Quarterly Holdings Report
for
Fidelity® Series High Income Fund
July 31, 2021
FSH-QTLY-0921
1.924275.110
Schedule of Investments July 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 89.8% | |||
Principal Amount | Value | ||
Convertible Bonds - 0.6% | |||
Energy - 0.6% | |||
Mesquite Energy, Inc.: | |||
15% 7/15/23 (a)(b) | $1,882,643 | $6,288,028 | |
15% 7/15/23 (a)(b) | 1,091,374 | 4,027,170 | |
10,315,198 | |||
Nonconvertible Bonds - 89.2% | |||
Aerospace - 5.8% | |||
Allegheny Technologies, Inc. 5.875% 12/1/27 | 13,895,000 | 14,491,373 | |
Bombardier, Inc.: | |||
7.125% 6/15/26 (c) | 5,575,000 | 5,784,063 | |
7.5% 12/1/24 (c) | 3,230,000 | 3,355,163 | |
7.5% 3/15/25 (c) | 17,887,000 | 18,225,243 | |
7.875% 4/15/27 (c) | 11,198,000 | 11,604,151 | |
BWX Technologies, Inc. 4.125% 6/30/28 (c) | 4,187,000 | 4,291,675 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 190,000 | 233,510 | |
Kaiser Aluminum Corp.: | |||
4.5% 6/1/31 (c) | 3,005,000 | 3,125,200 | |
4.625% 3/1/28 (c) | 4,665,000 | 4,870,167 | |
Moog, Inc. 4.25% 12/15/27 (c) | 3,715,000 | 3,831,094 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 (c) | 5,485,000 | 5,471,288 | |
5.5% 11/15/27 | 16,920,000 | 17,469,900 | |
6.25% 3/15/26 (c) | 4,871,000 | 5,108,461 | |
7.5% 3/15/27 | 1,455,000 | 1,541,282 | |
99,402,570 | |||
Broadcasting - 1.5% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) | 3,455,000 | 2,003,900 | |
Gray Television, Inc. 4.75% 10/15/30 (c) | 1,515,000 | 1,501,910 | |
Sinclair Television Group, Inc.: | |||
5.125% 2/15/27 (c) | 3,880,000 | 3,860,600 | |
5.5% 3/1/30 (c) | 1,705,000 | 1,702,869 | |
Sirius XM Radio, Inc.: | |||
4% 7/15/28 (c) | 2,755,000 | 2,842,265 | |
4.125% 7/1/30 (c) | 985,000 | 1,016,205 | |
5% 8/1/27 (c) | 4,558,000 | 4,763,110 | |
Tegna, Inc.: | |||
4.625% 3/15/28 | 1,895,000 | 1,951,850 | |
5% 9/15/29 | 725,000 | 757,625 | |
Univision Communications, Inc.: | |||
4.5% 5/1/29 (c) | 2,170,000 | 2,175,295 | |
6.625% 6/1/27 (c) | 3,080,000 | 3,311,955 | |
25,887,584 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (c) | 6,029,000 | 6,292,467 | |
SRS Distribution, Inc. 4.625% 7/1/28 (c) | 1,335,000 | 1,361,700 | |
7,654,167 | |||
Cable/Satellite TV - 4.9% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (c) | 3,680,000 | 3,796,914 | |
4.5% 8/15/30 (c) | 2,885,000 | 3,029,250 | |
4.5% 5/1/32 | 7,935,000 | 8,301,994 | |
4.5% 6/1/33 (c) | 3,195,000 | 3,325,995 | |
4.75% 3/1/30 (c) | 4,755,000 | 5,040,073 | |
5% 2/1/28 (c) | 5,417,000 | 5,679,725 | |
CSC Holdings LLC: | |||
4.125% 12/1/30 (c) | 2,050,000 | 2,055,125 | |
4.625% 12/1/30 (c) | 11,030,000 | 10,864,550 | |
5.75% 1/15/30 (c) | 3,725,000 | 3,882,158 | |
7.5% 4/1/28 (c) | 1,885,000 | 2,055,866 | |
Dolya Holdco 18 DAC 5% 7/15/28 (c) | 3,880,000 | 3,949,840 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (c) | 6,070,000 | 6,282,511 | |
6.5% 9/15/28 (c) | 8,060,000 | 8,375,791 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) | 5,400,000 | 5,686,200 | |
Virgin Media Finance PLC 5% 7/15/30 (c) | 3,645,000 | 3,708,788 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (c) | 3,280,000 | 3,303,878 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (c) | 3,605,000 | 3,704,138 | |
Ziggo BV 4.875% 1/15/30 (c) | 1,705,000 | 1,758,708 | |
84,801,504 | |||
Capital Goods - 0.6% | |||
Mueller Water Products, Inc. 4% 6/15/29 (c) | 1,905,000 | 1,969,294 | |
Vertical U.S. Newco, Inc. 5.25% 7/15/27 (c) | 8,115,000 | 8,569,846 | |
10,539,140 | |||
Chemicals - 3.7% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (c) | 3,675,000 | 3,872,531 | |
Bausch Health Companies, Inc. 6.25% 2/15/29 (c) | 5,465,000 | 5,437,347 | |
CF Industries Holdings, Inc.: | |||
4.95% 6/1/43 | 25,000 | 30,794 | |
5.15% 3/15/34 | 4,790,000 | 5,939,600 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 3.8689% 6/15/22 (c)(d)(e) | 271,000 | 268,684 | |
6.5% 5/15/26 (c) | 5,775,000 | 5,839,969 | |
6.875% 6/15/25 (c) | 1,110,000 | 1,126,706 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (c) | 4,470,000 | 4,532,602 | |
7% 12/31/27 (c) | 440,000 | 430,003 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 4,800,000 | 5,195,904 | |
5.25% 12/15/29 | 550,000 | 608,025 | |
5.65% 12/1/44 | 3,277,000 | 3,490,005 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (c) | 1,900,000 | 1,922,059 | |
5.25% 6/1/27 (c) | 3,545,000 | 3,819,738 | |
Olin Corp.: | |||
5% 2/1/30 | 2,725,000 | 2,919,156 | |
5.625% 8/1/29 | 1,200,000 | 1,316,628 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 3,599,000 | 3,904,915 | |
5.75% 11/15/28 (c) | 12,755,000 | 13,536,244 | |
64,190,910 | |||
Consumer Products - 0.6% | |||
Mattel, Inc.: | |||
3.75% 4/1/29 (c) | 2,720,000 | 2,874,469 | |
5.45% 11/1/41 | 425,000 | 500,438 | |
6.2% 10/1/40 | 3,304,000 | 4,173,877 | |
Prestige Brands, Inc. 3.75% 4/1/31 (c) | 2,155,000 | 2,130,756 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) | 1,035,000 | 1,035,704 | |
10,715,244 | |||
Containers - 1.5% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (c) | 160,000 | 165,200 | |
6% 2/15/25 (c) | 1,907,000 | 1,966,117 | |
Flex Acquisition Co., Inc.: | |||
6.875% 1/15/25 (c) | 7,499,000 | 7,594,387 | |
7.875% 7/15/26 (c) | 5,243,000 | 5,461,948 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (c) | 5,719,000 | 5,976,355 | |
8.5% 8/15/27 (c) | 4,080,000 | 4,386,000 | |
25,550,007 | |||
Diversified Financial Services - 1.9% | |||
HCRX Investments Holdco LP 4.5% 8/1/29 (c) | 815,000 | 831,300 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 3,160,000 | 3,199,500 | |
4.75% 9/15/24 | 2,720,000 | 2,834,842 | |
5.25% 5/15/27 | 8,475,000 | 8,888,156 | |
6.25% 5/15/26 | 3,535,000 | 3,714,578 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.: | |||
4.25% 2/1/27 (c) | 1,525,000 | 1,522,458 | |
4.75% 6/15/29 (c) | 2,920,000 | 2,909,050 | |
Quicken Loans LLC 5.25% 1/15/28 (c) | 4,724,000 | 4,972,010 | |
VMED O2 UK Financing I PLC 4.25% 1/31/31 (c) | 4,510,000 | 4,464,900 | |
33,336,794 | |||
Diversified Media - 1.2% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (c) | 8,065,000 | 8,347,275 | |
Nielsen Finance LLC/Nielsen Finance Co.: | |||
4.5% 7/15/29 (c) | 1,905,000 | 1,919,278 | |
5.625% 10/1/28 (c) | 3,100,000 | 3,274,375 | |
5.875% 10/1/30 (c) | 3,085,000 | 3,377,771 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) | 3,540,000 | 3,785,322 | |
20,704,021 | |||
Energy - 14.3% | |||
Apache Corp.: | |||
4.25% 1/15/30 | 750,000 | 781,875 | |
5.1% 9/1/40 | 1,625,000 | 1,742,813 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 905,000 | 938,938 | |
California Resources Corp. 7.125% 2/1/26 (c) | 2,505,000 | 2,561,538 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 3,725,000 | 3,926,821 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 11,475,000 | 11,704,500 | |
7% 6/15/25 (c) | 7,970,000 | 8,181,843 | |
CNX Resources Corp. 6% 1/15/29 (c) | 350,000 | 371,095 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 4,585,000 | 4,612,739 | |
6.75% 3/1/29 (c) | 5,270,000 | 5,506,360 | |
7.5% 5/15/25 (c) | 739,000 | 764,865 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (c) | 12,109,000 | 12,379,636 | |
5.75% 4/1/25 | 5,985,000 | 6,126,665 | |
6% 2/1/29 (c) | 8,858,000 | 9,212,320 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (c) | 9,370,000 | 9,112,325 | |
5.75% 2/15/28 (c) | 7,100,000 | 6,885,935 | |
DCP Midstream Operating LP 8.125% 8/16/30 | 95,000 | 126,588 | |
Delek Logistics Partners LP 7.125% 6/1/28 (c) | 4,755,000 | 4,943,393 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 2,778,000 | 2,905,844 | |
EnLink Midstream LLC 5.625% 1/15/28 (c) | 665,000 | 703,703 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 875,000 | 809,375 | |
5.45% 6/1/47 | 1,825,000 | 1,770,250 | |
5.6% 4/1/44 | 320,000 | 312,000 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (c) | 900,000 | 915,750 | |
6.5% 7/1/27 (c) | 2,585,000 | 2,901,663 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 3,460,000 | 3,641,650 | |
Harvest Midstream I LP 7.5% 9/1/28 (c) | 3,085,000 | 3,298,729 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (c) | 3,025,000 | 3,168,688 | |
5.625% 2/15/26 (c) | 2,470,000 | 2,568,800 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) | 1,145,000 | 1,195,094 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (c) | 4,665,000 | 4,729,144 | |
MEG Energy Corp.: | |||
5.875% 2/1/29 (c) | 1,860,000 | 1,920,450 | |
7.125% 2/1/27 (c) | 1,810,000 | 1,899,179 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(f) | 10,580,000 | 1 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (c) | 12,170,000 | 12,294,377 | |
6.75% 9/15/25 (c) | 12,800,000 | 13,056,256 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) | 11,365,000 | 11,677,538 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 2,930,000 | 2,922,675 | |
4.3% 8/15/39 | 1,035,000 | 1,026,166 | |
5.55% 3/15/26 | 2,745,000 | 3,004,650 | |
6.125% 1/1/31 | 2,315,000 | 2,734,825 | |
6.2% 3/15/40 | 1,005,000 | 1,163,288 | |
6.45% 9/15/36 | 5,290,000 | 6,387,014 | |
7.5% 5/1/31 | 6,540,000 | 8,305,800 | |
7.875% 9/15/31 | 635,000 | 825,500 | |
8.875% 7/15/30 | 2,170,000 | 2,927,851 | |
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (c) | 11,435,000 | 10,491,613 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (c) | 145,000 | 147,516 | |
4.95% 7/15/29 (c) | 1,730,000 | 1,781,675 | |
6.875% 4/15/40 (c) | 655,000 | 689,715 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 1,595,000 | 1,567,024 | |
6.5% 7/15/28 | 1,720,000 | 1,712,845 | |
6.75% 9/15/26 | 475,000 | 471,366 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,920,000 | 1,963,200 | |
5.875% 3/15/28 | 875,000 | 920,938 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (c) | 1,155,000 | 1,186,000 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (c) | 2,850,000 | 2,914,125 | |
6% 3/1/27 (c) | 6,560,000 | 6,773,200 | |
6% 12/31/30 (c) | 3,525,000 | 3,701,250 | |
7.5% 10/1/25 (c) | 365,000 | 396,025 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
4% 1/15/32 (c) | 3,070,000 | 3,173,490 | |
4.875% 2/1/31 (c) | 3,940,000 | 4,260,125 | |
Transocean Guardian Ltd. 5.875% 1/15/24 (c) | 1,353,401 | 1,282,313 | |
Transocean Phoenix 2 Ltd. 7.75% 10/15/24 (c) | 277,750 | 280,528 | |
Transocean Pontus Ltd. 6.125% 8/1/25 (c) | 732,250 | 723,097 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (c) | 1,010,000 | 984,750 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (c) | 1,484,140 | 1,398,802 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (c) | 2,135,000 | 2,180,369 | |
4.125% 8/15/31 (c) | 2,115,000 | 2,189,977 | |
Western Gas Partners LP: | |||
4.35% 2/1/25 | 1,550,000 | 1,623,625 | |
5.3% 2/1/30 | 3,735,000 | 4,192,668 | |
245,952,745 | |||
Environmental - 1.3% | |||
Darling Ingredients, Inc. 5.25% 4/15/27 (c) | 1,905,000 | 1,995,107 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (c) | 8,470,000 | 8,408,169 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 4,080,000 | 4,085,998 | |
5.875% 6/30/29 (c) | 5,105,000 | 5,159,624 | |
Stericycle, Inc. 3.875% 1/15/29 (c) | 2,775,000 | 2,813,156 | |
22,462,054 | |||
Food & Drug Retail - 0.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 10,010,000 | 10,110,100 | |
4.875% 2/15/30 (c) | 2,455,000 | 2,657,538 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 675,000 | 673,313 | |
13,440,951 | |||
Food/Beverage/Tobacco - 3.6% | |||
C&S Group Enterprises LLC 5% 12/15/28 (c) | 6,635,000 | 6,585,238 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (c) | 2,672,000 | 2,925,867 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
3.75% 12/1/31 (c) | 3,760,000 | 3,863,400 | |
5.5% 1/15/30 (c) | 4,490,000 | 5,011,963 | |
6.5% 4/15/29 (c) | 9,811,000 | 11,012,848 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 965,000 | 980,681 | |
5.5% 10/15/27 (c) | 3,085,000 | 3,213,562 | |
6.875% 5/1/25 (c) | 4,250,000 | 4,520,938 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (c) | 3,955,000 | 4,002,460 | |
4.625% 4/15/30 (c) | 1,290,000 | 1,314,188 | |
5.5% 12/15/29 (c) | 2,815,000 | 3,012,050 | |
Primo Water Holdings, Inc. 4.375% 4/30/29 (c) | 5,030,000 | 5,030,000 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 2,445,000 | 2,448,056 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 5,685,000 | 5,692,106 | |
U.S. Foods, Inc. 4.75% 2/15/29 (c) | 2,180,000 | 2,223,600 | |
61,836,957 | |||
Gaming - 4.0% | |||
Affinity Gaming LLC 6.875% 12/15/27 (c) | 4,130,000 | 4,379,039 | |
Boyd Gaming Corp. 4.75% 12/1/27 | 328,000 | 339,890 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (c) | 5,725,000 | 6,039,875 | |
8.125% 7/1/27 (c) | 10,480,000 | 11,524,646 | |
Caesars Resort Collection LLC 5.25% 10/15/25 (c) | 5,030,000 | 5,071,023 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (c) | 7,980,000 | 8,458,800 | |
Golden Nugget, Inc. 6.75% 10/15/24 (c) | 7,388,000 | 7,406,470 | |
MCE Finance Ltd.: | |||
5.375% 12/4/29 (c) | 1,610,000 | 1,660,313 | |
5.75% 7/21/28 (c) | 2,420,000 | 2,507,725 | |
MGM Growth Properties Operating Partnership LP: | |||
4.5% 1/15/28 | 31,000 | 32,860 | |
5.75% 2/1/27 | 1,434,000 | 1,602,495 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (c) | 1,370,000 | 1,390,550 | |
Station Casinos LLC: | |||
4.5% 2/15/28 (c) | 7,515,000 | 7,552,575 | |
5% 10/1/25 (c) | 873,000 | 882,821 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (c) | 3,289,000 | 3,452,299 | |
Wynn Macau Ltd.: | |||
4.875% 10/1/24 (c) | 3,137,000 | 3,152,293 | |
5.5% 10/1/27 (c) | 2,575,000 | 2,646,971 | |
68,100,645 | |||
Healthcare - 6.5% | |||
Avantor Funding, Inc. 4.625% 7/15/28 (c) | 4,885,000 | 5,141,463 | |
Bausch Health Companies, Inc.: | |||
4.875% 6/1/28 (c) | 2,290,000 | 2,362,913 | |
5% 1/30/28 (c) | 2,480,000 | 2,365,300 | |
5% 2/15/29 (c) | 1,010,000 | 954,400 | |
7% 1/15/28 (c) | 4,015,000 | 4,215,750 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 1,150,000 | 1,180,188 | |
4.25% 5/1/28 (c) | 472,000 | 492,650 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 3,505,000 | 3,557,575 | |
5.625% 3/15/27 (c) | 3,660,000 | 3,875,025 | |
6% 1/15/29 (c) | 2,020,000 | 2,148,775 | |
6.125% 4/1/30 (c) | 2,885,000 | 2,922,592 | |
6.875% 4/15/29 (c) | 1,980,000 | 2,083,950 | |
8% 3/15/26 (c) | 10,019,000 | 10,741,570 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (c) | 2,070,000 | 2,123,344 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (c) | 8,715,000 | 9,009,131 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (c) | 3,405,000 | 3,439,118 | |
4.625% 2/1/28 (c) | 6,000 | 6,330 | |
IQVIA, Inc. 5% 5/15/27 (c) | 4,387,000 | 4,573,448 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 5,380,000 | 5,607,466 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (c) | 1,465,000 | 1,551,069 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (c) | 5,435,000 | 5,573,103 | |
5.125% 4/30/31 (c) | 2,160,000 | 2,224,800 | |
Owens & Minor, Inc. 4.5% 3/31/29 (c) | 1,010,000 | 1,035,250 | |
Radiology Partners, Inc. 9.25% 2/1/28 (c) | 3,750,000 | 4,040,625 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 5,310,000 | 5,429,475 | |
Teleflex, Inc. 4.25% 6/1/28 (c) | 930,000 | 969,525 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (c) | 4,015,000 | 4,095,300 | |
4.625% 6/15/28 (c) | 4,250,000 | 4,398,219 | |
4.875% 1/1/26 (c) | 2,570,000 | 2,653,525 | |
6.125% 10/1/28 (c) | 7,860,000 | 8,370,900 | |
6.25% 2/1/27 (c) | 2,741,000 | 2,854,066 | |
Valeant Pharmaceuticals International, Inc. 8.5% 1/31/27 (c) | 1,155,000 | 1,248,734 | |
Vizient, Inc. 6.25% 5/15/27 (c) | 385,000 | 402,806 | |
111,648,385 | |||
Homebuilders/Real Estate - 2.4% | |||
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (c)(g) | 985,000 | 987,728 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29 (c) | 1,325,000 | 1,312,876 | |
4.375% 2/1/31 (c) | 1,325,000 | 1,321,582 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) | 4,680,000 | 4,908,150 | |
Service Properties Trust 4.95% 10/1/29 | 135,000 | 130,822 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (c) | 7,830,000 | 7,853,490 | |
6.5% 2/15/29 (c) | 23,401,000 | 23,718,318 | |
40,232,966 | |||
Hotels - 0.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (c) | 3,710,000 | 3,700,725 | |
3.75% 5/1/29 (c) | 495,000 | 500,326 | |
4% 5/1/31 (c) | 1,790,000 | 1,832,110 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 12,000 | 12,420 | |
NCL Finance Ltd. 6.125% 3/15/28 (c) | 640,000 | 646,400 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) | 630,000 | 630,000 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (c) | 1,785,000 | 1,845,137 | |
9,167,118 | |||
Insurance - 1.6% | |||
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (c) | 445,000 | 442,290 | |
6.75% 10/15/27 (c) | 14,690,000 | 15,332,688 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 5,705,000 | 5,819,100 | |
AssuredPartners, Inc. 5.625% 1/15/29 (c) | 1,355,000 | 1,345,122 | |
USI, Inc. 6.875% 5/1/25 (c) | 4,159,000 | 4,236,981 | |
27,176,181 | |||
Leisure - 2.2% | |||
Carnival Corp.: | |||
4% 8/1/28 (c) | 4,020,000 | 4,009,950 | |
5.75% 3/1/27 (c) | 6,900,000 | 6,981,938 | |
6.65% 1/15/28 | 300,000 | 319,500 | |
7.625% 3/1/26 (c) | 7,515,000 | 7,937,719 | |
NCL Corp. Ltd. 5.875% 3/15/26 (c) | 890,000 | 896,675 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (c) | 4,110,000 | 4,011,771 | |
5.5% 4/1/28 (c) | 4,905,000 | 5,001,629 | |
9.125% 6/15/23 (c) | 795,000 | 864,666 | |
11.5% 6/1/25 (c) | 3,395,000 | 3,895,763 | |
Viking Cruises Ltd. 13% 5/15/25 (c) | 1,070,000 | 1,241,200 | |
Voc Escrow Ltd. 5% 2/15/28 (c) | 1,950,000 | 1,935,375 | |
37,096,186 | |||
Metals/Mining - 1.4% | |||
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (c) | 2,641,000 | 2,691,179 | |
6.875% 10/15/27 (c) | 3,790,000 | 4,107,413 | |
7.25% 4/1/23 (c) | 6,245,000 | 6,364,045 | |
FMG Resources (August 2006) Pty Ltd.: | |||
4.375% 4/1/31 (c) | 3,150,000 | 3,429,452 | |
4.5% 9/15/27 (c) | 65,000 | 70,931 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 160,000 | 202,915 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (c) | 860,000 | 875,050 | |
Nufarm Australia Ltd. 5.75% 4/30/26 (c) | 5,812,000 | 5,979,095 | |
23,720,080 | |||
Paper - 0.7% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 4% 9/1/29 (c) | 3,945,000 | 3,949,931 | |
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) | 3,450,000 | 3,526,055 | |
SPA Holdings 3 OY 4.875% 2/4/28 (c) | 4,520,000 | 4,544,408 | |
12,020,394 | |||
Railroad - 0.3% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) | 5,195,000 | 5,201,494 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) | 5,315,000 | 5,300,862 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 3,475,000 | 3,731,281 | |
9,032,143 | |||
Services - 6.1% | |||
ADT Corp. 4.125% 8/1/29 (c) | 4,060,000 | 4,084,157 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) | 7,215,000 | 7,404,394 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
6% 6/1/29 (c) | 770,000 | 770,963 | |
6.625% 7/15/26 (c) | 620,000 | 656,425 | |
APX Group, Inc. 6.75% 2/15/27 (c) | 3,440,000 | 3,646,400 | |
Aramark Services, Inc. 5% 2/1/28 (c) | 6,560,000 | 6,815,053 | |
Ascend Learning LLC: | |||
6.875% 8/1/25 (c) | 793,000 | 807,869 | |
6.875% 8/1/25 (c) | 5,259,000 | 5,357,606 | |
ASGN, Inc. 4.625% 5/15/28 (c) | 2,280,000 | 2,379,465 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (c) | 1,461,000 | 1,466,479 | |
4.625% 6/1/28 (c) | 3,979,000 | 3,979,000 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (c) | 4,820,000 | 4,916,400 | |
4% 7/1/29 (c) | 690,000 | 708,623 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (c) | 8,652,000 | 8,798,997 | |
CoreCivic, Inc.: | |||
4.75% 10/15/27 | 1,980,000 | 1,811,700 | |
8.25% 4/15/26 | 5,480,000 | 5,808,471 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (c) | 985,000 | 1,008,394 | |
3.75% 10/1/30 (c) | 1,600,000 | 1,644,000 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 9,121,000 | 9,406,031 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) | 5,185,000 | 5,366,475 | |
PowerTeam Services LLC 9.033% 12/4/25 (c) | 2,020,000 | 2,224,707 | |
Service Corp. International: | |||
4% 5/15/31 | 2,505,000 | 2,586,037 | |
5.125% 6/1/29 | 2,272,000 | 2,453,760 | |
Sotheby's 7.375% 10/15/27 (c) | 8,795,000 | 9,394,379 | |
The GEO Group, Inc. 6% 4/15/26 | 2,110,000 | 1,716,949 | |
TriNet Group, Inc. 3.5% 3/1/29 (c) | 3,950,000 | 3,954,938 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 5,967,000 | 6,242,974 | |
105,410,646 | |||
Super Retail - 1.2% | |||
Bath & Body Works, Inc.: | |||
5.25% 2/1/28 | 400,000 | 449,938 | |
6.625% 10/1/30 (c) | 610,000 | 703,025 | |
6.694% 1/15/27 | 1,430,000 | 1,696,338 | |
6.75% 7/1/36 | 610,000 | 777,750 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (c) | 3,560,000 | 3,644,550 | |
8.5% 10/30/25 (c) | 6,085,000 | 6,374,038 | |
Levi Strauss & Co. 3.5% 3/1/31 (c) | 2,235,000 | 2,293,959 | |
Wolverine World Wide, Inc. 6.375% 5/15/25 (c) | 4,100,000 | 4,376,750 | |
20,316,348 | |||
Technology - 4.5% | |||
Acuris Finance U.S. 5% 5/1/28 (c) | 6,070,000 | 6,009,300 | |
Arches Buyer, Inc.: | |||
4.25% 6/1/28 (c) | 3,220,000 | 3,267,527 | |
6.125% 12/1/28 (c) | 5,800,000 | 5,987,514 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (c) | 4,235,000 | 4,243,703 | |
CDK Global, Inc. 5.25% 5/15/29 (c) | 515,000 | 560,063 | |
Clarivate Science Holdings Corp.: | |||
3.875% 6/30/28 (c) | 1,230,000 | 1,240,154 | |
4.875% 6/30/29 (c) | 1,160,000 | 1,168,282 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 1,845,000 | 1,870,369 | |
Elastic NV 4.125% 7/15/29 (c) | 1,500,000 | 1,505,685 | |
Gartner, Inc. 4.5% 7/1/28 (c) | 2,505,000 | 2,649,038 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) | 5,595,000 | 5,790,825 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 4,845,000 | 5,450,625 | |
ON Semiconductor Corp. 3.875% 9/1/28 (c) | 1,875,000 | 1,953,188 | |
Open Text Corp. 3.875% 2/15/28 (c) | 2,815,000 | 2,906,488 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) | 21,145,000 | 21,526,244 | |
Sensata Technologies BV 4% 4/15/29 (c) | 1,740,000 | 1,785,675 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 7,385,000 | 7,431,156 | |
Twilio, Inc. 3.875% 3/15/31 | 1,270,000 | 1,328,293 | |
76,674,129 | |||
Telecommunications - 11.4% | |||
Altice Financing SA: | |||
5% 1/15/28 (c) | 6,530,000 | 6,415,725 | |
7.5% 5/15/26 (c) | 11,375,000 | 11,834,891 | |
Altice France Holding SA 6% 2/15/28 (c) | 7,170,000 | 7,071,413 | |
Altice France SA: | |||
5.125% 1/15/29 (c) | 7,485,000 | 7,541,138 | |
5.125% 7/15/29 (c) | 6,050,000 | 6,094,831 | |
5.5% 1/15/28 (c) | 8,350,000 | 8,558,750 | |
8.125% 2/1/27 (c) | 7,717,000 | 8,355,659 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (c) | 22,054,000 | 23,344,159 | |
7.5% 10/15/26 (c) | 13,208,000 | 13,800,247 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (c) | 765,000 | 759,263 | |
5.625% 9/15/28 (c) | 605,000 | 615,588 | |
Consolidated Communications, Inc. 5% 10/1/28 (c) | 930,000 | 934,938 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 7,905,000 | 8,176,853 | |
5.875% 10/15/27 (c) | 3,130,000 | 3,344,875 | |
5.875% 11/1/29 | 3,165,000 | 3,236,213 | |
6.75% 5/1/29 (c) | 3,940,000 | 4,196,100 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (c) | 565,000 | 548,830 | |
4.25% 7/1/28 (c) | 3,945,000 | 4,016,503 | |
Lumen Technologies, Inc.: | |||
4.5% 1/15/29 (c) | 8,430,000 | 8,276,574 | |
5.125% 12/15/26 (c) | 6,980,000 | 7,254,454 | |
6.875% 1/15/28 | 260,000 | 294,247 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (c) | 240,000 | 249,600 | |
6.625% 10/15/26 (c) | 2,269,800 | 2,394,639 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (c) | 560,000 | 550,200 | |
Sable International Finance Ltd. 5.75% 9/7/27 (c) | 830,000 | 870,919 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 12,535,000 | 16,171,529 | |
8.75% 3/15/32 | 7,680,000 | 11,837,758 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 3,032,000 | 3,484,981 | |
7.2% 7/18/36 | 1,449,000 | 1,862,458 | |
7.721% 6/4/38 | 400,000 | 536,800 | |
Uniti Group, Inc.: | |||
7.125% 12/15/24 (c) | 3,925,000 | 4,032,938 | |
7.875% 2/15/25 (c) | 7,425,000 | 7,907,625 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 5,930,000 | 6,048,600 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (c) | 2,600,000 | 2,587,000 | |
6.125% 3/1/28 (c) | 3,040,000 | 3,093,686 | |
196,299,984 | |||
Transportation Ex Air/Rail - 0.4% | |||
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) | 1,020,000 | 1,050,600 | |
Seaspan Corp. 5.5% 8/1/29 (c) | 5,595,000 | 5,579,390 | |
6,629,990 | |||
Utilities - 3.3% | |||
Clearway Energy Operating LLC 3.75% 2/15/31 (c) | 4,085,000 | 4,085,000 | |
DCP Midstream Operating LP 5.125% 5/15/29 | 3,484,000 | 3,881,524 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 4,632,000 | 4,841,274 | |
InterGen NV 7% 6/30/23 (c) | 10,532,000 | 10,426,680 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (c) | 2,610,000 | 2,596,950 | |
3.625% 2/15/31 (c) | 1,390,000 | 1,400,425 | |
5.25% 6/15/29 (c) | 3,365,000 | 3,608,963 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (c) | 2,123,700 | 2,272,274 | |
PG&E Corp.: | |||
5% 7/1/28 | 2,005,000 | 1,952,369 | |
5.25% 7/1/30 | 7,980,000 | 7,790,475 | |
Pike Corp. 5.5% 9/1/28 (c) | 7,257,000 | 7,404,753 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (c) | 3,349,000 | 3,457,843 | |
5.625% 2/15/27 (c) | 2,465,000 | 2,557,438 | |
56,275,968 | |||
TOTAL NONCONVERTIBLE BONDS | 1,531,477,305 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,494,856,000) | 1,541,792,503 | ||
Shares | Value | ||
Common Stocks - 2.8% | |||
Energy - 0.7% | |||
California Resources Corp. (h) | 16,516 | 464,265 | |
California Resources Corp. warrants 10/27/24 (h) | 2,871 | 15,590 | |
Jonah Energy Parent LLC (b) | 148,945 | 6,844,023 | |
Mesquite Energy, Inc. (b)(h) | 149,356 | 5,312,603 | |
TOTAL ENERGY | 12,636,481 | ||
Food & Drug Retail - 2.1% | |||
Southeastern Grocers, Inc. (a)(b)(h) | 1,888,443 | 35,389,388 | |
Metals/Mining - 0.0% | |||
Elah Holdings, Inc. (h) | 333 | 32,967 | |
TOTAL COMMON STOCKS | |||
(Cost $21,017,328) | 48,058,836 | ||
Principal Amount | Value | ||
Bank Loan Obligations - 4.5% | |||
Cable/Satellite TV - 0.0% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (d)(e)(i) | 427,596 | 426,172 | |
Chemicals - 0.2% | |||
Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 5/7/25 (d)(e)(i) | 4,115,000 | 3,919,538 | |
Energy - 0.2% | |||
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1473% 2/6/25 (d)(e)(i) | 2,407,369 | 2,388,928 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% 12/31/49 (b)(d)(e)(f)(i) | 2,735,146 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% 12/31/49 (b)(d)(e)(f)(i) | 1,217,000 | 0 | |
TOTAL ENERGY | 2,388,928 | ||
Food/Beverage/Tobacco - 0.1% | |||
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1473% 2/6/25 (d)(e)(i) | 1,615,825 | 1,603,448 | |
Gaming - 0.9% | |||
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (d)(e)(i) | 6,874,352 | 6,834,275 | |
Golden Nugget LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.25% 10/4/23 (d)(e)(i) | 9,378,496 | 9,282,179 | |
TOTAL GAMING | 16,116,454 | ||
Healthcare - 0.6% | |||
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (d)(e)(i) | 6,967,494 | 6,960,944 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/4/28 (d)(e)(i) | 310,000 | 309,808 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (d)(e)(i) | 815,000 | 815,766 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (d)(e)(i) | 2,459,249 | 2,459,692 | |
TOTAL HEALTHCARE | 10,546,210 | ||
Insurance - 0.7% | |||
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (d)(e)(i) | 3,732,150 | 3,726,551 | |
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8752% 4/25/25 (d)(e)(i) | 8,109,461 | 7,984,900 | |
TOTAL INSURANCE | 11,711,451 | ||
Leisure - 0.3% | |||
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7/8/28 (d)(e)(i)(j) | 5,135,000 | 5,109,325 | |
Services - 0.1% | |||
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/14/28 (d)(e)(i) | 1,405,000 | 1,402,850 | |
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (d)(e)(i) | 445,839 | 437,667 | |
TOTAL SERVICES | 1,840,517 | ||
Super Retail - 0.2% | |||
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (d)(e)(i) | 3,021,736 | 2,991,519 | |
Technology - 0.6% | |||
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (d)(e)(i) | 1,005,469 | 1,007,198 | |
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8458% 4/30/27 (d)(e)(i) | 2,483,775 | 2,475,703 | |
Tempo Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/31/26 (d)(e)(i) | 4,103,910 | 4,095,374 | |
UKG, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (d)(e)(i) | 2,104,127 | 2,101,707 | |
TOTAL TECHNOLOGY | 9,679,982 | ||
Telecommunications - 0.6% | |||
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.9% 5/31/25 (d)(e)(i) | 8,045,910 | 6,316,039 | |
Intelsat Jackson Holdings SA: | |||
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (d)(e)(i) | 475,000 | 483,398 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (d)(e)(i) | 3,638,451 | 3,662,319 | |
TOTAL TELECOMMUNICATIONS | 10,461,756 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $79,068,100) | 76,795,300 | ||
Shares | Value | ||
Money Market Funds - 2.7% | |||
Fidelity Cash Central Fund 0.06% (k) | |||
(Cost $46,367,105) | 46,357,834 | 46,367,105 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $1,641,308,533) | 1,713,013,744 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 3,913,393 | ||
NET ASSETS - 100% | $1,716,927,137 |
Legend
(a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,704,586 or 2.7% of net assets.
(b) Level 3 security
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,293,816,409 or 75.4% of net assets.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) Non-income producing - Security is in default.
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Non-income producing
(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) The coupon rate will be determined upon settlement of the loan after period end.
(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 7/15/21 | $2,974,017 |
Southeastern Grocers, Inc. | 6/1/18 | $13,283,234 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $5,187 |
Total | $5,187 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $23,827,446 | $171,769,044 | $149,229,385 | $-- | $-- | $46,367,105 | 0.1% |
Total | $23,827,446 | $171,769,044 | $149,229,385 | $-- | $-- | $46,367,105 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy.For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
Investments in any open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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