UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | April 30 |
Date of reporting period: | October 31, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
New Fortress Energy, Inc. | 2.4 | |
Mesquite Energy, Inc. | 2.3 | |
Uniti Group LP / Uniti Group Finance, Inc. | 1.8 | |
Tenet Healthcare Corp. | 1.8 | |
Southeastern Grocers, Inc. | 1.8 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.7 | |
TransDigm, Inc. | 1.6 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.5 | |
Community Health Systems, Inc. | 1.4 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 1.4 | |
17.6 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.8 | |
Healthcare | 8.7 | |
Telecommunications | 8.4 | |
Services | 6.7 | |
Technology | 6.4 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 17.7% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 82.5% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.7% | |||
Broadcasting - 1.1% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 4,594,000 | 4,166,758 | |
3.375% 8/15/26 | 11,882,000 | 8,216,403 | |
12,383,161 | |||
Energy - 1.6% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,175,827 | 6,970,067 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,028,327 | 12,023,517 | |
18,993,584 | |||
TOTAL CONVERTIBLE BONDS | 31,376,745 | ||
Nonconvertible Bonds - 79.8% | |||
Aerospace - 3.0% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,215,000 | 1,021,602 | |
5.875% 12/1/27 | 4,240,000 | 3,853,888 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 4,233,000 | 4,020,207 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 3,247,000 | 2,841,125 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 830,000 | 651,135 | |
4.625% 3/1/28 (d) | 3,375,000 | 2,952,450 | |
Moog, Inc. 4.25% 12/15/27 (d) | 830,000 | 742,734 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 2,335,000 | 1,988,323 | |
5.5% 11/15/27 | 12,420,000 | 11,240,100 | |
6.25% 3/15/26 (d) | 2,890,000 | 2,850,725 | |
7.5% 3/15/27 | 1,455,000 | 1,433,728 | |
8% 12/15/25 (d) | 1,395,000 | 1,419,413 | |
35,015,430 | |||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 1,325,000 | 1,261,826 | |
Automotive & Auto Parts - 0.3% | |||
Ford Motor Credit Co. LLC: | |||
2.9% 2/10/29 | 2,715,000 | 2,129,517 | |
3.815% 11/2/27 | 1,640,000 | 1,408,681 | |
3,538,198 | |||
Banks & Thrifts - 0.1% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 970,000 | 857,344 | |
Broadcasting - 1.1% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 9,005,000 | 1,801,000 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 1,670,000 | 1,248,776 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 2,505,000 | 2,153,491 | |
4.125% 7/1/30 (d) | 845,000 | 691,454 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,895,000 | 1,803,794 | |
5% 9/15/29 | 725,000 | 687,371 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 2,170,000 | 1,826,880 | |
6.625% 6/1/27 (d) | 3,080,000 | 3,041,500 | |
13,254,266 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 1,934,000 | 1,793,282 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 2,210,000 | 1,768,442 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 1,335,000 | 1,172,183 | |
6% 12/1/29 (d) | 1,230,000 | 1,002,881 | |
5,736,788 | |||
Cable/Satellite TV - 4.2% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 3,680,000 | 2,907,200 | |
4.25% 1/15/34 (d) | 550,000 | 404,250 | |
4.5% 8/15/30 (d) | 2,885,000 | 2,341,351 | |
4.5% 5/1/32 | 5,635,000 | 4,451,650 | |
4.5% 6/1/33 (d) | 3,195,000 | 2,422,802 | |
4.75% 3/1/30 (d) | 4,755,000 | 3,996,102 | |
4.75% 2/1/32 (d) | 550,000 | 440,026 | |
5% 2/1/28 (d) | 1,495,000 | 1,352,975 | |
5.375% 6/1/29 (d) | 1,705,000 | 1,523,213 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (d) | 2,050,000 | 1,612,879 | |
4.5% 11/15/31 (d) | 555,000 | 431,665 | |
4.625% 12/1/30 (d) | 5,335,000 | 3,839,986 | |
5.375% 2/1/28 (d) | 3,840,000 | 3,542,400 | |
5.75% 1/15/30 (d) | 3,435,000 | 2,627,775 | |
7.5% 4/1/28 (d) | 3,345,000 | 2,898,008 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 1,680,000 | 1,430,353 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 2,875,000 | 2,429,375 | |
6.5% 9/15/28 (d) | 6,315,000 | 3,978,450 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 4,400,000 | 3,826,240 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (d) | 2,090,000 | 1,656,158 | |
Ziggo BV 4.875% 1/15/30 (d) | 1,455,000 | 1,229,475 | |
49,342,333 | |||
Capital Goods - 0.8% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 1,905,000 | 1,651,864 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 2,315,000 | 1,913,405 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 5,865,000 | 5,256,506 | |
8,821,775 | |||
Chemicals - 3.8% | |||
CVR Partners LP 6.125% 6/15/28 (d) | 2,072,000 | 1,874,663 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 1,999,000 | 1,699,150 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 3,400,000 | 3,081,998 | |
7% 12/31/27 (d) | 440,000 | 369,600 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 3,330,000 | 3,023,274 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,800,000 | 3,448,804 | |
5.65% 12/1/44 | 2,152,000 | 1,479,500 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 1,900,000 | 1,548,819 | |
4.875% 6/1/24 (d) | 1,290,000 | 1,254,525 | |
5% 5/1/25 (d) | 940,000 | 895,247 | |
5.25% 6/1/27 (d) | 4,320,000 | 3,855,946 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 2,575,000 | 2,178,218 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 2,030,000 | 1,647,981 | |
6.25% 10/1/29 (d) | 2,255,000 | 1,561,486 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 1,550,000 | 1,232,250 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 1,645,000 | 1,283,100 | |
5.375% 5/15/27 | 2,604,000 | 2,331,674 | |
5.75% 11/15/28 (d) | 10,255,000 | 8,711,623 | |
W.R. Grace Holding LLC 5.625% 8/15/29 (d) | 3,140,000 | 2,427,157 | |
43,905,015 | |||
Consumer Products - 0.3% | |||
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 340,000 | 310,119 | |
3.75% 4/1/29 (d) | 3,225,000 | 2,783,022 | |
3,093,141 | |||
Containers - 0.8% | |||
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 610,000 | 524,454 | |
Sealed Air Corp. 5% 4/15/29 (d) | 2,240,000 | 2,043,216 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 3,574,000 | 3,280,700 | |
8.5% 8/15/27 (d) | 3,080,000 | 2,896,098 | |
8,744,468 | |||
Diversified Financial Services - 2.7% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 3,705,000 | 2,421,635 | |
3.625% 10/1/31 (d) | 4,210,000 | 2,492,903 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 2,245,000 | 1,827,716 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 3,160,000 | 2,638,189 | |
5.25% 5/15/27 | 6,865,000 | 6,324,381 | |
6.25% 5/15/26 | 4,350,000 | 4,186,875 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 1,415,000 | 1,126,295 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 3,265,000 | 2,677,815 | |
3.875% 9/15/28 | 4,865,000 | 3,788,376 | |
7.125% 3/15/26 | 3,970,000 | 3,831,050 | |
31,315,235 | |||
Diversified Media - 0.5% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 6,565,000 | 5,584,583 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 960,000 | 813,600 | |
6,398,183 | |||
Energy - 11.3% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 1,535,000 | 1,440,096 | |
Apache Corp. 4.25% 1/15/30 | 775,000 | 689,529 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 2,540,000 | 2,152,650 | |
CGG SA 8.75% 4/1/27 (d) | 750,000 | 663,135 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 4,285,000 | 4,220,125 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 625,000 | 620,419 | |
Colgate Energy Partners III LLC: | |||
5.875% 7/1/29 (d) | 3,318,000 | 3,077,445 | |
7.75% 2/15/26 (d) | 860,000 | 855,452 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 1,550,000 | 1,398,751 | |
6.75% 3/1/29 (d) | 4,110,000 | 3,935,325 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 9,034,000 | 8,497,171 | |
5.75% 4/1/25 | 3,105,000 | 3,027,375 | |
6% 2/1/29 (d) | 4,453,000 | 4,164,000 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 1,295,000 | 1,176,412 | |
5.625% 10/15/25 (d) | 230,000 | 222,456 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 3,960,000 | 3,815,757 | |
5.75% 2/15/28 (d) | 3,580,000 | 3,239,900 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 3,905,000 | 3,496,718 | |
DT Midstream, Inc. 4.125% 6/15/29 (d) | 1,140,000 | 985,530 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 665,000 | 637,369 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (d) | 140,000 | 135,592 | |
6.5% 7/1/27 (d) | 1,962,000 | 1,912,950 | |
7.5% 6/1/27 (d) | 735,000 | 725,813 | |
7.5% 6/1/30 (d) | 735,000 | 714,788 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 2,160,000 | 1,954,260 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 1,110,000 | 1,064,180 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,115,000 | 953,492 | |
5.125% 6/15/28 (d) | 3,025,000 | 2,783,000 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 775,000 | 709,125 | |
6.25% 11/1/28 (d) | 775,000 | 728,500 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 2,280,000 | 2,060,653 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(e) | 10,580,000 | 1 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 13,490,000 | 13,085,300 | |
6.75% 9/15/25 (d) | 13,740,000 | 13,488,641 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 4,110,000 | 3,718,064 | |
Occidental Petroleum Corp.: | |||
7.5% 5/1/31 | 2,575,000 | 2,768,125 | |
7.875% 9/15/31 | 635,000 | 691,077 | |
8.875% 7/15/30 | 2,170,000 | 2,462,950 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 145,000 | 122,525 | |
4.95% 7/15/29 (d) | 1,480,000 | 1,298,385 | |
6.875% 4/15/40 (d) | 655,000 | 534,742 | |
SM Energy Co. 5.625% 6/1/25 | 2,035,000 | 1,976,816 | |
Southwestern Energy Co. 4.75% 2/1/32 | 1,640,000 | 1,415,648 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,670,000 | 1,434,363 | |
5.875% 3/15/28 | 875,000 | 832,979 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 1,155,000 | 979,014 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 3,125,000 | 2,802,000 | |
6% 3/1/27 (d) | 6,240,000 | 5,888,512 | |
6% 12/31/30 (d) | 5,130,000 | 4,643,779 | |
6% 9/1/31 (d) | 3,695,000 | 3,289,078 | |
7.5% 10/1/25 (d) | 1,330,000 | 1,343,234 | |
Transocean Guardian Ltd. 5.875% 1/15/24 (d) | 1,096,445 | 1,065,821 | |
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (d) | 202,000 | 200,901 | |
Transocean Pontus Ltd. 6.125% 8/1/25 (d) | 565,600 | 544,441 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 883,750 | 846,191 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 1,393,799 | 1,369,408 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 1,885,000 | 1,616,388 | |
4.125% 8/15/31 (d) | 1,865,000 | 1,589,968 | |
132,066,319 | |||
Environmental - 1.3% | |||
Covanta Holding Corp. 4.875% 12/1/29 (d) | 1,730,000 | 1,473,009 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 910,000 | 875,875 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 3,730,000 | 3,086,575 | |
5.875% 6/30/29 (d) | 10,110,000 | 6,925,350 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 2,775,000 | 2,410,337 | |
5.375% 7/15/24 (d) | 575,000 | 566,375 | |
15,337,521 | |||
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 9,110,000 | 7,538,525 | |
4.875% 2/15/30 (d) | 2,205,000 | 1,956,938 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 4,720,000 | 2,829,829 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 675,000 | 562,449 | |
12,887,741 | |||
Food/Beverage/Tobacco - 2.1% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 5,435,000 | 4,017,773 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 3,660,000 | 3,195,070 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 1,505,000 | 1,422,556 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 1,290,000 | 1,088,521 | |
5.5% 12/15/29 (d) | 1,325,000 | 1,192,394 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 4,030,000 | 3,376,616 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 725,625 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 9,450,000 | 7,157,215 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 820,000 | 711,366 | |
4.75% 2/15/29 (d) | 2,180,000 | 1,932,025 | |
24,819,161 | |||
Gaming - 2.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 3,630,000 | 3,030,150 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 2,675,000 | 2,610,084 | |
8.125% 7/1/27 (d) | 4,489,000 | 4,365,553 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 4,500,000 | 3,532,500 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 2,355,000 | 2,313,788 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 975,000 | 859,628 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 2,725,000 | 2,016,500 | |
5.875% 9/1/31 (d) | 1,295,000 | 917,663 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 1,665,000 | 1,434,398 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (d) | 3,039,000 | 2,643,322 | |
23,723,586 | |||
Healthcare - 8.1% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 1,306,000 | 1,263,555 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 2,065,000 | 1,744,925 | |
AMN Healthcare 4% 4/15/29 (d) | 3,205,000 | 2,757,832 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 2,000,000 | 1,687,607 | |
4.625% 7/15/28 (d) | 1,750,000 | 1,581,493 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 2,316,000 | 1,783,320 | |
14% 10/15/30 (d) | 461,000 | 263,923 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 1,930,000 | 1,549,938 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 3,245,000 | 2,620,338 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,150,000 | 994,750 | |
4.25% 5/1/28 (d) | 472,000 | 429,378 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 4,055,000 | 2,716,566 | |
5.25% 5/15/30 (d) | 7,690,000 | 5,325,325 | |
5.625% 3/15/27 (d) | 4,905,000 | 3,908,647 | |
6% 1/15/29 (d) | 2,290,000 | 1,699,959 | |
6.125% 4/1/30 (d) | 2,885,000 | 1,182,850 | |
6.875% 4/15/29 (d) | 3,575,000 | 1,438,576 | |
8% 3/15/26 (d) | 1,075,000 | 927,188 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 2,070,000 | 1,745,915 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 855,000 | 618,191 | |
4.625% 6/1/30 (d) | 7,480,000 | 5,831,595 | |
Embecta Corp. 5% 2/15/30 (d) | 860,000 | 737,244 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 3,010,000 | 2,351,563 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 3,520,000 | 3,075,600 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 3,405,000 | 2,893,569 | |
4.625% 2/1/28 (d) | 6,000 | 5,610 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 3,880,000 | 3,443,500 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 785,000 | 668,079 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (d) | 1,465,000 | 1,244,953 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 3,020,000 | 2,608,012 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 3,935,000 | 3,466,027 | |
5.125% 4/30/31 (d) | 2,160,000 | 1,834,423 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 1,010,000 | 782,104 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 2,290,000 | 1,969,400 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 2,970,000 | 1,571,130 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 5,310,000 | 3,970,498 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 930,000 | 841,464 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 3,290,000 | 2,771,825 | |
4.375% 1/15/30 (d) | 1,990,000 | 1,669,610 | |
4.625% 6/15/28 (d) | 3,350,000 | 2,939,607 | |
6.125% 10/1/28 (d) | 9,780,000 | 8,464,590 | |
6.125% 6/15/30 (d) | 2,820,000 | 2,603,255 | |
6.25% 2/1/27 (d) | 2,741,000 | 2,615,791 | |
94,599,725 | |||
Homebuilders/Real Estate - 3.9% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 985,000 | 739,981 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 1,325,000 | 1,035,526 | |
4.375% 2/1/31 (d) | 1,325,000 | 995,605 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 4,055,000 | 3,183,175 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 3,265,000 | 2,245,896 | |
4.625% 8/1/29 | 1,540,000 | 1,220,034 | |
5% 10/15/27 | 11,120,000 | 9,522,056 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 2,855,000 | 2,623,854 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 3,180,000 | 2,489,855 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 6,395,000 | 5,227,566 | |
6.5% 2/15/29 (d) | 22,416,000 | 16,083,480 | |
45,367,028 | |||
Hotels - 0.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 3,710,000 | 2,954,088 | |
3.75% 5/1/29 (d) | 495,000 | 421,693 | |
4% 5/1/31 (d) | 1,540,000 | 1,287,359 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 1,785,000 | 1,571,371 | |
6,234,511 | |||
Insurance - 0.6% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (d) | 3,740,000 | 3,366,449 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 3,540,000 | 3,026,137 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 1,355,000 | 1,114,488 | |
7,507,074 | |||
Leisure - 2.6% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 5,650,000 | 3,926,750 | |
6% 5/1/29 (d) | 4,475,000 | 2,968,122 | |
6.65% 1/15/28 | 300,000 | 190,858 | |
7.625% 3/1/26 (d) | 6,815,000 | 5,124,539 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 1,485,000 | 1,046,480 | |
NCL Corp. Ltd.: | |||
3.625% 12/15/24 (d) | 3,160,000 | 2,742,810 | |
5.875% 3/15/26 (d) | 890,000 | 728,688 | |
7.75% 2/15/29 (d) | 2,010,000 | 1,598,613 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 640,000 | 497,600 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 4,110,000 | 3,246,900 | |
5.375% 7/15/27 (d) | 1,535,000 | 1,193,180 | |
5.5% 8/31/26 (d) | 3,160,000 | 2,583,616 | |
5.5% 4/1/28 (d) | 3,905,000 | 3,006,850 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 630,000 | 491,104 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 1,440,000 | 1,185,466 | |
30,531,576 | |||
Metals/Mining - 0.9% | |||
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 1,005,000 | 812,894 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 3,950,000 | 2,893,375 | |
First Quantum Minerals Ltd. 6.875% 10/15/27 (d) | 3,115,000 | 2,884,685 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 860,000 | 754,448 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 1,400,000 | 1,377,683 | |
PMHC II, Inc. 9% 2/15/30 (d) | 2,130,000 | 1,403,453 | |
10,126,538 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 1,165,000 | 883,757 | |
6% 6/15/27 (d) | 1,985,000 | 1,904,746 | |
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (d) | 815,000 | 773,761 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 390,000 | 374,486 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 1,385,000 | 891,594 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 4,520,000 | 3,598,438 | |
8,426,782 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (d) | 1,685,000 | 1,503,863 | |
Railroad - 0.3% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 4,195,000 | 3,408,857 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 2,680,000 | 2,187,550 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 550,000 | 565,705 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 3,225,000 | 2,757,472 | |
5,510,727 | |||
Services - 5.9% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 3,646,000 | 3,326,975 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 1,280,000 | 1,248,645 | |
Aramark Services, Inc. 5% 2/1/28 (d) | 1,560,000 | 1,421,324 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 2,280,000 | 2,027,444 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 9,020,000 | 7,947,342 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 6,812,000 | 4,897,597 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 4,361,000 | 3,618,587 | |
8.25% 4/15/26 | 7,700,000 | 7,812,616 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 1,535,000 | 1,388,929 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 985,000 | 837,250 | |
3.75% 10/1/30 (d) | 1,600,000 | 1,343,993 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 7,761,000 | 7,280,788 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 5,185,000 | 4,536,875 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 840,000 | 701,954 | |
Service Corp. International: | |||
4% 5/15/31 | 2,505,000 | 2,079,708 | |
5.125% 6/1/29 | 2,272,000 | 2,116,277 | |
Sotheby's 7.375% 10/15/27 (d) | 6,200,000 | 5,998,500 | |
The GEO Group, Inc. 9.5% 12/31/28 (d) | 2,110,000 | 1,941,200 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 3,950,000 | 3,273,563 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 4,717,000 | 4,398,455 | |
68,198,022 | |||
Steel - 0.3% | |||
Commercial Metals Co. 4.125% 1/15/30 | 1,140,000 | 957,826 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 2,705,000 | 2,373,583 | |
3,331,409 | |||
Super Retail - 1.7% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 625,000 | 589,063 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 1,330,000 | 588,525 | |
5.5% 4/15/27 (d) | 2,050,000 | 974,218 | |
5.875% 10/1/28 (d) | 550,000 | 251,807 | |
10.25% 5/1/30 (d) | 300,000 | 180,000 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 2,875,000 | 2,587,500 | |
8.5% 10/30/25 (d) | 4,985,000 | 4,604,671 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 2,315,000 | 1,619,296 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 2,235,000 | 1,787,899 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 1,425,000 | 1,011,950 | |
7.875% 5/1/29 (d) | 1,100,000 | 613,250 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 1,630,000 | 1,183,380 | |
4.375% 4/1/30 | 1,090,000 | 836,575 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 3,250,000 | 2,567,500 | |
19,395,634 | |||
Technology - 5.6% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 5,520,000 | 4,471,200 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 760,000 | 592,800 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 3,485,000 | 3,018,881 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 810,000 | 694,639 | |
4.875% 7/1/29 (d) | 820,000 | 683,675 | |
Coherent Corp. 5% 12/15/29 (d) | 3,575,000 | 3,066,921 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (d) | 1,415,000 | 1,196,855 | |
6% 3/1/26 (d) | 1,260,000 | 1,215,335 | |
7.125% 7/1/28 (d) | 2,505,000 | 2,121,554 | |
8.25% 3/1/27 (d) | 770,000 | 683,607 | |
Elastic NV 4.125% 7/15/29 (d) | 3,310,000 | 2,763,602 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 2,285,000 | 2,018,954 | |
5.95% 6/15/30 (d) | 3,020,000 | 2,755,750 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 2,505,000 | 2,321,459 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 4,095,000 | 3,255,525 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 4,810,000 | 4,121,545 | |
onsemi 3.875% 9/1/28 (d) | 1,875,000 | 1,652,063 | |
Open Text Corp.: | |||
3.875% 2/15/28 (d) | 2,815,000 | 2,409,471 | |
3.875% 12/1/29 (d) | 3,245,000 | 2,571,663 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 2,710,000 | 1,789,582 | |
5.375% 12/1/28 (d) | 19,245,000 | 8,100,990 | |
Roblox Corp. 3.875% 5/1/30 (d) | 3,450,000 | 2,846,250 | |
Sensata Technologies BV 4% 4/15/29 (d) | 1,330,000 | 1,120,126 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 6,735,000 | 5,624,660 | |
Twilio, Inc. 3.875% 3/15/31 | 1,270,000 | 1,035,749 | |
Uber Technologies, Inc. 8% 11/1/26 (d) | 3,275,000 | 3,287,118 | |
65,419,974 | |||
Telecommunications - 8.0% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 2,610,000 | 2,063,619 | |
5.75% 8/15/29 (d) | 13,650,000 | 10,777,187 | |
Altice France Holding SA 6% 2/15/28 (d) | 6,280,000 | 4,105,550 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 5,910,000 | 4,447,275 | |
5.125% 7/15/29 (d) | 2,830,000 | 2,131,485 | |
5.5% 1/15/28 (d) | 4,455,000 | 3,571,440 | |
5.5% 10/15/29 (d) | 20,000 | 15,250 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 16,554,000 | 14,319,210 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 765,000 | 650,429 | |
5.625% 9/15/28 (d) | 605,000 | 480,999 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 930,000 | 720,615 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 3,330,000 | 2,913,750 | |
5.875% 10/15/27 (d) | 1,685,000 | 1,549,907 | |
5.875% 11/1/29 | 2,485,000 | 1,935,852 | |
6% 1/15/30 (d) | 2,115,000 | 1,653,930 | |
8.75% 5/15/30 (d) | 1,675,000 | 1,710,594 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 3,100,000 | 2,845,056 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 565,000 | 430,813 | |
4.25% 7/1/28 (d) | 5,030,000 | 4,149,750 | |
Lumen Technologies, Inc. 4.5% 1/15/29 (d) | 6,305,000 | 4,444,726 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 3,880,000 | 2,902,240 | |
5.125% 1/15/28 (d) | 211,500 | 180,079 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 748,000 | 659,175 | |
SBA Communications Corp. 3.125% 2/1/29 | 1,630,000 | 1,317,415 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,032,000 | 2,212,541 | |
7.2% 7/18/36 | 1,449,000 | 1,128,423 | |
7.721% 6/4/38 | 400,000 | 318,000 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 5,895,000 | 4,022,925 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 2,980,000 | 2,462,632 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 3,745,000 | 2,979,985 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 7,880,000 | 6,818,564 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 2,600,000 | 2,008,500 | |
6.125% 3/1/28 (d) | 1,755,000 | 1,167,075 | |
93,094,991 | |||
Textiles/Apparel - 0.3% | |||
Foot Locker, Inc. 4% 10/1/29 (d) | 3,550,000 | 2,713,869 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 580,000 | 465,036 | |
3,178,905 | |||
Transportation Ex Air/Rail - 0.5% | |||
Golar LNG Ltd. 7% 10/20/25 | 1,690,000 | 1,588,600 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 1,020,000 | 806,579 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 4,095,000 | 3,153,883 | |
5,549,062 | |||
Utilities - 3.3% | |||
Clearway Energy Operating LLC 3.75% 2/15/31 (d) | 1,750,000 | 1,461,250 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 3,807,000 | 3,619,247 | |
InterGen NV 7% 6/30/23 (d) | 10,532,000 | 10,308,195 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 2,360,000 | 1,965,811 | |
5.25% 6/15/29 (d) | 2,565,000 | 2,327,738 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,420,000 | 3,983,724 | |
5.25% 7/1/30 | 6,030,000 | 5,339,535 | |
Pike Corp. 5.5% 9/1/28 (d) | 5,677,000 | 4,847,477 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 2,849,000 | 2,628,203 | |
5.625% 2/15/27 (d) | 1,965,000 | 1,873,195 | |
38,354,375 | |||
TOTAL NONCONVERTIBLE BONDS | 929,857,383 | ||
TOTAL CORPORATE BONDS (Cost $1,140,607,526) | 961,234,128 | ||
Common Stocks - 4.0% | |||
Shares | Value ($) | ||
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (f) | 105,200 | 695,372 | |
Energy - 1.6% | |||
California Resources Corp. warrants 10/27/24 (f) | 2,871 | 40,768 | |
Jonah Energy Parent LLC (c)(f) | 148,945 | 9,472,902 | |
Mesquite Energy, Inc. (c)(f) | 149,356 | 8,278,818 | |
New Fortress Energy, Inc. | 22,500 | 1,239,075 | |
TOTAL ENERGY | 19,031,563 | ||
Food & Drug Retail - 1.8% | |||
Southeastern Grocers, Inc. (b)(c)(f) | 963,443 | 20,839,259 | |
Gaming - 0.2% | |||
Caesars Entertainment, Inc. (f) | 57,300 | 2,505,729 | |
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (c)(f) | 333 | 24,309 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (c)(f) | 160,059 | 160,059 | |
Utilities - 0.3% | |||
EQT Corp. | 69,900 | 2,924,616 | |
TOTAL COMMON STOCKS (Cost $20,426,820) | 46,180,907 | ||
Bank Loan Obligations - 5.8% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 11.208% 5/25/26 (g)(h)(i) | 1,965,493 | 1,883,591 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.458% 8/24/26 (g)(h)(i) | 4,463,270 | 865,874 | |
TOTAL BROADCASTING | 2,749,465 | ||
Building Materials - 0.1% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (g)(h)(i) | 2,143,296 | 1,486,461 | |
Chemicals - 0.5% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (c)(g)(h)(i) | 2,569,080 | 2,440,626 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (g)(h)(i) | 1,920,000 | 1,751,520 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (g)(h)(i) | 2,054,475 | 1,867,374 | |
TOTAL CHEMICALS | 6,059,520 | ||
Energy - 0.3% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (g)(h)(i) | 2,376,285 | 2,149,943 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (g)(h)(i) | 1,594,948 | 1,443,030 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(i) | 2,735,146 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(i) | 1,217,000 | 0 | |
TOTAL ENERGY | 3,592,973 | ||
Healthcare - 0.6% | |||
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7041% 12/13/26 (g)(h)(i) | 128,684 | 121,687 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 10/1/27 (g)(h)(i) | 6,879,962 | 6,524,475 | |
TOTAL HEALTHCARE | 6,646,162 | ||
Insurance - 0.4% | |||
HUB International Ltd. Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.326% 4/25/25 (g)(h)(i) | 4,387,735 | 4,297,699 | |
Leisure - 0.5% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.484% 7/21/28 (g)(h)(i) | 5,792,979 | 5,372,988 | |
Paper - 0.2% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.0037% 4/13/29 (g)(h)(i) | 2,044,875 | 1,966,761 | |
Services - 0.8% | |||
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (g)(h)(i) | 225,000 | 190,406 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (g)(h)(i) | 2,252,975 | 2,062,103 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 8.493% 6/21/24 (g)(h)(i) | 4,730,712 | 4,083,219 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (g)(h)(i) | 3,360,000 | 2,949,811 | |
TOTAL SERVICES | 9,285,539 | ||
Super Retail - 0.6% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/5/28 (g)(h)(i) | 2,785,930 | 2,617,381 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.1207% 12/18/27 (g)(h)(i) | 5,480,263 | 4,676,035 | |
TOTAL SUPER RETAIL | 7,293,416 | ||
Technology - 0.8% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (g)(h)(i) | 5,782,898 | 5,272,094 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (h)(i)(j) | 982,609 | 895,815 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 8.1123% 7/6/29 (g)(h)(i) | 565,000 | 552,406 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 7.0039% 4/4/26 (g)(h)(i) | 1,613,367 | 1,534,716 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7539% 8/27/25 (g)(h)(i) | 827,467 | 816,089 | |
TOTAL TECHNOLOGY | 9,071,120 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10% 5/31/25 (g)(h)(i) | 6,203,519 | 4,271,806 | |
Utilities - 0.4% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 7.4787% 8/1/25 (g)(h)(i) | 1,385,000 | 1,373,962 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.8125% 6/23/25 (g)(h)(i) | 3,960,566 | 3,890,266 | |
TOTAL UTILITIES | 5,264,228 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $76,436,867) | 67,358,138 | ||
Other - 0.6% | |||
Shares | Value ($) | ||
Other - 0.6% | |||
Fidelity Direct Lending Fund, LP (b)(k) (Cost $7,204,158) | 7,123,339 | ||
Money Market Funds - 5.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (l) (Cost $66,543,527) | 66,530,221 | 66,543,527 | |
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $1,311,218,898) | 1,148,440,039 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 16,657,377 |
NET ASSETS - 100.0% | 1,165,097,416 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $46,956,182 or 4.0% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $790,360,709 or 67.8% of net assets. |
(e) | Non-income producing - Security is in default. |
(f) | Non-income producing |
(g) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | 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 $982,609 and $895,815, respectively. |
(k) | Affiliated Fund |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Direct Lending Fund, LP | 12/09/21 - 10/31/22 | 7,204,158 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 1,175,827 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 2,028,327 |
Southeastern Grocers, Inc. | 6/01/18 | 6,776,820 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 49,396,894 | 233,425,906 | 216,279,273 | 623,425 | - | - | 66,543,527 | 0.1% |
Fidelity Securities Lending Cash Central Fund 3.10% | - | 2,155,180 | 2,155,180 | 31 | - | - | - | 0.0% |
Total | 49,396,894 | 235,581,086 | 218,434,453 | 623,456 | - | - | 66,543,527 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Direct Lending Fund, LP | 4,620,231 | 2,588,269 | - | 256,891 | - | (85,161) | 7,123,339 |
4,620,231 | 2,588,269 | - | 256,891 | - | (85,161) | 7,123,339 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 695,372 | 695,372 | - | - |
Consumer Discretionary | 2,505,729 | 2,505,729 | - | - |
Consumer Staples | 20,839,259 | - | - | 20,839,259 |
Energy | 21,956,179 | 4,204,459 | - | 17,751,720 |
Information Technology | 160,059 | - | - | 160,059 |
Materials | 24,309 | - | - | 24,309 |
Corporate Bonds | 961,234,128 | - | 942,240,543 | 18,993,585 |
Bank Loan Obligations | 67,358,138 | - | 64,917,512 | 2,440,626 |
Money Market Funds | 66,543,527 | 66,543,527 | - | - |
Total Investments in Securities: | 1,141,316,700 | 73,949,087 | 1,007,158,055 | 60,209,558 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 22,660,158 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,820,899) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 20,839,259 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (1,820,899) | |
Energy | |||
Beginning Balance | $ | 18,371,467 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (619,747) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 17,751,720 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (619,747) | |
Corporate Bonds | |||
Beginning Balance | $ | 15,498,989 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 3,494,596 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 18,993,585 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | 3,494,596 | |
Other Investments in Securities | |||
Beginning Balance | $ | 2,845,744 | |
Net Realized Gain (Loss) on Investment Securities | (2,571) | ||
Net Unrealized Gain (Loss) on Investment Securities | (78,857) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (172,650) | ||
Amortization/Accretion | 8,353 | ||
Transfers into Level 3 | 24,975 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 2,624,994 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (78,857) | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,237,471,213) | $1,074,773,173 | |||
Fidelity Central Funds (cost $66,543,527) | 66,543,527 | |||
Other affiliated issuers (cost $7,204,158) | 7,123,339 | |||
Total Investment in Securities (cost $1,311,218,898) | $ | 1,148,440,039 | ||
Cash | 37,359 | |||
Receivable for investments sold | 10,461,271 | |||
Receivable for fund shares sold | 93,519 | |||
Dividends receivable | 71,135 | |||
Interest receivable | 16,468,488 | |||
Distributions receivable from Fidelity Central Funds | 144,839 | |||
Receivable from investment adviser for expense reductions | 46,507 | |||
Total assets | 1,175,763,157 | |||
Liabilities | ||||
Payable for investments purchased | $5,933,479 | |||
Payable for fund shares redeemed | 4,729,332 | |||
Other payables and accrued expenses | 2,930 | |||
Total Liabilities | 10,665,741 | |||
Net Assets | $ | 1,165,097,416 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,667,542,846 | ||
Total accumulated earnings (loss) | (502,445,430) | |||
Net Assets | $ | 1,165,097,416 | ||
Net Asset Value , offering price and redemption price per share ($1,165,097,416 ÷ 143,432,871 shares) | $ | 8.12 | ||
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends (including $256,891 earned from affiliated issuers) | $ | 4,897,967 | ||
Interest | 35,159,376 | |||
Income from Fidelity Central Funds (including $31 from security lending) | 623,456 | |||
Total Income | 40,680,799 | |||
Expenses | ||||
Custodian fees and expenses | 6,480 | |||
Independent trustees' fees and expenses | 2,256 | |||
Legal | 346,192 | |||
Total expenses before reductions | 354,928 | |||
Expense reductions | (335,007) | |||
Total expenses after reductions | 19,921 | |||
Net Investment income (loss) | 40,660,878 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (36,317,674) | |||
Total net realized gain (loss) | (36,317,674) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (64,820,781) | |||
Affiliated issuers | (85,161) | |||
Total change in net unrealized appreciation (depreciation) | (64,905,942) | |||
Net gain (loss) | (101,223,616) | |||
Net increase (decrease) in net assets resulting from operations | $ | (60,562,738) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 40,660,878 | $ | 90,508,599 |
Net realized gain (loss) | (36,317,674) | 38,259,087 | ||
Change in net unrealized appreciation (depreciation) | (64,905,942) | (160,198,921) | ||
Net increase (decrease) in net assets resulting from operations | (60,562,738) | (31,431,235) | ||
Distributions to shareholders | (35,924,001) | (90,722,492) | ||
Share transactions | ||||
Proceeds from sales of shares | 38,744,940 | 116,542,416 | ||
Reinvestment of distributions | 35,924,001 | 90,722,337 | ||
Cost of shares redeemed | (287,966,584) | (312,390,348) | ||
Net increase (decrease) in net assets resulting from share transactions | (213,297,643) | (105,125,595) | ||
Total increase (decrease) in net assets | (309,784,382) | (227,279,322) | ||
Net Assets | ||||
Beginning of period | 1,474,881,798 | 1,702,161,120 | ||
End of period | $ | 1,165,097,416 | $ | 1,474,881,798 |
Other Information | ||||
Shares | ||||
Sold | 4,685,181 | 12,377,370 | ||
Issued in reinvestment of distributions | 4,345,353 | 9,668,837 | ||
Redeemed | (34,387,055) | (33,519,693) | ||
Net increase (decrease) | (25,356,521) | (11,473,486) | ||
Fidelity® Series High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 | $ | 9.56 | $ | 9.68 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .267 | .510 | .513 | .577 | .607 | .623 | ||||||
Net realized and unrealized gain (loss) | (.652) | (.699) | .890 | (.935) | (.051) | (.141) | ||||||
Total from investment operations | (.385) | (.189) | 1.403 | (.358) | .556 | .482 | ||||||
Distributions from net investment income | (.235) | (.511) | (.503) | (.598) | (.616) | (.602) | ||||||
Distributions from net realized gain | - | - | - | (.004) | - | - | ||||||
Total distributions | (.235) | (.511) | (.503) | (.602) | (.616) | (.602) | ||||||
Net asset value, end of period | $ | 8.12 | $ | 8.74 | $ | 9.44 | $ | 8.54 | $ | 9.50 | $ | 9.56 |
Total Return C,D | (4.41)% | (2.24)% | 16.72% | (4.11)% | 6.12% | 5.08% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .06% G | .02% | -% H | -% H | -% H | .06% | ||||||
Expenses net of fee waivers, if any | -% G,H | -% H | -% H | -% H | -% H | .05% | ||||||
Expenses net of all reductions | -% G,H | -% H | -% H | -% H | -% H | .05% | ||||||
Net investment income (loss) | 6.35% G | 5.42% | 5.58% | 6.20% | 6.44% | 6.44% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,165,097 | $ | 1,474,882 | $ | 1,702,161 | $ | 1,491,532 | $ | 1,510,741 | $ | 2,883,805 |
Portfolio turnover rate I | 18% G | 49% | 68% | 41% J | 69% | 49% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $38,751,052 | Recovery value | Recovery value | $1.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 - 3.9 / 3.5 | Increase | ||
Daily production multiple ($/Barrels of oil equivilent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.8 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Corporate Bond | $18,993,585 | Recovery value | Recovery value | $0.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 | Increase | ||
Daily production multiple ($/Barrels of oil equivilent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.8 | Increase | |||
Discounted cash flow | Discount rate | 10% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Bank Loan Obligations | $2,440,626 | Recovery value | Recovery value | 0.0% | Increase |
Indicative market price | Evaluated bid | $95.00 | Increase |
Gross unrealized appreciation | $49,011,139 |
Gross unrealized depreciation | (206,403,722) |
Net unrealized appreciation (depreciation) | $(157,392,583) |
Tax cost | $1,305,832,622 |
Short-term | $(30,226,419) |
Long-term | (285,057,339) |
Total capital loss carryforward | $(315,283,758) |
Investment to be Acquired | Commitment Amount | |
Fidelity Series High Income Fund | Fidelity Direct Lending Fund, LP | $9,795,842 |
Purchases ($) | Sales ($) | |
Fidelity Series High Income Fund | 112,428,360 | 363,855,767 |
Amount | |
Fidelity Series High Income Fund | $37 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series High Income Fund | - | 1,277,713 | 26,436 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series High Income Fund | $3 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Series High Income Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 955.90 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.21 | $- E | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 2.8 | |
Elevance Health, Inc. | 2.7 | |
Cigna Corp. | 2.5 | |
Apple, Inc. | 2.4 | |
CDW Corp. | 2.1 | |
Federal Signal Corp. | 2.0 | |
Progressive Corp. | 1.9 | |
AMETEK, Inc. | 1.9 | |
Bank of America Corp. | 1.9 | |
NASDAQ, Inc. | 1.8 | |
22.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.0 | |
Health Care | 14.6 | |
Financials | 12.9 | |
Industrials | 12.4 | |
Consumer Discretionary | 10.7 | |
Communication Services | 5.0 | |
Consumer Staples | 4.5 | |
Energy | 3.8 | |
Materials | 3.7 | |
Utilities | 3.3 | |
Real Estate | 1.7 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 13.5% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 97.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.0% | |||
Entertainment - 1.9% | |||
Netflix, Inc. (a) | 3,879 | 1,132,203 | |
The Walt Disney Co. (a) | 10,081 | 1,074,030 | |
2,206,233 | |||
Interactive Media & Services - 1.4% | |||
Alphabet, Inc. Class A (a) | 6,480 | 612,425 | |
Bumble, Inc. (a) | 43,173 | 1,096,594 | |
1,709,019 | |||
Media - 1.7% | |||
Cable One, Inc. | 498 | 427,996 | |
Future PLC | 1,944 | 27,154 | |
Interpublic Group of Companies, Inc. | 54,106 | 1,611,818 | |
2,066,968 | |||
TOTAL COMMUNICATION SERVICES | 5,982,220 | ||
CONSUMER DISCRETIONARY - 10.7% | |||
Automobiles - 0.8% | |||
General Motors Co. | 23,874 | 937,055 | |
Diversified Consumer Services - 1.4% | |||
Adtalem Global Education, Inc. (a) | 24,341 | 1,015,020 | |
Bright Horizons Family Solutions, Inc. (a) | 9,934 | 648,889 | |
1,663,909 | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Marriott International, Inc. Class A | 6,905 | 1,105,560 | |
Vail Resorts, Inc. | 3,069 | 672,510 | |
1,778,070 | |||
Household Durables - 0.5% | |||
Taylor Morrison Home Corp. (a) | 24,928 | 656,604 | |
Internet & Direct Marketing Retail - 1.7% | |||
Amazon.com, Inc. (a) | 12,540 | 1,284,598 | |
Etsy, Inc. (a) | 7,701 | 723,201 | |
FSN E-Commerce Ventures Private Ltd. | 459 | 6,392 | |
2,014,191 | |||
Multiline Retail - 0.5% | |||
Kohl's Corp. | 22,242 | 666,148 | |
Specialty Retail - 2.8% | |||
Best Buy Co., Inc. | 8,551 | 584,974 | |
Gap, Inc. | 51,992 | 585,950 | |
Lowe's Companies, Inc. | 6,289 | 1,226,041 | |
Williams-Sonoma, Inc. | 7,735 | 957,825 | |
3,354,790 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
LVMH Moet Hennessy Louis Vuitton SE | 1,111 | 701,035 | |
PVH Corp. | 6,855 | 351,799 | |
Tapestry, Inc. | 23,702 | 750,879 | |
1,803,713 | |||
TOTAL CONSUMER DISCRETIONARY | 12,874,480 | ||
CONSUMER STAPLES - 4.5% | |||
Beverages - 1.0% | |||
The Coca-Cola Co. | 20,060 | 1,200,591 | |
Food & Staples Retailing - 0.5% | |||
Albertsons Companies, Inc. | 28,880 | 592,329 | |
Food Products - 1.3% | |||
The Hershey Co. | 6,892 | 1,645,603 | |
Household Products - 0.7% | |||
The Clorox Co. | 6,091 | 889,530 | |
Personal Products - 1.0% | |||
Estee Lauder Companies, Inc. Class A | 3,711 | 744,018 | |
Shiseido Co. Ltd. | 12,097 | 419,382 | |
1,163,400 | |||
TOTAL CONSUMER STAPLES | 5,491,453 | ||
ENERGY - 3.8% | |||
Energy Equipment & Services - 0.3% | |||
Tenaris SA | 26,152 | 409,309 | |
Oil, Gas & Consumable Fuels - 3.5% | |||
EQT Corp. | 13,915 | 582,204 | |
Equinor ASA | 22,955 | 836,336 | |
Occidental Petroleum Corp. | 13,484 | 978,938 | |
Phillips 66 Co. | 16,916 | 1,764,170 | |
4,161,648 | |||
TOTAL ENERGY | 4,570,957 | ||
FINANCIALS - 12.9% | |||
Banks - 4.0% | |||
Bank of America Corp. | 63,273 | 2,280,359 | |
Citigroup, Inc. | 15,881 | 728,303 | |
First Horizon National Corp. | 29,136 | 714,123 | |
First United Corp. | 19,718 | 374,050 | |
JPMorgan Chase & Co. | 4,922 | 619,581 | |
Starling Bank Ltd. Series D (a)(b)(c) | 34,700 | 112,219 | |
4,828,635 | |||
Capital Markets - 4.5% | |||
Franklin Resources, Inc. | 24,500 | 574,525 | |
Macquarie Group Ltd. | 8,765 | 950,307 | |
Morningstar, Inc. | 5,165 | 1,199,210 | |
MSCI, Inc. | 1,076 | 504,493 | |
NASDAQ, Inc. | 34,767 | 2,163,898 | |
5,392,433 | |||
Insurance - 4.4% | |||
Hartford Financial Services Group, Inc. | 28,946 | 2,095,980 | |
Marsh & McLennan Companies, Inc. | 5,587 | 902,245 | |
Progressive Corp. | 18,291 | 2,348,564 | |
5,346,789 | |||
TOTAL FINANCIALS | 15,567,857 | ||
HEALTH CARE - 14.3% | |||
Biotechnology - 2.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 2,881 | 597,116 | |
Vertex Pharmaceuticals, Inc. (a) | 6,484 | 2,023,008 | |
Zai Lab Ltd. ADR (a) | 6,969 | 155,269 | |
2,775,393 | |||
Health Care Equipment & Supplies - 2.2% | |||
Figs, Inc. Class A (a) | 32,958 | 243,230 | |
Hologic, Inc. (a) | 29,213 | 1,980,641 | |
Insulet Corp. (a) | 1,131 | 292,714 | |
Outset Medical, Inc. (a) | 5,606 | 87,117 | |
2,603,702 | |||
Health Care Providers & Services - 5.5% | |||
Cigna Corp. | 9,484 | 3,063,901 | |
Elevance Health, Inc. | 5,980 | 3,269,685 | |
Guardant Health, Inc. (a) | 7,473 | 369,914 | |
6,703,500 | |||
Life Sciences Tools & Services - 0.5% | |||
ICON PLC (a) | 3,103 | 613,898 | |
Pharmaceuticals - 3.8% | |||
Eli Lilly & Co. | 1,651 | 597,811 | |
GSK PLC | 42,776 | 700,718 | |
Merck KGaA | 6,613 | 1,077,688 | |
UCB SA | 11,794 | 889,542 | |
Zoetis, Inc. Class A | 8,763 | 1,321,285 | |
4,587,044 | |||
TOTAL HEALTH CARE | 17,283,537 | ||
INDUSTRIALS - 12.4% | |||
Air Freight & Logistics - 1.1% | |||
United Parcel Service, Inc. Class B | 8,134 | 1,364,641 | |
Airlines - 0.3% | |||
JetBlue Airways Corp. (a) | 39,221 | 315,337 | |
Commercial Services & Supplies - 0.4% | |||
Stericycle, Inc. (a) | 3,071 | 136,905 | |
Tomra Systems ASA | 22,120 | 357,498 | |
494,403 | |||
Electrical Equipment - 3.5% | |||
AMETEK, Inc. | 17,708 | 2,296,019 | |
nVent Electric PLC | 42,248 | 1,542,052 | |
Sunrun, Inc. (a) | 15,194 | 342,017 | |
4,180,088 | |||
Machinery - 3.8% | |||
Deere & Co. | 3,226 | 1,276,915 | |
Federal Signal Corp. | 51,293 | 2,392,818 | |
Otis Worldwide Corp. | 13,906 | 982,320 | |
4,652,053 | |||
Professional Services - 3.3% | |||
Leidos Holdings, Inc. | 13,259 | 1,346,982 | |
Manpower, Inc. | 14,376 | 1,126,216 | |
Science Applications International Corp. | 14,201 | 1,538,536 | |
4,011,734 | |||
TOTAL INDUSTRIALS | 15,018,256 | ||
INFORMATION TECHNOLOGY - 25.0% | |||
Communications Equipment - 0.7% | |||
Arista Networks, Inc. (a) | 7,490 | 905,241 | |
Electronic Equipment & Components - 2.9% | |||
CDW Corp. | 14,741 | 2,547,392 | |
Insight Enterprises, Inc. (a) | 10,520 | 994,245 | |
3,541,637 | |||
IT Services - 8.3% | |||
Accenture PLC Class A | 7,475 | 2,122,153 | |
Capgemini SA | 10,176 | 1,667,753 | |
Cloudflare, Inc. (a) | 6,216 | 350,085 | |
Genpact Ltd. | 19,988 | 969,418 | |
MasterCard, Inc. Class A | 5,492 | 1,802,365 | |
PayPal Holdings, Inc. (a) | 10,095 | 843,740 | |
Twilio, Inc. Class A (a) | 4,935 | 367,016 | |
WEX, Inc. (a) | 11,279 | 1,851,335 | |
9,973,865 | |||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Advanced Micro Devices, Inc. (a) | 13,197 | 792,612 | |
Marvell Technology, Inc. | 13,528 | 536,791 | |
NVIDIA Corp. | 9,868 | 1,331,884 | |
NXP Semiconductors NV | 6,114 | 893,133 | |
3,554,420 | |||
Software - 7.8% | |||
Adobe, Inc. (a) | 4,247 | 1,352,670 | |
Copperleaf Technologies, Inc. | 10,431 | 30,014 | |
HubSpot, Inc. (a) | 2,171 | 643,832 | |
Intuit, Inc. | 3,812 | 1,629,630 | |
Microsoft Corp. | 14,743 | 3,422,287 | |
Pagerduty, Inc. (a) | 21,889 | 545,912 | |
Salesforce.com, Inc. (a) | 10,716 | 1,742,314 | |
9,366,659 | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 18,984 | 2,911,007 | |
TOTAL INFORMATION TECHNOLOGY | 30,252,829 | ||
MATERIALS - 3.7% | |||
Chemicals - 1.6% | |||
Cabot Corp. | 10,509 | 772,201 | |
Eastman Chemical Co. | 6,488 | 498,343 | |
Valvoline, Inc. | 21,563 | 633,090 | |
1,903,634 | |||
Construction Materials - 0.5% | |||
Summit Materials, Inc. (a) | 21,792 | 574,219 | |
Metals & Mining - 1.6% | |||
Commercial Metals Co. | 31,282 | 1,423,331 | |
Schnitzer Steel Industries, Inc. Class A | 19,938 | 538,127 | |
1,961,458 | |||
TOTAL MATERIALS | 4,439,311 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.7% | |||
Equity Lifestyle Properties, Inc. | 20,737 | 1,326,339 | |
Ventas, Inc. | 19,289 | 754,779 | |
2,081,118 | |||
UTILITIES - 3.3% | |||
Electric Utilities - 2.3% | |||
NextEra Energy, Inc. | 12,863 | 996,883 | |
ORSTED A/S (d) | 12,530 | 1,033,797 | |
SSE PLC | 38,998 | 696,929 | |
2,727,609 | |||
Water Utilities - 1.0% | |||
American Water Works Co., Inc. | 8,599 | 1,249,779 | |
TOTAL UTILITIES | 3,977,388 | ||
TOTAL COMMON STOCKS (Cost $116,685,190) | 117,539,406 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.3% | |||
Health Care Providers & Services - 0.3% | |||
Somatus, Inc. Series E (b)(c) (Cost $350,799) | 402 | 371,846 | |
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (e) (Cost $2,266,409) | 2,265,956 | 2,266,409 | |
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $119,302,398) | 120,177,661 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 655,951 |
NET ASSETS - 100.0% | 120,833,612 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $484,065 or 0.4% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,033,797 or 0.9% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Somatus, Inc. Series E | 1/31/22 | 350,799 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 68,001 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 1,590,708 | 12,519,820 | 11,844,119 | 15,063 | - | - | 2,266,409 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.10% | 1,804,725 | 10,087,815 | 11,892,540 | 2,368 | - | - | - | 0.0% |
Total | 3,395,433 | 22,607,635 | 23,736,659 | 17,431 | - | - | 2,266,409 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 5,982,220 | 5,982,220 | - | - |
Consumer Discretionary | 12,874,480 | 12,173,445 | 701,035 | - |
Consumer Staples | 5,491,453 | 5,491,453 | - | - |
Energy | 4,570,957 | 3,325,312 | 1,245,645 | - |
Financials | 15,567,857 | 15,455,638 | - | 112,219 |
Health Care | 17,655,383 | 15,505,131 | 1,778,406 | 371,846 |
Industrials | 15,018,256 | 15,018,256 | - | - |
Information Technology | 30,252,829 | 28,585,076 | 1,667,753 | - |
Materials | 4,439,311 | 4,439,311 | - | - |
Real Estate | 2,081,118 | 2,081,118 | - | - |
Utilities | 3,977,388 | 2,246,662 | 1,730,726 | - |
Money Market Funds | 2,266,409 | 2,266,409 | - | - |
Total Investments in Securities: | 120,177,661 | 112,570,031 | 7,123,565 | 484,065 |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $117,035,989) | $117,911,252 | |||
Fidelity Central Funds (cost $2,266,409) | 2,266,409 | |||
Total Investment in Securities (cost $119,302,398) | $ | 120,177,661 | ||
Foreign currency held at value (cost $265) | 247 | |||
Receivable for investments sold | 436,343 | |||
Receivable for fund shares sold | 53,218 | |||
Dividends receivable | 309,249 | |||
Distributions receivable from Fidelity Central Funds | 4,834 | |||
Prepaid expenses | 190 | |||
Total assets | 120,981,742 | |||
Liabilities | ||||
Payable for investments purchased | $26,262 | |||
Payable for fund shares redeemed | 17,235 | |||
Accrued management fee | 46,243 | |||
Transfer agent fee payable | 23,337 | |||
Distribution and service plan fees payable | 2,718 | |||
Other affiliated payables | 3,398 | |||
Audit fee payable | 28,137 | |||
Other payables and accrued expenses | 800 | |||
Total Liabilities | 148,130 | |||
Net Assets | $ | 120,833,612 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 124,171,564 | ||
Total accumulated earnings (loss) | (3,337,952) | |||
Net Assets | $ | 120,833,612 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($5,453,771 ÷ 433,308 shares) (a) | $ | 12.59 | ||
Maximum offering price per share (100/94.25 of $12.59) | $ | 13.36 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,082,970 ÷ 86,421 shares) (a) | $ | 12.53 | ||
Maximum offering price per share (100/96.50 of $12.53) | $ | 12.98 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,530,368 ÷ 123,733 shares) (a) | $ | 12.37 | ||
Fidelity Women's Leadership Fund : | ||||
Net Asset Value , offering price and redemption price per share ($94,361,573 ÷ 7,467,393 shares) | $ | 12.64 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($10,990,492 ÷ 869,827 shares) | $ | 12.64 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($7,414,438 ÷ 584,539 shares) | $ | 12.68 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,045,771 | ||
Interest | 233 | |||
Income from Fidelity Central Funds (including $2,368 from security lending) | 17,431 | |||
Total Income | 1,063,435 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 321,869 | ||
Performance adjustment | (37,106) | |||
Transfer agent fees | 145,247 | |||
Distribution and service plan fees | 16,710 | |||
Accounting fees | 21,974 | |||
Custodian fees and expenses | 1,545 | |||
Independent trustees' fees and expenses | 213 | |||
Registration fees | 29,382 | |||
Audit | 25,911 | |||
Legal | 988 | |||
Miscellaneous | 336 | |||
Total expenses before reductions | 527,069 | |||
Expense reductions | (2,233) | |||
Total expenses after reductions | 524,836 | |||
Net Investment income (loss) | 538,599 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,671,458) | |||
Foreign currency transactions | (5,288) | |||
Total net realized gain (loss) | (3,676,746) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $584) | (2,579,212) | |||
Assets and liabilities in foreign currencies | 166 | |||
Total change in net unrealized appreciation (depreciation) | (2,579,046) | |||
Net gain (loss) | (6,255,792) | |||
Net increase (decrease) in net assets resulting from operations | $ | (5,717,193) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 538,599 | $ | 257,436 |
Net realized gain (loss) | (3,676,746) | 1,450,283 | ||
Change in net unrealized appreciation (depreciation) | (2,579,046) | (19,539,713) | ||
Net increase (decrease) in net assets resulting from operations | (5,717,193) | (17,831,994) | ||
Distributions to shareholders | - | (3,850,676) | ||
Share transactions - net increase (decrease) | (2,237,304) | 33,890,981 | ||
Total increase (decrease) in net assets | (7,954,497) | 12,208,311 | ||
Net Assets | ||||
Beginning of period | 128,788,109 | 116,579,798 | ||
End of period | $ | 120,833,612 | $ | 128,788,109 |
Fidelity Advisor® Womens Leadership Fund Class A |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.18 | $ | 15.28 | $ | 9.80 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .04 | - D | - D | .04 | ||||
Net realized and unrealized gain (loss) | (.63) | (1.70) | 5.49 | (.22) | ||||
Total from investment operations | (.59) | (1.70) | 5.49 | (.18) | ||||
Distributions from net investment income | - | - D | (.01) | (.02) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | - | (.40) | (.01) | (.02) | ||||
Net asset value, end of period | $ | 12.59 | $ | 13.18 | $ | 15.28 | $ | 9.80 |
Total Return E,F,G | (4.48)% | (11.46)% | 56.03% | (1.84)% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.06% J | 1.10% | 1.28% | 2.50% | ||||
Expenses net of fee waivers, if any | 1.05% J | 1.10% | 1.25% | 1.25% | ||||
Expenses net of all reductions | 1.05% J | 1.10% | 1.24% | 1.25% | ||||
Net investment income (loss) | .69% J | (.01)% | (.03)% | .37% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 5,454 | $ | 5,171 | $ | 2,865 | $ | 769 |
Portfolio turnover rate K | 12% J | 48% | 35% | 52% |
Fidelity Advisor® Womens Leadership Fund Class M |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.14 | $ | 15.22 | $ | 9.78 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .03 | (.04) | (.04) | .01 | ||||
Net realized and unrealized gain (loss) | (.64) | (1.69) | 5.48 | (.22) | ||||
Total from investment operations | (.61) | (1.73) | 5.44 | (.21) | ||||
Distributions from net investment income | - | - | - D | (.01) | ||||
Distributions from net realized gain | - | (.35) | - | - | ||||
Total distributions | - | (.35) | - D | (.01) | ||||
Net asset value, end of period | $ | 12.53 | $ | 13.14 | $ | 15.22 | $ | 9.78 |
Total Return E,F,G | (4.64)% | (11.66)% | 55.65% | (2.12)% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.33% J | 1.35% | 1.52% | 2.86% | ||||
Expenses net of fee waivers, if any | 1.33% J | 1.35% | 1.50% | 1.50% | ||||
Expenses net of all reductions | 1.33% J | 1.35% | 1.49% | 1.50% | ||||
Net investment income (loss) | .41% J | (.27)% | (.28)% | .12% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 1,083 | $ | 1,054 | $ | 974 | $ | 443 |
Portfolio turnover rate K | 12% J | 48% | 35% | 52% |
Fidelity Advisor® Womens Leadership Fund Class C |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.00 | $ | 15.09 | $ | 9.74 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | - D | (.11) | (.10) | (.04) | ||||
Net realized and unrealized gain (loss) | (.63) | (1.68) | 5.45 | (.22) | ||||
Total from investment operations | (.63) | (1.79) | 5.35 | (.26) | ||||
Distributions from net realized gain | - | (.30) | - | - | ||||
Total distributions | - | (.30) | - | - | ||||
Net asset value, end of period | $ | 12.37 | $ | 13.00 | $ | 15.09 | $ | 9.74 |
Total Return E,F,G | (4.85)% | (12.12)% | 54.93% | (2.60)% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.82% J | 1.84% | 1.99% | 3.36% | ||||
Expenses net of fee waivers, if any | 1.81% J | 1.84% | 1.99% | 2.00% | ||||
Expenses net of all reductions | 1.81% J | 1.84% | 1.98% | 2.00% | ||||
Net investment income (loss) | (.08)% J | (.75)% | (.77)% | (.38)% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 1,530 | $ | 1,540 | $ | 937 | $ | 468 |
Portfolio turnover rate K | 12% J | 48% | 35% | 52% |
Fidelity® Womens Leadership Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.22 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .06 | .03 | .03 | .06 | ||||
Net realized and unrealized gain (loss) | (.64) | (1.70) | 5.50 | (.22) | ||||
Total from investment operations | (.58) | (1.67) | 5.53 | (.16) | ||||
Distributions from net investment income | - | (.02) | (.03) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | - | (.42) | (.03) | (.03) | ||||
Net asset value, end of period | $ | 12.64 | $ | 13.22 | $ | 15.31 | $ | 9.81 |
Total Return D,E | (4.39)% | (11.25)% | 56.44% | (1.63)% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .86% H | .92% | 1.10% | 2.19% | ||||
Expenses net of fee waivers, if any | .86% H | .90% | 1.00% | 1.00% | ||||
Expenses net of all reductions | .86% H | .90% | .99% | 1.00% | ||||
Net investment income (loss) | .88% H | .18% | .22% | .62% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 94,362 | $ | 101,533 | $ | 98,888 | $ | 22,272 |
Portfolio turnover rate I | 12% H | 48% | 35% | 52% |
Fidelity Advisor® Womens Leadership Fund Class I |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.21 | $ | 15.31 | $ | 9.81 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .06 | .04 | .03 | .06 | ||||
Net realized and unrealized gain (loss) | (.63) | (1.70) | 5.51 | (.22) | ||||
Total from investment operations | (.57) | (1.66) | 5.54 | (.16) | ||||
Distributions from net investment income | - | (.04) | (.04) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | - | (.44) | (.04) | (.03) | ||||
Net asset value, end of period | $ | 12.64 | $ | 13.21 | $ | 15.31 | $ | 9.81 |
Total Return D,E | (4.31)% | (11.20)% | 56.52% | (1.63)% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .76% H | .81% | .98% | 2.22% | ||||
Expenses net of fee waivers, if any | .75% H | .81% | .98% | 1.00% | ||||
Expenses net of all reductions | .75% H | .81% | .97% | 1.00% | ||||
Net investment income (loss) | .99% H | .28% | .24% | .62% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 10,990 | $ | 11,273 | $ | 3,874 | $ | 702 |
Portfolio turnover rate I | 12% H | 48% | 35% | 52% |
Fidelity Advisor® Womens Leadership Fund Class Z |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.25 | $ | 15.35 | $ | 9.83 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .07 | .06 | .05 | .08 | ||||
Net realized and unrealized gain (loss) | (.64) | (1.71) | 5.51 | (.22) | ||||
Total from investment operations | (.57) | (1.65) | 5.56 | (.14) | ||||
Distributions from net investment income | - | (.05) | (.04) | (.03) | ||||
Distributions from net realized gain | - | (.40) | - | - | ||||
Total distributions | - | (.45) | (.04) | (.03) | ||||
Net asset value, end of period | $ | 12.68 | $ | 13.25 | $ | 15.35 | $ | 9.83 |
Total Return D,E | (4.30)% | (11.13)% | 56.63% | (1.43)% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .64% H | .69% | .87% | 1.88% | ||||
Expenses net of fee waivers, if any | .64% H | .69% | .85% | .85% | ||||
Expenses net of all reductions | .64% H | .69% | .84% | .85% | ||||
Net investment income (loss) | 1.10% H | .40% | .37% | .76% | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 7,414 | $ | 8,216 | $ | 9,043 | $ | 2,376 |
Portfolio turnover rate I | 12% H | 48% | 35% | 52% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $17,943,187 |
Gross unrealized depreciation | (17,516,172) |
Net unrealized appreciation (depreciation) | $427,015 |
Tax cost | $119,750,646 |
Purchases ($) | Sales ($) | |
Fidelity Women's Leadership Fund | 7,163,422 | 10,229,257 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $6,602 | $308 |
Class M | .25% | .25% | 2,656 | - |
Class C | .75% | .25% | 7,452 | 2,681 |
$16,710 | $2,989 |
Retained by FDC | |
Class A | $4,509 |
Class M | 163 |
$4,672 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $5,551 | .21 |
Class M | 1,270 | .24 |
Class C | 1,667 | .22 |
Fidelity Women's Leadership Fund | 126,976 | .26 |
Class I | 8,181 | .16 |
Class Z | 1,602 | .04 |
$145,247 |
% of Average Net Assets | |
Fidelity Women's Leadership Fund | .04 |
Amount | |
Fidelity Women's Leadership Fund | $170 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Women's Leadership Fund | 177,969 | 309,270 | (79,354) |
Amount | |
Fidelity Women's Leadership Fund | $112 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Women's Leadership Fund | $228 | $5 | $- |
Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Women's Leadership Fund | ||
Distributions to shareholders | ||
Class A | $- | $111,894 |
Class M | - | 24,841 |
Class C | - | 28,323 |
Fidelity Women's Leadership Fund | - | 3,101,859 |
Class I | - | 293,915 |
Class Z | - | 289,844 |
Total | $- | $3,850,676 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2022 | Year ended April 30, 2022 | Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Women's Leadership Fund | ||||
Class A | ||||
Shares sold | 90,422 | 214,342 | $1,128,811 | $3,271,433 |
Reinvestment of distributions | - | 7,212 | - | 109,985 |
Shares redeemed | (49,603) | (16,599) | (615,172) | (254,825) |
Net increase (decrease) | 40,819 | 204,955 | $513,639 | $3,126,593 |
Class M | ||||
Shares sold | 9,408 | 17,367 | $117,701 | $265,289 |
Reinvestment of distributions | - | 1,635 | - | 24,841 |
Shares redeemed | (3,240) | (2,733) | (39,359) | (41,893) |
Net increase (decrease) | 6,168 | 16,269 | $78,342 | $248,237 |
Class C | ||||
Shares sold | 13,156 | 72,426 | $163,683 | $1,099,839 |
Reinvestment of distributions | - | 1,841 | - | 27,774 |
Shares redeemed | (7,904) | (17,878) | (98,953) | (249,596) |
Net increase (decrease) | 5,252 | 56,389 | $64,730 | $878,017 |
Fidelity Women's Leadership Fund | ||||
Shares sold | 485,822 | 2,939,308 | $6,145,606 | $45,268,708 |
Reinvestment of distributions | - | 191,234 | - | 2,919,250 |
Shares redeemed | (701,246) | (1,906,544) | (8,712,256) | (28,945,460) |
Net increase (decrease) | (215,424) | 1,223,998 | $(2,566,650) | $19,242,498 |
Class I | ||||
Shares sold | 202,846 | 850,923 | $2,507,059 | $13,354,621 |
Reinvestment of distributions | - | 19,138 | - | 292,838 |
Shares redeemed | (186,561) | (269,624) | (2,349,791) | (3,716,366) |
Net increase (decrease) | 16,285 | 600,437 | $157,268 | $9,931,093 |
Class Z | ||||
Shares sold | 107,766 | 298,679 | $1,381,089 | $4,535,147 |
Reinvestment of distributions | - | 16,552 | - | 253,122 |
Shares redeemed | (143,272) | (284,436) | (1,865,722) | (4,323,726) |
Net increase (decrease) | (35,506) | 30,795 | $(484,633) | $464,543 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Women's Leadership Fund | ||||||||||
Class A | 1.05% | |||||||||
Actual | $ 1,000 | $ 955.20 | $ 5.17 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.91 | $ 5.35 | |||||||
Class M | 1.33% | |||||||||
Actual | $ 1,000 | $ 953.60 | $ 6.55 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.50 | $ 6.77 | |||||||
Class C | 1.81% | |||||||||
Actual | $ 1,000 | $ 951.50 | $ 8.90 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.08 | $ 9.20 | |||||||
Fidelity® Womens Leadership Fund | .86% | |||||||||
Actual | $ 1,000 | $ 956.10 | $ 4.24 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.87 | $ 4.38 | |||||||
Class I | .75% | |||||||||
Actual | $ 1,000 | $ 956.90 | $ 3.70 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.42 | $ 3.82 | |||||||
Class Z | .64% | |||||||||
Actual | $ 1,000 | $ 957.00 | $ 3.16 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.98 | $ 3.26 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Occidental Petroleum Corp. | 2.9 | |
Sprint Capital Corp. | 2.2 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 2.1 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.0 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 2.0 | |
PG&E Corp. | 1.8 | |
Ford Motor Credit Co. LLC | 1.7 | |
Level 3 Financing, Inc. | 1.7 | |
HCA Holdings, Inc. | 1.7 | |
Tenet Healthcare Corp. | 1.6 | |
19.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 19.0 | |
Telecommunications | 7.8 | |
Healthcare | 7.2 | |
Utilities | 5.9 | |
Services | 5.8 | |
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) |
Foreign investments - 11.3% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 89.1% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.7% | |||
Broadcasting - 0.7% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 1,230,000 | 1,115,610 | |
3.375% 8/15/26 | 680,000 | 470,220 | |
1,585,830 | |||
Nonconvertible Bonds - 88.4% | |||
Aerospace - 2.9% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 795,000 | 695,625 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 665,000 | 663,956 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 1,730,000 | 1,513,404 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,025,000 | 917,232 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,115,000 | 1,009,042 | |
Science Applications International Corp. 4.875% 4/1/28 (b) | 150,000 | 136,574 | |
TransDigm, Inc.: | |||
7.5% 3/15/27 | 145,000 | 142,880 | |
8% 12/15/25 (b) | 1,505,000 | 1,531,338 | |
6,610,051 | |||
Air Transportation - 0.3% | |||
United Airlines, Inc. 4.375% 4/15/26 (b) | 750,000 | 684,493 | |
Automotive & Auto Parts - 2.5% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,115,000 | 889,498 | |
Dana, Inc. 4.5% 2/15/32 | 380,000 | 290,543 | |
Ford Motor Credit Co. LLC: | |||
2.7% 8/10/26 | 305,000 | 265,350 | |
4% 11/13/30 | 1,495,000 | 1,209,126 | |
4.687% 6/9/25 | 2,140,000 | 2,033,700 | |
5.125% 6/16/25 | 530,000 | 511,344 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 165,000 | 139,181 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 500,000 | 404,390 | |
5,743,132 | |||
Banks & Thrifts - 0.5% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 210,000 | 185,611 | |
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625% 3/1/29 (b) | 1,185,000 | 918,375 | |
1,103,986 | |||
Broadcasting - 0.7% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (b) | 1,390,000 | 278,000 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 410,000 | 338,594 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 390,000 | 312,000 | |
5.5% 7/1/29 (b) | 625,000 | 576,438 | |
TEGNA, Inc. 5% 9/15/29 | 210,000 | 199,101 | |
1,704,133 | |||
Building Materials - 1.1% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,320,000 | 1,223,957 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 355,000 | 284,071 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 1,300,000 | 1,051,115 | |
2,559,143 | |||
Cable/Satellite TV - 4.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.5% 8/15/30 (b) | 675,000 | 547,803 | |
4.5% 6/1/33 (b) | 785,000 | 595,274 | |
5% 2/1/28 (b) | 1,780,000 | 1,610,900 | |
5.125% 5/1/27 (b) | 2,110,000 | 1,954,873 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (b) | 160,000 | 125,883 | |
5.375% 2/1/28 (b) | 1,500,000 | 1,383,750 | |
5.5% 4/15/27 (b) | 1,320,000 | 1,237,500 | |
VZ Secured Financing BV 5% 1/15/32 (b) | 1,770,000 | 1,420,425 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 300,000 | 269,986 | |
Ziggo BV 4.875% 1/15/30 (b) | 475,000 | 401,375 | |
9,547,769 | |||
Chemicals - 3.6% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 935,000 | 853,009 | |
LSB Industries, Inc. 6.25% 10/15/28 (b) | 235,000 | 213,354 | |
Methanex Corp.: | |||
5.25% 12/15/29 | 160,000 | 136,922 | |
5.65% 12/1/44 | 991,000 | 681,313 | |
NOVA Chemicals Corp. 5.25% 6/1/27 (b) | 1,710,000 | 1,526,312 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 865,000 | 731,712 | |
Olin Corp. 5.125% 9/15/27 | 1,695,000 | 1,589,063 | |
SPCM SA 3.125% 3/15/27 (b) | 385,000 | 338,319 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 385,000 | 300,300 | |
5.375% 5/15/27 | 1,000,000 | 895,420 | |
5.75% 11/15/28 (b) | 505,000 | 428,998 | |
Valvoline, Inc. 4.25% 2/15/30 (b) | 255,000 | 245,438 | |
W.R. Grace Holding LLC 4.875% 6/15/27 (b) | 505,000 | 441,875 | |
8,382,035 | |||
Consumer Products - 0.5% | |||
Newell Brands, Inc. 5.625% 4/1/36 (c) | 490,000 | 407,141 | |
Prestige Brands, Inc. 3.75% 4/1/31 (b) | 600,000 | 481,206 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 395,000 | 296,590 | |
1,184,937 | |||
Containers - 1.2% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 50,000 | 43,250 | |
Ball Corp. 3.125% 9/15/31 | 1,340,000 | 1,026,038 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 190,000 | 163,354 | |
OI European Group BV 4.75% 2/15/30 (b) | 390,000 | 327,600 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (b) | 1,215,000 | 1,115,291 | |
2,675,533 | |||
Diversified Financial Services - 5.2% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (b) | 965,000 | 630,736 | |
3.625% 10/1/31 (b) | 1,835,000 | 1,086,574 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 1,105,000 | 899,611 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 3,405,000 | 3,136,856 | |
6.25% 5/15/26 | 1,620,000 | 1,559,250 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 845,000 | 709,682 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,520,000 | 1,326,641 | |
MSCI, Inc. 3.25% 8/15/33 (b) | 310,000 | 239,645 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 1,145,000 | 939,080 | |
6.875% 3/15/25 | 1,105,000 | 1,071,850 | |
7.125% 3/15/26 | 500,000 | 482,500 | |
12,082,425 | |||
Diversified Media - 0.3% | |||
Lamar Media Corp. 3.625% 1/15/31 | 915,000 | 745,725 | |
Energy - 18.7% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 270,000 | 253,307 | |
Apache Corp.: | |||
4.25% 1/15/30 | 215,000 | 191,289 | |
5.1% 9/1/40 | 600,000 | 485,832 | |
5.25% 2/1/42 | 905,000 | 726,263 | |
5.35% 7/1/49 | 150,000 | 115,771 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 385,000 | 299,595 | |
4% 3/1/31 | 1,625,000 | 1,370,013 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 1,085,000 | 1,000,913 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 160,000 | 131,600 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (b) | 200,000 | 185,500 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,630,000 | 1,477,849 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 1,928,000 | 1,813,432 | |
5.75% 4/1/25 | 3,007,000 | 2,931,825 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 640,000 | 616,688 | |
5.75% 2/15/28 (b) | 150,000 | 135,750 | |
DCP Midstream Operating LP: | |||
5.375% 7/15/25 | 640,000 | 625,840 | |
5.6% 4/1/44 | 85,000 | 74,494 | |
6.45% 11/3/36 (b) | 380,000 | 358,804 | |
8.125% 8/16/30 | 25,000 | 26,721 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 735,000 | 714,394 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 195,000 | 186,898 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 255,000 | 185,161 | |
5.45% 6/1/47 | 530,000 | 402,689 | |
5.6% 4/1/44 | 895,000 | 697,718 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 985,000 | 823,165 | |
5.5% 7/15/28 | 800,000 | 714,504 | |
6.5% 7/1/27 (b) | 785,000 | 765,375 | |
6.5% 7/15/48 | 485,000 | 373,450 | |
7.5% 6/1/27 (b) | 555,000 | 548,063 | |
EQT Corp. 3.9% 10/1/27 | 1,450,000 | 1,303,217 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (b) | 1,070,000 | 984,400 | |
5.625% 2/15/26 (b) | 2,310,000 | 2,265,579 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 330,000 | 310,200 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (b) | 1,360,000 | 1,229,161 | |
6.375% 4/15/27 (b) | 270,000 | 259,866 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 1,040,000 | 1,008,800 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 810,000 | 735,075 | |
4.2% 3/15/48 | 530,000 | 420,275 | |
4.3% 8/15/39 | 260,000 | 213,971 | |
4.4% 4/15/46 | 815,000 | 663,612 | |
4.4% 8/15/49 | 920,000 | 742,906 | |
5.55% 3/15/26 | 1,275,000 | 1,294,125 | |
6.125% 1/1/31 | 1,310,000 | 1,313,445 | |
6.2% 3/15/40 | 255,000 | 245,320 | |
7.875% 9/15/31 | 170,000 | 185,013 | |
8.875% 7/15/30 | 580,000 | 658,300 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 1,285,000 | 1,085,825 | |
4.95% 7/15/29 (b) | 495,000 | 434,257 | |
6.875% 4/15/40 (b) | 190,000 | 155,116 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,140,000 | 979,146 | |
5.875% 3/15/28 | 1,695,000 | 1,613,599 | |
6% 4/15/27 | 25,000 | 24,495 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 320,000 | 271,242 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 225,000 | 201,744 | |
6% 3/1/27 (b) | 980,000 | 924,798 | |
6% 12/31/30 (b) | 1,190,000 | 1,077,212 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.5% 3/1/30 | 255,000 | 235,398 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 480,000 | 411,600 | |
3.875% 11/1/33 (b) | 380,000 | 304,950 | |
4.125% 8/15/31 (b) | 460,000 | 392,164 | |
Western Gas Partners LP: | |||
4.3% 2/1/30 | 2,375,000 | 2,089,525 | |
4.65% 7/1/26 | 808,000 | 765,580 | |
43,032,819 | |||
Environmental - 1.4% | |||
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 970,000 | 931,200 | |
6% 6/15/30 (b) | 170,000 | 163,625 | |
Madison IAQ LLC 4.125% 6/30/28 (b) | 1,630,000 | 1,348,825 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 815,000 | 707,901 | |
3,151,551 | |||
Food & Drug Retail - 2.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (b) | 3,810,000 | 3,152,775 | |
BellRing Brands, Inc. 7% 3/15/30 (b) | 350,000 | 330,505 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 1,590,000 | 953,269 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 190,000 | 158,319 | |
4,594,868 | |||
Food/Beverage/Tobacco - 2.2% | |||
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (b) | 2,525,000 | 2,301,685 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (b) | 2,135,000 | 1,801,545 | |
5.5% 12/15/29 (b) | 590,000 | 530,953 | |
5.625% 1/15/28 (b) | 405,000 | 378,635 | |
U.S. Foods, Inc. 4.625% 6/1/30 (b) | 180,000 | 156,154 | |
5,168,972 | |||
Gaming - 2.6% | |||
Melco Resorts Finance Ltd. 4.875% 6/6/25 (b) | 1,225,000 | 872,410 | |
MGM Resorts International 5.75% 6/15/25 | 866,000 | 842,852 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 1,210,000 | 1,102,153 | |
4.5% 9/1/26 (b) | 1,300,000 | 1,183,063 | |
4.625% 6/15/25 (b) | 245,000 | 229,616 | |
4.625% 12/1/29 (b) | 925,000 | 804,324 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (b) | 870,000 | 756,726 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 5.125% 10/1/29 (b) | 380,000 | 302,277 | |
6,093,421 | |||
Healthcare - 7.2% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 200,000 | 169,000 | |
Avantor Funding, Inc. 4.625% 7/15/28 (b) | 1,195,000 | 1,079,933 | |
Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,700,000 | 1,372,750 | |
Centene Corp.: | |||
2.45% 7/15/28 | 75,000 | 61,715 | |
2.5% 3/1/31 | 1,665,000 | 1,280,085 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 315,000 | 272,475 | |
4.25% 5/1/28 (b) | 90,000 | 81,873 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 365,000 | 284,563 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (b) | 200,000 | 156,250 | |
HCA Holdings, Inc. 5.375% 9/1/26 | 3,960,000 | 3,850,318 | |
HealthEquity, Inc. 4.5% 10/1/29 (b) | 160,000 | 139,800 | |
Hologic, Inc. 4.625% 2/1/28 (b) | 1,650,000 | 1,542,750 | |
IQVIA, Inc. 5% 5/15/27 (b) | 820,000 | 781,362 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 350,000 | 310,625 | |
Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 510,000 | 425,340 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 840,000 | 739,889 | |
Owens & Minor, Inc. 4.5% 3/31/29 (b) | 280,000 | 216,821 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 235,000 | 212,628 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 (b) | 1,810,000 | 1,588,265 | |
4.875% 1/1/26 (b) | 595,000 | 562,275 | |
5.125% 11/1/27 (b) | 1,200,000 | 1,105,500 | |
6.125% 6/15/30 (b) | 465,000 | 429,260 | |
16,663,477 | |||
Homebuilders/Real Estate - 1.6% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 460,000 | 362,268 | |
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (b) | 495,000 | 402,445 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 700,000 | 525,980 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 770,000 | 604,450 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 540,000 | 461,700 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 75,000 | 55,127 | |
4.95% 10/1/29 | 445,000 | 322,802 | |
5.5% 12/15/27 | 415,000 | 357,896 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 810,000 | 634,208 | |
3,726,876 | |||
Hotels - 1.8% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,165,000 | 927,631 | |
4% 5/1/31 (b) | 2,780,000 | 2,323,934 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 445,000 | 422,750 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 525,000 | 462,168 | |
4,136,483 | |||
Insurance - 0.4% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (b) | 1,075,000 | 967,629 | |
Leisure - 1.6% | |||
Carnival Corp.: | |||
7.625% 3/1/26 (b) | 675,000 | 507,566 | |
10.5% 2/1/26 (b) | 2,005,000 | 1,964,820 | |
NCL Corp. Ltd. 5.875% 2/15/27 (b) | 350,000 | 312,813 | |
Royal Caribbean Cruises Ltd. 5.5% 4/1/28 (b) | 1,200,000 | 924,000 | |
3,709,199 | |||
Metals/Mining - 0.4% | |||
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 15,000 | 13,427 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 45,000 | 41,223 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 240,000 | 210,544 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 400,000 | 393,484 | |
Novelis Corp. 3.875% 8/15/31 (b) | 385,000 | 298,263 | |
956,941 | |||
Paper - 0.2% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 370,000 | 355,041 | |
Glatfelter Corp. 4.75% 11/15/29 (b) | 310,000 | 199,563 | |
554,604 | |||
Restaurants - 0.2% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 115,000 | 118,284 | |
Yum! Brands, Inc. 3.625% 3/15/31 | 500,000 | 401,250 | |
519,534 | |||
Services - 5.5% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 385,000 | 330,141 | |
4.875% 7/15/32 (b) | 565,000 | 480,719 | |
AECOM 5.125% 3/15/27 | 1,485,000 | 1,405,953 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,685,000 | 1,535,212 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 2,740,000 | 2,436,490 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (b) | 155,000 | 135,487 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 450,000 | 407,178 | |
Gartner, Inc. 3.625% 6/15/29 (b) | 220,000 | 187,000 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 1,030,000 | 966,269 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 1,115,000 | 958,621 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,225,000 | 1,925,718 | |
Service Corp. International 5.125% 6/1/29 | 1,425,000 | 1,327,331 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 710,000 | 588,413 | |
12,684,532 | |||
Steel - 0.1% | |||
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 110,000 | 96,523 | |
Super Retail - 1.9% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 245,000 | 201,513 | |
5% 2/15/32 (b) | 260,000 | 209,625 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (b) | 1,170,000 | 1,046,700 | |
Gap, Inc. 3.875% 10/1/31 (b) | 385,000 | 265,650 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,115,000 | 1,023,013 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 630,000 | 503,972 | |
Nordstrom, Inc. 4.375% 4/1/30 | 930,000 | 713,775 | |
The William Carter Co. 5.625% 3/15/27 (b) | 465,000 | 442,065 | |
4,406,313 | |||
Technology - 3.7% | |||
Block, Inc. 2.75% 6/1/26 | 380,000 | 338,899 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 345,000 | 329,754 | |
Coherent Corp. 5% 12/15/29 (b) | 1,600,000 | 1,372,608 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 525,000 | 442,532 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 730,000 | 642,072 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 660,000 | 611,642 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 438,300 | |
4.125% 8/1/30 (b) | 265,000 | 216,506 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 540,000 | 462,710 | |
onsemi 3.875% 9/1/28 (b) | 545,000 | 480,200 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (b) | 130,000 | 103,513 | |
Roblox Corp. 3.875% 5/1/30 (b) | 935,000 | 771,375 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,165,000 | 927,631 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 550,000 | 459,326 | |
Twilio, Inc. 3.875% 3/15/31 | 350,000 | 285,443 | |
Viavi Solutions, Inc. 3.75% 10/1/29 (b) | 770,000 | 642,865 | |
8,525,376 | |||
Telecommunications - 7.8% | |||
Altice Financing SA 5% 1/15/28 (b) | 10,000 | 7,907 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 1,510,000 | 1,306,150 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 660,000 | 626,602 | |
Level 3 Financing, Inc.: | |||
4.25% 7/1/28 (b) | 2,645,000 | 2,182,125 | |
4.625% 9/15/27 (b) | 2,100,000 | 1,822,296 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 490,000 | 366,520 | |
5.125% 1/15/28 (b) | 900,000 | 766,294 | |
Sable International Finance Ltd. 5.75% 9/7/27 (b) | 2,610,000 | 2,300,063 | |
SBA Communications Corp. 3.875% 2/15/27 | 750,000 | 675,000 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 3,545,000 | 3,658,369 | |
8.75% 3/15/32 | 1,150,000 | 1,349,686 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 295,000 | 215,270 | |
7.2% 7/18/36 | 655,000 | 510,088 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 105,000 | 84,146 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 740,000 | 672,453 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 1,560,000 | 1,349,868 | |
17,892,837 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 405,000 | 306,751 | |
Foot Locker, Inc. 4% 10/1/29 (b) | 200,000 | 152,894 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 130,000 | 104,232 | |
563,877 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 385,000 | 296,519 | |
Utilities - 5.8% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,615,000 | 1,348,525 | |
4.75% 3/15/28 (b) | 195,000 | 180,121 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 997,000 | 947,830 | |
InterGen NV 7% 6/30/23 (b) | 1,635,000 | 1,600,256 | |
NextEra Energy Partners LP 4.25% 9/15/24 (b) | 158,000 | 148,691 | |
NRG Energy, Inc.: | |||
3.625% 2/15/31 (b) | 1,666,000 | 1,325,753 | |
5.25% 6/15/29 (b) | 625,000 | 567,188 | |
6.625% 1/15/27 | 729,000 | 729,328 | |
PG&E Corp.: | |||
5% 7/1/28 | 2,685,000 | 2,419,977 | |
5.25% 7/1/30 | 2,115,000 | 1,872,822 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 130,000 | 116,838 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 945,000 | 822,037 | |
Vistra Operations Co. LLC 5% 7/31/27 (b) | 1,395,000 | 1,286,888 | |
13,366,254 | |||
TOTAL NONCONVERTIBLE BONDS | 204,131,967 | ||
TOTAL CORPORATE BONDS (Cost $235,898,178) | 205,717,797 | ||
Common Stocks - 0.4% | |||
Shares | Value ($) | ||
Energy - 0.3% | |||
Jonah Energy Parent LLC (d)(e) | 11,874 | 755,186 | |
Gaming - 0.1% | |||
Caesars Entertainment, Inc. (d) | 5,600 | 244,888 | |
TOTAL COMMON STOCKS (Cost $440,063) | 1,000,074 | ||
Bank Loan Obligations - 0.6% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.0% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.458% 8/24/26 (f)(g)(h) | 207,364 | 40,229 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.9799% 11/12/27 (f)(g)(h) | 350,460 | 338,005 | |
Services - 0.3% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.3287% 12/21/28 (f)(g)(h) | 134,662 | 129,108 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (f)(g)(h) | 50,000 | 42,313 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (f)(g)(h) | 501,212 | 458,750 | |
TOTAL SERVICES | 630,171 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 7.4787% 8/1/25 (f)(g)(h) | 260,000 | 257,928 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $1,412,570) | 1,266,333 | ||
Preferred Securities - 1.3% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 1.3% | |||
Ally Financial, Inc. 4.7% (f)(i) (Cost $4,200,000) | 4,200,000 | 3,086,840 | |
Money Market Funds - 7.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (j) (Cost $16,719,310) | 16,715,967 | 16,719,310 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $258,670,121) | 227,790,354 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 3,025,011 |
NET ASSETS - 100.0% | 230,815,365 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $137,306,958 or 59.5% of net assets. |
(c) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(d) | Non-income producing |
(e) | Level 3 security |
(f) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(h) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 13,061,727 | 40,415,938 | 36,758,355 | 209,348 | - | - | 16,719,310 | 0.0% |
Total | 13,061,727 | 40,415,938 | 36,758,355 | 209,348 | - | - | 16,719,310 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 244,888 | 244,888 | - | - |
Energy | 755,186 | - | - | 755,186 |
Corporate Bonds | 205,717,797 | - | 205,717,797 | - |
Bank Loan Obligations | 1,266,333 | - | 1,266,333 | - |
Preferred Securities | 3,086,840 | - | 3,086,840 | - |
Money Market Funds | 16,719,310 | 16,719,310 | - | - |
Total Investments in Securities: | 227,790,354 | 16,964,198 | 210,070,970 | 755,186 |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $241,950,811) | $211,071,044 | |||
Fidelity Central Funds (cost $16,719,310) | 16,719,310 | |||
Total Investment in Securities (cost $258,670,121) | $ | 227,790,354 | ||
Cash | 331,127 | |||
Receivable for fund shares sold | 98,809 | |||
Interest receivable | 3,092,575 | |||
Distributions receivable from Fidelity Central Funds | 51,229 | |||
Prepaid expenses | 396 | |||
Receivable from investment adviser for expense reductions | 3,293 | |||
Total assets | 231,367,783 | |||
Liabilities | ||||
Payable for fund shares redeemed | $235,702 | |||
Distributions payable | 134,484 | |||
Accrued management fee | 105,643 | |||
Transfer agent fee payable | 31,183 | |||
Other affiliated payables | 7,992 | |||
Audit fee payable | 36,949 | |||
Other payables and accrued expenses | 465 | |||
Total Liabilities | 552,418 | |||
Net Assets | $ | 230,815,365 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 275,825,750 | ||
Total accumulated earnings (loss) | (45,010,385) | |||
Net Assets | $ | 230,815,365 | ||
Net Asset Value , offering price and redemption price per share ($230,815,365 ÷ 30,438,629 shares) | $ | 7.58 | ||
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 452,902 | ||
Interest | 6,098,042 | |||
Income from Fidelity Central Funds | 209,348 | |||
Total Income | 6,760,292 | |||
Expenses | ||||
Management fee | $ | 692,541 | ||
Transfer agent fees | 190,583 | |||
Accounting fees and expenses | 52,415 | |||
Custodian fees and expenses | 1,701 | |||
Independent trustees' fees and expenses | 449 | |||
Registration fees | 20,212 | |||
Audit | 36,101 | |||
Legal | 126 | |||
Miscellaneous | 648 | |||
Total expenses before reductions | 994,776 | |||
Expense reductions | (39,849) | |||
Total expenses after reductions | 954,927 | |||
Net Investment income (loss) | 5,805,365 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,750,991) | |||
Total net realized gain (loss) | (4,750,991) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (9,700,609) | |||
Net gain (loss) | (14,451,600) | |||
Net increase (decrease) in net assets resulting from operations | $ | (8,646,235) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,805,365 | $ | 13,243,987 |
Net realized gain (loss) | (4,750,991) | (2,092,913) | ||
Change in net unrealized appreciation (depreciation) | (9,700,609) | (31,676,232) | ||
Net increase (decrease) in net assets resulting from operations | (8,646,235) | (20,525,158) | ||
Distributions to shareholders | (5,213,435) | (13,518,187) | ||
Share transactions | ||||
Proceeds from sales of shares | 8,642,384 | 48,014,625 | ||
Reinvestment of distributions | 4,396,646 | 11,416,988 | ||
Cost of shares redeemed | (46,297,281) | (132,087,012) | ||
Net increase (decrease) in net assets resulting from share transactions | (33,258,251) | (72,655,399) | ||
Total increase (decrease) in net assets | (47,117,921) | (106,698,744) | ||
Net Assets | ||||
Beginning of period | 277,933,286 | 384,632,030 | ||
End of period | $ | 230,815,365 | $ | 277,933,286 |
Other Information | ||||
Shares | ||||
Sold | 1,108,537 | 5,431,596 | ||
Issued in reinvestment of distributions | 571,789 | 1,308,964 | ||
Redeemed | (6,014,328) | (15,398,227) | ||
Net increase (decrease) | (4,334,002) | (8,657,667) | ||
Fidelity® Focused High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 | $ | 8.47 | $ | 8.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .177 | .317 | .340 | .374 | .399 | .380 | ||||||
Net realized and unrealized gain (loss) | (.428) | (.863) | .574 | (.378) | .190 | (.219) | ||||||
Total from investment operations | (.251) | (.546) | .914 | (.004) | .589 | .161 | ||||||
Distributions from net investment income | (.159) | (.324) | (.334) | (.366) | (.409) | (.362) | ||||||
Total distributions | (.159) | (.324) | (.334) | (.366) | (.409) | (.362) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.58 | $ | 7.99 | $ | 8.86 | $ | 8.28 | $ | 8.65 | $ | 8.47 |
Total Return C,D | (3.15)% | (6.41)% | 11.16% | (.16)% | 7.21% | 1.86% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .78% G | .75% | .75% | .78% | .79% | .80% | ||||||
Expenses net of fee waivers, if any | .75% G | .75% | .75% | .78% | .79% | .80% | ||||||
Expenses net of all reductions | .75% G | .75% | .75% | .78% | .78% | .79% | ||||||
Net investment income (loss) | 4.55% G | 3.62% | 3.88% | 4.31% | 4.73% | 4.38% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 230,815 | $ | 277,933 | $ | 384,632 | $ | 347,510 | $ | 302,781 | $ | 397,850 |
Portfolio turnover rate H | 4% G | 20% | 73% | 43% | 49% | 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% |
Gross unrealized appreciation | $1,988,058 |
Gross unrealized depreciation | (31,989,928) |
Net unrealized appreciation (depreciation) | $(30,001,870) |
Tax cost | $257,792,224 |
Short-term | $(9,345,990) |
Long-term | (1,470,582) |
Total capital loss carryforward | $(10,816,572) |
Purchases ($) | Sales ($) | |
Fidelity Focused High Income Fund | 4,586,651 | 40,237,439 |
% of Average Net Assets | |
Fidelity Focused High Income Fund | .04 |
Amount | |
Fidelity Focused High Income Fund | $237 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Focused High Income Fund | .75% | |||||||||
Actual | $ 1,000 | $ 968.50 | $ 3.72 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.42 | $ 3.82 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 2.5 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.2 | |
TransDigm, Inc. | 1.9 | |
Ford Motor Credit Co. LLC | 1.7 | |
Occidental Petroleum Corp. | 1.6 | |
Tenet Healthcare Corp. | 1.5 | |
Caesars Entertainment, Inc. | 1.5 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. | 1.3 | |
OneMain Finance Corp. | 1.3 | |
Community Health Systems, Inc. | 1.3 | |
16.8 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 12.4 | |
Telecommunications | 9.0 | |
Healthcare | 6.1 | |
Gaming | 5.4 | |
Diversified Financial Services | 5.3 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 15.5% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 76.8% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.0% | |||
Broadcasting - 0.9% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 510,000 | 462,570 | |
3.375% 8/15/26 | 4,500,000 | 3,111,750 | |
3,574,320 | |||
Energy - 0.1% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 15,159 | 89,860 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 26,231 | 155,492 | |
245,352 | |||
TOTAL CONVERTIBLE BONDS | 3,819,672 | ||
Nonconvertible Bonds - 75.8% | |||
Aerospace - 3.4% | |||
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 125,000 | 111,238 | |
7.125% 6/15/26 (d) | 4,000,000 | 3,786,509 | |
Spirit Aerosystems, Inc.: | |||
5.5% 1/15/25 (d) | 100,000 | 96,500 | |
7.5% 4/15/25 (d) | 1,750,000 | 1,700,195 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 1,735,000 | 1,570,175 | |
6.25% 3/15/26 (d) | 5,765,000 | 5,686,654 | |
7.5% 3/15/27 | 25,000 | 24,635 | |
12,975,906 | |||
Air Transportation - 2.0% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 5,300,000 | 5,047,305 | |
United Airlines, Inc. 4.375% 4/15/26 (d) | 2,600,000 | 2,372,911 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 250,000 | 210,000 | |
7,630,216 | |||
Automotive & Auto Parts - 1.7% | |||
Ford Motor Credit Co. LLC: | |||
2.3% 2/10/25 | 540,000 | 491,994 | |
3.375% 11/13/25 | 5,900,000 | 5,352,539 | |
4.687% 6/9/25 | 455,000 | 432,399 | |
5.125% 6/16/25 | 250,000 | 241,200 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 30,000 | 21,508 | |
6,539,640 | |||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc.: | |||
3.875% 5/21/24 | 970,000 | 936,718 | |
5.75% 11/20/25 | 1,895,000 | 1,823,140 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (d) | 235,000 | 212,842 | |
2,972,700 | |||
Broadcasting - 1.1% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 410,000 | 82,000 | |
Sirius XM Radio, Inc. 3.125% 9/1/26 (d) | 2,995,000 | 2,676,332 | |
Univision Communications, Inc. 6.625% 6/1/27 (d) | 1,375,000 | 1,357,813 | |
4,116,145 | |||
Building Materials - 0.1% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 245,000 | 227,174 | |
Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (d) | 185,000 | 136,797 | |
SRS Distribution, Inc. 4.625% 7/1/28 (d) | 95,000 | 83,414 | |
447,385 | |||
Cable/Satellite TV - 4.2% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4% 3/1/23 (d) | 3,315,000 | 3,290,082 | |
5.125% 5/1/27 (d) | 5,250,000 | 4,864,020 | |
CSC Holdings LLC: | |||
5.25% 6/1/24 | 1,000,000 | 970,000 | |
5.5% 4/15/27 (d) | 2,300,000 | 2,156,250 | |
DISH DBS Corp.: | |||
5.25% 12/1/26 (d) | 300,000 | 260,625 | |
5.875% 11/15/24 | 3,100,000 | 2,862,540 | |
7.75% 7/1/26 | 650,000 | 548,464 | |
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d) | 1,595,000 | 1,347,775 | |
16,299,756 | |||
Capital Goods - 0.6% | |||
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 2,525,000 | 2,263,031 | |
Chemicals - 2.0% | |||
INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (d) | 250,000 | 211,430 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 1,990,000 | 1,806,701 | |
NOVA Chemicals Corp.: | |||
4.875% 6/1/24 (d) | 300,000 | 291,750 | |
5% 5/1/25 (d) | 3,205,000 | 3,052,410 | |
Rhodia Acetow Management GmbH 10.5% 2/15/27 (d) | 130,000 | 105,241 | |
SPCM SA 3.125% 3/15/27 (d) | 395,000 | 347,106 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,000,000 | 1,790,840 | |
7,605,478 | |||
Consumer Products - 1.2% | |||
Coty, Inc. 5% 4/15/26 (d) | 1,700,000 | 1,594,284 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 75,000 | 56,101 | |
Mattel, Inc. 5.875% 12/15/27 (d) | 1,210,000 | 1,174,160 | |
Newell Brands, Inc. 4.45% 4/1/26 | 1,800,000 | 1,674,990 | |
4,499,535 | |||
Containers - 2.7% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (d) | 610,000 | 527,650 | |
5.25% 8/15/27 (d) | 500,000 | 350,445 | |
5.25% 8/15/27 (d) | 3,000,000 | 2,102,670 | |
Ball Corp.: | |||
4% 11/15/23 | 400,000 | 391,694 | |
5.25% 7/1/25 | 1,900,000 | 1,875,319 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 1,175,000 | 1,103,913 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 220,000 | 201,946 | |
8.5% 8/15/27 (d) | 4,050,000 | 3,808,181 | |
10,361,818 | |||
Diversified Financial Services - 4.7% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 225,000 | 199,688 | |
Coinbase Global, Inc. 3.625% 10/1/31 (d) | 705,000 | 417,458 | |
Freedom Mortgage Corp. 6.625% 1/15/27 (d) | 250,000 | 186,600 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 400,000 | 325,651 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 1,840,000 | 1,790,559 | |
5.25% 5/15/27 | 535,000 | 492,869 | |
6.25% 5/15/26 | 7,690,000 | 7,401,611 | |
Navient Corp.: | |||
6.125% 3/25/24 | 2,000,000 | 1,962,171 | |
6.75% 6/15/26 | 250,000 | 235,938 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 235,000 | 192,737 | |
6.125% 3/15/24 | 750,000 | 732,765 | |
6.875% 3/15/25 | 4,090,000 | 3,967,300 | |
17,905,347 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 1,660,000 | 1,412,096 | |
Energy - 12.3% | |||
Berry Petroleum Co. LLC 7% 2/15/26 (d) | 100,000 | 89,500 | |
Buckeye Partners LP 4.125% 3/1/25 (d) | 1,400,000 | 1,319,514 | |
California Resources Corp. 7.125% 2/1/26 (d) | 250,000 | 245,203 | |
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (d) | 10,000 | 10,395 | |
Chesapeake Energy Corp. 5.5% 2/1/26 (d) | 505,000 | 489,471 | |
Chord Energy Corp. 6.375% 6/1/26 (d) | 100,000 | 97,690 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 1,850,000 | 1,851,711 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 1,450,000 | 1,428,047 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (d) | 70,000 | 64,925 | |
Comstock Resources, Inc. 6.75% 3/1/29 (d) | 120,000 | 114,900 | |
Continental Resources, Inc.: | |||
2.268% 11/15/26 (d) | 300,000 | 255,045 | |
4.5% 4/15/23 | 300,000 | 298,752 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) | 1,860,000 | 1,739,286 | |
CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (d) | 2,300,000 | 2,224,560 | |
CVR Energy, Inc. 5.25% 2/15/25 (d) | 1,615,000 | 1,556,174 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 1,400,000 | 1,369,025 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 80,000 | 71,636 | |
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (d) | 74,800 | 76,807 | |
EnLink Midstream Partners LP 4.85% 7/15/26 | 1,400,000 | 1,319,598 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (d) | 147,000 | 142,372 | |
7.5% 6/1/27 (d) | 2,550,000 | 2,518,125 | |
EQT Corp. 3.125% 5/15/26 (d) | 500,000 | 453,745 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 1,145,000 | 1,108,406 | |
Gulfport Energy Corp. 8% 5/17/26 | 100,000 | 99,700 | |
Hess Midstream Partners LP 5.625% 2/15/26 (d) | 2,450,000 | 2,402,887 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (d) | 105,000 | 101,059 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d) | 1,300,000 | 1,262,674 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(e) | 135,000 | 0 | |
Murphy Oil Corp. 5.75% 8/15/25 | 116,000 | 114,363 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 2,550,000 | 2,454,375 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 2,515,000 | 2,439,550 | |
6.75% 9/15/25 (d) | 1,290,000 | 1,266,401 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 1,450,000 | 1,311,726 | |
NuStar Logistics LP 6% 6/1/26 | 400,000 | 387,840 | |
Occidental Petroleum Corp.: | |||
5.875% 9/1/25 | 5,250,000 | 5,289,375 | |
6.95% 7/1/24 | 900,000 | 922,149 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.25% 6/15/25 | 350,000 | 346,283 | |
PDC Energy, Inc. 5.75% 5/15/26 | 1,750,000 | 1,677,655 | |
Precision Drilling Corp. 7.125% 1/15/26 (d) | 1,660,000 | 1,630,801 | |
Range Resources Corp. 4.875% 5/15/25 | 250,000 | 241,149 | |
Southwestern Energy Co. 5.7% 1/23/25 (f) | 28,000 | 27,677 | |
Sunnova Energy Corp. 5.875% 9/1/26 (d) | 210,000 | 184,800 | |
Sunoco LP/Sunoco Finance Corp.: | |||
5.875% 3/15/28 | 60,000 | 57,119 | |
6% 4/15/27 | 1,010,000 | 989,598 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (d) | 2,000,000 | 1,887,344 | |
Transocean Proteus Ltd. 6.25% 12/1/24 (d) | 285,750 | 278,606 | |
Western Gas Partners LP 4.65% 7/1/26 | 3,500,000 | 3,316,250 | |
47,534,268 | |||
Entertainment/Film - 0.3% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) | 1,500,000 | 1,334,880 | |
Environmental - 0.4% | |||
Madison IAQ LLC 4.125% 6/30/28 (d) | 1,900,000 | 1,572,250 | |
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.25% 3/15/26 (d) | 4,600,000 | 4,128,132 | |
Food/Beverage/Tobacco - 0.9% | |||
Post Holdings, Inc.: | |||
5.625% 1/15/28 (d) | 1,625,000 | 1,519,213 | |
5.75% 3/1/27 (d) | 596,000 | 576,129 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (d) | 100,000 | 87,418 | |
U.S. Foods, Inc. 6.25% 4/15/25 (d) | 1,275,000 | 1,268,868 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 95,000 | 91,758 | |
3,543,386 | |||
Gaming - 4.9% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 1,030,000 | 859,795 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 4,950,000 | 4,829,874 | |
8.125% 7/1/27 (d) | 900,000 | 875,250 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 495,000 | 483,506 | |
Carnival Corp. 10.5% 6/1/30 (d) | 245,000 | 189,875 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 500,000 | 491,250 | |
International Game Technology PLC 4.125% 4/15/26 (d) | 2,200,000 | 2,041,600 | |
Melco Resorts Finance Ltd. 5.25% 4/26/26 (d) | 200,000 | 126,953 | |
MGM Resorts International 6% 3/15/23 | 1,000,000 | 999,499 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (d) | 95,000 | 83,838 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 225,000 | 93,263 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (d) | 3,715,000 | 3,454,860 | |
4.625% 6/15/25 (d) | 300,000 | 281,162 | |
5.625% 5/1/24 (d) | 1,000,000 | 987,260 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | |||
4.25% 5/30/23 (d) | 500,000 | 492,500 | |
5.5% 3/1/25 (d) | 2,800,000 | 2,650,144 | |
18,940,629 | |||
Healthcare - 5.4% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 562,000 | 543,735 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 2,000,000 | 1,540,000 | |
14% 10/15/30 (d) | 197,000 | 112,783 | |
Community Health Systems, Inc.: | |||
5.625% 3/15/27 (d) | 6,050,000 | 4,821,064 | |
6.875% 4/15/29 (d) | 120,000 | 48,288 | |
HCA Holdings, Inc. 5.875% 2/15/26 | 1,750,000 | 1,733,102 | |
IQVIA, Inc. 5% 5/15/27 (d) | 4,500,000 | 4,287,960 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 65,000 | 50,333 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 200,000 | 149,548 | |
Surgery Center Holdings, Inc. 6.75% 7/1/25 (d) | 1,755,000 | 1,649,882 | |
Tenet Healthcare Corp.: | |||
4.625% 7/15/24 | 86,000 | 83,850 | |
5.125% 11/1/27 (d) | 6,200,000 | 5,711,750 | |
20,732,295 | |||
Homebuilders/Real Estate - 2.3% | |||
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (d) | 250,000 | 232,048 | |
MPT Operating Partnership LP/MPT Finance Corp. 5.25% 8/1/26 | 4,000,000 | 3,607,680 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 230,000 | 211,379 | |
Service Properties Trust: | |||
4.35% 10/1/24 | 400,000 | 367,312 | |
7.5% 9/15/25 | 3,000,000 | 2,925,000 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 1,500,000 | 1,405,269 | |
8,748,688 | |||
Insurance - 0.3% | |||
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (d) | 1,020,000 | 958,697 | |
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (d) | 30,000 | 27,375 | |
Enact Holdings, Inc. 6.5% 8/15/25 (d) | 200,000 | 197,020 | |
1,183,092 | |||
Leisure - 2.5% | |||
Carnival Corp. 7.625% 3/1/26 (d) | 4,900,000 | 3,684,555 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 400,000 | 327,500 | |
5.875% 2/15/27 (d) | 2,025,000 | 1,809,844 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (d) | 120,000 | 93,278 | |
5.5% 8/31/26 (d) | 885,000 | 723,576 | |
11.625% 8/15/27 (d) | 1,500,000 | 1,458,300 | |
Six Flags Entertainment Corp. 5.5% 4/15/27 (d) | 1,500,000 | 1,350,000 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 235,000 | 252,625 | |
9,699,678 | |||
Metals/Mining - 2.3% | |||
First Quantum Minerals Ltd. 6.875% 3/1/26 (d) | 2,610,000 | 2,442,738 | |
Howmet Aerospace, Inc.: | |||
5.125% 10/1/24 | 250,000 | 246,875 | |
6.875% 5/1/25 | 3,708,000 | 3,774,188 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 1,055,000 | 925,515 | |
Novelis Corp. 3.25% 11/15/26 (d) | 1,650,000 | 1,444,141 | |
8,833,457 | |||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (d) | 200,000 | 191,914 | |
Restaurants - 1.0% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 1,800,000 | 1,582,065 | |
5.75% 4/15/25 (d) | 1,000,000 | 996,250 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 55,000 | 56,571 | |
Yum! Brands, Inc. 3.875% 11/1/23 | 1,225,000 | 1,203,563 | |
3,838,449 | |||
Services - 2.7% | |||
Aramark Services, Inc. 5% 4/1/25 (d) | 2,800,000 | 2,706,741 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 806,000 | 579,487 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 35,000 | 29,042 | |
8.25% 4/15/26 | 250,000 | 253,656 | |
Diebold Nixdorf, Inc. 9.375% 7/15/25 (d) | 100,000 | 74,370 | |
Life Time, Inc. 5.75% 1/15/26 (d) | 1,125,000 | 1,046,250 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 120,000 | 100,279 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (d) | 2,350,000 | 2,287,371 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 2,200,000 | 2,065,096 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 1,240,000 | 1,156,261 | |
10,298,553 | |||
Steel - 0.0% | |||
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 150,000 | 139,125 | |
Super Retail - 2.1% | |||
At Home Group, Inc. 4.875% 7/15/28 (d) | 60,000 | 43,623 | |
Carvana Co. 5.5% 4/15/27 (d) | 200,000 | 95,046 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 3,700,000 | 3,330,000 | |
8.5% 10/30/25 (d) | 800,000 | 738,964 | |
Hanesbrands, Inc. 4.875% 5/15/26 (d) | 2,400,000 | 2,202,000 | |
Rent-A-Center, Inc. 6.375% 2/15/29 (d) | 30,000 | 23,371 | |
Staples, Inc. 7.5% 4/15/26 (d) | 1,900,000 | 1,650,302 | |
8,083,306 | |||
Technology - 2.3% | |||
Camelot Finance SA 4.5% 11/1/26 (d) | 2,600,000 | 2,429,788 | |
CommScope, Inc. 6% 3/1/26 (d) | 2,100,000 | 2,025,559 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 85,000 | 72,834 | |
MoneyGram International, Inc. 5.375% 8/1/26 (d) | 250,000 | 245,513 | |
Sensata Technologies BV 5% 10/1/25 (d) | 2,300,000 | 2,228,474 | |
Uber Technologies, Inc. 7.5% 9/15/27 (d) | 1,500,000 | 1,499,653 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d) | 400,000 | 336,672 | |
Virtusa Corp. 7.125% 12/15/28 (d) | 50,000 | 35,866 | |
8,874,359 | |||
Telecommunications - 8.0% | |||
Altice France SA 8.125% 2/1/27 (d) | 3,410,000 | 3,124,413 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 25,000 | 21,625 | |
Cogent Communications Group, Inc. 7% 6/15/27 (d) | 1,800,000 | 1,708,915 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 1,060,000 | 821,346 | |
Lumen Technologies, Inc.: | |||
4% 2/15/27 (d) | 4,000,000 | 3,400,800 | |
5.125% 12/15/26 (d) | 1,000,000 | 856,250 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (d) | 95,000 | 85,399 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 2,402,000 | 2,116,763 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 200,000 | 193,679 | |
SBA Communications Corp. 3.875% 2/15/27 | 3,200,000 | 2,880,000 | |
Sprint Corp. 7.875% 9/15/23 | 2,280,000 | 2,317,399 | |
T-Mobile U.S.A., Inc.: | |||
2.25% 2/15/26 | 3,810,000 | 3,429,114 | |
2.625% 4/15/26 | 320,000 | 288,790 | |
Telecom Italia SpA 5.303% 5/30/24 (d) | 2,150,000 | 2,022,656 | |
Uniti Group, Inc. 7.875% 2/15/25 (d) | 4,705,000 | 4,657,974 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 570,000 | 493,221 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 3,200,000 | 2,472,000 | |
30,890,344 | |||
Transportation Ex Air/Rail - 0.0% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 70,000 | 55,353 | |
Utilities - 2.1% | |||
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,157,000 | 2,050,621 | |
InterGen NV 7% 6/30/23 (d) | 200,000 | 195,750 | |
NextEra Energy Partners LP: | |||
4.25% 7/15/24 (d) | 1,500,000 | 1,454,280 | |
4.25% 9/15/24 (d) | 41,000 | 38,584 | |
PG&E Corp. 5% 7/1/28 | 1,210,000 | 1,090,567 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) | 120,000 | 114,300 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 225,000 | 207,563 | |
5.625% 2/15/27 (d) | 3,005,000 | 2,864,606 | |
8,016,271 | |||
TOTAL NONCONVERTIBLE BONDS | 291,667,482 | ||
TOTAL CORPORATE BONDS (Cost $302,382,306) | 295,487,154 | ||
Common Stocks - 0.1% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.0% | |||
Lime Tree Bay Ltd. (c) | 80 | 2,698 | |
Energy - 0.0% | |||
California Resources Corp. warrants 10/27/24 (g) | 2 | 28 | |
Forbes Energy Services Ltd. (c)(g) | 6,468 | 0 | |
Mesquite Energy, Inc. (c)(g) | 1,922 | 106,555 | |
TOTAL ENERGY | 106,583 | ||
Utilities - 0.1% | |||
EQT Corp. | 3,400 | 142,256 | |
TOTAL COMMON STOCKS (Cost $479,224) | 251,537 | ||
Bank Loan Obligations - 11.2% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.6% | |||
Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.458% 8/24/26 (h)(i)(j) | 197,490 | 38,313 | |
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 1/31/29 (h)(i)(j) | 2,359,700 | 2,262,362 | |
TOTAL BROADCASTING | 2,300,675 | ||
Building Materials - 1.0% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (h)(i)(j) | 1,682,688 | 1,167,011 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 8.1532% 4/29/29 (h)(i)(j) | 500,000 | 451,305 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 6/4/28 (h)(i)(j) | 2,348,504 | 2,178,238 | |
TOTAL BUILDING MATERIALS | 3,796,554 | ||
Chemicals - 0.5% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (c)(h)(i)(j) | 286,375 | 272,056 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (h)(i)(j) | 29,775 | 27,063 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.4147% 3/16/27 (h)(i)(j) | 32,476 | 30,497 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.4375% 9/22/28 (h)(i)(j) | 1,524,813 | 1,461,441 | |
TOTAL CHEMICALS | 1,791,057 | ||
Consumer Products - 0.0% | |||
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4241% 5/17/28 (h)(i)(j) | 24,750 | 20,708 | |
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.1631% 9/29/28 (h)(i)(j) | 19,850 | 18,525 | |
TKC Holdings, Inc. 1LN, term loan 12% 2/14/27 (h)(j) | 200,000 | 170,000 | |
TOTAL CONSUMER PRODUCTS | 209,233 | ||
Diversified Financial Services - 0.6% | |||
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.0039% 1/27/27 (h)(i)(j) | 344,697 | 329,130 | |
Hightower Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.2776% 4/21/28 (h)(i)(j) | 2,309,900 | 2,136,658 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 2,465,788 | ||
Energy - 0.0% | |||
DT Midstream, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.8125% 6/12/28 (h)(i)(j) | 15,973 | 15,971 | |
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (c)(e)(h)(j) | 60,604 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(i)(j) | 35,876 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(i)(j) | 15,000 | 0 | |
TOTAL ENERGY | 15,971 | ||
Environmental - 0.2% | |||
LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.0039% 6/28/28 (h)(i)(j) | 694,750 | 663,486 | |
Food/Beverage/Tobacco - 0.0% | |||
Triton Water Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.1741% 3/31/28 (h)(i)(j) | 54,313 | 48,142 | |
Gaming - 0.5% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.7287% 1/27/29 (h)(i)(j) | 322,458 | 301,820 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 6.6% 10/20/24 (h)(i)(j) | 1,736,501 | 1,719,136 | |
TOTAL GAMING | 2,020,956 | ||
Healthcare - 0.7% | |||
Confluent Health LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7539% 11/30/28 (h)(i)(j) | 12,283 | 11,009 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.3383% 11/30/28 (h)(i)(j)(k) | 2,655 | 2,379 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 5/4/28 (h)(i)(j) | 19,750 | 19,281 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 5/5/28 (h)(i)(j) | 48,990 | 48,347 | |
Medical Solutions Holdings, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3769% 11/1/28 (h)(i)(j) | 343,100 | 330,234 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.250% 11/1/28 (i)(j)(k) | 55,200 | 53,130 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 10/23/28 (h)(i)(j) | 114,425 | 105,080 | |
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1875% 6/2/28 (h)(i)(j) | 1,621,008 | 1,578,457 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.4241% 11/30/27 (h)(i)(j) | 14,849 | 14,325 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 11/15/28 (h)(i)(j) | 59,700 | 57,409 | |
RadNet Management, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 4/23/28 (h)(i)(j) | 345,625 | 334,824 | |
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3779% 10/1/28 (h)(i)(j) | 29,700 | 28,141 | |
TOTAL HEALTHCARE | 2,582,616 | ||
Hotels - 0.0% | |||
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 8/2/28 (h)(i)(j) | 49,500 | 48,696 | |
Insurance - 0.8% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 5/10/25 (h)(i)(j) | 295,373 | 286,559 | |
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.9799% 11/12/27 (h)(i)(j) | 1,603,950 | 1,546,946 | |
AssuredPartners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 2/13/27 (h)(i)(j) | 1,344,684 | 1,280,811 | |
TOTAL INSURANCE | 3,114,316 | ||
Leisure - 0.1% | |||
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.2539% 5/28/28 (h)(i)(j) | 395,000 | 370,561 | |
MajorDrive Holdings IV LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.125% 5/12/28 (h)(i)(j) | 24,688 | 22,686 | |
TOTAL LEISURE | 393,247 | ||
Paper - 0.4% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.0037% 4/13/29 (h)(i)(j) | 1,579,800 | 1,519,452 | |
Services - 1.6% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.3287% 12/21/28 (h)(i)(j) | 49,875 | 47,818 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 5/14/28 (h)(i)(j) | 2,269,800 | 2,055,599 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (h)(i)(j) | 20,000 | 16,925 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (h)(i)(j) | 2,433,613 | 2,227,437 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 8.493% 6/21/24 (h)(i)(j) | 1,500,000 | 1,294,695 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 9/30/28 (h)(i)(j) | 14,850 | 14,389 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.3125% 6/2/28 (h)(i)(j) | 49,500 | 36,369 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (h)(i)(j) | 638,625 | 560,662 | |
TOTAL SERVICES | 6,253,894 | ||
Super Retail - 0.9% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/5/28 (h)(i)(j) | 3,138,030 | 2,948,179 | |
Empire Today LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.3003% 4/1/28 (h)(i)(j) | 494,987 | 363,816 | |
TOTAL SUPER RETAIL | 3,311,995 | ||
Technology - 0.9% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.7032% 2/16/28 (h)(i)(j) | 10,156 | 9,915 | |
Aptean, Inc. 2LN, term loan 1 month U.S. LIBOR + 7.000% 10.0696% 4/23/27 (h)(i)(j) | 200,000 | 183,000 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (h)(i)(j) | 2,255,859 | 2,056,599 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (i)(j)(k) | 383,307 | 349,450 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 6.750% 10.5039% 3/31/29 (h)(i)(j) | 80,000 | 74,400 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/31/28 (h)(i)(j) | 14,813 | 13,969 | |
Electro Rent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 9.2776% 1/31/24 (h)(i)(j) | 393,734 | 369,125 | |
Maverick Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1647% 5/18/28 (h)(i)(j) | 297,019 | 280,683 | |
Park Place Technologies LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.8287% 11/10/27 (h)(i)(j) | 344,750 | 326,220 | |
TOTAL TECHNOLOGY | 3,663,361 | ||
Telecommunications - 1.0% | |||
Cablevision Lightpath LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.6621% 11/30/27 (h)(i)(j) | 1,343,860 | 1,309,591 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.25% 10/2/27 (h)(i)(j) | 700,000 | 582,967 | |
Intelsat Jackson Holdings SA 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.4449% 2/1/29 (h)(i)(j) | 1,427,628 | 1,373,207 | |
Northwest Fiber LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.9766% 4/30/27 (h)(i)(j) | 152,675 | 147,255 | |
Windstream Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 10.0039% 9/21/27 (h)(i)(j) | 344,634 | 308,234 | |
TOTAL TELECOMMUNICATIONS | 3,721,254 | ||
Textiles/Apparel - 0.1% | |||
Tory Burch LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 4/14/28 (h)(i)(j) | 296,250 | 270,236 | |
Utilities - 1.3% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 7.4787% 8/1/25 (h)(i)(j) | 1,620,000 | 1,607,089 | |
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.8148% 2/15/24 (h)(i)(j) | 458,588 | 313,940 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.8125% 6/23/25 (h)(i)(j) | 3,024,560 | 2,970,874 | |
TOTAL UTILITIES | 4,891,903 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $44,441,051) | 43,082,832 | ||
Money Market Funds - 17.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (l) (Cost $65,575,673) | 65,562,600 | 65,575,712 | |
TOTAL INVESTMENT IN SECURITIES - 105.1% (Cost $412,878,254) | 404,397,235 |
NET OTHER ASSETS (LIABILITIES) - (5.1)% | (19,552,665) |
NET ASSETS - 100.0% | 384,844,570 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $245,352 or 0.1% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $205,200,044 or 53.3% of net assets. |
(e) | Non-income producing - Security is in default. |
(f) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(g) | Non-income producing |
(h) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(i) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $440,205 and $404,102, respectively. |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 15,159 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 26,231 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 6,370,650 | 306,512,727 | 247,307,665 | 148,634 | - | - | 65,575,712 | 0.1% |
Total | 6,370,650 | 306,512,727 | 247,307,665 | 148,634 | - | - | 65,575,712 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 248,839 | 142,284 | - | 106,555 |
Financials | 2,698 | - | - | 2,698 |
Corporate Bonds | 295,487,154 | - | 295,241,802 | 245,352 |
Bank Loan Obligations | 43,082,832 | - | 42,810,776 | 272,056 |
Money Market Funds | 65,575,712 | 65,575,712 | - | - |
Total Investments in Securities: | 404,397,235 | 65,717,996 | 338,052,578 | 626,661 |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $347,302,581) | $338,821,523 | |||
Fidelity Central Funds (cost $65,575,673) | 65,575,712 | |||
Total Investment in Securities (cost $412,878,254) | $ | 404,397,235 | ||
Cash | 356,933 | |||
Receivable for investments sold | 27,435 | |||
Receivable for fund shares sold | 11,632,983 | |||
Interest receivable | 4,760,810 | |||
Distributions receivable from Fidelity Central Funds | 94,050 | |||
Prepaid expenses | 185 | |||
Receivable from investment adviser for expense reductions | 44,522 | |||
Total assets | 421,314,153 | |||
Liabilities | ||||
Payable for investments purchased | $36,190,053 | |||
Payable for fund shares redeemed | 51,421 | |||
Distributions payable | 76,061 | |||
Accrued management fee | 78,998 | |||
Distribution and service plan fees payable | 7,457 | |||
Other affiliated payables | 25,810 | |||
Other payables and accrued expenses | 39,783 | |||
Total Liabilities | 36,469,583 | |||
Net Assets | $ | 384,844,570 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 402,967,818 | ||
Total accumulated earnings (loss) | (18,123,248) | |||
Net Assets | $ | 384,844,570 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($21,740,730 ÷ 2,547,170 shares) (a) | $ | 8.54 | ||
Maximum offering price per share (100/96.00 of $8.54) | $ | 8.90 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,526,948 ÷ 296,090 shares) (a) | $ | 8.53 | ||
Maximum offering price per share (100/96.00 of $8.53) | $ | 8.89 | ||
Class C : | ||||
Net Asset Value and offering price per share ($2,979,204 ÷ 348,997 shares) (a) | $ | 8.54 | ||
Short Duration High Income : | ||||
Net Asset Value , offering price and redemption price per share ($341,841,376 ÷ 40,048,117 shares) | $ | 8.54 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($5,296,205 ÷ 620,447 shares) | $ | 8.54 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($10,460,107 ÷ 1,224,986 shares) | $ | 8.54 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 510 | ||
Interest | 3,363,015 | |||
Income from Fidelity Central Funds | 148,634 | |||
Total Income | 3,512,159 | |||
Expenses | ||||
Management fee | $ | 356,866 | ||
Transfer agent fees | 76,428 | |||
Distribution and service plan fees | 46,949 | |||
Accounting fees and expenses | 26,659 | |||
Custodian fees and expenses | 5,096 | |||
Independent trustees' fees and expenses | 208 | |||
Registration fees | 81,711 | |||
Audit | 34,540 | |||
Legal | 6,717 | |||
Miscellaneous | 327 | |||
Total expenses before reductions | 635,501 | |||
Expense reductions | (94,733) | |||
Total expenses after reductions | 540,768 | |||
Net Investment income (loss) | 2,971,391 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,965,028) | |||
Total net realized gain (loss) | (1,965,028) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (2,462,650) | |||
Net gain (loss) | (4,427,678) | |||
Net increase (decrease) in net assets resulting from operations | $ | (1,456,287) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,971,391 | $ | 4,424,773 |
Net realized gain (loss) | (1,965,028) | 118,598 | ||
Change in net unrealized appreciation (depreciation) | (2,462,650) | (7,771,418) | ||
Net increase (decrease) in net assets resulting from operations | (1,456,287) | (3,228,047) | ||
Distributions to shareholders | (2,713,986) | (4,340,504) | ||
Share transactions - net increase (decrease) | 261,515,211 | 19,732,716 | ||
Total increase (decrease) in net assets | 257,344,938 | 12,164,165 | ||
Net Assets | ||||
Beginning of period | 127,499,632 | 115,335,467 | ||
End of period | $ | 384,844,570 | $ | 127,499,632 |
Fidelity Advisor® Short Duration High Income Fund Class A |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 | $ | 9.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .190 | .307 | .300 | .348 | .409 | .381 | ||||||
Net realized and unrealized gain (loss) | (.457) | (.546) | .651 | (.571) | .004 | (.159) | ||||||
Total from investment operations | (.267) | (.239) | .951 | (.223) | .413 | .222 | ||||||
Distributions from net investment income | (.173) | (.301) | (.301) | (.347) | (.393) | (.373) | ||||||
Total distributions | (.173) | (.301) | (.301) | (.347) | (.393) | (.373) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 8.54 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Total Return C,D,E | (2.98)% | (2.60)% | 10.83% | (2.47)% | 4.52% | 2.36% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.17% H | 1.13% | 1.15% | 1.15% | 1.15% | 1.16% | ||||||
Expenses net of fee waivers, if any | 1.01% H | 1.01% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||
Expenses net of all reductions | 1.01% H | 1.01% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||
Net investment income (loss) | 4.35% H | 3.27% | 3.21% | 3.74% | 4.37% | 4.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 21,741 | $ | 22,554 | $ | 17,126 | $ | 12,603 | $ | 15,050 | $ | 12,351 |
Portfolio turnover rate I | 25% H | 42% | 74% | 77% | 33% | 65% |
Fidelity Advisor® Short Duration High Income Fund Class M |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 | $ | 9.42 | $ | 9.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .190 | .307 | .300 | .348 | .408 | .382 | ||||||
Net realized and unrealized gain (loss) | (.467) | (.546) | .661 | (.581) | .005 | (.160) | ||||||
Total from investment operations | (.277) | (.239) | .961 | (.233) | .413 | .222 | ||||||
Distributions from net investment income | (.173) | (.301) | (.301) | (.347) | (.393) | (.373) | ||||||
Total distributions | (.173) | (.301) | (.301) | (.347) | (.393) | (.373) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 8.53 | $ | 8.98 | $ | 9.52 | $ | 8.86 | $ | 9.44 | $ | 9.42 |
Total Return C,D,E | (3.09)% | (2.60)% | 10.96% | (2.58)% | 4.52% | 2.36% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.17% H | 1.13% | 1.17% | 1.16% | 1.16% | 1.16% | ||||||
Expenses net of fee waivers, if any | 1.01% H | 1.01% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||
Expenses net of all reductions | 1.01% H | 1.01% | 1.05% | 1.05% | 1.05% | 1.05% | ||||||
Net investment income (loss) | 4.35% H | 3.27% | 3.21% | 3.74% | 4.37% | 4.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,527 | $ | 2,812 | $ | 2,289 | $ | 2,106 | $ | 2,537 | $ | 2,081 |
Portfolio turnover rate I | 25% H | 42% | 74% | 77% | 33% | 65% |
Fidelity Advisor® Short Duration High Income Fund Class C |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 | $ | 9.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .158 | .237 | .230 | .278 | .338 | .310 | ||||||
Net realized and unrealized gain (loss) | (.458) | (.546) | .651 | (.571) | .005 | (.159) | ||||||
Total from investment operations | (.300) | (.309) | .881 | (.293) | .343 | .151 | ||||||
Distributions from net investment income | (.140) | (.231) | (.231) | (.277) | (.323) | (.302) | ||||||
Total distributions | (.140) | (.231) | (.231) | (.277) | (.323) | (.302) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 8.54 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Total Return C,D,E | (3.34)% | (3.33)% | 10.01% | (3.20)% | 3.74% | 1.59% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.95% H | 1.91% | 1.94% | 1.93% | 1.92% | 1.93% | ||||||
Expenses net of fee waivers, if any | 1.76% H | 1.76% | 1.80% | 1.80% | 1.80% | 1.80% | ||||||
Expenses net of all reductions | 1.76% H | 1.76% | 1.80% | 1.80% | 1.80% | 1.80% | ||||||
Net investment income (loss) | 3.60% H | 2.52% | 2.46% | 2.99% | 3.61% | 3.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,979 | $ | 3,884 | $ | 4,018 | $ | 4,017 | $ | 4,541 | $ | 5,146 |
Portfolio turnover rate I | 25% H | 42% | 74% | 77% | 33% | 65% |
Fidelity® Short Duration High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 | $ | 9.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .196 | .331 | .323 | .372 | .431 | .405 | ||||||
Net realized and unrealized gain (loss) | (.452) | (.546) | .651 | (.572) | .006 | (.159) | ||||||
Total from investment operations | (.256) | (.215) | .974 | (.200) | .437 | .246 | ||||||
Distributions from net investment income | (.184) | (.325) | (.324) | (.370) | (.417) | (.397) | ||||||
Total distributions | (.184) | (.325) | (.324) | (.370) | (.417) | (.397) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 8.54 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Total Return C,D | (2.85)% | (2.35)% | 11.11% | (2.23)% | 4.78% | 2.61% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .89% G | .83% | .87% | .86% | .86% | .86% | ||||||
Expenses net of fee waivers, if any | .76% G | .75% | .80% | .80% | .80% | .80% | ||||||
Expenses net of all reductions | .76% G | .75% | .80% | .80% | .80% | .80% | ||||||
Net investment income (loss) | 4.60% G | 3.52% | 3.46% | 3.99% | 4.61% | 4.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 341,841 | $ | 87,949 | $ | 83,066 | $ | 63,703 | $ | 88,429 | $ | 83,652 |
Portfolio turnover rate H | 25% G | 42% | 74% | 77% | 33% | 65% |
Fidelity Advisor® Short Duration High Income Fund Class I |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 | $ | 9.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .201 | .331 | .323 | .372 | .430 | .406 | ||||||
Net realized and unrealized gain (loss) | (.457) | (.546) | .651 | (.572) | .007 | (.160) | ||||||
Total from investment operations | (.256) | (.215) | .974 | (.200) | .437 | .246 | ||||||
Distributions from net investment income | (.184) | (.325) | (.324) | (.370) | (.417) | (.397) | ||||||
Total distributions | (.184) | (.325) | (.324) | (.370) | (.417) | (.397) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 8.54 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.44 | $ | 9.42 |
Total Return C,D | (2.85)% | (2.35)% | 11.11% | (2.23)% | 4.78% | 2.61% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .92% G | .88% | .92% | .89% | .89% | .91% | ||||||
Expenses net of fee waivers, if any | .76% G | .76% | .80% | .80% | .80% | .80% | ||||||
Expenses net of all reductions | .76% G | .76% | .80% | .80% | .80% | .80% | ||||||
Net investment income (loss) | 4.60% G | 3.52% | 3.46% | 3.99% | 4.60% | 4.25% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 5,296 | $ | 5,055 | $ | 5,023 | $ | 3,950 | $ | 4,060 | $ | 4,686 |
Portfolio turnover rate H | 25% G | 42% | 74% | 77% | 33% | 65% |
Fidelity Advisor® Short Duration High Income Fund Class Z |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 | $ | 9.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .203 | .339 | .331 | .378 | .261 | |||||
Net realized and unrealized gain (loss) | (.455) | (.546) | .652 | (.579) | (.016) | |||||
Total from investment operations | (.252) | (.207) | .983 | (.201) | .245 | |||||
Distributions from net investment income | (.188) | (.333) | (.333) | (.379) | (.255) | |||||
Total distributions | (.188) | (.333) | (.333) | (.379) | (.255) | |||||
Net asset value, end of period | $ | 8.54 | $ | 8.98 | $ | 9.52 | $ | 8.87 | $ | 9.45 |
Total Return D,E | (2.81)% | (2.27)% | 11.21% | (2.24)% | 2.67% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .84% H | .78% | .80% | .80% | .82% H | |||||
Expenses net of fee waivers, if any | .67% H | .66% | .71% | .71% | .71% H | |||||
Expenses net of all reductions | .67% H | .66% | .71% | .71% | .71% H | |||||
Net investment income (loss) | 4.69% H | 3.61% | 3.55% | 4.08% | 4.86% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 10,460 | $ | 5,246 | $ | 3,815 | $ | 2,031 | $ | 425 |
Portfolio turnover rate I | 25% H | 42% | 74% | 77% | 33% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $ 2,953,431 |
Gross unrealized depreciation | (11,052,163) |
Net unrealized appreciation (depreciation) | $(8,098,732) |
Tax cost | $412,495,967 |
Short-term | $(3,792,571) |
Long-term | (4,386,800) |
Total capital loss carryforward | $(8,179,371) |
Purchases ($) | Sales ($) | |
Fidelity Short Duration High Income Fund | 241,762,360 | 18,417,271 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $26,671 | $2,242 |
Class M | - % | .25% | 3,402 | - |
Class C | .75% | .25% | 16,876 | 3,578 |
$46,949 | $5,820 |
Retained by FDC | |
Class A | $3,102 |
Class M | 1,010 |
Class C A | 550 |
$4,662 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $14,915 | .14 |
Class M | 1,899 | .14 |
Class C | 3,075 | .18 |
Short Duration High Income | 51,336 | .11 |
Class I | 3,331 | .14 |
Class Z | 1,872 | .05 |
$76,428 |
% of Average Net Assets | |
Fidelity Short Duration High Income Fund | .04 |
Amount | |
Fidelity Short Duration High Income Fund | $108 |
Expense Limitations | Reimbursement | |
Class A | 1.00% | $17,254 |
Class M | 1.00% | 2,175 |
Class C | 1.75% | 3,283 |
Short Duration High Income | .75% | 60,141 |
Class I | .75% | 3,951 |
Class Z | .66% | 6,295 |
$93,099 |
Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Short Duration High Income Fund | ||
Distributions to shareholders | ||
Class A | $426,075 | $614,597 |
Class M | 54,298 | 77,641 |
Class C | 54,563 | 95,717 |
Short Duration High Income | 1,912,188 | 3,213,389 |
Class I | 103,890 | 183,793 |
Class Z | 162,972 | 155,367 |
Total | $2,713,986 | $4,340,504 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2022 | Year ended April 30, 2022 | Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Short Duration High Income Fund | ||||
Class A | ||||
Shares sold | 461,406 | 1,205,485 | $ 4,013,624 | $ 11,197,038 |
Reinvestment of distributions | 48,114 | 64,152 | 414,791 | 601,003 |
Shares redeemed | (474,292) | (557,369) | (4,118,719) | (5,198,452) |
Net increase (decrease) | 35,228 | 712,268 | $309,696 | $6,599,589 |
Class M | ||||
Shares sold | 68,864 | 108,902 | $ 595,002 | $ 1,014,540 |
Reinvestment of distributions | 6,029 | 8,107 | 52,018 | 75,921 |
Shares redeemed | (91,932) | (44,415) | (790,641) | (417,836) |
Net increase (decrease) | (17,039) | 72,594 | $(143,621) | $672,625 |
Class C | ||||
Shares sold | 39,230 | 163,595 | $ 340,305 | $ 1,533,455 |
Reinvestment of distributions | 6,267 | 10,112 | 54,092 | 94,817 |
Shares redeemed | (128,896) | (163,460) | (1,118,628) | (1,537,583) |
Net increase (decrease) | (83,399) | 10,247 | $(724,231) | $90,689 |
Short Duration High Income | ||||
Shares sold | 32,777,061 | 6,342,757 | $ 277,930,549 | $ 59,798,674 |
Reinvestment of distributions | 190,655 | 287,476 | 1,643,764 | 2,695,908 |
Shares redeemed | (2,715,265) | (5,563,233) | (23,598,444) | (52,159,083) |
Net increase (decrease) | 30,252,451 | 1,067,000 | $255,975,869 | $10,335,499 |
Class I | ||||
Shares sold | 169,345 | 206,284 | $ 1,464,888 | $ 1,943,410 |
Reinvestment of distributions | 10,843 | 18,034 | 93,498 | 169,177 |
Shares redeemed | (122,560) | (189,184) | (1,059,579) | (1,770,381) |
Net increase (decrease) | 57,628 | 35,134 | $498,807 | $342,206 |
Class Z | ||||
Shares sold | 737,046 | 448,784 | $ 6,426,249 | $ 4,184,309 |
Reinvestment of distributions | 13,157 | 14,784 | 113,330 | 138,688 |
Shares redeemed | (109,462) | (280,177) | (940,888) | (2,630,889) |
Net increase (decrease) | 640,741 | 183,391 | $5,598,691 | $1,692,108 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Short Duration High Income Fund | ||||||||||
Class A | 1.01% | |||||||||
Actual | $ 1,000 | $ 970.20 | $ 5.02 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.11 | $ 5.14 | |||||||
Class M | 1.01% | |||||||||
Actual | $ 1,000 | $ 969.10 | $ 5.01 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.11 | $ 5.14 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 966.60 | $ 8.72 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.33 | $ 8.94 | |||||||
Fidelity® Short Duration High Income Fund | .76% | |||||||||
Actual | $ 1,000 | $ 971.50 | $ 3.78 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.37 | $ 3.87 | |||||||
Class I | .76% | |||||||||
Actual | $ 1,000 | $ 971.50 | $ 3.78 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.37 | $ 3.87 | |||||||
Class Z | .67% | |||||||||
Actual | $ 1,000 | $ 971.90 | $ 3.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.83 | $ 3.41 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
New Fortress Energy, Inc. | 2.4 | |
Uniti Group LP / Uniti Group Finance, Inc. | 2.1 | |
Tenet Healthcare Corp. | 1.8 | |
TransDigm, Inc. | 1.8 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.7 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.6 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.6 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 1.6 | |
Community Health Systems, Inc. | 1.6 | |
PG&E Corp. | 1.5 | |
17.7 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 13.7 | |
Telecommunications | 8.6 | |
Healthcare | 8.5 | |
Services | 6.3 | |
Technology | 6.1 | |
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) |
Foreign investments - 18.1% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 83.9% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 1.9% | |||
Broadcasting - 1.0% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 11,320 | 10,267 | |
3.375% 8/15/26 | 30,171 | 20,863 | |
31,130 | |||
Energy - 0.9% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,681 | 9,966 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,898 | 17,178 | |
27,144 | |||
TOTAL CONVERTIBLE BONDS | 58,274 | ||
Nonconvertible Bonds - 82.0% | |||
Aerospace - 3.3% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 2,320 | 1,951 | |
5.875% 12/1/27 | 9,900 | 8,998 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 10,977 | 10,425 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 13,223 | 11,570 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 2,155 | 1,691 | |
4.625% 3/1/28 (d) | 11,680 | 10,218 | |
Moog, Inc. 4.25% 12/15/27 (d) | 462 | 413 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 5,930 | 5,050 | |
5.5% 11/15/27 | 38,717 | 35,039 | |
6.25% 3/15/26 (d) | 7,455 | 7,354 | |
7.5% 3/15/27 | 1,582 | 1,559 | |
8% 12/15/25 (d) | 3,605 | 3,668 | |
97,936 | |||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 3,130 | 2,981 | |
Automotive & Auto Parts - 0.3% | |||
Ford Motor Credit Co. LLC: | |||
2.9% 2/10/29 | 6,905 | 5,416 | |
3.815% 11/2/27 | 4,080 | 3,505 | |
8,921 | |||
Banks & Thrifts - 0.1% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 2,430 | 2,148 | |
Broadcasting - 1.2% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 22,770 | 4,554 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 4,065 | 3,040 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 5,800 | 4,986 | |
4.125% 7/1/30 (d) | 2,105 | 1,722 | |
5.5% 7/1/29 (d) | 6,685 | 6,166 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 4,880 | 4,645 | |
5% 9/15/29 | 1,775 | 1,683 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 5,615 | 4,727 | |
6.625% 6/1/27 (d) | 3,655 | 3,609 | |
35,132 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 4,541 | 4,211 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 5,595 | 4,477 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 3,455 | 3,034 | |
6% 12/1/29 (d) | 3,095 | 2,524 | |
14,246 | |||
Cable/Satellite TV - 4.2% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 11,784 | 9,309 | |
4.25% 1/15/34 (d) | 1,415 | 1,040 | |
4.5% 8/15/30 (d) | 14,630 | 11,873 | |
4.5% 5/1/32 | 12,236 | 9,666 | |
4.5% 6/1/33 (d) | 8,145 | 6,176 | |
4.75% 3/1/30 (d) | 5,630 | 4,731 | |
4.75% 2/1/32 (d) | 1,415 | 1,132 | |
5% 2/1/28 (d) | 3,840 | 3,475 | |
5.375% 6/1/29 (d) | 4,390 | 3,922 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 5,000 | 3,625 | |
4.125% 12/1/30 (d) | 2,939 | 2,312 | |
4.5% 11/15/31 (d) | 1,430 | 1,112 | |
4.625% 12/1/30 (d) | 17,824 | 12,829 | |
5.375% 2/1/28 (d) | 15,430 | 14,234 | |
5.75% 1/15/30 (d) | 3,475 | 2,658 | |
7.5% 4/1/28 (d) | 2,935 | 2,543 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 4,188 | 3,566 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 4,479 | 3,785 | |
6.5% 9/15/28 (d) | 19,428 | 12,240 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 7,800 | 6,783 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (d) | 4,250 | 3,368 | |
Ziggo BV 4.875% 1/15/30 (d) | 5,505 | 4,652 | |
125,031 | |||
Capital Goods - 0.8% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 4,685 | 4,062 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 5,610 | 4,637 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 18,314 | 16,414 | |
25,113 | |||
Chemicals - 4.0% | |||
CVR Partners LP 6.125% 6/15/28 (d) | 5,120 | 4,632 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 6,534 | 5,554 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 11,080 | 10,044 | |
7% 12/31/27 (d) | 1,080 | 907 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 10,150 | 9,215 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 11,101 | 10,075 | |
5.65% 12/1/44 | 4,229 | 2,907 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 5,020 | 4,092 | |
4.875% 6/1/24 (d) | 4,330 | 4,211 | |
5% 5/1/25 (d) | 2,270 | 2,162 | |
5.25% 6/1/27 (d) | 12,500 | 11,157 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 6,520 | 5,515 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 5,155 | 4,185 | |
6.25% 10/1/29 (d) | 5,435 | 3,763 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 3,935 | 3,128 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 7,595 | 5,924 | |
5.375% 5/15/27 | 10,144 | 9,083 | |
5.75% 11/15/28 (d) | 19,200 | 16,310 | |
W.R. Grace Holding LLC 5.625% 8/15/29 (d) | 8,100 | 6,261 | |
119,125 | |||
Consumer Products - 0.3% | |||
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 2,870 | 2,618 | |
3.75% 4/1/29 (d) | 8,300 | 7,163 | |
9,781 | |||
Containers - 0.8% | |||
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 2,160 | 1,857 | |
Sealed Air Corp. 5% 4/15/29 (d) | 5,450 | 4,971 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 8,787 | 8,066 | |
8.5% 8/15/27 (d) | 9,951 | 9,357 | |
24,251 | |||
Diversified Financial Services - 3.4% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 11,430 | 7,471 | |
3.625% 10/1/31 (d) | 12,385 | 7,334 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 5,410 | 4,404 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 7,160 | 5,978 | |
5.25% 5/15/27 | 30,900 | 28,467 | |
6.25% 5/15/26 | 14,341 | 13,803 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 3,635 | 2,893 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 8,300 | 6,807 | |
3.875% 9/15/28 | 14,215 | 11,069 | |
6.875% 3/15/25 | 4,415 | 4,283 | |
7.125% 3/15/26 | 11,800 | 11,387 | |
103,896 | |||
Diversified Media - 0.6% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 19,948 | 16,969 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 2,212 | 1,875 | |
18,844 | |||
Energy - 11.6% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 3,635 | 3,410 | |
Apache Corp. 4.25% 1/15/30 | 1,960 | 1,744 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 6,465 | 5,479 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 11,308 | 11,137 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 1,580 | 1,568 | |
Colgate Energy Partners III LLC: | |||
5.875% 7/1/29 (d) | 7,855 | 7,286 | |
7.75% 2/15/26 (d) | 660 | 657 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 6,180 | 5,577 | |
6.75% 3/1/29 (d) | 10,655 | 10,202 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 27,398 | 25,770 | |
5.75% 4/1/25 | 9,497 | 9,260 | |
6% 2/1/29 (d) | 12,181 | 11,390 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 2,510 | 2,280 | |
5.625% 10/15/25 (d) | 560 | 542 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 10,329 | 9,953 | |
5.75% 2/15/28 (d) | 6,813 | 6,166 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 12,355 | 11,063 | |
DT Midstream, Inc. 4.125% 6/15/29 (d) | 4,090 | 3,536 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 1,630 | 1,562 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (d) | 355 | 344 | |
6.5% 7/1/27 (d) | 4,947 | 4,823 | |
7.5% 6/1/27 (d) | 1,735 | 1,713 | |
7.5% 6/1/30 (d) | 1,735 | 1,687 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 4,610 | 4,171 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 2,365 | 2,267 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,880 | 1,608 | |
5.125% 6/15/28 (d) | 7,610 | 7,001 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 1,960 | 1,793 | |
6.25% 11/1/28 (d) | 1,960 | 1,842 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 4,080 | 3,687 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(e) | 28,768 | 0 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 34,475 | 33,441 | |
6.75% 9/15/25 (d) | 35,507 | 34,857 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 10,365 | 9,377 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 1,000 | 1,003 | |
7.5% 5/1/31 | 6,195 | 6,660 | |
7.875% 9/15/31 | 1,135 | 1,235 | |
8% 7/15/25 | 1,000 | 1,056 | |
8.875% 7/15/30 | 4,715 | 5,352 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 1,900 | 1,606 | |
4.95% 7/15/29 (d) | 4,294 | 3,767 | |
6.875% 4/15/40 (d) | 1,598 | 1,305 | |
SM Energy Co. 5.625% 6/1/25 | 5,210 | 5,061 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,580 | 3,090 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 5,094 | 4,375 | |
5.875% 3/15/28 | 4,990 | 4,750 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 2,990 | 2,534 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 9,865 | 8,845 | |
6% 3/1/27 (d) | 19,467 | 18,370 | |
6% 12/31/30 (d) | 8,825 | 7,989 | |
6% 9/1/31 (d) | 9,425 | 8,390 | |
7.5% 10/1/25 (d) | 3,260 | 3,292 | |
Transocean Guardian Ltd. 5.875% 1/15/24 (d) | 2,679 | 2,604 | |
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (d) | 494 | 491 | |
Transocean Pontus Ltd. 6.125% 8/1/25 (d) | 1,380 | 1,329 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 2,157 | 2,065 | |
Transocean Proteus Ltd. 6.25% 12/1/24 (d) | 612 | 597 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 5,762 | 5,661 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 5,530 | 4,742 | |
4.125% 8/15/31 (d) | 5,475 | 4,668 | |
348,030 | |||
Environmental - 1.3% | |||
Covanta Holding Corp. 4.875% 12/1/29 (d) | 5,180 | 4,411 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 2,155 | 2,074 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 10,535 | 8,718 | |
5.875% 6/30/29 (d) | 24,280 | 16,632 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 6,570 | 5,707 | |
5.375% 7/15/24 (d) | 1,385 | 1,364 | |
38,906 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 22,063 | 18,257 | |
4.875% 2/15/30 (d) | 6,320 | 5,609 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 10,274 | 6,160 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 1,435 | 1,196 | |
31,222 | |||
Food/Beverage/Tobacco - 2.0% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 15,865 | 11,728 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 11,855 | 10,349 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 542 | 512 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 3,666 | 3,093 | |
5.5% 12/15/29 (d) | 3,587 | 3,228 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 11,870 | 9,946 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 2,065 | 1,742 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 20,435 | 15,477 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 2,045 | 1,774 | |
4.75% 2/15/29 (d) | 2,520 | 2,233 | |
60,082 | |||
Gaming - 2.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 10,355 | 8,644 | |
Caesars Entertainment, Inc. 8.125% 7/1/27 (d) | 17,724 | 17,237 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 11,230 | 8,816 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 6,091 | 5,984 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 2,400 | 2,116 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 6,920 | 5,121 | |
5.875% 9/1/31 (d) | 3,290 | 2,331 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 4,745 | 4,088 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (d) | 5,156 | 4,485 | |
58,822 | |||
Healthcare - 8.2% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 3,606 | 3,489 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 5,715 | 4,829 | |
AMN Healthcare 4% 4/15/29 (d) | 8,354 | 7,188 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 10,440 | 8,809 | |
4.625% 7/15/28 (d) | 3,355 | 3,032 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 6,396 | 4,925 | |
14% 10/15/30 (d) | 1,272 | 728 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 4,803 | 3,857 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 10,850 | 8,761 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 2,975 | 2,573 | |
4.25% 5/1/28 (d) | 768 | 699 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 10,365 | 6,944 | |
5.25% 5/15/30 (d) | 19,665 | 13,618 | |
5.625% 3/15/27 (d) | 13,825 | 11,017 | |
6% 1/15/29 (d) | 6,140 | 4,558 | |
6.125% 4/1/30 (d) | 7,445 | 3,052 | |
6.875% 4/15/29 (d) | 9,010 | 3,626 | |
8% 3/15/26 (d) | 3,135 | 2,704 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 5,375 | 4,533 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 2,170 | 1,569 | |
4.625% 6/1/30 (d) | 17,405 | 13,569 | |
Embecta Corp. 5% 2/15/30 (d) | 2,745 | 2,353 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 7,652 | 5,978 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 3,705 | 3,237 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 6,190 | 5,260 | |
4.625% 2/1/28 (d) | 134 | 125 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 13,450 | 11,937 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 2,030 | 1,728 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (d) | 3,370 | 2,864 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 8,310 | 7,176 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 17,765 | 15,648 | |
5.125% 4/30/31 (d) | 820 | 696 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 2,610 | 2,021 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 5,590 | 4,807 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 6,485 | 3,431 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 13,345 | 9,979 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 1,540 | 1,393 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 10,395 | 8,758 | |
4.375% 1/15/30 (d) | 4,965 | 4,166 | |
4.625% 6/15/28 (d) | 8,758 | 7,685 | |
6.125% 10/1/28 (d) | 27,845 | 24,100 | |
6.125% 6/15/30 (d) | 6,675 | 6,162 | |
6.25% 2/1/27 (d) | 3,134 | 2,991 | |
246,575 | |||
Homebuilders/Real Estate - 4.2% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 2,515 | 1,889 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 3,300 | 2,579 | |
4.375% 2/1/31 (d) | 3,300 | 2,480 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 13,055 | 10,248 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 8,490 | 5,840 | |
4.625% 8/1/29 | 3,950 | 3,129 | |
5% 10/15/27 | 28,110 | 24,071 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 7,220 | 6,635 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 9,350 | 7,321 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 19,235 | 15,724 | |
6.5% 2/15/29 (d) | 65,180 | 46,772 | |
126,688 | |||
Hotels - 0.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 9,245 | 7,361 | |
3.75% 5/1/29 (d) | 215 | 183 | |
4% 5/1/31 (d) | 4,375 | 3,657 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 4,395 | 3,869 | |
15,070 | |||
Insurance - 0.8% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (d) | 12,485 | 11,238 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 11,105 | 9,493 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 3,295 | 2,710 | |
23,441 | |||
Leisure - 2.9% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 17,425 | 12,110 | |
6% 5/1/29 (d) | 13,860 | 9,193 | |
6.65% 1/15/28 | 750 | 477 | |
7.625% 3/1/26 (d) | 19,060 | 14,332 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 3,585 | 2,526 | |
NCL Corp. Ltd.: | |||
3.625% 12/15/24 (d) | 9,685 | 8,406 | |
5.875% 3/15/26 (d) | 2,175 | 1,781 | |
7.75% 2/15/29 (d) | 4,840 | 3,849 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 1,660 | 1,291 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 10,620 | 8,390 | |
5.375% 7/15/27 (d) | 3,900 | 3,032 | |
5.5% 8/31/26 (d) | 10,740 | 8,781 | |
5.5% 4/1/28 (d) | 12,495 | 9,621 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 1,605 | 1,251 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 3,550 | 2,923 | |
87,963 | |||
Metals/Mining - 1.0% | |||
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 1,505 | 1,217 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 12,060 | 8,834 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 2,210 | 2,068 | |
6.875% 10/15/27 (d) | 9,420 | 8,724 | |
7.5% 4/1/25 (d) | 2,205 | 2,123 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 2,225 | 1,952 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 3,355 | 3,302 | |
PMHC II, Inc. 9% 2/15/30 (d) | 5,155 | 3,397 | |
31,617 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 3,020 | 2,291 | |
6% 6/15/27 (d) | 4,690 | 4,500 | |
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (d) | 1,950 | 1,851 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 1,010 | 970 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 3,520 | 2,266 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 11,670 | 9,291 | |
21,169 | |||
Publishing/Printing - 0.1% | |||
News Corp. 5.125% 2/15/32 (d) | 4,070 | 3,632 | |
Railroad - 0.4% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 13,385 | 10,877 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 7,316 | 5,972 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 1,415 | 1,455 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 8,980 | 7,678 | |
15,105 | |||
Services - 5.5% | |||
ADT Corp. 4.125% 8/1/29 (d) | 3,320 | 2,847 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 7,028 | 6,413 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 2,720 | 2,653 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 4,615 | 4,104 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 8,250 | 7,269 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 20,855 | 14,994 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 12,799 | 10,620 | |
8.25% 4/15/26 | 24,050 | 24,402 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 5,065 | 4,583 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 2,550 | 2,168 | |
3.75% 10/1/30 (d) | 1,885 | 1,583 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 21,299 | 19,981 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 11,295 | 9,883 | |
Service Corp. International: | |||
4% 5/15/31 | 6,490 | 5,388 | |
5.125% 6/1/29 | 5,213 | 4,856 | |
Sotheby's 7.375% 10/15/27 (d) | 18,225 | 17,633 | |
The GEO Group, Inc. 9.5% 12/31/28 (d) | 3,435 | 3,160 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 8,560 | 7,094 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 15,507 | 14,460 | |
164,091 | |||
Steel - 0.3% | |||
Commercial Metals Co. 4.125% 1/15/30 | 4,160 | 3,495 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 7,505 | 6,585 | |
10,080 | |||
Super Retail - 1.5% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,315 | 1,239 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 3,275 | 1,449 | |
5.5% 4/15/27 (d) | 4,845 | 2,302 | |
5.875% 10/1/28 (d) | 1,360 | 623 | |
10.25% 5/1/30 (d) | 715 | 429 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 8,108 | 7,297 | |
8.5% 10/30/25 (d) | 9,878 | 9,124 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 5,580 | 3,903 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 5,730 | 4,584 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 3,550 | 2,521 | |
7.875% 5/1/29 (d) | 2,730 | 1,522 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 4,150 | 3,013 | |
4.375% 4/1/30 | 2,760 | 2,118 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 8,395 | 6,632 | |
46,756 | |||
Technology - 5.3% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 13,710 | 11,105 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 1,845 | 1,439 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 8,405 | 7,281 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 1,955 | 1,677 | |
4.875% 7/1/29 (d) | 1,975 | 1,647 | |
Coherent Corp. 5% 12/15/29 (d) | 9,975 | 8,557 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (d) | 3,600 | 3,045 | |
7.125% 7/1/28 (d) | 6,360 | 5,386 | |
8.25% 3/1/27 (d) | 1,925 | 1,709 | |
Elastic NV 4.125% 7/15/29 (d) | 9,900 | 8,266 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 5,560 | 4,913 | |
5.95% 6/15/30 (d) | 7,700 | 7,026 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 4,490 | 4,161 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 12,845 | 10,212 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 11,700 | 10,025 | |
onsemi 3.875% 9/1/28 (d) | 3,675 | 3,238 | |
Open Text Corp. 3.875% 12/1/29 (d) | 10,960 | 8,686 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 7,610 | 5,025 | |
5.375% 12/1/28 (d) | 51,444 | 21,655 | |
Roblox Corp. 3.875% 5/1/30 (d) | 4,035 | 3,329 | |
Sensata Technologies BV 4% 4/15/29 (d) | 3,440 | 2,897 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 18,640 | 15,567 | |
Twilio, Inc. 3.875% 3/15/31 | 3,285 | 2,679 | |
Uber Technologies, Inc. 8% 11/1/26 (d) | 9,595 | 9,631 | |
159,156 | |||
Telecommunications - 8.2% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 7,363 | 5,822 | |
5.75% 8/15/29 (d) | 33,610 | 26,536 | |
Altice France Holding SA 6% 2/15/28 (d) | 15,943 | 10,423 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 18,614 | 14,007 | |
5.125% 7/15/29 (d) | 8,655 | 6,519 | |
5.5% 1/15/28 (d) | 5,700 | 4,570 | |
5.5% 10/15/29 (d) | 50 | 38 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 50,907 | 44,035 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 2,199 | 1,870 | |
5.625% 9/15/28 (d) | 1,290 | 1,026 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 2,395 | 1,856 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 5,510 | 4,821 | |
5.875% 10/15/27 (d) | 3,283 | 3,020 | |
5.875% 11/1/29 | 6,414 | 4,996 | |
6% 1/15/30 (d) | 5,455 | 4,266 | |
8.75% 5/15/30 (d) | 4,055 | 4,141 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 8,320 | 7,636 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 4,904 | 3,739 | |
4.25% 7/1/28 (d) | 17,615 | 14,532 | |
Lumen Technologies, Inc. 4.5% 1/15/29 (d) | 20,685 | 14,582 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 7,907 | 5,914 | |
5.125% 1/15/28 (d) | 3,560 | 3,031 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 1,577 | 1,390 | |
SBA Communications Corp. 3.125% 2/1/29 | 4,140 | 3,346 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,477 | 2,537 | |
7.2% 7/18/36 | 5,009 | 3,901 | |
7.721% 6/4/38 | 995 | 791 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 17,315 | 11,816 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 12,830 | 10,603 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 1,079 | 859 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 22,945 | 19,854 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 4,245 | 3,279 | |
6.125% 3/1/28 (d) | 3,438 | 2,286 | |
248,042 | |||
Textiles/Apparel - 0.3% | |||
Foot Locker, Inc. 4% 10/1/29 (d) | 9,010 | 6,888 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 1,460 | 1,171 | |
8,059 | |||
Transportation Ex Air/Rail - 0.6% | |||
Golar LNG Ltd. 7% 10/20/25 | 4,050 | 3,807 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 2,635 | 2,084 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 14,205 | 10,940 | |
16,831 | |||
Utilities - 3.5% | |||
Clearway Energy Operating LLC: | �� | ||
3.75% 2/15/31 (d) | 4,505 | 3,762 | |
4.75% 3/15/28 (d) | 1,540 | 1,422 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 8,471 | 8,053 | |
InterGen NV 7% 6/30/23 (d) | 19,797 | 19,376 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 6,240 | 5,198 | |
5.25% 6/15/29 (d) | 5,350 | 4,855 | |
PG&E Corp.: | |||
5% 7/1/28 | 14,760 | 13,303 | |
5.25% 7/1/30 | 23,760 | 21,039 | |
Pike Corp. 5.5% 9/1/28 (d) | 17,227 | 14,710 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 8,646 | 7,976 | |
5.625% 2/15/27 (d) | 6,375 | 6,077 | |
105,771 | |||
TOTAL NONCONVERTIBLE BONDS | 2,465,390 | ||
TOTAL CORPORATE BONDS (Cost $3,043,703) | 2,523,664 | ||
Common Stocks - 2.3% | |||
Shares | Value ($) (000s) | ||
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (f) | 267,294 | 1,767 | |
Energy - 0.9% | |||
California Resources Corp. warrants 10/27/24 (f) | 4,683 | 66 | |
Forbes Energy Services Ltd. (c)(f) | 47,062 | 0 | |
Jonah Energy Parent LLC (c)(f) | 212,612 | 13,522 | |
Mesquite Energy, Inc. (c)(f) | 213,506 | 11,835 | |
New Fortress Energy, Inc. | 53,705 | 2,958 | |
TOTAL ENERGY | 28,381 | ||
Food & Drug Retail - 0.9% | |||
Southeastern Grocers, Inc. (b)(c)(f) | 1,235,303 | 26,720 | |
Gaming - 0.2% | |||
Caesars Entertainment, Inc. (f) | 138,186 | 6,043 | |
Telecommunications - 0.0% | |||
CUI Acquisition Corp. Class E (c)(f) | 1 | 24 | |
GTT Communications, Inc. rights (c)(f) | 447,381 | 447 | |
TOTAL TELECOMMUNICATIONS | 471 | ||
Utilities - 0.2% | |||
EQT Corp. | 167,700 | 7,017 | |
TOTAL COMMON STOCKS (Cost $40,697) | 70,399 | ||
Bank Loan Obligations - 5.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Broadcasting - 0.2% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 11.208% 5/25/26 (g)(h)(i) | 5,004 | 4,795 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.458% 8/24/26 (g)(h)(i) | 11,511 | 2,233 | |
TOTAL BROADCASTING | 7,028 | ||
Building Materials - 0.1% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (g)(h)(i) | 5,443 | 3,775 | |
Chemicals - 0.5% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (c)(g)(h)(i) | 6,614 | 6,283 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (g)(h)(i) | 4,955 | 4,520 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (g)(h)(i) | 5,229 | 4,753 | |
TOTAL CHEMICALS | 15,556 | ||
Energy - 0.3% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (g)(h)(i) | 6,006 | 5,433 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (g)(h)(i) | 4,117 | 3,725 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(h)(i) | 3,958 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(i) | 1,690 | 0 | |
TOTAL ENERGY | 9,158 | ||
Healthcare - 0.3% | |||
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7041% 12/13/26 (g)(h)(i) | 346 | 328 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 10/1/27 (g)(h)(i) | 8,606 | 8,161 | |
TOTAL HEALTHCARE | 8,489 | ||
Insurance - 0.3% | |||
HUB International Ltd. Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.326% 4/25/25 (g)(h)(i) | 9,004 | 8,820 | |
Leisure - 0.5% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.484% 7/21/28 (g)(h)(i) | 14,834 | 13,759 | |
Paper - 0.2% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.0037% 4/13/29 (g)(h)(i) | 5,112 | 4,917 | |
Services - 0.8% | |||
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (g)(h)(i) | 610 | 516 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (g)(h)(i) | 5,616 | 5,141 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 8.493% 6/21/24 (g)(h)(i) | 11,726 | 10,121 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (g)(h)(i) | 8,745 | 7,677 | |
TOTAL SERVICES | 23,455 | ||
Super Retail - 0.5% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/5/28 (g)(h)(i) | 6,681 | 6,277 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.1207% 12/18/27 (g)(h)(i) | 11,491 | 9,804 | |
TOTAL SUPER RETAIL | 16,081 | ||
Technology - 0.8% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (g)(h)(i) | 14,214 | 12,959 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (h)(i)(j) | 2,415 | 2,202 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 7.0039% 4/4/26 (g)(h)(i) | 4,111 | 3,910 | |
Ultimate Software Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9983% 5/3/26 (g)(h)(i) | 4,404 | 4,243 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7539% 8/27/25 (g)(h)(i) | 1,959 | 1,932 | |
TOTAL TECHNOLOGY | 25,246 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10% 5/31/25 (g)(h)(i) | 17,149 | 11,809 | |
Utilities - 0.5% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 7.4787% 8/1/25 (g)(h)(i) | 3,270 | 3,244 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.8125% 6/23/25 (g)(h)(i) | 10,329 | 10,145 | |
TOTAL UTILITIES | 13,389 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $181,281) | 161,482 | ||
Other - 0.7% | |||
Shares | Value ($) (000s) | ||
Other - 0.7% | |||
Fidelity Direct Lending Fund, LP (b)(k) (Cost $23,313) | 23,052 | ||
Money Market Funds - 5.9% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 3.10% (l) (Cost $177,204) | 177,168,644 | 177,204 | |
TOTAL INVESTMENT IN SECURITIES - 98.2% (Cost $3,466,198) | 2,955,801 |
NET OTHER ASSETS (LIABILITIES) - 1.8% | 52,694 |
NET ASSETS - 100.0% | 3,008,495 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $76,916,000 or 2.6% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,063,494,000 or 68.6% of net assets. |
(e) | Non-income producing - Security is in default. |
(f) | Non-income producing |
(g) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(h) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $2,415,000 and $2,202,000, respectively. |
(k) | Affiliated Fund |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Fidelity Direct Lending Fund, LP | 12/09/21 - 10/31/22 | 23,313 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 1,682 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 2,899 |
Southeastern Grocers, Inc. | 6/01/18 | 8,689 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 69,623 | 568,779 | 461,198 | 1,346 | - | - | 177,204 | 0.4% |
Total | 69,623 | 568,779 | 461,198 | 1,346 | - | - | 177,204 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Direct Lending Fund, LP | 14,951 | 8,376 | - | 831 | - | (275) | 23,052 |
14,951 | 8,376 | - | 831 | - | (275) | 23,052 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,791 | 1,767 | - | 24 |
Consumer Discretionary | 6,043 | 6,043 | - | - |
Consumer Staples | 26,720 | - | - | 26,720 |
Energy | 35,398 | 10,041 | - | 25,357 |
Information Technology | 447 | - | - | 447 |
Corporate Bonds | 2,523,664 | - | 2,496,520 | 27,144 |
Bank Loan Obligations | 161,482 | - | 155,199 | 6,283 |
Money Market Funds | 177,204 | 177,204 | - | - |
Total Investments in Securities: | 2,932,749 | 195,055 | 2,651,719 | 85,975 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 84,840 | |
Net Realized Gain (Loss) on Investment Securities | (7) | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,574 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (454) | ||
Amortization/Accretion | 22 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 85,975 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | 1,574 | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | October 31, 2022 (Unaudited) | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,265,681) | $2,755,545 | |||
Fidelity Central Funds (cost $177,204) | 177,204 | |||
Other affiliated issuers (cost $23,313) | 23,052 | |||
Total Investment in Securities (cost $3,466,198) | $ | 2,955,801 | ||
Cash | 121 | |||
Receivable for investments sold | 29,786 | |||
Receivable for fund shares sold | 1,826 | |||
Dividends receivable | 230 | |||
Interest receivable | 43,708 | |||
Distributions receivable from Fidelity Central Funds | 381 | |||
Prepaid expenses | 5 | |||
Total assets | 3,031,858 | |||
Liabilities | ||||
Payable for investments purchased | $15,326 | |||
Payable for fund shares redeemed | 3,747 | |||
Distributions payable | 2,455 | |||
Accrued management fee | 1,353 | |||
Distribution and service plan fees payable | 41 | |||
Other affiliated payables | 392 | |||
Other payables and accrued expenses | 49 | |||
Total Liabilities | 23,363 | |||
Net Assets | $ | 3,008,495 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,977,024 | ||
Total accumulated earnings (loss) | (968,529) | |||
Net Assets | $ | 3,008,495 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($119,478 ÷ 16,342 shares) (a) | $ | 7.31 | ||
Maximum offering price per share (100/96.00 of $7.31) | $ | 7.61 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($27,598 ÷ 3,775 shares) (a) | $ | 7.31 | ||
Maximum offering price per share (100/96.00 of $7.31) | $ | 7.61 | ||
Class C : | ||||
Net Asset Value and offering price per share ($13,394 ÷ 1,831 shares) (a)(b) | $ | 7.31 | ||
Fidelity High Income Fund : | ||||
Net Asset Value , offering price and redemption price per share ($2,694,659 ÷ 368,552 shares) | $ | 7.31 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($94,239 ÷ 12,884 shares) | $ | 7.31 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($59,127 ÷ 8,086 shares) | $ | 7.31 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or units |
Statement of Operations | ||||
Amounts in thousands | Six months ended October 31, 2022 (Unaudited) | |||
Investment Income | ||||
Dividends (including $831 earned from affiliated issuers) | $ | 7,649 | ||
Interest | 87,093 | |||
Income from Fidelity Central Funds | 1,346 | |||
Total Income | 96,088 | |||
Expenses | ||||
Management fee | $ | 8,756 | ||
Transfer agent fees | 1,979 | |||
Distribution and service plan fees | 264 | |||
Accounting fees and expenses | 509 | |||
Custodian fees and expenses | 11 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 50 | |||
Audit | 53 | |||
Legal | 500 | |||
Miscellaneous | 12 | |||
Total expenses before reductions | 12,140 | |||
Expense reductions | (56) | |||
Total expenses after reductions | 12,084 | |||
Net Investment income (loss) | 84,004 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (82,652) | |||
Total net realized gain (loss) | (82,652) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (180,176) | |||
Affiliated issuers | (275) | |||
Total change in net unrealized appreciation (depreciation) | (180,451) | |||
Net gain (loss) | (263,103) | |||
Net increase (decrease) in net assets resulting from operations | $ | (179,099) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 84,004 | $ | 220,892 |
Net realized gain (loss) | (82,652) | 211,004 | ||
Change in net unrealized appreciation (depreciation) | (180,451) | (556,211) | ||
Net increase (decrease) in net assets resulting from operations | (179,099) | (124,315) | ||
Distributions to shareholders | (78,128) | (240,456) | ||
Share transactions - net increase (decrease) | (313,082) | (4,669,187) | ||
Total increase (decrease) in net assets | (570,309) | (5,033,958) | ||
Net Assets | ||||
Beginning of period | 3,578,804 | 8,612,762 | ||
End of period | $ | 3,008,495 | $ | 3,578,804 |
Fidelity Advisor® High Income Fund Class A |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .187 | .345 | .368 | .438 | .192 | |||||
Net realized and unrealized gain (loss) | (.614) | (.760) | .772 | (.908) | .286 | |||||
Total from investment operations | (.427) | (.415) | 1.140 | (.470) | .478 | |||||
Distributions from net investment income | (.173) | (.385) | (.360) | (.430) | (.208) | |||||
Total distributions | (.173) | (.385) | (.360) | (.430) | (.208) | |||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (5.41)% | (5.02)% | 14.56% | (5.63)% | 5.68% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.02% I | .99% | .98% | .98% | .99% I | |||||
Expenses net of fee waivers, if any | 1.02% I | .99% | .98% | .98% | .99% I | |||||
Expenses net of all reductions | 1.01% I | .99% | .98% | .98% | .99% I | |||||
Net investment income (loss) | 4.95% I | 4.02% | 4.32% | 5.04% | 5.60% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 119 | $ | 132 | $ | 148 | $ | 144 | $ | 170 |
Portfolio turnover rate J | 20% I | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class M |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .187 | .345 | .367 | .438 | .191 | |||||
Net realized and unrealized gain (loss) | (.614) | (.761) | .772 | (.909) | .286 | |||||
Total from investment operations | (.427) | (.416) | 1.139 | (.471) | .477 | |||||
Distributions from net investment income | (.173) | (.384) | (.359) | (.429) | (.207) | |||||
Total distributions | (.173) | (.384) | (.359) | (.429) | (.207) | |||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (5.42)% | (5.03)% | 14.55% | (5.64)% | 5.68% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.03% I | 1.00% | .99% | .99% | 1.01% I | |||||
Expenses net of fee waivers, if any | 1.02% I | 1.00% | .99% | .99% | 1.01% I | |||||
Expenses net of all reductions | 1.02% I | 1.00% | .99% | .99% | 1.01% I | |||||
Net investment income (loss) | 4.94% I | 4.01% | 4.31% | 5.02% | 5.59% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 28 | $ | 30 | $ | 36 | $ | 40 | $ | 50 |
Portfolio turnover rate J | 20% I | 54% K | 62% | 44% K | 62% L |
Fidelity Advisor® High Income Fund Class C |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .159 | .281 | .302 | .372 | .166 | |||||
Net realized and unrealized gain (loss) | (.614) | (.763) | .772 | (.909) | .285 | |||||
Total from investment operations | (.455) | (.482) | 1.074 | (.537) | .451 | |||||
Distributions from net investment income | (.145) | (.318) | (.294) | (.363) | (.181) | |||||
Total distributions | (.145) | (.318) | (.294) | (.363) | (.181) | |||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E,F | (5.78)% | (5.75)% | 13.68% | (6.35)% | 5.36% | |||||
Ratios to Average Net Assets C,G,H | ||||||||||
Expenses before reductions | 1.78% I | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Expenses net of fee waivers, if any | 1.78% I | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Expenses net of all reductions | 1.78% I | 1.76% | 1.75% | 1.75% | 1.77% I | |||||
Net investment income (loss) | 4.18% I | 3.25% | 3.55% | 4.27% | 4.84% I | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 13 | $ | 17 | $ | 30 | $ | 36 | $ | 52 |
Portfolio turnover rate J | 20% I | 54% K | 62% | 44% K | 62% L |
Fidelity® High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.83 | $ | 8.94 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .198 | .371 | .392 | .464 | .493 | .513 | ||||||
Net realized and unrealized gain (loss) | (.614) | (.761) | .772 | (.909) | - C | (.137) | ||||||
Total from investment operations | (.416) | (.390) | 1.164 | (.445) | .493 | .376 | ||||||
Distributions from net investment income | (.184) | (.410) | (.384) | (.455) | (.493) | (.486) | ||||||
Total distributions | (.184) | (.410) | (.384) | (.455) | (.493) | (.486) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.83 |
Total Return D,E | (5.28)% | (4.75)% | 14.89% | (5.35)% | 5.83% | 4.27% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .73% H | .70% | .69% | .69% | .70% | .70% | ||||||
Expenses net of fee waivers, if any | .73% H | .70% | .69% | .69% | .70% | .70% | ||||||
Expenses net of all reductions | .73% H | .70% | .69% | .69% | .70% | .70% | ||||||
Net investment income (loss) | 5.23% H | 4.31% | 4.61% | 5.33% | 5.66% | 5.73% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,695 | $ | 3,181 | $ | 4,139 | $ | 3,871 | $ | 4,392 | $ | 4,324 |
Portfolio turnover rate I | 20% H | 54% J | 62% | 44% J | 62% K | 51% |
Fidelity Advisor® High Income Fund Class I |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .195 | .390 | .390 | .458 | .199 | |||||
Net realized and unrealized gain (loss) | (.613) | (.774) | .771 | (.907) | .286 | |||||
Total from investment operations | (.418) | (.384) | 1.161 | (.449) | .485 | |||||
Distributions from net investment income | (.182) | (.416) | (.381) | (.451) | (.215) | |||||
Total distributions | (.182) | (.416) | (.381) | (.451) | (.215) | |||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (5.30)% | (4.68)% | 14.85% | (5.40)% | 5.77% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .84% H | .72% | .73% | .74% | .78% H | |||||
Expenses net of fee waivers, if any | .79% H | .71% | .73% | .74% | .78% H | |||||
Expenses net of all reductions | .79% H | .71% | .73% | .74% | .78% H | |||||
Net investment income (loss) | 5.17% H | 4.29% | 4.57% | 5.28% | 5.81% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 94 | $ | 85 | $ | 4,010 | $ | 558 | $ | 448 |
Portfolio turnover rate I | 20% H | 54% J | 62% | 44% J | 62% K |
Fidelity Advisor® High Income Fund Class Z |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 A | ||||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 | $ | 8.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .202 | .378 | .399 | .464 | .201 | |||||
Net realized and unrealized gain (loss) | (.615) | (.763) | .770 | (.904) | .289 | |||||
Total from investment operations | (.413) | (.385) | 1.169 | (.440) | .490 | |||||
Distributions from net investment income | (.187) | (.415) | (.389) | (.460) | (.220) | |||||
Total distributions | (.187) | (.415) | (.389) | (.460) | (.220) | |||||
Net asset value, end of period | $ | 7.31 | $ | 7.91 | $ | 8.71 | $ | 7.93 | $ | 8.83 |
Total Return D,E | (5.24)% | (4.68)% | 14.96% | (5.30)% | 5.83% | |||||
Ratios to Average Net Assets C,F,G | ||||||||||
Expenses before reductions | .66% H | .64% | .63% | .63% | .64% H | |||||
Expenses net of fee waivers, if any | .66% H | .63% | .63% | .63% | .64% H | |||||
Expenses net of all reductions | .66% H | .63% | .62% | .63% | .63% H | |||||
Net investment income (loss) | 5.30% H | 4.37% | 4.67% | 5.39% | 5.85% H | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 59 | $ | 133 | $ | 250 | $ | 61 | $ | 13 |
Portfolio turnover rate I | 20% H | 54% J | 62% | 44% J | 62% K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $52,548 | Recovery value | Recovery value | $1.00 - $45,228.15 / $2,280.86 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 - 3.9 / 3.5 | Increase | ||
Daily production multiple ($/Barrels of oil equivilent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 50.0% | Increase | |||
Corporate Bond | $27,144 | Recovery value | Recovery value | $0.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 | Increase | ||
Daily production multiple ($/Barrels of oil equivilent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8% | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9% | Increase | |||
Discounted cash flow | Discount rate | 10% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Bank Loan Obligations | $6,283 | Recovery value | Recovery value | 0.0% | Increase |
Indicative market price | Evaluated bid | $95.00 | Increase |
Gross unrealized appreciation | $66,449 |
Gross unrealized depreciation | (568,351) |
Net unrealized appreciation (depreciation) | $(501,902) |
Tax cost | $3,457,703 |
Short-term | $(94,633) |
Long-term | (294,252) |
Total capital loss carryforward | $(388,885) |
Investment to be Acquired | Commitment Amount | |
Fidelity High Income Fund | Fidelity Direct Lending Fund, LP | $31,687 |
Purchases ($) | Sales ($) | |
Fidelity High Income Fund | 310,686 | 758,842 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $153 | $- A |
Class M | - % | .25% | 36 | - |
Class C | .75% | .25% | 75 | 6 |
$264 | $6 |
Retained by FDC | |
Class A | $4 |
Class C A | 1 |
$5 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $97 | .16 |
Class M | 24 | .16 |
Class C | 13 | .18 |
Fidelity High Income Fund | 1,718 | .12 |
Class I | 108 | .23 |
Class Z | 19 | .05 |
$1,979 |
% of Average Net Assets | |
Fidelity High Income Fund | .03 |
Amount | |
Fidelity High Income Fund | $- A |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity High Income Fund | - | 3,084 | 81 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity High Income Fund | 479,966 | 172,034 | 4,188,784 | Class I & Class Z |
Amount | |
Fidelity High Income Fund | $3 |
Transfer Agent Fees Limitation | Waiver | |
Class I | .15%/.19% A | $23 |
Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity High Income Fund | ||
Distributions to shareholders | ||
Class A | $2,850 | $6,554 |
Class M | 661 | 1,513 |
Class C | 288 | 831 |
Fidelity High Income Fund | 70,197 | 178,412 |
Class I | 2,290 | 31,049 |
Class Z | 1,842 | 22,097 |
Total | $78,128 | $240,456 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2022 | Year ended April 30, 2022 | Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity High Income Fund | ||||
Class A | ||||
Shares sold | 934 | 2,452 | $7,068 | $21,067 |
Reinvestment of distributions | 351 | 699 | 2,612 | 5,992 |
Shares redeemed | (1,629) | (3,491) | (12,255) | (29,901) |
Net increase (decrease) | (344) | (340) | $(2,575) | $(2,842) |
Class M | ||||
Shares sold | 187 | 322 | $1,435 | $2,710 |
Reinvestment of distributions | 78 | 158 | 578 | 1,351 |
Shares redeemed | (314) | (812) | (2,363) | (6,983) |
Net increase (decrease) | (49) | (332) | $(350) | $(2,922) |
Class C | ||||
Shares sold | 59 | 356 | $445 | $3,077 |
Reinvestment of distributions | 36 | 90 | 271 | 771 |
Shares redeemed | (417) | (1,717) | (3,121) | (14,804) |
Net increase (decrease) | (322) | (1,271) | $(2,405) | $(10,956) |
Fidelity High Income Fund | ||||
Shares sold | 18,771 | 80,328 | $141,405 | $693,806 |
Reinvestment of distributions | 7,561 | 16,883 | 56,363 | 144,797 |
Shares redeemed | (60,119) | (170,267) | (454,493) | (1,465,748) |
Net increase (decrease) | (33,787) | (73,056) | $(256,725) | $(627,145) |
Class I | ||||
Shares sold | 10,323 | 31,952 | $78,151 | $277,895 |
Reinvestment of distributions | 288 | 3,376 | 2,145 | 29,375 |
Shares redeemed | (8,449) | (485,210) | (63,838) | (4,252,953) |
Net increase (decrease) | 2,162 | (449,882) | $16,458 | $(3,945,683) |
Class Z | ||||
Shares sold | 2,315 | 51,130 | $16,933 | $445,549 |
Reinvestment of distributions | 219 | 2,488 | 1,646 | 21,382 |
Shares redeemed | (11,332) | (65,393) | (86,064) | (546,569) |
Net increase (decrease) | (8,798) | (11,775) | $(67,485) | $(79,638) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® High Income Fund | ||||||||||
Class A | 1.02% | |||||||||
Actual | $ 1,000 | $ 945.90 | $ 5.00 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.06 | $ 5.19 | |||||||
Class M | 1.02% | |||||||||
Actual | $ 1,000 | $ 945.80 | $ 5.00 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.06 | $ 5.19 | |||||||
Class C | 1.78% | |||||||||
Actual | $ 1,000 | $ 942.20 | $ 8.71 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.23 | $ 9.05 | |||||||
Fidelity® High Income Fund | .73% | |||||||||
Actual | $ 1,000 | $ 947.20 | $ 3.58 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.53 | $ 3.72 | |||||||
Class I | .79% | |||||||||
Actual | $ 1,000 | $ 947.00 | $ 3.88 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.22 | $ 4.02 | |||||||
Class Z | .66% | |||||||||
Actual | $ 1,000 | $ 947.60 | $ 3.24 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.88 | $ 3.36 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
German Federal Republic | 2.1 | |
Occidental Petroleum Corp. | 1.5 | |
InterGen NV | 1.1 | |
Tenet Healthcare Corp. | 1.1 | |
DISH Network Corp. | 1.0 | |
Pacific Gas & Electric Co. | 0.9 | |
Community Health Systems, Inc. | 0.9 | |
Mesquite Energy, Inc. | 0.9 | |
Sprint Capital Corp. | 0.9 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 0.8 | |
11.2 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 16.5 | |
Telecommunications | 7.6 | |
Utilities | 6.3 | |
Healthcare | 5.4 | |
Banks & Thrifts | 4.8 | |
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) |
Foreign investments - 41.9% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 80.6% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.9% | |||
Broadcasting - 1.0% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 86,000 | 57,895 | |
2.375% 3/15/24 | 210,000 | 190,470 | |
3.375% 8/15/26 | 646,000 | 446,709 | |
695,074 | |||
Diversified Financial Services - 0.2% | |||
New Cotai LLC 5% 2/24/27 (b) | 146,985 | 142,576 | |
Energy - 0.6% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 27,566 | 163,406 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 47,694 | 282,720 | |
446,126 | |||
Telecommunications - 0.1% | |||
Cellnex Telecom SA 0.75% 11/20/31 (Reg. S) | EUR | 100,000 | 67,285 |
TOTAL CONVERTIBLE BONDS | 1,351,061 | ||
Nonconvertible Bonds - 78.7% | |||
Aerospace - 1.4% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 35,000 | 29,429 | |
5.125% 10/1/31 | 25,000 | 20,610 | |
5.875% 12/1/27 | 70,000 | 63,626 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 110,000 | 97,889 | |
7.875% 4/15/27 (d) | 170,000 | 161,454 | |
Embraer Netherlands Finance BV 5.05% 6/15/25 | 75,000 | 70,481 | |
Moog, Inc. 4.25% 12/15/27 (d) | 20,000 | 17,897 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 55,000 | 49,773 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 200,000 | 171,051 | |
5.5% 11/15/27 | 335,000 | 303,175 | |
Wesco Aircraft Holdings, Inc. 8.5% 11/15/24 (d) | 45,000 | 23,400 | |
1,008,785 | |||
Air Transportation - 0.7% | |||
Air Canada 3.875% 8/15/26 (d) | 65,000 | 57,513 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 40,000 | 37,602 | |
Azul Investments LLP 5.875% 10/26/24 (d) | 200,000 | 149,500 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 52,250 | 51,655 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 38,896 | 39,511 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 80,000 | 73,013 | |
4.625% 4/15/29 (d) | 50,000 | 42,765 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 60,000 | 50,400 | |
501,959 | |||
Automotive - 0.2% | |||
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 200,000 | 155,535 | |
Automotive & Auto Parts - 2.2% | |||
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) | EUR | 119,000 | 100,397 |
Dana, Inc. 4.25% 9/1/30 | 40,000 | 32,038 | |
Faurecia SA: | |||
2.375% 6/15/29 (Reg. S) | EUR | 100,000 | 74,435 |
2.75% 2/15/27 (Reg. S) | EUR | 136,000 | 114,896 |
Ford Motor Co. 3.25% 2/12/32 | 140,000 | 104,843 | |
Ford Motor Credit Co. LLC: | |||
1.355% 2/7/25 | EUR | 100,000 | 90,425 |
2.9% 2/16/28 | 50,000 | 40,571 | |
3.25% 9/15/25 | EUR | 100,000 | 92,658 |
5.125% 6/16/25 | 170,000 | 164,016 | |
Jaguar Land Rover Automotive PLC: | |||
4.5% 1/15/26 (Reg. S) | EUR | 100,000 | 83,743 |
6.875% 11/15/26 (Reg. S) | EUR | 100,000 | 84,866 |
LCM Investments Holdings 4.875% 5/1/29 (d) | 70,000 | 59,046 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 45,000 | 39,446 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 25,000 | 16,742 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 20,000 | 14,339 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (d)(e)(f) | 305,000 | 289,750 | |
Thor Industries, Inc. 4% 10/15/29 (d) | 100,000 | 80,878 | |
Winnebago Industries, Inc. 6.25% 7/15/28 (d) | 45,000 | 41,875 | |
ZF Finance GmbH 2% 5/6/27 (Reg. S) | EUR | 100,000 | 79,933 |
1,604,897 | |||
Banks & Thrifts - 2.8% | |||
Access Bank PLC 6.125% 9/21/26 (d) | 200,000 | 145,400 | |
Ally Financial, Inc.: | |||
8% 11/1/31 | 155,000 | 156,379 | |
8% 11/1/31 | 118,000 | 121,022 | |
Banca Monte dei Paschi di Siena SpA 5.375% 1/18/28 (e) | EUR | 100,000 | 72,636 |
Banco Comercial Portugues SA 1.75% 4/7/28 (Reg. S) (e) | EUR | 100,000 | 71,370 |
Banco de Credito Social Cooperativo SA 8% 9/22/26 (Reg. S) (e) | EUR | 100,000 | 98,212 |
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (d) | 150,000 | 149,016 | |
Banco de Sabadell SA 5.625% 5/6/26 (Reg. S) | EUR | 100,000 | 95,213 |
BankMuscat SAOG 4.75% 3/17/26 (Reg. S) | 200,000 | 188,475 | |
Cliffton Ltd. 6.25% 10/25/25 (Reg. S) | 250,000 | 220,625 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 250,000 | 221,875 | |
Ibercaja Banco SA 3.75% 6/15/25 (Reg. S) (e) | EUR | 100,000 | 96,429 |
Kasikornbank PCL 3.343% 10/2/31 (Reg. S) (e) | 200,000 | 163,940 | |
Mongolian Mortgage Corp. HFC LLC 8.85% 2/8/24 (Reg. S) | 200,000 | 118,022 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (d) | 130,000 | 107,945 | |
2,026,559 | |||
Broadcasting - 1.8% | |||
Cable Onda SA 4.5% 1/30/30 (d) | 200,000 | 162,600 | |
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (d) | 75,000 | 58,954 | |
7.75% 4/15/28 (d) | 35,000 | 28,562 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 70,000 | 14,000 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 90,000 | 72,225 | |
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d) | 75,000 | 70,838 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (d) | 50,000 | 41,292 | |
5.375% 1/15/31 (d) | 25,000 | 20,313 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 60,000 | 54,357 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 315,000 | 270,798 | |
4.125% 7/1/30 (d) | 65,000 | 53,189 | |
Summer (BC) Holdco A SARL 9.25% 10/31/27 (Reg. S) | EUR | 90,105 | 69,087 |
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) | EUR | 100,000 | 85,450 |
TEGNA, Inc. 5% 9/15/29 | 85,000 | 80,588 | |
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (g) | 200,000 | 96,702 | |
Univision Communications, Inc. 6.625% 6/1/27 (d) | 110,000 | 108,625 | |
1,287,580 | |||
Building Materials - 1.2% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 115,000 | 106,633 | |
CEMEX S.A.B. de CV 5.45% 11/19/29 (d) | 200,000 | 174,110 | |
James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S) | EUR | 100,000 | 89,683 |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 20,000 | 15,427 | |
PGT Innovations, Inc. 4.375% 10/1/29 (d) | 365,000 | 302,713 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 55,000 | 48,292 | |
6% 12/1/29 (d) | 55,000 | 44,844 | |
6.125% 7/1/29 (d) | 30,000 | 24,395 | |
Victors Merger Corp. 6.375% 5/15/29 (d) | 100,000 | 51,407 | |
857,504 | |||
Cable/Satellite TV - 2.7% | |||
Altice France Holding SA 8% 5/15/27 (d) | EUR | 175,000 | 125,817 |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 100,000 | 79,000 | |
4.25% 1/15/34 (d) | 115,000 | 84,525 | |
4.5% 8/15/30 (d) | 195,000 | 158,254 | |
4.5% 6/1/33 (d) | 120,000 | 90,997 | |
5.125% 5/1/27 (d) | 225,000 | 208,458 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (d) | 65,000 | 50,555 | |
4.625% 12/1/30 (d) | 75,000 | 53,983 | |
5% 11/15/31 (d) | 65,000 | 46,329 | |
5.75% 1/15/30 (d) | 100,000 | 76,500 | |
7.5% 4/1/28 (d) | 230,000 | 199,265 | |
DISH DBS Corp.: | |||
5% 3/15/23 | 250,000 | 247,215 | |
5.75% 12/1/28 (d) | 45,000 | 36,281 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 150,000 | 126,750 | |
6.5% 9/15/28 (d) | 110,000 | 69,300 | |
UPCB Finance VII Ltd. 3.625% 6/15/29 (Reg. S) | EUR | 100,000 | 83,473 |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 35,000 | 27,735 | |
6% 1/15/27 (d) | 160,000 | 143,992 | |
Ziggo BV 4.875% 1/15/30 (d) | 50,000 | 42,250 | |
1,950,679 | |||
Capital Goods - 0.1% | |||
Tk Elevator Midco GmbH 4.375% 7/15/27 (Reg. S) | EUR | 100,000 | 83,547 |
Chemicals - 2.8% | |||
CF Industries Holdings, Inc.: | |||
5.15% 3/15/34 | 45,000 | 40,592 | |
5.375% 3/15/44 | 80,000 | 67,984 | |
CVR Partners LP 6.125% 6/15/28 (d) | 90,000 | 81,428 | |
ENN Clean Energy International Investment Ltd.: | |||
3.375% 5/12/26 (d) | 200,000 | 155,913 | |
3.375% 5/12/26 (Reg. S) | 200,000 | 155,913 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (d)(e) | 185,000 | 138,750 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 10,000 | 9,065 | |
7% 12/31/27 (d) | 15,000 | 12,600 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 20,000 | 18,158 | |
MEGlobal Canada, Inc. 5% 5/18/25 (d) | 200,000 | 192,850 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (d) | 75,000 | 61,138 | |
OCP SA: | |||
3.75% 6/23/31 (d) | 200,000 | 148,225 | |
4.5% 10/22/25 (d) | 200,000 | 190,060 | |
Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 174,788 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (d) | 70,000 | 60,760 | |
6.625% 5/1/29 (d) | 45,000 | 36,119 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 70,000 | 54,600 | |
5.375% 5/15/27 | 200,000 | 179,084 | |
5.75% 11/15/28 (d) | 130,000 | 110,435 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 55,000 | 42,476 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (d) | 70,000 | 61,250 | |
5.625% 8/15/29 (d) | 70,000 | 54,109 | |
2,046,297 | |||
Consumer Products - 1.2% | |||
B2W Digital Lux SARL 4.375% 12/20/30 (d) | 100,000 | 68,456 | |
Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 28,930 | |
Ferrellgas LP/Ferrellgas Finance Corp.: | |||
5.375% 4/1/26 (d) | 45,000 | 40,838 | |
5.875% 4/1/29 (d) | 45,000 | 37,710 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 45,000 | 33,660 | |
Kernel Holding SA 6.75% 10/27/27 (d) | 100,000 | 31,019 | |
Mattel, Inc. 3.375% 4/1/26 (d) | 20,000 | 18,242 | |
Meituan 2.125% 10/28/25 (d) | 200,000 | 163,880 | |
Natura Cosmeticos SA 4.125% 5/3/28 (d) | 100,000 | 77,550 | |
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (d) | 75,000 | 70,422 | |
Prosus NV 4.027% 8/3/50 (d) | 200,000 | 107,038 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (d) | 75,000 | 56,315 | |
4% 4/15/29 (d) | 60,000 | 48,250 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 40,000 | 30,644 | |
TKC Holdings, Inc. 10.5% 5/15/29 (d) | 75,000 | 53,256 | |
866,210 | |||
Containers - 0.7% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e) | 70,000 | 50,225 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 2.125% 8/15/26 (Reg. S) | EUR | 100,000 | 80,852 |
Ball Corp. 4.875% 3/15/26 | 85,000 | 81,560 | |
Berry Global, Inc. 4.875% 7/15/26 (d) | 40,000 | 37,580 | |
CANPACK SA and Eastern PA Land Investment Holding LLC 2.375% 11/1/27 (Reg. S) | EUR | 100,000 | 80,295 |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 30,000 | 24,588 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 35,000 | 30,092 | |
Huhtamaki Oyj 4.25% 6/9/27 (Reg. S) | EUR | 100,000 | 95,119 |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 40,000 | 36,717 | |
517,028 | |||
Diversified Financial Services - 3.2% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 30,000 | 24,077 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 300,000 | 196,084 | |
3.625% 10/1/31 (d) | 185,000 | 109,546 | |
Dovalue SpA 3.375% 7/31/26 (Reg. S) | EUR | 125,000 | 101,450 |
FLY Leasing Ltd. 7% 10/15/24 (d) | 105,000 | 82,556 | |
Fortune Star (BVI) Ltd. 6.85% 7/2/24 (Reg. S) | 200,000 | 90,500 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 25,000 | 20,353 | |
HTA Group Ltd. 7% 12/18/25 (d) | 200,000 | 175,600 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 165,000 | 137,754 | |
4.75% 9/15/24 | 90,000 | 87,582 | |
6.375% 12/15/25 | 295,000 | 286,371 | |
Intertrust Group BV 3.375% 11/15/25 (Reg. S) | EUR | 100,000 | 98,617 |
Lincoln Financing SARL 3.625% 4/1/24 (Reg. S) | EUR | 100,000 | 95,663 |
Nexi SpA 2.125% 4/30/29 (Reg. S) | EUR | 100,000 | 78,813 |
OneMain Finance Corp.: | |||
4% 9/15/30 | 165,000 | 124,575 | |
7.125% 3/15/26 | 200,000 | 193,000 | |
Park Aerospace Holdings Ltd. 4.5% 3/15/23 (d) | 20,000 | 19,908 | |
Qtel International Finance Ltd. 2.625% 4/8/31 (d) | 200,000 | 164,760 | |
Verisure Holding AB: | |||
3.25% 2/15/27 (Reg. S) | EUR | 100,000 | 83,937 |
3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 110,218 |
Yihua Overseas Investment Ltd. 8.5% 12/31/49 (Reg. S) (b)(g) | 200,000 | 20,100 | |
2,301,464 | |||
Diversified Media - 0.3% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 220,000 | 89,155 | |
Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 40,712 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 90,000 | 76,275 | |
206,142 | |||
Energy - 13.5% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 140,000 | 133,322 | |
5.75% 1/15/28 (d) | 60,000 | 56,528 | |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (d) | 70,000 | 65,093 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 200,000 | 169,500 | |
California Resources Corp. 7.125% 2/1/26 (d) | 95,000 | 93,177 | |
Canacol Energy Ltd. 5.75% 11/24/28 (d) | 200,000 | 149,725 | |
CGG SA 7.75% 4/1/27 (Reg. S) | EUR | 100,000 | 86,225 |
Cheniere Energy, Inc. 4.625% 10/15/28 | 95,000 | 87,638 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 70,000 | 70,065 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 70,000 | 68,940 | |
7% 6/15/25 (d) | 130,000 | 128,005 | |
CNX Resources Corp. 6% 1/15/29 (d) | 25,000 | 23,337 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (d) | 80,000 | 74,200 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 50,000 | 45,121 | |
6.75% 3/1/29 (d) | 90,000 | 86,175 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) | 285,000 | 266,504 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 25,000 | 22,711 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 140,000 | 134,901 | |
5.75% 2/15/28 (d) | 115,000 | 104,075 | |
DCP Midstream Operating LP: | |||
5.85% 5/21/43 (d)(e) | 60,000 | 58,054 | |
8.125% 8/16/30 | 5,000 | 5,344 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 45,000 | 40,295 | |
Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d) | 110,000 | 109,313 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 75,000 | 64,838 | |
4.375% 6/15/31 (d) | 75,000 | 63,188 | |
EDP Finance BV 1.875% 9/21/29 (Reg. S) | EUR | 100,000 | 86,484 |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 125,000 | 121,496 | |
Energean Israel Finance Ltd.: | |||
4.5% 3/30/24 (Reg. S) (d) | 40,000 | 38,121 | |
4.875% 3/30/26 (Reg. S) (d) | 40,000 | 35,900 | |
EnfraGen Energia Sur SA 5.375% 12/30/30 (d) | 200,000 | 103,361 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 25,000 | 23,961 | |
EQM Midstream Partners LP 6.5% 7/1/27 (d) | 70,000 | 68,250 | |
EQT Corp.: | |||
3.125% 5/15/26 (d) | 50,000 | 45,374 | |
3.625% 5/15/31 (d) | 50,000 | 41,594 | |
5% 1/15/29 | 55,000 | 51,093 | |
GeoPark Ltd. 5.5% 1/17/27 (d) | 200,000 | 161,350 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 55,000 | 49,761 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 135,000 | 129,427 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 50,000 | 42,758 | |
5.125% 6/15/28 (d) | 80,000 | 73,600 | |
5.5% 10/15/30 (d) | 30,000 | 27,066 | |
5.625% 2/15/26 (d) | 100,000 | 98,077 | |
India Clean Energy Holdings 4.5% 4/18/27 (Reg. S) | 200,000 | 139,000 | |
Investment Energy Resources Ltd. 6.25% 4/26/29 (d) | 200,000 | 168,100 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 95,000 | 77,737 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (d) | 160,000 | 133,200 | |
Leeward Renewable Energy LLC 4.25% 7/1/29 (d) | 170,000 | 137,700 | |
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (d) | 150,000 | 142,398 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d) | 320,000 | 242,912 | |
Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (Reg. S) | 200,000 | 154,538 | |
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d) | 200,000 | 178,000 | |
MEG Energy Corp. 5.875% 2/1/29 (d) | 110,000 | 105,012 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 105,000 | 101,063 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (d) | 55,000 | 53,994 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 190,000 | 171,881 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 90,000 | 87,300 | |
Nostrum Oil & Gas Finance BV 8% 12/31/49 (d)(g) | 400,000 | 106,104 | |
Occidental Petroleum Corp.: | |||
5.5% 12/1/25 | 35,000 | 35,105 | |
5.875% 9/1/25 | 40,000 | 40,300 | |
6.125% 1/1/31 | 80,000 | 80,210 | |
6.375% 9/1/28 | 145,000 | 147,156 | |
6.6% 3/15/46 | 55,000 | 54,136 | |
6.625% 9/1/30 | 195,000 | 202,811 | |
6.95% 7/1/24 | 65,000 | 66,600 | |
7.5% 5/1/31 | 230,000 | 247,250 | |
8.875% 7/15/30 | 145,000 | 164,575 | |
Oleoducto Central SA 4% 7/14/27 (d) | 200,000 | 162,725 | |
Oman Oil Co. 5.125% 5/6/28 (d) | 200,000 | 180,100 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 160,000 | 145,400 | |
7.25% 6/15/25 | 70,000 | 69,257 | |
Petroleos Mexicanos: | |||
4.25% 1/15/25 | 185,000 | 171,275 | |
4.875% 2/21/28 (Reg. S) | EUR | 100,000 | 76,268 |
6.49% 1/23/27 | 175,000 | 152,845 | |
7.69% 1/23/50 | 75,000 | 48,352 | |
Petrorio Luxembourg SARL 6.125% 6/9/26 (d) | 100,000 | 90,488 | |
Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (e) | EUR | 100,000 | 94,378 |
Rio Oil Finance Trust 9.25% 7/6/24 (d) | 30,891 | 30,868 | |
Saudi Arabian Oil Co.: | |||
1.625% 11/24/25 (d) | 200,000 | 178,700 | |
3.5% 4/16/29 (d) | 200,000 | 177,300 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 25,000 | 24,250 | |
6.625% 1/15/27 | 65,000 | 63,700 | |
6.75% 9/15/26 | 25,000 | 24,625 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 65,000 | 56,108 | |
5.375% 2/1/29 | 115,000 | 107,238 | |
8.375% 9/15/28 | 60,000 | 62,063 | |
SUEK Securities DAC 3.375% 9/15/26 (d)(g) | 95,000 | 31,881 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 50,000 | 42,945 | |
6% 4/15/27 | 175,000 | 171,465 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) | 55,000 | 49,787 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d) | 100,000 | 63,950 | |
Termocandelaria Power Ltd. 7.875% 1/30/29 (d) | 170,000 | 144,319 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 63,524 | 62,413 | |
Transportadora de Gas del Sur SA 6.75% 5/2/25 (d) | 70,000 | 60,127 | |
Tullow Oil PLC: | |||
7% 3/1/25 (d) | 200,000 | 131,500 | |
10.25% 5/15/26 (d) | 358,000 | 305,195 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 35,000 | 33,595 | |
Valaris Ltd. 8.25% 4/30/28 pay-in-kind (e) | 10,000 | 9,838 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 70,000 | 60,025 | |
4.125% 8/15/31 (d) | 70,000 | 59,677 | |
YPF SA 8.5% 3/23/25 (d) | 231,875 | 186,080 | |
9,769,766 | |||
Entertainment/Film - 0.1% | |||
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d) | 80,000 | 71,194 | |
Environmental - 0.4% | |||
Covanta Holding Corp. 4.875% 12/1/29 (d) | 40,000 | 34,058 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 55,000 | 45,513 | |
5.875% 6/30/29 (d) | 85,000 | 58,225 | |
Paprec Holding SA 3.5% 7/1/28 (Reg. S) | EUR | 113,000 | 88,779 |
Stericycle, Inc. 3.875% 1/15/29 (d) | 35,000 | 30,401 | |
256,976 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 35,000 | 28,963 | |
4.625% 1/15/27 (d) | 130,000 | 120,472 | |
4.875% 2/15/30 (d) | 275,000 | 244,063 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 25,000 | 23,608 | |
Camposol SA 6% 2/3/27 (d) | 200,000 | 140,975 | |
Casino Guichard Perrachon SA 4.048% 8/5/26 (Reg. S) (e) | EUR | 100,000 | 42,124 |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 35,000 | 20,984 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 25,000 | 20,831 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 100,000 | 92,414 | |
734,434 | |||
Food/Beverage/Tobacco - 1.7% | |||
Adecoagro SA 6% 9/21/27 (d) | 150,000 | 135,094 | |
C&S Group Enterprises LLC 5% 12/15/28 (d) | 40,000 | 29,570 | |
Central American Bottling Corp. 5.25% 4/27/29 (d) | 200,000 | 176,225 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (d) | 30,000 | 26,057 | |
7.5% 4/15/25 (d) | 15,000 | 14,173 | |
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (d) | 120,000 | 109,387 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 48,000 | 47,760 | |
Kraft Heinz Foods Co.: | |||
4.375% 6/1/46 | 15,000 | 11,701 | |
4.875% 10/1/49 | 85,000 | 70,613 | |
5.5% 6/1/50 | 25,000 | 22,808 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 70,000 | 61,108 | |
MARB BondCo PLC 3.95% 1/29/31 (d) | 100,000 | 73,500 | |
MHP SA 7.75% 5/10/24 (d) | 100,000 | 47,644 | |
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (d) | 85,000 | 78,614 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 40,000 | 33,887 | |
5.5% 10/15/27 (d) | 100,000 | 94,522 | |
Post Holdings, Inc. 4.625% 4/15/30 (d) | 34,000 | 28,690 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 16,875 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 30,000 | 22,721 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 35,000 | 30,363 | |
4.75% 2/15/29 (d) | 80,000 | 70,900 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 40,000 | 38,635 | |
1,240,847 | |||
Gaming - 2.8% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 20,000 | 16,695 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 90,000 | 72,000 | |
6.25% 7/1/25 (d) | 110,000 | 107,331 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 135,000 | 121,839 | |
Cirsa Finance International SARL: | |||
6.25% 12/20/23 (Reg. S) | EUR | 84,917 | 83,699 |
10.375% 11/30/27 (Reg. S) (h) | EUR | 100,000 | 98,949 |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 90,000 | 78,273 | |
6.75% 1/15/30 (d) | 160,000 | 125,600 | |
GENM Capital Labuan Ltd. 3.882% 4/19/31 (d) | 200,000 | 119,163 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.25% 6/1/25 | 95,000 | 91,612 | |
5.375% 4/15/26 | 30,000 | 28,637 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 40,000 | 35,267 | |
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 111,200 | |
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 148,000 | |
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 200,000 | 171,475 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) | 70,000 | 75,163 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 115,000 | 91,370 | |
Studio City Finance Ltd.: | |||
5% 1/15/29 (Reg. S) | 200,000 | 82,900 | |
6.5% 1/15/28 (d) | 110,000 | 45,877 | |
6.5% 1/15/28 (Reg. S) | 200,000 | 83,413 | |
VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (d) | 70,000 | 66,130 | |
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) | 250,000 | 146,250 | |
2,000,843 | |||
Healthcare - 5.3% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 14,000 | 13,545 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (d) | 80,000 | 61,200 | |
Avantor Funding, Inc. 3.875% 11/1/29 (d) | 70,000 | 59,066 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 25,000 | 19,250 | |
14% 10/15/30 (d) | 4,000 | 2,290 | |
Bayer AG: | |||
3.125% 11/12/79 (Reg. S) (e) | EUR | 100,000 | 82,398 |
5.375% 3/25/82 (Reg. S) (e) | EUR | 200,000 | 170,473 |
Catalent Pharma Solutions 5% 7/15/27 (d) | 20,000 | 18,803 | |
Centene Corp.: | |||
3.375% 2/15/30 | 160,000 | 132,928 | |
4.25% 12/15/27 | 70,000 | 64,575 | |
4.625% 12/15/29 | 105,000 | 95,025 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 20,000 | 17,300 | |
4% 3/15/31 (d) | 55,000 | 46,268 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 75,000 | 50,245 | |
5.25% 5/15/30 (d) | 155,000 | 107,338 | |
6% 1/15/29 (d) | 140,000 | 103,928 | |
6.125% 4/1/30 (d) | 170,000 | 69,700 | |
6.875% 4/15/29 (d) | 75,000 | 30,180 | |
8% 3/15/26 (d) | 335,000 | 288,938 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 60,000 | 43,382 | |
4.625% 6/1/30 (d) | 160,000 | 124,740 | |
Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 14,863 | |
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) | EUR | 100,000 | 96,097 |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 200,000 | 156,250 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 30,000 | 26,213 | |
Hologic, Inc. 3.25% 2/15/29 (d) | 55,000 | 46,739 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 55,000 | 48,813 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 50,000 | 42,490 | |
3.875% 5/15/32 (d) | 100,000 | 83,400 | |
4.375% 6/15/28 (d) | 40,000 | 35,874 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 30,000 | 25,907 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
2.875% 4/30/28 (Reg. S) | EUR | 147,000 | 122,038 |
4.125% 4/30/28 (d) | 80,000 | 70,466 | |
5.125% 4/30/31 (d) | 80,000 | 67,942 | |
Owens & Minor, Inc. 6.625% 4/1/30 (d) | 115,000 | 95,600 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 145,000 | 76,705 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 50,000 | 37,387 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (d) | 30,000 | 28,203 | |
10% 4/15/27 (d) | 70,000 | 67,921 | |
Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 28,271 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 250,000 | 210,625 | |
4.375% 1/15/30 (d) | 210,000 | 176,190 | |
4.625% 7/15/24 | 32,000 | 31,200 | |
6.125% 10/1/28 (d) | 210,000 | 181,755 | |
6.25% 2/1/27 (d) | 195,000 | 186,092 | |
6.875% 11/15/31 | 10,000 | 8,488 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
1.625% 10/15/28 (Reg. S) | EUR | 100,000 | 71,945 |
3.15% 10/1/26 | 75,000 | 63,375 | |
4.1% 10/1/46 | 200,000 | 121,024 | |
3,823,445 | |||
Homebuilders/Real Estate - 2.2% | |||
ADLER Real Estate AG 1.875% 4/27/23 (Reg. S) | EUR | 100,000 | 78,072 |
Arcosa, Inc. 4.375% 4/15/29 (d) | 40,000 | 34,485 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (d) | 40,000 | 30,050 | |
6.625% 1/15/28 (d) | 5,000 | 4,245 | |
China Aoyuan Group Ltd.: | |||
5.88% 3/1/27 (Reg. S) (g) | 200,000 | 6,000 | |
6.2% 3/24/26 (Reg. S) (g) | 200,000 | 6,000 | |
China Evergrande Group 8.25% 3/23/22 (Reg. S) (g) | 200,000 | 7,000 | |
China SCE Property Holdings Ltd.: | |||
7.25% 4/19/23 (Reg. S) | 200,000 | 29,975 | |
7.375% 4/9/24 (Reg. S) | 200,000 | 26,788 | |
CIFI Holdings Group Co. Ltd. 4.375% 4/12/27 (Reg. S) | 200,000 | 13,000 | |
Easy Tactic Ltd. 7.5% 7/11/28 pay-in-kind (e) | 208,266 | 16,661 | |
Jinke Properties Group Co. Ltd. 6.85% 5/28/24 (Reg. S) | 200,000 | 38,350 | |
Kaisa Group Holdings Ltd. 11.5% 1/30/23 (Reg. S) (g) | 200,000 | 13,500 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 55,000 | 44,601 | |
5% 3/1/31 | 55,000 | 43,120 | |
KWG Group Holdings Ltd. 6% 1/14/24 | 190,000 | 47,493 | |
Modernland Overseas Pte Ltd.: | |||
3% 4/30/27 pay-in-kind (Reg. S) (e) | 2,803 | 1,193 | |
3% 4/30/27 pay-in-kind (e) | 106,828 | 45,455 | |
New Home Co., Inc. 7.25% 10/15/25 (d) | 35,000 | 27,108 | |
New Metro Global Ltd. 4.8% 12/15/24 (Reg. S) | 285,000 | 71,393 | |
Powerlong Real Estate Holding Ltd. 5.95% 4/30/25 (Reg. S) | 200,000 | 14,038 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 30,000 | 21,326 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 110,000 | 76,276 | |
Redsun Properties Group Ltd. 9.7% 4/16/23 (Reg. S) (g) | 220,000 | 11,550 | |
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) | 200,000 | 61,000 | |
Scenery Journey Ltd. 11.5% 10/24/22 (Reg. S) (g) | 200,000 | 5,000 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 70,263 | |
Sunac China Holdings Ltd.: | |||
6.5% 7/9/23 (Reg. S) (g) | 200,000 | 11,500 | |
7.5% 2/1/24 (Reg. S) (g) | 200,000 | 11,500 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.75% 1/15/28 (d) | 80,000 | 73,326 | |
5.875% 6/15/27 (d) | 55,000 | 51,576 | |
Theta Capital Pte Ltd. 6.75% 10/31/26 (Reg. S) | 200,000 | 105,413 | |
Times China Holdings Ltd. 6.75% 7/8/25 (Reg. S) | 200,000 | 13,000 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 12,996 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 55,000 | 44,960 | |
6.5% 2/15/29 (d) | 85,000 | 60,988 | |
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (d) | 205,000 | 179,603 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 25,000 | 20,136 | |
Yango Justice International Ltd.: | |||
8.25% 11/25/23 (Reg. S) (g) | 220,000 | 3,300 | |
10% 2/12/23 (Reg. S) (g) | 200,000 | 5,000 | |
Yanlord Land Group Ltd. 6.8% 2/27/24 (Reg. S) | 250,000 | 147,625 | |
1,584,865 | |||
Hotels - 0.3% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 125,000 | 126,573 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 40,000 | 31,850 | |
3.75% 5/1/29 (d) | 35,000 | 29,817 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (d) | 65,000 | 57,824 | |
246,064 | |||
Insurance - 1.6% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (d) | 250,000 | 234,975 | |
10.125% 8/1/26 (d) | 35,000 | 34,685 | |
Alliant Holdings Intermediate LLC: | |||
5.875% 11/1/29 (d) | 90,000 | 75,828 | |
6.75% 10/15/27 (d) | 225,000 | 205,313 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 40,000 | 34,194 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 30,000 | 24,675 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (d) | 60,000 | 51,449 | |
7% 5/1/26 (d) | 190,000 | 187,625 | |
MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 36,289 | |
USI, Inc. 6.875% 5/1/25 (d) | 275,000 | 266,746 | |
1,151,779 | |||
Leisure - 1.7% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 135,000 | 93,825 | |
9.875% 8/1/27 (d) | 210,000 | 195,825 | |
10.5% 2/1/26 (d) | 75,000 | 73,497 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 20,000 | 16,375 | |
5.875% 2/15/27 (d) | 90,000 | 80,438 | |
7.75% 2/15/29 (d) | 80,000 | 63,626 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 25,000 | 19,438 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 130,000 | 102,700 | |
5.375% 7/15/27 (d) | 60,000 | 46,639 | |
5.5% 8/31/26 (d) | 135,000 | 110,376 | |
11.5% 6/1/25 (d) | 30,000 | 32,250 | |
11.625% 8/15/27 (d) | 220,000 | 213,884 | |
Studio City Co. Ltd. 7% 2/15/27 (d) | 75,000 | 60,375 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 35,000 | 34,825 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 50,000 | 53,750 | |
1,197,823 | |||
Metals/Mining - 3.1% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 70,000 | 59,278 | |
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(g) | 210,000 | 0 | |
Antofagasta PLC 2.375% 10/14/30 (d) | 200,000 | 146,500 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 40,000 | 34,442 | |
4.875% 3/1/31 (d) | 40,000 | 33,784 | |
Endeavour Mining PLC 5% 10/14/26 (d) | 200,000 | 155,350 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 230,000 | 168,475 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 105,000 | 98,271 | |
6.875% 10/15/27 (d) | 80,000 | 74,085 | |
7.5% 4/1/25 (d) | 130,000 | 125,190 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 40,000 | 31,588 | |
5.875% 4/15/30 (d) | 130,000 | 115,375 | |
Gcm Mining Corp. 6.875% 8/9/26 (d) | 200,000 | 138,966 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 45,000 | 41,223 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (d) | 105,000 | 86,888 | |
Industrias Penoles SA de CV 4.75% 8/6/50 (d) | 200,000 | 142,038 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 85,000 | 83,615 | |
8.5% 5/1/30 (d) | 20,000 | 19,681 | |
Novelis Corp. 3.875% 8/15/31 (d) | 115,000 | 89,092 | |
PT Freeport Indonesia 5.315% 4/14/32 (d) | 200,000 | 166,750 | |
Stillwater Mining Co. 4% 11/16/26 (d) | 200,000 | 163,725 | |
VM Holding SA 6.5% 1/18/28 (d) | 200,000 | 183,600 | |
Volcan Compania Minera SAA 4.375% 2/11/26 (d) | 100,000 | 83,250 | |
2,241,166 | |||
Paper - 0.6% | |||
Berry Global, Inc. 5.625% 7/15/27 (d) | 35,000 | 33,196 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 35,000 | 33,229 | |
8.75% 4/15/30 (d) | 200,000 | 175,750 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 90,000 | 86,420 | |
Mercer International, Inc. 5.125% 2/1/29 | 55,000 | 45,169 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 45,000 | 35,825 | |
409,589 | |||
Restaurants - 0.6% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 160,000 | 130,600 | |
CEC Entertainment LLC 6.75% 5/1/26 (d) | 60,000 | 56,122 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 25,000 | 20,311 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 70,000 | 59,852 | |
4.75% 1/15/30 (d) | 200,000 | 178,750 | |
445,635 | |||
Services - 3.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 146,000 | 133,225 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 30,000 | 20,829 | |
APCOA Parking Holdings GmbH 4.625% 1/15/27 (Reg. S) | EUR | 100,000 | 79,611 |
ASGN, Inc. 4.625% 5/15/28 (d) | 160,000 | 142,277 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (d) | 38,000 | 31,071 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) | 40,000 | 34,633 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 55,000 | 48,459 | |
4% 7/1/29 (d) | 30,000 | 26,223 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 440,000 | 316,345 | |
CoreCivic, Inc. 8.25% 4/15/26 | 100,000 | 101,463 | |
Elis SA 1.625% 4/3/28 (Reg. S) | EUR | 100,000 | 82,019 |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 520,000 | 487,825 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 90,000 | 76,047 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 55,000 | 46,888 | |
5% 12/1/29 (d) | 70,000 | 55,451 | |
5.5% 10/15/24 (b)(d)(g) | 65,000 | 1,463 | |
6% 1/15/28 (b)(d)(g) | 85,000 | 4,994 | |
6.25% 12/31/49 (b)(g) | 60,000 | 75 | |
7.125% 8/1/26 (b)(d)(g) | 85,000 | 3,400 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 35,000 | 30,625 | |
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) | EUR | 114,000 | 100,921 |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 60,000 | 56,321 | |
Service Corp. International 5.125% 6/1/29 | 35,000 | 32,601 | |
The Bidvest Group UK PLC 3.625% 9/23/26 (d) | 200,000 | 168,538 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 170,000 | 156,400 | |
10.5% 6/30/28 | 67,000 | 67,000 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 45,000 | 41,961 | |
2,346,665 | |||
Steel - 0.8% | |||
Big River Steel LLC/BRS Finance Corp. 6.625% 1/31/29 (d) | 132,000 | 124,140 | |
Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 24,300 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 155,000 | 143,763 | |
JSW Steel Ltd. 3.95% 4/5/27 (d) | 200,000 | 146,000 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 20,000 | 17,550 | |
TMK Capital SA 4.3% 2/12/27 (Reg. S) (b)(g) | 200,000 | 40,000 | |
Vallourec SA 8.5% 6/30/26 (Reg. S) | EUR | 100,000 | 94,364 |
590,117 | |||
Super Retail - 1.3% | |||
Academy Ltd. 6% 11/15/27 (d) | 75,000 | 70,406 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 21,000 | 18,206 | |
4.625% 11/15/29 (d) | 45,000 | 37,013 | |
4.75% 3/1/30 | 20,000 | 16,385 | |
5% 2/15/32 (d) | 45,000 | 36,281 | |
At Home Group, Inc.: | |||
4.875% 7/15/28 (d) | 35,000 | 25,447 | |
7.125% 7/15/29 (d) | 45,000 | 25,425 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (d) | 110,000 | 98,408 | |
Carvana Co. 4.875% 9/1/29 (d) | 55,000 | 24,338 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 250,000 | 225,000 | |
8.5% 10/30/25 (d) | 50,000 | 46,185 | |
Group 1 Automotive, Inc. 4% 8/15/28 (d) | 200,000 | 164,478 | |
Macy's Retail Holdings LLC: | |||
5.875% 3/15/30 (d) | 30,000 | 25,187 | |
6.125% 3/15/32 (d) | 35,000 | 29,080 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 65,000 | 46,159 | |
7.875% 5/1/29 (d) | 95,000 | 52,963 | |
940,961 | |||
Technology - 3.8% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 170,000 | 137,700 | |
Arches Buyer, Inc.: | |||
4.25% 6/1/28 (d) | 35,000 | 28,713 | |
6.125% 12/1/28 (d) | 10,000 | 7,710 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 265,000 | 206,700 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 60,000 | 51,975 | |
Block, Inc.: | |||
2.75% 6/1/26 | 75,000 | 66,888 | |
3.5% 6/1/31 | 75,000 | 60,375 | |
CA Magnum Holdings 5.375% (d)(i) | 400,000 | 335,000 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 150,000 | 140,180 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 80,000 | 70,496 | |
Cellnex Finance Co. SA 1% 9/15/27 (Reg. S) | EUR | 100,000 | 80,163 |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d) | 120,000 | 114,697 | |
Coherent Corp. 5% 12/15/29 (d) | 45,000 | 38,605 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 59,004 | |
Elastic NV 4.125% 7/15/29 (d) | 40,000 | 33,397 | |
Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S) | EUR | 124,000 | 89,171 |
Lenovo Group Ltd. 3.421% 11/2/30 (d) | 200,000 | 138,288 | |
Match Group Holdings II LLC: | |||
4.125% 8/1/30 (d) | 100,000 | 81,701 | |
5.625% 2/15/29 (d) | 65,000 | 57,592 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 235,000 | 201,364 | |
NCR Corp. 5.125% 4/15/29 (d) | 45,000 | 37,767 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 30,000 | 28,163 | |
onsemi 3.875% 9/1/28 (d) | 70,000 | 61,677 | |
Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 38,480 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 100,000 | 66,036 | |
5.375% 12/1/28 (d) | 30,000 | 12,628 | |
Roblox Corp. 3.875% 5/1/30 (d) | 185,000 | 152,625 | |
Sensata Technologies BV 4% 4/15/29 (d) | 65,000 | 54,743 | |
Synaptics, Inc. 4% 6/15/29 (d) | 30,000 | 24,780 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 60,000 | 50,108 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 45,000 | 37,159 | |
3.875% 3/15/31 | 45,000 | 36,700 | |
Uber Technologies, Inc. 7.5% 9/15/27 (d) | 90,000 | 89,979 | |
Unisys Corp. 6.875% 11/1/27 (d) | 30,000 | 25,099 | |
2,715,663 | |||
Telecommunications - 7.1% | |||
Altice France Holding SA 6% 2/15/28 (d) | 75,000 | 49,031 | |
Altice France SA: | |||
4.25% 10/15/29 (Reg. S) | EUR | 120,000 | 90,128 |
5.125% 1/15/29 (d) | 50,000 | 37,625 | |
5.125% 7/15/29 (d) | 120,000 | 90,381 | |
5.5% 1/15/28 (d) | 130,000 | 104,217 | |
AXIAN Telecom 7.375% 2/16/27 (d) | 200,000 | 172,000 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 340,000 | 294,100 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 30,000 | 25,507 | |
5.625% 9/15/28 (d) | 20,000 | 15,901 | |
Cellnex Telecom SA 1.75% 10/23/30 (Reg. S) | EUR | 100,000 | 73,299 |
Cogent Communications Group, Inc. 3.5% 5/1/26 (d) | 50,000 | 45,125 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 135,000 | 104,605 | |
CT Trust 5.125% 2/3/32 (d) | 200,000 | 159,225 | |
Digicel Group Ltd. 6.75% 3/1/23 (d) | 150,000 | 75,000 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 55,000 | 48,125 | |
5.875% 10/15/27 (d) | 50,000 | 45,991 | |
5.875% 11/1/29 | 14,771 | 11,507 | |
6% 1/15/30 (d) | 95,000 | 74,290 | |
6.75% 5/1/29 (d) | 60,000 | 49,425 | |
8.75% 5/15/30 (d) | 65,000 | 66,381 | |
Holdco SASU 5.125% 10/15/26 (Reg. S) | EUR | 115,000 | 105,580 |
IHS Netherlands Holdco BV 8% 9/18/27 (d) | 200,000 | 153,750 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (b)(g) | 200,000 | 0 | |
6.5% 3/15/30 (d) | 135,000 | 123,898 | |
8.5% 10/15/24 (b)(d)(g) | 45,000 | 0 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 400,000 | 337,000 | |
6.75% 10/15/27 (d) | 90,000 | 83,930 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (d) | 95,000 | 72,175 | |
4.25% 7/1/28 (d) | 75,000 | 61,875 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d) | 200,000 | 135,000 | |
Millicom International Cellular SA 5.125% 1/15/28 (d) | 225,000 | 191,573 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 50,000 | 44,947 | |
6% 2/15/28 (d) | 20,000 | 15,691 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 180,000 | 158,625 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 45,000 | 43,578 | |
Sprint Capital Corp. 8.75% 3/15/32 | 530,000 | 622,029 | |
Telecom Italia SpA 2.75% 4/15/25 (Reg. S) | EUR | 100,000 | 90,229 |
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d) | 200,000 | 180,663 | |
Turk Telekomunikasyon A/S 6.875% 2/28/25 (d) | 200,000 | 173,788 | |
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (d) | 200,000 | 158,475 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 210,000 | 143,310 | |
VTR Comunicaciones SpA 5.125% 1/15/28 (d) | 176,000 | 111,573 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 295,000 | 255,264 | |
WP/AP Telecom Holdings III BV 5.5% 1/15/30 (Reg. S) | EUR | 131,000 | 100,256 |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 115,000 | 88,838 | |
6.125% 3/1/28 (d) | 60,000 | 39,900 | |
5,123,810 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 75,000 | 56,806 | |
4.25% 3/15/29 (d) | 40,000 | 31,900 | |
CT Investment GmbH 5.5% 4/15/26 (Reg. S) | EUR | 100,000 | 81,129 |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 50,000 | 39,775 | |
209,610 | |||
Transportation Ex Air/Rail - 0.7% | |||
Autostrade per L'italia SpA: | |||
1.625% 6/12/23 | EUR | 115,000 | 112,616 |
1.75% 6/26/26 (Reg. S) | EUR | 100,000 | 88,448 |
1.875% 9/26/29 (Reg. S) | EUR | 100,000 | 78,566 |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 40,000 | 31,631 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) | 110,000 | 100,650 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 110,000 | 84,720 | |
496,631 | |||
Utilities - 5.3% | |||
Clearway Energy Operating LLC 4.75% 3/15/28 (d) | 40,000 | 36,948 | |
ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S) | EUR | 121,000 | 87,997 |
DPL, Inc.: | |||
4.125% 7/1/25 | 180,000 | 169,924 | |
4.35% 4/15/29 | 215,000 | 183,825 | |
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (d) | 100,000 | 97,563 | |
Greenko Investment Co. 4.875% 8/16/23 (Reg. S) | 200,000 | 191,038 | |
InterGen NV 7% 6/30/23 (d) | 820,000 | 802,575 | |
Mong Duong Finance Holdings BV 5.125% 5/7/29 (d) | 100,000 | 69,300 | |
NextEra Energy Partners LP 4.25% 9/15/24 (d) | 4,000 | 3,764 | |
NRG Energy, Inc.: | |||
3.875% 2/15/32 (d) | 45,000 | 35,480 | |
5.25% 6/15/29 (d) | 60,000 | 54,450 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 10,000 | 6,333 | |
3.95% 12/1/47 | 55,000 | 35,466 | |
4.55% 7/1/30 | 415,000 | 363,482 | |
4.95% 7/1/50 | 415,000 | 309,361 | |
PG&E Corp. 5% 7/1/28 | 375,000 | 337,986 | |
Pike Corp. 5.5% 9/1/28 (d) | 240,000 | 204,931 | |
PT Cikarang Listrindo Tbk 4.95% 9/14/26 (Reg. S) | 200,000 | 173,850 | |
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d) | 70,000 | 66,675 | |
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 162,160 | 143,441 | |
Teollisuuden Voima Oyj 1.375% 6/23/28 (Reg. S) | EUR | 198,000 | 161,264 |
TerraForm Global, Inc. 6.125% 3/1/26 (d) | 160,000 | 147,266 | |
Vertiv Group Corp. 4.125% 11/15/28 (d) | 95,000 | 82,639 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (d) | 60,000 | 57,197 | |
3,822,755 | |||
TOTAL NONCONVERTIBLE BONDS | 56,834,824 | ||
TOTAL CORPORATE BONDS (Cost $73,382,241) | 58,185,885 | ||
Government Obligations - 2.7% | |||
Principal Amount (a) | Value ($) | ||
Germany - 2.1% | |||
German Federal Republic 0% 9/15/23 (Reg. S) | EUR | 1,605,000 | 1,559,354 |
Sri Lanka - 0.2% | |||
Democratic Socialist Republic of Sri Lanka: | |||
6.2% 5/11/27 (Reg. S) (g) | 200,000 | 42,522 | |
7.55% 3/28/30 (Reg. S) (g) | 200,000 | 43,663 | |
7.85% 3/14/29(Reg. S) (g) | 200,000 | 43,350 | |
TOTAL SRI LANKA | 129,535 | ||
United States of America - 0.4% | |||
U.S. Treasury Bonds 2.875% 5/15/52 | 336,000 | 260,768 | |
TOTAL GOVERNMENT OBLIGATIONS (Cost $2,470,011) | 1,949,657 | ||
Common Stocks - 2.7% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(j) | 3,510 | 15,233 | |
Energy - 2.1% | |||
California Resources Corp. | 5,929 | 267,457 | |
California Resources Corp. warrants 10/27/24 (j) | 530 | 7,526 | |
Chesapeake Energy Corp. | 2,294 | 234,607 | |
Chesapeake Energy Corp. (c)(j) | 85 | 8,693 | |
Denbury, Inc. (j) | 2,860 | 261,433 | |
Denbury, Inc. warrants 9/18/25 (j) | 1,038 | 65,269 | |
EP Energy Corp. (b)(j) | 7,975 | 66,751 | |
Jonah Energy Parent LLC (b)(j) | 3,631 | 230,932 | |
Mesquite Energy, Inc. (b)(j) | 3,543 | 196,405 | |
Noble Corp. PLC (j) | 204 | 7,352 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (j) | 600 | 11,460 | |
warrants 2/4/28 (j) | 600 | 10,200 | |
PureWest Energy (b) | 105 | 0 | |
PureWest Energy rights (b)(j) | 63 | 0 | |
Superior Energy Services, Inc. Class A (b)(j) | 609 | 46,083 | |
Tidewater, Inc. warrants 11/14/42 (j) | 1,897 | 70,730 | |
TOTAL ENERGY | 1,484,898 | ||
Entertainment/Film - 0.0% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(j) | 125,816 | 1 | |
Food & Drug Retail - 0.2% | |||
Northeast Grocery, Inc. (b)(c) | 12,754 | 14,157 | |
Southeastern Grocers, Inc. (b)(c)(j) | 7,744 | 167,503 | |
TOTAL FOOD & DRUG RETAIL | 181,660 | ||
Telecommunications - 0.0% | |||
Intelsat Jackson Holdings SA: | |||
Series A rights (b)(j) | 240 | 2,090 | |
Series B rights (b)(j) | 240 | 7,706 | |
TOTAL TELECOMMUNICATIONS | 9,796 | ||
Textiles/Apparel - 0.2% | |||
Intelsat Emergence SA (b) | 2,304 | 110,684 | |
Utilities - 0.2% | |||
Vistra Corp. | 6,495 | 149,190 | |
TOTAL COMMON STOCKS (Cost $1,330,490) | 1,951,462 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
Utilities - 0.3% | |||
PG&E Corp. (Cost $152,083) | 1,400 | 188,067 | |
Bank Loan Obligations - 4.2% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 0.1% | |||
TransDigm, Inc. Tranche F 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9241% 12/9/25 (e)(f)(k) | 76,056 | 74,199 | |
Air Transportation - 0.6% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.750% 8.5039% 11/23/28 (b)(e)(f)(k) | 193,000 | 185,917 | |
2LN, term loan 3 month U.S. LIBOR + 8.000% 12.4147% 11/23/29 (b)(e)(f)(k) | 257,000 | 247,568 | |
TOTAL AIR TRANSPORTATION | 433,485 | ||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.1741% 2/1/27 (e)(f)(k) | 28,402 | 27,353 | |
Broadcasting - 0.0% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 11.208% 5/25/26 (e)(f)(k) | 10,190 | 9,765 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.3399% 2/25/29 (e)(f)(k) | 49,875 | 41,261 | |
Cable/Satellite TV - 0.5% | |||
Numericable LLC Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 7.7666% 1/31/26 (e)(f)(k) | 370,976 | 332,721 | |
Chemicals - 0.4% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (b)(e)(f)(k) | 167,875 | 159,481 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (e)(f)(k) | 80,000 | 72,980 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 1 month U.S. LIBOR + 2.750% 7.1647% 10/1/25 (e)(f)(k) | 33,289 | 31,313 | |
TOTAL CHEMICALS | 263,774 | ||
Consumer Products - 0.1% | |||
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 16.37% 5/8/26 (b)(e)(f)(k) | 79,091 | 79,091 | |
Diversified Financial Services - 0.5% | |||
BCP Renaissance Parent LLC Tranche B3 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.0532% 10/31/26 (e)(f)(k) | 12,980 | 12,686 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 5.6621% 3/1/25 (e)(f)(k) | 15,212 | 14,950 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(k) | 325,030 | 325,030 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 352,666 | ||
Energy - 0.2% | |||
Citgo Petroleum Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 10.0039% 3/28/24 (e)(f)(k) | 136,355 | 136,253 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(g)(k) | 65,772 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(g)(k) | 28,000 | 0 | |
TOTAL ENERGY | 136,253 | ||
Gaming - 0.0% | |||
Scientific Games Holdings LP term loan CME Term SOFR 1 Month Index + 3.500% 7.0974% 4/4/29 (e)(f)(k) | 15,000 | 14,106 | |
Healthcare - 0.1% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 11/1/28 (e)(f)(k) | 9,950 | 9,605 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 11/15/28 (e)(f)(k) | 34,825 | 33,489 | |
TOTAL HEALTHCARE | 43,094 | ||
Hotels - 0.0% | |||
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 6.750% 10.4241% 5/30/26 (e)(f)(k) | 37,343 | 25,043 | |
Insurance - 0.1% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.0039% 2/15/27 (e)(f)(k) | 4,963 | 4,700 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 5/10/25 (e)(f)(k) | 4,739 | 4,598 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 5/9/25 (e)(f)(k) | 62,888 | 61,001 | |
TOTAL INSURANCE | 70,299 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 8/17/28 (e)(f)(k) | 4,777 | 4,660 | |
Railroad - 0.1% | |||
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.000% 11.0231% 11/23/29 (b)(e)(f)(k) | 30,000 | 29,850 | |
Services - 0.4% | |||
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 9.8287% 12/20/29 (e)(f)(k) | 5,000 | 4,600 | |
Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (e)(f)(k) | 10,000 | 8,463 | |
Finastra U.S.A., Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 10.6207% 6/13/25 (e)(f)(k) | 220,000 | 161,014 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 12.0039% 8/22/25 (e)(f)(k) | 95,000 | 91,472 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7977% 1/23/27 (e)(f)(k) | 14,663 | 14,186 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (e)(f)(k) | 39,300 | 34,502 | |
TOTAL SERVICES | 314,237 | ||
Super Retail - 0.2% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/5/28 (e)(f)(k) | 157,212 | 147,701 | |
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.9241% 4/15/28 (e)(f)(k) | 24,688 | 18,932 | |
TOTAL SUPER RETAIL | 166,633 | ||
Technology - 0.8% | |||
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 7.4241% 8/10/25 (e)(f)(k) | 115,125 | 86,471 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (e)(f)(k) | 85,293 | 77,760 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(k)(l) | 14,493 | 13,213 | |
MH Sub I LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 9/15/24 (e)(f)(k) | 14,848 | 14,276 | |
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.5039% 5/4/26 (e)(f)(k) | 19,400 | 18,838 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9983% 5/3/26 (e)(f)(k) | 197,757 | 190,533 | |
2LN, term loan 1 month U.S. LIBOR + 5.250% 8.9983% 5/3/27 (e)(f)(k) | 186,989 | 171,563 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 2/28/27 (e)(f)(k) | 14,625 | 14,198 | |
TOTAL TECHNOLOGY | 586,852 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $3,259,508) | 3,005,342 | ||
Preferred Securities - 4.6% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Volkswagen International Finance NV 4.375% (Reg. S) (e)(i) | EUR | 100,000 | 82,853 |
Banks & Thrifts - 2.0% | |||
AIB Group PLC 5.25% (Reg. S) (e)(i) | EUR | 200,000 | 177,008 |
Axis Bank GIFT City 4.1% (Reg. S) (e)(i) | 200,000 | 161,223 | |
Bangkok Bank Ltd. PCL 5% (Reg. S) (e)(i) | 200,000 | 177,227 | |
Bank of America Corp.: | |||
4.3% (e)(i) | 60,000 | 50,338 | |
5.875% (e)(i) | 190,000 | 164,992 | |
Emirates NBD Bank PJSC 6.125% (Reg. S) (e)(i) | 200,000 | 190,396 | |
HDFC Bank Ltd. 3.7% (Reg. S) (e)(i) | 200,000 | 160,868 | |
Keb Hana Bank 3.5% (Reg. S) (e)(i) | 200,000 | 154,087 | |
Tinkoff Credit Systems 6% (d)(e)(i) | 100,000 | 35,692 | |
Woori Bank 4.25% (Reg. S) (e)(i) | 200,000 | 174,654 | |
TOTAL BANKS & THRIFTS | 1,446,485 | ||
Building Materials - 0.2% | |||
CEMEX S.A.B. de CV 5.125% (d)(e)(i) | 200,000 | 165,639 | |
Diversified Financial Services - 0.6% | |||
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(i) | 400,000 | 257,030 | |
LeasePlan Corp. NV 7.375% (Reg. S) (e)(i) | EUR | 200,000 | 193,481 |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 450,511 | ||
Energy - 0.1% | |||
Repsol International Finance BV 4.247% (e)(i) | EUR | 100,000 | 88,444 |
Homebuilders/Real Estate - 0.4% | |||
Abertis Infraestructuras Finance BV 3.248% (Reg. S) (e)(i) | EUR | 100,000 | 84,015 |
CIFI Holdings Group Co. Ltd. 11.581% (Reg. S) (e)(f)(i) | 200,000 | 12,818 | |
CPI Property Group SA 4.875% (Reg. S) (e)(i) | EUR | 200,000 | 113,006 |
RKI Overseas Finance 2017 (A) 7% (Reg. S) (i) | 200,000 | 59,173 | |
Yuzhou Properties Co. U.S. TREASURY 5 YEAR INDEX + 8.520% 5.375% (Reg. S) (e)(f)(g)(i) | 200,000 | 4,000 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 273,012 | ||
Technology - 0.3% | |||
Network i2i Ltd. 5.65% (Reg. S) (e)(i) | 200,000 | 178,315 | |
Telecommunications - 0.4% | |||
Telefonica Europe BV: | |||
3.875% (Reg. S) (e)(i) | EUR | 200,000 | 177,874 |
4.375% (Reg. S) (e)(i) | EUR | 100,000 | 97,126 |
TOTAL TELECOMMUNICATIONS | 275,000 | ||
Utilities - 0.5% | |||
Electricite de France SA: | |||
3.375% (e)(i) | EUR | 200,000 | 129,331 |
4% (Reg. S) (e)(i) | EUR | 100,000 | 87,022 |
5% (Reg. S) (e)(i) | EUR | 100,000 | 87,805 |
Veolia Environnement SA 2.5% (Reg. S) (e)(i) | EUR | 100,000 | 77,669 |
TOTAL UTILITIES | 381,827 | ||
TOTAL PREFERRED SECURITIES (Cost $4,746,820) | 3,342,086 | ||
Money Market Funds - 3.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (m) (Cost $2,538,540) | 2,538,125 | 2,538,633 | |
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $87,879,693) | 71,161,132 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 1,035,275 |
NET ASSETS - 100.0% | 72,196,407 |
EUR | - | European Monetary Unit |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $636,480 or 0.9% 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 $38,845,226 or 53.8% of net assets. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(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) | 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 $14,493 and $13,213, respectively. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Chesapeake Energy Corp. | 2/10/21 | 805 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 27,566 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 47,694 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 623,261 |
Northeast Grocery, Inc. | 11/08/21 | 5,075 |
Southeastern Grocers, Inc. | 6/01/18 | 54,475 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 3,385,473 | 24,385,146 | 25,231,986 | 38,729 | - | - | 2,538,633 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.10% | 3,300 | 26,877 | 30,177 | 1 | - | - | - | 0.0% |
Total | 3,388,773 | 24,412,023 | 25,262,163 | 38,730 | - | - | 2,538,633 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 120,481 | - | - | 120,481 |
Consumer Discretionary | 15,233 | - | - | 15,233 |
Consumer Staples | 181,660 | - | - | 181,660 |
Energy | 1,484,898 | 873,997 | 70,730 | 540,171 |
Utilities | 337,257 | 149,190 | 188,067 | - |
Corporate Bonds | 58,185,885 | - | 57,527,151 | 658,734 |
Government Obligations | 1,949,657 | - | 1,949,657 | - |
Bank Loan Obligations | 3,005,342 | - | 1,978,405 | 1,026,937 |
Preferred Securities | 3,342,086 | - | 3,342,086 | - |
Money Market Funds | 2,538,633 | 2,538,633 | - | - |
Total Investments in Securities: | 71,161,132 | 3,561,820 | 65,056,096 | 2,543,216 |
Investments in Securities: | |||
Bank Loan Obligations | |||
Beginning Balance | $ | 600,731 | |
Net Realized Gain (Loss) on Investment Securities | 16 | ||
Net Unrealized Gain (Loss) on Investment Securities | (5,416) | ||
Cost of Purchases | 439,352 | ||
Proceeds of Sales | (8,533) | ||
Amortization/Accretion | 787 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,026,937 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (5,416) | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,362,928 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 120,103 | ||
Cost of Purchases | 2,432 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | 816 | ||
Transfers into Level 3 | 30,000 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 1,516,279 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | 120,103 | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $85,341,153) | $68,622,499 | |||
Fidelity Central Funds (cost $2,538,540) | 2,538,633 | |||
Total Investment in Securities (cost $87,879,693) | $ | 71,161,132 | ||
Cash | 69,481 | |||
Foreign currency held at value (cost $1,796) | 1,789 | |||
Receivable for investments sold | 100,833 | |||
Receivable for fund shares sold | 41,826 | |||
Dividends receivable | 1,633 | |||
Interest receivable | 1,151,589 | |||
Distributions receivable from Fidelity Central Funds | 11,843 | |||
Prepaid expenses | 126 | |||
Receivable from investment adviser for expense reductions | 8,439 | |||
Total assets | 72,548,691 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $59,243 | |||
Delayed delivery | 96,952 | |||
Payable for fund shares redeemed | 32,734 | |||
Distributions payable | 54,887 | |||
Accrued management fee | 42,980 | |||
Distribution and service plan fees payable | 3,552 | |||
Other affiliated payables | 13,432 | |||
Other payables and accrued expenses | 48,504 | |||
Total Liabilities | 352,284 | |||
Net Assets | $ | 72,196,407 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 98,258,383 | ||
Total accumulated earnings (loss) | (26,061,976) | |||
Net Assets | $ | 72,196,407 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($7,569,655 ÷ 969,301 shares) (a) | $ | 7.81 | ||
Maximum offering price per share (100/96.00 of $7.81) | $ | 8.14 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,486,791 ÷ 318,486 shares) (a) | $ | 7.81 | ||
Maximum offering price per share (100/96.00 of $7.81) | $ | 8.14 | ||
Class C : | ||||
Net Asset Value and offering price per share ($1,772,076 ÷ 226,922 shares) (a) | $ | 7.81 | ||
Global High Income : | ||||
Net Asset Value , offering price and redemption price per share ($57,643,926 ÷ 7,381,700 shares) | $ | 7.81 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($2,723,959 ÷ 348,784 shares) | $ | 7.81 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 274,063 | ||
Interest | 2,311,560 | |||
Income from Fidelity Central Funds (including $1 from security lending) | 38,730 | |||
Total Income | 2,624,353 | |||
Expenses | ||||
Management fee | $ | 289,379 | ||
Transfer agent fees | 67,651 | |||
Distribution and service plan fees | 24,478 | |||
Accounting fees | 17,197 | |||
Custodian fees and expenses | 6,617 | |||
Independent trustees' fees and expenses | 147 | |||
Registration fees | 23,746 | |||
Audit | 46,428 | |||
Legal | 11,736 | |||
Miscellaneous | 266 | |||
Total expenses before reductions | 487,645 | |||
Expense reductions | (75,559) | |||
Total expenses after reductions | 412,086 | |||
Net Investment income (loss) | 2,212,267 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,569,465) | |||
Foreign currency transactions | (15,647) | |||
Total net realized gain (loss) | (3,585,112) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,793,028) | |||
Assets and liabilities in foreign currencies | 5,573 | |||
Total change in net unrealized appreciation (depreciation) | (5,787,455) | |||
Net gain (loss) | (9,372,567) | |||
Net increase (decrease) in net assets resulting from operations | $ | (7,160,300) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,212,267 | $ | 4,646,873 |
Net realized gain (loss) | (3,585,112) | (53,257) | ||
Change in net unrealized appreciation (depreciation) | (5,787,455) | (12,743,194) | ||
Net increase (decrease) in net assets resulting from operations | (7,160,300) | (8,149,578) | ||
Distributions to shareholders | (1,971,469) | (4,704,486) | ||
Share transactions - net increase (decrease) | (14,917,954) | (3,075,785) | ||
Total increase (decrease) in net assets | (24,049,723) | (15,929,849) | ||
Net Assets | ||||
Beginning of period | 96,246,130 | 112,175,979 | ||
End of period | $ | 72,196,407 | $ | 96,246,130 |
Fidelity Advisor® Global High Income Fund Class A |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 | $ | 9.54 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .212 | .367 | .391 | .445 | .468 | .462 | ||||||
Net realized and unrealized gain (loss) | (.906) | (1.089) | 1.394 | (1.120) | (.115) | .006 | ||||||
Total from investment operations | (.694) | (.722) | 1.785 | (.675) | .353 | .468 | ||||||
Distributions from net investment income | (.186) | (.378) | (.375) | (.425) | (.457) | (.399) | ||||||
Distributions from net realized gain | - | - | - | - | (.026) | - | ||||||
Total distributions | (.186) | (.378) | (.375) | (.425) | (.483) | (.399) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.81 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Total Return C,D,E | (8.05)% | (7.64)% | 21.59% | (7.44)% | 3.88% | 4.94% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.37% H | 1.37% | 1.34% | 1.34% | 1.32% | 1.31% | ||||||
Expenses net of fee waivers, if any | 1.17% H | 1.16% | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.17% H | 1.16% | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
Net investment income (loss) | 5.10% H | 3.89% | 4.17% | 4.77% | 5.00% | 4.75% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 7,570 | $ | 15,467 | $ | 8,582 | $ | 5,927 | $ | 7,365 | $ | 8,712 |
Portfolio turnover rate I | 19% H | 45% | 53% | 54% | 44% | 48% |
Fidelity Advisor® Global High Income Fund Class M |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 | $ | 9.54 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .210 | .372 | .389 | .445 | .467 | .462 | ||||||
Net realized and unrealized gain (loss) | (.904) | (1.094) | 1.396 | (1.120) | (.114) | .006 | ||||||
Total from investment operations | (.694) | (.722) | 1.785 | (.675) | .353 | .468 | ||||||
Distributions from net investment income | (.186) | (.378) | (.375) | (.425) | (.457) | (.399) | ||||||
Distributions from net realized gain | - | - | - | - | (.026) | - | ||||||
Total distributions | (.186) | (.378) | (.375) | (.425) | (.483) | (.399) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.81 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Total Return C,D,E | (8.05)% | (7.64)% | 21.59% | (7.44)% | 3.88% | 4.94% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.44% H | 1.41% | 1.41% | 1.41% | 1.40% | 1.40% | ||||||
Expenses net of fee waivers, if any | 1.18% H | 1.16% | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.18% H | 1.16% | 1.25% | 1.25% | 1.25% | 1.25% | ||||||
Net investment income (loss) | 5.10% H | 3.89% | 4.16% | 4.77% | 5.00% | 4.75% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,487 | $ | 3,118 | $ | 3,164 | $ | 2,928 | $ | 3,971 | $ | 4,301 |
Portfolio turnover rate I | 19% H | 45% | 53% | 54% | 44% | 48% |
Fidelity Advisor® Global High Income Fund Class C |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 | $ | 9.54 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .180 | .301 | .319 | .375 | .398 | .390 | ||||||
Net realized and unrealized gain (loss) | (.905) | (1.094) | 1.396 | (1.119) | (.115) | .005 | ||||||
Total from investment operations | (.725) | (.793) | 1.715 | (.744) | .283 | .395 | ||||||
Distributions from net investment income | (.155) | (.307) | (.305) | (.356) | (.387) | (.326) | ||||||
Distributions from net realized gain | - | - | - | - | (.026) | - | ||||||
Total distributions | (.155) | (.307) | (.305) | (.356) | (.413) | (.326) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.81 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.61 |
Total Return C,D,E | (8.40)% | (8.33)% | 20.69% | (8.13)% | 3.10% | 4.16% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 2.18% H | 2.12% | 2.14% | 2.11% | 2.08% | 2.08% | ||||||
Expenses net of fee waivers, if any | 1.93% H | 1.91% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||
Expenses net of all reductions | 1.93% H | 1.91% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||
Net investment income (loss) | 4.35% H | 3.14% | 3.41% | 4.02% | 4.25% | 4.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,772 | $ | 2,246 | $ | 3,249 | $ | 2,684 | $ | 3,723 | $ | 4,420 |
Portfolio turnover rate I | 19% H | 45% | 53% | 54% | 44% | 48% |
Fidelity® Global High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 | $ | 9.54 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .221 | .397 | .413 | .468 | .491 | .487 | ||||||
Net realized and unrealized gain (loss) | (.905) | (1.094) | 1.395 | (1.119) | (.125) | .015 | ||||||
Total from investment operations | (.684) | (.697) | 1.808 | (.651) | .366 | .502 | ||||||
Distributions from net investment income | (.196) | (.403) | (.398) | (.449) | (.480) | (.423) | ||||||
Distributions from net realized gain | - | - | - | - | (.026) | - | ||||||
Total distributions | (.196) | (.403) | (.398) | (.449) | (.506) | (.423) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.81 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Total Return C,D | (7.93)% | (7.40)% | 21.89% | (7.21)% | 4.03% | 5.31% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | 1.10% G | 1.04% | 1.04% | 1.03% | 1.01% | 1.02% | ||||||
Expenses net of fee waivers, if any | .93% G | .91% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | .93% G | .91% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||
Net investment income (loss) | 5.35% G | 4.15% | 4.41% | 5.02% | 5.25% | 5.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 57,644 | $ | 72,441 | $ | 89,338 | $ | 73,039 | $ | 97,619 | $ | 125,192 |
Portfolio turnover rate H | 19% G | 45% | 53% | 54% | 44% | 48% |
Fidelity Advisor® Global High Income Fund Class I |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 | $ | 9.54 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .220 | .400 | .411 | .473 | .491 | .485 | ||||||
Net realized and unrealized gain (loss) | (.904) | (1.097) | 1.397 | (1.124) | (.125) | .017 | ||||||
Total from investment operations | (.684) | (.697) | 1.808 | (.651) | .366 | .502 | ||||||
Distributions from net investment income | (.196) | (.403) | (.398) | (.449) | (.480) | (.423) | ||||||
Distributions from net realized gain | - | - | - | - | (.026) | - | ||||||
Total distributions | (.196) | (.403) | (.398) | (.449) | (.506) | (.423) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | .001 | ||||||
Net asset value, end of period | $ | 7.81 | $ | 8.69 | $ | 9.79 | $ | 8.38 | $ | 9.48 | $ | 9.62 |
Total Return C,D | (7.93)% | (7.40)% | 21.89% | (7.21)% | 4.03% | 5.31% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | 1.14% G | 1.05% | 1.05% | 1.03% | 1.05% | 1.03% | ||||||
Expenses net of fee waivers, if any | .93% G | .91% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | .93% G | .91% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||
Net investment income (loss) | 5.35% G | 4.14% | 4.42% | 5.02% | 5.25% | 5.00% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,724 | $ | 2,975 | $ | 7,844 | $ | 4,350 | $ | 7,352 | $ | 9,999 |
Portfolio turnover rate H | 19% G | 45% | 53% | 54% | 44% | 48% |
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 | $857,545 | Recovery value | Recovery value | $0.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 - 8.1 / 4.0 | Increase | ||
Discount rate | 3.5% | Decrease | |||
Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase | |||
Daily production multiple ($/Barrels of oil equivalent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Discounted cash flow | Discount rate | 10.0% - 13.5% / 10.9% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Book value | Book value multiple | 1.0 | Increase | ||
Corporate Bonds | $658,734 | Recovery value | Recovery value | $0.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 | Increase | ||
Daily production multiple ($/Barrels of oil equivalent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Indicative market price | Evaluated bid | $0.13 - $20.00 / $14.97 | Increase | ||
Book value | Book value multiple | 1.0 | Increase | ||
Bank Loan Obligations | $1,026,937 | Recovery value | Recovery value | $0.00 | Increase |
Market approach | Transaction price | $99.5 - $100.00 / $99.97 | Increase | ||
Discounted cash flow | Discount rate | 10.6% - 14.3% / 12.7% | Decrease | ||
Indicative market price | Evaluated bid | $95.00 | Increase |
Gross unrealized appreciation | $1,973,525 |
Gross unrealized depreciation | (18,412,195) |
Net unrealized appreciation (depreciation) | $(16,438,670) |
Tax cost | $87,599,802 |
Short-term | $(832,705) |
Long-term | (5,249,310) |
Total capital loss carryforward | $(6,082,015) |
Purchases ($) | Sales ($) | |
Fidelity Global High Income Fund | 7,003,686 | 20,702,497 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $11,449 | $1,787 |
Class M | - % | .25% | 3,333 | - |
Class C | .75% | .25% | 9,696 | 368 |
$24,478 | $2,155 |
Retained by FDC | |
Class A | $355 |
Class M | 43 |
$398 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $8,172 | .18 |
Class M | 3,384 | .25 |
Class C | 2,431 | .25 |
Global High Income | 50,839 | .15 |
Class I | 2,825 | .19 |
$67,651 |
% of Average Net Assets | |
Fidelity Global High Income Fund | .04 |
Amount | |
Fidelity Global High Income Fund | $5 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Global High Income Fund | - | 31,584 | 5,992 |
Amount | |
Fidelity Global High Income Fund | $77 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Global High Income Fund | $- | $- | $- |
Expense Limitations | Reimbursement | |
Class A | 1.15% | $8,985 |
Class M | 1.15% | 3,592 |
Class C | 1.90% | 2,516 |
Global High Income | .90% | 56,610 |
Class I | .90% | 3,056 |
$74,759 |
Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Global High Income Fund | ||
Distributions to shareholders | ||
Class A | $206,423 | $427,363 |
Class M | 60,624 | 136,678 |
Class C | 36,759 | 87,509 |
Global High Income | 1,596,968 | 3,787,445 |
Class I | 70,695 | 265,491 |
Total | $1,971,469 | $4,704,486 |
Shares | Shares | Dollars | Dollars | |
Six months ended October 31, 2022 | Year ended April 30, 2022 | Six months ended October 31, 2022 | Year ended April 30, 2022 | |
Fidelity Global High Income Fund | ||||
Class A | ||||
Shares sold | 48,212 | 994,468 | $394,464 | $9,310,968 |
Reinvestment of distributions | 24,706 | 44,175 | 201,402 | 415,544 |
Shares redeemed | (883,645) | (135,230) | (7,460,198) | (1,259,170) |
Net increase (decrease) | (810,727) | 903,413 | $(6,864,332) | $8,467,342 |
Class M | ||||
Shares sold | 8,586 | 91,576 | $70,819 | $895,377 |
Reinvestment of distributions | 7,357 | 14,136 | 59,621 | 134,232 |
Shares redeemed | (56,355) | (70,038) | (470,993) | (666,034) |
Net increase (decrease) | (40,412) | 35,674 | $(340,553) | $363,575 |
Class C | ||||
Shares sold | 4,852 | 18,127 | $38,834 | $174,518 |
Reinvestment of distributions | 4,493 | 9,080 | 36,414 | 86,380 |
Shares redeemed | (40,870) | (100,614) | (336,967) | (966,704) |
Net increase (decrease) | (31,525) | (73,407) | $(261,719) | $(705,806) |
Global High Income | ||||
Shares sold | 581,880 | 3,066,135 | $4,828,675 | $29,769,948 |
Reinvestment of distributions | 154,669 | 326,573 | 1,253,041 | 3,111,366 |
Shares redeemed | (1,690,896) | (4,181,161) | (13,597,792) | (39,815,297) |
Net increase (decrease) | (954,347) | (788,453) | $(7,516,076) | $(6,933,983) |
Class I | ||||
Shares sold | 68,291 | 209,270 | $568,958 | $2,024,964 |
Reinvestment of distributions | 7,013 | 24,069 | 56,800 | 230,486 |
Shares redeemed | (68,814) | (692,191) | (561,032) | (6,522,363) |
Net increase (decrease) | 6,490 | (458,852) | $64,726 | $(4,266,913) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Global High Income Fund | ||||||||||
Class A | 1.17% | |||||||||
Actual | $ 1,000 | $ 919.50 | $ 5.66 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.31 | $ 5.96 | |||||||
Class M | 1.18% | |||||||||
Actual | $ 1,000 | $ 919.50 | $ 5.71 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.26 | $ 6.01 | |||||||
Class C | 1.93% | |||||||||
Actual | $ 1,000 | $ 916.00 | $ 9.32 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.48 | $ 9.80 | |||||||
Fidelity® Global High Income Fund | .93% | |||||||||
Actual | $ 1,000 | $ 920.70 | $ 4.50 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.52 | $ 4.74 | |||||||
Class I | .93% | |||||||||
Actual | $ 1,000 | $ 920.70 | $ 4.50 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.52 | $ 4.74 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 9.9 | |
Procter & Gamble Co. | 7.5 | |
Nestle SA (Reg. S) | 6.3 | |
Thermo Fisher Scientific, Inc. | 4.9 | |
Tesla, Inc. | 4.5 | |
NVIDIA Corp. | 3.9 | |
Enphase Energy, Inc. | 2.3 | |
Chipotle Mexican Grill, Inc. | 2.0 | |
Church & Dwight Co., Inc. | 2.0 | |
Ulta Beauty, Inc. | 2.0 | |
45.3 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 35.3 | |
Consumer Staples | 24.2 | |
Consumer Discretionary | 16.6 | |
Information Technology | 9.2 | |
Financials | 4.2 | |
Utilities | 2.8 | |
Industrials | 2.0 | |
Real Estate | 0.6 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 17.2% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 94.9% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 16.6% | |||
Automobiles - 4.5% | |||
Tesla, Inc. (a) | 528 | 120,141 | |
Hotels, Restaurants & Leisure - 3.9% | |||
Chipotle Mexican Grill, Inc. (a) | 37 | 55,438 | |
Planet Fitness, Inc. (a) | 646 | 42,300 | |
Sweetgreen, Inc. Class A | 436 | 8,110 | |
105,848 | |||
Internet & Direct Marketing Retail - 1.1% | |||
Uber Technologies, Inc. (a) | 1,125 | 29,891 | |
Multiline Retail - 1.2% | |||
Dollar General Corp. | 128 | 32,646 | |
Specialty Retail - 4.3% | |||
Dick's Sporting Goods, Inc. | 208 | 23,662 | |
Ulta Beauty, Inc. (a) | 128 | 53,679 | |
Warby Parker, Inc. (a) | 2,358 | 37,846 | |
115,187 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
Crocs, Inc. (a) | 402 | 28,442 | |
NIKE, Inc. Class B | 76 | 7,044 | |
On Holding AG (a) | 428 | 7,529 | |
43,015 | |||
TOTAL CONSUMER DISCRETIONARY | 446,728 | ||
CONSUMER STAPLES - 24.2% | |||
Food & Staples Retailing - 1.6% | |||
Costco Wholesale Corp. | 58 | 29,087 | |
U.S. Foods Holding Corp. (a) | 500 | 14,880 | |
43,967 | |||
Food Products - 8.6% | |||
Darling Ingredients, Inc. (a) | 472 | 37,043 | |
Freshpet, Inc. (a) | 200 | 11,790 | |
Nestle SA (Reg. S) | 1,541 | 167,751 | |
TreeHouse Foods, Inc. (a) | 289 | 14,519 | |
231,103 | |||
Household Products - 11.4% | |||
Church & Dwight Co., Inc. | 727 | 53,893 | |
Kimberly-Clark Corp. | 410 | 51,029 | |
Procter & Gamble Co. | 1,495 | 201,332 | |
306,254 | |||
Personal Products - 2.6% | |||
Estee Lauder Companies, Inc. Class A | 108 | 21,653 | |
L'Oreal SA | 133 | 41,763 | |
Olaplex Holdings, Inc. | 1,510 | 6,644 | |
70,060 | |||
TOTAL CONSUMER STAPLES | 651,384 | ||
FINANCIALS - 4.2% | |||
Capital Markets - 1.1% | |||
BlackRock, Inc. Class A | 46 | 29,712 | |
Insurance - 3.1% | |||
AIA Group Ltd. | 5,159 | 39,078 | |
Marsh & McLennan Companies, Inc. | 188 | 30,360 | |
Trupanion, Inc. (a) | 250 | 12,618 | |
82,056 | |||
TOTAL FINANCIALS | 111,768 | ||
HEALTH CARE - 35.3% | |||
Biotechnology - 3.4% | |||
Argenx SE (a) | 18 | 6,989 | |
Regeneron Pharmaceuticals, Inc. (a) | 58 | 43,428 | |
Vertex Pharmaceuticals, Inc. (a) | 130 | 40,560 | |
90,977 | |||
Health Care Equipment & Supplies - 1.4% | |||
Boston Scientific Corp. (a) | 854 | 36,816 | |
IDEXX Laboratories, Inc. (a) | 1 | 360 | |
37,176 | |||
Health Care Providers & Services - 15.4% | |||
agilon health, Inc. (a) | 2,672 | 53,039 | |
Guardant Health, Inc. (a) | 164 | 8,118 | |
LifeStance Health Group, Inc. (a) | 4,960 | 37,448 | |
Molina Healthcare, Inc. (a) | 42 | 15,072 | |
Oak Street Health, Inc. (a) | 1,465 | 29,637 | |
Surgery Partners, Inc. (a) | 119 | 3,236 | |
UnitedHealth Group, Inc. | 479 | 265,913 | |
412,463 | |||
Life Sciences Tools & Services - 8.5% | |||
Danaher Corp. | 193 | 48,572 | |
Lonza Group AG | 96 | 49,419 | |
Thermo Fisher Scientific, Inc. | 254 | 130,548 | |
228,539 | |||
Pharmaceuticals - 6.6% | |||
Dechra Pharmaceuticals PLC | 737 | 22,144 | |
Eli Lilly & Co. | 112 | 40,554 | |
Roche Holding AG (participation certificate) | 146 | 48,443 | |
UCB SA | 436 | 32,885 | |
Zoetis, Inc. Class A | 226 | 34,076 | |
178,102 | |||
TOTAL HEALTH CARE | 947,257 | ||
INDUSTRIALS - 2.0% | |||
Electrical Equipment - 2.0% | |||
Sensata Technologies, Inc. PLC | 789 | 31,726 | |
Sunrun, Inc. (a) | 1,036 | 23,320 | |
55,046 | |||
INFORMATION TECHNOLOGY - 9.2% | |||
Semiconductors & Semiconductor Equipment - 7.1% | |||
Enphase Energy, Inc. (a) | 205 | 62,935 | |
NVIDIA Corp. | 780 | 105,277 | |
SolarEdge Technologies, Inc. (a) | 101 | 23,233 | |
191,445 | |||
Technology Hardware, Storage & Peripherals - 2.1% | |||
Apple, Inc. | 302 | 46,309 | |
Samsung Electronics Co. Ltd. GDR (Reg. S) | 9 | 9,302 | |
55,611 | |||
TOTAL INFORMATION TECHNOLOGY | 247,056 | ||
REAL ESTATE - 0.6% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
Welltower Op | 242 | 14,772 | |
UTILITIES - 2.8% | �� | ||
Electric Utilities - 1.7% | |||
NextEra Energy, Inc. | 580 | 44,950 | |
Water Utilities - 1.1% | |||
American Water Works Co., Inc. | 204 | 29,649 | |
TOTAL UTILITIES | 74,599 | ||
TOTAL COMMON STOCKS (Cost $2,640,350) | 2,548,610 | ||
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (b) (Cost $35,020) | 35,013 | 35,020 | |
TOTAL INVESTMENT IN SECURITIES - 96.2% (Cost $2,675,370) | 2,583,630 |
NET OTHER ASSETS (LIABILITIES) - 3.8% | 103,129 |
NET ASSETS - 100.0% | 2,686,759 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | - | 2,191,119 | 2,156,099 | 620 | - | - | 35,020 | 0.0% |
Total | - | 2,191,119 | 2,156,099 | 620 | - | - | 35,020 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 446,728 | 446,728 | - | - |
Consumer Staples | 651,384 | 441,870 | 209,514 | - |
Financials | 111,768 | 72,690 | 39,078 | - |
Health Care | 947,257 | 842,406 | 104,851 | - |
Industrials | 55,046 | 55,046 | - | - |
Information Technology | 247,056 | 247,056 | - | - |
Real Estate | 14,772 | 14,772 | - | - |
Utilities | 74,599 | 74,599 | - | - |
Money Market Funds | 35,020 | 35,020 | - | - |
Total Investments in Securities: | 2,583,630 | 2,230,187 | 353,443 | - |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,640,350) | $2,548,610 | |||
Fidelity Central Funds (cost $35,020) | 35,020 | |||
Total Investment in Securities (cost $2,675,370) | $ | 2,583,630 | ||
Cash | 9,484 | |||
Foreign currency held at value (cost $7) | 7 | |||
Receivable for investments sold | 40,832 | |||
Receivable for fund shares sold | 4,591 | |||
Dividends receivable | 1,833 | |||
Distributions receivable from Fidelity Central Funds | 159 | |||
Prepaid expenses | 60,464 | |||
Receivable from investment adviser for expense reductions | 13,678 | |||
Total assets | 2,714,678 | |||
Liabilities | ||||
Payable for investments purchased | $10,715 | |||
Payable for fund shares redeemed | 150 | |||
Accrued management fee | 1,427 | |||
Distribution and service plan fees payable | 148 | |||
Other affiliated payables | 549 | |||
Audit fee payable | 13,075 | |||
Custody fee payable | 1,855 | |||
Total Liabilities | 27,919 | |||
Net Assets | $ | 2,686,759 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,835,080 | ||
Total accumulated earnings (loss) | (148,321) | |||
Net Assets | $ | 2,686,759 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($151,152 ÷ 15,977 shares) (a) | $ | 9.46 | ||
Maximum offering price per share (100/94.25 of $9.46) | $ | 10.04 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($95,685 ÷ 10,126 shares) (a) | $ | 9.45 | ||
Maximum offering price per share (100/96.50 of $9.45) | $ | 9.79 | ||
Class C : | ||||
Net Asset Value and offering price per share ($99,880 ÷ 10,593 shares) (a) | $ | 9.43 | ||
Fidelity Healthy Future Fund : | ||||
Net Asset Value , offering price and redemption price per share ($2,148,436 ÷ 226,835 shares) | $ | 9.47 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($96,146 ÷ 10,152 shares) | $ | 9.47 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($95,460 ÷ 10,073 shares) | $ | 9.48 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
For the period May 24, 2022 (commencement of operations) through October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 7,200 | ||
Income from Fidelity Central Funds | 620 | |||
Total Income | 7,820 | |||
Expenses | ||||
Management fee | $ | 5,882 | ||
Transfer agent fees | 2,044 | |||
Distribution and service plan fees | 775 | |||
Accounting fees and expenses | 308 | |||
Custodian fees and expenses | 2,946 | |||
Independent trustees' fees and expenses | 2 | |||
Registration fees | 57,390 | |||
Audit | 14,080 | |||
Miscellaneous | 134 | |||
Total expenses before reductions | 83,561 | |||
Expense reductions | (73,746) | |||
Total expenses after reductions | 9,815 | |||
Net Investment income (loss) | (1,995) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (54,503) | |||
Foreign currency transactions | (107) | |||
Total net realized gain (loss) | (54,610) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (91,740) | |||
Assets and liabilities in foreign currencies | 24 | |||
Total change in net unrealized appreciation (depreciation) | (91,716) | |||
Net gain (loss) | (146,326) | |||
Net increase (decrease) in net assets resulting from operations | $ | (148,321) |
Statement of Changes in Net Assets | ||
For the period May 24, 2022 (commencement of operations) through October 31, 2022 (Unaudited) | ||
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ | (1,995) |
Net realized gain (loss) | (54,610) | |
Change in net unrealized appreciation (depreciation) | (91,716) | |
Net increase (decrease) in net assets resulting from operations | (148,321) | |
Share transactions - net increase (decrease) | 2,835,080 | |
Total increase (decrease) in net assets | 2,686,759 | |
Net Assets | ||
Beginning of period | - | |
End of period | $ | 2,686,759 |
Fidelity Advisor Healthy Future Fund Class A |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.02) | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.54) | |
Net asset value, end of period | $ | 9.46 |
Total Return D,E,F | (5.40)% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 10.15% I | |
Expenses net of fee waivers, if any | 1.30% I | |
Expenses net of all reductions | 1.29% I | |
Net investment income (loss) | (.40)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 151 |
Portfolio turnover rate J | 25% K |
Fidelity Advisor Healthy Future Fund Class M |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.03) | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.55) | |
Net asset value, end of period | $ | 9.45 |
Total Return D,E,F | (5.50)% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 10.63% I | |
Expenses net of fee waivers, if any | 1.55% I | |
Expenses net of all reductions | 1.55% I | |
Net investment income (loss) | (.65)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 96 |
Portfolio turnover rate J | 25% K |
Fidelity Advisor Healthy Future Fund Class C |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.05) | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.57) | |
Net asset value, end of period | $ | 9.43 |
Total Return D,E,F | (5.70)% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 11.09% I | |
Expenses net of fee waivers, if any | 2.05% I | |
Expenses net of all reductions | 2.04% I | |
Net investment income (loss) | (1.15)% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 100 |
Portfolio turnover rate J | 25% K |
Fidelity Healthy Future Fund |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.01) | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.53) | |
Net asset value, end of period | $ | 9.47 |
Total Return D,E | (5.30)% | |
Ratios to Average Net Assets C,F,G | ||
Expenses before reductions | 9.30% H | |
Expenses net of fee waivers, if any | 1.05% H | |
Expenses net of all reductions | 1.04% H | |
Net investment income (loss) | (.15)% H | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 2,148 |
Portfolio turnover rate I | 25% J |
Fidelity Advisor Healthy Future Fund Class I |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | (.01) | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.53) | |
Net asset value, end of period | $ | 9.47 |
Total Return D,E | (5.30)% | |
Ratios to Average Net Assets C,F,G | ||
Expenses before reductions | 10.14% H | |
Expenses net of fee waivers, if any | 1.05% H | |
Expenses net of all reductions | 1.04% H | |
Net investment income (loss) | (.15)% H | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 96 |
Portfolio turnover rate I | 25% J |
Fidelity Advisor Healthy Future Fund Class Z |
Six months ended (Unaudited) October 31, 2022 A | ||
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | - D | |
Net realized and unrealized gain (loss) | (.52) | |
Total from investment operations | (.52) | |
Net asset value, end of period | $ | 9.48 |
Total Return E,F | (5.20)% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | 10.05% I | |
Expenses net of fee waivers, if any | .90% I | |
Expenses net of all reductions | .90% I | |
Net investment income (loss) | -% I,J | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 95 |
Portfolio turnover rate K | 25% L |
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 | $98,368 |
Gross unrealized depreciation | (197,816) |
Net unrealized appreciation (depreciation) | $(99,448) |
Tax cost | $2,683,078 |
Purchases ($) | Sales ($) | |
Fidelity Healthy Future Fund | 3,163,640 | 468,730 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $122 | $115 |
Class M | .25% | .25% | 216 | 216 |
Class C | .75% | .25% | 437 | 437 |
$775 | $768 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $84 | .17 |
Class M | 50 | .12 |
Class C | 53 | .12 |
Fidelity Healthy Future Fund | 1,778 | .27 |
Class I | 61 | .14 |
Class Z | 18 | .04 |
$2,044 |
% of Average Net Assets | |
Fidelity Healthy Future Fund | .04 |
Amount | |
Fidelity Healthy Future Fund | $19 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Healthy Future Fund | 67,401 | 32,186 | (1,470) |
Expense Limitations | Reimbursement | |
Class A | 1.30% | $4,311 |
Class M | 1.55% | 3,911 |
Class C | 2.05% | 3,956 |
Fidelity Healthy Future Fund | 1.05% | 53,630 |
Class I | 1.05% | 3,948 |
Class Z | .90% | 3,953 |
$73,709 |
Shares | Dollars | |
Six months ended October 31, 2022 A | Six months ended October 31, 2022 A | |
Fidelity Healthy Future Fund | ||
Class A | ||
Shares sold | 17,219 | $170,185 |
Shares redeemed | (1,242) | (12,793) |
Net increase (decrease) | 15,977 | $157,392 |
Class M | ||
Shares sold | 10,126 | $101,200 |
Net increase (decrease) | 10,126 | $101,200 |
Class C | ||
Shares sold | 10,593 | $106,102 |
Net increase (decrease) | 10,593 | $106,102 |
Fidelity Healthy Future Fund | ||
Shares sold | 241,634 | $2,411,524 |
Shares redeemed | (14,799) | (143,338) |
Net increase (decrease) | 226,835 | $2,268,186 |
Class I | ||
Shares sold | 10,152 | $101,500 |
Net increase (decrease) | 10,152 | $101,500 |
Class Z | ||
Shares sold | 10,073 | $100,700 |
Net increase (decrease) | 10,073 | $100,700 |
Fund | Affiliated % |
Fidelity Healthy Future Fund | 35% |
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 24, 2022 to October 31, 2022). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value | Ending Account Value October 31, 2022 | Expenses Paid During Period | |||||||
Fidelity Healthy Future Fund | ||||||||||
Class A | 1.30% | |||||||||
Actual | $ 1,000 | $ 946.00 | $ 5.58 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.65 | $ 6.61 D | |||||||
Class M | 1.55% | |||||||||
Actual | $ 1,000 | $ 945.00 | $ 6.65 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.39 | $ 7.88 D | |||||||
Class C | 2.05% | |||||||||
Actual | $ 1,000 | $ 943.00 | $ 8.78 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,014.87 | $ 10.41 D | |||||||
Fidelity Healthy Future Fund | 1.05% | |||||||||
Actual | $ 1,000 | $ 947.00 | $ 4.51 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.91 | $ 5.35 D | |||||||
Class I | 1.05% | |||||||||
Actual | $ 1,000 | $ 947.00 | $ 4.51 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.91 | $ 5.35 D | |||||||
Class Z | .90% | |||||||||
Actual | $ 1,000 | $ 948.00 | $ 3.87 C | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.67 | $ 4.58 D | |||||||
At its January 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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. | 2.4 | |
Bank of America Corp. | 1.9 | |
Tenet Healthcare Corp. | 1.6 | |
Ally Financial, Inc. | 1.6 | |
JPMorgan Chase & Co. | 1.6 | |
Altice France SA | 1.5 | |
Caesars Entertainment, Inc. | 1.4 | |
Citigroup, Inc. | 1.3 | |
Occidental Petroleum | 1.2 | |
17.4 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 12.8 | |
Banks & Thrifts | 10.2 | |
Technology | 7.2 | |
Telecommunications | 6.3 | |
Healthcare | 5.7 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 12.5% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 67.7% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 0.4% | |||
Diversified Financial Services - 0.0% | |||
New Cotai LLC 5% 2/24/27 (b) | 3,932 | 3,814 | |
Energy - 0.4% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,495 | 14,790 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 4,306 | 25,524 | |
40,314 | |||
TOTAL CONVERTIBLE BONDS | 44,128 | ||
Nonconvertible Bonds - 67.3% | |||
Aerospace - 3.5% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 6,080 | 5,112 | |
5.125% 10/1/31 | 5,395 | 4,448 | |
Bombardier, Inc.: | |||
6% 2/15/28 (d) | 6,075 | 5,406 | |
7.125% 6/15/26 (d) | 12,110 | 11,464 | |
7.5% 3/15/25 (d) | 12,259 | 12,049 | |
7.875% 4/15/27 (d) | 26,370 | 25,044 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (d) | 11,215 | 9,811 | |
Moog, Inc. 4.25% 12/15/27 (d) | 3,455 | 3,092 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 10,870 | 9,837 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) | 15,000 | 14,573 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 35,725 | 34,868 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 38,080 | 32,426 | |
4.875% 5/1/29 | 25,000 | 21,381 | |
5.5% 11/15/27 | 124,228 | 112,426 | |
6.25% 3/15/26 (d) | 17,925 | 17,681 | |
6.375% 6/15/26 | 61,985 | 59,816 | |
7.5% 3/15/27 | 18,012 | 17,749 | |
397,183 | |||
Air Transportation - 1.8% | |||
Air Canada 3.875% 8/15/26 (d) | 9,105 | 8,056 | |
Allegiant Travel Co. 7.25% 8/15/27 (d) | 8,870 | 8,338 | |
Delta Air Lines, Inc. 7% 5/1/25 (d) | 2,708 | 2,745 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd.: | |||
4.5% 10/20/25 (d) | 48,285 | 47,051 | |
4.75% 10/20/28 (d) | 39,880 | 37,065 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 22,205 | 20,443 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 32,804 | 32,430 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 7,779 | 7,902 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 30,025 | 27,403 | |
4.625% 4/15/29 (d) | 18,025 | 15,417 | |
206,850 | |||
Automotive - 0.2% | |||
Ford Motor Co. 6.1% 8/19/32 | 11,825 | 10,856 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 15,745 | 12,244 | |
23,100 | |||
Automotive & Auto Parts - 1.6% | |||
Allison Transmission, Inc. 5.875% 6/1/29 (d) | 7,960 | 7,423 | |
Arko Corp. 5.125% 11/15/29 (d) | 9,105 | 7,209 | |
Dana, Inc.: | |||
4.25% 9/1/30 | 8,870 | 7,105 | |
4.5% 2/15/32 | 9,135 | 6,984 | |
Exide Technologies: | |||
11% 10/31/24 pay-in-kind (b)(d)(e)(f) | 1,760 | 0 | |
11% 10/31/24 pay-in-kind (b)(d)(e)(f) | 891 | 401 | |
Ford Motor Co. 3.25% 2/12/32 | 29,640 | 22,197 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 19,245 | 17,459 | |
4% 11/13/30 | 42,253 | 34,173 | |
5.113% 5/3/29 | 10,330 | 9,235 | |
LCM Investments Holdings 4.875% 5/1/29 (d) | 24,415 | 20,595 | |
McLaren Finance PLC 7.5% 8/1/26 (d) | 8,290 | 6,570 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 14,525 | 12,732 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d) | 5,530 | 3,703 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (d)(f)(g) | 30,350 | 28,833 | |
184,619 | |||
Banks & Thrifts - 1.9% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 20,638 | 20,822 | |
8% 11/1/31 | 151,039 | 154,907 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 27,225 | 24,162 | |
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 8,740 | 7,725 | |
207,616 | |||
Broadcasting - 1.5% | |||
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d) | 12,070 | 9,488 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 46,565 | 9,313 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (d) | 18,765 | 15,059 | |
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d) | 8,990 | 6,823 | |
Nexstar Broadcasting, Inc.: | |||
4.75% 11/1/28 (d) | 22,300 | 19,570 | |
5.625% 7/15/27 (d) | 23,735 | 22,418 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (d) | 2,820 | 2,329 | |
Sirius XM Radio, Inc.: | |||
3.125% 9/1/26 (d) | 9,100 | 8,132 | |
3.875% 9/1/31 (d) | 12,130 | 9,704 | |
4% 7/15/28 (d) | 23,630 | 20,314 | |
5% 8/1/27 (d) | 14,525 | 13,363 | |
Townsquare Media, Inc. 6.875% 2/1/26 (d) | 5,645 | 5,330 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 12,060 | 10,153 | |
7.375% 6/30/30 (d) | 17,095 | 16,539 | |
168,535 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (d) | 2,325 | 2,156 | |
6.375% 6/15/30 (d) | 6,050 | 5,847 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d) | 6,555 | 5,932 | |
CP Atlas Buyer, Inc. 7% 12/1/28 (d) | 5,480 | 3,946 | |
James Hardie International Finance Ltd. 5% 1/15/28 (d) | 4,136 | 3,740 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d) | 4,125 | 3,182 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d) | 9,050 | 7,664 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 11,605 | 10,190 | |
6.125% 7/1/29 (d) | 4,870 | 3,960 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d) | 10,525 | 9,612 | |
56,229 | |||
Cable/Satellite TV - 4.5% | |||
Block Communications, Inc. 4.875% 3/1/28 (d) | 7,830 | 6,805 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 16,515 | 13,047 | |
4.5% 8/15/30 (d) | 21,660 | 17,578 | |
4.5% 5/1/32 | 46,575 | 36,794 | |
4.75% 3/1/30 (d) | 63,365 | 53,252 | |
4.75% 2/1/32 (d) | 26,255 | 21,005 | |
5% 2/1/28 (d) | 91,490 | 82,798 | |
5.125% 5/1/27 (d) | 69,885 | 64,747 | |
5.375% 6/1/29 (d) | 18,080 | 16,152 | |
5.5% 5/1/26 (d) | 8,759 | 8,431 | |
6.375% 9/1/29 (d) | 11,825 | 10,897 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 14,140 | 10,252 | |
4.5% 11/15/31 (d) | 30,110 | 23,419 | |
5.375% 2/1/28 (d) | 23,655 | 21,822 | |
6.5% 2/1/29 (d) | 24,795 | 23,369 | |
DISH DBS Corp.: | |||
5.25% 12/1/26 (d) | 15,220 | 13,222 | |
5.75% 12/1/28 (d) | 15,220 | 12,271 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 6,600 | 5,619 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 8,350 | 7,056 | |
6.5% 9/15/28 (d) | 22,260 | 14,024 | |
VZ Secured Financing BV 5% 1/15/32 (d) | 24,310 | 19,509 | |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 6,000 | 4,755 | |
6% 1/15/27 (d) | 11,435 | 10,291 | |
Ziggo BV 4.875% 1/15/30 (d) | 7,990 | 6,752 | |
503,867 | |||
Capital Goods - 0.1% | |||
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d) | 7,895 | 6,750 | |
Stevens Holding Co., Inc. 6.125% 10/1/26 (d) | 3,245 | 3,249 | |
9,999 | |||
Chemicals - 1.6% | |||
Cheever Escrow Issuer LLC 7.125% 10/1/27 (d) | 5,915 | 5,430 | |
Compass Minerals International, Inc. 6.75% 12/1/27 (d) | 24,600 | 23,142 | |
Gpd Companies, Inc. 10.125% 4/1/26 (d) | 14,980 | 13,393 | |
Ingevity Corp. 3.875% 11/1/28 (d) | 11,105 | 9,374 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d) | 3,835 | 3,476 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 21,105 | 19,161 | |
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (d) | 12,145 | 9,859 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 7,820 | 6,788 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 14,015 | 11,142 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 32,330 | 28,949 | |
5.75% 11/15/28 (d) | 16,765 | 14,242 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 13,295 | 10,268 | |
Valvoline, Inc. 4.25% 2/15/30 (d) | 8,315 | 8,003 | |
W.R. Grace Holding LLC 5.625% 8/15/29 (d) | 28,310 | 21,883 | |
185,110 | |||
Consumer Products - 0.9% | |||
Angi Group LLC 3.875% 8/15/28 (d) | 5,530 | 4,051 | |
Diamond BC BV 4.625% 10/1/29 (d) | 7,285 | 5,352 | |
Foundation Building Materials, Inc. 6% 3/1/29 (d) | 5,845 | 4,038 | |
Gannett Holdings LLC 6% 11/1/26 (d) | 8,785 | 6,571 | |
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d) | 8,760 | 7,607 | |
Millennium Escrow Corp. 6.625% 8/1/26 (d) | 12,120 | 8,726 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (d) | 10,160 | 9,275 | |
7.75% 2/15/29 (d) | 8,880 | 8,338 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 8,380 | 6,180 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (d) | 15,965 | 11,987 | |
4% 4/15/29 (d) | 15,925 | 12,806 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 11,945 | 9,151 | |
TKC Holdings, Inc. 6.875% 5/15/28 (d) | 13,375 | 11,101 | |
105,183 | |||
Containers - 0.5% | |||
Crown Cork & Seal, Inc.: | |||
7.375% 12/15/26 | 4,845 | 4,897 | |
7.5% 12/15/96 | 12,871 | 12,785 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 6,000 | 4,918 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 7,880 | 6,775 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) | 4,230 | 3,147 | |
LABL, Inc. 5.875% 11/1/28 (d) | 14,730 | 12,795 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 6,930 | 6,361 | |
51,678 | |||
Diversified Financial Services - 2.3% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 15,505 | 12,444 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 6,915 | 6,137 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 9,110 | 5,954 | |
3.625% 10/1/31 (d) | 9,110 | 5,394 | |
Compass Group Diversified Holdings LLC: | |||
5% 1/15/32 (d) | 6,090 | 4,439 | |
5.25% 4/15/29 (d) | 17,730 | 15,248 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 5,945 | 4,840 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 11,165 | 9,321 | |
5.25% 5/15/27 | 41,665 | 38,384 | |
6.25% 5/15/26 | 24,085 | 23,182 | |
6.375% 12/15/25 | 28,275 | 27,448 | |
LPL Holdings, Inc. 4% 3/15/29 (d) | 17,730 | 15,475 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (d) | 9,110 | 7,042 | |
4% 11/15/29 (d) | 6,385 | 5,544 | |
OEC Finance Ltd.: | |||
4.375% 10/25/29 pay-in-kind (d) | 6,919 | 165 | |
5.25% 12/27/33 pay-in-kind (d) | 3,388 | 68 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 5,610 | 4,236 | |
5.375% 11/15/29 | 9,400 | 7,708 | |
6.625% 1/15/28 | 7,305 | 6,636 | |
6.875% 3/15/25 | 19,480 | 18,896 | |
7.125% 3/15/26 | 38,380 | 37,037 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d) | 3,750 | 3,457 | |
259,055 | |||
Diversified Media - 0.3% | |||
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 40,645 | 34,447 | |
Energy - 8.8% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 9,060 | 8,500 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (d) | 9,060 | 8,265 | |
5.75% 1/15/28 (d) | 17,645 | 16,624 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 7,820 | 6,627 | |
CGG SA 8.75% 4/1/27 (d) | 11,985 | 10,597 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 9,110 | 7,089 | |
4% 3/1/31 | 31,040 | 26,169 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 22,300 | 20,572 | |
Chesapeake Energy Corp.: | |||
5.875% 2/1/29 (d) | 5,840 | 5,518 | |
6.75% 4/15/29 (d) | 8,995 | 8,810 | |
7% 10/1/24 (b)(e) | 6,915 | 0 | |
8% 1/15/25 (b)(e) | 3,385 | 0 | |
8% 6/15/27 (b)(e) | 2,132 | 0 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 27,185 | 27,210 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 8,760 | 8,627 | |
7% 6/15/25 (d) | 22,045 | 21,707 | |
CNX Midstream Partners LP 4.75% 4/15/30 (d) | 6,435 | 5,293 | |
CNX Resources Corp.: | |||
6% 1/15/29 (d) | 5,345 | 4,990 | |
7.375% 1/15/31 (d) | 5,930 | 5,887 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (d) | 8,645 | 8,018 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 32,085 | 28,954 | |
6.75% 3/1/29 (d) | 20,060 | 19,207 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 18,015 | 16,944 | |
5.75% 4/1/25 | 4,790 | 4,670 | |
6% 2/1/29 (d) | 25,785 | 24,112 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 5,055 | 4,592 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 16,990 | 16,371 | |
5.75% 2/15/28 (d) | 22,655 | 20,503 | |
DCP Midstream Operating LP 5.85% 5/21/43 (d)(f) | 18,335 | 17,740 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 17,655 | 15,809 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d) | 9,070 | 7,841 | |
4.375% 6/15/31 (d) | 9,070 | 7,641 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d) | 21,251 | 20,655 | |
Energy Transfer LP 5.5% 6/1/27 | 16,735 | 16,145 | |
EnLink Midstream LLC 6.5% 9/1/30 (d) | 11,825 | 11,618 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 9,875 | 8,445 | |
5.125% 6/15/28 (d) | 11,235 | 10,336 | |
5.5% 10/15/30 (d) | 6,060 | 5,467 | |
5.625% 2/15/26 (d) | 15,535 | 15,236 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d) | 12,280 | 11,543 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (d) | 7,615 | 6,882 | |
6.375% 4/15/27 (d) | 6,050 | 5,823 | |
MEG Energy Corp. 7.125% 2/1/27 (d) | 11,335 | 11,534 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(d)(e) | 21,977 | 0 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (d) | 11,260 | 10,866 | |
7.5% 1/15/28 (d) | 9,715 | 9,011 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 23,915 | 23,198 | |
6.75% 9/15/25 (d) | 15,106 | 14,830 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 11,090 | 10,032 | |
Nine Energy Service, Inc. 8.75% 11/1/23 (d) | 6,245 | 5,448 | |
NuStar Logistics LP 6% 6/1/26 | 12,025 | 11,659 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 14,690 | 13,331 | |
5.875% 9/1/25 | 11,055 | 11,138 | |
6.125% 1/1/31 | 23,465 | 23,527 | |
6.2% 3/15/40 | 5,785 | 5,565 | |
6.375% 9/1/28 | 18,145 | 18,415 | |
6.45% 9/15/36 | 19,110 | 18,957 | |
6.6% 3/15/46 | 11,465 | 11,285 | |
6.625% 9/1/30 | 22,115 | 23,001 | |
7.2% 3/15/29 | 3,964 | 4,063 | |
7.5% 5/1/31 | 1,100 | 1,183 | |
8.875% 7/15/30 | 12,405 | 14,080 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 27,530 | 25,018 | |
7.25% 6/15/25 | 22,875 | 22,632 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 8,455 | 8,459 | |
PDC Energy, Inc. 6.125% 9/15/24 | 1,777 | 1,759 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 6,330 | 6,149 | |
6.625% 1/15/27 | 21,320 | 20,894 | |
6.75% 9/15/26 | 4,550 | 4,482 | |
Southern Natural Gas Co. LLC: | |||
7.35% 2/15/31 | 23,497 | 24,119 | |
8% 3/1/32 | 12,475 | 13,236 | |
Southwestern Energy Co.: | |||
5.375% 3/15/30 | 12,145 | 11,234 | |
5.7% 1/23/25 (h) | 244 | 241 | |
7.75% 10/1/27 | 12,945 | 13,316 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d) | 12,070 | 10,146 | |
Summit Midstream Holdings LLC: | |||
5.75% 4/15/25 | 5,390 | 4,514 | |
8.5% (d)(i) | 9,110 | 8,746 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 10,170 | 8,735 | |
4.5% 4/30/30 | 12,185 | 10,362 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
6% 9/1/31 (d) | 9,110 | 8,109 | |
7.5% 10/1/25 (d) | 8,350 | 8,433 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 10,360 | 9,141 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 8,990 | 8,019 | |
Tennessee Gas Pipeline Co. 7.625% 4/1/37 | 5,445 | 5,643 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 7,585 | 6,504 | |
4.125% 8/15/31 (d) | 7,585 | 6,466 | |
984,517 | |||
Environmental - 0.6% | |||
Covanta Holding Corp.: | |||
4.875% 12/1/29 (d) | 18,165 | 15,467 | |
5% 9/1/30 | 11,060 | 9,211 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 13,885 | 13,364 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (d) | 9,105 | 7,879 | |
4.75% 6/15/29 (d) | 12,095 | 10,542 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 11,390 | 9,425 | |
5.875% 6/30/29 (d) | 9,085 | 6,223 | |
72,111 | |||
Food & Drug Retail - 1.3% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 36,160 | 29,922 | |
4.625% 1/15/27 (d) | 25,300 | 23,446 | |
4.875% 2/15/30 (d) | 44,700 | 39,671 | |
BellRing Brands, Inc. 7% 3/15/30 (d) | 14,740 | 13,919 | |
Murphy Oil U.S.A., Inc.: | |||
3.75% 2/15/31 (d) | 5,300 | 4,416 | |
4.75% 9/15/29 | 6,860 | 6,174 | |
5.625% 5/1/27 | 6,030 | 5,787 | |
Parkland Corp.: | |||
4.5% 10/1/29 (d) | 8,995 | 7,574 | |
4.625% 5/1/30 (d) | 12,175 | 10,127 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 11,130 | 10,286 | |
151,322 | |||
Food/Beverage/Tobacco - 1.7% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 8,615 | 6,369 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 6,285 | 5,459 | |
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (d) | 20,180 | 18,395 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 7,777 | 7,738 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (d) | 12,150 | 10,607 | |
4.375% 1/31/32 (d) | 6,075 | 5,217 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (d) | 8,495 | 7,197 | |
5.5% 10/15/27 (d) | 8,855 | 8,370 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 (d) | 21,020 | 17,506 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 47,500 | 39,292 | |
4.625% 4/15/30 (d) | 15,630 | 13,189 | |
5.5% 12/15/29 (d) | 21,040 | 18,934 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 8,340 | 6,959 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 3,695 | 3,118 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 6,360 | 4,817 | |
U.S. Foods, Inc. 4.625% 6/1/30 (d) | 7,520 | 6,524 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 7,750 | 7,485 | |
187,176 | |||
Gaming - 2.9% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 4,295 | 3,585 | |
Boyd Gaming Corp. 4.75% 6/15/31 (d) | 15,120 | 12,772 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (d) | 18,245 | 14,596 | |
6.25% 7/1/25 (d) | 41,240 | 40,239 | |
8.125% 7/1/27 (d) | 54,990 | 53,478 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 13,750 | 13,431 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d) | 6,040 | 5,451 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (d) | 25,865 | 22,495 | |
6.75% 1/15/30 (d) | 34,295 | 26,922 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 8,585 | 7,569 | |
Melco Resorts Finance Ltd.: | |||
5.25% 4/26/26 (d) | 8,910 | 5,656 | |
5.75% 7/21/28 (d) | 4,420 | 2,542 | |
MGM Resorts International 4.75% 10/15/28 | 11,125 | 9,646 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) | 19,045 | 20,450 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 31,840 | 23,562 | |
5.875% 9/1/31 (d) | 24,325 | 17,237 | |
Station Casinos LLC 4.625% 12/1/31 (d) | 9,135 | 7,258 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 5,700 | 2,363 | |
VICI Properties LP / VICI Note Co.: | |||
3.875% 2/15/29 (d) | 11,195 | 9,427 | |
4.25% 12/1/26 (d) | 21,450 | 19,538 | |
4.625% 12/1/29 (d) | 12,240 | 10,643 | |
328,860 | |||
Healthcare - 4.7% | |||
180 Medical, Inc. 3.875% 10/15/29 (d) | 6,495 | 5,488 | |
Avantor Funding, Inc. 3.875% 11/1/29 (d) | 6,075 | 5,126 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 4,050 | 3,252 | |
Catalent Pharma Solutions: | |||
3.5% 4/1/30 (d) | 6,070 | 4,902 | |
5% 7/15/27 (d) | 3,765 | 3,540 | |
Centene Corp. 4.25% 12/15/27 | 11,560 | 10,664 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 10,515 | 9,095 | |
4% 3/15/31 (d) | 12,085 | 10,166 | |
4.25% 5/1/28 (d) | 3,400 | 3,093 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 21,790 | 14,598 | |
5.25% 5/15/30 (d) | 18,245 | 12,635 | |
5.625% 3/15/27 (d) | 7,180 | 5,722 | |
6% 1/15/29 (d) | 8,490 | 6,302 | |
6.125% 4/1/30 (d) | 21,795 | 8,936 | |
8% 3/15/26 (d) | 61,410 | 52,966 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 4,180 | 3,022 | |
4.625% 6/1/30 (d) | 31,515 | 24,570 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 6,075 | 4,746 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 6,410 | 5,601 | |
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d) | 12,050 | 11,598 | |
IQVIA, Inc. 5% 5/15/27 (d) | 12,070 | 11,501 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 12,305 | 10,921 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 7,010 | 5,966 | |
Modivcare, Inc. 5.875% 11/15/25 (d) | 8,105 | 7,699 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 10,465 | 8,893 | |
3.875% 5/15/32 (d) | 12,160 | 10,141 | |
4.375% 6/15/28 (d) | 7,525 | 6,749 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 6,680 | 5,769 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 21,010 | 18,506 | |
5.125% 4/30/31 (d) | 18,260 | 15,508 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 8,310 | 6,435 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 20,865 | 11,038 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 10,405 | 7,780 | |
Syneos Health, Inc. 3.625% 1/15/29 (d) | 8,395 | 6,953 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 17,640 | 14,862 | |
4.375% 1/15/30 (d) | 43,755 | 36,710 | |
4.625% 7/15/24 | 2,495 | 2,433 | |
4.625% 9/1/24 (d) | 12,045 | 11,627 | |
4.875% 1/1/26 (d) | 30,115 | 28,459 | |
5.125% 11/1/27 (d) | 18,070 | 16,647 | |
6.125% 10/1/28 (d) | 11,010 | 9,529 | |
6.125% 6/15/30 (d) | 24,015 | 22,169 | |
6.25% 2/1/27 (d) | 35,815 | 34,179 | |
Teva Pharmaceutical Finance Netherlands III BV: | |||
4.75% 5/9/27 | 6,085 | 5,370 | |
5.125% 5/9/29 | 6,085 | 5,222 | |
527,088 | |||
Homebuilders/Real Estate - 2.2% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 8,410 | 7,251 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d) | 8,940 | 6,634 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d) | 7,775 | 5,978 | |
Century Communities, Inc. 3.875% 8/15/29 (d) | 9,110 | 7,174 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d) | 10,555 | 10,037 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 11,190 | 7,697 | |
4.625% 8/1/29 | 18,080 | 14,324 | |
5% 10/15/27 | 38,043 | 32,576 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d) | 36,785 | 26,150 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d) | 12,170 | 8,439 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d) | 8,020 | 6,538 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 10,725 | 8,898 | |
5.625% 3/1/24 (d) | 1,312 | 1,284 | |
5.875% 6/15/27 (d) | 9,260 | 8,684 | |
TopBuild Corp. 3.625% 3/15/29 (d) | 5,910 | 4,696 | |
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 16,130 | 15,852 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 14,380 | 12,459 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 31,410 | 25,676 | |
6.5% 2/15/29 (d) | 39,880 | 28,614 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 5,045 | 4,064 | |
243,025 | |||
Hotels - 0.4% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d) | 17,635 | 17,857 | |
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (d) | 5,595 | 4,766 | |
4% 5/1/31 (d) | 8,395 | 7,018 | |
4.875% 1/15/30 | 6,900 | 6,184 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 8,435 | 8,013 | |
43,838 | |||
Insurance - 1.1% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (d) | 9,105 | 7,548 | |
7% 11/15/25 (d) | 34,880 | 32,784 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 11,125 | 10,014 | |
5.875% 11/1/29 (d) | 9,115 | 7,680 | |
6.75% 10/15/27 (d) | 16,680 | 15,221 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 8,805 | 7,527 | |
AssuredPartners, Inc.: | |||
5.625% 1/15/29 (d) | 6,550 | 5,387 | |
7% 8/15/25 (d) | 4,865 | 4,662 | |
HUB International Ltd.: | |||
5.625% 12/1/29 (d) | 13,275 | 11,383 | |
7% 5/1/26 (d) | 11,770 | 11,623 | |
MGIC Investment Corp. 5.25% 8/15/28 | 7,710 | 6,995 | |
120,824 | |||
Leisure - 1.8% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (d) | 6,360 | 5,565 | |
Carnival Corp.: | |||
4% 8/1/28 (d) | 29,990 | 24,162 | |
7.625% 3/1/26 (d) | 19,665 | 14,787 | |
9.875% 8/1/27 (d) | 16,600 | 15,480 | |
10.5% 2/1/26 (d) | 11,990 | 11,750 | |
Merlin Entertainments PLC 5.75% 6/15/26 (d) | 7,725 | 7,183 | |
NCL Corp. Ltd. 5.875% 2/15/27 (d) | 12,100 | 10,814 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (d) | 9,125 | 7,093 | |
8.25% 1/15/29 (d) | 14,800 | 14,752 | |
9.25% 1/15/29 (d) | 14,800 | 15,009 | |
11.5% 6/1/25 (d) | 23,674 | 25,450 | |
11.625% 8/15/27 (d) | 11,825 | 11,496 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d) | 12,145 | 10,446 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 6,250 | 6,219 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 9,250 | 9,944 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 4,965 | 3,870 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 10,755 | 8,854 | |
202,874 | |||
Metals/Mining - 2.0% | |||
Alcoa Nederland Holding BV: | |||
4.125% 3/31/29 (d) | 15,485 | 13,113 | |
6.125% 5/15/28 (d) | 3,565 | 3,373 | |
Arconic Corp.: | |||
6% 5/15/25 (d) | 6,630 | 6,565 | |
6.125% 2/15/28 (d) | 16,695 | 15,650 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 23,720 | 20,424 | |
4.875% 3/1/31 (d) | 11,440 | 9,662 | |
5.875% 6/1/27 | 18,030 | 16,768 | |
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 13,719 | 11,097 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 9,085 | 6,655 | |
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (d) | 10,955 | 10,687 | |
6.875% 3/1/26 (d) | 28,325 | 26,510 | |
7.5% 4/1/25 (d) | 20,585 | 19,823 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (d) | 8,990 | 7,099 | |
4.5% 9/15/27 (d) | 9,015 | 8,070 | |
5.125% 5/15/24 (d) | 9,780 | 9,538 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 7,020 | 6,158 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (d) | 6,040 | 5,942 | |
8.125% 5/1/27 (d) | 18,015 | 17,925 | |
8.5% 5/1/30 (d) | 4,475 | 4,404 | |
Murray Energy Corp.: | |||
11.25% 12/31/49 (b)(d)(e) | 8,915 | 0 | |
12% 4/15/24 pay-in-kind (b)(d)(e)(f) | 10,343 | 0 | |
219,463 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (d) | 5,915 | 4,850 | |
4% 9/1/29 (d) | 11,830 | 8,974 | |
6% 6/15/27 (d) | 6,045 | 5,801 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (d) | 5,600 | 5,029 | |
5.375% 1/15/28 (d) | 5,600 | 4,789 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (d) | 7,185 | 6,821 | |
8.75% 4/15/30 (d) | 28,015 | 24,618 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 11,230 | 10,783 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 9,105 | 5,861 | |
Mercer International, Inc. 5.125% 2/1/29 | 15,060 | 12,368 | |
89,894 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 15,860 | 15,114 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 9,095 | 7,391 | |
Restaurants - 0.7% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (d) | 12,115 | 10,648 | |
4% 10/15/30 (d) | 39,005 | 31,838 | |
4.375% 1/15/28 (d) | 10,600 | 9,298 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d) | 5,565 | 4,734 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 5,205 | 5,354 | |
Papa John's International, Inc. 3.875% 9/15/29 (d) | 5,560 | 4,517 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 11,975 | 10,239 | |
76,628 | |||
Services - 3.0% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 9,010 | 8,222 | |
AECOM 5.125% 3/15/27 | 11,885 | 11,252 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 17,735 | 12,313 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (d) | 21,690 | 18,144 | |
4.625% 6/1/28 (d) | 14,365 | 11,746 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (d) | 10,240 | 9,022 | |
4% 7/1/29 (d) | 5,920 | 5,175 | |
CoreCivic, Inc. 8.25% 4/15/26 | 32,260 | 32,732 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 2,910 | 2,633 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 8,610 | 7,319 | |
3.75% 10/1/30 (d) | 11,495 | 9,656 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 8,765 | 8,223 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 16,800 | 14,195 | |
Hertz Corp.: | |||
4.625% 12/1/26 (d) | 5,180 | 4,416 | |
5% 12/1/29 (d) | 10,055 | 7,965 | |
5.5% 10/15/24 (b)(d)(e) | 10,890 | 245 | |
6% 1/15/28 (b)(d)(e) | 10,285 | 604 | |
6.25% 12/31/49 (b)(e) | 11,875 | 15 | |
7.125% 8/1/26 (b)(d)(e) | 10,285 | 411 | |
IAA, Inc. 5.5% 6/15/27 (d) | 4,680 | 4,380 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (d) | 22,025 | 17,840 | |
4.875% 9/15/29 (d) | 24,110 | 20,729 | |
KAR Auction Services, Inc. 5.125% 6/1/25 (d) | 10,355 | 9,971 | |
Service Corp. International 4% 5/15/31 | 12,070 | 10,021 | |
Sotheby's 7.375% 10/15/27 (d) | 4,960 | 4,799 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d) | 9,045 | 7,559 | |
The Brink's Co. 4.625% 10/15/27 (d) | 12,180 | 11,262 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (d) | 9,655 | 8,883 | |
10.5% 6/30/28 | 24,580 | 24,580 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 8,865 | 7,347 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (d) | 27,335 | 23,432 | |
6.25% 1/15/28 (d) | 9,175 | 8,716 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 9,760 | 9,101 | |
332,908 | |||
Steel - 0.2% | |||
Algoma Steel SCA 0% 12/31/23 (b) | 1,982 | 0 | |
Commercial Metals Co. 3.875% 2/15/31 | 6,135 | 4,969 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 10,980 | 10,184 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 4,375 | 3,839 | |
18,992 | |||
Super Retail - 1.1% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 3,534 | 3,064 | |
4.625% 11/15/29 (d) | 10,005 | 8,229 | |
4.75% 3/1/30 | 3,523 | 2,886 | |
5% 2/15/32 (d) | 10,800 | 8,708 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (d) | 5,555 | 4,970 | |
6.75% 7/1/36 | 12,766 | 10,548 | |
7.5% 6/15/29 | 8,335 | 7,881 | |
Carvana Co. 4.875% 9/1/29 (d) | 21,255 | 9,405 | |
EG Global Finance PLC 8.5% 10/30/25 (d) | 16,085 | 14,858 | |
Lithia Motors, Inc. 3.875% 6/1/29 (d) | 13,230 | 10,659 | |
Macy's Retail Holdings LLC: | |||
5.875% 3/15/30 (d) | 6,235 | 5,235 | |
6.125% 3/15/32 (d) | 6,015 | 4,998 | |
Michaels Companies, Inc. 5.25% 5/1/28 (d) | 14,150 | 10,048 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 25,145 | 18,255 | |
4.375% 4/1/30 | 3,790 | 2,909 | |
5% 1/15/44 | 1,785 | 1,129 | |
6.95% 3/15/28 | 550 | 511 | |
124,293 | |||
Technology - 3.6% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 9,045 | 7,326 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 11,390 | 9,867 | |
Block, Inc. 3.5% 6/1/31 | 12,070 | 9,716 | |
CA Magnum Holdings 5.375% (d)(i) | 4,870 | 4,079 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 10,590 | 9,897 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d) | 9,005 | 8,607 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 10,695 | 9,172 | |
4.875% 7/1/29 (d) | 10,115 | 8,433 | |
Coherent Corp. 5% 12/15/29 (d) | 9,495 | 8,146 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 8,870 | 7,477 | |
Elastic NV 4.125% 7/15/29 (d) | 17,090 | 14,269 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (d) | 11,810 | 9,794 | |
5.25% 12/1/27 (d) | 9,345 | 8,749 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 12,040 | 9,572 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d) | 9,100 | 7,505 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 23,020 | 19,725 | |
NCR Corp.: | |||
5% 10/1/28 (d) | 5,530 | 4,647 | |
5.125% 4/15/29 (d) | 8,870 | 7,444 | |
5.25% 10/1/30 (d) | 5,530 | 4,465 | |
5.75% 9/1/27 (d) | 9,035 | 8,719 | |
6.125% 9/1/29 (d) | 9,035 | 8,611 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 5,930 | 5,567 | |
NortonLifeLock, Inc. 5% 4/15/25 (d) | 10,050 | 9,753 | |
onsemi 3.875% 9/1/28 (d) | 11,065 | 9,749 | |
Open Text Corp.: | |||
3.875% 2/15/28 (d) | 5,690 | 4,870 | |
3.875% 12/1/29 (d) | 6,700 | 5,310 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (d) | 5,690 | 4,531 | |
4.125% 12/1/31 (d) | 5,485 | 4,127 | |
Pitney Bowes, Inc. 7.25% 3/15/29 (d) | 5,980 | 3,831 | |
PTC, Inc.: | |||
3.625% 2/15/25 (d) | 6,650 | 6,338 | |
4% 2/15/28 (d) | 6,575 | 5,955 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 6,425 | 2,705 | |
Roblox Corp. 3.875% 5/1/30 (d) | 9,120 | 7,524 | |
Sensata Technologies BV 4% 4/15/29 (d) | 11,970 | 10,081 | |
Synaptics, Inc. 4% 6/15/29 (d) | 7,015 | 5,795 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 8,870 | 7,408 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 9,995 | 8,253 | |
3.875% 3/15/31 | 10,460 | 8,531 | |
Uber Technologies, Inc.: | |||
7.5% 9/15/27 (d) | 35,255 | 35,247 | |
8% 11/1/26 (d) | 51,060 | 51,249 | |
Unisys Corp. 6.875% 11/1/27 (d) | 6,095 | 5,099 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d) | 19,400 | 16,329 | |
404,472 | |||
Telecommunications - 6.0% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 11,280 | 8,919 | |
5.75% 8/15/29 (d) | 24,290 | 19,178 | |
Altice France SA: | |||
5.125% 7/15/29 (d) | 79,325 | 59,746 | |
5.5% 1/15/28 (d) | 24,740 | 19,833 | |
5.5% 10/15/29 (d) | 106,150 | 80,939 | |
8.125% 2/1/27 (d) | 7,635 | 6,996 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 42,100 | 36,417 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 5,500 | 4,676 | |
5.625% 9/15/28 (d) | 4,350 | 3,458 | |
Cogent Communications Group, Inc. 7% 6/15/27 (d) | 6,050 | 5,744 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 19,575 | 17,128 | |
5.875% 10/15/27 (d) | 10,375 | 9,543 | |
6% 1/15/30 (d) | 6,090 | 4,762 | |
6.75% 5/1/29 (d) | 6,940 | 5,717 | |
8.75% 5/15/30 (d) | 6,045 | 6,173 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 25,303 | 23,222 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 14,860 | 12,520 | |
6.75% 10/15/27 (d) | 10,157 | 9,472 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 24,590 | 18,750 | |
3.75% 7/15/29 (d) | 24,670 | 18,743 | |
Millicom International Cellular SA 4.5% 4/27/31 (d) | 1,725 | 1,290 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (d) | 6,070 | 5,457 | |
6% 2/15/28 (d) | 4,490 | 3,523 | |
Qwest Corp. 7.25% 9/15/25 | 1,480 | 1,495 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 18,690 | 16,471 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 13,305 | 10,754 | |
3.875% 2/15/27 | 17,015 | 15,314 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 70,044 | 72,284 | |
8.75% 3/15/32 | 21,176 | 24,853 | |
Sprint Corp. 7.625% 3/1/26 | 10,895 | 11,372 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 4,490 | 3,775 | |
Uniti Group, Inc.: | |||
6% 1/15/30 (d) | 15,190 | 10,366 | |
7.875% 2/15/25 (d) | 17,650 | 17,474 | |
Virgin Media Finance PLC 5% 7/15/30 (d) | 21,860 | 17,518 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d) | 21,200 | 17,131 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 61,245 | 52,995 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 17,180 | 13,272 | |
667,280 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (d) | 6,075 | 4,601 | |
4.25% 3/15/29 (d) | 8,675 | 6,918 | |
Foot Locker, Inc. 4% 10/1/29 (d) | 6,070 | 4,640 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 5,320 | 4,266 | |
Victoria's Secret & Co. 4.625% 7/15/29 (d) | 22,560 | 17,946 | |
38,371 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (d) | 9,095 | 7,005 | |
Utilities - 2.6% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 13,295 | 11,101 | |
3.75% 1/15/32 (d) | 6,075 | 4,813 | |
4.75% 3/15/28 (d) | 6,920 | 6,392 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 5,145 | 4,286 | |
3.625% 2/15/31 (d) | 10,215 | 8,129 | |
3.875% 2/15/32 (d) | 15,190 | 11,977 | |
5.75% 1/15/28 | 9,410 | 8,975 | |
6.625% 1/15/27 | 8,283 | 8,287 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 2,868 | 2,665 | |
3.75% 7/1/28 | 2,868 | 2,447 | |
3.75% 8/15/42 | 10,400 | 6,587 | |
3.95% 12/1/47 | 53,930 | 34,776 | |
4% 12/1/46 | 24,380 | 15,502 | |
4.25% 3/15/46 | 2,400 | 1,597 | |
4.3% 3/15/45 | 5,995 | 4,038 | |
4.55% 7/1/30 | 44,763 | 39,206 | |
PG&E Corp.: | |||
5% 7/1/28 | 22,000 | 19,828 | |
5.25% 7/1/30 | 8,330 | 7,376 | |
Pike Corp. 5.5% 9/1/28 (d) | 28,165 | 24,050 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (d) | 23,230 | 19,868 | |
5% 7/31/27 (d) | 22,585 | 20,835 | |
5.5% 9/1/26 (d) | 3,485 | 3,346 | |
5.625% 2/15/27 (d) | 28,195 | 26,878 | |
292,959 | |||
TOTAL NONCONVERTIBLE BONDS | 7,549,876 | ||
TOTAL CORPORATE BONDS (Cost $8,653,021) | 7,594,004 | ||
Common Stocks - 9.5% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(j) | 9,824 | 10 | |
Exide Technologies (b)(j) | 580,031 | 0 | |
Exide Technologies (b)(j) | 385 | 250 | |
UC Holdings, Inc. (b)(j) | 677,217 | 2,939 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 3,199 | ||
Banks & Thrifts - 0.0% | |||
Algoma Steel Group, Inc. | 638,696 | 4,350 | |
Broadcasting - 0.3% | |||
iHeartMedia, Inc. (j) | 104 | 1 | |
Nexstar Broadcasting Group, Inc. Class A | 169,632 | 29,058 | |
TOTAL BROADCASTING | 29,059 | ||
Building Materials - 0.1% | |||
Builders FirstSource, Inc. (j) | 117,400 | 7,239 | |
Cable/Satellite TV - 0.0% | |||
Altice U.S.A., Inc. Class A (j) | 330,500 | 2,185 | |
Chemicals - 0.3% | |||
CF Industries Holdings, Inc. | 199,202 | 21,167 | |
The Chemours Co. LLC | 566,310 | 16,213 | |
TOTAL CHEMICALS | 37,380 | ||
Consumer Products - 0.3% | |||
Reddy Ice Holdings, Inc. (b)(j) | 199,717 | 11 | |
Tapestry, Inc. | 344,400 | 10,911 | |
Tempur Sealy International, Inc. | 651,018 | 17,506 | |
TOTAL CONSUMER PRODUCTS | 28,428 | ||
Containers - 0.4% | |||
Berry Global Group, Inc. (j) | 220,155 | 10,418 | |
Graphic Packaging Holding Co. | 973,700 | 22,356 | |
WestRock Co. | 302,400 | 10,300 | |
TOTAL CONTAINERS | 43,074 | ||
Diversified Financial Services - 0.4% | |||
MasterCard, Inc. Class A | 35,400 | 11,618 | |
OneMain Holdings, Inc. | 777,400 | 29,977 | |
PJT Partners, Inc. | 5,092 | 379 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 41,974 | ||
Energy - 2.3% | |||
Antero Resources Corp. (j) | 306,925 | 11,252 | |
California Resources Corp. | 1,898,638 | 85,648 | |
California Resources Corp. warrants 10/27/24 (j) | 57,076 | 810 | |
Chaparral Energy, Inc.: | |||
Series A warrants 10/1/24 (b)(j) | 392 | 1 | |
Series B warrants 10/1/25 (b)(j) | 392 | 1 | |
Cheniere Energy, Inc. | 173,100 | 30,537 | |
Chesapeake Energy Corp. | 423,272 | 43,288 | |
Chesapeake Energy Corp. (c)(j) | 22,818 | 2,334 | |
Civitas Resources, Inc. | 60,298 | 4,215 | |
Diamond Offshore Drilling, Inc. (j)(k) | 118,485 | 1,167 | |
Diamondback Energy, Inc. | 123,300 | 19,372 | |
EP Energy Corp. (b)(j) | 841,775 | 7,046 | |
Forbes Energy Services Ltd. (b)(j) | 193,218 | 0 | |
Jonah Energy Parent LLC (b)(j) | 304,505 | 19,367 | |
Mesquite Energy, Inc. (b)(j) | 317,026 | 17,573 | |
PureWest Energy (b) | 17,812 | 0 | |
PureWest Energy rights (b)(j) | 10,734 | 0 | |
Superior Energy Services, Inc. Class A (b)(j) | 110,370 | 8,352 | |
Unit Corp. (j)(k) | 37,978 | 2,240 | |
TOTAL ENERGY | 253,203 | ||
Entertainment/Film - 0.0% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c)(j) | 3,366,626 | 0 | |
Environmental - 0.1% | |||
Darling Ingredients, Inc. (j) | 144,616 | 11,349 | |
Food & Drug Retail - 0.2% | |||
Southeastern Grocers, Inc. (b)(c)(j) | 793,345 | 17,160 | |
Food/Beverage/Tobacco - 0.2% | |||
JBS SA | 4,652,100 | 22,479 | |
Gaming - 0.7% | |||
Boyd Gaming Corp. | 453,873 | 26,216 | |
Caesars Entertainment, Inc. (j) | 1,038,736 | 45,424 | |
Studio City International Holdings Ltd.: | |||
ADR (d) | 631,958 | 1,264 | |
(NYSE) ADR (j) | 695,700 | 1,391 | |
TOTAL GAMING | 74,295 | ||
Healthcare - 0.6% | |||
Charles River Laboratories International, Inc. (j) | 56,900 | 12,077 | |
Encompass Health Corp. | 34 | 2 | |
Enhabit Home Health & Hospice (j) | 17 | 0 | |
IQVIA Holdings, Inc. (j) | 151,200 | 31,702 | |
Tenet Healthcare Corp. (j) | 105,498 | 4,680 | |
UnitedHealth Group, Inc. | 42,700 | 23,705 | |
TOTAL HEALTHCARE | 72,166 | ||
Metals/Mining - 0.1% | |||
Elah Holdings, Inc. (b)(j) | 906 | 66 | |
First Quantum Minerals Ltd. | 626,700 | 11,054 | |
TOTAL METALS/MINING | 11,120 | ||
Services - 0.4% | |||
ASGN, Inc. (j) | 306,000 | 25,943 | |
Penhall Acquisition Co.: | |||
Class A (b)(j) | 26,163 | 2,796 | |
Class B (b)(j) | 8,721 | 932 | |
Visa, Inc. Class A | 56,200 | 11,642 | |
TOTAL SERVICES | 41,313 | ||
Steel - 0.0% | |||
Algoma Steel SCA (b)(j) | 198,162 | 0 | |
Super Retail - 0.5% | |||
Amazon.com, Inc. (j) | 87,800 | 8,994 | |
Arena Brands Holding Corp. Class B (b)(c)(j) | 659,302 | 6,626 | |
Dick's Sporting Goods, Inc. | 99,600 | 11,330 | |
Lowe's Companies, Inc. | 122,100 | 23,803 | |
Williams-Sonoma, Inc. (k) | 76,303 | 9,449 | |
TOTAL SUPER RETAIL | 60,202 | ||
Technology - 2.2% | |||
Adobe, Inc. (j) | 33,800 | 10,765 | |
Advanced Micro Devices, Inc. (j) | 170,100 | 10,216 | |
CDW Corp. | 165,200 | 28,548 | |
Fiserv, Inc. (j) | 169,000 | 17,363 | |
Global Payments, Inc. | 169,524 | 19,370 | |
Lam Research Corp. | 28,900 | 11,698 | |
Marvell Technology, Inc. | 551,400 | 21,880 | |
Microchip Technology, Inc. | 502,600 | 31,031 | |
Microsoft Corp. | 111,400 | 25,859 | |
NVIDIA Corp. | 81,500 | 11,000 | |
NXP Semiconductors NV | 44,900 | 6,559 | |
onsemi (j) | 556,703 | 34,198 | |
Salesforce.com, Inc. (j) | 71,937 | 11,696 | |
SS&C Technologies Holdings, Inc. | 126,516 | 6,505 | |
TOTAL TECHNOLOGY | 246,688 | ||
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (b)(j) | 472,864 | 473 | |
Textiles/Apparel - 0.0% | |||
Victoria's Secret & Co. (j) | 99,633 | 3,746 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA: | |||
Class A1 (b)(c)(j) | 598,287 | 0 | |
Class A2 (b)(c)(j) | 598,287 | 0 | |
Class A3 (b)(c)(j) | 598,287 | 0 | |
Class A4 (b)(c)(j) | 598,287 | 0 | |
Class A5 (b)(c)(j) | 598,287 | 0 | |
Class A6 (b)(c)(j) | 598,287 | 0 | |
Class A7 (b)(c)(j) | 598,287 | 0 | |
Class A8 (b)(c)(j) | 598,287 | 0 | |
Class A9 (b)(c)(j) | 598,287 | 0 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 0 | ||
Utilities - 0.4% | |||
NRG Energy, Inc. | 373,900 | 16,601 | |
PG&E Corp. (j) | 2,097,796 | 31,320 | |
Portland General Electric Co. | 14,817 | 666 | |
TOTAL UTILITIES | 48,587 | ||
TOTAL COMMON STOCKS (Cost $792,439) | 1,059,669 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value ($) (000s) | ||
Automotive & Auto Parts - 0.0% | |||
Exide Technologies (b)(j) | 858 | 799 | |
Transportation Ex Air/Rail - 0.0% | |||
Tricer Holdco SCA (b)(c)(j) | 287,159,690 | 3 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $11,049) | 802 | ||
Bank Loan Obligations - 5.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Air Transportation - 0.4% | |||
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.421% 8/11/28 (f)(g)(l) | 9,082 | 8,855 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 4/8/26 (f)(g)(l) | 2,565 | 2,402 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 4/4/26 (f)(g)(l) | 1,379 | 1,291 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.9926% 10/20/27 (f)(g)(l) | 3,490 | 3,518 | |
United Airlines, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1084% 4/21/28 (f)(g)(l) | 26,103 | 25,428 | |
TOTAL AIR TRANSPORTATION | 41,494 | ||
Automotive & Auto Parts - 0.2% | |||
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.0039% 12/17/28 (f)(g)(l) | 2,293 | 1,760 | |
Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 2/5/26 (f)(g)(l) | 17,894 | 16,754 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 18,514 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.3432% 2/27/28 (f)(g)(l) | 9,697 | 9,602 | |
Broadcasting - 0.1% | |||
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 11.208% 5/25/26 (f)(g)(l) | 6,778 | 6,496 | |
Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 6.2539% 9/19/26 (f)(g)(l) | 2,493 | 2,465 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.7896% 6/10/29 (f)(g)(l) | 753 | 736 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 1/31/29 (f)(g)(l) | 7,463 | 7,155 | |
TOTAL BROADCASTING | 16,852 | ||
Building Materials - 0.4% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (f)(g)(l) | 23,710 | 16,444 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.3399% 2/25/29 (f)(g)(l) | 22,698 | 18,778 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 6/4/28 (f)(g)(l) | 6,424 | 5,958 | |
TOTAL BUILDING MATERIALS | 41,180 | ||
Chemicals - 0.2% | |||
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.3442% 8/29/29 (f)(g)(l) | 785 | 780 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (f)(g)(l) | 18,040 | 16,457 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (f)(g)(l) | 3,677 | 3,342 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.4375% 9/22/28 (f)(g)(l) | 2,764 | 2,649 | |
TOTAL CHEMICALS | 23,228 | ||
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8196% 12/22/26 (f)(g)(l) | 20,050 | 18,911 | |
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.2592% 2/9/26 (f)(g)(l) | 1,482 | 1,238 | |
Energy - 0.0% | |||
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (b)(e)(f)(l) | 1,810 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(g)(l) | 5,861 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(g)(l) | 2,528 | 0 | |
TOTAL ENERGY | 0 | ||
Environmental - 0.0% | |||
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.2287% 11/30/28 (f)(g)(l) | 2,203 | 2,171 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.2287% 11/30/28 (f)(g)(l) | 166 | 163 | |
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.8153% 6/21/28 (f)(g)(l) | 2,992 | 2,700 | |
TOTAL ENVIRONMENTAL | 5,034 | ||
Food/Beverage/Tobacco - 0.0% | |||
Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 6.9032% 1/24/29 (f)(g)(l) | 2,279 | 2,077 | |
Gaming - 0.0% | |||
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.7287% 1/27/29 (f)(g)(l) | 3,846 | 3,600 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 6.4024% 4/7/29 (f)(g)(l) | 2,379 | 2,343 | |
TOTAL GAMING | 5,943 | ||
Healthcare - 0.4% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 10/1/27 (f)(g)(l) | 17,586 | 16,678 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 5/5/28 (f)(g)(l) | 6,231 | 6,149 | |
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1875% 6/2/28 (f)(g)(l) | 16,341 | 15,912 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.0039% 11/15/28 (f)(g)(l) | 7,159 | 6,884 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9375% 7/3/28 (f)(g)(l) | 1,886 | 1,865 | |
TOTAL HEALTHCARE | 47,488 | ||
Hotels - 0.1% | |||
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.1269% 10/18/28 (f)(g)(l) | 7,995 | 7,310 | |
Insurance - 0.2% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.0039% 2/15/27 (f)(g)(l) | 1,434 | 1,358 | |
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.9799% 11/12/27 (f)(g)(l) | 13,385 | 12,909 | |
HUB International Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.5268% 4/25/25 (f)(g)(l) | 5,677 | 5,569 | |
TOTAL INSURANCE | 19,836 | ||
Paper - 0.1% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.0037% 4/13/29 (f)(g)(l) | 9,037 | 8,692 | |
Services - 0.9% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 9.8287% 12/20/29 (f)(g)(l) | 1,145 | 1,053 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.3287% 12/21/28 (f)(g)(l) | 5,416 | 5,193 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (f)(g)(l) | 15,190 | 12,855 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (f)(g)(l) | 43,422 | 39,743 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 12.0039% 8/22/25 (f)(g)(l) | 6,055 | 5,830 | |
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.3125% 12/10/26 (b)(f)(g)(l) | 7,173 | 7,012 | |
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.5791% 1/15/27 (f)(g)(l) | 10,919 | 10,660 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (f)(g)(l) | 17,968 | 15,774 | |
TOTAL SERVICES | 98,120 | ||
Specialty Retailing - 0.0% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 11.7257% 6/30/27 (f)(g)(l) | 882 | 790 | |
Super Retail - 0.0% | |||
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.9241% 4/15/28 (f)(g)(l) | 5,491 | 4,211 | |
Technology - 1.4% | |||
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.7032% 2/16/28 (f)(g)(l) | 1,131 | 1,104 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (f)(g)(l) | 28,352 | 25,847 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (g)(l)(m) | 4,817 | 4,392 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 10/2/25 (f)(g)(l) | 31,701 | 30,425 | |
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 10/31/26 (f)(g)(l) | 998 | 980 | |
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/31/28 (f)(g)(l) | 2,005 | 1,891 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.9241% 8/19/28 (f)(g)(l) | 11,516 | 11,055 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9375% 7/3/28 (f)(g)(l) | 7,571 | 7,485 | |
onsemi Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.7539% 9/19/26 (f)(g)(l) | 5,224 | 5,225 | |
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 2/1/28 (f)(g)(l) | 13,738 | 13,203 | |
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 6/2/28 (f)(g)(l) | 6,707 | 6,113 | |
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3196% 8/31/28 (f)(g)(l) | 6,555 | 6,228 | |
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 4/22/28 (f)(g)(l) | 5,970 | 5,600 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 6.5039% 1/31/27 (f)(g)(l) | 3,110 | 3,064 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9983% 5/3/26 (f)(g)(l) | 28,182 | 27,153 | |
2LN, term loan 1 month U.S. LIBOR + 5.250% 8.9983% 5/3/27 (f)(g)(l) | 4,000 | 3,670 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 2/28/27 (f)(g)(l) | 2,296 | 2,229 | |
TOTAL TECHNOLOGY | 155,664 | ||
Telecommunications - 0.3% | |||
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.26% 12/12/26 (f)(g)(l) | 8,824 | 8,515 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 5/1/28 (f)(g)(l) | 5,097 | 4,806 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10% 5/31/25 (f)(g)(l) | 12,942 | 8,912 | |
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 8.1741% 11/1/24 (f)(g)(l) | 6,934 | 5,757 | |
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.7539% 3/9/27 (f)(g)(l) | 7,821 | 6,319 | |
TOTAL TELECOMMUNICATIONS | 34,309 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.8125% 6/23/25 (f)(g)(l) | 26,886 | 26,409 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $636,573) | 586,902 | ||
Preferred Securities - 8.0% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Banks & Thrifts - 6.7% | |||
Ally Financial, Inc. 4.7% (f)(i) | 7,055 | 4,815 | |
Bank of America Corp.: | |||
5.125% (f)(i) | 36,030 | 34,661 | |
5.2% (f)(i) | 61,440 | 61,086 | |
5.875% (f)(i) | 102,630 | 89,122 | |
6.25% (f)(i) | 28,555 | 28,073 | |
Citigroup, Inc.: | |||
4.7% (f)(i) | 15,285 | 12,447 | |
5% (f)(i) | 60,300 | 54,065 | |
5.9% (f)(i) | 27,015 | 27,086 | |
5.95% (f)(i) | 51,015 | 51,459 | |
6.3% (f)(i) | 5,610 | 5,394 | |
Goldman Sachs Group, Inc.: | |||
4.4% (f)(i) | 8,035 | 6,674 | |
4.95% (f)(i) | 13,335 | 12,171 | |
5% (f)(i) | 70,565 | 67,473 | |
Huntington Bancshares, Inc. 5.7% (f)(i) | 12,990 | 11,855 | |
JPMorgan Chase & Co.: | |||
4% (f)(i) | 34,340 | 28,705 | |
4.6% (f)(i) | 23,365 | 21,120 | |
5% (f)(i) | 30,845 | 28,803 | |
6% (f)(i) | 69,385 | 69,385 | |
6.125% (f)(i) | 17,585 | 17,319 | |
6.75% (f)(i) | 8,330 | 8,471 | |
Wells Fargo & Co.: | |||
5.875% (f)(i) | 50,420 | 49,528 | |
5.9% (f)(i) | 63,075 | 58,614 | |
TOTAL BANKS & THRIFTS | 748,326 | ||
Diversified Financial Services - 0.0% | |||
OEC Finance Ltd. 7.5% pay-in-kind (d)(i) | 35 | 2 | |
Energy - 1.3% | |||
DCP Midstream Partners LP 7.375% (f)(i) | 15,260 | 15,459 | |
Energy Transfer LP: | |||
6.25% (f)(i) | 81,527 | 68,889 | |
6.625% (f)(i) | 30,505 | 22,278 | |
7.125% (f)(i) | 9,130 | 7,871 | |
MPLX LP 6.875% (f)(i) | 30,450 | 30,132 | |
Summit Midstream Partners LP 9.5% (f)(i) | 2,912 | 2,165 | |
TOTAL ENERGY | 146,794 | ||
TOTAL PREFERRED SECURITIES (Cost $969,245) | 895,122 | ||
Other - 1.5% | |||
Shares | Value ($) (000s) | ||
Other - 1.5% | |||
Fidelity Direct Lending Fund, LP (c)(n) (Cost $164,436) | 162,569 | ||
Money Market Funds - 7.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 3.10% (o) | 783,919,698 | 784,076 | |
Fidelity Securities Lending Cash Central Fund 3.10% (o)(p) | 618,713 | 619 | |
TOTAL MONEY MARKET FUNDS (Cost $784,649) | 784,695 | ||
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $12,011,412) | 11,083,763 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 126,885 |
NET ASSETS - 100.0% | 11,210,648 |
(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 $229,006,000 or 2.0% of net assets. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,623,767,000 or 50.2% of net assets. |
(e) | Non-income producing - Security is in default. |
(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) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Non-income producing |
(k) | Security or a portion of the security is on loan at period end. |
(l) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(m) | 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 $4,817,000 and $4,392,000, respectively. |
(n) | Affiliated Fund |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 1/12/99 | 21,592 |
Chesapeake Energy Corp. | 2/10/21 | 216 |
Fidelity Direct Lending Fund, LP | 12/09/21 - 10/31/22 | 164,427 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 1/18/22 | 2,496 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/05/20 - 1/18/22 | 4,307 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 16,677 |
Southeastern Grocers, Inc. | 6/01/18 | 5,580 |
Tricer Holdco SCA | 10/16/09 - 12/30/17 | 10,250 |
Tricer Holdco SCA Class A1 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A2 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A3 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A4 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A5 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A6 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A7 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A8 | 10/16/09 - 10/29/09 | 1,653 |
Tricer Holdco SCA Class A9 | 10/16/09 - 10/29/09 | 1,654 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 1,558,265 | 962,664 | 1,736,853 | 8,607 | - | - | 784,076 | 1.6% |
Fidelity Securities Lending Cash Central Fund 3.10% | 36,678 | 130,983 | 167,042 | 16 | - | - | 619 | 0.0% |
Total | 1,594,943 | 1,093,647 | 1,903,895 | 8,623 | - | - | 784,695 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Direct Lending Fund, LP | 105,967 | 58,569 | - | 5,857 | - | (1,967) | 162,569 |
105,967 | 58,569 | - | 5,857 | - | (1,967) | 162,569 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 31,244 | 31,244 | - | - |
Consumer Discretionary | 170,658 | 160,034 | - | 10,624 |
Consumer Staples | 50,999 | 33,828 | - | 17,171 |
Energy | 253,203 | 200,863 | - | 52,340 |
Financials | 30,356 | 30,356 | - | - |
Health Care | 72,166 | 72,166 | - | - |
Industrials | 36,913 | 33,182 | - | 3,731 |
Information Technology | 270,421 | 269,948 | - | 473 |
Materials | 95,924 | 95,858 | - | 66 |
Utilities | 48,587 | 48,587 | - | - |
Corporate Bonds | 7,594,004 | - | 7,548,200 | 45,804 |
Bank Loan Obligations | 586,902 | - | 579,890 | 7,012 |
Preferred Securities | 895,122 | - | 895,122 | - |
Money Market Funds | 784,695 | 784,695 | - | - |
Total Investments in Securities: | 10,921,194 | 1,760,761 | 9,023,212 | 137,221 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 117,399 | |
Net Realized Gain (Loss) on Investment Securities | 321 | ||
Net Unrealized Gain (Loss) on Investment Securities | 13,071 | ||
Cost of Purchases | 65 | ||
Proceeds of Sales | (1,008) | ||
Amortization/Accretion | 19 | ||
Transfers into Level 3 | 7,354 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 137,221 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | 13,071 | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amount) | October 31, 2022 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $610) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $11,062,327) | $10,136,499 | |||
Fidelity Central Funds (cost $784,649) | 784,695 | |||
Other affiliated issuers (cost $164,436) | 162,569 | |||
Total Investment in Securities (cost $12,011,412) | $ | 11,083,763 | ||
Cash | 1,394 | |||
Receivable for investments sold | 10,851 | |||
Receivable for fund shares sold | 5,057 | |||
Dividends receivable | 2,298 | |||
Interest receivable | 134,273 | |||
Distributions receivable from Fidelity Central Funds | 2,110 | |||
Prepaid expenses | 18 | |||
Other receivables | 408 | |||
Total assets | 11,240,172 | |||
Liabilities | ||||
Payable for investments purchased | $6,441 | |||
Payable for fund shares redeemed | 10,358 | |||
Distributions payable | 5,387 | |||
Accrued management fee | 5,065 | |||
Other affiliated payables | 1,189 | |||
Other payables and accrued expenses | 465 | |||
Collateral on securities loaned | 619 | |||
Total Liabilities | 29,524 | |||
Net Assets | $ | 11,210,648 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 11,979,171 | ||
Total accumulated earnings (loss) | (768,523) | |||
Net Assets | $ | 11,210,648 | ||
Net Asset Value , offering price and redemption price per share ($11,210,648 ÷ 1,231,756 shares) | $ | 9.10 | ||
Statement of Operations | ||||
Amounts in thousands | Six months ended October 31, 2022 (Unaudited) | |||
Investment Income | ||||
Dividends (including $5,857 earned from affiliated issuers) | $ | 54,913 | ||
Interest | 268,356 | |||
Income from Fidelity Central Funds (including $16 from security lending) | 8,623 | |||
Total Income | 331,892 | |||
Expenses | ||||
Management fee | $ | 32,350 | ||
Transfer agent fees | 6,595 | |||
Accounting fees | 725 | |||
Custodian fees and expenses | 4 | |||
Independent trustees' fees and expenses | 21 | |||
Registration fees | 75 | |||
Audit | 56 | |||
Legal | 744 | |||
Miscellaneous | 34 | |||
Total expenses before reductions | 40,604 | |||
Expense reductions | (117) | |||
Total expenses after reductions | 40,487 | |||
Net Investment income (loss) | 291,405 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 106,707 | |||
Foreign currency transactions | (115) | |||
Total net realized gain (loss) | 106,592 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (852,796) | |||
Affiliated issuers | (1,967) | |||
Total change in net unrealized appreciation (depreciation) | (854,763) | |||
Net gain (loss) | (748,171) | |||
Net increase (decrease) in net assets resulting from operations | $ | (456,766) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 291,405 | $ | 517,994 |
Net realized gain (loss) | 106,592 | 935,331 | ||
Change in net unrealized appreciation (depreciation) | (854,763) | (1,879,441) | ||
Net increase (decrease) in net assets resulting from operations | (456,766) | (426,116) | ||
Distributions to shareholders | (900,016) | (986,974) | ||
Share transactions | ||||
Proceeds from sales of shares | 793,662 | 3,210,567 | ||
Reinvestment of distributions | 805,307 | 888,209 | ||
Cost of shares redeemed | (2,108,539) | (4,283,042) | ||
Net increase (decrease) in net assets resulting from share transactions | (509,570) | (184,266) | ||
Total increase (decrease) in net assets | (1,866,352) | (1,597,356) | ||
Net Assets | ||||
Beginning of period | 13,077,000 | 14,674,356 | ||
End of period | $ | 11,210,648 | $ | 13,077,000 |
Other Information | ||||
Shares | ||||
Sold | 83,527 | 287,825 | ||
Issued in reinvestment of distributions | 85,873 | 80,218 | ||
Redeemed | (222,974) | (388,533) | ||
Net increase (decrease) | (53,574) | (20,490) | ||
Fidelity® Capital & Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 | $ | 10.12 | $ | 10.09 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .232 | .387 | .386 | .426 | .432 | .482 | ||||||
Net realized and unrealized gain (loss) | (.578) | (.714) | 2.442 | (1.085) | .207 | .065 | ||||||
Total from investment operations | (.346) | (.327) | 2.828 | (.659) | .639 | .547 | ||||||
Distributions from net investment income | (.208) | (.390) | (.390) | (.425) | (.487) | (.410) | ||||||
Distributions from net realized gain | (.516) | (.353) | (.118) | (.076) | (.192) | (.107) | ||||||
Total distributions | (.724) | (.743) | (.508) | (.501) | (.679) | (.517) | ||||||
Redemption fees added to paid in capital A | - | - | - | - | - | - C | ||||||
Net asset value, end of period | $ | 9.10 | $ | 10.17 | $ | 11.24 | $ | 8.92 | $ | 10.08 | $ | 10.12 |
Total Return D,E | (3.49)% | (3.27)% | 32.35% | (6.89)% | 6.74% | 5.51% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .68% H | .67% | .68% | .67% | .69% | .67% | ||||||
Expenses net of fee waivers, if any | .68% H | .67% | .68% | .67% | .69% | .67% | ||||||
Expenses net of all reductions | .68% H | .67% | .68% | .67% | .69% | .67% | ||||||
Net investment income (loss) | 4.90% H | 3.49% | 3.75% | 4.32% | 4.37% | 4.71% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 11,211 | $ | 13,077 | $ | 14,674 | $ | 10,228 | $ | 11,631 | $ | 12,053 |
Portfolio turnover rate I | 17% H | 28% | 37% | 46% | 43% | 39% |
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 | $84,336 | Recovery value | Recovery value | $0.00 - $1.00 / $0.97 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 - 5.8 /3.7 | Increase | ||
Enterprise value/Revenue multiple (EV/R) | 0.3 | Increase | |||
Daily production multiple ($/Barrels of oil equivalent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discount for lack of marketability | 20.0% | Decrease | |||
Market approach | Parity Price | $1.66 - $930.75 / $862.69 | Increase | ||
Discounted cash flow | Discount rate | 10.0% - 13.5% / 11.0% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Book value | Book value multiple | 1.0 | Increase | ||
Corporate Bonds | $45,804 | Recovery value | Recovery value | $0.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 | Increase | ||
Daily production multiple ($/Barrels of oil equivalent per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Market approach | Parity Price | $45.00 | Increase | ||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 50.0% - 95.0% / 72.5% | Increase | |||
Indicative market price | Evaluated bid | $0.13 - $5.88 / $4.51 | Increase | ||
Book value | Book value multiple | 1.0 | Increase | ||
Bank Loan Obligations | $7,012 | Recovery value | Recovery value | $0.00 | Increase |
Indicative market price | Evaluated bid | $97.75 | Increase |
Fidelity Capital & Income Fund | $408 |
Gross unrealized appreciation | $537,342 |
Gross unrealized depreciation | (1,438,822) |
Net unrealized appreciation (depreciation) | $(901,480) |
Tax cost | $11,985,243 |
Investment to be Acquired | Commitment Amount | |
Fidelity Capital & Income Fund | Fidelity Direct Lending Fund, LP | $229,432 |
Purchases ($) | Sales ($) | |
Fidelity Capital & Income Fund | 937,280 | 1,377,709 |
% of Average Net Assets | |
Fidelity Capital & Income Fund | .01 |
Amount | |
Fidelity Capital & Income Fund | $7 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Capital & Income Fund | 35,512 | 31,927 | 2,055 |
Amount ($) | |
Fidelity Capital & Income Fund | 23 |
Amount | |
Fidelity Capital & Income Fund | $11 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Capital & Income Fund | $2 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® Capital & Income Fund | .68% | |||||||||
Actual | $ 1,000 | $ 965.10 | $ 3.37 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.78 | $ 3.47 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Holdings (% of Fund's net assets) | ||
UnitedHealth Group, Inc. | 1.2 | |
Dollar General Corp. | 1.2 | |
Regeneron Pharmaceuticals, Inc. | 1.2 | |
Dollar Tree, Inc. | 1.1 | |
TreeHouse Foods, Inc. | 1.1 | |
Vertex Pharmaceuticals, Inc. | 1.1 | |
Merck & Co., Inc. | 1.1 | |
Humana, Inc. | 1.1 | |
Eli Lilly & Co. | 1.1 | |
Northrop Grumman Corp. | 1.0 | |
11.2 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 18.9 | |
Consumer Staples | 16.8 | |
Information Technology | 15.5 | |
Financials | 11.3 | |
Utilities | 11.0 | |
Industrials | 10.8 | |
Consumer Discretionary | 4.6 | |
Communication Services | 4.1 | |
Materials | 2.9 | |
Energy | 1.8 | |
Real Estate | 1.3 | |
Investment Companies | 0.6 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 10.2% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.1% | |||
Diversified Telecommunication Services - 1.1% | |||
AT&T, Inc. | 91,386 | 1,665,967 | |
Verizon Communications, Inc. | 44,960 | 1,680,155 | |
3,346,122 | |||
Entertainment - 1.5% | |||
Activision Blizzard, Inc. | 29,830 | 2,171,624 | |
Electronic Arts, Inc. | 17,324 | 2,182,131 | |
4,353,755 | |||
Media - 0.5% | |||
Comcast Corp. Class A | 43,800 | 1,390,212 | |
Wireless Telecommunication Services - 1.0% | |||
T-Mobile U.S., Inc. (a) | 20,514 | 3,109,102 | |
TOTAL COMMUNICATION SERVICES | 12,199,191 | ||
CONSUMER DISCRETIONARY - 4.6% | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Domino's Pizza, Inc. | 5,967 | 1,982,476 | |
McDonald's Corp. | 8,994 | 2,452,304 | |
4,434,780 | |||
Multiline Retail - 2.3% | |||
Dollar General Corp. | 14,076 | 3,590,084 | |
Dollar Tree, Inc. (a) | 21,034 | 3,333,889 | |
6,923,973 | |||
Specialty Retail - 0.8% | |||
Murphy U.S.A., Inc. | 7,707 | 2,423,929 | |
TOTAL CONSUMER DISCRETIONARY | 13,782,682 | ||
CONSUMER STAPLES - 16.8% | |||
Beverages - 3.4% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 9,440 | 2,332,435 | |
Keurig Dr. Pepper, Inc. | 64,966 | 2,523,279 | |
Monster Beverage Corp. (a) | 32,025 | 3,001,383 | |
The Coca-Cola Co. | 38,517 | 2,305,242 | |
10,162,339 | |||
Food & Staples Retailing - 2.8% | |||
Albertsons Companies, Inc. | 66,880 | 1,371,709 | |
BJ's Wholesale Club Holdings, Inc. (a) | 25,504 | 1,974,010 | |
Sprouts Farmers Market LLC (a) | 88,877 | 2,621,872 | |
Walmart, Inc. | 16,653 | 2,370,221 | |
8,337,812 | |||
Food Products - 6.4% | |||
Bunge Ltd. | 25,557 | 2,522,476 | |
Ingredion, Inc. | 25,664 | 2,287,176 | |
McCormick & Co., Inc. (non-vtg.) | 25,023 | 1,967,809 | |
Mondelez International, Inc. | 40,085 | 2,464,426 | |
Nestle SA (Reg. S) | 16,293 | 1,773,636 | |
The Hershey Co. | 10,953 | 2,615,248 | |
The J.M. Smucker Co. | 15,365 | 2,314,891 | |
TreeHouse Foods, Inc. (a) | 64,207 | 3,225,760 | |
19,171,422 | |||
Household Products - 3.4% | |||
Kimberly-Clark Corp. | 19,280 | 2,399,589 | |
Procter & Gamble Co. | 17,175 | 2,312,957 | |
Reynolds Consumer Products, Inc. | 88,787 | 2,711,555 | |
The Clorox Co. (b) | 17,276 | 2,522,987 | |
9,947,088 | |||
Tobacco - 0.8% | |||
Philip Morris International, Inc. | 26,804 | 2,461,947 | |
TOTAL CONSUMER STAPLES | 50,080,608 | ||
ENERGY - 1.8% | |||
Oil, Gas & Consumable Fuels - 1.8% | |||
Chevron Corp. | 14,504 | 2,623,774 | |
Exxon Mobil Corp. | 24,290 | 2,691,575 | |
5,315,349 | |||
FINANCIALS - 11.3% | |||
Banks - 2.9% | |||
1st Source Corp. | 12,201 | 709,610 | |
First Horizon National Corp. | 100,221 | 2,456,417 | |
First Interstate Bancsystem, Inc. | 51,416 | 2,345,084 | |
Heartland Financial U.S.A., Inc. | 14,800 | 729,936 | |
Preferred Bank, Los Angeles | 13,700 | 1,053,119 | |
QCR Holdings, Inc. | 11,500 | 583,165 | |
Trico Bancshares | 14,861 | 860,601 | |
8,737,932 | |||
Capital Markets - 3.1% | |||
Cboe Global Markets, Inc. | 23,242 | 2,893,629 | |
Intercontinental Exchange, Inc. | 21,641 | 2,068,230 | |
NASDAQ, Inc. | 45,845 | 2,853,393 | |
Virtu Financial, Inc. Class A | 61,843 | 1,384,046 | |
9,199,298 | |||
Diversified Financial Services - 0.9% | |||
Berkshire Hathaway, Inc. Class B (a) | 9,214 | 2,718,959 | |
Insurance - 4.4% | |||
Arthur J. Gallagher & Co. | 8,927 | 1,670,063 | |
Assurant, Inc. | 14,807 | 2,011,679 | |
Brown & Brown, Inc. | 32,866 | 1,932,192 | |
Marsh & McLennan Companies, Inc. | 16,666 | 2,691,392 | |
Selective Insurance Group, Inc. | 20,284 | 1,989,455 | |
The Travelers Companies, Inc. | 14,835 | 2,736,464 | |
13,031,245 | |||
TOTAL FINANCIALS | 33,687,434 | ||
HEALTH CARE - 18.9% | |||
Biotechnology - 4.4% | |||
Amgen, Inc. | 11,414 | 3,085,775 | |
Incyte Corp. (a) | 31,525 | 2,343,569 | |
Regeneron Pharmaceuticals, Inc. (a) | 4,767 | 3,569,291 | |
United Therapeutics Corp. (a) | 4,200 | 968,226 | |
Vertex Pharmaceuticals, Inc. (a) | 10,304 | 3,214,848 | |
13,181,709 | |||
Health Care Equipment & Supplies - 1.7% | |||
Abbott Laboratories | 18,688 | 1,848,991 | |
Becton, Dickinson & Co. | 9,035 | 2,131,989 | |
Hologic, Inc. (a) | 17,546 | 1,189,619 | |
5,170,599 | |||
Health Care Providers & Services - 4.4% | |||
AmerisourceBergen Corp. | 6,800 | 1,069,096 | |
Chemed Corp. | 4,893 | 2,284,395 | |
Cigna Corp. | 9,082 | 2,934,031 | |
Humana, Inc. | 5,677 | 3,168,220 | |
UnitedHealth Group, Inc. | 6,760 | 3,752,809 | |
13,208,551 | |||
Life Sciences Tools & Services - 1.8% | |||
Danaher Corp. | 10,103 | 2,542,622 | |
Thermo Fisher Scientific, Inc. | 5,710 | 2,934,769 | |
5,477,391 | |||
Pharmaceuticals - 6.6% | |||
AstraZeneca PLC (United Kingdom) | 18,906 | 2,218,282 | |
Bristol-Myers Squibb Co. | 35,353 | 2,738,797 | |
Eli Lilly & Co. | 8,699 | 3,149,821 | |
Merck & Co., Inc. | 31,435 | 3,181,222 | |
Roche Holding AG (participation certificate) | 6,021 | 1,997,757 | |
Royalty Pharma PLC | 53,220 | 2,252,270 | |
Sanofi SA sponsored ADR | 56,988 | 2,463,591 | |
Zoetis, Inc. Class A | 10,549 | 1,590,578 | |
19,592,318 | |||
TOTAL HEALTH CARE | 56,630,568 | ||
INDUSTRIALS - 10.8% | |||
Aerospace & Defense - 1.9% | |||
Lockheed Martin Corp. | 5,219 | 2,539,983 | |
Northrop Grumman Corp. | 5,679 | 3,117,828 | |
5,657,811 | |||
Air Freight & Logistics - 1.4% | |||
C.H. Robinson Worldwide, Inc. | 23,242 | 2,271,208 | |
United Parcel Service, Inc. Class B | 11,754 | 1,971,969 | |
4,243,177 | |||
Commercial Services & Supplies - 1.8% | |||
Republic Services, Inc. | 18,968 | 2,515,536 | |
Waste Connections, Inc. (United States) | 22,663 | 2,989,476 | |
5,505,012 | |||
Machinery - 0.9% | |||
IDEX Corp. | 12,285 | 2,731,078 | |
Professional Services - 3.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 27,862 | 3,032,779 | |
CACI International, Inc. Class A (a) | 4,491 | 1,365,399 | |
FTI Consulting, Inc. (a) | 19,502 | 3,035,096 | |
Verisk Analytics, Inc. | 12,791 | 2,338,579 | |
9,771,853 | |||
Road & Rail - 1.5% | |||
J.B. Hunt Transport Services, Inc. | 9,651 | 1,650,997 | |
Landstar System, Inc. | 17,960 | 2,805,711 | |
4,456,708 | |||
TOTAL INDUSTRIALS | 32,365,639 | ||
INFORMATION TECHNOLOGY - 15.5% | |||
Communications Equipment - 0.7% | |||
Cisco Systems, Inc. | 48,623 | 2,208,943 | |
Electronic Equipment & Components - 1.4% | |||
Insight Enterprises, Inc. (a) | 25,258 | 2,387,134 | |
Keyence Corp. | 4,421 | 1,673,349 | |
4,060,483 | |||
IT Services - 7.2% | |||
Accenture PLC Class A | 10,363 | 2,942,056 | |
Akamai Technologies, Inc. (a) | 22,985 | 2,030,265 | |
Amdocs Ltd. | 27,250 | 2,351,948 | |
Cognizant Technology Solutions Corp. Class A | 33,962 | 2,114,135 | |
Fidelity National Information Services, Inc. | 13,968 | 1,159,204 | |
Genpact Ltd. | 56,816 | 2,755,576 | |
MasterCard, Inc. Class A | 6,706 | 2,200,775 | |
Maximus, Inc. | 36,272 | 2,236,894 | |
VeriSign, Inc. (a) | 8,016 | 1,606,887 | |
Visa, Inc. Class A | 10,860 | 2,249,758 | |
21,647,498 | |||
Software - 5.0% | |||
Black Knight, Inc. (a) | 31,410 | 1,899,363 | |
Check Point Software Technologies Ltd. (a) | 17,543 | 2,267,082 | |
Microsoft Corp. | 11,127 | 2,582,911 | |
NortonLifeLock, Inc. | 95,466 | 2,150,849 | |
Roper Technologies, Inc. | 5,967 | 2,473,560 | |
Salesforce.com, Inc. (a) | 7,835 | 1,273,893 | |
SAP SE sponsored ADR | 11,100 | 1,066,266 | |
VMware, Inc. Class A | 10,651 | 1,198,557 | |
14,912,481 | |||
Technology Hardware, Storage & Peripherals - 1.2% | |||
Apple, Inc. | 17,097 | 2,621,654 | |
FUJIFILM Holdings Corp. ADR | 22,200 | 1,011,210 | |
3,632,864 | |||
TOTAL INFORMATION TECHNOLOGY | 46,462,269 | ||
MATERIALS - 2.9% | |||
Chemicals - 0.7% | |||
CF Industries Holdings, Inc. | 19,336 | 2,054,643 | |
Metals & Mining - 2.2% | |||
Barrick Gold Corp. (Canada) | 105,910 | 1,592,906 | |
Newmont Corp. | 47,084 | 1,992,595 | |
Royal Gold, Inc. | 22,199 | 2,108,017 | |
Wheaton Precious Metals Corp. (b) | 32,208 | 1,052,880 | |
6,746,398 | |||
TOTAL MATERIALS | 8,801,041 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
American Tower Corp. | 9,690 | 2,007,671 | |
Digital Realty Trust, Inc. | 10,007 | 1,003,202 | |
SBA Communications Corp. Class A | 3,578 | 965,702 | |
3,976,575 | |||
UTILITIES - 11.0% | |||
Electric Utilities - 6.5% | |||
Entergy Corp. | 21,550 | 2,308,867 | |
Evergy, Inc. | 31,673 | 1,936,170 | |
FirstEnergy Corp. | 51,315 | 1,935,089 | |
IDACORP, Inc. | 21,908 | 2,293,768 | |
NextEra Energy, Inc. | 22,590 | 1,750,725 | |
OGE Energy Corp. | 57,795 | 2,117,031 | |
PNM Resources, Inc. | 53,342 | 2,478,803 | |
PPL Corp. | 77,922 | 2,064,154 | |
Southern Co. | 38,382 | 2,513,253 | |
19,397,860 | |||
Multi-Utilities - 4.5% | |||
CenterPoint Energy, Inc. | 74,271 | 2,124,893 | |
Dominion Energy, Inc. | 33,296 | 2,329,721 | |
NiSource, Inc. | 98,404 | 2,527,999 | |
NorthWestern Energy Corp. | 38,916 | 2,055,932 | |
Public Service Enterprise Group, Inc. | 39,540 | 2,217,008 | |
Sempra Energy | 15,317 | 2,311,948 | |
13,567,501 | |||
TOTAL UTILITIES | 32,965,361 | ||
TOTAL COMMON STOCKS (Cost $272,025,213) | 296,266,717 | ||
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (c) | 534,331 | 534,437 | |
Fidelity Securities Lending Cash Central Fund 3.10% (c)(d) | 3,289,596 | 3,289,925 | |
TOTAL MONEY MARKET FUNDS (Cost $3,824,362) | 3,824,362 | ||
Equity Funds - 0.6% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.6% | |||
iShares MSCI USA Minimum Volatility ETF (Cost $1,735,500) | 25,177 | 1,792,351 | |
TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $277,585,075) | 301,883,430 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (2,784,429) |
NET ASSETS - 100.0% | 299,099,001 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 1,011,280 | 20,921,273 | 21,398,116 | 6,101 | - | - | 534,437 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.10% | 8,840,657 | 42,741,888 | 48,292,620 | 3,939 | - | - | 3,289,925 | 0.0% |
Total | 9,851,937 | 63,663,161 | 69,690,736 | 10,040 | - | - | 3,824,362 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 12,199,191 | 12,199,191 | - | - |
Consumer Discretionary | 13,782,682 | 13,782,682 | - | - |
Consumer Staples | 50,080,608 | 48,306,972 | 1,773,636 | - |
Energy | 5,315,349 | 5,315,349 | - | - |
Financials | 33,687,434 | 33,687,434 | - | - |
Health Care | 56,630,568 | 52,414,529 | 4,216,039 | - |
Industrials | 32,365,639 | 32,365,639 | - | - |
Information Technology | 46,462,269 | 46,462,269 | - | - |
Materials | 8,801,041 | 8,801,041 | - | - |
Real Estate | 3,976,575 | 3,976,575 | - | - |
Utilities | 32,965,361 | 32,965,361 | - | - |
Money Market Funds | 3,824,362 | 3,824,362 | - | - |
Equity Funds | 1,792,351 | 1,792,351 | - | - |
Total Investments in Securities: | 301,883,430 | 295,893,755 | 5,989,675 | - |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,168,957) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $273,760,713) | $298,059,068 | |||
Fidelity Central Funds (cost $3,824,362) | 3,824,362 | |||
Total Investment in Securities (cost $277,585,075) | $ | 301,883,430 | ||
Receivable for fund shares sold | 55,144 | |||
Dividends receivable | 733,343 | |||
Distributions receivable from Fidelity Central Funds | 2,401 | |||
Prepaid expenses | 530 | |||
Total assets | 302,674,848 | |||
Liabilities | ||||
Payable for fund shares redeemed | $108,623 | |||
Accrued management fee | 102,456 | |||
Other affiliated payables | 54,137 | |||
Other payables and accrued expenses | 20,706 | |||
Collateral on securities loaned | 3,289,925 | |||
Total Liabilities | 3,575,847 | |||
Net Assets | $ | 299,099,001 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 278,468,627 | ||
Total accumulated earnings (loss) | 20,630,374 | |||
Net Assets | $ | 299,099,001 | ||
Net Asset Value , offering price and redemption price per share ($299,099,001 ÷ 29,432,396 shares) | $ | 10.16 | ||
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 3,365,095 | ||
Income from Fidelity Central Funds (including $3,939 from security lending) | 10,040 | |||
Total Income | 3,375,135 | |||
Expenses | ||||
Management fee | $ | 705,457 | ||
Transfer agent fees | 287,700 | |||
Accounting fees | 59,459 | |||
Custodian fees and expenses | 4,443 | |||
Independent trustees' fees and expenses | 584 | |||
Registration fees | 23,323 | |||
Audit | 18,035 | |||
Legal | 160 | |||
Miscellaneous | 779 | |||
Total expenses before reductions | 1,099,940 | |||
Expense reductions | (6,021) | |||
Total expenses after reductions | 1,093,919 | |||
Net Investment income (loss) | 2,281,216 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,338,027) | |||
Foreign currency transactions | (39,178) | |||
Total net realized gain (loss) | (5,377,205) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (9,426,109) | |||
Assets and liabilities in foreign currencies | (905) | |||
Total change in net unrealized appreciation (depreciation) | (9,427,014) | |||
Net gain (loss) | (14,804,219) | |||
Net increase (decrease) in net assets resulting from operations | $ | (12,523,003) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | Year ended April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,281,216 | $ | 2,633,389 |
Net realized gain (loss) | (5,377,205) | 29,002,514 | ||
Change in net unrealized appreciation (depreciation) | (9,427,014) | (31,327,349) | ||
Net increase (decrease) in net assets resulting from operations | (12,523,003) | 308,554 | ||
Distributions to shareholders | (13,261,223) | (19,895,445) | ||
Share transactions | ||||
Proceeds from sales of shares | 36,159,262 | 30,830,702 | ||
Reinvestment of distributions | 13,173,352 | 19,794,049 | ||
Cost of shares redeemed | (81,280,641) | (35,905,930) | ||
Net increase (decrease) in net assets resulting from share transactions | (31,948,027) | 14,718,821 | ||
Total increase (decrease) in net assets | (57,732,253) | (4,868,070) | ||
Net Assets | ||||
Beginning of period | 356,831,254 | 361,699,324 | ||
End of period | $ | 299,099,001 | $ | 356,831,254 |
Other Information | ||||
Shares | ||||
Sold | 3,508,959 | 2,648,227 | ||
Issued in reinvestment of distributions | 1,314,706 | 1,709,270 | ||
Redeemed | (8,137,559) | (3,086,354) | ||
Net increase (decrease) | (3,313,894) | 1,271,143 | ||
Fidelity® U.S. Low Volatility Equity Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 10.90 | $ | 11.49 | $ | 9.23 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .07 | .08 | .08 | .05 | ||||
Net realized and unrealized gain (loss) | (.40) | (.03) | 2.25 | (.79) | ||||
Total from investment operations | (.33) | .05 | 2.33 | (.74) | ||||
Distributions from net investment income | (.02) | (.08) | (.07) | (.03) | ||||
Distributions from net realized gain | (.38) | (.56) | - | - | ||||
Total distributions | (.41) D | (.64) | (.07) | (.03) | ||||
Net asset value, end of period | $ | 10.16 | $ | 10.90 | $ | 11.49 | $ | 9.23 |
Total Return E,F | (3.00)% | .12% | 25.27% | (7.44)% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .67% I | .73% | .77% | 2.28% I | ||||
Expenses net of fee waivers, if any | .66% I | .72% | .77% | .95% I | ||||
Expenses net of all reductions | .66% I | .72% | .77% | .95% I | ||||
Net investment income (loss) | 1.38% I | .71% | .79% | 1.46% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 299,099 | $ | 356,831 | $ | 361,699 | $ | 294,690 |
Portfolio turnover rate J | 53% I | 46% | 39% | 101% K,L |
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 | $42,841,196 |
Gross unrealized depreciation | (19,350,304) |
Net unrealized appreciation (depreciation) | $23,490,892 |
Tax cost | $278,392,538 |
Short-term | $(140,458) |
Total capital loss carryforward | $(140,458) |
Purchases ($) | Sales ($) | |
Fidelity U.S. Low Volatility Equity Fund | 86,427,776 | 126,944,791 |
% of Average Net Assets | |
Fidelity U.S. Low Volatility Equity Fund | .04 |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $ 2,045 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity U.S. Low Volatility Equity Fund | 157,554 | 4,075,005 | (1,178,898) |
Amount | |
Fidelity U.S. Low Volatility Equity Fund | $306 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity U.S. Low Volatility Equity Fund | $385 | $- | $- |
VIP FundsManager 50% Portfolio | VIP FundsManager 60% Portfolio | VIP FundsManager 70% Portfolio | |
Fidelity U.S. Low Volatility Equity Fund | 31% | 39% | 12% |
Fund | % of shares held |
Fidelity U.S. Low Volatility Equity Fund | 94% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® U.S. Low Volatility Equity Fund | .66% | |||||||||
Actual | $ 1,000 | $ 970.00 | $ 3.28 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.88 | $ 3.36 | |||||||
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
New Fortress Energy, Inc. | 2.9 | |
Mesquite Energy, Inc. | 2.4 | |
Uniti Group LP / Uniti Group Finance, Inc. | 2.3 | |
Tenet Healthcare Corp. | 1.9 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | 1.8 | |
Southeastern Grocers, Inc. | 1.7 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.6 | |
Community Health Systems, Inc. | 1.6 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.4 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. | 1.3 | |
18.9 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 16.7 | |
Telecommunications | 8.9 | |
Healthcare | 8.0 | |
Services | 6.2 | |
Technology | 5.9 | |
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) |
Foreign investments - 17.8% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Corporate Bonds - 83.0% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.9% | |||
Broadcasting - 1.2% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 9,045,000 | 8,203,815 | |
3.375% 8/15/26 | 16,374,000 | 11,322,621 | |
19,526,436 | |||
Energy - 1.7% | |||
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 1,610,553 | 9,547,036 | |
Mesquite Energy, Inc. 15% 7/15/23 (b)(c) | 2,784,113 | 16,503,665 | |
26,050,701 | |||
TOTAL CONVERTIBLE BONDS | 45,577,137 | ||
Nonconvertible Bonds - 80.1% | |||
Aerospace - 2.2% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 2,015,000 | 1,694,261 | |
5.875% 12/1/27 | 4,788,000 | 4,351,985 | |
Bombardier, Inc. 7.875% 4/15/27 (d) | 5,710,000 | 5,422,958 | |
BWX Technologies, Inc. 4.125% 6/30/28 (d) | 4,790,000 | 4,191,250 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (d) | 1,680,000 | 1,317,960 | |
4.625% 3/1/28 (d) | 4,630,000 | 4,050,324 | |
Moog, Inc. 4.25% 12/15/27 (d) | 960,000 | 859,066 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,390,000 | 3,738,217 | |
5.5% 11/15/27 | 4,520,000 | 4,090,600 | |
6.25% 3/15/26 (d) | 595,000 | 586,914 | |
7.5% 3/15/27 | 1,925,000 | 1,896,857 | |
8% 12/15/25 (d) | 1,985,000 | 2,019,738 | |
34,220,130 | |||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (d) | 1,955,000 | 1,861,789 | |
Automotive & Auto Parts - 0.4% | |||
Ford Motor Credit Co. LLC: | |||
2.9% 2/10/29 | 4,310,000 | 3,380,559 | |
3.815% 11/2/27 | 3,500,000 | 3,006,331 | |
6,386,890 | |||
Banks & Thrifts - 0.1% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d) | 2,015,000 | 1,780,978 | |
Broadcasting - 1.1% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 12,645,000 | 2,529,000 | |
Sinclair Television Group, Inc. 5.5% 3/1/30 (d) | 335,000 | 250,503 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (d) | 4,490,000 | 3,859,951 | |
4.125% 7/1/30 (d) | 1,555,000 | 1,272,439 | |
5.5% 7/1/29 (d) | 620,000 | 571,826 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 3,285,000 | 3,126,893 | |
5% 9/15/29 | 1,395,000 | 1,322,597 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (d) | 1,735,000 | 1,460,662 | |
6.625% 6/1/27 (d) | 3,185,000 | 3,145,188 | |
17,539,059 | |||
Building Materials - 0.6% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 2,550,000 | 2,364,462 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (d) | 3,750,000 | 3,000,750 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d) | 2,715,000 | 2,383,879 | |
6% 12/1/29 (d) | 2,595,000 | 2,115,833 | |
9,864,924 | |||
Cable/Satellite TV - 3.7% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 5,510,000 | 4,352,900 | |
4.25% 1/15/34 (d) | 725,000 | 532,875 | |
4.5% 8/15/30 (d) | 5,705,000 | 4,629,950 | |
4.5% 5/1/32 | 7,039,000 | 5,560,810 | |
4.5% 6/1/33 (d) | 6,515,000 | 4,940,394 | |
4.75% 3/1/30 (d) | 4,700,000 | 3,949,880 | |
4.75% 2/1/32 (d) | 725,000 | 580,034 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (d) | 3,395,000 | 2,671,084 | |
4.5% 11/15/31 (d) | 745,000 | 579,442 | |
4.625% 12/1/30 (d) | 6,930,000 | 4,988,023 | |
5.375% 2/1/28 (d) | 3,690,000 | 3,404,025 | |
5.75% 1/15/30 (d) | 2,120,000 | 1,621,800 | |
7.5% 4/1/28 (d) | 2,580,000 | 2,235,235 | |
Dolya Holdco 18 DAC 5% 7/15/28 (d) | 1,585,000 | 1,349,470 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 4,020,000 | 3,396,900 | |
6.5% 9/15/28 (d) | 5,430,000 | 3,420,900 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 4,400,000 | 3,826,240 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (d) | 3,720,000 | 2,947,802 | |
Ziggo BV 4.875% 1/15/30 (d) | 1,730,000 | 1,461,850 | |
56,449,614 | |||
Capital Goods - 0.8% | |||
Mueller Water Products, Inc. 4% 6/15/29 (d) | 2,785,000 | 2,414,929 | |
Vertical Holdco GmbH 7.625% 7/15/28 (d) | 3,810,000 | 3,149,060 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (d) | 6,595,000 | 5,910,769 | |
11,474,758 | |||
Chemicals - 3.9% | |||
CVR Partners LP 6.125% 6/15/28 (d) | 3,455,000 | 3,125,946 | |
Element Solutions, Inc. 3.875% 9/1/28 (d) | 3,615,000 | 3,072,750 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 4,550,000 | 4,124,439 | |
7% 12/31/27 (d) | 1,040,000 | 873,600 | |
LSB Industries, Inc. 6.25% 10/15/28 (d) | 4,590,000 | 4,167,215 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 3,705,000 | 3,362,584 | |
5.65% 12/1/44 | 2,410,000 | 1,656,875 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (d) | 3,365,000 | 2,743,040 | |
4.875% 6/1/24 (d) | 1,735,000 | 1,687,288 | |
5% 5/1/25 (d) | 250,000 | 238,098 | |
5.25% 6/1/27 (d) | 4,930,000 | 4,400,419 | |
Nufarm Australia Ltd. 5% 1/27/30 (d) | 4,635,000 | 3,920,793 | |
Olympus Water U.S. Holding Corp.: | |||
4.25% 10/1/28 (d) | 4,620,000 | 3,750,576 | |
6.25% 10/1/29 (d) | 4,505,000 | 3,119,510 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d) | 3,235,000 | 2,571,825 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (d) | 6,160,000 | 4,804,800 | |
5.375% 5/15/27 | 1,160,000 | 1,038,687 | |
5.75% 11/15/28 (d) | 10,225,000 | 8,686,138 | |
W.R. Grace Holding LLC 5.625% 8/15/29 (d) | 4,430,000 | 3,424,301 | |
60,768,884 | |||
Consumer Products - 0.3% | |||
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 455,000 | 415,013 | |
3.75% 4/1/29 (d) | 4,320,000 | 3,727,955 | |
4,142,968 | |||
Containers - 0.7% | |||
Graphic Packaging International, Inc. 3.75% 2/1/30 (d) | 1,325,000 | 1,139,182 | |
Sealed Air Corp. 5% 4/15/29 (d) | 3,940,000 | 3,593,871 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (d) | 2,400,000 | 2,203,044 | |
8.5% 8/15/27 (d) | 4,095,000 | 3,850,495 | |
10,786,592 | |||
Diversified Financial Services - 3.2% | |||
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (d) | 6,405,000 | 4,186,390 | |
3.625% 10/1/31 (d) | 7,085,000 | 4,195,302 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 4,525,000 | 3,683,927 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 5,140,000 | 4,291,232 | |
5.25% 5/15/27 | 13,865,000 | 12,773,131 | |
6.25% 5/15/26 | 5,530,000 | 5,322,625 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (d) | 2,550,000 | 2,029,719 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 5,220,000 | 4,281,223 | |
3.875% 9/15/28 | 7,518,000 | 5,854,267 | |
7.125% 3/15/26 | 3,425,000 | 3,305,125 | |
49,922,941 | |||
Diversified Media - 0.5% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (d) | 6,915,000 | 5,882,314 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 1,490,000 | 1,262,775 | |
7,145,089 | |||
Energy - 12.7% | |||
Altus Midstream LP 5.875% 6/15/30 (d) | 2,270,000 | 2,129,654 | |
Apache Corp. 4.25% 1/15/30 | 1,575,000 | 1,401,300 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 4,200,000 | 3,559,500 | |
Citgo Petroleum Corp. 6.375% 6/15/26 (d) | 4,810,000 | 4,737,177 | |
CNX Resources Corp. 7.375% 1/15/31 (d) | 855,000 | 848,733 | |
Colgate Energy Partners III LLC: | |||
5.875% 7/1/29 (d) | 3,025,000 | 2,805,688 | |
7.75% 2/15/26 (d) | 1,150,000 | 1,143,918 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (d) | 2,175,000 | 1,962,764 | |
6.75% 3/1/29 (d) | 3,515,000 | 3,365,613 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (d) | 11,785,000 | 11,084,698 | |
5.75% 4/1/25 | 1,685,000 | 1,642,875 | |
6% 2/1/29 (d) | 8,235,000 | 7,700,549 | |
CrownRock LP/CrownRock Finance, Inc.: | |||
5% 5/1/29 (d) | 2,495,000 | 2,266,523 | |
5.625% 10/15/25 (d) | 395,000 | 382,044 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 5,915,000 | 5,699,546 | |
5.75% 2/15/28 (d) | 6,090,000 | 5,511,450 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 3,445,000 | 3,084,813 | |
DT Midstream, Inc. 4.125% 6/15/29 (d) | 2,490,000 | 2,152,605 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 1,365,000 | 1,308,284 | |
EQM Midstream Partners LP: | |||
6% 7/1/25 (d) | 185,000 | 179,175 | |
6.5% 7/1/27 (d) | 2,745,000 | 2,676,375 | |
7.5% 6/1/27 (d) | 1,085,000 | 1,071,438 | |
7.5% 6/1/30 (d) | 1,085,000 | 1,055,163 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 2,245,000 | 2,031,164 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 1,690,000 | 1,620,238 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (d) | 1,330,000 | 1,137,350 | |
5.125% 6/15/28 (d) | 1,650,000 | 1,518,000 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 1,575,000 | 1,441,125 | |
6.25% 11/1/28 (d) | 1,575,000 | 1,480,500 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 3,270,000 | 2,955,410 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (d) | 25,595,000 | 24,827,150 | |
6.75% 9/15/25 (d) | 17,725,000 | 17,400,739 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 5,925,000 | 5,359,983 | |
Occidental Petroleum Corp.: | |||
7.5% 5/1/31 | 2,790,000 | 2,999,250 | |
7.875% 9/15/31 | 945,000 | 1,028,453 | |
8.875% 7/15/30 | 2,720,000 | 3,087,200 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (d) | 2,185,000 | 1,846,325 | |
4.95% 7/15/29 (d) | 3,370,000 | 2,956,457 | |
6.875% 4/15/40 (d) | 330,000 | 269,412 | |
SM Energy Co. 5.625% 6/1/25 | 3,245,000 | 3,152,219 | |
Southwestern Energy Co. 4.75% 2/1/32 | 3,505,000 | 3,025,516 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 2,585,000 | 2,220,257 | |
5.875% 3/15/28 | 2,780,000 | 2,646,492 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 2,010,000 | 1,703,738 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (d) | 4,880,000 | 4,375,603 | |
6% 3/1/27 (d) | 8,956,000 | 8,451,524 | |
6% 12/31/30 (d) | 11,005,000 | 9,961,946 | |
6% 9/1/31 (d) | 4,865,000 | 4,330,545 | |
7.5% 10/1/25 (d) | 1,210,000 | 1,222,040 | |
Transocean Guardian Ltd. 5.875% 1/15/24 (d) | 2,572,845 | 2,500,986 | |
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (d) | 471,999 | 469,431 | |
Transocean Pontus Ltd. 6.125% 8/1/25 (d) | 1,327,200 | 1,277,549 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (d) | 1,242,500 | 1,189,694 | |
Transocean Proteus Ltd. 6.25% 12/1/24 (d) | 589,500 | 574,763 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 3,060,380 | 3,006,823 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (d) | 2,745,000 | 2,353,838 | |
4.125% 8/15/31 (d) | 4,690,000 | 3,998,366 | |
196,189,971 | |||
Environmental - 1.4% | |||
Covanta Holding Corp. 4.875% 12/1/29 (d) | 2,920,000 | 2,486,234 | |
Darling Ingredients, Inc. 6% 6/15/30 (d) | 1,345,000 | 1,294,563 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (d) | 5,950,000 | 4,923,625 | |
5.875% 6/30/29 (d) | 12,150,000 | 8,322,750 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (d) | 4,405,000 | 3,826,139 | |
5.375% 7/15/24 (d) | 990,000 | 975,150 | |
21,828,461 | |||
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 9,750,000 | 8,068,125 | |
4.875% 2/15/30 (d) | 4,560,000 | 4,047,000 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 6,235,000 | 3,738,132 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 1,170,000 | 974,911 | |
16,828,168 | |||
Food/Beverage/Tobacco - 1.9% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 5,500,000 | 4,065,824 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d) | 4,645,000 | 4,054,946 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 335,000 | 316,649 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (d) | 2,035,000 | 1,717,164 | |
5.5% 12/15/29 (d) | 2,055,000 | 1,849,336 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (d) | 3,395,000 | 2,844,569 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 1,265,000 | 1,067,344 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 12,745,000 | 9,652,773 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (d) | 1,725,000 | 1,496,472 | |
4.75% 2/15/29 (d) | 1,695,000 | 1,502,194 | |
28,567,271 | |||
Gaming - 2.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 4,930,000 | 4,115,328 | |
Caesars Entertainment, Inc. 8.125% 7/1/27 (d) | 8,054,000 | 7,832,515 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (d) | 6,725,000 | 5,279,125 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 3,110,000 | 3,055,575 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d) | 2,000,000 | 1,763,340 | |
MGM Resorts International: | |||
4.75% 10/15/28 | 175,000 | 151,731 | |
5.5% 4/15/27 | 175,000 | 162,314 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (d) | 4,710,000 | 3,485,400 | |
5.875% 9/1/31 (d) | 2,720,000 | 1,927,448 | |
Station Casinos LLC 4.5% 2/15/28 (d) | 390,000 | 335,985 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (d) | 3,020,000 | 2,626,796 | |
30,735,557 | |||
Healthcare - 8.0% | |||
1375209 BC Ltd. 9% 1/30/28 (d) | 2,883,000 | 2,789,303 | |
180 Medical, Inc. 3.875% 10/15/29 (d) | 2,880,000 | 2,433,600 | |
AMN Healthcare 4% 4/15/29 (d) | 4,020,000 | 3,459,122 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (d) | 2,435,000 | 2,054,661 | |
4.625% 7/15/28 (d) | 280,000 | 253,039 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (d) | 5,113,000 | 3,937,010 | |
14% 10/15/30 (d) | 1,017,000 | 582,233 | |
Cano Health, Inc. 6.25% 10/1/28 (d) | 3,356,000 | 2,695,125 | |
Catalent Pharma Solutions 3.5% 4/1/30 (d) | 3,195,000 | 2,579,963 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,300,000 | 1,124,500 | |
4.25% 5/1/28 (d) | 385,000 | 350,235 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 5,905,000 | 3,955,937 | |
5.25% 5/15/30 (d) | 11,150,000 | 7,721,375 | |
5.625% 3/15/27 (d) | 5,260,000 | 4,191,536 | |
6% 1/15/29 (d) | 3,600,000 | 2,672,424 | |
6.125% 4/1/30 (d) | 5,790,000 | 2,373,900 | |
6.875% 4/15/29 (d) | 5,670,000 | 2,281,601 | |
8% 3/15/26 (d) | 1,150,000 | 991,875 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (d) | 3,610,000 | 3,044,808 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 1,280,000 | 925,478 | |
4.625% 6/1/30 (d) | 9,570,000 | 7,461,011 | |
Embecta Corp. 5% 2/15/30 (d) | 1,680,000 | 1,440,197 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (d) | 3,780,000 | 2,953,125 | |
HealthEquity, Inc. 4.5% 10/1/29 (d) | 1,600,000 | 1,398,000 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (d) | 3,095,000 | 2,630,131 | |
4.625% 2/1/28 (d) | 125,000 | 116,875 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 4,810,000 | 4,268,875 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d) | 1,910,000 | 1,625,516 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (d) | 1,385,000 | 1,176,969 | |
Option Care Health, Inc. 4.375% 10/31/29 (d) | 3,500,000 | 3,022,530 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (d) | 5,440,000 | 4,791,661 | |
5.125% 4/30/31 (d) | 795,000 | 675,170 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 215,000 | 166,487 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (d) | 3,330,000 | 2,863,800 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 4,365,000 | 2,309,085 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 6,140,000 | 4,591,122 | |
Teleflex, Inc. 4.25% 6/1/28 (d) | 1,275,000 | 1,153,620 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d) | 4,025,000 | 3,391,063 | |
4.375% 1/15/30 (d) | 3,835,000 | 3,217,565 | |
4.625% 6/15/28 (d) | 10,120,000 | 8,880,246 | |
6.125% 10/1/28 (d) | 11,225,000 | 9,715,238 | |
6.125% 6/15/30 (d) | 4,165,000 | 3,844,878 | |
6.25% 2/1/27 (d) | 1,405,000 | 1,340,820 | |
123,451,709 | |||
Homebuilders/Real Estate - 4.3% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (d) | 2,060,000 | 1,547,575 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (d) | 2,570,000 | 2,008,530 | |
4.375% 2/1/31 (d) | 2,570,000 | 1,931,098 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 4,055,000 | 3,183,175 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 4,520,000 | 3,109,172 | |
4.625% 8/1/29 | 1,490,000 | 1,180,423 | |
5% 10/15/27 | 11,855,000 | 10,151,437 | |
Railworks Holdings LP 8.25% 11/15/28 (d) | 3,870,000 | 3,556,678 | |
TopBuild Corp. 4.125% 2/15/32 (d) | 4,805,000 | 3,762,187 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 10,260,000 | 8,386,994 | |
6.5% 2/15/29 (d) | 39,190,000 | 28,118,804 | |
66,936,073 | |||
Hotels - 0.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 3,220,000 | 2,563,925 | |
3.75% 5/1/29 (d) | 10,000 | 8,519 | |
4% 5/1/31 (d) | 2,890,000 | 2,415,889 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (d) | 2,965,000 | 2,610,149 | |
7,598,482 | |||
Insurance - 0.6% | |||
Alliant Holdings Intermediate LLC 4.25% 10/15/27 (d) | 3,940,000 | 3,546,473 | |
AmWINS Group, Inc. 4.875% 6/30/29 (d) | 3,835,000 | 3,278,315 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 2,915,000 | 2,397,588 | |
9,222,376 | |||
Leisure - 2.8% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 5,535,000 | 3,846,825 | |
6% 5/1/29 (d) | 6,090,000 | 4,039,299 | |
6.65% 1/15/28 | 720,000 | 458,058 | |
7.625% 3/1/26 (d) | 10,780,000 | 8,106,021 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d) | 295,000 | 207,887 | |
NCL Corp. Ltd.: | |||
3.625% 12/15/24 (d) | 3,145,000 | 2,729,791 | |
5.875% 3/15/26 (d) | 1,585,000 | 1,297,719 | |
7.75% 2/15/29 (d) | 4,040,000 | 3,213,133 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 1,390,000 | 1,080,725 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (d) | 5,935,000 | 4,688,650 | |
5.375% 7/15/27 (d) | 2,775,000 | 2,157,052 | |
5.5% 8/31/26 (d) | 4,870,000 | 3,981,712 | |
5.5% 4/1/28 (d) | 5,285,000 | 4,069,450 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 1,545,000 | 1,204,374 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 2,365,000 | 1,946,963 | |
43,027,659 | |||
Metals/Mining - 0.9% | |||
Eldorado Gold Corp. 6.25% 9/1/29 (d) | 125,000 | 101,106 | |
ERO Copper Corp. 6.5% 2/15/30 (d) | 6,975,000 | 5,109,188 | |
First Quantum Minerals Ltd. 6.875% 10/15/27 (d) | 2,385,000 | 2,208,659 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 1,485,000 | 1,302,739 | |
Mineral Resources Ltd. 8.5% 5/1/30 (d) | 2,310,000 | 2,273,177 | |
PMHC II, Inc. 9% 2/15/30 (d) | 4,255,000 | 2,803,612 | |
13,798,481 | |||
Paper - 0.8% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (d) | 1,040,000 | 788,934 | |
6% 6/15/27 (d) | 2,930,000 | 2,811,540 | |
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (d) | 1,405,000 | 1,333,907 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 515,000 | 494,513 | |
Glatfelter Corp. 4.75% 11/15/29 (d) | 2,885,000 | 1,857,219 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 7,020,000 | 5,588,724 | |
12,874,837 | |||
Publishing/Printing - 0.2% | |||
News Corp. 5.125% 2/15/32 (d) | 3,130,000 | 2,793,525 | |
Railroad - 0.2% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d) | 4,610,000 | 3,746,086 | |
Restaurants - 0.4% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 3,170,000 | 2,587,513 | |
Garden SpinCo Corp. 8.625% 7/20/30 (d) | 740,000 | 761,131 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 3,255,000 | 2,783,123 | |
6,131,767 | |||
Services - 5.3% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 5,149,000 | 4,698,463 | |
APX Group, Inc. 6.75% 2/15/27 (d) | 2,660,000 | 2,594,840 | |
Aramark Services, Inc. 5% 2/1/28 (d) | 760,000 | 692,440 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 3,260,000 | 2,898,890 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 3,855,000 | 3,396,563 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 9,930,000 | 7,139,333 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 6,520,000 | 5,410,040 | |
8.25% 4/15/26 | 13,298,000 | 13,492,490 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 3,295,000 | 2,981,448 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (d) | 1,645,000 | 1,398,250 | |
3.75% 10/1/30 (d) | 2,345,000 | 1,969,790 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 8,310,000 | 7,795,819 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d) | 4,635,000 | 4,055,625 | |
PowerTeam Services LLC 9.033% 12/4/25 (d) | 1,215,000 | 1,015,327 | |
Service Corp. International: | |||
4% 5/15/31 | 2,375,000 | 1,971,779 | |
5.125% 6/1/29 | 4,160,000 | 3,874,874 | |
Sotheby's 7.375% 10/15/27 (d) | 4,605,000 | 4,455,338 | |
The GEO Group, Inc. 9.5% 12/31/28 (d) | 3,300,000 | 3,036,000 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 4,635,000 | 3,841,256 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 5,720,000 | 5,333,721 | |
82,052,286 | |||
Steel - 0.4% | |||
Commercial Metals Co. 4.125% 1/15/30 | 2,495,000 | 2,096,296 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d) | 4,570,000 | 4,010,084 | |
6,106,380 | |||
Super Retail - 1.7% | |||
Bath & Body Works, Inc. 6.694% 1/15/27 | 1,123,000 | 1,058,428 | |
Carvana Co.: | |||
4.875% 9/1/29 (d) | 2,755,000 | 1,219,088 | |
5.5% 4/15/27 (d) | 3,025,000 | 1,437,566 | |
5.875% 10/1/28 (d) | 1,165,000 | 533,372 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 4,830,000 | 4,347,000 | |
8.5% 10/30/25 (d) | 2,825,000 | 2,609,467 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 2,405,000 | 1,682,249 | |
Levi Strauss & Co. 3.5% 3/1/31 (d) | 3,995,000 | 3,195,820 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (d) | 2,095,000 | 1,487,743 | |
7.875% 5/1/29 (d) | 1,315,000 | 733,113 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 3,440,000 | 2,497,440 | |
4.375% 4/1/30 | 2,295,000 | 1,761,413 | |
Wolverine World Wide, Inc. 4% 8/15/29 (d) | 4,356,000 | 3,441,240 | |
26,003,939 | |||
Technology - 5.0% | |||
Acuris Finance U.S. 5% 5/1/28 (d) | 5,565,000 | 4,507,650 | |
Athenahealth Group, Inc. 6.5% 2/15/30 (d) | 1,080,000 | 842,400 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 3,665,000 | 3,174,806 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (d) | 1,195,000 | 1,024,807 | |
4.875% 7/1/29 (d) | 1,210,000 | 1,008,838 | |
Coherent Corp. 5% 12/15/29 (d) | 4,115,000 | 3,530,176 | |
CommScope, Inc.: | |||
4.75% 9/1/29 (d) | 2,985,000 | 2,524,815 | |
6% 3/1/26 (d) | 1,445,000 | 1,393,777 | |
7.125% 7/1/28 (d) | 5,020,000 | 4,251,577 | |
8.25% 3/1/27 (d) | 1,610,000 | 1,429,361 | |
Elastic NV 4.125% 7/15/29 (d) | 4,568,000 | 3,813,937 | |
Entegris Escrow Corp.: | |||
4.75% 4/15/29 (d) | 4,020,000 | 3,551,946 | |
5.95% 6/15/30 (d) | 4,375,000 | 3,992,188 | |
Gartner, Inc. 4.5% 7/1/28 (d) | 3,750,000 | 3,475,238 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 5,045,000 | 4,010,775 | |
MicroStrategy, Inc. 6.125% 6/15/28 (d) | 5,400,000 | 4,627,098 | |
onsemi 3.875% 9/1/28 (d) | 305,000 | 268,736 | |
Open Text Corp.: | |||
3.875% 2/15/28 (d) | 2,350,000 | 2,011,459 | |
3.875% 12/1/29 (d) | 905,000 | 717,213 | |
Rackspace Hosting, Inc.: | |||
3.5% 2/15/28 (d) | 2,435,000 | 1,607,983 | |
5.375% 12/1/28 (d) | 28,245,000 | 11,889,450 | |
Roblox Corp. 3.875% 5/1/30 (d) | 3,335,000 | 2,751,375 | |
Sensata Technologies BV 4% 4/15/29 (d) | 2,060,000 | 1,734,932 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 4,365,000 | 3,645,381 | |
Twilio, Inc. 3.875% 3/15/31 | 1,550,000 | 1,264,103 | |
Uber Technologies, Inc. 8% 11/1/26 (d) | 4,365,000 | 4,381,151 | |
77,431,172 | |||
Telecommunications - 8.3% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 3,785,000 | 2,992,643 | |
5.75% 8/15/29 (d) | 13,520,000 | 10,674,547 | |
Altice France Holding SA 6% 2/15/28 (d) | 8,935,000 | 5,841,256 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 8,120,000 | 6,110,300 | |
5.125% 7/15/29 (d) | 8,025,000 | 6,044,229 | |
5.5% 1/15/28 (d) | 2,115,000 | 1,695,532 | |
5.5% 10/15/29 (d) | 30,000 | 22,875 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d) | 23,047,000 | 19,935,655 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 2,555,000 | 2,172,349 | |
5.625% 9/15/28 (d) | 4,730,000 | 3,760,539 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 2,005,000 | 1,553,584 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (d) | 1,595,000 | 1,395,625 | |
5.875% 10/15/27 (d) | 2,480,000 | 2,281,169 | |
5.875% 11/1/29 | 3,385,000 | 2,636,966 | |
6% 1/15/30 (d) | 4,935,000 | 3,859,170 | |
8.75% 5/15/30 (d) | 2,825,000 | 2,885,031 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d) | 2,815,000 | 2,583,494 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 4,705,000 | 3,587,563 | |
4.25% 7/1/28 (d) | 4,140,000 | 3,415,500 | |
Lumen Technologies, Inc. 4.5% 1/15/29 (d) | 7,070,000 | 4,984,014 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (d) | 2,230,000 | 1,668,040 | |
5.125% 1/15/28 (d) | 531,000 | 452,113 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 130,000 | 114,563 | |
SBA Communications Corp. 3.125% 2/1/29 | 3,520,000 | 2,844,970 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 2,740,000 | 1,999,460 | |
7.2% 7/18/36 | 3,910,000 | 3,044,952 | |
7.721% 6/4/38 | 850,000 | 675,750 | |
Uniti Group, Inc. 6% 1/15/30 (d) | 8,570,000 | 5,848,426 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (d) | 4,685,000 | 3,871,621 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (d) | 4,595,000 | 3,656,350 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 11,260,000 | 9,743,278 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 3,320,000 | 2,564,700 | |
6.125% 3/1/28 (d) | 3,695,000 | 2,457,175 | |
127,373,439 | |||
Textiles/Apparel - 0.3% | |||
Foot Locker, Inc. 4% 10/1/29 (d) | 5,130,000 | 3,921,731 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (d) | 1,230,000 | 986,198 | |
4,907,929 | |||
Transportation Ex Air/Rail - 0.6% | |||
Golar LNG Ltd. 7% 10/20/25 | 2,910,000 | 2,735,400 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 2,085,000 | 1,648,743 | |
Seaspan Corp. 5.5% 8/1/29 (d) | 6,300,000 | 4,852,127 | |
9,236,270 | |||
Utilities - 3.1% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 2,655,000 | 2,216,925 | |
4.75% 3/15/28 (d) | 1,280,000 | 1,182,332 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,770,000 | 2,633,389 | |
InterGen NV 7% 6/30/23 (d) | 13,335,000 | 13,051,631 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 2,565,000 | 2,136,570 | |
3.625% 2/15/31 (d) | 120,000 | 95,492 | |
5.25% 6/15/29 (d) | 2,640,000 | 2,395,800 | |
PG&E Corp.: | |||
5% 7/1/28 | 4,410,000 | 3,974,711 | |
5.25% 7/1/30 | 8,455,000 | 7,486,860 | |
Pike Corp. 5.5% 9/1/28 (d) | 9,140,000 | 7,804,463 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 2,395,000 | 2,209,388 | |
5.625% 2/15/27 (d) | 2,950,000 | 2,812,176 | |
47,999,737 | |||
TOTAL NONCONVERTIBLE BONDS | 1,237,186,191 | ||
TOTAL CORPORATE BONDS (Cost $1,533,859,060) | 1,282,763,328 | ||
Common Stocks - 4.0% | |||
Shares | Value ($) | ||
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (e) | 224,406 | 1,483,324 | |
Energy - 1.7% | |||
California Resources Corp. warrants 10/27/24 (e) | 4,491 | 63,772 | |
Jonah Energy Parent LLC (c)(e) | 203,925 | 12,969,630 | |
Mesquite Energy, Inc. (c)(e) | 204,784 | 11,351,177 | |
New Fortress Energy, Inc. | 41,905 | 2,307,708 | |
TOTAL ENERGY | 26,692,287 | ||
Food & Drug Retail - 1.7% | |||
Southeastern Grocers, Inc. (b)(c)(e) | 1,184,833 | 25,627,938 | |
Gaming - 0.3% | |||
Caesars Entertainment, Inc. (e) | 88,814 | 3,883,836 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (c)(e) | 366,387 | 366,387 | |
Utilities - 0.2% | |||
EQT Corp. | 77,300 | 3,234,232 | |
TOTAL COMMON STOCKS (Cost $54,099,325) | 61,288,004 | ||
Bank Loan Obligations - 6.7% | |||
Principal Amount (a) | Value ($) | ||
Broadcasting - 0.4% | |||
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 11.208% 5/25/26 (f)(g)(h) | 4,602,224 | 4,410,449 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.458% 8/24/26 (f)(g)(h) | 7,341,306 | 1,424,213 | |
TOTAL BROADCASTING | 5,834,662 | ||
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (f)(g)(h) | 4,635,352 | 3,214,802 | |
Chemicals - 0.6% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (c)(f)(g)(h) | 5,119,400 | 4,863,430 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 7.9683% 10/4/29 (f)(g)(h) | 2,580,000 | 2,353,605 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (f)(g)(h) | 2,700,632 | 2,454,686 | |
TOTAL CHEMICALS | 9,671,721 | ||
Energy - 0.6% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (f)(g)(h) | 5,764,715 | 5,215,626 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (f)(g)(h) | 3,956,451 | 3,579,599 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(g)(h)(i) | 3,800,000 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(g)(h)(i) | 1,620,000 | 0 | |
TOTAL ENERGY | 8,795,225 | ||
Healthcare - 0.0% | |||
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7041% 12/13/26 (f)(g)(h) | 242,519 | 229,333 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 10/1/27 (f)(g)(h) | 711,380 | 674,623 | |
TOTAL HEALTHCARE | 903,956 | ||
Insurance - 0.4% | |||
HUB International Ltd. Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.326% 4/25/25 (f)(g)(h) | 7,009,338 | 6,865,507 | |
Leisure - 0.8% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.484% 7/21/28 (f)(g)(h) | 13,163,274 | 12,208,936 | |
Paper - 0.2% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.0037% 4/13/29 (f)(g)(h) | 3,142,125 | 3,022,096 | |
Services - 0.9% | |||
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 9.5039% 12/10/29 (f)(g)(h) | 425,000 | 359,656 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.2539% 12/10/28 (f)(g)(h) | 4,725,457 | 4,325,116 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 8.493% 6/21/24 (f)(g)(h) | 5,384,201 | 4,647,266 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (f)(g)(h) | 4,655,000 | 4,086,718 | |
TOTAL SERVICES | 13,418,756 | ||
Super Retail - 0.6% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.5039% 3/5/28 (f)(g)(h) | 3,044,623 | 2,860,423 | |
LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.1207% 12/18/27 (f)(g)(h) | 7,423,090 | 6,333,752 | |
TOTAL SUPER RETAIL | 9,194,175 | ||
Technology - 0.9% | |||
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.9671% 2/15/29 (f)(g)(h) | 8,175,380 | 7,453,249 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (g)(h)(j) | 1,389,130 | 1,266,429 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 8.1123% 7/6/29 (f)(g)(h) | 880,000 | 860,385 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 7.0039% 4/4/26 (f)(g)(h) | 3,401,675 | 3,235,843 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.7539% 8/27/25 (f)(g)(h) | 1,221,261 | 1,204,469 | |
TOTAL TECHNOLOGY | 14,020,375 | ||
Telecommunications - 0.6% | |||
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10% 5/31/25 (f)(g)(h) | 13,526,933 | 9,314,781 | |
Utilities - 0.5% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 7.4787% 8/1/25 (f)(g)(h) | 2,040,000 | 2,023,741 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.8125% 6/23/25 (f)(g)(h) | 5,434,890 | 5,338,420 | |
TOTAL UTILITIES | 7,362,161 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $114,821,272) | 103,827,153 | ||
Other - 0.5% | |||
Shares | Value ($) | ||
Other - 0.5% | |||
Fidelity Direct Lending Fund, LP (b)(k) (Cost $8,478,269) | 8,383,145 | ||
Money Market Funds - 4.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (l) (Cost $62,513,387) | 62,500,886 | 62,513,387 | |
TOTAL INVESTMENT IN SECURITIES - 98.3% (Cost $1,773,771,313) | 1,518,775,017 |
NET OTHER ASSETS (LIABILITIES) - 1.7% | 26,316,412 |
NET ASSETS - 100.0% | 1,545,091,429 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $60,061,784 or 3.9% of net assets. |
(c) | Level 3 security |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,056,190,508 or 68.4% of net assets. |
(e) | Non-income producing |
(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) | 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. |
(i) | Non-income producing - Security is in default. |
(j) | 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 $1,389,130 and $1,266,429, respectively. |
(k) | Affiliated Fund |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Direct Lending Fund, LP | 12/09/21 - 10/31/22 | 8,478,269 |
Mesquite Energy, Inc. 15% 7/15/23 | 6/25/21 - 4/01/22 | 6,243,973 |
Mesquite Energy, Inc. 15% 7/15/23 | 6/25/21 - 4/01/22 | 9,777,984 |
Southeastern Grocers, Inc. | 6/25/21 - 4/01/22 | 22,540,546 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.10% | 119,265,405 | 525,332,303 | 582,084,321 | 866,897 | - | - | 62,513,387 | 0.1% |
Fidelity Securities Lending Cash Central Fund 3.10% | 63,228,550 | 29,854,703 | 93,083,253 | 50,159 | - | - | - | 0.0% |
Total | 182,493,955 | 555,187,006 | 675,167,574 | 917,056 | - | - | 62,513,387 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Direct Lending Fund, LP | 5,437,758 | 3,045,619 | - | 302,288 | - | (100,232) | 8,383,145 |
5,437,758 | 3,045,619 | - | 302,288 | - | (100,232) | 8,383,145 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,483,324 | 1,483,324 | - | - |
Consumer Discretionary | 3,883,836 | 3,883,836 | - | - |
Consumer Staples | 25,627,938 | - | - | 25,627,938 |
Energy | 29,926,519 | 5,605,712 | - | 24,320,807 |
Information Technology | 366,387 | - | - | 366,387 |
Corporate Bonds | 1,282,763,328 | - | 1,256,712,627 | 26,050,701 |
Bank Loan Obligations | 103,827,153 | - | 98,963,723 | 4,863,430 |
Money Market Funds | 62,513,387 | 62,513,387 | - | - |
Total Investments in Securities: | 1,510,391,872 | 73,486,259 | 1,355,676,350 | 81,229,263 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 27,867,272 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,239,334) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 25,627,938 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (2,239,334) | |
Energy | |||
Beginning Balance | $ | 25,169,419 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (848,612) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 24,320,807 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (848,612) | |
Corporate Bonds | |||
Beginning Balance | $ | 21,256,578 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 4,794,123 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 26,050,701 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | 4,794,123 | |
Other Investments in Securities | |||
Beginning Balance | $ | 5,724,228 | |
Net Realized Gain (Loss) on Investment Securities | (12,299) | ||
Net Unrealized Gain (Loss) on Investment Securities | (158,784) | ||
Cost of Purchases | 7,000 | ||
Proceeds of Sales | (350,042) | ||
Amortization/Accretion | 19,714 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 5,229,817 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2022 | $ | (158,784) | |
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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
October 31, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,702,779,657) | $1,447,878,485 | |||
Fidelity Central Funds (cost $62,513,387) | 62,513,387 | |||
Other affiliated issuers (cost $8,478,269) | 8,383,145 | |||
Total Investment in Securities (cost $1,773,771,313) | $ | 1,518,775,017 | ||
Cash | 46,664 | |||
Receivable for investments sold | 11,959,102 | |||
Receivable for fund shares sold | 1,213,727 | |||
Dividends receivable | 83,716 | |||
Interest receivable | 22,391,099 | |||
Distributions receivable from Fidelity Central Funds | 139,278 | |||
Prepaid expenses | 2,553 | |||
Total assets | 1,554,611,156 | |||
Liabilities | ||||
Payable for investments purchased | $8,218,359 | |||
Payable for fund shares redeemed | 553,130 | |||
Distributions payable | 12,298 | |||
Accrued management fee | 694,834 | |||
Other payables and accrued expenses | 41,106 | |||
Total Liabilities | 9,519,727 | |||
Net Assets | $ | 1,545,091,429 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,964,017,647 | ||
Total accumulated earnings (loss) | (418,926,218) | |||
Net Assets | $ | 1,545,091,429 | ||
Net Asset Value , offering price and redemption price per share ($1,545,091,429 ÷ 181,381,457 shares) | $ | 8.52 | ||
Statement of Operations | ||||
Six months ended October 31, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends (including $302,288 earned from affiliated issuers) | $ | 7,158,579 | ||
Interest | 46,814,425 | |||
Income from Fidelity Central Funds (including $50,159 from security lending) | 917,056 | |||
Total Income | 54,890,060 | |||
Expenses | ||||
Management fee | $ | 4,898,755 | ||
Custodian fees and expenses | 8,978 | |||
Independent trustees' fees and expenses | 3,302 | |||
Registration fees | 39,851 | |||
Audit | 45,114 | |||
Legal | 476,098 | |||
Miscellaneous | 8,304 | |||
Total expenses before reductions | 5,480,402 | |||
Expense reductions | (19,454) | |||
Total expenses after reductions | 5,460,948 | |||
Net Investment income (loss) | 49,429,112 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (111,628,260) | |||
Total net realized gain (loss) | (111,628,260) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (43,944,537) | |||
Affiliated issuers | (100,232) | |||
Assets and liabilities in foreign currencies | 1 | |||
Total change in net unrealized appreciation (depreciation) | (44,044,768) | |||
Net gain (loss) | (155,673,028) | |||
Net increase (decrease) in net assets resulting from operations | $ | (106,243,916) |
Statement of Changes in Net Assets | ||||
Six months ended October 31, 2022 (Unaudited) | For the period May 13, 2021 (commencement of operations) through April 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 49,429,112 | $ | 111,531,249 |
Net realized gain (loss) | (111,628,260) | (57,116,764) | ||
Change in net unrealized appreciation (depreciation) | (44,044,768) | (210,951,527) | ||
Net increase (decrease) in net assets resulting from operations | (106,243,916) | (156,537,042) | ||
Distributions to shareholders | (43,439,102) | (112,706,158) | ||
Share transactions | ||||
Proceeds from sales of shares | 176,643,835 | 5,413,238,176 | ||
Reinvestment of distributions | 43,358,542 | 112,444,143 | ||
Cost of shares redeemed | (1,006,593,339) | (2,775,073,710) | ||
Net increase (decrease) in net assets resulting from share transactions | (786,590,962) | 2,750,608,609 | ||
Total increase (decrease) in net assets | (936,273,980) | 2,481,365,409 | ||
Net Assets | ||||
Beginning of period | 2,481,365,409 | - | ||
End of period | $ | 1,545,091,429 | $ | 2,481,365,409 |
Other Information | ||||
Shares | ||||
Sold | 20,196,413 | 543,016,881 | ||
Issued in reinvestment of distributions | 4,997,877 | 11,438,350 | ||
Redeemed | (114,892,062) | (283,376,002) | ||
Net increase (decrease) | (89,697,772) | 271,079,229 | ||
Fidelity® SAI High Income Fund |
Six months ended (Unaudited) October 31, 2022 | Years ended April 30, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.15 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .242 | .388 | ||
Net realized and unrealized gain (loss) | (.659) | (.879) | ||
Total from investment operations | (.417) | (.491) | ||
Distributions from net investment income | (.213) | (.345) | ||
Distributions from net realized gain | - | (.014) | ||
Total distributions | (.213) | (.359) | ||
Net asset value, end of period | $ | 8.52 | $ | 9.15 |
Total Return D,E | (4.57)% | (5.10)% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | .61% H | .60% H | ||
Expenses net of fee waivers, if any | .61% H | .60% H | ||
Expenses net of all reductions | .61% H | .60% H | ||
Net investment income (loss) | 5.48% H | 4.06% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 1,545,091 | $ | 2,481,365 |
Portfolio turnover rate I | 15% H | 59% H,J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $50,315,132 | Recovery value | Recovery value | $1.00 | Increase |
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8-3.9/3.5 | Increase | ||
Daily production multiple ($/Million cubic feet per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reverse risk rate | 50.0%-95.0%/72.5% | Increase | |||
Corporate Bonds | $26,050,701 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.8 | Increase |
Daily production multiple ($/Million cubic feet per day) | $22,500.00 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.8 | Increase | |||
Enterprise Value/Proved Reserves multiple | 5.9 | Increase | |||
Discounted cash flow | Discount rate | 10.0% | Decrease | ||
Reserve risk rate | 50.0%-95.0%/72.5% | Increase | |||
Bank Loan Obligations | $4,863,430 | Recovery value | Recovery Value | $0.00 | Increase |
Indicative market price | Evaluated bid | $95.00 | Increase |
Gross unrealized appreciation | $22,932,905 |
Gross unrealized depreciation | (273,933,326) |
Net unrealized appreciation (depreciation) | $(251,000,421) |
Tax cost | $1,769,775,438 |
Investment to be Acquired | Commitment Amount | |
Fidelity SAI High Income Fund | Fidelity Direct Lending Fund, LP | $11,521,731 |
Purchases ($) | Sales ($) | |
Fidelity SAI High Income Fund | 124,321,400 | 851,609,155 |
Amount | |
Fidelity SAI High Income Fund | $55 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity SAI High Income Fund | - | 1,406,756 | 60,742 |
Shares | Total Proceeds ($) | |
Fidelity SAI High Income Fund | 418,596,053 | 4,188,784,329 |
Amount | |
Fidelity SAI High Income Fund | $1,741 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity SAI High Income Fund | $4,985 | $- | $- |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity SAI High Income Fund | 24% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2022 to October 31, 2022). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During Period- C May 1, 2022 to October 31, 2022 | |||||||
Fidelity® SAI High Income Fund | .61% | |||||||||
Actual | $ 1,000 | $ 954.30 | $ 3.00 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.13 | $ 3.11 | |||||||
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 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 Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 21, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 21, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 21, 2022 |