,241 | |
Visa, Inc. Class A | 7,601 | 1,768,981 | |
5,672,370 | |||
Insurance - 6.9% | |||
American Financial Group, Inc. | 11,144 | 1,367,703 | |
Arthur J. Gallagher & Co. | 8,085 | 1,682,165 | |
Brown & Brown, Inc. | 23,003 | 1,481,163 | |
Everest Re Group Ltd. | 1,838 | 694,764 | |
Globe Life, Inc. | 7,128 | 773,531 | |
Hartford Financial Services Group, Inc. | 14,252 | 1,011,749 | |
Marsh & McLennan Companies, Inc. | 11,664 | 2,101,736 | |
Progressive Corp. | 11,097 | 1,513,631 | |
Selective Insurance Group, Inc. | 17,626 | 1,697,913 | |
The Travelers Companies, Inc. | 10,313 | 1,868,097 | |
14,192,452 | |||
TOTAL FINANCIALS | 29,475,649 | ||
HEALTH CARE - 23.0% | |||
Biotechnology - 5.9% | |||
AbbVie, Inc. | 10,358 | 1,565,301 | |
Alkermes PLC (a) | 21,500 | 613,825 | |
Exelixis, Inc. (a) | 60,189 | 1,101,459 | |
Gilead Sciences, Inc. | 18,689 | 1,536,423 | |
Incyte Corp. (a) | 22,065 | 1,641,857 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,436 | 1,953,160 | |
United Therapeutics Corp. (a) | 5,879 | 1,352,934 | |
Vertex Pharmaceuticals, Inc. (a) | 7,212 | 2,457,345 | |
12,222,304 | |||
Health Care Equipment & Supplies - 2.2% | |||
Abbott Laboratories | 13,079 | 1,444,837 | |
Becton, Dickinson & Co. | 6,324 | 1,671,496 | |
Boston Scientific Corp. (a) | 27,632 | 1,440,180 | |
4,556,513 | |||
Health Care Providers & Services - 5.1% | |||
AmerisourceBergen Corp. | 9,238 | 1,541,360 | |
Cigna Group | 6,357 | 1,610,165 | |
CVS Health Corp. | 5,806 | 425,638 | |
Elevance Health, Inc. | 3,213 | 1,505,772 | |
Humana, Inc. | 3,974 | 2,108,167 | |
Molina Healthcare, Inc. (a) | 5,039 | 1,501,068 | |
UnitedHealth Group, Inc. | 3,821 | 1,880,276 | |
10,572,446 | |||
Life Sciences Tools & Services - 2.6% | |||
Danaher Corp. | 7,072 | 1,675,428 | |
QIAGEN NV (a) | 33,232 | 1,482,480 | |
Thermo Fisher Scientific, Inc. | 3,996 | 2,217,380 | |
5,375,288 | |||
Pharmaceuticals - 7.2% | |||
AstraZeneca PLC (United Kingdom) | 13,232 | 1,947,261 | |
Bristol-Myers Squibb Co. | 24,744 | 1,652,157 | |
Eli Lilly & Co. | 6,089 | 2,410,392 | |
Johnson & Johnson | 9,067 | 1,484,268 | |
Merck & Co., Inc. | 22,001 | 2,540,452 | |
Roche Holding AG (participation certificate) | 4,214 | 1,319,573 | |
Royalty Pharma PLC | 37,249 | 1,309,302 | |
Sanofi SA sponsored ADR | 39,887 | 2,139,938 | |
14,803,343 | |||
TOTAL HEALTH CARE | 47,529,894 | ||
INDUSTRIALS - 10.6% | |||
Aerospace & Defense - 1.7% | |||
Lockheed Martin Corp. | 3,653 | 1,696,636 | |
Northrop Grumman Corp. | 3,975 | 1,833,548 | |
3,530,184 | |||
Air Freight & Logistics - 1.5% | |||
C.H. Robinson Worldwide, Inc. | 15,300 | 1,543,311 | |
United Parcel Service, Inc. Class B | 8,226 | 1,479,117 | |
3,022,428 | |||
Commercial Services & Supplies - 2.0% | |||
Republic Services, Inc. | 13,276 | 1,919,975 | |
Waste Connections, Inc. (United States) | 15,863 | 2,207,336 | |
4,127,311 | |||
Ground Transportation - 1.1% | |||
Landstar System, Inc. | 12,571 | 2,212,873 | |
Machinery - 0.8% | |||
IDEX Corp. | 8,599 | 1,774,146 | |
Professional Services - 3.5% | |||
Booz Allen Hamilton Holding Corp. Class A | 19,501 | 1,866,636 | |
CACI International, Inc. Class A (a) | 5,172 | 1,620,491 | |
FTI Consulting, Inc. (a) | 10,050 | 1,814,025 | |
Maximus, Inc. | 15,087 | 1,262,028 | |
Science Applications International Corp. | 6,989 | 713,088 | |
7,276,268 | |||
TOTAL INDUSTRIALS | 21,943,210 | ||
INFORMATION TECHNOLOGY - 13.8% | |||
Communications Equipment - 2.0% | |||
Cisco Systems, Inc. | 34,032 | 1,608,012 | |
Juniper Networks, Inc. | 45,612 | 1,375,202 | |
Motorola Solutions, Inc. | 3,700 | 1,078,180 | |
4,061,394 | |||
Electronic Equipment, Instruments & Components - 1.9% | |||
Amphenol Corp. Class A | 6,099 | 460,292 | |
Insight Enterprises, Inc. (a) | 17,679 | 2,138,275 | |
Keyence Corp. | 3,094 | 1,391,325 | |
3,989,892 | |||
IT Services - 3.9% | |||
Accenture PLC Class A | 7,253 | 2,032,943 | |
Akamai Technologies, Inc. (a) | 16,088 | 1,318,733 | |
Amdocs Ltd. | 19,072 | 1,740,320 | |
Cognizant Technology Solutions Corp. Class A | 23,770 | 1,419,307 | |
IBM Corp. | 11,800 | 1,491,638 | |
8,002,941 | |||
Software - 5.0% | |||
Blackbaud, Inc. (a) | 10,142 | 703,398 | |
Check Point Software Technologies Ltd. (a) | 12,278 | 1,563,726 | |
Gen Digital, Inc. | 66,819 | 1,180,692 | |
Microsoft Corp. | 7,788 | 2,392,941 | |
Oracle Corp. | 16,500 | 1,562,880 | |
Roper Technologies, Inc. | 4,176 | 1,899,161 | |
SAP SE sponsored ADR | 7,770 | 1,051,048 | |
10,353,846 | |||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Apple, Inc. | 8,063 | 1,368,130 | |
FUJIFILM Holdings Corp. ADR (b) | 15,538 | 809,841 | |
2,177,971 | |||
TOTAL INFORMATION TECHNOLOGY | 28,586,044 | ||
MATERIALS - 4.0% | |||
Chemicals - 2.4% | |||
Air Products & Chemicals, Inc. | 1,900 | 559,284 | |
CF Industries Holdings, Inc. | 13,534 | 968,764 | |
Corteva, Inc. | 24,815 | 1,516,693 | |
Linde PLC | 5,386 | 1,989,858 | |
5,034,599 | |||
Containers & Packaging - 0.3% | |||
Aptargroup, Inc. | 5,218 | 618,385 | |
Metals & Mining - 1.3% | |||
Newmont Corp. | 30,700 | 1,455,180 | |
Royal Gold, Inc. | 8,614 | 1,140,838 | |
2,596,018 | |||
TOTAL MATERIALS | 8,249,002 | ||
UTILITIES - 6.3% | |||
Electric Utilities - 4.2% | |||
IDACORP, Inc. | 15,334 | 1,703,914 | |
OGE Energy Corp. | 40,453 | 1,518,606 | |
PNM Resources, Inc. | 37,335 | 1,796,934 | |
PPL Corp. | 54,537 | 1,566,303 | |
Southern Co. | 26,865 | 1,975,921 | |
8,561,678 | |||
Multi-Utilities - 2.1% | |||
NorthWestern Energy Corp. (b) | 27,237 | 1,596,633 | |
Public Service Enterprise Group, Inc. | 17,574 | 1,110,677 | |
Sempra Energy | 10,720 | 1,666,853 | |
4,374,163 | |||
TOTAL UTILITIES | 12,935,841 | ||
TOTAL COMMON STOCKS (Cost $181,389,913) | 206,096,369 | ||
Money Market Funds - 0.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (c) | 255,243 | 255,294 | |
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d) | 1,700,959 | 1,701,129 | |
TOTAL MONEY MARKET FUNDS (Cost $1,956,423) | 1,956,423 | ||
Equity Funds - 0.2% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.2% | |||
iShares MSCI USA Minimum Volatility ETF (Cost $361,066) | 5,238 | 386,669 | |
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $183,707,402) | 208,439,461 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (1,546,218) |
NET ASSETS - 100.0% | 206,893,243 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 4.88% | 1,011,280 | 67,448,328 | 68,204,314 | 19,253 | - | - | 255,294 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 8,840,657 | 61,533,009 | 68,672,537 | 6,485 | - | - | 1,701,129 | 0.0% |
Total | 9,851,937 | 128,981,337 | 136,876,851 | 25,738 | - | - | 1,956,423 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 9,566,267 | 9,566,267 | - | - |
Consumer Discretionary | 8,579,268 | 8,579,268 | - | - |
Consumer Staples | 36,612,526 | 35,149,512 | 1,463,014 | - |
Energy | 2,618,668 | 2,618,668 | - | - |
Financials | 29,475,649 | 29,475,649 | - | - |
Health Care | 47,529,894 | 44,263,060 | 3,266,834 | - |
Industrials | 21,943,210 | 21,943,210 | - | - |
Information Technology | 28,586,044 | 28,586,044 | - | - |
Materials | 8,249,002 | 8,249,002 | - | - |
Utilities | 12,935,841 | 12,935,841 | - | - |
Money Market Funds | 1,956,423 | 1,956,423 | - | - |
Equity Funds | 386,669 | 386,669 | - | - |
Total Investments in Securities: | 208,439,461 | 203,709,613 | 4,729,848 | - |
Statement of Assets and Liabilities | ||||
April 30, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,660,153) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $181,750,979) | $ | 206,483,038 | ||
Fidelity Central Funds (cost $1,956,423) | 1,956,423 | |||
Total Investment in Securities (cost $183,707,402) | $ | 208,439,461 | ||
Cash | 45,310 | |||
Receivable for fund shares sold | 86,112 | |||
Dividends receivable | 248,606 | |||
Distributions receivable from Fidelity Central Funds | 2,963 | |||
Prepaid expenses | 133 | |||
Total assets | 208,822,585 | |||
Liabilities | ||||
Payable to custodian bank | $ | 2 | ||
Payable for fund shares redeemed | 82,934 | |||
Accrued management fee | 73,348 | |||
Other affiliated payables | 37,771 | |||
Other payables and accrued expenses | 34,158 | |||
Collateral on securities loaned | 1,701,129 | |||
Total Liabilities | 1,929,342 | |||
Net Assets | $ | 206,893,243 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 184,348,157 | ||
Total accumulated earnings (loss) | 22,545,086 | |||
Net Assets | $ | 206,893,243 | ||
Net Asset Value , offering price and redemption price per share ($206,893,243 ÷ 19,993,716 shares) | $ | 10.35 |
Statement of Operations | ||||
Year ended April 30, 2023 | ||||
Investment Income | ||||
Dividends | $ | 5,802,398 | ||
Income from Fidelity Central Funds (including $6,485 from security lending) | 25,738 | |||
Total Income | 5,828,136 | |||
Expenses | ||||
Management fee | $ | 1,282,444 | ||
Transfer agent fees | 517,036 | |||
Accounting fees | 107,353 | |||
Custodian fees and expenses | 13,678 | |||
Independent trustees' fees and expenses | 1,557 | |||
Registration fees | 26,234 | |||
Audit | 42,043 | |||
Legal | 213 | |||
Miscellaneous | 1,463 | |||
Total expenses before reductions | 1,992,021 | |||
Expense reductions | (12,015) | |||
Total expenses after reductions | 1,980,006 | |||
Net Investment income (loss) | 3,848,130 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,190,774) | |||
Foreign currency transactions | (29,882) | |||
Total net realized gain (loss) | (2,220,656) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (8,992,405) | |||
Assets and liabilities in foreign currencies | 5,149 | |||
Total change in net unrealized appreciation (depreciation) | (8,987,256) | |||
Net gain (loss) | (11,207,912) | |||
Net increase (decrease) in net assets resulting from operations | $ | (7,359,782) |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2023 | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 3,848,130 | $ | 2,633,389 |
Net realized gain (loss) | (2,220,656) | 29,002,514 | ||
Change in net unrealized appreciation (depreciation) | (8,987,256) | (31,327,349) | ||
Net increase (decrease) in net assets resulting from operations | (7,359,782) | 308,554 | ||
Distributions to shareholders | (16,179,737) | (19,895,445) | ||
Share transactions | ||||
Proceeds from sales of shares | 86,979,419 | 30,830,702 | ||
Reinvestment of distributions | 16,070,098 | 19,794,049 | ||
Cost of shares redeemed | (229,448,009) | (35,905,930) | ||
Net increase (decrease) in net assets resulting from share transactions | (126,398,492) | 14,718,821 | ||
Total increase (decrease) in net assets | (149,938,011) | (4,868,070) | ||
Net Assets | ||||
Beginning of period | 356,831,254 | 361,699,324 | ||
End of period | $ | 206,893,243 | $ | 356,831,254 |
Other Information | ||||
Shares | ||||
Sold | 8,496,394 | 2,648,227 | ||
Issued in reinvestment of distributions | 1,595,671 | 1,709,270 | ||
Redeemed | (22,844,639) | (3,086,354) | ||
Net increase (decrease) | (12,752,574) | 1,271,143 | ||
Fidelity® U.S. Low Volatility Equity Fund |
Years ended April 30, | 2023 | 2022 | 2021 | 2020 A | ||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 10.90 | $ | 11.49 | $ | 9.23 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .13 | .08 | .08 | .05 | ||||
Net realized and unrealized gain (loss) | (.17) | (.03) | 2.25 | (.79) | ||||
Total from investment operations | (.04) | .05 | 2.33 | (.74) | ||||
Distributions from net investment income | (.13) | (.08) | (.07) | (.03) | ||||
Distributions from net realized gain | (.38) | (.56) | - | - | ||||
Total distributions | (.51) | (.64) | (.07) | (.03) | ||||
Net asset value, end of period | $ | 10.35 | $ | 10.90 | $ | 11.49 | $ | 9.23 |
Total Return D,E | (.22)% | .12% | 25.27% | (7.44)% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .66% | .73% | .77% | 2.28% H | ||||
Expenses net of fee waivers, if any | .66% | .72% | .77% | .95% H | ||||
Expenses net of all reductions | .66% | .72% | .77% | .95% H | ||||
Net investment income (loss) | 1.28% | .71% | .79% | 1.46% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 206,893 | $ | 356,831 | $ | 361,699 | $ | 294,690 |
Portfolio turnover rate I | 69% | 46% | 39% | 101% J,K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $32,515,545 |
Gross unrealized depreciation | (8,240,985) |
Net unrealized appreciation (depreciation) | $24,274,560 |
Tax Cost | $184,164,901 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $486,259 |
Capital loss carryforward | $(2,217,461) |
Net unrealized appreciation (depreciation) on securities and other investments | $24,276,288 |
Short-term | $(2,217,461) |
Long-term | (-) |
Total capital loss carryforward | $(2,217,461) |
April 30, 2023 | April 30, 2022 | |
Ordinary Income | $3,896,000 | $ 5,227,274 |
Long-term Capital Gains | 12,283,737 | 14,668,171 |
Total | $16,179,737 | $ 19,895,445 |
Purchases ($) | Sales ($) | |
Fidelity U.S. Low Volatility Equity Fund | 206,315,947 | 341,822,797 |
% of Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | .04 |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $ 3,802 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity U.S. Low Volatility Equity Fund | 7,326,183 | 9,293,601 | (1,591,391) |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $592 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity U.S. Low Volatility Equity Fund | $685 | $ - | $- |
VIP FundsManager 50% Portfolio | VIP FundsManager 60% Portfolio | VIP FundsManager 70% Portfolio | |
Fidelity U.S. Low Volatility Equity Fund | 27% | 36% | 12% |
Fund | % of shares held |
Fidelity U.S. Low Volatility Equity Fund | 86% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity® U.S. Low Volatility Equity Fund | .66% | |||||||||
Actual | $ 1,000 | $ 1,028.70 | $ 3.32 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Item 2.
Code of Ethics
As of the end of the period, April 30, 2023, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund and Fidelity Women’s Leadership Fund (the “Funds”):
Services Billed by Deloitte Entities
April 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $52,600 | $- | $9,700 | $1,300 |
Fidelity Short Duration High Income Fund | $55,300 | $- | $9,700 | $1,300 |
Fidelity Women’s Leadership Fund | $39,600 | $- | $7,400 | $1,000 |
April 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $52,300 | $- | $9,300 | $1,200 |
Fidelity Short Duration High Income Fund | $54,900 | $- | $9,300 | $1,300 |
Fidelity Women’s Leadership Fund | $39,200 | $- | $7,100 | $900 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Global High Income Fund, Fidelity Healthy Future Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund and Fidelity U.S. Low Volatility Equity Fund (the “Funds”):
Services Billed by PwC
April 30, 2023 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $101,000 | $8,100 | $12,200 | $2,800 |
Fidelity Focused High Income Fund | $63,200 | $5,200 | $8,800 | $1,800 |
Fidelity Global High Income Fund | $81,800 | $6,600 | $9,500 | $2,300 |
Fidelity Healthy Future Fund | $25,100 | $2,200 | $7,700 | $700 |
Fidelity High Income Fund | $85,400 | $6,700 | $14,800 | $2,300 |
Fidelity SAI High Income Fund | $79,600 | $5,900 | $15,000 | $2,000 |
Fidelity U.S. Low Volatility Equity Fund | $25,500 | $2,500 | $12,000 | $900 |
April 30, 2022 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $96,000 | $8,800 | $12,100 | $2,900 |
Fidelity Focused High Income Fund | $60,400 | $5,700 | $8,300 | $1,900 |
Fidelity Global High Income Fund | $77,900 | $5,800 | $9,600 | $1,900 |
Fidelity Healthy Future Fund | $- | $- | $- | $- |
Fidelity High Income Fund | $76,500 | $8,000 | $15,500 | $2,600 |
Fidelity SAI High Income Fund | $62,400 | $5,400 | $11,600 | $1,800 |
Fidelity U.S. Low Volatility Equity Fund | $24,400 | $2,600 | $12,100 | $900 |
A Amounts may reflect rounding.
B Fidelity Healthy Future Fund commenced operations on May 24, 2022.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
April 30, 2023A | April 30, 2022A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
April 30, 2023A,B | April 30, 2022A,B | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $353,200 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Healthy Future Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | April 30, 2023A,B | April 30, 2022A,B |
Deloitte Entities | $273,000 | $486,700 |
PwC | $13,717,800 | $13,534,700 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Healthy Future Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 22, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | June 22, 2023 |