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 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2023 |
Item 1.
Reports to Stockholders
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Bass Pro Group LLC | 2.9 | |
Asurion LLC | 2.0 | |
Intelsat Jackson Holdings SA | 1.3 | |
Fertitta Entertainment LLC NV | 1.2 | |
Caesars Entertainment, Inc. | 1.1 | |
Acrisure LLC | 1.0 | |
ABG Intermediate Holdings 2 LLC | 1.0 | |
HUB International Ltd. | 0.9 | |
TransDigm, Inc. | 0.9 | |
MH Sub I LLC | 0.8 | |
13.1 | ||
Market Sectors (% of Fund's net assets) | ||
Technology | 16.0 | |
Services | 10.4 | |
Telecommunications | 5.7 | |
Healthcare | 5.4 | |
Insurance | 5.1 | |
Quality Diversification (% of Fund's net assets) |
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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) |
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Bank Loan Obligations - 88.8% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Aerospace - 0.9% | |||
ADS Tactical, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.750% 10.7746% 3/19/26 (b)(c)(d) | 13,185 | 12,410 | |
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 7.83% 12/31/27 (b)(c)(d) | 4,110 | 4,101 | |
TransDigm, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.1483% 8/24/28 (b)(c)(d) | 40,890 | 40,825 | |
Tranche H 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.1483% 2/22/27 (b)(c)(d) | 37,616 | 37,637 | |
TOTAL AEROSPACE | 94,973 | ||
Air Transportation - 1.5% | |||
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 10.0004% 4/20/28 (b)(c)(d) | 26,185 | 26,334 | |
Air Canada Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3694% 8/11/28 (b)(c)(d) | 17,356 | 17,294 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/8/26 (b)(c)(d) | 4,892 | 4,798 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/4/26 (b)(c)(d) | 2,630 | 2,580 | |
Echo Global Logistics, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.750% 9.7746% 11/23/28 (b)(c)(d)(e) | 19,353 | 18,639 | |
2LN, term loan 3 month U.S. LIBOR + 8.000% 13.0246% 11/23/29 (b)(c)(d)(e) | 4,100 | 3,948 | |
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 10.2126% 7/2/27 (b)(c)(d) | 23,146 | 24,062 | |
Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.1273% 2/9/30 (b)(c)(d) | 5,340 | 4,986 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7985% 10/20/27 (b)(c)(d) | 20,691 | 21,421 | |
STG Logistics, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.0822% 3/24/28 (b)(c)(d)(e) | 12,311 | 11,879 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7704% 4/21/28 (b)(c)(d) | 30,956 | 30,811 | |
TOTAL AIR TRANSPORTATION | 166,752 | ||
Automotive & Auto Parts - 1.7% | |||
American Trailer World Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.657% 3/5/28 (b)(c)(d) | 19,862 | 17,075 | |
Belron Finance U.S. LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 4/6/29 (c)(d)(f) | 5,240 | 5,227 | |
Clarios Global LP Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.2746% 4/30/26 (b)(c)(d) | 10,905 | 10,875 | |
CME Term SOFR 1 Month Index + 3.750% 4/20/30 (c)(d)(f) | 26,480 | 26,436 | |
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.4533% 6/3/28 (b)(c)(d) | 40,036 | 37,006 | |
Driven Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.9527% 12/17/28 (b)(c)(d) | 13,048 | 12,771 | |
Les Schwab Tire Centers Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0636% 11/2/27 (b)(c)(d) | 15,258 | 15,162 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.52% 12/17/28 (b)(c)(d) | 26,697 | 21,864 | |
Power Stop LLC 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.5903% 1/26/29 (b)(c)(d) | 19,939 | 14,223 | |
Rough Country LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 6.500% 11.3403% 7/28/29 (b)(c)(d) | 6,095 | 5,463 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3403% 7/28/28 (b)(c)(d) | 5,131 | 4,775 | |
RVR Dealership Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.9706% 2/8/28 (b)(c)(d) | 5,285 | 4,606 | |
Truck Hero, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 1/29/28 (b)(c)(d) | 23,749 | 21,472 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 196,955 | ||
Banks & Thrifts - 0.6% | |||
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.5967% 2/27/28 (b)(c)(d) | 32,512 | 32,263 | |
Deerfield Dakota Holding LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.557% 4/9/27 (b)(c)(d) | 12,628 | 12,180 | |
Novae LLC 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.3383% 12/22/28 (b)(c)(d) | 12,058 | 10,370 | |
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/1/28 (b)(c)(d) | 6,498 | 6,464 | |
Walker & Dunlop, Inc. Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.0822% 12/16/28 (b)(c)(d) | 3,375 | 3,341 | |
TOTAL BANKS & THRIFTS | 64,618 | ||
Broadcasting - 1.6% | |||
AppLovin Corp.: | |||
Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.0822% 10/25/28 (b)(c)(d) | 8,076 | 8,012 | |
Tranche B, term loan CME Term SOFR 1 Month Index + 3.350% 8.3322% 8/15/25 (b)(c)(d) | 18,344 | 18,230 | |
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (b)(c)(d) | 8,575 | 7,681 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (b)(c)(d) | 71,092 | 4,532 | |
Dotdash Meredith, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9034% 12/1/28 (b)(c)(d) | 42,451 | 38,843 | |
Gray Television, Inc. Tranche D 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9179% 12/1/28 (b)(c)(d) | 2,569 | 2,510 | |
Nexstar Media, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 9/19/26 (b)(c)(d) | 20,849 | 20,784 | |
Sinclair Television Group, Inc.: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.500% 7.53% 9/30/26 (b)(c)(d) | 5,233 | 4,716 | |
1 month U.S. LIBOR + 3.000% 8.03% 4/1/28 (b)(c)(d) | 2,948 | 2,498 | |
Tranche B4 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.8322% 4/21/29 (b)(c)(d) | 13,796 | 11,520 | |
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.1591% 8/14/26 (b)(c)(d) | 11,742 | 11,727 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 6/24/29 (b)(c)(d) | 7,841 | 7,755 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.2746% 3/24/26 (b)(c)(d) | 6,046 | 6,000 | |
1 month U.S. LIBOR + 3.250% 8.2746% 1/31/29 (b)(c)(d) | 40,125 | 39,423 | |
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 7.7746% 3/15/24 (b)(c)(d) | 862 | 862 | |
TOTAL BROADCASTING | 185,093 | ||
Building Materials - 2.9% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (b)(c)(d) | 41,049 | 32,438 | |
APi Group DE, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.500% 7.5903% 10/1/26 (b)(c)(d) | 13,759 | 13,739 | |
1 month U.S. LIBOR + 2.750% 7.7746% 12/16/28 (b)(c)(d) | 11,470 | 11,454 | |
Foley Products Co. LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 9.7983% 12/29/28 (b)(c)(d) | 11,456 | 11,327 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.3733% 2/25/29 (b)(c)(d) | 84,970 | 77,111 | |
Ingersoll-Rand Services Co. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 6.657% 2/28/27 (b)(c)(d) | 17,649 | 17,558 | |
Installed Building Products, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.3467% 12/14/28 (b)(c)(d) | 8,019 | 7,981 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.4983% 4/29/29 (b)(c)(d) | 38,158 | 36,833 | |
Smyrna Ready Mix LLC Tranche B 1lN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3322% 4/1/29 (b)(c)(d) | 20,062 | 19,862 | |
Specialty Building Products Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2677% 10/15/28 (b)(c)(d) | 9,039 | 8,502 | |
SRS Distribution, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 8.5246% 6/4/28 (b)(c)(d) | 36,908 | 35,149 | |
CME Term SOFR 3 Month Index + 3.500% 8.5822% 6/2/28 (b)(c)(d) | 11,411 | 10,871 | |
Standard Industries, Inc./New Jersey Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.3288% 9/22/28 (b)(c)(d) | 19,895 | 19,834 | |
Traverse Midstream Partners Ll Tranche B, term loan CME TERM SOFR 6 MONTH INDEX + 4.250% 8.7264% 2/16/28 (b)(c)(d) | 9,572 | 9,431 | |
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.3403% 5/14/28 (b)(c)(d) | 11,372 | 11,137 | |
White Capital Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7322% 10/19/27 (b)(c)(d) | 9,752 | 9,652 | |
TOTAL BUILDING MATERIALS | 332,879 | ||
Cable/Satellite TV - 1.9% | |||
Charter Communication Operating LLC Tranche B2 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.557% 2/1/27 (b)(c)(d) | 70,447 | 69,214 | |
Coral-U.S. Co.-Borrower LLC: | |||
Tranche B, term loan 1 month U.S. LIBOR + 2.250% 7.1977% 1/31/28 (b)(c)(d) | 31,425 | 30,622 | |
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.9477% 10/15/29 (b)(c)(d) | 4,745 | 4,661 | |
CSC Holdings LLC: | |||
Tranche B 5LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4477% 4/15/27 (b)(c)(d) | 22,132 | 19,515 | |
Tranche B6 LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.3895% 1/18/28 (b)(c)(d) | 48,138 | 44,227 | |
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 10.0246% 8/2/27 (b)(c)(d) | 13,569 | 13,005 | |
Virgin Media Bristol LLC: | |||
Tranche N, term loan 1 month U.S. LIBOR + 2.500% 7.4477% 1/31/28 (b)(c)(d) | 21,915 | 21,538 | |
Tranche Y 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3106% 3/6/31 (b)(c)(d) | 12,610 | 12,389 | |
TOTAL CABLE/SATELLITE TV | 215,171 | ||
Capital Goods - 0.6% | |||
Ali Group North America Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.0967% 7/22/29 (b)(c)(d) | 8,834 | 8,792 | |
Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.7395% 3/15/30 (b)(c)(d) | 18,305 | 18,294 | |
CPM Holdings, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 8.250% 13.0976% 11/15/26 (b)(c)(d) | 2,917 | 2,869 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.3476% 11/15/25 (b)(c)(d) | 7,504 | 7,480 | |
Griffon Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.4978% 1/24/29 (b)(c)(d) | 16,196 | 16,128 | |
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 13.9266% 4/16/25 (b)(c)(d)(e) | 4,450 | 4,217 | |
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 3.500% 8.6023% 7/31/27 (b)(c)(d) | 9,423 | 9,187 | |
TOTAL CAPITAL GOODS | 66,967 | ||
Chemicals - 3.2% | |||
ARC Falcon I, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 9/30/28 (b)(c)(d) | 21,600 | 19,647 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.0246% 9/22/29 (b)(c)(d)(e) | 3,385 | 2,869 | |
Aruba Investment Holdings LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.750% 9.7322% 11/24/27 (b)(c)(d) | 10,484 | 10,326 | |
2LN, term loan 1 month U.S. LIBOR + 7.750% 12.7746% 11/24/28 (b)(c)(d) | 12,310 | 10,956 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.0246% 11/24/27 (b)(c)(d) | 14,505 | 14,359 | |
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2954% 8/29/29 (b)(c)(d) | 5,933 | 5,950 | |
Bakelite U.S. Holding Ltd. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0483% 5/27/29 (b)(c)(d) | 15,384 | 14,615 | |
Consolidated Energy Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5246% 5/7/25 (b)(c)(d)(e) | 11,574 | 11,227 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 7.3403% 5/7/25 (b)(c)(d) | 10,758 | 10,699 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (b)(c)(d) | 25,915 | 24,792 | |
Groupe Solmax, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.9091% 5/27/28 (b)(c)(d) | 18,402 | 16,293 | |
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 7/3/28 (b)(c)(d) | 13,482 | 12,389 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.4536% 3/15/29 (b)(c)(d) | 39,248 | 35,085 | |
Hexion, Inc. 2LN, term loan CME Term SOFR 1 Month Index + 7.430% 12.5018% 3/15/30 (b)(c)(d) | 8,290 | 6,798 | |
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9099% 12/29/27 (b)(c)(d) | 7,689 | 5,822 | |
INEOS U.S. Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.407% 2/10/30 (b)(c)(d) | 7,590 | 7,568 | |
INEOS U.S. Petrochem LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.8322% 3/1/30 (b)(c)(d) | 7,839 | 7,819 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.8467% 1/20/26 (b)(c)(d) | 24,572 | 24,431 | |
Kraton Polymers U.S. LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.5444% 3/15/29 (b)(c)(d) | 10,207 | 10,185 | |
Manchester Acquisition Sub LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.750% 10.8063% 12/1/26 (b)(c)(d) | 14,118 | 11,930 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.750% 8.9375% 11/9/28 (b)(c)(d) | 21,587 | 20,437 | |
CME Term SOFR 3 Month Index + 4.500% 9.4983% 11/9/28 (b)(c)(d) | 12,420 | 11,855 | |
Starfruit U.S. Holdco LLC: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9901% 4/3/28 (b)(c)(d) | 9,940 | 9,903 | |
Tranche B, term loan CME Term SOFR 1 Month Index + 2.750% 7.8954% 10/1/25 (b)(c)(d) | 20,566 | 20,443 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 6.8322% 4/3/25 (b)(c)(d) | 16,958 | 16,849 | |
U.S. Coatings Acquisition, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.8983% 12/20/29 (b)(c)(d) | 6,541 | 6,553 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 9/22/28 (b)(c)(d) | 17,494 | 17,485 | |
TOTAL CHEMICALS | 367,285 | ||
Consumer Products - 2.4% | |||
19Th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.9104% 2/7/29 (b)(c)(d) | 21,240 | 19,806 | |
Aip Rd Buyer Corp.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.2322% 12/22/28 (b)(c)(d) | 9,212 | 8,820 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 9.807% 12/23/28 (b)(c)(d) | 17,625 | 17,206 | |
BCPE Empire Holdings, Inc.: | |||
1LN, term loan: | |||
CME Term SOFR 1 Month Index + 4.000% 9.0246% 6/11/26 (b)(c)(d) | 11,148 | 11,011 | |
CME Term SOFR 1 Month Index + 4.620% 9.7072% 6/11/26 (b)(c)(d) | 2,968 | 2,953 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 6/11/26 (b)(c)(d) | 14,806 | 14,615 | |
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.000% 6.907% 5/23/27 (b)(c)(d) | 9,561 | 9,310 | |
CME Term SOFR 1 Month Index + 3.500% 8.307% 12/13/29 (b)(c)(d) | 14,425 | 14,323 | |
CNT Holdings I Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4587% 11/8/27 (b)(c)(d) | 20,058 | 19,845 | |
Conair Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 5/17/28 (b)(c)(d) | 11,482 | 10,683 | |
Diamond BC BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.0565% 9/29/28 (b)(c)(d) | 16,669 | 16,641 | |
Gloves Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.8403% 1/6/28 (b)(c)(d) | 1,535 | 1,462 | |
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/21/25 (b)(c)(d) | 13,658 | 13,204 | |
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7034% 12/22/26 (b)(c)(d) | 28,095 | 27,358 | |
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.39% 9/24/28 (b)(c)(d) | 22,488 | 20,918 | |
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.4099% 3/4/28 (b)(c)(d) | 8,247 | 8,121 | |
Runner Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 10.4534% 10/20/28 (b)(c)(d) | 12,733 | 9,462 | |
Sweetwater Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.3125% 8/5/28 (b)(c)(d) | 22,884 | 21,339 | |
TGP Holdings III LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 6/29/28 (b)(c)(d) | 9,857 | 8,003 | |
Woof Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.76% 12/21/27 (b)(c)(d) | 15,515 | 14,972 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.4206% 12/21/28 (b)(c)(d) | 2,135 | 1,708 | |
TOTAL CONSUMER PRODUCTS | 271,760 | ||
Containers - 1.8% | |||
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 3/3/28 (b)(c)(d) | 24,366 | 23,738 | |
Berlin Packaging, LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.073% 3/11/28 (b)(c)(d) | 21,070 | 20,407 | |
1 month U.S. LIBOR + 3.750% 8.4449% 3/11/28 (b)(c)(d) | 11,872 | 11,624 | |
Berry Global, Inc. Tranche Z 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.6503% 7/1/26 (b)(c)(d) | 26,931 | 26,857 | |
Canister International Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.750% 9.8322% 12/21/26 (b)(c)(d) | 5,820 | 5,816 | |
Charter NEX U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.6715% 12/1/27 (b)(c)(d) | 15,375 | 15,156 | |
Graham Packaging Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 8/4/27 (b)(c)(d) | 18,481 | 18,366 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.750% 10.1293% 2/9/26 (b)(c)(d) | 8,845 | 8,088 | |
Pregis TopCo Corp. 1LN, term loan: | |||
3 month U.S. LIBOR + 3.750% 8.7746% 8/1/26 (b)(c)(d) | 1,970 | 1,932 | |
3 month U.S. LIBOR + 4.000% 8.8467% 7/31/26 (b)(c)(d) | 9,675 | 9,500 | |
Proampac PG Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.9762% 11/18/25 (b)(c)(d) | 4,932 | 4,848 | |
Reynolds Consumer Products LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 6.657% 1/30/27 (b)(c)(d) | 18,431 | 18,226 | |
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.3467% 2/5/26 (b)(c)(d) | 16,069 | 16,016 | |
1 month U.S. LIBOR + 3.250% 8.3467% 9/24/28 (b)(c)(d) | 10,554 | 10,437 | |
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.3403% 8/12/28 (b)(c)(d) | 9,131 | 9,055 | |
TOTAL CONTAINERS | 200,066 | ||
Diversified Financial Services - 2.1% | |||
AlixPartners LLP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 2/4/28 (b)(c)(d) | 14,592 | 14,558 | |
AVSC Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3061% 3/1/25 (b)(c)(d) | 6,508 | 6,219 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 10.3061% 10/15/26 (b)(c)(d) | 6,152 | 5,933 | |
Broadstreet Partners, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 1/27/27 (b)(c)(d) | 6,545 | 6,414 | |
Tranche B3 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 1/26/29 (c)(d)(f) | 12,135 | 12,029 | |
Eagle 4 Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.4091% 7/12/28 (b)(c)(d) | 5,779 | 5,772 | |
Finco I LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 6/27/25 (b)(c)(d) | 1,838 | 1,835 | |
Focus Financial Partners LLC: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4822% 6/24/28 (b)(c)(d) | 13,983 | 13,789 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.057% 6/30/28 (b)(c)(d) | 17,334 | 17,214 | |
GT Polaris, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.0227% 9/24/27 (b)(c)(d) | 7,100 | 6,577 | |
HarbourVest Partners LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.250% 7.1977% 3/1/25 (b)(c)(d) | 17,419 | 17,397 | |
CME Term SOFR 1 Month Index + 3.250% 7.7984% 4/6/30 (b)(c)(d) | 2,090 | 2,085 | |
Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.01% 4/21/28 (b)(c)(d) | 13,315 | 12,758 | |
LSF11 Trinity Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 4/27/30 (c)(d)(f) | 4,360 | 4,306 | |
Nexus Buyer LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 6.250% 11.3322% 11/1/29 (b)(c)(d) | 14,420 | 12,953 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8322% 11/8/26 (b)(c)(d) | 14,952 | 14,084 | |
RCS Capital Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 3/8/30 (c)(d)(f) | 5,745 | 5,641 | |
TransUnion LLC: | |||
Tranche B5 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 11/16/26 (b)(c)(d) | 22,107 | 21,999 | |
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.2746% 12/1/28 (b)(c)(d) | 15,395 | 15,336 | |
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 7.57% 4/29/26 (b)(c)(d) | 9,777 | 9,747 | |
WH Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 5.500% 10.4863% 2/9/27 (b)(c)(d) | 22,942 | 22,182 | |
CME Term SOFR 1 Month Index + 5.500% 10.4863% 2/15/27 (b)(c)(d) | 13,320 | 12,893 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 241,721 | ||
Diversified Media - 0.8% | |||
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.7189% 10/28/27 (b)(c)(d) | 15,351 | 13,056 | |
Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.500% 10.5483% 2/10/27 (b)(c)(d) | 39,899 | 35,036 | |
Cmg Media Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.6591% 12/17/26 (b)(c)(d) | 48,501 | 41,590 | |
TOTAL DIVERSIFIED MEDIA | 89,682 | ||
Energy - 2.6% | |||
American Consolidated Natural term loan 21.2681% 9/16/25 (b)(d)(e) | 1,648 | 1,656 | |
Apro LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.758% 11/14/26 (b)(c)(d) | 17,711 | 17,261 | |
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.1721% 10/14/27 (b)(c)(d) | 24,946 | 24,634 | |
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 3/17/28 (b)(c)(d) | 7,349 | 7,202 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.6591% 6/4/28 (b)(c)(d) | 62,645 | 62,458 | |
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 11/19/29 (b)(c)(d) | 29,245 | 28,575 | |
EG America LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 8.8403% 2/6/25 (b)(c)(d) | 24,128 | 23,272 | |
3 month U.S. LIBOR + 4.250% 9.0903% 3/10/26 (b)(c)(d) | 10,272 | 9,910 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 9.1511% 2/6/25 (b)(c)(d) | 4,749 | 4,580 | |
Esdec Solar Group BV Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.750% 9.9596% 8/27/28 (b)(c)(d) | 15,231 | 15,003 | |
GIP II Blue Holding LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 9.6591% 9/29/28 (b)(c)(d) | 39,312 | 39,157 | |
GIP III Stetson I LP Tranche B, term loan 1 month U.S. LIBOR + 4.250% 9.0903% 7/18/25 (b)(c)(d) | 17,905 | 17,845 | |
Natgasoline LLC Tranche B, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 11/14/25 (b)(c)(d) | 11,603 | 11,472 | |
Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.2405% 2/14/30 (b)(c)(d) | 8,695 | 8,539 | |
Rockwood Service Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 1/23/27 (b)(c)(d) | 2,673 | 2,657 | |
WaterBridge Operating LLC Tranche B 1LN, term loan 6 month U.S. LIBOR + 5.750% 11.0051% 6/21/26 (b)(c)(d) | 6,881 | 6,824 | |
Win Waste Innovations Holdings Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 7.8467% 3/25/28 (b)(c)(d) | 9,719 | 9,212 | |
TOTAL ENERGY | 290,257 | ||
Entertainment/Film - 0.3% | |||
AP Core Holdings II LLC: | |||
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 10.5246% 9/1/27 (b)(c)(d) | 15,807 | 15,332 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 10.5246% 9/1/27 (b)(c)(d) | 13,845 | 13,441 | |
TOTAL ENTERTAINMENT/FILM | 28,773 | ||
Environmental - 0.8% | |||
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 6.8403% 10/8/28 (b)(c)(d) | 8,320 | 8,351 | |
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4822% 11/30/28 (b)(c)(d) | 13,898 | 13,818 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4965% 11/30/28 (b)(c)(d) | 1,052 | 1,045 | |
Madison IAQ LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.3023% 6/21/28 (b)(c)(d) | 33,337 | 32,026 | |
The Brickman Group, Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2853% 4/22/29 (b)(c)(d) | 13,160 | 12,897 | |
TRC Companies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 11/17/28 (b)(c)(d) | 13,398 | 13,219 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.125% 4/1/28 (b)(c)(d) | 4,696 | 4,661 | |
TOTAL ENVIRONMENTAL | 86,017 | ||
Food & Drug Retail - 0.4% | |||
8th Avenue Food & Provisions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 9.5903% 10/1/25 (b)(c)(d) | 4,565 | 4,033 | |
Cardenas Merger Sub, LLC 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 6.750% 11.7483% 8/1/29 (b)(c)(d) | 10,204 | 10,140 | |
Froneri U.S., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.4091% 1/29/27 (b)(c)(d) | 17,744 | 17,509 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 10.7727% 11/20/25 (b)(c)(d) | 20,297 | 10,724 | |
Primary Products Finance LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0401% 4/1/29 (b)(c)(d) | 6,240 | 6,157 | |
TOTAL FOOD & DRUG RETAIL | 48,563 | ||
Food/Beverage/Tobacco - 1.3% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.750% 12.5903% 10/1/26 (b)(c)(d) | 2,240 | 1,432 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5903% 10/1/25 (b)(c)(d) | 4,388 | 3,852 | |
Bengal Debt Merger Sub LLC: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.2483% 1/24/29 (b)(c)(d) | 33,971 | 30,164 | |
2LN, term loan CME Term SOFR 3 Month Index + 6.000% 10.9983% 1/24/30 (b)(c)(d) | 8,175 | 6,131 | |
Chobani LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.4215% 10/23/27 (b)(c)(d) | 16,580 | 16,492 | |
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3143% 5/16/29 (b)(c)(d) | 41,550 | 40,693 | |
Shearer's Foods, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5967% 9/23/27 (b)(c)(d) | 9,230 | 9,010 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 3/31/28 (b)(c)(d) | 43,924 | 41,564 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 149,338 | ||
Gaming - 4.3% | |||
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.1977% 10/1/28 (b)(c)(d) | 4,003 | 3,850 | |
Caesars Entertainment, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3322% 1/26/30 (b)(c)(d) | 110,250 | 109,699 | |
Churchill Downs, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 6.85% 3/17/28 (b)(c)(d) | 8,477 | 8,451 | |
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9822% 1/27/29 (b)(c)(d) | 133,399 | 129,648 | |
Flutter Financing B.V. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.4099% 7/4/28 (b)(c)(d) | 13,542 | 13,550 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.03% 10/20/24 (b)(c)(d) | 38,517 | 38,421 | |
GVC Holdings Gibraltar Ltd.: | |||
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4368% 10/31/29 (b)(c)(d) | 9,327 | 9,355 | |
Tranche B4 1LN, term loan 3 month U.S. LIBOR + 2.250% 7.4368% 3/16/27 (b)(c)(d) | 12,920 | 12,871 | |
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 4/26/28 (b)(c)(d) | 12,253 | 11,924 | |
PCI Gaming Authority 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 5/29/26 (b)(c)(d) | 7,534 | 7,520 | |
Penn Entertainment, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.8322% 5/3/29 (b)(c)(d) | 10,243 | 10,191 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9812% 4/14/29 (b)(c)(d) | 26,744 | 26,629 | |
Scientific Games Holdings LP term loan CME Term SOFR 3 Month Index + 3.500% 8.4206% 4/4/29 (b)(c)(d) | 31,152 | 30,664 | |
Stars Group Holdings BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 7.4091% 7/21/26 (b)(c)(d) | 35,234 | 35,175 | |
Station Casinos LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.28% 2/7/27 (b)(c)(d) | 37,360 | 36,949 | |
TOTAL GAMING | 484,897 | ||
Healthcare - 5.2% | |||
Accelerated Health Systems LLC Tranche B1 LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.2983% 2/15/29 (b)(c)(d) | 16,674 | 12,480 | |
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 8/24/28 (b)(c)(d) | 14,377 | 14,345 | |
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 7.3322% 11/6/27 (b)(c)(d) | 15,070 | 15,044 | |
Charlotte Buyer, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.0839% 2/12/28 (b)(c)(d) | 8,978 | 8,612 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.9534% 12/13/26 (b)(c)(d) | 19,581 | 18,657 | |
Elanco Animal Health, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.6534% 8/1/27 (b)(c)(d) | 15,930 | 15,460 | |
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0967% 11/1/28 (b)(c)(d) | 12,068 | 11,940 | |
Embecta Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.7914% 3/31/29 (b)(c)(d) | 14,985 | 14,752 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (b)(c)(d) | 78,755 | 75,753 | |
HAH Group Holding Co. LLC: | |||
1LN, term loan: | |||
CME Term SOFR 1 Month Index + 5.000% 10.09% 10/29/27 (b)(c)(d) | 2,970 | 2,890 | |
CME Term SOFR 3 Month Index + 5.000% 10/29/27 (c)(d)(f) | 6,015 | 5,925 | |
Tranche DD 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.09% 10/29/27 (b)(c)(d) | 376 | 366 | |
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.76% 3/15/28 (b)(c)(d) | 25,030 | 24,990 | |
ICU Medical, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.5483% 1/6/29 (b)(c)(d) | 13,325 | 13,173 | |
Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3467% 5/4/28 (b)(c)(d) | 36,208 | 36,144 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 5/5/28 (b)(c)(d) | 34,269 | 34,217 | |
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.0279% 10/19/27 (b)(c)(d) | 14,644 | 14,616 | |
MED ParentCo LP: | |||
1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 8/31/26 (b)(c)(d) | 12,174 | 11,132 | |
2LN, term loan 1 month U.S. LIBOR + 8.250% 13.0903% 8/30/27 (b)(c)(d) | 2,851 | 2,195 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 10/23/28 (b)(c)(d) | 27,240 | 26,419 | |
National Mentor Holdings, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8152% 3/2/28 (b)(c)(d) | 13,433 | 10,232 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7483% 3/2/28 (b)(c)(d) | 225 | 171 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 8% 6/2/28 (b)(c)(d) | 37,823 | 37,744 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 11/30/27 (b)(c)(d) | 19,887 | 19,281 | |
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7746% 3/31/27 (b)(c)(d) | 27,917 | 25,823 | |
Perrigo Investments LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.3322% 4/20/29 (b)(c)(d) | 16,743 | 16,646 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 11/15/28 (b)(c)(d) | 46,776 | 45,931 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (b)(c)(d) | 14,894 | 14,884 | |
Surgery Center Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.6977% 8/31/26 (b)(c)(d) | 17,450 | 17,403 | |
U.S. Anesthesia Partners, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 12.3476% 10/1/29 (b)(c)(d)(e) | 2,820 | 2,580 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.0976% 10/1/28 (b)(c)(d) | 27,076 | 25,654 | |
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 10.3322% 12/15/27 (b)(c)(d) | 14,844 | 13,675 | |
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4099% 11/20/26 (b)(c)(d) | 4,460 | 3,466 | |
TOTAL HEALTHCARE | 592,600 | ||
Homebuilders/Real Estate - 0.8% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(d)(e) | 25,849 | 24,557 | |
DTZ U.S. Borrower LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.750% 7.5903% 8/21/25 (b)(c)(d) | 15,377 | 15,050 | |
CME Term SOFR 1 Month Index + 3.250% 8.157% 1/24/30 (b)(c)(d) | 19,396 | 18,717 | |
Fluidra Finco SL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.0822% 1/27/29 (b)(c)(d) | 15,238 | 14,927 | |
Ryan Specialty Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.0822% 9/1/27 (b)(c)(d) | 18,858 | 18,803 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 92,054 | ||
Hotels - 2.5% | |||
ASP LS Acquisition Corp. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.500% 9.6591% 4/30/28 (b)(c)(d) | 11,596 | 9,934 | |
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.8711% 9/9/26 (b)(c)(d) | 9,019 | 8,921 | |
Carnival Finance LLC Tranche B 1LN, term loan: | |||
6 month U.S. LIBOR + 3.000% 8.0246% 6/30/25 (b)(c)(d) | 20,723 | 20,574 | |
6 month U.S. LIBOR + 3.250% 8.2746% 10/18/28 (b)(c)(d) | 25,354 | 24,858 | |
Four Seasons Hotels Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.157% 11/30/29 (b)(c)(d) | 32,021 | 32,084 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 8/2/28 (b)(c)(d) | 69,303 | 68,908 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 1.750% 6.8205% 6/21/26 (b)(c)(d) | 21,135 | 21,089 | |
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 8/31/25 (b)(c)(d) | 27,581 | 27,469 | |
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.250% 13.27% 6/23/26 (b)(c)(d) | 7,816 | 6,696 | |
Playa Resorts Holding BV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.1395% 1/5/29 (b)(c)(d) | 13,451 | 13,421 | |
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 6.750% 13.3646% 5/30/26 (b)(c)(d) | 20,589 | 12,736 | |
3 month U.S. LIBOR + 8.750% 13.7746% 2/28/25 (b)(c)(d) | 19,583 | 19,772 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 6.7746% 5/30/25 (b)(c)(d) | 20,878 | 20,845 | |
TOTAL HOTELS | 287,307 | ||
Insurance - 5.0% | |||
Acrisure LLC: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 8.5246% 2/13/27 (b)(c)(d) | 49,261 | 46,983 | |
1 month U.S. LIBOR + 4.250% 9.2746% 2/15/27 (b)(c)(d) | 14,034 | 13,554 | |
CME Term SOFR 1 Month Index + 5.750% 10.4473% 2/15/27 (b)(c)(d) | 44,279 | 44,030 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5903% 2/15/27 (b)(c)(d) | 11,820 | 11,288 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.51% 11/12/27 (b)(c)(d) | 33,570 | 33,249 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (b)(c)(d) | 14,358 | 14,226 | |
AmWINS Group, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.250% 7.2746% 2/19/28 (b)(c)(d) | 22,628 | 22,366 | |
CME Term SOFR 1 Month Index + 2.750% 7.8322% 2/19/28 (b)(c)(d) | 7,975 | 7,935 | |
Amynta Agency Borrower, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 9.9905% 2/28/28 (b)(c)(d) | 12,595 | 12,196 | |
AssuredPartners, Inc.: | |||
1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4822% 2/13/27 (b)(c)(d) | 12,217 | 11,993 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 8.5246% 2/13/27 (b)(c)(d) | 742 | 730 | |
1 month U.S. LIBOR + 3.500% 8.5246% 2/13/27 (b)(c)(d) | 18,022 | 17,692 | |
Asurion LLC: | |||
Tranche B11 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3322% 8/19/28 (b)(c)(d) | 25,071 | 23,266 | |
Tranche B3 2LN, term loan 1 month U.S. LIBOR + 5.250% 10.2746% 1/31/28 (b)(c)(d) | 53,143 | 44,463 | |
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 10.2746% 1/20/29 (b)(c)(d) | 66,726 | 55,119 | |
Tranche B8 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 12/23/26 (b)(c)(d) | 32,070 | 29,895 | |
Tranche B9 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 7/31/27 (b)(c)(d) | 32,872 | 30,297 | |
HUB International Ltd.: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.51% 4/25/25 (b)(c)(d) | 43,424 | 43,323 | |
CME Term SOFR 1 Month Index + 4.000% 8.7279% 11/10/29 (b)(c)(d) | 9,731 | 9,705 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.0208% 4/25/25 (b)(c)(d) | 48,579 | 48,453 | |
USI, Inc. 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.4091% 12/2/26 (b)(c)(d) | 6,128 | 6,115 | |
CME Term SOFR 1 Month Index + 3.750% 8.6483% 11/22/29 (b)(c)(d) | 44,004 | 43,876 | |
TOTAL INSURANCE | 570,754 | ||
Leisure - 2.5% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 8/17/28 (b)(c)(d) | 18,276 | 18,200 | |
Arcis Golf LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 11/24/28 (b)(c)(d) | 7,361 | 7,315 | |
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.2727% 7/21/28 (b)(c)(d) | 45,880 | 44,619 | |
ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 9/18/24 (c)(d)(f) | 8,425 | 7,947 | |
Crown Finance U.S., Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 10.000% 14.9848% 9/9/23 (b)(c)(d) | 15,379 | 15,658 | |
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 3.9997% 2/28/25 (b)(c)(d) | 26,272 | 4,579 | |
3 month U.S. LIBOR + 2.750% 4.2497% 9/30/26 (b)(c)(d) | 1,462 | 255 | |
Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2322% 1/15/30 (b)(c)(d) | 32,770 | 32,795 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 12.1591% 9/8/24 (b)(c)(d) | 7,325 | 5,203 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 8.1591% 3/8/24 (b)(c)(d) | 29,070 | 26,173 | |
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8125% 8/27/28 (b)(c)(d) | 6,604 | 6,599 | |
Lids Holdings, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 5.500% 10.3929% 12/14/26 (b)(c)(d)(e) | 23,595 | 22,062 | |
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 8/25/28 (b)(c)(d) | 18,092 | 18,001 | |
SP PF Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.5246% 12/21/25 (b)(c)(d) | 15,720 | 9,763 | |
Topgolf Callaway Brands Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 3/9/30 (b)(c)(d) | 30,990 | 30,951 | |
United PF Holdings LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 12/30/26 (b)(c)(d) | 34,719 | 27,471 | |
2LN, term loan 3 month U.S. LIBOR + 8.500% 13.6591% 12/30/27 (b)(c)(d) | 3,500 | 2,450 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.500% 13.6591% 12/30/26 (b)(c)(d)(e) | 3,549 | 2,946 | |
TOTAL LEISURE | 282,987 | ||
Metals/Mining - 0.1% | |||
U.S. Silica Co. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 9.6322% 3/23/30 (b)(c)(d) | 12,600 | 12,399 | |
Paper - 0.8% | |||
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 2/4/28 (b)(c)(d) | 10,900 | 10,532 | |
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (b)(c)(d) | 75,498 | 73,675 | |
TOTAL PAPER | 84,207 | ||
Publishing/Printing - 0.5% | |||
Harland Clarke Holdings Corp.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 7.750% 12.8467% 6/16/26 (b)(c)(d) | 15,246 | 12,591 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 9.7746% 11/3/23 (b)(c)(d) | 1,757 | 1,692 | |
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 8.500% 13.4542% 3/13/25 (b)(c)(d) | 8,830 | 8,728 | |
3 month U.S. LIBOR + 3.250% 8.0757% 3/13/25 (b)(c)(d) | 6,150 | 6,083 | |
MJH Healthcare Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 1/28/29 (b)(c)(d) | 13,210 | 12,930 | |
RLG Holdings LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 12.3403% 7/2/29 (b)(c)(d) | 2,290 | 2,095 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 7/8/28 (b)(c)(d) | 9,046 | 8,533 | |
TOTAL PUBLISHING/PRINTING | 52,652 | ||
Railroad - 0.8% | |||
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.6211% 4/6/28 (b)(c)(d) | 16,600 | 15,881 | |
Echo Global Logistics, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 11/23/28 (b)(c)(d) | 13,313 | 12,930 | |
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.000% 12.0341% 11/23/28 (b)(c)(d)(e) | 8,145 | 8,104 | |
First Student Bidco, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 8.1431% 7/21/28 (b)(c)(d) | 1,626 | 1,547 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.000% 8.1431% 7/21/28 (b)(c)(d) | 609 | 579 | |
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 6.9983% 12/30/26 (b)(c)(d) | 20,230 | 20,151 | |
Wwex Unified Topco Holdings LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.1599% 7/26/28 (b)(c)(d) | 26,356 | 24,831 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.1599% 7/22/29 (b)(c)(d) | 4,920 | 3,982 | |
TOTAL RAILROAD | 88,005 | ||
Restaurants - 0.9% | |||
Burger King Worldwide, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 11/19/26 (b)(c)(d) | 5,383 | 5,319 | |
Dave & Buster's, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.125% 6/29/29 (b)(c)(d) | 12,247 | 12,234 | |
Flynn Restaurant Group LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.0903% 11/22/28 (b)(c)(d) | 5,959 | 5,782 | |
KFC Holding Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.7094% 3/15/28 (b)(c)(d) | 13,721 | 13,620 | |
Pacific Bells LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.6599% 10/20/28 (b)(c)(d) | 11,336 | 11,081 | |
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 11.2746% 3/1/26 (b)(c)(d) | 12,506 | 11,435 | |
Restaurant Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 4/1/29 (b)(c)(d) | 8,065 | 7,941 | |
Whatabrands LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 8/3/28 (b)(c)(d) | 38,785 | 38,304 | |
TOTAL RESTAURANTS | 105,716 | ||
Services - 10.2% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.0822% 12/20/29 (b)(c)(d) | 12,280 | 11,298 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 12/21/28 (b)(c)(d) | 51,900 | 51,096 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (b)(c)(d) | 34,529 | 34,112 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (c)(d)(g) | 11,321 | 11,184 | |
Adtalem Global Education, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 8/12/28 (b)(c)(d) | 3,407 | 3,409 | |
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 9/7/28 (b)(c)(d) | 5,461 | 5,433 | |
All-Star Bidco AB: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9534% 11/16/28 (b)(c)(d) | 6,493 | 6,477 | |
Tranche B1 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.4534% 11/16/28 (b)(c)(d) | 16,541 | 16,327 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.8322% 5/14/28 (b)(c)(d) | 41,921 | 40,386 | |
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2494% 7/9/28 (b)(c)(d) | 22,966 | 22,932 | |
Aramark Services, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 4/6/28 (b)(c)(d) | 26,696 | 26,647 | |
Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 3/11/25 (b)(c)(d) | 629 | 626 | |
Tranche B-4 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 1/15/27 (b)(c)(d) | 4,663 | 4,597 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (b)(c)(d) | 17,350 | 15,029 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (b)(c)(d) | 43,373 | 39,557 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0822% 8/19/28 (b)(c)(d) | 35,635 | 33,045 | |
Avis Budget Group, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 3/16/29 (b)(c)(d) | 17,048 | 17,032 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.2386% 6/21/24 (b)(c)(d) | 59,354 | 55,756 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 8.5246% 2/7/26 (b)(c)(d) | 30,347 | 30,284 | |
CME Term SOFR 1 Month Index + 3.750% 8.557% 12/30/28 (b)(c)(d) | 15,993 | 15,950 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 9/30/28 (b)(c)(d) | 5,642 | 5,604 | |
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9215% 2/2/28 (b)(c)(d) | 6,791 | 6,764 | |
Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.750% 10.576% 5/3/29 (b)(c)(d)(e) | 18,153 | 17,563 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 6/2/28 (b)(c)(d) | 45,759 | 40,946 | |
EAB Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.8707% 8/16/28 (b)(c)(d) | 13,840 | 13,506 | |
Element Materials Technology Group: | |||
Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.2483% 6/24/29 (b)(c)(d) | 7,668 | 7,560 | |
Tranche DD 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.2483% 6/24/29 (b)(c)(d) | 3,539 | 3,489 | |
EmployBridge LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.9264% 7/19/28 (b)(c)(d) | 30,202 | 25,383 | |
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.8954% 8/1/26 (b)(c)(d) | 11,727 | 11,710 | |
Filtration Group Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 10/21/28 (b)(c)(d) | 13,413 | 13,265 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 8.0246% 3/29/25 (b)(c)(d) | 9,397 | 9,380 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.405% 6/13/25 (b)(c)(d) | 13,700 | 11,501 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.655% 6/13/24 (b)(c)(d) | 44,721 | 42,563 | |
Flexera Software LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5903% 3/3/28 (b)(c)(d) | 18,613 | 18,372 | |
Franchise Group, Inc. Tranche B 1LN, term loan: | |||
CME Term SOFR 3 Month Index + 4.750% 9.6971% 3/10/26 (b)(c)(d) | 9,130 | 8,902 | |
CME Term SOFR 3 Month Index + 4.750% 9.9703% 3/10/26 (b)(c)(d) | 29,402 | 28,667 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 9.7322% 4/29/29 (b)(c)(d) | 14,333 | 12,756 | |
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 10.2746% 6/30/28 (b)(c)(d) | 7,097 | 6,884 | |
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 6 month U.S. LIBOR + 5.000% 9.9534% 7/30/26 (b)(c)(d) | 15,932 | 15,932 | |
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 12/1/27 (b)(c)(d) | 10,050 | 9,943 | |
Indy U.S. Bidco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (b)(c)(d) | 8,507 | 7,151 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.9091% 3/26/28 (b)(c)(d) | 33,125 | 31,918 | |
KNS Acquisitions, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 6.250% 11.3467% 4/21/27 (b)(c)(d) | 11,671 | 10,205 | |
KUEHG Corp. Tranche B, term loan 1 month U.S. LIBOR + 3.750% 8.9091% 2/21/25 (b)(c)(d) | 23,471 | 23,274 | |
Maverick Purchaser Sub LLC: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 9.0246% 1/23/27 (b)(c)(d) | 19,042 | 18,375 | |
CME Term SOFR 1 Month Index + 4.000% 8.9063% 2/15/29 (b)(c)(d) | 27,795 | 26,614 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 13.7746% 1/31/28 (b)(c)(d) | 10,815 | 9,652 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (b)(c)(d) | 66,260 | 59,038 | |
Optiv Security, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 8/14/26 (c)(d)(f) | 10,145 | 9,815 | |
Pilot Travel Centers LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.0822% 8/4/28 (b)(c)(d) | 37,940 | 37,819 | |
PowerTeam Services LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 8.4091% 3/5/25 (b)(c)(d) | 1,466 | 1,238 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 3/6/25 (b)(c)(d) | 13,262 | 11,405 | |
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.5625% 12/10/26 (b)(c)(d) | 12,104 | 12,073 | |
Sedgwick Claims Management Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.7322% 2/24/28 (b)(c)(d) | 7,650 | 7,555 | |
Sitel Worldwide Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.6% 8/27/28 (b)(c)(d) | 12,874 | 12,815 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (b)(c)(d) | 75,948 | 62,301 | |
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 8/29/25 (b)(c)(d) | 7,950 | 7,093 | |
The GEO Group, Inc. Tranche 1B 1LN, term loan CME Term SOFR 1 Month Index + 7.120% 12.1072% 3/23/27 (b)(c)(d) | 5,580 | 5,660 | |
Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.7202% 3/3/30 (b)(c)(d) | 32,332 | 32,210 | |
Vaco Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0483% 1/21/29 (b)(c)(d) | 12,625 | 12,549 | |
WMB Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3322% 11/3/29 (b)(c)(d) | 11,155 | 11,138 | |
TOTAL SERVICES | 1,161,765 | ||
Specialty Retailing - 0.1% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 13.296% 6/30/27 (b)(c)(d) | 17,484 | 14,774 | |
Steel - 0.2% | |||
JMC Steel Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 2.000% 7.0177% 1/24/27 (b)(c)(d) | 12,595 | 12,445 | |
Tiger Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.3322% 6/1/28 (b)(c)(d) | 8,360 | 8,104 | |
TOTAL STEEL | 20,549 | ||
Super Retail - 4.2% | |||
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5976% 11/6/27 (b)(c)(d) | 13,083 | 13,070 | |
At Home Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4266% 7/24/28 (b)(c)(d) | 18,295 | 13,556 | |
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/5/28 (b)(c)(d) | 327,616 | 324,547 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.5781% 2/3/27 (b)(c)(d) | 11,475 | 11,494 | |
Empire Today LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.9477% 4/1/28 (b)(c)(d) | 15,358 | 12,010 | |
Hanesbrands, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.557% 3/8/30 (b)(c)(d) | 8,935 | 8,885 | |
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 10/19/27 (b)(c)(d) | 9,404 | 9,113 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (b)(c)(d) | 9,494 | 8,798 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 4/15/28 (b)(c)(d) | 30,975 | 28,318 | |
Red Ventures LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9822% 3/3/30 (b)(c)(d) | 15,232 | 15,035 | |
RH: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.3403% 10/20/28 (b)(c)(d) | 26,565 | 24,545 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.157% 10/20/28 (b)(c)(d) | 9,333 | 8,663 | |
TOTAL SUPER RETAIL | 478,034 | ||
Technology - 15.8% | |||
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 10.5341% 3/10/27 (b)(c)(d) | 15,755 | 15,420 | |
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0483% 2/16/28 (b)(c)(d) | 7,455 | 7,202 | |
Alliance Laundry Systems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.5587% 10/8/27 (b)(c)(d) | 10,968 | 10,891 | |
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8.9091% 8/10/25 (b)(c)(d) | 37,409 | 29,156 | |
Applied Systems, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.3983% 9/19/26 (b)(c)(d) | 18,875 | 18,893 | |
Aptean, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.157% 4/23/26 (b)(c)(d) | 15,127 | 14,528 | |
Arches Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.3322% 12/4/27 (b)(c)(d) | 7,455 | 6,896 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (b)(c)(d) | 72,838 | 68,155 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (c)(d)(g) | 8,948 | 8,373 | |
AZZ, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3322% 5/13/29 (b)(c)(d) | 18,275 | 18,239 | |
Byju's Alpha, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 12.9281% 11/24/26 (b)(c)(d) | 20,791 | 16,870 | |
Camelot Finance SA: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 10/31/26 (b)(c)(d) | 24,078 | 24,033 | |
Tranche B, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 10/31/26 (b)(c)(d) | 26,743 | 26,704 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 7/6/29 (b)(c)(d) | 59,745 | 59,654 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.5246% 4/30/25 (b)(c)(d) | 25,813 | 25,742 | |
Coherent Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.8467% 7/1/29 (b)(c)(d) | 43,102 | 42,860 | |
CommScope, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 4/4/26 (b)(c)(d) | 41,971 | 38,802 | |
ConnectWise LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3403% 9/30/28 (b)(c)(d) | 25,576 | 24,793 | |
Constant Contact, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.1979% 2/10/28 (b)(c)(d) | 9,862 | 9,270 | |
DCert Buyer, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.6956% 10/16/26 (b)(c)(d) | 43,746 | 43,282 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 11.6956% 2/19/29 (b)(c)(d) | 14,248 | 13,112 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 6.750% 11.7746% 3/31/29 (b)(c)(d) | 2,490 | 2,198 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 8.7746% 3/31/28 (b)(c)(d) | 10,769 | 10,501 | |
CME Term SOFR 1 Month Index + 4.750% 9.7322% 3/31/28 (b)(c)(d) | 3,169 | 3,098 | |
ECL Entertainment LLC 1LN, term loan 1 month U.S. LIBOR + 7.500% 12.5967% 4/30/28 (b)(c)(d) | 4,913 | 4,866 | |
Entegris, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.6609% 3/10/30 (b)(c)(d) | 58,493 | 58,411 | |
Eos U.S. Finco LLC 1LN, term loan CME Term SOFR 3 Month Index + 6.000% 10.9086% 10/6/29 (b)(c)(d) | 11,662 | 11,555 | |
Epicor Software Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 7/31/27 (b)(c)(d) | 21,003 | 20,723 | |
Gen Digital, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.0822% 9/12/29 (b)(c)(d) | 63,852 | 63,123 | |
Go Daddy Operating Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 6.8403% 8/10/27 (b)(c)(d) | 977 | 975 | |
GoDaddy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.057% 10/21/29 (b)(c)(d) | 16,900 | 16,900 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 8/19/28 (b)(c)(d) | 10,414 | 10,349 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (b)(c)(d) | 59,778 | 59,737 | |
Imprivata, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 8.5903% 12/1/27 (b)(c)(d) | 9,800 | 9,475 | |
CME Term SOFR 1 Month Index + 4.250% 9.057% 12/1/27 (b)(c)(d) | 993 | 971 | |
Maxar Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3322% 6/9/29 (b)(c)(d) | 5,240 | 5,231 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.6534% 3/1/29 (b)(c)(d) | 39,181 | 36,886 | |
MH Sub I LLC: | |||
1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 8.7746% 9/15/24 (b)(c)(d) | 37,107 | 36,875 | |
CME Term SOFR 1 Month Index + 4.250% 4/13/28 (c)(d)(f) | 14,940 | 14,324 | |
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.057% 2/23/29 (b)(c)(d) | 14,080 | 13,018 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8.7746% 9/15/24 (b)(c)(d) | 34,657 | 34,476 | |
MKS Instruments, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.8143% 8/17/29 (b)(c)(d) | 28,491 | 28,333 | |
Motus Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/10/28 (b)(c)(d) | 5 | 5 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.000% 12.0822% 9/4/26 (b)(c)(d) | 2,225 | 2,179 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.3322% 9/5/25 (b)(c)(d) | 9,217 | 9,198 | |
Open Text Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 8/25/29 (b)(c)(d) | 44,434 | 44,385 | |
Osmosis Debt Merger Sub, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.5839% 7/30/28 (b)(c)(d) | 20,254 | 19,700 | |
Park Place Technologies LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0822% 11/10/27 (b)(c)(d) | 23,715 | 22,734 | |
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8322% 2/1/28 (b)(c)(d) | 92,919 | 90,906 | |
Polaris Newco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 6/2/28 (b)(c)(d) | 64,914 | 60,073 | |
Project Boost Purchaser LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 5/30/26 (b)(c)(d) | 12,144 | 12,044 | |
Proofpoint, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.2746% 8/31/28 (b)(c)(d) | 45,101 | 44,068 | |
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 7.595% 2/15/28 (b)(c)(d) | 33,135 | 13,536 | |
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 4/22/28 (b)(c)(d) | 31,683 | 30,736 | |
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5903% 9/30/28 (b)(c)(d) | 13,954 | 9,349 | |
Renaissance Holdings Corp.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.750% 9.5796% 3/16/30 (b)(c)(d) | 36,815 | 36,106 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 11.8403% 5/31/26 (b)(c)(d) | 7,642 | 7,450 | |
Roper Industrial Products Investment Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.3983% 11/22/29 (b)(c)(d) | 9,020 | 8,957 | |
Sophia LP: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.2322% 10/7/27 (b)(c)(d) | 14,664 | 14,499 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 10/7/27 (b)(c)(d) | 13,976 | 13,778 | |
Sovos Compliance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.5246% 8/11/28 (b)(c)(d) | 11,859 | 11,468 | |
SS&C Technologies, Inc.: | |||
Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 4/16/25 (b)(c)(d) | 10,397 | 10,372 | |
Tranche B 4LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 4/16/25 (b)(c)(d) | 9,220 | 9,198 | |
Tranche B 5LN, term loan 1 month U.S. LIBOR + 1.750% 6.7746% 4/16/25 (b)(c)(d) | 31,609 | 31,534 | |
Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.3322% 3/22/29 (b)(c)(d) | 6,560 | 6,526 | |
Tranche B7 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.3322% 3/22/29 (b)(c)(d) | 9,886 | 9,835 | |
Tempo Acquisition LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 3.000% 7.9822% 8/31/28 (b)(c)(d) | 43,987 | 43,914 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 7.3476% 9/28/24 (b)(c)(d) | 9,693 | 9,681 | |
UKG, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8954% 5/4/26 (b)(c)(d) | 23,763 | 23,342 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (b)(c)(d) | 60,102 | 58,449 | |
2LN, term loan 3 month U.S. LIBOR + 5.250% 10.2706% 5/3/27 (b)(c)(d) | 28,250 | 27,097 | |
Ust Global, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.6715% 11/19/28 (b)(c)(d) | 10,428 | 10,315 | |
Veritas U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 9.8403% 9/1/25 (b)(c)(d) | 19,869 | 15,228 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 8/27/25 (b)(c)(d) | 15,722 | 15,692 | |
VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.0643% 1/13/29 (b)(c)(d) | 19,018 | 18,560 | |
Virgin Pulse, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.250% 12.2746% 4/6/29 (b)(c)(d) | 745 | 552 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0246% 4/6/28 (b)(c)(d) | 14,055 | 11,610 | |
VM Consolidated, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 3.250% 8.3467% 3/27/28 (b)(c)(d) | 21,430 | 21,398 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 7.9034% 2/28/27 (b)(c)(d) | 16,369 | 16,110 | |
Weber-Stephen Products LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.3322% 10/30/27 (b)(c)(d) | 8,359 | 7,431 | |
CME Term SOFR 1 Month Index + 4.250% 9.3322% 10/30/27 (b)(c)(d) | 5,737 | 5,120 | |
Zelis Payments Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 9/30/26 (b)(c)(d) | 26,208 | 26,058 | |
TOTAL TECHNOLOGY | 1,794,093 | ||
Telecommunications - 4.8% | |||
Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 9.9863% 10/31/27 (b)(c)(d) | 11,803 | 11,560 | |
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.4863% 8/15/28 (b)(c)(d) | 60,481 | 56,776 | |
Aventiv Technologies LLC Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 9.6591% 11/1/24 (b)(c)(d) | 35,901 | 25,473 | |
3 month U.S. LIBOR + 8.250% 13.2746% 11/1/25 (b)(c)(d) | 30,400 | 16,449 | |
Cablevision Lightpath LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.1977% 11/30/27 (b)(c)(d) | 5,265 | 5,162 | |
Ciena Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4436% 1/12/30 (b)(c)(d) | 6,425 | 6,417 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.53% 12/12/26 (b)(c)(d) | 10,380 | 10,315 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5967% 10/2/27 (b)(c)(d) | 16,633 | 14,132 | |
Crown Subsea Communications Holding, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.1679% 4/27/27 (b)(c)(d) | 18,000 | 17,944 | |
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 9.6679% 4/27/27 (b)(c)(d) | 5,998 | 5,938 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.8125% 5/1/28 (b)(c)(d) | 47,421 | 45,192 | |
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (b)(c)(d) | 4,644 | 2,415 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (b)(c)(d) | 5,824 | 4,776 | |
Intelsat Jackson Holdings SA 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.250% 9.0817% 2/1/29 (b)(c)(d) | 121,778 | 120,084 | |
Level 3 Financing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 6.8467% 3/1/27 (b)(c)(d) | 9,250 | 7,881 | |
Northwest Fiber LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8104% 4/30/27 (b)(c)(d) | 31,869 | 30,788 | |
Patagonia Holdco LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.750% 10.4734% 8/1/29 (b)(c)(d) | 22,671 | 18,382 | |
Radiate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 9/25/26 (b)(c)(d) | 48,868 | 40,286 | |
SBA Senior Finance II, LLC Tranche B, term loan 1 month U.S. LIBOR + 1.750% 6.78% 4/11/25 (b)(c)(d) | 17,246 | 17,221 | |
Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.3322% 9/21/27 (b)(c)(d) | 25,825 | 23,262 | |
Zayo Group Holdings, Inc. 1LN, term loan: | |||
1 month U.S. LIBOR + 3.000% 8.0246% 3/9/27 (b)(c)(d) | 58,966 | 47,776 | |
CME Term SOFR 1 Month Index + 4.250% 9.2322% 3/9/27 (b)(c)(d) | 21,582 | 17,793 | |
TOTAL TELECOMMUNICATIONS | 546,022 | ||
Textiles/Apparel - 0.9% | |||
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.6591% 10/7/27 (b)(c)(d) | 1,862 | 1,810 | |
Crocs, Inc. Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 2/17/29 (b)(c)(d) | 51,601 | 51,519 | |
Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.3125% 11/23/28 (b)(c)(d) | 18,205 | 18,129 | |
Jo-Ann Stores LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 10.0181% 7/7/28 (b)(c)(d) | 14,707 | 7,925 | |
Tory Burch LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 4/16/28 (b)(c)(d) | 18,020 | 16,650 | |
Victoria's Secret & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.2357% 8/2/28 (b)(c)(d) | 8,990 | 8,855 | |
TOTAL TEXTILES/APPAREL | 104,888 | ||
Transportation Ex Air/Rail - 0.0% | |||
ASP LS Acquisition Corp. 2LN, term loan 6 month U.S. LIBOR + 7.500% 12.6591% 5/7/29 (b)(c)(d)(e) | 2,965 | 1,868 | |
Utilities - 1.8% | |||
Brookfield WEC Holdings, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.557% 8/1/25 (b)(c)(d) | 12,199 | 12,176 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 8/1/25 (b)(c)(d) | 57,644 | 57,428 | |
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 7.46% 12/15/27 (b)(c)(d) | 3,690 | 3,670 | |
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 10.1599% 2/15/24 (b)(c)(d) | 16,650 | 13,695 | |
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.0483% 1/3/29 (b)(c)(d) | 13,056 | 10,371 | |
Osmose Utilities Services, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 6/23/28 (b)(c)(d) | 14,356 | 13,876 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (b)(c)(d) | 15,192 | 15,143 | |
Pike Corp. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.000% 8.0967% 1/21/28 (b)(c)(d) | 15,389 | 15,309 | |
CME Term SOFR 1 Month Index + 3.500% 8.4822% 1/21/28 (b)(c)(d) | 4,478 | 4,472 | |
Vertiv Group Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.5976% 3/2/27 (b)(c)(d) | 36,460 | 36,044 | |
Vistra Operations Co. LLC Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 6.7592% 12/31/25 (b)(c)(d) | 24,521 | 24,402 | |
TOTAL UTILITIES | 206,586 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $10,557,693) | 10,079,027 | ||
Nonconvertible Bonds - 4.8% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Aerospace - 0.2% | |||
TransDigm, Inc. 6.25% 3/15/26 (h) | 22,000 | 22,104 | |
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (h) | 4,290 | 4,213 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (h) | 2,392 | 2,345 | |
TOTAL AIR TRANSPORTATION | 6,558 | ||
Automotive & Auto Parts - 0.8% | |||
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (h)(i) | 7,810 | 7,840 | |
Ford Motor Credit Co. LLC U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 7.7305% 3/6/26 (b)(c) | 16,070 | 16,158 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.9311% 10/15/26 (b)(c)(h) | 67,095 | 66,019 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 90,017 | ||
Broadcasting - 0.3% | |||
DISH Network Corp. 11.75% 11/15/27 (h) | 19,930 | 18,827 | |
Univision Communications, Inc. 6.625% 6/1/27 (h) | 15,545 | 14,968 | |
TOTAL BROADCASTING | 33,795 | ||
Building Materials - 0.0% | |||
SRS Distribution, Inc. 4.625% 7/1/28 (h) | 660 | 581 | |
Cable/Satellite TV - 0.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
5% 2/1/28 (h) | 8,110 | 7,498 | |
5.375% 6/1/29 (h) | 16,225 | 14,880 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (h) | 9,355 | 7,281 | |
TOTAL CABLE/SATELLITE TV | 29,659 | ||
Capital Goods - 0.0% | |||
Chart Industries, Inc. 7.5% 1/1/30 (h) | 1,670 | 1,720 | |
Chemicals - 0.0% | |||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (h) | 145 | 134 | |
Containers - 0.1% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (h) | 11,245 | 10,573 | |
Energy - 0.2% | |||
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (h) | 2,115 | 2,060 | |
7% 6/15/25 (h) | 9,610 | 9,562 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (h) | 4,395 | 4,047 | |
6.75% 9/15/25 (h) | 6,055 | 5,766 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (h) | 5,062 | 4,937 | |
TOTAL ENERGY | 26,372 | ||
Gaming - 0.6% | |||
Affinity Gaming LLC 6.875% 12/15/27 (h) | 7,315 | 6,580 | |
Caesars Entertainment, Inc. 7% 2/15/30 (h) | 7,670 | 7,738 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625% 1/15/29 (h) | 37,830 | 33,123 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (h) | 5,940 | 5,999 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h) | 7,363 | 7,142 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (h) | 1,205 | 1,158 | |
4.25% 12/1/26 (h) | 1,725 | 1,644 | |
4.625% 12/1/29 (h) | 985 | 915 | |
TOTAL GAMING | 64,299 | ||
Healthcare - 0.2% | |||
Embecta Corp. 6.75% 2/15/30 (h) | 8,365 | 7,579 | |
Tenet Healthcare Corp. 4.625% 7/15/24 | 9,470 | 9,389 | |
TOTAL HEALTHCARE | 16,968 | ||
Homebuilders/Real Estate - 0.3% | |||
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 | 14,885 | 12,404 | |
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (h) | 18,880 | 18,066 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 30,470 | ||
Insurance - 0.1% | |||
Alliant Holdings Intermediate LLC 6.75% 4/15/28 (h) | 16,655 | 16,634 | |
Leisure - 0.2% | |||
Carnival Corp. 7.625% 3/1/26 (h) | 10,000 | 9,120 | |
Royal Caribbean Cruises Ltd.: | |||
8.25% 1/15/29 (h) | 7,970 | 8,392 | |
11.625% 8/15/27 (h) | 5,355 | 5,685 | |
TOTAL LEISURE | 23,197 | ||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (h) | 3,430 | 3,003 | |
Restaurants - 0.0% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5.75% 4/15/25 (h) | 660 | 661 | |
CEC Entertainment LLC 6.75% 5/1/26 (h) | 4,045 | 3,845 | |
TOTAL RESTAURANTS | 4,506 | ||
Services - 0.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (h) | 4,731 | 4,494 | |
Aramark Services, Inc. 6.375% 5/1/25 (h) | 2,535 | 2,535 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (h) | 4,675 | 4,562 | |
PowerTeam Services LLC 9.033% 12/4/25 (h) | 18,825 | 16,168 | |
TOTAL SERVICES | 27,759 | ||
Super Retail - 0.0% | |||
EG Global Finance PLC 6.75% 2/7/25 (h) | 5,500 | 5,211 | |
Technology - 0.2% | |||
Cloud Software Group, Inc. 9% 9/30/29 (h) | 8,495 | 7,300 | |
CommScope, Inc. 6% 3/1/26 (h) | 5,800 | 5,539 | |
Maxar Technologies, Inc. 7.75% 6/15/27 (h) | 7,895 | 8,367 | |
TOTAL TECHNOLOGY | 21,206 | ||
Telecommunications - 0.9% | |||
Altice Financing SA 5.75% 8/15/29 (h) | 30,000 | 23,931 | |
Altice France SA: | |||
5.125% 1/15/29 (h) | 8,087 | 5,977 | |
5.125% 7/15/29 (h) | 10,905 | 8,062 | |
5.5% 1/15/28 (h) | 8,480 | 6,676 | |
5.5% 10/15/29 (h) | 8,370 | 6,266 | |
Consolidated Communications, Inc. 5% 10/1/28 (h) | 410 | 301 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (h) | 4,005 | 3,517 | |
8.75% 5/15/30 (h) | 1,560 | 1,543 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (h) | 22,343 | 20,618 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (h) | 810 | 694 | |
6.75% 10/15/27 (h) | 8,250 | 7,836 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (h) | 710 | 616 | |
Windstream Escrow LLC 7.75% 8/15/28 (h) | 18,810 | 15,492 | |
TOTAL TELECOMMUNICATIONS | 101,529 | ||
Textiles/Apparel - 0.0% | |||
Victoria's Secret & Co. 4.625% 7/15/29 (h) | 4,010 | 3,243 | |
Utilities - 0.1% | |||
Exgen Texas Power LLC 3 month U.S. LIBOR + 6.750% 11.961% 10/8/26 (b)(c)(e) | 8,608 | 8,672 | |
TOTAL NONCONVERTIBLE BONDS (Cost $576,914) | 548,210 | ||
Common Stocks - 1.5% | |||
Shares | Value ($) (000s) | ||
Broadcasting - 0.0% | |||
ION Media Networks, Inc. (e)(j) | 2,842 | 0 | |
Capital Goods - 0.0% | |||
TNT Crane & Rigging LLC (e)(j) | 512,868 | 4,441 | |
TNT Crane & Rigging LLC warrants 10/31/25 (e)(j) | 86,957 | 18 | |
TOTAL CAPITAL GOODS | 4,459 | ||
Diversified Financial Services - 0.1% | |||
ACNR Holdings, Inc. (e)(j) | 115,087 | 10,916 | |
Lime Tree Bay Ltd. (e)(j) | 2,899 | 83 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 10,999 | ||
Energy - 1.1% | |||
California Resources Corp. | 885,119 | 35,847 | |
California Resources Corp. warrants 10/27/24 (j) | 48,025 | 457 | |
Chesapeake Energy Corp. | 587,218 | 48,551 | |
Chesapeake Energy Corp. (j)(k) | 4,049 | 335 | |
Denbury, Inc. (j) | 391,783 | 36,585 | |
EP Energy Corp. (e)(j) | 80,740 | 472 | |
TOTAL ENERGY | 122,247 | ||
Entertainment/Film - 0.0% | |||
Cineworld Group PLC warrants 11/23/25 (j) | 1,189,800 | 0 | |
Restaurants - 0.1% | |||
CEC Entertainment, Inc. (e)(j) | 542,500 | 8,902 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. rights (e)(j) | 4,171 | 0 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. (e) | 118,360 | 1,462 | |
Utilities - 0.2% | |||
TexGen Power LLC (e)(j) | 524,336 | 16,517 | |
TOTAL COMMON STOCKS (Cost $82,473) | 164,586 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Shares | Value ($) (000s) | ||
Diversified Financial Services - 0.3% | |||
ACNR Holdings, Inc. (e)(j) (Cost $8,235) | 65,882 | 37,705 | |
Preferred Securities - 0.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 0.2% | |||
Bank of America Corp.: | |||
5.2% (b)(l) | 2,165 | 2,197 | |
6.25% (b)(l) | 11,615 | 11,465 | |
JPMorgan Chase & Co. 6% (b)(l) | 7,500 | 7,543 | |
TOTAL BANKS & THRIFTS | 21,205 | ||
Energy - 0.2% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 8.8916% (b)(c)(l) | 32,180 | 29,296 | |
TOTAL PREFERRED SECURITIES (Cost $50,986) | 50,501 | ||
Other - 0.8% | |||
Shares | Value ($) (000s) | ||
Other - 0.8% | |||
Fidelity Private Credit Central Fund LLC (k)(n) (Cost $85,104) | 8,556,722 | 84,883 | |
Money Market Funds - 3.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.88% (m) (Cost $361,862) | 361,813,937 | 361,886 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $11,723,267) | 11,326,798 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 26,980 |
NET ASSETS - 100.0% | 11,353,778 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(d) | 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. |
(e) | Level 3 security |
(f) | The coupon rate will be determined upon settlement of the loan after period end. |
(g) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $20,487,000 and $19,761,000, respectively. |
(h) | 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 $501,587,000 or 4.4% of net assets. |
(i) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(j) | Non-income producing |
(k) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $85,218,000 or 0.8% of net assets. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Chesapeake Energy Corp. | 2/10/21 | 38 |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 85,104 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 817,241 | 1,272,990 | 1,728,344 | 13,103 | - | (1) | 361,886 | 0.9% |
Fidelity Private Credit Central Fund LLC | 42,412 | 50,810 | 8,600 | 4,493 | - | 261 | 84,883 | 14.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | - | 150,615 | 150,615 | 5 | - | - | - | 0.0% |
Total | 859,653 | 1,474,415 | 1,887,559 | 17,601 | - | 260 | 446,769 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | - | - | - | - |
Consumer Discretionary | 8,902 | - | - | 8,902 |
Energy | 122,247 | 121,775 | - | 472 |
Financials | 48,704 | - | - | 48,704 |
Industrials | 4,459 | - | - | 4,459 |
Information Technology | 1,462 | - | - | 1,462 |
Utilities | 16,517 | - | - | 16,517 |
Bank Loan Obligations | 10,079,027 | - | 9,944,912 | 134,115 |
Corporate Bonds | 548,210 | - | 539,538 | 8,672 |
Preferred Securities | 50,501 | - | 50,501 | - |
Money Market Funds | 361,886 | 361,886 | - | - |
Total Investments in Securities: | 11,241,915 | 483,661 | 10,534,951 | 223,303 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Bank Loan Obligations | |||
Beginning Balance | $ | 324,271 | |
Net Realized Gain (Loss) on Investment Securities | (150) | ||
Net Unrealized Gain (Loss) on Investment Securities | (15) | ||
Cost of Purchases | 24,927 | ||
Proceeds of Sales | (14,310) | ||
Amortization/Accretion | 153 | ||
Transfers into Level 3 | 29,358 | ||
Transfers out of Level 3 | (230,119) | ||
Ending Balance | $ | 134,115 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (222) | |
Other Investments in Securities | |||
Beginning Balance | $ | 88,093 | |
Net Realized Gain (Loss) on Investment Securities | (9) | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,931) | ||
Cost of Purchases | 3,432 | ||
Proceeds of Sales | (397) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 89,188 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | (1,931) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | April 30, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $11,276,301) | $ | 10,880,029 | ||
Fidelity Central Funds (cost $446,966) | 446,769 | |||
Total Investment in Securities (cost $11,723,267) | $ | 11,326,798 | ||
Cash | 10,427 | |||
Receivable for investments sold | 139,684 | |||
Receivable for fund shares sold | 10,300 | |||
Interest receivable | 63,511 | |||
Distributions receivable from Fidelity Central Funds | 1,391 | |||
Prepaid expenses | 5 | |||
Other receivables | 206 | |||
Total assets | 11,552,322 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 153,338 | ||
Delayed delivery | 7,810 | |||
Payable for fund shares redeemed | 16,284 | |||
Distributions payable | 14,015 | |||
Accrued management fee | 5,208 | |||
Distribution and service plan fees payable | 226 | |||
Other affiliated payables | 1,126 | |||
Other payables and accrued expenses | 537 | |||
Total Liabilities | 198,544 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 11,353,778 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 12,849,117 | ||
Total accumulated earnings (loss) | (1,495,339) | |||
Net Assets | $ | 11,353,778 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($550,365 ÷ 60,340 shares) (a) | $ | 9.12 | ||
Maximum offering price per share (100/97.25 of $9.12) | $ | 9.38 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($83,804 ÷ 9,201 shares) (a) | $ | 9.11 | ||
Maximum offering price per share (100/97.25 of $9.11) | $ | 9.37 | ||
Class C : | ||||
Net Asset Value and offering price per share ($109,726 ÷ 12,032 shares) (a) | $ | 9.12 | ||
Fidelity Floating Rate High Income Fund : | ||||
Net Asset Value , offering price and redemption price per share ($6,217,016 ÷ 682,505 shares) | $ | 9.11 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($1,847,132 ÷ 202,953 shares) | $ | 9.10 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($2,545,735 ÷ 279,571 shares) | $ | 9.11 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended April 30, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 4,685 | ||
Interest | 479,681 | |||
Income from Fidelity Central Funds (including $5 from security lending) | 17,601 | |||
Total Income | 501,967 | |||
Expenses | ||||
Management fee | $ | 32,563 | ||
Transfer agent fees | 6,089 | |||
Distribution and service plan fees | 1,407 | |||
Accounting fees | 789 | |||
Custodian fees and expenses | 58 | |||
Independent trustees' fees and expenses | 38 | |||
Registration fees | 183 | |||
Audit | 48 | |||
Legal | 10 | |||
Miscellaneous | 28 | |||
Total expenses before reductions | 41,213 | |||
Expense reductions | (204) | |||
Total expenses after reductions | 41,009 | |||
Net Investment income (loss) | 460,958 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (51,053) | |||
Total net realized gain (loss) | (51,053) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 254,259 | |||
Fidelity Central Funds | 260 | |||
Total change in net unrealized appreciation (depreciation) | 254,519 | |||
Net gain (loss) | 203,466 | |||
Net increase (decrease) in net assets resulting from operations | $ | 664,424 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended April 30, 2023 (Unaudited) | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 460,958 | $ | 531,439 |
Net realized gain (loss) | (51,053) | (66,166) | ||
Change in net unrealized appreciation (depreciation) | 254,519 | (722,663) | ||
Net increase (decrease) in net assets resulting from operations | 664,424 | (257,390) | ||
Distributions to shareholders | (473,414) | (524,936) | ||
Share transactions - net increase (decrease) | (865,691) | 2,079,697 | ||
Total increase (decrease) in net assets | (674,681) | 1,297,371 | ||
Net Assets | ||||
Beginning of period | 12,028,459 | 10,731,088 | ||
End of period | $ | 11,353,778 | $ | 12,028,459 |
Fidelity Advisor® Floating Rate High Income Fund Class A |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.53 | $ | 8.98 | $ | 9.39 | $ | 9.61 | $ | 9.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .340 | .370 | .298 | .362 | .461 | .398 | ||||||
Net realized and unrealized gain (loss) | .150 | (.556) | .525 | (.411) | (.216) | (.056) | ||||||
Total from investment operations | .490 | (.186) | .823 | (.049) | .245 | .342 | ||||||
Distributions from net investment income | (.350) | (.364) | (.273) | (.361) | (.465) | (.398) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.004) | ||||||
Total distributions | (.350) | (.364) | (.273) | (.361) | (.465) | (.402) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.12 | $ | 8.98 | $ | 9.53 | $ | 8.98 | $ | 9.39 | $ | 9.61 |
Total Return D,E,F | 5.53% | (1.96)% | 9.24% | (.45)% | 2.63% | 3.60% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .98% I | .97% | .98% | .98% | .98% | .98% | ||||||
Expenses net of fee waivers, if any | .97% I | .97% | .98% | .98% | .98% | .98% | ||||||
Expenses net of all reductions | .97% I | .97% | .97% | .98% | .98% | .98% | ||||||
Net investment income (loss) | 7.54% I | 4.00% | 3.18% | 4.01% | 4.86% | 4.13% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 550 | $ | 575 | $ | 523 | $ | 411 | $ | 546 | $ | 598 |
Portfolio turnover rate J | 32% I | 27% | 31% | 37% | 22% | 47% |
Fidelity Advisor® Floating Rate High Income Fund Class M |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.96 | $ | 9.51 | $ | 8.97 | $ | 9.38 | $ | 9.59 | $ | 9.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .340 | .369 | .297 | .361 | .460 | .396 | ||||||
Net realized and unrealized gain (loss) | .160 | (.555) | .514 | (.411) | (.206) | (.055) | ||||||
Total from investment operations | .500 | (.186) | .811 | (.050) | .254 | .341 | ||||||
Distributions from net investment income | (.350) | (.364) | (.271) | (.360) | (.464) | (.397) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.004) | ||||||
Total distributions | (.350) | (.364) | (.271) | (.360) | (.464) | (.401) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.11 | $ | 8.96 | $ | 9.51 | $ | 8.97 | $ | 9.38 | $ | 9.59 |
Total Return D,E,F | 5.66% | (1.97)% | 9.12% | (.46)% | 2.72% | 3.59% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .96% I | .97% | .99% | 1.00% | .99% | .99% | ||||||
Expenses net of fee waivers, if any | .96% I | .96% | .99% | 1.00% | .99% | .99% | ||||||
Expenses net of all reductions | .96% I | .96% | .99% | .99% | .99% | .99% | ||||||
Net investment income (loss) | 7.56% I | 4.00% | 3.16% | 4.00% | 4.86% | 4.11% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 84 | $ | 87 | $ | 65 | $ | 58 | $ | 84 | $ | 102 |
Portfolio turnover rate J | 32% I | 27% | 31% | 37% | 22% | 47% |
Fidelity Advisor® Floating Rate High Income Fund Class C |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.97 | $ | 9.53 | $ | 8.98 | $ | 9.39 | $ | 9.61 | $ | 9.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .306 | .300 | .228 | .295 | .392 | .325 | ||||||
Net realized and unrealized gain (loss) | .159 | (.565) | .524 | (.411) | (.218) | (.056) | ||||||
Total from investment operations | .465 | (.265) | .752 | (.116) | .174 | .269 | ||||||
Distributions from net investment income | (.315) | (.295) | (.202) | (.294) | (.394) | (.325) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.004) | ||||||
Total distributions | (.315) | (.295) | (.202) | (.294) | (.394) | (.329) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.12 | $ | 8.97 | $ | 9.53 | $ | 8.98 | $ | 9.39 | $ | 9.61 |
Total Return D,E,F | 5.25% | (2.81)% | 8.42% | (1.19)% | 1.86% | 2.83% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.73% I | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% | ||||||
Expenses net of fee waivers, if any | 1.73% I | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% | ||||||
Expenses net of all reductions | 1.73% I | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% | ||||||
Net investment income (loss) | 6.79% I | 3.24% | 2.42% | 3.26% | 4.11% | 3.36% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 110 | $ | 114 | $ | 109 | $ | 156 | $ | 261 | $ | 464 |
Portfolio turnover rate J | 32% I | 27% | 31% | 37% | 22% | 47% |
Fidelity® Floating Rate High Income Fund |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.96 | $ | 9.52 | $ | 8.97 | $ | 9.38 | $ | 9.60 | $ | 9.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .353 | .397 | .326 | .391 | .490 | .426 | ||||||
Net realized and unrealized gain (loss) | .159 | (.566) | .525 | (.413) | (.218) | (.046) | ||||||
Total from investment operations | .512 | (.169) | .851 | (.022) | .272 | .380 | ||||||
Distributions from net investment income | (.362) | (.391) | (.301) | (.388) | (.492) | (.426) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.004) | ||||||
Total distributions | (.362) | (.391) | (.301) | (.388) | (.492) | (.430) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.11 | $ | 8.96 | $ | 9.52 | $ | 8.97 | $ | 9.38 | $ | 9.60 |
Total Return D,E | 5.80% | (1.79)% | 9.58% | (.15)% | 2.93% | 4.01% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .68% H | .68% | .67% | .68% | .68% | .69% | ||||||
Expenses net of fee waivers, if any | .68% H | .68% | .67% | .68% | .68% | .68% | ||||||
Expenses net of all reductions | .68% H | .68% | .67% | .68% | .68% | .68% | ||||||
Net investment income (loss) | 7.84% H | 4.29% | 3.48% | 4.32% | 5.16% | 4.44% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 6,217 | $ | 6,461 | $ | 6,419 | $ | 4,640 | $ | 7,130 | $ | 9,221 |
Portfolio turnover rate I | 32% H | 27% | 31% | 37% | 22% | 47% |
Fidelity Advisor® Floating Rate High Income Fund Class I |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.96 | $ | 9.51 | $ | 8.96 | $ | 9.37 | $ | 9.59 | $ | 9.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .351 | .391 | .321 | .388 | .486 | .419 | ||||||
Net realized and unrealized gain (loss) | .150 | (.554) | .525 | (.414) | (.218) | (.056) | ||||||
Total from investment operations | .501 | (.163) | .846 | (.026) | .268 | .363 | ||||||
Distributions from net investment income | (.361) | (.387) | (.296) | (.384) | (.488) | (.419) | ||||||
Distributions from net realized gain | - | - | - | - | - | (.004) | ||||||
Total distributions | (.361) | (.387) | (.296) | (.384) | (.488) | (.423) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.10 | $ | 8.96 | $ | 9.51 | $ | 8.96 | $ | 9.37 | $ | 9.59 |
Total Return D,E | 5.67% | (1.73)% | 9.54% | (.20)% | 2.88% | 3.84% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .71% H | .72% | .72% | .73% | .74% | .75% | ||||||
Expenses net of fee waivers, if any | .71% H | .72% | .72% | .72% | .74% | .75% | ||||||
Expenses net of all reductions | .71% H | .72% | .72% | .72% | .73% | .75% | ||||||
Net investment income (loss) | 7.81% H | 4.25% | 3.43% | 4.27% | 5.11% | 4.36% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,847 | $ | 1,993 | $ | 1,167 | $ | 681 | $ | 1,190 | $ | 2,243 |
Portfolio turnover rate I | 32% H | 27% | 31% | 37% | 22% | 47% |
Fidelity Advisor® Floating Rate High Income Fund Class Z |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.96 | $ | 9.51 | $ | 8.97 | $ | 9.37 | $ | 9.59 | $ | 9.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .355 | .401 | .329 | .388 | .484 | .051 | ||||||
Net realized and unrealized gain (loss) | .160 | (.555) | .516 | (.396) | (.207) | (.076) | ||||||
Total from investment operations | .515 | (.154) | .845 | (.008) | .277 | (.025) | ||||||
Distributions from net investment income | (.365) | (.396) | (.305) | (.392) | (.497) | (.035) | ||||||
Total distributions | (.365) | (.396) | (.305) | (.392) | (.497) | (.035) | ||||||
Net asset value, end of period | $ | 9.11 | $ | 8.96 | $ | 9.51 | $ | 8.97 | $ | 9.37 | $ | 9.59 |
Total Return D,E | 5.83% | (1.63)% | 9.52% | .01% | 2.98% | (.26)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .62% H | .62% | .62% | .63% | .63% | .62% H | ||||||
Expenses net of fee waivers, if any | .62% H | .62% | .62% | .63% | .62% | .62% H | ||||||
Expenses net of all reductions | .62% H | .62% | .62% | .63% | .62% | .62% H | ||||||
Net investment income (loss) | 7.90% H | 4.35% | 3.53% | 4.37% | 5.22% | 7.64% H | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,546 | $ | 2,798 | $ | 2,449 | $ | 641 | $ | 439 | $ | 16 |
Portfolio turnover rate I | 32% H | 27% | 31% | 37% | 22% | 47% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $80,516 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.0 - 8.0 / 3.6 | Increase |
Capacity multiple ($/kW) | $238.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Parity price | $12.35 | Increase | ||
Discounted cash flow | Discount rate | 12.8% | Decrease | ||
Black scholes | Discount rate | 4.0% - 4.1% / 4.1% | Increase | ||
Volatility | 20.0% - 45.0% / 24.5% | Increase | |||
Term | 1.8 - 2.5 / 1.9 | Increase | |||
Corporate Bonds | $8,672 | Discounted cash flow | Yield | 10.6% | Decrease |
Bank Loan Obligations | $134,115 | Market approach | Transaction price | $95.00 - $99.50 / $96.12 | Increase |
Discounted cash flow | Discount rate | 10.0% - 13.5% / 11.0% | Decrease | ||
Yield | 14.3% - 19.8% / 34.1% | Decrease | |||
Indicative market price | Evaluated bid | $63.00 - $97.00 / $93.14 | Increase |
Fidelity Advisor Floating Rate High Income Fund | $206 |
Gross unrealized appreciation | $192,973 |
Gross unrealized depreciation | (559,688) |
Net unrealized appreciation (depreciation) | $(366,715) |
Tax cost | $11,693,513 |
Short-term | $(65,760) |
Long-term | (1,003,847) |
Total capital loss carryforward | $(1,069,607) |
Investment to be Acquired | Commitment Amount | |
Fidelity Advisor Floating Rate High Income Fund | Fidelity Private Credit Central Fund LLC | $22,588 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Floating Rate High Income Fund | 1,763,030 | 2,189,425 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $713 | $53 |
Class M | - % | .25% | 115 | 2 |
Class C | .75% | .25% | 579 | 123 |
$1,407 | $178 |
Retained by FDC | |
Class A | $79 |
Class M | 7 |
Class C A | 29 |
$115 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $428 | .15 |
Class M | 62 | .13 |
Class C | 87 | .15 |
Fidelity Floating Rate High Income Fund | 3,437 | .11 |
Class I | 1,393 | .14 |
Class Z | 682 | .05 |
$6,089 |
% of Average Net Assets | |
Fidelity Advisor Floating Rate High Income Fund | .01 |
Amount | |
Fidelity Advisor Floating Rate High Income Fund | $12 |
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 Advisor Floating Rate High Income Fund | $- A | $- | $- |
Amount | |
Class M | $- A |
Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor Floating Rate High Income Fund | ||
Distributions to shareholders | ||
Class A | $21,950 | $22,865 |
Class M | 3,551 | 3,069 |
Class C | 4,006 | 3,751 |
Fidelity Floating Rate High Income Fund | 254,299 | 297,596 |
Class I | 80,152 | 73,070 |
Class Z | 109,456 | 124,585 |
Total | $473,414 | $524,936 |
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2023 | Year ended October 31, 2022 | Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor Floating Rate High Income Fund | ||||
Class A | ||||
Shares sold | 8,126 | 24,973 | $73,847 | $233,302 |
Reinvestment of distributions | 2,185 | 2,269 | 19,852 | 20,808 |
Shares redeemed | (14,040) | (18,077) | (127,463) | (166,482) |
Net increase (decrease) | (3,729) | 9,165 | $(33,764) | $87,628 |
Class M | ||||
Shares sold | 1,868 | 4,348 | $16,903 | $40,355 |
Reinvestment of distributions | 381 | 328 | 3,460 | 3,001 |
Shares redeemed | (2,756) | (1,775) | (24,997) | (16,397) |
Net increase (decrease) | (507) | 2,901 | $(4,634) | $26,959 |
Class C | ||||
Shares sold | 2,767 | 6,502 | $25,045 | $60,564 |
Reinvestment of distributions | 409 | 381 | 3,718 | 3,493 |
Shares redeemed | (3,806) | (5,635) | (34,574) | (51,828) |
Net increase (decrease) | (630) | 1,248 | $(5,811) | $12,229 |
Fidelity Floating Rate High Income Fund | ||||
Shares sold | 112,355 | 372,901 | $1,019,869 | $3,487,680 |
Reinvestment of distributions | 23,523 | 27,676 | 213,454 | 253,809 |
Shares redeemed | (174,138) | (354,339) | (1,578,667) | (3,260,200) |
Net increase (decrease) | (38,260) | 46,238 | $(345,344) | $481,289 |
Class I | ||||
Shares sold | 56,993 | 221,155 | $515,952 | $2,044,293 |
Reinvestment of distributions | 6,928 | 6,854 | 62,813 | 62,584 |
Shares redeemed | (83,545) | (128,170) | (757,121) | (1,166,911) |
Net increase (decrease) | (19,624) | 99,839 | $(178,356) | $939,966 |
Class Z | ||||
Shares sold | 34,678 | 152,120 | $313,627 | $1,420,399 |
Reinvestment of distributions | 9,511 | 10,907 | 86,286 | 99,897 |
Shares redeemed | (76,900) | (108,199) | (697,695) | (988,670) |
Net increase (decrease) | (32,711) | 54,828 | $(297,782) | $531,626 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity Advisor® Floating Rate High Income Fund | ||||||||||
Class A | .97% | |||||||||
Actual | $ 1,000 | $ 1,055.30 | $ 4.94 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.98 | $ 4.86 | |||||||
Class M | .96% | |||||||||
Actual | $ 1,000 | $ 1,056.60 | $ 4.90 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.03 | $ 4.81 | |||||||
Class C | 1.73% | |||||||||
Actual | $ 1,000 | $ 1,052.50 | $ 8.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.22 | $ 8.65 | |||||||
Fidelity® Floating Rate High Income Fund | .68% | |||||||||
Actual | $ 1,000 | $ 1,058.00 | $ 3.47 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.42 | $ 3.41 | |||||||
Class I | .71% | |||||||||
Actual | $ 1,000 | $ 1,056.70 | $ 3.62 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.27 | $ 3.56 | |||||||
Class Z | .62% | |||||||||
Actual | $ 1,000 | $ 1,058.30 | $ 3.16 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.72 | $ 3.11 | |||||||
- 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
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![](https://capedge.com/proxy/N-CSRS/0000722574-23-000243/img90645_1.jpg)
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Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.9 | |
TransDigm, Inc. | 2.8 | |
Citigroup, Inc. | 2.2 | |
JPMorgan Chase & Co. | 1.7 | |
Tenet Healthcare Corp. | 1.6 | |
Caesars Entertainment, Inc. | 1.6 | |
Bank of America Corp. | 1.4 | |
Altice France SA | 1.4 | |
Ally Financial, Inc. | 1.2 | |
Royal Caribbean Cruises Ltd. | 1.2 | |
18.0 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 12.3 | |
Banks & Thrifts | 10.2 | |
Technology | 8.5 | |
Telecommunications | 5.4 | |
Healthcare | 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) |
![]() |
Corporate Bonds - 65.8% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 0.9% | |||
Diversified Financial Services - 0.2% | |||
New Cotai LLC 5% 2/24/27 (b) | 1,745 | 4,074 | |
Energy - 0.7% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 711 | 4,779 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,228 | 8,252 | |
13,031 | |||
TOTAL CONVERTIBLE BONDS | 17,105 | ||
Nonconvertible Bonds - 64.9% | |||
Aerospace - 3.6% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 845 | 779 | |
5.125% 10/1/31 | 750 | 675 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 830 | 787 | |
7.125% 6/15/26 (d) | 1,625 | 1,620 | |
7.875% 4/15/27 (d) | 3,970 | 3,961 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (d) | 1,575 | 1,391 | |
Moog, Inc. 4.25% 12/15/27 (d) | 480 | 451 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 1,440 | 1,437 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) | 1,414 | 1,405 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 1,820 | 1,831 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,860 | 4,398 | |
4.875% 5/1/29 | 15,000 | 13,595 | |
5.5% 11/15/27 | 14,675 | 14,088 | |
6.25% 3/15/26 (d) | 6,870 | 6,902 | |
6.75% 8/15/28 (d) | 4,830 | 4,905 | |
7.5% 3/15/27 | 6,780 | 6,814 | |
Triumph Group, Inc. 9% 3/15/28 (d) | 1,435 | 1,455 | |
66,494 | |||
Air Transportation - 1.6% | |||
Air Canada 3.875% 8/15/26 (d) | 1,240 | 1,148 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 1,320 | 1,304 | |
American Airlines, Inc. 7.25% 2/15/28 (d) | 1,425 | 1,386 | |
Delta Air Lines, Inc. 7% 5/1/25 (d) | 369 | 381 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd.: | |||
4.5% 10/20/25 (d) | 5,379 | 5,275 | |
4.75% 10/20/28 (d) | 5,330 | 5,167 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 3,145 | 2,930 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 3,859 | 3,853 | |
Rand Parent LLC 8.5% 2/15/30 (d) | 950 | 861 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.: | |||
8% 9/20/25 (d) | 1,044 | 1,054 | |
8% 9/20/25 (d) | 470 | 475 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 3,965 | 3,787 | |
4.625% 4/15/29 (d) | 3,180 | 2,878 | |
30,499 | |||
Automotive & Auto Parts - 1.8% | |||
Adient Global Holdings Ltd. 7% 4/15/28 (d) | 960 | 984 | |
Allison Transmission, Inc. 5.875% 6/1/29 (d) | 1,265 | 1,246 | |
Arko Corp. 5.125% 11/15/29 (d) | 1,290 | 1,045 | |
Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (d)(e) | 960 | 964 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 1,185 | 960 | |
4.5% 2/15/32 | 1,305 | 1,044 | |
Ford Motor Co. 3.25% 2/12/32 | 3,965 | 3,065 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 2,500 | 2,322 | |
4% 11/13/30 | 5,460 | 4,682 | |
5.113% 5/3/29 | 1,330 | 1,239 | |
6.8% 5/12/28 | 4,500 | 4,504 | |
7.35% 11/4/27 | 3,800 | 3,908 | |
McLaren Finance PLC 7.5% 8/1/26 (d) | 1,130 | 922 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 1,850 | 1,672 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 785 | 512 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.9311% 10/15/26 (d)(f)(g) | 4,255 | 4,187 | |
33,256 | |||
Banks & Thrifts - 1.4% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 3,105 | 3,285 | |
8% 11/1/31 | 16,957 | 17,887 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 4,245 | 3,951 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 1,240 | 1,110 | |
26,233 | |||
Broadcasting - 1.2% | |||
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d) | 1,615 | 1,195 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)(h) | 6,155 | 415 | |
DISH Network Corp. 11.75% 11/15/27 (d) | 4,730 | 4,468 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 2,810 | 1,801 | |
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d) | 1,145 | 834 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (d) | 2,150 | 1,890 | |
5.625% 7/15/27 (d) | 1,975 | 1,855 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (d) | 360 | 280 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (d) | 1,655 | 1,251 | |
4% 7/15/28 (d) | 1,695 | 1,431 | |
5% 8/1/27 (d) | 1,575 | 1,449 | |
Townsquare Media, Inc. 6.875% 2/1/26 (d) | 725 | 676 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 1,610 | 1,388 | |
7.375% 6/30/30 (d) | 2,850 | 2,735 | |
21,668 | |||
Building Materials - 0.4% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (d) | 355 | 339 | |
6.375% 6/15/30 (d) | 890 | 880 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d) | 835 | 785 | |
CP Atlas Buyer, Inc. 7% 12/1/28 (d) | 710 | 534 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 590 | 496 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d) | 1,345 | 1,177 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 1,540 | 1,356 | |
6.125% 7/1/29 (d) | 650 | 536 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d) | 1,445 | 1,373 | |
7,476 | |||
Cable/Satellite TV - 4.6% | |||
Block Communications, Inc. 4.875% 3/1/28 (d) | 1,090 | 938 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 2,275 | 1,863 | |
4.5% 5/1/32 | 21,015 | 16,824 | |
4.75% 3/1/30 (d) | 8,310 | 7,150 | |
4.75% 2/1/32 (d) | 3,745 | 3,099 | |
5% 2/1/28 (d) | 3,440 | 3,181 | |
5.125% 5/1/27 (d) | 16,615 | 15,677 | |
6.375% 9/1/29 (d) | 1,765 | 1,677 | |
7.375% 3/1/31 (d) | 4,660 | 4,567 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (d) | 4,015 | 2,813 | |
5.375% 2/1/28 (d) | 5,535 | 4,540 | |
5.5% 4/15/27 (d) | 9,040 | 7,729 | |
6.5% 2/1/29 (d) | 3,900 | 3,256 | |
11.25% 5/15/28 (d) | 960 | 957 | |
DISH DBS Corp. 5.75% 12/1/28 (d) | 2,170 | 1,543 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 900 | 807 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d) | 2,535 | 1,973 | |
VZ Secured Financing BV 5% 1/15/32 (d) | 3,855 | 3,218 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (d) | 835 | 679 | |
Ziggo BV 4.875% 1/15/30 (d) | 3,795 | 3,264 | |
85,755 | |||
Capital Goods - 0.2% | |||
ATS Corp. 4.125% 12/15/28 (d) | 1,015 | 909 | |
Chart Industries, Inc. 7.5% 1/1/30 (d) | 2,500 | 2,575 | |
3,484 | |||
Chemicals - 1.7% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (d) | 3,850 | 3,692 | |
Gpd Companies, Inc. 10.125% 4/1/26 (d) | 370 | 338 | |
Ingevity Corp. 3.875% 11/1/28 (d) | 1,515 | 1,329 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d) | 495 | 458 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 3,360 | 2,957 | |
Olin Corp. 5% 2/1/30 | 1,555 | 1,452 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 1,695 | 1,446 | |
7.125% 10/1/27 (d) | 880 | 839 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 1,035 | 932 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 1,985 | 1,828 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 480 | 395 | |
5.375% 5/15/27 | 4,500 | 4,182 | |
5.75% 11/15/28 (d) | 2,355 | 2,093 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 1,705 | 1,415 | |
W.R. Grace Holding LLC: | |||
5.625% 8/15/29 (d) | 9,055 | 7,811 | |
7.375% 3/1/31 (d) | 950 | 951 | |
32,118 | |||
Consumer Products - 1.0% | |||
Angi Group LLC 3.875% 8/15/28 (d) | 750 | 587 | |
Foundation Building Materials, Inc. 6% 3/1/29 (d) | 735 | 587 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 1,230 | 1,039 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d) | 1,240 | 1,164 | |
Millennium Escrow Corp. 6.625% 8/1/26 (d) | 1,660 | 1,123 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (d) | 1,280 | 1,210 | |
7.75% 2/15/29 (d) | 1,120 | 1,104 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 1,080 | 886 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (d) | 2,230 | 1,849 | |
4% 4/15/29 (d) | 2,545 | 2,226 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 1,530 | 1,236 | |
TKC Holdings, Inc. 6.875% 5/15/28 (d) | 5,855 | 5,204 | |
18,215 | |||
Containers - 0.8% | |||
BWAY Holding Co. 7.875% 8/15/26 (d) | 1,895 | 1,922 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 4,780 | 4,686 | |
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 | 1,210 | 1,158 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 825 | 718 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 1,125 | 1,003 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) | 570 | 474 | |
LABL, Inc. 5.875% 11/1/28 (d) | 2,095 | 1,933 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (d) | 950 | 964 | |
Trident Holdings, Inc. 12.75% 12/31/28 (d) | 950 | 973 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 1,075 | 1,044 | |
14,875 | |||
Diversified Financial Services - 2.4% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 2,115 | 1,835 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 965 | 861 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 1,230 | 743 | |
3.625% 10/1/31 (d) | 1,270 | 710 | |
Compass Group Diversified Holdings LLC: | |||
5% 1/15/32 (d) | 870 | 706 | |
5.25% 4/15/29 (d) | 2,270 | 2,043 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 785 | 681 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 3,415 | 2,999 | |
5.25% 5/15/27 | 5,725 | 5,389 | |
6.25% 5/15/26 | 8,840 | 8,714 | |
LPL Holdings, Inc. 4% 3/15/29 (d) | 2,520 | 2,263 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 1,245 | 1,012 | |
4% 11/15/29 (d) | 900 | 811 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 720 | 544 | |
5.375% 11/15/29 | 9,325 | 7,845 | |
6.625% 1/15/28 | 1,185 | 1,099 | |
6.875% 3/15/25 | 775 | 758 | |
7.125% 3/15/26 | 4,710 | 4,590 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d) | 510 | 480 | |
44,083 | |||
Diversified Media - 0.1% | |||
Cmg Media Corp. 8.875% 12/15/27 (d) | 1,910 | 1,481 | |
Energy - 8.7% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 1,335 | 1,279 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (d) | 1,205 | 1,128 | |
5.75% 3/1/27 (d) | 2,655 | 2,568 | |
5.75% 1/15/28 (d) | 1,705 | 1,652 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 1,045 | 954 | |
Callon Petroleum Co. 6.375% 7/1/26 | 1,080 | 1,043 | |
Centennial Resource Production LLC 5.875% 7/1/29 (d) | 1,165 | 1,098 | |
CGG SA 8.75% 4/1/27 (d) | 1,530 | 1,316 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 1,270 | 1,058 | |
4% 3/1/31 | 7,980 | 7,138 | |
Chesapeake Energy Corp.: | |||
4.875% 12/31/49 (b)(h) | 2,950 | 0 | |
5.75% 12/31/49 (b)(h) | 1,890 | 0 | |
5.875% 2/1/29 (d) | 2,735 | 2,616 | |
6.75% 4/15/29 (d) | 1,150 | 1,138 | |
7% 10/1/24 (b)(h) | 840 | 0 | |
8% 1/15/25 (b)(h) | 480 | 0 | |
8% 6/15/27 (b)(h) | 300 | 0 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 1,880 | 1,894 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 1,105 | 1,076 | |
7% 6/15/25 (d) | 3,035 | 3,020 | |
CNX Midstream Partners LP 4.75% 4/15/30 (d) | 900 | 754 | |
CNX Resources Corp.: | |||
6% 1/15/29 (d) | 690 | 638 | |
7.375% 1/15/31 (d) | 890 | 859 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 4,426 | 3,800 | |
6.75% 3/1/29 (d) | 7,095 | 6,424 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 12,200 | 11,707 | |
6% 2/1/29 (d) | 8,530 | 8,040 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 665 | 628 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 3,075 | 2,973 | |
5.75% 2/15/28 (d) | 3,170 | 2,833 | |
DCP Midstream Operating LP: | |||
5.85% 5/21/43 (d)(f) | 5,780 | 5,777 | |
8.125% 8/16/30 | 130 | 147 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 2,645 | 2,409 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 1,215 | 1,077 | |
4.375% 6/15/31 (d) | 1,215 | 1,056 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 1,365 | 1,358 | |
EnLink Midstream LLC: | |||
5.375% 6/1/29 | 650 | 628 | |
6.5% 9/1/30 (d) | 2,725 | 2,753 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,345 | 1,196 | |
5.125% 6/15/28 (d) | 1,570 | 1,491 | |
5.5% 10/15/30 (d) | 890 | 828 | |
5.625% 2/15/26 (d) | 2,690 | 2,648 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d) | 310 | 297 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (d) | 1,060 | 988 | |
6.375% 4/15/27 (d) | 890 | 877 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 2,300 | 2,197 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d) | 2,055 | 1,993 | |
MEG Energy Corp. 7.125% 2/1/27 (d) | 1,580 | 1,619 | |
Mesquite Energy, Inc. 7.25% 12/31/49 (b)(d)(h) | 6,264 | 0 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (d) | 1,580 | 1,489 | |
7.5% 1/15/28 (d) | 1,360 | 1,238 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 3,115 | 2,868 | |
6.75% 9/15/25 (d) | 3,630 | 3,457 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 1,410 | 1,352 | |
Noble Finance II LLC 8% 4/15/30 (d) | 960 | 983 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 1,870 | 1,697 | |
5.875% 9/1/25 | 3,000 | 3,032 | |
6.2% 3/15/40 | 800 | 821 | |
6.375% 9/1/28 | 2,410 | 2,514 | |
6.45% 9/15/36 | 2,650 | 2,812 | |
6.625% 9/1/30 | 2,995 | 3,197 | |
7.2% 3/15/29 | 545 | 576 | |
7.5% 5/1/31 | 155 | 173 | |
8.875% 7/15/30 | 1,595 | 1,874 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 3,845 | 3,537 | |
7.25% 6/15/25 | 2,125 | 2,117 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 2,480 | 2,423 | |
6.625% 1/15/27 | 850 | 820 | |
6.75% 9/15/26 | 845 | 832 | |
Southwestern Energy Co. 5.375% 3/15/30 | 1,665 | 1,550 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d) | 1,610 | 1,410 | |
Summit Midstream Holdings LLC 8.5% (d)(i) | 1,290 | 1,238 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,320 | 1,189 | |
4.5% 4/30/30 | 1,710 | 1,526 | |
6% 4/15/27 | 4,740 | 4,714 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 95 | 88 | |
6% 3/1/27 (d) | 950 | 917 | |
6% 9/1/31 (d) | 1,620 | 1,434 | |
7.5% 10/1/25 (d) | 1,120 | 1,129 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,405 | 1,324 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 1,145 | 1,046 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (d) | 1,977 | 2,015 | |
Transocean, Inc. 8.75% 2/15/30 (d) | 4,710 | 4,752 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 1,035 | 930 | |
4.125% 8/15/31 (d) | 1,035 | 917 | |
160,964 | |||
Environmental - 0.8% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (d) | 790 | 806 | |
Covanta Holding Corp.: | |||
4.875% 12/1/29 (d) | 2,885 | 2,568 | |
5% 9/1/30 | 1,495 | 1,322 | |
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (d) | 2,655 | 2,602 | |
6% 6/15/30 (d) | 2,040 | 2,018 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (d) | 1,275 | 1,164 | |
4.75% 6/15/29 (d) | 1,625 | 1,512 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 1,535 | 1,350 | |
5.875% 6/30/29 (d) | 1,225 | 959 | |
14,301 | |||
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 4,630 | 4,102 | |
4.625% 1/15/27 (d) | 4,225 | 4,084 | |
4.875% 2/15/30 (d) | 6,100 | 5,688 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 2,425 | 2,484 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 675 | 577 | |
Parkland Corp.: | |||
4.5% 10/1/29 (d) | 1,145 | 1,003 | |
4.625% 5/1/30 (d) | 1,735 | 1,510 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 1,470 | 1,393 | |
20,841 | |||
Food/Beverage/Tobacco - 1.4% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 1,110 | 876 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 855 | 785 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 1,185 | 1,185 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 1,720 | 1,575 | |
4.375% 1/31/32 (d) | 860 | 785 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 1,160 | 1,056 | |
5.5% 10/15/27 (d) | 1,353 | 1,326 | |
Pilgrim's Pride Corp.: | |||
4.25% 4/15/31 | 2,740 | 2,383 | |
5.875% 9/30/27 (d) | 1,110 | 1,104 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 6,170 | 5,399 | |
4.625% 4/15/30 (d) | 2,050 | 1,852 | |
5.5% 12/15/29 (d) | 865 | 823 | |
5.625% 1/15/28 (d) | 3,640 | 3,557 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 1,070 | 884 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 500 | 443 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 810 | 680 | |
U.S. Foods, Inc. 4.625% 6/1/30 (d) | 1,070 | 979 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 1,055 | 1,001 | |
26,693 | |||
Gaming - 3.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 550 | 495 | |
Boyd Gaming Corp. 4.75% 6/15/31 (d) | 4,225 | 3,868 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 2,530 | 2,220 | |
6.25% 7/1/25 (d) | 5,705 | 5,712 | |
7% 2/15/30 (d) | 2,845 | 2,870 | |
8.125% 7/1/27 (d) | 11,605 | 11,840 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 1,900 | 1,916 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 890 | 858 | |
Churchill Downs, Inc. 6.75% 5/1/31 (d) | 1,445 | 1,454 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 4,710 | 4,124 | |
6.75% 1/15/30 (d) | 4,950 | 4,010 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 1,250 | 1,088 | |
Melco Resorts Finance Ltd. 5.75% 7/21/28 (d) | 600 | 521 | |
MGM Resorts International 4.75% 10/15/28 | 1,470 | 1,374 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 4,840 | 3,510 | |
5.875% 9/1/31 (d) | 1,970 | 1,394 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 1,300 | 1,113 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 725 | 568 | |
VICI Properties LP / VICI Note Co.: | |||
3.875% 2/15/29 (d) | 1,445 | 1,299 | |
4.25% 12/1/26 (d) | 3,015 | 2,873 | |
4.625% 12/1/29 (d) | 1,720 | 1,598 | |
54,705 | |||
Healthcare - 4.2% | |||
180 Medical, Inc. 3.875% 10/15/29 (d) | 910 | 810 | |
Avantor Funding, Inc. 3.875% 11/1/29 (d) | 860 | 758 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 565 | 302 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,365 | 1,198 | |
4% 3/15/31 (d) | 1,545 | 1,346 | |
4.25% 5/1/28 (d) | 485 | 442 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 2,860 | 2,307 | |
5.25% 5/15/30 (d) | 2,625 | 2,188 | |
5.625% 3/15/27 (d) | 945 | 872 | |
6% 1/15/29 (d) | 1,085 | 962 | |
6.125% 4/1/30 (d) | 2,910 | 2,071 | |
8% 3/15/26 (d) | 11,505 | 11,401 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 535 | 431 | |
4.625% 6/1/30 (d) | 4,545 | 3,959 | |
Encompass Health Corp. 5.75% 9/15/25 | 400 | 399 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 850 | 678 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 895 | 800 | |
Hologic, Inc. 4.625% 2/1/28 (d) | 645 | 627 | |
IQVIA, Inc. 5% 10/15/26 (d) | 1,125 | 1,105 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 1,635 | 1,503 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 955 | 770 | |
Modivcare, Inc. 5.875% 11/15/25 (d) | 1,105 | 1,056 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 1,360 | 1,200 | |
3.875% 5/15/32 (d) | 1,730 | 1,483 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 950 | 854 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 3,525 | 3,243 | |
5.125% 4/30/31 (d) | 2,410 | 2,147 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 1,065 | 854 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 2,350 | 1,040 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 1,340 | 940 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 | 8,360 | 7,670 | |
4.375% 1/15/30 | 6,245 | 5,738 | |
6.125% 10/1/28 | 1,470 | 1,426 | |
6.125% 6/15/30 (d) | 3,610 | 3,571 | |
6.25% 2/1/27 | 9,945 | 9,896 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75% 5/9/27 | 865 | 810 | |
5.125% 5/9/29 | 865 | 805 | |
7.875% 9/15/29 | 960 | 1,008 | |
78,670 | |||
Homebuilders/Real Estate - 1.8% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 1,075 | 979 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d) | 1,240 | 1,028 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d) | 1,080 | 842 | |
Century Communities, Inc. 3.875% 8/15/29 (d) | 1,245 | 1,089 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 1,445 | 990 | |
5% 10/15/27 | 9,710 | 8,092 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 2,465 | 1,827 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 | 1,070 | 953 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 1,416 | 1,328 | |
5.75% 1/15/28 (d) | 2,100 | 2,081 | |
5.875% 6/15/27 (d) | 1,490 | 1,486 | |
TopBuild Corp. 3.625% 3/15/29 (d) | 755 | 651 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 1,965 | 1,928 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 4,258 | 3,386 | |
6.5% 2/15/29 (d) | 5,265 | 3,178 | |
10.5% 2/15/28 (d) | 3,800 | 3,636 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 675 | 586 | |
34,060 | |||
Hotels - 0.3% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 2,825 | 3,037 | |
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (d) | 725 | 653 | |
4% 5/1/31 (d) | 1,085 | 960 | |
4.875% 1/15/30 | 1,180 | 1,120 | |
5,770 | |||
Insurance - 1.1% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (d) | 1,240 | 1,026 | |
7% 11/15/25 (d) | 5,750 | 5,491 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 1,470 | 1,346 | |
5.875% 11/1/29 (d) | 1,290 | 1,113 | |
6.75% 10/15/27 (d) | 2,525 | 2,357 | |
6.75% 4/15/28 (d) | 1,900 | 1,898 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 1,205 | 1,093 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 845 | 732 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (d) | 1,895 | 1,687 | |
7% 5/1/26 (d) | 1,750 | 1,742 | |
MGIC Investment Corp. 5.25% 8/15/28 | 1,040 | 994 | |
19,479 | |||
Leisure - 2.2% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (d) | 840 | 761 | |
Carnival Corp.: | |||
4% 8/1/28 (d) | 5,050 | 4,378 | |
7.625% 3/1/26 (d) | 2,775 | 2,531 | |
9.875% 8/1/27 (d) | 2,250 | 2,307 | |
NCL Corp. Ltd. 5.875% 2/15/27 (d) | 1,770 | 1,669 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (d) | 1,295 | 1,150 | |
7.25% 1/15/30 (d) | 950 | 953 | |
8.25% 1/15/29 (d) | 6,455 | 6,797 | |
9.25% 1/15/29 (d) | 5,340 | 5,698 | |
11.5% 6/1/25 (d) | 4,411 | 4,676 | |
11.625% 8/15/27 (d) | 1,765 | 1,874 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d) | 1,665 | 1,499 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 850 | 856 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 1,265 | 1,331 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 625 | 528 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 4,075 | 3,624 | |
40,632 | |||
Metals/Mining - 1.6% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 1,980 | 1,798 | |
Alpha Natural Resources, Inc. 9.75% 12/31/99 (b)(h) | 1,770 | 0 | |
Arconic Corp.: | |||
6% 5/15/25 (d) | 900 | 895 | |
6.125% 2/15/28 (d) | 2,475 | 2,443 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 3,200 | 2,899 | |
4.875% 3/1/31 (d) | 1,480 | 1,300 | |
5.875% 6/1/27 | 4,015 | 3,942 | |
6.75% 4/15/30 (d) | 2,000 | 1,944 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 1,895 | 1,762 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 1,320 | 1,172 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 2,600 | 2,542 | |
7.5% 4/1/25 (d) | 5,335 | 5,308 | |
FMG Resources Pty Ltd. 4.375% 4/1/31 (d) | 1,145 | 995 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 905 | 843 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 895 | 911 | |
8.5% 5/1/30 (d) | 660 | 672 | |
29,426 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (d) | 760 | 665 | |
4% 9/1/29 (d) | 1,515 | 1,229 | |
6% 6/15/27 (d) | 890 | 885 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (d) | 790 | 751 | |
5.375% 1/15/28 (d) | 790 | 750 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 1,060 | 1,040 | |
8.75% 4/15/30 (d) | 6,555 | 6,033 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 1,575 | 1,343 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 1,290 | 918 | |
Mercer International, Inc. 5.125% 2/1/29 | 1,920 | 1,603 | |
15,217 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 2,185 | 2,162 | |
Restaurants - 0.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 1,630 | 1,529 | |
4% 10/15/30 (d) | 5,185 | 4,526 | |
4.375% 1/15/28 (d) | 5,490 | 5,132 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d) | 715 | 645 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 775 | 833 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 765 | 661 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 1,530 | 1,429 | |
14,755 | |||
Services - 2.9% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 1,335 | 1,268 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 1,015 | 796 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 1,350 | 1,248 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (d) | 3,249 | 2,822 | |
4.625% 6/1/28 (d) | 1,921 | 1,672 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 1,385 | 1,269 | |
4% 7/1/29 (d) | 805 | 730 | |
CoreCivic, Inc. 8.25% 4/15/26 | 7,790 | 7,870 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 1,530 | 1,425 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 1,160 | 1,027 | |
3.75% 10/1/30 (d) | 1,535 | 1,340 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 1,360 | 1,327 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 2,415 | 2,093 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 740 | 666 | |
5% 12/1/29 (d) | 1,435 | 1,174 | |
5.5% 10/15/24 (b)(d)(h) | 1,505 | 34 | |
6% 1/15/28 (b)(d)(h) | 1,385 | 81 | |
6.25% 12/31/49 (b)(h) | 1,605 | 2 | |
7.125% 8/1/26 (b)(d)(h) | 1,430 | 114 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (d) | 2,975 | 2,587 | |
4.875% 9/15/29 (d) | 3,800 | 3,466 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d) | 5,670 | 5,337 | |
Service Corp. International 4% 5/15/31 | 1,610 | 1,419 | |
Sotheby's 7.375% 10/15/27 (d) | 640 | 600 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d) | 2,410 | 1,984 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 1,360 | 1,326 | |
10.5% 6/30/28 | 3,459 | 3,498 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 1,135 | 993 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (d) | 3,730 | 3,430 | |
6.25% 1/15/28 (d) | 1,225 | 1,236 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 1,285 | 1,205 | |
54,039 | |||
Steel - 0.2% | |||
Commercial Metals Co. 3.875% 2/15/31 | 780 | 683 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 1,745 | 1,662 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 610 | 553 | |
2,898 | |||
Super Retail - 1.2% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 492 | 447 | |
4.625% 11/15/29 (d) | 6,520 | 5,803 | |
4.75% 3/1/30 | 489 | 434 | |
5% 2/15/32 (d) | 1,535 | 1,323 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (d) | 4,210 | 4,041 | |
6.75% 7/1/36 | 1,340 | 1,193 | |
7.5% 6/15/29 | 1,135 | 1,155 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 325 | 131 | |
5.5% 4/15/27 (d) | 2,380 | 1,024 | |
5.875% 10/1/28 (d) | 235 | 98 | |
EG Global Finance PLC 8.5% 10/30/25 (d) | 2,595 | 2,461 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 1,920 | 1,529 | |
Macy's Retail Holdings LLC: | |||
5.875% 3/15/30 (d) | 920 | 817 | |
6.125% 3/15/32 (d) | 885 | 775 | |
Michaels Companies, Inc. 5.25% 5/1/28 (d) | 1,865 | 1,536 | |
22,767 | |||
Technology - 4.2% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 6,410 | 5,085 | |
Alteryx, Inc. 8.75% 3/15/28 (d) | 960 | 933 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 1,545 | 1,394 | |
Block, Inc. 3.5% 6/1/31 | 1,615 | 1,316 | |
CA Magnum Holdings 5.375% 10/31/26 (d) | 690 | 605 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 1,515 | 1,434 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 2,320 | 2,158 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d) | 1,345 | 1,332 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 1,440 | 1,296 | |
4.875% 7/1/29 (d) | 1,360 | 1,225 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (d) | 2,885 | 2,598 | |
9% 9/30/29 (d) | 1,445 | 1,242 | |
Coherent Corp. 5% 12/15/29 (d) | 1,350 | 1,215 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 1,130 | 983 | |
Elastic NV 4.125% 7/15/29 (d) | 2,630 | 2,275 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (d) | 6,860 | 5,943 | |
5.25% 12/1/27 (d) | 1,495 | 1,436 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 1,605 | 1,343 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d) | 1,295 | 1,134 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 4,490 | 4,058 | |
NCR Corp.: | |||
5% 10/1/28 (d) | 750 | 654 | |
5.125% 4/15/29 (d) | 3,710 | 3,209 | |
5.25% 10/1/30 (d) | 750 | 631 | |
onsemi 3.875% 9/1/28 (d) | 5,500 | 4,950 | |
Open Text Corp. 6.9% 12/1/27 (d) | 1,685 | 1,740 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 790 | 675 | |
4.125% 12/1/31 (d) | 780 | 646 | |
PTC, Inc.: | |||
3.625% 2/15/25 (d) | 925 | 892 | |
4% 2/15/28 (d) | 915 | 851 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 830 | 197 | |
Roblox Corp. 3.875% 5/1/30 (d) | 3,295 | 2,782 | |
Sensata Technologies BV 4% 4/15/29 (d) | 1,530 | 1,383 | |
Synaptics, Inc. 4% 6/15/29 (d) | 900 | 761 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 1,135 | 973 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 6,425 | 5,485 | |
3.875% 3/15/31 | 1,340 | 1,120 | |
Uber Technologies, Inc.: | |||
7.5% 9/15/27 (d) | 4,885 | 5,039 | |
8% 11/1/26 (d) | 7,110 | 7,290 | |
Unisys Corp. 6.875% 11/1/27 (d) | 830 | 553 | |
78,836 | |||
Telecommunications - 5.1% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 1,580 | 1,279 | |
5.75% 8/15/29 (d) | 7,315 | 5,835 | |
Altice France SA: | |||
5.125% 7/15/29 (d) | 9,000 | 6,654 | |
5.5% 1/15/28 (d) | 3,740 | 2,944 | |
5.5% 10/15/29 (d) | 14,870 | 11,132 | |
8.125% 2/1/27 (d) | 3,925 | 3,505 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 7,020 | 6,090 | |
Cablevision Lightpath LLC 3.875% 9/15/27 (d) | 735 | 613 | |
Cogent Communications Group, Inc. 7% 6/15/27 (d) | 885 | 876 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 2,830 | 2,485 | |
5.875% 10/15/27 (d) | 1,375 | 1,266 | |
8.75% 5/15/30 (d) | 890 | 880 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 3,610 | 3,331 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 1,895 | 1,623 | |
6.75% 10/15/27 (d) | 1,453 | 1,380 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 8,140 | 4,552 | |
3.75% 7/15/29 (d) | 3,160 | 1,778 | |
Millicom International Cellular SA 4.5% 4/27/31 (d) | 235 | 181 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 850 | 737 | |
6% 2/15/28 (d) | 565 | 421 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 4,935 | 4,583 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 1,695 | 1,450 | |
3.875% 2/15/27 | 6,375 | 5,946 | |
Sprint Capital Corp. 8.75% 3/15/32 | 5,625 | 6,874 | |
Sprint Corp. 7.625% 3/1/26 | 2,190 | 2,319 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 2,125 | 1,254 | |
Virgin Media Finance PLC 5% 7/15/30 (d) | 4,635 | 3,906 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d) | 2,875 | 2,450 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 8,515 | 7,013 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 2,675 | 2,025 | |
95,382 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 825 | 697 | |
4.25% 3/15/29 (d) | 1,110 | 985 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 850 | 719 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 760 | 646 | |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 3,425 | 2,770 | |
5,817 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (d) | 1,240 | 992 | |
Utilities - 2.2% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 1,705 | 1,459 | |
3.75% 1/15/32 (d) | 850 | 713 | |
4.75% 3/15/28 (d) | 970 | 919 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 665 | 563 | |
3.625% 2/15/31 (d) | 1,320 | 1,069 | |
3.875% 2/15/32 (d) | 1,905 | 1,536 | |
5.75% 1/15/28 | 2,765 | 2,696 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 400 | 382 | |
3.75% 7/1/28 | 400 | 370 | |
3.75% 8/15/42 | 640 | 455 | |
3.95% 12/1/47 | 2,589 | 1,832 | |
4% 12/1/46 | 3,005 | 2,133 | |
PG&E Corp.: | |||
5% 7/1/28 | 10,140 | 9,541 | |
5.25% 7/1/30 | 1,150 | 1,060 | |
Pike Corp. 5.5% 9/1/28 (d) | 4,495 | 4,079 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (d) | 3,105 | 2,778 | |
5% 7/31/27 (d) | 3,565 | 3,388 | |
5.5% 9/1/26 (d) | 1,822 | 1,785 | |
5.625% 2/15/27 (d) | 4,435 | 4,325 | |
41,083 | |||
TOTAL NONCONVERTIBLE BONDS | 1,205,126 | ||
TOTAL CORPORATE BONDS (Cost $1,331,669) | 1,222,231 | ||
Common Stocks - 10.6% | |||
Shares | Value ($) (000s) | ||
Air Transportation - 0.0% | |||
Delta Air Lines, Inc. (j) | 23,450 | 805 | |
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(j) | 29,835 | 177 | |
Banks & Thrifts - 0.0% | |||
Mr. Cooper Group, Inc. (j) | 1,504 | 70 | |
Broadcasting - 0.1% | |||
Nexstar Broadcasting Group, Inc. Class A | 10,463 | 1,815 | |
Building Materials - 0.1% | |||
Builders FirstSource, Inc. (j) | 14,100 | 1,336 | |
WESCO International, Inc. | 1,467 | 211 | |
TOTAL BUILDING MATERIALS | 1,547 | ||
Capital Goods - 0.2% | |||
Regal Rexnord Corp. | 22,600 | 2,942 | |
Chemicals - 0.4% | |||
CF Industries Holdings, Inc. | 29,300 | 2,097 | |
Olin Corp. | 33,100 | 1,834 | |
The Chemours Co. LLC | 88,500 | 2,573 | |
TOTAL CHEMICALS | 6,504 | ||
Consumer Products - 0.3% | |||
Tapestry, Inc. | 47,300 | 1,930 | |
Tempur Sealy International, Inc. | 108,311 | 4,058 | |
TOTAL CONSUMER PRODUCTS | 5,988 | ||
Containers - 0.3% | |||
Berry Global Group, Inc. | 20,600 | 1,191 | |
Graphic Packaging Holding Co. | 159,900 | 3,943 | |
WestRock Co. | 45,700 | 1,368 | |
TOTAL CONTAINERS | 6,502 | ||
Diversified Financial Services - 0.4% | |||
Apollo Global Management, Inc. | 25,200 | 1,597 | |
MasterCard, Inc. Class A | 5,700 | 2,166 | |
OneMain Holdings, Inc. | 102,000 | 3,914 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 7,677 | ||
Energy - 2.0% | |||
Antero Resources Corp. (j) | 47,902 | 1,101 | |
California Resources Corp. | 221,951 | 8,989 | |
California Resources Corp. warrants 10/27/24 (j) | 8,300 | 79 | |
Canadian Natural Resources Ltd. | 30,900 | 1,883 | |
Cheniere Energy, Inc. | 35,600 | 5,447 | |
Chesapeake Energy Corp. | 61,888 | 5,117 | |
Chesapeake Energy Corp. (c)(j) | 3,530 | 292 | |
Diamond Offshore Drilling, Inc. (j) | 16,382 | 188 | |
Diamondback Energy, Inc. | 10,600 | 1,507 | |
EP Energy Corp. (b)(j) | 147,125 | 859 | |
Forbes Energy Services Ltd. (b)(j) | 65,062 | 0 | |
Halliburton Co. | 33,000 | 1,081 | |
Jonah Energy Parent LLC (b)(j) | 73,213 | 3,295 | |
Mesquite Energy, Inc. (b)(j) | 90,382 | 5,678 | |
Noble Corp. PLC | 1,410 | 54 | |
PureWest Energy (b)(j) | 3,289 | 32 | |
PureWest Energy rights (b)(j) | 1,983 | 0 | |
Superior Energy Services, Inc. Class A (b)(j) | 17,671 | 1,201 | |
Tidewater, Inc. warrants 11/14/42 (j) | 12,651 | 627 | |
TOTAL ENERGY | 37,430 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(j) | 1,458,195 | 1,283 | |
Environmental - 0.1% | |||
Darling Ingredients, Inc. (j) | 21,937 | 1,307 | |
Food & Drug Retail - 0.4% | |||
Northeast Grocery, Inc. (b)(c)(j) | 339,746 | 1,739 | |
Southeastern Grocers, Inc. (b)(c)(j) | 250,623 | 6,155 | |
TOTAL FOOD & DRUG RETAIL | 7,894 | ||
Food/Beverage/Tobacco - 0.1% | |||
JBS SA | 684,100 | 2,455 | |
Gaming - 0.7% | |||
Boyd Gaming Corp. | 74,300 | 5,156 | |
Caesars Entertainment, Inc. (j) | 142,000 | 6,431 | |
Studio City International Holdings Ltd.: | |||
ADR (d)(j) | 32,338 | 240 | |
(NYSE) ADR (j) | 35,600 | 264 | |
TOTAL GAMING | 12,091 | ||
Healthcare - 0.6% | |||
Charles River Laboratories International, Inc. (j) | 5,000 | 951 | |
Humana, Inc. | 3,400 | 1,804 | |
IQVIA Holdings, Inc. (j) | 23,000 | 4,329 | |
Tenet Healthcare Corp. (j) | 15,300 | 1,122 | |
UnitedHealth Group, Inc. | 6,400 | 3,149 | |
TOTAL HEALTHCARE | 11,355 | ||
Homebuilders/Real Estate - 0.1% | |||
Arthur J. Gallagher & Co. | 9,200 | 1,914 | |
Metals/Mining - 0.2% | |||
First Quantum Minerals Ltd. | 116,000 | 2,819 | |
Freeport-McMoRan, Inc. | 39,200 | 1,486 | |
Warrior Metropolitan Coal, Inc. | 692 | 24 | |
TOTAL METALS/MINING | 4,329 | ||
Services - 0.3% | |||
ASGN, Inc. (j) | 23,580 | 1,688 | |
Visa, Inc. Class A | 13,200 | 3,072 | |
TOTAL SERVICES | 4,760 | ||
Super Retail - 0.6% | |||
Arena Brands Holding Corp. Class B (b)(c)(j) | 42,253 | 453 | |
Booking Holdings, Inc. (j) | 800 | 2,149 | |
Dick's Sporting Goods, Inc. | 22,100 | 3,205 | |
Lowe's Companies, Inc. | 18,500 | 3,845 | |
Williams-Sonoma, Inc. | 11,300 | 1,368 | |
TOTAL SUPER RETAIL | 11,020 | ||
Technology - 3.2% | |||
Adobe, Inc. (j) | 9,200 | 3,474 | |
Advanced Micro Devices, Inc. (j) | 23,000 | 2,056 | |
Alphabet, Inc. Class A (j) | 35,500 | 3,811 | |
Arista Networks, Inc. (j) | 13,000 | 2,082 | |
ASML Holding NV (depository receipt) | 3,400 | 2,165 | |
CDW Corp. | 20,000 | 3,392 | |
Fiserv, Inc. (j) | 28,300 | 3,456 | |
Global Payments, Inc. | 25,600 | 2,885 | |
Marvell Technology, Inc. | 63,800 | 2,519 | |
Meta Platforms, Inc. Class A (j) | 28,500 | 6,849 | |
Microchip Technology, Inc. | 54,800 | 4,000 | |
Microsoft Corp. | 24,200 | 7,436 | |
NVIDIA Corp. | 10,600 | 2,941 | |
NXP Semiconductors NV | 14,900 | 2,440 | |
onsemi (j) | 89,360 | 6,430 | |
SS&C Technologies Holdings, Inc. | 19,563 | 1,145 | |
Synopsys, Inc. (j) | 5,100 | 1,894 | |
TOTAL TECHNOLOGY | 58,975 | ||
Telecommunications - 0.1% | |||
GTT Communications, Inc. (b) | 11,856 | 146 | |
Palo Alto Networks, Inc. (j) | 10,600 | 1,934 | |
TOTAL TELECOMMUNICATIONS | 2,080 | ||
Textiles/Apparel - 0.0% | |||
Victoria's Secret & Co. (j) | 13,333 | 413 | |
Utilities - 0.3% | |||
PG&E Corp. (j) | 307,379 | 5,259 | |
TOTAL COMMON STOCKS (Cost $150,064) | 196,592 | ||
Bank Loan Obligations - 6.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.3% | |||
Air Canada Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.3694% 8/11/28 (f)(g)(k) | 1,231 | 1,226 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/8/26 (f)(g)(k) | 195 | 191 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 4/4/26 (f)(g)(k) | 105 | 103 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7985% 10/20/27 (f)(g)(k) | 419 | 433 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7704% 4/21/28 (f)(g)(k) | 3,430 | 3,414 | |
TOTAL AIR TRANSPORTATION | 5,367 | ||
Automotive & Auto Parts - 0.0% | |||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 4/20/30 (g)(k)(l) | 430 | 429 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.52% 12/17/28 (f)(g)(k) | 326 | 267 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 696 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.5967% 2/27/28 (f)(g)(k) | 1,215 | 1,206 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (f)(g)(k) | 894 | 801 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.1483% 6/24/29 (f)(g)(k) | 114 | 113 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2746% 1/31/29 (f)(g)(k) | 995 | 978 | |
TOTAL BROADCASTING | 1,892 | ||
Building Materials - 0.3% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4091% 5/17/28 (f)(g)(k) | 3,149 | 2,488 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.3733% 2/25/29 (f)(g)(k) | 3,320 | 3,013 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 6/4/28 (f)(g)(k) | 850 | 809 | |
TOTAL BUILDING MATERIALS | 6,310 | ||
Capital Goods - 0.0% | |||
Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.7395% 3/15/30 (f)(g)(k) | 275 | 275 | |
Chemicals - 0.4% | |||
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2954% 8/29/29 (f)(g)(k) | 84 | 85 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.2836% 10/4/29 (f)(g)(k) | 6,185 | 5,917 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 11/9/28 (f)(g)(k) | 514 | 486 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.9375% 9/22/28 (f)(g)(k) | 375 | 375 | |
TOTAL CHEMICALS | 6,863 | ||
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.7034% 12/22/26 (f)(g)(k) | 2,515 | 2,449 | |
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.35% 5/8/26 (b)(f)(g)(k) | 1,983 | 1,927 | |
TOTAL CONSUMER PRODUCTS | 4,376 | ||
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.750% 10.1293% 2/9/26 (f)(g)(k) | 186 | 170 | |
Energy - 0.0% | |||
Forbes Energy Services LLC Tranche B, term loan 0% (b)(f)(h)(k) | 610 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(g)(h)(k) | 1,671 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(g)(h)(k) | 721 | 0 | |
Natgasoline LLC Tranche B, term loan 1 month U.S. LIBOR + 3.500% 8.5625% 11/14/25 (f)(g)(k) | 330 | 327 | |
TOTAL ENERGY | 327 | ||
Environmental - 0.0% | |||
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4822% 11/30/28 (f)(g)(k) | 313 | 311 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.4965% 11/30/28 (f)(g)(k) | 24 | 24 | |
Madison IAQ LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.3023% 6/21/28 (f)(g)(k) | 403 | 387 | |
TOTAL ENVIRONMENTAL | 722 | ||
Food/Beverage/Tobacco - 0.0% | |||
Bengal Debt Merger Sub LLC 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.2483% 1/24/29 (f)(g)(k) | 328 | 291 | |
Gaming - 0.4% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.9822% 1/27/29 (f)(g)(k) | 7,410 | 7,201 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.9812% 4/14/29 (f)(g)(k) | 347 | 346 | |
TOTAL GAMING | 7,547 | ||
Healthcare - 0.3% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9983% 10/1/27 (f)(g)(k) | 2,276 | 2,190 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5246% 5/5/28 (f)(g)(k) | 824 | 822 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 8% 6/2/28 (f)(g)(k) | 1,962 | 1,958 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0903% 11/15/28 (f)(g)(k) | 975 | 958 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (f)(g)(k) | 228 | 228 | |
TOTAL HEALTHCARE | 6,156 | ||
Homebuilders/Real Estate - 0.2% | |||
Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(f)(k) | 3,351 | 3,183 | |
Hotels - 0.5% | |||
Carnival Finance LLC Tranche B 1LN, term loan 6 month U.S. LIBOR + 3.250% 8.2746% 10/18/28 (f)(g)(k) | 9,031 | 8,854 | |
Insurance - 0.5% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.2746% 2/15/27 (f)(g)(k) | 202 | 196 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.51% 11/12/27 (f)(g)(k) | 1,775 | 1,758 | |
Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3762% 11/6/27 (f)(g)(k) | 994 | 985 | |
HUB International Ltd. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 8.51% 4/25/25 (f)(g)(k) | 5,744 | 5,731 | |
CME Term SOFR 1 Month Index + 4.000% 8.7279% 11/10/29 (f)(g)(k) | 150 | 149 | |
TOTAL INSURANCE | 8,819 | ||
Leisure - 0.1% | |||
Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.2322% 1/15/30 (f)(g)(k) | 545 | 545 | |
Topgolf Callaway Brands Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 3/9/30 (f)(g)(k) | 475 | 474 | |
TOTAL LEISURE | 1,019 | ||
Paper - 0.3% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.2572% 4/13/29 (f)(g)(k) | 5,515 | 5,382 | |
Services - 0.9% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.0822% 12/20/29 (f)(g)(k) | 165 | 152 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5822% 12/21/28 (f)(g)(k) | 769 | 757 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4067% 12/21/28 (f)(g)(k) | 1,804 | 1,782 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/21/28 (g)(k)(m) | 591 | 584 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 10.8322% 12/10/29 (f)(g)(k) | 2,170 | 1,880 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.5822% 12/10/28 (f)(g)(k) | 3,927 | 3,581 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 13.4091% 8/22/25 (f)(g)(k) | 2,615 | 2,511 | |
Tranche B, term loan 1 month U.S. LIBOR + 3.750% 8.9091% 2/21/25 (f)(g)(k) | 757 | 751 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (f)(g)(k) | 2,490 | 2,219 | |
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.5625% 12/10/26 (f)(g)(k) | 874 | 872 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.9857% 3/4/28 (f)(g)(k) | 2,658 | 2,180 | |
TOTAL SERVICES | 17,269 | ||
Specialty Retailing - 0.0% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 13.296% 6/30/27 (f)(g)(k) | 112 | 95 | |
Super Retail - 0.3% | |||
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 12/18/27 (f)(g)(k) | 4,429 | 4,104 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 4/15/28 (f)(g)(k) | 722 | 660 | |
TOTAL SUPER RETAIL | 4,764 | ||
Technology - 1.1% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.0483% 2/16/28 (f)(g)(k) | 142 | 137 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.4643% 2/15/29 (f)(g)(k) | 4,306 | 4,029 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (g)(k)(m) | 529 | 495 | |
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 10/31/26 (f)(g)(k) | 135 | 134 | |
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.7746% 3/31/28 (f)(g)(k) | 255 | 249 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.4091% 8/19/28 (f)(g)(k) | 1,570 | 1,560 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.4099% 7/3/28 (f)(g)(k) | 915 | 914 | |
MH Sub I LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 4/13/28 (g)(k)(l) | 2,885 | 2,766 | |
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.8322% 2/1/28 (f)(g)(k) | 1,751 | 1,713 | |
Polaris Newco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.1591% 6/2/28 (f)(g)(k) | 896 | 830 | |
Proofpoint, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.2746% 8/31/28 (f)(g)(k) | 879 | 859 | |
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 4/22/28 (f)(g)(k) | 763 | 741 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.7746% 1/31/27 (f)(g)(k) | 390 | 389 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.2706% 5/3/26 (f)(g)(k) | 3,955 | 3,846 | |
2LN, term loan 3 month U.S. LIBOR + 5.250% 10.2706% 5/3/27 (f)(g)(k) | 570 | 547 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 7.9034% 2/28/27 (f)(g)(k) | 315 | 310 | |
TOTAL TECHNOLOGY | 19,519 | ||
Telecommunications - 0.2% | |||
Aventiv Technologies LLC Tranche B, term loan 3 month U.S. LIBOR + 4.500% 9.6591% 11/1/24 (f)(g)(k) | 930 | 660 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.8125% 5/1/28 (f)(g)(k) | 671 | 640 | |
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 13.9983% 6/30/28 (f)(g)(k) | 465 | 242 | |
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.0822% 12/30/27 (f)(g)(k) | 583 | 478 | |
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0246% 3/9/27 (f)(g)(k) | 1,082 | 877 | |
TOTAL TELECOMMUNICATIONS | 2,897 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.0625% 6/23/25 (f)(g)(k) | 3,696 | 3,684 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $123,770) | 117,683 | ||
Preferred Securities - 7.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 6.3% | |||
Ally Financial, Inc. 4.7% (f)(i) | 945 | 673 | |
Bank of America Corp.: | |||
5.125% (f)(i) | 12,000 | 11,745 | |
5.875% (f)(i) | 14,280 | 13,031 | |
6.1% (f)(i) | 2,590 | 2,561 | |
Citigroup, Inc.: | |||
4.15% (f)(i) | 10,000 | 8,312 | |
4.7% (f)(i) | 2,135 | 1,897 | |
5% (f)(i) | 13,000 | 12,274 | |
5.35% (f)(i) | 12,655 | 12,648 | |
6.3% (f)(i) | 4,585 | 4,458 | |
Goldman Sachs Group, Inc.: | |||
4.4% (f)(i) | 1,120 | 963 | |
4.95% (f)(i) | 1,880 | 1,778 | |
5.3% (f)(i) | 15,000 | 14,610 | |
JPMorgan Chase & Co.: | |||
4% (f)(i) | 4,755 | 4,294 | |
4.6% (f)(i) | 3,265 | 3,065 | |
5% (f)(i) | 24,800 | 24,072 | |
TOTAL BANKS & THRIFTS | 116,381 | ||
Energy - 0.9% | |||
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 8.8916% (f)(g)(i) | 1,625 | 1,479 | |
6.625% (f)(i) | 456 | 355 | |
7.125% (f)(i) | 17,150 | 15,013 | |
TOTAL ENERGY | 16,847 | ||
TOTAL PREFERRED SECURITIES (Cost $145,413) | 133,228 | ||
Other - 2.4% | |||
Shares | Value ($) (000s) | ||
Other - 2.4% | |||
Fidelity Private Credit Central Fund LLC (c)(o) (Cost $44,780) | 4,502,507 | 44,649 | |
Money Market Funds - 6.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.88% (n) (Cost $124,640) | 124,615,538 | 124,640 | |
TOTAL INVESTMENT IN SECURITIES - 99.1% (Cost $1,920,336) | 1,839,023 |
NET OTHER ASSETS (LIABILITIES) - 0.9% | 17,546 |
NET ASSETS - 100.0% | 1,856,569 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $67,602,000 or 3.6% of net assets. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $894,926,000 or 48.2% of net assets. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(h) | Non-income producing - Security is in default. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Non-income producing |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,120,000 and $1,079,000, respectively. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 7/13/98 | 1,538 |
Chesapeake Energy Corp. | 2/10/21 | 33 |
Fidelity Private Credit Central Fund LLC | 12/09/21 - 4/28/23 | 44,782 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 711 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 1,228 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 7,224 |
Northeast Grocery, Inc. | 11/08/21 | 135 |
Southeastern Grocers, Inc. | 6/01/18 | 1,763 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 143,722 | 146,315 | 165,397 | 2,589 | - | - | 124,640 | 0.3% |
Fidelity Private Credit Central Fund LLC | 22,391 | 26,643 | 4,508 | 2,366 | - | 123 | 44,649 | 7.3% |
Fidelity Securities Lending Cash Central Fund 4.88% | 139 | 12,784 | 12,923 | - | - | - | - | 0.0% |
Total | 166,252 | 185,742 | 182,828 | 4,955 | - | 123 | 169,289 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 12,475 | 12,475 | - | - |
Consumer Discretionary | 30,972 | 29,059 | - | 1,913 |
Consumer Staples | 11,656 | 3,762 | - | 7,894 |
Energy | 37,398 | 25,738 | 627 | 11,033 |
Financials | 19,074 | 19,074 | - | - |
Health Care | 11,355 | 11,355 | - | - |
Industrials | 8,127 | 8,127 | - | - |
Information Technology | 42,909 | 42,763 | - | 146 |
Materials | 17,335 | 17,335 | - | - |
Utilities | 5,291 | 5,259 | - | 32 |
Corporate Bonds | 1,222,231 | - | 1,204,895 | 17,336 |
Bank Loan Obligations | 117,683 | - | 112,573 | 5,110 |
Preferred Securities | 133,228 | - | 133,228 | - |
Money Market Funds | 124,640 | 124,640 | - | - |
Total Investments in Securities: | 1,794,374 | 299,587 | 1,451,323 | 43,464 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 35,385 | |
Net Realized Gain (Loss) on Investment Securities | 398 | ||
Net Unrealized Gain (Loss) on Investment Securities | 6,043 | ||
Cost of Purchases | 4,142 | ||
Proceeds of Sales | (1,210) | ||
Amortization/Accretion | 10 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (1,304) | ||
Ending Balance | $ | 43,464 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2023 | $ | 6,043 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | April 30, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,750,916) | $ | 1,669,734 | ||
Fidelity Central Funds (cost $169,420) | 169,289 | |||
Total Investment in Securities (cost $1,920,336) | $ | 1,839,023 | ||
Cash | 169 | |||
Foreign currency held at value (cost $58) | 57 | |||
Receivable for investments sold | 6,627 | |||
Receivable for fund shares sold | 1,932 | |||
Dividends receivable | 108 | |||
Interest receivable | 21,246 | |||
Distributions receivable from Fidelity Central Funds | 480 | |||
Prepaid expenses | 1 | |||
Receivable from investment adviser for expense reductions | 1 | |||
Other receivables | 8 | |||
Total assets | 1,869,652 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 7,688 | ||
Delayed delivery | 960 | |||
Payable for fund shares redeemed | 2,300 | |||
Distributions payable | 797 | |||
Accrued management fee | 842 | |||
Distribution and service plan fees payable | 194 | |||
Other affiliated payables | 249 | |||
Other payables and accrued expenses | 53 | |||
Total Liabilities | 13,083 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,856,569 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,943,100 | ||
Total accumulated earnings (loss) | (86,531) | |||
Net Assets | $ | 1,856,569 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($475,405 ÷ 43,885 shares) (a) | $ | 10.83 | ||
Maximum offering price per share (100/96.00 of $10.83) | $ | 11.28 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($235,697 ÷ 21,627 shares) (a) | $ | 10.90 | ||
Maximum offering price per share (100/96.00 of $10.90) | $ | 11.35 | ||
Class C : | ||||
Net Asset Value and offering price per share ($56,615 ÷ 5,236 shares) (a) | $ | 10.81 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($735,441 ÷ 72,817 shares) | $ | 10.10 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($353,411 ÷ 34,987 shares) | $ | 10.10 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended April 30, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 6,590 | ||
Interest | 43,301 | |||
Income from Fidelity Central Funds | 4,955 | |||
Total Income | 54,846 | |||
Expenses | ||||
Management fee | $ | 4,985 | ||
Transfer agent fees | 1,175 | |||
Distribution and service plan fees | 1,165 | |||
Accounting fees | 302 | |||
Custodian fees and expenses | 11 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 87 | |||
Audit | 41 | |||
Legal | 111 | |||
Miscellaneous | 4 | |||
Total expenses before reductions | 7,887 | |||
Expense reductions | (48) | |||
Total expenses after reductions | 7,839 | |||
Net Investment income (loss) | 47,007 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (11,875) | |||
Foreign currency transactions | 3 | |||
Total net realized gain (loss) | (11,872) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 63,485 | |||
Fidelity Central Funds | 123 | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | 63,607 | |||
Net gain (loss) | 51,735 | |||
Net increase (decrease) in net assets resulting from operations | $ | 98,742 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended April 30, 2023 (Unaudited) | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 47,007 | $ | 77,687 |
Net realized gain (loss) | (11,872) | 77,979 | ||
Change in net unrealized appreciation (depreciation) | 63,607 | (381,046) | ||
Net increase (decrease) in net assets resulting from operations | 98,742 | (225,380) | ||
Distributions to shareholders | (112,035) | (118,721) | ||
Share transactions - net increase (decrease) | 80,139 | (69,934) | ||
Total increase (decrease) in net assets | 66,846 | (414,035) | ||
Net Assets | ||||
Beginning of period | 1,789,723 | 2,203,758 | ||
End of period | $ | 1,856,569 | $ | 1,789,723 |
Fidelity Advisor® High Income Advantage Fund Class A |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.90 | $ | 12.94 | $ | 10.95 | $ | 11.12 | $ | 10.93 | $ | 11.41 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .272 | .455 | .382 | .422 | .517 | .606 | ||||||
Net realized and unrealized gain (loss) | .313 | (1.803) | 1.989 | (.169) | .260 | (.543) | ||||||
Total from investment operations | .585 | (1.348) | 2.371 | .253 | .777 | .063 | ||||||
Distributions from net investment income | (.288) | (.433) | (.381) | (.417) | (.587) | (.543) | ||||||
Distributions from net realized gain | (.367) | (.259) | - | (.006) | - | - | ||||||
Total distributions | (.655) | (.692) | (.381) | (.423) | (.587) | (.543) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 10.83 | $ | 10.90 | $ | 12.94 | $ | 10.95 | $ | 11.12 | $ | 10.93 |
Total Return D,E,F | 5.52% | (10.75)% | 21.85% | 2.41% | 7.41% | .50% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.02% I | 1.01% | .99% | 1.00% | 1.01% | .99% | ||||||
Expenses net of fee waivers, if any | 1.01% I | 1.01% | .99% | 1.00% | 1.00% | .99% | ||||||
Expenses net of all reductions | 1.01% I | 1.01% | .99% | 1.00% | 1.00% | .99% | ||||||
Net investment income (loss) | 5.07% I | 3.88% | 3.07% | 3.91% | 4.70% | 5.35% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 475 | $ | 463 | $ | 566 | $ | 462 | $ | 515 | $ | 467 |
Portfolio turnover rate J | 21% I | 29% | 27% | 48% | 53% | 45% |
Fidelity Advisor® High Income Advantage Fund Class M |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 13.01 | $ | 11.01 | $ | 11.18 | $ | 10.99 | $ | 11.47 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .274 | .458 | .385 | .425 | .521 | .611 | ||||||
Net realized and unrealized gain (loss) | .322 | (1.813) | 1.998 | (.169) | .259 | (.545) | ||||||
Total from investment operations | .596 | (1.355) | 2.383 | .256 | .780 | .066 | ||||||
Distributions from net investment income | (.289) | (.436) | (.383) | (.420) | (.590) | (.546) | ||||||
Distributions from net realized gain | (.367) | (.259) | - | (.006) | - | - | ||||||
Total distributions | (.656) | (.695) | (.383) | (.426) | (.590) | (.546) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 10.90 | $ | 10.96 | $ | 13.01 | $ | 11.01 | $ | 11.18 | $ | 10.99 |
Total Return D,E,F | 5.60% | (10.75)% | 21.84% | 2.43% | 7.39% | .53% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.01% I | 1.01% | .99% | 1.00% | 1.00% | .98% | ||||||
Expenses net of fee waivers, if any | 1.01% I | 1.01% | .99% | 1.00% | 1.00% | .98% | ||||||
Expenses net of all reductions | 1.01% I | 1.01% | .99% | 1.00% | 1.00% | .98% | ||||||
Net investment income (loss) | 5.07% I | 3.89% | 3.08% | 3.91% | 4.71% | 5.36% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 236 | $ | 238 | $ | 300 | $ | 266 | $ | 329 | $ | 337 |
Portfolio turnover rate J | 21% I | 29% | 27% | 48% | 53% | 45% |
Fidelity Advisor® High Income Advantage Fund Class C |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.88 | $ | 12.92 | $ | 10.93 | $ | 11.10 | $ | 10.91 | $ | 11.39 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .231 | .366 | .286 | .339 | .434 | .520 | ||||||
Net realized and unrealized gain (loss) | .313 | (1.804) | 1.988 | (.169) | .258 | (.543) | ||||||
Total from investment operations | .544 | (1.438) | 2.274 | .170 | .692 | (.023) | ||||||
Distributions from net investment income | (.247) | (.343) | (.284) | (.334) | (.502) | (.457) | ||||||
Distributions from net realized gain | (.367) | (.259) | - | (.006) | - | - | ||||||
Total distributions | (.614) | (.602) | (.284) | (.340) | (.502) | (.457) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 10.81 | $ | 10.88 | $ | 12.92 | $ | 10.93 | $ | 11.10 | $ | 10.91 |
Total Return D,E,F | 5.14% | (11.45)% | 20.95% | 1.63% | 6.60% | (.26)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.79% I | 1.78% | 1.76% | 1.77% | 1.77% | 1.75% | ||||||
Expenses net of fee waivers, if any | 1.76% I | 1.77% | 1.76% | 1.77% | 1.77% | 1.75% | ||||||
Expenses net of all reductions | 1.76% I | 1.77% | 1.76% | 1.77% | 1.76% | 1.75% | ||||||
Net investment income (loss) | 4.32% I | 3.12% | 2.30% | 3.14% | 3.94% | 4.59% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 57 | $ | 56 | $ | 71 | $ | 68 | $ | 89 | $ | 130 |
Portfolio turnover rate J | 21% I | 29% | 27% | 48% | 53% | 45% |
Fidelity Advisor® High Income Advantage Fund Class I |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.19 | $ | 12.12 | $ | 10.26 | $ | 10.42 | $ | 10.25 | $ | 10.70 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .266 | .454 | .388 | .422 | .512 | .590 | ||||||
Net realized and unrealized gain (loss) | .294 | (1.691) | 1.860 | (.157) | .241 | (.499) | ||||||
Total from investment operations | .560 | (1.237) | 2.248 | .265 | .753 | .091 | ||||||
Distributions from net investment income | (.283) | (.434) | (.388) | (.419) | (.583) | (.541) | ||||||
Distributions from net realized gain | (.367) | (.259) | - | (.006) | - | - | ||||||
Total distributions | (.650) | (.693) | (.388) | (.425) | (.583) | (.541) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 10.10 | $ | 10.19 | $ | 12.12 | $ | 10.26 | $ | 10.42 | $ | 10.25 |
Total Return D,E | 5.67% | (10.56)% | 22.13% | 2.69% | 7.67% | .80% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .76% H | .76% | .74% | .75% | .76% | .75% | ||||||
Expenses net of fee waivers, if any | .76% H | .76% | .74% | .75% | .76% | .75% | ||||||
Expenses net of all reductions | .76% H | .76% | .74% | .74% | .76% | .75% | ||||||
Net investment income (loss) | 5.32% H | 4.13% | 3.32% | 4.17% | 4.95% | 5.57% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 735 | $ | 696 | $ | 903 | $ | 510 | $ | 612 | $ | 883 |
Portfolio turnover rate I | 21% H | 29% | 27% | 48% | 53% | 45% |
Fidelity Advisor® High Income Advantage Fund Class Z |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.19 | $ | 12.12 | $ | 10.26 | $ | 10.42 | $ | 10.25 | $ | 10.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .271 | .463 | .399 | .430 | .516 | .034 | ||||||
Net realized and unrealized gain (loss) | .294 | (1.690) | 1.860 | (.156) | .248 | (.438) | ||||||
Total from investment operations | .565 | (1.227) | 2.259 | .274 | .764 | (.404) | ||||||
Distributions from net investment income | (.288) | (.444) | (.399) | (.428) | (.594) | (.036) | ||||||
Distributions from net realized gain | (.367) | (.259) | - | (.006) | - | - | ||||||
Total distributions | (.655) | (.703) | (.399) | (.434) | (.594) | (.036) | ||||||
Net asset value, end of period | $ | 10.10 | $ | 10.19 | $ | 12.12 | $ | 10.26 | $ | 10.42 | $ | 10.25 |
Total Return D,E | 5.73% | (10.47)% | 22.25% | 2.79% | 7.79% | (3.78)% | ||||||
Ratios to Average Net Assets C,F,G | ||||||||||||
Expenses before reductions | .67% H | .66% | .64% | .65% | .65% | .63% H | ||||||
Expenses net of fee waivers, if any | .66% H | .66% | .64% | .65% | .65% | .63% H | ||||||
Expenses net of all reductions | .66% H | .66% | .64% | .65% | .65% | .63% H | ||||||
Net investment income (loss) | 5.42% H | 4.23% | 3.42% | 4.26% | 5.06% | 5.46% H | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 353 | $ | 337 | $ | 363 | $ | 159 | $ | 137 | $ | 18 |
Portfolio turnover rate I | 21% H | 29% | 27% | 48% | 53% | 45% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $21,018 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 - 6.5 / 3.6 | Increase |
Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase | |||
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 - 0.5 / 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 0.8 - 4.2 / 4.2 | Increase | |||
Daily production multiple ($/Million cubic feet equivalent per day) | $3,000.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $45.00 | Increase | ||
Parity price | $12.35 | Increase | |||
Discounted cash flow | Discount rate | 10.0% - 12.8% / 10.4% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Corporate Bonds | $17,336 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.6 | Increase |
Daily production multiple ($/Barrels of oil equivalent per day) | $18,500.00 | Increase | |||
Enterprise value/PV-10 multiple (EV/PV-10) | 0.3 | Increase | |||
Enterprise value/Proved reserves multiple | 4.2 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 63.0% - 98.0% / 80.5% | Increase | |||
Indicative market price | Evaluated bid | $0.13 - $8.00 / $6.34 | Increase | ||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 1.2 | Increase | |||
Bank Loan Obligations | $5,110 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $95.00 | Increase | ||
Discounted cash flow | Discount rate | 18.7% | Decrease |
Fidelity Advisor High Income Advantage Fund | $8 |
Gross unrealized appreciation | $89,373 |
Gross unrealized depreciation | (168,415) |
Net unrealized appreciation (depreciation) | $(79,042) |
Tax cost | $1,918,065 |
Investment to be Acquired | Commitment Amount | |
Fidelity Advisor High Income Advantage Fund | Fidelity Private Credit Central Fund LLC | $11,840 |
Purchases ($) | Sales ($) | |
Fidelity Advisor High Income Advantage Fund | 209,303 | 179,180 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $585 | $14 |
Class M | - % | .25% | 297 | 3 |
Class C | .75% | .25% | 283 | 41 |
$1,165 | $58 |
Retained by FDC | |
Class A | $103 |
Class M | 2 |
Class C A | 22 |
$127 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $348 | .15 |
Class M | 171 | .15 |
Class C | 48 | .17 |
Class I | 521 | .15 |
Class Z | 87 | .05 |
$1,175 |
% of Average Net Assets | |
Fidelity Advisor High Income Advantage Fund | .03 |
Amount | |
Fidelity Advisor High Income Advantage Fund | $1 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor High Income Advantage Fund | 3,570 | 897 | (472) |
Amount | |
Fidelity Advisor High Income Advantage Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor High Income Advantage Fund | $- A | $- | $- |
Expense Limitations | Reimbursement | |
Class A | 1.00% | $10 |
Class C | 1.75% | 9 |
Class I | .75% | 3 |
$22 |
Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor High Income Advantage Fund | ||
Distributions to shareholders | ||
Class A | $27,989 | $30,360 |
Class M | 14,247 | 15,770 |
Class C | 3,201 | 3,323 |
Class I | 44,621 | 51,542 |
Class Z | 21,977 | 17,726 |
Total | $112,035 | $118,721 |
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2023 | Year ended October 31, 2022 | Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor High Income Advantage Fund | ||||
Class A | ||||
Shares sold | 4,072 | 6,812 | $43,833 | $81,309 |
Reinvestment of distributions | 2,411 | 2,336 | 25,956 | 27,862 |
Shares redeemed | (5,061) | (10,414) | (54,554) | (122,480) |
Net increase (decrease) | 1,422 | (1,266) | $15,235 | $(13,309) |
Class M | ||||
Shares sold | 617 | 1,587 | $6,697 | $18,925 |
Reinvestment of distributions | 1,247 | 1,238 | 13,501 | 14,858 |
Shares redeemed | (1,985) | (4,119) | (21,535) | (48,599) |
Net increase (decrease) | (121) | (1,294) | $(1,337) | $(14,816) |
Class C | ||||
Shares sold | 636 | 1,146 | $6,868 | $13,607 |
Reinvestment of distributions | 285 | 267 | 3,057 | 3,187 |
Shares redeemed | (836) | (1,763) | (8,982) | (20,501) |
Net increase (decrease) | 85 | (350) | $943 | $(3,707) |
Class I | ||||
Shares sold | 15,283 | 30,137 | $154,078 | $335,242 |
Reinvestment of distributions | 3,985 | 4,179 | 40,006 | 46,661 |
Shares redeemed | (14,729) | (40,602) | (148,491) | (442,243) |
Net increase (decrease) | 4,539 | (6,286) | $45,593 | $(60,340) |
Class Z | ||||
Shares sold | 5,617 | 23,041 | $56,681 | $244,497 |
Reinvestment of distributions | 1,856 | 1,225 | 18,632 | 13,627 |
Shares redeemed | (5,520) | (21,230) | (55,608) | (235,886) |
Net increase (decrease) | 1,953 | 3,036 | $19,705 | $22,238 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity Advisor® High Income Advantage Fund | ||||||||||
Class A | 1.01% | |||||||||
Actual | $ 1,000 | $ 1,055.20 | $ 5.15 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.79 | $ 5.06 | |||||||
Class M | 1.01% | |||||||||
Actual | $ 1,000 | $ 1,056.00 | $ 5.15 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.79 | $ 5.06 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 1,051.40 | $ 8.95 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.07 | $ 8.80 | |||||||
Class I | .76% | |||||||||
Actual | $ 1,000 | $ 1,056.70 | $ 3.88 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.03 | $ 3.81 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 1,057.30 | $ 3.37 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.52 | $ 3.31 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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![](https://capedge.com/proxy/N-CSRS/0000722574-23-000243/img90642_1.jpg)
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Contents
Top Holdings (% of Fund's net assets) | ||
PG&E Corp. | 1.5 | |
Edison International | 1.5 | |
Hess Corp. | 1.4 | |
Welltower, Inc. | 1.3 | |
Antero Resources Corp. | 1.1 | |
Denbury, Inc. | 1.1 | |
Constellation Energy Corp. | 1.0 | |
Celanese Corp. Class A | 1.0 | |
Apollo Global Management, Inc. | 1.0 | |
CubeSmart | 1.0 | |
11.9 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 15.7 | |
Industrials | 15.4 | |
Materials | 14.3 | |
Consumer Discretionary | 13.3 | |
Energy | 12.7 | |
Utilities | 6.9 | |
Health Care | 6.6 | |
Real Estate | 6.0 | |
Consumer Staples | 3.3 | |
Information Technology | 3.2 | |
Communication Services | 2.1 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Futures - 0.3% |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.1% | |||
Diversified Telecommunication Services - 0.5% | |||
Cellnex Telecom SA (a) | 45,640 | 1,921,626 | |
Interactive Media & Services - 0.1% | |||
Ziff Davis, Inc. (b) | 4,040 | 295,486 | |
Media - 1.5% | |||
DISH Network Corp. Class A (b) | 29,505 | 221,583 | |
News Corp. Class A | 58,521 | 1,030,555 | |
Nexstar Broadcasting Group, Inc. Class A | 6,833 | 1,185,184 | |
Scholastic Corp. (c) | 34,655 | 1,333,178 | |
Thryv Holdings, Inc. (b) | 70,240 | 1,577,590 | |
5,348,090 | |||
TOTAL COMMUNICATION SERVICES | 7,565,202 | ||
CONSUMER DISCRETIONARY - 13.3% | |||
Automobile Components - 1.1% | |||
Adient PLC (b) | 44,482 | 1,643,165 | |
Autoliv, Inc. | 20,605 | 1,768,115 | |
Cie Automotive SA | 24,770 | 745,674 | |
4,156,954 | |||
Automobiles - 0.7% | |||
Harley-Davidson, Inc. | 66,448 | 2,465,221 | |
Broadline Retail - 0.6% | |||
Kohl's Corp. (c) | 66,300 | 1,460,589 | |
Nordstrom, Inc. (c) | 41,605 | 643,213 | |
2,103,802 | |||
Diversified Consumer Services - 0.7% | |||
Adtalem Global Education, Inc. (b) | 44,219 | 1,793,965 | |
H&R Block, Inc. | 23,300 | 790,103 | |
2,584,068 | |||
Hotels, Restaurants & Leisure - 2.6% | |||
ARAMARK Holdings Corp. | 49,598 | 1,721,051 | |
Bowlero Corp. Class A (b) | 92,380 | 1,351,519 | |
Brinker International, Inc. (b) | 31,108 | 1,241,831 | |
Hilton Grand Vacations, Inc. (b) | 42,520 | 1,819,856 | |
Hyatt Hotels Corp. Class A (b) | 9,484 | 1,084,021 | |
Red Rock Resorts, Inc. | 44,300 | 2,161,840 | |
9,380,118 | |||
Household Durables - 1.1% | |||
Mohawk Industries, Inc. (b) | 13,960 | 1,478,364 | |
Tempur Sealy International, Inc. | 62,972 | 2,359,561 | |
3,837,925 | |||
Leisure Products - 1.2% | |||
BRP, Inc. | 11,420 | 853,181 | |
Brunswick Corp. | 14,810 | 1,255,740 | |
Mattel, Inc. (b) | 122,671 | 2,208,078 | |
4,316,999 | |||
Specialty Retail - 4.5% | |||
Academy Sports & Outdoors, Inc. | 19,489 | 1,237,941 | |
American Eagle Outfitters, Inc. | 163,410 | 2,188,060 | |
Bath & Body Works, Inc. | 28,130 | 987,363 | |
Camping World Holdings, Inc. | 54,082 | 1,210,896 | |
Franchise Group, Inc. (c) | 61,620 | 1,802,385 | |
Lithia Motors, Inc. Class A (sub. vtg.) (c) | 8,916 | 1,969,455 | |
Sally Beauty Holdings, Inc. (b) | 66,020 | 939,465 | |
Signet Jewelers Ltd. (c) | 23,098 | 1,699,551 | |
Upbound Group, Inc. | 79,364 | 2,115,844 | |
Victoria's Secret & Co. (b) | 62,554 | 1,939,800 | |
16,090,760 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Capri Holdings Ltd. (b) | 47,118 | 1,955,397 | |
Wolverine World Wide, Inc. | 53,940 | 902,956 | |
2,858,353 | |||
TOTAL CONSUMER DISCRETIONARY | 47,794,200 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 0.4% | |||
Primo Water Corp. | 92,680 | 1,407,809 | |
Consumer Staples Distribution & Retail - 0.8% | |||
U.S. Foods Holding Corp. (b) | 75,697 | 2,906,765 | |
Food Products - 1.4% | |||
Bunge Ltd. | 24,460 | 2,289,456 | |
Darling Ingredients, Inc. (b) | 43,129 | 2,569,195 | |
4,858,651 | |||
Household Products - 0.6% | |||
Energizer Holdings, Inc. | 47,720 | 1,595,280 | |
Spectrum Brands Holdings, Inc. | 6,070 | 403,655 | |
1,998,935 | |||
Personal Care Products - 0.1% | |||
Olaplex Holdings, Inc. (b) | 135,980 | 503,126 | |
TOTAL CONSUMER STAPLES | 11,675,286 | ||
ENERGY - 12.7% | |||
Energy Equipment & Services - 2.8% | |||
Championx Corp. | 29,460 | 797,777 | |
Expro Group Holdings NV (b) | 140,570 | 2,795,937 | |
Liberty Oilfield Services, Inc. Class A | 42,098 | 539,275 | |
TechnipFMC PLC (b) | 162,775 | 2,228,390 | |
Tenaris SA | 80,470 | 1,151,145 | |
Valaris Ltd. (b) | 30,300 | 1,818,000 | |
Vallourec SA (b) | 64,320 | 732,485 | |
10,063,009 | |||
Oil, Gas & Consumable Fuels - 9.9% | |||
Advantage Energy Ltd. (b) | 112,430 | 632,333 | |
Antero Resources Corp. (b) | 178,668 | 4,107,577 | |
APA Corp. | 11,981 | 441,500 | |
Arch Resources, Inc. | 5,050 | 617,363 | |
Canadian Natural Resources Ltd. | 35,976 | 2,192,256 | |
Cenovus Energy, Inc. (Canada) | 130,543 | 2,191,053 | |
Delek U.S. Holdings, Inc. | 54,540 | 1,186,245 | |
Denbury, Inc. (b) | 41,037 | 3,832,035 | |
Devon Energy Corp. | 13,208 | 705,703 | |
Diamondback Energy, Inc. | 3,638 | 517,324 | |
Energy Transfer LP | 125,606 | 1,617,805 | |
EQT Corp. | 16,468 | 573,745 | |
Genesis Energy LP | 157,337 | 1,755,881 | |
Hess Corp. | 34,827 | 5,052,005 | |
Imperial Oil Ltd. | 33,691 | 1,717,312 | |
Kosmos Energy Ltd. (b) | 254,374 | 1,627,994 | |
Parkland Corp. | 40,190 | 947,758 | |
Talos Energy, Inc. (b) | 60,680 | 827,068 | |
Targa Resources Corp. | 30,895 | 2,333,499 | |
The Williams Companies, Inc. | 12,802 | 387,389 | |
Tourmaline Oil Corp. (c) | 27,755 | 1,246,962 | |
Valero Energy Corp. | 6,917 | 793,172 | |
35,303,979 | |||
TOTAL ENERGY | 45,366,988 | ||
FINANCIALS - 15.7% | |||
Banks - 4.3% | |||
Axos Financial, Inc. (b) | 31,821 | 1,294,160 | |
Bank of Kyoto Ltd. | 16,072 | 790,782 | |
Comerica, Inc. | 19,730 | 855,690 | |
East West Bancorp, Inc. | 43,540 | 2,250,583 | |
First Citizens Bancshares, Inc. | 2,449 | 2,466,584 | |
First Citizens Bancshares, Inc. Class B | 210 | 193,820 | |
M&T Bank Corp. | 17,827 | 2,242,637 | |
New York Community Bancorp, Inc. | 92,840 | 992,460 | |
Popular, Inc. | 15,840 | 950,558 | |
U.S. Bancorp | 61,410 | 2,105,135 | |
Wintrust Financial Corp. | 16,075 | 1,099,048 | |
15,241,457 | |||
Capital Markets - 2.4% | |||
Ameriprise Financial, Inc. | 7,165 | 2,186,185 | |
Carlyle Group LP (c) | 23,410 | 710,025 | |
LPL Financial | 10,222 | 2,134,762 | |
Onex Corp. (sub. vtg.) | 9,440 | 434,706 | |
Petershill Partners PLC (a) | 352,894 | 739,757 | |
Raymond James Financial, Inc. | 21,020 | 1,902,941 | |
UBS Group AG | 29,630 | 598,832 | |
8,707,208 | |||
Consumer Finance - 1.7% | |||
OneMain Holdings, Inc. | 57,567 | 2,208,846 | |
PROG Holdings, Inc. (b) | 55,190 | 1,668,394 | |
SLM Corp. | 150,920 | 2,266,818 | |
6,144,058 | |||
Financial Services - 4.0% | |||
Apollo Global Management, Inc. | 54,861 | 3,477,639 | |
Corebridge Financial, Inc. (c) | 53,250 | 897,795 | |
ECN Capital Corp. | 166,658 | 388,707 | |
Essent Group Ltd. | 39,003 | 1,656,457 | |
Global Payments, Inc. | 24,990 | 2,816,623 | |
Voya Financial, Inc. (c) | 27,170 | 2,077,962 | |
Walker & Dunlop, Inc. | 27,119 | 1,825,380 | |
WEX, Inc. (b) | 7,330 | 1,299,976 | |
14,440,539 | |||
Insurance - 3.3% | |||
AMBAC Financial Group, Inc. (b) | 21,573 | 344,089 | |
American Financial Group, Inc. | 15,733 | 1,930,911 | |
Assurant, Inc. | 19,880 | 2,447,824 | |
First American Financial Corp. | 32,709 | 1,884,365 | |
Primerica, Inc. | 2,910 | 531,104 | |
Reinsurance Group of America, Inc. | 14,717 | 2,094,523 | |
The Travelers Companies, Inc. | 13,890 | 2,516,035 | |
11,748,851 | |||
TOTAL FINANCIALS | 56,282,113 | ||
HEALTH CARE - 6.6% | |||
Biotechnology - 0.6% | |||
Biogen, Inc. (b) | 2,081 | 633,103 | |
BioMarin Pharmaceutical, Inc. (b) | 2,931 | 281,493 | |
Exact Sciences Corp. (b) | 2,759 | 176,769 | |
Galapagos NV (b) | 20,210 | 784,134 | |
Poseida Therapeutics, Inc. (b) | 19,940 | 52,642 | |
United Therapeutics Corp. (b) | 788 | 181,342 | |
2,109,483 | |||
Health Care Equipment & Supplies - 0.6% | |||
Align Technology, Inc. (b) | 354 | 115,156 | |
Hologic, Inc. (b) | 3,925 | 337,589 | |
Masimo Corp. (b) | 440 | 83,222 | |
STERIS PLC | 2,070 | 390,299 | |
Teleflex, Inc. | 1,081 | 294,594 | |
The Cooper Companies, Inc. | 1,389 | 529,834 | |
Zimmer Biomet Holdings, Inc. | 2,521 | 349,007 | |
2,099,701 | |||
Health Care Providers & Services - 3.7% | |||
Acadia Healthcare Co., Inc. (b) | 1,229 | 88,844 | |
AdaptHealth Corp. (b) | 142,912 | 1,697,795 | |
agilon health, Inc. (b) | 5,854 | 142,077 | |
Amedisys, Inc. (b) | 112 | 8,994 | |
AmerisourceBergen Corp. | 3,598 | 600,326 | |
Centene Corp. (b) | 49,216 | 3,392,459 | |
Cigna Group | 8,799 | 2,228,699 | |
Encompass Health Corp. | 1,659 | 106,425 | |
Laboratory Corp. of America Holdings | 1,688 | 382,686 | |
Molina Healthcare, Inc. (b) | 1,451 | 432,238 | |
Owens & Minor, Inc. (b) | 125,830 | 1,955,398 | |
Premier, Inc. | 12,980 | 432,623 | |
Quest Diagnostics, Inc. | 1,257 | 174,484 | |
Tenet Healthcare Corp. (b) | 21,858 | 1,602,629 | |
13,245,677 | |||
Health Care Technology - 0.0% | |||
Evolent Health, Inc. (b) | 2,222 | 80,903 | |
Life Sciences Tools & Services - 0.8% | |||
Agilent Technologies, Inc. | 2,790 | 377,850 | |
Avantor, Inc. (b) | 6,692 | 130,360 | |
Bio-Rad Laboratories, Inc. Class A (b) | 1,066 | 480,542 | |
Charles River Laboratories International, Inc. (b) | 248 | 47,150 | |
IQVIA Holdings, Inc. (b) | 1,067 | 200,841 | |
PerkinElmer, Inc. | 2,685 | 350,366 | |
Syneos Health, Inc. (b) | 34,510 | 1,354,863 | |
2,941,972 | |||
Pharmaceuticals - 0.9% | |||
Catalent, Inc. (b) | 2,906 | 145,649 | |
Elanco Animal Health, Inc. (b) | 23,720 | 224,628 | |
Jazz Pharmaceuticals PLC (b) | 15,097 | 2,120,676 | |
Royalty Pharma PLC | 12,073 | 424,366 | |
Viatris, Inc. | 23,792 | 221,979 | |
3,137,298 | |||
TOTAL HEALTH CARE | 23,615,034 | ||
INDUSTRIALS - 15.4% | |||
Air Freight & Logistics - 1.2% | |||
C.H. Robinson Worldwide, Inc. (c) | 10,320 | 1,040,978 | |
Deutsche Post AG | 11,380 | 547,373 | |
FedEx Corp. | 11,254 | 2,563,436 | |
4,151,787 | |||
Building Products - 1.3% | |||
Builders FirstSource, Inc. (b) | 24,165 | 2,290,117 | |
Carlisle Companies, Inc. | 4,980 | 1,074,933 | |
UFP Industries, Inc. | 14,537 | 1,141,445 | |
4,506,495 | |||
Commercial Services & Supplies - 0.7% | |||
HNI Corp. | 17,279 | 448,908 | |
The Brink's Co. | 31,975 | 2,009,629 | |
2,458,537 | |||
Construction & Engineering - 2.2% | |||
Fluor Corp. (b) | 59,600 | 1,731,976 | |
Granite Construction, Inc. | 48,843 | 1,862,384 | |
MDU Resources Group, Inc. (c) | 72,781 | 2,126,661 | |
Willscot Mobile Mini Holdings (b) | 49,792 | 2,260,557 | |
7,981,578 | |||
Electrical Equipment - 2.1% | |||
Generac Holdings, Inc. (b) | 13,300 | 1,359,526 | |
GrafTech International Ltd. | 234,455 | 1,104,283 | |
Regal Rexnord Corp. | 22,149 | 2,882,914 | |
Sensata Technologies, Inc. PLC | 46,520 | 2,021,294 | |
7,368,017 | |||
Ground Transportation - 2.9% | |||
ArcBest Corp. | 4,890 | 461,616 | |
Knight-Swift Transportation Holdings, Inc. Class A | 17,290 | 973,773 | |
RXO, Inc. | 42,733 | 773,040 | |
Ryder System, Inc. | 21,952 | 1,737,720 | |
TFI International, Inc. (Canada) | 14,713 | 1,585,705 | |
U-Haul Holding Co. (non-vtg.) | 33,840 | 1,830,744 | |
XPO, Inc. (b) | 70,333 | 3,107,312 | |
10,469,910 | |||
Machinery - 3.2% | |||
Allison Transmission Holdings, Inc. | 45,544 | 2,222,092 | |
Chart Industries, Inc. (b)(c) | 16,860 | 2,244,066 | |
Crane Nxt Co. | 6,440 | 304,998 | |
Flowserve Corp. | 61,305 | 2,046,974 | |
Gates Industrial Corp. PLC (b) | 62,680 | 844,300 | |
Kennametal, Inc. (c) | 62,570 | 1,624,317 | |
Timken Co. | 28,720 | 2,207,132 | |
11,493,879 | |||
Professional Services - 1.0% | |||
Concentrix Corp. | 21,226 | 2,048,521 | |
Manpower, Inc. | 21,019 | 1,591,348 | |
3,639,869 | |||
Trading Companies & Distributors - 0.8% | |||
Beacon Roofing Supply, Inc. (b) | 12,918 | 777,405 | |
Custom Truck One Source, Inc. Class A (b) | 162,934 | 1,023,226 | |
Herc Holdings, Inc. | 12,628 | 1,263,053 | |
3,063,684 | |||
TOTAL INDUSTRIALS | 55,133,756 | ||
INFORMATION TECHNOLOGY - 3.2% | |||
Communications Equipment - 0.6% | |||
Lumentum Holdings, Inc. (b) | 41,935 | 2,023,364 | |
Electronic Equipment, Instruments & Components - 1.8% | |||
Coherent Corp. (b)(c) | 26,000 | 887,640 | |
Flex Ltd. (b) | 114,647 | 2,358,289 | |
Knowles Corp. (b) | 66,980 | 1,130,622 | |
Vontier Corp. | 77,174 | 2,093,731 | |
6,470,282 | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (b)(c) | 304,669 | 99,078 | |
Semiconductors & Semiconductor Equipment - 0.3% | |||
Skyworks Solutions, Inc. | 10,370 | 1,098,183 | |
Software - 0.5% | |||
NCR Corp. (b) | 88,202 | 1,966,023 | |
TOTAL INFORMATION TECHNOLOGY | 11,656,930 | ||
MATERIALS - 14.3% | |||
Chemicals - 6.7% | |||
Axalta Coating Systems Ltd. (b) | 67,913 | 2,144,013 | |
Cabot Corp. | 21,722 | 1,558,771 | |
Celanese Corp. Class A | 33,146 | 3,521,431 | |
CF Industries Holdings, Inc. | 16,020 | 1,146,712 | |
Corteva, Inc. | 28,135 | 1,719,611 | |
Eastman Chemical Co. | 20,214 | 1,703,434 | |
Methanex Corp. (c) | 70,122 | 3,140,764 | |
Olin Corp. | 35,515 | 1,967,531 | |
The Chemours Co. LLC | 80,900 | 2,351,763 | |
Trinseo PLC | 15,967 | 289,322 | |
Tronox Holdings PLC | 112,737 | 1,543,370 | |
Westlake Corp. | 24,666 | 2,806,497 | |
23,893,219 | |||
Construction Materials - 1.2% | |||
Eagle Materials, Inc. | 10,046 | 1,488,918 | |
GCC S.A.B. de CV | 146,008 | 1,160,707 | |
Martin Marietta Materials, Inc. | 3,272 | 1,188,390 | |
Summit Materials, Inc. | 16,195 | 443,905 | |
4,281,920 | |||
Containers & Packaging - 1.8% | |||
Crown Holdings, Inc. | 31,568 | 2,707,903 | |
Graphic Packaging Holding Co. | 20,970 | 517,120 | |
O-I Glass, Inc. (b) | 93,257 | 2,095,485 | |
WestRock Co. | 37,960 | 1,136,143 | |
6,456,651 | |||
Metals & Mining - 3.8% | |||
Arconic Corp. (b) | 107,989 | 2,672,728 | |
ATI, Inc. (b) | 38,596 | 1,490,578 | |
Carpenter Technology Corp. | 29,205 | 1,540,272 | |
Constellium NV (b) | 214,039 | 3,178,479 | |
First Quantum Minerals Ltd. | 45,042 | 1,094,426 | |
Freeport-McMoRan, Inc. | 47,298 | 1,793,067 | |
Schnitzer Steel Industries, Inc. Class A | 22,667 | 654,850 | |
Steel Dynamics, Inc. | 12,674 | 1,317,462 | |
13,741,862 | |||
Paper & Forest Products - 0.8% | |||
Louisiana-Pacific Corp. | 50,407 | 3,011,314 | |
TOTAL MATERIALS | 51,384,966 | ||
REAL ESTATE - 6.0% | |||
Equity Real Estate Investment Trusts (REITs) - 5.2% | |||
CubeSmart | 74,698 | 3,398,012 | |
Douglas Emmett, Inc. | 63,570 | 818,782 | |
Equity Lifestyle Properties, Inc. | 19,409 | 1,337,280 | |
Essex Property Trust, Inc. | 11,820 | 2,597,209 | |
Lamar Advertising Co. Class A | 11,924 | 1,260,128 | |
Outfront Media, Inc. | 84,690 | 1,410,935 | |
Prologis (REIT), Inc. | 23,266 | 2,914,067 | |
Welltower, Inc. | 60,191 | 4,768,331 | |
18,504,744 | |||
Real Estate Management & Development - 0.8% | |||
Compass, Inc. (b) | 175,500 | 410,670 | |
Jones Lang LaSalle, Inc. (b) | 17,181 | 2,388,846 | |
WeWork, Inc. (b)(c) | 273,771 | 115,394 | |
2,914,910 | |||
TOTAL REAL ESTATE | 21,419,654 | ||
UTILITIES - 6.9% | |||
Electric Utilities - 4.8% | |||
Constellation Energy Corp. | 45,749 | 3,540,973 | |
Edison International | 70,459 | 5,185,782 | |
Entergy Corp. | 27,573 | 2,966,303 | |
PG&E Corp. (b) | 321,760 | 5,505,311 | |
17,198,369 | |||
Independent Power and Renewable Electricity Producers - 1.2% | |||
The AES Corp. | 109,493 | 2,590,604 | |
Vistra Corp. | 70,156 | 1,673,922 | |
4,264,526 | |||
Multi-Utilities - 0.9% | |||
Algonquin Power & Utilities Corp. | 154,540 | 1,314,021 | |
Sempra Energy | 13,106 | 2,037,852 | |
3,351,873 | |||
TOTAL UTILITIES | 24,814,768 | ||
TOTAL COMMON STOCKS (Cost $328,887,666) | 356,708,897 | ||
U.S. Treasury Obligations - 0.1% | |||
Principal Amount (d) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 4.46% 6/1/23 (e) (Cost $239,083) | 240,000 | 239,116 | |
Money Market Funds - 4.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 4.88% (f) | 2,013,300 | 2,013,702 | |
Fidelity Securities Lending Cash Central Fund 4.88% (f)(g) | 14,153,324 | 14,154,739 | |
TOTAL MONEY MARKET FUNDS (Cost $16,168,427) | 16,168,441 | ||
TOTAL INVESTMENT IN SECURITIES - 104.1% (Cost $345,295,176) | 373,116,454 |
NET OTHER ASSETS (LIABILITIES) - (4.1)% | (14,746,627) |
NET ASSETS - 100.0% | 358,369,827 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 5 | Jun 2023 | 1,250,300 | 2,979 | 2,979 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3% |
(a) | 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 $2,661,383 or 0.7% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Amount is stated in United States dollars unless otherwise noted. |
(e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $218,193. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 4.88% | 8,563,889 | 95,094,411 | 101,644,598 | 129,258 | - | - | 2,013,702 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.88% | 10,739,930 | 74,697,299 | 71,282,490 | 31,958 | - | - | 14,154,739 | 0.0% |
Total | 19,303,819 | 169,791,710 | 172,927,088 | 161,216 | - | - | 16,168,441 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 7,565,202 | 5,643,576 | 1,921,626 | - |
Consumer Discretionary | 47,794,200 | 47,794,200 | - | - |
Consumer Staples | 11,675,286 | 11,675,286 | - | - |
Energy | 45,366,988 | 44,215,843 | 1,151,145 | - |
Financials | 56,282,113 | 55,491,331 | 790,782 | - |
Health Care | 23,615,034 | 22,830,900 | 784,134 | - |
Industrials | 55,133,756 | 54,586,383 | 547,373 | - |
Information Technology | 11,656,930 | 11,656,930 | - | - |
Materials | 51,384,966 | 51,384,966 | - | - |
Real Estate | 21,419,654 | 21,419,654 | - | - |
Utilities | 24,814,768 | 24,814,768 | - | - |
U.S. Government and Government Agency Obligations | 239,116 | - | 239,116 | - |
Money Market Funds | 16,168,441 | 16,168,441 | - | - |
Total Investments in Securities: | 373,116,454 | 367,682,278 | 5,434,176 | - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 2,979 | 2,979 | - | - |
Total Assets | 2,979 | 2,979 | - | - |
Total Derivative Instruments: | 2,979 | 2,979 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 2,979 | 0 |
Total Equity Risk | 2,979 | 0 |
Total Value of Derivatives | 2,979 | 0 |
Statement of Assets and Liabilities | ||||
April 30, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $13,712,920) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $329,126,749) | $ | 356,948,013 | ||
Fidelity Central Funds (cost $16,168,427) | 16,168,441 | |||
Total Investment in Securities (cost $345,295,176) | $ | 373,116,454 | ||
Receivable for investments sold | 2,753,866 | |||
Receivable for fund shares sold | 339,144 | |||
Dividends receivable | 222,239 | |||
Distributions receivable from Fidelity Central Funds | 11,021 | |||
Receivable for daily variation margin on futures contracts | 17,129 | |||
Prepaid expenses | 142 | |||
Receivable from investment adviser for expense reductions | 823 | |||
Total assets | 376,460,818 | |||
Liabilities | ||||
Payable to custodian bank | $ | 381,369 | ||
Payable for investments purchased | 1,503,444 | |||
Payable for fund shares redeemed | 1,701,444 | |||
Accrued management fee | 202,905 | |||
Distribution and service plan fees payable | 41,737 | |||
Other affiliated payables | 61,351 | |||
Other payables and accrued expenses | 44,348 | |||
Collateral on securities loaned | 14,154,393 | |||
Total Liabilities | 18,090,991 | |||
Net Assets | $ | 358,369,827 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 345,374,870 | ||
Total accumulated earnings (loss) | 12,994,957 | |||
Net Assets | $ | 358,369,827 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($98,164,407 ÷ 3,252,681 shares) (a) | $ | 30.18 | ||
Maximum offering price per share (100/94.25 of $30.18) | $ | 32.02 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($22,707,147 ÷ 760,718 shares) (a) | $ | 29.85 | ||
Maximum offering price per share (100/96.50 of $29.85) | $ | 30.93 | ||
Class C : | ||||
Net Asset Value and offering price per share ($13,966,423 ÷ 495,676 shares) (a) | $ | 28.18 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($164,537,420 ÷ 5,389,665 shares) | $ | 30.53 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($58,994,430 ÷ 1,932,943 shares) | $ | 30.52 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended April 30, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,529,610 | ||
Interest | 11,155 | |||
Income from Fidelity Central Funds (including $31,958 from security lending) | 161,216 | |||
Total Income | 3,701,981 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 1,067,095 | ||
Performance adjustment | 239,199 | |||
Transfer agent fees | 314,696 | |||
Distribution and service plan fees | 273,726 | |||
Accounting fees | 71,764 | |||
Custodian fees and expenses | 28,016 | |||
Independent trustees' fees and expenses | 1,257 | |||
Registration fees | 72,598 | |||
Audit | 31,002 | |||
Legal | 1,458 | |||
Interest | 6,741 | |||
Miscellaneous | 832 | |||
Total expenses before reductions | 2,108,384 | |||
Expense reductions | (69,285) | |||
Total expenses after reductions | 2,039,099 | |||
Net Investment income (loss) | 1,662,882 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (11,193,081) | |||
Foreign currency transactions | 406 | |||
Futures contracts | 331,705 | |||
Total net realized gain (loss) | (10,860,970) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 15,820,571 | |||
Assets and liabilities in foreign currencies | 880 | |||
Futures contracts | 52,615 | |||
Total change in net unrealized appreciation (depreciation) | 15,874,066 | |||
Net gain (loss) | 5,013,096 | |||
Net increase (decrease) in net assets resulting from operations | $ | 6,675,978 |
Statement of Changes in Net Assets | ||||
Six months ended April 30, 2023 (Unaudited) | Year ended October 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,662,882 | $ | 3,312,639 |
Net realized gain (loss) | (10,860,970) | (3,866,612) | ||
Change in net unrealized appreciation (depreciation) | 15,874,066 | (30,032,655) | ||
Net increase (decrease) in net assets resulting from operations | 6,675,978 | (30,586,628) | ||
Distributions to shareholders | (2,171,130) | (13,471,817) | ||
Share transactions - net increase (decrease) | (43,843,584) | 151,885,468 | ||
Total increase (decrease) in net assets | (39,338,736) | 107,827,023 | ||
Net Assets | ||||
Beginning of period | 397,708,563 | 289,881,540 | ||
End of period | $ | 358,369,827 | $ | 397,708,563 |
Fidelity Advisor® Value Fund Class A |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 29.71 | $ | 33.55 | $ | 20.40 | $ | 22.44 | $ | 23.40 | $ | 25.37 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .24 | .11 | .14 | .19 | .17 | ||||||
Net realized and unrealized gain (loss) | .49 | (2.61) | 13.15 | (1.46) | 1.57 | (1.31) | ||||||
Total from investment operations | .59 | (2.37) | 13.26 | (1.32) | 1.76 | (1.14) | ||||||
Distributions from net investment income | (.12) | (.24) | (.11) | (.17) C | (.10) C | (.22) | ||||||
Distributions from net realized gain | - | (1.24) | - | (.55) C | (2.62) C | (.61) | ||||||
Total distributions | (.12) | (1.47) D | (.11) | (.72) | (2.72) | (.83) | ||||||
Net asset value, end of period | $ | 30.18 | $ | 29.71 | $ | 33.55 | $ | 20.40 | $ | 22.44 | $ | 23.40 |
Total Return E,F,G | 1.98% | (7.25)% | 65.21% | (6.24)% | 9.00% | (4.73)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.19% J | 1.15% | 1.21% | 1.17% | 1.10% | 1.12% | ||||||
Expenses net of fee waivers, if any | 1.15% J | 1.15% | 1.20% | 1.16% | 1.10% | 1.12% | ||||||
Expenses net of all reductions | 1.15% J | 1.15% | 1.20% | 1.14% | 1.10% | 1.11% | ||||||
Net investment income (loss) | .68% J | .76% | .35% | .71% | .87% | .66% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 98,164 | $ | 108,439 | $ | 100,604 | $ | 36,269 | $ | 47,465 | $ | 45,006 |
Portfolio turnover rate K | 76% J | 67% | 64% | 91% | 77% | 98% |
Fidelity Advisor® Value Fund Class M |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 29.34 | $ | 33.13 | $ | 20.15 | $ | 22.19 | $ | 23.15 | $ | 25.10 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .16 | .03 | .09 | .12 | .10 | ||||||
Net realized and unrealized gain (loss) | .48 | (2.57) | 13.01 | (1.47) | 1.57 | (1.30) | ||||||
Total from investment operations | .55 | (2.41) | 13.04 | (1.38) | 1.69 | (1.20) | ||||||
Distributions from net investment income | (.04) | (.15) | (.06) | (.11) C | (.03) C | (.14) | ||||||
Distributions from net realized gain | - | (1.24) | - | (.55) C | (2.62) C | (.61) | ||||||
Total distributions | (.04) | (1.38) D | (.06) | (.66) | (2.65) | (.75) | ||||||
Net asset value, end of period | $ | 29.85 | $ | 29.34 | $ | 33.13 | $ | 20.15 | $ | 22.19 | $ | 23.15 |
Total Return E,F,G | 1.86% | (7.46)% | 64.81% | (6.55)% | 8.74% | (5.01)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.43% J | 1.40% | 1.47% | 1.45% | 1.39% | 1.39% | ||||||
Expenses net of fee waivers, if any | 1.40% J | 1.40% | 1.45% | 1.43% | 1.38% | 1.39% | ||||||
Expenses net of all reductions | 1.40% J | 1.40% | 1.45% | 1.42% | 1.38% | 1.37% | ||||||
Net investment income (loss) | .43% J | .51% | .10% | .43% | .58% | .40% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 22,707 | $ | 22,540 | $ | 23,323 | $ | 12,736 | $ | 15,006 | $ | 14,961 |
Portfolio turnover rate K | 76% J | 67% | 64% | 91% | 77% | 98% |
Fidelity Advisor® Value Fund Class C |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.73 | $ | 31.45 | $ | 19.18 | $ | 21.15 | $ | 22.16 | $ | 24.02 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.01) | - C | (.12) | (.02) | .01 | (.04) | ||||||
Net realized and unrealized gain (loss) | .46 | (2.43) | 12.39 | (1.40) | 1.49 | (1.25) | ||||||
Total from investment operations | .45 | (2.43) | 12.27 | (1.42) | 1.50 | (1.29) | ||||||
Distributions from net investment income | - | (.08) | - | - | - | - | ||||||
Distributions from net realized gain | - | (1.21) | - | (.55) | (2.51) | (.57) | ||||||
Total distributions | - | (1.29) | - | (.55) | (2.51) | (.57) | ||||||
Net asset value, end of period | $ | 28.18 | $ | 27.73 | $ | 31.45 | $ | 19.18 | $ | 21.15 | $ | 22.16 |
Total Return D,E,F | 1.62% | (7.94)% | 63.97% | (7.02)% | 8.13% | (5.55)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.98% I | 1.93% | 2.01% | 1.98% | 1.92% | 1.93% | ||||||
Expenses net of fee waivers, if any | 1.90% I | 1.90% | 1.96% | 1.97% | 1.92% | 1.93% | ||||||
Expenses net of all reductions | 1.90% I | 1.90% | 1.96% | 1.95% | 1.91% | 1.92% | ||||||
Net investment income (loss) | (.07)% I | -% J | (.41)% | (.11)% | .05% | (.15)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 13,966 | $ | 14,661 | $ | 15,726 | $ | 6,331 | $ | 8,777 | $ | 14,405 |
Portfolio turnover rate K | 76% I | 67% | 64% | 91% | 77% | 98% |
Fidelity Advisor® Value Fund Class I |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.09 | $ | 33.96 | $ | 20.64 | $ | 22.70 | $ | 23.66 | $ | 25.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .14 | .32 | .20 | .21 | .26 | .25 | ||||||
Net realized and unrealized gain (loss) | .49 | (2.63) | 13.30 | (1.48) | 1.59 | (1.34) | ||||||
Total from investment operations | .63 | (2.31) | 13.50 | (1.27) | 1.85 | (1.09) | ||||||
Distributions from net investment income | (.19) | (.33) | (.18) | (.25) C | (.19) C | (.29) | ||||||
Distributions from net realized gain | - | (1.24) | - | (.55) C | (2.62) C | (.61) | ||||||
Total distributions | (.19) | (1.56) D | (.18) | (.79) D | (2.81) | (.90) | ||||||
Net asset value, end of period | $ | 30.53 | $ | 30.09 | $ | 33.96 | $ | 20.64 | $ | 22.70 | $ | 23.66 |
Total Return E,F | 2.11% | (6.99)% | 65.68% | (5.95)% | 9.34% | (4.48)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .92% I | .88% | .92% | .87% | .79% | .82% | ||||||
Expenses net of fee waivers, if any | .90% I | .88% | .92% | .85% | .79% | .81% | ||||||
Expenses net of all reductions | .90% I | .88% | .92% | .84% | .79% | .80% | ||||||
Net investment income (loss) | .93% I | 1.02% | .63% | 1.01% | 1.18% | .97% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 164,537 | $ | 170,764 | $ | 104,393 | $ | 8,861 | $ | 11,097 | $ | 12,342 |
Portfolio turnover rate J | 76% I | 67% | 64% | 91% | 77% | 98% |
Fidelity Advisor® Value Fund Class Z |
Six months ended (Unaudited) April 30, 2023 | Years ended October 31, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.10 | $ | 33.96 | $ | 20.63 | $ | 22.69 | $ | 23.67 | $ | 25.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .36 | .25 | .23 | .28 | .28 | ||||||
Net realized and unrealized gain (loss) | .49 | (2.62) | 13.28 | (1.47) | 1.58 | (1.34) | ||||||
Total from investment operations | .66 | (2.26) | 13.53 | (1.24) | 1.86 | (1.06) | ||||||
Distributions from net investment income | (.24) | (.36) | (.20) | (.27) C | (.22) C | (.33) | ||||||
Distributions from net realized gain | - | (1.24) | - | (.55) C | (2.62) C | (.61) | ||||||
Total distributions | (.24) | (1.60) | (.20) | (.82) | (2.84) | (.94) | ||||||
Net asset value, end of period | $ | 30.52 | $ | 30.10 | $ | 33.96 | $ | 20.63 | $ | 22.69 | $ | 23.67 |
Total Return D,E | 2.18% | (6.86)% | 65.88% | (5.84)% | 9.45% | (4.36)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .79% H | .76% | .77% | .75% | .69% | .70% | ||||||
Expenses net of fee waivers, if any | .75% H | .75% | .77% | .74% | .68% | .70% | ||||||
Expenses net of all reductions | .75% H | .75% | .77% | .72% | .68% | .68% | ||||||
Net investment income (loss) | 1.08% H | 1.16% | .78% | 1.13% | 1.28% | 1.09% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 58,994 | $ | 81,306 | $ | 45,835 | $ | 1,712 | $ | 2,772 | $ | 834 |
Portfolio turnover rate I | 76% H | 67% | 64% | 91% | 77% | 98% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $53,194,349 |
Gross unrealized depreciation | (28,280,021) |
Net unrealized appreciation (depreciation) | $24,914,328 |
Tax cost | $348,205,105 |
Short-term | $(1,631,147) |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Fund | 150,424,015 | 187,380,860 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $138,689 | $5,428 |
Class M | .25% | .25% | 58,928 | 873 |
Class C | .75% | .25% | 76,109 | 15,762 |
$273,726 | $22,063 |
Retained by FDC | |
Class A | $52,110 |
Class M | 1,221 |
Class C A | 2,835 |
$56,166 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $104,510 | .19 |
Class M | 21,482 | .18 |
Class C | 17,036 | .22 |
Class I | 155,608 | .17 |
Class Z | 16,060 | .04 |
$314,696 |
% of Average Net Assets | |
Fidelity Advisor Value Fund | .04 |
Amount | |
Fidelity Advisor Value Fund | $5,422 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Value Fund | Borrower | $ 8,158,000 | 4.96% | $6,741 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Value Fund | 11,404,295 | 12,221,673 | (388,648) |
Amount | |
Fidelity Advisor Value Fund | $406 |
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 Advisor Value Fund | $3,438 | $ 3,681 | $69,170 |
Expense Limitations | Reimbursement | |
Class A | 1.15% | $19,478 |
Class M | 1.40% | 3,523 |
Class C | 1.90% | 5,396 |
Class I | .90% | 16,903 |
Class Z | .75% | 14,345 |
$59,645 |
Expense reduction | |
Class A | $36 |
Class M | 292 |
$328 |
Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor Value Fund | ||
Distributions to shareholders | ||
Class A | $432,386 | $4,405,947 |
Class M | 26,680 | 990,545 |
Class C | - | 660,630 |
Class I | 1,087,478 | 5,021,021 |
Class Z | 624,586 | 2,393,674 |
Total | $2,171,130 | $13,471,817 |
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2023 | Year ended October 31, 2022 | Six months ended April 30, 2023 | Year ended October 31, 2022 | |
Fidelity Advisor Value Fund | ||||
Class A | ||||
Shares sold | 443,382 | 1,692,576 | $13,876,920 | $53,594,255 |
Reinvestment of distributions | 14,231 | 137,847 | 427,936 | 4,297,977 |
Shares redeemed | (854,704) | (1,179,626) | (26,431,471) | (37,522,482) |
Net increase (decrease) | (397,091) | 650,797 | $(12,126,615) | $20,369,750 |
Class M | ||||
Shares sold | 52,032 | 134,897 | $1,588,022 | $4,251,310 |
Reinvestment of distributions | 888 | 31,736 | 26,425 | 979,513 |
Shares redeemed | (60,370) | (102,350) | (1,854,458) | (3,170,588) |
Net increase (decrease) | (7,450) | 64,283 | $(240,011) | $2,060,235 |
Class C | ||||
Shares sold | 132,403 | 217,748 | $3,827,009 | $6,554,230 |
Reinvestment of distributions | - | 22,308 | - | 654,000 |
Shares redeemed | (165,332) | (211,462) | (4,688,335) | (6,050,103) |
Net increase (decrease) | (32,929) | 28,594 | $(861,326) | $1,158,127 |
Class I | ||||
Shares sold | 1,692,536 | 5,343,179 | $53,437,634 | $171,305,654 |
Reinvestment of distributions | 35,458 | 157,060 | 1,077,559 | 4,946,432 |
Shares redeemed | (2,013,809) | (2,899,066) | (62,163,109) | (90,414,411) |
Net increase (decrease) | (285,815) | 2,601,173 | $(7,647,916) | $85,837,675 |
Class Z | ||||
Shares sold | 604,990 | 2,344,555 | $19,236,027 | $74,364,664 |
Reinvestment of distributions | 17,943 | 65,065 | 544,763 | 2,047,896 |
Shares redeemed | (1,391,226) | (1,058,038) | (42,748,506) | (33,952,879) |
Net increase (decrease) | (768,293) | 1,351,582 | $(22,967,716) | $42,459,681 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 to April 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During Period- C November 1, 2022 to April 30, 2023 | |||||||
Fidelity Advisor® Value Fund | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 1,019.80 | $ 5.76 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.09 | $ 5.76 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 1,018.60 | $ 7.01 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.85 | $ 7.00 | |||||||
Class C | 1.90% | |||||||||
Actual | $ 1,000 | $ 1,016.20 | $ 9.50 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.37 | $ 9.49 | |||||||
Class I | .90% | |||||||||
Actual | $ 1,000 | $ 1,021.10 | $ 4.51 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.33 | $ 4.51 | |||||||
Class Z | .75% | |||||||||
Actual | $ 1,000 | $ 1,021.80 | $ 3.76 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.08 | $ 3.76 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 22, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | June 22, 2023 |