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, MA 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: | October 31, 2023 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSRS/0000225322-23-000300/img93894_1.jpg)
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 3.5 | |
Ford Motor Credit Co. LLC | 2.2 | |
Community Health Systems, Inc. | 1.6 | |
Royal Caribbean Cruises Ltd. | 1.5 | |
SBA Communications Corp. | 1.2 | |
NOVA Chemicals Corp | 1.1 | |
Univision Communications, Inc. | 1.1 | |
DISH Network Corp. | 1.1 | |
Centennial Resource Production LLC | 1.0 | |
WASH Multifamily Acquisition Inc. | 1.0 | |
15.3 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 15.4 | |
Services | 8.1 | |
Healthcare | 6.0 | |
Chemicals | 5.9 | |
Telecommunications | 5.9 | |
Quality Diversification (% of Fund's net assets) |
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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) |
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Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 85.6% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.8% | |||
Broadcasting - 0.8% | |||
DISH Network Corp. 3.375% 8/15/26 | 4,710,000 | 2,413,875 | |
Nonconvertible Bonds - 84.8% | |||
Aerospace - 5.8% | |||
Bombardier, Inc.: | |||
6% 2/15/28 (b) | 125,000 | 110,610 | |
7.125% 6/15/26 (b) | 2,000,000 | 1,924,831 | |
7.875% 4/15/27 (b) | 1,000,000 | 962,134 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 1,255,000 | 1,237,396 | |
6.875% 5/1/25 | 1,248,000 | 1,252,420 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,300,000 | 1,231,930 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (b) | 650,000 | 648,397 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 1,235,000 | 1,147,006 | |
6.25% 3/15/26 (b) | 7,365,000 | 7,191,611 | |
6.75% 8/15/28 (b) | 2,935,000 | 2,849,836 | |
7.5% 3/15/27 | 25,000 | 24,969 | |
18,581,140 | |||
Air Transportation - 1.8% | |||
American Airlines, Inc. 7.25% 2/15/28 (b) | 380,000 | 353,333 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 2,333,333 | 2,269,047 | |
Forward Air Corp. 9.5% 10/15/31 (b) | 410,000 | 399,750 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 1,570,000 | 1,433,718 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 1,325,000 | 1,229,089 | |
Western Global Airlines LLC 10.375% (b)(c) | 250,000 | 1,875 | |
5,686,812 | |||
Automotive & Auto Parts - 2.6% | |||
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (b) | 180,000 | 175,475 | |
Ford Motor Credit Co. LLC: | |||
2.3% 2/10/25 | 540,000 | 509,739 | |
3.375% 11/13/25 | 4,700,000 | 4,386,052 | |
4.687% 6/9/25 | 455,000 | 440,298 | |
5.125% 6/16/25 | 250,000 | 243,253 | |
7.35% 11/4/27 | 1,420,000 | 1,437,286 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 485,000 | 477,749 | |
8.375% 5/1/28 (b) | 600,000 | 598,050 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (b) | 30,000 | 23,864 | |
8,291,766 | |||
Banks & Thrifts - 0.6% | |||
Ally Financial, Inc. 3.875% 5/21/24 | 970,000 | 953,819 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (b) | 1,035,000 | 796,950 | |
Western Alliance Bancorp. 3% 6/15/31 (d) | 315,000 | 240,660 | |
1,991,429 | |||
Broadcasting - 2.2% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 1,000,000 | 888,796 | |
9% 9/15/28 (b) | 1,025,000 | 998,330 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(c) | 410,000 | 4,223 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 1,130,000 | 1,119,333 | |
iHeartCommunications, Inc. 4.75% 1/15/28 (b) | 1,400,000 | 989,774 | |
Sirius XM Radio, Inc. 3.125% 9/1/26 (b) | 1,995,000 | 1,789,056 | |
Univision Communications, Inc. 6.625% 6/1/27 (b) | 1,375,000 | 1,255,920 | |
7,045,432 | |||
Building Materials - 0.4% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 245,000 | 228,463 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 355,000 | 335,653 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 545,000 | 520,392 | |
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (b) | 185,000 | 148,000 | |
SRS Distribution, Inc. 4.625% 7/1/28 (b) | 95,000 | 82,873 | |
1,315,381 | |||
Cable/Satellite TV - 1.9% | |||
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (b) | 2,425,000 | 2,232,690 | |
CSC Holdings LLC 5.25% 6/1/24 | 1,450,000 | 1,355,740 | |
DISH DBS Corp.: | |||
5.25% 12/1/26 (b) | 800,000 | 645,321 | |
5.875% 11/15/24 | 1,000,000 | 920,261 | |
7.75% 7/1/26 | 650,000 | 435,546 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 600,000 | 535,500 | |
6,125,058 | |||
Capital Goods - 0.4% | |||
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 1,300,000 | 1,183,581 | |
Chemicals - 4.7% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (b) | 205,000 | 193,100 | |
INEOS Finance PLC 6.75% 5/15/28 (b) | 1,485,000 | 1,386,592 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d) | 270,000 | 195,750 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 1,990,000 | 1,765,352 | |
Methanex Corp. 5.125% 10/15/27 | 2,400,000 | 2,188,819 | |
NOVA Chemicals Corp.: | |||
4.875% 6/1/24 (b) | 300,000 | 294,817 | |
5% 5/1/25 (b) | 3,205,000 | 3,027,000 | |
5.25% 6/1/27 (b) | 400,000 | 337,866 | |
Rhodia Acetow Management GmbH 10.5% 2/15/27 (b) | 130,000 | 127,799 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 1,995,000 | 1,722,437 | |
6.625% 5/1/29 (b) | 300,000 | 251,468 | |
SPCM SA 3.125% 3/15/27 (b) | 395,000 | 349,530 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,900,000 | 2,619,905 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 530,000 | 417,498 | |
W.R. Grace Holding LLC 7.375% 3/1/31 (b) | 180,000 | 166,729 | |
15,044,662 | |||
Consumer Products - 1.0% | |||
Coty, Inc. 5% 4/15/26 (b) | 1,100,000 | 1,050,907 | |
Gannett Holdings LLC 6% 11/1/26 (b) | 75,000 | 63,000 | |
Kohl's Corp. 4.25% 7/17/25 | 70,000 | 65,379 | |
Mattel, Inc. 5.875% 12/15/27 (b) | 460,000 | 441,009 | |
Newell Brands, Inc. 4.7% 4/1/26 | 675,000 | 637,303 | |
Tempur Sealy International, Inc. 4% 4/15/29 (b) | 865,000 | 709,641 | |
TKC Holdings, Inc. 10.5% 5/15/29 (b) | 335,000 | 267,918 | |
3,235,157 | |||
Containers - 2.9% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (b) | 610,000 | 536,127 | |
5.25% 8/15/27 (b) | 400,000 | 290,644 | |
5.25% 8/15/27 (b) | 500,000 | 363,305 | |
Ball Corp.: | |||
4% 11/15/23 | 400,000 | 399,005 | |
5.25% 7/1/25 | 1,900,000 | 1,870,354 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 1,175,000 | 1,121,173 | |
BWAY Holding Co.: | |||
7.875% 8/15/26 (b) | 525,000 | 491,725 | |
9.25% 4/15/27 (b) | 550,000 | 458,045 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 750,000 | 686,250 | |
Sealed Air Corp. 5% 4/15/29 (b) | 1,500,000 | 1,330,252 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 515,000 | 490,187 | |
Trivium Packaging Finance BV 8.5% 8/15/27 (b) | 1,250,000 | 1,042,865 | |
9,079,932 | |||
Diversified Financial Services - 3.1% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 225,000 | 198,000 | |
Freedom Mortgage Corp. 6.625% 1/15/27 (b) | 250,000 | 216,373 | |
GGAM Finance Ltd. 7.75% 5/15/26 (b) | 1,240,000 | 1,230,105 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 150,000 | 127,942 | |
HTA Group Ltd. 7% 12/18/25 (b) | 1,700,000 | 1,637,389 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 690,000 | 661,776 | |
5.25% 5/15/27 | 1,310,000 | 1,121,688 | |
6.25% 5/15/26 | 750,000 | 685,526 | |
Navient Corp.: | |||
6.125% 3/25/24 | 2,000,000 | 1,989,968 | |
6.75% 6/15/26 | 250,000 | 236,875 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 235,000 | 198,575 | |
6.125% 3/15/24 | 375,000 | 374,029 | |
6.875% 3/15/25 | 1,090,000 | 1,075,388 | |
9,753,634 | |||
Diversified Media - 0.1% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 425,000 | 346,375 | |
Energy - 15.1% | |||
Berry Petroleum Co. LLC 7% 2/15/26 (b) | 100,000 | 96,000 | |
Buckeye Partners LP: | |||
4.125% 3/1/25 (b) | 525,000 | 499,958 | |
4.125% 12/1/27 | 1,400,000 | 1,216,320 | |
California Resources Corp. 7.125% 2/1/26 (b) | 250,000 | 250,938 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp.: | |||
9.75% 7/15/28 (b) | 315,000 | 294,012 | |
11% 4/15/25 (b) | 5,000 | 5,009 | |
Centennial Resource Production LLC 5.875% 7/1/29 (b) | 3,570,000 | 3,320,100 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 625,000 | 571,059 | |
Chesapeake Energy Corp. 5.5% 2/1/26 (b) | 180,000 | 174,740 | |
Chord Energy Corp. 6.375% 6/1/26 (b) | 100,000 | 98,174 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (b) | 525,000 | 515,790 | |
Comstock Resources, Inc. 6.75% 3/1/29 (b) | 120,000 | 109,203 | |
Continental Resources, Inc. 2.268% 11/15/26 (b) | 100,000 | 88,614 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
6% 2/1/29 (b) | 560,000 | 541,800 | |
7.375% 2/1/31 (b) | 525,000 | 529,205 | |
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (b) | 2,300,000 | 2,262,217 | |
CVR Energy, Inc. 5.25% 2/15/25 (b) | 1,615,000 | 1,584,267 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 525,000 | 518,693 | |
Delek Logistics Partners LP 7.125% 6/1/28 (b) | 80,000 | 72,800 | |
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (b) | 58,500 | 60,548 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 1,400,000 | 1,316,023 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (b) | 147,000 | 143,756 | |
7.5% 6/1/27 (b) | 2,550,000 | 2,525,468 | |
EQT Corp. 3.125% 5/15/26 (b) | 175,000 | 162,073 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 1,145,000 | 1,099,488 | |
Gulfport Energy Corp. 8% 5/17/26 | 100,000 | 99,828 | |
Hess Midstream Partners LP 5.625% 2/15/26 (b) | 2,450,000 | 2,372,676 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (b) | 105,000 | 101,649 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (b) | 475,000 | 456,000 | |
Mesquite Energy, Inc. 7.25% (b)(c)(e) | 135,000 | 0 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 2,550,000 | 2,473,500 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 615,000 | 550,854 | |
6.75% 9/15/25 (b) | 1,290,000 | 1,196,777 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 1,450,000 | 1,415,462 | |
Northern Oil & Gas, Inc. 8.75% 6/15/31 (b) | 285,000 | 283,560 | |
NuStar Logistics LP 6% 6/1/26 | 150,000 | 144,729 | |
Occidental Petroleum Corp.: | |||
5.875% 9/1/25 | 1,650,000 | 1,644,275 | |
6.95% 7/1/24 | 424,000 | 425,781 | |
8.5% 7/15/27 | 750,000 | 799,103 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 1,580,000 | 1,531,510 | |
PDC Energy, Inc. 5.75% 5/15/26 | 1,750,000 | 1,742,563 | |
Precision Drilling Corp. 7.125% 1/15/26 (b) | 1,660,000 | 1,635,548 | |
Range Resources Corp. 4.875% 5/15/25 | 1,250,000 | 1,215,625 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 430,000 | 430,138 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,002,000 | 988,373 | |
SM Energy Co. 6.625% 1/15/27 | 1,156,000 | 1,123,324 | |
Southwestern Energy Co. 5.7% 1/23/25 (f) | 1,128,000 | 1,112,016 | |
Sunnova Energy Corp. 5.875% 9/1/26 (b) | 2,210,000 | 1,790,166 | |
Sunoco LP/Sunoco Finance Corp. 6% 4/15/27 | 1,010,000 | 972,521 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b) | 2,000,000 | 1,829,791 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 540,000 | 531,220 | |
Transocean, Inc. 8.75% 2/15/30 (b) | 617,500 | 615,678 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 550,000 | 534,107 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 305,000 | 299,281 | |
Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (b) | 265,000 | 249,990 | |
Western Gas Partners LP 4.65% 7/1/26 | 1,300,000 | 1,242,935 | |
47,865,235 | |||
Entertainment/Film - 0.4% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (b) | 1,450,000 | 1,325,025 | |
Environmental - 0.6% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 210,000 | 199,597 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 1,900,000 | 1,587,413 | |
1,787,010 | |||
Food & Drug Retail - 0.6% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 1,100,000 | 1,016,059 | |
6.5% 2/15/28 (b) | 985,000 | 967,066 | |
1,983,125 | |||
Food/Beverage/Tobacco - 0.8% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 1,005,000 | 777,619 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 1,100,000 | 1,028,582 | |
Post Holdings, Inc.: | |||
5.625% 1/15/28 (b) | 125,000 | 116,171 | |
5.75% 3/1/27 (b) | 596,000 | 568,171 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 100,000 | 91,750 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 95,000 | 74,754 | |
2,657,047 | |||
Gaming - 4.6% | |||
Affinity Gaming LLC 6.875% 12/15/27 (b) | 1,030,000 | 839,539 | |
Boyd Gaming Corp. 4.75% 12/1/27 | 1,300,000 | 1,182,994 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (b) | 1,350,000 | 1,328,248 | |
8.125% 7/1/27 (b) | 900,000 | 891,787 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 495,000 | 487,089 | |
Carnival Corp. 10.5% 6/1/30 (b) | 245,000 | 248,583 | |
Churchill Downs, Inc.: | |||
4.75% 1/15/28 (b) | 300,000 | 268,658 | |
6.75% 5/1/31 (b) | 495,000 | 456,638 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 500,000 | 500,001 | |
International Game Technology PLC 4.125% 4/15/26 (b) | 2,200,000 | 2,070,151 | |
Las Vegas Sands Corp. 3.5% 8/18/26 | 1,100,000 | 1,006,985 | |
Melco Resorts Finance Ltd. 5.25% 4/26/26 (b) | 200,000 | 182,994 | |
Ontario Gaming GTA LP 8% 8/1/30 (b) | 275,000 | 268,823 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b) | 95,000 | 88,398 | |
Scientific Games Corp. 7% 5/15/28 (b) | 1,000,000 | 974,788 | |
Studio City Finance Ltd. 5% 1/15/29 (b) | 225,000 | 160,521 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (b) | 715,000 | 681,947 | |
4.625% 6/15/25 (b) | 300,000 | 288,144 | |
5.625% 5/1/24 (b) | 1,000,000 | 993,144 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | |||
5.25% 5/15/27 (b) | 900,000 | 831,392 | |
5.5% 3/1/25 (b) | 1,025,000 | 1,006,329 | |
14,757,153 | |||
Healthcare - 5.0% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 562,000 | 544,795 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 1,085,000 | 935,813 | |
11% 9/30/28 (b) | 850,000 | 518,500 | |
14% 10/15/30 (b) | 197,000 | 106,096 | |
Centene Corp. 3% 10/15/30 | 210,000 | 166,147 | |
Community Health Systems, Inc.: | |||
5.625% 3/15/27 (b) | 6,050,000 | 4,915,224 | |
6.875% 4/15/29 (b) | 750,000 | 309,683 | |
HCA Holdings, Inc. 5.875% 2/15/26 | 650,000 | 644,281 | |
IQVIA, Inc. 5% 5/15/27 (b) | 1,675,000 | 1,575,813 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 650,000 | 614,250 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 235,000 | 184,653 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 1,500,000 | 1,295,640 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 65,000 | 52,152 | |
RegionalCare Hospital Partners Holdings, Inc. 11% 10/15/30 (b) | 790,000 | 743,451 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 200,000 | 142,500 | |
Surgery Center Holdings, Inc. 6.75% 7/1/25 (b) | 877,000 | 858,364 | |
Tenet Healthcare Corp. 5.125% 11/1/27 | 2,300,000 | 2,123,170 | |
15,730,532 | |||
Homebuilders/Real Estate - 3.0% | |||
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (b) | 1,050,000 | 961,434 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 230,000 | 225,975 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 1,700,000 | 1,312,625 | |
5.25% 8/1/26 | 1,285,000 | 1,106,402 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 230,000 | 218,737 | |
Service Properties Trust: | |||
4.35% 10/1/24 | 400,000 | 383,055 | |
7.5% 9/15/25 | 800,000 | 777,257 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 1,500,000 | 1,435,345 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (b) | 2,700,000 | 2,182,066 | |
6.5% 2/15/29 (b) | 1,400,000 | 909,171 | |
9,512,067 | |||
Insurance - 0.3% | |||
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (b) | 720,000 | 698,065 | |
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (b) | 30,000 | 27,398 | |
Enact Holdings, Inc. 6.5% 8/15/25 (b) | 200,000 | 196,452 | |
921,915 | |||
Leisure - 3.3% | |||
Carnival Corp. 7.625% 3/1/26 (b) | 2,430,000 | 2,362,914 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 400,000 | 359,000 | |
5.875% 2/15/27 (b) | 525,000 | 483,241 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 120,000 | 110,589 | |
5.5% 8/31/26 (b) | 1,435,000 | 1,354,181 | |
5.5% 4/1/28 (b) | 1,600,000 | 1,459,225 | |
7.25% 1/15/30 (b) | 445,000 | 438,981 | |
11.625% 8/15/27 (b) | 1,500,000 | 1,627,133 | |
Six Flags Entertainment Corp. 5.5% 4/15/27 (b) | 1,500,000 | 1,365,555 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,000,000 | 982,500 | |
10,543,319 | |||
Metals/Mining - 2.0% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 110,000 | 108,625 | |
Cleveland-Cliffs, Inc. 6.75% 4/15/30 (b) | 195,000 | 180,802 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 340,000 | 288,419 | |
First Quantum Minerals Ltd. 6.875% 3/1/26 (b) | 960,000 | 842,160 | |
Howmet Aerospace, Inc. 5.125% 10/1/24 | 166,000 | 164,008 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 2,355,000 | 2,191,832 | |
Mineral Resources Ltd. 9.25% 10/1/28 (b) | 185,000 | 185,000 | |
Novelis Corp. 3.25% 11/15/26 (b) | 2,550,000 | 2,269,862 | |
6,230,708 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 2,500,000 | 2,362,490 | |
Restaurants - 0.9% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 675,000 | 602,638 | |
5.75% 4/15/25 (b) | 1,000,000 | 991,830 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 55,000 | 56,747 | |
Yum! Brands, Inc. 3.875% 11/1/23 | 1,225,000 | 1,225,000 | |
2,876,215 | |||
Services - 6.6% | |||
AECOM 5.125% 3/15/27 | 2,505,000 | 2,364,973 | |
APX Group, Inc. 6.75% 2/15/27 (b) | 1,505,000 | 1,452,942 | |
Aramark Services, Inc. 5% 4/1/25 (b) | 1,025,000 | 1,001,951 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 2,065,000 | 2,049,513 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 35,000 | 30,406 | |
8.25% 4/15/26 | 1,465,000 | 1,483,208 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 590,000 | 467,575 | |
Iron Mountain, Inc. 4.875% 9/15/27 (b) | 1,300,000 | 1,188,366 | |
Life Time, Inc. 5.75% 1/15/26 (b) | 1,125,000 | 1,089,437 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 360,000 | 317,718 | |
PowerTeam Services LLC 9.033% 12/4/25 (b) | 365,000 | 328,500 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 875,000 | 848,844 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (b) | 2,200,000 | 1,972,950 | |
Sotheby's 7.375% 10/15/27 (b) | 465,000 | 415,285 | |
TriNet Group, Inc. 7.125% 8/15/31 (b) | 510,000 | 493,078 | |
Uber Technologies, Inc. 7.5% 9/15/27 (b) | 925,000 | 927,324 | |
United Rentals North America, Inc. 3.875% 11/15/27 | 1,500,000 | 1,376,833 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 3,440,000 | 3,182,000 | |
20,990,903 | |||
Super Retail - 1.3% | |||
At Home Group, Inc. 4.875% 7/15/28 (b) | 60,000 | 20,400 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 80,000 | 45,032 | |
5.5% 4/15/27 (b) | 200,000 | 132,608 | |
5.875% 10/1/28 (b) | 115,000 | 66,671 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (b) | 817,000 | 808,340 | |
8.5% 10/30/25 (b) | 741,000 | 728,959 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 900,000 | 826,933 | |
Staples, Inc. 7.5% 4/15/26 (b) | 1,900,000 | 1,549,818 | |
Upbound Group, Inc. 6.375% 2/15/29 (b) | 30,000 | 25,800 | |
4,204,561 | |||
Technology - 4.3% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 1,280,000 | 1,008,000 | |
Camelot Finance SA 4.5% 11/1/26 (b) | 2,600,000 | 2,403,412 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 1,005,000 | 992,671 | |
CommScope, Inc. 6% 3/1/26 (b) | 775,000 | 650,985 | |
Elastic NV 4.125% 7/15/29 (b) | 225,000 | 189,622 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 175,000 | 156,710 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 85,000 | 76,925 | |
Open Text Corp. 3.875% 2/15/28 (b) | 1,700,000 | 1,477,427 | |
Qorvo, Inc. 4.375% 10/15/29 | 1,350,000 | 1,172,169 | |
Seagate HDD Cayman 8.25% 12/15/29 (b) | 165,000 | 167,677 | |
Sensata Technologies BV 5% 10/1/25 (b) | 2,300,000 | 2,236,217 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 2,000,000 | 1,876,544 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 625,000 | 511,609 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 50,000 | 39,565 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 875,000 | 774,874 | |
13,734,407 | |||
Telecommunications - 5.5% | |||
Altice Financing SA 5% 1/15/28 (b) | 1,400,000 | 1,138,573 | |
Altice France SA 8.125% 2/1/27 (b) | 410,000 | 345,629 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 25,000 | 21,370 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 1,800,000 | 1,701,000 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 1,060,000 | 798,509 | |
Hughes Satellite Systems Corp. 5.25% 8/1/26 | 1,400,000 | 1,258,978 | |
Level 3 Financing, Inc. 10.5% 5/15/30 (b) | 260,000 | 260,204 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (b) | 95,000 | 84,788 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 2,402,000 | 2,150,126 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (b) | 25,000 | 23,732 | |
SBA Communications Corp. 3.875% 2/15/27 | 4,200,000 | 3,824,919 | |
T-Mobile U.S.A., Inc.: | |||
2.25% 2/15/26 | 1,210,000 | 1,112,935 | |
2.625% 4/15/26 | 320,000 | 295,731 | |
Telecom Italia SpA 5.303% 5/30/24 (b) | 2,150,000 | 2,108,359 | |
ViaSat, Inc. 5.625% 9/15/25 (b) | 1,500,000 | 1,393,485 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 1,200,000 | 903,171 | |
17,421,509 | |||
Transportation Ex Air/Rail - 0.4% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 70,000 | 57,225 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 790,000 | 606,056 | |
XPO, Inc. 6.25% 6/1/28 (b) | 470,000 | 450,288 | |
1,113,569 | |||
Utilities - 1.9% | |||
Calpine Corp. 5.125% 3/15/28 (b) | 750,000 | 671,199 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,157,000 | 2,033,102 | |
NextEra Energy Partners LP: | |||
4.25% 7/15/24 (b) | 500,000 | 490,383 | |
4.25% 9/15/24 (b) | 41,000 | 38,745 | |
PG&E Corp. 5% 7/1/28 | 1,210,000 | 1,096,194 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (b) | 120,000 | 114,474 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 825,000 | 754,699 | |
5.625% 2/15/27 (b) | 805,000 | 757,516 | |
7.75% 10/15/31 (b) | 30,000 | 28,957 | |
5,985,269 | |||
TOTAL NONCONVERTIBLE BONDS | 269,682,418 | ||
TOTAL CORPORATE BONDS (Cost $281,485,653) | 272,096,293 | ||
Common Stocks - 0.1% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.0% | |||
Lime Tree Bay Ltd. (e)(g) | 80 | 4,095 | |
Energy - 0.1% | |||
California Resources Corp. warrants 10/27/24 (g) | 2 | 36 | |
Forbes Energy Services Ltd. (e)(g) | 6,468 | 0 | |
Mesquite Energy, Inc. (e)(g) | 1,922 | 152,615 | |
TOTAL ENERGY | 152,651 | ||
TOTAL COMMON STOCKS (Cost $364,526) | 156,746 | ||
Bank Loan Obligations - 12.7% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.3% | |||
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9485% 6/3/28 (d)(h)(i) | 1,190,840 | 1,095,573 | |
Broadcasting - 0.7% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(h)(i) | 196,992 | 2,094 | |
Univision Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 1/31/29 (d)(h)(i) | 2,335,984 | 2,294,381 | |
TOTAL BROADCASTING | 2,296,475 | ||
Building Materials - 0.6% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (d)(h)(i) | 615,648 | 487,390 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9901% 4/29/29 (d)(h)(i) | 495,000 | 481,595 | |
SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/4/28 (d)(h)(i) | 857,248 | 835,816 | |
TOTAL BUILDING MATERIALS | 1,804,801 | ||
Chemicals - 1.2% | |||
ARC Falcon I, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 9/30/28 (d)(h)(i) | 397,212 | 381,736 | |
Aruba Investment Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 11/24/27 (d)(h)(i) | 367,405 | 360,975 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (d)(h)(i) | 367,500 | 340,658 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 10.0332% 3/15/29 (d)(h)(i) | 397,222 | 366,239 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (d)(h)(i) | 714,702 | 695,941 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.6307% 3/16/27 (d)(h)(i) | 32,076 | 31,615 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.4017% 9/22/28 (d)(h)(i) | 1,509,449 | 1,478,007 | |
TOTAL CHEMICALS | 3,655,171 | ||
Consumer Products - 0.0% | |||
Conair Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.4017% 5/17/28 (d)(h)(i) | 24,500 | 22,650 | |
TKC Holdings, Inc. 1LN, term loan 13.5% 2/14/27 (d)(i) | 227,378 | 102,320 | |
TOTAL CONSUMER PRODUCTS | 124,970 | ||
Diversified Financial Services - 0.8% | |||
Broadstreet Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 1/27/27 (d)(h)(i) | 341,162 | 337,293 | |
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.3796% 4/21/28 (d)(h)(i) | 2,286,568 | 2,234,160 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 2,571,453 | ||
Energy - 0.0% | |||
Forbes Energy Services LLC Tranche B, term loan 0% (c)(e)(i) | 60,604 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(i) | 35,876 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(i) | 15,000 | 0 | |
TOTAL ENERGY | 0 | ||
Environmental - 0.2% | |||
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6886% 6/28/28 (d)(h)(i) | 687,750 | 672,276 | |
Food/Beverage/Tobacco - 0.3% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6769% 5/16/29 (d)(h)(i) | 990,000 | 955,350 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.9017% 3/31/28 (d)(h)(i) | 53,763 | 50,855 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 1,006,205 | ||
Gaming - 0.1% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3241% 1/27/29 (d)(h)(i) | 319,217 | 311,757 | |
Healthcare - 1.0% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (d)(h)(i) | 1,756,276 | 1,011,106 | |
Confluent Health LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4306% 11/30/28 (d)(h)(i) | 14,790 | 13,921 | |
Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 5/4/28 (d)(h)(i) | 19,550 | 19,460 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 5/5/28 (d)(h)(i) | 48,440 | 48,413 | |
MED ParentCo LP 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6886% 8/31/26 (d)(h)(i) | 440,698 | 415,172 | |
Medical Solutions Holdings, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7725% 11/1/28 (d)(h)(i) | 394,317 | 366,715 | |
Mozart Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 10/23/28 (d)(h)(i) | 113,275 | 112,497 | |
Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4505% 6/2/28 (d)(h)(i) | 804,266 | 801,652 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.1517% 11/30/27 (d)(h)(i) | 14,698 | 14,496 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 11/15/28 (d)(h)(i) | 59,100 | 58,346 | |
RadNet Management, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4306% 4/23/28 (d)(h)(i) | 327,642 | 326,096 | |
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6791% 10/1/28 (d)(h)(i) | 29,400 | 25,464 | |
TOTAL HEALTHCARE | 3,213,338 | ||
Homebuilders/Real Estate - 0.5% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (d)(e)(h)(i) | 1,505,418 | 1,454,685 | |
Hotels - 0.0% | |||
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.1886% 8/2/28 (d)(h)(i) | 49,000 | 48,947 | |
Insurance - 0.7% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9386% 11/5/27 (d)(h)(i) | 287,748 | 286,618 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (d)(h)(i) | 179,178 | 178,488 | |
AssuredPartners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 2/13/27 (d)(h)(i) | 480,856 | 476,317 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4241% 8/19/28 (d)(h)(i) | 367,481 | 350,077 | |
USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1401% 11/22/29 (d)(h)(i) | 992,481 | 988,968 | |
TOTAL INSURANCE | 2,280,468 | ||
Leisure - 0.1% | |||
Hayward Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1894% 5/28/28 (d)(h)(i) | 391,000 | 383,528 | |
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6517% 5/12/28 (d)(h)(i) | 24,438 | 23,684 | |
TOTAL LEISURE | 407,212 | ||
Paper - 0.9% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (d)(h)(i) | 3,027,844 | 2,924,655 | |
Railroad - 0.1% | |||
Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.4901% 12/30/26 (d)(h)(i) | 322,674 | 322,271 | |
Services - 1.5% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/21/28 (d)(h)(i) | 563,068 | 561,357 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 5/14/28 (d)(h)(i) | 1,460,746 | 1,384,612 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (d)(h)(i) | 20,000 | 16,817 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (d)(h)(i) | 884,092 | 820,827 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (d)(h)(i) | 265,000 | 255,063 | |
CHG Healthcare Services, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 9/30/28 (d)(h)(i) | 14,700 | 14,533 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (d)(h)(i) | 49,000 | 44,485 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (d)(h)(i) | 999,425 | 871,379 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (d)(h)(i) | 895,010 | 762,996 | |
TOTAL SERVICES | 4,732,069 | ||
Super Retail - 0.9% | |||
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (d)(h)(i) | 1,156,333 | 1,145,972 | |
Empire Today LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4531% 4/1/28 (d)(h)(i) | 489,975 | 377,075 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (d)(h)(i) | 1,356,528 | 1,288,701 | |
TOTAL SUPER RETAIL | 2,811,748 | ||
Technology - 1.2% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5401% 2/16/28 (d)(h)(i) | 10,156 | 9,991 | |
Aptean, Inc. 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.4241% 4/23/27 (d)(h)(i) | 200,000 | 186,000 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (d)(h)(i) | 2,328,348 | 2,252,258 | |
Ceridian HCM Holding, Inc. Tranche B, term loan CME Term SOFR 1 Month Index + 2.500% 7.9386% 4/30/25 (d)(h)(i) | 367,167 | 366,708 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan CME Term SOFR 1 Month Index + 6.750% 12.1886% 3/31/29 (d)(h)(i) | 80,000 | 71,100 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1998% 3/31/28 (d)(h)(i) | 14,663 | 14,171 | |
Electro Rent Corp. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.0023% 11/1/24 (d)(h)(i) | 388,512 | 361,316 | |
Maverick Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.2832% 5/18/28 (d)(h)(i) | 294,019 | 286,913 | |
Park Place Technologies LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4241% 11/10/27 (d)(h)(i) | 341,250 | 333,429 | |
TOTAL TECHNOLOGY | 3,881,886 | ||
Telecommunications - 0.4% | |||
Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.699% 11/30/27 (d)(h)(i) | 480,147 | 474,246 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 10/2/27 (d)(h)(i) | 250,000 | 224,095 | |
Northwest Fiber LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.3898% 4/30/27 (d)(h)(i) | 151,125 | 148,551 | |
Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6741% 9/21/27 (d)(h)(i) | 341,049 | 314,475 | |
TOTAL TELECOMMUNICATIONS | 1,161,367 | ||
Textiles/Apparel - 0.5% | |||
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6886% 4/16/28 (d)(h)(i) | 1,604,819 | 1,571,391 | |
Utilities - 0.7% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0741% 8/1/25 (d)(h)(i) | 603,800 | 603,969 | |
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 10.6517% 2/15/24 (d)(h)(i) | 458,407 | 420,446 | |
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (d)(h)(i) | 1,118,619 | 1,115,822 | |
TOTAL UTILITIES | 2,140,237 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $41,236,184) | 40,488,955 | ||
Preferred Securities - 0.5% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.2% | |||
Ally Financial, Inc.: | |||
4.7% (d)(j) | 220,000 | 144,993 | |
4.7% (d)(j) | 230,000 | 136,567 | |
Wells Fargo & Co. 7.625% (d)(j) | 290,000 | 293,126 | |
TOTAL BANKS & THRIFTS | 574,686 | ||
Diversified Financial Services - 0.1% | |||
Charles Schwab Corp. 5.375% (d)(j) | 515,000 | 493,661 | |
Energy - 0.2% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (d)(h)(j) | 625,000 | 602,033 | |
TOTAL PREFERRED SECURITIES (Cost $1,598,663) | 1,670,380 | ||
Money Market Funds - 0.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (k) (Cost $810,744) | 810,621 | 810,783 | |
TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $325,495,770) | 315,223,157 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | 2,696,556 |
NET ASSETS - 100.0% | 317,919,713 |
(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 $195,144,776 or 61.4% of net assets. |
(c) | Non-income producing - Security is in default. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Level 3 security |
(f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(g) | Non-income producing |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 35,169,742 | 88,424,340 | 122,783,299 | 827,776 | - | - | 810,783 | 0.0% |
Total | 35,169,742 | 88,424,340 | 122,783,299 | 827,776 | - | - | 810,783 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 152,651 | 36 | - | 152,615 |
Financials | 4,095 | - | - | 4,095 |
Corporate Bonds | 272,096,293 | - | 272,096,293 | - |
Bank Loan Obligations | 40,488,955 | - | 39,034,270 | 1,454,685 |
Preferred Securities | 1,670,380 | - | 1,670,380 | - |
Money Market Funds | 810,783 | 810,783 | - | - |
Total Investments in Securities: | 315,223,157 | 810,819 | 312,800,943 | 1,611,395 |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $324,685,026) | $ | 314,412,374 | ||
Fidelity Central Funds (cost $810,744) | 810,783 | |||
Total Investment in Securities (cost $325,495,770) | $ | 315,223,157 | ||
Cash | 265,947 | |||
Receivable for investments sold | 66,596,022 | |||
Receivable for fund shares sold | 2,828,743 | |||
Interest receivable | 5,461,877 | |||
Distributions receivable from Fidelity Central Funds | 130,690 | |||
Prepaid expenses | 685 | |||
Receivable from investment adviser for expense reductions | 12,772 | |||
Other receivables | 728 | |||
Total assets | 390,520,621 | |||
Liabilities | ||||
Payable for investments purchased | $ | 786,014 | ||
Payable for fund shares redeemed | 29,107,306 | |||
Distributions payable | 209,466 | |||
Accrued management fee | 237,419 | |||
Distribution and service plan fees payable | 7,661 | |||
Notes payable to affiliates | 42,146,000 | |||
Other affiliated payables | 57,468 | |||
Other payables and accrued expenses | 49,574 | |||
Total Liabilities | 72,600,908 | |||
Net Assets | $ | 317,919,713 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 339,792,821 | ||
Total accumulated earnings (loss) | (21,873,108) | |||
Net Assets | $ | 317,919,713 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($24,238,420 ÷ 2,851,139 shares)(a) | $ | 8.50 | ||
Maximum offering price per share (100/96.00 of $8.50) | $ | 8.85 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,006,777 ÷ 236,084 shares)(a) | $ | 8.50 | ||
Maximum offering price per share (100/96.00 of $8.50) | $ | 8.85 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,822,605 ÷ 331,971 shares)(a) | $ | 8.50 | ||
Short Duration High Income : | ||||
Net Asset Value, offering price and redemption price per share ($273,925,947 ÷ 32,219,564 shares) | $ | 8.50 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($6,163,510 ÷ 724,922 shares) | $ | 8.50 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($8,762,454 ÷ 1,030,271 shares) | $ | 8.50 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 95,971 | ||
Interest | 19,230,913 | |||
Income from Fidelity Central Funds | 827,776 | |||
Total Income | 20,154,660 | |||
Expenses | ||||
Management fee | $ | 1,397,583 | ||
Transfer agent fees | 231,501 | |||
Distribution and service plan fees | 45,523 | |||
Accounting fees and expenses | 105,480 | |||
Custodian fees and expenses | 6,638 | |||
Independent trustees' fees and expenses | 1,252 | |||
Registration fees | 94,391 | |||
Audit | 35,036 | |||
Legal | (5,949) | |||
Interest | 6,515 | |||
Miscellaneous | 813 | |||
Total expenses before reductions | 1,918,783 | |||
Expense reductions | (20,164) | |||
Total expenses after reductions | 1,898,619 | |||
Net Investment income (loss) | 18,256,041 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (7,688,886) | |||
Foreign currency transactions | (1) | |||
Total net realized gain (loss) | (7,688,887) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (6,363,081) | |||
Net gain (loss) | (14,051,968) | |||
Net increase (decrease) in net assets resulting from operations | $ | 4,204,073 |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 18,256,041 | $ | 18,111,555 |
Net realized gain (loss) | (7,688,887) | (2,582,867) | ||
Change in net unrealized appreciation (depreciation) | (6,363,081) | 2,108,837 | ||
Net increase (decrease) in net assets resulting from operations | 4,204,073 | 17,637,525 | ||
Distributions to shareholders | (14,393,905) | (15,367,826) | ||
Share transactions - net increase (decrease) | (174,398,529) | 372,738,743 | ||
Total increase (decrease) in net assets | (184,588,361) | 375,008,442 | ||
Net Assets | ||||
Beginning of period | 502,508,074 | 127,499,632 | ||
End of period | $ | 317,919,713 | $ | 502,508,074 |
Fidelity Advisor® Short Duration High Income Fund Class A |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .296 | .502 | .307 | .300 | .348 | .409 | ||||||
Net realized and unrealized gain (loss) | (.224) | (.429) | (.546) | .651 | (.571) | .004 | ||||||
Total from investment operations | .072 | .073 | (.239) | .951 | (.223) | .413 | ||||||
Distributions from net investment income | (.232) | (.393) | (.301) | (.301) | (.347) | (.393) | ||||||
Total distributions | (.232) | (.393) | (.301) | (.301) | (.347) | (.393) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D,E | .83% | .93% | (2.60)% | 10.83% | (2.47)% | 4.52% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.04% H | 1.10% | 1.13% | 1.15% | 1.15% | 1.15% | ||||||
Expenses net of fee waivers, if any | 1.00% H | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | ||||||
Expenses net of all reductions | 1.00% H | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | ||||||
Net investment income (loss) | 6.86% H | 5.81% | 3.27% | 3.21% | 3.74% | 4.37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 24,238 | $ | 21,379 | $ | 22,554 | $ | 17,126 | $ | 12,603 | $ | 15,050 |
Portfolio turnover rate I | 31% H | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class M |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .297 | .502 | .307 | .300 | .348 | .408 | ||||||
Net realized and unrealized gain (loss) | (.225) | (.429) | (.546) | .661 | (.581) | .005 | ||||||
Total from investment operations | .072 | .073 | (.239) | .961 | (.233) | .413 | ||||||
Distributions from net investment income | (.232) | (.393) | (.301) | (.301) | (.347) | (.393) | ||||||
Total distributions | (.232) | (.393) | (.301) | (.301) | (.347) | (.393) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 |
Total Return C,D,E | .83% | .93% | (2.60)% | 10.96% | (2.58)% | 4.52% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.05% H | 1.12% | 1.13% | 1.17% | 1.16% | 1.16% | ||||||
Expenses net of fee waivers, if any | 1.00% H | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | ||||||
Expenses net of all reductions | 1.00% H | 1.00% | 1.01% | 1.05% | 1.05% | 1.05% | ||||||
Net investment income (loss) | 6.86% H | 5.81% | 3.27% | 3.21% | 3.74% | 4.37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,007 | $ | 2,318 | $ | 2,812 | $ | 2,289 | $ | 2,106 | $ | 2,537 |
Portfolio turnover rate I | 31% H | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class C |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .265 | .439 | .237 | .230 | .278 | .338 | ||||||
Net realized and unrealized gain (loss) | (.226) | (.430) | (.546) | .651 | (.571) | .005 | ||||||
Total from investment operations | .039 | .009 | (.309) | .881 | (.293) | .343 | ||||||
Distributions from net investment income | (.199) | (.329) | (.231) | (.231) | (.277) | (.323) | ||||||
Total distributions | (.199) | (.329) | (.231) | (.231) | (.277) | (.323) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D,E | .45% | .18% | (3.33)% | 10.01% | (3.20)% | 3.74% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.82% H | 1.90% | 1.91% | 1.94% | 1.93% | 1.92% | ||||||
Expenses net of fee waivers, if any | 1.75% H | 1.75% | 1.76% | 1.80% | 1.80% | 1.80% | ||||||
Expenses net of all reductions | 1.75% H | 1.75% | 1.76% | 1.80% | 1.80% | 1.80% | ||||||
Net investment income (loss) | 6.11% H | 5.06% | 2.52% | 2.46% | 2.99% | 3.61% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,823 | $ | 2,795 | $ | 3,884 | $ | 4,018 | $ | 4,017 | $ | 4,541 |
Portfolio turnover rate I | 31% H | 14% | 42% | 74% | 77% | 33% |
Fidelity® Short Duration High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .310 | .523 | .331 | .323 | .372 | .431 | ||||||
Net realized and unrealized gain (loss) | (.226) | (.428) | (.546) | .651 | (.572) | .006 | ||||||
Total from investment operations | .084 | .095 | (.215) | .974 | (.200) | .437 | ||||||
Distributions from net investment income | (.244) | (.415) | (.325) | (.324) | (.370) | (.417) | ||||||
Total distributions | (.244) | (.415) | (.325) | (.324) | (.370) | (.417) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D | .96% | 1.18% | (2.35)% | 11.11% | (2.23)% | 4.78% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .73% G | .76% | .83% | .87% | .86% | .86% | ||||||
Expenses net of fee waivers, if any | .72% G | .75% | .75% | .80% | .80% | .80% | ||||||
Expenses net of all reductions | .72% G | .75% | .75% | .80% | .80% | .80% | ||||||
Net investment income (loss) | 7.13% G | 6.06% | 3.52% | 3.46% | 3.99% | 4.61% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 273,926 | $ | 460,873 | $ | 87,949 | $ | 83,066 | $ | 63,703 | $ | 88,429 |
Portfolio turnover rate H | 31% G | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class I |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .306 | .524 | .331 | .323 | .372 | .430 | ||||||
Net realized and unrealized gain (loss) | (.223) | (.429) | (.546) | .651 | (.572) | .007 | ||||||
Total from investment operations | .083 | .095 | (.215) | .974 | (.200) | .437 | ||||||
Distributions from net investment income | (.243) | (.415) | (.325) | (.324) | (.370) | (.417) | ||||||
Total distributions | (.243) | (.415) | (.325) | (.324) | (.370) | (.417) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Total Return C,D | .95% | 1.18% | (2.35)% | 11.11% | (2.23)% | 4.78% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .76% G | .84% | .88% | .92% | .89% | .89% | ||||||
Expenses net of fee waivers, if any | .75% G | .75% | .76% | .80% | .80% | .80% | ||||||
Expenses net of all reductions | .75% G | .75% | .76% | .80% | .80% | .80% | ||||||
Net investment income (loss) | 7.11% G | 6.06% | 3.52% | 3.46% | 3.99% | 4.60% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 6,164 | $ | 4,855 | $ | 5,055 | $ | 5,023 | $ | 3,950 | $ | 4,060 |
Portfolio turnover rate H | 31% G | 14% | 42% | 74% | 77% | 33% |
Fidelity Advisor® Short Duration High Income Fund Class Z |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 | $ | 9.46 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .312 | .531 | .339 | .331 | .378 | .261 | ||||||
Net realized and unrealized gain (loss) | (.226) | (.428) | (.546) | .652 | (.579) | (.016) | ||||||
Total from investment operations | .086 | .103 | (.207) | .983 | (.201) | .245 | ||||||
Distributions from net investment income | (.246) | (.423) | (.333) | (.333) | (.379) | (.255) | ||||||
Total distributions | (.246) | (.423) | (.333) | (.333) | (.379) | (.255) | ||||||
Net asset value, end of period | $ | 8.50 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 |
Total Return D,E | 1.00% | 1.27% | (2.27)% | 11.21% | (2.24)% | 2.67% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .69% H | .75% | .78% | .80% | .80% | .82% H | ||||||
Expenses net of fee waivers, if any | .66% H | .66% | .66% | .71% | .71% | .71% H | ||||||
Expenses net of all reductions | .66% H | .66% | .66% | .71% | .71% | .71% H | ||||||
Net investment income (loss) | 7.20% H | 6.15% | 3.61% | 3.55% | 4.08% | 4.86% H | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 8,762 | $ | 10,289 | $ | 5,246 | $ | 3,815 | $ | 2,031 | $ | 425 |
Portfolio turnover rate I | 31% H | 14% | 42% | 74% | 77% | 33% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $4,815,465 |
Gross unrealized depreciation | (10,591,968) |
Net unrealized appreciation (depreciation) | $(5,776,503) |
Tax cost | $320,999,660 |
Short-term | $(4,879,806) |
Long-term | (5,807,839) |
Total capital loss carryforward | $(10,687,645) |
Purchases ($) | Sales ($) | |
Fidelity Short Duration High Income Fund | 69,949,658 | 206,544,623 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $28,058 | $1,594 |
Class M | - % | .25% | 2,677 | - |
Class C | .75% | .25% | 14,788 | 2,204 |
$45,523 | $3,798 |
Retained by FDC | |
Class A | $4,237 |
Class M | 54 |
Class C A | 37 |
$4,328 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $16,497 | .15 |
Class M | 1,780 | .17 |
Class C | 2,712 | .18 |
Short Duration High Income | 204,930 | .09 |
Class I | 2,951 | .11 |
Class Z | 2,631 | .05 |
$231,501 |
% of Class-Level Average Net Assets | |
Class A | 0.1459 |
Class M | 0.1577 |
Class C | 0.1792 |
Short Duration High Income | 0.1120 |
Class I | 0.0869 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | .04 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | 0.0413 |
Amount | |
Fidelity Short Duration High Income Fund | $5 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Short Duration High Income Fund | Borrower | $42,146,000 | 5.57% | $6,515 |
Amount | |
Fidelity Short Duration High Income Fund | $421 |
Expense Limitations | Reimbursement | |
Class A | 1.00% | $4,012 |
Class M | 1.00% | 572 |
Class C | 1.75% | 974 |
Class I | .75% | 106 |
Class Z | .66% | 1,578 |
$7,242 |
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity Short Duration High Income Fund | ||
Distributions to shareholders | ||
Class A | $604,374 | $977,618 |
Class M | 57,586 | 110,316 |
Class C | 68,495 | 119,358 |
Short Duration High Income | 13,214,376 | 13,395,089 |
Class I | 148,300 | 233,578 |
Class Z | 300,774 | 531,867 |
Total | $14,393,905 | $15,367,826 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2023 | Year ended April 30, 2023 | Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity Short Duration High Income Fund | ||||
Class A | ||||
Shares sold | 595,110 | 610,442 | $5,116,241 | $5,296,397 |
Reinvestment of distributions | 68,986 | 111,049 | 593,502 | 957,537 |
Shares redeemed | (281,547) | (764,843) | (2,428,010) | (6,627,528) |
Net increase (decrease) | 382,549 | (43,352) | $3,281,733 | $(373,594) |
Class M | ||||
Shares sold | 13,627 | 128,913 | $117,620 | $1,113,204 |
Reinvestment of distributions | 6,525 | 12,392 | 56,142 | 106,876 |
Shares redeemed | (51,711) | (186,791) | (446,128) | (1,605,675) |
Net increase (decrease) | (31,559) | (45,486) | $(272,366) | $(385,595) |
Class C | ||||
Shares sold | 80,751 | 110,217 | $695,528 | $951,412 |
Reinvestment of distributions | 7,829 | 13,729 | 67,382 | 118,460 |
Shares redeemed | (79,299) | (233,652) | (683,316) | (2,022,594) |
Net increase (decrease) | 9,281 | (109,706) | $79,594 | $(952,722) |
Short Duration High Income | ||||
Shares sold | 9,897,411 | 51,006,236 | $85,262,001 | $434,795,776 |
Reinvestment of distributions | 1,371,744 | 1,386,203 | 11,803,781 | 11,955,926 |
Shares redeemed | (32,263,340) | (8,974,356) | (274,645,744) | (77,559,285) |
Net increase (decrease) | (20,994,185) | 43,418,083 | $(177,579,962) | $369,192,417 |
Class I | ||||
Shares sold | 314,018 | 227,106 | $2,707,031 | $1,961,038 |
Reinvestment of distributions | 16,124 | 24,795 | 138,675 | 213,807 |
Shares redeemed | (165,749) | (254,191) | (1,422,743) | (2,192,726) |
Net increase (decrease) | 164,393 | (2,290) | $1,422,963 | $(17,881) |
Class Z | ||||
Shares sold | 324,231 | 1,699,944 | $2,791,119 | $14,714,297 |
Reinvestment of distributions | 33,334 | 48,777 | 286,920 | 420,604 |
Shares redeemed | (514,819) | (1,145,441) | (4,408,530) | (9,858,783) |
Net increase (decrease) | (157,254) | 603,280 | $(1,330,491) | $5,276,118 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Short Duration High Income Fund | ||||||||||
Class A | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,008.30 | $ 5.05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.11 | $ 5.08 | |||||||
Class M | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,008.30 | $ 5.05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.11 | $ 5.08 | |||||||
Class C | 1.75% | |||||||||
Actual | $ 1,000 | $ 1,004.50 | $ 8.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.34 | $ 8.87 | |||||||
Fidelity® Short Duration High Income Fund | .72% | |||||||||
Actual | $ 1,000 | $ 1,009.60 | $ 3.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
Class I | .75% | |||||||||
Actual | $ 1,000 | $ 1,009.50 | $ 3.79 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 1,010.00 | $ 3.33 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.82 | $ 3.35 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 4.4 | |
Accenture PLC Class A | 2.4 | |
Amazon.com, Inc. | 2.4 | |
Apple, Inc. | 2.2 | |
Adobe, Inc. | 1.9 | |
NVIDIA Corp. | 1.9 | |
Salesforce, Inc. | 1.9 | |
Intuit, Inc. | 1.9 | |
MasterCard, Inc. Class A | 1.8 | |
Hologic, Inc. | 1.6 | |
22.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 24.0 | |
Financials | 14.0 | |
Health Care | 13.3 | |
Industrials | 12.5 | |
Consumer Discretionary | 11.4 | |
Communication Services | 6.0 | |
Energy | 4.1 | |
Consumer Staples | 3.8 | |
Materials | 3.7 | |
Utilities | 2.9 | |
Real Estate | 2.1 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 97.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 6.0% | |||
Entertainment - 2.9% | |||
Netflix, Inc. (a) | 4,619 | 1,901,596 | |
The Walt Disney Co. (a) | 25,155 | 2,052,396 | |
3,953,992 | |||
Interactive Media & Services - 1.8% | |||
Alphabet, Inc. Class A (a) | 14,686 | 1,822,239 | |
Bumble, Inc. (a) | 40,104 | 538,998 | |
2,361,237 | |||
Media - 1.3% | |||
Interpublic Group of Companies, Inc. | 61,225 | 1,738,790 | |
TOTAL COMMUNICATION SERVICES | 8,054,019 | ||
CONSUMER DISCRETIONARY - 11.4% | |||
Automobiles - 0.4% | |||
General Motors Co. | 22,722 | 640,760 | |
Broadline Retail - 3.7% | |||
Amazon.com, Inc. (a) | 23,984 | 3,192,031 | |
Etsy, Inc. (a) | 15,542 | 968,267 | |
Kohl's Corp. | 35,713 | 805,328 | |
4,965,626 | |||
Diversified Consumer Services - 1.0% | |||
Adtalem Global Education, Inc. (a) | 16,832 | 871,898 | |
Bright Horizons Family Solutions, Inc. (a) | 6,357 | 470,799 | |
1,342,697 | |||
Hotels, Restaurants & Leisure - 1.4% | |||
Marriott International, Inc. Class A | 5,380 | 1,014,453 | |
Vail Resorts, Inc. | 3,985 | 845,816 | |
1,860,269 | |||
Household Durables - 0.8% | |||
Taylor Morrison Home Corp. (a) | 27,980 | 1,072,194 | |
Specialty Retail - 3.1% | |||
Aritzia, Inc. (a) | 25,730 | 400,214 | |
Best Buy Co., Inc. | 9,340 | 624,099 | |
Foot Locker, Inc. | 17,709 | 371,712 | |
Lowe's Companies, Inc. | 7,545 | 1,437,851 | |
Williams-Sonoma, Inc. | 8,938 | 1,342,845 | |
4,176,721 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,225 | 877,015 | |
Tapestry, Inc. | 17,416 | 479,985 | |
1,357,000 | |||
TOTAL CONSUMER DISCRETIONARY | 15,415,267 | ||
CONSUMER STAPLES - 3.8% | |||
Consumer Staples Distribution & Retail - 0.3% | |||
Maplebear, Inc. | 15,068 | 371,125 | |
Food Products - 1.7% | |||
Bunge Ltd. | 7,778 | 824,312 | |
The Hershey Co. | 8,087 | 1,515,099 | |
2,339,411 | |||
Household Products - 0.6% | |||
The Clorox Co. | 6,829 | 803,773 | |
Personal Care Products - 1.2% | |||
Estee Lauder Companies, Inc. Class A | 9,092 | 1,171,686 | |
Shiseido Co. Ltd. | 13,219 | 419,247 | |
1,590,933 | |||
TOTAL CONSUMER STAPLES | 5,105,242 | ||
ENERGY - 4.1% | |||
Energy Equipment & Services - 1.0% | |||
Baker Hughes Co. Class A | 38,037 | 1,309,234 | |
Oil, Gas & Consumable Fuels - 3.1% | |||
Antero Resources Corp. (a) | 30,966 | 911,639 | |
EQT Corp. | 15,316 | 649,092 | |
Equinor ASA | 25,102 | 841,500 | |
Marathon Petroleum Corp. | 5,456 | 825,220 | |
Occidental Petroleum Corp. | 15,665 | 968,254 | |
4,195,705 | |||
TOTAL ENERGY | 5,504,939 | ||
FINANCIALS - 14.0% | |||
Banks - 4.1% | |||
Bank of America Corp. | 74,229 | 1,955,192 | |
Citigroup, Inc. | 24,558 | 969,795 | |
Huntington Bancshares, Inc. | 94,389 | 910,854 | |
JPMorgan Chase & Co. | 11,258 | 1,565,537 | |
Starling Bank Ltd. Series D (a)(b)(c) | 34,700 | 123,998 | |
5,525,376 | |||
Capital Markets - 2.8% | |||
Franklin Resources, Inc. | 27,177 | 619,364 | |
Macquarie Group Ltd. | 10,825 | 1,112,701 | |
NASDAQ, Inc. | 40,548 | 2,011,181 | |
3,743,246 | |||
Financial Services - 3.4% | |||
MasterCard, Inc. Class A | 6,440 | 2,423,694 | |
WEX, Inc. (a) | 12,968 | 2,158,913 | |
4,582,607 | |||
Insurance - 3.7% | |||
Hartford Financial Services Group, Inc. | 28,129 | 2,066,075 | |
Marsh & McLennan Companies, Inc. | 6,440 | 1,221,346 | |
Progressive Corp. | 10,824 | 1,711,166 | |
4,998,587 | |||
TOTAL FINANCIALS | 18,849,816 | ||
HEALTH CARE - 13.0% | |||
Biotechnology - 2.2% | |||
Alnylam Pharmaceuticals, Inc. (a) | 3,919 | 594,904 | |
Moderna, Inc. (a) | 4,688 | 356,100 | |
Sage Therapeutics, Inc. (a) | 9,937 | 186,120 | |
Vertex Pharmaceuticals, Inc. (a) | 4,504 | 1,630,943 | |
Zai Lab Ltd. ADR (a) | 8,171 | 205,909 | |
2,973,976 | |||
Health Care Equipment & Supplies - 2.1% | |||
Axonics Modulation Technologies, Inc. (a) | 4,980 | 255,026 | |
Hologic, Inc. (a) | 32,783 | 2,169,251 | |
Insulet Corp. (a) | 3,502 | 464,260 | |
Outset Medical, Inc. (a) | 5,606 | 19,845 | |
2,908,382 | |||
Health Care Providers & Services - 4.2% | |||
Centene Corp. (a) | 21,950 | 1,514,111 | |
Cigna Group | 6,215 | 1,921,678 | |
CVS Health Corp. | 15,404 | 1,063,030 | |
Elevance Health, Inc. | 2,491 | 1,121,174 | |
5,619,993 | |||
Life Sciences Tools & Services - 0.9% | |||
ICON PLC (a) | 4,875 | 1,189,305 | |
Pharmaceuticals - 3.6% | |||
Eli Lilly & Co. | 1,816 | 1,005,937 | |
Merck KGaA | 7,772 | 1,170,623 | |
UCB SA | 14,145 | 1,033,609 | |
Zoetis, Inc. Class A | 10,383 | 1,630,131 | |
4,840,300 | |||
TOTAL HEALTH CARE | 17,531,956 | ||
INDUSTRIALS - 12.5% | |||
Air Freight & Logistics - 1.0% | |||
United Parcel Service, Inc. Class B | 9,410 | 1,329,163 | |
Commercial Services & Supplies - 0.3% | |||
Veralto Corp. | 5,404 | 372,876 | |
Electrical Equipment - 4.0% | |||
AMETEK, Inc. | 12,024 | 1,692,618 | |
Eaton Corp. PLC | 5,024 | 1,044,540 | |
nVent Electric PLC | 20,897 | 1,005,773 | |
Prysmian SpA | 18,313 | 683,814 | |
Regal Rexnord Corp. | 6,591 | 780,440 | |
Sunrun, Inc. (a) | 25,085 | 242,070 | |
5,449,255 | |||
Ground Transportation - 0.4% | |||
ArcBest Corp. | 4,798 | 522,406 | |
Machinery - 4.1% | |||
Chart Industries, Inc. (a) | 4,667 | 542,445 | |
Deere & Co. | 3,528 | 1,288,990 | |
Federal Signal Corp. | 18,934 | 1,098,929 | |
Hillenbrand, Inc. | 16,297 | 619,775 | |
Otis Worldwide Corp. | 15,465 | 1,194,053 | |
Parker Hannifin Corp. | 2,123 | 783,196 | |
5,527,388 | |||
Professional Services - 2.7% | |||
Leidos Holdings, Inc. | 14,677 | 1,454,784 | |
Manpower, Inc. | 9,802 | 685,846 | |
Science Applications International Corp. | 13,423 | 1,466,329 | |
3,606,959 | |||
TOTAL INDUSTRIALS | 16,808,047 | ||
INFORMATION TECHNOLOGY - 24.0% | |||
Communications Equipment - 0.7% | |||
Arista Networks, Inc. (a) | 5,010 | 1,003,854 | |
Electronic Equipment, Instruments & Components - 1.9% | |||
CDW Corp. | 8,405 | 1,684,362 | |
Insight Enterprises, Inc. (a) | 5,987 | 857,937 | |
2,542,299 | |||
IT Services - 2.4% | |||
Accenture PLC Class A | 10,893 | 3,236,201 | |
Semiconductors & Semiconductor Equipment - 4.9% | |||
Advanced Micro Devices, Inc. (a) | 12,498 | 1,231,053 | |
Axcelis Technologies, Inc. (a) | 4,179 | 532,823 | |
Marvell Technology, Inc. | 20,921 | 987,890 | |
NVIDIA Corp. | 6,298 | 2,568,324 | |
NXP Semiconductors NV | 7,625 | 1,314,779 | |
6,634,869 | |||
Software - 11.9% | |||
Adobe, Inc. (a) | 4,919 | 2,617,203 | |
HubSpot, Inc. (a) | 4,371 | 1,852,299 | |
Intuit, Inc. | 5,066 | 2,507,417 | |
Microsoft Corp. | 17,617 | 5,956,483 | |
Pagerduty, Inc. (a) | 25,217 | 508,627 | |
Salesforce, Inc. (a) | 12,556 | 2,521,621 | |
15,963,650 | |||
Technology Hardware, Storage & Peripherals - 2.2% | |||
Apple, Inc. | 17,494 | 2,987,450 | |
TOTAL INFORMATION TECHNOLOGY | 32,368,323 | ||
MATERIALS - 3.7% | |||
Chemicals - 2.1% | |||
Cabot Corp. | 11,432 | 759,999 | |
Celanese Corp. Class A | 6,864 | 785,997 | |
Eastman Chemical Co. | 8,690 | 649,404 | |
The Chemours Co. LLC | 23,787 | 573,505 | |
2,768,905 | |||
Construction Materials - 0.6% | |||
Summit Materials, Inc. | 24,407 | 802,990 | |
Metals & Mining - 1.0% | |||
Commercial Metals Co. | 21,408 | 905,344 | |
Schnitzer Steel Industries, Inc. Class A | 21,665 | 492,012 | |
1,397,356 | |||
TOTAL MATERIALS | 4,969,251 | ||
REAL ESTATE - 2.1% | |||
Equity Real Estate Investment Trusts (REITs) - 2.1% | |||
Equity Lifestyle Properties, Inc. | 24,271 | 1,597,032 | |
Ventas, Inc. | 29,918 | 1,270,318 | |
2,867,350 | |||
UTILITIES - 2.9% | |||
Electric Utilities - 1.5% | |||
NextEra Energy, Inc. | 19,295 | 1,124,899 | |
SSE PLC | 46,012 | 913,260 | |
2,038,159 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
Clearway Energy, Inc. Class C | 30,686 | 666,193 | |
Water Utilities - 0.9% | |||
American Water Works Co., Inc. | 10,068 | 1,184,500 | |
TOTAL UTILITIES | 3,888,852 | ||
TOTAL COMMON STOCKS (Cost $122,818,449) | 131,363,062 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.3% | |||
Health Care Providers & Services - 0.3% | |||
Somatus, Inc. Series E (a)(b)(c) (Cost $350,799) | 402 | 411,415 | |
Money Market Funds - 2.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (d) (Cost $2,945,850) | 2,945,261 | 2,945,850 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $126,115,098) | 134,720,327 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (21,206) |
NET ASSETS - 100.0% | 134,699,121 |
(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 $535,413 or 0.4% of net assets. |
(c) | Level 3 security |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 4,527,991 | 17,902,245 | 19,484,386 | 93,700 | - | - | 2,945,850 | 0.0% |
Total | 4,527,991 | 17,902,245 | 19,484,386 | 93,700 | - | - | 2,945,850 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 8,054,019 | 8,054,019 | - | - |
Consumer Discretionary | 15,415,267 | 14,538,252 | 877,015 | - |
Consumer Staples | 5,105,242 | 4,685,995 | 419,247 | - |
Energy | 5,504,939 | 4,663,439 | 841,500 | - |
Financials | 18,849,816 | 17,613,117 | 1,112,701 | 123,998 |
Health Care | 17,943,371 | 17,531,956 | - | 411,415 |
Industrials | 16,808,047 | 16,808,047 | - | - |
Information Technology | 32,368,323 | 32,368,323 | - | - |
Materials | 4,969,251 | 4,969,251 | - | - |
Real Estate | 2,867,350 | 2,867,350 | - | - |
Utilities | 3,888,852 | 3,888,852 | - | - |
Money Market Funds | 2,945,850 | 2,945,850 | - | - |
Total Investments in Securities: | 134,720,327 | 130,934,451 | 3,250,463 | 535,413 |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $123,169,248) | $ | 131,774,477 | ||
Fidelity Central Funds (cost $2,945,850) | 2,945,850 | |||
Total Investment in Securities (cost $126,115,098) | $ | 134,720,327 | ||
Receivable for fund shares sold | 51,171 | |||
Dividends receivable | 77,336 | |||
Reclaims receivable | 21,666 | |||
Distributions receivable from Fidelity Central Funds | 5,262 | |||
Prepaid expenses | 209 | |||
Other receivables | 192 | |||
Total assets | 134,876,163 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 61,284 | ||
Accrued management fee | 49,002 | |||
Transfer agent fee payable | 27,362 | |||
Distribution and service plan fees payable | 3,066 | |||
Other affiliated payables | 4,038 | |||
Custody fee payable | 28,289 | |||
Other payables and accrued expenses | 4,001 | |||
Total Liabilities | 177,042 | |||
Net Assets | $ | 134,699,121 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 133,932,801 | ||
Total accumulated earnings (loss) | 766,320 | |||
Net Assets | $ | 134,699,121 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($6,228,910 ÷ 479,340 shares)(a) | $ | 12.99 | ||
Maximum offering price per share (100/94.25 of $12.99) | $ | 13.78 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,104,472 ÷ 85,404 shares)(a) | $ | 12.93 | ||
Maximum offering price per share (100/96.50 of $12.93) | $ | 13.40 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,510,694 ÷ 118,580 shares)(a) | $ | 12.74 | ||
Fidelity Women's Leadership Fund : | ||||
Net Asset Value, offering price and redemption price per share ($99,878,099 ÷ 7,654,649 shares) | $ | 13.05 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($13,394,842 ÷ 1,026,849 shares) | $ | 13.04 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($12,582,104 ÷ 960,596 shares) | $ | 13.10 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,014,477 | ||
Income from Fidelity Central Funds | 93,700 | |||
Total Income | 1,108,177 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 390,577 | ||
Performance adjustment | (60,355) | |||
Transfer agent fees | 172,216 | |||
Distribution and service plan fees | 19,214 | |||
Accounting fees and expenses | 26,422 | |||
Custodian fees and expenses | 4,970 | |||
Independent trustees' fees and expenses | 370 | |||
Registration fees | 28,051 | |||
Audit | 27,528 | |||
Legal | 351 | |||
Miscellaneous | 278 | |||
Total expenses before reductions | 609,622 | |||
Expense reductions | (5,719) | |||
Total expenses after reductions | 603,903 | |||
Net Investment income (loss) | 504,274 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $466) | (2,832,776) | |||
Foreign currency transactions | (1,937) | |||
Total net realized gain (loss) | (2,834,713) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of decrease in deferred foreign taxes of $365) | (1,272,930) | |||
Assets and liabilities in foreign currencies | (816) | |||
Total change in net unrealized appreciation (depreciation) | (1,273,746) | |||
Net gain (loss) | (4,108,459) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,604,185) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 504,274 | $ | 964,545 |
Net realized gain (loss) | (2,834,713) | (4,429,525) | ||
Change in net unrealized appreciation (depreciation) | (1,273,746) | 6,424,381 | ||
Net increase (decrease) in net assets resulting from operations | (3,604,185) | 2,959,401 | ||
Distributions to shareholders | (167,829) | (755,398) | ||
Share transactions - net increase (decrease) | (9,026,206) | 16,505,229 | ||
Total increase (decrease) in net assets | (12,798,220) | 18,709,232 | ||
Net Assets | ||||
Beginning of period | 147,497,341 | 128,788,109 | ||
End of period | $ | 134,699,121 | $ | 147,497,341 |
Fidelity Advisor® Women's Leadership Fund Class A |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.39 | $ | 13.18 | $ | 15.28 | $ | 9.80 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .03 | .07 | - D | - D | .04 | |||||
Net realized and unrealized gain (loss) | (.42) | .20 | (1.70) | 5.49 | (.22) | |||||
Total from investment operations | (.39) | .27 | (1.70) | 5.49 | (.18) | |||||
Distributions from net investment income | (.01) | (.06) | - D | (.01) | (.02) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.01) | (.06) | (.40) | (.01) | (.02) | |||||
Net asset value, end of period | $ | 12.99 | $ | 13.39 | $ | 13.18 | $ | 15.28 | $ | 9.80 |
Total Return E,F,G | (2.95)% | 2.10% | (11.46)% | 56.03% | (1.84)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.02% J | 1.09% | 1.10% | 1.28% | 2.50% | |||||
Expenses net of fee waivers, if any | 1.01% J | 1.09% | 1.10% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.01% J | 1.09% | 1.10% | 1.24% | 1.25% | |||||
Net investment income (loss) | .48% J | .57% | (.01)% | (.03)% | .37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 6,229 | $ | 6,104 | $ | 5,171 | $ | 2,865 | $ | 769 |
Portfolio turnover rate K | 21% J | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class M |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.34 | $ | 13.14 | $ | 15.22 | $ | 9.78 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .01 | .04 | (.04) | (.04) | .01 | |||||
Net realized and unrealized gain (loss) | (.42) | .20 | (1.69) | 5.48 | (.22) | |||||
Total from investment operations | (.41) | .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 | $ | 12.93 | $ | 13.34 | $ | 13.14 | $ | 15.22 | $ | 9.78 |
Total Return E,F,G | (3.07)% | 1.83% | (11.66)% | 55.65% | (2.12)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.29% J | 1.37% | 1.35% | 1.52% | 2.86% | |||||
Expenses net of fee waivers, if any | 1.29% J | 1.37% | 1.35% | 1.50% | 1.50% | |||||
Expenses net of all reductions | 1.29% J | 1.37% | 1.35% | 1.49% | 1.50% | |||||
Net investment income (loss) | .20% J | .28% | (.27)% | (.28)% | .12% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,104 | $ | 1,122 | $ | 1,054 | $ | 974 | $ | 443 |
Portfolio turnover rate K | 21% J | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class C |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.18 | $ | 13.00 | $ | 15.09 | $ | 9.74 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | (.02) | (.03) | (.11) | (.10) | (.04) | |||||
Net realized and unrealized gain (loss) | (.42) | .21 | (1.68) | 5.45 | (.22) | |||||
Total from investment operations | (.44) | .18 | (1.79) | 5.35 | (.26) | |||||
Distributions from net realized gain | - | - | (.30) | - | - | |||||
Total distributions | - | - | (.30) | - | - | |||||
Net asset value, end of period | $ | 12.74 | $ | 13.18 | $ | 13.00 | $ | 15.09 | $ | 9.74 |
Total Return D,E,F | (3.34)% | 1.38% | (12.12)% | 54.93% | (2.60)% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.79% I | 1.86% | 1.84% | 1.99% | 3.36% | |||||
Expenses net of fee waivers, if any | 1.78% I | 1.86% | 1.84% | 1.99% | 2.00% | |||||
Expenses net of all reductions | 1.78% I | 1.86% | 1.84% | 1.98% | 2.00% | |||||
Net investment income (loss) | (.29)% I | (.20)% | (.75)% | (.77)% | (.38)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,511 | $ | 1,603 | $ | 1,540 | $ | 937 | $ | 468 |
Portfolio turnover rate J | 21% I | 22% | 48% | 35% | 52% |
Fidelity® Women's Leadership Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.45 | $ | 13.22 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .05 | .10 | .03 | .03 | .06 | |||||
Net realized and unrealized gain (loss) | (.43) | .21 | (1.70) | 5.50 | (.22) | |||||
Total from investment operations | (.38) | .31 | (1.67) | 5.53 | (.16) | |||||
Distributions from net investment income | (.02) | (.08) | (.02) | (.03) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.02) | (.08) | (.42) | (.03) | (.03) | |||||
Net asset value, end of period | $ | 13.05 | $ | 13.45 | $ | 13.22 | $ | 15.31 | $ | 9.81 |
Total Return D,E | (2.87)% | 2.37% | (11.25)% | 56.44% | (1.63)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .82% H | .89% | .92% | 1.10% | 2.19% | |||||
Expenses net of fee waivers, if any | .81% H | .89% | .90% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .81% H | .89% | .90% | .99% | 1.00% | |||||
Net investment income (loss) | .67% H | .76% | .18% | .22% | .62% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 99,878 | $ | 115,107 | $ | 101,533 | $ | 98,888 | $ | 22,272 |
Portfolio turnover rate I | 21% H | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class I |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.44 | $ | 13.21 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .05 | .11 | .04 | .03 | .06 | |||||
Net realized and unrealized gain (loss) | (.43) | .21 | (1.70) | 5.51 | (.22) | |||||
Total from investment operations | (.38) | .32 | (1.66) | 5.54 | (.16) | |||||
Distributions from net investment income | (.02) | (.09) | (.04) | (.04) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.02) | (.09) | (.44) | (.04) | (.03) | |||||
Net asset value, end of period | $ | 13.04 | $ | 13.44 | $ | 13.21 | $ | 15.31 | $ | 9.81 |
Total Return D,E | (2.84)% | 2.46% | (11.20)% | 56.52% | (1.63)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .72% H | .80% | .81% | .98% | 2.22% | |||||
Expenses net of fee waivers, if any | .72% H | .79% | .81% | .98% | 1.00% | |||||
Expenses net of all reductions | .72% H | .79% | .81% | .97% | 1.00% | |||||
Net investment income (loss) | .77% H | .86% | .28% | .24% | .62% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 13,395 | $ | 13,381 | $ | 11,273 | $ | 3,874 | $ | 702 |
Portfolio turnover rate I | 21% H | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class Z |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.49 | $ | 13.25 | $ | 15.35 | $ | 9.83 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .06 | .13 | .06 | .05 | .08 | |||||
Net realized and unrealized gain (loss) C | (.43) | .21 | (1.71) | 5.51 | (.22) | |||||
Total from investment operations | (.37) | .34 | (1.65) | 5.56 | (.14) | |||||
Distributions from net investment income | (.02) | (.10) | (.05) | (.04) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.02) | (.10) | (.45) | (.04) | (.03) | |||||
Net asset value, end of period | $ | 13.10 | $ | 13.49 | $ | 13.25 | $ | 15.35 | $ | 9.83 |
Total Return D,E | (2.72)% | 2.59% | (11.13)% | 56.63% | (1.43)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .60% H | .68% | .69% | .87% | 1.88% | |||||
Expenses net of fee waivers, if any | .60% H | .67% | .69% | .85% | .85% | |||||
Expenses net of all reductions | .60% H | .67% | .69% | .84% | .85% | |||||
Net investment income (loss) B | .89% H | .98% | .40% | .37% | .76% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 12,582 | $ | 10,181 | $ | 8,216 | $ | 9,043 | $ | 2,376 |
Portfolio turnover rate I | 21% H | 22% | 48% | 35% | 52% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $23,151,709 |
Gross unrealized depreciation | (15,092,245) |
Net unrealized appreciation (depreciation) | $8,059,464 |
Tax cost | $126,660,863 |
Short-term | $(5,078,623) |
Total capital loss carryforward | $(5,078,623) |
Purchases ($) | Sales ($) | |
Fidelity Women's Leadership Fund | 15,253,357 | 22,961,699 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $8,040 | $99 |
Class M | .25% | .25% | 2,911 | - |
Class C | .75% | .25% | 8,263 | 774 |
$19,214 | $873 |
Retained by FDC | |
Class A | $3,349 |
Class M | 97 |
Class CA | 2 |
$3,448 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $6,638 | .21 |
Class M | 1,360 | .23 |
Class C | 1,857 | .22 |
Fidelity Women's Leadership Fund | 148,445 | .26 |
Class I | 11,411 | .16 |
Class Z | 2,505 | .04 |
$172,216 |
% of Class-Level Average Net Assets | |
Class A | 0.2000% |
Class M | 0.2000% |
Class C | 0.2000% |
Fidelity Women's Leadership Fund | 0.1597% |
Class I | 0.2000% |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | .04 |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | 0.0354% |
Amount | |
Fidelity Women's Leadership Fund | $ 345 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Women's Leadership Fund | - | 1,219,910 | 113,830 |
Amount | |
Fidelity Women's Leadership Fund | $125 |
Expense reduction | |
Class A | $17 |
Class C | 2 |
$19 |
Six months ended hdrPeriod | Year ended April 30, 2023 | |
Fidelity Women's Leadership Fund | ||
Distributions to shareholders | ||
Class A | $2,769 | $27,652 |
Class M | - | 3,208 |
Fidelity Women's Leadership Fund | 126,323 | 578,127 |
Class I | 19,286 | 87,523 |
Class Z | 19,451 | 58,888 |
Total | $167,829 | $755,398 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2023 | Year ended April 30, 2023 | Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity Women's Leadership Fund | ||||
Class A | ||||
Shares sold | 43,320 | 141,008 | $600,144 | $1,797,187 |
Reinvestment of distributions | 195 | 2,161 | 2,694 | 27,138 |
Shares redeemed | (19,852) | (79,981) | (278,456) | (1,015,214) |
Net increase (decrease) | 23,663 | 63,188 | $324,382 | $809,111 |
Class M | ||||
Shares sold | 1,481 | 11,061 | $20,364 | $139,353 |
Reinvestment of distributions | - | 256 | - | 3,208 |
Shares redeemed | (178) | (7,469) | (2,385) | (93,120) |
Net increase (decrease) | 1,303 | 3,848 | $17,979 | $49,441 |
Class C | ||||
Shares sold | 7,804 | 20,115 | $106,712 | $255,147 |
Shares redeemed | (10,861) | (16,959) | (148,745) | (213,813) |
Net increase (decrease) | (3,057) | 3,156 | $(42,033) | $41,334 |
Fidelity Women's Leadership Fund | ||||
Shares sold | 526,600 | 2,347,545 | $7,349,761 | $30,916,025 |
Reinvestment of distributions | 8,470 | 42,668 | 117,649 | 537,622 |
Shares redeemed | (1,441,577) | (1,511,874) | (19,987,642) | (19,406,034) |
Net increase (decrease) | (906,507) | 878,339 | $(12,520,232) | $12,047,613 |
Class I | ||||
Shares sold | 256,057 | 444,612 | $3,412,120 | $5,699,005 |
Reinvestment of distributions | 1,369 | 6,932 | 18,997 | 87,280 |
Shares redeemed | (226,312) | (309,351) | (3,094,660) | (3,964,930) |
Net increase (decrease) | 31,114 | 142,193 | $336,457 | $1,821,355 |
Class Z | ||||
Shares sold | 246,402 | 325,511 | $3,421,789 | $4,239,577 |
Reinvestment of distributions | 1,224 | 4,454 | 17,046 | 56,255 |
Shares redeemed | (41,676) | (195,364) | (581,594) | (2,559,457) |
Net increase (decrease) | 205,950 | 134,601 | $2,857,241 | $1,736,375 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Women's Leadership Fund | ||||||||||
Class A | 1.01% | |||||||||
Actual | $ 1,000 | $ 970.50 | $ 5.00 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.06 | $ 5.13 | |||||||
Class M | 1.29% | |||||||||
Actual | $ 1,000 | $ 969.30 | $ 6.39 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.65 | $ 6.55 | |||||||
Class C | 1.78% | |||||||||
Actual | $ 1,000 | $ 966.60 | $ 8.80 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.19 | $ 9.02 | |||||||
Fidelity® Women's Leadership Fund ** | .81% | |||||||||
Actual | $ 1,000 | $ 971.30 | $ 4.01 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.06 | $ 4.12 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 971.60 | $ 3.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
Class Z | .60% | |||||||||
Actual | $ 1,000 | $ 972.80 | $ 2.98 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.12 | $ 3.05 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Women's Leadership Fund | ||||||
Fidelity® Women's Leadership Fund | .75% | |||||
Actual | $ 3.72 | |||||
Hypothetical- B | $ 3.81 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
New Fortress Energy, Inc. | 2.0 | |
Ford Motor Credit Co. LLC | 1.7 | |
Community Health Systems, Inc. | 1.6 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.5 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.5 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.5 | |
DISH Network Corp. | 1.4 | |
Southeastern Grocers, Inc. | 1.3 | |
MPT Operating Partnership LP/MPT Finance Corp. | 1.3 | |
CCO Holdings LLC/CCO Holdings Corp. | 1.3 | |
15.1 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 15.0 | |
Healthcare | 7.3 | |
Services | 7.2 | |
Technology | 6.5 | |
Telecommunications | 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 - 84.3% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 1.3% | |||
Broadcasting - 1.1% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 13,488 | 12,898 | |
3.375% 8/15/26 | 28,589 | 14,652 | |
27,550 | |||
Homebuilders/Real Estate - 0.1% | |||
Redfin Corp. 0.5% 4/1/27 | 6,174 | 3,396 | |
Technology - 0.1% | |||
Seagate HDD Cayman 3.5% 6/1/28 (b) | 2,701 | 2,800 | |
TOTAL CONVERTIBLE BONDS | 33,746 | ||
Nonconvertible Bonds - 83.0% | |||
Aerospace - 2.1% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 570 | 485 | |
5.875% 12/1/27 | 3,130 | 2,903 | |
7.25% 8/15/30 | 1,350 | 1,300 | |
Bombardier, Inc. 7.875% 4/15/27 (b) | 9,547 | 9,185 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 7,903 | 6,955 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 1,380 | 1,361 | |
6.875% 5/1/25 | 1,380 | 1,385 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b) | 360 | 266 | |
4.625% 3/1/28 (b) | 1,205 | 1,004 | |
Moog, Inc. 4.25% 12/15/27 (b) | 410 | 365 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 5,930 | 5,113 | |
5.5% 11/15/27 | 20,422 | 18,967 | |
6.25% 3/15/26 (b) | 1,225 | 1,196 | |
6.75% 8/15/28 (b) | 4,100 | 3,981 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 1,065 | 816 | |
55,282 | |||
Air Transportation - 1.1% | |||
Air Canada 3.875% 8/15/26 (b) | 2,030 | 1,847 | |
American Airlines, Inc. 7.25% 2/15/28 (b) | 1,370 | 1,274 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 7,671 | 7,459 | |
Forward Air Corp. 9.5% 10/15/31 (b) | 1,115 | 1,087 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 1,035 | 1,022 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 12,038 | 10,993 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 5,235 | 4,136 | |
27,818 | |||
Automotive - 0.3% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 3,105 | 2,875 | |
7.4% 11/1/46 | 1,085 | 1,019 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 3,945 | 3,118 | |
7,012 | |||
Automotive & Auto Parts - 2.5% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 815 | 802 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 1,115 | 883 | |
5.375% 11/15/27 | 745 | 685 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 2,745 | 2,070 | |
5.291% 12/8/46 | 550 | 400 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2802% 3/6/26 (c)(d) | 3,910 | 3,940 | |
2.3% 2/10/25 | 12,405 | 11,710 | |
2.9% 2/10/29 | 3,905 | 3,196 | |
3.375% 11/13/25 | 1,380 | 1,288 | |
3.815% 11/2/27 | 4,080 | 3,644 | |
4% 11/13/30 | 1,415 | 1,166 | |
4.389% 1/8/26 | 2,765 | 2,621 | |
4.95% 5/28/27 | 5,655 | 5,304 | |
5.125% 6/16/25 | 1,385 | 1,348 | |
6.95% 3/6/26 | 6,030 | 6,043 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c) | 550 | 511 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 1,315 | 1,251 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 4,054 | 3,993 | |
8.375% 5/1/28 (b) | 2,865 | 2,856 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b) | 4,315 | 2,047 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d) | 1,645 | 1,641 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 3,320 | 3,201 | |
6.875% 4/14/28 (b) | 1,440 | 1,395 | |
7.125% 4/14/30 (b) | 1,440 | 1,394 | |
63,389 | |||
Banks & Thrifts - 0.7% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 268 | 256 | |
6.7% 2/14/33 | 5,480 | 4,606 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 2,430 | 2,071 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 1,095 | 805 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(c) | 2,626 | 2,154 | |
5.861% 6/19/32 (b)(c) | 1,495 | 1,345 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 5,833 | 3,890 | |
7.875% 5/1/27 (b) | 1,090 | 839 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 2,365 | 1,807 | |
17,773 | |||
Broadcasting - 1.8% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 2,150 | 1,911 | |
7.5% 6/1/29 (b) | 2,809 | 2,045 | |
9% 9/15/28 (b) | 4,650 | 4,529 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 22,770 | 235 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 7,125 | 7,058 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (b) | 2,700 | 1,466 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (b) | 5,800 | 4,933 | |
4.125% 7/1/30 (b) | 5,380 | 4,272 | |
5.5% 7/1/29 (b) | 8,285 | 7,341 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,735 | 1,496 | |
5% 9/15/29 | 1,775 | 1,487 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 5,615 | 4,463 | |
6.625% 6/1/27 (b) | 3,655 | 3,338 | |
7.375% 6/30/30 (b) | 790 | 696 | |
8% 8/15/28 (b) | 1,955 | 1,846 | |
47,116 | |||
Building Materials - 0.9% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 1,486 | 1,386 | |
6.375% 6/15/30 (b) | 1,420 | 1,341 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 635 | 600 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 2,616 | 2,498 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 5,595 | 4,453 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 4,150 | 3,930 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 2,950 | 2,603 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 3,455 | 3,014 | |
6% 12/1/29 (b) | 3,095 | 2,577 | |
22,402 | |||
Cable/Satellite TV - 2.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 8,354 | 6,501 | |
4.25% 1/15/34 (b) | 5,535 | 3,998 | |
4.5% 8/15/30 (b) | 4,140 | 3,320 | |
4.5% 5/1/32 | 12,236 | 9,367 | |
4.5% 6/1/33 (b) | 11,280 | 8,414 | |
4.75% 3/1/30 (b) | 80 | 66 | |
5.375% 6/1/29 (b) | 640 | 560 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 5,000 | 3,198 | |
4.125% 12/1/30 (b) | 2,939 | 1,969 | |
4.5% 11/15/31 (b) | 1,430 | 944 | |
4.625% 12/1/30 (b) | 7,174 | 3,638 | |
5.375% 2/1/28 (b) | 4,870 | 3,878 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 1,355 | 1,187 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 5,065 | 3,678 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 1,213 | 1,030 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (b) | 3,424 | 2,618 | |
6.5% 9/15/28 (b) | 3,013 | 1,491 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 2,400 | 2,142 | |
Ziggo BV 4.875% 1/15/30 (b) | 5,005 | 3,998 | |
61,997 | |||
Capital Goods - 1.0% | |||
Mueller Water Products, Inc. 4% 6/15/29 (b) | 4,685 | 4,006 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (b) | 2,150 | 2,115 | |
6.05% 4/15/28 (b) | 2,765 | 2,645 | |
6.3% 2/15/30 (b) | 2,765 | 2,602 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 3,980 | 3,590 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 12,934 | 11,776 | |
26,734 | |||
Chemicals - 4.1% | |||
CVR Partners LP 6.125% 6/15/28 (b) | 1,775 | 1,566 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 2,554 | 2,173 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 3,470 | 2,516 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 2,215 | 1,965 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 11,101 | 10,124 | |
5.65% 12/1/44 | 8,249 | 6,062 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 5,020 | 3,712 | |
4.875% 6/1/24 (b) | 4,330 | 4,255 | |
5% 5/1/25 (b) | 2,270 | 2,144 | |
5.25% 6/1/27 (b) | 4,970 | 4,198 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 6,520 | 5,656 | |
Olin Corp. 5% 2/1/30 | 5,755 | 4,971 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 5,155 | 4,113 | |
6.25% 10/1/29 (b) | 5,435 | 4,076 | |
9.75% 11/15/28 (b) | 6,748 | 6,591 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 1,208 | 1,043 | |
6.625% 5/1/29 (b) | 3,690 | 3,093 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 3,935 | 3,490 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 1,785 | 1,379 | |
5.375% 5/15/27 | 10,144 | 9,164 | |
5.75% 11/15/28 (b) | 6,620 | 5,599 | |
TPC Group, Inc. 13% 12/16/27 (b) | 2,885 | 2,879 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 8,400 | 6,617 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 9,670 | 7,494 | |
7.375% 3/1/31 (b) | 1,105 | 1,024 | |
105,904 | |||
Consumer Products - 0.7% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 740 | 693 | |
Kohl's Corp. 4.25% 7/17/25 | 335 | 313 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (b) | 3,425 | 3,164 | |
5.45% 11/1/41 | 1,100 | 858 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 1,380 | 1,303 | |
6.375% 9/15/27 | 1,380 | 1,292 | |
6.5% 4/1/46 (f) | 1,100 | 772 | |
6.625% 9/15/29 | 1,470 | 1,352 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 550 | 409 | |
4.375% 2/1/32 | 820 | 601 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 3,200 | 2,768 | |
10.5% 5/15/29 (b) | 1,710 | 1,368 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (b) | 2,810 | 2,735 | |
17,628 | |||
Containers - 1.7% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c) | 7,175 | 4,178 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (b) | 4,935 | 3,586 | |
5.25% 8/15/27 (b) | 9,700 | 7,048 | |
Ball Corp.: | |||
2.875% 8/15/30 | 1,370 | 1,069 | |
4.875% 3/15/26 | 4,150 | 3,985 | |
6% 6/15/29 | 1,720 | 1,645 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 2,210 | 2,109 | |
BWAY Holding Co. 7.875% 8/15/26 (b) | 4,120 | 3,859 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 1,690 | 1,295 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 2,160 | 1,766 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 800 | 677 | |
6.75% 7/15/26 (b) | 535 | 492 | |
9.5% 11/1/28 (b) | 535 | 517 | |
10.5% 7/15/27 (b) | 4,243 | 3,673 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 1,340 | 1,226 | |
Sealed Air Corp. 5% 4/15/29 (b) | 5,450 | 4,833 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 1,655 | 1,575 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 737 | 668 | |
8.5% 8/15/27 (b) | 646 | 539 | |
44,740 | |||
Diversified Financial Services - 4.6% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 2,540 | 2,492 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 5,180 | 3,522 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 6,235 | 5,931 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 915 | 841 | |
GGAM Finance Ltd.: | |||
7.75% 5/15/26 (b) | 2,635 | 2,614 | |
8% 6/15/28 (b) | 7,305 | 7,206 | |
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (b) | 6,390 | 6,309 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 3,880 | 3,309 | |
HTA Group Ltd. 7% 12/18/25 (b) | 11,385 | 10,966 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 7,765 | 5,979 | |
5.25% 5/15/27 | 30,900 | 26,458 | |
6.25% 5/15/26 | 9,296 | 8,497 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 980 | 782 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 3,635 | 2,923 | |
LPL Holdings, Inc. 4.375% 5/15/31 (b) | 1,370 | 1,147 | |
MSCI, Inc. 3.625% 9/1/30 (b) | 5,655 | 4,679 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,425 | 1,204 | |
3.875% 9/15/28 | 8,180 | 6,467 | |
6.875% 3/15/25 | 4,965 | 4,898 | |
7.125% 3/15/26 | 10,330 | 10,032 | |
9% 1/15/29 | 335 | 327 | |
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b) | 3,118 | 2,681 | |
119,264 | |||
Diversified Media - 0.2% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 5,518 | 4,497 | |
Energy - 12.9% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 3,635 | 3,335 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 1,375 | 1,314 | |
7.875% 5/15/26 (b) | 1,375 | 1,385 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 6,465 | 5,583 | |
California Resources Corp. 7.125% 2/1/26 (b) | 1,930 | 1,937 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 2,005 | 1,871 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (b) | 4,725 | 4,394 | |
7% 1/15/32 (b) | 640 | 620 | |
7.75% 2/15/26 (b) | 660 | 659 | |
CGG SA 8.75% 4/1/27 (b) | 5,284 | 4,664 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 6,098 | 5,991 | |
8.375% 1/15/29 (b) | 1,595 | 1,580 | |
CNX Resources Corp. 7.375% 1/15/31 (b) | 1,580 | 1,510 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 3,370 | 2,881 | |
6.75% 3/1/29 (b) | 4,280 | 3,895 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 22,398 | 21,544 | |
5.75% 4/1/25 | 4,057 | 4,006 | |
7.375% 2/1/31 (b) | 2,760 | 2,782 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 3,830 | 3,612 | |
5.625% 10/15/25 (b) | 560 | 551 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 9,749 | 9,563 | |
5.75% 2/15/28 (b) | 5,483 | 4,926 | |
Delek Logistics Partners LP 7.125% 6/1/28 (b) | 7,451 | 6,780 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 1,250 | 1,075 | |
4.375% 6/15/31 (b) | 740 | 615 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 2,520 | 2,417 | |
Energean PLC 6.5% 4/30/27 (b) | 1,598 | 1,329 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 1,630 | 1,537 | |
6.5% 9/1/30 (b) | 5,060 | 4,857 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 2,485 | 2,336 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 2,545 | 2,474 | |
4.75% 1/15/31 (b) | 1,120 | 943 | |
6% 7/1/25 (b) | 355 | 347 | |
6.5% 7/1/27 (b) | 1,097 | 1,066 | |
6.5% 7/15/48 | 555 | 469 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 1,785 | 1,575 | |
Harvest Midstream I LP 7.5% 9/1/28 (b) | 5,420 | 5,136 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (b) | 1,880 | 1,609 | |
5.125% 6/15/28 (b) | 5,610 | 5,180 | |
5.5% 10/15/30 (b) | 1,370 | 1,244 | |
5.625% 2/15/26 (b) | 6,625 | 6,416 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b) | 4,080 | 3,777 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 5,370 | 5,399 | |
Jonah Energy Parent LLC 12% 11/5/25 (g)(h) | 4,708 | 4,832 | |
Mesquite Energy, Inc. 7.25% (b)(e)(h) | 28,768 | 0 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 31,990 | 28,653 | |
6.75% 9/15/25 (b) | 17,262 | 16,015 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 4,350 | 4,246 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 4,220 | 4,167 | |
8.75% 6/15/31 (b) | 1,345 | 1,338 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 1,360 | 917 | |
4.4% 4/15/46 | 4,100 | 2,925 | |
4.4% 8/15/49 | 1,900 | 1,242 | |
4.5% 7/15/44 | 3,365 | 2,338 | |
6.125% 1/1/31 | 4,795 | 4,689 | |
6.45% 9/15/36 | 3,155 | 3,064 | |
7.5% 5/1/31 | 6,195 | 6,496 | |
7.95% 6/15/39 | 685 | 732 | |
8.875% 7/15/30 | 4,715 | 5,236 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 8,654 | 8,388 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 1,900 | 1,597 | |
4.95% 7/15/29 (b) | 4,294 | 3,784 | |
6.875% 4/15/40 (b) | 1,598 | 1,330 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 1,240 | 1,240 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,585 | 1,563 | |
SM Energy Co. 5.625% 6/1/25 | 3,075 | 2,993 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,580 | 3,079 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 525 | 497 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 3,530 | 2,859 | |
11.75% 10/1/28 (b) | 320 | 273 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 5,094 | 4,413 | |
5.875% 3/15/28 | 4,990 | 4,721 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 2,990 | 2,550 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 9,865 | 8,642 | |
6% 3/1/27 (b) | 5,517 | 5,047 | |
6% 12/31/30 (b) | 9,160 | 7,711 | |
6% 9/1/31 (b) | 9,425 | 7,931 | |
7.5% 10/1/25 (b) | 9,570 | 9,428 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 745 | 690 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 895 | 880 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 1,849 | 1,812 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (b) | 2,085 | 1,997 | |
8% 2/1/27 (b) | 6,175 | 5,796 | |
8.75% 2/15/30 (b) | 3,406 | 3,396 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 4,285 | 4,205 | |
Viper Energy Partners LP 7.375% 11/1/31 (b) | 960 | 958 | |
Western Gas Partners LP: | |||
5.25% 2/1/50 | 2,720 | 2,010 | |
5.3% 3/1/48 | 1,360 | 1,017 | |
5.5% 8/15/48 | 815 | 618 | |
333,499 | |||
Environmental - 1.2% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 1,305 | 1,240 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 5,220 | 4,072 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 2,155 | 2,022 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 2,765 | 2,615 | |
5.125% 12/15/26 (b) | 2,765 | 2,624 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 6,715 | 5,610 | |
5.875% 6/30/29 (b) | 6,055 | 4,690 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (b) | 7,910 | 6,721 | |
5.375% 7/15/24 (b) | 1,385 | 1,367 | |
30,961 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 740 | 684 | |
3.5% 3/15/29 (b) | 6,553 | 5,587 | |
4.875% 2/15/30 (b) | 2,310 | 2,062 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 1,100 | 1,068 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 9,414 | 3,702 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 1,690 | 1,358 | |
Parkland Corp.: | |||
4.5% 10/1/29 (b) | 1,673 | 1,439 | |
4.625% 5/1/30 (b) | 8,235 | 7,020 | |
22,920 | |||
Food/Beverage/Tobacco - 1.7% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 4,855 | 3,757 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 1,100 | 951 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 7,855 | 6,664 | |
4.375% 1/31/32 (b) | 1,370 | 1,133 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 542 | 507 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 1,370 | 1,044 | |
4.25% 4/15/31 | 1,615 | 1,330 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 3,666 | 3,070 | |
5.5% 12/15/29 (b) | 3,587 | 3,199 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 3,090 | 2,607 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 2,065 | 1,679 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 14,125 | 11,642 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 2,045 | 1,746 | |
4.75% 2/15/29 (b) | 2,520 | 2,223 | |
6.875% 9/15/28 (b) | 1,600 | 1,564 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 550 | 433 | |
43,549 | |||
Gaming - 2.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (b) | 10,355 | 8,440 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (b) | 4,530 | 4,457 | |
7% 2/15/30 (b) | 1,300 | 1,255 | |
8.125% 7/1/27 (b) | 6,319 | 6,261 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 5,565 | 5,476 | |
Carnival Corp. 10.5% 6/1/30 (b) | 4,995 | 5,068 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b) | 5,390 | 4,284 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 3,921 | 3,921 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 2,400 | 2,040 | |
Scientific Games Corp. 7.5% 9/1/31 (b) | 545 | 532 | |
Station Casinos LLC 4.5% 2/15/28 (b) | 4,745 | 4,098 | |
Transocean, Inc. 7.25% 11/1/25 (b) | 1,350 | 1,317 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 2,740 | 2,260 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 1,365 | 1,271 | |
50,680 | |||
Healthcare - 6.9% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 3,606 | 3,496 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 2,575 | 2,139 | |
AdaptHealth LLC 5.125% 3/1/30 (b) | 4,965 | 3,761 | |
AMN Healthcare 4% 4/15/29 (b) | 1,674 | 1,386 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 3,310 | 2,770 | |
4.625% 7/15/28 (b) | 2,215 | 1,972 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 6,469 | 5,580 | |
9% 12/15/25 (b) | 640 | 555 | |
Cano Health, Inc. 6.25% 10/1/28 (b) | 2,303 | 921 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 2,900 | 2,273 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 2,975 | 2,511 | |
4% 3/15/31 (b) | 2,475 | 2,020 | |
4.25% 5/1/28 (b) | 768 | 682 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 10,365 | 6,947 | |
5.25% 5/15/30 (b) | 19,665 | 13,965 | |
5.625% 3/15/27 (b) | 13,825 | 11,232 | |
6% 1/15/29 (b) | 6,140 | 4,651 | |
6.125% 4/1/30 (b) | 6,525 | 2,528 | |
6.875% 4/15/29 (b) | 8,190 | 3,382 | |
8% 3/15/26 (b) | 635 | 580 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 5,375 | 4,516 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (b) | 2,170 | 1,560 | |
4.625% 6/1/30 (b) | 9,260 | 7,257 | |
Embecta Corp. 5% 2/15/30 (b) | 2,745 | 2,180 | |
Grifols SA 4.75% 10/15/28 (b) | 3,442 | 2,883 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 1,530 | 1,284 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 2,670 | 2,590 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 4,925 | 4,283 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 2,950 | 2,150 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 3,500 | 3,308 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 3,370 | 2,749 | |
3.875% 5/15/32 (b) | 1,465 | 1,151 | |
Mozart Borrower LP 3.875% 4/1/29 (b) | 1,375 | 1,161 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 6,820 | 4,861 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 9,435 | 8,150 | |
5.125% 4/30/31 (b) | 1,580 | 1,234 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 2,610 | 2,094 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 7,060 | 6,089 | |
Regionalcare Hospital Partners 9.75% 12/1/26 (b) | 2,640 | 2,468 | |
RegionalCare Hospital Partners Holdings, Inc.: | |||
5.375% 1/15/29 (b) | 2,305 | 1,396 | |
9.875% 8/15/30 (b) | 3,000 | 2,711 | |
11% 10/15/30 (b) | 320 | 301 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 6,530 | 4,653 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 1,540 | 1,359 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 6,395 | 5,473 | |
4.375% 1/15/30 | 4,965 | 4,200 | |
4.625% 6/15/28 | 1,728 | 1,537 | |
6.125% 10/1/28 | 5,720 | 5,305 | |
6.125% 6/15/30 | 6,675 | 6,179 | |
6.25% 2/1/27 | 3,134 | 3,005 | |
6.75% 5/15/31 (b) | 945 | 897 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 3,265 | 2,875 | |
7.875% 9/15/29 | 830 | 818 | |
8.125% 9/15/31 | 830 | 822 | |
176,850 | |||
Homebuilders/Real Estate - 3.7% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 2,120 | 1,745 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 2,515 | 2,035 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 1,240 | 1,218 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 2,350 | 1,886 | |
4.375% 2/1/31 (b) | 1,765 | 1,344 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 3,915 | 2,858 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 10,750 | 6,519 | |
4.625% 8/1/29 | 7,355 | 5,092 | |
5% 10/15/27 | 23,595 | 18,218 | |
5.25% 8/1/26 | 2,913 | 2,508 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 5,744 | 5,463 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 76 | 48 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 59 | 37 | |
Safehold Operating Partnership LP 2.8% 6/15/31 | 3,525 | 2,598 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 1,005 | 845 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 2,115 | 1,673 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 70 | 69 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 545 | 485 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (b) | 16,235 | 13,121 | |
6.5% 2/15/29 (b) | 33,830 | 21,969 | |
10.5% 2/15/28 (b) | 5,485 | 5,282 | |
95,013 | |||
Hotels - 0.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 11,850 | 9,367 | |
3.75% 5/1/29 (b) | 215 | 185 | |
4% 5/1/31 (b) | 3,495 | 2,894 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (b) | 655 | 597 | |
13,043 | |||
Insurance - 0.9% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 1,100 | 902 | |
7% 11/15/25 (b) | 550 | 533 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (b) | 8,485 | 7,460 | |
6.75% 10/15/27 (b) | 1,355 | 1,237 | |
6.75% 4/15/28 (b) | 1,370 | 1,302 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 3,390 | 2,902 | |
AssuredPartners, Inc. 5.625% 1/15/29 (b) | 3,295 | 2,795 | |
HUB International Ltd.: | |||
7% 5/1/26 (b) | 1,900 | 1,849 | |
7.25% 6/15/30 (b) | 3,345 | 3,263 | |
National Financial Partners Corp. 8.5% 10/1/31 (b) | 1,600 | 1,573 | |
23,816 | |||
Leisure - 2.5% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 8,485 | 7,592 | |
6% 5/1/29 (b) | 5,195 | 4,389 | |
6.65% 1/15/28 | 750 | 631 | |
7% 8/15/29 (b) | 1,425 | 1,397 | |
7.625% 3/1/26 (b) | 11,060 | 10,755 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 705 | 597 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 4,950 | 3,836 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 2,175 | 1,952 | |
7.75% 2/15/29 (b) | 4,840 | 4,224 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 1,660 | 1,388 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (b) | 3,620 | 3,330 | |
5.375% 7/15/27 (b) | 3,900 | 3,594 | |
5.5% 8/31/26 (b) | 10,740 | 10,135 | |
5.5% 4/1/28 (b) | 6,610 | 6,028 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 905 | 889 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 1,605 | 1,422 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 2,130 | 1,914 | |
64,073 | |||
Metals/Mining - 1.6% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 1,655 | 1,634 | |
Constellium NV 5.875% 2/15/26 (b) | 1,255 | 1,203 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,505 | 1,285 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 7,950 | 6,744 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (b) | 1,985 | 1,741 | |
6.875% 10/15/27 (b) | 9,420 | 7,936 | |
7.5% 4/1/25 (b) | 1,708 | 1,593 | |
8.625% 6/1/31 (b) | 285 | 241 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 1,375 | 1,108 | |
4.5% 9/15/27 (b) | 1,595 | 1,436 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 1,100 | 1,005 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 530 | 493 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 3,825 | 3,696 | |
8.5% 5/1/30 (b) | 3,355 | 3,226 | |
9.25% 10/1/28 (b) | 2,425 | 2,425 | |
Novelis Corp.: | |||
3.25% 11/15/26 (b) | 815 | 725 | |
3.875% 8/15/31 (b) | 1,360 | 1,062 | |
PMHC II, Inc. 9% 2/15/30 (b) | 5,155 | 4,103 | |
41,656 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 3,020 | 2,265 | |
6% 6/15/27 (b) | 4,690 | 4,432 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 1,950 | 1,771 | |
8.75% 4/15/30 (b) | 3,995 | 3,184 | |
Mercer International, Inc. 5.125% 2/1/29 | 1,780 | 1,396 | |
SPA Holdings 3 OY 4.875% 2/4/28 (b) | 5,695 | 4,646 | |
17,694 | |||
Publishing/Printing - 0.0% | |||
Cimpress PLC 7% 6/15/26 | 1,120 | 1,036 | |
Railroad - 0.0% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b) | 1,470 | 1,183 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 2,310 | 2,062 | |
4% 10/15/30 (b) | 7,316 | 5,992 | |
5.75% 4/15/25 (b) | 1,055 | 1,046 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 1,415 | 1,460 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 1,370 | 1,113 | |
4.625% 1/31/32 | 8,980 | 7,652 | |
5.375% 4/1/32 | 1,100 | 989 | |
20,314 | |||
Services - 5.5% | |||
ADT Corp. 4.125% 8/1/29 (b) | 3,320 | 2,847 | |
AECOM 5.125% 3/15/27 | 1,845 | 1,742 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 4,930 | 3,562 | |
9.75% 7/15/27 (b) | 7,745 | 6,728 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 3,330 | 2,768 | |
6.75% 2/15/27 (b) | 2,720 | 2,626 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 2,500 | 2,214 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 11,100 | 11,017 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 10,744 | 9,334 | |
8.25% 4/15/26 | 6,415 | 6,495 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 3,795 | 3,008 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 5,065 | 4,510 | |
Gartner, Inc. 3.625% 6/15/29 (b) | 890 | 752 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 16,457 | 15,758 | |
Hertz Corp. 5% 12/1/29 (b) | 660 | 474 | |
Iron Mountain, Inc. 4.5% 2/15/31 (b) | 1,370 | 1,121 | |
Korn Ferry 4.625% 12/15/27 (b) | 1,015 | 923 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 4,015 | 3,829 | |
Life Time, Inc. 8% 4/15/26 (b) | 5,340 | 5,207 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 3,320 | 2,930 | |
PowerTeam Services LLC 9.033% 12/4/25 (b) | 7,208 | 6,487 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 900 | 873 | |
Service Corp. International: | |||
4% 5/15/31 | 2,300 | 1,862 | |
5.125% 6/1/29 | 1,443 | 1,320 | |
Sotheby's 7.375% 10/15/27 (b) | 2,745 | 2,452 | |
The GEO Group, Inc.: | |||
6% 4/15/26 | 835 | 760 | |
9.5% 12/31/28 (b) | 3,820 | 3,677 | |
10.5% 6/30/28 | 1,425 | 1,421 | |
TriNet Group, Inc.: | |||
3.5% 3/1/29 (b) | 8,560 | 7,068 | |
7.125% 8/15/31 (b) | 1,445 | 1,397 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (b) | 7,195 | 7,204 | |
8% 11/1/26 (b) | 9,595 | 9,663 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 9,077 | 8,396 | |
140,425 | |||
Steel - 0.3% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 1,655 | 1,342 | |
4.125% 1/15/30 | 4,160 | 3,511 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 3,630 | 3,078 | |
7,931 | |||
Super Retail - 1.8% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,315 | 1,271 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 2,513 | 1,415 | |
5.5% 4/15/27 (b) | 2,422 | 1,606 | |
5.875% 10/1/28 (b) | 1,267 | 735 | |
9% 12/1/28 pay-in-kind (b)(c) | 1,087 | 809 | |
9% 6/1/30 pay-in-kind (b)(c) | 1,633 | 1,208 | |
9% 6/1/31 pay-in-kind (b)(c) | 1,933 | 1,440 | |
10.25% 5/1/30 (b) | 357 | 266 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (b) | 8,256 | 8,168 | |
8.5% 10/30/25 (b) | 10,371 | 10,202 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 740 | 680 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 5,580 | 4,408 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 1,785 | 1,390 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 3,550 | 2,572 | |
7.875% 5/1/29 (b) | 2,730 | 1,522 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 1,175 | 861 | |
4.375% 4/1/30 | 870 | 675 | |
Sally Holdings LLC 5.625% 12/1/25 | 3,045 | 2,943 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 4,605 | 3,433 | |
45,604 | |||
Technology - 5.7% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 11,650 | 9,174 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 2,510 | 2,051 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 8,405 | 7,480 | |
Block, Inc.: | |||
2.75% 6/1/26 | 1,375 | 1,234 | |
3.5% 6/1/31 | 8,155 | 6,294 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (b) | 1,720 | 1,477 | |
4.875% 7/1/29 (b) | 1,735 | 1,463 | |
Cloud Software Group, Inc. 9% 9/30/29 (b) | 11,880 | 10,117 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 3,270 | 3,230 | |
Coherent Corp. 5% 12/15/29 (b) | 6,960 | 5,906 | |
CommScope, Inc. 4.75% 9/1/29 (b) | 3,600 | 2,457 | |
Elastic NV 4.125% 7/15/29 (b) | 2,410 | 2,031 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (b) | 2,000 | 1,791 | |
5.95% 6/15/30 (b) | 8,335 | 7,625 | |
Entegris, Inc. 3.625% 5/1/29 (b) | 2,550 | 2,133 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 4,490 | 4,040 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 2,715 | 2,629 | |
7.125% 9/30/30 (b) | 1,360 | 1,323 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 5,240 | 4,399 | |
5.25% 12/1/27 (b) | 945 | 886 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 1,660 | 1,487 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 7,345 | 6,096 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 820 | 629 | |
4.125% 8/1/30 (b) | 1,760 | 1,430 | |
McAfee Corp. 7.375% 2/15/30 (b) | 2,290 | 1,832 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 8,160 | 7,385 | |
NCR Atleos Escrow Corp. 9.5% 4/1/29 (b) | 2,875 | 2,818 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 3,675 | 3,157 | |
Open Text Corp. 3.875% 12/1/29 (b) | 4,020 | 3,287 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 4,620 | 3,828 | |
4.125% 12/1/31 (b) | 4,170 | 3,276 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (b) | 7,610 | 3,336 | |
5.375% 12/1/28 (b) | 7,809 | 2,284 | |
Roblox Corp. 3.875% 5/1/30 (b) | 4,035 | 3,274 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 3,695 | 3,127 | |
8.25% 12/15/29 (b) | 1,310 | 1,331 | |
8.5% 7/15/31 (b) | 1,585 | 1,613 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 3,440 | 2,926 | |
5% 10/1/25 (b) | 550 | 535 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,370 | 1,096 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 1,085 | 1,018 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 13,015 | 10,672 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,900 | 1,555 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 1,345 | 1,064 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 640 | 567 | |
147,363 | |||
Telecommunications - 5.5% | |||
Altice Financing SA: | |||
5% 1/15/28 (b) | 5,598 | 4,553 | |
5.75% 8/15/29 (b) | 15,535 | 12,013 | |
Altice France Holding SA 6% 2/15/28 (b) | 10,793 | 4,733 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 12,809 | 8,842 | |
5.125% 7/15/29 (b) | 5,655 | 3,872 | |
5.5% 1/15/28 (b) | 5,700 | 4,235 | |
5.5% 10/15/29 (b) | 50 | 34 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 11,832 | 10,114 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 2,199 | 1,789 | |
5.625% 9/15/28 (b) | 1,290 | 965 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 2,395 | 1,804 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 5,510 | 4,757 | |
5.875% 10/15/27 (b) | 258 | 235 | |
5.875% 11/1/29 | 3,789 | 2,848 | |
8.75% 5/15/30 (b) | 4,055 | 3,863 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 1,575 | 1,285 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 8,320 | 7,305 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 2,555 | 1,990 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (b) | 4,904 | 2,504 | |
4.25% 7/1/28 (b) | 2,180 | 1,233 | |
10.5% 5/15/30 (b) | 9,537 | 9,544 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 7,907 | 5,893 | |
5.125% 1/15/28 (b) | 3,560 | 3,053 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 1,577 | 1,412 | |
SBA Communications Corp. 3.125% 2/1/29 | 1,400 | 1,158 | |
Sprint Corp. 7.125% 6/15/24 | 11,040 | 11,096 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,477 | 2,859 | |
7.2% 7/18/36 | 3,069 | 2,654 | |
7.721% 6/4/38 | 995 | 878 | |
Uniti Group, Inc. 6% 1/15/30 (b) | 16,540 | 10,028 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 5,830 | 4,807 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 1,079 | 849 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 6,160 | 4,885 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (b) | 2,170 | 1,633 | |
6.125% 3/1/28 (b) | 2,568 | 1,701 | |
141,424 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 1,815 | 1,379 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 1,740 | 1,279 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 1,460 | 1,202 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 1,945 | 1,430 | |
5,290 | |||
Transportation Ex Air/Rail - 0.7% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 4,710 | 4,618 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 2,635 | 2,154 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b) | 1,380 | 1,345 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 10,205 | 7,829 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 800 | 766 | |
7.125% 6/1/31 (b) | 1,330 | 1,296 | |
18,008 | |||
Utilities - 2.9% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 6,515 | 5,080 | |
3.75% 1/15/32 (b) | 670 | 507 | |
4.75% 3/15/28 (b) | 1,540 | 1,375 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 3,465 | 3,261 | |
4.35% 4/15/29 | 460 | 375 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 1,385 | 1,332 | |
FirstEnergy Corp. 3.4% 3/1/50 | 5,445 | 3,293 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 6,506 | 6,132 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 6,240 | 5,079 | |
3.625% 2/15/31 (b) | 1,990 | 1,502 | |
5.25% 6/15/29 (b) | 5,350 | 4,720 | |
PG&E Corp.: | |||
5% 7/1/28 | 9,760 | 8,842 | |
5.25% 7/1/30 | 14,760 | 12,928 | |
Pike Corp. 5.5% 9/1/28 (b) | 1,762 | 1,507 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 8,646 | 7,909 | |
5.5% 9/1/26 (b) | 2,845 | 2,707 | |
5.625% 2/15/27 (b) | 6,375 | 5,999 | |
7.75% 10/15/31 (b) | 2,240 | 2,162 | |
74,710 | |||
TOTAL NONCONVERTIBLE BONDS | 2,138,598 | ||
TOTAL CORPORATE BONDS (Cost $2,529,152) | 2,172,344 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
BX Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2495% 6/15/38 (b)(c)(d) | 1,989 | 1,881 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1165% 11/15/38 (b)(c)(d) | 2,683 | 2,549 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1485% 7/15/38 (b)(c)(d) | 1,112 | 1,079 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(c) | 1,700 | 1,498 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6495% 7/15/38 (b)(c)(d) | 3,994 | 3,784 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $10,907) | 10,791 | ||
Common Stocks - 2.8% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 31,300 | 2,729 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 22,700 | 2,688 | |
Energy - 0.8% | |||
California Resources Corp. warrants 10/27/24 (i) | 4,683 | 84 | |
Forbes Energy Services Ltd. (h)(i) | 47,062 | 0 | |
Mesquite Energy, Inc. (h)(i) | 213,506 | 16,950 | |
New Fortress Energy, Inc. (j) | 174,600 | 5,290 | |
TOTAL ENERGY | 22,324 | ||
Food & Drug Retail - 1.3% | |||
Southeastern Grocers, Inc. (g)(h)(i) | 1,235,303 | 33,034 | |
Healthcare - 0.2% | |||
Centene Corp. (i) | 66,300 | 4,573 | |
Technology - 0.1% | |||
Coherent Corp. (i) | 83,800 | 2,480 | |
Telecommunications - 0.2% | |||
CUI Acquisition Corp. Class E (h)(i) | 1 | 0 | |
GTT Communications, Inc. (h) | 113,281 | 3,225 | |
Helios Towers PLC (i) | 1,814,300 | 1,335 | |
TOTAL TELECOMMUNICATIONS | 4,560 | ||
TOTAL COMMON STOCKS (Cost $40,251) | 72,388 | ||
Bank Loan Obligations - 6.0% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Automotive & Auto Parts - 0.0% | |||
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8943% 12/17/28 (c)(d)(k) | 1,586 | 1,194 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4146% 8/24/26 (c)(d)(k) | 4,991 | 1,875 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(e)(k) | 11,482 | 122 | |
TOTAL BROADCASTING | 1,997 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (c)(d)(k) | 6,360 | 5,035 | |
Chemicals - 0.3% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (c)(d)(k) | 5,486 | 5,086 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (c)(d)(k) | 1,995 | 1,943 | |
TOTAL CHEMICALS | 7,029 | ||
Consumer Products - 0.2% | |||
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.95% 9/24/28 (c)(d)(k) | 3,934 | 3,879 | |
Energy - 0.4% | |||
EG America LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4763% 2/7/28 (c)(d)(k) | 3,566 | 3,392 | |
Tranche BB 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k) | 1,686 | 1,682 | |
CME Term SOFR 3 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k) | 1,050 | 1,046 | |
Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4145% 2/7/28 (c)(d)(h)(k) | 2,445 | 2,335 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(k) | 3,958 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(k) | 1,690 | 0 | |
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10/30/28 (d)(k)(l) | 2,845 | 2,617 | |
TOTAL ENERGY | 11,072 | ||
Gaming - 0.0% | |||
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6401% 8/1/30 (c)(d)(k) | 230 | 230 | |
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (c)(d)(k) | 6,080 | 3,500 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 1/8/27 (c)(d)(k) | 343 | 338 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4901% 10/1/27 (c)(d)(k) | 2,718 | 2,593 | |
TOTAL HEALTHCARE | 6,431 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (c)(d)(h)(k) | 1,249 | 1,207 | |
Insurance - 0.0% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (c)(d)(k) | 506 | 504 | |
Leisure - 1.0% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4531% 7/21/28 (c)(d)(k) | 14,685 | 14,524 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.1806% 9/18/24 (c)(d)(k) | 8,992 | 8,706 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6448% 12/30/26 (c)(d)(k) | 2,428 | 2,090 | |
TOTAL LEISURE | 25,320 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (c)(d)(k) | 858 | 829 | |
Services - 1.5% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 12/21/28 (c)(d)(k) | 2,098 | 2,093 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (d)(k)(m) | 402 | 401 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (c)(d)(k) | 1,580 | 1,329 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (c)(d)(k) | 5,560 | 5,162 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (c)(d)(k) | 2,932 | 2,822 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (c)(d)(k) | 6,178 | 5,609 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k) | 4,749 | 4,668 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (c)(d)(k) | 6,151 | 5,363 | |
PowerTeam Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8901% 3/6/25 (c)(d)(k) | 2,790 | 2,516 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (c)(d)(k) | 9,980 | 8,508 | |
TOTAL SERVICES | 38,471 | ||
Super Retail - 0.8% | |||
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (c)(d)(k) | 6,614 | 6,555 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (c)(d)(k) | 13,461 | 12,788 | |
TOTAL SUPER RETAIL | 19,343 | ||
Technology - 0.6% | |||
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (c)(d)(k) | 3,889 | 3,762 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k) | 111 | 109 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1646% 3/1/29 (c)(d)(k) | 635 | 606 | |
Sophia LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9241% 10/7/27 (c)(d)(k) | 1,563 | 1,542 | |
Ukg, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (c)(d)(k) | 5,777 | 5,742 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (c)(d)(k) | 1,500 | 1,497 | |
Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 8/27/25 (c)(d)(k) | 1,939 | 1,936 | |
TOTAL TECHNOLOGY | 15,194 | ||
Telecommunications - 0.3% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4901% 6/30/28 (c)(d)(k) | 4,768 | 2,813 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4269% 12/30/27 (c)(d)(k) | 5,936 | 5,105 | |
TOTAL TELECOMMUNICATIONS | 7,918 | ||
Utilities - 0.4% | |||
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (c)(d)(k) | 10,223 | 10,197 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $175,777) | 155,850 | ||
Preferred Securities - 2.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.2% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 6,905 | 6,505 | |
Banks & Thrifts - 0.9% | |||
Ally Financial, Inc.: | |||
4.7% (c)(n) | 4,475 | 2,949 | |
4.7% (c)(n) | 4,365 | 2,592 | |
Bank of America Corp. 5.875% (c)(n) | 5,385 | 4,677 | |
JPMorgan Chase & Co.: | |||
4.6% (c)(n) | 3,885 | 3,664 | |
6.1% (c)(n) | 5,400 | 5,353 | |
Wells Fargo & Co. 5.9% (c)(n) | 2,970 | 2,987 | |
TOTAL BANKS & THRIFTS | 22,222 | ||
Diversified Financial Services - 0.2% | |||
Aircastle Ltd. 5.25% (b)(c)(n) | 5,175 | 4,093 | |
Charles Schwab Corp. 4% (c)(n) | 3,465 | 2,388 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 6,481 | ||
Energy - 0.9% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (c)(d)(n) | 13,948 | 13,435 | |
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7798% (c)(d)(n) | 3,431 | 3,097 | |
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.7362% (c)(d)(n) | 6,013 | 5,777 | |
TOTAL ENERGY | 22,309 | ||
Services - 0.2% | |||
Air Lease Corp. 4.125% (c)(n) | 5,559 | 4,030 | |
TOTAL PREFERRED SECURITIES (Cost $61,081) | 61,547 | ||
Other - 1.8% | |||
Shares | Value ($) (000s) | ||
Other - 1.8% | |||
Fidelity Private Credit Central Fund LLC (g)(q) (Cost $46,253) | 4,650,410 | 47,155 | |
Money Market Funds - 1.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (o) | 19,392,797 | 19,397 | |
Fidelity Securities Lending Cash Central Fund 5.40% (o)(p) | 5,496,200 | 5,497 | |
TOTAL MONEY MARKET FUNDS (Cost $24,894) | 24,894 | ||
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $2,888,315) | 2,544,969 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 32,676 |
NET ASSETS - 100.0% | 2,577,645 |
(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 $1,690,833,000 or 65.6% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Non-income producing - Security is in default. |
(f) | 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. |
(g) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $85,021,000 or 3.3% of net assets. |
(h) | Level 3 security |
(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 $402,000 and $401,000, respectively. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
(q) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Fidelity Private Credit Central Fund LLC | 6/06/22 | 46,253 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 4,614 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 70,215 | 417,159 | 467,977 | 1,385 | - | - | 19,397 | 0.0% |
Fidelity Private Credit Central Fund LLC | 46,120 | - | - | 2,546 | - | 1,035 | 47,155 | 7.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 428 | 11,600 | 6,531 | 1 | - | - | 5,497 | 0.0% |
Total | 116,763 | 428,759 | 474,508 | 3,932 | - | 1,035 | 72,049 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,335 | 1,335 | - | - |
Consumer Discretionary | 2,729 | 2,729 | - | - |
Consumer Staples | 33,034 | - | - | 33,034 |
Energy | 22,324 | 5,374 | - | 16,950 |
Health Care | 4,573 | 4,573 | - | - |
Industrials | 2,688 | 2,688 | - | - |
Information Technology | 5,705 | 2,480 | - | 3,225 |
Corporate Bonds | 2,172,344 | - | 2,167,512 | 4,832 |
Commercial Mortgage Securities | 10,791 | - | 10,791 | - |
Bank Loan Obligations | 155,850 | - | 147,531 | 8,319 |
Preferred Securities | 61,547 | - | 61,547 | - |
Other | 47,155 | - | 47,155 | - |
Money Market Funds | 24,894 | 24,894 | - | - |
Total Investments in Securities: | 2,544,969 | 44,073 | 2,434,536 | 66,360 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 30,339 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 2,695 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 33,034 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 2,693 | |
Corporate Bonds | |||
Beginning Balance | $ | 30,766 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (25,985) | ||
Cost of Purchases | 4,614 | ||
Proceeds of Sales | (4,579) | ||
Amortization/Accretion | 16 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 4,832 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 202 | |
Other Investments in Securities | |||
Beginning Balance | $ | 32,046 | |
Net Realized Gain (Loss) on Investment Securities | 6,535 | ||
Net Unrealized Gain (Loss) on Investment Securities | (879) | ||
Cost of Purchases | 4,763 | ||
Proceeds of Sales | (17,724) | ||
Amortization/Accretion | 28 | ||
Transfers into Level 3 | 3,725 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 28,494 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 5,659 | |
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) | October 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,287) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,817,168) | $ | 2,472,920 | ||
Fidelity Central Funds (cost $71,147) | 72,049 | |||
Total Investment in Securities (cost $2,888,315) | $ | 2,544,969 | ||
Cash | 1,017 | |||
Receivable for investments sold | 3,156 | |||
Receivable for fund shares sold | 8,951 | |||
Interest receivable | 38,996 | |||
Distributions receivable from Fidelity Central Funds | 131 | |||
Prepaid expenses | 4 | |||
Receivable from investment adviser for expense reductions | 1,006 | |||
Total assets | 2,598,230 | |||
Liabilities | ||||
Payable for investments purchased | $ | 9,267 | ||
Payable for fund shares redeemed | 1,591 | |||
Distributions payable | 2,647 | |||
Accrued management fee | 1,158 | |||
Distribution and service plan fees payable | 38 | |||
Other affiliated payables | 335 | |||
Other payables and accrued expenses | 52 | |||
Collateral on securities loaned | 5,497 | |||
Total Liabilities | 20,585 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 2,577,645 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,605,997 | ||
Total accumulated earnings (loss) | (1,028,352) | |||
Net Assets | $ | 2,577,645 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($112,719 ÷ 15,777 shares)(a) | $ | 7.14 | ||
Maximum offering price per share (100/96.00 of $7.14) | $ | 7.44 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($27,645 ÷ 3,870 shares)(a) | $ | 7.14 | ||
Maximum offering price per share (100/96.00 of $7.14) | $ | 7.44 | ||
Class C : | ||||
Net Asset Value and offering price per share ($10,391 ÷ 1,454 shares)(a) | $ | 7.15 | ||
Fidelity High Income Fund : | ||||
Net Asset Value, offering price and redemption price per share ($2,316,383 ÷ 324,208 shares) | $ | 7.14 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($55,044 ÷ 7,701 shares) | $ | 7.15 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($55,463 ÷ 7,764 shares) | $ | 7.14 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended October 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 1,501 | ||
Interest | 86,974 | |||
Income from Fidelity Central Funds (including $1 from security lending) | 3,932 | |||
Total Income | 92,407 | |||
Expenses | ||||
Management fee | $ | 7,443 | ||
Transfer agent fees | 1,632 | |||
Distribution and service plan fees | 239 | |||
Accounting fees | 439 | |||
Custodian fees and expenses | 10 | |||
Independent trustees' fees and expenses | 7 | |||
Registration fees | 40 | |||
Audit | 48 | |||
Legal | (700) | |||
Miscellaneous | 7 | |||
Total expenses before reductions | 9,165 | |||
Expense reductions | (169) | |||
Total expenses after reductions | 8,996 | |||
Net Investment income (loss) | 83,411 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (109,767) | |||
Total net realized gain (loss) | (109,767) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,263) | |||
Fidelity Central Funds | 1,035 | |||
Total change in net unrealized appreciation (depreciation) | (4,228) | |||
Net gain (loss) | (113,995) | |||
Net increase (decrease) in net assets resulting from operations | $ | (30,584) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 83,411 | $ | 167,641 |
Net realized gain (loss) | (109,767) | (210,957) | ||
Change in net unrealized appreciation (depreciation) | (4,228) | (9,172) | ||
Net increase (decrease) in net assets resulting from operations | (30,584) | (52,488) | ||
Distributions to shareholders | (75,203) | (158,804) | ||
Share transactions - net increase (decrease) | (213,033) | (471,047) | ||
Total increase (decrease) in net assets | (318,820) | (682,339) | ||
Net Assets | ||||
Beginning of period | 2,896,465 | 3,578,804 | ||
End of period | $ | 2,577,645 | $ | 2,896,465 |
Fidelity Advisor® High Income Fund Class A |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .215 | .387 | .345 | .368 | .438 | .192 | ||||||
Net realized and unrealized gain (loss) | (.312) | (.501) | (.760) | .772 | (.908) | .286 | ||||||
Total from investment operations | (.097) | (.114) | (.415) | 1.140 | (.470) | .478 | ||||||
Distributions from net investment income | (.193) | (.366) | (.385) | (.360) | (.430) | (.208) | ||||||
Total distributions | (.193) | (.366) | (.385) | (.360) | (.430) | (.208) | ||||||
Net asset value, end of period | $ | 7.14 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (1.35)% | (1.33)% | (5.02)% | 14.56% | (5.63)% | 5.68% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .94% I | 1.02% | .99% | .98% | .98% | .99% I | ||||||
Expenses net of fee waivers, if any | .93% I | 1.02% | .99% | .98% | .98% | .99% I | ||||||
Expenses net of all reductions | .93% I | 1.02% | .99% | .98% | .98% | .99% I | ||||||
Net investment income (loss) | 5.82% I | 5.19% | 4.02% | 4.32% | 5.04% | 5.60% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 113 | $ | 119 | $ | 132 | $ | 148 | $ | 144 | $ | 170 |
Portfolio turnover rate J | 38% I | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class M |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | �� | |||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .215 | .386 | .345 | .367 | .438 | .191 | ||||||
Net realized and unrealized gain (loss) | (.312) | (.500) | (.761) | .772 | (.909) | .286 | ||||||
Total from investment operations | (.097) | (.114) | (.416) | 1.139 | (.471) | .477 | ||||||
Distributions from net investment income | (.193) | (.366) | (.384) | (.359) | (.429) | (.207) | ||||||
Total distributions | (.193) | (.366) | (.384) | (.359) | (.429) | (.207) | ||||||
Net asset value, end of period | $ | 7.14 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (1.35)% | (1.34)% | (5.03)% | 14.55% | (5.64)% | 5.68% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .94% I | 1.03% | 1.00% | .99% | .99% | 1.01% I | ||||||
Expenses net of fee waivers, if any | .93% I | 1.02% | 1.00% | .99% | .99% | 1.01% I | ||||||
Expenses net of all reductions | .93% I | 1.02% | 1.00% | .99% | .99% | 1.01% I | ||||||
Net investment income (loss) | 5.82% I | 5.18% | 4.01% | 4.31% | 5.02% | 5.59% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 28 | $ | 29 | $ | 30 | $ | 36 | $ | 40 | $ | 50 |
Portfolio turnover rate J | 38% I | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class C |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .187 | .330 | .281 | .302 | .372 | .166 | ||||||
Net realized and unrealized gain (loss) | (.303) | (.501) | (.763) | .772 | (.909) | .285 | ||||||
Total from investment operations | (.116) | (.171) | (.482) | 1.074 | (.537) | .451 | ||||||
Distributions from net investment income | (.164) | (.309) | (.318) | (.294) | (.363) | (.181) | ||||||
Total distributions | (.164) | (.309) | (.318) | (.294) | (.363) | (.181) | ||||||
Net asset value, end of period | $ | 7.15 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (1.59)% | (2.09)% | (5.75)% | 13.68% | (6.35)% | 5.36% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | 1.71% I | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | ||||||
Expenses net of fee waivers, if any | 1.70% I | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | ||||||
Expenses net of all reductions | 1.70% I | 1.79% | 1.76% | 1.75% | 1.75% | 1.77% I | ||||||
Net investment income (loss) | 5.04% I | 4.42% | 3.25% | 3.55% | 4.27% | 4.84% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 10 | $ | 12 | $ | 17 | $ | 30 | $ | 36 | $ | 52 |
Portfolio turnover rate J | 38% I | 35% | 54% K | 62% | 44% K | 62% L |
Fidelity® High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.83 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .226 | .408 | .371 | .392 | .464 | .493 | ||||||
Net realized and unrealized gain (loss) | (.312) | (.500) | (.761) | .772 | (.909) | - | ||||||
Total from investment operations | (.086) | (.092) | (.390) | 1.164 | (.445) | .493 | ||||||
Distributions from net investment income | (.204) | (.388) | (.410) | (.384) | (.455) | (.493) | ||||||
Total distributions | (.204) | (.388) | (.410) | (.384) | (.455) | (.493) | ||||||
Net asset value, end of period | $ | 7.14 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return C,D | (1.20)% | (1.04)% | (4.75)% | 14.89% | (5.35)% | 5.83% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .65% G | .73% | .70% | .69% | .69% | .70% | ||||||
Expenses net of fee waivers, if any | .64% G | .73% | .70% | .69% | .69% | .70% | ||||||
Expenses net of all reductions | .64% G | .73% | .70% | .69% | .69% | .70% | ||||||
Net investment income (loss) | 6.11% G | 5.48% | 4.31% | 4.61% | 5.33% | 5.66% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,316 | $ | 2,567 | $ | 3,181 | $ | 4,139 | $ | 3,871 | $ | 4,392 |
Portfolio turnover rate H | 38% G | 35% | 54% I | 62% | 44% I | 62% J |
Fidelity Advisor® High Income Fund Class I |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .221 | .401 | .390 | .390 | .458 | .199 | ||||||
Net realized and unrealized gain (loss) | (.302) | (.499) | (.774) | .771 | (.907) | .286 | ||||||
Total from investment operations | (.081) | (.098) | (.384) | 1.161 | (.449) | .485 | ||||||
Distributions from net investment income | (.199) | (.382) | (.416) | (.381) | (.451) | (.215) | ||||||
Total distributions | (.199) | (.382) | (.416) | (.381) | (.451) | (.215) | ||||||
Net asset value, end of period | $ | 7.15 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (1.12)% | (1.12)% | (4.68)% | 14.85% | (5.40)% | 5.77% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .78% H | .85% | .72% | .73% | .74% | .78% H | ||||||
Expenses net of fee waivers, if any | .75% H | .80% | .71% | .73% | .74% | .78% H | ||||||
Expenses net of all reductions | .75% H | .80% | .71% | .73% | .74% | .78% H | ||||||
Net investment income (loss) | 5.99% H | 5.41% | 4.29% | 4.57% | 5.28% | 5.81% H | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 55 | $ | 111 | $ | 85 | $ | 4,010 | $ | 558 | $ | 448 |
Portfolio turnover rate I | 38% H | 35% | 54% J | 62% | 44% J | 62% K |
Fidelity Advisor® High Income Fund Class Z |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .228 | .415 | .378 | .399 | .464 | .201 | ||||||
Net realized and unrealized gain (loss) | (.312) | (.502) | (.763) | .770 | (.904) | .289 | ||||||
Total from investment operations | (.084) | (.087) | (.385) | 1.169 | (.440) | .490 | ||||||
Distributions from net investment income | (.206) | (.393) | (.415) | (.389) | (.460) | (.220) | ||||||
Total distributions | (.206) | (.393) | (.415) | (.389) | (.460) | (.220) | ||||||
Net asset value, end of period | $ | 7.14 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (1.17)% | (.98)% | (4.68)% | 14.96% | (5.30)% | 5.83% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .58% H | .66% | .64% | .63% | .63% | .64% H | ||||||
Expenses net of fee waivers, if any | .57% H | .66% | .63% | .63% | .63% | .64% H | ||||||
Expenses net of all reductions | .57% H | .66% | .63% | .62% | .63% | .63% H | ||||||
Net investment income (loss) | 6.17% H | 5.54% | 4.37% | 4.67% | 5.39% | 5.85% H | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 55 | $ | 58 | $ | 133 | $ | 250 | $ | 61 | $ | 13 |
Portfolio turnover rate I | 38% H | 35% | 54% J | 62% | 44% J | 62% K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 InputA |
Equities | $53,209 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 4.3 - 6.8 / 4.5 | Increase |
Market approach | Transaction price | $0.00 - $79.39 / $79.39 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Corporate Bonds | $4,832 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Enterprise value/Proved reserves multiple (EV/PR) | 0.8 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Daily production multiple ($/Million cubic feet per day) | $3,850.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 19.1% | Decrease | ||
Bank Loan Obligations | $8,319 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.5 | Increase |
Indicative market price | Evaluated bid | $95.50 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 13.0% - 15.0% / 13.4% | Decrease |
Gross unrealized appreciation | $51,475 |
Gross unrealized depreciation | (375,567) |
Net unrealized appreciation (depreciation) | $(324,092) |
Tax cost | $2,869,061 |
Short-term | $(130,281) |
Long-term | (468,132) |
Total capital loss carryforward | $(598,413) |
Investment to be Acquired | Commitment Amount | |
Fidelity High Income Fund | Fidelity Private Credit Central Fund LLC | $12,276 |
Purchases ($) | Sales ($) | |
Fidelity High Income Fund | 504,987 | 669,041 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $147 | $-A |
Class M | - % | .25% | 35 | - |
Class C | .75% | .25% | 57 | 4 |
$239 | $4 |
Retained by FDC | |
Class A | $5 |
Class M | -A |
Class CB | -A |
$5 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $92 | .16 |
Class M | 22 | .16 |
Class C | 11 | .19 |
Fidelity High Income Fund | 1,413 | .11 |
Class I | 80 | .25 |
Class Z | 14 | .05 |
$1,632 |
% of Class-Level Average Net Assets | |
Class A | 0.1544% |
Class M | 0.1566% |
Class C | 0.1856% |
Fidelity High Income Fund | 0.1146% |
Class I | 0.2000% |
% of Average Net Assets | |
Fidelity High Income Fund | .03 |
% of Average Net Assets | |
Fidelity High Income Fund | 0.0321% |
Amount | |
Fidelity High Income Fund | $-A |
Amount | |
Fidelity High Income Fund | $2 |
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 | .19% | $6 |
Expense reduction | |
Class M | -A |
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity High Income Fund | ||
Distributions to shareholders | ||
Class A | $3,070 | $5,949 |
Class M | 744 | 1,395 |
Class C | 255 | 576 |
Fidelity High Income Fund | 67,791 | 143,007 |
Class I | 1,744 | 4,409 |
Class Z | 1,599 | 3,468 |
Total | $75,203 | $158,804 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2023 | Year ended April 30, 2023 | Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity High Income Fund | ||||
Class A | ||||
Shares sold | 650 | 1,601 | $4,811 | $12,031 |
Reinvestment of distributions | 382 | 734 | 2,798 | 5,448 |
Shares redeemed | (1,337) | (2,939) | (9,822) | (21,937) |
Net increase (decrease) | (305) | (604) | $(2,213) | $(4,458) |
Class M | ||||
Shares sold | 75 | 482 | $557 | $3,625 |
Reinvestment of distributions | 89 | 165 | 655 | 1,223 |
Shares redeemed | (192) | (573) | (1,416) | (4,281) |
Net increase (decrease) | (28) | 74 | $(204) | $567 |
Class C | ||||
Shares sold | 84 | 199 | $615 | $1,483 |
Reinvestment of distributions | 33 | 73 | 242 | 544 |
Shares redeemed | (319) | (769) | (2,342) | (5,721) |
Net increase (decrease) | (202) | (497) | $(1,485) | $(3,694) |
Fidelity High Income Fund | ||||
Shares sold | 13,857 | 36,311 | $101,957 | $272,258 |
Reinvestment of distributions | 7,253 | 15,389 | 53,180 | 114,248 |
Shares redeemed | (42,361) | (108,580) | (311,159) | (811,949) |
Net increase (decrease) | (21,251) | (56,880) | $(156,022) | $(425,443) |
Class I | ||||
Shares sold | 1,334 | 18,269 | $9,817 | $137,197 |
Reinvestment of distributions | 219 | 555 | 1,608 | 4,118 |
Shares redeemed | (8,772) | (14,626) | (64,199) | (109,771) |
Net increase (decrease) | (7,219) | 4,198 | $(52,774) | $31,544 |
Class Z | ||||
Shares sold | 1,054 | 3,793 | $7,753 | $27,871 |
Reinvestment of distributions | 200 | 416 | 1,465 | 3,101 |
Shares redeemed | (1,300) | (13,283) | (9,553) | (100,535) |
Net increase (decrease) | (46) | (9,074) | $(335) | $(69,563) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® High Income Fund | ||||||||||
Class A | .93% | |||||||||
Actual | $ 1,000 | $ 986.50 | $ 4.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.46 | $ 4.72 | |||||||
Class M | .93% | |||||||||
Actual | $ 1,000 | $ 986.50 | $ 4.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.46 | $ 4.72 | |||||||
Class C | 1.70% | |||||||||
Actual | $ 1,000 | $ 984.10 | $ 8.48 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.59 | $ 8.62 | |||||||
Fidelity® High Income Fund | .64% | |||||||||
Actual | $ 1,000 | $ 988.00 | $ 3.20 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.92 | $ 3.25 | |||||||
Class I ** | .75% | |||||||||
Actual | $ 1,000 | $ 988.80 | $ 3.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class Z | .57% | |||||||||
Actual | $ 1,000 | $ 988.30 | $ 2.85 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.27 | $ 2.90 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® High Income Fund | ||||||
Class I | .70% | |||||
Actual | $ 3.50 | |||||
Hypothetical- B | $ 3.56 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Southeastern Grocers, Inc. | 2.2 | |
Ford Motor Credit Co. LLC | 1.7 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.6 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.5 | |
Occidental Petroleum Corp. | 1.5 | |
TransDigm, Inc. | 1.3 | |
Community Health Systems, Inc. | 1.4 | |
DISH Network Corp. | 1.2 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.2 | |
Tenet Healthcare Corp. | 1.1 | |
14.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 13.7 | |
Technology | 7.0 | |
Services | 6.8 | |
Healthcare | 6.5 | |
Telecommunications | 5.0 | |
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) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 82.1% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.1% | |||
Broadcasting - 1.0% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 5,862,000 | 5,605,538 | |
3.375% 8/15/26 | 13,185,000 | 6,757,313 | |
12,362,851 | |||
Homebuilders/Real Estate - 0.1% | |||
Redfin Corp. 0.5% 4/1/27 | 1,686,000 | 927,300 | |
TOTAL CONVERTIBLE BONDS | 13,290,151 | ||
Nonconvertible Bonds - 81.0% | |||
Aerospace - 2.5% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,215,000 | 1,034,716 | |
5.875% 12/1/27 | 1,230,000 | 1,140,740 | |
Bombardier, Inc. 7.875% 4/15/27 (b) | 3,678,000 | 3,538,728 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 3,247,000 | 2,857,311 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 545,000 | 537,355 | |
6.875% 5/1/25 | 545,000 | 546,930 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b) | 830,000 | 613,290 | |
4.625% 3/1/28 (b) | 2,375,000 | 1,979,010 | |
Moog, Inc. 4.25% 12/15/27 (b) | 165,000 | 146,893 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 2,335,000 | 2,013,330 | |
5.5% 11/15/27 | 8,055,000 | 7,481,081 | |
6.25% 3/15/26 (b) | 3,980,000 | 3,886,309 | |
6.75% 8/15/28 (b) | 1,630,000 | 1,582,703 | |
7.5% 3/15/27 | 1,455,000 | 1,453,219 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 440,000 | 337,116 | |
29,148,731 | |||
Air Transportation - 1.0% | |||
Air Canada 3.875% 8/15/26 (b) | 805,000 | 732,439 | |
American Airlines, Inc. 7.25% 2/15/28 (b) | 540,000 | 502,104 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 2,862,500 | 2,783,634 | |
Forward Air Corp. 9.5% 10/15/31 (b) | 2,490,000 | 2,427,750 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 408,750 | 403,795 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 4,015,000 | 3,666,482 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 2,100,000 | 1,659,000 | |
12,175,204 | |||
Automotive - 0.5% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 4,525,000 | 4,189,382 | |
7.4% 11/1/46 | 435,000 | 408,391 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 1,540,000 | 1,217,327 | |
5,815,100 | |||
Automotive & Auto Parts - 2.3% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 330,000 | 324,827 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 440,000 | 348,251 | |
5.375% 11/15/27 | 295,000 | 271,400 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 1,085,000 | 818,279 | |
4.75% 1/15/43 | 545,000 | 378,144 | |
5.291% 12/8/46 | 215,000 | 156,198 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2802% 3/6/26 (c)(d) | 1,540,000 | 1,551,838 | |
2.3% 2/10/25 | 4,905,000 | 4,630,133 | |
2.9% 2/10/29 | 2,715,000 | 2,222,337 | |
3.375% 11/13/25 | 545,000 | 508,595 | |
3.815% 11/2/27 | 1,640,000 | 1,464,932 | |
4% 11/13/30 | 550,000 | 453,028 | |
4.389% 1/8/26 | 1,090,000 | 1,033,213 | |
4.95% 5/28/27 | 2,190,000 | 2,054,212 | |
5.125% 6/16/25 | 545,000 | 530,292 | |
6.95% 3/6/26 | 4,385,000 | 4,394,374 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c) | 215,000 | 199,806 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 755,000 | 718,289 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 1,115,000 | 1,098,331 | |
8.375% 5/1/28 (b) | 1,180,000 | 1,176,165 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d) | 335,000 | 334,110 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 1,310,000 | 1,263,202 | |
6.875% 4/14/28 (b) | 595,000 | 576,584 | |
7.125% 4/14/30 (b) | 595,000 | 575,962 | |
27,082,502 | |||
Banks & Thrifts - 0.5% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 110,000 | 105,079 | |
6.7% 2/14/33 | 2,170,000 | 1,824,016 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 970,000 | 826,575 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 435,000 | 319,725 | |
UniCredit SpA: | |||
5.861% 6/19/32 (b)(c) | 552,000 | 496,610 | |
7.296% 4/2/34 (b)(c) | 1,403,000 | 1,301,919 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 435,000 | 290,098 | |
7.875% 5/1/27 (b) | 435,000 | 334,950 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 715,000 | 546,260 | |
6,045,232 | |||
Broadcasting - 1.5% | |||
Clear Channel Outdoor Holdings, Inc. 9% 9/15/28 (b) | 3,050,000 | 2,970,639 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 9,005,000 | 92,752 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 2,760,000 | 2,733,946 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (b) | 1,110,000 | 602,619 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (b) | 2,505,000 | 2,130,333 | |
4.125% 7/1/30 (b) | 2,200,000 | 1,746,833 | |
5.5% 7/1/29 (b) | 660,000 | 584,809 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,895,000 | 1,634,438 | |
5% 9/15/29 | 725,000 | 607,188 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 2,170,000 | 1,724,963 | |
6.625% 6/1/27 (b) | 3,080,000 | 2,813,262 | |
17,641,782 | |||
Building Materials - 0.6% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 824,000 | 768,380 | |
6.375% 6/15/30 (b) | 490,000 | 462,643 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 815,000 | 770,583 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 1,325,000 | 1,265,174 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 2,210,000 | 1,758,844 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 1,335,000 | 1,164,579 | |
6% 12/1/29 (b) | 1,230,000 | 1,023,975 | |
7,214,178 | |||
Cable/Satellite TV - 3.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 3,680,000 | 2,863,768 | |
4.25% 1/15/34 (b) | 2,145,000 | 1,549,339 | |
4.5% 8/15/30 (b) | 675,000 | 541,239 | |
4.5% 5/1/32 | 5,635,000 | 4,313,574 | |
4.75% 3/1/30 (b) | 4,755,000 | 3,922,508 | |
4.75% 2/1/32 (b) | 3,090,000 | 2,411,930 | |
5% 2/1/28 (b) | 1,495,000 | 1,342,416 | |
5.375% 6/1/29 (b) | 1,705,000 | 1,492,352 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 2,050,000 | 1,373,422 | |
4.5% 11/15/31 (b) | 555,000 | 366,552 | |
4.625% 12/1/30 (b) | 5,335,000 | 2,705,495 | |
5.375% 2/1/28 (b) | 3,840,000 | 3,057,928 | |
5.75% 1/15/30 (b) | 3,435,000 | 1,797,088 | |
7.5% 4/1/28 (b) | 1,530,000 | 980,620 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 535,000 | 468,786 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 2,740,000 | 1,989,925 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 1,505,000 | 1,278,184 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (b) | 1,630,000 | 1,246,362 | |
6.5% 9/15/28 (b) | 1,465,000 | 725,175 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 1,000,000 | 892,500 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,455,000 | 1,162,125 | |
36,481,288 | |||
Capital Goods - 0.9% | |||
Mueller Water Products, Inc. 4% 6/15/29 (b) | 1,905,000 | 1,628,775 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (b) | 1,640,000 | 1,613,112 | |
6.05% 4/15/28 (b) | 1,090,000 | 1,042,686 | |
6.3% 2/15/30 (b) | 1,090,000 | 1,025,674 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 1,645,000 | 1,483,854 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 4,865,000 | 4,429,326 | |
11,223,427 | |||
Chemicals - 3.7% | |||
CVR Partners LP 6.125% 6/15/28 (b) | 1,807,000 | 1,594,678 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 1,044,000 | 888,291 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 1,645,000 | 1,192,625 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (b) | 1,360,000 | 1,230,190 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 880,000 | 780,658 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,800,000 | 3,465,630 | |
5.65% 12/1/44 | 3,722,000 | 2,735,086 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 1,900,000 | 1,404,847 | |
4.875% 6/1/24 (b) | 1,290,000 | 1,267,714 | |
5% 5/1/25 (b) | 940,000 | 887,794 | |
5.25% 6/1/27 (b) | 1,935,000 | 1,634,426 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 2,575,000 | 2,233,786 | |
Olin Corp. 5% 2/1/30 | 1,110,000 | 958,772 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 2,030,000 | 1,619,818 | |
6.25% 10/1/29 (b) | 2,255,000 | 1,691,250 | |
9.75% 11/15/28 (b) | 2,225,000 | 2,173,160 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 3,750,000 | 3,237,664 | |
6.625% 5/1/29 (b) | 1,815,000 | 1,521,380 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 1,550,000 | 1,374,890 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 790,000 | 610,179 | |
5.375% 5/15/27 | 2,604,000 | 2,352,494 | |
5.75% 11/15/28 (b) | 2,625,000 | 2,220,093 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 3,860,000 | 3,040,648 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 3,750,000 | 2,906,250 | |
7.375% 3/1/31 (b) | 440,000 | 407,559 | |
43,429,882 | |||
Consumer Products - 0.6% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 295,000 | 276,114 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 6.625% 7/15/30 (b) | 1,850,000 | 1,762,535 | |
Kohl's Corp. 4.25% 7/17/25 | 150,000 | 140,097 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (b) | 1,750,000 | 1,616,426 | |
5.45% 11/1/41 | 435,000 | 339,327 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 545,000 | 514,563 | |
6.375% 9/15/27 | 545,000 | 510,400 | |
6.5% 4/1/46 (f) | 435,000 | 305,476 | |
6.625% 9/15/29 | 605,000 | 556,573 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 215,000 | 159,940 | |
4.375% 2/1/32 | 330,000 | 241,857 | |
TKC Holdings, Inc. 10.5% 5/15/29 (b) | 780,000 | 623,808 | |
7,047,116 | |||
Containers - 1.6% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c) | 1,940,000 | 1,129,771 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (b) | 2,345,000 | 1,703,902 | |
5.25% 8/15/27 (b) | 2,775,000 | 2,016,344 | |
Ball Corp.: | |||
2.875% 8/15/30 | 545,000 | 425,188 | |
4.875% 3/15/26 | 1,635,000 | 1,570,161 | |
6% 6/15/29 | 710,000 | 679,133 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 875,000 | 834,916 | |
BWAY Holding Co.: | |||
7.875% 8/15/26 (b) | 1,630,000 | 1,526,689 | |
9.25% 4/15/27 (b) | 1,335,000 | 1,111,800 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 545,000 | 417,544 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 610,000 | 498,760 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 330,000 | 279,261 | |
6.75% 7/15/26 (b) | 220,000 | 202,226 | |
9.5% 11/1/28 (b) | 220,000 | 212,622 | |
10.5% 7/15/27 (b) | 1,295,000 | 1,121,077 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 555,000 | 507,825 | |
Sealed Air Corp. 5% 4/15/29 (b) | 3,300,000 | 2,926,554 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 655,000 | 623,442 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 494,000 | 447,800 | |
8.5% 8/15/27 (b) | 810,000 | 675,776 | |
18,910,791 | |||
Diversified Financial Services - 3.3% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 1,090,000 | 1,069,372 | |
Coinbase Global, Inc. 3.375% 10/1/28 (b) | 900,000 | 660,819 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 4,830,000 | 4,594,538 | |
GGAM Finance Ltd.: | |||
7.75% 5/15/26 (b) | 1,115,000 | 1,106,102 | |
8% 6/15/28 (b) | 1,675,000 | 1,652,245 | |
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (b) | 1,525,000 | 1,505,709 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,675,000 | 1,428,683 | |
HTA Group Ltd. 7% 12/18/25 (b) | 3,830,000 | 3,688,941 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 4,560,000 | 3,511,273 | |
5.25% 5/15/27 | 3,780,000 | 3,236,625 | |
6.25% 5/15/26 | 4,515,000 | 4,126,866 | |
6.375% 12/15/25 | 1,225,000 | 1,152,510 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 390,000 | 311,254 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 1,415,000 | 1,137,663 | |
LPL Holdings, Inc. 4.375% 5/15/31 (b) | 545,000 | 456,454 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 3,265,000 | 2,758,925 | |
3.875% 9/15/28 | 4,040,000 | 3,194,160 | |
6.875% 3/15/25 | 220,000 | 217,051 | |
7.125% 3/15/26 | 3,970,000 | 3,855,509 | |
39,664,699 | |||
Diversified Media - 0.5% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 2,875,000 | 2,343,125 | |
Cmg Media Corp. 8.875% 12/15/27 (b) | 5,100,000 | 3,939,750 | |
6,282,875 | |||
Energy - 11.9% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 1,535,000 | 1,408,439 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 545,000 | 520,896 | |
7.875% 5/15/26 (b) | 545,000 | 548,844 | |
Apache Corp.: | |||
4.25% 1/15/30 | 775,000 | 674,800 | |
5.1% 9/1/40 | 980,000 | 761,509 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 2,540,000 | 2,193,470 | |
California Resources Corp. 7.125% 2/1/26 (b) | 765,000 | 767,869 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 960,000 | 896,038 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (b) | 1,573,000 | 1,462,890 | |
7% 1/15/32 (b) | 1,275,000 | 1,235,976 | |
7.75% 2/15/26 (b) | 860,000 | 859,228 | |
CGG SA 8.75% 4/1/27 (b) | 1,310,000 | 1,156,219 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 2,190,000 | 1,698,209 | |
4% 3/1/31 | 1,085,000 | 908,542 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 2,380,000 | 2,338,247 | |
8.375% 1/15/29 (b) | 1,230,000 | 1,218,145 | |
CNX Resources Corp. 7.375% 1/15/31 (b) | 625,000 | 597,173 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 1,410,000 | 1,205,564 | |
6.75% 3/1/29 (b) | 1,535,000 | 1,396,884 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 9,034,000 | 8,689,624 | |
5.75% 4/1/25 | 2,285,000 | 2,256,438 | |
7.375% 2/1/31 (b) | 1,090,000 | 1,098,731 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 1,855,000 | 1,749,636 | |
5.625% 10/15/25 (b) | 230,000 | 226,222 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 3,735,000 | 3,663,923 | |
5.75% 2/15/28 (b) | 2,890,000 | 2,596,549 | |
Delek Logistics Partners LP 7.125% 6/1/28 (b) | 3,165,000 | 2,880,150 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 1,140,000 | 980,182 | |
4.375% 6/15/31 (b) | 545,000 | 452,601 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 1,020,000 | 978,476 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 665,000 | 627,045 | |
6.5% 9/1/30 (b) | 1,020,000 | 979,067 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 985,000 | 925,917 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 1,005,000 | 976,994 | |
4.75% 1/15/31 (b) | 445,000 | 374,691 | |
6% 7/1/25 (b) | 140,000 | 136,911 | |
6.5% 7/1/27 (b) | 437,000 | 424,766 | |
6.5% 7/15/48 | 220,000 | 186,025 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 835,000 | 736,931 | |
Harvest Midstream I LP 7.5% 9/1/28 (b) | 1,110,000 | 1,051,784 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (b) | 1,115,000 | 954,079 | |
5.125% 6/15/28 (b) | 3,025,000 | 2,793,157 | |
5.5% 10/15/30 (b) | 545,000 | 494,754 | |
5.625% 2/15/26 (b) | 2,610,000 | 2,527,626 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b) | 2,280,000 | 2,110,562 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 1,170,000 | 1,176,233 | |
Jonah Energy Parent LLC 12% 11/5/25 (g)(h) | 3,297,992 | 3,384,729 | |
Mesquite Energy, Inc. 7.25% (b)(e)(h) | 10,580,000 | 1 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 5,850,000 | 5,239,826 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 1,725,000 | 1,683,912 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 1,730,000 | 1,708,427 | |
8.75% 6/15/31 (b) | 555,000 | 552,196 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 545,000 | 367,346 | |
4.4% 4/15/46 | 1,630,000 | 1,162,793 | |
4.4% 8/15/49 | 760,000 | 496,956 | |
4.5% 7/15/44 | 1,335,000 | 927,705 | |
5.5% 12/1/25 | 2,335,000 | 2,304,601 | |
5.55% 3/15/26 | 325,000 | 320,635 | |
5.875% 9/1/25 | 1,656,000 | 1,650,254 | |
6.125% 1/1/31 | 1,895,000 | 1,853,234 | |
6.625% 9/1/30 | 3,190,000 | 3,199,749 | |
7.5% 5/1/31 | 2,575,000 | 2,700,119 | |
7.875% 9/15/31 | 635,000 | 679,863 | |
7.95% 6/15/39 | 270,000 | 288,630 | |
8.875% 7/15/30 | 2,170,000 | 2,409,698 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 2,660,000 | 2,578,365 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 145,000 | 121,895 | |
4.95% 7/15/29 (b) | 1,480,000 | 1,304,366 | |
6.875% 4/15/40 (b) | 655,000 | 545,165 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 925,000 | 925,296 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 2,285,000 | 2,253,924 | |
SM Energy Co. 5.625% 6/1/25 | 1,200,000 | 1,168,072 | |
Southwestern Energy Co. 4.75% 2/1/32 | 1,640,000 | 1,410,379 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 210,000 | 198,975 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 880,000 | 712,826 | |
11.75% 10/1/28 (b) | 1,210,000 | 1,032,166 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,670,000 | 1,446,608 | |
5.875% 3/15/28 | 875,000 | 827,743 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 1,155,000 | 985,134 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 3,125,000 | 2,737,658 | |
6% 12/31/30 (b) | 6,055,000 | 5,097,301 | |
6% 9/1/31 (b) | 3,695,000 | 3,109,232 | |
7.5% 10/1/25 (b) | 3,970,000 | 3,911,049 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,085,000 | 956,463 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 295,000 | 273,244 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 757,500 | 742,350 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (b) | 845,000 | 809,392 | |
8% 2/1/27 (b) | 2,050,000 | 1,924,212 | |
8.75% 2/15/30 (b) | 1,344,250 | 1,340,284 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 2,135,000 | 2,094,969 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 2,155,000 | 1,793,344 | |
4.125% 8/15/31 (b) | 1,680,000 | 1,350,731 | |
6.25% 1/15/30 (b) | 1,445,000 | 1,363,152 | |
Western Gas Partners LP: | |||
3.1% 2/1/25 | 1,950,000 | 1,873,458 | |
3.95% 6/1/25 | 540,000 | 519,328 | |
5.25% 2/1/50 | 1,085,000 | 801,772 | |
5.3% 3/1/48 | 540,000 | 403,672 | |
5.5% 8/15/48 | 325,000 | 246,422 | |
141,687,637 | |||
Environmental - 1.0% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 515,000 | 489,488 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 1,650,000 | 1,287,000 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 910,000 | 853,762 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 1,090,000 | 1,030,892 | |
5.125% 12/15/26 (b) | 1,090,000 | 1,034,289 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 2,375,000 | 1,984,266 | |
5.875% 6/30/29 (b) | 2,280,000 | 1,766,168 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (b) | 3,330,000 | 2,829,341 | |
5.375% 7/15/24 (b) | 575,000 | 567,703 | |
11,842,909 | |||
Food & Drug Retail - 0.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 295,000 | 272,488 | |
3.5% 3/15/29 (b) | 2,690,000 | 2,293,497 | |
4.875% 2/15/30 (b) | 1,855,000 | 1,656,173 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 435,000 | 422,494 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 4,325,000 | 1,700,698 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 785,000 | 630,647 | |
Parkland Corp. 4.625% 5/1/30 (b) | 3,475,000 | 2,962,438 | |
9,938,435 | |||
Food/Beverage/Tobacco - 2.4% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 2,380,000 | 1,841,525 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 435,000 | 376,089 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 3,660,000 | 3,104,861 | |
4.375% 1/31/32 (b) | 545,000 | 450,915 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (b) | 2,690,000 | 2,269,756 | |
5.5% 10/15/27 (b) | 1,505,000 | 1,407,287 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 545,000 | 415,181 | |
4.25% 4/15/31 | 640,000 | 527,154 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 1,290,000 | 1,080,231 | |
5.5% 12/15/29 (b) | 3,980,000 | 3,549,419 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 2,685,000 | 2,265,361 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 699,122 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 7,460,000 | 6,148,419 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 820,000 | 700,203 | |
4.75% 2/15/29 (b) | 2,180,000 | 1,923,103 | |
7.25% 1/15/32 (b) | 1,225,000 | 1,202,506 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 215,000 | 169,179 | |
28,130,311 | |||
Gaming - 2.3% | |||
Affinity Gaming LLC 6.875% 12/15/27 (b) | 3,630,000 | 2,958,762 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (b) | 2,675,000 | 2,631,899 | |
7% 2/15/30 (b) | 1,305,000 | 1,259,446 | |
8.125% 7/1/27 (b) | 2,509,000 | 2,486,103 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 2,205,000 | 2,169,761 | |
Carnival Corp. 10.5% 6/1/30 (b) | 1,985,000 | 2,014,027 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b) | 3,965,000 | 3,542,350 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (b) | 2,730,000 | 2,294,101 | |
6.75% 1/15/30 (b) | 2,125,000 | 1,688,846 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 1,515,000 | 1,515,002 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 975,000 | 828,750 | |
Ontario Gaming GTA LP 8% 8/1/30 (b) | 660,000 | 645,175 | |
Station Casinos LLC 4.5% 2/15/28 (b) | 1,665,000 | 1,437,937 | |
Transocean, Inc. 7.25% 11/1/25 (b) | 545,000 | 531,795 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 1,085,000 | 895,071 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 545,000 | 507,516 | |
27,406,541 | |||
Healthcare - 6.2% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 1,306,000 | 1,266,018 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,055,000 | 876,470 | |
Amgen, Inc. 5.6% 3/2/43 | 1,195,000 | 1,065,839 | |
AMN Healthcare 4% 4/15/29 (b) | 680,000 | 563,163 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,345,000 | 1,125,679 | |
4.625% 7/15/28 (b) | 885,000 | 787,747 | |
Bausch Health Companies, Inc. 5.5% 11/1/25 (b) | 2,740,000 | 2,363,250 | |
Cano Health, Inc. 6.25% 10/1/28 (b) | 550,000 | 220,000 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,320,000 | 1,034,550 | |
Centene Corp. 2.5% 3/1/31 | 1,470,000 | 1,113,466 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,150,000 | 970,681 | |
4% 3/15/31 (b) | 975,000 | 795,790 | |
4.25% 5/1/28 (b) | 472,000 | 419,391 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 4,055,000 | 2,717,844 | |
5.25% 5/15/30 (b) | 7,690,000 | 5,461,084 | |
5.625% 3/15/27 (b) | 4,905,000 | 3,984,987 | |
6% 1/15/29 (b) | 2,290,000 | 1,734,675 | |
6.125% 4/1/30 (b) | 2,340,000 | 906,750 | |
6.875% 4/15/29 (b) | 1,490,000 | 615,236 | |
8% 3/15/26 (b) | 1,075,000 | 982,610 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 2,070,000 | 1,739,080 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (b) | 855,000 | 614,579 | |
4.625% 6/1/30 (b) | 4,560,000 | 3,573,718 | |
Embecta Corp. 5% 2/15/30 (b) | 860,000 | 682,900 | |
Grifols SA 4.75% 10/15/28 (b) | 1,365,000 | 1,143,188 | |
HCA Holdings, Inc. 5.5% 6/15/47 | 1,085,000 | 874,027 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,865,000 | 1,597,558 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 840,000 | 705,196 | |
Humana, Inc. 5.875% 3/1/33 | 1,085,000 | 1,051,957 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 1,110,000 | 1,076,700 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 1,850,000 | 1,608,887 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 785,000 | 572,100 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 1,490,000 | 1,408,050 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (b) | 1,465,000 | 1,194,883 | |
Mozart Borrower LP 3.875% 4/1/29 (b) | 545,000 | 460,179 | |
Option Care Health, Inc. 4.375% 10/31/29 (b) | 255,000 | 213,117 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 3,935,000 | 3,398,896 | |
5.125% 4/30/31 (b) | 1,050,000 | 819,963 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 1,010,000 | 810,364 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 2,895,000 | 2,496,764 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 1,540,000 | 1,097,250 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 930,000 | 820,726 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 2,790,000 | 2,387,604 | |
4.375% 1/15/30 | 1,990,000 | 1,683,356 | |
4.625% 6/15/28 | 2,545,000 | 2,264,154 | |
6.125% 10/1/28 | 3,035,000 | 2,814,963 | |
6.125% 6/15/30 | 2,820,000 | 2,610,420 | |
6.25% 2/1/27 | 2,741,000 | 2,628,473 | |
6.75% 5/15/31 (b) | 390,000 | 370,357 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,310,000 | 1,153,357 | |
7.875% 9/15/29 | 330,000 | 325,404 | |
8.125% 9/15/31 | 330,000 | 326,724 | |
73,530,124 | |||
Homebuilders/Real Estate - 3.4% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 874,400 | 719,741 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 985,000 | 797,043 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 555,000 | 545,288 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 945,000 | 758,363 | |
4.375% 2/1/31 (b) | 775,000 | 589,927 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 1,605,000 | 1,171,650 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 5,035,000 | 3,053,193 | |
4.625% 8/1/29 | 2,850,000 | 1,973,144 | |
5% 10/15/27 | 9,335,000 | 7,207,855 | |
5.25% 8/1/26 | 1,085,000 | 934,199 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 1,990,000 | 1,892,550 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 32,000 | 20,080 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 25,000 | 15,566 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 395,000 | 331,959 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 1,185,000 | 937,454 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 30,000 | 29,699 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 220,000 | 195,877 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (b) | 6,395,000 | 5,168,264 | |
6.5% 2/15/29 (b) | 18,671,000 | 12,125,089 | |
10.5% 2/15/28 (b) | 2,175,000 | 2,094,425 | |
40,561,366 | |||
Hotels - 0.7% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 4,715,000 | 3,727,082 | |
3.75% 5/1/29 (b) | 495,000 | 426,094 | |
4% 5/1/31 (b) | 2,420,000 | 2,004,162 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 1,785,000 | 1,575,352 | |
7,732,690 | |||
Insurance - 1.6% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 435,000 | 356,687 | |
7% 11/15/25 (b) | 215,000 | 208,450 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (b) | 3,740,000 | 3,288,058 | |
5.875% 11/1/29 (b) | 1,365,000 | 1,133,275 | |
6.75% 10/15/27 (b) | 6,945,000 | 6,342,591 | |
6.75% 4/15/28 (b) | 540,000 | 513,133 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 1,660,000 | 1,421,030 | |
AssuredPartners, Inc. 5.625% 1/15/29 (b) | 1,355,000 | 1,149,488 | |
HUB International Ltd.: | |||
7% 5/1/26 (b) | 765,000 | 744,660 | |
7.25% 6/15/30 (b) | 3,595,000 | 3,506,779 | |
18,664,151 | |||
Leisure - 2.6% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 3,414,000 | 3,054,723 | |
6% 5/1/29 (b) | 2,235,000 | 1,888,405 | |
6.65% 1/15/28 | 300,000 | 252,570 | |
7% 8/15/29 (b) | 2,465,000 | 2,417,032 | |
7.625% 3/1/26 (b) | 4,415,000 | 4,293,114 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 315,000 | 266,931 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 1,705,000 | 1,321,375 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 890,000 | 798,775 | |
7.75% 2/15/29 (b) | 3,300,000 | 2,880,206 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 640,000 | 535,192 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (b) | 4,110,000 | 3,780,387 | |
5.375% 7/15/27 (b) | 1,535,000 | 1,414,619 | |
5.5% 8/31/26 (b) | 3,160,000 | 2,982,029 | |
5.5% 4/1/28 (b) | 2,745,000 | 2,503,482 | |
7.25% 1/15/30 (b) | 540,000 | 532,696 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,195,000 | 1,174,088 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 630,000 | 558,338 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 865,000 | 777,136 | |
31,431,098 | |||
Metals/Mining - 1.5% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 740,000 | 730,750 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (b) | 215,000 | 177,336 | |
Constellium NV 5.875% 2/15/26 (b) | 797,000 | 763,917 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,005,000 | 858,019 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 5,665,000 | 4,805,563 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 3,115,000 | 2,624,388 | |
8.625% 6/1/31 (b) | 1,180,000 | 996,040 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 545,000 | 439,302 | |
4.5% 9/15/27 (b) | 630,000 | 567,258 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 435,000 | 397,376 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 860,000 | 800,414 | |
Mineral Resources Ltd.: | |||
8.5% 5/1/30 (b) | 1,400,000 | 1,346,184 | |
9.25% 10/1/28 (b) | 1,105,000 | 1,105,000 | |
Novelis Corp.: | |||
3.25% 11/15/26 (b) | 330,000 | 293,747 | |
3.875% 8/15/31 (b) | 545,000 | 425,645 | |
PMHC II, Inc. 9% 2/15/30 (b) | 2,130,000 | 1,695,254 | |
18,026,193 | |||
Paper - 0.9% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 2,840,000 | 2,130,197 | |
6% 6/15/27 (b) | 1,985,000 | 1,875,817 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 3,325,000 | 3,020,421 | |
8.75% 4/15/30 (b) | 2,330,000 | 1,857,196 | |
Mercer International, Inc. 5.125% 2/1/29 | 710,000 | 556,731 | |
SPA Holdings 3 OY 4.875% 2/4/28 (b) | 2,205,000 | 1,798,883 | |
11,239,245 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (b) | 1,685,000 | 1,455,082 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b) | 1,045,000 | 841,225 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 930,000 | 830,302 | |
4% 10/15/30 (b) | 5,530,000 | 4,529,193 | |
5.75% 4/15/25 (b) | 425,000 | 421,528 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 550,000 | 567,474 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 545,000 | 442,564 | |
4.625% 1/31/32 | 3,225,000 | 2,748,109 | |
5.375% 4/1/32 | 435,000 | 391,026 | |
9,930,196 | |||
Services - 5.6% | |||
AECOM 5.125% 3/15/27 | 730,000 | 689,194 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 2,040,000 | 1,473,900 | |
9.75% 7/15/27 (b) | 1,455,000 | 1,263,851 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 1,390,000 | 1,155,596 | |
6.75% 2/15/27 (b) | 1,280,000 | 1,235,725 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,560,000 | 1,430,752 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,025,000 | 907,622 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (b) | 2,190,000 | 1,784,198 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (b) | 3,975,000 | 3,551,981 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 5,400,000 | 5,359,500 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 3,661,000 | 3,180,494 | |
8.25% 4/15/26 | 940,000 | 951,683 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 1,535,000 | 1,216,488 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 1,535,000 | 1,366,899 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 345,000 | 291,338 | |
3.75% 10/1/30 (b) | 555,000 | 459,368 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 7,291,000 | 6,981,133 | |
Iron Mountain, Inc. 4.5% 2/15/31 (b) | 545,000 | 445,801 | |
Korn Ferry 4.625% 12/15/27 (b) | 400,000 | 363,828 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 1,565,000 | 1,492,534 | |
Life Time, Inc. 8% 4/15/26 (b) | 1,655,000 | 1,613,625 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 2,925,000 | 2,581,455 | |
PowerTeam Services LLC 9.033% 12/4/25 (b) | 2,760,000 | 2,484,000 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 1,090,000 | 1,057,418 | |
Service Corp. International: | |||
4% 5/15/31 | 945,000 | 764,892 | |
5.125% 6/1/29 | 597,000 | 546,255 | |
Sotheby's 7.375% 10/15/27 (b) | 1,270,000 | 1,134,218 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (b) | 2,110,000 | 2,030,875 | |
10.5% 6/30/28 | 355,000 | 354,113 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 3,950,000 | 3,261,692 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 6,630,000 | 5,847,227 | |
7.5% 5/15/25 (b) | 2,835,000 | 2,838,519 | |
8% 11/1/26 (b) | 3,275,000 | 3,298,095 | |
United Rentals North America, Inc. 6% 12/15/29 (b) | 545,000 | 523,640 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 2,762,000 | 2,554,850 | |
66,492,759 | |||
Steel - 0.2% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 655,000 | 530,953 | |
4.125% 1/15/30 | 1,140,000 | 962,117 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 1,475,000 | 1,250,815 | |
2,743,885 | |||
Super Retail - 1.9% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 625,000 | 604,109 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 1,855,000 | 1,044,188 | |
5.5% 4/15/27 (b) | 1,025,000 | 679,617 | |
5.875% 10/1/28 (b) | 507,000 | 293,933 | |
9% 12/1/28 pay-in-kind (b)(c) | 575,000 | 427,888 | |
9% 6/1/30 pay-in-kind (b)(c) | 864,000 | 639,360 | |
9% 6/1/31 pay-in-kind (b)(c) | 1,021,000 | 760,645 | |
10.25% 5/1/30 (b) | 150,000 | 111,750 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (b) | 2,970,000 | 2,938,518 | |
8.5% 10/30/25 (b) | 4,887,000 | 4,807,586 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 295,000 | 271,050 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,315,000 | 1,828,850 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 700,000 | 544,994 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 1,425,000 | 1,032,498 | |
7.875% 5/1/29 (b) | 1,100,000 | 613,250 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 1,630,000 | 1,194,105 | |
4.375% 4/1/30 | 1,090,000 | 846,074 | |
Sally Holdings LLC 5.625% 12/1/25 | 1,200,000 | 1,159,993 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 3,250,000 | 2,423,191 | |
22,221,599 | |||
Technology - 6.2% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 4,495,000 | 3,539,813 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 760,000 | 621,107 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 3,485,000 | 3,101,650 | |
Block, Inc.: | |||
2.75% 6/1/26 | 545,000 | 489,062 | |
3.5% 6/1/31 | 3,117,000 | 2,405,559 | |
Broadcom, Inc.: | |||
2.45% 2/15/31 (b) | 2,035,000 | 1,561,693 | |
2.6% 2/15/33 (b) | 1,570,000 | 1,139,104 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (b) | 710,000 | 609,608 | |
4.875% 7/1/29 (b) | 720,000 | 607,237 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 2,710,000 | 2,379,238 | |
9% 9/30/29 (b) | 5,045,000 | 4,296,246 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 2,415,000 | 2,385,374 | |
Coherent Corp. 5% 12/15/29 (b) | 2,885,000 | 2,448,124 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (b) | 1,415,000 | 965,738 | |
6% 3/1/26 (b) | 1,260,000 | 1,058,375 | |
Elastic NV 4.125% 7/15/29 (b) | 1,715,000 | 1,445,341 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (b) | 3,475,000 | 3,112,016 | |
5.95% 6/15/30 (b) | 3,270,000 | 2,991,536 | |
Entegris, Inc. 3.625% 5/1/29 (b) | 990,000 | 827,932 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 2,505,000 | 2,253,795 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 1,090,000 | 1,055,273 | |
7.125% 9/30/30 (b) | 545,000 | 530,204 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 2,070,000 | 1,737,663 | |
5.25% 12/1/27 (b) | 625,000 | 585,708 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 1,090,000 | 976,082 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 4,095,000 | 3,398,850 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 325,000 | 249,438 | |
4.125% 8/1/30 (b) | 695,000 | 564,708 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,355,000 | 3,036,275 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 1,875,000 | 1,610,775 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,310,000 | 1,138,488 | |
3.875% 12/1/29 (b) | 1,655,000 | 1,353,427 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 1,840,000 | 1,524,622 | |
4.125% 12/1/31 (b) | 875,000 | 687,329 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (b) | 2,710,000 | 1,187,893 | |
5.375% 12/1/28 (b) | 3,360,000 | 982,533 | |
Roblox Corp. 3.875% 5/1/30 (b) | 3,450,000 | 2,799,365 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 1,210,000 | 1,024,082 | |
8.25% 12/15/29 (b) | 555,000 | 564,006 | |
8.5% 7/15/31 (b) | 670,000 | 681,767 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 3,430,000 | 2,917,349 | |
5% 10/1/25 (b) | 215,000 | 209,038 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 545,000 | 436,189 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 440,000 | 412,840 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 4,905,000 | 4,022,051 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 2,020,000 | 1,788,851 | |
73,713,354 | |||
Telecommunications - 4.7% | |||
Altice Financing SA: | |||
5% 1/15/28 (b) | 1,570,000 | 1,276,829 | |
5.75% 8/15/29 (b) | 6,145,000 | 4,751,833 | |
Altice France Holding SA 6% 2/15/28 (b) | 2,945,000 | 1,291,547 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 2,620,000 | 1,808,598 | |
5.5% 1/15/28 (b) | 4,455,000 | 3,310,215 | |
5.5% 10/15/29 (b) | 20,000 | 13,758 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 6,814,000 | 5,824,607 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 765,000 | 622,300 | |
5.625% 9/15/28 (b) | 605,000 | 452,714 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 930,000 | 700,578 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 430,000 | 371,258 | |
5.875% 10/15/27 (b) | 1,685,000 | 1,536,161 | |
5.875% 11/1/29 | 2,485,000 | 1,867,771 | |
8.75% 5/15/30 (b) | 1,675,000 | 1,595,860 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 680,000 | 554,710 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 3,100,000 | 2,721,896 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 1,010,000 | 786,803 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (b) | 565,000 | 288,543 | |
4.25% 7/1/28 (b) | 2,100,000 | 1,187,493 | |
10.5% 5/15/30 (b) | 2,909,000 | 2,911,279 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 3,880,000 | 2,891,764 | |
5.125% 1/15/28 (b) | 211,500 | 181,361 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 748,000 | 669,565 | |
SBA Communications Corp. 3.125% 2/1/29 | 550,000 | 454,742 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,032,000 | 2,493,422 | |
7.2% 7/18/36 | 1,449,000 | 1,252,933 | |
7.721% 6/4/38 | 400,000 | 353,104 | |
Uniti Group, Inc. 6% 1/15/30 (b) | 5,630,000 | 3,413,375 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 2,980,000 | 2,457,189 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 3,745,000 | 2,945,510 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 2,745,000 | 2,176,749 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (b) | 2,600,000 | 1,956,871 | |
6.125% 3/1/28 (b) | 1,755,000 | 1,162,597 | |
56,283,935 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 720,000 | 547,170 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 715,000 | 525,546 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 580,000 | 477,405 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 810,000 | 595,469 | |
2,145,590 | |||
Transportation Ex Air/Rail - 0.6% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 1,690,000 | 1,657,079 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 1,020,000 | 833,850 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 4,095,000 | 3,141,520 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 335,000 | 320,950 | |
7.125% 6/1/31 (b) | 550,000 | 535,835 | |
6,489,234 | |||
Utilities - 2.7% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 2,580,000 | 2,011,751 | |
3.75% 1/15/32 (b) | 280,000 | 212,089 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 1,370,000 | 1,289,235 | |
4.35% 4/15/29 | 185,000 | 150,895 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 545,000 | 524,189 | |
FirstEnergy Corp. 3.4% 3/1/50 | 2,175,000 | 1,315,348 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,927,000 | 2,758,873 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 2,360,000 | 1,920,797 | |
3.625% 2/15/31 (b) | 790,000 | 596,163 | |
5.25% 6/15/29 (b) | 2,565,000 | 2,262,998 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,420,000 | 4,004,278 | |
5.25% 7/1/30 | 5,970,000 | 5,229,129 | |
Pike Corp. 5.5% 9/1/28 (b) | 4,027,000 | 3,443,890 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,849,000 | 2,606,226 | |
5.5% 9/1/26 (b) | 1,130,000 | 1,075,051 | |
5.625% 2/15/27 (b) | 1,965,000 | 1,849,091 | |
7.75% 10/15/31 (b) | 1,220,000 | 1,177,568 | |
32,427,571 | |||
TOTAL NONCONVERTIBLE BONDS | 963,097,937 | ||
TOTAL CORPORATE BONDS (Cost $1,129,416,831) | 976,388,088 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
BX Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2495% 6/15/38 (b)(c)(d) | 887,555 | 839,425 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1165% 11/15/38 (b)(c)(d) | 1,198,000 | 1,137,962 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1485% 7/15/38 (b)(c)(d) | 508,727 | 493,425 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(c) | 772,000 | 680,121 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6495% 7/15/38 (b)(c)(d) | 1,791,000 | 1,696,724 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $4,899,974) | 4,847,657 | ||
Common Stocks - 3.9% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 12,300 | 1,072,560 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 9,000 | 1,065,690 | |
Energy - 1.2% | |||
California Resources Corp. warrants 10/27/24 (i) | 2,871 | 51,219 | |
Mesquite Energy, Inc. (h)(i) | 149,356 | 11,857,395 | |
New Fortress Energy, Inc. | 70,300 | 2,130,090 | |
TOTAL ENERGY | 14,038,704 | ||
Food & Drug Retail - 2.2% | |||
Southeastern Grocers, Inc. (g)(h)(i) | 963,443 | 25,752,814 | |
Healthcare - 0.1% | |||
Centene Corp. (i) | 27,200 | 1,876,256 | |
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (i) | 333 | 15,984 | |
Technology - 0.1% | |||
Coherent Corp. (i) | 34,300 | 1,015,280 | |
Telecommunications - 0.1% | |||
GTT Communications, Inc. (h) | 40,978 | 1,166,644 | |
TOTAL COMMON STOCKS (Cost $18,436,326) | 46,003,932 | ||
Bank Loan Obligations - 5.0% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.1% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4146% 8/24/26 (c)(d)(j) | 1,960,555 | 736,443 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(e)(j) | 4,452,028 | 47,325 | |
TOTAL BROADCASTING | 783,768 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (c)(d)(j) | 2,270,828 | 1,797,746 | |
Chemicals - 0.2% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (c)(d)(j) | 1,905,600 | 1,766,415 | |
Consumer Products - 0.1% | |||
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.95% 9/24/28 (c)(d)(j) | 1,696,021 | 1,672,345 | |
Energy - 0.3% | |||
EG America LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4763% 2/7/28 (c)(d)(j) | 1,411,044 | 1,342,256 | |
Tranche BB 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(j) | 667,028 | 665,360 | |
CME Term SOFR 3 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(j) | 406,819 | 405,293 | |
Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4145% 2/7/28 (c)(d)(h)(j) | 947,080 | 904,461 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(j) | 2,735,146 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(j) | 1,217,000 | 0 | |
TOTAL ENERGY | 3,317,370 | ||
Healthcare - 0.2% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (c)(d)(j) | 2,385,112 | 1,373,133 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 1/8/27 (c)(d)(j) | 127,367 | 125,510 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4901% 10/1/27 (c)(d)(j) | 793,878 | 757,494 | |
TOTAL HEALTHCARE | 2,256,137 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (c)(d)(h)(j) | 502,258 | 485,332 | |
Insurance - 0.0% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (c)(d)(j) | 195,775 | 195,021 | |
Leisure - 0.7% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4531% 7/21/28 (c)(d)(j) | 5,734,611 | 5,671,875 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.1806% 9/18/24 (c)(d)(j) | 2,358,464 | 2,283,299 | |
TOTAL LEISURE | 7,955,174 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (c)(d)(j) | 347,114 | 335,284 | |
Services - 1.2% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 12/21/28 (c)(d)(j) | 640,782 | 639,180 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (d)(j)(k) | 122,778 | 122,471 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (c)(d)(j) | 225,000 | 189,187 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (c)(d)(j) | 2,230,275 | 2,070,677 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (c)(d)(j) | 635,000 | 611,188 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (c)(d)(j) | 2,500,861 | 2,270,431 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(j) | 3,268,662 | 3,213,095 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (c)(d)(j) | 2,706,400 | 2,359,656 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (c)(d)(j) | 3,334,351 | 2,842,534 | |
TOTAL SERVICES | 14,318,419 | ||
Super Retail - 0.7% | |||
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (c)(d)(j) | 2,757,789 | 2,733,079 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (c)(d)(j) | 5,424,720 | 5,153,484 | |
TOTAL SUPER RETAIL | 7,886,563 | ||
Technology - 0.7% | |||
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (c)(d)(j) | 1,583,475 | 1,531,727 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(j) | 76,338 | 75,040 | |
Sophia LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9241% 10/7/27 (c)(d)(j) | 620,253 | 611,725 | |
Ukg, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (c)(d)(j) | 2,469,265 | 2,454,103 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (c)(d)(j) | 3,330,000 | 3,322,508 | |
Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 8/27/25 (c)(d)(j) | 819,087 | 817,891 | |
TOTAL TECHNOLOGY | 8,812,994 | ||
Telecommunications - 0.2% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4901% 6/30/28 (c)(d)(j) | 1,724,924 | 1,017,705 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4269% 12/30/27 (c)(d)(j) | 2,147,119 | 1,846,523 | |
TOTAL TELECOMMUNICATIONS | 2,864,228 | ||
Textiles/Apparel - 0.1% | |||
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6886% 4/16/28 (c)(d)(j) | 733,125 | 717,854 | |
Utilities - 0.3% | |||
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (c)(d)(j) | 3,920,049 | 3,910,249 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $67,814,841) | 59,074,899 | ||
Preferred Securities - 1.3% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.1% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 1,225,000 | 1,154,053 | |
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (c)(l) | 1,820,000 | 1,199,490 | |
4.7% (c)(l) | 1,785,000 | 1,059,882 | |
Bank of America Corp. 5.875% (c)(l) | 2,195,000 | 1,906,546 | |
JPMorgan Chase & Co.: | |||
4.6% (c)(l) | 1,580,000 | 1,490,198 | |
6.1% (c)(l) | 2,190,000 | 2,171,110 | |
Wells Fargo & Co.: | |||
5.9% (c)(l) | 1,205,000 | 1,211,883 | |
7.625% (c)(l) | 615,000 | 621,629 | |
TOTAL BANKS & THRIFTS | 9,660,738 | ||
Diversified Financial Services - 0.1% | |||
Charles Schwab Corp. 4% (c)(l) | 1,405,000 | 968,215 | |
Energy - 0.3% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (c)(d)(l) | 4,070,000 | 3,920,437 | |
TOTAL PREFERRED SECURITIES (Cost $15,499,712) | 15,703,443 | ||
Other - 1.3% | |||
Shares | Value ($) | ||
Other - 1.3% | |||
Fidelity Private Credit Central Fund LLC (g)(m) (Cost $15,642,089) | 1,571,858 | 15,938,635 | |
Money Market Funds - 4.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (m) (Cost $55,870,064) | 55,858,893 | 55,870,064 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $1,307,579,837) | 1,173,826,718 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 14,866,717 |
NET ASSETS - 100.0% | 1,188,693,435 |
(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 $761,653,359 or 64.1% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Non-income producing - Security is in default. |
(f) | 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. |
(g) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,076,178 or 3.8% of net assets. |
(h) | Level 3 security |
(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 $122,778 and $122,471, respectively. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 4/15/22 - 10/27/23 | 15,642,089 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 3,232,032 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 50,252,241 | 145,118,385 | 139,500,562 | 1,534,111 | - | - | 55,870,064 | 0.1% |
Fidelity Private Credit Central Fund LLC | 14,258,260 | 1,346,593 | - | 816,159 | - | 333,782 | 15,938,635 | 2.4% |
Fidelity Securities Lending Cash Central Fund 5.40% | 1,171,350 | 4,548,017 | 5,719,367 | 42 | - | - | - | 0.0% |
Total | 65,681,851 | 151,012,995 | 145,219,929 | 2,350,312 | - | 333,782 | 71,808,699 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 1,072,560 | 1,072,560 | - | - |
Consumer Staples | 25,752,814 | - | - | 25,752,814 |
Energy | 14,038,704 | 2,181,309 | - | 11,857,395 |
Health Care | 1,876,256 | 1,876,256 | - | - |
Industrials | 1,065,690 | 1,065,690 | - | - |
Information Technology | 2,181,924 | 1,015,280 | - | 1,166,644 |
Materials | 15,984 | - | 15,984 | - |
Corporate Bonds | 976,388,088 | - | 973,003,358 | 3,384,730 |
Commercial Mortgage Securities | 4,847,657 | - | 4,847,657 | - |
Bank Loan Obligations | 59,074,899 | - | 54,396,971 | 4,677,928 |
Preferred Securities | 15,703,443 | - | 15,703,443 | - |
Other | 15,938,635 | - | 15,938,635 | - |
Money Market Funds | 55,870,064 | 55,870,064 | - | - |
Total Investments in Securities: | 1,173,826,718 | 63,081,159 | 1,063,906,048 | 46,839,511 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 23,662,145 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 2,090,669 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 25,752,814 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 2,090,669 | |
Energy | |||
Beginning Balance | $ | 16,085,086 | |
Net Realized Gain (Loss) on Investment Securities | 4,654,055 | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,179,261) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (6,702,485) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 11,857,395 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 2,474,834 | |
Corporate Bonds | |||
Beginning Balance | $ | 21,528,391 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (18,182,863) | ||
Cost of Purchases | 3,232,032 | ||
Proceeds of Sales | (3,204,154) | ||
Amortization/Accretion | 11,324 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 3,384,730 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 141,373 | |
Other Investments in Securities | |||
Beginning Balance | $ | 3,501,820 | |
Net Realized Gain (Loss) on Investment Securities | (41,887) | ||
Net Unrealized Gain (Loss) on Investment Securities | 820,196 | ||
Cost of Purchases | 3,278,100 | ||
Proceeds of Sales | (3,168,007) | ||
Amortization/Accretion | 11,320 | ||
Transfers into Level 3 | 1,443,030 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 5,844,572 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 779,078 | |
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 | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,236,067,684) | $ | 1,102,018,019 | ||
Fidelity Central Funds (cost $71,512,153) | 71,808,699 | |||
Total Investment in Securities (cost $1,307,579,837) | $ | 1,173,826,718 | ||
Cash | 528,575 | |||
Receivable for fund shares sold | 444,599 | |||
Interest receivable | 16,726,275 | |||
Distributions receivable from Fidelity Central Funds | 251,763 | |||
Receivable from investment adviser for expense reductions | 852,369 | |||
Total assets | 1,192,630,299 | |||
Liabilities | ||||
Payable for investments purchased | $ | 387,561 | ||
Payable for fund shares redeemed | 3,545,037 | |||
Other payables and accrued expenses | 4,266 | |||
Total Liabilities | 3,936,864 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,188,693,435 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,724,776,440 | ||
Total accumulated earnings (loss) | (536,083,005) | |||
Net Assets | $ | 1,188,693,435 | ||
Net Asset Value, offering price and redemption price per share ($1,188,693,435 ÷ 150,424,812 shares) | $ | 7.90 |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 454,948 | ||
Interest | 37,532,579 | |||
Income from Fidelity Central Funds (including $42 from security lending) | 2,350,312 | |||
Other income | $ | 644,922 | ||
Payment from investment adviser | 32,253 | |||
Total Income | 41,015,014 | |||
Expenses | ||||
Custodian fees and expenses | $ | 6,107 | ||
Independent trustees' fees and expenses | 2,976 | |||
Legal | 153,561 | |||
Total expenses before reductions | 162,644 | |||
Expense reductions | (147,734) | |||
Total expenses after reductions | 14,910 | |||
Net Investment income (loss) | 41,000,104 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (25,546,662) | |||
Foreign currency transactions | (1) | |||
Total net realized gain (loss) | (25,546,663) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (28,160,174) | |||
Fidelity Central Funds | 333,782 | |||
Total change in net unrealized appreciation (depreciation) | (27,826,392) | |||
Net gain (loss) | (53,373,055) | |||
Net increase (decrease) in net assets resulting from operations | $ | (12,372,951) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 41,000,104 | $ | 79,437,342 |
Net realized gain (loss) | (25,546,663) | (75,164,666) | ||
Change in net unrealized appreciation (depreciation) | (27,826,392) | (8,053,810) | ||
Net increase (decrease) in net assets resulting from operations | (12,372,951) | (3,781,134) | ||
Distributions to shareholders | (37,177,440) | (76,803,551) | ||
Share transactions | ||||
Proceeds from sales of shares | 75,051,975 | 114,999,411 | ||
Reinvestment of distributions | 37,177,440 | 76,697,542 | ||
Cost of shares redeemed | (74,054,383) | (385,925,272) | ||
Net increase (decrease) in net assets resulting from share transactions | 38,175,032 | (194,228,319) | ||
Total increase (decrease) in net assets | (11,375,359) | (274,813,004) | ||
Net Assets | ||||
Beginning of period | 1,200,068,794 | 1,474,881,798 | ||
End of period | $ | 1,188,693,435 | $ | 1,200,068,794 |
Other Information | ||||
Shares | ||||
Sold | 9,248,077 | 13,920,010 | ||
Issued in reinvestment of distributions | 4,585,349 | 9,311,777 | ||
Redeemed | (9,110,596) | (46,319,197) | ||
Net increase (decrease) | 4,722,830 | (23,087,410) | ||
Fidelity® Series High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.24 | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 | $ | 9.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .276 | .536 | .510 | .513 | .577 | .607 | ||||||
Net realized and unrealized gain (loss) | (.366) | (.516) | (.699) | .890 | (.935) | (.051) | ||||||
Total from investment operations | (.090) | .020 | (.189) | 1.403 | (.358) | .556 | ||||||
Distributions from net investment income | (.250) | (.520) | (.511) | (.503) | (.598) | (.616) | ||||||
Distributions from net realized gain | - | - | - | - | (.004) | - | ||||||
Total distributions | (.250) | (.520) | (.511) | (.503) | (.602) | (.616) | ||||||
Net asset value, end of period | $ | 7.90 | $ | 8.24 | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 |
Total Return C,D | (1.13)% | .41% | (2.24)% | 16.72% | (4.11)% | 6.12% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .03% G | .04% | .02% | -% H | -% H | -% H | ||||||
Expenses net of fee waivers, if any | -% G | -% H | -% H | -% H | -% H | -% H | ||||||
Expenses net of all reductions | -% G | -% H | -% H | -% H | -% H | -% H | ||||||
Net investment income (loss) | 6.76% G | 6.49% | 5.42% | 5.58% | 6.20% | 6.44% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,188,693 | $ | 1,200,069 | $ | 1,474,882 | $ | 1,702,161 | $ | 1,491,532 | $ | 1,510,741 |
Portfolio turnover rate I | 29% G | 34% | 49% | 68% | 41% J | 69% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 InputA |
Equities | $38,776,853 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 4.3 - 6.8 / 4.4 | Increase |
�� | Market approach | Transaction price | $79.39 | Increase | |
Corporate Bonds | $3,384,730 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Enterprise value/Proved reserves multiple (EV/PR) | 0.8 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Daily production multiple ($/Million cubic feet per day) | $3,850.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 19.1% | Decrease | ||
Bank Loan Obligations | $4,677,928 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.5 | Increase |
Indicative market price | Evaluated bid | $95.50 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 13.0% - 15.0% / 13.3% | Decrease |
Gross unrealized appreciation | $35,971,114 |
Gross unrealized depreciation | (160,630,941) |
Net unrealized appreciation (depreciation) | $(124,659,827) |
Tax cost | $1,298,486,545 |
Short-term | $(47,920,977) |
Long-term | (341,711,652) |
Total capital loss carryforward | $(389,632,629) |
Investment to be Acquired | Commitment Amount | |
Fidelity Series High Income Fund | Fidelity Private Credit Central Fund LLC | $3,263,009 |
Purchases ($) | Sales ($) | |
Fidelity Series High Income Fund | 204,140,837 | 168,241,934 |
Amount | |
Fidelity Series High Income Fund | $82 |
Amount ($) | |
Fidelity Series High Income Fund | 83,190 |
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 | $3 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Series High Income Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 988.70 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.14 | $-E | |||||||
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 1.4 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.2 | |
Ford Motor Credit Co. LLC | 1.2 | |
U.S. Treasury Obligations | 1.0 | |
Tenet Healthcare Corp. | 1.0 | |
Uber Technologies, Inc. | 0.9 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 0.8 | |
Royal Caribbean Cruises Ltd. | 0.8 | |
DISH Network Corp. | 0.8 | |
Altice France SA | 0.8 | |
9.9 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.3 | |
Diversified Financial Services | 6.2 | |
Telecommunications | 6.2 | |
Banks & Thrifts | 5.4 | |
Technology | 5.4 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 80.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.3% | |||
Broadcasting - 0.8% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 86,000 | 52,462 | |
2.375% 3/15/24 | 210,000 | 200,813 | |
3.375% 8/15/26 | 646,000 | 331,075 | |
584,350 | |||
Diversified Financial Services - 0.3% | |||
New Cotai LLC 5% 2/24/27 (b) | 154,531 | 237,375 | |
Homebuilders/Real Estate - 0.2% | |||
Fastighets AB Balder 3.5% 2/23/28 (Reg. S) | EUR | 100,000 | 95,288 |
TOTAL CONVERTIBLE BONDS | 917,013 | ||
Nonconvertible Bonds - 79.1% | |||
Aerospace - 2.0% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 35,000 | 29,807 | |
5.125% 10/1/31 | 25,000 | 20,625 | |
5.875% 12/1/27 | 70,000 | 64,920 | |
Bombardier, Inc.: | |||
6% 2/15/28 (c) | 110,000 | 97,337 | |
7.875% 4/15/27 (c) | 170,000 | 163,563 | |
Embraer Netherlands Finance BV: | |||
5.4% 2/1/27 | 50,000 | 48,095 | |
6.95% 1/17/28 (c) | 20,000 | 19,800 | |
Moog, Inc. 4.25% 12/15/27 (c) | 20,000 | 17,805 | |
Rolls-Royce PLC 5.75% 10/15/27 (c) | 55,000 | 52,120 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 200,000 | 173,277 | |
5.5% 11/15/27 | 335,000 | 311,131 | |
6.25% 3/15/26 (c) | 180,000 | 175,763 | |
6.75% 8/15/28 (c) | 110,000 | 106,808 | |
6.875% 12/15/30 (c) | 150,000 | 144,834 | |
Wesco Aircraft Holdings, Inc. 8.5% (c)(d) | 45,000 | 1,575 | |
1,427,460 | |||
Air Transportation - 1.1% | |||
Air Canada 3.875% 8/15/26 (c) | 65,000 | 59,141 | |
Air France KLM 8.125% 5/31/28 (Reg. S) | EUR | 100,000 | 110,943 |
Allegiant Travel Co. 7.25% 8/15/27 (c) | 40,000 | 36,200 | |
Forward Air Corp. 9.5% 10/15/31 (c) | 95,000 | 92,625 | |
Indira Gandhi International Airport 6.125% 10/31/26 (Reg. S) | 200,000 | 189,488 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) | 41,250 | 40,750 | |
Rand Parent LLC 8.5% 2/15/30 (c) | 165,000 | 150,677 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) | 38,896 | 28,686 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (c) | 80,000 | 74,209 | |
4.625% 4/15/29 (c) | 50,000 | 42,235 | |
Western Global Airlines LLC 10.375% (c)(d) | 60,000 | 450 | |
825,404 | |||
Automotive - 0.7% | |||
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 600,000 | 474,283 | |
Automotive & Auto Parts - 2.2% | |||
Adient Global Holdings Ltd.: | |||
7% 4/15/28 (c) | 95,000 | 93,511 | |
8.25% 4/15/31 (c) | 95,000 | 92,444 | |
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) | EUR | 219,000 | 218,913 |
Ford Motor Co. 3.25% 2/12/32 | 140,000 | 105,584 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 50,000 | 42,599 | |
5.125% 6/16/25 | 170,000 | 165,412 | |
6.125% 5/15/28 | EUR | 100,000 | 110,158 |
Forvia 2.75% 2/15/27 (Reg. S) | EUR | 136,000 | 130,542 |
IHO Verwaltungs GmbH 3.75% 9/15/26 pay-in-kind(Reg. S) (e) | EUR | 100,000 | 99,342 |
Jaguar Land Rover Automotive PLC 4.5% 1/15/26 (Reg. S) | EUR | 100,000 | 102,998 |
LCM Investments Holdings 4.875% 5/1/29 (c) | 70,000 | 58,658 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (c) | 40,000 | 39,402 | |
8.375% 5/1/28 (c) | 55,000 | 54,821 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 45,000 | 38,588 | |
ZF Finance GmbH 5.75% 8/3/26 (Reg. S) | EUR | 200,000 | 211,772 |
1,564,744 | |||
Banks & Thrifts - 3.0% | |||
Access Bank PLC 6.125% 9/21/26 (c) | 190,000 | 158,294 | |
Ally Financial, Inc.: | |||
8% 11/1/31 | 155,000 | 150,504 | |
8% 11/1/31 | 108,000 | 105,413 | |
Aretec Escrow Issuer, Inc. 10% 8/15/30 (c) | 145,000 | 146,631 | |
Banca Monte dei Paschi di Siena SpA 5Y ISDAFIX 11AM LDN TM EUR FXG + 5.000% 7.708% 1/18/28 (e)(f) | EUR | 100,000 | 91,949 |
Banco de Credito Social Cooperativo SA: | |||
EURIBOR ICE Swap Rate + 4.260% 7.5% 9/14/29 (Reg. S) (e)(f) | EUR | 100,000 | 103,609 |
5.25% 11/27/31 (Reg. S) (e) | EUR | 100,000 | 87,822 |
Banco de Sabadell SA 6% 8/16/33 (Reg. S) (e) | EUR | 100,000 | 98,136 |
Bank of East Asia Ltd. 6.75% 3/15/27 (Reg. S) (e) | 250,000 | 246,375 | |
BankMuscat SAOG 4.75% 3/17/26 (Reg. S) | 200,000 | 190,590 | |
Commerzbank AG 6.5% 12/6/32 (Reg. S) (e) | EUR | 100,000 | 104,876 |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 250,000 | 217,438 | |
Intesa Sanpaolo SpA 2.925% 10/14/30 (Reg. S) | EUR | 100,000 | 86,382 |
Piraeus Bank SA 3.875% 11/3/27 (Reg. S) (e) | EUR | 100,000 | 97,536 |
Shinhan Bank 4.375% 4/13/32 (Reg. S) | 200,000 | 170,796 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (c) | 130,000 | 86,696 | |
2,143,047 | |||
Broadcasting - 1.6% | |||
Cable Onda SA 4.5% 1/30/30 (c) | 200,000 | 156,250 | |
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (c) | 75,000 | 54,591 | |
7.75% 4/15/28 (c) | 35,000 | 26,757 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (c)(d) | 70,000 | 721 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (c) | 90,000 | 56,723 | |
Nexstar Media, Inc. 5.625% 7/15/27 (c) | 75,000 | 67,497 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (c) | 50,000 | 37,956 | |
5.375% 1/15/31 (c) | 25,000 | 15,523 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (c) | 50,000 | 37,375 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (c) | 315,000 | 267,886 | |
4.125% 7/1/30 (c) | 65,000 | 51,611 | |
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) | EUR | 100,000 | 95,469 |
TV Azteca SA de CV 8.25% (Reg. S) (d) | 200,000 | 73,000 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (c) | 100,000 | 79,491 | |
6.625% 6/1/27 (c) | 110,000 | 100,474 | |
1,121,324 | |||
Building Materials - 1.0% | |||
Acproducts Holdings, Inc. 6.375% 5/15/29 (c) | 100,000 | 61,000 | |
Advanced Drain Systems, Inc. 5% 9/30/27 (c) | 115,000 | 107,238 | |
CEMEX S.A.B. de CV 5.45% 11/19/29 (c) | 200,000 | 185,125 | |
Loxam SAS 6.375% 5/15/28 (Reg. S) | EUR | 100,000 | 102,896 |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | 20,000 | 15,875 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (c) | 55,000 | 47,979 | |
6% 12/1/29 (c) | 55,000 | 45,788 | |
6.125% 7/1/29 (c) | 30,000 | 25,125 | |
West China Cement Ltd. 4.95% 7/8/26 (Reg. S) | 200,000 | 136,400 | |
727,426 | |||
Cable/Satellite TV - 1.8% | |||
Adria Bidco BV 3.125% 2/15/26 (Reg. S) | EUR | 100,000 | 95,880 |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (c) | 100,000 | 77,820 | |
4.25% 1/15/34 (c) | 115,000 | 83,065 | |
4.5% 8/15/30 (c) | 195,000 | 156,358 | |
4.5% 6/1/33 (c) | 120,000 | 89,516 | |
5.125% 5/1/27 (c) | 225,000 | 207,157 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (c) | 65,000 | 42,930 | |
4.625% 12/1/30 (c) | 75,000 | 38,034 | |
5% 11/15/31 (c) | 65,000 | 33,237 | |
5.75% 1/15/30 (c) | 100,000 | 52,317 | |
7.5% 4/1/28 (c) | 230,000 | 147,413 | |
DISH DBS Corp. 5.75% 12/1/28 (c) | 45,000 | 32,681 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (c) | 150,000 | 114,696 | |
6.5% 9/15/28 (c) | 110,000 | 54,450 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (c) | 35,000 | 25,501 | |
Ziggo BV 4.875% 1/15/30 (c) | 50,000 | 39,936 | |
1,290,991 | |||
Capital Goods - 0.5% | |||
Benteler International AG 9.375% 5/15/28 (Reg. S) | EUR | 150,000 | 160,092 |
Tk Elevator Midco GmbH 4.375% 7/15/27 (Reg. S) | EUR | 100,000 | 95,584 |
Vertical Holdco GmbH 6.625% 7/15/28 (Reg. S) | EUR | 90,000 | 81,541 |
337,217 | |||
Chemicals - 3.8% | |||
Braskem Idesa SAPI: | |||
6.99% 2/20/32 (c) | 55,000 | 32,090 | |
7.45% 11/15/29 (c) | 30,000 | 18,996 | |
CF Industries Holdings, Inc.: | |||
5.15% 3/15/34 | 45,000 | 39,877 | |
5.375% 3/15/44 | 80,000 | 65,057 | |
CVR Partners LP 6.125% 6/15/28 (c) | 90,000 | 79,425 | |
ENN Clean Energy International Investment Ltd.: | |||
3.375% 5/12/26 (c) | 200,000 | 182,270 | |
3.375% 5/12/26 (Reg. S) | 200,000 | 182,270 | |
INEOS Finance PLC 6.625% 5/15/28 (Reg. S) | EUR | 200,000 | 207,761 |
INEOS Quattro Finance 2 PLC 2.5% 1/15/26 (Reg. S) | EUR | 100,000 | 98,384 |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (c)(e) | 185,000 | 134,125 | |
LSB Industries, Inc. 6.25% 10/15/28 (c) | 20,000 | 17,742 | |
MEGlobal Canada, Inc. 5% 5/18/25 (c) | 200,000 | 194,313 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (c) | 75,000 | 55,454 | |
OCP SA: | |||
3.75% 6/23/31 (c) | 200,000 | 156,586 | |
6.875% 4/25/44 (c) | 150,000 | 122,625 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (c) | 200,000 | 195,340 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 176,000 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (c) | 160,000 | 138,140 | |
6.625% 5/1/29 (c) | 45,000 | 37,720 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (c) | 70,000 | 54,067 | |
5.375% 5/15/27 | 75,000 | 67,756 | |
5.75% 11/15/28 (c) | 230,000 | 194,522 | |
Tronox, Inc. 4.625% 3/15/29 (c) | 55,000 | 43,325 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (c) | 70,000 | 62,885 | |
5.625% 8/15/29 (c) | 70,000 | 54,250 | |
7.375% 3/1/31 (c) | 120,000 | 111,152 | |
2,722,132 | |||
Consumer Products - 1.3% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 28,546 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.875% 4/1/29 (c) | 45,000 | 39,712 | |
Gannett Holdings LLC 6% 11/1/26 (c) | 45,000 | 37,800 | |
Kernel Holding SA 6.75% 10/27/27 (c) | 100,000 | 62,610 | |
Mattel, Inc. 3.375% 4/1/26 (c) | 20,000 | 18,473 | |
Meituan 2.125% 10/28/25 (c) | 200,000 | 184,186 | |
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (c) | 75,000 | 69,048 | |
Prosus NV 4.027% 8/3/50 (c) | 200,000 | 109,000 | |
Spectrum Brands Holdings, Inc. 4% 10/1/26 | EUR | 100,000 | 101,117 |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (c) | 75,000 | 56,166 | |
4% 4/15/29 (c) | 60,000 | 49,224 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 40,000 | 29,756 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (c) | 50,000 | 43,250 | |
10.5% 5/15/29 (c) | 80,000 | 63,980 | |
Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (c) | 75,000 | 72,185 | |
965,053 | |||
Containers - 0.7% | |||
ARD Finance SA: | |||
5% 6/30/27 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 61,350 |
6.5% 6/30/27 pay-in-kind (c)(e) | 70,000 | 40,765 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 2.125% 8/15/26 (Reg. S) | EUR | 200,000 | 182,281 |
Ball Corp. 4.875% 3/15/26 | 85,000 | 81,629 | |
Berry Global, Inc. 4.875% 7/15/26 (c) | 40,000 | 38,168 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 30,000 | 22,984 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | 35,000 | 28,617 | |
Trident Holdings, Inc. 12.75% 12/31/28 (c) | 25,000 | 25,547 | |
481,341 | |||
Diversified Financial Services - 4.6% | |||
Altice France Holding SA 4% 2/15/28 (Reg. S) | EUR | 175,000 | 81,204 |
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | 30,000 | 26,156 | |
Coinbase Global, Inc. 3.625% 10/1/31 (c) | 185,000 | 125,775 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (c) | 155,000 | 147,444 | |
FLY Leasing Ltd. 7% 10/15/24 (c) | 105,000 | 96,493 | |
Fortune Star (BVI) Ltd. 6.85% 7/2/24 (Reg. S) | 200,000 | 180,136 | |
Garfunkelux Holdco 3 SA 6.75% 11/1/25 (Reg. S) | EUR | 100,000 | 79,334 |
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (c) | 295,000 | 291,268 | |
Hightower Holding LLC 6.75% 4/15/29 (c) | 25,000 | 21,324 | |
HTA Group Ltd. 7% 12/18/25 (c) | 75,000 | 72,238 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 165,000 | 127,053 | |
4.75% 9/15/24 | 90,000 | 86,319 | |
5.25% 5/15/27 | 400,000 | 342,500 | |
6.375% 12/15/25 | 295,000 | 277,543 | |
Liberty Costa Rica SR SF 10.875% 1/15/31 (c) | 200,000 | 193,990 | |
MDGH GMTN RSC Ltd. 5.084% 5/22/53 (c) | 200,000 | 165,750 | |
Motion Finco SARL 7.375% 6/15/30 (Reg. S) | EUR | 100,000 | 100,551 |
OneMain Finance Corp.: | |||
4% 9/15/30 | 165,000 | 120,698 | |
7.125% 3/15/26 | 200,000 | 194,232 | |
Qtel International Finance Ltd. 2.625% 4/8/31 (c) | 200,000 | 161,250 | |
Vedanta Resources Finance II PLC 8.95% 3/11/25 (Reg. S) | 200,000 | 145,742 | |
Verisure Holding AB: | |||
3.25% 2/15/27 (Reg. S) | EUR | 100,000 | 95,591 |
3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 125,028 |
Vivion Investments SARL 7.9% 8/31/28 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 80,416 |
Yihua Overseas Investment Ltd. 8.5% (Reg. S) (b)(d) | 200,000 | 4,380 | |
3,342,415 | |||
Diversified Media - 0.4% | |||
Allen Media LLC 10.5% 2/15/28 (c) | 220,000 | 114,577 | |
Cmg Media Corp. 8.875% 12/15/27 (c) | 220,000 | 169,950 | |
Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 41,259 | |
325,786 | |||
Energy - 12.7% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 3/1/27 (c) | 140,000 | 133,808 | |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (c) | 70,000 | 65,013 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 200,000 | 172,714 | |
Centennial Resource Production LLC 5.875% 7/1/29 (c) | 80,000 | 74,400 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 70,000 | 68,772 | |
7% 6/15/25 (c) | 130,000 | 127,741 | |
8.375% 1/15/29 (c) | 105,000 | 103,988 | |
CNX Resources Corp. 6% 1/15/29 (c) | 25,000 | 22,924 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 50,000 | 42,751 | |
6.75% 3/1/29 (c) | 90,000 | 81,902 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (c) | 285,000 | 275,738 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 25,000 | 23,580 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (c) | 140,000 | 137,336 | |
5.75% 2/15/28 (c) | 115,000 | 103,323 | |
DCP Midstream Operating LP 8.125% 8/16/30 | 5,000 | 5,452 | |
Delek Logistics Partners LP 7.125% 6/1/28 (c) | 45,000 | 40,950 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (c) | 75,000 | 64,486 | |
4.375% 6/15/31 (c) | 75,000 | 62,284 | |
Ecopetrol SA 8.875% 1/13/33 | 40,000 | 38,240 | |
EIG Pearl Holdings SARL 3.545% 8/31/36 (c) | 80,000 | 62,200 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 125,000 | 119,911 | |
Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (c) | 40,000 | 35,200 | |
EnfraGen Energia Sur SA 5.375% 12/30/30 (c) | 200,000 | 132,374 | |
EnLink Midstream LLC 5.625% 1/15/28 (c) | 25,000 | 23,573 | |
EQM Midstream Partners LP 6.5% 7/1/27 (c) | 70,000 | 68,040 | |
EQT Corp. 3.625% 5/15/31 (c) | 50,000 | 41,170 | |
FEL Energy VI SARL 5.75% 12/1/40 (c) | 41,128 | 32,578 | |
Galaxy Pipeline Assets BidCo Ltd. 2.625% 3/31/36 (c) | 85,000 | 63,538 | |
GeoPark Ltd. 5.5% 1/17/27 (c) | 65,000 | 54,421 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 55,000 | 48,540 | |
Greenko Solar Mauritius Ltd. 5.55% 1/29/25 (Reg. S) | 200,000 | 191,970 | |
Harvest Midstream I LP 7.5% 9/1/28 (c) | 135,000 | 127,920 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (c) | 50,000 | 42,784 | |
5.125% 6/15/28 (c) | 80,000 | 73,869 | |
5.5% 10/15/30 (c) | 30,000 | 27,234 | |
5.625% 2/15/26 (c) | 100,000 | 96,844 | |
HPCL-Mittal Energy Ltd. 5.45% 10/22/26 (Reg. S) | 200,000 | 188,488 | |
India Clean Energy Holdings 4.5% 4/18/27 (Reg. S) | 200,000 | 162,086 | |
Indika Energy Capital IV Pte Ltd. 8.25% 10/22/25 (Reg. S) | 250,000 | 246,943 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (c) | 200,000 | 174,000 | |
Jonah Energy Parent LLC 12% 11/5/25 (b)(g) | 80,399 | 82,513 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) | 95,000 | 93,880 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (c) | 160,000 | 147,086 | |
Leeward Renewable Energy LLC 4.25% 7/1/29 (c) | 170,000 | 138,834 | |
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (c) | 150,000 | 138,870 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (c) | 328,526 | 233,746 | |
Medco Oak Tree Pte Ltd.: | |||
7.375% 5/14/26 (c) | 200,000 | 197,782 | |
7.375% 5/14/26 (Reg. S) | 200,000 | 197,782 | |
MEG Energy Corp. 5.875% 2/1/29 (c) | 110,000 | 102,793 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 105,000 | 101,850 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (c) | 55,000 | 51,025 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (c) | 90,000 | 88,878 | |
8.75% 6/15/31 (c) | 50,000 | 49,747 | |
Nostrum Oil & Gas Finance BV: | |||
5% 6/30/26 (c) | 89,000 | 53,352 | |
14% 6/30/26 pay-in-kind (c)(e) | 45,255 | 11,350 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 35,000 | 34,544 | |
5.875% 9/1/25 | 40,000 | 39,861 | |
6.375% 9/1/28 | 70,000 | 70,445 | |
6.6% 3/15/46 | 55,000 | 52,960 | |
6.625% 9/1/30 | 90,000 | 90,275 | |
6.95% 7/1/24 | 31,000 | 31,130 | |
7.5% 5/1/31 | 125,000 | 131,074 | |
8.875% 7/15/30 | 60,000 | 66,628 | |
Oq Saoc 5.125% 5/6/28 (c) | 200,000 | 188,750 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 70,000 | 64,351 | |
7.875% 9/15/30 (c) | 250,000 | 242,328 | |
Petroleos Mexicanos: | |||
4.25% 1/15/25 | 185,000 | 176,213 | |
6.49% 1/23/27 | 175,000 | 154,550 | |
7.69% 1/23/50 | 75,000 | 46,313 | |
Petrorio Luxembourg SARL 6.125% 6/9/26 (c) | 100,000 | 94,563 | |
Renew Power Ltd. 5.875% 3/5/27 (Reg. S) | 200,000 | 181,840 | |
Rio Oil Finance Trust 9.25% 7/6/24 (c) | 13,007 | 13,073 | |
Saudi Arabian Oil Co.: | |||
2.25% 11/24/30 (c) | 200,000 | 156,750 | |
3.25% 11/24/50 (c) | 150,000 | 88,688 | |
3.5% 4/16/29 (c) | 125,000 | 111,094 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (c) | 20,000 | 20,006 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 25,000 | 24,068 | |
6.625% 1/15/27 | 65,000 | 63,163 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 65,000 | 55,899 | |
5.375% 2/1/29 | 50,000 | 46,189 | |
Strathcona Resources Ltd. 6.875% 8/1/26 (c) | 210,000 | 193,725 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 50,000 | 43,312 | |
6% 4/15/27 | 175,000 | 168,506 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (c) | 55,000 | 46,301 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (c) | 100,000 | 74,350 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (c) | 155,000 | 145,320 | |
Transportadora de Gas del Sur SA 6.75% 5/2/25 (c) | 70,000 | 64,199 | |
Tullow Oil PLC: | |||
7% 3/1/25 (c) | 200,000 | 155,750 | |
10.25% 5/15/26 (c) | 358,000 | 306,761 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 35,000 | 33,989 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (c) | 70,000 | 58,252 | |
6.25% 1/15/30 (c) | 155,000 | 146,220 | |
YPF SA 8.5% 3/23/25 (c) | 101,625 | 93,290 | |
9,123,303 | |||
Entertainment/Film - 0.1% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (c) | 80,000 | 73,105 | |
Environmental - 0.4% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (c) | 20,000 | 19,009 | |
Covanta Holding Corp. 4.875% 12/1/29 (c) | 40,000 | 31,200 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 55,000 | 45,951 | |
5.875% 6/30/29 (c) | 85,000 | 65,844 | |
Paprec Holding SA 4% 3/31/25 | EUR | 100,000 | 104,189 |
Stericycle, Inc. 3.875% 1/15/29 (c) | 35,000 | 29,738 | |
295,931 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 35,000 | 29,841 | |
4.625% 1/15/27 (c) | 95,000 | 89,035 | |
4.875% 2/15/30 (c) | 275,000 | 245,524 | |
BellRing Brands, Inc. 7% 3/15/30 (c) | 25,000 | 24,281 | |
Camposol SA 6% 2/3/27 (c) | 200,000 | 117,254 | |
Casino Guichard Perrachon SA 4.048% (Reg. S) (d)(e) | EUR | 100,000 | 1,057 |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) | 30,000 | 11,797 | |
Iceland Bondco PLC 3 month EURIBOR EURO INTER + 5.500% 9.254% 12/15/27 (Reg. S) (e)(f) | EUR | 100,000 | 104,752 |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 25,000 | 20,084 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) | 100,000 | 100,173 | |
743,798 | |||
Food/Beverage/Tobacco - 2.0% | |||
Adecoagro SA 6% 9/21/27 (c) | 100,000 | 92,427 | |
C&S Group Enterprises LLC 5% 12/15/28 (c) | 40,000 | 30,950 | |
Central American Bottling Corp. 5.25% 4/27/29 (c) | 200,000 | 175,674 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (c) | 30,000 | 25,937 | |
7.5% 4/15/25 (c) | 15,000 | 14,737 | |
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 | 120,000 | 109,665 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) | 48,000 | 48,000 | |
Kraft Heinz Foods Co. 5.5% 6/1/50 | 25,000 | 21,587 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) | 70,000 | 59,383 | |
MARB BondCo PLC 3.95% 1/29/31 (c) | 100,000 | 72,750 | |
MHP SA 7.75% 5/10/24 (c) | 100,000 | 91,000 | |
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (c) | 65,000 | 58,017 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 40,000 | 33,751 | |
5.5% 10/15/27 (c) | 100,000 | 93,507 | |
Post Holdings, Inc. 4.625% 4/15/30 (c) | 34,000 | 28,471 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 16,259 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 145,000 | 119,507 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (c) | 35,000 | 29,887 | |
4.75% 2/15/29 (c) | 80,000 | 70,573 | |
6.875% 9/15/28 (c) | 150,000 | 146,605 | |
7.25% 1/15/32 (c) | 50,000 | 49,082 | |
United Natural Foods, Inc. 6.75% 10/15/28 (c) | 40,000 | 31,475 | |
1,419,244 | |||
Gaming - 3.2% | |||
Affinity Gaming LLC 6.875% 12/15/27 (c) | 20,000 | 16,302 | |
Allwyn Entertainment Financing (UK) PLC 7.25% 4/30/30 (Reg. S) | EUR | 100,000 | 105,016 |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (c) | 90,000 | 73,964 | |
6.25% 7/1/25 (c) | 110,000 | 108,228 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) | 135,000 | 120,610 | |
Cirsa Finance International SARL: | |||
4.5% 3/15/27 (Reg. S) | EUR | 100,000 | 95,854 |
7.875% 7/31/28 (Reg. S) | EUR | 100,000 | 105,089 |
10.375% 11/30/27 (Reg. S) | EUR | 100,000 | 112,688 |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (c) | 90,000 | 75,630 | |
6.75% 1/15/30 (c) | 45,000 | 35,764 | |
GENM Capital Labuan Ltd. 3.882% 4/19/31 (c) | 200,000 | 152,028 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.25% 6/1/25 | 95,000 | 92,662 | |
5.375% 4/15/26 | 30,000 | 28,752 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | 40,000 | 34,000 | |
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 158,349 | |
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 174,985 | |
Scientific Games Corp. 7.5% 9/1/31 (c) | 35,000 | 34,175 | |
Station Casinos LLC 4.625% 12/1/31 (c) | 115,000 | 90,799 | |
Studio City Finance Ltd.: | |||
6.5% 1/15/28 (c) | 110,000 | 89,827 | |
6.5% 1/15/28 (Reg. S) | 200,000 | 163,322 | |
VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (c) | 70,000 | 66,991 | |
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) | 250,000 | 194,840 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (c) | 150,000 | 139,683 | |
2,269,558 | |||
Healthcare - 4.4% | |||
1375209 BC Ltd. 9% 1/30/28 (c) | 14,000 | 13,571 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (c) | 80,000 | 65,600 | |
Avantor Funding, Inc. 3.875% 11/1/29 (c) | 70,000 | 58,586 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (c) | 25,000 | 15,250 | |
14% 10/15/30 (c) | 4,000 | 2,154 | |
Centene Corp.: | |||
3.375% 2/15/30 | 160,000 | 132,296 | |
4.625% 12/15/29 | 105,000 | 93,792 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 20,000 | 16,881 | |
4% 3/15/31 (c) | 55,000 | 44,891 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 75,000 | 50,268 | |
5.25% 5/15/30 (c) | 155,000 | 110,074 | |
6% 1/15/29 (c) | 140,000 | 106,050 | |
6.125% 4/1/30 (c) | 170,000 | 65,875 | |
6.875% 4/15/29 (c) | 75,000 | 30,968 | |
8% 3/15/26 (c) | 95,000 | 86,835 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (c) | 60,000 | 43,128 | |
4.625% 6/1/30 (c) | 80,000 | 62,697 | |
Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 14,582 | |
Grifols SA: | |||
3.875% 10/15/28 (Reg. S) | EUR | 100,000 | 88,028 |
4.75% 10/15/28 (c) | 200,000 | 167,500 | |
HealthEquity, Inc. 4.5% 10/1/29 (c) | 30,000 | 25,698 | |
Hologic, Inc. 3.25% 2/15/29 (c) | 55,000 | 46,174 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 55,000 | 47,832 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (c) | 50,000 | 40,781 | |
3.875% 5/15/32 (c) | 100,000 | 78,576 | |
4.375% 6/15/28 (c) | 40,000 | 35,601 | |
Nidda Healthcare Holding AG 7.5% 8/21/26 (Reg. S) | EUR | 200,000 | 211,649 |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
2.875% 4/30/28 (Reg. S) | EUR | 147,000 | 134,152 |
4.125% 4/30/28 (c) | 80,000 | 69,101 | |
5.125% 4/30/31 (c) | 80,000 | 62,473 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 50,000 | 35,625 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (c) | 16,000 | 15,660 | |
10% 4/15/27 (c) | 40,000 | 39,927 | |
Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 27,450 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 130,000 | 111,250 | |
4.375% 1/15/30 | 210,000 | 177,641 | |
6.125% 10/1/28 | 210,000 | 194,775 | |
6.25% 2/1/27 | 195,000 | 186,995 | |
6.875% 11/15/31 | 10,000 | 9,219 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
1.625% 10/15/28 (Reg. S) | EUR | 100,000 | 82,477 |
3.15% 10/1/26 | 75,000 | 66,032 | |
4.1% 10/1/46 | 200,000 | 119,739 | |
7.875% 9/15/29 | 100,000 | 98,607 | |
3,186,460 | |||
Homebuilders/Real Estate - 1.9% | |||
Adler Financing SARL 12.5% 6/30/25 pay-in-kind (e) | EUR | 25,000 | 27,907 |
Arcosa, Inc. 4.375% 4/15/29 (c) | 40,000 | 34,900 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (c) | 40,000 | 32,367 | |
6.625% 1/15/28 (c) | 5,000 | 4,575 | |
China Aoyuan Group Ltd. 6.2% (Reg. S) (d) | 200,000 | 2,000 | |
Easy Tactic Ltd. 7.5% 7/11/28 pay-in-kind (e) | 224,177 | 8,972 | |
GMR Hyderabad International Airport Ltd. 4.75% 2/2/26 (Reg. S) | 200,000 | 187,130 | |
Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (c) | 70,000 | 65,100 | |
Greentown China Holdings Ltd. 4.7% 4/29/25 (Reg. S) | 200,000 | 140,716 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 55,000 | 41,388 | |
5% 3/1/31 | 55,000 | 39,463 | |
Modernland Overseas Pte Ltd.: | |||
3% 4/30/27 pay-in-kind (Reg. S) (b)(e) | 6,115 | 550 | |
4% 4/30/27 pay-in-kind (e) | 106,828 | 10,683 | |
New Home Co., Inc. 8.25% 10/15/27 (c)(h) | 30,000 | 27,342 | |
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) | 200,000 | 57,380 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 71,767 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.75% 1/15/28 (c) | 80,000 | 72,612 | |
5.875% 6/15/27 (c) | 55,000 | 51,563 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 13,355 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (c) | 55,000 | 44,449 | |
6.5% 2/15/29 (c) | 85,000 | 55,200 | |
10.5% 2/15/28 (c) | 110,000 | 105,925 | |
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (c) | 205,000 | 184,464 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 25,000 | 21,469 | |
Yango Justice International Ltd.: | |||
8.25% (Reg. S) (d) | 220,000 | 550 | |
10% (Reg. S) (d) | 200,000 | 1,002 | |
Yanlord Land Group Ltd. 5.125% 5/20/26 (Reg. S) | 200,000 | 99,416 | |
1,402,245 | |||
Hotels - 0.6% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | 125,000 | 133,277 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (c) | 40,000 | 31,619 | |
3.75% 5/1/29 (c) | 35,000 | 30,128 | |
Lindblad Expeditions Holdings 9% 5/15/28 (c) | 185,000 | 177,961 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (c) | 65,000 | 59,236 | |
432,221 | |||
Insurance - 1.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (c) | 250,000 | 242,384 | |
10.125% 8/1/26 (c) | 35,000 | 35,223 | |
Alliant Holdings Intermediate LLC: | |||
5.875% 11/1/29 (c) | 190,000 | 157,745 | |
6.75% 10/15/27 (c) | 225,000 | 205,484 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 40,000 | 34,242 | |
AssuredPartners, Inc. 5.625% 1/15/29 (c) | 30,000 | 25,450 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (c) | 60,000 | 51,673 | |
7% 5/1/26 (c) | 190,000 | 184,948 | |
MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 36,767 | |
USI, Inc. 6.875% 5/1/25 (c) | 275,000 | 272,487 | |
1,246,403 | |||
Leisure - 1.7% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (c) | 135,000 | 120,793 | |
7.625% 3/1/26 (Reg. S) | EUR | 100,000 | 103,667 |
9.875% 8/1/27 (c) | 210,000 | 218,883 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (c) | 20,000 | 17,950 | |
7.75% 2/15/29 (c) | 80,000 | 69,823 | |
NCL Finance Ltd. 6.125% 3/15/28 (c) | 25,000 | 20,906 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (c) | 130,000 | 119,574 | |
5.375% 7/15/27 (c) | 60,000 | 55,295 | |
5.5% 8/31/26 (c) | 135,000 | 127,397 | |
7.25% 1/15/30 (c) | 45,000 | 44,391 | |
11.625% 8/15/27 (c) | 220,000 | 238,646 | |
Vail Resorts, Inc. 6.25% 5/15/25 (c) | 35,000 | 34,784 | |
Viking Cruises Ltd. 9.125% 7/15/31 (c) | 25,000 | 24,563 | |
1,196,672 | |||
Metals/Mining - 3.2% | |||
Abja Investment Co. Pte Ltd. 5.45% 1/24/28 | 200,000 | 192,556 | |
Alcoa Nederland Holding BV 4.125% 3/31/29 (c) | 70,000 | 60,965 | |
Alpha Natural Resources, Inc. 9.75% (b)(d) | 210,000 | 0 | |
Antofagasta PLC 2.375% 10/14/30 (c) | 200,000 | 150,700 | |
Arsenal AIC Parent LLC 8% 10/1/30 (c) | 30,000 | 29,625 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (c) | 40,000 | 32,993 | |
Endeavour Mining PLC 5% 10/14/26 (c) | 100,000 | 87,611 | |
ERO Copper Corp. 6.5% 2/15/30 (c) | 365,000 | 309,626 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (c) | 50,000 | 43,863 | |
6.875% 10/15/27 (c) | 75,000 | 63,188 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (c) | 40,000 | 32,242 | |
5.875% 4/15/30 (c) | 130,000 | 116,667 | |
Gcm Mining Corp. 6.875% 8/9/26 (c) | 200,000 | 164,000 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (c) | 105,000 | 93,955 | |
Industrias Penoles SA de CV 4.75% 8/6/50 (c) | 200,000 | 138,484 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (c) | 85,000 | 82,135 | |
8.5% 5/1/30 (c) | 20,000 | 19,231 | |
Minsur SA 4.5% 10/28/31 (c) | 50,000 | 40,400 | |
Nexa Resources SA 6.5% 1/18/28 (c) | 200,000 | 186,750 | |
Novelis Corp. 3.875% 8/15/31 (c) | 115,000 | 89,815 | |
PT Freeport Indonesia 5.315% 4/14/32 (c) | 200,000 | 177,652 | |
Stillwater Mining Co.: | |||
4% 11/16/26 (c) | 140,000 | 120,400 | |
4.5% 11/16/29 (c) | 65,000 | 49,238 | |
Volcan Compania Minera SAA 4.375% 2/11/26 (c) | 95,000 | 44,964 | |
2,327,060 | |||
Paper - 0.4% | |||
Berry Global, Inc. 5.625% 7/15/27 (c) | 35,000 | 33,408 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (c) | 35,000 | 31,794 | |
8.75% 4/15/30 (c) | 200,000 | 159,416 | |
Mercer International, Inc. 5.125% 2/1/29 | 55,000 | 43,127 | |
SPA Holdings 3 OY 4.875% 2/4/28 (c) | 45,000 | 36,712 | |
304,457 | |||
Restaurants - 0.9% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) | 160,000 | 131,044 | |
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b)(c) | 200,000 | 200,020 | |
CEC Entertainment LLC 6.75% 5/1/26 (c) | 60,000 | 56,036 | |
Papa John's International, Inc. 3.875% 9/15/29 (c) | 25,000 | 20,511 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 70,000 | 59,649 | |
4.75% 1/15/30 (c) | 200,000 | 178,042 | |
645,302 | |||
Services - 3.5% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) | 30,000 | 21,675 | |
ASGN, Inc. 4.625% 5/15/28 (c) | 160,000 | 141,678 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) | 38,000 | 30,959 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (c) | 40,000 | 34,267 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (c) | 30,000 | 26,475 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (c) | 155,000 | 153,838 | |
CoreCivic, Inc. 8.25% 4/15/26 | 45,000 | 45,559 | |
CoreLogic, Inc. 4.5% 5/1/28 (c) | 125,000 | 99,063 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 520,000 | 497,894 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | 90,000 | 76,233 | |
Hertz Corp.: | |||
4.625% 12/1/26 (c) | 55,000 | 46,069 | |
5% 12/1/29 (c) | 70,000 | 50,253 | |
5.5% (b)(c)(d) | 65,000 | 2,275 | |
6% (b)(c)(d) | 85,000 | 4,994 | |
6.25% (b)(d) | 60,000 | 2,100 | |
7.125% (b)(c)(d) | 85,000 | 7,438 | |
IPD BV 8% 6/15/28 (Reg. S) | EUR | 100,000 | 106,464 |
Koc Holding A/S 6.5% 3/11/25 (c) | 35,000 | 34,563 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) | 35,000 | 33,379 | |
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) | EUR | 114,000 | 115,524 |
Sabre GLBL, Inc. 7.375% 9/1/25 (c) | 60,000 | 53,808 | |
Service Corp. International 5.125% 6/1/29 | 35,000 | 32,025 | |
The Bidvest Group UK PLC 3.625% 9/23/26 (c) | 75,000 | 66,375 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (c) | 170,000 | 163,625 | |
10.5% 6/30/28 | 67,000 | 66,833 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (c) | 485,000 | 427,738 | |
6.25% 1/15/28 (c) | 100,000 | 96,250 | |
7.5% 9/15/27 (c) | 90,000 | 90,226 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 45,000 | 41,625 | |
2,569,205 | |||
Steel - 1.2% | |||
Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 24,318 | |
CSN Islands XI Corp. 6.75% 1/28/28 (c) | 50,000 | 45,735 | |
CSN Resources SA: | |||
5.875% 4/8/32 (c) | 40,000 | 31,500 | |
7.625% 4/17/26 (c) | 15,000 | 14,841 | |
JSW Steel Ltd.: | |||
3.95% 4/5/27 (c) | 100,000 | 85,625 | |
5.375% 4/4/25 (Reg. S) | 200,000 | 193,278 | |
Metinvest BV 5.625% 6/17/25 (Reg. S) | EUR | 100,000 | 82,003 |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 20,000 | 16,960 | |
TMK Capital SA 4.3% (Reg. S) (b)(d) | 200,000 | 126,500 | |
Vallourec SA 8.5% 6/30/26 (Reg. S) | EUR | 200,000 | 211,355 |
832,115 | |||
Super Retail - 1.2% | |||
Academy Ltd. 6% 11/15/27 (c) | 75,000 | 70,604 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 21,000 | 18,607 | |
4.625% 11/15/29 (c) | 45,000 | 38,065 | |
4.75% 3/1/30 | 20,000 | 16,972 | |
5% 2/15/32 (c) | 45,000 | 36,498 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (c) | 110,000 | 101,838 | |
Carvana Co.: | |||
9% 12/1/28 pay-in-kind (c)(e) | 9,000 | 6,697 | |
9% 6/1/30 pay-in-kind (c)(e) | 13,000 | 9,620 | |
9% 6/1/31 pay-in-kind (c)(e) | 16,000 | 11,920 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (c) | 231,000 | 228,551 | |
8.5% 10/30/25 (c) | 47,000 | 46,236 | |
Group 1 Automotive, Inc. 4% 8/15/28 (c) | 200,000 | 172,149 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (c) | 35,000 | 28,905 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (c) | 65,000 | 47,096 | |
7.875% 5/1/29 (c) | 95,000 | 52,963 | |
886,721 | |||
Technology - 4.0% | |||
Acuris Finance U.S. 5% 5/1/28 (c) | 170,000 | 133,875 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (c) | 175,000 | 143,018 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (c) | 60,000 | 53,400 | |
Block, Inc.: | |||
2.75% 6/1/26 | 75,000 | 67,302 | |
3.5% 6/1/31 | 75,000 | 57,882 | |
Boxer Parent Co., Inc. 9.125% 3/1/26 (c) | 5,000 | 4,969 | |
CA Magnum Holdings 5.375% 10/31/26 (c) | 400,000 | 348,344 | |
Camelot Finance SA 4.5% 11/1/26 (c) | 150,000 | 138,658 | |
Cloud Software Group, Inc. 9% 9/30/29 (c) | 185,000 | 157,543 | |
Coherent Corp. 5% 12/15/29 (c) | 45,000 | 38,186 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 58,511 | |
Elastic NV 4.125% 7/15/29 (c) | 40,000 | 33,711 | |
Iliad Holding SAS 5.625% 10/15/28 (Reg. S) | EUR | 100,000 | 99,683 |
Iliad SA 5.375% 6/14/27 (Reg. S) | EUR | 200,000 | 208,360 |
Lenovo Group Ltd. 3.421% 11/2/30 (c) | 200,000 | 160,188 | |
Match Group Holdings II LLC 4.125% 8/1/30 (c) | 100,000 | 81,253 | |
MicroStrategy, Inc. 6.125% 6/15/28 (c) | 235,000 | 212,675 | |
NCR Atleos Escrow Corp. 9.5% 4/1/29 (c) | 100,000 | 98,023 | |
NCR Corp. 5.125% 4/15/29 (c) | 45,000 | 38,696 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 30,000 | 28,597 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (c) | 200,000 | 165,720 | |
Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 39,072 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (c) | 100,000 | 43,834 | |
5.375% 12/1/28 (c) | 30,000 | 8,773 | |
Roblox Corp. 3.875% 5/1/30 (c) | 185,000 | 150,111 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (c) | 45,000 | 45,730 | |
8.5% 7/15/31 (c) | 40,000 | 40,703 | |
Sensata Technologies BV 4% 4/15/29 (c) | 65,000 | 55,285 | |
Synaptics, Inc. 4% 6/15/29 (c) | 30,000 | 24,750 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 60,000 | 49,199 | |
VMED O2 UK Financing I PLC 3.25% 1/31/31 (Reg. S) | EUR | 100,000 | 87,172 |
2,873,223 | |||
Telecommunications - 5.4% | |||
Altice France Holding SA 6% 2/15/28 (c) | 75,000 | 32,892 | |
Altice France SA: | |||
5.125% 1/15/29 (c) | 50,000 | 34,515 | |
5.125% 7/15/29 (c) | 120,000 | 82,164 | |
5.5% 1/15/28 (c) | 130,000 | 96,594 | |
AXIAN Telecom 7.375% 2/16/27 (c) | 200,000 | 177,225 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) | 330,000 | 282,084 | |
Cellnex Telecom SA 1.75% 10/23/30 (Reg. S) | EUR | 100,000 | 84,728 |
Consolidated Communications, Inc. 5% 10/1/28 (c) | 135,000 | 101,697 | |
CT Trust 5.125% 2/3/32 (c) | 200,000 | 153,000 | |
Digicel Group Ltd. 6.75% (c)(d) | 150,000 | 3,000 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 55,000 | 47,486 | |
5.875% 10/15/27 (c) | 50,000 | 45,583 | |
5.875% 11/1/29 | 14,771 | 11,102 | |
6% 1/15/30 (c) | 95,000 | 71,510 | |
8.75% 5/15/30 (c) | 65,000 | 61,929 | |
IHS Netherlands Holdco BV 8% 9/18/27 (c) | 200,000 | 163,150 | |
Intelsat Jackson Holdings SA: | |||
5.5% (b)(d) | 200,000 | 0 | |
6.5% 3/15/30 (c) | 135,000 | 118,534 | |
8.5% (b)(c)(d) | 45,000 | 0 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (c) | 400,000 | 311,605 | |
6.75% 10/15/27 (c) | 90,000 | 81,195 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (c) | 95,000 | 48,299 | |
4.25% 7/1/28 (c) | 75,000 | 42,410 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (c) | 200,000 | 121,458 | |
Lorca Telecom Bondco SAU 4% 9/18/27 (Reg. S) | EUR | 100,000 | 98,081 |
Millicom International Cellular SA 4.5% 4/27/31 (c) | 200,000 | 149,060 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (c) | 50,000 | 44,625 | |
6% 2/15/28 (c) | 20,000 | 16,500 | |
Sable International Finance Ltd. 5.75% 9/7/27 (c) | 180,000 | 161,125 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (c) | 6,000 | 5,696 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 100,000 | 82,680 | |
3.875% 2/15/27 | 200,000 | 182,139 | |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (c) | 200,000 | 180,300 | |
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (c) | 200,000 | 181,000 | |
Uniti Group, Inc. 6% 1/15/30 (c) | 210,000 | 127,319 | |
VTR Comunicaciones SpA 5.125% 1/15/28 (c) | 176,000 | 77,000 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 200,000 | 158,597 | |
WP/AP Telecom Holdings IV BV 3.75% 1/15/29 (Reg. S) | EUR | 100,000 | 91,208 |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (c) | 115,000 | 86,554 | |
6.125% 3/1/28 (c) | 60,000 | 39,747 | |
3,853,791 | |||
Textiles/Apparel - 0.4% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (c) | 115,000 | 87,395 | |
4.25% 3/15/29 (c) | 55,000 | 45,100 | |
CT Investment GmbH 5.5% 4/15/26 (Reg. S) | EUR | 100,000 | 98,942 |
Victoria's Secret & Co. 4.625% 7/15/29 (c) | 50,000 | 36,757 | |
268,194 | |||
Transportation Ex Air/Rail - 0.3% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) | 40,000 | 32,700 | |
Mersin Uluslararasi Liman Isletmeciligi A/S 5.375% 11/15/24 (c) | 100,000 | 97,353 | |
Seaspan Corp. 5.5% 8/1/29 (c) | 110,000 | 84,388 | |
214,441 | |||
Utilities - 4.2% | |||
Abu Dhabi National Energy Co. PJSC 4.696% 4/24/33 (c) | 200,000 | 183,500 | |
Aegea Finance SARL 9% 1/20/31 (c) | 200,000 | 199,500 | |
Clearway Energy Operating LLC 4.75% 3/15/28 (c) | 40,000 | 35,706 | |
ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S) | EUR | 221,000 | 189,336 |
DPL, Inc.: | |||
4.125% 7/1/25 | 180,000 | 169,389 | |
4.35% 4/15/29 | 215,000 | 175,365 | |
Energia Group ROI 6.875% 7/31/28 (Reg. S) | EUR | 213,000 | 219,337 |
Energias de Portugal SA 5.943% 4/23/83 (Reg. S) (e) | EUR | 100,000 | 104,752 |
Eskom Holdings SOC Ltd. 8.45% 8/10/28 (c) | 60,000 | 56,685 | |
Mong Duong Finance Holdings BV: | |||
5.125% 5/7/29 (c) | 100,000 | 90,052 | |
5.125% 5/7/29 (Reg. S) | 250,000 | 225,130 | |
NextEra Energy Partners LP 4.25% 9/15/24 (c) | 4,000 | 3,780 | |
NRG Energy, Inc. 3.875% 2/15/32 (c) | 45,000 | 33,442 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 10,000 | 6,150 | |
3.95% 12/1/47 | 55,000 | 32,816 | |
4.55% 7/1/30 | 130,000 | 112,516 | |
4.95% 7/1/50 | 415,000 | 289,682 | |
PG&E Corp. 5% 7/1/28 | 375,000 | 339,729 | |
Pike Corp. 5.5% 9/1/28 (c) | 240,000 | 205,248 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (c) | 70,000 | 66,776 | |
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 162,160 | 153,799 | |
Vertiv Group Corp. 4.125% 11/15/28 (c) | 95,000 | 83,030 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (c) | 60,000 | 56,461 | |
3,032,181 | |||
TOTAL NONCONVERTIBLE BONDS | 56,944,253 | ||
TOTAL CORPORATE BONDS (Cost $67,671,372) | 57,861,266 | ||
Government Obligations - 1.6% | |||
Principal Amount (a) | Value ($) | ||
Germany - 0.6% | |||
German Federal Republic: | |||
0% 4/5/24 | EUR | 305,000 | 317,784 |
2.2% 4/13/28(Reg. S) | EUR | 75,000 | 77,850 |
TOTAL GERMANY | 395,634 | ||
United States of America - 1.0% | |||
U.S. Treasury Bonds: | |||
2.875% 5/15/52 | 336,000 | 224,214 | |
3.625% 2/15/53 | 428,000 | 333,506 | |
U.S. Treasury Notes 3.875% 8/15/33 | 189,000 | 173,969 | |
TOTAL UNITED STATES OF AMERICA | 731,689 | ||
TOTAL GOVERNMENT OBLIGATIONS (Cost $1,282,904) | 1,127,323 | ||
Common Stocks - 2.4% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(i) | 3,510 | 6,037 | |
Energy - 1.5% | |||
California Resources Corp. | 5,429 | 285,511 | |
California Resources Corp. warrants 10/27/24 (i) | 530 | 9,455 | |
Chesapeake Energy Corp. | 1,694 | 145,820 | |
Denbury, Inc. (i) | 660 | 58,667 | |
Denbury, Inc. warrants 9/18/25 | 1,038 | 61,445 | |
EP Energy Corp. (b)(i) | 7,975 | 13,159 | |
Mesquite Energy, Inc. (b)(i) | 3,543 | 268,900 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (i) | 600 | 16,548 | |
warrants 2/4/28 (i) | 600 | 14,304 | |
Nostrum Oil & Gas LP warrants (b)(i) | 6,753 | 0 | |
PureWest Energy (b)(i) | 105 | 196 | |
PureWest Energy rights (b)(i) | 63 | 0 | |
Superior Energy Services, Inc. Class A (b)(i) | 609 | 46,113 | |
Tidewater, Inc. warrants 11/14/42 (i) | 1,897 | 142,622 | |
TOTAL ENERGY | 1,062,740 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(g)(i) | 125,816 | 71,715 | |
Food & Drug Retail - 0.4% | |||
Northeast Grocery, Inc. (b)(g)(i) | 12,754 | 60,454 | |
Southeastern Grocers, Inc. (b)(g)(i) | 7,744 | 206,997 | |
TOTAL FOOD & DRUG RETAIL | 267,451 | ||
Telecommunications - 0.0% | |||
Intelsat Jackson Holdings SA: | |||
Series A rights (b)(i) | 240 | 2,266 | |
Series B rights (b)(i) | 240 | 8,354 | |
TOTAL TELECOMMUNICATIONS | 10,620 | ||
Textiles/Apparel - 0.1% | |||
Intelsat Emergence SA (b)(i) | 2,308 | 97,051 | |
Utilities - 0.3% | |||
PG&E Corp. (i) | 7,733 | 126,048 | |
Vistra Corp. | 3,895 | 127,444 | |
TOTAL UTILITIES | 253,492 | ||
TOTAL COMMON STOCKS (Cost $1,235,300) | 1,769,106 | ||
Bank Loan Obligations - 5.1% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 0.1% | |||
TransDigm, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6401% 8/24/28 (e)(f)(j) | 64,716 | 64,614 | |
Air Transportation - 0.7% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1741% 11/23/28 (b)(e)(f)(j) | 191,070 | 191,070 | |
2LN, term loan: | |||
CME Term SOFR 3 Month Index + 7.000% 12.3161% 11/23/29 (b)(e)(f)(j) | 30,000 | 29,760 | |
CME Term SOFR 3 Month Index + 8.000% 13.4832% 11/23/29 (b)(e)(f)(j) | 257,000 | 257,000 | |
TOTAL AIR TRANSPORTATION | 477,830 | ||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 7.9901% 2/1/27 (e)(f)(j) | 28,102 | 27,771 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8911% 2/25/29 (e)(f)(j) | 49,375 | 46,567 | |
Chemicals - 0.3% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 5/7/25 (b)(e)(f)(j) | 116,175 | 112,690 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (e)(f)(j) | 79,400 | 73,601 | |
TOTAL CHEMICALS | 186,291 | ||
Consumer Products - 0.1% | |||
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.9347% 5/8/26 (b)(e)(f)(j) | 74,493 | 73,658 | |
Diversified Financial Services - 0.5% | |||
BCP Renaissance Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8998% 10/31/28 (e)(f)(j) | 12,845 | 12,764 | |
GTCR W-2 Merger Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 9/21/30 (f)(j)(k) | 125,000 | 124,010 | |
HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.3901% 4/20/30 (e)(f)(j) | 14,426 | 14,390 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(j) | 246,841 | 246,841 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 398,005 | ||
Diversified Media - 0.2% | |||
Cmg Media Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9901% 12/17/26 (e)(f)(j) | 139,284 | 125,007 | |
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(f)(j) | 65,772 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(f)(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% 12.895% 4/18/28 (b)(e)(f)(j) | 79,800 | 73,616 | |
Healthcare - 0.0% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 11/1/28 (e)(f)(j) | 9,850 | 9,741 | |
Homebuilders/Real Estate - 0.3% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (b)(e)(f)(j) | 241,049 | 232,925 | |
Hotels - 0.0% | |||
Travelport Finance Luxembourg SARL 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 6.750% 13.8901% 5/29/26 (e)(f)(j) | 39,975 | 20,387 | |
Insurance - 0.1% | |||
Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6886% 2/15/27 (e)(f)(j) | 4,913 | 4,874 | |
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (e)(f)(j) | 38,385 | 38,237 | |
TOTAL INSURANCE | 43,111 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 8/17/28 (e)(f)(j) | 4,729 | 4,723 | |
Services - 0.8% | |||
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.4269% 12/20/29 (e)(f)(j) | 2,000 | 2,006 | |
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (e)(f)(j) | 10,000 | 8,408 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (e)(f)(j) | 158,785 | 144,154 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (b)(e)(f)(j) | 191,556 | 188,300 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 1/23/27 (e)(f)(j) | 14,513 | 14,222 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (e)(f)(j) | 192,817 | 164,376 | |
Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.1594% 3/3/30 (e)(f)(j) | 64,513 | 64,425 | |
TOTAL SERVICES | 585,891 | ||
Super Retail - 0.2% | |||
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (e)(f)(j) | 155,624 | 154,230 | |
Technology - 1.1% | |||
Anastasia Parent LLC Tranche B, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 8/10/25 (e)(f)(j) | 113,925 | 77,958 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (e)(f)(j) | 88,034 | 85,157 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (b)(e)(f)(j) | 4,474 | 4,398 | |
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5741% 5/3/28 (e)(f)(j) | 159,373 | 152,112 | |
Ukg, Inc.: | |||
1LN, term loan: | |||
CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (e)(f)(j) | 195,765 | 194,563 | |
CME Term SOFR 3 Month Index + 3.750% 9.2332% 5/4/26 (e)(f)(j) | 19,200 | 19,148 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (e)(f)(j) | 286,989 | 286,344 | |
TOTAL TECHNOLOGY | 819,680 | ||
Telecommunications - 0.5% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8939% 8/15/28 (e)(f)(j) | 368,150 | 326,273 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $3,815,365) | 3,670,320 | ||
Preferred Securities - 4.7% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 2.4% | |||
AIB Group PLC 5.25% (Reg. S) (e)(l) | EUR | 200,000 | 202,596 |
Banco de Sabadell SA 9.375% (Reg. S) (e)(l) | EUR | 200,000 | 208,097 |
Banco Mercantil del Norte SA 7.625% (c)(e)(l) | 40,000 | 36,266 | |
Bank of America Corp.: | |||
4.375% (e)(l) | 100,000 | 80,770 | |
5.875% (e)(l) | 190,000 | 165,031 | |
Bank of Communications Co. Ltd. 3.8% (Reg. S) (e)(l) | 200,000 | 197,796 | |
CaixaBank SA 5.875% (Reg. S) (e)(l) | EUR | 200,000 | 191,908 |
Citigroup, Inc. 7.625% (e)(l) | 120,000 | 116,574 | |
Deutsche Bank AG 6.75% (e)(l) | EUR | 200,000 | 181,688 |
Industrial & Commercial Bank of China Ltd. 3.2% (Reg. S) (e)(l) | 200,000 | 184,700 | |
Tinkoff Credit Systems 6% (b)(c)(d)(e)(l) | 100,000 | 5,000 | |
Woori Bank 4.25% (Reg. S) (e)(l) | 200,000 | 192,900 | |
TOTAL BANKS & THRIFTS | 1,763,326 | ||
Building Materials - 0.3% | |||
CEMEX S.A.B. de CV 5.125% (c)(e)(l) | 200,000 | 185,593 | |
Diversified Financial Services - 0.7% | |||
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(l) | 200,000 | 160,143 | |
Charles Schwab Corp. 5.375% (e)(l) | 340,000 | 325,912 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 486,055 | ||
Energy - 0.1% | |||
Wintershall Dea Finance 2 BV 2.4985% (Reg. S) (e)(l) | EUR | 100,000 | 93,337 |
Homebuilders/Real Estate - 0.1% | |||
Abertis Infraestructuras Finance BV 3.248% (Reg. S) (e)(l) | EUR | 100,000 | 99,947 |
Technology - 0.3% | |||
Network i2i Ltd. 5.65% (Reg. S) (e)(l) | 200,000 | 194,126 | |
Telecommunications - 0.3% | |||
Telefonica Europe BV 6.75% (Reg. S) (e)(l) | EUR | 200,000 | 206,958 |
Utilities - 0.5% | |||
Electricite de France SA: | |||
5% (Reg. S) (e)(l) | EUR | 100,000 | 105,039 |
7.5% (Reg. S) (e)(l) | EUR | 200,000 | 228,086 |
TOTAL UTILITIES | 333,125 | ||
TOTAL PREFERRED SECURITIES (Cost $3,543,883) | 3,362,467 | ||
Money Market Funds - 4.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (m) (Cost $3,307,817) | 3,307,248 | 3,307,910 | |
TOTAL INVESTMENT IN SECURITIES - 98.8% (Cost $80,856,641) | 71,098,392 |
NET OTHER ASSETS (LIABILITIES) - 1.2% | 891,182 |
NET ASSETS - 100.0% | 71,989,574 |
EUR | - | European Monetary Unit |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | 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 $37,141,233 or 51.6% of net assets. |
(d) | Non-income producing - Security is in default. |
(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) | 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 $421,679 or 0.6% of net assets. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Non-income producing |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | The coupon rate will be determined upon settlement of the loan after period end. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 78,791 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 2,730,646 | 16,993,482 | 16,416,218 | 86,318 | - | - | 3,307,910 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | - | 298,338 | 298,338 | 14 | - | - | - | 0.0% |
Total | 2,730,646 | 17,291,820 | 16,714,556 | 86,332 | - | - | 3,307,910 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 107,671 | - | - | 107,671 |
Consumer Discretionary | 77,752 | - | - | 77,752 |
Consumer Staples | 267,451 | - | - | 267,451 |
Energy | 1,062,544 | 530,305 | 204,067 | 328,172 |
Utilities | 253,688 | 253,492 | - | 196 |
Corporate Bonds | 57,861,266 | - | 57,193,121 | 668,145 |
Government Obligations | 1,127,323 | - | 1,127,323 | - |
Bank Loan Obligations | 3,670,320 | - | 2,260,062 | 1,410,258 |
Preferred Securities | 3,362,467 | - | 3,357,467 | 5,000 |
Money Market Funds | 3,307,910 | 3,307,910 | - | - |
Total Investments in Securities: | 71,098,392 | 4,091,707 | 64,142,040 | 2,864,645 |
Investments in Securities: | |||
Bank Loan Obligations | |||
Beginning Balance | $ | 1,341,958 | |
Net Realized Gain (Loss) on Investment Securities | 848 | ||
Net Unrealized Gain (Loss) on Investment Securities | 20,644 | ||
Cost of Purchases | 192,109 | ||
Proceeds of Sales | (148,454) | ||
Amortization/Accretion | 3,153 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,410,258 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 20,644 | |
Corporate Bonds | |||
Beginning Balance | $ | 1,006,268 | |
Net Realized Gain (Loss) on Investment Securities | 261 | ||
Net Unrealized Gain (Loss) on Investment Securities | (549,051) | ||
Cost of Purchases | 285,336 | ||
Proceeds of Sales | (75,521) | ||
Amortization/Accretion | 852 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 668,145 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | (118,646) | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,018,185 | |
Net Realized Gain (Loss) on Investment Securities | 137,558 | ||
Net Unrealized Gain (Loss) on Investment Securities | (183,119) | ||
Cost of Purchases | 12,861 | ||
Proceeds of Sales | (199,243) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 786,242 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | (68,758) | |
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 | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $77,548,824) | $ | 67,790,482 | ||
Fidelity Central Funds (cost $3,307,817) | 3,307,910 | |||
Total Investment in Securities (cost $80,856,641) | $ | 71,098,392 | ||
Cash | 239,853 | |||
Foreign currency held at value (cost $13,446) | 13,407 | |||
Receivable for investments sold | 148,652 | |||
Receivable for fund shares sold | 18,460 | |||
Dividends receivable | 1,903 | |||
Interest receivable | 1,058,870 | |||
Distributions receivable from Fidelity Central Funds | 14,487 | |||
Prepaid expenses | 105 | |||
Receivable from investment adviser for expense reductions | 30,707 | |||
Total assets | 72,624,836 | |||
Liabilities | ||||
Payable for investments purchased | $ | 438,310 | ||
Payable for fund shares redeemed | 24,433 | |||
Distributions payable | 50,161 | |||
Accrued management fee | 42,108 | |||
Distribution and service plan fees payable | 3,233 | |||
Other affiliated payables | 12,574 | |||
Audit fee payable | 47,325 | |||
Other payables and accrued expenses | 17,118 | |||
Total Liabilities | 635,262 | |||
Net Assets | $ | 71,989,574 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 95,522,262 | ||
Total accumulated earnings (loss) | (23,532,688) | |||
Net Assets | $ | 71,989,574 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($7,601,606 ÷ 943,564 shares)(a) | $ | 8.06 | ||
Maximum offering price per share (100/96.00 of $8.06) | $ | 8.40 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,508,242 ÷ 311,388 shares)(a) | $ | 8.06 | ||
Maximum offering price per share (100/96.00 of $8.06) | $ | 8.40 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,310,396 ÷ 162,664 shares)(a) | $ | 8.06 | ||
Global High Income : | ||||
Net Asset Value, offering price and redemption price per share ($57,757,217 ÷ 7,168,618 shares) | $ | 8.06 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($2,812,113 ÷ 349,044 shares) | $ | 8.06 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 91,424 | ||
Interest | 2,325,861 | |||
Income from Fidelity Central Funds (including $14 from security lending) | 86,332 | |||
Total Income | 2,503,617 | |||
Expenses | ||||
Management fee | $ | 263,602 | ||
Transfer agent fees | 61,143 | |||
Distribution and service plan fees | 20,217 | |||
Accounting fees | 15,715 | |||
Custodian fees and expenses | 6,739 | |||
Independent trustees' fees and expenses | 191 | |||
Registration fees | 57,191 | |||
Audit | 49,181 | |||
Legal | (9,279) | |||
Miscellaneous | 148 | |||
Total expenses before reductions | 464,848 | |||
Expense reductions | (147,161) | |||
Total expenses after reductions | 317,687 | |||
Net Investment income (loss) | 2,185,930 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (2,445,693) | |||
Foreign currency transactions | (4,000) | |||
Total net realized gain (loss) | (2,449,693) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (854,742) | |||
Assets and liabilities in foreign currencies | (5,000) | |||
Total change in net unrealized appreciation (depreciation) | (859,742) | |||
Net gain (loss) | (3,309,435) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,123,505) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,185,930 | $ | 4,276,750 |
Net realized gain (loss) | (2,449,693) | (6,611,422) | ||
Change in net unrealized appreciation (depreciation) | (859,742) | 2,033,258 | ||
Net increase (decrease) in net assets resulting from operations | (1,123,505) | (301,414) | ||
Distributions to shareholders | (1,648,255) | (3,486,392) | ||
Distributions to shareholders from tax return of capital | - | (291,964) | ||
Total Distributions | (1,648,255) | (3,778,356) | ||
Share transactions - net increase (decrease) | (3,568,261) | (13,836,765) | ||
Total increase (decrease) in net assets | (6,340,021) | (17,916,535) | ||
Net Assets | ||||
Beginning of period | 78,329,595 | 96,246,130 | ||
End of period | $ | 71,989,574 | $ | 78,329,595 |
Fidelity Advisor® Global High Income Fund Class A |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .230 | .422 | .367 | .391 | .445 | .468 | ||||||
Net realized and unrealized gain (loss) | (.359) | (.382) | (1.089) | 1.394 | (1.120) | (.115) | ||||||
Total from investment operations | (.129) | .040 | (.722) | 1.785 | (.675) | .353 | ||||||
Distributions from net investment income | (.171) | (.341) | (.378) | (.375) | (.425) | (.457) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.026) | ||||||
Tax return of capital | - | (.029) | - | - | - | - | ||||||
Total distributions | (.171) | (.370) | (.378) | (.375) | (.425) | (.483) | ||||||
Net asset value, end of period | $ | 8.06 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D,E | (1.56)% | .64% | (7.64)% | 21.59% | (7.44)% | 3.88% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.44% H | 1.38% | 1.37% | 1.34% | 1.34% | 1.32% | ||||||
Expenses net of fee waivers, if any | 1.04% H | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.04% H | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | ||||||
Net investment income (loss) | 5.54% H | 5.13% | 3.89% | 4.17% | 4.77% | 5.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 7,602 | $ | 7,663 | $ | 15,467 | $ | 8,582 | $ | 5,927 | $ | 7,365 |
Portfolio turnover rate I | 42% H | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class M |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .230 | .421 | .372 | .389 | .445 | .467 | ||||||
Net realized and unrealized gain (loss) | (.359) | (.381) | (1.094) | 1.396 | (1.120) | (.114) | ||||||
Total from investment operations | (.129) | .040 | (.722) | 1.785 | (.675) | .353 | ||||||
Distributions from net investment income | (.171) | (.341) | (.378) | (.375) | (.425) | (.457) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.026) | ||||||
Tax return of capital | - | (.029) | - | - | - | - | ||||||
Total distributions | (.171) | (.370) | (.378) | (.375) | (.425) | (.483) | ||||||
Net asset value, end of period | $ | 8.06 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D,E | (1.56)% | .64% | (7.64)% | 21.59% | (7.44)% | 3.88% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.51% H | 1.45% | 1.41% | 1.41% | 1.41% | 1.40% | ||||||
Expenses net of fee waivers, if any | 1.04% H | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.03% H | 1.17% | 1.16% | 1.25% | 1.25% | 1.25% | ||||||
Net investment income (loss) | 5.54% H | 5.13% | 3.89% | 4.16% | 4.77% | 5.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,508 | $ | 2,634 | $ | 3,118 | $ | 3,164 | $ | 2,928 | $ | 3,971 |
Portfolio turnover rate I | 42% H | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class C |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .200 | .360 | .301 | .319 | .375 | .398 | ||||||
Net realized and unrealized gain (loss) | (.360) | (.381) | (1.094) | 1.396 | (1.119) | (.115) | ||||||
Total from investment operations | (.160) | (.021) | (.793) | 1.715 | (.744) | .283 | ||||||
Distributions from net investment income | (.140) | (.285) | (.307) | (.305) | (.356) | (.387) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.026) | ||||||
Tax return of capital | - | (.024) | - | - | - | - | ||||||
Total distributions | (.140) | (.309) | (.307) | (.305) | (.356) | (.413) | ||||||
Net asset value, end of period | $ | 8.06 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D,E | (1.93)% | (.11)% | (8.33)% | 20.69% | (8.13)% | 3.10% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 2.25% H | 2.20% | 2.12% | 2.14% | 2.11% | 2.08% | ||||||
Expenses net of fee waivers, if any | 1.78% H | 1.92% | 1.91% | 2.00% | 2.00% | 2.00% | ||||||
Expenses net of all reductions | 1.77% H | 1.92% | 1.91% | 2.00% | 2.00% | 2.00% | ||||||
Net investment income (loss) | 4.80% H | 4.38% | 3.14% | 3.41% | 4.02% | 4.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,310 | $ | 1,599 | $ | 2,246 | $ | 3,249 | $ | 2,684 | $ | 3,723 |
Portfolio turnover rate I | 42% H | 29% | 45% | 53% | 54% | 44% |
Fidelity® Global High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .241 | .442 | .397 | .413 | .468 | .491 | ||||||
Net realized and unrealized gain (loss) | (.359) | (.381) | (1.094) | 1.395 | (1.119) | (.125) | ||||||
Total from investment operations | (.118) | .061 | (.697) | 1.808 | (.651) | .366 | ||||||
Distributions from net investment income | (.182) | (.361) | (.403) | (.398) | (.449) | (.480) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.026) | ||||||
Tax return of capital | - | (.030) | - | - | - | - | ||||||
Total distributions | (.182) | (.391) | (.403) | (.398) | (.449) | (.506) | ||||||
Net asset value, end of period | $ | 8.06 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D | (1.44)% | .89% | (7.40)% | 21.89% | (7.21)% | 4.03% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | 1.16% G | 1.10% | 1.04% | 1.04% | 1.03% | 1.01% | ||||||
Expenses net of fee waivers, if any | .79% G | .92% | .91% | 1.00% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | .78% G | .92% | .91% | 1.00% | 1.00% | 1.00% | ||||||
Net investment income (loss) | 5.79% G | 5.38% | 4.15% | 4.41% | 5.02% | 5.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 57,757 | $ | 63,000 | $ | 72,441 | $ | 89,338 | $ | 73,039 | $ | 97,619 |
Portfolio turnover rate H | 42% G | 29% | 45% | 53% | 54% | 44% |
Fidelity Advisor® Global High Income Fund Class I |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .241 | .442 | .400 | .411 | .473 | .491 | ||||||
Net realized and unrealized gain (loss) | (.359) | (.381) | (1.097) | 1.397 | (1.124) | (.125) | ||||||
Total from investment operations | (.118) | .061 | (.697) | 1.808 | (.651) | .366 | ||||||
Distributions from net investment income | (.182) | (.361) | (.403) | (.398) | (.449) | (.480) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.026) | ||||||
Tax return of capital | - | (.030) | - | - | - | - | ||||||
Total distributions | (.182) | (.391) | (.403) | (.398) | (.449) | (.506) | ||||||
Net asset value, end of period | $ | 8.06 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Total Return C,D | (1.44)% | .89% | (7.40)% | 21.89% | (7.21)% | 4.03% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | 1.18% G | 1.15% | 1.05% | 1.05% | 1.03% | 1.05% | ||||||
Expenses net of fee waivers, if any | .78% G | .92% | .91% | 1.00% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | .77% G | .92% | .91% | 1.00% | 1.00% | 1.00% | ||||||
Net investment income (loss) | 5.80% G | 5.38% | 4.14% | 4.42% | 5.02% | 5.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,812 | $ | 3,433 | $ | 2,975 | $ | 7,844 | $ | 4,350 | $ | 7,352 |
Portfolio turnover rate H | 42% G | 29% | 45% | 53% | 54% | 44% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 InputA |
Equities | $781,242 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 4.0 - 5.3 / 4.5 | Increase |
Market approach | Transaction price | $75.89 | Increase | ||
Recovery value | Recovery value | $0.00 - $1.86 / $1.86 | Increase | ||
Discounted cash flow | Discount rate | 5.6% - 13.5% / 10.0% | Decrease | ||
Term | 0.2 | Increase | |||
Black scholes | Discount rate | 5.5% | Increase | ||
Volatility | 45% | Increase | |||
Term | 0.7 | Increase | |||
Corporate Bonds | $668,145 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Enterprise value/Proved reserves multiple (EV/PR) | 0.8 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Daily production multiple ($/Million cubic feet per day) | $3,850.00 | Increase | |||
Indicative market price | Evaluated bid | $2.19 - $100.01 / $80.77 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 19.1% | Decrease | ||
Black scholes | Discount rate | 5.5% | Increase | ||
Volatility | 45.0% | Increase | |||
Term | 0.7 | Increase | |||
Bank Loan Obligations | $1,410,258 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.5 | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Indicative market price | Evaluated bid | $97.00 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 9.4% - 15.6% / 12.8% | Decrease | ||
Discount rate | 20.0% | Decrease | |||
Preferred Securities | $5,000 | Indicative market price | Evaluated bid | $5.00 | Increase |
Gross unrealized appreciation | $1,737,068 |
Gross unrealized depreciation | (11,105,027) |
Net unrealized appreciation (depreciation) | $(9,367,959) |
Tax cost | $80,466,351 |
Short-term | $(1,607,422) |
Long-term | (10,450,384) |
Total capital loss carryforward | $(12,057,806) |
Purchases ($) | Sales ($) | |
Fidelity Global High Income Fund | 14,417,263 | 17,478,908 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $9,615 | $140 |
Class M | - % | .25% | 3,234 | - |
Class C | .75% | .25% | 7,368 | 401 |
$20,217 | $541 |
Retained by FDC | |
Class A | $467 |
Class M | 205 |
Class C A | 41 |
$713 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $7,124 | .18 |
Class M | 3,254 | .25 |
Class C | 1,877 | .25 |
Global High Income | 46,117 | .15 |
Class I | 2,771 | .17 |
$61,143 |
% of Class-Level Average Net Assets | |
Class A | 0.1824% |
Class M | 0.2000% |
Class C | 0.2000% |
Global High Income | 0.1497% |
Class I | 0.1928% |
% of Average Net Assets | |
Fidelity Global High Income Fund | .04 |
% of Average Net Assets | |
Fidelity Global High Income Fund | 0.0414% |
Amount | |
Fidelity Global High Income Fund | $64 |
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 | $1 | $- | $- |
Expense Limitations | Reimbursement | |
Class A | 1.15%/1.05%A | $15,280 |
Class M | 1.15%/1.05%A | 6,034 |
Class C | 1.90%/1.80%A | 3,495 |
Global High Income | .90%/.80%A | 112,366 |
Class I | .90%/.80%A | 6,361 |
$143,536 |
Expense reduction | |
Class M | 10 |
Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity Global High Income Fund | ||
Distributions to shareholders | ||
Class A | $159,573 | $380,555 |
Class M | 53,746 | 118,501 |
Class C | 25,133 | 69,010 |
Global High Income | 1,340,113 | 3,044,980 |
Class I | 69,690 | 165,310 |
Total | $1,648,255 | $3,778,356 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2023 | Year ended April 30, 2023 | Six months ended October 31, 2023 | Year ended April 30, 2023 | |
Fidelity Global High Income Fund | ||||
Class A | ||||
Shares sold | 79,142 | 117,663 | $658,084 | $965,194 |
Reinvestment of distributions | 18,913 | 45,152 | 155,716 | 370,851 |
Shares redeemed | (71,263) | (1,026,071) | (586,738) | (8,638,977) |
Net increase (decrease) | 26,792 | (863,256) | $227,062 | $(7,302,932) |
Class M | ||||
Shares sold | 11,188 | 29,016 | $93,373 | $241,895 |
Reinvestment of distributions | 6,450 | 14,213 | 53,092 | 116,461 |
Shares redeemed | (21,437) | (86,940) | (175,882) | (717,956) |
Net increase (decrease) | (3,799) | (43,711) | $(29,417) | $(359,600) |
Class C | ||||
Shares sold | 7,432 | 14,105 | $61,758 | $115,329 |
Reinvestment of distributions | 3,041 | 8,356 | 25,038 | 68,433 |
Shares redeemed | (39,125) | (89,592) | (324,435) | (738,846) |
Net increase (decrease) | (28,652) | (67,131) | $(237,639) | $(555,084) |
Global High Income | ||||
Shares sold | 507,301 | 1,464,734 | $4,199,268 | $12,141,545 |
Reinvestment of distributions | 125,071 | 287,398 | 1,029,877 | 2,353,838 |
Shares redeemed | (1,000,303) | (2,551,630) | (8,246,313) | (20,718,743) |
Net increase (decrease) | (367,931) | (799,498) | $(3,017,168) | $(6,223,360) |
Class I | ||||
Shares sold | 50,386 | 411,632 | $416,612 | $3,447,408 |
Reinvestment of distributions | 6,854 | 16,694 | 56,446 | 137,183 |
Shares redeemed | (119,039) | (359,777) | (984,157) | (2,980,380) |
Net increase (decrease) | (61,799) | 68,549 | $(511,099) | $604,211 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Global High Income Fund | ||||||||||
Class A | 1.04% | |||||||||
Actual | $ 1,000 | $ 984.40 | $ 5.19 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.91 | $ 5.28 | |||||||
Class M | 1.04% | |||||||||
Actual | $ 1,000 | $ 984.40 | $ 5.19 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.91 | $ 5.28 | |||||||
Class C | 1.78% | |||||||||
Actual | $ 1,000 | $ 980.70 | $ 8.86 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.19 | $ 9.02 | |||||||
Fidelity® Global High Income Fund | .79% | |||||||||
Actual | $ 1,000 | $ 985.60 | $ 3.94 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.17 | $ 4.01 | |||||||
Class I | .78% | |||||||||
Actual | $ 1,000 | $ 985.60 | $ 3.89 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.22 | $ 3.96 | |||||||
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Contents
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 9.0 | |
Procter & Gamble Co. | 7.6 | |
UnitedHealth Group, Inc. | 7.6 | |
Nestle SA (Reg. S) | 6.6 | |
Thermo Fisher Scientific, Inc. | 4.3 | |
L'Oreal SA | 3.9 | |
Vertex Pharmaceuticals, Inc. | 3.8 | |
Tesla, Inc. | 3.3 | |
AIA Group Ltd. | 2.6 | |
Eli Lilly & Co. | 2.6 | |
51.3 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 37.4 | |
Consumer Staples | 26.7 | |
Consumer Discretionary | 11.9 | |
Information Technology | 11.1 | |
Financials | 9.5 | |
Industrials | 3.6 | |
Utilities | 0.9 | |
Real Estate | 0.8 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Short-Term Investments and Net Other Assets (Liabilities) - (1.9)% |
Common Stocks - 101.9% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 11.9% | |||
Automobile Components - 1.1% | |||
Aptiv PLC (a) | 742 | 64,702 | |
Automobiles - 3.3% | |||
Tesla, Inc. (a) | 966 | 194,011 | |
Hotels, Restaurants & Leisure - 2.9% | |||
Cava Group, Inc. | 453 | 14,310 | |
Chipotle Mexican Grill, Inc. (a) | 55 | 106,821 | |
Hilton Worldwide Holdings, Inc. | 320 | 48,490 | |
Sweetgreen, Inc. Class A (a) | 480 | 4,958 | |
174,579 | |||
Leisure Products - 0.4% | |||
YETI Holdings, Inc. (a) | 518 | 22,025 | |
Specialty Retail - 2.2% | |||
TJX Companies, Inc. | 1,013 | 89,215 | |
Warby Parker, Inc. (a) | 2,970 | 38,551 | |
127,766 | |||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Deckers Outdoor Corp. (a) | 89 | 53,138 | |
lululemon athletica, Inc. (a) | 47 | 18,494 | |
On Holding AG (a) | 1,901 | 48,799 | |
120,431 | |||
TOTAL CONSUMER DISCRETIONARY | 703,514 | ||
CONSUMER STAPLES - 26.7% | |||
Consumer Staples Distribution & Retail - 2.3% | |||
Costco Wholesale Corp. | 143 | 78,999 | |
Dollar Tree, Inc. (a) | 180 | 19,996 | |
U.S. Foods Holding Corp. (a) | 864 | 33,644 | |
132,639 | |||
Food Products - 7.1% | |||
Freshpet, Inc. (a) | 501 | 28,757 | |
Nestle SA (Reg. S) | 3,615 | 389,837 | |
418,594 | |||
Household Products - 11.3% | |||
Church & Dwight Co., Inc. | 1,222 | 111,129 | |
Colgate-Palmolive Co. | 1,420 | 106,670 | |
Procter & Gamble Co. | 2,993 | 449,040 | |
666,839 | |||
Personal Care Products - 6.0% | |||
elf Beauty, Inc. (a) | 584 | 54,096 | |
Estee Lauder Companies, Inc. Class A | 250 | 32,218 | |
Kenvue, Inc. | 2,001 | 37,219 | |
L'Oreal SA | 553 | 232,443 | |
355,976 | |||
TOTAL CONSUMER STAPLES | 1,574,048 | ||
FINANCIALS - 9.5% | |||
Capital Markets - 1.4% | |||
BlackRock, Inc. Class A | 136 | 83,270 | |
Insurance - 8.1% | |||
AIA Group Ltd. | 17,874 | 155,214 | |
Chubb Ltd. | 577 | 123,836 | |
Globe Life, Inc. | 561 | 65,278 | |
Hartford Financial Services Group, Inc. | 633 | 46,494 | |
Marsh & McLennan Companies, Inc. | 457 | 86,670 | |
477,492 | |||
TOTAL FINANCIALS | 560,762 | ||
HEALTH CARE - 37.4% | |||
Biotechnology - 6.5% | |||
Gilead Sciences, Inc. | 1,372 | 107,757 | |
Moderna, Inc. (a) | 686 | 52,109 | |
Vertex Pharmaceuticals, Inc. (a) | 620 | 224,508 | |
384,374 | |||
Health Care Equipment & Supplies - 5.1% | |||
Abbott Laboratories | 1,261 | 119,228 | |
Boston Scientific Corp. (a) | 1,704 | 87,228 | |
DexCom, Inc. (a) | 242 | 21,497 | |
Penumbra, Inc. (a) | 178 | 34,025 | |
The Cooper Companies, Inc. | 75 | 23,381 | |
TransMedics Group, Inc. (a) | 402 | 15,067 | |
300,426 | |||
Health Care Providers & Services - 15.0% | |||
agilon health, Inc. (a) | 5,229 | 94,122 | |
Centene Corp. (a) | 1,891 | 130,441 | |
CVS Health Corp. | 1,737 | 119,870 | |
LifeStance Health Group, Inc. (a) | 8,060 | 46,990 | |
Molina Healthcare, Inc. (a) | 120 | 39,954 | |
Surgery Partners, Inc. (a) | 136 | 3,146 | |
UnitedHealth Group, Inc. | 834 | 446,657 | |
881,180 | |||
Life Sciences Tools & Services - 6.3% | |||
Agilent Technologies, Inc. | 367 | 37,937 | |
Danaher Corp. | 400 | 76,808 | |
Thermo Fisher Scientific, Inc. | 570 | 253,519 | |
368,264 | |||
Pharmaceuticals - 4.5% | |||
Eli Lilly & Co. | 280 | 155,100 | |
UCB SA | 1,232 | 90,025 | |
Zoetis, Inc. Class A | 144 | 22,608 | |
267,733 | |||
TOTAL HEALTH CARE | 2,201,977 | ||
INDUSTRIALS - 3.6% | |||
Commercial Services & Supplies - 0.1% | |||
Veralto Corp. | 133 | 9,177 | |
Electrical Equipment - 1.5% | |||
Generac Holdings, Inc. (a) | 331 | 27,827 | |
Sensata Technologies, Inc. PLC | 1,938 | 61,783 | |
89,610 | |||
Ground Transportation - 2.0% | |||
Uber Technologies, Inc. (a) | 2,673 | 115,687 | |
TOTAL INDUSTRIALS | 214,474 | ||
INFORMATION TECHNOLOGY - 11.1% | |||
Semiconductors & Semiconductor Equipment - 9.0% | |||
NVIDIA Corp. | 1,296 | 528,508 | |
Technology Hardware, Storage & Peripherals - 2.1% | |||
Apple, Inc. | 635 | 108,439 | |
Samsung Electronics Co. Ltd. GDR (Reg. S) | 13 | 16,198 | |
124,637 | |||
TOTAL INFORMATION TECHNOLOGY | 653,145 | ||
REAL ESTATE - 0.8% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
Welltower, Inc. | 596 | 49,832 | |
UTILITIES - 0.9% | |||
Electric Utilities - 0.9% | |||
NextEra Energy, Inc. | 892 | 52,004 | |
TOTAL COMMON STOCKS (Cost $5,993,601) | 6,009,756 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $5,993,601) | 6,009,756 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (114,706) |
NET ASSETS - 100.0% | 5,895,050 |
(a) | Non-income producing |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 25,605 | 2,508,144 | 2,533,749 | 2,736 | - | - | - | 0.0% |
Total | 25,605 | 2,508,144 | 2,533,749 | 2,736 | - | - | - | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 703,514 | 703,514 | - | - |
Consumer Staples | 1,574,048 | 951,768 | 622,280 | - |
Financials | 560,762 | 405,548 | 155,214 | - |
Health Care | 2,201,977 | 2,201,977 | - | - |
Industrials | 214,474 | 214,474 | - | - |
Information Technology | 653,145 | 653,145 | - | - |
Real Estate | 49,832 | 49,832 | - | - |
Utilities | 52,004 | 52,004 | - | - |
Total Investments in Securities: | 6,009,756 | 5,232,262 | 777,494 | - |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $5,993,601): | $ | 6,009,756 | ||
Foreign currency held at value (cost $7) | 7 | |||
Receivable for fund shares sold | 4,133 | |||
Dividends receivable | 7,550 | |||
Distributions receivable from Fidelity Central Funds | 342 | |||
Prepaid expenses | 7 | |||
Receivable from investment adviser for expense reductions | 2,996 | |||
Total assets | 6,024,791 | |||
Liabilities | ||||
Payable to custodian bank | $ | 102,274 | ||
Payable for fund shares redeemed | 3,616 | |||
Accrued management fee | 3,421 | |||
Distribution and service plan fees payable | 468 | |||
Other affiliated payables | 1,391 | |||
Audit fee payable | 17,159 | |||
Other payables and accrued expenses | 1,412 | |||
Total Liabilities | 129,741 | |||
Net Assets | $ | 5,895,050 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,020,255 | ||
Total accumulated earnings (loss) | (125,205) | |||
Net Assets | $ | 5,895,050 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($478,857 ÷ 47,583 shares)(a) | $ | 10.06 | ||
Maximum offering price per share (100/94.25 of $10.06) | $ | 10.67 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($606,393 ÷ 60,467 shares)(a) | $ | 10.03 | ||
Maximum offering price per share (100/96.50 of $10.03) | $ | 10.39 | ||
Class C : | ||||
Net Asset Value and offering price per share ($149,353 ÷ 15,002 shares)(a) | $ | 9.96 | ||
Fidelity Healthy Future Fund : | ||||
Net Asset Value, offering price and redemption price per share ($4,444,506 ÷ 440,382 shares) | $ | 10.09 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($113,996 ÷ 11,298 shares) | $ | 10.09 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($101,945 ÷ 10,082 shares) | $ | 10.11 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 23,635 | ||
Interest | 56 | |||
Income from Fidelity Central Funds | 2,736 | |||
Total Income | 26,427 | |||
Expenses | ||||
Management fee | $ | 18,346 | ||
Transfer agent fees | 7,001 | |||
Distribution and service plan fees | 2,200 | |||
Accounting fees and expenses | 965 | |||
Custodian fees and expenses | 2,725 | |||
Independent trustees' fees and expenses | 12 | |||
Registration fees | 26,096 | |||
Audit | 19,400 | |||
Legal | 2 | |||
Miscellaneous | 8 | |||
Total expenses before reductions | 76,755 | |||
Expense reductions | (46,459) | |||
Total expenses after reductions | 30,296 | |||
Net Investment income (loss) | (3,869) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (36,898) | |||
Foreign currency transactions | 35 | |||
Total net realized gain (loss) | (36,863) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (305,676) | |||
Assets and liabilities in foreign currencies | (46) | |||
Total change in net unrealized appreciation (depreciation) | (305,722) | |||
Net gain (loss) | (342,585) | |||
Net increase (decrease) in net assets resulting from operations | $ | (346,454) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | For the period May 24, 2022 (commencement of operations) through April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (3,869) | $ | 2,409 |
Net realized gain (loss) | (36,863) | (100,000) | ||
Change in net unrealized appreciation (depreciation) | (305,722) | 321,841 | ||
Net increase (decrease) in net assets resulting from operations | (346,454) | 224,250 | ||
Distributions to shareholders | (3,025) | - | ||
Share transactions - net increase (decrease) | 2,175,585 | 3,844,694 | ||
Total increase (decrease) in net assets | 1,826,106 | 4,068,944 | ||
Net Assets | ||||
Beginning of period | 4,068,944 | - | ||
End of period | $ | 5,895,050 | $ | 4,068,944 |
Fidelity Advisor® Healthy Future Fund Class A |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.57 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.02) | (.01) | ||
Net realized and unrealized gain (loss) | (.49) | .58 | ||
Total from investment operations | (.51) | .57 | ||
Net asset value, end of period | $ | 10.06 | $ | 10.57 |
Total Return D,E,F | (4.82)% | 5.70% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.01% I | 9.78% I,J | ||
Expenses net of fee waivers, if any | 1.30% I | 1.29% I | ||
Expenses net of all reductions | 1.29% I | 1.29% I | ||
Net investment income (loss) | (.31)% I | (.09)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 479 | $ | 205 |
Portfolio turnover rate K | 32% I | 68% I |
Fidelity Advisor® Healthy Future Fund Class M |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.54 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.03) | (.03) | ||
Net realized and unrealized gain (loss) | (.48) | .57 | ||
Total from investment operations | (.51) | .54 | ||
Net asset value, end of period | $ | 10.03 | $ | 10.54 |
Total Return D,E,F | (4.84)% | 5.40% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.01% I | 10.17% I,J | ||
Expenses net of fee waivers, if any | 1.54% I | 1.54% I | ||
Expenses net of all reductions | 1.53% I | 1.54% I | ||
Net investment income (loss) | (.56)% I | (.34)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 606 | $ | 136 |
Portfolio turnover rate K | 32% I | 68% I |
Fidelity Advisor® Healthy Future Fund Class C |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.49 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.06) | (.08) | ||
Net realized and unrealized gain (loss) | (.47) | .57 | ||
Total from investment operations | (.53) | .49 | ||
Net asset value, end of period | $ | 9.96 | $ | 10.49 |
Total Return D,E,F | (5.05)% | 4.90% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.82% I | 10.48% I,J | ||
Expenses net of fee waivers, if any | 2.05% I | 2.04% I | ||
Expenses net of all reductions | 2.04% I | 2.04% I | ||
Net investment income (loss) | (1.07)% I | (.84)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 149 | $ | 130 |
Portfolio turnover rate K | 32% I | 68% I |
Fidelity® Healthy Future Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.59 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - D | .02 | ||
Net realized and unrealized gain (loss) | (.49) | .57 | ||
Total from investment operations | (.49) | .59 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 10.09 | $ | 10.59 |
Total Return E,F | (4.65)% | 5.90% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 2.76% I | 9.38% I,J | ||
Expenses net of fee waivers, if any | 1.05% I | 1.04% I | ||
Expenses net of all reductions | 1.04% I | 1.04% I | ||
Net investment income (loss) | (.06)% I | .16% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 4,445 | $ | 3,376 |
Portfolio turnover rate K | 32% I | 68% I |
Fidelity Advisor® Healthy Future Fund Class I |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.59 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - | .02 | ||
Net realized and unrealized gain (loss) | (.49) | .57 | ||
Total from investment operations | (.49) | .59 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 10.09 | $ | 10.59 |
Total Return D,E | (4.65)% | 5.90% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | 2.81% H | 9.48% H,I | ||
Expenses net of fee waivers, if any | 1.05% H | 1.05% H | ||
Expenses net of all reductions | 1.04% H | 1.04% H | ||
Net investment income (loss) | (.07)% H | .16% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 114 | $ | 115 |
Portfolio turnover rate J | 32% H | 68% H |
Fidelity Advisor® Healthy Future Fund Class Z |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 10.61 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - | .03 | ||
Net realized and unrealized gain (loss) | (.49) | .58 | ||
Total from investment operations | (.49) | .61 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 10.11 | $ | 10.61 |
Total Return D,E | (4.64)% | 6.10% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | 2.65% H | 9.34% H,I | ||
Expenses net of fee waivers, if any | .90% H | .90% H | ||
Expenses net of all reductions | .89% H | .89% H | ||
Net investment income (loss) | .08% H | .31% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 102 | $ | 107 |
Portfolio turnover rate J | 32% H | 68% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $527,115 |
Gross unrealized depreciation | (541,847) |
Net unrealized appreciation (depreciation) | $(14,732) |
Tax cost | $6,024,488 |
Short-term | $(69,420) |
Long-term | (221) |
Total capital loss carryforward | $(69,641) |
Purchases ($) | Sales ($) | |
Fidelity Healthy Future Fund | 3,255,586 | 861,523 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $567 | $457 |
Class M | .25% | .25% | 893 | 286 |
Class C | .75% | .25% | 740 | 663 |
$2,200 | $1,406 |
Retained by FDC | |
Class A | $505 |
Class M | 76 |
Class CA | 27 |
$608 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $627 | .28 |
Class M | 349 | .20 |
Class C | 195 | .26 |
Fidelity Healthy Future Fund | 5,692 | .27 |
Class I | 115 | .19 |
Class Z | 23 | .04 |
$7,001 |
% of Class-Level Average Net Assets | |
Class A | 0.2000 |
Class M | 0.1988 |
Class C | 0.2000 |
Fidelity Healthy Future Fund | 0.1792 |
Class I | 0.2000 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | .04 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | 0.0354 |
Amount | |
Fidelity Healthy Future Fund | $27 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Healthy Future Fund | 70,300 | 9,586 | (1,365) |
Amount | |
Fidelity Healthy Future Fund | $4 |
Expense Limitations | Reimbursement | |
Class A | 1.30% | $3,869 |
Class M | 1.55% | 2,618 |
Class C | 2.05% | 1,310 |
Fidelity Healthy Future Fund | 1.05% | 36,276 |
Class I | 1.05% | 1,064 |
Class Z | .90% | 948 |
$46,085 |
Six months ended October 31, 2023 | |
Fidelity Healthy Future Fund | |
Distributions to shareholders | |
Fidelity Healthy Future Fund | $2,853 |
Class I | 91 |
Class Z | 81 |
Total | $3,025 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2023 | Year ended April 30, 2023 A | Six months ended October 31, 2023 | Year ended April 30, 2023 A | |
Fidelity Healthy Future Fund | ||||
Class A | ||||
Shares sold | 33,949 | 21,624 | $365,491 | $214,288 |
Shares redeemed | (5,793) | (2,197) | (63,972) | (22,414) |
Net increase (decrease) | 28,156 | 19,427 | $301,519 | $191,874 |
Class M | ||||
Shares sold | 53,289 | 12,903 | $570,457 | $129,961 |
Shares redeemed | (5,725) | - | (62,116) | - |
Net increase (decrease) | 47,564 | 12,903 | $508,341 | $129,961 |
Class C | ||||
Shares sold | 3,053 | 12,345 | $32,733 | $123,179 |
Shares redeemed | (396) | - | (4,201) | - |
Net increase (decrease) | 2,657 | 12,345 | $28,532 | $123,179 |
Fidelity Healthy Future Fund | ||||
Shares sold | 204,478 | 405,307 | $2,204,933 | $4,047,257 |
Reinvestment of distributions | 215 | - | 2,296 | - |
Shares redeemed | (83,029) | (86,589) | (874,455) | (856,749) |
Net increase (decrease) | 121,664 | 318,718 | $1,332,774 | $3,190,508 |
Class I | ||||
Shares sold | 505 | 10,884 | $5,348 | $108,773 |
Reinvestment of distributions | 9 | - | 91 | - |
Shares redeemed | (100) | - | (1,101) | - |
Net increase (decrease) | 414 | 10,884 | $4,338 | $108,773 |
Class Z | ||||
Shares sold | - | 10,820 | $ - | $107,700 |
Reinvestment of distributions | 8 | - | 81 | - |
Shares redeemed | - | (746) | - | (7,301) |
Net increase (decrease) | 8 | 10,074 | $81 | $100,399 |
Fund | Affiliated % |
Fidelity Healthy Future Fund | 17% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Healthy Future Fund | ||||||||||
Class A ** | 1.30% | |||||||||
Actual | $ 1,000 | $ 951.80 | $ 6.38 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.60 | $ 6.60 | |||||||
Class M | 1.54% | |||||||||
Actual | $ 1,000 | $ 951.60 | $ 7.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.39 | $ 7.81 | |||||||
Class C | 2.05% | |||||||||
Actual | $ 1,000 | $ 949.50 | $ 10.05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.83 | $ 10.38 | |||||||
Fidelity® Healthy Future Fund ** | 1.05% | |||||||||
Actual | $ 1,000 | $ 953.50 | $ 5.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.86 | $ 5.33 | |||||||
Class I | 1.05% | |||||||||
Actual | $ 1,000 | $ 953.50 | $ 5.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.86 | $ 5.33 | |||||||
Class Z | .90% | |||||||||
Actual | $ 1,000 | $ 953.60 | $ 4.42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.61 | $ 4.57 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Healthy Future Fund | ||||||
Class A | 1.22% | |||||
Actual | $ 5.99 | |||||
Hypothetical- B | $ 6.19 | |||||
Fidelity® Healthy Future Fund | .98% | |||||
Actual | $ 4.81 | |||||
Hypothetical- B | $ 4.98 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
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Contents
Top Holdings (% of Fund's net assets) | ||
Marsh & McLennan Companies, Inc. | 1.2 | |
Accenture PLC Class A | 1.1 | |
FTI Consulting, Inc. | 1.1 | |
Humana, Inc. | 1.1 | |
Cboe Global Markets, Inc. | 1.1 | |
T-Mobile U.S., Inc. | 1.1 | |
Microsoft Corp. | 1.1 | |
Linde PLC | 1.1 | |
Waste Connections, Inc. (United States) | 1.1 | |
UnitedHealth Group, Inc. | 1.1 | |
11.1 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 23.3 | |
Information Technology | 16.1 | |
Consumer Staples | 15.7 | |
Financials | 15.0 | |
Industrials | 9.3 | |
Utilities | 5.0 | |
Consumer Discretionary | 5.0 | |
Communication Services | 4.9 | |
Materials | 2.5 | |
Energy | 2.2 | |
Investment Companies | 0.8 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.9% | |||
Diversified Telecommunication Services - 1.4% | |||
AT&T, Inc. | 82,498 | 1,270,469 | |
Verizon Communications, Inc. | 40,809 | 1,433,620 | |
2,704,089 | |||
Entertainment - 1.7% | |||
Electronic Arts, Inc. | 12,032 | 1,489,441 | |
IMAX Corp. (a) | 31,400 | 571,794 | |
TKO Group Holdings, Inc. | 14,090 | 1,155,098 | |
3,216,333 | |||
Media - 0.7% | |||
Comcast Corp. Class A | 32,621 | 1,346,921 | |
Wireless Telecommunication Services - 1.1% | |||
T-Mobile U.S., Inc. | 14,247 | 2,049,573 | |
TOTAL COMMUNICATION SERVICES | 9,316,916 | ||
CONSUMER DISCRETIONARY - 5.0% | |||
Diversified Consumer Services - 0.8% | |||
Grand Canyon Education, Inc. (a) | 13,229 | 1,565,388 | |
Hotels, Restaurants & Leisure - 1.7% | |||
McDonald's Corp. | 6,246 | 1,637,514 | |
Yum! Brands, Inc. | 12,057 | 1,457,209 | |
3,094,723 | |||
Specialty Retail - 2.5% | |||
Murphy U.S.A., Inc. | 3,894 | 1,412,315 | |
O'Reilly Automotive, Inc. (a) | 1,611 | 1,498,939 | |
TJX Companies, Inc. | 19,945 | 1,756,556 | |
4,667,810 | |||
TOTAL CONSUMER DISCRETIONARY | 9,327,921 | ||
CONSUMER STAPLES - 15.7% | |||
Beverages - 3.0% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 4,472 | 1,047,119 | |
Keurig Dr. Pepper, Inc. | 45,119 | 1,368,459 | |
Monster Beverage Corp. | 34,857 | 1,781,193 | |
The Coca-Cola Co. | 26,751 | 1,511,164 | |
5,707,935 | |||
Consumer Staples Distribution & Retail - 2.1% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 12,900 | 878,748 | |
Sprouts Farmers Market LLC (a) | 30,165 | 1,267,533 | |
Walmart, Inc. | 11,566 | 1,890,000 | |
4,036,281 | |||
Food Products - 5.3% | |||
Archer Daniels Midland Co. | 16,391 | 1,173,104 | |
Bunge Ltd. | 9,019 | 955,834 | |
Ingredion, Inc. | 17,823 | 1,667,876 | |
McCormick & Co., Inc. (non-vtg.) | 17,379 | 1,110,518 | |
Mondelez International, Inc. | 27,839 | 1,843,220 | |
Nestle SA (Reg. S) | 11,316 | 1,220,304 | |
The Hershey Co. | 7,607 | 1,425,171 | |
Tyson Foods, Inc. Class A | 10,626 | 492,515 | |
9,888,542 | |||
Household Products - 4.1% | |||
Colgate-Palmolive Co. | 20,491 | 1,539,284 | |
Kimberly-Clark Corp. | 11,961 | 1,431,014 | |
Procter & Gamble Co. | 11,928 | 1,789,558 | |
Reynolds Consumer Products, Inc. | 61,663 | 1,568,090 | |
The Clorox Co. | 11,999 | 1,412,282 | |
7,740,228 | |||
Personal Care Products - 0.3% | |||
Kenvue, Inc. | 33,700 | 626,820 | |
Tobacco - 0.9% | |||
Philip Morris International, Inc. | 18,616 | 1,659,803 | |
TOTAL CONSUMER STAPLES | 29,659,609 | ||
ENERGY - 2.2% | |||
Oil, Gas & Consumable Fuels - 2.2% | |||
Diamondback Energy, Inc. | 6,600 | 1,058,112 | |
Exxon Mobil Corp. | 16,869 | 1,785,584 | |
Phillips 66 Co. | 12,100 | 1,380,247 | |
4,223,943 | |||
FINANCIALS - 15.0% | |||
Banks - 0.5% | |||
1st Source Corp. | 8,473 | 386,538 | |
Community Trust Bancorp, Inc. | 13,681 | 513,858 | |
900,396 | |||
Capital Markets - 2.6% | |||
Cboe Global Markets, Inc. | 12,541 | 2,055,344 | |
CME Group, Inc. | 6,700 | 1,430,182 | |
Intercontinental Exchange, Inc. | 9,176 | 985,869 | |
PJT Partners, Inc. (b) | 6,500 | 509,340 | |
4,980,735 | |||
Financial Services - 1.9% | |||
MasterCard, Inc. Class A | 4,659 | 1,753,415 | |
Visa, Inc. Class A | 7,542 | 1,773,124 | |
3,526,539 | |||
Insurance - 10.0% | |||
American Financial Group, Inc. | 11,058 | 1,209,303 | |
Aon PLC | 4,763 | 1,473,672 | |
Arthur J. Gallagher & Co. | 8,023 | 1,889,336 | |
Brown & Brown, Inc. | 22,825 | 1,584,512 | |
Chubb Ltd. | 7,938 | 1,703,654 | |
Everest Re Group Ltd. | 4,205 | 1,663,582 | |
Globe Life, Inc. | 7,073 | 823,014 | |
Hartford Financial Services Group, Inc. | 14,142 | 1,038,730 | |
Marsh & McLennan Companies, Inc. | 11,574 | 2,195,010 | |
Progressive Corp. | 11,011 | 1,740,729 | |
Selective Insurance Group, Inc. | 17,490 | 1,820,884 | |
The Travelers Companies, Inc. | 10,233 | 1,713,414 | |
18,855,840 | |||
TOTAL FINANCIALS | 28,263,510 | ||
HEALTH CARE - 23.3% | |||
Biotechnology - 6.7% | |||
AbbVie, Inc. | 10,278 | 1,451,048 | |
Alkermes PLC (a) | 21,334 | 516,069 | |
Biogen, Inc. (a) | 4,763 | 1,131,403 | |
Exelixis, Inc. (a) | 79,669 | 1,640,385 | |
Gilead Sciences, Inc. | 18,545 | 1,456,524 | |
Incyte Corp. (a) | 21,895 | 1,180,797 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,417 | 1,884,994 | |
United Therapeutics Corp. (a) | 5,834 | 1,300,165 | |
Vertex Pharmaceuticals, Inc. (a) | 5,556 | 2,011,883 | |
12,573,268 | |||
Health Care Equipment & Supplies - 1.6% | |||
Becton, Dickinson & Co. | 6,275 | 1,586,195 | |
Boston Scientific Corp. (a) | 27,419 | 1,403,579 | |
2,989,774 | |||
Health Care Providers & Services - 6.6% | |||
Cencora, Inc. | 9,167 | 1,697,270 | |
Chemed Corp. | 2,778 | 1,563,042 | |
Cigna Group | 6,308 | 1,950,434 | |
CVS Health Corp. | 5,761 | 397,567 | |
Elevance Health, Inc. | 3,188 | 1,434,887 | |
Humana, Inc. | 3,943 | 2,064,910 | |
Quest Diagnostics, Inc. | 10,816 | 1,407,162 | |
UnitedHealth Group, Inc. | 3,792 | 2,030,844 | |
12,546,116 | |||
Life Sciences Tools & Services - 2.1% | |||
Danaher Corp. | 4,834 | 928,225 | |
QIAGEN NV (a) | 32,975 | 1,234,254 | |
Thermo Fisher Scientific, Inc. | 3,965 | 1,763,513 | |
3,925,992 | |||
Pharmaceuticals - 6.3% | |||
AstraZeneca PLC (United Kingdom) | 13,130 | 1,643,925 | |
Bristol-Myers Squibb Co. | 24,553 | 1,265,216 | |
Eli Lilly & Co. | 3,552 | 1,967,559 | |
Johnson & Johnson | 8,997 | 1,334,615 | |
Merck & Co., Inc. | 17,167 | 1,763,051 | |
Roche Holding AG (participation certificate) | 4,181 | 1,077,484 | |
Royalty Pharma PLC | 36,961 | 993,142 | |
Sanofi SA sponsored ADR | 39,579 | 1,790,950 | |
11,835,942 | |||
TOTAL HEALTH CARE | 43,871,092 | ||
INDUSTRIALS - 9.3% | |||
Aerospace & Defense - 1.8% | |||
Lockheed Martin Corp. | 3,625 | 1,648,070 | |
Northrop Grumman Corp. | 3,944 | 1,859,320 | |
3,507,390 | |||
Commercial Services & Supplies - 2.1% | |||
Republic Services, Inc. | 13,174 | 1,956,207 | |
Waste Connections, Inc. (United States) | 15,740 | 2,038,330 | |
3,994,537 | |||
Construction & Engineering - 0.2% | |||
Bowman Consulting Group Ltd. (a) | 15,380 | 408,647 | |
Ground Transportation - 0.9% | |||
Landstar System, Inc. | 9,993 | 1,646,647 | |
Industrial Conglomerates - 0.8% | |||
General Electric Co. | 13,396 | 1,455,207 | |
Machinery - 0.6% | |||
IDEX Corp. | 5,754 | 1,101,373 | |
Professional Services - 2.9% | |||
CACI International, Inc. Class A (a) | 5,132 | 1,666,668 | |
FTI Consulting, Inc. (a) | 9,972 | 2,116,657 | |
Science Applications International Corp. | 15,270 | 1,668,095 | |
5,451,420 | |||
TOTAL INDUSTRIALS | 17,565,221 | ||
INFORMATION TECHNOLOGY - 16.1% | |||
Communications Equipment - 1.7% | |||
Cisco Systems, Inc. | 33,769 | 1,760,378 | |
Motorola Solutions, Inc. | 5,259 | 1,464,421 | |
3,224,799 | |||
Electronic Equipment, Instruments & Components - 1.9% | |||
Amphenol Corp. Class A | 6,052 | 487,489 | |
Insight Enterprises, Inc. (a) | 13,673 | 1,959,341 | |
Keyence Corp. | 3,094 | 1,205,794 | |
3,652,624 | |||
IT Services - 3.6% | |||
Accenture PLC Class A | 7,197 | 2,138,157 | |
Akamai Technologies, Inc. (a) | 15,964 | 1,649,560 | |
Amdocs Ltd. | 18,925 | 1,517,028 | |
Cognizant Technology Solutions Corp. Class A | 23,586 | 1,520,589 | |
6,825,334 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
Cirrus Logic, Inc. (a) | 5,061 | 338,733 | |
Software - 8.2% | |||
Blackbaud, Inc. (a) | 19,590 | 1,281,186 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a) | 139,117 | 1,498,290 | |
CommVault Systems, Inc. (a) | 21,600 | 1,411,560 | |
Manhattan Associates, Inc. (a) | 8,037 | 1,567,054 | |
Microsoft Corp. | 6,041 | 2,042,523 | |
PTC, Inc. (a) | 12,205 | 1,713,826 | |
Roper Technologies, Inc. | 4,144 | 2,024,634 | |
Salesforce, Inc. (a) | 7,045 | 1,414,847 | |
SAP SE sponsored ADR | 7,710 | 1,033,140 | |
Splunk, Inc. (a) | 9,600 | 1,412,736 | |
15,399,796 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
FUJIFILM Holdings Corp. ADR | 15,418 | 845,369 | |
TOTAL INFORMATION TECHNOLOGY | 30,286,655 | ||
MATERIALS - 2.5% | |||
Chemicals - 1.7% | |||
Corteva, Inc. | 24,623 | 1,185,351 | |
Linde PLC | 5,344 | 2,042,263 | |
3,227,614 | |||
Containers & Packaging - 0.8% | |||
Aptargroup, Inc. | 11,778 | 1,440,096 | |
TOTAL MATERIALS | 4,667,710 | ||
UTILITIES - 5.0% | |||
Electric Utilities - 3.9% | |||
Allete, Inc. | 24,410 | 1,306,911 | |
IDACORP, Inc. | 15,216 | 1,441,107 | |
PNM Resources, Inc. | 37,047 | 1,565,606 | |
PPL Corp. | 54,116 | 1,329,630 | |
Southern Co. | 26,657 | 1,794,016 | |
7,437,270 | |||
Gas Utilities - 0.4% | |||
National Fuel Gas Co. | 13,600 | 692,920 | |
Multi-Utilities - 0.7% | |||
NorthWestern Energy Corp. | 27,027 | 1,297,566 | |
TOTAL UTILITIES | 9,427,756 | ||
TOTAL COMMON STOCKS (Cost $171,889,680) | 186,610,333 | ||
Money Market Funds - 0.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 526,267 | 526,372 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 164,434 | 164,450 | |
TOTAL MONEY MARKET FUNDS (Cost $690,822) | 690,822 | ||
Equity Funds - 0.8% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.8% | |||
iShares MSCI USA Minimum Volatility ETF (Cost $1,531,924) | 20,800 | 1,492,400 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $174,112,426) | 188,793,555 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (282,830) |
NET ASSETS - 100.0% | 188,510,725 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.40% | 255,294 | 13,195,938 | 12,924,860 | 12,807 | - | - | 526,372 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 1,701,129 | 10,554,485 | 12,091,164 | 7,865 | - | - | 164,450 | 0.0% |
Total | 1,956,423 | 23,750,423 | 25,016,024 | 20,672 | - | - | 690,822 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 9,316,916 | 9,316,916 | - | - |
Consumer Discretionary | 9,327,921 | 9,327,921 | - | - |
Consumer Staples | 29,659,609 | 28,439,305 | 1,220,304 | - |
Energy | 4,223,943 | 4,223,943 | - | - |
Financials | 28,263,510 | 28,263,510 | - | - |
Health Care | 43,871,092 | 41,149,683 | 2,721,409 | - |
Industrials | 17,565,221 | 17,565,221 | - | - |
Information Technology | 30,286,655 | 30,286,655 | - | - |
Materials | 4,667,710 | 4,667,710 | - | - |
Utilities | 9,427,756 | 9,427,756 | - | - |
Money Market Funds | 690,822 | 690,822 | - | - |
Equity Funds | 1,492,400 | 1,492,400 | - | - |
Total Investments in Securities: | 188,793,555 | 184,851,842 | 3,941,713 | - |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $172,392) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $173,421,604) | $ | 188,102,733 | ||
Fidelity Central Funds (cost $690,822) | 690,822 | |||
Total Investment in Securities (cost $174,112,426) | $ | 188,793,555 | ||
Receivable for fund shares sold | 19,792 | |||
Dividends receivable | 263,843 | |||
Distributions receivable from Fidelity Central Funds | 1,479 | |||
Prepaid expenses | 279 | |||
Total assets | 189,078,948 | |||
Liabilities | ||||
Payable to custodian bank | $ | 2 | ||
Payable for fund shares redeemed | 282,132 | |||
Accrued management fee | 67,215 | |||
Transfer agent fee payable | 28,656 | |||
Other affiliated payables | 5,624 | |||
Other payables and accrued expenses | 20,144 | |||
Collateral on securities loaned | 164,450 | |||
Total Liabilities | 568,223 | |||
Net Assets | $ | 188,510,725 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 171,986,945 | ||
Total accumulated earnings (loss) | 16,523,780 | |||
Net Assets | $ | 188,510,725 | ||
Net Asset Value, offering price and redemption price per share ($188,510,725 ÷ 18,794,181 shares) | $ | 10.03 |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,797,422 | ||
Income from Fidelity Central Funds (including $7,865 from security lending) | 20,672 | |||
Total Income | 1,818,094 | |||
Expenses | ||||
Management fee | $ | 423,691 | ||
Transfer agent fees | 173,663 | |||
Accounting fees | 35,433 | |||
Custodian fees and expenses | 4,434 | |||
Independent trustees' fees and expenses | 511 | |||
Registration fees | 23,075 | |||
Audit | 20,139 | |||
Legal | 95 | |||
Miscellaneous | 441 | |||
Total expenses before reductions | 681,482 | |||
Expense reductions | (7,705) | |||
Total expenses after reductions | 673,777 | |||
Net Investment income (loss) | 1,144,317 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 3,403,656 | |||
Foreign currency transactions | (368) | |||
Total net realized gain (loss) | 3,403,288 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (10,050,930) | |||
Assets and liabilities in foreign currencies | (1,614) | |||
Total change in net unrealized appreciation (depreciation) | (10,052,544) | |||
Net gain (loss) | (6,649,256) | |||
Net increase (decrease) in net assets resulting from operations | $ | (5,504,939) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,144,317 | $ | 3,848,130 |
Net realized gain (loss) | 3,403,288 | (2,220,656) | ||
Change in net unrealized appreciation (depreciation) | (10,052,544) | (8,987,256) | ||
Net increase (decrease) in net assets resulting from operations | (5,504,939) | (7,359,782) | ||
Distributions to shareholders | (516,367) | (16,179,737) | ||
Share transactions | ||||
Proceeds from sales of shares | 8,304,852 | 86,979,419 | ||
Reinvestment of distributions | 511,072 | 16,070,098 | ||
Cost of shares redeemed | (21,177,136) | (229,448,009) | ||
Net increase (decrease) in net assets resulting from share transactions | (12,361,212) | (126,398,492) | ||
Total increase (decrease) in net assets | (18,382,518) | (149,938,011) | ||
Net Assets | ||||
Beginning of period | 206,893,243 | 356,831,254 | ||
End of period | $ | 188,510,725 | $ | 206,893,243 |
Other Information | ||||
Shares | ||||
Sold | 808,654 | 8,496,394 | ||
Issued in reinvestment of distributions | 50,204 | 1,595,671 | ||
Redeemed | (2,058,393) | (22,844,639) | ||
Net increase (decrease) | (1,199,535) | (12,752,574) | ||
Fidelity® U.S. Low Volatility Equity Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 10.35 | $ | 10.90 | $ | 11.49 | $ | 9.23 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .06 | .13 | .08 | .08 | .05 | |||||
Net realized and unrealized gain (loss) | (.35) | (.17) | (.03) | 2.25 | (.79) | |||||
Total from investment operations | (.29) | (.04) | .05 | 2.33 | (.74) | |||||
Distributions from net investment income | (.03) | (.13) | (.08) | (.07) | (.03) | |||||
Distributions from net realized gain | - | (.38) | (.56) | - | - | |||||
Total distributions | (.03) | (.51) | (.64) | (.07) | (.03) | |||||
Net asset value, end of period | $ | 10.03 | $ | 10.35 | $ | 10.90 | $ | 11.49 | $ | 9.23 |
Total Return D,E | (2.84)% | (.22)% | .12% | 25.27% | (7.44)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .68% H | .66% | .73% | .77% | 2.28% H | |||||
Expenses net of fee waivers, if any | .67% H | .66% | .72% | .77% | .95% H | |||||
Expenses net of all reductions | .67% H | .66% | .72% | .77% | .95% H | |||||
Net investment income (loss) | 1.14% H | 1.28% | .71% | .79% | 1.46% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 188,511 | $ | 206,893 | $ | 356,831 | $ | 361,699 | $ | 294,690 |
Portfolio turnover rate I | 45% H | 69% | 46% | 39% | 101% J,K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $26,188,261 |
Gross unrealized depreciation | (11,724,605) |
Net unrealized appreciation (depreciation) | $14,463,656 |
Tax cost | $174,329,899 |
Short-term | $(2,217,461) |
Long-term | (-) |
Total capital loss carryforward | $(2,217,461) |
Purchases ($) | Sales ($) | |
Fidelity U.S. Low Volatility Equity Fund | 44,599,435 | 54,360,642 |
% of Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | .04 |
% of Class-Level Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | 0.0353% |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $719 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity U.S. Low Volatility Equity Fund | 424,401 | 2,126,115 | 670,357 |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $168 |
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 | $795 | $- | $- |
VIP Funds Manager 50% Portfolio | VIP Funds Manager 60% Portfolio | VIP Funds Manager 70% Portfolio | |
Fidelity U.S. Low Volatility Equity Fund | 25% | 39% | 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 (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® U.S. Low Volatility Equity Fund | .67% | |||||||||
Actual | $ 1,000 | $ 971.60 | $ 3.32 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.77 | $ 3.40 | |||||||
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 2.5 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.0 | |
Bank of America Corp. | 1.9 | |
JPMorgan Chase & Co. | 1.7 | |
Tenet Healthcare Corp. | 1.5 | |
Ally Financial, Inc. | 1.4 | |
Energy Transfer LP | 1.2 | |
Caesars Entertainment, Inc. | 1.1 | |
Uber Technologies, Inc. | 1.0 | |
Altice France SA | 1.0 | |
15.3 | ||
Market Sectors (% of Fund's net assets) | ||
Banks & Thrifts | 10.8 | |
Energy | 10.6 | |
Technology | 10.6 | |
Services | 5.7 | |
Healthcare | 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 - 60.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 0.3% | |||
Broadcasting - 0.2% | |||
DISH Network Corp. 3.375% 8/15/26 | 48,235 | 24,728 | |
Diversified Financial Services - 0.1% | |||
New Cotai LLC 5% 2/24/27 (b) | 4,134 | 6,351 | |
TOTAL CONVERTIBLE BONDS | 31,079 | ||
Nonconvertible Bonds - 60.1% | |||
Aerospace - 3.3% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 6,080 | 5,178 | |
5.125% 10/1/31 | 5,395 | 4,451 | |
7.25% 8/15/30 | 5,985 | 5,762 | |
Bombardier, Inc.: | |||
6% 2/15/28 (c) | 6,075 | 5,376 | |
7.125% 6/15/26 (c) | 12,110 | 11,655 | |
7.875% 4/15/27 (c) | 26,370 | 25,371 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (c) | 11,215 | 9,345 | |
Moog, Inc. 4.25% 12/15/27 (c) | 3,455 | 3,076 | |
Rolls-Royce PLC 5.75% 10/15/27 (c) | 10,870 | 10,301 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 38,080 | 32,834 | |
4.875% 5/1/29 | 25,000 | 21,660 | |
5.5% 11/15/27 | 124,228 | 115,377 | |
6.25% 3/15/26 (c) | 17,925 | 17,503 | |
6.75% 8/15/28 (c) | 27,225 | 26,435 | |
6.875% 12/15/30 (c) | 47,905 | 46,255 | |
7.5% 3/15/27 | 18,012 | 17,990 | |
Triumph Group, Inc. 9% 3/15/28 (c) | 8,905 | 8,649 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (c) | 8,905 | 6,823 | |
374,041 | |||
Air Transportation - 1.4% | |||
Air Canada 3.875% 8/15/26 (c) | 9,105 | 8,284 | |
Allegiant Travel Co. 7.25% 8/15/27 (c) | 8,870 | 8,027 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (c) | 19,595 | 18,220 | |
11.75% 7/15/25 (c) | 13,090 | 13,869 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.75% 4/20/29 (c) | 29,825 | 26,904 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (c) | 22,205 | 16,407 | |
Rand Parent LLC 8.5% 2/15/30 (c) | 14,880 | 13,588 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.: | |||
8% 9/20/25 (c) | 7,779 | 5,737 | |
8% 9/20/25 (c) | 2,960 | 2,338 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (c) | 30,025 | 27,852 | |
4.625% 4/15/29 (c) | 18,025 | 15,226 | |
156,452 | |||
Automotive & Auto Parts - 1.7% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (c) | 5,935 | 5,842 | |
Allison Transmission, Inc. 5.875% 6/1/29 (c) | 7,960 | 7,379 | |
Arko Corp. 5.125% 11/15/29 (c) | 9,105 | 7,382 | |
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (c) | 11,885 | 11,586 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 8,870 | 7,020 | |
4.5% 2/15/32 | 9,135 | 7,154 | |
Exide Technologies: | |||
11% pay-in-kind (b)(c)(d)(e) | 1,760 | 0 | |
11% pay-in-kind (b)(c)(d)(e) | 891 | 0 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 19,245 | 17,959 | |
6.8% 5/12/28 | 11,000 | 10,969 | |
6.95% 6/10/26 | 11,920 | 11,950 | |
7.35% 11/4/27 | 23,710 | 23,999 | |
LCM Investments Holdings 8.25% 8/1/31 (c) | 7,185 | 6,836 | |
Macquarie AirFinance Holdings 8.125% 3/30/29 (c) | 8,990 | 8,856 | |
McLaren Finance PLC 7.5% 8/1/26 (c) | 8,290 | 7,088 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 14,525 | 12,455 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (c)(e)(f) | 30,350 | 30,269 | |
Tenneco, Inc. 8% 11/17/28 (c) | 17,960 | 14,413 | |
191,157 | |||
Banks & Thrifts - 1.7% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 20,638 | 20,039 | |
8% 11/1/31 | 144,500 | 141,038 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 27,225 | 23,679 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) | 8,740 | 7,448 | |
192,204 | |||
Broadcasting - 1.0% | |||
DISH Network Corp. 11.75% 11/15/27 (c) | 41,575 | 41,183 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (c) | 2,820 | 2,141 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (c) | 12,130 | 9,136 | |
4% 7/15/28 (c) | 10,140 | 8,623 | |
5% 8/1/27 (c) | 8,280 | 7,592 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (c) | 12,060 | 9,587 | |
7.375% 6/30/30 (c) | 39,140 | 34,463 | |
112,725 | |||
Building Materials - 0.4% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (c) | 2,325 | 2,168 | |
6.375% 6/15/30 (c) | 6,050 | 5,712 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (c) | 6,555 | 6,198 | |
James Hardie International Finance Ltd. 5% 1/15/28 (c) | 4,136 | 3,818 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | 4,125 | 3,274 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (c) | 11,605 | 10,124 | |
6.125% 7/1/29 (c) | 4,870 | 4,079 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (c) | 10,525 | 9,530 | |
44,903 | |||
Cable/Satellite TV - 2.6% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (c) | 16,515 | 12,852 | |
4.5% 8/15/30 (c) | 21,660 | 17,368 | |
4.5% 5/1/32 | 9,655 | 7,391 | |
4.75% 3/1/30 (c) | 63,365 | 52,271 | |
4.75% 2/1/32 (c) | 26,255 | 20,494 | |
5% 2/1/28 (c) | 62,550 | 56,166 | |
5.125% 5/1/27 (c) | 32,980 | 30,365 | |
5.375% 6/1/29 (c) | 18,080 | 15,825 | |
6.375% 9/1/29 (c) | 11,825 | 10,822 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (c) | 6,195 | 3,962 | |
5.375% 2/1/28 (c) | 21,905 | 17,444 | |
6.5% 2/1/29 (c) | 13,955 | 11,039 | |
DISH DBS Corp. 5.75% 12/1/28 (c) | 15,220 | 11,054 | |
VZ Secured Financing BV 5% 1/15/32 (c) | 24,310 | 18,443 | |
Ziggo BV 4.875% 1/15/30 (c) | 7,990 | 6,382 | |
291,878 | |||
Capital Goods - 0.2% | |||
ATS Corp. 4.125% 12/15/28 (c) | 7,895 | 6,780 | |
Chart Industries, Inc. 7.5% 1/1/30 (c) | 15,680 | 15,398 | |
22,178 | |||
Chemicals - 1.8% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (c) | 24,600 | 23,172 | |
Ingevity Corp. 3.875% 11/1/28 (c) | 11,105 | 9,015 | |
LSB Industries, Inc. 6.25% 10/15/28 (c) | 21,105 | 18,722 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (c) | 15,305 | 12,212 | |
7.125% 10/1/27 (c) | 7,080 | 6,519 | |
9.75% 11/15/28 (c) | 30,040 | 29,340 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) | 7,820 | 6,752 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) | 14,015 | 12,432 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (c) | 3,565 | 2,754 | |
5.375% 5/15/27 | 32,330 | 29,207 | |
5.75% 11/15/28 (c) | 17,955 | 15,185 | |
Tronox, Inc. 4.625% 3/15/29 (c) | 13,295 | 10,473 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (c) | 28,310 | 21,940 | |
7.375% 3/1/31 (c) | 5,940 | 5,502 | |
203,225 | |||
Consumer Products - 1.0% | |||
Angi Group LLC 3.875% 8/15/28 (c) | 5,530 | 4,147 | |
Foundation Building Materials, Inc. 6% 3/1/29 (c) | 5,845 | 4,821 | |
Gannett Holdings LLC 6% 11/1/26 (c) | 8,785 | 7,379 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (c) | 8,760 | 7,755 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (c) | 16,195 | 14,331 | |
7.75% 2/15/29 (c) | 17,680 | 16,277 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) | 8,380 | 6,708 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (c) | 15,965 | 11,956 | |
4% 4/15/29 (c) | 15,925 | 13,065 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 11,945 | 8,886 | |
TKC Holdings, Inc. 6.875% 5/15/28 (c) | 13,375 | 11,569 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (c) | 5,960 | 5,802 | |
112,696 | |||
Containers - 0.6% | |||
BWAY Holding Co. 7.875% 8/15/26 (c) | 11,865 | 11,113 | |
Crown Cork & Seal, Inc.: | |||
7.375% 12/15/26 | 4,845 | 4,918 | |
7.5% 12/15/96 | 12,871 | 14,866 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 6,000 | 4,597 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | 7,880 | 6,443 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) | 4,230 | 3,467 | |
LABL, Inc. 5.875% 11/1/28 (c) | 14,730 | 12,465 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (c) | 5,935 | 5,649 | |
Trident Holdings, Inc. 12.75% 12/31/28 (c) | 5,870 | 5,998 | |
69,516 | |||
Diversified Financial Services - 2.3% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | 15,505 | 13,518 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) | 6,915 | 6,085 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (c) | 29,675 | 21,789 | |
3.625% 10/1/31 (c) | 18,050 | 12,272 | |
Compass Group Diversified Holdings LLC: | |||
5% 1/15/32 (c) | 6,090 | 4,789 | |
5.25% 4/15/29 (c) | 17,730 | 15,140 | |
Hightower Holding LLC 6.75% 4/15/29 (c) | 5,945 | 5,071 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 11,165 | 8,597 | |
5.25% 5/15/27 | 38,210 | 32,717 | |
6.25% 5/15/26 | 24,085 | 22,015 | |
6.375% 12/15/25 | 8,305 | 7,814 | |
LPL Holdings, Inc. 4% 3/15/29 (c) | 17,730 | 15,245 | |
MSCI, Inc. 4% 11/15/29 (c) | 3,245 | 2,793 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 5,610 | 4,104 | |
5.375% 11/15/29 | 9,400 | 7,729 | |
6.625% 1/15/28 | 7,305 | 6,646 | |
6.875% 3/15/25 | 19,480 | 19,219 | |
7.125% 3/15/26 | 50,145 | 48,699 | |
Williams Scotsman, Inc. 7.375% 10/1/31 (c) | 5,990 | 5,892 | |
260,134 | |||
Energy - 8.0% | |||
Altus Midstream LP 5.875% 6/15/30 (c) | 9,060 | 8,313 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (c) | 9,060 | 8,227 | |
5.75% 1/15/28 (c) | 17,645 | 16,542 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 7,820 | 6,753 | |
Borr IHC Ltd. / Borr Finance Ltd.: | |||
10% 11/15/28 (c)(g) | 9,015 | 8,972 | |
10.375% 11/15/30 (c)(g) | 3,005 | 2,979 | |
Centennial Resource Production LLC 5.875% 7/1/29 (c) | 8,645 | 8,040 | |
CGG SA 8.75% 4/1/27 (c) | 11,985 | 10,578 | |
Chesapeake Energy Corp.: | |||
5.875% 2/1/29 (c) | 5,840 | 5,498 | |
6.75% 4/15/29 (c) | 8,995 | 8,801 | |
7% (b)(d) | 6,915 | 0 | |
8% (b)(d) | 2,132 | 0 | |
8% (b)(d) | 3,385 | 0 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 8,760 | 8,606 | |
7% 6/15/25 (c) | 22,045 | 21,662 | |
8.375% 1/15/29 (c) | 26,350 | 26,096 | |
Civitas Resources, Inc. 8.625% 11/1/30 (c) | 12,020 | 12,234 | |
CNX Midstream Partners LP 4.75% 4/15/30 (c) | 6,435 | 5,302 | |
CNX Resources Corp.: | |||
6% 1/15/29 (c) | 5,345 | 4,901 | |
7.375% 1/15/31 (c) | 5,930 | 5,666 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 32,085 | 27,433 | |
6.75% 3/1/29 (c) | 20,060 | 18,255 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (c) | 18,015 | 17,328 | |
5.75% 4/1/25 | 4,790 | 4,730 | |
6% 2/1/29 (c) | 25,785 | 24,947 | |
7.375% 2/1/31 (c) | 5,000 | 5,040 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 5,055 | 4,768 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (c) | 16,990 | 16,667 | |
5.75% 2/15/28 (c) | 22,655 | 20,355 | |
Delek Logistics Partners LP 7.125% 6/1/28 (c) | 17,655 | 16,066 | |
Diamond Foreign Asset Co. / Diamond Finance, LLC 8.5% 10/1/30 (c) | 5,990 | 5,838 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (c) | 9,070 | 7,798 | |
4.375% 6/15/31 (c) | 9,070 | 7,532 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 21,251 | 20,386 | |
Energy Transfer LP 5.5% 6/1/27 | 16,735 | 16,308 | |
EnLink Midstream LLC 6.5% 9/1/30 (c) | 17,745 | 17,033 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (c) | 9,875 | 8,450 | |
5.125% 6/15/28 (c) | 11,235 | 10,374 | |
5.5% 10/15/30 (c) | 6,060 | 5,501 | |
5.625% 2/15/26 (c) | 15,535 | 15,045 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) | 12,280 | 11,481 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (c) | 7,615 | 7,049 | |
6.375% 4/15/27 (c) | 6,050 | 5,857 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (c) | 14,895 | 14,974 | |
Jonah Energy Parent LLC 12% 11/5/25 (b)(h) | 6,742 | 6,920 | |
MEG Energy Corp. 7.125% 2/1/27 (c) | 11,335 | 11,416 | |
Mesquite Energy, Inc. 7.25% (b)(c)(d) | 21,977 | 0 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (c) | 11,260 | 10,578 | |
7.5% 1/15/28 (c) | 9,715 | 8,580 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (c) | 23,915 | 21,421 | |
6.75% 9/15/25 (c) | 15,106 | 14,014 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) | 11,090 | 10,826 | |
Noble Finance II LLC 8% 4/15/30 (c) | 5,935 | 5,931 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (c) | 6,005 | 5,930 | |
8.75% 6/15/31 (c) | 11,950 | 11,890 | |
NuStar Logistics LP 6% 6/1/26 | 12,025 | 11,602 | |
Occidental Petroleum Corp. 7.2% 3/15/29 | 3,964 | 4,043 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 27,530 | 25,308 | |
7.875% 9/15/30 (c) | 8,980 | 8,704 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (c) | 11,920 | 11,924 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (c) | 8,995 | 8,873 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 6,330 | 6,162 | |
6.625% 1/15/27 | 21,320 | 20,717 | |
6.75% 9/15/26 | 4,550 | 4,469 | |
Southern Natural Gas Co. LLC: | |||
7.35% 2/15/31 | 23,497 | 23,656 | |
8% 3/1/32 | 12,475 | 13,548 | |
Southwestern Energy Co.: | |||
5.375% 3/15/30 | 12,145 | 11,140 | |
5.7% 1/23/25 (i) | 244 | 241 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) | 12,070 | 9,998 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 10,170 | 8,810 | |
4.5% 4/30/30 | 12,185 | 10,408 | |
7% 9/15/28 (c) | 5,990 | 5,830 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (c) | 595 | 521 | |
6% 3/1/27 (c) | 5,935 | 5,430 | |
6% 9/1/31 (c) | 11,485 | 9,664 | |
7.5% 10/1/25 (c) | 8,350 | 8,226 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 10,360 | 9,133 | |
Teine Energy Ltd. 6.875% 4/15/29 (c) | 8,990 | 8,327 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (c) | 12,289 | 12,325 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (c) | 2,980 | 2,854 | |
8% 2/1/27 (c) | 8,940 | 8,391 | |
8.75% 2/15/30 (c) | 22,453 | 22,387 | |
11.5% 1/30/27 (c) | 12,025 | 12,514 | |
Unit Corp. 0% 12/1/29 (b) | 2,202 | 0 | |
Valaris Ltd. 8.375% 4/30/30 (c) | 5,985 | 5,873 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (c) | 7,585 | 6,312 | |
4.125% 8/15/31 (c) | 7,585 | 6,098 | |
6.25% 1/15/30 (c) | 23,810 | 22,461 | |
911,840 | |||
Environmental - 0.7% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (c) | 4,960 | 4,714 | |
Covanta Holding Corp.: | |||
4.875% 12/1/29 (c) | 26,475 | 20,651 | |
5% 9/1/30 | 13,761 | 10,644 | |
Darling Ingredients, Inc. 6% 6/15/30 (c) | 13,885 | 13,027 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (c) | 9,105 | 7,836 | |
4.75% 6/15/29 (c) | 12,095 | 10,588 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 11,390 | 9,516 | |
5.875% 6/30/29 (c) | 9,085 | 7,038 | |
84,014 | |||
Food & Drug Retail - 1.4% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 36,160 | 30,830 | |
4.625% 1/15/27 (c) | 25,300 | 23,711 | |
4.875% 2/15/30 (c) | 44,700 | 39,909 | |
BellRing Brands, Inc. 7% 3/15/30 (c) | 14,740 | 14,316 | |
Murphy Oil U.S.A., Inc.: | |||
3.75% 2/15/31 (c) | 5,300 | 4,258 | |
4.75% 9/15/29 | 6,860 | 6,074 | |
5.625% 5/1/27 | 6,030 | 5,828 | |
Parkland Corp.: | |||
4.5% 10/1/29 (c) | 8,995 | 7,737 | |
4.625% 5/1/30 (c) | 12,175 | 10,379 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) | 11,130 | 11,149 | |
154,191 | |||
Food/Beverage/Tobacco - 1.3% | |||
C&S Group Enterprises LLC 5% 12/15/28 (c) | 8,615 | 6,666 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) | 6,285 | 5,434 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) | 7,777 | 7,777 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (c) | 12,150 | 10,307 | |
4.375% 1/31/32 (c) | 6,075 | 5,026 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 8,495 | 7,168 | |
5.5% 10/15/27 (c) | 8,855 | 8,280 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (c) | 47,500 | 38,434 | |
4.625% 4/15/30 (c) | 15,630 | 13,088 | |
5.5% 12/15/29 (c) | 21,040 | 18,764 | |
Simmons Foods, Inc. 4.625% 3/1/29 (c) | 8,340 | 6,775 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 6,360 | 5,242 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (c) | 7,520 | 6,421 | |
7.25% 1/15/32 (c) | 5,990 | 5,880 | |
United Natural Foods, Inc. 6.75% 10/15/28 (c) | 7,750 | 6,098 | |
151,360 | |||
Gaming - 2.8% | |||
Affinity Gaming LLC 6.875% 12/15/27 (c) | 4,295 | 3,501 | |
Boyd Gaming Corp. 4.75% 6/15/31 (c) | 15,120 | 12,548 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (c) | 4,740 | 3,895 | |
6.25% 7/1/25 (c) | 41,240 | 40,576 | |
7% 2/15/30 (c) | 17,800 | 17,179 | |
8.125% 7/1/27 (c) | 54,990 | 54,488 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) | 14,970 | 13,374 | |
Churchill Downs, Inc. 6.75% 5/1/31 (c) | 11,880 | 10,959 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (c) | 25,865 | 21,735 | |
6.75% 1/15/30 (c) | 34,295 | 27,256 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | 8,585 | 7,297 | |
Melco Resorts Finance Ltd.: | |||
5.25% 4/26/26 (c) | 8,910 | 8,152 | |
5.75% 7/21/28 (c) | 4,420 | 3,733 | |
MGM Resorts International 4.75% 10/15/28 | 11,125 | 9,707 | |
Ontario Gaming GTA LP 8% 8/1/30 (c) | 12,285 | 12,009 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (c) | 13,730 | 9,655 | |
5.875% 9/1/31 (c) | 2,100 | 1,426 | |
Scientific Games Corp. 7.5% 9/1/31 (c) | 5,990 | 5,849 | |
Station Casinos LLC 4.625% 12/1/31 (c) | 9,135 | 7,213 | |
Studio City Finance Ltd. 5% 1/15/29 (c) | 5,700 | 4,067 | |
VICI Properties LP / VICI Note Co.: | |||
3.875% 2/15/29 (c) | 11,195 | 9,504 | |
4.25% 12/1/26 (c) | 21,450 | 19,797 | |
4.625% 12/1/29 (c) | 12,240 | 10,587 | |
314,507 | |||
Healthcare - 4.2% | |||
180 Medical, Inc. 3.875% 10/15/29 (c) | 6,495 | 5,396 | |
Avantor Funding, Inc. 3.875% 11/1/29 (c) | 6,075 | 5,084 | |
Bausch & Lomb Escrow Corp. 8.375% 10/1/28 (c) | 11,980 | 11,899 | |
Bausch Health Companies, Inc.: | |||
5.75% 8/15/27 (c) | 18,030 | 9,376 | |
6.125% 2/1/27 (c) | 12,015 | 6,702 | |
Cano Health, Inc. 6.25% 10/1/28 (c) | 4,050 | 1,620 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 10,515 | 8,875 | |
4% 3/15/31 (c) | 12,085 | 9,864 | |
4.25% 5/1/28 (c) | 3,400 | 3,021 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 21,790 | 14,605 | |
5.25% 5/15/30 (c) | 18,245 | 12,957 | |
6% 1/15/29 (c) | 8,490 | 6,431 | |
6.125% 4/1/30 (c) | 21,795 | 8,446 | |
8% 3/15/26 (c) | 50,870 | 46,498 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (c) | 4,180 | 3,005 | |
4.625% 6/1/30 (c) | 31,515 | 24,699 | |
Grifols SA 4.75% 10/15/28 (c) | 6,075 | 5,088 | |
HealthEquity, Inc. 4.5% 10/1/29 (c) | 6,410 | 5,491 | |
IQVIA, Inc. 5% 5/15/27 (c) | 12,070 | 11,355 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 12,305 | 10,701 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) | 7,010 | 5,109 | |
Modivcare, Inc. 5.875% 11/15/25 (c) | 8,105 | 7,659 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (c) | 10,465 | 8,535 | |
3.875% 5/15/32 (c) | 12,160 | 9,555 | |
4.375% 6/15/28 (c) | 7,525 | 6,697 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (c) | 21,010 | 18,148 | |
5.125% 4/30/31 (c) | 18,260 | 14,260 | |
Owens & Minor, Inc. 4.5% 3/31/29 (c) | 8,310 | 6,667 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 10,405 | 7,414 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 17,640 | 15,096 | |
4.375% 1/15/30 | 43,755 | 37,013 | |
4.875% 1/1/26 | 30,115 | 28,862 | |
5.125% 11/1/27 | 18,070 | 16,681 | |
6.125% 6/15/30 | 30,025 | 27,794 | |
6.25% 2/1/27 | 35,815 | 34,345 | |
6.75% 5/15/31 (c) | 6,005 | 5,703 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75% 5/9/27 | 6,085 | 5,524 | |
5.125% 5/9/29 | 6,085 | 5,309 | |
7.875% 9/15/29 | 5,935 | 5,852 | |
477,336 | |||
Homebuilders/Real Estate - 1.6% | |||
Arcosa, Inc. 4.375% 4/15/29 (c) | 8,410 | 7,338 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) | 8,940 | 6,922 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) | 7,775 | 5,913 | |
Century Communities, Inc. 3.875% 8/15/29 (c) | 9,110 | 7,351 | |
Greystar Real Estate Partners 7.75% 9/1/30 (c) | 5,305 | 5,212 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 11,190 | 6,786 | |
4.625% 8/1/29 | 18,080 | 12,517 | |
5% 10/15/27 | 38,043 | 29,374 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 | 8,020 | 6,770 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (c) | 10,725 | 9,013 | |
5.875% 6/15/27 (c) | 9,260 | 8,681 | |
TopBuild Corp. 3.625% 3/15/29 (c) | 5,910 | 4,926 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 16,130 | 15,968 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 14,380 | 12,803 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (c) | 31,410 | 25,385 | |
6.5% 2/15/29 (c) | 14,000 | 9,092 | |
10.5% 2/15/28 (c) | 4,785 | 4,608 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 5,045 | 4,332 | |
182,991 | |||
Hotels - 0.4% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | 17,635 | 18,803 | |
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (c) | 5,595 | 4,816 | |
4% 5/1/31 (c) | 8,395 | 6,952 | |
4.875% 1/15/30 | 6,900 | 6,194 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 8,435 | 7,955 | |
44,720 | |||
Insurance - 2.4% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (c) | 9,105 | 7,345 | |
7% 11/15/25 (c) | 34,880 | 33,817 | |
10.125% 8/1/26 (c) | 1,800 | 1,811 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (c) | 11,125 | 9,781 | |
5.875% 11/1/29 (c) | 9,115 | 7,568 | |
6.75% 10/15/27 (c) | 49,965 | 45,631 | |
6.75% 4/15/28 (c) | 35,177 | 33,427 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 8,805 | 7,537 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (c) | 8,355 | 7,088 | |
7% 8/15/25 (c) | 4,926 | 4,832 | |
GTCR AP Finance, Inc. 8% 5/15/27 (c) | 6,010 | 5,852 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (c) | 36,135 | 31,120 | |
7% 5/1/26 (c) | 11,770 | 11,457 | |
7.25% 6/15/30 (c) | 29,810 | 29,078 | |
MGIC Investment Corp. 5.25% 8/15/28 | 7,710 | 7,087 | |
National Financial Partners Corp.: | |||
4.875% 8/15/28 (c) | 12,015 | 10,520 | |
6.875% 8/15/28 (c) | 11,640 | 9,940 | |
8.5% 10/1/31 (c) | 6,890 | 6,775 | |
270,666 | |||
Leisure - 2.3% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (c) | 6,360 | 5,537 | |
Carnival Corp.: | |||
4% 8/1/28 (c) | 56,090 | 48,791 | |
7% 8/15/29 (c) | 6,075 | 5,957 | |
7.625% 3/1/26 (c) | 19,665 | 19,122 | |
9.875% 8/1/27 (c) | 16,600 | 17,302 | |
Merlin Entertainments PLC 5.75% 6/15/26 (c) | 7,725 | 7,225 | |
NCL Corp. Ltd. 5.875% 2/15/27 (c) | 12,100 | 11,138 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (c) | 9,125 | 8,409 | |
7.25% 1/15/30 (c) | 5,940 | 5,860 | |
8.25% 1/15/29 (c) | 32,435 | 33,138 | |
9.25% 1/15/29 (c) | 34,425 | 35,932 | |
11.5% 6/1/25 (c) | 8,500 | 8,994 | |
11.625% 8/15/27 (c) | 11,825 | 12,827 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) | 12,145 | 10,579 | |
Vail Resorts, Inc. 6.25% 5/15/25 (c) | 6,250 | 6,211 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) | 4,965 | 4,400 | |
Voc Escrow Ltd. 5% 2/15/28 (c) | 19,690 | 17,690 | |
259,112 | |||
Metals/Mining - 1.5% | |||
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (c) | 15,485 | 13,486 | |
6.125% 5/15/28 (c) | 3,565 | 3,438 | |
Arsenal AIC Parent LLC 8% 10/1/30 (c) | 7,040 | 6,952 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (c) | 23,720 | 20,444 | |
4.875% 3/1/31 (c) | 11,440 | 9,436 | |
6.75% 4/15/30 (c) | 3,000 | 2,782 | |
Eldorado Gold Corp. 6.25% 9/1/29 (c) | 13,719 | 11,713 | |
ERO Copper Corp. 6.5% 2/15/30 (c) | 9,085 | 7,707 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (c) | 28,325 | 24,848 | |
8.625% 6/1/31 (c) | 15,340 | 12,949 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (c) | 8,990 | 7,246 | |
4.5% 9/15/27 (c) | 9,015 | 8,117 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (c) | 7,020 | 6,534 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (c) | 6,040 | 5,836 | |
8.125% 5/1/27 (c) | 18,015 | 17,452 | |
8.5% 5/1/30 (c) | 4,475 | 4,303 | |
9.25% 10/1/28 (c) | 10,605 | 10,605 | |
Murray Energy Corp.: | |||
11.25% (b)(c)(d) | 8,915 | 0 | |
12% pay-in-kind (b)(c)(d)(e) | 10,343 | 0 | |
173,848 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (c) | 5,915 | 4,817 | |
4% 9/1/29 (c) | 11,830 | 8,873 | |
6% 6/15/27 (c) | 6,045 | 5,713 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (c) | 5,600 | 5,315 | |
5.375% 1/15/28 (c) | 5,600 | 5,061 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (c) | 7,185 | 6,527 | |
8.75% 4/15/30 (c) | 41,090 | 32,752 | |
Mercer International, Inc. 5.125% 2/1/29 | 15,060 | 11,809 | |
80,867 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (c) | 15,860 | 15,507 | |
Restaurants - 0.7% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (c) | 12,115 | 10,816 | |
4% 10/15/30 (c) | 39,005 | 31,946 | |
4.375% 1/15/28 (c) | 10,600 | 9,544 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) | 5,565 | 4,826 | |
Garden SpinCo Corp. 8.625% 7/20/30 (c) | 5,205 | 5,370 | |
Papa John's International, Inc. 3.875% 9/15/29 (c) | 5,560 | 4,562 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 11,975 | 10,204 | |
77,268 | |||
Services - 4.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) | 9,010 | 8,205 | |
AECOM 5.125% 3/15/27 | 11,885 | 11,221 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (c) | 11,130 | 9,103 | |
4.625% 6/1/28 (c) | 7,690 | 6,265 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (c) | 10,240 | 9,150 | |
4% 7/1/29 (c) | 5,920 | 5,224 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (c) | 44,695 | 44,360 | |
CoreCivic, Inc. 8.25% 4/15/26 | 32,260 | 32,661 | |
Fair Isaac Corp. 4% 6/15/28 (c) | 2,910 | 2,591 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (c) | 8,610 | 7,271 | |
3.75% 10/1/30 (c) | 11,495 | 9,514 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 8,765 | 8,392 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | 16,800 | 14,230 | |
Hertz Corp.: | |||
4.625% 12/1/26 (c) | 5,180 | 4,339 | |
5% 12/1/29 (c) | 10,055 | 7,219 | |
5.5% (b)(c)(d) | 10,890 | 381 | |
6% (b)(c)(d) | 10,285 | 604 | |
6.25% (b)(d) | 11,875 | 416 | |
7.125% (b)(c)(d) | 10,285 | 900 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (c) | 22,025 | 18,016 | |
4.875% 9/15/29 (c) | 24,110 | 21,001 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (c) | 47,450 | 41,877 | |
OpenLane, Inc. 5.125% 6/1/25 (c) | 10,355 | 9,989 | |
PowerTeam Services LLC 9.033% 12/4/25 (c) | 1,200 | 1,080 | |
Service Corp. International 4% 5/15/31 | 12,070 | 9,770 | |
Sotheby's 7.375% 10/15/27 (c) | 4,960 | 4,430 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) | 9,045 | 7,212 | |
The Brink's Co. 4.625% 10/15/27 (c) | 12,180 | 11,015 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (c) | 9,655 | 9,293 | |
10.5% 6/30/28 | 24,580 | 24,519 | |
TriNet Group, Inc. 3.5% 3/1/29 (c) | 8,865 | 7,320 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (c) | 27,335 | 24,108 | |
6.25% 1/15/28 (c) | 9,175 | 8,831 | |
7.5% 9/15/27 (c) | 35,255 | 35,344 | |
8% 11/1/26 (c) | 51,060 | 51,420 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 9,760 | 9,028 | |
476,299 | |||
Steel - 0.0% | |||
Algoma Steel SCA 0% 12/31/23 (b) | 1,982 | 0 | |
Commercial Metals Co. 3.875% 2/15/31 | 6,135 | 4,973 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 4,375 | 3,710 | |
8,683 | |||
Super Retail - 1.1% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 3,534 | 3,131 | |
4.625% 11/15/29 (c) | 10,005 | 8,463 | |
4.75% 3/1/30 | 3,523 | 2,990 | |
5% 2/15/32 (c) | 10,800 | 8,759 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (c) | 23,165 | 21,446 | |
6.75% 7/1/36 | 12,766 | 11,012 | |
7.5% 6/15/29 | 8,335 | 8,140 | |
Carvana Co.: | |||
9% 12/1/28 pay-in-kind (c)(e) | 3,771 | 2,806 | |
9% 6/1/30 pay-in-kind (c)(e) | 5,657 | 4,186 | |
9% 6/1/31 pay-in-kind (c)(e) | 6,694 | 4,987 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (c) | 5,360 | 5,303 | |
8.5% 10/30/25 (c) | 29,460 | 28,981 | |
LBM Acquisition LLC 6.25% 1/15/29 (c) | 17,805 | 14,066 | |
124,270 | |||
Technology - 3.5% | |||
Acuris Finance U.S. 5% 5/1/28 (c) | 9,045 | 7,123 | |
Block, Inc. 3.5% 6/1/31 | 12,070 | 9,315 | |
CA Magnum Holdings 5.375% 10/31/26 (c) | 4,870 | 4,241 | |
Camelot Finance SA 4.5% 11/1/26 (c) | 10,590 | 9,789 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (c) | 10,695 | 9,183 | |
4.875% 7/1/29 (c) | 10,115 | 8,531 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (c) | 83,525 | 73,331 | |
9% 9/30/29 (c) | 8,900 | 7,579 | |
Coherent Corp. 5% 12/15/29 (c) | 9,495 | 8,057 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 8,870 | 7,414 | |
Elastic NV 4.125% 7/15/29 (c) | 24,245 | 20,433 | |
Gen Digital, Inc. 5% 4/15/25 (c) | 10,050 | 9,730 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (c) | 11,810 | 9,914 | |
5.25% 12/1/27 (c) | 9,345 | 8,757 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) | 12,040 | 9,993 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (c) | 9,100 | 7,446 | |
MicroStrategy, Inc. 6.125% 6/15/28 (c) | 23,020 | 20,833 | |
NCR Atleos Escrow Corp. 9.5% 4/1/29 (c) | 8,995 | 8,817 | |
NCR Corp.: | |||
5% 10/1/28 (c) | 5,530 | 4,775 | |
5.125% 4/15/29 (c) | 8,870 | 7,627 | |
5.25% 10/1/30 (c) | 5,530 | 4,579 | |
ON Semiconductor Corp. 3.875% 9/1/28 (c) | 11,065 | 9,506 | |
Open Text Corp. 6.9% 12/1/27 (c) | 10,610 | 10,557 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (c) | 5,690 | 4,715 | |
4.125% 12/1/31 (c) | 5,485 | 4,309 | |
PTC, Inc.: | |||
3.625% 2/15/25 (c) | 6,650 | 6,410 | |
4% 2/15/28 (c) | 6,575 | 5,830 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) | 6,425 | 1,879 | |
Roblox Corp. 3.875% 5/1/30 (c) | 9,120 | 7,400 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (c) | 19,590 | 19,908 | |
8.5% 7/15/31 (c) | 12,720 | 12,943 | |
Sensata Technologies BV 4% 4/15/29 (c) | 11,970 | 10,181 | |
Synaptics, Inc. 4% 6/15/29 (c) | 7,015 | 5,787 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 8,870 | 7,273 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 9,995 | 8,310 | |
3.875% 3/15/31 | 10,460 | 8,351 | |
Unisys Corp. 6.875% 11/1/27 (c) | 6,095 | 4,465 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) | 8,945 | 7,322 | |
392,613 | |||
Telecommunications - 3.1% | |||
Altice Financing SA: | |||
5% 1/15/28 (c) | 14,560 | 11,841 | |
5.75% 8/15/29 (c) | 25,600 | 19,796 | |
Altice France SA: | |||
5.125% 7/15/29 (c) | 61,630 | 42,198 | |
5.5% 1/15/28 (c) | 1,160 | 862 | |
5.5% 10/15/29 (c) | 106,150 | 73,021 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) | 40,380 | 34,517 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 19,575 | 16,901 | |
5.875% 10/15/27 (c) | 10,375 | 9,459 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) | 25,303 | 22,217 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (c) | 14,860 | 11,576 | |
6.75% 10/15/27 (c) | 10,157 | 9,163 | |
Millicom International Cellular SA 4.5% 4/27/31 (c) | 1,725 | 1,286 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (c) | 6,070 | 5,417 | |
Qwest Corp. 7.25% 9/15/25 | 1,480 | 1,417 | |
Sable International Finance Ltd. 5.75% 9/7/27 (c) | 20,475 | 18,328 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 13,305 | 11,001 | |
3.875% 2/15/27 | 17,015 | 15,495 | |
Uniti Group, Inc. 6% 1/15/30 (c) | 7,365 | 4,465 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) | 21,200 | 17,065 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 14,572 | 11,555 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (c) | 12,590 | 9,476 | |
347,056 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (c) | 6,075 | 4,617 | |
4.25% 3/15/29 (c) | 8,675 | 7,114 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (c) | 5,320 | 4,379 | |
16,110 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (c) | 9,095 | 6,977 | |
XPO, Inc. 6.25% 6/1/28 (c) | 5,950 | 5,700 | |
12,677 | |||
Utilities - 1.9% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (c) | 13,295 | 10,367 | |
3.75% 1/15/32 (c) | 6,075 | 4,602 | |
4.75% 3/15/28 (c) | 6,920 | 6,177 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (c) | 5,145 | 4,188 | |
3.625% 2/15/31 (c) | 10,215 | 7,709 | |
3.875% 2/15/32 (c) | 13,975 | 10,386 | |
5.75% 1/15/28 | 9,000 | 8,425 | |
6.625% 1/15/27 | 6,378 | 6,190 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 2,868 | 2,719 | |
3.75% 7/1/28 | 2,868 | 2,514 | |
3.95% 12/1/47 | 10,826 | 6,459 | |
4% 12/1/46 | 13,774 | 8,331 | |
4.3% 3/15/45 | 5,995 | 3,879 | |
PG&E Corp.: | |||
5% 7/1/28 | 22,000 | 19,931 | |
5.25% 7/1/30 | 8,330 | 7,296 | |
Pike Corp. 5.5% 9/1/28 (c) | 33,664 | 28,789 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (c) | 23,230 | 19,728 | |
5% 7/31/27 (c) | 22,585 | 20,660 | |
5.5% 9/1/26 (c) | 3,485 | 3,316 | |
5.625% 2/15/27 (c) | 28,195 | 26,532 | |
7.75% 10/15/31 (c) | 11,985 | 11,568 | |
219,766 | |||
TOTAL NONCONVERTIBLE BONDS | 6,826,810 | ||
TOTAL CORPORATE BONDS (Cost $7,688,957) | 6,857,889 | ||
Common Stocks - 12.2% | |||
Shares | Value ($) (000s) | ||
Aerospace - 0.1% | |||
TransDigm Group, Inc. (j) | 13,200 | 10,931 | |
Air Transportation - 0.0% | |||
Air Canada (j) | 23,000 | 277 | |
Delta Air Lines, Inc. | 146,750 | 4,586 | |
TOTAL AIR TRANSPORTATION | 4,863 | ||
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(j) | 9,824 | 0 | |
Exide Technologies (b)(j) | 580,031 | 0 | |
Exide Technologies (b)(j) | 385 | 0 | |
UC Holdings, Inc. (b)(j) | 677,217 | 1,165 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 1,165 | ||
Banks & Thrifts - 0.0% | |||
Algoma Steel Group, Inc. | 638,696 | 4,477 | |
Broadcasting - 0.1% | |||
iHeartMedia, Inc. (j) | 104 | 0 | |
Nexstar Broadcasting Group, Inc. Class A | 53,232 | 7,457 | |
TOTAL BROADCASTING | 7,457 | ||
Building Materials - 0.4% | |||
Builders FirstSource, Inc. (j) | 90,400 | 9,810 | |
Carlisle Companies, Inc. | 34,100 | 8,664 | |
Carrier Global Corp. | 309,300 | 14,741 | |
WESCO International, Inc. | 76,800 | 9,846 | |
TOTAL BUILDING MATERIALS | 43,061 | ||
Capital Goods - 0.3% | |||
Deere & Co. | 14,600 | 5,334 | |
Parker Hannifin Corp. | 33,800 | 12,469 | |
Regal Rexnord Corp. | 141,300 | 16,731 | |
TOTAL CAPITAL GOODS | 34,534 | ||
Chemicals - 0.3% | |||
Olin Corp. | 342,900 | 14,649 | |
The Chemours Co. LLC | 461,210 | 11,120 | |
Westlake Corp. | 51,200 | 5,906 | |
TOTAL CHEMICALS | 31,675 | ||
Consumer Products - 0.1% | |||
Tapestry, Inc. | 344,400 | 9,492 | |
Tempur Sealy International, Inc. | 112,135 | 4,478 | |
TOTAL CONSUMER PRODUCTS | 13,970 | ||
Containers - 0.2% | |||
Graphic Packaging Holding Co. | 973,700 | 20,944 | |
Diversified Financial Services - 0.7% | |||
Apollo Global Management, Inc. | 280,900 | 21,753 | |
Carnelian Point Holdings LP warrants (b)(j) | 931 | 3 | |
MasterCard, Inc. Class A | 65,600 | 24,689 | |
OneMain Holdings, Inc. | 769,000 | 27,630 | |
PJT Partners, Inc. | 5,092 | 399 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 74,474 | ||
Energy - 1.5% | |||
Antero Resources Corp. (j) | 306,925 | 9,036 | |
California Resources Corp. | 1,062,738 | 55,889 | |
California Resources Corp. warrants 10/27/24 (j) | 57,076 | 1,018 | |
Chaparral Energy, Inc.: | |||
Series A warrants 10/1/24 (b)(j) | 392 | 0 | |
Series B warrants 10/1/25 (b)(j) | 392 | 0 | |
Cheniere Energy, Inc. | 205,700 | 34,233 | |
Chesapeake Energy Corp. (k) | 270,287 | 23,266 | |
Chesapeake Energy Corp. (h)(j) | 22,818 | 1,964 | |
Diamond Offshore Drilling, Inc. (j) | 118,485 | 1,470 | |
EP Energy Corp. (b)(j) | 841,775 | 1,389 | |
Forbes Energy Services Ltd. (b)(j) | 193,218 | 0 | |
Halliburton Co. | 207,600 | 8,167 | |
Mesquite Energy, Inc. (b)(j) | 317,026 | 25,169 | |
PureWest Energy (b)(j) | 17,812 | 33 | |
PureWest Energy rights (b)(j) | 10,734 | 0 | |
SolarEdge Technologies, Inc. (j) | 45,300 | 3,441 | |
Superior Energy Services, Inc. Class A (b)(j) | 110,370 | 8,357 | |
Unit Corp. | 37,978 | 2,091 | |
TOTAL ENERGY | 175,523 | ||
Entertainment/Film - 0.0% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(h)(j) | 3,366,626 | 1,919 | |
Food & Drug Retail - 0.2% | |||
Southeastern Grocers, Inc. (b)(h)(j) | 793,345 | 21,206 | |
Food/Beverage/Tobacco - 0.2% | |||
JBS SA | 4,652,100 | 18,482 | |
Gaming - 0.3% | |||
Boyd Gaming Corp. | 453,873 | 25,076 | |
Caesars Entertainment, Inc. (j) | 136,036 | 5,426 | |
Studio City International Holdings Ltd.: | |||
ADR (c)(j) | 631,958 | 3,160 | |
(NYSE) ADR (j) | 695,700 | 3,479 | |
TOTAL GAMING | 37,141 | ||
Healthcare - 0.6% | |||
Charles River Laboratories International, Inc. (j) | 26,900 | 4,529 | |
Encompass Health Corp. | 34 | 2 | |
Enhabit Home Health & Hospice (j) | 17 | 0 | |
Humana, Inc. | 21,400 | 11,207 | |
IQVIA Holdings, Inc. (j) | 100,900 | 18,246 | |
Tenet Healthcare Corp. (j) | 105,498 | 5,665 | |
UnitedHealth Group, Inc. | 42,700 | 22,868 | |
TOTAL HEALTHCARE | 62,517 | ||
Homebuilders/Real Estate - 0.5% | |||
Arthur J. Gallagher & Co. | 106,700 | 25,127 | |
TopBuild Corp. (j) | 43,700 | 9,997 | |
Willscot Mobile Mini Holdings (j) | 426,900 | 16,824 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 51,948 | ||
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (j) | 906 | 43 | |
First Quantum Minerals Ltd. | 271,620 | 3,148 | |
TOTAL METALS/MINING | 3,191 | ||
Restaurants - 0.1% | |||
Domino's Pizza, Inc. | 30,300 | 10,271 | |
Services - 0.5% | |||
Airbnb, Inc. Class A (j) | 73,500 | 8,694 | |
ASGN, Inc. (j) | 63,430 | 5,294 | |
Penhall Acquisition Co.: | |||
Class A (b)(j) | 26,163 | 3,888 | |
Class B (b)(j) | 8,721 | 1,296 | |
Visa, Inc. Class A | 178,500 | 41,965 | |
TOTAL SERVICES | 61,137 | ||
Steel - 0.0% | |||
Algoma Steel SCA (b)(j) | 198,162 | 0 | |
Super Retail - 0.6% | |||
Amazon.com, Inc. (j) | 89,600 | 11,925 | |
Arena Brands Holding Corp. Class B (b)(h)(j) | 659,302 | 7,978 | |
Booking Holdings, Inc. (j) | 4,600 | 12,832 | |
Dick's Sporting Goods, Inc. | 145,600 | 15,572 | |
Lowe's Companies, Inc. | 55,100 | 10,500 | |
Williams-Sonoma, Inc. | 76,303 | 11,464 | |
TOTAL SUPER RETAIL | 70,271 | ||
Technology - 4.7% | |||
Accenture PLC Class A | 36,900 | 10,963 | |
Adobe, Inc. (j) | 57,400 | 30,540 | |
Alphabet, Inc. Class A (j) | 277,000 | 34,370 | |
AMETEK, Inc. | 78,500 | 11,050 | |
Arista Networks, Inc. (j) | 96,000 | 19,236 | |
ASML Holding NV (depository receipt) | 21,300 | 12,755 | |
CDW Corp. | 50,600 | 10,140 | |
Dynatrace, Inc. (j) | 335,700 | 15,009 | |
Eaton Corp. PLC | 58,000 | 12,059 | |
Fiserv, Inc. (j) | 248,700 | 28,290 | |
Gen Digital, Inc. | 606,400 | 10,103 | |
Global Payments, Inc. | 79,224 | 8,415 | |
Marvell Technology, Inc. | 273,700 | 12,924 | |
Meta Platforms, Inc. Class A (j) | 215,300 | 64,863 | |
Microchip Technology, Inc. | 316,631 | 22,573 | |
Microsoft Corp. | 129,400 | 43,751 | |
nVent Electric PLC | 106,500 | 5,126 | |
NVIDIA Corp. | 134,900 | 55,012 | |
NXP Semiconductors NV | 43,800 | 7,552 | |
ON Semiconductor Corp. (j) | 523,203 | 32,773 | |
Oracle Corp. | 208,200 | 21,528 | |
Salesforce, Inc. (j) | 80,300 | 16,127 | |
Splunk, Inc. (j) | 112,300 | 16,526 | |
Synopsys, Inc. (j) | 32,000 | 15,022 | |
Vertiv Holdings Co. | 278,000 | 10,917 | |
TOTAL TECHNOLOGY | 527,624 | ||
Telecommunications - 0.1% | |||
GTT Communications, Inc. (b) | 85,487 | 2,434 | |
Palo Alto Networks, Inc. (j) | 54,800 | 13,317 | |
TOTAL TELECOMMUNICATIONS | 15,751 | ||
Textiles/Apparel - 0.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 11,800 | 8,448 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA: | |||
Class A1 (b)(h)(j) | 598,287 | 0 | |
Class A2 (b)(h)(j) | 598,287 | 0 | |
Class A3 (b)(h)(j) | 598,287 | 0 | |
Class A4 (b)(h)(j) | 598,287 | 0 | |
Class A5 (b)(h)(j) | 598,287 | 0 | |
Class A6 (b)(h)(j) | 598,287 | 0 | |
Class A7 (b)(h)(j) | 598,287 | 0 | |
Class A8 (b)(h)(j) | 598,287 | 0 | |
Class A9 (b)(h)(j) | 598,287 | 0 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 0 | ||
Utilities - 0.6% | |||
Constellation Energy Corp. | 180,800 | 20,416 | |
PG&E Corp. (j) | 2,097,796 | 34,194 | |
Portland General Electric Co. | 14,817 | 593 | |
Vistra Corp. | 377,800 | 12,362 | |
TOTAL UTILITIES | 67,565 | ||
TOTAL COMMON STOCKS (Cost $1,185,466) | 1,380,545 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(j) | 858 | 0 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA (b)(h)(j) | 287,159,690 | 3 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $11,049) | 3 | ||
Bank Loan Obligations - 7.8% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.3% | |||
Air Canada Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.1284% 8/11/28 (e)(f)(l) | 8,991 | 8,975 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1658% 10/20/27 (e)(f)(l) | 2,792 | 2,857 | |
United Airlines, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.1894% 4/21/28 (e)(f)(l) | 20,565 | 20,487 | |
TOTAL AIR TRANSPORTATION | 32,319 | ||
Automotive & Auto Parts - 0.2% | |||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0741% 4/20/30 (e)(f)(l) | 2,645 | 2,638 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8943% 12/17/28 (e)(f)(l) | 6,449 | 4,855 | |
Wand NewCo 3, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1741% 2/5/26 (e)(f)(l) | 17,710 | 17,666 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 25,159 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9386% 7/25/30 (e)(f)(l) | 9,599 | 9,555 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4146% 8/24/26 (e)(f)(l) | 6,761 | 2,540 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.6401% 6/24/29 (e)(f)(l) | 746 | 743 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 1/31/29 (e)(f)(l) | 7,388 | 7,256 | |
TOTAL BROADCASTING | 10,539 | ||
Building Materials - 0.4% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (e)(f)(l) | 23,470 | 18,580 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8911% 2/25/29 (e)(f)(l) | 22,471 | 21,193 | |
SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/4/28 (e)(f)(l) | 6,359 | 6,200 | |
TOTAL BUILDING MATERIALS | 45,973 | ||
Capital Goods - 0.0% | |||
Chart Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6646% 3/17/30 (e)(f)(l) | 1,706 | 1,701 | |
Chemicals - 0.3% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (e)(f)(l) | 17,905 | 16,597 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (e)(f)(l) | 3,640 | 3,545 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.4017% 9/22/28 (e)(f)(l) | 14,756 | 14,449 | |
TOTAL CHEMICALS | 34,591 | ||
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 12/22/26 (e)(f)(l) | 19,846 | 19,411 | |
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.750% 10.476% 2/9/26 (e)(f)(l) | 1,467 | 1,381 | |
Energy - 0.0% | |||
Forbes Energy Services LLC Tranche B, term loan 0% (b)(d)(l) | 1,810 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(f)(l) | 5,861 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(f)(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% 7.8241% 11/30/28 (e)(f)(l) | 2,181 | 2,147 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8241% 11/30/28 (e)(f)(l) | 166 | 163 | |
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.7031% 6/21/28 (e)(f)(l) | 2,962 | 2,852 | |
TOTAL ENVIRONMENTAL | 5,162 | ||
Food/Beverage/Tobacco - 0.0% | |||
Bengal Debt Merger Sub LLC 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7401% 1/24/29 (e)(f)(l) | 2,256 | 2,070 | |
Gaming - 0.3% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3241% 1/27/29 (e)(f)(l) | 29,597 | 28,906 | |
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6401% 8/1/30 (e)(f)(l) | 6,005 | 5,996 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.5345% 4/14/29 (e)(f)(l) | 2,355 | 2,347 | |
TOTAL GAMING | 37,249 | ||
Healthcare - 0.4% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4901% 10/1/27 (e)(f)(l) | 17,407 | 16,609 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 5/5/28 (e)(f)(l) | 6,161 | 6,157 | |
Mozart Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 10/23/28 (e)(f)(l) | 973 | 966 | |
Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4505% 6/2/28 (e)(f)(l) | 14,878 | 14,830 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 11/15/28 (e)(f)(l) | 7,087 | 6,997 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.9017% 7/3/28 (e)(f)(l) | 1,501 | 1,501 | |
TOTAL HEALTHCARE | 47,060 | ||
Homebuilders/Real Estate - 0.2% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (b)(e)(f)(l) | 19,150 | 18,505 | |
Hotels - 0.1% | |||
Carnival Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 10/18/28 (e)(f)(l) | 7,914 | 7,759 | |
Insurance - 0.4% | |||
Acrisure LLC: | |||
Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 3.500% 8.9386% 2/15/27 (e)(f)(l) | 17,944 | 17,447 | |
CME Term SOFR 1 Month Index + 4.250% 9.6886% 2/15/27 (e)(f)(l) | 1,420 | 1,408 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10/19/30 (f)(l)(m) | 3,100 | 3,064 | |
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9386% 11/5/27 (e)(f)(l) | 13,250 | 13,198 | |
HUB International Ltd. Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.250% 9.6619% 7/1/30 (e)(f)(l) | 9,253 | 9,246 | |
CME Term SOFR 3 Month Index + 4.000% 9.3653% 11/10/29 (e)(f)(l) | 923 | 921 | |
TOTAL INSURANCE | 45,284 | ||
Leisure - 0.0% | |||
Carnival Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.336% 8/8/27 (e)(f)(l) | 2,075 | 2,036 | |
Topgolf Callaway Brands Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 3/9/30 (e)(f)(l) | 2,910 | 2,894 | |
TOTAL LEISURE | 4,930 | ||
Metals/Mining - 0.0% | |||
Arsenal AIC Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8792% 8/18/30 (e)(f)(l) | 1,640 | 1,635 | |
Paper - 0.4% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (e)(f)(l) | 47,544 | 45,924 | |
Services - 1.0% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.4269% 12/20/29 (e)(f)(l) | 458 | 459 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/21/28 (e)(f)(l) | 5,362 | 5,346 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 12/21/28 (e)(f)(l) | 12,439 | 12,408 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (f)(l)(n) | 2,383 | 2,377 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (e)(f)(l) | 15,190 | 12,772 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (e)(f)(l) | 17,861 | 16,583 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (e)(f)(l) | 6,020 | 5,794 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (e)(f)(l) | 15,602 | 13,603 | |
PowerTeam Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8901% 3/6/25 (e)(f)(l) | 12,015 | 10,834 | |
Sabert Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.9386% 12/10/26 (e)(f)(l) | 5,454 | 5,437 | |
Sotheby's Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10.1555% 1/15/27 (e)(f)(l) | 10,808 | 10,433 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (e)(f)(l) | 17,831 | 15,201 | |
TOTAL SERVICES | 111,247 | ||
Specialty Retailing - 0.0% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 13.6887% 6/30/27 (e)(f)(l) | 887 | 832 | |
Super Retail - 0.5% | |||
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (e)(f)(l) | 55,939 | 53,142 | |
Technology - 2.5% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5401% 2/16/28 (e)(f)(l) | 1,131 | 1,112 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (e)(f)(l) | 29,263 | 28,306 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1886% 10/2/25 (e)(f)(l) | 31,331 | 31,282 | |
Camelot Finance SA Tranche B, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 10/31/26 (e)(f)(l) | 938 | 937 | |
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1998% 3/31/28 (e)(f)(l) | 1,984 | 1,918 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.7401% 8/19/28 (e)(f)(l) | 11,516 | 11,379 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.9017% 7/3/28 (e)(f)(l) | 6,022 | 6,024 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1646% 3/1/29 (e)(f)(l) | 31,172 | 29,749 | |
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5741% 5/3/28 (e)(f)(l) | 17,780 | 16,970 | |
Peraton Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 2/1/28 (e)(f)(l) | 13,556 | 13,285 | |
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 6/2/28 (e)(f)(l) | 6,640 | 6,258 | |
Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0749% 10/19/30 (e)(f)(l) | 12,015 | 11,645 | |
Proofpoint, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6886% 8/31/28 (e)(f)(l) | 42,948 | 42,185 | |
RealPage, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 4/22/28 (e)(f)(l) | 5,909 | 5,770 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1886% 1/31/27 (e)(f)(l) | 3,110 | 3,106 | |
Ukg, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (e)(f)(l) | 39,918 | 39,673 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (e)(f)(l) | 4,000 | 3,991 | |
Veritas U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4386% 9/1/25 (e)(f)(l) | 5,930 | 4,996 | |
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.6741% 2/28/27 (e)(f)(l) | 23,202 | 22,989 | |
TOTAL TECHNOLOGY | 281,575 | ||
Telecommunications - 0.2% | |||
Aventiv Technologies LLC Tranche B, term loan 3 month U.S. LIBOR + 4.500% 10.231% 11/1/24 (e)(f)(l) | 6,862 | 5,811 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8241% 12/12/26 (e)(f)(l) | 8,733 | 8,512 | |
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4901% 6/30/28 (e)(f)(l) | 3,598 | 2,123 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4269% 12/30/27 (e)(f)(l) | 4,479 | 3,852 | |
TOTAL TELECOMMUNICATIONS | 20,298 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (e)(f)(l) | 26,611 | 26,545 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $924,455) | 889,846 | ||
Preferred Securities - 7.0% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 5.9% | |||
Ally Financial, Inc. 4.7% (e)(o) | 7,055 | 4,189 | |
Bank of America Corp.: | |||
CME Term SOFR 3 Month Index + 3.390% 8.8062% (e)(f)(o) | 61,440 | 62,387 | |
5.125% (e)(o) | 36,030 | 35,824 | |
5.875% (e)(o) | 102,630 | 89,143 | |
6.25% (e)(o) | 28,555 | 28,344 | |
Citigroup, Inc.: | |||
4.7% (e)(o) | 15,285 | 13,850 | |
5% (e)(o) | 60,300 | 57,483 | |
6.3% (e)(o) | 5,610 | 5,603 | |
Goldman Sachs Group, Inc.: | |||
CME Term SOFR 3 Month Index + 3.130% 8.5009% (e)(f)(o) | 70,565 | 71,450 | |
4.95% (e)(o) | 9,415 | 8,776 | |
JPMorgan Chase & Co.: | |||
CME Term SOFR 3 Month Index + 3.560% 8.9335% (e)(f)(o) | 69,385 | 71,065 | |
4% (e)(o) | 26,340 | 24,093 | |
4.6% (e)(o) | 31,365 | 29,582 | |
5% (e)(o) | 30,845 | 30,235 | |
6.125% (e)(o) | 17,585 | 17,403 | |
6.75% (e)(o) | 8,330 | 8,464 | |
Wells Fargo & Co.: | |||
5.875% (e)(o) | 50,420 | 50,111 | |
5.9% (e)(o) | 63,075 | 63,435 | |
TOTAL BANKS & THRIFTS | 671,437 | ||
Diversified Financial Services - 0.0% | |||
OEC Finance Ltd. 7.5% pay-in-kind (c)(o) | 39 | 3 | |
Energy - 1.1% | |||
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 9.6542% (e)(f)(o) | 96,527 | 92,980 | |
6.625% (e)(o) | 30,505 | 23,993 | |
7.125% (e)(o) | 9,130 | 7,882 | |
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 13.101% (d)(e)(f)(o) | 2,912 | 2,162 | |
TOTAL ENERGY | 127,017 | ||
TOTAL PREFERRED SECURITIES (Cost $833,123) | 798,457 | ||
Other - 3.1% | |||
Shares | Value ($) (000s) | ||
Other - 3.1% | |||
Fidelity Private Credit Central Fund LLC (h)(r) (Cost $343,171) | 34,491,134 | 349,740 | |
Money Market Funds - 9.1% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (p) | 1,007,845,362 | 1,008,047 | |
Fidelity Securities Lending Cash Central Fund 5.40% (p)(q) | 21,417,858 | 21,420 | |
TOTAL MONEY MARKET FUNDS (Cost $1,029,421) | 1,029,467 | ||
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $12,015,642) | 11,305,947 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 42,770 |
NET ASSETS - 100.0% | 11,348,717 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | 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 $5,414,514,000 or 47.7% of net assets. |
(d) | Non-income producing - Security is in default. |
(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) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(h) | 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 $389,730,000 or 3.4% of net assets. |
(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) | Non-income producing |
(k) | Security or a portion of the security is on loan at period end. |
(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 $2,383,000 and $2,377,000, respectively. |
(o) | Security is perpetual in nature with no stated maturity date. |
(p) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(q) | Investment made with cash collateral received from securities on loan. |
(r) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (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 | 4/15/22 - 10/27/23 | 343,171 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 6,608 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 597,099 | 1,547,126 | 1,136,178 | 17,232 | - | - | 1,008,047 | 2.2% |
Fidelity Private Credit Central Fund LLC | 324,274 | 18,049 | - | 18,410 | - | 7,417 | 349,740 | 52.2% |
Fidelity Securities Lending Cash Central Fund 5.40% | - | 79,057 | 57,637 | 4 | - | - | 21,420 | 0.1% |
Total | 921,373 | 1,644,232 | 1,193,815 | 35,646 | - | 7,417 | 1,379,207 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 106,690 | 106,690 | - | - |
Consumer Discretionary | 161,876 | 142,366 | 8,448 | 11,062 |
Consumer Staples | 39,688 | 18,482 | - | 21,206 |
Energy | 172,049 | 137,134 | - | 34,915 |
Financials | 178,271 | 178,268 | - | 3 |
Health Care | 62,517 | 62,517 | - | - |
Industrials | 159,846 | 154,659 | - | 5,187 |
Information Technology | 371,726 | 369,292 | - | 2,434 |
Materials | 60,287 | 60,244 | 43 | - |
Utilities | 67,598 | 67,565 | - | 33 |
Corporate Bonds | 6,857,889 | - | 6,842,317 | 15,572 |
Bank Loan Obligations | 889,846 | - | 871,341 | 18,505 |
Preferred Securities | 798,457 | - | 798,457 | - |
Other | 349,740 | - | 349,740 | - |
Money Market Funds | 1,029,467 | 1,029,467 | - | - |
Total Investments in Securities: | 11,305,947 | 2,326,684 | 8,870,346 | 108,917 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 163,223 | |
Net Realized Gain (Loss) on Investment Securities | 10,970 | ||
Net Unrealized Gain (Loss) on Investment Securities | (46,147) | ||
Cost of Purchases | 6,709 | ||
Proceeds of Sales | (25,993) | ||
Amortization/Accretion | 155 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 108,917 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | (314) | |
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) | October 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $21,072) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $10,643,050) | $ | 9,926,740 | ||
Fidelity Central Funds (cost $1,372,592) | 1,379,207 | |||
Total Investment in Securities (cost $12,015,642) | $ | 11,305,947 | ||
Cash | 321 | |||
Receivable for investments sold | 73,201 | |||
Receivable for fund shares sold | 7,982 | |||
Dividends receivable | 745 | |||
Interest receivable | 124,684 | |||
Distributions receivable from Fidelity Central Funds | 4,070 | |||
Prepaid expenses | 16 | |||
Receivable from investment adviser for expense reductions | 1,494 | |||
Other receivables | 469 | |||
Total assets | 11,518,929 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 117,110 | ||
Delayed delivery | 11,727 | |||
Payable for fund shares redeemed | 6,617 | |||
Distributions payable | 6,596 | |||
Accrued management fee | 5,029 | |||
Other affiliated payables | 1,190 | |||
Other payables and accrued expenses | 523 | |||
Collateral on securities loaned | 21,420 | |||
Total Liabilities | 170,212 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 11,348,717 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 12,213,177 | ||
Total accumulated earnings (loss) | (864,460) | |||
Net Assets | $ | 11,348,717 | ||
Net Asset Value, offering price and redemption price per share ($11,348,717 ÷ 1,255,666 shares) | $ | 9.04 |
Statement of Operations | ||||
Amounts in thousands | Six months ended October 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 39,885 | ||
Interest | 281,805 | |||
Income from Fidelity Central Funds (including $4 from security lending) | 35,646 | |||
Total Income | 357,336 | |||
Expenses | ||||
Management fee | $ | 31,479 | ||
Transfer agent fees | 6,396 | |||
Accounting fees | 720 | |||
Custodian fees and expenses | 18 | |||
Independent trustees' fees and expenses | 28 | |||
Registration fees | 124 | |||
Audit | 61 | |||
Legal | (1,037) | |||
Miscellaneous | 31 | |||
Total expenses before reductions | 37,820 | |||
Expense reductions | (958) | |||
Total expenses after reductions | 36,862 | |||
Net Investment income (loss) | 320,474 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (163,437) | |||
Foreign currency transactions | (19) | |||
Total net realized gain (loss) | (163,456) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (171,302) | |||
Fidelity Central Funds | 7,417 | |||
Total change in net unrealized appreciation (depreciation) | (163,885) | |||
Net gain (loss) | (327,341) | |||
Net increase (decrease) in net assets resulting from operations | $ | (6,867) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 320,474 | $ | 597,286 |
Net realized gain (loss) | (163,456) | 49,664 | ||
Change in net unrealized appreciation (depreciation) | (163,885) | (472,925) | ||
Net increase (decrease) in net assets resulting from operations | (6,867) | 174,025 | ||
Distributions to shareholders | (296,900) | (1,316,424) | ||
Share transactions | ||||
Proceeds from sales of shares | 962,398 | 1,660,390 | ||
Reinvestment of distributions | 259,443 | 1,172,169 | ||
Cost of shares redeemed | (1,027,218) | (3,309,299) | ||
Net increase (decrease) in net assets resulting from share transactions | 194,623 | (476,740) | ||
Total increase (decrease) in net assets | (109,144) | (1,619,139) | ||
Net Assets | ||||
Beginning of period | 11,457,861 | 13,077,000 | ||
End of period | $ | 11,348,717 | $ | 11,457,861 |
Other Information | ||||
Shares | ||||
Sold | 103,779 | 177,479 | ||
Issued in reinvestment of distributions | 28,049 | 125,646 | ||
Redeemed | (111,030) | (353,587) | ||
Net increase (decrease) | 20,798 | (50,462) | ||
Fidelity® Capital & Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 9.28 | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 | $ | 10.12 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .257 | .480 | .387 | .386 | .426 | .432 | ||||||
Net realized and unrealized gain (loss) | (.258) | (.308) | (.714) | 2.442 | (1.085) | .207 | ||||||
Total from investment operations | (.001) | .172 | (.327) | 2.828 | (.659) | .639 | ||||||
Distributions from net investment income | (.239) | (.473) | (.390) | (.390) | (.425) | (.487) | ||||||
Distributions from net realized gain | - | (.589) | (.353) | (.118) | (.076) | (.192) | ||||||
Total distributions | (.239) | (1.062) | (.743) | (.508) | (.501) | (.679) | ||||||
Net asset value, end of period | $ | 9.04 | $ | 9.28 | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 |
Total Return C,D | (.05)% | 2.09% | (3.27)% | 32.35% | (6.89)% | 6.74% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .65% G | .68% | .67% | .68% | .67% | .69% | ||||||
Expenses net of fee waivers, if any | .64% G | .68% | .67% | .68% | .67% | .69% | ||||||
Expenses net of all reductions | .64% G | .68% | .67% | .68% | .67% | .69% | ||||||
Net investment income (loss) | 5.53% G | 5.16% | 3.49% | 3.75% | 4.32% | 4.37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 11,349 | $ | 11,458 | $ | 13,077 | $ | 14,674 | $ | 10,228 | $ | 11,631 |
Portfolio turnover rate H | 36% G | 20% | 28% | 37% | 46% | 43% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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% |
Fidelity Capital & Income Fund | $449 |
Gross unrealized appreciation | $424,021 |
Gross unrealized depreciation | (1,103,798) |
Net unrealized appreciation (depreciation) | $(679,777) |
Tax cost | $11,985,724 |
Investment to be Acquired | Commitment Amount | |
Fidelity Capital & Income Fund | Fidelity Private Credit Central Fund LLC | $73,918 |
Purchases ($) | Sales ($) | |
Fidelity Capital & Income Fund | 1,955,655 | 2,094,221 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | .01 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | 0.0124% |
Amount | |
Fidelity Capital & Income Fund | $4 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Capital & Income Fund | 22,781 | 18,830 | 3,174 |
Amount | |
Fidelity Capital & Income Fund | $10 |
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 | $1 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Capital & Income Fund | .64% | |||||||||
Actual | $ 1,000 | $ 999.50 | $ 3.22 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.92 | $ 3.25 | |||||||
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Southeastern Grocers, Inc. | 2.1 | |
New Fortress Energy, Inc. | 2.1 | |
Community Health Systems, Inc. | 1.9 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.7 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.6 | |
Ford Motor Credit Co. LLC | 1.5 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.5 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.5 | |
Occidental Petroleum Corp. | 1.4 | |
DISH Network Corp. | 1.4 | |
16.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 16.5 | |
Healthcare | 7.5 | |
Services | 6.9 | |
Technology | 6.3 | |
Telecommunications | 5.9 | |
Quality Diversification (% of Fund's net assets) |
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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) |
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Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 83.1% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.4% | |||
Broadcasting - 1.2% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 9,434,000 | 9,021,263 | |
3.375% 8/15/26 | 16,374,000 | 8,391,675 | |
17,412,938 | |||
Homebuilders/Real Estate - 0.1% | |||
Redfin Corp. 0.5% 4/1/27 | 3,660,000 | 2,013,000 | |
Technology - 0.1% | |||
Seagate HDD Cayman 3.5% 6/1/28 (b) | 1,680,000 | 1,741,320 | |
TOTAL CONVERTIBLE BONDS | 21,167,258 | ||
Nonconvertible Bonds - 81.7% | |||
Aerospace - 1.9% | |||
ATI, Inc. 4.875% 10/1/29 | 2,015,000 | 1,716,010 | |
Bombardier, Inc. 7.875% 4/15/27 (b) | 4,970,000 | 4,781,804 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 4,425,000 | 3,893,933 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 730,000 | 719,760 | |
6.875% 5/1/25 | 730,000 | 732,586 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b) | 280,000 | 206,893 | |
4.625% 3/1/28 (b) | 820,000 | 683,279 | |
Moog, Inc. 4.25% 12/15/27 (b) | 220,000 | 195,857 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,390,000 | 3,785,234 | |
5.5% 11/15/27 | 4,520,000 | 4,197,950 | |
6.25% 3/15/26 (b) | 2,055,000 | 2,006,625 | |
6.75% 8/15/28 (b) | 2,200,000 | 2,136,163 | |
6.875% 12/15/30 (b) | 4,140,000 | 3,997,418 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 600,000 | 459,703 | |
29,513,215 | |||
Air Transportation - 1.0% | |||
Air Canada 3.875% 8/15/26 (b) | 1,075,000 | 978,102 | |
American Airlines, Inc. 7.25% 2/15/28 (b) | 735,000 | 683,420 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 3,979,167 | 3,869,535 | |
Forward Air Corp. 9.5% 10/15/31 (b) | 700,000 | 682,500 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 547,500 | 540,863 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 7,448,000 | 6,801,485 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 2,830,000 | 2,235,700 | |
15,791,605 | |||
Automotive - 0.2% | |||
Ford Motor Co.: | |||
6.1% 8/19/32 | 1,610,000 | 1,490,587 | |
7.4% 11/1/46 | 585,000 | 549,215 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 2,015,000 | 1,592,801 | |
3,632,603 | |||
Automotive & Auto Parts - 2.2% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 445,000 | 438,025 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 590,000 | 466,973 | |
5.375% 11/15/27 | 395,000 | 363,400 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 1,470,000 | 1,108,636 | |
5.291% 12/8/46 | 295,000 | 214,319 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2802% 3/6/26 (c)(d) | 2,065,000 | 2,080,874 | |
2.9% 2/10/29 | 4,310,000 | 3,527,908 | |
3.375% 11/13/25 | 730,000 | 681,238 | |
3.815% 11/2/27 | 3,500,000 | 3,126,378 | |
4% 11/13/30 | 725,000 | 597,173 | |
4.389% 1/8/26 | 1,460,000 | 1,383,937 | |
4.95% 5/28/27 | 2,905,000 | 2,724,879 | |
5.125% 6/16/25 | 730,000 | 710,300 | |
6.95% 3/6/26 | 5,815,000 | 5,827,430 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c) | 295,000 | 274,152 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 785,000 | 746,831 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 2,535,000 | 2,497,102 | |
8.375% 5/1/28 (b) | 1,605,000 | 1,599,784 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b) | 2,615,000 | 1,240,504 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d) | 985,000 | 982,385 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 1,750,000 | 1,687,484 | |
6.875% 4/14/28 (b) | 810,000 | 784,929 | |
7.125% 4/14/30 (b) | 810,000 | 784,083 | |
33,848,724 | |||
Banks & Thrifts - 0.7% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 149,000 | 142,335 | |
6.7% 2/14/33 | 2,935,000 | 2,467,044 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 2,015,000 | 1,717,061 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 585,000 | 429,975 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(c) | 1,651,000 | 1,354,435 | |
5.861% 6/19/32 (b)(c) | 945,000 | 850,175 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 3,650,000 | 2,434,157 | |
7.875% 5/1/27 (b) | 590,000 | 454,300 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 1,590,000 | 1,214,760 | |
11,064,242 | |||
Broadcasting - 1.8% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 1,275,000 | 1,133,215 | |
7.5% 6/1/29 (b) | 1,670,000 | 1,215,569 | |
9% 9/15/28 (b) | 2,840,000 | 2,766,103 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 12,645,000 | 130,244 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 3,665,000 | 3,630,402 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (b) | 224,000 | 121,610 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (b) | 4,490,000 | 3,818,441 | |
4.125% 7/1/30 (b) | 4,995,000 | 3,966,105 | |
5.5% 7/1/29 (b) | 1,515,000 | 1,342,402 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,165,000 | 1,004,813 | |
5% 9/15/29 | 1,395,000 | 1,168,313 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 130,000 | 103,339 | |
6.625% 6/1/27 (b) | 3,185,000 | 2,909,168 | |
7.375% 6/30/30 (b) | 2,950,000 | 2,597,500 | |
8% 8/15/28 (b) | 1,175,000 | 1,109,578 | |
27,016,802 | |||
Building Materials - 0.8% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 350,000 | 326,375 | |
6.375% 6/15/30 (b) | 1,330,000 | 1,255,744 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 395,000 | 373,473 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 1,565,000 | 1,494,338 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 3,750,000 | 2,984,464 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 2,530,000 | 2,395,869 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 1,765,000 | 1,557,362 | |
SRS Distribution, Inc. 6% 12/1/29 (b) | 2,595,000 | 2,160,338 | |
12,547,963 | |||
Cable/Satellite TV - 2.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 5,510,000 | 4,287,870 | |
4.25% 1/15/34 (b) | 2,840,000 | 2,051,340 | |
4.5% 8/15/30 (b) | 2,935,000 | 2,353,387 | |
4.5% 5/1/32 | 7,039,000 | 5,388,332 | |
4.5% 6/1/33 (b) | 5,460,000 | 4,072,972 | |
4.75% 2/1/32 (b) | 3,890,000 | 3,036,378 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 3,395,000 | 2,274,521 | |
4.5% 11/15/31 (b) | 745,000 | 492,039 | |
4.625% 12/1/30 (b) | 4,285,000 | 2,173,017 | |
5.375% 2/1/28 (b) | 3,375,000 | 2,687,632 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 720,000 | 630,889 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 3,630,000 | 2,636,288 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 720,000 | 611,490 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (b) | 2,155,000 | 1,647,797 | |
6.5% 9/15/28 (b) | 1,675,000 | 829,125 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 1,400,000 | 1,249,500 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,730,000 | 1,381,770 | |
37,804,347 | |||
Capital Goods - 1.0% | |||
Mueller Water Products, Inc. 4% 6/15/29 (b) | 2,785,000 | 2,381,175 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (b) | 2,190,000 | 2,154,095 | |
6.05% 4/15/28 (b) | 1,459,000 | 1,395,669 | |
6.3% 2/15/30 (b) | 1,460,000 | 1,373,839 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 2,710,000 | 2,444,525 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 6,595,000 | 6,004,399 | |
15,753,702 | |||
Chemicals - 4.2% | |||
CVR Partners LP 6.125% 6/15/28 (b) | 3,015,000 | 2,660,738 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 1,420,000 | 1,208,212 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 1,900,000 | 1,377,500 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 1,210,000 | 1,073,405 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 4,725,000 | 4,309,237 | |
5.25% 12/15/29 | 1,530,000 | 1,352,949 | |
5.65% 12/1/44 | 4,460,000 | 3,277,400 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 4,555,000 | 3,367,936 | |
4.875% 6/1/24 (b) | 1,735,000 | 1,705,026 | |
5% 5/1/25 (b) | 250,000 | 236,115 | |
5.25% 6/1/27 (b) | 5,790,000 | 4,890,609 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 4,635,000 | 4,020,816 | |
Olin Corp. 5% 2/1/30 | 3,740,000 | 3,230,455 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 3,520,000 | 2,808,749 | |
6.25% 10/1/29 (b) | 3,340,000 | 2,505,000 | |
9.75% 11/15/28 (b) | 6,755,000 | 6,597,615 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 690,000 | 595,730 | |
6.625% 5/1/29 (b) | 2,144,000 | 1,797,156 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 3,235,000 | 2,869,529 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 1,330,000 | 1,027,264 | |
5.375% 5/15/27 | 1,160,000 | 1,047,962 | |
5.75% 11/15/28 (b) | 3,530,000 | 2,985,497 | |
TPC Group, Inc. 13% 12/16/27 (b) | 1,702,071 | 1,698,463 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 4,900,000 | 3,859,890 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 5,025,000 | 3,894,375 | |
7.375% 3/1/31 (b) | 595,000 | 551,131 | |
64,948,759 | |||
Consumer Products - 0.7% | |||
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 395,000 | 369,712 | |
Kohl's Corp. 4.25% 7/17/25 | 190,000 | 177,456 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (b) | 2,370,000 | 2,189,102 | |
5.45% 11/1/41 | 585,000 | 456,336 | |
Newell Brands, Inc.: | |||
4.7% 4/1/26 | 730,000 | 689,232 | |
6.375% 9/15/27 | 730,000 | 683,655 | |
6.5% 4/1/46 (f) | 585,000 | 410,812 | |
6.625% 9/15/29 | 820,000 | 754,363 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 295,000 | 219,452 | |
4.375% 2/1/32 | 435,000 | 318,812 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 2,000,000 | 1,730,000 | |
10.5% 5/15/29 (b) | 1,015,000 | 811,750 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (b) | 1,825,000 | 1,776,576 | |
10,587,258 | |||
Containers - 1.8% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c) | 4,302,000 | 2,505,297 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (b) | 2,838,000 | 2,062,121 | |
5.25% 8/15/27 (b) | 7,061,000 | 5,130,598 | |
Ball Corp.: | |||
2.875% 8/15/30 | 730,000 | 569,517 | |
4.875% 3/15/26 | 2,190,000 | 2,103,151 | |
6% 6/15/29 | 975,000 | 932,612 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 1,170,000 | 1,116,403 | |
BWAY Holding Co. 7.875% 8/15/26 (b) | 2,190,000 | 2,051,196 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 940,000 | 720,167 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 1,325,000 | 1,083,372 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 450,000 | 380,811 | |
6.75% 7/15/26 (b) | 300,000 | 275,763 | |
9.5% 11/1/28 (b) | 300,000 | 289,939 | |
10.5% 7/15/27 (b) | 3,070,000 | 2,657,687 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 765,000 | 699,975 | |
Sealed Air Corp. 5% 4/15/29 (b) | 3,940,000 | 3,494,128 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 875,000 | 832,842 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 180,000 | 163,166 | |
8.5% 8/15/27 (b) | 265,000 | 221,087 | |
27,289,832 | |||
Diversified Financial Services - 4.4% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 1,500,000 | 1,471,612 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (b) | 280,000 | 205,588 | |
3.625% 10/1/31 (b) | 2,610,000 | 1,774,448 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 3,720,000 | 3,538,650 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 573,000 | 526,576 | |
GGAM Finance Ltd.: | |||
7.75% 5/15/26 (b) | 1,535,000 | 1,522,751 | |
8% 6/15/28 (b) | 4,260,000 | 4,202,127 | |
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (b) | 4,005,000 | 3,954,337 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 2,235,000 | 1,906,332 | |
HTA Group Ltd. 7% 12/18/25 (b) | 6,843,000 | 6,590,972 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 6,990,000 | 5,382,412 | |
5.25% 5/15/27 | 13,865,000 | 11,871,906 | |
6.25% 5/15/26 | 4,360,000 | 3,985,190 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 520,000 | 415,005 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 2,550,000 | 2,050,205 | |
LPL Holdings, Inc. 4.375% 5/15/31 (b) | 730,000 | 611,396 | |
MSCI, Inc. 3.625% 9/1/30 (b) | 2,905,000 | 2,403,831 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 5,220,000 | 4,410,900 | |
3.875% 9/15/28 | 6,243,000 | 4,935,927 | |
6.875% 3/15/25 | 290,000 | 286,112 | |
7.125% 3/15/26 | 3,425,000 | 3,326,226 | |
9% 1/15/29 | 330,000 | 322,575 | |
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b) | 1,880,000 | 1,616,800 | |
67,311,878 | |||
Diversified Media - 0.2% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 3,245,000 | 2,644,675 | |
Energy - 13.9% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 2,270,000 | 2,082,838 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 730,000 | 697,714 | |
7.875% 5/15/26 (b) | 730,000 | 735,149 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 4,200,000 | 3,626,997 | |
California Resources Corp. 7.125% 2/1/26 (b) | 1,020,000 | 1,023,825 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 1,180,000 | 1,101,380 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (b) | 2,150,000 | 1,999,500 | |
7% 1/15/32 (b) | 400,000 | 387,757 | |
7.75% 2/15/26 (b) | 1,150,000 | 1,148,968 | |
CGG SA 8.75% 4/1/27 (b) | 3,380,000 | 2,983,222 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 3,110,000 | 3,055,440 | |
8.375% 1/15/29 (b) | 1,000,000 | 990,362 | |
CNX Resources Corp. 7.375% 1/15/31 (b) | 855,000 | 816,932 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 1,910,000 | 1,633,069 | |
6.75% 3/1/29 (b) | 2,280,000 | 2,074,851 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 11,785,000 | 11,335,756 | |
5.75% 4/1/25 | 2,685,000 | 2,651,438 | |
6% 2/1/29 (b) | 1,045,000 | 1,011,038 | |
7.375% 2/1/31 (b) | 1,455,000 | 1,466,655 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 3,265,000 | 3,079,548 | |
5.625% 10/15/25 (b) | 395,000 | 388,511 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 5,580,000 | 5,473,813 | |
5.75% 2/15/28 (b) | 4,910,000 | 4,411,439 | |
Delek Logistics Partners LP 7.125% 6/1/28 (b) | 4,740,000 | 4,313,400 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 575,000 | 494,390 | |
4.375% 6/15/31 (b) | 195,000 | 161,940 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 1,380,000 | 1,323,820 | |
Energean PLC 6.5% 4/30/27 (b) | 1,000,000 | 831,875 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 1,365,000 | 1,287,093 | |
6.5% 9/1/30 (b) | 4,730,000 | 4,540,183 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 1,310,000 | 1,231,422 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 600,000 | 505,202 | |
6% 7/1/25 (b) | 185,000 | 180,918 | |
6.5% 7/1/27 (b) | 610,000 | 592,923 | |
6.5% 7/15/48 | 300,000 | 253,670 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 3,538,000 | 3,122,469 | |
Harvest Midstream I LP 7.5% 9/1/28 (b) | 3,565,000 | 3,378,026 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (b) | 1,330,000 | 1,138,049 | |
5.125% 6/15/28 (b) | 1,650,000 | 1,523,540 | |
5.5% 10/15/30 (b) | 730,000 | 662,698 | |
5.625% 2/15/26 (b) | 3,510,000 | 3,399,221 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b) | 3,270,000 | 3,026,990 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 3,210,000 | 3,227,099 | |
Jonah Energy Parent LLC 12% 11/5/25 (g)(h) | 4,515,379 | 4,634,133 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 20,250,000 | 18,137,861 | |
6.75% 9/15/25 (b) | 9,795,000 | 9,087,156 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 2,055,000 | 2,006,052 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 2,370,000 | 2,340,446 | |
8.75% 6/15/31 (b) | 760,000 | 756,161 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 735,000 | 495,412 | |
4.4% 4/15/46 | 2,205,000 | 1,572,981 | |
4.4% 8/15/49 | 1,030,000 | 673,507 | |
4.5% 7/15/44 | 1,805,000 | 1,254,313 | |
6.125% 1/1/31 | 2,385,000 | 2,332,435 | |
6.45% 9/15/36 | 1,685,000 | 1,636,607 | |
6.625% 9/1/30 | 6,800,000 | 6,820,782 | |
7.5% 5/1/31 | 2,790,000 | 2,925,566 | |
7.95% 6/15/39 | 365,000 | 390,185 | |
8.875% 7/15/30 | 2,720,000 | 3,020,451 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 5,325,000 | 5,161,576 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 2,185,000 | 1,836,825 | |
4.95% 7/15/29 (b) | 3,370,000 | 2,970,076 | |
6.875% 4/15/40 (b) | 330,000 | 274,664 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 740,000 | 740,237 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,000,000 | 986,400 | |
SM Energy Co. 5.625% 6/1/25 | 1,915,000 | 1,864,048 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,505,000 | 3,014,256 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 275,000 | 260,563 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 2,025,000 | 1,640,311 | |
11.75% 10/1/28 (b) | 500,000 | 426,515 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 2,585,000 | 2,239,210 | |
5.875% 3/15/28 | 2,780,000 | 2,629,858 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 2,010,000 | 1,714,389 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 4,880,000 | 4,275,126 | |
6% 3/1/27 (b) | 3,126,000 | 2,859,964 | |
6% 12/31/30 (b) | 11,005,000 | 9,264,377 | |
6% 9/1/31 (b) | 4,865,000 | 4,093,752 | |
7.5% 10/1/25 (b) | 4,735,000 | 4,664,690 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 395,000 | 365,869 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 560,000 | 550,894 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 1,065,000 | 1,043,700 | |
Transocean, Inc.: | |||
7.5% 1/15/26 (b) | 1,145,000 | 1,096,750 | |
8% 2/1/27 (b) | 4,274,000 | 4,011,747 | |
8.75% 2/15/30 (b) | 1,800,250 | 1,794,939 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 3,400,000 | 3,336,250 | |
Viper Energy Partners LP 7.375% 11/1/31 (b) | 570,000 | 568,575 | |
Western Gas Partners LP: | |||
5.25% 2/1/50 | 1,470,000 | 1,086,271 | |
5.3% 3/1/48 | 735,000 | 549,443 | |
5.5% 8/15/48 | 440,000 | 333,617 | |
213,110,070 | |||
Environmental - 1.2% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 690,000 | 655,819 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 2,860,000 | 2,230,800 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 1,345,000 | 1,261,878 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 1,460,000 | 1,380,828 | |
5.125% 12/15/26 (b) | 1,460,000 | 1,385,379 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 3,790,000 | 3,166,472 | |
5.875% 6/30/29 (b) | 3,850,000 | 2,982,346 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (b) | 5,170,000 | 4,392,701 | |
5.375% 7/15/24 (b) | 990,000 | 977,437 | |
18,433,660 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 395,000 | 364,857 | |
3.5% 3/15/29 (b) | 3,660,000 | 3,120,520 | |
4.875% 2/15/30 (b) | 3,835,000 | 3,423,948 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 585,000 | 568,181 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 5,715,000 | 2,247,281 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 1,315,000 | 1,056,434 | |
Parkland Corp.: | |||
4.5% 10/1/29 (b) | 980,000 | 842,898 | |
4.625% 5/1/30 (b) | 4,735,000 | 4,036,588 | |
15,660,707 | |||
Food/Beverage/Tobacco - 1.7% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 3,320,000 | 2,568,850 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 585,000 | 505,774 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 4,645,000 | 3,940,458 | |
4.375% 1/31/32 (b) | 735,000 | 608,115 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 335,000 | 313,250 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 730,000 | 556,114 | |
4.25% 4/15/31 | 865,000 | 712,482 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 2,035,000 | 1,704,085 | |
5.5% 12/15/29 (b) | 2,055,000 | 1,832,677 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 1,815,000 | 1,531,334 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 1,265,000 | 1,028,359 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 8,405,000 | 6,927,273 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 1,725,000 | 1,472,988 | |
4.75% 2/15/29 (b) | 1,695,000 | 1,495,256 | |
6.875% 9/15/28 (b) | 1,000,000 | 977,364 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 295,000 | 232,130 | |
26,406,509 | |||
Gaming - 1.8% | |||
Affinity Gaming LLC 6.875% 12/15/27 (b) | 4,930,000 | 4,018,374 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (b) | 2,430,000 | 2,390,846 | |
8.125% 7/1/27 (b) | 3,509,000 | 3,476,977 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 2,980,000 | 2,932,376 | |
Carnival Corp. 10.5% 6/1/30 (b) | 4,240,000 | 4,302,002 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b) | 2,845,000 | 2,261,067 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 2,005,000 | 2,005,002 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 2,000,000 | 1,700,000 | |
Scientific Games Corp. 7.5% 9/1/31 (b) | 1,200,000 | 1,171,714 | |
Station Casinos LLC 4.5% 2/15/28 (b) | 390,000 | 336,814 | |
Transocean, Inc. 7.25% 11/1/25 (b) | 745,000 | 726,949 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 1,465,000 | 1,208,552 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 735,000 | 684,448 | |
27,215,121 | |||
Healthcare - 7.0% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 2,883,000 | 2,794,739 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,435,000 | 1,192,165 | |
AdaptHealth LLC 5.125% 3/1/30 (b) | 3,098,000 | 2,346,735 | |
AMN Healthcare 4% 4/15/29 (b) | 925,000 | 766,068 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,830,000 | 1,531,593 | |
4.625% 7/15/28 (b) | 280,000 | 249,231 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 3,913,000 | 3,374,963 | |
9% 12/15/25 (b) | 400,000 | 346,961 | |
Cano Health, Inc. 6.25% 10/1/28 (b) | 1,350,000 | 540,000 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,295,000 | 1,014,956 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,300,000 | 1,097,291 | |
4% 3/15/31 (b) | 1,310,000 | 1,069,215 | |
4.25% 5/1/28 (b) | 385,000 | 342,088 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 5,905,000 | 3,957,797 | |
5.25% 5/15/30 (b) | 14,150,000 | 10,048,680 | |
5.625% 3/15/27 (b) | 5,260,000 | 4,273,401 | |
6% 1/15/29 (b) | 3,600,000 | 2,727,000 | |
6.125% 4/1/30 (b) | 4,990,000 | 1,933,625 | |
6.875% 4/15/29 (b) | 6,890,000 | 2,844,950 | |
8% 3/15/26 (b) | 1,150,000 | 1,051,164 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 3,610,000 | 3,032,889 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (b) | 1,280,000 | 920,071 | |
4.625% 6/1/30 (b) | 6,215,000 | 4,870,759 | |
Embecta Corp. 5% 2/15/30 (b) | 1,680,000 | 1,334,038 | |
Grifols SA 4.75% 10/15/28 (b) | 2,780,000 | 2,328,250 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,595,000 | 1,366,276 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 765,000 | 642,232 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 1,525,000 | 1,479,250 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 2,600,000 | 2,261,138 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 1,910,000 | 1,391,989 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 2,180,000 | 2,060,100 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 1,385,000 | 1,129,633 | |
3.875% 5/15/32 (b) | 785,000 | 616,821 | |
Mozart Borrower LP 3.875% 4/1/29 (b) | 730,000 | 616,387 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 4,360,000 | 3,107,537 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 5,440,000 | 4,698,855 | |
5.125% 4/30/31 (b) | 1,780,000 | 1,390,032 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 215,000 | 172,503 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 4,150,000 | 3,579,126 | |
Regionalcare Hospital Partners 9.75% 12/1/26 (b) | 1,560,000 | 1,458,578 | |
RegionalCare Hospital Partners Holdings, Inc.: | |||
5.375% 1/15/29 (b) | 1,375,000 | 833,041 | |
9.875% 8/15/30 (b) | 1,810,000 | 1,635,788 | |
11% 10/15/30 (b) | 190,000 | 178,805 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 3,545,000 | 2,525,813 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 1,275,000 | 1,125,189 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 4,025,000 | 3,444,483 | |
4.375% 1/15/30 | 3,835,000 | 3,244,056 | |
6.125% 10/1/28 | 4,245,000 | 3,937,238 | |
6.125% 6/15/30 | 4,165,000 | 3,855,460 | |
6.25% 2/1/27 | 1,405,000 | 1,347,320 | |
6.75% 5/15/31 (b) | 530,000 | 503,306 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,775,000 | 1,562,754 | |
7.875% 9/15/29 | 450,000 | 443,733 | |
8.125% 9/15/31 | 450,000 | 445,532 | |
107,041,604 | |||
Homebuilders/Real Estate - 3.9% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 1,194,400 | 983,141 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 2,060,000 | 1,666,913 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 750,000 | 736,875 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 1,830,000 | 1,468,575 | |
4.375% 2/1/31 (b) | 995,000 | 757,390 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 2,080,000 | 1,518,400 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 8,590,000 | 5,208,924 | |
4.625% 8/1/29 | 3,225,000 | 2,232,769 | |
5% 10/15/27 | 13,950,000 | 10,771,246 | |
5.25% 8/1/26 | 2,585,000 | 2,225,719 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 3,585,000 | 3,409,443 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 43,000 | 26,983 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 34,000 | 21,170 | |
Safehold Operating Partnership LP 2.8% 6/15/31 | 2,200,000 | 1,621,383 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 535,000 | 449,616 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 1,320,000 | 1,044,252 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 40,000 | 39,599 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 295,000 | 262,653 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (b) | 10,260,000 | 8,291,851 | |
6.5% 2/15/29 (b) | 20,990,000 | 13,631,065 | |
10.5% 2/15/28 (b) | 2,930,000 | 2,821,455 | |
59,189,422 | |||
Hotels - 0.4% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 4,555,000 | 3,600,606 | |
3.75% 5/1/29 (b) | 10,000 | 8,608 | |
4% 5/1/31 (b) | 2,205,000 | 1,826,106 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (b) | 395,000 | 359,975 | |
5,795,295 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 585,000 | 479,682 | |
7% 11/15/25 (b) | 295,000 | 286,013 | |
Alliant Holdings Intermediate LLC: | |||
6.75% 10/15/27 (b) | 740,000 | 675,812 | |
6.75% 4/15/28 (b) | 735,000 | 698,430 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 2,045,000 | 1,750,606 | |
AssuredPartners, Inc. 5.625% 1/15/29 (b) | 2,915,000 | 2,472,884 | |
HUB International Ltd.: | |||
7% 5/1/26 (b) | 1,040,000 | 1,012,348 | |
7.25% 6/15/30 (b) | 1,965,000 | 1,916,779 | |
National Financial Partners Corp. 8.5% 10/1/31 (b) | 1,000,000 | 983,247 | |
10,275,801 | |||
Leisure - 2.7% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 5,055,000 | 4,523,031 | |
6% 5/1/29 (b) | 3,000,000 | 2,534,772 | |
6.65% 1/15/28 | 720,000 | 606,167 | |
7% 8/15/29 (b) | 860,000 | 843,265 | |
7.625% 3/1/26 (b) | 5,780,000 | 5,620,430 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 425,000 | 360,145 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 2,880,000 | 2,232,000 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 1,585,000 | 1,422,538 | |
7.75% 2/15/29 (b) | 4,040,000 | 3,526,071 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 1,390,000 | 1,162,369 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (b) | 5,935,000 | 5,459,025 | |
5.375% 7/15/27 (b) | 2,775,000 | 2,557,372 | |
5.5% 8/31/26 (b) | 4,870,000 | 4,595,722 | |
5.5% 4/1/28 (b) | 3,715,000 | 3,388,137 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 535,000 | 525,638 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 1,545,000 | 1,369,256 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 1,420,000 | 1,275,760 | |
42,001,698 | |||
Metals/Mining - 1.4% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 995,000 | 982,563 | |
Constellium NV 5.875% 2/15/26 (b) | 823,000 | 788,837 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 125,000 | 106,719 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 4,560,000 | 3,868,202 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 2,385,000 | 2,009,363 | |
8.625% 6/1/31 (b) | 1,625,000 | 1,371,665 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 730,000 | 588,423 | |
4.5% 9/15/27 (b) | 850,000 | 765,349 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 585,000 | 534,402 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 1,485,000 | 1,382,111 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 1,980,000 | 1,913,254 | |
8.5% 5/1/30 (b) | 2,310,000 | 2,221,204 | |
9.25% 10/1/28 (b) | 1,510,000 | 1,510,000 | |
Novelis Corp.: | |||
3.25% 11/15/26 (b) | 445,000 | 396,113 | |
3.875% 8/15/31 (b) | 740,000 | 577,940 | |
PMHC II, Inc. 9% 2/15/30 (b) | 3,135,000 | 2,495,127 | |
21,511,272 | |||
Paper - 0.6% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 1,040,000 | 780,072 | |
6% 6/15/27 (b) | 2,930,000 | 2,768,839 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 1,405,000 | 1,276,298 | |
8.75% 4/15/30 (b) | 2,250,000 | 1,793,430 | |
Mercer International, Inc. 5.125% 2/1/29 | 950,000 | 744,921 | |
SPA Holdings 3 OY 4.875% 2/4/28 (b) | 2,875,000 | 2,345,483 | |
9,709,043 | |||
Publishing/Printing - 0.0% | |||
Cimpress PLC 7% 6/15/26 | 660,000 | 610,777 | |
Railroad - 0.0% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b) | 720,000 | 579,600 | |
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 1,265,000 | 1,129,389 | |
4% 10/15/30 (b) | 3,170,000 | 2,596,301 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 740,000 | 763,510 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 735,000 | 596,852 | |
4.625% 1/31/32 | 3,255,000 | 2,773,672 | |
5.375% 4/1/32 | 585,000 | 525,862 | |
8,385,586 | |||
Services - 5.1% | |||
AECOM 5.125% 3/15/27 | 980,000 | 925,219 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 2,785,000 | 2,012,163 | |
9.75% 7/15/27 (b) | 5,232,000 | 4,544,652 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 1,525,000 | 1,267,830 | |
6.75% 2/15/27 (b) | 2,660,000 | 2,567,991 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 760,000 | 697,033 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,395,000 | 1,235,251 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 6,675,000 | 6,624,938 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 3,675,000 | 3,192,656 | |
8.25% 4/15/26 | 5,028,000 | 5,090,492 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 2,080,000 | 1,648,400 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 3,295,000 | 2,934,158 | |
Gartner, Inc. 3.625% 6/15/29 (b) | 575,000 | 485,563 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 6,764,000 | 6,476,530 | |
Hertz Corp. 5% 12/1/29 (b) | 395,000 | 283,572 | |
Iron Mountain, Inc. 4.5% 2/15/31 (b) | 730,000 | 597,128 | |
Korn Ferry 4.625% 12/15/27 (b) | 540,000 | 491,167 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 2,401,000 | 2,289,824 | |
Life Time, Inc. 8% 4/15/26 (b) | 3,210,000 | 3,129,750 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 3,423,000 | 3,020,964 | |
PowerTeam Services LLC 9.033% 12/4/25 (b) | 4,757,000 | 4,281,300 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 1,460,000 | 1,416,357 | |
Service Corp. International: | |||
4% 5/15/31 | 1,285,000 | 1,040,092 | |
5.125% 6/1/29 | 810,000 | 741,150 | |
Sotheby's 7.375% 10/15/27 (b) | 1,700,000 | 1,518,245 | |
The GEO Group, Inc.: | |||
6% 4/15/26 | 490,000 | 445,916 | |
9.5% 12/31/28 (b) | 3,300,000 | 3,176,250 | |
TriNet Group, Inc.: | |||
3.5% 3/1/29 (b) | 4,635,000 | 3,827,327 | |
7.125% 8/15/31 (b) | 875,000 | 845,968 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 345,000 | 304,267 | |
7.5% 5/15/25 (b) | 3,795,000 | 3,799,710 | |
8% 11/1/26 (b) | 4,365,000 | 4,395,782 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 3,350,000 | 3,098,750 | |
78,406,395 | |||
Steel - 0.4% | |||
ATI, Inc. 7.25% 8/15/30 | 820,000 | 789,398 | |
Commercial Metals Co.: | |||
3.875% 2/15/31 | 880,000 | 713,342 | |
4.125% 1/15/30 | 2,495,000 | 2,105,685 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 2,005,000 | 1,700,260 | |
5,308,685 | |||
Super Retail - 1.6% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,123,000 | 1,085,462 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 1,872,000 | 1,053,757 | |
5.5% 4/15/27 (b) | 1,512,000 | 1,002,518 | |
5.875% 10/1/28 (b) | 889,000 | 515,397 | |
9% 12/1/28 pay-in-kind (b)(c) | 693,000 | 515,698 | |
9% 6/1/30 pay-in-kind (b)(c) | 1,042,000 | 771,080 | |
9% 6/1/31 pay-in-kind (b)(c) | 1,233,000 | 918,585 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (b) | 5,642,000 | 5,582,195 | |
8.5% 10/30/25 (b) | 2,615,000 | 2,572,506 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 395,000 | 362,932 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,405,000 | 1,899,950 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 1,245,000 | 969,311 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 2,095,000 | 1,517,953 | |
7.875% 5/1/29 (b) | 1,315,000 | 733,113 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 685,000 | 501,817 | |
4.375% 4/1/30 | 435,000 | 337,654 | |
Sally Holdings LLC 5.625% 12/1/25 | 1,605,000 | 1,551,490 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 4,356,000 | 3,247,821 | |
25,139,239 | |||
Technology - 5.5% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 5,535,000 | 4,358,813 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 1,480,000 | 1,209,524 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 3,665,000 | 3,261,850 | |
Block, Inc.: | |||
2.75% 6/1/26 | 730,000 | 655,074 | |
3.5% 6/1/31 | 4,995,000 | 3,854,914 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (b) | 1,050,000 | 901,533 | |
4.875% 7/1/29 (b) | 1,065,000 | 898,205 | |
Cloud Software Group, Inc. 9% 9/30/29 (b) | 7,360,000 | 6,267,666 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 1,975,000 | 1,950,772 | |
Coherent Corp. 5% 12/15/29 (b) | 4,115,000 | 3,491,866 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (b) | 2,985,000 | 2,037,263 | |
6% 3/1/26 (b) | 1,445,000 | 1,213,772 | |
Elastic NV 4.125% 7/15/29 (b) | 2,363,000 | 1,991,452 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (b) | 550,000 | 492,549 | |
5.95% 6/15/30 (b) | 4,375,000 | 4,002,437 | |
Entegris, Inc. 3.625% 5/1/29 (b) | 1,300,000 | 1,087,184 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 750,000 | 674,789 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 1,480,000 | 1,432,847 | |
7.125% 9/30/30 (b) | 740,000 | 719,910 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 4,760,000 | 3,995,784 | |
5.25% 12/1/27 (b) | 855,000 | 801,248 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 980,000 | 877,578 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 5,045,000 | 4,187,350 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 440,000 | 337,700 | |
4.125% 8/1/30 (b) | 930,000 | 755,653 | |
McAfee Corp. 7.375% 2/15/30 (b) | 1,380,000 | 1,103,966 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,765,000 | 3,407,325 | |
NCR Atleos Escrow Corp. 9.5% 4/1/29 (b) | 1,800,000 | 1,764,414 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 305,000 | 262,019 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,790,000 | 1,555,644 | |
3.875% 12/1/29 (b) | 905,000 | 740,092 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 3,045,000 | 2,523,084 | |
4.125% 12/1/31 (b) | 3,370,000 | 2,647,200 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (b) | 2,435,000 | 1,067,350 | |
5.375% 12/1/28 (b) | 4,625,000 | 1,352,444 | |
Roblox Corp. 3.875% 5/1/30 (b) | 3,335,000 | 2,706,052 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 2,105,000 | 1,781,563 | |
8.25% 12/15/29 (b) | 765,000 | 777,414 | |
8.5% 7/15/31 (b) | 925,000 | 941,246 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 2,060,000 | 1,752,111 | |
5% 10/1/25 (b) | 295,000 | 286,819 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 735,000 | 588,255 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 595,000 | 558,272 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 4,365,000 | 3,579,256 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,197,000 | 979,834 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 795,000 | 629,083 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 400,000 | 354,228 | |
82,815,404 | |||
Telecommunications - 5.3% | |||
Altice Financing SA: | |||
5% 1/15/28 (b) | 1,750,000 | 1,423,217 | |
5.75% 8/15/29 (b) | 11,520,000 | 8,908,236 | |
Altice France Holding SA 6% 2/15/28 (b) | 6,050,000 | 2,653,262 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 7,085,000 | 4,890,809 | |
5.125% 7/15/29 (b) | 8,025,000 | 5,494,720 | |
5.5% 1/15/28 (b) | 2,115,000 | 1,571,516 | |
5.5% 10/15/29 (b) | 30,000 | 20,637 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 7,267,000 | 6,211,832 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 2,555,000 | 2,078,401 | |
5.625% 9/15/28 (b) | 2,730,000 | 2,042,825 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 2,005,000 | 1,510,387 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 1,595,000 | 1,377,108 | |
5.875% 10/15/27 (b) | 1,860,000 | 1,695,703 | |
5.875% 11/1/29 | 2,515,000 | 1,890,319 | |
8.75% 5/15/30 (b) | 2,825,000 | 2,691,525 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 920,000 | 750,490 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 2,815,000 | 2,471,657 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 1,355,000 | 1,055,563 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (b) | 4,705,000 | 2,402,820 | |
4.25% 7/1/28 (b) | 1,950,000 | 1,102,672 | |
10.5% 5/15/30 (b) | 3,258,000 | 3,260,553 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 2,230,000 | 1,662,019 | |
5.125% 1/15/28 (b) | 1,885,500 | 1,616,816 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 130,000 | 116,368 | |
SBA Communications Corp. 3.125% 2/1/29 | 1,190,000 | 983,896 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 2,740,000 | 2,253,291 | |
7.2% 7/18/36 | 1,625,000 | 1,405,119 | |
7.721% 6/4/38 | 850,000 | 750,346 | |
Uniti Group, Inc. 6% 1/15/30 (b) | 8,185,000 | 4,962,429 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 4,685,000 | 3,863,064 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 4,595,000 | 3,614,051 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 3,665,000 | 2,906,297 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (b) | 660,000 | 496,744 | |
6.125% 3/1/28 (b) | 1,525,000 | 1,010,234 | |
81,144,926 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 970,000 | 737,159 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 970,000 | 712,979 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 1,230,000 | 1,012,427 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 1,110,000 | 816,013 | |
3,278,578 | |||
Transportation Ex Air/Rail - 0.8% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 3,344,000 | 3,278,859 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 2,085,000 | 1,704,488 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b) | 810,000 | 789,175 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 6,138,000 | 4,708,828 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 460,000 | 440,708 | |
7.125% 6/1/31 (b) | 760,000 | 740,426 | |
11,662,484 | |||
Utilities - 2.5% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 3,795,000 | 2,959,146 | |
3.75% 1/15/32 (b) | 385,000 | 291,622 | |
4.75% 3/15/28 (b) | 1,280,000 | 1,142,589 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 1,835,000 | 1,726,822 | |
4.35% 4/15/29 | 245,000 | 199,835 | |
EnLink Midstream Partners LP 4.15% 6/1/25 | 735,000 | 706,934 | |
FirstEnergy Corp. 3.4% 3/1/50 | 2,935,000 | 1,774,964 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 3,375,000 | 3,181,140 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 2,565,000 | 2,087,646 | |
3.625% 2/15/31 (b) | 930,000 | 701,812 | |
5.25% 6/15/29 (b) | 2,640,000 | 2,329,168 | |
PG&E Corp. 5.25% 7/1/30 | 13,885,000 | 12,161,886 | |
Pike Corp. 5.5% 9/1/28 (b) | 757,000 | 647,386 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,395,000 | 2,190,913 | |
5.5% 9/1/26 (b) | 1,520,000 | 1,446,086 | |
5.625% 2/15/27 (b) | 2,950,000 | 2,775,990 | |
7.75% 10/15/31 (b) | 1,400,000 | 1,351,308 | |
37,675,247 | |||
TOTAL NONCONVERTIBLE BONDS | 1,251,112,728 | ||
TOTAL CORPORATE BONDS (Cost $1,460,808,808) | 1,272,279,986 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
BX Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2495% 6/15/38 (b)(c)(d) | 1,199,499 | 1,134,454 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1165% 11/15/38 (b)(c)(d) | 1,619,000 | 1,537,864 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1485% 7/15/38 (b)(c)(d) | 656,513 | 636,766 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(c) | 1,066,000 | 939,131 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6495% 7/15/38 (b)(c)(d) | 2,435,000 | 2,306,825 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $6,626,127) | 6,555,040 | ||
Common Stocks - 4.0% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 16,200 | 1,412,640 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 12,000 | 1,420,920 | |
Energy - 1.2% | |||
California Resources Corp. warrants 10/27/24 (i) | 4,491 | 80,119 | |
Mesquite Energy, Inc. (h)(i) | 204,784 | 16,257,802 | |
New Fortress Energy, Inc. (j) | 95,300 | 2,887,590 | |
TOTAL ENERGY | 19,225,511 | ||
Food & Drug Retail - 2.1% | |||
Southeastern Grocers, Inc. (g)(h)(i) | 1,184,833 | 31,670,558 | |
Healthcare - 0.2% | |||
Centene Corp. (i) | 37,100 | 2,559,158 | |
Technology - 0.1% | |||
Coherent Corp. (i) | 46,800 | 1,385,280 | |
Telecommunications - 0.2% | |||
GTT Communications, Inc. (h) | 89,354 | 2,543,908 | |
Helios Towers PLC (i) | 1,070,700 | 787,987 | |
TOTAL TELECOMMUNICATIONS | 3,331,895 | ||
TOTAL COMMON STOCKS (Cost $44,242,056) | 61,005,962 | ||
Bank Loan Obligations - 6.7% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8943% 12/17/28 (c)(d)(k) | 997,462 | 750,969 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4146% 8/24/26 (c)(d)(k) | 2,325,660 | 873,588 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(e)(k) | 7,322,814 | 77,842 | |
TOTAL BROADCASTING | 951,430 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.9017% 5/17/28 (c)(d)(k) | 4,403,411 | 3,486,049 | |
Chemicals - 0.3% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7651% 10/4/29 (c)(d)(k) | 3,478,338 | 3,224,281 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.4017% 11/9/28 (c)(d)(k) | 927,640 | 903,289 | |
TOTAL CHEMICALS | 4,127,570 | ||
Consumer Products - 0.1% | |||
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.95% 9/24/28 (c)(d)(k) | 2,297,835 | 2,265,757 | |
Energy - 0.6% | |||
EG America LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4763% 2/7/28 (c)(d)(k) | 3,423,103 | 3,256,227 | |
Tranche BB 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k) | 1,618,167 | 1,614,122 | |
CME Term SOFR 3 Month Index + 4.000% 9.4145% 2/5/25 (c)(d)(k) | 1,009,159 | 1,005,375 | |
Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 9.4145% 2/7/28 (c)(d)(h)(k) | 2,349,339 | 2,243,619 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(k) | 3,800,000 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(k) | 1,620,000 | 0 | |
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10/30/28 (d)(k)(l) | 1,535,000 | 1,412,200 | |
TOTAL ENERGY | 9,531,543 | ||
Gaming - 0.0% | |||
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6401% 8/1/30 (c)(d)(k) | 140,000 | 139,796 | |
Healthcare - 0.3% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (c)(d)(k) | 3,435,814 | 1,978,033 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 1/8/27 (c)(d)(k) | 240,038 | 236,538 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4901% 10/1/27 (c)(d)(k) | 1,876,716 | 1,790,706 | |
TOTAL HEALTHCARE | 4,005,277 | ||
Homebuilders/Real Estate - 0.0% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (c)(d)(h)(k) | 686,573 | 663,436 | |
Insurance - 0.0% | |||
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8347% 11/6/27 (c)(d)(k) | 267,645 | 266,614 | |
Leisure - 1.3% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4531% 7/21/28 (c)(d)(k) | 13,030,646 | 12,888,091 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.1806% 9/18/24 (c)(d)(k) | 6,202,691 | 6,005,011 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6448% 12/30/26 (c)(d)(k) | 1,439,000 | 1,238,734 | |
TOTAL LEISURE | 20,131,836 | ||
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5991% 4/13/29 (c)(d)(k) | 530,223 | 512,153 | |
Services - 1.6% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4241% 12/21/28 (c)(d)(k) | 1,172,673 | 1,169,741 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (d)(k)(m) | 224,691 | 224,130 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (c)(d)(k) | 1,000,000 | 840,830 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (c)(d)(k) | 4,677,845 | 4,343,098 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8719% 8/1/30 (c)(d)(k) | 2,359,000 | 2,270,538 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9386% 6/2/28 (c)(d)(k) | 3,398,987 | 3,085,805 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k) | 2,911,992 | 2,862,488 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (c)(d)(k) | 2,903,800 | 2,531,765 | |
PowerTeam Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8901% 3/6/25 (c)(d)(k) | 1,655,000 | 1,492,264 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6639% 3/4/28 (c)(d)(k) | 6,110,642 | 5,209,322 | |
TOTAL SERVICES | 24,029,981 | ||
Super Retail - 0.7% | |||
Bass Pro Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.4017% 3/5/28 (c)(d)(k) | 3,013,869 | 2,986,865 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1741% 12/18/27 (c)(d)(k) | 8,320,367 | 7,904,349 | |
TOTAL SUPER RETAIL | 10,891,214 | ||
Technology - 0.6% | |||
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5769% 2/15/29 (c)(d)(k) | 1,988,410 | 1,923,429 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(k) | 68,008 | 66,852 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1646% 3/1/29 (c)(d)(k) | 375,000 | 357,893 | |
Sophia LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9241% 10/7/27 (c)(d)(k) | 828,658 | 817,264 | |
Ukg, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (c)(d)(k) | 3,348,716 | 3,328,155 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (c)(d)(k) | 885,000 | 883,009 | |
Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4386% 8/27/25 (c)(d)(k) | 1,208,894 | 1,207,129 | |
TOTAL TECHNOLOGY | 8,583,731 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4901% 6/30/28 (c)(d)(k) | 3,761,241 | 2,219,132 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4269% 12/30/27 (c)(d)(k) | 4,681,849 | 4,026,390 | |
TOTAL TELECOMMUNICATIONS | 6,245,522 | ||
Utilities - 0.4% | |||
PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4386% 6/23/25 (c)(d)(k) | 5,379,290 | 5,365,842 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $111,970,022) | 101,948,720 | ||
Preferred Securities - 2.3% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.3% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 4,810,000 | 4,531,426 | |
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (c)(n) | 2,470,000 | 1,627,880 | |
4.7% (c)(n) | 2,435,000 | 1,445,834 | |
Bank of America Corp. 5.875% (c)(n) | 2,985,000 | 2,592,729 | |
JPMorgan Chase & Co.: | |||
4.6% (c)(n) | 2,155,000 | 2,032,517 | |
6.1% (c)(n) | 2,980,000 | 2,954,296 | |
Wells Fargo & Co. 5.9% (c)(n) | 1,640,000 | 1,649,368 | |
TOTAL BANKS & THRIFTS | 12,302,624 | ||
Diversified Financial Services - 0.2% | |||
Aircastle Ltd. 5.25% (b)(c)(n) | 3,160,000 | 2,499,327 | |
Charles Schwab Corp. 4% (c)(n) | 1,910,000 | 1,316,221 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 3,815,548 | ||
Energy - 0.8% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (c)(d)(n) | 8,355,000 | 8,047,974 | |
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7798% (c)(d)(n) | 1,635,000 | 1,476,026 | |
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.7362% (c)(d)(n) | 3,150,000 | 3,026,546 | |
TOTAL ENERGY | 12,550,546 | ||
Services - 0.2% | |||
Air Lease Corp. 4.125% (c)(n) | 3,435,000 | 2,490,098 | |
TOTAL PREFERRED SECURITIES (Cost $35,451,677) | 35,690,242 | ||
Other - 1.2% | |||
Shares | Value ($) | ||
Other - 1.2% | |||
Fidelity Private Credit Central Fund LLC (g)(q) (Cost $18,401,712) | 1,849,149 | 18,750,370 | |
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (o) | 15,997,033 | 16,000,232 | |
Fidelity Securities Lending Cash Central Fund 5.40% (o)(p) | 2,935,506 | 2,935,800 | |
TOTAL MONEY MARKET FUNDS (Cost $18,936,032) | 18,936,032 | ||
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $1,696,436,434) | 1,515,166,352 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 15,549,613 |
NET ASSETS - 100.0% | 1,530,715,965 |
Credit Default Swaps | ||||||||||
Underlying Reference | Rating(1) | Maturity Date | Clearinghouse / Counterparty(2) | Fixed Payment Received/ (Paid) | Payment Frequency | Notional Amount(3)(4) | Value ($)(1) | Upfront Premium Received/ (Paid) ($)(5) | Unrealized Appreciation/ (Depreciation) ($) | |
Sell Protection | ||||||||||
5-Year CDX N.A. HY Series 41 | NR | Dec 2028 | ICE | 5% | Quarterly | 5,000 | (51) | 0 | (51) | |
(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 $1,007,073,054 or 65.8% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Non-income producing - Security is in default. |
(f) | 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. |
(g) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $55,055,061 or 3.6% of net assets. |
(h) | Level 3 security |
(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 $224,691 and $224,130, respectively. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
(q) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 4/15/22 - 10/27/23 | 18,401,712 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 4,425,071 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 80,986,531 | 226,095,211 | 291,081,510 | 1,721,659 | - | - | 16,000,232 | 0.0% |
Fidelity Private Credit Central Fund LLC | 16,775,367 | 1,582,325 | - | 960,174 | - | 392,678 | 18,750,370 | 2.8% |
Fidelity Securities Lending Cash Central Fund 5.40% | 246,600 | 8,221,828 | 5,532,628 | 173 | - | - | 2,935,800 | 0.0% |
Total | 98,008,498 | 235,899,364 | 296,614,138 | 2,682,006 | - | 392,678 | 37,686,402 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 787,987 | 787,987 | - | - |
Consumer Discretionary | 1,412,640 | 1,412,640 | - | - |
Consumer Staples | 31,670,558 | - | - | 31,670,558 |
Energy | 19,225,511 | 2,967,709 | - | 16,257,802 |
Health Care | 2,559,158 | 2,559,158 | - | - |
Industrials | 1,420,920 | 1,420,920 | - | - |
Information Technology | 3,929,188 | 1,385,280 | - | 2,543,908 |
Corporate Bonds | 1,272,279,986 | - | 1,267,645,853 | 4,634,133 |
Commercial Mortgage Securities | 6,555,040 | - | 6,555,040 | - |
Bank Loan Obligations | 101,948,720 | - | 96,112,325 | 5,836,395 |
Preferred Securities | 35,690,242 | - | 35,690,242 | - |
Other | 18,750,370 | - | 18,750,370 | - |
Money Market Funds | 18,936,032 | 18,936,032 | - | - |
Total Investments in Securities: | 1,515,166,352 | 29,469,726 | 1,424,753,830 | 60,942,796 |
Derivative Instruments: Liabilities | ||||
Swaps | (51) | - | (51) | - |
Total Liabilities | (51) | - | (51) | - |
Total Derivative Instruments: | (51) | - | (51) | - |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 29,099,479 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 2,571,079 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 31,670,558 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 2,571,079 | |
Energy | |||
Beginning Balance | $ | 22,041,156 | |
Net Realized Gain (Loss) on Investment Securities | (521,070) | ||
Net Unrealized Gain (Loss) on Investment Securities | 3,914,301 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (9,176,585) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 16,257,802 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 3,393,271 | |
Corporate Bonds | |||
Beginning Balance | $ | 29,527,322 | |
Net Realized Gain (Loss) on Investment Securities | (11,627,292) | ||
Net Unrealized Gain (Loss) on Investment Securities | (13,311,806) | ||
Cost of Purchases | 4,425,071 | ||
Proceeds of Sales | (4,394,666) | ||
Amortization/Accretion | 15,504 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 4,634,133 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 193,558 | |
Other Investments in Securities | |||
Beginning Balance | $ | 6,750,048 | |
Net Realized Gain (Loss) on Investment Securities | (73,224) | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,406,825 | ||
Cost of Purchases | 2,920,400 | ||
Proceeds of Sales | (6,601,912) | ||
Amortization/Accretion | 21,715 | ||
Transfers into Level 3 | 3,956,451 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 8,380,303 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023 | $ | 1,338,788 | |
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. |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Credit Risk | ||
Swaps (a) | 0 | (51) |
Total Credit Risk | 0 | (51) |
Total Value of Derivatives | 0 | (51) |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,823,960) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,659,098,690) | $ | 1,477,479,950 | ||
Fidelity Central Funds (cost $37,337,744) | 37,686,402 | |||
Total Investment in Securities (cost $1,696,436,434) | $ | 1,515,166,352 | ||
Segregated cash with brokers for derivative instruments | 837 | |||
Cash | 1,381,601 | |||
Receivable for investments sold | 958,025 | |||
Receivable for fund shares sold | 932,700 | |||
Interest receivable | 22,764,649 | |||
Distributions receivable from Fidelity Central Funds | 80,444 | |||
Receivable for daily variation margin on centrally cleared swaps | 16 | |||
Prepaid expenses | 2,260 | |||
Receivable from investment adviser for expense reductions | 964,913 | |||
Other receivables | 749 | |||
Total assets | 1,542,252,546 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,280,863 | ||
Payable for fund shares redeemed | 1,567,035 | |||
Distributions payable | 13,974 | |||
Accrued management fee | 689,742 | |||
Other payables and accrued expenses | 49,167 | |||
Collateral on securities loaned | 2,935,800 | |||
Total Liabilities | 11,536,581 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,530,715,965 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,993,361,582 | ||
Total accumulated earnings (loss) | (462,645,617) | |||
Net Assets | $ | 1,530,715,965 | ||
Net Asset Value, offering price and redemption price per share ($1,530,715,965 ÷ 184,473,325 shares) | $ | 8.30 |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 879,748 | ||
Interest | 51,006,627 | |||
Income from Fidelity Central Funds (including $173 from security lending) | 2,682,006 | |||
Other income | $ | 884,260 | ||
Total Income | 55,452,641 | |||
Expenses | ||||
Management fee | $ | 4,451,637 | ||
Custodian fees and expenses | 7,680 | |||
Independent trustees' fees and expenses | 4,058 | |||
Registration fees | 21,860 | |||
Audit | 44,896 | |||
Legal | 212,686 | |||
Interest | 7,438 | |||
Miscellaneous | 4,541 | |||
Total expenses before reductions | 4,754,796 | |||
Expense reductions | (77,877) | |||
Total expenses after reductions | 4,676,919 | |||
Net Investment income (loss) | 50,775,722 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (67,999,786) | |||
Foreign currency transactions | 143 | |||
Swaps | (17) | |||
Total net realized gain (loss) | (67,999,660) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (7,677,872) | |||
Fidelity Central Funds | 392,678 | |||
Assets and liabilities in foreign currencies | 1 | |||
Swaps | (51) | |||
Total change in net unrealized appreciation (depreciation) | (7,285,244) | |||
Net gain (loss) | (75,284,904) | |||
Net increase (decrease) in net assets resulting from operations | $ | (24,509,182) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 50,775,722 | $ | 95,180,197 |
Net realized gain (loss) | (67,999,660) | (166,579,134) | ||
Change in net unrealized appreciation (depreciation) | (7,285,244) | 36,966,638 | ||
Net increase (decrease) in net assets resulting from operations | (24,509,182) | (34,432,299) | ||
Distributions to shareholders | (45,747,006) | (88,720,097) | ||
Share transactions | ||||
Proceeds from sales of shares | 186,080,005 | 342,593,298 | ||
Reinvestment of distributions | 45,643,259 | 88,547,414 | ||
Cost of shares redeemed | (271,056,153) | (1,149,048,683) | ||
Net increase (decrease) in net assets resulting from share transactions | (39,332,889) | (717,907,971) | ||
Total increase (decrease) in net assets | (109,589,077) | (841,060,367) | ||
Net Assets | ||||
Beginning of period | 1,640,305,042 | 2,481,365,409 | ||
End of period | $ | 1,530,715,965 | $ | 1,640,305,042 |
Other Information | ||||
Shares | ||||
Sold | 21,750,112 | 39,423,955 | ||
Issued in reinvestment of distributions | 5,348,391 | 10,242,638 | ||
Redeemed | (31,879,556) | (131,491,444) | ||
Net increase (decrease) | (4,781,053) | (81,824,851) | ||
Fidelity® SAI High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 A | ||||
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ | 8.67 | $ | 9.15 | $ | 10.00 |
Income from Investment Operations | ||||||
Net investment income (loss) B,C | .266 | .491 | .388 | |||
Net realized and unrealized gain (loss) | (.396) | (.510) | (.879) | |||
Total from investment operations | (.130) | (.019) | (.491) | |||
Distributions from net investment income | (.240) | (.461) | (.345) | |||
Distributions from net realized gain | - | - | (.014) | |||
Total distributions | (.240) | (.461) | (.359) | |||
Net asset value, end of period | $ | 8.30 | $ | 8.67 | $ | 9.15 |
Total Return D,E | (1.54)% | (.07)% | (5.10)% | |||
Ratios to Average Net Assets C,F,G | ||||||
Expenses before reductions | .58% H | .60% | .60% H | |||
Expenses net of fee waivers, if any | .57% H | .60% | .60% H | |||
Expenses net of all reductions | .57% H | .60% | .60% H | |||
Net investment income (loss) | 6.20% H | 5.65% | 4.06% H | |||
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ | 1,530,716 | $ | 1,640,305 | $ | 2,481,365 |
Portfolio turnover rate I | 41% H | 32% | 59% H,J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 InputA |
Equities | $50,472,268.00 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 4.3 - 6.8 / 4.4 | Increase |
Market approach | Transaction price | $79.39 | Increase | ||
Corporate Bonds | $4,634,133.00 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Enterprise value/Proved reserves multiple (EV/PR) | 0.8 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Daily production multiple ($/Million cubic feet per day) | $3,850.00 | Increase | |||
Discounted cash flow | Yield | 19.1% | Decrease | ||
Bank Loan Obligations | $5,836,395.00 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.5 | Increase |
Indicative market price | Evaluated bid | $95.50 | Increase | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 13.0% - 15.0% / 13.4% | Decrease |
Gross unrealized appreciation | $23,801,677 |
Gross unrealized depreciation | (194,360,179) |
Net unrealized appreciation (depreciation) | $(170,558,502) |
Tax cost | $1,685,724,803 |
Short-term | $(157,865,635) |
Long-term | (68,928,126) |
Total capital loss carryforward | $(226,793,761) |
Investment to be Acquired | Commitment Amount | |
Fidelity SAI High Income Fund | Fidelity Private Credit Central Fund LLC | $3,840,000 |
Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund. |
Purchases ($) | Sales ($) | |
Fidelity SAI High Income Fund | 346,388,887 | 317,364,231 |
Amount | |
Fidelity SAI High Income Fund | $157 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity SAI High Income Fund | Borrower | $16,025,000 | 5.57% | $7,438 |
Amount ($) | |
Fidelity SAI High Income Fund | 199,373 |
Amount | |
Fidelity SAI High Income Fund | $1,364 |
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 | $19 | $- | $- |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity SAI High Income Fund | 22% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® SAI High Income Fund | .57% | |||||||||
Actual | $ 1,000 | $ 984.60 | $ 2.84 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.27 | $ 2.90 | |||||||
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Occidental Petroleum Corp. | 2.2 | |
PG&E Corp. | 2.1 | |
Ford Motor Credit Co. LLC | 2.0 | |
Tenet Healthcare Corp. | 1.9 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.8 | |
Sirius XM Radio, Inc. | 1.8 | |
VICI Properties LP / VICI Note Co. | 1.7 | |
Albertsons Companies LLC/Safeway Inc./New Albertson's, Inc./Albertson's LLC | 1.6 | |
Hess Midstream Partners LP | 1.6 | |
Hilton Domestic Operating Company, Inc. | 1.6 | |
18.3 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 15.8 | |
Services | 7.2 | |
Healthcare | 5.8 | |
Technology | 5.8 | |
Utilities | 5.7 | |
Quality Diversification (% of Fund's net assets) |
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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 - 92.6% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.2% | |||
Broadcasting - 0.2% | |||
DISH Network Corp. 3.375% 8/15/26 | 680,000 | 348,500 | |
Nonconvertible Bonds - 92.4% | |||
Aerospace - 3.2% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 795,000 | 699,588 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 665,000 | 665,217 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 800,000 | 666,614 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,025,000 | 912,515 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,115,000 | 1,056,617 | |
Science Applications International Corp. 4.875% 4/1/28 (b) | 150,000 | 133,841 | |
TransDigm, Inc.: | |||
6.75% 8/15/28 (b) | 2,190,000 | 2,126,453 | |
7.5% 3/15/27 | 145,000 | 144,823 | |
6,405,668 | |||
Air Transportation - 1.3% | |||
American Airlines, Inc. 7.25% 2/15/28 (b) | 175,000 | 162,719 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 350,000 | 340,357 | |
Forward Air Corp. 9.5% 10/15/31 (b) | 425,000 | 414,375 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 430,000 | 392,674 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 1,440,000 | 1,335,765 | |
2,645,890 | |||
Automotive & Auto Parts - 3.3% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,115,000 | 883,769 | |
Dana, Inc. 4.5% 2/15/32 | 380,000 | 297,578 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 580,000 | 437,421 | |
5.291% 12/8/46 | 290,000 | 210,686 | |
Ford Motor Credit Co. LLC: | |||
2.7% 8/10/26 | 305,000 | 273,285 | |
4% 11/13/30 | 1,495,000 | 1,231,413 | |
4.687% 6/9/25 | 2,140,000 | 2,070,851 | |
5.125% 6/16/25 | 530,000 | 515,697 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 165,000 | 138,266 | |
Macquarie AirFinance Holdings 8.125% 3/30/29 (b) | 190,000 | 187,160 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 500,000 | 403,025 | |
6,649,151 | |||
Banks & Thrifts - 0.3% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 210,000 | 178,949 | |
UniCredit SpA: | |||
5.861% 6/19/32 (b)(c) | 93,000 | 83,668 | |
7.296% 4/2/34 (b)(c) | 237,000 | 219,925 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 120,000 | 91,680 | |
574,222 | |||
Broadcasting - 2.5% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(d) | 1,390,000 | 14,317 | |
Nexstar Media, Inc. 5.625% 7/15/27 (b) | 990,000 | 890,961 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 410,000 | 311,239 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 390,000 | 293,743 | |
5% 8/1/27 (b) | 3,000,000 | 2,750,700 | |
5.5% 7/1/29 (b) | 625,000 | 553,796 | |
TEGNA, Inc. 5% 9/15/29 | 210,000 | 175,875 | |
4,990,631 | |||
Building Materials - 1.6% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,320,000 | 1,230,900 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 230,000 | 219,615 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 890,000 | 708,313 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 1,300,000 | 1,062,130 | |
3,220,958 | |||
Cable/Satellite TV - 2.2% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.5% 8/15/30 (b) | 85,000 | 68,156 | |
5% 2/1/28 (b) | 1,780,000 | 1,598,328 | |
5.125% 5/1/27 (b) | 2,110,000 | 1,942,670 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 160,000 | 107,194 | |
5.375% 2/1/28 (b) | 500,000 | 398,168 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 300,000 | 274,909 | |
4,389,425 | |||
Chemicals - 4.1% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 935,000 | 862,256 | |
INEOS Finance PLC 6.75% 5/15/28 (b) | 455,000 | 424,848 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 235,000 | 208,471 | |
Methanex Corp.: | |||
5.25% 12/15/29 | 160,000 | 141,485 | |
5.65% 12/1/44 | 991,000 | 728,229 | |
NOVA Chemicals Corp. 5.25% 6/1/27 (b) | 1,710,000 | 1,444,377 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 865,000 | 750,379 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (b) | 245,000 | 239,292 | |
SPCM SA 3.125% 3/15/27 (b) | 385,000 | 340,681 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 385,000 | 297,366 | |
5.375% 5/15/27 | 1,000,000 | 903,416 | |
5.75% 11/15/28 (b) | 505,000 | 427,104 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 570,000 | 449,008 | |
Valvoline, Inc. 4.25% 2/15/30 (b) | 255,000 | 249,791 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 685,000 | 615,375 | |
7.375% 3/1/31 (b) | 85,000 | 78,733 | |
8,160,811 | |||
Consumer Products - 1.1% | |||
Kohl's Corp. 4.25% 7/17/25 | 25,000 | 23,349 | |
Mattel, Inc. 6.2% 10/1/40 | 245,000 | 209,987 | |
Newell Brands, Inc.: | |||
6.375% 4/1/36 (e) | 490,000 | 384,321 | |
6.625% 9/15/29 | 875,000 | 804,960 | |
Prestige Brands, Inc. 3.75% 4/1/31 (b) | 600,000 | 476,550 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 395,000 | 295,807 | |
2,194,974 | |||
Containers - 1.9% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 50,000 | 43,945 | |
Ball Corp. 3.125% 9/15/31 | 1,340,000 | 1,037,332 | |
BWAY Holding Co. 7.875% 8/15/26 (b) | 430,000 | 402,746 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 700,000 | 572,347 | |
OI European Group BV 4.75% 2/15/30 (b) | 390,000 | 331,855 | |
Sealed Air Corp.: | |||
5% 4/15/29 (b) | 950,000 | 842,493 | |
6.875% 7/15/33 (b) | 445,000 | 417,188 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (b) | 215,000 | 194,893 | |
3,842,799 | |||
Diversified Financial Services - 5.1% | |||
GGAM Finance Ltd. 7.75% 5/15/26 (b) | 540,000 | 535,691 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,105,000 | 942,504 | |
HTA Group Ltd. 7% 12/18/25 (b) | 435,000 | 418,979 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 2,005,000 | 1,716,781 | |
6.25% 5/15/26 | 1,620,000 | 1,480,736 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 845,000 | 738,180 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,520,000 | 1,306,997 | |
Navient Corp. 6.75% 6/15/26 | 540,000 | 511,650 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,145,000 | 967,525 | |
6.875% 3/15/25 | 1,105,000 | 1,090,187 | |
7.125% 3/15/26 | 500,000 | 485,580 | |
10,194,810 | |||
Diversified Media - 0.4% | |||
Lamar Media Corp. 3.625% 1/15/31 | 915,000 | 739,604 | |
Energy - 15.5% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 270,000 | 247,738 | |
Apache Corp.: | |||
4.25% 1/15/30 | 215,000 | 187,203 | |
5.1% 9/1/40 | 600,000 | 466,230 | |
5.25% 2/1/42 | 905,000 | 683,492 | |
5.35% 7/1/49 | 150,000 | 109,478 | |
Centennial Resource Production LLC: | |||
5.875% 7/1/29 (b) | 200,000 | 186,000 | |
7% 1/15/32 (b) | 215,000 | 208,419 | |
Cheniere Energy Partners LP 3.25% 1/31/32 | 865,000 | 670,754 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 640,000 | 584,765 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 160,000 | 131,820 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,630,000 | 1,511,638 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.625% 5/1/27 (b) | 1,928,000 | 1,854,505 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 640,000 | 627,821 | |
5.75% 2/15/28 (b) | 150,000 | 134,769 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 85,000 | 71,837 | |
8.125% 8/16/30 | 25,000 | 27,262 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 735,000 | 705,078 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 195,000 | 183,870 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 255,000 | 182,808 | |
5.45% 6/1/47 | 530,000 | 398,406 | |
5.6% 4/1/44 | 895,000 | 703,694 | |
EQM Midstream Partners LP: | |||
5.5% 7/15/28 | 800,000 | 746,609 | |
6.5% 7/1/27 (b) | 785,000 | 763,023 | |
6.5% 7/15/48 | 485,000 | 410,100 | |
7.5% 6/1/27 (b) | 555,000 | 549,661 | |
EQT Corp. 3.9% 10/1/27 | 1,450,000 | 1,334,203 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (b) | 1,070,000 | 987,993 | |
5.625% 2/15/26 (b) | 2,310,000 | 2,237,094 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 330,000 | 308,531 | |
Jonah Energy Parent LLC 12% 11/5/25 (f)(g) | 262,918 | 269,833 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 1,040,000 | 931,525 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 810,000 | 682,902 | |
4.3% 8/15/39 | 260,000 | 185,198 | |
5.55% 3/15/26 | 1,275,000 | 1,257,877 | |
6.125% 1/1/31 | 1,310,000 | 1,281,128 | |
6.2% 3/15/40 | 255,000 | 236,436 | |
8.875% 7/15/30 | 580,000 | 644,067 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 420,000 | 407,110 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 605,000 | 605,194 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 387,000 | 381,737 | |
Sunnova Energy Corp. 11.75% 10/1/28 (b) | 205,000 | 174,871 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,140,000 | 987,505 | |
5.875% 3/15/28 | 1,695,000 | 1,603,457 | |
6% 4/15/27 | 25,000 | 24,072 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 320,000 | 272,938 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 225,000 | 197,111 | |
6% 12/31/30 (b) | 1,190,000 | 1,001,782 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 335,000 | 328,719 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 480,000 | 399,446 | |
3.875% 11/1/33 (b) | 380,000 | 287,146 | |
4.125% 8/15/31 (b) | 460,000 | 369,843 | |
Venture Global LNG, Inc. 8.125% 6/1/28 (b) | 320,000 | 310,663 | |
Western Gas Partners LP 4.65% 7/1/26 | 808,000 | 772,532 | |
30,827,893 | |||
Environmental - 1.6% | |||
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 970,000 | 922,921 | |
6% 6/15/30 (b) | 170,000 | 159,494 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 1,630,000 | 1,361,833 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 815,000 | 692,466 | |
3,136,714 | |||
Food & Drug Retail - 2.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (b) | 3,810,000 | 3,248,398 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 350,000 | 339,938 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 375,000 | 147,459 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 190,000 | 152,641 | |
3,888,436 | |||
Food/Beverage/Tobacco - 2.4% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 405,000 | 313,369 | |
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 | 2,525,000 | 2,307,531 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/32 (b) | 755,000 | 624,662 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 405,000 | 333,590 | |
Post Holdings, Inc.: | |||
5.5% 12/15/29 (b) | 590,000 | 526,170 | |
5.625% 1/15/28 (b) | 405,000 | 376,395 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 180,000 | 153,703 | |
7.25% 1/15/32 (b) | 210,000 | 206,144 | |
4,841,564 | |||
Gaming - 3.5% | |||
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b) | 455,000 | 406,499 | |
Melco Resorts Finance Ltd. 4.875% 6/6/25 (b) | 1,225,000 | 1,150,865 | |
MGM Resorts International 5.75% 6/15/25 | 866,000 | 846,860 | |
Ontario Gaming GTA LP 8% 8/1/30 (b) | 115,000 | 112,417 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 1,210,000 | 1,116,734 | |
4.5% 9/1/26 (b) | 1,300,000 | 1,213,498 | |
4.625% 6/15/25 (b) | 245,000 | 235,318 | |
4.625% 12/1/29 (b) | 925,000 | 800,088 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) | 870,000 | 803,679 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125% 10/1/29 (b) | 380,000 | 324,066 | |
7,010,024 | |||
Healthcare - 5.7% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 625,000 | 519,236 | |
Avantor Funding, Inc. 4.625% 7/15/28 (b) | 1,195,000 | 1,063,681 | |
Centene Corp.: | |||
2.45% 7/15/28 | 75,000 | 63,023 | |
2.5% 3/1/31 | 1,665,000 | 1,261,171 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 795,000 | 671,036 | |
4.25% 5/1/28 (b) | 90,000 | 79,969 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 365,000 | 286,054 | |
Grifols SA 4.75% 10/15/28 (b) | 200,000 | 167,500 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 160,000 | 137,056 | |
Hologic, Inc. 4.625% 2/1/28 (b) | 850,000 | 772,992 | |
IQVIA, Inc. 5% 5/15/27 (b) | 820,000 | 771,443 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 350,000 | 304,384 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 510,000 | 400,737 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 840,000 | 725,558 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 280,000 | 224,655 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 235,000 | 207,388 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 | 1,810,000 | 1,610,263 | |
4.875% 1/1/26 | 595,000 | 570,250 | |
5.125% 11/1/27 | 1,200,000 | 1,107,741 | |
6.125% 6/15/30 | 465,000 | 430,442 | |
11,374,579 | |||
Homebuilders/Real Estate - 3.1% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 460,000 | 371,201 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 95,000 | 93,338 | |
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (b) | 495,000 | 435,708 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 825,000 | 627,987 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 770,000 | 562,100 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 2,105,000 | 1,276,459 | |
5.25% 8/1/26 | 1,075,000 | 925,589 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 540,000 | 462,527 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 75,000 | 56,077 | |
5.5% 12/15/27 | 415,000 | 350,365 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (b) | 450,000 | 408,443 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 810,000 | 640,791 | |
6,210,585 | |||
Hotels - 2.1% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,165,000 | 920,901 | |
4% 5/1/31 (b) | 2,780,000 | 2,302,302 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 445,000 | 419,694 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 525,000 | 463,339 | |
4,106,236 | |||
Insurance - 0.5% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (b) | 1,075,000 | 945,097 | |
Leisure - 1.7% | |||
Carnival Corp.: | |||
7% 8/15/29 (b) | 425,000 | 416,730 | |
7.625% 3/1/26 (b) | 675,000 | 656,365 | |
NCL Corp. Ltd.: | |||
5.875% 2/15/27 (b) | 350,000 | 322,161 | |
8.375% 2/1/28 (b) | 230,000 | 227,830 | |
Royal Caribbean Cruises Ltd.: | |||
5.5% 4/1/28 (b) | 1,200,000 | 1,094,418 | |
7.25% 1/15/30 (b) | 700,000 | 690,532 | |
3,408,036 | |||
Metals/Mining - 1.9% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 130,000 | 128,375 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 740,000 | 627,735 | |
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 1,140,000 | 1,026,467 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 400,000 | 365,403 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 240,000 | 223,371 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 1,130,000 | 1,091,908 | |
Novelis Corp. 3.875% 8/15/31 (b) | 385,000 | 300,685 | |
3,763,944 | |||
Paper - 0.4% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (b) | 570,000 | 464,222 | |
6% 6/15/27 (b) | 370,000 | 349,649 | |
813,871 | |||
Restaurants - 1.2% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 115,000 | 118,654 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 2,615,000 | 2,123,495 | |
5.35% 11/1/43 | 110,000 | 93,225 | |
2,335,374 | |||
Services - 6.6% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 385,000 | 330,195 | |
4.875% 7/15/32 (b) | 565,000 | 472,628 | |
AECOM 5.125% 3/15/27 | 1,485,000 | 1,401,990 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,685,000 | 1,545,395 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 965,000 | 854,493 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (b) | 155,000 | 136,788 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 320,000 | 317,600 | |
CoreCivic, Inc. 8.25% 4/15/26 | 160,000 | 161,989 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 450,000 | 400,720 | |
Gartner, Inc. 3.625% 6/15/29 (b) | 220,000 | 185,781 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 1,030,000 | 986,225 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 2,715,000 | 2,364,932 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,225,000 | 1,956,246 | |
Service Corp. International 5.125% 6/1/29 | 1,425,000 | 1,303,875 | |
Sotheby's 7.375% 10/15/27 (b) | 185,000 | 165,221 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 710,000 | 586,279 | |
13,170,357 | |||
Steel - 0.1% | |||
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 110,000 | 93,281 | |
Super Retail - 2.5% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 245,000 | 207,243 | |
5% 2/15/32 (b) | 260,000 | 210,876 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (b) | 1,620,000 | 1,499,789 | |
Gap, Inc. 3.875% 10/1/31 (b) | 385,000 | 276,483 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,115,000 | 1,024,479 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 630,000 | 490,495 | |
Nordstrom, Inc. 4.375% 4/1/30 | 930,000 | 721,880 | |
The William Carter Co. 5.625% 3/15/27 (b) | 465,000 | 440,598 | |
4,871,843 | |||
Technology - 5.8% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 385,000 | 303,188 | |
Block, Inc. 2.75% 6/1/26 | 380,000 | 340,997 | |
Broadcom, Inc. 2.45% 2/15/31 (b) | 420,000 | 322,315 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 345,000 | 331,437 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 415,000 | 409,909 | |
Coherent Corp. 5% 12/15/29 (b) | 1,600,000 | 1,357,712 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 525,000 | 438,831 | |
Elastic NV 4.125% 7/15/29 (b) | 235,000 | 198,050 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 730,000 | 651,306 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 660,000 | 593,814 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 441,313 | |
4.125% 8/1/30 (b) | 265,000 | 215,320 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 545,000 | 468,199 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,410,000 | 1,225,396 | |
3.875% 12/1/29 (b) | 390,000 | 318,935 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (b) | 130,000 | 107,718 | |
Qorvo, Inc. 4.375% 10/15/29 | 505,000 | 438,478 | |
Seagate HDD Cayman 8.25% 12/15/29 (b) | 1,425,000 | 1,448,123 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,165,000 | 932,404 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 550,000 | 450,995 | |
Twilio, Inc. 3.875% 3/15/31 | 350,000 | 279,428 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 345,000 | 305,522 | |
11,579,390 | |||
Telecommunications - 2.6% | |||
Altice Financing SA 5% 1/15/28 (b) | 10,000 | 8,133 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 1,510,000 | 1,290,748 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 660,000 | 623,700 | |
Level 3 Financing, Inc. 4.625% 9/15/27 (b) | 1,100,000 | 731,500 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 490,000 | 365,197 | |
5.125% 1/15/28 (b) | 900,000 | 771,750 | |
SBA Communications Corp. 3.875% 2/15/27 | 750,000 | 683,021 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 105,000 | 82,551 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 740,000 | 655,241 | |
5,211,841 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 405,000 | 307,783 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 200,000 | 147,006 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 130,000 | 107,005 | |
561,794 | |||
Transportation Ex Air/Rail - 0.3% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 385,000 | 295,357 | |
XPO, Inc. 6.25% 6/1/28 (b) | 325,000 | 311,370 | |
606,727 | |||
Utilities - 5.6% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,615,000 | 1,259,294 | |
4.75% 3/15/28 (b) | 195,000 | 174,066 | |
FirstEnergy Corp. 2.25% 9/1/30 | 825,000 | 636,579 | |
NextEra Energy Partners LP 4.25% 9/15/24 (b) | 158,000 | 149,310 | |
NRG Energy, Inc.: | |||
5.25% 6/15/29 (b) | 625,000 | 551,413 | |
6.625% 1/15/27 | 729,000 | 707,519 | |
PG&E Corp.: | |||
5% 7/1/28 | 2,685,000 | 2,432,463 | |
5.25% 7/1/30 | 2,115,000 | 1,852,531 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 130,000 | 109,850 | |
TransAlta Corp. 6.5% 3/15/40 | 355,000 | 312,864 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 945,000 | 825,935 | |
Vistra Operations Co. LLC 5% 7/31/27 (b) | 2,395,000 | 2,190,913 | |
11,202,737 | |||
TOTAL NONCONVERTIBLE BONDS | 183,969,266 | ||
TOTAL CORPORATE BONDS (Cost $207,324,249) | 184,317,766 | ||
Bank Loan Obligations - 1.2% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.0% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(h)(i) | 206,842 | 2,199 | |
Healthcare - 0.1% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.53% 11/23/27 (c)(h)(i) | 456,515 | 262,820 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9386% 11/5/27 (c)(h)(i) | 346,920 | 345,557 | |
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.4901% 12/30/26 (c)(h)(i) | 374,031 | 373,563 | |
Services - 0.6% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/21/28 (c)(h)(i) | 133,312 | 132,907 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1741% 12/10/29 (c)(h)(i) | 50,000 | 42,042 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9241% 12/10/28 (c)(h)(i) | 496,162 | 460,657 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5067% 4/11/29 (c)(h)(i) | 552,225 | 481,474 | |
TOTAL SERVICES | 1,117,080 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0741% 8/1/25 (c)(h)(i) | 257,400 | 257,472 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $2,673,277) | 2,358,691 | ||
Preferred Securities - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.3% | |||
Ally Financial, Inc.: | |||
4.7% (c)(j) | 385,000 | 253,738 | |
4.7% (c)(j) | 100,000 | 59,377 | |
Wells Fargo & Co. 7.625% (c)(j) | 320,000 | 323,449 | |
TOTAL BANKS & THRIFTS | 636,564 | ||
Diversified Financial Services - 0.3% | |||
Charles Schwab Corp.: | |||
4% (c)(j) | 465,000 | 320,441 | |
5.375% (c)(j) | 225,000 | 215,677 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 536,118 | ||
Energy - 0.3% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (c)(h)(j) | 700,000 | 674,277 | |
TOTAL PREFERRED SECURITIES (Cost $1,841,574) | 1,846,959 | ||
Money Market Funds - 4.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (k) (Cost $7,940,946) | 7,939,358 | 7,940,946 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $219,780,046) | 196,464,362 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 2,492,324 |
NET ASSETS - 100.0% | 198,956,686 |
(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 $125,692,027 or 63.2% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Non-income producing - Security is in default. |
(e) | 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. |
(f) | 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 $269,833 or 0.1% of net assets. |
(g) | Level 3 security |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 257,660 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 22,038,961 | 24,742,932 | 38,840,946 | 485,744 | - | (1) | 7,940,946 | 0.0% |
Total | 22,038,961 | 24,742,932 | 38,840,946 | 485,744 | - | (1) | 7,940,946 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Corporate Bonds | 184,317,766 | - | 184,047,933 | 269,833 |
Bank Loan Obligations | 2,358,691 | - | 2,358,691 | - |
Preferred Securities | 1,846,959 | - | 1,846,959 | - |
Money Market Funds | 7,940,946 | 7,940,946 | - | - |
Total Investments in Securities: | 196,464,362 | 7,940,946 | 188,253,583 | 269,833 |
Statement of Assets and Liabilities | ||||
October 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $211,839,100) | $ | 188,523,416 | ||
Fidelity Central Funds (cost $7,940,946) | 7,940,946 | |||
Total Investment in Securities (cost $219,780,046) | $ | 196,464,362 | ||
Cash | 19,703 | |||
Receivable for fund shares sold | 10,678 | |||
Interest receivable | 2,813,805 | |||
Distributions receivable from Fidelity Central Funds | 46,214 | |||
Prepaid expenses | 294 | |||
Receivable from investment adviser for expense reductions | 4,808 | |||
Total assets | 199,359,864 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 108,349 | ||
Distributions payable | 130,971 | |||
Accrued management fee | 91,146 | |||
Transfer agent fee payable | 26,885 | |||
Other affiliated payables | 6,928 | |||
Custody fee payable | 37,775 | |||
Other payables and accrued expenses | 1,124 | |||
Total Liabilities | 403,178 | |||
Net Assets | $ | 198,956,686 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 246,091,564 | ||
Total accumulated earnings (loss) | (47,134,878) | |||
Net Assets | $ | 198,956,686 | ||
Net Asset Value, offering price and redemption price per share ($198,956,686 ÷ 26,550,653 shares) | $ | 7.49 |
Statement of Operations | ||||
Six months ended October 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 41,509 | ||
Interest | 5,254,921 | |||
Income from Fidelity Central Funds | 485,744 | |||
Total Income | 5,782,174 | |||
Expenses | ||||
Management fee | $ | 573,520 | ||
Transfer agent fees | 163,364 | |||
Accounting fees and expenses | 43,584 | |||
Custodian fees and expenses | 1,695 | |||
Independent trustees' fees and expenses | 532 | |||
Registration fees | 18,287 | |||
Audit | 38,046 | |||
Legal | 283 | |||
Miscellaneous | 425 | |||
Total expenses before reductions | 839,736 | |||
Expense reductions | (51,682) | |||
Total expenses after reductions | 788,054 | |||
Net Investment income (loss) | 4,994,120 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,668,386) | |||
Total net realized gain (loss) | (3,668,386) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,686,007) | |||
Fidelity Central Funds | (1) | |||
Total change in net unrealized appreciation (depreciation) | (4,686,008) | |||
Net gain (loss) | (8,354,394) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,360,274) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2023 (Unaudited) | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,994,120 | $ | 11,061,719 |
Net realized gain (loss) | (3,668,386) | (10,993,496) | ||
Change in net unrealized appreciation (depreciation) | (4,686,008) | 2,549,482 | ||
Net increase (decrease) in net assets resulting from operations | (3,360,274) | 2,617,705 | ||
Distributions to shareholders | (4,689,313) | (10,552,282) | ||
Share transactions | ||||
Proceeds from sales of shares | 6,394,044 | 14,368,413 | ||
Reinvestment of distributions | 3,908,816 | 8,853,903 | ||
Cost of shares redeemed | (24,676,457) | (71,841,155) | ||
Net increase (decrease) in net assets resulting from share transactions | (14,373,597) | (48,618,839) | ||
Total increase (decrease) in net assets | (22,423,184) | (56,553,416) | ||
Net Assets | ||||
Beginning of period | 221,379,870 | 277,933,286 | ||
End of period | $ | 198,956,686 | $ | 221,379,870 |
Other Information | ||||
Shares | ||||
Sold | 832,706 | 1,842,094 | ||
Issued in reinvestment of distributions | 510,512 | 1,150,252 | ||
Redeemed | (3,225,044) | (9,332,498) | ||
Net increase (decrease) | (1,881,826) | (6,340,152) | ||
Fidelity® Focused High Income Fund |
Six months ended (Unaudited) October 31, 2023 | Years ended April 30, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.79 | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 | $ | 8.47 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .182 | .357 | .317 | .340 | .374 | .399 | ||||||
Net realized and unrealized gain (loss) | (.311) | (.216) | (.863) | .574 | (.378) | .190 | ||||||
Total from investment operations | (.129) | .141 | (.546) | .914 | (.004) | .589 | ||||||
Distributions from net investment income | (.171) | (.341) | (.324) | (.334) | (.366) | (.409) | ||||||
Total distributions | (.171) | (.341) | (.324) | (.334) | (.366) | (.409) | ||||||
Net asset value, end of period | $ | 7.49 | $ | 7.79 | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 |
Total Return C,D | (1.68)% | 1.91% | (6.41)% | 11.16% | (.16)% | 7.21% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .80% G | .79% | .75% | .75% | .78% | .79% | ||||||
Expenses net of fee waivers, if any | .75% G | .75% | .75% | .75% | .78% | .79% | ||||||
Expenses net of all reductions | .75% G | .75% | .75% | .75% | .78% | .78% | ||||||
Net investment income (loss) | 4.73% G | 4.62% | 3.62% | 3.88% | 4.31% | 4.73% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 198,957 | $ | 221,380 | $ | 277,933 | $ | 384,632 | $ | 347,510 | $ | 302,781 |
Portfolio turnover rate H | 33% G | 9% | 20% | 73% | 43% | 49% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
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 | $1,081,381 |
Gross unrealized depreciation | (23,273,028) |
Net unrealized appreciation (depreciation) | $(22,191,647) |
Tax cost | $218,656,009 |
Short-term | $(10,680,461) |
Long-term | (10,958,764) |
Total capital loss carryforward | $(21,639,225) |
Purchases ($) | Sales ($) | |
Fidelity Focused High Income Fund | 31,875,474 | 31,816,505 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | .04 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | 0.0414% |
Amount | |
Fidelity Focused High Income Fund | $178 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Focused High Income Fund | .75% | |||||||||
Actual | $ 1,000 | $ 983.20 | $ 3.74 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Summer Street 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 Fidelity Summer Street Trust’s (the “Trust”) 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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Not applicable. |
(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: | December 21, 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: | December 21, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 21, 2023 |