UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | April 30 |
Date of reporting period: | April 30, 2024 |
Item 1.
Reports to Stockholders
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98185_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98185_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Life of Fund A |
Class A (incl. 5.75% sales charge) | 11.75% | 9.12% |
Class M (incl. 3.50% sales charge) | 14.08% | 9.34% |
Class C (incl. contingent deferred sales charge) | 16.60% | 9.59% |
Fidelity® Women's Leadership Fund | 18.76% | 10.67% |
Class I | 18.88% | 10.73% |
Class Z | 19.02% | 10.87% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Women's Leadership Fund, a class of the fund, on May 1, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Amazon.com, Inc. | 4.3 | |
Microsoft Corp. | 3.6 | |
NVIDIA Corp. | 2.5 | |
The Walt Disney Co. | 2.5 | |
Accenture PLC Class A | 1.9 | |
WEX, Inc. | 1.8 | |
Bank of America Corp. | 1.8 | |
NASDAQ, Inc. | 1.8 | |
Cigna Group | 1.7 | |
Apple, Inc. | 1.7 | |
23.6 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.0 | |
Financials | 14.2 | |
Health Care | 13.6 | |
Consumer Discretionary | 12.9 | |
Industrials | 12.5 | |
Communication Services | 7.0 | |
Materials | 3.5 | |
Energy | 3.3 | |
Utilities | 3.2 | |
Consumer Staples | 2.8 | |
Real Estate | 0.9 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.0% | |||
Entertainment - 3.0% | |||
Netflix, Inc. (a) | 1,395 | 768,143 | |
The Walt Disney Co. | 32,539 | 3,615,083 | |
4,383,226 | |||
Interactive Media & Services - 2.8% | |||
Alphabet, Inc.: | |||
Class A | 14,299 | 2,327,591 | |
Class C | 11,569 | 1,904,720 | |
4,232,311 | |||
Media - 1.2% | |||
Interpublic Group of Companies, Inc. | 59,584 | 1,813,737 | |
TOTAL COMMUNICATION SERVICES | 10,429,274 | ||
CONSUMER DISCRETIONARY - 12.9% | |||
Automobiles - 0.7% | |||
General Motors Co. | 22,876 | 1,018,668 | |
Broadline Retail - 5.1% | |||
Amazon.com, Inc. (a) | 36,328 | 6,357,399 | |
Etsy, Inc. (a) | 17,898 | 1,229,056 | |
7,586,455 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
Hilton Worldwide Holdings, Inc. | 5,432 | 1,071,625 | |
Starbucks Corp. | 11,700 | 1,035,333 | |
Vail Resorts, Inc. | 3,853 | 729,643 | |
2,836,601 | |||
Household Durables - 1.0% | |||
Taylor Morrison Home Corp. (a) | 27,124 | 1,519,215 | |
Specialty Retail - 2.8% | |||
Aritzia, Inc. (a) | 25,730 | 666,122 | |
Best Buy Co., Inc. | 9,340 | 687,798 | |
Lowe's Companies, Inc. | 4,857 | 1,107,347 | |
Warby Parker, Inc. (a) | 63,110 | 740,911 | |
Williams-Sonoma, Inc. | 2,960 | 848,869 | |
4,051,047 | |||
Textiles, Apparel & Luxury Goods - 1.4% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,189 | 976,688 | |
NIKE, Inc. Class B | 4,683 | 432,054 | |
Tapestry, Inc. | 17,416 | 695,247 | |
2,103,989 | |||
TOTAL CONSUMER DISCRETIONARY | 19,115,975 | ||
CONSUMER STAPLES - 2.8% | |||
Consumer Staples Distribution & Retail - 0.6% | |||
Maplebear, Inc. (NASDAQ) | 24,429 | 833,762 | |
Food Products - 0.5% | |||
Bunge Global SA | 7,778 | 791,489 | |
Household Products - 0.8% | |||
The Clorox Co. | 8,147 | 1,204,697 | |
Personal Care Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 8,759 | 1,285,033 | |
TOTAL CONSUMER STAPLES | 4,114,981 | ||
ENERGY - 3.3% | |||
Energy Equipment & Services - 0.9% | |||
Baker Hughes Co. Class A | 41,006 | 1,337,616 | |
Oil, Gas & Consumable Fuels - 2.4% | |||
Antero Resources Corp. (a) | 30,966 | 1,053,154 | |
EQT Corp. | 19,889 | 797,350 | |
Equinor ASA | 25,102 | 667,923 | |
Occidental Petroleum Corp. | 15,224 | 1,006,915 | |
3,525,342 | |||
TOTAL ENERGY | 4,862,958 | ||
FINANCIALS - 14.2% | |||
Banks - 5.3% | |||
Bank of America Corp. | 72,137 | 2,669,790 | |
Citigroup, Inc. | 24,047 | 1,474,803 | |
Huntington Bancshares, Inc. | 60,554 | 815,662 | |
JPMorgan Chase & Co. | 10,947 | 2,098,978 | |
Starling Bank Ltd. Series D (a)(b)(c) | 34,700 | 130,512 | |
U.S. Bancorp | 17,066 | 693,392 | |
7,883,137 | |||
Capital Markets - 2.6% | |||
Macquarie Group Ltd. | 10,443 | 1,250,429 | |
NASDAQ, Inc. | 43,254 | 2,588,752 | |
3,839,181 | |||
Financial Services - 2.8% | |||
MasterCard, Inc. Class A | 3,390 | 1,529,568 | |
WEX, Inc. (a) | 12,641 | 2,670,538 | |
4,200,106 | |||
Insurance - 3.5% | |||
Hartford Financial Services Group, Inc. | 18,283 | 1,771,440 | |
Marsh & McLennan Companies, Inc. | 6,214 | 1,239,258 | |
Progressive Corp. | 10,527 | 2,192,248 | |
5,202,946 | |||
TOTAL FINANCIALS | 21,125,370 | ||
HEALTH CARE - 13.3% | |||
Biotechnology - 1.4% | |||
Alnylam Pharmaceuticals, Inc. (a) | 3,919 | 564,140 | |
Moderna, Inc. (a) | 4,688 | 517,133 | |
Sage Therapeutics, Inc. (a) | 9,937 | 138,522 | |
Vertex Pharmaceuticals, Inc. (a) | 1,941 | 762,444 | |
Zai Lab Ltd. ADR (a) | 8,171 | 129,102 | |
2,111,341 | |||
Health Care Equipment & Supplies - 3.2% | |||
Hologic, Inc. (a) | 31,961 | 2,421,685 | |
Insulet Corp. (a) | 5,463 | 939,308 | |
Outset Medical, Inc. (a) | 5,606 | 14,183 | |
The Cooper Companies, Inc. | 14,682 | 1,307,579 | |
4,682,755 | |||
Health Care Providers & Services - 4.2% | |||
AMN Healthcare Services, Inc. (a) | 12,432 | 745,671 | |
Centene Corp. (a) | 21,329 | 1,558,297 | |
Cigna Group | 7,230 | 2,581,399 | |
Elevance Health, Inc. | 2,431 | 1,284,978 | |
6,170,345 | |||
Life Sciences Tools & Services - 0.9% | |||
ICON PLC (a) | 4,722 | 1,406,589 | |
Pharmaceuticals - 3.6% | |||
GSK PLC sponsored ADR | 20,872 | 864,936 | |
Merck & Co., Inc. | 8,547 | 1,104,443 | |
Merck KGaA | 7,498 | 1,191,878 | |
UCB SA | 10,038 | 1,334,249 | |
Zoetis, Inc. Class A | 5,449 | 867,699 | |
5,363,205 | |||
TOTAL HEALTH CARE | 19,734,235 | ||
INDUSTRIALS - 12.5% | |||
Air Freight & Logistics - 1.7% | |||
FedEx Corp. | 4,294 | 1,124,083 | |
United Parcel Service, Inc. Class B | 9,102 | 1,342,363 | |
2,466,446 | |||
Commercial Services & Supplies - 0.3% | |||
Veralto Corp. | 5,404 | 506,247 | |
Electrical Equipment - 4.3% | |||
Eaton Corp. PLC | 4,864 | 1,548,017 | |
GE Vernova LLC | 5,455 | 838,488 | |
nVent Electric PLC | 20,493 | 1,476,931 | |
Prysmian SpA | 17,752 | 969,602 | |
Regal Rexnord Corp. | 6,404 | 1,033,413 | |
Sunrun, Inc. (a) | 43,269 | 445,238 | |
6,311,689 | |||
Ground Transportation - 0.4% | |||
ArcBest Corp. | 4,798 | 532,146 | |
Machinery - 3.5% | |||
Deere & Co. | 3,413 | 1,335,882 | |
Federal Signal Corp. | 12,207 | 992,429 | |
Hillenbrand, Inc. | 16,297 | 777,693 | |
Otis Worldwide Corp. | 10,840 | 988,608 | |
Parker Hannifin Corp. | 2,068 | 1,126,874 | |
5,221,486 | |||
Professional Services - 2.3% | |||
Leidos Holdings, Inc. | 9,142 | 1,281,891 | |
ManpowerGroup, Inc. | 9,802 | 739,561 | |
Science Applications International Corp. | 8,203 | 1,055,726 | |
UL Solutions, Inc. Class A | 11,444 | 401,684 | |
3,478,862 | |||
TOTAL INDUSTRIALS | 18,516,876 | ||
INFORMATION TECHNOLOGY - 25.0% | |||
Communications Equipment - 0.9% | |||
Arista Networks, Inc. (a) | 4,898 | 1,256,631 | |
Electronic Equipment, Instruments & Components - 2.1% | |||
CDW Corp. | 8,178 | 1,977,931 | |
Insight Enterprises, Inc. (a) | 5,821 | 1,062,740 | |
3,040,671 | |||
IT Services - 1.9% | |||
Accenture PLC Class A | 9,420 | 2,834,572 | |
Semiconductors & Semiconductor Equipment - 7.9% | |||
Advanced Micro Devices, Inc. (a) | 6,799 | 1,076,826 | |
First Solar, Inc. (a) | 4,267 | 752,272 | |
Marvell Technology, Inc. | 22,221 | 1,464,586 | |
Micron Technology, Inc. | 13,895 | 1,569,579 | |
NVIDIA Corp. | 4,294 | 3,710,102 | |
NXP Semiconductors NV | 7,553 | 1,935,003 | |
SolarEdge Technologies, Inc. (a) | 9,055 | 531,076 | |
Universal Display Corp. | 4,677 | 738,872 | |
11,778,316 | |||
Software - 10.5% | |||
Adobe, Inc. (a) | 4,254 | 1,968,879 | |
Gen Digital, Inc. | 55,501 | 1,117,790 | |
HubSpot, Inc. (a) | 3,639 | 2,201,122 | |
Intuit, Inc. | 3,763 | 2,354,208 | |
Microsoft Corp. | 13,815 | 5,378,594 | |
Pagerduty, Inc. (a) | 25,217 | 503,331 | |
Salesforce, Inc. | 7,854 | 2,112,255 | |
15,636,179 | |||
Technology Hardware, Storage & Peripherals - 1.7% | |||
Apple, Inc. | 14,727 | 2,508,450 | |
TOTAL INFORMATION TECHNOLOGY | 37,054,819 | ||
MATERIALS - 3.5% | |||
Chemicals - 1.9% | |||
Cabot Corp. | 11,110 | 1,013,565 | |
Celanese Corp. Class A | 6,658 | 1,022,735 | |
Eastman Chemical Co. | 8,690 | 820,684 | |
2,856,984 | |||
Construction Materials - 0.6% | |||
Summit Materials, Inc. (a) | 23,667 | 920,646 | |
Containers & Packaging - 0.7% | |||
Ball Corp. | 15,864 | 1,103,658 | |
Metals & Mining - 0.3% | |||
Radius Recycling, Inc. Class A | 21,665 | 377,404 | |
TOTAL MATERIALS | 5,258,692 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
Ventas, Inc. | 28,882 | 1,278,895 | |
UTILITIES - 3.2% | |||
Electric Utilities - 1.5% | |||
NextEra Energy, Inc. | 18,816 | 1,260,108 | |
SSE PLC | 45,058 | 936,594 | |
2,196,702 | |||
Gas Utilities - 0.6% | |||
Southwest Gas Holdings, Inc. | 12,908 | 963,195 | |
Independent Power and Renewable Electricity Producers - 0.5% | |||
Clearway Energy, Inc. Class C | 30,686 | 717,439 | |
Water Utilities - 0.6% | |||
American Water Works Co., Inc. | 7,015 | 858,075 | |
TOTAL UTILITIES | 4,735,411 | ||
TOTAL COMMON STOCKS (Cost $116,747,202) | 146,227,486 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.3% | |||
Health Care Providers & Services - 0.3% | |||
Somatus, Inc. Series E (a)(b)(c) (Cost $350,799) | 402 | 417,839 | |
Money Market Funds - 0.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) (Cost $1,195,228) | 1,194,989 | 1,195,228 | |
TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $118,293,229) | 147,840,553 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 416,833 |
NET ASSETS - 100.0% | 148,257,386 |
(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 $548,351 or 0.4% of net assets. |
(c) | Level 3 security |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Somatus, Inc. Series E | 1/31/22 | 350,799 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 68,001 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 4,527,991 | 36,843,007 | 40,175,742 | 133,973 | (28) | - | 1,195,228 | 0.0% |
Total | 4,527,991 | 36,843,007 | 40,175,742 | 133,973 | (28) | - | 1,195,228 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 10,429,274 | 10,429,274 | - | - |
Consumer Discretionary | 19,115,975 | 18,139,287 | 976,688 | - |
Consumer Staples | 4,114,981 | 4,114,981 | - | - |
Energy | 4,862,958 | 4,195,035 | 667,923 | - |
Financials | 21,125,370 | 19,744,429 | 1,250,429 | 130,512 |
Health Care | 20,152,074 | 19,734,235 | - | 417,839 |
Industrials | 18,516,876 | 18,516,876 | - | - |
Information Technology | 37,054,819 | 37,054,819 | - | - |
Materials | 5,258,692 | 5,258,692 | - | - |
Real Estate | 1,278,895 | 1,278,895 | - | - |
Utilities | 4,735,411 | 3,798,817 | 936,594 | - |
Money Market Funds | 1,195,228 | 1,195,228 | - | - |
Total Investments in Securities: | 147,840,553 | 143,460,568 | 3,831,634 | 548,351 |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $117,098,001) | $ | 146,645,325 | ||
Fidelity Central Funds (cost $1,195,228) | 1,195,228 | |||
Total Investment in Securities (cost $118,293,229) | $ | 147,840,553 | ||
Foreign currency held at value (cost $10,239) | 10,221 | |||
Receivable for investments sold | 454,484 | |||
Receivable for fund shares sold | 25,260 | |||
Dividends receivable | 110,260 | |||
Distributions receivable from Fidelity Central Funds | 6,400 | |||
Prepaid expenses | 52 | |||
Total assets | 148,447,230 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 69,440 | ||
Accrued management fee | 73,925 | |||
Distribution and service plan fees payable | 3,735 | |||
Audit fee payable | 40,270 | |||
Other payables and accrued expenses | 2,474 | |||
Total liabilities | 189,844 | |||
Net Assets | $ | 148,257,386 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 119,007,975 | ||
Total accumulated earnings (loss) | 29,249,411 | |||
Net Assets | $ | 148,257,386 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($7,925,595 ÷ 501,327 shares)(a) | $ | 15.81 | ||
Maximum offering price per share (100/94.25 of $15.81) | $ | 16.77 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,332,611 ÷ 84,657 shares)(a) | $ | 15.74 | ||
Maximum offering price per share (100/96.50 of $15.74) | $ | 16.31 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,745,125 ÷ 112,601 shares)(a) | $ | 15.50 | ||
Fidelity Women's Leadership Fund : | ||||
Net Asset Value, offering price and redemption price per share ($105,831,654 ÷ 6,665,222 shares) | $ | 15.88 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($16,278,832 ÷ 1,026,013 shares) | $ | 15.87 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($15,143,569 ÷ 950,674 shares) | $ | 15.93 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 1,975,468 | ||
Income from Fidelity Central Funds | 133,973 | |||
Total income | 2,109,441 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 820,772 | ||
Performance adjustment | (127,765) | |||
Transfer agent fees | 263,663 | |||
Distribution and service plan fees | 40,348 | |||
Accounting fees and expenses | 43,889 | |||
Custodian fees and expenses | 7,419 | |||
Independent trustees' fees and expenses | 744 | |||
Registration fees | 85,916 | |||
Audit | 55,673 | |||
Legal | 380 | |||
Interest | 864 | |||
Miscellaneous | 572 | |||
Total expenses before reductions | 1,192,475 | |||
Expense reductions | (12,400) | |||
Total expenses after reductions | 1,180,075 | |||
Net Investment income (loss) | 929,366 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $641) | 5,094,334 | |||
Fidelity Central Funds | (28) | |||
Foreign currency transactions | 193 | |||
Total net realized gain (loss) | 5,094,499 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $365) | 19,669,165 | |||
Assets and liabilities in foreign currencies | (337) | |||
Total change in net unrealized appreciation (depreciation) | 19,668,828 | |||
Net gain (loss) | 24,763,327 | |||
Net increase (decrease) in net assets resulting from operations | $ | 25,692,693 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 929,366 | $ | 964,545 |
Net realized gain (loss) | 5,094,499 | (4,429,525) | ||
Change in net unrealized appreciation (depreciation) | 19,668,828 | 6,424,381 | ||
Net increase (decrease) in net assets resulting from operations | 25,692,693 | 2,959,401 | ||
Distributions to shareholders | (910,957) | (755,398) | ||
Share transactions - net increase (decrease) | (24,021,691) | 16,505,229 | ||
Total increase (decrease) in net assets | 760,045 | 18,709,232 | ||
Net Assets | ||||
Beginning of period | 147,497,341 | 128,788,109 | ||
End of period | $ | 148,257,386 | $ | 147,497,341 |
Fidelity Advisor® Women's Leadership Fund Class A |
Years ended April 30, | 2024 | 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 | .06 | .07 | - D | - D | .04 | |||||
Net realized and unrealized gain (loss) | 2.42 | .20 | (1.70) | 5.49 | (.22) | |||||
Total from investment operations | 2.48 | .27 | (1.70) | 5.49 | (.18) | |||||
Distributions from net investment income | (.06) | (.06) | - D | (.01) | (.02) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.06) | (.06) | (.40) | (.01) | (.02) | |||||
Net asset value, end of period | $ | 15.81 | $ | 13.39 | $ | 13.18 | $ | 15.28 | $ | 9.80 |
Total Return E,F | 18.56 % | 2.10% | (11.46)% | 56.03% | (1.84)% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.03% | 1.09% | 1.10% | 1.28% | 2.50% | |||||
Expenses net of fee waivers, if any | 1.02 % | 1.09% | 1.10% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.02% | 1.09% | 1.10% | 1.24% | 1.25% | |||||
Net investment income (loss) | .38% | .57% | (.01)% | (.03)% | .37% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 7,926 | $ | 6,104 | $ | 5,171 | $ | 2,865 | $ | 769 |
Portfolio turnover rate I | 33 % | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class M |
Years ended April 30, | 2024 | 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 | .02 | .04 | (.04) | (.04) | .01 | |||||
Net realized and unrealized gain (loss) | 2.41 | .20 | (1.69) | 5.48 | (.22) | |||||
Total from investment operations | 2.43 | .24 | (1.73) | 5.44 | (.21) | |||||
Distributions from net investment income | (.03) | (.04) | - | - D | (.01) | |||||
Distributions from net realized gain | - | - | (.35) | - | - | |||||
Total distributions | (.03) | (.04) | (.35) | - D | (.01) | |||||
Net asset value, end of period | $ | 15.74 | $ | 13.34 | $ | 13.14 | $ | 15.22 | $ | 9.78 |
Total Return E,F | 18.22 % | 1.83% | (11.66)% | 55.65% | (2.12)% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.29% | 1.37% | 1.35% | 1.52% | 2.86% | |||||
Expenses net of fee waivers, if any | 1.29 % | 1.37% | 1.35% | 1.50% | 1.50% | |||||
Expenses net of all reductions | 1.29% | 1.37% | 1.35% | 1.49% | 1.50% | |||||
Net investment income (loss) | .12% | .28% | (.27)% | (.28)% | .12% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,333 | $ | 1,122 | $ | 1,054 | $ | 974 | $ | 443 |
Portfolio turnover rate I | 33 % | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class C |
Years ended April 30, | 2024 | 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 | (.05) | (.03) | (.11) | (.10) | (.04) | |||||
Net realized and unrealized gain (loss) | 2.37 | .21 | (1.68) | 5.45 | (.22) | |||||
Total from investment operations | 2.32 | .18 | (1.79) | 5.35 | (.26) | |||||
Distributions from net realized gain | - | - | (.30) | - | - | |||||
Total distributions | - | - | (.30) | - | - | |||||
Net asset value, end of period | $ | 15.50 | $ | 13.18 | $ | 13.00 | $ | 15.09 | $ | 9.74 |
Total Return D,E | 17.60 % | 1.38% | (12.12)% | 54.93% | (2.60)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | 1.79% | 1.86% | 1.84% | 1.99% | 3.36% | |||||
Expenses net of fee waivers, if any | 1.78 % | 1.86% | 1.84% | 1.99% | 2.00% | |||||
Expenses net of all reductions | 1.78% | 1.86% | 1.84% | 1.98% | 2.00% | |||||
Net investment income (loss) | (.37)% | (.20)% | (.75)% | (.77)% | (.38)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,745 | $ | 1,603 | $ | 1,540 | $ | 937 | $ | 468 |
Portfolio turnover rate H | 33 % | 22% | 48% | 35% | 52% |
Fidelity® Women's Leadership Fund |
Years ended April 30, | 2024 | 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 | .09 | .10 | .03 | .03 | .06 | |||||
Net realized and unrealized gain (loss) | 2.43 | .21 | (1.70) | 5.50 | (.22) | |||||
Total from investment operations | 2.52 | .31 | (1.67) | 5.53 | (.16) | |||||
Distributions from net investment income | (.09) | (.08) | (.02) | (.03) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.09) | (.08) | (.42) | (.03) | (.03) | |||||
Net asset value, end of period | $ | 15.88 | $ | 13.45 | $ | 13.22 | $ | 15.31 | $ | 9.81 |
Total Return D | 18.76 % | 2.37% | (11.25)% | 56.44% | (1.63)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .79% | .89% | .92% | 1.10% | 2.19% | |||||
Expenses net of fee waivers, if any | .78 % | .89% | .90% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .78% | .89% | .90% | .99% | 1.00% | |||||
Net investment income (loss) | .63% | .76% | .18% | .22% | .62% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 105,832 | $ | 115,107 | $ | 101,533 | $ | 98,888 | $ | 22,272 |
Portfolio turnover rate G | 33 % | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class I |
Years ended April 30, | 2024 | 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 | .10 | .11 | .04 | .03 | .06 | |||||
Net realized and unrealized gain (loss) | 2.43 | .21 | (1.70) | 5.51 | (.22) | |||||
Total from investment operations | 2.53 | .32 | (1.66) | 5.54 | (.16) | |||||
Distributions from net investment income | (.10) | (.09) | (.04) | (.04) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.10) | (.09) | (.44) | (.04) | (.03) | |||||
Net asset value, end of period | $ | 15.87 | $ | 13.44 | $ | 13.21 | $ | 15.31 | $ | 9.81 |
Total Return D | 18.88 % | 2.46% | (11.20)% | 56.52% | (1.63)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .74% | .80% | .81% | .98% | 2.22% | |||||
Expenses net of fee waivers, if any | .73 % | .79% | .81% | .98% | 1.00% | |||||
Expenses net of all reductions | .73% | .79% | .81% | .97% | 1.00% | |||||
Net investment income (loss) | .68% | .86% | .28% | .24% | .62% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 16,279 | $ | 13,381 | $ | 11,273 | $ | 3,874 | $ | 702 |
Portfolio turnover rate G | 33 % | 22% | 48% | 35% | 52% |
Fidelity Advisor® Women's Leadership Fund Class Z |
Years ended April 30, | 2024 | 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 | .12 | .13 | .06 | .05 | .08 | |||||
Net realized and unrealized gain (loss) | 2.44 | .21 | (1.71) | 5.51 | (.22) | |||||
Total from investment operations | 2.56 | .34 | (1.65) | 5.56 | (.14) | |||||
Distributions from net investment income | (.12) | (.10) | (.05) | (.04) | (.03) | |||||
Distributions from net realized gain | - | - | (.40) | - | - | |||||
Total distributions | (.12) | (.10) | (.45) | (.04) | (.03) | |||||
Net asset value, end of period | $ | 15.93 | $ | 13.49 | $ | 13.25 | $ | 15.35 | $ | 9.83 |
Total Return D | 19.02 % | 2.59% | (11.13)% | 56.63% | (1.43)% | |||||
Ratios to Average Net Assets C,E,F | ||||||||||
Expenses before reductions | .62% | .68% | .69% | .87% | 1.88% | |||||
Expenses net of fee waivers, if any | .61 % | .67% | .69% | .85% | .85% | |||||
Expenses net of all reductions | .61% | .67% | .69% | .84% | .85% | |||||
Net investment income (loss) | .80% | .98% | .40% | .37% | .76% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 15,144 | $ | 10,181 | $ | 8,216 | $ | 9,043 | $ | 2,376 |
Portfolio turnover rate G | 33 % | 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 | $36,477,207 |
Gross unrealized depreciation | (6,989,284) |
Net unrealized appreciation (depreciation) | $29,487,923 |
Tax Cost | $118,352,630 |
Undistributed ordinary income | $97,995 |
Capital loss carryforward | $(335,872) |
Net unrealized appreciation (depreciation) on securities and other investments | $29,487,289 |
Short-term | $(335,872) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $910,957 | $755,398 |
Purchases ($) | Sales ($) | |
Fidelity Women's Leadership Fund | 48,921,759 | 70,609,175 |
Maximum Management Fee Rate % | |
Class A | .72 |
Class M | .72 |
Class C | .72 |
Fidelity Women's Leadership Fund | .72 |
Class I | .68 |
Class Z | .56 |
Total Management Fee Rate % | |
Class A | .72 |
Class M | .72 |
Class C | .72 |
Fidelity Women's Leadership Fund | .68 |
Class I | .68 |
Class Z | .56 |
Performance Adjustment Index | |
Fidelity Women's Leadership Fund | Russell 3000 Index |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | -% | .25% | 17,415 | 215 |
Class M | .25% | .25% | 6,118 | - |
Class C | .75% | .25% | 16,815 | 1,694 |
40,348 | 1,909 |
Retained by FDC ($) | |
Class A | 6,164 |
Class M | 193 |
Class CA | 50 |
6,407 |
% of Class-Level Average Net Assets | |
Class A | 0.2000 |
Class M | 0.2000 |
Class C | 0.2000 |
Fidelity Women's Leadership Fund | 0.2000 |
Class I | 0.1597 |
Amount ($) | % of Class-Level Average Net Assets | |
Class A | 11,459 | .20 |
Class M | 2,220 | .22 |
Class C | 3,001 | .22 |
Fidelity Women's Leadership Fund | 223,385 | .24 |
Class I | 19,120 | .16 |
Class Z | 4,478 | .04 |
263,663 |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | 0.0354 |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | .04 |
Amount ($) | |
Fidelity Women's Leadership Fund | 629 |
Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) | |
Fidelity Women's Leadership Fund | Borrower | 5,574,000 | 5.58% | 864 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Women's Leadership Fund | 391,416 | 2,746,319 | 62,735 |
Amount ($) | |
Fidelity Women's Leadership Fund | 262 |
Expense reduction ($) | |
Class A | 34 |
Class C | 1 |
35 |
Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Women's Leadership Fund | ||
Distributions to shareholders | ||
Class A | $29,747 | $27,652 |
Class M | 2,422 | 3,208 |
Fidelity Women's Leadership Fund | 668,906 | 578,127 |
Class I | 102,091 | 87,523 |
Class Z | 107,791 | 58,888 |
Total | $910,957 | $755,398 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2024 | Year ended April 30, 2023 | Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Women's Leadership Fund | ||||
Class A | ||||
Shares sold | 89,980 | 141,008 | $1,319,806 | $1,797,187 |
Reinvestment of distributions | 1,938 | 2,161 | 28,972 | 27,138 |
Shares redeemed | (46,268) | (79,981) | (685,142) | (1,015,214) |
Net increase (decrease) | 45,650 | 63,188 | $663,636 | $809,111 |
Class M | ||||
Shares sold | 3,512 | 11,061 | $51,358 | $139,353 |
Reinvestment of distributions | 161 | 256 | 2,422 | 3,208 |
Shares redeemed | (3,117) | (7,469) | (44,710) | (93,120) |
Net increase (decrease) | 556 | 3,848 | $9,070 | $49,441 |
Class C | ||||
Shares sold | 14,405 | 20,115 | $207,118 | $255,147 |
Shares redeemed | (23,441) | (16,959) | (334,953) | (213,813) |
Net increase (decrease) | (9,036) | 3,156 | $(127,835) | $41,334 |
Fidelity Women's Leadership Fund | ||||
Shares sold | 963,535 | 2,347,545 | $14,042,715 | $30,916,025 |
Reinvestment of distributions | 41,573 | 42,668 | 618,490 | 537,622 |
Shares redeemed | (2,901,042) | (1,511,874) | (42,354,418) | (19,406,034) |
Net increase (decrease) | (1,895,934) | 878,339 | $(27,693,213) | $12,047,613 |
Class I | ||||
Shares sold | 365,609 | 444,612 | $5,078,142 | $5,699,005 |
Reinvestment of distributions | 6,769 | 6,932 | 100,595 | 87,280 |
Shares redeemed | (342,100) | (309,351) | (4,790,855) | (3,964,930) |
Net increase (decrease) | 30,278 | 142,193 | $387,882 | $1,821,355 |
Class Z | ||||
Shares sold | 425,187 | 325,511 | $6,183,243 | $4,239,577 |
Reinvestment of distributions | 5,982 | 4,454 | 89,229 | 56,255 |
Shares redeemed | (235,141) | (195,364) | (3,533,703) | (2,559,457) |
Net increase (decrease) | 196,028 | 134,601 | $2,738,769 | $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 (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Women's Leadership Fund | ||||||||||
Class A | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,221.60 | $ 5.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.74 | $ 5.17 | |||||||
Class M | 1.28% | |||||||||
Actual | $ 1,000 | $ 1,219.70 | $ 7.06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.50 | $ 6.42 | |||||||
Class C | 1.77% | |||||||||
Actual | $ 1,000 | $ 1,216.60 | $ 9.75 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.06 | $ 8.87 | |||||||
Fidelity® Women's Leadership Fund ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,222.60 | $ 4.14 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
Class I ** | .73% | |||||||||
Actual | $ 1,000 | $ 1,223.60 | $ 4.04 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.23 | $ 3.67 | |||||||
Class Z ** | .63% | |||||||||
Actual | $ 1,000 | $ 1,223.50 | $ 3.48 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.73 | $ 3.17 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Women's Leadership Fund | ||||||
Fidelity® Women's Leadership Fund | .68% | |||||
Actual | $ 3.76 | |||||
Hypothetical- B | $ 3.42 | |||||
Class I | .69% | |||||
Actual | $ 3.82 | |||||
Hypothetical- B | $ 3.47 | |||||
Class Z | .57% | |||||
Actual | $ 3.15 | |||||
Hypothetical- B | $ 2.87 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98190_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98190_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | 3.79% | 1.98% | 2.34% |
Class M (incl. 4.00% sales charge) | 3.68% | 1.96% | 2.33% |
Class C (incl. contingent deferred sales charge) | 6.31% | 2.05% | 2.15% |
Fidelity® Short Duration High Income Fund | 8.42% | 3.08% | 3.02% |
Class I | 8.39% | 3.07% | 3.02% |
Class Z | 8.48% | 3.14% | 3.07% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Short Duration High Income Fund, a class of the fund, on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 2.3 | |
Occidental Petroleum Corp. | 1.3 | |
Royal Caribbean Cruises Ltd. | 1.2 | |
DISH Network Corp. | 1.2 | |
Carnival Corp. | 1.2 | |
Univision Communications, Inc. | 1.2 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.1 | |
MPT Operating Partnership LP/MPT Finance Corp. | 1.1 | |
Community Health Systems, Inc. | 1.1 | |
Sable International Finance Ltd. | 1.0 | |
12.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.5 | |
Services | 8.6 | |
Technology | 6.9 | |
Healthcare | 5.9 | |
Chemicals | 5.3 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 83.1% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.2% | |||
Broadcasting - 0.7% | |||
DISH Network Corp. 3.375% 8/15/26 | 2,700,000 | 1,646,995 | |
Diversified Financial Services - 0.0% | |||
Coinbase Global, Inc. 0.25% 4/1/30 (b) | 10,000 | 9,031 | |
Energy - 0.0% | |||
Sunnova Energy International, Inc. 0.25% 12/1/26 | 134,000 | 59,998 | |
Homebuilders/Real Estate - 0.2% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 510,000 | 415,650 | |
Technology - 0.3% | |||
Global Payments, Inc. 1.5% 3/1/31 (b) | 348,000 | 345,912 | |
Wolfspeed, Inc. 1.875% 12/1/29 | 648,000 | 372,276 | |
718,188 | |||
TOTAL CONVERTIBLE BONDS | 2,849,862 | ||
Nonconvertible Bonds - 81.9% | |||
Aerospace - 3.7% | |||
Bombardier, Inc.: | |||
6% 2/15/28 (b) | 125,000 | 121,899 | |
7.875% 4/15/27 (b) | 720,000 | 715,513 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 455,000 | 456,866 | |
6.875% 5/1/25 | 1,248,000 | 1,257,422 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 475,000 | 469,790 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 210,000 | 232,312 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 1,235,000 | 1,199,494 | |
6.375% 3/1/29 (b) | 1,160,000 | 1,151,141 | |
6.75% 8/15/28 (b) | 2,935,000 | 2,953,348 | |
8,557,785 | |||
Air Transportation - 2.2% | |||
American Airlines, Inc. 7.25% 2/15/28 (b) | 380,000 | 382,151 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 1,866,667 | 1,845,012 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 1,570,000 | 1,552,600 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 1,325,000 | 1,274,497 | |
5,054,260 | |||
Automotive & Auto Parts - 0.9% | |||
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 200,000 | 194,750 | |
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (b) | 180,000 | 180,366 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 485,000 | 507,166 | |
8.375% 5/1/28 (b) | 600,000 | 629,910 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 70,000 | 60,795 | |
Phinia, Inc. 6.75% 4/15/29 (b) | 180,000 | 180,641 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (b) | 30,000 | 25,701 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b) | 295,000 | 299,897 | |
2,079,226 | |||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc. 3.875% 5/21/24 | 970,000 | 968,712 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (b) | 385,000 | 342,380 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 520,000 | 442,244 | |
1,753,336 | |||
Broadcasting - 2.2% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.875% 4/1/30 (b) | 235,000 | 230,408 | |
9% 9/15/28 (b) | 1,025,000 | 1,053,766 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(d) | 410,000 | 10,250 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 1,130,000 | 1,139,082 | |
iHeartCommunications, Inc. 4.75% 1/15/28 (b) | 525,000 | 374,882 | |
Sirius XM Radio, Inc. 3.125% 9/1/26 (b) | 1,995,000 | 1,856,808 | |
Univision Communications, Inc. 8% 8/15/28 (b) | 370,000 | 369,564 | |
5,034,760 | |||
Building Materials - 0.6% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 245,000 | 237,244 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 355,000 | 373,950 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 195,000 | 194,663 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 135,000 | 135,992 | |
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (b) | 185,000 | 166,213 | |
SRS Distribution, Inc. 4.625% 7/1/28 (b) | 95,000 | 94,646 | |
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b) | 180,000 | 184,500 | |
1,387,208 | |||
Cable/Satellite TV - 1.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (b) | 2,425,000 | 2,272,643 | |
DISH DBS Corp. 5.25% 12/1/26 (b) | 800,000 | 629,107 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 200,000 | 188,750 | |
3,090,500 | |||
Capital Goods - 1.1% | |||
ESAB Corp. 6.25% 4/15/29 (b) | 1,190,000 | 1,185,535 | |
TK Elevator U.S. Newco, Inc. 5.25% 7/15/27 (b) | 1,300,000 | 1,243,539 | |
2,429,074 | |||
Chemicals - 3.9% | |||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/31 (b) | 590,000 | 601,725 | |
Cerdia Finanz GmbH 10.5% 2/15/27 (b) | 130,000 | 134,693 | |
Compass Minerals International, Inc. 6.75% 12/1/27 (b) | 205,000 | 192,249 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 814,000 | 693,935 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 740,000 | 701,493 | |
Methanex Corp. 5.125% 10/15/27 | 900,000 | 865,595 | |
NOVA Chemicals Corp.: | |||
5% 5/1/25 (b) | 1,005,000 | 986,222 | |
5.25% 6/1/27 (b) | 400,000 | 376,282 | |
9% 2/15/30 (b) | 110,000 | 113,344 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 1,995,000 | 1,854,928 | |
6.625% 5/1/29 (b) | 300,000 | 276,805 | |
SPCM SA 3.125% 3/15/27 (b) | 395,000 | 362,698 | |
The Chemours Co. LLC 5.375% 5/15/27 | 1,075,000 | 1,017,095 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 530,000 | 472,807 | |
W.R. Grace Holding LLC 7.375% 3/1/31 (b) | 180,000 | 182,459 | |
8,832,330 | |||
Consumer Products - 1.9% | |||
Coty, Inc. 5% 4/15/26 (b) | 1,100,000 | 1,078,802 | |
Gannett Holdings LLC 6% 11/1/26 (b) | 75,000 | 69,308 | |
Kohl's Corp. 4.25% 7/17/25 | 70,000 | 68,234 | |
Mattel, Inc. 5.875% 12/15/27 (b) | 460,000 | 457,431 | |
Newell Brands, Inc. 5.7% 4/1/26 | 675,000 | 664,236 | |
Tempur Sealy International, Inc. 4% 4/15/29 (b) | 865,000 | 768,996 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 390,000 | 368,152 | |
10.5% 5/15/29 (b) | 825,000 | 789,403 | |
4,264,562 | |||
Containers - 2.3% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 870,000 | 725,020 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 425,000 | 415,879 | |
Mauser Packaging Solutions Holding Co.: | |||
7.875% 4/15/27 (b) | 525,000 | 534,844 | |
9.25% 4/15/27 (b) | 550,000 | 538,986 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 750,000 | 751,148 | |
Sealed Air Corp. 5% 4/15/29 (b) | 1,500,000 | 1,411,219 | |
Sealed Air Corp./Sealed Air Corp. U.S. 6.125% 2/1/28 (b) | 515,000 | 508,725 | |
Trivium Packaging Finance BV 8.5% 8/15/27 (b) | 450,000 | 445,618 | |
5,331,439 | |||
Diversified Financial Services - 3.3% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 225,000 | 202,500 | |
Encore Capital Group, Inc. 9.25% 4/1/29 (b) | 200,000 | 204,329 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b) | 385,000 | 399,922 | |
Freedom Mortgage Corp. 6.625% 1/15/27 (b) | 250,000 | 240,629 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 295,000 | 294,723 | |
7.75% 5/15/26 (b) | 1,240,000 | 1,259,684 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 410,000 | 393,732 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 150,000 | 140,790 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 690,000 | 685,922 | |
5.25% 5/15/27 | 1,310,000 | 1,197,013 | |
6.25% 5/15/26 | 750,000 | 729,424 | |
Jefferson Capital Holding 9.5% 2/15/29 (b) | 185,000 | 188,230 | |
Navient Corp. 6.75% 6/15/26 | 250,000 | 249,166 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 235,000 | 216,202 | |
6.875% 3/15/25 | 1,090,000 | 1,097,139 | |
7,499,405 | |||
Diversified Media - 0.2% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 425,000 | 395,474 | |
Energy - 14.1% | |||
Altus Midstream LP 6.625% 12/15/28 (b) | 465,000 | 467,239 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 305,000 | 307,593 | |
Berry Petroleum Co. LLC 7% 2/15/26 (b) | 100,000 | 99,126 | |
Buckeye Partners LP: | |||
4.125% 3/1/25 (b) | 525,000 | 513,659 | |
4.125% 12/1/27 | 1,400,000 | 1,303,549 | |
California Resources Corp. 7.125% 2/1/26 (b) | 250,000 | 251,384 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp.: | |||
9.75% 7/15/28 (b) | 315,000 | 302,027 | |
11% 4/15/25 (b) | 3,000 | 3,002 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 625,000 | 597,442 | |
Chesapeake Energy Corp. 5.5% 2/1/26 (b) | 180,000 | 177,722 | |
Chord Energy Corp. 6.375% 6/1/26 (b) | 100,000 | 99,959 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (b) | 525,000 | 524,187 | |
Comstock Resources, Inc. 6.75% 3/1/29 (b) | 120,000 | 114,253 | |
Continental Resources, Inc. 2.268% 11/15/26 (b) | 100,000 | 91,729 | |
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (b) | 850,000 | 845,301 | |
CVR Energy, Inc. 8.5% 1/15/29 (b) | 585,000 | 586,443 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 335,000 | 333,321 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp.: | |||
7.125% 6/1/28 (b) | 80,000 | 78,137 | |
8.625% 3/15/29 (b) | 630,000 | 634,767 | |
Energy Transfer LP: | |||
6% 2/1/29 (b) | 560,000 | 559,237 | |
7.375% 2/1/31 (b) | 525,000 | 541,386 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 525,000 | 510,605 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (b) | 147,000 | 146,755 | |
7.5% 6/1/27 (b) | 850,000 | 866,001 | |
EQT Corp. 3.125% 5/15/26 (b) | 175,000 | 165,347 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 1,145,000 | 1,157,920 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,157,000 | 2,139,935 | |
Gulfport Energy Corp. 8% 5/17/26 | 100,000 | 101,288 | |
Harvest Midstream I LP 7.5% 5/15/32 (b) | 430,000 | 430,533 | |
Hess Midstream Operations LP 5.625% 2/15/26 (b) | 900,000 | 889,888 | |
HF Sinclair Corp. 6.375% 4/15/27 (b) | 105,000 | 105,012 | |
Kodiak Gas Services LLC 7.25% 2/15/29 (b) | 345,000 | 347,488 | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6% 8/1/26 (b) | 475,000 | 468,671 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 400,000 | 396,436 | |
Mesquite Energy, Inc. 7.25% (b)(d)(e) | 135,000 | 0 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 615,000 | 588,102 | |
6.75% 9/15/25 (b) | 659,000 | 650,903 | |
8.75% 3/15/29 (b) | 690,000 | 672,922 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125% 2/15/29 (b) | 345,000 | 350,492 | |
Northern Oil & Gas, Inc. 8.75% 6/15/31 (b) | 285,000 | 299,793 | |
NuStar Logistics LP 6% 6/1/26 | 150,000 | 148,846 | |
Occidental Petroleum Corp.: | |||
5.875% 9/1/25 | 1,650,000 | 1,650,045 | |
6.95% 7/1/24 | 424,000 | 424,470 | |
8.5% 7/15/27 | 750,000 | 801,533 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 580,000 | 596,521 | |
PDC Energy, Inc. 5.75% 5/15/26 | 650,000 | 649,629 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 185,000 | 188,961 | |
Precision Drilling Corp. 7.125% 1/15/26 (b) | 556,000 | 555,968 | |
Range Resources Corp. 4.875% 5/15/25 | 450,000 | 446,186 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 430,000 | 447,962 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,002,000 | 1,030,400 | |
SM Energy Co. 6.625% 1/15/27 | 431,000 | 428,787 | |
Southwestern Energy Co. 5.7% 1/23/25 (f) | 428,000 | 426,055 | |
Sunnova Energy Corp. 5.875% 9/1/26 (b) | 810,000 | 503,779 | |
Sunoco LP/Sunoco Finance Corp. 6% 4/15/27 | 1,010,000 | 997,786 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b) | 750,000 | 730,553 | |
Talos Production, Inc. 9% 2/1/29 (b) | 100,000 | 105,506 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 540,000 | 549,231 | |
Transocean, Inc. 8.75% 2/15/30 (b) | 585,000 | 609,967 | |
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 7.125% 3/15/29 (b) | 280,000 | 278,209 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 305,000 | 313,666 | |
Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (b) | 265,000 | 262,010 | |
Western Gas Partners LP 4.65% 7/1/26 | 1,300,000 | 1,269,798 | |
32,135,422 | |||
Entertainment/Film - 0.6% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (b) | 1,450,000 | 1,366,585 | |
Environmental - 0.4% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 210,000 | 208,046 | |
GFL Environmental, Inc. 6.75% 1/15/31 (b) | 180,000 | 181,455 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 700,000 | 649,355 | |
1,038,856 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 1,100,000 | 1,044,697 | |
6.5% 2/15/28 (b) | 985,000 | 984,107 | |
2,028,804 | |||
Food/Beverage/Tobacco - 1.1% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 380,000 | 291,345 | |
Chobani LLC/Finance Corp., Inc. 7.625% 7/1/29 (b) | 265,000 | 267,803 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b) | 210,000 | 213,982 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 345,000 | 348,352 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 400,000 | 387,188 | |
Post Holdings, Inc.: | |||
5.625% 1/15/28 (b) | 125,000 | 121,307 | |
6.25% 2/15/32 (b) | 655,000 | 646,254 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 100,000 | 97,805 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 95,000 | 72,906 | |
2,446,942 | |||
Gaming - 3.6% | |||
Affinity Interactive 6.875% 12/15/27 (b) | 1,030,000 | 921,906 | |
Boyd Gaming Corp. 4.75% 12/1/27 | 475,000 | 450,011 | |
Caesars Entertainment, Inc.: | |||
6.5% 2/15/32 (b) | 665,000 | 655,187 | |
8.125% 7/1/27 (b) | 900,000 | 912,148 | |
Churchill Downs, Inc.: | |||
4.75% 1/15/28 (b) | 300,000 | 283,444 | |
6.75% 5/1/31 (b) | 495,000 | 491,411 | |
International Game Technology PLC 4.125% 4/15/26 (b) | 825,000 | 794,466 | |
Las Vegas Sands Corp. 3.5% 8/18/26 | 400,000 | 376,883 | |
Light & Wonder International, Inc. 7% 5/15/28 (b) | 1,000,000 | 1,003,472 | |
Melco Resorts Finance Ltd. 5.25% 4/26/26 (b) | 200,000 | 191,925 | |
Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (b) | 275,000 | 279,210 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b) | 95,000 | 90,311 | |
Station Casinos LLC 6.625% 3/15/32 (b) | 350,000 | 342,980 | |
Studio City Finance Ltd. 5% 1/15/29 (b) | 225,000 | 192,938 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (b) | 715,000 | 700,705 | |
4.625% 6/15/25 (b) | 300,000 | 295,156 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) | 325,000 | 314,071 | |
8,296,224 | |||
Healthcare - 5.1% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 562,000 | 551,727 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 1,085,000 | 1,010,622 | |
11% 9/30/28 (b) | 850,000 | 663,417 | |
14% 10/15/30 (b) | 197,000 | 127,065 | |
Centene Corp. 3% 10/15/30 | 210,000 | 176,034 | |
Community Health Systems, Inc.: | |||
5.625% 3/15/27 (b) | 1,950,000 | 1,785,501 | |
6.875% 4/15/29 (b) | 750,000 | 557,549 | |
HCA Holdings, Inc. 5.875% 2/15/26 | 650,000 | 650,303 | |
IQVIA, Inc. 5% 5/15/27 (b) | 1,675,000 | 1,617,054 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 470,000 | 466,994 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 250,000 | 243,827 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 235,000 | 196,643 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 550,000 | 500,916 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 65,000 | 58,270 | |
RegionalCare Hospital Partners Holdings, Inc. 11% 10/15/30 (b) | 290,000 | 308,674 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 345,000 | 344,529 | |
Tenet Healthcare Corp. 5.125% 11/1/27 | 2,300,000 | 2,225,077 | |
U.S. Acute Care Solutions 9.75% 5/15/29 (b) | 100,000 | 98,063 | |
11,582,265 | |||
Homebuilders/Real Estate - 4.2% | |||
Beazer Homes U.S.A., Inc. 7.5% 3/15/31 (b) | 185,000 | 182,859 | |
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (b) | 1,050,000 | 1,016,034 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 230,000 | 236,896 | |
HAT Holdings I LLC/HAT Holdings II LLC 8% 6/15/27 (b) | 285,000 | 292,167 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 230,000 | 225,688 | |
LGI Homes, Inc. 8.75% 12/15/28 (b) | 195,000 | 202,842 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 1,700,000 | 1,390,532 | |
5.25% 8/1/26 | 1,285,000 | 1,170,406 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 230,000 | 229,698 | |
Rithm Capital Corp. 8% 4/1/29 (b) | 140,000 | 136,901 | |
Safehold Operating Partnership LP 2.85% 1/15/32 | 710,000 | 569,445 | |
Service Properties Trust 7.5% 9/15/25 | 800,000 | 805,904 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 1,500,000 | 1,481,578 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 500,000 | 438,525 | |
6.5% 2/15/29 (b) | 1,400,000 | 1,125,497 | |
9,504,972 | |||
Hotels - 0.1% | |||
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b) | 230,000 | 226,749 | |
Insurance - 0.4% | |||
Acrisure LLC / Acrisure Finance, Inc. 8.25% 2/1/29 (b) | 530,000 | 525,646 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
6.75% 10/15/27 (b) | 30,000 | 29,419 | |
7% 1/15/31 (b) | 200,000 | 200,626 | |
Enact Holdings, Inc. 6.5% 8/15/25 (b) | 200,000 | 199,820 | |
955,511 | |||
Leisure - 3.6% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 235,000 | 231,434 | |
Carnival Corp.: | |||
7.625% 3/1/26 (b) | 2,430,000 | 2,445,073 | |
10.5% 6/1/30 (b) | 245,000 | 266,072 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 400,000 | 391,928 | |
5.875% 2/15/27 (b) | 525,000 | 512,856 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 120,000 | 116,780 | |
5.5% 8/31/26 (b) | 1,435,000 | 1,407,638 | |
5.5% 4/1/28 (b) | 600,000 | 584,020 | |
6.25% 3/15/32 (b) | 230,000 | 226,728 | |
7.25% 1/15/30 (b) | 445,000 | 457,621 | |
Six Flags Entertainment Corp. 5.5% 4/15/27 (b) | 550,000 | 530,716 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,000,000 | 1,072,609 | |
8,243,475 | |||
Metals/Mining - 1.3% | |||
Alcoa Nederland Holding BV 7.125% 3/15/31 (b) | 90,000 | 91,036 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 110,000 | 114,528 | |
Cleveland-Cliffs, Inc.: | |||
6.75% 4/15/30 (b) | 195,000 | 190,416 | |
7% 3/15/32 (b) | 350,000 | 341,821 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 340,000 | 319,804 | |
Howmet Aerospace, Inc. 5.125% 10/1/24 | 48,000 | 47,757 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 880,000 | 851,088 | |
Mineral Resources Ltd. 9.25% 10/1/28 (b) | 185,000 | 193,942 | |
Novelis Corp. 3.25% 11/15/26 (b) | 950,000 | 888,215 | |
3,038,607 | |||
Paper - 0.3% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 690,000 | 668,857 | |
Railroad - 0.1% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 355,000 | 352,831 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 675,000 | 622,696 | |
5.75% 4/15/25 (b) | 375,000 | 373,257 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 55,000 | 57,991 | |
1,053,944 | |||
Services - 6.7% | |||
AECOM 5.125% 3/15/27 | 930,000 | 903,500 | |
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 340,000 | 340,751 | |
APX Group, Inc. 6.75% 2/15/27 (b) | 1,505,000 | 1,495,017 | |
Aramark Services, Inc. 5% 4/1/25 (b) | 1,025,000 | 1,014,888 | |
Artera Services LLC 8.5% 2/15/31 (b) | 695,000 | 711,162 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 765,000 | 820,921 | |
Camelot Finance SA 4.5% 11/1/26 (b) | 950,000 | 904,743 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 35,000 | 32,628 | |
8.25% 4/15/29 | 235,000 | 242,824 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 590,000 | 510,484 | |
Iron Mountain, Inc. 4.875% 9/15/27 (b) | 475,000 | 453,304 | |
Life Time, Inc. 5.75% 1/15/26 (b) | 425,000 | 420,378 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 360,000 | 339,300 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 875,000 | 863,994 | |
Sabre GLBL, Inc. 8.625% 6/1/27 (b) | 758,000 | 670,736 | |
Sotheby's 7.375% 10/15/27 (b) | 215,000 | 200,363 | |
Staples, Inc. 7.5% 4/15/26 (b) | 700,000 | 674,882 | |
The GEO Group, Inc.: | |||
8.625% 4/15/29 (b) | 500,000 | 506,180 | |
10.25% 4/15/31 (b) | 470,000 | 484,542 | |
TriNet Group, Inc. 7.125% 8/15/31 (b) | 510,000 | 512,572 | |
Uber Technologies, Inc. 7.5% 9/15/27 (b) | 925,000 | 941,764 | |
United Rentals North America, Inc.: | |||
3.875% 11/15/27 | 550,000 | 513,487 | |
6.125% 3/15/34 (b) | 585,000 | 571,184 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 1,265,000 | 1,226,431 | |
15,356,035 | |||
Super Retail - 1.2% | |||
At Home Group, Inc. 4.875% 7/15/28 (b) | 60,000 | 28,350 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 80,000 | 52,175 | |
5.875% 10/1/28 (b) | 115,000 | 77,401 | |
EG Global Finance PLC 12% 11/30/28 (b) | 1,610,000 | 1,661,999 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 900,000 | 870,483 | |
Upbound Group, Inc. 6.375% 2/15/29 (b) | 30,000 | 28,799 | |
2,719,207 | |||
Technology - 6.1% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 1,280,000 | 1,161,202 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 1,005,000 | 1,033,950 | |
CommScope, Inc. 6% 3/1/26 (b) | 775,000 | 692,656 | |
Elastic NV 4.125% 7/15/29 (b) | 225,000 | 200,364 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 175,000 | 131,567 | |
HTA Group Ltd. 7% 12/18/25 (b) | 1,700,000 | 1,697,344 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 85,000 | 78,776 | |
Open Text Corp. 3.875% 2/15/28 (b) | 1,700,000 | 1,551,769 | |
Qorvo, Inc. 4.375% 10/15/29 | 1,350,000 | 1,245,761 | |
Seagate HDD Cayman 8.25% 12/15/29 (b) | 165,000 | 175,376 | |
Sensata Technologies BV 5% 10/1/25 (b) | 2,300,000 | 2,270,441 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 2,000,000 | 1,944,036 | |
UKG, Inc. 6.875% 2/1/31 (b) | 285,000 | 285,543 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 625,000 | 568,605 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 50,000 | 45,055 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 875,000 | 823,443 | |
13,905,888 | |||
Telecommunications - 4.8% | |||
Altice Financing SA 5% 1/15/28 (b) | 1,400,000 | 1,104,889 | |
Altice France SA: | |||
5.125% 7/15/29 (b) | 1,200,000 | 781,639 | |
8.125% 2/1/27 (b) | 410,000 | 308,674 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 25,000 | 23,673 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 675,000 | 666,351 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 385,000 | 319,596 | |
Hughes Satellite Systems Corp. 5.25% 8/1/26 | 525,000 | 434,695 | |
Level 3 Financing, Inc.: | |||
10.5% 5/15/30 (b) | 260,000 | 257,640 | |
11% 11/15/29 (b) | 168,736 | 172,195 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 2,402,000 | 2,282,777 | |
SBA Communications Corp. 3.875% 2/15/27 | 1,550,000 | 1,456,685 | |
T-Mobile U.S.A., Inc.: | |||
2.25% 2/15/26 | 1,210,000 | 1,140,771 | |
2.625% 4/15/26 | 320,000 | 302,333 | |
Telecom Italia SpA 5.303% 5/30/24 (b) | 800,000 | 798,046 | |
ViaSat, Inc. 5.625% 9/15/25 (b) | 550,000 | 528,416 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 450,000 | 358,183 | |
10,936,563 | |||
Transportation Ex Air/Rail - 0.5% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 70,000 | 58,748 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 645,000 | 554,719 | |
XPO, Inc. 6.25% 6/1/28 (b) | 470,000 | 468,242 | |
1,081,709 | |||
Utilities - 1.9% | |||
Calpine Corp. 5.125% 3/15/28 (b) | 750,000 | 711,424 | |
NextEra Energy Partners LP: | |||
4.25% 7/15/24 (b) | 500,000 | 497,880 | |
4.25% 9/15/24 (b) | 41,000 | 40,430 | |
7.25% 1/15/29 (b) | 465,000 | 470,993 | |
PG&E Corp. 5% 7/1/28 | 460,000 | 438,301 | |
Pike Corp. 8.625% 1/31/31 (b) | 275,000 | 288,081 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (b) | 120,000 | 120,468 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 825,000 | 785,175 | |
5.625% 2/15/27 (b) | 805,000 | 783,224 | |
7.75% 10/15/31 (b) | 255,000 | 261,526 | |
4,397,502 | |||
TOTAL NONCONVERTIBLE BONDS | 187,046,307 | ||
TOTAL CORPORATE BONDS (Cost $188,944,305) | 189,896,169 | ||
Common Stocks - 0.1% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.0% | |||
Lime Tree Bay Ltd. (e)(g) | 80 | 5,146 | |
Energy - 0.1% | |||
California Resources Corp. warrants 10/27/24 (g) | 2 | 34 | |
Forbes Energy Services Ltd. (e)(g) | 6,468 | 1 | |
Mesquite Energy, Inc. (e)(g) | 1,922 | 157,363 | |
TOTAL ENERGY | 157,398 | ||
TOTAL COMMON STOCKS (Cost $338,982) | 162,544 | ||
Bank Loan Obligations - 10.9% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.2% | |||
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9301% 6/3/28 (c)(h)(i) | 438,579 | 429,031 | |
Broadcasting - 1.0% | |||
Diamond Sports Group LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6625% (c)(d)(h)(i) | 196,992 | 4,580 | |
term loan 10% 8/2/27 (i) | 40,404 | 64,108 | |
Univision Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6802% 1/31/29 (c)(h)(i) | 2,324,127 | 2,316,387 | |
TOTAL BROADCASTING | 2,385,075 | ||
Building Materials - 0.8% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (c)(h)(i) | 612,499 | 530,271 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9019% 4/29/29 (c)(h)(i) | 492,500 | 494,426 | |
SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/4/28 (c)(h)(i) | 849,119 | 855,105 | |
TOTAL BUILDING MATERIALS | 1,879,802 | ||
Chemicals - 1.4% | |||
ARC Falcon I, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.9157% 9/30/28 (c)(h)(i) | 395,193 | 394,699 | |
Aruba Investment Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4157% 11/24/27 (c)(h)(i) | 365,531 | 354,411 | |
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8157% 11/15/30 (c)(h)(i) | 400,000 | 386,376 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (c)(h)(i) | 365,665 | 364,981 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9757% 3/15/29 (c)(h)(i) | 395,211 | 387,864 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 11/9/28 (c)(h)(i) | 711,065 | 712,054 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4418% 3/16/27 (c)(h)(i) | 31,876 | 31,929 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 9/22/28 (c)(h)(i) | 556,602 | 556,602 | |
TOTAL CHEMICALS | 3,188,916 | ||
Consumer Products - 0.1% | |||
Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 5/17/28 (c)(h)(i) | 24,375 | 24,175 | |
TKC Holdings, Inc. 1LN, term loan 13.5% 2/14/27 (c)(i) | 242,725 | 190,540 | |
TOTAL CONSUMER PRODUCTS | 214,715 | ||
Diversified Financial Services - 0.4% | |||
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5861% 4/21/28 (c)(h)(i) | 832,299 | 834,905 | |
Energy - 0.0% | |||
DT Midstream, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4302% 6/12/28 (c)(h)(i) | 15,973 | 16,030 | |
Forbes Energy Services LLC Tranche B, term loan 0% (c)(d)(e)(i) | 60,604 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(i) | 35,876 | 0 | |
term loan 0% (c)(d)(e)(i) | 15,000 | 0 | |
TOTAL ENERGY | 16,030 | ||
Environmental - 0.3% | |||
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6946% 6/28/28 (c)(h)(i) | 684,250 | 683,395 | |
Food/Beverage/Tobacco - 0.2% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6802% 5/16/29 (c)(h)(i) | 363,157 | 306,867 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.8135% 3/31/28 (c)(h)(i) | 53,488 | 53,238 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 360,105 | ||
Gaming - 0.1% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.069% 1/27/29 (c)(h)(i) | 317,596 | 318,165 | |
Healthcare - 0.8% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% (c)(d)(h)(i) | 654,606 | 164,470 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(e)(h)(i) | 104,095 | 106,177 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(e)(h)(i) | 67,910 | 69,268 | |
Confluent Health LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 11/30/28 (c)(h)(i) | 14,713 | 14,511 | |
Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3157% 5/4/28 (c)(h)(i) | 19,450 | 19,499 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 5/5/28 (c)(h)(i) | 48,165 | 48,436 | |
MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3157% 4/5/31 (c)(h)(i) | 438,402 | 438,503 | |
Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0683% 10/23/28 (c)(h)(i) | 102,656 | 102,883 | |
Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4334% 6/2/28 (c)(h)(i) | 804,266 | 807,532 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.071% 11/30/27 (c)(h)(i) | 14,623 | 14,664 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 11/15/28 (c)(h)(i) | 58,800 | 58,953 | |
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6918% 10/1/28 (c)(h)(i) | 29,250 | 28,257 | |
TOTAL HEALTHCARE | 1,873,153 | ||
Hotels - 0.0% | |||
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.8157% 8/2/28 (c)(h)(i) | 48,750 | 48,781 | |
Insurance - 0.5% | |||
Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8189% 11/6/30 (c)(h)(i) | 381,656 | 383,034 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4157% 8/19/28 (c)(h)(i) | 365,625 | 354,656 | |
USI, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3019% 11/22/29 (c)(h)(i) | 365,644 | 366,353 | |
TOTAL INSURANCE | 1,104,043 | ||
Leisure - 0.2% | |||
Hayward Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1802% 5/28/28 (c)(h)(i) | 389,000 | 389,000 | |
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.571% 5/12/28 (c)(h)(i) | 24,313 | 24,404 | |
TOTAL LEISURE | 413,404 | ||
Metals/Mining - 0.1% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (c)(h)(i) | 279,282 | 247,265 | |
Paper - 0.5% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.0907% 4/13/29 (c)(h)(i) | 1,122,134 | 1,126,342 | |
Services - 1.9% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9183% 12/21/28 (c)(h)(i) | 560,218 | 562,598 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.1657% 5/14/28 (c)(h)(i) | 1,453,293 | 1,453,570 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (c)(h)(i) | 20,000 | 19,583 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (c)(h)(i) | 879,593 | 875,925 | |
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.819% 8/1/30 (c)(h)(i) | 263,675 | 264,390 | |
CHG Healthcare Services, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6802% 9/30/28 (c)(h)(i) | 14,625 | 14,645 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/2/28 (c)(h)(i) | 48,750 | 46,922 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4059% 4/11/29 (c)(h)(i) | 407,368 | 382,021 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (c)(h)(i) | 890,420 | 783,151 | |
TOTAL SERVICES | 4,402,805 | ||
Super Retail - 0.9% | |||
Empire Today LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5911% 4/1/28 (c)(h)(i) | 487,469 | 338,791 | |
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (c)(h)(i) | 1,150,433 | 1,149,812 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (c)(h)(i) | 503,935 | 504,146 | |
TOTAL SUPER RETAIL | 1,992,749 | ||
Technology - 0.5% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4519% 2/16/28 (c)(h)(i) | 10,156 | 10,152 | |
Applied Systems, Inc. Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (c)(h)(i) | 5,000 | 5,160 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (c)(h)(i) | 849,028 | 846,905 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan CME Term SOFR 1 Month Index + 6.750% 12.1802% 3/31/29 (c)(h)(i) | 80,000 | 75,300 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/31/28 (c)(h)(i) | 14,588 | 14,518 | |
Maverick Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.2295% 5/18/28 (c)(h)(i) | 292,519 | 291,056 | |
TOTAL TECHNOLOGY | 1,243,091 | ||
Telecommunications - 0.4% | |||
Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6855% 11/30/27 (c)(h)(i) | 477,672 | 467,125 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 10/2/27 (c)(h)(i) | 250,000 | 234,028 | |
Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6657% 9/21/27 (c)(h)(i) | 339,256 | 337,703 | |
TOTAL TELECOMMUNICATIONS | 1,038,856 | ||
Textiles/Apparel - 0.3% | |||
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6918% 4/16/28 (c)(h)(i) | 601,726 | 601,473 | |
Utilities - 0.3% | |||
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0657% 1/20/31 (c)(h)(i) | 602,275 | 602,528 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $25,024,842) | 25,004,629 | ||
Preferred Securities - 0.8% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.3% | |||
Ally Financial, Inc.: | |||
4.7% (c)(j) | 220,000 | 188,946 | |
4.7% (c)(j) | 230,000 | 180,266 | |
Wells Fargo & Co. 7.625% (c)(j) | 290,000 | 306,057 | |
TOTAL BANKS & THRIFTS | 675,269 | ||
Diversified Financial Services - 0.2% | |||
Charles Schwab Corp. 5.375% (c)(j) | 515,000 | 513,862 | |
Energy - 0.3% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.5966% (c)(h)(j) | 625,000 | 637,720 | |
TOTAL PREFERRED SECURITIES (Cost $1,598,661) | 1,826,851 | ||
Money Market Funds - 4.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (k) (Cost $9,395,617) | 9,393,738 | 9,395,617 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% (Cost $225,302,407) | 226,285,810 |
NET OTHER ASSETS (LIABILITIES) - 1.0% | 2,240,479 |
NET ASSETS - 100.0% | 228,526,289 |
(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 $146,844,376 or 64.3% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Non-income producing - Security is in default. |
(e) | Level 3 security |
(f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(g) | Non-income producing |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 35,169,742 | 161,718,674 | 187,492,917 | 1,082,589 | 157 | (39) | 9,395,617 | 0.0% |
Total | 35,169,742 | 161,718,674 | 187,492,917 | 1,082,589 | 157 | (39) | 9,395,617 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 157,398 | 34 | - | 157,364 |
Financials | 5,146 | - | - | 5,146 |
Corporate Bonds | 189,896,169 | - | 189,896,169 | - |
Bank Loan Obligations | 25,004,629 | - | 24,829,184 | 175,445 |
Preferred Securities | 1,826,851 | - | 1,826,851 | - |
Money Market Funds | 9,395,617 | 9,395,617 | - | - |
Total Investments in Securities: | 226,285,810 | 9,395,651 | 216,552,204 | 337,955 |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $215,906,790) | $ | 216,890,193 | ||
Fidelity Central Funds (cost $9,395,617) | 9,395,617 | |||
Total Investment in Securities (cost $225,302,407) | $ | 226,285,810 | ||
Cash | 59,476 | |||
Receivable for fund shares sold | 254,344 | |||
Interest receivable | 3,205,826 | |||
Distributions receivable from Fidelity Central Funds | 48,175 | |||
Prepaid expenses | 171 | |||
Receivable from investment adviser for expense reductions | 1,370 | |||
Other receivables | 7 | |||
Total assets | 229,855,179 | |||
Liabilities | ||||
Payable for investments purchased | $ | 832,933 | ||
Payable for fund shares redeemed | 158,886 | |||
Distributions payable | 137,869 | |||
Accrued management fee | 126,968 | |||
Distribution and service plan fees payable | 8,677 | |||
Other payables and accrued expenses | 63,557 | |||
Total liabilities | 1,328,890 | |||
Net Assets | $ | 228,526,289 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 241,001,633 | ||
Total accumulated earnings (loss) | (12,475,344) | |||
Net Assets | $ | 228,526,289 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($26,215,370 ÷ 2,973,842 shares)(a) | $ | 8.82 | ||
Maximum offering price per share (100/96.00 of $8.82) | $ | 9.19 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,065,459 ÷ 234,338 shares)(a) | $ | 8.81 | ||
Maximum offering price per share (100/96.00 of $8.81) | $ | 9.18 | ||
Class C : | ||||
Net Asset Value and offering price per share ($3,452,910 ÷ 391,645 shares)(a) | $ | 8.82 | ||
Short Duration High Income : | ||||
Net Asset Value, offering price and redemption price per share ($180,997,180 ÷ 20,532,299 shares) | $ | 8.82 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($6,092,973 ÷ 691,129 shares) | $ | 8.82 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($9,702,397 ÷ 1,100,166 shares) | $ | 8.82 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 162,306 | ||
Interest | 28,511,363 | |||
Income from Fidelity Central Funds | 1,082,589 | |||
Total income | 29,756,258 | |||
Expenses | ||||
Management fee | $ | 2,084,243 | ||
Transfer agent fees | 304,415 | |||
Distribution and service plan fees | 96,948 | |||
Accounting fees and expenses | 138,218 | |||
Custodian fees and expenses | 13,383 | |||
Independent trustees' fees and expenses | 2,076 | |||
Registration fees | 106,197 | |||
Audit | 73,016 | |||
Legal | 1,318 | |||
Interest | 35,167 | |||
Miscellaneous | 1,586 | |||
Total expenses before reductions | 2,856,567 | |||
Expense reductions | (32,716) | |||
Total expenses after reductions | 2,823,851 | |||
Net Investment income (loss) | 26,932,407 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (10,127,509) | |||
Fidelity Central Funds | 157 | |||
Foreign currency transactions | (1) | |||
Total net realized gain (loss) | (10,127,353) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,892,974 | |||
Fidelity Central Funds | (39) | |||
Total change in net unrealized appreciation (depreciation) | 4,892,935 | |||
Net gain (loss) | (5,234,418) | |||
Net increase (decrease) in net assets resulting from operations | $ | 21,697,989 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 26,932,407 | $ | 18,111,555 |
Net realized gain (loss) | (10,127,353) | (2,582,867) | ||
Change in net unrealized appreciation (depreciation) | 4,892,935 | 2,108,837 | ||
Net increase (decrease) in net assets resulting from operations | 21,697,989 | 17,637,525 | ||
Distributions to shareholders | (22,490,058) | (15,367,826) | ||
Share transactions - net increase (decrease) | (273,189,716) | 372,738,743 | ||
Total increase (decrease) in net assets | (273,981,785) | 375,008,442 | ||
Net Assets | ||||
Beginning of period | 502,508,074 | 127,499,632 | ||
End of period | $ | 228,526,289 | $ | 502,508,074 |
Fidelity Advisor® Short Duration High Income Fund Class A |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .604 | .502 | .307 | .300 | .348 | |||||
Net realized and unrealized gain (loss) | .078 C | (.429) | (.546) | .651 | (.571) | |||||
Total from investment operations | .682 | .073 | (.239) | .951 | (.223) | |||||
Distributions from net investment income | (.522) | (.393) | (.301) | (.301) | (.347) | |||||
Total distributions | (.522) | (.393) | (.301) | (.301) | (.347) | |||||
Net asset value, end of period | $ | 8.82 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 |
Total Return D,E | 8.12 % | .93% | (2.60)% | 10.83% | (2.47)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.04% | 1.10% | 1.13% | 1.15% | 1.15% | |||||
Expenses net of fee waivers, if any | 1.01 % | 1.00% | 1.01% | 1.05% | 1.05% | |||||
Expenses net of all reductions | 1.01% | 1.00% | 1.01% | 1.05% | 1.05% | |||||
Net investment income (loss) | 6.94% | 5.81% | 3.27% | 3.21% | 3.74% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 26,215 | $ | 21,379 | $ | 22,554 | $ | 17,126 | $ | 12,603 |
Portfolio turnover rate H | 30 % | 14% | 42% | 74% | 77% |
Fidelity Advisor® Short Duration High Income Fund Class M |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .604 | .502 | .307 | .300 | .348 | |||||
Net realized and unrealized gain (loss) | .068 C | (.429) | (.546) | .661 | (.581) | |||||
Total from investment operations | .672 | .073 | (.239) | .961 | (.233) | |||||
Distributions from net investment income | (.522) | (.393) | (.301) | (.301) | (.347) | |||||
Total distributions | (.522) | (.393) | (.301) | (.301) | (.347) | |||||
Net asset value, end of period | $ | 8.81 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.86 |
Total Return D,E | 8.00 % | .93% | (2.60)% | 10.96% | (2.58)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.06% | 1.12% | 1.13% | 1.17% | 1.16% | |||||
Expenses net of fee waivers, if any | 1.01 % | 1.00% | 1.01% | 1.05% | 1.05% | |||||
Expenses net of all reductions | 1.01% | 1.00% | 1.01% | 1.05% | 1.05% | |||||
Net investment income (loss) | 6.94% | 5.81% | 3.27% | 3.21% | 3.74% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,065 | $ | 2,318 | $ | 2,812 | $ | 2,289 | $ | 2,106 |
Portfolio turnover rate H | 30 % | 14% | 42% | 74% | 77% |
Fidelity Advisor® Short Duration High Income Fund Class C |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .539 | .439 | .237 | .230 | .278 | |||||
Net realized and unrealized gain (loss) | .078 C | (.430) | (.546) | .651 | (.571) | |||||
Total from investment operations | .617 | .009 | (.309) | .881 | (.293) | |||||
Distributions from net investment income | (.457) | (.329) | (.231) | (.231) | (.277) | |||||
Total distributions | (.457) | (.329) | (.231) | (.231) | (.277) | |||||
Net asset value, end of period | $ | 8.82 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 |
Total Return D,E | 7.31 % | .18% | (3.33)% | 10.01% | (3.20)% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.83% | 1.90% | 1.91% | 1.94% | 1.93% | |||||
Expenses net of fee waivers, if any | 1.76 % | 1.75% | 1.76% | 1.80% | 1.80% | |||||
Expenses net of all reductions | 1.76% | 1.75% | 1.76% | 1.80% | 1.80% | |||||
Net investment income (loss) | 6.19% | 5.06% | 2.52% | 2.46% | 2.99% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 3,453 | $ | 2,795 | $ | 3,884 | $ | 4,018 | $ | 4,017 |
Portfolio turnover rate H | 30 % | 14% | 42% | 74% | 77% |
Fidelity® Short Duration High Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .624 | .523 | .331 | .323 | .372 | |||||
Net realized and unrealized gain (loss) | .083 C | (.428) | (.546) | .651 | (.572) | |||||
Total from investment operations | .707 | .095 | (.215) | .974 | (.200) | |||||
Distributions from net investment income | (.547) | (.415) | (.325) | (.324) | (.370) | |||||
Total distributions | (.547) | (.415) | (.325) | (.324) | (.370) | |||||
Net asset value, end of period | $ | 8.82 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 |
Total Return D | 8.42 % | 1.18% | (2.35)% | 11.11% | (2.23)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .73% | .76% | .83% | .87% | .86% | |||||
Expenses net of fee waivers, if any | .73 % | .75% | .75% | .80% | .80% | |||||
Expenses net of all reductions | .73% | .75% | .75% | .80% | .80% | |||||
Net investment income (loss) | 7.22% | 6.06% | 3.52% | 3.46% | 3.99% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 180,997 | $ | 460,873 | $ | 87,949 | $ | 83,066 | $ | 63,703 |
Portfolio turnover rate G | 30 % | 14% | 42% | 74% | 77% |
Fidelity Advisor® Short Duration High Income Fund Class I |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .625 | .524 | .331 | .323 | .372 | |||||
Net realized and unrealized gain (loss) | .079 C | (.429) | (.546) | .651 | (.572) | |||||
Total from investment operations | .704 | .095 | (.215) | .974 | (.200) | |||||
Distributions from net investment income | (.544) | (.415) | (.325) | (.324) | (.370) | |||||
Total distributions | (.544) | (.415) | (.325) | (.324) | (.370) | |||||
Net asset value, end of period | $ | 8.82 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 |
Total Return D | 8.39 % | 1.18% | (2.35)% | 11.11% | (2.23)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .76% | .84% | .88% | .92% | .89% | |||||
Expenses net of fee waivers, if any | .76 % | .75% | .76% | .80% | .80% | |||||
Expenses net of all reductions | .76% | .75% | .76% | .80% | .80% | |||||
Net investment income (loss) | 7.19% | 6.06% | 3.52% | 3.46% | 3.99% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 6,093 | $ | 4,855 | $ | 5,055 | $ | 5,023 | $ | 3,950 |
Portfolio turnover rate G | 30 % | 14% | 42% | 74% | 77% |
Fidelity Advisor® Short Duration High Income Fund Class Z |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .632 | .531 | .339 | .331 | .378 | |||||
Net realized and unrealized gain (loss) | .080 C | (.428) | (.546) | .652 | (.579) | |||||
Total from investment operations | .712 | .103 | (.207) | .983 | (.201) | |||||
Distributions from net investment income | (.552) | (.423) | (.333) | (.333) | (.379) | |||||
Total distributions | (.552) | (.423) | (.333) | (.333) | (.379) | |||||
Net asset value, end of period | $ | 8.82 | $ | 8.66 | $ | 8.98 | $ | 9.52 | $ | 8.87 |
Total Return D | 8.48 % | 1.27% | (2.27)% | 11.21% | (2.24)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .70% | .75% | .78% | .80% | .80% | |||||
Expenses net of fee waivers, if any | .67 % | .66% | .66% | .71% | .71% | |||||
Expenses net of all reductions | .67% | .66% | .66% | .71% | .71% | |||||
Net investment income (loss) | 7.28% | 6.15% | 3.61% | 3.55% | 4.08% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,702 | $ | 10,289 | $ | 5,246 | $ | 3,815 | $ | 2,031 |
Portfolio turnover rate G | 30 % | 14% | 42% | 74% | 77% |
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 | $8,317,328 |
Gross unrealized depreciation | (3,464,586) |
Net unrealized appreciation (depreciation) | $4,852,742 |
Tax Cost | $221,433,068 |
Undistributed ordinary income | $1,414,175 |
Capital loss carryforward | $(18,742,261) |
Net unrealized appreciation (depreciation) on securities and other investments | $4,852,742 |
Short-term | $(7,768,023) |
Long-term | (10,974,238) |
Total capital loss carryforward | $(18,742,261) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $22,490,058 | $ 15,367,826 |
Purchases ($) | Sales ($) | |
Fidelity Short Duration High Income Fund | 102,352,612 | 347,082,138 |
Maximum Management Fee Rate % | |
Class A | .70 |
Class M | .72 |
Class C | .74 |
Short Duration High Income | .65 |
Class I | .67 |
Class Z | .61 |
Total Management Fee Rate % | |
Class A | .70 |
Class M | .72 |
Class C | .74 |
Short Duration High Income | .65 |
Class I | .67 |
Class Z | .61 |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | - % | .25% | 60,204 | 3,973 |
Class M | - % | .25% | 5,276 | - |
Class C | .75% | .25% | 31,468 | 6,405 |
96,948 | 10,378 |
Retained by FDC ($) | |
Class A | 6,645 |
Class M | 69 |
Class C A | 61 |
6,775 |
% of Class-Level Average Net Assets | |
Class A | 0.1459 |
Class M | 0.1577 |
Class C | 0.1792 |
Short Duration High Income | 0.0869 |
Class I | 0.1120 |
Amount ($) | % of Class-Level Average Net AssetsA | |
Class A | 28,969 | .15 |
Class M | 2,899 | .16 |
Class C | 4,668 | .18 |
Short Duration High Income | 258,382 | .09 |
Class I | 5,403 | .12 |
Class Z | 4,094 | .05 |
304,415 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | .0413 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | .04 |
Amount ($) | |
Fidelity Short Duration High Income Fund | 5 |
Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) | |
Fidelity Short Duration High Income Fund | Borrower | 21,479,111 | 5.57% | 29,887 |
Amount ($) | |
Fidelity Short Duration High Income Fund | 681 |
Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) | |
Fidelity Short Duration High Income Fund | 32,601,000 | 5.83% | 5,280 |
Expense Limitations | Reimbursement ($) | |
Class A | 1.00% | 6,766 |
Class M | 1.00% | 970 |
Class C | 1.75% | 1,972 |
Class Z | .66% | 2,274 |
11,982 |
Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Short Duration High Income Fund | ||
Distributions to shareholders | ||
Class A | $1,453,378 | $977,618 |
Class M | 126,712 | 110,316 |
Class C | 166,155 | 119,358 |
Short Duration High Income | 19,772,748 | 13,395,089 |
Class I | 358,052 | 233,578 |
Class Z | 613,013 | 531,867 |
Total | $ 22,490,058 | $ 15,367,826 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2024 | Year ended April 30, 2023 | Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Short Duration High Income Fund | ||||
Class A | ||||
Shares sold | 915,629 | 610,442 | $7,927,624 | $5,296,397 |
Reinvestment of distributions | 163,493 | 111,049 | 1,426,701 | 957,537 |
Shares redeemed | (573,870) | (764,843) | (5,000,968) | (6,627,528) |
Net increase (decrease) | 505,252 | (43,352) | $4,353,357 | $(373,594) |
Class M | ||||
Shares sold | 61,221 | 128,913 | $536,752 | $1,113,204 |
Reinvestment of distributions | 14,180 | 12,392 | 123,623 | 106,876 |
Shares redeemed | (108,706) | (186,791) | (948,746) | (1,605,675) |
Net increase (decrease) | (33,305) | (45,486) | $(288,371) | $(385,595) |
Class C | ||||
Shares sold | 210,769 | 110,217 | $1,836,741 | $951,412 |
Reinvestment of distributions | 18,510 | 13,729 | 161,586 | 118,460 |
Shares redeemed | (160,324) | (233,652) | (1,396,285) | (2,022,594) |
Net increase (decrease) | 68,955 | (109,706) | $602,042 | $(952,722) |
Short Duration High Income | ||||
Shares sold | 15,629,596 | 51,006,236 | $135,606,728 | $434,795,776 |
Reinvestment of distributions | 2,012,341 | 1,386,203 | 17,448,514 | 11,955,926 |
Shares redeemed | (50,323,387) | (8,974,356) | (431,331,667) | (77,559,285) |
Net increase (decrease) | (32,681,450) | 43,418,083 | $(278,276,425) | $369,192,417 |
Class I | ||||
Shares sold | 415,530 | 227,106 | $3,601,620 | $1,961,038 |
Reinvestment of distributions | 38,900 | 24,795 | 339,483 | 213,807 |
Shares redeemed | (323,830) | (254,191) | (2,814,401) | (2,192,726) |
Net increase (decrease) | 130,600 | (2,290) | $1,126,702 | $(17,881) |
Class Z | ||||
Shares sold | 781,037 | 1,699,944 | $6,806,516 | $14,714,297 |
Reinvestment of distributions | 66,980 | 48,777 | 583,737 | 420,604 |
Shares redeemed | (935,376) | (1,145,441) | (8,097,274) | (9,858,783) |
Net increase (decrease) | (87,359) | 603,280 | $(707,021) | $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 (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Short Duration High Income Fund | ||||||||||
Class A | 1.02% | |||||||||
Actual | $ 1,000 | $ 1,072.30 | $ 5.26 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.79 | $ 5.12 | |||||||
Class M | 1.02% | |||||||||
Actual | $ 1,000 | $ 1,071.10 | $ 5.25 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.79 | $ 5.12 | |||||||
Class C | 1.77% | |||||||||
Actual | $ 1,000 | $ 1,068.40 | $ 9.10 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.06 | $ 8.87 | |||||||
Fidelity® Short Duration High Income Fund | .74% | |||||||||
Actual | $ 1,000 | $ 1,073.90 | $ 3.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Class I ** | .77% | |||||||||
Actual | $ 1,000 | $ 1,073.70 | $ 3.97 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.03 | $ 3.87 | |||||||
Class Z | .68% | |||||||||
Actual | $ 1,000 | $ 1,074.10 | $ 3.51 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.48 | $ 3.42 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Short Duration High Income Fund | ||||||
Class I | .73% | |||||
Actual | $ 3.76 | |||||
Hypothetical- B | $ 3.67 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98205_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98205_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | 3.01% | 1.51% | 2.73% |
Class M (incl. 4.00% sales charge) | 3.01% | 1.51% | 2.73% |
Class C (incl. contingent deferred sales charge) | 5.50% | 1.58% | 2.54% |
Fidelity® Global High Income Fund | 7.56% | 2.60% | 3.41% |
Class I | 7.57% | 2.59% | 3.41% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Global High Income Fund, a class of the fund, on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® Global High Yield and Emerging Markets Plus Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
German Federal Republic | 1.6 | |
TransDigm, Inc. | 1.5 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.2 | |
Ford Motor Credit Co. LLC | 1.2 | |
U.S. Treasury Obligations | 1.0 | |
Tenet Healthcare Corp. | 1.0 | |
Uber Technologies, Inc. | 0.9 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 0.8 | |
Altice France SA | 0.7 | |
Tullow Oil PLC | 0.7 | |
10.6 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.3 | |
Telecommunications | 6.8 | |
Diversified Financial Services | 6.5 | |
Technology | 5.3 | |
Banks & Thrifts | 5.2 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 81.8% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.2% | |||
Air Transportation - 0.1% | |||
International Consolidated Airlines Group SA 1.125% 5/18/28 (Reg. S) | EUR | 100,000 | 99,539 |
Broadcasting - 0.6% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 86,000 | 62,565 | |
3.375% 8/15/26 | 646,000 | 394,059 | |
456,624 | |||
Diversified Financial Services - 0.5% | |||
New Cotai LLC 5% 2/24/27 (b) | 158,437 | 353,030 | |
Homebuilders/Real Estate - 0.0% | |||
China Aoyuan Group Ltd. 0% 9/30/28 (Reg. S) | 4,352 | 65 | |
TOTAL CONVERTIBLE BONDS | 909,258 | ||
Nonconvertible Bonds - 80.6% | |||
Aerospace - 2.2% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 35,000 | 32,590 | |
5.125% 10/1/31 | 25,000 | 22,778 | |
5.875% 12/1/27 | 70,000 | 68,577 | |
Bombardier, Inc.: | |||
6% 2/15/28 (c) | 45,000 | 43,884 | |
7.25% 7/1/31 (c) | 65,000 | 65,160 | |
7.875% 4/15/27 (c) | 120,000 | 119,252 | |
8.75% 11/15/30 (c) | 50,000 | 53,194 | |
Embraer Netherlands Finance BV: | |||
6.95% 1/17/28 (c) | 20,000 | 20,413 | |
7% 7/28/30 (c) | 50,000 | 51,219 | |
Moog, Inc. 4.25% 12/15/27 (c) | 20,000 | 18,667 | |
Rolls-Royce PLC 5.75% 10/15/27 (c) | 55,000 | 54,397 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 200,000 | 183,956 | |
5.5% 11/15/27 | 335,000 | 325,369 | |
6.375% 3/1/29 (c) | 195,000 | 193,511 | |
6.625% 3/1/32 (c) | 75,000 | 74,873 | |
6.75% 8/15/28 (c) | 110,000 | 110,688 | |
6.875% 12/15/30 (c) | 150,000 | 151,020 | |
Wesco Aircraft Holdings, Inc. 8.5% (c)(d) | 45,000 | 5,400 | |
1,594,948 | |||
Air Transportation - 0.8% | |||
Air Canada 3.875% 8/15/26 (c) | 65,000 | 61,661 | |
Allegiant Travel Co. 7.25% 8/15/27 (c) | 40,000 | 38,661 | |
Indira Gandhi International Airport 6.125% 10/31/26 (Reg. S) | 200,000 | 197,500 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) | 35,750 | 35,810 | |
Rand Parent LLC 8.5% 2/15/30 (c) | 165,000 | 163,171 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (c) | 80,000 | 76,951 | |
4.625% 4/15/29 (c) | 50,000 | 46,081 | |
619,835 | |||
Automotive & Auto Parts - 3.1% | |||
Adient Global Holdings Ltd.: | |||
7% 4/15/28 (c) | 95,000 | 95,974 | |
8.25% 4/15/31 (c) | 95,000 | 98,654 | |
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) | EUR | 100,000 | 106,636 |
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (c) | 200,000 | 194,750 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 50,000 | 44,480 | |
3.625% 6/17/31 | 600,000 | 506,708 | |
5.125% 6/16/25 | 170,000 | 168,204 | |
6.125% 5/15/28 | EUR | 100,000 | 114,179 |
IHO Verwaltungs GmbH 3.75% 9/15/26 pay-in-kind(Reg. S) (e) | EUR | 100,000 | 104,692 |
Jaguar Land Rover Automotive PLC 4.5% 1/15/26 (Reg. S) | EUR | 100,000 | 106,630 |
LCM Investments Holdings 4.875% 5/1/29 (c) | 70,000 | 63,933 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (c) | 15,000 | 14,957 | |
6.5% 3/26/31 (c) | 25,000 | 25,019 | |
8.125% 3/30/29 (c) | 40,000 | 41,828 | |
8.375% 5/1/28 (c) | 55,000 | 57,742 | |
McLaren Finance PLC 7.5% 8/1/26 (c) | 60,000 | 52,110 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 45,000 | 41,886 | |
Schaeffler AG 4.75% 8/14/29 (Reg. S) | EUR | 100,000 | 107,921 |
Wand NewCo 3, Inc. 7.625% 1/30/32 (c) | 60,000 | 60,996 | |
ZF Europe Finance BV 4.75% 1/31/29 (Reg. S) | EUR | 100,000 | 106,453 |
ZF Finance GmbH 5.75% 8/3/26 (Reg. S) | EUR | 200,000 | 219,137 |
2,332,889 | |||
Banks & Thrifts - 2.4% | |||
Access Bank PLC 6.125% 9/21/26 (c) | 115,000 | 106,411 | |
Ally Financial, Inc.: | |||
8% 11/1/31 | 155,000 | 167,031 | |
8% 11/1/31 | 108,000 | 116,929 | |
Aretec Group, Inc. 10% 8/15/30 (c) | 145,000 | 157,500 | |
Banca Monte dei Paschi di Siena SpA ISDAFIX 10 AM EURIBOR FIXING 5 + 5.000% 7.708% 1/18/28 (e)(f) | EUR | 100,000 | 111,256 |
Banco de Credito Social Cooperativo SA: | |||
EURIBOR ICE Swap Rate + 4.260% 7.5% 9/14/29 (Reg. S) (e)(f) | EUR | 100,000 | 117,114 |
5.25% 11/27/31 (Reg. S) (e) | EUR | 100,000 | 102,584 |
Bangkok Bank Ltd. PCL 3.733% 9/25/34 (Reg. S) (e) | 200,000 | 173,486 | |
Bank of East Asia Ltd. 6.75% 3/15/27 (Reg. S) (e) | 250,000 | 251,125 | |
Commerzbank AG 6.5% 12/6/32 (Reg. S) (e) | EUR | 100,000 | 111,407 |
Intesa Sanpaolo SpA 2.925% 10/14/30 (Reg. S) | EUR | 100,000 | 96,876 |
Jane Street Group LLC/JSG Finance, Inc. 7.125% 4/30/31 (c) | 95,000 | 95,595 | |
Piraeus Bank SA 3.875% 11/3/27 (Reg. S) (e) | EUR | 100,000 | 104,390 |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (c) | 130,000 | 100,598 | |
1,812,302 | |||
Broadcasting - 1.8% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (c) | 75,000 | 60,437 | |
7.75% 4/15/28 (c) | 35,000 | 29,675 | |
7.875% 4/1/30 (c) | 145,000 | 142,167 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (c)(d) | 70,000 | 1,750 | |
Gray Television, Inc. 5.375% 11/15/31 (c) | 90,000 | 54,099 | |
Nexstar Media, Inc. 5.625% 7/15/27 (c) | 75,000 | 70,528 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (c) | 50,000 | 36,935 | |
5.375% 1/15/31 (c) | 25,000 | 14,751 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (c) | 50,000 | 39,347 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (c) | 315,000 | 280,798 | |
4.125% 7/1/30 (c) | 65,000 | 55,124 | |
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) | EUR | 100,000 | 104,703 |
Telecomunicaciones Digitales SA 4.5% 1/30/30 (c) | 200,000 | 176,200 | |
TV Azteca SA de CV 8.25% (Reg. S) (d) | 200,000 | 77,322 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (c) | 100,000 | 86,992 | |
6.625% 6/1/27 (c) | 110,000 | 106,152 | |
1,336,980 | |||
Building Materials - 1.2% | |||
Acproducts Holdings, Inc. 6.375% 5/15/29 (c) | 100,000 | 69,787 | |
Advanced Drain Systems, Inc. 5% 9/30/27 (c) | 115,000 | 111,359 | |
CEMEX S.A.B. de CV 5.45% 11/19/29 (c) | 200,000 | 193,250 | |
EMRLD Borrower LP / Emerald Co. 6.625% 12/15/30 (c) | 155,000 | 153,611 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (c) | 35,000 | 34,759 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | 20,000 | 18,113 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (c) | 55,000 | 54,795 | |
6% 12/1/29 (c) | 55,000 | 55,765 | |
6.125% 7/1/29 (c) | 30,000 | 30,446 | |
West China Cement Ltd. 4.95% 7/8/26 (Reg. S) | 200,000 | 162,500 | |
884,385 | |||
Cable/Satellite TV - 1.6% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (c) | 100,000 | 78,264 | |
4.25% 1/15/34 (c) | 115,000 | 83,319 | |
4.5% 8/15/30 (c) | 195,000 | 158,467 | |
4.5% 6/1/33 (c) | 120,000 | 90,239 | |
5.125% 5/1/27 (c) | 225,000 | 210,864 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (c) | 65,000 | 41,248 | |
4.625% 12/1/30 (c) | 75,000 | 32,553 | |
5% 11/15/31 (c) | 65,000 | 27,668 | |
5.75% 1/15/30 (c) | 100,000 | 43,852 | |
7.5% 4/1/28 (c) | 230,000 | 124,439 | |
DISH DBS Corp. 5.75% 12/1/28 (c) | 45,000 | 30,388 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (c) | 150,000 | 114,560 | |
6.5% 9/15/28 (c) | 110,000 | 45,999 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (c) | 35,000 | 29,041 | |
Ziggo BV 4.875% 1/15/30 (c) | 50,000 | 43,752 | |
1,154,653 | |||
Capital Goods - 0.2% | |||
Benteler International AG 9.375% 5/15/28 (Reg. S) | EUR | 150,000 | 171,040 |
Chemicals - 4.0% | |||
Braskem Idesa SAPI: | |||
6.99% 2/20/32 (c) | 55,000 | 41,250 | |
7.45% 11/15/29 (c) | 30,000 | 23,691 | |
Braskem Netherlands BV 8.5% 1/12/31 (c) | 75,000 | 76,253 | |
CF Industries Holdings, Inc.: | |||
5.15% 3/15/34 | 45,000 | 42,478 | |
5.375% 3/15/44 | 80,000 | 71,620 | |
Consolidated Energy Finance SA 12% 2/15/31 (c) | 70,000 | 72,450 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (c) | 90,000 | 83,970 | |
ENN Clean Energy International Investment Ltd.: | |||
3.375% 5/12/26 (c) | 200,000 | 189,125 | |
3.375% 5/12/26 (Reg. S) | 200,000 | 189,125 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (c)(e) | 194,250 | 165,598 | |
LSB Industries, Inc. 6.25% 10/15/28 (c) | 20,000 | 18,959 | |
MEGlobal Canada, Inc. 5% 5/18/25 (c) | 200,000 | 197,375 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (c) | 75,000 | 62,774 | |
9% 2/15/30 (c) | 70,000 | 72,128 | |
OCP SA: | |||
3.75% 6/23/31 (c) | 200,000 | 165,671 | |
6.875% 4/25/44 (c) | 150,000 | 137,766 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (c) | 200,000 | 212,224 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 188,500 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (c) | 160,000 | 148,766 | |
6.625% 5/1/29 (c) | 45,000 | 41,521 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (c) | 195,000 | 167,090 | |
5.375% 5/15/27 | 75,000 | 70,960 | |
5.75% 11/15/28 (c) | 230,000 | 211,226 | |
Tronox, Inc. 4.625% 3/15/29 (c) | 55,000 | 49,065 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (c) | 70,000 | 66,439 | |
5.625% 8/15/29 (c) | 70,000 | 62,685 | |
7.375% 3/1/31 (c) | 120,000 | 121,639 | |
2,950,348 | |||
Consumer Products - 1.5% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 30,573 | |
Gannett Holdings LLC 6% 11/1/26 (c) | 45,000 | 41,585 | |
Kernel Holding SA 6.75% 10/27/27 (c) | 100,000 | 71,500 | |
Mattel, Inc. 3.375% 4/1/26 (c) | 20,000 | 19,043 | |
Meituan 2.125% 10/28/25 (c) | 200,000 | 188,915 | |
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (c) | 75,000 | 71,286 | |
Prosus NV 4.027% 8/3/50 (c) | 200,000 | 126,750 | |
Spectrum Brands Holdings, Inc. 4% 10/1/26 | EUR | 100,000 | 105,257 |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (c) | 75,000 | 61,748 | |
4% 4/15/29 (c) | 60,000 | 53,341 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 40,000 | 33,696 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (c) | 150,000 | 141,597 | |
10.5% 5/15/29 (c) | 130,000 | 124,391 | |
Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (c) | 75,000 | 75,563 | |
1,145,245 | |||
Containers - 0.3% | |||
ARD Finance SA: | |||
5% 6/30/27 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 22,945 |
6.5% 6/30/27 pay-in-kind (c)(e) | 70,000 | 17,264 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 2.125% 8/15/26 (Reg. S) | EUR | 100,000 | 84,305 |
Berry Global, Inc. 4.875% 7/15/26 (c) | 40,000 | 39,142 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 30,000 | 27,098 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | 35,000 | 30,453 | |
Trident TPI Holdings, Inc. 12.75% 12/31/28 (c) | 25,000 | 27,054 | |
248,261 | |||
Diversified Financial Services - 4.5% | |||
Boost Newco Borrower LLC 7.5% 1/15/31 (c) | 215,000 | 221,900 | |
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | 30,000 | 27,339 | |
Coinbase Global, Inc. 3.625% 10/1/31 (c) | 185,000 | 144,259 | |
FLY Leasing Ltd. 7% 10/15/24 (c) | 105,000 | 104,766 | |
Fortress Transportation & Infrastructure Investors LLC 7% 5/1/31 (c) | 100,000 | 100,558 | |
GGAM Finance Ltd. 6.875% 4/15/29 (c) | 60,000 | 59,944 | |
Gn Bondco LLC 9.5% 10/15/31 (c) | 95,000 | 91,231 | |
Hightower Holding LLC 6.75% 4/15/29 (c) | 25,000 | 23,465 | |
Huarong Finance 2017 Co. Ltd. 4.25% 11/7/27 (Reg. S) | 210,000 | 190,772 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 165,000 | 138,904 | |
4.75% 9/15/24 | 90,000 | 89,468 | |
5.25% 5/15/27 | 400,000 | 365,500 | |
6.375% 12/15/25 | 295,000 | 289,715 | |
Liberty Costa Rica SR SF 10.875% 1/15/31 (c) | 200,000 | 206,470 | |
MDGH GMTN RSC Ltd. 5.084% 5/22/53 (c) | 200,000 | 178,688 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 165,000 | 138,781 | |
7.125% 3/15/26 | 200,000 | 201,820 | |
Qtel International Finance Ltd. 2.625% 4/8/31 (c) | 200,000 | 167,688 | |
Shriram Finance Ltd. 6.625% 4/22/27 (Reg. S) | 200,000 | 197,750 | |
Vedanta Resources Finance II PLC 13.875% 12/9/28 (Reg. S) | 168,000 | 152,460 | |
Verisure Holding AB 3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 131,899 |
Vivion Investments SARL 7.9% 8/31/28 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 90,392 |
Yihua Overseas Investment Ltd. 8.5% (Reg. S) (b)(d) | 200,000 | 2,754 | |
3,316,523 | |||
Diversified Media - 0.4% | |||
Allen Media LLC/Allen Media Co.-Issuer, Inc. 10.5% 2/15/28 (c) | 220,000 | 104,079 | |
CMG Media Corp. 8.875% 12/15/27 (c) | 220,000 | 119,688 | |
Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 42,552 | |
266,319 | |||
Energy - 12.8% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 3/1/27 (c) | 140,000 | 137,453 | |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (c) | 70,000 | 68,576 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 200,000 | 181,111 | |
Buffalo Energy Mexico Holdings 7.875% 2/15/39 (c) | 200,000 | 208,739 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 70,000 | 69,892 | |
7% 6/15/25 (c) | 130,000 | 129,867 | |
8.375% 1/15/29 (c) | 105,000 | 108,663 | |
CNX Resources Corp.: | |||
6% 1/15/29 (c) | 25,000 | 24,222 | |
7.25% 3/1/32 (c) | 65,000 | 65,179 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 50,000 | 45,539 | |
6.75% 3/1/29 (c) | 75,000 | 70,568 | |
6.75% 3/1/29 (c) | 90,000 | 85,690 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 250,000 | 229,734 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 25,000 | 24,630 | |
CVR Energy, Inc. 5.75% 2/15/28 (c) | 115,000 | 106,860 | |
DCP Midstream Operating LP 8.125% 8/16/30 | 5,000 | 5,591 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125% 6/1/28 (c) | 45,000 | 43,952 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (c) | 75,000 | 67,978 | |
4.375% 6/15/31 (c) | 75,000 | 66,582 | |
Ecopetrol SA 8.875% 1/13/33 | 40,000 | 40,861 | |
EIG Pearl Holdings SARL 3.545% 8/31/36 (c) | 80,000 | 66,475 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 125,000 | 126,615 | |
Energean Israel Finance Ltd. 4.875% 3/30/26 (Reg. S) (c) | 40,000 | 37,600 | |
Energy Transfer LP 6% 2/1/29 (c) | 45,000 | 44,939 | |
EnfraGen Energia Sur SA 5.375% 12/30/30 (c) | 200,000 | 163,063 | |
EnLink Midstream LLC 5.625% 1/15/28 (c) | 25,000 | 24,564 | |
EQM Midstream Partners LP 6.5% 7/1/27 (c) | 70,000 | 70,097 | |
EQT Corp. 3.625% 5/15/31 (c) | 50,000 | 43,250 | |
FEL Energy VI SARL 5.75% 12/1/40 (c) | 40,710 | 36,484 | |
Galaxy Pipeline Assets BidCo Ltd. 2.625% 3/31/36 (c) | 85,000 | 66,980 | |
GeoPark Ltd. 5.5% 1/17/27 (c) | 65,000 | 58,439 | |
Global Partners LP/GLP Finance Corp.: | |||
6.875% 1/15/29 | 55,000 | 53,825 | |
8.25% 1/15/32 (c) | 25,000 | 25,610 | |
Greenko Solar Mauritius Ltd. 5.55% 1/29/25 (Reg. S) | 200,000 | 197,563 | |
Harvest Midstream I LP 7.5% 9/1/28 (c) | 135,000 | 135,370 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (c) | 50,000 | 45,125 | |
5.125% 6/15/28 (c) | 80,000 | 76,572 | |
5.5% 10/15/30 (c) | 30,000 | 28,684 | |
5.625% 2/15/26 (c) | 100,000 | 98,877 | |
HPCL-Mittal Energy Ltd. 5.45% 10/22/26 (Reg. S) | 200,000 | 193,688 | |
Indika Energy Capital IV Pte Ltd. 8.25% 10/22/25 (Reg. S) | 250,000 | 251,563 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (c) | 200,000 | 190,688 | |
Jonah Energy Parent LLC 12% 11/5/25 (b)(g) | 80,399 | 85,826 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) | 95,000 | 95,610 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (c) | 160,000 | 155,450 | |
Leeward Renewable Energy LLC 4.25% 7/1/29 (c) | 170,000 | 140,689 | |
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (c) | 150,000 | 145,875 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (c) | 323,256 | 279,212 | |
Medco Oak Tree Pte Ltd.: | |||
7.375% 5/14/26 (c) | 200,000 | 200,188 | |
7.375% 5/14/26 (Reg. S) | 200,000 | 200,188 | |
MEG Energy Corp. 5.875% 2/1/29 (c) | 110,000 | 106,425 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (c) | 36,000 | 35,558 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (c) | 90,000 | 91,049 | |
8.75% 6/15/31 (c) | 50,000 | 52,595 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 35,000 | 34,822 | |
6.375% 9/1/28 | 70,000 | 71,554 | |
6.6% 3/15/46 | 55,000 | 56,630 | |
6.625% 9/1/30 | 90,000 | 93,254 | |
6.95% 7/1/24 | 31,000 | 31,034 | |
7.5% 5/1/31 | 125,000 | 136,108 | |
8.875% 7/15/30 | 60,000 | 68,600 | |
Oq Saoc 5.125% 5/6/28 (c) | 200,000 | 194,000 | |
ORSTED A/S 5.125% 3/14/24 (Reg. S) (e) | EUR | 100,000 | 107,240 |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 70,000 | 68,270 | |
7.875% 9/15/30 (c) | 160,000 | 164,557 | |
Permian Resources Operating LLC 5.875% 7/1/29 (c) | 80,000 | 77,800 | |
Petroleos Mexicanos: | |||
4.25% 1/15/25 | 185,000 | 181,011 | |
6.49% 1/23/27 | 175,000 | 164,304 | |
7.69% 1/23/50 | 75,000 | 52,343 | |
Petrorio Luxembourg SARL 6.125% 6/9/26 (c) | 100,000 | 97,970 | |
Renew Power Ltd. 5.875% 3/5/27 (Reg. S) | 200,000 | 191,600 | |
Saudi Arabian Oil Co.: | |||
2.25% 11/24/30 (c) | 200,000 | 164,625 | |
3.25% 11/24/50 (c) | 150,000 | 96,644 | |
3.5% 4/16/29 (c) | 125,000 | 114,961 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (c) | 20,000 | 20,835 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 25,000 | 24,797 | |
6.625% 1/15/27 | 65,000 | 64,666 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 65,000 | 58,537 | |
5.375% 2/1/29 | 50,000 | 47,959 | |
Strathcona Resources Ltd. 6.875% 8/1/26 (c) | 45,000 | 44,565 | |
Sunoco Logistics Partners, LP 7.25% 5/1/32 (c) | 50,000 | 50,783 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 50,000 | 45,648 | |
6% 4/15/27 | 175,000 | 172,884 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (c) | 55,000 | 51,737 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (c) | 100,000 | 79,813 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (c) | 140,000 | 138,985 | |
Transocean, Inc.: | |||
8.25% 5/15/29 (c) | 50,000 | 49,830 | |
8.5% 5/15/31 (c) | 50,000 | 49,774 | |
Transportadora de Gas del Sur SA 6.75% 5/2/25 (c) | 70,000 | 67,725 | |
Tullow Oil PLC: | |||
7% 3/1/25 (c) | 200,000 | 193,375 | |
10.25% 5/15/26 (c) | 358,000 | 345,358 | |
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 7.125% 3/15/29 (c) | 160,000 | 158,977 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (c) | 70,000 | 61,847 | |
6.25% 1/15/30 (c) | 155,000 | 153,251 | |
YPF SA 8.5% 3/23/25 (c) | 67,750 | 66,852 | |
9,521,948 | |||
Entertainment/Film - 0.1% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (c) | 80,000 | 75,398 | |
Environmental - 0.3% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (c) | 20,000 | 19,814 | |
Covanta Holding Corp. 4.875% 12/1/29 (c) | 40,000 | 35,064 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 55,000 | 51,021 | |
5.875% 6/30/29 (c) | 85,000 | 78,867 | |
Stericycle, Inc. 3.875% 1/15/29 (c) | 35,000 | 31,099 | |
215,865 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 35,000 | 30,883 | |
4.625% 1/15/27 (c) | 95,000 | 90,771 | |
4.875% 2/15/30 (c) | 275,000 | 256,497 | |
Camposol SA 6% 2/3/27 (c) | 200,000 | 155,375 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) | 30,000 | 15,155 | |
Iceland Bondco PLC 3 month EURIBOR EURO INTER + 5.500% 9.401% 12/15/27 (Reg. S) (e)(f) | EUR | 100,000 | 106,667 |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 25,000 | 21,462 | |
676,810 | |||
Food/Beverage/Tobacco - 2.3% | |||
Adecoagro SA 6% 9/21/27 (c) | 100,000 | 96,563 | |
BellRing Brands, Inc. 7% 3/15/30 (c) | 25,000 | 25,298 | |
C&S Group Enterprises LLC 5% 12/15/28 (c) | 40,000 | 30,668 | |
Central American Bottling Corp. 5.25% 4/27/29 (c) | 200,000 | 186,058 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (c) | 30,000 | 27,767 | |
7.625% 7/1/29 (c) | 90,000 | 90,952 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (c) | 40,000 | 40,759 | |
Jbs U.S.A. Holding Lux/ Jbs U.S.A. F 5.5% 1/15/30 | 120,000 | 115,836 | |
Kraft Heinz Foods Co. 5.5% 6/1/50 | 25,000 | 23,411 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) | 70,000 | 62,391 | |
MARB BondCo PLC 3.95% 1/29/31 (c) | 100,000 | 80,125 | |
MHP SA 7.75% 5/10/24 (c) | 100,000 | 97,620 | |
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (c) | 65,000 | 63,619 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 40,000 | 35,855 | |
5.5% 10/15/27 (c) | 100,000 | 96,797 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (c) | 34,000 | 30,706 | |
6.25% 2/15/32 (c) | 130,000 | 128,264 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 17,709 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 145,000 | 130,026 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (c) | 35,000 | 31,826 | |
4.75% 2/15/29 (c) | 80,000 | 74,532 | |
6.875% 9/15/28 (c) | 150,000 | 151,277 | |
7.25% 1/15/32 (c) | 50,000 | 51,056 | |
1,689,115 | |||
Gaming - 3.6% | |||
888 Acquisitions Ltd. 7.558% 7/15/27 (Reg. S) | EUR | 100,000 | 102,558 |
Allwyn Entertainment Financing (UK) PLC 7.25% 4/30/30 (Reg. S) | EUR | 100,000 | 110,989 |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (c) | 90,000 | 80,310 | |
6.5% 2/15/32 (c) | 130,000 | 128,082 | |
Churchill Downs, Inc. 5.75% 4/1/30 (c) | 135,000 | 128,459 | |
Cirsa Finance International SARL: | |||
7.875% 7/31/28 (Reg. S) | EUR | 100,000 | 112,584 |
10.375% 11/30/27 (Reg. S) | EUR | 90,000 | 103,132 |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (c) | 90,000 | 81,417 | |
6.75% 1/15/30 (c) | 45,000 | 39,152 | |
Flutter Treasury Designated Activity Co. 5% 4/29/29 (Reg. S) | EUR | 100,000 | 108,102 |
GENM Capital Labuan Ltd. 3.882% 4/19/31 (c) | 200,000 | 169,813 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.25% 6/1/25 | 95,000 | 94,118 | |
5.375% 4/15/26 | 30,000 | 29,617 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | 40,000 | 37,944 | |
Light & Wonder International, Inc. 7.5% 9/1/31 (c) | 35,000 | 35,695 | |
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 177,512 | |
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 188,500 | |
Station Casinos LLC: | |||
4.625% 12/1/31 (c) | 115,000 | 100,802 | |
6.625% 3/15/32 (c) | 145,000 | 142,092 | |
Studio City Finance Ltd.: | |||
6.5% 1/15/28 (c) | 110,000 | 102,850 | |
6.5% 1/15/28 (Reg. S) | 200,000 | 187,000 | |
VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (c) | 70,000 | 69,412 | |
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) | 250,000 | 221,250 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (c) | 150,000 | 152,139 | |
2,703,529 | |||
Healthcare - 4.4% | |||
1375209 BC Ltd. 9% 1/30/28 (c) | 14,000 | 13,744 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (c) | 80,000 | 73,300 | |
Auna SA 10% 12/15/29 (c) | 20,800 | 21,279 | |
Avantor Funding, Inc. 3.875% 11/1/29 (c) | 70,000 | 61,978 | |
Centene Corp.: | |||
3.375% 2/15/30 | 160,000 | 139,390 | |
4.625% 12/15/29 | 105,000 | 97,778 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 20,000 | 17,966 | |
4% 3/15/31 (c) | 55,000 | 47,973 | |
Cheplapharm Arzneimittel GmbH 7.5% 5/15/30 | EUR | 100,000 | 111,909 |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 75,000 | 58,541 | |
5.25% 5/15/30 (c) | 155,000 | 126,726 | |
6% 1/15/29 (c) | 140,000 | 122,142 | |
6.125% 4/1/30 (c) | 170,000 | 120,192 | |
6.875% 4/15/29 (c) | 75,000 | 55,755 | |
8% 3/15/26 (c) | 47,000 | 46,771 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (c) | 60,000 | 49,372 | |
4.625% 6/1/30 (c) | 80,000 | 70,091 | |
Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 14,883 | |
Endo Finance Holdings, Inc. 8.5% 4/15/31 (c) | 70,000 | 71,125 | |
HealthEquity, Inc. 4.5% 10/1/29 (c) | 30,000 | 27,325 | |
Hologic, Inc. 3.25% 2/15/29 (c) | 55,000 | 48,574 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 55,000 | 50,041 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (c) | 75,000 | 74,520 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (c) | 50,000 | 43,365 | |
3.875% 5/15/32 (c) | 100,000 | 83,678 | |
4.375% 6/15/28 (c) | 40,000 | 37,098 | |
Nidda Healthcare Holding AG 7.5% 8/21/26 (Reg. S) | EUR | 100,000 | 109,919 |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (c) | 80,000 | 72,861 | |
5.125% 4/30/31 (c) | 80,000 | 69,176 | |
Radiology Partners, Inc. 8.5% 1/31/29 pay-in-kind (c)(e) | 44,820 | 41,346 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (c) | 105,000 | 104,857 | |
Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 28,565 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 130,000 | 119,078 | |
4.375% 1/15/30 | 210,000 | 190,692 | |
6.125% 10/1/28 | 210,000 | 207,365 | |
6.25% 2/1/27 | 195,000 | 194,213 | |
6.875% 11/15/31 | 10,000 | 10,308 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
1.625% 10/15/28 (Reg. S) | EUR | 100,000 | 92,985 |
3.15% 10/1/26 | 75,000 | 69,481 | |
4.1% 10/1/46 | 200,000 | 133,331 | |
7.875% 9/15/29 | 100,000 | 105,309 | |
3,235,002 | |||
Homebuilders/Real Estate - 3.4% | |||
Add Hero Holdings Ltd.: | |||
8.5% 9/30/29 pay-in-kind (Reg. S) (e) | 31,943 | 719 | |
9% 9/30/30 pay-in-kind (Reg. S) (e) | 24,631 | 308 | |
9.8% 9/30/31 pay-in-kind (Reg. S) (e) | 32,142 | 402 | |
Adler Financing SARL 12.5% 6/30/25 pay-in-kind | EUR | 25,000 | 30,649 |
AGPS BondCo PLC 6% 8/5/25 (Reg. S) (e) | EUR | 100,000 | 41,087 |
Arcosa, Inc. 4.375% 4/15/29 (c) | 40,000 | 36,410 | |
Ardonagh Finco Ltd. 7.75% 2/15/31 (c) | 200,000 | 197,069 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (c) | 40,000 | 36,177 | |
6.625% 1/15/28 (c) | 5,000 | 4,984 | |
Canary Wharf Group Investment Holdings PLC 1.75% 4/7/26 (Reg. S) | EUR | 100,000 | 91,081 |
China Aoyuan Group Ltd. 5.5% 9/30/31 pay-in-kind (Reg. S) (e) | 12,509 | 188 | |
CPI Property Group SA: | |||
1.5% 1/27/31 (Reg. S) | EUR | 100,000 | 69,902 |
1.625% 4/23/27 (Reg. S) | EUR | 100,000 | 89,693 |
Franshion Brilliant Ltd. 4.25% 7/23/29 (Reg. S) | 200,000 | 138,000 | |
GMR Hyderabad International Airport Ltd. 4.75% 2/2/26 (Reg. S) | 200,000 | 192,770 | |
Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (c) | 70,000 | 68,863 | |
Greentown China Holdings Ltd. 4.7% 4/29/25 (Reg. S) | 200,000 | 184,125 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 55,000 | 45,489 | |
5% 3/1/31 | 55,000 | 42,742 | |
Longfor Properties Co. Ltd. 3.95% 9/16/29 (Reg. S) | 220,000 | 130,419 | |
Modernland Overseas Pte Ltd.: | |||
5% 4/30/27 pay-in-kind (Reg. S) (b)(e) | 7,808 | 1,874 | |
5% 4/30/27 pay-in-kind (e) | 106,828 | 34,719 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 25,000 | 16,763 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (c) | 75,000 | 75,389 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) | 100,000 | 69,125 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (c) | 95,000 | 63,768 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 74,079 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.75% 1/15/28 (c) | 80,000 | 77,785 | |
5.875% 6/15/27 (c) | 55,000 | 54,151 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 14,518 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (c) | 55,000 | 48,238 | |
6.5% 2/15/29 (c) | 85,000 | 68,334 | |
10.5% 2/15/28 (c) | 110,000 | 114,117 | |
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (c) | 205,000 | 192,275 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 25,000 | 22,864 | |
Yango Justice International Ltd.: | |||
8.25% (Reg. S) (d) | 220,000 | 550 | |
10% (Reg. S) (b)(d) | 200,000 | 20 | |
Yanlord Land Group Ltd. 5.125% 5/20/26 (Reg. S) | 200,000 | 161,125 | |
2,490,771 | |||
Hotels - 0.7% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | 125,000 | 135,533 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (c) | 40,000 | 33,613 | |
3.75% 5/1/29 (c) | 35,000 | 31,395 | |
6.125% 4/1/32 (c) | 45,000 | 44,358 | |
Lindblad Expeditions Holdings 9% 5/15/28 (c) | 185,000 | 193,514 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (c) | 65,000 | 64,395 | |
502,808 | |||
Insurance - 1.0% | |||
Acrisure LLC / Acrisure Finance, Inc. 10.125% 8/1/26 (c) | 35,000 | 36,153 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
5.875% 11/1/29 (c) | 190,000 | 174,466 | |
6.75% 10/15/27 (c) | 225,000 | 220,639 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 40,000 | 36,363 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (c) | 30,000 | 27,356 | |
7.5% 2/15/32 (c) | 155,000 | 150,495 | |
HUB International Ltd. 5.625% 12/1/29 (c) | 60,000 | 55,223 | |
MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 38,395 | |
739,090 | |||
Leisure - 1.1% | |||
Amer Sports Co. 6.75% 2/16/31 (c) | 45,000 | 44,317 | |
Carnival Corp. 5.75% 3/1/27 (c) | 135,000 | 131,755 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (c) | 20,000 | 19,596 | |
7.75% 2/15/29 (c) | 80,000 | 81,842 | |
NCL Finance Ltd. 6.125% 3/15/28 (c) | 25,000 | 24,394 | |
Pinnacle Bidco PLC 8.25% 10/11/28 (Reg. S) | EUR | 100,000 | 111,416 |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (c) | 130,000 | 124,850 | |
5.375% 7/15/27 (c) | 60,000 | 58,390 | |
5.5% 8/31/26 (c) | 135,000 | 132,426 | |
6.25% 3/15/32 (c) | 60,000 | 59,146 | |
Vail Resorts, Inc. 6.25% 5/15/25 (c) | 35,000 | 35,019 | |
Viking Cruises Ltd. 9.125% 7/15/31 (c) | 25,000 | 26,815 | |
849,966 | |||
Metals/Mining - 3.5% | |||
Abja Investment Co. Pte Ltd. 5.45% 1/24/28 | 200,000 | 196,750 | |
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (c) | 70,000 | 63,972 | |
7.125% 3/15/31 (c) | 20,000 | 20,230 | |
Alpha Natural Resources, Inc. 9.75% (b)(d) | 210,000 | 0 | |
Antofagasta PLC 2.375% 10/14/30 (c) | 200,000 | 159,970 | |
Aris Mining Corp. 6.875% 8/9/26 (c) | 200,000 | 185,000 | |
Arsenal AIC Parent LLC 8% 10/1/30 (c) | 30,000 | 31,235 | |
Cleveland-Cliffs, Inc. 7% 3/15/32 (c) | 160,000 | 156,261 | |
Endeavour Mining PLC 5% 10/14/26 (c) | 100,000 | 93,875 | |
ERO Copper Corp. 6.5% 2/15/30 (c) | 365,000 | 343,319 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (c) | 75,000 | 72,000 | |
9.375% 3/1/29 (c) | 200,000 | 206,635 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (c) | 40,000 | 35,218 | |
5.875% 4/15/30 (c) | 130,000 | 124,958 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (c) | 105,000 | 102,779 | |
Industrias Penoles SA de CV 4.75% 8/6/50 (c) | 200,000 | 152,000 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (c) | 85,000 | 85,967 | |
8.5% 5/1/30 (c) | 20,000 | 20,483 | |
Minsur SA 4.5% 10/28/31 (c) | 50,000 | 43,344 | |
Novelis Corp. 3.875% 8/15/31 (c) | 115,000 | 97,384 | |
PT Freeport Indonesia 5.315% 4/14/32 (c) | 200,000 | 189,250 | |
Samarco Mineracao SA 9% 6/30/31 pay-in-kind (c)(e) | 51,495 | 46,963 | |
Stillwater Mining Co. 4% 11/16/26 (c) | 100,000 | 89,406 | |
Volcan Compania Minera SAA 4.375% 2/11/26 (c) | 95,000 | 64,570 | |
2,581,569 | |||
Paper - 0.5% | |||
Ahlstrom Holding 3 OY 4.875% 2/4/28 (c) | 45,000 | 41,189 | |
Berry Global, Inc. 5.625% 7/15/27 (c) | 35,000 | 34,134 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (c) | 35,000 | 34,912 | |
8.75% 4/15/30 (c) | 200,000 | 193,290 | |
Inversiones CMPC SA 3% 4/6/31 (c) | 25,000 | 20,711 | |
Suzano Austria GmbH 3.75% 1/15/31 | 25,000 | 21,545 | |
345,781 | |||
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (c) | 145,000 | 144,114 | |
Restaurants - 0.9% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) | 160,000 | 137,980 | |
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (c) | 200,000 | 206,748 | |
CEC Entertainment LLC 6.75% 5/1/26 (c) | 60,000 | 59,152 | |
Papa John's International, Inc. 3.875% 9/15/29 (c) | 25,000 | 21,760 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 70,000 | 63,017 | |
4.75% 1/15/30 (c) | 200,000 | 187,165 | |
675,822 | |||
Services - 3.8% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) | 30,000 | 25,471 | |
Artera Services LLC 8.5% 2/15/31 (c) | 90,000 | 92,093 | |
ASGN, Inc. 4.625% 5/15/28 (c) | 160,000 | 149,313 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) | 38,000 | 34,087 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (c) | 40,000 | 35,579 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (c) | 30,000 | 27,460 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (c) | 130,000 | 139,503 | |
Camelot Finance SA 4.5% 11/1/26 (c) | 150,000 | 142,854 | |
CoreCivic, Inc. 8.25% 4/15/29 | 70,000 | 72,331 | |
CoreLogic, Inc. 4.5% 5/1/28 (c) | 125,000 | 108,153 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (c) | 520,000 | 516,913 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | 90,000 | 79,640 | |
Hertz Corp.: | |||
4.625% 12/1/26 (c) | 55,000 | 42,602 | |
5% 12/1/29 (c) | 70,000 | 48,068 | |
5.5% (b)(c)(d) | 65,000 | 2,113 | |
6% (b)(c)(d) | 85,000 | 7,650 | |
6.25% (b)(d) | 60,000 | 1,950 | |
7.125% (b)(c)(d) | 85,000 | 7,650 | |
IPD BV 8% 6/15/28 (Reg. S) | EUR | 100,000 | 112,856 |
Koc Holding A/S 6.5% 3/11/25 (c) | 35,000 | 35,058 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) | 35,000 | 34,606 | |
Sabre GLBL, Inc. 8.625% 6/1/27 (c) | 76,000 | 67,251 | |
Service Corp. International 5.125% 6/1/29 | 35,000 | 33,418 | |
The GEO Group, Inc.: | |||
8.625% 4/15/29 (c) | 100,000 | 101,236 | |
10.25% 4/15/31 (c) | 95,000 | 97,939 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (c) | 485,000 | 451,825 | |
6.25% 1/15/28 (c) | 100,000 | 99,943 | |
7.5% 9/15/27 (c) | 90,000 | 91,631 | |
United Rentals North America, Inc. 6.125% 3/15/34 (c) | 120,000 | 117,166 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 45,000 | 43,628 | |
2,819,987 | |||
Steel - 1.0% | |||
Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 26,101 | |
CSN Inova Ventures 6.75% 1/28/28 (c) | 50,000 | 47,453 | |
CSN Resources SA: | |||
5.875% 4/8/32 (c) | 40,000 | 33,313 | |
7.625% 4/17/26 (c) | 15,000 | 14,892 | |
JSW Steel Ltd.: | |||
3.95% 4/5/27 (c) | 100,000 | 92,418 | |
5.375% 4/4/25 (Reg. S) | 200,000 | 197,625 | |
Metinvest BV 5.625% 6/17/25 (Reg. S) | EUR | 100,000 | 94,981 |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 20,000 | 18,075 | |
TMK Capital SA 4.3% (Reg. S) (b)(d)(h) | 200,000 | 30,000 | |
Vallourec SA 7.5% 4/15/32 (c) | 200,000 | 202,457 | |
757,315 | |||
Super Retail - 1.4% | |||
Academy Ltd. 6% 11/15/27 (c) | 75,000 | 73,317 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 21,000 | 19,699 | |
4.625% 11/15/29 (c) | 45,000 | 40,690 | |
4.75% 3/1/30 | 20,000 | 18,128 | |
5% 2/15/32 (c) | 45,000 | 40,005 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (c) | 110,000 | 109,918 | |
Carvana Co.: | |||
12% 12/1/28 pay-in-kind (c)(e) | 9,492 | 9,297 | |
13% 6/1/30 pay-in-kind (c)(e) | 13,769 | 13,661 | |
14% 6/1/31 pay-in-kind (c)(e) | 17,020 | 17,061 | |
EG Global Finance PLC 12% 11/30/28 (c) | 200,000 | 206,460 | |
Group 1 Automotive, Inc. 4% 8/15/28 (c) | 200,000 | 181,889 | |
LBM Acquisition LLC 6.25% 1/15/29 (c) | 80,000 | 73,437 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (c) | 35,000 | 33,107 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (c) | 40,000 | 33,855 | |
7.875% 5/1/29 (c) | 40,000 | 29,309 | |
Sally Holdings LLC 6.75% 3/1/32 | 105,000 | 101,499 | |
1,001,332 | |||
Technology - 4.2% | |||
Acuris Finance U.S. 5% 5/1/28 (c) | 170,000 | 154,222 | |
ams-OSRAM AG 10.5% 3/30/29 (Reg. S) | EUR | 100,000 | 106,720 |
Athenahealth Group, Inc. 6.5% 2/15/30 (c) | 175,000 | 157,543 | |
Block, Inc.: | |||
2.75% 6/1/26 | 75,000 | 70,467 | |
3.5% 6/1/31 | 75,000 | 63,357 | |
Boxer Parent Co., Inc. 9.125% 3/1/26 (c) | 5,000 | 5,030 | |
CA Magnum Holdings 5.375% 10/31/26 (c) | 400,000 | 378,400 | |
Cloud Software Group, Inc. 9% 9/30/29 (c) | 185,000 | 178,017 | |
Coherent Corp. 5% 12/15/29 (c) | 45,000 | 41,515 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 61,498 | |
Diamond II Ltd. 7.95% 7/28/26 (Reg. S) | 200,000 | 200,500 | |
Elastic NV 4.125% 7/15/29 (c) | 40,000 | 35,620 | |
HTA Group Ltd. 7% 12/18/25 (c) | 75,000 | 74,883 | |
Iliad Holding SAS: | |||
5.625% 10/15/28 (Reg. S) | EUR | 100,000 | 105,377 |
8.5% 4/15/31 (c)(i) | 75,000 | 75,656 | |
Iliad SA 5.375% 6/14/27 (Reg. S) | EUR | 200,000 | 217,175 |
Lenovo Group Ltd. 3.421% 11/2/30 (c) | 200,000 | 172,640 | |
Match Group Holdings II LLC 4.125% 8/1/30 (c) | 55,000 | 47,630 | |
MicroStrategy, Inc. 6.125% 6/15/28 (c) | 120,000 | 111,213 | |
NCR Atleos Corp. 9.5% 4/1/29 (c) | 100,000 | 106,299 | |
NCR Voyix Corp. 5.125% 4/15/29 (c) | 45,000 | 41,351 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (c) | 200,000 | 175,658 | |
Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 41,525 | |
Rackspace Finance LLC 3.5% 5/15/28 (c) | 83,500 | 35,070 | |
Roblox Corp. 3.875% 5/1/30 (c) | 185,000 | 159,997 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (c) | 45,000 | 47,830 | |
8.5% 7/15/31 (c) | 40,000 | 42,708 | |
Sensata Technologies BV 4% 4/15/29 (c) | 65,000 | 58,193 | |
Synaptics, Inc. 4% 6/15/29 (c) | 30,000 | 26,343 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 60,000 | 53,663 | |
UKG, Inc. 6.875% 2/1/31 (c) | 55,000 | 55,105 | |
3,101,205 | |||
Telecommunications - 6.1% | |||
Altice France Holding SA 6% 2/15/28 (c) | 75,000 | 21,879 | |
Altice France SA: | |||
4.125% 1/15/29 (Reg. S) | EUR | 120,000 | 83,093 |
5.125% 1/15/29 (c) | 50,000 | 32,639 | |
5.125% 7/15/29 (c) | 120,000 | 78,164 | |
5.5% 1/15/28 (c) | 130,000 | 87,828 | |
AXIAN Telecom 7.375% 2/16/27 (c) | 200,000 | 194,125 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (c) | 330,000 | 312,484 | |
Consolidated Communications, Inc. 5% 10/1/28 (c) | 135,000 | 112,066 | |
CT Trust 5.125% 2/3/32 (c) | 200,000 | 173,470 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 55,000 | 50,599 | |
5.875% 10/15/27 (c) | 50,000 | 47,958 | |
5.875% 11/1/29 | 14,771 | 12,333 | |
6% 1/15/30 (c) | 95,000 | 79,158 | |
8.75% 5/15/30 (c) | 65,000 | 66,178 | |
IHS Netherlands Holdco BV 8% 9/18/27 (c) | 200,000 | 188,000 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) | 135,000 | 129,214 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (c) | 400,000 | 333,551 | |
6.75% 10/15/27 (c) | 90,000 | 83,279 | |
Level 3 Financing, Inc.: | |||
4% 4/15/31 (c) | 95,000 | 52,013 | |
4.5% 4/1/30 (c) | 75,000 | 42,890 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (c) | 200,000 | 117,875 | |
Lorca Telecom Bondco SAU 4% 9/18/27 (Reg. S) | EUR | 100,000 | 103,945 |
Millicom International Cellular SA 4.5% 4/27/31 (c) | 200,000 | 166,459 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 30,000 | 30,881 | |
RCS & RDS SA 2.5% 2/5/25 (Reg. S) | EUR | 100,000 | 104,451 |
Sable International Finance Ltd. 5.75% 9/7/27 (c) | 180,000 | 171,066 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 70,000 | 60,960 | |
3.875% 2/15/27 | 200,000 | 187,959 | |
Telecom Italia SpA 3% 9/30/25 (Reg. S) | EUR | 300,000 | 313,040 |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (c) | 200,000 | 195,738 | |
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (c) | 200,000 | 191,438 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (c) | 210,000 | 163,315 | |
VTR Comunicaciones SpA 5.125% 1/15/28 (c) | 176,000 | 139,700 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 200,000 | 192,707 | |
WP/AP Telecom Holdings IV BV 3.75% 1/15/29 (Reg. S) | EUR | 100,000 | 99,783 |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (c) | 115,000 | 91,536 | |
6.125% 3/1/28 (c) | 60,000 | 39,990 | |
4,551,764 | |||
Textiles/Apparel - 0.4% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (c) | 115,000 | 96,504 | |
4.25% 3/15/29 (c) | 55,000 | 49,307 | |
CT Investment GmbH 6.375% 4/15/30 (Reg. S) | EUR | 100,000 | 106,853 |
Victoria's Secret & Co. 4.625% 7/15/29 (c) | 50,000 | 39,283 | |
291,947 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (c) | 110,000 | 94,603 | |
Utilities - 3.9% | |||
Abu Dhabi National Energy Co. PJSC 4.696% 4/24/33 (c) | 200,000 | 189,813 | |
Aegea Finance SARL 9% 1/20/31 (c) | 200,000 | 210,060 | |
Clearway Energy Operating LLC 4.75% 3/15/28 (c) | 40,000 | 37,694 | |
ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S) | EUR | 221,000 | 215,804 |
DPL, Inc.: | |||
4.125% 7/1/25 | 180,000 | 174,844 | |
4.35% 4/15/29 | 215,000 | 193,842 | |
Energia Group ROI 6.875% 7/31/28 (Reg. S) | EUR | 113,000 | 124,549 |
Eskom Holdings SOC Ltd. 8.45% 8/10/28 (c) | 60,000 | 59,025 | |
Mong Duong Finance Holdings BV: | |||
5.125% 5/7/29 (c) | 92,229 | 87,963 | |
5.125% 5/7/29 (Reg. S) | 230,573 | 219,909 | |
NextEra Energy Partners LP 4.25% 9/15/24 (c) | 4,000 | 3,944 | |
NRG Energy, Inc. 3.875% 2/15/32 (c) | 5,000 | 4,213 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 10,000 | 7,123 | |
3.95% 12/1/47 | 55,000 | 38,564 | |
4.55% 7/1/30 | 130,000 | 120,662 | |
4.95% 7/1/50 | 415,000 | 337,529 | |
PG&E Corp. 5% 7/1/28 | 375,000 | 357,310 | |
Pike Corp. 5.5% 9/1/28 (c) | 175,000 | 165,854 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (c) | 70,000 | 70,273 | |
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 156,600 | 154,447 | |
Vertiv Group Corp. 4.125% 11/15/28 (c) | 95,000 | 87,980 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (c) | 60,000 | 58,377 | |
2,919,779 | |||
TOTAL NONCONVERTIBLE BONDS | 59,819,248 | ||
TOTAL CORPORATE BONDS (Cost $65,768,181) | 60,728,506 | ||
Government Obligations - 2.6% | |||
Principal Amount (a) | Value ($) | ||
Germany - 1.6% | |||
German Federal Republic: | |||
0% 10/18/24 (Reg. S) | EUR | 1,055,000 | 1,107,329 |
2.2% 4/13/28(Reg. S) | EUR | 75,000 | 78,623 |
TOTAL GERMANY | 1,185,952 | ||
United States of America - 1.0% | |||
U.S. Treasury Bonds: | |||
2.875% 5/15/52 | 336,000 | 236,447 | |
3.625% 2/15/53 | 428,000 | 349,689 | |
U.S. Treasury Notes 3.875% 8/15/33 | 189,000 | 177,424 | |
TOTAL UNITED STATES OF AMERICA | 763,560 | ||
TOTAL GOVERNMENT OBLIGATIONS (Cost $2,084,788) | 1,949,512 | ||
Common Stocks - 2.3% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(h) | 3,510 | 3,510 | |
Energy - 1.4% | |||
California Resources Corp. | 4,138 | 218,735 | |
California Resources Corp. warrants 10/27/24 (h) | 530 | 9,127 | |
Chesapeake Energy Corp. (j) | 1,694 | 152,257 | |
EP Energy Corp. (b)(h) | 7,975 | 14,196 | |
Exxon Mobil Corp. | 826 | 97,691 | |
Mesquite Energy, Inc. (b)(h) | 3,453 | 278,574 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (h) | 600 | 15,068 | |
warrants 2/4/28 (h) | 600 | 13,152 | |
Nostrum Oil & Gas LP warrants (b)(h) | 6,753 | 0 | |
PureWest Energy (b) | 105 | 24 | |
PureWest Energy rights (b)(h) | 63 | 0 | |
Superior Energy Services, Inc. Class A (b) | 609 | 39,281 | |
Tidewater, Inc. warrants 11/14/42 (h) | 1,897 | 191,661 | |
TOTAL ENERGY | 1,029,766 | ||
Entertainment/Film - 0.2% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(g)(h) | 125,816 | 96,878 | |
Food & Drug Retail - 0.1% | |||
Casino Guichard Perrachon SA (h) | 32,888 | 1,007 | |
Casino Guichard Perrachon SA warrants 4/27/29 (h) | 32,888 | 14 | |
Northeast Grocery, Inc. (b)(g)(h) | 12,754 | 71,677 | |
Southeastern Grocers, Inc. rights (b)(h) | 7,744 | 8,518 | |
TOTAL FOOD & DRUG RETAIL | 81,216 | ||
Homebuilders/Real Estate - 0.0% | |||
China Aoyuan Group Ltd. (h) | 12,176 | 182 | |
Hotels - 0.0% | |||
Travelport Finance Luxembourg SARL (b) | 7 | 20,232 | |
Telecommunications - 0.0% | |||
Digicel Group Ltd. (b) | 3,198 | 2,868 | |
Textiles/Apparel - 0.1% | |||
Intelsat Emergence SA (b) | 2,308 | 96,728 | |
Utilities - 0.5% | |||
PG&E Corp. | 7,733 | 132,312 | |
Vistra Corp. | 3,295 | 249,893 | |
TOTAL UTILITIES | 382,205 | ||
TOTAL COMMON STOCKS (Cost $1,247,672) | 1,713,585 | ||
Bank Loan Obligations - 4.5% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 0.1% | |||
TransDigm, Inc. Tranche I 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0594% 8/24/28 (e)(f)(k) | 64,554 | 64,864 | |
Air Transportation - 0.6% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1657% 11/23/28 (b)(e)(f)(k) | 190,105 | 190,105 | |
2LN, term loan: | |||
CME Term SOFR 3 Month Index + 7.000% 12.4157% 11/23/29 (b)(e)(f)(k) | 30,000 | 30,000 | |
CME Term SOFR 3 Month Index + 8.000% 13.4157% 11/23/29 (b)(e)(f)(k) | 257,000 | 257,000 | |
TOTAL AIR TRANSPORTATION | 477,105 | ||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.500% 7.8019% 2/1/27 (e)(f)(k) | 16,671 | 16,646 | |
Broadcasting - 0.0% | |||
Diamond Sports Group LLC term loan 10% 8/2/27 (k) | 4,684 | 7,432 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8238% 2/25/29 (e)(f)(k) | 49,125 | 48,722 | |
Chemicals - 0.2% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8157% 11/15/30 (e)(f)(k) | 75,000 | 72,446 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (e)(f)(k) | 79,004 | 78,856 | |
TOTAL CHEMICALS | 151,302 | ||
Diversified Financial Services - 0.5% | |||
BCP Renaissance Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8285% 10/31/28 (e)(f)(k) | 12,777 | 12,822 | |
GTCR W-2 Merger Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3094% 1/31/31 (e)(f)(k) | 125,000 | 125,235 | |
HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8432% 4/22/30 (e)(f)(k) | 14,354 | 14,354 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 12/31/24 (b)(e)(f)(k) | 244,821 | 240,537 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 392,948 | ||
Diversified Media - 0.2% | |||
CMG Media Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9094% 12/17/26 (e)(f)(k) | 138,568 | 116,685 | |
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(f)(k) | 65,772 | 0 | |
term loan 0% (b)(d)(e)(k) | 28,000 | 0 | |
TOTAL ENERGY | 0 | ||
Food & Drug Retail - 0.0% | |||
Northeast Grocery, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.8257% 12/13/28 (e)(f)(k) | 25,000 | 24,958 | |
Food/Beverage/Tobacco - 0.2% | |||
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3019% 3/31/28 (e)(f)(k) | 129,675 | 129,805 | |
Healthcare - 0.0% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 11/1/28 (e)(f)(k) | 9,800 | 9,814 | |
Insurance - 0.2% | |||
Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6802% 2/15/27 (e)(f)(k) | 4,888 | 4,894 | |
Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8189% 11/6/30 (e)(f)(k) | 31,375 | 31,488 | |
Truist Insurance Holdings LLC 2L, term loan CME Term SOFR 1 Month Index + 4.750% 3/8/32 (f)(k)(l) | 80,000 | 80,650 | |
TOTAL INSURANCE | 117,032 | ||
Publishing/Printing - 0.2% | |||
Clear Channel International BV Tranche B 1LN, term loan 7.5% 8/31/27 (k) | 120,000 | 118,200 | |
Services - 0.8% | |||
Amentum Government Services Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 1/23/27 (e)(f)(k) | 14,438 | 14,444 | |
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (e)(f)(k) | 10,000 | 9,792 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/2/28 (e)(f)(k) | 157,975 | 152,051 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.4592% 9/13/29 (b)(e)(f)(k) | 191,556 | 191,556 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (e)(f)(k) | 191,828 | 168,718 | |
STS Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.42% 3/25/31 (e)(f)(k) | 20,000 | 20,167 | |
Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.0793% 3/3/30 (e)(f)(k) | 51,244 | 51,549 | |
TOTAL SERVICES | 608,277 | ||
Super Retail - 0.2% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (e)(f)(k) | 154,830 | 154,746 | |
Technology - 0.8% | |||
Applied Systems, Inc.: | |||
Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (e)(f)(k) | 5,000 | 5,160 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (e)(f)(k) | 5,000 | 5,034 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (e)(f)(k) | 87,589 | 87,370 | |
Cotiviti, Inc.: | |||
Tranche 1LN, term loan 7.625% 2/24/31 (k) | 70,000 | 69,358 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 2/21/31 (f)(k)(l) | 20,000 | 20,017 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.4592% 9/13/29 (b)(e)(f)(k) | 4,474 | 4,474 | |
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5657% 5/3/28 (e)(f)(k) | 158,574 | 157,925 | |
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.686% 5/15/28 (e)(f)(k) | 19,398 | 19,326 | |
UKG, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (e)(f)(k) | 219,416 | 220,366 | |
TOTAL TECHNOLOGY | 589,030 | ||
Telecommunications - 0.4% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8286% 8/15/28 (e)(f)(k) | 366,300 | 273,696 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0674% 1/30/31 (e)(f)(k) | 15,000 | 15,094 | |
TOTAL TELECOMMUNICATIONS | 288,790 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $3,437,014) | 3,316,356 | ||
Preferred Securities - 5.4% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 2.8% | |||
Banco de Credito e Inversiones 8.75% (c)(e)(m) | 200,000 | 208,414 | |
Banco de Sabadell SA 5.75% (Reg. S) (e)(m) | EUR | 200,000 | 209,417 |
Banco Mercantil del Norte SA 7.625% (c)(e)(m) | 40,000 | 39,180 | |
Bank of America Corp.: | |||
4.375% (e)(m) | 100,000 | 91,736 | |
5.875% (e)(m) | 190,000 | 183,658 | |
Bank of Communications Co. Ltd. 3.8% (Reg. S) (e)(m) | 200,000 | 196,926 | |
CaixaBank SA 5.875% (Reg. S) (e)(m) | EUR | 200,000 | 208,591 |
Citigroup, Inc. 7.625% (e)(m) | 120,000 | 125,744 | |
Deutsche Bank AG 6.75% (e)(m) | EUR | 200,000 | 202,055 |
Industrial & Commercial Bank of China Ltd. 3.2% (Reg. S) (e)(m) | 200,000 | 189,543 | |
Rizal Commercial Banking Corp. 6.5% (Reg. S) (e)(m) | 200,000 | 197,786 | |
Tinkoff Bank JSC 6% (b)(c)(d)(e)(m) | 100,000 | 5,000 | |
Woori Bank 4.25% (Reg. S) (e)(m) | 200,000 | 197,447 | |
TOTAL BANKS & THRIFTS | 2,055,497 | ||
Building Materials - 0.3% | |||
CEMEX S.A.B. de CV 5.125% (c)(e)(m) | 200,000 | 193,414 | |
Diversified Financial Services - 1.0% | |||
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(m) | 200,000 | 183,918 | |
Charles Schwab Corp. 5.375% (e)(m) | 340,000 | 339,249 | |
Nanyang Commercial Bank Ltd. 6.5% (Reg. S) (e)(m) | 250,000 | 249,784 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 772,951 | ||
Energy - 0.1% | |||
Wintershall Dea Finance 2 BV 2.4985% (Reg. S) (e)(m) | EUR | 100,000 | 100,344 |
Homebuilders/Real Estate - 0.1% | |||
China Aoyuan Group Ltd. 0% (Reg. S) (b)(m)(n) | 48,702 | 731 | |
Heimstaden Bostad AB 3.248% (Reg. S) (e)(m) | EUR | 100,000 | 77,511 |
TOTAL HOMEBUILDERS/REAL ESTATE | 78,242 | ||
Technology - 0.3% | |||
Network i2i Ltd. 5.65% (Reg. S) (e)(m) | 200,000 | 199,336 | |
Telecommunications - 0.3% | |||
Telefonica Europe BV 6.75% (Reg. S) (e)(m) | EUR | 200,000 | 238,056 |
Utilities - 0.5% | |||
Electricite de France SA 7.5% (Reg. S) (e)(m) | EUR | 200,000 | 239,033 |
TenneT Holding BV 2.374% (Reg. S) (e)(m) | EUR | 100,000 | 104,964 |
TOTAL UTILITIES | 343,997 | ||
TOTAL PREFERRED SECURITIES (Cost $3,943,848) | 3,981,837 | ||
Money Market Funds - 2.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (o) | 1,486,515 | 1,486,812 | |
Fidelity Securities Lending Cash Central Fund 5.39% (o)(p) | 9,499 | 9,500 | |
TOTAL MONEY MARKET FUNDS (Cost $1,496,220) | 1,496,312 | ||
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $77,977,723) | 73,186,108 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 1,012,568 |
NET ASSETS - 100.0% | 74,198,676 |
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 $40,700,348 or 54.9% 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 $254,381 or 0.3% of net assets. |
(h) | Non-income producing |
(i) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(j) | Security or a portion of the security is on loan at period end. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 79,366 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 623,261 |
Northeast Grocery, Inc. | 11/08/21 | 5,075 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 2,730,646 | 31,505,123 | 32,748,943 | 194,081 | (13) | (1) | 1,486,812 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 677,671 | 668,171 | 20 | - | - | 9,500 | 0.0% |
Total | 2,730,646 | 32,182,794 | 33,417,114 | 194,101 | (13) | (1) | 1,496,312 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 99,596 | - | - | 99,596 |
Consumer Discretionary | 120,620 | - | - | 120,620 |
Consumer Staples | 81,216 | 1,021 | - | 80,195 |
Energy | 1,029,742 | 490,962 | 206,729 | 332,051 |
Real Estate | 182 | - | 182 | - |
Utilities | 382,229 | 382,205 | - | 24 |
Corporate Bonds | 60,728,506 | - | 60,235,639 | 492,867 |
Government Obligations | 1,949,512 | - | 1,949,512 | - |
Bank Loan Obligations | 3,316,356 | - | 2,402,684 | 913,672 |
Preferred Securities | 3,981,837 | - | 3,976,106 | 5,731 |
Money Market Funds | 1,496,312 | 1,496,312 | - | - |
Total Investments in Securities: | 73,186,108 | 2,370,500 | 68,770,852 | 2,044,756 |
Investments in Securities: | |||
Corporate Bonds | |||
Beginning Balance | $ | 1,006,268 | |
Net Realized Gain (Loss) on Investment Securities | 261 | ||
Net Unrealized Gain (Loss) on Investment Securities | (535,246) | ||
Cost of Purchases | 91,317 | ||
Proceeds of Sales | (75,521) | ||
Amortization/Accretion | 1,750 | ||
Transfers into Level 3 | 4,038 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 492,867 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | (104,841) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 1,341,958 | |
Net Realized Gain (Loss) on Investment Securities | 12,045 | ||
Net Unrealized Gain (Loss) on Investment Securities | 23,522 | ||
Cost of Purchases | 192,109 | ||
Proceeds of Sales | (660,888) | ||
Amortization/Accretion | 4,926 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 913,672 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 18,370 | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,018,185 | |
Net Realized Gain (Loss) on Investment Securities | 300,076 | ||
Net Unrealized Gain (Loss) on Investment Securities | (305,283) | ||
Cost of Purchases | 31,987 | ||
Proceeds of Sales | (406,750) | ||
Amortization/Accretion | 2 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 638,217 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | (45,410) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,988) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $76,481,503) | $ | 71,689,796 | ||
Fidelity Central Funds (cost $1,496,220) | 1,496,312 | |||
Total Investment in Securities (cost $77,977,723) | $ | 73,186,108 | ||
Cash | 22,123 | |||
Foreign currency held at value (cost $349,480) | 348,293 | |||
Receivable for investments sold | 297,481 | |||
Receivable for fund shares sold | 50,892 | |||
Dividends receivable | 2,024 | |||
Interest receivable | 1,011,503 | |||
Distributions receivable from Fidelity Central Funds | 10,164 | |||
Prepaid expenses | 26 | |||
Receivable from investment adviser for expense reductions | 53,783 | |||
Other receivables | 11 | |||
Total assets | 74,982,408 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 388,377 | ||
Delayed delivery | 75,000 | |||
Payable for fund shares redeemed | 99,348 | |||
Distributions payable | 64,387 | |||
Accrued management fee | 50,487 | |||
Distribution and service plan fees payable | 3,264 | |||
Audit fee payable | 85,919 | |||
Other payables and accrued expenses | 7,450 | |||
Collateral on securities loaned | 9,500 | |||
Total liabilities | 783,732 | |||
Net Assets | $ | 74,198,676 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 93,128,042 | ||
Total accumulated earnings (loss) | (18,929,366) | |||
Net Assets | $ | 74,198,676 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($7,852,196 ÷ 916,250 shares)(a) | $ | 8.57 | ||
Maximum offering price per share (100/96.00 of $8.57) | $ | 8.93 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,725,628 ÷ 318,107 shares)(a) | $ | 8.57 | ||
Maximum offering price per share (100/96.00 of $8.57) | $ | 8.93 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,134,336 ÷ 132,366 shares)(a) | $ | 8.57 | ||
Global High Income : | ||||
Net Asset Value, offering price and redemption price per share ($59,729,213 ÷ 6,968,993 shares) | $ | 8.57 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($2,757,303 ÷ 321,729 shares) | $ | 8.57 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 242,578 | ||
Interest | 4,634,392 | |||
Income from Fidelity Central Funds (including $20 from security lending) | 194,101 | |||
Total income | 5,071,071 | |||
Expenses | ||||
Management fee | $ | 540,077 | ||
Transfer agent fees | 100,758 | |||
Distribution and service plan fees | 40,177 | |||
Accounting fees | 26,106 | |||
Custodian fees and expenses | 12,657 | |||
Independent trustees' fees and expenses | 381 | |||
Registration fees | 102,564 | |||
Audit | 102,437 | |||
Legal | 8,496 | |||
Miscellaneous | 297 | |||
Total expenses before reductions | 933,950 | |||
Expense reductions | (280,337) | |||
Total expenses after reductions | 653,613 | |||
Net Investment income (loss) | 4,417,458 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,118,713) | |||
Fidelity Central Funds | (13) | |||
Foreign currency transactions | (17,011) | |||
Total net realized gain (loss) | (3,135,737) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,111,893 | |||
Fidelity Central Funds | (1) | |||
Assets and liabilities in foreign currencies | (5,982) | |||
Total change in net unrealized appreciation (depreciation) | 4,105,910 | |||
Net gain (loss) | 970,173 | |||
Net increase (decrease) in net assets resulting from operations | $ | 5,387,631 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,417,458 | $ | 4,276,750 |
Net realized gain (loss) | (3,135,737) | (6,611,422) | ||
Change in net unrealized appreciation (depreciation) | 4,105,910 | 2,033,258 | ||
Net increase (decrease) in net assets resulting from operations | 5,387,631 | (301,414) | ||
Distributions to shareholders | (3,611,064) | (3,486,392) | ||
Distributions to shareholders from tax return of capital | - | (291,964) | ||
Total Distributions | (3,611,064) | (3,778,356) | ||
Share transactions - net increase (decrease) | (5,907,486) | (13,836,765) | ||
Total increase (decrease) in net assets | (4,130,919) | (17,916,535) | ||
Net Assets | ||||
Beginning of period | 78,329,595 | 96,246,130 | ||
End of period | $ | 74,198,676 | $ | 78,329,595 |
Fidelity Advisor® Global High Income Fund Class A |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .474 | .422 | .367 | .391 | .445 | |||||
Net realized and unrealized gain (loss) | .121 | (.382) | (1.089) | 1.394 | (1.120) | |||||
Total from investment operations | .595 | .040 | (.722) | 1.785 | (.675) | |||||
Distributions from net investment income | (.385) | (.341) | (.378) | (.375) | (.425) | |||||
Distributions from tax return of capital | - | (.029) | - | - | - | |||||
Total distributions | (.385) | (.370) | (.378) | (.375) | (.425) | |||||
Net asset value, end of period | $ | 8.57 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 |
Total Return C,D | 7.30 % | .64% | (7.64)% | 21.59% | (7.44)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.46% | 1.38% | 1.37% | 1.34% | 1.34% | |||||
Expenses net of fee waivers, if any | 1.06 % | 1.17% | 1.16% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.06% | 1.17% | 1.16% | 1.25% | 1.25% | |||||
Net investment income (loss) | 5.65% | 5.13% | 3.89% | 4.17% | 4.77% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 7,852 | $ | 7,663 | $ | 15,467 | $ | 8,582 | $ | 5,927 |
Portfolio turnover rate G | 37 % | 29% | 45% | 53% | 54% |
Fidelity Advisor® Global High Income Fund Class M |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .474 | .421 | .372 | .389 | .445 | |||||
Net realized and unrealized gain (loss) | .121 | (.381) | (1.094) | 1.396 | (1.120) | |||||
Total from investment operations | .595 | .040 | (.722) | 1.785 | (.675) | |||||
Distributions from net investment income | (.385) | (.341) | (.378) | (.375) | (.425) | |||||
Distributions from tax return of capital | - | (.029) | - | - | - | |||||
Total distributions | (.385) | (.370) | (.378) | (.375) | (.425) | |||||
Net asset value, end of period | $ | 8.57 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 |
Total Return C,D | 7.30 % | .64% | (7.64)% | 21.59% | (7.44)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.50% | 1.45% | 1.41% | 1.41% | 1.41% | |||||
Expenses net of fee waivers, if any | 1.06 % | 1.17% | 1.16% | 1.25% | 1.25% | |||||
Expenses net of all reductions | 1.06% | 1.17% | 1.16% | 1.25% | 1.25% | |||||
Net investment income (loss) | 5.65% | 5.13% | 3.89% | 4.16% | 4.77% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,726 | $ | 2,634 | $ | 3,118 | $ | 3,164 | $ | 2,928 |
Portfolio turnover rate G | 37 % | 29% | 45% | 53% | 54% |
Fidelity Advisor® Global High Income Fund Class C |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .411 | .360 | .301 | .319 | .375 | |||||
Net realized and unrealized gain (loss) | .121 | (.381) | (1.094) | 1.396 | (1.119) | |||||
Total from investment operations | .532 | (.021) | (.793) | 1.715 | (.744) | |||||
Distributions from net investment income | (.322) | (.285) | (.307) | (.305) | (.356) | |||||
Distributions from tax return of capital | - | (.024) | - | - | - | |||||
Total distributions | (.322) | (.309) | (.307) | (.305) | (.356) | |||||
Net asset value, end of period | $ | 8.57 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 |
Total Return C,D | 6.50 % | (.11)% | (8.33)% | 20.69% | (8.13)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 2.25% | 2.20% | 2.12% | 2.14% | 2.11% | |||||
Expenses net of fee waivers, if any | 1.81 % | 1.92% | 1.91% | 2.00% | 2.00% | |||||
Expenses net of all reductions | 1.81% | 1.92% | 1.91% | 2.00% | 2.00% | |||||
Net investment income (loss) | 4.90% | 4.38% | 3.14% | 3.41% | 4.02% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,134 | $ | 1,599 | $ | 2,246 | $ | 3,249 | $ | 2,684 |
Portfolio turnover rate G | 37 % | 29% | 45% | 53% | 54% |
Fidelity® Global High Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .495 | .442 | .397 | .413 | .468 | |||||
Net realized and unrealized gain (loss) | .121 | (.381) | (1.094) | 1.395 | (1.119) | |||||
Total from investment operations | .616 | .061 | (.697) | 1.808 | (.651) | |||||
Distributions from net investment income | (.406) | (.361) | (.403) | (.398) | (.449) | |||||
Distributions from tax return of capital | - | (.030) | - | - | - | |||||
Total distributions | (.406) | (.391) | (.403) | (.398) | (.449) | |||||
Net asset value, end of period | $ | 8.57 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 |
Total Return C | 7.56 % | .89% | (7.40)% | 21.89% | (7.21)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | 1.17% | 1.10% | 1.04% | 1.04% | 1.03% | |||||
Expenses net of fee waivers, if any | .81 % | .92% | .91% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .81% | .92% | .91% | 1.00% | 1.00% | |||||
Net investment income (loss) | 5.90% | 5.38% | 4.15% | 4.41% | 5.02% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 59,729 | $ | 63,000 | $ | 72,441 | $ | 89,338 | $ | 73,039 |
Portfolio turnover rate F | 37 % | 29% | 45% | 53% | 54% |
Fidelity Advisor® Global High Income Fund Class I |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .494 | .442 | .400 | .411 | .473 | |||||
Net realized and unrealized gain (loss) | .122 | (.381) | (1.097) | 1.397 | (1.124) | |||||
Total from investment operations | .616 | .061 | (.697) | 1.808 | (.651) | |||||
Distributions from net investment income | (.406) | (.361) | (.403) | (.398) | (.449) | |||||
Distributions from tax return of capital | - | (.030) | - | - | - | |||||
Total distributions | (.406) | (.391) | (.403) | (.398) | (.449) | |||||
Net asset value, end of period | $ | 8.57 | $ | 8.36 | $ | 8.69 | $ | 9.79 | $ | 8.38 |
Total Return C | 7.57 % | .89% | (7.40)% | 21.89% | (7.21)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | 1.21% | 1.15% | 1.05% | 1.05% | 1.03% | |||||
Expenses net of fee waivers, if any | .81 % | .92% | .91% | 1.00% | 1.00% | |||||
Expenses net of all reductions | .81% | .92% | .91% | 1.00% | 1.00% | |||||
Net investment income (loss) | 5.90% | 5.38% | 4.14% | 4.42% | 5.02% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,757 | $ | 3,433 | $ | 2,975 | $ | 7,844 | $ | 4,350 |
Portfolio turnover rate F | 37 % | 29% | 45% | 53% | 54% |
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 | $ 632,486 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase |
Enterprise value/EBITDA multiple (EV/EBITDA) | 3.8 - 12.8 / 5.4 | Increase | |||
Market approach | Parity price | $0.90 | Increase | ||
Discounted cash flow | Discount rate | 11.1% - 12.5% / 11.2% | Decrease | ||
Recovery value | Recovery value | $0.00 - $1.10 / $1.10 | Increase | ||
Black scholes | Discount rate | 4.9% | Increase | ||
Term | 2.8 | Increase | |||
Volatility | 60.0% | Increase | |||
Corporate Bonds | $ 492,867 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 | Increase |
Daily production multiple ($/Million cubic feet per day) | $3,550.00 | Increase | |||
Discounted cash flow | Yield | 18.8% | Decrease | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Indicative market price | Evaluated bid | $0.01 - $24.00 / $12.03 | Increase | ||
Black scholes | Discount rate | 4.9% | Increase | ||
Term | 2.8 | Increase | |||
Volatility | 60.0% | Increase | |||
Bank Loan Obligations | $ 913,672 | Discounted cash flow | Yield | 7.2% - 12.2% / 10.0% | Decrease |
Recovery value | Recovery value | $0.00 | Increase | ||
Preferred Securities | $ 5,731 | Indicative market price | Evaluated bid | $1.50 - $5.00 / $4.55 | Increase |
Gross unrealized appreciation | $2,573,789 |
Gross unrealized depreciation | (6,749,806) |
Net unrealized appreciation (depreciation) | $(4,176,017) |
Tax Cost | $77,351,263 |
Undistributed ordinary income | $108,236 |
Capital loss carryforward | $(14,858,761) |
Net unrealized appreciation (depreciation) on securities and other investments | $(4,178,842) |
Short-term | $(1,898,217) |
Long-term | (12,960,544) |
Total capital loss carryforward | $(14,858,761) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $3,611,064 | $3,486,392 |
Tax Return of Capital | - | 291,964 |
Total | $3,611,064 | $3,778,356 |
Purchases ($) | Sales ($) | |
Fidelity Global High Income Fund | 25,921,018 | 30,511,078 |
Maximum Management Fee Rate % | |
Class A | .85 |
Class M | .85 |
Class C | .85 |
Global High Income | .83 |
Class I | .85 |
Total Management Fee Rate % | |
Class A | .84 |
Class M | .84 |
Class C | .84 |
Global High Income | .80 |
Class I | .84 |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | - % | .25% | 19,512 | 465 |
Class M | - % | .25% | 6,685 | 34 |
Class C | .75% | .25% | 13,980 | 896 |
40,177 | 1,395 |
Retained by FDC ($) | |
Class A | 743 |
Class M | 361 |
Class C A | 58 |
1,162 |
% of Class-Level Average Net Assets | |
Class A | .1824 |
Class M | .2000 |
Class C | .2000 |
Global High Income | .1497 |
Class I | .1928 |
Amount ($) | % of Class-Level Average Net AssetsA | |
Class A | 11,944 | .18 |
Class M | 5,147 | .23 |
Class C | 2,816 | .24 |
Global High Income | 76,332 | .15 |
Class I | 4,519 | .18 |
100,758 |
% of Average Net Assets | |
Fidelity Global High Income Fund | .0414 |
% of Average Net Assets | |
Fidelity Global High Income Fund | .04 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity Global High Income Fund | - | 42,258 | 29,462 |
Amount ($) | |
Fidelity Global High Income Fund | 133 |
Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) | |
Fidelity Global High Income Fund | 2 | - | - |
Expense Limitations | Reimbursement ($) | |
Class A | 1.15%/1.05%A | 30,188 |
Class M | 1.15%/1.05%A | 11,453 |
Class C | 1.90%/1.80%A | 6,059 |
Global High Income | .90%/.80%A | 215,196 |
Class I | .90%/.80%A | 11,620 |
274,516 |
Expense reduction ($) | |
Class M | 16 |
Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Global High Income Fund | ||
Distributions to shareholders | ||
Class A | $357,744 | $380,555 |
Class M | 122,765 | 118,501 |
Class C | 53,282 | 69,010 |
Global High Income | 2,934,976 | 3,044,980 |
Class I | 142,297 | 165,310 |
Total | $3,611,064 | $3,778,356 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2024 | Year ended April 30, 2023 | Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity Global High Income Fund | ||||
Class A | ||||
Shares sold | 126,552 | 117,663 | $1,062,017 | $965,194 |
Reinvestment of distributions | 41,448 | 45,152 | 348,935 | 370,851 |
Shares redeemed | (168,522) | (1,026,071) | (1,416,170) | (8,638,977) |
Net increase (decrease) | (522) | (863,256) | $(5,218) | $(7,302,932) |
Class M | ||||
Shares sold | 51,011 | 29,016 | $435,194 | $241,895 |
Reinvestment of distributions | 14,407 | 14,213 | 121,338 | 116,461 |
Shares redeemed | (62,498) | (86,940) | (526,953) | (717,956) |
Net increase (decrease) | 2,920 | (43,711) | $29,579 | $(359,600) |
Class C | ||||
Shares sold | 13,459 | 14,105 | $112,545 | $115,329 |
Reinvestment of distributions | 6,285 | 8,356 | 52,853 | 68,433 |
Shares redeemed | (78,694) | (89,592) | (662,631) | (738,846) |
Net increase (decrease) | (58,950) | (67,131) | $(497,233) | $(555,084) |
Global High Income | ||||
Shares sold | 1,360,832 | 1,464,734 | $11,502,339 | $12,141,545 |
Reinvestment of distributions | 268,630 | 287,398 | 2,260,979 | 2,353,838 |
Shares redeemed | (2,197,018) | (2,551,630) | (18,463,340) | (20,718,743) |
Net increase (decrease) | (567,556) | (799,498) | $(4,700,022) | $(6,223,360) |
Class I | ||||
Shares sold | 84,464 | 411,632 | $710,197 | $3,447,408 |
Reinvestment of distributions | 13,724 | 16,694 | 115,366 | 137,183 |
Shares redeemed | (187,302) | (359,777) | (1,560,155) | (2,980,380) |
Net increase (decrease) | (89,114) | 68,549 | $(734,592) | $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 (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Global High Income Fund | ||||||||||
Class A | 1.05% | |||||||||
Actual | $ 1,000 | $ 1,090.00 | $ 5.46 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.27 | |||||||
Class M | 1.05% | |||||||||
Actual | $ 1,000 | $ 1,090.00 | $ 5.46 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.27 | |||||||
Class C | 1.80% | |||||||||
Actual | $ 1,000 | $ 1,086.00 | $ 9.34 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.91 | $ 9.02 | |||||||
Fidelity® Global High Income Fund | .80% | |||||||||
Actual | $ 1,000 | $ 1,091.40 | $ 4.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.89 | $ 4.02 | |||||||
Class I | .80% | |||||||||
Actual | $ 1,000 | $ 1,091.40 | $ 4.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.89 | $ 4.02 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98214_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98214_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Life of Fund A |
Class A (incl. 5.75% sales charge) | 6.29% | 6.19% |
Class M (incl. 3.50% sales charge) | 8.59% | 7.22% |
Class C (incl. contingent deferred sales charge) | 11.01% | 8.68% |
Fidelity® Healthy Future Fund | 13.12% | 9.77% |
Class I | 13.12% | 9.77% |
Class Z | 13.19% | 9.91% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Healthy Future Fund, a class of the fund, on May 24, 2022, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 9.9 | |
Procter & Gamble Co. | 7.0 | |
Nestle SA (Reg. S) | 5.0 | |
Thermo Fisher Scientific, Inc. | 4.7 | |
Vertex Pharmaceuticals, Inc. | 3.5 | |
Regeneron Pharmaceuticals, Inc. | 3.4 | |
UnitedHealth Group, Inc. | 3.1 | |
L'Oreal SA | 2.9 | |
Tesla, Inc. | 2.7 | |
Uber Technologies, Inc. | 2.5 | |
44.7 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 35.4 | |
Consumer Staples | 23.2 | |
Consumer Discretionary | 15.9 | |
Information Technology | 11.1 | |
Financials | 7.5 | |
Industrials | 3.2 | |
Communication Services | 1.5 | |
Real Estate | 1.2 | |
Utilities | 0.9 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Entertainment - 1.5% | |||
The Walt Disney Co. | 1,225 | 136,098 | |
CONSUMER DISCRETIONARY - 15.9% | |||
Automobile Components - 2.5% | |||
Aptiv PLC (a) | 992 | 70,432 | |
DENSO Corp. | 9,583 | 163,324 | |
233,756 | |||
Automobiles - 4.8% | |||
BYD Co. Ltd. (H Shares) | 787 | 21,574 | |
General Motors Co. | 3,502 | 155,944 | |
Rivian Automotive, Inc. (a) | 1,901 | 16,919 | |
Tesla, Inc. (a) | 1,387 | 254,209 | |
448,646 | |||
Hotels, Restaurants & Leisure - 3.4% | |||
Airbnb, Inc. Class A (a) | 215 | 34,093 | |
Cava Group, Inc. | 626 | 45,034 | |
Chipotle Mexican Grill, Inc. (a) | 44 | 139,022 | |
Hilton Worldwide Holdings, Inc. | 418 | 82,463 | |
Sweetgreen, Inc. Class A (a) | 480 | 10,786 | |
311,398 | |||
Specialty Retail - 0.8% | |||
TJX Companies, Inc. | 447 | 42,058 | |
Ulta Beauty, Inc. (a) | 70 | 28,339 | |
70,397 | |||
Textiles, Apparel & Luxury Goods - 4.4% | |||
adidas AG | 132 | 31,893 | |
Crocs, Inc. (a) | 282 | 35,072 | |
Deckers Outdoor Corp. (a) | 202 | 165,331 | |
lululemon athletica, Inc. (a) | 323 | 116,474 | |
On Holding AG (a) | 1,901 | 60,357 | |
409,127 | |||
TOTAL CONSUMER DISCRETIONARY | 1,473,324 | ||
CONSUMER STAPLES - 23.2% | |||
Consumer Staples Distribution & Retail - 1.1% | |||
Costco Wholesale Corp. | 76 | 54,940 | |
Sprouts Farmers Market LLC (a) | 698 | 46,089 | |
101,029 | |||
Food Products - 7.1% | |||
Danone SA | 2,545 | 159,285 | |
Freshpet, Inc. (a) | 338 | 35,852 | |
Nestle SA (Reg. S) | 4,620 | 463,849 | |
658,986 | |||
Household Products - 9.2% | |||
Colgate-Palmolive Co. | 2,231 | 205,074 | |
Procter & Gamble Co. | 3,997 | 652,310 | |
857,384 | |||
Personal Care Products - 5.8% | |||
elf Beauty, Inc. (a) | 360 | 58,511 | |
Estee Lauder Companies, Inc. Class A | 967 | 141,869 | |
Kenvue, Inc. | 3,517 | 66,190 | |
L'Oreal SA | 569 | 266,972 | |
533,542 | |||
TOTAL CONSUMER STAPLES | 2,150,941 | ||
FINANCIALS - 7.5% | |||
Capital Markets - 1.4% | |||
BlackRock, Inc. Class A | 180 | 135,835 | |
Insurance - 6.1% | |||
AIA Group Ltd. | 23,836 | 174,583 | |
Chubb Ltd. | 756 | 187,972 | |
Hartford Financial Services Group, Inc. | 831 | 80,516 | |
Marsh & McLennan Companies, Inc. | 599 | 119,459 | |
562,530 | |||
TOTAL FINANCIALS | 698,365 | ||
HEALTH CARE - 35.4% | |||
Biotechnology - 9.5% | |||
Exact Sciences Corp. (a) | 478 | 28,369 | |
Gilead Sciences, Inc. | 1,829 | 119,251 | |
Moderna, Inc. (a) | 849 | 93,653 | |
Regeneron Pharmaceuticals, Inc. (a) | 356 | 317,075 | |
Vertex Pharmaceuticals, Inc. (a) | 826 | 324,461 | |
882,809 | |||
Health Care Equipment & Supplies - 5.6% | |||
Abbott Laboratories | 1,681 | 178,136 | |
Boston Scientific Corp. (a) | 2,139 | 153,730 | |
DexCom, Inc. (a) | 478 | 60,892 | |
Penumbra, Inc. (a) | 211 | 41,455 | |
The Cooper Companies, Inc. | 408 | 36,336 | |
TransMedics Group, Inc. (a) | 475 | 44,712 | |
515,261 | |||
Health Care Providers & Services - 6.8% | |||
Centene Corp. (a) | 2,523 | 184,330 | |
CVS Health Corp. | 821 | 55,590 | |
LifeStance Health Group, Inc. (a) | 10,239 | 63,277 | |
Molina Healthcare, Inc. (a) | 111 | 37,973 | |
UnitedHealth Group, Inc. | 602 | 291,187 | |
632,357 | |||
Life Sciences Tools & Services - 7.6% | |||
Agilent Technologies, Inc. | 489 | 67,013 | |
Danaher Corp. | 816 | 201,242 | |
Thermo Fisher Scientific, Inc. | 762 | 433,365 | |
701,620 | |||
Pharmaceuticals - 5.9% | |||
Eli Lilly & Co. | 261 | 203,867 | |
Merck & Co., Inc. | 755 | 97,561 | |
UCB SA | 1,645 | 218,653 | |
Zoetis, Inc. Class A | 199 | 31,689 | |
551,770 | |||
TOTAL HEALTH CARE | 3,283,817 | ||
INDUSTRIALS - 3.2% | |||
Electrical Equipment - 0.7% | |||
Generac Holdings, Inc. (a) | 444 | 60,366 | |
Ground Transportation - 2.5% | |||
Uber Technologies, Inc. (a) | 3,564 | 236,186 | |
TOTAL INDUSTRIALS | 296,552 | ||
INFORMATION TECHNOLOGY - 11.1% | |||
Semiconductors & Semiconductor Equipment - 9.9% | |||
NVIDIA Corp. | 1,067 | 921,909 | |
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 525 | 89,423 | |
Samsung Electronics Co. Ltd. GDR (Reg. S) | 15 | 21,135 | |
110,558 | |||
TOTAL INFORMATION TECHNOLOGY | 1,032,467 | ||
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
Welltower, Inc. | 1,119 | 106,618 | |
UTILITIES - 0.9% | |||
Electric Utilities - 0.9% | |||
NextEra Energy, Inc. | 1,191 | 79,761 | |
TOTAL COMMON STOCKS (Cost $8,022,196) | 9,257,943 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $8,022,196) | 9,257,943 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 12,416 |
NET ASSETS - 100.0% | 9,270,359 |
(a) | Non-income producing |
Affiliate | Value, beginning of period ($) | 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 5.39% | 25,605 | 5,383,361 | 5,408,966 | 6,611 | - | - | - | 0.0% |
Total | 25,605 | 5,383,361 | 5,408,966 | 6,611 | - | - | - | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 136,098 | 136,098 | - | - |
Consumer Discretionary | 1,473,324 | 1,288,426 | 184,898 | - |
Consumer Staples | 2,150,941 | 1,527,807 | 623,134 | - |
Financials | 698,365 | 523,782 | 174,583 | - |
Health Care | 3,283,817 | 3,283,817 | - | - |
Industrials | 296,552 | 296,552 | - | - |
Information Technology | 1,032,467 | 1,032,467 | - | - |
Real Estate | 106,618 | 106,618 | - | - |
Utilities | 79,761 | 79,761 | - | - |
Total Investments in Securities: | 9,257,943 | 8,275,328 | 982,615 | - |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $8,022,196): | $ | 9,257,943 | ||
Foreign currency held at value (cost $15,010) | 14,964 | |||
Receivable for investments sold | 263,576 | |||
Receivable for fund shares sold | 6,180 | |||
Dividends receivable | 8,972 | |||
Reclaims receivable | 5,961 | |||
Distributions receivable from Fidelity Central Funds | 530 | |||
Prepaid expenses | 2 | |||
Receivable from investment adviser for expense reductions | 54,536 | |||
Total assets | 9,612,664 | |||
Liabilities | ||||
Payable to custodian bank | $ | 11,564 | ||
Payable for investments purchased | 170,341 | |||
Payable for fund shares redeemed | 119,019 | |||
Accrued management fee | 6,567 | |||
Distribution and service plan fees payable | 1,034 | |||
Audit fee payable | 32,277 | |||
Other payables and accrued expenses | 1,503 | |||
Total liabilities | 342,305 | |||
Net Assets | $ | 9,270,359 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 8,226,799 | ||
Total accumulated earnings (loss) | 1,043,560 | |||
Net Assets | $ | 9,270,359 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($853,693 ÷ 71,634 shares)(a) | $ | 11.92 | ||
Maximum offering price per share (100/94.25 of $11.92) | $ | 12.65 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,565,414 ÷ 131,980 shares)(a) | $ | 11.86 | ||
Maximum offering price per share (100/96.50 of $11.86) | $ | 12.29 | ||
Class C : | ||||
Net Asset Value and offering price per share ($261,589 ÷ 22,272 shares)(a) | $ | 11.75 | ||
Fidelity Healthy Future Fund : | ||||
Net Asset Value, offering price and redemption price per share ($6,308,666 ÷ 527,211 shares) | $ | 11.97 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($159,464 ÷ 13,327 shares) | $ | 11.97 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($121,533 ÷ 10,129 shares) | $ | 12.00 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 76,387 | ||
Income from Fidelity Central Funds | 6,611 | |||
Total income | 82,998 | |||
Expenses | ||||
Management fee | $ | 47,851 | ||
Transfer agent fees | 12,155 | |||
Distribution and service plan fees | 6,923 | |||
Accounting fees and expenses | 1,831 | |||
Custodian fees and expenses | 4,431 | |||
Independent trustees' fees and expenses | 30 | |||
Registration fees | 77,879 | |||
Audit | 44,178 | |||
Legal | 486 | |||
Miscellaneous | 20 | |||
Total expenses before reductions | 195,784 | |||
Expense reductions | (119,510) | |||
Total expenses after reductions | 76,274 | |||
Net Investment income (loss) | 6,724 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (98,345) | |||
Foreign currency transactions | 290 | |||
Total net realized gain (loss) | (98,055) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 913,916 | |||
Assets and liabilities in foreign currencies | (181) | |||
Total change in net unrealized appreciation (depreciation) | 913,735 | |||
Net gain (loss) | 815,680 | |||
Net increase (decrease) in net assets resulting from operations | $ | 822,404 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | For the period May 24, 2022 (commencement of operations) through April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,724 | $ | 2,409 |
Net realized gain (loss) | (98,055) | (100,000) | ||
Change in net unrealized appreciation (depreciation) | 913,735 | 321,841 | ||
Net increase (decrease) in net assets resulting from operations | 822,404 | 224,250 | ||
Distributions to shareholders | (3,025) | - | ||
Share transactions - net increase (decrease) | 4,382,036 | 3,844,694 | ||
Total increase (decrease) in net assets | 5,201,415 | 4,068,944 | ||
Net Assets | ||||
Beginning of period | 4,068,944 | - | ||
End of period | $ | 9,270,359 | $ | 4,068,944 |
Fidelity Advisor® Healthy Future Fund Class A |
Years ended April 30, | 2024 | 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 | (.01) | (.01) | ||
Net realized and unrealized gain (loss) | 1.36 | .58 | ||
Total from investment operations | 1.35 | .57 | ||
Net asset value, end of period | $ | 11.92 | $ | 10.57 |
Total Return D,E,F | 12.77 % | 5.70% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.08% | 9.78% I,J | ||
Expenses net of fee waivers, if any | 1.29 % | 1.29% J | ||
Expenses net of all reductions | 1.29% | 1.29% J | ||
Net investment income (loss) | (.05)% | (.09)% J | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 854 | $ | 205 |
Portfolio turnover rate K | 37 % | 68% J |
Fidelity Advisor® Healthy Future Fund Class M |
Years ended April 30, | 2024 | 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) | 1.35 | .57 | ||
Total from investment operations | 1.32 | .54 | ||
Net asset value, end of period | $ | 11.86 | $ | 10.54 |
Total Return D,E,F | 12.52 % | 5.40% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.46% | 10.17% I,J | ||
Expenses net of fee waivers, if any | 1.54 % | 1.54% I | ||
Expenses net of all reductions | 1.53% | 1.54% I | ||
Net investment income (loss) | (.29)% | (.34)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 1,565 | $ | 136 |
Portfolio turnover rate K | 37 % | 68% I |
Fidelity Advisor® Healthy Future Fund Class C |
Years ended April 30, | 2024 | 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 | (.09) | (.08) | ||
Net realized and unrealized gain (loss) | 1.35 | .57 | ||
Total from investment operations | 1.26 | .49 | ||
Net asset value, end of period | $ | 11.75 | $ | 10.49 |
Total Return D,E,F | 12.01 % | 4.90% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 3.94% | 10.48% I,J | ||
Expenses net of fee waivers, if any | 2.04 % | 2.04% J | ||
Expenses net of all reductions | 2.03% | 2.04% J | ||
Net investment income (loss) | (.80)% | (.84)% J | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 262 | $ | 130 |
Portfolio turnover rate K | 37 % | 68% J |
Fidelity® Healthy Future Fund |
Years ended April 30, | 2024 | 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 | .02 | ||
Net realized and unrealized gain (loss) | 1.37 | .57 | ||
Total from investment operations | 1.39 | .59 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 11.97 | $ | 10.59 |
Total Return D,E | 13.12 % | 5.90% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | 2.79% | 9.38% H,I | ||
Expenses net of fee waivers, if any | 1.04 % | 1.04% I | ||
Expenses net of all reductions | 1.04% | 1.04% I | ||
Net investment income (loss) | .20% | .16% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 6,309 | $ | 3,376 |
Portfolio turnover rate J | 37 % | 68% I |
Fidelity Advisor® Healthy Future Fund Class I |
Years ended April 30, | 2024 | 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 | .02 | ||
Net realized and unrealized gain (loss) | 1.37 | .57 | ||
Total from investment operations | 1.39 | .59 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 11.97 | $ | 10.59 |
Total Return D,E | 13.12 % | 5.90% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | 2.82% | 9.48% H,I | ||
Expenses net of fee waivers, if any | 1.04 % | 1.05% H | ||
Expenses net of all reductions | 1.04% | 1.04% H | ||
Net investment income (loss) | .20% | .16% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 159 | $ | 115 |
Portfolio turnover rate J | 37 % | 68% H |
Fidelity Advisor® Healthy Future Fund Class Z |
Years ended April 30, | 2024 | 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 | .04 | .03 | ||
Net realized and unrealized gain (loss) | 1.36 | .58 | ||
Total from investment operations | 1.40 | .61 | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 12.00 | $ | 10.61 |
Total Return D,E | 13.19 % | 6.10% | ||
Ratios to Average Net Assets B,F,G | ||||
Expenses before reductions | 2.60% | 9.34% H,I | ||
Expenses net of fee waivers, if any | .89 % | .90% I | ||
Expenses net of all reductions | .89% | .89% I | ||
Net investment income (loss) | .35% | .31% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 122 | $ | 107 |
Portfolio turnover rate J | 37 % | 68% I |
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 | $1,607,200 |
Gross unrealized depreciation | (411,411) |
Net unrealized appreciation (depreciation) | $1,195,789 |
Tax Cost | $8,062,154 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $6,157 |
Capital loss carryforward | $(158,215) |
Net unrealized appreciation (depreciation) on securities and other investments | $1,195,618 |
Short-term | $(158,215) |
Long-term | (-) |
Total capital loss carryforward | $(158,215) |
April 30, 2024 | April 30, 2023 A | |
Ordinary Income | $3,025 | $- |
Total | $3,025 | $- |
Purchases ($) | Sales ($) | |
Fidelity Healthy Future Fund | 6,933,650 | 2,449,078 |
Maximum Management Fee Rate % | |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Fidelity Healthy Future Fund | .87 |
Class I | .85 |
Class Z | .71 |
Total Management Fee Rate % | |
Class A | .87 |
Class M | .87 |
Class C | .87 |
Fidelity Healthy Future Fund | .83 |
Class I | .85 |
Class Z | .71 |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | - % | .25% | 1,466 | 1,192 |
Class M | .25% | .25% | 3,728 | 811 |
Class C | .75% | .25% | 1,729 | 1,395 |
6,923 | 3,398 |
Retained by FDC ($) | |
Class A | 1,539 |
Class M | 137 |
Class CA | 28 |
1,704 |
% of Class-Level Average Net Assets | |
Class A | .2000 |
Class M | .1988 |
Class C | .2000 |
Fidelity Healthy Future Fund | .2000 |
Class I | .1792 |
Amount ($) | % of Class-Level Average Net Assets | |
Class A | 1,106 | .25 |
Class M | 961 | .20 |
Class C | 316 | .24 |
Fidelity Healthy Future Fund | 9,538 | .24 |
Class I | 195 | .19 |
Class Z | 39 | .04 |
12,155 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | .0354 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | .04 |
Amount ($) | |
Fidelity Healthy Future Fund | 67 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity Healthy Future Fund | 210,813 | 76,525 | (46,689) |
Amount ($) | |
Fidelity Healthy Future Fund | 11 |
Expense Limitations | Reimbursement ($) | |
Class A | 1.30% | 10,421 |
Class M | 1.55% | 14,154 |
Class C | 2.05% | 3,266 |
Fidelity Healthy Future Fund | 1.05% | 86,693 |
Class I | 1.05% | 2,280 |
Class Z | .90% | 1,917 |
118,731 |
Year ended April 30, 2024 | Year ended April 30, 2023 A | |
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 | |
Year ended April 30, 2024 | Year ended April 30, 2023 A | Year ended April 30, 2024 | Year ended April 30, 2023 A | |
Fidelity Healthy Future Fund | ||||
Class A | ||||
Shares sold | 60,658 | 21,624 | $668,918 | $214,288 |
Shares redeemed | (8,451) | (2,197) | (96,085) | (22,414) |
Net increase (decrease) | 52,207 | 19,427 | $572,833 | $191,874 |
Class M | ||||
Shares sold | 128,604 | 12,903 | $1,431,236 | $129,961 |
Shares redeemed | (9,527) | - | (104,174) | - |
Net increase (decrease) | 119,077 | 12,903 | $1,327,062 | $129,961 |
Class C | ||||
Shares sold | 10,734 | 12,345 | $123,647 | $123,179 |
Shares redeemed | (807) | - | (8,515) | - |
Net increase (decrease) | 9,927 | 12,345 | $115,132 | $123,179 |
Fidelity Healthy Future Fund | ||||
Shares sold | 403,281 | 405,307 | $4,519,404 | $4,047,257 |
Reinvestment of distributions | 215 | - | 2,296 | - |
Shares redeemed | (195,003) | (86,589) | (2,184,086) | (856,749) |
Net increase (decrease) | 208,493 | 318,718 | $2,337,614 | $3,190,508 |
Class I | ||||
Shares sold | 4,013 | 10,884 | $47,126 | $108,773 |
Reinvestment of distributions | 9 | - | 91 | - |
Shares redeemed | (1,579) | - | (18,393) | - |
Net increase (decrease) | 2,443 | 10,884 | $28,824 | $108,773 |
Class Z | ||||
Shares sold | 47 | 10,820 | $490 | $107,700 |
Reinvestment of distributions | 8 | - | 81 | - |
Shares redeemed | - | (746) | - | (7,301) |
Net increase (decrease) | 55 | 10,074 | $571 | $100,399 |
Fund | Affiliated % |
Fidelity Healthy Future Fund | 13% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Healthy Future Fund | ||||||||||
Class A | 1.28% | |||||||||
Actual | $ 1,000 | $ 1,184.90 | $ 6.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.50 | $ 6.42 | |||||||
Class M | 1.52% | |||||||||
Actual | $ 1,000 | $ 1,182.50 | $ 8.25 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.30 | $ 7.62 | |||||||
Class C | 2.02% | |||||||||
Actual | $ 1,000 | $ 1,179.70 | $ 10.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.82 | $ 10.12 | |||||||
Fidelity® Healthy Future Fund | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,186.30 | $ 5.65 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.69 | $ 5.22 | |||||||
Class I | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,186.30 | $ 5.60 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.74 | $ 5.17 | |||||||
Class Z | .89% | |||||||||
Actual | $ 1,000 | $ 1,186.90 | $ 4.84 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.44 | $ 4.47 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98207_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98207_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Focused High Income Fund | 6.04% | 2.34% | 3.24% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Focused High Income Fund on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® BB US High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.8 | |
VICI Properties LP / VICI Note Co. | 1.7 | |
Hilton Domestic Operating Company, Inc. | 1.7 | |
Hess Midstream Operations LP | 1.6 | |
Sunoco LP/Sunoco Finance Corp. | 1.3 | |
OneMain Finance Corp. | 1.3 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.3 | |
Ford Motor Credit Co. LLC | 1.3 | |
EQM Midstream Partners LP | 1.3 | |
PG&E Corp. | 1.3 | |
14.6 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.3 | |
Services | 8.2 | |
Technology | 6.1 | |
Diversified Financial Services | 5.6 | |
Utilities | 5.1 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 93.5% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.7% | |||
Broadcasting - 0.2% | |||
DISH Network Corp. 3.375% 8/15/26 | 680,000 | 414,799 | |
Homebuilders/Real Estate - 0.2% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 443,000 | 361,045 | |
Technology - 0.3% | |||
Global Payments, Inc. 1.5% 3/1/31 (b) | 313,000 | 311,122 | |
Wolfspeed, Inc. 1.875% 12/1/29 | 370,000 | 212,565 | |
523,687 | |||
TOTAL CONVERTIBLE BONDS | 1,299,531 | ||
Nonconvertible Bonds - 92.8% | |||
Aerospace - 3.5% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 795,000 | 726,232 | |
Howmet Aerospace, Inc.: | |||
5.95% 2/1/37 | 400,000 | 399,858 | |
6.75% 1/15/28 | 665,000 | 686,681 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 800,000 | 744,846 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,025,000 | 956,669 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,115,000 | 1,102,769 | |
Science Applications International Corp. 4.875% 4/1/28 (b) | 150,000 | 141,597 | |
TransDigm, Inc. 6.75% 8/15/28 (b) | 2,190,000 | 2,203,688 | |
6,962,340 | |||
Air Transportation - 1.3% | |||
American Airlines, Inc.: | |||
7.25% 2/15/28 (b) | 175,000 | 175,991 | |
8.5% 5/15/29 (b) | 345,000 | 359,377 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 280,000 | 276,752 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 430,000 | 425,234 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 1,440,000 | 1,385,113 | |
2,622,467 | |||
Automotive & Auto Parts - 2.8% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,115,000 | 954,384 | |
Champions Financing, Inc. 8.75% 2/15/29 (b) | 365,000 | 373,002 | |
Dana, Inc. 4.5% 2/15/32 | 380,000 | 322,395 | |
Ford Motor Credit Co. LLC: | |||
4.687% 6/9/25 | 2,140,000 | 2,106,665 | |
5.125% 6/16/25 | 530,000 | 524,401 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 165,000 | 150,698 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 65,000 | 64,812 | |
8.125% 3/30/29 (b) | 190,000 | 198,684 | |
Phinia, Inc. 6.75% 4/15/29 (b) | 155,000 | 155,552 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 500,000 | 432,293 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b) | 270,000 | 274,482 | |
5,557,368 | |||
Banks & Thrifts - 0.3% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 210,000 | 191,008 | |
UniCredit SpA: | |||
5.861% 6/19/32 (b)(c) | 93,000 | 89,922 | |
7.296% 4/2/34 (b)(c) | 237,000 | 239,001 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 120,000 | 102,056 | |
621,987 | |||
Broadcasting - 2.0% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(d) | 1,390,000 | 34,750 | |
Nexstar Media, Inc. 5.625% 7/15/27 (b) | 990,000 | 930,968 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 410,000 | 302,865 | |
Sirius XM Radio, Inc.: | |||
5% 8/1/27 (b) | 1,700,000 | 1,605,464 | |
5.5% 7/1/29 (b) | 625,000 | 580,149 | |
TEGNA, Inc. 5% 9/15/29 | 210,000 | 185,124 | |
Univision Communications, Inc. 8% 8/15/28 (b) | 325,000 | 324,617 | |
3,963,937 | |||
Building Materials - 2.0% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,320,000 | 1,278,212 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 230,000 | 229,603 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 890,000 | 775,223 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 120,000 | 120,882 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 375,000 | 394,929 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 1,300,000 | 1,151,348 | |
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b) | 160,000 | 164,000 | |
4,114,197 | |||
Cable/Satellite TV - 2.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.5% 8/15/30 (b) | 85,000 | 69,075 | |
5% 2/1/28 (b) | 1,780,000 | 1,621,010 | |
5.125% 5/1/27 (b) | 2,110,000 | 1,977,434 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 160,000 | 101,635 | |
5.375% 2/1/28 (b) | 200,000 | 153,442 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 300,000 | 295,066 | |
4,217,662 | |||
Capital Goods - 0.2% | |||
ESAB Corp. 6.25% 4/15/29 (b) | 370,000 | 368,612 | |
Chemicals - 4.1% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 935,000 | 897,445 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 230,000 | 196,075 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 235,000 | 222,771 | |
Methanex Corp.: | |||
5.25% 12/15/29 | 160,000 | 151,670 | |
5.65% 12/1/44 | 991,000 | 837,071 | |
NOVA Chemicals Corp. 5.25% 6/1/27 (b) | 1,710,000 | 1,608,606 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 865,000 | 789,677 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (b) | 245,000 | 259,974 | |
SPCM SA 3.125% 3/15/27 (b) | 385,000 | 353,516 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 385,000 | 329,895 | |
5.375% 5/15/27 | 1,000,000 | 946,134 | |
5.75% 11/15/28 (b) | 505,000 | 463,779 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 570,000 | 508,490 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 685,000 | 650,151 | |
7.375% 3/1/31 (b) | 85,000 | 86,161 | |
8,301,415 | |||
Consumer Products - 1.2% | |||
Kohl's Corp. 4.25% 7/17/25 | 25,000 | 24,369 | |
Mattel, Inc. 6.2% 10/1/40 | 245,000 | 232,288 | |
Newell Brands, Inc.: | |||
6.625% 9/15/29 | 875,000 | 845,145 | |
6.875% 4/1/36 (e) | 490,000 | 427,755 | |
Prestige Brands, Inc. 3.75% 4/1/31 (b) | 600,000 | 510,410 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 395,000 | 325,207 | |
2,365,174 | |||
Containers - 1.9% | |||
Ball Corp. 3.125% 9/15/31 | 640,000 | 531,511 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 700,000 | 609,055 | |
Mauser Packaging Solutions Holding Co. 7.875% 4/15/27 (b) | 430,000 | 438,063 | |
OI European Group BV 4.75% 2/15/30 (b) | 390,000 | 356,188 | |
Sealed Air Corp.: | |||
5% 4/15/29 (b) | 950,000 | 893,772 | |
6.875% 7/15/33 (b) | 445,000 | 447,950 | |
Sealed Air Corp./Sealed Air Corp. U.S. 7.25% 2/15/31 (b) | 400,000 | 407,211 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (b) | 215,000 | 211,017 | |
3,894,767 | |||
Diversified Financial Services - 5.3% | |||
Encore Capital Group, Inc. 9.25% 4/1/29 (b) | 200,000 | 204,329 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b) | 310,000 | 322,015 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 260,000 | 259,756 | |
7.75% 5/15/26 (b) | 540,000 | 548,572 | |
8% 2/15/27 (b) | 305,000 | 312,585 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 425,000 | 408,137 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 605,000 | 567,855 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 2,005,000 | 1,832,069 | |
6.25% 5/15/26 | 855,000 | 831,544 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 845,000 | 782,433 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,520,000 | 1,378,274 | |
Navient Corp. 6.75% 6/15/26 | 540,000 | 538,198 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,145,000 | 1,053,409 | |
6.875% 3/15/25 | 1,105,000 | 1,112,238 | |
7.125% 3/15/26 | 500,000 | 504,550 | |
10,655,964 | |||
Diversified Media - 0.4% | |||
Lamar Media Corp. 3.625% 1/15/31 | 915,000 | 782,325 | |
Energy - 14.0% | |||
Altus Midstream LP: | |||
5.875% 6/15/30 (b) | 270,000 | 261,056 | |
6.625% 12/15/28 (b) | 405,000 | 406,950 | |
Apache Corp.: | |||
4.25% 1/15/30 | 215,000 | 197,775 | |
5.1% 9/1/40 | 600,000 | 499,394 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 270,000 | 272,295 | |
Cheniere Energy Partners LP 3.25% 1/31/32 | 865,000 | 722,677 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 640,000 | 611,780 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 160,000 | 141,602 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,630,000 | 1,595,752 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 150,000 | 139,382 | |
8.5% 1/15/29 (b) | 420,000 | 421,036 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 85,000 | 79,606 | |
8.125% 8/16/30 | 25,000 | 27,955 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625% 3/15/29 (b) | 415,000 | 418,140 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 735,000 | 744,499 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 195,000 | 191,596 | |
EnLink Midstream Partners LP 5.05% 4/1/45 | 255,000 | 205,081 | |
EQM Midstream Partners LP: | |||
5.5% 7/15/28 | 800,000 | 779,255 | |
6.5% 7/1/27 (b) | 785,000 | 786,090 | |
6.5% 7/15/48 | 485,000 | 478,533 | |
7.5% 6/1/27 (b) | 555,000 | 565,448 | |
EQT Corp. 3.9% 10/1/27 | 1,450,000 | 1,367,642 | |
Global Partners LP/GLP Finance Corp. 8.25% 1/15/32 (b) | 130,000 | 133,174 | |
Harvest Midstream I LP 7.5% 5/15/32 (b) | 380,000 | 380,471 | |
Hess Midstream Operations LP: | |||
5.125% 6/15/28 (b) | 1,070,000 | 1,024,150 | |
5.625% 2/15/26 (b) | 2,310,000 | 2,284,047 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 330,000 | 325,146 | |
Jonah Energy Parent LLC 12% 11/5/25 (f)(g) | 262,918 | 280,665 | |
Kodiak Gas Services LLC 7.25% 2/15/29 (b) | 315,000 | 317,272 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 345,000 | 341,926 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 1,040,000 | 994,515 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 810,000 | 725,107 | |
8.875% 7/15/30 | 580,000 | 663,131 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 420,000 | 431,963 | |
Permian Resources Operating LLC: | |||
5.875% 7/1/29 (b) | 200,000 | 194,500 | |
7% 1/15/32 (b) | 630,000 | 642,231 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 605,000 | 630,271 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 387,000 | 397,969 | |
Sunnova Energy Corp. 11.75% 10/1/28 (b) | 205,000 | 122,393 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,140,000 | 1,040,783 | |
5.875% 3/15/28 | 1,695,000 | 1,654,112 | |
6% 4/15/27 | 25,000 | 24,698 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 320,000 | 289,452 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 225,000 | 213,620 | |
6% 12/31/30 (b) | 1,190,000 | 1,119,391 | |
Talos Production, Inc. 9% 2/1/29 (b) | 90,000 | 94,955 | |
Transocean, Inc. 8.25% 5/15/29 (b) | 400,000 | 398,638 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 335,000 | 344,519 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 480,000 | 424,095 | |
3.875% 11/1/33 (b) | 380,000 | 311,995 | |
4.125% 8/15/31 (b) | 460,000 | 401,475 | |
Venture Global LNG, Inc. 8.125% 6/1/28 (b) | 320,000 | 327,190 | |
Western Gas Partners LP 4.65% 7/1/26 | 808,000 | 789,228 | |
28,236,626 | |||
Environmental - 1.4% | |||
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 970,000 | 939,825 | |
6% 6/15/30 (b) | 170,000 | 165,145 | |
GFL Environmental, Inc. 6.75% 1/15/31 (b) | 155,000 | 156,253 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 1,630,000 | 1,512,070 | |
2,773,293 | |||
Food & Drug Retail - 1.4% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (b) | 2,810,000 | 2,479,453 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 375,000 | 189,436 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 190,000 | 163,108 | |
2,831,997 | |||
Food/Beverage/Tobacco - 3.1% | |||
BellRing Brands, Inc. 7% 3/15/30 (b) | 350,000 | 354,175 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 405,000 | 310,512 | |
Chobani LLC/Finance Corp., Inc. 7.625% 7/1/29 (b) | 245,000 | 247,591 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b) | 195,000 | 198,698 | |
Jbs U.S.A. Holding Lux/ Jbs U.S.A. F 5.5% 1/15/30 | 2,525,000 | 2,437,379 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 315,000 | 318,061 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/32 (b) | 755,000 | 654,287 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 405,000 | 358,381 | |
Post Holdings, Inc.: | |||
5.5% 12/15/29 (b) | 590,000 | 559,525 | |
5.625% 1/15/28 (b) | 405,000 | 393,034 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 180,000 | 163,679 | |
7.25% 1/15/32 (b) | 210,000 | 214,435 | |
6,209,757 | |||
Gaming - 4.1% | |||
Caesars Entertainment, Inc. 6.5% 2/15/32 (b) | 605,000 | 596,072 | |
Churchill Downs, Inc. 5.75% 4/1/30 (b) | 455,000 | 432,954 | |
Melco Resorts Finance Ltd. 4.875% 6/6/25 (b) | 1,225,000 | 1,192,828 | |
MGM Resorts International 5.75% 6/15/25 | 866,000 | 861,100 | |
Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (b) | 115,000 | 116,761 | |
Station Casinos LLC 6.625% 3/15/32 (b) | 310,000 | 303,783 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 1,210,000 | 1,154,548 | |
4.5% 9/1/26 (b) | 1,300,000 | 1,252,439 | |
4.625% 6/15/25 (b) | 245,000 | 241,044 | |
4.625% 12/1/29 (b) | 925,000 | 858,142 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) | 870,000 | 840,744 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125% 10/1/29 (b) | 380,000 | 352,593 | |
8,203,008 | |||
Healthcare - 4.6% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 625,000 | 553,378 | |
Avantor Funding, Inc. 4.625% 7/15/28 (b) | 1,195,000 | 1,110,874 | |
Centene Corp. 2.45% 7/15/28 | 75,000 | 65,460 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 795,000 | 714,139 | |
4.25% 5/1/28 (b) | 90,000 | 83,710 | |
DaVita, Inc. 4.625% 6/1/30 (b) | 365,000 | 319,789 | |
Grifols SA 4.75% 10/15/28 (b) | 100,000 | 80,764 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 160,000 | 145,732 | |
Hologic, Inc. 4.625% 2/1/28 (b) | 850,000 | 808,412 | |
IQVIA, Inc. 5% 5/15/27 (b) | 820,000 | 791,633 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 350,000 | 318,440 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 205,000 | 203,689 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 510,000 | 426,756 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 840,000 | 765,036 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 280,000 | 251,009 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 300,000 | 299,590 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 235,000 | 217,157 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 | 1,810,000 | 1,703,249 | |
6.125% 6/15/30 | 465,000 | 455,346 | |
9,314,163 | |||
Homebuilders/Real Estate - 3.8% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 460,000 | 401,610 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 95,000 | 97,848 | |
HAT Holdings I LLC/HAT Holdings II LLC: | |||
3.375% 6/15/26 (b) | 495,000 | 460,062 | |
8% 6/15/27 (b) | 250,000 | 256,287 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 825,000 | 699,554 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 770,000 | 609,838 | |
LGI Homes, Inc. 8.75% 12/15/28 (b) | 160,000 | 166,434 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 2,105,000 | 1,411,465 | |
5.25% 8/1/26 | 1,075,000 | 979,133 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 340,000 | 341,763 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 540,000 | 495,241 | |
Safehold Operating Partnership LP 2.85% 1/15/32 | 280,000 | 224,570 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 75,000 | 63,991 | |
5.5% 12/15/27 | 415,000 | 391,585 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (b) | 450,000 | 437,539 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 810,000 | 701,259 | |
7,738,179 | |||
Hotels - 2.4% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,165,000 | 978,974 | |
4% 5/1/31 (b) | 2,780,000 | 2,435,942 | |
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b) | 420,000 | 414,064 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 445,000 | 432,756 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 525,000 | 481,381 | |
4,743,117 | |||
Insurance - 0.5% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 4.25% 10/15/27 (b) | 1,075,000 | 1,002,767 | |
Leisure - 1.6% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 210,000 | 206,813 | |
Carnival Corp.: | |||
7% 8/15/29 (b) | 425,000 | 436,294 | |
7.625% 3/1/26 (b) | 675,000 | 679,187 | |
NCL Corp. Ltd.: | |||
5.875% 2/15/27 (b) | 350,000 | 341,904 | |
8.375% 2/1/28 (b) | 230,000 | 239,853 | |
Royal Caribbean Cruises Ltd.: | |||
5.5% 4/1/28 (b) | 1,200,000 | 1,168,040 | |
6.25% 3/15/32 (b) | 205,000 | 202,083 | |
3,274,174 | |||
Metals/Mining - 2.0% | |||
Alcoa Nederland Holding BV 7.125% 3/15/31 (b) | 80,000 | 80,921 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 130,000 | 135,352 | |
Cleveland-Cliffs, Inc. 7% 3/15/32 (b) | 415,000 | 405,302 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 740,000 | 696,044 | |
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 1,140,000 | 1,075,125 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 240,000 | 232,115 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 1,130,000 | 1,142,859 | |
Novelis Corp. 3.875% 8/15/31 (b) | 385,000 | 326,023 | |
4,093,741 | |||
Paper - 0.3% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (b) | 570,000 | 493,722 | |
6% 6/15/27 (b) | 160,000 | 155,097 | |
648,819 | |||
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 305,000 | 303,136 | |
Restaurants - 1.2% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 115,000 | 121,254 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 2,615,000 | 2,259,615 | |
5.35% 11/1/43 | 110,000 | 102,236 | |
2,483,105 | |||
Services - 7.9% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 385,000 | 348,018 | |
4.875% 7/15/32 (b) | 565,000 | 502,905 | |
AECOM 5.125% 3/15/27 | 1,485,000 | 1,442,685 | |
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 310,000 | 310,685 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,685,000 | 1,599,879 | |
Artera Services LLC 8.5% 2/15/31 (b) | 420,000 | 429,767 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 965,000 | 900,546 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (b) | 155,000 | 141,876 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 320,000 | 343,392 | |
CoreCivic, Inc. 8.25% 4/15/29 | 205,000 | 211,825 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 450,000 | 414,480 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 220,000 | 196,853 | |
4.5% 7/1/28 (b) | 660,000 | 620,662 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 740,000 | 735,606 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 2,715,000 | 2,505,311 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,225,000 | 2,026,429 | |
Service Corp. International 5.125% 6/1/29 | 1,425,000 | 1,360,587 | |
Sotheby's 7.375% 10/15/27 (b) | 185,000 | 172,406 | |
The GEO Group, Inc. 8.625% 4/15/29 (b) | 435,000 | 440,376 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 710,000 | 621,657 | |
United Rentals North America, Inc. 6.125% 3/15/34 (b) | 515,000 | 502,837 | |
15,828,782 | |||
Steel - 0.0% | |||
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 110,000 | 99,414 | |
Super Retail - 2.9% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 245,000 | 221,532 | |
5% 2/15/32 (b) | 260,000 | 231,141 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (b) | 1,620,000 | 1,618,791 | |
EG Global Finance PLC 12% 11/30/28 (b) | 615,000 | 634,863 | |
Gap, Inc. 3.875% 10/1/31 (b) | 385,000 | 312,902 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,115,000 | 1,078,432 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 630,000 | 537,726 | |
Nordstrom, Inc. 4.375% 4/1/30 | 930,000 | 830,033 | |
The William Carter Co. 5.625% 3/15/27 (b) | 465,000 | 452,614 | |
5,918,034 | |||
Technology - 5.8% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 385,000 | 349,268 | |
Block, Inc. 2.75% 6/1/26 | 380,000 | 357,032 | |
Broadcom, Inc. 2.45% 2/15/31 (b) | 420,000 | 345,182 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 345,000 | 348,776 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 415,000 | 426,954 | |
Coherent Corp. 5% 12/15/29 (b) | 1,600,000 | 1,476,094 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 525,000 | 461,238 | |
Elastic NV 4.125% 7/15/29 (b) | 235,000 | 209,269 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 730,000 | 680,535 | |
HTA Group Ltd. 7% 12/18/25 (b) | 435,000 | 434,320 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 474,664 | |
4.125% 8/1/30 (b) | 265,000 | 229,492 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 545,000 | 494,572 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,410,000 | 1,287,056 | |
3.875% 12/1/29 (b) | 390,000 | 341,330 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (b) | 130,000 | 114,177 | |
Qorvo, Inc. 4.375% 10/15/29 | 505,000 | 466,007 | |
Seagate HDD Cayman 8.25% 12/15/29 (b) | 1,425,000 | 1,514,614 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,165,000 | 984,515 | |
Twilio, Inc. 3.875% 3/15/31 | 350,000 | 303,050 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 345,000 | 324,672 | |
11,622,817 | |||
Telecommunications - 2.9% | |||
Altice Financing SA 5% 1/15/28 (b) | 10,000 | 7,892 | |
Altice France SA 5.125% 7/15/29 (b) | 390,000 | 254,033 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 1,510,000 | 1,429,849 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 660,000 | 651,543 | |
Level 3 Financing, Inc.: | |||
4.875% 6/15/29 (b) | 1,100,000 | 690,524 | |
11% 11/15/29 (b) | 133,344 | 136,077 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 490,000 | 407,825 | |
5.125% 1/15/28 (b) | 900,000 | 830,250 | |
SBA Communications Corp. 3.875% 2/15/27 | 750,000 | 704,848 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 105,000 | 86,043 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 740,000 | 672,854 | |
5,871,738 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 405,000 | 339,864 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 200,000 | 159,638 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 130,000 | 115,484 | |
614,986 | |||
Transportation Ex Air/Rail - 0.3% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 200,000 | 172,006 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 325,000 | 323,784 | |
7.125% 2/1/32 (b) | 105,000 | 105,609 | |
601,399 | |||
Utilities - 5.0% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,615,000 | 1,365,347 | |
4.75% 3/15/28 (b) | 195,000 | 183,758 | |
FirstEnergy Corp. 2.25% 9/1/30 | 825,000 | 667,012 | |
NextEra Energy Partners LP: | |||
4.25% 9/15/24 (b) | 158,000 | 155,804 | |
7.25% 1/15/29 (b) | 405,000 | 410,220 | |
NRG Energy, Inc.: | |||
5.25% 6/15/29 (b) | 625,000 | 591,123 | |
6.625% 1/15/27 | 729,000 | 727,492 | |
PG&E Corp. 5% 7/1/28 | 2,685,000 | 2,558,349 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 130,000 | 115,873 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 945,000 | 875,172 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,395,000 | 2,279,387 | |
7.75% 10/15/31 (b) | 200,000 | 205,118 | |
10,134,655 | |||
TOTAL NONCONVERTIBLE BONDS | 186,975,922 | ||
TOTAL CORPORATE BONDS (Cost $199,787,886) | 188,275,453 | ||
Bank Loan Obligations - 0.9% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.1% | |||
Diamond Sports Group LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6625% (c)(d)(h)(i) | 206,842 | 4,809 | |
term loan 10% 8/2/27 (i) | 106,638 | 169,199 | |
TOTAL BROADCASTING | 174,008 | ||
Healthcare - 0.1% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% (c)(d)(h)(i) | 455,354 | 114,408 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(g)(h)(i) | 72,410 | 73,859 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(g)(h)(i) | 47,239 | 48,184 | |
TOTAL HEALTHCARE | 236,451 | ||
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8189% 11/6/30 (c)(h)(i) | 283,565 | 284,589 | |
Metals/Mining - 0.1% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (c)(h)(i) | 244,372 | 216,357 | |
Services - 0.3% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9183% 12/21/28 (c)(h)(i) | 132,637 | 133,201 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (c)(h)(i) | 50,000 | 48,959 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (c)(h)(i) | 493,637 | 491,579 | |
TOTAL SERVICES | 673,739 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0657% 1/20/31 (c)(h)(i) | 256,750 | 256,858 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $2,179,752) | 1,842,002 | ||
Preferred Securities - 1.0% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.4% | |||
Ally Financial, Inc.: | |||
4.7% (c)(j) | 385,000 | 330,655 | |
4.7% (c)(j) | 100,000 | 78,377 | |
Wells Fargo & Co. 7.625% (c)(j) | 320,000 | 337,719 | |
TOTAL BANKS & THRIFTS | 746,751 | ||
Diversified Financial Services - 0.3% | |||
Charles Schwab Corp.: | |||
4% (c)(j) | 465,000 | 381,536 | |
5.375% (c)(j) | 225,000 | 224,503 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 606,039 | ||
Energy - 0.3% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.5966% (c)(h)(j) | 700,000 | 714,247 | |
TOTAL PREFERRED SECURITIES (Cost $1,841,574) | 2,067,037 | ||
Money Market Funds - 3.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (k) (Cost $6,941,727) | 6,940,339 | 6,941,727 | |
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $210,750,939) | 199,126,219 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 2,262,272 |
NET ASSETS - 100.0% | 201,388,491 |
(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 $139,715,904 or 69.4% 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 $280,665 or 0.1% of net assets. |
(g) | Level 3 security |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 22,038,961 | 49,399,647 | 64,496,928 | 686,988 | 47 | - | 6,941,727 | 0.0% |
Total | 22,038,961 | 49,399,647 | 64,496,928 | 686,988 | 47 | - | 6,941,727 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Corporate Bonds | 188,275,453 | - | 187,994,788 | 280,665 |
Bank Loan Obligations | 1,842,002 | - | 1,719,959 | 122,043 |
Preferred Securities | 2,067,037 | - | 2,067,037 | - |
Money Market Funds | 6,941,727 | 6,941,727 | - | - |
Total Investments in Securities: | 199,126,219 | 6,941,727 | 191,781,784 | 402,708 |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $203,809,212) | $ | 192,184,492 | ||
Fidelity Central Funds (cost $6,941,727) | 6,941,727 | |||
Total Investment in Securities (cost $210,750,939) | $ | 199,126,219 | ||
Cash | 44,397 | |||
Receivable for investments sold | 9 | |||
Receivable for fund shares sold | 413,058 | |||
Interest receivable | 2,723,677 | |||
Distributions receivable from Fidelity Central Funds | 27,898 | |||
Prepaid expenses | 73 | |||
Receivable from investment adviser for expense reductions | 1,775 | |||
Total assets | 202,337,106 | |||
Liabilities | ||||
Payable for investments purchased | $ | 593,090 | ||
Payable for fund shares redeemed | 42,963 | |||
Distributions payable | 124,979 | |||
Accrued management fee | 118,614 | |||
Other payables and accrued expenses | 68,969 | |||
Total liabilities | 948,615 | |||
Net Assets | $ | 201,388,491 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 237,785,564 | ||
Total accumulated earnings (loss) | (36,397,073) | |||
Net Assets | $ | 201,388,491 | ||
Net Asset Value, offering price and redemption price per share ($201,388,491 ÷ 25,512,742 shares) | $ | 7.89 |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 115,021 | ||
Interest | 10,828,578 | |||
Income from Fidelity Central Funds | 686,988 | |||
Total income | 11,630,587 | |||
Expenses | ||||
Management fee | $ | 1,191,120 | ||
Transfer agent fees | 270,111 | |||
Accounting fees and expenses | 72,326 | |||
Custodian fees and expenses | 3,354 | |||
Independent trustees' fees and expenses | 1,057 | |||
Registration fees | 21,621 | |||
Audit | 81,088 | |||
Legal | 323 | |||
Miscellaneous | 836 | |||
Total expenses before reductions | 1,641,836 | |||
Expense reductions | (87,475) | |||
Total expenses after reductions | 1,554,361 | |||
Net Investment income (loss) | 10,076,226 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,781,310) | |||
Fidelity Central Funds | 47 | |||
Total net realized gain (loss) | (4,781,263) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7,004,957 | |||
Fidelity Central Funds | (1) | |||
Total change in net unrealized appreciation (depreciation) | 7,004,956 | |||
Net gain (loss) | 2,223,693 | |||
Net increase (decrease) in net assets resulting from operations | $ | 12,299,919 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 10,076,226 | $ | 11,061,719 |
Net realized gain (loss) | (4,781,263) | (10,993,496) | ||
Change in net unrealized appreciation (depreciation) | 7,004,956 | 2,549,482 | ||
Net increase (decrease) in net assets resulting from operations | 12,299,919 | 2,617,705 | ||
Distributions to shareholders | (9,611,700) | (10,552,282) | ||
Share transactions | ||||
Proceeds from sales of shares | 19,201,153 | 14,368,413 | ||
Reinvestment of distributions | 8,015,292 | 8,853,903 | ||
Cost of shares redeemed | (49,896,043) | (71,841,155) | ||
Net increase (decrease) in net assets resulting from share transactions | (22,679,598) | (48,618,839) | ||
Total increase (decrease) in net assets | (19,991,379) | (56,553,416) | ||
Net Assets | ||||
Beginning of period | 221,379,870 | 277,933,286 | ||
End of period | $ | 201,388,491 | $ | 221,379,870 |
Other Information | ||||
Shares | ||||
Sold | 2,466,412 | 1,842,094 | ||
Issued in reinvestment of distributions | 1,028,051 | 1,150,252 | ||
Redeemed | (6,414,200) | (9,332,498) | ||
Net increase (decrease) | (2,919,737) | (6,340,152) | ||
Fidelity® Focused High Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.79 | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .376 | .357 | .317 | .340 | .374 | |||||
Net realized and unrealized gain (loss) | .083 | (.216) | (.863) | .574 | (.378) | |||||
Total from investment operations | .459 | .141 | (.546) | .914 | (.004) | |||||
Distributions from net investment income | (.359) | (.341) | (.324) | (.334) | (.366) | |||||
Total distributions | (.359) | (.341) | (.324) | (.334) | (.366) | |||||
Net asset value, end of period | $ | 7.89 | $ | 7.79 | $ | 7.99 | $ | 8.86 | $ | 8.28 |
Total Return C | 6.04 % | 1.91% | (6.41)% | 11.16% | (.16)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .79% | .79% | .75% | .75% | .78% | |||||
Expenses net of fee waivers, if any | .75 % | .75% | .75% | .75% | .78% | |||||
Expenses net of all reductions | .75% | .75% | .75% | .75% | .78% | |||||
Net investment income (loss) | 4.83% | 4.62% | 3.62% | 3.88% | 4.31% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 201,388 | $ | 221,380 | $ | 277,933 | $ | 384,632 | $ | 347,510 |
Portfolio turnover rate F | 26 % | 9% | 20% | 73% | 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% |
Gross unrealized appreciation | $2,439,809 |
Gross unrealized depreciation | (12,815,501 |
Net unrealized appreciation (depreciation) | $(10,375,692) |
Tax Cost | $209,501,911 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $277,104 |
Capital loss carryforward | $(26,298,484) |
Net unrealized appreciation (depreciation) on securities and other investments | $(10,375,692) |
Short-term | $(10,668,361) |
Long-term | (15,630,122) |
Total capital loss carryforward | $(26,298,484) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $9,611,700 | $ 10,552,282 |
Purchases ($) | Sales ($) | |
Fidelity Focused High Income Fund | 50,440,885 | 57,507,490 |
Maximum Management Fee Rate % | |
Fidelity Focused High Income Fund | .71 |
Total Management Fee Rate % | |
Fidelity Focused High Income Fund | .70 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | .0414 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | .04 |
Amount ($) | |
Fidelity Focused High Income Fund | 368 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Focused High Income Fund | .75% | |||||||||
Actual | $ 1,000 | $ 1,078.60 | $ 3.88 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.13 | $ 3.77 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98203_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98203_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | 3.82% | 1.02% | 2.76% |
Class M (incl. 4.00% sales charge) | 3.82% | 1.01% | 2.76% |
Class C (incl. contingent deferred sales charge) | 6.32% | 1.06% | 2.75% |
Fidelity® High Income Fund | 8.46% | 2.14% | 3.35% |
Class I | 8.35% | 2.10% | 3.32% |
Class Z | 8.53% | 2.21% | 3.38% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® High Income Fund, a class of the fund, on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Community Health Systems, Inc. | 1.7 | |
TransDigm, Inc. | 1.4 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.2 | |
New Fortress Energy, Inc. | 1.1 | |
Tenet Healthcare Corp. | 1.1 | |
MPT Operating Partnership LP/MPT Finance Corp. | 1.0 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.0 | |
DISH Network Corp. | 1.0 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 0.9 | |
Royal Caribbean Cruises Ltd. | 0.9 | |
11.3 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.4 | |
Healthcare | 7.8 | |
Services | 7.8 | |
Technology | 7.1 | |
Telecommunications | 5.3 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 86.3% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 1.4% | |||
Broadcasting - 0.7% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 3,198 | 2,327 | |
3.375% 8/15/26 | 25,125 | 15,326 | |
17,653 | |||
Diversified Financial Services - 0.1% | |||
Rexford Industrial Realty LP: | |||
4.125% 3/15/29 (b) | 1,626 | 1,567 | |
4.375% 3/15/27 (b) | 1,356 | 1,318 | |
2,885 | |||
Energy - 0.1% | |||
NextEra Energy Partners LP 2.5% 6/15/26 (b) | 2,162 | 1,942 | |
Sunnova Energy International, Inc. 0.25% 12/1/26 | 1,293 | 579 | |
2,521 | |||
Homebuilders/Real Estate - 0.2% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 653 | 532 | |
Redfin Corp. 0.5% 4/1/27 | 7,405 | 3,628 | |
4,160 | |||
Technology - 0.2% | |||
Wolfspeed, Inc. 1.875% 12/1/29 | 10,765 | 6,184 | |
Utilities - 0.1% | |||
PG&E Corp. 4.25% 12/1/27 (b) | 2,633 | 2,637 | |
TOTAL CONVERTIBLE BONDS | 36,040 | ||
Nonconvertible Bonds - 84.9% | |||
Aerospace - 2.4% | |||
ATI, Inc. 5.875% 12/1/27 | 3,130 | 3,066 | |
Bombardier, Inc.: | |||
7.25% 7/1/31 (b) | 3,875 | 3,885 | |
7.875% 4/15/27 (b) | 6,866 | 6,823 | |
8.75% 11/15/30 (b) | 1,235 | 1,314 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 7,903 | 7,219 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 (c) | 551 | 551 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b)(c) | 360 | 315 | |
4.625% 3/1/28 (b) | 1,205 | 1,122 | |
Moog, Inc. 4.25% 12/15/27 (b) | 410 | 383 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 1,915 | 2,118 | |
The Boeing Co.: | |||
6.298% 5/1/29 (b) | 8 | 8 | |
6.388% 5/1/31 (b) | 6 | 6 | |
6.528% 5/1/34 (b) | 6 | 6 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 5,930 | 5,432 | |
5.5% 11/15/27 | 20,742 | 20,146 | |
6.375% 3/1/29 (b) | 3,610 | 3,582 | |
6.75% 8/15/28 (b) | 4,100 | 4,126 | |
7.125% 12/1/31 (b) | 1,560 | 1,590 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 1,993 | 1,785 | |
63,477 | |||
Air Transportation - 1.1% | |||
Air Canada 3.875% 8/15/26 (b) | 530 | 503 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (b)(c) | 1,370 | 1,378 | |
8.5% 5/15/29 (b) | 1,920 | 2,000 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 6,137 | 6,065 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (b) | 2,757 | 2,586 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 897 | 899 | |
Rand Parent LLC 8.5% 2/15/30 (b)(c) | 14,881 | 14,716 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 2,600 | 2,031 | |
30,178 | |||
Automotive & Auto Parts - 2.3% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 815 | 823 | |
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 2,730 | 2,658 | |
Champions Financing, Inc. 8.75% 2/15/29 (b) | 6,475 | 6,617 | |
Dana, Inc.: | |||
4.25% 9/1/30 (c) | 1,115 | 966 | |
5.375% 11/15/27 (c) | 745 | 720 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2871% 3/6/26 (d)(e) | 3,910 | 4,039 | |
3.625% 6/17/31 | 3,945 | 3,332 | |
4% 11/13/30 | 1,415 | 1,233 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 1,315 | 1,366 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 4,160 | 4,148 | |
6.5% 3/26/31 (b) | 3,785 | 3,788 | |
8.125% 3/30/29 (b) | 3,828 | 4,003 | |
8.375% 5/1/28 (b) | 2,865 | 3,008 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 3,097 | 2,690 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b) | 3,145 | 1,376 | |
Phinia, Inc. 6.75% 4/15/29 (b) | 1,630 | 1,636 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC CME Term SOFR 6 Month Index + 6.020% 11.3101% 10/15/26 (b)(d)(e) | 3,857 | 3,799 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b)(c) | 3,385 | 3,441 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 3,320 | 3,267 | |
6.75% 4/23/30 (b) | 2,125 | 2,133 | |
6.875% 4/14/28 (b) | 1,440 | 1,450 | |
6.875% 4/23/32 (b) | 2,250 | 2,275 | |
7.125% 4/14/30 (b) | 1,440 | 1,472 | |
60,240 | |||
Banks & Thrifts - 1.3% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 2,073 | 2,056 | |
6.7% 2/14/33 (c) | 6,655 | 6,528 | |
Jane Street Group LLC/JSG Finance, Inc.: | |||
4.5% 11/15/29 (b) | 2,430 | 2,210 | |
7.125% 4/30/31 (b) | 3,840 | 3,864 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 1,095 | 894 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(d) | 4,171 | 3,838 | |
5.861% 6/19/32 (b)(d) | 1,495 | 1,446 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 7,392 | 5,720 | |
7.875% 5/1/27 (b) | 2,265 | 2,014 | |
Western Alliance Bancorp. 3% 6/15/31 (d) | 6,260 | 5,324 | |
33,894 | |||
Broadcasting - 1.6% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b)(c) | 2,708 | 2,510 | |
7.5% 6/1/29 (b) | 2,809 | 2,264 | |
7.875% 4/1/30 (b) | 4,570 | 4,481 | |
9% 9/15/28 (b)(c) | 4,650 | 4,781 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(f) | 22,770 | 569 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 7,125 | 7,182 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (b) | 5,380 | 4,563 | |
5.5% 7/1/29 (b)(c) | 6,195 | 5,750 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 5,615 | 4,885 | |
6.625% 6/1/27 (b) | 3,655 | 3,527 | |
7.375% 6/30/30 (b)(c) | 790 | 756 | |
8% 8/15/28 (b) | 2,185 | 2,182 | |
43,450 | |||
Building Materials - 1.6% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 1,486 | 1,439 | |
6.375% 6/15/30 (b)(c) | 1,420 | 1,412 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b)(c) | 635 | 669 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 2,616 | 2,611 | |
Builders FirstSource, Inc.: | |||
4.25% 2/1/32 (b) | 5,595 | 4,873 | |
6.375% 3/1/34 (b) | 1,630 | 1,600 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 6,989 | 7,040 | |
EMRLD Borrower LP / Emerald Co. 6.625% 12/15/30 (b) | 8,875 | 8,795 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (b) | 2,145 | 2,130 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 2,950 | 2,838 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 960 | 1,011 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 2,455 | 2,446 | |
6% 12/1/29 (b) | 3,095 | 3,138 | |
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b) | 2,030 | 2,081 | |
42,083 | |||
Cable/Satellite TV - 2.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 8,354 | 6,538 | |
4.25% 1/15/34 (b) | 5,535 | 4,010 | |
4.5% 8/15/30 (b) | 4,140 | 3,364 | |
4.5% 5/1/32 | 12,236 | 9,395 | |
4.5% 6/1/33 (b) | 11,280 | 8,482 | |
4.75% 3/1/30 (b) | 80 | 66 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 8,399 | 5,179 | |
4.125% 12/1/30 (b) | 2,939 | 1,867 | |
4.5% 11/15/31 (b) | 1,430 | 907 | |
4.625% 12/1/30 (b) | 9,809 | 4,257 | |
5.375% 2/1/28 (b) | 4,235 | 3,249 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 1,355 | 1,263 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 5,065 | 3,420 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 1,213 | 1,080 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 2,400 | 2,265 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 320 | 315 | |
Ziggo BV 4.875% 1/15/30 (b) | 5,005 | 4,380 | |
60,037 | |||
Capital Goods - 1.0% | |||
ESAB Corp. 6.25% 4/15/29 (b) | 4,080 | 4,065 | |
Mueller Water Products, Inc. 4% 6/15/29 (b) | 4,685 | 4,239 | |
Regal Rexnord Corp.: | |||
6.05% 4/15/28 (b) | 2,765 | 2,760 | |
6.3% 2/15/30 (b) | 2,765 | 2,777 | |
TK Elevator U.S. Newco, Inc. 5.25% 7/15/27 (b)(c) | 9,784 | 9,359 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 2,480 | 2,431 | |
25,631 | |||
Chemicals - 4.5% | |||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/31 (b) | 1,225 | 1,249 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 4,135 | 4,280 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b) | 1,775 | 1,656 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 2,554 | 2,299 | |
INEOS Quattro Finance 2 PLC 9.625% 3/15/29 (b) | 1,185 | 1,252 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d) | 4,859 | 4,142 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 2,215 | 2,100 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 11,101 | 10,677 | |
5.65% 12/1/44 | 8,249 | 6,968 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 5,020 | 4,202 | |
5% 5/1/25 (b) | 2,270 | 2,228 | |
5.25% 6/1/27 (b) | 4,373 | 4,114 | |
8.5% 11/15/28 (b) | 1,820 | 1,913 | |
9% 2/15/30 (b) | 1,600 | 1,649 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 5,070 | 4,629 | |
Olin Corp. 5% 2/1/30 (c) | 8,250 | 7,700 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 5,155 | 4,645 | |
6.25% 10/1/29 (b) | 5,435 | 4,898 | |
9.75% 11/15/28 (b) | 6,748 | 7,160 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b)(c) | 208 | 193 | |
6.625% 5/1/29 (b) | 3,690 | 3,405 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 3,935 | 3,777 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 468 | 401 | |
5.375% 5/15/27 (c) | 10,144 | 9,598 | |
5.75% 11/15/28 (b)(c) | 6,620 | 6,080 | |
TPC Group, Inc. 13% 12/16/27 (b) | 2,473 | 2,529 | |
Tronox, Inc. 4.625% 3/15/29 (b)(c) | 7,491 | 6,683 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 9,670 | 8,659 | |
7.375% 3/1/31 (b) | 1,105 | 1,120 | |
120,206 | |||
Consumer Products - 0.8% | |||
Foundation Building Materials, Inc. 6% 3/1/29 (b) | 1,610 | 1,419 | |
Kohl's Corp. 4.25% 7/17/25 | 335 | 327 | |
Mattel, Inc. 5.45% 11/1/41 | 1,100 | 963 | |
Newell Brands, Inc.: | |||
5.7% 4/1/26 | 1,380 | 1,358 | |
6.375% 9/15/27 (c) | 1,380 | 1,346 | |
6.625% 9/15/29 (c) | 1,470 | 1,420 | |
7% 4/1/46 (g) | 1,100 | 892 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 550 | 463 | |
4.375% 2/1/32 | 820 | 690 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 4,485 | 4,234 | |
10.5% 5/15/29 (b) | 4,795 | 4,588 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (b) | 2,310 | 2,406 | |
20,106 | |||
Containers - 1.1% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(d) | 2,095 | 517 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (b) | 1,255 | 1,046 | |
5.25% 4/30/25 (b) | 1,458 | 1,444 | |
5.25% 8/15/27 (b) | 562 | 287 | |
5.25% 8/15/27 (b) | 489 | 249 | |
Ball Corp. 2.875% 8/15/30 | 1,370 | 1,145 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 2,210 | 2,163 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 1,690 | 1,527 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 1,565 | 1,362 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 800 | 711 | |
6.75% 7/15/26 (b) | 1,180 | 1,164 | |
9.5% 11/1/28 (b) | 535 | 535 | |
10.5% 7/15/27 (b) | 1,328 | 1,304 | |
Mauser Packaging Solutions Holding Co. 7.875% 4/15/27 (b) | 4,120 | 4,197 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b)(c) | 1,340 | 1,342 | |
Sealed Air Corp. 5% 4/15/29 (b)(c) | 5,450 | 5,127 | |
Sealed Air Corp./Sealed Air Corp. U.S.: | |||
6.125% 2/1/28 (b)(c) | 1,655 | 1,635 | |
7.25% 2/15/31 (b)(c) | 2,555 | 2,601 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 737 | 723 | |
8.5% 8/15/27 (b) | 646 | 640 | |
29,719 | |||
Diversified Financial Services - 3.8% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(d) | 2,540 | 2,525 | |
Boost Newco Borrower LLC 7.5% 1/15/31 (b) | 6,390 | 6,595 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b)(c) | 3,075 | 2,768 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 5,180 | 4,039 | |
Encore Capital Group, Inc. 9.25% 4/1/29 (b) | 2,000 | 2,043 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 915 | 913 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b) | 3,205 | 3,329 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 645 | 644 | |
7.75% 5/15/26 (b) | 2,635 | 2,677 | |
8% 2/15/27 (b) | 5,110 | 5,237 | |
8% 6/15/28 (b) | 7,895 | 8,131 | |
Gn Bondco LLC 9.5% 10/15/31 (b)(c) | 2,560 | 2,458 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,997 | 1,874 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 (c) | 4,810 | 4,049 | |
5.25% 5/15/27 | 12,315 | 11,253 | |
6.25% 5/15/26 | 9,296 | 9,041 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 980 | 882 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.: | |||
4.75% 6/15/29 (b) | 3,635 | 3,244 | |
5.25% 10/1/25 (b) | 300 | 295 | |
Navient Corp.: | |||
4.875% 3/15/28 | 639 | 577 | |
5% 3/15/27 | 639 | 602 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,745 | 1,605 | |
3.875% 9/15/28 | 8,180 | 7,200 | |
6.875% 3/15/25 | 2,255 | 2,270 | |
7.125% 3/15/26 | 9,445 | 9,531 | |
9% 1/15/29 (c) | 335 | 351 | |
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b) | 3,118 | 2,950 | |
SLM Corp. 4.2% 10/29/25 | 1,255 | 1,213 | |
StoneX Group, Inc. 7.875% 3/1/31 (b) | 1,840 | 1,861 | |
100,157 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b)(c) | 6,368 | 5,926 | |
Outfront Media Capital LLC / Corp. 7.375% 2/15/31 (b)(c) | 3,835 | 3,935 | |
9,861 | |||
Energy - 12.2% | |||
Altus Midstream LP: | |||
5.875% 6/15/30 (b) | 3,635 | 3,515 | |
6.625% 12/15/28 (b) | 3,825 | 3,843 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 1,375 | 1,350 | |
7.875% 5/15/26 (b) | 1,375 | 1,400 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 7,390 | 6,692 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 2,725 | 2,748 | |
California Resources Corp. 7.125% 2/1/26 (b)(c) | 1,930 | 1,941 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 2,005 | 1,922 | |
Canacol Energy Ltd. 5.75% 11/24/28 (b) | 2,633 | 1,244 | |
CGG SA 8.75% 4/1/27 (b) | 6,249 | 5,848 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 6,098 | 6,089 | |
8.375% 1/15/29 (b) | 1,595 | 1,651 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 3,199 | 2,831 | |
CNX Resources Corp.: | |||
7.25% 3/1/32 (b)(c) | 3,720 | 3,730 | |
7.375% 1/15/31 (b)(c) | 1,580 | 1,599 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 5,030 | 4,581 | |
6.75% 3/1/29 (b)(c) | 4,280 | 4,075 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b)(c) | 5,343 | 5,376 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 3,830 | 3,773 | |
5.625% 10/15/25 (b) | 560 | 557 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 5,483 | 5,095 | |
8.5% 1/15/29 (b) | 3,995 | 4,005 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp.: | |||
7.125% 6/1/28 (b) | 7,451 | 7,277 | |
8.625% 3/15/29 (b) | 3,345 | 3,370 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 1,250 | 1,133 | |
4.375% 6/15/31 (b)(c) | 740 | 657 | |
Energean PLC 6.5% 4/30/27 (b) | 2,968 | 2,760 | |
Energy Transfer LP 7.375% 2/1/31 (b) | 2,760 | 2,846 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 1,630 | 1,602 | |
6.5% 9/1/30 (b) | 5,060 | 5,124 | |
EnLink Midstream Partners LP: | |||
4.15% 6/1/25 | 385 | 376 | |
4.85% 7/15/26 (c) | 2,485 | 2,417 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 (c) | 2,545 | 2,526 | |
6% 7/1/25 (b) | 355 | 354 | |
6.5% 7/15/48 | 555 | 548 | |
Global Partners LP/GLP Finance Corp.: | |||
6.875% 1/15/29 | 1,785 | 1,747 | |
7% 8/1/27 (c) | 6,506 | 6,455 | |
8.25% 1/15/32 (b) | 535 | 548 | |
Harbour Energy PLC 5.5% 10/15/26 (b) | 305 | 299 | |
Harvest Midstream I LP: | |||
7.5% 9/1/28 (b) | 5,420 | 5,435 | |
7.5% 5/15/32 (b) | 1,565 | 1,567 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (b) | 1,880 | 1,697 | |
5.125% 6/15/28 (b) | 5,610 | 5,370 | |
5.5% 10/15/30 (b) | 1,370 | 1,310 | |
5.625% 2/15/26 (b)(c) | 6,625 | 6,551 | |
HF Sinclair Corp. 5% 2/1/28 (b) | 4,080 | 3,914 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 4,687 | 4,909 | |
Independence Energy Finance LLC 7.625% 4/1/32 (b) | 1,390 | 1,395 | |
Jonah Energy Parent LLC 12% 11/5/25 (h)(i) | 4,708 | 5,026 | |
Kosmos Energy Ltd.: | |||
7.5% 3/1/28 (b) | 1,310 | 1,251 | |
7.75% 5/1/27 (b) | 655 | 639 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 3,265 | 3,236 | |
Mesquite Energy, Inc. 7.25% (b)(f)(i) | 28,768 | 0 | |
Nabors Industries, Inc. 9.125% 1/31/30 (b) | 640 | 660 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b)(c) | 14,265 | 13,641 | |
6.75% 9/15/25 (b)(c) | 6,119 | 6,044 | |
8.75% 3/15/29 (b)(c) | 7,510 | 7,324 | |
NGL Energy Operating LLC/NGL Energy Finance Corp.: | |||
8.125% 2/15/29 (b) | 1,330 | 1,351 | |
8.375% 2/15/32 (b) | 1,330 | 1,351 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 4,220 | 4,269 | |
8.75% 6/15/31 (b) | 1,345 | 1,415 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 1,360 | 1,003 | |
4.4% 4/15/46 | 4,100 | 3,167 | |
4.4% 8/15/49 | 1,900 | 1,367 | |
4.5% 7/15/44 | 3,365 | 2,545 | |
6.125% 1/1/31 (c) | 4,795 | 4,855 | |
6.45% 9/15/36 | 3,155 | 3,256 | |
7.95% 6/15/39 | 685 | 775 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 8,654 | 8,901 | |
Permian Resources Operating LLC: | |||
5.875% 7/1/29 (b) | 4,725 | 4,595 | |
7% 1/15/32 (b) | 640 | 652 | |
7.75% 2/15/26 (b) | 660 | 666 | |
Petroleos Mexicanos: | |||
5.35% 2/12/28 | 1,280 | 1,120 | |
6.5% 3/13/27 | 1,920 | 1,801 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 1,345 | 1,374 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 1,900 | 1,711 | |
4.95% 7/15/29 (b) | 4,294 | 3,948 | |
6.875% 4/15/40 (b) | 1,598 | 1,519 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 1,240 | 1,292 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,585 | 1,630 | |
SM Energy Co. 5.625% 6/1/25 | 3,075 | 3,052 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,580 | 3,224 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 5,314 | 3,305 | |
11.75% 10/1/28 (b) | 320 | 191 | |
Sunoco Logistics Partners, LP: | |||
7% 5/1/29 (b) | 1,215 | 1,234 | |
7.25% 5/1/32 (b) | 1,850 | 1,879 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 (c) | 5,094 | 4,651 | |
5.875% 3/15/28 | 4,990 | 4,870 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 1,745 | 1,578 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 9,865 | 9,366 | |
6% 3/1/27 (b) | 5,517 | 5,374 | |
6% 12/31/30 (b) | 1,620 | 1,524 | |
6% 9/1/31 (b) | 9,425 | 8,750 | |
Talos Production, Inc.: | |||
9% 2/1/29 (b)(c) | 1,145 | 1,208 | |
9.375% 2/1/31 (b) | 1,135 | 1,210 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 500 | 486 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 895 | 910 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 1,664 | 1,659 | |
Transocean, Inc.: | |||
8% 2/1/27 (b) | 6,391 | 6,406 | |
8.25% 5/15/29 (b) | 2,265 | 2,257 | |
8.5% 5/15/31 (b) | 2,910 | 2,897 | |
8.75% 2/15/30 (b) | 3,227 | 3,364 | |
Tullow Oil PLC: | |||
7% 3/1/25 (b) | 900 | 870 | |
10.25% 5/15/26 (b) | 900 | 868 | |
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 7.125% 3/15/29 (b) | 2,625 | 2,608 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 4,285 | 4,407 | |
Viper Energy, Inc. 7.375% 11/1/31 (b) | 960 | 988 | |
Western Gas Partners LP: | |||
5.25% 2/1/50 | 2,720 | 2,307 | |
5.3% 3/1/48 | 1,360 | 1,137 | |
5.5% 8/15/48 | 815 | 690 | |
321,706 | |||
Environmental - 0.8% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b)(c) | 1,305 | 1,293 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 5,220 | 4,576 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 2,155 | 2,093 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 2,765 | 2,689 | |
5.125% 12/15/26 (b) | 2,765 | 2,693 | |
6.75% 1/15/31 (b) | 505 | 509 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 7,910 | 7,028 | |
20,881 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b)(c) | 740 | 703 | |
3.5% 3/15/29 (b)(c) | 6,553 | 5,782 | |
4.875% 2/15/30 (b) | 2,310 | 2,155 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 9,414 | 4,756 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 1,690 | 1,451 | |
Parkland Corp.: | |||
4.5% 10/1/29 (b) | 1,673 | 1,516 | |
4.625% 5/1/30 (b) | 8,235 | 7,442 | |
23,805 | |||
Food/Beverage/Tobacco - 2.1% | |||
BellRing Brands, Inc. 7% 3/15/30 (b)(c) | 1,100 | 1,113 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 4,855 | 3,722 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 1,100 | 1,018 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b)(c) | 2,450 | 2,496 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 5,325 | 5,377 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 7,855 | 7,001 | |
4.375% 1/31/32 (b) | 1,370 | 1,187 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 542 | 525 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 1,370 | 1,128 | |
4.25% 4/15/31 | 1,615 | 1,429 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 3,666 | 3,311 | |
5.5% 12/15/29 (b) | 3,587 | 3,402 | |
6.25% 2/15/32 (b)(c) | 3,205 | 3,162 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 2,090 | 1,908 | |
Sigma Holdco BV 7.875% 5/15/26 (b) | 3,754 | 3,559 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 9,165 | 8,219 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 2,045 | 1,860 | |
4.75% 2/15/29 (b) | 2,520 | 2,348 | |
6.875% 9/15/28 (b) | 1,600 | 1,614 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 550 | 422 | |
54,801 | |||
Gaming - 1.4% | |||
Affinity Interactive 6.875% 12/15/27 (b) | 2,921 | 2,614 | |
Caesars Entertainment, Inc.: | |||
6.5% 2/15/32 (b) | 5,320 | 5,241 | |
7% 2/15/30 (b) | 1,300 | 1,309 | |
8.125% 7/1/27 (b) | 6,319 | 6,404 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b) | 6,670 | 5,803 | |
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 1,310 | 1,298 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 2,400 | 2,277 | |
Light & Wonder International, Inc. 7.5% 9/1/31 (b) | 545 | 556 | |
MGM Resorts International 6.5% 4/15/32 (c) | 2,720 | 2,639 | |
Station Casinos LLC: | |||
4.5% 2/15/28 (b)(c) | 2,880 | 2,671 | |
6.625% 3/15/32 (b) | 2,705 | 2,651 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 2,740 | 2,442 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 1,365 | 1,384 | |
37,289 | |||
Healthcare - 7.5% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 3,606 | 3,540 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 2,575 | 2,280 | |
AdaptHealth LLC 5.125% 3/1/30 (b)(c) | 5,950 | 5,065 | |
Akumin, Inc. 8% 8/1/28 (b) | 1,630 | 1,275 | |
AMN Healthcare 4% 4/15/29 (b) | 1,674 | 1,482 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b)(c) | 3,310 | 2,931 | |
4.625% 7/15/28 (b) | 2,215 | 2,059 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 7,903 | 7,361 | |
9% 12/15/25 (b) | 640 | 605 | |
Cano Health, Inc. 6.25% (b)(f) | 2,303 | 3 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 2,900 | 2,759 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 2,975 | 2,672 | |
4% 3/15/31 (b) | 2,475 | 2,159 | |
4.25% 5/1/28 (b) | 768 | 714 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 10,365 | 8,090 | |
5.25% 5/15/30 (b) | 19,665 | 16,078 | |
5.625% 3/15/27 (b) | 7,515 | 6,881 | |
6% 1/15/29 (b) | 4,145 | 3,616 | |
6.125% 4/1/30 (b) | 5,811 | 4,108 | |
6.875% 4/15/29 (b) | 7,602 | 5,651 | |
8% 3/15/26 (b) | 450 | 448 | |
10.875% 1/15/32 (b) | 120 | 123 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 5,375 | 4,865 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 2,170 | 1,786 | |
4.625% 6/1/30 (b) | 9,260 | 8,113 | |
Embecta Corp. 5% 2/15/30 (b)(c) | 2,745 | 2,116 | |
Grifols SA 4.75% 10/15/28 (b) | 1,552 | 1,253 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 1,530 | 1,351 | |
IQVIA, Inc. 6.5% 5/15/30 (b)(c) | 2,670 | 2,682 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 4,460 | 4,058 | |
Medline Borrower LP 3.875% 4/1/29 (b) | 1,375 | 1,232 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 9,215 | 9,156 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 970 | 674 | |
Modivcare, Inc. 5.875% 11/15/25 (b)(c) | 6,316 | 6,160 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 3,370 | 2,923 | |
3.875% 5/15/32 (b) | 1,465 | 1,226 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 6,717 | 5,259 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 9,435 | 8,593 | |
5.125% 4/30/31 (b)(c) | 2,928 | 2,532 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b)(c) | 4,035 | 3,531 | |
Radiology Partners, Inc. 8.5% 1/31/29 pay-in-kind (b)(d) | 5,378 | 4,962 | |
Regionalcare Hospital Partners 9.75% 12/1/26 (b) | 2,640 | 2,629 | |
RegionalCare Hospital Partners Holdings, Inc.: | |||
5.375% 1/15/29 (b) | 2,305 | 1,843 | |
9.875% 8/15/30 (b) | 2,080 | 2,166 | |
11% 10/15/30 (b)(c) | 320 | 341 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 4,880 | 4,873 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 1,540 | 1,423 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 6,395 | 5,858 | |
4.375% 1/15/30 (c) | 4,965 | 4,509 | |
4.625% 6/15/28 | 1,728 | 1,626 | |
6.125% 10/1/28 (c) | 5,720 | 5,648 | |
6.125% 6/15/30 (c) | 6,675 | 6,536 | |
6.25% 2/1/27 | 3,134 | 3,121 | |
6.75% 5/15/31 (b) | 945 | 947 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 3,265 | 3,025 | |
7.875% 9/15/29 | 830 | 874 | |
8.125% 9/15/31 | 830 | 896 | |
U.S. Acute Care Solutions 9.75% 5/15/29 (b) | 625 | 613 | |
199,300 | |||
Homebuilders/Real Estate - 4.0% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 2,120 | 1,860 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 2,515 | 2,275 | |
ATP Tower Holdings LLC/Andean Tower Partners 4.05% 4/27/26 (b) | 3,054 | 2,840 | |
Beazer Homes U.S.A., Inc. 7.5% 3/15/31 (b) | 2,160 | 2,135 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 1,240 | 1,277 | |
HAT Holdings I LLC/HAT Holdings II LLC: | |||
3.375% 6/15/26 (b)(c) | 2,490 | 2,314 | |
6% 4/15/25 (b)(c) | 635 | 632 | |
8% 6/15/27 (b)(c) | 530 | 543 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 2,350 | 2,075 | |
4.375% 2/1/31 (b) | 1,765 | 1,497 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 (c) | 3,915 | 3,101 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 1,385 | 1,359 | |
LGI Homes, Inc.: | |||
4% 7/15/29 (b) | 1,585 | 1,359 | |
8.75% 12/15/28 (b) | 455 | 473 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 10,750 | 7,208 | |
4.625% 8/1/29 | 6,145 | 4,598 | |
5% 10/15/27 (c) | 13,988 | 11,442 | |
5.25% 8/1/26 (c) | 2,913 | 2,653 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 4,475 | 4,498 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 5,744 | 5,736 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 2,611 | 1,805 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 1,411 | 947 | |
Rithm Capital Corp.: | |||
6.25% 10/15/25 (b) | 468 | 464 | |
8% 4/1/29 (b) | 1,300 | 1,271 | |
Safehold Operating Partnership LP: | |||
2.8% 6/15/31 | 5,785 | 4,734 | |
2.85% 1/15/32 | 3,605 | 2,891 | |
Starwood Property Trust, Inc.: | |||
3.75% 12/31/24 (b) | 1,886 | 1,851 | |
7.25% 4/1/29 (b)(c) | 1,625 | 1,603 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b)(c) | 1,005 | 936 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 2,115 | 1,831 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 70 | 70 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 545 | 527 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 13,062 | 11,456 | |
6.5% 2/15/29 (b) | 7,350 | 5,909 | |
10.5% 2/15/28 (b) | 5,485 | 5,690 | |
VICI Properties LP: | |||
5.75% 4/1/34 | 338 | 325 | |
6.125% 4/1/54 | 2,664 | 2,488 | |
104,673 | |||
Hotels - 0.8% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 11,850 | 9,958 | |
4% 5/1/31 (b) | 3,495 | 3,062 | |
5.875% 4/1/29 (b) | 2,280 | 2,250 | |
6.125% 4/1/32 (b)(c) | 2,280 | 2,247 | |
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b) | 3,990 | 3,934 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (b) | 655 | 649 | |
22,100 | |||
Insurance - 1.1% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 1,100 | 985 | |
8.25% 2/1/29 (b) | 1,340 | 1,329 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
4.25% 10/15/27 (b) | 8,485 | 7,915 | |
6.75% 10/15/27 (b) | 1,355 | 1,329 | |
6.75% 4/15/28 (b)(c) | 1,370 | 1,369 | |
AmWINS Group, Inc.: | |||
4.875% 6/30/29 (b) | 3,170 | 2,882 | |
6.375% 2/15/29 (b)(c) | 2,710 | 2,677 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (b) | 3,295 | 3,005 | |
7.5% 2/15/32 (b) | 3,235 | 3,141 | |
HUB International Ltd. 7.25% 6/15/30 (b) | 3,345 | 3,394 | |
USI, Inc. 7.5% 1/15/32 (b) | 800 | 796 | |
28,822 | |||
Leisure - 2.8% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 5,325 | 5,244 | |
Carnival Corp.: | |||
6% 5/1/29 (b) | 5,195 | 5,034 | |
6.65% 1/15/28 | 750 | 743 | |
7.625% 3/1/26 (b) | 11,060 | 11,129 | |
10.5% 6/1/30 (b) | 4,995 | 5,425 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 1,160 | 1,049 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 5,265 | 4,941 | |
Merlin Entertainments Group 7.375% 2/15/31 (b)(c) | 1,265 | 1,271 | |
NCL Corp. Ltd.: | |||
3.625% 12/15/24 (b) | 2,714 | 2,671 | |
5.875% 3/15/26 (b) | 2,175 | 2,131 | |
7.75% 2/15/29 (b) | 4,840 | 4,951 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 1,660 | 1,620 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (b) | 1,495 | 1,436 | |
5.5% 8/31/26 (b) | 10,740 | 10,535 | |
5.5% 4/1/28 (b) | 5,955 | 5,796 | |
6.25% 3/15/32 (b) | 5,520 | 5,441 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 905 | 971 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 1,605 | 1,536 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 2,130 | 2,031 | |
73,955 | |||
Metals/Mining - 2.1% | |||
Alcoa Nederland Holding BV 7.125% 3/15/31 (b) | 10,037 | 10,153 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 1,655 | 1,723 | |
Cleveland-Cliffs, Inc. 7% 3/15/32 (b) | 655 | 640 | |
Constellium NV 5.875% 2/15/26 (b) | 1,255 | 1,242 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,505 | 1,420 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 8,988 | 8,454 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 5,740 | 5,510 | |
8.625% 6/1/31 (b) | 285 | 277 | |
9.375% 3/1/29 (b) | 8,040 | 8,307 | |
FMG Resources Pty Ltd. 4.375% 4/1/31 (b) | 1,375 | 1,211 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 530 | 513 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 3,825 | 3,869 | |
8.5% 5/1/30 (b) | 3,355 | 3,436 | |
9.25% 10/1/28 (b) | 2,425 | 2,542 | |
Novelis Corp. 3.875% 8/15/31 (b) | 1,360 | 1,152 | |
PMHC II, Inc. 9% 2/15/30 (b) | 5,155 | 4,785 | |
55,234 | |||
Paper - 0.8% | |||
Ahlstrom Holding 3 OY 4.875% 2/4/28 (b) | 5,695 | 5,213 | |
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 5,155 | 4,249 | |
6% 6/15/27 (b) | 4,690 | 4,546 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 1,480 | 1,476 | |
8.75% 4/15/30 (b) | 3,995 | 3,861 | |
Mercer International, Inc. 5.125% 2/1/29 (c) | 908 | 793 | |
20,138 | |||
Publishing/Printing - 0.0% | |||
Cimpress PLC 7% 6/15/26 | 1,120 | 1,111 | |
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b)(c) | 6,505 | 6,465 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 2,310 | 2,131 | |
4% 10/15/30 (b) | 7,316 | 6,309 | |
5.75% 4/15/25 (b) | 1,055 | 1,050 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 1,415 | 1,492 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 1,370 | 1,184 | |
4.625% 1/31/32 (c) | 8,980 | 8,084 | |
5.375% 4/1/32 | 1,100 | 1,038 | |
21,288 | |||
Services - 6.2% | |||
ADT Corp. 4.125% 8/1/29 (b)(c) | 3,320 | 3,001 | |
AECOM 5.125% 3/15/27 | 1,845 | 1,792 | |
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 3,865 | 3,874 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 4,930 | 4,186 | |
9.75% 7/15/27 (b) | 7,745 | 7,716 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 3,330 | 3,096 | |
6.75% 2/15/27 (b) | 3,020 | 3,000 | |
Artera Services LLC 8.5% 2/15/31 (b) | 15,843 | 16,211 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 2,500 | 2,333 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75% 7/15/27 (b)(c) | 320 | 304 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 11,100 | 11,911 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 7,839 | 7,308 | |
8.25% 4/15/29 | 8,190 | 8,463 | |
CoreLogic, Inc. 4.5% 5/1/28 (b)(c) | 3,795 | 3,284 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 890 | 796 | |
4.5% 7/1/28 (b) | 4,490 | 4,222 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 12,064 | 11,992 | |
Hertz Corp. 5% 12/1/29 (b) | 660 | 453 | |
Korn Ferry 4.625% 12/15/27 (b) | 1,015 | 962 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 1,790 | 1,770 | |
Life Time, Inc.: | |||
5.75% 1/15/26 (b) | 3,378 | 3,341 | |
8% 4/15/26 (b)(c) | 6,605 | 6,617 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 2,787 | 2,627 | |
Service Corp. International: | |||
4% 5/15/31 | 2,300 | 1,981 | |
5.125% 6/1/29 | 1,443 | 1,378 | |
Sotheby's 7.375% 10/15/27 (b) | 2,745 | 2,558 | |
Staples, Inc.: | |||
7.5% 4/15/26 (b) | 3,005 | 2,897 | |
10.75% 4/15/27 (b) | 3,084 | 2,838 | |
The GEO Group, Inc.: | |||
6% 4/15/26 | 835 | 834 | |
8.625% 4/15/29 (b) | 4,890 | 4,950 | |
10.25% 4/15/31 (b) | 4,890 | 5,041 | |
TriNet Group, Inc.: | |||
3.5% 3/1/29 (b) | 7,560 | 6,619 | |
7.125% 8/15/31 (b) | 1,445 | 1,452 | |
Uber Technologies, Inc. 8% 11/1/26 (b) | 9,595 | 9,690 | |
United Rentals North America, Inc. 6.125% 3/15/34 (b) | 5,415 | 5,287 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 9,177 | 8,897 | |
163,681 | |||
Steel - 0.3% | |||
ATI, Inc. 7.25% 8/15/30 | 1,350 | 1,381 | |
Commercial Metals Co.: | |||
3.875% 2/15/31 | 1,655 | 1,440 | |
4.125% 1/15/30 | 2,700 | 2,417 | |
Vallourec SA 7.5% 4/15/32 (b) | 2,770 | 2,804 | |
8,042 | |||
Super Retail - 1.8% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,315 | 1,323 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 2,253 | 1,469 | |
5.5% 4/15/27 (b) | 2,422 | 1,894 | |
5.875% 10/1/28 (b) | 1,267 | 853 | |
10.25% 5/1/30 (b) | 357 | 286 | |
12% 12/1/28 pay-in-kind (b)(d) | 2,243 | 2,197 | |
13% 6/1/30 pay-in-kind (b)(d) | 2,110 | 2,093 | |
14% 6/1/31 pay-in-kind (b)(d) | 4,767 | 4,778 | |
EG Global Finance PLC 12% 11/30/28 (b) | 13,610 | 14,050 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 558 | 540 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 4,695 | 4,310 | |
Levi Strauss & Co. 3.5% 3/1/31 (b)(c) | 620 | 529 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 3,550 | 3,005 | |
7.875% 5/1/29 (b) | 2,730 | 2,000 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 (c) | 1,175 | 1,013 | |
4.375% 4/1/30 (c) | 870 | 776 | |
Sally Holdings LLC 6.75% 3/1/32 (c) | 2,705 | 2,615 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 4,605 | 3,678 | |
47,409 | |||
Technology - 6.4% | |||
Acuris Finance U.S. 5% 5/1/28 (b)(c) | 11,650 | 10,569 | |
Ahead DB Holdings LLC 6.625% 5/1/28 (b) | 1,290 | 1,173 | |
Block, Inc.: | |||
2.75% 6/1/26 (c) | 1,375 | 1,292 | |
3.5% 6/1/31 | 8,155 | 6,889 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 1,212 | 1,150 | |
9% 9/30/29 (b) | 12,200 | 11,740 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 3,270 | 3,364 | |
Coherent Corp. 5% 12/15/29 (b) | 6,960 | 6,421 | |
CommScope, Inc. 4.75% 9/1/29 (b) | 3,600 | 2,511 | |
Elastic NV 4.125% 7/15/29 (b) | 2,410 | 2,146 | |
Entegris, Inc.: | |||
3.625% 5/1/29 (b)(c) | 2,550 | 2,257 | |
4.75% 4/15/29 (b) | 2,000 | 1,886 | |
5.95% 6/15/30 (b) | 8,335 | 8,116 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 2,715 | 2,682 | |
7.125% 9/30/30 (b)(c) | 1,360 | 1,374 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 5,240 | 4,647 | |
5.25% 12/1/27 (b) | 945 | 912 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b)(c) | 1,660 | 1,248 | |
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl 8.75% 5/1/29 (b) | 2,505 | 2,510 | |
HTA Group Ltd. 7% 12/18/25 (b) | 12,095 | 12,076 | |
Iliad Holding SAS 8.5% 4/15/31 (b)(j) | 4,275 | 4,312 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 7,345 | 6,709 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b)(c) | 820 | 677 | |
4.125% 8/1/30 (b)(c) | 1,760 | 1,524 | |
McAfee Corp. 7.375% 2/15/30 (b) | 2,290 | 2,121 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 8,160 | 7,562 | |
NCR Atleos Corp. 9.5% 4/1/29 (b) | 2,875 | 3,056 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 3,675 | 3,335 | |
Open Text Corp. 3.875% 12/1/29 (b) | 4,020 | 3,518 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 4,620 | 4,058 | |
4.125% 12/1/31 (b)(c) | 4,170 | 3,574 | |
Rackspace Finance LLC 3.5% 5/15/28 (b) | 6,354 | 2,669 | |
Roblox Corp. 3.875% 5/1/30 (b) | 4,035 | 3,490 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 3,695 | 3,499 | |
8.25% 12/15/29 (b) | 1,310 | 1,392 | |
8.5% 7/15/31 (b) | 1,585 | 1,692 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 3,440 | 3,080 | |
5% 10/1/25 (b) | 550 | 543 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,370 | 1,158 | |
TTM Technologies, Inc. 4% 3/1/29 (b)(c) | 13,015 | 11,640 | |
UKG, Inc. 6.875% 2/1/31 (b) | 3,295 | 3,301 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,900 | 1,729 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 1,345 | 1,212 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 640 | 602 | |
Western Digital Corp.: | |||
2.85% 2/1/29 | 5,455 | 4,607 | |
3.1% 2/1/32 | 2,295 | 1,794 | |
167,817 | |||
Telecommunications - 4.9% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 13,615 | 10,113 | |
Altice France Holding SA: | |||
6% 2/15/28 (b) | 10,793 | 3,148 | |
10.5% 5/15/27 (b) | 325 | 115 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 12,809 | 8,361 | |
5.125% 7/15/29 (b) | 5,455 | 3,553 | |
5.5% 1/15/28 (b) | 3,940 | 2,662 | |
5.5% 10/15/29 (b) | 50 | 33 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 11,832 | 11,204 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 2,199 | 1,940 | |
5.625% 9/15/28 (b) | 1,290 | 1,041 | |
Connect Finco SARL / Connect U.S. Finco LLC 6.75% 10/1/26 (b) | 1,235 | 1,196 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 2,395 | 1,988 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 5,510 | 5,069 | |
5.875% 10/15/27 (b) | 258 | 247 | |
5.875% 11/1/29 | 3,789 | 3,163 | |
8.75% 5/15/30 (b) | 4,055 | 4,129 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 2,080 | 1,955 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 5,820 | 5,571 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 2,555 | 2,131 | |
Level 3 Financing, Inc.: | |||
3.875% 10/15/30 (b) | 4,179 | 2,297 | |
4.5% 4/1/30 (b) | 2,180 | 1,247 | |
10.5% 5/15/30 (b) | 7,537 | 7,469 | |
11% 11/15/29 (b) | 3,125 | 3,189 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | 2,285 | 1,347 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 4,942 | 4,113 | |
5.125% 1/15/28 (b) | 3,560 | 3,284 | |
7.375% 4/2/32 (b) | 3,240 | 3,166 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 1,577 | 1,499 | |
Sitios Latinoamerica S.A.B. de CV 5.375% 4/4/32 (b) | 2,870 | 2,615 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,477 | 2,928 | |
7.2% 7/18/36 | 3,069 | 2,777 | |
7.721% 6/4/38 | 995 | 925 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 9,475 | 7,369 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 5,830 | 4,922 | |
VMED O2 UK Financing I PLC: | |||
4.25% 1/31/31 (b) | 1,079 | 881 | |
7.75% 4/15/32 (b) | 1,360 | 1,341 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 4,975 | 4,794 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b)(c) | 7,010 | 5,580 | |
129,362 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 1,815 | 1,523 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 1,045 | 834 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 1,460 | 1,297 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 1,945 | 1,528 | |
5,182 | |||
Transportation Ex Air/Rail - 0.7% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 4,760 | 4,739 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b) | 1,380 | 1,381 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 6,445 | 5,543 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 800 | 797 | |
7.125% 6/1/31 (b) | 1,330 | 1,337 | |
7.125% 2/1/32 (b) | 4,620 | 4,647 | |
18,444 | |||
Utilities - 2.7% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b)(c) | 6,515 | 5,508 | |
3.75% 1/15/32 (b) | 670 | 555 | |
4.75% 3/15/28 (b) | 1,540 | 1,451 | |
DPL, Inc.: | |||
4.125% 7/1/25 (c) | 3,760 | 3,652 | |
4.35% 4/15/29 | 460 | 415 | |
NextEra Energy Partners LP: | |||
4.5% 9/15/27 (b)(c) | 1,528 | 1,424 | |
7.25% 1/15/29 (b)(c) | 265 | 268 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 6,240 | 5,472 | |
3.625% 2/15/31 (b) | 1,990 | 1,685 | |
5.25% 6/15/29 (b) | 5,350 | 5,060 | |
PG&E Corp.: | |||
5% 7/1/28 (c) | 6,770 | 6,451 | |
5.25% 7/1/30 (c) | 14,760 | 13,820 | |
Pike Corp.: | |||
5.5% 9/1/28 (b) | 1,762 | 1,670 | |
8.625% 1/31/31 (b) | 2,070 | 2,168 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 8,646 | 8,229 | |
5.5% 9/1/26 (b)(c) | 2,845 | 2,777 | |
5.625% 2/15/27 (b)(c) | 6,375 | 6,203 | |
6.875% 4/15/32 (b) | 3,255 | 3,241 | |
7.75% 10/15/31 (b) | 2,240 | 2,297 | |
72,346 | |||
TOTAL NONCONVERTIBLE BONDS | 2,242,890 | ||
TOTAL CORPORATE BONDS (Cost $2,447,132) | 2,278,930 | ||
U.S. Treasury Obligations - 0.5% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
U.S. Treasury Notes: | |||
1.5% 8/15/26 | 3,490 | 3,229 | |
2.875% 4/30/29 | 10,465 | 9,605 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,986) | 12,834 | ||
Asset-Backed Securities - 0.3% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Carlyle U.S. Clo 2024-2 Ltd. Series 2024-2A Class E, CME Term SOFR 3 Month Index + 6.850% 12.175% 4/25/37 (b)(d)(e) | 250 | 250 | |
Elmwood CLO Ltd. Series 2021-5A Class E, CME Term SOFR 3 Month Index + 6.610% 11.9362% 1/20/35 (b)(d)(e) | 896 | 898 | |
Invesco U.S. Clo 2023-2 Ltd. Series 2023-2A Class F, CME Term SOFR 3 Month Index + 7.580% 12.9046% 4/21/36 (b)(d)(e) | 423 | 421 | |
KKR CLO Ltd. Series 2021-29A Class E, CME Term SOFR 3 Month Index + 7.010% 12.3402% 1/15/32 (b)(d)(e) | 782 | 782 | |
Midocean Credit Clo Xii Ltd. Series 2024-12A Class ER, CME Term SOFR 3 Month Index + 6.650% 11.9769% 4/18/36 (b)(d)(e) | 424 | 424 | |
Neuberger Berman Loan Advisers Series 2024-2A Class E, CME Term SOFR 3 Month Index + 7.500% 12.82% 4/20/38 (b)(d)(e)(j) | 791 | 791 | |
OCP CLO Ltd.: | |||
Series 2021-21A Class E, CME Term SOFR 3 Month Index + 6.540% 11.8662% 7/20/34 (b)(d)(e) | 425 | 413 | |
Series 2024-11A Class ER2, CME Term SOFR 3 Month Index + 6.820% 12.1412% 4/26/36 (b)(d)(e) | 560 | 556 | |
Palmer Square CLO Ltd. Series 2023-4A Class E, CME Term SOFR 3 Month Index + 6.750% 12.0746% 10/20/33 (b)(d)(e) | 402 | 404 | |
Regatta XXVII Funding Ltd. Series 2024-1A Class E, CME Term SOFR 3 Month Index + 6.500% 11.7956% 4/26/37 (b)(d)(e) | 555 | 560 | |
Trestles Clo 2017-1 Ltd. Series 2021-1A Class DR, CME Term SOFR 3 Month Index + 6.510% 11.8352% 4/25/32 (b)(d)(e) | 1,685 | 1,681 | |
TOTAL ASSET-BACKED SECURITIES (Cost $7,188) | 7,180 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
BX Commercial Mortgage Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2355% 6/15/38 (b)(d)(e) | 1,891 | 1,883 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1025% 11/15/38 (b)(d)(e) | 2,680 | 2,640 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1355% 7/15/38 (b)(d)(e) | 1,073 | 1,072 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(d) | 1,700 | 1,558 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6355% 7/15/38 (b)(d)(e) | 3,994 | 3,952 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $10,782) | 11,105 | ||
Common Stocks - 1.9% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (k) | 31,300 | 2,222 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 14,900 | 2,404 | |
Energy - 0.8% | |||
California Resources Corp. warrants 10/27/24 (k) | 4,683 | 81 | |
Forbes Energy Services Ltd. (i)(k) | 47,062 | 0 | |
Mesquite Energy, Inc. (i)(k) | 213,506 | 17,478 | |
New Fortress Energy, Inc. (c) | 114,900 | 3,010 | |
TOTAL ENERGY | 20,569 | ||
Food & Drug Retail - 0.0% | |||
Southeastern Grocers, Inc. rights (i)(k) | 1,235,303 | 1,359 | |
Healthcare - 0.1% | |||
Bausch + Lomb Corp. (c)(k) | 34,400 | 500 | |
Bausch Health Cos., Inc. (United States) (k) | 138,200 | 1,211 | |
Centene Corp. (k) | 35,200 | 2,572 | |
TOTAL HEALTHCARE | 4,283 | ||
Leisure - 0.1% | |||
Topgolf Callaway Brands Corp. (k) | 174,500 | 2,795 | |
Technology - 0.3% | |||
Coherent Corp. (k) | 60,700 | 3,316 | |
MKS Instruments, Inc. | 10,700 | 1,273 | |
ON Semiconductor Corp. (k) | 33,500 | 2,350 | |
TOTAL TECHNOLOGY | 6,939 | ||
Telecommunications - 0.4% | |||
CUI Acquisition Corp. Class E (i)(k) | 1 | 0 | |
GTT Communications, Inc. (i)(k) | 113,281 | 4,225 | |
Helios Towers PLC (k) | 4,721,184 | 5,829 | |
TOTAL TELECOMMUNICATIONS | 10,054 | ||
TOTAL COMMON STOCKS (Cost $37,459) | 50,625 | ||
Bank Loan Obligations - 4.5% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4287% 8/24/26 (d)(e)(l) | 2,219 | 2,114 | |
2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6625% (d)(e)(f)(l) | 11,482 | 267 | |
term loan 10% 8/2/27 (l) | 2,280 | 3,617 | |
TOTAL BROADCASTING | 5,998 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (d)(e)(l) | 6,327 | 5,478 | |
Chemicals - 0.4% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (d)(e)(l) | 5,708 | 5,697 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9757% 3/15/29 (d)(e)(l) | 5,821 | 5,713 | |
TOTAL CHEMICALS | 11,410 | ||
Consumer Products - 0.1% | |||
TKC Holdings, Inc. 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 5.500% 10.9302% 5/14/28 (d)(e)(l) | 325 | 322 | |
13.5% 2/14/27 (d)(l) | 1,321 | 1,037 | |
TOTAL CONSUMER PRODUCTS | 1,359 | ||
Energy - 0.3% | |||
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (d)(e)(l) | 5,981 | 5,880 | |
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.571% 8/27/28 (d)(e)(l) | 2,095 | 2,022 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (e)(f)(i)(l) | 3,958 | 0 | |
term loan 0% (d)(f)(i)(l) | 1,690 | 0 | |
TOTAL ENERGY | 7,902 | ||
Healthcare - 0.1% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% (d)(e)(f)(l) | 6,065 | 1,524 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (d)(e)(i)(l) | 964 | 984 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (d)(e)(i)(l) | 629 | 642 | |
TOTAL HEALTHCARE | 3,150 | ||
Leisure - 1.0% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4389% 7/21/28 (d)(e)(l) | 13,640 | 13,589 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5635% 9/18/26 (d)(e)(l) | 9,153 | 9,160 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 12/30/26 (d)(e)(l) | 4,893 | 4,252 | |
TOTAL LEISURE | 27,001 | ||
Metals/Mining - 0.0% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (d)(e)(l) | 977 | 865 | |
Services - 1.4% | |||
Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (d)(e)(l) | 1,370 | 1,381 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (d)(e)(l) | 1,580 | 1,547 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (d)(e)(l) | 5,532 | 5,508 | |
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.819% 8/1/30 (d)(e)(l) | 2,917 | 2,925 | |
Brock Holdings Iii LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.000% 5/1/30 (e)(l)(m) | 165 | 165 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/2/28 (d)(e)(l) | 6,146 | 5,916 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.4592% 9/13/29 (d)(e)(i)(l) | 4,749 | 4,749 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0795% 4/29/29 (d)(e)(l) | 4,933 | 4,415 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (d)(e)(l) | 10,356 | 9,108 | |
The GEO Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5689% 4/4/29 (d)(e)(l) | 650 | 658 | |
TOTAL SERVICES | 36,372 | ||
Super Retail - 0.6% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (d)(e)(l) | 1,710 | 1,709 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (d)(e)(l) | 12,527 | 12,532 | |
TOTAL SUPER RETAIL | 14,241 | ||
Technology - 0.2% | |||
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (d)(e)(l) | 3,869 | 3,860 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.4592% 9/13/29 (d)(e)(i)(l) | 111 | 111 | |
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.686% 5/15/28 (d)(e)(l) | 1,476 | 1,471 | |
TOTAL TECHNOLOGY | 5,442 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $131,322) | 119,218 | ||
Preferred Securities - 2.8% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.3% | |||
AerCap Holdings NV 5.875% 10/10/79 (d) | 7,130 | 7,065 | |
Banks & Thrifts - 1.0% | |||
Ally Financial, Inc.: | |||
4.7% (d)(n) | 4,475 | 3,843 | |
4.7% (d)(n) | 4,365 | 3,421 | |
Bank of America Corp. 5.875% (d)(n) | 5,385 | 5,205 | |
Goldman Sachs Group, Inc. 7.5% (d)(n) | 2,125 | 2,152 | |
JPMorgan Chase & Co.: | |||
4.6% (d)(n) | 3,885 | 3,866 | |
6.1% (d)(n) | 5,400 | 5,439 | |
Wells Fargo & Co. 5.9% (d)(n) | 2,970 | 3,024 | |
TOTAL BANKS & THRIFTS | 26,950 | ||
Diversified Financial Services - 0.3% | |||
Aircastle Ltd. 5.25% (b)(d)(n) | 5,175 | 4,924 | |
Charles Schwab Corp. 4% (d)(n) | 3,465 | 2,843 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 7,767 | ||
Energy - 1.0% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.5966% (d)(e)(n) | 16,390 | 16,724 | |
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7009% (d)(e)(n) | 3,586 | 3,580 | |
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.6786% (d)(e)(n) | 6,563 | 6,623 | |
TOTAL ENERGY | 26,927 | ||
Services - 0.2% | |||
Air Lease Corp. 4.125% (d)(n) | 5,559 | 4,835 | |
TOTAL PREFERRED SECURITIES (Cost $66,560) | 73,544 | ||
Other - 1.8% | |||
Shares | Value ($) (000s) | ||
Other - 1.8% | |||
Fidelity Private Credit Co. LLC (h)(o) (Cost $46,253) | 4,650,410 | 47,299 | |
Money Market Funds - 4.8% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (p) | 11,043,345 | 11,046 | |
Fidelity Securities Lending Cash Central Fund 5.39% (p)(q) | 117,099,989 | 117,112 | |
TOTAL MONEY MARKET FUNDS (Cost $128,158) | 128,158 | ||
TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $2,887,840) | 2,728,893 |
NET OTHER ASSETS (LIABILITIES) - (3.3)% | (88,018) |
NET ASSETS - 100.0% | 2,640,875 |
(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 $1,878,852,000 or 71.1% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Non-income producing - Security is in default. |
(g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(h) | 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 $52,325,000 or 2.0% of net assets. |
(i) | Level 3 security |
(j) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(k) | Non-income producing |
(l) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(m) | The coupon rate will be determined upon settlement of the loan after period end. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated Fund |
(p) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(q) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Fidelity Private Credit Co. LLC | 6/06/22 | 46,253 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 4,614 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 70,215 | 838,688 | 897,859 | 2,062 | 2 | - | 11,046 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 428 | 147,607 | 30,923 | 47 | - | - | 117,112 | 0.4% |
Total | 70,643 | 986,295 | 928,782 | 2,109 | 2 | - | 128,158 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Private Credit Co. LLC | 46,120 | - | - | 5,732 | - | 1,179 | 47,299 |
46,120 | - | - | 5,732 | - | 1,179 | 47,299 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 5,829 | 5,829 | - | - |
Consumer Discretionary | 5,017 | 5,017 | - | - |
Consumer Staples | 1,359 | - | - | 1,359 |
Energy | 20,569 | 3,091 | - | 17,478 |
Health Care | 4,283 | 4,283 | - | - |
Industrials | 2,404 | 2,404 | - | - |
Information Technology | 11,164 | 6,939 | - | 4,225 |
Corporate Bonds | 2,278,930 | - | 2,273,904 | 5,026 |
U.S. Government and Government Agency Obligations | 12,834 | - | 12,834 | - |
Asset-Backed Securities | 7,180 | - | 7,180 | - |
Commercial Mortgage Securities | 11,105 | - | 11,105 | - |
Bank Loan Obligations | 119,218 | - | 112,732 | 6,486 |
Preferred Securities | 73,544 | - | 73,544 | - |
Other | 47,299 | - | 47,299 | - |
Money Market Funds | 128,158 | 128,158 | - | - |
Total Investments in Securities: | 2,728,893 | 155,721 | 2,538,598 | 34,574 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 30,339 | |
Net Realized Gain (Loss) on Investment Securities | 23,188 | ||
Net Unrealized Gain (Loss) on Investment Securities | (21,650) | ||
Cost of Purchases | 1,359 | ||
Proceeds of Sales | (31,877) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,359 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | - | |
Corporate Bonds | |||
Beginning Balance | $ | 30,766 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (25,809) | ||
Cost of Purchases | 4,614 | ||
Proceeds of Sales | (4,579) | ||
Amortization/Accretion | 34 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 5,026 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 378 | |
Other Investments in Securities | |||
Beginning Balance | $ | 32,046 | |
Net Realized Gain (Loss) on Investment Securities | 6,581 | ||
Net Unrealized Gain (Loss) on Investment Securities | 560 | ||
Cost of Purchases | 6,241 | ||
Proceeds of Sales | (17,303) | ||
Amortization/Accretion | 64 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 28,189 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 7,093 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | April 30, 2024 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $112,824) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,713,429) | $ | 2,553,436 | ||
Fidelity Central Funds (cost $128,158) | 128,158 | |||
Other affiliated issuers (cost $46,253) | 47,299 | |||
Total Investment in Securities (cost $2,887,840) | $ | 2,728,893 | ||
Cash | 376 | |||
Receivable for investments sold | 9,522 | |||
Receivable for fund shares sold | 1,059 | |||
Interest receivable | 38,452 | |||
Distributions receivable from Fidelity Central Funds | 120 | |||
Prepaid expenses | 1 | |||
Total assets | 2,778,423 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 9,304 | ||
Delayed delivery | 5,066 | |||
Payable for fund shares redeemed | 1,893 | |||
Distributions payable | 2,579 | |||
Accrued management fee | 1,459 | |||
Distribution and service plan fees payable | 40 | |||
Other payables and accrued expenses | 95 | |||
Collateral on securities loaned | 117,112 | |||
Total liabilities | 137,548 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 2,640,875 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,503,711 | ||
Total accumulated earnings (loss) | (862,836) | |||
Net Assets | $ | 2,640,875 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($118,358 ÷ 15,561 shares)(a) | $ | 7.61 | ||
Maximum offering price per share (100/96.00 of $7.61) | $ | 7.93 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($30,592 ÷ 4,022 shares)(a) | $ | 7.61 | ||
Maximum offering price per share (100/96.00 of $7.61) | $ | 7.93 | ||
Class C : | ||||
Net Asset Value and offering price per share ($10,073 ÷ 1,324 shares)(a) | $ | 7.61 | ||
Fidelity High Income Fund : | ||||
Net Asset Value, offering price and redemption price per share ($2,366,574 ÷ 311,131 shares) | $ | 7.61 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($58,026 ÷ 7,626 shares) | $ | 7.61 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($57,252 ÷ 7,528 shares) | $ | 7.61 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Year ended April 30, 2024 | |||
Investment Income | ||||
Dividends: | ||||
Unaffiliated issuers | $ | 3,976 | ||
Affiliated issuers | 5,685 | |||
Interest | 177,415 | |||
Income from Fidelity Central Funds (including $47 from security lending) | 2,109 | |||
Total income | 189,185 | |||
Expenses | ||||
Management fee | $ | 15,288 | ||
Transfer agent fees | 2,678 | |||
Distribution and service plan fees | 475 | |||
Accounting fees | 724 | |||
Custodian fees and expenses | 20 | |||
Independent trustees' fees and expenses | 14 | |||
Registration fees | 114 | |||
Audit | 104 | |||
Legal | 45 | |||
Interest | 2 | |||
Miscellaneous | 10 | |||
Total expenses before reductions | 19,474 | |||
Expense reductions | (381) | |||
Total expenses after reductions | 19,093 | |||
Net Investment income (loss) | 170,092 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (136,148) | |||
Fidelity Central Funds | 2 | |||
Foreign currency transactions | (1) | |||
Capital gain distributions from underlying funds: | ||||
Affiliated issuers | 47 | |||
Total net realized gain (loss) | (136,100) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 178,992 | |||
Affiliated issuers | 1,179 | |||
Total change in net unrealized appreciation (depreciation) | 180,171 | |||
Net gain (loss) | 44,071 | |||
Net increase (decrease) in net assets resulting from operations | $ | 214,163 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended April 30, 2024 | Year ended April 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 170,092 | $ | 167,641 |
Net realized gain (loss) | (136,100) | (210,957) | ||
Change in net unrealized appreciation (depreciation) | 180,171 | (9,172) | ||
Net increase (decrease) in net assets resulting from operations | 214,163 | (52,488) | ||
Distributions to shareholders | (154,653) | (158,804) | ||
Share transactions - net increase (decrease) | (315,100) | (471,047) | ||
Total increase (decrease) in net assets | (255,590) | (682,339) | ||
Net Assets | ||||
Beginning of period | 2,896,465 | 3,578,804 | ||
End of period | $ | 2,640,875 | $ | 2,896,465 |
Fidelity Advisor® High Income Fund Class A |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .449 | .387 | .345 | .368 | .438 | |||||
Net realized and unrealized gain (loss) | .139 | (.501) | (.760) | .772 | (.908) | |||||
Total from investment operations | .588 | (.114) | (.415) | 1.140 | (.470) | |||||
Distributions from net investment income | (.408) | (.366) | (.385) | (.360) | (.430) | |||||
Total distributions | (.408) | (.366) | (.385) | (.360) | (.430) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C,D | 8.15 % | (1.33)% | (5.02)% | 14.56% | (5.63)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .99% | 1.02% | .99% | .98% | .98% | |||||
Expenses net of fee waivers, if any | .98 % | 1.02% | .99% | .98% | .98% | |||||
Expenses net of all reductions | .98% | 1.02% | .99% | .98% | .98% | |||||
Net investment income (loss) | 6.03% | 5.19% | 4.02% | 4.32% | 5.04% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 118 | $ | 119 | $ | 132 | $ | 148 | $ | 144 |
Portfolio turnover rate G | 43 % | 35% | 54% | 62% | 44% H |
Fidelity Advisor® High Income Fund Class M |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .449 | .386 | .345 | .367 | .438 | |||||
Net realized and unrealized gain (loss) | .139 | (.500) | (.761) | .772 | (.909) | |||||
Total from investment operations | .588 | (.114) | (.416) | 1.139 | (.471) | |||||
Distributions from net investment income | (.408) | (.366) | (.384) | (.359) | (.429) | |||||
Total distributions | (.408) | (.366) | (.384) | (.359) | (.429) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C,D | 8.15 % | (1.34)% | (5.03)% | 14.55% | (5.64)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.00% | 1.03% | 1.00% | .99% | .99% | |||||
Expenses net of fee waivers, if any | .98 % | 1.02% | 1.00% | .99% | .99% | |||||
Expenses net of all reductions | .98% | 1.02% | 1.00% | .99% | .99% | |||||
Net investment income (loss) | 6.03% | 5.18% | 4.01% | 4.31% | 5.02% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 31 | $ | 29 | $ | 30 | $ | 36 | $ | 40 |
Portfolio turnover rate G | 43 % | 35% | 54% | 62% | 44% H |
Fidelity Advisor® High Income Fund Class C |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .392 | .330 | .281 | .302 | .372 | |||||
Net realized and unrealized gain (loss) | .138 | (.501) | (.763) | .772 | (.909) | |||||
Total from investment operations | .530 | (.171) | (.482) | 1.074 | (.537) | |||||
Distributions from net investment income | (.350) | (.309) | (.318) | (.294) | (.363) | |||||
Total distributions | (.350) | (.309) | (.318) | (.294) | (.363) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C,D | 7.32 % | (2.09)% | (5.75)% | 13.68% | (6.35)% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.76% | 1.79% | 1.76% | 1.75% | 1.75% | |||||
Expenses net of fee waivers, if any | 1.75 % | 1.79% | 1.76% | 1.75% | 1.75% | |||||
Expenses net of all reductions | 1.75% | 1.79% | 1.76% | 1.75% | 1.75% | |||||
Net investment income (loss) | 5.26% | 4.42% | 3.25% | 3.55% | 4.27% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 10 | $ | 12 | $ | 17 | $ | 30 | $ | 36 |
Portfolio turnover rate G | 43 % | 35% | 54% | 62% | 44% H |
Fidelity® High Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .471 | .408 | .371 | .392 | .464 | |||||
Net realized and unrealized gain (loss) | .138 | (.500) | (.761) | .772 | (.909) | |||||
Total from investment operations | .609 | (.092) | (.390) | 1.164 | (.445) | |||||
Distributions from net investment income | (.429) | (.388) | (.410) | (.384) | (.455) | |||||
Total distributions | (.429) | (.388) | (.410) | (.384) | (.455) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C | 8.46 % | (1.04)% | (4.75)% | 14.89% | (5.35)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .70% | .73% | .70% | .69% | .69% | |||||
Expenses net of fee waivers, if any | .69 % | .73% | .70% | .69% | .69% | |||||
Expenses net of all reductions | .69% | .73% | .70% | .69% | .69% | |||||
Net investment income (loss) | 6.32% | 5.48% | 4.31% | 4.61% | 5.33% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 2,367 | $ | 2,567 | $ | 3,181 | $ | 4,139 | $ | 3,871 |
Portfolio turnover rate F | 43 % | 35% | 54% | 62% | 44% G |
Fidelity Advisor® High Income Fund Class I |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .465 | .401 | .390 | .390 | .458 | |||||
Net realized and unrealized gain (loss) | .137 | (.499) | (.774) | .771 | (.907) | |||||
Total from investment operations | .602 | (.098) | (.384) | 1.161 | (.449) | |||||
Distributions from net investment income | (.422) | (.382) | (.416) | (.381) | (.451) | |||||
Total distributions | (.422) | (.382) | (.416) | (.381) | (.451) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C | 8.35 % | (1.12)% | (4.68)% | 14.85% | (5.40)% | |||||
Ratios to Average Net Assets A,D,E | ||||||||||
Expenses before reductions | .81% | .85% | .72% | .73% | .74% | |||||
Expenses net of fee waivers, if any | .79 % | .80% | .71% | .73% | .74% | |||||
Expenses net of all reductions | .79% | .80% | .71% | .73% | .74% | |||||
Net investment income (loss) | 6.22% | 5.41% | 4.29% | 4.57% | 5.28% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 58 | $ | 111 | $ | 85 | $ | 4,010 | $ | 558 |
Portfolio turnover rate F | 43 % | 35% | 54% | 62% | 44% G |
Fidelity Advisor® High Income Fund Class Z |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .476 | .415 | .378 | .399 | .464 | |||||
Net realized and unrealized gain (loss) | .138 | (.502) | (.763) | .770 | (.904) | |||||
Total from investment operations | .614 | (.087) | (.385) | 1.169 | (.440) | |||||
Distributions from net investment income | (.434) | (.393) | (.415) | (.389) | (.460) | |||||
Total distributions | (.434) | (.393) | (.415) | (.389) | (.460) | |||||
Net asset value, end of period | $ | 7.61 | $ | 7.43 | $ | 7.91 | $ | 8.71 | $ | 7.93 |
Total Return C | 8.53 % | (.98)% | (4.68)% | 14.96% | (5.30)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .65% | .66% | .64% | .63% | .63% | |||||
Expenses net of fee waivers, if any | .64 % | .66% | .63% | .63% | .63% | |||||
Expenses net of all reductions | .64% | .66% | .63% | .62% | .63% | |||||
Net investment income (loss) | 6.37% | 5.54% | 4.37% | 4.67% | 5.39% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 57 | $ | 58 | $ | 133 | $ | 250 | $ | 61 |
Portfolio turnover rate F | 43 % | 35% | 54% | 62% | 44% G |
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 | $23,062 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Discounted cash flow | Discount rate | 11.1% | Decrease | ||
Recovery value | Recovery value | $0.00 - $1.10 / $1.10 | Increase | ||
Corporate Bonds | $5,026 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 | Increase |
Daily production multiple ($/Million cubic feet per day) | $3,550.00 | Increase | |||
Discounted cash flow | Yield | 18.8% | Decrease | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Bank Loan Obligations | $6,486 | Discounted cash flow | Yield | 12.2% | Decrease |
Recovery value | Recovery value | $0.00 | Increase | ||
Indicative market price | Evaluated bid | $102.00 | Increase |
Gross unrealized appreciation | $71,179 |
Gross unrealized depreciation | (208,412) |
Net unrealized appreciation (depreciation) | $(137,233) |
Tax Cost | $2,866,126 |
Undistributed ordinary income | $5,721 |
Capital loss carryforward | $(731,324) |
Net unrealized appreciation (depreciation) on securities and other investments | $(137,233) |
Short-term | $(131,937) |
Long-term | (599,387) |
Total capital loss carryforward | $(731,324) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $154,653 | $ 158,804 |
Investment to be Acquired | Commitment Amount ($) | |
Fidelity High Income Fund | Fidelity Private Credit Company LLC | 12,276 |
Purchases ($) | Sales ($) | |
Fidelity High Income Fund | 1,126,326 | 1,391,732 |
Maximum Management Fee Rate % | |
Class A | .71 |
Class M | .72 |
Class C | .74 |
Fidelity High Income Fund | .67 |
Class I | .76 |
Class Z | .61 |
Total Management Fee Rate % | |
Class A | .71 |
Class M | .71 |
Class C | .71 |
Fidelity High Income Fund | .67 |
Class I | .71 |
Class Z | .61 |
Distribution Fee | Service Fee | Total Fees ($) | Retained by FDC ($) | |
Class A | - % | .25% | 293 | 2 |
Class M | - % | .25% | 73 | -A |
Class C | .75% | .25% | 109 | 8 |
475 | 10 |
Retained by FDC ($) | |
Class A | 9 |
Class M | 3 |
Class CB | -A |
12 |
% of Class-Level Average Net Assets | |
Class A | .1544 |
Class M | .1566 |
Class C | .1856 |
Fidelity High Income Fund | .1146 |
Class I | .2000 |
Amount ($) | % of Class-Level Average Net Assets | |
Class A | 152 | .16 |
Class M | 38 | .16 |
Class C | 17 | .19 |
Fidelity High Income Fund | 2,317 | .11 |
Class I | 130 | .23 |
Class Z | 24 | .05 |
2,678 |
% of Average Net Assets | |
Fidelity High Income Fund | .0321% |
% of Average Net Assets | |
Fidelity High Income Fund | .03 |
Amount ($) | |
Fidelity High Income Fund | -A |
Borrower or Lender | Average Loan Balance ($) | Weighted Average Interest Rate | Interest Expense ($) | |
Fidelity High Income Fund | Borrower | 11,434 | 5.57% | 2 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity High Income Fund | - | 43 | 12 |
Amount ($) | |
Fidelity High Income Fund | 5 |
Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) | |
Fidelity High Income Fund | 5 | - | - |
Transfer Agent Fees Limitation | Waiver ($) | |
Class I | .19% | 6 |
Expense reduction ($) | |
Class M | -A |
Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity High Income Fund | ||
Distributions to shareholders | ||
Class A | $6,406 | $5,949 |
Class M | 1,588 | 1,395 |
Class C | 511 | 576 |
Fidelity High Income Fund | 138,880 | 143,007 |
Class I | 3,849 | 4,409 |
Class Z | 3,419 | 3,468 |
Total | $154,653 | $158,804 |
Shares | Shares | Dollars | Dollars | |
Year ended April 30, 2024 | Year ended April 30, 2023 | Year ended April 30, 2024 | Year ended April 30, 2023 | |
Fidelity High Income Fund | ||||
Class A | ||||
Shares sold | 1,472 | 1,601 | $11,040 | $12,031 |
Reinvestment of distributions | 781 | 734 | 5,837 | 5,448 |
Shares redeemed | (2,774) | (2,939) | (20,682) | (21,937) |
Net increase (decrease) | (521) | (604) | $(3,805) | $(4,458) |
Class M | ||||
Shares sold | 483 | 482 | $3,664 | $3,625 |
Reinvestment of distributions | 187 | 165 | 1,397 | 1,223 |
Shares redeemed | (546) | (573) | (4,097) | (4,281) |
Net increase (decrease) | 124 | 74 | $964 | $567 |
Class C | ||||
Shares sold | 216 | 199 | $1,615 | $1,483 |
Reinvestment of distributions | 65 | 73 | 488 | 544 |
Shares redeemed | (613) | (769) | (4,572) | (5,721) |
Net increase (decrease) | (332) | (497) | $(2,469) | $(3,694) |
Fidelity High Income Fund | ||||
Shares sold | 32,505 | 36,311 | $243,092 | $272,258 |
Reinvestment of distributions | 14,572 | 15,389 | 108,893 | 114,248 |
Shares redeemed | (81,405) | (108,580) | (606,074) | (811,949) |
Net increase (decrease) | (34,328) | (56,880) | $(254,089) | $(425,443) |
Class I | ||||
Shares sold | 4,511 | 18,269 | $33,389 | $137,197 |
Reinvestment of distributions | 483 | 555 | 3,617 | 4,118 |
Shares redeemed | (12,288) | (14,626) | (90,920) | (109,771) |
Net increase (decrease) | (7,294) | 4,198 | $(53,914) | $31,544 |
Class Z | ||||
Shares sold | 4,381 | 3,793 | $33,183 | $27,871 |
Reinvestment of distributions | 420 | 416 | 3,141 | 3,101 |
Shares redeemed | (5,083) | (13,283) | (38,111) | (100,535) |
Net increase (decrease) | (282) | (9,074) | $(1,787) | $(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 (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® High Income Fund | ||||||||||
Class A ** | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,096.30 | $ 5.37 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.74 | $ 5.17 | |||||||
Class M ** | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,096.30 | $ 5.42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.69 | $ 5.22 | |||||||
Class C | 1.80% | |||||||||
Actual | $ 1,000 | $ 1,090.60 | $ 9.36 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.91 | $ 9.02 | |||||||
Fidelity® High Income Fund ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,097.80 | $ 3.86 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.18 | $ 3.72 | |||||||
Class I ** | .82% | |||||||||
Actual | $ 1,000 | $ 1,095.90 | $ 4.27 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.79 | $ 4.12 | |||||||
Class Z ** | .70% | |||||||||
Actual | $ 1,000 | $ 1,098.20 | $ 3.65 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.38 | $ 3.52 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® High Income Fund | ||||||
Class A | .96% | |||||
Actual | $ 5.00 | |||||
Hypothetical- B | $ 4.82 | |||||
Class M | .96% | |||||
Actual | $ 5.00 | |||||
Hypothetical- B | $ 4.82 | |||||
Fidelity® High Income Fund | .67% | |||||
Actual | $ 3.50 | |||||
Hypothetical- B | $ 3.37 | |||||
Class I | .71% | |||||
Actual | $ 3.70 | |||||
Hypothetical- B | $ 3.57 | |||||
Class Z | .60% | |||||
Actual | $ 3.13 | |||||
Hypothetical- B | $ 3.02 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98211_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98211_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Capital & Income Fund | 10.91% | 6.18% | 6.04% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Capital & Income Fund on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
TransDigm, Inc. | 2.3 | |
Energy Transfer LP | 1.9 | |
Bank of America Corp. | 1.8 | |
Ally Financial, Inc. | 1.4 | |
JPMorgan Chase & Co. | 1.4 | |
Tenet Healthcare Corp. | 1.2 | |
Carnival Corp. | 1.1 | |
Clydesdale Acquisition Holdings, Inc. | 1.0 | |
Uber Technologies, Inc. | 1.0 | |
LBM Acquisition LLC | 0.9 | |
14.0 | ||
Market Sectors (% of Fund's net assets) | ||
Technology | 15.6 | |
Energy | 10.7 | |
Banks & Thrifts | 9.7 | |
Services | 5.9 | |
Healthcare | 4.6 | |
Quality Diversification (% of Fund's net assets) |
![]() |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Corporate Bonds - 55.9% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 1.1% | |||
Broadcasting - 0.5% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 37,425 | 27,227 | |
3.375% 8/15/26 | 53,665 | 32,736 | |
59,963 | |||
Diversified Financial Services - 0.1% | |||
Coinbase Global, Inc. 0.25% 4/1/30 (b) | 8,566 | 7,736 | |
New Cotai LLC 5% 2/24/27 (c) | 4,239 | 9,445 | |
17,181 | |||
Technology - 0.5% | |||
Wolfspeed, Inc. 1.875% 12/1/29 | 106,282 | 61,059 | |
TOTAL CONVERTIBLE BONDS | 138,203 | ||
Nonconvertible Bonds - 54.8% | |||
Aerospace - 3.1% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 6,080 | 5,661 | |
5.125% 10/1/31 | 5,395 | 4,915 | |
Bombardier, Inc.: | |||
6% 2/15/28 (b) | 6,075 | 5,924 | |
7.125% 6/15/26 (b) | 9,394 | 9,494 | |
7.25% 7/1/31 (b) | 6,080 | 6,095 | |
7.875% 4/15/27 (b) | 18,970 | 18,852 | |
8.75% 11/15/30 (b) | 9,040 | 9,618 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 11,215 | 10,442 | |
Moog, Inc. 4.25% 12/15/27 (b) | 3,455 | 3,225 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 10,870 | 10,751 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 38,080 | 34,881 | |
4.875% 5/1/29 | 25,000 | 22,995 | |
5.5% 11/15/27 | 124,228 | 120,656 | |
6.375% 3/1/29 (b) | 15,065 | 14,950 | |
6.625% 3/1/32 (b) | 6,065 | 6,055 | |
6.75% 8/15/28 (b) | 27,225 | 27,395 | |
6.875% 12/15/30 (b) | 47,905 | 48,231 | |
7.125% 12/1/31 (b) | 12,085 | 12,316 | |
Triumph Group, Inc. 9% 3/15/28 (b) | 8,013 | 8,297 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 8,905 | 7,974 | |
388,727 | |||
Air Transportation - 1.4% | |||
Air Canada 3.875% 8/15/26 (b) | 9,105 | 8,637 | |
Allegiant Travel Co. 7.25% 8/15/27 (b) | 8,870 | 8,573 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (b) | 19,595 | 19,706 | |
8.5% 5/15/29 (b) | 20,045 | 20,880 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.75% 4/20/29 (b) | 29,825 | 28,803 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (b) | 22,205 | 20,826 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 14,880 | 14,715 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.: | |||
8% 9/20/25 (b) | 2,960 | 2,312 | |
8% 9/20/25 (b) | 7,779 | 6,076 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (b) | 30,025 | 28,881 | |
4.625% 4/15/29 (b) | 18,025 | 16,612 | |
176,021 | |||
Automotive & Auto Parts - 1.2% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 5,935 | 5,996 | |
Allison Transmission, Inc. 5.875% 6/1/29 (b) | 7,960 | 7,757 | |
Arko Corp. 5.125% 11/15/29 (b) | 9,105 | 7,337 | |
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 9,125 | 8,885 | |
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (b) | 11,885 | 11,909 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 8,870 | 7,685 | |
4.5% 2/15/32 | 9,135 | 7,750 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 7,185 | 7,464 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 4,205 | 4,193 | |
6.5% 3/26/31 (b) | 6,430 | 6,435 | |
8.125% 3/30/29 (b) | 8,990 | 9,401 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 8,290 | 7,200 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (b) | 14,525 | 13,520 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC CME Term SOFR 6 Month Index + 6.020% 11.3101% 10/15/26 (b)(d)(e) | 13,055 | 12,859 | |
Tenneco, Inc. 8% 11/17/28 (b) | 17,960 | 16,781 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b) | 12,115 | 12,316 | |
147,488 | |||
Banks & Thrifts - 1.5% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 20,638 | 22,240 | |
8% 11/1/31 | 144,500 | 156,446 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 8,740 | 7,950 | |
186,636 | |||
Broadcasting - 0.9% | |||
DISH Network Corp. 11.75% 11/15/27 (b) | 41,575 | 41,909 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 2,820 | 2,083 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 12,130 | 9,755 | |
4% 7/15/28 (b) | 10,140 | 9,039 | |
5% 8/1/27 (b) | 8,280 | 7,820 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 12,060 | 10,491 | |
7.375% 6/30/30 (b) | 39,140 | 37,480 | |
118,577 | |||
Building Materials - 0.7% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 2,325 | 2,251 | |
6.375% 6/15/30 (b) | 6,050 | 6,015 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (b) | 6,555 | 6,452 | |
James Hardie International Finance Ltd. 5% 1/15/28 (b) | 4,136 | 3,976 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (b) | 9,120 | 9,057 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (b) | 4,125 | 3,736 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 24,115 | 25,397 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 11,605 | 11,562 | |
6.125% 7/1/29 (b) | 4,870 | 4,942 | |
Summit Materials LLC/Summit Materials Finance Corp.: | |||
5.25% 1/15/29 (b) | 10,525 | 10,113 | |
7.25% 1/15/31 (b) | 9,155 | 9,384 | |
92,885 | |||
Cable/Satellite TV - 0.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp. 5.375% 6/1/29 (b) | 6,650 | 5,857 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 15,220 | 10,278 | |
VZ Secured Financing BV 5% 1/15/32 (b) | 24,310 | 20,477 | |
Ziggo BV 4.875% 1/15/30 (b) | 7,990 | 6,992 | |
43,604 | |||
Capital Goods - 0.2% | |||
ATS Corp. 4.125% 12/15/28 (b) | 7,895 | 7,098 | |
Chart Industries, Inc. 7.5% 1/1/30 (b) | 15,680 | 16,038 | |
23,136 | |||
Chemicals - 1.5% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (b) | 24,600 | 23,070 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 9,700 | 10,040 | |
Ingevity Corp. 3.875% 11/1/28 (b) | 11,105 | 9,881 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 21,105 | 20,007 | |
NOVA Chemicals Corp. 8.5% 11/15/28 (b) | 8,160 | 8,577 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 15,305 | 13,791 | |
7.125% 10/1/27 (b) | 7,080 | 7,170 | |
9.75% 11/15/28 (b) | 30,040 | 31,876 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (b) | 7,820 | 7,271 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 14,015 | 13,451 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 13,295 | 11,860 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 28,310 | 25,352 | |
7.375% 3/1/31 (b) | 5,940 | 6,021 | |
188,367 | |||
Consumer Products - 1.0% | |||
Angi Group LLC 3.875% 8/15/28 (b) | 5,530 | 4,670 | |
Foundation Building Materials, Inc. 6% 3/1/29 (b) | 5,845 | 5,151 | |
Gannett Holdings LLC 6% 11/1/26 (b) | 8,785 | 8,118 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (b) | 8,760 | 8,166 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (b) | 16,195 | 14,946 | |
7.75% 2/15/29 (b) | 17,680 | 16,805 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (b) | 8,380 | 7,842 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (b) | 15,965 | 13,144 | |
4% 4/15/29 (b) | 15,925 | 14,158 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 11,945 | 10,062 | |
TKC Holdings, Inc. 6.875% 5/15/28 (b) | 20,025 | 18,903 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (b) | 5,960 | 6,207 | |
128,172 | |||
Containers - 0.5% | |||
Crown Cork & Seal, Inc.: | |||
7.375% 12/15/26 | 4,845 | 5,000 | |
7.5% 12/15/96 | 12,871 | 13,257 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 6,000 | 5,420 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 7,880 | 6,856 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (b) | 4,230 | 4,032 | |
Mauser Packaging Solutions Holding Co. 7.875% 4/15/27 (b) | 11,865 | 12,087 | |
Sealed Air Corp./Sealed Air Corp. U.S. 6.125% 2/1/28 (b) | 5,935 | 5,863 | |
Trident TPI Holdings, Inc. 12.75% 12/31/28 (b) | 5,870 | 6,352 | |
58,867 | |||
Diversified Financial Services - 2.2% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (b) | 15,505 | 14,130 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (b) | 29,675 | 24,878 | |
3.625% 10/1/31 (b) | 18,050 | 14,075 | |
Compass Group Diversified Holdings LLC: | |||
5% 1/15/32 (b) | 6,090 | 5,366 | |
5.25% 4/15/29 (b) | 17,730 | 16,574 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b) | 9,065 | 9,416 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 5,945 | 5,580 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 11,165 | 9,399 | |
5.25% 5/15/27 | 38,210 | 34,914 | |
6.25% 5/15/26 | 24,085 | 23,424 | |
6.375% 12/15/25 | 8,305 | 8,156 | |
MSCI, Inc. 4% 11/15/29 (b) | 3,245 | 2,932 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 5,610 | 4,719 | |
5.375% 11/15/29 | 9,400 | 8,693 | |
6.625% 1/15/28 | 7,305 | 7,282 | |
6.875% 3/15/25 | 19,480 | 19,608 | |
7.125% 3/15/26 | 50,145 | 50,601 | |
7.875% 3/15/30 | 6,055 | 6,178 | |
Williams Scotsman, Inc. 7.375% 10/1/31 (b) | 5,990 | 6,119 | |
272,044 | |||
Energy - 8.0% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 9,060 | 8,760 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (b) | 9,060 | 8,621 | |
5.75% 1/15/28 (b) | 17,645 | 17,269 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 7,820 | 7,081 | |
Borr IHC Ltd. / Borr Finance Ltd.: | |||
10% 11/15/28 (b) | 9,015 | 9,333 | |
10.375% 11/15/30 (b) | 3,005 | 3,106 | |
CGG SA 8.75% 4/1/27 (b) | 11,985 | 11,215 | |
Chesapeake Energy Corp.: | |||
5.875% 2/1/29 (b) | 5,840 | 5,726 | |
6.75% 4/15/29 (b) | 8,995 | 8,988 | |
7% (c)(f) | 6,915 | 0 | |
8% (c)(f) | 2,132 | 0 | |
8% (c)(f) | 3,385 | 0 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 8,760 | 8,746 | |
7% 6/15/25 (b) | 22,045 | 22,022 | |
8.375% 1/15/29 (b) | 26,350 | 27,269 | |
Civitas Resources, Inc. 8.625% 11/1/30 (b) | 12,020 | 12,791 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 6,435 | 5,695 | |
CNX Resources Corp.: | |||
6% 1/15/29 (b) | 5,345 | 5,179 | |
7.375% 1/15/31 (b) | 5,930 | 6,003 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 32,085 | 29,222 | |
6.75% 3/1/29 (b) | 20,060 | 19,099 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC: | |||
5.5% 6/15/31 (b) | 27,225 | 25,018 | |
7.5% 12/15/33 (b) | 16,090 | 16,189 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (b) | 5,055 | 4,980 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 22,655 | 21,051 | |
8.5% 1/15/29 (b) | 42,375 | 42,480 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125% 6/1/28 (b) | 17,655 | 17,244 | |
Diamond Foreign Asset Co. / Diamond Finance, LLC 8.5% 10/1/30 (b) | 5,990 | 6,265 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 9,070 | 8,221 | |
4.375% 6/15/31 (b) | 9,070 | 8,052 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 21,251 | 21,526 | |
Energy Transfer LP: | |||
5.5% 6/1/27 | 16,735 | 16,652 | |
5.625% 5/1/27 (b) | 18,015 | 17,838 | |
5.75% 4/1/25 | 4,790 | 4,781 | |
6% 2/1/29 (b) | 25,785 | 25,750 | |
7.375% 2/1/31 (b) | 5,000 | 5,156 | |
EnLink Midstream LLC 6.5% 9/1/30 (b) | 17,745 | 17,968 | |
Global Partners LP/GLP Finance Corp. 8.25% 1/15/32 (b) | 7,505 | 7,688 | |
Gran Tierra Energy, Inc. 9.5% 10/15/29 (b) | 7,555 | 7,090 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (b) | 9,875 | 8,912 | |
5.125% 6/15/28 (b) | 11,235 | 10,754 | |
5.5% 10/15/30 (b) | 6,060 | 5,794 | |
5.625% 2/15/26 (b) | 15,535 | 15,360 | |
HF Sinclair Corp.: | |||
5% 2/1/28 (b) | 7,615 | 7,306 | |
6.375% 4/15/27 (b) | 6,050 | 6,051 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 12,280 | 12,099 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 14,895 | 15,601 | |
Jonah Energy Parent LLC 12% 11/5/25 (c)(g) | 6,742 | 7,198 | |
MEG Energy Corp. 7.125% 2/1/27 (b) | 6,731 | 6,782 | |
Mesquite Energy, Inc. 7.25% (b)(c)(f) | 21,977 | 0 | |
Nabors Industries Ltd. 7.5% 1/15/28 (b) | 9,715 | 9,211 | |
Nabors Industries, Inc. 9.125% 1/31/30 (b) | 12,085 | 12,462 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (b) | 5,307 | 5,242 | |
Noble Finance II LLC 8% 4/15/30 (b) | 5,935 | 6,115 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 6,005 | 6,075 | |
8.75% 6/15/31 (b) | 11,950 | 12,570 | |
NuStar Logistics LP 6% 6/1/26 | 12,025 | 11,932 | |
Occidental Petroleum Corp. 7.2% 3/15/29 | 3,964 | 4,119 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 27,530 | 26,850 | |
7.875% 9/15/30 (b) | 18,055 | 18,569 | |
Permian Resources Operating LLC 5.875% 7/1/29 (b) | 8,645 | 8,407 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 11,920 | 12,418 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 15,045 | 15,471 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 6,330 | 6,283 | |
6.625% 1/15/27 | 21,320 | 21,211 | |
6.75% 9/15/26 | 4,550 | 4,549 | |
Southern Natural Gas Co. LLC: | |||
7.35% 2/15/31 | 23,497 | 24,194 | |
8% 3/1/32 | 12,475 | 13,905 | |
Southwestern Energy Co.: | |||
5.375% 3/15/30 | 12,145 | 11,533 | |
5.7% 1/23/25 (h) | 244 | 243 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (b) | 12,070 | 10,722 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 3,020 | 1,878 | |
11.75% 10/1/28 (b) | 18,140 | 10,830 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 10,170 | 9,285 | |
4.5% 4/30/30 | 12,185 | 10,965 | |
7% 9/15/28 (b) | 5,990 | 6,075 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 595 | 565 | |
6% 3/1/27 (b) | 5,935 | 5,781 | |
6% 9/1/31 (b) | 11,485 | 10,663 | |
Talos Production, Inc.: | |||
9% 2/1/29 (b) | 5,340 | 5,634 | |
9.375% 2/1/31 (b) | 6,055 | 6,453 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 10,360 | 9,696 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 8,990 | 8,734 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b) | 12,289 | 12,615 | |
Transocean, Inc.: | |||
8% 2/1/27 (b) | 7,668 | 7,687 | |
8.25% 5/15/29 (b) | 4,565 | 4,549 | |
8.5% 5/15/31 (b) | 4,565 | 4,544 | |
8.75% 2/15/30 (b) | 21,272 | 22,179 | |
Unit Corp. 0% 12/1/29 (c) | 2,202 | 0 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 5,985 | 6,155 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 7,585 | 6,702 | |
4.125% 8/15/31 (b) | 7,585 | 6,620 | |
6.25% 1/15/30 (b) | 23,810 | 23,541 | |
1,009,163 | |||
Environmental - 0.8% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 4,960 | 4,914 | |
Covanta Holding Corp.: | |||
4.875% 12/1/29 (b) | 26,475 | 23,208 | |
5% 9/1/30 | 13,761 | 11,874 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 13,885 | 13,488 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (b) | 9,105 | 8,253 | |
4.75% 6/15/29 (b) | 12,095 | 11,158 | |
6.75% 1/15/31 (b) | 8,975 | 9,048 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 11,390 | 10,566 | |
5.875% 6/30/29 (b) | 9,085 | 8,429 | |
100,938 | |||
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (b) | 36,160 | 31,906 | |
4.625% 1/15/27 (b) | 25,300 | 24,174 | |
4.875% 2/15/30 (b) | 44,700 | 41,692 | |
Murphy Oil U.S.A., Inc.: | |||
3.75% 2/15/31 (b) | 5,300 | 4,550 | |
4.75% 9/15/29 | 6,860 | 6,387 | |
5.625% 5/1/27 | 6,030 | 5,950 | |
Parkland Corp.: | |||
4.5% 10/1/29 (b) | 8,995 | 8,152 | |
4.625% 5/1/30 (b) | 12,175 | 11,003 | |
133,814 | |||
Food/Beverage/Tobacco - 1.6% | |||
BellRing Brands, Inc. 7% 3/15/30 (b) | 14,740 | 14,916 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 8,615 | 6,605 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 6,285 | 5,817 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b) | 11,455 | 11,672 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 21,910 | 22,123 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 12,150 | 10,829 | |
4.375% 1/31/32 (b) | 6,075 | 5,265 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (b) | 8,495 | 7,615 | |
5.5% 10/15/27 (b) | 8,855 | 8,571 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (b) | 47,500 | 41,765 | |
4.625% 4/15/30 (b) | 15,630 | 14,116 | |
5.5% 12/15/29 (b) | 21,040 | 19,953 | |
Simmons Foods, Inc. 4.625% 3/1/29 (b) | 8,340 | 7,196 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 6,360 | 5,703 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 7,520 | 6,838 | |
7.25% 1/15/32 (b) | 5,990 | 6,116 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 7,750 | 5,948 | |
201,048 | |||
Gaming - 1.7% | |||
Affinity Interactive 6.875% 12/15/27 (b) | 1,310 | 1,173 | |
Boyd Gaming Corp. 4.75% 6/15/31 (b) | 15,120 | 13,389 | |
Caesars Entertainment, Inc. 7% 2/15/30 (b) | 17,800 | 17,925 | |
Churchill Downs, Inc.: | |||
5.75% 4/1/30 (b) | 14,970 | 14,245 | |
6.75% 5/1/31 (b) | 11,880 | 11,794 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (b) | 25,865 | 23,398 | |
6.75% 1/15/30 (b) | 34,295 | 29,838 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 8,585 | 8,144 | |
Light & Wonder International, Inc. 7.5% 9/1/31 (b) | 5,990 | 6,109 | |
Melco Resorts Finance Ltd. 5.75% 7/21/28 (b) | 2,485 | 2,300 | |
MGM Resorts International 4.75% 10/15/28 | 11,125 | 10,377 | |
Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (b) | 12,285 | 12,473 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (b) | 13,730 | 10,235 | |
5.875% 9/1/31 (b) | 2,100 | 1,508 | |
Station Casinos LLC 4.625% 12/1/31 (b) | 9,135 | 8,007 | |
Studio City Finance Ltd. 5% 1/15/29 (b) | 5,700 | 4,888 | |
VICI Properties LP / VICI Note Co.: | |||
3.875% 2/15/29 (b) | 11,195 | 10,157 | |
4.25% 12/1/26 (b) | 21,450 | 20,467 | |
4.625% 12/1/29 (b) | 12,240 | 11,355 | |
217,782 | |||
Healthcare - 4.0% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 6,495 | 5,751 | |
Avantor Funding, Inc. 3.875% 11/1/29 (b) | 6,075 | 5,379 | |
Bausch + Lomb Corp. 8.375% 10/1/28 (b) | 11,980 | 12,372 | |
Bausch Health Companies, Inc.: | |||
4.875% 6/1/28 (b) | 17,445 | 11,269 | |
5.75% 8/15/27 (b) | 18,030 | 12,441 | |
6.125% 2/1/27 (b) | 31,505 | 23,077 | |
11% 9/30/28 (b) | 5,140 | 4,012 | |
Cano Health, Inc. 6.25% (b)(f) | 4,050 | 5 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 10,515 | 9,446 | |
4% 3/15/31 (b) | 12,085 | 10,541 | |
4.25% 5/1/28 (b) | 3,400 | 3,162 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 21,790 | 17,008 | |
5.25% 5/15/30 (b) | 18,245 | 14,917 | |
6% 1/15/29 (b) | 8,490 | 7,407 | |
6.125% 4/1/30 (b) | 21,795 | 15,409 | |
8% 3/15/26 (b) | 19,026 | 18,933 | |
10.875% 1/15/32 (b) | 19,370 | 19,831 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 4,180 | 3,440 | |
4.625% 6/1/30 (b) | 31,515 | 27,611 | |
Grifols SA 4.75% 10/15/28 (b) | 6,075 | 4,906 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 6,410 | 5,838 | |
IQVIA, Inc. 5% 5/15/27 (b) | 12,070 | 11,652 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 12,305 | 11,195 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 7,010 | 4,870 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 8,105 | 7,905 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 10,465 | 9,076 | |
3.875% 5/15/32 (b) | 12,160 | 10,175 | |
4.375% 6/15/28 (b) | 7,525 | 6,979 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 21,010 | 19,135 | |
5.125% 4/30/31 (b) | 18,260 | 15,789 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 8,310 | 7,450 | |
Radiology Partners, Inc. 8.5% 1/31/29 pay-in-kind (b)(d) | 9,327 | 8,604 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 17,640 | 16,158 | |
4.375% 1/15/30 | 43,755 | 39,732 | |
5.125% 11/1/27 | 18,070 | 17,481 | |
6.125% 6/15/30 | 30,025 | 29,402 | |
6.25% 2/1/27 | 35,815 | 35,671 | |
6.75% 5/15/31 (b) | 6,005 | 6,017 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75% 5/9/27 | 6,085 | 5,834 | |
5.125% 5/9/29 | 6,085 | 5,764 | |
7.875% 9/15/29 | 5,935 | 6,250 | |
507,894 | |||
Homebuilders/Real Estate - 1.8% | |||
Arcosa, Inc. 4.375% 4/15/29 (b) | 8,410 | 7,655 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (b) | 8,940 | 7,989 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (b) | 7,775 | 6,729 | |
Century Communities, Inc. 3.875% 8/15/29 (b) | 9,110 | 7,954 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 5,305 | 5,464 | |
LGI Homes, Inc. 8.75% 12/15/28 (b) | 6,060 | 6,304 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 11,190 | 7,503 | |
4.625% 8/1/29 | 18,080 | 13,529 | |
5% 10/15/27 | 38,043 | 31,118 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 21,230 | 21,340 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 | 8,020 | 7,357 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (b) | 10,725 | 9,987 | |
5.875% 6/15/27 (b) | 9,260 | 9,117 | |
TopBuild Corp. 3.625% 3/15/29 (b) | 5,910 | 5,306 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 16,130 | 16,111 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 14,380 | 13,918 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 31,410 | 27,548 | |
6.5% 2/15/29 (b) | 14,000 | 11,255 | |
10.5% 2/15/28 (b) | 4,785 | 4,964 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (b) | 5,045 | 4,614 | |
225,762 | |||
Hotels - 0.5% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (b) | 17,635 | 19,121 | |
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (b) | 5,595 | 5,019 | |
4% 5/1/31 (b) | 8,395 | 7,356 | |
4.875% 1/15/30 | 6,900 | 6,486 | |
5.875% 4/1/29 (b) | 8,555 | 8,442 | |
6.125% 4/1/32 (b) | 11,955 | 11,785 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 8,435 | 8,203 | |
66,412 | |||
Insurance - 2.2% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (b) | 9,105 | 8,238 | |
8.25% 2/1/29 (b) | 28,450 | 28,216 | |
10.125% 8/1/26 (b) | 1,800 | 1,859 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
4.25% 10/15/27 (b) | 11,125 | 10,377 | |
5.875% 11/1/29 (b) | 9,115 | 8,370 | |
6.75% 10/15/27 (b) | 49,965 | 48,997 | |
6.75% 4/15/28 (b) | 35,177 | 35,140 | |
7% 1/15/31 (b) | 10,385 | 10,418 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 8,805 | 8,004 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (b) | 8,355 | 7,619 | |
7.5% 2/15/32 (b) | 6,065 | 5,889 | |
GTCR AP Finance, Inc. 8% 5/15/27 (b) | 6,010 | 6,012 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (b) | 36,135 | 33,258 | |
7.25% 6/15/30 (b) | 38,895 | 39,466 | |
7.375% 1/31/32 (b) | 15,140 | 15,001 | |
MGIC Investment Corp. 5.25% 8/15/28 | 7,710 | 7,401 | |
USI, Inc. 7.5% 1/15/32 (b) | 8,005 | 7,962 | |
282,227 | |||
Leisure - 1.9% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (b) | 6,360 | 5,787 | |
Carnival Corp.: | |||
4% 8/1/28 (b) | 56,090 | 51,283 | |
7% 8/15/29 (b) | 6,075 | 6,236 | |
7.625% 3/1/26 (b) | 19,665 | 19,787 | |
Merlin Entertainments PLC 5.75% 6/15/26 (b) | 7,725 | 7,633 | |
NCL Corp. Ltd. 5.875% 2/15/27 (b) | 12,100 | 11,820 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 9,125 | 8,880 | |
6.25% 3/15/32 (b) | 12,110 | 11,938 | |
7.25% 1/15/30 (b) | 5,940 | 6,108 | |
8.25% 1/15/29 (b) | 32,435 | 34,224 | |
9.25% 1/15/29 (b) | 34,425 | 36,764 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (b) | 12,145 | 11,199 | |
Vail Resorts, Inc. 6.25% 5/15/25 (b) | 6,250 | 6,253 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 4,965 | 4,751 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 19,690 | 18,778 | |
241,441 | |||
Metals/Mining - 1.5% | |||
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (b) | 15,485 | 14,152 | |
6.125% 5/15/28 (b) | 3,565 | 3,540 | |
7.125% 3/15/31 (b) | 4,970 | 5,027 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 7,040 | 7,330 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (b) | 23,720 | 21,949 | |
4.875% 3/1/31 (b) | 11,440 | 10,022 | |
6.75% 4/15/30 (b) | 3,000 | 2,929 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 13,719 | 12,947 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 9,085 | 8,545 | |
First Quantum Minerals Ltd.: | |||
8.625% 6/1/31 (b) | 21,965 | 21,360 | |
9.375% 3/1/29 (b) | 14,250 | 14,723 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 8,990 | 7,915 | |
4.5% 9/15/27 (b) | 9,015 | 8,502 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 7,020 | 6,789 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 6,040 | 6,109 | |
8.125% 5/1/27 (b) | 18,015 | 18,184 | |
8.5% 5/1/30 (b) | 4,475 | 4,583 | |
9.25% 10/1/28 (b) | 10,605 | 11,118 | |
Murray Energy Corp.: | |||
11.25% (b)(c)(f) | 8,915 | 0 | |
12% pay-in-kind (b)(c)(d)(f) | 10,343 | 0 | |
185,724 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (b) | 5,915 | 5,123 | |
4% 9/1/29 (b) | 11,830 | 9,752 | |
6% 6/15/27 (b) | 6,045 | 5,860 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (b) | 5,600 | 5,423 | |
5.375% 1/15/28 (b) | 5,600 | 5,251 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 7,185 | 7,167 | |
8.75% 4/15/30 (b) | 44,650 | 43,152 | |
Mercer International, Inc. 5.125% 2/1/29 | 15,060 | 13,153 | |
94,881 | |||
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 12,115 | 11,176 | |
4% 10/15/30 (b) | 39,005 | 33,637 | |
4.375% 1/15/28 (b) | 10,600 | 9,858 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (b) | 5,565 | 5,121 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 5,205 | 5,488 | |
Papa John's International, Inc. 3.875% 9/15/29 (b) | 5,560 | 4,839 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 11,975 | 10,780 | |
80,899 | |||
Services - 4.0% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (b) | 9,010 | 8,537 | |
AECOM 5.125% 3/15/27 | 11,885 | 11,546 | |
Artera Services LLC 8.5% 2/15/31 (b) | 25,315 | 25,904 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (b) | 11,130 | 9,997 | |
4.625% 6/1/28 (b) | 7,690 | 6,898 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 44,695 | 47,962 | |
Camelot Finance SA 4.5% 11/1/26 (b) | 10,590 | 10,085 | |
CoreCivic, Inc. 8.25% 4/15/29 | 34,400 | 35,545 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 2,910 | 2,680 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 8,765 | 8,713 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (b) | 16,800 | 14,866 | |
Hertz Corp.: | |||
4.625% 12/1/26 (b) | 5,180 | 4,012 | |
5% 12/1/29 (b) | 10,055 | 6,905 | |
5.5% (b)(c)(f) | 10,890 | 354 | |
6% (b)(c)(f) | 10,285 | 926 | |
6.25% (c)(f) | 11,875 | 386 | |
7.125% (b)(c)(f) | 10,285 | 926 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (b) | 22,025 | 19,426 | |
4.875% 9/15/29 (b) | 24,110 | 22,248 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 47,450 | 44,722 | |
OpenLane, Inc. 5.125% 6/1/25 (b) | 10,355 | 10,200 | |
Service Corp. International 4% 5/15/31 | 12,070 | 10,398 | |
Sotheby's 7.375% 10/15/27 (b) | 4,960 | 4,622 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (b) | 9,045 | 7,526 | |
The Brink's Co. 4.625% 10/15/27 (b) | 12,180 | 11,441 | |
The GEO Group, Inc.: | |||
8.625% 4/15/29 (b) | 21,310 | 21,573 | |
10.25% 4/15/31 (b) | 15,225 | 15,696 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 8,865 | 7,762 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 27,335 | 25,465 | |
6.25% 1/15/28 (b) | 9,175 | 9,170 | |
7.5% 9/15/27 (b) | 35,255 | 35,894 | |
8% 11/1/26 (b) | 51,060 | 51,567 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 9,760 | 9,462 | |
503,414 | |||
Steel - 0.2% | |||
Algoma Steel SCA 0% 12/31/24 (c) | 1,982 | 0 | |
ATI, Inc. 7.25% 8/15/30 | 5,985 | 6,123 | |
Commercial Metals Co. 3.875% 2/15/31 | 6,135 | 5,338 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 4,375 | 3,954 | |
Vallourec SA 7.5% 4/15/32 (b) | 12,405 | 12,557 | |
27,972 | |||
Super Retail - 1.4% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 3,534 | 3,315 | |
4.625% 11/15/29 (b) | 10,005 | 9,047 | |
4.75% 3/1/30 | 3,523 | 3,193 | |
5% 2/15/32 (b) | 10,800 | 9,601 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (b) | 23,165 | 23,148 | |
6.75% 7/1/36 | 12,766 | 12,458 | |
7.5% 6/15/29 | 8,335 | 8,531 | |
Carvana Co.: | |||
12% 12/1/28 pay-in-kind (b)(d) | 3,977 | 3,895 | |
13% 6/1/30 pay-in-kind (b)(d) | 5,993 | 5,946 | |
14% 6/1/31 pay-in-kind (b)(d) | 7,121 | 7,138 | |
EG Global Finance PLC 12% 11/30/28 (b) | 75,530 | 77,969 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 17,805 | 16,344 | |
180,585 | |||
Technology - 3.4% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 9,045 | 8,206 | |
Block, Inc. 3.5% 6/1/31 | 12,070 | 10,196 | |
CA Magnum Holdings 5.375% 10/31/26 (b) | 4,870 | 4,607 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (b) | 10,695 | 9,739 | |
4.875% 7/1/29 (b) | 10,115 | 9,212 | |
Cloud Software Group, Inc. 6.5% 3/31/29 (b) | 101,715 | 96,472 | |
Coherent Corp. 5% 12/15/29 (b) | 9,495 | 8,760 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 8,870 | 7,793 | |
Elastic NV 4.125% 7/15/29 (b) | 24,245 | 21,590 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 10,050 | 9,928 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 11,810 | 10,473 | |
5.25% 12/1/27 (b) | 9,345 | 9,022 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 12,040 | 10,997 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (b) | 9,100 | 8,065 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 23,020 | 21,334 | |
NCR Atleos Corp. 9.5% 4/1/29 (b) | 8,995 | 9,562 | |
NCR Voyix Corp.: | |||
5% 10/1/28 (b) | 5,530 | 5,093 | |
5.125% 4/15/29 (b) | 8,870 | 8,151 | |
5.25% 10/1/30 (b) | 5,530 | 4,924 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 11,065 | 10,041 | |
Open Text Corp. 6.9% 12/1/27 (b) | 10,610 | 10,834 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 5,690 | 4,997 | |
4.125% 12/1/31 (b) | 5,485 | 4,701 | |
PTC, Inc.: | |||
3.625% 2/15/25 (b) | 6,650 | 6,513 | |
4% 2/15/28 (b) | 6,575 | 6,091 | |
Roblox Corp. 3.875% 5/1/30 (b) | 9,120 | 7,887 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (b) | 19,590 | 20,822 | |
8.5% 7/15/31 (b) | 12,720 | 13,581 | |
Sensata Technologies BV 4% 4/15/29 (b) | 11,970 | 10,717 | |
Synaptics, Inc. 4% 6/15/29 (b) | 7,015 | 6,160 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 8,870 | 7,933 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 9,995 | 8,871 | |
3.875% 3/15/31 | 10,460 | 9,057 | |
UKG, Inc. 6.875% 2/1/31 (b) | 9,090 | 9,107 | |
Unisys Corp. 6.875% 11/1/27 (b) | 6,095 | 5,256 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 19,670 | 17,895 | |
434,587 | |||
Telecommunications - 2.6% | |||
Altice Financing SA: | |||
5% 1/15/28 (b) | 14,560 | 11,491 | |
5.75% 8/15/29 (b) | 25,600 | 19,015 | |
Altice France SA: | |||
5.125% 7/15/29 (b) | 61,630 | 40,144 | |
5.5% 1/15/28 (b) | 1,160 | 784 | |
5.5% 10/15/29 (b) | 106,150 | 69,452 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 37,020 | 35,055 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 19,575 | 18,009 | |
5.875% 10/15/27 (b) | 10,375 | 9,951 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 25,303 | 24,219 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (b) | 14,860 | 12,391 | |
6.75% 10/15/27 (b) | 10,157 | 9,398 | |
Millicom International Cellular SA 4.5% 4/27/31 (b) | 1,725 | 1,436 | |
Qwest Corp. 7.25% 9/15/25 | 1,480 | 1,466 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 24,010 | 22,818 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 13,305 | 11,587 | |
3.875% 2/15/27 | 17,015 | 15,991 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 7,365 | 5,728 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (b) | 21,200 | 17,693 | |
326,628 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (b) | 6,075 | 5,098 | |
4.25% 3/15/29 (b) | 8,675 | 7,777 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 5,320 | 4,726 | |
17,601 | |||
Transportation Ex Air/Rail - 0.2% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 9,095 | 7,822 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 5,950 | 5,928 | |
7.125% 2/1/32 (b) | 9,085 | 9,138 | |
22,888 | |||
Utilities - 2.0% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 13,295 | 11,240 | |
3.75% 1/15/32 (b) | 6,075 | 5,030 | |
4.75% 3/15/28 (b) | 6,920 | 6,521 | |
NextEra Energy Partners LP 7.25% 1/15/29 (b) | 6,060 | 6,138 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 5,145 | 4,512 | |
3.625% 2/15/31 (b) | 10,215 | 8,648 | |
3.875% 2/15/32 (b) | 1,254 | 1,057 | |
5.75% 1/15/28 | 9,000 | 8,858 | |
6.625% 1/15/27 | 6,378 | 6,365 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 2,868 | 2,787 | |
3.75% 7/1/28 | 2,868 | 2,642 | |
3.95% 12/1/47 | 10,826 | 7,591 | |
4% 12/1/46 | 13,774 | 9,745 | |
4.3% 3/15/45 | 5,995 | 4,473 | |
PG&E Corp.: | |||
5% 7/1/28 | 22,000 | 20,962 | |
5.25% 7/1/30 | 8,330 | 7,799 | |
Pike Corp.: | |||
5.5% 9/1/28 (b) | 37,175 | 35,232 | |
8.625% 1/31/31 (b) | 15,130 | 15,850 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (b) | 23,230 | 21,149 | |
5% 7/31/27 (b) | 22,585 | 21,495 | |
5.5% 9/1/26 (b) | 3,485 | 3,401 | |
5.625% 2/15/27 (b) | 28,195 | 27,432 | |
7.75% 10/15/31 (b) | 11,985 | 12,292 | |
251,219 | |||
TOTAL NONCONVERTIBLE BONDS | 6,937,403 | ||
TOTAL CORPORATE BONDS (Cost $7,433,778) | 7,075,606 | ||
Common Stocks - 19.1% | |||
Shares | Value ($) (000s) | ||
Aerospace - 0.1% | |||
TransDigm Group, Inc. | 13,200 | 16,474 | |
Air Transportation - 0.1% | |||
Air Canada (i) | 23,000 | 339 | |
Delta Air Lines, Inc. | 146,750 | 7,348 | |
TOTAL AIR TRANSPORTATION | 7,687 | ||
Automotive & Auto Parts - 0.3% | |||
BYD Co. Ltd. (H Shares) | 1,184,500 | 32,470 | |
UC Holdings, Inc. (c)(i) | 677,217 | 677 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 33,147 | ||
Broadcasting - 0.1% | |||
iHeartMedia, Inc. (i) | 104 | 0 | |
Nexstar Media Group, Inc. Class A | 53,232 | 8,520 | |
TOTAL BROADCASTING | 8,520 | ||
Building Materials - 1.1% | |||
Builders FirstSource, Inc. (i) | 90,400 | 16,527 | |
Carlisle Companies, Inc. | 94,400 | 36,651 | |
Eagle Materials, Inc. | 142,000 | 35,601 | |
EMCOR Group, Inc. | 57,600 | 20,573 | |
Fortune Brands Innovations, Inc. | 319,300 | 23,341 | |
Simpson Manufacturing Co. Ltd. | 63,200 | 10,990 | |
TOTAL BUILDING MATERIALS | 143,683 | ||
Capital Goods - 0.5% | |||
Deere & Co. | 14,600 | 5,715 | |
Parker Hannifin Corp. | 58,900 | 32,095 | |
Trane Technologies PLC | 75,800 | 24,054 | |
TOTAL CAPITAL GOODS | 61,864 | ||
Chemicals - 0.4% | |||
Olin Corp. | 342,900 | 17,927 | |
The Chemours Co. LLC | 857,210 | 22,930 | |
Westlake Corp. | 51,200 | 7,545 | |
TOTAL CHEMICALS | 48,402 | ||
Consumer Products - 0.1% | |||
Tapestry, Inc. | 344,400 | 13,748 | |
Containers - 0.2% | |||
Graphic Packaging Holding Co. | 973,700 | 25,170 | |
Diversified Financial Services - 1.3% | |||
Apollo Global Management, Inc. | 493,000 | 53,431 | |
Carnelian Point Holdings LP warrants (c)(i) | 931 | 3 | |
Coinbase Global, Inc. (i) | 95,100 | 19,394 | |
MasterCard, Inc. Class A | 92,500 | 41,736 | |
Moody's Corp. | 33,900 | 12,554 | |
OneMain Holdings, Inc. | 769,000 | 40,073 | |
PJT Partners, Inc. | 5,092 | 481 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 167,672 | ||
Energy - 1.1% | |||
Antero Resources Corp. (i) | 306,925 | 10,439 | |
California Resources Corp. warrants 10/27/24 (i) | 57,076 | 983 | |
Canvas Energy, Inc.: | |||
Series A warrants 10/1/24 (c)(i) | 392 | 0 | |
Series B warrants 10/1/25 (c)(i) | 392 | 0 | |
Cheniere Energy, Inc. | 205,700 | 32,464 | |
EP Energy Corp. (c)(i) | 841,775 | 1,498 | |
Forbes Energy Services Ltd. (c)(i) | 193,218 | 0 | |
Mesquite Energy, Inc. (c)(i) | 317,026 | 25,952 | |
Permian Resource Corp. Class A | 3,745,700 | 62,740 | |
PureWest Energy (c) | 17,812 | 4 | |
PureWest Energy rights (c)(i) | 10,734 | 0 | |
Superior Energy Services, Inc. Class A (c) | 110,370 | 7,119 | |
Unit Corp. | 37,978 | 1,464 | |
TOTAL ENERGY | 142,663 | ||
Entertainment/Film - 0.0% | |||
New Cotai LLC/New Cotai Capital Corp. (c)(g)(i) | 3,366,626 | 2,592 | |
Food & Drug Retail - 0.0% | |||
Southeastern Grocers, Inc. rights (c)(i) | 793,345 | 873 | |
Food/Beverage/Tobacco - 0.4% | |||
Celsius Holdings, Inc. (i) | 238,100 | 16,969 | |
U.S. Foods Holding Corp. (i) | 632,300 | 31,773 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 48,742 | ||
Gaming - 0.3% | |||
Boyd Gaming Corp. | 453,873 | 24,287 | |
Studio City International Holdings Ltd.: | |||
ADR (b)(i) | 631,958 | 4,702 | |
(NYSE) ADR (i) | 695,700 | 5,176 | |
TOTAL GAMING | 34,165 | ||
Healthcare - 0.1% | |||
Encompass Health Corp. | 34 | 3 | |
Enhabit Home Health & Hospice (i) | 17 | 0 | |
Tenet Healthcare Corp. (i) | 105,498 | 11,846 | |
TOTAL HEALTHCARE | 11,849 | ||
Homebuilders/Real Estate - 1.3% | |||
Arthur J. Gallagher & Co. | 211,900 | 49,731 | |
Comfort Systems U.S.A., Inc. | 108,500 | 33,571 | |
TopBuild Corp. (i) | 131,500 | 53,214 | |
Willscot Mobile Mini Holdings (i) | 610,100 | 22,549 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 159,065 | ||
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (c)(i) | 906 | 28 | |
Restaurants - 0.1% | |||
Domino's Pizza, Inc. | 30,300 | 16,037 | |
Services - 0.6% | |||
Airbnb, Inc. Class A (i) | 202,100 | 32,047 | |
Penhall Acquisition Co. (c) | 34,884 | 0 | |
Visa, Inc. Class A | 178,500 | 47,947 | |
TOTAL SERVICES | 79,994 | ||
Steel - 0.0% | |||
Algoma Steel SCA (c)(i) | 198,162 | 0 | |
Super Retail - 1.0% | |||
Amazon.com, Inc. (i) | 256,900 | 44,958 | |
Arena Brands Holding Corp. Class B (c)(g)(i) | 659,302 | 9,118 | |
Booking Holdings, Inc. | 4,600 | 15,879 | |
Dick's Sporting Goods, Inc. | 140,400 | 28,212 | |
Lowe's Companies, Inc. | 55,100 | 12,562 | |
Williams-Sonoma, Inc. | 76,303 | 21,882 | |
TOTAL SUPER RETAIL | 132,611 | ||
Technology - 8.2% | |||
Accenture PLC Class A | 36,900 | 11,104 | |
Adobe, Inc. (i) | 80,400 | 37,212 | |
Alphabet, Inc. Class A | 229,200 | 37,309 | |
Arista Networks, Inc. (i) | 96,000 | 24,630 | |
ASML Holding NV (depository receipt) | 21,300 | 18,584 | |
Autodesk, Inc. (i) | 75,700 | 16,113 | |
Block, Inc. Class A (i) | 285,400 | 20,834 | |
CDW Corp. | 50,600 | 12,238 | |
Dell Technologies, Inc. | 97,200 | 12,115 | |
DoubleVerify Holdings, Inc. (i) | 587,700 | 17,220 | |
Dynatrace, Inc. (i) | 649,800 | 29,442 | |
Eaton Corp. PLC | 162,300 | 51,654 | |
Fiserv, Inc. (i) | 333,000 | 50,839 | |
Gen Digital, Inc. | 606,400 | 12,213 | |
Intuit, Inc. | 30,300 | 18,956 | |
KLA Corp. | 42,500 | 29,295 | |
Lam Research Corp. | 57,900 | 51,786 | |
Marvell Technology, Inc. | 273,700 | 18,040 | |
Meta Platforms, Inc. Class A | 241,300 | 103,800 | |
Microsoft Corp. | 185,200 | 72,104 | |
Monday.com Ltd. (i) | 85,300 | 16,150 | |
Nextracker, Inc. Class A (i) | 876,300 | 37,497 | |
nVent Electric PLC | 315,900 | 22,767 | |
NVIDIA Corp. | 134,900 | 116,556 | |
NXP Semiconductors NV | 43,600 | 11,170 | |
ON Semiconductor Corp. (i) | 700,403 | 49,140 | |
Oracle Corp. | 208,200 | 23,683 | |
Salesforce, Inc. | 111,700 | 30,041 | |
Synopsys, Inc. (i) | 32,000 | 16,979 | |
UiPath, Inc. Class A (i) | 1,401,300 | 26,583 | |
Vertiv Holdings Co. | 414,400 | 38,539 | |
TOTAL TECHNOLOGY | 1,034,593 | ||
Telecommunications - 0.3% | |||
EchoStar Corp. Class A (i)(j) | 769,300 | 12,301 | |
GTT Communications, Inc. (c)(i) | 85,487 | 3,189 | |
Palo Alto Networks, Inc. (i) | 54,800 | 15,941 | |
TOTAL TELECOMMUNICATIONS | 31,431 | ||
Textiles/Apparel - 0.3% | |||
Crocs, Inc. (i) | 247,300 | 30,757 | |
LVMH Moet Hennessy Louis Vuitton SE | 11,800 | 9,693 | |
TOTAL TEXTILES/APPAREL | 40,450 | ||
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA: | |||
Class A1 (c)(g)(i) | 598,287 | 0 | |
Class A2 (c)(g)(i) | 598,287 | 0 | |
Class A3 (c)(g)(i) | 598,287 | 0 | |
Class A4 (c)(g)(i) | 598,287 | 0 | |
Class A5 (c)(g)(i) | 598,287 | 0 | |
Class A6 (c)(g)(i) | 598,287 | 0 | |
Class A7 (c)(g)(i) | 598,287 | 0 | |
Class A8 (c)(g)(i) | 598,287 | 0 | |
Class A9 (c)(g)(i) | 598,287 | 0 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 0 | ||
Utilities - 1.2% | |||
Constellation Energy Corp. | 267,200 | 49,683 | |
Core & Main, Inc. (i) | 352,800 | 19,923 | |
PG&E Corp. | 2,097,796 | 35,893 | |
Portland General Electric Co. | 14,817 | 641 | |
Vistra Corp. | 636,300 | 48,257 | |
TOTAL UTILITIES | 154,397 | ||
TOTAL COMMON STOCKS (Cost $1,924,923) | 2,415,857 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) (000s) | ||
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA (c)(g)(i) (Cost $10,250) | 287,159,690 | 3 | |
Bank Loan Obligations - 9.9% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.0% | |||
SkyMiles IP Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.0746% 10/20/27 (d)(e)(k) | 1,498 | 1,543 | |
United Airlines, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0757% 2/24/31 (d)(e)(k) | 2,730 | 2,738 | |
TOTAL AIR TRANSPORTATION | 4,281 | ||
Automotive & Auto Parts - 0.0% | |||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3157% 5/6/30 (d)(e)(k) | 2,638 | 2,645 | |
Wand NewCo 3, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0657% 1/20/31 (d)(e)(k) | 2,230 | 2,242 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 4,887 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5657% 7/29/30 (d)(e)(k) | 9,553 | 9,570 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4287% 8/24/26 (d)(e)(k) | 3,007 | 2,864 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.5594% 6/24/29 (d)(e)(k) | 742 | 742 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6802% 1/31/29 (d)(e)(k) | 7,350 | 7,326 | |
TOTAL BROADCASTING | 10,932 | ||
Building Materials - 0.2% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8238% 2/25/29 (d)(e)(k) | 22,357 | 22,173 | |
Miwd Holdco Ii LLC Tranche B2, term loan CME Term SOFR 1 Month Index + 3.500% 3/20/31 (e)(k)(l) | 785 | 788 | |
SRS Distribution, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/4/28 (d)(e)(k) | 6,326 | 6,371 | |
TOTAL BUILDING MATERIALS | 29,332 | ||
Capital Goods - 0.0% | |||
Chart Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6734% 3/17/30 (d)(e)(k) | 1,563 | 1,567 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8157% 11/15/30 (d)(e)(k) | 12,125 | 11,712 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (d)(e)(k) | 17,815 | 17,782 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 11/9/28 (d)(e)(k) | 3,622 | 3,627 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 9/22/28 (d)(e)(k) | 14,681 | 14,681 | |
TOTAL CHEMICALS | 47,802 | ||
Consumer Products - 0.3% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.3135% 12/22/26 (d)(e)(k) | 19,744 | 19,760 | |
TKC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.9302% 5/14/28 (d)(e)(k) | 19,384 | 19,195 | |
TOTAL CONSUMER PRODUCTS | 38,955 | ||
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME Term SOFR 6 Month Index + 4.750% 10.2675% 2/9/26 (d)(e)(k) | 1,460 | 1,309 | |
Energy - 0.3% | |||
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (d)(e)(k) | 35,002 | 34,412 | |
Forbes Energy Services LLC Tranche B, term loan 0% (c)(d)(f)(k) | 1,810 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(f)(k) | 5,861 | 0 | |
term loan 0% (c)(d)(f)(k) | 2,528 | 0 | |
TOTAL ENERGY | 34,412 | ||
Environmental - 0.1% | |||
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8157% 11/30/28 (d)(e)(k) | 2,170 | 2,169 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8273% 11/30/28 (d)(e)(k) | 166 | 166 | |
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6799% 6/21/28 (d)(e)(k) | 2,947 | 2,946 | |
TOTAL ENVIRONMENTAL | 5,281 | ||
Food/Beverage/Tobacco - 0.0% | |||
Fiesta Purchaser, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3169% 2/12/31 (d)(e)(k) | 2,150 | 2,157 | |
Naked Juice LLC 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6594% 1/24/29 (d)(e)(k) | 2,245 | 2,166 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 4,323 | ||
Gaming - 0.4% | |||
Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0657% 2/6/31 (d)(e)(k) | 12,020 | 12,026 | |
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.069% 1/27/29 (d)(e)(k) | 29,447 | 29,500 | |
Light & Wonder International, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.071% 4/16/29 (d)(e)(k) | 2,349 | 2,351 | |
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 8/1/30 (d)(e)(k) | 5,990 | 6,019 | |
TOTAL GAMING | 49,896 | ||
Healthcare - 0.5% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4094% 10/1/27 (d)(e)(k) | 17,318 | 16,490 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 5/5/28 (d)(e)(k) | 6,126 | 6,160 | |
Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0683% 10/23/28 (d)(e)(k) | 22,919 | 22,969 | |
Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4334% 6/2/28 (d)(e)(k) | 14,878 | 14,938 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 11/15/28 (d)(e)(k) | 7,051 | 7,070 | |
TOTAL HEALTHCARE | 67,627 | ||
Insurance - 0.6% | |||
Acrisure LLC: | |||
Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 3.500% 8.9302% 2/15/27 (d)(e)(k) | 17,851 | 17,814 | |
CME Term SOFR 1 Month Index + 4.250% 9.6802% 2/15/27 (d)(e)(k) | 1,412 | 1,414 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8157% 11/6/30 (d)(e)(k) | 3,092 | 3,098 | |
Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8189% 11/6/30 (d)(e)(k) | 10,830 | 10,869 | |
HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5745% 6/20/30 (d)(e)(k) | 9,230 | 9,275 | |
Truist Insurance Holdings LLC: | |||
2L, term loan CME Term SOFR 1 Month Index + 4.750% 3/8/32 (e)(k)(l) | 25,720 | 25,929 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 3/22/31 (e)(k)(l) | 4,905 | 4,914 | |
TOTAL INSURANCE | 73,313 | ||
Leisure - 0.5% | |||
Carnival Corp. Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.0669% 8/9/27 (d)(e)(k) | 27,130 | 27,265 | |
CME Term SOFR 1 Month Index + 2.750% 8.0669% 10/18/28 (d)(e)(k) | 28,776 | 28,867 | |
TOTAL LEISURE | 56,132 | ||
Metals/Mining - 0.0% | |||
Arsenal AIC Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0657% 8/19/30 (d)(e)(k) | 1,632 | 1,642 | |
Paper - 0.6% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.0907% 4/13/29 (d)(e)(k) | 72,864 | 73,137 | |
Services - 1.3% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9183% 12/21/28 (d)(e)(k) | 17,711 | 17,786 | |
Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (d)(e)(k) | 6,345 | 6,395 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (d)(e)(k) | 15,190 | 14,874 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (d)(e)(k) | 17,771 | 17,696 | |
Bifm California Buyer, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5657% 5/31/28 (d)(e)(k) | 1,455 | 1,462 | |
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.819% 8/1/30 (d)(e)(k) | 31,375 | 31,460 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0795% 4/29/29 (d)(e)(k) | 24,159 | 21,622 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4059% 4/11/29 (d)(e)(k) | 15,523 | 14,557 | |
Sabert Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1834% 12/16/26 (d)(e)(k) | 5,009 | 5,024 | |
Sotheby's Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10.0902% 1/15/27 (d)(e)(k) | 10,753 | 10,469 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (d)(e)(k) | 17,739 | 15,602 | |
STS Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.42% 3/25/31 (d)(e)(k) | 6,145 | 6,196 | |
The GEO Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5689% 4/4/29 (d)(e)(k) | 4,725 | 4,780 | |
TOTAL SERVICES | 167,923 | ||
Super Retail - 0.8% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (d)(e)(k) | 3,022 | 3,021 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (d)(e)(k) | 102,107 | 102,150 | |
TOTAL SUPER RETAIL | 105,171 | ||
Technology - 3.5% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4519% 2/16/28 (d)(e)(k) | 1,131 | 1,130 | |
Applied Systems, Inc.: | |||
Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (d)(e)(k) | 225 | 232 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (d)(e)(k) | 11,835 | 11,915 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (d)(e)(k) | 29,114 | 29,042 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5802% 12/29/28 (d)(e)(k) | 31,253 | 31,427 | |
ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 9.0635% 9/30/28 (d)(e)(k) | 18,123 | 18,131 | |
Cotiviti, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 2/21/31 (e)(k)(l) | 41,445 | 41,479 | |
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/31/28 (d)(e)(k) | 1,974 | 1,965 | |
First Advantage Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1918% 1/31/27 (d)(e)(k) | 3,110 | 3,106 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 3/1/29 (d)(e)(k) | 31,014 | 31,018 | |
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5657% 5/3/28 (d)(e)(k) | 17,691 | 17,619 | |
Modena Buyer LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 4/21/31 (e)(k)(l) | 29,405 | 28,762 | |
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5911% 6/2/28 (d)(e)(k) | 6,606 | 6,561 | |
Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 10/26/30 (d)(e)(k) | 12,015 | 12,052 | |
Proofpoint, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 8/31/28 (d)(e)(k) | 78,390 | 78,708 | |
RealPage, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 4/22/28 (d)(e)(k) | 5,879 | 5,663 | |
UKG, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (d)(e)(k) | 84,057 | 84,421 | |
Veritas U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4302% 9/1/25 (d)(e)(k) | 10,023 | 9,197 | |
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.569% 4/4/31 (d)(e)(k) | 35,175 | 35,242 | |
TOTAL TECHNOLOGY | 447,670 | ||
Telecommunications - 0.2% | |||
Aventiv Technologies LLC 1LN, term loan: | |||
CME Term SOFR 3 Month Index + 5.090% 10.661% 7/31/25 (d)(e)(k) | 6,964 | 5,136 | |
13.071% 7/31/25 (d)(e)(k) | 184 | 185 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8302% 9/13/29 (d)(e)(k) | 8,711 | 8,438 | |
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4094% 6/30/28 (d)(e)(k) | 3,865 | 2,720 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4183% 12/30/27 (d)(e)(k) | 4,666 | 4,246 | |
TOTAL TELECOMMUNICATIONS | 20,725 | ||
Utilities - 0.0% | |||
Talen Energy Supply LLC 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.500% 9.8257% 5/17/30 (d)(e)(k) | 556 | 557 | |
CME Term SOFR 1 Month Index + 4.500% 9.8257% 5/17/30 (d)(e)(k) | 364 | 365 | |
TOTAL UTILITIES | 922 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $1,257,599) | 1,256,809 | ||
Preferred Securities - 6.6% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 5.3% | |||
Ally Financial, Inc. 4.7% (d)(m) | 7,055 | 5,529 | |
Bank of America Corp.: | |||
CME Term SOFR 3 Month Index + 3.390% 8.7379% (d)(e)(m) | 61,440 | 62,572 | |
5.125% (d)(m) | 36,030 | 36,626 | |
5.875% (d)(m) | 102,630 | 99,204 | |
6.25% (d)(m) | 28,555 | 28,739 | |
Citigroup, Inc.: | |||
5% (d)(m) | 60,300 | 60,139 | |
6.3% (d)(m) | 5,610 | 5,771 | |
Citigroup, Inc. 4.7% (d)(m) | 15,285 | 15,034 | |
Goldman Sachs Group, Inc. CME Term SOFR 3 Month Index + 3.130% 8.437% (d)(e)(m) | 70,565 | 71,708 | |
JPMorgan Chase & Co.: | |||
CME Term SOFR 3 Month Index + 3.560% 8.868% (d)(e)(m) | 69,385 | 70,923 | |
4% (d)(m) | 26,340 | 25,740 | |
4.6% (d)(m) | 31,365 | 31,209 | |
5% (d)(m) | 30,845 | 31,073 | |
9.348% (d)(e)(m) | 8,330 | 8,525 | |
Wells Fargo & Co.: | |||
5.875% (d)(m) | 50,420 | 51,192 | |
5.9% (d)(m) | 63,075 | 64,211 | |
TOTAL BANKS & THRIFTS | 668,195 | ||
Diversified Financial Services - 0.0% | |||
OEC Finance Ltd. 7.5% pay-in-kind (b)(m) | 40 | 3 | |
Energy - 1.3% | |||
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 9.5966% (d)(e)(m) | 110,889 | 113,146 | |
6.625% (d)(m) | 30,505 | 28,443 | |
7.125% (d)(m) | 26,105 | 25,922 | |
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 13.0209% (d)(e)(f)(m) | 2,912 | 3,130 | |
TOTAL ENERGY | 170,641 | ||
TOTAL PREFERRED SECURITIES (Cost $834,783) | 838,839 | ||
Other - 2.8% | |||
Shares | Value ($) (000s) | ||
Other - 2.8% | |||
Fidelity Private Credit Co. LLC (g)(n) (Cost $347,180) | 34,888,952 | 354,826 | |
Money Market Funds - 5.3% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (o) | 662,297,297 | 662,430 | |
Fidelity Securities Lending Cash Central Fund 5.39% (o)(p) | 1,078,992 | 1,079 | |
TOTAL MONEY MARKET FUNDS (Cost $663,462) | 663,509 | ||
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $12,471,975) | 12,605,449 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 45,596 |
NET ASSETS - 100.0% | 12,651,045 |
(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 $5,622,471,000 or 44.4% of net assets. |
(c) | Level 3 security |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Non-income producing - Security is in default. |
(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 $373,737,000 or 3.0% of net assets. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Non-income producing |
(j) | Security or a portion of the security is on loan at period end. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Affiliated Fund |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 1/12/99 | 21,592 |
Fidelity Private Credit Co. LLC | 4/15/22 - 1/02/24 | 347,180 |
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 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 597,099 | 2,906,883 | 2,841,553 | 38,549 | 1 | - | 662,430 | 1.3% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 99,178 | 98,099 | 5 | - | - | 1,079 | 0.0% |
Total | 597,099 | 3,006,061 | 2,939,652 | 38,554 | 1 | - | 663,509 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Private Credit Co. LLC | 324,274 | 22,057 | - | 42,153 | - | 8,495 | 354,826 |
324,274 | 22,057 | - | 42,153 | - | 8,495 | 354,826 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 161,930 | 161,930 | - | - |
Consumer Discretionary | 358,011 | 303,461 | 42,163 | 12,387 |
Consumer Staples | 49,615 | 48,742 | - | 873 |
Energy | 142,659 | 108,090 | - | 34,569 |
Financials | 337,023 | 337,020 | - | 3 |
Health Care | 11,849 | 11,849 | - | - |
Industrials | 420,610 | 420,607 | - | 3 |
Information Technology | 690,484 | 687,295 | - | 3,189 |
Materials | 109,201 | 109,173 | - | 28 |
Utilities | 134,478 | 134,474 | - | 4 |
Corporate Bonds | 7,075,606 | - | 7,056,371 | 19,235 |
Bank Loan Obligations | 1,256,809 | - | 1,256,809 | - |
Preferred Securities | 838,839 | - | 838,839 | - |
Other | 354,826 | - | 354,826 | - |
Money Market Funds | 663,509 | 663,509 | - | - |
Total Investments in Securities: | 12,605,449 | 2,986,150 | 9,549,008 | 70,291 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 163,223 | |
Net Realized Gain (Loss) on Investment Securities | 14,091 | ||
Net Unrealized Gain (Loss) on Investment Securities | (46,137) | ||
Cost of Purchases | 8,192 | ||
Proceeds of Sales | (69,346) | ||
Amortization/Accretion | 215 | ||
Transfers into Level 3 | 53 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 70,291 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 3,783 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | April 30, 2024 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,046) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $11,461,333) | $ | 11,587,114 | ||
Fidelity Central Funds (cost $663,462) | 663,509 | |||
Other affiliated issuers (cost $347,180) | 354,826 | |||
Total Investment in Securities (cost $12,471,975) | $ | 12,605,449 | ||
Cash | 202 | |||
Receivable for investments sold | 52,755 | |||
Receivable for fund shares sold | 7,427 | |||
Dividends receivable | 768 | |||
Interest receivable | 127,768 | |||
Distributions receivable from Fidelity Central Funds | 2,494 | |||
Prepaid expenses | 4 | |||
Other receivables | 491 | |||
Total assets | 12,797,358 | |||
Liabilities | ||||
Payable for investments purchased | $ | 123,073 | ||
Payable for fund shares redeemed | 8,125 | |||
Distributions payable | 6,753 | |||
Accrued management fee | 6,682 | |||
Other payables and accrued expenses | 601 | |||
Collateral on securities loaned | 1,079 | |||
Total liabilities | 146,313 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 12,651,045 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 12,608,882 | ||
Total accumulated earnings (loss) | 42,163 | |||
Net Assets | $ | 12,651,045 | ||
Net Asset Value, offering price and redemption price per share ($12,651,045 ÷ 1,297,185 shares) | $ | 9.75 |
Statement of Operations | ||||
Amounts in thousands | Year ended April 30, 2024 | |||
Investment Income | ||||
Dividends: | ||||
Unaffiliated issuers | $ | 80,348 | ||
Affiliated issuers | 41,808 | |||
Interest | 586,413 | |||
Income from Fidelity Central Funds (including $5 from security lending) | 38,554 | |||
Total income | 747,123 | |||
Expenses | ||||
Management fee | $ | 67,506 | ||
Transfer agent fees | 10,864 | |||
Accounting fees | 1,224 | |||
Custodian fees and expenses | 36 | |||
Independent trustees' fees and expenses | 59 | |||
Registration fees | 215 | |||
Audit | 127 | |||
Legal | 85 | |||
Miscellaneous | 54 | |||
Total expenses before reductions | 80,170 | |||
Expense reductions | (2,347) | |||
Total expenses after reductions | 77,823 | |||
Net Investment income (loss) | 669,300 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (96,272) | |||
Fidelity Central Funds | 1 | |||
Foreign currency transactions | (152) | |||
Capital gain distributions from underlying funds: | ||||
Affiliated issuers | 345 | |||
Total net realized gain (loss) | (96,078) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 670,789 | |||
Affiliated issuers | 8,495 | |||
Assets and liabilities in foreign currencies | 1 | |||
Total change in net unrealized appreciation (depreciation) | 679,285 | |||
Net gain (loss) | 583,207 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,252,507 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended April 30, 2024 | Year ended April 30, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 669,300 | $ | 597,286 |
Net realized gain (loss) | (96,078) | 49,664 | ||
Change in net unrealized appreciation (depreciation) | 679,285 | (472,925) | ||
Net increase (decrease) in net assets resulting from operations | 1,252,507 | 174,025 | ||
Distributions to shareholders | (651,200) | (1,316,424) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,290,716 | 1,660,390 | ||
Reinvestment of distributions | 567,039 | 1,172,169 | ||
Cost of shares redeemed | (2,265,878) | (3,309,299) | ||
Net increase (decrease) in net assets resulting from share transactions | 591,877 | (476,740) | ||
Total increase (decrease) in net assets | 1,193,184 | (1,619,139) | ||
Net Assets | ||||
Beginning of period | 11,457,861 | 13,077,000 | ||
End of period | $ | 12,651,045 | $ | 11,457,861 |
Other Information | ||||
Shares | ||||
Sold | 241,969 | 177,479 | ||
Issued in reinvestment of distributions | 59,793 | 125,646 | ||
Redeemed | (239,445) | (353,587) | ||
Net increase (decrease) | 62,317 | (50,462) | ||
Fidelity® Capital & Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 9.28 | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .529 | .480 | .387 | .386 | .426 | |||||
Net realized and unrealized gain (loss) | .456 | (.308) | (.714) | 2.442 | (1.085) | |||||
Total from investment operations | .985 | .172 | (.327) | 2.828 | (.659) | |||||
Distributions from net investment income | (.515) | (.473) | (.390) | (.390) | (.425) | |||||
Distributions from net realized gain | - | (.589) | (.353) | (.118) | (.076) | |||||
Total distributions | (.515) | (1.062) | (.743) | (.508) | (.501) | |||||
Net asset value, end of period | $ | 9.75 | $ | 9.28 | $ | 10.17 | $ | 11.24 | $ | 8.92 |
Total Return C | 10.91 % | 2.09% | (3.27)% | 32.35% | (6.89)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .67% | .68% | .67% | .68% | .67% | |||||
Expenses net of fee waivers, if any | .65 % | .68% | .67% | .68% | .67% | |||||
Expenses net of all reductions | .65% | .68% | .67% | .68% | .67% | |||||
Net investment income (loss) | 5.60% | 5.16% | 3.49% | 3.75% | 4.32% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 12,651 | $ | 11,458 | $ | 13,077 | $ | 14,674 | $ | 10,228 |
Portfolio turnover rate F | 36 % | 20% | 28% | 37% | 46% |
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 | $491 |
Gross unrealized appreciation | $832,144 |
Gross unrealized depreciation | (648,241) |
Net unrealized appreciation (depreciation) | $183,903 |
Tax Cost | $12,421,546 |
Undistributed ordinary income | $5,845 |
Capital loss carryforward | $(147,585) |
Net unrealized appreciation (depreciation) on securities and other investments | $183,903 |
Long-term | $(147,585) |
Total capital loss carryforward | $(147,585) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $651,200 | $587,843 |
Long-term Capital Gains | - | 728,581 |
Total | $651,200 | $1,316,424 |
Investment to be Acquired | Commitment Amount ($) | |
Fidelity Capital & Income Fund | Fidelity Private Credit Company LLC | 69,908 |
Purchases ($) | Sales ($) | |
Fidelity Capital & Income Fund | 4,603,480 | 4,000,769 |
Maximum Management Fee Rate % | |
Fidelity Capital & Income Fund | .65 |
Total Management Fee Rate % | |
Fidelity Capital & Income Fund | .65 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | .0124 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | .01 |
Amount ($) | |
Fidelity Capital & Income Fund | 12 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity Capital & Income Fund | 82,073 | 29,548 | 3,142 |
Amount ($) | |
Fidelity Capital & Income Fund | 21 |
Total Security Lending Fees Paid to NFS ($) | 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 (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Capital & Income Fund | .66% | |||||||||
Actual | $ 1,000 | $ 1,109.60 | $ 3.46 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.58 | $ 3.32 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98194_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98194_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series High Income Fund | 7.82% | 3.44% | 4.07% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series High Income Fund on April 30, 2014. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Community Health Systems, Inc. | 1.4 | |
Ford Motor Credit Co. LLC | 1.4 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.4 | |
TransDigm, Inc. | 1.4 | |
Occidental Petroleum Corp. | 1.3 | |
Fidelity Private Credit Co. LLC | 1.3 | |
Energy Transfer LP | 1.3 | |
Tenet Healthcare Corp. | 1.1 | |
MPT Operating Partnership LP/MPT Finance Corp. | 1.1 | |
Mesquite Energy, Inc. | 0.9 | |
12.6 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.6 | |
Technology | 7.2 | |
Healthcare | 7.0 | |
Services | 6.7 | |
Telecommunications | 5.1 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 84.7% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.4% | |||
Broadcasting - 0.6% | |||
DISH Network Corp. 3.375% 8/15/26 | 13,185,000 | 8,042,825 | |
Diversified Financial Services - 0.0% | |||
Coinbase Global, Inc. 0.25% 4/1/30 (b) | 40,000 | 36,126 | |
Energy - 0.0% | |||
Sunnova Energy International, Inc. 0.25% 12/1/26 | 769,000 | 344,315 | |
Homebuilders/Real Estate - 0.3% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 2,957,000 | 2,409,955 | |
Redfin Corp. 0.5% 4/1/27 | 3,576,000 | 1,752,240 | |
4,162,195 | |||
Technology - 0.4% | |||
Global Payments, Inc. 1.5% 3/1/31 (b) | 2,034,000 | 2,021,796 | |
Wolfspeed, Inc. 1.875% 12/1/29 | 5,485,000 | 3,151,133 | |
5,172,929 | |||
Utilities - 0.1% | |||
PG&E Corp. 4.25% 12/1/27 (b) | 990,000 | 991,485 | |
TOTAL CONVERTIBLE BONDS | 18,749,875 | ||
Nonconvertible Bonds - 83.3% | |||
Aerospace - 2.5% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,215,000 | 1,131,341 | |
5.875% 12/1/27 | 1,230,000 | 1,204,996 | |
Bombardier, Inc.: | |||
7.25% 7/1/31 (b) | 1,950,000 | 1,954,800 | |
7.875% 4/15/27 (b) | 2,646,000 | 2,629,510 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 3,247,000 | 2,966,132 | |
Howmet Aerospace, Inc.: | |||
5.9% 2/1/27 | 545,000 | 547,235 | |
5.95% 2/1/37 | 435,000 | 434,846 | |
6.875% 5/1/25 | 545,000 | 549,115 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b) | 830,000 | 726,982 | |
4.625% 3/1/28 (b) | 2,375,000 | 2,211,262 | |
Moog, Inc. 4.25% 12/15/27 (b) | 165,000 | 154,000 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 965,000 | 1,067,528 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 2,335,000 | 2,138,837 | |
5.5% 11/15/27 | 8,055,000 | 7,823,419 | |
6.375% 3/1/29 (b) | 6,800,000 | 6,748,071 | |
6.75% 8/15/28 (b) | 1,630,000 | 1,640,188 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 440,000 | 394,014 | |
34,322,276 | |||
Air Transportation - 0.6% | |||
Air Canada 3.875% 8/15/26 (b) | 805,000 | 763,645 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (b) | 540,000 | 543,057 | |
8.5% 5/15/29 (b) | 2,080,000 | 2,166,678 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 354,250 | 354,848 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 4,015,000 | 3,970,502 | |
7,798,730 | |||
Automotive & Auto Parts - 3.1% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 330,000 | 333,383 | |
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 1,090,000 | 1,061,388 | |
Champions Financing, Inc. 8.75% 2/15/29 (b) | 4,770,000 | 4,874,577 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 440,000 | 381,210 | |
5.375% 11/15/27 | 295,000 | 285,060 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 1,085,000 | 873,893 | |
4.75% 1/15/43 | 545,000 | 429,108 | |
5.291% 12/8/46 | 215,000 | 180,784 | |
6.1% 8/19/32 | 4,525,000 | 4,438,675 | |
7.4% 11/1/46 | 435,000 | 459,703 | |
Ford Motor Credit Co. LLC: | |||
U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2871% 3/6/26 (c)(d) | 1,540,000 | 1,590,965 | |
2.3% 2/10/25 | 4,905,000 | 4,766,547 | |
2.9% 2/10/29 | 2,715,000 | 2,343,745 | |
3.375% 11/13/25 | 545,000 | 523,207 | |
3.625% 6/17/31 | 1,540,000 | 1,300,551 | |
3.815% 11/2/27 | 1,640,000 | 1,519,446 | |
4% 11/13/30 | 550,000 | 479,317 | |
4.389% 1/8/26 | 1,090,000 | 1,059,096 | |
5.125% 6/16/25 | 545,000 | 539,242 | |
6.95% 3/6/26 | 4,385,000 | 4,444,333 | |
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c) | 215,000 | 207,251 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 755,000 | 784,286 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 450,000 | 448,699 | |
8.125% 3/30/29 (b) | 1,115,000 | 1,165,960 | |
8.375% 5/1/28 (b) | 1,180,000 | 1,238,823 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 405,000 | 351,743 | |
Phinia, Inc. 6.75% 4/15/29 (b) | 1,045,000 | 1,048,722 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC CME Term SOFR 6 Month Index + 6.020% 11.3101% 10/15/26 (b)(c)(d) | 335,000 | 329,975 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b) | 1,645,000 | 1,672,308 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 1,310,000 | 1,288,994 | |
6.875% 4/14/28 (b) | 595,000 | 598,979 | |
7.125% 4/14/30 (b) | 595,000 | 608,379 | |
41,628,349 | |||
Banks & Thrifts - 0.9% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 110,000 | 109,102 | |
6.7% 2/14/33 | 2,170,000 | 2,128,737 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 970,000 | 882,277 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 435,000 | 355,130 | |
UniCredit SpA: | |||
5.861% 6/19/32 (b)(c) | 2,542,000 | 2,457,862 | |
7.296% 4/2/34 (b)(c) | 1,403,000 | 1,414,844 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 3,129,000 | 2,421,325 | |
7.875% 5/1/27 (b) | 435,000 | 386,844 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 1,910,000 | 1,624,398 | |
11,780,519 | |||
Broadcasting - 1.7% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 2,900,000 | 2,688,074 | |
9% 9/15/28 (b) | 3,050,000 | 3,135,597 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 9,005,000 | 225,125 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 2,760,000 | 2,782,182 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (b) | 1,110,000 | 769,474 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (b) | 2,505,000 | 2,233,010 | |
4.125% 7/1/30 (b) | 2,200,000 | 1,865,734 | |
5.5% 7/1/29 (b) | 660,000 | 612,637 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,895,000 | 1,707,759 | |
5% 9/15/29 | 725,000 | 639,119 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 2,170,000 | 1,887,730 | |
6.625% 6/1/27 (b) | 3,080,000 | 2,972,243 | |
8% 8/15/28 (b) | 1,975,000 | 1,972,672 | |
23,491,356 | |||
Building Materials - 1.2% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 824,000 | 797,914 | |
6.375% 6/15/30 (b) | 490,000 | 487,129 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 815,000 | 858,506 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 1,325,000 | 1,322,712 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 2,210,000 | 1,924,993 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 755,000 | 760,548 | |
EMRLD Borrower LP / Emerald Co. 6.625% 12/15/30 (b) | 4,830,000 | 4,786,721 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 2,240,000 | 2,359,041 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (b) | 1,335,000 | 1,330,027 | |
6% 12/1/29 (b) | 1,230,000 | 1,247,112 | |
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b) | 950,000 | 973,750 | |
16,848,453 | |||
Cable/Satellite TV - 2.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 3,680,000 | 2,880,126 | |
4.25% 1/15/34 (b) | 2,145,000 | 1,554,077 | |
4.5% 8/15/30 (b) | 675,000 | 548,540 | |
4.5% 5/1/32 | 5,635,000 | 4,326,645 | |
4.75% 3/1/30 (b) | 4,755,000 | 3,951,145 | |
4.75% 2/1/32 (b) | 3,090,000 | 2,430,083 | |
5% 2/1/28 (b) | 1,495,000 | 1,361,466 | |
5.375% 6/1/29 (b) | 1,705,000 | 1,501,762 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 2,050,000 | 1,302,205 | |
4.5% 11/15/31 (b) | 555,000 | 352,197 | |
4.625% 12/1/30 (b) | 2,085,000 | 904,959 | |
5.375% 2/1/28 (b) | 3,840,000 | 2,946,091 | |
7.5% 4/1/28 (b) | 1,530,000 | 827,792 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 535,000 | 498,661 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 2,740,000 | 1,850,273 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 1,505,000 | 1,339,782 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (b) | 1,630,000 | 1,244,882 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 1,000,000 | 943,750 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,455,000 | 1,273,191 | |
32,037,627 | |||
Capital Goods - 1.1% | |||
ESAB Corp. 6.25% 4/15/29 (b) | 2,470,000 | 2,460,732 | |
Mueller Water Products, Inc. 4% 6/15/29 (b) | 1,905,000 | 1,723,666 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (b) | 1,640,000 | 1,640,233 | |
6.05% 4/15/28 (b) | 1,090,000 | 1,087,894 | |
6.3% 2/15/30 (b) | 1,090,000 | 1,094,661 | |
TK Elevator U.S. Newco, Inc. 5.25% 7/15/27 (b) | 4,865,000 | 4,653,705 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 1,645,000 | 1,612,229 | |
14,273,120 | |||
Chemicals - 4.4% | |||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/31 (b) | 2,445,000 | 2,493,589 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 2,085,000 | 2,157,985 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b) | 1,807,000 | 1,685,929 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 1,044,000 | 939,690 | |
INEOS Quattro Finance 2 PLC 9.625% 3/15/29 (b) | 2,460,000 | 2,598,835 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 3,860,250 | 3,290,863 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (b) | 1,360,000 | 1,314,162 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 880,000 | 834,208 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,800,000 | 3,654,735 | |
5.65% 12/1/44 | 3,722,000 | 3,143,873 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 1,900,000 | 1,590,286 | |
5% 5/1/25 (b) | 940,000 | 922,437 | |
5.25% 6/1/27 (b) | 1,935,000 | 1,820,265 | |
9% 2/15/30 (b) | 660,000 | 680,063 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 2,575,000 | 2,350,773 | |
Olin Corp.: | |||
5% 2/1/30 | 1,110,000 | 1,035,974 | |
5.125% 9/15/27 | 2,795,000 | 2,698,313 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 2,030,000 | 1,829,243 | |
6.25% 10/1/29 (b) | 2,255,000 | 2,032,251 | |
9.75% 11/15/28 (b) | 2,225,000 | 2,360,989 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b) | 3,750,000 | 3,486,707 | |
6.625% 5/1/29 (b) | 1,815,000 | 1,674,672 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 1,550,000 | 1,487,648 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 790,000 | 676,928 | |
5.375% 5/15/27 | 2,604,000 | 2,463,734 | |
5.75% 11/15/28 (b) | 2,625,000 | 2,410,730 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 3,860,000 | 3,443,459 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 3,750,000 | 3,358,122 | |
7.375% 3/1/31 (b) | 440,000 | 446,010 | |
58,882,473 | |||
Consumer Products - 1.0% | |||
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 6.625% 7/15/30 (b) | 1,850,000 | 1,851,116 | |
Kohl's Corp. 4.25% 7/17/25 | 150,000 | 146,215 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (b) | 1,750,000 | 1,666,292 | |
5.45% 11/1/41 | 435,000 | 380,722 | |
Newell Brands, Inc.: | |||
5.7% 4/1/26 | 545,000 | 536,309 | |
6.375% 9/15/27 | 3,340,000 | 3,256,939 | |
6.625% 9/15/29 | 605,000 | 584,357 | |
7% 4/1/46 (f) | 435,000 | 352,918 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 215,000 | 181,115 | |
4.375% 2/1/32 | 330,000 | 277,731 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 2,260,000 | 2,133,395 | |
10.5% 5/15/29 (b) | 1,895,000 | 1,813,235 | |
13,180,344 | |||
Containers - 1.2% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c) | 895,000 | 220,727 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 2,250,000 | 1,875,053 | |
Ball Corp.: | |||
2.875% 8/15/30 | 545,000 | 455,460 | |
6% 6/15/29 | 710,000 | 706,471 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 545,000 | 492,287 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 610,000 | 530,748 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 330,000 | 293,487 | |
6.75% 7/15/26 (b) | 220,000 | 216,928 | |
9.5% 11/1/28 (b) | 220,000 | 220,082 | |
10.5% 7/15/27 (b) | 625,000 | 613,879 | |
Mauser Packaging Solutions Holding Co.: | |||
7.875% 4/15/27 (b) | 1,630,000 | 1,660,563 | |
9.25% 4/15/27 (b) | 1,335,000 | 1,308,267 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 555,000 | 555,849 | |
Sealed Air Corp. 5% 4/15/29 (b) | 3,300,000 | 3,104,682 | |
Sealed Air Corp./Sealed Air Corp. U.S.: | |||
6.125% 2/1/28 (b) | 655,000 | 647,020 | |
7.25% 2/15/31 (b) | 2,415,000 | 2,458,538 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 494,000 | 484,848 | |
8.5% 8/15/27 (b) | 810,000 | 802,112 | |
16,647,001 | |||
Diversified Financial Services - 3.2% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 1,090,000 | 1,083,690 | |
Boost Newco Borrower LLC 7.5% 1/15/31 (b) | 1,525,000 | 1,573,940 | |
Coinbase Global, Inc. 3.375% 10/1/28 (b) | 900,000 | 754,527 | |
Encore Capital Group, Inc. 9.25% 4/1/29 (b) | 1,005,000 | 1,026,755 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b) | 1,860,000 | 1,932,091 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 1,715,000 | 1,713,388 | |
7.75% 5/15/26 (b) | 1,115,000 | 1,132,700 | |
8% 2/15/27 (b) | 2,705,000 | 2,772,269 | |
8% 6/15/28 (b) | 1,675,000 | 1,724,975 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 2,490,000 | 2,391,200 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,835,000 | 1,722,336 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 4,560,000 | 3,838,789 | |
5.25% 5/15/27 | 3,780,000 | 3,453,975 | |
6.25% 5/15/26 | 2,390,000 | 2,324,432 | |
6.375% 12/15/25 | 1,225,000 | 1,203,056 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 390,000 | 350,887 | |
Jefferson Capital Holding 9.5% 2/15/29 (b) | 1,050,000 | 1,068,333 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 1,415,000 | 1,262,821 | |
LPL Holdings, Inc. 4.375% 5/15/31 (b) | 545,000 | 484,889 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 3,265,000 | 3,003,825 | |
3.875% 9/15/28 | 4,040,000 | 3,556,070 | |
6.875% 3/15/25 | 220,000 | 221,441 | |
7.125% 3/15/26 | 3,970,000 | 4,006,127 | |
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b) | 1,425,000 | 1,348,089 | |
43,950,605 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 2,875,000 | 2,675,264 | |
CMG Media Corp. 8.875% 12/15/27 (b) | 5,100,000 | 2,774,591 | |
5,449,855 | |||
Energy - 13.0% | |||
Altus Midstream LP: | |||
5.875% 6/15/30 (b) | 1,535,000 | 1,484,152 | |
6.625% 12/15/28 (b) | 4,320,000 | 4,340,796 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 545,000 | 535,085 | |
7.875% 5/15/26 (b) | 545,000 | 554,905 | |
Apache Corp.: | |||
4.25% 1/15/30 | 775,000 | 712,908 | |
5.1% 9/1/40 | 980,000 | 815,677 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 2,540,000 | 2,300,112 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 1,780,000 | 1,795,133 | |
California Resources Corp. 7.125% 2/1/26 (b) | 765,000 | 769,234 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 960,000 | 920,464 | |
CGG SA 8.75% 4/1/27 (b) | 1,310,000 | 1,225,890 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 2,190,000 | 1,829,669 | |
4% 3/1/31 | 1,085,000 | 968,100 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 2,380,000 | 2,376,316 | |
8.375% 1/15/29 (b) | 1,230,000 | 1,272,913 | |
CNX Resources Corp. 7.375% 1/15/31 (b) | 625,000 | 632,675 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 1,410,000 | 1,284,188 | |
6.75% 3/1/29 (b) | 1,535,000 | 1,461,491 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b) | 1,560,000 | 1,569,577 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 1,855,000 | 1,827,567 | |
5.625% 10/15/25 (b) | 230,000 | 228,728 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 2,890,000 | 2,685,435 | |
8.5% 1/15/29 (b) | 3,810,000 | 3,819,401 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp.: | |||
7.125% 6/1/28 (b) | 3,165,000 | 3,091,286 | |
8.625% 3/15/29 (b) | 2,440,000 | 2,458,462 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 1,140,000 | 1,033,260 | |
4.375% 6/15/31 (b) | 545,000 | 483,827 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 1,020,000 | 1,033,182 | |
Energy Transfer LP: | |||
5.625% 5/1/27 (b) | 9,034,000 | 8,945,100 | |
5.75% 4/1/25 | 2,285,000 | 2,280,510 | |
7.375% 2/1/31 (b) | 1,090,000 | 1,124,021 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 5,415,000 | 5,320,483 | |
6.5% 9/1/30 (b) | 1,020,000 | 1,032,804 | |
EnLink Midstream Partners LP: | |||
4.15% 6/1/25 | 545,000 | 531,902 | |
4.85% 7/15/26 | 985,000 | 957,992 | |
EQM Midstream Partners LP: | |||
4% 8/1/24 | 1,005,000 | 997,515 | |
4.75% 1/15/31 (b) | 445,000 | 406,611 | |
6% 7/1/25 (b) | 140,000 | 139,766 | |
6.5% 7/1/27 (b) | 437,000 | 437,607 | |
6.5% 7/15/48 | 220,000 | 217,066 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 295,000 | 289,054 | |
Global Partners LP/GLP Finance Corp.: | |||
6.875% 1/15/29 | 2,210,000 | 2,162,783 | |
7% 8/1/27 | 2,927,000 | 2,903,843 | |
Harvest Midstream I LP: | |||
7.5% 9/1/28 (b) | 1,110,000 | 1,113,041 | |
7.5% 5/15/32 (b) | 2,535,000 | 2,538,144 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (b) | 1,115,000 | 1,006,281 | |
5.125% 6/15/28 (b) | 3,025,000 | 2,895,378 | |
5.5% 10/15/30 (b) | 545,000 | 521,094 | |
5.625% 2/15/26 (b) | 2,610,000 | 2,580,677 | |
HF Sinclair Corp. 5% 2/1/28 (b) | 2,280,000 | 2,187,511 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 1,170,000 | 1,225,431 | |
Jonah Energy Parent LLC 12% 11/5/25 (g)(h) | 3,297,992 | 3,520,607 | |
Kodiak Gas Services LLC 7.25% 2/15/29 (b) | 1,950,000 | 1,964,062 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 2,310,000 | 2,289,417 | |
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 | 5,594,144 | |
8.75% 3/15/29 (b) | 4,055,000 | 3,954,637 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125% 2/15/29 (b) | 1,950,000 | 1,981,044 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 1,730,000 | 1,750,159 | |
8.75% 6/15/31 (b) | 555,000 | 583,807 | |
Occidental Petroleum Corp.: | |||
4.4% 4/15/46 | 1,630,000 | 1,259,253 | |
4.5% 7/15/44 | 1,335,000 | 1,009,740 | |
5.5% 12/1/25 | 2,335,000 | 2,323,115 | |
5.875% 9/1/25 | 1,656,000 | 1,656,046 | |
6.125% 1/1/31 | 1,895,000 | 1,918,782 | |
6.625% 9/1/30 | 3,190,000 | 3,305,319 | |
7.5% 5/1/31 | 2,575,000 | 2,803,822 | |
7.875% 9/15/31 | 635,000 | 704,907 | |
7.95% 6/15/39 | 270,000 | 305,669 | |
8.875% 7/15/30 | 2,170,000 | 2,481,026 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 2,660,000 | 2,735,768 | |
Permian Resources Operating LLC: | |||
5.875% 7/1/29 (b) | 1,573,000 | 1,529,743 | |
7% 1/15/32 (b) | 2,785,000 | 2,839,070 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 1,080,000 | 1,103,123 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 145,000 | 130,544 | |
4.95% 7/15/29 (b) | 1,480,000 | 1,360,614 | |
6.875% 4/15/40 (b) | 655,000 | 622,625 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 925,000 | 963,638 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 2,285,000 | 2,349,765 | |
SM Energy Co. 5.625% 6/1/25 | 1,200,000 | 1,191,089 | |
Southwestern Energy Co. 4.75% 2/1/32 | 1,640,000 | 1,476,928 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 210,000 | 206,896 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 880,000 | 547,315 | |
11.75% 10/1/28 (b) | 1,210,000 | 722,414 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 4,570,000 | 4,172,260 | |
5.875% 3/15/28 | 875,000 | 853,892 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 1,155,000 | 1,044,741 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 3,125,000 | 2,966,942 | |
6% 9/1/31 (b) | 3,695,000 | 3,430,523 | |
Talos Production, Inc. 9% 2/1/29 (b) | 560,000 | 590,834 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,085,000 | 1,015,421 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 295,000 | 286,615 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 681,750 | 679,747 | |
Transocean, Inc.: | |||
8% 2/1/27 (b) | 4,113,000 | 4,122,945 | |
8.75% 2/15/30 (b) | 1,273,500 | 1,327,852 | |
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 7.125% 3/15/29 (b) | 1,630,000 | 1,619,575 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 2,135,000 | 2,195,665 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 2,155,000 | 1,904,012 | |
4.125% 8/15/31 (b) | 1,680,000 | 1,466,257 | |
6.25% 1/15/30 (b) | 1,445,000 | 1,428,697 | |
Western Gas Partners LP: | |||
3.1% 2/1/25 | 1,950,000 | 1,906,001 | |
3.95% 6/1/25 | 540,000 | 528,988 | |
5.25% 2/1/50 | 1,085,000 | 920,247 | |
5.3% 3/1/48 | 540,000 | 451,564 | |
5.5% 8/15/48 | 325,000 | 275,318 | |
175,698,232 | |||
Environmental - 1.0% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 515,000 | 510,209 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 1,650,000 | 1,446,399 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 910,000 | 884,012 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 1,090,000 | 1,059,969 | |
5.125% 12/15/26 (b) | 1,090,000 | 1,061,434 | |
6.75% 1/15/31 (b) | 930,000 | 937,518 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 2,375,000 | 2,203,169 | |
5.875% 6/30/29 (b) | 2,280,000 | 2,115,485 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 3,330,000 | 2,958,851 | |
13,177,046 | |||
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 | 280,169 | |
3.5% 3/15/29 (b) | 2,690,000 | 2,373,569 | |
4.875% 2/15/30 (b) | 1,855,000 | 1,730,186 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 4,325,000 | 2,184,833 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 785,000 | 673,894 | |
Parkland Corp. 4.625% 5/1/30 (b) | 3,475,000 | 3,140,506 | |
10,383,157 | |||
Food/Beverage/Tobacco - 2.6% | |||
BellRing Brands, Inc. 7% 3/15/30 (b) | 435,000 | 440,189 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 2,380,000 | 1,824,739 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (b) | 435,000 | 402,618 | |
7.625% 7/1/29 (b) | 1,490,000 | 1,505,758 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b) | 1,195,000 | 1,217,662 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 1,935,000 | 1,953,802 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 3,660,000 | 3,262,168 | |
4.375% 1/31/32 (b) | 545,000 | 472,300 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (b) | 2,690,000 | 2,411,258 | |
5.5% 10/15/27 (b) | 1,505,000 | 1,456,794 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 545,000 | 448,770 | |
4.25% 4/15/31 | 640,000 | 566,330 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 1,290,000 | 1,165,025 | |
5.5% 12/15/29 (b) | 3,980,000 | 3,774,420 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 2,685,000 | 2,450,755 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 761,481 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 7,460,000 | 6,689,598 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 820,000 | 745,648 | |
4.75% 2/15/29 (b) | 2,180,000 | 2,030,998 | |
7.25% 1/15/32 (b) | 1,225,000 | 1,250,870 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 215,000 | 164,999 | |
34,996,182 | |||
Gaming - 2.1% | |||
Affinity Interactive 6.875% 12/15/27 (b) | 1,105,000 | 989,035 | |
Caesars Entertainment, Inc.: | |||
6.5% 2/15/32 (b) | 3,735,000 | 3,679,884 | |
7% 2/15/30 (b) | 1,305,000 | 1,314,165 | |
8.125% 7/1/27 (b) | 2,509,000 | 2,542,866 | |
Churchill Downs, Inc. 5.75% 4/1/30 (b) | 3,965,000 | 3,772,881 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (b) | 2,730,000 | 2,469,660 | |
6.75% 1/15/30 (b) | 2,125,000 | 1,848,833 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 975,000 | 924,893 | |
Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (b) | 660,000 | 670,105 | |
Station Casinos LLC: | |||
4.5% 2/15/28 (b) | 1,665,000 | 1,544,320 | |
6.625% 3/15/32 (b) | 2,735,000 | 2,680,147 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 1,085,000 | 967,079 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 5,135,000 | 5,208,237 | |
28,612,105 | |||
Healthcare - 6.7% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 1,306,000 | 1,282,128 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,055,000 | 934,102 | |
Amgen, Inc. 5.6% 3/2/43 | 1,195,000 | 1,152,345 | |
AMN Healthcare 4% 4/15/29 (b) | 680,000 | 601,901 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,345,000 | 1,190,860 | |
4.625% 7/15/28 (b) | 885,000 | 822,698 | |
Bausch Health Companies, Inc. 5.5% 11/1/25 (b) | 2,740,000 | 2,552,171 | |
Cano Health, Inc. 6.25% (b)(e) | 550,000 | 688 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,320,000 | 1,255,693 | |
Centene Corp. 2.5% 3/1/31 | 1,470,000 | 1,181,425 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,150,000 | 1,033,032 | |
4% 3/15/31 (b) | 975,000 | 850,437 | |
4.25% 5/1/28 (b) | 472,000 | 439,014 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 4,055,000 | 3,165,090 | |
5.25% 5/15/30 (b) | 7,690,000 | 6,287,229 | |
5.625% 3/15/27 (b) | 4,905,000 | 4,491,221 | |
6% 1/15/29 (b) | 2,290,000 | 1,997,889 | |
6.125% 4/1/30 (b) | 2,340,000 | 1,654,409 | |
6.875% 4/15/29 (b) | 1,490,000 | 1,107,663 | |
8% 3/15/26 (b) | 531,000 | 528,415 | |
10.875% 1/15/32 (b) | 1,015,000 | 1,039,132 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 2,070,000 | 1,873,665 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 855,000 | 703,556 | |
4.625% 6/1/30 (b) | 4,560,000 | 3,995,170 | |
Embecta Corp. 5% 2/15/30 (b) | 860,000 | 663,018 | |
Grifols SA 4.75% 10/15/28 (b) | 660,000 | 533,042 | |
HCA Holdings, Inc. 5.5% 6/15/47 | 1,085,000 | 975,393 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,865,000 | 1,698,687 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 840,000 | 741,850 | |
Humana, Inc. 5.875% 3/1/33 | 1,085,000 | 1,084,105 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 1,110,000 | 1,115,036 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 1,850,000 | 1,683,181 | |
Medline Borrower LP 3.875% 4/1/29 (b) | 6,955,000 | 6,230,505 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 1,365,000 | 1,356,269 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 785,000 | 545,337 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 1,490,000 | 1,453,207 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (b) | 1,465,000 | 1,270,583 | |
Option Care Health, Inc. 4.375% 10/31/29 (b) | 255,000 | 228,374 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 3,935,000 | 3,583,828 | |
5.125% 4/30/31 (b) | 1,050,000 | 907,937 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 1,010,000 | 905,427 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 2,895,000 | 2,533,096 | |
Radiology Partners, Inc. 8.5% 1/31/29 pay-in-kind (b)(c) | 1,380,479 | 1,273,492 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 1,995,000 | 1,992,276 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 930,000 | 859,387 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 2,790,000 | 2,555,587 | |
4.375% 1/15/30 | 1,990,000 | 1,807,035 | |
4.625% 6/15/28 | 2,545,000 | 2,394,899 | |
6.125% 10/1/28 | 3,035,000 | 2,996,920 | |
6.125% 6/15/30 | 2,820,000 | 2,761,452 | |
6.25% 2/1/27 | 2,741,000 | 2,729,942 | |
6.75% 5/15/31 (b) | 390,000 | 390,773 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,310,000 | 1,213,609 | |
7.875% 9/15/29 | 330,000 | 347,519 | |
8.125% 9/15/31 | 330,000 | 356,122 | |
U.S. Acute Care Solutions 9.75% 5/15/29 (b) | 585,000 | 573,671 | |
89,901,492 | |||
Homebuilders/Real Estate - 3.3% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 874,400 | 767,238 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 985,000 | 890,851 | |
Beazer Homes U.S.A., Inc. 7.5% 3/15/31 (b) | 1,085,000 | 1,072,443 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 555,000 | 571,640 | |
HAT Holdings I LLC/HAT Holdings II LLC 8% 6/15/27 (b) | 1,520,000 | 1,558,226 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 945,000 | 834,499 | |
4.375% 2/1/31 (b) | 775,000 | 657,157 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 1,605,000 | 1,271,156 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 1,330,000 | 1,305,063 | |
LGI Homes, Inc. 8.75% 12/15/28 (b) | 960,000 | 998,607 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 5,035,000 | 3,376,118 | |
4.625% 8/1/29 | 2,850,000 | 2,132,673 | |
5% 10/15/27 | 9,335,000 | 7,635,657 | |
5.25% 8/1/26 | 1,085,000 | 988,241 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 2,255,000 | 2,266,695 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 1,990,000 | 1,987,383 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 32,000 | 22,120 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 25,000 | 16,781 | |
Rithm Capital Corp. 8% 4/1/29 (b) | 830,000 | 811,627 | |
Safehold Operating Partnership LP 2.85% 1/15/32 | 1,635,000 | 1,311,328 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 395,000 | 367,813 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 1,185,000 | 1,025,915 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 30,000 | 29,965 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 220,000 | 212,931 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 6,395,000 | 5,608,737 | |
6.5% 2/15/29 (b) | 4,996,000 | 4,016,417 | |
10.5% 2/15/28 (b) | 2,175,000 | 2,256,410 | |
43,993,691 | |||
Hotels - 0.8% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 4,715,000 | 3,962,114 | |
3.75% 5/1/29 (b) | 495,000 | 444,021 | |
4% 5/1/31 (b) | 2,420,000 | 2,120,497 | |
5.875% 4/1/29 (b) | 685,000 | 675,927 | |
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b) | 2,585,000 | 2,548,467 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 1,785,000 | 1,636,696 | |
11,387,722 | |||
Insurance - 1.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 435,000 | 389,699 | |
8.25% 2/1/29 (b) | 1,485,000 | 1,472,802 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
4.25% 10/15/27 (b) | 3,740,000 | 3,488,697 | |
5.875% 11/1/29 (b) | 1,365,000 | 1,253,402 | |
6.75% 10/15/27 (b) | 6,945,000 | 6,810,393 | |
6.75% 4/15/28 (b) | 540,000 | 539,430 | |
AmWINS Group, Inc. 4.875% 6/30/29 (b) | 1,660,000 | 1,509,075 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (b) | 1,355,000 | 1,235,597 | |
7.5% 2/15/32 (b) | 2,145,000 | 2,082,656 | |
HUB International Ltd. 7.25% 6/15/30 (b) | 3,595,000 | 3,647,735 | |
USI, Inc. 7.5% 1/15/32 (b) | 840,000 | 835,531 | |
23,265,017 | |||
Leisure - 2.3% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 1,375,000 | 1,354,136 | |
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 3,414,000 | 3,331,932 | |
6% 5/1/29 (b) | 2,235,000 | 2,165,812 | |
6.65% 1/15/28 | 300,000 | 297,304 | |
7% 8/15/29 (b) | 2,465,000 | 2,530,502 | |
10.5% 6/1/30 (b) | 1,985,000 | 2,155,726 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 315,000 | 284,800 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 1,705,000 | 1,599,995 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (b) | 890,000 | 872,040 | |
7.75% 2/15/29 (b) | 3,300,000 | 3,375,989 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 3,490,000 | 3,405,468 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 1,535,000 | 1,493,808 | |
5.5% 4/1/28 (b) | 2,745,000 | 2,671,892 | |
6.25% 3/15/32 (b) | 1,730,000 | 1,705,386 | |
7.25% 1/15/30 (b) | 540,000 | 555,316 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,195,000 | 1,281,768 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 630,000 | 602,878 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 865,000 | 824,930 | |
30,509,682 | |||
Metals/Mining - 1.8% | |||
Alcoa Nederland Holding BV 7.125% 3/15/31 (b) | 530,000 | 536,099 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 740,000 | 770,463 | |
Cleveland-Cliffs, Inc.: | |||
4.875% 3/1/31 (b) | 215,000 | 188,344 | |
7% 3/15/32 (b) | 2,045,000 | 1,997,213 | |
Constellium NV 5.875% 2/15/26 (b) | 797,000 | 788,791 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,005,000 | 948,419 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 5,665,000 | 5,328,499 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 2,360,000 | 2,265,600 | |
8.625% 6/1/31 (b) | 1,180,000 | 1,147,491 | |
9.375% 3/1/29 (b) | 3,380,000 | 3,492,132 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 545,000 | 479,842 | |
4.5% 9/15/27 (b) | 630,000 | 594,148 | |
Mineral Resources Ltd.: | |||
8.5% 5/1/30 (b) | 1,400,000 | 1,433,842 | |
9.25% 10/1/28 (b) | 1,105,000 | 1,158,411 | |
Novelis Corp.: | |||
3.25% 11/15/26 (b) | 330,000 | 308,538 | |
3.875% 8/15/31 (b) | 545,000 | 461,514 | |
PMHC II, Inc. 9% 2/15/30 (b) | 2,130,000 | 1,977,106 | |
23,876,452 | |||
Paper - 0.8% | |||
Ahlstrom Holding 3 OY 4.875% 2/4/28 (b) | 2,205,000 | 2,018,237 | |
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 1,145,000 | 943,846 | |
6% 6/15/27 (b) | 1,985,000 | 1,924,174 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 3,325,000 | 3,316,649 | |
8.75% 4/15/30 (b) | 2,330,000 | 2,251,830 | |
Mercer International, Inc. 5.125% 2/1/29 | 710,000 | 620,115 | |
11,074,851 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (b) | 1,685,000 | 1,543,933 | |
Railroad - 0.2% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b) | 1,045,000 | 913,419 | |
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 2,040,000 | 2,027,535 | |
2,940,954 | |||
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 930,000 | 857,937 | |
4% 10/15/30 (b) | 5,530,000 | 4,768,928 | |
5.75% 4/15/25 (b) | 425,000 | 423,025 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 550,000 | 579,911 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 545,000 | 470,933 | |
4.625% 1/31/32 | 3,225,000 | 2,903,270 | |
5.375% 4/1/32 | 435,000 | 410,328 | |
10,414,332 | |||
Services - 5.8% | |||
AECOM 5.125% 3/15/27 | 730,000 | 709,199 | |
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 2,020,000 | 2,024,461 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 2,040,000 | 1,731,997 | |
9.75% 7/15/27 (b) | 1,455,000 | 1,449,491 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 1,390,000 | 1,292,469 | |
6.75% 2/15/27 (b) | 1,280,000 | 1,271,510 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,560,000 | 1,481,194 | |
Artera Services LLC 8.5% 2/15/31 (b) | 5,195,000 | 5,315,805 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,025,000 | 956,538 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (b) | 2,190,000 | 1,964,491 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (b) | 3,975,000 | 3,676,269 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 5,400,000 | 5,794,735 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 3,661,000 | 3,412,932 | |
8.25% 4/15/29 | 1,365,000 | 1,410,448 | |
CoreLogic, Inc. 4.5% 5/1/28 (b) | 1,535,000 | 1,328,123 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 345,000 | 308,702 | |
3.75% 10/1/30 (b) | 555,000 | 483,001 | |
4.5% 7/1/28 (b) | 2,505,000 | 2,355,696 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 5,221,000 | 5,190,000 | |
Iron Mountain, Inc. 4.5% 2/15/31 (b) | 545,000 | 480,700 | |
Korn Ferry 4.625% 12/15/27 (b) | 400,000 | 379,307 | |
Life Time, Inc. 8% 4/15/26 (b) | 1,655,000 | 1,657,903 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 2,925,000 | 2,756,813 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 1,090,000 | 1,076,290 | |
Service Corp. International: | |||
4% 5/15/31 | 945,000 | 814,083 | |
5.125% 6/1/29 | 597,000 | 570,015 | |
Sotheby's 7.375% 10/15/27 (b) | 1,270,000 | 1,183,542 | |
Staples, Inc. 7.5% 4/15/26 (b) | 2,690,000 | 2,593,475 | |
The GEO Group, Inc.: | |||
8.625% 4/15/29 (b) | 2,885,000 | 2,920,657 | |
10.25% 4/15/31 (b) | 2,710,000 | 2,793,848 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 3,950,000 | 3,458,514 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 6,630,000 | 6,176,491 | |
8% 11/1/26 (b) | 3,275,000 | 3,307,494 | |
United Rentals North America, Inc.: | |||
6% 12/15/29 (b) | 545,000 | 539,319 | |
6.125% 3/15/34 (b) | 3,415,000 | 3,334,347 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 2,762,000 | 2,677,789 | |
78,877,648 | |||
Steel - 0.2% | |||
Commercial Metals Co.: | |||
3.875% 2/15/31 | 655,000 | 569,880 | |
4.125% 1/15/30 | 1,140,000 | 1,020,631 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 1,475,000 | 1,333,052 | |
2,923,563 | |||
Super Retail - 1.6% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 625,000 | 628,879 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 1,855,000 | 1,209,815 | |
5.5% 4/15/27 (b) | 1,025,000 | 801,758 | |
5.875% 10/1/28 (b) | 507,000 | 341,239 | |
10.25% 5/1/30 (b) | 150,000 | 120,036 | |
12% 12/1/28 pay-in-kind (b)(c) | 606,433 | 593,978 | |
13% 6/1/30 pay-in-kind (b)(c) | 915,167 | 907,986 | |
14% 6/1/31 pay-in-kind (b)(c) | 1,086,116 | 1,088,733 | |
EG Global Finance PLC 12% 11/30/28 (b) | 5,560,000 | 5,739,576 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 295,000 | 285,325 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,315,000 | 2,125,088 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 700,000 | 597,473 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 1,425,000 | 1,206,087 | |
7.875% 5/1/29 (b) | 1,100,000 | 805,985 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 1,630,000 | 1,405,901 | |
4.375% 4/1/30 | 1,090,000 | 972,834 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 3,250,000 | 2,595,854 | |
21,426,547 | |||
Technology - 6.0% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 4,495,000 | 4,077,815 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 760,000 | 684,188 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 3,485,000 | 3,236,694 | |
Block, Inc. 3.5% 6/1/31 | 3,117,000 | 2,633,099 | |
Broadcom, Inc.: | |||
2.45% 2/15/31 (b) | 2,035,000 | 1,672,490 | |
2.6% 2/15/33 (b) | 1,570,000 | 1,237,542 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (b) | 710,000 | 646,529 | |
4.875% 7/1/29 (b) | 720,000 | 655,702 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 2,710,000 | 2,570,309 | |
9% 9/30/29 (b) | 5,045,000 | 4,854,578 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 2,415,000 | 2,484,566 | |
Coherent Corp. 5% 12/15/29 (b) | 2,885,000 | 2,661,582 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (b) | 1,415,000 | 986,963 | |
6% 3/1/26 (b) | 1,260,000 | 1,126,125 | |
Elastic NV 4.125% 7/15/29 (b) | 1,715,000 | 1,527,217 | |
Entegris, Inc.: | |||
3.625% 5/1/29 (b) | 990,000 | 876,150 | |
4.75% 4/15/29 (b) | 3,475,000 | 3,277,576 | |
5.95% 6/15/30 (b) | 3,270,000 | 3,184,142 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 1,090,000 | 1,076,793 | |
7.125% 9/30/30 (b) | 545,000 | 550,623 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 2,070,000 | 1,835,574 | |
5.25% 12/1/27 (b) | 625,000 | 603,409 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 1,090,000 | 819,472 | |
HTA Group Ltd. 7% 12/18/25 (b) | 3,830,000 | 3,824,016 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 4,095,000 | 3,740,409 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 325,000 | 268,289 | |
4.125% 8/1/30 (b) | 695,000 | 601,874 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,355,000 | 3,109,321 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 1,875,000 | 1,701,509 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,310,000 | 1,195,775 | |
3.875% 12/1/29 (b) | 1,655,000 | 1,448,464 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 1,840,000 | 1,616,050 | |
4.125% 12/1/31 (b) | 875,000 | 749,940 | |
Rackspace Finance LLC 3.5% 5/15/28 (b) | 2,262,850 | 950,397 | |
Roblox Corp. 3.875% 5/1/30 (b) | 3,450,000 | 2,983,720 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 1,210,000 | 1,145,795 | |
8.25% 12/15/29 (b) | 555,000 | 589,902 | |
8.5% 7/15/31 (b) | 670,000 | 715,362 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 3,430,000 | 3,070,816 | |
5% 10/1/25 (b) | 215,000 | 212,237 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 545,000 | 460,567 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 440,000 | 427,688 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 4,905,000 | 4,386,933 | |
UKG, Inc. 6.875% 2/1/31 (b) | 1,605,000 | 1,608,059 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,760,000 | 1,601,193 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 2,020,000 | 1,900,977 | |
81,588,431 | |||
Telecommunications - 4.5% | |||
Altice Financing SA: | |||
5% 1/15/28 (b) | 1,570,000 | 1,239,055 | |
5.75% 8/15/29 (b) | 6,145,000 | 4,564,349 | |
Altice France Holding SA 6% 2/15/28 (b) | 2,945,000 | 859,100 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 2,620,000 | 1,710,277 | |
5.125% 7/15/29 (b) | 3,475,000 | 2,263,495 | |
5.5% 1/15/28 (b) | 4,455,000 | 3,009,797 | |
5.5% 10/15/29 (b) | 20,000 | 13,086 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 6,814,000 | 6,452,313 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 765,000 | 675,001 | |
5.625% 9/15/28 (b) | 605,000 | 488,221 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 930,000 | 772,010 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 430,000 | 395,595 | |
5.875% 10/15/27 (b) | 1,685,000 | 1,616,182 | |
5.875% 11/1/29 | 2,485,000 | 2,074,793 | |
8.75% 5/15/30 (b) | 1,675,000 | 1,705,368 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 680,000 | 639,200 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 3,100,000 | 2,967,144 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 1,010,000 | 842,217 | |
Level 3 Financing, Inc.: | |||
3.875% 10/15/30 (b) | 565,000 | 310,593 | |
4.5% 4/1/30 (b) | 2,100,000 | 1,200,933 | |
10.5% 5/15/30 (b) | 2,909,000 | 2,882,591 | |
11% 11/15/29 (b) | 1,014,402 | 1,035,196 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 3,880,000 | 3,229,305 | |
5.125% 1/15/28 (b) | 211,500 | 195,109 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 748,000 | 710,873 | |
SBA Communications Corp. 3.125% 2/1/29 | 550,000 | 478,972 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,032,000 | 2,553,022 | |
7.2% 7/18/36 | 1,449,000 | 1,311,029 | |
7.721% 6/4/38 | 400,000 | 371,901 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 3,690,000 | 2,869,680 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 2,980,000 | 2,515,648 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 3,745,000 | 3,059,495 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 2,220,000 | 2,139,053 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (b) | 2,600,000 | 2,069,503 | |
6.125% 3/1/28 (b) | 1,755,000 | 1,169,711 | |
60,389,817 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 720,000 | 604,202 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 715,000 | 570,706 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 580,000 | 515,237 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 810,000 | 636,389 | |
2,326,534 | |||
Transportation Ex Air/Rail - 0.6% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 1,690,000 | 1,682,513 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 1,020,000 | 856,038 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 3,000,000 | 2,580,089 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 335,000 | 333,747 | |
7.125% 6/1/31 (b) | 550,000 | 552,835 | |
7.125% 2/1/32 (b) | 1,650,000 | 1,659,574 | |
7,664,796 | |||
Utilities - 2.7% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 2,580,000 | 2,181,173 | |
3.75% 1/15/32 (b) | 280,000 | 231,844 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 1,370,000 | 1,330,759 | |
4.35% 4/15/29 | 185,000 | 166,794 | |
FirstEnergy Corp. 3.4% 3/1/50 | 2,175,000 | 1,395,694 | |
NextEra Energy Partners LP 7.25% 1/15/29 (b) | 2,495,000 | 2,527,156 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 2,360,000 | 2,069,615 | |
3.625% 2/15/31 (b) | 790,000 | 668,788 | |
5.25% 6/15/29 (b) | 2,565,000 | 2,425,968 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,420,000 | 4,211,499 | |
5.25% 7/1/30 | 5,970,000 | 5,589,671 | |
Pike Corp.: | |||
5.5% 9/1/28 (b) | 4,027,000 | 3,816,529 | |
8.625% 1/31/31 (b) | 1,425,000 | 1,492,786 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,849,000 | 2,711,471 | |
5.5% 9/1/26 (b) | 1,130,000 | 1,102,799 | |
5.625% 2/15/27 (b) | 1,965,000 | 1,911,846 | |
7.75% 10/15/31 (b) | 2,445,000 | 2,507,572 | |
36,341,964 | |||
TOTAL NONCONVERTIBLE BONDS | 1,123,604,856 | ||
TOTAL CORPORATE BONDS (Cost $1,220,853,677) | 1,142,354,731 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
BX Commercial Mortgage Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2355% 6/15/38 (b)(c)(d) | 843,903 | 840,335 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1025% 11/15/38 (b)(c)(d) | 1,196,607 | 1,178,658 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1355% 7/15/38 (b)(c)(d) | 490,955 | 490,342 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(c) | 772,000 | 707,332 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6355% 7/15/38 (b)(c)(d) | 1,791,000 | 1,771,971 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $4,844,523) | 4,988,638 | ||
Common Stocks - 2.3% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (i) | 12,300 | 873,300 | |
Capital Goods - 0.2% | |||
Chart Industries, Inc. (i) | 10,900 | 1,570,254 | |
Regal Rexnord Corp. | 9,000 | 1,452,330 | |
TOTAL CAPITAL GOODS | 3,022,584 | ||
Energy - 1.1% | |||
California Resources Corp. | 25,500 | 1,347,930 | |
California Resources Corp. warrants 10/27/24 (i) | 2,871 | 49,439 | |
Mesquite Energy, Inc. (h)(i) | 149,356 | 12,226,305 | |
New Fortress Energy, Inc. (j) | 59,400 | 1,556,280 | |
TOTAL ENERGY | 15,179,954 | ||
Food & Drug Retail - 0.1% | |||
Southeastern Grocers, Inc. rights (h)(i) | 963,443 | 1,059,787 | |
Healthcare - 0.1% | |||
Centene Corp. (i) | 24,000 | 1,753,440 | |
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (h)(i) | 333 | 10,252 | |
Technology - 0.3% | |||
Coherent Corp. (i) | 31,700 | 1,731,771 | |
MKS Instruments, Inc. | 5,900 | 701,982 | |
ON Semiconductor Corp. (i) | 17,500 | 1,227,800 | |
TOTAL TECHNOLOGY | 3,661,553 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. (h)(i) | 40,978 | 1,528,479 | |
Helios Towers PLC (i) | 2,493,500 | 3,078,364 | |
SBA Communications Corp. Class A | 5,600 | 1,042,272 | |
TOTAL TELECOMMUNICATIONS | 5,649,115 | ||
TOTAL COMMON STOCKS (Cost $20,566,842) | 31,209,985 | ||
Bank Loan Obligations - 4.5% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4287% 8/24/26 (c)(d)(k) | 871,768 | 830,359 | |
2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6625% (c)(d)(e)(k) | 4,452,028 | 103,510 | |
term loan 10% 8/2/27 (k) | 895,675 | 1,421,141 | |
TOTAL BROADCASTING | 2,355,010 | ||
Building Materials - 0.1% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (c)(d)(k) | 2,259,213 | 1,955,913 | |
Chemicals - 0.7% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8157% 11/15/30 (c)(d)(k) | 2,845,000 | 2,748,099 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (c)(d)(k) | 1,896,084 | 1,892,538 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9757% 3/15/29 (c)(d)(k) | 3,590,863 | 3,524,109 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 11/9/28 (c)(d)(k) | 1,416,378 | 1,418,346 | |
TOTAL CHEMICALS | 9,583,092 | ||
Consumer Products - 0.1% | |||
Mattress Firm, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 9/24/28 (c)(d)(k) | 1,687,042 | 1,690,214 | |
Energy - 0.2% | |||
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (c)(d)(k) | 2,346,333 | 2,306,751 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(k) | 2,735,146 | 0 | |
term loan 0% (c)(e)(h)(k) | 1,217,000 | 0 | |
TOTAL ENERGY | 2,306,751 | ||
Healthcare - 0.2% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% (c)(d)(e)(k) | 2,379,043 | 597,735 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(d)(h)(k) | 378,316 | 385,882 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (c)(d)(h)(k) | 246,806 | 251,742 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4094% 10/1/27 (c)(d)(k) | 789,796 | 752,036 | |
WCG Intermediate Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4418% 1/8/27 (c)(d)(k) | 126,709 | 127,027 | |
TOTAL HEALTHCARE | 2,114,422 | ||
Insurance - 0.0% | |||
Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8189% 11/6/30 (c)(d)(k) | 160,022 | 160,600 | |
Leisure - 0.6% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4389% 7/21/28 (c)(d)(k) | 5,705,427 | 5,684,032 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5635% 9/18/26 (c)(d)(k) | 2,400,662 | 2,402,462 | |
TOTAL LEISURE | 8,086,494 | ||
Metals/Mining - 0.1% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (c)(d)(k) | 1,625,821 | 1,439,436 | |
Paper - 0.0% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.0907% 4/13/29 (c)(d)(k) | 345,356 | 346,651 | |
Services - 0.9% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9183% 12/21/28 (c)(d)(k) | 637,537 | 640,247 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (c)(d)(k) | 225,000 | 220,313 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (c)(d)(k) | 2,218,925 | 2,209,672 | |
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.819% 8/1/30 (c)(d)(k) | 631,825 | 633,537 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/2/28 (c)(d)(k) | 2,488,101 | 2,394,797 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.4592% 9/13/29 (c)(d)(h)(k) | 3,268,662 | 3,268,662 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (c)(d)(k) | 3,317,252 | 2,917,623 | |
TOTAL SERVICES | 12,284,851 | ||
Super Retail - 0.6% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (c)(d)(k) | 2,743,719 | 2,742,237 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (c)(d)(k) | 5,396,948 | 5,399,215 | |
TOTAL SUPER RETAIL | 8,141,452 | ||
Technology - 0.5% | |||
Applied Systems, Inc. Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (c)(d)(k) | 25,000 | 25,802 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (c)(d)(k) | 1,575,458 | 1,571,519 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.4592% 9/13/29 (c)(d)(h)(k) | 76,338 | 76,338 | |
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.686% 5/15/28 (c)(d)(k) | 525,696 | 523,725 | |
Sophia LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 10/7/29 (c)(d)(k) | 614,951 | 616,599 | |
UKG, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (c)(d)(k) | 2,462,981 | 2,473,646 | |
Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4446% 8/27/25 (c)(d)(k) | 814,898 | 815,101 | |
TOTAL TECHNOLOGY | 6,102,730 | ||
Telecommunications - 0.2% | |||
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4094% 6/30/28 (c)(d)(k) | 1,852,691 | 1,303,831 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4183% 12/30/27 (c)(d)(k) | 2,236,765 | 2,035,456 | |
TOTAL TELECOMMUNICATIONS | 3,339,287 | ||
Textiles/Apparel - 0.1% | |||
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6918% 4/16/28 (c)(d)(k) | 729,375 | 729,069 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $66,874,855) | 60,635,972 | ||
Preferred Securities - 1.3% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.1% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 1,225,000 | 1,213,812 | |
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
4.7% (c)(l) | 1,785,000 | 1,399,021 | |
4.7% (c)(l) | 1,820,000 | 1,563,095 | |
Bank of America Corp. 5.875% (c)(l) | 2,195,000 | 2,121,730 | |
JPMorgan Chase & Co.: | |||
4.6% (c)(l) | 1,580,000 | 1,572,142 | |
6.1% (c)(l) | 2,190,000 | 2,205,740 | |
Wells Fargo & Co.: | |||
5.9% (c)(l) | 1,205,000 | 1,226,708 | |
7.625% (c)(l) | 615,000 | 649,053 | |
TOTAL BANKS & THRIFTS | 10,737,489 | ||
Diversified Financial Services - 0.1% | |||
Aircastle Ltd. 5.25% (b)(c)(l) | 225,000 | 214,095 | |
Charles Schwab Corp. 4% (c)(l) | 1,405,000 | 1,152,812 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 1,366,907 | ||
Energy - 0.3% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.5966% (c)(d)(l) | 4,070,000 | 4,152,835 | |
TOTAL PREFERRED SECURITIES (Cost $15,714,972) | 17,471,043 | ||
Fixed-Income Funds - 0.5% | |||
Shares | Value ($) | ||
iShares Broad USD High Yield Corporate Bond ETF (j) (Cost $6,511,488) | 179,600 | 6,454,824 | |
Other - 1.3% | |||
Shares | Value ($) | ||
Other - 1.3% | |||
Fidelity Private Credit Co. LLC (g)(m) (Cost $16,931,688) | 1,699,797 | 17,286,920 | |
Money Market Funds - 4.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (n) | 54,791,432 | 54,802,390 | |
Fidelity Securities Lending Cash Central Fund 5.39% (n)(o) | 8,171,533 | 8,172,350 | |
TOTAL MONEY MARKET FUNDS (Cost $62,974,740) | 62,974,740 | ||
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $1,415,272,785) | 1,343,376,853 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 5,821,722 |
NET ASSETS - 100.0% | 1,349,198,575 |
ETF | - | EXCHANGE-TRADED FUND |
(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 $911,958,346 or 67.6% 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 $20,807,527 or 1.5% of net assets. |
(h) | Level 3 security |
(i) | Non-income producing |
(j) | Security or a portion of the security is on loan at period end. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated Fund |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(o) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Co. LLC | 4/15/22 - 4/08/24 | 16,931,688 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 3,255,619 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 50,252,241 | 355,281,606 | 350,731,463 | 3,140,255 | 6 | - | 54,802,390 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 1,171,350 | 45,398,478 | 38,397,478 | 1,761 | - | - | 8,172,350 | 0.0% |
Total | 51,423,591 | 400,680,084 | 389,128,941 | 3,142,016 | 6 | - | 62,974,740 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Private Credit Co. LLC | 14,258,260 | 2,636,192 | - | 1,928,763 | - | 392,468 | 17,286,920 |
14,258,260 | 2,636,192 | - | 1,928,763 | - | 392,468 | 17,286,920 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 3,078,364 | 3,078,364 | - | - |
Consumer Discretionary | 873,300 | 873,300 | - | - |
Consumer Staples | 1,059,787 | - | - | 1,059,787 |
Energy | 15,179,954 | 2,953,649 | - | 12,226,305 |
Health Care | 1,753,440 | 1,753,440 | - | - |
Industrials | 3,022,584 | 3,022,584 | - | - |
Information Technology | 5,190,032 | 3,661,553 | - | 1,528,479 |
Materials | 10,252 | - | - | 10,252 |
Real Estate | 1,042,272 | 1,042,272 | - | - |
Corporate Bonds | 1,142,354,731 | - | 1,138,834,123 | 3,520,608 |
Commercial Mortgage Securities | 4,988,638 | - | 4,988,638 | - |
Bank Loan Obligations | 60,635,972 | - | 56,653,348 | 3,982,624 |
Preferred Securities | 17,471,043 | - | 17,471,043 | - |
Fixed-Income Funds | 6,454,824 | 6,454,824 | - | - |
Other | 17,286,920 | - | 17,286,920 | - |
Money Market Funds | 62,974,740 | 62,974,740 | - | - |
Total Investments in Securities: | 1,343,376,853 | 85,814,726 | 1,235,234,072 | 22,328,055 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 23,662,145 | |
Net Realized Gain (Loss) on Investment Securities | 18,085,211 | ||
Net Unrealized Gain (Loss) on Investment Securities | (16,885,325) | ||
Cost of Purchases | 1,059,787 | ||
Proceeds of Sales | (24,862,031) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,059,787 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | - | |
Energy | |||
Beginning Balance | $ | 16,085,086 | |
Net Realized Gain (Loss) on Investment Securities | 4,654,055 | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,810,351) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (6,702,485) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 12,226,305 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 2,843,744 | |
Corporate Bonds | |||
Beginning Balance | $ | 21,528,391 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (18,059,247) | ||
Cost of Purchases | 3,232,032 | ||
Proceeds of Sales | (3,204,154) | ||
Amortization/Accretion | 23,586 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 3,520,608 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 264,988 | |
Other Investments in Securities | |||
Beginning Balance | $ | 3,501,820 | |
Net Realized Gain (Loss) on Investment Securities | (23,136) | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,161,022 | ||
Cost of Purchases | 3,857,891 | ||
Proceeds of Sales | (3,023,095) | ||
Amortization/Accretion | 27,273 | ||
Transfers into Level 3 | 19,580 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 5,521,355 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 1,119,247 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $7,907,852) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,335,366,357) | $ | 1,263,115,193 | ||
Fidelity Central Funds (cost $62,974,740) | 62,974,740 | |||
Other affiliated issuers (cost $16,931,688) | 17,286,920 | |||
Total Investment in Securities (cost $1,415,272,785) | $ | 1,343,376,853 | ||
Cash | 117,158 | |||
Receivable for investments sold | 90,500 | |||
Receivable for fund shares sold | 580,843 | |||
Interest receivable | 18,773,105 | |||
Distributions receivable from Fidelity Central Funds | 211,516 | |||
Receivable from investment adviser for expense reductions | 11,469 | |||
Total assets | 1,363,161,444 | |||
Liabilities | ||||
Payable for investments purchased | $ | 4,893,144 | ||
Payable for fund shares redeemed | 890,483 | |||
Other payables and accrued expenses | 6,892 | |||
Collateral on securities loaned | 8,172,350 | |||
Total liabilities | 13,962,869 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,349,198,575 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,820,309,982 | ||
Total accumulated earnings (loss) | (471,111,407) | |||
Net Assets | $ | 1,349,198,575 | ||
Net Asset Value, offering price and redemption price per share ($1,349,198,575 ÷ 161,905,363 shares) | $ | 8.33 |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends: | ||||
Unaffiliated issuers | $ | 1,190,330 | ||
Affiliated issuers | 1,912,891 | |||
Interest | 79,021,182 | |||
Income from Fidelity Central Funds (including $1,761 from security lending) | 3,142,016 | |||
Other income | $ | 644,922 | ||
Payment from investment adviser | 82,981 | |||
Total income | 85,994,322 | |||
Expenses | ||||
Custodian fees and expenses | $ | 11,876 | ||
Independent trustees' fees and expenses | 6,192 | |||
Legal | 26,733 | |||
Total expenses before reductions | 44,801 | |||
Expense reductions | (10,290) | |||
Total expenses after reductions | 34,511 | |||
Net Investment income (loss) | 85,959,811 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (23,263,891) | |||
Fidelity Central Funds | 6 | |||
Foreign currency transactions | 390 | |||
Capital gain distributions from underlying funds: | ||||
Affiliated issuers | 15,872 | |||
Total net realized gain (loss) | (23,247,623) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 33,638,327 | |||
Affiliated issuers | 392,468 | |||
Total change in net unrealized appreciation (depreciation) | 34,030,795 | |||
Net gain (loss) | 10,783,172 | |||
Net increase (decrease) in net assets resulting from operations | $ | 96,742,983 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 85,959,811 | $ | 79,437,342 |
Net realized gain (loss) | (23,247,623) | (75,164,666) | ||
Change in net unrealized appreciation (depreciation) | 34,030,795 | (8,053,810) | ||
Net increase (decrease) in net assets resulting from operations | 96,742,983 | (3,781,134) | ||
Distributions to shareholders | (81,389,502) | (76,803,551) | ||
Share transactions | ||||
Proceeds from sales of shares | 228,600,645 | 114,999,411 | ||
Reinvestment of distributions | 81,389,526 | 76,697,542 | ||
Cost of shares redeemed | (176,213,871) | (385,925,272) | ||
Net increase (decrease) in net assets resulting from share transactions | 133,776,300 | (194,228,319) | ||
Total increase (decrease) in net assets | 149,129,781 | (274,813,004) | ||
Net Assets | ||||
Beginning of period | 1,200,068,794 | 1,474,881,798 | ||
End of period | $ | 1,349,198,575 | $ | 1,200,068,794 |
Other Information | ||||
Shares | ||||
Sold | 27,698,132 | 13,920,010 | ||
Issued in reinvestment of distributions | 9,876,597 | 9,311,777 | ||
Redeemed | (21,371,348) | (46,319,197) | ||
Net increase (decrease) | 16,203,381 | (23,087,410) | ||
Fidelity® Series High Income Fund |
Years ended April 30, | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.24 | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .562 | .536 | .510 | .513 | .577 | |||||
Net realized and unrealized gain (loss) | .060 | (.516) | (.699) | .890 | (.935) | |||||
Total from investment operations | .622 | .020 | (.189) | 1.403 | (.358) | |||||
Distributions from net investment income | (.532) | (.520) | (.511) | (.503) | (.598) | |||||
Distributions from net realized gain | - | - | - | - | (.004) | |||||
Total distributions | (.532) | (.520) | (.511) | (.503) | (.602) | |||||
Net asset value, end of period | $ | 8.33 | $ | 8.24 | $ | 8.74 | $ | 9.44 | $ | 8.54 |
Total Return C | 7.82 % | .41% | (2.24)% | 16.72% | (4.11)% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | -% F | .04% | .02% | -% F | -% F | |||||
Expenses net of fee waivers, if any | - % F | -% F | -% F | -% F | -% F | |||||
Expenses net of all reductions | -% F | -% F | -% F | -% F | -% F | |||||
Net investment income (loss) | 6.83% | 6.49% | 5.42% | 5.58% | 6.20% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,349,199 | $ | 1,200,069 | $ | 1,474,882 | $ | 1,702,161 | $ | 1,491,532 |
Portfolio turnover rate G | 28 % | 34% | 49% | 68% | 41% 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% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $14,814,571 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Discounted cash flow | Discount rate | 11.1% | Decrease | ||
Recovery value | Recovery value | $1.10 | Increase | ||
Corporate Bonds | $3,520,608 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 | Increase |
Daily production multiple ($/Million cubic feet per day) | $3,550.00 | Increase | |||
Discounted cash flow | Yield | 18.8% | Decrease | ||
Recovery value | Recovery value | $0.00 | Increase | ||
Bank Loan Obligations | $3,982,624 | Discounted cash flow | Yield | 12.2% | Decrease |
Recovery value | Recovery value | $0.00 | Increase | ||
Indicative market price | Evaluated bid | $102.00 | Increase |
Gross unrealized appreciation | $37,369,705 |
Gross unrealized depreciation | (97,317,909) |
Net unrealized appreciation (depreciation) | $(59,948,204) |
Tax Cost | $1,403,325,057 |
Undistributed ordinary income | $1,016,952 |
Capital loss carryforward | $(412,180,155) |
Net unrealized appreciation (depreciation) on securities and other investments | $(59,948,204) |
Short-term | $(49,453,366) |
Long-term | (362,726,789) |
Total capital loss carryforward | $(412,180,155) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $81,389,502 | $76,803,551 |
Investment to be Acquired | Commitment Amount ($) | |
Fidelity Series High Income Fund | Fidelity Private Credit Company LLC | 3,086,009 |
Purchases ($) | Sales ($) | |
Fidelity Series High Income Fund | 464,474,239 | 334,937,185 |
Amount ($) | |
Fidelity Series High Income Fund | 98 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series High Income Fund | 263,299 | 142,956 | 26,288 |
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 | 183 | - | - |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® Series High Income Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,090.40 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.86 | $-E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98212_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98212_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Life of Fund A |
Fidelity® U.S. Low Volatility Equity Fund | 10.05% | 5.56% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Low Volatility Equity Fund, on November 5, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period. |
![]() |
Top Holdings (% of Fund's net assets) | ||
Republic Services, Inc. | 1.2 | |
Linde PLC | 1.1 | |
Microsoft Corp. | 1.1 | |
T-Mobile U.S., Inc. | 1.1 | |
Marsh & McLennan Companies, Inc. | 1.1 | |
Progressive Corp. | 1.1 | |
Cboe Global Markets, Inc. | 1.1 | |
Cigna Group | 1.1 | |
Eli Lilly & Co. | 1.1 | |
Merck & Co., Inc. | 1.1 | |
11.1 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 19.4 | |
Information Technology | 17.6 | |
Financials | 16.0 | |
Consumer Staples | 14.7 | |
Industrials | 10.7 | |
Consumer Discretionary | 5.5 | |
Energy | 5.5 | |
Communication Services | 4.3 | |
Utilities | 2.9 | |
Materials | 2.7 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 99.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.3% | |||
Diversified Telecommunication Services - 1.4% | |||
AT&T, Inc. | 12,263 | 207,122 | |
Verizon Communications, Inc. | 6,066 | 239,546 | |
446,668 | |||
Entertainment - 1.5% | |||
IMAX Corp. (a)(b) | 14,781 | 236,644 | |
The Walt Disney Co. | 1,950 | 216,645 | |
453,289 | |||
Media - 0.3% | |||
Comcast Corp. Class A | 2,246 | 85,595 | |
Wireless Telecommunication Services - 1.1% | |||
T-Mobile U.S., Inc. | 2,119 | 347,876 | |
TOTAL COMMUNICATION SERVICES | 1,333,428 | ||
CONSUMER DISCRETIONARY - 5.5% | |||
Diversified Consumer Services - 0.8% | |||
Grand Canyon Education, Inc. (a) | 1,967 | 255,749 | |
Hotels, Restaurants & Leisure - 2.2% | |||
Chipotle Mexican Grill, Inc. (a) | 60 | 189,576 | |
McDonald's Corp. | 929 | 253,654 | |
Yum! Brands, Inc. | 1,792 | 253,120 | |
696,350 | |||
Specialty Retail - 2.5% | |||
Murphy U.S.A., Inc. | 579 | 239,602 | |
O'Reilly Automotive, Inc. (a) | 240 | 243,182 | |
TJX Companies, Inc. | 2,964 | 278,883 | |
761,667 | |||
TOTAL CONSUMER DISCRETIONARY | 1,713,766 | ||
CONSUMER STAPLES - 14.7% | |||
Beverages - 3.3% | |||
Coca-Cola Consolidated, Inc. | 200 | 165,200 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 423 | 107,214 | |
Keurig Dr. Pepper, Inc. | 6,707 | 226,026 | |
Monster Beverage Corp. (a) | 5,182 | 276,978 | |
The Coca-Cola Co. | 3,975 | 245,536 | |
1,020,954 | |||
Consumer Staples Distribution & Retail - 3.1% | |||
Albertsons Companies, Inc. | 5,600 | 114,240 | |
BJ's Wholesale Club Holdings, Inc. (a) | 3,135 | 234,122 | |
Costco Wholesale Corp. | 318 | 229,882 | |
Sprouts Farmers Market LLC (a) | 1,284 | 84,783 | |
Walmart, Inc. | 5,156 | 306,009 | |
969,036 | |||
Food Products - 3.9% | |||
Bunge Global SA | 2,240 | 227,942 | |
Lamb Weston Holdings, Inc. | 2,220 | 185,015 | |
Lancaster Colony Corp. | 400 | 76,324 | |
The J.M. Smucker Co. | 1,933 | 222,005 | |
The Simply Good Foods Co. (a) | 6,928 | 252,526 | |
Tyson Foods, Inc. Class A | 4,079 | 247,391 | |
1,211,203 | |||
Household Products - 3.5% | |||
Colgate-Palmolive Co. | 3,046 | 279,988 | |
Procter & Gamble Co. | 1,774 | 289,517 | |
Reynolds Consumer Products, Inc. | 9,165 | 262,394 | |
The Clorox Co. | 1,782 | 263,504 | |
1,095,403 | |||
Tobacco - 0.9% | |||
Philip Morris International, Inc. | 2,767 | 262,699 | |
TOTAL CONSUMER STAPLES | 4,559,295 | ||
ENERGY - 5.5% | |||
Oil, Gas & Consumable Fuels - 5.5% | |||
Cheniere Energy, Inc. | 1,500 | 236,730 | |
ConocoPhillips Co. | 2,027 | 254,632 | |
Diamondback Energy, Inc. | 1,412 | 283,996 | |
Exxon Mobil Corp. | 2,507 | 296,503 | |
International Seaways, Inc. | 2,699 | 149,228 | |
Phillips 66 Co. | 1,798 | 257,492 | |
Pioneer Natural Resources Co. | 830 | 223,536 | |
1,702,117 | |||
FINANCIALS - 16.0% | |||
Capital Markets - 1.7% | |||
Cboe Global Markets, Inc. | 1,865 | 337,845 | |
Intercontinental Exchange, Inc. | 1,363 | 175,500 | |
513,345 | |||
Financial Services - 2.7% | |||
Fiserv, Inc. (a) | 1,500 | 229,005 | |
MasterCard, Inc. Class A | 693 | 312,682 | |
Visa, Inc. Class A | 1,121 | 301,112 | |
842,799 | |||
Insurance - 11.6% | |||
American Financial Group, Inc. | 1,645 | 210,149 | |
Arch Capital Group Ltd. (a) | 2,723 | 254,709 | |
Arthur J. Gallagher & Co. | 1,192 | 279,750 | |
Brown & Brown, Inc. | 3,393 | 276,665 | |
Chubb Ltd. | 1,179 | 293,147 | |
Everest Re Group Ltd. | 624 | 228,640 | |
Hanover Insurance Group, Inc. | 1,816 | 235,753 | |
Hartford Financial Services Group, Inc. | 2,860 | 277,105 | |
Marsh & McLennan Companies, Inc. | 1,721 | 343,219 | |
Progressive Corp. | 1,636 | 340,697 | |
Reinsurance Group of America, Inc. | 1,359 | 254,119 | |
Selective Insurance Group, Inc. | 2,600 | 264,290 | |
The Travelers Companies, Inc. | 1,521 | 322,695 | |
3,580,938 | |||
TOTAL FINANCIALS | 4,937,082 | ||
HEALTH CARE - 19.4% | |||
Biotechnology - 4.4% | |||
AbbVie, Inc. | 1,527 | 248,351 | |
Biogen, Inc. (a) | 309 | 66,379 | |
Exelixis, Inc. (a) | 11,842 | 277,813 | |
Gilead Sciences, Inc. | 3,557 | 231,916 | |
Incyte Corp. (a) | 4,254 | 221,421 | |
Regeneron Pharmaceuticals, Inc. (a) | 359 | 319,747 | |
1,365,627 | |||
Health Care Equipment & Supplies - 2.6% | |||
Abbott Laboratories | 2,051 | 217,344 | |
Boston Scientific Corp. (a) | 4,075 | 292,870 | |
Hologic, Inc. (a) | 1,100 | 83,347 | |
Stryker Corp. | 649 | 218,389 | |
811,950 | |||
Health Care Providers & Services - 7.4% | |||
Cencora, Inc. | 1,362 | 325,586 | |
Centene Corp. (a) | 2,972 | 217,134 | |
Chemed Corp. | 414 | 235,152 | |
Cigna Group | 938 | 334,904 | |
CVS Health Corp. | 3,095 | 209,562 | |
Elevance Health, Inc. | 473 | 250,018 | |
Molina Healthcare, Inc. (a) | 633 | 216,549 | |
Quest Diagnostics, Inc. | 1,609 | 222,332 | |
UnitedHealth Group, Inc. | 564 | 272,807 | |
2,284,044 | |||
Life Sciences Tools & Services - 1.4% | |||
Danaher Corp. | 718 | 177,073 | |
Thermo Fisher Scientific, Inc. | 438 | 249,099 | |
426,172 | |||
Pharmaceuticals - 3.6% | |||
AstraZeneca PLC (United Kingdom) | 1,950 | 294,935 | |
Eli Lilly & Co. | 424 | 331,186 | |
Merck & Co., Inc. | 2,551 | 329,640 | |
Roche Holding AG (participation certificate) | 621 | 148,800 | |
1,104,561 | |||
TOTAL HEALTH CARE | 5,992,354 | ||
INDUSTRIALS - 10.7% | |||
Aerospace & Defense - 3.4% | |||
General Dynamics Corp. | 866 | 248,620 | |
General Electric Co. | 1,693 | 273,961 | |
Lockheed Martin Corp. | 538 | 250,132 | |
Northrop Grumman Corp. | 586 | 284,228 | |
1,056,941 | |||
Commercial Services & Supplies - 2.2% | |||
Republic Services, Inc. | 1,958 | 375,350 | |
Waste Connections, Inc. (United States) | 1,821 | 295,166 | |
670,516 | |||
Construction & Engineering - 0.8% | |||
EMCOR Group, Inc. | 727 | 259,663 | |
Electrical Equipment - 0.3% | |||
GE Vernova LLC | 498 | 76,548 | |
Ground Transportation - 1.7% | |||
CSX Corp. | 3,200 | 106,304 | |
Landstar System, Inc. | 1,486 | 259,173 | |
Union Pacific Corp. | 700 | 166,012 | |
531,489 | |||
Professional Services - 2.3% | |||
CACI International, Inc. Class A (a) | 763 | 306,901 | |
Leidos Holdings, Inc. | 1,835 | 257,304 | |
Science Applications International Corp. | 1,133 | 145,817 | |
710,022 | |||
TOTAL INDUSTRIALS | 3,305,179 | ||
INFORMATION TECHNOLOGY - 17.6% | |||
Communications Equipment - 1.6% | |||
Cisco Systems, Inc. | 5,018 | 235,746 | |
Motorola Solutions, Inc. | 783 | 265,554 | |
501,300 | |||
Electronic Equipment, Instruments & Components - 4.0% | |||
Amphenol Corp. Class A | 1,924 | 232,361 | |
CDW Corp. | 981 | 237,265 | |
Insight Enterprises, Inc. (a) | 1,715 | 313,108 | |
Keyence Corp. | 542 | 241,732 | |
TD SYNNEX Corp. | 1,931 | 227,549 | |
1,252,015 | |||
IT Services - 2.1% | |||
Accenture PLC Class A | 827 | 248,853 | |
Amdocs Ltd. | 2,812 | 236,180 | |
IBM Corp. | 900 | 149,580 | |
634,613 | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
Analog Devices, Inc. | 633 | 126,986 | |
Software - 9.0% | |||
Blackbaud, Inc. (a) | 1,512 | 117,815 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a) | 20,677 | 231,996 | |
CommVault Systems, Inc. (a) | 3,210 | 328,929 | |
Manhattan Associates, Inc. (a) | 1,196 | 246,448 | |
Microsoft Corp. | 898 | 349,618 | |
PTC, Inc. (a) | 1,814 | 321,876 | |
Roper Technologies, Inc. | 616 | 315,059 | |
Salesforce, Inc. | 1,047 | 281,580 | |
SAP SE sponsored ADR | 1,146 | 207,667 | |
ServiceNow, Inc. (a) | 306 | 212,159 | |
Workday, Inc. Class A (a) | 768 | 187,953 | |
2,801,100 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
FUJIFILM Holdings Corp. ADR (b) | 13,752 | 146,046 | |
TOTAL INFORMATION TECHNOLOGY | 5,462,060 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.9% | |||
Ecolab, Inc. | 1,030 | 232,935 | |
Linde PLC | 794 | 350,122 | |
583,057 | |||
Containers & Packaging - 0.8% | |||
Aptargroup, Inc. | 1,750 | 252,665 | |
TOTAL MATERIALS | 835,722 | ||
UTILITIES - 2.9% | |||
Electric Utilities - 2.4% | |||
Allete, Inc. | 3,628 | 214,850 | |
Duke Energy Corp. | 1,100 | 108,086 | |
PPL Corp. | 4,868 | 133,675 | |
Southern Co. | 3,963 | 291,281 | |
747,892 | |||
Multi-Utilities - 0.5% | |||
Public Service Enterprise Group, Inc. | 2,000 | 138,160 | |
TOTAL UTILITIES | 886,052 | ||
TOTAL COMMON STOCKS (Cost $25,641,983) | 30,727,055 | ||
Money Market Funds - 0.7% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) (Cost $213,750) | 213,729 | 213,750 | |
Equity Funds - 0.2% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.2% | |||
iShares MSCI USA Minimum Volatility ETF (Cost $73,775) | 900 | 72,405 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $25,929,508) | 31,013,210 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (50,099) |
NET ASSETS - 100.0% | 30,963,111 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 255,294 | 21,023,280 | 21,278,575 | 19,089 | 1 | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 1,701,129 | 16,330,539 | 17,817,918 | 11,353 | - | - | 213,750 | 0.0% |
Total | 1,956,423 | 37,353,819 | 39,096,493 | 30,442 | 1 | - | 213,750 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,333,428 | 1,333,428 | - | - |
Consumer Discretionary | 1,713,766 | 1,713,766 | - | - |
Consumer Staples | 4,559,295 | 4,559,295 | - | - |
Energy | 1,702,117 | 1,702,117 | - | - |
Financials | 4,937,082 | 4,937,082 | - | - |
Health Care | 5,992,354 | 5,548,619 | 443,735 | - |
Industrials | 3,305,179 | 3,305,179 | - | - |
Information Technology | 5,462,060 | 5,462,060 | - | - |
Materials | 835,722 | 835,722 | - | - |
Utilities | 886,052 | 886,052 | - | - |
Money Market Funds | 213,750 | 213,750 | - | - |
Equity Funds | 72,405 | 72,405 | - | - |
Total Investments in Securities: | 31,013,210 | 30,569,475 | 443,735 | - |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $201,673) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $25,715,758) | $ | 30,799,460 | ||
Fidelity Central Funds (cost $213,750) | 213,750 | |||
Total Investment in Securities (cost $25,929,508) | $ | 31,013,210 | ||
Receivable for investments sold | 618,997 | |||
Receivable for fund shares sold | 3,224 | |||
Dividends receivable | 23,704 | |||
Reclaims receivable | 77,655 | |||
Distributions receivable from Fidelity Central Funds | 1,218 | |||
Prepaid expenses | 70 | |||
Receivable from investment adviser for expense reductions | 2,236 | |||
Total assets | 31,740,314 | |||
Liabilities | ||||
Payable to custodian bank | $ | 75,445 | ||
Payable for investments purchased | 429,429 | |||
Payable for fund shares redeemed | 5,895 | |||
Accrued management fee | 14,836 | |||
Other payables and accrued expenses | 37,848 | |||
Collateral on securities loaned | 213,750 | |||
Total liabilities | 777,203 | |||
Net Assets | $ | 30,963,111 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 25,915,982 | ||
Total accumulated earnings (loss) | 5,047,129 | |||
Net Assets | $ | 30,963,111 | ||
Net Asset Value, offering price and redemption price per share ($30,963,111 ÷ 2,765,295 shares) | $ | 11.20 |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends | $ | 2,690,831 | ||
Income from Fidelity Central Funds (including $11,353 from security lending) | 30,442 | |||
Total income | 2,721,273 | |||
Expenses | ||||
Management fee | $ | 653,653 | ||
Transfer agent fees | 253,217 | |||
Accounting fees | 51,752 | |||
Custodian fees and expenses | 15,914 | |||
Independent trustees' fees and expenses | 892 | |||
Registration fees | 25,836 | |||
Audit | 43,793 | |||
Legal | 439 | |||
Miscellaneous | 763 | |||
Total expenses before reductions | 1,046,259 | |||
Expense reductions | (15,829) | |||
Total expenses after reductions | 1,030,430 | |||
Net Investment income (loss) | 1,690,843 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 6,626,439 | |||
Redemptions in-kind | 24,654,864 | |||
Fidelity Central Funds | 1 | |||
Foreign currency transactions | (853) | |||
Total net realized gain (loss) | 31,280,451 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (19,648,357) | |||
Assets and liabilities in foreign currencies | (2,112) | |||
Total change in net unrealized appreciation (depreciation) | (19,650,469) | |||
Net gain (loss) | 11,629,982 | |||
Net increase (decrease) in net assets resulting from operations | $ | 13,320,825 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,690,843 | $ | 3,848,130 |
Net realized gain (loss) | 31,280,451 | (2,220,656) | ||
Change in net unrealized appreciation (depreciation) | (19,650,469) | (8,987,256) | ||
Net increase (decrease) in net assets resulting from operations | 13,320,825 | (7,359,782) | ||
Distributions to shareholders | (2,899,631) | (16,179,737) | ||
Share transactions | ||||
Proceeds from sales of shares | 14,238,685 | 86,979,419 | ||
Reinvestment of distributions | 2,864,385 | 16,070,098 | ||
Cost of shares redeemed | (203,454,396) | (229,448,009) | ||
Net increase (decrease) in net assets resulting from share transactions | (186,351,326) | (126,398,492) | ||
Total increase (decrease) in net assets | (175,930,132) | (149,938,011) | ||
Net Assets | ||||
Beginning of period | 206,893,243 | 356,831,254 | ||
End of period | $ | 30,963,111 | $ | 206,893,243 |
Other Information | ||||
Shares | ||||
Sold | 1,355,755 | 8,496,394 | ||
Issued in reinvestment of distributions | 275,401 | 1,595,671 | ||
Redeemed | (18,859,577) | (22,844,639) | ||
Net increase (decrease) | (17,228,421) | (12,752,574) | ||
Fidelity® U.S. Low Volatility Equity Fund |
Years ended April 30, | 2024 | 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 | .12 | .13 | .08 | .08 | .05 | |||||
Net realized and unrealized gain (loss) | .91 | (.17) | (.03) | 2.25 | (.79) | |||||
Total from investment operations | 1.03 | (.04) | .05 | 2.33 | (.74) | |||||
Distributions from net investment income | (.12) | (.13) | (.08) | (.07) | (.03) | |||||
Distributions from net realized gain | (.06) | (.38) | (.56) | - | - | |||||
Total distributions | (.18) | (.51) | (.64) | (.07) | (.03) | |||||
Net asset value, end of period | $ | 11.20 | $ | 10.35 | $ | 10.90 | $ | 11.49 | $ | 9.23 |
Total Return D,E | 10.05 % | (.22)% | .12% | 25.27% | (7.44)% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .68% | .66% | .73% | .77% | 2.28% H | |||||
Expenses net of fee waivers, if any | .67 % | .66% | .72% | .77% | .95% H | |||||
Expenses net of all reductions | .67% | .66% | .72% | .77% | .95% H | |||||
Net investment income (loss) | 1.11% | 1.28% | .71% | .79% | 1.46% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 30,963 | $ | 206,893 | $ | 356,831 | $ | 361,699 | $ | 294,690 |
Portfolio turnover rate I | 47 % J | 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 | $5,985,348 |
Gross unrealized depreciation | (936,182) |
Net unrealized appreciation (depreciation) | $5,049,166 |
Tax Cost | $25,964,044 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $- |
Net unrealized appreciation (depreciation) on securities and other investments | $5,048,782 |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $1,962,214 | $3,896,000 |
Long-term Capital Gains | 937,417 | 12,283,737 |
Total | $2,899,631 | $16,179,737 |
Purchases ($) | Sales ($) | |
Fidelity U.S. Low Volatility Equity Fund | 72,635,961 | 116,560,517 |
Maximum Management Fee Rate % | |
Fidelity U.S. Low Volatility Equity Fund | .59 |
Total Management Fee Rate % | |
Fidelity U.S. Low Volatility Equity Fund | .58 |
% of Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | .0353 |
% of Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | .04 |
Amount ($) | |
Fidelity U.S. Low Volatility Equity Fund | 1,055 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity U.S. Low Volatility Equity Fund | 849,852 | 2,685,272 | 778,867 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity U.S. Low Volatility Equity Fund | 12,998,678 | 24,654,864 | 141,738,370 |
Amount ($) | |
Fidelity U.S. Low Volatility Equity Fund | 280 |
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 | 1,171 | - | - |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® U.S. Low Volatility Equity Fund ** | .69% | |||||||||
Actual | $ 1,000 | $ 1,132.70 | $ 3.66 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.43 | $ 3.47 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® U.S. Low Volatility Equity Fund | .63% | |||||
Actual | $ 3.34 | |||||
Hypothetical- B | $ 3.17 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98213_1.jpg)
![](https://capedge.com/proxy/N-CSR/0000225322-24-000161/img98213_2.jpg)
Contents
Average Annual Total Returns | |||
Periods ended April 30, 2024 | Past 1 year | Life of Fund A |
Fidelity® SAI High Income Fund | 8.05% | 0.83% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® SAI High Income Fund, on May 13, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
![]() |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Community Health Systems, Inc. | 1.8 | |
Fidelity Private Credit Co. LLC | 1.3 | |
New Fortress Energy, Inc. | 1.1 | |
TransDigm, Inc. | 1.1 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.1 | |
Mesquite Energy, Inc. | 1.1 | |
MPT Operating Partnership LP/MPT Finance Corp. | 1.0 | |
Tenet Healthcare Corp. | 1.0 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC | 1.0 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.0 | |
11.5 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 15.4 | |
Healthcare | 7.8 | |
Services | 7.7 | |
Technology | 6.7 | |
Telecommunications | 5.7 | |
Quality Diversification (% of Fund's net assets) |
![]() |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 86.2% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.4% | |||
Broadcasting - 0.7% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 1,986,000 | 1,444,795 | |
3.375% 8/15/26 | 14,390,000 | 8,777,873 | |
10,222,668 | |||
Diversified Financial Services - 0.1% | |||
Rexford Industrial Realty LP: | |||
4.125% 3/15/29 (b) | 947,000 | 912,888 | |
4.375% 3/15/27 (b) | 789,000 | 766,960 | |
1,679,848 | |||
Energy - 0.1% | |||
NextEra Energy Partners LP 2.5% 6/15/26 (b) | 1,294,000 | 1,162,614 | |
Sunnova Energy International, Inc. 0.25% 12/1/26 | 757,000 | 338,942 | |
1,501,556 | |||
Homebuilders/Real Estate - 0.2% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 379,000 | 308,885 | |
Redfin Corp. 0.5% 4/1/27 | 4,622,000 | 2,264,780 | |
2,573,665 | |||
Technology - 0.2% | |||
Wolfspeed, Inc. 1.875% 12/1/29 | 6,448,000 | 3,704,376 | |
Utilities - 0.1% | |||
PG&E Corp. 4.25% 12/1/27 (b) | 1,502,000 | 1,504,253 | |
TOTAL CONVERTIBLE BONDS | 21,186,366 | ||
Nonconvertible Bonds - 84.8% | |||
Aerospace - 2.1% | |||
Bombardier, Inc.: | |||
7.25% 7/1/31 (b) | 2,255,000 | 2,260,550 | |
7.875% 4/15/27 (b) | 3,574,000 | 3,551,726 | |
8.75% 11/15/30 (b) | 1,250,000 | 1,329,860 | |
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 4,425,000 | 4,042,234 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 (c) | 295,000 | 294,895 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (b)(c) | 280,000 | 245,247 | |
4.625% 3/1/28 (b) | 820,000 | 763,467 | |
Moog, Inc. 4.25% 12/15/27 (b) | 220,000 | 205,334 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 1,145,000 | 1,266,652 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,090,000 | 3,746,399 | |
5.5% 11/15/27 | 4,405,000 | 4,278,356 | |
6.375% 3/1/29 (b) | 2,690,000 | 2,669,457 | |
6.75% 8/15/28 (b) | 2,050,000 | 2,062,813 | |
6.875% 12/15/30 (b) | 3,840,000 | 3,866,110 | |
7.125% 12/1/31 (b) | 885,000 | 901,881 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 1,145,000 | 1,025,331 | |
32,510,312 | |||
Air Transportation - 1.2% | |||
Air Canada 3.875% 8/15/26 (b) | 1,075,000 | 1,019,774 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (b)(c) | 685,000 | 688,878 | |
8.5% 5/15/29 (b) | 1,465,000 | 1,526,049 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 3,017,500 | 2,982,495 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (b) | 1,650,000 | 1,547,518 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 474,500 | 475,301 | |
Rand Parent LLC 8.5% 2/15/30 (b)(c) | 8,638,000 | 8,542,266 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 1,720,000 | 1,343,384 | |
18,125,665 | |||
Automotive & Auto Parts - 2.1% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (b) | 445,000 | 449,562 | |
Aston Martin Capital Holdings Ltd. 10% 3/31/29 (b) | 1,585,000 | 1,543,394 | |
Champions Financing, Inc. 8.75% 2/15/29 (b) | 3,805,000 | 3,888,421 | |
Dana, Inc.: | |||
4.25% 9/1/30 (c) | 590,000 | 511,168 | |
5.375% 11/15/27 (c) | 395,000 | 381,691 | |
Ford Motor Credit Co. LLC: | |||
3.625% 6/17/31 | 1,665,000 | 1,406,115 | |
4% 11/13/30 | 725,000 | 631,827 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 785,000 | 815,450 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 2,415,000 | 2,408,015 | |
6.5% 3/26/31 (b) | 2,205,000 | 2,206,647 | |
8.125% 3/30/29 (b) | 2,535,000 | 2,650,860 | |
8.375% 5/1/28 (b) | 1,605,000 | 1,685,009 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 1,800,000 | 1,563,300 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b) | 1,965,000 | 859,688 | |
Phinia, Inc. 6.75% 4/15/29 (b) | 950,000 | 953,384 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC CME Term SOFR 6 Month Index + 6.020% 11.3101% 10/15/26 (b)(d)(e) | 2,270,000 | 2,235,949 | |
Wand NewCo 3, Inc. 7.625% 1/30/32 (b)(c) | 2,070,000 | 2,104,363 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 1,750,000 | 1,721,938 | |
6.75% 4/23/30 (b) | 2,175,000 | 2,183,163 | |
6.875% 4/14/28 (b) | 810,000 | 815,417 | |
6.875% 4/23/32 (b) | 1,320,000 | 1,334,783 | |
7.125% 4/14/30 (b) | 810,000 | 828,214 | |
33,178,358 | |||
Banks & Thrifts - 1.3% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 1,514,000 | 1,501,645 | |
6.7% 2/14/33 (c) | 3,380,000 | 3,315,729 | |
Jane Street Group LLC/JSG Finance, Inc.: | |||
4.5% 11/15/29 (b) | 2,015,000 | 1,832,772 | |
7.125% 4/30/31 (b) | 2,265,000 | 2,279,187 | |
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 585,000 | 477,588 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(d) | 2,591,000 | 2,384,032 | |
5.861% 6/19/32 (b)(d) | 945,000 | 913,721 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
6.375% 2/1/30 (b) | 4,579,000 | 3,543,383 | |
7.875% 5/1/27 (b) | 1,284,000 | 1,141,858 | |
Western Alliance Bancorp. 3% 6/15/31 (d) | 3,700,000 | 3,146,739 | |
20,536,654 | |||
Broadcasting - 1.5% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b)(c) | 1,885,000 | 1,747,248 | |
7.5% 6/1/29 (b) | 1,570,000 | 1,265,147 | |
7.875% 4/1/30 (b) | 2,665,000 | 2,612,925 | |
9% 9/15/28 (b)(c) | 2,690,000 | 2,765,494 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(f) | 12,645,000 | 316,125 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 2,765,000 | 2,787,222 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (b)(c) | 4,645,000 | 3,939,242 | |
5.5% 7/1/29 (b)(c) | 1,135,000 | 1,053,550 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (b) | 130,000 | 113,090 | |
6.625% 6/1/27 (b) | 2,985,000 | 2,880,567 | |
7.375% 6/30/30 (b)(c) | 2,750,000 | 2,633,347 | |
8% 8/15/28 (b) | 1,215,000 | 1,213,568 | |
23,327,525 | |||
Building Materials - 1.6% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (b) | 350,000 | 338,920 | |
6.375% 6/15/30 (b)(c) | 1,330,000 | 1,322,208 | |
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 395,000 | 416,086 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 1,565,000 | 1,562,298 | |
Builders FirstSource, Inc.: | |||
4.25% 2/1/32 (b) | 3,750,000 | 3,266,391 | |
6.375% 3/1/34 (b) | 945,000 | 927,463 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 4,215,000 | 4,245,972 | |
EMRLD Borrower LP / Emerald Co. 6.625% 12/15/30 (b) | 5,285,000 | 5,237,644 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (b) | 1,245,000 | 1,236,443 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 1,765,000 | 1,698,221 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 575,000 | 605,557 | |
SRS Distribution, Inc. 6% 12/1/29 (b) | 2,595,000 | 2,631,102 | |
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b) | 1,235,000 | 1,265,875 | |
24,754,180 | |||
Cable/Satellite TV - 2.0% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 5,510,000 | 4,312,362 | |
4.25% 1/15/34 (b) | 2,840,000 | 2,057,612 | |
4.5% 8/15/30 (b) | 2,435,000 | 1,978,806 | |
4.5% 5/1/32 | 5,889,000 | 4,521,671 | |
4.5% 6/1/33 (b) | 5,460,000 | 4,105,884 | |
4.75% 2/1/32 (b) | 390,000 | 306,710 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 1,395,000 | 860,110 | |
4.125% 12/1/30 (b) | 3,145,000 | 1,997,773 | |
4.5% 11/15/31 (b) | 745,000 | 472,769 | |
4.625% 12/1/30 (b) | 5,700,000 | 2,473,990 | |
5.375% 2/1/28 (b) | 2,550,000 | 1,956,389 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 720,000 | 671,095 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 2,730,000 | 1,843,520 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 720,000 | 640,959 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 1,400,000 | 1,321,250 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 185,000 | 181,958 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,730,000 | 1,513,828 | |
31,216,686 | |||
Capital Goods - 1.0% | |||
ESAB Corp. 6.25% 4/15/29 (b) | 2,375,000 | 2,366,088 | |
Mueller Water Products, Inc. 4% 6/15/29 (b) | 2,785,000 | 2,519,901 | |
Regal Rexnord Corp.: | |||
6.05% 2/15/26 (b) | 1,940,000 | 1,940,275 | |
6.3% 2/15/30 (b) | 1,310,000 | 1,315,601 | |
TK Elevator U.S. Newco, Inc. 5.25% 7/15/27 (b) | 4,880,000 | 4,668,054 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 2,560,000 | 2,509,001 | |
15,318,920 | |||
Chemicals - 4.8% | |||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/31 (b) | 730,000 | 744,507 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 2,430,000 | 2,515,062 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b) | 3,015,000 | 2,812,992 | |
Element Solutions, Inc. 3.875% 9/1/28 (b) | 1,420,000 | 1,278,122 | |
INEOS Quattro Finance 2 PLC 9.625% 3/15/29 (b) | 705,000 | 744,788 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d) | 2,701,250 | 2,302,816 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 1,210,000 | 1,147,035 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 4,425,000 | 4,255,842 | |
5.25% 12/15/29 | 1,430,000 | 1,355,553 | |
5.65% 12/1/44 | 4,210,000 | 3,556,074 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 4,555,000 | 3,812,500 | |
5% 5/1/25 (b) | 200,000 | 196,263 | |
5.25% 6/1/27 (b) | 4,340,000 | 4,082,661 | |
8.5% 11/15/28 (b) | 990,000 | 1,040,568 | |
9% 2/15/30 (b) | 955,000 | 984,030 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 4,168,000 | 3,805,057 | |
Olin Corp. 5% 2/1/30 (c) | 5,195,000 | 4,848,545 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (b) | 3,270,000 | 2,946,614 | |
6.25% 10/1/29 (b) | 3,140,000 | 2,829,830 | |
9.75% 11/15/28 (b) | 6,305,000 | 6,690,353 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (b)(c) | 690,000 | 641,554 | |
6.625% 5/1/29 (b) | 2,144,000 | 1,978,235 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 3,235,000 | 3,104,864 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 3,145,000 | 2,694,858 | |
5.375% 5/15/27 | 710,000 | 671,755 | |
5.75% 11/15/28 (b)(c) | 3,530,000 | 3,241,858 | |
TPC Group, Inc. 13% 12/16/27 (b) | 1,458,918 | 1,491,926 | |
Tronox, Inc. 4.625% 3/15/29 (b)(c) | 4,550,000 | 4,059,000 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (b) | 5,025,000 | 4,499,883 | |
7.375% 3/1/31 (b) | 595,000 | 603,128 | |
74,936,273 | |||
Consumer Products - 0.8% | |||
Foundation Building Materials, Inc. 6% 3/1/29 (b) | 938,000 | 826,652 | |
Kohl's Corp. 4.25% 7/17/25 | 190,000 | 185,206 | |
Mattel, Inc. 5.45% 11/1/41 | 585,000 | 512,005 | |
Newell Brands, Inc.: | |||
5.7% 4/1/26 | 730,000 | 718,359 | |
6.375% 9/15/27 (c) | 730,000 | 711,846 | |
6.625% 9/15/29 (c) | 820,000 | 792,022 | |
7% 4/1/46 (g) | 585,000 | 474,614 | |
The Scotts Miracle-Gro Co.: | |||
4% 4/1/31 | 295,000 | 248,507 | |
4.375% 2/1/32 | 435,000 | 366,100 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (b) | 2,760,000 | 2,605,386 | |
10.5% 5/15/29 (b) | 2,928,000 | 2,801,663 | |
Windsor Holdings III, LLC 8.5% 6/15/30 (b) | 1,825,000 | 1,900,782 | |
12,143,142 | |||
Containers - 1.1% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(d) | 1,187,000 | 292,740 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (b) | 730,000 | 608,350 | |
5.25% 4/30/25 (b) | 955,000 | 945,637 | |
5.25% 8/15/27 (b) | 308,000 | 157,080 | |
5.25% 8/15/27 (b) | 311,000 | 158,610 | |
Ball Corp.: | |||
2.875% 8/15/30 | 730,000 | 610,066 | |
6% 6/15/29 | 975,000 | 970,153 | |
Berry Global, Inc. 4.875% 7/15/26 (b) | 1,170,000 | 1,144,889 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 940,000 | 849,082 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 960,000 | 835,275 | |
LABL, Inc.: | |||
5.875% 11/1/28 (b) | 450,000 | 400,209 | |
6.75% 7/15/26 (b) | 680,000 | 670,506 | |
9.5% 11/1/28 (b) | 300,000 | 300,112 | |
10.5% 7/15/27 (b) | 964,000 | 946,848 | |
Mauser Packaging Solutions Holding Co. 7.875% 4/15/27 (b) | 2,190,000 | 2,231,063 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b)(c) | 765,000 | 766,170 | |
Sealed Air Corp. 5% 4/15/29 (b) | 3,690,000 | 3,471,598 | |
Sealed Air Corp./Sealed Air Corp. U.S.: | |||
6.125% 2/1/28 (b) | 825,000 | 814,948 | |
7.25% 2/15/31 (b)(c) | 1,425,000 | 1,450,690 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (b) | 180,000 | 176,665 | |
8.5% 8/15/27 (b) | 265,000 | 262,420 | |
18,063,111 | |||
Diversified Financial Services - 3.8% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(d) | 1,500,000 | 1,491,317 | |
Boost Newco Borrower LLC 7.5% 1/15/31 (b) | 3,255,000 | 3,359,459 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 1,785,000 | 1,606,500 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (b) | 280,000 | 234,742 | |
3.625% 10/1/31 (b) | 2,610,000 | 2,035,222 | |
Encore Capital Group, Inc. 9.25% 4/1/29 (b) | 1,160,000 | 1,185,110 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 573,000 | 571,722 | |
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b)(c) | 1,910,000 | 1,984,029 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 375,000 | 374,648 | |
7.75% 5/15/26 (b) | 1,385,000 | 1,406,985 | |
8% 2/15/27 (b) | 3,565,000 | 3,653,656 | |
8% 6/15/28 (b) | 4,200,000 | 4,325,311 | |
Gn Bondco LLC 9.5% 10/15/31 (b)(c) | 1,660,000 | 1,594,133 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,150,000 | 1,079,393 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 3,245,000 | 2,731,770 | |
5.25% 5/15/27 | 7,915,000 | 7,232,331 | |
6.25% 5/15/26 | 4,110,000 | 3,997,245 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 520,000 | 467,850 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.: | |||
4.75% 6/15/29 (b)(c) | 2,550,000 | 2,275,755 | |
5.25% 10/1/25 (b) | 175,000 | 172,146 | |
Navient Corp.: | |||
4.875% 3/15/28 | 375,000 | 338,815 | |
5% 3/15/27 | 375,000 | 353,532 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 5,105,000 | 4,696,640 | |
3.875% 9/15/28 | 5,843,000 | 5,143,099 | |
7.125% 3/15/26 | 3,225,000 | 3,254,347 | |
9% 1/15/29 (c) | 330,000 | 345,962 | |
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b) | 1,880,000 | 1,778,531 | |
SLM Corp. 4.2% 10/29/25 | 765,000 | 739,541 | |
StoneX Group, Inc. 7.875% 3/1/31 (b) | 1,080,000 | 1,092,193 | |
59,521,984 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 3,705,000 | 3,447,601 | |
Outfront Media Capital LLC / Corp. 7.375% 2/15/31 (b) | 2,295,000 | 2,355,131 | |
5,802,732 | |||
Energy - 12.7% | |||
Altus Midstream LP: | |||
5.875% 6/15/30 (b) | 2,270,000 | 2,194,805 | |
6.625% 12/15/28 (b) | 2,335,000 | 2,346,241 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (b) | 730,000 | 716,720 | |
7.875% 5/15/26 (b) | 730,000 | 743,268 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 4,505,000 | 4,079,530 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 1,585,000 | 1,598,475 | |
California Resources Corp. 7.125% 2/1/26 (b) | 1,020,000 | 1,025,646 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 1,180,000 | 1,131,404 | |
Canacol Energy Ltd. 5.75% 11/24/28 (b) | 1,530,000 | 722,925 | |
CGG SA 8.75% 4/1/27 (b) | 3,940,000 | 3,687,027 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 3,110,000 | 3,105,185 | |
8.375% 1/15/29 (b) | 1,000,000 | 1,034,889 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 2,835,000 | 2,509,018 | |
CNX Resources Corp.: | |||
7.25% 3/1/32 (b)(c) | 2,185,000 | 2,191,031 | |
7.375% 1/15/31 (b)(c) | 855,000 | 865,499 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (b) | 3,350,000 | 3,051,084 | |
6.75% 3/1/29 (b)(c) | 2,280,000 | 2,170,815 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b) | 3,192,000 | 3,211,597 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (b) | 3,265,000 | 3,216,715 | |
5.625% 10/15/25 (b) | 395,000 | 392,816 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 4,910,000 | 4,562,451 | |
8.5% 1/15/29 (b) | 3,230,000 | 3,237,970 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp.: | |||
7.125% 6/1/28 (b) | 4,740,000 | 4,629,604 | |
8.625% 3/15/29 (b) | 1,945,000 | 1,959,717 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (b) | 575,000 | 521,162 | |
4.375% 6/15/31 (b) | 195,000 | 173,112 | |
Energean PLC 6.5% 4/30/27 (b) | 1,795,000 | 1,669,350 | |
Energy Transfer LP: | |||
6% 2/1/29 (b) | 995,000 | 993,644 | |
7.375% 2/1/31 (b) | 1,355,000 | 1,397,292 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (b) | 1,265,000 | 1,242,920 | |
6.5% 9/1/30 (b) | 4,430,000 | 4,485,610 | |
EnLink Midstream Partners LP: | |||
4.15% 6/1/25 | 685,000 | 668,537 | |
4.85% 7/15/26 | 1,210,000 | 1,176,822 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 600,000 | 548,240 | |
6% 7/1/25 (b) | 185,000 | 184,691 | |
6.5% 7/1/27 (b)(c) | 610,000 | 610,847 | |
6.5% 7/15/48 | 300,000 | 296,000 | |
Global Partners LP/GLP Finance Corp.: | |||
6.875% 1/15/29 | 3,538,000 | 3,462,410 | |
7% 8/1/27 | 2,975,000 | 2,951,463 | |
8.25% 1/15/32 (b) | 450,000 | 460,988 | |
Harbour Energy PLC 5.5% 10/15/26 (b) | 190,000 | 186,258 | |
Harvest Midstream I LP: | |||
7.5% 9/1/28 (b) | 3,565,000 | 3,574,768 | |
7.5% 5/15/32 (b) | 925,000 | 926,147 | |
Hess Midstream Operations LP: | |||
4.25% 2/15/30 (b) | 1,030,000 | 929,569 | |
5.125% 6/15/28 (b) | 1,650,000 | 1,579,297 | |
5.5% 10/15/30 (b) | 580,000 | 554,558 | |
5.625% 2/15/26 (b) | 3,510,000 | 3,470,565 | |
HF Sinclair Corp. 5% 2/1/28 (b) | 3,270,000 | 3,137,351 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 2,800,000 | 2,932,656 | |
Independence Energy Finance LLC 7.625% 4/1/32 (b) | 808,000 | 811,014 | |
Jonah Energy Parent LLC 12% 11/5/25 (h)(i) | 4,515,379 | 4,820,167 | |
Kosmos Energy Ltd.: | |||
7.5% 3/1/28 (b)(c) | 760,000 | 725,800 | |
7.75% 5/1/27 (b) | 380,000 | 370,619 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 1,900,000 | 1,883,070 | |
Nabors Industries, Inc. 9.125% 1/31/30 (b) | 380,000 | 391,850 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b)(c) | 8,410,000 | 8,042,180 | |
6.75% 9/15/25 (b)(c) | 3,838,000 | 3,790,841 | |
8.75% 3/15/29 (b)(c) | 4,379,000 | 4,270,618 | |
NGL Energy Operating LLC/NGL Energy Finance Corp.: | |||
8.125% 2/15/29 (b) | 790,000 | 802,577 | |
8.375% 2/15/32 (b) | 790,000 | 802,760 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 2,370,000 | 2,397,617 | |
8.75% 6/15/31 (b) | 760,000 | 799,447 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 735,000 | 541,967 | |
4.4% 4/15/46 | 2,055,000 | 1,587,585 | |
4.4% 8/15/49 | 980,000 | 705,241 | |
4.5% 7/15/44 | 1,705,000 | 1,289,593 | |
6.45% 9/15/36 | 1,685,000 | 1,738,907 | |
7.95% 6/15/39 | 365,000 | 413,220 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 5,325,000 | 5,476,679 | |
Permian Resources Operating LLC: | |||
5.875% 7/1/29 (b) | 2,150,000 | 2,090,875 | |
7% 1/15/32 (b) | 530,000 | 540,290 | |
7.75% 2/15/26 (b) | 1,150,000 | 1,160,268 | |
Petroleos Mexicanos: | |||
5.35% 2/12/28 | 750,000 | 656,175 | |
6.5% 3/13/27 | 1,130,000 | 1,059,997 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 790,000 | 806,914 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 2,185,000 | 1,967,170 | |
4.95% 7/15/29 (b) | 3,370,000 | 3,098,155 | |
6.875% 4/15/40 (b) | 330,000 | 313,689 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 740,000 | 770,911 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 1,000,000 | 1,028,344 | |
SM Energy Co. 5.625% 6/1/25 | 1,915,000 | 1,900,780 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,505,000 | 3,156,482 | |
Sunnova Energy Corp.: | |||
5.875% 9/1/26 (b) | 2,815,000 | 1,750,786 | |
11.75% 10/1/28 (b) | 500,000 | 298,518 | |
Sunoco Logistics Partners, LP: | |||
7% 5/1/29 (b) | 710,000 | 721,066 | |
7.25% 5/1/32 (b) | 1,085,000 | 1,101,988 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 2,585,000 | 2,360,020 | |
5.875% 3/15/28 | 2,780,000 | 2,712,938 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 1,455,000 | 1,316,102 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 4,530,000 | 4,300,879 | |
6% 3/1/27 (b) | 1,626,000 | 1,583,839 | |
6% 12/31/30 (b) | 5,570,000 | 5,239,501 | |
6% 9/1/31 (b) | 4,265,000 | 3,959,725 | |
Talos Production, Inc.: | |||
9% 2/1/29 (b)(c) | 680,000 | 717,441 | |
9.375% 2/1/31 (b)(c) | 950,000 | 1,012,414 | |
Teine Energy Ltd. 6.875% 4/15/29 (b) | 395,000 | 383,773 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 510,000 | 518,718 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 924,750 | 922,033 | |
Transocean, Inc.: | |||
8% 2/1/27 (b) | 4,096,000 | 4,105,904 | |
8.25% 5/15/29 (b) | 1,315,000 | 1,310,521 | |
8.5% 5/15/31 (b) | 1,695,000 | 1,687,337 | |
8.75% 2/15/30 (b) | 1,615,500 | 1,684,448 | |
Tullow Oil PLC: | |||
7% 3/1/25 (b) | 525,000 | 507,609 | |
10.25% 5/15/26 (b) | 525,000 | 506,461 | |
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 7.125% 3/15/29 (b) | 1,530,000 | 1,520,215 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 3,400,000 | 3,496,610 | |
Viper Energy, Inc. 7.375% 11/1/31 (b) | 570,000 | 586,895 | |
Western Gas Partners LP: | |||
5.25% 2/1/50 | 1,470,000 | 1,246,786 | |
5.3% 3/1/48 | 735,000 | 614,629 | |
5.5% 8/15/48 | 440,000 | 372,738 | |
199,270,385 | |||
Environmental - 1.1% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 950,000 | 941,162 | |
Covanta Holding Corp. 4.875% 12/1/29 (b) | 2,860,000 | 2,507,092 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 1,345,000 | 1,306,589 | |
GFL Environmental, Inc.: | |||
3.75% 8/1/25 (b) | 1,460,000 | 1,419,775 | |
5.125% 12/15/26 (b) | 1,460,000 | 1,421,738 | |
6.75% 1/15/31 (b) | 305,000 | 307,466 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (b) | 2,935,000 | 2,722,653 | |
5.875% 6/30/29 (b) | 2,180,000 | 2,022,701 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 5,170,000 | 4,593,771 | |
17,242,947 | |||
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 | 375,141 | |
3.5% 3/15/29 (b) | 3,410,000 | 3,008,874 | |
4.875% 2/15/30 (b) | 3,585,000 | 3,343,782 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 5,715,000 | 2,887,011 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 1,315,000 | 1,128,879 | |
Parkland Corp.: | |||
4.5% 10/1/29 (b) | 980,000 | 888,159 | |
4.625% 5/1/30 (b) | 4,735,000 | 4,279,222 | |
15,911,068 | |||
Food/Beverage/Tobacco - 2.2% | |||
BellRing Brands, Inc. 7% 3/15/30 (b)(c) | 585,000 | 591,978 | |
C&S Group Enterprises LLC 5% 12/15/28 (b) | 3,320,000 | 2,545,434 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 585,000 | 541,452 | |
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b)(c) | 1,455,000 | 1,482,593 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 3,150,000 | 3,180,609 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (b) | 4,645,000 | 4,140,101 | |
4.375% 1/31/32 (b) | 735,000 | 636,955 | |
Performance Food Group, Inc. 5.5% 10/15/27 (b) | 335,000 | 324,270 | |
Pilgrim's Pride Corp.: | |||
3.5% 3/1/32 | 730,000 | 601,105 | |
4.25% 4/15/31 | 865,000 | 765,430 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 2,035,000 | 1,837,849 | |
5.5% 12/15/29 (b) | 2,055,000 | 1,948,853 | |
6.25% 2/15/32 (b) | 1,905,000 | 1,879,564 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 1,815,000 | 1,656,655 | |
Sigma Holdco BV 7.875% 5/15/26 (b) | 2,215,000 | 2,099,820 | |
TreeHouse Foods, Inc. 4% 9/1/28 (c) | 1,265,000 | 1,120,086 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 5,540,000 | 4,967,879 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 1,725,000 | 1,568,589 | |
4.75% 2/15/29 (b) | 1,695,000 | 1,579,148 | |
6.875% 9/15/28 (b) | 1,000,000 | 1,008,511 | |
United Natural Foods, Inc. 6.75% 10/15/28 (b) | 295,000 | 226,393 | |
34,703,274 | |||
Gaming - 1.3% | |||
Affinity Interactive 6.875% 12/15/27 (b) | 1,400,000 | 1,253,076 | |
Caesars Entertainment, Inc.: | |||
6.5% 2/15/32 (b) | 3,155,000 | 3,108,442 | |
8.125% 7/1/27 (b) | 3,309,000 | 3,353,664 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b) | 3,882,000 | 3,377,491 | |
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 795,000 | 787,621 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 1,690,000 | 1,603,148 | |
Light & Wonder International, Inc. 7.5% 9/1/31 (b) | 1,200,000 | 1,223,824 | |
MGM Resorts International 6.5% 4/15/32 | 1,585,000 | 1,537,797 | |
Station Casinos LLC: | |||
4.5% 2/15/28 (b) | 390,000 | 361,733 | |
6.625% 3/15/32 (b) | 1,580,000 | 1,548,312 | |
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 1,465,000 | 1,305,780 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 735,000 | 745,483 | |
20,206,371 | |||
Healthcare - 7.5% | |||
1375209 BC Ltd. 9% 1/30/28 (b) | 2,883,000 | 2,830,302 | |
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,435,000 | 1,270,556 | |
AdaptHealth LLC 5.125% 3/1/30 (b)(c) | 3,948,000 | 3,360,621 | |
Akumin, Inc. 8% 8/1/28 (b) | 950,000 | 743,375 | |
AMN Healthcare 4% 4/15/29 (b) | 925,000 | 818,763 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,830,000 | 1,620,278 | |
4.625% 7/15/28 (b) | 280,000 | 260,289 | |
Bausch Health Companies, Inc.: | |||
5.5% 11/1/25 (b) | 4,458,000 | 4,152,401 | |
9% 12/15/25 (b) | 400,000 | 377,928 | |
Cano Health, Inc. 6.25% (b)(f) | 1,350,000 | 1,688 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,295,000 | 1,231,911 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,300,000 | 1,167,775 | |
4% 3/15/31 (b) | 1,310,000 | 1,142,639 | |
4.25% 5/1/28 (b) | 385,000 | 358,094 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 5,555,000 | 4,335,900 | |
5.25% 5/15/30 (b) | 13,300,000 | 10,873,881 | |
5.625% 3/15/27 (b) | 2,695,000 | 2,467,654 | |
6% 1/15/29 (b) | 2,470,000 | 2,154,929 | |
6.125% 4/1/30 (b) | 3,564,000 | 2,519,793 | |
6.875% 4/15/29 (b) | 5,995,000 | 4,456,671 | |
8% 3/15/26 (b) | 190,000 | 189,075 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 3,610,000 | 3,267,599 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 1,180,000 | 970,990 | |
4.625% 6/1/30 (b) | 5,865,000 | 5,138,525 | |
Embecta Corp. 5% 2/15/30 (b)(c) | 1,180,000 | 909,722 | |
Grifols SA 4.75% 10/15/28 (b) | 1,255,000 | 1,013,588 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,595,000 | 1,452,765 | |
Hologic, Inc. 3.25% 2/15/29 (b) | 765,000 | 675,614 | |
IQVIA, Inc.: | |||
5% 10/15/26 (b)(c) | 295,000 | 288,522 | |
6.5% 5/15/30 (b) | 1,525,000 | 1,531,919 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 2,600,000 | 2,365,552 | |
Medline Borrower LP 3.875% 4/1/29 (b) | 730,000 | 653,957 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 5,360,000 | 5,325,715 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 626,000 | 434,881 | |
Modivcare, Inc. 5.875% 11/15/25 (b)(c) | 4,092,000 | 3,990,954 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 1,385,000 | 1,201,200 | |
3.875% 5/15/32 (b) | 785,000 | 656,870 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 3,934,000 | 3,080,236 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 4,990,000 | 4,544,676 | |
5.125% 4/30/31 (b)(c) | 2,370,000 | 2,049,343 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b)(c) | 2,468,000 | 2,159,475 | |
Radiology Partners, Inc. 8.5% 1/31/29 pay-in-kind (b)(d) | 3,177,792 | 2,931,513 | |
Regionalcare Hospital Partners 9.75% 12/1/26 (b) | 1,560,000 | 1,553,245 | |
RegionalCare Hospital Partners Holdings, Inc.: | |||
5.375% 1/15/29 (b) | 1,375,000 | 1,099,360 | |
9.875% 8/15/30 (b) | 1,255,000 | 1,306,829 | |
11% 10/15/30 (b)(c) | 190,000 | 202,235 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 2,965,000 | 2,960,952 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 1,275,000 | 1,178,192 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 3,575,000 | 3,274,632 | |
4.375% 1/15/30 | 3,385,000 | 3,073,776 | |
6.125% 10/1/28 (c) | 3,245,000 | 3,204,286 | |
6.125% 6/15/30 | 4,165,000 | 4,078,528 | |
6.25% 2/1/27 | 1,255,000 | 1,249,937 | |
6.75% 5/15/31 (b) | 480,000 | 480,952 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 1,775,000 | 1,644,394 | |
7.875% 9/15/29 | 250,000 | 263,272 | |
8.125% 9/15/31 | 450,000 | 485,621 | |
U.S. Acute Care Solutions 9.75% 5/15/29 (b) | 365,000 | 357,932 | |
117,392,282 | |||
Homebuilders/Real Estate - 4.2% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 1,194,400 | 1,048,021 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 2,060,000 | 1,863,099 | |
ATP Tower Holdings LLC/Andean Tower Partners 4.05% 4/27/26 (b) | 2,170,000 | 2,018,157 | |
Beazer Homes U.S.A., Inc. 7.5% 3/15/31 (b) | 1,255,000 | 1,240,476 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 750,000 | 772,487 | |
HAT Holdings I LLC/HAT Holdings II LLC: | |||
3.375% 6/15/26 (b)(c) | 1,550,000 | 1,440,598 | |
6% 4/15/25 (b) | 660,000 | 656,483 | |
8% 6/15/27 (b)(c) | 695,000 | 712,479 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (b) | 1,830,000 | 1,616,014 | |
4.375% 2/1/31 (b) | 995,000 | 843,705 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 (c) | 2,080,000 | 1,647,355 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 805,000 | 789,906 | |
LGI Homes, Inc.: | |||
4% 7/15/29 (b) | 965,000 | 827,560 | |
8.75% 12/15/28 (b) | 275,000 | 286,059 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 8,090,000 | 5,424,586 | |
4.625% 8/1/29 | 2,525,000 | 1,889,474 | |
5% 10/15/27 (c) | 7,225,000 | 5,909,761 | |
5.25% 8/1/26 (c) | 2,435,000 | 2,217,851 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 2,605,000 | 2,618,510 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 3,585,000 | 3,580,286 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 1,675,000 | 1,157,844 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 824,000 | 553,102 | |
Rithm Capital Corp.: | |||
6.25% 10/15/25 (b) | 368,000 | 364,483 | |
8% 4/1/29 (b) | 760,000 | 743,176 | |
Safehold Operating Partnership LP: | |||
2.8% 6/15/31 | 3,516,000 | 2,877,197 | |
2.85% 1/15/32 | 2,255,000 | 1,808,590 | |
Starwood Property Trust, Inc.: | |||
3.75% 12/31/24 (b) | 1,150,000 | 1,128,955 | |
7.25% 4/1/29 (b)(c) | 940,000 | 927,307 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 535,000 | 498,177 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 1,320,000 | 1,142,792 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 40,000 | 39,954 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 295,000 | 285,522 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 8,270,000 | 7,253,206 | |
6.5% 2/15/29 (b) | 6,155,000 | 4,948,168 | |
10.5% 2/15/28 (b) | 2,930,000 | 3,039,669 | |
VICI Properties LP: | |||
5.75% 4/1/34 | 197,000 | 189,572 | |
6.125% 4/1/54 | 1,555,000 | 1,452,437 | |
65,813,018 | |||
Hotels - 0.7% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 4,305,000 | 3,617,583 | |
4% 5/1/31 (b) | 2,055,000 | 1,800,670 | |
5.875% 4/1/29 (b) | 1,325,000 | 1,307,451 | |
6.125% 4/1/32 (b) | 1,325,000 | 1,306,104 | |
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b)(c) | 3,305,000 | 3,258,291 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (b) | 395,000 | 391,324 | |
11,681,423 | |||
Insurance - 0.9% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
4.25% 2/15/29 (b) | 585,000 | 524,077 | |
8.25% 2/1/29 (b) | 830,000 | 823,182 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer: | |||
6.75% 10/15/27 (b) | 740,000 | 725,657 | |
6.75% 4/15/28 (b) | 735,000 | 734,224 | |
AmWINS Group, Inc.: | |||
4.875% 6/30/29 (b) | 1,910,000 | 1,736,345 | |
6.375% 2/15/29 (b) | 1,590,000 | 1,570,749 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (b) | 2,915,000 | 2,658,130 | |
7.5% 2/15/32 (b) | 1,900,000 | 1,844,777 | |
HUB International Ltd. 7.25% 6/15/30 (b) | 1,965,000 | 1,993,825 | |
USI, Inc. 7.5% 1/15/32 (b) | 945,000 | 939,972 | |
13,550,938 | |||
Leisure - 2.8% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 3,115,000 | 3,067,733 | |
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 900,000 | 878,365 | |
6% 5/1/29 (b) | 3,000,000 | 2,907,130 | |
6.65% 1/15/28 | 670,000 | 663,979 | |
7.625% 3/1/26 (b) | 5,230,000 | 5,262,440 | |
10.5% 6/1/30 (b) | 3,840,000 | 4,170,271 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 645,000 | 583,163 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 3,065,000 | 2,876,238 | |
Merlin Entertainments Group 7.375% 2/15/31 (b)(c) | 750,000 | 753,515 | |
NCL Corp. Ltd.: | |||
3.625% 12/15/24 (b) | 3,090,000 | 3,041,189 | |
5.875% 3/15/26 (b) | 1,435,000 | 1,406,043 | |
7.75% 2/15/29 (b) | 3,690,000 | 3,774,970 | |
NCL Finance Ltd. 6.125% 3/15/28 (b) | 1,290,000 | 1,258,755 | |
Royal Caribbean Cruises Ltd.: | |||
5.5% 8/31/26 (b) | 4,420,000 | 4,335,721 | |
5.5% 4/1/28 (b) | 3,035,000 | 2,954,168 | |
6.25% 3/15/32 (b) | 3,225,000 | 3,179,116 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 535,000 | 573,846 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 1,545,000 | 1,478,488 | |
Voc Escrow Ltd. 5% 2/15/28 (b) | 1,420,000 | 1,354,221 | |
44,519,351 | |||
Metals/Mining - 2.3% | |||
Alcoa Nederland Holding BV 7.125% 3/15/31 (b) | 6,344,000 | 6,417,007 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 995,000 | 1,035,960 | |
Cleveland-Cliffs, Inc. 7% 3/15/32 (b) | 380,000 | 371,120 | |
Constellium NV 5.875% 2/15/26 (b) | 823,000 | 814,524 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,130,000 | 1,066,381 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 5,490,000 | 5,163,894 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 2,985,000 | 2,865,600 | |
8.625% 6/1/31 (b) | 1,625,000 | 1,580,231 | |
9.375% 3/1/29 (b) | 4,705,000 | 4,861,088 | |
FMG Resources Pty Ltd. 4.375% 4/1/31 (b) | 730,000 | 642,724 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 1,485,000 | 1,436,210 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 1,980,000 | 2,002,532 | |
8.5% 5/1/30 (b) | 2,110,000 | 2,161,005 | |
9.25% 10/1/28 (b) | 1,360,000 | 1,425,737 | |
Novelis Corp. 3.875% 8/15/31 (b) | 740,000 | 626,642 | |
PMHC II, Inc. 9% 2/15/30 (b) | 3,135,000 | 2,909,966 | |
35,380,621 | |||
Paper - 0.8% | |||
Ahlstrom Holding 3 OY 4.875% 2/4/28 (b) | 2,875,000 | 2,631,488 | |
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 3,000,000 | 2,472,958 | |
6% 6/15/27 (b) | 2,930,000 | 2,840,217 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (b) | 1,405,000 | 1,401,471 | |
8.75% 4/15/30 (b) | 2,250,000 | 2,174,514 | |
Mercer International, Inc. 5.125% 2/1/29 (c) | 950,000 | 829,732 | |
12,350,380 | |||
Publishing/Printing - 0.0% | |||
Cimpress PLC 7% 6/15/26 | 660,000 | 654,892 | |
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 3,825,000 | 3,801,629 | |
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (b) | 1,265,000 | 1,166,979 | |
4% 10/15/30 (b) | 3,170,000 | 2,733,725 | |
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 740,000 | 780,244 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 735,000 | 635,112 | |
4.625% 1/31/32 (c) | 3,255,000 | 2,930,278 | |
5.375% 4/1/32 (c) | 585,000 | 551,820 | |
8,798,158 | |||
Services - 6.0% | |||
ADT Corp. 4.125% 8/1/29 (b)(c) | 1,715,000 | 1,550,263 | |
AECOM 5.125% 3/15/27 | 1,240,000 | 1,204,666 | |
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 2,265,000 | 2,270,002 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (b) | 2,635,000 | 2,237,163 | |
9.75% 7/15/27 (b) | 4,932,000 | 4,913,325 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 1,525,000 | 1,417,997 | |
6.75% 2/15/27 (b) | 2,835,000 | 2,816,195 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 760,000 | 721,607 | |
Artera Services LLC 8.5% 2/15/31 (b) | 9,604,000 | 9,827,331 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,395,000 | 1,301,825 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75% 7/15/27 (b) | 185,000 | 175,773 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 6,275,000 | 6,733,696 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 3,675,000 | 3,425,983 | |
8.25% 4/15/29 (c) | 4,775,000 | 4,933,984 | |
CoreLogic, Inc. 4.5% 5/1/28 (b)(c) | 2,080,000 | 1,799,672 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 575,000 | 514,503 | |
4.5% 7/1/28 (b) | 750,000 | 705,298 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 6,364,000 | 6,326,214 | |
Hertz Corp. 5% 12/1/29 (b) | 395,000 | 271,243 | |
Iron Mountain, Inc. 4.5% 2/15/31 (b) | 730,000 | 643,874 | |
Korn Ferry 4.625% 12/15/27 (b) | 540,000 | 512,065 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 1,074,000 | 1,061,918 | |
Life Time, Inc.: | |||
5.75% 1/15/26 (b) | 2,651,000 | 2,622,172 | |
8% 4/15/26 (b)(c) | 3,980,000 | 3,986,980 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 1,673,000 | 1,576,803 | |
Service Corp. International: | |||
4% 5/15/31 | 1,285,000 | 1,106,981 | |
5.125% 6/1/29 | 810,000 | 773,387 | |
Sotheby's 7.375% 10/15/27 (b) | 1,700,000 | 1,584,269 | |
Staples, Inc.: | |||
7.5% 4/15/26 (b) | 1,755,000 | 1,692,026 | |
10.75% 4/15/27 (b) | 1,800,000 | 1,656,473 | |
The GEO Group, Inc.: | |||
6% 4/15/26 | 490,000 | 489,657 | |
8.625% 4/15/29 (b) | 2,855,000 | 2,890,286 | |
10.25% 4/15/31 (b) | 2,855,000 | 2,943,335 | |
TriNet Group, Inc.: | |||
3.5% 3/1/29 (b) | 4,635,000 | 4,058,282 | |
7.125% 8/15/31 (b) | 875,000 | 879,413 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b)(c) | 345,000 | 321,401 | |
8% 11/1/26 (b) | 4,365,000 | 4,408,309 | |
United Rentals North America, Inc. 6.125% 3/15/34 (b) | 3,160,000 | 3,085,369 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 3,885,000 | 3,766,550 | |
93,206,290 | |||
Steel - 0.3% | |||
ATI, Inc. 7.25% 8/15/30 | 820,000 | 838,842 | |
Commercial Metals Co.: | |||
3.875% 2/15/31 | 880,000 | 765,641 | |
4.125% 1/15/30 | 2,025,000 | 1,812,964 | |
Vallourec SA 7.5% 4/15/32 (b) | 1,715,000 | 1,736,067 | |
5,153,514 | |||
Super Retail - 1.7% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,123,000 | 1,129,970 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 1,322,000 | 862,197 | |
5.5% 4/15/27 (b) | 1,312,000 | 1,026,250 | |
5.875% 10/1/28 (b) | 764,000 | 514,214 | |
12% 12/1/28 pay-in-kind (b)(d) | 1,709,613 | 1,674,500 | |
13% 6/1/30 pay-in-kind (b)(d) | 1,103,709 | 1,095,049 | |
14% 6/1/31 pay-in-kind (b)(d) | 2,914,777 | 2,921,800 | |
EG Global Finance PLC 12% 11/30/28 (b) | 5,300,000 | 5,471,178 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 580,000 | 560,978 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,255,000 | 2,070,010 | |
Levi Strauss & Co. 3.5% 3/1/31 (b)(c) | 310,000 | 264,595 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (b) | 2,095,000 | 1,773,160 | |
7.875% 5/1/29 (b) | 1,315,000 | 963,518 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 (c) | 685,000 | 590,823 | |
4.375% 4/1/30 (c) | 435,000 | 388,241 | |
Sally Holdings LLC 6.75% 3/1/32 (c) | 1,590,000 | 1,536,987 | |
Wolverine World Wide, Inc. 4% 8/15/29 (b) | 4,356,000 | 3,479,243 | |
26,322,713 | |||
Technology - 6.1% | |||
Acuris Finance U.S. 5% 5/1/28 (b) | 5,535,000 | 5,021,292 | |
Ahead DB Holdings LLC 6.625% 5/1/28 (b) | 755,000 | 686,257 | |
Block, Inc.: | |||
2.75% 6/1/26 (c) | 730,000 | 685,878 | |
3.5% 6/1/31 | 4,995,000 | 4,219,547 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 775,000 | 735,051 | |
9% 9/30/29 (b) | 7,098,000 | 6,830,088 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 1,975,000 | 2,031,892 | |
Coherent Corp. 5% 12/15/29 (b) | 3,765,000 | 3,473,434 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (b) | 2,985,000 | 2,082,038 | |
6% 3/1/26 (b) | 445,000 | 397,719 | |
Elastic NV 4.125% 7/15/29 (b) | 2,363,000 | 2,104,265 | |
Entegris, Inc.: | |||
3.625% 5/1/29 (b)(c) | 1,200,000 | 1,062,000 | |
4.75% 4/15/29 (b) | 500,000 | 471,594 | |
5.95% 6/15/30 (b) | 4,125,000 | 4,016,692 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 1,480,000 | 1,462,068 | |
7.125% 9/30/30 (b)(c) | 740,000 | 747,635 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (b) | 4,760,000 | 4,220,932 | |
5.25% 12/1/27 (b) | 855,000 | 825,463 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b)(c) | 980,000 | 736,773 | |
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl 8.75% 5/1/29 (b) | 1,480,000 | 1,482,929 | |
HTA Group Ltd. 7% 12/18/25 (b) | 7,267,000 | 7,255,645 | |
Iliad Holding SAS 8.5% 4/15/31 (b)(j) | 2,530,000 | 2,552,138 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 5,045,000 | 4,608,147 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b)(c) | 440,000 | 363,222 | |
4.125% 8/1/30 (b) | 930,000 | 805,385 | |
McAfee Corp. 7.375% 2/15/30 (b) | 1,380,000 | 1,278,253 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,765,000 | 3,489,298 | |
NCR Atleos Corp. 9.5% 4/1/29 (b) | 1,800,000 | 1,913,388 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 305,000 | 276,779 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 1,590,000 | 1,451,361 | |
3.875% 12/1/29 (b) | 905,000 | 792,060 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 3,045,000 | 2,674,388 | |
4.125% 12/1/31 (b) | 3,020,000 | 2,588,364 | |
Rackspace Finance LLC 3.5% 5/15/28 (b) | 2,033,225 | 853,955 | |
Roblox Corp. 3.875% 5/1/30 (b) | 3,335,000 | 2,884,263 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 1,955,000 | 1,851,264 | |
8.25% 12/15/29 (b) | 715,000 | 759,964 | |
8.5% 7/15/31 (b) | 875,000 | 934,242 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 2,060,000 | 1,844,280 | |
5% 10/1/25 (b) | 295,000 | 291,209 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 735,000 | 621,132 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 4,365,000 | 3,903,968 | |
UKG, Inc. 6.875% 2/1/31 (b) | 1,955,000 | 1,958,726 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,197,000 | 1,088,993 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 795,000 | 716,375 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 400,000 | 376,431 | |
Western Digital Corp.: | |||
2.85% 2/1/29 | 3,130,000 | 2,643,606 | |
3.1% 2/1/32 | 1,300,000 | 1,016,081 | |
95,086,464 | |||
Telecommunications - 5.3% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 9,837,000 | 7,306,672 | |
Altice France Holding SA: | |||
6% 2/15/28 (b) | 5,700,000 | 1,662,774 | |
10.5% 5/15/27 (b) | 190,000 | 67,448 | |
Altice France SA: | |||
5.125% 1/15/29 (b) | 6,685,000 | 4,363,816 | |
5.125% 7/15/29 (b) | 7,257,000 | 4,726,959 | |
5.5% 1/15/28 (b) | 1,790,000 | 1,209,324 | |
5.5% 10/15/29 (b) | 30,000 | 19,629 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 6,817,000 | 6,455,154 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (b) | 2,405,000 | 2,122,062 | |
5.625% 9/15/28 (b) | 2,530,000 | 2,041,652 | |
Connect Finco SARL / Connect U.S. Finco LLC 6.75% 10/1/26 (b) | 730,000 | 707,059 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 2,005,000 | 1,664,387 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 1,495,000 | 1,375,383 | |
5.875% 10/15/27 (b) | 1,760,000 | 1,688,119 | |
5.875% 11/1/29 | 2,365,000 | 1,974,601 | |
8.75% 5/15/30 (b) | 2,675,000 | 2,723,498 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 1,214,000 | 1,141,160 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 2,815,000 | 2,694,358 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 1,355,000 | 1,129,906 | |
Level 3 Financing, Inc.: | |||
3.875% 10/15/30 (b) | 4,705,000 | 2,586,446 | |
4.5% 4/1/30 (b) | 1,950,000 | 1,115,152 | |
10.5% 5/15/30 (b) | 3,258,000 | 3,228,423 | |
11% 11/15/29 (b) | 1,581,023 | 1,613,432 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | 1,330,000 | 783,869 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 2,230,000 | 1,856,018 | |
5.125% 1/15/28 (b) | 1,885,500 | 1,739,374 | |
7.375% 4/2/32 (b) | 1,885,000 | 1,841,815 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 130,000 | 123,547 | |
Sitios Latinoamerica S.A.B. de CV 5.375% 4/4/32 (b) | 1,715,000 | 1,562,682 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 2,740,000 | 2,307,150 | |
7.2% 7/18/36 | 1,625,000 | 1,470,270 | |
7.721% 6/4/38 | 850,000 | 790,290 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 4,842,000 | 3,765,580 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 4,685,000 | 3,954,970 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 4,045,000 | 3,304,582 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 2,960,000 | 2,852,070 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 4,275,000 | 3,402,741 | |
83,372,372 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 970,000 | 813,994 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 585,000 | 466,942 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 1,230,000 | 1,092,657 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 1,110,000 | 872,089 | |
3,245,682 | |||
Transportation Ex Air/Rail - 0.7% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 3,344,000 | 3,329,186 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b) | 810,000 | 810,486 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 3,398,000 | 2,922,381 | |
XPO, Inc.: | |||
6.25% 6/1/28 (b) | 460,000 | 458,279 | |
7.125% 6/1/31 (b) | 760,000 | 763,917 | |
7.125% 2/1/32 (b) | 2,815,000 | 2,831,334 | |
11,115,583 | |||
Utilities - 2.5% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 3,795,000 | 3,208,353 | |
3.75% 1/15/32 (b) | 385,000 | 318,785 | |
4.75% 3/15/28 (b) | 1,280,000 | 1,206,208 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 2,005,000 | 1,947,570 | |
4.35% 4/15/29 | 245,000 | 220,889 | |
NextEra Energy Partners LP: | |||
4.5% 9/15/27 (b)(c) | 905,000 | 843,248 | |
7.25% 1/15/29 (b)(c) | 490,000 | 496,315 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (b) | 2,565,000 | 2,249,390 | |
3.625% 2/15/31 (b) | 930,000 | 787,307 | |
5.25% 6/15/29 (b) | 2,640,000 | 2,496,903 | |
PG&E Corp. 5.25% 7/1/30 (c) | 12,220,000 | 11,441,505 | |
Pike Corp.: | |||
5.5% 9/1/28 (b) | 757,000 | 717,435 | |
8.625% 1/31/31 (b) | 3,042,000 | 3,186,705 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,395,000 | 2,279,387 | |
5.5% 9/1/26 (b) | 1,420,000 | 1,385,818 | |
5.625% 2/15/27 (b) | 2,700,000 | 2,626,963 | |
6.875% 4/15/32 (b) | 1,895,000 | 1,887,064 | |
7.75% 10/15/31 (b) | 2,065,000 | 2,117,847 | |
39,417,692 | |||
TOTAL NONCONVERTIBLE BONDS | 1,327,632,589 | ||
TOTAL CORPORATE BONDS (Cost $1,423,780,895) | 1,348,818,955 | ||
U.S. Treasury Obligations - 0.3% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Notes: | |||
1.5% 8/15/26 | 1,620,000 | 1,498,753 | |
2.875% 4/30/29 | 3,465,000 | 3,180,220 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,731,096) | 4,678,973 | ||
Commercial Mortgage Securities - 0.4% | |||
Principal Amount (a) | Value ($) | ||
BX Commercial Mortgage Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2355% 6/15/38 (b)(d)(e) | 1,140,505 | 1,135,683 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1025% 11/15/38 (b)(d)(e) | 1,617,118 | 1,592,861 | |
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1355% 7/15/38 (b)(d)(e) | 633,579 | 632,787 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(d) | 1,066,000 | 976,704 | |
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6355% 7/15/38 (b)(d)(e) | 2,435,000 | 2,409,128 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $6,552,289) | 6,747,163 | ||
Common Stocks - 2.4% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (k) | 16,200 | 1,150,200 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 8,700 | 1,403,919 | |
Energy - 1.2% | |||
California Resources Corp. warrants 10/27/24 (k) | 4,491 | 77,335 | |
Mesquite Energy, Inc. (i)(k) | 204,784 | 16,763,618 | |
New Fortress Energy, Inc. (c) | 66,900 | 1,752,780 | |
TOTAL ENERGY | 18,593,733 | ||
Food & Drug Retail - 0.1% | |||
Southeastern Grocers, Inc. rights (i)(k) | 1,184,833 | 1,303,316 | |
Healthcare - 0.2% | |||
Bausch + Lomb Corp. (c)(k) | 20,000 | 290,800 | |
Bausch Health Cos., Inc. (United States) (k) | 80,400 | 704,304 | |
Centene Corp. (k) | 20,500 | 1,497,730 | |
TOTAL HEALTHCARE | 2,492,834 | ||
Leisure - 0.1% | |||
Topgolf Callaway Brands Corp. (k) | 101,600 | 1,627,632 | |
Technology - 0.2% | |||
Coherent Corp. (k) | 35,400 | 1,933,902 | |
MKS Instruments, Inc. | 6,200 | 737,676 | |
ON Semiconductor Corp. (k) | 19,700 | 1,382,152 | |
TOTAL TECHNOLOGY | 4,053,730 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. (i)(k) | 89,354 | 3,332,904 | |
Helios Towers PLC (k) | 2,752,362 | 3,397,943 | |
TOTAL TELECOMMUNICATIONS | 6,730,847 | ||
TOTAL COMMON STOCKS (Cost $26,221,835) | 37,356,211 | ||
Bank Loan Obligations - 4.8% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4287% 8/24/26 (d)(e)(l) | 1,034,114 | 984,993 | |
2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6625% (d)(e)(f)(l) | 7,322,814 | 170,255 | |
term loan 10% 8/2/27 (l) | 1,328,229 | 2,107,462 | |
TOTAL BROADCASTING | 3,262,710 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (d)(e)(l) | 4,380,888 | 3,792,753 | |
Chemicals - 0.5% | |||
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6813% 10/4/29 (d)(e)(l) | 3,614,199 | 3,607,441 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9757% 3/15/29 (d)(e)(l) | 3,561,383 | 3,495,177 | |
TOTAL CHEMICALS | 7,102,618 | ||
Consumer Products - 0.1% | |||
TKC Holdings, Inc. 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 5.500% 10.9302% 5/14/28 (d)(e)(l) | 190,000 | 188,148 | |
13.5% 2/14/27 (d)(l) | 772,825 | 606,668 | |
TOTAL CONSUMER PRODUCTS | 794,816 | ||
Energy - 0.4% | |||
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (d)(e)(l) | 5,394,457 | 5,303,453 | |
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.571% 8/27/28 (d)(e)(l) | 1,218,292 | 1,175,652 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (e)(f)(i)(l) | 3,800,000 | 0 | |
term loan 0% (d)(f)(i)(l) | 1,620,000 | 0 | |
TOTAL ENERGY | 6,479,105 | ||
Healthcare - 0.1% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% (d)(e)(f)(l) | 3,427,072 | 861,052 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (d)(e)(i)(l) | 544,973 | 555,873 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3215% 10/7/24 (d)(e)(i)(l) | 355,530 | 362,641 | |
TOTAL HEALTHCARE | 1,779,566 | ||
Leisure - 1.1% | |||
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4389% 7/21/28 (d)(e)(l) | 8,848,261 | 8,815,080 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5635% 9/18/26 (d)(e)(l) | 6,528,775 | 6,533,672 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 12/30/26 (d)(e)(l) | 2,886,664 | 2,508,511 | |
TOTAL LEISURE | 17,857,263 | ||
Metals/Mining - 0.0% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (d)(e)(l) | 568,538 | 503,361 | |
Services - 1.5% | |||
Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (d)(e)(l) | 805,000 | 811,376 | |
Ascend Learning LLC: | |||
2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1657% 12/10/29 (d)(e)(l) | 1,000,000 | 979,170 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9157% 12/10/28 (d)(e)(l) | 4,654,039 | 4,634,632 | |
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.819% 8/1/30 (d)(e)(l) | 2,197,581 | 2,203,536 | |
Brock Holdings Iii LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.000% 5/1/30 (e)(l)(m) | 95,000 | 94,763 | |
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 6/2/28 (d)(e)(l) | 3,381,646 | 3,254,834 | |
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.4592% 9/13/29 (d)(e)(i)(l) | 2,911,992 | 2,911,992 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0795% 4/29/29 (d)(e)(l) | 2,868,203 | 2,567,041 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (d)(e)(l) | 6,079,306 | 5,346,932 | |
The GEO Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5689% 4/4/29 (d)(e)(l) | 380,000 | 384,435 | |
TOTAL SERVICES | 23,188,711 | ||
Super Retail - 0.5% | |||
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/5/28 (d)(e)(l) | 1,572,150 | 1,571,301 | |
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (d)(e)(l) | 5,883,930 | 5,886,402 | |
TOTAL SUPER RETAIL | 7,457,703 | ||
Technology - 0.2% | |||
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5657% 2/15/29 (d)(e)(l) | 1,978,343 | 1,973,397 | |
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.4592% 9/13/29 (d)(e)(i)(l) | 68,008 | 68,008 | |
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.686% 5/15/28 (d)(e)(l) | 472,350 | 470,579 | |
TOTAL TECHNOLOGY | 2,511,984 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $79,562,654) | 74,730,590 | ||
Preferred Securities - 2.8% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.3% | |||
AerCap Holdings NV 5.875% 10/10/79 (d) | 4,540,000 | 4,498,536 | |
Banks & Thrifts - 1.0% | |||
Ally Financial, Inc.: | |||
4.7% (d)(n) | 2,270,000 | 1,949,574 | |
4.7% (d)(n) | 2,715,000 | 2,127,923 | |
Bank of America Corp. 5.875% (d)(n) | 2,985,000 | 2,885,359 | |
Goldman Sachs Group, Inc. 7.5% (d)(n) | 2,170,000 | 2,197,160 | |
JPMorgan Chase & Co.: | |||
4.6% (d)(n) | 2,155,000 | 2,144,282 | |
6.1% (d)(n) | 2,980,000 | 3,001,417 | |
Wells Fargo & Co. 5.9% (d)(n) | 1,640,000 | 1,669,544 | |
TOTAL BANKS & THRIFTS | 15,975,259 | ||
Diversified Financial Services - 0.3% | |||
Aircastle Ltd. 5.25% (b)(d)(n) | 3,160,000 | 3,006,851 | |
Charles Schwab Corp. 4% (d)(n) | 1,910,000 | 1,567,168 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 4,574,019 | ||
Energy - 1.0% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.5966% (d)(e)(n) | 9,595,000 | 9,790,283 | |
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7009% (d)(e)(n) | 1,630,000 | 1,627,092 | |
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.6786% (d)(e)(n) | 3,950,000 | 3,986,063 | |
TOTAL ENERGY | 15,403,438 | ||
Services - 0.2% | |||
Air Lease Corp. 4.125% (d)(n) | 3,435,000 | 2,987,853 | |
TOTAL PREFERRED SECURITIES (Cost $39,454,505) | 43,439,105 | ||
Other - 1.3% | |||
Shares | Value ($) | ||
Other - 1.3% | |||
Fidelity Private Credit Co. LLC (h)(o) (Cost $19,918,584) | 1,999,635 | 20,336,289 | |
Money Market Funds - 5.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (p) | 11,722,623 | 11,724,968 | |
Fidelity Securities Lending Cash Central Fund 5.39% (p)(q) | 66,840,927 | 66,847,611 | |
TOTAL MONEY MARKET FUNDS (Cost $78,572,579) | 78,572,579 | ||
TOTAL INVESTMENT IN SECURITIES - 103.2% (Cost $1,678,794,437) | 1,614,679,865 |
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (49,782,068) |
NET ASSETS - 100.0% | 1,564,897,797 |
(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 $1,130,413,087 or 72.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Non-income producing - Security is in default. |
(g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(h) | 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 $25,156,456 or 1.6% of net assets. |
(i) | Level 3 security |
(j) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(k) | Non-income producing |
(l) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(m) | The coupon rate will be determined upon settlement of the loan after period end. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated Fund |
(p) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(q) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Co. LLC | 4/15/22 - 4/08/24 | 19,918,584 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 4,425,071 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 80,986,531 | 474,000,928 | 543,263,353 | 2,228,492 | 862 | - | 11,724,968 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 246,600 | 96,962,532 | 30,361,521 | 26,905 | - | - | 66,847,611 | 0.2% |
Total | 81,233,131 | 570,963,460 | 573,624,874 | 2,255,397 | 862 | - | 78,572,579 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Private Credit Co. LLC | 16,775,367 | 3,099,197 | - | 2,269,045 | - | 461,725 | 20,336,289 |
16,775,367 | 3,099,197 | - | 2,269,045 | - | 461,725 | 20,336,289 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 3,397,943 | 3,397,943 | - | - |
Consumer Discretionary | 2,777,832 | 2,777,832 | - | - |
Consumer Staples | 1,303,316 | - | - | 1,303,316 |
Energy | 18,593,733 | 1,830,115 | - | 16,763,618 |
Health Care | 2,492,834 | 2,492,834 | - | - |
Industrials | 1,403,919 | 1,403,919 | - | - |
Information Technology | 7,386,634 | 4,053,730 | - | 3,332,904 |
Corporate Bonds | 1,348,818,955 | - | 1,343,998,788 | 4,820,167 |
U.S. Government and Government Agency Obligations | 4,678,973 | - | 4,678,973 | - |
Commercial Mortgage Securities | 6,747,163 | - | 6,747,163 | - |
Bank Loan Obligations | 74,730,590 | - | 70,832,076 | 3,898,514 |
Preferred Securities | 43,439,105 | - | 43,439,105 | - |
Other | 20,336,289 | - | 20,336,289 | - |
Money Market Funds | 78,572,579 | 78,572,579 | - | - |
Total Investments in Securities: | 1,614,679,865 | 94,528,952 | 1,490,032,394 | 30,118,519 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 29,099,479 | |
Net Realized Gain (Loss) on Investment Securities | 8,034,543 | ||
Net Unrealized Gain (Loss) on Investment Securities | (6,558,933) | ||
Cost of Purchases | 1,303,316 | ||
Proceeds of Sales | (30,575,089) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,303,316 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | - | |
Energy | |||
Beginning Balance | $ | 22,041,156 | |
Net Realized Gain (Loss) on Investment Securities | (521,070) | ||
Net Unrealized Gain (Loss) on Investment Securities | 4,420,117 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (9,176,585) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 16,763,618 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 3,899,087 | |
Corporate Bonds | |||
Beginning Balance | $ | 29,527,322 | |
Net Realized Gain (Loss) on Investment Securities | (11,627,292) | ||
Net Unrealized Gain (Loss) on Investment Securities | (13,142,561) | ||
Cost of Purchases | 4,425,071 | ||
Proceeds of Sales | (4,394,666) | ||
Amortization/Accretion | 32,293 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 4,820,167 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 362,803 | |
Other Investments in Securities | |||
Beginning Balance | $ | 6,750,048 | |
Net Realized Gain (Loss) on Investment Securities | (47,709) | ||
Net Unrealized Gain (Loss) on Investment Securities | 2,417,067 | ||
Cost of Purchases | 3,755,603 | ||
Proceeds of Sales | (5,684,027) | ||
Amortization/Accretion | 40,436 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 7,231,418 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024 | $ | 2,348,122 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
April 30, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $64,380,476) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,580,303,274) | $ | 1,515,770,997 | ||
Fidelity Central Funds (cost $78,572,579) | 78,572,579 | |||
Other affiliated issuers (cost $19,918,584) | 20,336,289 | |||
Total Investment in Securities (cost $1,678,794,437) | $ | 1,614,679,865 | ||
Cash | 273,602 | |||
Receivable for investments sold | 3,363,549 | |||
Receivable for fund shares sold | 1,391,966 | |||
Interest receivable | 22,653,972 | |||
Distributions receivable from Fidelity Central Funds | 82,388 | |||
Receivable for daily variation margin on centrally cleared swaps | 50 | |||
Prepaid expenses | 565 | |||
Total assets | 1,642,445,957 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 5,466,461 | ||
Delayed delivery | 2,530,000 | |||
Payable for fund shares redeemed | 1,909,678 | |||
Distributions payable | 19,448 | |||
Accrued management fee | 684,730 | |||
Other payables and accrued expenses | 90,232 | |||
Collateral on securities loaned | 66,847,611 | |||
Total liabilities | 77,548,160 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,564,897,797 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,926,355,036 | ||
Total accumulated earnings (loss) | (361,457,239) | |||
Net Assets | $ | 1,564,897,797 | ||
Net Asset Value, offering price and redemption price per share ($1,564,897,797 ÷ 176,987,619 shares) | $ | 8.84 |
Statement of Operations | ||||
Year ended April 30, 2024 | ||||
Investment Income | ||||
Dividends: | ||||
Unaffiliated issuers | $ | 2,303,390 | ||
Affiliated issuers | 2,250,373 | |||
Interest | 104,693,952 | |||
Income from Fidelity Central Funds (including $26,905 from security lending) | 2,255,397 | |||
Other income | $ | 884,260 | ||
Total income | 112,387,372 | |||
Expenses | ||||
Management fee | $ | 8,759,812 | ||
Custodian fees and expenses | 16,296 | |||
Independent trustees' fees and expenses | 8,114 | |||
Registration fees | 47,965 | |||
Audit | 97,346 | |||
Legal | 38,757 | |||
Interest | 7,438 | |||
Miscellaneous | 7,699 | |||
Total expenses before reductions | 8,983,427 | |||
Expense reductions | (173,296) | |||
Total expenses after reductions | 8,810,131 | |||
Net Investment income (loss) | 103,577,241 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (88,782,553) | |||
Fidelity Central Funds | 862 | |||
Foreign currency transactions | (699) | |||
Swaps | 87 | |||
Capital gain distributions from underlying funds: | ||||
Affiliated issuers | 18,672 | |||
Total net realized gain (loss) | (88,763,631) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 109,408,591 | |||
Affiliated issuers | 461,725 | |||
Assets and liabilities in foreign currencies | 1 | |||
Total change in net unrealized appreciation (depreciation) | 109,870,317 | |||
Net gain (loss) | 21,106,686 | |||
Net increase (decrease) in net assets resulting from operations | $ | 124,683,927 |
Statement of Changes in Net Assets | ||||
Year ended April 30, 2024 | Year ended April 30, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 103,577,241 | $ | 95,180,197 |
Net realized gain (loss) | (88,763,631) | (166,579,134) | ||
Change in net unrealized appreciation (depreciation) | 109,870,317 | 36,966,638 | ||
Net increase (decrease) in net assets resulting from operations | 124,683,927 | (34,432,299) | ||
Distributions to shareholders | (93,914,132) | (88,720,097) | ||
Share transactions | ||||
Proceeds from sales of shares | 436,578,762 | 342,593,298 | ||
Reinvestment of distributions | 93,610,032 | 88,547,414 | ||
Cost of shares redeemed | (636,365,834) | (1,149,048,683) | ||
Net increase (decrease) in net assets resulting from share transactions | (106,177,040) | (717,907,971) | ||
Total increase (decrease) in net assets | (75,407,245) | (841,060,367) | ||
Net Assets | ||||
Beginning of period | 1,640,305,042 | 2,481,365,409 | ||
End of period | $ | 1,564,897,797 | $ | 1,640,305,042 |
Other Information | ||||
Shares | ||||
Sold | 50,252,095 | 39,423,955 | ||
Issued in reinvestment of distributions | 10,770,620 | 10,242,638 | ||
Redeemed | (73,289,474) | (131,491,444) | ||
Net increase (decrease) | (12,266,759) | (81,824,851) | ||
Fidelity® SAI High Income Fund |
Years ended April 30, | 2024 | 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 | .557 | .491 | .388 | |||
Net realized and unrealized gain (loss) | .118 | (.510) | (.879) | |||
Total from investment operations | .675 | (.019) | (.491) | |||
Distributions from net investment income | (.505) | (.461) | (.345) | |||
Distributions from net realized gain | - | - | (.014) | |||
Total distributions | (.505) | (.461) | (.359) | |||
Net asset value, end of period | $ | 8.84 | $ | 8.67 | $ | 9.15 |
Total Return D,E | 8.05 % | (.07)% | (5.10)% | |||
Ratios to Average Net Assets C,F,G | ||||||
Expenses before reductions | .56% | .60% | .60% H | |||
Expenses net of fee waivers, if any | .55 % | .60% | .60% H | |||
Expenses net of all reductions | .55% | .60% | .60% H | |||
Net investment income (loss) | 6.43% | 5.65% | 4.06% H | |||
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ | 1,564,898 | $ | 1,640,305 | $ | 2,481,365 |
Portfolio turnover rate I | 48 % | 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 | $21,399,838 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Discounted cash flow | Discount rate | 11.1% | Decrease | ||
Recovery value | Recovery value | $1.10 | Increase | ||
Corporate Bonds | $4,820,167 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.3 | Increase |
Daily production multiple ($/Million cubic feet per day) | $3,550.00 | Increase | |||
Discounted cash flow | Yield | 18.8% | Decrease | ||
Bank Loan Obligations | $3,898,514 | Discounted cash flow | Yield | 12.2% | Decrease |
Recovery value | Recovery value | $0.00 | Increase | ||
Indicative market price | Evaluated bid | $102.00 | Increase |
Gross unrealized appreciation | $44,828,194 |
Gross unrealized depreciation | (95,730,008) |
Net unrealized appreciation (depreciation) | $(50,901,814) |
Tax Cost | $1,665,581,679 |
Undistributed ordinary income | $2,491,790 |
Capital loss carryforward | $(313,047,214) |
Net unrealized appreciation (depreciation) on securities and other investments | $(50,901,814) |
Short-term | $(157,920,898) |
Long-term | (155,126,316) |
Total capital loss carryforward | $(313,047,214) |
April 30, 2024 | April 30, 2023 | |
Ordinary Income | $93,914,132 | $ 88,720,097 |
Investment to be Acquired | Commitment Amount ($) | |
Fidelity SAI High Income Fund | Fidelity Private Credit Central Fund LLC | 3,632,000 |
Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund. |
Purchases ($) | Sales ($) | |
Fidelity SAI High Income Fund | 735,690,756 | 775,190,985 |
Amount ($) | |
Fidelity SAI High Income Fund | 236 |
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 |
Purchases ($) | Sales ($) | Realized Gain (Loss)($) | |
Fidelity SAI High Income Fund | - | 29,847 | 7,804 |
Amount ($) | |
Fidelity SAI High Income Fund | 199,373 |
Amount ($) | |
Fidelity SAI High Income Fund | 2,825 |
Total Security Lending Fees Paid to NFS ($) | Security Lending Income From Securities Loaned to NFS ($) | Value of Securities Loaned to NFS at Period End ($) | |
Fidelity SAI High Income Fund | 2,900 | - | - |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity SAI High Income Fund | 14% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2023 to April 30, 2024). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During Period- C November 1, 2023 to April 30, 2024 | |||||||
Fidelity® SAI High Income Fund | .52% | |||||||||
Actual | $ 1,000 | $ 1,097.40 | $ 2.71 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.28 | $ 2.61 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
![]() |
Item 2.
Code of Ethics
As of the end of the period, April 30, 2024, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund and Fidelity Women’s Leadership Fund (the “Funds”):
Services Billed by Deloitte Entities
April 30, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $52,400 | $- | $9,700 | $1,300 |
Fidelity Short Duration High Income Fund | $55,100 | $- | $9,700 | $1,400 |
Fidelity Women’s Leadership Fund | $39,400 | $- | $7,600 | $1,000 |
April 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $52,600 | $- | $9,700 | $1,300 |
Fidelity Short Duration High Income Fund | $55,300 | $- | $9,700 | $1,300 |
Fidelity Women’s Leadership Fund | $39,600 | $- | $7,400 | $1,000 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Global High Income Fund, Fidelity Healthy Future Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund and Fidelity U.S. Low Volatility Equity Fund (the “Funds”):
Services Billed by PwC
April 30, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $100,300 | $8,600 | $11,900 | $2,900 |
Fidelity Focused High Income Fund | $63,000 | $5,500 | $8,800 | $1,800 |
Fidelity Global High Income Fund | $80,700 | $7,000 | $10,100 | $2,300 |
Fidelity Healthy Future Fund | $32,000 | $2,600 | $7,700 | $900 |
Fidelity High Income Fund | $79,400 | $7,100 | $12,300 | $2,400 |
Fidelity SAI High Income Fund | $73,700 | $6,700 | $12,200 | $2,200 |
Fidelity U.S. Low Volatility Equity Fund | $28,500 | $2,700 | $9,800 | $900 |
April 30, 2023 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $101,000 | $8,100 | $12,200 | $2,800 |
Fidelity Focused High Income Fund | $63,200 | $5,200 | $8,800 | $1,800 |
Fidelity Global High Income Fund | $81,800 | $6,600 | $9,500 | $2,300 |
Fidelity Healthy Future Fund | $25,100 | $2,200 | $7,700 | $700 |
Fidelity High Income Fund | $85,400 | $6,700 | $14,800 | $2,300 |
Fidelity SAI High Income Fund | $79,600 | $5,900 | $15,000 | $2,000 |
Fidelity U.S. Low Volatility Equity Fund | $25,500 | $2,500 | $12,000 | $900 |
A Amounts may reflect rounding.
B Fidelity Healthy Future Fund commenced operations on May 24, 2022.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
April 30, 2024A | April 30, 2023A | |
Audit-Related Fees | $75,000 | $80,000 |
Tax Fees | $- | $- |
All Other Fees | $935,000 | $- |
A Amounts may reflect rounding.
Services Billed by PwC
April 30, 2024A | April 30, 2023A,B | |
Audit-Related Fees | $9,367,800 | $8,604,200 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Healthy Future Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | April 30, 2024A | April 30, 2023A,B |
Deloitte Entities | $5,065,200 | $2,078,400 |
PwC | $15,039,900 | $14,387,800 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Healthy Future Fund’s commencement of operations
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer (Principal Executive Officer) | |
Date: | June 21, 2024 |
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 (Principal Executive Officer) | |
Date: | June 21, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer (Principal Financial Officer) | |
Date: | June 21, 2024 |