Quarterly Holdings Report
for
Fidelity® Global High Income Fund
July 31, 2021
GHI-QTLY-0921
1.926256.110
Schedule of Investments July 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 80.2% | |||
Principal Amount(a) | Value | ||
Convertible Bonds - 0.9% | |||
Broadcasting - 0.3% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | $120,000 | $115,950 | |
3.375% 8/15/26 | 257,000 | 263,425 | |
379,375 | |||
Consumer Products - 0.1% | |||
Just Eat Takeaway.com NV 0.625% 2/9/28 (Reg. S) | EUR | 100,000 | 109,835 |
Energy - 0.2% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 44,270 | 147,862 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 25,587 | 94,416 | |
242,278 | |||
Technology - 0.1% | |||
ams AG 2.125% 11/3/27 (Reg. S) | EUR | 100,000 | 113,978 |
Telecommunications - 0.2% | |||
Cellnex Telecom SA 0.75% 11/20/31 (Reg. S) | EUR | 100,000 | 116,846 |
Telecom Italia SpA 1.125% 3/26/22 (Reg. S) | EUR | 100,000 | 118,981 |
235,827 | |||
TOTAL CONVERTIBLE BONDS | 1,081,293 | ||
Nonconvertible Bonds - 79.3% | |||
Aerospace - 1.7% | |||
Allegheny Technologies, Inc. 5.875% 12/1/27 | 70,000 | 73,004 | |
Bombardier, Inc.: | |||
7.125% 6/15/26 (d) | 100,000 | 103,750 | |
7.5% 12/1/24 (d) | 96,000 | 99,720 | |
7.5% 3/15/25 (d) | 160,000 | 163,026 | |
7.875% 4/15/27 (d) | 260,000 | 269,430 | |
Embraer Netherlands Finance BV 5.05% 6/15/25 | 75,000 | 78,615 | |
Moog, Inc. 4.25% 12/15/27 (d) | 20,000 | 20,625 | |
Rolls-Royce PLC: | |||
4.625% 2/16/26 (Reg. S) | EUR | 100,000 | 128,856 |
5.75% 10/15/27 (d) | 55,000 | 60,019 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 200,000 | 210,900 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 (d) | 200,000 | 200,316 | |
5.5% 11/15/27 | 335,000 | 345,888 | |
7.5% 3/15/27 | 200,000 | 211,860 | |
Wolverine Escrow LLC 8.5% 11/15/24 (d) | 45,000 | 43,690 | |
2,009,699 | |||
Air Transportation - 1.2% | |||
Aerovias de Mexico SA de CV 7% 2/5/25 (d)(e) | 200,000 | 165,563 | |
Air Canada 3.875% 8/15/26 (d)(f) | 135,000 | 135,324 | |
Air France KLM 3.875% 7/1/26 (Reg. S) | EUR | 100,000 | 116,384 |
Azul Investments LLP: | |||
5.875% 10/26/24 (d) | 200,000 | 187,850 | |
7.25% 6/15/26 (d) | 200,000 | 187,405 | |
Deutsche Lufthansa AG 3.5% 7/14/29 (Reg. S) | EUR | 200,000 | 240,216 |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 55,000 | 57,653 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 55,000 | 59,881 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 38,896 | 43,661 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 80,000 | 82,310 | |
4.625% 4/15/29 (d) | 80,000 | 82,300 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 60,000 | 67,565 | |
1,426,112 | |||
Automotive - 0.2% | |||
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 200,000 | 207,250 | |
Automotive & Auto Parts - 1.4% | |||
Dana, Inc. 4.25% 9/1/30 | 40,000 | 41,564 | |
Faurecia SA 3.75% 6/15/28 (Reg. S) | EUR | 105,000 | 131,228 |
Ford Motor Co.: | |||
9% 4/22/25 | 120,000 | 147,714 | |
9.625% 4/22/30 | 40,000 | 57,750 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 50,000 | 50,060 | |
3.087% 1/9/23 | 200,000 | 203,562 | |
3.25% 9/15/25 | EUR | 100,000 | 128,659 |
3.375% 11/13/25 | 35,000 | 36,540 | |
4% 11/13/30 | 195,000 | 206,213 | |
5.125% 6/16/25 | 170,000 | 187,213 | |
5.875% 8/2/21 | 115,000 | 115,000 | |
Jaguar Land Rover Automotive PLC 5.875% 11/15/24 (Reg. S) | EUR | 100,000 | 128,117 |
LCM Investments Holdings 4.875% 5/1/29 (d) | 70,000 | 71,633 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 45,000 | 46,437 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 20,000 | 20,678 | |
The Goodyear Tire & Rubber Co. 5% 7/15/29 (d) | 75,000 | 78,898 | |
Winnebago Industries, Inc. 6.25% 7/15/28 (d) | 45,000 | 48,375 | |
1,699,641 | |||
Banks & Thrifts - 2.9% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 155,000 | 221,343 | |
8% 11/1/31 | 868,000 | 1,262,282 | |
Banca Monte dei Paschi di Siena SpA 5.375% 1/18/28 (g) | EUR | 100,000 | 96,735 |
Banco de Credito Social Cooperativo SA 5.25% 11/27/31 (Reg. S) (g) | EUR | 200,000 | 243,774 |
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (d) | 150,000 | 156,966 | |
Banco de Sabadell SA 5.625% 5/6/26 (Reg. S) | EUR | 100,000 | 138,365 |
BBVA Bancomer SA Texas Branch 6.75% 9/30/22 (d) | 25,000 | 26,475 | |
Biz Finance PLC 9.625% 4/27/22 (d) | 25,000 | 25,669 | |
Cliffton Ltd. 6.25% 10/25/25 (Reg. S) | 250,000 | 238,750 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 250,000 | 259,375 | |
Georgia Bank Joint Stock Co. 6% 7/26/23 (d) | 200,000 | 211,063 | |
Industrial Senior Trust 5.5% 11/1/22 (d) | 200,000 | 207,250 | |
Mongolian Mortgage Corp. HFC LLC 8.85% 2/8/24 (Reg. S) | 200,000 | 194,563 | |
TBC Bank JSC 5.75% 6/19/24 (d) | 200,000 | 215,813 | |
3,498,423 | |||
Broadcasting - 1.8% | |||
AMC Networks, Inc. 4.75% 8/1/25 | 125,000 | 128,123 | |
Cable Onda SA 4.5% 1/30/30 (d) | 200,000 | 210,600 | |
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (d) | 75,000 | 77,855 | |
7.75% 4/15/28 (d) | 35,000 | 36,499 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 70,000 | 40,600 | |
Entercom Media Corp.: | |||
6.5% 5/1/27 (d) | 40,000 | 41,200 | |
6.75% 3/31/29 (d) | 45,000 | 45,895 | |
Netflix, Inc.: | |||
3.875% 11/15/29 (Reg. S) | EUR | 200,000 | 289,086 |
5.875% 11/15/28 | 140,000 | 173,950 | |
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d) | 75,000 | 79,290 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (d) | 50,000 | 50,019 | |
5.375% 1/15/31 (d) | 25,000 | 24,938 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 60,000 | 62,100 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 115,000 | 118,643 | |
4.125% 7/1/30 (d) | 75,000 | 77,376 | |
4.625% 7/15/24 (d) | 325,000 | 332,719 | |
5% 8/1/27 (d) | 65,000 | 67,925 | |
Tegna, Inc. 5% 9/15/29 | 85,000 | 88,825 | |
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (e) | 200,000 | 97,788 | |
Univision Communications, Inc. 6.625% 6/1/27 (d) | 110,000 | 118,284 | |
2,161,715 | |||
Building Materials - 0.8% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 315,000 | 328,766 | |
BCPE Ulysses Intermediate, Inc. 7.75% 4/1/27 pay-in-kind (d)(g) | 70,000 | 70,366 | |
CEMEX S.A.B. de CV 5.45% 11/19/29 (d) | 200,000 | 219,250 | |
Gypsum Management & Supply, Inc. 4.625% 5/1/29 (d) | 60,000 | 60,600 | |
James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S) | EUR | 100,000 | 120,998 |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 55,000 | 56,100 | |
6.125% 7/1/29 (d) | 30,000 | 30,665 | |
Victors Merger Corp. 6.375% 5/15/29 (d) | 100,000 | 100,500 | |
987,245 | |||
Cable/Satellite TV - 3.8% | |||
Altice France Holding SA 8% 5/15/27 (d) | EUR | 175,000 | 222,904 |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 100,000 | 103,177 | |
4.5% 8/15/30 (d) | 195,000 | 204,750 | |
4.5% 6/1/33 (d) | 120,000 | 124,920 | |
4.75% 3/1/30 (d) | 290,000 | 307,386 | |
5.125% 5/1/27 (d) | 725,000 | 758,531 | |
5.75% 2/15/26 (d) | 33,000 | 34,122 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 175,000 | 166,250 | |
4.5% 11/15/31 (d) | 65,000 | 65,488 | |
4.625% 12/1/30 (d) | 75,000 | 73,875 | |
5% 11/15/31 (d) | 65,000 | 65,432 | |
5.375% 2/1/28 (d) | 165,000 | 174,294 | |
5.5% 4/15/27 (d) | 115,000 | 120,313 | |
5.75% 1/15/30 (d) | 100,000 | 104,219 | |
6.5% 2/1/29 (d) | 165,000 | 181,982 | |
7.5% 4/1/28 (d) | 230,000 | 250,848 | |
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 5.875% 8/15/27 (d)(f) | 180,000 | 186,102 | |
DISH DBS Corp.: | |||
5% 3/15/23 | 250,000 | 260,313 | |
7.75% 7/1/26 | 185,000 | 211,131 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 150,000 | 155,252 | |
6.5% 9/15/28 (d) | 110,000 | 114,310 | |
UPC Holding BV 3.875% 6/15/29 (Reg. S) | EUR | 100,000 | 121,272 |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (d) | 170,000 | 181,603 | |
Ziggo Bond Co. BV: | |||
3.375% 2/28/30 (Reg. S) | EUR | 100,000 | 118,015 |
5.125% 2/28/30 (d) | 35,000 | 35,963 | |
6% 1/15/27 (d) | 160,000 | 166,013 | |
Ziggo BV: | |||
4.25% 1/15/27 (Reg. S) | EUR | 80,000 | 97,978 |
4.875% 1/15/30 (d) | 50,000 | 51,575 | |
4,658,018 | |||
Capital Goods - 0.1% | |||
Vertical Holdco GmbH 6.625% 7/15/28 (Reg. S) | EUR | 100,000 | 126,194 |
Chemicals - 3.1% | |||
CF Industries Holdings, Inc.: | |||
4.95% 6/1/43 | 65,000 | 80,064 | |
5.15% 3/15/34 | 100,000 | 124,000 | |
5.375% 3/15/44 | 200,000 | 257,200 | |
Consolidated Energy Finance SA: | |||
6.5% 5/15/26 (d) | 185,000 | 187,081 | |
6.875% 6/15/25 (d) | 200,000 | 203,010 | |
CTC BondCo GmbH 5.25% 12/15/25 | EUR | 200,000 | 241,058 |
CVR Partners LP 6.125% 6/15/28 (d) | 90,000 | 93,713 | |
ENN Clean Energy International Investment Ltd.: | |||
3.375% 5/12/26 (d) | 200,000 | 203,194 | |
3.375% 5/12/26 (Reg. S) | 200,000 | 203,194 | |
GrafTech Finance, Inc. 4.625% 12/15/28 (d) | 50,000 | 51,313 | |
INEOS Quattro Finance 2 PLC 2.5% 1/15/26 (Reg. S) | EUR | 100,000 | 119,681 |
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (d) | 35,000 | 35,875 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 10,000 | 10,140 | |
7% 12/31/27 (d) | 15,000 | 14,659 | |
MEGlobal Canada, Inc. 5% 5/18/25 (d) | 200,000 | 223,600 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (d) | 75,000 | 75,871 | |
OCI NV 5.25% 11/1/24 (d) | 93,000 | 95,497 | |
OCP SA: | |||
3.75% 6/23/31 (d) | 200,000 | 202,563 | |
4.5% 10/22/25 (d) | 200,000 | 216,460 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 204,050 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (d) | 70,000 | 69,913 | |
6.625% 5/1/29 (d) | 45,000 | 44,550 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 240,000 | 260,400 | |
5.75% 11/15/28 (d) | 245,000 | 260,006 | |
7% 5/15/25 | 130,000 | 134,225 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 55,000 | 55,894 | |
Valvoline, Inc. 4.25% 2/15/30 (d) | 45,000 | 46,744 | |
W. R. Grace & Co.-Conn. 4.875% 6/15/27 (d) | 70,000 | 73,938 | |
3,787,893 | |||
Consumer Products - 1.5% | |||
B2W Digital Lux SARL 4.375% 12/20/30 (d) | 200,000 | 199,913 | |
Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 36,094 | |
Coty, Inc. 3.875% 4/15/26 (Reg. S) | EUR | 188,000 | 223,851 |
Ferrellgas LP/Ferrellgas Finance Corp.: | |||
5.375% 4/1/26 (d) | 45,000 | 44,438 | |
5.875% 4/1/29 (d) | 45,000 | 44,804 | |
Kernel Holding SA 6.75% 10/27/27 (d) | 100,000 | 107,050 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 20,000 | 20,804 | |
3.75% 4/1/29 (d) | 20,000 | 21,136 | |
Meituan 2.125% 10/28/25 (d) | 200,000 | 194,150 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 65,000 | 67,275 | |
7.875% 5/1/29 (d) | 95,000 | 98,563 | |
Natura Cosmeticos SA 4.125% 5/3/28 (d) | 200,000 | 204,850 | |
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (d) | 75,000 | 82,220 | |
Prosus NV 4.027% 8/3/50 (d) | 200,000 | 191,500 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 40,000 | 40,027 | |
Tempur Sealy International, Inc. 4% 4/15/29 (d) | 60,000 | 61,500 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 (d) | 40,000 | 40,197 | |
TKC Holdings, Inc. 10.5% 5/15/29 (d) | 75,000 | 80,455 | |
TripAdvisor, Inc. 7% 7/15/25 (d) | 35,000 | 37,294 | |
1,796,121 | |||
Containers - 0.5% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(g) | 70,000 | 73,843 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (d) | 150,000 | 153,165 | |
6% 2/15/25 (d) | 50,000 | 51,550 | |
Ball Corp. 4.875% 3/15/26 | 85,000 | 94,988 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 40,000 | 42,124 | |
CANPACK SA and Eastern PA Land Investment Holding LLC 3.125% 11/1/25 (d) | 35,000 | 35,521 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 30,000 | 31,988 | |
Plastipak Holdings, Inc. 6.25% 10/15/25 (d) | 20,000 | 20,414 | |
Schoeller Packaging BV 6.375% 11/1/24 (Reg. S) | EUR | 100,000 | 123,039 |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 40,000 | 41,800 | |
668,432 | |||
Diversified Financial Services - 2.9% | |||
Altice France Holding SA 10.5% 5/15/27 (d) | 130,000 | 143,000 | |
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 30,000 | 30,375 | |
Dovalue SpA 3.375% 7/31/26 (Reg. S) | EUR | 225,000 | 267,909 |
FLY Leasing Ltd. 5.25% 10/15/24 | 35,000 | 35,219 | |
Fortune Star (BVI) Ltd.: | |||
6.75% 7/2/23 (Reg. S) | 200,000 | 207,663 | |
6.85% 7/2/24 (Reg. S) | 200,000 | 209,500 | |
Garfunkelux Holdco 3 SA 6.75% 11/1/25 (Reg. S) | EUR | 100,000 | 123,068 |
HCRX Investments Holdco LP 4.5% 8/1/29 (d) | 35,000 | 35,700 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 25,000 | 25,375 | |
HTA Group Ltd. 7% 12/18/25 (d) | 200,000 | 212,400 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 65,000 | 65,813 | |
4.75% 9/15/24 | 90,000 | 93,800 | |
5.25% 5/15/27 | 260,000 | 272,675 | |
6.25% 5/15/26 | 260,000 | 273,208 | |
6.375% 12/15/25 | 495,000 | 509,231 | |
Intertrust Group BV 3.375% 11/15/25 (Reg. S) | EUR | 100,000 | 121,122 |
Nexi SpA 2.125% 4/30/29 (Reg. S) | EUR | 100,000 | 118,328 |
OneMain Finance Corp.: | |||
4% 9/15/30 | 65,000 | 64,675 | |
6.875% 3/15/25 | 75,000 | 85,074 | |
8.875% 6/1/25 | 75,000 | 82,499 | |
Park Aerospace Holdings Ltd. 4.5% 3/15/23 (d) | 20,000 | 21,031 | |
Qtel International Finance Ltd. 2.625% 4/8/31 (d) | 200,000 | 205,000 | |
Verisure Holding AB: | |||
3.25% 2/15/27 (Reg. S) | EUR | 100,000 | 119,048 |
3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 152,231 |
Yihua Overseas Investment Ltd. 8.5% 12/31/49 (Reg. S) (c)(e) | 200,000 | 20,100 | |
3,494,044 | |||
Diversified Media - 0.3% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 155,000 | 154,613 | |
Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 47,588 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 90,000 | 96,237 | |
ViacomCBS, Inc. 6.25% 2/28/57 (g) | 90,000 | 103,047 | |
401,485 | |||
Electric Utilities No Longer Use - 0.2% | |||
Guara Norte SARL 5.198% 6/15/34 (d) | 196,458 | 202,293 | |
Energy - 12.0% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 140,000 | 144,200 | |
5.75% 1/15/28 (d) | 60,000 | 62,700 | |
Antero Resources Corp. 7.625% 2/1/29 (d) | 55,000 | 60,277 | |
Apache Corp.: | |||
4.625% 11/15/25 | 55,000 | 59,125 | |
4.875% 11/15/27 | 135,000 | 145,099 | |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (d) | 70,000 | 71,416 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 200,000 | 207,500 | |
California Resources Corp. 7.125% 2/1/26 (d) | 95,000 | 97,144 | |
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/27 | 135,000 | 158,134 | |
Cheniere Energy Partners LP 5.625% 10/1/26 | 90,000 | 92,935 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 180,000 | 189,752 | |
Chesapeake Energy Corp.: | |||
5.5% 2/1/26 (d) | 70,000 | 72,975 | |
5.875% 2/1/29 (d) | 55,000 | 58,438 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 185,000 | 184,509 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 70,000 | 71,400 | |
7% 6/15/25 (d) | 130,000 | 133,455 | |
CNX Resources Corp. 6% 1/15/29 (d) | 25,000 | 26,507 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (d) | 40,000 | 41,500 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 50,000 | 50,303 | |
6.75% 3/1/29 (d) | 90,000 | 94,037 | |
7.5% 5/15/25 (d) | 72,000 | 74,520 | |
Continental Resources, Inc.: | |||
4.5% 4/15/23 | 3,000 | 3,120 | |
5.75% 1/15/31 (d) | 70,000 | 84,371 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) | 285,000 | 296,400 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 25,000 | 26,095 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 140,000 | 136,150 | |
5.75% 2/15/28 (d) | 140,000 | 135,779 | |
DCP Midstream Operating LP: | |||
5.375% 7/15/25 | 135,000 | 149,175 | |
5.85% 5/21/43 (d)(g) | 60,000 | 55,500 | |
8.125% 8/16/30 | 5,000 | 6,663 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 45,000 | 46,783 | |
Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d) | 110,000 | 112,613 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 75,000 | 76,920 | |
4.375% 6/15/31 (d) | 75,000 | 77,813 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.75% 1/30/28 (d) | 125,000 | 130,753 | |
6.625% 7/15/25 (d) | 55,000 | 58,163 | |
Energean Israel Finance Ltd.: | |||
4.5% 3/30/24 (Reg. S) (d) | 40,000 | 40,697 | |
4.875% 3/30/26 (Reg. S) (d) | 40,000 | 40,888 | |
Energo-Pro A/S 4% 12/7/22 (Reg. S) | EUR | 100,000 | 117,683 |
EnfraGen Energia Sur SA 5.375% 12/30/30 (d) | 200,000 | 199,250 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 25,000 | 26,455 | |
EQM Midstream Partners LP 6.5% 7/1/27 (d) | 70,000 | 78,575 | |
EQT Corp.: | |||
3.125% 5/15/26 (d) | 50,000 | 51,435 | |
3.625% 5/15/31 (d) | 50,000 | 52,960 | |
5% 1/15/29 | 55,000 | 62,189 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 65,000 | 67,018 | |
GeoPark Ltd.: | |||
5.5% 1/17/27 (d) | 200,000 | 202,400 | |
6.5% 9/21/24 (d) | 200,000 | 205,475 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 55,000 | 57,888 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 135,000 | 144,353 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (d) | 80,000 | 83,800 | |
5.625% 2/15/26 (d) | 100,000 | 104,000 | |
Indigo Natural Resources LLC 5.375% 2/1/29 (d) | 115,000 | 119,888 | |
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (d) | 200,000 | 199,225 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (d) | 200,000 | 216,600 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 95,000 | 61,750 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (d) | 285,000 | 280,814 | |
Leeward Renewable Energy LLC 4.25% 7/1/29 (d) | 170,000 | 173,400 | |
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (d) | 150,000 | 163,166 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d) | 420,000 | 436,674 | |
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d) | 200,000 | 212,538 | |
MEG Energy Corp.: | |||
5.875% 2/1/29 (d) | 110,000 | 113,575 | |
7.125% 2/1/27 (d) | 140,000 | 146,898 | |
Murphy Oil Corp. 5.875% 12/1/27 | 40,000 | 41,400 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 105,000 | 89,246 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (d) | 55,000 | 56,101 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 190,000 | 195,225 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 90,000 | 94,262 | |
Nostrum Oil & Gas Finance BV 8% 7/25/22 (d)(e) | 400,000 | 110,125 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 35,000 | 38,500 | |
5.55% 3/15/26 | 65,000 | 71,148 | |
5.875% 9/1/25 | 40,000 | 44,346 | |
6.125% 1/1/31 | 140,000 | 165,389 | |
6.375% 9/1/28 | 345,000 | 401,925 | |
6.6% 3/15/46 | 55,000 | 67,659 | |
6.625% 9/1/30 | 195,000 | 237,900 | |
6.95% 7/1/24 | 65,000 | 72,475 | |
7.5% 5/1/31 | 230,000 | 292,100 | |
8.875% 7/15/30 | 145,000 | 195,640 | |
Oleoducto Central SA 4% 7/14/27 (d) | 200,000 | 205,770 | |
Oman Oil Co. 5.125% 5/6/28 (d) | 200,000 | 200,063 | |
Pacific Drilling SA 12% 4/1/24 pay-in-kind (c)(d)(e)(g) | 9,642 | 386 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 160,000 | 83,552 | |
7.25% 6/15/25 | 70,000 | 42,000 | |
9.25% 5/15/25 (d) | 145,000 | 133,038 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 130,000 | 125,938 | |
Petrobras Global Finance BV 5.6% 1/3/31 | 65,000 | 72,264 | |
Petroleos Mexicanos: | |||
4.25% 1/15/25 | 185,000 | 189,082 | |
4.875% 1/24/22 | 85,000 | 86,318 | |
6.49% 1/23/27 | 175,000 | 185,229 | |
7.69% 1/23/50 | 75,000 | 72,619 | |
Petrorio Luxembourg SARL 6.125% 6/9/26 (d) | 200,000 | 205,770 | |
Rattler Midstream LP 5.625% 7/15/25 (d) | 50,000 | 52,114 | |
Renewable Energy Group, Inc. 5.875% 6/1/28 (d) | 30,000 | 31,275 | |
Rio Oil Finance Trust 9.25% 7/6/24 (d) | 49,240 | 54,558 | |
Saudi Arabian Oil Co.: | |||
1.625% 11/24/25 (d) | 200,000 | 202,063 | |
3.5% 4/16/29 (d) | 200,000 | 218,610 | |
Sibur Securities DAC 2.95% 7/8/25 (d) | 200,000 | 204,313 | |
SM Energy Co.: | |||
5% 1/15/24 | 65,000 | 64,537 | |
6.5% 7/15/28 | 25,000 | 24,896 | |
6.625% 1/15/27 | 65,000 | 64,838 | |
6.75% 9/15/26 | 25,000 | 24,809 | |
Southwestern Energy Co. 8.375% 9/15/28 | 60,000 | 66,912 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 50,000 | 51,125 | |
5.5% 2/15/26 | 75,000 | 77,156 | |
6% 4/15/27 | 175,000 | 182,656 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 45,000 | 46,208 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) | 55,000 | 57,750 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
4.875% 2/1/31 (d) | 55,000 | 59,469 | |
5.5% 3/1/30 | 70,000 | 77,081 | |
5.875% 4/15/26 | 70,000 | 73,238 | |
6.5% 7/15/27 | 40,000 | 43,450 | |
6.875% 1/15/29 | 70,000 | 78,617 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d) | 200,000 | 204,300 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (d) | 185,000 | 195,499 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 78,113 | 73,621 | |
Transocean, Inc. 11.5% 1/30/27 (d) | 76,000 | 75,620 | |
Transportadora de Gas del Sur SA 6.75% 5/2/25 (d) | 70,000 | 65,748 | |
Tullow Oil PLC: | |||
7% 3/1/25 (d) | 200,000 | 173,063 | |
10.25% 5/15/26 (d) | 415,000 | 431,289 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 35,000 | 36,658 | |
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (c)(e) | 63,329 | 3,166 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 70,000 | 71,488 | |
4.125% 8/15/31 (d) | 70,000 | 72,482 | |
Vine Energy Holdings LLC 6.75% 4/15/29 (d) | 60,000 | 62,550 | |
Viper Energy Partners LP 5.375% 11/1/27 (d) | 30,000 | 31,431 | |
YPF SA 8.5% 3/23/25 (d) | 371,000 | 336,056 | |
14,515,934 | |||
Entertainment/Film - 0.1% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) | 80,000 | 81,700 | |
Environmental - 0.7% | |||
GFL Environmental, Inc. 4% 8/1/28 (d) | 300,000 | 296,471 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) | 300,000 | 297,810 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 55,000 | 55,081 | |
5.875% 6/30/29 (d) | 85,000 | 85,910 | |
Paprec Holding SA 3.5% 7/1/28 (Reg. S) | EUR | 113,000 | 135,029 |
Stericycle, Inc. 3.875% 1/15/29 (d) | 35,000 | 35,481 | |
905,782 | |||
Food & Drug Retail - 0.7% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 35,000 | 35,350 | |
4.625% 1/15/27 (d) | 130,000 | 137,540 | |
4.875% 2/15/30 (d) | 175,000 | 189,438 | |
Camposol SA 6% 2/3/27 (d) | 200,000 | 205,500 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 35,000 | 34,781 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 25,000 | 24,938 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 100,000 | 105,125 | |
Sigma Holdco BV 5.75% 5/15/26 (Reg. S) | EUR | 110,000 | 125,757 |
Tops Markets LLC 13% 11/19/24 pay-in-kind (c)(g) | 33,712 | 32,701 | |
891,130 | |||
Food/Beverage/Tobacco - 2.9% | |||
Adecoagro SA 6% 9/21/27 (d) | 150,000 | 158,325 | |
C&S Group Enterprises LLC 5% 12/15/28 (d) | 40,000 | 39,700 | |
Central American Bottling Corp. 5.75% 1/31/27 (d) | 200,000 | 207,850 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (d) | 30,000 | 31,209 | |
7.5% 4/15/25 (d) | 15,000 | 15,633 | |
Del Monte Foods, Inc. 11.875% 5/15/25 (d) | 80,000 | 90,800 | |
JBS Finance Luxembourg SARL 3.625% 1/15/32 (d) | 200,000 | 200,750 | |
JBS U.S.A. Food Co.: | |||
5.75% 1/15/28 (d) | 300,000 | 316,200 | |
7% 1/15/26 (d) | 400,000 | 423,500 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) | 185,000 | 202,577 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (d) | 120,000 | 133,950 | |
6.5% 4/15/29 (d) | 80,000 | 89,800 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 54,000 | 58,658 | |
Kraft Heinz Foods Co.: | |||
2.25% 5/25/28 (Reg. S) | EUR | 100,000 | 130,409 |
4.375% 6/1/46 | 15,000 | 17,284 | |
4.875% 10/1/49 | 85,000 | 105,918 | |
5.5% 6/1/50 | 25,000 | 33,454 | |
Lamb Weston Holdings, Inc. 4.875% 11/1/26 (d) | 45,000 | 46,431 | |
MARB BondCo PLC 3.95% 1/29/31 (d) | 200,000 | 193,400 | |
MHP SA 7.75% 5/10/24 (d) | 100,000 | 107,644 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 40,000 | 40,650 | |
5.5% 10/15/27 (d) | 100,000 | 104,167 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 (d) | 80,000 | 85,062 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 40,000 | 40,480 | |
4.625% 4/15/30 (d) | 195,000 | 198,656 | |
5.625% 1/15/28 (d) | 210,000 | 221,025 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 40,000 | 40,384 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 20,025 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 30,000 | 30,038 | |
U.S. Foods, Inc. 4.75% 2/15/29 (d) | 80,000 | 81,600 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 40,000 | 43,100 | |
3,508,679 | |||
Gaming - 3.2% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 20,000 | 21,206 | |
Bally's Corp. 6.75% 6/1/27 (d) | 75,000 | 81,000 | |
Boyd Gaming Corp. 4.75% 6/15/31 (d) | 70,000 | 72,422 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 110,000 | 116,050 | |
8.125% 7/1/27 (d) | 275,000 | 302,412 | |
Caesars Resort Collection LLC 5.25% 10/15/25 (d) | 300,000 | 302,447 | |
GENM Capital Labuan Ltd. 3.882% 4/19/31 (d) | 200,000 | 200,306 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.25% 6/1/25 | 95,000 | 107,284 | |
5.375% 4/15/26 | 30,000 | 34,721 | |
Golden Nugget, Inc. 6.75% 10/15/24 (d) | 130,000 | 130,325 | |
LHMC Finco SARL 6.25% 12/20/23 (Reg. S) | EUR | 100,000 | 119,979 |
MCE Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 206,250 | |
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 201,500 | |
MGM Growth Properties Operating Partnership LP: | |||
4.5% 1/15/28 | 350,000 | 371,000 | |
5.75% 2/1/27 | 70,000 | 78,225 | |
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 200,000 | 202,350 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) | 70,000 | 75,425 | |
Penn National Gaming, Inc. 4.125% 7/1/29 (d) | 170,000 | 167,612 | |
Station Casinos LLC 5% 10/1/25 (d) | 81,000 | 81,911 | |
Studio City Finance Ltd.: | |||
6.5% 1/15/28 (d) | 110,000 | 115,775 | |
6.5% 1/15/28 (Reg. S) | 200,000 | 210,500 | |
Wynn Macau Ltd.: | |||
4.875% 10/1/24 (d) | 200,000 | 200,975 | |
5.125% 12/15/29 (Reg. S) | 250,000 | 252,500 | |
5.5% 1/15/26 (d) | 200,000 | 206,250 | |
3,858,425 | |||
Healthcare - 5.9% | |||
AHP Health Partners, Inc. 5.75% 7/15/29 (d) | 80,000 | 80,900 | |
Avantor Funding, Inc. 4.625% 7/15/28 (d) | 175,000 | 184,188 | |
Bausch Health Companies, Inc. 5.5% 11/1/25 (d) | 260,000 | 265,525 | |
Bayer AG 3.125% 11/12/79 (Reg. S) (g) | EUR | 100,000 | 124,200 |
Catalent Pharma Solutions 5% 7/15/27 (d) | 20,000 | 20,925 | |
Centene Corp.: | |||
3% 10/15/30 | 55,000 | 57,153 | |
3.375% 2/15/30 | 60,000 | 62,597 | |
4.25% 12/15/27 | 70,000 | 73,850 | |
4.625% 12/15/29 | 105,000 | 115,075 | |
5.375% 6/1/26 (d) | 245,000 | 255,217 | |
5.375% 8/15/26 (d) | 55,000 | 57,272 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 20,000 | 20,525 | |
4% 3/15/31 (d) | 55,000 | 57,866 | |
4.25% 5/1/28 (d) | 120,000 | 125,250 | |
Chrome Bidco SASU 3.5% 5/31/28 (Reg. S) | EUR | 175,000 | 211,507 |
Chrome HoldCo 5% 5/31/29 (Reg. S) | EUR | 100,000 | 121,591 |
Cidron Aida Finco SARL 5% 4/1/28 (Reg. S) | EUR | 258,000 | 308,348 |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 75,000 | 76,125 | |
5.625% 3/15/27 (d) | 55,000 | 58,231 | |
6% 1/15/29 (d) | 55,000 | 58,506 | |
6.125% 4/1/30 (d) | 110,000 | 111,433 | |
6.875% 4/15/29 (d) | 75,000 | 78,938 | |
8% 3/15/26 (d) | 390,000 | 418,127 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 85,000 | 87,190 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 60,000 | 58,186 | |
4.625% 6/1/30 (d) | 160,000 | 165,400 | |
Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 15,394 | |
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) | EUR | 100,000 | 125,748 |
Grifols SA 2.25% 11/15/27 (Reg. S) | EUR | 100,000 | 120,771 |
HCA Holdings, Inc.: | |||
5.375% 9/1/26 | 85,000 | 98,813 | |
5.875% 2/15/26 | 85,000 | 98,813 | |
5.875% 2/1/29 | 45,000 | 55,013 | |
Hologic, Inc. 3.25% 2/15/29 (d) | 55,000 | 55,551 | |
IQVIA, Inc. 5% 10/15/26 (d) | 120,000 | 123,300 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 55,000 | 57,325 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 50,000 | 52,938 | |
4.375% 6/15/28 (d) | 40,000 | 41,850 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
2.875% 4/30/28 (Reg. S) | EUR | 147,000 | 177,692 |
4.125% 4/30/28 (d) | 80,000 | 82,033 | |
5.125% 4/30/31 (d) | 80,000 | 82,400 | |
Ortho-Clinical Diagnostics, Inc.: | |||
7.25% 2/1/28 (d) | 18,000 | 19,616 | |
7.375% 6/1/25 (d) | 25,000 | 26,750 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 220,000 | 237,050 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 50,000 | 51,125 | |
Sabra Health Care LP 3.9% 10/15/29 | 72,000 | 76,939 | |
Service Corp. International 3.375% 8/15/30 | 300,000 | 299,220 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (d) | 30,000 | 30,525 | |
10% 4/15/27 (d) | 115,000 | 125,350 | |
Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 31,641 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 250,000 | 255,000 | |
4.625% 7/15/24 | 80,000 | 81,000 | |
6.125% 10/1/28 (d) | 240,000 | 255,600 | |
6.25% 2/1/27 (d) | 195,000 | 203,044 | |
6.75% 6/15/23 | 300,000 | 325,500 | |
6.875% 11/15/31 | 10,000 | 11,450 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
3.15% 10/1/26 | 75,000 | 71,970 | |
4.1% 10/1/46 | 200,000 | 176,500 | |
6% 1/31/25 | EUR | 100,000 | 129,284 |
U.S. Renal Care, Inc. 10.625% 7/15/27 (d) | 40,000 | 43,434 | |
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (d) | 230,000 | 248,975 | |
Vizient, Inc. 6.25% 5/15/27 (d) | 15,000 | 15,694 | |
7,157,433 | |||
Homebuilders/Real Estate - 5.1% | |||
ADLER Real Estate AG 3% 4/27/26 (Reg. S) | EUR | 100,000 | 122,095 |
Arcosa, Inc. 4.375% 4/15/29 (d) | 40,000 | 40,900 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (d)(f) | 40,000 | 40,111 | |
6.625% 1/15/28 (d) | 5,000 | 5,338 | |
9.875% 4/1/27 (d) | 44,000 | 48,950 | |
China Aoyuan Group Ltd.: | |||
5.88% 3/1/27 (Reg. S) | 200,000 | 157,288 | |
6.2% 3/24/26 (Reg. S) | 200,000 | 162,225 | |
China Evergrande Group: | |||
8.25% 3/23/22 (Reg. S) | 200,000 | 111,000 | |
8.75% 6/28/25 (Reg. S) | 200,000 | 82,500 | |
China SCE Property Holdings Ltd.: | |||
7.25% 4/19/23 (Reg. S) | 200,000 | 201,225 | |
7.375% 4/9/24 (Reg. S) | 200,000 | 199,975 | |
CIFI Holdings Group Co. Ltd. 4.375% 4/12/27 (Reg. S) | 200,000 | 185,500 | |
Easy Tactic Ltd. 11.625% 9/3/24 (Reg. S) | 200,000 | 144,000 | |
Jinke Properties Group Co. Ltd. 6.85% 5/28/24 (Reg. S) | 200,000 | 170,500 | |
Kaisa Group Holdings Ltd.: | |||
8.5% 6/30/22 (Reg. S) | 200,000 | 178,500 | |
11.5% 1/30/23 (Reg. S) | 200,000 | 171,600 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 55,000 | 56,444 | |
5% 3/1/31 | 55,000 | 56,375 | |
KWG Property Holding Ltd. 5.2% 9/21/22 (Reg. S) | 200,000 | 198,484 | |
Modernland Overseas Pte Ltd. 6.95% 4/13/24 (e) | 200,000 | 91,100 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 300,000 | 317,562 | |
5.25% 8/1/26 | 100,000 | 102,511 | |
New Home Co., Inc. 7.25% 10/15/25 (d) | 35,000 | 37,239 | |
New Metro Global Ltd.: | |||
4.8% 12/15/24 (Reg. S) | 200,000 | 192,850 | |
6.8% 8/5/23 (Reg. S) | 200,000 | 203,288 | |
Realogy Group LLC/Realogy Co-Issuer Corp.: | |||
5.75% 1/15/29 (d) | 30,000 | 31,463 | |
7.625% 6/15/25 (d) | 25,000 | 26,938 | |
Redsun Properties Group Ltd. 9.7% 4/16/23 (Reg. S) | 220,000 | 218,423 | |
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) | 200,000 | 188,500 | |
Ronshine China Holdings Ltd. 7.1% 1/25/25 (Reg. S) | 200,000 | 171,288 | |
Scenery Journey Ltd. 11.5% 10/24/22 (Reg. S) | 200,000 | 77,000 | |
Service Properties Trust 7.5% 9/15/25 | 95,000 | 107,113 | |
Shimao Property Holdings Ltd. 5.6% 7/15/26 (Reg. S) | 200,000 | 204,025 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 79,125 | |
Sunac China Holdings Ltd.: | |||
6.5% 7/9/23 (Reg. S) | 200,000 | 193,000 | |
7.5% 2/1/24 (Reg. S) | 200,000 | 192,600 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.75% 1/15/28 (d) | 80,000 | 90,100 | |
5.875% 6/15/27 (d) | 55,000 | 62,068 | |
Times China Holdings Ltd.: | |||
6.6% 3/2/23 (Reg. S) | 200,000 | 199,663 | |
6.75% 7/8/25 (Reg. S) | 200,000 | 190,975 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 16,613 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 55,000 | 55,165 | |
6.5% 2/15/29 (d) | 85,000 | 86,153 | |
VICI Properties, Inc.: | |||
3.75% 2/15/27 (d) | 205,000 | 210,894 | |
4.125% 8/15/30 (d) | 70,000 | 73,622 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 25,000 | 25,854 | |
Yango Justice International Ltd.: | |||
8.25% 11/25/23 (Reg. S) | 220,000 | 204,916 | |
10% 2/12/23 (Reg. S) | 200,000 | 198,538 | |
6,181,596 | |||
Hotels - 0.5% | |||
Deuce FinCo PLC 3 month EURIBOR + 4.750% 4.203% 6/15/27 (Reg. S) (g)(h) | EUR | 195,000 | 228,427 |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 40,000 | 39,900 | |
3.75% 5/1/29 (d) | 35,000 | 35,377 | |
4% 5/1/31 (d) | 35,000 | 35,823 | |
4.875% 1/15/30 | 120,000 | 128,711 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 40,000 | 41,401 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (d) | 70,000 | 70,438 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 25,000 | 25,250 | |
605,327 | |||
Insurance - 0.9% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (d) | 250,000 | 253,750 | |
10.125% 8/1/26 (d) | 35,000 | 39,200 | |
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (d) | 225,000 | 234,844 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 40,000 | 40,800 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 30,000 | 29,781 | |
HUB International Ltd. 7% 5/1/26 (d) | 190,000 | 196,688 | |
MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 42,523 | |
USI, Inc. 6.875% 5/1/25 (d) | 275,000 | 280,156 | |
1,117,742 | |||
Leisure - 1.1% | |||
Carnival Corp.: | |||
4% 8/1/28 (d) | 150,000 | 149,625 | |
5.75% 3/1/27 (d) | 135,000 | 136,603 | |
9.875% 8/1/27 (d) | 210,000 | 240,440 | |
10.5% 2/1/26 (d) | 75,000 | 85,874 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 100,000 | 98,500 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 20,000 | 20,150 | |
10.25% 2/1/26 (d) | 115,000 | 131,388�� | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 130,000 | 126,893 | |
9.125% 6/15/23 (d) | 85,000 | 92,449 | |
11.5% 6/1/25 (d) | 50,000 | 57,375 | |
SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) | 46,000 | 49,680 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 35,000 | 37,175 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 50,000 | 58,000 | |
1,284,152 | |||
Metals/Mining - 2.9% | |||
Abja Investment Co. Pte Ltd. 5.45% 1/24/28 | 300,000 | 316,872 | |
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 70,000 | 73,588 | |
Alpha Natural Resources, Inc. 9.75% 4/15/18 (c)(e) | 210,000 | 0 | |
Alrosa Finance SA 3.1% 6/25/27 (d) | 200,000 | 205,063 | |
Antofagasta PLC 2.375% 10/14/30 (d) | 200,000 | 191,500 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 40,000 | 42,450 | |
4.875% 3/1/31 (d) | 40,000 | 43,200 | |
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (d) | 200,000 | 203,800 | |
6.875% 3/1/26 (d) | 200,000 | 208,875 | |
6.875% 10/15/27 (d) | 185,000 | 200,494 | |
7.25% 4/1/23 (d) | 325,000 | 331,195 | |
7.5% 4/1/25 (d) | 130,000 | 134,834 | |
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (d) | 40,000 | 43,549 | |
Freeport-McMoRan, Inc.: | |||
4.625% 8/1/30 | 55,000 | 60,431 | |
5.4% 11/14/34 | 30,000 | 38,138 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 45,000 | 57,070 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (d) | 105,000 | 113,138 | |
Industrias Penoles SA de CV 4.75% 8/6/50 (d) | 200,000 | 223,375 | |
Joseph T. Ryerson & Son, Inc. 8.5% 8/1/28 (d) | 29,000 | 32,045 | |
Novelis Corp. 3.875% 8/15/31 (d)(f) | 115,000 | 116,294 | |
Stillwater Mining Co. 6.125% 6/27/22 (d) | 200,000 | 199,813 | |
Vedanta Resources PLC 6.375% 7/30/22 (Reg. S) | 400,000 | 393,575 | |
VM Holding SA 6.5% 1/18/28 (d) | 200,000 | 219,850 | |
Volcan Compania Minera SAA 4.375% 2/11/26 (d) | 100,000 | 95,938 | |
3,545,087 | |||
Paper - 0.3% | |||
Berry Global, Inc. 5.625% 7/15/27 (d) | 35,000 | 36,838 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 90,000 | 93,204 | |
Intertape Polymer Group, Inc. 4.375% 6/15/29 (d) | 40,000 | 40,882 | |
Mercer International, Inc. 5.125% 2/1/29 | 55,000 | 56,031 | |
Rayonier AM Products, Inc. 7.625% 1/15/26 (d) | 45,000 | 46,238 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 45,000 | 45,243 | |
318,436 | |||
Publishing/Printing - 0.2% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 200,000 | 209,750 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 160,000 | 159,574 | |
Carrols Restaurant Group, Inc. 5.875% 7/1/29 (d) | 170,000 | 164,894 | |
CEC Entertainment LLC 6.75% 5/1/26 (d) | 60,000 | 60,012 | |
Elior SA 3.75% 7/15/26 (Reg. S) | EUR | 100,000 | 123,579 |
Golden Nugget, Inc. 8.75% 10/1/25 (d) | 60,000 | 63,220 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 70,000 | 75,163 | |
7.75% 4/1/25 (d) | 20,000 | 21,625 | |
668,067 | |||
Services - 2.4% | |||
ADT Corp. 4.125% 8/1/29 (d) | 65,000 | 65,387 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 75,000 | 76,969 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 30,000 | 30,038 | |
APCOA Parking Holdings GmbH 4.625% 1/15/27 (Reg. S) | EUR | 100,000 | 119,366 |
APX Group, Inc. 7.625% 9/1/23 | 75,000 | 76,718 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 160,000 | 166,980 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (d) | 57,000 | 57,214 | |
4.625% 6/1/28 (d) | 38,000 | 38,000 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) | 40,000 | 41,600 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 55,000 | 56,100 | |
4% 7/1/29 (d) | 30,000 | 30,810 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 440,000 | 447,476 | |
CoreCivic, Inc. 8.25% 4/15/26 | 100,000 | 105,994 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 520,000 | 536,250 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 90,000 | 89,213 | |
Hertz Corp.: | |||
5.5% 10/15/24 (c)(d)(e) | 65,000 | 0 | |
6% 1/15/28 (c)(d)(e) | 85,000 | 0 | |
6.25% 10/15/22 (c)(e) | 60,000 | 0 | |
7.125% 8/1/26 (c)(d)(e) | 85,000 | 0 | |
IHS Markit Ltd.: | |||
4% 3/1/26 (d) | 35,000 | 38,938 | |
4.75% 2/15/25 (d) | 65,000 | 72,638 | |
Intrum AB 4.875% 8/15/25 (Reg. S) | EUR | 200,000 | 248,662 |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 35,000 | 36,225 | |
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) | EUR | 114,000 | 139,149 |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 60,000 | 64,078 | |
Service Corp. International 5.125% 6/1/29 | 35,000 | 37,800 | |
Sotheby's 7.375% 10/15/27 (d) | 80,000 | 85,452 | |
The GEO Group, Inc.: | |||
5.125% 4/1/23 | 50,000 | 47,000 | |
5.875% 10/15/24 | 15,000 | 13,350 | |
6% 4/15/26 | 170,000 | 138,332 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 45,000 | 47,081 | |
2,906,820 | |||
Steel - 1.0% | |||
Big River Steel LLC/BRS Finance Corp. 6.625% 1/31/29 (d) | 165,000 | 181,294 | |
Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 30,225 | |
CSN Resources SA 7.625% 4/17/26 (d) | 200,000 | 212,750 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 150,000 | 159,750 | |
JSW Steel Ltd. 5.375% 4/4/25 (Reg. S) | 200,000 | 208,725 | |
TMK Capital SA 4.3% 2/12/27 (Reg. S) | 200,000 | 200,663 | |
Usiminas International SARL 5.875% 7/18/26 (d) | 200,000 | 214,975 | |
1,208,382 | |||
Super Retail - 0.9% | |||
Academy Ltd. 6% 11/15/27 (d) | 75,000 | 80,531 | |
Ambience Merger Sub, Inc.: | |||
4.875% 7/15/28 (d) | 35,000 | 35,131 | |
7.125% 7/15/29 (d) | 45,000 | 45,563 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 21,000 | 21,761 | |
4.75% 3/1/30 | 20,000 | 21,175 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (d) | 110,000 | 126,775 | |
Carvana Co.: | |||
5.5% 4/15/27 (d) | 80,000 | 82,800 | |
5.875% 10/1/28 (d) | 55,000 | 58,266 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 250,000 | 255,938 | |
8.5% 10/30/25 (d) | 50,000 | 52,375 | |
Group 1 Automotive, Inc. 4% 8/15/28 (d) | 200,000 | 205,330 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 20,000 | 20,039 | |
Party City Holdings, Inc. 8.75% 2/15/26 (d) | 30,000 | 31,762 | |
Rent-A-Center, Inc. 6.375% 2/15/29 (d) | 20,000 | 21,475 | |
1,058,921 | |||
Technology - 3.6% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 170,000 | 168,300 | |
ams AG 6% 7/31/25 (Reg. S) | EUR | 100,000 | 126,810 |
Arcelik A/S 5% 4/3/23 (d) | 200,000 | 207,288 | |
Arches Buyer, Inc.: | |||
4.25% 6/1/28 (d) | 35,000 | 35,517 | |
6.125% 12/1/28 (d) | 10,000 | 10,323 | |
Banff Merger Sub, Inc. 9.75% 9/1/26 (d) | 160,000 | 168,200 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 60,000 | 60,123 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 150,000 | 156,375 | |
CDK Global, Inc.: | |||
4.875% 6/1/27 | 80,000 | 84,263 | |
5.25% 5/15/29 (d) | 35,000 | 38,063 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 80,000 | 83,078 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 70,963 | |
Elastic NV 4.125% 7/15/29 (d) | 40,000 | 40,152 | |
Endurance Acquisition Merger Sub 6% 2/15/29 (d) | 40,000 | 38,800 | |
Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S) | EUR | 124,000 | 147,279 |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d) | 205,000 | 215,031 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 200,000 | 207,000 | |
Lenovo Group Ltd. 3.421% 11/2/30 (d) | 200,000 | 209,193 | |
Match Group Holdings II LLC: | |||
4.125% 8/1/30 (d) | 100,000 | 104,625 | |
5% 12/15/27 (d) | 100,000 | 105,057 | |
5.625% 2/15/29 (d) | 65,000 | 71,094 | |
MercadoLibre, Inc. 3.125% 1/14/31 | 200,000 | 195,950 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 50,000 | 50,188 | |
NCR Corp. 5.125% 4/15/29 (d) | 45,000 | 46,838 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 30,000 | 33,750 | |
ON Semiconductor Corp. 3.875% 9/1/28 (d) | 70,000 | 72,919 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (d) | 95,000 | 98,088 | |
Orano SA: | |||
2.75% 3/8/28 (Reg. S) | EUR | 100,000 | 123,684 |
3.375% 4/23/26 (Reg. S) | EUR | 100,000 | 128,313 |
Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 48,981 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 100,000 | 96,250 | |
5.375% 12/1/28 (d) | 30,000 | 30,541 | |
Sensata Technologies BV 4% 4/15/29 (d) | 65,000 | 66,706 | |
SoftBank Group Corp.: | |||
3.875% 7/6/32 (Reg. S) | EUR | 250,000 | 289,308 |
4.625% 7/6/28 (Reg. S) | 200,000 | 197,726 | |
Square, Inc.: | |||
2.75% 6/1/26 (d) | 75,000 | 76,688 | |
3.5% 6/1/31 (d) | 75,000 | 77,932 | |
Synaptics, Inc. 4% 6/15/29 (d) | 30,000 | 30,416 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 60,000 | 60,375 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 45,000 | 46,070 | |
3.875% 3/15/31 | 45,000 | 47,066 | |
Uber Technologies, Inc. 7.5% 5/15/25 (d) | 115,000 | 123,159 | |
Unisys Corp. 6.875% 11/1/27 (d) | 30,000 | 32,656 | |
4,321,138 | |||
Telecommunications - 6.1% | |||
Altice France Holding SA 6% 2/15/28 (d) | 75,000 | 73,969 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 50,000 | 50,375 | |
5.125% 7/15/29 (d) | 120,000 | 120,889 | |
5.5% 1/15/28 (d) | 130,000 | 133,250 | |
8.125% 2/1/27 (d) | 245,000 | 265,276 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (d) | 340,000 | 359,890 | |
7.5% 10/15/26 (d) | 100,000 | 104,484 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 30,000 | 29,775 | |
5.625% 9/15/28 (d) | 20,000 | 20,350 | |
Cellnex Telecom SA 2.375% 1/16/24 (Reg. S) | EUR | 100,000 | 124,522 |
Cogent Communications Group, Inc. 3.5% 5/1/26 (d) | 50,000 | 51,500 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 135,000 | 135,717 | |
Crystal Almond SARL 4.25% 10/15/24 (Reg. S) | EUR | 100,000 | 121,017 |
Digicel Group Ltd. 6.75% 3/1/23 (d) | 150,000 | 142,125 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 55,000 | 56,891 | |
5.875% 10/15/27(d) | 50,000 | 53,433 | |
5.875% 11/1/29 | 14,771 | 15,103 | |
6.75% 5/1/29 (d) | 60,000 | 63,900 | |
IHS Netherlands Holdco BV 8% 9/18/27 (d) | 200,000 | 214,063 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (e) | 200,000 | 109,500 | |
8.5% 10/15/24 (d)(e) | 45,000 | 24,975 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 400,000 | 409,000 | |
6.75% 10/15/27 (d) | 100,000 | 106,699 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (d) | 95,000 | 93,100 | |
4.25% 7/1/28 (d) | 75,000 | 76,359 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d) | 200,000 | 206,563 | |
Lumen Technologies, Inc.: | |||
4% 2/15/27 (d) | 115,000 | 118,163 | |
5.125% 12/15/26 (d) | 150,000 | 155,898 | |
Millicom International Cellular SA 5.125% 1/15/28 (d) | 225,000 | 234,605 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (d) | 20,000 | 19,650 | |
Olivetti Finance NV 7.75% 1/24/33 | EUR | 75,000 | 131,264 |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 325,000 | 341,023 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 45,000 | 52,650 | |
SBA Communications Corp. 3.875% 2/15/27 | 220,000 | 226,875 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 165,000 | 212,868 | |
8.75% 3/15/32 | 530,000 | 816,929 | |
Sprint Corp. 7.625% 3/1/26 | 70,000 | 85,504 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 45,000 | 47,196 | |
Telecom Italia SpA 2.75% 4/15/25 (Reg. S) | EUR | 100,000 | 125,109 |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d) | 200,000 | 209,250 | |
Telenet Finance Luxembourg Notes SARL 3.5% 3/1/28 (Reg. S) | EUR | 200,000 | 246,349 |
Telesat Canada/Telesat LLC 6.5% 10/15/27 (d) | 45,000 | 38,138 | |
Turk Telekomunikasyon A/S 6.875% 2/28/25 (d) | 200,000 | 220,225 | |
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (d) | 200,000 | 214,313 | |
VimpelCom Holdings BV 3.375% 11/25/27 (d) | 200,000 | 201,638 | |
Vodafone Group PLC 3% 8/27/80 (Reg. S) (g) | EUR | 100,000 | 123,484 |
VTR Comunicaciones SpA 5.125% 1/15/28 (d) | 176,000 | 183,656 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 80,000 | 81,600 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 115,000 | 114,425 | |
6.125% 3/1/28 (d) | 60,000 | 61,060 | |
7,424,597 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.25% 3/15/29 (d) | 40,000 | 41,200 | |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 50,000 | 50,068 | |
91,268 | |||
Transportation Ex Air/Rail - 1.2% | |||
Autostrade per L'italia SpA: | |||
1.625% 6/12/23 | EUR | 115,000 | 138,820 |
1.75% 6/26/26 (Reg. S) | EUR | 100,000 | 123,057 |
1.875% 9/26/29 (Reg. S) | EUR | 100,000 | 123,133 |
2% 12/4/28 (Reg. S) | EUR | 100,000 | 124,395 |
2% 1/15/30 (Reg. S) | EUR | 100,000 | 123,786 |
Avolon Holdings Funding Ltd. 5.25% 5/15/24 (d) | 135,000 | 148,724 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 40,000 | 41,200 | |
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (d) | 235,000 | 192,700 | |
Navios Maritime Holdings, Inc.: | |||
7.375% 1/15/22 (d) | 90,000 | 77,680 | |
11.25% 8/15/22 (d) | 90,000 | 90,675 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) | 110,000 | 120,313 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 110,000 | 109,693 | |
Teekay Corp. 9.25% 11/15/22 (d) | 60,000 | 62,025 | |
1,476,201 | |||
Utilities - 4.6% | |||
Clearway Energy Operating LLC 4.75% 3/15/28 (d) | 40,000 | 42,400 | |
DCP Midstream Operating LP: | |||
5.125% 5/15/29 | 105,000 | 116,981 | |
5.625% 7/15/27 | 45,000 | 51,188 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 180,000 | 192,996 | |
4.35% 4/15/29 | 215,000 | 235,674 | |
Energias de Portugal SA 4.496% 4/30/79 (Reg. S) (g) | EUR | 100,000 | 129,471 |
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (d) | 100,000 | 104,063 | |
Greenko Investment Co. 4.875% 8/16/23 (Reg. S) | 200,000 | 201,538 | |
InterGen NV 7% 6/30/23 (d) | 845,000 | 836,550 | |
NextEra Energy Partners LP: | |||
4.25% 9/15/24 (d) | 4,000 | 4,210 | |
4.5% 9/15/27 (d) | 35,000 | 37,713 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 25,000 | 24,875 | |
3.625% 2/15/31 (d) | 50,000 | 50,375 | |
5.25% 6/15/29 (d) | 60,000 | 64,350 | |
5.75% 1/15/28 | 60,000 | 63,750 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (d) | 166,712 | 178,375 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 10,000 | 9,156 | |
3.95% 12/1/47 | 55,000 | 51,693 | |
4.55% 7/1/30 | 415,000 | 442,872 | |
4.95% 7/1/50 | 415,000 | 428,722 | |
PG&E Corp.: | |||
5% 7/1/28 | 375,000 | 365,156 | |
5.25% 7/1/30 | 205,000 | 200,131 | |
Pike Corp. 5.5% 9/1/28 (d) | 45,000 | 45,916 | |
Public Power Corp. of Greece 3.875% 3/30/26 (Reg. S) | EUR | 142,000 | 175,350 |
ReNew Wind Energy AP2 / ReNew Power Private Ltd. 4.5% 7/14/28 (Reg. S) | 200,000 | 201,750 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) | 70,000 | 73,322 | |
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 177,340 | 200,926 | |
Teollisuuden Voima Oyj: | |||
1.375% 6/23/28 (Reg. S) | EUR | 198,000 | 237,167 |
2.125% 2/4/25 (Reg. S) | EUR | 100,000 | 124,248 |
TerraForm Global, Inc. 6.125% 3/1/26 (d) | 160,000 | 164,400 | |
TerraForm Power Operating LLC: | |||
4.25% 1/31/23 (d) | 150,000 | 153,938 | |
4.75% 1/15/30 (d) | 75,000 | 78,938 | |
5% 1/31/28 (d) | 50,000 | 54,000 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (d) | 105,000 | 107,625 | |
5.5% 9/1/26 (d) | 45,000 | 46,350 | |
5.625% 2/15/27 (d) | 60,000 | 62,250 | |
5,558,419 | |||
TOTAL NONCONVERTIBLE BONDS | 96,019,551 | ||
TOTAL CORPORATE BONDS | |||
(Cost $94,548,912) | 97,100,844 | ||
Government Obligations - 0.5% | |||
Germany - 0.2% | |||
German Federal Republic 0% 9/10/21 (Reg. S) | EUR | 200,000 | 237,380 |
Sri Lanka - 0.3% | |||
Democratic Socialist Republic of Sri Lanka: | |||
6.2% 5/11/27 (Reg. S) | 200,000 | 123,038 | |
7.55% 3/28/30 (Reg. S) | 200,000 | 122,600 | |
7.85% 3/14/29(Reg. S) | 200,000 | 122,788 | |
TOTAL SRI LANKA | 368,426 | ||
TOTAL GOVERNMENT OBLIGATIONS | |||
(Cost $832,126) | 605,806 | ||
Shares | Value | ||
Common Stocks - 3.4% | |||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (c)(i) | 3,510 | 36,925 | |
Energy - 2.0% | |||
California Resources Corp. (i) | 11,829 | 332,513 | |
California Resources Corp. warrants 10/27/24 (i) | 530 | 2,878 | |
Chesapeake Energy Corp. | 7,994 | 432,076 | |
Chesapeake Energy Corp. (b) | 85 | 4,594 | |
Denbury, Inc. (i) | 6,960 | 457,342 | |
Denbury, Inc. warrants 9/18/25 (i) | 1,038 | 34,493 | |
EP Energy Corp. (c) | 7,975 | 715,756 | |
Jonah Energy Parent LLC (c) | 3,631 | 166,844 | |
Mesquite Energy, Inc. (c)(i) | 3,543 | 126,035 | |
Noble Corp. (i) | 146 | 3,212 | |
Noble Corp.: | |||
warrants 2/5/28 (i) | 600 | 3,612 | |
warrants 2/5/28 (i) | 600 | 2,250 | |
Pacific Drilling SA (c)(i) | 19,106 | 0 | |
Superior Energy Services, Inc. Class A (c) | 609 | 15,591 | |
Tidewater, Inc.: | |||
warrants 11/14/42 (i) | 5,448 | 67,797 | |
warrants 11/14/42 (i) | 1,897 | 23,607 | |
Valaris Ltd. (i) | 976 | 26,450 | |
TOTAL ENERGY | 2,415,050 | ||
Entertainment/Film - 0.3% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c) | 125,816 | 332,154 | |
Food & Drug Retail - 0.2% | |||
Southeastern Grocers, Inc. (b)(c)(i) | 7,744 | 145,123 | |
Tops Markets Corp. (c)(i) | 165 | 58,007 | |
TOTAL FOOD & DRUG RETAIL | 203,130 | ||
Gaming - 0.2% | |||
Boyd Gaming Corp. (i) | 4,800 | 273,600 | |
Healthcare - 0.1% | |||
HCA Holdings, Inc. | 400 | 99,280 | |
Services - 0.2% | |||
United Rentals, Inc. (i) | 700 | 230,685 | |
Telecommunications - 0.1% | |||
Frontier Communications Parent, Inc. (i) | 4,814 | 143,987 | |
Utilities - 0.3% | |||
NRG Energy, Inc. | 3,200 | 131,968 | |
Vistra Corp. | 9,795 | 187,574 | |
TOTAL UTILITIES | 319,542 | ||
TOTAL COMMON STOCKS | |||
(Cost $4,424,177) | 4,054,353 | ||
Convertible Preferred Stocks - 0.1% | |||
Utilities - 0.1% | |||
PG&E Corp. | |||
(Cost $152,083) | 1,400 | 126,210 | |
Principal Amount(a) | Value | ||
Bank Loan Obligations - 2.2% | |||
Aerospace - 0.1% | |||
TransDigm, Inc. Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.342% 12/9/25 (g)(h)(j) | 77,034 | 75,617 | |
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6473% 2/1/27 (g)(h)(j) | 28,777 | 28,263 | |
Cable/Satellite TV - 0.2% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (g)(h)(j) | 226,118 | 225,365 | |
Chemicals - 0.2% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 5/7/25 (g)(h)(j) | 170,000 | 161,925 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8353% 10/1/25 (g)(h)(j) | 35,925 | 35,438 | |
TOTAL CHEMICALS | 197,363 | ||
Consumer Products - 0.0% | |||
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/17/28 (g)(h)(j) | 15,000 | 14,953 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (g)(h)(j) | 25,000 | 25,000 | |
TOTAL CONSUMER PRODUCTS | 39,953 | ||
Diversified Financial Services - 0.0% | |||
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/31/24 (g)(h)(j) | 14,540 | 14,340 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3761% 3/1/25 (g)(h)(j) | 15,411 | 15,276 | |
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(g)(h)(j) | 37,014 | 37,014 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 66,630 | ||
Energy - 0.3% | |||
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (g)(h)(j) | 47,999 | 47,399 | |
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (g)(h)(j) | 9,825 | 9,673 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (g)(h)(j) | 138,121 | 138,259 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.14% 3/1/26 (g)(h)(j) | 267,300 | 203,704 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(j) | 65,772 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(j) | 28,000 | 0 | |
TOTAL ENERGY | 399,035 | ||
Food & Drug Retail - 0.0% | |||
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (c)(g)(h)(j) | 45,634 | 46,547 | |
Healthcare - 0.3% | |||
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (g)(h)(j) | 329,138 | 329,197 | |
Hotels - 0.1% | |||
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 6.250% 6.8973% 5/29/26 (g)(h)(j) | 36,995 | 31,507 | |
3 month U.S. LIBOR + 8.000% 9% 2/28/25 (g)(h)(j) | 42,320 | 42,984 | |
TOTAL HOTELS | 74,491 | ||
Insurance - 0.1% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.342% 5/10/25 (g)(h)(j) | 4,801 | 4,735 | |
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.342% 5/9/25 (g)(h)(j) | 63,700 | 62,824 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (g)(h)(j) | 59,874 | 59,784 | |
TOTAL INSURANCE | 127,343 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.842% 7/31/24 (g)(h)(j) | 4,825 | 4,765 | |
Services - 0.3% | |||
Finastra U.S.A., Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (g)(h)(j) | 220,000 | 221,074 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (g)(h)(j) | 95,000 | 92,506 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.592% 1/23/27 (g)(h)(j) | 14,850 | 14,734 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (g)(h)(j) | 39,900 | 39,850 | |
TOTAL SERVICES | 368,164 | ||
Super Retail - 0.1% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/5/28 (g)(h)(j) | 159,200 | 159,280 | |
Technology - 0.2% | |||
Endure Digital, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (g)(h)(j) | 68,531 | 67,182 | |
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (g)(h)(j) | 16,469 | 16,144 | |
UKG, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8543% 5/4/26 (g)(h)(j) | 19,650 | 19,629 | |
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (g)(h)(j) | 10,000 | 10,146 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (g)(h)(j) | 74,438 | 74,353 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.092% 2/28/27 (g)(h)(j) | 14,813 | 14,664 | |
TOTAL TECHNOLOGY | 202,118 | ||
Telecommunications - 0.3% | |||
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8136% 1/31/26 (g)(h)(j) | 375,858 | 370,806 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $2,831,719) | 2,714,937 | ||
Preferred Securities - 6.1% | |||
Automotive & Auto Parts - 0.1% | |||
Volkswagen International Finance NV 3.875% (Reg. S) (g)(k) | EUR | 100,000 | 133,898 |
Banks & Thrifts - 3.4% | |||
AIB Group PLC 5.25% (Reg. S) (g)(k) | EUR | 200,000 | 256,230 |
Alfa Bond Issuance PLC 8% (Reg. S) (g)(k) | 200,000 | 203,788 | |
Banco BPM SpA 6.5% (Reg. S) (g)(k) | EUR | 200,000 | 258,589 |
Banco Mercantil del Norte SA 6.875% (d)(g)(k) | 200,000 | 206,538 | |
Bangkok Bank Ltd. PCL 5% (Reg. S) (g)(k) | 200,000 | 210,230 | |
Bank of America Corp.: | |||
4.3% (g)(k) | 160,000 | 164,992 | |
5.875% (g)(k) | 275,000 | 315,906 | |
Bank of Communications Co. Ltd. 3.8% (Reg. S) (g)(k) | 200,000 | 208,163 | |
Citigroup, Inc.: | |||
4% (g)(k) | 140,000 | 144,662 | |
4.7% (g)(k) | 90,000 | 93,213 | |
5% (g)(k) | 180,000 | 189,297 | |
5.35% (g)(k) | 550,000 | 569,250 | |
5.95% (g)(k) | 305,000 | 320,515 | |
Emirates NBD Bank PJSC 6.125% (Reg. S) (g)(k) | 200,000 | 213,813 | |
Itau Unibanco Holding SA 6.125% (d)(g)(k) | 375,000 | 378,319 | |
JPMorgan Chase & Co. 4.6% (g)(k) | 135,000 | 139,725 | |
UniCredit SpA 9.25% (Reg. S) (g)(k) | EUR | 200,000 | 252,968 |
TOTAL BANKS & THRIFTS | 4,126,198 | ||
Building Materials - 0.2% | |||
CEMEX S.A.B. de CV 5.125% (d)(g)(k) | 200,000 | 208,462 | |
Consumer Products - 0.3% | |||
Cosan Overseas Ltd. 8.25% (k) | 285,000 | 292,125 | |
Diversified Financial Services - 0.4% | |||
CAS Capital No 1 Ltd. 4% (Reg. S) (g)(k) | 200,000 | 202,200 | |
LeasePlan Corp. NV 7.375% (Reg. S) (g)(k) | EUR | 200,000 | 265,459 |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 467,659 | ||
Energy - 0.1% | |||
Wintershall Dea Finance 2 BV 3% (Reg. S) (g)(k) | EUR | 100,000 | 117,724 |
Homebuilders/Real Estate - 0.4% | |||
CIFI Holdings Group Co. Ltd. 5.375% (Reg. S) (g)(k) | 200,000 | 201,600 | |
RKI Overseas Finance 2017 (A) 7% (Reg. S) (k) | 200,000 | 179,038 | |
Yuzhou Properties Co. 5.375% (Reg. S) (g)(k) | 200,000 | 148,250 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 528,888 | ||
Technology - 0.3% | |||
Network i2i Ltd.: | |||
3.975% (Reg. S) (g)(k) | 200,000 | 197,975 | |
5.65% (Reg. S) (g)(k) | 200,000 | 210,163 | |
TOTAL TECHNOLOGY | 408,138 | ||
Telecommunications - 0.3% | |||
Telefonica Europe BV: | |||
2.376% (Reg. S) (g)(k) | EUR | 100,000 | 116,917 |
3.875% (Reg. S) (g)(k) | EUR | 200,000 | 258,026 |
TOTAL TELECOMMUNICATIONS | 374,943 | ||
Utilities - 0.6% | |||
EDF SA: | |||
2.625% (Reg. S) (g)(k) | EUR | 200,000 | 242,621 |
3.375% (g)(k) | EUR | 200,000 | 252,410 |
5.375% 12/31/99 (g) | EUR | 100,000 | 133,584 |
Veolia Environnement SA 2.5% (Reg. S) (g)(k) | EUR | 100,000 | 121,134 |
TOTAL UTILITIES | 749,749 | ||
TOTAL PREFERRED SECURITIES | |||
(Cost $7,169,436) | 7,407,784 | ||
Shares | Value | ||
Money Market Funds - 6.9% | |||
Fidelity Cash Central Fund 0.06% (l) | |||
(Cost $8,356,752) | 8,355,174 | 8,356,845 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
(Cost $118,315,205) | 120,366,779 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 720,510 | ||
NET ASSETS - 100% | $121,087,289 |
Currency Abbreviations
EUR – European Monetary Unit
Legend
(a) Amount is stated in United States dollars unless otherwise noted.
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $724,149 or 0.6% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $58,200,732 or 48.1% of net assets.
(e) Non-income producing - Security is in default.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(h) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(i) Non-income producing
(j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(k) Security is perpetual in nature with no stated maturity date.
(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Chesapeake Energy Corp. | 2/10/21 | $805 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/5/20 - 7/15/21 | $44,270 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 7/15/21 | $25,587 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | $623,271 |
Southeastern Grocers, Inc. | 6/1/18 | $54,475 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $941 |
Total | $941 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $9,212,366 | $19,513,319 | $20,368,840 | $-- | $-- | $8,356,845 | 0.0% |
Total | $9,212,366 | $19,513,319 | $20,368,840 | $-- | $-- | $8,356,845 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, foreign government and government agency obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. For foreign debt securities, when significant market or security specific market events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Credit Risk.
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.