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iso4217:USD
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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| Date of fiscal year end: | October 31 |
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| Date of reporting period: | April 30, 2025 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
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Fidelity Advisor® Floating Rate High Income Fund
Fidelity® Floating Rate High Income Fund : FFRHX
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This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Floating Rate High Income Fund
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$ 33
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0.65%
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Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
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Fund Size
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$14,498,701,337
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Number of Holdings
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601
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Portfolio Turnover
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76%
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What did the Fund invest in?
(as of April 30, 2025)
A
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0.0
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BBB
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1.6
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BB
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21.4
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B
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57.1
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CCC,CC,C
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7.7
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D
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0.0
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Not Rated
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6.0
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Equities
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2.1
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Short-Term Investments and Net Other Assets (Liabilities)
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4.1
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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A - 0.0
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BBB - 1.6
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BB - 21.4
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B - 57.1
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CCC,CC,C - 7.7
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D - 0.0
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Not Rated - 6.0
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Equities - 2.1
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Short-Term Investments and Net Other Assets (Liabilities) - 4.1
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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.
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Bank Loan Obligations
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88.0
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Corporate Bonds
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4.9
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Common Stocks
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1.3
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Alternative Funds
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0.8
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Preferred Securities
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0.6
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Asset-Backed Securities
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0.3
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Short-Term Investments and Net Other Assets (Liabilities)
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4.1
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ASSET ALLOCATION (% of Fund's net assets)
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Bank Loan Obligations - 88.0
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Corporate Bonds - 4.9
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Common Stocks - 1.3
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Alternative Funds - 0.8
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Preferred Securities - 0.6
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Asset-Backed Securities - 0.3
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Short-Term Investments and Net Other Assets (Liabilities) - 4.1
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United States
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90.7
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United Kingdom
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2.8
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Canada
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1.7
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France
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1.2
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Netherlands
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1.1
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Puerto Rico
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0.6
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Grand Cayman (UK Overseas Ter)
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0.5
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Luxembourg
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0.3
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Germany
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0.3
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Others
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0.8
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 90.7
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United Kingdom - 2.8
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Canada - 1.7
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France - 1.2
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Netherlands - 1.1
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Puerto Rico - 0.6
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Grand Cayman (UK Overseas Ter) - 0.5
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Luxembourg - 0.3
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Germany - 0.3
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Others - 0.8
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TOP HOLDINGS
(% of Fund's net assets)
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Great Outdoors Group LLC
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2.5
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Asurion LLC
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2.4
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Altice France SA
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1.2
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Clydesdale Acquisition Holdings Inc
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1.2
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Fertitta Entertainment LLC/NV
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1.2
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Acrisure LLC
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1.1
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Polaris Newco LLC
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1.1
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Caesars Entertainment Inc
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1.1
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Lumen Technologies Inc
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1.0
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MH Sub I LLC
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1.0
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13.8
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915610.100 814-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Value Fund
Fidelity Advisor® Value Fund Class M : FTVFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 65
|
1.36%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$317,153,258
|
|
Number of Holdings
|
275
|
|
Portfolio Turnover
|
73%
|
|
What did the Fund invest in?
(as of April 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
19.9
|
|
Financials
|
15.4
|
|
Health Care
|
10.9
|
|
Materials
|
10.0
|
|
Consumer Discretionary
|
9.3
|
|
Energy
|
9.0
|
|
Utilities
|
6.8
|
|
Real Estate
|
5.8
|
|
Consumer Staples
|
5.3
|
|
Information Technology
|
4.3
|
|
Communication Services
|
2.1
|
|
|
|
Common Stocks
|
98.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
87.2
|
Canada
|
5.3
|
Germany
|
0.9
|
United Kingdom
|
0.9
|
Zambia
|
0.8
|
Puerto Rico
|
0.8
|
France
|
0.7
|
Belgium
|
0.7
|
Spain
|
0.5
|
Others
|
2.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 87.2
|
|
|
Canada - 5.3
|
|
|
Germany - 0.9
|
|
|
United Kingdom - 0.9
|
|
|
Zambia - 0.8
|
|
|
Puerto Rico - 0.8
|
|
|
France - 0.7
|
|
|
Belgium - 0.7
|
|
|
Spain - 0.5
|
|
|
Others - 2.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
PG&E Corp
|
1.4
|
|
Ventas Inc
|
1.1
|
|
Eversource Energy
|
1.0
|
|
Smurfit WestRock PLC
|
0.9
|
|
Cheniere Energy Inc
|
0.9
|
|
Molina Healthcare Inc
|
0.9
|
|
Apollo Global Management Inc
|
0.8
|
|
First Quantum Minerals Ltd
|
0.8
|
|
Sun Communities Inc
|
0.8
|
|
Bunge Global SA
|
0.8
|
|
|
|
9.4
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915728.100 1319-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Capital & Income Fund
Fidelity Advisor® Capital & Income Fund Class Z : FIQTX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Capital & Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 30
|
0.60%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$2,237,888,330
|
|
Number of Holdings
|
728
|
|
Portfolio Turnover
|
17%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
6.4
|
BB
|
22.2
|
B
|
29.0
|
CCC,CC,C
|
9.0
|
Not Rated
|
2.8
|
Equities
|
22.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 6.4
|
|
|
BB - 22.2
|
|
|
B - 29.0
|
|
|
CCC,CC,C - 9.0
|
|
|
Not Rated - 2.8
|
|
|
Equities - 22.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
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.
|
Corporate Bonds
|
52.7
|
Common Stocks
|
19.6
|
Bank Loan Obligations
|
12.4
|
Preferred Securities
|
4.0
|
Alternative Funds
|
2.5
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 52.7
|
|
|
Common Stocks - 19.6
|
|
|
Bank Loan Obligations - 12.4
|
|
|
Preferred Securities - 4.0
|
|
|
Alternative Funds - 2.5
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
United States
|
90.8
|
Canada
|
2.0
|
United Kingdom
|
1.9
|
France
|
1.5
|
China
|
0.6
|
Netherlands
|
0.6
|
Zambia
|
0.4
|
Luxembourg
|
0.4
|
Australia
|
0.3
|
Others
|
1.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.8
|
|
|
Canada - 2.0
|
|
|
United Kingdom - 1.9
|
|
|
France - 1.5
|
|
|
China - 0.6
|
|
|
Netherlands - 0.6
|
|
|
Zambia - 0.4
|
|
|
Luxembourg - 0.4
|
|
|
Australia - 0.3
|
|
|
Others - 1.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
TransDigm Inc
|
2.7
|
|
Fidelity Private Credit Company LLC
|
2.5
|
|
Energy Transfer LP
|
2.2
|
|
EchoStar Corp
|
1.8
|
|
Altice France SA
|
1.4
|
|
Tenet Healthcare Corp
|
1.4
|
|
X Corp
|
1.4
|
|
EG Global Finance PLC
|
1.2
|
|
LBM Acquisition LLC
|
1.2
|
|
Meta Platforms Inc Class A
|
1.1
|
|
|
|
16.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915616.100 3278-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Value Fund
Fidelity Advisor® Value Fund Class Z : FVLZX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 34
|
0.72%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$317,153,258
|
|
Number of Holdings
|
275
|
|
Portfolio Turnover
|
73%
|
|
What did the Fund invest in?
(as of April 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
19.9
|
|
Financials
|
15.4
|
|
Health Care
|
10.9
|
|
Materials
|
10.0
|
|
Consumer Discretionary
|
9.3
|
|
Energy
|
9.0
|
|
Utilities
|
6.8
|
|
Real Estate
|
5.8
|
|
Consumer Staples
|
5.3
|
|
Information Technology
|
4.3
|
|
Communication Services
|
2.1
|
|
|
|
Common Stocks
|
98.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
87.2
|
Canada
|
5.3
|
Germany
|
0.9
|
United Kingdom
|
0.9
|
Zambia
|
0.8
|
Puerto Rico
|
0.8
|
France
|
0.7
|
Belgium
|
0.7
|
Spain
|
0.5
|
Others
|
2.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 87.2
|
|
|
Canada - 5.3
|
|
|
Germany - 0.9
|
|
|
United Kingdom - 0.9
|
|
|
Zambia - 0.8
|
|
|
Puerto Rico - 0.8
|
|
|
France - 0.7
|
|
|
Belgium - 0.7
|
|
|
Spain - 0.5
|
|
|
Others - 2.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
PG&E Corp
|
1.4
|
|
Ventas Inc
|
1.1
|
|
Eversource Energy
|
1.0
|
|
Smurfit WestRock PLC
|
0.9
|
|
Cheniere Energy Inc
|
0.9
|
|
Molina Healthcare Inc
|
0.9
|
|
Apollo Global Management Inc
|
0.8
|
|
First Quantum Minerals Ltd
|
0.8
|
|
Sun Communities Inc
|
0.8
|
|
Bunge Global SA
|
0.8
|
|
|
|
9.4
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915730.100 2890-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Capital & Income Fund
Fidelity Advisor® Capital & Income Fund Class A : FAHDX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Capital & Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 48
|
0.96%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$2,237,888,330
|
|
Number of Holdings
|
728
|
|
Portfolio Turnover
|
17%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
6.4
|
BB
|
22.2
|
B
|
29.0
|
CCC,CC,C
|
9.0
|
Not Rated
|
2.8
|
Equities
|
22.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 6.4
|
|
|
BB - 22.2
|
|
|
B - 29.0
|
|
|
CCC,CC,C - 9.0
|
|
|
Not Rated - 2.8
|
|
|
Equities - 22.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
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.
|
Corporate Bonds
|
52.7
|
Common Stocks
|
19.6
|
Bank Loan Obligations
|
12.4
|
Preferred Securities
|
4.0
|
Alternative Funds
|
2.5
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 52.7
|
|
|
Common Stocks - 19.6
|
|
|
Bank Loan Obligations - 12.4
|
|
|
Preferred Securities - 4.0
|
|
|
Alternative Funds - 2.5
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
United States
|
90.8
|
Canada
|
2.0
|
United Kingdom
|
1.9
|
France
|
1.5
|
China
|
0.6
|
Netherlands
|
0.6
|
Zambia
|
0.4
|
Luxembourg
|
0.4
|
Australia
|
0.3
|
Others
|
1.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.8
|
|
|
Canada - 2.0
|
|
|
United Kingdom - 1.9
|
|
|
France - 1.5
|
|
|
China - 0.6
|
|
|
Netherlands - 0.6
|
|
|
Zambia - 0.4
|
|
|
Luxembourg - 0.4
|
|
|
Australia - 0.3
|
|
|
Others - 1.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
TransDigm Inc
|
2.7
|
|
Fidelity Private Credit Company LLC
|
2.5
|
|
Energy Transfer LP
|
2.2
|
|
EchoStar Corp
|
1.8
|
|
Altice France SA
|
1.4
|
|
Tenet Healthcare Corp
|
1.4
|
|
X Corp
|
1.4
|
|
EG Global Finance PLC
|
1.2
|
|
LBM Acquisition LLC
|
1.2
|
|
Meta Platforms Inc Class A
|
1.1
|
|
|
|
16.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915615.100 258-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Floating Rate High Income Fund
Fidelity Advisor® Floating Rate High Income Fund Class M : FFRTX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 47
|
0.95%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$14,498,701,337
|
|
Number of Holdings
|
601
|
|
Portfolio Turnover
|
76%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
1.6
|
BB
|
21.4
|
B
|
57.1
|
CCC,CC,C
|
7.7
|
D
|
0.0
|
Not Rated
|
6.0
|
Equities
|
2.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 1.6
|
|
|
BB - 21.4
|
|
|
B - 57.1
|
|
|
CCC,CC,C - 7.7
|
|
|
D - 0.0
|
|
|
Not Rated - 6.0
|
|
|
Equities - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
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.
|
Bank Loan Obligations
|
88.0
|
Corporate Bonds
|
4.9
|
Common Stocks
|
1.3
|
Alternative Funds
|
0.8
|
Preferred Securities
|
0.6
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Bank Loan Obligations - 88.0
|
|
|
Corporate Bonds - 4.9
|
|
|
Common Stocks - 1.3
|
|
|
Alternative Funds - 0.8
|
|
|
Preferred Securities - 0.6
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
United States
|
90.7
|
United Kingdom
|
2.8
|
Canada
|
1.7
|
France
|
1.2
|
Netherlands
|
1.1
|
Puerto Rico
|
0.6
|
Grand Cayman (UK Overseas Ter)
|
0.5
|
Luxembourg
|
0.3
|
Germany
|
0.3
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
United Kingdom - 2.8
|
|
|
Canada - 1.7
|
|
|
France - 1.2
|
|
|
Netherlands - 1.1
|
|
|
Puerto Rico - 0.6
|
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
|
Luxembourg - 0.3
|
|
|
Germany - 0.3
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Great Outdoors Group LLC
|
2.5
|
|
Asurion LLC
|
2.4
|
|
Altice France SA
|
1.2
|
|
Clydesdale Acquisition Holdings Inc
|
1.2
|
|
Fertitta Entertainment LLC/NV
|
1.2
|
|
Acrisure LLC
|
1.1
|
|
Polaris Newco LLC
|
1.1
|
|
Caesars Entertainment Inc
|
1.1
|
|
Lumen Technologies Inc
|
1.0
|
|
MH Sub I LLC
|
1.0
|
|
|
|
13.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915613.100 872-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Capital & Income Fund
Fidelity Advisor® Capital & Income Fund Class C : FAHEX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Capital & Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 85
|
1.71%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$2,237,888,330
|
|
Number of Holdings
|
728
|
|
Portfolio Turnover
|
17%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
6.4
|
BB
|
22.2
|
B
|
29.0
|
CCC,CC,C
|
9.0
|
Not Rated
|
2.8
|
Equities
|
22.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 6.4
|
|
|
BB - 22.2
|
|
|
B - 29.0
|
|
|
CCC,CC,C - 9.0
|
|
|
Not Rated - 2.8
|
|
|
Equities - 22.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
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.
|
Corporate Bonds
|
52.7
|
Common Stocks
|
19.6
|
Bank Loan Obligations
|
12.4
|
Preferred Securities
|
4.0
|
Alternative Funds
|
2.5
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 52.7
|
|
|
Common Stocks - 19.6
|
|
|
Bank Loan Obligations - 12.4
|
|
|
Preferred Securities - 4.0
|
|
|
Alternative Funds - 2.5
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
United States
|
90.8
|
Canada
|
2.0
|
United Kingdom
|
1.9
|
France
|
1.5
|
China
|
0.6
|
Netherlands
|
0.6
|
Zambia
|
0.4
|
Luxembourg
|
0.4
|
Australia
|
0.3
|
Others
|
1.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.8
|
|
|
Canada - 2.0
|
|
|
United Kingdom - 1.9
|
|
|
France - 1.5
|
|
|
China - 0.6
|
|
|
Netherlands - 0.6
|
|
|
Zambia - 0.4
|
|
|
Luxembourg - 0.4
|
|
|
Australia - 0.3
|
|
|
Others - 1.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
TransDigm Inc
|
2.7
|
|
Fidelity Private Credit Company LLC
|
2.5
|
|
Energy Transfer LP
|
2.2
|
|
EchoStar Corp
|
1.8
|
|
Altice France SA
|
1.4
|
|
Tenet Healthcare Corp
|
1.4
|
|
X Corp
|
1.4
|
|
EG Global Finance PLC
|
1.2
|
|
LBM Acquisition LLC
|
1.2
|
|
Meta Platforms Inc Class A
|
1.1
|
|
|
|
16.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915617.100 521-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Floating Rate High Income Fund
Fidelity Advisor® Floating Rate High Income Fund Class I : FFRIX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 35
|
0.69%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$14,498,701,337
|
|
Number of Holdings
|
601
|
|
Portfolio Turnover
|
76%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
1.6
|
BB
|
21.4
|
B
|
57.1
|
CCC,CC,C
|
7.7
|
D
|
0.0
|
Not Rated
|
6.0
|
Equities
|
2.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 1.6
|
|
|
BB - 21.4
|
|
|
B - 57.1
|
|
|
CCC,CC,C - 7.7
|
|
|
D - 0.0
|
|
|
Not Rated - 6.0
|
|
|
Equities - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
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.
|
Bank Loan Obligations
|
88.0
|
Corporate Bonds
|
4.9
|
Common Stocks
|
1.3
|
Alternative Funds
|
0.8
|
Preferred Securities
|
0.6
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Bank Loan Obligations - 88.0
|
|
|
Corporate Bonds - 4.9
|
|
|
Common Stocks - 1.3
|
|
|
Alternative Funds - 0.8
|
|
|
Preferred Securities - 0.6
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
United States
|
90.7
|
United Kingdom
|
2.8
|
Canada
|
1.7
|
France
|
1.2
|
Netherlands
|
1.1
|
Puerto Rico
|
0.6
|
Grand Cayman (UK Overseas Ter)
|
0.5
|
Luxembourg
|
0.3
|
Germany
|
0.3
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
United Kingdom - 2.8
|
|
|
Canada - 1.7
|
|
|
France - 1.2
|
|
|
Netherlands - 1.1
|
|
|
Puerto Rico - 0.6
|
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
|
Luxembourg - 0.3
|
|
|
Germany - 0.3
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Great Outdoors Group LLC
|
2.5
|
|
Asurion LLC
|
2.4
|
|
Altice France SA
|
1.2
|
|
Clydesdale Acquisition Holdings Inc
|
1.2
|
|
Fertitta Entertainment LLC/NV
|
1.2
|
|
Acrisure LLC
|
1.1
|
|
Polaris Newco LLC
|
1.1
|
|
Caesars Entertainment Inc
|
1.1
|
|
Lumen Technologies Inc
|
1.0
|
|
MH Sub I LLC
|
1.0
|
|
|
|
13.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915608.100 279-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Value Fund
Fidelity Advisor® Value Fund Class A : FAVFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 53
|
1.12%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$317,153,258
|
|
Number of Holdings
|
275
|
|
Portfolio Turnover
|
73%
|
|
What did the Fund invest in?
(as of April 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
19.9
|
|
Financials
|
15.4
|
|
Health Care
|
10.9
|
|
Materials
|
10.0
|
|
Consumer Discretionary
|
9.3
|
|
Energy
|
9.0
|
|
Utilities
|
6.8
|
|
Real Estate
|
5.8
|
|
Consumer Staples
|
5.3
|
|
Information Technology
|
4.3
|
|
Communication Services
|
2.1
|
|
|
|
Common Stocks
|
98.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
87.2
|
Canada
|
5.3
|
Germany
|
0.9
|
United Kingdom
|
0.9
|
Zambia
|
0.8
|
Puerto Rico
|
0.8
|
France
|
0.7
|
Belgium
|
0.7
|
Spain
|
0.5
|
Others
|
2.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 87.2
|
|
|
Canada - 5.3
|
|
|
Germany - 0.9
|
|
|
United Kingdom - 0.9
|
|
|
Zambia - 0.8
|
|
|
Puerto Rico - 0.8
|
|
|
France - 0.7
|
|
|
Belgium - 0.7
|
|
|
Spain - 0.5
|
|
|
Others - 2.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
PG&E Corp
|
1.4
|
|
Ventas Inc
|
1.1
|
|
Eversource Energy
|
1.0
|
|
Smurfit WestRock PLC
|
0.9
|
|
Cheniere Energy Inc
|
0.9
|
|
Molina Healthcare Inc
|
0.9
|
|
Apollo Global Management Inc
|
0.8
|
|
First Quantum Minerals Ltd
|
0.8
|
|
Sun Communities Inc
|
0.8
|
|
Bunge Global SA
|
0.8
|
|
|
|
9.4
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915726.100 1316-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Floating Rate High Income Fund
Fidelity Advisor® Floating Rate High Income Fund Class C : FFRCX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 85
|
1.70%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$14,498,701,337
|
|
Number of Holdings
|
601
|
|
Portfolio Turnover
|
76%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
1.6
|
BB
|
21.4
|
B
|
57.1
|
CCC,CC,C
|
7.7
|
D
|
0.0
|
Not Rated
|
6.0
|
Equities
|
2.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 1.6
|
|
|
BB - 21.4
|
|
|
B - 57.1
|
|
|
CCC,CC,C - 7.7
|
|
|
D - 0.0
|
|
|
Not Rated - 6.0
|
|
|
Equities - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
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.
|
Bank Loan Obligations
|
88.0
|
Corporate Bonds
|
4.9
|
Common Stocks
|
1.3
|
Alternative Funds
|
0.8
|
Preferred Securities
|
0.6
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Bank Loan Obligations - 88.0
|
|
|
Corporate Bonds - 4.9
|
|
|
Common Stocks - 1.3
|
|
|
Alternative Funds - 0.8
|
|
|
Preferred Securities - 0.6
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
United States
|
90.7
|
United Kingdom
|
2.8
|
Canada
|
1.7
|
France
|
1.2
|
Netherlands
|
1.1
|
Puerto Rico
|
0.6
|
Grand Cayman (UK Overseas Ter)
|
0.5
|
Luxembourg
|
0.3
|
Germany
|
0.3
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
United Kingdom - 2.8
|
|
|
Canada - 1.7
|
|
|
France - 1.2
|
|
|
Netherlands - 1.1
|
|
|
Puerto Rico - 0.6
|
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
|
Luxembourg - 0.3
|
|
|
Germany - 0.3
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Great Outdoors Group LLC
|
2.5
|
|
Asurion LLC
|
2.4
|
|
Altice France SA
|
1.2
|
|
Clydesdale Acquisition Holdings Inc
|
1.2
|
|
Fertitta Entertainment LLC/NV
|
1.2
|
|
Acrisure LLC
|
1.1
|
|
Polaris Newco LLC
|
1.1
|
|
Caesars Entertainment Inc
|
1.1
|
|
Lumen Technologies Inc
|
1.0
|
|
MH Sub I LLC
|
1.0
|
|
|
|
13.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915612.100 871-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Capital & Income Fund
Fidelity Advisor® Capital & Income Fund Class M : FAHYX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Capital & Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 47
|
0.95%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$2,237,888,330
|
|
Number of Holdings
|
728
|
|
Portfolio Turnover
|
17%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
6.4
|
BB
|
22.2
|
B
|
29.0
|
CCC,CC,C
|
9.0
|
Not Rated
|
2.8
|
Equities
|
22.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 6.4
|
|
|
BB - 22.2
|
|
|
B - 29.0
|
|
|
CCC,CC,C - 9.0
|
|
|
Not Rated - 2.8
|
|
|
Equities - 22.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
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.
|
Corporate Bonds
|
52.7
|
Common Stocks
|
19.6
|
Bank Loan Obligations
|
12.4
|
Preferred Securities
|
4.0
|
Alternative Funds
|
2.5
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 52.7
|
|
|
Common Stocks - 19.6
|
|
|
Bank Loan Obligations - 12.4
|
|
|
Preferred Securities - 4.0
|
|
|
Alternative Funds - 2.5
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
United States
|
90.8
|
Canada
|
2.0
|
United Kingdom
|
1.9
|
France
|
1.5
|
China
|
0.6
|
Netherlands
|
0.6
|
Zambia
|
0.4
|
Luxembourg
|
0.4
|
Australia
|
0.3
|
Others
|
1.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.8
|
|
|
Canada - 2.0
|
|
|
United Kingdom - 1.9
|
|
|
France - 1.5
|
|
|
China - 0.6
|
|
|
Netherlands - 0.6
|
|
|
Zambia - 0.4
|
|
|
Luxembourg - 0.4
|
|
|
Australia - 0.3
|
|
|
Others - 1.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
TransDigm Inc
|
2.7
|
|
Fidelity Private Credit Company LLC
|
2.5
|
|
Energy Transfer LP
|
2.2
|
|
EchoStar Corp
|
1.8
|
|
Altice France SA
|
1.4
|
|
Tenet Healthcare Corp
|
1.4
|
|
X Corp
|
1.4
|
|
EG Global Finance PLC
|
1.2
|
|
LBM Acquisition LLC
|
1.2
|
|
Meta Platforms Inc Class A
|
1.1
|
|
|
|
16.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915614.100 218-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Capital & Income Fund
Fidelity Advisor® Capital & Income Fund Class I : FAHCX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Capital & Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 35
|
0.71%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$2,237,888,330
|
|
Number of Holdings
|
728
|
|
Portfolio Turnover
|
17%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
6.4
|
BB
|
22.2
|
B
|
29.0
|
CCC,CC,C
|
9.0
|
Not Rated
|
2.8
|
Equities
|
22.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 6.4
|
|
|
BB - 22.2
|
|
|
B - 29.0
|
|
|
CCC,CC,C - 9.0
|
|
|
Not Rated - 2.8
|
|
|
Equities - 22.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
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.
|
Corporate Bonds
|
52.7
|
Common Stocks
|
19.6
|
Bank Loan Obligations
|
12.4
|
Preferred Securities
|
4.0
|
Alternative Funds
|
2.5
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
8.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 52.7
|
|
|
Common Stocks - 19.6
|
|
|
Bank Loan Obligations - 12.4
|
|
|
Preferred Securities - 4.0
|
|
|
Alternative Funds - 2.5
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 8.5
|
|
|
United States
|
90.8
|
Canada
|
2.0
|
United Kingdom
|
1.9
|
France
|
1.5
|
China
|
0.6
|
Netherlands
|
0.6
|
Zambia
|
0.4
|
Luxembourg
|
0.4
|
Australia
|
0.3
|
Others
|
1.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.8
|
|
|
Canada - 2.0
|
|
|
United Kingdom - 1.9
|
|
|
France - 1.5
|
|
|
China - 0.6
|
|
|
Netherlands - 0.6
|
|
|
Zambia - 0.4
|
|
|
Luxembourg - 0.4
|
|
|
Australia - 0.3
|
|
|
Others - 1.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
TransDigm Inc
|
2.7
|
|
Fidelity Private Credit Company LLC
|
2.5
|
|
Energy Transfer LP
|
2.2
|
|
EchoStar Corp
|
1.8
|
|
Altice France SA
|
1.4
|
|
Tenet Healthcare Corp
|
1.4
|
|
X Corp
|
1.4
|
|
EG Global Finance PLC
|
1.2
|
|
LBM Acquisition LLC
|
1.2
|
|
Meta Platforms Inc Class A
|
1.1
|
|
|
|
16.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915618.100 644-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Value Fund
Fidelity Advisor® Value Fund Class I : FVIFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 40
|
0.84%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$317,153,258
|
|
Number of Holdings
|
275
|
|
Portfolio Turnover
|
73%
|
|
What did the Fund invest in?
(as of April 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
19.9
|
|
Financials
|
15.4
|
|
Health Care
|
10.9
|
|
Materials
|
10.0
|
|
Consumer Discretionary
|
9.3
|
|
Energy
|
9.0
|
|
Utilities
|
6.8
|
|
Real Estate
|
5.8
|
|
Consumer Staples
|
5.3
|
|
Information Technology
|
4.3
|
|
Communication Services
|
2.1
|
|
|
|
Common Stocks
|
98.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
87.2
|
Canada
|
5.3
|
Germany
|
0.9
|
United Kingdom
|
0.9
|
Zambia
|
0.8
|
Puerto Rico
|
0.8
|
France
|
0.7
|
Belgium
|
0.7
|
Spain
|
0.5
|
Others
|
2.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 87.2
|
|
|
Canada - 5.3
|
|
|
Germany - 0.9
|
|
|
United Kingdom - 0.9
|
|
|
Zambia - 0.8
|
|
|
Puerto Rico - 0.8
|
|
|
France - 0.7
|
|
|
Belgium - 0.7
|
|
|
Spain - 0.5
|
|
|
Others - 2.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
PG&E Corp
|
1.4
|
|
Ventas Inc
|
1.1
|
|
Eversource Energy
|
1.0
|
|
Smurfit WestRock PLC
|
0.9
|
|
Cheniere Energy Inc
|
0.9
|
|
Molina Healthcare Inc
|
0.9
|
|
Apollo Global Management Inc
|
0.8
|
|
First Quantum Minerals Ltd
|
0.8
|
|
Sun Communities Inc
|
0.8
|
|
Bunge Global SA
|
0.8
|
|
|
|
9.4
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915729.100 1320-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Value Fund
Fidelity Advisor® Value Fund Class C : FCVFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Value Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 89
|
1.88%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$317,153,258
|
|
Number of Holdings
|
275
|
|
Portfolio Turnover
|
73%
|
|
What did the Fund invest in?
(as of April 30, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
19.9
|
|
Financials
|
15.4
|
|
Health Care
|
10.9
|
|
Materials
|
10.0
|
|
Consumer Discretionary
|
9.3
|
|
Energy
|
9.0
|
|
Utilities
|
6.8
|
|
Real Estate
|
5.8
|
|
Consumer Staples
|
5.3
|
|
Information Technology
|
4.3
|
|
Communication Services
|
2.1
|
|
|
|
Common Stocks
|
98.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
87.2
|
Canada
|
5.3
|
Germany
|
0.9
|
United Kingdom
|
0.9
|
Zambia
|
0.8
|
Puerto Rico
|
0.8
|
France
|
0.7
|
Belgium
|
0.7
|
Spain
|
0.5
|
Others
|
2.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 87.2
|
|
|
Canada - 5.3
|
|
|
Germany - 0.9
|
|
|
United Kingdom - 0.9
|
|
|
Zambia - 0.8
|
|
|
Puerto Rico - 0.8
|
|
|
France - 0.7
|
|
|
Belgium - 0.7
|
|
|
Spain - 0.5
|
|
|
Others - 2.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
PG&E Corp
|
1.4
|
|
Ventas Inc
|
1.1
|
|
Eversource Energy
|
1.0
|
|
Smurfit WestRock PLC
|
0.9
|
|
Cheniere Energy Inc
|
0.9
|
|
Molina Healthcare Inc
|
0.9
|
|
Apollo Global Management Inc
|
0.8
|
|
First Quantum Minerals Ltd
|
0.8
|
|
Sun Communities Inc
|
0.8
|
|
Bunge Global SA
|
0.8
|
|
|
|
9.4
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915727.100 1318-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Floating Rate High Income Fund
Fidelity Advisor® Floating Rate High Income Fund Class Z : FIQSX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 30
|
0.59%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$14,498,701,337
|
|
Number of Holdings
|
601
|
|
Portfolio Turnover
|
76%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
1.6
|
BB
|
21.4
|
B
|
57.1
|
CCC,CC,C
|
7.7
|
D
|
0.0
|
Not Rated
|
6.0
|
Equities
|
2.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 1.6
|
|
|
BB - 21.4
|
|
|
B - 57.1
|
|
|
CCC,CC,C - 7.7
|
|
|
D - 0.0
|
|
|
Not Rated - 6.0
|
|
|
Equities - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
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.
|
Bank Loan Obligations
|
88.0
|
Corporate Bonds
|
4.9
|
Common Stocks
|
1.3
|
Alternative Funds
|
0.8
|
Preferred Securities
|
0.6
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Bank Loan Obligations - 88.0
|
|
|
Corporate Bonds - 4.9
|
|
|
Common Stocks - 1.3
|
|
|
Alternative Funds - 0.8
|
|
|
Preferred Securities - 0.6
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
United States
|
90.7
|
United Kingdom
|
2.8
|
Canada
|
1.7
|
France
|
1.2
|
Netherlands
|
1.1
|
Puerto Rico
|
0.6
|
Grand Cayman (UK Overseas Ter)
|
0.5
|
Luxembourg
|
0.3
|
Germany
|
0.3
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
United Kingdom - 2.8
|
|
|
Canada - 1.7
|
|
|
France - 1.2
|
|
|
Netherlands - 1.1
|
|
|
Puerto Rico - 0.6
|
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
|
Luxembourg - 0.3
|
|
|
Germany - 0.3
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Great Outdoors Group LLC
|
2.5
|
|
Asurion LLC
|
2.4
|
|
Altice France SA
|
1.2
|
|
Clydesdale Acquisition Holdings Inc
|
1.2
|
|
Fertitta Entertainment LLC/NV
|
1.2
|
|
Acrisure LLC
|
1.1
|
|
Polaris Newco LLC
|
1.1
|
|
Caesars Entertainment Inc
|
1.1
|
|
Lumen Technologies Inc
|
1.0
|
|
MH Sub I LLC
|
1.0
|
|
|
|
13.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915609.100 3277-TSRS-0625
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
|
|
|
|
Fidelity Advisor® Floating Rate High Income Fund
Fidelity Advisor® Floating Rate High Income Fund Class A : FFRAX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity Advisor® Floating Rate High Income Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 47
|
0.95%
|
|
Key Fund Statistics
(as of April 30, 2025)
KEY FACTS
|
|
|
Fund Size
|
$14,498,701,337
|
|
Number of Holdings
|
601
|
|
Portfolio Turnover
|
76%
|
|
What did the Fund invest in?
(as of April 30, 2025)
A
|
0.0
|
BBB
|
1.6
|
BB
|
21.4
|
B
|
57.1
|
CCC,CC,C
|
7.7
|
D
|
0.0
|
Not Rated
|
6.0
|
Equities
|
2.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
A - 0.0
|
|
|
BBB - 1.6
|
|
|
BB - 21.4
|
|
|
B - 57.1
|
|
|
CCC,CC,C - 7.7
|
|
|
D - 0.0
|
|
|
Not Rated - 6.0
|
|
|
Equities - 2.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
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.
|
Bank Loan Obligations
|
88.0
|
Corporate Bonds
|
4.9
|
Common Stocks
|
1.3
|
Alternative Funds
|
0.8
|
Preferred Securities
|
0.6
|
Asset-Backed Securities
|
0.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
4.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Bank Loan Obligations - 88.0
|
|
|
Corporate Bonds - 4.9
|
|
|
Common Stocks - 1.3
|
|
|
Alternative Funds - 0.8
|
|
|
Preferred Securities - 0.6
|
|
|
Asset-Backed Securities - 0.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 4.1
|
|
|
United States
|
90.7
|
United Kingdom
|
2.8
|
Canada
|
1.7
|
France
|
1.2
|
Netherlands
|
1.1
|
Puerto Rico
|
0.6
|
Grand Cayman (UK Overseas Ter)
|
0.5
|
Luxembourg
|
0.3
|
Germany
|
0.3
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
United Kingdom - 2.8
|
|
|
Canada - 1.7
|
|
|
France - 1.2
|
|
|
Netherlands - 1.1
|
|
|
Puerto Rico - 0.6
|
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
|
Luxembourg - 0.3
|
|
|
Germany - 0.3
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Great Outdoors Group LLC
|
2.5
|
|
Asurion LLC
|
2.4
|
|
Altice France SA
|
1.2
|
|
Clydesdale Acquisition Holdings Inc
|
1.2
|
|
Fertitta Entertainment LLC/NV
|
1.2
|
|
Acrisure LLC
|
1.1
|
|
Polaris Newco LLC
|
1.1
|
|
Caesars Entertainment Inc
|
1.1
|
|
Lumen Technologies Inc
|
1.0
|
|
MH Sub I LLC
|
1.0
|
|
|
|
13.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915611.100 861-TSRS-0625
|
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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity Advisor® Value Fund
Semi-Annual Report
April 30, 2025
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Value Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.8%
|
|
|
|
Shares
|
Value ($)
|
BELGIUM - 0.7%
|
|
|
|
Health Care - 0.3%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Galapagos NV (b)
|
|
31,298
|
846,688
|
Materials - 0.4%
|
|
|
|
Chemicals - 0.4%
|
|
|
|
Syensqo SA
|
|
19,030
|
1,349,970
|
TOTAL BELGIUM
|
|
|
2,196,658
|
BRAZIL - 0.2%
|
|
|
|
Materials - 0.2%
|
|
|
|
Metals & Mining - 0.2%
|
|
|
|
Gerdau SA
|
|
200,200
|
528,796
|
CANADA - 5.3%
|
|
|
|
Consumer Discretionary - 0.5%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.5%
|
|
|
|
Gildan Activewear Inc
|
|
33,762
|
1,555,854
|
Energy - 2.5%
|
|
|
|
Oil, Gas & Consumable Fuels - 2.5%
|
|
|
|
Canadian Natural Resources Ltd
|
|
50,596
|
1,451,892
|
Cenovus Energy Inc
|
|
116,385
|
1,370,179
|
Imperial Oil Ltd (c)
|
|
28,400
|
1,915,652
|
Imperial Oil Ltd (United States)
|
|
5,200
|
350,376
|
MEG Energy Corp
|
|
27,900
|
391,401
|
Secure Waste Infrastructure Corp
|
|
159,730
|
1,521,293
|
South Bow Corp
|
|
34,550
|
853,349
|
|
|
|
|
7,854,142
|
Financials - 0.4%
|
|
|
|
Capital Markets - 0.1%
|
|
|
|
Onex Corp Subordinate Voting Shares
|
|
9,740
|
689,628
|
Financial Services - 0.3%
|
|
|
|
ECN Capital Corp
|
|
412,188
|
834,183
|
TOTAL FINANCIALS
|
|
|
1,523,811
|
|
|
|
|
|
Industrials - 0.9%
|
|
|
|
Ground Transportation - 0.3%
|
|
|
|
TFI International Inc
|
|
12,239
|
994,940
|
Machinery - 0.6%
|
|
|
|
ATS Corp (b)
|
|
33,000
|
831,583
|
NFI Group Inc (b)
|
|
130,410
|
1,097,313
|
|
|
|
|
1,928,896
|
TOTAL INDUSTRIALS
|
|
|
2,923,836
|
|
|
|
|
|
Materials - 1.0%
|
|
|
|
Chemicals - 0.5%
|
|
|
|
Methanex Corp (United States)
|
|
44,617
|
1,396,066
|
Metals & Mining - 0.1%
|
|
|
|
Algoma Steel Group Inc (United States)
|
|
78,380
|
400,913
|
Paper & Forest Products - 0.4%
|
|
|
|
Interfor Corp (b)
|
|
129,679
|
1,249,193
|
TOTAL MATERIALS
|
|
|
3,046,172
|
|
|
|
|
|
TOTAL CANADA
|
|
|
16,903,815
|
FRANCE - 0.7%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Media - 0.1%
|
|
|
|
JCDecaux SE (b)
|
|
23,730
|
411,572
|
Energy - 0.6%
|
|
|
|
Energy Equipment & Services - 0.6%
|
|
|
|
Vallourec SACA (b)
|
|
99,228
|
1,832,852
|
TOTAL FRANCE
|
|
|
2,244,424
|
GERMANY - 0.9%
|
|
|
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
BioNTech SE ADR (b)
|
|
7,290
|
759,253
|
Industrials - 0.7%
|
|
|
|
Electrical Equipment - 0.7%
|
|
|
|
Siemens Energy AG (b)
|
|
29,196
|
2,253,455
|
TOTAL GERMANY
|
|
|
3,012,708
|
GHANA - 0.0%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Kosmos Energy Ltd (b)
|
|
141,530
|
217,956
|
HONG KONG - 0.4%
|
|
|
|
Financials - 0.4%
|
|
|
|
Insurance - 0.4%
|
|
|
|
Prudential PLC
|
|
109,677
|
1,166,171
|
Prudential PLC rights (b)(d)
|
|
98,177
|
16,523
|
|
|
|
|
|
TOTAL HONG KONG
|
|
|
1,182,694
|
ISRAEL - 0.4%
|
|
|
|
Health Care - 0.4%
|
|
|
|
Pharmaceuticals - 0.4%
|
|
|
|
Teva Pharmaceutical Industries Ltd ADR (b)
|
|
90,352
|
1,401,360
|
MEXICO - 0.2%
|
|
|
|
Communication Services - 0.2%
|
|
|
|
Media - 0.2%
|
|
|
|
Grupo Televisa SAB ADR
|
|
386,709
|
703,810
|
NORWAY - 0.2%
|
|
|
|
Energy - 0.2%
|
|
|
|
Energy Equipment & Services - 0.2%
|
|
|
|
TGS ASA
|
|
81,060
|
599,570
|
PORTUGAL - 0.4%
|
|
|
|
Energy - 0.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.4%
|
|
|
|
Galp Energia SGPS SA
|
|
83,000
|
1,285,984
|
PUERTO RICO - 0.8%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Liberty Latin America Ltd Class C (b)
|
|
63,350
|
348,425
|
Financials - 0.7%
|
|
|
|
Banks - 0.7%
|
|
|
|
Popular Inc
|
|
21,870
|
2,086,835
|
TOTAL PUERTO RICO
|
|
|
2,435,260
|
SPAIN - 0.5%
|
|
|
|
Communication Services - 0.5%
|
|
|
|
Diversified Telecommunication Services - 0.5%
|
|
|
|
Cellnex Telecom SA (e)(f)
|
|
38,260
|
1,548,357
|
SWITZERLAND - 0.4%
|
|
|
|
Financials - 0.4%
|
|
|
|
Capital Markets - 0.4%
|
|
|
|
UBS Group AG
|
|
36,880
|
1,112,187
|
UNITED KINGDOM - 0.9%
|
|
|
|
Consumer Staples - 0.2%
|
|
|
|
Food Products - 0.2%
|
|
|
|
Nomad Foods Ltd
|
|
32,010
|
639,880
|
Financials - 0.2%
|
|
|
|
Capital Markets - 0.2%
|
|
|
|
Petershill Partners PLC (e)(f)
|
|
173,204
|
499,744
|
Utilities - 0.5%
|
|
|
|
Electric Utilities - 0.5%
|
|
|
|
SSE PLC
|
|
72,230
|
1,628,503
|
TOTAL UNITED KINGDOM
|
|
|
2,768,127
|
UNITED STATES - 86.0%
|
|
|
|
Communication Services - 1.2%
|
|
|
|
Interactive Media & Services - 0.3%
|
|
|
|
ZoomInfo Technologies Inc (b)
|
|
105,733
|
905,073
|
Media - 0.9%
|
|
|
|
EchoStar Corp (g)
|
|
26,012
|
584,750
|
Nexstar Media Group Inc
|
|
10,246
|
1,533,416
|
Thryv Holdings Inc (b)(c)
|
|
64,251
|
880,239
|
|
|
|
|
2,998,405
|
TOTAL COMMUNICATION SERVICES
|
|
|
3,903,478
|
|
|
|
|
|
Consumer Discretionary - 8.8%
|
|
|
|
Automobile Components - 0.2%
|
|
|
|
Patrick Industries Inc
|
|
12,554
|
966,407
|
Hotels, Restaurants & Leisure - 0.6%
|
|
|
|
Hilton Grand Vacations Inc (b)(c)
|
|
52,365
|
1,761,035
|
Household Durables - 2.1%
|
|
|
|
Lennar Corp Class A
|
|
9,160
|
994,868
|
Mohawk Industries Inc (b)
|
|
14,507
|
1,542,819
|
Newell Brands Inc (c)
|
|
122,970
|
587,797
|
Somnigroup International Inc (c)
|
|
34,018
|
2,077,139
|
TopBuild Corp (b)
|
|
5,450
|
1,611,892
|
|
|
|
|
6,814,515
|
Leisure Products - 1.4%
|
|
|
|
BRP Inc Subordinate Voting Shares
|
|
29,826
|
1,010,354
|
Brunswick Corp/DE
|
|
24,370
|
1,122,239
|
Hasbro Inc
|
|
31,170
|
1,929,423
|
YETI Holdings Inc (b)
|
|
11,790
|
336,604
|
|
|
|
|
4,398,620
|
Specialty Retail - 3.4%
|
|
|
|
Academy Sports & Outdoors Inc
|
|
16,589
|
625,074
|
Bath & Body Works Inc
|
|
55,100
|
1,681,101
|
Gap Inc/The (c)
|
|
53,227
|
1,165,671
|
Lithia Motors Inc Class A
|
|
6,437
|
1,884,496
|
Penske Automotive Group Inc
|
|
9,330
|
1,452,401
|
Signet Jewelers Ltd (c)
|
|
35,063
|
2,079,236
|
Upbound Group Inc
|
|
87,865
|
1,748,514
|
|
|
|
|
10,636,493
|
Textiles, Apparel & Luxury Goods - 1.1%
|
|
|
|
Capri Holdings Ltd (b)
|
|
84,107
|
1,264,969
|
PVH Corp
|
|
17,090
|
1,178,868
|
Samsonite Group SA (e)(f)
|
|
562,770
|
1,011,529
|
|
|
|
|
3,455,366
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
28,032,436
|
|
|
|
|
|
Consumer Staples - 5.1%
|
|
|
|
Beverages - 1.3%
|
|
|
|
Constellation Brands Inc Class A
|
|
7,340
|
1,376,544
|
Keurig Dr Pepper Inc
|
|
52,820
|
1,827,044
|
Primo Brands Corp Class A
|
|
27,530
|
899,405
|
|
|
|
|
4,102,993
|
Consumer Staples Distribution & Retail - 1.6%
|
|
|
|
Albertsons Cos Inc Class A
|
|
56,710
|
1,246,485
|
Dollar Tree Inc (b)
|
|
26,901
|
2,199,695
|
Grocery Outlet Holding Corp (b)(c)
|
|
103,740
|
1,741,795
|
|
|
|
|
5,187,975
|
Food Products - 1.9%
|
|
|
|
Bunge Global SA
|
|
29,902
|
2,353,886
|
Darling Ingredients Inc (b)
|
|
59,662
|
1,920,520
|
Ingredion Inc
|
|
10,970
|
1,457,035
|
|
|
|
|
5,731,441
|
Tobacco - 0.3%
|
|
|
|
Philip Morris International Inc
|
|
6,043
|
1,035,528
|
TOTAL CONSUMER STAPLES
|
|
|
16,057,937
|
|
|
|
|
|
Energy - 5.3%
|
|
|
|
Energy Equipment & Services - 1.1%
|
|
|
|
Expro Group Holdings NV (b)
|
|
107,718
|
890,828
|
Kodiak Gas Services Inc
|
|
33,950
|
1,154,640
|
Liberty Energy Inc Class A
|
|
29,181
|
335,581
|
Tenaris SA
|
|
62,780
|
1,046,853
|
Weatherford International PLC
|
|
5,595
|
231,632
|
|
|
|
|
3,659,534
|
Oil, Gas & Consumable Fuels - 4.2%
|
|
|
|
Antero Resources Corp (b)
|
|
13,873
|
483,197
|
Cheniere Energy Inc
|
|
11,710
|
2,706,298
|
Core Natural Resources Inc
|
|
24,847
|
1,794,202
|
Delek US Holdings Inc
|
|
60,909
|
793,035
|
Diamondback Energy Inc
|
|
5,595
|
738,596
|
Energy Transfer LP
|
|
82,948
|
1,371,960
|
Phillips 66
|
|
21,542
|
2,241,661
|
Range Resources Corp
|
|
21,595
|
732,718
|
Targa Resources Corp
|
|
13,539
|
2,313,815
|
|
|
|
|
13,175,482
|
TOTAL ENERGY
|
|
|
16,835,016
|
|
|
|
|
|
Financials - 13.3%
|
|
|
|
Banks - 2.2%
|
|
|
|
East West Bancorp Inc
|
|
17,588
|
1,504,653
|
First Citizens BancShares Inc/NC Class A
|
|
1,127
|
2,005,091
|
First Citizens BancShares Inc/NC Class B
|
|
210
|
330,750
|
KeyCorp
|
|
98,920
|
1,467,973
|
Webster Financial Corp
|
|
25,480
|
1,205,204
|
Western Alliance Bancorp
|
|
5,900
|
411,289
|
|
|
|
|
6,924,960
|
Capital Markets - 2.3%
|
|
|
|
Ameriprise Financial Inc
|
|
2,215
|
1,043,309
|
BGC Group Inc Class A
|
|
179,070
|
1,622,374
|
LPL Financial Holdings Inc
|
|
5,356
|
1,712,795
|
Raymond James Financial Inc
|
|
10,963
|
1,502,370
|
State Street Corp
|
|
17,660
|
1,555,846
|
|
|
|
|
7,436,694
|
Consumer Finance - 2.1%
|
|
|
|
Ally Financial Inc
|
|
44,496
|
1,453,239
|
OneMain Holdings Inc
|
|
47,047
|
2,214,503
|
PROG Holdings Inc
|
|
33,882
|
893,130
|
SLM Corp
|
|
73,851
|
2,135,032
|
|
|
|
|
6,695,904
|
Financial Services - 3.3%
|
|
|
|
Apollo Global Management Inc
|
|
19,193
|
2,619,461
|
Block Inc Class A (b)
|
|
9,480
|
554,295
|
Global Payments Inc
|
|
22,971
|
1,752,917
|
NCR Atleos Corp (b)
|
|
55,065
|
1,537,415
|
PennyMac Financial Services Inc
|
|
14,120
|
1,375,853
|
Voya Financial Inc
|
|
19,370
|
1,146,704
|
WEX Inc (b)
|
|
11,895
|
1,550,751
|
|
|
|
|
10,537,396
|
Insurance - 3.4%
|
|
|
|
Ambac Financial Group Inc (b)
|
|
58,058
|
463,303
|
Assurant Inc
|
|
8,690
|
1,674,911
|
Hartford Insurance Group Inc/The
|
|
14,677
|
1,800,428
|
Primerica Inc
|
|
5,420
|
1,420,419
|
Reinsurance Group of America Inc
|
|
11,814
|
2,212,880
|
Stewart Information Services Corp
|
|
17,790
|
1,164,889
|
The Travelers Companies, Inc.
|
|
6,829
|
1,803,744
|
|
|
|
|
10,540,574
|
TOTAL FINANCIALS
|
|
|
42,135,528
|
|
|
|
|
|
Health Care - 10.0%
|
|
|
|
Biotechnology - 0.4%
|
|
|
|
Alnylam Pharmaceuticals Inc (b)
|
|
310
|
81,604
|
BioMarin Pharmaceutical Inc (b)
|
|
719
|
45,793
|
Exact Sciences Corp (b)
|
|
4,951
|
225,964
|
Legend Biotech Corp ADR (b)
|
|
1,654
|
57,807
|
Moderna Inc (b)
|
|
26,660
|
760,877
|
Roivant Sciences Ltd (b)
|
|
6,157
|
71,544
|
United Therapeutics Corp (b)
|
|
378
|
114,568
|
|
|
|
|
1,358,157
|
Health Care Equipment & Supplies - 2.3%
|
|
|
|
Align Technology Inc (b)
|
|
1,086
|
188,204
|
Baxter International Inc
|
|
6,305
|
196,527
|
Cooper Cos Inc/The (b)
|
|
4,347
|
355,019
|
Envista Holdings Corp (b)
|
|
1,181
|
18,990
|
GE HealthCare Technologies Inc
|
|
5,856
|
411,852
|
Globus Medical Inc Class A (b)
|
|
1,250
|
89,713
|
Hologic Inc (b)
|
|
2,826
|
164,473
|
Lantheus Holdings Inc (b)(c)
|
|
20,540
|
2,143,144
|
Masimo Corp (b)
|
|
1,359
|
218,745
|
QuidelOrtho Corp (b)
|
|
57,557
|
1,599,509
|
ResMed Inc
|
|
441
|
104,336
|
Solventum Corp (b)
|
|
15,713
|
1,038,944
|
STERIS PLC
|
|
1,576
|
354,190
|
Teleflex Inc
|
|
1,018
|
139,517
|
Zimmer Biomet Holdings Inc
|
|
2,775
|
285,964
|
|
|
|
|
7,309,127
|
Health Care Providers & Services - 4.7%
|
|
|
|
Acadia Healthcare Co Inc (b)
|
|
84,311
|
1,972,877
|
AdaptHealth Corp (b)
|
|
207,327
|
1,764,353
|
BrightSpring Health Services Inc (b)
|
|
71,310
|
1,250,064
|
Cencora Inc
|
|
1,263
|
369,642
|
Centene Corp (b)
|
|
38,696
|
2,315,956
|
Chemed Corp
|
|
325
|
188,991
|
CVS Health Corp
|
|
31,545
|
2,104,367
|
Encompass Health Corp
|
|
3,404
|
398,234
|
Henry Schein Inc (b)
|
|
735
|
47,753
|
Humana Inc
|
|
1,543
|
404,636
|
Labcorp Holdings Inc
|
|
673
|
162,200
|
Molina Healthcare Inc (b)
|
|
8,134
|
2,659,900
|
PACS Group Inc (b)
|
|
75,240
|
724,561
|
Quest Diagnostics Inc
|
|
645
|
114,952
|
Surgery Partners Inc (b)
|
|
983
|
21,577
|
Tenet Healthcare Corp (b)
|
|
1,498
|
214,139
|
|
|
|
|
14,714,202
|
Health Care Technology - 0.0%
|
|
|
|
Waystar Holding Corp (b)
|
|
1,048
|
38,954
|
Life Sciences Tools & Services - 1.2%
|
|
|
|
Agilent Technologies Inc
|
|
5,123
|
551,235
|
Avantor Inc (b)
|
|
14,803
|
192,291
|
Bio-Rad Laboratories Inc Class A (b)
|
|
165
|
40,273
|
Bruker Corp
|
|
426
|
17,065
|
Charles River Laboratories International Inc (b)
|
|
257
|
30,485
|
Fortrea Holdings Inc (b)
|
|
117,129
|
729,714
|
ICON PLC (b)
|
|
9,060
|
1,372,046
|
Illumina Inc (b)
|
|
872
|
67,667
|
IQVIA Holdings Inc (b)
|
|
2,989
|
463,504
|
Mettler-Toledo International Inc (b)
|
|
100
|
107,057
|
Revvity Inc
|
|
1,592
|
148,741
|
West Pharmaceutical Services Inc
|
|
719
|
151,918
|
|
|
|
|
3,871,996
|
Pharmaceuticals - 1.4%
|
|
|
|
Elanco Animal Health Inc (b)
|
|
92,456
|
876,483
|
GSK PLC ADR
|
|
18,140
|
722,879
|
Jazz Pharmaceuticals PLC (b)
|
|
11,412
|
1,334,748
|
Perrigo Co PLC
|
|
846
|
21,758
|
Royalty Pharma PLC Class A
|
|
4,983
|
163,542
|
Viatris Inc
|
|
163,442
|
1,376,182
|
|
|
|
|
4,495,592
|
TOTAL HEALTH CARE
|
|
|
31,788,028
|
|
|
|
|
|
Industrials - 18.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
Huntington Ingalls Industries Inc
|
|
4,100
|
944,394
|
Air Freight & Logistics - 1.2%
|
|
|
|
FedEx Corp
|
|
6,030
|
1,268,290
|
Forward Air Corp Class A (b)(c)
|
|
24,980
|
367,706
|
GXO Logistics Inc (b)
|
|
59,060
|
2,140,334
|
|
|
|
|
3,776,330
|
Building Products - 2.0%
|
|
|
|
Builders FirstSource Inc (b)
|
|
17,086
|
2,043,998
|
Masterbrand Inc (b)
|
|
110,540
|
1,343,061
|
Tecnoglass Inc
|
|
17,984
|
1,281,720
|
UFP Industries Inc
|
|
16,528
|
1,633,793
|
|
|
|
|
6,302,572
|
Commercial Services & Supplies - 2.8%
|
|
|
|
Brink's Co/The
|
|
18,364
|
1,638,803
|
Driven Brands Holdings Inc (b)
|
|
101,130
|
1,670,668
|
GEO Group Inc/The (b)
|
|
53,430
|
1,671,290
|
HNI Corp
|
|
32,358
|
1,368,743
|
MillerKnoll Inc
|
|
59,110
|
969,404
|
Vestis Corp
|
|
184,622
|
1,617,289
|
|
|
|
|
8,936,197
|
Construction & Engineering - 1.2%
|
|
|
|
Centuri Holdings Inc (b)(c)
|
|
96,030
|
1,724,700
|
Fluor Corp (b)
|
|
19,779
|
690,089
|
WillScot Holdings Corp
|
|
56,570
|
1,421,038
|
|
|
|
|
3,835,827
|
Electrical Equipment - 0.8%
|
|
|
|
Acuity Inc
|
|
3,638
|
886,253
|
GrafTech International Ltd (b)
|
|
178,065
|
112,715
|
Regal Rexnord Corp
|
|
15,399
|
1,629,830
|
|
|
|
|
2,628,798
|
Ground Transportation - 1.3%
|
|
|
|
Ryder System Inc (c)
|
|
11,143
|
1,534,057
|
U-Haul Holding Co Class N
|
|
27,797
|
1,523,276
|
XPO Inc (b)
|
|
9,714
|
1,030,849
|
|
|
|
|
4,088,182
|
Machinery - 3.4%
|
|
|
|
Allison Transmission Holdings Inc
|
|
22,846
|
2,107,315
|
CNH Industrial NV Class A
|
|
140,983
|
1,631,173
|
Gates Industrial Corp PLC (b)
|
|
105,730
|
2,000,412
|
Oshkosh Corp
|
|
18,305
|
1,533,227
|
PACCAR Inc
|
|
10,491
|
946,392
|
Terex Corp
|
|
42,018
|
1,479,034
|
Timken Co/The (c)
|
|
15,846
|
1,018,106
|
|
|
|
|
10,715,659
|
Professional Services - 3.4%
|
|
|
|
Amentum Holdings Inc (c)
|
|
83,350
|
1,818,697
|
Concentrix Corp (c)
|
|
30,481
|
1,556,360
|
First Advantage Corp (b)(c)
|
|
126,134
|
1,778,489
|
Genpact Ltd
|
|
29,480
|
1,481,665
|
KBR Inc
|
|
27,960
|
1,476,568
|
Leidos Holdings Inc
|
|
5,320
|
782,998
|
Maximus Inc
|
|
6,630
|
443,944
|
SS&C Technologies Holdings Inc
|
|
19,160
|
1,448,496
|
|
|
|
|
10,787,217
|
Trading Companies & Distributors - 1.9%
|
|
|
|
GMS Inc (b)
|
|
20,389
|
1,493,698
|
Herc Holdings Inc (c)
|
|
14,968
|
1,638,098
|
McGrath RentCorp
|
|
11,100
|
1,184,037
|
Wesco International Inc
|
|
10,814
|
1,762,250
|
|
|
|
|
6,078,083
|
TOTAL INDUSTRIALS
|
|
|
58,093,259
|
|
|
|
|
|
Information Technology - 4.3%
|
|
|
|
Electronic Equipment, Instruments & Components - 1.9%
|
|
|
|
Arrow Electronics Inc (b)
|
|
17,980
|
2,002,253
|
Avnet Inc
|
|
16,150
|
758,889
|
Crane NXT Co (c)
|
|
36,620
|
1,718,210
|
Jabil Inc
|
|
7,722
|
1,131,736
|
TD SYNNEX Corp
|
|
3,600
|
398,880
|
|
|
|
|
6,009,968
|
IT Services - 0.3%
|
|
|
|
ASGN Inc (b)
|
|
18,170
|
915,405
|
Semiconductors & Semiconductor Equipment - 1.3%
|
|
|
|
First Solar Inc (b)
|
|
17,440
|
2,194,301
|
ON Semiconductor Corp (b)
|
|
46,790
|
1,857,563
|
|
|
|
|
4,051,864
|
Software - 0.4%
|
|
|
|
NCR Voyix Corp (b)(c)
|
|
132,125
|
1,132,311
|
Technology Hardware, Storage & Peripherals - 0.4%
|
|
|
|
Sandisk Corp/DE
|
|
11,490
|
368,944
|
Western Digital Corp (b)
|
|
23,540
|
1,032,464
|
|
|
|
|
1,401,408
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
13,510,956
|
|
|
|
|
|
Materials - 7.6%
|
|
|
|
Chemicals - 2.8%
|
|
|
|
Air Products and Chemicals Inc
|
|
1,000
|
271,090
|
Avient Corp
|
|
6,300
|
209,852
|
Chemours Co/The
|
|
84,654
|
1,048,017
|
Corteva Inc
|
|
26,445
|
1,639,326
|
Ingevity Corp (b)
|
|
25,480
|
840,330
|
Minerals Technologies Inc
|
|
13,280
|
685,115
|
Mosaic Co/The
|
|
46,460
|
1,412,384
|
Olin Corp
|
|
34,646
|
749,047
|
RPM International Inc
|
|
3,400
|
362,950
|
Westlake Corp
|
|
17,260
|
1,595,342
|
|
|
|
|
8,813,453
|
Construction Materials - 0.7%
|
|
|
|
GCC SAB de CV
|
|
53,708
|
450,385
|
James Hardie Industries PLC ADR (b)
|
|
37,210
|
883,365
|
Martin Marietta Materials Inc
|
|
1,687
|
883,955
|
|
|
|
|
2,217,705
|
Containers & Packaging - 2.3%
|
|
|
|
Graphic Packaging Holding CO
|
|
21,000
|
531,510
|
International Paper Co
|
|
51,133
|
2,335,755
|
O-I Glass Inc (b)
|
|
137,891
|
1,745,700
|
Smurfit WestRock PLC
|
|
65,405
|
2,748,319
|
|
|
|
|
7,361,284
|
Metals & Mining - 1.7%
|
|
|
|
Constellium SE (b)
|
|
216,039
|
2,184,154
|
Reliance Inc
|
|
7,780
|
2,242,429
|
Steel Dynamics Inc
|
|
6,312
|
818,730
|
|
|
|
|
5,245,313
|
Paper & Forest Products - 0.1%
|
|
|
|
Louisiana-Pacific Corp
|
|
5,363
|
462,880
|
TOTAL MATERIALS
|
|
|
24,100,635
|
|
|
|
|
|
Real Estate - 5.8%
|
|
|
|
Health Care REITs - 2.1%
|
|
|
|
American Healthcare REIT Inc
|
|
58,200
|
1,878,696
|
Ventas Inc
|
|
46,687
|
3,271,826
|
Welltower Inc
|
|
9,255
|
1,412,220
|
|
|
|
|
6,562,742
|
Industrial REITs - 1.2%
|
|
|
|
Americold Realty Trust Inc
|
|
40,550
|
784,237
|
EastGroup Properties Inc
|
|
9,687
|
1,583,050
|
Prologis Inc
|
|
10,808
|
1,104,578
|
Rexford Industrial Realty Inc
|
|
12,500
|
413,749
|
|
|
|
|
3,885,614
|
Real Estate Management & Development - 0.7%
|
|
|
|
Compass Inc Class A (b)
|
|
187,330
|
1,446,188
|
Jones Lang LaSalle Inc (b)
|
|
3,770
|
857,335
|
|
|
|
|
2,303,523
|
Residential REITs - 0.8%
|
|
|
|
Sun Communities Inc
|
|
19,516
|
2,428,376
|
Specialized REITs - 1.0%
|
|
|
|
Iron Mountain Inc
|
|
9,380
|
841,104
|
Lamar Advertising Co Class A
|
|
7,764
|
883,621
|
Outfront Media Inc
|
|
99,360
|
1,503,317
|
|
|
|
|
3,228,042
|
TOTAL REAL ESTATE
|
|
|
18,408,297
|
|
|
|
|
|
Utilities - 6.3%
|
|
|
|
Electric Utilities - 4.1%
|
|
|
|
Constellation Energy Corp
|
|
9,224
|
2,061,011
|
Edison International
|
|
27,167
|
1,453,706
|
Evergy Inc
|
|
29,490
|
2,037,759
|
Eversource Energy
|
|
51,600
|
3,069,168
|
PG&E Corp
|
|
249,953
|
4,129,224
|
|
|
|
|
12,750,868
|
Gas Utilities - 0.7%
|
|
|
|
UGI Corp
|
|
69,780
|
2,288,086
|
Independent Power and Renewable Electricity Producers - 0.8%
|
|
|
|
AES Corp/The
|
|
198,301
|
1,983,010
|
Vistra Corp
|
|
5,070
|
657,224
|
|
|
|
|
2,640,234
|
Multi-Utilities - 0.7%
|
|
|
|
Sempra
|
|
30,259
|
2,247,336
|
TOTAL UTILITIES
|
|
|
19,926,524
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
272,792,094
|
ZAMBIA - 0.8%
|
|
|
|
Materials - 0.8%
|
|
|
|
Metals & Mining - 0.8%
|
|
|
|
First Quantum Minerals Ltd (b)
|
|
188,412
|
2,529,745
|
|
TOTAL COMMON STOCKS
(Cost $301,594,044)
|
|
|
313,463,545
|
|
|
|
|
|
U.S. Treasury Obligations - 0.1%
|
|
|
|
Yield (%) (h)
|
Principal
Amount (a)
|
Value ($)
|
US Treasury Bills 0% 6/12/2025 (i)
|
|
4.25
|
90,000
|
89,556
|
US Treasury Bills 0% 6/20/2025 (i)
|
|
4.23
|
70,000
|
69,590
|
US Treasury Bills 0% 7/31/2025 (i)
|
|
4.23
|
80,000
|
79,153
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $238,305)
|
|
|
|
238,299
|
|
|
|
|
|
|
Money Market Funds - 8.0%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (j)
|
|
4.33
|
4,491,665
|
4,492,563
|
Fidelity Securities Lending Cash Central Fund (j)(k)
|
|
4.33
|
20,959,051
|
20,961,147
|
|
TOTAL MONEY MARKET FUNDS
(Cost $25,453,696)
|
|
|
|
25,453,710
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 106.9%
(Cost $327,286,045)
|
339,155,554
|
NET OTHER ASSETS (LIABILITIES) - (6.9)%
|
(22,002,296)
|
NET ASSETS - 100.0%
|
317,153,258
|
|
|
|
Futures Contracts
|
|
|
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
Purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts
|
|
|
|
|
|
CME S&P 400 Midcap Index Contracts (United States)
|
10
|
Jun 2025
|
2,857,800
|
10,149
|
10,149
|
|
|
|
|
|
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(e)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,059,630 or 1.0% of net assets.
|
(f)
|
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 $3,059,630 or 1.0% of net assets.
|
(g)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $584,750 or 0.2% of net assets.
|
(h)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(i)
|
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $238,299.
|
(j)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(k)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
EchoStar Corp
|
9/30/24
|
729,376
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
5,080,273
|
54,222,452
|
54,810,163
|
81,555
|
-
|
1
|
4,492,563
|
4,491,665
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
11,851,163
|
56,760,665
|
47,650,681
|
37,299
|
-
|
-
|
20,961,147
|
20,959,051
|
0.1%
|
Total
|
16,931,436
|
110,983,117
|
102,460,844
|
118,854
|
-
|
1
|
25,453,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
6,915,642
|
5,367,285
|
1,548,357
|
-
|
Consumer Discretionary
|
29,588,290
|
29,588,290
|
-
|
-
|
Consumer Staples
|
16,697,817
|
16,697,817
|
-
|
-
|
Energy
|
28,625,520
|
26,292,683
|
2,332,837
|
-
|
Financials
|
48,540,799
|
47,374,628
|
1,166,171
|
-
|
Health Care
|
34,795,329
|
34,795,329
|
-
|
-
|
Industrials
|
63,270,550
|
61,017,095
|
2,253,455
|
-
|
Information Technology
|
13,510,956
|
13,510,956
|
-
|
-
|
Materials
|
31,555,318
|
31,555,318
|
-
|
-
|
Real Estate
|
18,408,297
|
18,408,297
|
-
|
-
|
Utilities
|
21,555,027
|
19,926,524
|
1,628,503
|
-
|
|
|
U.S. Treasury Obligations
|
238,299
|
-
|
238,299
|
-
|
|
|
Money Market Funds
|
25,453,710
|
25,453,710
|
-
|
-
|
Total Investments in Securities:
|
339,155,554
|
329,987,932
|
9,167,622
|
-
|
Derivative Instruments:
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Futures Contracts
|
10,149
|
10,149
|
-
|
-
|
Total Assets
|
10,149
|
10,149
|
-
|
-
|
Total Derivative Instruments:
|
10,149
|
10,149
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Futures Contracts (a)
|
10,149
|
0
|
Total Equity Risk
|
10,149
|
0
|
Total Value of Derivatives
|
10,149
|
0
|
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of April 30, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $20,277,915) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $301,832,349)
|
$
|
313,701,844
|
|
|
Fidelity Central Funds (cost $25,453,696)
|
|
25,453,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $327,286,045)
|
|
|
$
|
339,155,554
|
Cash
|
|
|
|
32,130
|
Foreign currency held at value (cost $2,711)
|
|
|
|
2,711
|
Receivable for investments sold
|
|
|
|
175,083
|
Receivable for fund shares sold
|
|
|
|
82,802
|
Dividends receivable
|
|
|
|
145,285
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
17,741
|
Prepaid expenses
|
|
|
|
109
|
Total assets
|
|
|
|
339,611,415
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
|
|
|
|
Regular delivery
|
$
|
544,542
|
|
|
Delayed delivery
|
|
16,523
|
|
|
Payable for fund shares redeemed
|
|
682,538
|
|
|
Accrued management fee
|
|
171,939
|
|
|
Distribution and service plan fees payable
|
|
36,572
|
|
|
Payable for daily variation margin on futures contracts
|
|
6,000
|
|
|
Other payables and accrued expenses
|
|
39,243
|
|
|
Collateral on securities loaned
|
|
20,960,800
|
|
|
Total liabilities
|
|
|
|
22,458,157
|
Net Assets
|
|
|
$
|
317,153,258
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
292,571,960
|
Total accumulated earnings (loss)
|
|
|
|
24,581,298
|
Net Assets
|
|
|
$
|
317,153,258
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($92,198,627 ÷ 2,933,610 shares)(a)
|
|
|
$
|
31.43
|
Maximum offering price per share (100/94.25 of $31.43)
|
|
|
$
|
33.35
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($23,175,247 ÷ 747,009 shares)(a)
|
|
|
$
|
31.02
|
Maximum offering price per share (100/96.50 of $31.02)
|
|
|
$
|
32.15
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($10,232,514 ÷ 351,703 shares)(a)
|
|
|
$
|
29.09
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($134,546,633 ÷ 4,228,073 shares)
|
|
|
$
|
31.82
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($57,000,237 ÷ 1,789,068 shares)
|
|
|
$
|
31.86
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Statement of Operations
|
Six months ended April 30, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
3,119,609
|
Interest
|
|
|
|
4,649
|
Income from Fidelity Central Funds (including $37,299 from security lending)
|
|
|
|
118,854
|
Total income
|
|
|
|
3,243,112
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
1,209,856
|
|
|
Performance adjustment
|
|
161,454
|
|
|
Distribution and service plan fees
|
|
251,667
|
|
|
Custodian fees and expenses
|
|
31,399
|
|
|
Independent trustees' fees and expenses
|
|
817
|
|
|
Registration fees
|
|
60,452
|
|
|
Audit fees
|
|
32,653
|
|
|
Legal
|
|
3,745
|
|
|
Miscellaneous
|
|
2,778
|
|
|
Total expenses
|
|
|
|
1,754,821
|
Net Investment income (loss)
|
|
|
|
1,488,291
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
14,618,612
|
|
|
Foreign currency transactions
|
|
4,769
|
|
|
Futures contracts
|
|
(148,491)
|
|
|
Total net realized gain (loss)
|
|
|
|
14,474,890
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(46,113,292)
|
|
|
Fidelity Central Funds
|
|
1
|
|
|
Unfunded commitments
|
|
77,516
|
|
|
Assets and liabilities in foreign currencies
|
|
936
|
|
|
Futures contracts
|
|
(6,264)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(46,041,103)
|
Net gain (loss)
|
|
|
|
(31,566,213)
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
(30,077,922)
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Year ended
October 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
1,488,291
|
$
|
3,112,531
|
Net realized gain (loss)
|
|
14,474,890
|
|
53,302,093
|
Change in net unrealized appreciation (depreciation)
|
|
(46,041,103)
|
|
37,328,285
|
Net increase (decrease) in net assets resulting from operations
|
|
(30,077,922)
|
|
93,742,909
|
Distributions to shareholders
|
|
(42,775,215)
|
|
(3,454,881)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
9,980,980
|
|
(15,354,393)
|
Total increase (decrease) in net assets
|
|
(62,872,157)
|
|
74,933,635
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
380,025,415
|
|
305,091,780
|
End of period
|
$
|
317,153,258
|
$
|
380,025,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Value Fund Class A
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
38.63
|
$
|
29.81
|
$
|
29.71
|
$
|
33.55
|
$
|
20.40
|
$
|
22.44
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.12
|
|
.26
|
|
.23
|
|
.24
|
|
.11
|
|
.14
|
Net realized and unrealized gain (loss)
|
|
(2.99)
|
|
8.85
|
|
(.01) C
|
|
(2.61)
|
|
13.15
|
|
(1.46)
|
Total from investment operations
|
|
(2.87)
|
|
9.11
|
|
.22
|
|
(2.37)
|
|
13.26
|
|
(1.32)
|
Distributions from net investment income
|
|
(.25)
|
|
(.29)
|
|
(.12)
|
|
(.24)
|
|
(.11)
|
|
(.17) D
|
Distributions from net realized gain
|
|
(4.08)
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
(.55) D
|
Total distributions
|
|
(4.33)
|
|
(.29)
|
|
(.12)
|
|
(1.47) E
|
|
(.11)
|
|
(.72)
|
Net asset value, end of period
|
$
|
31.43
|
$
|
38.63
|
$
|
29.81
|
$
|
29.71
|
$
|
33.55
|
$
|
20.40
|
Total Return F,G,H
|
|
|
|
30.72%
|
|
.73%
|
|
(7.25)%
|
|
65.21%
|
|
(6.24)%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.12% K
|
|
1.21%
|
|
1.22%
|
|
1.15%
|
|
1.21%
|
|
1.17%
|
Expenses net of fee waivers, if any
|
|
|
|
1.15%
|
|
1.15%
|
|
1.15%
|
|
1.20%
|
|
1.16%
|
Expenses net of all reductions, if any
|
|
1.12% K
|
|
1.15%
|
|
1.15%
|
|
1.15%
|
|
1.20%
|
|
1.14%
|
Net investment income (loss)
|
|
.67% K
|
|
.71%
|
|
.74%
|
|
.76%
|
|
.35%
|
|
.71%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
92,199
|
$
|
103,887
|
$
|
86,044
|
$
|
108,439
|
$
|
100,604
|
$
|
36,269
|
Portfolio turnover rate L
|
|
|
|
80%
|
|
75%
|
|
67%
|
|
64%
|
|
91%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Fund Class M
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
38.14
|
$
|
29.45
|
$
|
29.34
|
$
|
33.13
|
$
|
20.15
|
$
|
22.19
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.08
|
|
.17
|
|
.15
|
|
.16
|
|
.03
|
|
.09
|
Net realized and unrealized gain (loss)
|
|
(2.96)
|
|
8.74
|
|
- C
|
|
(2.57)
|
|
13.01
|
|
(1.47)
|
Total from investment operations
|
|
(2.88)
|
|
8.91
|
|
.15
|
|
(2.41)
|
|
13.04
|
|
(1.38)
|
Distributions from net investment income
|
|
(.16)
|
|
(.22)
|
|
(.04)
|
|
(.15)
|
|
(.06)
|
|
(.11) D
|
Distributions from net realized gain
|
|
(4.08)
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
(.55) D
|
Total distributions
|
|
(4.24)
|
|
(.22)
|
|
(.04)
|
|
(1.38) E
|
|
(.06)
|
|
(.66)
|
Net asset value, end of period
|
$
|
31.02
|
$
|
38.14
|
$
|
29.45
|
$
|
29.34
|
$
|
33.13
|
$
|
20.15
|
Total Return F,G,H
|
|
|
|
30.36%
|
|
.49%
|
|
(7.46)%
|
|
64.81%
|
|
(6.55)%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.36% K
|
|
1.45%
|
|
1.46%
|
|
1.40%
|
|
1.47%
|
|
1.45%
|
Expenses net of fee waivers, if any
|
|
|
|
1.40%
|
|
1.40%
|
|
1.40%
|
|
1.45%
|
|
1.43%
|
Expenses net of all reductions, if any
|
|
1.36% K
|
|
1.40%
|
|
1.39%
|
|
1.40%
|
|
1.45%
|
|
1.42%
|
Net investment income (loss)
|
|
.43% K
|
|
.46%
|
|
.49%
|
|
.51%
|
|
.10%
|
|
.43%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
23,175
|
$
|
26,299
|
$
|
21,708
|
$
|
22,540
|
$
|
23,323
|
$
|
12,736
|
Portfolio turnover rate L
|
|
|
|
80%
|
|
75%
|
|
67%
|
|
64%
|
|
91%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Fund Class C
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
35.92
|
$
|
27.73
|
$
|
27.73
|
$
|
31.45
|
$
|
19.18
|
$
|
21.15
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.01)
|
|
(.01)
|
|
- C
|
|
- C
|
|
(.12)
|
|
(.02)
|
Net realized and unrealized gain (loss)
|
|
(2.77)
|
|
8.24
|
|
- C
|
|
(2.43)
|
|
12.39
|
|
(1.40)
|
Total from investment operations
|
|
(2.78)
|
|
8.23
|
|
- C
|
|
(2.43)
|
|
12.27
|
|
(1.42)
|
Distributions from net investment income
|
|
-
|
|
(.04)
|
|
-
|
|
(.08)
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(4.05)
|
|
-
|
|
-
|
|
(1.21)
|
|
-
|
|
(.55)
|
Total distributions
|
|
(4.05)
|
|
(.04)
|
|
-
|
|
(1.29)
|
|
-
|
|
(.55)
|
Net asset value, end of period
|
$
|
29.09
|
$
|
35.92
|
$
|
27.73
|
$
|
27.73
|
$
|
31.45
|
$
|
19.18
|
Total Return D,E,F
|
|
|
|
29.70%
|
|
-%
|
|
(7.94)%
|
|
63.97%
|
|
(7.02)%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.88% I
|
|
1.97%
|
|
2.00%
|
|
1.93%
|
|
2.01%
|
|
1.98%
|
Expenses net of fee waivers, if any
|
|
|
|
1.90%
|
|
1.90%
|
|
1.90%
|
|
1.96%
|
|
1.97%
|
Expenses net of all reductions, if any
|
|
1.88% I
|
|
1.90%
|
|
1.90%
|
|
1.90%
|
|
1.96%
|
|
1.95%
|
Net investment income (loss)
|
|
(.08)% I
|
|
(.04)%
|
|
(.01)%
|
|
-% J
|
|
(.41)%
|
|
(.11)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
10,233
|
$
|
12,489
|
$
|
11,802
|
$
|
14,661
|
$
|
15,726
|
$
|
6,331
|
Portfolio turnover rate K
|
|
|
|
80%
|
|
75%
|
|
67%
|
|
64%
|
|
91%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount represents less than .005%.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Fund Class I
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
39.12
|
$
|
30.19
|
$
|
30.09
|
$
|
33.96
|
$
|
20.64
|
$
|
22.70
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.17
|
|
.35
|
|
.31
|
|
.32
|
|
.20
|
|
.21
|
Net realized and unrealized gain (loss)
|
|
(3.02)
|
|
8.96
|
|
(.02) C
|
|
(2.63)
|
|
13.30
|
|
(1.48)
|
Total from investment operations
|
|
(2.85)
|
|
9.31
|
|
.29
|
|
(2.31)
|
|
13.50
|
|
(1.27)
|
Distributions from net investment income
|
|
(.36)
|
|
(.38)
|
|
(.19)
|
|
(.33)
|
|
(.18)
|
|
(.25) D
|
Distributions from net realized gain
|
|
(4.08)
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
(.55) D
|
Total distributions
|
|
(4.45) E
|
|
(.38)
|
|
(.19)
|
|
(1.56) E
|
|
(.18)
|
|
(.79) E
|
Net asset value, end of period
|
$
|
31.82
|
$
|
39.12
|
$
|
30.19
|
$
|
30.09
|
$
|
33.96
|
$
|
20.64
|
Total Return F,G
|
|
|
|
31.04%
|
|
.97%
|
|
(6.99)%
|
|
65.68%
|
|
(5.95)%
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.84% J
|
|
.93%
|
|
.94%
|
|
.88%
|
|
.92%
|
|
.87%
|
Expenses net of fee waivers, if any
|
|
|
|
.90%
|
|
.90%
|
|
.88%
|
|
.92%
|
|
.85%
|
Expenses net of all reductions, if any
|
|
.84% J
|
|
.90%
|
|
.90%
|
|
.88%
|
|
.92%
|
|
.84%
|
Net investment income (loss)
|
|
.95% J
|
|
.96%
|
|
.99%
|
|
1.02%
|
|
.63%
|
|
1.01%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
134,547
|
$
|
160,791
|
$
|
134,095
|
$
|
170,764
|
$
|
104,393
|
$
|
8,861
|
Portfolio turnover rate K
|
|
|
|
80%
|
|
75%
|
|
67%
|
|
64%
|
|
91%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Value Fund Class Z
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
39.15
|
$
|
30.21
|
$
|
30.10
|
$
|
33.96
|
$
|
20.63
|
$
|
22.69
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.19
|
|
.41
|
|
.36
|
|
.36
|
|
.25
|
|
.23
|
Net realized and unrealized gain (loss)
|
|
(3.02)
|
|
8.95
|
|
(.01) C
|
|
(2.62)
|
|
13.28
|
|
(1.47)
|
Total from investment operations
|
|
(2.83)
|
|
9.36
|
|
.35
|
|
(2.26)
|
|
13.53
|
|
(1.24)
|
Distributions from net investment income
|
|
(.37)
|
|
(.42)
|
|
(.24)
|
|
(.36)
|
|
(.20)
|
|
(.27) D
|
Distributions from net realized gain
|
|
(4.08)
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
(.55) D
|
Total distributions
|
|
(4.46) E
|
|
(.42)
|
|
(.24)
|
|
(1.60)
|
|
(.20)
|
|
(.82)
|
Net asset value, end of period
|
$
|
31.86
|
$
|
39.15
|
$
|
30.21
|
$
|
30.10
|
$
|
33.96
|
$
|
20.63
|
Total Return F,G
|
|
|
|
31.21%
|
|
1.14%
|
|
(6.86)%
|
|
65.88%
|
|
(5.84)%
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.72% J
|
|
.81%
|
|
.82%
|
|
.76%
|
|
.77%
|
|
.75%
|
Expenses net of fee waivers, if any
|
|
|
|
.75%
|
|
.75%
|
|
.75%
|
|
.77%
|
|
.74%
|
Expenses net of all reductions, if any
|
|
.72% J
|
|
.75%
|
|
.75%
|
|
.75%
|
|
.77%
|
|
.72%
|
Net investment income (loss)
|
|
1.07% J
|
|
1.11%
|
|
1.14%
|
|
1.16%
|
|
.78%
|
|
1.13%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
57,000
|
$
|
76,560
|
$
|
51,443
|
$
|
81,306
|
$
|
45,835
|
$
|
1,712
|
Portfolio turnover rate K
|
|
|
|
80%
|
|
75%
|
|
67%
|
|
64%
|
|
91%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended April 30, 2025
1. Organization.
Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted 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)
Valuation techniques used to value the Fund's investments by major category are as follows:
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 service 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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$51,776,904
|
Gross unrealized depreciation
|
(42,421,911)
|
Net unrealized appreciation (depreciation)
|
$9,354,993
|
Tax cost
|
$329,810,710
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
|
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Advisor Value Fund
|
131,198,115
|
162,929,372
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.71
|
Class M
|
.70
|
Class C
|
.72
|
Class I
|
.68
|
Class Z
|
.56
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.71
|
Class M
|
.70
|
Class C
|
.72
|
Class I
|
.68
|
Class Z
|
.56
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
|
Performance Adjustment Index
|
Fidelity Advisor Value Fund
|
Russell Midcap Value Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Class I. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
Class A
|
- %
|
.25%
|
128,143
|
3,348
|
Class M
|
.25%
|
.25%
|
64,196
|
573
|
Class C
|
.75%
|
.25%
|
59,328
|
7,012
|
|
|
|
251,667
|
10,933
|
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
19,499
|
Class M
|
709
|
Class CA
|
54
|
|
20,262
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Advisor Value Fund
|
6,548
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Advisor Value Fund
|
12,481,560
|
6,925,525
|
1,281,254
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
Amount ($)
|
Fidelity Advisor Value Fund
|
282
|
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
Fidelity Advisor Value Fund
|
4,038
|
112
|
-
|
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Value Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$11,640,133
|
$808,936
|
Class M
|
2,912,579
|
153,984
|
Class C
|
1,398,720
|
16,469
|
Class I
|
19,389,083
|
1,762,612
|
Class Z
|
7,434,700
|
712,880
|
Total
|
$42,775,215
|
$3,454,881
|
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Value Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
224,204
|
358,651
|
$7,856,061
|
$13,097,539
|
Reinvestment of distributions
|
318,647
|
24,101
|
11,445,786
|
794,616
|
Shares redeemed
|
(298,789)
|
(579,500)
|
(10,272,856)
|
(20,872,534)
|
Net increase (decrease)
|
244,062
|
(196,748)
|
$9,028,991
|
$(6,980,379)
|
Class M
|
|
|
|
|
Shares sold
|
25,312
|
52,688
|
$843,251
|
$1,876,916
|
Reinvestment of distributions
|
81,234
|
4,679
|
2,882,980
|
152,627
|
Shares redeemed
|
(49,091)
|
(104,966)
|
(1,674,750)
|
(3,715,843)
|
Net increase (decrease)
|
57,455
|
(47,599)
|
$2,051,481
|
$(1,686,300)
|
Class C
|
|
|
|
|
Shares sold
|
27,403
|
52,752
|
$917,030
|
$1,771,421
|
Reinvestment of distributions
|
41,821
|
532
|
1,394,729
|
16,405
|
Shares redeemed
|
(65,178)
|
(131,244)
|
(2,104,182)
|
(4,385,543)
|
Net increase (decrease)
|
4,046
|
(77,960)
|
$207,577
|
$(2,597,717)
|
Class I
|
|
|
|
|
Shares sold
|
868,728
|
1,734,233
|
$32,139,071
|
$62,212,163
|
Reinvestment of distributions
|
529,710
|
52,545
|
19,244,373
|
1,750,267
|
Shares redeemed
|
(1,280,865)
|
(2,117,453)
|
(44,886,835)
|
(77,231,297)
|
Net increase (decrease)
|
117,573
|
(330,675)
|
$6,496,609
|
$(13,268,867)
|
Class Z
|
|
|
|
|
Shares sold
|
201,533
|
662,893
|
$6,939,491
|
$24,345,656
|
Reinvestment of distributions
|
182,116
|
19,285
|
6,621,737
|
641,991
|
Shares redeemed
|
(550,197)
|
(429,455)
|
(21,364,906)
|
(15,808,777)
|
Net increase (decrease)
|
(166,548)
|
252,723
|
$(7,803,678)
|
$9,178,870
|
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.800650.121
FAV-SANN-0625
Fidelity Advisor® Capital & Income Fund
(formerly Fidelity Advisor® High Income Advantage Fund)
Semi-Annual Report
April 30, 2025
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Capital & Income Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Alternative Funds - 2.5%
|
|
|
|
Shares
|
Value ($)
|
Fidelity Private Credit Company LLC (b)(c)
(Cost $58,424,881)
|
|
5,883,530
|
56,305,384
|
|
|
|
|
|
Asset-Backed Securities - 0.3%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
BAILIWICK OF JERSEY - 0.0%
|
|
|
|
Brant Point CLO 2024-5 Ltd Series 2024-5A Class E, CME Term SOFR 3 month Index + 6.7%, 10.9695% 10/20/2037 (d)(e)(f)
|
|
250,000
|
247,076
|
Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 10/25/2037 (d)(e)(f)
|
|
349,000
|
338,868
|
OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 7.0605% 1/16/2037 (d)(e)(f)
|
|
250,000
|
247,026
|
TOTAL BAILIWICK OF JERSEY
|
|
|
832,970
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
|
|
|
|
720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.7561% 4/15/2037 (d)(e)(f)
|
|
250,000
|
247,296
|
Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5224% 10/22/2037 (d)(e)(f)
|
|
207,000
|
200,594
|
Bayard Pk Clo Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.35%, 0% 7/24/2038 (d)(e)(f)(g)
|
|
305,000
|
300,764
|
Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (d)(e)(f)
|
|
202,000
|
198,540
|
Benefit Str Partners Clo Vi-B Ltd Series 2025-6BR Class ER, CME Term SOFR 3 month Index + 4.75%, 9.0331% 4/20/2038 (d)(e)(f)
|
|
129,000
|
125,062
|
Benefit Street Partners Clo Xxxix Ltd Series 2025-39A Class D2, CME Term SOFR 3 month Index + 3.65%, 7.9065% 4/15/2038 (d)(e)(f)
|
|
276,000
|
267,568
|
Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 7.0928% 4/22/2038 (d)(e)(f)
|
|
291,000
|
283,569
|
Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 11.0195% 10/20/2037 (d)(e)(f)
|
|
162,000
|
161,028
|
Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (d)(e)(f)
|
|
194,000
|
190,376
|
Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 0% 7/21/2038 (d)(e)(f)(g)
|
|
412,000
|
412,000
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
|
168,000
|
163,203
|
Diameter Cap Clo 7 Ltd / Diameter Cap Clo 7 LLC Series 2024-7A Class D, CME Term SOFR 3 month Index + 6.1%, 10.3695% 7/20/2037 (d)(e)(f)
|
|
484,000
|
467,829
|
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 4.1% 4/15/2038 (d)(e)(f)(g)
|
|
184,000
|
182,350
|
Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 0% 4/15/2038 (d)(e)(f)(g)
|
|
283,000
|
279,095
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
|
165,000
|
162,935
|
Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5195% 10/20/2037 (d)(e)(f)
|
|
192,000
|
184,906
|
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (d)(e)(f)
|
|
230,000
|
224,675
|
Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.8695% 10/20/2037 (d)(e)(f)
|
|
363,000
|
359,001
|
Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (d)(e)(f)
|
|
127,000
|
123,518
|
Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (d)(e)(f)
|
|
428,000
|
412,900
|
Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 8.0695% 4/20/2038 (d)(e)(f)
|
|
113,000
|
111,164
|
Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f)
|
|
344,000
|
337,705
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
|
|
5,396,078
|
UNITED STATES - 0.1%
|
|
|
|
Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.8061% 10/15/2036 (d)(e)(f)
|
|
926,000
|
909,937
|
Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.5195% 4/20/2034 (d)(e)(f)
|
|
250,000
|
243,089
|
Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (d)
|
|
150,000
|
150,742
|
Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 11.1731% 1/20/2038 (d)(e)(f)
|
|
150,000
|
147,463
|
TOTAL UNITED STATES
|
|
|
1,451,231
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $7,823,750)
|
|
|
7,680,279
|
|
|
|
|
|
Bank Loan Obligations - 12.4%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
CANADA - 0.1%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 8/1/2030 (e)(f)(h)
|
|
977,625
|
943,896
|
Consumer Staples - 0.1%
|
|
|
|
Household Products - 0.1%
|
|
|
|
Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 6/27/2031 (e)(f)(h)
|
|
2,470,268
|
1,979,303
|
TOTAL CANADA
|
|
|
2,923,199
|
FRANCE - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (e)(f)(h)
|
|
3,695,573
|
3,318,624
|
LUXEMBOURG - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Containers & Packaging - 0.0%
|
|
|
|
Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.2266% 2/9/2026 (e)(f)(h)
|
|
182,400
|
162,974
|
NETHERLANDS - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Building Products - 0.1%
|
|
|
|
Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 1/20/2032 (e)(f)(h)
|
|
2,964,841
|
2,881,469
|
SWITZERLAND - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8132% 11/15/2030 (e)(f)(h)
|
|
1,989,900
|
1,820,400
|
UNITED KINGDOM - 0.3%
|
|
|
|
Energy - 0.3%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|
|
|
EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5632% 2/7/2028 (e)(f)(h)
|
|
7,617,259
|
7,604,997
|
UNITED STATES - 11.7%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.6508% 7/31/2025 (e)(f)(h)
|
|
997,844
|
592,890
|
Aventiv Technologies LLC Tranche DEC FLSO, term loan CME Term SOFR 3 month Index + 10%, 14.5645% 12/24/2025 (e)(f)(h)
|
|
138,322
|
140,569
|
Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0608% 7/31/2025 (e)(f)(h)
|
|
26,147
|
24,840
|
Aventiv Technologies LLC Tranche FLSO, term loan 14.5222% 3/25/2026 (e)(h)
|
|
287,516
|
291,829
|
|
|
|
|
1,050,128
|
Media - 0.0%
|
|
|
|
Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 6/24/2029 (e)(f)(h)
|
|
111,838
|
107,993
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 1/31/2029 (e)(f)(h)
|
|
974,850
|
922,452
|
|
|
|
|
1,030,445
|
TOTAL COMMUNICATION SERVICES
|
|
|
2,080,573
|
|
|
|
|
|
Consumer Discretionary - 2.4%
|
|
|
|
Automobile Components - 0.0%
|
|
|
|
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 5/6/2030 (e)(f)(h)
|
|
427,853
|
418,791
|
Broadline Retail - 0.0%
|
|
|
|
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/23/2032 (e)(f)(h)
|
|
1,141,972
|
1,114,279
|
Distributors - 0.0%
|
|
|
|
Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 6/23/2031 (e)(f)(h)
|
|
467,830
|
461,448
|
Diversified Consumer Services - 0.2%
|
|
|
|
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (e)(f)(h)
|
|
2,603,636
|
2,119,125
|
TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3234% 5/15/2028 (e)(f)(h)
|
|
2,659,821
|
2,619,924
|
|
|
|
|
4,739,049
|
Hotels, Restaurants & Leisure - 1.0%
|
|
|
|
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 10/18/2028 (e)(f)(h)
|
|
9,064,848
|
9,025,234
|
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 8/9/2027 (e)(f)(h)
|
|
2,061,265
|
2,057,411
|
Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 1/27/2029 (e)(f)(h)
|
|
7,259,974
|
7,064,898
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (e)(f)(h)
|
|
1,611,519
|
1,526,238
|
|
|
|
|
19,673,781
|
Specialty Retail - 1.2%
|
|
|
|
Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0519% 10/2/2031 (e)(f)(h)
|
|
835,800
|
832,432
|
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (e)(f)(h)
|
|
520,000
|
498,919
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (e)(f)(h)
|
|
24,224,785
|
22,877,403
|
Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 1/30/2031 (e)(f)(h)
|
|
357,042
|
351,725
|
|
|
|
|
24,560,479
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
50,967,827
|
|
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Beverages - 0.0%
|
|
|
|
Naked Juice LLC Tranche EXCH FLSO FL20, term loan CME Term SOFR 3 month Index + 3.25%, 7.5576% 1/24/2029 (e)(f)(h)
|
|
259,949
|
162,793
|
Naked Juice LLC Tranche NEW $$ FLFO , term loan CME Term SOFR 1 month Index + 5.5%, 9.7076% 1/24/2029 (e)(f)(h)
|
|
168,264
|
160,440
|
|
|
|
|
323,233
|
Food Products - 0.0%
|
|
|
|
Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 2/12/2031 (e)(f)(h)
|
|
352,342
|
348,854
|
TOTAL CONSUMER STAPLES
|
|
|
672,087
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
CVR Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (e)(f)(h)
|
|
488,775
|
485,110
|
EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2561% 10/9/2031 (e)(f)(h)
|
|
324,188
|
323,552
|
Mesquite Energy Inc 1LN, term loan 0% (e)(h)(i)(j)(k)
|
|
721,000
|
0
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(h)(i)(j)(k)
|
|
1,670,606
|
0
|
|
|
|
|
808,662
|
Financials - 1.3%
|
|
|
|
Capital Markets - 0.3%
|
|
|
|
Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3216% 10/24/2031 (e)(f)(h)
|
|
1,194,076
|
1,191,736
|
Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 9/15/2031 (e)(f)(h)
|
|
4,304,213
|
4,247,483
|
PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.9666% 11/19/2031 (e)(f)(h)
|
|
300,000
|
298,500
|
|
|
|
|
5,737,719
|
Financial Services - 0.1%
|
|
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (e)(f)(h)
|
|
5,040,000
|
4,821,616
|
Insurance - 0.9%
|
|
|
|
Acrisure LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 2/16/2027 (e)(f)(h)
|
|
2,688,336
|
2,676,023
|
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/6/2030 (e)(f)(h)
|
|
1,984,154
|
1,958,122
|
Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0734% 9/19/2031 (e)(f)(h)
|
|
6,463,672
|
6,413,838
|
HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7695% 6/20/2030 (e)(f)(h)
|
|
5,494,613
|
5,455,602
|
TIH Insurance Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 5/6/2032 (e)(f)(h)
|
|
2,273,684
|
2,264,589
|
TIH Insurance Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 5/6/2031 (e)(f)(h)
|
|
381,532
|
376,923
|
|
|
|
|
19,145,097
|
TOTAL FINANCIALS
|
|
|
29,704,432
|
|
|
|
|
|
Health Care - 0.9%
|
|
|
|
Health Care Equipment & Supplies - 0.2%
|
|
|
|
Medline Borrower LP 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 10/21/2028 (e)(f)(h)
|
|
5,562,680
|
5,521,516
|
Health Care Providers & Services - 0.0%
|
|
|
|
Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 11/15/2028 (e)(f)(h)
|
|
918,531
|
912,450
|
Health Care Technology - 0.6%
|
|
|
|
AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/15/2029 (e)(f)(h)
|
|
4,229,599
|
4,187,980
|
Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0737% 4/30/2031 (e)(f)(h)
|
|
6,865,823
|
6,711,343
|
|
|
|
|
10,899,323
|
Pharmaceuticals - 0.1%
|
|
|
|
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (e)(f)(h)
|
|
3,175,000
|
2,989,802
|
TOTAL HEALTH CARE
|
|
|
20,323,091
|
|
|
|
|
|
Industrials - 0.9%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7992% 1/20/2032 (e)(f)(h)
|
|
1,825,825
|
1,805,467
|
Building Products - 0.0%
|
|
|
|
MIWD Holdco II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 3/28/2031 (e)(f)(h)
|
|
129,025
|
126,723
|
Commercial Services & Supplies - 0.8%
|
|
|
|
ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 3/5/2032 (e)(f)(h)
|
|
3,405,000
|
3,324,132
|
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 12/21/2028 (e)(f)(h)
|
|
2,729,883
|
2,674,275
|
Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/10/2031 (e)(f)(h)
|
|
1,039,500
|
987,691
|
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7907% 8/1/2030 (e)(f)(h)
|
|
5,075,748
|
4,683,342
|
GEO Group Inc/The Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5716% 4/14/2029 (e)(f)(h)
|
|
570,351
|
576,945
|
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7622% 6/21/2028 (e)(f)(h)
|
|
395,650
|
391,547
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (e)(f)(h)
|
|
2,440,200
|
2,147,547
|
Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
|
307,628
|
306,090
|
Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
|
23,693
|
23,574
|
Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4345% 12/10/2026 (e)(f)(h)
|
|
688,040
|
686,031
|
|
|
|
|
15,801,174
|
Machinery - 0.0%
|
|
|
|
STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 3/25/2031 (e)(f)(h)
|
|
1,024,650
|
984,310
|
Passenger Airlines - 0.0%
|
|
|
|
SkyMiles IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/20/2027 (e)(f)(h)
|
|
142,581
|
143,620
|
United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2752% 2/24/2031 (e)(f)(h)
|
|
378,016
|
376,481
|
|
|
|
|
520,101
|
Professional Services - 0.0%
|
|
|
|
Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 9/29/2031 (e)(f)(h)
|
|
1,052,363
|
1,037,566
|
TOTAL INDUSTRIALS
|
|
|
20,275,341
|
|
|
|
|
|
Information Technology - 4.9%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.9361% 3/31/2028 (e)(f)(h)
|
|
250,262
|
249,198
|
Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 8/18/2031 (e)(f)(h)
|
|
527,350
|
525,457
|
|
|
|
|
774,655
|
IT Services - 1.4%
|
|
|
|
Acuris Finance US Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 2/16/2028 (e)(f)(h)
|
|
87,849
|
86,882
|
GTT Communications Inc Tranche HOLDCO 1LN, term loan CME Term SOFR 1 month Index + 9%, 13.3561% 6/30/2028 (e)(f)(h)
|
|
467,183
|
361,679
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (e)(f)(h)
|
|
990,000
|
982,219
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
|
19,100,000
|
18,618,489
|
X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9492% 10/26/2029 (e)(f)(h)
|
|
10,882,168
|
10,531,218
|
|
|
|
|
30,580,487
|
Software - 3.5%
|
|
|
|
Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/23/2032 (e)(f)(h)
|
|
35,000
|
35,733
|
Applied Systems Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 2/24/2031 (e)(f)(h)
|
|
1,950,287
|
1,944,865
|
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (e)(f)(h)
|
|
1,020,331
|
999,608
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (e)(f)(h)
|
|
2,857,742
|
2,820,991
|
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5527% 3/29/2032 (e)(f)(h)
|
|
4,950,000
|
4,917,528
|
ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 8.0608% 9/30/2028 (e)(f)(h)
|
|
2,901,596
|
2,891,933
|
First Advantage Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 10/31/2031 (e)(f)(h)
|
|
389,428
|
386,142
|
McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.319% 3/1/2029 (e)(f)(h)
|
|
10,008,367
|
9,370,334
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 5/3/2028 (e)(f)(h)
|
|
1,692,194
|
1,599,123
|
Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7797% 7/1/2031 (e)(f)(h)
|
|
4,994,900
|
4,724,626
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (e)(f)(h)
|
|
3,498,150
|
3,368,054
|
Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 10/28/2030 (e)(f)(h)(i)
|
|
270,000
|
268,687
|
Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 10/28/2030 (e)(f)(h)
|
|
1,955,299
|
1,945,797
|
Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/31/2028 (e)(f)(h)
|
|
17,619,187
|
17,504,663
|
RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.5608% 4/22/2028 (e)(f)(h)
|
|
747,875
|
740,060
|
UKG Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3201% 2/10/2031 (e)(f)(h)
|
|
15,135,346
|
15,075,562
|
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0195% 4/14/2031 (e)(f)(h)
|
|
7,685,178
|
7,641,987
|
|
|
|
|
76,235,693
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
107,590,835
|
|
|
|
|
|
Materials - 1.2%
|
|
|
|
Chemicals - 0.6%
|
|
|
|
Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (e)(f)(h)
|
|
10,175,194
|
10,109,056
|
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/22/2031 (e)(f)(h)
|
|
1,547,706
|
1,471,605
|
WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 9/22/2028 (e)(f)(h)
|
|
2,322,345
|
2,274,458
|
|
|
|
|
13,855,119
|
Containers & Packaging - 0.6%
|
|
|
|
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.4966% 4/13/2029 (e)(f)(h)
|
|
12,733,024
|
12,635,998
|
TOTAL MATERIALS
|
|
|
26,491,117
|
|
|
|
|
|
Utilities - 0.0%
|
|
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (e)(f)(h)
|
|
315,141
|
306,869
|
Talen Energy Supply LLC Tranche TLB-EXIT 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.818% 5/17/2030 (e)(f)(h)
|
|
95,644
|
95,192
|
|
|
|
|
402,061
|
TOTAL UNITED STATES
|
|
|
259,316,026
|
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $285,339,163)
|
|
|
278,027,689
|
|
|
|
|
|
Common Stocks - 19.6%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 0.3%
|
|
|
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
South Bow Corp
|
|
165,700
|
4,092,619
|
Information Technology - 0.1%
|
|
|
|
IT Services - 0.1%
|
|
|
|
Shopify Inc Class A (l)
|
|
28,400
|
2,701,152
|
TOTAL CANADA
|
|
|
6,793,771
|
CHINA - 0.6%
|
|
|
|
Consumer Discretionary - 0.6%
|
|
|
|
Automobiles - 0.6%
|
|
|
|
BYD Co Ltd H Shares
|
|
298,000
|
14,153,881
|
FRANCE - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
1,900
|
1,052,466
|
HONG KONG - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Studio City International Holdings Ltd ADR (l)
|
|
35,600
|
104,664
|
Studio City International Holdings Ltd ADR (d)(l)
|
|
32,338
|
95,074
|
|
|
|
|
|
TOTAL HONG KONG
|
|
|
199,738
|
NETHERLANDS - 0.2%
|
|
|
|
Information Technology - 0.2%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.2%
|
|
|
|
ASML Holding NV depository receipt
|
|
3,400
|
2,271,472
|
NXP Semiconductors NV
|
|
7,900
|
1,456,049
|
|
|
|
|
|
TOTAL NETHERLANDS
|
|
|
3,727,521
|
TAIWAN - 0.3%
|
|
|
|
Information Technology - 0.3%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
41,200
|
6,867,628
|
UNITED STATES - 18.2%
|
|
|
|
Communication Services - 1.8%
|
|
|
|
Interactive Media & Services - 1.6%
|
|
|
|
Alphabet Inc Class A
|
|
39,600
|
6,288,480
|
Meta Platforms Inc Class A
|
|
46,200
|
25,363,800
|
Pinterest Inc Class A (l)
|
|
176,000
|
4,456,320
|
|
|
|
|
36,108,600
|
Media - 0.2%
|
|
|
|
EchoStar Corp (b)
|
|
84,623
|
1,902,325
|
EchoStar Corp Class A (l)(m)
|
|
126,700
|
2,848,216
|
|
|
|
|
4,750,541
|
TOTAL COMMUNICATION SERVICES
|
|
|
40,859,141
|
|
|
|
|
|
Consumer Discretionary - 1.8%
|
|
|
|
Automobile Components - 0.0%
|
|
|
|
UC Holdings Inc (k)(l)
|
|
29,835
|
0
|
Broadline Retail - 0.4%
|
|
|
|
Amazon.com Inc (l)
|
|
43,500
|
8,022,270
|
Hotels, Restaurants & Leisure - 0.7%
|
|
|
|
Airbnb Inc Class A (l)
|
|
35,700
|
4,352,544
|
Booking Holdings Inc
|
|
800
|
4,079,424
|
Boyd Gaming Corp
|
|
74,300
|
5,137,103
|
Domino's Pizza Inc
|
|
4,900
|
2,402,813
|
New Cotai LLC / New Cotai Capital Corp (b)(k)(l)
|
|
1,458,195
|
306,221
|
|
|
|
|
16,278,105
|
Household Durables - 0.3%
|
|
|
|
TopBuild Corp (l)
|
|
21,700
|
6,417,992
|
Specialty Retail - 0.3%
|
|
|
|
Dick's Sporting Goods Inc
|
|
21,300
|
3,998,862
|
Williams-Sonoma Inc
|
|
22,600
|
3,491,022
|
|
|
|
|
7,489,884
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Arena Brands Holding Corp (b)(k)(l)
|
|
42,253
|
691,681
|
Crocs Inc (l)
|
|
22,654
|
2,184,299
|
|
|
|
|
2,875,980
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
41,084,231
|
|
|
|
|
|
Consumer Staples - 0.4%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Celsius Holdings Inc (l)
|
|
39,200
|
1,370,432
|
Consumer Staples Distribution & Retail - 0.3%
|
|
|
|
Northeast Grocery Inc (b)(k)(l)
|
|
339,746
|
2,354,440
|
Southeastern Grocers Inc rights (k)(l)
|
|
250,623
|
9,819
|
US Foods Holding Corp (l)
|
|
52,700
|
3,460,282
|
|
|
|
|
5,824,541
|
Personal Care Products - 0.0%
|
|
|
|
elf Beauty Inc (l)(m)
|
|
18,300
|
1,132,221
|
TOTAL CONSUMER STAPLES
|
|
|
8,327,194
|
|
|
|
|
|
Energy - 0.6%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
Forbes Energy Services Ltd (k)(l)
|
|
65,062
|
1
|
KLX Energy Services Holdings Inc warrants 3/12/2030 (l)
|
|
47,972
|
96,015
|
Noble Corp PLC
|
|
1,410
|
30,653
|
Superior Energy Services Inc Class A (k)(l)
|
|
17,671
|
925,077
|
Tidewater Inc warrants 11/14/2042 (l)
|
|
12,651
|
503,554
|
|
|
|
|
1,555,300
|
Oil, Gas & Consumable Fuels - 0.5%
|
|
|
|
California Resources Corp
|
|
2,670
|
92,141
|
Energy Transfer LP
|
|
223,800
|
3,701,652
|
EP Energy Corp (k)(l)
|
|
147,125
|
197,148
|
Expand Energy Corp
|
|
490
|
50,911
|
Expand Energy Corp warrants 2/9/2026 (l)
|
|
926
|
80,071
|
Mesquite Energy Inc (k)(l)
|
|
90,382
|
7,890,356
|
|
|
|
|
12,012,279
|
TOTAL ENERGY
|
|
|
13,567,579
|
|
|
|
|
|
Financials - 3.2%
|
|
|
|
Capital Markets - 0.6%
|
|
|
|
Ares Management Corp Class A
|
|
25,400
|
3,874,262
|
Blue Owl Capital Inc Class A
|
|
199,700
|
3,700,441
|
Coinbase Global Inc Class A (l)
|
|
15,900
|
3,225,951
|
Moody's Corp
|
|
5,600
|
2,537,472
|
|
|
|
|
13,338,126
|
Consumer Finance - 0.2%
|
|
|
|
OneMain Holdings Inc
|
|
97,000
|
4,565,790
|
Financial Services - 1.9%
|
|
|
|
Apollo Global Management Inc
|
|
108,200
|
14,767,136
|
Block Inc Class A (l)
|
|
64,100
|
3,747,927
|
Carnelian Point Holdings LP warrants 6/30/2027 (k)(l)
|
|
118
|
345
|
Fiserv Inc (l)
|
|
27,500
|
5,075,675
|
Mastercard Inc Class A
|
|
16,000
|
8,768,960
|
Mr Cooper Group Inc (l)
|
|
1,504
|
178,991
|
Visa Inc Class A
|
|
30,800
|
10,641,400
|
|
|
|
|
43,180,434
|
Insurance - 0.5%
|
|
|
|
Arthur J Gallagher & Co
|
|
34,500
|
11,063,805
|
TOTAL FINANCIALS
|
|
|
72,148,155
|
|
|
|
|
|
Health Care - 0.2%
|
|
|
|
Health Care Providers & Services - 0.2%
|
|
|
|
Cano Health LLC warrants (k)(l)
|
|
1,505
|
4,153
|
DaVita Inc (l)
|
|
15,600
|
2,208,180
|
Tenet Healthcare Corp (l)
|
|
15,300
|
2,187,135
|
|
|
|
|
4,399,468
|
Industrials - 3.9%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
TransDigm Group Inc
|
|
2,100
|
2,967,447
|
Building Products - 0.8%
|
|
|
|
Builders FirstSource Inc (l)
|
|
14,100
|
1,686,783
|
Carlisle Cos Inc
|
|
19,600
|
7,437,808
|
Trane Technologies PLC
|
|
19,900
|
7,627,869
|
|
|
|
|
16,752,460
|
Construction & Engineering - 1.3%
|
|
|
|
Comfort Systems USA Inc
|
|
34,800
|
13,834,740
|
EMCOR Group Inc
|
|
16,700
|
6,691,690
|
IES Holdings Inc (l)
|
|
16,700
|
3,284,556
|
WillScot Holdings Corp
|
|
97,300
|
2,444,176
|
|
|
|
|
26,255,162
|
Electrical Equipment - 1.2%
|
|
|
|
Eaton Corp PLC
|
|
36,500
|
10,744,505
|
NEXTracker Inc Class A (l)
|
|
149,800
|
6,083,378
|
nVent Electric PLC
|
|
51,800
|
2,844,338
|
Vertiv Holdings Co Class A
|
|
67,400
|
5,754,612
|
|
|
|
|
25,426,833
|
Machinery - 0.4%
|
|
|
|
Allison Transmission Holdings Inc
|
|
27,300
|
2,518,152
|
Deere & Co
|
|
2,400
|
1,112,544
|
Parker-Hannifin Corp
|
|
10,300
|
6,232,118
|
|
|
|
|
9,862,814
|
Passenger Airlines - 0.0%
|
|
|
|
Spirit Aviation Holdings Inc
|
|
37,463
|
312,816
|
Spirit Aviation Holdings Inc
|
|
8,110
|
67,719
|
|
|
|
|
380,535
|
Trading Companies & Distributors - 0.1%
|
|
|
|
Core & Main Inc Class A (l)
|
|
59,500
|
3,134,460
|
TOTAL INDUSTRIALS
|
|
|
84,779,711
|
|
|
|
|
|
Information Technology - 4.5%
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
Arista Networks Inc
|
|
62,400
|
5,133,648
|
IT Services - 0.0%
|
|
|
|
GTT Communications Inc (k)(l)
|
|
11,856
|
551,660
|
Semiconductors & Semiconductor Equipment - 2.3%
|
|
|
|
KLA Corp
|
|
7,600
|
5,340,444
|
Lam Research Corp
|
|
98,000
|
7,023,660
|
Marvell Technology Inc
|
|
45,200
|
2,638,324
|
Micron Technology Inc
|
|
29,400
|
2,262,330
|
MKS Instruments Inc
|
|
27,200
|
1,907,808
|
NVIDIA Corp
|
|
230,000
|
25,051,600
|
ON Semiconductor Corp (l)
|
|
113,260
|
4,496,422
|
|
|
|
|
48,720,588
|
Software - 1.9%
|
|
|
|
Adobe Inc (l)
|
|
13,400
|
5,024,732
|
AppLovin Corp Class A (l)
|
|
6,700
|
1,804,377
|
Autodesk Inc (l)
|
|
12,700
|
3,482,975
|
Microsoft Corp
|
|
31,000
|
12,253,060
|
Monday.com Ltd (l)
|
|
35,800
|
10,059,442
|
Oracle Corp
|
|
26,600
|
3,743,152
|
Salesforce Inc
|
|
18,200
|
4,890,522
|
|
|
|
|
41,258,260
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|
|
|
Dell Technologies Inc Class C
|
|
25,300
|
2,321,528
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
97,985,684
|
|
|
|
|
|
Materials - 0.5%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Chemours Co/The
|
|
138,100
|
1,709,678
|
Construction Materials - 0.3%
|
|
|
|
Eagle Materials Inc
|
|
23,600
|
5,342,804
|
Martin Marietta Materials Inc
|
|
4,100
|
2,148,318
|
|
|
|
|
7,491,122
|
Containers & Packaging - 0.1%
|
|
|
|
Graphic Packaging Holding CO
|
|
120,900
|
3,059,979
|
Metals & Mining - 0.0%
|
|
|
|
Warrior Met Coal Inc
|
|
692
|
33,091
|
TOTAL MATERIALS
|
|
|
12,293,870
|
|
|
|
|
|
Utilities - 1.3%
|
|
|
|
Electric Utilities - 0.7%
|
|
|
|
Constellation Energy Corp
|
|
43,200
|
9,652,608
|
PG&E Corp
|
|
341,179
|
5,636,277
|
|
|
|
|
15,288,885
|
Independent Power and Renewable Electricity Producers - 0.6%
|
|
|
|
PureWest Energy LLC (k)(l)
|
|
3,289
|
739
|
Vistra Corp
|
|
110,700
|
14,350,041
|
|
|
|
|
14,350,780
|
TOTAL UTILITIES
|
|
|
29,639,665
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
405,084,698
|
|
TOTAL COMMON STOCKS
(Cost $346,842,992)
|
|
|
437,879,703
|
|
|
|
|
|
Convertible Corporate Bonds - 0.7%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.7%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Media - 0.3%
|
|
|
|
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
|
5,871,857
|
6,330,449
|
Consumer Discretionary - 0.1%
|
|
|
|
Hotels, Restaurants & Leisure - 0.1%
|
|
|
|
New Cotai LLC 5% 2/24/2027 (k)
|
|
1,929,663
|
1,942,591
|
Financials - 0.1%
|
|
|
|
Capital Markets - 0.1%
|
|
|
|
Coinbase Global Inc 0.25% 4/1/2030
|
|
1,440,000
|
1,430,640
|
Information Technology - 0.2%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.2%
|
|
|
|
Wolfspeed Inc 1.875% 12/1/2029
|
|
19,874,000
|
5,574,657
|
TOTAL UNITED STATES
|
|
|
15,278,337
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $22,030,977)
|
|
|
15,278,337
|
|
|
|
|
|
Non-Convertible Corporate Bonds - 52.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
AUSTRALIA - 0.3%
|
|
|
|
Materials - 0.3%
|
|
|
|
Metals & Mining - 0.3%
|
|
|
|
FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (d)
|
|
1,145,000
|
1,036,261
|
Mineral Resources Ltd 8% 11/1/2027 (d)
|
|
4,400,000
|
4,178,779
|
Mineral Resources Ltd 8.5% 5/1/2030 (d)
|
|
660,000
|
599,547
|
Mineral Resources Ltd 9.25% 10/1/2028 (d)
|
|
1,745,000
|
1,650,270
|
|
|
|
|
|
TOTAL AUSTRALIA
|
|
|
7,464,857
|
BRAZIL - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
ERO Copper Corp 6.5% 2/15/2030 (d)
|
|
1,320,000
|
1,272,150
|
CANADA - 1.6%
|
|
|
|
Consumer Discretionary - 0.7%
|
|
|
|
Hotels, Restaurants & Leisure - 0.7%
|
|
|
|
1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d)
|
|
1,630,000
|
1,565,122
|
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d)
|
|
5,185,000
|
4,718,518
|
1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (d)
|
|
5,490,000
|
5,314,846
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d)
|
|
2,005,000
|
1,929,232
|
|
|
|
|
13,527,718
|
Household Durables - 0.0%
|
|
|
|
Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (d)
|
|
1,080,000
|
940,194
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
14,467,912
|
|
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Household Products - 0.1%
|
|
|
|
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d)
|
|
2,140,000
|
1,768,621
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
Parkland Corp 4.5% 10/1/2029 (d)
|
|
1,145,000
|
1,079,471
|
Parkland Corp 4.625% 5/1/2030 (d)
|
|
1,735,000
|
1,633,023
|
Parkland Corp 6.625% 8/15/2032 (d)
|
|
1,085,000
|
1,080,003
|
Teine Energy Ltd 6.875% 4/15/2029 (d)
|
|
1,145,000
|
1,086,883
|
|
|
|
|
4,879,380
|
Financials - 0.0%
|
|
|
|
Insurance - 0.0%
|
|
|
|
Jones Deslauriers Insurance Management Inc 10.5% 12/15/2030 (d)
|
|
685,000
|
736,877
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.2%
|
|
|
|
Bombardier Inc 6% 2/15/2028 (d)
|
|
830,000
|
820,791
|
Bombardier Inc 7.125% 6/15/2026 (d)
|
|
415,000
|
416,039
|
Bombardier Inc 7.25% 7/1/2031 (d)
|
|
1,030,000
|
1,054,571
|
Bombardier Inc 7.875% 4/15/2027 (d)
|
|
1,358,000
|
1,361,314
|
Bombardier Inc 8.75% 11/15/2030 (d)
|
|
1,475,000
|
1,580,479
|
|
|
|
|
5,233,194
|
Machinery - 0.0%
|
|
|
|
ATS Corp 4.125% 12/15/2028 (d)
|
|
1,015,000
|
941,792
|
Passenger Airlines - 0.1%
|
|
|
|
Air Canada 3.875% 8/15/2026 (d)
|
|
1,240,000
|
1,216,744
|
TOTAL INDUSTRIALS
|
|
|
7,391,730
|
|
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Open Text Corp 6.9% 12/1/2027 (d)
|
|
1,685,000
|
1,733,064
|
Open Text Holdings Inc 4.125% 12/1/2031 (d)
|
|
780,000
|
697,559
|
Open Text Holdings Inc 4.125% 2/15/2030 (d)
|
|
790,000
|
730,019
|
|
|
|
|
3,160,642
|
Materials - 0.2%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
NOVA Chemicals Corp 8.5% 11/15/2028 (d)
|
|
1,325,000
|
1,396,449
|
Containers & Packaging - 0.1%
|
|
|
|
Cascades Inc/Cascades USA Inc 5.125% 1/15/2026 (d)
|
|
790,000
|
785,692
|
Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (d)
|
|
790,000
|
770,073
|
Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC 6% 9/15/2028 (d)
|
|
570,000
|
565,203
|
|
|
|
|
2,120,968
|
Metals & Mining - 0.0%
|
|
|
|
Hudbay Minerals Inc 4.5% 4/1/2026 (d)
|
|
905,000
|
888,076
|
TOTAL MATERIALS
|
|
|
4,405,493
|
|
|
|
|
|
TOTAL CANADA
|
|
|
36,810,655
|
COLOMBIA - 0.0%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Gran Tierra Energy Inc 9.5% 10/15/2029 (d)
|
|
1,250,000
|
978,125
|
FRANCE - 1.4%
|
|
|
|
Communication Services - 1.3%
|
|
|
|
Diversified Telecommunication Services - 1.3%
|
|
|
|
Altice France SA 5.125% 1/15/2029 (d)
|
|
510,000
|
413,205
|
Altice France SA 5.125% 7/15/2029 (d)
|
|
17,000,000
|
13,870,018
|
Altice France SA 5.5% 1/15/2028 (d)
|
|
3,090,000
|
2,558,195
|
Altice France SA 5.5% 10/15/2029 (d)
|
|
15,620,000
|
12,786,690
|
|
|
|
|
29,628,108
|
Energy - 0.1%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
Vallourec SACA 7.5% 4/15/2032 (d)
|
|
2,115,000
|
2,192,345
|
TOTAL FRANCE
|
|
|
31,820,453
|
GERMANY - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Paper & Forest Products - 0.1%
|
|
|
|
Mercer International Inc 5.125% 2/1/2029
|
|
1,920,000
|
1,579,288
|
GUATEMALA - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Wireless Telecommunication Services - 0.0%
|
|
|
|
Millicom International Cellular SA 4.5% 4/27/2031 (d)
|
|
235,000
|
209,149
|
HONG KONG - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Marine Transportation - 0.1%
|
|
|
|
Seaspan Corp 5.5% 8/1/2029 (d)
|
|
1,240,000
|
1,131,197
|
INDIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
IT Services - 0.0%
|
|
|
|
CA Magnum Holdings 5.375% 10/31/2026 (d)
|
|
690,000
|
671,888
|
ISRAEL - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027
|
|
865,000
|
848,874
|
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029
|
|
865,000
|
840,530
|
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029
|
|
960,000
|
1,029,190
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
2,718,594
|
LUXEMBOURG - 0.4%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Media - 0.3%
|
|
|
|
Altice Financing SA 5% 1/15/2028 (d)
|
|
1,580,000
|
1,213,406
|
Altice Financing SA 5.75% 8/15/2029 (d)
|
|
4,975,000
|
3,669,170
|
|
|
|
|
4,882,576
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
ION Trading Technologies Sarl 5.75% 5/15/2028 (d)
|
|
1,605,000
|
1,443,935
|
ION Trading Technologies Sarl 9.5% 5/30/2029 (d)
|
|
1,580,000
|
1,520,413
|
|
|
|
|
2,964,348
|
TOTAL LUXEMBOURG
|
|
|
7,846,924
|
MACAU - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Studio City Finance Ltd 5% 1/15/2029 (d)
|
|
725,000
|
635,883
|
MEXICO - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (d)
|
|
1,367,073
|
1,131,253
|
Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (d)
|
|
466,214
|
372,971
|
|
|
|
|
|
TOTAL MEXICO
|
|
|
1,504,224
|
NETHERLANDS - 0.3%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Media - 0.3%
|
|
|
|
VZ Secured Financing BV 5% 1/15/2032 (d)
|
|
3,855,000
|
3,364,050
|
Ziggo BV 4.875% 1/15/2030 (d)
|
|
3,795,000
|
3,493,843
|
|
|
|
|
|
TOTAL NETHERLANDS
|
|
|
6,857,893
|
NORWAY - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
Seadrill Finance Ltd 8.375% 8/1/2030 (d)
|
|
1,925,000
|
1,802,658
|
SPAIN - 0.1%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Grifols SA 4.75% 10/15/2028 (d)
|
|
850,000
|
791,244
|
Utilities - 0.1%
|
|
|
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|
|
|
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/2028 (d)
|
|
1,045,000
|
992,942
|
TOTAL SPAIN
|
|
|
1,784,186
|
SWITZERLAND - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Consolidated Energy Finance SA 12% 2/15/2031 (d)
|
|
3,610,000
|
3,254,331
|
TURKEY - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Eldorado Gold Corp 6.25% 9/1/2029 (d)
|
|
1,895,000
|
1,872,772
|
UNITED KINGDOM - 1.6%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (d)
|
|
2,875,000
|
2,525,887
|
Consumer Discretionary - 0.2%
|
|
|
|
Automobile Components - 0.2%
|
|
|
|
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d)
|
|
710,000
|
728,725
|
Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (d)
|
|
1,085,000
|
1,114,510
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d)
|
|
1,475,000
|
1,542,573
|
|
|
|
|
3,385,808
|
Automobiles - 0.0%
|
|
|
|
Mclaren Finance PLC 7.5% 8/1/2026 (d)
|
|
1,130,000
|
1,130,848
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
4,516,656
|
|
|
|
|
|
Energy - 1.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.2%
|
|
|
|
EG Global Finance PLC 12% 11/30/2028 (d)
|
|
23,205,000
|
25,578,941
|
Health Care - 0.0%
|
|
|
|
Health Care Providers & Services - 0.0%
|
|
|
|
180 Medical Inc 3.875% 10/15/2029 (d)
|
|
910,000
|
852,191
|
Industrials - 0.1%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
Rolls-Royce PLC 5.75% 10/15/2027 (d)
|
|
1,440,000
|
1,472,882
|
TOTAL UNITED KINGDOM
|
|
|
34,946,557
|
UNITED STATES - 45.1%
|
|
|
|
Communication Services - 3.1%
|
|
|
|
Diversified Telecommunication Services - 0.2%
|
|
|
|
Frontier Communications Holdings LLC 5% 5/1/2028 (d)
|
|
2,830,000
|
2,800,791
|
Frontier Communications Holdings LLC 5.875% 10/15/2027 (d)
|
|
1,375,000
|
1,373,445
|
|
|
|
|
4,174,236
|
Entertainment - 0.1%
|
|
|
|
ROBLOX Corp 3.875% 5/1/2030 (d)
|
|
3,295,000
|
3,049,208
|
Media - 2.8%
|
|
|
|
DISH Network Corp 11.75% 11/15/2027 (d)
|
|
9,810,000
|
10,309,807
|
EchoStar Corp 10.75% 11/30/2029
|
|
24,694,983
|
26,111,578
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
|
|
7,180,852
|
6,693,077
|
Scripps Escrow II Inc 3.875% 1/15/2029 (d)
|
|
360,000
|
274,310
|
Sirius XM Radio LLC 3.875% 9/1/2031 (d)
|
|
1,655,000
|
1,419,788
|
Sirius XM Radio LLC 4% 7/15/2028 (d)
|
|
1,695,000
|
1,594,532
|
Sirius XM Radio LLC 5% 8/1/2027 (d)
|
|
1,575,000
|
1,556,061
|
Univision Communications Inc 4.5% 5/1/2029 (d)
|
|
5,610,000
|
4,810,666
|
Univision Communications Inc 7.375% 6/30/2030 (d)
|
|
6,430,000
|
5,856,733
|
Univision Communications Inc 8.5% 7/31/2031 (d)
|
|
3,735,000
|
3,526,873
|
|
|
|
|
62,153,425
|
TOTAL COMMUNICATION SERVICES
|
|
|
69,376,869
|
|
|
|
|
|
Consumer Discretionary - 5.7%
|
|
|
|
Automobile Components - 0.4%
|
|
|
|
Adient Global Holdings Ltd 7% 4/15/2028 (d)
|
|
960,000
|
968,384
|
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d)
|
|
1,920,000
|
1,949,988
|
Dana Inc 4.25% 9/1/2030
|
|
1,185,000
|
1,093,067
|
Dana Inc 4.5% 2/15/2032
|
|
1,305,000
|
1,174,403
|
Hertz Corp/The 12.625% 7/15/2029 (d)
|
|
515,000
|
500,905
|
Hertz Corp/The 5.5% (d)(j)(k)
|
|
1,505,000
|
90,299
|
Hertz Corp/The 6% (d)(j)(k)
|
|
1,385,000
|
270,075
|
Hertz Corp/The 6.25% (j)(k)
|
|
1,605,000
|
116,363
|
Hertz Corp/The 7.125% (d)(j)(k)
|
|
1,430,000
|
307,450
|
Nesco Holdings II Inc 5.5% 4/15/2029 (d)
|
|
1,850,000
|
1,676,865
|
|
|
|
|
8,147,799
|
Broadline Retail - 0.1%
|
|
|
|
ANGI Group LLC 3.875% 8/15/2028 (d)
|
|
750,000
|
683,541
|
Wayfair LLC 7.25% 10/31/2029 (d)
|
|
2,330,000
|
2,128,213
|
|
|
|
|
2,811,754
|
Distributors - 0.0%
|
|
|
|
Windsor Holdings III LLC 8.5% 6/15/2030 (d)
|
|
955,000
|
1,005,180
|
Diversified Consumer Services - 0.7%
|
|
|
|
Adtalem Global Education Inc 5.5% 3/1/2028 (d)
|
|
1,335,000
|
1,319,522
|
Service Corp International/US 4% 5/15/2031
|
|
1,610,000
|
1,470,008
|
TKC Holdings Inc 6.875% 5/15/2028 (d)
|
|
10,855,000
|
10,855,727
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (d)
|
|
1,285,000
|
1,272,092
|
|
|
|
|
14,917,349
|
Hotels, Restaurants & Leisure - 2.8%
|
|
|
|
Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (d)
|
|
715,000
|
617,307
|
Boyd Gaming Corp 4.75% 6/15/2031 (d)
|
|
4,225,000
|
3,938,904
|
Boyne USA Inc 4.75% 5/15/2029 (d)
|
|
840,000
|
799,386
|
Carnival Corp 4% 8/1/2028 (d)
|
|
9,210,000
|
8,784,038
|
Carnival Corp 7% 8/15/2029 (d)
|
|
990,000
|
1,032,701
|
Carnival Corp 7.625% 3/1/2026 (d)
|
|
2,775,000
|
2,778,563
|
Churchill Downs Inc 5.75% 4/1/2030 (d)
|
|
2,330,000
|
2,278,694
|
Churchill Downs Inc 6.75% 5/1/2031 (d)
|
|
1,925,000
|
1,944,206
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d)
|
|
4,710,000
|
4,363,251
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d)
|
|
4,950,000
|
4,330,793
|
Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d)
|
|
725,000
|
681,634
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (d)
|
|
1,085,000
|
995,056
|
Hilton Domestic Operating Co Inc 4.875% 1/15/2030
|
|
1,180,000
|
1,156,332
|
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d)
|
|
1,445,000
|
1,459,986
|
Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)
|
|
2,020,000
|
2,046,874
|
Jacobs Entertainment Inc 6.75% 2/15/2029 (d)
|
|
1,250,000
|
1,137,500
|
Light & Wonder International Inc 7.5% 9/1/2031 (d)
|
|
970,000
|
996,647
|
MGM Resorts International 4.75% 10/15/2028
|
|
1,470,000
|
1,417,438
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d)
|
|
3,025,000
|
3,024,512
|
NCL Corp Ltd 5.875% 2/15/2027 (d)
|
|
1,770,000
|
1,761,743
|
Neogen Food Safety Corp 8.625% 7/20/2030 (d)
|
|
775,000
|
782,351
|
Papa John's International Inc 3.875% 9/15/2029 (d)
|
|
765,000
|
704,214
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (d)
|
|
2,410,000
|
1,409,850
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (d)
|
|
370,000
|
192,400
|
Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (d)
|
|
1,295,000
|
1,293,488
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d)
|
|
2,030,000
|
2,060,425
|
SeaWorld Parks & Entertainment Inc 5.25% 8/15/2029 (d)
|
|
1,665,000
|
1,582,538
|
Station Casinos LLC 4.625% 12/1/2031 (d)
|
|
1,300,000
|
1,175,164
|
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d)
|
|
625,000
|
618,732
|
VOC Escrow Ltd 5% 2/15/2028 (d)
|
|
5,510,000
|
5,404,156
|
Yum! Brands Inc 4.625% 1/31/2032
|
|
1,530,000
|
1,440,216
|
|
|
|
|
62,209,099
|
Household Durables - 0.5%
|
|
|
|
Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (d)
|
|
1,240,000
|
1,136,747
|
Century Communities Inc 3.875% 8/15/2029 (d)
|
|
1,245,000
|
1,110,533
|
LGI Homes Inc 8.75% 12/15/2028 (d)
|
|
975,000
|
984,560
|
Somnigroup International Inc 3.875% 10/15/2031 (d)
|
|
2,230,000
|
1,957,510
|
Somnigroup International Inc 4% 4/15/2029 (d)
|
|
2,545,000
|
2,362,822
|
TopBuild Corp 3.625% 3/15/2029 (d)
|
|
755,000
|
701,832
|
Tri Pointe Homes Inc 5.7% 6/15/2028
|
|
1,965,000
|
1,964,124
|
|
|
|
|
10,218,128
|
Specialty Retail - 1.2%
|
|
|
|
Asbury Automotive Group Inc 4.5% 3/1/2028
|
|
492,000
|
476,270
|
Asbury Automotive Group Inc 4.625% 11/15/2029 (d)
|
|
6,520,000
|
6,131,211
|
Asbury Automotive Group Inc 4.75% 3/1/2030
|
|
489,000
|
457,310
|
Asbury Automotive Group Inc 5% 2/15/2032 (d)
|
|
1,535,000
|
1,398,893
|
Bath & Body Works Inc 6.625% 10/1/2030 (d)
|
|
4,585,000
|
4,665,724
|
Bath & Body Works Inc 6.75% 7/1/2036
|
|
1,340,000
|
1,318,352
|
Bath & Body Works Inc 7.5% 6/15/2029
|
|
1,135,000
|
1,157,260
|
LBM Acquisition LLC 6.25% 1/15/2029 (d)
|
|
2,880,000
|
2,523,692
|
LCM Investments Holdings II LLC 8.25% 8/1/2031 (d)
|
|
1,160,000
|
1,213,231
|
Petsmart Inc / Petsmart Finance Corp 4.75% 2/15/2028 (d)
|
|
2,260,000
|
2,160,000
|
Petsmart Inc / Petsmart Finance Corp 7.75% 2/15/2029 (d)
|
|
2,540,000
|
2,365,694
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (d)
|
|
1,995,000
|
2,055,217
|
|
|
|
|
25,922,854
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
Crocs Inc 4.125% 8/15/2031 (d)
|
|
825,000
|
721,104
|
Crocs Inc 4.25% 3/15/2029 (d)
|
|
1,110,000
|
1,030,147
|
Kontoor Brands Inc 4.125% 11/15/2029 (d)
|
|
760,000
|
698,336
|
|
|
|
|
2,449,587
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
127,681,750
|
|
|
|
|
|
Consumer Staples - 2.6%
|
|
|
|
Beverages - 0.0%
|
|
|
|
Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d)
|
|
810,000
|
805,516
|
Consumer Staples Distribution & Retail - 1.5%
|
|
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d)
|
|
4,630,000
|
4,318,461
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (d)
|
|
4,225,000
|
4,177,209
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d)
|
|
6,100,000
|
5,892,891
|
C&S Group Enterprises LLC 5% 12/15/2028 (d)
|
|
1,110,000
|
928,241
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d)
|
|
12,270,000
|
12,552,222
|
Performance Food Group Inc 4.25% 8/1/2029 (d)
|
|
1,160,000
|
1,097,886
|
Performance Food Group Inc 5.5% 10/15/2027 (d)
|
|
1,353,000
|
1,341,909
|
US Foods Inc 4.625% 6/1/2030 (d)
|
|
1,070,000
|
1,019,155
|
US Foods Inc 7.25% 1/15/2032 (d)
|
|
985,000
|
1,030,418
|
|
|
|
|
32,358,392
|
Food Products - 0.9%
|
|
|
|
Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (d)
|
|
855,000
|
840,637
|
Darling Ingredients Inc 5.25% 4/15/2027 (d)
|
|
2,655,000
|
2,625,772
|
Darling Ingredients Inc 6% 6/15/2030 (d)
|
|
2,040,000
|
2,034,246
|
Fiesta Purchaser Inc 7.875% 3/1/2031 (d)
|
|
1,895,000
|
1,985,124
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (d)
|
|
1,315,000
|
1,375,006
|
Lamb Weston Holdings Inc 4.125% 1/31/2030 (d)
|
|
1,720,000
|
1,613,558
|
Lamb Weston Holdings Inc 4.375% 1/31/2032 (d)
|
|
860,000
|
787,861
|
Post Holdings Inc 4.5% 9/15/2031 (d)
|
|
6,170,000
|
5,614,942
|
Post Holdings Inc 4.625% 4/15/2030 (d)
|
|
2,050,000
|
1,932,340
|
Post Holdings Inc 5.5% 12/15/2029 (d)
|
|
865,000
|
849,000
|
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (d)
|
|
1,070,000
|
993,985
|
|
|
|
|
20,652,471
|
Household Products - 0.0%
|
|
|
|
Spectrum Brands Inc 3.875% 3/15/2031 (d)
|
|
257,000
|
212,260
|
Personal Care Products - 0.2%
|
|
|
|
BellRing Brands Inc 7% 3/15/2030 (d)
|
|
2,425,000
|
2,516,033
|
Hfc Prestige Products Inc/Hfc Prestige International Us LLC 4.75% 1/15/2029 (d)
|
|
1,240,000
|
1,192,817
|
|
|
|
|
3,708,850
|
TOTAL CONSUMER STAPLES
|
|
|
57,737,489
|
|
|
|
|
|
Energy - 6.9%
|
|
|
|
Energy Equipment & Services - 0.9%
|
|
|
|
Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (d)
|
|
985,000
|
941,670
|
KLX Energy Services Holdings Inc U.S. SOFR Averages Index + 8.5%, 12.8433% 3/12/2030 pay-in-kind (d)(e)(f)
|
|
2,288,500
|
2,219,845
|
Nabors Industries Inc 9.125% 1/31/2030 (d)
|
|
1,950,000
|
1,765,843
|
Nabors Industries Ltd 7.5% 1/15/2028 (d)
|
|
1,360,000
|
1,082,282
|
Noble Finance II LLC 8% 4/15/2030 (d)
|
|
960,000
|
914,657
|
Transocean Inc 8% 2/1/2027 (d)
|
|
1,228,000
|
1,140,739
|
Transocean Inc 8.25% 5/15/2029 (d)
|
|
775,000
|
627,864
|
Transocean Inc 8.5% 5/15/2031 (d)
|
|
7,275,000
|
5,623,859
|
Transocean Inc 8.75% 2/15/2030 (d)
|
|
3,768,000
|
3,683,184
|
Transocean Titan Financing Ltd 8.375% 2/1/2028 (d)
|
|
1,788,714
|
1,771,993
|
Valaris Ltd 8.375% 4/30/2030 (d)
|
|
975,000
|
913,563
|
|
|
|
|
20,685,499
|
Oil, Gas & Consumable Fuels - 6.0%
|
|
|
|
Alpha Natural Resources Inc 9.75% (j)(k)
|
|
1,770,000
|
0
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (d)
|
|
1,205,000
|
1,175,965
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (d)
|
|
1,705,000
|
1,694,778
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (d)
|
|
2,655,000
|
2,645,423
|
California Resources Corp 8.25% 6/15/2029 (d)
|
|
1,085,000
|
1,034,445
|
Chesapeake Energy Corp 7% (j)(k)
|
|
840,000
|
0
|
Chesapeake Energy Corp 8% (j)(k)
|
|
300,000
|
0
|
Chesapeake Energy Corp 8% (j)(k)
|
|
480,000
|
0
|
CITGO Petroleum Corp 6.375% 6/15/2026 (d)
|
|
1,105,000
|
1,099,031
|
CITGO Petroleum Corp 8.375% 1/15/2029 (d)
|
|
4,325,000
|
4,327,102
|
Civitas Resources Inc 8.625% 11/1/2030 (d)
|
|
1,985,000
|
1,913,139
|
CNX Midstream Partners LP 4.75% 4/15/2030 (d)
|
|
900,000
|
828,425
|
CNX Resources Corp 6% 1/15/2029 (d)
|
|
690,000
|
669,418
|
CNX Resources Corp 7.375% 1/15/2031 (d)
|
|
890,000
|
890,894
|
Comstock Resources Inc 5.875% 1/15/2030 (d)
|
|
4,426,000
|
4,006,642
|
Comstock Resources Inc 6.75% 3/1/2029 (d)
|
|
7,095,000
|
6,762,879
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d)
|
|
4,245,000
|
4,073,638
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d)
|
|
2,610,000
|
2,746,200
|
CrownRock LP / CrownRock Finance Inc 5% 5/1/2029 (d)
|
|
665,000
|
674,413
|
CVR Energy Inc 5.75% 2/15/2028 (d)
|
|
3,170,000
|
2,893,030
|
CVR Energy Inc 8.5% 1/15/2029 (d)
|
|
6,890,000
|
6,331,191
|
DCP Midstream Operating LP 8.125% 8/16/2030
|
|
130,000
|
148,522
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d)
|
|
2,645,000
|
2,613,465
|
DT Midstream Inc 4.125% 6/15/2029 (d)
|
|
1,215,000
|
1,140,313
|
DT Midstream Inc 4.375% 6/15/2031 (d)
|
|
1,215,000
|
1,119,061
|
Energy Transfer LP 5.625% 5/1/2027 (d)
|
|
12,200,000
|
12,203,583
|
Energy Transfer LP 6% 2/1/2029 (d)
|
|
8,530,000
|
8,623,158
|
Expand Energy Corp 4.875% (j)(k)
|
|
2,950,000
|
0
|
Expand Energy Corp 5.375% 3/15/2030
|
|
1,665,000
|
1,652,941
|
Expand Energy Corp 5.75% (j)(k)
|
|
1,890,000
|
0
|
Expand Energy Corp 5.875% 2/1/2029 (d)
|
|
2,735,000
|
2,724,622
|
Expand Energy Corp 6.75% 4/15/2029 (d)
|
|
1,150,000
|
1,158,356
|
Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)
|
|
1,235,000
|
1,257,255
|
Hess Midstream Operations LP 4.25% 2/15/2030 (d)
|
|
1,345,000
|
1,262,545
|
Hess Midstream Operations LP 5.125% 6/15/2028 (d)
|
|
1,570,000
|
1,537,008
|
Hess Midstream Operations LP 5.5% 10/15/2030 (d)
|
|
890,000
|
869,008
|
HF Sinclair Corp 5% 2/1/2028
|
|
1,060,000
|
1,049,039
|
HF Sinclair Corp 6.375% 4/15/2027
|
|
520,000
|
524,831
|
Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (d)
|
|
310,000
|
299,975
|
Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (d)
|
|
2,400,000
|
2,494,241
|
Kinetik Holdings LP 5.875% 6/15/2030 (d)
|
|
1,335,000
|
1,304,362
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d)
|
|
1,085,000
|
997,010
|
Murphy Oil USA Inc 3.75% 2/15/2031 (d)
|
|
675,000
|
608,376
|
Northern Oil & Gas Inc 8.125% 3/1/2028 (d)
|
|
990,000
|
977,375
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (d)
|
|
1,950,000
|
1,873,424
|
Occidental Petroleum Corp 7.2% 3/15/2029
|
|
545,000
|
572,770
|
ONEOK Inc 5.375% 6/1/2029
|
|
650,000
|
660,420
|
ONEOK Inc 6.5% 9/1/2030 (d)
|
|
2,725,000
|
2,879,014
|
PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028
|
|
3,845,000
|
3,392,445
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)
|
|
4,245,000
|
3,492,223
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)
|
|
2,555,000
|
2,248,903
|
Permian Resources Operating LLC 5.875% 7/1/2029 (d)
|
|
1,165,000
|
1,135,875
|
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (d)
|
|
2,460,000
|
2,528,103
|
SM Energy Co 6.625% 1/15/2027
|
|
850,000
|
835,177
|
SM Energy Co 6.75% 9/15/2026
|
|
845,000
|
837,269
|
Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030
|
|
1,710,000
|
1,609,220
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
|
1,320,000
|
1,250,600
|
Sunoco LP / Sunoco Finance Corp 6% 4/15/2027
|
|
4,740,000
|
4,724,386
|
Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (d)
|
|
985,000
|
1,008,835
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)
|
|
95,000
|
92,362
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (d)
|
|
950,000
|
937,756
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d)
|
|
1,620,000
|
1,493,429
|
Talos Production Inc 9% 2/1/2029 (d)
|
|
880,000
|
843,603
|
Talos Production Inc 9.375% 2/1/2031 (d)
|
|
1,000,000
|
940,226
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031
|
|
1,405,000
|
1,366,453
|
Venture Global Calcasieu 3.875% 8/15/2029 (d)
|
|
1,035,000
|
947,879
|
Venture Global Calcasieu 4.125% 8/15/2031 (d)
|
|
1,035,000
|
929,795
|
Venture Global Calcasieu 6.25% 1/15/2030 (d)
|
|
3,835,000
|
3,836,055
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d)
|
|
2,275,000
|
2,333,940
|
Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d)
|
|
2,325,000
|
2,387,538
|
|
|
|
|
133,489,359
|
TOTAL ENERGY
|
|
|
154,174,858
|
|
|
|
|
|
Financials - 5.5%
|
|
|
|
Capital Markets - 0.6%
|
|
|
|
AssuredPartners Inc 5.625% 1/15/2029 (d)
|
|
1,140,000
|
1,136,062
|
AssuredPartners Inc 7.5% 2/15/2032 (d)
|
|
1,005,000
|
1,068,185
|
BroadStreet Partners Inc 5.875% 4/15/2029 (d)
|
|
2,115,000
|
2,042,088
|
Coinbase Global Inc 3.375% 10/1/2028 (d)
|
|
4,600,000
|
4,233,794
|
Coinbase Global Inc 3.625% 10/1/2031 (d)
|
|
2,715,000
|
2,356,176
|
Hightower Holding LLC 6.75% 4/15/2029 (d)
|
|
785,000
|
750,617
|
Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d)
|
|
1,240,000
|
1,180,358
|
MSCI Inc 3.25% 8/15/2033 (d)
|
|
1,245,000
|
1,065,255
|
MSCI Inc 4% 11/15/2029 (d)
|
|
900,000
|
860,972
|
|
|
|
|
14,693,507
|
Consumer Finance - 1.7%
|
|
|
|
Ally Financial Inc 8% 11/1/2031
|
|
16,223,000
|
17,965,362
|
Ally Financial Inc 8% 11/1/2031
|
|
3,105,000
|
3,410,465
|
OneMain Finance Corp 4% 9/15/2030
|
|
720,000
|
638,434
|
OneMain Finance Corp 5.375% 11/15/2029
|
|
9,325,000
|
8,914,234
|
OneMain Finance Corp 6.625% 1/15/2028
|
|
1,185,000
|
1,193,298
|
OneMain Finance Corp 7.125% 3/15/2026
|
|
4,710,000
|
4,751,189
|
OneMain Finance Corp 7.875% 3/15/2030
|
|
985,000
|
1,017,544
|
|
|
|
|
37,890,526
|
Financial Services - 0.9%
|
|
|
|
Block Inc 3.5% 6/1/2031
|
|
1,615,000
|
1,441,490
|
Compass Group Diversified Holdings LLC 5% 1/15/2032 (d)
|
|
870,000
|
778,749
|
Compass Group Diversified Holdings LLC 5.25% 4/15/2029 (d)
|
|
2,270,000
|
2,141,387
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d)
|
|
1,355,000
|
1,324,949
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
|
3,415,000
|
2,847,484
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
|
5,030,000
|
4,769,686
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026
|
|
3,497,000
|
3,483,989
|
MGIC Investment Corp 5.25% 8/15/2028
|
|
1,040,000
|
1,037,698
|
NCR Atleos Corp 9.5% 4/1/2029 (d)
|
|
1,480,000
|
1,592,294
|
|
|
|
|
19,417,726
|
Insurance - 2.3%
|
|
|
|
Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d)
|
|
6,240,000
|
5,911,664
|
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d)
|
|
1,055,000
|
1,074,740
|
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d)
|
|
4,685,000
|
4,793,580
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (d)
|
|
1,470,000
|
1,418,428
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (d)
|
|
1,290,000
|
1,245,290
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d)
|
|
7,995,000
|
7,937,520
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d)
|
|
5,690,000
|
5,730,968
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (d)
|
|
1,680,000
|
1,705,028
|
AmWINS Group Inc 4.875% 6/30/2029 (d)
|
|
1,205,000
|
1,150,446
|
HUB International Ltd 5.625% 12/1/2029 (d)
|
|
5,635,000
|
5,504,701
|
HUB International Ltd 7.25% 6/15/2030 (d)
|
|
6,265,000
|
6,498,327
|
HUB International Ltd 7.375% 1/31/2032 (d)
|
|
2,495,000
|
2,570,454
|
Panther Escrow Issuer LLC 7.125% 6/1/2031 (d)
|
|
3,590,000
|
3,677,937
|
USI Inc/NY 7.5% 1/15/2032 (d)
|
|
1,300,000
|
1,342,626
|
|
|
|
|
50,561,709
|
TOTAL FINANCIALS
|
|
|
122,563,468
|
|
|
|
|
|
Health Care - 3.5%
|
|
|
|
Health Care Equipment & Supplies - 0.2%
|
|
|
|
Avantor Funding Inc 3.875% 11/1/2029 (d)
|
|
860,000
|
793,944
|
Bausch + Lomb Corp 8.375% 10/1/2028 (d)
|
|
1,970,000
|
2,046,436
|
Hologic Inc 4.625% 2/1/2028 (d)
|
|
645,000
|
634,415
|
|
|
|
|
3,474,795
|
Health Care Providers & Services - 2.4%
|
|
|
|
CHS/Community Health Systems Inc 10.875% 1/15/2032 (d)
|
|
3,150,000
|
3,252,400
|
CHS/Community Health Systems Inc 4.75% 2/15/2031 (d)
|
|
2,860,000
|
2,361,089
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (d)
|
|
2,625,000
|
2,239,525
|
CHS/Community Health Systems Inc 6% 1/15/2029 (d)
|
|
1,085,000
|
1,010,752
|
CHS/Community Health Systems Inc 6.125% 4/1/2030 (d)
|
|
2,910,000
|
1,984,315
|
DaVita Inc 3.75% 2/15/2031 (d)
|
|
535,000
|
470,353
|
DaVita Inc 4.625% 6/1/2030 (d)
|
|
4,545,000
|
4,227,124
|
Encompass Health Corp 5.75% 9/15/2025
|
|
114,000
|
113,726
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (d)
|
|
1,620,000
|
1,554,377
|
HealthEquity Inc 4.5% 10/1/2029 (d)
|
|
895,000
|
845,746
|
Molina Healthcare Inc 3.875% 11/15/2030 (d)
|
|
1,360,000
|
1,225,985
|
Molina Healthcare Inc 3.875% 5/15/2032 (d)
|
|
1,730,000
|
1,524,505
|
Owens & Minor Inc 4.5% 3/31/2029 (d)
|
|
1,065,000
|
863,105
|
Tenet Healthcare Corp 4.25% 6/1/2029
|
|
8,360,000
|
7,961,784
|
Tenet Healthcare Corp 4.375% 1/15/2030
|
|
6,245,000
|
5,918,392
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
|
4,600,000
|
4,615,171
|
Tenet Healthcare Corp 6.25% 2/1/2027
|
|
9,945,000
|
9,940,095
|
Tenet Healthcare Corp 6.75% 5/15/2031
|
|
990,000
|
1,014,838
|
|
|
|
|
51,123,282
|
Health Care Technology - 0.0%
|
|
|
|
IQVIA Inc 5% 10/15/2026 (d)
|
|
1,125,000
|
1,117,680
|
Life Sciences Tools & Services - 0.1%
|
|
|
|
Charles River Laboratories International Inc 3.75% 3/15/2029 (d)
|
|
1,365,000
|
1,249,586
|
Charles River Laboratories International Inc 4% 3/15/2031 (d)
|
|
1,545,000
|
1,358,508
|
Charles River Laboratories International Inc 4.25% 5/1/2028 (d)
|
|
485,000
|
461,228
|
|
|
|
|
3,069,322
|
Pharmaceuticals - 0.8%
|
|
|
|
1261229 BC Ltd 10% 4/15/2032 (d)
|
|
11,930,000
|
11,681,547
|
Jazz Securities DAC 4.375% 1/15/2029 (d)
|
|
1,635,000
|
1,551,651
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)
|
|
3,525,000
|
3,324,670
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)
|
|
2,410,000
|
2,022,836
|
|
|
|
|
18,580,704
|
TOTAL HEALTH CARE
|
|
|
77,365,783
|
|
|
|
|
|
Industrials - 7.7%
|
|
|
|
Aerospace & Defense - 2.7%
|
|
|
|
Moog Inc 4.25% 12/15/2027 (d)
|
|
480,000
|
463,032
|
TransDigm Inc 4.625% 1/15/2029
|
|
4,860,000
|
4,674,503
|
TransDigm Inc 4.875% 5/1/2029
|
|
15,000,000
|
14,475,204
|
TransDigm Inc 5.5% 11/15/2027
|
|
14,675,000
|
14,605,138
|
TransDigm Inc 6.375% 3/1/2029 (d)
|
|
4,505,000
|
4,589,298
|
TransDigm Inc 6.625% 3/1/2032 (d)
|
|
1,005,000
|
1,029,476
|
TransDigm Inc 6.75% 8/15/2028 (d)
|
|
8,160,000
|
8,313,000
|
TransDigm Inc 6.875% 12/15/2030 (d)
|
|
7,770,000
|
8,005,843
|
TransDigm Inc 7.125% 12/1/2031 (d)
|
|
1,950,000
|
2,026,805
|
Triumph Group Inc 9% 3/15/2028 (d)
|
|
1,147,000
|
1,203,209
|
|
|
|
|
59,385,508
|
Air Freight & Logistics - 0.1%
|
|
|
|
Rand Parent LLC 8.5% 2/15/2030 (d)
|
|
2,390,000
|
2,222,432
|
Building Products - 0.2%
|
|
|
|
Advanced Drainage Systems Inc 5% 9/30/2027 (d)
|
|
355,000
|
351,068
|
Advanced Drainage Systems Inc 6.375% 6/15/2030 (d)
|
|
890,000
|
903,728
|
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (d)
|
|
1,540,000
|
1,541,108
|
MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (d)
|
|
590,000
|
531,691
|
Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029
|
|
1,070,000
|
1,011,816
|
|
|
|
|
4,339,411
|
Commercial Services & Supplies - 2.5%
|
|
|
|
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (d)
|
|
846,000
|
813,081
|
Artera Services LLC 8.5% 2/15/2031 (d)
|
|
11,700,000
|
11,100,670
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
|
7,245,000
|
6,882,213
|
Clean Harbors Inc 6.375% 2/1/2031 (d)
|
|
790,000
|
804,693
|
CoreCivic Inc 8.25% 4/15/2029
|
|
5,765,000
|
6,076,944
|
GEO Group Inc/The 10.25% 4/15/2031
|
|
2,575,000
|
2,813,618
|
GEO Group Inc/The 8.625% 4/15/2029
|
|
3,605,000
|
3,789,748
|
GFL Environmental Inc 4% 8/1/2028 (d)
|
|
1,275,000
|
1,214,513
|
GFL Environmental Inc 4.75% 6/15/2029 (d)
|
|
1,625,000
|
1,576,613
|
GFL Environmental Inc 6.75% 1/15/2031 (d)
|
|
1,450,000
|
1,507,276
|
Madison IAQ LLC 4.125% 6/30/2028 (d)
|
|
1,535,000
|
1,465,558
|
Madison IAQ LLC 5.875% 6/30/2029 (d)
|
|
1,225,000
|
1,158,407
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)
|
|
10,180,000
|
9,060,200
|
Reworld Holding Corp 4.875% 12/1/2029 (d)
|
|
4,810,000
|
4,494,359
|
Reworld Holding Corp 5% 9/1/2030
|
|
1,940,000
|
1,781,505
|
Williams Scotsman Inc 7.375% 10/1/2031 (d)
|
|
985,000
|
1,021,673
|
|
|
|
|
55,561,071
|
Construction & Engineering - 0.4%
|
|
|
|
Arcosa Inc 4.375% 4/15/2029 (d)
|
|
1,075,000
|
1,010,508
|
Pike Corp 5.5% 9/1/2028 (d)
|
|
5,980,000
|
5,872,853
|
Pike Corp 8.625% 1/31/2031 (d)
|
|
2,445,000
|
2,565,010
|
|
|
|
|
9,448,371
|
Electrical Equipment - 0.1%
|
|
|
|
Sensata Technologies BV 4% 4/15/2029 (d)
|
|
1,530,000
|
1,407,468
|
Ground Transportation - 0.4%
|
|
|
|
Uber Technologies Inc 4.5% 8/15/2029 (d)
|
|
3,730,000
|
3,672,954
|
Uber Technologies Inc 6.25% 1/15/2028 (d)
|
|
1,225,000
|
1,231,450
|
Uber Technologies Inc 7.5% 9/15/2027 (d)
|
|
2,655,000
|
2,682,304
|
XPO Inc 6.25% 6/1/2028 (d)
|
|
960,000
|
969,511
|
XPO Inc 7.125% 2/1/2032 (d)
|
|
1,470,000
|
1,505,822
|
|
|
|
|
10,062,041
|
Machinery - 0.2%
|
|
|
|
Allison Transmission Inc 5.875% 6/1/2029 (d)
|
|
1,265,000
|
1,264,082
|
Chart Industries Inc 7.5% 1/1/2030 (d)
|
|
2,500,000
|
2,593,721
|
|
|
|
|
3,857,803
|
Passenger Airlines - 0.9%
|
|
|
|
Allegiant Travel Co 7.25% 8/15/2027 (d)
|
|
1,320,000
|
1,219,200
|
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d)
|
|
3,155,000
|
3,116,463
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (d)
|
|
3,235,000
|
3,297,092
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (d)
|
|
4,820,000
|
4,674,933
|
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 11% 3/6/2030 pay-in-kind (d)(e)
|
|
954,899
|
753,773
|
United Airlines Inc 4.375% 4/15/2026 (d)
|
|
3,965,000
|
3,908,395
|
United Airlines Inc 4.625% 4/15/2029 (d)
|
|
3,180,000
|
2,987,002
|
|
|
|
|
19,956,858
|
Professional Services - 0.0%
|
|
|
|
TriNet Group Inc 3.5% 3/1/2029 (d)
|
|
1,135,000
|
1,035,274
|
Trading Companies & Distributors - 0.2%
|
|
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (d)
|
|
1,465,000
|
1,531,586
|
Foundation Building Materials Inc 6% 3/1/2029 (d)
|
|
735,000
|
619,523
|
H&E Equipment Services Inc 3.875% 12/15/2028 (d)
|
|
2,415,000
|
2,404,761
|
|
|
|
|
4,555,870
|
TOTAL INDUSTRIALS
|
|
|
171,832,107
|
|
|
|
|
|
Information Technology - 3.2%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.3%
|
|
|
|
Coherent Corp 5% 12/15/2029 (d)
|
|
1,350,000
|
1,292,460
|
CPI CG Inc 10% 7/15/2029 (d)
|
|
1,070,000
|
1,147,382
|
Lightning Power LLC 7.25% 8/15/2032 (d)
|
|
2,145,000
|
2,222,287
|
TTM Technologies Inc 4% 3/1/2029 (d)
|
|
1,135,000
|
1,055,062
|
|
|
|
|
5,717,191
|
IT Services - 1.0%
|
|
|
|
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d)
|
|
6,410,000
|
5,668,633
|
ASGN Inc 4.625% 5/15/2028 (d)
|
|
1,350,000
|
1,284,718
|
Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d)
|
|
6,860,000
|
6,390,247
|
Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d)
|
|
1,495,000
|
1,481,829
|
Twilio Inc 3.625% 3/15/2029
|
|
6,425,000
|
6,023,019
|
Twilio Inc 3.875% 3/15/2031
|
|
1,340,000
|
1,216,103
|
Unisys Corp 6.875% 11/1/2027 (d)
|
|
830,000
|
798,711
|
|
|
|
|
22,863,260
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|
|
|
ON Semiconductor Corp 3.875% 9/1/2028 (d)
|
|
5,500,000
|
5,199,080
|
Synaptics Inc 4% 6/15/2029 (d)
|
|
900,000
|
831,991
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(k)(n)(o)
|
|
4,236,916
|
4,078,032
|
|
|
|
|
10,109,103
|
Software - 1.2%
|
|
|
|
Cloud Software Group Inc 6.5% 3/31/2029 (d)
|
|
16,555,000
|
16,560,941
|
Crowdstrike Holdings Inc 3% 2/15/2029
|
|
1,130,000
|
1,047,829
|
Elastic NV 4.125% 7/15/2029 (d)
|
|
3,785,000
|
3,572,224
|
Fair Isaac Corp 4% 6/15/2028 (d)
|
|
1,530,000
|
1,467,238
|
NCR Voyix Corp 5% 10/1/2028 (d)
|
|
750,000
|
726,936
|
NCR Voyix Corp 5.125% 4/15/2029 (d)
|
|
1,081,000
|
1,039,412
|
PTC Inc 4% 2/15/2028 (d)
|
|
915,000
|
883,688
|
UKG Inc 6.875% 2/1/2031 (d)
|
|
1,505,000
|
1,548,335
|
|
|
|
|
26,846,603
|
Technology Hardware, Storage & Peripherals - 0.2%
|
|
|
|
Seagate HDD Cayman 8.25% 12/15/2029
|
|
3,160,000
|
3,388,560
|
Seagate HDD Cayman 8.5% 7/15/2031
|
|
2,045,000
|
2,187,838
|
|
|
|
|
5,576,398
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
71,112,555
|
|
|
|
|
|
Materials - 3.0%
|
|
|
|
Chemicals - 1.0%
|
|
|
|
Ingevity Corp 3.875% 11/1/2028 (d)
|
|
1,515,000
|
1,399,831
|
LSB Industries Inc 6.25% 10/15/2028 (d)
|
|
3,360,000
|
3,144,589
|
Olin Corp 5% 2/1/2030
|
|
1,555,000
|
1,460,323
|
Olympus Water US Holding Corp 4.25% 10/1/2028 (d)
|
|
3,370,000
|
3,113,314
|
Olympus Water US Holding Corp 7.125% 10/1/2027 (d)
|
|
1,070,000
|
1,072,759
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (d)
|
|
4,875,000
|
5,079,546
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)
|
|
1,035,000
|
991,531
|
SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (d)
|
|
1,985,000
|
1,958,766
|
Scotts Miracle-Gro Co/The 4% 4/1/2031
|
|
1,530,000
|
1,339,976
|
Tronox Inc 4.625% 3/15/2029 (d)
|
|
1,705,000
|
1,380,154
|
WR Grace Holdings LLC 7.375% 3/1/2031 (d)
|
|
950,000
|
955,071
|
|
|
|
|
21,895,860
|
Construction Materials - 0.1%
|
|
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d)
|
|
3,925,000
|
4,026,975
|
Containers & Packaging - 1.0%
|
|
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (d)
|
|
760,000
|
694,686
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d)
|
|
1,515,000
|
1,318,668
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d)
|
|
890,000
|
886,733
|
Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d)
|
|
1,060,000
|
1,067,779
|
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)
|
|
7,325,000
|
7,547,117
|
Crown Americas LLC / Crown Americas Capital Corp V 4.25% 9/30/2026
|
|
1,210,000
|
1,192,930
|
Crown Americas LLC / Crown Americas Capital Corp VI 4.75% 2/1/2026
|
|
4,780,000
|
4,752,243
|
Graham Packaging Co Inc 7.125% 8/15/2028 (d)
|
|
825,000
|
806,758
|
Graphic Packaging International LLC 3.75% 2/1/2030 (d)
|
|
1,125,000
|
1,033,775
|
Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (d)
|
|
950,000
|
952,508
|
Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (d)
|
|
950,000
|
957,015
|
Trident TPI Holdings Inc 12.75% 12/31/2028 (d)
|
|
950,000
|
996,590
|
|
|
|
|
22,206,802
|
Metals & Mining - 0.9%
|
|
|
|
Alcoa Nederland Holding BV 4.125% 3/31/2029 (d)
|
|
1,980,000
|
1,839,290
|
Alcoa Nederland Holding BV 7.125% 3/15/2031 (d)
|
|
835,000
|
860,267
|
Arsenal AIC Parent LLC 8% 10/1/2030 (d)
|
|
1,145,000
|
1,185,495
|
ATI Inc 4.875% 10/1/2029
|
|
845,000
|
807,272
|
ATI Inc 5.125% 10/1/2031
|
|
750,000
|
709,826
|
ATI Inc 7.25% 8/15/2030
|
|
975,000
|
1,014,028
|
Cleveland-Cliffs Inc 4.625% 3/1/2029 (d)
|
|
3,200,000
|
2,917,335
|
Cleveland-Cliffs Inc 4.875% 3/1/2031 (d)
|
|
1,480,000
|
1,269,548
|
Cleveland-Cliffs Inc 6.75% 4/15/2030 (d)
|
|
2,000,000
|
1,925,881
|
Commercial Metals Co 3.875% 2/15/2031
|
|
780,000
|
699,310
|
Compass Minerals International Inc 6.75% 12/1/2027 (d)
|
|
3,850,000
|
3,804,332
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (d)
|
|
1,575,000
|
1,515,386
|
Roller Bearing Co of America Inc 4.375% 10/15/2029 (d)
|
|
610,000
|
578,648
|
|
|
|
|
19,126,618
|
TOTAL MATERIALS
|
|
|
67,256,255
|
|
|
|
|
|
Real Estate - 2.1%
|
|
|
|
Diversified REITs - 0.7%
|
|
|
|
Iron Mountain Information Management Services Inc 5% 7/15/2032 (d)
|
|
1,295,000
|
1,209,885
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d)
|
|
1,120,000
|
1,001,608
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (d)
|
|
1,211,000
|
1,285,822
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (d)
|
|
4,258,000
|
4,075,191
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d)
|
|
2,070,000
|
1,893,698
|
Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (d)
|
|
1,445,000
|
1,383,747
|
Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (d)
|
|
3,015,000
|
2,983,629
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (d)
|
|
1,720,000
|
1,670,561
|
|
|
|
|
15,504,141
|
Health Care REITs - 0.5%
|
|
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
|
1,445,000
|
957,705
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
|
9,710,000
|
8,576,099
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d)
|
|
1,600,000
|
1,625,573
|
|
|
|
|
11,159,377
|
Real Estate Management & Development - 0.3%
|
|
|
|
Greystar Real Estate Partners LLC 7.75% 9/1/2030 (d)
|
|
860,000
|
903,111
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (d)
|
|
1,416,000
|
1,371,946
|
Taylor Morrison Communities Inc 5.75% 1/15/2028 (d)
|
|
2,100,000
|
2,100,948
|
Taylor Morrison Communities Inc 5.875% 6/15/2027 (d)
|
|
1,490,000
|
1,497,276
|
Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (d)
|
|
675,000
|
631,326
|
|
|
|
|
6,504,607
|
Specialized REITs - 0.6%
|
|
|
|
Iron Mountain Inc 4.5% 2/15/2031 (d)
|
|
2,975,000
|
2,756,103
|
Iron Mountain Inc 4.875% 9/15/2029 (d)
|
|
3,800,000
|
3,659,695
|
SBA Communications Corp 3.125% 2/1/2029
|
|
1,695,000
|
1,570,374
|
SBA Communications Corp 3.875% 2/15/2027
|
|
6,375,000
|
6,236,647
|
|
|
|
|
14,222,819
|
TOTAL REAL ESTATE
|
|
|
47,390,944
|
|
|
|
|
|
Utilities - 1.8%
|
|
|
|
Electric Utilities - 1.8%
|
|
|
|
Clearway Energy Operating LLC 3.75% 1/15/2032 (d)
|
|
850,000
|
737,133
|
Clearway Energy Operating LLC 3.75% 2/15/2031 (d)
|
|
1,705,000
|
1,517,916
|
Clearway Energy Operating LLC 4.75% 3/15/2028 (d)
|
|
970,000
|
947,981
|
NRG Energy Inc 3.375% 2/15/2029 (d)
|
|
665,000
|
616,446
|
NRG Energy Inc 3.625% 2/15/2031 (d)
|
|
1,320,000
|
1,186,380
|
NRG Energy Inc 3.875% 2/15/2032 (d)
|
|
171,000
|
152,948
|
NRG Energy Inc 5.75% 1/15/2028
|
|
2,765,000
|
2,775,737
|
NRG Energy Inc 6% 2/1/2033 (d)
|
|
760,000
|
752,024
|
NRG Energy Inc 6.25% 11/1/2034 (d)
|
|
910,000
|
908,602
|
Pacific Gas and Electric Co 3.45% 7/1/2025
|
|
400,000
|
398,848
|
Pacific Gas and Electric Co 3.75% 7/1/2028
|
|
400,000
|
387,388
|
Pacific Gas and Electric Co 3.95% 12/1/2047
|
|
885,000
|
620,182
|
Pacific Gas and Electric Co 4% 12/1/2046
|
|
2,184,000
|
1,555,859
|
PG&E Corp 5% 7/1/2028
|
|
10,140,000
|
9,890,696
|
PG&E Corp 5.25% 7/1/2030
|
|
1,150,000
|
1,108,004
|
Vistra Operations Co LLC 4.375% 5/1/2029 (d)
|
|
3,105,000
|
2,985,754
|
Vistra Operations Co LLC 5% 7/31/2027 (d)
|
|
3,565,000
|
3,533,960
|
Vistra Operations Co LLC 5.5% 9/1/2026 (d)
|
|
1,822,000
|
1,816,974
|
Vistra Operations Co LLC 5.625% 2/15/2027 (d)
|
|
4,435,000
|
4,432,132
|
Vistra Operations Co LLC 7.75% 10/15/2031 (d)
|
|
1,965,000
|
2,077,756
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)
|
|
980,000
|
969,891
|
|
|
|
|
39,372,611
|
Gas Utilities - 0.0%
|
|
|
|
Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (d)
|
|
1,610,000
|
1,471,693
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Sunnova Energy Corp 11.75% 10/1/2028 (d)
|
|
2,950,000
|
865,338
|
Sunnova Energy Corp 5.875% 9/1/2026 (d)
|
|
485,000
|
145,500
|
|
|
|
|
1,010,838
|
TOTAL UTILITIES
|
|
|
41,855,142
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
1,008,347,220
|
ZAMBIA - 0.4%
|
|
|
|
Materials - 0.4%
|
|
|
|
Metals & Mining - 0.4%
|
|
|
|
First Quantum Minerals Ltd 8.625% 6/1/2031 (d)
|
|
5,740,000
|
5,824,306
|
First Quantum Minerals Ltd 9.375% 3/1/2029 (d)
|
|
2,390,000
|
2,512,488
|
|
|
|
|
|
TOTAL ZAMBIA
|
|
|
8,336,794
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,190,842,438)
|
|
|
1,161,845,798
|
|
|
|
|
|
Preferred Securities - 4.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 4.0%
|
|
|
|
Energy - 1.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.2%
|
|
|
|
Energy Transfer LP 6.5% (e)(p)
|
|
1,945,000
|
1,989,890
|
Energy Transfer LP 6.625% (e)(p)
|
|
8,261,000
|
8,039,547
|
Energy Transfer LP Series G, 7.125% (e)(p)
|
|
17,150,000
|
17,464,323
|
Mesquite Energy Inc 7.25% (j)(p)
|
|
6,264,000
|
62,640
|
|
|
|
|
27,556,400
|
Financials - 2.5%
|
|
|
|
Banks - 1.4%
|
|
|
|
Bank of America Corp 5.875% (e)(p)
|
|
14,280,000
|
14,233,986
|
JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0329% (e)(f)(p)
|
|
3,555,000
|
3,556,363
|
Wells Fargo & Co 5.875% (e)(p)
|
|
7,645,000
|
7,777,536
|
Wells Fargo & Co 7.625% (e)(p)
|
|
5,740,000
|
6,098,482
|
|
|
|
|
31,666,367
|
Capital Markets - 0.7%
|
|
|
|
Goldman Sachs Group Inc/The 5.3% (e)(p)
|
|
15,000,000
|
15,235,177
|
Consumer Finance - 0.0%
|
|
|
|
Ally Financial Inc 4.7% (e)(p)
|
|
945,000
|
808,589
|
Insurance - 0.4%
|
|
|
|
Alliant Holdings LP 10.5% (e)(k)(p)
|
|
8,524,538
|
8,374,965
|
TOTAL FINANCIALS
|
|
|
56,085,098
|
|
|
|
|
|
Utilities - 0.3%
|
|
|
|
Electric Utilities - 0.3%
|
|
|
|
Edison International 5% (e)(p)
|
|
455,000
|
405,294
|
Edison International 5.375% (e)(p)
|
|
5,885,000
|
5,554,644
|
|
|
|
|
5,959,938
|
TOTAL UNITED STATES
|
|
|
89,601,436
|
|
TOTAL PREFERRED SECURITIES
(Cost $96,203,050)
|
|
|
89,601,436
|
|
|
|
|
|
Money Market Funds - 8.4%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (q)
|
|
4.33
|
186,755,629
|
186,792,980
|
Fidelity Securities Lending Cash Central Fund (q)(r)
|
|
4.33
|
2,076,192
|
2,076,400
|
|
TOTAL MONEY MARKET FUNDS
(Cost $188,869,286)
|
|
|
|
188,869,380
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $2,196,376,537)
|
2,235,488,006
|
NET OTHER ASSETS (LIABILITIES) - 0.1%
|
2,400,324
|
NET ASSETS - 100.0%
|
2,237,888,330
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $61,560,051 or 2.8% 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 $910,473,247 or 40.7% 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)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(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)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(j)
|
Non-income producing - Security is in default.
|
(m)
|
Security or a portion of the security is on loan at period end.
|
(n)
|
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 $2,816,667 and $2,711,042, respectively.
|
(o)
|
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.
|
(p)
|
Security is perpetual in nature with no stated maturity date.
|
(q)
|
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.
|
(r)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Arena Brands Holding Corp
|
6/18/97 - 7/13/98
|
1,538,320
|
|
|
|
|
EchoStar Corp
|
9/30/24
|
2,372,829
|
|
|
|
|
Fidelity Private Credit Company LLC
|
4/28/22 - 4/07/25
|
58,424,881
|
|
|
|
|
New Cotai LLC / New Cotai Capital Corp
|
9/11/20
|
7,223,533
|
|
|
|
|
Northeast Grocery Inc
|
11/08/21
|
135,178
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
260,674,449
|
208,571,069
|
282,452,537
|
6,548,475
|
-
|
(1)
|
186,792,980
|
186,755,629
|
0.3%
|
Fidelity Securities Lending Cash Central Fund
|
1,231,650
|
27,148,982
|
26,304,232
|
735
|
-
|
-
|
2,076,400
|
2,076,192
|
0.0%
|
Total
|
261,906,099
|
235,720,051
|
308,756,769
|
6,549,210
|
-
|
(1)
|
188,869,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Private Credit Company LLC
|
51,761,865
|
7,329,737
|
-
|
5,104,737
|
-
|
(2,786,218)
|
56,305,384
|
5,883,530
|
|
|
51,761,865
|
7,329,737
|
-
|
5,104,737
|
-
|
(2,786,218)
|
56,305,384
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Alternative Funds
|
56,305,384
|
-
|
56,305,384
|
-
|
|
|
Asset-Backed Securities
|
7,680,279
|
-
|
7,680,279
|
-
|
|
|
Bank Loan Obligations
|
|
|
|
|
Communication Services
|
5,399,197
|
-
|
5,399,197
|
-
|
Consumer Discretionary
|
51,911,723
|
-
|
51,911,723
|
-
|
Consumer Staples
|
2,651,390
|
-
|
2,651,390
|
-
|
Energy
|
8,413,659
|
-
|
8,413,659
|
-
|
Financials
|
29,704,432
|
-
|
29,704,432
|
-
|
Health Care
|
20,323,091
|
-
|
20,323,091
|
-
|
Industrials
|
23,156,810
|
-
|
23,156,810
|
-
|
Information Technology
|
107,590,835
|
-
|
107,590,835
|
-
|
Materials
|
28,474,491
|
-
|
28,474,491
|
-
|
Utilities
|
402,061
|
-
|
402,061
|
-
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
40,859,141
|
40,859,141
|
-
|
-
|
Consumer Discretionary
|
56,490,316
|
40,286,067
|
15,206,347
|
997,902
|
Consumer Staples
|
8,327,194
|
5,962,935
|
-
|
2,364,259
|
Energy
|
17,660,198
|
8,048,047
|
599,569
|
9,012,582
|
Financials
|
72,148,155
|
72,147,810
|
-
|
345
|
Health Care
|
4,399,468
|
4,395,315
|
-
|
4,153
|
Industrials
|
84,779,711
|
84,779,711
|
-
|
-
|
Information Technology
|
111,281,985
|
110,730,325
|
-
|
551,660
|
Materials
|
12,293,870
|
12,293,870
|
-
|
-
|
Utilities
|
29,639,665
|
29,638,926
|
-
|
739
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
6,330,449
|
-
|
6,330,449
|
-
|
Consumer Discretionary
|
1,942,591
|
-
|
-
|
1,942,591
|
Financials
|
1,430,640
|
-
|
1,430,640
|
-
|
Information Technology
|
5,574,657
|
-
|
5,574,657
|
-
|
|
|
Non-Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
113,480,482
|
-
|
113,480,482
|
-
|
Consumer Discretionary
|
147,302,201
|
-
|
146,518,014
|
784,187
|
Consumer Staples
|
59,506,110
|
-
|
59,506,110
|
-
|
Energy
|
191,110,531
|
-
|
191,110,531
|
-
|
Financials
|
123,300,345
|
-
|
123,300,345
|
-
|
Health Care
|
81,727,812
|
-
|
81,727,812
|
-
|
Industrials
|
181,827,916
|
-
|
181,827,916
|
-
|
Information Technology
|
77,909,433
|
-
|
73,831,401
|
4,078,032
|
Materials
|
95,441,940
|
-
|
95,441,940
|
-
|
Real Estate
|
47,390,944
|
-
|
47,390,944
|
-
|
Utilities
|
42,848,084
|
-
|
42,848,084
|
-
|
|
|
Preferred Securities
|
|
|
|
|
Energy
|
27,556,400
|
-
|
27,556,400
|
-
|
Financials
|
56,085,098
|
-
|
47,710,133
|
8,374,965
|
Utilities
|
5,959,938
|
-
|
5,959,938
|
-
|
|
|
Money Market Funds
|
188,869,380
|
188,869,380
|
-
|
-
|
Total Investments in Securities:
|
2,235,488,006
|
598,011,527
|
1,609,365,064
|
28,111,415
|
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investement Securities ($)
|
Net Unrealized Gain (Loss) on Investement Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amoritization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
|
Bank Loan Obligations
|
-
|
(526,888)
|
526,888
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Common Stocks
|
13,037,558
|
-
|
46,252
|
243,061
|
(395,231)
|
-
|
-
|
-
|
12,931,640
|
46,252
|
Convertible Corporate Bonds
|
3,701,944
|
-
|
(1,814,828)
|
47,678
|
-
|
7,798
|
-
|
(1)
|
1,942,591
|
(1,814,828)
|
Non-Convertible Corporate Bonds
|
4,731,063
|
-
|
108,247
|
11,651
|
-
|
11,258
|
-
|
-
|
4,862,219
|
108,247
|
Preferred Securities
|
8,270,232
|
-
|
(126,287)
|
231,020
|
-
|
-
|
-
|
-
|
8,374,965
|
(126,287)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
|
|
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of April 30, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $2,016,242) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $1,949,082,370)
|
$
|
1,990,313,242
|
|
|
Fidelity Central Funds (cost $188,869,286)
|
|
188,869,380
|
|
|
Other affiliated issuers (cost $58,424,881)
|
|
56,305,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $2,196,376,537)
|
|
|
$
|
2,235,488,006
|
Cash
|
|
|
|
388,933
|
Foreign currency held at value (cost $54,893)
|
|
|
|
55,840
|
Receivable for investments sold
|
|
|
|
61,016
|
Receivable for fund shares sold
|
|
|
|
1,568,811
|
Dividends receivable
|
|
|
|
65,781
|
Interest receivable
|
|
|
|
22,116,326
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
853,683
|
Prepaid expenses
|
|
|
|
682
|
Other receivables
|
|
|
|
8,198
|
Total assets
|
|
|
|
2,260,607,276
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
|
|
|
|
Regular delivery
|
$
|
13,358,257
|
|
|
Delayed delivery
|
|
1,180,950
|
|
|
Payable for fund shares redeemed
|
|
3,648,281
|
|
|
Distributions payable
|
|
949,666
|
|
|
Accrued management fee
|
|
1,245,939
|
|
|
Distribution and service plan fees payable
|
|
207,540
|
|
|
Other payables and accrued expenses
|
|
51,913
|
|
|
Collateral on securities loaned
|
|
2,076,400
|
|
|
Total liabilities
|
|
|
|
22,718,946
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
2,237,888,330
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
2,197,161,657
|
Total accumulated earnings (loss)
|
|
|
|
40,726,673
|
Net Assets
|
|
|
$
|
2,237,888,330
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($524,888,715 ÷ 45,409,922 shares)(a)
|
|
|
$
|
11.56
|
Maximum offering price per share (100/96.00 of $11.56)
|
|
|
$
|
12.04
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($233,475,570 ÷ 20,076,691 shares)(a)
|
|
|
$
|
11.63
|
Maximum offering price per share (100/96.00 of $11.63)
|
|
|
$
|
12.11
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($62,568,988 ÷ 5,423,678 shares)(a)
|
|
|
$
|
11.54
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,017,833,761 ÷ 94,482,950 shares)
|
|
|
$
|
10.77
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($399,121,296 ÷ 37,045,413 shares)
|
|
|
$
|
10.77
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Statement of Operations
|
Six months ended April 30, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends:
|
|
|
|
|
Unaffiliated issuers
|
|
|
$
|
4,736,857
|
Affiliated issuers
|
|
|
|
4,308,762
|
Interest
|
|
|
|
51,268,578
|
Income from Fidelity Central Funds (including $735 from security lending)
|
|
|
|
6,549,210
|
Total income
|
|
|
|
66,863,407
|
Expenses
|
|
|
|
|
Management fee
|
$
|
8,075,754
|
|
|
Distribution and service plan fees
|
|
1,297,553
|
|
|
Custodian fees and expenses
|
|
10,265
|
|
|
Independent trustees' fees and expenses
|
|
5,146
|
|
|
Registration fees
|
|
89,671
|
|
|
Audit fees
|
|
41,599
|
|
|
Legal
|
|
8,464
|
|
|
Miscellaneous
|
|
11,119
|
|
|
Total expenses before reductions
|
|
9,539,571
|
|
|
Expense reductions
|
|
(212,667)
|
|
|
Total expenses after reductions
|
|
|
|
9,326,904
|
Net Investment income (loss)
|
|
|
|
57,536,503
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
11,910,518
|
|
|
Foreign currency transactions
|
|
554
|
|
|
Capital gain distributions from underlying funds:
|
|
|
|
|
Affiliated issuers
|
|
795,975
|
|
|
Total net realized gain (loss)
|
|
|
|
12,707,047
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(64,065,651)
|
|
|
Fidelity Central Funds
|
|
(1)
|
|
|
Other affiliated issuers
|
|
(2,786,218)
|
|
|
Unfunded commitments
|
|
(1,825,312)
|
|
|
Assets and liabilities in foreign currencies
|
|
1,390
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(68,675,792)
|
Net gain (loss)
|
|
|
|
(55,968,745)
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,567,758
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Year ended
October 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
57,536,503
|
$
|
116,444,137
|
Net realized gain (loss)
|
|
12,707,047
|
|
9,786,819
|
Change in net unrealized appreciation (depreciation)
|
|
(68,675,792)
|
|
220,892,198
|
Net increase (decrease) in net assets resulting from operations
|
|
1,567,758
|
|
347,123,154
|
Distributions to shareholders
|
|
(59,333,377)
|
|
(109,086,155)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
(15,292,742)
|
|
221,824,323
|
Total increase (decrease) in net assets
|
|
(73,058,361)
|
|
459,861,322
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
2,310,946,691
|
|
1,851,085,369
|
End of period
|
$
|
2,237,888,330
|
$
|
2,310,946,691
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Capital & Income Fund Class A
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.83
|
$
|
10.54
|
$
|
10.90
|
$
|
12.94
|
$
|
10.95
|
$
|
11.12
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.279
|
|
.593
|
|
.551
|
|
.455
|
|
.382
|
|
.422
|
Net realized and unrealized gain (loss)
|
|
(.262)
|
|
1.252
|
|
- C
|
|
(1.803)
|
|
1.989
|
|
(.169)
|
Total from investment operations
|
|
.017
|
|
1.845
|
|
.551
|
|
(1.348)
|
|
2.371
|
|
.253
|
Distributions from net investment income
|
|
(.287)
|
|
(.555)
|
|
(.544)
|
|
(.433)
|
|
(.381)
|
|
(.417)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.367)
|
|
(.259)
|
|
-
|
|
(.006)
|
Total distributions
|
|
(.287)
|
|
(.555)
|
|
(.911)
|
|
(.692)
|
|
(.381)
|
|
(.423)
|
Net asset value, end of period
|
$
|
11.56
|
$
|
11.83
|
$
|
10.54
|
$
|
10.90
|
$
|
12.94
|
$
|
10.95
|
Total Return D,E,F
|
|
|
|
17.78%
|
|
5.16%
|
|
(10.75)%
|
|
21.85%
|
|
2.41%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.98% I
|
|
.99%
|
|
.98%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Expenses net of fee waivers, if any
|
|
|
|
.97%
|
|
.98%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Expenses net of all reductions, if any
|
|
.96% I
|
|
.97%
|
|
.98%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Net investment income (loss)
|
|
4.75% I
|
|
5.18%
|
|
5.11%
|
|
3.88%
|
|
3.07%
|
|
3.91%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
524,889
|
$
|
537,083
|
$
|
466,886
|
$
|
462,864
|
$
|
565,899
|
$
|
461,963
|
Portfolio turnover rate J
|
|
|
|
29%
|
|
29%
|
|
29%
|
|
27%
|
|
48%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.0005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital & Income Fund Class M
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.90
|
$
|
10.60
|
$
|
10.96
|
$
|
13.01
|
$
|
11.01
|
$
|
11.18
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.280
|
|
.599
|
|
.556
|
|
.458
|
|
.385
|
|
.425
|
Net realized and unrealized gain (loss)
|
|
(.261)
|
|
1.260
|
|
(.001)
|
|
(1.813)
|
|
1.998
|
|
(.169)
|
Total from investment operations
|
|
.019
|
|
1.859
|
|
.555
|
|
(1.355)
|
|
2.383
|
|
.256
|
Distributions from net investment income
|
|
(.289)
|
|
(.559)
|
|
(.548)
|
|
(.436)
|
|
(.383)
|
|
(.420)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.367)
|
|
(.259)
|
|
-
|
|
(.006)
|
Total distributions
|
|
(.289)
|
|
(.559)
|
|
(.915)
|
|
(.695)
|
|
(.383)
|
|
(.426)
|
Net asset value, end of period
|
$
|
11.63
|
$
|
11.90
|
$
|
10.60
|
$
|
10.96
|
$
|
13.01
|
$
|
11.01
|
Total Return C,D,E
|
|
|
|
17.82%
|
|
5.17%
|
|
(10.75)%
|
|
21.84%
|
|
2.43%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.97% H
|
|
.97%
|
|
.98%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Expenses net of fee waivers, if any
|
|
|
|
.96%
|
|
.97%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Expenses net of all reductions, if any
|
|
.95% H
|
|
.96%
|
|
.97%
|
|
1.01%
|
|
.99%
|
|
1.00%
|
Net investment income (loss)
|
|
4.75% H
|
|
5.19%
|
|
5.11%
|
|
3.89%
|
|
3.08%
|
|
3.91%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
233,476
|
$
|
244,473
|
$
|
223,836
|
$
|
238,446
|
$
|
299,876
|
$
|
265,639
|
Portfolio turnover rate I
|
|
|
|
29%
|
|
29%
|
|
29%
|
|
27%
|
|
48%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital & Income Fund Class C
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.81
|
$
|
10.51
|
$
|
10.88
|
$
|
12.92
|
$
|
10.93
|
$
|
11.10
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.234
|
|
.506
|
|
.469
|
|
.366
|
|
.286
|
|
.339
|
Net realized and unrealized gain (loss)
|
|
(.261)
|
|
1.261
|
|
(.010)
|
|
(1.804)
|
|
1.988
|
|
(.169)
|
Total from investment operations
|
|
(.027)
|
|
1.767
|
|
.459
|
|
(1.438)
|
|
2.274
|
|
.170
|
Distributions from net investment income
|
|
(.243)
|
|
(.467)
|
|
(.462)
|
|
(.343)
|
|
(.284)
|
|
(.334)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.367)
|
|
(.259)
|
|
-
|
|
(.006)
|
Total distributions
|
|
(.243)
|
|
(.467)
|
|
(.829)
|
|
(.602)
|
|
(.284)
|
|
(.340)
|
Net asset value, end of period
|
$
|
11.54
|
$
|
11.81
|
$
|
10.51
|
$
|
10.88
|
$
|
12.92
|
$
|
10.93
|
Total Return C,D,E
|
|
|
|
17.04%
|
|
4.27%
|
|
(11.45)%
|
|
20.95%
|
|
1.63%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.73% H
|
|
1.74%
|
|
1.76%
|
|
1.78%
|
|
1.76%
|
|
1.77%
|
Expenses net of fee waivers, if any
|
|
|
|
1.72%
|
|
1.73%
|
|
1.77%
|
|
1.76%
|
|
1.77%
|
Expenses net of all reductions, if any
|
|
1.71% H
|
|
1.72%
|
|
1.73%
|
|
1.77%
|
|
1.76%
|
|
1.77%
|
Net investment income (loss)
|
|
3.99% H
|
|
4.42%
|
|
4.35%
|
|
3.12%
|
|
2.30%
|
|
3.14%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
62,569
|
$
|
64,010
|
$
|
54,054
|
$
|
56,047
|
$
|
71,058
|
$
|
67,585
|
Portfolio turnover rate I
|
|
|
|
29%
|
|
29%
|
|
29%
|
|
27%
|
|
48%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital & Income Fund Class I
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.03
|
$
|
9.82
|
$
|
10.19
|
$
|
12.12
|
$
|
10.26
|
$
|
10.42
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.273
|
|
.578
|
|
.539
|
|
.454
|
|
.388
|
|
.422
|
Net realized and unrealized gain (loss)
|
|
(.249)
|
|
1.178
|
|
(.007)
|
|
(1.691)
|
|
1.860
|
|
(.157)
|
Total from investment operations
|
|
.024
|
|
1.756
|
|
.532
|
|
(1.237)
|
|
2.248
|
|
.265
|
Distributions from net investment income
|
|
(.284)
|
|
(.546)
|
|
(.535)
|
|
(.434)
|
|
(.388)
|
|
(.419)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.367)
|
|
(.259)
|
|
-
|
|
(.006)
|
Total distributions
|
|
(.284)
|
|
(.546)
|
|
(.902)
|
|
(.693)
|
|
(.388)
|
|
(.425)
|
Net asset value, end of period
|
$
|
10.77
|
$
|
11.03
|
$
|
9.82
|
$
|
10.19
|
$
|
12.12
|
$
|
10.26
|
Total Return C,D
|
|
|
|
18.18%
|
|
5.35%
|
|
(10.56)%
|
|
22.13%
|
|
2.69%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.72% G
|
|
.75%
|
|
.73%
|
|
.76%
|
|
.74%
|
|
.75%
|
Expenses net of fee waivers, if any
|
|
|
|
.73%
|
|
.72%
|
|
.76%
|
|
.74%
|
|
.75%
|
Expenses net of all reductions, if any
|
|
.71% G
|
|
.73%
|
|
.72%
|
|
.76%
|
|
.74%
|
|
.74%
|
Net investment income (loss)
|
|
5.00% G
|
|
5.42%
|
|
5.36%
|
|
4.13%
|
|
3.32%
|
|
4.17%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,017,834
|
$
|
1,018,426
|
$
|
745,215
|
$
|
695,712
|
$
|
903,429
|
$
|
510,187
|
Portfolio turnover rate H
|
|
|
|
29%
|
|
29%
|
|
29%
|
|
27%
|
|
48%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Capital & Income Fund Class Z
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.02
|
$
|
9.82
|
$
|
10.19
|
$
|
12.12
|
$
|
10.26
|
$
|
10.42
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.279
|
|
.590
|
|
.549
|
|
.463
|
|
.399
|
|
.430
|
Net realized and unrealized gain (loss)
|
|
(.239)
|
|
1.166
|
|
(.007)
|
|
(1.690)
|
|
1.860
|
|
(.156)
|
Total from investment operations
|
|
.040
|
|
1.756
|
|
.542
|
|
(1.227)
|
|
2.259
|
|
.274
|
Distributions from net investment income
|
|
(.290)
|
|
(.556)
|
|
(.545)
|
|
(.444)
|
|
(.399)
|
|
(.428)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.367)
|
|
(.259)
|
|
-
|
|
(.006)
|
Total distributions
|
|
(.290)
|
|
(.556)
|
|
(.912)
|
|
(.703)
|
|
(.399)
|
|
(.434)
|
Net asset value, end of period
|
$
|
10.77
|
$
|
11.02
|
$
|
9.82
|
$
|
10.19
|
$
|
12.12
|
$
|
10.26
|
Total Return C,D
|
|
|
|
18.20%
|
|
5.45%
|
|
(10.47)%
|
|
22.25%
|
|
2.79%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.62% G
|
|
.65%
|
|
.64%
|
|
.66%
|
|
.64%
|
|
.65%
|
Expenses net of fee waivers, if any
|
|
|
|
.63%
|
|
.63%
|
|
.66%
|
|
.64%
|
|
.65%
|
Expenses net of all reductions, if any
|
|
.60% G
|
|
.63%
|
|
.63%
|
|
.66%
|
|
.64%
|
|
.65%
|
Net investment income (loss)
|
|
5.11% G
|
|
5.51%
|
|
5.46%
|
|
4.23%
|
|
3.42%
|
|
4.26%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
399,121
|
$
|
446,955
|
$
|
361,094
|
$
|
336,654
|
$
|
363,496
|
$
|
158,690
|
Portfolio turnover rate H
|
|
|
|
29%
|
|
29%
|
|
29%
|
|
27%
|
|
48%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended April 30, 2025
1. Organization.
Fidelity Advisor Capital & Income Fund (the Fund) (formerly Fidelity Advisor High Income Advantage Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Investment in Fidelity Private Credit Company LLC.
The Fund invests in Fidelity Private Credit Company LLC, which is a limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.
Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.
The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2025 was 9.88%.
4. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted 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)
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 services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 services. 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 service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.
Asset Type
|
Fair Value
|
Valuation Technique (s)
|
Unobservable Input
|
Amount or Range / Weighted Average
|
Impact to Valuation from an Increase in Input*
|
Bank Loan Obligations
|
$ -
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Common Stocks
|
$ 12,931,640
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
2.9 - 7.3 / 5.1
|
Increase
|
|
|
Market approach
|
Transaction price
|
$2.92
|
Increase
|
|
|
Discounted cash flow
|
Discount rate
|
9.4% - 13.3% / 9.5%
|
Decrease
|
|
|
Recovery value
|
Recovery value
|
$0.00 - $0.22 / $0.05
|
Increase
|
|
|
Black scholes
|
Discount rate
|
3.8% - 4.0% / 3.8%
|
Increase
|
|
|
|
Term
|
1.8 - 4.2 / 1.9
|
Increase
|
|
|
|
Volatility
|
45.0% - 60.0% / 45.2%
|
Increase
|
Convertible Corporate Bonds
|
$ 1,942,591
|
Black scholes
|
Discount rate
|
3.8%
|
Increase
|
|
|
|
Term
|
1.8
|
Increase
|
|
|
|
Volatility
|
45.0%
|
Increase
|
Non-Convertible Corporate Bonds
|
$ 4,862,219
|
Indicative market price
|
Evaluated bid
|
$6.00 - $21.50 / $16.91
|
Increase
|
|
|
Discounted cash flow
|
Yield
|
16.3%
|
Decrease
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Preferred Securities
|
$ 8,374,965
|
Discounted cash flow
|
Yield
|
10.4%
|
Decrease
|
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in interest. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in interest receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor Capital & Income Fund
|
$7,392
|
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$155,796,799
|
Gross unrealized depreciation
|
(109,786,538)
|
Net unrealized appreciation (depreciation)
|
$46,010,261
|
Tax cost
|
$2,189,477,745
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term
|
$(5,110,175)
|
Long-term
|
(21,200,037)
|
Total capital loss carryforward
|
$(26,310,212)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Fidelity Advisor Capital & Income Fund
|
Fidelity Private Credit Company LLC
|
5,319,991
|
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Advisor Capital & Income Fund
|
206,212,078
|
171,406,621
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.71
|
Class M
|
.70
|
Class C
|
.73
|
Class I
|
.71
|
Class Z
|
.61
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.71
|
Class M
|
.71
|
Class C
|
.71
|
Class I
|
.71
|
Class Z
|
.61
|
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
Class A
|
- %
|
.25%
|
671,304
|
33,965
|
Class M
|
- %
|
.25%
|
301,925
|
4,047
|
Class C
|
.75%
|
.25%
|
324,324
|
78,005
|
|
|
|
1,297,553
|
116,017
|
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
33,048
|
Class M
|
4,341
|
Class C A
|
175
|
|
37,564
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Advisor Capital & Income Fund
|
304
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Advisor Capital & Income Fund
|
3,528,433
|
276,383
|
93,040
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
Amount ($)
|
Fidelity Advisor Capital & Income Fund
|
1,835
|
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
Fidelity Advisor Capital & Income Fund
|
77
|
-
|
-
|
9. Expense Reductions.
The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until February 28, 2026. During the period, this waiver reduced the Fund's management fee by $203,755.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $8,912.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Capital & Income Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$13,062,675
|
$25,078,208
|
Class M
|
5,873,472
|
11,683,271
|
Class C
|
1,335,406
|
2,461,395
|
Class I
|
27,385,662
|
45,474,839
|
Class Z
|
11,676,162
|
24,388,442
|
Total
|
59,333,377
|
109,086,155
|
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Capital & Income Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
4,139,605
|
9,217,875
|
$48,930,717
|
$105,494,300
|
Reinvestment of distributions
|
1,021,415
|
2,014,106
|
12,077,639
|
23,136,995
|
Shares redeemed
|
(5,154,380)
|
(10,144,747)
|
(60,828,625)
|
(116,368,909)
|
Net increase (decrease)
|
6,640
|
1,087,234
|
$179,731
|
$12,262,386
|
Class M
|
|
|
|
|
Shares sold
|
1,063,056
|
2,496,793
|
$12,619,008
|
$28,673,865
|
Reinvestment of distributions
|
460,575
|
941,706
|
5,479,105
|
10,877,624
|
Shares redeemed
|
(1,989,352)
|
(4,014,473)
|
(23,617,202)
|
(46,312,852)
|
Net increase (decrease)
|
(465,721)
|
(575,974)
|
$(5,519,089)
|
$(6,761,363)
|
Class C
|
|
|
|
|
Shares sold
|
625,825
|
1,556,559
|
$7,417,374
|
$17,808,924
|
Reinvestment of distributions
|
108,753
|
205,821
|
1,283,631
|
2,358,178
|
Shares redeemed
|
(732,668)
|
(1,481,390)
|
(8,611,987)
|
(16,954,786)
|
Net increase (decrease)
|
1,910
|
280,990
|
$89,018
|
$3,212,316
|
Class I
|
|
|
|
|
Shares sold
|
18,831,786
|
40,631,234
|
$208,022,469
|
$434,438,865
|
Reinvestment of distributions
|
2,239,376
|
3,778,288
|
24,674,410
|
40,500,020
|
Shares redeemed
|
(18,947,695)
|
(27,917,153)
|
(206,465,266)
|
(297,633,954)
|
Net increase (decrease)
|
2,123,467
|
16,492,369
|
$26,231,613
|
$177,304,931
|
Class Z
|
|
|
|
|
Shares sold
|
10,760,428
|
26,221,220
|
$119,165,861
|
$280,321,281
|
Reinvestment of distributions
|
777,225
|
1,930,565
|
8,564,668
|
20,717,520
|
Shares redeemed
|
(15,043,906)
|
(24,357,552)
|
(164,004,544)
|
(265,232,748)
|
Net increase (decrease)
|
(3,506,253)
|
3,794,233
|
$(36,274,015)
|
$35,806,053
|
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.703458.127
HY-SANN-0625
Fidelity Advisor® Floating Rate High Income Fund
Semi-Annual Report
April 30, 2025
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity Advisor® Floating Rate High Income Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Alternative Funds - 0.8%
|
|
|
|
Shares
|
Value ($)
|
Fidelity Private Credit Company LLC (b)(c)
(Cost $121,106,381)
|
|
12,190,513
|
116,663,210
|
|
|
|
|
|
Asset-Backed Securities - 0.3%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
BAILIWICK OF JERSEY - 0.0%
|
|
|
|
GoldenTree Loan Management US CLO 21 Ltd Series 2024-21A Class DJ, CME Term SOFR 3 month Index + 4.25%, 8.5195% 7/20/2037 (d)(e)(f)
|
|
2,807,000
|
2,796,389
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.3%
|
|
|
|
Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (d)(e)(f)
|
|
2,103,000
|
2,063,396
|
Apidos Clo Liii Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 6.75% 7/20/2038 (d)(e)(f)(g)
|
|
2,178,000
|
2,134,440
|
Apidos Ln Fd 2024-1 Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 4/25/2035 (d)(e)(f)
|
|
373,000
|
370,094
|
Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (d)(e)(f)
|
|
1,345,000
|
1,321,963
|
Benefit Str Partners Clo Vi-B Ltd Series 2025-6BR Class ER, CME Term SOFR 3 month Index + 4.75%, 9.0331% 4/20/2038 (d)(e)(f)
|
|
908,000
|
880,284
|
Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 7.0928% 4/22/2038 (d)(e)(f)
|
|
1,989,000
|
1,938,209
|
Birch Grove Clo 4 Ltd Series 2024-4A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7561% 7/15/2037 (d)(e)(f)
|
|
865,000
|
850,671
|
Carval Clo Xi-C Ltd Series 2024-3A Class E, CME Term SOFR 3 month Index + 6.35%, 10.6195% 10/20/2037 (d)(e)(f)
|
|
460,000
|
451,980
|
Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 0% 7/21/2038 (d)(e)(f)(g)
|
|
2,671,000
|
2,671,000
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
|
1,110,000
|
1,078,304
|
Eaton Vance CLO Ltd Series 2024-1A Class D2, CME Term SOFR 3 month Index + 4.5%, 8.7561% 10/15/2037 (d)(e)(f)
|
|
1,810,000
|
1,782,153
|
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 4.1% 4/15/2038 (d)(e)(f)(g)
|
|
1,268,000
|
1,256,629
|
Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 0% 4/15/2038 (d)(e)(f)(g)
|
|
1,947,000
|
1,920,137
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
|
1,023,000
|
1,010,197
|
Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5195% 10/20/2037 (d)(e)(f)
|
|
1,153,000
|
1,110,400
|
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (d)(e)(f)
|
|
1,457,000
|
1,423,268
|
OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 9.0195% 4/20/2037 (d)(e)(f)
|
|
1,952,000
|
1,949,404
|
Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.8219% 2/20/2038 (d)(e)(f)
|
|
6,050,000
|
5,949,456
|
Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (d)(e)(f)
|
|
884,000
|
859,762
|
Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (d)(e)(f)
|
|
2,704,000
|
2,608,603
|
Palmer Square Loan Funding Series 2024-3A Class D, CME Term SOFR 3 month Index + 5.4%, 9.6974% 8/8/2032 (d)(e)(f)
|
|
5,670,000
|
5,552,988
|
Pikes Peak Clo 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 8.0695% 4/20/2038 (d)(e)(f)
|
|
752,000
|
739,782
|
Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f)
|
|
1,250,000
|
1,227,126
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
|
|
41,150,246
|
UNITED STATES - 0.0%
|
|
|
|
Diameter Capital Clo 1 Ltd Series 2024-1A Class DR, CME Term SOFR 3 month Index + 6.15%, 10.4061% 10/15/2037 (d)(e)(f)
|
|
1,315,000
|
1,294,473
|
Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f)
|
|
4,213,000
|
4,154,364
|
Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 11.1731% 1/20/2038 (d)(e)(f)
|
|
948,000
|
931,967
|
TOTAL UNITED STATES
|
|
|
6,380,804
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $51,220,099)
|
|
|
50,327,439
|
|
|
|
|
|
Bank Loan Obligations - 88.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
BRAZIL - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Patagonia Holdco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0519% 8/1/2029 (e)(f)(h)
|
|
14,040,091
|
11,863,877
|
CANADA - 1.7%
|
|
|
|
Consumer Discretionary - 0.9%
|
|
|
|
Automobiles - 0.1%
|
|
|
|
Bombardier Recreational Products Inc Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 12/13/2029 (e)(f)(h)
|
|
9,260,318
|
8,995,751
|
Bombardier Recreational Products Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/22/2031 (e)(f)(h)
|
|
3,877,920
|
3,734,126
|
|
|
|
|
12,729,877
|
Hotels, Restaurants & Leisure - 0.8%
|
|
|
|
1011778 BC ULC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 9/23/2030 (e)(f)(h)
|
|
73,851,339
|
73,020,512
|
Four Seasons Hotels Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 11/30/2029 (e)(f)(h)
|
|
28,378,834
|
28,382,523
|
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 8/1/2030 (e)(f)(h)
|
|
16,615,688
|
16,042,446
|
|
|
|
|
117,445,481
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
130,175,358
|
|
|
|
|
|
Consumer Staples - 0.2%
|
|
|
|
Household Products - 0.2%
|
|
|
|
Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 6/27/2031 (e)(f)(h)
|
|
27,297,048
|
21,871,760
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
Rockpoint Gas Storage Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 9/18/2031 (e)(f)(h)
|
|
26,650,675
|
26,292,490
|
Financials - 0.0%
|
|
|
|
Insurance - 0.0%
|
|
|
|
Jones Deslauriers Insurance Management Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0297% 3/15/2030 (e)(f)(h)
|
|
11,393,646
|
11,222,742
|
Health Care - 0.2%
|
|
|
|
Health Care Equipment & Supplies - 0.2%
|
|
|
|
VetStrategy Canada Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 12/6/2028 (e)(f)(h)
|
|
30,373,923
|
30,095,394
|
Industrials - 0.0%
|
|
|
|
Passenger Airlines - 0.0%
|
|
|
|
Air Canada Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3234% 3/21/2031 (e)(f)(h)
|
|
11,335,500
|
11,171,022
|
Materials - 0.2%
|
|
|
|
Chemicals - 0.2%
|
|
|
|
Groupe Solmax Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.2531% 5/27/2028 (e)(f)(h)
|
|
27,394,292
|
22,470,990
|
TOTAL CANADA
|
|
|
253,299,756
|
FINLAND - 0.0%
|
|
|
|
Materials - 0.0%
|
|
|
|
Paper & Forest Products - 0.0%
|
|
|
|
Ahlstrom-Munksjo Oyj 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.3108% 2/4/2028 (e)(f)(h)
|
|
6,552,009
|
6,478,299
|
FRANCE - 0.8%
|
|
|
|
Communication Services - 0.8%
|
|
|
|
Diversified Telecommunication Services - 0.8%
|
|
|
|
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (e)(f)(h)
|
|
128,298,345
|
115,211,914
|
Media - 0.0%
|
|
|
|
Numericable US LLC Tranche B-13 1LN, term loan CME Term SOFR 6 month Index + 4%, 10.5% 8/14/2026 (e)(f)(h)
|
|
7,829,068
|
6,830,861
|
TOTAL FRANCE
|
|
|
122,042,775
|
GERMANY - 0.3%
|
|
|
|
Industrials - 0.3%
|
|
|
|
Machinery - 0.2%
|
|
|
|
TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2368% 4/30/2030 (e)(f)(h)
|
|
26,414,477
|
26,282,405
|
Professional Services - 0.1%
|
|
|
|
Stepstone Group MidCo 2 GmbH/The Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 0% 12/19/2031 (e)(f)(h)(i)
|
|
11,835,000
|
11,272,837
|
TOTAL GERMANY
|
|
|
37,555,242
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|
|
|
Industrials - 0.1%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
Azorra Soar Tlb Finance Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.7993% 10/18/2029 (e)(f)(h)
|
|
11,278,250
|
11,212,498
|
HONG KONG - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Diversified Consumer Services - 0.1%
|
|
|
|
Fugue Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4956% 1/9/2032 (e)(f)(h)
|
|
20,471,825
|
20,420,645
|
INDIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
BYJU's Alpha Inc Tranche B 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(h)(i)(j)
|
|
20,791,044
|
1,829,612
|
BYJU's Alpha Inc Tranche BRIDGE TERM LOAN, term loan CME Term SOFR 3 month Index + 8%, 12.3249% 4/9/2026 (e)(f)(h)(k)
|
|
112,388
|
111,264
|
BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 6.3297% 4/9/2026 (e)(f)(h)(k)(l)
|
|
365,643
|
361,986
|
BYJU's Alpha Inc Tranche Prepetition Reimbursement TL, term loan CME Term SOFR 3 month Index + 8%, 12.3249% 4/9/2026 (e)(f)(h)(k)
|
|
518,842
|
513,654
|
|
|
|
|
|
TOTAL INDIA
|
|
|
2,816,516
|
LUXEMBOURG - 0.3%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Media - 0.0%
|
|
|
|
Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.2561% 10/31/2027 (e)(f)(h)
|
|
8,574,384
|
6,949,538
|
Consumer Discretionary - 0.1%
|
|
|
|
Hotels, Restaurants & Leisure - 0.1%
|
|
|
|
Travelport Finance Luxembourg Sarl 1LN, term loan CME Term SOFR 3 month Index + 2.48%, 12.1842% 9/29/2028 (e)(f)(h)
|
|
15,987,690
|
13,364,270
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
SK Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 0% (e)(f)(h)(i)(j)
|
|
11,864,743
|
333,755
|
Materials - 0.2%
|
|
|
|
Containers & Packaging - 0.2%
|
|
|
|
Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.2266% 2/9/2026 (e)(f)(h)
|
|
23,311,110
|
20,828,477
|
TOTAL LUXEMBOURG
|
|
|
41,476,040
|
NETHERLANDS - 1.1%
|
|
|
|
Consumer Staples - 0.2%
|
|
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|
|
|
Flora Food Management US Corp Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.2762% 1/3/2028 (e)(f)(h)
|
|
24,145,066
|
23,970,014
|
Industrials - 0.7%
|
|
|
|
Building Products - 0.7%
|
|
|
|
Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 1/20/2032 (e)(f)(h)
|
|
100,369,658
|
97,547,263
|
Materials - 0.2%
|
|
|
|
Chemicals - 0.2%
|
|
|
|
Nouryon Finance BV Tranche B-1 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5531% 4/3/2028 (e)(f)(h)
|
|
12,868,064
|
12,766,149
|
Nouryon Finance BV Tranche B-2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5539% 4/3/2028 (e)(f)(h)
|
|
9,816,184
|
9,738,440
|
|
|
|
|
22,504,589
|
Utilities - 0.0%
|
|
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5608% 8/27/2028 (e)(f)(h)(k)
|
|
22,324,220
|
16,296,680
|
TOTAL NETHERLANDS
|
|
|
160,318,546
|
PUERTO RICO - 0.4%
|
|
|
|
Communication Services - 0.4%
|
|
|
|
Media - 0.4%
|
|
|
|
Coral-US Co-Borrower LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4363% 10/15/2029 (e)(f)(h)
|
|
2,855,000
|
2,814,402
|
Coral-US Co-Borrower LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5061% 1/24/2032 (e)(f)(h)
|
|
51,164,947
|
50,032,155
|
LCPR Loan Financing LLC 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1863% 10/16/2028 (e)(f)(h)
|
|
8,320,000
|
6,673,804
|
|
|
|
|
|
TOTAL PUERTO RICO
|
|
|
59,520,361
|
SPAIN - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
Grifols Worldwide Operations USA Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.4632% 11/15/2027 (e)(f)(h)
|
|
11,036,000
|
10,868,915
|
SWEDEN - 0.3%
|
|
|
|
Industrials - 0.3%
|
|
|
|
Commercial Services & Supplies - 0.3%
|
|
|
|
Anticimex Global AB Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.49% 11/16/2028 (e)(f)(h)
|
|
32,778,076
|
32,474,878
|
Anticimex Global AB Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.74% 11/16/2028 (e)(f)(h)
|
|
4,362,292
|
4,341,833
|
|
|
|
|
|
TOTAL SWEDEN
|
|
|
36,816,711
|
SWITZERLAND - 0.2%
|
|
|
|
Materials - 0.2%
|
|
|
|
Chemicals - 0.2%
|
|
|
|
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8132% 11/15/2030 (e)(f)(h)
|
|
31,620,600
|
28,927,157
|
UNITED KINGDOM - 2.7%
|
|
|
|
Communication Services - 0.5%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Connect US FinCo LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 12/12/2026 (e)(f)(h)
|
|
587,651
|
582,879
|
Entertainment - 0.5%
|
|
|
|
Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.569% 12/2/2031 (e)(f)(h)
|
|
76,296,263
|
75,509,649
|
TOTAL COMMUNICATION SERVICES
|
|
|
76,092,528
|
|
|
|
|
|
Consumer Discretionary - 1.2%
|
|
|
|
Hotels, Restaurants & Leisure - 1.2%
|
|
|
|
City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 8.0413% 7/22/2030 (e)(f)(h)
|
|
64,206,175
|
62,601,021
|
Entain Holdings Gibraltar Ltd Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.9027% 3/16/2027 (e)(f)(h)
|
|
12,656,875
|
12,627,511
|
Entain PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0527% 10/31/2029 (e)(f)(h)
|
|
28,018,217
|
27,971,426
|
Flutter Entertainment PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0492% 11/25/2030 (e)(f)(h)
|
|
55,035,389
|
54,106,942
|
|
|
|
|
157,306,900
|
Energy - 0.5%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.5%
|
|
|
|
EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5632% 2/7/2028 (e)(f)(h)
|
|
74,058,763
|
73,939,528
|
Health Care - 0.1%
|
|
|
|
Health Care Providers & Services - 0.1%
|
|
|
|
Loire Finco Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 1/31/2030 (e)(f)(h)(i)
|
|
10,985,000
|
10,870,536
|
Industrials - 0.4%
|
|
|
|
Commercial Services & Supplies - 0.1%
|
|
|
|
HomeServe USA Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5686% 10/21/2030 (e)(f)(h)
|
|
22,992,750
|
22,856,173
|
Construction & Engineering - 0.3%
|
|
|
|
Red SPV LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 3/15/2032 (e)(f)(h)
|
|
39,920,000
|
39,670,500
|
TOTAL INDUSTRIALS
|
|
|
62,526,673
|
|
|
|
|
|
TOTAL UNITED KINGDOM
|
|
|
380,736,165
|
UNITED STATES - 79.8%
|
|
|
|
Communication Services - 5.4%
|
|
|
|
Diversified Telecommunication Services - 2.4%
|
|
|
|
Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.6508% 7/31/2025 (e)(f)(h)
|
|
38,501,039
|
22,876,162
|
Aventiv Technologies LLC 2LN, term loan CME Term SOFR 3 month Index + 8.65%, 13.6108% 11/1/2025 (e)(f)(h)
|
|
35,274,550
|
264,559
|
Aventiv Technologies LLC Tranche DEC FLSO, term loan CME Term SOFR 3 month Index + 10%, 14.5645% 12/24/2025 (e)(f)(h)
|
|
1,964,644
|
1,996,570
|
Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0608% 7/31/2025 (e)(f)(h)
|
|
1,008,875
|
958,431
|
Aventiv Technologies LLC Tranche FLSO, term loan 14.5222% 3/25/2026 (e)(h)
|
|
19,752,929
|
20,049,223
|
Consolidated Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 10/2/2027 (e)(f)(h)
|
|
33,168,033
|
32,790,249
|
Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.7923% 7/1/2031 (e)(f)(h)
|
|
30,888,865
|
30,708,783
|
Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 3/29/2032 (e)(f)(h)(i)
|
|
51,005,000
|
50,826,483
|
Lumen Technologies Inc Tranche A 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3216% 6/1/2028 (e)(f)(h)
|
|
27,107,611
|
26,972,073
|
Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7861% 4/16/2029 (e)(f)(h)
|
|
49,934,410
|
47,656,403
|
Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7861% 4/15/2030 (e)(f)(h)
|
|
79,542,037
|
75,664,363
|
Zayo Group Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4361% 3/9/2027 (e)(f)(h)
|
|
28,324,819
|
26,281,466
|
Zayo Group Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 3/9/2027 (e)(f)(h)
|
|
17,146,000
|
15,980,072
|
|
|
|
|
353,024,837
|
Entertainment - 0.8%
|
|
|
|
Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.9492% 2/10/2027 (e)(f)(h)
|
|
39,075,850
|
19,147,167
|
AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9361% 9/1/2027 (e)(f)(h)
|
|
32,346,300
|
28,990,371
|
AP Core Holdings II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9361% 9/1/2027 (e)(f)(h)
|
|
30,875,000
|
27,512,404
|
ECL Entertainment LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 8/30/2030 (e)(f)(h)
|
|
9,162,562
|
9,070,935
|
Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6861% 8/5/2028 (e)(f)(h)
|
|
26,661,971
|
25,662,147
|
|
|
|
|
110,383,024
|
Interactive Media & Services - 0.1%
|
|
|
|
TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0492% 7/8/2031 (e)(f)(h)
|
|
13,647,634
|
13,238,205
|
Media - 1.7%
|
|
|
|
Advantage Sales & Marketing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.789% 10/28/2027 (e)(f)(h)
|
|
30,182,574
|
26,485,209
|
Charter Comm Operating LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2976% 12/9/2030 (e)(f)(h)
|
|
8,611,000
|
8,558,387
|
Charter Comm Operating LLC Tranche B5 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5476% 12/15/2031 (e)(f)(h)
|
|
63,175,377
|
62,922,675
|
Dotdash Meredith Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8237% 12/1/2028 (e)(f)(h)
|
|
32,313,499
|
31,263,311
|
Nexstar Media Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9361% 9/19/2026 (e)(f)(h)
|
|
17,914,457
|
17,906,037
|
Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.7361% 12/31/2029 (e)(f)(h)
|
|
2,895,000
|
2,258,100
|
Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 8.5216% 12/31/2030 (e)(f)(h)
|
|
10,553,163
|
8,231,467
|
Townsquare Media Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 9.323% 2/13/2030 (e)(f)(h)
|
|
8,245,000
|
7,482,337
|
Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 6/24/2029 (e)(f)(h)
|
|
5,855,801
|
5,654,537
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 1/31/2029 (e)(f)(h)
|
|
25,907,995
|
24,515,441
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 1/31/2029 (e)(f)(h)
|
|
11,785,938
|
11,285,035
|
Virgin Media Bristol LLC Tranche Y 1LN, term loan CME Term SOFR 6 month Index + 3.175%, 7.373% 3/31/2031 (e)(f)(h)
|
|
42,305,000
|
41,040,504
|
|
|
|
|
247,603,040
|
Wireless Telecommunication Services - 0.4%
|
|
|
|
Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3237% 1/30/2031 (e)(f)(h)
|
|
42,518,700
|
42,433,663
|
SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.08% 1/27/2031 (e)(f)(h)
|
|
18,299,645
|
18,273,659
|
|
|
|
|
60,707,322
|
TOTAL COMMUNICATION SERVICES
|
|
|
784,956,428
|
|
|
|
|
|
Consumer Discretionary - 17.0%
|
|
|
|
Automobile Components - 1.0%
|
|
|
|
American Trailer World Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 3/5/2028 (e)(f)(h)
|
|
23,696,513
|
18,483,280
|
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 5/6/2030 (e)(f)(h)
|
|
26,347,766
|
25,789,720
|
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/28/2032 (e)(f)(h)
|
|
53,910,000
|
52,719,667
|
Lippert Components Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 3/25/2032 (e)(f)(h)
|
|
16,575,000
|
16,326,375
|
Novae LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.4528% 12/22/2028 (e)(f)(h)
|
|
11,917,852
|
11,014,121
|
Power Stop LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.1297% 1/26/2029 (e)(f)(h)
|
|
23,070,789
|
14,034,653
|
|
|
|
|
138,367,816
|
Automobiles - 0.3%
|
|
|
|
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9361% 6/3/2028 (e)(f)(h)
|
|
29,297,812
|
27,790,733
|
HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 4/22/2030 (e)(f)(h)
|
|
18,711,544
|
18,524,428
|
|
|
|
|
46,315,161
|
Broadline Retail - 3.2%
|
|
|
|
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8992% 6/18/2029 (e)(f)(h)
|
|
74,361,626
|
70,132,681
|
CNT Holdings I Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7797% 11/8/2032 (e)(f)(h)
|
|
23,303,647
|
23,164,524
|
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/23/2032 (e)(f)(h)
|
|
369,015,455
|
360,066,831
|
|
|
|
|
453,364,036
|
Distributors - 0.8%
|
|
|
|
BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 12/26/2030 (e)(f)(h)
|
|
42,899,380
|
42,390,164
|
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 1/20/2032 (e)(f)(h)(i)
|
|
31,605,000
|
30,119,565
|
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 1/6/2028 (e)(f)(h)
|
|
6,827,846
|
6,486,454
|
Windsor Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0734% 8/1/2030 (e)(f)(h)
|
|
34,059,112
|
33,539,710
|
|
|
|
|
112,535,893
|
Diversified Consumer Services - 1.2%
|
|
|
|
AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.319% 7/31/2028 (e)(f)(h)
|
|
80,228,910
|
79,202,782
|
KUEHG Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 6/12/2030 (e)(f)(h)
|
|
13,131,418
|
13,070,488
|
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (e)(f)(h)
|
|
105,542,284
|
85,901,921
|
|
|
|
|
178,175,191
|
Hotels, Restaurants & Leisure - 7.0%
|
|
|
|
19th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6711% 2/7/2029 (e)(f)(h)
|
|
29,508,903
|
28,070,344
|
Aramark Services Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 4/6/2028 (e)(f)(h)
|
|
17,156,494
|
17,169,361
|
Aramark Services Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 6/24/2030 (e)(f)(h)
|
|
21,793,344
|
21,756,949
|
Arcis Golf LLC 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 11/24/2028 (e)(f)(h)
|
|
15,915,775
|
15,756,618
|
Arcis Golf LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 11/24/2028 (e)(f)(h)(i)
|
|
1,389,375
|
1,375,481
|
Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5632% 1/26/2030 (e)(f)(h)
|
|
75,714,400
|
74,540,828
|
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5632% 2/6/2031 (e)(f)(h)
|
|
61,840,350
|
60,771,130
|
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 10/18/2028 (e)(f)(h)
|
|
21,858,017
|
21,762,498
|
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 8/9/2027 (e)(f)(h)
|
|
11,851,659
|
11,829,496
|
ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5608% 9/18/2026 (e)(f)(h)
|
|
25,880,744
|
25,874,274
|
Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5625% 11/1/2031 (e)(f)(h)
|
|
39,172,882
|
36,026,908
|
Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5625% 6/29/2029 (e)(f)(h)
|
|
14,927,115
|
13,775,339
|
Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 4/1/2029 (e)(f)(h)
|
|
28,807,513
|
27,475,165
|
Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 1/27/2029 (e)(f)(h)
|
|
165,059,158
|
160,624,019
|
Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5716% 2/12/2029 (e)(f)(h)
|
|
8,894,850
|
8,858,737
|
Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 1/28/2032 (e)(f)(h)
|
|
27,300,000
|
26,617,500
|
Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6861% 12/1/2028 (e)(f)(h)
|
|
8,211,580
|
8,139,729
|
Golden Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 5/26/2030 (e)(f)(h)
|
|
29,200,586
|
28,762,577
|
Golden State Foods LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5711% 12/4/2031 (e)(f)(h)
|
|
13,920,398
|
13,927,915
|
Herschend Entertainment Co LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/27/2028 (e)(f)(h)
|
|
6,470,325
|
6,405,622
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 1/17/2031 (e)(f)(h)
|
|
13,191,300
|
12,788,174
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 8/2/2028 (e)(f)(h)
|
|
46,156,830
|
45,233,694
|
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0766% 11/8/2030 (e)(f)(h)
|
|
21,135,341
|
21,048,897
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (e)(f)(h)
|
|
27,537,678
|
24,554,521
|
J&J Ventures Gaming LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 4/26/2030 (e)(f)(h)
|
|
29,481,223
|
28,071,725
|
KFC Holding Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.1844% 3/15/2028 (e)(f)(h)
|
|
10,440,536
|
10,443,772
|
Life Time Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.7847% 10/22/2031 (e)(f)(h)
|
|
27,371,400
|
27,172,957
|
Light & Wonder International Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5699% 4/16/2029 (e)(f)(h)
|
|
15,501,288
|
15,449,668
|
Marriott Ownership Resorts Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 4/1/2031 (e)(f)(h)
|
|
22,374,299
|
21,889,448
|
PCI Gaming Authority Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 7/18/2031 (e)(f)(h)
|
|
8,130,745
|
8,055,210
|
Raising Cane's Restaurants LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 9/18/2031 (e)(f)(h)
|
|
4,716,300
|
4,701,585
|
Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 3/14/2031 (e)(f)(h)
|
|
46,566,500
|
46,164,165
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (e)(f)(h)
|
|
49,012,946
|
46,419,182
|
United PF Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0413% 12/30/2027 (e)(f)(h)
|
|
3,500,000
|
2,800,000
|
United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0413% 12/30/2026 (e)(f)(h)
|
|
9,350,445
|
8,929,675
|
Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 8/3/2028 (e)(f)(h)
|
|
48,449,397
|
48,126,239
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (e)(f)(h)
|
|
15,860,860
|
15,279,242
|
|
|
|
|
996,648,644
|
Household Durables - 0.8%
|
|
|
|
Madison Safety & Flow LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 9/26/2031 (e)(f)(h)
|
|
6,691,375
|
6,632,825
|
Somnigroup International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.78% 10/24/2031 (e)(f)(h)
|
|
45,845,100
|
45,707,565
|
Tecta America Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/18/2032 (e)(f)(h)
|
|
9,095,000
|
8,990,771
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 10/30/2027 (e)(f)(h)
|
|
59,779,430
|
55,968,492
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 10/30/2027 (e)(f)(h)
|
|
5,575,082
|
5,180,199
|
|
|
|
|
122,479,852
|
Leisure Products - 0.2%
|
|
|
|
Lids Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9451% 12/14/2026 (e)(f)(h)(k)
|
|
8,109,832
|
8,028,734
|
Topgolf Callaway Brands Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 3/18/2030 (e)(f)(h)
|
|
28,192,807
|
26,442,598
|
|
|
|
|
34,471,332
|
Specialty Retail - 2.2%
|
|
|
|
Academy Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1881% 11/6/2027 (e)(f)(h)
|
|
5,934,371
|
5,894,789
|
At Home Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6861% 7/24/2028 (e)(f)(h)
|
|
17,189,096
|
4,569,377
|
Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0519% 10/2/2031 (e)(f)(h)
|
|
37,647,075
|
37,495,357
|
Franchise Group Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.75%, 9.2533% 3/10/2026 (e)(f)(h)
|
|
22,022,194
|
8,852,922
|
Franchise Group Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.75%, 9.3023% 3/10/2026 (e)(f)(h)
|
|
6,392,996
|
2,569,985
|
Franchise Group Inc Tranche B DIP ROLLUP, term loan CME Term SOFR 1 month Index + 4.75%, 9.1684% 6/5/2025 (e)(f)(h)(k)
|
|
12,729,139
|
12,570,024
|
Franchise Group Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 9%, 13.4165% 5/7/2025 (e)(f)(h)(l)
|
|
10,586,177
|
10,559,711
|
Johnstone Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8199% 6/9/2031 (e)(f)(h)
|
|
20,317,900
|
20,121,020
|
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (e)(f)(h)
|
|
33,090,000
|
31,748,531
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (e)(f)(h)
|
|
18,461,701
|
17,434,861
|
Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.8108% 4/15/2028 (e)(f)(h)
|
|
19,001,189
|
10,369,899
|
Needle Holdings LLC Tranche EXIT 1LN, term loan CME Term SOFR 3 month Index + 9.5%, 0% (e)(f)(h)(i)(j)
|
|
9,063,185
|
2,175,164
|
Restoration Hardware Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9361% 10/20/2028 (e)(f)(h)
|
|
27,665,522
|
25,625,190
|
Restoration Hardware Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 10/20/2028 (e)(f)(h)
|
|
9,145,488
|
8,534,661
|
RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 2/8/2028 (e)(f)(h)
|
|
34,607,413
|
30,627,560
|
Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0407% 9/10/2029 (e)(f)(h)
|
|
69,458,947
|
59,792,347
|
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 4/16/2028 (e)(f)(h)
|
|
11,835,783
|
11,263,759
|
Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 1/30/2031 (e)(f)(h)
|
|
12,012,363
|
11,833,499
|
Woof Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.3108% 12/21/2027 (e)(f)(h)
|
|
14,218,420
|
6,625,784
|
|
|
|
|
318,664,440
|
Textiles, Apparel & Luxury Goods - 0.3%
|
|
|
|
Crocs Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5492% 2/20/2029 (e)(f)(h)
|
|
8,720,279
|
8,725,773
|
Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 11/23/2028 (e)(f)(h)
|
|
8,490,668
|
8,458,827
|
Varsity Brands Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8185% 8/26/2031 (e)(f)(h)
|
|
32,080,000
|
31,478,500
|
|
|
|
|
48,663,100
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
2,449,685,465
|
|
|
|
|
|
Consumer Staples - 2.4%
|
|
|
|
Beverages - 0.8%
|
|
|
|
Celsius Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5476% 4/1/2032 (e)(f)(h)
|
|
16,610,000
|
16,499,211
|
Naked Juice LLC Tranche EXCH FLSO FL20, term loan CME Term SOFR 3 month Index + 3.25%, 7.5576% 1/24/2029 (e)(f)(h)
|
|
35,438,045
|
22,193,076
|
Naked Juice LLC Tranche EXCH FLTO FL30 PIK, term loan CME Term SOFR 3 month Index + 6%, 10.3076% 1/24/2030 (e)(f)(h)
|
|
6,741,563
|
1,904,491
|
Naked Juice LLC Tranche NEW $$ FLFO , term loan CME Term SOFR 1 month Index + 5.5%, 9.7076% 1/24/2029 (e)(f)(h)
|
|
26,556,605
|
25,321,723
|
Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 3/31/2028 (e)(f)(h)
|
|
52,659,754
|
52,185,817
|
|
|
|
|
118,104,318
|
Consumer Staples Distribution & Retail - 0.5%
|
|
|
|
BJ's Wholesale Club Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0711% 2/5/2029 (e)(f)(h)
|
|
10,200,286
|
10,223,645
|
Froneri US Inc Tranche B-4 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.2368% 9/29/2031 (e)(f)(h)
|
|
17,651,260
|
17,505,637
|
Heritage Grocers Group LLC 1LN, term loan CME Term SOFR 3 month Index + 6.75%, 11.1492% 8/1/2029 (e)(f)(h)
|
|
28,532,854
|
25,509,227
|
JP Intermediate B LLC 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 0% (e)(f)(h)(i)(j)
|
|
20,003,932
|
700,138
|
Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5347% 4/2/2029 (e)(f)(h)
|
|
22,878,116
|
22,543,180
|
|
|
|
|
76,481,827
|
Food Products - 1.0%
|
|
|
|
Aspire Bakeries Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 12/23/2030 (e)(f)(h)
|
|
17,573,445
|
17,529,511
|
Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 10/25/2027 (e)(f)(h)
|
|
25,905,452
|
25,867,630
|
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.7158% 8/2/2028 (e)(f)(h)
|
|
43,276,858
|
26,020,212
|
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 15.4685% 8/2/2028 (e)(f)(h)
|
|
23,406,936
|
22,295,106
|
Del Monte Foods Corp II Inc Tranche FLFO B, term loan CME Term SOFR 3 month Index + 8%, 12.409% 8/2/2028 (e)(f)(h)(k)
|
|
21,867,020
|
21,867,020
|
Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 2/12/2031 (e)(f)(h)
|
|
26,514,486
|
26,251,993
|
|
|
|
|
139,831,472
|
Personal Care Products - 0.1%
|
|
|
|
Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1861% 5/17/2028 (e)(f)(h)
|
|
14,067,672
|
7,104,175
|
Olaplex Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9216% 2/23/2029 (e)(f)(h)
|
|
7,079,861
|
6,164,789
|
|
|
|
|
13,268,964
|
TOTAL CONSUMER STAPLES
|
|
|
347,686,581
|
|
|
|
|
|
Energy - 2.5%
|
|
|
|
Energy Equipment & Services - 0.2%
|
|
|
|
WaterBridge Midstream Operating LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0528% 6/22/2029 (e)(f)(h)
|
|
33,015,596
|
31,387,597
|
Oil, Gas & Consumable Fuels - 2.3%
|
|
|
|
Apro LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0488% 7/9/2031 (e)(f)(h)
|
|
22,571,575
|
22,345,859
|
BCP Renaissance Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2992% 10/31/2028 (e)(f)(h)
|
|
8,679,494
|
8,651,285
|
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 3/17/2028 (e)(f)(h)
|
|
8,864,232
|
8,650,959
|
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 12/31/2030 (e)(f)(h)
|
|
55,637,687
|
55,308,868
|
CVR Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (e)(f)(h)
|
|
13,745,550
|
13,642,458
|
Delek US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9216% 11/19/2029 (e)(f)(h)
|
|
22,757,029
|
21,725,908
|
EMG Utica Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.2992% 4/1/2030 (e)(f)(h)
|
|
13,970,000
|
13,865,225
|
EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2561% 10/9/2031 (e)(f)(h)
|
|
15,286,688
|
15,256,726
|
GIP II Blue Holding LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 9/29/2028 (e)(f)(h)
|
|
19,496,944
|
19,525,409
|
Hamilton Projects Acquiror LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 5/30/2031 (e)(f)(h)
|
|
9,959,774
|
9,977,602
|
Hilcorp Energy I LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3209% 2/5/2030 (e)(f)(h)
|
|
16,880,000
|
16,584,600
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (e)(f)(h)
|
|
119,591,850
|
85,414,892
|
Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.009% 2/28/2030 (e)(f)(h)
|
|
19,215,500
|
18,462,829
|
Prairie Acquiror LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 8/1/2029 (e)(f)(h)
|
|
9,722,046
|
9,559,201
|
WaterBridge NDB Operating LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3147% 5/10/2029 (e)(f)(h)
|
|
8,502,225
|
8,302,083
|
|
|
|
|
327,273,904
|
TOTAL ENERGY
|
|
|
358,661,501
|
|
|
|
|
|
Financials - 9.9%
|
|
|
|
Capital Markets - 1.9%
|
|
|
|
BroadStreet Partners Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 6/16/2031 (e)(f)(h)
|
|
34,961,342
|
34,767,656
|
Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3216% 10/24/2031 (e)(f)(h)
|
|
53,764,048
|
53,658,671
|
CPI Holdco B LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 5/19/2031 (e)(f)(h)
|
|
19,154,075
|
19,001,800
|
Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 9/15/2031 (e)(f)(h)
|
|
26,398,075
|
26,050,148
|
GTCR Everest Borrower LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 9/5/2031 (e)(f)(h)
|
|
22,067,163
|
21,918,871
|
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2907% 1/15/2032 (e)(f)(h)
|
|
25,969,845
|
25,515,373
|
Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3132% 12/15/2031 (e)(f)(h)
|
|
59,697,043
|
58,830,242
|
NGP XI Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7992% 7/25/2031 (e)(f)(h)
|
|
10,498,688
|
10,341,207
|
PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.9666% 11/19/2031 (e)(f)(h)
|
|
19,200,000
|
19,104,000
|
Superannuation & Investments US LLC 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1861% 12/1/2028 (e)(f)(h)
|
|
10,932,050
|
10,872,798
|
|
|
|
|
280,060,766
|
Financial Services - 2.8%
|
|
|
|
ACNR Holdings Inc term loan 13% (e)(h)(k)(m)
|
|
7,110,795
|
7,120,039
|
Boost Newco Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 1/31/2031 (e)(f)(h)
|
|
82,174,575
|
81,969,139
|
Dragon Buyer Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 9/30/2031 (e)(f)(h)
|
|
15,655,763
|
15,550,086
|
Empire Today LP, LLC Tranche EXCH 1ST OUT TLB, term loan 10.0413% 8/30/2029 (e)(h)
|
|
1,721,894
|
1,523,876
|
Empire Today LP, LLC Tranche EXCH FLSO TL, term loan 9.5413% 8/30/2029 (e)(h)
|
|
10,474,853
|
4,189,941
|
Empire Today LP, LLC Tranche NEW $ 1ST OUT TLA, term loan 10.0413% 8/30/2029 (e)(h)
|
|
3,267,656
|
2,891,876
|
Epic Creations Inc Tranche DD DIP TL, term loan 14.3249% 5/2/2025 (e)(h)(k)
|
|
175,191
|
175,191
|
Heubach Holding USA LLC Tranche TL, term loan CME Term SOFR 1 month Index + 10%, 0% (e)(f)(h)(i)(j)(k)
|
|
2,939,516
|
0
|
NCR Atleos Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0297% 4/16/2029 (e)(f)(h)
|
|
13,117,579
|
13,117,579
|
Neon Maple US Debt Mergersub Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/17/2031 (e)(f)(h)
|
|
44,015,000
|
43,695,011
|
Nexus Buyer LLC 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.6716% 11/5/2029 (e)(f)(h)
|
|
10,030,000
|
9,871,225
|
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 7/31/2031 (e)(f)(h)
|
|
49,919,555
|
49,746,334
|
Priority Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0716% 5/16/2031 (e)(f)(h)
|
|
12,704,871
|
12,641,347
|
Recess Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0252% 2/20/2030 (e)(f)(h)
|
|
20,137,378
|
19,929,762
|
STG Distribution, LLC Tranche EXCHANGE FLFO 1LN, term loan CME Term SOFR 1 month Index + 8.35%, 12.6737% 10/3/2029 (e)(f)(h)(k)
|
|
5,128,243
|
5,041,063
|
STG Distribution, LLC Tranche EXCHANGE FLSO 2LN, term loan CME Term SOFR 1 month Index + 7.6%, 11.9237% 9/30/2029 (e)(f)(h)(k)
|
|
10,962,027
|
6,314,128
|
Trans Union LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 6/6/2031 (e)(f)(h)
|
|
21,153,582
|
21,001,488
|
Trans Union LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 6/24/2031 (e)(f)(h)
|
|
12,522,338
|
12,444,073
|
UFC Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.58% 11/21/2031 (e)(f)(h)
|
|
13,750,538
|
13,730,462
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (e)(f)(h)
|
|
95,560,000
|
91,419,385
|
|
|
|
|
412,372,005
|
Insurance - 5.2%
|
|
|
|
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/6/2030 (e)(f)(h)
|
|
154,961,793
|
152,928,694
|
AmWINS Group Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 1/21/2032 (e)(f)(h)
|
|
41,381,263
|
41,142,079
|
Amynta Agency Borrower Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/29/2031 (e)(f)(h)
|
|
18,460,258
|
18,271,779
|
Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 8/19/2028 (e)(f)(h)
|
|
48,138,846
|
46,401,515
|
Asurion LLC Tranche B11 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 8/19/2028 (e)(f)(h)
|
|
55,175,357
|
53,383,261
|
Asurion LLC Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 9/19/2030 (e)(f)(h)
|
|
59,391,294
|
56,700,275
|
Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6861% 1/31/2028 (e)(f)(h)
|
|
63,157,555
|
58,826,841
|
Asurion LLC Tranche B4 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6861% 1/20/2029 (e)(f)(h)
|
|
98,816,391
|
90,447,631
|
Asurion LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 7/31/2027 (e)(f)(h)
|
|
32,201,191
|
31,449,937
|
HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7695% 6/20/2030 (e)(f)(h)
|
|
86,066,070
|
85,455,001
|
Ryan Specialty LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 9/15/2031 (e)(f)(h)
|
|
18,569,392
|
18,476,545
|
TIH Insurance Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 5/6/2032 (e)(f)(h)
|
|
10,875,526
|
10,832,024
|
TIH Insurance Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 5/6/2031 (e)(f)(h)
|
|
27,707,258
|
27,372,555
|
USI Inc/NY Tranche C 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 9/27/2030 (e)(f)(h)
|
|
9,747,316
|
9,674,211
|
USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5492% 11/23/2029 (e)(f)(h)
|
|
38,229,701
|
37,963,622
|
|
|
|
|
739,325,970
|
TOTAL FINANCIALS
|
|
|
1,431,758,741
|
|
|
|
|
|
Health Care - 6.3%
|
|
|
|
Health Care Equipment & Supplies - 1.5%
|
|
|
|
Avantor Funding Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.4216% 11/8/2027 (e)(f)(h)
|
|
1,078,559
|
1,078,893
|
Embecta Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3132% 3/31/2029 (e)(f)(h)
|
|
14,578,318
|
14,421,893
|
Insulet Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 8/1/2031 (e)(f)(h)
|
|
54,353,093
|
54,271,563
|
Medline Borrower LP 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 10/21/2028 (e)(f)(h)
|
|
120,406,443
|
119,515,436
|
Sotera Health Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5492% 5/30/2031 (e)(f)(h)
|
|
12,447,375
|
12,392,980
|
Viant Medical Holdings Inc 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3216% 10/16/2031 (e)(f)(h)
|
|
11,416,388
|
11,392,641
|
|
|
|
|
213,073,406
|
Health Care Providers & Services - 2.2%
|
|
|
|
Accelerated Health Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.6992% 2/15/2029 (e)(f)(h)
|
|
15,901,863
|
11,386,847
|
Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5709% 2/11/2028 (e)(f)(h)
|
|
30,808,994
|
30,638,312
|
DaVita Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 5/9/2031 (e)(f)(h)
|
|
24,959,575
|
24,769,383
|
Examworks Bidco Inc Tranche B 1LN, term loan 7.0716% 11/1/2028 (e)(h)
|
|
14,772,756
|
14,703,029
|
Gainwell Acquisition Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3992% 10/1/2027 (e)(f)(h)
|
|
10,664,898
|
9,896,706
|
HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3216% 9/24/2031 (e)(f)(h)
|
|
37,391,288
|
36,035,853
|
Hanger Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 10/23/2031 (e)(f)(h)
|
|
12,172,700
|
12,133,626
|
Hanger Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 4.1482% 10/16/2031 (e)(f)(h)(l)
|
|
1,567,300
|
1,562,269
|
ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 7/3/2028 (e)(f)(h)
|
|
11,711,566
|
11,716,485
|
ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 7/3/2028 (e)(f)(h)
|
|
2,917,944
|
2,919,170
|
MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 4/15/2031 (e)(f)(h)
|
|
23,449,956
|
23,388,048
|
National Mentor Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1674% 3/2/2028 (e)(f)(h)
|
|
13,158,851
|
12,520,121
|
National Mentor Holdings Inc Tranche C 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.1492% 3/2/2028 (e)(f)(h)
|
|
224,787
|
213,875
|
Phoenix Guarantor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 2/21/2031 (e)(f)(h)
|
|
18,092,707
|
17,949,413
|
Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 11/15/2028 (e)(f)(h)
|
|
41,326,919
|
41,053,335
|
Southern Veterinary Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5273% 12/4/2031 (e)(f)(h)
|
|
43,075,000
|
42,908,300
|
US Anesthesia Partners Inc 2LN, term loan CME Term SOFR 1 month Index + 7.5%, 11.9381% 10/1/2029 (e)(f)(h)
|
|
1,410,000
|
1,276,050
|
US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6881% 10/1/2028 (e)(f)(h)
|
|
4,920,750
|
4,859,733
|
US Fertility Enterprises LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.5%, 8.7849% 10/14/2031 (e)(f)(h)
|
|
11,129,932
|
11,018,632
|
US Fertility Enterprises LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 5.8695% 10/7/2031 (e)(f)(h)(l)
|
|
507,174
|
502,102
|
US Radiology Specialists Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 12/15/2027 (e)(f)(h)
|
|
13,040,533
|
13,032,448
|
|
|
|
|
324,483,737
|
Health Care Technology - 1.4%
|
|
|
|
AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/15/2029 (e)(f)(h)
|
|
71,423,098
|
70,720,295
|
Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (h)
|
|
8,930,000
|
8,812,838
|
Cotiviti Inc 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0772% 3/29/2032 (e)(f)(h)
|
|
20,635,000
|
20,144,919
|
Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0737% 4/30/2031 (e)(f)(h)
|
|
48,936,637
|
47,835,563
|
Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 9/28/2029 (e)(f)(h)
|
|
27,477,450
|
26,790,514
|
Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 11/26/2031 (e)(f)(h)
|
|
29,723,325
|
29,068,520
|
|
|
|
|
203,372,649
|
Pharmaceuticals - 1.2%
|
|
|
|
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (e)(f)(h)
|
|
81,440,000
|
76,689,605
|
Elanco Animal Health Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.1737% 8/1/2027 (e)(f)(h)
|
|
6,037,340
|
5,997,613
|
Endo Finance Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 4/23/2031 (e)(f)(h)
|
|
33,092,279
|
32,009,831
|
Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 5/5/2028 (e)(f)(h)
|
|
37,327,951
|
37,174,533
|
Organon & Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5699% 5/19/2031 (e)(f)(h)
|
|
29,068,661
|
27,760,571
|
|
|
|
|
179,632,153
|
TOTAL HEALTH CARE
|
|
|
920,561,945
|
|
|
|
|
|
Industrials - 13.0%
|
|
|
|
Aerospace & Defense - 1.5%
|
|
|
|
Bleriot US Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 10/31/2030 (e)(f)(h)
|
|
11,743,301
|
11,655,226
|
Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3201% 1/27/2032 (e)(f)(h)
|
|
13,730,000
|
13,495,492
|
Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0466% 2/26/2032 (e)(f)(h)
|
|
50,436,810
|
49,635,369
|
Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 0% 2/26/2032 (e)(f)(h)(i)(l)
|
|
4,758,190
|
4,682,582
|
Signia Aerospace LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3209% 12/11/2031 (e)(f)(h)
|
|
24,230,769
|
23,897,597
|
Signia Aerospace LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3%, 1% 11/24/2031 (e)(f)(h)(l)
|
|
2,019,231
|
1,991,466
|
TransDigm Inc Tranche I 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 8/24/2028 (e)(f)(h)
|
|
33,555,039
|
33,485,245
|
TransDigm Inc Tranche J 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7992% 2/28/2031 (e)(f)(h)
|
|
16,043,254
|
15,871,430
|
TransDigm Inc Tranche K 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 3/22/2030 (e)(f)(h)
|
|
36,160,030
|
36,053,358
|
TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7992% 1/20/2032 (e)(f)(h)
|
|
21,705,925
|
21,463,904
|
|
|
|
|
212,231,669
|
Air Freight & Logistics - 0.5%
|
|
|
|
Dynasty Acquisition Co Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 10/31/2031 (e)(f)(h)
|
|
20,981,659
|
20,851,782
|
Dynasty Acquisition Co Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 10/31/2031 (e)(f)(h)
|
|
7,980,754
|
7,931,353
|
Echo Global Logistics Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 11/23/2028 (e)(f)(h)
|
|
11,114,069
|
10,498,127
|
Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.1716% 11/23/2028 (e)(f)(h)(k)
|
|
18,963,750
|
18,963,751
|
Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7%, 11.4216% 11/23/2029 (e)(f)(h)(k)
|
|
8,145,000
|
8,145,000
|
Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2992% 3/18/2030 (e)(f)(h)
|
|
10,934,448
|
10,057,942
|
|
|
|
|
76,447,955
|
Building Products - 1.2%
|
|
|
|
ACProducts Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.8108% 5/17/2028 (e)(f)(h)
|
|
33,491,018
|
22,401,807
|
APi Group DE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 1/3/2029 (e)(f)(h)
|
|
16,107,004
|
16,068,991
|
AZZ Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 5/11/2029 (e)(f)(h)
|
|
15,436,896
|
15,402,163
|
Chariot Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 10/22/2028 (e)(f)(h)
|
|
15,208,766
|
15,001,622
|
Emrld Borrower LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7992% 8/2/2031 (e)(f)(h)
|
|
13,735,975
|
13,555,759
|
Griffon Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 1/24/2029 (e)(f)(h)
|
|
18,348,073
|
18,262,020
|
HP PHRG Borrower LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4%, 8.3219% 2/20/2032 (e)(f)(h)
|
|
25,685,000
|
23,694,413
|
Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.25%, 8.5492% 4/29/2029 (e)(f)(h)
|
|
40,053,951
|
38,216,677
|
Specialty Building Products Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 10/16/2028 (e)(f)(h)
|
|
8,322,096
|
7,754,612
|
|
|
|
|
170,358,064
|
Commercial Services & Supplies - 5.3%
|
|
|
|
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 12/21/2028 (e)(f)(h)
|
|
82,251,686
|
80,576,220
|
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 5/14/2028 (e)(f)(h)
|
|
99,137,775
|
98,987,085
|
ArchKey Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0329% 11/3/2031 (e)(f)(h)
|
|
18,975,517
|
18,880,640
|
ArchKey Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 4.75% 11/1/2031 (e)(f)(h)(l)
|
|
2,189,483
|
2,178,535
|
Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/10/2031 (e)(f)(h)
|
|
40,067,007
|
38,070,068
|
Bifm CA Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 5/31/2028 (e)(f)(h)
|
|
15,617,833
|
15,570,042
|
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7907% 8/1/2030 (e)(f)(h)
|
|
66,402,694
|
61,269,102
|
Brock Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6%, 10.2992% 5/2/2030 (e)(f)(h)
|
|
8,731,125
|
8,578,330
|
Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 5.9297% 5/3/2029 (e)(f)(h)
|
|
24,700,789
|
20,254,647
|
Core & Main LP Tranche E 1LN, term loan CME Term SOFR 6 month Index + 2%, 6.2704% 2/10/2031 (e)(f)(h)
|
|
8,197,355
|
8,170,058
|
Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 8/1/2029 (e)(f)(h)
|
|
35,199,186
|
35,144,276
|
Filtration Group Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 10/24/2028 (e)(f)(h)
|
|
15,695,399
|
15,664,636
|
GEO Group Inc/The Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5716% 4/14/2029 (e)(f)(h)
|
|
12,775,872
|
12,923,561
|
GFL Environmental Services Inc/ON Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8185% 3/3/2032 (e)(f)(h)
|
|
41,410,000
|
40,788,850
|
Madison IAQ LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 3/29/2032 (e)(f)(h)(i)
|
|
29,475,000
|
29,161,975
|
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7622% 6/21/2028 (e)(f)(h)
|
|
36,927,325
|
36,544,389
|
Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0797% 10/11/2028 (e)(f)(h)
|
|
7,792,771
|
6,810,336
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (e)(f)(h)
|
|
88,438,579
|
77,832,141
|
OMNIA Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0326% 7/25/2030 (e)(f)(h)
|
|
33,639,756
|
33,457,428
|
Pitney Bowes Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 3/19/2032 (e)(f)(h)
|
|
10,365,000
|
10,175,010
|
Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
|
10,758,286
|
10,704,494
|
Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8211% 11/30/2028 (e)(f)(h)
|
|
11,369,487
|
11,326,853
|
Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
|
828,599
|
824,456
|
Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8211% 11/30/2028 (e)(f)(h)
|
|
625,989
|
623,641
|
RLG Holdings LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7.5%, 11.9361% 7/9/2029 (e)(f)(h)
|
|
2,290,000
|
1,511,400
|
Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4345% 12/10/2026 (e)(f)(h)
|
|
9,531,289
|
9,503,458
|
Tidal Waste & Recycling Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7992% 10/6/2031 (e)(f)(h)
|
|
9,725,000
|
9,720,916
|
Vericast Corp 1LN, term loan CME Term SOFR 1 month Index + 7.75%, 12.0349% 6/15/2030 (e)(f)(h)
|
|
13,857,792
|
12,275,647
|
Vestis Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5786% 2/24/2031 (e)(f)(h)
|
|
6,689,781
|
6,505,812
|
Wellful Inc Tranche BOOTSTRAP FLSO TL, term loan CME Term SOFR 3 month Index + 6.25%, 12.4394% 10/19/2030 (e)(f)(h)
|
|
11,622,713
|
8,135,899
|
Wellful Inc Tranche PRIMING TL, term loan CME Term SOFR 1 month Index + 5%, 9.4361% 4/19/2030 (e)(f)(h)
|
|
12,115,766
|
11,873,451
|
WMB Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 11/3/2029 (e)(f)(h)
|
|
25,053,640
|
24,782,309
|
|
|
|
|
758,825,665
|
Construction & Engineering - 0.5%
|
|
|
|
Chromalloy Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0379% 3/21/2031 (e)(f)(h)
|
|
15,242,586
|
14,983,462
|
Construction Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8201% 11/3/2031 (e)(f)(h)
|
|
15,736,325
|
15,605,242
|
Pike Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4361% 1/21/2028 (e)(f)(h)
|
|
15,389,041
|
15,408,277
|
Traverse Midstream Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 2/16/2028 (e)(f)(h)
|
|
9,422,017
|
9,374,907
|
Zekelman Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5709% 1/24/2031 (e)(f)(h)
|
|
11,412,169
|
11,336,734
|
|
|
|
|
66,708,622
|
Electrical Equipment - 0.3%
|
|
|
|
Array Technologies Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6845% 10/14/2027 (e)(f)(h)
|
|
17,071,285
|
16,900,572
|
Vertiv Group Corp Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0694% 3/2/2027 (e)(f)(h)
|
|
33,384,485
|
33,236,258
|
|
|
|
|
50,136,830
|
Ground Transportation - 0.2%
|
|
|
|
Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0492% 4/10/2031 (e)(f)(h)
|
|
32,232,691
|
31,783,689
|
Machinery - 0.7%
|
|
|
|
Ali Group North America Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.4361% 7/22/2029 (e)(f)(h)
|
|
2,462,747
|
2,465,209
|
Chart Industries Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7879% 3/18/2030 (e)(f)(h)
|
|
18,753,401
|
18,624,565
|
CPM Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8237% 9/28/2028 (e)(f)(h)
|
|
10,271,487
|
9,920,511
|
Crown Equipment Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5418% 10/10/2031 (e)(f)(h)
|
|
14,086,600
|
13,992,642
|
JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.6716% 1/2/2032 (e)(f)(h)
|
|
8,375,000
|
8,343,594
|
STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 3/25/2031 (e)(f)(h)
|
|
42,517,857
|
40,843,929
|
TNT Crane & Rigging Inc 2LN, term loan CME Term SOFR 1 month Index + 8.75%, 13.3092% 12/3/2026 (e)(f)(h)(k)
|
|
5,887,434
|
5,259,834
|
|
|
|
|
99,450,284
|
Passenger Airlines - 0.5%
|
|
|
|
AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5224% 4/20/2028 (e)(f)(h)
|
|
19,622,618
|
19,181,110
|
American Airlines 2016-3 Class A Pass Through Trust Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5068% 6/4/2029 (e)(f)(h)
|
|
14,468,850
|
14,031,746
|
SkyMiles IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/20/2027 (e)(f)(h)
|
|
7,049,316
|
7,100,705
|
United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2752% 2/24/2031 (e)(f)(h)
|
|
24,288,556
|
24,189,944
|
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0476% 4/1/2031 (e)(f)(h)
|
|
10,560,000
|
10,502,765
|
|
|
|
|
75,006,270
|
Professional Services - 1.6%
|
|
|
|
Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 9/29/2031 (e)(f)(h)
|
|
66,765,138
|
65,826,420
|
CACI International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0735% 10/30/2031 (e)(f)(h)
|
|
13,890,188
|
13,786,011
|
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 12/30/2028 (e)(f)(h)
|
|
41,187,575
|
39,352,669
|
CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3132% 9/29/2028 (e)(f)(h)
|
|
21,703,861
|
21,622,472
|
Dayforce Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2797% 3/3/2031 (e)(f)(h)
|
|
12,118,578
|
12,103,429
|
EAB Global Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/16/2030 (e)(f)(h)
|
|
20,275,156
|
19,850,595
|
Galaxy US Opco Inc 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.2797% 7/31/2030 (e)(f)(h)
|
|
19,269,803
|
15,993,936
|
Maximus Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 5/30/2031 (e)(f)(h)
|
|
7,925,113
|
7,826,048
|
Sedgwick Claims Management Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3132% 7/31/2031 (e)(f)(h)
|
|
41,385,599
|
41,153,012
|
|
|
|
|
237,514,592
|
Trading Companies & Distributors - 0.3%
|
|
|
|
Foundation Building Materials Inc 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.791% 1/29/2028 (e)(f)(h)
|
|
3,914,832
|
3,749,742
|
Foundation Building Materials Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2798% 1/29/2031 (e)(f)(h)
|
|
48,122,330
|
44,221,053
|
|
|
|
|
47,970,795
|
Transportation Infrastructure - 0.4%
|
|
|
|
AIT Worldwide Logistics Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3019% 4/8/2030 (e)(f)(h)
|
|
22,372,789
|
21,375,410
|
Lasership Inc Tranche A 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5492% 1/2/2029 (e)(f)(h)
|
|
6,582,766
|
6,358,228
|
Lasership Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 10.0608% 8/10/2029 (e)(f)(h)
|
|
17,210,444
|
8,278,225
|
Lasership Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 7%, 8.2992% 1/2/2029 (e)(f)(h)
|
|
981,353
|
495,583
|
Lasership Inc Tranche E 1LN, term loan CME Term SOFR 1 month Index + 7.5%, 6.0608% 8/10/2029 (e)(f)(h)
|
|
1,899,736
|
335,303
|
WWEX Uni Topco Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 7/26/2028 (e)(f)(h)
|
|
22,643,652
|
21,898,223
|
|
|
|
|
58,740,972
|
TOTAL INDUSTRIALS
|
|
|
1,885,175,407
|
|
|
|
|
|
Information Technology - 15.2%
|
|
|
|
Communications Equipment - 0.7%
|
|
|
|
Ciena Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0699% 10/24/2030 (e)(f)(h)
|
|
6,297,310
|
6,257,951
|
CommScope LLC 1LN, term loan 9.5716% 12/17/2029 (e)(h)
|
|
96,953,887
|
95,044,866
|
|
|
|
|
101,302,817
|
Electronic Equipment, Instruments & Components - 1.0%
|
|
|
|
Coherent Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 7/2/2029 (e)(f)(h)
|
|
29,115,966
|
28,752,016
|
DG Investment Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 6.75%, 11.1861% 3/31/2029 (e)(f)(h)
|
|
2,490,000
|
2,409,075
|
DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.9361% 3/31/2028 (e)(f)(h)
|
|
25,853,627
|
25,743,749
|
DG Investment Intermediate Holdings Inc Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 3.5% 3/31/2028 (e)(f)(h)(l)
|
|
1,028,156
|
992,170
|
Go Daddy Operating Co LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 11/13/2029 (e)(f)(h)
|
|
14,423,134
|
14,355,201
|
Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 8/18/2031 (e)(f)(h)
|
|
32,556,649
|
32,439,771
|
MX Holdings US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 3/17/2032 (e)(f)(h)
|
|
15,780,000
|
15,701,100
|
TCP Sunbelt Acquisition Co Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5715% 10/15/2031 (e)(f)(h)
|
|
18,269,213
|
18,235,049
|
|
|
|
|
138,628,131
|
IT Services - 2.9%
|
|
|
|
Ahead DB Holdings LLC Tranche B3 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 2/3/2031 (e)(f)(h)
|
|
17,231,147
|
17,088,473
|
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (e)(f)(h)
|
|
44,148,550
|
40,186,218
|
GTT Communications Inc Tranche HOLDCO 1LN, term loan CME Term SOFR 1 month Index + 9%, 13.3561% 6/30/2028 (e)(f)(h)
|
|
4,663,813
|
3,610,584
|
Indy US Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 3/6/2028 (e)(f)(h)
|
|
16,035,000
|
15,974,869
|
Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 9.3216% 3/21/2033 (e)(f)(h)
|
|
18,975,000
|
18,508,594
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (e)(f)(h)
|
|
60,225,000
|
59,751,632
|
Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 6/17/2031 (e)(f)(h)
|
|
39,581,104
|
39,002,429
|
Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 2/1/2028 (e)(f)(h)
|
|
93,380,194
|
84,058,983
|
VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 6/20/2031 (e)(f)(h)
|
|
21,500,000
|
21,392,500
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
|
78,760,000
|
76,774,461
|
X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9492% 10/26/2029 (e)(f)(h)
|
|
51,749,362
|
50,080,445
|
|
|
|
|
426,429,188
|
Semiconductors & Semiconductor Equipment - 0.2%
|
|
|
|
MKS Instruments Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3234% 8/17/2029 (e)(f)(h)
|
|
27,832,994
|
27,568,579
|
Software - 10.1%
|
|
|
|
Applied Systems Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 2/24/2031 (e)(f)(h)
|
|
28,818,400
|
28,738,285
|
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (e)(f)(h)
|
|
10,412,417
|
10,200,941
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (e)(f)(h)
|
|
55,702,894
|
54,986,555
|
Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 3/24/2031 (e)(f)(h)
|
|
38,663,727
|
38,186,617
|
Cloud Software Group Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7992% 3/29/2029 (e)(f)(h)
|
|
57,430,985
|
56,699,889
|
ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 8.0608% 9/30/2028 (e)(f)(h)
|
|
21,518,475
|
21,446,819
|
Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 10/16/2026 (e)(f)(h)
|
|
76,960,864
|
74,288,783
|
Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.3216% 2/19/2029 (e)(f)(h)
|
|
26,540,126
|
21,762,903
|
Eagle Parent Canada Inc Tranche INCR B, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 3/17/2029 (e)(f)(h)(k)
|
|
40,608,225
|
37,593,105
|
Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 10/29/2029 (e)(f)(h)
|
|
29,338,037
|
29,186,066
|
Epicor Software Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 5/30/2031 (e)(f)(h)
|
|
31,722,478
|
31,542,295
|
Flexera Software LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2993% 3/3/2028 (e)(f)(h)
|
|
22,324,376
|
22,180,830
|
Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 9/12/2029 (e)(f)(h)
|
|
55,614,636
|
55,066,275
|
Genesys Cloud Services Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 1/30/2032 (e)(f)(h)
|
|
31,077,113
|
30,617,482
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (e)(f)(h)
|
|
41,175,000
|
40,877,717
|
Leia Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.4576% 10/12/2032 (e)(f)(h)
|
|
7,150,000
|
6,792,500
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 12/31/2031 (e)(f)(h)
|
|
68,033,549
|
59,468,806
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 5/3/2028 (e)(f)(h)
|
|
72,875,279
|
68,867,138
|
MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5716% 2/23/2029 (e)(f)(h)
|
|
12,580,000
|
11,133,300
|
Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7797% 7/1/2031 (e)(f)(h)
|
|
70,029,983
|
66,240,660
|
Optiv Parent Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.5326% 7/31/2026 (e)(f)(h)
|
|
25,511,533
|
19,811,236
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (e)(f)(h)
|
|
156,300,580
|
150,487,761
|
Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 0% 11/22/2032 (e)(f)(h)(i)
|
|
19,595,000
|
18,737,719
|
Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 10/28/2030 (e)(f)(h)(i)
|
|
17,100,000
|
17,016,893
|
Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 10/28/2030 (e)(f)(h)
|
|
28,018,930
|
27,882,758
|
Project Boost Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 7/16/2031 (e)(f)(h)
|
|
24,453,333
|
24,205,376
|
Project Boost Purchaser LLC Tranche B 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.5492% 7/17/2032 (e)(f)(h)
|
|
5,055,000
|
4,953,900
|
Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/31/2028 (e)(f)(h)
|
|
63,368,974
|
62,957,076
|
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1854% 5/15/2028 (e)(f)(h)
|
|
27,104,661
|
10,875,745
|
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.6854% 5/15/2028 (e)(f)(h)
|
|
6,314,243
|
6,244,534
|
RealPage Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 4/24/2028 (e)(f)(h)
|
|
10,800,000
|
10,768,464
|
RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.5608% 4/22/2028 (e)(f)(h)
|
|
40,376,297
|
39,954,365
|
Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9216% 9/30/2028 (e)(f)(h)
|
|
33,904,747
|
33,099,509
|
Renaissance Holdings Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.2797% 4/8/2030 (e)(f)(h)
|
|
61,844,283
|
57,437,878
|
Roper Industrial Products Investment Co 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0492% 11/23/2029 (e)(f)(h)
|
|
10,964,172
|
10,856,284
|
Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 8/14/2029 (e)(f)(h)
|
|
21,894,660
|
21,785,187
|
SS&C Technologies Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 5/9/2031 (e)(f)(h)
|
|
38,274,917
|
38,207,171
|
UKG Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3201% 2/10/2031 (e)(f)(h)
|
|
121,657,531
|
121,176,984
|
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0195% 4/14/2031 (e)(f)(h)
|
|
19,339,140
|
19,230,455
|
|
|
|
|
1,461,566,261
|
Technology Hardware, Storage & Peripherals - 0.3%
|
|
|
|
Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.33% 2/23/2032 (e)(f)(h)
|
|
48,120,000
|
45,834,300
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
2,201,329,276
|
|
|
|
|
|
Materials - 6.5%
|
|
|
|
Chemicals - 3.3%
|
|
|
|
A-Gas FinCo Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.5492% 12/14/2029 (e)(f)(h)
|
|
21,028,776
|
18,473,780
|
Advancion Holdings LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0716% 11/24/2027 (e)(f)(h)
|
|
10,273,525
|
10,042,371
|
Advancion Holdings LLC 2LN, term loan CME Term SOFR 1 month Index + 7.75%, 12.1716% 11/24/2028 (e)(f)(h)
|
|
12,310,000
|
11,429,835
|
Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 11/24/2027 (e)(f)(h)
|
|
18,737,899
|
18,257,834
|
Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9216% 9/30/2028 (e)(f)(h)
|
|
39,653,110
|
38,478,585
|
Arc Falcon I Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.4216% 10/1/2029 (e)(f)(h)
|
|
3,385,000
|
3,181,900
|
Avient Corp Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.9576% 8/29/2029 (e)(f)(h)
|
|
5,844,295
|
5,824,834
|
Axalta Coating Systems US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0492% 12/20/2029 (e)(f)(h)
|
|
5,844,817
|
5,836,284
|
Bakelite US Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 12/23/2031 (e)(f)(h)
|
|
23,770,400
|
22,427,372
|
Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/18/2028 (e)(f)(h)
|
|
44,190,088
|
42,974,861
|
Derby Buyer LLC 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3211% 11/1/2030 (e)(f)(h)
|
|
17,503,642
|
17,166,697
|
Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (e)(f)(h)
|
|
49,964,100
|
49,639,333
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (e)(f)(h)
|
|
33,218,282
|
30,183,460
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (e)(f)(h)
|
|
63,079,008
|
61,321,627
|
Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.8591% 3/15/2030 (e)(f)(h)
|
|
8,731,765
|
8,171,447
|
INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 3/1/2030 (e)(f)(h)
|
|
7,701,818
|
6,469,527
|
INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 4/2/2029 (e)(f)(h)
|
|
32,414,712
|
27,552,505
|
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/22/2031 (e)(f)(h)
|
|
40,356,744
|
38,372,403
|
Manchester Acquisition Sub LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.2185% 12/1/2026 (e)(f)(h)
|
|
12,272,968
|
11,356,300
|
Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 1/31/2029 (e)(f)(h)
|
|
16,657,228
|
16,486,824
|
USALCO LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.2992% 9/30/2031 (e)(f)(h)
|
|
12,651,534
|
12,598,777
|
USALCO LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 4%, 1% 9/30/2031 (e)(f)(h)(l)
|
|
1,306,758
|
1,301,309
|
WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 9/22/2028 (e)(f)(h)
|
|
17,139,263
|
16,785,851
|
|
|
|
|
474,333,716
|
Construction Materials - 0.9%
|
|
|
|
Eco Material Technologies Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4666% 1/30/2032 (e)(f)(h)
|
|
17,655,000
|
17,448,966
|
Janus International Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7797% 8/5/2030 (e)(f)(h)
|
|
5,888,300
|
5,833,127
|
Quikrete Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 2/10/2032 (e)(f)(h)
|
|
71,305,000
|
69,814,012
|
Smyrna Ready Mix Concrete LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3234% 4/2/2029 (e)(f)(h)
|
|
10,238,993
|
9,983,018
|
VM Consolidated Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 3/27/2028 (e)(f)(h)
|
|
18,038,357
|
18,021,401
|
White Cap Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 10/19/2029 (e)(f)(h)
|
|
10,073,661
|
9,801,168
|
|
|
|
|
130,901,692
|
Containers & Packaging - 2.2%
|
|
|
|
AOT Packaging Products Acquisition Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 3/3/2028 (e)(f)(h)
|
|
38,764,362
|
38,175,531
|
Berlin Packaging LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8211% 6/9/2031 (e)(f)(h)
|
|
34,998,218
|
34,725,932
|
Charter Next Generation Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0711% 12/2/2030 (e)(f)(h)
|
|
23,996,477
|
23,900,491
|
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.4966% 4/13/2029 (e)(f)(h)
|
|
102,880,940
|
102,096,987
|
Clydesdale Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5476% 3/29/2032 (e)(f)(h)
|
|
59,902,749
|
59,371,412
|
Clydesdale Acquisition Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 1.1944% 3/29/2032 (e)(f)(h)(l)
|
|
1,047,251
|
1,037,962
|
Graham Packaging Co Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 8/4/2027 (e)(f)(h)
|
|
16,369,094
|
16,333,246
|
LC Ahab US Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 5/1/2031 (e)(f)(h)
|
|
15,211,929
|
14,755,571
|
Pregis TopCo LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 8/3/2026 (e)(f)(h)
|
|
16,921,140
|
16,863,777
|
Pregis TopCo LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 8/1/2026 (e)(f)(h)
|
|
1,930,000
|
1,922,029
|
SupplyOne Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 4/21/2031 (e)(f)(h)
|
|
5,998,350
|
5,954,622
|
|
|
|
|
315,137,560
|
Paper & Forest Products - 0.1%
|
|
|
|
Asplundh Tree Expert LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 5/23/2031 (e)(f)(h)
|
|
21,486,851
|
21,399,615
|
TOTAL MATERIALS
|
|
|
941,772,583
|
|
|
|
|
|
Real Estate - 0.2%
|
|
|
|
Real Estate Management & Development - 0.2%
|
|
|
|
Cushman & Wakefield US Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/31/2030 (e)(f)(h)
|
|
7,157,600
|
7,151,659
|
Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/31/2030 (e)(f)(h)
|
|
8,998,644
|
8,931,155
|
Greystar Real Estate Partners LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0326% 8/21/2030 (e)(f)(h)
|
|
12,251,921
|
12,160,032
|
|
|
|
|
28,242,846
|
Utilities - 1.4%
|
|
|
|
Electric Utilities - 0.6%
|
|
|
|
NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0305% 4/16/2031 (e)(f)(h)
|
|
1,989,950
|
1,983,203
|
Vistra Operations Co LLC Tranche B-3 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0716% 12/20/2030 (e)(f)(h)
|
|
29,698,175
|
29,562,158
|
WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5737% 1/20/2031 (e)(f)(h)
|
|
52,412,921
|
51,875,689
|
|
|
|
|
83,421,050
|
Independent Power and Renewable Electricity Producers - 0.8%
|
|
|
|
Alpha Generation LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 9/30/2031 (e)(f)(h)
|
|
19,183,525
|
19,169,905
|
Calpine Construction Finance Co LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 7/31/2030 (e)(f)(h)
|
|
10,954,125
|
10,908,446
|
Cogentrix Finance Holdco I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 2/13/2032 (e)(f)(h)
|
|
18,760,000
|
18,731,860
|
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (e)(f)(h)
|
|
21,935,000
|
21,359,206
|
Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.818% 12/10/2031 (e)(f)(h)
|
|
9,840,338
|
9,794,678
|
Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1861% 3/25/2028 (e)(f)(h)
|
|
16,193,586
|
15,959,427
|
Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1861% 3/27/2028 (e)(f)(h)
|
|
19,165,000
|
19,085,083
|
|
|
|
|
115,008,605
|
Multi-Utilities - 0.0%
|
|
|
|
Osmose Utilities Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 6/23/2028 (e)(f)(h)
|
|
11,064,875
|
10,909,967
|
TOTAL UTILITIES
|
|
|
209,339,622
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
11,559,170,395
|
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $13,281,220,359)
|
|
|
12,743,523,898
|
|
|
|
|
|
Common Stocks - 1.3%
|
|
|
|
Shares
|
Value ($)
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Entertainment - 0.1%
|
|
|
|
New Cineworld Ltd (k)(n)
|
|
715,262
|
15,900,274
|
LUXEMBOURG - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Travelport Finance Luxembourg Sarl (k)(n)
|
|
3,686
|
6,544,051
|
UNITED STATES - 1.2%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Media - 0.0%
|
|
|
|
Ion Media Networks Inc (k)(n)
|
|
2,842
|
0
|
Main Street Sports Group (k)
|
|
23,201
|
417,618
|
|
|
|
|
417,618
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Old Claimco LLC (k)(n)
|
|
542,500
|
5,273,100
|
Specialty Retail - 0.0%
|
|
|
|
Joann Inc (k)(o)
|
|
6,027,648
|
60
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
5,273,160
|
|
|
|
|
|
Energy - 0.9%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.9%
|
|
|
|
California Resources Corp
|
|
643,972
|
22,223,474
|
EP Energy Corp (k)(n)
|
|
80,740
|
108,192
|
Expand Energy Corp
|
|
587,218
|
61,011,950
|
Expand Energy Corp (b)
|
|
4,049
|
420,691
|
Exxon Mobil Corp
|
|
329,097
|
34,762,516
|
New Fortress Energy Inc (p)
|
|
224,466
|
1,218,850
|
|
|
|
|
119,745,673
|
Financials - 0.3%
|
|
|
|
Financial Services - 0.3%
|
|
|
|
ACNR Holdings Inc (k)(n)
|
|
391,373
|
34,624,770
|
Carnelian Point Holdings LP warrants 6/30/2027 (k)(n)
|
|
18,944
|
55,316
|
Limetree Bay Cayman Ltd (k)(n)
|
|
2,899
|
0
|
|
|
|
|
34,680,086
|
Industrials - 0.0%
|
|
|
|
Machinery - 0.0%
|
|
|
|
Tnt Crane & Rigging LLC (k)(n)
|
|
512,868
|
5
|
Tnt Crane & Rigging LLC warrants 10/31/2025 (k)(n)
|
|
86,957
|
1
|
|
|
|
|
6
|
Information Technology - 0.0%
|
|
|
|
IT Services - 0.0%
|
|
|
|
GTT Communications Inc (k)(n)
|
|
118,360
|
5,507,291
|
TOTAL UNITED STATES
|
|
|
165,623,834
|
|
TOTAL COMMON STOCKS
(Cost $118,118,954)
|
|
|
188,068,159
|
|
|
|
|
|
Non-Convertible Corporate Bonds - 4.9%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
CANADA - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d)
|
|
605,000
|
582,137
|
FRANCE - 0.4%
|
|
|
|
Communication Services - 0.4%
|
|
|
|
Diversified Telecommunication Services - 0.4%
|
|
|
|
Altice France SA 5.125% 1/15/2029 (d)
|
|
8,087,000
|
6,552,137
|
Altice France SA 5.125% 7/15/2029 (d)
|
|
29,240,000
|
23,856,431
|
Altice France SA 5.5% 1/15/2028 (d)
|
|
8,480,000
|
7,020,548
|
Altice France SA 5.5% 10/15/2029 (d)
|
|
29,260,000
|
23,952,532
|
|
|
|
|
|
TOTAL FRANCE
|
|
|
61,381,648
|
LUXEMBOURG - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Media - 0.0%
|
|
|
|
Altice Financing SA 5.75% 8/15/2029 (d)
|
|
12,926,000
|
9,533,204
|
PUERTO RICO - 0.2%
|
|
|
|
Communication Services - 0.2%
|
|
|
|
Media - 0.2%
|
|
|
|
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (d)
|
|
4,745,000
|
3,510,987
|
Lcpr Senior Secured Financing Dac 6.75% 10/15/2027 (d)
|
|
24,730,000
|
20,331,920
|
|
|
|
|
|
TOTAL PUERTO RICO
|
|
|
23,842,907
|
UNITED KINGDOM - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
EG Global Finance PLC 12% 11/30/2028 (d)
|
|
13,300,000
|
14,660,630
|
UNITED STATES - 4.2%
|
|
|
|
Communication Services - 1.0%
|
|
|
|
Diversified Telecommunication Services - 0.1%
|
|
|
|
Consolidated Communications Inc 5% 10/1/2028 (d)
|
|
410,000
|
389,306
|
Frontier Communications Holdings LLC 5% 5/1/2028 (d)
|
|
4,005,000
|
3,963,664
|
Frontier Communications Holdings LLC 8.75% 5/15/2030 (d)
|
|
1,560,000
|
1,633,063
|
Level 3 Financing Inc 4.5% 4/1/2030 (d)
|
|
9,335,000
|
7,773,535
|
|
|
|
|
13,759,568
|
Media - 0.9%
|
|
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d)
|
|
8,110,000
|
7,912,558
|
CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (d)
|
|
16,225,000
|
15,871,110
|
DISH DBS Corp 5.125% 6/1/2029
|
|
8,890,000
|
5,566,151
|
DISH Network Corp 11.75% 11/15/2027 (d)
|
|
22,645,000
|
23,798,734
|
EchoStar Corp 10.75% 11/30/2029
|
|
27,871,501
|
29,470,313
|
Univision Communications Inc 6.625% 6/1/2027 (d)
|
|
26,085,000
|
25,239,439
|
Univision Communications Inc 7.375% 6/30/2030 (d)
|
|
9,425,000
|
8,584,714
|
Univision Communications Inc 8% 8/15/2028 (d)
|
|
6,375,000
|
6,192,340
|
Univision Communications Inc 8.5% 7/31/2031 (d)
|
|
8,595,000
|
8,116,057
|
|
|
|
|
130,751,416
|
TOTAL COMMUNICATION SERVICES
|
|
|
144,510,984
|
|
|
|
|
|
Consumer Discretionary - 1.4%
|
|
|
|
Automobile Components - 0.1%
|
|
|
|
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d)
|
|
7,810,000
|
7,931,984
|
Automobiles - 0.6%
|
|
|
|
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC CME Term SOFR 6 month Index + 6.0533%, 10.1513% 10/15/2026 (d)(e)(f)
|
|
78,435,000
|
78,042,857
|
Diversified Consumer Services - 0.1%
|
|
|
|
TKC Holdings Inc 10.5% 5/15/2029 (d)
|
|
9,575,000
|
9,579,653
|
Hotels, Restaurants & Leisure - 0.4%
|
|
|
|
Caesars Entertainment Inc 7% 2/15/2030 (d)
|
|
7,670,000
|
7,851,344
|
Carnival Corp 7.625% 3/1/2026 (d)
|
|
14,205,000
|
14,223,239
|
CEC Entertainment LLC 6.75% 5/1/2026 (d)
|
|
4,045,000
|
3,972,957
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d)
|
|
37,830,000
|
35,044,963
|
|
|
|
|
61,092,503
|
Specialty Retail - 0.2%
|
|
|
|
Carvana Co 5.625% 10/1/2025 (d)
|
|
32,713,000
|
32,485,416
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
189,132,413
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Energy Equipment & Services - 0.0%
|
|
|
|
Transocean Poseidon Ltd 6.875% 2/1/2027 (d)
|
|
3,270,750
|
3,246,114
|
Financials - 0.7%
|
|
|
|
Consumer Finance - 0.1%
|
|
|
|
Ford Motor Credit Co LLC U.S. SOFR Index + 2.95%, 7.2966% 3/6/2026 (e)(f)
|
|
16,070,000
|
16,156,135
|
Financial Services - 0.3%
|
|
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
|
17,665,000
|
14,729,375
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030
|
|
14,840,000
|
14,017,536
|
NFE Financing LLC 12% 11/15/2029 (d)
|
|
29,890,094
|
20,574,281
|
|
|
|
|
49,321,192
|
Insurance - 0.3%
|
|
|
|
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d)
|
|
21,445,000
|
21,846,257
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d)
|
|
16,655,000
|
16,774,916
|
|
|
|
|
38,621,173
|
TOTAL FINANCIALS
|
|
|
104,098,500
|
|
|
|
|
|
Health Care - 0.1%
|
|
|
|
Health Care Equipment & Supplies - 0.1%
|
|
|
|
Embecta Corp 6.75% 2/15/2030 (d)
|
|
8,365,000
|
8,030,400
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)
|
|
4,675,000
|
4,710,778
|
|
|
|
|
12,741,178
|
Industrials - 0.4%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
TransDigm Inc 6.375% 3/1/2029 (d)
|
|
19,405,000
|
19,768,110
|
Commercial Services & Supplies - 0.3%
|
|
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
|
8,060,000
|
7,656,402
|
GEO Group Inc/The 8.625% 4/15/2029
|
|
2,935,000
|
3,085,412
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)
|
|
21,565,000
|
19,192,850
|
OT Midco Inc 10% 2/15/2030 (d)
|
|
5,925,000
|
4,820,846
|
|
|
|
|
34,755,510
|
Machinery - 0.0%
|
|
|
|
Chart Industries Inc 7.5% 1/1/2030 (d)
|
|
1,670,000
|
1,732,606
|
Passenger Airlines - 0.0%
|
|
|
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d)
|
|
1,431,270
|
1,421,731
|
Delta Air Lines Inc / SkyMiles IP Ltd 4.5% 10/20/2025 (d)
|
|
477,704
|
473,312
|
|
|
|
|
1,895,043
|
TOTAL INDUSTRIALS
|
|
|
58,151,269
|
|
|
|
|
|
Information Technology - 0.2%
|
|
|
|
IT Services - 0.0%
|
|
|
|
Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (d)
|
|
8,415,000
|
7,910,100
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(k)(l)(q)
|
|
2,562,207
|
2,466,124
|
Software - 0.2%
|
|
|
|
Cloud Software Group Inc 8.25% 6/30/2032 (d)
|
|
16,354,000
|
17,059,152
|
Cloud Software Group Inc 9% 9/30/2029 (d)
|
|
8,495,000
|
8,558,115
|
|
|
|
|
25,617,267
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
35,993,491
|
|
|
|
|
|
Materials - 0.1%
|
|
|
|
Construction Materials - 0.1%
|
|
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d)
|
|
11,790,000
|
12,096,316
|
Real Estate - 0.3%
|
|
|
|
Diversified REITs - 0.1%
|
|
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (d)
|
|
18,066,000
|
19,182,208
|
Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (d)
|
|
1,725,000
|
1,707,051
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (d)
|
|
985,000
|
956,688
|
|
|
|
|
21,845,947
|
Health Care REITs - 0.2%
|
|
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
|
27,345,000
|
24,151,744
|
TOTAL REAL ESTATE
|
|
|
45,997,691
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
605,967,956
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $726,530,457)
|
|
|
715,968,482
|
|
|
|
|
|
Preferred Securities - 0.6%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.6%
|
|
|
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (e)(f)(m)
|
|
29,690,000
|
29,821,716
|
Financials - 0.3%
|
|
|
|
Banks - 0.1%
|
|
|
|
Wells Fargo & Co 3.9% (e)(m)
|
|
23,585,000
|
23,276,793
|
Capital Markets - 0.2%
|
|
|
|
Charles Schwab Corp/The 5.375% (e)(m)
|
|
24,025,000
|
24,152,391
|
TOTAL FINANCIALS
|
|
|
47,429,184
|
|
|
|
|
|
Industrials - 0.1%
|
|
|
|
Trading Companies & Distributors - 0.1%
|
|
|
|
Aircastle Ltd 5.25% (d)(e)(m)
|
|
8,580,000
|
8,391,510
|
TOTAL UNITED STATES
|
|
|
85,642,410
|
|
TOTAL PREFERRED SECURITIES
(Cost $85,615,389)
|
|
|
85,642,410
|
|
|
|
|
|
Money Market Funds - 3.8%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (r)
(Cost $555,087,781)
|
|
4.33
|
554,979,182
|
555,090,178
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $14,938,899,420)
|
14,455,283,776
|
NET OTHER ASSETS (LIABILITIES) - 0.3%
|
43,417,561
|
NET ASSETS - 100.0%
|
14,498,701,337
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $117,083,901 or 0.8% 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 $667,510,765 or 4.6% 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)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(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)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(j)
|
Non-income producing - Security is in default.
|
(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 $18,691,064 and $18,445,883, respectively.
|
(m)
|
Security is perpetual in nature with no stated maturity date.
|
(p)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $1,218,850 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(q)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(r)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Expand Energy Corp
|
2/10/21
|
38,344
|
|
|
|
|
Fidelity Private Credit Company LLC
|
5/01/22 - 2/21/25
|
121,106,381
|
|
|
|
|
Additional information on each lock-up restriction is as follows:
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
872,182,993
|
2,525,179,663
|
2,842,272,478
|
24,424,631
|
22,093
|
(22,093)
|
555,090,178
|
554,979,182
|
0.9%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
59,407,497
|
59,407,497
|
515
|
-
|
-
|
-
|
-
|
0.0%
|
Total
|
872,182,993
|
2,584,587,160
|
2,901,679,975
|
24,425,146
|
22,093
|
(22,093)
|
555,090,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Private Credit Company LLC
|
113,619,649
|
15,365,924
|
6,305,893
|
11,104,924
|
(252,896)
|
(5,763,574)
|
116,663,210
|
12,190,513
|
|
|
113,619,649
|
15,365,924
|
6,305,893
|
11,104,924
|
(252,896)
|
(5,763,574)
|
116,663,210
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Joann Inc
|
12,477,231
|
-
|
-
|
-
|
-
|
(12,477,171)
|
60
|
6,027,648
|
Total
|
12,477,231
|
-
|
-
|
-
|
-
|
(12,477,171)
|
60
|
|
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Alternative Funds
|
116,663,210
|
-
|
116,663,210
|
-
|
|
|
Asset-Backed Securities
|
50,327,439
|
-
|
50,327,439
|
-
|
|
|
Bank Loan Obligations
|
|
|
|
|
Communication Services
|
1,061,425,507
|
-
|
1,061,425,507
|
-
|
Consumer Discretionary
|
2,770,952,638
|
-
|
2,750,353,880
|
20,598,758
|
Consumer Staples
|
393,528,355
|
-
|
371,661,335
|
21,867,020
|
Energy
|
458,893,519
|
-
|
458,893,519
|
-
|
Financials
|
1,443,315,238
|
-
|
1,424,664,817
|
18,650,421
|
Health Care
|
972,396,790
|
-
|
972,396,790
|
-
|
Industrials
|
2,142,004,816
|
-
|
2,109,636,231
|
32,368,585
|
Information Technology
|
2,204,145,792
|
-
|
2,165,565,783
|
38,580,009
|
Materials
|
1,042,982,095
|
-
|
1,042,982,095
|
-
|
Real Estate
|
28,242,846
|
-
|
28,242,846
|
-
|
Utilities
|
225,636,302
|
-
|
209,339,622
|
16,296,680
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
16,317,892
|
-
|
-
|
16,317,892
|
Consumer Discretionary
|
11,817,211
|
-
|
-
|
11,817,211
|
Energy
|
119,745,673
|
119,637,481
|
-
|
108,192
|
Financials
|
34,680,086
|
-
|
-
|
34,680,086
|
Industrials
|
6
|
-
|
-
|
6
|
Information Technology
|
5,507,291
|
-
|
-
|
5,507,291
|
|
|
Non-Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
239,268,743
|
-
|
239,268,743
|
-
|
Consumer Discretionary
|
189,714,550
|
-
|
189,714,550
|
-
|
Energy
|
17,906,744
|
-
|
17,906,744
|
-
|
Financials
|
104,098,500
|
-
|
104,098,500
|
-
|
Health Care
|
12,741,178
|
-
|
12,741,178
|
-
|
Industrials
|
58,151,269
|
-
|
58,151,269
|
-
|
Information Technology
|
35,993,491
|
-
|
33,527,367
|
2,466,124
|
Materials
|
12,096,316
|
-
|
12,096,316
|
-
|
Real Estate
|
45,997,691
|
-
|
45,997,691
|
-
|
|
|
Preferred Securities
|
|
|
|
|
Energy
|
29,821,716
|
-
|
29,821,716
|
-
|
Financials
|
47,429,184
|
-
|
47,429,184
|
-
|
Industrials
|
8,391,510
|
-
|
8,391,510
|
-
|
|
|
Money Market Funds
|
555,090,178
|
555,090,178
|
-
|
-
|
Total Investments in Securities:
|
14,455,283,776
|
674,727,659
|
13,561,297,842
|
219,258,275
|
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
Beginning Balance ($)
|
Net Realized Gain (Loss) on Investement Securities ($)
|
Net Unrealized Gain (Loss) on Investement Securities ($)
|
Cost of Purchases ($)
|
Proceeds of Sales ($)
|
Amoritization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2025($)
|
Bank Loan Obligations
|
77,365,700
|
(113,985)
|
(7,590,859)
|
80,781,800
|
(14,867,968)
|
772,315
|
21,605,618
|
(9,591,148)
|
148,361,473
|
(7,471,182)
|
Common Stocks
|
95,211,493
|
8,382,055
|
(24,452,330)
|
150,820
|
(10,861,360)
|
-
|
-
|
-
|
68,430,678
|
(24,452,330)
|
Non-Convertible Corporate Bonds
|
2,452,800
|
-
|
(530)
|
7,046
|
-
|
6,808
|
-
|
-
|
2,466,124
|
(530)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
|
|
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of April 30, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $14,262,289,652)
|
$
|
13,783,530,328
|
|
|
Fidelity Central Funds (cost $555,087,781)
|
|
555,090,178
|
|
|
Other affiliated issuers (cost $121,521,987)
|
|
116,663,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $14,938,899,420)
|
|
|
$
|
14,455,283,776
|
Cash
|
|
|
|
12,306,832
|
Receivable for investments sold
|
|
|
|
302,723,987
|
Receivable for fund shares sold
|
|
|
|
18,456,556
|
Dividends receivable
|
|
|
|
2,329
|
Interest receivable
|
|
|
|
84,995,733
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
1,305,705
|
Prepaid expenses
|
|
|
|
4,340
|
Total assets
|
|
|
|
14,875,079,258
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
|
|
|
|
Regular delivery
|
$
|
324,371,488
|
|
|
Delayed delivery
|
|
8,020,440
|
|
|
Payable for fund shares redeemed
|
|
20,543,640
|
|
|
Distributions payable
|
|
15,299,704
|
|
|
Accrued management fee
|
|
7,759,940
|
|
|
Distribution and service plan fees payable
|
|
251,658
|
|
|
Other payables and accrued expenses
|
|
131,051
|
|
|
Total liabilities
|
|
|
|
376,377,921
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
14,498,701,337
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
16,212,304,607
|
Total accumulated earnings (loss)
|
|
|
|
(1,713,603,270)
|
Net Assets
|
|
|
$
|
14,498,701,337
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($670,228,353 ÷ 74,027,255 shares)(a)
|
|
|
$
|
9.05
|
Maximum offering price per share (100/97.25 of $9.05)
|
|
|
$
|
9.31
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($89,755,282 ÷ 9,927,952 shares)(a)
|
|
|
$
|
9.04
|
Maximum offering price per share (100/97.25 of $9.04)
|
|
|
$
|
9.30
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($112,585,637 ÷ 12,436,851 shares)(a)
|
|
|
$
|
9.05
|
Fidelity Floating Rate High Income Fund :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($9,337,096,720 ÷ 1,032,627,703 shares)
|
|
|
$
|
9.04
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,997,798,774 ÷ 221,141,352 shares)
|
|
|
$
|
9.03
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,291,236,571 ÷ 253,492,211 shares)
|
|
|
$
|
9.04
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Statement of Operations
|
Six months ended April 30, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends:
|
|
|
|
|
Unaffiliated issuers
|
|
|
$
|
3,654,569
|
Affiliated issuers
|
|
|
|
9,362,195
|
Interest
|
|
|
|
609,008,287
|
Income from Fidelity Central Funds (including $515 from security lending)
|
|
|
|
24,425,146
|
Total income
|
|
|
|
646,450,197
|
Expenses
|
|
|
|
|
Management fee
|
$
|
49,931,285
|
|
|
Distribution and service plan fees
|
|
1,530,050
|
|
|
Custodian fees and expenses
|
|
37,325
|
|
|
Independent trustees' fees and expenses
|
|
33,254
|
|
|
Registration fees
|
|
361,793
|
|
|
Audit fees
|
|
48,945
|
|
|
Legal
|
|
357,627
|
|
|
Interest
|
|
102,607
|
|
|
Miscellaneous
|
|
83,831
|
|
|
Total expenses before reductions
|
|
52,486,717
|
|
|
Expense reductions
|
|
(496,612)
|
|
|
Total expenses after reductions
|
|
|
|
51,990,105
|
Net Investment income (loss)
|
|
|
|
594,460,092
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(56,340,646)
|
|
|
Fidelity Central Funds
|
|
22,093
|
|
|
Other affiliated issuers
|
|
(252,896)
|
|
|
Capital gain distributions from underlying funds:
|
|
|
|
|
Affiliated issuers
|
|
1,742,729
|
|
|
Total net realized gain (loss)
|
|
|
|
(54,828,720)
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(361,521,262)
|
|
|
Fidelity Central Funds
|
|
(22,093)
|
|
|
Other affiliated issuers
|
|
(18,240,745)
|
|
|
Unfunded commitments
|
|
(4,480,049)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(384,264,149)
|
Net gain (loss)
|
|
|
|
(439,092,869)
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
155,367,223
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Year ended
October 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
594,460,092
|
$
|
1,192,413,405
|
Net realized gain (loss)
|
|
(54,828,720)
|
|
(116,674,907)
|
Change in net unrealized appreciation (depreciation)
|
|
(384,264,149)
|
|
248,024,779
|
Net increase (decrease) in net assets resulting from operations
|
|
155,367,223
|
|
1,323,763,277
|
Distributions to shareholders
|
|
(590,283,555)
|
|
(1,165,961,210)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
251,475,916
|
|
2,215,796,411
|
Total increase (decrease) in net assets
|
|
(183,440,416)
|
|
2,373,598,478
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
14,682,141,753
|
|
12,308,543,275
|
End of period
|
$
|
14,498,701,337
|
$
|
14,682,141,753
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Floating Rate High Income Fund Class A
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.29
|
$
|
9.17
|
$
|
8.98
|
$
|
9.53
|
$
|
8.98
|
$
|
9.39
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.339
|
|
.771
|
|
.727
|
|
.370
|
|
.298
|
|
.362
|
Net realized and unrealized gain (loss)
|
|
(.241)
|
|
.103
|
|
.190
|
|
(.556)
|
|
.525
|
|
(.411)
|
Total from investment operations
|
|
.098
|
|
.874
|
|
.917
|
|
(.186)
|
|
.823
|
|
(.049)
|
Distributions from net investment income
|
|
(.338)
|
|
(.754)
|
|
(.727)
|
|
(.364)
|
|
(.273)
|
|
(.361)
|
Total distributions
|
|
(.338)
|
|
(.754)
|
|
(.727)
|
|
(.364)
|
|
(.273)
|
|
(.361)
|
Net asset value, end of period
|
$
|
9.05
|
$
|
9.29
|
$
|
9.17
|
$
|
8.98
|
$
|
9.53
|
$
|
8.98
|
Total Return C,D,E
|
|
|
|
9.85%
|
|
10.55%
|
|
(1.96)%
|
|
9.24%
|
|
(.45)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.95% H
|
|
.95%
|
|
.97%
|
|
.97%
|
|
.98%
|
|
.98%
|
Expenses net of fee waivers, if any
|
|
|
|
.94%
|
|
.96%
|
|
.97%
|
|
.98%
|
|
.98%
|
Expenses net of all reductions, if any
|
|
.94% H
|
|
.94%
|
|
.96%
|
|
.97%
|
|
.97%
|
|
.98%
|
Net investment income (loss)
|
|
7.41% H
|
|
8.31%
|
|
7.96%
|
|
4.00%
|
|
3.18%
|
|
4.01%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
670,228
|
$
|
675,885
|
$
|
601,482
|
$
|
575,065
|
$
|
523,136
|
$
|
410,656
|
Portfolio turnover rate I
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Floating Rate High Income Fund Class M
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.51
|
$
|
8.97
|
$
|
9.38
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.339
|
|
.772
|
|
.728
|
|
.369
|
|
.297
|
|
.361
|
Net realized and unrealized gain (loss)
|
|
(.242)
|
|
.102
|
|
.200
|
|
(.555)
|
|
.514
|
|
(.411)
|
Total from investment operations
|
|
.097
|
|
.874
|
|
.928
|
|
(.186)
|
|
.811
|
|
(.050)
|
Distributions from net investment income
|
|
(.337)
|
|
(.754)
|
|
(.728)
|
|
(.364)
|
|
(.271)
|
|
(.360)
|
Total distributions
|
|
(.337)
|
|
(.754)
|
|
(.728)
|
|
(.364)
|
|
(.271)
|
|
(.360)
|
Net asset value, end of period
|
$
|
9.04
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.51
|
$
|
8.97
|
Total Return C,D,E
|
|
|
|
9.86%
|
|
10.69%
|
|
(1.97)%
|
|
9.12%
|
|
(.46)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.95% H
|
|
.93%
|
|
.95%
|
|
.97%
|
|
.99%
|
|
1.00%
|
Expenses net of fee waivers, if any
|
|
|
|
.93%
|
|
.95%
|
|
.96%
|
|
.99%
|
|
1.00%
|
Expenses net of all reductions, if any
|
|
.94% H
|
|
.93%
|
|
.95%
|
|
.96%
|
|
.99%
|
|
.99%
|
Net investment income (loss)
|
|
7.41% H
|
|
8.32%
|
|
7.98%
|
|
4.00%
|
|
3.16%
|
|
4.00%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
89,755
|
$
|
87,381
|
$
|
86,390
|
$
|
87,017
|
$
|
64,763
|
$
|
57,860
|
Portfolio turnover rate I
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the sales charges.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Floating Rate High Income Fund Class C
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.29
|
$
|
9.17
|
$
|
8.97
|
$
|
9.53
|
$
|
8.98
|
$
|
9.39
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.305
|
|
.702
|
|
.659
|
|
.300
|
|
.228
|
|
.295
|
Net realized and unrealized gain (loss)
|
|
(.242)
|
|
.102
|
|
.199
|
|
(.565)
|
|
.524
|
|
(.411)
|
Total from investment operations
|
|
.063
|
|
.804
|
|
.858
|
|
(.265)
|
|
.752
|
|
(.116)
|
Distributions from net investment income
|
|
(.303)
|
|
(.684)
|
|
(.658)
|
|
(.295)
|
|
(.202)
|
|
(.294)
|
Total distributions
|
|
(.303)
|
|
(.684)
|
|
(.658)
|
|
(.295)
|
|
(.202)
|
|
(.294)
|
Net asset value, end of period
|
$
|
9.05
|
$
|
9.29
|
$
|
9.17
|
$
|
8.97
|
$
|
9.53
|
$
|
8.98
|
Total Return C,D,E
|
|
|
|
9.03%
|
|
9.84%
|
|
(2.81)%
|
|
8.42%
|
|
(1.19)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.71% H
|
|
1.70%
|
|
1.72%
|
|
1.72%
|
|
1.73%
|
|
1.74%
|
Expenses net of fee waivers, if any
|
|
|
|
1.69%
|
|
1.71%
|
|
1.72%
|
|
1.73%
|
|
1.74%
|
Expenses net of all reductions, if any
|
|
1.70% H
|
|
1.69%
|
|
1.71%
|
|
1.72%
|
|
1.73%
|
|
1.74%
|
Net investment income (loss)
|
|
6.65% H
|
|
7.56%
|
|
7.21%
|
|
3.24%
|
|
2.42%
|
|
3.26%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
112,586
|
$
|
115,117
|
$
|
109,760
|
$
|
113,629
|
$
|
108,738
|
$
|
156,443
|
Portfolio turnover rate I
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Floating Rate High Income Fund
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.52
|
$
|
8.97
|
$
|
9.38
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.352
|
|
.794
|
|
.753
|
|
.397
|
|
.326
|
|
.391
|
Net realized and unrealized gain (loss)
|
|
(.241)
|
|
.106
|
|
.200
|
|
(.566)
|
|
.525
|
|
(.413)
|
Total from investment operations
|
|
.111
|
|
.900
|
|
.953
|
|
(.169)
|
|
.851
|
|
(.022)
|
Distributions from net investment income
|
|
(.351)
|
|
(.780)
|
|
(.753)
|
|
(.391)
|
|
(.301)
|
|
(.388)
|
Total distributions
|
|
(.351)
|
|
(.780)
|
|
(.753)
|
|
(.391)
|
|
(.301)
|
|
(.388)
|
Net asset value, end of period
|
$
|
9.04
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.52
|
$
|
8.97
|
Total Return C,D
|
|
|
|
10.16%
|
|
10.99%
|
|
(1.79)%
|
|
9.58%
|
|
(.15)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.66% G
|
|
.67%
|
|
.67%
|
|
.68%
|
|
.67%
|
|
.68%
|
Expenses net of fee waivers, if any
|
|
|
|
.66%
|
|
.67%
|
|
.68%
|
|
.67%
|
|
.68%
|
Expenses net of all reductions, if any
|
|
.65% G
|
|
.66%
|
|
.67%
|
|
.68%
|
|
.67%
|
|
.68%
|
Net investment income (loss)
|
|
7.70% G
|
|
8.59%
|
|
8.26%
|
|
4.29%
|
|
3.48%
|
|
4.32%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
9,337,097
|
$
|
9,515,970
|
$
|
7,026,215
|
$
|
6,460,937
|
$
|
6,418,533
|
$
|
4,639,776
|
Portfolio turnover rate H
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns for periods of less than one year are not annualized.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Floating Rate High Income Fund Class I
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.27
|
$
|
9.15
|
$
|
8.96
|
$
|
9.51
|
$
|
8.96
|
$
|
9.37
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.350
|
|
.794
|
|
.750
|
|
.391
|
|
.321
|
|
.388
|
Net realized and unrealized gain (loss)
|
|
(.242)
|
|
.102
|
|
.190
|
|
(.554)
|
|
.525
|
|
(.414)
|
Total from investment operations
|
|
.108
|
|
.896
|
|
.940
|
|
(.163)
|
|
.846
|
|
(.026)
|
Distributions from net investment income
|
|
(.348)
|
|
(.776)
|
|
(.750)
|
|
(.387)
|
|
(.296)
|
|
(.384)
|
Total distributions
|
|
(.348)
|
|
(.776)
|
|
(.750)
|
|
(.387)
|
|
(.296)
|
|
(.384)
|
Net asset value, end of period
|
$
|
9.03
|
$
|
9.27
|
$
|
9.15
|
$
|
8.96
|
$
|
9.51
|
$
|
8.96
|
Total Return C,D
|
|
|
|
10.13%
|
|
10.84%
|
|
(1.73)%
|
|
9.54%
|
|
(.20)%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.70% G
|
|
.69%
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.73%
|
Expenses net of fee waivers, if any
|
|
|
|
.68%
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.72%
|
Expenses net of all reductions, if any
|
|
.69% G
|
|
.68%
|
|
.70%
|
|
.72%
|
|
.72%
|
|
.72%
|
Net investment income (loss)
|
|
7.66% G
|
|
8.57%
|
|
8.23%
|
|
4.25%
|
|
3.43%
|
|
4.27%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,997,799
|
$
|
2,081,268
|
$
|
1,971,623
|
$
|
1,993,479
|
$
|
1,166,925
|
$
|
681,014
|
Portfolio turnover rate H
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Floating Rate High Income Fund Class Z
|
|
|
|
|
Six months ended
April 30, 2025
(Unaudited)
|
|
Years ended October 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.51
|
$
|
8.97
|
$
|
9.37
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.354
|
|
.805
|
|
.759
|
|
.401
|
|
.329
|
|
.388
|
Net realized and unrealized gain (loss)
|
|
(.241)
|
|
.101
|
|
.198
|
|
(.555)
|
|
.516
|
|
(.396)
|
Total from investment operations
|
|
.113
|
|
.906
|
|
.957
|
|
(.154)
|
|
.845
|
|
(.008)
|
Distributions from net investment income
|
|
(.353)
|
|
(.786)
|
|
(.757)
|
|
(.396)
|
|
(.305)
|
|
(.392)
|
Total distributions
|
|
(.353)
|
|
(.786)
|
|
(.757)
|
|
(.396)
|
|
(.305)
|
|
(.392)
|
Net asset value, end of period
|
$
|
9.04
|
$
|
9.28
|
$
|
9.16
|
$
|
8.96
|
$
|
9.51
|
$
|
8.97
|
Total Return C,D
|
|
|
|
10.24%
|
|
11.05%
|
|
(1.63)%
|
|
9.52%
|
|
.01%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.60% G
|
|
.59%
|
|
.62%
|
|
.62%
|
|
.62%
|
|
.63%
|
Expenses net of fee waivers, if any
|
|
|
|
.58%
|
|
.61%
|
|
.62%
|
|
.62%
|
|
.63%
|
Expenses net of all reductions, if any
|
|
.59% G
|
|
.58%
|
|
.61%
|
|
.62%
|
|
.62%
|
|
.63%
|
Net investment income (loss)
|
|
7.76% G
|
|
8.67%
|
|
8.31%
|
|
4.35%
|
|
3.53%
|
|
4.37%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,291,237
|
$
|
2,206,521
|
$
|
2,513,073
|
$
|
2,798,332
|
$
|
2,448,993
|
$
|
640,519
|
Portfolio turnover rate H
|
|
|
|
41%
|
|
35%
|
|
27%
|
|
31%
|
|
37%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended April 30, 2025
1. Organization.
Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Investment in Fidelity Private Credit Company LLC.
The Fund invests in Fidelity Private Credit Company LLC, which is a limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.
Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.
The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the three month period ended March 31, 2025 was 9.88%.
4. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted 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)
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 services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 services. 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 service 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 equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Bank Loan Obligations
|
$148,361,473
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.5
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
Indicative market price
|
Evaluated bid
|
$73.00 - $100.00 / $87.79
|
Increase
|
|
|
Discounted cash flow
|
Yield
|
8.4% - 19.7% / 11.2%
|
Decrease
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Common Stocks
|
$68,430,678
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
2.5 - 11.0 / 4.9
|
Increase
|
|
|
Market approach
|
Transaction price
|
$2.92 - $18.00 / $16.24
|
Increase
|
|
|
Discounted cash flow
|
Discount rate
|
13.3%
|
Decrease
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Discount rate
|
4.2%
|
Increase
|
|
|
|
Term
|
0.5
|
Increase
|
|
|
|
Volatility
|
62.5%
|
Increase
|
Non-Convertible Corporate Bonds
|
$2,466,124
|
Discounted cash flow
|
Yield
|
16.3%
|
Decrease
|
|
|
|
|
|
|
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), market discount, capital loss carryforwards, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$199,539,046
|
Gross unrealized depreciation
|
(626,736,998)
|
Net unrealized appreciation (depreciation)
|
$(427,197,952)
|
Tax cost
|
$14,882,481,728
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term
|
$(45,217,707)
|
Long-term
|
(1,183,684,308)
|
Total capital loss carryforward
|
$(1,228,902,015)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Fidelity Advisor Floating Rate High Income Fund
|
Fidelity Private Credit Company LLC
|
10,119,993
|
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Advisor Floating Rate High Income Fund
|
5,589,072,089
|
5,689,121,328
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.69
|
Class M
|
.68
|
Class C
|
.69
|
Fidelity Floating Rate High Income Fund
|
.65
|
Class I
|
.68
|
Class Z
|
.59
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.69
|
Class M
|
.68
|
Class C
|
.69
|
Fidelity Floating Rate High Income Fund
|
.65
|
Class I
|
.68
|
Class Z
|
.59
|
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
Class A
|
- %
|
.25%
|
854,565
|
98,202
|
Class M
|
- %
|
.25%
|
108,860
|
1,265
|
Class C
|
.75%
|
.25%
|
566,625
|
125,604
|
|
|
|
1,530,050
|
225,071
|
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
38,088
|
Class M
|
2,419
|
Class CA
|
224
|
|
40,731
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Advisor Floating Rate High Income Fund
|
Borrower
|
57,500,000
|
4.59%
|
102,607
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
|
Amount ($)
|
Fidelity Advisor Floating Rate High Income Fund
|
12,156
|
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
Fidelity Advisor Floating Rate High Income Fund
|
55
|
-
|
-
|
9. Expense Reductions.
The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until February 28, 2026. During the period, this waiver reduced the Fund's management fee by $441,994.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $54,618.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Floating Rate High Income Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$24,939,733
|
$52,533,545
|
Class M
|
3,181,081
|
7,099,498
|
Class C
|
3,715,995
|
8,508,873
|
Fidelity Floating Rate High Income Fund
|
383,497,433
|
711,163,940
|
Class I
|
85,835,218
|
178,961,231
|
Class Z
|
89,114,095
|
207,694,123
|
Total
|
$590,283,555
|
$1,165,961,210
|
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Six months ended
April 30, 2025
|
Year ended
October 31, 2024
|
Fidelity Advisor Floating Rate High Income Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
14,945,396
|
22,756,529
|
$138,326,811
|
$211,398,674
|
Reinvestment of distributions
|
2,464,419
|
5,113,309
|
22,771,004
|
47,496,733
|
Shares redeemed
|
(16,115,999)
|
(20,704,875)
|
(148,256,725)
|
(192,231,705)
|
Net increase (decrease)
|
1,293,816
|
7,164,963
|
$12,841,090
|
$66,663,702
|
Class M
|
|
|
|
|
Shares sold
|
2,242,512
|
2,511,681
|
$20,579,261
|
$23,291,716
|
Reinvestment of distributions
|
334,396
|
743,606
|
3,084,585
|
6,898,126
|
Shares redeemed
|
(2,065,912)
|
(3,268,808)
|
(19,037,726)
|
(30,318,534)
|
Net increase (decrease)
|
510,996
|
(13,521)
|
$4,626,120
|
$(128,692)
|
Class C
|
|
|
|
|
Shares sold
|
1,963,879
|
3,991,579
|
$18,114,048
|
$37,063,853
|
Reinvestment of distributions
|
381,009
|
864,481
|
3,520,056
|
8,030,385
|
Shares redeemed
|
(2,297,797)
|
(4,433,504)
|
(21,225,907)
|
(41,156,972)
|
Net increase (decrease)
|
47,091
|
422,556
|
$408,197
|
$3,937,266
|
Fidelity Floating Rate High Income Fund
|
|
|
|
|
Shares sold
|
293,904,087
|
481,932,088
|
$2,720,381,205
|
$4,469,766,893
|
Reinvestment of distributions
|
34,416,042
|
63,797,694
|
317,619,248
|
591,928,043
|
Shares redeemed
|
(321,049,646)
|
(287,304,733)
|
(2,936,336,456)
|
(2,661,888,523)
|
Net increase (decrease)
|
7,270,483
|
258,425,049
|
$101,663,997
|
$2,399,806,413
|
Class I
|
|
|
|
|
Shares sold
|
79,731,863
|
100,802,939
|
$737,320,398
|
$933,137,052
|
Reinvestment of distributions
|
7,078,895
|
14,366,894
|
65,226,628
|
133,168,360
|
Shares redeemed
|
(90,129,886)
|
(106,103,199)
|
(819,869,374)
|
(982,087,326)
|
Net increase (decrease)
|
(3,319,128)
|
9,066,634
|
$(17,322,348)
|
$84,218,086
|
Class Z
|
|
|
|
|
Shares sold
|
50,228,734
|
59,274,711
|
$464,691,391
|
$549,774,366
|
Reinvestment of distributions
|
7,338,416
|
17,057,225
|
67,663,463
|
158,207,997
|
Shares redeemed
|
(41,950,614)
|
(112,864,599)
|
(383,095,994)
|
(1,046,682,727)
|
Net increase (decrease)
|
15,616,536
|
(36,532,663)
|
$149,258,860
|
$(338,700,364)
|
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.757235.124
AFR-SANN-0625
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
| |
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | June 20, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | June 20, 2025 |
| |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | June 20, 2025 |
