CUMULATIVE PERFORMANCE
May 13, 2021 through April 30, 2025.
Initial investment of $10,000.
 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 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
Date of fiscal year end: | April 30 |
Date of reporting period: | April 30, 2025 |
Item 1.
Reports to Stockholders
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® SAI High Income Fund
|
$
|
|
|
1 Year
|
Life of Fund A
|
|
Fidelity® SAI High Income Fund
|
||
ICE® BofA® US High Yield Constrained Index
|
||
Bloomberg U.S. Universal Bond Index
|
-
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
U.S. Government and U.S. Government Agency Obligations - 2.6
|
|
A - 0.2
|
|
BBB - 2.5
|
|
BB - 36.2
|
|
B - 34.7
|
|
CCC,CC,C - 15.8
|
|
Not Rated - 3.2
|
|
Equities - 3.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.6
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 82.9
|
|
Bank Loan Obligations - 8.1
|
|
U.S. Treasury Obligations - 2.6
|
|
Alternative Funds - 1.7
|
|
Common Stocks - 1.5
|
|
Preferred Securities - 1.5
|
|
Asset-Backed Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.6
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 82.8
|
|
Canada - 3.3
|
|
United Kingdom - 2.0
|
|
France - 1.7
|
|
Ireland - 1.1
|
|
Australia - 1.0
|
|
Luxembourg - 0.6
|
|
Switzerland - 0.6
|
|
Panama - 0.6
|
|
Others - 6.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
Fidelity Private Credit Company LLC
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
EchoStar Corp
|
||
Altice France SA
|
||
CHS/Community Health Systems Inc
|
||
Carnival Corp
|
||
OneMain Finance Corp
|
||
TransDigm Inc
|
||
Tenet Healthcare Corp
|
||
12.5
|
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
1.9913306.100 6345-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913281.100 3289-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class A (incl. 4.00% sales charge)
|
|||
Class A (without 4.00% sales charge)
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913254.100 3311-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Class A (incl. 5.75% sales charge)
|
-
|
|
Class A (without 5.75% sales charge)
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913308.100 6554-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class M (incl. 3.50% sales charge)
|
-
|
||
Class M (without 3.50% sales charge)
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
|
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
1.9913301.100 3399-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class I
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913257.100 3314-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
|
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
1.9913303.100 3401-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Women's Leadership Fund
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Fidelity® Women's Leadership Fund
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
|
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
1.9913298.100 3396-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Short Duration High Income Fund
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® Short Duration High Income Fund
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913276.100 2580-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Healthy Future Fund
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Fidelity® Healthy Future Fund
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913307.100 6553-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class A (incl. 5.75% sales charge)
|
-
|
||
Class A (without 5.75% sales charge)
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
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
1.9913299.100 3397-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class M (incl. 4.00% sales charge)
|
|||
Class M (without 4.00% sales charge)
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913255.100 3312-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913256.100 3313-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 4.00% sales charge)
|
|||
Class A (without 4.00% sales charge)
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913277.100 2581-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Class M (incl. 3.50% sales charge)
|
||
Class M (without 3.50% sales charge)
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913310.100 6556-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 4.00% sales charge)
|
|||
Class M (without 4.00% sales charge)
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913279.100 2583-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913278.100 2582-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Capital & Income Fund
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® Capital & Income Fund
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
A - 0.0
|
|
BBB - 6.6
|
|
BB - 20.3
|
|
B - 28.0
|
|
CCC,CC,C - 8.9
|
|
Not Rated - 2.5
|
|
Equities - 22.6
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 11.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 52.0
|
|
Common Stocks - 19.8
|
|
Bank Loan Obligations - 11.4
|
|
Alternative Funds - 2.8
|
|
Preferred Securities - 2.6
|
|
Asset-Backed Securities - 0.3
|
|
Preferred Stocks - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 11.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.9
|
|
Canada - 2.2
|
|
United Kingdom - 1.7
|
|
France - 1.5
|
|
China - 0.6
|
|
Netherlands - 0.5
|
|
Australia - 0.4
|
|
Luxembourg - 0.4
|
|
Taiwan - 0.3
|
|
Others - 1.5
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Fidelity Private Credit Company LLC
|
||
TransDigm Inc
|
||
EchoStar Corp
|
||
Ally Financial Inc
|
||
Altice France SA
|
||
X Corp
|
||
NVIDIA Corp
|
||
Energy Transfer LP
|
||
Tenet Healthcare Corp
|
||
Meta Platforms Inc Class A
|
||
15.8
|
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
1.9913245.100 38-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913258.100 3316-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class I
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
|
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
1.9913302.100 3400-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
Fidelity Short Duration High Income Fund Composite Index℠
|
|||
ICE® BofA® 1-5 Year BB-B US Cash Pay High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.3
|
|
A - 0.3
|
|
BBB - 6.0
|
|
BB - 36.5
|
|
B - 42.4
|
|
CCC,CC,C - 8.4
|
|
Not Rated - 2.1
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 77.7
|
|
Bank Loan Obligations - 15.3
|
|
Preferred Securities - 2.2
|
|
U.S. Treasury Obligations - 1.3
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 87.2
|
|
Canada - 4.0
|
|
United Kingdom - 2.0
|
|
Australia - 0.8
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Germany - 0.5
|
|
Switzerland - 0.5
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Others - 3.0
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
TransDigm Inc
|
||
Carnival Corp
|
||
EchoStar Corp
|
||
US Treasury Notes
|
||
Univision Communications Inc
|
||
OneMain Finance Corp
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Royal Caribbean Cruises Ltd
|
||
Tenet Healthcare Corp
|
||
12.9
|
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
1.9913280.100 2584-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Class I
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913311.100 6557-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class C (incl. contingent deferred sales charge)
|
-
|
||
Class C
|
|||
MSCI USA Women's Leadership Index
|
|||
Russell 3000® Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Consumer Discretionary
|
||
Consumer Staples
|
||
Communication Services
|
||
Real Estate
|
||
Energy
|
||
Materials
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 99.3
|
|
Preferred Stocks - 0.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 91.4
|
|
Ireland - 1.7
|
|
France - 1.7
|
|
Belgium - 1.1
|
|
Netherlands - 1.0
|
|
Germany - 0.8
|
|
Italy - 0.7
|
|
Canada - 0.7
|
|
Australia - 0.5
|
|
Others - 0.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
NVIDIA Corp
|
||
Eli Lilly & Co
|
||
JPMorgan Chase & Co
|
||
Alphabet Inc Class A
|
||
Accenture PLC Class A
|
||
Cigna Group/The
|
||
Micron Technology Inc
|
||
30.9
|
|
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
1.9913300.100 3398-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Series High Income Fund
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® Series High Income Fund
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
U.S. Government and U.S. Government Agency Obligations - 0.5
|
|
A - 0.5
|
|
BBB - 3.3
|
|
BB - 32.8
|
|
B - 37.5
|
|
CCC,CC,C - 16.7
|
|
Not Rated - 2.6
|
|
Equities - 3.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 83.6
|
|
Bank Loan Obligations - 7.2
|
|
Preferred Securities - 1.8
|
|
Common Stocks - 1.7
|
|
Alternative Funds - 1.5
|
|
U.S. Treasury Obligations - 0.5
|
|
Asset-Backed Securities - 0.4
|
|
CMOs and Other Mortgage Related Securities - 0.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 84.7
|
|
Canada - 3.4
|
|
United Kingdom - 2.1
|
|
France - 1.4
|
|
Luxembourg - 0.8
|
|
Australia - 0.7
|
|
Ireland - 0.6
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 5.1
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
EchoStar Corp
|
||
Fidelity Private Credit Company LLC
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
TransDigm Inc
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Mesquite Energy Inc
|
||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
|
||
CSC Holdings LLC
|
||
1261229 BC Ltd
|
||
11.5
|
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
1.9913268.100 2269-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Class Z
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913312.100 6558-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
Life of Fund A
|
|
Class C (incl. contingent deferred sales charge)
|
||
Class C
|
||
MSCI World Health & Wellness Select Index
|
||
MSCI ACWI (All Country World Index) Index
|
Visit institutional.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Consumer Staples
|
||
Financials
|
||
Consumer Discretionary
|
||
Industrials
|
||
Information Technology
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Common Stocks - 97.5
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 82.6
|
|
United Kingdom - 5.0
|
|
Hong Kong - 3.1
|
|
France - 3.1
|
|
Japan - 1.7
|
|
Belgium - 1.7
|
|
China - 1.1
|
|
Switzerland - 1.0
|
|
Germany - 0.4
|
|
Others - 0.3
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Procter & Gamble Co/The
|
||
Nestle SA
|
||
NVIDIA Corp
|
||
Unilever PLC
|
||
Uber Technologies Inc
|
||
Thermo Fisher Scientific Inc
|
||
Apollo Global Management Inc
|
||
UnitedHealth Group Inc
|
||
AIA Group Ltd
|
||
Colgate-Palmolive Co
|
||
41.2
|
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
1.9913309.100 6555-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® U.S. Low Volatility Equity Fund
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Fidelity® U.S. Low Volatility Equity Fund
|
|||
MSCI USA Minimum Volatility Index
|
|||
Russell 3000® Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Financials
|
||
Information Technology
|
||
Consumer Staples
|
||
Utilities
|
||
Industrials
|
||
Communication Services
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 98.8
|
|
Domestic Equity Funds - 0.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.8
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 97.6
|
|
Germany - 0.9
|
|
United Kingdom - 0.8
|
|
Ireland - 0.7
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Boston Scientific Corp
|
||
Cboe Global Markets Inc
|
||
The Travelers Companies, Inc.
|
||
Netflix Inc
|
||
Cencora Inc
|
||
Walmart Inc
|
||
Marsh & McLennan Cos Inc
|
||
Visa Inc Class A
|
||
Arthur J Gallagher & Co
|
||
Eli Lilly & Co
|
||
11.3
|
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
1.9913305.100 5029-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Focused High Income Fund
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® Focused High Income Fund
|
|||
ICE® BofA® BB US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
U.S. Government and U.S. Government Agency Obligations - 0.1
|
|
A - 0.1
|
|
BBB - 6.7
|
|
BB - 59.3
|
|
B - 27.2
|
|
CCC,CC,C - 3.2
|
|
Not Rated - 1.3
|
|
Equities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 90.5
|
|
Bank Loan Obligations - 4.8
|
|
Preferred Securities - 2.0
|
|
Asset-Backed Securities - 0.5
|
|
Common Stocks - 0.1
|
|
U.S. Treasury Obligations - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 2.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 87.3
|
|
Canada - 3.3
|
|
United Kingdom - 2.5
|
|
Australia - 1.9
|
|
Ireland - 0.8
|
|
France - 0.7
|
|
Grand Cayman (UK Overseas Ter) - 0.5
|
|
Guatemala - 0.5
|
|
Brazil - 0.4
|
|
Others - 2.1
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Hilton Domestic Operating Co Inc
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
Iron Mountain Inc
|
||
Vistra Operations Co LLC
|
||
OneMain Finance Corp
|
||
Yum! Brands Inc
|
||
TransDigm Inc
|
||
Tenet Healthcare Corp
|
||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
|
||
Prime Security Services Borrower LLC / Prime Finance Inc
|
||
13.4
|
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
1.9913267.100 1366-TSRA-0625
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® High Income Fund
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® High Income Fund
|
|||
ICE® BofA® US High Yield Constrained Index
|
|||
Bloomberg U.S. Universal Bond Index
|
Visit www.fidelity.com for more recent performance information.
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
U.S. Government and U.S. Government Agency Obligations - 1.4
|
|
A - 0.3
|
|
BBB - 3.0
|
|
BB - 36.3
|
|
B - 35.8
|
|
CCC,CC,C - 15.4
|
|
Not Rated - 3.3
|
|
Equities - 3.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
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.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Corporate Bonds - 84.6
|
|
Bank Loan Obligations - 7.3
|
|
Preferred Securities - 2.0
|
|
Common Stocks - 1.4
|
|
U.S. Treasury Obligations - 1.4
|
|
Fixed-Income Funds - 1.2
|
|
Alternative Funds - 0.8
|
|
Asset-Backed Securities - 0.2
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.1
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 83.6
|
|
Canada - 3.0
|
|
United Kingdom - 1.7
|
|
France - 1.6
|
|
Ireland - 1.1
|
|
Australia - 0.7
|
|
Luxembourg - 0.7
|
|
Switzerland - 0.6
|
|
Germany - 0.6
|
|
Others - 6.4
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
US Treasury Notes
|
||
CCO Holdings LLC / CCO Holdings Capital Corp
|
||
iShares Broad USD High Yield Corporate Bond ETF
|
||
EchoStar Corp
|
||
CHS/Community Health Systems Inc
|
||
Altice France SA
|
||
Carnival Corp
|
||
TransDigm Inc
|
||
Level 3 Financing Inc
|
||
Cloud Software Group Inc
|
||
10.9
|
Fidelity® Global High Income Fund merged into Fidelity® High Income Fund on September 13, 2024.
|
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
1.9913259.100 455-TSRA-0625
|
Item 2.
Code of Ethics
As of the end of the period, April 30, 2025, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund, Fidelity Short Duration High Income Fund and Fidelity Women’s Leadership Fund (the “Funds”):
Services Billed by Deloitte Entities
April 30, 2025 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $54,100 | $- | $9,500 | $1,100 |
Fidelity Short Duration High Income Fund | $56,900 | $- | $9,500 | $1,200 |
Fidelity Women’s Leadership Fund | $40,600 | $- | $7,700 | $900 |
April 30, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series High Income Fund | $52,400 | $- | $9,700 | $1,300 |
Fidelity Short Duration High Income Fund | $55,100 | $- | $9,700 | $1,400 |
Fidelity Women’s Leadership Fund | $39,400 | $- | $7,600 | $1,000 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Healthy Future Fund, Fidelity High Income Fund, Fidelity SAI High Income Fund and Fidelity U.S. Low Volatility Equity Fund (the “Funds”):
Services Billed by PwC
April 30, 2025 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $102,900 | $8,800 | $11,600 | $3,000 |
Fidelity Focused High Income Fund | $64,300 | $5,700 | $9,100 | $2,000 |
Fidelity Healthy Future Fund | $29,800 | $2,900 | $8,000 | $1,000 |
Fidelity High Income Fund | $94,000 | $7,200 | $12,700 | $2,500 |
Fidelity SAI High Income Fund | $75,400 | $6,800 | $12,600 | $2,400 |
Fidelity U.S. Low Volatility Equity Fund | $34,100 | $2,800 | $19,600 | $1,000 |
April 30, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital & Income Fund | $100,300 | $8,600 | $11,900 | $2,900 |
Fidelity Focused High Income Fund | $63,000 | $5,500 | $8,800 | $1,800 |
Fidelity Healthy Future Fund | $32,000 | $2,600 | $7,700 | $900 |
Fidelity High Income Fund | $79,400 | $7,100 | $12,300 | $2,400 |
Fidelity SAI High Income Fund | $73,700 | $6,700 | $12,200 | $2,200 |
Fidelity U.S. Low Volatility Equity Fund | $28,500 | $2,700 | $9,800 | $900 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
April 30, 2025A | April 30, 2024A | |
Audit-Related Fees | $250,000 | $75,000 |
Tax Fees | $- | $- |
All Other Fees | $3,964,900 | $935,000 |
A Amounts may reflect rounding.
Services Billed by PwC
April 30, 2025A | April 30, 2024A | |
Audit-Related Fees | $9,765,100 | $9,367,800 |
Tax Fees | $1,000 | $61,000 |
All Other Fees | $35,000 | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | April 30, 2025A | April 30, 2024A |
Deloitte Entities | $4,561,100 | $5,065,200 |
PwC | $14,921,300 | $15,030,400 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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
Contents
Common Stocks - 99.3%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.5%
|
|||
Financials - 0.5%
|
|||
Capital Markets - 0.5%
|
|||
Macquarie Group Ltd
|
5,296
|
654,454
|
|
BELGIUM - 1.1%
|
|||
Health Care - 1.1%
|
|||
Pharmaceuticals - 1.1%
|
|||
UCB SA
|
7,750
|
1,414,831
|
|
CANADA - 0.7%
|
|||
Consumer Discretionary - 0.7%
|
|||
Specialty Retail - 0.7%
|
|||
Aritzia Inc Subordinate Voting Shares (a)
|
24,804
|
872,440
|
|
FRANCE - 1.7%
|
|||
Consumer Discretionary - 0.5%
|
|||
Textiles, Apparel & Luxury Goods - 0.5%
|
|||
Hermes International SCA
|
233
|
631,114
|
|
Consumer Staples - 1.2%
|
|||
Food Products - 1.2%
|
|||
Danone SA
|
18,353
|
1,579,210
|
|
TOTAL FRANCE
|
2,210,324
|
||
GERMANY - 0.8%
|
|||
Health Care - 0.8%
|
|||
Pharmaceuticals - 0.8%
|
|||
Merck KGaA
|
7,192
|
993,175
|
|
IRELAND - 1.7%
|
|||
Information Technology - 1.7%
|
|||
IT Services - 1.7%
|
|||
Accenture PLC Class A
|
7,546
|
2,257,386
|
|
ITALY - 0.7%
|
|||
Industrials - 0.7%
|
|||
Electrical Equipment - 0.7%
|
|||
Prysmian SpA
|
16,628
|
913,413
|
|
NETHERLANDS - 1.0%
|
|||
Industrials - 0.6%
|
|||
Professional Services - 0.6%
|
|||
Wolters Kluwer NV
|
4,144
|
729,765
|
|
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.4%
|
|||
NXP Semiconductors NV
|
3,259
|
600,666
|
|
TOTAL NETHERLANDS
|
1,330,431
|
||
NORWAY - 0.4%
|
|||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Equinor ASA
|
23,836
|
539,543
|
|
UNITED KINGDOM - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Starling Bank Ltd Class D (a)(b)(c)
|
34,700
|
111,911
|
|
UNITED STATES - 90.7%
|
|||
Communication Services - 6.3%
|
|||
Entertainment - 2.4%
|
|||
Netflix Inc (a)
|
1,294
|
1,464,445
|
|
Walt Disney Co/The
|
18,466
|
1,679,483
|
|
3,143,928
|
|||
Interactive Media & Services - 3.9%
|
|||
Alphabet Inc Class A
|
15,561
|
2,471,088
|
|
Alphabet Inc Class C
|
12,842
|
2,066,149
|
|
Pinterest Inc Class A (a)
|
26,489
|
670,701
|
|
5,207,938
|
|||
TOTAL COMMUNICATION SERVICES
|
8,351,866
|
||
Consumer Discretionary - 11.3%
|
|||
Broadline Retail - 4.8%
|
|||
Amazon.com Inc (a)
|
29,383
|
5,418,813
|
|
Etsy Inc (a)
|
16,691
|
725,725
|
|
6,144,538
|
|||
Hotels, Restaurants & Leisure - 1.4%
|
|||
Chipotle Mexican Grill Inc (a)
|
23,223
|
1,173,226
|
|
Starbucks Corp
|
8,587
|
687,389
|
|
1,860,615
|
|||
Household Durables - 0.9%
|
|||
Taylor Morrison Home Corp (a)
|
21,367
|
1,225,397
|
|
Specialty Retail - 2.9%
|
|||
Lowe's Cos Inc
|
4,517
|
1,009,821
|
|
Ulta Beauty Inc (a)
|
3,839
|
1,518,862
|
|
Williams-Sonoma Inc
|
8,567
|
1,323,344
|
|
3,852,027
|
|||
Textiles, Apparel & Luxury Goods - 1.3%
|
|||
Capri Holdings Ltd (a)
|
32,972
|
495,899
|
|
NIKE Inc Class B
|
6,246
|
352,274
|
|
Tapestry Inc
|
13,233
|
934,912
|
|
1,783,085
|
|||
TOTAL CONSUMER DISCRETIONARY
|
14,865,662
|
||
Consumer Staples - 5.2%
|
|||
Beverages - 1.9%
|
|||
Coca-Cola Co/The
|
22,656
|
1,643,694
|
|
Keurig Dr Pepper Inc
|
25,161
|
870,319
|
|
2,514,013
|
|||
Consumer Staples Distribution & Retail - 1.3%
|
|||
Albertsons Cos Inc Class A
|
39,026
|
857,791
|
|
Casey's General Stores Inc
|
1,847
|
854,404
|
|
1,712,195
|
|||
Household Products - 1.3%
|
|||
Procter & Gamble Co/The
|
10,232
|
1,663,416
|
|
Personal Care Products - 0.7%
|
|||
Estee Lauder Cos Inc/The Class A
|
16,940
|
1,015,722
|
|
TOTAL CONSUMER STAPLES
|
6,905,346
|
||
Energy - 2.2%
|
|||
Energy Equipment & Services - 0.7%
|
|||
Baker Hughes Co Class A
|
27,295
|
966,243
|
|
Oil, Gas & Consumable Fuels - 1.5%
|
|||
Antero Resources Corp (a)
|
28,844
|
1,004,637
|
|
EQT Corp
|
19,051
|
941,881
|
|
1,946,518
|
|||
TOTAL ENERGY
|
2,912,761
|
||
Financials - 13.2%
|
|||
Banks - 6.1%
|
|||
Bank of America Corp
|
40,694
|
1,622,877
|
|
Citigroup Inc
|
15,072
|
1,030,623
|
|
Huntington Bancshares Inc/OH
|
61,822
|
898,274
|
|
JPMorgan Chase & Co
|
10,607
|
2,594,684
|
|
US Bancorp
|
16,404
|
661,737
|
|
Wells Fargo & Co
|
16,355
|
1,161,369
|
|
7,969,564
|
|||
Capital Markets - 1.6%
|
|||
Bank of New York Mellon Corp/The
|
9,116
|
733,017
|
|
Nasdaq Inc
|
18,951
|
1,444,256
|
|
2,177,273
|
|||
Consumer Finance - 0.5%
|
|||
SLM Corp
|
21,662
|
626,248
|
|
Financial Services - 1.4%
|
|||
Mastercard Inc Class A
|
3,494
|
1,914,922
|
|
Insurance - 3.6%
|
|||
Hartford Insurance Group Inc/The
|
13,348
|
1,637,399
|
|
Marsh & McLennan Cos Inc
|
5,962
|
1,344,252
|
|
Progressive Corp/The
|
6,497
|
1,830,465
|
|
4,812,116
|
|||
TOTAL FINANCIALS
|
17,500,123
|
||
Health Care - 10.9%
|
|||
Biotechnology - 2.3%
|
|||
Alnylam Pharmaceuticals Inc (a)
|
4,681
|
1,232,226
|
|
Exact Sciences Corp (a)
|
12,234
|
558,360
|
|
Gilead Sciences Inc
|
11,550
|
1,230,537
|
|
3,021,123
|
|||
Health Care Equipment & Supplies - 1.8%
|
|||
Insulet Corp (a)
|
6,340
|
1,599,519
|
|
Penumbra Inc (a)
|
2,714
|
794,767
|
|
2,394,286
|
|||
Health Care Providers & Services - 1.6%
|
|||
Cigna Group/The
|
6,385
|
2,171,155
|
|
Life Sciences Tools & Services - 1.0%
|
|||
Thermo Fisher Scientific Inc
|
2,928
|
1,256,112
|
|
Pharmaceuticals - 4.2%
|
|||
Eli Lilly & Co
|
3,085
|
2,773,262
|
|
GSK PLC ADR
|
32,898
|
1,310,985
|
|
Merck & Co Inc
|
17,716
|
1,509,403
|
|
5,593,650
|
|||
TOTAL HEALTH CARE
|
14,436,326
|
||
Industrials - 13.3%
|
|||
Aerospace & Defense - 0.9%
|
|||
Boeing Co (a)
|
6,176
|
1,131,690
|
|
Building Products - 1.4%
|
|||
AZEK Co Inc/The Class A (a)
|
15,699
|
778,042
|
|
Trane Technologies PLC
|
2,914
|
1,116,966
|
|
1,895,008
|
|||
Commercial Services & Supplies - 0.5%
|
|||
MillerKnoll Inc
|
8,471
|
138,924
|
|
Veralto Corp
|
5,132
|
492,159
|
|
631,083
|
|||
Electrical Equipment - 2.8%
|
|||
Eaton Corp PLC
|
4,444
|
1,308,180
|
|
GE Vernova Inc
|
3,228
|
1,197,007
|
|
nVent Electric PLC
|
11,078
|
608,293
|
|
Regal Rexnord Corp
|
5,949
|
629,642
|
|
3,743,122
|
|||
Machinery - 5.2%
|
|||
Deere & Co
|
3,274
|
1,517,696
|
|
Federal Signal Corp
|
11,403
|
928,546
|
|
Ingersoll Rand Inc
|
13,510
|
1,019,059
|
|
Otis Worldwide Corp
|
10,119
|
974,156
|
|
Parker-Hannifin Corp
|
2,372
|
1,435,203
|
|
Westinghouse Air Brake Technologies Corp
|
5,019
|
927,210
|
|
6,801,870
|
|||
Professional Services - 2.5%
|
|||
KBR Inc
|
12,823
|
677,183
|
|
Leidos Holdings Inc
|
8,774
|
1,291,357
|
|
TransUnion
|
9,319
|
773,104
|
|
UL Solutions Inc Class A
|
10,873
|
621,827
|
|
3,363,471
|
|||
TOTAL INDUSTRIALS
|
17,566,244
|
||
Information Technology - 23.0%
|
|||
Communications Equipment - 0.9%
|
|||
Arista Networks Inc
|
14,190
|
1,167,411
|
|
Electronic Equipment, Instruments & Components - 0.6%
|
|||
Insight Enterprises Inc (a)
|
5,668
|
783,771
|
|
Semiconductors & Semiconductor Equipment - 6.8%
|
|||
First Solar Inc (a)
|
7,628
|
959,755
|
|
Marvell Technology Inc
|
14,316
|
835,625
|
|
Micron Technology Inc
|
27,539
|
2,119,126
|
|
NVIDIA Corp
|
41,807
|
4,553,618
|
|
Universal Display Corp
|
4,362
|
547,998
|
|
9,016,122
|
|||
Software - 7.5%
|
|||
Gen Digital Inc
|
53,215
|
1,376,672
|
|
HubSpot Inc (a)
|
1,177
|
719,736
|
|
Microsoft Corp
|
18,525
|
7,322,192
|
|
PagerDuty Inc (a)
|
23,600
|
366,036
|
|
9,784,636
|
|||
Technology Hardware, Storage & Peripherals - 7.2%
|
|||
Apple Inc
|
41,811
|
8,884,838
|
|
Dell Technologies Inc Class C
|
7,170
|
657,919
|
|
9,542,757
|
|||
TOTAL INFORMATION TECHNOLOGY
|
30,294,697
|
||
Materials - 1.5%
|
|||
Containers & Packaging - 1.5%
|
|||
AptarGroup Inc
|
5,513
|
826,674
|
|
Ball Corp
|
21,162
|
1,099,155
|
|
1,925,829
|
|||
Real Estate - 2.9%
|
|||
Health Care REITs - 1.5%
|
|||
Ventas Inc
|
27,568
|
1,931,966
|
|
Specialized REITs - 1.4%
|
|||
American Tower Corp
|
4,181
|
942,439
|
|
Public Storage Operating Co
|
3,161
|
949,659
|
|
1,892,098
|
|||
TOTAL REAL ESTATE
|
3,824,064
|
||
Utilities - 0.9%
|
|||
Electric Utilities - 0.9%
|
|||
NextEra Energy Inc
|
18,010
|
1,204,508
|
|
TOTAL UNITED STATES
|
119,787,426
|
||
|
TOTAL COMMON STOCKS
(Cost $107,571,532)
|
131,085,334
|
||
Convertible Preferred Stocks - 0.3%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.3%
|
|||
Health Care - 0.3%
|
|||
Health Care Providers & Services - 0.3%
|
|||
Somatus Inc Series E (a)(b)(c)
(Cost $350,799)
|
402
|
456,632
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.6%
(Cost $107,922,331)
|
131,541,966
|
NET OTHER ASSETS (LIABILITIES) - 0.4%
|
554,889
|
NET ASSETS - 100.0%
|
132,096,855
|
(a)
|
Non-income producing
|
(b)
|
Level 3 security
|
(c)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $568,543 or 0.4% of net assets.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Somatus Inc Series E
|
1/31/22
|
350,799
|
Starling Bank Ltd Class D
|
6/18/21 - 4/05/22
|
68,001
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
1,195,228
|
42,405,222
|
43,600,450
|
103,248
|
-
|
-
|
-
|
-
|
0.0%
|
Total
|
1,195,228
|
42,405,222
|
43,600,450
|
103,248
|
-
|
-
|
-
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
8,351,866
|
8,351,866
|
-
|
-
|
Consumer Discretionary
|
16,369,216
|
16,369,216
|
-
|
-
|
Consumer Staples
|
8,484,556
|
6,905,346
|
1,579,210
|
-
|
Energy
|
3,452,304
|
2,912,761
|
539,543
|
-
|
Financials
|
18,266,488
|
17,500,123
|
654,454
|
111,911
|
Health Care
|
16,844,332
|
16,844,332
|
-
|
-
|
Industrials
|
19,209,422
|
18,296,009
|
913,413
|
-
|
Information Technology
|
33,152,749
|
33,152,749
|
-
|
-
|
Materials
|
1,925,829
|
1,925,829
|
-
|
-
|
Real Estate
|
3,824,064
|
3,824,064
|
-
|
-
|
Utilities
|
1,204,508
|
1,204,508
|
-
|
-
|
Convertible Preferred Stocks
|
||||
Health Care
|
456,632
|
-
|
-
|
456,632
|
Total Investments in Securities:
|
131,541,966
|
127,286,803
|
3,686,620
|
568,543
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $107,922,331)
|
$
|
131,541,966
|
||
Foreign currency held at value (cost $23,836)
|
23,801
|
|||
Receivable for investments sold
|
582,262
|
|||
Receivable for fund shares sold
|
8,202
|
|||
Dividends receivable
|
82,516
|
|||
Distributions receivable from Fidelity Central Funds
|
6,071
|
|||
Prepaid expenses
|
46
|
|||
Total assets
|
132,244,864
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
13,716
|
||
Payable for fund shares redeemed
|
23,848
|
|||
Accrued management fee
|
59,310
|
|||
Distribution and service plan fees payable
|
3,422
|
|||
Audit fee payable
|
45,324
|
|||
Other payables and accrued expenses
|
2,389
|
|||
Total liabilities
|
148,009
|
|||
Net Assets
|
$
|
132,096,855
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
103,694,499
|
||
Total accumulated earnings (loss)
|
28,402,356
|
|||
Net Assets
|
$
|
132,096,855
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($8,479,132 ÷ 540,807 shares)(a)
|
$
|
15.68
|
||
Maximum offering price per share (100/94.25 of $15.68)
|
$
|
16.64
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($1,241,382 ÷ 79,560 shares)(a)
|
$
|
15.60
|
||
Maximum offering price per share (100/96.50 of $15.60)
|
$
|
16.17
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($1,528,608 ÷ 100,029 shares)(a)
|
$
|
15.28
|
||
Fidelity Women's Leadership Fund :
|
||||
Net Asset Value, offering price and redemption price per share ($98,609,125 ÷ 6,258,599 shares)
|
$
|
15.76
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($12,891,513 ÷ 818,870 shares)
|
$
|
15.74
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($9,347,095 ÷ 590,412 shares)
|
$
|
15.83
|
||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
1,672,557
|
||
Income from Fidelity Central Funds
|
103,248
|
|||
Total income
|
1,775,805
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
1,000,446
|
||
Performance adjustment
|
(141,678)
|
|||
Distribution and service plan fees
|
46,472
|
|||
Custodian fees and expenses
|
5,574
|
|||
Independent trustees' fees and expenses
|
643
|
|||
Registration fees
|
85,980
|
|||
Audit fees
|
59,337
|
|||
Legal
|
1,005
|
|||
Miscellaneous
|
6,728
|
|||
Total expenses
|
1,064,507
|
|||
Net Investment income (loss)
|
711,298
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
7,786,224
|
|||
Foreign currency transactions
|
(6,409)
|
|||
Total net realized gain (loss)
|
7,779,815
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(5,927,689)
|
|||
Assets and liabilities in foreign currencies
|
4,778
|
|||
Total change in net unrealized appreciation (depreciation)
|
(5,922,911)
|
|||
Net gain (loss)
|
1,856,904
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
2,568,202
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
711,298
|
$
|
929,366
|
Net realized gain (loss)
|
7,779,815
|
5,094,499
|
||
Change in net unrealized appreciation (depreciation)
|
(5,922,911)
|
19,668,828
|
||
Net increase (decrease) in net assets resulting from operations
|
2,568,202
|
25,692,693
|
||
Distributions to shareholders
|
(2,762,542)
|
(910,957)
|
||
Share transactions - net increase (decrease)
|
(15,966,191)
|
(24,021,691)
|
||
Total increase (decrease) in net assets
|
(16,160,531)
|
760,045
|
||
Net Assets
|
||||
Beginning of period
|
148,257,386
|
147,497,341
|
||
End of period
|
$
|
132,096,855
|
$
|
148,257,386
|
Fidelity Advisor® Women's Leadership Fund Class A |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.81
|
$
|
13.39
|
$
|
13.18
|
$
|
15.28
|
$
|
9.80
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.03
|
.06
|
.07
|
- C
|
- C
|
|||||
Net realized and unrealized gain (loss)
|
.12
|
2.42
|
.20
|
(1.70)
|
5.49
|
|||||
Total from investment operations
|
.15
|
2.48
|
.27
|
(1.70)
|
5.49
|
|||||
Distributions from net investment income
|
(.04)
|
(.06)
|
(.06)
|
- C
|
(.01)
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.40)
|
-
|
|||||
Total distributions
|
(.28)
|
(.06)
|
(.06)
|
(.40)
|
(.01)
|
|||||
Net asset value, end of period
|
$
|
15.68
|
$
|
15.81
|
$
|
13.39
|
$
|
13.18
|
$
|
15.28
|
Total Return D,E
|
.78 % |
18.56%
|
2.10%
|
(11.46)%
|
56.03%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
.98%
|
1.03%
|
1.09%
|
1.10%
|
1.28%
|
|||||
Expenses net of fee waivers, if any
|
.98 % |
1.02%
|
1.09%
|
1.10%
|
1.25%
|
|||||
Expenses net of all reductions, if any
|
.98%
|
1.02%
|
1.09%
|
1.10%
|
1.24%
|
|||||
Net investment income (loss)
|
.20%
|
.38%
|
.57%
|
(.01)%
|
(.03)%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
8,479
|
$
|
7,926
|
$
|
6,104
|
$
|
5,171
|
$
|
2,865
|
Portfolio turnover rate H
|
45 % |
33%
|
22%
|
48%
|
35%
|
Fidelity Advisor® Women's Leadership Fund Class M |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.74
|
$
|
13.34
|
$
|
13.14
|
$
|
15.22
|
$
|
9.78
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
(.01)
|
.02
|
.04
|
(.04)
|
(.04)
|
|||||
Net realized and unrealized gain (loss)
|
.11
|
2.41
|
.20
|
(1.69)
|
5.48
|
|||||
Total from investment operations
|
.10
|
2.43
|
.24
|
(1.73)
|
5.44
|
|||||
Distributions from net investment income
|
-
|
(.03)
|
(.04)
|
-
|
- C
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.35)
|
-
|
|||||
Total distributions
|
(.24)
|
(.03)
|
(.04)
|
(.35)
|
- C
|
|||||
Net asset value, end of period
|
$
|
15.60
|
$
|
15.74
|
$
|
13.34
|
$
|
13.14
|
$
|
15.22
|
Total Return D,E
|
.51 % |
18.22%
|
1.83%
|
(11.66)%
|
55.65%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.23%
|
1.29%
|
1.37%
|
1.35%
|
1.52%
|
|||||
Expenses net of fee waivers, if any
|
1.23 % |
1.29%
|
1.37%
|
1.35%
|
1.50%
|
|||||
Expenses net of all reductions, if any
|
1.23%
|
1.29%
|
1.37%
|
1.35%
|
1.49%
|
|||||
Net investment income (loss)
|
(.05)%
|
.12%
|
.28%
|
(.27)%
|
(.28)%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,241
|
$
|
1,333
|
$
|
1,122
|
$
|
1,054
|
$
|
974
|
Portfolio turnover rate H
|
45 % |
33%
|
22%
|
48%
|
35%
|
Fidelity Advisor® Women's Leadership Fund Class C |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.50
|
$
|
13.18
|
$
|
13.00
|
$
|
15.09
|
$
|
9.74
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
(.09)
|
(.05)
|
(.03)
|
(.11)
|
(.10)
|
|||||
Net realized and unrealized gain (loss)
|
.11
|
2.37
|
.21
|
(1.68)
|
5.45
|
|||||
Total from investment operations
|
.02
|
2.32
|
.18
|
(1.79)
|
5.35
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.30)
|
-
|
|||||
Total distributions
|
(.24)
|
-
|
-
|
(.30)
|
-
|
|||||
Net asset value, end of period
|
$
|
15.28
|
$
|
15.50
|
$
|
13.18
|
$
|
13.00
|
$
|
15.09
|
Total Return C,D
|
- % E |
17.60%
|
1.38%
|
(12.12)%
|
54.93%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.73%
|
1.79%
|
1.86%
|
1.84%
|
1.99%
|
|||||
Expenses net of fee waivers, if any
|
1.73 % |
1.78%
|
1.86%
|
1.84%
|
1.99%
|
|||||
Expenses net of all reductions, if any
|
1.73%
|
1.78%
|
1.86%
|
1.84%
|
1.98%
|
|||||
Net investment income (loss)
|
(.55)%
|
(.37)%
|
(.20)%
|
(.75)%
|
(.77)%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,529
|
$
|
1,745
|
$
|
1,603
|
$
|
1,540
|
$
|
937
|
Portfolio turnover rate H
|
45 % |
33%
|
22%
|
48%
|
35%
|
Fidelity® Women's Leadership Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.88
|
$
|
13.45
|
$
|
13.22
|
$
|
15.31
|
$
|
9.81
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.08
|
.09
|
.10
|
.03
|
.03
|
|||||
Net realized and unrealized gain (loss)
|
.12
|
2.43
|
.21
|
(1.70)
|
5.50
|
|||||
Total from investment operations
|
.20
|
2.52
|
.31
|
(1.67)
|
5.53
|
|||||
Distributions from net investment income
|
(.08)
|
(.09)
|
(.08)
|
(.02)
|
(.03)
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.40)
|
-
|
|||||
Total distributions
|
(.32)
|
(.09)
|
(.08)
|
(.42)
|
(.03)
|
|||||
Net asset value, end of period
|
$
|
15.76
|
$
|
15.88
|
$
|
13.45
|
$
|
13.22
|
$
|
15.31
|
Total Return C
|
1.09 % |
18.76%
|
2.37%
|
(11.25)%
|
56.44%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.68%
|
.79%
|
.89%
|
.92%
|
1.10%
|
|||||
Expenses net of fee waivers, if any
|
.68 % |
.78%
|
.89%
|
.90%
|
1.00%
|
|||||
Expenses net of all reductions, if any
|
.68%
|
.78%
|
.89%
|
.90%
|
.99%
|
|||||
Net investment income (loss)
|
.50%
|
.63%
|
.76%
|
.18%
|
.22%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
98,609
|
$
|
105,832
|
$
|
115,107
|
$
|
101,533
|
$
|
98,888
|
Portfolio turnover rate F
|
45 % |
33%
|
22%
|
48%
|
35%
|
Fidelity Advisor® Women's Leadership Fund Class I |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.87
|
$
|
13.44
|
$
|
13.21
|
$
|
15.31
|
$
|
9.81
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.08
|
.10
|
.11
|
.04
|
.03
|
|||||
Net realized and unrealized gain (loss)
|
.11
|
2.43
|
.21
|
(1.70)
|
5.51
|
|||||
Total from investment operations
|
.19
|
2.53
|
.32
|
(1.66)
|
5.54
|
|||||
Distributions from net investment income
|
(.08)
|
(.10)
|
(.09)
|
(.04)
|
(.04)
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.40)
|
-
|
|||||
Total distributions
|
(.32)
|
(.10)
|
(.09)
|
(.44)
|
(.04)
|
|||||
Net asset value, end of period
|
$
|
15.74
|
$
|
15.87
|
$
|
13.44
|
$
|
13.21
|
$
|
15.31
|
Total Return C
|
1.02 % |
18.88%
|
2.46%
|
(11.20)%
|
56.52%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.69%
|
.74%
|
.80%
|
.81%
|
.98%
|
|||||
Expenses net of fee waivers, if any
|
.69 % |
.73%
|
.79%
|
.81%
|
.98%
|
|||||
Expenses net of all reductions, if any
|
.69%
|
.73%
|
.79%
|
.81%
|
.97%
|
|||||
Net investment income (loss)
|
.49%
|
.68%
|
.86%
|
.28%
|
.24%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
12,892
|
$
|
16,279
|
$
|
13,381
|
$
|
11,273
|
$
|
3,874
|
Portfolio turnover rate F
|
45 % |
33%
|
22%
|
48%
|
35%
|
Fidelity Advisor® Women's Leadership Fund Class Z |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
15.93
|
$
|
13.49
|
$
|
13.25
|
$
|
15.35
|
$
|
9.83
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.10
|
.12
|
.13
|
.06
|
.05
|
|||||
Net realized and unrealized gain (loss)
|
.11
|
2.44
|
.21
|
(1.71)
|
5.51
|
|||||
Total from investment operations
|
.21
|
2.56
|
.34
|
(1.65)
|
5.56
|
|||||
Distributions from net investment income
|
(.07)
|
(.12)
|
(.10)
|
(.05)
|
(.04)
|
|||||
Distributions from net realized gain
|
(.24)
|
-
|
-
|
(.40)
|
-
|
|||||
Total distributions
|
(.31)
|
(.12)
|
(.10)
|
(.45)
|
(.04)
|
|||||
Net asset value, end of period
|
$
|
15.83
|
$
|
15.93
|
$
|
13.49
|
$
|
13.25
|
$
|
15.35
|
Total Return C
|
1.17 % |
19.02%
|
2.59%
|
(11.13)%
|
56.63%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.57%
|
.62%
|
.68%
|
.69%
|
.87%
|
|||||
Expenses net of fee waivers, if any
|
.57 % |
.61%
|
.67%
|
.69%
|
.85%
|
|||||
Expenses net of all reductions, if any
|
.57%
|
.61%
|
.67%
|
.69%
|
.84%
|
|||||
Net investment income (loss)
|
.61%
|
.80%
|
.98%
|
.40%
|
.37%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
9,347
|
$
|
15,144
|
$
|
10,181
|
$
|
8,216
|
$
|
9,043
|
Portfolio turnover rate F
|
45 % |
33%
|
22%
|
48%
|
35%
|
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%
|
Gross unrealized appreciation
|
$31,044,900
|
Gross unrealized depreciation
|
(7,517,547)
|
Net unrealized appreciation (depreciation)
|
$23,527,353
|
Tax Cost
|
$108,014,613
|
Undistributed ordinary income
|
$156,120
|
Undistributed long-term capital gain
|
$4,714,740
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$23,531,497
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$646,544
|
$910,957
|
Long-term Capital Gains
|
2,115,998
|
-
|
Total
|
$2,762,542
|
$910,957
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Women's Leadership Fund
|
66,311,496
|
83,220,184
|
Maximum Management Fee Rate %
|
|
Class A
|
.72
|
Class M
|
.72
|
Class C
|
.72
|
Fidelity Women's Leadership Fund
|
.72
|
Class I
|
.68
|
Class Z
|
.56
|
Total Management Fee Rate %
|
|
Class A
|
.72
|
Class M
|
.72
|
Class C
|
.72
|
Fidelity Women's Leadership Fund
|
.67
|
Class I
|
.68
|
Class Z
|
.56
|
Performance Adjustment Index
|
|
Fidelity Women's Leadership Fund
|
Russell 3000 Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
22,176
|
493
|
Class M
|
.25%
|
.25%
|
6,692
|
-
|
Class C
|
.75%
|
.25%
|
17,604
|
1,503
|
46,472
|
1,996
|
Retained by FDC ($)
|
|
Class A
|
6,885
|
Class M
|
372
|
Class CA
|
21
|
7,278
|
Amount ($)
|
|
Fidelity Women's Leadership Fund
|
737
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Women's Leadership Fund
|
3,895,174
|
4,202,926
|
(1,024,386)
|
Amount ($)
|
|
Fidelity Women's Leadership Fund
|
221
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Women's Leadership Fund
|
||
Distributions to shareholders
|
||
Class A
|
$147,378
|
$29,747
|
Class M
|
18,319
|
2,422
|
Class C
|
25,878
|
-
|
Fidelity Women's Leadership Fund
|
2,101,314
|
668,906
|
Class I
|
280,010
|
102,091
|
Class Z
|
189,643
|
107,791
|
Total
|
$2,762,542
|
$910,957
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Women's Leadership Fund
|
||||
Class A
|
||||
Shares sold
|
114,129
|
89,980
|
$1,928,216
|
$1,319,806
|
Reinvestment of distributions
|
8,296
|
1,938
|
143,108
|
28,972
|
Shares redeemed
|
(82,945)
|
(46,268)
|
(1,387,205)
|
(685,142)
|
Net increase (decrease)
|
39,480
|
45,650
|
$684,119
|
$663,636
|
Class M
|
||||
Shares sold
|
11,783
|
3,512
|
$203,410
|
$51,358
|
Reinvestment of distributions
|
956
|
161
|
16,431
|
2,422
|
Shares redeemed
|
(17,836)
|
(3,117)
|
(298,578)
|
(44,710)
|
Net increase (decrease)
|
(5,097)
|
556
|
$(78,737)
|
$9,070
|
Class C
|
||||
Shares sold
|
7,303
|
14,405
|
$120,549
|
$207,118
|
Reinvestment of distributions
|
1,535
|
-
|
25,878
|
-
|
Shares redeemed
|
(21,410)
|
(23,441)
|
(349,531)
|
(334,953)
|
Net increase (decrease)
|
(12,572)
|
(9,036)
|
$(203,104)
|
$(127,835)
|
Fidelity Women's Leadership Fund
|
||||
Shares sold
|
726,369
|
963,535
|
$12,281,104
|
$14,042,715
|
Reinvestment of distributions
|
111,168
|
41,573
|
1,921,767
|
618,490
|
Shares redeemed
|
(1,244,160)
|
(2,901,042)
|
(20,698,294)
|
(42,354,418)
|
Net increase (decrease)
|
(406,623)
|
(1,895,934)
|
$(6,495,423)
|
$(27,693,213)
|
Class I
|
||||
Shares sold
|
148,657
|
365,609
|
$2,468,135
|
$5,078,142
|
Reinvestment of distributions
|
16,017
|
6,769
|
276,365
|
100,595
|
Shares redeemed
|
(371,817)
|
(342,100)
|
(6,236,025)
|
(4,790,855)
|
Net increase (decrease)
|
(207,143)
|
30,278
|
$(3,491,525)
|
$387,882
|
Class Z
|
||||
Shares sold
|
149,250
|
425,187
|
$2,503,384
|
$6,183,243
|
Reinvestment of distributions
|
6,610
|
5,982
|
114,201
|
89,229
|
Shares redeemed
|
(516,122)
|
(235,141)
|
(8,999,106)
|
(3,533,703)
|
Net increase (decrease)
|
(360,262)
|
196,028
|
$(6,381,521)
|
$2,738,769
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Alternative Funds - 0.8%
|
|||
Shares
|
Value ($)
|
||
Fidelity Private Credit Company LLC (b)(c)
(Cost $22,585,256)
|
2,270,785
|
21,731,410
|
|
Asset-Backed Securities - 0.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
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)
|
175,000
|
169,919
|
|
Invesco US CLO Ltd Series 2023-2A Class F, CME Term SOFR 3 month Index + 7.58%, 11.8524% 4/21/2036 (d)(e)(f)
|
423,000
|
423,000
|
|
TOTAL BAILIWICK OF JERSEY
|
839,995
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
|
|||
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)
|
285,000
|
279,633
|
|
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)
|
150,000
|
148,832
|
|
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)
|
150,000
|
145,358
|
|
Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.5061% 7/15/2039 (d)(e)(f)
|
250,000
|
244,499
|
|
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)
|
149,000
|
144,452
|
|
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)
|
285,000
|
277,722
|
|
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)
|
184,000
|
182,896
|
|
Carlyle US CLO Ltd Series 2024-2A Class E, CME Term SOFR 3 month Index + 6.85%, 11.1318% 4/25/2037 (d)(e)(f)
|
250,000
|
246,573
|
|
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)
|
223,000
|
218,835
|
|
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)
|
317,000
|
311,473
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
189,000
|
183,603
|
|
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)
|
385,000
|
372,136
|
|
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)
|
285,000
|
281,068
|
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
150,000
|
148,123
|
|
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)
|
222,000
|
213,798
|
|
Neuberger Berman Loan Advisers Lasalle Street Lending Clo II Ltd Series 2024-2A Class E, CME Term SOFR 3 month Index + 7.5%, 11.7695% 4/20/2038 (d)(e)(f)
|
791,000
|
791,390
|
|
OCP CLO Ltd Series 2024-11A Class ER2, CME Term SOFR 3 month Index + 6.82%, 11.1026% 4/26/2036 (d)(e)(f)
|
560,000
|
551,592
|
|
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (d)(e)(f)
|
200,000
|
195,370
|
|
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)
|
285,000
|
281,860
|
|
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)
|
146,000
|
141,997
|
|
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)
|
285,000
|
274,945
|
|
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)
|
127,000
|
124,937
|
|
Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f)
|
150,000
|
147,255
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
5,908,347
|
||
UNITED STATES - 0.0%
|
|||
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)
|
285,000
|
280,056
|
|
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)
|
250,000
|
246,098
|
|
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)
|
179,000
|
175,972
|
|
TOTAL UNITED STATES
|
702,126
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $7,572,286)
|
7,450,468
|
||
Bank Loan Obligations - 7.3%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
DH Corporation/Societe DH 1LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.428% 9/13/2029 (d)(e)(h)(i)
|
114,233
|
114,118
|
|
FRANCE - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (d)(e)(h)
|
4,543,410
|
4,079,982
|
|
Media - 0.0%
|
|||
Numericable US LLC Tranche B-13 1LN, term loan CME Term SOFR 6 month Index + 4%, 10.5% 8/14/2026 (d)(e)(h)
|
548,597
|
478,651
|
|
TOTAL FRANCE
|
4,558,633
|
||
NETHERLANDS - 0.1%
|
|||
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5608% 8/27/2028 (d)(e)(h)(i)
|
3,886,463
|
2,837,118
|
|
SWITZERLAND - 0.0%
|
|||
Materials - 0.0%
|
|||
Chemicals - 0.0%
|
|||
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8132% 11/15/2030 (d)(e)(h)
|
74,250
|
67,925
|
|
UNITED STATES - 7.0%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 10.0451% 10/3/2031 (d)(e)(h)
|
690,361
|
515,617
|
|
Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/3/2031 (d)(e)(h)(j)
|
3,583,817
|
3,262,779
|
|
Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/3/2031 (d)(e)(h)(j)
|
2,301,183
|
2,095,043
|
|
Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7861% 4/15/2030 (d)(e)(h)
|
1,387,629
|
1,319,982
|
|
7,193,421
|
|||
Media - 0.0%
|
|||
CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8219% 1/18/2028 (d)(e)(h)
|
1,356,531
|
1,318,466
|
|
TOTAL COMMUNICATION SERVICES
|
8,511,887
|
||
Consumer Discretionary - 2.2%
|
|||
Broadline Retail - 0.2%
|
|||
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8992% 6/18/2029 (d)(e)(h)
|
4,798,193
|
4,525,320
|
|
Diversified Consumer Services - 0.6%
|
|||
AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.319% 7/31/2028 (d)(e)(h)
|
2,665,000
|
2,630,915
|
|
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (d)(e)(h)
|
12,228,615
|
9,952,992
|
|
TKC Holdings Inc 1LN, term loan 13.5% 2/14/2027 (e)(h)
|
4,109,657
|
3,369,919
|
|
15,953,826
|
|||
Hotels, Restaurants & Leisure - 0.9%
|
|||
Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 4/1/2029 (d)(e)(h)
|
3,024,081
|
2,884,217
|
|
Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 1/28/2032 (d)(e)(h)
|
2,765,000
|
2,695,875
|
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (d)(e)(h)
|
2,609,639
|
2,326,936
|
|
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (d)(e)(h)
|
3,522,979
|
3,261,504
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (d)(e)(h)
|
10,918,184
|
10,340,394
|
|
United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0413% 12/30/2026 (d)(e)(h)
|
792,567
|
756,902
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (d)(e)(h)
|
4,165,654
|
4,012,899
|
|
26,278,727
|
|||
Household Durables - 0.3%
|
|||
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 6/29/2028 (d)(e)(h)
|
5,491,179
|
4,511,498
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 10/30/2027 (d)(e)(h)
|
2,571,381
|
2,407,455
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 10/30/2027 (d)(e)(h)
|
2,449,054
|
2,275,588
|
|
9,194,541
|
|||
Specialty Retail - 0.2%
|
|||
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (d)(e)(h)
|
5,845,038
|
5,519,937
|
|
Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0407% 9/10/2029 (d)(e)(h)
|
597,000
|
513,915
|
|
6,033,852
|
|||
TOTAL CONSUMER DISCRETIONARY
|
61,986,266
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 15.4685% 8/2/2028 (d)(e)(h)
|
272,401
|
259,461
|
|
Del Monte Foods Corp II Inc Tranche FLFO B, term loan CME Term SOFR 3 month Index + 8%, 12.409% 8/2/2028 (d)(e)(h)(i)
|
79,374
|
79,373
|
|
338,834
|
|||
Personal Care Products - 0.0%
|
|||
Opal LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 3/1/2032 (d)(e)(h)(j)
|
350,000
|
346,721
|
|
TOTAL CONSUMER STAPLES
|
685,555
|
||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Mesquite Energy Inc 1LN, term loan 0% (e)(h)(i)(j)(k)
|
1,718,000
|
0
|
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(h)(i)(j)(k)
|
4,024,234
|
1
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (d)(e)(h)
|
15,069,000
|
10,762,581
|
|
10,762,582
|
|||
Financials - 0.2%
|
|||
Financial Services - 0.1%
|
|||
Softbank Svf II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5%, 6% 12/31/2025 (d)(e)(h)(i)
|
229,395
|
228,821
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (d)(e)(h)
|
2,135,000
|
2,042,490
|
|
2,271,311
|
|||
Insurance - 0.1%
|
|||
Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6861% 1/31/2028 (d)(e)(h)
|
2,843,000
|
2,648,056
|
|
TIH Insurance Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 5/6/2032 (d)(e)(h)
|
32,105
|
31,977
|
|
2,680,033
|
|||
TOTAL FINANCIALS
|
4,951,344
|
||
Health Care - 0.5%
|
|||
Health Care Providers & Services - 0.3%
|
|||
Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (d)(e)(h)
|
1,699,690
|
1,529,721
|
|
ModivCare Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 7/1/2031 (d)(e)(h)
|
2,446,542
|
1,642,241
|
|
Owens & Minor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 0% 4/2/2030 (d)(e)(h)(j)
|
3,410,000
|
3,341,800
|
|
Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5902% 1/31/2029 (d)(e)(h)
|
3,394,702
|
3,276,736
|
|
9,790,498
|
|||
Pharmaceuticals - 0.2%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (d)(e)(h)
|
4,795,000
|
4,515,308
|
|
TOTAL HEALTH CARE
|
14,305,806
|
||
Industrials - 0.7%
|
|||
Air Freight & Logistics - 0.1%
|
|||
Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.1716% 11/23/2028 (d)(e)(h)(i)
|
188,175
|
188,175
|
|
Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7%, 11.4216% 11/23/2029 (d)(e)(h)(i)
|
30,000
|
30,000
|
|
Stonepeak Nile Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 4/12/2032 (d)(e)(h)(j)
|
1,645,000
|
1,614,502
|
|
1,832,677
|
|||
Commercial Services & Supplies - 0.2%
|
|||
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7907% 8/1/2030 (d)(e)(h)
|
2,662,279
|
2,456,458
|
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (d)(e)(h)
|
4,599,118
|
4,047,546
|
|
6,504,004
|
|||
Professional Services - 0.3%
|
|||
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 12/30/2028 (d)(e)(h)
|
4,382,373
|
4,187,138
|
|
Corelogic Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 6/2/2028 (d)(e)(h)
|
2,748,563
|
2,707,335
|
|
6,894,473
|
|||
Trading Companies & Distributors - 0.1%
|
|||
Foundation Building Materials Inc 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.791% 1/29/2028 (d)(e)(h)
|
842,811
|
807,270
|
|
Foundation Building Materials Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2798% 1/29/2031 (d)(e)(h)
|
279,295
|
256,651
|
|
QXO Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 4/23/2032 (d)(e)(h)(j)
|
2,670,000
|
2,666,663
|
|
3,730,584
|
|||
TOTAL INDUSTRIALS
|
18,961,738
|
||
Information Technology - 1.6%
|
|||
Communications Equipment - 0.1%
|
|||
CommScope LLC 1LN, term loan 9.5716% 12/17/2029 (e)(h)
|
1,640,000
|
1,607,708
|
|
IT Services - 0.4%
|
|||
Constant Contact Inc term loan CME Term SOFR 3 month Index + 7.5%, 12.0177% 2/10/2029 (d)(e)(h)
|
365,000
|
290,744
|
|
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (d)(e)(h)
|
4,664,743
|
4,246,083
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
4,711,000
|
4,592,236
|
|
X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9492% 10/26/2029 (d)(e)(h)
|
2,959,161
|
2,863,727
|
|
11,992,790
|
|||
Software - 0.9%
|
|||
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (d)(e)(h)
|
747,616
|
732,431
|
|
Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 10/16/2026 (d)(e)(h)
|
12,659,488
|
12,219,951
|
|
Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.3216% 2/19/2029 (d)(e)(h)
|
1,677,000
|
1,375,140
|
|
Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.547% 9/13/2029 (d)(e)(h)(i)
|
4,891,237
|
4,886,346
|
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (d)(e)(h)
|
1,350,000
|
1,340,253
|
|
Leia Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.4576% 10/12/2032 (d)(e)(h)
|
1,315,000
|
1,249,250
|
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (d)(e)(h)
|
2,415,672
|
2,325,833
|
|
Polaris Newco LLC Tranche PIK TERM 2LN, term loan CME Term SOFR 1 month Index + 2%, 13.4132% 6/4/2029 (d)(e)(h)
|
2,495,000
|
2,351,538
|
|
26,480,742
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.33% 2/23/2032 (d)(e)(h)
|
7,075,000
|
6,738,938
|
|
TOTAL INFORMATION TECHNOLOGY
|
46,820,178
|
||
Materials - 0.7%
|
|||
Chemicals - 0.7%
|
|||
American Rock Salt Co LLC 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 6/4/2028 (d)(e)(h)
|
967,436
|
787,493
|
|
American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/12/2028 (d)(e)(h)(l)
|
228,527
|
228,527
|
|
American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.4361% 6/12/2028 (d)(e)(h)
|
360,215
|
360,215
|
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (d)(e)(h)
|
3,599,134
|
3,270,317
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (d)(e)(h)
|
4,149,650
|
4,034,041
|
|
Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.8591% 3/15/2030 (d)(e)(h)
|
423,529
|
396,351
|
|
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/22/2031 (d)(e)(h)
|
6,137,834
|
5,836,037
|
|
TPC Group Inc 1LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.9524% 11/24/2031 (d)(e)(h)
|
5,615,000
|
5,329,590
|
|
20,242,571
|
|||
Utilities - 0.4%
|
|||
Independent Power and Renewable Electricity Producers - 0.4%
|
|||
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (d)(e)(h)
|
5,733,149
|
5,582,654
|
|
Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1861% 3/25/2028 (d)(e)(h)
|
6,822,112
|
6,723,465
|
|
12,306,119
|
|||
TOTAL UNITED STATES
|
199,534,046
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $218,630,354)
|
207,111,840
|
||
Common Stocks - 1.4%
|
|||
Shares
|
Value ($)
|
||
LUXEMBOURG - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Wireless Telecommunication Services - 0.0%
|
|||
Intelsat SA/Luxembourg (i)
|
2,308
|
81,011
|
|
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Travelport Finance Luxembourg Sarl (i)(m)
|
7
|
12,427
|
|
TOTAL LUXEMBOURG
|
93,438
|
||
TANZANIA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Helios Towers PLC (m)
|
3,479,984
|
4,971,694
|
|
UNITED STATES - 1.3%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Main Street Sports Group (i)
|
9,655
|
173,790
|
|
Consumer Discretionary - 0.0%
|
|||
Automobile Components - 0.0%
|
|||
UC Holdings Inc (i)(m)
|
3,510
|
0
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
New Cotai LLC / New Cotai Capital Corp (b)(i)(m)
|
125,816
|
26,421
|
|
Leisure Products - 0.0%
|
|||
Topgolf Callaway Brands Corp (m)
|
135,500
|
895,655
|
|
TOTAL CONSUMER DISCRETIONARY
|
922,076
|
||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Northeast Grocery Inc (b)(i)(m)
|
12,754
|
88,385
|
|
Southeastern Grocers Inc rights (i)(m)
|
1,243,047
|
48,703
|
|
137,088
|
|||
Energy - 0.8%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Forbes Energy Services Ltd (i)(m)
|
47,062
|
0
|
|
Tidewater Inc warrants 11/14/2042 (m)
|
1,897
|
75,508
|
|
75,508
|
|||
Oil, Gas & Consumable Fuels - 0.8%
|
|||
EP Energy Corp (i)(m)
|
7,975
|
10,687
|
|
Mesquite Energy Inc (i)(m)
|
217,050
|
18,936,187
|
|
New Fortress Energy Inc (n)
|
151,680
|
823,622
|
|
19,770,496
|
|||
TOTAL ENERGY
|
19,846,004
|
||
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Cano Health LLC (i)(m)
|
271,705
|
2,784,976
|
|
Cano Health LLC warrants (i)(m)
|
14,480
|
39,965
|
|
Surgery Partners Inc (m)
|
123,500
|
2,710,825
|
|
5,535,766
|
|||
Industrials - 0.0%
|
|||
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
26,226
|
218,987
|
|
Spirit Aviation Holdings Inc
|
23,619
|
197,219
|
|
416,206
|
|||
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Coherent Corp (m)
|
31,500
|
2,026,080
|
|
IT Services - 0.2%
|
|||
GTT Communications Inc (i)(m)
|
113,281
|
5,270,965
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
ON Semiconductor Corp (m)
|
44,200
|
1,754,740
|
|
TOTAL INFORMATION TECHNOLOGY
|
9,051,785
|
||
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
PureWest Energy LLC (i)(m)
|
105
|
24
|
|
TOTAL UNITED STATES
|
36,082,739
|
||
|
TOTAL COMMON STOCKS
(Cost $33,061,585)
|
41,147,871
|
||
Convertible Corporate Bonds - 1.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.6%
|
|||
Communication Services - 0.4%
|
|||
Media - 0.4%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
9,412,707
|
10,147,839
|
|
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Rivian Automotive Inc 3.625% 10/15/2030
|
3,286,000
|
2,977,116
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
New Cotai LLC 5% 2/24/2027 (i)
|
166,639
|
167,755
|
|
TOTAL CONSUMER DISCRETIONARY
|
3,144,871
|
||
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
MKS Instruments Inc 1.25% 6/1/2030 (f)
|
2,767,000
|
2,379,430
|
|
ON Semiconductor Corp 0% 5/1/2027 (o)
|
910,000
|
971,334
|
|
Wolfspeed Inc 1.875% 12/1/2029
|
11,663,000
|
3,271,472
|
|
6,622,236
|
|||
Software - 0.2%
|
|||
Core Scientific Inc 0% 6/15/2031 (f)(o)
|
5,206,000
|
4,410,828
|
|
TOTAL INFORMATION TECHNOLOGY
|
11,033,064
|
||
Real Estate - 0.5%
|
|||
Real Estate Management & Development - 0.5%
|
|||
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 0.25% 6/15/2026
|
5,222,000
|
4,877,348
|
|
Redfin Corp 0.5% 4/1/2027
|
9,422,000
|
8,267,805
|
|
13,145,153
|
|||
Utilities - 0.2%
|
|||
Electric Utilities - 0.1%
|
|||
PG&E Corp 4.25% 12/1/2027
|
2,633,000
|
2,735,424
|
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
XPLR Infrastructure LP 0% 11/15/2025 (f)
|
1,430,000
|
1,372,800
|
|
XPLR Infrastructure LP 2.5% 6/15/2026 (f)
|
2,910,000
|
2,735,400
|
|
4,108,200
|
|||
TOTAL UTILITIES
|
6,843,624
|
||
TOTAL UNITED STATES
|
44,314,551
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $46,427,735)
|
44,314,551
|
||
Fixed-Income Funds - 1.2%
|
|||
Shares
|
Value ($)
|
||
iShares Broad USD High Yield Corporate Bond ETF (q)
(Cost $32,813,490)
|
925,100
|
33,858,660
|
|
Non-Convertible Corporate Bonds - 83.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 0.7%
|
|||
Materials - 0.7%
|
|||
Metals & Mining - 0.7%
|
|||
Alumina Pty Ltd 6.375% 9/15/2032 (f)
|
5,480,000
|
5,349,146
|
|
FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (f)
|
1,415,000
|
1,280,620
|
|
FMG Resources August 2006 Pty Ltd 5.875% 4/15/2030 (f)
|
130,000
|
128,464
|
|
Mineral Resources Ltd 8% 11/1/2027 (f)
|
4,625,000
|
4,392,467
|
|
Mineral Resources Ltd 8.125% 5/1/2027 (f)
|
4,775,000
|
4,643,648
|
|
Mineral Resources Ltd 8.5% 5/1/2030 (f)
|
3,535,000
|
3,211,208
|
|
Mineral Resources Ltd 9.25% 10/1/2028 (f)
|
2,425,000
|
2,293,355
|
|
TOTAL AUSTRALIA
|
21,298,908
|
||
BAILIWICK OF JERSEY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Aston Martin Capital Holdings Ltd 10% 3/31/2029 (f)
|
3,337,000
|
2,866,246
|
|
BELGIUM - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (f)
|
2,400,000
|
2,339,894
|
|
BRAZIL - 0.4%
|
|||
Energy - 0.0%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Yinson Boronia Production BV 8.947% 7/31/2042 (f)
|
1,303,402
|
1,335,987
|
|
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (f)
|
6,388,000
|
6,156,435
|
|
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (e)(f)
|
4,341,332
|
4,071,952
|
|
10,228,387
|
|||
TOTAL BRAZIL
|
11,564,374
|
||
CAMEROON - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Golar LNG Ltd 7.75% 9/19/2029 (f)(r)
|
4,600,000
|
4,580,634
|
|
CANADA - 3.0%
|
|||
Consumer Discretionary - 0.5%
|
|||
Hotels, Restaurants & Leisure - 0.5%
|
|||
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f)
|
7,576,000
|
6,894,406
|
|
1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (f)
|
4,235,000
|
4,220,983
|
|
1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (f)
|
2,710,000
|
2,752,858
|
|
13,868,247
|
|||
Consumer Staples - 0.0%
|
|||
Household Products - 0.0%
|
|||
Kronos Acquisition Holdings Inc 10.75% 6/30/2032 (f)
|
680,000
|
407,454
|
|
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f)
|
1,128,000
|
932,245
|
|
1,339,699
|
|||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Baytex Energy Corp 7.375% 3/15/2032 (f)
|
2,725,000
|
2,349,398
|
|
Parkland Corp 4.5% 10/1/2029 (f)
|
1,673,000
|
1,577,253
|
|
Parkland Corp 4.625% 5/1/2030 (f)
|
8,785,000
|
8,268,649
|
|
Parkland Corp 6.625% 8/15/2032 (f)
|
810,000
|
806,269
|
|
South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (e)(f)
|
1,298,000
|
1,275,831
|
|
South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (e)(f)
|
424,000
|
423,577
|
|
Vermilion Energy Inc 7.25% 2/15/2033 (f)
|
555,000
|
465,612
|
|
15,166,589
|
|||
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.2%
|
|||
Bombardier Inc 7% 6/1/2032 (f)
|
790,000
|
799,267
|
|
Bombardier Inc 7.25% 7/1/2031 (f)
|
3,940,000
|
4,033,989
|
|
4,833,256
|
|||
Commercial Services & Supplies - 0.2%
|
|||
Wrangler Holdco Corp 6.625% 4/1/2032 (f)(q)
|
5,150,000
|
5,286,619
|
|
TOTAL INDUSTRIALS
|
10,119,875
|
||
Information Technology - 0.5%
|
|||
Software - 0.5%
|
|||
Open Text Corp 3.875% 12/1/2029 (f)
|
4,220,000
|
3,888,302
|
|
Open Text Corp 3.875% 2/15/2028 (f)
|
570,000
|
544,831
|
|
Open Text Holdings Inc 4.125% 12/1/2031 (f)
|
4,420,000
|
3,952,840
|
|
Open Text Holdings Inc 4.125% 2/15/2030 (f)(q)
|
5,070,000
|
4,685,056
|
|
13,071,029
|
|||
Materials - 1.1%
|
|||
Chemicals - 1.0%
|
|||
Methanex Corp 5.125% 10/15/2027
|
11,571,000
|
11,357,992
|
|
Methanex Corp 5.65% 12/1/2044
|
6,431,000
|
4,928,042
|
|
NOVA Chemicals Corp 4.25% 5/15/2029 (f)
|
5,245,000
|
4,956,525
|
|
NOVA Chemicals Corp 5% 5/1/2025 (f)
|
2,270,000
|
2,270,000
|
|
NOVA Chemicals Corp 7% 12/1/2031 (f)
|
2,625,000
|
2,713,148
|
|
NOVA Chemicals Corp 9% 2/15/2030 (f)
|
1,670,000
|
1,784,319
|
|
28,010,026
|
|||
Metals & Mining - 0.1%
|
|||
Capstone Copper Corp 6.75% 3/31/2033 (f)
|
3,280,000
|
3,222,793
|
|
Hudbay Minerals Inc 4.5% 4/1/2026 (f)
|
1,120,000
|
1,099,055
|
|
4,321,848
|
|||
TOTAL MATERIALS
|
32,331,874
|
||
TOTAL CANADA
|
85,897,313
|
||
CHILE - 0.3%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
VTR Finance NV 6.375% 7/15/2028 (f)
|
4,995,000
|
4,704,691
|
|
Industrials - 0.1%
|
|||
Construction & Engineering - 0.1%
|
|||
ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C 7.875% 2/3/2030 (f)
|
2,947,000
|
2,938,429
|
|
TOTAL CHILE
|
7,643,120
|
||
COLOMBIA - 0.4%
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Canacol Energy Ltd 5.75% 11/24/2028 (f)
|
8,598,000
|
3,955,080
|
|
Gran Tierra Energy Inc 9.5% 10/15/2029 (f)
|
4,577,000
|
3,581,503
|
|
7,536,583
|
|||
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Enfragen Energia Sur SA 5.375% 12/30/2030 (f)
|
4,776,000
|
4,090,930
|
|
TOTAL COLOMBIA
|
11,627,513
|
||
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Ivanhoe Mine Ltd 7.875% 1/23/2030 (f)
|
3,594,000
|
3,505,706
|
|
FINLAND - 0.3%
|
|||
Consumer Discretionary - 0.2%
|
|||
Leisure Products - 0.2%
|
|||
Amer Sports Co 6.75% 2/16/2031 (f)(q)
|
5,815,000
|
5,881,535
|
|
Materials - 0.1%
|
|||
Paper & Forest Products - 0.1%
|
|||
Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (f)
|
2,735,000
|
2,549,321
|
|
TOTAL FINLAND
|
8,430,856
|
||
FRANCE - 1.4%
|
|||
Communication Services - 1.1%
|
|||
Diversified Telecommunication Services - 1.1%
|
|||
Altice France SA 5.125% 1/15/2029 (f)
|
12,464,000
|
10,098,411
|
|
Altice France SA 5.125% 7/15/2029 (f)
|
11,265,000
|
9,190,927
|
|
Altice France SA 5.5% 1/15/2028 (f)
|
5,340,000
|
4,420,958
|
|
Altice France SA 5.5% 10/15/2029 (f)
|
50,000
|
40,931
|
|
Iliad Holding SASU 7% 4/15/2032 (f)
|
3,165,000
|
3,193,253
|
|
Iliad Holding SASU 8.5% 4/15/2031 (f)
|
4,768,000
|
5,027,618
|
|
31,972,098
|
|||
Energy - 0.3%
|
|||
Energy Equipment & Services - 0.3%
|
|||
Vallourec SACA 7.5% 4/15/2032 (f)
|
5,756,000
|
5,966,497
|
|
Viridien 10% 10/15/2030 (f)
|
3,155,000
|
2,961,849
|
|
8,928,346
|
|||
TOTAL FRANCE
|
40,900,444
|
||
GERMANY - 0.6%
|
|||
Consumer Discretionary - 0.2%
|
|||
Automobile Components - 0.2%
|
|||
ZF North America Capital Inc 6.75% 4/23/2030 (f)
|
2,275,000
|
2,073,364
|
|
ZF North America Capital Inc 6.875% 4/14/2028 (f)
|
1,440,000
|
1,374,952
|
|
ZF North America Capital Inc 6.875% 4/23/2032 (f)
|
2,400,000
|
2,105,025
|
|
ZF North America Capital Inc 7.125% 4/14/2030 (f)(q)
|
1,440,000
|
1,324,808
|
|
6,878,149
|
|||
Industrials - 0.4%
|
|||
Machinery - 0.4%
|
|||
TK Elevator US Newco Inc 5.25% 7/15/2027 (f)
|
10,284,000
|
10,126,626
|
|
TOTAL GERMANY
|
17,004,775
|
||
GHANA - 0.5%
|
|||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Kosmos Energy Ltd 7.125% 4/4/2026 (f)
|
4,999,000
|
4,792,791
|
|
Kosmos Energy Ltd 7.5% 3/1/2028 (f)(q)
|
1,958,000
|
1,671,036
|
|
Kosmos Energy Ltd 7.75% 5/1/2027 (f)
|
895,000
|
805,499
|
|
Kosmos Energy Ltd 8.75% 10/1/2031 (f)
|
1,695,000
|
1,363,967
|
|
Tullow Oil PLC 10.25% 5/15/2026 (f)
|
6,761,000
|
5,273,580
|
|
TOTAL GHANA
|
13,906,873
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (f)
|
3,312,000
|
3,300,001
|
|
GUATEMALA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
Millicom International Cellular SA 4.5% 4/27/2031 (f)
|
1,349,000
|
1,200,610
|
|
Millicom International Cellular SA 5.125% 1/15/2028 (f)
|
2,930,400
|
2,855,309
|
|
Millicom International Cellular SA 7.375% 4/2/2032 (f)
|
1,720,000
|
1,737,200
|
|
TOTAL GUATEMALA
|
5,793,119
|
||
HONG KONG - 0.1%
|
|||
Industrials - 0.1%
|
|||
Marine Transportation - 0.1%
|
|||
Seaspan Corp 5.5% 8/1/2029 (f)
|
2,955,000
|
2,695,716
|
|
IRELAND - 1.1%
|
|||
Financials - 1.0%
|
|||
Consumer Finance - 0.1%
|
|||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (e)
|
3,376,000
|
3,278,411
|
|
Financial Services - 0.9%
|
|||
GGAM Finance Ltd 5.875% 3/15/2030 (f)
|
3,675,000
|
3,649,385
|
|
GGAM Finance Ltd 6.875% 4/15/2029 (f)
|
3,625,000
|
3,701,875
|
|
GGAM Finance Ltd 8% 2/15/2027 (f)
|
5,360,000
|
5,503,005
|
|
GGAM Finance Ltd 8% 6/15/2028 (f)
|
7,870,000
|
8,259,778
|
|
TrueNoord Capital DAC 8.75% 3/1/2030 (f)
|
3,745,000
|
3,825,443
|
|
24,939,486
|
|||
TOTAL FINANCIALS
|
28,217,897
|
||
Industrials - 0.1%
|
|||
Air Freight & Logistics - 0.1%
|
|||
AerCap Global Aviation Trust 6.5% 6/15/2045 (e)(f)
|
2,540,000
|
2,540,776
|
|
TOTAL IRELAND
|
30,758,673
|
||
ISRAEL - 0.5%
|
|||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Energean Israel Finance Ltd 4.875% 3/30/2026 (f)(r)
|
1,395,000
|
1,373,199
|
|
Energean Israel Finance Ltd 5.375% 3/30/2028 (f)(r)
|
3,332,000
|
3,136,745
|
|
Energean Israel Finance Ltd 5.875% 3/30/2031 (f)(r)
|
1,214,000
|
1,097,796
|
|
Energean PLC 6.5% 4/30/2027 (f)
|
4,568,000
|
4,476,640
|
|
10,084,380
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026
|
3,265,000
|
3,154,767
|
|
TOTAL ISRAEL
|
13,239,147
|
||
ITALY - 0.1%
|
|||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
UniCredit SpA 5.459% 6/30/2035 (e)(f)
|
4,171,000
|
4,059,488
|
|
LUXEMBOURG - 0.7%
|
|||
Communication Services - 0.5%
|
|||
Media - 0.4%
|
|||
Altice Financing SA 5.75% 8/15/2029 (f)
|
12,697,000
|
9,364,312
|
|
Altice France Holding SA 6% 2/15/2028 (f)
|
5,268,000
|
1,633,898
|
|
10,998,210
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Intelsat Jackson Holdings SA 6.5% 3/15/2030 (f)
|
3,255,000
|
3,201,676
|
|
TOTAL COMMUNICATION SERVICES
|
14,199,886
|
||
Information Technology - 0.1%
|
|||
Software - 0.1%
|
|||
ION Trading Technologies Sarl 5.75% 5/15/2028 (f)
|
4,115,000
|
3,702,054
|
|
ION Trading Technologies Sarl 9.5% 5/30/2029 (f)
|
265,000
|
255,005
|
|
3,957,059
|
|||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Herens Holdco Sarl 4.75% 5/15/2028 (f)
|
2,250,000
|
1,962,583
|
|
TOTAL LUXEMBOURG
|
20,119,528
|
||
MAURITIUS - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Axian Telecom 7.375% 2/16/2027 (f)
|
2,640,000
|
2,621,018
|
|
MEXICO - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Petroleos Mexicanos 6.5% 3/13/2027
|
5,383,000
|
5,250,578
|
|
NETHERLANDS - 0.2%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Ziggo BV 4.875% 1/15/2030 (f)
|
1,370,000
|
1,261,282
|
|
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Sigma Holdco BV 7.875% 5/15/2026 (f)
|
1,313,000
|
1,299,942
|
|
Materials - 0.2%
|
|||
Containers & Packaging - 0.2%
|
|||
Trivium Packaging Finance BV 5.5% 8/15/2026 (f)
|
737,000
|
729,758
|
|
Trivium Packaging Finance BV 8.5% 8/15/2027 (f)
|
2,141,000
|
2,116,126
|
|
2,845,884
|
|||
TOTAL NETHERLANDS
|
5,407,108
|
||
NIGERIA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
IHS Holding Ltd 5.625% 11/29/2026 (f)
|
1,421,000
|
1,386,807
|
|
IHS Holding Ltd 6.25% 11/29/2028 (f)
|
615,000
|
581,579
|
|
IHS Holding Ltd 7.875% 5/29/2030 (f)
|
2,365,000
|
2,279,269
|
|
IHS Holding Ltd 8.25% 11/29/2031 (f)
|
3,265,000
|
3,138,481
|
|
TOTAL NIGERIA
|
7,386,136
|
||
NORWAY - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Seadrill Finance Ltd 8.375% 8/1/2030 (f)
|
1,260,000
|
1,179,922
|
|
TGS ASA 8.5% 1/15/2030 (f)
|
2,965,000
|
2,935,350
|
|
TOTAL NORWAY
|
4,115,272
|
||
PANAMA - 0.5%
|
|||
Communication Services - 0.5%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Sable International Finance Ltd 7.125% 10/15/2032 (f)
|
5,957,000
|
5,853,050
|
|
Wireless Telecommunication Services - 0.3%
|
|||
C&W Senior Finance Ltd 9% 1/15/2033 (f)
|
8,705,000
|
8,748,055
|
|
TOTAL PANAMA
|
14,601,105
|
||
PERU - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Volcan Cia Minera SAA 8.75% 1/24/2030 (f)
|
4,356,000
|
4,101,446
|
|
PUERTO RICO - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (f)
|
2,209,000
|
1,634,514
|
|
Lcpr Senior Secured Financing Dac 6.75% 10/15/2027 (f)
|
3,335,000
|
2,741,891
|
|
TOTAL PUERTO RICO
|
4,376,405
|
||
RUSSIA - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
TMK OAO Via TMK Capital SA loan participation 4.3% (i)(k)(r)
|
200,000
|
30,000
|
|
SOUTH AFRICA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (f)
|
7,115,000
|
5,874,002
|
|
SPAIN - 0.0%
|
|||
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/2028 (f)
|
455,000
|
432,333
|
|
SWITZERLAND - 0.6%
|
|||
Industrials - 0.5%
|
|||
Aerospace & Defense - 0.5%
|
|||
VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (f)
|
8,756,000
|
7,559,630
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (f)
|
3,390,000
|
3,292,147
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (f)
|
2,263,000
|
2,210,478
|
|
13,062,255
|
|||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Consolidated Energy Finance SA 12% 2/15/2031 (f)
|
4,576,000
|
4,125,157
|
|
Consolidated Energy Finance SA 5.625% 10/15/2028 (f)
|
910,000
|
708,198
|
|
4,833,355
|
|||
TOTAL SWITZERLAND
|
17,895,610
|
||
TANZANIA - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Communications Equipment - 0.2%
|
|||
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (f)
|
5,358,000
|
5,351,303
|
|
TURKEY - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Eldorado Gold Corp 6.25% 9/1/2029 (f)
|
1,400,000
|
1,383,578
|
|
UNITED KINGDOM - 1.7%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (f)
|
1,835,000
|
1,716,276
|
|
Virgin Media Finance PLC 5% 7/15/2030 (f)
|
2,510,000
|
2,200,223
|
|
3,916,499
|
|||
Media - 0.4%
|
|||
Virgin Media Secured Finance PLC 4.5% 8/15/2030 (f)
|
6,380,000
|
5,736,131
|
|
Virgin Media Vendor Financing Notes IV DAC 5% 7/15/2028 (f)
|
2,000,000
|
1,934,596
|
|
7,670,727
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (f)
|
1,179,000
|
1,029,174
|
|
Vmed O2 UK Financing I PLC 7.75% 4/15/2032 (f)
|
1,360,000
|
1,371,714
|
|
2,400,888
|
|||
TOTAL COMMUNICATION SERVICES
|
13,988,114
|
||
Consumer Discretionary - 0.4%
|
|||
Automobile Components - 0.3%
|
|||
Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (f)
|
3,810,000
|
3,913,625
|
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (f)
|
3,368,000
|
3,522,295
|
|
7,435,920
|
|||
Specialty Retail - 0.1%
|
|||
Belron UK Finance PLC 5.75% 10/15/2029 (f)
|
4,515,000
|
4,508,404
|
|
TOTAL CONSUMER DISCRETIONARY
|
11,944,324
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
EG Global Finance PLC 12% 11/30/2028 (f)
|
8,835,000
|
9,738,847
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
180 Medical Inc 3.875% 10/15/2029 (f)
|
2,575,000
|
2,411,419
|
|
Materials - 0.0%
|
|||
Chemicals - 0.0%
|
|||
INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (f)
|
1,185,000
|
1,140,562
|
|
Utilities - 0.3%
|
|||
Independent Power and Renewable Electricity Producers - 0.3%
|
|||
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (f)
|
5,915,000
|
5,811,189
|
|
ContourGlobal Power Holdings SA 6.75% 2/28/2030 (f)
|
3,220,000
|
3,258,357
|
|
9,069,546
|
|||
TOTAL UNITED KINGDOM
|
48,292,812
|
||
UNITED STATES - 67.2%
|
|||
Communication Services - 5.6%
|
|||
Diversified Telecommunication Services - 1.0%
|
|||
Cablevision Lightpath LLC 5.625% 9/15/2028 (f)
|
1,015,000
|
939,733
|
|
Consolidated Communications Inc 5% 10/1/2028 (f)
|
1,520,000
|
1,443,286
|
|
Level 3 Financing Inc 10% 10/15/2032 (f)
|
594,000
|
592,515
|
|
Level 3 Financing Inc 10.5% 5/15/2030 (f)
|
7,637,000
|
8,256,127
|
|
Level 3 Financing Inc 11% 11/15/2029 (f)
|
3,325,280
|
3,716,000
|
|
Level 3 Financing Inc 3.625% 1/15/2029 (f)
|
1,905,000
|
1,471,613
|
|
Level 3 Financing Inc 3.75% 7/15/2029 (f)
|
655,000
|
492,416
|
|
Level 3 Financing Inc 3.875% 10/15/2030 (f)(q)
|
5,494,000
|
4,333,118
|
|
Level 3 Financing Inc 4% 4/15/2031 (f)
|
384,000
|
299,611
|
|
Level 3 Financing Inc 4.25% 7/1/2028 (f)
|
595,000
|
511,738
|
|
Level 3 Financing Inc 4.5% 4/1/2030 (f)
|
6,175,000
|
5,142,108
|
|
Lumen Technologies Inc 4.125% 4/15/2030 (f)
|
820,000
|
766,700
|
|
Lumen Technologies Inc 4.5% 1/15/2029 (f)
|
630,000
|
503,056
|
|
28,468,021
|
|||
Interactive Media & Services - 0.1%
|
|||
Snap Inc 6.875% 3/1/2033 (f)
|
2,640,000
|
2,636,661
|
|
Media - 4.5%
|
|||
Advantage Sales & Marketing Inc 6.5% 11/15/2028 (f)
|
4,245,000
|
3,417,688
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (f)(q)
|
5,185,000
|
4,367,783
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (f)
|
7,834,000
|
7,078,202
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032
|
12,886,000
|
11,448,936
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (f)
|
11,880,000
|
10,336,399
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (f)
|
4,425,000
|
4,108,985
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (f)
|
80,000
|
75,523
|
|
Clear Channel Outdoor Holdings Inc 5.125% 8/15/2027 (f)
|
1,938,000
|
1,884,293
|
|
Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (f)
|
3,679,000
|
3,015,308
|
|
Clear Channel Outdoor Holdings Inc 7.75% 4/15/2028 (f)
|
35,000
|
29,050
|
|
Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (f)(q)
|
5,015,000
|
5,017,244
|
|
Clear Channel Outdoor Holdings Inc 9% 9/15/2028 (f)(q)
|
4,575,000
|
4,735,372
|
|
CSC Holdings LLC 3.375% 2/15/2031 (f)
|
11,649,000
|
7,776,996
|
|
CSC Holdings LLC 4.125% 12/1/2030 (f)
|
2,939,000
|
2,014,298
|
|
CSC Holdings LLC 4.5% 11/15/2031 (f)
|
1,860,000
|
1,264,827
|
|
CSC Holdings LLC 4.625% 12/1/2030 (f)
|
12,350,000
|
5,712,225
|
|
CSC Holdings LLC 5.375% 2/1/2028 (f)
|
4,235,000
|
3,700,911
|
|
DISH DBS Corp 5.125% 6/1/2029
|
7,597,000
|
4,756,587
|
|
DISH DBS Corp 7.375% 7/1/2028
|
2,445,000
|
1,652,111
|
|
EchoStar Corp 10.75% 11/30/2029
|
12,358,721
|
13,067,663
|
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
|
10,002,839
|
9,323,374
|
|
Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (f)
|
3,464,000
|
3,627,366
|
|
Sirius XM Radio LLC 4.125% 7/1/2030 (f)
|
5,380,000
|
4,813,764
|
|
Univision Communications Inc 4.5% 5/1/2029 (f)(q)
|
6,215,000
|
5,329,463
|
|
Univision Communications Inc 6.625% 6/1/2027 (f)
|
2,750,000
|
2,660,857
|
|
Univision Communications Inc 7.375% 6/30/2030 (f)(q)
|
990,000
|
901,737
|
|
Univision Communications Inc 8% 8/15/2028 (f)
|
2,185,000
|
2,122,394
|
|
Univision Communications Inc 8.5% 7/31/2031 (f)
|
4,045,000
|
3,819,599
|
|
128,058,955
|
|||
TOTAL COMMUNICATION SERVICES
|
159,163,637
|
||
Consumer Discretionary - 9.1%
|
|||
Automobile Components - 0.2%
|
|||
Adient Global Holdings Ltd 7.5% 2/15/2033 (f)
|
2,740,000
|
2,598,224
|
|
Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (f)
|
2,695,000
|
2,741,624
|
|
Hertz Corp/The 5.5% (f)(i)(k)
|
65,000
|
3,899
|
|
Hertz Corp/The 6% (f)(i)(k)
|
85,000
|
16,575
|
|
Hertz Corp/The 6.25% (i)(k)
|
60,000
|
4,350
|
|
Hertz Corp/The 7.125% (f)(i)(k)
|
85,000
|
18,275
|
|
Patrick Industries Inc 6.375% 11/1/2032 (f)
|
1,375,000
|
1,334,889
|
|
6,717,836
|
|||
Automobiles - 0.1%
|
|||
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC CME Term SOFR 6 month Index + 6.0533%, 10.1513% 10/15/2026 (d)(e)(f)
|
4,131,000
|
4,110,347
|
|
Broadline Retail - 0.5%
|
|||
CMG Media Corp 8.875% 6/18/2029 (f)
|
1,500,000
|
1,312,499
|
|
GrubHub Holdings Inc 5.5% 7/1/2027 (f)
|
1,590,000
|
1,436,539
|
|
Kohl's Corp 4.25% 7/17/2025
|
1,660,000
|
1,628,421
|
|
Nordstrom Inc 4.25% 8/1/2031
|
1,175,000
|
999,696
|
|
Nordstrom Inc 4.375% 4/1/2030 (q)
|
870,000
|
770,577
|
|
Wayfair LLC 7.25% 10/31/2029 (f)(q)
|
4,539,000
|
4,145,906
|
|
Wayfair LLC 7.75% 9/15/2030 (f)(q)
|
4,325,000
|
3,945,821
|
|
14,239,459
|
|||
Distributors - 0.1%
|
|||
Windsor Holdings III LLC 8.5% 6/15/2030 (f)
|
2,310,000
|
2,431,379
|
|
Diversified Consumer Services - 1.2%
|
|||
Service Corp International/US 4% 5/15/2031 (q)
|
2,300,000
|
2,100,011
|
|
Service Corp International/US 5.125% 6/1/2029 (q)
|
1,478,000
|
1,460,675
|
|
Service Corp International/US 5.75% 10/15/2032
|
1,355,000
|
1,337,710
|
|
Sotheby's 7.375% 10/15/2027 (f)
|
5,019,000
|
4,710,642
|
|
StoneMor Inc 8.5% 5/15/2029 (f)
|
4,193,000
|
3,769,953
|
|
TKC Holdings Inc 10.5% 5/15/2029 (f)
|
5,338,000
|
5,340,594
|
|
TKC Holdings Inc 6.875% 5/15/2028 (f)
|
4,625,000
|
4,625,310
|
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (f)(q)
|
10,591,000
|
10,484,609
|
|
33,829,504
|
|||
Hotels, Restaurants & Leisure - 4.6%
|
|||
Caesars Entertainment Inc 6% 10/15/2032 (f)(q)
|
4,665,000
|
4,397,900
|
|
Caesars Entertainment Inc 6.5% 2/15/2032 (f)
|
5,260,000
|
5,287,552
|
|
Caesars Entertainment Inc 7% 2/15/2030 (f)
|
515,000
|
527,176
|
|
Caesars Entertainment Inc 8.125% 7/1/2027 (f)
|
2,211,000
|
2,217,646
|
|
Carnival Corp 5.75% 3/1/2027 (f)
|
545,000
|
543,074
|
|
Carnival Corp 5.75% 3/15/2030 (f)
|
6,250,000
|
6,206,287
|
|
Carnival Corp 6% 5/1/2029 (f)
|
5,845,000
|
5,810,559
|
|
Carnival Corp 6.125% 2/15/2033 (f)
|
2,740,000
|
2,716,444
|
|
Carnival Corp 6.65% 1/15/2028
|
750,000
|
764,121
|
|
Carnival Corp 7.625% 3/1/2026 (f)
|
10,535,000
|
10,548,527
|
|
CEC Entertainment LLC 6.75% 5/1/2026 (f)
|
5,331,000
|
5,236,053
|
|
ClubCorp Holdings Inc 8.5% 9/15/2025 (f)
|
1,645,000
|
1,538,075
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f)
|
90,000
|
83,374
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f)
|
9,265,000
|
8,106,021
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (f)(q)
|
10,412,000
|
9,210,290
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (f)
|
3,745,000
|
3,434,548
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f)
|
1,445,000
|
1,444,258
|
|
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f)
|
1,050,000
|
1,060,888
|
|
Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (f)(q)
|
2,325,000
|
2,355,932
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (f)
|
3,990,000
|
3,909,514
|
|
Life Time Inc 6% 11/15/2031 (f)
|
3,955,000
|
3,942,600
|
|
MajorDrive Holdings IV LLC 6.375% 6/1/2029 (f)
|
3,585,000
|
2,637,287
|
|
MGM Resorts International 6.5% 4/15/2032 (q)
|
2,720,000
|
2,680,312
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (f)
|
2,715,000
|
2,681,265
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f)
|
2,715,000
|
2,714,562
|
|
NCL Corp Ltd 5.875% 3/15/2026 (f)
|
543,000
|
540,230
|
|
NCL Corp Ltd 6.75% 2/1/2032 (f)
|
2,740,000
|
2,678,659
|
|
Royal Caribbean Cruises Ltd 4.25% 7/1/2026 (f)
|
130,000
|
128,148
|
|
Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (f)
|
60,000
|
59,930
|
|
Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (f)
|
10,260,000
|
10,181,143
|
|
Royal Caribbean Cruises Ltd 6% 2/1/2033 (f)
|
5,545,000
|
5,560,265
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f)
|
4,930,000
|
5,003,888
|
|
Station Casinos LLC 4.5% 2/15/2028 (f)
|
75,000
|
72,366
|
|
Station Casinos LLC 4.625% 12/1/2031 (f)(q)
|
115,000
|
103,957
|
|
Station Casinos LLC 6.625% 3/15/2032 (f)(q)
|
2,625,000
|
2,609,774
|
|
Viking Cruises Ltd 9.125% 7/15/2031 (f)
|
930,000
|
994,351
|
|
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f)
|
1,605,000
|
1,588,903
|
|
VOC Escrow Ltd 5% 2/15/2028 (f)
|
2,130,000
|
2,089,084
|
|
Yum! Brands Inc 4.625% 1/31/2032 (q)
|
9,310,000
|
8,763,668
|
|
Yum! Brands Inc 5.375% 4/1/2032 (q)
|
1,100,000
|
1,080,960
|
|
131,509,591
|
|||
Household Durables - 0.9%
|
|||
Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (f)
|
2,555,000
|
2,363,963
|
|
Ashton Woods USA LLC / Ashton Woods Finance Co 6.625% 1/15/2028 (f)
|
5,000
|
4,990
|
|
Beazer Homes USA Inc 7.5% 3/15/2031 (f)(q)
|
2,160,000
|
2,086,943
|
|
Landsea Homes Corp 8.875% 4/1/2029 (f)
|
2,500,000
|
2,365,809
|
|
LGI Homes Inc 4% 7/15/2029 (f)(q)
|
1,585,000
|
1,379,268
|
|
LGI Homes Inc 7% 11/15/2032 (f)
|
5,335,000
|
4,921,538
|
|
LGI Homes Inc 8.75% 12/15/2028 (f)
|
1,070,000
|
1,080,491
|
|
Newell Brands Inc 6.375% 5/15/2030
|
3,060,000
|
2,785,743
|
|
Newell Brands Inc 6.375% 9/15/2027 (q)
|
1,015,000
|
989,433
|
|
Newell Brands Inc 6.625% 5/15/2032 (q)
|
1,590,000
|
1,411,442
|
|
Newell Brands Inc 6.625% 9/15/2029
|
1,470,000
|
1,378,964
|
|
Newell Brands Inc 6.875% 4/1/2036 (s)
|
690,000
|
601,028
|
|
Newell Brands Inc 7% 4/1/2046 (q)(s)
|
1,800,000
|
1,390,794
|
|
TopBuild Corp 4.125% 2/15/2032 (f)(q)
|
2,115,000
|
1,903,302
|
|
24,663,708
|
|||
Specialty Retail - 1.4%
|
|||
Carvana Co 10.25% 5/1/2030 (f)
|
357,000
|
371,280
|
|
Carvana Co 11% 6/1/2030 pay-in-kind (e)(f)
|
2,261,502
|
2,394,579
|
|
Carvana Co 14% 6/1/2031 pay-in-kind (e)(f)
|
5,310,093
|
5,976,799
|
|
Carvana Co 4.875% 9/1/2029 (f)
|
2,253,000
|
2,000,236
|
|
Carvana Co 5.5% 4/15/2027 (f)
|
2,422,000
|
2,276,680
|
|
Carvana Co 5.625% 10/1/2025 (f)
|
4,594,000
|
4,562,040
|
|
Carvana Co 5.875% 10/1/2028 (f)
|
1,267,000
|
1,165,640
|
|
Carvana Co 9% 12/1/2028 pay-in-kind (e)(f)
|
2,038,308
|
2,095,474
|
|
Champions Financing Inc 8.75% 2/15/2029 (f)(q)
|
5,440,000
|
4,789,459
|
|
LBM Acquisition LLC 6.25% 1/15/2029 (f)
|
2,815,000
|
2,466,734
|
|
Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (q)
|
2,540,000
|
2,558,433
|
|
Staples Inc 10.75% 9/1/2029 (f)
|
6,064,000
|
5,253,940
|
|
Staples Inc 12.75% 1/15/2030 (f)
|
4,067,209
|
2,365,761
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (f)(q)
|
1,300,000
|
1,339,239
|
|
39,616,294
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Wolverine World Wide Inc 4% 8/15/2029 (f)
|
2,485,000
|
2,067,402
|
|
TOTAL CONSUMER DISCRETIONARY
|
259,185,520
|
||
Consumer Staples - 2.4%
|
|||
Consumer Staples Distribution & Retail - 1.3%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f)
|
6,938,000
|
6,471,162
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (f)
|
95,000
|
93,925
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f)
|
4,100,000
|
3,960,795
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (f)(q)
|
3,080,000
|
3,124,805
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (f)
|
4,962,000
|
4,149,486
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f)
|
5,892,000
|
6,027,522
|
|
Performance Food Group Inc 5.5% 10/15/2027 (f)
|
642,000
|
636,738
|
|
Performance Food Group Inc 6.125% 9/15/2032 (f)
|
4,300,000
|
4,301,277
|
|
US Foods Inc 4.75% 2/15/2029 (f)
|
2,800,000
|
2,719,477
|
|
US Foods Inc 5.75% 4/15/2033 (f)
|
2,585,000
|
2,532,028
|
|
US Foods Inc 6.875% 9/15/2028 (f)
|
1,750,000
|
1,793,781
|
|
US Foods Inc 7.25% 1/15/2032 (f)
|
50,000
|
52,305
|
|
35,863,301
|
|||
Food Products - 1.1%
|
|||
Fiesta Purchaser Inc 7.875% 3/1/2031 (f)
|
2,490,000
|
2,608,422
|
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (f)
|
1,295,000
|
1,354,093
|
|
Lamb Weston Holdings Inc 4.125% 1/31/2030 (f)(q)
|
8,425,000
|
7,903,621
|
|
Lamb Weston Holdings Inc 4.375% 1/31/2032 (f)
|
1,370,000
|
1,255,081
|
|
Post Holdings Inc 4.625% 4/15/2030 (f)
|
3,900,000
|
3,676,160
|
|
Post Holdings Inc 5.5% 12/15/2029 (f)(q)
|
3,787,000
|
3,716,952
|
|
Post Holdings Inc 6.25% 10/15/2034 (f)(q)
|
3,750,000
|
3,718,871
|
|
Post Holdings Inc 6.25% 2/15/2032 (f)
|
3,485,000
|
3,512,006
|
|
Post Holdings Inc 6.375% 3/1/2033 (f)(q)
|
3,800,000
|
3,757,281
|
|
31,502,487
|
|||
Household Products - 0.0%
|
|||
Resideo Funding Inc 6.5% 7/15/2032 (f)
|
1,797,000
|
1,782,602
|
|
TOTAL CONSUMER STAPLES
|
69,148,390
|
||
Energy - 9.5%
|
|||
Energy Equipment & Services - 1.4%
|
|||
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (f)
|
2,629,000
|
2,614,209
|
|
Nabors Industries Inc 7.375% 5/15/2027 (f)
|
3,715,000
|
3,502,835
|
|
Nabors Industries Inc 8.875% 8/15/2031 (f)
|
2,300,000
|
1,559,947
|
|
Nabors Industries Inc 9.125% 1/31/2030 (f)(q)
|
640,000
|
579,559
|
|
Nabors Industries Ltd 7.5% 1/15/2028 (f)
|
4,200,000
|
3,342,342
|
|
Star Holding LLC 8.75% 8/1/2031 (f)
|
1,870,000
|
1,713,388
|
|
Transocean Aquila Ltd 8% 9/30/2028 (f)
|
485,154
|
478,282
|
|
Transocean Inc 8% 2/1/2027 (f)
|
7,991,000
|
7,423,164
|
|
Transocean Inc 8.25% 5/15/2029 (f)
|
2,465,000
|
1,997,013
|
|
Transocean Inc 8.5% 5/15/2031 (f)
|
3,160,000
|
2,442,804
|
|
Transocean Inc 8.75% 2/15/2030 (f)
|
1,772,000
|
1,732,112
|
|
USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/1/2027
|
3,893,000
|
3,859,968
|
|
USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (f)
|
5,135,000
|
5,184,764
|
|
Valaris Ltd 8.375% 4/30/2030 (f)
|
4,285,000
|
4,014,995
|
|
40,445,382
|
|||
Oil, Gas & Consumable Fuels - 8.1%
|
|||
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (f)
|
4,135,000
|
4,151,718
|
|
Alpha Natural Resources Inc 9.75% (i)(k)
|
210,000
|
0
|
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (f)
|
1,515,000
|
1,509,535
|
|
California Resources Corp 7.125% 2/1/2026 (f)
|
1,186,000
|
1,178,296
|
|
California Resources Corp 8.25% 6/15/2029 (f)
|
8,190,000
|
7,808,394
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (f)
|
4,378,000
|
3,903,731
|
|
Cheniere Energy Partners LP 5.75% 8/15/2034
|
3,095,000
|
3,103,626
|
|
CITGO Petroleum Corp 6.375% 6/15/2026 (f)
|
9,291,000
|
9,240,808
|
|
CITGO Petroleum Corp 8.375% 1/15/2029 (f)
|
1,700,000
|
1,700,826
|
|
CNX Midstream Partners LP 4.75% 4/15/2030 (f)
|
3,704,000
|
3,409,428
|
|
CNX Resources Corp 6% 1/15/2029 (f)
|
25,000
|
24,254
|
|
CNX Resources Corp 7.25% 3/1/2032 (f)
|
4,305,000
|
4,302,572
|
|
CNX Resources Corp 7.375% 1/15/2031 (f)(q)
|
1,580,000
|
1,581,588
|
|
Comstock Resources Inc 5.875% 1/15/2030 (f)(q)
|
5,330,000
|
4,824,990
|
|
Comstock Resources Inc 6.75% 3/1/2029 (f)
|
4,870,000
|
4,642,032
|
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f)
|
5,263,000
|
5,537,644
|
|
CVR Energy Inc 5.75% 2/15/2028 (f)
|
5,028,000
|
4,588,693
|
|
CVR Energy Inc 8.5% 1/15/2029 (f)(q)
|
4,890,000
|
4,493,399
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f)
|
8,191,000
|
8,093,344
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (f)
|
4,140,000
|
4,249,971
|
|
DT Midstream Inc 4.125% 6/15/2029 (f)
|
1,325,000
|
1,243,551
|
|
DT Midstream Inc 4.375% 6/15/2031 (f)
|
815,000
|
750,646
|
|
DT Midstream Inc 5.8% 12/15/2034 (f)
|
1,339,000
|
1,326,462
|
|
Excelerate Energy LP 8% 5/15/2030 (f)(g)
|
2,665,000
|
2,707,179
|
|
Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033
|
6,706,000
|
6,504,232
|
|
Global Partners LP / GLP Finance Corp 6.875% 1/15/2029
|
2,160,000
|
2,153,556
|
|
Global Partners LP / GLP Finance Corp 7% 8/1/2027
|
6,506,000
|
6,458,666
|
|
Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (f)
|
560,000
|
570,091
|
|
Harvest Midstream I LP 7.5% 5/15/2032 (f)
|
1,565,000
|
1,592,733
|
|
Harvest Midstream I LP 7.5% 9/1/2028 (f)
|
5,905,000
|
5,977,000
|
|
Hess Midstream Operations LP 4.25% 2/15/2030 (f)(q)
|
1,905,000
|
1,788,214
|
|
Hess Midstream Operations LP 5.125% 6/15/2028 (f)
|
6,630,000
|
6,490,678
|
|
Hess Midstream Operations LP 5.5% 10/15/2030 (f)(q)
|
1,400,000
|
1,366,978
|
|
Hess Midstream Operations LP 6.5% 6/1/2029 (f)
|
265,000
|
269,126
|
|
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (f)
|
1,960,000
|
2,006,233
|
|
Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (f)(q)
|
5,037,000
|
5,234,788
|
|
Kinetik Holdings LP 5.875% 6/15/2030 (f)(q)
|
3,835,000
|
3,746,986
|
|
Kinetik Holdings LP 6.625% 12/15/2028 (f)
|
4,290,000
|
4,321,356
|
|
Matador Resources Co 6.25% 4/15/2033 (f)
|
1,530,000
|
1,444,164
|
|
Matador Resources Co 6.5% 4/15/2032 (f)
|
3,265,000
|
3,144,907
|
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f)
|
4,565,000
|
4,194,793
|
|
Murphy Oil Corp 6% 10/1/2032 (q)
|
1,380,000
|
1,255,496
|
|
Murphy Oil USA Inc 3.75% 2/15/2031 (f)
|
1,490,000
|
1,342,935
|
|
New Fortress Energy Inc 6.5% 9/30/2026 (f)
|
535,000
|
438,249
|
|
Northern Oil & Gas Inc 8.125% 3/1/2028 (f)
|
4,610,000
|
4,551,215
|
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (f)
|
1,395,000
|
1,340,218
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f)
|
8,169,000
|
6,720,370
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f)
|
4,240,000
|
3,732,034
|
|
Permian Resources Operating LLC 5.875% 7/1/2029 (f)
|
4,906,000
|
4,783,350
|
|
Permian Resources Operating LLC 6.25% 2/1/2033 (f)(q)
|
1,215,000
|
1,188,147
|
|
Permian Resources Operating LLC 7% 1/15/2032 (f)
|
640,000
|
644,281
|
|
Prairie Acquiror LP 9% 8/1/2029 (f)
|
840,000
|
846,476
|
|
Rockies Express Pipeline LLC 4.8% 5/15/2030 (f)
|
1,900,000
|
1,780,128
|
|
Rockies Express Pipeline LLC 4.95% 7/15/2029 (f)
|
2,849,000
|
2,723,408
|
|
Rockies Express Pipeline LLC 6.75% 3/15/2033 (f)
|
4,020,000
|
4,084,457
|
|
Rockies Express Pipeline LLC 6.875% 4/15/2040 (f)
|
1,598,000
|
1,508,536
|
|
SM Energy Co 6.75% 8/1/2029 (f)
|
605,000
|
564,846
|
|
SM Energy Co 7% 8/1/2032 (f)(q)
|
605,000
|
557,733
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
5,094,000
|
4,826,177
|
|
Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028 (q)
|
5,610,000
|
5,583,009
|
|
Sunoco LP / Sunoco Finance Corp 6% 4/15/2027
|
175,000
|
174,424
|
|
Sunoco LP 6.25% 7/1/2033 (f)
|
3,815,000
|
3,809,863
|
|
Sunoco LP 7% 5/1/2029 (f)
|
1,480,000
|
1,521,681
|
|
Sunoco LP 7.25% 5/1/2032 (f)
|
1,775,000
|
1,840,702
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f)
|
7,715,000
|
7,500,791
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (f)
|
1,725,000
|
1,606,219
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (f)
|
2,472,000
|
2,440,139
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f)(q)
|
9,125,000
|
8,412,063
|
|
Talos Production Inc 9% 2/1/2029 (f)
|
1,145,000
|
1,097,642
|
|
Talos Production Inc 9.375% 2/1/2031 (f)
|
1,135,000
|
1,067,157
|
|
TransMontaigne Partners LLC 8.5% 6/15/2030 (f)
|
2,001,000
|
2,013,976
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f)
|
2,930,000
|
3,005,909
|
|
Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (f)
|
2,995,000
|
3,075,560
|
|
227,674,379
|
|||
TOTAL ENERGY
|
268,119,761
|
||
Financials - 7.3%
|
|||
Banks - 0.3%
|
|||
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 6/15/2026 (f)(q)
|
1,625,000
|
1,576,405
|
|
Western Alliance Bancorp 3% 6/15/2031 (e)(q)
|
6,051,000
|
5,582,048
|
|
7,158,453
|
|||
Capital Markets - 1.2%
|
|||
Coinbase Global Inc 3.625% 10/1/2031 (f)(q)
|
3,418,000
|
2,966,265
|
|
Hightower Holding LLC 6.75% 4/15/2029 (f)
|
1,437,000
|
1,374,060
|
|
Hightower Holding LLC 9.125% 1/31/2030 (f)
|
5,135,000
|
5,250,538
|
|
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (f)
|
3,671,000
|
3,608,151
|
|
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (f)
|
9,950,000
|
9,996,872
|
|
Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (f)
|
4,135,000
|
4,264,517
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (f)(q)
|
980,000
|
911,888
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (f)
|
1,680,000
|
1,646,002
|
|
VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (f)
|
2,600,000
|
2,668,767
|
|
32,687,060
|
|||
Consumer Finance - 1.6%
|
|||
Ally Financial Inc 6.646% 1/17/2040 (e)
|
3,174,000
|
3,022,535
|
|
Ally Financial Inc 6.7% 2/14/2033 (q)
|
6,655,000
|
6,608,562
|
|
Ally Financial Inc 8% 11/1/2031
|
155,000
|
170,249
|
|
Ally Financial Inc 8% 11/1/2031
|
108,000
|
119,599
|
|
Encore Capital Group Inc 8.5% 5/15/2030 (f)
|
5,069,000
|
5,259,297
|
|
Encore Capital Group Inc 9.25% 4/1/2029 (f)
|
1,809,000
|
1,909,562
|
|
Navient Corp 4.875% 3/15/2028 (q)
|
639,000
|
614,644
|
|
Navient Corp 5% 3/15/2027
|
1,769,000
|
1,751,308
|
|
Navient Corp 5.625% 8/1/2033 (q)
|
934,000
|
800,457
|
|
OneMain Finance Corp 3.5% 1/15/2027
|
1,190,000
|
1,139,283
|
|
OneMain Finance Corp 3.875% 9/15/2028
|
8,305,000
|
7,685,361
|
|
OneMain Finance Corp 6.625% 5/15/2029
|
620,000
|
621,807
|
|
OneMain Finance Corp 6.75% 3/15/2032
|
1,185,000
|
1,162,284
|
|
OneMain Finance Corp 7.125% 11/15/2031 (q)
|
1,705,000
|
1,715,060
|
|
OneMain Finance Corp 7.125% 3/15/2026
|
6,260,000
|
6,314,744
|
|
OneMain Finance Corp 7.5% 5/15/2031
|
1,320,000
|
1,338,570
|
|
OneMain Finance Corp 9% 1/15/2029
|
5,000
|
5,205
|
|
PRA Group Inc 8.875% 1/31/2030 (f)(q)
|
2,461,000
|
2,534,536
|
|
RFNA LP 7.875% 2/15/2030 (f)
|
960,000
|
944,342
|
|
SLM Corp 6.5% 1/31/2030
|
2,800,000
|
2,890,398
|
|
46,607,803
|
|||
Financial Services - 2.8%
|
|||
Azorra Finance Ltd 7.75% 4/15/2030 (f)
|
2,740,000
|
2,718,847
|
|
Block Inc 3.5% 6/1/2031 (q)
|
6,493,000
|
5,795,415
|
|
Block Inc 6.5% 5/15/2032 (f)
|
8,030,000
|
8,192,848
|
|
Boost Newco Borrower LLC 7.5% 1/15/2031 (f)
|
6,955,000
|
7,339,305
|
|
Clue Opco LLC 9.5% 10/15/2031 (f)(q)
|
1,880,000
|
1,796,752
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f)
|
1,595,000
|
1,559,627
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
4,835,000
|
4,031,504
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
7,823,000
|
7,418,141
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026
|
4,948,000
|
4,929,591
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030
|
1,020,000
|
963,469
|
|
Jefferson Capital Holdin 8.25% 5/15/2030 (f)
|
3,040,000
|
3,059,322
|
|
NFE Financing LLC 12% 11/15/2029 (f)
|
5,955,321
|
4,099,233
|
|
PennyMac Financial Services Inc 6.875% 2/15/2033 (f)
|
2,815,000
|
2,811,073
|
|
Saks Global Enterprises LLC 11% 12/15/2029 (f)
|
3,070,000
|
1,862,070
|
|
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f)
|
1,795,000
|
1,820,574
|
|
UWM Holdings LLC 6.625% 2/1/2030 (f)
|
5,460,000
|
5,399,215
|
|
Walker & Dunlop Inc 6.625% 4/1/2033 (f)
|
2,050,000
|
2,085,178
|
|
WEX Inc 6.5% 3/15/2033 (f)
|
4,720,000
|
4,589,699
|
|
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (f)
|
7,835,000
|
8,020,838
|
|
78,492,701
|
|||
Insurance - 1.1%
|
|||
Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (f)
|
1,100,000
|
1,027,970
|
|
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f)
|
1,320,000
|
1,344,699
|
|
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f)
|
1,340,000
|
1,371,056
|
|
Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (f)
|
1,320,000
|
1,363,465
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f)
|
9,235,000
|
8,911,009
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (f)
|
600,000
|
598,770
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f)
|
1,370,000
|
1,379,864
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (f)
|
2,115,000
|
2,137,339
|
|
AmWINS Group Inc 4.875% 6/30/2029 (f)
|
3,510,000
|
3,351,094
|
|
AmWINS Group Inc 6.375% 2/15/2029 (f)
|
2,710,000
|
2,742,297
|
|
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (f)
|
4,435,000
|
4,328,516
|
|
HUB International Ltd 7.25% 6/15/2030 (f)
|
3,345,000
|
3,469,578
|
|
32,025,657
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
|
|||
Rithm Capital Corp 8% 4/1/2029 (f)
|
1,300,000
|
1,297,880
|
|
Starwood Property Trust Inc 3.625% 7/15/2026 (f)
|
645,000
|
629,618
|
|
Starwood Property Trust Inc 6% 4/15/2030 (f)
|
2,495,000
|
2,466,241
|
|
Starwood Property Trust Inc 6.5% 10/15/2030 (f)
|
540,000
|
544,849
|
|
Starwood Property Trust Inc 6.5% 7/1/2030 (f)(q)
|
3,245,000
|
3,263,831
|
|
Starwood Property Trust Inc 7.25% 4/1/2029 (f)
|
1,625,000
|
1,685,165
|
|
9,887,584
|
|||
TOTAL FINANCIALS
|
206,859,258
|
||
Health Care - 6.2%
|
|||
Biotechnology - 0.0%
|
|||
Emergent BioSolutions Inc 3.875% 8/15/2028 (f)
|
2,292,000
|
1,475,901
|
|
Health Care Equipment & Supplies - 0.7%
|
|||
AdaptHealth LLC 5.125% 3/1/2030 (f)
|
2,516,000
|
2,249,072
|
|
Avantor Funding Inc 3.875% 11/1/2029 (f)
|
1,495,000
|
1,380,170
|
|
Insulet Corp 6.5% 4/1/2033 (f)
|
1,160,000
|
1,183,437
|
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f)
|
13,420,000
|
13,522,703
|
|
Sotera Health Holdings LLC 7.375% 6/1/2031 (f)(q)
|
1,877,000
|
1,925,128
|
|
20,260,510
|
|||
Health Care Providers & Services - 4.3%
|
|||
Acadia Healthcare Co Inc 7.375% 3/15/2033 (f)(q)
|
2,060,000
|
2,058,209
|
|
CHS/Community Health Systems Inc 4.75% 2/15/2031 (f)(q)
|
11,090,000
|
9,155,410
|
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (f)
|
16,774,000
|
14,310,779
|
|
CHS/Community Health Systems Inc 6.125% 4/1/2030 (f)
|
6,761,000
|
4,610,294
|
|
CHS/Community Health Systems Inc 6.875% 4/15/2029 (f)
|
1,972,000
|
1,436,622
|
|
CVS Health Corp 6.75% 12/10/2054 (e)
|
4,582,000
|
4,551,147
|
|
CVS Health Corp 7% 3/10/2055 (e)(q)
|
7,155,000
|
7,237,629
|
|
DaVita Inc 3.75% 2/15/2031 (f)(q)
|
1,870,000
|
1,644,038
|
|
DaVita Inc 4.625% 6/1/2030 (f)(q)
|
9,890,000
|
9,198,296
|
|
DaVita Inc 6.875% 9/1/2032 (f)(q)
|
4,620,000
|
4,664,749
|
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (f)(q)
|
1,816,000
|
1,742,438
|
|
LifePoint Health Inc 10% 6/1/2032 (f)
|
1,696,000
|
1,645,120
|
|
ModivCare Inc 5% 10/1/2029 (f)
|
970,000
|
40,012
|
|
Molina Healthcare Inc 6.25% 1/15/2033 (f)
|
8,685,000
|
8,619,656
|
|
Owens & Minor Inc 10% 4/15/2030 (f)
|
4,415,000
|
4,556,797
|
|
Pediatrix Medical Group Inc 5.375% 2/15/2030 (f)(q)
|
2,937,000
|
2,832,302
|
|
Prime Healthcare Services Inc 9.375% 9/1/2029 (f)(q)
|
1,735,000
|
1,654,115
|
|
Radiology Partners Inc 7.775% 1/31/2029 pay-in-kind (e)(f)
|
4,045,977
|
3,958,786
|
|
Radiology Partners Inc 9.781% 2/15/2030 pay-in-kind (e)(f)
|
273,764
|
256,654
|
|
Select Medical Corp 6.25% 12/1/2032 (f)(q)
|
3,970,000
|
3,942,026
|
|
Surgery Center Holdings Inc 7.25% 4/15/2032 (f)
|
3,610,000
|
3,601,807
|
|
Tenet Healthcare Corp 4.25% 6/1/2029
|
6,240,000
|
5,942,767
|
|
Tenet Healthcare Corp 4.375% 1/15/2030
|
3,830,000
|
3,629,694
|
|
Tenet Healthcare Corp 6.125% 10/1/2028 (q)
|
5,575,000
|
5,561,666
|
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
7,025,000
|
7,048,169
|
|
Tenet Healthcare Corp 6.75% 5/15/2031 (q)
|
945,000
|
968,709
|
|
Tenet Healthcare Corp 6.875% 11/15/2031
|
10,000
|
10,270
|
|
US Acute Care Solutions LLC 9.75% 5/15/2029 (f)
|
6,128,000
|
6,221,029
|
|
121,099,190
|
|||
Health Care Technology - 0.1%
|
|||
IQVIA Inc 6.5% 5/15/2030 (f)
|
2,670,000
|
2,712,795
|
|
Life Sciences Tools & Services - 0.2%
|
|||
Charles River Laboratories International Inc 3.75% 3/15/2029 (f)
|
2,995,000
|
2,741,766
|
|
Charles River Laboratories International Inc 4% 3/15/2031 (f)
|
2,530,000
|
2,224,611
|
|
4,966,377
|
|||
Pharmaceuticals - 0.9%
|
|||
1261229 BC Ltd 10% 4/15/2032 (f)
|
11,945,000
|
11,696,235
|
|
Bausch Health Americas Inc 8.5% 1/31/2027 (f)
|
555,000
|
527,249
|
|
Bausch Health Americas Inc 9.25% 4/1/2026 (f)
|
3,727,000
|
3,634,626
|
|
Bausch Health Cos Inc 11% 9/30/2028 (f)
|
2,430,000
|
2,285,172
|
|
Bausch Health Cos Inc 4.875% 6/1/2028 (f)
|
3,370,000
|
2,736,946
|
|
Bausch Health Cos Inc 5.25% 1/30/2030 (f)
|
1,415,000
|
828,333
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f)(q)
|
1,410,000
|
1,329,868
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f)
|
2,928,000
|
2,457,620
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (f)(q)
|
504,000
|
475,243
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (f)
|
785,000
|
722,999
|
|
26,694,291
|
|||
TOTAL HEALTH CARE
|
177,209,064
|
||
Industrials - 9.7%
|
|||
Aerospace & Defense - 1.7%
|
|||
Axon Enterprise Inc 6.125% 3/15/2030 (f)(q)
|
4,290,000
|
4,364,662
|
|
Axon Enterprise Inc 6.25% 3/15/2033 (f)(q)
|
3,760,000
|
3,832,294
|
|
BWX Technologies Inc 4.125% 6/30/2028 (f)
|
7,098,000
|
6,818,716
|
|
Goat Holdco LLC 6.75% 2/1/2032 (f)
|
3,060,000
|
2,991,150
|
|
OneSky Flight LLC 8.875% 12/15/2029 (f)(q)
|
2,710,000
|
2,735,467
|
|
Spirit AeroSystems Inc 9.75% 11/15/2030 (f)
|
1,915,000
|
2,119,726
|
|
TransDigm Inc 4.625% 1/15/2029
|
6,280,000
|
6,040,304
|
|
TransDigm Inc 4.875% 5/1/2029 (q)
|
200,000
|
193,003
|
|
TransDigm Inc 5.5% 11/15/2027
|
8,677,000
|
8,635,692
|
|
TransDigm Inc 6% 1/15/2033 (f)
|
1,525,000
|
1,521,839
|
|
TransDigm Inc 6.375% 3/1/2029 (f)
|
3,535,000
|
3,601,148
|
|
TransDigm Inc 6.75% 8/15/2028 (f)
|
4,460,000
|
4,543,625
|
|
TransDigm Inc 6.875% 12/15/2030 (f)
|
150,000
|
154,553
|
|
TransDigm Inc 7.125% 12/1/2031 (f)
|
1,560,000
|
1,621,444
|
|
49,173,623
|
|||
Air Freight & Logistics - 0.4%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (f)(q)
|
9,782,000
|
9,096,161
|
|
Stonepeak Nile Parent LLC 7.25% 3/15/2032 (f)(q)
|
3,115,000
|
3,162,504
|
|
12,258,665
|
|||
Building Products - 1.2%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (f)
|
1,601,000
|
1,583,268
|
|
Advanced Drainage Systems Inc 6.375% 6/15/2030 (f)(q)
|
1,420,000
|
1,441,904
|
|
BCPE Ulysses Intermediate Inc 7.75% 4/1/2027 pay-in-kind (e)(f)
|
4,064,000
|
3,942,725
|
|
Builders FirstSource Inc 4.25% 2/1/2032 (f)(q)
|
5,995,000
|
5,399,168
|
|
Builders FirstSource Inc 6.375% 3/1/2034 (f)(q)
|
1,630,000
|
1,617,831
|
|
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (f)
|
9,155,000
|
9,284,168
|
|
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (f)(q)
|
2,370,000
|
2,416,821
|
|
Masterbrand Inc 7% 7/15/2032 (f)
|
1,441,000
|
1,444,494
|
|
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (f)
|
1,410,000
|
1,411,014
|
|
Oscar AcquisitionCo LLC / Oscar Finance Inc 9.5% 4/15/2030 (f)(q)
|
3,485,000
|
3,171,364
|
|
Standard Building Solutions Inc 6.5% 8/15/2032 (f)
|
2,725,000
|
2,758,936
|
|
34,471,693
|
|||
Commercial Services & Supplies - 3.6%
|
|||
ADT Security Corp/The 4.125% 8/1/2029 (f)(q)
|
3,320,000
|
3,132,837
|
|
Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (f)
|
5,210,000
|
4,885,809
|
|
Allied Universal Holdco LLC / Allied Universal Finance Corp 9.75% 7/15/2027 (f)
|
7,770,000
|
7,797,591
|
|
Allied Universal Holdco LLC 7.875% 2/15/2031 (f)
|
9,655,000
|
9,861,237
|
|
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f)
|
38,000
|
36,521
|
|
Artera Services LLC 8.5% 2/15/2031 (f)
|
14,999,000
|
14,230,679
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (f)
|
11,530,000
|
10,952,645
|
|
Clean Harbors Inc 6.375% 2/1/2031 (f)(q)
|
1,205,000
|
1,227,413
|
|
CoreCivic Inc 4.75% 10/15/2027
|
7,084,000
|
6,900,869
|
|
CoreCivic Inc 8.25% 4/15/2029 (q)
|
7,035,000
|
7,415,664
|
|
GEO Group Inc/The 10.25% 4/15/2031
|
4,401,000
|
4,808,828
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
4,485,000
|
4,714,846
|
|
GFL Environmental Inc 3.5% 9/1/2028 (f)
|
1,505,000
|
1,427,172
|
|
GFL Environmental Inc 6.75% 1/15/2031 (f)
|
505,000
|
524,948
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (f)(q)
|
7,407,000
|
6,592,230
|
|
OT Midco Inc 10% 2/15/2030 (f)
|
5,007,000
|
4,073,920
|
|
Reworld Holding Corp 4.875% 12/1/2029 (f)
|
4,965,000
|
4,639,187
|
|
Waste Pro USA Inc 7% 2/1/2033 (f)
|
2,265,000
|
2,310,936
|
|
Williams Scotsman Inc 6.625% 4/15/2030 (f)
|
1,205,000
|
1,226,823
|
|
Williams Scotsman Inc 6.625% 6/15/2029 (f)(q)
|
2,665,000
|
2,700,660
|
|
99,460,815
|
|||
Construction & Engineering - 0.3%
|
|||
Amsted Industries Inc 6.375% 3/15/2033 (f)
|
2,279,000
|
2,289,262
|
|
Pike Corp 5.5% 9/1/2028 (f)
|
437,000
|
429,170
|
|
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f)
|
6,194,000
|
6,203,743
|
|
8,922,175
|
|||
Electrical Equipment - 0.3%
|
|||
Sensata Technologies BV 4% 4/15/2029 (f)
|
3,705,000
|
3,408,281
|
|
WESCO Distribution Inc 6.375% 3/15/2033 (f)
|
4,210,000
|
4,258,882
|
|
7,667,163
|
|||
Ground Transportation - 0.5%
|
|||
Genesee & Wyoming Inc 6.25% 4/15/2032 (f)
|
7,000,000
|
7,092,407
|
|
XPO Inc 7.125% 2/1/2032 (f)(q)
|
4,920,000
|
5,039,894
|
|
XPO Inc 7.125% 6/1/2031 (f)(q)
|
1,330,000
|
1,361,653
|
|
13,493,954
|
|||
Industrial Conglomerates - 0.2%
|
|||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (f)
|
3,985,000
|
3,814,501
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 5.25% 10/1/2025 (f)
|
250,000
|
248,849
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (f)(q)
|
2,640,000
|
2,712,600
|
|
6,775,950
|
|||
Machinery - 0.1%
|
|||
Mueller Water Products Inc 4% 6/15/2029 (f)
|
1,545,000
|
1,450,552
|
|
Passenger Airlines - 0.2%
|
|||
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f)(q)
|
325,000
|
321,030
|
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f)(q)
|
1,920,000
|
1,956,853
|
|
JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (f)
|
3,143,000
|
2,895,106
|
|
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 11% 3/6/2030 pay-in-kind (e)(f)
|
668,468
|
527,672
|
|
United Airlines Inc 4.375% 4/15/2026 (f)
|
80,000
|
78,857
|
|
5,779,518
|
|||
Professional Services - 0.4%
|
|||
Amentum Holdings Inc 7.25% 8/1/2032 (f)
|
3,375,000
|
3,433,178
|
|
TriNet Group Inc 3.5% 3/1/2029 (f)
|
7,215,000
|
6,581,061
|
|
10,014,239
|
|||
Trading Companies & Distributors - 0.8%
|
|||
Beacon Roofing Supply Inc 6.75% 4/30/2032 (f)
|
9,930,000
|
9,955,684
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 5/1/2031 (f)
|
100,000
|
101,518
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (f)
|
1,050,000
|
1,063,968
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (f)
|
3,205,000
|
3,350,671
|
|
Foundation Building Materials Inc 6% 3/1/2029 (f)
|
1,855,000
|
1,563,557
|
|
United Rentals North America Inc 6.125% 3/15/2034 (f)(q)
|
5,835,000
|
5,897,936
|
|
21,933,334
|
|||
TOTAL INDUSTRIALS
|
271,401,681
|
||
Information Technology - 4.5%
|
|||
Communications Equipment - 0.4%
|
|||
CommScope LLC 4.75% 9/1/2029 (f)(q)
|
4,660,000
|
4,113,037
|
|
Viasat Inc 5.625% 9/15/2025 (f)
|
5,542,000
|
5,541,749
|
|
Viasat Inc 6.5% 7/15/2028 (f)(q)
|
1,760,000
|
1,547,523
|
|
Viasat Inc 7.5% 5/30/2031 (f)
|
2,317,000
|
1,763,393
|
|
12,965,702
|
|||
Electronic Equipment, Instruments & Components - 0.6%
|
|||
Coherent Corp 5% 12/15/2029 (f)(q)
|
4,621,000
|
4,424,043
|
|
Insight Enterprises Inc 6.625% 5/15/2032 (f)
|
2,180,000
|
2,211,619
|
|
Lightning Power LLC 7.25% 8/15/2032 (f)
|
2,182,000
|
2,260,620
|
|
Sensata Technologies Inc 3.75% 2/15/2031 (f)
|
1,370,000
|
1,197,550
|
|
Sensata Technologies Inc 6.625% 7/15/2032 (f)(q)
|
3,145,000
|
3,115,817
|
|
TTM Technologies Inc 4% 3/1/2029 (f)
|
3,980,000
|
3,699,687
|
|
16,909,336
|
|||
IT Services - 0.7%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (f)
|
7,866,000
|
6,956,235
|
|
ASGN Inc 4.625% 5/15/2028 (f)
|
2,660,000
|
2,531,370
|
|
Cogent Communications Group Inc / Cogent Communications Finance Inc 7% 6/15/2027 (f)
|
4,610,000
|
4,624,577
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f)
|
4,200,000
|
3,912,396
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f)
|
945,000
|
936,675
|
|
18,961,253
|
|||
Semiconductors & Semiconductor Equipment - 1.1%
|
|||
Entegris Inc 3.625% 5/1/2029 (f)(q)
|
2,050,000
|
1,887,498
|
|
Entegris Inc 4.75% 4/15/2029 (f)
|
10,525,000
|
10,242,211
|
|
Entegris Inc 5.95% 6/15/2030 (f)
|
9,385,000
|
9,365,428
|
|
ON Semiconductor Corp 3.875% 9/1/2028 (f)
|
4,025,000
|
3,804,781
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (f)(i)(l)(s)
|
4,868,693
|
4,686,117
|
|
29,986,035
|
|||
Software - 1.2%
|
|||
Cloud Software Group Inc 6.5% 3/31/2029 (f)
|
1,372,000
|
1,372,492
|
|
Cloud Software Group Inc 8.25% 6/30/2032 (f)
|
5,030,000
|
5,246,884
|
|
Cloud Software Group Inc 9% 9/30/2029 (f)
|
17,362,000
|
17,490,995
|
|
Gen Digital Inc 6.25% 4/1/2033 (f)
|
3,415,000
|
3,405,787
|
|
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl 8.75% 5/1/2029 (f)
|
2,125,000
|
2,062,312
|
|
Rackspace Finance LLC 3.5% 5/15/2028 (f)
|
6,437,850
|
2,291,699
|
|
UKG Inc 6.875% 2/1/2031 (f)(q)
|
3,350,000
|
3,446,460
|
|
35,316,629
|
|||
Technology Hardware, Storage & Peripherals - 0.5%
|
|||
Seagate HDD Cayman 5.75% 12/1/2034
|
4,045,000
|
3,908,076
|
|
Seagate HDD Cayman 8.25% 12/15/2029
|
1,110,000
|
1,190,285
|
|
Seagate HDD Cayman 8.5% 7/15/2031
|
1,625,000
|
1,738,503
|
|
Western Digital Corp 2.85% 2/1/2029
|
5,855,000
|
5,342,608
|
|
Western Digital Corp 3.1% 2/1/2032
|
2,295,000
|
1,959,415
|
|
Western Digital Corp 4.75% 2/15/2026
|
575,000
|
571,210
|
|
14,710,097
|
|||
TOTAL INFORMATION TECHNOLOGY
|
128,849,052
|
||
Materials - 6.1%
|
|||
Chemicals - 3.1%
|
|||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (f)
|
1,225,000
|
1,268,450
|
|
Celanese US Holdings LLC 6.5% 4/15/2030 (q)
|
2,200,000
|
2,149,593
|
|
Celanese US Holdings LLC 6.75% 4/15/2033 (q)
|
4,735,000
|
4,444,854
|
|
Chemours Co/The 4.625% 11/15/2029 (f)(q)
|
548,000
|
458,883
|
|
Chemours Co/The 5.375% 5/15/2027 (q)
|
11,223,000
|
10,929,337
|
|
Chemours Co/The 5.75% 11/15/2028 (f)(q)
|
7,020,000
|
6,358,859
|
|
Chemours Co/The 8% 1/15/2033 (f)
|
2,965,000
|
2,671,818
|
|
GPD Cos Inc 10.125% 4/1/2026 (f)
|
2,848,000
|
2,561,442
|
|
Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (e)(f)
|
6,395,457
|
5,476,110
|
|
Mativ Holdings Inc 8% 10/1/2029 (f)(q)
|
2,255,000
|
1,874,562
|
|
Methanex US Operations Inc 6.25% 3/15/2032 (f)
|
1,985,000
|
1,879,592
|
|
Olin Corp 5% 2/1/2030 (q)
|
9,230,000
|
8,668,027
|
|
Olin Corp 6.625% 4/1/2033 (f)
|
5,100,000
|
4,839,145
|
|
Olympus Water US Holding Corp 6.25% 10/1/2029 (f)(q)
|
5,040,000
|
4,629,296
|
|
Olympus Water US Holding Corp 7.25% 6/15/2031 (f)
|
1,315,000
|
1,315,000
|
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (f)
|
6,853,000
|
7,140,539
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (f)
|
368,000
|
352,544
|
|
Scih Salt Hldgs Inc 6.625% 5/1/2029 (f)
|
3,505,000
|
3,404,332
|
|
SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (f)
|
2,800,000
|
2,762,995
|
|
Tronox Inc 4.625% 3/15/2029 (f)(q)
|
7,946,000
|
6,432,087
|
|
WR Grace Holdings LLC 4.875% 6/15/2027 (f)
|
70,000
|
67,767
|
|
WR Grace Holdings LLC 5.625% 8/15/2029 (f)
|
6,895,000
|
6,108,607
|
|
85,793,839
|
|||
Construction Materials - 0.6%
|
|||
Quikrete Holdings Inc 6.375% 3/1/2032 (f)(q)
|
13,000,000
|
13,073,267
|
|
Quikrete Holdings Inc 6.75% 3/1/2033 (f)(q)
|
4,171,000
|
4,186,603
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f)
|
960,000
|
984,941
|
|
18,244,811
|
|||
Containers & Packaging - 1.2%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f)
|
5,005,000
|
4,356,393
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f)
|
2,840,000
|
2,829,575
|
|
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f)
|
4,075,000
|
4,166,698
|
|
Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (f)
|
3,145,000
|
3,195,463
|
|
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f)(q)
|
5,605,000
|
5,774,961
|
|
Graham Packaging Co Inc 7.125% 8/15/2028 (f)
|
1,220,000
|
1,193,024
|
|
Graphic Packaging International LLC 3.75% 2/1/2030 (f)(q)
|
1,600,000
|
1,470,257
|
|
Graphic Packaging International LLC 6.375% 7/15/2032 (f)(q)
|
2,615,000
|
2,627,869
|
|
Sealed Air Corp 5% 4/15/2029 (f)
|
4,210,000
|
4,093,886
|
|
Sealed Air Corp 6.5% 7/15/2032 (f)(q)
|
1,515,000
|
1,540,954
|
|
Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (f)(q)
|
2,555,000
|
2,660,649
|
|
33,909,729
|
|||
Metals & Mining - 1.2%
|
|||
Alcoa Nederland Holding BV 7.125% 3/15/2031 (f)
|
10,362,000
|
10,675,555
|
|
ATI Inc 4.875% 10/1/2029
|
35,000
|
33,437
|
|
ATI Inc 5.125% 10/1/2031
|
25,000
|
23,661
|
|
ATI Inc 7.25% 8/15/2030 (q)
|
1,350,000
|
1,404,039
|
|
Cleveland-Cliffs Inc 6.875% 11/1/2029 (f)
|
1,680,000
|
1,627,128
|
|
Cleveland-Cliffs Inc 7% 3/15/2032 (f)(q)
|
3,185,000
|
2,992,262
|
|
Cleveland-Cliffs Inc 7.375% 5/1/2033 (f)(q)
|
1,530,000
|
1,438,299
|
|
Cleveland-Cliffs Inc 7.5% 9/15/2031 (f)
|
1,370,000
|
1,325,787
|
|
Commercial Metals Co 3.875% 2/15/2031
|
1,685,000
|
1,510,688
|
|
Commercial Metals Co 4.125% 1/15/2030
|
2,700,000
|
2,538,419
|
|
Kaiser Aluminum Corp 4.5% 6/1/2031 (f)
|
360,000
|
323,504
|
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (f)
|
1,140,000
|
1,096,851
|
|
Novelis Corp 3.875% 8/15/2031 (f)(q)
|
1,475,000
|
1,273,045
|
|
Novelis Corp 6.875% 1/30/2030 (f)(q)
|
5,570,000
|
5,650,252
|
|
Vibrantz Technologies Inc 9% 2/15/2030 (f)
|
3,080,000
|
2,332,992
|
|
34,245,919
|
|||
TOTAL MATERIALS
|
172,194,298
|
||
Real Estate - 2.7%
|
|||
Diversified REITs - 1.1%
|
|||
Safehold GL Holdings LLC 2.8% 6/15/2031 (q)
|
5,785,000
|
5,116,371
|
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
3,605,000
|
3,068,045
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f)
|
8,930,000
|
7,986,038
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (f)
|
6,542,000
|
6,946,197
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f)
|
7,705,000
|
7,048,766
|
|
30,165,417
|
|||
Health Care REITs - 1.0%
|
|||
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (f)(q)
|
5,375,000
|
5,229,702
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
5,330,000
|
3,532,572
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029 (q)
|
3,925,000
|
2,989,587
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (q)
|
9,479,000
|
8,372,075
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f)
|
3,715,000
|
3,774,377
|
|
Omega Healthcare Investors Inc 3.25% 4/15/2033 (q)
|
6,131,000
|
5,183,582
|
|
29,081,895
|
|||
Real Estate Management & Development - 0.6%
|
|||
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (f)(q)
|
2,420,000
|
2,146,264
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (f)
|
736,000
|
540,717
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (f)
|
1,871,000
|
1,477,534
|
|
Forestar Group Inc 6.5% 3/15/2033 (f)(q)
|
4,945,000
|
4,809,183
|
|
Howard Hughes Corp/The 4.125% 2/1/2029 (f)
|
2,350,000
|
2,152,676
|
|
Howard Hughes Corp/The 4.375% 2/1/2031 (f)
|
1,350,000
|
1,197,125
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030 (q)
|
3,915,000
|
3,452,247
|
|
Kennedy-Wilson Inc 4.75% 3/1/2029
|
55,000
|
49,526
|
|
Kennedy-Wilson Inc 5% 3/1/2031 (q)
|
55,000
|
47,051
|
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (f)(q)
|
1,005,000
|
973,733
|
|
Taylor Morrison Communities Inc 5.75% 1/15/2028 (f)
|
80,000
|
80,036
|
|
16,926,092
|
|||
TOTAL REAL ESTATE
|
76,173,404
|
||
Utilities - 4.1%
|
|||
Electric Utilities - 3.6%
|
|||
Clearway Energy Operating LLC 3.75% 1/15/2032 (f)
|
670,000
|
581,033
|
|
Clearway Energy Operating LLC 3.75% 2/15/2031 (f)(q)
|
6,965,000
|
6,200,754
|
|
Clearway Energy Operating LLC 4.75% 3/15/2028 (f)
|
1,030,000
|
1,006,620
|
|
DPL Inc 4.125% 7/1/2025
|
3,760,000
|
3,728,965
|
|
DPL Inc 4.35% 4/15/2029
|
460,000
|
438,631
|
|
Edison International 6.25% 3/15/2030 (q)
|
1,358,000
|
1,376,247
|
|
Edison International 7.875% 6/15/2054 (e)(q)
|
2,330,000
|
2,182,664
|
|
Edison International 8.125% 6/15/2053 (e)(q)
|
2,355,000
|
2,242,297
|
|
NRG Energy Inc 3.375% 2/15/2029 (f)
|
6,090,000
|
5,645,349
|
|
NRG Energy Inc 3.625% 2/15/2031 (f)
|
1,990,000
|
1,788,557
|
|
NRG Energy Inc 3.875% 2/15/2032 (f)
|
5,000
|
4,472
|
|
NRG Energy Inc 5.25% 6/15/2029 (f)
|
5,650,000
|
5,582,720
|
|
NRG Energy Inc 5.75% 7/15/2029 (f)
|
3,530,000
|
3,513,394
|
|
NRG Energy Inc 6% 2/1/2033 (f)
|
3,170,000
|
3,136,734
|
|
NRG Energy Inc 6.25% 11/1/2034 (f)(q)
|
3,438,000
|
3,432,718
|
|
PacifiCorp 7.375% 9/15/2055 (e)
|
5,341,000
|
5,421,509
|
|
PG&E Corp 5% 7/1/2028
|
1,485,000
|
1,448,489
|
|
PG&E Corp 5.25% 7/1/2030
|
12,109,000
|
11,666,796
|
|
PG&E Corp 7.375% 3/15/2055 (e)
|
3,772,000
|
3,661,821
|
|
Vistra Operations Co LLC 5% 7/31/2027 (f)
|
8,546,000
|
8,471,591
|
|
Vistra Operations Co LLC 5.5% 9/1/2026 (f)
|
2,040,000
|
2,034,372
|
|
Vistra Operations Co LLC 5.625% 2/15/2027 (f)
|
6,835,000
|
6,830,580
|
|
Vistra Operations Co LLC 6.875% 4/15/2032 (f)(q)
|
3,230,000
|
3,345,567
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (f)
|
2,240,000
|
2,368,536
|
|
XPLR Infrastructure Operating Partners LP 4.5% 9/15/2027 (f)(q)
|
1,528,000
|
1,444,627
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f)(q)
|
5,425,000
|
5,369,039
|
|
XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (f)(q)
|
3,520,000
|
3,532,920
|
|
XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (f)(q)
|
3,515,000
|
3,507,597
|
|
99,964,599
|
|||
Independent Power and Renewable Electricity Producers - 0.4%
|
|||
AES Corp/The 6.95% 7/15/2055 (e)
|
4,381,000
|
4,085,674
|
|
Alpha Generation LLC 6.75% 10/15/2032 (f)
|
1,325,000
|
1,350,323
|
|
Calpine Corp 4.625% 2/1/2029 (f)
|
1,820,000
|
1,759,702
|
|
Calpine Corp 5% 2/1/2031 (f)(q)
|
1,000,000
|
961,890
|
|
Calpine Corp 5.125% 3/15/2028 (f)
|
2,127,000
|
2,106,812
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (f)
|
8,044,000
|
2,413,200
|
|
12,677,601
|
|||
Water Utilities - 0.1%
|
|||
Aris Water Holdings LLC 7.25% 4/1/2030 (f)
|
4,175,000
|
4,142,961
|
|
TOTAL UTILITIES
|
116,785,161
|
||
TOTAL UNITED STATES
|
1,905,089,226
|
||
ZAMBIA - 0.5%
|
|||
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
First Quantum Minerals Ltd 6.875% 10/15/2027 (f)
|
2,929,000
|
2,888,726
|
|
First Quantum Minerals Ltd 8% 3/1/2033 (f)
|
2,455,000
|
2,428,925
|
|
First Quantum Minerals Ltd 8.625% 6/1/2031 (f)
|
285,000
|
289,186
|
|
First Quantum Minerals Ltd 9.375% 3/1/2029 (f)
|
8,390,000
|
8,819,988
|
|
TOTAL ZAMBIA
|
14,426,825
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $2,415,481,451)
|
2,358,167,085
|
||
Preferred Securities - 2.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
RUSSIA - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Tinkoff Bank JSC Via TCS Finance Ltd loan participation 6% (e)(f)(i)(k)(t)
|
100,000
|
5,000
|
|
UNITED STATES - 2.0%
|
|||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Energy Transfer LP 6.625% (e)(t)
|
3,303,000
|
3,214,456
|
|
Mesquite Energy Inc 7.25% (k)(t)
|
28,768,000
|
287,680
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (d)(e)(t)
|
7,823,000
|
7,857,706
|
|
11,359,842
|
|||
Financials - 1.2%
|
|||
Banks - 0.6%
|
|||
Bank of America Corp 6.3% (e)(q)(t)
|
10,000,000
|
10,097,573
|
|
Bank of America Corp 6.625% (e)(t)
|
4,000,000
|
4,003,283
|
|
BW Real Estate Inc 9.5% (e)(f)(t)
|
4,235,000
|
4,201,496
|
|
18,302,352
|
|||
Capital Markets - 0.0%
|
|||
Goldman Sachs Group Inc/The 6.85% (e)(t)
|
890,000
|
894,036
|
|
Consumer Finance - 0.5%
|
|||
Ally Financial Inc 4.7% (e)(t)
|
4,615,000
|
3,948,823
|
|
Ally Financial Inc 4.7% (e)(t)
|
4,775,000
|
4,432,177
|
|
Capital One Financial Corp 3.95% (e)(t)
|
5,000,000
|
4,780,755
|
|
13,161,755
|
|||
Insurance - 0.1%
|
|||
Alliant Holdings LP 10.5% (e)(i)(t)
|
1,504,390
|
1,477,994
|
|
TOTAL FINANCIALS
|
33,836,137
|
||
Industrials - 0.4%
|
|||
Trading Companies & Distributors - 0.4%
|
|||
Air Lease Corp 4.125% (e)(t)
|
5,559,000
|
5,153,442
|
|
Aircastle Ltd 5.25% (e)(f)(t)
|
5,175,000
|
5,061,312
|
|
10,214,754
|
|||
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Edison International 5% (e)(t)
|
900,000
|
801,682
|
|
TOTAL UNITED STATES
|
56,212,415
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $79,077,097)
|
56,217,415
|
||
Money Market Funds - 11.1%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (v)
|
4.33
|
55,965,779
|
55,976,972
|
|
Fidelity Securities Lending Cash Central Fund (v)(p)
|
4.33
|
258,492,891
|
258,518,740
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $314,495,712)
|
314,495,712
|
|||
U.S. Treasury Obligations - 1.4%
|
||||
Yield (%) (u)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Notes 3.75% 5/31/2030
|
3.95 to 3.99
|
2,736,000
|
2,737,068
|
|
US Treasury Notes 4% 2/15/2034
|
4.26 to 4.74
|
36,054,000
|
35,777,962
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $37,729,362)
|
38,515,030
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 110.0%
(Cost $3,207,874,328)
|
3,123,010,042
|
NET OTHER ASSETS (LIABILITIES) - (10.0)%
|
(282,807,884)
|
NET ASSETS - 100.0%
|
2,840,202,158
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
(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 $21,846,216 or 0.8% of net assets.
|
(c)
|
Affiliated Fund
|
(d)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(e)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(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 $1,998,094,074 or 70.4% of net assets.
|
(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)
|
Level 3 security
|
(j)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(k)
|
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 $3,465,194 and $3,343,819, respectively.
|
(m)
|
Non-income producing
|
(n)
|
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 $823,622 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(o)
|
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
|
(p)
|
Investment made with cash collateral received from securities on loan.
|
(q)
|
Security or a portion of the security is on loan at period end.
|
(r)
|
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 $10,218,374 or 0.4% of net assets.
|
(s)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(t)
|
Security is perpetual in nature with no stated maturity date.
|
(u)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(v)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Fidelity Private Credit Company LLC
|
6/06/22
|
22,585,256
|
New Cotai LLC / New Cotai Capital Corp
|
9/11/20
|
623,261
|
Northeast Grocery Inc
|
11/08/21
|
5,075
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
11,045,554
|
1,026,848,496
|
1,003,846,954
|
1,546,868
|
1,560
|
-
|
55,976,972
|
55,965,779
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
117,111,699
|
898,857,738
|
757,450,697
|
592,117
|
-
|
-
|
258,518,740
|
258,492,891
|
0.9%
|
Total
|
128,157,253
|
1,925,706,234
|
1,761,297,651
|
2,138,985
|
1,560
|
-
|
314,495,712
|
||
Affiliate
|
Value,
beginning
of period ($)
|
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
|
47,294,666
|
-
|
23,438,915
|
5,788,778
|
(228,866)
|
(1,895,475)
|
21,731,410
|
2,270,785
|
47,294,666
|
-
|
23,438,915
|
5,788,778
|
(228,866)
|
(1,895,475)
|
21,731,410
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Alternative Funds
|
21,731,410
|
-
|
21,731,410
|
-
|
Asset-Backed Securities
|
7,450,468
|
-
|
7,450,468
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
13,070,520
|
-
|
13,070,520
|
-
|
Consumer Discretionary
|
61,986,266
|
-
|
61,986,266
|
-
|
Consumer Staples
|
685,555
|
-
|
606,182
|
79,373
|
Energy
|
10,762,582
|
-
|
10,762,581
|
1
|
Financials
|
4,951,344
|
-
|
4,722,523
|
228,821
|
Health Care
|
14,305,806
|
-
|
14,305,806
|
-
|
Industrials
|
18,961,738
|
-
|
18,743,563
|
218,175
|
Information Technology
|
46,934,296
|
-
|
41,933,832
|
5,000,464
|
Materials
|
20,310,496
|
-
|
20,310,496
|
-
|
Utilities
|
15,143,237
|
-
|
12,306,119
|
2,837,118
|
Common Stocks
|
||||
Communication Services
|
5,226,495
|
4,971,694
|
-
|
254,801
|
Consumer Discretionary
|
934,503
|
895,655
|
-
|
38,848
|
Consumer Staples
|
137,088
|
-
|
-
|
137,088
|
Energy
|
19,846,004
|
823,622
|
75,508
|
18,946,874
|
Health Care
|
5,535,766
|
2,710,825
|
-
|
2,824,941
|
Industrials
|
416,206
|
416,206
|
-
|
-
|
Information Technology
|
9,051,785
|
3,780,820
|
-
|
5,270,965
|
Utilities
|
24
|
-
|
-
|
24
|
Convertible Corporate Bonds
|
||||
Communication Services
|
10,147,839
|
-
|
10,147,839
|
-
|
Consumer Discretionary
|
3,144,871
|
-
|
2,977,116
|
167,755
|
Information Technology
|
11,033,064
|
-
|
11,033,064
|
-
|
Real Estate
|
13,145,153
|
-
|
13,145,153
|
-
|
Utilities
|
6,843,624
|
-
|
6,843,624
|
-
|
Fixed-Income Funds
|
33,858,660
|
33,858,660
|
-
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
268,281,387
|
-
|
268,281,387
|
-
|
Consumer Discretionary
|
300,624,021
|
-
|
300,580,922
|
43,099
|
Consumer Staples
|
71,788,031
|
-
|
71,788,031
|
-
|
Energy
|
348,763,850
|
-
|
348,763,850
|
-
|
Financials
|
242,436,644
|
-
|
242,436,644
|
-
|
Health Care
|
182,775,250
|
-
|
182,775,250
|
-
|
Industrials
|
312,885,358
|
-
|
312,885,358
|
-
|
Information Technology
|
151,228,443
|
-
|
146,542,326
|
4,686,117
|
Materials
|
272,832,727
|
-
|
272,802,727
|
30,000
|
Real Estate
|
76,173,404
|
-
|
76,173,404
|
-
|
Utilities
|
130,377,970
|
-
|
130,377,970
|
-
|
Preferred Securities
|
||||
Energy
|
11,359,842
|
-
|
11,359,842
|
-
|
Financials
|
33,841,137
|
-
|
32,358,143
|
1,482,994
|
Industrials
|
10,214,754
|
-
|
10,214,754
|
-
|
Utilities
|
801,682
|
-
|
801,682
|
-
|
U.S. Treasury Obligations
|
38,515,030
|
-
|
38,515,030
|
-
|
Money Market Funds
|
314,495,712
|
314,495,712
|
-
|
-
|
Total Investments in Securities:
|
3,123,010,042
|
361,953,194
|
2,718,809,390
|
42,247,458
|
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
|
6,485,442
|
153,525
|
(780,202)
|
2,893,690
|
(1,519,164)
|
(890,841)
|
2,021,502
|
-
|
8,363,952
|
(668,097)
|
Common Stocks
|
23,061,860
|
(284,079)
|
(847,916)
|
10,999,692
|
(5,456,016)
|
-
|
-
|
-
|
27,473,541
|
(1,643,667)
|
Convertible Corporate Bonds
|
3
|
-
|
28,070,796
|
163,141
|
(27,793,748)
|
(272,437)
|
-
|
-
|
167,755
|
3,777
|
Non-Convertible Corporate Bonds
|
5,025,501
|
1,296,075
|
(501,650)
|
4,868,868
|
(5,955,381)
|
25,803
|
-
|
-
|
4,759,216
|
(123,391)
|
Preferred Securities
|
-
|
-
|
(98,830)
|
1,581,824
|
-
|
-
|
-
|
-
|
1,482,994
|
(98,830)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $249,096,063) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,870,793,360)
|
$
|
2,786,782,920
|
||
Fidelity Central Funds (cost $314,495,712)
|
314,495,712
|
|||
Other affiliated issuers (cost $22,585,256)
|
21,731,410
|
|||
Total Investment in Securities (cost $3,207,874,328)
|
$
|
3,123,010,042
|
||
Receivable for investments sold
|
13,354,638
|
|||
Receivable for fund shares sold
|
639,111
|
|||
Dividends receivable
|
128
|
|||
Interest receivable
|
42,183,621
|
|||
Distributions receivable from Fidelity Central Funds
|
427,127
|
|||
Prepaid expenses
|
781
|
|||
Receivable from investment adviser for expense reductions
|
55,802
|
|||
Other receivables
|
9,154
|
|||
Total assets
|
3,179,680,404
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
893,338
|
||
Payable for investments purchased
|
||||
Regular delivery
|
66,929,809
|
|||
Delayed delivery
|
2,950,000
|
|||
Payable for fund shares redeemed
|
5,925,906
|
|||
Distributions payable
|
2,648,802
|
|||
Accrued management fee
|
1,483,395
|
|||
Distribution and service plan fees payable
|
41,415
|
|||
Other payables and accrued expenses
|
86,841
|
|||
Collateral on securities loaned
|
258,518,740
|
|||
Total liabilities
|
339,478,246
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes)
|
||||
Net Assets
|
$
|
2,840,202,158
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
3,663,521,091
|
||
Total accumulated earnings (loss)
|
(823,318,933)
|
|||
Net Assets
|
$
|
2,840,202,158
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($125,518,566 ÷ 16,170,802 shares)(a)
|
$
|
7.76
|
||
Maximum offering price per share (100/96.00 of $7.76)
|
$
|
8.08
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($31,851,724 ÷ 4,103,754 shares)(a)
|
$
|
7.76
|
||
Maximum offering price per share (100/96.00 of $7.76)
|
$
|
8.08
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($10,736,413 ÷ 1,382,705 shares)(a)
|
$
|
7.76
|
||
Fidelity High Income Fund :
|
||||
Net Asset Value, offering price and redemption price per share ($2,463,453,003 ÷ 317,201,577 shares)
|
$
|
7.77
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($54,644,793 ÷ 7,037,336 shares)
|
$
|
7.76
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($153,997,659 ÷ 19,842,194 shares)
|
$
|
7.76
|
||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends:
|
||||
Unaffiliated issuers
|
$
|
3,239,419
|
||
Affiliated issuers
|
5,356,389
|
|||
Interest
|
186,711,198
|
|||
Income from Fidelity Central Funds (including $592,117 from security lending)
|
2,138,985
|
|||
Total income
|
197,445,991
|
|||
Expenses
|
||||
Management fee
|
$
|
17,932,114
|
||
Distribution and service plan fees
|
508,886
|
|||
Custodian fees and expenses
|
32,097
|
|||
Independent trustees' fees and expenses
|
11,361
|
|||
Registration fees
|
120,987
|
|||
Audit fees
|
123,133
|
|||
Legal
|
24,311
|
|||
Interest
|
5,039
|
|||
Miscellaneous
|
54,607
|
|||
Total expenses before reductions
|
18,812,535
|
|||
Expense reductions
|
(343,028)
|
|||
Total expenses after reductions
|
18,469,507
|
|||
Net Investment income (loss)
|
178,976,484
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(30,628,179)
|
|||
Fidelity Central Funds
|
1,560
|
|||
Other affiliated issuers
|
(228,866)
|
|||
Foreign currency transactions
|
(45,285)
|
|||
Futures contracts
|
815,471
|
|||
Swaps
|
(49,530)
|
|||
Capital gain distributions from underlying funds:
|
||||
Affiliated issuers
|
432,389
|
|||
Total net realized gain (loss)
|
(29,702,440)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
77,523,140
|
|||
Affiliated issuers
|
(1,895,475)
|
|||
Assets and liabilities in foreign currencies
|
3
|
|||
Total change in net unrealized appreciation (depreciation)
|
75,627,668
|
|||
Net gain (loss)
|
45,925,228
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
224,901,712
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
178,976,484
|
$
|
170,090,655
|
Net realized gain (loss)
|
(29,702,440)
|
(136,099,534)
|
||
Change in net unrealized appreciation (depreciation)
|
75,627,668
|
180,170,068
|
||
Net increase (decrease) in net assets resulting from operations
|
224,901,712
|
214,161,189
|
||
Distributions to shareholders
|
(168,512,973)
|
(154,652,581)
|
||
Share transactions - net increase (decrease)
|
142,938,348
|
(315,098,824)
|
||
Total increase (decrease) in net assets
|
199,327,087
|
(255,590,216)
|
||
Net Assets
|
||||
Beginning of period
|
2,640,875,071
|
2,896,465,287
|
||
End of period
|
$
|
2,840,202,158
|
$
|
2,640,875,071
|
Fidelity Advisor® High Income Fund Class A |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.497
|
.449
|
.387
|
.345
|
.368
|
|||||
Net realized and unrealized gain (loss)
|
.120
|
.139
|
(.501)
|
(.760)
|
.772
|
|||||
Total from investment operations
|
.617
|
.588
|
(.114)
|
(.415)
|
1.140
|
|||||
Distributions from net investment income
|
(.467)
|
(.408)
|
(.366)
|
(.385)
|
(.360)
|
|||||
Total distributions
|
(.467)
|
(.408)
|
(.366)
|
(.385)
|
(.360)
|
|||||
Net asset value, end of period
|
$
|
7.76
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C,D
|
8.21 % |
8.15%
|
(1.33)%
|
(5.02)%
|
14.56%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.97%
|
.99%
|
1.02%
|
.99%
|
.98%
|
|||||
Expenses net of fee waivers, if any
|
.95 % |
.98%
|
1.02%
|
.99%
|
.98%
|
|||||
Expenses net of all reductions, if any
|
.95%
|
.98%
|
1.02%
|
.99%
|
.98%
|
|||||
Net investment income (loss)
|
6.35%
|
6.03%
|
5.19%
|
4.02%
|
4.32%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
125,519
|
$
|
118,358
|
$
|
119,481
|
$
|
131,926
|
$
|
148,229
|
Portfolio turnover rate G
|
70 % H |
43%
|
35%
|
54%
|
62%
|
Fidelity Advisor® High Income Fund Class M |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.497
|
.449
|
.386
|
.345
|
.367
|
|||||
Net realized and unrealized gain (loss)
|
.120
|
.139
|
(.500)
|
(.761)
|
.772
|
|||||
Total from investment operations
|
.617
|
.588
|
(.114)
|
(.416)
|
1.139
|
|||||
Distributions from net investment income
|
(.467)
|
(.408)
|
(.366)
|
(.384)
|
(.359)
|
|||||
Total distributions
|
(.467)
|
(.408)
|
(.366)
|
(.384)
|
(.359)
|
|||||
Net asset value, end of period
|
$
|
7.76
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C,D
|
8.20 % |
8.15%
|
(1.34)%
|
(5.03)%
|
14.55%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.97%
|
1.00%
|
1.03%
|
1.00%
|
.99%
|
|||||
Expenses net of fee waivers, if any
|
.95 % |
.98%
|
1.02%
|
1.00%
|
.99%
|
|||||
Expenses net of all reductions, if any
|
.95%
|
.98%
|
1.02%
|
1.00%
|
.99%
|
|||||
Net investment income (loss)
|
6.35%
|
6.03%
|
5.18%
|
4.01%
|
4.31%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
31,852
|
$
|
30,592
|
$
|
28,957
|
$
|
30,231
|
$
|
36,179
|
Portfolio turnover rate G
|
70 % H |
43%
|
35%
|
54%
|
62%
|
Fidelity Advisor® High Income Fund Class C |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.439
|
.392
|
.330
|
.281
|
.302
|
|||||
Net realized and unrealized gain (loss)
|
.119
|
.138
|
(.501)
|
(.763)
|
.772
|
|||||
Total from investment operations
|
.558
|
.530
|
(.171)
|
(.482)
|
1.074
|
|||||
Distributions from net investment income
|
(.408)
|
(.350)
|
(.309)
|
(.318)
|
(.294)
|
|||||
Total distributions
|
(.408)
|
(.350)
|
(.309)
|
(.318)
|
(.294)
|
|||||
Net asset value, end of period
|
$
|
7.76
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C,D
|
7.40 % |
7.32%
|
(2.09)%
|
(5.75)%
|
13.68%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
1.72%
|
1.76%
|
1.79%
|
1.76%
|
1.75%
|
|||||
Expenses net of fee waivers, if any
|
1.70 % |
1.75%
|
1.79%
|
1.76%
|
1.75%
|
|||||
Expenses net of all reductions, if any
|
1.70%
|
1.75%
|
1.79%
|
1.76%
|
1.75%
|
|||||
Net investment income (loss)
|
5.60%
|
5.26%
|
4.42%
|
3.25%
|
3.55%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
10,736
|
$
|
10,073
|
$
|
12,311
|
$
|
17,027
|
$
|
29,822
|
Portfolio turnover rate G
|
70 % H |
43%
|
35%
|
54%
|
62%
|
Fidelity® High Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.520
|
.471
|
.408
|
.371
|
.392
|
|||||
Net realized and unrealized gain (loss)
|
.130
|
.138
|
(.500)
|
(.761)
|
.772
|
|||||
Total from investment operations
|
.650
|
.609
|
(.092)
|
(.390)
|
1.164
|
|||||
Distributions from net investment income
|
(.490)
|
(.429)
|
(.388)
|
(.410)
|
(.384)
|
|||||
Total distributions
|
(.490)
|
(.429)
|
(.388)
|
(.410)
|
(.384)
|
|||||
Net asset value, end of period
|
$
|
7.77
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C
|
8.66 % |
8.46%
|
(1.04)%
|
(4.75)%
|
14.89%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.67%
|
.70%
|
.73%
|
.70%
|
.69%
|
|||||
Expenses net of fee waivers, if any
|
.66 % |
.69%
|
.73%
|
.70%
|
.69%
|
|||||
Expenses net of all reductions, if any
|
.66%
|
.69%
|
.73%
|
.70%
|
.69%
|
|||||
Net investment income (loss)
|
6.64%
|
6.32%
|
5.48%
|
4.31%
|
4.61%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
2,463,453
|
$
|
2,366,574
|
$
|
2,566,789
|
$
|
3,181,308
|
$
|
4,139,179
|
Portfolio turnover rate F
|
70 % G |
43%
|
35%
|
54%
|
62%
|
Fidelity Advisor® High Income Fund Class I |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.520
|
.465
|
.401
|
.390
|
.390
|
|||||
Net realized and unrealized gain (loss)
|
.117
|
.137
|
(.499)
|
(.774)
|
.771
|
|||||
Total from investment operations
|
.637
|
.602
|
(.098)
|
(.384)
|
1.161
|
|||||
Distributions from net investment income
|
(.487)
|
(.422)
|
(.382)
|
(.416)
|
(.381)
|
|||||
Total distributions
|
(.487)
|
(.422)
|
(.382)
|
(.416)
|
(.381)
|
|||||
Net asset value, end of period
|
$
|
7.76
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C
|
8.47 % |
8.35%
|
(1.12)%
|
(4.68)%
|
14.85%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.71%
|
.81%
|
.85%
|
.72%
|
.73%
|
|||||
Expenses net of fee waivers, if any
|
.70 % |
.79%
|
.80%
|
.71%
|
.73%
|
|||||
Expenses net of all reductions, if any
|
.70%
|
.79%
|
.80%
|
.71%
|
.73%
|
|||||
Net investment income (loss)
|
6.60%
|
6.22%
|
5.41%
|
4.29%
|
4.57%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
54,645
|
$
|
58,026
|
$
|
110,904
|
$
|
84,814
|
$
|
4,009,851
|
Portfolio turnover rate F
|
70 % G |
43%
|
35%
|
54%
|
62%
|
Fidelity Advisor® High Income Fund Class Z |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
$
|
7.93
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.523
|
.476
|
.415
|
.378
|
.399
|
|||||
Net realized and unrealized gain (loss)
|
.122
|
.138
|
(.502)
|
(.763)
|
.770
|
|||||
Total from investment operations
|
.645
|
.614
|
(.087)
|
(.385)
|
1.169
|
|||||
Distributions from net investment income
|
(.495)
|
(.434)
|
(.393)
|
(.415)
|
(.389)
|
|||||
Total distributions
|
(.495)
|
(.434)
|
(.393)
|
(.415)
|
(.389)
|
|||||
Net asset value, end of period
|
$
|
7.76
|
$
|
7.61
|
$
|
7.43
|
$
|
7.91
|
$
|
8.71
|
Total Return C
|
8.58 % |
8.53%
|
(.98)%
|
(4.68)%
|
14.96%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.61%
|
.65%
|
.66%
|
.64%
|
.63%
|
|||||
Expenses net of fee waivers, if any
|
.60 % |
.64%
|
.66%
|
.63%
|
.63%
|
|||||
Expenses net of all reductions, if any
|
.60%
|
.64%
|
.66%
|
.63%
|
.62%
|
|||||
Net investment income (loss)
|
6.70%
|
6.37%
|
5.54%
|
4.37%
|
4.67%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
153,998
|
$
|
57,252
|
$
|
58,023
|
$
|
133,498
|
$
|
249,502
|
Portfolio turnover rate F
|
70 % G |
43%
|
35%
|
54%
|
62%
|
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%
|
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
|
$ 8,363,952
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Indicative market price
|
Evaluated bid
|
$73.00
|
Increase
|
||
Discounted cash flow
|
Yield
|
6.5% - 11.4% / 11.1%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Common Stocks
|
$ 27,473,541
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
5.3 - 11.0 / 7.2
|
Increase
|
Enterprise value/Revenue multiple (EV/R)
|
0.3
|
Increase
|
|||
Market approach
|
Transaction price
|
$18.00
|
Increase
|
||
Discounted cash flow
|
Discount rate
|
9.4% - 13.3% / 9.4%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.00 - $0.22 / $0.04
|
Increase
|
||
Black scholes
|
Discount rate
|
3.8% - 4.0% / 3.9%
|
Increase
|
||
Term
|
1.8 - 4.2 / 4.1
|
Increase
|
|||
Volatility
|
45.0% - 60.0% / 59.9%
|
Increase
|
|||
Convertible Corporate Bonds
|
$ 167,755
|
Black scholes
|
Discount rate
|
3.8%
|
Increase
|
Term
|
1.8
|
Increase
|
|||
Volatility
|
45.0%
|
Increase
|
|||
Non-Convertible Corporate Bonds
|
$ 4,759,216
|
Indicative market price
|
Evaluated bid
|
$6.00 - $21.50 / $16.70
|
Increase
|
Discounted cash flow
|
Yield
|
16.3%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Preferred Securities
|
$ 1,482,994
|
Indicative market price
|
Evaluated bid
|
$5.00
|
Increase
|
Discounted cash flow
|
Yield
|
10.4%
|
Decrease
|
Gross unrealized appreciation
|
$83,147,438
|
Gross unrealized depreciation
|
(144,950,664)
|
Net unrealized appreciation (depreciation)
|
$(61,803,226)
|
Tax Cost
|
$3,184,813,268
|
Undistributed ordinary income
|
$8,054,691
|
Capital loss carryforward
|
$(769,570,402)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$(61,803,223)
|
Short-term
|
$(116,639,476)
|
Long-term
|
(652,930,926)
|
Total capital loss carryforward
|
$(769,570,402)
|
April 30, 2025
|
April 30. 2024
|
|
Ordinary Income
|
$168,512,973
|
$154,652,581
|
Investment to be Acquired
|
Commitment Amount ($)
|
|
Fidelity High Income Fund
|
Fidelity Private Credit Company LLC
|
-
|
Credit Risk
|
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.
|
Interest Rate Risk
|
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
|
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity High Income Fund
|
||
Credit Risk
|
||
Swaps
|
(49,530)
|
-
|
Total Credit Risk
|
(49,530)
|
-
|
Interest Rate Risk
|
||
Futures Contracts
|
815,471
|
-
|
Total Interest Rate Risk
|
815,471
|
-
|
Totals
|
765,941
|
-
|
Purchases ($)
|
Sales ($)
|
|
Fidelity High Income Fund
|
1,783,662,545
|
1,721,019,538
|
Maximum Management Fee Rate %
|
|
Class A
|
.71
|
Class M
|
.72
|
Class C
|
.74
|
Fidelity High Income Fund
|
.67
|
Class I
|
.76
|
Class Z
|
.61
|
Total Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.70
|
Class C
|
.70
|
Fidelity High Income Fund
|
.66
|
Class I
|
.70
|
Class Z
|
.60
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
314,950
|
5,964
|
Class M
|
- %
|
.25%
|
80,680
|
410
|
Class C
|
.75%
|
.25%
|
113,256
|
17,713
|
508,886
|
24,087
|
Retained by FDC ($)
|
|
Class A
|
9,149
|
Class M
|
974
|
Class C A
|
191
|
10,314
|
Amount ($)
|
|
Fidelity High Income Fund
|
982
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity High Income Fund
|
Borrower
|
3,621,111
|
5.57%
|
5,039
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity High Income Fund
|
1,591,357
|
5,588,105
|
1,310,846
|
Amount ($)
|
|
Fidelity High Income Fund
|
3,934
|
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 High Income Fund
|
62,327
|
50
|
-
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity High Income Fund
|
||
Distributions to shareholders
|
||
Class A
|
$7,515,023
|
$6,405,587
|
Class M
|
1,922,874
|
1,587,587
|
Class C
|
592,276
|
511,461
|
Fidelity High Income Fund
|
150,562,622
|
138,879,913
|
Class I
|
3,523,403
|
3,848,710
|
Class Z
|
4,396,775
|
3,419,323
|
Total
|
$168,512,973
|
$154,652,581
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity High Income Fund
|
||||
Class A
|
||||
Shares sold
|
2,765,764
|
1,473,103
|
$21,766,962
|
$11,040,759
|
Issued in exchange for the shares of the Acquired Fund(s)
|
999,256
|
-
|
7,914,122
|
-
|
Reinvestment of distributions
|
878,589
|
780,853
|
6,900,156
|
5,836,681
|
Shares redeemed
|
(4,033,889)
|
(2,774,442)
|
(31,705,247)
|
(20,682,452)
|
Net increase (decrease)
|
609,720
|
(520,486)
|
$4,875,993
|
$(3,805,012)
|
Class M
|
||||
Shares sold
|
348,687
|
483,568
|
$2,726,098
|
$3,663,671
|
Issued in exchange for the shares of the Acquired Fund(s)
|
324,134
|
-
|
2,567,153
|
-
|
Reinvestment of distributions
|
216,979
|
186,849
|
1,703,988
|
1,397,266
|
Shares redeemed
|
(808,332)
|
(545,795)
|
(6,343,195)
|
(4,096,715)
|
Net increase (decrease)
|
81,468
|
124,622
|
$654,044
|
$964,222
|
Class C
|
||||
Shares sold
|
455,252
|
215,544
|
$3,571,383
|
$1,615,202
|
Issued in exchange for the shares of the Acquired Fund(s)
|
140,245
|
-
|
1,110,732
|
-
|
Reinvestment of distributions
|
72,908
|
65,262
|
573,108
|
487,814
|
Shares redeemed
|
(609,489)
|
(613,452)
|
(4,775,132)
|
(4,571,735)
|
Net increase (decrease)
|
58,916
|
(332,646)
|
$480,091
|
$(2,468,719)
|
Fidelity High Income Fund
|
||||
Shares sold
|
55,866,553
|
32,503,932
|
$434,557,181
|
$243,092,789
|
Issued in exchange for the shares of the Acquired Fund(s)
|
7,108,722
|
-
|
56,301,115
|
-
|
Reinvestment of distributions
|
15,023,075
|
14,572,429
|
118,034,502
|
108,892,797
|
Shares redeemed
|
(71,927,843)
|
(81,404,727)
|
(563,257,986)
|
(606,073,884)
|
Net increase (decrease)
|
6,070,507
|
(34,328,366)
|
$45,634,812
|
$(254,088,298)
|
Class I
|
||||
Shares sold
|
11,634,766
|
4,510,222
|
$90,465,919
|
$33,389,449
|
Issued in exchange for the shares of the Acquired Fund(s)
|
329,320
|
-
|
2,608,217
|
-
|
Reinvestment of distributions
|
422,686
|
482,737
|
3,320,372
|
3,616,558
|
Shares redeemed
|
(12,975,210)
|
(12,287,516)
|
(101,165,442)
|
(90,919,695)
|
Net increase (decrease)
|
(588,438)
|
(7,294,557)
|
$(4,770,934)
|
$(53,913,688)
|
Class Z
|
||||
Shares sold
|
15,506,611
|
4,380,134
|
$121,066,894
|
$33,182,195
|
Reinvestment of distributions
|
508,756
|
420,034
|
3,996,641
|
3,141,311
|
Shares redeemed
|
(3,701,141)
|
(5,082,559)
|
(28,999,193)
|
(38,110,835)
|
Net increase (decrease)
|
12,314,226
|
(282,391)
|
$96,064,342
|
$(1,787,329)
|
Acquired Fund and Share Class
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Fidelity Global High Income Fund
|
72,413,424
|
(1,544,779)
|
|||
Class A
|
7,914,122
|
999,256
|
1.1121843434
|
||
Class M
|
2,567,153
|
324,134
|
1.1120833333
|
||
Class C
|
1,110,732
|
140,245
|
1.1123232323
|
||
Global High Income
|
56,301,115
|
7,108,722
|
1.1123106061
|
||
Class I
|
2,608,217
|
329,320
|
1.1123358586
|
Acquired Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Global High Income Fund
|
2,673,808,159
|
2,744,309,498
|
Net investment income (loss)
|
$180,542,672
|
Total net realized gain (loss)
|
(30,426,490)
|
Total change in net unrealized appreciation (depreciation)
|
78,877,329
|
Net increase (decrease) in net assets resulting from operations
|
$228,993,511
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Common Stocks - 98.8%
|
|||
Shares
|
Value ($)
|
||
GERMANY - 0.9%
|
|||
Information Technology - 0.9%
|
|||
Software - 0.9%
|
|||
SAP SE ADR
|
1,189
|
347,414
|
|
IRELAND - 0.7%
|
|||
Information Technology - 0.7%
|
|||
IT Services - 0.7%
|
|||
Accenture PLC Class A
|
918
|
274,619
|
|
UNITED KINGDOM - 0.8%
|
|||
Health Care - 0.8%
|
|||
Pharmaceuticals - 0.8%
|
|||
Astrazeneca PLC
|
2,024
|
289,972
|
|
UNITED STATES - 96.4%
|
|||
Communication Services - 6.2%
|
|||
Diversified Telecommunication Services - 1.7%
|
|||
AT&T Inc
|
12,728
|
352,566
|
|
Verizon Communications Inc
|
6,296
|
277,401
|
|
629,967
|
|||
Entertainment - 3.0%
|
|||
IMAX Corp (a)(b)
|
11,542
|
280,817
|
|
Liberty Media Corp-Liberty Formula One Class C (b)
|
2,218
|
196,670
|
|
Netflix Inc (b)
|
376
|
425,527
|
|
Walt Disney Co/The
|
2,550
|
231,923
|
|
1,134,937
|
|||
Interactive Media & Services - 0.6%
|
|||
Alphabet Inc Class A
|
1,584
|
251,539
|
|
Media - 0.9%
|
|||
Comcast Corp Class A
|
2,352
|
80,438
|
|
New York Times Co/The Class A
|
4,608
|
239,893
|
|
320,331
|
|||
TOTAL COMMUNICATION SERVICES
|
2,336,774
|
||
Consumer Discretionary - 3.3%
|
|||
Hotels, Restaurants & Leisure - 1.6%
|
|||
McDonald's Corp
|
963
|
307,823
|
|
Yum! Brands Inc
|
1,859
|
279,668
|
|
587,491
|
|||
Specialty Retail - 1.7%
|
|||
Murphy USA Inc
|
287
|
143,090
|
|
O'Reilly Automotive Inc (b)
|
249
|
352,385
|
|
TJX Cos Inc/The
|
1,100
|
141,547
|
|
637,022
|
|||
TOTAL CONSUMER DISCRETIONARY
|
1,224,513
|
||
Consumer Staples - 15.9%
|
|||
Beverages - 2.3%
|
|||
Coca-Cola Co/The
|
4,125
|
299,269
|
|
Keurig Dr Pepper Inc
|
6,961
|
240,781
|
|
Monster Beverage Corp (b)
|
5,378
|
323,325
|
|
863,375
|
|||
Consumer Staples Distribution & Retail - 4.2%
|
|||
BJ's Wholesale Club Holdings Inc (b)
|
3,255
|
382,658
|
|
Costco Wholesale Corp
|
330
|
328,185
|
|
Kroger Co/The
|
4,429
|
319,818
|
|
Sysco Corp
|
1,751
|
125,021
|
|
Walmart Inc
|
4,191
|
407,575
|
|
1,563,257
|
|||
Food Products - 6.2%
|
|||
Archer-Daniels-Midland Co
|
3,781
|
180,542
|
|
Bunge Global SA
|
3,730
|
293,626
|
|
Conagra Brands Inc
|
10,614
|
262,272
|
|
JM Smucker Co
|
2,006
|
233,238
|
|
McCormick & Co Inc/MD
|
3,374
|
258,651
|
|
Post Holdings Inc (a)(b)
|
2,335
|
264,252
|
|
Simply Good Foods Co/The (b)
|
7,190
|
259,631
|
|
Smithfield Foods Inc
|
14,186
|
315,071
|
|
Tyson Foods Inc Class A
|
4,234
|
259,290
|
|
2,326,573
|
|||
Household Products - 1.4%
|
|||
Clorox Co/The
|
1,584
|
225,403
|
|
Procter & Gamble Co/The
|
1,841
|
299,292
|
|
524,695
|
|||
Personal Care Products - 0.8%
|
|||
Kenvue Inc
|
12,022
|
283,719
|
|
Tobacco - 1.0%
|
|||
Philip Morris International Inc
|
2,272
|
389,330
|
|
TOTAL CONSUMER STAPLES
|
5,950,949
|
||
Energy - 1.0%
|
|||
Oil, Gas & Consumable Fuels - 1.0%
|
|||
Cheniere Energy Inc
|
342
|
79,039
|
|
Exxon Mobil Corp
|
2,777
|
293,335
|
|
372,374
|
|||
Financials - 17.8%
|
|||
Capital Markets - 3.2%
|
|||
Cboe Global Markets Inc
|
1,936
|
429,405
|
|
Intercontinental Exchange Inc
|
1,416
|
237,845
|
|
MarketAxess Holdings Inc
|
1,217
|
269,675
|
|
S&P Global Inc
|
516
|
258,026
|
|
1,194,951
|
|||
Financial Services - 3.7%
|
|||
Fiserv Inc (b)
|
1,556
|
287,191
|
|
Jack Henry & Associates Inc
|
1,633
|
283,211
|
|
Mastercard Inc Class A
|
719
|
394,055
|
|
Visa Inc Class A
|
1,164
|
402,162
|
|
1,366,619
|
|||
Insurance - 10.9%
|
|||
American Financial Group Inc/OH
|
1,708
|
216,335
|
|
Aon PLC
|
733
|
260,061
|
|
Arch Capital Group Ltd
|
2,826
|
256,262
|
|
Arthur J Gallagher & Co
|
1,237
|
396,694
|
|
Brown & Brown Inc
|
3,521
|
389,423
|
|
Chubb Ltd
|
1,225
|
350,448
|
|
Hanover Insurance Group Inc/The
|
1,885
|
313,099
|
|
Hartford Insurance Group Inc/The
|
2,969
|
364,207
|
|
Marsh & McLennan Cos Inc
|
1,786
|
402,689
|
|
Reinsurance Group of America Inc
|
1,410
|
264,107
|
|
Selective Insurance Group Inc
|
1,705
|
148,727
|
|
The Travelers Companies, Inc.
|
1,579
|
417,061
|
|
Willis Towers Watson PLC
|
875
|
269,325
|
|
4,048,438
|
|||
TOTAL FINANCIALS
|
6,610,008
|
||
Health Care - 17.3%
|
|||
Biotechnology - 4.2%
|
|||
AbbVie Inc
|
1,585
|
309,234
|
|
Alnylam Pharmaceuticals Inc (b)
|
951
|
250,341
|
|
Exelixis Inc (b)
|
9,738
|
381,243
|
|
Gilead Sciences Inc
|
3,693
|
393,452
|
|
United Therapeutics Corp (b)
|
739
|
223,983
|
|
1,558,253
|
|||
Health Care Equipment & Supplies - 3.9%
|
|||
Abbott Laboratories
|
2,425
|
317,069
|
|
Becton Dickinson & Co
|
1,160
|
240,224
|
|
Boston Scientific Corp (b)
|
4,229
|
435,037
|
|
Hologic Inc (b)
|
3,650
|
212,430
|
|
Stryker Corp
|
674
|
252,022
|
|
1,456,782
|
|||
Health Care Providers & Services - 5.5%
|
|||
Cencora Inc
|
1,414
|
413,836
|
|
Centene Corp (b)
|
1,800
|
107,730
|
|
Chemed Corp
|
429
|
249,468
|
|
Cigna Group/The
|
658
|
223,746
|
|
Encompass Health Corp
|
2,919
|
341,494
|
|
McKesson Corp
|
537
|
382,768
|
|
Molina Healthcare Inc (b)
|
300
|
98,103
|
|
UnitedHealth Group Inc
|
585
|
240,692
|
|
2,057,837
|
|||
Life Sciences Tools & Services - 1.3%
|
|||
Danaher Corp
|
1,378
|
274,677
|
|
Thermo Fisher Scientific Inc
|
517
|
221,793
|
|
496,470
|
|||
Pharmaceuticals - 2.4%
|
|||
Eli Lilly & Co
|
441
|
396,438
|
|
Merck & Co Inc
|
2,647
|
225,524
|
|
Royalty Pharma PLC Class A
|
8,388
|
275,294
|
|
897,256
|
|||
TOTAL HEALTH CARE
|
6,466,598
|
||
Industrials - 6.6%
|
|||
Aerospace & Defense - 2.4%
|
|||
GE Aerospace
|
490
|
98,755
|
|
General Dynamics Corp
|
898
|
244,364
|
|
Lockheed Martin Corp
|
559
|
267,062
|
|
Northrop Grumman Corp
|
608
|
295,792
|
|
905,973
|
|||
Air Freight & Logistics - 0.5%
|
|||
CH Robinson Worldwide Inc
|
2,479
|
221,175
|
|
Commercial Services & Supplies - 1.8%
|
|||
Republic Services Inc
|
1,123
|
281,592
|
|
Waste Connections Inc (United States)
|
1,891
|
373,719
|
|
655,311
|
|||
Electrical Equipment - 0.7%
|
|||
AMETEK Inc
|
1,476
|
250,300
|
|
Ground Transportation - 1.2%
|
|||
CSX Corp
|
3,236
|
90,835
|
|
Landstar System Inc
|
1,542
|
206,859
|
|
Union Pacific Corp
|
727
|
156,785
|
|
454,479
|
|||
TOTAL INDUSTRIALS
|
2,487,238
|
||
Information Technology - 16.0%
|
|||
Communications Equipment - 1.8%
|
|||
Cisco Systems Inc
|
5,207
|
300,600
|
|
Motorola Solutions Inc
|
813
|
358,037
|
|
658,637
|
|||
Electronic Equipment, Instruments & Components - 0.6%
|
|||
TD SYNNEX Corp
|
2,003
|
221,932
|
|
IT Services - 3.0%
|
|||
Amdocs Ltd
|
2,918
|
258,476
|
|
Gartner Inc (b)
|
590
|
248,437
|
|
GoDaddy Inc Class A (b)
|
1,689
|
318,090
|
|
IBM Corporation
|
1,306
|
315,817
|
|
1,140,820
|
|||
Semiconductors & Semiconductor Equipment - 1.3%
|
|||
Analog Devices Inc
|
1,077
|
209,929
|
|
Cirrus Logic Inc (b)
|
2,756
|
264,686
|
|
474,615
|
|||
Software - 8.7%
|
|||
Adobe Inc (b)
|
785
|
294,359
|
|
Appfolio Inc Class A (b)
|
600
|
123,912
|
|
Autodesk Inc (b)
|
1,036
|
284,123
|
|
Ccc Intelligent Solutions Holdings Inc Class A (a)(b)
|
15,793
|
146,243
|
|
Dynatrace Inc (b)
|
5,337
|
250,679
|
|
Manhattan Associates Inc (b)
|
1,241
|
220,141
|
|
Microsoft Corp
|
721
|
284,982
|
|
PTC Inc (b)
|
1,850
|
286,695
|
|
Salesforce Inc
|
1,066
|
286,445
|
|
Servicenow Inc (b)
|
313
|
298,918
|
|
Tenable Holdings Inc (b)
|
5,900
|
180,363
|
|
Workday Inc Class A (b)
|
1,112
|
272,440
|
|
Zoom Communications Inc Class A (b)
|
4,003
|
310,393
|
|
3,239,693
|
|||
Technology Hardware, Storage & Peripherals - 0.6%
|
|||
Apple Inc
|
1,119
|
237,788
|
|
TOTAL INFORMATION TECHNOLOGY
|
5,973,485
|
||
Materials - 3.9%
|
|||
Chemicals - 2.3%
|
|||
Air Products and Chemicals Inc
|
844
|
228,800
|
|
Ecolab Inc
|
1,070
|
269,030
|
|
Linde PLC
|
824
|
373,462
|
|
871,292
|
|||
Containers & Packaging - 1.6%
|
|||
AptarGroup Inc
|
1,816
|
272,309
|
|
Avery Dennison Corp
|
629
|
107,628
|
|
International Paper Co
|
4,851
|
221,594
|
|
601,531
|
|||
TOTAL MATERIALS
|
1,472,823
|
||
Real Estate - 1.7%
|
|||
Health Care REITs - 0.9%
|
|||
Welltower Inc
|
2,161
|
329,747
|
|
Specialized REITs - 0.8%
|
|||
American Tower Corp
|
1,369
|
308,586
|
|
TOTAL REAL ESTATE
|
638,333
|
||
Utilities - 6.7%
|
|||
Electric Utilities - 4.3%
|
|||
Duke Energy Corp
|
2,479
|
302,488
|
|
Entergy Corp
|
3,836
|
319,041
|
|
Exelon Corp
|
6,218
|
291,624
|
|
IDACORP Inc
|
1,093
|
129,072
|
|
PPL Corp
|
8,114
|
296,161
|
|
Xcel Energy Inc
|
4,007
|
283,295
|
|
1,621,681
|
|||
Gas Utilities - 0.9%
|
|||
National Fuel Gas Co
|
4,449
|
341,594
|
|
Multi-Utilities - 1.5%
|
|||
Ameren Corp
|
2,847
|
282,536
|
|
Consolidated Edison Inc
|
2,400
|
270,600
|
|
553,136
|
|||
TOTAL UTILITIES
|
2,516,411
|
||
TOTAL UNITED STATES
|
36,049,506
|
||
|
TOTAL COMMON STOCKS
(Cost $30,613,390)
|
36,961,511
|
||
Domestic Equity Funds - 0.4%
|
|||
Shares
|
Value ($)
|
||
iShares MSCI USA Minimum Volatility ETF
(Cost $160,693)
|
1,797
|
166,294
|
|
Money Market Funds - 2.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (c)
|
4.33
|
235,544
|
235,591
|
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
4.33
|
658,409
|
658,475
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $894,066)
|
894,066
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.6%
(Cost $31,668,149)
|
38,021,871
|
NET OTHER ASSETS (LIABILITIES) - (1.6)%
|
(600,620)
|
NET ASSETS - 100.0%
|
37,421,251
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
-
|
7,560,217
|
7,324,627
|
8,871
|
1
|
-
|
235,591
|
235,544
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
213,750
|
9,887,744
|
9,443,019
|
5,910
|
-
|
-
|
658,475
|
658,409
|
0.0%
|
Total
|
213,750
|
17,447,961
|
16,767,646
|
14,781
|
1
|
-
|
894,066
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
2,336,774
|
2,336,774
|
-
|
-
|
Consumer Discretionary
|
1,224,513
|
1,224,513
|
-
|
-
|
Consumer Staples
|
5,950,949
|
5,950,949
|
-
|
-
|
Energy
|
372,374
|
372,374
|
-
|
-
|
Financials
|
6,610,008
|
6,610,008
|
-
|
-
|
Health Care
|
6,756,570
|
6,466,598
|
289,972
|
-
|
Industrials
|
2,487,238
|
2,487,238
|
-
|
-
|
Information Technology
|
6,595,518
|
6,595,518
|
-
|
-
|
Materials
|
1,472,823
|
1,472,823
|
-
|
-
|
Real Estate
|
638,333
|
638,333
|
-
|
-
|
Utilities
|
2,516,411
|
2,516,411
|
-
|
-
|
Domestic Equity Funds
|
166,294
|
166,294
|
-
|
-
|
Money Market Funds
|
894,066
|
894,066
|
-
|
-
|
Total Investments in Securities:
|
38,021,871
|
37,731,899
|
289,972
|
-
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $640,815) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $30,774,083)
|
$
|
37,127,805
|
||
Fidelity Central Funds (cost $894,066)
|
894,066
|
|||
Total Investment in Securities (cost $31,668,149)
|
$
|
38,021,871
|
||
Receivable for fund shares sold
|
43,050
|
|||
Dividends receivable
|
23,904
|
|||
Reclaims receivable
|
51,797
|
|||
Distributions receivable from Fidelity Central Funds
|
907
|
|||
Prepaid expenses
|
9
|
|||
Receivable from investment adviser for expense reductions
|
1,700
|
|||
Total assets
|
38,143,238
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
3
|
||
Payable for fund shares redeemed
|
12,213
|
|||
Accrued management fee
|
17,374
|
|||
Other payables and accrued expenses
|
33,922
|
|||
Collateral on securities loaned
|
658,475
|
|||
Total liabilities
|
721,987
|
|||
Net Assets
|
$
|
37,421,251
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
29,370,878
|
||
Total accumulated earnings (loss)
|
8,050,373
|
|||
Net Assets
|
$
|
37,421,251
|
||
Net Asset Value, offering price and redemption price per share ($37,421,251 ÷ 3,068,955 shares)
|
$
|
12.19
|
||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
522,235
|
||
Income from Fidelity Central Funds (including $5,910 from security lending)
|
14,781
|
|||
Total income
|
537,016
|
|||
Expenses
|
||||
Management fee
|
$
|
207,043
|
||
Custodian fees and expenses
|
3,210
|
|||
Independent trustees' fees and expenses
|
150
|
|||
Registration fees
|
23,908
|
|||
Audit fees
|
59,577
|
|||
Legal
|
1,166
|
|||
Miscellaneous
|
957
|
|||
Total expenses before reductions
|
296,011
|
|||
Expense reductions
|
(42,173)
|
|||
Total expenses after reductions
|
253,838
|
|||
Net Investment income (loss)
|
283,178
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
2,830,093
|
|||
Fidelity Central Funds
|
1
|
|||
Foreign currency transactions
|
407
|
|||
Total net realized gain (loss)
|
2,830,501
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
1,270,020
|
|||
Assets and liabilities in foreign currencies
|
5,371
|
|||
Total change in net unrealized appreciation (depreciation)
|
1,275,391
|
|||
Net gain (loss)
|
4,105,892
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
4,389,070
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
283,178
|
$
|
1,690,843
|
Net realized gain (loss)
|
2,830,501
|
31,280,451
|
||
Change in net unrealized appreciation (depreciation)
|
1,275,391
|
(19,650,469)
|
||
Net increase (decrease) in net assets resulting from operations
|
4,389,070
|
13,320,825
|
||
Distributions to shareholders
|
(951,208)
|
(2,899,631)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
20,424,193
|
14,238,685
|
||
Reinvestment of distributions
|
885,488
|
2,864,385
|
||
Cost of shares redeemed
|
(18,289,403)
|
(203,454,396)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
3,020,278
|
(186,351,326)
|
||
Total increase (decrease) in net assets
|
6,458,140
|
(175,930,132)
|
||
Net Assets
|
||||
Beginning of period
|
30,963,111
|
206,893,243
|
||
End of period
|
$
|
37,421,251
|
$
|
30,963,111
|
Other Information
|
||||
Shares
|
||||
Sold
|
1,715,480
|
1,355,755
|
||
Issued in reinvestment of distributions
|
74,162
|
275,401
|
||
Redeemed
|
(1,485,982)
|
(18,859,577)
|
||
Net increase (decrease)
|
303,660
|
(17,228,421)
|
||
Fidelity® U.S. Low Volatility Equity Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
11.20
|
$
|
10.35
|
$
|
10.90
|
$
|
11.49
|
$
|
9.23
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.09
|
.12
|
.13
|
.08
|
.08
|
|||||
Net realized and unrealized gain (loss)
|
1.24
|
.91
|
(.17)
|
(.03)
|
2.25
|
|||||
Total from investment operations
|
1.33
|
1.03
|
(.04)
|
.05
|
2.33
|
|||||
Distributions from net investment income
|
(.07)
|
(.12)
|
(.13)
|
(.08)
|
(.07)
|
|||||
Distributions from net realized gain
|
(.27)
|
(.06)
|
(.38)
|
(.56)
|
-
|
|||||
Total distributions
|
(.34)
|
(.18)
|
(.51)
|
(.64)
|
(.07)
|
|||||
Net asset value, end of period
|
$
|
12.19
|
$
|
11.20
|
$
|
10.35
|
$
|
10.90
|
$
|
11.49
|
Total Return C
|
11.96 % |
10.05%
|
(.22)%
|
.12%
|
25.27%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.82%
|
.68%
|
.66%
|
.73%
|
.77%
|
|||||
Expenses net of fee waivers, if any
|
.70 % |
.67%
|
.66%
|
.72%
|
.77%
|
|||||
Expenses net of all reductions, if any
|
.70%
|
.67%
|
.66%
|
.72%
|
.77%
|
|||||
Net investment income (loss)
|
.78%
|
1.11%
|
1.28%
|
.71%
|
.79%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
37,421
|
$
|
30,963
|
$
|
206,893
|
$
|
356,831
|
$
|
361,699
|
Portfolio turnover rate F
|
84 % |
47% G
|
69%
|
46%
|
39%
|
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%
|
Gross unrealized appreciation
|
$7,332,307
|
Gross unrealized depreciation
|
(1,022,633)
|
Net unrealized appreciation (depreciation)
|
$6,309,674
|
Tax Cost
|
$31,712,197
|
Undistributed ordinary income
|
$280,961
|
Undistributed long-term capital gain
|
$1,454,750
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$6,314,662
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$534,012
|
$ 1,962,214
|
Long-term Capital Gains
|
417,196
|
937,417
|
Total
|
$951,208
|
$ 2,899,631
|
Amount ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
188
|
Purchases ($)
|
Sales ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
32,350,775
|
30,111,368
|
Maximum Management Fee Rate %
|
|
Fidelity U.S. Low Volatility Equity Fund
|
.59
|
Total Management Fee Rate %
|
|
Fidelity U.S. Low Volatility Equity Fund
|
.57
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
177,930
|
751,903
|
40,016
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
12,998,678
|
24,654,864
|
141,738,370
|
Amount ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
52
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity U.S. Low Volatility Equity Fund
|
622
|
7
|
-
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Common Stocks - 97.5%
|
|||
Shares
|
Value ($)
|
||
BELGIUM - 1.7%
|
|||
Health Care - 1.7%
|
|||
Pharmaceuticals - 1.7%
|
|||
UCB SA
|
1,206
|
220,166
|
|
CHINA - 1.1%
|
|||
Consumer Discretionary - 1.1%
|
|||
Automobiles - 1.1%
|
|||
BYD Co Ltd H Shares
|
2,985
|
141,776
|
|
FINLAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Amer Sports Inc (a)
|
1,240
|
30,070
|
|
FRANCE - 3.1%
|
|||
Consumer Staples - 3.1%
|
|||
Food Products - 2.5%
|
|||
Danone SA
|
3,793
|
326,374
|
|
Personal Care Products - 0.6%
|
|||
L'Oreal SA (a)
|
167
|
73,792
|
|
TOTAL FRANCE
|
400,166
|
||
GERMANY - 0.4%
|
|||
Consumer Discretionary - 0.4%
|
|||
Textiles, Apparel & Luxury Goods - 0.4%
|
|||
adidas AG
|
255
|
58,266
|
|
HONG KONG - 3.1%
|
|||
Financials - 3.1%
|
|||
Insurance - 3.1%
|
|||
AIA Group Ltd
|
54,164
|
405,846
|
|
JAPAN - 1.7%
|
|||
Industrials - 1.7%
|
|||
Industrial Conglomerates - 1.7%
|
|||
Hitachi Ltd
|
9,096
|
224,812
|
|
KOREA (SOUTH) - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Samsung Electronics Co Ltd GDR (b)
|
20
|
19,320
|
|
SWITZERLAND - 1.0%
|
|||
Consumer Discretionary - 1.0%
|
|||
Textiles, Apparel & Luxury Goods - 1.0%
|
|||
On Holding AG Class A (a)
|
2,601
|
125,134
|
|
UNITED KINGDOM - 5.0%
|
|||
Consumer Staples - 5.0%
|
|||
Personal Care Products - 5.0%
|
|||
Unilever PLC
|
9,387
|
597,669
|
|
Warpaint London plc
|
11,097
|
55,459
|
|
TOTAL UNITED KINGDOM
|
653,128
|
||
UNITED STATES - 80.1%
|
|||
Communication Services - 0.9%
|
|||
Entertainment - 0.9%
|
|||
Walt Disney Co/The
|
1,247
|
113,415
|
|
Consumer Discretionary - 9.8%
|
|||
Automobiles - 2.1%
|
|||
Rivian Automotive Inc Class A (a)
|
6,007
|
82,056
|
|
Tesla Inc (a)
|
706
|
199,205
|
|
281,261
|
|||
Hotels, Restaurants & Leisure - 2.7%
|
|||
Airbnb Inc Class A (a)
|
274
|
33,406
|
|
Cava Group Inc (a)
|
773
|
71,448
|
|
Chipotle Mexican Grill Inc (a)
|
2,264
|
114,377
|
|
Hilton Worldwide Holdings Inc
|
517
|
116,574
|
|
Sweetgreen Inc Class A (a)
|
611
|
11,902
|
|
347,707
|
|||
Specialty Retail - 2.8%
|
|||
Chewy Inc Class A (a)
|
1,850
|
69,375
|
|
TJX Cos Inc/The
|
790
|
101,657
|
|
Ulta Beauty Inc (a)
|
503
|
199,007
|
|
370,039
|
|||
Textiles, Apparel & Luxury Goods - 2.2%
|
|||
Deckers Outdoor Corp (a)
|
1,226
|
135,878
|
|
Lululemon Athletica Inc (a)
|
441
|
119,410
|
|
NIKE Inc Class B
|
489
|
27,579
|
|
282,867
|
|||
TOTAL CONSUMER DISCRETIONARY
|
1,281,874
|
||
Consumer Staples - 17.3%
|
|||
Beverages - 0.8%
|
|||
Primo Brands Corp Class A
|
3,045
|
99,480
|
|
Consumer Staples Distribution & Retail - 0.9%
|
|||
Sprouts Farmers Market Inc (a)
|
676
|
115,596
|
|
Food Products - 5.2%
|
|||
Freshpet Inc (a)
|
663
|
48,757
|
|
Nestle SA
|
5,954
|
633,728
|
|
682,485
|
|||
Household Products - 9.0%
|
|||
Colgate-Palmolive Co
|
4,032
|
371,710
|
|
Procter & Gamble Co/The
|
4,933
|
801,958
|
|
1,173,668
|
|||
Personal Care Products - 1.4%
|
|||
Estee Lauder Cos Inc/The Class A
|
1,143
|
68,534
|
|
Kenvue Inc
|
4,629
|
109,245
|
|
177,779
|
|||
TOTAL CONSUMER STAPLES
|
2,249,008
|
||
Financials - 11.1%
|
|||
Capital Markets - 0.6%
|
|||
Blackrock Inc
|
87
|
79,540
|
|
Financial Services - 3.7%
|
|||
Apollo Global Management Inc
|
3,549
|
484,368
|
|
Insurance - 6.8%
|
|||
Chubb Ltd
|
1,017
|
290,943
|
|
Hartford Insurance Group Inc/The
|
1,501
|
184,128
|
|
Marsh & McLennan Cos Inc
|
851
|
191,875
|
|
MetLife Inc
|
1,486
|
112,000
|
|
Reinsurance Group of America Inc
|
603
|
112,948
|
|
891,894
|
|||
TOTAL FINANCIALS
|
1,455,802
|
||
Health Care - 29.5%
|
|||
Biotechnology - 8.0%
|
|||
Alnylam Pharmaceuticals Inc (a)
|
530
|
139,517
|
|
Exact Sciences Corp (a)
|
2,515
|
114,784
|
|
Gilead Sciences Inc
|
2,154
|
229,487
|
|
Regeneron Pharmaceuticals Inc
|
338
|
202,381
|
|
Vertex Pharmaceuticals Inc (a)
|
697
|
355,122
|
|
1,041,291
|
|||
Health Care Equipment & Supplies - 7.6%
|
|||
Abbott Laboratories
|
2,221
|
290,396
|
|
Boston Scientific Corp (a)
|
2,096
|
215,616
|
|
Insulet Corp (a)
|
302
|
76,192
|
|
Masimo Corp (a)
|
395
|
63,578
|
|
Penumbra Inc (a)
|
559
|
163,698
|
|
Stryker Corp
|
377
|
140,968
|
|
TransMedics Group Inc (a)
|
453
|
41,680
|
|
992,128
|
|||
Health Care Providers & Services - 6.1%
|
|||
BrightSpring Health Services Inc (a)
|
2,902
|
50,872
|
|
CVS Health Corp
|
2,714
|
181,051
|
|
LifeStance Health Group Inc (a)
|
13,483
|
88,583
|
|
UnitedHealth Group Inc
|
1,155
|
475,214
|
|
795,720
|
|||
Health Care Technology - 0.6%
|
|||
Veeva Systems Inc Class A (a)
|
314
|
73,378
|
|
Life Sciences Tools & Services - 6.2%
|
|||
Danaher Corp
|
1,582
|
315,340
|
|
Thermo Fisher Scientific Inc
|
1,155
|
495,495
|
|
810,835
|
|||
Pharmaceuticals - 1.0%
|
|||
Royalty Pharma PLC Class A
|
2,380
|
78,112
|
|
Zoetis Inc Class A
|
345
|
53,958
|
|
132,070
|
|||
TOTAL HEALTH CARE
|
3,845,422
|
||
Industrials - 4.3%
|
|||
Electrical Equipment - 0.5%
|
|||
Generac Holdings Inc (a)
|
586
|
67,026
|
|
Ground Transportation - 3.8%
|
|||
Uber Technologies Inc (a)
|
6,152
|
498,374
|
|
TOTAL INDUSTRIALS
|
565,400
|
||
Information Technology - 4.7%
|
|||
Semiconductors & Semiconductor Equipment - 4.7%
|
|||
NVIDIA Corp
|
5,679
|
618,557
|
|
Real Estate - 1.7%
|
|||
Health Care REITs - 1.7%
|
|||
Welltower Inc
|
1,473
|
224,765
|
|
Utilities - 0.8%
|
|||
Electric Utilities - 0.8%
|
|||
NextEra Energy Inc
|
1,569
|
104,935
|
|
TOTAL UNITED STATES
|
10,459,178
|
||
|
TOTAL COMMON STOCKS
(Cost $11,496,297)
|
12,737,862
|
||
Money Market Funds - 1.7%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (c)
(Cost $216,033)
|
4.33
|
215,989
|
216,032
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.2%
(Cost $11,712,330)
|
12,953,894
|
NET OTHER ASSETS (LIABILITIES) - 0.8%
|
107,607
|
NET ASSETS - 100.0%
|
13,061,501
|
(a)
|
Non-income producing
|
(b)
|
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 $19,320 or 0.1% of net assets.
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
-
|
7,400,227
|
7,184,180
|
11,918
|
(14)
|
(1)
|
216,032
|
215,989
|
0.0%
|
Total
|
-
|
7,400,227
|
7,184,180
|
11,918
|
(14)
|
(1)
|
216,032
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
113,415
|
113,415
|
-
|
-
|
Consumer Discretionary
|
1,637,120
|
1,495,344
|
141,776
|
-
|
Consumer Staples
|
3,302,302
|
1,670,739
|
1,631,563
|
-
|
Financials
|
1,861,648
|
1,455,802
|
405,846
|
-
|
Health Care
|
4,065,588
|
4,065,588
|
-
|
-
|
Industrials
|
790,212
|
565,400
|
224,812
|
-
|
Information Technology
|
637,877
|
637,877
|
-
|
-
|
Real Estate
|
224,765
|
224,765
|
-
|
-
|
Utilities
|
104,935
|
104,935
|
-
|
-
|
Money Market Funds
|
216,032
|
216,032
|
-
|
-
|
Total Investments in Securities:
|
12,953,894
|
10,549,897
|
2,403,997
|
-
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $11,496,297)
|
$
|
12,737,862
|
||
Fidelity Central Funds (cost $216,033)
|
216,032
|
|||
Total Investment in Securities (cost $11,712,330)
|
$
|
12,953,894
|
||
Cash
|
1
|
|||
Foreign currency held at value (cost $60,509)
|
61,717
|
|||
Receivable for fund shares sold
|
21,335
|
|||
Dividends receivable
|
12,564
|
|||
Reclaims receivable
|
10,509
|
|||
Distributions receivable from Fidelity Central Funds
|
1,114
|
|||
Prepaid expenses
|
3
|
|||
Receivable from investment adviser for expense reductions
|
49,385
|
|||
Total assets
|
13,110,522
|
|||
Liabilities
|
||||
Payable for fund shares redeemed
|
$
|
1,540
|
||
Accrued management fee
|
9,041
|
|||
Distribution and service plan fees payable
|
2,362
|
|||
Audit fee payable
|
35,286
|
|||
Other payables and accrued expenses
|
792
|
|||
Total liabilities
|
49,021
|
|||
Net Assets
|
$
|
13,061,501
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
11,728,398
|
||
Total accumulated earnings (loss)
|
1,333,103
|
|||
Net Assets
|
$
|
13,061,501
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($1,287,739 ÷ 103,133 shares)(a)
|
$
|
12.49
|
||
Maximum offering price per share (100/94.25 of $12.49)
|
$
|
13.25
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($3,563,129 ÷ 287,435 shares)(a)
|
$
|
12.40
|
||
Maximum offering price per share (100/96.50 of $12.40)
|
$
|
12.85
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($700,538 ÷ 57,355 shares)(a)
|
$
|
12.21
|
||
Fidelity Healthy Future Fund :
|
||||
Net Asset Value, offering price and redemption price per share ($7,135,697 ÷ 568,310 shares)
|
$
|
12.56
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($206,755 ÷ 16,462 shares)
|
$
|
12.56
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($167,643 ÷ 13,303 shares)
|
$
|
12.60
|
||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
136,294
|
||
Income from Fidelity Central Funds
|
11,918
|
|||
Total income
|
148,212
|
|||
Expenses
|
||||
Management fee
|
$
|
105,030
|
||
Distribution and service plan fees
|
24,412
|
|||
Custodian fees and expenses
|
2,709
|
|||
Independent trustees' fees and expenses
|
50
|
|||
Registration fees
|
77,031
|
|||
Audit fees
|
46,007
|
|||
Legal
|
446
|
|||
Miscellaneous
|
786
|
|||
Total expenses before reductions
|
256,471
|
|||
Expense reductions
|
(100,659)
|
|||
Total expenses after reductions
|
155,812
|
|||
Net Investment income (loss)
|
(7,600)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
300,462
|
|||
Fidelity Central Funds
|
(14)
|
|||
Foreign currency transactions
|
2,112
|
|||
Total net realized gain (loss)
|
302,560
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
5,818
|
|||
Fidelity Central Funds
|
(1)
|
|||
Assets and liabilities in foreign currencies
|
1,940
|
|||
Total change in net unrealized appreciation (depreciation)
|
7,757
|
|||
Net gain (loss)
|
310,317
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
302,717
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(7,600)
|
$
|
6,724
|
Net realized gain (loss)
|
302,560
|
(98,055)
|
||
Change in net unrealized appreciation (depreciation)
|
7,757
|
913,735
|
||
Net increase (decrease) in net assets resulting from operations
|
302,717
|
822,404
|
||
Distributions to shareholders
|
(7,430)
|
(3,025)
|
||
Share transactions - net increase (decrease)
|
3,495,855
|
4,382,036
|
||
Total increase (decrease) in net assets
|
3,791,142
|
5,201,415
|
||
Net Assets
|
||||
Beginning of period
|
9,270,359
|
4,068,944
|
||
End of period
|
$
|
13,061,501
|
$
|
9,270,359
|
Fidelity Advisor® Healthy Future Fund Class A |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
11.92
|
$
|
10.57
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
(.02)
|
(.01)
|
(.01)
|
|||
Net realized and unrealized gain (loss)
|
.59
|
1.36
|
.58
|
|||
Total from investment operations
|
.57
|
1.35
|
.57
|
|||
Net asset value, end of period
|
$
|
12.49
|
$
|
11.92
|
$
|
10.57
|
Total Return D,E,F
|
4.78 % |
12.77%
|
5.70%
|
|||
Ratios to Average Net Assets C,G,H
|
||||||
Expenses before reductions
|
2.19%
|
3.08%
|
9.78% I,J
|
|||
Expenses net of fee waivers, if any
|
1.30 % |
1.29%
|
1.29% J
|
|||
Expenses net of all reductions, if any
|
1.30%
|
1.29%
|
1.29% J
|
|||
Net investment income (loss)
|
(.12)%
|
(.05)%
|
(.09)% J
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
1,288
|
$
|
854
|
$
|
205
|
Portfolio turnover rate K
|
48 % |
37%
|
68% J
|
Fidelity Advisor® Healthy Future Fund Class M |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
11.86
|
$
|
10.54
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
(.05)
|
(.03)
|
(.03)
|
|||
Net realized and unrealized gain (loss)
|
.59
|
1.35
|
.57
|
|||
Total from investment operations
|
.54
|
1.32
|
.54
|
|||
Net asset value, end of period
|
$
|
12.40
|
$
|
11.86
|
$
|
10.54
|
Total Return D,E,F
|
4.55 % |
12.52%
|
5.40%
|
|||
Ratios to Average Net Assets C,G,H
|
||||||
Expenses before reductions
|
2.39%
|
3.46%
|
10.17% I,J
|
|||
Expenses net of fee waivers, if any
|
1.55 % |
1.54%
|
1.54% J
|
|||
Expenses net of all reductions, if any
|
1.55%
|
1.53%
|
1.54% J
|
|||
Net investment income (loss)
|
(.37)%
|
(.29)%
|
(.34)% J
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
3,563
|
$
|
1,565
|
$
|
136
|
Portfolio turnover rate K
|
48 % |
37%
|
68% J
|
Fidelity Advisor® Healthy Future Fund Class C |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
11.75
|
$
|
10.49
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
(.11)
|
(.09)
|
(.08)
|
|||
Net realized and unrealized gain (loss)
|
.57
|
1.35
|
.57
|
|||
Total from investment operations
|
.46
|
1.26
|
.49
|
|||
Net asset value, end of period
|
$
|
12.21
|
$
|
11.75
|
$
|
10.49
|
Total Return D,E,F
|
3.91 % |
12.01%
|
4.90%
|
|||
Ratios to Average Net Assets C,G,H
|
||||||
Expenses before reductions
|
2.93%
|
3.94%
|
10.48% I,J
|
|||
Expenses net of fee waivers, if any
|
2.05 % |
2.04%
|
2.04% J
|
|||
Expenses net of all reductions, if any
|
2.05%
|
2.03%
|
2.04% J
|
|||
Net investment income (loss)
|
(.87)%
|
(.80)%
|
(.84)% J
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
701
|
$
|
262
|
$
|
130
|
Portfolio turnover rate K
|
48 % |
37%
|
68% J
|
Fidelity® Healthy Future Fund |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
11.97
|
$
|
10.59
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
.02
|
.02
|
.02
|
|||
Net realized and unrealized gain (loss)
|
.58
|
1.37
|
.57
|
|||
Total from investment operations
|
.60
|
1.39
|
.59
|
|||
Distributions from net investment income
|
(.01)
|
(.01)
|
-
|
|||
Total distributions
|
(.01)
|
(.01)
|
-
|
|||
Net asset value, end of period
|
$
|
12.56
|
$
|
11.97
|
$
|
10.59
|
Total Return D,E
|
5.03 % |
13.12%
|
5.90%
|
|||
Ratios to Average Net Assets C,F,G
|
||||||
Expenses before reductions
|
1.82%
|
2.79%
|
9.38% H,I
|
|||
Expenses net of fee waivers, if any
|
1.06 % |
1.04%
|
1.04% I
|
|||
Expenses net of all reductions, if any
|
1.05%
|
1.04%
|
1.04% I
|
|||
Net investment income (loss)
|
.13%
|
.20%
|
.16% I
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
7,136
|
$
|
6,309
|
$
|
3,376
|
Portfolio turnover rate J
|
48 % |
37%
|
68% I
|
Fidelity Advisor® Healthy Future Fund Class I |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
11.97
|
$
|
10.59
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
.02
|
.02
|
.02
|
|||
Net realized and unrealized gain (loss)
|
.58
|
1.37
|
.57
|
|||
Total from investment operations
|
.60
|
1.39
|
.59
|
|||
Distributions from net investment income
|
(.01)
|
(.01)
|
-
|
|||
Total distributions
|
(.01)
|
(.01)
|
-
|
|||
Net asset value, end of period
|
$
|
12.56
|
$
|
11.97
|
$
|
10.59
|
Total Return D,E
|
5.00 % |
13.12%
|
5.90%
|
|||
Ratios to Average Net Assets C,F,G
|
||||||
Expenses before reductions
|
1.93%
|
2.82%
|
9.48% H,I
|
|||
Expenses net of fee waivers, if any
|
1.06 % |
1.04%
|
1.05% I
|
|||
Expenses net of all reductions, if any
|
1.05%
|
1.04%
|
1.04% I
|
|||
Net investment income (loss)
|
.13%
|
.20%
|
.16% I
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
207
|
$
|
159
|
$
|
115
|
Portfolio turnover rate J
|
48 % |
37%
|
68% I
|
Fidelity Advisor® Healthy Future Fund Class Z |
Years ended April 30,
|
2025
|
2024
|
2023 A
|
|||
Selected Per-Share Data
|
||||||
Net asset value, beginning of period
|
$
|
12.00
|
$
|
10.61
|
$
|
10.00
|
Income from Investment Operations
|
||||||
Net investment income (loss) B,C
|
.04
|
.04
|
.03
|
|||
Net realized and unrealized gain (loss)
|
.58
|
1.36
|
.58
|
|||
Total from investment operations
|
.62
|
1.40
|
.61
|
|||
Distributions from net investment income
|
(.02)
|
(.01)
|
-
|
|||
Total distributions
|
(.02)
|
(.01)
|
-
|
|||
Net asset value, end of period
|
$
|
12.60
|
$
|
12.00
|
$
|
10.61
|
Total Return D,E
|
5.17 % |
13.19%
|
6.10%
|
|||
Ratios to Average Net Assets C,F,G
|
||||||
Expenses before reductions
|
1.75%
|
2.60%
|
9.34% H,I
|
|||
Expenses net of fee waivers, if any
|
.90 % |
.89%
|
.90% I
|
|||
Expenses net of all reductions, if any
|
.90%
|
.89%
|
.89% I
|
|||
Net investment income (loss)
|
.28%
|
.35%
|
.31% I
|
|||
Supplemental Data
|
||||||
Net assets, end of period (000 omitted)
|
$
|
168
|
$
|
122
|
$
|
107
|
Portfolio turnover rate J
|
48 % |
37%
|
68% I
|
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%
|
Gross unrealized appreciation
|
$2,103,637
|
Gross unrealized depreciation
|
(889,995)
|
Net unrealized appreciation (depreciation)
|
$1,213,642
|
Tax Cost
|
$11,740,252
|
Undistributed long-term capital gain
|
$117,692
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$1,215,411
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$7,430
|
$3,025
|
Total
|
$7,430
|
$3,025
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Healthy Future Fund
|
8,966,575
|
5,792,981
|
Maximum Management Fee Rate %
|
|
Class A
|
.87
|
Class M
|
.87
|
Class C
|
.87
|
Fidelity Healthy Future Fund
|
.87
|
Class I
|
.85
|
Class Z
|
.71
|
Total Management Fee Rate %
|
|
Class A
|
.87
|
Class M
|
.87
|
Class C
|
.87
|
Fidelity Healthy Future Fund
|
.82
|
Class I
|
.85
|
Class Z
|
.71
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
2,667
|
13,367
|
Class M
|
.25%
|
.25%
|
15,864
|
3,338
|
Class C
|
.75%
|
.25%
|
5,881
|
6,870
|
24,412
|
$23,575
|
Retained by FDC ($)
|
|
Class A
|
1,315
|
Class M
|
622
|
Class CA
|
5
|
1,942
|
Amount ($)
|
|
Fidelity Healthy Future Fund
|
77
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Healthy Future Fund
|
921,114
|
243,573
|
(53,900)
|
Amount ($)
|
|
Fidelity Healthy Future Fund
|
18
|
Expense Limitations
|
Reimbursement ($)
|
|
Class A
|
1.30%
|
9,437
|
Class M
|
1.55%
|
26,426
|
Class C
|
2.05%
|
5,135
|
Fidelity Healthy Future Fund
|
1.05%
|
56,247
|
Class I
|
1.05%
|
1,475
|
Class Z
|
.90%
|
1,534
|
100,254
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Healthy Future Fund
|
||
Distributions to shareholders
|
||
Fidelity Healthy Future Fund
|
7,004
|
2,853
|
Class I
|
95
|
91
|
Class Z
|
331
|
81
|
Total
|
$7,430
|
$3,025
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Healthy Future Fund
|
||||
Class A
|
||||
Shares sold
|
59,979
|
60,658
|
$791,790
|
$668,918
|
Shares redeemed
|
(28,480)
|
(8,451)
|
(377,327)
|
(96,085)
|
Net increase (decrease)
|
31,499
|
52,207
|
$414,463
|
$572,833
|
Class M
|
||||
Shares sold
|
271,594
|
128,604
|
$3,493,791
|
$1,431,236
|
Shares redeemed
|
(116,139)
|
(9,527)
|
(1,471,021)
|
(104,174)
|
Net increase (decrease)
|
155,455
|
119,077
|
$2,022,770
|
$1,327,062
|
Class C
|
||||
Shares sold
|
45,543
|
10,734
|
$570,668
|
$123,647
|
Shares redeemed
|
(10,460)
|
(807)
|
(135,860)
|
(8,515)
|
Net increase (decrease)
|
35,083
|
9,927
|
$434,808
|
$115,132
|
Fidelity Healthy Future Fund
|
||||
Shares sold
|
280,823
|
403,281
|
$3,681,706
|
$4,519,404
|
Reinvestment of distributions
|
482
|
215
|
6,247
|
2,296
|
Shares redeemed
|
(240,206)
|
(195,003)
|
(3,145,561)
|
(2,184,086)
|
Net increase (decrease)
|
41,099
|
208,493
|
$542,392
|
$2,337,614
|
Class I
|
||||
Shares sold
|
8,811
|
4,013
|
$114,776
|
$47,126
|
Reinvestment of distributions
|
7
|
9
|
95
|
91
|
Shares redeemed
|
(5,683)
|
(1,579)
|
(72,106)
|
(18,393)
|
Net increase (decrease)
|
3,135
|
2,443
|
$42,765
|
$28,824
|
Class Z
|
||||
Shares sold
|
8,588
|
47
|
$109,197
|
$490
|
Reinvestment of distributions
|
17
|
8
|
224
|
81
|
Shares redeemed
|
(5,431)
|
-
|
(70,764)
|
-
|
Net increase (decrease)
|
3,174
|
55
|
$38,657
|
$571
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Alternative Funds - 1.5%
|
|||
Shares
|
Value ($)
|
||
Fidelity Private Credit Company LLC (b)(c)
(Cost $21,457,346)
|
2,158,335
|
20,655,268
|
|
Asset-Backed Securities - 0.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
BAILIWICK OF JERSEY - 0.0%
|
|||
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)
|
213,000
|
206,816
|
|
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
|
453,842
|
||
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)
|
207,000
|
203,102
|
|
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)
|
125,000
|
121,132
|
|
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)
|
125,000
|
122,859
|
|
Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.5061% 7/15/2039 (d)(e)(f)
|
250,000
|
244,499
|
|
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)
|
250,000
|
242,362
|
|
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)
|
100,000
|
99,400
|
|
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)
|
150,000
|
147,385
|
|
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)
|
250,000
|
250,000
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
100,000
|
97,144
|
|
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 4.1% 4/15/2038 (d)(e)(f)(g)
|
150,000
|
148,655
|
|
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)
|
200,000
|
197,241
|
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
100,000
|
98,749
|
|
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)
|
125,000
|
120,382
|
|
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)
|
435,000
|
427,771
|
|
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)
|
220,000
|
217,576
|
|
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)
|
100,000
|
97,257
|
|
Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f)
|
1,000,000
|
976,870
|
|
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)
|
269,000
|
259,510
|
|
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)
|
100,000
|
98,375
|
|
Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f)
|
208,000
|
204,194
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
4,374,463
|
||
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)
|
558,000
|
548,320
|
|
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)
|
397,000
|
391,475
|
|
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
|
1,087,258
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $6,031,674)
|
5,915,563
|
||
Bank Loan Obligations - 7.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
DH Corporation/Societe DH 1LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.428% 9/13/2029 (d)(e)(h)(i)
|
75,575
|
75,499
|
|
FRANCE - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (d)(e)(h)
|
2,334,046
|
2,095,973
|
|
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 (d)(e)(h)
|
2,816,550
|
2,576,636
|
|
UNITED KINGDOM - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5632% 2/7/2028 (d)(e)(h)
|
2,043,874
|
2,040,583
|
|
UNITED STATES - 6.7%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 3/29/2032 (d)(e)(h)(j)
|
510,000
|
508,215
|
|
Interactive Media & Services - 0.0%
|
|||
TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0492% 7/8/2031 (d)(e)(h)
|
84,575
|
82,037
|
|
Media - 0.1%
|
|||
CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8219% 1/18/2028 (d)(e)(h)
|
1,405,000
|
1,365,576
|
|
TOTAL COMMUNICATION SERVICES
|
1,955,828
|
||
Consumer Discretionary - 2.5%
|
|||
Automobile Components - 0.1%
|
|||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/28/2032 (d)(e)(h)
|
500,000
|
488,960
|
|
Power Stop LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.1297% 1/26/2029 (d)(e)(h)
|
722,454
|
439,490
|
|
928,450
|
|||
Broadline Retail - 0.3%
|
|||
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8992% 6/18/2029 (d)(e)(h)
|
1,892,428
|
1,784,805
|
|
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/23/2032 (d)(e)(h)
|
2,990,119
|
2,917,609
|
|
4,702,414
|
|||
Distributors - 0.1%
|
|||
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 1/20/2032 (d)(e)(h)(j)
|
200,000
|
190,600
|
|
Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 6/23/2031 (d)(e)(h)
|
1,303,607
|
1,285,825
|
|
1,476,425
|
|||
Diversified Consumer Services - 0.4%
|
|||
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (d)(e)(h)
|
5,658,311
|
4,605,356
|
|
TKC Holdings Inc 1LN, term loan 13.5% 2/14/2027 (e)(h)
|
1,777,114
|
1,457,233
|
|
6,062,589
|
|||
Hotels, Restaurants & Leisure - 0.8%
|
|||
ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5608% 9/18/2026 (d)(e)(h)
|
2,130,290
|
2,129,758
|
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (d)(e)(h)
|
1,366,391
|
1,218,369
|
|
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (d)(e)(h)
|
744,178
|
688,945
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (d)(e)(h)
|
5,485,759
|
5,195,454
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (d)(e)(h)
|
1,128,995
|
1,087,594
|
|
10,320,120
|
|||
Household Durables - 0.3%
|
|||
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 6/29/2028 (d)(e)(h)
|
1,789,556
|
1,470,280
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 10/30/2027 (d)(e)(h)
|
1,838,238
|
1,721,051
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 10/30/2027 (d)(e)(h)
|
462,615
|
429,848
|
|
3,621,179
|
|||
Specialty Retail - 0.5%
|
|||
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (d)(e)(h)
|
320,000
|
307,027
|
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (d)(e)(h)
|
4,656,918
|
4,397,901
|
|
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 4/16/2028 (d)(e)(h)
|
721,875
|
686,987
|
|
Valvoline Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/19/2032 (d)(e)(h)(j)
|
2,090,000
|
2,080,428
|
|
7,472,343
|
|||
TOTAL CONSUMER DISCRETIONARY
|
34,583,520
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
Savor Acquisition Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 2/19/2032 (d)(e)(h)
|
73,103
|
72,761
|
|
Savor Acquisition Inc Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 1% 2/4/2032 (d)(e)(h)(k)
|
6,897
|
6,864
|
|
79,625
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
CVR Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (d)(e)(h)
|
294,263
|
292,056
|
|
Mesquite Energy Inc 1LN, term loan 0% (e)(h)(i)(j)(l)
|
1,217,000
|
0
|
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(h)(i)(j)(l)
|
2,735,146
|
0
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (d)(e)(h)
|
3,760,000
|
2,685,467
|
|
2,977,523
|
|||
Financials - 0.3%
|
|||
Financial Services - 0.3%
|
|||
Dragon Buyer Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 9/30/2031 (d)(e)(h)
|
154,613
|
153,569
|
|
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 7/31/2031 (d)(e)(h)
|
2,064,825
|
2,057,660
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (d)(e)(h)
|
1,370,000
|
1,310,638
|
|
3,521,867
|
|||
Insurance - 0.0%
|
|||
Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0734% 9/19/2031 (d)(e)(h)
|
158,822
|
157,597
|
|
TOTAL FINANCIALS
|
3,679,464
|
||
Health Care - 0.6%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (d)(e)(h)
|
666,750
|
600,074
|
|
Owens & Minor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 0% 4/2/2030 (d)(e)(h)(j)
|
780,000
|
764,400
|
|
Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5902% 1/31/2029 (d)(e)(h)
|
1,116,592
|
1,077,791
|
|
2,442,265
|
|||
Health Care Technology - 0.1%
|
|||
AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/15/2029 (d)(e)(h)
|
1,563,431
|
1,548,047
|
|
Pharmaceuticals - 0.3%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (d)(e)(h)
|
4,325,000
|
4,072,723
|
|
TOTAL HEALTH CARE
|
8,063,035
|
||
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.0%
|
|||
Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3201% 1/27/2032 (d)(e)(h)
|
160,000
|
157,267
|
|
Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0466% 2/26/2032 (d)(e)(h)
|
365,517
|
359,709
|
|
Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 0% 2/26/2032 (d)(e)(h)(j)(k)
|
34,483
|
33,935
|
|
550,911
|
|||
Commercial Services & Supplies - 0.1%
|
|||
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7907% 8/1/2030 (d)(e)(h)
|
625,507
|
577,149
|
|
Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 8/1/2029 (d)(e)(h)
|
178,647
|
178,368
|
|
GFL Environmental Services Inc/ON Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8185% 3/3/2032 (d)(e)(h)
|
355,000
|
349,675
|
|
1,105,192
|
|||
Electrical Equipment - 0.0%
|
|||
GrafTech Global Enterprises Inc Tranche NEW $ 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3028% 12/21/2029 (d)(e)(h)
|
205,066
|
202,606
|
|
GrafTech Global Enterprises Inc Tranche NEW $ 1LN, term loan CME Term SOFR 1 month Index + 6%, 3.75% 12/21/2029 (d)(e)(h)(k)
|
117,181
|
115,774
|
|
318,380
|
|||
Passenger Airlines - 0.0%
|
|||
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0476% 4/1/2031 (d)(e)(h)
|
90,000
|
89,511
|
|
Professional Services - 0.2%
|
|||
Corelogic Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 6/2/2028 (d)(e)(h)
|
2,462,582
|
2,425,644
|
|
TOTAL INDUSTRIALS
|
4,489,638
|
||
Information Technology - 1.9%
|
|||
Communications Equipment - 0.1%
|
|||
CommScope LLC 1LN, term loan 9.5716% 12/17/2029 (e)(h)
|
1,265,000
|
1,240,092
|
|
IT Services - 0.5%
|
|||
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (d)(e)(h)
|
2,290,674
|
2,085,086
|
|
GTT Communications Inc Tranche HOLDCO 1LN, term loan CME Term SOFR 1 month Index + 9%, 13.3561% 6/30/2028 (d)(e)(h)
|
1,614,688
|
1,250,043
|
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (d)(e)(h)
|
580,000
|
575,441
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
2,895,000
|
2,822,017
|
|
6,732,587
|
|||
Software - 1.2%
|
|||
Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/23/2032 (d)(e)(h)
|
25,000
|
25,524
|
|
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (d)(e)(h)
|
105,795
|
103,646
|
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (d)(e)(h)
|
2,201,900
|
2,173,584
|
|
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5527% 3/29/2032 (d)(e)(h)
|
1,275,000
|
1,266,636
|
|
Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0716% 11/15/2032 (d)(e)(h)
|
730,000
|
729,088
|
|
Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 10/29/2029 (d)(e)(h)
|
498,096
|
495,515
|
|
Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.547% 9/13/2029 (d)(e)(h)(i)
|
3,235,975
|
3,232,740
|
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (d)(e)(h)
|
2,770,000
|
2,750,001
|
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 12/31/2031 (d)(e)(h)
|
2,189,513
|
1,913,875
|
|
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.6854% 5/15/2028 (d)(e)(h)
|
520,439
|
514,693
|
|
UKG Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3201% 2/10/2031 (d)(e)(h)
|
2,444,509
|
2,434,853
|
|
15,640,155
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.33% 2/23/2032 (d)(e)(h)
|
2,160,000
|
2,057,400
|
|
TOTAL INFORMATION TECHNOLOGY
|
25,670,234
|
||
Materials - 0.8%
|
|||
Chemicals - 0.8%
|
|||
American Rock Salt Co LLC 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 6/4/2028 (d)(e)(h)
|
1,739,149
|
1,415,667
|
|
American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/12/2028 (d)(e)(h)(k)
|
769,193
|
769,193
|
|
American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.4361% 6/12/2028 (d)(e)(h)
|
1,212,439
|
1,212,439
|
|
Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (d)(e)(h)
|
1,881,899
|
1,869,666
|
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (d)(e)(h)
|
1,472,609
|
1,338,072
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (d)(e)(h)
|
3,554,726
|
3,455,692
|
|
10,060,729
|
|||
Construction Materials - 0.0%
|
|||
Eco Material Technologies Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4666% 1/30/2032 (d)(e)(h)
|
150,000
|
148,250
|
|
White Cap Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 10/19/2029 (d)(e)(h)
|
24,938
|
24,262
|
|
172,512
|
|||
Containers & Packaging - 0.0%
|
|||
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.4966% 4/13/2029 (d)(e)(h)
|
345,893
|
343,257
|
|
TOTAL MATERIALS
|
10,576,498
|
||
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1861% 3/25/2028 (d)(e)(h)
|
746,192
|
735,402
|
|
TOTAL UNITED STATES
|
92,810,767
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $105,229,055)
|
99,599,458
|
||
Commercial Mortgage Securities - 0.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.4%
|
|||
BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class G, CME Term SOFR 1 month Index + 2.9145%, 7.2365% 6/15/2038 (d)(e)(f)
|
838,161
|
822,970
|
|
ELP Commercial Mortgage Trust Series 2021-ELP Class F, CME Term SOFR 1 month Index + 2.7815%, 7.1035% 11/15/2038 (d)(e)(f)
|
1,196,607
|
1,186,137
|
|
Extended Stay America Trust Series 2021-ESH Class F, CME Term SOFR 1 month Index + 3.8145%, 8.1365% 7/15/2038 (d)(e)(f)
|
461,541
|
455,771
|
|
Hilton USA Trust Series 2016-HHV Class F, 4.3333% 11/5/2038 (e)(f)
|
772,000
|
734,707
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.6365% 7/15/2038 (d)(e)(f)
|
1,791,000
|
1,770,851
|
|
TOTAL UNITED STATES
|
4,970,436
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $4,820,934)
|
4,970,436
|
||
Common Stocks - 1.7%
|
|||
Shares
|
Value ($)
|
||
BAILIWICK OF JERSEY - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobile Components - 0.0%
|
|||
Aptiv PLC
|
12,300
|
701,838
|
|
TANZANIA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Helios Towers PLC (m)
|
2,187,345
|
3,124,960
|
|
UNITED STATES - 1.5%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Main Street Sports Group (i)
|
573
|
10,314
|
|
Consumer Discretionary - 0.0%
|
|||
Leisure Products - 0.0%
|
|||
Topgolf Callaway Brands Corp (m)(n)
|
77,400
|
511,614
|
|
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Southeastern Grocers Inc rights (i)(m)
|
963,443
|
37,748
|
|
Energy - 1.0%
|
|||
Oil, Gas & Consumable Fuels - 1.0%
|
|||
Mesquite Energy Inc (i)(m)
|
149,356
|
13,038,803
|
|
New Fortress Energy Inc (o)
|
51,010
|
276,984
|
|
13,315,787
|
|||
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Cano Health LLC (i)(m)
|
106,584
|
1,092,486
|
|
Cano Health LLC warrants (i)(m)
|
4,738
|
13,077
|
|
Surgery Partners Inc (m)
|
51,900
|
1,139,205
|
|
2,244,768
|
|||
Industrials - 0.0%
|
|||
Machinery - 0.0%
|
|||
Chart Industries Inc (m)
|
2,600
|
350,948
|
|
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
17,594
|
146,910
|
|
TOTAL INDUSTRIALS
|
497,858
|
||
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Coherent Corp (m)
|
7,000
|
450,240
|
|
IT Services - 0.2%
|
|||
GTT Communications Inc (i)(m)
|
40,978
|
1,906,706
|
|
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
MKS Instruments Inc
|
5,900
|
413,826
|
|
ON Semiconductor Corp (m)
|
19,900
|
790,030
|
|
1,203,856
|
|||
TOTAL INFORMATION TECHNOLOGY
|
3,560,802
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Elah Holdings Inc (m)
|
333
|
6,141
|
|
TOTAL UNITED STATES
|
20,185,032
|
||
|
TOTAL COMMON STOCKS
(Cost $14,743,369)
|
24,011,830
|
||
Convertible Corporate Bonds - 1.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.2%
|
|||
Communication Services - 0.4%
|
|||
Media - 0.4%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
5,228,751
|
5,637,116
|
|
Consumer Discretionary - 0.0%
|
|||
Household Durables - 0.0%
|
|||
Meritage Homes Corp 1.75% 5/15/2028 (f)
|
20,000
|
19,420
|
|
Financials - 0.1%
|
|||
Capital Markets - 0.0%
|
|||
Coinbase Global Inc 0.25% 4/1/2030
|
40,000
|
39,740
|
|
Financial Services - 0.1%
|
|||
Global Payments Inc 1.5% 3/1/2031
|
2,034,000
|
1,802,124
|
|
TOTAL FINANCIALS
|
1,841,864
|
||
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
ON Semiconductor Corp 0% 5/1/2027 (p)
|
515,000
|
549,711
|
|
Wolfspeed Inc 1.875% 12/1/2029
|
3,596,000
|
1,008,678
|
|
1,558,389
|
|||
Software - 0.0%
|
|||
BlackLine Inc 1% 6/1/2029 (f)
|
220,000
|
216,979
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,775,368
|
||
Real Estate - 0.5%
|
|||
Real Estate Management & Development - 0.5%
|
|||
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 0.25% 6/15/2026
|
2,957,000
|
2,761,838
|
|
Redfin Corp 0.5% 4/1/2027
|
3,576,000
|
3,137,940
|
|
5,899,778
|
|||
Utilities - 0.1%
|
|||
Electric Utilities - 0.1%
|
|||
PG&E Corp 4.25% 12/1/2027
|
990,000
|
1,028,511
|
|
TOTAL UNITED STATES
|
16,202,057
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $17,194,477)
|
16,202,057
|
||
Non-Convertible Corporate Bonds - 82.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
ANGOLA - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Azule Energy Finance Plc 8.125% 1/23/2030 (f)
|
980,000
|
944,965
|
|
AUSTRALIA - 0.7%
|
|||
Materials - 0.7%
|
|||
Chemicals - 0.2%
|
|||
Nufarm Australia Ltd / Nufarm Americas Inc 5% 1/27/2030 (f)
|
2,575,000
|
2,384,887
|
|
Metals & Mining - 0.5%
|
|||
Alumina Pty Ltd 6.375% 9/15/2032 (f)
|
4,205,000
|
4,104,591
|
|
FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (f)
|
545,000
|
493,242
|
|
FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (f)
|
630,000
|
614,549
|
|
Mineral Resources Ltd 8.5% 5/1/2030 (f)
|
1,400,000
|
1,271,765
|
|
Mineral Resources Ltd 9.25% 10/1/2028 (f)
|
1,105,000
|
1,045,014
|
|
7,529,161
|
|||
TOTAL AUSTRALIA
|
9,914,048
|
||
BAILIWICK OF JERSEY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Aston Martin Capital Holdings Ltd 10% 3/31/2029 (f)
|
1,090,000
|
936,233
|
|
BRAZIL - 0.4%
|
|||
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (f)
|
5,665,000
|
5,459,644
|
|
CAMEROON - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Golar LNG Ltd 7.75% 9/19/2029 (f)(q)
|
1,400,000
|
1,394,106
|
|
CANADA - 3.4%
|
|||
Consumer Discretionary - 0.5%
|
|||
Hotels, Restaurants & Leisure - 0.5%
|
|||
1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f)
|
930,000
|
892,984
|
|
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f)
|
5,530,000
|
5,032,479
|
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f)
|
660,000
|
635,059
|
|
6,560,522
|
|||
Consumer Staples - 0.1%
|
|||
Household Products - 0.1%
|
|||
Kronos Acquisition Holdings Inc 10.75% 6/30/2032 (f)
|
1,240,000
|
743,004
|
|
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f)
|
1,370,000
|
1,132,248
|
|
1,875,252
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Baytex Energy Corp 7.375% 3/15/2032 (f)
|
1,780,000
|
1,534,652
|
|
Parkland Corp 4.625% 5/1/2030 (f)
|
3,475,000
|
3,270,752
|
|
4,805,404
|
|||
Financials - 0.0%
|
|||
Insurance - 0.0%
|
|||
Jones Deslauriers Insurance Management Inc 10.5% 12/15/2030 (f)
|
415,000
|
446,429
|
|
Industrials - 0.9%
|
|||
Aerospace & Defense - 0.4%
|
|||
Bombardier Inc 7% 6/1/2032 (f)
|
3,405,000
|
3,444,944
|
|
Bombardier Inc 7.25% 7/1/2031 (f)
|
1,950,000
|
1,996,517
|
|
5,441,461
|
|||
Commercial Services & Supplies - 0.5%
|
|||
Garda World Security Corp 8.25% 8/1/2032 (f)
|
1,395,000
|
1,370,437
|
|
Wrangler Holdco Corp 6.625% 4/1/2032 (f)(n)
|
5,510,000
|
5,656,170
|
|
7,026,607
|
|||
TOTAL INDUSTRIALS
|
12,468,068
|
||
Information Technology - 0.4%
|
|||
Software - 0.4%
|
|||
Open Text Corp 3.875% 12/1/2029 (f)
|
1,655,000
|
1,524,915
|
|
Open Text Corp 3.875% 2/15/2028 (f)
|
1,310,000
|
1,252,156
|
|
Open Text Holdings Inc 4.125% 12/1/2031 (f)
|
875,000
|
782,519
|
|
Open Text Holdings Inc 4.125% 2/15/2030 (f)(n)
|
1,840,000
|
1,700,297
|
|
5,259,887
|
|||
Materials - 1.1%
|
|||
Chemicals - 0.9%
|
|||
Methanex Corp 5.125% 10/15/2027
|
3,800,000
|
3,730,048
|
|
Methanex Corp 5.65% 12/1/2044
|
2,732,000
|
2,093,517
|
|
NOVA Chemicals Corp 4.25% 5/15/2029 (f)
|
1,900,000
|
1,795,500
|
|
NOVA Chemicals Corp 5.25% 6/1/2027 (f)
|
1,935,000
|
1,912,811
|
|
NOVA Chemicals Corp 7% 12/1/2031 (f)
|
1,275,000
|
1,317,815
|
|
NOVA Chemicals Corp 9% 2/15/2030 (f)
|
660,000
|
705,179
|
|
11,554,870
|
|||
Metals & Mining - 0.2%
|
|||
Capstone Copper Corp 6.75% 3/31/2033 (f)
|
1,695,000
|
1,665,438
|
|
New Gold Inc 6.875% 4/1/2032 (f)
|
1,405,000
|
1,436,979
|
|
3,102,417
|
|||
TOTAL MATERIALS
|
14,657,287
|
||
Utilities - 0.1%
|
|||
Gas Utilities - 0.1%
|
|||
Superior Plus LP / Superior General Partner Inc 4.5% 3/15/2029 (f)
|
1,155,000
|
1,078,411
|
|
TOTAL CANADA
|
47,151,260
|
||
COLOMBIA - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Canacol Energy Ltd 5.75% 11/24/2028 (f)
|
5,275,000
|
2,426,500
|
|
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Ivanhoe Mine Ltd 7.875% 1/23/2030 (f)
|
1,385,000
|
1,350,975
|
|
FINLAND - 0.2%
|
|||
Consumer Discretionary - 0.1%
|
|||
Leisure Products - 0.1%
|
|||
Amer Sports Co 6.75% 2/16/2031 (f)(n)
|
1,375,000
|
1,390,732
|
|
Materials - 0.1%
|
|||
Paper & Forest Products - 0.1%
|
|||
Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (f)
|
2,205,000
|
2,055,303
|
|
TOTAL FINLAND
|
3,446,035
|
||
FRANCE - 1.2%
|
|||
Communication Services - 0.9%
|
|||
Diversified Telecommunication Services - 0.9%
|
|||
Altice France SA 5.125% 1/15/2029 (f)
|
2,620,000
|
2,122,741
|
|
Altice France SA 5.125% 7/15/2029 (f)
|
8,050,000
|
6,567,861
|
|
Altice France SA 5.5% 1/15/2028 (f)
|
1,465,000
|
1,212,866
|
|
Altice France SA 5.5% 10/15/2029 (f)
|
2,155,000
|
1,764,105
|
|
Iliad Holding SASU 7% 4/15/2032 (f)
|
1,020,000
|
1,029,105
|
|
12,696,678
|
|||
Consumer Staples - 0.2%
|
|||
Personal Care Products - 0.2%
|
|||
Opal Bidco SAS 6.5% 3/31/2032 (f)
|
2,535,000
|
2,542,408
|
|
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Viridien 10% 10/15/2030 (f)
|
1,625,000
|
1,525,517
|
|
TOTAL FRANCE
|
16,764,603
|
||
GERMANY - 0.6%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobile Components - 0.1%
|
|||
ZF North America Capital Inc 6.875% 4/14/2028 (f)
|
595,000
|
568,122
|
|
ZF North America Capital Inc 7.125% 4/14/2030 (f)(n)
|
595,000
|
547,404
|
|
1,115,526
|
|||
Industrials - 0.5%
|
|||
Machinery - 0.5%
|
|||
TK Elevator Holdco GmbH 7.625% 7/15/2028 (f)
|
1,645,000
|
1,647,818
|
|
TK Elevator US Newco Inc 5.25% 7/15/2027 (f)
|
4,865,000
|
4,790,552
|
|
6,438,370
|
|||
Materials - 0.0%
|
|||
Paper & Forest Products - 0.0%
|
|||
Mercer International Inc 12.875% 10/1/2028 (f)
|
140,000
|
143,052
|
|
Mercer International Inc 5.125% 2/1/2029 (n)
|
710,000
|
584,007
|
|
727,059
|
|||
TOTAL GERMANY
|
8,280,955
|
||
GHANA - 0.3%
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Kosmos Energy Ltd 7.125% 4/4/2026 (f)
|
1,415,000
|
1,356,631
|
|
Kosmos Energy Ltd 8.75% 10/1/2031 (f)
|
1,060,000
|
852,982
|
|
Tullow Oil PLC 10.25% 5/15/2026 (f)
|
3,275,000
|
2,554,500
|
|
TOTAL GHANA
|
4,764,113
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (f)
|
1,405,000
|
1,399,910
|
|
GUATEMALA - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Wireless Telecommunication Services - 0.0%
|
|||
Millicom International Cellular SA 4.5% 4/27/2031 (f)
|
475,000
|
422,749
|
|
HONG KONG - 0.2%
|
|||
Industrials - 0.2%
|
|||
Marine Transportation - 0.2%
|
|||
Seaspan Corp 5.5% 8/1/2029 (f)
|
3,000,000
|
2,736,767
|
|
IRELAND - 0.6%
|
|||
Financials - 0.6%
|
|||
Financial Services - 0.6%
|
|||
GGAM Finance Ltd 6.875% 4/15/2029 (f)
|
1,715,000
|
1,751,370
|
|
GGAM Finance Ltd 8% 2/15/2027 (f)
|
2,705,000
|
2,777,170
|
|
GGAM Finance Ltd 8% 6/15/2028 (f)
|
1,675,000
|
1,757,958
|
|
TrueNoord Capital DAC 8.75% 3/1/2030 (f)
|
1,400,000
|
1,430,072
|
|
7,716,570
|
|||
Industrials - 0.0%
|
|||
Air Freight & Logistics - 0.0%
|
|||
AerCap Global Aviation Trust 6.5% 6/15/2045 (e)(f)
|
1,090,000
|
1,090,333
|
|
TOTAL IRELAND
|
8,806,903
|
||
ISRAEL - 0.1%
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029
|
330,000
|
353,784
|
|
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031
|
330,000
|
363,325
|
|
TOTAL ISRAEL
|
717,109
|
||
ITALY - 0.4%
|
|||
Communication Services - 0.0%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Telecom Italia Capital SA 6% 9/30/2034
|
184,000
|
177,937
|
|
Telecom Italia Capital SA 7.2% 7/18/2036
|
364,000
|
373,477
|
|
Telecom Italia Capital SA 7.721% 6/4/2038
|
131,000
|
136,509
|
|
687,923
|
|||
Financials - 0.4%
|
|||
Banks - 0.4%
|
|||
UniCredit SpA 5.861% 6/19/2032 (e)(f)
|
2,542,000
|
2,552,056
|
|
UniCredit SpA 7.296% 4/2/2034 (e)(f)
|
1,403,000
|
1,467,549
|
|
4,019,605
|
|||
Information Technology - 0.0%
|
|||
Communications Equipment - 0.0%
|
|||
Fibercop SpA 6% 9/30/2034 (f)
|
658,000
|
607,946
|
|
TOTAL ITALY
|
5,315,474
|
||
LUXEMBOURG - 0.8%
|
|||
Communication Services - 0.6%
|
|||
Media - 0.4%
|
|||
Altice Financing SA 5.75% 8/15/2029 (f)
|
6,145,000
|
4,532,071
|
|
Altice France Holding SA 6% 2/15/2028 (f)
|
2,810,000
|
871,536
|
|
5,403,607
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
Intelsat Jackson Holdings SA 6.5% 3/15/2030 (f)
|
3,100,000
|
3,049,215
|
|
TOTAL COMMUNICATION SERVICES
|
8,452,822
|
||
Information Technology - 0.2%
|
|||
Software - 0.2%
|
|||
ION Trading Technologies Sarl 5.75% 5/15/2028 (f)
|
2,305,000
|
2,073,690
|
|
TOTAL LUXEMBOURG
|
10,526,512
|
||
NETHERLANDS - 0.2%
|
|||
Communication Services - 0.1%
|
|||
Media - 0.1%
|
|||
Ziggo BV 4.875% 1/15/2030 (f)
|
1,455,000
|
1,339,536
|
|
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Sigma Holdco BV 7.875% 5/15/2026 (f)
|
705,000
|
697,989
|
|
Materials - 0.1%
|
|||
Containers & Packaging - 0.1%
|
|||
Trivium Packaging Finance BV 8.5% 8/15/2027 (f)
|
810,000
|
800,590
|
|
TOTAL NETHERLANDS
|
2,838,115
|
||
NIGERIA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
IHS Holding Ltd 7.875% 5/29/2030 (f)
|
1,020,000
|
983,025
|
|
IHS Holding Ltd 8.25% 11/29/2031 (f)
|
1,020,000
|
980,475
|
|
TOTAL NIGERIA
|
1,963,500
|
||
NORWAY - 0.2%
|
|||
Energy - 0.2%
|
|||
Energy Equipment & Services - 0.2%
|
|||
Seadrill Finance Ltd 8.375% 8/1/2030 (f)
|
925,000
|
866,212
|
|
TGS ASA 8.5% 1/15/2030 (f)
|
1,460,000
|
1,445,400
|
|
TOTAL NORWAY
|
2,311,612
|
||
PANAMA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Sable International Finance Ltd 7.125% 10/15/2032 (f)
|
2,155,000
|
2,117,395
|
|
Wireless Telecommunication Services - 0.1%
|
|||
C&W Senior Finance Ltd 9% 1/15/2033 (f)
|
2,100,000
|
2,110,387
|
|
TOTAL PANAMA
|
4,227,782
|
||
PUERTO RICO - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Media - 0.3%
|
|||
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (f)
|
5,995,000
|
4,435,904
|
|
SOUTH AFRICA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (f)
|
2,350,000
|
1,940,113
|
|
SPAIN - 0.2%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Grifols SA 4.75% 10/15/2028 (f)
|
660,000
|
614,378
|
|
Utilities - 0.2%
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/2028 (f)
|
2,540,000
|
2,413,466
|
|
TOTAL SPAIN
|
3,027,844
|
||
SWITZERLAND - 0.4%
|
|||
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.3%
|
|||
VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (f)
|
3,129,000
|
2,701,471
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (f)
|
435,000
|
422,444
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (f)
|
440,000
|
429,788
|
|
3,553,703
|
|||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Consolidated Energy Finance SA 12% 2/15/2031 (f)
|
2,085,000
|
1,879,579
|
|
TOTAL SWITZERLAND
|
5,433,282
|
||
TANZANIA - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Communications Equipment - 0.3%
|
|||
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (f)
|
4,790,000
|
4,784,013
|
|
TURKEY - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Eldorado Gold Corp 6.25% 9/1/2029 (f)
|
1,005,000
|
993,211
|
|
UNITED KINGDOM - 1.9%
|
|||
Communication Services - 0.7%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (f)
|
1,840,000
|
1,720,952
|
|
Media - 0.4%
|
|||
Virgin Media Secured Finance PLC 4.5% 8/15/2030 (f)
|
2,980,000
|
2,679,260
|
|
Virgin Media Vendor Financing Notes IV DAC 5% 7/15/2028 (f)
|
1,505,000
|
1,455,783
|
|
4,135,043
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (f)
|
3,745,000
|
3,269,091
|
|
TOTAL COMMUNICATION SERVICES
|
9,125,086
|
||
Consumer Discretionary - 0.3%
|
|||
Automobile Components - 0.2%
|
|||
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (f)
|
450,000
|
461,868
|
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (f)
|
1,115,000
|
1,166,080
|
|
Macquarie Airfinance Holdings Ltd 8.375% 5/1/2028 (f)
|
1,180,000
|
1,229,419
|
|
2,857,367
|
|||
Automobiles - 0.1%
|
|||
Mclaren Finance PLC 7.5% 8/1/2026 (f)
|
1,820,000
|
1,821,365
|
|
TOTAL CONSUMER DISCRETIONARY
|
4,678,732
|
||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
EG Global Finance PLC 12% 11/30/2028 (f)
|
5,560,000
|
6,128,805
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
180 Medical Inc 3.875% 10/15/2029 (f)
|
1,055,000
|
987,979
|
|
Materials - 0.2%
|
|||
Chemicals - 0.2%
|
|||
INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (f)
|
2,460,000
|
2,367,750
|
|
Utilities - 0.2%
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (f)
|
2,365,000
|
2,323,493
|
|
TOTAL UNITED KINGDOM
|
25,611,845
|
||
UNITED STATES - 68.2%
|
|||
Communication Services - 7.2%
|
|||
Diversified Telecommunication Services - 1.4%
|
|||
Cablevision Lightpath LLC 3.875% 9/15/2027 (f)
|
765,000
|
721,950
|
|
Cablevision Lightpath LLC 5.625% 9/15/2028 (f)
|
1,655,000
|
1,532,275
|
|
Consolidated Communications Inc 5% 10/1/2028 (f)
|
1,740,000
|
1,652,182
|
|
Frontier Communications Holdings LLC 5% 5/1/2028 (f)
|
430,000
|
425,562
|
|
Frontier Communications Holdings LLC 5.875% 10/15/2027 (f)
|
1,685,000
|
1,683,094
|
|
Frontier Communications Holdings LLC 5.875% 11/1/2029
|
2,485,000
|
2,486,245
|
|
Frontier Communications Holdings LLC 8.75% 5/15/2030 (f)
|
1,675,000
|
1,753,449
|
|
Level 3 Financing Inc 10.5% 5/15/2030 (f)
|
2,909,000
|
3,144,832
|
|
Level 3 Financing Inc 11% 11/15/2029 (f)
|
1,014,402
|
1,133,594
|
|
Level 3 Financing Inc 3.875% 10/15/2030 (f)(n)
|
2,880,000
|
2,271,456
|
|
Level 3 Financing Inc 4% 4/15/2031 (f)
|
1,535,000
|
1,197,668
|
|
Level 3 Financing Inc 4.5% 4/1/2030 (f)
|
2,100,000
|
1,748,733
|
|
19,751,040
|
|||
Entertainment - 0.2%
|
|||
ROBLOX Corp 3.875% 5/1/2030 (f)
|
3,450,000
|
3,192,646
|
|
Interactive Media & Services - 0.1%
|
|||
Snap Inc 6.875% 3/1/2033 (f)
|
1,345,000
|
1,343,299
|
|
Media - 5.5%
|
|||
Advantage Sales & Marketing Inc 6.5% 11/15/2028 (f)
|
2,875,000
|
2,314,689
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (f)(n)
|
2,145,000
|
1,806,923
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032
|
5,635,000
|
5,006,577
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (f)
|
675,000
|
626,794
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (f)(n)
|
3,090,000
|
2,796,327
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (f)
|
4,755,000
|
4,488,887
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (f)
|
1,495,000
|
1,458,603
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (f)(n)
|
1,705,000
|
1,667,812
|
|
Clear Channel Outdoor Holdings Inc 5.125% 8/15/2027 (f)(n)
|
2,900,000
|
2,819,633
|
|
Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (f)
|
1,685,000
|
1,381,026
|
|
Clear Channel Outdoor Holdings Inc 9% 9/15/2028 (f)(n)
|
3,050,000
|
3,156,915
|
|
CSC Holdings LLC 3.375% 2/15/2031 (f)
|
4,460,000
|
2,977,543
|
|
CSC Holdings LLC 4.125% 12/1/2030 (f)
|
2,840,000
|
1,946,447
|
|
CSC Holdings LLC 4.5% 11/15/2031 (f)
|
555,000
|
377,408
|
|
CSC Holdings LLC 4.625% 12/1/2030 (f)
|
4,125,000
|
1,907,929
|
|
CSC Holdings LLC 5.375% 2/1/2028 (f)
|
3,840,000
|
3,355,726
|
|
Directv Financing LLC / Directv Financing Co-Obligor Inc 5.875% 8/15/2027 (f)
|
535,000
|
517,062
|
|
DISH DBS Corp 5.125% 6/1/2029
|
3,665,000
|
2,294,708
|
|
DISH DBS Corp 7.375% 7/1/2028
|
2,975,000
|
2,010,238
|
|
EchoStar Corp 10.75% 11/30/2029
|
11,599,806
|
12,265,214
|
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
|
4,527,891
|
4,220,324
|
|
News Corp 5.125% 2/15/2032 (f)(n)
|
1,685,000
|
1,607,511
|
|
Sirius XM Radio LLC 4% 7/15/2028 (f)
|
2,505,000
|
2,356,521
|
|
Sirius XM Radio LLC 5.5% 7/1/2029 (f)(n)
|
660,000
|
642,597
|
|
TEGNA Inc 4.625% 3/15/2028
|
1,895,000
|
1,810,623
|
|
TEGNA Inc 5% 9/15/2029
|
725,000
|
675,320
|
|
Univision Communications Inc 4.5% 5/1/2029 (f)(n)
|
2,170,000
|
1,860,810
|
|
Univision Communications Inc 6.625% 6/1/2027 (f)
|
3,080,000
|
2,980,160
|
|
Univision Communications Inc 8% 8/15/2028 (f)
|
1,975,000
|
1,918,411
|
|
Univision Communications Inc 8.5% 7/31/2031 (f)(n)
|
2,535,000
|
2,393,741
|
|
75,642,479
|
|||
TOTAL COMMUNICATION SERVICES
|
99,929,464
|
||
Consumer Discretionary - 9.9%
|
|||
Automobile Components - 0.3%
|
|||
Adient Global Holdings Ltd 7% 4/15/2028 (f)
|
330,000
|
332,882
|
|
Dana Inc 4.25% 9/1/2030 (n)
|
440,000
|
405,865
|
|
Dana Inc 5.375% 11/15/2027
|
295,000
|
293,011
|
|
Patrick Industries Inc 6.375% 11/1/2032 (f)
|
2,195,000
|
2,130,969
|
|
Phinia Inc 6.75% 4/15/2029 (f)(n)
|
1,045,000
|
1,056,154
|
|
4,218,881
|
|||
Automobiles - 0.2%
|
|||
Ford Motor Co 3.25% 2/12/2032
|
1,085,000
|
886,583
|
|
Ford Motor Co 4.75% 1/15/2043
|
545,000
|
407,535
|
|
Ford Motor Co 5.291% 12/8/2046
|
215,000
|
167,292
|
|
Ford Motor Co 7.4% 11/1/2046
|
435,000
|
433,775
|
|
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC CME Term SOFR 6 month Index + 6.0533%, 10.1513% 10/15/2026 (d)(e)(f)
|
335,000
|
333,325
|
|
2,228,510
|
|||
Broadline Retail - 0.6%
|
|||
CMG Media Corp 8.875% 6/18/2029 (f)
|
3,100,000
|
2,712,500
|
|
Kohl's Corp 4.25% 7/17/2025
|
150,000
|
147,146
|
|
Match Group Holdings II LLC 3.625% 10/1/2031 (f)
|
325,000
|
278,676
|
|
Nordstrom Inc 4.25% 8/1/2031
|
1,630,000
|
1,386,812
|
|
Nordstrom Inc 4.375% 4/1/2030
|
1,090,000
|
965,436
|
|
Wayfair LLC 7.25% 10/31/2029 (f)(n)
|
1,405,000
|
1,283,322
|
|
Wayfair LLC 7.75% 9/15/2030 (f)(n)
|
2,100,000
|
1,915,890
|
|
8,689,782
|
|||
Distributors - 0.1%
|
|||
Gates Corp/DE 6.875% 7/1/2029 (f)
|
2,040,000
|
2,069,843
|
|
Diversified Consumer Services - 1.0%
|
|||
Service Corp International/US 4% 5/15/2031 (n)
|
945,000
|
862,831
|
|
Service Corp International/US 5.125% 6/1/2029 (n)
|
597,000
|
590,002
|
|
Service Corp International/US 5.75% 10/15/2032 (n)
|
2,850,000
|
2,813,633
|
|
Sotheby's 7.375% 10/15/2027 (f)
|
1,270,000
|
1,191,973
|
|
TKC Holdings Inc 10.5% 5/15/2029 (f)
|
3,010,000
|
3,011,463
|
|
TKC Holdings Inc 6.875% 5/15/2028 (f)
|
2,260,000
|
2,260,151
|
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (f)(n)
|
2,762,000
|
2,734,255
|
|
13,464,308
|
|||
Hotels, Restaurants & Leisure - 5.1%
|
|||
Aramark Services Inc 5% 2/1/2028 (f)
|
1,560,000
|
1,534,829
|
|
Caesars Entertainment Inc 6% 10/15/2032 (f)(n)
|
1,175,000
|
1,107,724
|
|
Caesars Entertainment Inc 6.5% 2/15/2032 (f)
|
3,735,000
|
3,754,564
|
|
Caesars Entertainment Inc 7% 2/15/2030 (f)
|
1,305,000
|
1,335,854
|
|
Caesars Entertainment Inc 8.125% 7/1/2027 (f)
|
849,000
|
851,552
|
|
Carnival Corp 5.75% 3/1/2027 (f)
|
1,234,000
|
1,229,639
|
|
Carnival Corp 5.75% 3/15/2030 (f)
|
1,400,000
|
1,390,208
|
|
Carnival Corp 6% 5/1/2029 (f)
|
2,235,000
|
2,221,830
|
|
Carnival Corp 6.125% 2/15/2033 (f)
|
2,785,000
|
2,761,058
|
|
Carnival Corp 6.65% 1/15/2028
|
300,000
|
305,648
|
|
Carnival Corp 7% 8/15/2029 (f)
|
2,465,000
|
2,571,320
|
|
ClubCorp Holdings Inc 8.5% 9/15/2025 (f)
|
315,000
|
294,525
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f)
|
2,730,000
|
2,529,018
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (f)(n)
|
4,715,000
|
4,170,814
|
|
Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f)
|
495,000
|
465,391
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (f)
|
2,420,000
|
2,219,388
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f)
|
995,000
|
994,489
|
|
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (f)
|
685,000
|
692,104
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (f)
|
2,585,000
|
2,532,856
|
|
Jacobs Entertainment Inc 6.75% 2/15/2029 (f)
|
975,000
|
887,250
|
|
Life Time Inc 6% 11/15/2031 (f)
|
2,920,000
|
2,910,845
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f)
|
1,795,000
|
1,794,710
|
|
NCL Finance Ltd 6.125% 3/15/2028 (f)
|
3,490,000
|
3,464,672
|
|
Neogen Food Safety Corp 8.625% 7/20/2030 (f)(n)
|
550,000
|
555,217
|
|
Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (f)
|
1,535,000
|
1,533,208
|
|
Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (f)
|
2,745,000
|
2,742,183
|
|
Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (f)
|
1,145,000
|
1,136,200
|
|
Royal Caribbean Cruises Ltd 6% 2/1/2033 (f)
|
2,795,000
|
2,802,695
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f)
|
1,730,000
|
1,755,928
|
|
Station Casinos LLC 4.5% 2/15/2028 (f)(n)
|
1,665,000
|
1,606,533
|
|
Station Casinos LLC 6.625% 3/15/2032 (f)(n)
|
2,735,000
|
2,719,136
|
|
Viking Cruises Ltd 9.125% 7/15/2031 (f)
|
1,195,000
|
1,277,688
|
|
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f)
|
630,000
|
623,682
|
|
VOC Escrow Ltd 5% 2/15/2028 (f)
|
865,000
|
848,384
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (f)(n)
|
5,135,000
|
5,297,081
|
|
Yum! Brands Inc 3.625% 3/15/2031
|
545,000
|
491,441
|
|
Yum! Brands Inc 4.625% 1/31/2032
|
3,225,000
|
3,035,750
|
|
Yum! Brands Inc 5.375% 4/1/2032 (n)
|
435,000
|
427,470
|
|
68,872,884
|
|||
Household Durables - 1.0%
|
|||
Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (f)
|
985,000
|
911,352
|
|
Beazer Homes USA Inc 7.5% 3/15/2031 (f)(n)
|
1,085,000
|
1,048,303
|
|
Landsea Homes Corp 8.875% 4/1/2029 (f)(n)
|
1,330,000
|
1,258,611
|
|
LGI Homes Inc 7% 11/15/2032 (f)
|
2,600,000
|
2,398,500
|
|
LGI Homes Inc 8.75% 12/15/2028 (f)
|
960,000
|
969,413
|
|
Newell Brands Inc 5.7% 4/1/2026 (r)
|
339,000
|
334,514
|
|
Newell Brands Inc 6.375% 5/15/2030
|
730,000
|
664,573
|
|
Newell Brands Inc 6.375% 9/15/2027 (n)
|
3,340,000
|
3,255,868
|
|
Newell Brands Inc 6.625% 5/15/2032 (n)
|
445,000
|
395,026
|
|
Newell Brands Inc 6.625% 9/15/2029
|
605,000
|
567,533
|
|
Newell Brands Inc 7% 4/1/2046 (n)(r)
|
435,000
|
336,109
|
|
TopBuild Corp 4.125% 2/15/2032 (f)(n)
|
1,185,000
|
1,066,389
|
|
Tri Pointe Homes Inc 5.7% 6/15/2028
|
220,000
|
219,901
|
|
13,426,092
|
|||
Leisure Products - 0.0%
|
|||
Mattel Inc 5.45% 11/1/2041
|
435,000
|
373,860
|
|
Specialty Retail - 1.3%
|
|||
Bath & Body Works Inc 6.694% 1/15/2027 (n)
|
625,000
|
636,840
|
|
Carvana Co 10.25% 5/1/2030 (f)
|
150,000
|
156,000
|
|
Carvana Co 11% 6/1/2030 pay-in-kind (e)(f)
|
974,652
|
1,032,005
|
|
Carvana Co 14% 6/1/2031 pay-in-kind (e)(f)
|
1,243,494
|
1,399,620
|
|
Carvana Co 4.875% 9/1/2029 (f)
|
1,855,000
|
1,646,888
|
|
Carvana Co 5.5% 4/15/2027 (f)
|
1,025,000
|
963,500
|
|
Carvana Co 5.875% 10/1/2028 (f)
|
507,000
|
466,440
|
|
Carvana Co 9% 12/1/2028 pay-in-kind (e)(f)
|
548,701
|
564,090
|
|
Group 1 Automotive Inc 6.375% 1/15/2030 (f)(n)
|
1,330,000
|
1,343,589
|
|
Hudson Automotive Group 8% 5/15/2032 (f)(n)
|
835,000
|
865,842
|
|
LCM Investments Holdings II LLC 8.25% 8/1/2031 (f)
|
755,000
|
789,646
|
|
Michaels Cos Inc/The 5.25% 5/1/2028 (f)
|
1,060,000
|
552,345
|
|
Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (n)
|
1,405,000
|
1,415,196
|
|
Specialty Building Products Holdings LLC / SBP Finance Corp 7.75% 10/15/2029 (f)
|
585,000
|
549,684
|
|
Staples Inc 10.75% 9/1/2029 (f)
|
2,745,000
|
2,378,309
|
|
Staples Inc 12.75% 1/15/2030 (f)
|
2,045,000
|
1,189,509
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (f)(n)
|
1,645,000
|
1,694,653
|
|
17,644,156
|
|||
Textiles, Apparel & Luxury Goods - 0.3%
|
|||
Crocs Inc 4.125% 8/15/2031 (f)
|
720,000
|
629,328
|
|
Kontoor Brands Inc 4.125% 11/15/2029 (f)(n)
|
580,000
|
532,940
|
|
Levi Strauss & Co 3.5% 3/1/2031 (f)
|
700,000
|
613,438
|
|
Wolverine World Wide Inc 4% 8/15/2029 (f)
|
3,250,000
|
2,703,846
|
|
4,479,552
|
|||
TOTAL CONSUMER DISCRETIONARY
|
135,467,868
|
||
Consumer Staples - 2.8%
|
|||
Beverages - 0.2%
|
|||
Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f)
|
2,285,000
|
2,272,351
|
|
Consumer Staples Distribution & Retail - 1.3%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.25% 3/15/2026 (f)
|
295,000
|
289,511
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f)
|
2,690,000
|
2,508,998
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f)
|
1,855,000
|
1,792,018
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (f)(n)
|
1,495,000
|
1,516,748
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (f)
|
2,380,000
|
1,990,282
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f)
|
1,935,000
|
1,979,507
|
|
Performance Food Group Inc 4.25% 8/1/2029 (f)
|
2,690,000
|
2,545,959
|
|
Performance Food Group Inc 6.125% 9/15/2032 (f)
|
285,000
|
285,085
|
|
United Natural Foods Inc 6.75% 10/15/2028 (f)
|
215,000
|
211,095
|
|
US Foods Inc 4.625% 6/1/2030 (f)
|
820,000
|
781,035
|
|
US Foods Inc 4.75% 2/15/2029 (f)
|
2,180,000
|
2,117,307
|
|
US Foods Inc 5.75% 4/15/2033 (f)
|
1,265,000
|
1,239,077
|
|
US Foods Inc 7.25% 1/15/2032 (f)
|
1,225,000
|
1,281,485
|
|
18,538,107
|
|||
Food Products - 1.2%
|
|||
Chobani Holdco II LLC 9.5% 10/1/2029 pay-in-kind (e)(f)
|
1,156,573
|
1,225,589
|
|
Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (f)(n)
|
435,000
|
427,693
|
|
Chobani LLC / Chobani Finance Corp Inc 7.625% 7/1/2029 (f)
|
1,490,000
|
1,560,620
|
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (f)
|
805,000
|
841,734
|
|
Lamb Weston Holdings Inc 4.125% 1/31/2030 (f)(n)
|
3,660,000
|
3,433,502
|
|
Pilgrim's Pride Corp 3.5% 3/1/2032
|
545,000
|
483,590
|
|
Post Holdings Inc 4.625% 4/15/2030 (f)
|
1,290,000
|
1,215,960
|
|
Post Holdings Inc 5.5% 12/15/2029 (f)(n)
|
3,980,000
|
3,906,382
|
|
Post Holdings Inc 6.375% 3/1/2033 (f)(n)
|
2,105,000
|
2,081,336
|
|
TreeHouse Foods Inc 4% 9/1/2028
|
860,000
|
771,578
|
|
Viking Baked Goods Acquisition Corp 8.625% 11/1/2031 (f)
|
290,000
|
275,470
|
|
16,223,454
|
|||
Household Products - 0.1%
|
|||
Resideo Funding Inc 6.5% 7/15/2032 (f)
|
1,455,000
|
1,443,342
|
|
Personal Care Products - 0.0%
|
|||
BellRing Brands Inc 7% 3/15/2030 (f)(n)
|
435,000
|
451,330
|
|
TOTAL CONSUMER STAPLES
|
38,928,584
|
||
Energy - 9.4%
|
|||
Energy Equipment & Services - 1.5%
|
|||
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (f)
|
1,685,000
|
1,675,520
|
|
Kodiak Gas Services LLC 7.25% 2/15/2029 (f)
|
1,950,000
|
1,980,493
|
|
Nabors Industries Inc 7.375% 5/15/2027 (f)
|
1,460,000
|
1,376,619
|
|
Nabors Industries Inc 8.875% 8/15/2031 (f)
|
1,780,000
|
1,207,263
|
|
Nabors Industries Ltd 7.5% 1/15/2028 (f)
|
820,000
|
652,552
|
|
Star Holding LLC 8.75% 8/1/2031 (f)
|
1,400,000
|
1,282,750
|
|
Transocean Inc 8% 2/1/2027 (f)
|
4,113,000
|
3,820,733
|
|
Transocean Inc 8.25% 5/15/2029 (f)
|
2,750,000
|
2,227,905
|
|
Transocean Inc 8.75% 2/15/2030 (f)
|
1,132,000
|
1,106,519
|
|
Transocean Poseidon Ltd 6.875% 2/1/2027 (f)
|
530,250
|
526,256
|
|
USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/1/2027
|
690,000
|
684,145
|
|
USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (f)(n)
|
1,630,000
|
1,645,797
|
|
Valaris Ltd 8.375% 4/30/2030 (f)
|
2,135,000
|
2,000,470
|
|
20,187,022
|
|||
Oil, Gas & Consumable Fuels - 7.9%
|
|||
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (f)
|
1,780,000
|
1,787,197
|
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (f)
|
545,000
|
543,033
|
|
APA Corp 4.25% 1/15/2030 (f)
|
775,000
|
724,695
|
|
Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 10/15/2032 (f)(n)
|
590,000
|
583,810
|
|
California Resources Corp 7.125% 2/1/2026 (f)
|
149,000
|
148,032
|
|
California Resources Corp 8.25% 6/15/2029 (f)
|
4,500,000
|
4,290,327
|
|
CITGO Petroleum Corp 8.375% 1/15/2029 (f)
|
1,230,000
|
1,230,598
|
|
CNX Resources Corp 7.25% 3/1/2032 (f)(n)
|
2,720,000
|
2,718,466
|
|
CNX Resources Corp 7.375% 1/15/2031 (f)
|
625,000
|
625,628
|
|
Comstock Resources Inc 5.875% 1/15/2030 (f)(n)
|
1,410,000
|
1,276,404
|
|
Comstock Resources Inc 6.75% 3/1/2029 (f)
|
3,005,000
|
2,864,335
|
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f)
|
1,560,000
|
1,641,407
|
|
CrownRock LP / CrownRock Finance Inc 5% 5/1/2029 (f)
|
1,855,000
|
1,881,258
|
|
CVR Energy Inc 5.75% 2/15/2028 (f)
|
2,890,000
|
2,637,494
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f)
|
3,165,000
|
3,127,266
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (f)
|
2,440,000
|
2,504,813
|
|
DT Midstream Inc 4.125% 6/15/2029 (f)
|
1,140,000
|
1,069,923
|
|
DT Midstream Inc 4.375% 6/15/2031 (f)
|
545,000
|
501,966
|
|
Energy Transfer LP 7.375% 2/1/2031 (f)
|
1,090,000
|
1,140,823
|
|
Excelerate Energy LP 8% 5/15/2030 (f)(g)
|
1,355,000
|
1,376,446
|
|
Expand Energy Corp 4.75% 2/1/2032
|
1,640,000
|
1,538,735
|
|
Genesis Energy LP / Genesis Energy Finance Corp 7.875% 5/15/2032 (n)
|
670,000
|
652,646
|
|
Global Partners LP / GLP Finance Corp 6.875% 1/15/2029
|
2,210,000
|
2,203,406
|
|
Global Partners LP / GLP Finance Corp 7% 8/1/2027
|
2,927,000
|
2,905,705
|
|
Harvest Midstream I LP 7.5% 5/15/2032 (f)
|
2,535,000
|
2,579,923
|
|
Harvest Midstream I LP 7.5% 9/1/2028 (f)
|
1,110,000
|
1,123,534
|
|
Hess Midstream Operations LP 4.25% 2/15/2030 (f)(n)
|
1,115,000
|
1,046,645
|
|
Hess Midstream Operations LP 5.125% 6/15/2028 (f)
|
3,025,000
|
2,961,433
|
|
Hess Midstream Operations LP 5.5% 10/15/2030 (f)(n)
|
545,000
|
532,145
|
|
HF Sinclair Corp 5% 2/1/2028 (n)
|
2,280,000
|
2,256,423
|
|
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (f)
|
1,380,000
|
1,412,552
|
|
Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (f)
|
1,170,000
|
1,215,942
|
|
Kinetik Holdings LP 5.875% 6/15/2030 (f)(n)
|
1,535,000
|
1,499,772
|
|
Kinetik Holdings LP 6.625% 12/15/2028 (f)
|
955,000
|
961,980
|
|
Kraken Oil & Gas Partners LLC 7.625% 8/15/2029 (f)
|
1,120,000
|
1,001,943
|
|
Matador Resources Co 6.25% 4/15/2033 (f)(n)
|
720,000
|
679,607
|
|
Matador Resources Co 6.5% 4/15/2032 (f)(n)
|
2,310,000
|
2,225,033
|
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f)
|
1,405,000
|
1,291,059
|
|
Murphy Oil Corp 6% 10/1/2032 (n)
|
1,435,000
|
1,305,533
|
|
Murphy Oil USA Inc 3.75% 2/15/2031 (f)
|
785,000
|
707,519
|
|
NGL Energy Operating LLC / NGL Energy Finance Corp 8.125% 2/15/2029 (f)(n)
|
1,950,000
|
1,832,632
|
|
Northern Oil & Gas Inc 8.125% 3/1/2028 (f)
|
1,730,000
|
1,707,940
|
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (f)
|
555,000
|
533,205
|
|
Occidental Petroleum Corp 4.5% 7/15/2044
|
1,335,000
|
933,939
|
|
ONEOK Inc 4.15% 6/1/2025
|
545,000
|
543,822
|
|
ONEOK Inc 6.5% 9/1/2030 (f)
|
1,020,000
|
1,077,650
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f)
|
4,690,000
|
3,858,310
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f)
|
1,215,000
|
1,069,439
|
|
Permian Resources Operating LLC 5.875% 7/1/2029 (f)
|
1,573,000
|
1,533,675
|
|
Permian Resources Operating LLC 7% 1/15/2032 (f)
|
2,785,000
|
2,803,632
|
|
Prairie Acquiror LP 9% 8/1/2029 (f)
|
1,080,000
|
1,088,327
|
|
Rockies Express Pipeline LLC 4.8% 5/15/2030 (f)
|
145,000
|
135,852
|
|
Rockies Express Pipeline LLC 4.95% 7/15/2029 (f)
|
1,480,000
|
1,414,757
|
|
Rockies Express Pipeline LLC 6.75% 3/15/2033 (f)
|
1,195,000
|
1,214,161
|
|
Rockies Express Pipeline LLC 6.875% 4/15/2040 (f)
|
655,000
|
618,330
|
|
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (f)
|
2,285,000
|
2,348,258
|
|
Summit Midstream Holdings LLC 8.625% 10/31/2029 (f)
|
1,120,000
|
1,103,353
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
4,570,000
|
4,329,727
|
|
Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028
|
875,000
|
870,790
|
|
Sunoco LP 6.25% 7/1/2033 (f)
|
1,845,000
|
1,842,516
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f)
|
3,125,000
|
3,038,233
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f)
|
3,695,000
|
3,406,310
|
|
Talos Production Inc 9% 2/1/2029 (f)
|
560,000
|
536,837
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031
|
1,085,000
|
1,055,233
|
|
TransMontaigne Partners LLC 8.5% 6/15/2030 (f)
|
1,400,000
|
1,409,079
|
|
Venture Global Calcasieu 3.875% 8/15/2029 (f)
|
2,155,000
|
1,973,604
|
|
Venture Global Calcasieu 4.125% 8/15/2031 (f)
|
1,680,000
|
1,509,233
|
|
Venture Global Calcasieu 6.25% 1/15/2030 (f)
|
1,445,000
|
1,445,397
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f)
|
1,380,000
|
1,415,752
|
|
109,425,449
|
|||
TOTAL ENERGY
|
129,612,471
|
||
Financials - 7.8%
|
|||
Banks - 0.2%
|
|||
HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (f)
|
1,520,000
|
1,561,223
|
|
Western Alliance Bancorp 3% 6/15/2031 (e)
|
1,910,000
|
1,761,975
|
|
3,323,198
|
|||
Capital Markets - 1.9%
|
|||
AssuredPartners Inc 5.625% 1/15/2029 (f)
|
1,355,000
|
1,350,319
|
|
AssuredPartners Inc 7.5% 2/15/2032 (f)
|
2,145,000
|
2,279,859
|
|
Coinbase Global Inc 3.375% 10/1/2028 (f)(n)
|
900,000
|
828,351
|
|
Focus Financial Partners LLC 6.75% 9/15/2031 (f)
|
2,140,000
|
2,152,804
|
|
Hightower Holding LLC 6.75% 4/15/2029 (f)
|
1,835,000
|
1,754,628
|
|
Hightower Holding LLC 9.125% 1/31/2030 (f)
|
2,630,000
|
2,689,175
|
|
Intercontinental Exchange Inc 3.625% 9/1/2028
|
3,485,000
|
3,405,273
|
|
Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f)
|
970,000
|
923,344
|
|
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (f)
|
4,115,000
|
4,044,550
|
|
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (f)
|
1,965,000
|
1,974,257
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (f)
|
390,000
|
362,894
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (f)
|
2,185,000
|
2,140,783
|
|
LPL Holdings Inc 4.375% 5/15/2031 (f)(n)
|
545,000
|
519,287
|
|
VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (f)
|
1,620,000
|
1,662,847
|
|
26,088,371
|
|||
Consumer Finance - 1.1%
|
|||
Ally Financial Inc 5.75% 11/20/2025
|
110,000
|
110,147
|
|
Ally Financial Inc 6.7% 2/14/2033 (n)
|
2,170,000
|
2,154,858
|
|
Capstone Borrower Inc 8% 6/15/2030 (f)
|
745,000
|
761,083
|
|
Encore Capital Group Inc 9.25% 4/1/2029 (f)
|
1,005,000
|
1,060,868
|
|
Ford Motor Credit Co LLC 3.375% 11/13/2025
|
545,000
|
538,631
|
|
Ford Motor Credit Co LLC 4% 11/13/2030
|
550,000
|
489,520
|
|
Ford Motor Credit Co LLC 5.125% 6/16/2025
|
545,000
|
544,584
|
|
OneMain Finance Corp 3.5% 1/15/2027
|
3,265,000
|
3,125,847
|
|
OneMain Finance Corp 3.875% 9/15/2028 (n)
|
4,040,000
|
3,738,574
|
|
OneMain Finance Corp 6.75% 3/15/2032
|
1,405,000
|
1,378,066
|
|
PRA Group Inc 8.875% 1/31/2030 (f)
|
685,000
|
705,468
|
|
14,607,646
|
|||
Financial Services - 2.3%
|
|||
Block Inc 3.5% 6/1/2031 (n)
|
3,117,000
|
2,782,120
|
|
Block Inc 6.5% 5/15/2032 (f)
|
2,720,000
|
2,775,162
|
|
Boost Newco Borrower LLC 7.5% 1/15/2031 (f)
|
1,525,000
|
1,609,265
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f)
|
840,000
|
821,371
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
4,560,000
|
3,802,205
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
4,565,000
|
4,328,750
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030
|
1,480,000
|
1,397,975
|
|
Jefferson Capital Holdin 8.25% 5/15/2030 (f)
|
685,000
|
689,354
|
|
Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (f)
|
2,095,000
|
2,129,345
|
|
NFE Financing LLC 12% 11/15/2029 (f)
|
3,748,273
|
2,580,053
|
|
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc 4% 10/15/2033 (f)(n)
|
435,000
|
376,283
|
|
Saks Global Enterprises LLC 11% 12/15/2029 (f)
|
1,710,000
|
1,037,179
|
|
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f)
|
1,685,000
|
1,709,006
|
|
Walker & Dunlop Inc 6.625% 4/1/2033 (f)
|
1,055,000
|
1,073,104
|
|
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (f)
|
4,165,000
|
4,263,790
|
|
31,374,962
|
|||
Insurance - 2.0%
|
|||
Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (f)
|
435,000
|
406,516
|
|
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f)
|
1,485,000
|
1,519,416
|
|
Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (f)
|
950,000
|
981,282
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (f)
|
3,740,000
|
3,608,790
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f)
|
1,365,000
|
1,317,691
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f)
|
6,945,000
|
6,895,069
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f)
|
540,000
|
543,888
|
|
AmWINS Group Inc 4.875% 6/30/2029 (f)
|
1,660,000
|
1,584,848
|
|
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (f)
|
1,455,000
|
1,420,065
|
|
HUB International Ltd 7.25% 6/15/2030 (f)
|
3,595,000
|
3,728,889
|
|
Panther Escrow Issuer LLC 7.125% 6/1/2031 (f)
|
2,255,000
|
2,310,236
|
|
Ryan Specialty LLC 5.875% 8/1/2032 (f)
|
2,745,000
|
2,711,269
|
|
USI Inc/NY 7.5% 1/15/2032 (f)
|
840,000
|
867,543
|
|
27,895,502
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
|
|||
Rithm Capital Corp 8% 4/1/2029 (f)
|
830,000
|
828,646
|
|
Starwood Property Trust Inc 6.5% 10/15/2030 (f)
|
1,400,000
|
1,412,572
|
|
Starwood Property Trust Inc 6.5% 7/1/2030 (f)(n)
|
2,030,000
|
2,041,781
|
|
4,282,999
|
|||
TOTAL FINANCIALS
|
107,572,678
|
||
Health Care - 5.9%
|
|||
Biotechnology - 0.1%
|
|||
Amgen Inc 5.6% 3/2/2043
|
1,195,000
|
1,162,648
|
|
Emergent BioSolutions Inc 3.875% 8/15/2028 (f)
|
875,000
|
563,444
|
|
1,726,092
|
|||
Health Care Equipment & Supplies - 1.1%
|
|||
Avantor Funding Inc 3.875% 11/1/2029 (f)
|
1,345,000
|
1,241,691
|
|
Avantor Funding Inc 4.625% 7/15/2028 (f)
|
885,000
|
851,107
|
|
Embecta Corp 5% 2/15/2030 (f)(n)
|
490,000
|
441,012
|
|
Hologic Inc 3.25% 2/15/2029 (f)
|
840,000
|
784,428
|
|
Insulet Corp 6.5% 4/1/2033 (f)
|
600,000
|
612,122
|
|
Medline Borrower LP 3.875% 4/1/2029 (f)
|
6,955,000
|
6,487,758
|
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f)
|
2,740,000
|
2,760,969
|
|
Sotera Health Holdings LLC 7.375% 6/1/2031 (f)(n)
|
1,335,000
|
1,369,231
|
|
Teleflex Inc 4.25% 6/1/2028 (f)
|
930,000
|
890,446
|
|
15,438,764
|
|||
Health Care Providers & Services - 3.4%
|
|||
Acadia Healthcare Co Inc 7.375% 3/15/2033 (f)(n)
|
1,060,000
|
1,059,078
|
|
AMN Healthcare Inc 4% 4/15/2029 (f)(n)
|
680,000
|
609,723
|
|
Centene Corp 2.5% 3/1/2031
|
1,470,000
|
1,246,431
|
|
CHS/Community Health Systems Inc 4.75% 2/15/2031 (f)
|
4,055,000
|
3,347,627
|
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (f)
|
7,690,000
|
6,560,742
|
|
CHS/Community Health Systems Inc 5.625% 3/15/2027 (f)
|
1,915,000
|
1,867,537
|
|
CHS/Community Health Systems Inc 6% 1/15/2029 (f)(n)
|
765,000
|
712,650
|
|
CHS/Community Health Systems Inc 6.125% 4/1/2030 (f)
|
880,000
|
600,068
|
|
CHS/Community Health Systems Inc 6.875% 4/15/2029 (f)
|
1,490,000
|
1,085,480
|
|
DaVita Inc 3.75% 2/15/2031 (f)(n)
|
855,000
|
751,686
|
|
DaVita Inc 4.625% 6/1/2030 (f)
|
4,560,000
|
4,241,075
|
|
DaVita Inc 6.875% 9/1/2032 (f)
|
700,000
|
706,780
|
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (f)(n)
|
725,000
|
695,632
|
|
HealthEquity Inc 4.5% 10/1/2029 (f)
|
1,865,000
|
1,762,365
|
|
Humana Inc 5.875% 3/1/2033
|
1,085,000
|
1,111,114
|
|
LifePoint Health Inc 5.375% 1/15/2029 (f)
|
1,570,000
|
1,413,323
|
|
ModivCare Inc 5% 10/1/2029 (f)
|
215,000
|
8,868
|
|
Molina Healthcare Inc 3.875% 11/15/2030 (f)
|
1,465,000
|
1,320,638
|
|
Molina Healthcare Inc 6.25% 1/15/2033 (f)
|
875,000
|
868,417
|
|
Option Care Health Inc 4.375% 10/31/2029 (f)
|
255,000
|
240,830
|
|
Owens & Minor Inc 10% 4/15/2030 (f)
|
1,390,000
|
1,434,643
|
|
Radiology Partners Inc 7.775% 1/31/2029 pay-in-kind (e)(f)
|
1,420,068
|
1,389,466
|
|
Select Medical Corp 6.25% 12/1/2032 (f)(n)
|
2,180,000
|
2,164,639
|
|
Surgery Center Holdings Inc 7.25% 4/15/2032 (f)
|
1,995,000
|
1,990,473
|
|
Tenet Healthcare Corp 4.25% 6/1/2029
|
2,790,000
|
2,657,103
|
|
Tenet Healthcare Corp 6.125% 10/1/2028 (n)
|
3,035,000
|
3,027,741
|
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
2,820,000
|
2,829,300
|
|
Tenet Healthcare Corp 6.75% 5/15/2031 (n)
|
390,000
|
399,785
|
|
US Acute Care Solutions LLC 9.75% 5/15/2029 (f)
|
585,000
|
593,881
|
|
46,697,095
|
|||
Health Care Technology - 0.1%
|
|||
IQVIA Inc 6.5% 5/15/2030 (f)(n)
|
1,110,000
|
1,127,791
|
|
Pharmaceuticals - 1.2%
|
|||
1261229 BC Ltd 10% 4/15/2032 (f)
|
6,955,000
|
6,810,156
|
|
Bausch Health Americas Inc 9.25% 4/1/2026 (f)
|
1,675,000
|
1,633,485
|
|
Bausch Health Cos Inc 11% 9/30/2028 (f)
|
1,290,000
|
1,213,116
|
|
Bausch Health Cos Inc 5.25% 1/30/2030 (f)
|
530,000
|
310,259
|
|
Jazz Securities DAC 4.375% 1/15/2029 (f)
|
1,850,000
|
1,755,691
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f)(n)
|
3,935,000
|
3,711,369
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f)
|
1,050,000
|
881,318
|
|
16,315,394
|
|||
TOTAL HEALTH CARE
|
81,305,136
|
||
Industrials - 8.7%
|
|||
Aerospace & Defense - 1.8%
|
|||
BWX Technologies Inc 4.125% 6/30/2028 (f)
|
3,247,000
|
3,119,241
|
|
Goat Holdco LLC 6.75% 2/1/2032 (f)
|
2,180,000
|
2,130,950
|
|
Howmet Aerospace Inc 5.95% 2/1/2037
|
435,000
|
452,755
|
|
Moog Inc 4.25% 12/15/2027 (f)
|
165,000
|
159,167
|
|
OneSky Flight LLC 8.875% 12/15/2029 (f)
|
665,000
|
671,249
|
|
Spirit AeroSystems Inc 9.75% 11/15/2030 (f)
|
965,000
|
1,068,165
|
|
TransDigm Inc 5.5% 11/15/2027
|
3,780,000
|
3,762,005
|
|
TransDigm Inc 6% 1/15/2033 (f)
|
4,265,000
|
4,256,158
|
|
TransDigm Inc 6.375% 3/1/2029 (f)
|
6,800,000
|
6,927,243
|
|
TransDigm Inc 6.75% 8/15/2028 (f)
|
1,630,000
|
1,660,563
|
|
24,207,496
|
|||
Air Freight & Logistics - 0.3%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (f)(n)
|
4,015,000
|
3,733,499
|
|
Building Products - 0.4%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (f)
|
824,000
|
814,874
|
|
Advanced Drainage Systems Inc 6.375% 6/15/2030 (f)(n)
|
490,000
|
497,558
|
|
AmeriTex HoldCo Intermediate LLC 10.25% 10/15/2028 (f)
|
815,000
|
839,561
|
|
BCPE Ulysses Intermediate Inc 7.75% 4/1/2027 pay-in-kind (e)(f)
|
1,460,000
|
1,416,432
|
|
Builders FirstSource Inc 4.25% 2/1/2032 (f)(n)
|
2,210,000
|
1,990,352
|
|
5,558,777
|
|||
Commercial Services & Supplies - 3.5%
|
|||
Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (f)
|
2,040,000
|
1,913,062
|
|
Allied Universal Holdco LLC / Allied Universal Finance Corp 9.75% 7/15/2027 (f)
|
1,455,000
|
1,460,166
|
|
Allied Universal Holdco LLC 7.875% 2/15/2031 (f)
|
3,120,000
|
3,186,645
|
|
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f)
|
2,190,000
|
2,104,783
|
|
Artera Services LLC 8.5% 2/15/2031 (f)
|
8,240,000
|
7,817,908
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (f)
|
5,400,000
|
5,129,599
|
|
Clean Harbors Inc 6.375% 2/1/2031 (f)(n)
|
515,000
|
524,579
|
|
CoreCivic Inc 4.75% 10/15/2027
|
3,661,000
|
3,566,359
|
|
CoreCivic Inc 8.25% 4/15/2029
|
1,365,000
|
1,438,860
|
|
GEO Group Inc/The 10.25% 4/15/2031
|
2,710,000
|
2,961,128
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
1,375,000
|
1,445,465
|
|
GFL Environmental Inc 6.75% 1/15/2031 (f)
|
930,000
|
966,736
|
|
Madison IAQ LLC 4.125% 6/30/2028 (f)
|
2,375,000
|
2,267,557
|
|
Madison IAQ LLC 5.875% 6/30/2029 (f)
|
1,515,000
|
1,432,642
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (f)(n)
|
2,925,000
|
2,603,250
|
|
OT Midco Inc 10% 2/15/2030 (f)
|
2,160,000
|
1,757,473
|
|
Reworld Holding Corp 4.875% 12/1/2029 (f)
|
1,650,000
|
1,541,724
|
|
Waste Management Inc 3.875% 1/15/2029 (f)
|
3,330,000
|
3,277,792
|
|
Waste Pro USA Inc 7% 2/1/2033 (f)
|
1,260,000
|
1,285,554
|
|
Williams Scotsman Inc 6.625% 4/15/2030 (f)
|
985,000
|
1,002,839
|
|
47,684,121
|
|||
Construction & Engineering - 0.4%
|
|||
Arcosa Inc 6.875% 8/15/2032 (f)
|
845,000
|
861,047
|
|
Pike Corp 5.5% 9/1/2028 (f)
|
1,847,000
|
1,813,906
|
|
Pike Corp 8.625% 1/31/2031 (f)
|
1,425,000
|
1,494,945
|
|
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f)
|
1,990,000
|
1,993,130
|
|
6,163,028
|
|||
Electrical Equipment - 0.5%
|
|||
GrafTech Global Enterprises Inc 9.875% 12/23/2029 (f)
|
1,090,000
|
817,500
|
|
Regal Rexnord Corp 6.3% 2/15/2030
|
1,090,000
|
1,125,778
|
|
Sensata Technologies BV 4% 4/15/2029 (f)
|
3,430,000
|
3,155,305
|
|
WESCO Distribution Inc 6.375% 3/15/2033 (f)
|
2,100,000
|
2,124,383
|
|
7,222,966
|
|||
Ground Transportation - 0.4%
|
|||
Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (f)(n)
|
1,140,000
|
1,137,378
|
|
Genesee & Wyoming Inc 6.25% 4/15/2032 (f)
|
2,040,000
|
2,066,930
|
|
XPO Inc 6.25% 6/1/2028 (f)
|
335,000
|
338,319
|
|
XPO Inc 7.125% 2/1/2032 (f)(n)
|
1,650,000
|
1,690,209
|
|
XPO Inc 7.125% 6/1/2031 (f)(n)
|
550,000
|
563,089
|
|
5,795,925
|
|||
Industrial Conglomerates - 0.1%
|
|||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (f)
|
1,415,000
|
1,354,459
|
|
Machinery - 0.1%
|
|||
Mueller Water Products Inc 4% 6/15/2029 (f)
|
1,905,000
|
1,788,544
|
|
Passenger Airlines - 0.3%
|
|||
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f)(n)
|
540,000
|
533,404
|
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f)(n)
|
2,080,000
|
2,119,923
|
|
JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (f)
|
1,125,000
|
1,036,269
|
|
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd 6.5% 6/20/2027 (f)(n)
|
245,250
|
246,019
|
|
3,935,615
|
|||
Professional Services - 0.1%
|
|||
Amentum Holdings Inc 7.25% 8/1/2032 (f)
|
1,655,000
|
1,683,529
|
|
Trading Companies & Distributors - 0.7%
|
|||
Beacon Roofing Supply Inc 6.75% 4/30/2032 (f)
|
2,040,000
|
2,045,276
|
|
Fortress Transportation and Infrastructure Investors LLC 5.875% 4/15/2033 (f)
|
860,000
|
822,900
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (f)
|
680,000
|
689,046
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (f)(n)
|
1,860,000
|
1,944,539
|
|
United Rentals North America Inc 6% 12/15/2029 (f)
|
545,000
|
551,885
|
|
United Rentals North America Inc 6.125% 3/15/2034 (f)(n)
|
3,415,000
|
3,451,835
|
|
9,505,481
|
|||
Transportation Infrastructure - 0.1%
|
|||
First Student Bidco Inc / First Transit Parent Inc 4% 7/31/2029 (f)(n)
|
1,045,000
|
966,286
|
|
TOTAL INDUSTRIALS
|
119,599,726
|
||
Information Technology - 4.6%
|
|||
Communications Equipment - 0.4%
|
|||
CommScope LLC 4.75% 9/1/2029 (f)
|
1,075,000
|
948,823
|
|
CommScope LLC 9.5% 12/15/2031 (f)(n)
|
2,540,000
|
2,598,349
|
|
Viasat Inc 5.625% 9/15/2025 (f)
|
2,135,000
|
2,134,903
|
|
5,682,075
|
|||
Electronic Equipment, Instruments & Components - 0.9%
|
|||
Coherent Corp 5% 12/15/2029 (f)(n)
|
2,885,000
|
2,762,035
|
|
CPI CG Inc 10% 7/15/2029 (f)
|
735,000
|
788,155
|
|
Insight Enterprises Inc 6.625% 5/15/2032 (f)
|
1,115,000
|
1,131,172
|
|
Lightning Power LLC 7.25% 8/15/2032 (f)
|
1,310,000
|
1,357,201
|
|
Sensata Technologies Inc 3.75% 2/15/2031 (f)
|
545,000
|
476,398
|
|
Sensata Technologies Inc 6.625% 7/15/2032 (f)(n)
|
1,515,000
|
1,500,942
|
|
TTM Technologies Inc 4% 3/1/2029 (f)
|
4,905,000
|
4,559,539
|
|
12,575,442
|
|||
IT Services - 0.7%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (f)
|
2,140,000
|
1,892,492
|
|
Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (f)
|
1,545,000
|
1,452,300
|
|
ASGN Inc 4.625% 5/15/2028 (f)
|
1,025,000
|
975,434
|
|
Gartner Inc 3.625% 6/15/2029 (f)(n)
|
345,000
|
323,563
|
|
Gartner Inc 3.75% 10/1/2030 (f)
|
555,000
|
510,847
|
|
Gartner Inc 4.5% 7/1/2028 (f)
|
2,505,000
|
2,469,136
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f)
|
2,070,000
|
1,928,252
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f)
|
625,000
|
619,494
|
|
10,171,518
|
|||
Semiconductors & Semiconductor Equipment - 0.7%
|
|||
Broadcom Inc 2.6% 2/15/2033 (f)
|
1,570,000
|
1,323,909
|
|
Entegris Inc 3.625% 5/1/2029 (f)(n)
|
990,000
|
911,523
|
|
Entegris Inc 5.95% 6/15/2030 (f)
|
3,270,000
|
3,263,181
|
|
ON Semiconductor Corp 3.875% 9/1/2028 (f)
|
1,480,000
|
1,399,025
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (f)(i)(k)(r)
|
2,567,220
|
2,470,950
|
|
9,368,588
|
|||
Software - 1.7%
|
|||
Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc 8% 6/15/2029 (f)
|
1,400,000
|
1,239,544
|
|
Cloud Software Group Inc 6.5% 3/31/2029 (f)
|
3,725,000
|
3,726,337
|
|
Cloud Software Group Inc 8.25% 6/30/2032 (f)
|
1,360,000
|
1,418,640
|
|
Cloud Software Group Inc 9% 9/30/2029 (f)
|
5,045,000
|
5,082,484
|
|
Elastic NV 4.125% 7/15/2029 (f)
|
1,715,000
|
1,618,590
|
|
Ellucian Holdings Inc 6.5% 12/1/2029 (f)
|
290,000
|
289,715
|
|
Gen Digital Inc 6.25% 4/1/2033 (f)
|
1,740,000
|
1,735,306
|
|
Gen Digital Inc 7.125% 9/30/2030 (f)(n)
|
545,000
|
561,144
|
|
McAfee Corp 7.375% 2/15/2030 (f)
|
1,505,000
|
1,299,999
|
|
Rackspace Finance LLC 3.5% 5/15/2028 (f)
|
2,262,850
|
805,513
|
|
SS&C Technologies Inc 5.5% 9/30/2027 (f)
|
440,000
|
437,830
|
|
SS&C Technologies Inc 6.5% 6/1/2032 (f)
|
2,710,000
|
2,747,242
|
|
UKG Inc 6.875% 2/1/2031 (f)(n)
|
1,605,000
|
1,651,214
|
|
22,613,558
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Seagate HDD Cayman 5.75% 12/1/2034
|
1,210,000
|
1,169,041
|
|
Seagate HDD Cayman 8.25% 12/15/2029
|
555,000
|
595,143
|
|
Seagate HDD Cayman 8.5% 7/15/2031
|
670,000
|
716,798
|
|
2,480,982
|
|||
TOTAL INFORMATION TECHNOLOGY
|
62,892,163
|
||
Materials - 7.2%
|
|||
Chemicals - 3.5%
|
|||
Avient Corp 6.25% 11/1/2031 (f)
|
1,420,000
|
1,404,820
|
|
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (f)
|
2,445,000
|
2,531,724
|
|
Celanese US Holdings LLC 6.5% 4/15/2030 (n)
|
1,135,000
|
1,108,994
|
|
Celanese US Holdings LLC 6.75% 4/15/2033 (n)
|
2,255,000
|
2,116,821
|
|
Chemours Co/The 5.75% 11/15/2028 (f)
|
2,625,000
|
2,377,779
|
|
Chemours Co/The 8% 1/15/2033 (f)
|
2,920,000
|
2,631,267
|
|
CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (f)
|
1,807,000
|
1,746,409
|
|
Element Solutions Inc 3.875% 9/1/2028 (f)
|
1,044,000
|
986,972
|
|
Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (e)(f)
|
4,255,925
|
3,644,136
|
|
LSB Industries Inc 6.25% 10/15/2028 (f)
|
880,000
|
823,583
|
|
Mativ Holdings Inc 8% 10/1/2029 (f)(n)
|
1,430,000
|
1,188,747
|
|
Methanex US Operations Inc 6.25% 3/15/2032 (f)
|
2,185,000
|
2,068,971
|
|
Olin Corp 5% 2/1/2030 (n)
|
1,110,000
|
1,042,417
|
|
Olin Corp 6.625% 4/1/2033 (f)
|
1,400,000
|
1,328,393
|
|
Olympus Water US Holding Corp 4.25% 10/1/2028 (f)
|
2,030,000
|
1,875,379
|
|
Olympus Water US Holding Corp 6.25% 10/1/2029 (f)(n)
|
2,255,000
|
2,071,243
|
|
Olympus Water US Holding Corp 7.25% 6/15/2031 (f)(n)
|
1,930,000
|
1,930,000
|
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (f)
|
2,225,000
|
2,318,357
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (f)(n)
|
3,750,000
|
3,592,504
|
|
Scih Salt Hldgs Inc 6.625% 5/1/2029 (f)
|
1,815,000
|
1,762,871
|
|
SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (f)
|
1,550,000
|
1,529,515
|
|
Scotts Miracle-Gro Co/The 4% 4/1/2031
|
215,000
|
188,297
|
|
Scotts Miracle-Gro Co/The 4.375% 2/1/2032
|
330,000
|
287,511
|
|
Tronox Inc 4.625% 3/15/2029 (f)(n)
|
3,860,000
|
3,124,573
|
|
WR Grace Holdings LLC 5.625% 8/15/2029 (f)
|
4,500,000
|
3,986,763
|
|
WR Grace Holdings LLC 7.375% 3/1/2031 (f)
|
440,000
|
442,349
|
|
48,110,395
|
|||
Construction Materials - 0.5%
|
|||
Quikrete Holdings Inc 6.375% 3/1/2032 (f)
|
2,090,000
|
2,101,779
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f)
|
2,240,000
|
2,298,197
|
|
VM Consolidated Inc 5.5% 4/15/2029 (f)
|
2,020,000
|
1,947,697
|
|
6,347,673
|
|||
Containers & Packaging - 1.8%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f)
|
1,145,000
|
996,617
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f)
|
1,985,000
|
1,977,714
|
|
Ball Corp 2.875% 8/15/2030
|
545,000
|
482,570
|
|
Ball Corp 6% 6/15/2029
|
710,000
|
722,726
|
|
Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f)
|
3,325,000
|
3,349,402
|
|
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f)
|
2,100,000
|
2,147,255
|
|
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f)
|
3,310,000
|
3,410,370
|
|
Graham Packaging Co Inc 7.125% 8/15/2028 (f)
|
545,000
|
532,949
|
|
Graphic Packaging International LLC 3.75% 2/1/2030 (f)
|
610,000
|
560,535
|
|
Graphic Packaging International LLC 6.375% 7/15/2032 (f)(n)
|
2,720,000
|
2,733,386
|
|
Mauser Packaging Solutions Holding Co 9.25% 4/15/2027 (f)
|
1,335,000
|
1,224,883
|
|
Sealed Air Corp 5% 4/15/2029 (f)
|
3,300,000
|
3,208,984
|
|
Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (f)
|
655,000
|
659,837
|
|
Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (f)(n)
|
2,415,000
|
2,514,860
|
|
24,522,088
|
|||
Metals & Mining - 1.3%
|
|||
Alcoa Nederland Holding BV 7.125% 3/15/2031 (f)
|
530,000
|
546,037
|
|
Arsenal AIC Parent LLC 8% 10/1/2030 (f)
|
740,000
|
766,171
|
|
ATI Inc 4.875% 10/1/2029
|
1,215,000
|
1,160,751
|
|
ATI Inc 5.875% 12/1/2027
|
1,230,000
|
1,226,793
|
|
Cleveland-Cliffs Inc 4.875% 3/1/2031 (f)
|
215,000
|
184,428
|
|
Cleveland-Cliffs Inc 6.875% 11/1/2029 (f)
|
730,000
|
707,026
|
|
Cleveland-Cliffs Inc 7% 3/15/2032 (f)(n)
|
2,745,000
|
2,578,888
|
|
Cleveland-Cliffs Inc 7.375% 5/1/2033 (f)(n)
|
730,000
|
686,247
|
|
Commercial Metals Co 3.875% 2/15/2031
|
655,000
|
587,241
|
|
Commercial Metals Co 4.125% 1/15/2030
|
1,140,000
|
1,071,777
|
|
Kaiser Aluminum Corp 4.5% 6/1/2031 (f)(n)
|
830,000
|
745,858
|
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (f)
|
2,375,000
|
2,285,105
|
|
Novelis Corp 3.25% 11/15/2026 (f)
|
330,000
|
320,041
|
|
Novelis Corp 3.875% 8/15/2031 (f)(n)
|
545,000
|
470,379
|
|
Novelis Corp 6.875% 1/30/2030 (f)(n)
|
2,770,000
|
2,809,910
|
|
Roller Bearing Co of America Inc 4.375% 10/15/2029 (f)(n)
|
1,475,000
|
1,399,191
|
|
Vibrantz Technologies Inc 9% 2/15/2030 (f)
|
1,395,000
|
1,056,663
|
|
18,602,506
|
|||
Paper & Forest Products - 0.1%
|
|||
LABL Inc 10.5% 7/15/2027 (f)
|
625,000
|
559,375
|
|
LABL Inc 5.875% 11/1/2028 (f)
|
330,000
|
272,909
|
|
LABL Inc 9.5% 11/1/2028 (f)
|
220,000
|
192,223
|
|
Magnera Corp 7.25% 11/15/2031 (f)
|
1,020,000
|
964,543
|
|
1,989,050
|
|||
TOTAL MATERIALS
|
99,571,712
|
||
Real Estate - 2.2%
|
|||
Diversified REITs - 1.0%
|
|||
Safehold GL Holdings LLC 2.85% 1/15/2032
|
1,635,000
|
1,391,471
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f)
|
3,690,000
|
3,299,942
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (f)
|
2,081,000
|
2,209,574
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f)
|
4,996,000
|
4,570,491
|
|
Vici Properties LP / Vici Note Co Inc 4.125% 8/15/2030 (f)
|
1,085,000
|
1,023,524
|
|
12,495,002
|
|||
Health Care REITs - 0.8%
|
|||
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (f)
|
2,070,000
|
2,014,043
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
3,970,000
|
2,631,202
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029 (n)
|
2,850,000
|
2,170,783
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (n)
|
3,310,000
|
2,923,470
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (f)
|
1,785,000
|
1,813,530
|
|
11,553,028
|
|||
Real Estate Management & Development - 0.3%
|
|||
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (f)(n)
|
874,400
|
775,493
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (f)
|
25,000
|
18,367
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (f)
|
32,000
|
25,270
|
|
Greystar Real Estate Partners LLC 7.75% 9/1/2030 (f)
|
555,000
|
582,822
|
|
Howard Hughes Corp/The 4.125% 2/1/2029 (f)
|
945,000
|
865,651
|
|
Howard Hughes Corp/The 4.375% 2/1/2031 (f)
|
775,000
|
687,238
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030 (n)
|
1,605,000
|
1,415,289
|
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (f)(n)
|
395,000
|
382,711
|
|
4,752,841
|
|||
Specialized REITs - 0.1%
|
|||
Iron Mountain Inc 4.5% 2/15/2031 (f)
|
545,000
|
504,899
|
|
Iron Mountain Inc 6.25% 1/15/2033 (f)
|
730,000
|
728,665
|
|
SBA Communications Corp 3.125% 2/1/2029 (n)
|
550,000
|
509,561
|
|
1,743,125
|
|||
TOTAL REAL ESTATE
|
30,543,996
|
||
Utilities - 2.5%
|
|||
Electric Utilities - 2.1%
|
|||
Clearway Energy Operating LLC 3.75% 1/15/2032 (f)
|
280,000
|
242,820
|
|
Clearway Energy Operating LLC 3.75% 2/15/2031 (f)
|
2,580,000
|
2,296,905
|
|
DPL Inc 4.35% 4/15/2029
|
185,000
|
176,406
|
|
NRG Energy Inc 3.375% 2/15/2029 (f)
|
2,360,000
|
2,187,689
|
|
NRG Energy Inc 3.625% 2/15/2031 (f)
|
790,000
|
710,030
|
|
NRG Energy Inc 5.25% 6/15/2029 (f)
|
2,565,000
|
2,534,456
|
|
NRG Energy Inc 5.75% 7/15/2029 (f)
|
1,390,000
|
1,383,461
|
|
NRG Energy Inc 6.25% 11/1/2034 (f)
|
1,460,000
|
1,457,757
|
|
PG&E Corp 5.25% 7/1/2030
|
5,970,000
|
5,751,984
|
|
Vistra Operations Co LLC 5% 7/31/2027 (f)
|
2,849,000
|
2,824,194
|
|
Vistra Operations Co LLC 5.625% 2/15/2027 (f)
|
1,965,000
|
1,963,729
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (f)
|
2,445,000
|
2,585,299
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f)(n)
|
2,495,000
|
2,469,263
|
|
XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (f)(n)
|
2,020,000
|
2,027,414
|
|
28,611,407
|
|||
Gas Utilities - 0.0%
|
|||
Ferrellgas LP / Ferrellgas Finance Corp 5.375% 4/1/2026 (f)
|
295,000
|
286,820
|
|
Suburban Propane Partners LP/Suburban Energy Finance Corp 5.875% 3/1/2027
|
210,000
|
208,938
|
|
495,758
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
Alpha Generation LLC 6.75% 10/15/2032 (f)
|
1,690,000
|
1,722,299
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (f)
|
4,795,000
|
1,438,500
|
|
3,160,799
|
|||
Water Utilities - 0.2%
|
|||
Aris Water Holdings LLC 7.25% 4/1/2030 (f)
|
2,095,000
|
2,078,923
|
|
TOTAL UTILITIES
|
34,346,887
|
||
TOTAL UNITED STATES
|
939,770,685
|
||
ZAMBIA - 0.5%
|
|||
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
First Quantum Minerals Ltd 6.875% 10/15/2027 (f)
|
1,112,000
|
1,096,710
|
|
First Quantum Minerals Ltd 8% 3/1/2033 (f)
|
700,000
|
692,565
|
|
First Quantum Minerals Ltd 8.625% 6/1/2031 (f)
|
1,180,000
|
1,197,331
|
|
First Quantum Minerals Ltd 9.375% 3/1/2029 (f)
|
3,380,000
|
3,553,225
|
|
TOTAL ZAMBIA
|
6,539,831
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,165,935,692)
|
1,136,636,598
|
||
Preferred Securities - 1.8%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
SWITZERLAND - 0.0%
|
|||
Financials - 0.0%
|
|||
Capital Markets - 0.0%
|
|||
UBS Group AG 7% (e)(f)(s)
|
770,000
|
755,962
|
|
UNITED KINGDOM - 0.1%
|
|||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
Barclays PLC 7.625% (e)(s)
|
1,130,000
|
1,096,612
|
|
UNITED STATES - 1.7%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Mesquite Energy Inc 7.25% (l)(s)
|
10,580,000
|
105,800
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (d)(e)(s)
|
2,775,000
|
2,787,311
|
|
2,893,111
|
|||
Financials - 1.5%
|
|||
Banks - 0.9%
|
|||
Bank of America Corp 5.875% (e)(n)(s)
|
2,195,000
|
2,187,927
|
|
BW Real Estate Inc 9.5% (e)(f)(s)
|
835,000
|
828,394
|
|
Citigroup Inc 6.75% (e)(s)
|
1,750,000
|
1,705,039
|
|
Citigroup Inc 6.95% (e)(s)
|
700,000
|
696,391
|
|
Citigroup Inc 7.125% (e)(s)
|
2,535,000
|
2,538,210
|
|
JPMorgan Chase & Co 6.5% (e)(s)
|
2,785,000
|
2,797,841
|
|
Wells Fargo & Co 7.625% (e)(n)(s)
|
615,000
|
653,409
|
|
11,407,211
|
|||
Capital Markets - 0.4%
|
|||
Bank of New York Mellon Corp/The 6.3% (e)(s)
|
700,000
|
709,336
|
|
Charles Schwab Corp/The 4% (e)(s)
|
1,405,000
|
1,234,998
|
|
Goldman Sachs Group Inc/The 6.125% (e)(s)
|
720,000
|
705,186
|
|
Goldman Sachs Group Inc/The 6.85% (e)(s)
|
2,520,000
|
2,531,429
|
|
5,180,949
|
|||
Consumer Finance - 0.2%
|
|||
Ally Financial Inc 4.7% (e)(s)
|
1,785,000
|
1,527,335
|
|
Ally Financial Inc 4.7% (e)(s)
|
1,820,000
|
1,689,332
|
|
3,216,667
|
|||
TOTAL FINANCIALS
|
19,804,827
|
||
Industrials - 0.0%
|
|||
Trading Companies & Distributors - 0.0%
|
|||
Aircastle Ltd 5.25% (e)(f)(s)
|
225,000
|
220,057
|
|
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Edison International 5% (e)(s)
|
490,000
|
436,471
|
|
TOTAL UNITED STATES
|
23,354,466
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $33,817,970)
|
25,207,040
|
||
Money Market Funds - 11.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (u)
|
4.33
|
41,142,821
|
41,151,050
|
|
Fidelity Securities Lending Cash Central Fund (u)(v)
|
4.33
|
116,768,338
|
116,780,015
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $157,931,065)
|
157,931,065
|
|||
U.S. Treasury Obligations - 0.5%
|
||||
Yield (%) (t)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Notes 4.125% 11/15/2032
(Cost $6,739,586)
|
4.51 to 4.55
|
6,919,000
|
6,987,109
|
|
|
TOTAL INVESTMENT IN SECURITIES - 108.5%
(Cost $1,533,901,168)
|
1,498,116,424
|
NET OTHER ASSETS (LIABILITIES) - (8.5)%
|
(117,338,167)
|
NET ASSETS - 100.0%
|
1,380,778,257
|
(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 $20,655,268 or 1.5% of net assets.
|
(c)
|
Affiliated Fund
|
(d)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(e)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(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 $982,225,653 or 71.1% of net assets.
|
(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)
|
Level 3 security
|
(j)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(k)
|
Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $2,634,420 and $2,568,433, respectively.
|
(l)
|
Non-income producing - Security is in default.
|
(m)
|
Non-income producing
|
(n)
|
Security or a portion of the security is on loan at period end.
|
(o)
|
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 $276,984 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(p)
|
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
|
(q)
|
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 $1,394,106 or 0.1% of net assets.
|
(r)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(s)
|
Security is perpetual in nature with no stated maturity date.
|
(t)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(u)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(v)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Fidelity Private Credit Company LLC
|
4/15/22 - 4/07/25
|
21,457,346
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
54,802,390
|
427,825,684
|
441,477,656
|
1,839,259
|
632
|
-
|
41,151,050
|
41,142,821
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
8,172,350
|
528,479,647
|
419,871,982
|
251,295
|
-
|
-
|
116,780,015
|
116,768,338
|
0.4%
|
Total
|
62,974,740
|
956,305,331
|
861,349,638
|
2,090,554
|
632
|
-
|
157,931,065
|
||
Affiliate
|
Value,
beginning
of period ($)
|
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
|
17,286,920
|
4,525,658
|
-
|
3,139,654
|
-
|
(1,157,310)
|
20,655,268
|
2,158,335
|
17,286,920
|
4,525,658
|
-
|
3,139,654
|
-
|
(1,157,310)
|
20,655,268
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Alternative Funds
|
20,655,268
|
-
|
20,655,268
|
-
|
Asset-Backed Securities
|
5,915,563
|
-
|
5,915,563
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
4,051,801
|
-
|
4,051,801
|
-
|
Consumer Discretionary
|
34,583,520
|
-
|
34,583,520
|
-
|
Consumer Staples
|
79,625
|
-
|
79,625
|
-
|
Energy
|
5,018,106
|
-
|
5,018,106
|
-
|
Financials
|
3,679,464
|
-
|
3,679,464
|
-
|
Health Care
|
8,063,035
|
-
|
8,063,035
|
-
|
Industrials
|
4,489,638
|
-
|
4,489,638
|
-
|
Information Technology
|
25,745,733
|
-
|
22,437,494
|
3,308,239
|
Materials
|
13,153,134
|
-
|
13,153,134
|
-
|
Utilities
|
735,402
|
-
|
735,402
|
-
|
Commercial Mortgage Securities
|
4,970,436
|
-
|
4,970,436
|
-
|
Common Stocks
|
||||
Communication Services
|
3,135,274
|
3,124,960
|
-
|
10,314
|
Consumer Discretionary
|
1,213,452
|
1,213,452
|
-
|
-
|
Consumer Staples
|
37,748
|
-
|
-
|
37,748
|
Energy
|
13,315,787
|
276,984
|
-
|
13,038,803
|
Health Care
|
2,244,768
|
1,139,205
|
-
|
1,105,563
|
Industrials
|
497,858
|
497,858
|
-
|
-
|
Information Technology
|
3,560,802
|
1,654,096
|
-
|
1,906,706
|
Materials
|
6,141
|
6,141
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Communication Services
|
5,637,116
|
-
|
5,637,116
|
-
|
Consumer Discretionary
|
19,420
|
-
|
19,420
|
-
|
Financials
|
1,841,864
|
-
|
1,841,864
|
-
|
Information Technology
|
1,775,368
|
-
|
1,775,368
|
-
|
Real Estate
|
5,899,778
|
-
|
5,899,778
|
-
|
Utilities
|
1,028,511
|
-
|
1,028,511
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
145,221,557
|
-
|
145,221,557
|
-
|
Consumer Discretionary
|
150,149,613
|
-
|
150,149,613
|
-
|
Consumer Staples
|
44,044,233
|
-
|
44,044,233
|
-
|
Energy
|
153,913,493
|
-
|
153,913,493
|
-
|
Financials
|
121,155,192
|
-
|
121,155,192
|
-
|
Health Care
|
83,624,602
|
-
|
83,624,602
|
-
|
Industrials
|
145,886,967
|
-
|
145,886,967
|
-
|
Information Technology
|
75,617,699
|
-
|
73,146,749
|
2,470,950
|
Materials
|
146,316,989
|
-
|
146,316,989
|
-
|
Real Estate
|
30,543,996
|
-
|
30,543,996
|
-
|
Utilities
|
40,162,257
|
-
|
40,162,257
|
-
|
Preferred Securities
|
||||
Energy
|
2,893,111
|
-
|
2,893,111
|
-
|
Financials
|
21,657,401
|
-
|
21,657,401
|
-
|
Industrials
|
220,057
|
-
|
220,057
|
-
|
Utilities
|
436,471
|
-
|
436,471
|
-
|
U.S. Treasury Obligations
|
6,987,109
|
-
|
6,987,109
|
-
|
Money Market Funds
|
157,931,065
|
157,931,065
|
-
|
-
|
Total Investments in Securities:
|
1,498,116,424
|
165,843,761
|
1,310,394,340
|
21,878,323
|
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
|
3,982,624
|
145,603
|
(56,517)
|
-
|
(783,598)
|
20,127
|
-
|
-
|
3,308,239
|
(12,541)
|
Common Stocks
|
14,824,823
|
42,077
|
(11,556)
|
4,928,824
|
(3,674,782)
|
-
|
-
|
(10,252)
|
16,099,134
|
(11,556)
|
Corporate Bonds
|
3,520,608
|
907,963
|
9,886,269
|
-
|
(14,216,417)
|
(98,423)
|
-
|
-
|
-
|
-
|
Non-Convertible Corporate Bonds
|
-
|
-
|
(955)
|
2,464,660
|
-
|
7,245
|
-
|
-
|
2,470,950
|
(955)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $112,556,748) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $1,354,512,757)
|
$
|
1,319,530,091
|
||
Fidelity Central Funds (cost $157,931,065)
|
157,931,065
|
|||
Other affiliated issuers (cost $21,457,346)
|
20,655,268
|
|||
Total Investment in Securities (cost $1,533,901,168)
|
$
|
1,498,116,424
|
||
Receivable for investments sold
|
8,020,275
|
|||
Receivable for fund shares sold
|
473,773
|
|||
Interest receivable
|
20,607,588
|
|||
Distributions receivable from Fidelity Central Funds
|
106,182
|
|||
Receivable from investment adviser for expense reductions
|
12,814
|
|||
Total assets
|
1,527,337,056
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
2,047,632
|
||
Payable for investments purchased
|
||||
Regular delivery
|
25,566,690
|
|||
Delayed delivery
|
1,955,000
|
|||
Payable for fund shares redeemed
|
207,309
|
|||
Distributions payable
|
190
|
|||
Other payables and accrued expenses
|
1,963
|
|||
Collateral on securities loaned
|
116,780,015
|
|||
Total liabilities
|
146,558,799
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes)
|
||||
Net Assets
|
$
|
1,380,778,257
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
1,824,899,972
|
||
Total accumulated earnings (loss)
|
(444,121,715)
|
|||
Net Assets
|
$
|
1,380,778,257
|
||
Net Asset Value, offering price and redemption price per share ($1,380,778,257 ÷ 162,477,832 shares)
|
$
|
8.50
|
||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends:
|
||||
Unaffiliated issuers
|
$
|
1,277,352
|
||
Affiliated issuers
|
2,846,913
|
|||
Interest
|
94,853,292
|
|||
Income from Fidelity Central Funds (including $251,295 from security lending)
|
2,090,554
|
|||
Payment from investment adviser
|
140,835
|
|||
Total income
|
101,208,946
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
14,439
|
||
Independent trustees' fees and expenses
|
5,886
|
|||
Legal
|
7,685
|
|||
Miscellaneous
|
71
|
|||
Total expenses before reductions
|
28,081
|
|||
Expense reductions
|
(20,017)
|
|||
Total expenses after reductions
|
8,064
|
|||
Net Investment income (loss)
|
101,200,882
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(16,316,339)
|
|||
Fidelity Central Funds
|
632
|
|||
Foreign currency transactions
|
(96)
|
|||
Capital gain distributions from underlying funds:
|
||||
Affiliated issuers
|
292,741
|
|||
Total net realized gain (loss)
|
(16,023,062)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
37,268,498
|
|||
Affiliated issuers
|
(1,157,310)
|
|||
Assets and liabilities in foreign currencies
|
377
|
|||
Total change in net unrealized appreciation (depreciation)
|
36,111,565
|
|||
Net gain (loss)
|
20,088,503
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
121,289,385
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
101,200,882
|
$
|
85,959,811
|
Net realized gain (loss)
|
(16,023,062)
|
(23,247,623)
|
||
Change in net unrealized appreciation (depreciation)
|
36,111,565
|
34,030,795
|
||
Net increase (decrease) in net assets resulting from operations
|
121,289,385
|
96,742,983
|
||
Distributions to shareholders
|
(94,299,693)
|
(81,389,502)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
248,393,417
|
228,600,645
|
||
Reinvestment of distributions
|
94,284,692
|
81,389,526
|
||
Cost of shares redeemed
|
(338,088,119)
|
(176,213,871)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
4,589,990
|
133,776,300
|
||
Total increase (decrease) in net assets
|
31,579,682
|
149,129,781
|
||
Net Assets
|
||||
Beginning of period
|
1,349,198,575
|
1,200,068,794
|
||
End of period
|
$
|
1,380,778,257
|
$
|
1,349,198,575
|
Other Information
|
||||
Shares
|
||||
Sold
|
28,727,843
|
27,698,132
|
||
Issued in reinvestment of distributions
|
10,966,489
|
9,876,597
|
||
Redeemed
|
(39,121,863)
|
(21,371,348)
|
||
Net increase (decrease)
|
572,469
|
16,203,381
|
||
Fidelity® Series High Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.33
|
$
|
8.24
|
$
|
8.74
|
$
|
9.44
|
$
|
8.54
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.618
|
.562
|
.536
|
.510
|
.513
|
|||||
Net realized and unrealized gain (loss)
|
.127
|
.060
|
(.516)
|
(.699)
|
.890
|
|||||
Total from investment operations
|
.745
|
.622
|
.020
|
(.189)
|
1.403
|
|||||
Distributions from net investment income
|
(.575)
|
(.532)
|
(.520)
|
(.511)
|
(.503)
|
|||||
Total distributions
|
(.575)
|
(.532)
|
(.520)
|
(.511)
|
(.503)
|
|||||
Net asset value, end of period
|
$
|
8.50
|
$
|
8.33
|
$
|
8.24
|
$
|
8.74
|
$
|
9.44
|
Total Return C
|
9.08 % |
7.82%
|
.41%
|
(2.24)%
|
16.72%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
-% F
|
-% F
|
.04%
|
.02%
|
-% F
|
|||||
Expenses net of fee waivers, if any F
|
- % |
-%
|
-%
|
-%
|
-%
|
|||||
Expenses net of all reductions, if any F
|
-%
|
-%
|
-%
|
-%
|
-%
|
|||||
Net investment income (loss)
|
7.20%
|
6.83%
|
6.49%
|
5.42%
|
5.58%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,380,778
|
$
|
1,349,199
|
$
|
1,200,069
|
$
|
1,474,882
|
$
|
1,702,161
|
Portfolio turnover rate G
|
43 % |
28%
|
34%
|
49%
|
68%
|
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%
|
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
|
$3,308,239
|
Discounted cash flow
|
Yield
|
11.4%
|
Decrease
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Common Stocks
|
$16,099,134
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.3
|
Increase
|
Enterprise value/Revenue multiple (EV/R)
|
0.3
|
Increase
|
|||
Market approach
|
Transaction price
|
$18.00
|
Increase
|
||
Discounted cash flow
|
Discount rate
|
9.4%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.04
|
Increase
|
||
Black scholes
|
Discount rate
|
4.0%
|
Increase
|
||
Term
|
4.2
|
Increase
|
|||
Volatility
|
60.0%
|
Increase
|
|||
Non-Convertible Corporate Bonds
|
$2,470,950
|
Discounted cash flow
|
Yield
|
16.3%
|
Decrease
|
Gross unrealized appreciation
|
$45,837,070
|
Gross unrealized depreciation
|
(67,997,884)
|
Net unrealized appreciation (depreciation)
|
$(22,160,814)
|
Tax Cost
|
$1,520,277,238
|
Undistributed ordinary income
|
$3,475,066
|
Capital loss carryforward
|
$(425,436,343)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$(22,160,437)
|
Short-term
|
$(46,986,632)
|
Long-term
|
(378,449,711)
|
Total capital loss carryforward
|
$(425,436,343)
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$94,299,693
|
$81,389,502
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Series High Income Fund
|
Fidelity Private Credit Company LLC
|
1,700,009
|
-
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Series High Income Fund
|
553,935,717
|
530,634,455
|
Amount ($)
|
|
Fidelity Series High Income Fund
|
607
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Series High Income Fund
|
358,477
|
1,210,328
|
125,074
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Series High Income Fund
|
26,340
|
-
|
-
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Alternative Funds - 2.8%
|
|||
Shares
|
Value ($)
|
||
Fidelity Private Credit Company LLC (b)(c)
(Cost $378,469,472)
|
38,033,001
|
363,975,820
|
|
Asset-Backed Securities - 0.3%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
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)
|
757,000
|
748,145
|
|
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)
|
1,000,000
|
970,970
|
|
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)
|
490,000
|
484,170
|
|
TOTAL BAILIWICK OF JERSEY
|
2,203,285
|
||
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)
|
1,228,000
|
1,214,718
|
|
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)
|
334,000
|
331,397
|
|
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)
|
1,152,000
|
1,116,348
|
|
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)
|
1,747,000
|
1,722,734
|
|
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)
|
1,141,000
|
1,121,457
|
|
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)
|
737,000
|
714,504
|
|
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)
|
1,562,000
|
1,514,278
|
|
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)
|
1,672,000
|
1,629,304
|
|
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)
|
903,000
|
897,582
|
|
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)
|
1,082,000
|
1,061,790
|
|
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)
|
412,000
|
404,817
|
|
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)
|
2,379,000
|
2,379,000
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
956,000
|
928,701
|
|
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)
|
2,754,000
|
2,661,981
|
|
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 4.1% 4/15/2038 (d)(e)(f)(g)
|
1,048,000
|
1,038,602
|
|
Flatiron Clo 19 Ltd Series 2025-1A Class ER2, CME Term SOFR 3 month Index + 5.9%, 10.2119% 11/16/2034 (d)(e)(f)
|
695,000
|
675,316
|
|
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)
|
1,608,000
|
1,585,814
|
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
914,000
|
902,561
|
|
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)
|
1,070,000
|
1,030,467
|
|
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.8195% 7/20/2037 (d)(e)(f)
|
1,291,000
|
1,261,111
|
|
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)
|
2,024,000
|
2,001,704
|
|
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)
|
726,000
|
706,094
|
|
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)
|
2,485,000
|
2,397,329
|
|
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)
|
640,000
|
629,602
|
|
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)
|
31,154,337
|
||
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)
|
5,156,000
|
5,066,559
|
|
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)
|
814,000
|
791,498
|
|
Obra Clo 1 Ltd / Obra Clo 1 LLC Series 2024-1A Class D2, 8.259% 1/20/2038 (d)
|
750,000
|
753,711
|
|
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)
|
864,000
|
849,388
|
|
TOTAL UNITED STATES
|
7,461,156
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $41,577,968)
|
40,818,778
|
||
Bank Loan Obligations - 11.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.2%
|
|||
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)
|
5,929,938
|
5,725,355
|
|
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)
|
19,594,359
|
15,699,980
|
|
TOTAL CANADA
|
21,425,335
|
||
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)
|
21,161,018
|
19,002,594
|
|
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)
|
1,444,800
|
1,290,929
|
|
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)
|
20,168,894
|
19,601,745
|
|
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)
|
12,003,750
|
10,981,271
|
|
UNITED KINGDOM - 0.4%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Connect US FinCo LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8216% 9/13/2029 (e)(f)(h)
|
8,623,519
|
7,723,482
|
|
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)
|
44,877,680
|
44,805,427
|
|
TOTAL UNITED KINGDOM
|
52,528,909
|
||
UNITED STATES - 10.5%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.6508% 7/31/2025 (e)(f)(h)
|
7,397,629
|
4,395,449
|
|
Aventiv Technologies LLC Tranche DEC FLSO, term loan CME Term SOFR 3 month Index + 10%, 14.5645% 12/24/2025 (e)(f)(h)
|
210,242
|
213,658
|
|
Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0608% 7/31/2025 (e)(f)(h)
|
193,846
|
184,154
|
|
Aventiv Technologies LLC Tranche FLSO, term loan 14.5222% 3/25/2026 (e)(h)
|
1,931,635
|
1,960,609
|
|
6,753,870
|
|||
Media - 0.1%
|
|||
Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 6/24/2029 (e)(f)(h)
|
734,238
|
709,002
|
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 1/31/2029 (e)(f)(h)
|
7,275,000
|
6,883,969
|
|
7,592,971
|
|||
TOTAL COMMUNICATION SERVICES
|
14,346,841
|
||
Consumer Discretionary - 2.0%
|
|||
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)
|
2,631,792
|
2,576,049
|
|
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)
|
6,657,318
|
6,495,878
|
|
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)
|
3,333,286
|
3,287,820
|
|
Diversified Consumer Services - 0.3%
|
|||
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (e)(f)(h)
|
17,556,364
|
14,289,300
|
|
TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3234% 5/15/2028 (e)(f)(h)
|
26,459,407
|
26,062,516
|
|
40,351,816
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 10/18/2028 (e)(f)(h)
|
28,776,447
|
28,650,694
|
|
Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3288% 8/9/2027 (e)(f)(h)
|
18,998,294
|
18,962,767
|
|
Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 1/27/2029 (e)(f)(h)
|
29,146,569
|
28,363,401
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (e)(f)(h)
|
8,987,701
|
8,512,072
|
|
84,488,934
|
|||
Specialty Retail - 1.0%
|
|||
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)
|
4,661,575
|
4,642,789
|
|
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (e)(f)(h)
|
3,000,000
|
2,878,380
|
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (e)(f)(h)
|
116,372,334
|
109,899,705
|
|
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)
|
2,151,899
|
2,119,857
|
|
119,540,731
|
|||
TOTAL CONSUMER DISCRETIONARY
|
256,741,228
|
||
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)
|
1,799,952
|
1,127,220
|
|
Naked Juice LLC Tranche NEW $$ FLFO , term loan CME Term SOFR 1 month Index + 5.5%, 9.7076% 1/24/2029 (e)(f)(h)
|
1,165,101
|
1,110,924
|
|
2,238,144
|
|||
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)
|
2,133,902
|
2,112,776
|
|
TOTAL CONSUMER STAPLES
|
4,350,920
|
||
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)
|
2,797,988
|
2,777,003
|
|
EPIC Crude Services LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2561% 10/9/2031 (e)(f)(h)
|
1,815,450
|
1,811,891
|
|
Mesquite Energy Inc 1LN, term loan 0% (e)(h)(i)(j)(k)
|
2,528,000
|
0
|
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(h)(i)(j)(k)
|
5,860,874
|
1
|
|
4,588,895
|
|||
Financials - 1.1%
|
|||
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)
|
9,480,385
|
9,461,804
|
|
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)
|
24,024,788
|
23,708,141
|
|
PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.9666% 11/19/2031 (e)(f)(h)
|
1,740,000
|
1,731,300
|
|
34,901,245
|
|||
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)
|
28,735,000
|
27,489,912
|
|
Insurance - 0.7%
|
|||
Acrisure LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 2/16/2027 (e)(f)(h)
|
16,366,551
|
16,291,592
|
|
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/6/2030 (e)(f)(h)
|
11,730,863
|
11,576,953
|
|
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)
|
34,329,056
|
34,064,380
|
|
HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7695% 6/20/2030 (e)(f)(h)
|
9,137,633
|
9,072,755
|
|
TIH Insurance Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 5/6/2032 (e)(f)(h)
|
13,536,842
|
13,482,695
|
|
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)
|
2,254,718
|
2,227,480
|
|
86,715,855
|
|||
TOTAL FINANCIALS
|
149,107,012
|
||
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)
|
22,689,949
|
22,522,044
|
|
Health Care Providers & Services - 0.1%
|
|||
Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 11/15/2028 (e)(f)(h)
|
6,709,473
|
6,665,055
|
|
Health Care Technology - 0.5%
|
|||
AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/15/2029 (e)(f)(h)
|
28,892,183
|
28,607,884
|
|
Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0737% 4/30/2031 (e)(f)(h)
|
41,031,586
|
40,108,376
|
|
68,716,260
|
|||
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)
|
18,065,000
|
17,011,269
|
|
TOTAL HEALTH CARE
|
114,914,628
|
||
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)
|
10,198,750
|
10,085,034
|
|
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)
|
779,113
|
765,213
|
|
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)
|
19,250,000
|
18,792,813
|
|
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)
|
17,534,038
|
17,176,869
|
|
Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/10/2031 (e)(f)(h)
|
6,281,550
|
5,968,478
|
|
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)
|
31,061,108
|
28,659,773
|
|
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)
|
3,368,638
|
3,407,580
|
|
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7622% 6/21/2028 (e)(f)(h)
|
2,923,950
|
2,893,629
|
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (e)(f)(h)
|
15,366,400
|
13,523,508
|
|
Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
2,153,396
|
2,142,629
|
|
Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5788% 11/30/2028 (e)(f)(h)
|
165,854
|
165,023
|
|
Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4345% 12/10/2026 (e)(f)(h)
|
4,926,485
|
4,912,100
|
|
97,642,402
|
|||
Machinery - 0.0%
|
|||
STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 3/25/2031 (e)(f)(h)
|
6,083,550
|
5,844,041
|
|
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)
|
1,070,122
|
1,077,923
|
|
United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2752% 2/24/2031 (e)(f)(h)
|
2,268,095
|
2,258,887
|
|
3,336,810
|
|||
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)
|
5,880,263
|
5,797,586
|
|
TOTAL INDUSTRIALS
|
123,471,086
|
||
Information Technology - 4.5%
|
|||
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)
|
1,953,966
|
1,945,661
|
|
Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 8/18/2031 (e)(f)(h)
|
2,945,200
|
2,934,627
|
|
4,880,288
|
|||
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)
|
698,607
|
690,922
|
|
GTT Communications Inc Tranche HOLDCO 1LN, term loan CME Term SOFR 1 month Index + 9%, 13.3561% 6/30/2028 (e)(f)(h)
|
3,368,506
|
2,607,796
|
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (e)(f)(h)
|
5,650,000
|
5,605,591
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
109,135,000
|
106,383,707
|
|
X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9492% 10/26/2029 (e)(f)(h)
|
61,916,645
|
59,919,834
|
|
175,207,850
|
|||
Software - 3.1%
|
|||
Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/23/2032 (e)(f)(h)
|
225,000
|
229,712
|
|
Applied Systems Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0492% 2/24/2031 (e)(f)(h)
|
11,746,385
|
11,713,730
|
|
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (e)(f)(h)
|
7,142,318
|
6,997,257
|
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (e)(f)(h)
|
17,634,158
|
17,407,383
|
|
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5527% 3/29/2032 (e)(f)(h)
|
28,185,000
|
28,000,106
|
|
ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 8.0608% 9/30/2028 (e)(f)(h)
|
17,937,587
|
17,877,855
|
|
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)
|
3,101,738
|
3,075,560
|
|
McAfee Corp 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.319% 3/1/2029 (e)(f)(h)
|
30,858,798
|
28,891,549
|
|
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)
|
10,455,237
|
9,880,199
|
|
Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7797% 7/1/2031 (e)(f)(h)
|
29,257,975
|
27,674,826
|
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (e)(f)(h)
|
21,447,875
|
20,650,229
|
|
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)
|
1,550,000
|
1,542,467
|
|
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)
|
11,895,150
|
11,837,340
|
|
Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 8/31/2028 (e)(f)(h)
|
83,411,416
|
82,869,242
|
|
RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.5608% 4/22/2028 (e)(f)(h)
|
5,818,950
|
5,758,142
|
|
UKG Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3201% 2/10/2031 (e)(f)(h)
|
83,426,243
|
83,096,709
|
|
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0195% 4/14/2031 (e)(f)(h)
|
34,999,332
|
34,802,636
|
|
392,304,942
|
|||
TOTAL INFORMATION TECHNOLOGY
|
572,393,080
|
||
Materials - 1.0%
|
|||
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)
|
51,594,564
|
51,259,200
|
|
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)
|
8,895,647
|
8,458,248
|
|
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)
|
14,530,976
|
14,231,347
|
|
73,948,795
|
|||
Containers & Packaging - 0.4%
|
|||
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.4966% 4/13/2029 (e)(f)(h)
|
62,363,150
|
61,887,943
|
|
TOTAL MATERIALS
|
135,836,738
|
||
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
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)
|
549,952
|
547,355
|
|
TOTAL UNITED STATES
|
1,376,297,783
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $1,539,762,281)
|
1,501,128,566
|
||
Common Stocks - 19.8%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.3%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
South Bow Corp
|
927,800
|
22,915,705
|
|
Information Technology - 0.1%
|
|||
IT Services - 0.1%
|
|||
Shopify Inc Class A (l)
|
161,300
|
15,341,401
|
|
TOTAL CANADA
|
38,257,106
|
||
CHINA - 0.6%
|
|||
Consumer Discretionary - 0.6%
|
|||
Automobiles - 0.6%
|
|||
BYD Co Ltd H Shares
|
1,728,000
|
82,073,513
|
|
FRANCE - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Textiles, Apparel & Luxury Goods - 0.0%
|
|||
LVMH Moet Hennessy Louis Vuitton SE
|
11,800
|
6,536,365
|
|
HONG KONG - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Studio City International Holdings Ltd ADR (l)
|
695,700
|
2,045,358
|
|
Studio City International Holdings Ltd ADR (d)(l)
|
631,958
|
1,857,957
|
|
TOTAL HONG KONG
|
3,903,315
|
||
LUXEMBOURG - 0.0%
|
|||
Industrials - 0.0%
|
|||
Transportation Infrastructure - 0.0%
|
|||
Tricer Holdco S.C.A. Class A1 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A2 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A3 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A4 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A5 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A6 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A7 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A8 (b)(k)(l)
|
598,287
|
6
|
|
Tricer Holdco S.C.A. Class A9 (b)(k)(l)
|
598,287
|
6
|
|
54
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Algoma Steel Sca (k)(l)
|
198,162
|
1
|
|
TOTAL LUXEMBOURG
|
55
|
||
NETHERLANDS - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
ASML Holding NV depository receipt
|
21,300
|
14,230,104
|
|
NXP Semiconductors NV
|
43,500
|
8,017,485
|
|
TOTAL NETHERLANDS
|
22,247,589
|
||
TAIWAN - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
229,000
|
38,172,010
|
|
UNITED STATES - 18.4%
|
|||
Communication Services - 1.9%
|
|||
Interactive Media & Services - 1.7%
|
|||
Alphabet Inc Class A
|
344,200
|
54,658,960
|
|
Meta Platforms Inc Class A
|
266,600
|
146,363,400
|
|
Pinterest Inc Class A (l)
|
966,900
|
24,481,908
|
|
225,504,268
|
|||
Media - 0.2%
|
|||
EchoStar Corp (b)
|
472,785
|
10,628,207
|
|
EchoStar Corp Class A (l)(m)
|
769,300
|
17,293,864
|
|
iHeartMedia Inc Class A (l)
|
104
|
107
|
|
27,922,178
|
|||
TOTAL COMMUNICATION SERVICES
|
253,426,446
|
||
Consumer Discretionary - 2.0%
|
|||
Automobile Components - 0.0%
|
|||
UC Holdings Inc (k)(l)
|
677,217
|
6
|
|
Broadline Retail - 0.4%
|
|||
Amazon.com Inc (l)
|
256,900
|
47,377,498
|
|
Hotels, Restaurants & Leisure - 0.7%
|
|||
Airbnb Inc Class A (l)
|
202,100
|
24,640,032
|
|
Booking Holdings Inc
|
4,600
|
23,456,688
|
|
Boyd Gaming Corp
|
453,873
|
31,380,780
|
|
Domino's Pizza Inc
|
30,300
|
14,858,211
|
|
New Cotai LLC / New Cotai Capital Corp (b)(k)(l)
|
3,366,626
|
706,991
|
|
95,042,702
|
|||
Household Durables - 0.4%
|
|||
TopBuild Corp (l)
|
174,900
|
51,728,424
|
|
Specialty Retail - 0.4%
|
|||
Dick's Sporting Goods Inc
|
140,400
|
26,358,696
|
|
Williams-Sonoma Inc
|
152,606
|
23,573,049
|
|
49,931,745
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Arena Brands Holding Corp (b)(k)(l)
|
659,302
|
10,792,774
|
|
Crocs Inc (l)
|
137,705
|
13,277,516
|
|
24,070,290
|
|||
TOTAL CONSUMER DISCRETIONARY
|
268,150,665
|
||
Consumer Staples - 0.3%
|
|||
Beverages - 0.1%
|
|||
Celsius Holdings Inc (l)
|
238,100
|
8,323,976
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
Southeastern Grocers Inc rights (k)(l)
|
793,345
|
31,083
|
|
US Foods Holding Corp (l)
|
310,200
|
20,367,732
|
|
20,398,815
|
|||
Personal Care Products - 0.0%
|
|||
elf Beauty Inc (l)(m)
|
104,900
|
6,490,163
|
|
TOTAL CONSUMER STAPLES
|
35,212,954
|
||
Energy - 0.4%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Forbes Energy Services Ltd (k)(l)
|
193,218
|
1
|
|
Superior Energy Services Inc Class A (k)(l)
|
110,370
|
5,777,870
|
|
5,777,871
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
California Resources Corp
|
17,780
|
613,588
|
|
Canvas Energy Inc Series B warrants 10/1/2025 (k)(l)
|
392
|
0
|
|
Energy Transfer LP
|
1,252,700
|
20,719,658
|
|
EP Energy Corp (k)(l)
|
841,775
|
1,127,979
|
|
Expand Energy Corp
|
954
|
99,121
|
|
Expand Energy Corp warrants 2/9/2026 (l)
|
1,803
|
155,905
|
|
Mesquite Energy Inc (k)(l)
|
317,026
|
27,676,340
|
|
Unit Corp
|
37,978
|
960,843
|
|
51,353,434
|
|||
TOTAL ENERGY
|
57,131,305
|
||
Financials - 3.2%
|
|||
Capital Markets - 0.6%
|
|||
Ares Management Corp Class A
|
145,100
|
22,132,103
|
|
Blue Owl Capital Inc Class A
|
1,137,300
|
21,074,169
|
|
Coinbase Global Inc Class A (l)
|
95,100
|
19,294,839
|
|
Moody's Corp
|
33,900
|
15,360,768
|
|
PJT Partners Inc Class A
|
5,092
|
721,587
|
|
78,583,466
|
|||
Consumer Finance - 0.2%
|
|||
OneMain Holdings Inc
|
569,200
|
26,792,244
|
|
Financial Services - 1.9%
|
|||
Apollo Global Management Inc
|
610,300
|
83,293,744
|
|
Block Inc Class A (l)
|
377,300
|
22,060,731
|
|
Carnelian Point Holdings LP warrants 6/30/2027 (k)(l)
|
931
|
2,719
|
|
Fiserv Inc (l)
|
164,300
|
30,324,851
|
|
Mastercard Inc Class A
|
92,500
|
50,695,550
|
|
Visa Inc Class A
|
178,500
|
61,671,750
|
|
248,049,345
|
|||
Insurance - 0.5%
|
|||
Arthur J Gallagher & Co
|
211,900
|
67,954,211
|
|
TOTAL FINANCIALS
|
421,379,266
|
||
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Cano Health LLC warrants (k)(l)
|
10,791
|
29,783
|
|
DaVita Inc (l)
|
86,600
|
12,258,230
|
|
Encompass Health Corp
|
34
|
3,978
|
|
Enhabit Inc (l)
|
17
|
136
|
|
Tenet Healthcare Corp (l)
|
105,498
|
15,080,939
|
|
27,373,066
|
|||
Industrials - 3.9%
|
|||
Aerospace & Defense - 0.1%
|
|||
TransDigm Group Inc
|
13,200
|
18,652,524
|
|
Building Products - 0.7%
|
|||
Builders FirstSource Inc (l)
|
90,400
|
10,814,552
|
|
Carlisle Cos Inc
|
113,900
|
43,222,772
|
|
Trane Technologies PLC
|
114,800
|
44,003,988
|
|
98,041,312
|
|||
Construction & Engineering - 1.4%
|
|||
Comfort Systems USA Inc
|
237,200
|
94,298,860
|
|
EMCOR Group Inc
|
97,500
|
39,068,250
|
|
IES Holdings Inc (l)
|
94,400
|
18,566,592
|
|
WillScot Holdings Corp
|
610,100
|
15,325,712
|
|
167,259,414
|
|||
Electrical Equipment - 1.2%
|
|||
Eaton Corp PLC
|
206,300
|
60,728,531
|
|
NEXTracker Inc Class A (l)
|
876,300
|
35,586,543
|
|
nVent Electric PLC
|
315,900
|
17,346,069
|
|
Vertiv Holdings Co Class A
|
414,400
|
35,381,472
|
|
149,042,615
|
|||
Machinery - 0.4%
|
|||
Allison Transmission Holdings Inc
|
151,500
|
13,974,360
|
|
Deere & Co
|
14,600
|
6,767,976
|
|
Parker-Hannifin Corp
|
58,900
|
35,638,034
|
|
56,380,370
|
|||
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
265,711
|
2,218,687
|
|
Spirit Aviation Holdings Inc
|
57,517
|
480,267
|
|
2,698,954
|
|||
Trading Companies & Distributors - 0.1%
|
|||
Core & Main Inc Class A (l)
|
352,800
|
18,585,504
|
|
Penhall Acquisition Company (k)(l)
|
34,884
|
0
|
|
18,585,504
|
|||
TOTAL INDUSTRIALS
|
510,660,693
|
||
Information Technology - 4.6%
|
|||
Communications Equipment - 0.2%
|
|||
Arista Networks Inc
|
384,000
|
31,591,680
|
|
IT Services - 0.0%
|
|||
GTT Communications Inc (k)(l)
|
85,487
|
3,977,710
|
|
Semiconductors & Semiconductor Equipment - 2.3%
|
|||
KLA Corp
|
42,500
|
29,864,325
|
|
Lam Research Corp
|
579,000
|
41,496,930
|
|
Marvell Technology Inc
|
273,600
|
15,970,032
|
|
Micron Technology Inc
|
170,800
|
13,143,060
|
|
MKS Instruments Inc
|
155,900
|
10,934,826
|
|
NVIDIA Corp
|
1,349,000
|
146,933,081
|
|
ON Semiconductor Corp (l)
|
700,403
|
27,805,999
|
|
286,148,253
|
|||
Software - 2.0%
|
|||
Adobe Inc (l)
|
80,400
|
30,148,392
|
|
AppLovin Corp Class A (l)
|
37,700
|
10,152,987
|
|
Autodesk Inc (l)
|
75,700
|
20,760,725
|
|
Gen Digital Inc
|
606,400
|
15,687,568
|
|
Microsoft Corp
|
185,200
|
73,202,152
|
|
Monday.com Ltd (l)
|
199,800
|
56,141,802
|
|
Oracle Corp
|
169,900
|
23,908,328
|
|
Salesforce Inc
|
111,700
|
30,014,907
|
|
260,016,861
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Dell Technologies Inc Class C
|
148,200
|
13,598,832
|
|
TOTAL INFORMATION TECHNOLOGY
|
595,333,336
|
||
Materials - 0.6%
|
|||
Chemicals - 0.1%
|
|||
Chemours Co/The
|
857,210
|
10,612,260
|
|
Construction Materials - 0.4%
|
|||
Eagle Materials Inc
|
142,000
|
32,147,380
|
|
Martin Marietta Materials Inc
|
23,300
|
12,208,734
|
|
44,356,114
|
|||
Containers & Packaging - 0.1%
|
|||
Graphic Packaging Holding CO
|
746,300
|
18,888,853
|
|
Metals & Mining - 0.0%
|
|||
Elah Holdings Inc (l)
|
906
|
16,706
|
|
TOTAL MATERIALS
|
73,873,933
|
||
Utilities - 1.3%
|
|||
Electric Utilities - 0.7%
|
|||
Constellation Energy Corp
|
254,300
|
56,820,792
|
|
PG&E Corp
|
2,097,796
|
34,655,590
|
|
Portland General Electric Co
|
14,817
|
624,092
|
|
92,100,474
|
|||
Independent Power and Renewable Electricity Producers - 0.6%
|
|||
PureWest Energy LLC (k)(l)
|
17,812
|
4,004
|
|
Vistra Corp
|
636,300
|
82,483,569
|
|
82,487,573
|
|||
TOTAL UTILITIES
|
174,588,047
|
||
TOTAL UNITED STATES
|
2,417,129,711
|
||
|
TOTAL COMMON STOCKS
(Cost $2,073,062,595)
|
2,608,319,664
|
||
Convertible Corporate Bonds - 0.7%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.7%
|
|||
Communication Services - 0.3%
|
|||
Media - 0.3%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
36,499,762
|
39,350,393
|
|
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
New Cotai LLC 5% 2/24/2027 (k)
|
4,458,204
|
4,488,074
|
|
Financials - 0.1%
|
|||
Capital Markets - 0.1%
|
|||
Coinbase Global Inc 0.25% 4/1/2030
|
8,566,000
|
8,510,321
|
|
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
Wolfspeed Inc 1.875% 12/1/2029
|
118,424,000
|
33,217,932
|
|
TOTAL UNITED STATES
|
85,566,720
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $125,985,004)
|
85,566,720
|
||
Non-Convertible Corporate Bonds - 51.3%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 0.4%
|
|||
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (d)
|
8,990,000
|
8,136,234
|
|
FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (d)
|
9,015,000
|
8,793,896
|
|
Mineral Resources Ltd 8% 11/1/2027 (d)
|
9,005,000
|
8,552,251
|
|
Mineral Resources Ltd 8.125% 5/1/2027 (d)
|
18,015,000
|
17,519,439
|
|
Mineral Resources Ltd 8.5% 5/1/2030 (d)
|
4,475,000
|
4,065,107
|
|
Mineral Resources Ltd 9.25% 10/1/2028 (d)
|
10,605,000
|
10,029,293
|
|
TOTAL AUSTRALIA
|
57,096,220
|
||
BRAZIL - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (d)
|
9,085,000
|
8,755,669
|
|
CANADA - 1.7%
|
|||
Consumer Discretionary - 0.6%
|
|||
Hotels, Restaurants & Leisure - 0.5%
|
|||
1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d)
|
12,115,000
|
11,632,796
|
|
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d)
|
39,005,000
|
35,495,816
|
|
1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (d)
|
10,600,000
|
10,261,814
|
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d)
|
12,285,000
|
11,820,755
|
|
69,211,181
|
|||
Household Durables - 0.1%
|
|||
Brookfield Residential Properties Inc / Brookfield Residential US LLC 4.875% 2/15/2030 (d)
|
7,775,000
|
6,768,526
|
|
TOTAL CONSUMER DISCRETIONARY
|
75,979,707
|
||
Consumer Staples - 0.0%
|
|||
Household Products - 0.0%
|
|||
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d)
|
12,120,000
|
10,016,677
|
|
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Parkland Corp 4.5% 10/1/2029 (d)
|
8,995,000
|
8,480,211
|
|
Parkland Corp 4.625% 5/1/2030 (d)
|
12,175,000
|
11,459,397
|
|
Parkland Corp 6.625% 8/15/2032 (d)
|
6,030,000
|
6,002,226
|
|
Teine Energy Ltd 6.875% 4/15/2029 (d)
|
8,990,000
|
8,533,696
|
|
34,475,530
|
|||
Financials - 0.0%
|
|||
Insurance - 0.0%
|
|||
Jones Deslauriers Insurance Management Inc 10.5% 12/15/2030 (d)
|
3,840,000
|
4,130,814
|
|
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.3%
|
|||
Bombardier Inc 6% 2/15/2028 (d)
|
6,075,000
|
6,007,600
|
|
Bombardier Inc 7.125% 6/15/2026 (d)
|
3,102,000
|
3,109,771
|
|
Bombardier Inc 7.25% 7/1/2031 (d)
|
6,080,000
|
6,225,038
|
|
Bombardier Inc 7.875% 4/15/2027 (d)
|
9,046,000
|
9,068,072
|
|
Bombardier Inc 8.75% 11/15/2030 (d)
|
9,040,000
|
9,686,459
|
|
34,096,940
|
|||
Machinery - 0.0%
|
|||
ATS Corp 4.125% 12/15/2028 (d)
|
7,895,000
|
7,325,570
|
|
Passenger Airlines - 0.1%
|
|||
Air Canada 3.875% 8/15/2026 (d)
|
9,105,000
|
8,934,236
|
|
TOTAL INDUSTRIALS
|
50,356,746
|
||
Information Technology - 0.2%
|
|||
Software - 0.2%
|
|||
Open Text Corp 6.9% 12/1/2027 (d)
|
10,610,000
|
10,912,644
|
|
Open Text Holdings Inc 4.125% 12/1/2031 (d)
|
5,485,000
|
4,905,277
|
|
Open Text Holdings Inc 4.125% 2/15/2030 (d)
|
5,690,000
|
5,257,983
|
|
21,075,904
|
|||
Materials - 0.2%
|
|||
Chemicals - 0.1%
|
|||
NOVA Chemicals Corp 8.5% 11/15/2028 (d)
|
8,160,000
|
8,600,020
|
|
Containers & Packaging - 0.1%
|
|||
Cascades Inc/Cascades USA Inc 5.125% 1/15/2026 (d)
|
5,600,000
|
5,569,458
|
|
Cascades Inc/Cascades USA Inc 5.375% 1/15/2028 (d)
|
5,600,000
|
5,458,748
|
|
Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC 6% 9/15/2028 (d)
|
4,230,000
|
4,194,404
|
|
15,222,610
|
|||
Metals & Mining - 0.0%
|
|||
Hudbay Minerals Inc 4.5% 4/1/2026 (d)
|
7,020,000
|
6,888,718
|
|
TOTAL MATERIALS
|
30,711,348
|
||
TOTAL CANADA
|
226,746,726
|
||
COLOMBIA - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Gran Tierra Energy Inc 9.5% 10/15/2029 (d)
|
7,555,000
|
5,911,788
|
|
FRANCE - 1.4%
|
|||
Communication Services - 1.3%
|
|||
Diversified Telecommunication Services - 1.3%
|
|||
Altice France SA 5.125% 1/15/2029 (d)
|
2,945,000
|
2,386,058
|
|
Altice France SA 5.125% 7/15/2029 (d)
|
83,885,000
|
68,440,379
|
|
Altice France SA 5.5% 1/15/2028 (d)
|
4,740,000
|
3,924,221
|
|
Altice France SA 5.5% 10/15/2029 (d)
|
110,465,000
|
90,427,765
|
|
165,178,423
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Vallourec SACA 7.5% 4/15/2032 (d)
|
12,405,000
|
12,858,650
|
|
TOTAL FRANCE
|
178,037,073
|
||
GERMANY - 0.1%
|
|||
Materials - 0.1%
|
|||
Paper & Forest Products - 0.1%
|
|||
Mercer International Inc 5.125% 2/1/2029
|
15,060,000
|
12,387,537
|
|
GUATEMALA - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Wireless Telecommunication Services - 0.0%
|
|||
Millicom International Cellular SA 4.5% 4/27/2031 (d)
|
1,725,000
|
1,535,249
|
|
HONG KONG - 0.1%
|
|||
Industrials - 0.1%
|
|||
Marine Transportation - 0.1%
|
|||
Seaspan Corp 5.5% 8/1/2029 (d)
|
9,095,000
|
8,296,966
|
|
INDIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
IT Services - 0.0%
|
|||
CA Magnum Holdings 5.375% 10/31/2026 (d)
|
4,870,000
|
4,742,163
|
|
ISRAEL - 0.1%
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027
|
6,085,000
|
5,971,557
|
|
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029
|
6,085,000
|
5,912,863
|
|
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029
|
5,935,000
|
6,362,753
|
|
TOTAL ISRAEL
|
18,247,173
|
||
LUXEMBOURG - 0.4%
|
|||
Communication Services - 0.3%
|
|||
Media - 0.3%
|
|||
Altice Financing SA 5% 1/15/2028 (d)
|
14,560,000
|
11,181,767
|
|
Altice Financing SA 5.75% 8/15/2029 (d)
|
25,600,000
|
18,880,553
|
|
30,062,320
|
|||
Information Technology - 0.1%
|
|||
Software - 0.1%
|
|||
ION Trading Technologies Sarl 5.75% 5/15/2028 (d)
|
12,040,000
|
10,831,768
|
|
ION Trading Technologies Sarl 9.5% 5/30/2029 (d)
|
9,105,000
|
8,761,618
|
|
19,593,386
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Algoma Steel Sca 0% 12/31/2049 (k)
|
1,981,620
|
0
|
|
TOTAL LUXEMBOURG
|
49,655,706
|
||
MACAU - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Studio City Finance Ltd 5% 1/15/2029 (d)
|
5,700,000
|
4,999,356
|
|
MEXICO - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Borr IHC Ltd / Borr Finance LLC 10% 11/15/2028 (d)
|
8,355,366
|
6,914,065
|
|
Borr IHC Ltd / Borr Finance LLC 10.375% 11/15/2030 (d)
|
2,859,126
|
2,287,301
|
|
TOTAL MEXICO
|
9,201,366
|
||
NETHERLANDS - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
VZ Secured Financing BV 5% 1/15/2032 (d)
|
24,310,000
|
21,214,025
|
|
Ziggo BV 4.875% 1/15/2030 (d)
|
7,990,000
|
7,355,942
|
|
TOTAL NETHERLANDS
|
28,569,967
|
||
NORWAY - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Seadrill Finance Ltd 8.375% 8/1/2030 (d)
|
11,920,000
|
11,162,435
|
|
SPAIN - 0.1%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Grifols SA 4.75% 10/15/2028 (d)
|
6,075,000
|
5,655,070
|
|
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/2028 (d)
|
7,820,000
|
7,430,435
|
|
TOTAL SPAIN
|
13,085,505
|
||
SWITZERLAND - 0.1%
|
|||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Consolidated Energy Finance SA 12% 2/15/2031 (d)
|
9,700,000
|
8,744,323
|
|
TURKEY - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Eldorado Gold Corp 6.25% 9/1/2029 (d)
|
13,719,000
|
13,558,076
|
|
UNITED KINGDOM - 1.3%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (d)
|
21,200,000
|
18,625,669
|
|
Consumer Discretionary - 0.2%
|
|||
Automobile Components - 0.2%
|
|||
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d)
|
4,205,000
|
4,315,903
|
|
Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (d)
|
6,430,000
|
6,604,883
|
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d)
|
8,990,000
|
9,401,850
|
|
20,322,636
|
|||
Automobiles - 0.0%
|
|||
Mclaren Finance PLC 7.5% 8/1/2026 (d)
|
8,290,000
|
8,296,217
|
|
TOTAL CONSUMER DISCRETIONARY
|
28,618,853
|
||
Energy - 0.9%
|
|||
Oil, Gas & Consumable Fuels - 0.9%
|
|||
EG Global Finance PLC 12% 11/30/2028 (d)
|
98,190,000
|
108,235,132
|
|
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
180 Medical Inc 3.875% 10/15/2029 (d)
|
6,495,000
|
6,082,395
|
|
Industrials - 0.1%
|
|||
Aerospace & Defense - 0.1%
|
|||
Rolls-Royce PLC 5.75% 10/15/2027 (d)
|
10,870,000
|
11,118,216
|
|
TOTAL UNITED KINGDOM
|
172,680,265
|
||
UNITED STATES - 44.7%
|
|||
Communication Services - 3.1%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Frontier Communications Holdings LLC 5% 5/1/2028 (d)
|
19,575,000
|
19,372,965
|
|
Frontier Communications Holdings LLC 5.875% 10/15/2027 (d)
|
10,375,000
|
10,363,265
|
|
Qwest Corp 7.25% 9/15/2025
|
1,480,000
|
1,474,227
|
|
31,210,457
|
|||
Entertainment - 0.1%
|
|||
ROBLOX Corp 3.875% 5/1/2030 (d)
|
9,120,000
|
8,439,690
|
|
Media - 2.8%
|
|||
DISH Network Corp 11.75% 11/15/2027 (d)
|
59,780,000
|
62,825,714
|
|
EchoStar Corp 10.75% 11/30/2029
|
153,505,256
|
162,310,884
|
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
|
44,624,450
|
41,593,236
|
|
Scripps Escrow II Inc 3.875% 1/15/2029 (d)
|
2,820,000
|
2,148,759
|
|
Sirius XM Radio LLC 3.875% 9/1/2031 (d)
|
12,130,000
|
10,406,061
|
|
Sirius XM Radio LLC 4% 7/15/2028 (d)
|
10,140,000
|
9,538,971
|
|
Sirius XM Radio LLC 5% 8/1/2027 (d)
|
8,280,000
|
8,180,434
|
|
Univision Communications Inc 4.5% 5/1/2029 (d)
|
12,060,000
|
10,341,645
|
|
Univision Communications Inc 7.375% 6/30/2030 (d)
|
39,140,000
|
35,650,473
|
|
Univision Communications Inc 8.5% 7/31/2031 (d)
|
21,160,000
|
19,980,892
|
|
362,977,069
|
|||
TOTAL COMMUNICATION SERVICES
|
402,627,216
|
||
Consumer Discretionary - 5.6%
|
|||
Automobile Components - 0.4%
|
|||
Adient Global Holdings Ltd 7% 4/15/2028 (d)
|
5,935,000
|
5,986,830
|
|
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d)
|
11,885,000
|
12,070,632
|
|
Dana Inc 4.25% 9/1/2030
|
8,870,000
|
8,181,864
|
|
Dana Inc 4.5% 2/15/2032
|
9,135,000
|
8,220,817
|
|
Hertz Corp/The 12.625% 7/15/2029 (d)
|
2,915,000
|
2,835,217
|
|
Hertz Corp/The 5.5% (d)(j)(k)
|
10,890,000
|
653,399
|
|
Hertz Corp/The 6% (d)(j)(k)
|
10,285,000
|
2,005,575
|
|
Hertz Corp/The 6.25% (j)(k)
|
11,875,000
|
860,938
|
|
Hertz Corp/The 7.125% (d)(j)(k)
|
10,285,000
|
2,211,275
|
|
Nesco Holdings II Inc 5.5% 4/15/2029 (d)
|
14,525,000
|
13,165,653
|
|
56,192,200
|
|||
Broadline Retail - 0.1%
|
|||
ANGI Group LLC 3.875% 8/15/2028 (d)
|
5,530,000
|
5,039,972
|
|
Wayfair LLC 7.25% 10/31/2029 (d)
|
13,000,000
|
11,874,151
|
|
16,914,123
|
|||
Distributors - 0.0%
|
|||
Windsor Holdings III LLC 8.5% 6/15/2030 (d)
|
5,960,000
|
6,273,168
|
|
Diversified Consumer Services - 0.4%
|
|||
Adtalem Global Education Inc 5.5% 3/1/2028 (d)
|
9,010,000
|
8,905,539
|
|
Service Corp International/US 4% 5/15/2031
|
12,070,000
|
11,020,493
|
|
TKC Holdings Inc 6.875% 5/15/2028 (d)
|
20,025,000
|
20,026,342
|
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (d)
|
9,760,000
|
9,661,957
|
|
49,614,331
|
|||
Hotels, Restaurants & Leisure - 3.0%
|
|||
Bloomin' Brands Inc / OSI Restaurant Partners LLC 5.125% 4/15/2029 (d)
|
5,565,000
|
4,804,634
|
|
Boyd Gaming Corp 4.75% 6/15/2031 (d)
|
15,120,000
|
14,096,149
|
|
Boyne USA Inc 4.75% 5/15/2029 (d)
|
6,360,000
|
6,052,497
|
|
Carnival Corp 4% 8/1/2028 (d)
|
56,090,000
|
53,495,838
|
|
Carnival Corp 7% 8/15/2029 (d)
|
6,075,000
|
6,337,027
|
|
Carnival Corp 7.625% 3/1/2026 (d)
|
19,665,000
|
19,690,250
|
|
Churchill Downs Inc 5.75% 4/1/2030 (d)
|
14,970,000
|
14,640,367
|
|
Churchill Downs Inc 6.75% 5/1/2031 (d)
|
11,880,000
|
11,998,527
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d)
|
25,865,000
|
23,960,824
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d)
|
34,295,000
|
30,004,964
|
|
Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d)
|
5,595,000
|
5,260,335
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (d)
|
8,395,000
|
7,699,074
|
|
Hilton Domestic Operating Co Inc 4.875% 1/15/2030
|
6,900,000
|
6,761,605
|
|
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d)
|
8,555,000
|
8,643,721
|
|
Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)
|
11,955,000
|
12,114,049
|
|
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
|
8,435,000
|
8,403,834
|
|
Jacobs Entertainment Inc 6.75% 2/15/2029 (d)
|
8,585,000
|
7,812,350
|
|
Light & Wonder International Inc 7.5% 9/1/2031 (d)
|
5,990,000
|
6,154,550
|
|
MGM Resorts International 4.75% 10/15/2028
|
11,125,000
|
10,727,212
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d)
|
17,220,000
|
17,217,220
|
|
NCL Corp Ltd 5.875% 2/15/2027 (d)
|
12,100,000
|
12,043,557
|
|
Neogen Food Safety Corp 8.625% 7/20/2030 (d)
|
5,205,000
|
5,254,369
|
|
Papa John's International Inc 3.875% 9/15/2029 (d)
|
5,560,000
|
5,118,206
|
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.625% 9/1/2029 (d)
|
13,730,000
|
8,032,050
|
|
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp 5.875% 9/1/2031 (d)
|
2,100,000
|
1,092,000
|
|
Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (d)
|
9,125,000
|
9,114,349
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d)
|
12,110,000
|
12,291,499
|
|
SeaWorld Parks & Entertainment Inc 5.25% 8/15/2029 (d)
|
12,145,000
|
11,543,495
|
|
Station Casinos LLC 4.625% 12/1/2031 (d)
|
9,135,000
|
8,257,788
|
|
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d)
|
4,965,000
|
4,915,206
|
|
VOC Escrow Ltd 5% 2/15/2028 (d)
|
19,690,000
|
19,311,767
|
|
Yum! Brands Inc 4.625% 1/31/2032
|
11,975,000
|
11,272,279
|
|
384,121,592
|
|||
Household Durables - 0.5%
|
|||
Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 4/1/2030 (d)
|
8,940,000
|
8,195,581
|
|
Century Communities Inc 3.875% 8/15/2029 (d)
|
9,110,000
|
8,126,065
|
|
LGI Homes Inc 8.75% 12/15/2028 (d)
|
6,060,000
|
6,119,418
|
|
Somnigroup International Inc 3.875% 10/15/2031 (d)
|
15,965,000
|
14,014,192
|
|
Somnigroup International Inc 4% 4/15/2029 (d)
|
15,925,000
|
14,785,044
|
|
TopBuild Corp 3.625% 3/15/2029 (d)
|
5,910,000
|
5,493,820
|
|
Tri Pointe Homes Inc 5.7% 6/15/2028
|
14,380,000
|
14,373,588
|
|
71,107,708
|
|||
Specialty Retail - 1.1%
|
|||
Asbury Automotive Group Inc 4.5% 3/1/2028
|
3,534,000
|
3,421,013
|
|
Asbury Automotive Group Inc 4.625% 11/15/2029 (d)
|
10,005,000
|
9,408,398
|
|
Asbury Automotive Group Inc 4.75% 3/1/2030
|
3,523,000
|
3,294,692
|
|
Asbury Automotive Group Inc 5% 2/15/2032 (d)
|
10,800,000
|
9,842,371
|
|
Bath & Body Works Inc 6.625% 10/1/2030 (d)
|
23,165,000
|
23,572,843
|
|
Bath & Body Works Inc 6.75% 7/1/2036
|
12,766,000
|
12,559,763
|
|
Bath & Body Works Inc 7.5% 6/15/2029
|
8,335,000
|
8,498,474
|
|
LBM Acquisition LLC 6.25% 1/15/2029 (d)
|
17,805,000
|
15,602,203
|
|
LCM Investments Holdings II LLC 8.25% 8/1/2031 (d)
|
7,185,000
|
7,514,712
|
|
Petsmart Inc / Petsmart Finance Corp 4.75% 2/15/2028 (d)
|
16,195,000
|
15,478,405
|
|
Petsmart Inc / Petsmart Finance Corp 7.75% 2/15/2029 (d)
|
17,680,000
|
16,466,721
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (d)
|
12,115,000
|
12,480,679
|
|
138,140,274
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Crocs Inc 4.125% 8/15/2031 (d)
|
6,075,000
|
5,309,953
|
|
Crocs Inc 4.25% 3/15/2029 (d)
|
8,675,000
|
8,050,921
|
|
Kontoor Brands Inc 4.125% 11/15/2029 (d)
|
5,320,000
|
4,888,351
|
|
18,249,225
|
|||
TOTAL CONSUMER DISCRETIONARY
|
740,612,621
|
||
Consumer Staples - 2.7%
|
|||
Beverages - 0.0%
|
|||
Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d)
|
6,360,000
|
6,324,792
|
|
Consumer Staples Distribution & Retail - 1.4%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d)
|
36,160,000
|
33,726,896
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (d)
|
25,300,000
|
25,013,819
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d)
|
44,700,000
|
43,182,328
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (d)
|
8,615,000
|
7,204,317
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d)
|
33,960,000
|
34,741,114
|
|
Performance Food Group Inc 4.25% 8/1/2029 (d)
|
8,495,000
|
8,040,121
|
|
Performance Food Group Inc 5.5% 10/15/2027 (d)
|
8,855,000
|
8,782,416
|
|
US Foods Inc 4.625% 6/1/2030 (d)
|
7,520,000
|
7,162,660
|
|
US Foods Inc 7.25% 1/15/2032 (d)
|
5,990,000
|
6,266,198
|
|
174,119,869
|
|||
Food Products - 1.1%
|
|||
Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (d)
|
6,285,000
|
6,179,421
|
|
Darling Ingredients Inc 6% 6/15/2030 (d)
|
13,885,000
|
13,845,839
|
|
Fiesta Purchaser Inc 7.875% 3/1/2031 (d)
|
11,455,000
|
11,999,788
|
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (d)
|
7,330,000
|
7,664,483
|
|
Lamb Weston Holdings Inc 4.125% 1/31/2030 (d)
|
12,150,000
|
11,398,100
|
|
Lamb Weston Holdings Inc 4.375% 1/31/2032 (d)
|
6,075,000
|
5,565,415
|
|
Post Holdings Inc 4.5% 9/15/2031 (d)
|
47,500,000
|
43,226,854
|
|
Post Holdings Inc 4.625% 4/15/2030 (d)
|
15,630,000
|
14,732,916
|
|
Post Holdings Inc 5.5% 12/15/2029 (d)
|
21,040,000
|
20,650,823
|
|
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625% 3/1/2029 (d)
|
8,340,000
|
7,747,507
|
|
143,011,146
|
|||
Household Products - 0.0%
|
|||
Spectrum Brands Inc 3.875% 3/15/2031 (d)
|
1,993,000
|
1,646,051
|
|
Personal Care Products - 0.2%
|
|||
BellRing Brands Inc 7% 3/15/2030 (d)
|
14,740,000
|
15,293,330
|
|
Hfc Prestige Products Inc/Hfc Prestige International Us LLC 4.75% 1/15/2029 (d)
|
8,760,000
|
8,426,677
|
|
23,720,007
|
|||
TOTAL CONSUMER STAPLES
|
348,821,865
|
||
Energy - 6.5%
|
|||
Energy Equipment & Services - 0.7%
|
|||
Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (d)
|
5,990,000
|
5,726,500
|
|
Nabors Industries Inc 9.125% 1/31/2030 (d)
|
12,085,000
|
10,943,697
|
|
Nabors Industries Ltd 7.5% 1/15/2028 (d)
|
9,715,000
|
7,731,154
|
|
Noble Finance II LLC 8% 4/15/2030 (d)
|
5,935,000
|
5,654,674
|
|
Nustar Logistics LP 6% 6/1/2026
|
12,025,000
|
12,028,610
|
|
Transocean Inc 8% 2/1/2027 (d)
|
7,668,000
|
7,123,116
|
|
Transocean Inc 8.25% 5/15/2029 (d)
|
4,565,000
|
3,698,322
|
|
Transocean Inc 8.5% 5/15/2031 (d)
|
4,565,000
|
3,528,923
|
|
Transocean Inc 8.75% 2/15/2030 (d)
|
18,908,000
|
18,482,388
|
|
Transocean Titan Financing Ltd 8.375% 2/1/2028 (d)
|
11,118,619
|
11,014,681
|
|
Valaris Ltd 8.375% 4/30/2030 (d)
|
5,985,000
|
5,607,876
|
|
91,539,941
|
|||
Oil, Gas & Consumable Fuels - 5.8%
|
|||
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 6/15/2029 (d)
|
9,060,000
|
8,841,698
|
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 1/15/2028 (d)
|
17,645,000
|
17,539,212
|
|
California Resources Corp 8.25% 6/15/2029 (d)
|
6,045,000
|
5,763,339
|
|
Chesapeake Energy Corp 7% (j)(k)
|
6,915,000
|
1
|
|
Chesapeake Energy Corp 8% (j)(k)
|
2,132,000
|
0
|
|
Chesapeake Energy Corp 8% (j)(k)
|
3,385,000
|
0
|
|
CITGO Petroleum Corp 6.375% 6/15/2026 (d)
|
8,760,000
|
8,712,677
|
|
CITGO Petroleum Corp 8.375% 1/15/2029 (d)
|
26,350,000
|
26,362,806
|
|
Civitas Resources Inc 8.625% 11/1/2030 (d)
|
12,020,000
|
11,584,850
|
|
CNX Midstream Partners LP 4.75% 4/15/2030 (d)
|
6,435,000
|
5,923,237
|
|
CNX Resources Corp 6% 1/15/2029 (d)
|
5,345,000
|
5,185,560
|
|
CNX Resources Corp 7.375% 1/15/2031 (d)
|
5,930,000
|
5,935,960
|
|
Comstock Resources Inc 5.875% 1/15/2030 (d)
|
32,085,000
|
29,044,990
|
|
Comstock Resources Inc 6.75% 3/1/2029 (d)
|
20,060,000
|
19,120,979
|
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d)
|
27,225,000
|
26,125,983
|
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d)
|
16,090,000
|
16,929,641
|
|
CrownRock LP / CrownRock Finance Inc 5% 5/1/2029 (d)
|
5,055,000
|
5,126,554
|
|
CVR Energy Inc 5.75% 2/15/2028 (d)
|
22,655,000
|
20,675,583
|
|
CVR Energy Inc 8.5% 1/15/2029 (d)
|
42,375,000
|
38,938,201
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d)
|
17,655,000
|
17,444,510
|
|
DT Midstream Inc 4.125% 6/15/2029 (d)
|
9,070,000
|
8,512,459
|
|
DT Midstream Inc 4.375% 6/15/2031 (d)
|
9,070,000
|
8,353,817
|
|
Energy Transfer LP 5.5% 6/1/2027
|
16,735,000
|
16,988,824
|
|
Energy Transfer LP 5.625% 5/1/2027 (d)
|
18,015,000
|
18,020,291
|
|
Energy Transfer LP 6% 2/1/2029 (d)
|
25,785,000
|
26,066,603
|
|
Energy Transfer LP 7.375% 2/1/2031 (d)
|
5,000,000
|
5,233,132
|
|
Expand Energy Corp 5.375% 3/15/2030
|
12,145,000
|
12,057,035
|
|
Expand Energy Corp 5.875% 2/1/2029 (d)
|
5,840,000
|
5,817,839
|
|
Expand Energy Corp 6.75% 4/15/2029 (d)
|
8,995,000
|
9,060,358
|
|
Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)
|
7,505,000
|
7,640,240
|
|
Hess Midstream Operations LP 4.25% 2/15/2030 (d)
|
9,875,000
|
9,269,615
|
|
Hess Midstream Operations LP 5.125% 6/15/2028 (d)
|
11,235,000
|
10,998,908
|
|
Hess Midstream Operations LP 5.5% 10/15/2030 (d)
|
6,060,000
|
5,917,063
|
|
HF Sinclair Corp 5% 2/1/2028
|
7,615,000
|
7,536,254
|
|
HF Sinclair Corp 6.375% 4/15/2027
|
3,535,000
|
3,567,844
|
|
Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (d)
|
12,280,000
|
11,882,870
|
|
Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (d)
|
14,895,000
|
15,479,882
|
|
Kinetik Holdings LP 5.875% 6/15/2030 (d)
|
9,060,000
|
8,852,073
|
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d)
|
6,030,000
|
5,540,986
|
|
Murphy Oil USA Inc 3.75% 2/15/2031 (d)
|
5,300,000
|
4,776,882
|
|
Murphy Oil USA Inc 4.75% 9/15/2029
|
6,860,000
|
6,623,558
|
|
Murphy Oil USA Inc 5.625% 5/1/2027
|
6,030,000
|
6,003,569
|
|
Northern Oil & Gas Inc 8.125% 3/1/2028 (d)
|
6,005,000
|
5,928,425
|
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (d)
|
11,950,000
|
11,480,724
|
|
Occidental Petroleum Corp 7.2% 3/15/2029
|
3,964,000
|
4,165,986
|
|
ONEOK Inc 6.5% 9/1/2030 (d)
|
17,745,000
|
18,747,930
|
|
PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028
|
27,530,000
|
24,289,729
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)
|
25,400,000
|
20,895,752
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)
|
14,650,000
|
12,894,882
|
|
Permian Resources Operating LLC 5.875% 7/1/2029 (d)
|
8,645,000
|
8,428,875
|
|
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (d)
|
15,045,000
|
15,461,506
|
|
SM Energy Co 6.625% 1/15/2027
|
21,320,000
|
20,948,214
|
|
SM Energy Co 6.75% 9/15/2026
|
4,550,000
|
4,508,368
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030
|
12,185,000
|
11,466,871
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
10,170,000
|
9,635,301
|
|
Sunoco LP / Sunoco Finance Corp 7% 9/15/2028 (d)
|
5,990,000
|
6,134,946
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)
|
595,000
|
578,479
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (d)
|
5,935,000
|
5,858,505
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d)
|
11,485,000
|
10,587,676
|
|
Talos Production Inc 9% 2/1/2029 (d)
|
5,340,000
|
5,119,134
|
|
Talos Production Inc 9.375% 2/1/2031 (d)
|
6,055,000
|
5,693,070
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.875% 2/1/2031
|
10,360,000
|
10,075,770
|
|
Unit Corp 0% 12/1/2029 (Escrow) (k)
|
2,202,000
|
0
|
|
Venture Global Calcasieu 3.875% 8/15/2029 (d)
|
7,585,000
|
6,946,533
|
|
Venture Global Calcasieu 4.125% 8/15/2031 (d)
|
7,585,000
|
6,814,009
|
|
Venture Global Calcasieu 6.25% 1/15/2030 (d)
|
23,810,000
|
23,816,548
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d)
|
13,130,000
|
13,470,166
|
|
Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d)
|
13,420,000
|
13,780,973
|
|
761,184,255
|
|||
TOTAL ENERGY
|
852,724,196
|
||
Financials - 5.8%
|
|||
Capital Markets - 0.7%
|
|||
AssuredPartners Inc 5.625% 1/15/2029 (d)
|
8,355,000
|
8,326,138
|
|
AssuredPartners Inc 7.5% 2/15/2032 (d)
|
6,065,000
|
6,446,313
|
|
BroadStreet Partners Inc 5.875% 4/15/2029 (d)
|
15,505,000
|
14,970,485
|
|
Coinbase Global Inc 3.375% 10/1/2028 (d)
|
29,675,000
|
27,312,573
|
|
Coinbase Global Inc 3.625% 10/1/2031 (d)
|
18,050,000
|
15,664,449
|
|
Hightower Holding LLC 6.75% 4/15/2029 (d)
|
5,945,000
|
5,684,612
|
|
Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d)
|
8,740,000
|
8,319,618
|
|
MSCI Inc 4% 11/15/2029 (d)
|
3,245,000
|
3,104,283
|
|
89,828,471
|
|||
Consumer Finance - 2.0%
|
|||
Ally Financial Inc 8% 11/1/2031
|
144,500,000
|
160,019,404
|
|
Ally Financial Inc 8% 11/1/2031
|
20,638,000
|
22,668,332
|
|
OneMain Finance Corp 4% 9/15/2030
|
5,610,000
|
4,974,470
|
|
OneMain Finance Corp 5.375% 11/15/2029
|
9,400,000
|
8,985,930
|
|
OneMain Finance Corp 6.625% 1/15/2028
|
7,305,000
|
7,356,151
|
|
OneMain Finance Corp 7.125% 3/15/2026
|
50,145,000
|
50,583,518
|
|
OneMain Finance Corp 7.875% 3/15/2030
|
6,055,000
|
6,255,057
|
|
260,842,862
|
|||
Financial Services - 0.9%
|
|||
Block Inc 3.5% 6/1/2031
|
12,070,000
|
10,773,241
|
|
Compass Group Diversified Holdings LLC 5% 1/15/2032 (d)
|
6,090,000
|
5,451,241
|
|
Compass Group Diversified Holdings LLC 5.25% 4/15/2029 (d)
|
17,730,000
|
16,725,459
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d)
|
7,815,000
|
7,641,681
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
11,165,000
|
9,309,565
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
38,210,000
|
36,232,541
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026
|
14,451,000
|
14,397,235
|
|
James Hardie International Finance DAC 5% 1/15/2028 (d)
|
4,136,000
|
4,031,102
|
|
MGIC Investment Corp 5.25% 8/15/2028
|
7,710,000
|
7,692,933
|
|
NCR Atleos Corp 9.5% 4/1/2029 (d)
|
8,995,000
|
9,677,487
|
|
121,932,485
|
|||
Insurance - 2.2%
|
|||
Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d)
|
9,105,000
|
8,625,913
|
|
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d)
|
6,065,000
|
6,178,482
|
|
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d)
|
28,450,000
|
29,109,358
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (d)
|
11,125,000
|
10,734,703
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (d)
|
9,115,000
|
8,799,087
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d)
|
49,965,000
|
49,605,779
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d)
|
35,177,000
|
35,430,274
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (d)
|
10,385,000
|
10,539,709
|
|
AmWINS Group Inc 4.875% 6/30/2029 (d)
|
8,805,000
|
8,406,376
|
|
HUB International Ltd 5.625% 12/1/2029 (d)
|
36,135,000
|
35,299,443
|
|
HUB International Ltd 7.25% 6/15/2030 (d)
|
38,895,000
|
40,343,566
|
|
HUB International Ltd 7.375% 1/31/2032 (d)
|
15,140,000
|
15,597,863
|
|
Panther Escrow Issuer LLC 7.125% 6/1/2031 (d)
|
21,230,000
|
21,750,029
|
|
USI Inc/NY 7.5% 1/15/2032 (d)
|
8,005,000
|
8,267,476
|
|
288,688,058
|
|||
TOTAL FINANCIALS
|
761,291,876
|
||
Health Care - 3.6%
|
|||
Health Care Equipment & Supplies - 0.1%
|
|||
Avantor Funding Inc 3.875% 11/1/2029 (d)
|
6,075,000
|
5,608,382
|
|
Bausch + Lomb Corp 8.375% 10/1/2028 (d)
|
11,980,000
|
12,444,824
|
|
18,053,206
|
|||
Health Care Providers & Services - 2.3%
|
|||
CHS/Community Health Systems Inc 10.875% 1/15/2032 (d)
|
19,370,000
|
19,999,681
|
|
CHS/Community Health Systems Inc 4.75% 2/15/2031 (d)
|
21,790,000
|
17,988,853
|
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (d)
|
18,245,000
|
15,565,766
|
|
CHS/Community Health Systems Inc 6% 1/15/2029 (d)
|
8,490,000
|
7,909,015
|
|
CHS/Community Health Systems Inc 6.125% 4/1/2030 (d)
|
21,795,000
|
14,861,908
|
|
DaVita Inc 3.75% 2/15/2031 (d)
|
4,180,000
|
3,674,908
|
|
DaVita Inc 4.625% 6/1/2030 (d)
|
31,515,000
|
29,310,849
|
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (d)
|
9,035,000
|
8,669,012
|
|
HealthEquity Inc 4.5% 10/1/2029 (d)
|
6,410,000
|
6,057,245
|
|
Molina Healthcare Inc 3.875% 11/15/2030 (d)
|
10,465,000
|
9,433,775
|
|
Molina Healthcare Inc 3.875% 5/15/2032 (d)
|
12,160,000
|
10,715,596
|
|
Molina Healthcare Inc 4.375% 6/15/2028 (d)
|
7,525,000
|
7,233,135
|
|
Owens & Minor Inc 4.5% 3/31/2029 (d)
|
8,310,000
|
6,734,648
|
|
Tenet Healthcare Corp 4.25% 6/1/2029
|
17,640,000
|
16,799,745
|
|
Tenet Healthcare Corp 4.375% 1/15/2030
|
43,755,000
|
41,466,650
|
|
Tenet Healthcare Corp 5.125% 11/1/2027
|
18,070,000
|
17,921,035
|
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
30,025,000
|
30,124,022
|
|
Tenet Healthcare Corp 6.25% 2/1/2027
|
35,815,000
|
35,797,336
|
|
Tenet Healthcare Corp 6.75% 5/15/2031
|
6,005,000
|
6,155,659
|
|
306,418,838
|
|||
Health Care Technology - 0.1%
|
|||
IQVIA Inc 5% 5/15/2027 (d)
|
12,070,000
|
11,973,759
|
|
Life Sciences Tools & Services - 0.2%
|
|||
Charles River Laboratories International Inc 3.75% 3/15/2029 (d)
|
10,515,000
|
9,625,933
|
|
Charles River Laboratories International Inc 4% 3/15/2031 (d)
|
12,085,000
|
10,626,253
|
|
Charles River Laboratories International Inc 4.25% 5/1/2028 (d)
|
3,400,000
|
3,233,353
|
|
23,485,539
|
|||
Pharmaceuticals - 0.9%
|
|||
1261229 BC Ltd 10% 4/15/2032 (d)
|
67,915,000
|
66,500,609
|
|
Jazz Securities DAC 4.375% 1/15/2029 (d)
|
12,305,000
|
11,677,718
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)
|
21,010,000
|
19,815,973
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)
|
18,260,000
|
15,326,551
|
|
113,320,851
|
|||
TOTAL HEALTH CARE
|
473,252,193
|
||
Industrials - 7.8%
|
|||
Aerospace & Defense - 2.3%
|
|||
Moog Inc 4.25% 12/15/2027 (d)
|
3,455,000
|
3,332,868
|
|
TransDigm Inc 4.625% 1/15/2029
|
38,080,000
|
36,626,558
|
|
TransDigm Inc 4.875% 5/1/2029
|
25,000,000
|
24,125,340
|
|
TransDigm Inc 5.5% 11/15/2027
|
124,228,000
|
123,636,600
|
|
TransDigm Inc 6.375% 3/1/2029 (d)
|
15,065,000
|
15,346,899
|
|
TransDigm Inc 6.625% 3/1/2032 (d)
|
6,065,000
|
6,212,707
|
|
TransDigm Inc 6.75% 8/15/2028 (d)
|
27,225,000
|
27,735,469
|
|
TransDigm Inc 6.875% 12/15/2030 (d)
|
47,905,000
|
49,359,060
|
|
TransDigm Inc 7.125% 12/1/2031 (d)
|
12,085,000
|
12,560,992
|
|
Triumph Group Inc 9% 3/15/2028 (d)
|
7,141,000
|
7,490,945
|
|
306,427,438
|
|||
Air Freight & Logistics - 0.1%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (d)
|
14,880,000
|
13,836,729
|
|
Building Products - 0.2%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (d)
|
2,325,000
|
2,299,250
|
|
Advanced Drainage Systems Inc 6.375% 6/15/2030 (d)
|
6,050,000
|
6,143,321
|
|
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (d)
|
9,120,000
|
9,126,558
|
|
MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (d)
|
4,125,000
|
3,717,329
|
|
Shea Homes LP / Shea Homes Funding Corp 4.75% 4/1/2029
|
8,020,000
|
7,583,893
|
|
28,870,351
|
|||
Commercial Services & Supplies - 2.6%
|
|||
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (d)
|
7,690,000
|
7,390,769
|
|
Artera Services LLC 8.5% 2/15/2031 (d)
|
28,205,000
|
26,760,205
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
44,695,000
|
42,456,935
|
|
Brink's Co/The 4.625% 10/15/2027 (d)
|
12,180,000
|
11,989,310
|
|
Clean Harbors Inc 6.375% 2/1/2031 (d)
|
4,960,000
|
5,052,255
|
|
CoreCivic Inc 8.25% 4/15/2029
|
34,400,000
|
36,261,384
|
|
GEO Group Inc/The 10.25% 4/15/2031
|
15,225,000
|
16,635,855
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
21,310,000
|
22,402,090
|
|
GFL Environmental Inc 4% 8/1/2028 (d)
|
9,105,000
|
8,673,052
|
|
GFL Environmental Inc 4.75% 6/15/2029 (d)
|
12,095,000
|
11,734,852
|
|
GFL Environmental Inc 6.75% 1/15/2031 (d)
|
8,975,000
|
9,329,519
|
|
Madison IAQ LLC 4.125% 6/30/2028 (d)
|
11,390,000
|
10,874,728
|
|
Madison IAQ LLC 5.875% 6/30/2029 (d)
|
9,085,000
|
8,591,124
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)
|
62,340,000
|
55,482,600
|
|
OPENLANE Inc 5.125% 6/1/2025 (d)
|
10,355,000
|
10,336,971
|
|
Reworld Holding Corp 4.875% 12/1/2029 (d)
|
26,475,000
|
24,737,660
|
|
Reworld Holding Corp 5% 9/1/2030
|
13,761,000
|
12,636,750
|
|
Williams Scotsman Inc 7.375% 10/1/2031 (d)
|
5,990,000
|
6,213,015
|
|
327,559,074
|
|||
Construction & Engineering - 0.5%
|
|||
AECOM 5.125% 3/15/2027
|
11,885,000
|
11,858,000
|
|
Arcosa Inc 4.375% 4/15/2029 (d)
|
8,410,000
|
7,905,469
|
|
Pike Corp 5.5% 9/1/2028 (d)
|
37,175,000
|
36,508,910
|
|
Pike Corp 8.625% 1/31/2031 (d)
|
15,130,000
|
15,872,640
|
|
72,145,019
|
|||
Electrical Equipment - 0.1%
|
|||
Sensata Technologies BV 4% 4/15/2029 (d)
|
11,970,000
|
11,011,369
|
|
Ground Transportation - 0.5%
|
|||
Uber Technologies Inc 4.5% 8/15/2029 (d)
|
27,335,000
|
26,916,941
|
|
Uber Technologies Inc 6.25% 1/15/2028 (d)
|
9,175,000
|
9,223,309
|
|
Uber Technologies Inc 7.5% 9/15/2027 (d)
|
19,197,000
|
19,394,422
|
|
XPO Inc 6.25% 6/1/2028 (d)
|
5,950,000
|
6,008,953
|
|
XPO Inc 7.125% 2/1/2032 (d)
|
9,085,000
|
9,306,389
|
|
70,850,014
|
|||
Machinery - 0.2%
|
|||
Allison Transmission Inc 5.875% 6/1/2029 (d)
|
7,960,000
|
7,954,222
|
|
Chart Industries Inc 7.5% 1/1/2030 (d)
|
15,680,000
|
16,267,819
|
|
24,222,041
|
|||
Passenger Airlines - 1.0%
|
|||
Allegiant Travel Co 7.25% 8/15/2027 (d)
|
8,870,000
|
8,192,656
|
|
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d)
|
19,595,000
|
19,355,655
|
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (d)
|
20,045,000
|
20,429,742
|
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 4/20/2029 (d)
|
29,825,000
|
28,927,360
|
|
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 11% 3/6/2030 pay-in-kind (d)(e)
|
6,772,416
|
5,345,975
|
|
United Airlines Inc 4.375% 4/15/2026 (d)
|
30,025,000
|
29,596,353
|
|
United Airlines Inc 4.625% 4/15/2029 (d)
|
18,025,000
|
16,931,041
|
|
128,778,782
|
|||
Professional Services - 0.1%
|
|||
TriNet Group Inc 3.5% 3/1/2029 (d)
|
8,865,000
|
8,086,085
|
|
Trading Companies & Distributors - 0.2%
|
|||
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (d)
|
9,065,000
|
9,477,013
|
|
Foundation Building Materials Inc 6% 3/1/2029 (d)
|
5,845,000
|
4,926,680
|
|
H&E Equipment Services Inc 3.875% 12/15/2028 (d)
|
16,800,000
|
16,728,775
|
|
31,132,468
|
|||
TOTAL INDUSTRIALS
|
1,022,919,370
|
||
Information Technology - 2.5%
|
|||
Electronic Equipment, Instruments & Components - 0.3%
|
|||
Coherent Corp 5% 12/15/2029 (d)
|
9,495,000
|
9,090,301
|
|
CPI CG Inc 10% 7/15/2029 (d)
|
6,060,000
|
6,498,259
|
|
Lightning Power LLC 7.25% 8/15/2032 (d)
|
11,955,000
|
12,385,755
|
|
TTM Technologies Inc 4% 3/1/2029 (d)
|
8,870,000
|
8,245,283
|
|
36,219,598
|
|||
IT Services - 0.4%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d)
|
9,045,000
|
7,998,874
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d)
|
11,810,000
|
11,001,286
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d)
|
9,345,000
|
9,262,672
|
|
Twilio Inc 3.625% 3/15/2029
|
9,995,000
|
9,369,661
|
|
Twilio Inc 3.875% 3/15/2031
|
10,460,000
|
9,492,864
|
|
Unisys Corp 6.875% 11/1/2027 (d)
|
6,095,000
|
5,865,231
|
|
52,990,588
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
ON Semiconductor Corp 3.875% 9/1/2028 (d)
|
11,065,000
|
10,459,603
|
|
Synaptics Inc 4% 6/15/2029 (d)
|
7,015,000
|
6,484,914
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(k)(n)(o)
|
23,656,537
|
22,769,417
|
|
39,713,934
|
|||
Software - 1.2%
|
|||
Cloud Software Group Inc 6.5% 3/31/2029 (d)
|
101,715,000
|
101,751,503
|
|
Crowdstrike Holdings Inc 3% 2/15/2029
|
8,870,000
|
8,224,990
|
|
Elastic NV 4.125% 7/15/2029 (d)
|
24,245,000
|
22,882,053
|
|
Fair Isaac Corp 4% 6/15/2028 (d)
|
2,910,000
|
2,790,629
|
|
NCR Voyix Corp 5% 10/1/2028 (d)
|
5,530,000
|
5,359,938
|
|
NCR Voyix Corp 5.125% 4/15/2029 (d)
|
2,583,000
|
2,483,628
|
|
PTC Inc 4% 2/15/2028 (d)
|
6,575,000
|
6,350,004
|
|
UKG Inc 6.875% 2/1/2031 (d)
|
9,090,000
|
9,351,737
|
|
159,194,482
|
|||
Technology Hardware, Storage & Peripherals - 0.3%
|
|||
Seagate HDD Cayman 8.25% 12/15/2029
|
19,590,000
|
21,006,925
|
|
Seagate HDD Cayman 8.5% 7/15/2031
|
12,720,000
|
13,608,466
|
|
34,615,391
|
|||
TOTAL INFORMATION TECHNOLOGY
|
322,733,993
|
||
Materials - 3.1%
|
|||
Chemicals - 1.1%
|
|||
Ingevity Corp 3.875% 11/1/2028 (d)
|
11,105,000
|
10,260,806
|
|
LSB Industries Inc 6.25% 10/15/2028 (d)
|
21,105,000
|
19,751,948
|
|
Olympus Water US Holding Corp 4.25% 10/1/2028 (d)
|
15,305,000
|
14,139,250
|
|
Olympus Water US Holding Corp 7.125% 10/1/2027 (d)
|
7,080,000
|
7,098,257
|
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (d)
|
30,040,000
|
31,300,419
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)
|
7,820,000
|
7,491,569
|
|
SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (d)
|
14,015,000
|
13,829,778
|
|
Scotts Miracle-Gro Co/The 4% 4/1/2031
|
11,945,000
|
10,461,445
|
|
Tronox Inc 4.625% 3/15/2029 (d)
|
13,295,000
|
10,761,967
|
|
WR Grace Holdings LLC 7.375% 3/1/2031 (d)
|
5,940,000
|
5,971,707
|
|
131,067,146
|
|||
Construction Materials - 0.2%
|
|||
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d)
|
24,115,000
|
24,741,532
|
|
Containers & Packaging - 0.9%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (d)
|
5,915,000
|
5,406,667
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d)
|
11,830,000
|
10,296,928
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d)
|
6,045,000
|
6,022,812
|
|
Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d)
|
7,185,000
|
7,237,731
|
|
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)
|
44,650,000
|
46,003,922
|
|
Crown Cork & Seal Co Inc 7.375% 12/15/2026
|
4,845,000
|
4,982,598
|
|
Crown Cork & Seal Co Inc 7.5% 12/15/2096
|
12,871,000
|
13,031,888
|
|
Graham Packaging Co Inc 7.125% 8/15/2028 (d)
|
6,000,000
|
5,867,332
|
|
Graphic Packaging International LLC 3.75% 2/1/2030 (d)
|
7,880,000
|
7,241,016
|
|
Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (d)
|
5,930,000
|
5,945,656
|
|
Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (d)
|
5,935,000
|
5,978,824
|
|
Trident TPI Holdings Inc 12.75% 12/31/2028 (d)
|
5,870,000
|
6,157,877
|
|
124,173,251
|
|||
Metals & Mining - 0.9%
|
|||
Alcoa Nederland Holding BV 4.125% 3/31/2029 (d)
|
15,485,000
|
14,384,544
|
|
Alcoa Nederland Holding BV 7.125% 3/15/2031 (d)
|
4,970,000
|
5,120,392
|
|
Arsenal AIC Parent LLC 8% 10/1/2030 (d)
|
7,040,000
|
7,288,984
|
|
ATI Inc 4.875% 10/1/2029
|
6,080,000
|
5,808,533
|
|
ATI Inc 5.125% 10/1/2031
|
5,395,000
|
5,106,016
|
|
ATI Inc 7.25% 8/15/2030
|
5,985,000
|
6,224,574
|
|
Cleveland-Cliffs Inc 4.625% 3/1/2029 (d)
|
23,720,000
|
21,624,748
|
|
Cleveland-Cliffs Inc 4.875% 3/1/2031 (d)
|
11,440,000
|
9,813,263
|
|
Cleveland-Cliffs Inc 6.75% 4/15/2030 (d)
|
3,000,000
|
2,888,822
|
|
Commercial Metals Co 3.875% 2/15/2031
|
6,135,000
|
5,500,339
|
|
Compass Minerals International Inc 6.75% 12/1/2027 (d)
|
24,600,000
|
24,308,200
|
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (d)
|
11,215,000
|
10,790,508
|
|
Roller Bearing Co of America Inc 4.375% 10/15/2029 (d)
|
4,375,000
|
4,150,142
|
|
123,009,065
|
|||
TOTAL MATERIALS
|
402,990,994
|
||
Real Estate - 2.1%
|
|||
Diversified REITs - 0.8%
|
|||
Iron Mountain Information Management Services Inc 5% 7/15/2032 (d)
|
9,100,000
|
8,501,896
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d)
|
7,365,000
|
6,586,469
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (d)
|
4,579,000
|
4,861,914
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (d)
|
31,410,000
|
30,061,469
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d)
|
14,000,000
|
12,807,620
|
|
Vici Properties LP / Vici Note Co Inc 3.875% 2/15/2029 (d)
|
11,195,000
|
10,720,450
|
|
Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (d)
|
21,450,000
|
21,226,811
|
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (d)
|
12,240,000
|
11,888,181
|
|
106,654,810
|
|||
Health Care REITs - 0.5%
|
|||
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
11,190,000
|
7,416,412
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
18,080,000
|
13,771,146
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
38,043,000
|
33,600,468
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d)
|
9,100,000
|
9,245,445
|
|
64,033,471
|
|||
Real Estate Management & Development - 0.2%
|
|||
Greystar Real Estate Partners LLC 7.75% 9/1/2030 (d)
|
5,305,000
|
5,570,934
|
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (d)
|
10,725,000
|
10,391,329
|
|
Taylor Morrison Communities Inc 5.875% 6/15/2027 (d)
|
9,260,000
|
9,305,217
|
|
Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (d)
|
5,045,000
|
4,718,577
|
|
29,986,057
|
|||
Specialized REITs - 0.6%
|
|||
Iron Mountain Inc 4.5% 2/15/2031 (d)
|
22,025,000
|
20,404,427
|
|
Iron Mountain Inc 4.875% 9/15/2029 (d)
|
24,110,000
|
23,219,804
|
|
SBA Communications Corp 3.125% 2/1/2029
|
13,305,000
|
12,326,742
|
|
SBA Communications Corp 3.875% 2/15/2027
|
17,015,000
|
16,645,732
|
|
72,596,705
|
|||
TOTAL REAL ESTATE
|
273,271,043
|
||
Utilities - 1.9%
|
|||
Electric Utilities - 1.6%
|
|||
Clearway Energy Operating LLC 3.75% 1/15/2032 (d)
|
6,075,000
|
5,268,331
|
|
Clearway Energy Operating LLC 3.75% 2/15/2031 (d)
|
13,295,000
|
11,836,184
|
|
Clearway Energy Operating LLC 4.75% 3/15/2028 (d)
|
6,920,000
|
6,762,919
|
|
NRG Energy Inc 3.375% 2/15/2029 (d)
|
5,145,000
|
4,769,347
|
|
NRG Energy Inc 3.625% 2/15/2031 (d)
|
10,215,000
|
9,180,961
|
|
NRG Energy Inc 3.875% 2/15/2032 (d)
|
1,254,000
|
1,121,622
|
|
NRG Energy Inc 5.75% 1/15/2028
|
9,000,000
|
9,034,947
|
|
NRG Energy Inc 6% 2/1/2033 (d)
|
4,240,000
|
4,195,505
|
|
NRG Energy Inc 6.25% 11/1/2034 (d)
|
5,090,000
|
5,082,179
|
|
Pacific Gas and Electric Co 3.45% 7/1/2025
|
2,867,500
|
2,859,243
|
|
Pacific Gas and Electric Co 3.75% 7/1/2028
|
2,867,500
|
2,777,089
|
|
Pacific Gas and Electric Co 3.95% 12/1/2047
|
10,826,000
|
7,586,545
|
|
Pacific Gas and Electric Co 4% 12/1/2046
|
13,774,000
|
9,812,454
|
|
Pacific Gas and Electric Co 4.3% 3/15/2045
|
5,995,000
|
4,537,569
|
|
PG&E Corp 5% 7/1/2028
|
22,000,000
|
21,459,104
|
|
PG&E Corp 5.25% 7/1/2030
|
8,330,000
|
8,025,800
|
|
Vistra Operations Co LLC 4.375% 5/1/2029 (d)
|
23,230,000
|
22,337,866
|
|
Vistra Operations Co LLC 5% 7/31/2027 (d)
|
22,585,000
|
22,388,356
|
|
Vistra Operations Co LLC 5.5% 9/1/2026 (d)
|
3,485,000
|
3,475,386
|
|
Vistra Operations Co LLC 5.625% 2/15/2027 (d)
|
28,195,000
|
28,176,767
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (d)
|
11,985,000
|
12,672,723
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)
|
6,060,000
|
5,997,487
|
|
209,358,384
|
|||
Gas Utilities - 0.3%
|
|||
Southern Natural Gas Co LLC 7.35% 2/15/2031
|
23,497,000
|
25,355,405
|
|
Southern Natural Gas Co LLC 8% 3/1/2032
|
12,475,000
|
14,129,437
|
|
Suburban Propane Partners LP/Suburban Energy Finance Corp 5% 6/1/2031 (d)
|
12,070,000
|
11,033,124
|
|
50,517,966
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Sunnova Energy Corp 11.75% 10/1/2028 (d)
|
18,140,000
|
5,321,097
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (d)
|
3,020,000
|
905,999
|
|
6,227,096
|
|||
TOTAL UTILITIES
|
266,103,446
|
||
TOTAL UNITED STATES
|
5,867,348,813
|
||
ZAMBIA - 0.3%
|
|||
Materials - 0.3%
|
|||
Metals & Mining - 0.3%
|
|||
First Quantum Minerals Ltd 8.625% 6/1/2031 (d)
|
21,965,000
|
22,287,611
|
|
First Quantum Minerals Ltd 9.375% 3/1/2029 (d)
|
14,250,000
|
14,980,312
|
|
TOTAL ZAMBIA
|
37,267,923
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $6,907,430,209)
|
6,738,030,299
|
||
Non-Convertible Preferred Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
LUXEMBOURG - 0.0%
|
|||
Industrials - 0.0%
|
|||
Transportation Infrastructure - 0.0%
|
|||
Tricer Holdco S.C.A. (b)(k)
(Cost $10,250,036)
|
287,159,690
|
2,871
|
|
Preferred Securities - 2.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
BRAZIL - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Oec Fin Ltd 7.5% pay-in-kind (d)(j)(p)
|
40,354
|
266
|
|
UNITED STATES - 2.6%
|
|||
Energy - 0.6%
|
|||
Oil, Gas & Consumable Fuels - 0.6%
|
|||
Energy Transfer LP 6.5% (e)(p)
|
10,860,000
|
11,110,645
|
|
Energy Transfer LP 6.625% (e)(p)
|
37,985,000
|
36,966,735
|
|
Energy Transfer LP Series G, 7.125% (e)(p)
|
26,105,000
|
26,583,449
|
|
Mesquite Energy Inc 7.25% (j)(p)
|
21,977,000
|
219,770
|
|
Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (e)(f)(j)(p)
|
2,912,000
|
4,576,341
|
|
79,456,940
|
|||
Financials - 1.8%
|
|||
Banks - 1.4%
|
|||
Bank of America Corp 5.875% (e)(p)
|
102,630,000
|
102,299,290
|
|
JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 7.0329% (e)(f)(p)
|
26,340,000
|
26,350,100
|
|
Wells Fargo & Co 5.875% (e)(p)
|
50,420,000
|
51,294,094
|
|
179,943,484
|
|||
Consumer Finance - 0.0%
|
|||
Ally Financial Inc 4.7% (e)(p)
|
7,055,000
|
6,036,607
|
|
Insurance - 0.4%
|
|||
Alliant Holdings LP 10.5% (e)(k)(p)
|
47,576,999
|
46,742,206
|
|
TOTAL FINANCIALS
|
232,722,297
|
||
Utilities - 0.2%
|
|||
Electric Utilities - 0.2%
|
|||
Edison International 5% (e)(p)
|
2,595,000
|
2,311,517
|
|
Edison International 5.375% (e)(p)
|
33,470,000
|
31,591,151
|
|
33,902,668
|
|||
TOTAL UNITED STATES
|
346,081,905
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $366,799,348)
|
346,082,171
|
||
Money Market Funds - 10.9%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (q)
|
4.33
|
1,428,325,789
|
1,428,611,454
|
|
Fidelity Securities Lending Cash Central Fund (q)(r)
|
4.33
|
7,728,027
|
7,728,800
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $1,436,293,938)
|
1,436,340,254
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $12,879,630,851)
|
13,120,265,143
|
NET OTHER ASSETS (LIABILITIES) - 0.2%
|
32,326,102
|
NET ASSETS - 100.0%
|
13,152,591,245
|
(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 $386,106,717 or 2.9% of net assets.
|
(c)
|
Affiliated Fund
|
(d)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,205,766,051 or 39.6% 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.
|
(k)
|
Level 3 security
|
(l)
|
Non-income producing
|
(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 $15,726,667 and $15,136,917, respectively.
|
(o)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(p)
|
Security is perpetual in nature with no stated maturity date.
|
(q)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(r)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Arena Brands Holding Corp
|
6/18/97 - 1/12/99
|
21,591,597
|
EchoStar Corp
|
9/30/24
|
13,256,891
|
Fidelity Private Credit Company LLC
|
4/15/22 - 3/28/25
|
378,469,472
|
New Cotai LLC / New Cotai Capital Corp
|
9/11/20
|
16,677,424
|
Tricer Holdco S.C.A.
|
10/16/09 - 12/30/17
|
10,250,036
|
Tricer Holdco S.C.A. Class A1
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A2
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A3
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A4
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A5
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A6
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A7
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A8
|
10/16/09 - 10/29/09
|
1,652,605
|
Tricer Holdco S.C.A. Class A9
|
10/16/09 - 10/29/09
|
1,654,092
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
662,429,756
|
2,554,257,807
|
1,788,077,770
|
68,169,828
|
1,661
|
-
|
1,428,611,454
|
1,428,325,789
|
2.4%
|
Fidelity Securities Lending Cash Central Fund
|
1,079,100
|
247,735,534
|
241,085,834
|
9,819
|
-
|
-
|
7,728,800
|
7,728,027
|
0.0%
|
Total
|
663,508,856
|
2,801,993,341
|
2,029,163,604
|
68,179,647
|
1,661
|
-
|
1,436,340,254
|
||
Affiliate
|
Value,
beginning
of period ($)
|
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
|
354,820,641
|
31,288,000
|
-
|
60,099,774
|
-
|
(22,132,821)
|
363,975,820
|
38,033,001
|
354,820,641
|
31,288,000
|
-
|
60,099,774
|
-
|
(22,132,821)
|
363,975,820
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Alternative Funds
|
363,975,820
|
-
|
363,975,820
|
-
|
Asset-Backed Securities
|
40,818,778
|
-
|
40,818,778
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
41,072,917
|
-
|
41,072,917
|
-
|
Consumer Discretionary
|
262,466,583
|
-
|
262,466,583
|
-
|
Consumer Staples
|
20,050,900
|
-
|
20,050,900
|
-
|
Energy
|
49,394,322
|
-
|
49,394,321
|
1
|
Financials
|
149,107,012
|
-
|
149,107,012
|
-
|
Health Care
|
114,914,628
|
-
|
114,914,628
|
-
|
Industrials
|
143,072,831
|
-
|
143,072,831
|
-
|
Information Technology
|
572,393,080
|
-
|
572,393,080
|
-
|
Materials
|
148,108,938
|
-
|
148,108,938
|
-
|
Utilities
|
547,355
|
-
|
547,355
|
-
|
Common Stocks
|
||||
Communication Services
|
253,426,446
|
253,426,446
|
-
|
-
|
Consumer Discretionary
|
360,663,858
|
260,554,209
|
88,609,878
|
11,499,771
|
Consumer Staples
|
35,212,954
|
35,181,871
|
-
|
31,083
|
Energy
|
80,047,010
|
45,464,820
|
-
|
34,582,190
|
Financials
|
421,379,266
|
421,376,547
|
-
|
2,719
|
Health Care
|
27,373,066
|
27,343,283
|
-
|
29,783
|
Industrials
|
510,660,747
|
510,660,693
|
-
|
54
|
Information Technology
|
671,094,336
|
667,116,626
|
-
|
3,977,710
|
Materials
|
73,873,934
|
73,873,933
|
-
|
1
|
Utilities
|
174,588,047
|
174,584,043
|
-
|
4,004
|
Convertible Corporate Bonds
|
||||
Communication Services
|
39,350,393
|
-
|
39,350,393
|
-
|
Consumer Discretionary
|
4,488,074
|
-
|
-
|
4,488,074
|
Financials
|
8,510,321
|
-
|
8,510,321
|
-
|
Information Technology
|
33,217,932
|
-
|
33,217,932
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
646,598,844
|
-
|
646,598,844
|
-
|
Consumer Discretionary
|
850,210,537
|
-
|
844,479,350
|
5,731,187
|
Consumer Staples
|
358,838,542
|
-
|
358,838,542
|
-
|
Energy
|
1,034,569,097
|
-
|
1,034,569,096
|
1
|
Financials
|
765,422,690
|
-
|
765,422,690
|
-
|
Health Care
|
503,236,831
|
-
|
503,236,831
|
-
|
Industrials
|
1,092,691,298
|
-
|
1,092,691,298
|
-
|
Information Technology
|
368,145,446
|
-
|
345,376,029
|
22,769,417
|
Materials
|
571,512,090
|
-
|
571,512,090
|
-
|
Real Estate
|
273,271,043
|
-
|
273,271,043
|
-
|
Utilities
|
273,533,881
|
-
|
273,533,881
|
-
|
Non-Convertible Preferred Stocks
|
||||
Industrials
|
2,871
|
-
|
-
|
2,871
|
Preferred Securities
|
||||
Energy
|
79,456,940
|
-
|
79,456,940
|
-
|
Financials
|
232,722,563
|
-
|
185,980,357
|
46,742,206
|
Utilities
|
33,902,668
|
-
|
33,902,668
|
-
|
Money Market Funds
|
1,436,340,254
|
1,436,340,254
|
-
|
-
|
Total Investments in Securities:
|
13,120,265,143
|
3,905,922,725
|
9,084,481,346
|
129,861,072
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $7,515,028) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $11,064,867,441)
|
$
|
11,319,949,069
|
||
Fidelity Central Funds (cost $1,436,293,938)
|
1,436,340,254
|
|||
Other affiliated issuers (cost $378,469,472)
|
363,975,820
|
|||
Total Investment in Securities (cost $12,879,630,851)
|
$
|
13,120,265,143
|
||
Cash
|
1,166,073
|
|||
Receivable for investments sold
|
196,443
|
|||
Receivable for fund shares sold
|
12,857,717
|
|||
Dividends receivable
|
455,028
|
|||
Interest receivable
|
125,763,570
|
|||
Distributions receivable from Fidelity Central Funds
|
5,382,936
|
|||
Prepaid expenses
|
3,852
|
|||
Other receivables
|
49,274
|
|||
Total assets
|
13,266,140,036
|
|||
Liabilities
|
||||
Payable for investments purchased
|
||||
Regular delivery
|
$
|
76,897,944
|
||
Delayed delivery
|
6,764,530
|
|||
Payable for fund shares redeemed
|
8,570,055
|
|||
Distributions payable
|
6,715,629
|
|||
Accrued management fee
|
6,678,538
|
|||
Other payables and accrued expenses
|
193,295
|
|||
Collateral on securities loaned
|
7,728,800
|
|||
Total liabilities
|
113,548,791
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
13,152,591,245
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
12,908,943,565
|
||
Total accumulated earnings (loss)
|
243,647,680
|
|||
Net Assets
|
$
|
13,152,591,245
|
||
Net Asset Value, offering price and redemption price per share ($13,152,591,245 ÷ 1,325,904,042 shares)
|
$
|
9.92
|
||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends:
|
||||
Unaffiliated issuers
|
$
|
57,435,058
|
||
Affiliated issuers
|
54,597,614
|
|||
Interest
|
597,278,826
|
|||
Income from Fidelity Central Funds (including $9,819 from security lending)
|
68,179,647
|
|||
Total income
|
777,491,145
|
|||
Expenses
|
||||
Management fee
|
$
|
85,417,853
|
||
Custodian fees and expenses
|
19,015
|
|||
Independent trustees' fees and expenses
|
55,505
|
|||
Registration fees
|
231,349
|
|||
Audit fees
|
131,304
|
|||
Legal
|
27,875
|
|||
Miscellaneous
|
364,882
|
|||
Total expenses before reductions
|
86,247,783
|
|||
Expense reductions
|
(2,690,702)
|
|||
Total expenses after reductions
|
83,557,081
|
|||
Net Investment income (loss)
|
693,934,064
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
52,325,111
|
|||
Fidelity Central Funds
|
1,661
|
|||
Foreign currency transactions
|
48,883
|
|||
Capital gain distributions from underlying funds:
|
||||
Affiliated issuers
|
5,502,160
|
|||
Total net realized gain (loss)
|
57,877,815
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
129,299,173
|
|||
Affiliated issuers
|
(22,138,821)
|
|||
Assets and liabilities in foreign currencies
|
2,958
|
|||
Total change in net unrealized appreciation (depreciation)
|
107,163,310
|
|||
Net gain (loss)
|
165,041,125
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
858,975,189
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
693,934,064
|
$
|
669,300,179
|
Net realized gain (loss)
|
57,877,815
|
(96,077,985)
|
||
Change in net unrealized appreciation (depreciation)
|
107,163,310
|
679,284,203
|
||
Net increase (decrease) in net assets resulting from operations
|
858,975,189
|
1,252,506,397
|
||
Distributions to shareholders
|
(657,489,757)
|
(651,200,457)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
2,595,736,125
|
2,290,716,088
|
||
Reinvestment of distributions
|
573,017,431
|
567,038,999
|
||
Cost of shares redeemed
|
(2,868,692,507)
|
(2,265,877,601)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
300,061,049
|
591,877,486
|
||
Total increase (decrease) in net assets
|
501,546,481
|
1,193,183,426
|
||
Net Assets
|
||||
Beginning of period
|
12,651,044,764
|
11,457,861,338
|
||
End of period
|
$
|
13,152,591,245
|
$
|
12,651,044,764
|
Other Information
|
||||
Shares
|
||||
Sold
|
257,115,262
|
241,968,875
|
||
Issued in reinvestment of distributions
|
56,798,367
|
59,793,136
|
||
Redeemed
|
(285,194,546)
|
(239,445,182)
|
||
Net increase (decrease)
|
28,719,083
|
62,316,829
|
||
Fidelity® Capital & Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
9.75
|
$
|
9.28
|
$
|
10.17
|
$
|
11.24
|
$
|
8.92
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.526
|
.529
|
.480
|
.387
|
.386
|
|||||
Net realized and unrealized gain (loss)
|
.143
|
.456
|
(.308)
|
(.714)
|
2.442
|
|||||
Total from investment operations
|
.669
|
.985
|
.172
|
(.327)
|
2.828
|
|||||
Distributions from net investment income
|
(.499)
|
(.515)
|
(.473)
|
(.390)
|
(.390)
|
|||||
Distributions from net realized gain
|
-
|
-
|
(.589)
|
(.353)
|
(.118)
|
|||||
Total distributions
|
(.499)
|
(.515)
|
(1.062)
|
(.743)
|
(.508)
|
|||||
Net asset value, end of period
|
$
|
9.92
|
$
|
9.75
|
$
|
9.28
|
$
|
10.17
|
$
|
11.24
|
Total Return C
|
6.89 % |
10.91%
|
2.09%
|
(3.27)%
|
32.35%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.65%
|
.67%
|
.68%
|
.67%
|
.68%
|
|||||
Expenses net of fee waivers, if any
|
.63 % |
.65%
|
.68%
|
.67%
|
.68%
|
|||||
Expenses net of all reductions, if any
|
.63%
|
.65%
|
.68%
|
.67%
|
.68%
|
|||||
Net investment income (loss)
|
5.22%
|
5.60%
|
5.16%
|
3.49%
|
3.75%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
13,152,591
|
$
|
12,651,045
|
$
|
11,457,861
|
$
|
13,077,000
|
$
|
14,674,356
|
Portfolio turnover rate F
|
19 % |
36%
|
20%
|
28%
|
37%
|
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%
|
Fidelity Capital & Income Fund
|
$19,257
|
Gross unrealized appreciation
|
$948,268,791
|
Gross unrealized depreciation
|
(653,855,990)
|
Net unrealized appreciation (depreciation)
|
$294,412,801
|
Tax Cost
|
$12,825,852,342
|
Short-term
|
$(24,505,558)
|
Long-term
|
(63,190,889)
|
Total capital loss carryforward
|
$(87,696,447)
|
Undistributed ordinary income
|
$36,928,446
|
Capital loss carryforward
|
$(87,696,447)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$294,415,683
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$657,489,757
|
$651,200,457
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Capital & Income Fund
|
Fidelity Private Credit Company LLC
|
38,619,980
|
-
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Capital & Income Fund
|
2,240,156,836
|
2,690,300,841
|
Maximum Management Fee Rate %
|
|
Fidelity Capital & Income Fund
|
.65
|
Total Management Fee Rate %
|
|
Fidelity Capital & Income Fund
|
.64
|
Amount ($)
|
|
Fidelity Capital & Income Fund
|
5,359
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Capital & Income Fund
|
56,398,195
|
35,567,611
|
6,238,510
|
Amount ($)
|
|
Fidelity Capital & Income Fund
|
4,613
|
Amount ($)
|
|
Fidelity Capital & Income Fund
|
19,342
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Capital & Income Fund
|
1,051
|
-
|
-
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Asset-Backed Securities - 0.5%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
BAILIWICK OF JERSEY - 0.1%
|
|||
OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 7.0605% 1/16/2037 (b)(c)(d)
|
250,000
|
247,026
|
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.4%
|
|||
Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (b)(c)(d)
|
150,000
|
147,175
|
|
Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (b)(c)(d)
|
125,000
|
122,859
|
|
Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (b)(c)(d)
|
150,000
|
147,198
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (b)(c)(d)
|
100,000
|
97,145
|
|
Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 0% 4/15/2038 (b)(c)(d)(e)
|
200,000
|
197,241
|
|
Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.8219% 2/20/2038 (b)(c)(d)
|
150,000
|
147,507
|
|
Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (b)(c)(d)
|
100,000
|
97,258
|
|
Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (b)(c)(d)
|
250,000
|
241,180
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
1,197,563
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $1,474,233)
|
1,444,589
|
||
Bank Loan Obligations - 15.3%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
NETHERLANDS - 0.2%
|
|||
Industrials - 0.2%
|
|||
Building Products - 0.2%
|
|||
Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 1/20/2032 (b)(c)(f)
|
530,472
|
515,555
|
|
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 (b)(c)(f)
|
645,370
|
590,398
|
|
UNITED STATES - 14.9%
|
|||
Communication Services - 1.4%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3219% 11/30/2027 (b)(c)(f)
|
472,774
|
471,002
|
|
Consolidated Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 10/2/2027 (b)(c)(f)
|
250,000
|
247,152
|
|
718,154
|
|||
Interactive Media & Services - 0.0%
|
|||
TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0492% 7/8/2031 (b)(c)(f)
|
14,925
|
14,477
|
|
Media - 1.2%
|
|||
CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8219% 1/18/2028 (b)(c)(f)
|
750,000
|
728,955
|
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 1/31/2029 (b)(c)(f)
|
2,699,383
|
2,554,291
|
|
3,283,246
|
|||
TOTAL COMMUNICATION SERVICES
|
4,015,877
|
||
Consumer Discretionary - 4.0%
|
|||
Automobile Components - 0.1%
|
|||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/28/2032 (b)(c)(f)
|
95,000
|
92,902
|
|
Power Stop LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.1297% 1/26/2029 (b)(c)(f)
|
118,759
|
72,245
|
|
165,147
|
|||
Automobiles - 0.2%
|
|||
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9361% 6/3/2028 (b)(c)(f)
|
683,408
|
648,254
|
|
Broadline Retail - 0.7%
|
|||
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8992% 6/18/2029 (b)(c)(f)
|
956,183
|
901,804
|
|
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/23/2032 (b)(c)(f)
|
1,208,555
|
1,179,248
|
|
2,081,052
|
|||
Distributors - 0.3%
|
|||
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 1/20/2032 (b)(c)(f)(g)
|
35,000
|
33,355
|
|
Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 6/23/2031 (b)(c)(f)
|
903,826
|
891,497
|
|
924,852
|
|||
Diversified Consumer Services - 0.5%
|
|||
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (b)(c)(f)
|
1,579,422
|
1,285,507
|
|
TKC Holdings Inc 1LN, term loan 13.5% 2/14/2027 (c)(f)
|
341,395
|
279,944
|
|
1,565,451
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
Bulldog Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 6/30/2031 (b)(c)(f)
|
288,550
|
286,747
|
|
Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 1/27/2029 (b)(c)(f)
|
314,356
|
305,909
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 8/2/2028 (b)(c)(f)
|
32,865
|
32,207
|
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (b)(c)(f)
|
244,355
|
217,884
|
|
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (b)(c)(f)
|
232,526
|
215,268
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (b)(c)(f)
|
760,310
|
720,075
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (b)(c)(f)
|
198,942
|
191,647
|
|
1,969,737
|
|||
Household Durables - 0.3%
|
|||
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 6/29/2028 (b)(c)(f)
|
829,843
|
681,791
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 10/30/2027 (b)(c)(f)
|
183,824
|
172,105
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6716% 10/30/2027 (b)(c)(f)
|
79,590
|
73,952
|
|
927,848
|
|||
Leisure Products - 0.1%
|
|||
Hayward Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9361% 5/28/2028 (b)(c)(f)
|
385,000
|
383,237
|
|
Specialty Retail - 1.1%
|
|||
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (b)(c)(f)
|
55,000
|
52,770
|
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (b)(c)(f)
|
749,527
|
707,838
|
|
Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0407% 9/10/2029 (b)(c)(f)
|
750,000
|
645,623
|
|
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 4/16/2028 (b)(c)(f)
|
844,891
|
804,057
|
|
Valvoline Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/19/2032 (b)(c)(f)(g)
|
750,000
|
746,565
|
|
2,956,853
|
|||
TOTAL CONSUMER DISCRETIONARY
|
11,622,431
|
||
Consumer Staples - 0.1%
|
|||
Beverages - 0.0%
|
|||
Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5492% 3/31/2028 (b)(c)(f)
|
52,942
|
52,466
|
|
Food Products - 0.1%
|
|||
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 15.4685% 8/2/2028 (b)(c)(f)
|
194,415
|
185,180
|
|
Del Monte Foods Corp II Inc Tranche FLFO B, term loan CME Term SOFR 3 month Index + 8%, 12.409% 8/2/2028 (b)(c)(f)(h)
|
57,004
|
57,004
|
|
Savor Acquisition Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 2/19/2032 (b)(c)(f)
|
13,707
|
13,643
|
|
Savor Acquisition Inc Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 1% 2/4/2032 (b)(c)(f)(i)
|
1,293
|
1,286
|
|
257,113
|
|||
Personal Care Products - 0.0%
|
|||
Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1861% 5/17/2028 (b)(c)(f)
|
24,125
|
12,183
|
|
TOTAL CONSUMER STAPLES
|
321,762
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
CVR Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (b)(c)(f)
|
49,875
|
49,501
|
|
Long Ridge Energy LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8216% 2/19/2032 (b)(c)(f)
|
265,000
|
249,763
|
|
Mesquite Energy Inc 1LN, term loan 0% (c)(f)(g)(h)(j)
|
15,000
|
0
|
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (b)(c)(f)(g)(h)(j)
|
35,876
|
0
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (b)(c)(f)
|
825,000
|
589,232
|
|
888,496
|
|||
Financials - 1.1%
|
|||
Capital Markets - 0.4%
|
|||
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2907% 1/15/2032 (b)(c)(f)
|
1,126,015
|
1,106,309
|
|
Financial Services - 0.2%
|
|||
Dragon Buyer Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 9/30/2031 (b)(c)(f)
|
24,938
|
24,769
|
|
Empire Today LP, LLC Tranche EXCH 1ST OUT TLB, term loan 10.0413% 8/30/2029 (c)(f)
|
58,050
|
51,374
|
|
Empire Today LP, LLC Tranche EXCH FLSO TL, term loan 9.5413% 8/30/2029 (c)(f)
|
353,138
|
141,256
|
|
Empire Today LP, LLC Tranche NEW $ 1ST OUT TLA, term loan 10.0413% 8/30/2029 (c)(f)
|
110,162
|
97,493
|
|
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 7/31/2031 (b)(c)(f)
|
344,138
|
342,943
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (b)(c)(f)
|
260,000
|
248,734
|
|
906,569
|
|||
Insurance - 0.5%
|
|||
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/6/2030 (b)(c)(f)
|
4,988
|
4,922
|
|
Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0734% 9/19/2031 (b)(c)(f)
|
628,167
|
623,325
|
|
Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 8/19/2028 (b)(c)(f)
|
361,913
|
348,852
|
|
USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5492% 11/23/2029 (b)(c)(f)
|
361,996
|
359,477
|
|
1,336,576
|
|||
TOTAL FINANCIALS
|
3,349,454
|
||
Health Care - 1.6%
|
|||
Health Care Equipment & Supplies - 0.5%
|
|||
Medline Borrower LP 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 10/21/2028 (b)(c)(f)
|
1,479,634
|
1,468,685
|
|
Health Care Providers & Services - 0.5%
|
|||
Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (b)(c)(f)
|
183,460
|
165,114
|
|
Confluent Health LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 11/30/2028 (b)(c)(f)
|
14,559
|
13,684
|
|
MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 4/15/2031 (b)(c)(f)
|
436,210
|
435,059
|
|
Owens & Minor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 0% 4/2/2030 (b)(c)(f)(g)
|
175,000
|
171,500
|
|
Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8216% 11/15/2028 (b)(c)(f)
|
55,951
|
55,581
|
|
Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5902% 1/31/2029 (b)(c)(f)
|
614,900
|
593,533
|
|
US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6881% 10/1/2028 (b)(c)(f)
|
28,950
|
28,591
|
|
1,463,062
|
|||
Health Care Technology - 0.4%
|
|||
AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 2/15/2029 (b)(c)(f)
|
1,142,547
|
1,131,304
|
|
Pharmaceuticals - 0.2%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (b)(c)(f)
|
735,000
|
692,127
|
|
Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 5/5/2028 (b)(c)(f)
|
34,308
|
34,167
|
|
726,294
|
|||
TOTAL HEALTH CARE
|
4,789,345
|
||
Industrials - 2.3%
|
|||
Aerospace & Defense - 0.2%
|
|||
Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3201% 1/27/2032 (b)(c)(f)
|
30,000
|
29,487
|
|
Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0466% 2/26/2032 (b)(c)(f)
|
479,741
|
472,119
|
|
Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 0% 2/26/2032 (b)(c)(f)(g)(i)
|
45,259
|
44,539
|
|
546,145
|
|||
Building Products - 0.2%
|
|||
Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.25%, 8.5492% 4/29/2029 (b)(c)(f)
|
487,500
|
465,138
|
|
Commercial Services & Supplies - 1.4%
|
|||
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 12/21/2028 (b)(c)(f)
|
564,579
|
553,079
|
|
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1716% 5/14/2028 (b)(c)(f)
|
1,837,354
|
1,834,562
|
|
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7907% 8/1/2030 (b)(c)(f)
|
261,038
|
240,857
|
|
Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 8/1/2029 (b)(c)(f)
|
29,774
|
29,728
|
|
GFL Environmental Services Inc/ON Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8185% 3/3/2032 (b)(c)(f)
|
65,000
|
64,025
|
|
LRS Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6861% 8/31/2028 (b)(c)(f)
|
926,606
|
852,478
|
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (b)(c)(f)
|
652,617
|
574,348
|
|
4,149,077
|
|||
Electrical Equipment - 0.0%
|
|||
GrafTech Global Enterprises Inc Tranche NEW $ 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3028% 12/21/2029 (b)(c)(f)
|
32,923
|
32,528
|
|
GrafTech Global Enterprises Inc Tranche NEW $ 1LN, term loan CME Term SOFR 1 month Index + 6%, 3.75% 12/21/2029 (b)(c)(f)(i)
|
18,813
|
18,588
|
|
51,116
|
|||
Ground Transportation - 0.3%
|
|||
Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0492% 4/10/2031 (b)(c)(f)
|
756,823
|
746,281
|
|
Passenger Airlines - 0.0%
|
|||
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0476% 4/1/2031 (b)(c)(f)
|
20,000
|
19,892
|
|
Professional Services - 0.2%
|
|||
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 12/30/2028 (b)(c)(f)
|
637,350
|
608,956
|
|
CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3132% 9/29/2028 (b)(c)(f)
|
14,477
|
14,423
|
|
Corelogic Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 6/2/2028 (b)(c)(f)
|
48,250
|
47,526
|
|
670,905
|
|||
TOTAL INDUSTRIALS
|
6,648,554
|
||
Information Technology - 2.3%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
DG Investment Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 6.75%, 11.1861% 3/31/2029 (b)(c)(f)
|
80,000
|
77,400
|
|
DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.9361% 3/31/2028 (b)(c)(f)
|
14,438
|
14,376
|
|
91,776
|
|||
IT Services - 0.5%
|
|||
Acuris Finance US Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0492% 2/16/2028 (b)(c)(f)
|
6,275
|
6,206
|
|
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (b)(c)(f)
|
652,697
|
594,118
|
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (b)(c)(f)
|
130,000
|
128,978
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (f)
|
615,000
|
599,496
|
|
1,328,798
|
|||
Software - 1.6%
|
|||
Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7992% 2/23/2032 (b)(c)(f)
|
5,000
|
5,104
|
|
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (b)(c)(f)
|
9,404
|
9,213
|
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (b)(c)(f)
|
1,172,844
|
1,157,762
|
|
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5527% 3/29/2032 (b)(c)(f)
|
280,000
|
278,163
|
|
Cloud Software Group Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7992% 3/29/2029 (b)(c)(f)
|
1,744,250
|
1,722,046
|
|
Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0716% 11/15/2032 (b)(c)(f)
|
125,000
|
124,844
|
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (b)(c)(f)
|
460,000
|
456,679
|
|
Maverick Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.1797% 5/18/2028 (b)(c)(f)
|
289,518
|
285,720
|
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 12/31/2031 (b)(c)(f)
|
663,338
|
579,830
|
|
4,619,361
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.33% 2/23/2032 (b)(c)(f)
|
890,000
|
847,725
|
|
TOTAL INFORMATION TECHNOLOGY
|
6,887,660
|
||
Materials - 1.4%
|
|||
Chemicals - 1.1%
|
|||
Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 11/24/2027 (b)(c)(f)
|
361,781
|
352,513
|
|
American Rock Salt Co LLC 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 6/4/2028 (b)(c)(f)
|
953,209
|
775,913
|
|
American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/12/2028 (b)(c)(f)(i)
|
130,923
|
130,923
|
|
American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.4361% 6/12/2028 (b)(c)(f)
|
206,368
|
206,368
|
|
Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9216% 9/30/2028 (b)(c)(f)
|
391,155
|
379,569
|
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (b)(c)(f)
|
253,727
|
230,546
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (b)(c)(f)
|
505,659
|
491,571
|
|
Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 1/31/2029 (b)(c)(f)
|
31,597
|
31,274
|
|
WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5492% 9/22/2028 (b)(c)(f)
|
550,908
|
539,548
|
|
3,138,225
|
|||
Construction Materials - 0.0%
|
|||
Eco Material Technologies Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4666% 1/30/2032 (b)(c)(f)
|
30,000
|
29,650
|
|
White Cap Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 10/19/2029 (b)(c)(f)
|
4,988
|
4,852
|
|
34,502
|
|||
Containers & Packaging - 0.3%
|
|||
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.4966% 4/13/2029 (b)(c)(f)
|
963,925
|
956,580
|
|
TOTAL MATERIALS
|
4,129,307
|
||
Utilities - 0.4%
|
|||
Electric Utilities - 0.3%
|
|||
WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5737% 1/20/2031 (b)(c)(f)
|
847,130
|
838,447
|
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (b)(c)(f)
|
310,000
|
301,862
|
|
TOTAL UTILITIES
|
1,140,309
|
||
TOTAL UNITED STATES
|
43,793,195
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $46,314,765)
|
44,899,148
|
||
Common Stocks - 0.1%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Energy - 0.0%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Forbes Energy Services Ltd (h)(k)
|
6,468
|
0
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Mesquite Energy Inc (h)(k)
|
1,922
|
167,820
|
|
New Fortress Energy Inc (l)
|
6,569
|
35,670
|
|
203,490
|
|||
TOTAL ENERGY
|
203,490
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Limetree Bay Cayman Ltd (h)(k)
|
80
|
0
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Cano Health LLC (h)(k)
|
29,327
|
300,602
|
|
Cano Health LLC warrants (h)(k)
|
901
|
2,487
|
|
303,089
|
|||
Industrials - 0.0%
|
|||
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
2,998
|
25,033
|
|
TOTAL UNITED STATES
|
531,612
|
||
|
TOTAL COMMON STOCKS
(Cost $883,999)
|
531,612
|
||
Convertible Corporate Bonds - 0.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.6%
|
|||
Communication Services - 0.3%
|
|||
Media - 0.3%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
801,400
|
863,990
|
|
Consumer Discretionary - 0.0%
|
|||
Household Durables - 0.0%
|
|||
Meritage Homes Corp 1.75% 5/15/2028 (d)
|
10,000
|
9,710
|
|
Financials - 0.1%
|
|||
Capital Markets - 0.0%
|
|||
Coinbase Global Inc 0.25% 4/1/2030
|
10,000
|
9,935
|
|
Financial Services - 0.1%
|
|||
Global Payments Inc 1.5% 3/1/2031
|
348,000
|
308,328
|
|
TOTAL FINANCIALS
|
318,263
|
||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Wolfspeed Inc 1.875% 12/1/2029
|
611,000
|
171,386
|
|
Software - 0.0%
|
|||
BlackLine Inc 1% 6/1/2029 (d)
|
40,000
|
39,450
|
|
TOTAL INFORMATION TECHNOLOGY
|
210,836
|
||
Real Estate - 0.2%
|
|||
Real Estate Management & Development - 0.2%
|
|||
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 0.25% 6/15/2026
|
510,000
|
476,340
|
|
TOTAL UNITED STATES
|
1,879,139
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,120,081)
|
1,879,139
|
||
Non-Convertible Corporate Bonds - 77.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
ANGOLA - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Azule Energy Finance Plc 8.125% 1/23/2030 (d)
|
200,000
|
192,850
|
|
AUSTRALIA - 0.8%
|
|||
Materials - 0.8%
|
|||
Metals & Mining - 0.8%
|
|||
Alumina Pty Ltd 6.375% 9/15/2032 (d)
|
925,000
|
902,912
|
|
Mineral Resources Ltd 9.25% 10/1/2028 (d)
|
1,680,000
|
1,588,799
|
|
TOTAL AUSTRALIA
|
2,491,711
|
||
BAILIWICK OF JERSEY - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d)
|
200,000
|
171,786
|
|
BELGIUM - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (d)
|
200,000
|
194,991
|
|
BRAZIL - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (d)
|
340,000
|
327,675
|
|
CAMEROON - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Golar LNG Ltd 7.75% 9/19/2029 (d)(m)
|
200,000
|
199,158
|
|
CANADA - 4.0%
|
|||
Consumer Discretionary - 0.7%
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d)
|
900,000
|
864,178
|
|
1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (d)
|
630,000
|
627,915
|
|
1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d)
|
345,000
|
350,456
|
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d)
|
275,000
|
264,608
|
|
2,107,157
|
|||
Consumer Staples - 0.1%
|
|||
Household Products - 0.1%
|
|||
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d)
|
230,000
|
190,085
|
|
Energy - 0.4%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Precision Drilling Corp 7.125% 1/15/2026 (d)
|
326,000
|
324,881
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Baytex Energy Corp 7.375% 3/15/2032 (d)
|
305,000
|
262,960
|
|
Parkland Corp 6.625% 8/15/2032 (d)
|
590,000
|
587,283
|
|
850,243
|
|||
TOTAL ENERGY
|
1,175,124
|
||
Financials - 0.0%
|
|||
Insurance - 0.0%
|
|||
Jones Deslauriers Insurance Management Inc 10.5% 12/15/2030 (d)
|
70,000
|
75,301
|
|
Industrials - 0.5%
|
|||
Aerospace & Defense - 0.0%
|
|||
Bombardier Inc 6% 2/15/2028 (d)
|
125,000
|
123,613
|
|
Commercial Services & Supplies - 0.5%
|
|||
Garda World Security Corp 8.25% 8/1/2032 (d)
|
235,000
|
230,862
|
|
Wrangler Holdco Corp 6.625% 4/1/2032 (d)
|
1,065,000
|
1,093,253
|
|
1,324,115
|
|||
TOTAL INDUSTRIALS
|
1,447,728
|
||
Information Technology - 0.7%
|
|||
Software - 0.7%
|
|||
Open Text Corp 3.875% 2/15/2028 (d)
|
2,100,000
|
2,007,274
|
|
Materials - 1.6%
|
|||
Chemicals - 1.0%
|
|||
Methanex Corp 5.125% 10/15/2027
|
1,125,000
|
1,104,290
|
|
NOVA Chemicals Corp 5% 5/1/2025 (d)
|
1,005,000
|
1,005,000
|
|
NOVA Chemicals Corp 5.25% 6/1/2027 (d)
|
675,000
|
667,260
|
|
NOVA Chemicals Corp 9% 2/15/2030 (d)
|
185,000
|
197,664
|
|
2,974,214
|
|||
Metals & Mining - 0.6%
|
|||
Capstone Copper Corp 6.75% 3/31/2033 (d)
|
375,000
|
368,460
|
|
Hudbay Minerals Inc 4.5% 4/1/2026 (d)
|
1,080,000
|
1,059,803
|
|
New Gold Inc 6.875% 4/1/2032 (d)
|
310,000
|
317,055
|
|
1,745,318
|
|||
TOTAL MATERIALS
|
4,719,532
|
||
TOTAL CANADA
|
11,722,201
|
||
COLOMBIA - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Canacol Energy Ltd 5.75% 11/24/2028 (d)
|
905,000
|
416,300
|
|
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Ivanhoe Mine Ltd 7.875% 1/23/2030 (d)
|
255,000
|
248,735
|
|
FINLAND - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Leisure Products - 0.1%
|
|||
Amer Sports Co 6.75% 2/16/2031 (d)(n)
|
235,000
|
237,689
|
|
FRANCE - 0.7%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Altice France SA 5.125% 7/15/2029 (d)
|
250,000
|
203,971
|
|
Altice France SA 5.5% 1/15/2028 (d)
|
235,000
|
194,555
|
|
Altice France SA 5.5% 10/15/2029 (d)
|
95,000
|
77,768
|
|
Iliad Holding SASU 7% 4/15/2032 (d)
|
200,000
|
201,785
|
|
678,079
|
|||
Consumer Staples - 0.2%
|
|||
Personal Care Products - 0.2%
|
|||
Opal Bidco SAS 6.5% 3/31/2032 (d)
|
565,000
|
566,651
|
|
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Viridien 10% 10/15/2030 (d)
|
360,000
|
337,961
|
|
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
SPCM SA 3.125% 3/15/2027 (d)
|
395,000
|
374,246
|
|
TOTAL FRANCE
|
1,956,937
|
||
GERMANY - 0.5%
|
|||
Industrials - 0.5%
|
|||
Machinery - 0.5%
|
|||
TK Elevator US Newco Inc 5.25% 7/15/2027 (d)
|
1,600,000
|
1,575,516
|
|
Materials - 0.0%
|
|||
Paper & Forest Products - 0.0%
|
|||
Mercer International Inc 12.875% 10/1/2028 (d)
|
25,000
|
25,544
|
|
TOTAL GERMANY
|
1,601,060
|
||
GHANA - 0.5%
|
|||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Kosmos Energy Ltd 7.125% 4/4/2026 (d)
|
780,000
|
747,825
|
|
Kosmos Energy Ltd 8.75% 10/1/2031 (d)
|
200,000
|
160,940
|
|
Tullow Oil PLC 10.25% 5/15/2026 (d)
|
580,000
|
452,400
|
|
TOTAL GHANA
|
1,361,165
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d)
|
235,000
|
234,149
|
|
HONG KONG - 0.3%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Melco Resorts Finance Ltd 5.25% 4/26/2026 (d)
|
200,000
|
196,098
|
|
Industrials - 0.2%
|
|||
Marine Transportation - 0.2%
|
|||
Seaspan Corp 5.5% 8/1/2029 (d)
|
645,000
|
588,405
|
|
TOTAL HONG KONG
|
784,503
|
||
IRELAND - 0.8%
|
|||
Financials - 0.8%
|
|||
Financial Services - 0.8%
|
|||
GGAM Finance Ltd 6.875% 4/15/2029 (d)
|
370,000
|
377,847
|
|
GGAM Finance Ltd 7.75% 5/15/2026 (d)
|
1,540,000
|
1,557,319
|
|
TrueNoord Capital DAC 8.75% 3/1/2030 (d)
|
265,000
|
270,692
|
|
TOTAL IRELAND
|
2,205,858
|
||
MACAU - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Studio City Finance Ltd 5% 1/15/2029 (d)
|
225,000
|
197,343
|
|
NETHERLANDS - 0.2%
|
|||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Sigma Holdco BV 7.875% 5/15/2026 (d)
|
120,000
|
118,807
|
|
Materials - 0.2%
|
|||
Containers & Packaging - 0.2%
|
|||
Trivium Packaging Finance BV 8.5% 8/15/2027 (d)
|
385,000
|
380,527
|
|
TOTAL NETHERLANDS
|
499,334
|
||
NIGERIA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
IHS Holding Ltd 7.875% 5/29/2030 (d)
|
200,000
|
192,750
|
|
IHS Holding Ltd 8.25% 11/29/2031 (d)
|
200,000
|
192,250
|
|
TOTAL NIGERIA
|
385,000
|
||
NORWAY - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
TGS ASA 8.5% 1/15/2030 (d)
|
250,000
|
247,500
|
|
PANAMA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
C&W Senior Finance Ltd 9% 1/15/2033 (d)
|
835,000
|
839,130
|
|
SOUTH AFRICA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (d)
|
395,000
|
326,104
|
|
SWITZERLAND - 0.1%
|
|||
Industrials - 0.1%
|
|||
Aerospace & Defense - 0.1%
|
|||
VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d)
|
385,000
|
373,887
|
|
TANZANIA - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Communications Equipment - 0.3%
|
|||
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d)
|
1,000,000
|
998,750
|
|
UNITED KINGDOM - 1.9%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (d)
|
640,000
|
598,592
|
|
Consumer Discretionary - 0.7%
|
|||
Automobile Components - 0.5%
|
|||
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d)
|
610,000
|
637,945
|
|
Macquarie Airfinance Holdings Ltd 8.375% 5/1/2028 (d)
|
750,000
|
781,410
|
|
1,419,355
|
|||
Automobiles - 0.1%
|
|||
Mclaren Finance PLC 7.5% 8/1/2026 (d)
|
310,000
|
310,232
|
|
Specialty Retail - 0.1%
|
|||
Belron UK Finance PLC 5.75% 10/15/2029 (d)
|
370,000
|
369,460
|
|
TOTAL CONSUMER DISCRETIONARY
|
2,099,047
|
||
Energy - 0.7%
|
|||
Oil, Gas & Consumable Fuels - 0.7%
|
|||
EG Global Finance PLC 12% 11/30/2028 (d)
|
1,910,000
|
2,105,399
|
|
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
Rolls-Royce PLC 5.75% 10/15/2027 (d)
|
475,000
|
485,847
|
|
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d)
|
405,000
|
397,892
|
|
TOTAL UNITED KINGDOM
|
5,686,777
|
||
UNITED STATES - 65.5%
|
|||
Communication Services - 6.4%
|
|||
Diversified Telecommunication Services - 1.0%
|
|||
Cogent Communications Group LLC 7% 6/15/2027 (d)
|
825,000
|
829,038
|
|
Consolidated Communications Inc 5% 10/1/2028 (d)(n)
|
385,000
|
365,568
|
|
Frontier Communications Holdings LLC 5% 5/1/2028 (d)
|
1,275,000
|
1,261,841
|
|
Level 3 Financing Inc 10.5% 5/15/2030 (d)
|
260,000
|
281,079
|
|
Level 3 Financing Inc 11% 11/15/2029 (d)
|
168,736
|
188,562
|
|
2,926,088
|
|||
Entertainment - 0.6%
|
|||
Live Nation Entertainment Inc 4.75% 10/15/2027 (d)(n)
|
1,800,000
|
1,761,850
|
|
Interactive Media & Services - 0.1%
|
|||
Snap Inc 6.875% 3/1/2033 (d)
|
255,000
|
254,678
|
|
Media - 4.1%
|
|||
Advantage Sales & Marketing Inc 6.5% 11/15/2028 (d)
|
425,000
|
342,170
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (d)
|
2,925,000
|
2,884,988
|
|
Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (d)(n)
|
235,000
|
235,105
|
|
Clear Channel Outdoor Holdings Inc 9% 9/15/2028 (d)(n)
|
1,325,000
|
1,371,447
|
|
DISH DBS Corp 5.125% 6/1/2029
|
445,000
|
278,621
|
|
DISH DBS Corp 7.375% 7/1/2028
|
510,000
|
344,612
|
|
EchoStar Corp 10.75% 11/30/2029
|
2,369,934
|
2,505,883
|
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c)
|
931,800
|
868,505
|
|
Sirius XM Radio LLC 3.125% 9/1/2026 (d)
|
2,395,000
|
2,330,555
|
|
Univision Communications Inc 4.5% 5/1/2029 (d)(n)
|
355,000
|
304,418
|
|
Univision Communications Inc 8% 8/15/2028 (d)
|
470,000
|
456,534
|
|
11,922,838
|
|||
Wireless Telecommunication Services - 0.6%
|
|||
T-Mobile USA Inc 2.25% 2/15/2026
|
1,510,000
|
1,480,021
|
|
T-Mobile USA Inc 2.625% 4/15/2026
|
395,000
|
387,675
|
|
1,867,696
|
|||
TOTAL COMMUNICATION SERVICES
|
18,733,150
|
||
Consumer Discretionary - 10.5%
|
|||
Automobile Components - 0.3%
|
|||
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d)
|
180,000
|
182,811
|
|
Patrick Industries Inc 6.375% 11/1/2032 (d)
|
375,000
|
364,062
|
|
Phinia Inc 6.75% 4/15/2029 (d)
|
180,000
|
181,921
|
|
Real Hero Merger Sub 2 Inc 6.25% 2/1/2029 (d)
|
30,000
|
22,380
|
|
751,174
|
|||
Broadline Retail - 0.2%
|
|||
Kohl's Corp 4.25% 7/17/2025
|
70,000
|
68,668
|
|
Wayfair LLC 7.25% 10/31/2029 (d)
|
240,000
|
219,215
|
|
Wayfair LLC 7.75% 9/15/2030 (d)(n)
|
465,000
|
424,233
|
|
712,116
|
|||
Distributors - 0.1%
|
|||
Gates Corp/DE 6.875% 7/1/2029 (d)
|
340,000
|
344,974
|
|
Diversified Consumer Services - 1.2%
|
|||
Service Corp International/US 5.75% 10/15/2032
|
240,000
|
236,938
|
|
Sotheby's 7.375% 10/15/2027 (d)
|
215,000
|
201,790
|
|
TKC Holdings Inc 10.5% 5/15/2029 (d)
|
1,075,000
|
1,075,522
|
|
TKC Holdings Inc 6.875% 5/15/2028 (d)
|
515,000
|
515,035
|
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (d)(n)
|
1,565,000
|
1,549,279
|
|
3,578,564
|
|||
Hotels, Restaurants & Leisure - 6.9%
|
|||
Affinity Interactive 6.875% 12/15/2027 (d)
|
215,000
|
154,149
|
|
Boyd Gaming Corp 4.75% 12/1/2027
|
475,000
|
465,248
|
|
Caesars Entertainment Inc 6% 10/15/2032 (d)(n)
|
370,000
|
348,815
|
|
Caesars Entertainment Inc 8.125% 7/1/2027 (d)
|
302,000
|
302,908
|
|
Carnival Corp 5.75% 3/15/2030 (d)
|
305,000
|
302,866
|
|
Carnival Corp 6.125% 2/15/2033 (d)
|
1,605,000
|
1,591,202
|
|
Carnival Corp 7.625% 3/1/2026 (d)
|
2,830,000
|
2,833,634
|
|
Churchill Downs Inc 4.75% 1/15/2028 (d)(n)
|
375,000
|
363,392
|
|
Churchill Downs Inc 6.75% 5/1/2031 (d)(n)
|
620,000
|
626,186
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d)
|
575,000
|
503,072
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d)
|
360,000
|
359,815
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d)
|
230,000
|
225,360
|
|
International Game Technology PLC 4.125% 4/15/2026 (d)
|
1,025,000
|
1,011,773
|
|
Las Vegas Sands Corp 3.5% 8/18/2026
|
400,000
|
391,106
|
|
Life Time Inc 6% 11/15/2031 (d)
|
500,000
|
498,432
|
|
Light & Wonder International Inc 7% 5/15/2028 (d)
|
1,250,000
|
1,250,283
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d)
|
400,000
|
399,935
|
|
NCL Corp Ltd 5.875% 2/15/2027 (d)
|
650,000
|
646,968
|
|
NCL Corp Ltd 5.875% 3/15/2026 (d)
|
58,000
|
57,704
|
|
NCL Corp Ltd 6.25% 3/1/2030 (d)
|
700,000
|
682,815
|
|
NCL Corp Ltd 6.75% 2/1/2032 (d)
|
1,225,000
|
1,197,576
|
|
Neogen Food Safety Corp 8.625% 7/20/2030 (d)
|
55,000
|
55,522
|
|
Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (d)
|
120,000
|
119,860
|
|
Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (d)
|
750,000
|
749,230
|
|
Royal Caribbean Cruises Ltd 5.5% 8/31/2026 (d)
|
1,685,000
|
1,685,804
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d)
|
280,000
|
284,197
|
|
Six Flags Entertainment Corp 5.5% 4/15/2027 (d)
|
550,000
|
544,044
|
|
Station Casinos LLC 6.625% 3/15/2032 (d)(n)
|
350,000
|
347,970
|
|
Viking Cruises Ltd 9.125% 7/15/2031 (d)
|
1,250,000
|
1,336,494
|
|
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (d)(n)
|
400,000
|
395,899
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (d)
|
605,000
|
584,806
|
|
20,317,065
|
|||
Household Durables - 1.0%
|
|||
Beazer Homes USA Inc 7.5% 3/15/2031 (d)(n)
|
185,000
|
178,743
|
|
Landsea Homes Corp 8.875% 4/1/2029 (d)(n)
|
230,000
|
217,654
|
|
LGI Homes Inc 7% 11/15/2032 (d)
|
445,000
|
410,513
|
|
LGI Homes Inc 8.75% 12/15/2028 (d)
|
195,000
|
196,911
|
|
Newell Brands Inc 5.7% 4/1/2026 (o)
|
521,000
|
514,109
|
|
Newell Brands Inc 6.375% 5/15/2030
|
355,000
|
323,183
|
|
Newell Brands Inc 6.625% 5/15/2032 (n)
|
265,000
|
235,240
|
|
Somnigroup International Inc 4% 4/15/2029 (d)
|
1,065,000
|
988,764
|
|
3,065,117
|
|||
Leisure Products - 0.2%
|
|||
Mattel Inc 5.875% 12/15/2027 (d)
|
460,000
|
457,065
|
|
Specialty Retail - 0.6%
|
|||
At Home Group Inc 4.875% 7/15/2028 (d)
|
60,000
|
15,893
|
|
Carvana Co 4.875% 9/1/2029 (d)
|
80,000
|
71,025
|
|
Carvana Co 5.875% 10/1/2028 (d)
|
115,000
|
105,800
|
|
Group 1 Automotive Inc 6.375% 1/15/2030 (d)(n)
|
225,000
|
227,299
|
|
Hudson Automotive Group 8% 5/15/2032 (d)
|
140,000
|
145,171
|
|
Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (n)
|
235,000
|
236,705
|
|
Specialty Building Products Holdings LLC / SBP Finance Corp 7.75% 10/15/2029 (d)
|
100,000
|
93,963
|
|
Staples Inc 10.75% 9/1/2029 (d)
|
610,000
|
528,513
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (d)(n)
|
295,000
|
303,904
|
|
1,728,273
|
|||
TOTAL CONSUMER DISCRETIONARY
|
30,954,348
|
||
Consumer Staples - 2.3%
|
|||
Consumer Staples Distribution & Retail - 1.6%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.25% 3/15/2026 (d)
|
1,350,000
|
1,324,883
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d)
|
325,000
|
329,728
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (d)
|
1,185,000
|
1,203,866
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (d)
|
380,000
|
317,776
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d)
|
345,000
|
352,935
|
|
Performance Food Group Inc 5.5% 10/15/2027 (d)
|
500,000
|
495,902
|
|
Performance Food Group Inc 6.125% 9/15/2032 (d)
|
435,000
|
435,129
|
|
United Natural Foods Inc 6.75% 10/15/2028 (d)
|
95,000
|
93,275
|
|
US Foods Inc 5.75% 4/15/2033 (d)
|
215,000
|
210,594
|
|
4,764,088
|
|||
Food Products - 0.4%
|
|||
Chobani Holdco II LLC 9.5% 10/1/2029 pay-in-kind (c)(d)
|
208,391
|
220,826
|
|
Fiesta Purchaser Inc 7.875% 3/1/2031 (d)
|
210,000
|
219,988
|
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (d)
|
135,000
|
141,160
|
|
Post Holdings Inc 6.25% 10/15/2034 (d)(n)
|
220,000
|
218,174
|
|
Post Holdings Inc 6.375% 3/1/2033 (d)(n)
|
235,000
|
232,358
|
|
Viking Baked Goods Acquisition Corp 8.625% 11/1/2031 (d)
|
50,000
|
47,495
|
|
1,080,001
|
|||
Household Products - 0.1%
|
|||
Resideo Funding Inc 6.5% 7/15/2032 (d)
|
360,000
|
357,116
|
|
Personal Care Products - 0.1%
|
|||
Coty Inc 5% 4/15/2026 (d)
|
407,000
|
404,227
|
|
Tobacco - 0.1%
|
|||
Turning Point Brands Inc 7.625% 3/15/2032 (d)
|
270,000
|
280,573
|
|
TOTAL CONSUMER STAPLES
|
6,886,005
|
||
Energy - 10.3%
|
|||
Energy Equipment & Services - 1.5%
|
|||
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d)
|
235,000
|
233,678
|
|
Kodiak Gas Services LLC 7.25% 2/15/2029 (d)
|
345,000
|
350,395
|
|
Nabors Industries Inc 7.375% 5/15/2027 (d)
|
610,000
|
575,163
|
|
Nabors Industries Ltd 7.5% 1/15/2028 (d)
|
560,000
|
445,646
|
|
Nustar Logistics LP 6% 6/1/2026
|
150,000
|
150,044
|
|
Star Holding LLC 8.75% 8/1/2031 (d)
|
235,000
|
215,318
|
|
Transocean Aquila Ltd 8% 9/30/2028 (d)
|
542,231
|
534,552
|
|
Transocean Inc 8.75% 2/15/2030 (d)
|
620,000
|
606,044
|
|
USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/1/2027
|
1,175,000
|
1,165,031
|
|
USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (d)
|
280,000
|
282,713
|
|
4,558,584
|
|||
Oil, Gas & Consumable Fuels - 8.8%
|
|||
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (d)
|
305,000
|
306,233
|
|
Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 10/15/2032 (d)
|
100,000
|
98,951
|
|
Buckeye Partners LP 4.125% 12/1/2027
|
1,725,000
|
1,657,349
|
|
California Resources Corp 7.125% 2/1/2026 (d)
|
92,000
|
91,402
|
|
California Resources Corp 8.25% 6/15/2029 (d)
|
995,000
|
948,639
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp 11% 4/15/2026 (d)
|
3,000
|
2,985
|
|
Cheniere Energy Inc 4.625% 10/15/2028
|
625,000
|
619,037
|
|
CITGO Petroleum Corp 6.375% 6/15/2026 (d)
|
525,000
|
522,164
|
|
CNX Resources Corp 7.25% 3/1/2032 (d)(n)
|
505,000
|
504,715
|
|
Comstock Resources Inc 6.75% 3/1/2029 (d)
|
490,000
|
467,063
|
|
Continental Resources Inc/OK 2.268% 11/15/2026 (d)
|
100,000
|
95,834
|
|
CVR Energy Inc 8.5% 1/15/2029 (d)
|
285,000
|
261,885
|
|
DCP Midstream Operating LP 5.375% 7/15/2025 (n)
|
335,000
|
335,070
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d)
|
80,000
|
79,046
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d)
|
940,000
|
964,969
|
|
Energy Transfer LP 6% 2/1/2029 (d)(n)
|
685,000
|
692,481
|
|
Energy Transfer LP 7.375% 2/1/2031 (d)
|
650,000
|
680,307
|
|
EQT Corp 3.125% 5/15/2026 (d)
|
175,000
|
171,606
|
|
EQT Corp 7.5% 6/1/2027 (d)(n)
|
1,050,000
|
1,066,010
|
|
Excelerate Energy LP 8% 5/15/2030 (d)(e)
|
290,000
|
294,590
|
|
Genesis Energy LP / Genesis Energy Finance Corp 7.875% 5/15/2032
|
115,000
|
112,021
|
|
Harvest Midstream I LP 7.5% 5/15/2032 (d)
|
430,000
|
437,620
|
|
Hess Midstream Operations LP 5.875% 3/1/2028 (d)
|
1,035,000
|
1,037,176
|
|
HF Sinclair Corp 6.375% 4/15/2027
|
62,000
|
62,576
|
|
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d)
|
230,000
|
235,425
|
|
Kinetik Holdings LP 6.625% 12/15/2028 (d)
|
675,000
|
679,934
|
|
Kraken Oil & Gas Partners LLC 7.625% 8/15/2029 (d)
|
185,000
|
165,499
|
|
Matador Resources Co 6.25% 4/15/2033 (d)
|
125,000
|
117,987
|
|
Matador Resources Co 6.5% 4/15/2032 (d)(n)
|
400,000
|
385,287
|
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d)
|
120,000
|
110,268
|
|
Murphy Oil Corp 6% 10/1/2032 (n)
|
245,000
|
222,896
|
|
NGL Energy Operating LLC / NGL Energy Finance Corp 8.125% 2/15/2029 (d)(n)
|
345,000
|
324,235
|
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (d)
|
285,000
|
273,808
|
|
ONEOK Inc 4.85% 7/15/2026
|
525,000
|
524,632
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)
|
580,000
|
477,147
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)
|
270,000
|
237,653
|
|
Prairie Acquiror LP 9% 8/1/2029 (d)
|
235,000
|
236,812
|
|
Range Resources Corp 4.875% 5/15/2025
|
450,000
|
449,555
|
|
Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)
|
265,000
|
269,249
|
|
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (d)
|
1,252,000
|
1,286,660
|
|
SM Energy Co 6.625% 1/15/2027
|
431,000
|
423,484
|
|
Summit Midstream Holdings LLC 8.625% 10/31/2029 (d)
|
185,000
|
182,250
|
|
Sunoco LP / Sunoco Finance Corp 6% 4/15/2027
|
1,260,000
|
1,255,850
|
|
Sunoco LP 6.25% 7/1/2033 (d)
|
310,000
|
309,583
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (d)
|
925,000
|
913,078
|
|
Talos Production Inc 9% 2/1/2029 (d)
|
100,000
|
95,864
|
|
TransMontaigne Partners LLC 8.5% 6/15/2030 (d)
|
265,000
|
266,719
|
|
Venture Global Calcasieu 6.25% 1/15/2030 (d)
|
265,000
|
265,073
|
|
Venture Global LNG Inc 7% 1/15/2030 (d)
|
2,840,000
|
2,675,280
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d)
|
295,000
|
302,643
|
|
Western Gas Partners LP 4.65% 7/1/2026
|
1,600,000
|
1,592,320
|
|
25,788,920
|
|||
TOTAL ENERGY
|
30,347,504
|
||
Financials - 5.5%
|
|||
Banks - 0.2%
|
|||
HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (d)
|
285,000
|
292,729
|
|
Western Alliance Bancorp 3% 6/15/2031 (c)
|
520,000
|
479,700
|
|
772,429
|
|||
Capital Markets - 0.9%
|
|||
Focus Financial Partners LLC 6.75% 9/15/2031 (d)
|
360,000
|
362,154
|
|
Hightower Holding LLC 6.75% 4/15/2029 (d)
|
175,000
|
167,335
|
|
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d)
|
920,000
|
904,249
|
|
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d)
|
420,000
|
421,979
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)
|
375,000
|
367,411
|
|
VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d)
|
270,000
|
277,141
|
|
2,500,269
|
|||
Consumer Finance - 1.3%
|
|||
Capstone Borrower Inc 8% 6/15/2030 (d)
|
125,000
|
127,699
|
|
Encore Capital Group Inc 9.25% 4/1/2029 (d)
|
200,000
|
211,118
|
|
Navient Corp 6.75% 6/15/2026
|
250,000
|
252,284
|
|
OneMain Finance Corp 3.5% 1/15/2027
|
2,850,000
|
2,728,534
|
|
OneMain Finance Corp 6.75% 3/15/2032
|
310,000
|
304,057
|
|
PRA Group Inc 8.875% 1/31/2030 (d)(n)
|
115,000
|
118,436
|
|
3,742,128
|
|||
Financial Services - 2.2%
|
|||
Block Inc 6.5% 5/15/2032 (d)
|
460,000
|
469,329
|
|
Freedom Mortgage Corp 6.625% 1/15/2027 (d)
|
250,000
|
248,122
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d)
|
145,000
|
141,784
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
1,745,000
|
1,654,692
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026
|
575,000
|
572,861
|
|
Jefferson Capital Holdin 8.25% 5/15/2030 (d)
|
440,000
|
442,797
|
|
Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (d)
|
350,000
|
355,738
|
|
NFE Financing LLC 12% 11/15/2029 (d)
|
959,789
|
660,653
|
|
PennyMac Financial Services Inc 6.875% 2/15/2033 (d)
|
265,000
|
264,630
|
|
Saks Global Enterprises LLC 11% 12/15/2029 (d)
|
455,000
|
275,975
|
|
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d)
|
285,000
|
289,060
|
|
Walker & Dunlop Inc 6.625% 4/1/2033 (d)
|
230,000
|
233,946
|
|
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d)
|
905,000
|
926,466
|
|
6,536,053
|
|||
Insurance - 0.7%
|
|||
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d)
|
230,000
|
235,330
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d)
|
30,000
|
29,784
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d)(n)
|
715,000
|
720,149
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (d)
|
250,000
|
253,724
|
|
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d)
|
250,000
|
243,998
|
|
Ryan Specialty LLC 5.875% 8/1/2032 (d)
|
465,000
|
459,286
|
|
1,942,271
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
|
|||
Rithm Capital Corp 8% 4/1/2029 (d)
|
140,000
|
139,772
|
|
Starwood Property Trust Inc 6.5% 7/1/2030 (d)(n)
|
635,000
|
638,685
|
|
778,457
|
|||
TOTAL FINANCIALS
|
16,271,607
|
||
Health Care - 4.7%
|
|||
Health Care Equipment & Supplies - 0.5%
|
|||
Insulet Corp 6.5% 4/1/2033 (d)
|
135,000
|
137,728
|
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)
|
1,140,000
|
1,148,724
|
|
Sotera Health Holdings LLC 7.375% 6/1/2031 (d)(n)
|
225,000
|
230,769
|
|
1,517,221
|
|||
Health Care Providers & Services - 2.6%
|
|||
Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(n)
|
235,000
|
234,796
|
|
Centene Corp 3% 10/15/2030
|
210,000
|
184,431
|
|
CHS/Community Health Systems Inc 5.625% 3/15/2027 (d)(n)
|
1,650,000
|
1,609,105
|
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (d)(n)
|
95,000
|
91,152
|
|
HCA Inc 5.875% 2/15/2026
|
650,000
|
651,667
|
|
LifePoint Health Inc 11% 10/15/2030 (d)
|
290,000
|
317,447
|
|
Molina Healthcare Inc 3.875% 5/15/2032 (d)
|
235,000
|
207,086
|
|
Molina Healthcare Inc 6.25% 1/15/2033 (d)(n)
|
375,000
|
372,179
|
|
Owens & Minor Inc 10% 4/15/2030 (d)
|
310,000
|
319,956
|
|
Select Medical Corp 6.25% 12/1/2032 (d)(n)
|
370,000
|
367,393
|
|
Surgery Center Holdings Inc 7.25% 4/15/2032 (d)
|
345,000
|
344,217
|
|
Tenet Healthcare Corp 5.125% 11/1/2027
|
2,700,000
|
2,677,743
|
|
US Acute Care Solutions LLC 9.75% 5/15/2029 (d)
|
100,000
|
101,518
|
|
7,478,690
|
|||
Health Care Technology - 0.7%
|
|||
IQVIA Inc 5% 5/15/2027 (d)
|
1,975,000
|
1,959,252
|
|
Pharmaceuticals - 0.9%
|
|||
1261229 BC Ltd 10% 4/15/2032 (d)
|
930,000
|
910,632
|
|
Bausch Health Americas Inc 9.25% 4/1/2026 (d)
|
890,000
|
867,941
|
|
Bausch Health Cos Inc 11% 9/30/2028 (d)
|
520,000
|
489,008
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)
|
550,000
|
518,743
|
|
2,786,324
|
|||
TOTAL HEALTH CARE
|
13,741,487
|
||
Industrials - 10.8%
|
|||
Aerospace & Defense - 2.5%
|
|||
Goat Holdco LLC 6.75% 2/1/2032 (d)
|
385,000
|
376,338
|
|
Howmet Aerospace Inc 5.9% 2/1/2027
|
455,000
|
465,838
|
|
OneSky Flight LLC 8.875% 12/15/2029 (d)
|
115,000
|
116,081
|
|
Spirit AeroSystems Inc 9.75% 11/15/2030 (d)
|
210,000
|
232,450
|
|
TransDigm Inc 5.5% 11/15/2027
|
1,735,000
|
1,726,740
|
|
TransDigm Inc 6.375% 3/1/2029 (d)
|
1,460,000
|
1,487,320
|
|
TransDigm Inc 6.75% 8/15/2028 (d)
|
2,935,000
|
2,990,031
|
|
7,394,798
|
|||
Air Freight & Logistics - 0.7%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (d)(n)
|
1,870,000
|
1,738,890
|
|
Stonepeak Nile Parent LLC 7.25% 3/15/2032 (d)(n)
|
365,000
|
370,566
|
|
2,109,456
|
|||
Building Products - 0.4%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (d)
|
245,000
|
242,286
|
|
AmeriTex HoldCo Intermediate LLC 10.25% 10/15/2028 (d)
|
355,000
|
365,699
|
|
Standard Building Solutions Inc 6.5% 8/15/2032 (d)
|
495,000
|
501,165
|
|
1,109,150
|
|||
Commercial Services & Supplies - 3.1%
|
|||
Allied Universal Holdco LLC 7.875% 2/15/2031 (d)
|
340,000
|
347,263
|
|
Artera Services LLC 8.5% 2/15/2031 (d)(n)
|
1,765,000
|
1,674,588
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
1,015,000
|
964,175
|
|
Clean Harbors Inc 6.375% 2/1/2031 (d)(n)
|
210,000
|
213,905
|
|
CoreCivic Inc 4.75% 10/15/2027
|
35,000
|
34,095
|
|
CoreCivic Inc 8.25% 4/15/2029
|
235,000
|
247,716
|
|
GEO Group Inc/The 10.25% 4/15/2031
|
620,000
|
677,454
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
230,000
|
241,787
|
|
GFL Environmental Inc 4% 8/1/2028 (d)
|
1,450,000
|
1,381,211
|
|
GFL Environmental Inc 6.75% 1/15/2031 (d)
|
230,000
|
239,085
|
|
Madison IAQ LLC 4.125% 6/30/2028 (d)
|
875,000
|
835,416
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)(n)
|
810,000
|
720,900
|
|
OT Midco Inc 10% 2/15/2030 (d)
|
480,000
|
390,550
|
|
Prime Security Services Borrower LLC / Prime Finance Inc 5.75% 4/15/2026 (d)(n)
|
677,000
|
676,326
|
|
Waste Pro USA Inc 7% 2/1/2033 (d)
|
235,000
|
239,766
|
|
Williams Scotsman Inc 6.625% 4/15/2030 (d)
|
220,000
|
223,984
|
|
9,108,221
|
|||
Construction & Engineering - 0.6%
|
|||
AECOM 5.125% 3/15/2027
|
1,155,000
|
1,152,376
|
|
Arcosa Inc 6.875% 8/15/2032 (d)
|
120,000
|
122,279
|
|
Pike Corp 8.625% 1/31/2031 (d)
|
275,000
|
288,498
|
|
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d)
|
230,000
|
230,362
|
|
1,793,515
|
|||
Electrical Equipment - 0.2%
|
|||
GrafTech Global Enterprises Inc 9.875% 12/23/2029 (d)
|
175,000
|
131,250
|
|
WESCO Distribution Inc 6.375% 3/15/2033 (d)
|
460,000
|
465,341
|
|
596,591
|
|||
Ground Transportation - 0.4%
|
|||
Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (d)
|
195,000
|
194,552
|
|
Genesee & Wyoming Inc 6.25% 4/15/2032 (d)
|
430,000
|
435,676
|
|
XPO Inc 6.25% 6/1/2028 (d)
|
470,000
|
474,657
|
|
1,104,885
|
|||
Machinery - 0.5%
|
|||
Esab Corp 6.25% 4/15/2029 (d)(n)
|
1,465,000
|
1,486,434
|
|
Passenger Airlines - 1.1%
|
|||
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d)(n)
|
480,000
|
474,137
|
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d)
|
1,025,910
|
1,019,073
|
|
JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (d)
|
190,000
|
175,014
|
|
United Airlines Inc 4.375% 4/15/2026 (d)
|
1,650,000
|
1,626,444
|
|
3,294,668
|
|||
Professional Services - 0.5%
|
|||
Amentum Holdings Inc 7.25% 8/1/2032 (d)
|
275,000
|
279,740
|
|
Corelogic Inc 4.5% 5/1/2028 (d)
|
590,000
|
558,327
|
|
TriNet Group Inc 7.125% 8/15/2031 (d)
|
510,000
|
519,097
|
|
1,357,164
|
|||
Trading Companies & Distributors - 0.8%
|
|||
Beacon Roofing Supply Inc 6.75% 4/30/2032 (d)
|
435,000
|
436,125
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (d)
|
230,000
|
233,059
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (d)
|
385,000
|
402,499
|
|
United Rentals North America Inc 3.875% 11/15/2027 (n)
|
675,000
|
651,853
|
|
United Rentals North America Inc 6.125% 3/15/2034 (d)(n)
|
735,000
|
742,928
|
|
2,466,464
|
|||
TOTAL INDUSTRIALS
|
31,821,346
|
||
Information Technology - 5.0%
|
|||
Communications Equipment - 1.0%
|
|||
CommScope LLC 9.5% 12/15/2031 (d)(n)
|
1,864,000
|
1,906,820
|
|
Hughes Satellite Systems Corp 5.25% 8/1/2026 (n)
|
160,000
|
149,152
|
|
Viasat Inc 5.625% 9/15/2025 (d)
|
790,000
|
789,964
|
|
2,845,936
|
|||
Electronic Equipment, Instruments & Components - 0.3%
|
|||
CPI CG Inc 10% 7/15/2029 (d)
|
125,000
|
134,040
|
|
Insight Enterprises Inc 6.625% 5/15/2032 (d)
|
185,000
|
187,683
|
|
Lightning Power LLC 7.25% 8/15/2032 (d)
|
220,000
|
227,927
|
|
Sensata Technologies Inc 6.625% 7/15/2032 (d)(n)
|
250,000
|
247,680
|
|
797,330
|
|||
IT Services - 1.1%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d)(n)
|
915,000
|
809,173
|
|
Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (d)
|
300,000
|
282,000
|
|
Camelot Finance SA 4.5% 11/1/2026 (d)
|
1,175,000
|
1,157,740
|
|
Sabre GLBL Inc 10.75% 11/15/2029 (d)
|
235,000
|
223,837
|
|
Sabre GLBL Inc 8.625% 6/1/2027 (d)(n)
|
675,000
|
646,313
|
|
Virtusa Corp 7.125% 12/15/2028 (d)
|
50,000
|
47,666
|
|
3,166,729
|
|||
Semiconductors & Semiconductor Equipment - 1.2%
|
|||
Entegris Inc 4.75% 4/15/2029 (d)
|
1,645,000
|
1,600,802
|
|
Qorvo Inc 4.375% 10/15/2029
|
1,675,000
|
1,600,966
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(h)(i)(o)
|
441,240
|
424,694
|
|
3,626,462
|
|||
Software - 1.3%
|
|||
Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc 8% 6/15/2029 (d)(n)
|
665,000
|
588,783
|
|
Elastic NV 4.125% 7/15/2029 (d)
|
225,000
|
212,351
|
|
Ellucian Holdings Inc 6.5% 12/1/2029 (d)
|
125,000
|
124,877
|
|
Gen Digital Inc 6.25% 4/1/2033 (d)
|
340,000
|
339,083
|
|
SS&C Technologies Inc 5.5% 9/30/2027 (d)(n)
|
2,400,000
|
2,388,167
|
|
UKG Inc 6.875% 2/1/2031 (d)(n)
|
285,000
|
293,206
|
|
3,946,467
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Seagate HDD Cayman 8.25% 12/15/2029
|
165,000
|
176,934
|
|
TOTAL INFORMATION TECHNOLOGY
|
14,559,858
|
||
Materials - 6.0%
|
|||
Chemicals - 2.7%
|
|||
Avient Corp 6.25% 11/1/2031 (d)
|
240,000
|
237,434
|
|
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d)
|
590,000
|
610,927
|
|
Celanese US Holdings LLC 6.5% 4/15/2030 (n)
|
250,000
|
244,272
|
|
Celanese US Holdings LLC 6.75% 4/15/2033 (n)
|
500,000
|
469,362
|
|
Chemours Co/The 5.375% 5/15/2027 (n)
|
1,325,000
|
1,290,330
|
|
Chemours Co/The 5.75% 11/15/2028 (d)
|
345,000
|
312,508
|
|
Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (c)(d)
|
267,435
|
228,991
|
|
LSB Industries Inc 6.25% 10/15/2028 (d)
|
240,000
|
224,613
|
|
Mativ Holdings Inc 8% 10/1/2029 (d)(n)
|
265,000
|
220,292
|
|
Methanex US Operations Inc 6.25% 3/15/2032 (d)
|
470,000
|
445,042
|
|
Olin Corp 6.625% 4/1/2033 (d)(n)
|
310,000
|
294,144
|
|
Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(n)
|
560,000
|
560,000
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)
|
2,395,000
|
2,294,414
|
|
Tronox Inc 4.625% 3/15/2029 (d)(n)
|
530,000
|
429,022
|
|
WR Grace Holdings LLC 7.375% 3/1/2031 (d)
|
180,000
|
180,961
|
|
8,042,312
|
|||
Construction Materials - 0.8%
|
|||
Global Infrastructure Solutions Inc 5.625% 6/1/2029 (d)
|
185,000
|
175,929
|
|
Quikrete Holdings Inc 6.375% 3/1/2032 (d)
|
990,000
|
995,580
|
|
VM Consolidated Inc 5.5% 4/15/2029 (d)(n)
|
1,075,000
|
1,036,522
|
|
2,208,031
|
|||
Containers & Packaging - 1.4%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d)
|
865,000
|
861,825
|
|
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d)
|
465,000
|
475,464
|
|
Graphic Packaging International LLC 6.375% 7/15/2032 (d)(n)
|
460,000
|
462,263
|
|
Sealed Air Corp 5% 4/15/2029 (d)
|
1,800,000
|
1,750,355
|
|
Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (d)
|
640,000
|
644,726
|
|
4,194,633
|
|||
Metals & Mining - 1.0%
|
|||
Alcoa Nederland Holding BV 7.125% 3/15/2031 (d)
|
90,000
|
92,723
|
|
Arsenal AIC Parent LLC 8% 10/1/2030 (d)
|
110,000
|
113,890
|
|
Cleveland-Cliffs Inc 6.75% 4/15/2030 (d)(n)
|
195,000
|
187,773
|
|
Cleveland-Cliffs Inc 6.875% 11/1/2029 (d)
|
125,000
|
121,066
|
|
Cleveland-Cliffs Inc 7% 3/15/2032 (d)(n)
|
475,000
|
446,256
|
|
Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(n)
|
125,000
|
117,508
|
|
Cleveland-Cliffs Inc 7.5% 9/15/2031 (d)(n)
|
545,000
|
527,413
|
|
Compass Minerals International Inc 6.75% 12/1/2027 (d)(n)
|
205,000
|
202,568
|
|
Novelis Corp 3.25% 11/15/2026 (d)
|
1,175,000
|
1,139,539
|
|
2,948,736
|
|||
Paper & Forest Products - 0.1%
|
|||
Magnera Corp 7.25% 11/15/2031 (d)
|
175,000
|
165,485
|
|
TOTAL MATERIALS
|
17,559,197
|
||
Real Estate - 2.0%
|
|||
Diversified REITs - 0.5%
|
|||
Safehold GL Holdings LLC 2.85% 1/15/2032 (n)
|
710,000
|
604,247
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d)
|
1,020,000
|
933,127
|
|
1,537,374
|
|||
Health Care REITs - 0.1%
|
|||
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d)
|
340,000
|
345,434
|
|
Hotel & Resort REITs - 0.1%
|
|||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(n)
|
160,000
|
160,141
|
|
Real Estate Management & Development - 0.1%
|
|||
Greystar Real Estate Partners LLC 7.75% 9/1/2030 (d)
|
230,000
|
241,530
|
|
Retail REITs - 0.4%
|
|||
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 5.75% 5/15/2026 (d)
|
1,144,000
|
1,133,364
|
|
Specialized REITs - 0.8%
|
|||
Iron Mountain Inc 4.875% 9/15/2027 (d)(n)
|
475,000
|
468,304
|
|
SBA Communications Corp 3.875% 2/15/2027
|
1,925,000
|
1,883,223
|
|
2,351,527
|
|||
TOTAL REAL ESTATE
|
5,769,370
|
||
Utilities - 2.0%
|
|||
Electric Utilities - 1.3%
|
|||
PG&E Corp 5% 7/1/2028
|
460,000
|
448,691
|
|
PG&E Corp 7.375% 3/15/2055 (c)
|
217,000
|
210,661
|
|
Vistra Operations Co LLC 5% 7/31/2027 (d)
|
1,075,000
|
1,065,640
|
|
Vistra Operations Co LLC 5.625% 2/15/2027 (d)
|
805,000
|
804,479
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (d)
|
355,000
|
375,371
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(n)
|
465,000
|
460,203
|
|
XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(n)
|
450,000
|
451,652
|
|
3,816,697
|
|||
Independent Power and Renewable Electricity Producers - 0.5%
|
|||
Alpha Generation LLC 6.75% 10/15/2032 (d)
|
290,000
|
295,542
|
|
Calpine Corp 5.125% 3/15/2028 (d)
|
925,000
|
916,221
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (d)
|
830,000
|
249,000
|
|
1,460,763
|
|||
Water Utilities - 0.2%
|
|||
Aris Water Holdings LLC 7.25% 4/1/2030 (d)
|
465,000
|
461,431
|
|
TOTAL UTILITIES
|
5,738,891
|
||
TOTAL UNITED STATES
|
192,382,763
|
||
ZAMBIA - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
First Quantum Minerals Ltd 8% 3/1/2033 (d)
|
275,000
|
272,079
|
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $225,893,358)
|
226,555,435
|
||
Preferred Securities - 2.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
SWITZERLAND - 0.2%
|
|||
Financials - 0.2%
|
|||
Capital Markets - 0.2%
|
|||
UBS Group AG 7% (c)(d)(p)
|
530,000
|
520,337
|
|
UNITED KINGDOM - 0.1%
|
|||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
Barclays PLC 7.625% (c)(p)
|
245,000
|
237,761
|
|
UNITED STATES - 1.9%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Mesquite Energy Inc 7.25% (j)(p)
|
135,000
|
1,349
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (b)(c)(p)
|
510,000
|
512,263
|
|
513,612
|
|||
Financials - 1.7%
|
|||
Banks - 1.2%
|
|||
BW Real Estate Inc 9.5% (c)(d)(p)
|
185,000
|
183,536
|
|
Citigroup Inc 6.75% (c)(p)
|
200,000
|
194,862
|
|
Citigroup Inc 6.95% (c)(p)
|
515,000
|
512,345
|
|
Citigroup Inc 7.125% (c)(p)
|
550,000
|
550,696
|
|
JPMorgan Chase & Co 6.5% (c)(p)
|
1,615,000
|
1,622,447
|
|
Wells Fargo & Co 7.625% (c)(n)(p)
|
290,000
|
308,112
|
|
3,371,998
|
|||
Capital Markets - 0.4%
|
|||
Bank of New York Mellon Corp/The 6.3% (c)(n)(p)
|
155,000
|
157,067
|
|
Charles Schwab Corp/The 5.375% (c)(p)
|
515,000
|
517,731
|
|
Goldman Sachs Group Inc/The 6.125% (c)(p)
|
120,000
|
117,531
|
|
Goldman Sachs Group Inc/The 6.85% (c)(p)
|
385,000
|
386,746
|
|
1,179,075
|
|||
Consumer Finance - 0.1%
|
|||
Ally Financial Inc 4.7% (c)(p)
|
230,000
|
196,799
|
|
Ally Financial Inc 4.7% (c)(p)
|
220,000
|
204,205
|
|
401,004
|
|||
TOTAL FINANCIALS
|
4,952,077
|
||
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Edison International 5% (c)(p)
|
155,000
|
138,067
|
|
TOTAL UNITED STATES
|
5,603,756
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $6,328,710)
|
6,361,854
|
||
Money Market Funds - 12.1%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (r)
|
4.33
|
11,179,984
|
11,182,220
|
|
Fidelity Securities Lending Cash Central Fund (r)(s)
|
4.33
|
24,358,897
|
24,361,332
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $35,543,552)
|
35,543,552
|
|||
U.S. Treasury Obligations - 1.3%
|
||||
Yield (%) (q)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Notes 1.5% 2/15/2030
(Cost $3,674,876)
|
3.89
|
4,100,000
|
3,705,375
|
|
|
TOTAL INVESTMENT IN SECURITIES - 109.2%
(Cost $322,233,574)
|
320,920,704
|
NET OTHER ASSETS (LIABILITIES) - (9.2)%
|
(27,039,893)
|
NET ASSETS - 100.0%
|
293,880,811
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(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 $188,960,722 or 64.3% of net assets.
|
(e)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(f)
|
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.
|
(g)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(h)
|
Level 3 security
|
(i)
|
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 $489,622 and $477,670, respectively.
|
(j)
|
Non-income producing - Security is in default.
|
(k)
|
Non-income producing
|
(l)
|
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 $35,670 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(m)
|
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 $199,158 or 0.1% of net assets.
|
(n)
|
Security or a portion of the security is on loan at period end.
|
(o)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(p)
|
Security is perpetual in nature with no stated maturity date.
|
(q)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(r)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(s)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
Affiliate
|
Value,
beginning
of period ($)
|
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
|
9,395,617
|
170,848,885
|
169,062,395
|
828,282
|
113
|
-
|
11,182,220
|
11,179,984
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
131,322,790
|
106,961,458
|
55,671
|
-
|
-
|
24,361,332
|
24,358,897
|
0.1%
|
Total
|
9,395,617
|
302,171,675
|
276,023,853
|
883,953
|
113
|
-
|
35,543,552
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Asset-Backed Securities
|
1,444,589
|
-
|
1,444,589
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
4,015,877
|
-
|
4,015,877
|
-
|
Consumer Discretionary
|
11,622,431
|
-
|
11,622,431
|
-
|
Consumer Staples
|
321,762
|
-
|
264,758
|
57,004
|
Energy
|
888,496
|
-
|
888,496
|
-
|
Financials
|
3,349,454
|
-
|
3,349,454
|
-
|
Health Care
|
4,789,345
|
-
|
4,789,345
|
-
|
Industrials
|
7,164,109
|
-
|
7,164,109
|
-
|
Information Technology
|
6,887,660
|
-
|
6,887,660
|
-
|
Materials
|
4,719,705
|
-
|
4,719,705
|
-
|
Utilities
|
1,140,309
|
-
|
1,140,309
|
-
|
Common Stocks
|
||||
Energy
|
203,490
|
35,670
|
-
|
167,820
|
Financials
|
-
|
-
|
-
|
-
|
Health Care
|
303,089
|
-
|
-
|
303,089
|
Industrials
|
25,033
|
25,033
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Communication Services
|
863,990
|
-
|
863,990
|
-
|
Consumer Discretionary
|
9,710
|
-
|
9,710
|
-
|
Financials
|
318,263
|
-
|
318,263
|
-
|
Information Technology
|
210,836
|
-
|
210,836
|
-
|
Real Estate
|
476,340
|
-
|
476,340
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
21,755,046
|
-
|
21,755,046
|
-
|
Consumer Discretionary
|
35,963,468
|
-
|
35,963,468
|
-
|
Consumer Staples
|
7,761,548
|
-
|
7,761,548
|
-
|
Energy
|
36,382,961
|
-
|
36,382,961
|
-
|
Financials
|
18,786,915
|
-
|
18,786,915
|
-
|
Health Care
|
13,741,487
|
-
|
13,741,487
|
-
|
Industrials
|
36,292,729
|
-
|
36,292,729
|
-
|
Information Technology
|
17,565,882
|
-
|
17,141,188
|
424,694
|
Materials
|
26,399,246
|
-
|
26,399,246
|
-
|
Real Estate
|
5,769,370
|
-
|
5,769,370
|
-
|
Utilities
|
6,136,783
|
-
|
6,136,783
|
-
|
Preferred Securities
|
||||
Energy
|
513,612
|
-
|
513,612
|
-
|
Financials
|
5,710,175
|
-
|
5,710,175
|
-
|
Utilities
|
138,067
|
-
|
138,067
|
-
|
U.S. Treasury Obligations
|
3,705,375
|
-
|
3,705,375
|
-
|
Money Market Funds
|
35,543,552
|
35,543,552
|
-
|
-
|
Total Investments in Securities:
|
320,920,704
|
35,604,255
|
284,363,842
|
952,607
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $23,421,139) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $286,690,022)
|
$
|
285,377,152
|
||
Fidelity Central Funds (cost $35,543,552)
|
35,543,552
|
|||
Total Investment in Securities (cost $322,233,574)
|
$
|
320,920,704
|
||
Foreign currency held at value (cost $1,061)
|
1,106
|
|||
Receivable for investments sold
|
704,995
|
|||
Receivable for fund shares sold
|
486,926
|
|||
Interest receivable
|
4,042,861
|
|||
Distributions receivable from Fidelity Central Funds
|
52,763
|
|||
Prepaid expenses
|
69
|
|||
Receivable from investment adviser for expense reductions
|
1,981
|
|||
Other receivables
|
1,307
|
|||
Total assets
|
326,212,712
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
280,061
|
||
Payable for investments purchased
|
||||
Regular delivery
|
6,665,814
|
|||
Delayed delivery
|
490,000
|
|||
Payable for fund shares redeemed
|
126,507
|
|||
Distributions payable
|
172,591
|
|||
Accrued management fee
|
160,218
|
|||
Distribution and service plan fees payable
|
11,037
|
|||
Other payables and accrued expenses
|
64,341
|
|||
Collateral on securities loaned
|
24,361,332
|
|||
Total liabilities
|
32,331,901
|
|||
Net Assets
|
$
|
293,880,811
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
307,462,829
|
||
Total accumulated earnings (loss)
|
(13,582,018)
|
|||
Net Assets
|
$
|
293,880,811
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($32,869,141 ÷ 3,720,898 shares)(a)
|
$
|
8.83
|
||
Maximum offering price per share (100/96.00 of $8.83)
|
$
|
9.20
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($3,833,543 ÷ 434,030 shares)(a)
|
$
|
8.83
|
||
Maximum offering price per share (100/96.00 of $8.83)
|
$
|
9.20
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($4,168,388 ÷ 471,819 shares)(a)
|
$
|
8.83
|
||
Short Duration High Income :
|
||||
Net Asset Value, offering price and redemption price per share ($201,291,539 ÷ 22,786,988 shares)
|
$
|
8.83
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($12,757,477 ÷ 1,444,068 shares)
|
$
|
8.83
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($38,960,723 ÷ 4,408,564 shares)
|
$
|
8.84
|
||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
144,323
|
||
Interest
|
18,475,071
|
|||
Income from Fidelity Central Funds (including $55,671 from security lending)
|
883,953
|
|||
Total income
|
19,503,347
|
|||
Expenses
|
||||
Management fee
|
$
|
1,680,978
|
||
Distribution and service plan fees
|
122,458
|
|||
Custodian fees and expenses
|
13,760
|
|||
Independent trustees' fees and expenses
|
1,037
|
|||
Registration fees
|
111,590
|
|||
Audit fees
|
75,138
|
|||
Legal
|
3,802
|
|||
Miscellaneous
|
3,718
|
|||
Total expenses before reductions
|
2,012,481
|
|||
Expense reductions
|
(35,382)
|
|||
Total expenses after reductions
|
1,977,099
|
|||
Net Investment income (loss)
|
17,526,248
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
144,066
|
|||
Fidelity Central Funds
|
113
|
|||
Foreign currency transactions
|
3
|
|||
Total net realized gain (loss)
|
144,182
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(2,296,273)
|
|||
Assets and liabilities in foreign currencies
|
45
|
|||
Total change in net unrealized appreciation (depreciation)
|
(2,296,228)
|
|||
Net gain (loss)
|
(2,152,046)
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
15,374,202
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
17,526,248
|
$
|
26,932,407
|
Net realized gain (loss)
|
144,182
|
(10,127,353)
|
||
Change in net unrealized appreciation (depreciation)
|
(2,296,228)
|
4,892,935
|
||
Net increase (decrease) in net assets resulting from operations
|
15,374,202
|
21,697,989
|
||
Distributions to shareholders
|
(16,480,878)
|
(22,490,058)
|
||
Share transactions - net increase (decrease)
|
66,461,198
|
(273,189,716)
|
||
Total increase (decrease) in net assets
|
65,354,522
|
(273,981,785)
|
||
Net Assets
|
||||
Beginning of period
|
228,526,289
|
502,508,074
|
||
End of period
|
$
|
293,880,811
|
$
|
228,526,289
|
Fidelity Advisor® Short Duration High Income Fund Class A |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.87
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.593
|
.604
|
.502
|
.307
|
.300
|
|||||
Net realized and unrealized gain (loss)
|
(.025)
|
.078 C
|
(.429)
|
(.546)
|
.651
|
|||||
Total from investment operations
|
.568
|
.682
|
.073
|
(.239)
|
.951
|
|||||
Distributions from net investment income
|
(.558)
|
(.522)
|
(.393)
|
(.301)
|
(.301)
|
|||||
Total distributions
|
(.558)
|
(.522)
|
(.393)
|
(.301)
|
(.301)
|
|||||
Net asset value, end of period
|
$
|
8.83
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D,E
|
6.53 % |
8.12%
|
.93%
|
(2.60)%
|
10.83%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.03%
|
1.04%
|
1.10%
|
1.13%
|
1.15%
|
|||||
Expenses net of fee waivers, if any
|
1.00 % |
1.01%
|
1.00%
|
1.01%
|
1.05%
|
|||||
Expenses net of all reductions, if any
|
.99%
|
1.01%
|
1.00%
|
1.01%
|
1.05%
|
|||||
Net investment income (loss)
|
6.63%
|
6.94%
|
5.81%
|
3.27%
|
3.21%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
32,869
|
$
|
26,215
|
$
|
21,379
|
$
|
22,554
|
$
|
17,126
|
Portfolio turnover rate H
|
43 % |
30%
|
14%
|
42%
|
74%
|
Fidelity Advisor® Short Duration High Income Fund Class M |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.81
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.86
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.591
|
.604
|
.502
|
.307
|
.300
|
|||||
Net realized and unrealized gain (loss)
|
(.013)
|
.068 C
|
(.429)
|
(.546)
|
.661
|
|||||
Total from investment operations
|
.578
|
.672
|
.073
|
(.239)
|
.961
|
|||||
Distributions from net investment income
|
(.558)
|
(.522)
|
(.393)
|
(.301)
|
(.301)
|
|||||
Total distributions
|
(.558)
|
(.522)
|
(.393)
|
(.301)
|
(.301)
|
|||||
Net asset value, end of period
|
$
|
8.83
|
$
|
8.81
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D,E
|
6.65 % |
8.00%
|
.93%
|
(2.60)%
|
10.96%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.05%
|
1.06%
|
1.12%
|
1.13%
|
1.17%
|
|||||
Expenses net of fee waivers, if any
|
1.00 % |
1.01%
|
1.00%
|
1.01%
|
1.05%
|
|||||
Expenses net of all reductions, if any
|
.99%
|
1.01%
|
1.00%
|
1.01%
|
1.05%
|
|||||
Net investment income (loss)
|
6.63%
|
6.94%
|
5.81%
|
3.27%
|
3.21%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,834
|
$
|
2,065
|
$
|
2,318
|
$
|
2,812
|
$
|
2,289
|
Portfolio turnover rate H
|
43 % |
30%
|
14%
|
42%
|
74%
|
Fidelity Advisor® Short Duration High Income Fund Class C |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.87
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.526
|
.539
|
.439
|
.237
|
.230
|
|||||
Net realized and unrealized gain (loss)
|
(.025)
|
.078 C
|
(.430)
|
(.546)
|
.651
|
|||||
Total from investment operations
|
.501
|
.617
|
.009
|
(.309)
|
.881
|
|||||
Distributions from net investment income
|
(.491)
|
(.457)
|
(.329)
|
(.231)
|
(.231)
|
|||||
Total distributions
|
(.491)
|
(.457)
|
(.329)
|
(.231)
|
(.231)
|
|||||
Net asset value, end of period
|
$
|
8.83
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D,E
|
5.73 % |
7.31%
|
.18%
|
(3.33)%
|
10.01%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.82%
|
1.83%
|
1.90%
|
1.91%
|
1.94%
|
|||||
Expenses net of fee waivers, if any
|
1.75 % |
1.76%
|
1.75%
|
1.76%
|
1.80%
|
|||||
Expenses net of all reductions, if any
|
1.74%
|
1.76%
|
1.75%
|
1.76%
|
1.80%
|
|||||
Net investment income (loss)
|
5.88%
|
6.19%
|
5.06%
|
2.52%
|
2.46%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
4,168
|
$
|
3,453
|
$
|
2,795
|
$
|
3,884
|
$
|
4,018
|
Portfolio turnover rate H
|
43 % |
30%
|
14%
|
42%
|
74%
|
Fidelity® Short Duration High Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.87
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.617
|
.624
|
.523
|
.331
|
.323
|
|||||
Net realized and unrealized gain (loss)
|
(.025)
|
.083 C
|
(.428)
|
(.546)
|
.651
|
|||||
Total from investment operations
|
.592
|
.707
|
.095
|
(.215)
|
.974
|
|||||
Distributions from net investment income
|
(.582)
|
(.547)
|
(.415)
|
(.325)
|
(.324)
|
|||||
Total distributions
|
(.582)
|
(.547)
|
(.415)
|
(.325)
|
(.324)
|
|||||
Net asset value, end of period
|
$
|
8.83
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D
|
6.81 % |
8.42%
|
1.18%
|
(2.35)%
|
11.11%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.73%
|
.73%
|
.76%
|
.83%
|
.87%
|
|||||
Expenses net of fee waivers, if any
|
.73 % |
.73%
|
.75%
|
.75%
|
.80%
|
|||||
Expenses net of all reductions, if any
|
.73%
|
.73%
|
.75%
|
.75%
|
.80%
|
|||||
Net investment income (loss)
|
6.90%
|
7.22%
|
6.06%
|
3.52%
|
3.46%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
201,292
|
$
|
180,997
|
$
|
460,873
|
$
|
87,949
|
$
|
83,066
|
Portfolio turnover rate G
|
43 % |
30%
|
14%
|
42%
|
74%
|
Fidelity Advisor® Short Duration High Income Fund Class I |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.87
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.615
|
.625
|
.524
|
.331
|
.323
|
|||||
Net realized and unrealized gain (loss)
|
(.025)
|
.079 C
|
(.429)
|
(.546)
|
.651
|
|||||
Total from investment operations
|
.590
|
.704
|
.095
|
(.215)
|
.974
|
|||||
Distributions from net investment income
|
(.580)
|
(.544)
|
(.415)
|
(.325)
|
(.324)
|
|||||
Total distributions
|
(.580)
|
(.544)
|
(.415)
|
(.325)
|
(.324)
|
|||||
Net asset value, end of period
|
$
|
8.83
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D
|
6.79 % |
8.39%
|
1.18%
|
(2.35)%
|
11.11%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.75%
|
.76%
|
.84%
|
.88%
|
.92%
|
|||||
Expenses net of fee waivers, if any
|
.75 % |
.76%
|
.75%
|
.76%
|
.80%
|
|||||
Expenses net of all reductions, if any
|
.74%
|
.76%
|
.75%
|
.76%
|
.80%
|
|||||
Net investment income (loss)
|
6.89%
|
7.19%
|
6.06%
|
3.52%
|
3.46%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
12,757
|
$
|
6,093
|
$
|
4,855
|
$
|
5,055
|
$
|
5,023
|
Portfolio turnover rate G
|
43 % |
30%
|
14%
|
42%
|
74%
|
Fidelity Advisor® Short Duration High Income Fund Class Z |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
$
|
8.87
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.617
|
.632
|
.531
|
.339
|
.331
|
|||||
Net realized and unrealized gain (loss)
|
(.009)
|
.080 C
|
(.428)
|
(.546)
|
.652
|
|||||
Total from investment operations
|
.608
|
.712
|
.103
|
(.207)
|
.983
|
|||||
Distributions from net investment income
|
(.588)
|
(.552)
|
(.423)
|
(.333)
|
(.333)
|
|||||
Total distributions
|
(.588)
|
(.552)
|
(.423)
|
(.333)
|
(.333)
|
|||||
Net asset value, end of period
|
$
|
8.84
|
$
|
8.82
|
$
|
8.66
|
$
|
8.98
|
$
|
9.52
|
Total Return D
|
7.01 % |
8.48%
|
1.27%
|
(2.27)%
|
11.21%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.69%
|
.70%
|
.75%
|
.78%
|
.80%
|
|||||
Expenses net of fee waivers, if any
|
.66 % |
.67%
|
.66%
|
.66%
|
.71%
|
|||||
Expenses net of all reductions, if any
|
.65%
|
.67%
|
.66%
|
.66%
|
.71%
|
|||||
Net investment income (loss)
|
6.97%
|
7.28%
|
6.15%
|
3.61%
|
3.55%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
38,961
|
$
|
9,702
|
$
|
10,289
|
$
|
5,246
|
$
|
3,815
|
Portfolio turnover rate G
|
43 % |
30%
|
14%
|
42%
|
74%
|
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%
|
Gross unrealized appreciation
|
$9,266,090
|
Gross unrealized depreciation
|
(5,950,489)
|
Net unrealized appreciation (depreciation)
|
$3,315,601
|
Tax Cost
|
$317,605,103
|
Undistributed ordinary income
|
$1,230,961
|
Capital loss carryforward
|
$(18,128,625)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$3,315,646
|
Short-term
|
$(7,578,038)
|
Long-term
|
(10,550,587)
|
Total capital loss carryforward
|
$(18,128,625)
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$16,480,878
|
$22,490,058
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Short Duration High Income Fund
|
161,201,035
|
98,709,047
|
Maximum Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.72
|
Class C
|
.74
|
Short Duration High Income
|
.65
|
Class I
|
.67
|
Class Z
|
.61
|
Total Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.72
|
Class C
|
.74
|
Short Duration High Income
|
.65
|
Class I
|
.67
|
Class Z
|
.61
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
74,222
|
5,458
|
Class M
|
- %
|
.25%
|
7,060
|
11
|
Class C
|
.75%
|
.25%
|
41,176
|
13,699
|
122,458
|
19,168
|
Retained by FDC ($)
|
|
Class A
|
8,556
|
Class M
|
161
|
Class C A
|
262
|
8,979
|
Amount ($)
|
|
Fidelity Short Duration High Income Fund
|
372
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Short Duration High Income Fund
|
5,726
|
-
|
-
|
Expense Limitations
|
Reimbursement ($)
|
|
Class A
|
1.00%
|
9,398
|
Class M
|
1.00%
|
1,484
|
Class C
|
1.75%
|
2,993
|
Short Duration High Income
|
.75%
|
-
|
Class I
|
.75%
|
-
|
Class Z
|
.66%
|
3,855
|
17,730
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Short Duration High Income Fund
|
||
Distributions to shareholders
|
||
Class A
|
$1,854,026
|
$1,453,378
|
Class M
|
175,287
|
126,712
|
Class C
|
226,993
|
166,155
|
Short Duration High Income
|
12,677,223
|
19,772,748
|
Class I
|
585,048
|
358,052
|
Class Z
|
962,301
|
613,013
|
Total
|
$16,480,878
|
$22,490,058
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|
Fidelity Short Duration High Income Fund
|
||||
Class A
|
||||
Shares sold
|
1,151,323
|
915,629
|
$10,310,454
|
$7,927,624
|
Reinvestment of distributions
|
203,908
|
163,493
|
1,827,157
|
1,426,701
|
Shares redeemed
|
(608,175)
|
(573,870)
|
(5,439,073)
|
(5,000,968)
|
Net increase (decrease)
|
747,056
|
505,252
|
$6,698,538
|
$4,353,357
|
Class M
|
||||
Shares sold
|
241,271
|
61,221
|
$2,158,460
|
$536,752
|
Reinvestment of distributions
|
19,155
|
14,180
|
171,576
|
123,623
|
Shares redeemed
|
(60,734)
|
(108,706)
|
(544,509)
|
(948,746)
|
Net increase (decrease)
|
199,692
|
(33,305)
|
$1,785,527
|
$(288,371)
|
Class C
|
||||
Shares sold
|
258,244
|
210,769
|
$2,308,787
|
$1,836,741
|
Reinvestment of distributions
|
24,350
|
18,510
|
218,256
|
161,586
|
Shares redeemed
|
(202,420)
|
(160,324)
|
(1,802,193)
|
(1,396,285)
|
Net increase (decrease)
|
80,174
|
68,955
|
$724,850
|
$602,042
|
Short Duration High Income
|
||||
Shares sold
|
12,671,857
|
15,629,596
|
$113,621,982
|
$135,606,728
|
Reinvestment of distributions
|
1,193,138
|
2,012,341
|
10,690,735
|
17,448,514
|
Shares redeemed
|
(11,610,306)
|
(50,323,387)
|
(103,651,955)
|
(431,331,667)
|
Net increase (decrease)
|
2,254,689
|
(32,681,450)
|
$20,660,762
|
$(278,276,425)
|
Class I
|
||||
Shares sold
|
1,186,513
|
415,530
|
$10,650,092
|
$3,601,620
|
Reinvestment of distributions
|
58,094
|
38,900
|
520,274
|
339,483
|
Shares redeemed
|
(491,668)
|
(323,830)
|
(4,353,050)
|
(2,814,401)
|
Net increase (decrease)
|
752,939
|
130,600
|
$6,817,316
|
$1,126,702
|
Class Z
|
||||
Shares sold
|
4,403,967
|
781,037
|
$39,608,814
|
$6,806,516
|
Reinvestment of distributions
|
99,889
|
66,980
|
892,707
|
583,737
|
Shares redeemed
|
(1,195,458)
|
(935,376)
|
(10,727,316)
|
(8,097,274)
|
Net increase (decrease)
|
3,308,398
|
(87,359)
|
$29,774,205
|
$(707,021)
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Asset-Backed Securities - 0.5%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.5%
|
|||
Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (b)(c)(d)
|
150,000
|
147,175
|
|
Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (b)(c)(d)
|
125,000
|
122,859
|
|
Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (b)(c)(d)
|
150,000
|
147,198
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (b)(c)(d)
|
100,000
|
97,145
|
|
Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.8219% 2/20/2038 (b)(c)(d)
|
150,000
|
147,507
|
|
Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (b)(c)(d)
|
100,000
|
97,258
|
|
Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (b)(c)(d)
|
250,000
|
241,180
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
1,000,322
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $1,025,000)
|
1,000,322
|
||
Bank Loan Obligations - 4.8%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED KINGDOM - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5632% 2/7/2028 (b)(c)(e)
|
4,975
|
4,967
|
|
UNITED STATES - 4.8%
|
|||
Communication Services - 0.0%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 3/29/2032 (b)(c)(e)(f)
|
70,000
|
69,755
|
|
Interactive Media & Services - 0.0%
|
|||
TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0492% 7/8/2031 (b)(c)(e)
|
14,925
|
14,477
|
|
TOTAL COMMUNICATION SERVICES
|
84,232
|
||
Consumer Discretionary - 1.4%
|
|||
Automobile Components - 0.0%
|
|||
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/28/2032 (b)(c)(e)
|
70,000
|
68,454
|
|
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 (b)(c)(e)
|
49,875
|
48,666
|
|
Distributors - 0.0%
|
|||
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 0% 1/20/2032 (b)(c)(e)(f)
|
30,000
|
28,590
|
|
Diversified Consumer Services - 0.6%
|
|||
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (b)(c)(e)
|
827,132
|
673,211
|
|
TKC Holdings Inc 1LN, term loan 13.5% 2/14/2027 (c)(e)
|
279,487
|
229,179
|
|
902,390
|
|||
Hotels, Restaurants & Leisure - 0.4%
|
|||
Bulldog Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 6/30/2031 (b)(c)(e)
|
223,875
|
222,476
|
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (b)(c)(e)
|
189,499
|
168,971
|
|
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (b)(c)(e)
|
99,213
|
91,849
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (b)(c)(e)
|
154,180
|
148,526
|
|
631,822
|
|||
Household Durables - 0.2%
|
|||
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 6/29/2028 (b)(c)(e)
|
304,930
|
250,528
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6861% 10/30/2027 (b)(c)(e)
|
208,665
|
195,362
|
|
445,890
|
|||
Specialty Retail - 0.2%
|
|||
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 11/26/2031 (b)(c)(e)
|
45,000
|
43,176
|
|
Valvoline Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/19/2032 (b)(c)(e)(f)
|
290,000
|
288,672
|
|
331,848
|
|||
TOTAL CONSUMER DISCRETIONARY
|
2,457,660
|
||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
CVR Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (b)(c)(e)
|
39,900
|
39,601
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (b)(c)(e)
|
520,000
|
371,394
|
|
410,995
|
|||
Financials - 0.5%
|
|||
Financial Services - 0.3%
|
|||
Dragon Buyer Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 9/30/2031 (b)(c)(e)
|
19,950
|
19,815
|
|
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8216% 7/31/2031 (b)(c)(e)
|
299,250
|
298,212
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0719% 2/20/2032 (b)(c)(e)
|
190,000
|
181,767
|
|
499,794
|
|||
Insurance - 0.2%
|
|||
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 11/6/2030 (b)(c)(e)
|
4,988
|
4,922
|
|
Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0734% 9/19/2031 (b)(c)(e)
|
281,438
|
279,269
|
|
Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4216% 8/19/2028 (b)(c)(e)
|
198,980
|
191,798
|
|
475,989
|
|||
TOTAL FINANCIALS
|
975,783
|
||
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (b)(c)(e)
|
127,617
|
114,856
|
|
Pharmaceuticals - 0.1%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (b)(c)(e)
|
290,000
|
273,084
|
|
TOTAL HEALTH CARE
|
387,940
|
||
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.0%
|
|||
Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3201% 1/27/2032 (b)(c)(e)
|
20,000
|
19,658
|
|
Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0466% 2/26/2032 (b)(c)(e)
|
50,259
|
49,460
|
|
Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 0% 2/26/2032 (b)(c)(e)(f)(g)
|
4,741
|
4,666
|
|
73,784
|
|||
Commercial Services & Supplies - 0.1%
|
|||
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5716% 12/21/2028 (b)(c)(e)
|
136,289
|
133,514
|
|
Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 8/1/2029 (b)(c)(e)
|
24,812
|
24,773
|
|
158,287
|
|||
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 (b)(c)(e)
|
393,025
|
387,550
|
|
Passenger Airlines - 0.0%
|
|||
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0476% 4/1/2031 (b)(c)(e)
|
15,000
|
14,919
|
|
Professional Services - 0.1%
|
|||
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 12/30/2028 (b)(c)(e)
|
203,946
|
194,860
|
|
TOTAL INDUSTRIALS
|
829,400
|
||
Information Technology - 1.3%
|
|||
IT Services - 0.4%
|
|||
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (b)(c)(e)
|
413,198
|
376,114
|
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 3/22/2032 (b)(c)(e)
|
80,000
|
79,371
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (e)
|
385,000
|
375,294
|
|
830,779
|
|||
Software - 0.7%
|
|||
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (b)(c)(e)
|
23,510
|
23,032
|
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3216% 12/11/2028 (b)(c)(e)
|
190,621
|
188,170
|
|
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5527% 3/29/2032 (b)(c)(e)
|
175,000
|
173,852
|
|
Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0716% 11/15/2032 (b)(c)(e)
|
100,000
|
99,875
|
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (b)(c)(e)
|
405,000
|
402,076
|
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5716% 12/31/2031 (b)(c)(e)
|
304,238
|
265,937
|
|
1,152,942
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.33% 2/23/2032 (b)(c)(e)
|
300,000
|
285,750
|
|
TOTAL INFORMATION TECHNOLOGY
|
2,269,471
|
||
Materials - 0.5%
|
|||
Chemicals - 0.5%
|
|||
American Rock Salt Co LLC 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 6/4/2028 (b)(c)(e)
|
484,965
|
394,761
|
|
American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/12/2028 (b)(c)(e)(g)
|
114,558
|
114,558
|
|
American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.4361% 6/12/2028 (b)(c)(e)
|
180,572
|
180,572
|
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (b)(c)(e)
|
203,976
|
185,341
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (b)(c)(e)
|
89,550
|
87,055
|
|
962,287
|
|||
Construction Materials - 0.0%
|
|||
Eco Material Technologies Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.4666% 1/30/2032 (b)(c)(e)
|
20,000
|
19,767
|
|
White Cap Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5749% 10/19/2029 (b)(c)(e)
|
4,988
|
4,852
|
|
24,619
|
|||
TOTAL MATERIALS
|
986,906
|
||
Utilities - 0.3%
|
|||
Electric Utilities - 0.1%
|
|||
WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5737% 1/20/2031 (b)(c)(e)
|
254,824
|
252,212
|
|
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (b)(c)(e)
|
199,454
|
194,218
|
|
Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1861% 3/25/2028 (b)(c)(e)
|
203,959
|
201,011
|
|
395,229
|
|||
TOTAL UTILITIES
|
647,441
|
||
TOTAL UNITED STATES
|
9,049,828
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $9,448,933)
|
9,054,795
|
||
Common Stocks - 0.1%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
New Fortress Energy Inc (h)
|
2,722
|
14,780
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Cano Health LLC (i)(j)
|
20,400
|
209,100
|
|
Cano Health LLC warrants (i)(j)
|
627
|
1,731
|
|
210,831
|
|||
Industrials - 0.0%
|
|||
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
1,205
|
10,062
|
|
TOTAL UNITED STATES
|
235,673
|
||
|
TOTAL COMMON STOCKS
(Cost $437,108)
|
235,673
|
||
Convertible Corporate Bonds - 0.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.6%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
272,476
|
293,756
|
|
Consumer Discretionary - 0.0%
|
|||
Household Durables - 0.0%
|
|||
Meritage Homes Corp 1.75% 5/15/2028 (d)
|
10,000
|
9,710
|
|
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Global Payments Inc 1.5% 3/1/2031
|
313,000
|
277,318
|
|
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Wolfspeed Inc 1.875% 12/1/2029
|
204,000
|
57,222
|
|
Software - 0.0%
|
|||
BlackLine Inc 1% 6/1/2029 (d)
|
30,000
|
29,588
|
|
TOTAL INFORMATION TECHNOLOGY
|
86,810
|
||
Real Estate - 0.3%
|
|||
Real Estate Management & Development - 0.3%
|
|||
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 0.25% 6/15/2026
|
443,000
|
413,762
|
|
TOTAL UNITED STATES
|
1,081,356
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,178,194)
|
1,081,356
|
||
Non-Convertible Corporate Bonds - 89.9%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 1.9%
|
|||
Materials - 1.9%
|
|||
Chemicals - 0.4%
|
|||
Nufarm Australia Ltd / Nufarm Americas Inc 5% 1/27/2030 (d)
|
865,000
|
801,137
|
|
Metals & Mining - 1.5%
|
|||
Alumina Pty Ltd 6.375% 9/15/2032 (d)
|
580,000
|
566,150
|
|
FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (d)
|
1,140,000
|
1,112,041
|
|
Mineral Resources Ltd 8% 11/1/2027 (d)
|
1,130,000
|
1,073,186
|
|
2,751,377
|
|||
TOTAL AUSTRALIA
|
3,552,514
|
||
BRAZIL - 0.4%
|
|||
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (d)
|
740,000
|
713,175
|
|
CANADA - 3.3%
|
|||
Consumer Discretionary - 0.6%
|
|||
Hotels, Restaurants & Leisure - 0.6%
|
|||
1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d)
|
1,010,000
|
1,025,973
|
|
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (d)
|
115,000
|
110,654
|
|
1,136,627
|
|||
Consumer Staples - 0.0%
|
|||
Household Products - 0.0%
|
|||
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d)
|
200,000
|
165,292
|
|
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Baytex Energy Corp 7.375% 3/15/2032 (d)
|
270,000
|
232,784
|
|
Parkland Corp 6.625% 8/15/2032 (d)
|
510,000
|
507,651
|
|
740,435
|
|||
Industrials - 0.5%
|
|||
Commercial Services & Supplies - 0.5%
|
|||
Wrangler Holdco Corp 6.625% 4/1/2032 (d)(k)
|
910,000
|
934,140
|
|
Information Technology - 0.3%
|
|||
Software - 0.3%
|
|||
Open Text Corp 3.875% 12/1/2029 (d)
|
390,000
|
359,345
|
|
Open Text Holdings Inc 4.125% 2/15/2030 (d)
|
130,000
|
120,130
|
|
479,475
|
|||
Materials - 1.3%
|
|||
Chemicals - 1.0%
|
|||
Methanex Corp 5.25% 12/15/2029
|
160,000
|
151,969
|
|
NOVA Chemicals Corp 5.25% 6/1/2027 (d)
|
1,710,000
|
1,690,392
|
|
1,842,361
|
|||
Metals & Mining - 0.3%
|
|||
Capstone Copper Corp 6.75% 3/31/2033 (d)
|
235,000
|
230,901
|
|
Hudbay Minerals Inc 4.5% 4/1/2026 (d)
|
240,000
|
235,512
|
|
New Gold Inc 6.875% 4/1/2032 (d)
|
195,000
|
199,438
|
|
665,851
|
|||
TOTAL MATERIALS
|
2,508,212
|
||
Utilities - 0.2%
|
|||
Gas Utilities - 0.2%
|
|||
Superior Plus LP / Superior General Partner Inc 4.5% 3/15/2029 (d)
|
320,000
|
298,781
|
|
TOTAL CANADA
|
6,262,962
|
||
COLOMBIA - 0.2%
|
|||
Utilities - 0.2%
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
Enfragen Energia Sur SA 5.375% 12/30/2030 (d)
|
340,000
|
291,230
|
|
FINLAND - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Leisure Products - 0.1%
|
|||
Amer Sports Co 6.75% 2/16/2031 (d)
|
210,000
|
212,403
|
|
FRANCE - 0.7%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Altice France SA 5.125% 7/15/2029 (d)
|
350,000
|
285,560
|
|
Iliad Holding SASU 7% 4/15/2032 (d)
|
200,000
|
201,785
|
|
487,345
|
|||
Consumer Staples - 0.2%
|
|||
Personal Care Products - 0.2%
|
|||
Opal Bidco SAS 6.5% 3/31/2032 (d)
|
350,000
|
351,023
|
|
Energy - 0.0%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Viridien 10% 10/15/2030 (d)
|
225,000
|
211,224
|
|
Materials - 0.2%
|
|||
Chemicals - 0.2%
|
|||
SPCM SA 3.125% 3/15/2027 (d)
|
385,000
|
364,772
|
|
TOTAL FRANCE
|
1,414,364
|
||
GERMANY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobile Components - 0.1%
|
|||
ZF North America Capital Inc 6.875% 4/23/2032 (d)
|
210,000
|
184,190
|
|
Materials - 0.0%
|
|||
Paper & Forest Products - 0.0%
|
|||
Mercer International Inc 12.875% 10/1/2028 (d)
|
20,000
|
20,436
|
|
TOTAL GERMANY
|
204,626
|
||
GHANA - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Tullow Oil PLC 10.25% 5/15/2026 (d)
|
225,000
|
175,500
|
|
GUATEMALA - 0.5%
|
|||
Communication Services - 0.5%
|
|||
Wireless Telecommunication Services - 0.5%
|
|||
Millicom International Cellular SA 5.125% 1/15/2028 (d)
|
900,000
|
876,938
|
|
HONG KONG - 0.1%
|
|||
Industrials - 0.1%
|
|||
Marine Transportation - 0.1%
|
|||
Seaspan Corp 5.5% 8/1/2029 (d)
|
200,000
|
182,451
|
|
IRELAND - 0.8%
|
|||
Financials - 0.8%
|
|||
Financial Services - 0.8%
|
|||
GGAM Finance Ltd 5.875% 3/15/2030 (d)
|
395,000
|
392,247
|
|
GGAM Finance Ltd 6.875% 4/15/2029 (d)
|
260,000
|
265,514
|
|
GGAM Finance Ltd 7.75% 5/15/2026 (d)
|
540,000
|
546,073
|
|
GGAM Finance Ltd 8% 2/15/2027 (d)
|
305,000
|
313,137
|
|
TOTAL IRELAND
|
1,516,971
|
||
ITALY - 0.2%
|
|||
Financials - 0.2%
|
|||
Banks - 0.2%
|
|||
UniCredit SpA 5.861% 6/19/2032 (c)(d)
|
93,000
|
93,368
|
|
UniCredit SpA 7.296% 4/2/2034 (c)(d)
|
237,000
|
247,904
|
|
TOTAL ITALY
|
341,272
|
||
LUXEMBOURG - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Altice Financing SA 5% 1/15/2028 (d)
|
10,000
|
7,679
|
|
NETHERLANDS - 0.1%
|
|||
Materials - 0.1%
|
|||
Containers & Packaging - 0.1%
|
|||
Trivium Packaging Finance BV 5.5% 8/15/2026 (d)
|
215,000
|
212,887
|
|
NIGERIA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
IHS Holding Ltd 7.875% 5/29/2030 (d)
|
280,000
|
269,850
|
|
NORWAY - 0.2%
|
|||
Energy - 0.2%
|
|||
Energy Equipment & Services - 0.2%
|
|||
Seadrill Finance Ltd 8.375% 8/1/2030 (d)
|
315,000
|
294,980
|
|
PANAMA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
C&W Senior Finance Ltd 9% 1/15/2033 (d)
|
570,000
|
572,819
|
|
PUERTO RICO - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (d)
|
185,000
|
136,888
|
|
SPAIN - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Grifols SA 4.75% 10/15/2028 (d)
|
100,000
|
93,088
|
|
TANZANIA - 0.4%
|
|||
Information Technology - 0.4%
|
|||
Communications Equipment - 0.4%
|
|||
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d)
|
705,000
|
704,119
|
|
UNITED KINGDOM - 2.4%
|
|||
Communication Services - 0.5%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (d)
|
260,000
|
243,178
|
|
Media - 0.4%
|
|||
Virgin Media Secured Finance PLC 5.5% 5/15/2029 (d)
|
740,000
|
712,293
|
|
TOTAL COMMUNICATION SERVICES
|
955,471
|
||
Consumer Discretionary - 0.3%
|
|||
Automobile Components - 0.1%
|
|||
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d)
|
65,000
|
66,714
|
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d)
|
190,000
|
198,704
|
|
265,418
|
|||
Specialty Retail - 0.2%
|
|||
Belron UK Finance PLC 5.75% 10/15/2029 (d)
|
300,000
|
299,562
|
|
TOTAL CONSUMER DISCRETIONARY
|
564,980
|
||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
EG Global Finance PLC 12% 11/30/2028 (d)
|
615,000
|
677,916
|
|
Health Care - 0.3%
|
|||
Health Care Providers & Services - 0.3%
|
|||
180 Medical Inc 3.875% 10/15/2029 (d)(k)
|
625,000
|
585,296
|
|
Industrials - 0.6%
|
|||
Aerospace & Defense - 0.6%
|
|||
Rolls-Royce PLC 5.75% 10/15/2027 (d)
|
1,115,000
|
1,140,462
|
|
Utilities - 0.3%
|
|||
Independent Power and Renewable Electricity Producers - 0.3%
|
|||
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d)
|
320,000
|
314,384
|
|
ContourGlobal Power Holdings SA 6.75% 2/28/2030 (d)
|
230,000
|
232,740
|
|
547,124
|
|||
TOTAL UNITED KINGDOM
|
4,471,249
|
||
UNITED STATES - 77.9%
|
|||
Communication Services - 3.5%
|
|||
Diversified Telecommunication Services - 0.4%
|
|||
Cogent Communications Group LLC 7% 6/15/2027 (d)(k)
|
660,000
|
663,230
|
|
Level 3 Financing Inc 11% 11/15/2029 (d)
|
133,344
|
149,012
|
|
812,242
|
|||
Media - 3.1%
|
|||
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d)
|
85,000
|
78,930
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d)
|
1,780,000
|
1,736,665
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (d)
|
1,160,000
|
1,144,132
|
|
CSC Holdings LLC 4.125% 12/1/2030 (d)
|
160,000
|
109,659
|
|
CSC Holdings LLC 5.375% 2/1/2028 (d)
|
85,000
|
74,279
|
|
Lamar Media Corp 3.625% 1/15/2031
|
915,000
|
826,904
|
|
Nexstar Media Inc 5.625% 7/15/2027 (d)(k)
|
990,000
|
980,745
|
|
Scripps Escrow II Inc 3.875% 1/15/2029 (d)(k)
|
410,000
|
312,408
|
|
TEGNA Inc 5% 9/15/2029 (k)
|
210,000
|
195,610
|
|
Univision Communications Inc 8% 8/15/2028 (d)
|
325,000
|
315,688
|
|
5,775,020
|
|||
TOTAL COMMUNICATION SERVICES
|
6,587,262
|
||
Consumer Discretionary - 14.5%
|
|||
Automobile Components - 0.2%
|
|||
Patrick Industries Inc 6.375% 11/1/2032 (d)
|
300,000
|
291,249
|
|
Automobiles - 0.2%
|
|||
Thor Industries Inc 4% 10/15/2029 (d)
|
500,000
|
449,687
|
|
Broadline Retail - 1.1%
|
|||
Kohl's Corp 4.25% 7/17/2025
|
25,000
|
24,524
|
|
Match Group Holdings II LLC 3.625% 10/1/2031 (d)
|
575,000
|
493,042
|
|
Match Group Holdings II LLC 4.125% 8/1/2030 (d)
|
265,000
|
239,632
|
|
Nordstrom Inc 4.375% 4/1/2030 (k)
|
930,000
|
823,721
|
|
Wayfair LLC 7.25% 10/31/2029 (d)(k)
|
190,000
|
173,545
|
|
Wayfair LLC 7.75% 9/15/2030 (d)(k)
|
290,000
|
264,576
|
|
2,019,040
|
|||
Diversified Consumer Services - 0.7%
|
|||
Service Corp International/US 5.125% 6/1/2029 (k)
|
1,425,000
|
1,408,296
|
|
Hotels, Restaurants & Leisure - 8.0%
|
|||
Caesars Entertainment Inc 6% 10/15/2032 (d)(k)
|
405,000
|
381,811
|
|
Caesars Entertainment Inc 6.5% 2/15/2032 (d)
|
605,000
|
608,169
|
|
Carnival Corp 5.75% 3/15/2030 (d)
|
195,000
|
193,636
|
|
Carnival Corp 6.125% 2/15/2033 (d)
|
1,360,000
|
1,348,308
|
|
Carnival Corp 7% 8/15/2029 (d)
|
425,000
|
443,331
|
|
Churchill Downs Inc 5.75% 4/1/2030 (d)
|
455,000
|
444,981
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d)
|
105,000
|
97,270
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d)(k)
|
1,165,000
|
1,030,540
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (d)(k)
|
2,355,000
|
2,159,777
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d)
|
420,000
|
411,528
|
|
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
|
445,000
|
443,356
|
|
Life Time Inc 6% 11/15/2031 (d)(k)
|
400,000
|
398,746
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d)
|
245,000
|
244,960
|
|
NCL Corp Ltd 5.875% 2/15/2027 (d)
|
350,000
|
348,367
|
|
NCL Corp Ltd 6.75% 2/1/2032 (d)
|
295,000
|
288,396
|
|
Neogen Food Safety Corp 8.625% 7/20/2030 (d)(k)
|
115,000
|
116,091
|
|
Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (d)
|
400,000
|
396,926
|
|
Royal Caribbean Cruises Ltd 6% 2/1/2033 (d)
|
1,010,000
|
1,012,780
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d)
|
205,000
|
208,072
|
|
Station Casinos LLC 6.625% 3/15/2032 (d)(k)
|
310,000
|
308,202
|
|
Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (d)(k)
|
525,000
|
504,273
|
|
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (d)(k)
|
870,000
|
861,081
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 5.125% 10/1/2029 (d)(k)
|
380,000
|
366,371
|
|
Yum! Brands Inc 3.625% 3/15/2031 (k)
|
2,615,000
|
2,358,015
|
|
Yum! Brands Inc 5.35% 11/1/2043
|
110,000
|
101,027
|
|
15,076,014
|
|||
Household Durables - 1.7%
|
|||
Century Communities Inc 3.875% 8/15/2029 (d)(k)
|
460,000
|
410,317
|
|
LGI Homes Inc 7% 11/15/2032 (d)
|
355,000
|
327,488
|
|
LGI Homes Inc 8.75% 12/15/2028 (d)
|
160,000
|
161,568
|
|
Newell Brands Inc 6.625% 9/15/2029 (k)
|
875,000
|
820,812
|
|
Newell Brands Inc 6.875% 4/1/2036 (l)
|
490,000
|
426,817
|
|
Somnigroup International Inc 3.875% 10/15/2031 (d)
|
395,000
|
346,734
|
|
TopBuild Corp 4.125% 2/15/2032 (d)
|
810,000
|
728,924
|
|
3,222,660
|
|||
Leisure Products - 0.1%
|
|||
Mattel Inc 6.2% 10/1/2040
|
245,000
|
234,382
|
|
Specialty Retail - 1.7%
|
|||
Asbury Automotive Group Inc 4.625% 11/15/2029 (d)
|
245,000
|
230,391
|
|
Asbury Automotive Group Inc 5% 2/15/2032 (d)
|
260,000
|
236,946
|
|
Bath & Body Works Inc 6.625% 10/1/2030 (d)(k)
|
1,620,000
|
1,648,522
|
|
Gap Inc/The 3.875% 10/1/2031 (d)
|
385,000
|
329,839
|
|
Group 1 Automotive Inc 6.375% 1/15/2030 (d)(k)
|
195,000
|
196,992
|
|
Hudson Automotive Group 8% 5/15/2032 (d)
|
125,000
|
129,616
|
|
Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (k)
|
205,000
|
206,488
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (d)
|
270,000
|
278,150
|
|
3,256,944
|
|||
Textiles, Apparel & Luxury Goods - 0.8%
|
|||
Crocs Inc 4.125% 8/15/2031 (d)
|
405,000
|
353,997
|
|
Kontoor Brands Inc 4.125% 11/15/2029 (d)
|
130,000
|
119,452
|
|
Levi Strauss & Co 3.5% 3/1/2031 (d)
|
630,000
|
552,094
|
|
William Carter Co/The 5.625% 3/15/2027 (d)(k)
|
465,000
|
452,713
|
|
1,478,256
|
|||
TOTAL CONSUMER DISCRETIONARY
|
27,436,528
|
||
Consumer Staples - 4.9%
|
|||
Consumer Staples Distribution & Retail - 2.1%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d)
|
2,385,000
|
2,224,521
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (d)
|
190,000
|
158,888
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d)
|
315,000
|
322,245
|
|
Performance Food Group Inc 6.125% 9/15/2032 (d)(k)
|
300,000
|
300,089
|
|
US Foods Inc 4.625% 6/1/2030 (d)
|
180,000
|
171,447
|
|
US Foods Inc 5.75% 4/15/2033 (d)
|
175,000
|
171,414
|
|
US Foods Inc 7.25% 1/15/2032 (d)(k)
|
210,000
|
219,683
|
|
Walgreens Boots Alliance Inc 3.2% 4/15/2030
|
125,000
|
117,624
|
|
Walgreens Boots Alliance Inc 4.1% 4/15/2050
|
140,000
|
122,268
|
|
Walgreens Boots Alliance Inc 4.5% 11/18/2034
|
75,000
|
70,600
|
|
Walgreens Boots Alliance Inc 4.65% 6/1/2046
|
90,000
|
81,633
|
|
Walgreens Boots Alliance Inc 4.8% 11/18/2044
|
110,000
|
101,587
|
|
4,061,999
|
|||
Food Products - 2.0%
|
|||
Chobani Holdco II LLC 9.5% 10/1/2029 pay-in-kind (c)(d)
|
208,391
|
220,826
|
|
Chobani LLC / Chobani Finance Corp Inc 7.625% 7/1/2029 (d)(k)
|
245,000
|
256,612
|
|
Darling Ingredients Inc 5.25% 4/15/2027 (d)(k)
|
970,000
|
959,321
|
|
Darling Ingredients Inc 6% 6/15/2030 (d)(k)
|
170,000
|
169,521
|
|
Fiesta Purchaser Inc 7.875% 3/1/2031 (d)
|
195,000
|
204,274
|
|
Lamb Weston Holdings Inc 4.375% 1/31/2032 (d)
|
755,000
|
691,669
|
|
Pilgrim's Pride Corp 4.25% 4/15/2031
|
405,000
|
383,521
|
|
Post Holdings Inc 5.5% 12/15/2029 (d)(k)
|
590,000
|
579,087
|
|
Post Holdings Inc 6.25% 10/15/2034 (d)
|
180,000
|
178,506
|
|
Post Holdings Inc 6.375% 3/1/2033 (d)
|
205,000
|
202,695
|
|
3,846,032
|
|||
Household Products - 0.2%
|
|||
Resideo Funding Inc 6.5% 7/15/2032 (d)
|
315,000
|
312,476
|
|
Personal Care Products - 0.5%
|
|||
BellRing Brands Inc 7% 3/15/2030 (d)(k)
|
350,000
|
363,139
|
|
Prestige Brands Inc 3.75% 4/1/2031 (d)(k)
|
600,000
|
541,681
|
|
904,820
|
|||
Tobacco - 0.1%
|
|||
Turning Point Brands Inc 7.625% 3/15/2032 (d)
|
195,000
|
202,636
|
|
TOTAL CONSUMER STAPLES
|
9,327,963
|
||
Energy - 9.0%
|
|||
Energy Equipment & Services - 0.7%
|
|||
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d)(k)
|
305,000
|
303,284
|
|
Kodiak Gas Services LLC 7.25% 2/15/2029 (d)
|
315,000
|
319,926
|
|
Transocean Inc 8.25% 5/15/2029 (d)
|
400,000
|
324,059
|
|
Valaris Ltd 8.375% 4/30/2030 (d)
|
335,000
|
313,891
|
|
1,261,160
|
|||
Oil, Gas & Consumable Fuels - 8.3%
|
|||
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (d)
|
250,000
|
251,011
|
|
APA Corp 4.25% 1/15/2030 (d)
|
215,000
|
201,044
|
|
Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 10/15/2032 (d)
|
80,000
|
79,160
|
|
California Resources Corp 8.25% 6/15/2029 (d)
|
605,000
|
576,811
|
|
Cheniere Energy Inc 4.625% 10/15/2028 (k)
|
640,000
|
633,894
|
|
CNX Midstream Partners LP 4.75% 4/15/2030 (d)
|
160,000
|
147,276
|
|
CNX Resources Corp 7.25% 3/1/2032 (d)(k)
|
385,000
|
384,783
|
|
CVR Energy Inc 5.75% 2/15/2028 (d)
|
150,000
|
136,894
|
|
DCP Midstream Operating LP 5.6% 4/1/2044
|
85,000
|
75,355
|
|
DCP Midstream Operating LP 8.125% 8/16/2030
|
25,000
|
28,562
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d)
|
415,000
|
426,024
|
|
EQT Corp 3.9% 10/1/2027
|
1,082,000
|
1,061,405
|
|
EQT Corp 7.5% 6/1/2027 (d)
|
555,000
|
563,462
|
|
Excelerate Energy LP 8% 5/15/2030 (d)(m)
|
185,000
|
187,928
|
|
Genesis Energy LP / Genesis Energy Finance Corp 7.875% 5/15/2032
|
100,000
|
97,409
|
|
Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)
|
130,000
|
132,343
|
|
Harvest Midstream I LP 7.5% 5/15/2032 (d)(k)
|
380,000
|
386,734
|
|
Hess Midstream Operations LP 5.125% 6/15/2028 (d)
|
1,070,000
|
1,047,515
|
|
Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (d)
|
330,000
|
319,328
|
|
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d)
|
200,000
|
204,718
|
|
Kinetik Holdings LP 5.875% 6/15/2030 (d)(k)
|
270,000
|
263,804
|
|
Kinetik Holdings LP 6.625% 12/15/2028 (d)
|
535,000
|
538,910
|
|
Matador Resources Co 6.5% 4/15/2032 (d)(k)
|
345,000
|
332,310
|
|
Murphy Oil Corp 6% 10/1/2032 (k)
|
200,000
|
181,956
|
|
Murphy Oil USA Inc 3.75% 2/15/2031 (d)
|
190,000
|
171,247
|
|
ONEOK Inc 5.625% 1/15/2028 (d)(k)
|
195,000
|
198,700
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)
|
210,000
|
172,761
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)
|
170,000
|
149,633
|
|
Permian Resources Operating LLC 5.875% 7/1/2029 (d)
|
200,000
|
194,999
|
|
Permian Resources Operating LLC 6.25% 2/1/2033 (d)(k)
|
200,000
|
195,580
|
|
Permian Resources Operating LLC 7% 1/15/2032 (d)
|
630,000
|
634,215
|
|
Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)
|
165,000
|
167,646
|
|
Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (d)(k)
|
387,000
|
397,714
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
1,140,000
|
1,080,063
|
|
Sunoco LP / Sunoco Finance Corp 6% 4/15/2027
|
25,000
|
24,918
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)
|
225,000
|
218,753
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (d)
|
1,190,000
|
1,108,058
|
|
Talos Production Inc 9% 2/1/2029 (d)
|
90,000
|
86,277
|
|
Venture Global Calcasieu 3.875% 11/1/2033 (d)
|
380,000
|
320,510
|
|
Venture Global Calcasieu 3.875% 8/15/2029 (d)
|
480,000
|
439,597
|
|
Venture Global Calcasieu 4.125% 8/15/2031 (d)
|
460,000
|
413,242
|
|
Venture Global LNG Inc 7% 1/15/2030 (d)
|
1,010,000
|
951,420
|
|
Venture Global LNG Inc 8.125% 6/1/2028 (d)
|
320,000
|
317,783
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d)
|
190,000
|
194,922
|
|
15,696,674
|
|||
TOTAL ENERGY
|
16,957,834
|
||
Financials - 7.4%
|
|||
Banks - 0.4%
|
|||
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 6/15/2026 (d)(k)
|
495,000
|
480,198
|
|
HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (d)(k)
|
250,000
|
256,780
|
|
Western Alliance Bancorp 3% 6/15/2031 (c)
|
120,000
|
110,700
|
|
847,678
|
|||
Capital Markets - 1.9%
|
|||
Hightower Holding LLC 6.75% 4/15/2029 (d)
|
605,000
|
578,501
|
|
Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d)(k)
|
210,000
|
199,899
|
|
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d)
|
785,000
|
771,561
|
|
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d)
|
270,000
|
271,272
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)
|
300,000
|
293,929
|
|
LPL Holdings Inc 4% 3/15/2029 (d)
|
1,520,000
|
1,463,122
|
|
3,578,284
|
|||
Consumer Finance - 1.8%
|
|||
Capstone Borrower Inc 8% 6/15/2030 (d)
|
110,000
|
112,375
|
|
Encore Capital Group Inc 9.25% 4/1/2029 (d)
|
200,000
|
211,118
|
|
Navient Corp 6.75% 6/15/2026 (k)
|
540,000
|
544,933
|
|
OneMain Finance Corp 3.5% 1/15/2027
|
1,145,000
|
1,096,200
|
|
OneMain Finance Corp 6.625% 5/15/2029
|
200,000
|
200,583
|
|
OneMain Finance Corp 6.75% 3/15/2032
|
290,000
|
284,441
|
|
OneMain Finance Corp 7.125% 11/15/2031
|
100,000
|
100,590
|
|
OneMain Finance Corp 7.5% 5/15/2031
|
805,000
|
816,325
|
|
3,366,565
|
|||
Financial Services - 1.9%
|
|||
Block Inc 2.75% 6/1/2026
|
380,000
|
370,903
|
|
Block Inc 6.5% 5/15/2032 (d)(k)
|
405,000
|
413,213
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
2,005,000
|
1,901,237
|
|
Jefferson Capital Holdin 8.25% 5/15/2030 (d)
|
285,000
|
286,811
|
|
Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (d)
|
305,000
|
310,000
|
|
NFE Financing LLC 12% 11/15/2029 (d)
|
169,688
|
116,802
|
|
Walker & Dunlop Inc 6.625% 4/1/2033 (d)
|
145,000
|
147,488
|
|
3,546,454
|
|||
Insurance - 1.3%
|
|||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (d)
|
1,075,000
|
1,037,286
|
|
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d)
|
200,000
|
195,198
|
|
Panther Escrow Issuer LLC 7.125% 6/1/2031 (d)
|
340,000
|
348,328
|
|
Ryan Specialty LLC 4.375% 2/1/2030 (d)(k)
|
540,000
|
512,228
|
|
Ryan Specialty LLC 5.875% 8/1/2032 (d)
|
375,000
|
370,392
|
|
2,463,432
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
|
|||
Starwood Property Trust Inc 6.5% 7/1/2030 (d)
|
280,000
|
281,625
|
|
TOTAL FINANCIALS
|
14,084,038
|
||
Health Care - 5.4%
|
|||
Health Care Equipment & Supplies - 1.5%
|
|||
Avantor Funding Inc 4.625% 7/15/2028 (d)
|
1,195,000
|
1,149,235
|
|
Hologic Inc 4.625% 2/1/2028 (d)
|
850,000
|
836,050
|
|
Insulet Corp 6.5% 4/1/2033 (d)
|
85,000
|
86,717
|
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)
|
615,000
|
619,707
|
|
Teleflex Inc 4.25% 6/1/2028 (d)(k)
|
235,000
|
225,005
|
|
2,916,714
|
|||
Health Care Providers & Services - 2.4%
|
|||
Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(k)
|
145,000
|
144,874
|
|
Centene Corp 2.45% 7/15/2028 (k)
|
75,000
|
68,951
|
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (d)
|
165,000
|
140,770
|
|
DaVita Inc 4.625% 6/1/2030 (d)
|
365,000
|
339,472
|
|
HealthEquity Inc 4.5% 10/1/2029 (d)
|
160,000
|
151,195
|
|
Molina Healthcare Inc 3.875% 5/15/2032 (d)
|
510,000
|
449,421
|
|
Molina Healthcare Inc 6.25% 1/15/2033 (d)
|
390,000
|
387,066
|
|
Surgery Center Holdings Inc 7.25% 4/15/2032 (d)
|
300,000
|
299,319
|
|
Tenet Healthcare Corp 4.625% 6/15/2028
|
1,810,000
|
1,762,694
|
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
465,000
|
466,534
|
|
US Acute Care Solutions LLC 9.75% 5/15/2029 (d)
|
190,000
|
192,884
|
|
4,403,180
|
|||
Health Care Technology - 0.4%
|
|||
IQVIA Inc 5% 5/15/2027 (d)
|
820,000
|
813,462
|
|
Life Sciences Tools & Services - 0.2%
|
|||
Charles River Laboratories International Inc 3.75% 3/15/2029 (d)
|
385,000
|
352,447
|
|
Pharmaceuticals - 0.9%
|
|||
1261229 BC Ltd 10% 4/15/2032 (d)
|
580,000
|
567,921
|
|
Jazz Securities DAC 4.375% 1/15/2029 (d)
|
350,000
|
332,157
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)(k)
|
840,000
|
792,262
|
|
1,692,340
|
|||
TOTAL HEALTH CARE
|
10,178,143
|
||
Industrials - 14.0%
|
|||
Aerospace & Defense - 2.7%
|
|||
BWX Technologies Inc 4.125% 6/30/2028 (d)(k)
|
795,000
|
763,719
|
|
Howmet Aerospace Inc 5.95% 2/1/2037 (k)
|
400,000
|
416,326
|
|
Howmet Aerospace Inc 6.75% 1/15/2028
|
665,000
|
700,412
|
|
Moog Inc 4.25% 12/15/2027 (d)
|
1,025,000
|
988,767
|
|
TransDigm Inc 6.75% 8/15/2028 (d)
|
2,190,000
|
2,231,063
|
|
5,100,287
|
|||
Air Freight & Logistics - 0.3%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (d)(k)
|
660,000
|
613,725
|
|
Building Products - 1.9%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (d)
|
1,320,000
|
1,305,381
|
|
Builders FirstSource Inc 4.25% 2/1/2032 (d)(k)
|
890,000
|
801,545
|
|
Standard Building Solutions Inc 6.5% 8/15/2032 (d)
|
195,000
|
197,428
|
|
Standard Industries Inc/NY 4.375% 7/15/2030 (d)
|
1,300,000
|
1,212,398
|
|
3,516,752
|
|||
Commercial Services & Supplies - 3.5%
|
|||
ADT Security Corp/The 4.125% 8/1/2029 (d)(k)
|
385,000
|
363,296
|
|
ADT Security Corp/The 4.875% 7/15/2032 (d)(k)
|
565,000
|
532,826
|
|
Allied Universal Holdco LLC 7.875% 2/15/2031 (d)
|
310,000
|
316,622
|
|
Artera Services LLC 8.5% 2/15/2031 (d)
|
1,025,000
|
972,495
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
320,000
|
303,976
|
|
CoreCivic Inc 8.25% 4/15/2029
|
205,000
|
216,093
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
240,000
|
252,299
|
|
GFL Environmental Inc 6.75% 1/15/2031 (d)
|
155,000
|
161,123
|
|
Madison IAQ LLC 4.125% 6/30/2028 (d)(k)
|
975,000
|
930,892
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)
|
110,000
|
97,899
|
|
OT Midco Inc 10% 2/15/2030 (d)
|
180,000
|
146,456
|
|
Prime Security Services Borrower LLC / Prime Finance Inc 3.375% 8/31/2027 (d)(k)
|
2,225,000
|
2,122,171
|
|
Waste Pro USA Inc 7% 2/1/2033 (d)
|
180,000
|
183,651
|
|
6,599,799
|
|||
Construction & Engineering - 0.8%
|
|||
AECOM 5.125% 3/15/2027
|
1,485,000
|
1,481,626
|
|
Electrical Equipment - 0.6%
|
|||
Vertiv Group Corp 4.125% 11/15/2028 (d)(k)
|
945,000
|
912,639
|
|
WESCO Distribution Inc 6.375% 3/15/2033 (d)
|
290,000
|
293,367
|
|
1,206,006
|
|||
Ground Transportation - 0.4%
|
|||
Genesee & Wyoming Inc 6.25% 4/15/2032 (d)
|
305,000
|
309,026
|
|
XPO Inc 6.25% 6/1/2028 (d)
|
325,000
|
328,220
|
|
XPO Inc 7.125% 2/1/2032 (d)
|
105,000
|
107,559
|
|
744,805
|
|||
Industrial Conglomerates - 0.4%
|
|||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25% 2/1/2027 (d)
|
845,000
|
823,208
|
|
Machinery - 0.7%
|
|||
Allison Transmission Inc 3.75% 1/30/2031 (d)
|
1,115,000
|
1,001,702
|
|
Esab Corp 6.25% 4/15/2029 (d)
|
370,000
|
375,413
|
|
1,377,115
|
|||
Passenger Airlines - 1.1%
|
|||
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d)
|
175,000
|
172,862
|
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (d)(k)
|
345,000
|
351,622
|
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d)
|
140,124
|
139,190
|
|
United Airlines Inc 4.375% 4/15/2026 (d)
|
1,440,000
|
1,419,443
|
|
2,083,117
|
|||
Professional Services - 0.6%
|
|||
Amentum Holdings Inc 7.25% 8/1/2032 (d)
|
240,000
|
244,137
|
|
Booz Allen Hamilton Inc 4% 7/1/2029 (d)
|
155,000
|
147,608
|
|
Science Applications International Corp 4.875% 4/1/2028 (d)
|
150,000
|
145,841
|
|
TriNet Group Inc 3.5% 3/1/2029 (d)
|
710,000
|
647,617
|
|
1,185,203
|
|||
Trading Companies & Distributors - 1.0%
|
|||
Beacon Roofing Supply Inc 6.75% 4/30/2032 (d)
|
280,000
|
280,724
|
|
Fortress Transportation and Infrastructure Investors LLC 5.875% 4/15/2033 (d)
|
300,000
|
287,058
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (d)
|
395,000
|
400,255
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (d)
|
310,000
|
324,090
|
|
United Rentals North America Inc 6.125% 3/15/2034 (d)
|
515,000
|
520,555
|
|
1,812,682
|
|||
TOTAL INDUSTRIALS
|
26,544,325
|
||
Information Technology - 5.0%
|
|||
Electronic Equipment, Instruments & Components - 1.6%
|
|||
Coherent Corp 5% 12/15/2029 (d)(k)
|
1,600,000
|
1,531,804
|
|
CPI CG Inc 10% 7/15/2029 (d)
|
110,000
|
117,955
|
|
Insight Enterprises Inc 6.625% 5/15/2032 (d)
|
165,000
|
167,393
|
|
Lightning Power LLC 7.25% 8/15/2032 (d)
|
190,000
|
196,846
|
|
Sensata Technologies Inc 3.75% 2/15/2031 (d)
|
1,165,000
|
1,018,355
|
|
3,032,353
|
|||
IT Services - 1.1%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d)
|
110,000
|
97,277
|
|
Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (d)
|
215,000
|
202,100
|
|
ASGN Inc 4.625% 5/15/2028 (d)
|
965,000
|
918,336
|
|
Gartner Inc 3.625% 6/15/2029 (d)(k)
|
220,000
|
206,330
|
|
Gartner Inc 4.5% 7/1/2028 (d)(k)
|
660,000
|
650,551
|
|
2,074,594
|
|||
Semiconductors & Semiconductor Equipment - 0.9%
|
|||
Broadcom Inc 2.45% 2/15/2031 (d)
|
420,000
|
371,103
|
|
ON Semiconductor Corp 3.875% 9/1/2028 (d)(k)
|
545,000
|
515,182
|
|
Qorvo Inc 4.375% 10/15/2029
|
505,000
|
482,679
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(g)(j)(l)
|
350,987
|
337,825
|
|
1,706,789
|
|||
Software - 0.8%
|
|||
Crowdstrike Holdings Inc 3% 2/15/2029 (k)
|
525,000
|
486,823
|
|
Elastic NV 4.125% 7/15/2029 (d)
|
235,000
|
221,789
|
|
Ellucian Holdings Inc 6.5% 12/1/2029 (d)
|
100,000
|
99,901
|
|
Fair Isaac Corp 4% 6/15/2028 (d)
|
450,000
|
431,541
|
|
Gen Digital Inc 6.25% 4/1/2033 (d)(k)
|
240,000
|
239,353
|
|
1,479,407
|
|||
Technology Hardware, Storage & Peripherals - 0.6%
|
|||
Seagate HDD Cayman 8.25% 12/15/2029
|
1,060,000
|
1,136,669
|
|
TOTAL INFORMATION TECHNOLOGY
|
9,429,812
|
||
Materials - 6.6%
|
|||
Chemicals - 2.6%
|
|||
Avient Corp 6.25% 11/1/2031 (d)
|
200,000
|
197,862
|
|
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (d)
|
935,000
|
921,050
|
|
Celanese US Holdings LLC 6.5% 4/15/2030 (k)
|
155,000
|
151,449
|
|
Celanese US Holdings LLC 6.75% 4/15/2033 (k)
|
310,000
|
291,004
|
|
Chemours Co/The 4.625% 11/15/2029 (d)(k)
|
185,000
|
154,915
|
|
Chemours Co/The 5.75% 11/15/2028 (d)
|
505,000
|
457,439
|
|
Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (c)(d)
|
253,575
|
217,124
|
|
LSB Industries Inc 6.25% 10/15/2028 (d)
|
210,000
|
196,537
|
|
Mativ Holdings Inc 8% 10/1/2029 (d)(k)
|
200,000
|
166,257
|
|
Methanex US Operations Inc 6.25% 3/15/2032 (d)
|
295,000
|
279,335
|
|
Olin Corp 6.625% 4/1/2033 (d)
|
195,000
|
185,026
|
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (d)
|
245,000
|
255,280
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)
|
200,000
|
191,600
|
|
Tronox Inc 4.625% 3/15/2029 (d)(k)
|
570,000
|
461,401
|
|
WR Grace Holdings LLC 4.875% 6/15/2027 (d)
|
685,000
|
663,145
|
|
WR Grace Holdings LLC 7.375% 3/1/2031 (d)
|
85,000
|
85,454
|
|
4,874,878
|
|||
Construction Materials - 0.5%
|
|||
Quikrete Holdings Inc 6.375% 3/1/2032 (d)
|
290,000
|
291,634
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d)
|
375,000
|
384,744
|
|
VM Consolidated Inc 5.5% 4/15/2029 (d)(k)
|
345,000
|
332,651
|
|
1,009,029
|
|||
Containers & Packaging - 2.4%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (d)
|
570,000
|
521,014
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d)
|
160,000
|
159,413
|
|
Ball Corp 3.125% 9/15/2031
|
640,000
|
559,016
|
|
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d)
|
290,000
|
296,526
|
|
Graphic Packaging International LLC 3.75% 2/1/2030 (d)
|
700,000
|
643,238
|
|
Graphic Packaging International LLC 6.375% 7/15/2032 (d)(k)
|
400,000
|
401,968
|
|
OI European Group BV 4.75% 2/15/2030 (d)
|
150,000
|
138,878
|
|
Sealed Air Corp 5% 4/15/2029 (d)(k)
|
950,000
|
923,799
|
|
Sealed Air Corp 6.875% 7/15/2033 (d)(k)
|
445,000
|
461,954
|
|
Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (d)
|
400,000
|
416,540
|
|
4,522,346
|
|||
Metals & Mining - 1.0%
|
|||
Alcoa Nederland Holding BV 7.125% 3/15/2031 (d)
|
80,000
|
82,421
|
|
Arsenal AIC Parent LLC 8% 10/1/2030 (d)
|
130,000
|
134,598
|
|
Cleveland-Cliffs Inc 7% 3/15/2032 (d)(k)
|
595,000
|
558,994
|
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (d)(k)
|
800,000
|
769,720
|
|
Novelis Corp 3.875% 8/15/2031 (d)(k)
|
385,000
|
332,286
|
|
Roller Bearing Co of America Inc 4.375% 10/15/2029 (d)(k)
|
110,000
|
104,346
|
|
1,982,365
|
|||
Paper & Forest Products - 0.1%
|
|||
Magnera Corp 7.25% 11/15/2031 (d)
|
140,000
|
132,388
|
|
TOTAL MATERIALS
|
12,521,006
|
||
Real Estate - 3.1%
|
|||
Diversified REITs - 0.1%
|
|||
Safehold GL Holdings LLC 2.85% 1/15/2032
|
280,000
|
238,295
|
|
Health Care REITs - 0.2%
|
|||
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
320,000
|
212,087
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d)
|
250,000
|
253,996
|
|
466,083
|
|||
Hotel & Resort REITs - 0.1%
|
|||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(k)
|
140,000
|
140,124
|
|
Real Estate Management & Development - 0.9%
|
|||
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (d)
|
215,000
|
190,681
|
|
Greystar Real Estate Partners LLC 7.75% 9/1/2030 (d)
|
95,000
|
99,762
|
|
Howard Hughes Corp/The 4.375% 2/1/2031 (d)(k)
|
825,000
|
731,576
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030 (k)
|
220,000
|
193,996
|
|
Taylor Morrison Communities Inc 5.75% 1/15/2028 (d)
|
450,000
|
450,203
|
|
1,666,218
|
|||
Specialized REITs - 1.8%
|
|||
Iron Mountain Inc 4.875% 9/15/2029 (d)(k)
|
2,715,000
|
2,614,756
|
|
SBA Communications Corp 3.875% 2/15/2027 (k)
|
750,000
|
733,723
|
|
3,348,479
|
|||
TOTAL REAL ESTATE
|
5,859,199
|
||
Utilities - 4.5%
|
|||
Electric Utilities - 4.1%
|
|||
Clearway Energy Operating LLC 3.75% 2/15/2031 (d)(k)
|
1,615,000
|
1,437,791
|
|
Clearway Energy Operating LLC 4.75% 3/15/2028 (d)
|
195,000
|
190,574
|
|
FirstEnergy Corp 2.25% 9/1/2030
|
825,000
|
722,801
|
|
NRG Energy Inc 5.25% 6/15/2029 (d)
|
625,000
|
617,557
|
|
NRG Energy Inc 6% 2/1/2033 (d)
|
200,000
|
197,901
|
|
NRG Energy Inc 6.25% 11/1/2034 (d)(k)
|
200,000
|
199,693
|
|
PG&E Corp 5% 7/1/2028
|
910,000
|
887,627
|
|
Vistra Operations Co LLC 5% 7/31/2027 (d)
|
2,395,000
|
2,374,148
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (d)
|
200,000
|
211,476
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(k)
|
600,000
|
593,811
|
|
XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(k)
|
280,000
|
281,027
|
|
7,714,406
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
Alpha Generation LLC 6.75% 10/15/2032 (d)
|
235,000
|
239,492
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (d)
|
350,000
|
105,000
|
|
TerraForm Power Operating LLC 4.75% 1/15/2030 (d)
|
130,000
|
122,528
|
|
467,020
|
|||
Water Utilities - 0.2%
|
|||
Aris Water Holdings LLC 7.25% 4/1/2030 (d)
|
290,000
|
287,774
|
|
TOTAL UTILITIES
|
8,469,200
|
||
TOTAL UNITED STATES
|
147,395,310
|
||
ZAMBIA - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
First Quantum Minerals Ltd 8% 3/1/2033 (d)
|
200,000
|
197,876
|
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $174,567,013)
|
170,101,151
|
||
Preferred Securities - 2.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
SWITZERLAND - 0.1%
|
|||
Financials - 0.1%
|
|||
Capital Markets - 0.1%
|
|||
UBS Group AG 7% (c)(d)(n)
|
200,000
|
196,354
|
|
UNITED KINGDOM - 0.1%
|
|||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
Barclays PLC 7.625% (c)(n)
|
200,000
|
194,090
|
|
UNITED STATES - 1.8%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (b)(c)(n)
|
390,000
|
391,730
|
|
Financials - 1.6%
|
|||
Banks - 1.0%
|
|||
BW Real Estate Inc 9.5% (c)(d)(n)
|
115,000
|
114,090
|
|
Citigroup Inc 6.75% (c)(n)
|
515,000
|
501,769
|
|
Citigroup Inc 7.125% (c)(n)
|
375,000
|
375,475
|
|
JPMorgan Chase & Co 6.5% (c)(n)
|
390,000
|
391,798
|
|
Wells Fargo & Co 7.625% (c)(k)(n)
|
320,000
|
339,985
|
|
1,723,117
|
|||
Capital Markets - 0.4%
|
|||
Bank of New York Mellon Corp/The 6.3% (c)(n)
|
95,000
|
96,267
|
|
Charles Schwab Corp/The 4% (c)(n)
|
120,000
|
105,480
|
|
Charles Schwab Corp/The 5.375% (c)(n)
|
225,000
|
226,193
|
|
Goldman Sachs Group Inc/The 6.85% (c)(n)
|
350,000
|
351,588
|
|
779,528
|
|||
Consumer Finance - 0.2%
|
|||
Ally Financial Inc 4.7% (c)(n)
|
100,000
|
85,565
|
|
Ally Financial Inc 4.7% (c)(n)
|
385,000
|
357,359
|
|
442,924
|
|||
TOTAL FINANCIALS
|
2,945,569
|
||
TOTAL UNITED STATES
|
3,337,299
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $3,555,107)
|
3,727,743
|
||
Money Market Funds - 14.7%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (p)
|
4.33
|
4,065,309
|
4,066,122
|
|
Fidelity Securities Lending Cash Central Fund (p)(q)
|
4.33
|
23,660,011
|
23,662,378
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $27,728,500)
|
27,728,500
|
|||
U.S. Treasury Obligations - 0.1%
|
||||
Yield (%) (o)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Notes 4.125% 11/15/2032
(Cost $193,544)
|
4.40
|
197,000
|
198,939
|
|
|
TOTAL INVESTMENT IN SECURITIES - 112.7%
(Cost $218,133,399)
|
213,128,479
|
NET OTHER ASSETS (LIABILITIES) - (12.7)%
|
(23,945,351)
|
NET ASSETS - 100.0%
|
189,183,128
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(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 $142,481,483 or 75.3% of net assets.
|
(e)
|
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.
|
(f)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(g)
|
Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $352,633 and $343,807, respectively.
|
(h)
|
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 $14,780 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(i)
|
Non-income producing
|
(j)
|
Level 3 security
|
(k)
|
Security or a portion of the security is on loan at period end.
|
(l)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(m)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(n)
|
Security is perpetual in nature with no stated maturity date.
|
(o)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(p)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(q)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
Affiliate
|
Value,
beginning
of period ($)
|
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
|
6,941,727
|
58,541,836
|
61,417,359
|
284,681
|
(82)
|
-
|
4,066,122
|
4,065,309
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
128,170,720
|
104,508,342
|
36,883
|
-
|
-
|
23,662,378
|
23,660,011
|
0.1%
|
Total
|
6,941,727
|
186,712,556
|
165,925,701
|
321,564
|
(82)
|
-
|
27,728,500
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Asset-Backed Securities
|
1,000,322
|
-
|
1,000,322
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
84,232
|
-
|
84,232
|
-
|
Consumer Discretionary
|
2,457,660
|
-
|
2,457,660
|
-
|
Energy
|
415,962
|
-
|
415,962
|
-
|
Financials
|
975,783
|
-
|
975,783
|
-
|
Health Care
|
387,940
|
-
|
387,940
|
-
|
Industrials
|
829,400
|
-
|
829,400
|
-
|
Information Technology
|
2,269,471
|
-
|
2,269,471
|
-
|
Materials
|
986,906
|
-
|
986,906
|
-
|
Utilities
|
647,441
|
-
|
647,441
|
-
|
Common Stocks
|
||||
Energy
|
14,780
|
14,780
|
-
|
-
|
Health Care
|
210,831
|
-
|
-
|
210,831
|
Industrials
|
10,062
|
10,062
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Communication Services
|
293,756
|
-
|
293,756
|
-
|
Consumer Discretionary
|
9,710
|
-
|
9,710
|
-
|
Financials
|
277,318
|
-
|
277,318
|
-
|
Information Technology
|
86,810
|
-
|
86,810
|
-
|
Real Estate
|
413,762
|
-
|
413,762
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
9,894,252
|
-
|
9,894,252
|
-
|
Consumer Discretionary
|
29,534,728
|
-
|
29,534,728
|
-
|
Consumer Staples
|
9,844,278
|
-
|
9,844,278
|
-
|
Energy
|
19,057,889
|
-
|
19,057,889
|
-
|
Financials
|
15,942,281
|
-
|
15,942,281
|
-
|
Health Care
|
10,856,527
|
-
|
10,856,527
|
-
|
Industrials
|
28,801,378
|
-
|
28,801,378
|
-
|
Information Technology
|
10,613,406
|
-
|
10,275,581
|
337,825
|
Materials
|
20,090,878
|
-
|
20,090,878
|
-
|
Real Estate
|
5,859,199
|
-
|
5,859,199
|
-
|
Utilities
|
9,606,335
|
-
|
9,606,335
|
-
|
Preferred Securities
|
||||
Energy
|
391,730
|
-
|
391,730
|
-
|
Financials
|
3,336,013
|
-
|
3,336,013
|
-
|
U.S. Treasury Obligations
|
198,939
|
-
|
198,939
|
-
|
Money Market Funds
|
27,728,500
|
27,728,500
|
-
|
-
|
Total Investments in Securities:
|
213,128,479
|
27,753,342
|
184,826,481
|
548,656
|
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $22,816,744) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $190,404,899)
|
$
|
185,399,979
|
||
Fidelity Central Funds (cost $27,728,500)
|
27,728,500
|
|||
Total Investment in Securities (cost $218,133,399)
|
$
|
213,128,479
|
||
Receivable for investments sold
|
974
|
|||
Receivable for fund shares sold
|
37,073
|
|||
Interest receivable
|
2,552,551
|
|||
Distributions receivable from Fidelity Central Funds
|
10,389
|
|||
Prepaid expenses
|
60
|
|||
Receivable from investment adviser for expense reductions
|
3,516
|
|||
Other receivables
|
9
|
|||
Total assets
|
215,733,051
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
322,110
|
||
Payable for investments purchased
|
||||
Regular delivery
|
1,934,739
|
|||
Delayed delivery
|
185,000
|
|||
Payable for fund shares redeemed
|
131,692
|
|||
Distributions payable
|
128,675
|
|||
Accrued management fee
|
109,441
|
|||
Other payables and accrued expenses
|
75,888
|
|||
Collateral on securities loaned
|
23,662,378
|
|||
Total liabilities
|
26,549,923
|
|||
Net Assets
|
$
|
189,183,128
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
221,253,334
|
||
Total accumulated earnings (loss)
|
(32,070,206)
|
|||
Net Assets
|
$
|
189,183,128
|
||
Net Asset Value, offering price and redemption price per share ($189,183,128 ÷ 23,469,754 shares)
|
$
|
8.06
|
||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
126,614
|
||
Interest
|
11,104,706
|
|||
Income from Fidelity Central Funds (including $36,883 from security lending)
|
321,564
|
|||
Total income
|
11,552,884
|
|||
Expenses
|
||||
Management fee
|
$
|
1,384,041
|
||
Custodian fees and expenses
|
5,800
|
|||
Independent trustees' fees and expenses
|
837
|
|||
Registration fees
|
22,331
|
|||
Audit fees
|
83,656
|
|||
Legal
|
1,361
|
|||
Miscellaneous
|
5,342
|
|||
Total expenses before reductions
|
1,503,368
|
|||
Expense reductions
|
(16,500)
|
|||
Total expenses after reductions
|
1,486,868
|
|||
Net Investment income (loss)
|
10,066,016
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(2,552,248)
|
|||
Fidelity Central Funds
|
(82)
|
|||
Total net realized gain (loss)
|
(2,552,330)
|
|||
Change in net unrealized appreciation (depreciation) on investment securities
|
6,619,800
|
|||
Net gain (loss)
|
4,067,470
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
14,133,486
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
10,066,016
|
$
|
10,076,226
|
Net realized gain (loss)
|
(2,552,330)
|
(4,781,263)
|
||
Change in net unrealized appreciation (depreciation)
|
6,619,800
|
7,004,956
|
||
Net increase (decrease) in net assets resulting from operations
|
14,133,486
|
12,299,919
|
||
Distributions to shareholders
|
(9,806,619)
|
(9,611,700)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
20,256,239
|
19,201,153
|
||
Reinvestment of distributions
|
8,189,881
|
8,015,292
|
||
Cost of shares redeemed
|
(44,978,350)
|
(49,896,043)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(16,532,230)
|
(22,679,598)
|
||
Total increase (decrease) in net assets
|
(12,205,363)
|
(19,991,379)
|
||
Net Assets
|
||||
Beginning of period
|
201,388,491
|
221,379,870
|
||
End of period
|
$
|
189,183,128
|
$
|
201,388,491
|
Other Information
|
||||
Shares
|
||||
Sold
|
2,500,217
|
2,466,412
|
||
Issued in reinvestment of distributions
|
1,009,718
|
1,028,051
|
||
Redeemed
|
(5,552,923)
|
(6,414,200)
|
||
Net increase (decrease)
|
(2,042,988)
|
(2,919,737)
|
||
Fidelity® Focused High Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
7.89
|
$
|
7.79
|
$
|
7.99
|
$
|
8.86
|
$
|
8.28
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.413
|
.376
|
.357
|
.317
|
.340
|
|||||
Net realized and unrealized gain (loss)
|
.159
|
.083
|
(.216)
|
(.863)
|
.574
|
|||||
Total from investment operations
|
.572
|
.459
|
.141
|
(.546)
|
.914
|
|||||
Distributions from net investment income
|
(.402)
|
(.359)
|
(.341)
|
(.324)
|
(.334)
|
|||||
Total distributions
|
(.402)
|
(.359)
|
(.341)
|
(.324)
|
(.334)
|
|||||
Net asset value, end of period
|
$
|
8.06
|
$
|
7.89
|
$
|
7.79
|
$
|
7.99
|
$
|
8.86
|
Total Return C
|
7.34 % |
6.04%
|
1.91%
|
(6.41)%
|
11.16%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.76%
|
.79%
|
.79%
|
.75%
|
.75%
|
|||||
Expenses net of fee waivers, if any
|
.75 % |
.75%
|
.75%
|
.75%
|
.75%
|
|||||
Expenses net of all reductions, if any
|
.75%
|
.75%
|
.75%
|
.75%
|
.75%
|
|||||
Net investment income (loss)
|
5.09%
|
4.83%
|
4.62%
|
3.62%
|
3.88%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
189,183
|
$
|
201,388
|
$
|
221,380
|
$
|
277,933
|
$
|
384,632
|
Portfolio turnover rate F
|
32 % |
26%
|
9%
|
20%
|
73%
|
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%
|
Gross unrealized appreciation
|
$2,853,480
|
Gross unrealized depreciation
|
(6,680,834)
|
Net unrealized appreciation (depreciation)
|
$(3,827,354)
|
Tax Cost
|
$216,955,833
|
Undistributed ordinary income
|
$427,752
|
Capital loss carryforward
|
$(28,670,603)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$(3,827,354)
|
Short-term
|
$(10,714,490)
|
Long-term
|
(17,956,113)
|
Total capital loss carryforward
|
$(28,670,603)
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$9,806,619
|
$ 9,611,700
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Focused High Income Fund
|
58,501,770
|
69,944,129
|
Maximum Management Fee Rate %
|
|
Fidelity Focused High Income Fund
|
.71
|
Total Management Fee Rate %
|
|
Fidelity Focused High Income Fund
|
.70
|
Amount ($)
|
|
Fidelity Focused High Income Fund
|
289
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Focused High Income Fund
|
3,819
|
-
|
-
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
Contents
Alternative Funds - 1.7%
|
|||
Shares
|
Value ($)
|
||
Fidelity Private Credit Company LLC (b)(c)
(Cost $38,965,208)
|
3,945,345
|
37,756,949
|
|
Asset-Backed Securities - 0.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
BAILIWICK OF JERSEY - 0.0%
|
|||
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)
|
175,000
|
169,919
|
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
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)
|
230,000
|
225,669
|
|
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)
|
141,000
|
136,636
|
|
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)
|
104,000
|
100,826
|
|
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)
|
225,000
|
219,254
|
|
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)
|
108,000
|
107,352
|
|
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)
|
150,000
|
147,198
|
|
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)
|
150,000
|
147,385
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f)
|
125,000
|
121,431
|
|
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)
|
285,000
|
275,478
|
|
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)
|
228,000
|
224,854
|
|
Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f)
|
112,000
|
110,598
|
|
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)
|
127,000
|
122,308
|
|
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)
|
248,000
|
245,268
|
|
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)
|
103,000
|
100,176
|
|
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)
|
285,000
|
274,945
|
|
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)
|
100,000
|
98,375
|
|
Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f)
|
150,000
|
147,255
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
2,805,008
|
||
UNITED STATES - 0.0%
|
|||
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)
|
285,000
|
280,056
|
|
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)
|
250,000
|
246,098
|
|
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
|
147,462
|
|
TOTAL UNITED STATES
|
673,616
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $3,732,444)
|
3,648,543
|
||
Bank Loan Obligations - 8.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
DH Corporation/Societe DH 1LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.428% 9/13/2029 (e)(f)(h)(i)
|
67,328
|
67,261
|
|
FRANCE - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (e)(f)(h)
|
5,069,618
|
4,552,517
|
|
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)
|
379,031
|
330,704
|
|
TOTAL FRANCE
|
4,883,221
|
||
NETHERLANDS - 0.0%
|
|||
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)(i)
|
2,583,157
|
1,885,704
|
|
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)
|
6,085,873
|
6,076,074
|
|
UNITED STATES - 7.6%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Connect Holding II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 10.0451% 10/3/2031 (e)(f)(h)
|
483,756
|
361,308
|
|
Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/3/2031 (e)(f)(h)(j)
|
2,650,747
|
2,413,293
|
|
Connect Holding II LLC Tranche B-DD 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 4/3/2031 (e)(f)(h)(j)
|
1,721,253
|
1,567,064
|
|
Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7861% 4/15/2030 (e)(f)(h)
|
2,391,970
|
2,275,361
|
|
6,617,026
|
|||
Media - 0.0%
|
|||
CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8219% 1/18/2028 (e)(f)(h)
|
1,102,487
|
1,071,551
|
|
TOTAL COMMUNICATION SERVICES
|
7,688,577
|
||
Consumer Discretionary - 2.3%
|
|||
Broadline Retail - 0.2%
|
|||
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8992% 6/18/2029 (e)(f)(h)
|
4,465,084
|
4,211,155
|
|
Diversified Consumer Services - 0.5%
|
|||
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)
|
2,135,000
|
2,107,693
|
|
Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (e)(f)(h)
|
9,364,297
|
7,621,696
|
|
TKC Holdings Inc 1LN, term loan 13.5% 2/14/2027 (e)(h)
|
3,081,268
|
2,526,640
|
|
12,256,029
|
|||
Hotels, Restaurants & Leisure - 1.1%
|
|||
ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5608% 9/18/2026 (e)(f)(h)
|
3,163,695
|
3,162,904
|
|
Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5492% 4/1/2029 (e)(f)(h)
|
2,329,808
|
2,222,054
|
|
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)
|
2,375,000
|
2,315,625
|
|
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)
|
2,004,745
|
1,787,571
|
|
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (e)(f)(h)
|
2,880,026
|
2,666,270
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (e)(f)(h)
|
8,105,973
|
7,677,006
|
|
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)
|
457,604
|
437,012
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (e)(f)(h)
|
2,622,971
|
2,526,787
|
|
22,795,229
|
|||
Household Durables - 0.3%
|
|||
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6716% 6/29/2028 (e)(f)(h)
|
3,828,825
|
3,145,724
|
|
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)
|
2,546,705
|
2,384,352
|
|
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)
|
995,231
|
924,739
|
|
6,454,815
|
|||
Specialty Retail - 0.2%
|
|||
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1788% 6/6/2031 (e)(f)(h)
|
4,498,497
|
4,248,290
|
|
Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0407% 9/10/2029 (e)(f)(h)
|
1,018,244
|
876,535
|
|
5,124,825
|
|||
TOTAL CONSUMER DISCRETIONARY
|
50,842,053
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
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)
|
156,378
|
148,950
|
|
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)(i)
|
45,566
|
45,566
|
|
194,516
|
|||
Personal Care Products - 0.0%
|
|||
Opal LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 3/1/2032 (e)(f)(h)(j)
|
250,000
|
247,658
|
|
TOTAL CONSUMER STAPLES
|
442,174
|
||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Mesquite Energy Inc 1LN, term loan 0% (e)(h)(i)(j)(k)
|
1,620,000
|
0
|
|
Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(h)(i)(j)(k)
|
3,800,000
|
1
|
|
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)
|
12,024,000
|
8,587,781
|
|
8,587,782
|
|||
Financials - 0.2%
|
|||
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)
|
2,140,000
|
2,047,274
|
|
Insurance - 0.1%
|
|||
Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6861% 1/31/2028 (e)(f)(h)
|
2,088,000
|
1,944,826
|
|
TOTAL FINANCIALS
|
3,992,100
|
||
Health Care - 0.5%
|
|||
Health Care Providers & Services - 0.3%
|
|||
Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (e)(f)(h)
|
960,470
|
864,423
|
|
ModivCare Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0492% 7/1/2031 (e)(f)(h)
|
1,449,067
|
972,686
|
|
Owens & Minor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 0% 4/2/2030 (e)(f)(h)(j)
|
2,620,000
|
2,567,600
|
|
Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5902% 1/31/2029 (e)(f)(h)
|
2,787,613
|
2,690,744
|
|
7,095,453
|
|||
Pharmaceuticals - 0.2%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5698% 10/8/2030 (e)(f)(h)
|
4,515,000
|
4,251,640
|
|
TOTAL HEALTH CARE
|
11,347,093
|
||
Industrials - 0.8%
|
|||
Air Freight & Logistics - 0.1%
|
|||
Stonepeak Nile Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 4/12/2032 (e)(f)(h)(j)
|
1,260,000
|
1,236,639
|
|
Commercial Services & Supplies - 0.3%
|
|||
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)
|
3,698,117
|
3,412,216
|
|
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)
|
64,670
|
56,517
|
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (e)(f)(h)
|
4,028,702
|
3,545,540
|
|
7,014,273
|
|||
Professional Services - 0.3%
|
|||
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0716% 12/30/2028 (e)(f)(h)
|
2,978,803
|
2,846,097
|
|
Corelogic Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9361% 6/2/2028 (e)(f)(h)
|
3,346,962
|
3,296,758
|
|
6,142,855
|
|||
Trading Companies & Distributors - 0.1%
|
|||
Foundation Building Materials Inc 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.791% 1/29/2028 (e)(f)(h)
|
558,549
|
534,995
|
|
Foundation Building Materials Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2798% 1/29/2031 (e)(f)(h)
|
184,534
|
169,574
|
|
QXO Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 4/23/2032 (e)(f)(h)(j)
|
2,135,000
|
2,132,331
|
|
2,836,900
|
|||
TOTAL INDUSTRIALS
|
17,230,667
|
||
Information Technology - 1.8%
|
|||
Communications Equipment - 0.1%
|
|||
CommScope LLC 1LN, term loan 9.5716% 12/17/2029 (e)(h)
|
2,210,000
|
2,166,485
|
|
IT Services - 0.5%
|
|||
Constant Contact Inc term loan CME Term SOFR 3 month Index + 7.5%, 12.0177% 2/10/2029 (e)(f)(h)
|
281,000
|
223,833
|
|
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (e)(f)(h)
|
3,400,216
|
3,095,047
|
|
X Corp 1LN, term loan 9.5% 10/29/2029 (h)
|
3,670,000
|
3,577,479
|
|
X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9492% 10/26/2029 (e)(f)(h)
|
3,318,117
|
3,211,108
|
|
10,107,467
|
|||
Software - 0.9%
|
|||
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1716% 12/10/2029 (e)(f)(h)
|
470,199
|
460,649
|
|
Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3216% 10/16/2026 (e)(f)(h)
|
9,721,286
|
9,383,763
|
|
Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.3216% 2/19/2029 (e)(f)(h)
|
1,150,000
|
943,000
|
|
Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.547% 9/13/2029 (e)(f)(h)(i)
|
2,882,872
|
2,879,989
|
|
Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (e)(f)(h)
|
1,013,000
|
1,005,686
|
|
Leia Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.4576% 10/12/2032 (e)(f)(h)
|
780,000
|
741,000
|
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (e)(f)(h)
|
2,320,487
|
2,234,188
|
|
Polaris Newco LLC Tranche PIK TERM 2LN, term loan CME Term SOFR 1 month Index + 2%, 13.4132% 6/4/2029 (e)(f)(h)
|
1,740,000
|
1,639,950
|
|
19,288,225
|
|||
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)
|
7,870,000
|
7,496,175
|
|
TOTAL INFORMATION TECHNOLOGY
|
39,058,352
|
||
Materials - 0.8%
|
|||
Chemicals - 0.8%
|
|||
American Rock Salt Co LLC 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4361% 6/4/2028 (e)(f)(h)
|
562,692
|
458,032
|
|
American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/12/2028 (e)(f)(h)(l)
|
132,919
|
132,918
|
|
American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.4361% 6/12/2028 (e)(f)(h)
|
209,513
|
209,513
|
|
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)
|
2,634,137
|
2,393,482
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3288% 3/15/2029 (e)(f)(h)
|
5,100,698
|
4,958,592
|
|
Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.8591% 3/15/2030 (e)(f)(h)
|
254,118
|
237,811
|
|
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)
|
4,668,681
|
4,439,122
|
|
TPC Group Inc 1LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.9524% 11/24/2031 (e)(f)(h)
|
4,604,000
|
4,369,979
|
|
17,199,449
|
|||
Utilities - 0.5%
|
|||
Independent Power and Renewable Electricity Producers - 0.5%
|
|||
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/25/2030 (e)(f)(h)
|
6,494,637
|
6,324,153
|
|
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)
|
5,854,887
|
5,770,226
|
|
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)
|
110,000
|
109,541
|
|
12,203,920
|
|||
TOTAL UNITED STATES
|
168,592,167
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $187,109,671)
|
181,504,427
|
||
Common Stocks - 1.5%
|
|||
Shares
|
Value ($)
|
||
TANZANIA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Helios Towers PLC (m)
|
2,790,362
|
3,986,463
|
|
UNITED STATES - 1.3%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Main Street Sports Group (i)
|
5,736
|
103,248
|
|
Consumer Discretionary - 0.0%
|
|||
Leisure Products - 0.0%
|
|||
Topgolf Callaway Brands Corp (m)
|
77,600
|
512,936
|
|
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Southeastern Grocers Inc rights (i)(m)
|
1,184,833
|
46,421
|
|
Energy - 0.8%
|
|||
Oil, Gas & Consumable Fuels - 0.8%
|
|||
Mesquite Energy Inc (i)(m)
|
204,784
|
17,877,643
|
|
New Fortress Energy Inc (n)
|
92,918
|
504,545
|
|
18,382,188
|
|||
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Cano Health LLC (i)(m)
|
153,538
|
1,573,765
|
|
Cano Health LLC warrants (i)(m)
|
8,312
|
22,941
|
|
Surgery Partners Inc (m)
|
89,700
|
1,968,915
|
|
3,565,621
|
|||
Industrials - 0.0%
|
|||
Passenger Airlines - 0.0%
|
|||
Spirit Aviation Holdings Inc
|
15,216
|
127,054
|
|
Spirit Aviation Holdings Inc
|
13,924
|
116,265
|
|
243,319
|
|||
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Coherent Corp (m)
|
22,600
|
1,453,632
|
|
IT Services - 0.2%
|
|||
GTT Communications Inc (i)(m)
|
89,354
|
4,157,642
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
ON Semiconductor Corp (m)
|
29,200
|
1,159,240
|
|
TOTAL INFORMATION TECHNOLOGY
|
6,770,514
|
||
TOTAL UNITED STATES
|
29,624,247
|
||
|
TOTAL COMMON STOCKS
(Cost $24,975,151)
|
33,610,710
|
||
Convertible Corporate Bonds - 1.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.6%
|
|||
Communication Services - 0.4%
|
|||
Media - 0.4%
|
|||
EchoStar Corp 3.875% 11/30/2030 pay-in-kind
|
7,366,383
|
7,941,698
|
|
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Rivian Automotive Inc 3.625% 10/15/2030
|
3,016,000
|
2,732,495
|
|
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
MKS Instruments Inc 1.25% 6/1/2030 (d)
|
1,846,000
|
1,587,433
|
|
ON Semiconductor Corp 0% 5/1/2027 (o)
|
963,000
|
1,027,906
|
|
Wolfspeed Inc 1.875% 12/1/2029
|
9,763,000
|
2,738,523
|
|
5,353,862
|
|||
Software - 0.2%
|
|||
Core Scientific Inc 0% 6/15/2031 (d)(o)
|
4,081,000
|
3,457,662
|
|
TOTAL INFORMATION TECHNOLOGY
|
8,811,524
|
||
Real Estate - 0.5%
|
|||
Real Estate Management & Development - 0.5%
|
|||
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 0.25% 6/15/2026
|
4,646,000
|
4,339,364
|
|
Redfin Corp 0.5% 4/1/2027
|
7,135,000
|
6,260,963
|
|
10,600,327
|
|||
Utilities - 0.2%
|
|||
Electric Utilities - 0.1%
|
|||
PG&E Corp 4.25% 12/1/2027
|
2,070,000
|
2,150,523
|
|
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
XPLR Infrastructure LP 0% 11/15/2025 (d)
|
994,000
|
954,240
|
|
XPLR Infrastructure LP 2.5% 6/15/2026 (d)
|
1,722,000
|
1,618,680
|
|
2,572,920
|
|||
TOTAL UTILITIES
|
4,723,443
|
||
TOTAL UNITED STATES
|
34,809,487
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $36,219,793)
|
34,809,487
|
||
Non-Convertible Corporate Bonds - 81.3%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 1.0%
|
|||
Materials - 1.0%
|
|||
Metals & Mining - 1.0%
|
|||
Alumina Pty Ltd 6.125% 3/15/2030 (d)
|
3,565,000
|
3,535,230
|
|
Alumina Pty Ltd 6.375% 9/15/2032 (d)
|
5,605,000
|
5,471,161
|
|
FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (d)
|
730,000
|
660,673
|
|
Mineral Resources Ltd 8% 11/1/2027 (d)
|
3,525,000
|
3,347,772
|
|
Mineral Resources Ltd 8.125% 5/1/2027 (d)
|
3,639,000
|
3,538,897
|
|
Mineral Resources Ltd 8.5% 5/1/2030 (d)
|
3,145,000
|
2,856,930
|
|
Mineral Resources Ltd 9.25% 10/1/2028 (d)
|
1,900,000
|
1,796,856
|
|
TOTAL AUSTRALIA
|
21,207,519
|
||
BAILIWICK OF JERSEY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d)
|
2,508,000
|
2,154,194
|
|
BELGIUM - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (d)
|
1,400,000
|
1,364,938
|
|
BRAZIL - 0.4%
|
|||
Energy - 0.0%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Yinson Boronia Production BV 8.947% 7/31/2042 (d)
|
897,018
|
919,443
|
|
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
ERO Copper Corp 6.5% 2/15/2030 (d)
|
4,500,000
|
4,336,875
|
|
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (d)(e)
|
3,304,681
|
3,099,626
|
|
7,436,501
|
|||
TOTAL BRAZIL
|
8,355,944
|
||
CAMEROON - 0.3%
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Golar LNG Ltd 7% 10/20/2025 (d)
|
3,344,000
|
3,337,178
|
|
Golar LNG Ltd 7.75% 9/19/2029 (d)(q)
|
4,000,000
|
3,983,160
|
|
TOTAL CAMEROON
|
7,320,338
|
||
CANADA - 3.3%
|
|||
Communication Services - 0.2%
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
Rogers Communications Inc 7% 4/15/2055 (e)
|
2,349,000
|
2,366,538
|
|
Rogers Communications Inc 7.125% 4/15/2055 (e)
|
1,849,000
|
1,842,296
|
|
4,208,834
|
|||
Consumer Discretionary - 0.5%
|
|||
Hotels, Restaurants & Leisure - 0.5%
|
|||
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d)
|
3,995,000
|
3,635,580
|
|
1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (d)
|
4,045,000
|
4,031,611
|
|
1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d)
|
2,685,000
|
2,727,463
|
|
10,394,654
|
|||
Consumer Staples - 0.0%
|
|||
Household Products - 0.0%
|
|||
Kronos Acquisition Holdings Inc 10.75% 6/30/2032 (d)
|
400,000
|
239,678
|
|
Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d)
|
665,000
|
549,595
|
|
789,273
|
|||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Baytex Energy Corp 7.375% 3/15/2032 (d)
|
1,745,000
|
1,504,477
|
|
Parkland Corp 4.5% 10/1/2029 (d)
|
1,430,000
|
1,348,160
|
|
Parkland Corp 4.625% 5/1/2030 (d)
|
5,680,000
|
5,346,150
|
|
Parkland Corp 6.625% 8/15/2032 (d)
|
710,000
|
706,730
|
|
South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (d)(e)
|
998,000
|
980,955
|
|
South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (d)(e)
|
336,000
|
335,665
|
|
Vermilion Energy Inc 7.25% 2/15/2033 (d)
|
370,000
|
310,407
|
|
10,532,544
|
|||
Industrials - 0.5%
|
|||
Aerospace & Defense - 0.4%
|
|||
Bombardier Inc 7% 6/1/2032 (d)
|
1,350,000
|
1,365,837
|
|
Bombardier Inc 7.25% 7/1/2031 (d)
|
3,130,000
|
3,204,666
|
|
Bombardier Inc 7.875% 4/15/2027 (d)
|
1,852,000
|
1,856,519
|
|
Bombardier Inc 8.75% 11/15/2030 (d)
|
1,720,000
|
1,842,999
|
|
8,270,021
|
|||
Commercial Services & Supplies - 0.1%
|
|||
Wrangler Holdco Corp 6.625% 4/1/2032 (d)
|
3,750,000
|
3,849,480
|
|
Passenger Airlines - 0.0%
|
|||
Air Canada 3.875% 8/15/2026 (d)
|
140,000
|
137,374
|
|
TOTAL INDUSTRIALS
|
12,256,875
|
||
Information Technology - 0.5%
|
|||
Software - 0.5%
|
|||
Open Text Corp 3.875% 12/1/2029 (d)
|
1,205,000
|
1,110,285
|
|
Open Text Corp 3.875% 2/15/2028 (d)
|
2,891,000
|
2,763,348
|
|
Open Text Holdings Inc 4.125% 12/1/2031 (d)
|
3,535,000
|
3,161,377
|
|
Open Text Holdings Inc 4.125% 2/15/2030 (d)(r)
|
3,560,000
|
3,289,705
|
|
10,324,715
|
|||
Materials - 1.1%
|
|||
Chemicals - 0.9%
|
|||
Methanex Corp 5.125% 10/15/2027
|
6,450,000
|
6,331,264
|
|
Methanex Corp 5.25% 12/15/2029
|
2,685,000
|
2,550,235
|
|
Methanex Corp 5.65% 12/1/2044
|
4,010,000
|
3,072,842
|
|
NOVA Chemicals Corp 4.25% 5/15/2029 (d)
|
5,875,000
|
5,551,875
|
|
NOVA Chemicals Corp 7% 12/1/2031 (d)
|
1,825,000
|
1,886,284
|
|
NOVA Chemicals Corp 9% 2/15/2030 (d)
|
1,030,000
|
1,100,508
|
|
20,493,008
|
|||
Metals & Mining - 0.2%
|
|||
Capstone Copper Corp 6.75% 3/31/2033 (d)
|
3,060,000
|
3,006,630
|
|
Hudbay Minerals Inc 4.5% 4/1/2026 (d)
|
1,840,000
|
1,805,590
|
|
4,812,220
|
|||
TOTAL MATERIALS
|
25,305,228
|
||
TOTAL CANADA
|
73,812,123
|
||
CHILE - 0.3%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
VTR Finance NV 6.375% 7/15/2028 (d)
|
3,802,000
|
3,581,028
|
|
Industrials - 0.1%
|
|||
Construction & Engineering - 0.1%
|
|||
ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C 7.875% 2/3/2030 (d)
|
2,242,000
|
2,235,479
|
|
TOTAL CHILE
|
5,816,507
|
||
COLOMBIA - 0.4%
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Canacol Energy Ltd 5.75% 11/24/2028 (d)
|
6,994,000
|
3,217,240
|
|
Gran Tierra Energy Inc 9.5% 10/15/2029 (d)
|
3,349,000
|
2,620,593
|
|
5,837,833
|
|||
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Enfragen Energia Sur SA 5.375% 12/30/2030 (d)
|
3,642,000
|
3,119,591
|
|
TOTAL COLOMBIA
|
8,957,424
|
||
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Ivanhoe Mine Ltd 7.875% 1/23/2030 (d)
|
2,805,000
|
2,736,089
|
|
FINLAND - 0.3%
|
|||
Consumer Discretionary - 0.2%
|
|||
Leisure Products - 0.2%
|
|||
Amer Sports Co 6.75% 2/16/2031 (d)(r)
|
3,595,000
|
3,636,134
|
|
Materials - 0.1%
|
|||
Paper & Forest Products - 0.1%
|
|||
Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (d)
|
2,810,000
|
2,619,229
|
|
TOTAL FINLAND
|
6,255,363
|
||
FRANCE - 1.5%
|
|||
Communication Services - 1.2%
|
|||
Diversified Telecommunication Services - 1.2%
|
|||
Altice France SA 5.125% 1/15/2029 (d)
|
5,550,000
|
4,496,645
|
|
Altice France SA 5.125% 7/15/2029 (d)
|
14,276,000
|
11,647,551
|
|
Altice France SA 5.5% 1/15/2028 (d)
|
3,225,000
|
2,669,961
|
|
Altice France SA 5.5% 10/15/2029 (d)
|
950,000
|
777,680
|
|
Iliad Holding SASU 7% 4/15/2032 (d)
|
2,665,000
|
2,688,790
|
|
Iliad Holding SASU 8.5% 4/15/2031 (d)
|
3,385,000
|
3,569,313
|
|
25,849,940
|
|||
Energy - 0.3%
|
|||
Energy Equipment & Services - 0.3%
|
|||
Vallourec SACA 7.5% 4/15/2032 (d)
|
6,086,000
|
6,308,565
|
|
Viridien 10% 10/15/2030 (d)
|
2,195,000
|
2,060,621
|
|
8,369,186
|
|||
TOTAL FRANCE
|
34,219,126
|
||
GERMANY - 0.5%
|
|||
Consumer Discretionary - 0.3%
|
|||
Automobile Components - 0.3%
|
|||
ZF North America Capital Inc 6.75% 4/23/2030 (d)
|
3,525,000
|
3,212,576
|
|
ZF North America Capital Inc 6.875% 4/14/2028 (d)
|
810,000
|
773,410
|
|
ZF North America Capital Inc 6.875% 4/23/2032 (d)
|
1,570,000
|
1,377,037
|
|
ZF North America Capital Inc 7.125% 4/14/2030 (d)(r)
|
810,000
|
745,205
|
|
6,108,228
|
|||
Industrials - 0.2%
|
|||
Machinery - 0.2%
|
|||
TK Elevator US Newco Inc 5.25% 7/15/2027 (d)
|
5,330,000
|
5,248,436
|
|
TOTAL GERMANY
|
11,356,664
|
||
GHANA - 0.5%
|
|||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Kosmos Energy Ltd 7.125% 4/4/2026 (d)
|
4,027,000
|
3,860,886
|
|
Kosmos Energy Ltd 7.5% 3/1/2028 (d)(r)
|
1,080,000
|
921,715
|
|
Kosmos Energy Ltd 7.75% 5/1/2027 (d)(r)
|
1,300,000
|
1,170,000
|
|
Kosmos Energy Ltd 8.75% 10/1/2031 (d)
|
1,244,000
|
1,001,047
|
|
Tullow Oil PLC 10.25% 5/15/2026 (d)
|
5,247,000
|
4,092,660
|
|
TOTAL GHANA
|
11,046,308
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d)
|
2,507,000
|
2,497,917
|
|
GUATEMALA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
Millicom International Cellular SA 4.5% 4/27/2031 (d)
|
1,850,000
|
1,646,500
|
|
Millicom International Cellular SA 5.125% 1/15/2028 (d)
|
1,750,500
|
1,705,643
|
|
Millicom International Cellular SA 7.375% 4/2/2032 (d)
|
1,015,000
|
1,025,150
|
|
TOTAL GUATEMALA
|
4,377,293
|
||
HONG KONG - 0.1%
|
|||
Industrials - 0.1%
|
|||
Marine Transportation - 0.1%
|
|||
Seaspan Corp 5.5% 8/1/2029 (d)
|
1,693,000
|
1,544,449
|
|
IRELAND - 1.1%
|
|||
Financials - 1.0%
|
|||
Consumer Finance - 0.1%
|
|||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (e)
|
2,508,000
|
2,435,501
|
|
Financial Services - 0.9%
|
|||
GGAM Finance Ltd 5.875% 3/15/2030 (d)
|
4,335,000
|
4,304,785
|
|
GGAM Finance Ltd 6.875% 4/15/2029 (d)
|
1,740,000
|
1,776,900
|
|
GGAM Finance Ltd 7.75% 5/15/2026 (d)
|
1,229,000
|
1,242,821
|
|
GGAM Finance Ltd 8% 2/15/2027 (d)
|
4,285,000
|
4,399,324
|
|
GGAM Finance Ltd 8% 6/15/2028 (d)
|
5,080,000
|
5,331,598
|
|
TrueNoord Capital DAC 8.75% 3/1/2030 (d)
|
2,785,000
|
2,844,822
|
|
19,900,250
|
|||
TOTAL FINANCIALS
|
22,335,751
|
||
Industrials - 0.1%
|
|||
Air Freight & Logistics - 0.1%
|
|||
AerCap Global Aviation Trust 6.5% 6/15/2045 (d)(e)
|
1,500,000
|
1,500,459
|
|
TOTAL IRELAND
|
23,836,210
|
||
ISRAEL - 0.4%
|
|||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Energean Israel Finance Ltd 4.875% 3/30/2026 (d)(q)
|
1,115,000
|
1,097,575
|
|
Energean Israel Finance Ltd 5.375% 3/30/2028 (d)(q)
|
2,425,000
|
2,282,895
|
|
Energean Israel Finance Ltd 5.875% 3/30/2031 (d)(q)
|
725,000
|
655,603
|
|
Energean PLC 6.5% 4/30/2027 (d)
|
3,875,000
|
3,797,500
|
|
7,833,573
|
|||
Health Care - 0.0%
|
|||
Pharmaceuticals - 0.0%
|
|||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026
|
1,775,000
|
1,715,073
|
|
TOTAL ISRAEL
|
9,548,646
|
||
ITALY - 0.1%
|
|||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
UniCredit SpA 5.459% 6/30/2035 (d)(e)
|
2,591,000
|
2,521,730
|
|
LUXEMBOURG - 0.6%
|
|||
Communication Services - 0.5%
|
|||
Media - 0.4%
|
|||
Altice Financing SA 5.75% 8/15/2029 (d)
|
9,243,000
|
6,816,912
|
|
Altice France Holding SA 6% 2/15/2028 (d)
|
3,682,000
|
1,141,992
|
|
7,958,904
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Intelsat Jackson Holdings SA 6.5% 3/15/2030 (d)
|
2,410,000
|
2,370,519
|
|
TOTAL COMMUNICATION SERVICES
|
10,329,423
|
||
Information Technology - 0.1%
|
|||
Software - 0.1%
|
|||
ION Trading Technologies Sarl 5.75% 5/15/2028 (d)
|
2,825,000
|
2,541,507
|
|
Materials - 0.0%
|
|||
Chemicals - 0.0%
|
|||
Herens Holdco Sarl 4.75% 5/15/2028 (d)
|
1,711,000
|
1,492,435
|
|
TOTAL LUXEMBOURG
|
14,363,365
|
||
MAURITIUS - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Wireless Telecommunication Services - 0.0%
|
|||
Axian Telecom 7.375% 2/16/2027 (d)
|
982,000
|
974,939
|
|
MEXICO - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Petroleos Mexicanos 6.5% 3/13/2027
|
4,094,000
|
3,993,288
|
|
NETHERLANDS - 0.1%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Ziggo BV 4.875% 1/15/2030 (d)
|
1,020,000
|
939,056
|
|
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
Sigma Holdco BV 7.875% 5/15/2026 (d)
|
569,000
|
563,341
|
|
Materials - 0.1%
|
|||
Containers & Packaging - 0.1%
|
|||
Trivium Packaging Finance BV 5.5% 8/15/2026 (d)
|
180,000
|
178,231
|
|
Trivium Packaging Finance BV 8.5% 8/15/2027 (d)
|
1,295,000
|
1,279,956
|
|
1,458,187
|
|||
TOTAL NETHERLANDS
|
2,960,584
|
||
NIGERIA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
IHS Holding Ltd 5.625% 11/29/2026 (d)
|
894,000
|
872,487
|
|
IHS Holding Ltd 6.25% 11/29/2028 (d)
|
1,083,000
|
1,024,146
|
|
IHS Holding Ltd 7.875% 5/29/2030 (d)
|
1,450,000
|
1,397,438
|
|
IHS Holding Ltd 8.25% 11/29/2031 (d)
|
2,695,000
|
2,590,569
|
|
TOTAL NIGERIA
|
5,884,640
|
||
NORWAY - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Seadrill Finance Ltd 8.375% 8/1/2030 (d)
|
740,000
|
692,970
|
|
TGS ASA 8.5% 1/15/2030 (d)
|
2,255,000
|
2,232,450
|
|
TOTAL NORWAY
|
2,925,420
|
||
PANAMA - 0.6%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Sable International Finance Ltd 7.125% 10/15/2032 (d)
|
4,150,000
|
4,077,582
|
|
Wireless Telecommunication Services - 0.4%
|
|||
C&W Senior Finance Ltd 9% 1/15/2033 (d)
|
9,323,000
|
9,369,112
|
|
TOTAL PANAMA
|
13,446,694
|
||
PERU - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Volcan Cia Minera SAA 8.75% 1/24/2030 (d)
|
3,317,000
|
3,123,163
|
|
PUERTO RICO - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Media - 0.1%
|
|||
Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (d)
|
1,150,000
|
850,924
|
|
Lcpr Senior Secured Financing Dac 6.75% 10/15/2027 (d)
|
2,324,000
|
1,910,691
|
|
TOTAL PUERTO RICO
|
2,761,615
|
||
SOUTH AFRICA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (d)
|
5,605,000
|
4,627,376
|
|
SPAIN - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Grifols SA 4.75% 10/15/2028 (d)
|
1,695,000
|
1,577,834
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/2028 (d)
|
150,000
|
142,528
|
|
TOTAL SPAIN
|
1,720,362
|
||
SWITZERLAND - 0.6%
|
|||
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.4%
|
|||
VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (d)
|
6,344,000
|
5,477,193
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d)
|
3,099,000
|
3,009,546
|
|
VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (d)
|
1,405,000
|
1,372,391
|
|
9,859,130
|
|||
Materials - 0.2%
|
|||
Chemicals - 0.2%
|
|||
Consolidated Energy Finance SA 12% 2/15/2031 (d)
|
4,106,000
|
3,701,463
|
|
Consolidated Energy Finance SA 5.625% 10/15/2028 (d)
|
625,000
|
486,399
|
|
4,187,862
|
|||
TOTAL SWITZERLAND
|
14,046,992
|
||
TANZANIA - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Communications Equipment - 0.3%
|
|||
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d)
|
7,815,000
|
7,805,231
|
|
TURKEY - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Eldorado Gold Corp 6.25% 9/1/2029 (d)
|
1,340,000
|
1,324,282
|
|
UNITED KINGDOM - 1.7%
|
|||
Communication Services - 0.5%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (d)
|
1,380,000
|
1,290,714
|
|
Virgin Media Finance PLC 5% 7/15/2030 (d)
|
950,000
|
832,754
|
|
2,123,468
|
|||
Media - 0.2%
|
|||
Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d)
|
5,965,000
|
5,363,013
|
|
Wireless Telecommunication Services - 0.2%
|
|||
Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (d)
|
5,120,000
|
4,469,359
|
|
TOTAL COMMUNICATION SERVICES
|
11,955,840
|
||
Consumer Discretionary - 0.5%
|
|||
Automobile Components - 0.4%
|
|||
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d)
|
2,090,000
|
2,145,122
|
|
Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (d)
|
1,840,000
|
1,890,044
|
|
Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d)
|
2,535,000
|
2,651,133
|
|
Macquarie Airfinance Holdings Ltd 8.375% 5/1/2028 (d)
|
1,420,000
|
1,479,470
|
|
8,165,769
|
|||
Specialty Retail - 0.1%
|
|||
Belron UK Finance PLC 5.75% 10/15/2029 (d)
|
2,580,000
|
2,576,231
|
|
TOTAL CONSUMER DISCRETIONARY
|
10,742,000
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
EG Global Finance PLC 12% 11/30/2028 (d)
|
6,120,000
|
6,746,094
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
180 Medical Inc 3.875% 10/15/2029 (d)
|
1,435,000
|
1,343,839
|
|
Materials - 0.0%
|
|||
Chemicals - 0.0%
|
|||
INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (d)
|
705,000
|
678,563
|
|
Utilities - 0.3%
|
|||
Independent Power and Renewable Electricity Producers - 0.3%
|
|||
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d)
|
4,980,000
|
4,892,599
|
|
ContourGlobal Power Holdings SA 6.75% 2/28/2030 (d)
|
2,125,000
|
2,150,313
|
|
7,042,912
|
|||
TOTAL UNITED KINGDOM
|
38,509,248
|
||
UNITED STATES - 64.9%
|
|||
Communication Services - 5.8%
|
|||
Diversified Telecommunication Services - 1.2%
|
|||
Cablevision Lightpath LLC 5.625% 9/15/2028 (d)
|
2,780,000
|
2,573,851
|
|
Consolidated Communications Inc 5% 10/1/2028 (d)
|
865,000
|
821,343
|
|
Frontier Communications Holdings LLC 5% 5/1/2028 (d)
|
1,645,000
|
1,628,022
|
|
Frontier Communications Holdings LLC 5.875% 10/15/2027 (d)
|
1,290,000
|
1,288,541
|
|
Frontier Communications Holdings LLC 5.875% 11/1/2029
|
2,565,000
|
2,566,285
|
|
Level 3 Financing Inc 10% 10/15/2032 (d)
|
380,000
|
379,050
|
|
Level 3 Financing Inc 10.5% 5/15/2030 (d)
|
3,658,000
|
3,954,552
|
|
Level 3 Financing Inc 11% 11/15/2029 (d)(r)
|
1,996,023
|
2,230,556
|
|
Level 3 Financing Inc 3.625% 1/15/2029 (d)
|
1,390,000
|
1,073,775
|
|
Level 3 Financing Inc 3.75% 7/15/2029 (d)
|
2,265,000
|
1,702,782
|
|
Level 3 Financing Inc 3.875% 10/15/2030 (d)(r)
|
6,062,000
|
4,781,099
|
|
Level 3 Financing Inc 4% 4/15/2031 (d)
|
175,000
|
136,542
|
|
Level 3 Financing Inc 4.25% 7/1/2028 (d)
|
430,000
|
369,827
|
|
Level 3 Financing Inc 4.5% 4/1/2030 (d)
|
2,885,000
|
2,402,426
|
|
Level 3 Financing Inc 4.875% 6/15/2029 (d)
|
470,000
|
410,075
|
|
Lumen Technologies Inc 4.125% 4/15/2030 (d)
|
755,000
|
705,925
|
|
Lumen Technologies Inc 4.5% 1/15/2029 (d)
|
450,000
|
359,326
|
|
27,383,977
|
|||
Interactive Media & Services - 0.1%
|
|||
Snap Inc 6.875% 3/1/2033 (d)
|
1,930,000
|
1,927,559
|
|
Media - 4.5%
|
|||
Advantage Sales & Marketing Inc 6.5% 11/15/2028 (d)
|
3,037,000
|
2,445,117
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(r)
|
3,290,000
|
2,771,457
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (d)
|
7,230,000
|
6,532,473
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032
|
7,749,000
|
6,884,821
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (d)
|
8,320,000
|
7,238,961
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d)
|
3,230,000
|
2,999,327
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(r)
|
3,180,000
|
2,877,773
|
|
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (d)
|
255,000
|
251,512
|
|
Clear Channel Outdoor Holdings Inc 5.125% 8/15/2027 (d)
|
1,720,000
|
1,672,334
|
|
Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (d)
|
2,940,000
|
2,409,623
|
|
Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (d)(r)
|
3,395,000
|
3,396,519
|
|
Clear Channel Outdoor Holdings Inc 9% 9/15/2028 (d)(r)
|
3,425,000
|
3,545,061
|
|
CSC Holdings LLC 3.375% 2/15/2031 (d)
|
6,715,000
|
4,483,005
|
|
CSC Holdings LLC 4.125% 12/1/2030 (d)
|
4,285,000
|
2,936,804
|
|
CSC Holdings LLC 4.5% 11/15/2031 (d)
|
983,000
|
668,454
|
|
CSC Holdings LLC 4.625% 12/1/2030 (d)
|
8,405,000
|
3,887,551
|
|
CSC Holdings LLC 5.375% 2/1/2028 (d)
|
2,800,000
|
2,446,883
|
|
DISH DBS Corp 5.125% 6/1/2029
|
5,920,000
|
3,706,594
|
|
DISH DBS Corp 7.375% 7/1/2028
|
1,435,000
|
969,644
|
|
EchoStar Corp 10.75% 11/30/2029
|
10,439,890
|
11,038,761
|
|
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
|
8,698,034
|
8,107,201
|
|
Outfront Media Capital LLC / Outfront Media Capital Corp 7.375% 2/15/2031 (d)
|
1,685,000
|
1,764,466
|
|
Sirius XM Radio LLC 4.125% 7/1/2030 (d)
|
5,700,000
|
5,100,085
|
|
Sirius XM Radio LLC 5.5% 7/1/2029 (d)
|
230,000
|
223,935
|
|
Univision Communications Inc 4.5% 5/1/2029 (d)
|
130,000
|
111,476
|
|
Univision Communications Inc 6.625% 6/1/2027 (d)
|
2,575,000
|
2,491,530
|
|
Univision Communications Inc 7.375% 6/30/2030 (d)(r)
|
3,750,000
|
3,415,669
|
|
Univision Communications Inc 8% 8/15/2028 (d)
|
1,215,000
|
1,180,187
|
|
Univision Communications Inc 8.5% 7/31/2031 (d)(r)
|
5,940,000
|
5,609,003
|
|
101,166,226
|
|||
TOTAL COMMUNICATION SERVICES
|
130,477,762
|
||
Consumer Discretionary - 8.6%
|
|||
Automobile Components - 0.2%
|
|||
Adient Global Holdings Ltd 7.5% 2/15/2033 (d)
|
1,825,000
|
1,730,569
|
|
Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d)
|
1,760,000
|
1,790,448
|
|
Patrick Industries Inc 6.375% 11/1/2032 (d)
|
970,000
|
941,703
|
|
4,462,720
|
|||
Automobiles - 0.2%
|
|||
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC CME Term SOFR 6 month Index + 6.0533%, 10.1513% 10/15/2026 (d)(e)(f)
|
3,788,000
|
3,769,062
|
|
Broadline Retail - 0.5%
|
|||
CMG Media Corp 8.875% 6/18/2029 (d)
|
1,435,000
|
1,255,625
|
|
GrubHub Holdings Inc 5.5% 7/1/2027 (d)
|
1,275,000
|
1,151,941
|
|
Kohl's Corp 4.25% 7/17/2025
|
1,610,000
|
1,579,372
|
|
Nordstrom Inc 4.25% 8/1/2031
|
685,000
|
582,801
|
|
Nordstrom Inc 4.375% 4/1/2030 (r)
|
435,000
|
385,289
|
|
Wayfair LLC 7.25% 10/31/2029 (d)(r)
|
3,378,000
|
3,085,452
|
|
Wayfair LLC 7.75% 9/15/2030 (d)(r)
|
3,580,000
|
3,266,137
|
|
11,306,617
|
|||
Distributors - 0.1%
|
|||
Windsor Holdings III LLC 8.5% 6/15/2030 (d)
|
1,605,000
|
1,689,335
|
|
Diversified Consumer Services - 1.0%
|
|||
Service Corp International/US 4% 5/15/2031
|
1,285,000
|
1,173,267
|
|
Service Corp International/US 5.125% 6/1/2029
|
810,000
|
800,505
|
|
Service Corp International/US 5.75% 10/15/2032
|
635,000
|
626,897
|
|
Sotheby's 7.375% 10/15/2027 (d)
|
3,905,000
|
3,665,084
|
|
StoneMor Inc 8.5% 5/15/2029 (d)
|
3,005,000
|
2,701,814
|
|
TKC Holdings Inc 10.5% 5/15/2029 (d)
|
4,038,000
|
4,039,963
|
|
TKC Holdings Inc 6.875% 5/15/2028 (d)
|
3,455,000
|
3,455,231
|
|
WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (d)(r)
|
6,683,000
|
6,615,867
|
|
23,078,628
|
|||
Hotels, Restaurants & Leisure - 4.3%
|
|||
Caesars Entertainment Inc 6% 10/15/2032 (d)(r)
|
3,390,000
|
3,195,901
|
|
Caesars Entertainment Inc 6.5% 2/15/2032 (d)
|
3,760,000
|
3,779,695
|
|
Caesars Entertainment Inc 7% 2/15/2030 (d)
|
745,000
|
762,614
|
|
Caesars Entertainment Inc 8.125% 7/1/2027 (d)
|
1,119,000
|
1,122,364
|
|
Carnival Corp 5.75% 3/1/2027 (d)
|
465,000
|
463,357
|
|
Carnival Corp 5.75% 3/15/2030 (d)
|
5,190,000
|
5,153,701
|
|
Carnival Corp 6% 5/1/2029 (d)
|
4,165,000
|
4,140,458
|
|
Carnival Corp 6.125% 2/15/2033 (d)
|
9,590,000
|
9,507,553
|
|
Carnival Corp 6.65% 1/15/2028
|
670,000
|
682,615
|
|
CEC Entertainment LLC 6.75% 5/1/2026 (d)
|
4,063,000
|
3,990,636
|
|
ClubCorp Holdings Inc 8.5% 9/15/2025 (d)
|
930,000
|
869,550
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d)
|
7,417,000
|
6,489,191
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d)
|
4,420,000
|
3,909,862
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (d)
|
2,905,000
|
2,664,182
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d)
|
1,125,000
|
1,124,422
|
|
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d)
|
1,900,000
|
1,919,704
|
|
Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)(r)
|
3,600,000
|
3,647,894
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d)
|
3,305,000
|
3,238,332
|
|
Life Time Inc 6% 11/15/2031 (d)
|
5,530,000
|
5,512,662
|
|
MajorDrive Holdings IV LLC 6.375% 6/1/2029 (d)
|
3,549,000
|
2,610,804
|
|
MGM Resorts International 6.5% 4/15/2032
|
1,585,000
|
1,561,873
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875% 4/15/2031 (d)
|
2,275,000
|
2,246,732
|
|
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d)
|
3,545,000
|
3,544,428
|
|
NCL Corp Ltd 5.875% 3/15/2026 (d)
|
209,000
|
207,934
|
|
NCL Corp Ltd 6.75% 2/1/2032 (d)
|
1,780,000
|
1,740,151
|
|
Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (d)
|
2,830,000
|
2,808,248
|
|
Royal Caribbean Cruises Ltd 6% 2/1/2033 (d)
|
5,865,000
|
5,881,146
|
|
Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d)
|
3,715,000
|
3,770,679
|
|
Station Casinos LLC 4.5% 2/15/2028 (d)(r)
|
390,000
|
376,305
|
|
Station Casinos LLC 6.625% 3/15/2032 (d)(r)
|
1,580,000
|
1,570,835
|
|
Viking Cruises Ltd 9.125% 7/15/2031 (d)
|
535,000
|
572,019
|
|
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d)
|
1,545,000
|
1,529,505
|
|
VOC Escrow Ltd 5% 2/15/2028 (d)
|
1,420,000
|
1,392,723
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (d)
|
735,000
|
758,200
|
|
Yum! Brands Inc 4.625% 1/31/2032
|
3,255,000
|
3,063,989
|
|
Yum! Brands Inc 5.375% 4/1/2032 (r)
|
585,000
|
574,874
|
|
96,385,138
|
|||
Household Durables - 0.8%
|
|||
Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (d)
|
2,060,000
|
1,905,974
|
|
Beazer Homes USA Inc 7.5% 3/15/2031 (d)
|
1,255,000
|
1,212,553
|
|
Landsea Homes Corp 8.875% 4/1/2029 (d)(r)
|
1,910,000
|
1,807,478
|
|
LGI Homes Inc 4% 7/15/2029 (d)(r)
|
1,030,000
|
896,306
|
|
LGI Homes Inc 7% 11/15/2032 (d)
|
4,255,000
|
3,925,238
|
|
LGI Homes Inc 8.75% 12/15/2028 (d)
|
745,000
|
752,305
|
|
Newell Brands Inc 6.375% 5/15/2030
|
2,225,000
|
2,025,581
|
|
Newell Brands Inc 6.375% 9/15/2027 (r)
|
540,000
|
526,398
|
|
Newell Brands Inc 6.625% 5/15/2032 (r)
|
1,760,000
|
1,562,351
|
|
Newell Brands Inc 6.625% 9/15/2029
|
895,000
|
839,573
|
|
Newell Brands Inc 6.875% 4/1/2036 (s)
|
410,000
|
357,132
|
|
Newell Brands Inc 7% 4/1/2046 (r)(s)
|
1,284,000
|
992,100
|
|
TopBuild Corp 4.125% 2/15/2032 (d)
|
1,320,000
|
1,187,877
|
|
17,990,866
|
|||
Specialty Retail - 1.4%
|
|||
Carvana Co 11% 6/1/2030 pay-in-kind (d)(e)
|
1,805,450
|
1,911,691
|
|
Carvana Co 14% 6/1/2031 pay-in-kind (d)(e)
|
4,502,127
|
5,067,390
|
|
Carvana Co 4.875% 9/1/2029 (d)
|
1,322,000
|
1,173,685
|
|
Carvana Co 5.5% 4/15/2027 (d)
|
1,312,000
|
1,233,280
|
|
Carvana Co 5.625% 10/1/2025 (d)
|
4,348,000
|
4,317,751
|
|
Carvana Co 5.875% 10/1/2028 (d)
|
764,000
|
702,879
|
|
Carvana Co 9% 12/1/2028 pay-in-kind (d)(e)
|
2,846,861
|
2,926,704
|
|
Champions Financing Inc 8.75% 2/15/2029 (d)(r)
|
3,433,000
|
3,022,466
|
|
LBM Acquisition LLC 6.25% 1/15/2029 (d)
|
2,198,000
|
1,926,068
|
|
Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (r)
|
1,020,000
|
1,027,401
|
|
Staples Inc 10.75% 9/1/2029 (d)
|
4,434,000
|
3,841,683
|
|
Staples Inc 12.75% 1/15/2030 (d)
|
3,101,712
|
1,804,164
|
|
Wand NewCo 3 Inc 7.625% 1/30/2032 (d)(r)
|
2,270,000
|
2,338,518
|
|
31,293,680
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Wolverine World Wide Inc 4% 8/15/2029 (d)
|
2,074,000
|
1,725,470
|
|
TOTAL CONSUMER DISCRETIONARY
|
191,701,516
|
||
Consumer Staples - 2.3%
|
|||
Beverages - 0.1%
|
|||
Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d)
|
1,918,000
|
1,907,382
|
|
Consumer Staples Distribution & Retail - 1.3%
|
|||
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d)
|
4,270,000
|
3,982,684
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d)
|
5,500,000
|
5,313,263
|
|
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d)(r)
|
2,520,000
|
2,556,658
|
|
C&S Group Enterprises LLC 5% 12/15/2028 (d)
|
4,029,000
|
3,369,262
|
|
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d)
|
5,340,000
|
5,462,825
|
|
Performance Food Group Inc 5.5% 10/15/2027 (d)
|
335,000
|
332,254
|
|
Performance Food Group Inc 6.125% 9/15/2032 (d)
|
2,600,000
|
2,600,772
|
|
US Foods Inc 4.75% 2/15/2029 (d)
|
2,305,000
|
2,238,712
|
|
US Foods Inc 5.75% 4/15/2033 (d)
|
1,885,000
|
1,846,372
|
|
US Foods Inc 6.875% 9/15/2028 (d)
|
1,065,000
|
1,091,644
|
|
US Foods Inc 7.25% 1/15/2032 (d)
|
360,000
|
376,600
|
|
29,171,046
|
|||
Food Products - 0.9%
|
|||
Fiesta Purchaser Inc 7.875% 3/1/2031 (d)
|
1,455,000
|
1,524,198
|
|
Fiesta Purchaser Inc 9.625% 9/15/2032 (d)
|
1,815,000
|
1,897,822
|
|
Lamb Weston Holdings Inc 4.125% 1/31/2030 (d)(r)
|
5,925,000
|
5,558,333
|
|
Lamb Weston Holdings Inc 4.375% 1/31/2032 (d)
|
850,000
|
778,700
|
|
Post Holdings Inc 4.625% 4/15/2030 (d)
|
2,595,000
|
2,446,060
|
|
Post Holdings Inc 5.5% 12/15/2029 (d)(r)
|
2,615,000
|
2,566,630
|
|
Post Holdings Inc 6.25% 10/15/2034 (d)(r)
|
945,000
|
937,156
|
|
Post Holdings Inc 6.25% 2/15/2032 (d)
|
2,440,000
|
2,458,908
|
|
Post Holdings Inc 6.375% 3/1/2033 (d)(r)
|
1,990,000
|
1,967,629
|
|
20,135,436
|
|||
Household Products - 0.0%
|
|||
Resideo Funding Inc 6.5% 7/15/2032 (d)
|
1,100,000
|
1,091,187
|
|
TOTAL CONSUMER STAPLES
|
52,305,051
|
||
Energy - 9.2%
|
|||
Energy Equipment & Services - 1.4%
|
|||
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d)
|
1,585,000
|
1,576,082
|
|
Nabors Industries Inc 7.375% 5/15/2027 (d)
|
2,448,000
|
2,308,194
|
|
Nabors Industries Inc 8.875% 8/15/2031 (d)
|
1,695,000
|
1,149,613
|
|
Nabors Industries Inc 9.125% 1/31/2030 (d)(r)
|
380,000
|
344,113
|
|
Nabors Industries Ltd 7.5% 1/15/2028 (d)
|
3,682,000
|
2,930,119
|
|
Star Holding LLC 8.75% 8/1/2031 (d)
|
1,422,000
|
1,302,908
|
|
Transocean Aquila Ltd 8% 9/30/2028 (d)
|
277,231
|
273,305
|
|
Transocean Inc 8% 2/1/2027 (d)
|
5,896,000
|
5,477,033
|
|
Transocean Inc 8.25% 5/15/2029 (d)
|
2,860,000
|
2,317,021
|
|
Transocean Inc 8.5% 5/15/2031 (d)
|
3,145,000
|
2,431,208
|
|
Transocean Inc 8.75% 2/15/2030 (d)
|
1,152,000
|
1,126,069
|
|
Transocean Poseidon Ltd 6.875% 2/1/2027 (d)
|
719,250
|
713,832
|
|
USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/1/2027
|
5,095,000
|
5,051,769
|
|
USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (d)
|
1,570,000
|
1,585,215
|
|
Valaris Ltd 8.375% 4/30/2030 (d)
|
3,400,000
|
3,185,761
|
|
31,772,242
|
|||
Oil, Gas & Consumable Fuels - 7.8%
|
|||
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (d)
|
1,440,000
|
1,445,822
|
|
Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (d)
|
730,000
|
727,367
|
|
California Resources Corp 7.125% 2/1/2026 (d)
|
808,000
|
802,751
|
|
California Resources Corp 8.25% 6/15/2029 (d)
|
6,714,000
|
6,401,167
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp 9.75% 7/15/2028 (d)
|
3,085,000
|
2,750,802
|
|
Cheniere Energy Partners LP 5.75% 8/15/2034
|
2,120,000
|
2,125,909
|
|
CITGO Petroleum Corp 6.375% 6/15/2026 (d)
|
6,440,000
|
6,405,210
|
|
CITGO Petroleum Corp 8.375% 1/15/2029 (d)
|
1,910,000
|
1,910,928
|
|
CNX Midstream Partners LP 4.75% 4/15/2030 (d)
|
3,875,000
|
3,566,829
|
|
CNX Resources Corp 7.25% 3/1/2032 (d)
|
3,265,000
|
3,263,158
|
|
CNX Resources Corp 7.375% 1/15/2031 (d)
|
985,000
|
985,990
|
|
Comstock Resources Inc 5.875% 1/15/2030 (d)(r)
|
4,770,000
|
4,318,049
|
|
Comstock Resources Inc 6.75% 3/1/2029 (d)
|
2,920,000
|
2,783,313
|
|
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d)
|
4,192,000
|
4,410,755
|
|
CVR Energy Inc 5.75% 2/15/2028 (d)
|
4,025,000
|
3,673,327
|
|
CVR Energy Inc 8.5% 1/15/2029 (d)
|
3,575,000
|
3,285,052
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d)
|
5,700,000
|
5,632,043
|
|
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d)
|
3,715,000
|
3,813,681
|
|
DT Midstream Inc 4.125% 6/15/2029 (d)
|
575,000
|
539,654
|
|
DT Midstream Inc 4.375% 6/15/2031 (d)
|
195,000
|
179,602
|
|
DT Midstream Inc 5.8% 12/15/2034 (d)
|
810,000
|
802,416
|
|
Energy Transfer LP 7.375% 2/1/2031 (d)
|
1,355,000
|
1,418,179
|
|
Excelerate Energy LP 8% 5/15/2030 (d)(g)
|
2,130,000
|
2,163,712
|
|
Genesis Energy LP / Genesis Energy Finance Corp 8% 5/15/2033
|
5,255,000
|
5,096,889
|
|
Global Partners LP / GLP Finance Corp 6.875% 1/15/2029 (r)
|
4,738,000
|
4,723,865
|
|
Global Partners LP / GLP Finance Corp 7% 8/1/2027
|
3,275,000
|
3,251,173
|
|
Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d)
|
515,000
|
524,280
|
|
Harvest Midstream I LP 7.5% 5/15/2032 (d)
|
1,410,000
|
1,434,987
|
|
Harvest Midstream I LP 7.5% 9/1/2028 (d)
|
4,225,000
|
4,276,515
|
|
Hess Midstream Operations LP 4.25% 2/15/2030 (d)(r)
|
1,030,000
|
966,856
|
|
Hess Midstream Operations LP 5.125% 6/15/2028 (d)
|
3,040,000
|
2,976,117
|
|
Hess Midstream Operations LP 5.5% 10/15/2030 (d)(r)
|
885,000
|
864,126
|
|
Hess Midstream Operations LP 5.875% 3/1/2028 (d)
|
4,155,000
|
4,163,734
|
|
Hess Midstream Operations LP 6.5% 6/1/2029 (d)
|
685,000
|
695,665
|
|
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d)
|
1,385,000
|
1,417,669
|
|
Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (d)
|
3,515,000
|
3,653,024
|
|
Kinetik Holdings LP 5.875% 6/15/2030 (d)(r)
|
2,845,000
|
2,779,707
|
|
Kinetik Holdings LP 6.625% 12/15/2028 (d)
|
4,315,000
|
4,346,539
|
|
Matador Resources Co 6.25% 4/15/2033 (d)(r)
|
875,000
|
825,911
|
|
Matador Resources Co 6.5% 4/15/2032 (d)
|
1,900,000
|
1,830,114
|
|
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d)
|
3,602,000
|
3,309,889
|
|
Murphy Oil Corp 6% 10/1/2032 (r)
|
407,000
|
370,280
|
|
Murphy Oil USA Inc 3.75% 2/15/2031 (d)
|
1,065,000
|
959,883
|
|
New Fortress Energy Inc 6.5% 9/30/2026 (d)
|
395,000
|
323,567
|
|
Northern Oil & Gas Inc 8.125% 3/1/2028 (d)
|
2,520,000
|
2,487,865
|
|
Northern Oil & Gas Inc 8.75% 6/15/2031 (d)
|
760,000
|
730,155
|
|
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)
|
5,942,000
|
4,888,290
|
|
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)
|
3,300,000
|
2,904,649
|
|
Permian Resources Operating LLC 5.875% 7/1/2029 (d)
|
1,733,000
|
1,689,675
|
|
Permian Resources Operating LLC 6.25% 2/1/2033 (d)(r)
|
730,000
|
713,866
|
|
Permian Resources Operating LLC 7% 1/15/2032 (d)
|
680,000
|
684,549
|
|
Prairie Acquiror LP 9% 8/1/2029 (d)
|
595,000
|
599,587
|
|
Rockies Express Pipeline LLC 4.8% 5/15/2030 (d)
|
2,860,000
|
2,679,561
|
|
Rockies Express Pipeline LLC 4.95% 7/15/2029 (d)(r)
|
4,220,000
|
4,033,970
|
|
Rockies Express Pipeline LLC 6.75% 3/15/2033 (d)
|
3,395,000
|
3,449,435
|
|
Rockies Express Pipeline LLC 6.875% 4/15/2040 (d)
|
365,000
|
344,566
|
|
SM Energy Co 6.75% 8/1/2029 (d)
|
360,000
|
336,107
|
|
SM Energy Co 7% 8/1/2032 (d)(r)
|
360,000
|
331,874
|
|
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
|
3,115,000
|
2,951,225
|
|
Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028
|
3,530,000
|
3,513,017
|
|
Sunoco LP 6.25% 7/1/2033 (d)
|
3,600,000
|
3,595,153
|
|
Sunoco LP 7% 5/1/2029 (d)
|
1,070,000
|
1,100,134
|
|
Sunoco LP 7.25% 5/1/2032 (d)
|
1,285,000
|
1,332,564
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d)
|
3,665,000
|
3,563,240
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (d)
|
6,600,000
|
6,145,533
|
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d)
|
4,956,000
|
4,568,787
|
|
Talos Production Inc 9% 2/1/2029 (d)
|
753,000
|
721,855
|
|
Talos Production Inc 9.375% 2/1/2031 (d)
|
950,000
|
893,215
|
|
TransMontaigne Partners LLC 8.5% 6/15/2030 (d)
|
1,825,000
|
1,836,835
|
|
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d)
|
2,015,000
|
2,067,204
|
|
Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d)
|
2,060,000
|
2,115,410
|
|
172,474,827
|
|||
TOTAL ENERGY
|
204,247,069
|
||
Financials - 6.7%
|
|||
Banks - 0.3%
|
|||
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 6/15/2026 (d)(r)
|
2,418,000
|
2,345,692
|
|
HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (d)
|
695,000
|
713,849
|
|
Western Alliance Bancorp 3% 6/15/2031 (e)
|
4,000,000
|
3,690,000
|
|
6,749,541
|
|||
Capital Markets - 0.9%
|
|||
Coinbase Global Inc 3.625% 10/1/2031 (d)(r)
|
2,320,000
|
2,013,381
|
|
Hightower Holding LLC 6.75% 4/15/2029 (d)
|
995,000
|
951,420
|
|
Hightower Holding LLC 9.125% 1/31/2030 (d)
|
4,060,000
|
4,151,350
|
|
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d)
|
3,365,000
|
3,307,390
|
|
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d)
|
3,165,000
|
3,179,910
|
|
Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (d)
|
2,840,000
|
2,928,954
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (d)(r)
|
520,000
|
483,858
|
|
Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)
|
960,000
|
940,573
|
|
VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d)
|
1,840,000
|
1,888,666
|
|
19,845,502
|
|||
Consumer Finance - 1.8%
|
|||
Ally Financial Inc 6.646% 1/17/2040 (e)
|
3,592,000
|
3,420,587
|
|
Ally Financial Inc 6.7% 2/14/2033 (r)
|
3,925,000
|
3,897,612
|
|
Encore Capital Group Inc 8.5% 5/15/2030 (d)
|
4,490,000
|
4,658,560
|
|
Encore Capital Group Inc 9.25% 4/1/2029 (d)
|
1,495,000
|
1,578,107
|
|
Navient Corp 4.875% 3/15/2028 (r)
|
375,000
|
360,707
|
|
Navient Corp 5% 3/15/2027
|
1,345,000
|
1,331,548
|
|
Navient Corp 5.625% 8/1/2033 (r)
|
550,000
|
471,361
|
|
OneMain Finance Corp 3.5% 1/15/2027
|
3,189,000
|
3,053,086
|
|
OneMain Finance Corp 3.875% 9/15/2028 (r)
|
8,068,000
|
7,466,044
|
|
OneMain Finance Corp 5.375% 11/15/2029 (r)
|
2,420,000
|
2,313,399
|
|
OneMain Finance Corp 6.625% 5/15/2029
|
405,000
|
406,181
|
|
OneMain Finance Corp 6.75% 3/15/2032
|
2,090,000
|
2,049,935
|
|
OneMain Finance Corp 7.125% 11/15/2031 (r)
|
1,094,000
|
1,100,455
|
|
OneMain Finance Corp 7.125% 3/15/2026
|
2,180,000
|
2,199,064
|
|
OneMain Finance Corp 7.5% 5/15/2031
|
875,000
|
887,310
|
|
OneMain Finance Corp 9% 1/15/2029
|
5,000
|
5,205
|
|
PRA Group Inc 8.875% 1/31/2030 (d)(r)
|
2,015,000
|
2,075,209
|
|
RFNA LP 7.875% 2/15/2030 (d)
|
1,345,000
|
1,323,063
|
|
SLM Corp 6.5% 1/31/2030 (r)
|
1,857,000
|
1,916,953
|
|
40,514,386
|
|||
Financial Services - 2.6%
|
|||
Azorra Finance Ltd 7.75% 4/15/2030 (d)
|
1,755,000
|
1,741,451
|
|
Block Inc 3.5% 6/1/2031
|
5,230,000
|
4,668,107
|
|
Block Inc 6.5% 5/15/2032 (d)
|
6,527,000
|
6,659,369
|
|
Boost Newco Borrower LLC 7.5% 1/15/2031 (d)
|
3,255,000
|
3,434,858
|
|
Clue Opco LLC 9.5% 10/15/2031 (d)(r)
|
1,205,000
|
1,151,641
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d)
|
1,100,000
|
1,075,605
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
|
4,145,000
|
3,456,171
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
|
8,061,000
|
7,643,824
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026
|
2,150,000
|
2,142,001
|
|
Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030
|
485,000
|
458,120
|
|
Jefferson Capital Holdin 8.25% 5/15/2030 (d)
|
2,320,000
|
2,334,746
|
|
NFE Financing LLC 12% 11/15/2029 (d)
|
4,707,612
|
3,240,396
|
|
PennyMac Financial Services Inc 6.875% 2/15/2033 (d)
|
1,884,000
|
1,881,371
|
|
Saks Global Enterprises LLC 11% 12/15/2029 (d)
|
2,497,000
|
1,514,524
|
|
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d)
|
1,088,000
|
1,103,501
|
|
UWM Holdings LLC 6.625% 2/1/2030 (d)
|
3,440,000
|
3,401,703
|
|
Walker & Dunlop Inc 6.625% 4/1/2033 (d)
|
1,430,000
|
1,454,539
|
|
WEX Inc 6.5% 3/15/2033 (d)(r)
|
3,335,000
|
3,242,933
|
|
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d)
|
7,270,000
|
7,442,437
|
|
58,047,297
|
|||
Insurance - 0.7%
|
|||
Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (d)
|
585,000
|
546,693
|
|
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d)
|
780,000
|
794,595
|
|
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d)
|
830,000
|
849,236
|
|
Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (d)
|
780,000
|
805,684
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (d)
|
355,000
|
354,272
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d)
|
835,000
|
841,012
|
|
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (d)
|
1,400,000
|
1,414,787
|
|
AmWINS Group Inc 4.875% 6/30/2029 (d)
|
2,510,000
|
2,396,366
|
|
AmWINS Group Inc 6.375% 2/15/2029 (d)
|
1,790,000
|
1,811,333
|
|
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d)
|
3,377,000
|
3,295,918
|
|
HUB International Ltd 7.25% 6/15/2030 (d)
|
1,965,000
|
2,038,183
|
|
15,148,079
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
|
|||
Rithm Capital Corp 6.25% 10/15/2025 (d)
|
368,000
|
365,710
|
|
Rithm Capital Corp 8% 4/1/2029 (d)
|
760,000
|
758,761
|
|
Starwood Property Trust Inc 3.625% 7/15/2026 (d)
|
358,000
|
349,462
|
|
Starwood Property Trust Inc 6% 4/15/2030 (d)
|
1,580,000
|
1,561,788
|
|
Starwood Property Trust Inc 6.5% 10/15/2030 (d)
|
1,040,000
|
1,049,339
|
|
Starwood Property Trust Inc 6.5% 7/1/2030 (d)
|
4,275,000
|
4,299,808
|
|
Starwood Property Trust Inc 7.25% 4/1/2029 (d)
|
1,405,000
|
1,457,020
|
|
9,841,888
|
|||
TOTAL FINANCIALS
|
150,146,693
|
||
Health Care - 6.3%
|
|||
Biotechnology - 0.0%
|
|||
Emergent BioSolutions Inc 3.875% 8/15/2028 (d)
|
1,712,000
|
1,102,418
|
|
Health Care Equipment & Supplies - 0.7%
|
|||
AdaptHealth LLC 5.125% 3/1/2030 (d)
|
2,086,000
|
1,864,692
|
|
Avantor Funding Inc 3.875% 11/1/2029 (d)
|
1,105,000
|
1,020,126
|
|
Avantor Funding Inc 4.625% 7/15/2028 (d)
|
280,000
|
269,276
|
|
Insulet Corp 6.5% 4/1/2033 (d)
|
815,000
|
831,466
|
|
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)
|
9,390,000
|
9,461,862
|
|
Sotera Health Holdings LLC 7.375% 6/1/2031 (d)(r)
|
1,215,000
|
1,246,154
|
|
14,693,576
|
|||
Health Care Providers & Services - 4.3%
|
|||
Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(r)
|
1,440,000
|
1,438,748
|
|
CHS/Community Health Systems Inc 4.75% 2/15/2031 (d)
|
7,025,000
|
5,799,527
|
|
CHS/Community Health Systems Inc 5.25% 5/15/2030 (d)
|
14,275,000
|
12,178,751
|
|
CHS/Community Health Systems Inc 6.125% 4/1/2030 (d)
|
4,754,000
|
3,241,730
|
|
CHS/Community Health Systems Inc 6.875% 4/15/2029 (d)
|
3,592,000
|
2,616,808
|
|
CVS Health Corp 6.75% 12/10/2054 (e)
|
2,213,000
|
2,198,099
|
|
CVS Health Corp 7% 3/10/2055 (e)(r)
|
8,244,000
|
8,339,205
|
|
DaVita Inc 4.625% 6/1/2030 (d)(r)
|
7,385,000
|
6,868,495
|
|
DaVita Inc 6.875% 9/1/2032 (d)
|
3,325,000
|
3,357,206
|
|
HAH Group Holding Co LLC 9.75% 10/1/2031 (d)(r)
|
1,380,000
|
1,324,099
|
|
LifePoint Health Inc 10% 6/1/2032 (d)
|
1,150,000
|
1,115,500
|
|
ModivCare Inc 5% 10/1/2029 (d)
|
626,000
|
25,823
|
|
Molina Healthcare Inc 6.25% 1/15/2033 (d)(r)
|
6,960,000
|
6,907,634
|
|
Owens & Minor Inc 10% 4/15/2030 (d)
|
3,745,000
|
3,865,278
|
|
Pediatrix Medical Group Inc 5.375% 2/15/2030 (d)
|
1,753,000
|
1,690,509
|
|
Prime Healthcare Services Inc 9.375% 9/1/2029 (d)(r)
|
1,220,000
|
1,163,124
|
|
Radiology Partners Inc 7.775% 1/31/2029 pay-in-kind (d)(e)
|
4,607,162
|
4,507,878
|
|
Radiology Partners Inc 9.781% 2/15/2030 pay-in-kind (d)(e)
|
244,047
|
228,794
|
|
Select Medical Corp 6.25% 12/1/2032 (d)(r)
|
2,440,000
|
2,422,807
|
|
Surgery Center Holdings Inc 7.25% 4/15/2032 (d)
|
2,995,000
|
2,988,203
|
|
Tenet Healthcare Corp 4.25% 6/1/2029
|
4,835,000
|
4,604,692
|
|
Tenet Healthcare Corp 4.375% 1/15/2030
|
4,045,000
|
3,833,450
|
|
Tenet Healthcare Corp 6.125% 10/1/2028 (r)
|
3,960,000
|
3,950,529
|
|
Tenet Healthcare Corp 6.125% 6/15/2030
|
4,565,000
|
4,580,055
|
|
Tenet Healthcare Corp 6.25% 2/1/2027
|
610,000
|
609,699
|
|
Tenet Healthcare Corp 6.75% 5/15/2031 (r)
|
525,000
|
538,172
|
|
US Acute Care Solutions LLC 9.75% 5/15/2029 (d)
|
4,880,000
|
4,954,083
|
|
95,348,898
|
|||
Health Care Technology - 0.1%
|
|||
IQVIA Inc 6.5% 5/15/2030 (d)
|
1,525,000
|
1,549,443
|
|
Life Sciences Tools & Services - 0.1%
|
|||
Charles River Laboratories International Inc 3.75% 3/15/2029 (d)
|
1,300,000
|
1,190,082
|
|
Charles River Laboratories International Inc 4% 3/15/2031 (d)
|
1,310,000
|
1,151,874
|
|
2,341,956
|
|||
Pharmaceuticals - 1.1%
|
|||
1261229 BC Ltd 10% 4/15/2032 (d)
|
10,425,000
|
10,207,890
|
|
Bausch Health Americas Inc 8.5% 1/31/2027 (d)
|
384,000
|
364,800
|
|
Bausch Health Americas Inc 9.25% 4/1/2026 (d)
|
3,258,000
|
3,177,250
|
|
Bausch Health Cos Inc 11% 9/30/2028 (d)
|
1,465,000
|
1,377,686
|
|
Bausch Health Cos Inc 4.875% 6/1/2028 (d)
|
2,225,000
|
1,807,034
|
|
Bausch Health Cos Inc 5.25% 1/30/2030 (d)
|
831,000
|
486,463
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)
|
4,369,000
|
4,120,705
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)
|
3,080,000
|
2,585,201
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (d)(r)
|
410,000
|
386,606
|
|
Organon & Co / Organon Foreign Debt Co-Issuer BV 7.875% 5/15/2034 (d)
|
760,000
|
699,973
|
|
25,213,608
|
|||
TOTAL HEALTH CARE
|
140,249,899
|
||
Industrials - 9.4%
|
|||
Aerospace & Defense - 1.6%
|
|||
Axon Enterprise Inc 6.125% 3/15/2030 (d)(r)
|
3,585,000
|
3,647,393
|
|
Axon Enterprise Inc 6.25% 3/15/2033 (d)(r)
|
3,160,000
|
3,220,757
|
|
BWX Technologies Inc 4.125% 6/30/2028 (d)
|
4,380,000
|
4,207,661
|
|
Goat Holdco LLC 6.75% 2/1/2032 (d)
|
2,985,000
|
2,917,838
|
|
OneSky Flight LLC 8.875% 12/15/2029 (d)
|
1,875,000
|
1,892,620
|
|
Spirit AeroSystems Inc 9.75% 11/15/2030 (d)
|
1,145,000
|
1,267,408
|
|
TransDigm Inc 4.625% 1/15/2029
|
5,845,000
|
5,621,908
|
|
TransDigm Inc 6% 1/15/2033 (d)
|
1,185,000
|
1,182,543
|
|
TransDigm Inc 6.375% 3/1/2029 (d)
|
3,185,000
|
3,244,598
|
|
TransDigm Inc 6.75% 8/15/2028 (d)
|
2,395,000
|
2,439,906
|
|
TransDigm Inc 6.875% 12/15/2030 (d)
|
4,515,000
|
4,652,045
|
|
TransDigm Inc 7.125% 12/1/2031 (d)
|
1,140,000
|
1,184,901
|
|
35,479,578
|
|||
Air Freight & Logistics - 0.5%
|
|||
Rand Parent LLC 8.5% 2/15/2030 (d)(r)
|
7,681,000
|
7,142,467
|
|
Stonepeak Nile Parent LLC 7.25% 3/15/2032 (d)(r)
|
2,935,000
|
2,979,759
|
|
10,122,226
|
|||
Building Products - 1.3%
|
|||
Advanced Drainage Systems Inc 5% 9/30/2027 (d)
|
350,000
|
346,124
|
|
Advanced Drainage Systems Inc 6.375% 6/15/2030 (d)(r)
|
1,330,000
|
1,350,515
|
|
BCPE Ulysses Intermediate Inc 7.75% 4/1/2027 pay-in-kind (d)(e)
|
3,435,000
|
3,332,495
|
|
Builders FirstSource Inc 4.25% 2/1/2032 (d)(r)
|
4,720,000
|
4,250,888
|
|
Builders FirstSource Inc 6.375% 3/1/2034 (d)(r)
|
1,205,000
|
1,196,004
|
|
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d)
|
6,360,000
|
6,449,734
|
|
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (d)
|
1,645,000
|
1,677,498
|
|
Masterbrand Inc 7% 7/15/2032 (d)
|
835,000
|
837,025
|
|
Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (d)
|
798,000
|
798,573
|
|
Oscar AcquisitionCo LLC / Oscar Finance Inc 9.5% 4/15/2030 (d)(r)
|
2,420,000
|
2,202,210
|
|
Standard Building Solutions Inc 6.5% 8/15/2032 (d)
|
6,175,000
|
6,251,901
|
|
28,692,967
|
|||
Commercial Services & Supplies - 3.2%
|
|||
ADT Security Corp/The 4.125% 8/1/2029 (d)(r)
|
1,715,000
|
1,618,318
|
|
Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (d)
|
6,140,000
|
5,757,941
|
|
Allied Universal Holdco LLC / Allied Universal Finance Corp 9.75% 7/15/2027 (d)
|
5,382,000
|
5,401,112
|
|
Allied Universal Holdco LLC 7.875% 2/15/2031 (d)
|
4,080,000
|
4,167,151
|
|
Artera Services LLC 8.5% 2/15/2031 (d)
|
10,886,000
|
10,328,367
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (d)
|
8,190,000
|
7,779,892
|
|
Clean Harbors Inc 6.375% 2/1/2031 (d)(r)
|
2,570,000
|
2,617,802
|
|
CoreCivic Inc 4.75% 10/15/2027
|
3,985,000
|
3,881,983
|
|
CoreCivic Inc 8.25% 4/15/2029
|
4,845,000
|
5,107,163
|
|
GEO Group Inc/The 10.25% 4/15/2031
|
3,260,000
|
3,562,094
|
|
GEO Group Inc/The 8.625% 4/15/2029
|
3,135,000
|
3,295,662
|
|
GFL Environmental Inc 3.5% 9/1/2028 (d)
|
1,055,000
|
1,000,443
|
|
GFL Environmental Inc 6.75% 1/15/2031 (d)
|
325,000
|
337,837
|
|
Neptune Bidco US Inc 9.29% 4/15/2029 (d)(r)
|
4,033,000
|
3,589,370
|
|
OT Midco Inc 10% 2/15/2030 (d)
|
4,016,000
|
3,267,598
|
|
Reworld Holding Corp 4.875% 12/1/2029 (d)
|
2,860,000
|
2,672,321
|
|
Waste Pro USA Inc 7% 2/1/2033 (d)
|
1,630,000
|
1,663,058
|
|
Williams Scotsman Inc 6.625% 4/15/2030 (d)
|
1,330,000
|
1,354,087
|
|
Williams Scotsman Inc 6.625% 6/15/2029 (d)(r)
|
1,770,000
|
1,793,684
|
|
69,195,883
|
|||
Construction & Engineering - 0.7%
|
|||
Amsted Industries Inc 6.375% 3/15/2033 (d)(r)
|
4,415,000
|
4,434,881
|
|
Pike Corp 5.5% 9/1/2028 (d)
|
927,000
|
910,390
|
|
Pike Corp 8.625% 1/31/2031 (d)
|
3,847,000
|
4,035,826
|
|
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d)
|
5,315,000
|
5,323,360
|
|
14,704,457
|
|||
Electrical Equipment - 0.2%
|
|||
Sensata Technologies BV 4% 4/15/2029 (d)
|
2,795,000
|
2,571,159
|
|
WESCO Distribution Inc 6.375% 3/15/2033 (d)
|
2,885,000
|
2,918,498
|
|
5,489,657
|
|||
Ground Transportation - 0.4%
|
|||
Genesee & Wyoming Inc 6.25% 4/15/2032 (d)
|
4,515,000
|
4,574,603
|
|
XPO Inc 6.25% 6/1/2028 (d)
|
625,000
|
631,192
|
|
XPO Inc 7.125% 2/1/2032 (d)
|
3,315,000
|
3,395,782
|
|
XPO Inc 7.125% 6/1/2031 (d)(r)
|
1,165,000
|
1,192,726
|
|
9,794,303
|
|||
Industrial Conglomerates - 0.2%
|
|||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.75% 6/15/2029 (d)(r)
|
3,240,000
|
3,101,376
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 5.25% 10/1/2025 (d)
|
175,000
|
174,194
|
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 7% 7/15/2031 (d)(r)
|
1,985,000
|
2,039,588
|
|
5,315,158
|
|||
Machinery - 0.0%
|
|||
Mueller Water Products Inc 4% 6/15/2029 (d)
|
920,000
|
863,759
|
|
Passenger Airlines - 0.3%
|
|||
American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (d)(r)
|
465,000
|
459,320
|
|
American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (d)(r)
|
1,465,000
|
1,493,119
|
|
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (d)
|
1,509,673
|
1,499,611
|
|
JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (d)
|
2,397,000
|
2,207,944
|
|
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd 11% 3/6/2030 pay-in-kind (d)(e)
|
387,838
|
306,150
|
|
5,966,144
|
|||
Professional Services - 0.3%
|
|||
Amentum Holdings Inc 7.25% 8/1/2032 (d)
|
2,570,000
|
2,614,301
|
|
TriNet Group Inc 3.5% 3/1/2029 (d)
|
5,310,000
|
4,843,442
|
|
TriNet Group Inc 7.125% 8/15/2031 (d)
|
295,000
|
300,262
|
|
7,758,005
|
|||
Trading Companies & Distributors - 0.7%
|
|||
Beacon Roofing Supply Inc 6.75% 4/30/2032 (d)
|
7,465,000
|
7,484,308
|
|
Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (d)
|
935,000
|
947,438
|
|
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (d)
|
1,910,000
|
1,996,812
|
|
Foundation Building Materials Inc 6% 3/1/2029 (d)
|
1,383,000
|
1,165,713
|
|
United Rentals North America Inc 6.125% 3/15/2034 (d)(r)
|
3,160,000
|
3,194,084
|
|
14,788,355
|
|||
TOTAL INDUSTRIALS
|
208,170,492
|
||
Information Technology - 3.7%
|
|||
Communications Equipment - 0.5%
|
|||
CommScope LLC 4.75% 9/1/2029 (d)(r)
|
3,862,000
|
3,408,702
|
|
CommScope LLC 9.5% 12/15/2031 (d)(r)
|
950,000
|
971,823
|
|
Viasat Inc 5.625% 9/15/2025 (d)
|
3,484,000
|
3,483,843
|
|
Viasat Inc 6.5% 7/15/2028 (d)(r)
|
1,328,000
|
1,167,676
|
|
Viasat Inc 7.5% 5/30/2031 (d)
|
3,390,000
|
2,580,018
|
|
11,612,062
|
|||
Electronic Equipment, Instruments & Components - 0.5%
|
|||
Coherent Corp 5% 12/15/2029 (d)
|
3,360,000
|
3,216,790
|
|
Insight Enterprises Inc 6.625% 5/15/2032 (d)
|
1,280,000
|
1,298,565
|
|
Lightning Power LLC 7.25% 8/15/2032 (d)
|
2,050,000
|
2,123,864
|
|
Sensata Technologies Inc 3.75% 2/15/2031 (d)
|
860,000
|
751,747
|
|
Sensata Technologies Inc 6.625% 7/15/2032 (d)(r)
|
2,060,000
|
2,040,885
|
|
TTM Technologies Inc 4% 3/1/2029 (d)
|
1,735,000
|
1,612,803
|
|
11,044,654
|
|||
IT Services - 0.7%
|
|||
Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d)
|
4,520,000
|
3,997,226
|
|
Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (d)
|
1,262,000
|
1,186,280
|
|
ASGN Inc 4.625% 5/15/2028 (d)
|
1,395,000
|
1,327,542
|
|
Cogent Communications Group Inc / Cogent Communications Finance Inc 7% 6/15/2027 (d)
|
3,000,000
|
3,009,486
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d)
|
5,410,000
|
5,039,539
|
|
Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d)
|
985,000
|
976,322
|
|
15,536,395
|
|||
Semiconductors & Semiconductor Equipment - 0.5%
|
|||
Entegris Inc 3.625% 5/1/2029 (d)(r)
|
2,140,000
|
1,970,364
|
|
Entegris Inc 4.75% 4/15/2029 (d)
|
1,255,000
|
1,221,280
|
|
Entegris Inc 5.95% 6/15/2030 (d)
|
5,525,000
|
5,513,478
|
|
ON Semiconductor Corp 3.875% 9/1/2028 (d)
|
335,000
|
316,671
|
|
Wolfspeed Inc 7.9583% 6/23/2030 (d)(i)(l)(s)
|
2,832,968
|
2,726,731
|
|
11,748,524
|
|||
Software - 1.1%
|
|||
Cloud Software Group Inc 6.5% 3/31/2029 (d)
|
1,104,000
|
1,104,396
|
|
Cloud Software Group Inc 8.25% 6/30/2032 (d)
|
4,655,000
|
4,855,714
|
|
Cloud Software Group Inc 9% 9/30/2029 (d)
|
10,651,000
|
10,730,134
|
|
Elastic NV 4.125% 7/15/2029 (d)
|
878,000
|
828,643
|
|
Gen Digital Inc 6.25% 4/1/2033 (d)
|
2,305,000
|
2,298,782
|
|
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl 8.75% 5/1/2029 (d)
|
1,256,000
|
1,218,948
|
|
Rackspace Finance LLC 3.5% 5/15/2028 (d)
|
2,033,225
|
723,773
|
|
UKG Inc 6.875% 2/1/2031 (d)(r)
|
1,955,000
|
2,011,292
|
|
23,771,682
|
|||
Technology Hardware, Storage & Peripherals - 0.4%
|
|||
Seagate HDD Cayman 5.75% 12/1/2034
|
1,955,000
|
1,888,823
|
|
Seagate HDD Cayman 8.25% 12/15/2029
|
715,000
|
766,715
|
|
Seagate HDD Cayman 8.5% 7/15/2031
|
875,000
|
936,117
|
|
Western Digital Corp 2.85% 2/1/2029
|
3,385,000
|
3,088,766
|
|
Western Digital Corp 3.1% 2/1/2032
|
1,405,000
|
1,199,555
|
|
Western Digital Corp 4.75% 2/15/2026
|
483,000
|
479,817
|
|
8,359,793
|
|||
TOTAL INFORMATION TECHNOLOGY
|
82,073,110
|
||
Materials - 6.2%
|
|||
Chemicals - 3.1%
|
|||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d)
|
730,000
|
755,893
|
|
Celanese US Holdings LLC 6.5% 4/15/2030 (r)
|
1,945,000
|
1,900,436
|
|
Celanese US Holdings LLC 6.75% 4/15/2033 (r)
|
3,875,000
|
3,637,552
|
|
Chemours Co/The 4.625% 11/15/2029 (d)(r)
|
4,265,000
|
3,571,414
|
|
Chemours Co/The 5.375% 5/15/2027
|
2,580,000
|
2,512,491
|
|
Chemours Co/The 5.75% 11/15/2028 (d)
|
4,800,000
|
4,347,939
|
|
Chemours Co/The 8% 1/15/2033 (d)
|
3,260,000
|
2,937,648
|
|
GPD Cos Inc 10.125% 4/1/2026 (d)
|
1,835,000
|
1,650,367
|
|
Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (d)(e)
|
4,852,277
|
4,154,762
|
|
Mativ Holdings Inc 8% 10/1/2029 (d)(r)
|
1,892,000
|
1,572,804
|
|
Methanex US Operations Inc 6.25% 3/15/2032 (d)
|
1,965,000
|
1,860,654
|
|
Olin Corp 5% 2/1/2030 (r)
|
6,555,000
|
6,155,896
|
|
Olin Corp 6.625% 4/1/2033 (d)
|
7,190,000
|
6,822,246
|
|
Olympus Water US Holding Corp 6.25% 10/1/2029 (d)(r)
|
4,350,000
|
3,995,524
|
|
Olympus Water US Holding Corp 7.25% 6/15/2031 (d)
|
980,000
|
980,000
|
|
Olympus Water US Holding Corp 9.75% 11/15/2028 (d)(r)
|
5,050,000
|
5,261,888
|
|
Scih Salt Hldgs Inc 4.875% 5/1/2028 (d)
|
690,000
|
661,021
|
|
Scih Salt Hldgs Inc 6.625% 5/1/2029 (d)
|
2,844,000
|
2,762,316
|
|
SCIL IV LLC / SCIL USA Holdings LLC 5.375% 11/1/2026 (d)
|
1,776,000
|
1,752,528
|
|
Tronox Inc 4.625% 3/15/2029 (d)(r)
|
5,670,000
|
4,589,722
|
|
WR Grace Holdings LLC 5.625% 8/15/2029 (d)
|
6,320,000
|
5,599,187
|
|
67,482,288
|
|||
Construction Materials - 0.6%
|
|||
Quikrete Holdings Inc 6.375% 3/1/2032 (d)(r)
|
10,470,000
|
10,529,008
|
|
Quikrete Holdings Inc 6.75% 3/1/2033 (d)(r)
|
3,240,000
|
3,252,120
|
|
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d)
|
575,000
|
589,939
|
|
14,371,067
|
|||
Containers & Packaging - 1.3%
|
|||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d)
|
4,260,000
|
3,707,939
|
|
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (d)
|
3,490,000
|
3,477,190
|
|
Ball Corp 6% 6/15/2029
|
507,000
|
516,086
|
|
Berry Global Inc 4.5% 2/15/2026 (d)
|
669,000
|
667,612
|
|
Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d)
|
1,790,000
|
1,803,136
|
|
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d)
|
3,895,000
|
3,982,647
|
|
Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (d)
|
2,310,000
|
2,347,065
|
|
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)
|
3,077,000
|
3,170,304
|
|
Graham Packaging Co Inc 7.125% 8/15/2028 (d)
|
940,000
|
919,216
|
|
Graphic Packaging International LLC 3.75% 2/1/2030 (d)
|
960,000
|
882,154
|
|
Graphic Packaging International LLC 6.375% 7/15/2032 (d)(r)
|
1,550,000
|
1,557,628
|
|
Sealed Air Corp 5% 4/15/2029 (d)
|
3,425,000
|
3,330,537
|
|
Sealed Air Corp 6.5% 7/15/2032 (d)(r)
|
1,065,000
|
1,083,245
|
|
Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (d)(r)
|
1,675,000
|
1,744,261
|
|
29,189,020
|
|||
Metals & Mining - 1.2%
|
|||
Alcoa Nederland Holding BV 7.125% 3/15/2031 (d)
|
7,994,000
|
8,235,898
|
|
ATI Inc 7.25% 8/15/2030 (r)
|
820,000
|
852,824
|
|
Cleveland-Cliffs Inc 6.875% 11/1/2029 (d)
|
1,020,000
|
987,899
|
|
Cleveland-Cliffs Inc 7% 3/15/2032 (d)(r)
|
2,390,000
|
2,245,371
|
|
Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(r)
|
930,000
|
874,260
|
|
Cleveland-Cliffs Inc 7.5% 9/15/2031 (d)(r)
|
2,425,000
|
2,346,741
|
|
Commercial Metals Co 3.875% 2/15/2031
|
880,000
|
788,965
|
|
Commercial Metals Co 4.125% 1/15/2030
|
2,025,000
|
1,903,814
|
|
Kaiser Aluminum Corp 4.5% 6/1/2031 (d)(r)
|
280,000
|
251,615
|
|
Kaiser Aluminum Corp 4.625% 3/1/2028 (d)
|
770,000
|
740,855
|
|
Novelis Corp 3.875% 8/15/2031 (d)(r)
|
855,000
|
737,935
|
|
Novelis Corp 6.875% 1/30/2030 (d)(r)
|
5,695,000
|
5,777,053
|
|
Vibrantz Technologies Inc 9% 2/15/2030 (d)
|
2,274,000
|
1,722,475
|
|
27,465,705
|
|||
TOTAL MATERIALS
|
138,508,080
|
||
Real Estate - 2.5%
|
|||
Diversified REITs - 1.1%
|
|||
Safehold GL Holdings LLC 2.8% 6/15/2031
|
3,516,000
|
3,109,622
|
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
2,255,000
|
1,919,124
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d)
|
6,347,000
|
5,676,079
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (d)
|
4,030,000
|
4,278,993
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d)
|
9,725,000
|
8,896,722
|
|
23,880,540
|
|||
Health Care REITs - 1.0%
|
|||
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (d)(r)
|
3,610,000
|
3,512,414
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
4,280,000
|
2,836,662
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029 (r)
|
2,775,000
|
2,113,657
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (r)
|
6,875,000
|
6,072,161
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d)
|
3,060,000
|
3,108,908
|
|
Omega Healthcare Investors Inc 3.25% 4/15/2033 (r)
|
4,673,000
|
3,950,885
|
|
21,594,687
|
|||
Real Estate Management & Development - 0.4%
|
|||
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp 7% 4/15/2030 (d)(r)
|
1,399,400
|
1,241,108
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (d)
|
429,000
|
315,173
|
|
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (d)
|
1,060,000
|
837,085
|
|
Forestar Group Inc 6.5% 3/15/2033 (d)
|
3,460,000
|
3,364,970
|
|
Howard Hughes Corp/The 4.125% 2/1/2029 (d)
|
1,830,000
|
1,676,339
|
|
Howard Hughes Corp/The 4.375% 2/1/2031 (d)
|
765,000
|
678,371
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030 (r)
|
2,080,000
|
1,834,144
|
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (d)(r)
|
535,000
|
518,355
|
|
10,465,545
|
|||
TOTAL REAL ESTATE
|
55,940,772
|
||
Utilities - 4.2%
|
|||
Electric Utilities - 3.5%
|
|||
Clearway Energy Operating LLC 3.75% 1/15/2032 (d)
|
410,000
|
355,558
|
|
Clearway Energy Operating LLC 3.75% 2/15/2031 (d)
|
4,970,000
|
4,424,658
|
|
Clearway Energy Operating LLC 4.75% 3/15/2028 (d)
|
955,000
|
933,322
|
|
DPL Inc 4.125% 7/1/2025
|
2,005,000
|
1,988,451
|
|
DPL Inc 4.35% 4/15/2029
|
245,000
|
233,618
|
|
Edison International 6.25% 3/15/2030 (r)
|
943,000
|
955,671
|
|
Edison International 7.875% 6/15/2054 (e)(r)
|
1,745,000
|
1,634,656
|
|
Edison International 8.125% 6/15/2053 (e)(r)
|
2,110,000
|
2,009,022
|
|
NRG Energy Inc 3.375% 2/15/2029 (d)
|
3,060,000
|
2,836,579
|
|
NRG Energy Inc 3.625% 2/15/2031 (d)
|
1,205,000
|
1,083,021
|
|
NRG Energy Inc 5.25% 6/15/2029 (d)
|
3,140,000
|
3,102,609
|
|
NRG Energy Inc 5.75% 7/15/2029 (d)(r)
|
4,495,000
|
4,473,855
|
|
NRG Energy Inc 6% 2/1/2033 (d)
|
2,535,000
|
2,508,397
|
|
NRG Energy Inc 6.25% 11/1/2034 (d)(r)
|
3,205,000
|
3,200,076
|
|
PacifiCorp 7.375% 9/15/2055 (e)
|
5,452,000
|
5,534,183
|
|
PG&E Corp 5% 7/1/2028
|
585,000
|
570,617
|
|
PG&E Corp 5.25% 7/1/2030
|
10,135,000
|
9,764,884
|
|
PG&E Corp 7.375% 3/15/2055 (e)
|
4,030,000
|
3,912,284
|
|
Vistra Operations Co LLC 5% 7/31/2027 (d)
|
2,920,000
|
2,894,576
|
|
Vistra Operations Co LLC 5.5% 9/1/2026 (d)(r)
|
935,000
|
932,420
|
|
Vistra Operations Co LLC 5.625% 2/15/2027 (d)
|
3,155,000
|
3,152,960
|
|
Vistra Operations Co LLC 6.875% 4/15/2032 (d)(r)
|
2,850,000
|
2,951,971
|
|
Vistra Operations Co LLC 7.75% 10/15/2031 (d)
|
6,405,000
|
6,772,532
|
|
XPLR Infrastructure Operating Partners LP 4.5% 9/15/2027 (d)(r)
|
905,000
|
855,620
|
|
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(r)
|
4,183,000
|
4,139,850
|
|
XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(r)
|
3,605,000
|
3,618,232
|
|
XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (d)(r)
|
2,605,000
|
2,599,514
|
|
77,439,136
|
|||
Independent Power and Renewable Electricity Producers - 0.5%
|
|||
AES Corp/The 6.95% 7/15/2055 (e)
|
5,627,000
|
5,247,680
|
|
Alpha Generation LLC 6.75% 10/15/2032 (d)
|
917,000
|
934,526
|
|
Calpine Corp 4.625% 2/1/2029 (d)
|
1,100,000
|
1,063,556
|
|
Calpine Corp 5.125% 3/15/2028 (d)
|
1,285,000
|
1,272,803
|
|
Sunnova Energy Corp 5.875% 9/1/2026 (d)
|
6,018,000
|
1,805,400
|
|
TerraForm Power Operating LLC 4.75% 1/15/2030 (d)
|
935,000
|
881,262
|
|
11,205,227
|
|||
Water Utilities - 0.2%
|
|||
Aris Water Holdings LLC 7.25% 4/1/2030 (d)
|
4,460,000
|
4,425,774
|
|
TOTAL UTILITIES
|
93,070,137
|
||
TOTAL UNITED STATES
|
1,446,890,581
|
||
ZAMBIA - 0.5%
|
|||
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
First Quantum Minerals Ltd 6.875% 10/15/2027 (d)
|
2,229,000
|
2,198,351
|
|
First Quantum Minerals Ltd 8% 3/1/2033 (d)
|
2,095,000
|
2,072,748
|
|
First Quantum Minerals Ltd 8.625% 6/1/2031 (d)
|
2,045,000
|
2,075,036
|
|
First Quantum Minerals Ltd 9.375% 3/1/2029 (d)
|
4,670,000
|
4,909,338
|
|
TOTAL ZAMBIA
|
11,255,473
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,847,141,922)
|
1,815,542,035
|
||
Preferred Securities - 1.5%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.5%
|
|||
Energy - 0.4%
|
|||
Oil, Gas & Consumable Fuels - 0.4%
|
|||
Energy Transfer LP 6.625% (e)(t)
|
2,320,000
|
2,257,808
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.11%, 8.6946% (e)(f)(t)
|
6,415,000
|
6,443,459
|
|
8,701,267
|
|||
Financials - 0.8%
|
|||
Banks - 0.5%
|
|||
Bank of America Corp 6.625% (e)(t)
|
3,205,000
|
3,207,630
|
|
BW Real Estate Inc 9.5% (d)(e)(t)
|
3,329,000
|
3,302,664
|
|
Citigroup Inc 6.95% (e)(t)
|
200,000
|
198,969
|
|
Citigroup Inc 7.125% (e)(t)
|
2,160,000
|
2,162,735
|
|
8,871,998
|
|||
Capital Markets - 0.0%
|
|||
Goldman Sachs Group Inc/The 6.85% (e)(t)
|
995,000
|
999,513
|
|
Consumer Finance - 0.3%
|
|||
Ally Financial Inc 4.7% (e)(t)
|
3,735,000
|
3,195,851
|
|
Ally Financial Inc 4.7% (e)(t)
|
2,770,000
|
2,571,127
|
|
5,766,978
|
|||
Insurance - 0.0%
|
|||
Alliant Holdings LP 10.5% (e)(i)(t)
|
860,680
|
845,578
|
|
TOTAL FINANCIALS
|
16,484,067
|
||
Industrials - 0.3%
|
|||
Trading Companies & Distributors - 0.3%
|
|||
Air Lease Corp 4.125% (e)(t)
|
3,435,000
|
3,184,399
|
|
Aircastle Ltd 5.25% (d)(e)(t)
|
3,660,000
|
3,579,595
|
|
6,763,994
|
|||
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Edison International 5% (e)(t)
|
635,000
|
565,631
|
|
TOTAL UNITED STATES
|
32,514,959
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $29,721,488)
|
32,514,959
|
||
Money Market Funds - 10.5%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (v)
|
4.33
|
57,871,856
|
57,883,431
|
|
Fidelity Securities Lending Cash Central Fund (v)(p)
|
4.33
|
175,492,711
|
175,510,260
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $233,393,691)
|
233,393,691
|
|||
U.S. Treasury Obligations - 2.6%
|
||||
Yield (%) (u)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Notes 3.75% 5/31/2030
|
4.41 to 4.47
|
14,662,000
|
14,667,727
|
|
US Treasury Notes 4% 2/15/2034
|
3.84 to 4.74
|
43,071,000
|
42,741,238
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $56,203,975)
|
57,408,965
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 108.9%
(Cost $2,457,463,343)
|
2,430,189,766
|
NET OTHER ASSETS (LIABILITIES) - (8.9)%
|
(198,313,780)
|
NET ASSETS - 100.0%
|
2,231,875,986
|
(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 $37,756,949 or 1.7% of net assets.
|
(c)
|
Affiliated Fund
|
(d)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,547,288,805 or 69.3% 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)
|
Level 3 security
|
(j)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(k)
|
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 $2,016,252 and $1,945,626, respectively.
|
(m)
|
Non-income producing
|
(n)
|
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 $504,545 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(o)
|
Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.
|
(p)
|
Investment made with cash collateral received from securities on loan.
|
(q)
|
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 $8,019,233 or 0.4% of net assets.
|
(r)
|
Security or a portion of the security is on loan at period end.
|
(s)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(t)
|
Security is perpetual in nature with no stated maturity date.
|
(u)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(v)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Fidelity Private Credit Company LLC
|
4/15/22 - 4/07/25
|
38,965,208
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
New Fortress Energy Inc
|
5/22/2025
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
11,724,968
|
694,178,468
|
648,020,767
|
1,428,794
|
762
|
-
|
57,883,431
|
57,871,856
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
66,847,611
|
581,684,332
|
473,021,683
|
363,197
|
-
|
-
|
175,510,260
|
175,492,711
|
0.6%
|
Total
|
78,572,579
|
1,275,862,800
|
1,121,042,450
|
1,791,991
|
762
|
-
|
233,393,691
|
||
Affiliate
|
Value,
beginning
of period ($)
|
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
|
20,336,289
|
19,046,624
|
-
|
3,914,624
|
-
|
(1,625,964)
|
37,756,949
|
3,945,345
|
20,336,289
|
19,046,624
|
-
|
3,914,624
|
-
|
(1,625,964)
|
37,756,949
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Alternative Funds
|
37,756,949
|
-
|
37,756,949
|
-
|
Asset-Backed Securities
|
3,648,543
|
-
|
3,648,543
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
12,571,798
|
-
|
12,571,798
|
-
|
Consumer Discretionary
|
50,842,053
|
-
|
50,842,053
|
-
|
Consumer Staples
|
442,174
|
-
|
396,608
|
45,566
|
Energy
|
14,663,856
|
-
|
14,663,855
|
1
|
Financials
|
3,992,100
|
-
|
3,992,100
|
-
|
Health Care
|
11,347,093
|
-
|
11,347,093
|
-
|
Industrials
|
17,230,667
|
-
|
17,230,667
|
-
|
Information Technology
|
39,125,613
|
-
|
36,178,363
|
2,947,250
|
Materials
|
17,199,449
|
-
|
17,199,449
|
-
|
Utilities
|
14,089,624
|
-
|
12,203,920
|
1,885,704
|
Common Stocks
|
||||
Communication Services
|
4,089,711
|
3,986,463
|
-
|
103,248
|
Consumer Discretionary
|
512,936
|
512,936
|
-
|
-
|
Consumer Staples
|
46,421
|
-
|
-
|
46,421
|
Energy
|
18,382,188
|
504,545
|
-
|
17,877,643
|
Health Care
|
3,565,621
|
1,968,915
|
-
|
1,596,706
|
Industrials
|
243,319
|
243,319
|
-
|
-
|
Information Technology
|
6,770,514
|
2,612,872
|
-
|
4,157,642
|
Convertible Corporate Bonds
|
||||
Communication Services
|
7,941,698
|
-
|
7,941,698
|
-
|
Consumer Discretionary
|
2,732,495
|
-
|
2,732,495
|
-
|
Information Technology
|
8,811,524
|
-
|
8,811,524
|
-
|
Real Estate
|
10,600,327
|
-
|
10,600,327
|
-
|
Utilities
|
4,723,443
|
-
|
4,723,443
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
220,779,378
|
-
|
220,779,378
|
-
|
Consumer Discretionary
|
224,736,726
|
-
|
224,736,726
|
-
|
Consumer Staples
|
53,657,665
|
-
|
53,657,665
|
-
|
Energy
|
269,771,096
|
-
|
269,771,096
|
-
|
Financials
|
177,502,091
|
-
|
177,502,091
|
-
|
Health Care
|
144,886,645
|
-
|
144,886,645
|
-
|
Industrials
|
240,815,320
|
-
|
240,815,320
|
-
|
Information Technology
|
102,744,563
|
-
|
100,017,832
|
2,726,731
|
Materials
|
221,332,611
|
-
|
221,332,611
|
-
|
Real Estate
|
55,940,772
|
-
|
55,940,772
|
-
|
Utilities
|
103,375,168
|
-
|
103,375,168
|
-
|
Preferred Securities
|
||||
Energy
|
8,701,267
|
-
|
8,701,267
|
-
|
Financials
|
16,484,067
|
-
|
15,638,489
|
845,578
|
Industrials
|
6,763,994
|
-
|
6,763,994
|
-
|
Utilities
|
565,631
|
-
|
565,631
|
-
|
U.S. Treasury Obligations
|
57,408,965
|
-
|
57,408,965
|
-
|
Money Market Funds
|
233,393,691
|
233,393,691
|
-
|
-
|
Total Investments in Securities:
|
2,430,189,766
|
243,222,741
|
2,154,734,535
|
32,232,490
|
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
|
3,898,514
|
200,095
|
(426,653)
|
1,523,950
|
(1,532,367)
|
39,330
|
1,175,652
|
-
|
4,878,521
|
(363,303)
|
Common Stocks
|
21,399,838
|
296,274
|
(61,644)
|
7,057,489
|
(4,910,297)
|
-
|
-
|
-
|
23,781,660
|
(61,644)
|
Corporate Bonds
|
4,820,167
|
1,243,119
|
(362,803)
|
-
|
(5,712,053)
|
11,570
|
-
|
-
|
-
|
-
|
Non-Convertible Corporate Bonds
|
-
|
-
|
(1,054)
|
2,719,790
|
-
|
7,995
|
-
|
-
|
2,726,731
|
(1,054)
|
Preferred Securities
|
-
|
-
|
(2,192)
|
847,770
|
-
|
-
|
-
|
-
|
845,578
|
(2,192)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||||
As of April 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $168,766,057) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,185,104,444)
|
$
|
2,159,039,126
|
||
Fidelity Central Funds (cost $233,393,691)
|
233,393,691
|
|||
Other affiliated issuers (cost $38,965,208)
|
37,756,949
|
|||
Total Investment in Securities (cost $2,457,463,343)
|
$
|
2,430,189,766
|
||
Cash
|
581,156
|
|||
Receivable for investments sold
|
7,237,251
|
|||
Receivable for fund shares sold
|
3,519,862
|
|||
Interest receivable
|
33,344,818
|
|||
Distributions receivable from Fidelity Central Funds
|
334,072
|
|||
Receivable for daily variation margin on futures contracts
|
50
|
|||
Prepaid expenses
|
466
|
|||
Other receivables
|
11,409
|
|||
Total assets
|
2,475,218,850
|
|||
Liabilities
|
||||
Payable for investments purchased
|
||||
Regular delivery
|
$
|
60,973,290
|
||
Delayed delivery
|
2,358,000
|
|||
Payable for fund shares redeemed
|
2,031,988
|
|||
Distributions payable
|
1,452,765
|
|||
Accrued management fee
|
895,883
|
|||
Other payables and accrued expenses
|
120,678
|
|||
Collateral on securities loaned
|
175,510,260
|
|||
Total liabilities
|
243,342,864
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes)
|
||||
Net Assets
|
$
|
2,231,875,986
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
2,559,828,689
|
||
Total accumulated earnings (loss)
|
(327,952,703)
|
|||
Net Assets
|
$
|
2,231,875,986
|
||
Net Asset Value, offering price and redemption price per share ($2,231,875,986 ÷ 246,576,019 shares)
|
$
|
9.05
|
||
Statement of Operations
|
||||
|
Year ended April 30, 2025
|
||||
Investment Income
|
||||
Dividends:
|
||||
Unaffiliated issuers
|
$
|
2,009,118
|
||
Affiliated issuers
|
3,570,215
|
|||
Interest
|
118,372,623
|
|||
Income from Fidelity Central Funds (including $363,197 from security lending)
|
1,791,991
|
|||
Total income
|
125,743,947
|
|||
Expenses
|
||||
Management fee
|
$
|
9,051,370
|
||
Custodian fees and expenses
|
23,210
|
|||
Independent trustees' fees and expenses
|
6,890
|
|||
Registration fees
|
67,407
|
|||
Audit fees
|
101,512
|
|||
Legal
|
13,764
|
|||
Miscellaneous
|
202,414
|
|||
Total expenses before reductions
|
9,466,567
|
|||
Expense reductions
|
(160,863)
|
|||
Total expenses after reductions
|
9,305,704
|
|||
Net Investment income (loss)
|
116,438,243
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(13,434,160)
|
|||
Fidelity Central Funds
|
762
|
|||
Foreign currency transactions
|
(32,540)
|
|||
Futures contracts
|
581,427
|
|||
Swaps
|
(3,058)
|
|||
Capital gain distributions from underlying funds:
|
||||
Affiliated issuers
|
344,409
|
|||
Total net realized gain (loss)
|
(12,543,160)
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
38,466,959
|
|||
Affiliated issuers
|
(1,625,964)
|
|||
Total change in net unrealized appreciation (depreciation)
|
36,840,995
|
|||
Net gain (loss)
|
24,297,835
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
140,736,078
|
||
Statement of Changes in Net Assets
|
||||
Year ended
April 30, 2025
|
Year ended
April 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
116,438,243
|
$
|
103,577,241
|
Net realized gain (loss)
|
(12,543,160)
|
(88,763,631)
|
||
Change in net unrealized appreciation (depreciation)
|
36,840,995
|
109,870,317
|
||
Net increase (decrease) in net assets resulting from operations
|
140,736,078
|
124,683,927
|
||
Distributions to shareholders
|
(107,231,543)
|
(93,914,132)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
1,095,780,590
|
436,578,762
|
||
Reinvestment of distributions
|
101,663,173
|
93,610,032
|
||
Cost of shares redeemed
|
(563,970,109)
|
(636,365,834)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
633,473,654
|
(106,177,040)
|
||
Total increase (decrease) in net assets
|
666,978,189
|
(75,407,245)
|
||
Net Assets
|
||||
Beginning of period
|
1,564,897,797
|
1,640,305,042
|
||
End of period
|
$
|
2,231,875,986
|
$
|
1,564,897,797
|
Other Information
|
||||
Shares
|
||||
Sold
|
120,329,496
|
50,252,095
|
||
Issued in reinvestment of distributions
|
11,123,143
|
10,770,620
|
||
Redeemed
|
(61,864,239)
|
(73,289,474)
|
||
Net increase (decrease)
|
69,588,400
|
(12,266,759)
|
||
Fidelity® SAI High Income Fund |
Years ended April 30,
|
2025
|
2024
|
2023
|
2022 A
|
||||
Selected Per-Share Data
|
||||||||
Net asset value, beginning of period
|
$
|
8.84
|
$
|
8.67
|
$
|
9.15
|
$
|
10.00
|
Income from Investment Operations
|
||||||||
Net investment income (loss) B,C
|
.624
|
.557
|
.491
|
.388
|
||||
Net realized and unrealized gain (loss)
|
.161
|
.118
|
(.510)
|
(.879)
|
||||
Total from investment operations
|
.785
|
.675
|
(.019)
|
(.491)
|
||||
Distributions from net investment income
|
(.575)
|
(.505)
|
(.461)
|
(.345)
|
||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.014)
|
||||
Total distributions
|
(.575)
|
(.505)
|
(.461)
|
(.359)
|
||||
Net asset value, end of period
|
$
|
9.05
|
$
|
8.84
|
$
|
8.67
|
$
|
9.15
|
Total Return D,E
|
9.00 % |
8.05%
|
(.07)%
|
(5.10)%
|
||||
Ratios to Average Net Assets C,F,G
|
||||||||
Expenses before reductions
|
.56%
|
.56%
|
.60%
|
.60% H
|
||||
Expenses net of fee waivers, if any
|
.55 % |
.55%
|
.60%
|
.60% H
|
||||
Expenses net of all reductions, if any
|
.55%
|
.55%
|
.60%
|
.60% H
|
||||
Net investment income (loss)
|
6.85%
|
6.43%
|
5.65%
|
4.06% H
|
||||
Supplemental Data
|
||||||||
Net assets, end of period (000 omitted)
|
$
|
2,231,876
|
$
|
1,564,898
|
$
|
1,640,305
|
$
|
2,481,365
|
Portfolio turnover rate I
|
59 % |
48%
|
32%
|
59% H,J
|
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%
|
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
|
$4,878,521
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Indicative market price
|
Evaluated bid
|
$73.00
|
Increase
|
||
Discounted cash flow
|
Yield
|
11.4%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Common Stocks
|
$23,781,660
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.3
|
Increase
|
Enterprise value/Revenue multiple (EV/R)
|
0.3
|
Increase
|
|||
Market approach
|
Transaction price
|
$18.00
|
Increase
|
||
Discounted cash flow
|
Discount rate
|
9.4%
|
Decrease
|
||
Recovery value
|
Recovery value
|
$0.04
|
Increase
|
||
Black scholes
|
Discount rate
|
4.0%
|
Increase
|
||
Term
|
4.2
|
Increase
|
|||
Volatility
|
60.0%
|
Increase
|
|||
Non-Convertible Corporate Bonds
|
$2,726,731
|
Discounted cash flow
|
Yield
|
16.3%
|
Decrease
|
Preferred Securities
|
$845,578
|
Discounted cash flow
|
Yield
|
10.4%
|
Decrease
|
Gross unrealized appreciation
|
$58,647,704
|
Gross unrealized depreciation
|
(69,812,482)
|
Net unrealized appreciation (depreciation)
|
$(11,164,778)
|
Tax Cost
|
$2,441,354,544
|
Undistributed ordinary income
|
$3,611,878
|
Capital loss carryforward
|
$(320,399,803)
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$(11,164,778)
|
Short-term
|
$(148,076,230)
|
Long-term
|
(172,323,573)
|
Total capital loss carryforward
|
$(320,399,803)
|
April 30, 2025
|
April 30, 2024
|
|
Ordinary Income
|
$107,231,543
|
$ 93,914,132
|
Investment to be Acquired
|
Commitment Amount ($)
|
|
Fidelity SAI High Income Fund
|
Fidelity Private Credit Company LLC
|
3,500,000
|
Credit Risk
|
Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.
|
Interest Rate Risk
|
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
|
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity SAI High Income Fund
|
||
Credit Risk
|
||
Swaps
|
(3,058)
|
-
|
Total Credit Risk
|
(3,058)
|
-
|
Interest Rate Risk
|
||
Futures Contracts
|
581,427
|
-
|
Total Interest Rate Risk
|
581,427
|
-
|
Totals
|
578,369
|
-
|
Purchases ($)
|
Sales ($)
|
|
Fidelity SAI High Income Fund
|
1,439,262,125
|
877,117,525
|
Amount ($)
|
|
Fidelity SAI High Income Fund
|
621
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity SAI High Income Fund
|
1,063,730
|
3,495,541
|
744,364
|
Amount ($)
|
|
Fidelity SAI High Income Fund
|
2,446
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity SAI High Income Fund
|
38,211
|
14
|
-
|
Strategic Advisers Fidelity Core Income Fund
|
|
Fidelity SAI High Income Fund
|
12%
|
A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
|
||
Proposal 1
|
||
To elect a Board of Trustees.
|
||
# of
Votes
|
% of
Votes
|
|
Bettina Doulton
|
||
Affirmative
|
14,516,835,136.19
|
94.56
|
Withheld
|
834,887,998.33
|
5.44
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Robert A. Lawrence
|
||
Affirmative
|
14,430,495,798.10
|
94.00
|
Withheld
|
921,227,336.42
|
6.00
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vijay C. Advani
|
||
Affirmative
|
14,465,231,640.25
|
94.23
|
Withheld
|
886,491,494.27
|
5.77
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas P. Bostick
|
||
Affirmative
|
14,471,831,170.84
|
94.27
|
Withheld
|
879,891,963.68
|
5.73
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Donald F. Donahue
|
||
Affirmative
|
14,432,670,599.88
|
94.01
|
Withheld
|
919,052,534.64
|
5.99
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Vicki L. Fuller
|
||
Affirmative
|
14,531,407,981.65
|
94.66
|
Withheld
|
820,315,152.87
|
5.34
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Patricia L. Kampling
|
||
Affirmative
|
14,549,142,839.16
|
94.77
|
Withheld
|
802,580,295.36
|
5.23
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Thomas A. Kennedy
|
||
Affirmative
|
14,469,818,769.40
|
94.26
|
Withheld
|
881,904,365.12
|
5.74
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Oscar Munoz
|
||
Affirmative
|
14,434,061,467.08
|
94.02
|
Withheld
|
917,661,667.44
|
5.98
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Karen B. Peetz
|
||
Affirmative
|
14,521,904,618.46
|
94.59
|
Withheld
|
829,818,516.06
|
5.41
|
TOTAL
|
15,351,723,134.52
|
100.00
|
David M. Thomas
|
||
Affirmative
|
14,417,745,861.73
|
93.92
|
Withheld
|
933,977,272.79
|
6.08
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Susan Tomasky
|
||
Affirmative
|
14,467,973,468.18
|
94.24
|
Withheld
|
883,749,666.34
|
5.76
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Michael E. Wiley
|
||
Affirmative
|
14,424,002,796.91
|
93.96
|
Withheld
|
927,720,337.61
|
6.04
|
TOTAL
|
15,351,723,134.52
|
100.00
|
Proposal 1 reflects trust-wide proposal and voting results.
|
||
 |
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.
Purchase 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 trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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
| (a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
| By: | /s/Stacie M. Smith |
| | Stacie M. Smith |
| | President and Treasurer (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 |