Quarterly Holdings Report
for
Fidelity® High Income Central Fund
May 31, 2021
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 86.2% | |||
Principal Amount | Value | ||
Convertible Bonds - 1.4% | |||
Broadcasting - 0.8% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | $10,825,000 | $10,473,188 | |
3.375% 8/15/26 | 8,869,000 | 9,152,808 | |
19,625,996 | |||
Energy - 0.6% | |||
Ensco Jersey Finance Ltd. 3% 1/31/24 (a) | 1,500,000 | 288,750 | |
Mesquite Energy, Inc.: | |||
15% 7/15/23 (b)(c) | 1,508,766 | 4,224,545 | |
15% 7/15/23 (b)(c) | 2,604,968 | 8,231,699 | |
12,744,994 | |||
TOTAL CONVERTIBLE BONDS | 32,370,990 | ||
Nonconvertible Bonds - 84.8% | |||
Aerospace - 2.2% | |||
Allegheny Technologies, Inc. 5.875% 12/1/27 | 2,480,000 | 2,625,700 | |
BBA U.S. Holdings, Inc. 4% 3/1/28 (d) | 2,020,000 | 2,025,050 | |
Bombardier, Inc.: | |||
7.5% 12/1/24 (d) | 4,520,000 | 4,633,949 | |
7.5% 3/15/25 (d) | 6,045,000 | 6,090,338 | |
7.875% 4/15/27 (d) | 9,105,000 | 9,241,575 | |
Moog, Inc. 4.25% 12/15/27 (d) | 735,000 | 753,375 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 5,540,000 | 5,844,866 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 12,450,000 | 12,885,750 | |
7.5% 3/15/27 | 5,250,000 | 5,599,650 | |
Wolverine Escrow LLC 8.5% 11/15/24 (d) | 1,627,000 | 1,590,393 | |
51,290,646 | |||
Air Transportation - 0.4% | |||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 2,190,000 | 2,326,875 | |
United Airlines, Inc. 4.625% 4/15/29 (d) | 2,980,000 | 3,078,772 | |
Western Global Airlines LLC 10.375% 8/15/25 (d) | 2,660,000 | 3,002,475 | |
8,408,122 | |||
Automotive & Auto Parts - 1.9% | |||
Dana, Inc.: | |||
4.25% 9/1/30 | 1,400,000 | 1,444,240 | |
5.625% 6/15/28 | 2,450,000 | 2,643,234 | |
Ford Motor Co.: | |||
9% 4/22/25 | 4,865,000 | 5,943,911 | |
9.625% 4/22/30 | 1,730,000 | 2,408,714 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 2,000,000 | 1,947,500 | |
3.375% 11/13/25 | 1,645,000 | 1,684,151 | |
4% 11/13/30 | 1,645,000 | 1,677,801 | |
5.125% 6/16/25 | 7,810,000 | 8,547,069 | |
5.596% 1/7/22 | 6,085,000 | 6,234,965 | |
General Motors Financial Co., Inc.: | |||
4.25% 5/15/23 | 615,000 | 656,821 | |
5.2% 3/20/23 | 24,000 | 25,948 | |
LCM Investments Holdings 4.875% 5/1/29 (d) | 2,600,000 | 2,670,096 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 1,770,000 | 1,825,313 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 685,000 | 708,290 | |
The Goodyear Tire & Rubber Co. 5% 7/15/29 (d) | 2,585,000 | 2,636,183 | |
Winnebago Industries, Inc. 6.25% 7/15/28 (d) | 2,075,000 | 2,251,375 | |
43,305,611 | |||
Banks & Thrifts - 1.8% | |||
Ally Financial, Inc.: | |||
5.8% 5/1/25 | 20,000 | 23,370 | |
8% 11/1/31 | 11,003,000 | 15,168,639 | |
8% 11/1/31 | 14,228,000 | 20,097,667 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) | 7,280,000 | 7,352,800 | |
42,642,476 | |||
Broadcasting - 1.7% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (d)(e) | 2,590,000 | 2,583,266 | |
7.75% 4/15/28 (d) | 1,370,000 | 1,403,497 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 2,515,000 | 1,861,075 | |
Entercom Media Corp.: | |||
6.5% 5/1/27 (d) | 1,270,000 | 1,295,400 | |
6.75% 3/31/29 (d) | 1,770,000 | 1,798,763 | |
iHeartCommunications, Inc.: | |||
6.375% 5/1/26 | 46,387 | 49,551 | |
8.375% 5/1/27 | 84,077 | 89,904 | |
9% 5/15/22 (a)(c) | 780,000 | 0 | |
Netflix, Inc.: | |||
4.875% 6/15/30 (d) | 1,600,000 | 1,844,000 | |
5.875% 11/15/28 | 2,195,000 | 2,655,950 | |
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d) | 2,755,000 | 2,913,413 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (d) | 2,170,000 | 2,110,325 | |
5.375% 1/15/31 (d) | 1,130,000 | 1,131,413 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 2,215,000 | 2,286,988 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (d) | 3,430,000 | 3,438,575 | |
5% 8/1/27 (d) | 5,295,000 | 5,533,275 | |
Tegna, Inc. 5% 9/15/29 | 2,100,000 | 2,149,875 | |
Univision Communications, Inc. 6.625% 6/1/27 (d) | 5,150,000 | 5,568,438 | |
38,713,708 | |||
Building Materials - 0.5% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 505,000 | 526,311 | |
BCPE Ulysses Intermediate, Inc. 7.75% 4/1/27 pay-in-kind (d)(f) | 2,640,000 | 2,739,000 | |
Gypsum Management & Supply, Inc. 4.625% 5/1/29 (d) | 2,170,000 | 2,183,563 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (d)(e) | 1,825,000 | 1,841,790 | |
6.125% 7/1/29 (d)(e) | 1,005,000 | 1,025,100 | |
The Hillman Group, Inc. 6.375% 7/15/22 (d) | 510,000 | 510,357 | |
U.S. Concrete, Inc. 6.375% 6/1/24 | 142,000 | 144,947 | |
Victors Merger Corp. 6.375% 5/15/29 (d) | 3,465,000 | 3,442,737 | |
12,413,805 | |||
Cable/Satellite TV - 4.7% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.5% 8/15/30 (d) | 3,095,000 | 3,153,898 | |
4.5% 6/1/33 (d) | 4,415,000 | 4,405,243 | |
4.75% 3/1/30 (d) | 5,200,000 | 5,392,985 | |
5% 2/1/28 (d) | 12,055,000 | 12,612,544 | |
5.125% 5/1/27 (d) | 8,920,000 | 9,321,400 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (d) | 3,305,000 | 3,081,913 | |
4.125% 12/1/30 (d) | 2,590,000 | 2,531,207 | |
4.5% 11/15/31 (d) | 2,175,000 | 2,165,843 | |
4.625% 12/1/30 (d) | 5,895,000 | 5,711,666 | |
5% 11/15/31 (d) | 2,290,000 | 2,271,703 | |
5.375% 2/1/28 (d) | 8,195,000 | 8,614,994 | |
5.75% 1/15/30 (d) | 3,690,000 | 3,851,622 | |
5.875% 9/15/22 | 805,000 | 843,238 | |
7.5% 4/1/28 (d) | 4,545,000 | 4,976,775 | |
DISH DBS Corp.: | |||
5.875% 11/15/24 | 2,370,000 | 2,524,050 | |
6.75% 6/1/21 | 1,122,000 | 1,122,000 | |
7.75% 7/1/26 | 2,315,000 | 2,629,724 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 6,820,000 | 6,888,200 | |
6.5% 9/15/28 (d) | 5,050,000 | 5,188,875 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) | 8,600,000 | 9,055,800 | |
Ziggo Bond Co. BV: | |||
5.125% 2/28/30 (d) | 1,155,000 | 1,172,325 | |
6% 1/15/27 (d) | 4,760,000 | 4,981,959 | |
Ziggo BV: | |||
4.875% 1/15/30 (d) | 1,730,000 | 1,772,818 | |
5.5% 1/15/27 (d) | 6,096,000 | 6,316,980 | |
110,587,762 | |||
Chemicals - 3.6% | |||
Avient Corp. 5.75% 5/15/25 (d) | 1,970,000 | 2,083,275 | |
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (d) | 2,445,000 | 2,561,138 | |
CF Industries Holdings, Inc.: | |||
5.15% 3/15/34 | 4,430,000 | 5,226,071 | |
5.375% 3/15/44 | 8,820,000 | 10,297,350 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (d)(f)(g) | 8,045,000 | 7,945,708 | |
6.5% 5/15/26 (d) | 8,310,000 | 8,351,550 | |
6.875% 6/15/25 (d) | 5,995,000 | 6,030,790 | |
GrafTech Finance, Inc. 4.625% 12/15/28 (d) | 2,290,000 | 2,343,357 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 535,000 | 543,694 | |
7% 12/31/27 (d) | 680,000 | 691,900 | |
Nouryon Holding BV 8% 10/1/26 (d) | 945,000 | 998,156 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (d) | 2,650,000 | 2,656,784 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (d) | 2,630,000 | 2,610,275 | |
6.625% 5/1/29 (d) | 1,755,000 | 1,741,838 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 10,220,000 | 10,988,544 | |
5.75% 11/15/28 (d) | 6,595,000 | 7,049,132 | |
7% 5/15/25 | 4,629,000 | 4,756,992 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 2,210,000 | 2,263,703 | |
Valvoline, Inc. 4.25% 2/15/30 (d) | 1,600,000 | 1,632,000 | |
W. R. Grace & Co.-Conn. 4.875% 6/15/27 (d) | 3,255,000 | 3,425,888 | |
84,198,145 | |||
Consumer Products - 0.9% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 1,675,000 | 1,708,500 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) | 1,775,000 | 1,730,625 | |
Magic MergerCo, Inc.: | |||
5.25% 5/1/28 (d) | 2,370,000 | 2,399,625 | |
7.875% 5/1/29 (d) | 3,590,000 | 3,668,047 | |
Mattel, Inc.: | |||
3.375% 4/1/26 (d) | 745,000 | 772,193 | |
3.75% 4/1/29 (d) | 745,000 | 762,671 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 1,460,000 | 1,419,835 | |
Tempur Sealy International, Inc. 4% 4/15/29 (d) | 2,345,000 | 2,349,713 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 (d) | 1,495,000 | 1,475,984 | |
TKC Holdings, Inc. 10.5% 5/15/29 (d) | 2,545,000 | 2,676,780 | |
TripAdvisor, Inc. 7% 7/15/25 (d) | 1,670,000 | 1,797,338 | |
20,761,311 | |||
Containers - 1.1% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(f) | 2,525,000 | 2,635,595 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 5.25% 8/15/27 (d) | 7,225,000 | 7,288,219 | |
Berry Global, Inc.: | |||
4.5% 2/15/26 (d) | 2,862,000 | 2,929,973 | |
4.875% 7/15/26 (d) | 1,355,000 | 1,431,219 | |
CANPACK SA and Eastern PA Land Investment Holding LLC 3.125% 11/1/25 (d) | 1,685,000 | 1,707,958 | |
Flex Acquisition Co., Inc.: | |||
6.875% 1/15/25 (d) | 2,080,000 | 2,094,893 | |
7.875% 7/15/26 (d) | 275,000 | 285,841 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 1,430,000 | 1,525,810 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) | 985,000 | 1,017,013 | |
OI European Group BV 4% 3/15/23 (d) | 1,595,000 | 1,640,856 | |
Plastipak Holdings, Inc. 6.25% 10/15/25 (d) | 730,000 | 747,338 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 1,510,000 | 1,574,175 | |
24,878,890 | |||
Diversified Financial Services - 1.9% | |||
Altice France Holding SA 10.5% 5/15/27 (d) | 4,240,000 | 4,740,320 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 6.625% 8/15/27 (d) | 3,500,000 | 2,000,355 | |
FLY Leasing Ltd. 5.25% 10/15/24 | 5,240,000 | 5,351,350 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 970,000 | 984,657 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 2,200,000 | 2,292,730 | |
5.25% 5/15/27 (d) | 2,645,000 | 2,711,125 | |
5.25% 5/15/27 | 3,325,000 | 3,408,125 | |
6.25% 5/15/26 | 4,480,000 | 4,735,898 | |
6.375% 12/15/25 | 1,740,000 | 1,794,375 | |
MSCI, Inc.: | |||
4% 11/15/29 (d) | 5,785,000 | 6,000,028 | |
5.375% 5/15/27 (d) | 1,070,000 | 1,139,796 | |
Onemain Finance Corp.: | |||
7.125% 3/15/26 | 3,460,000 | 4,026,575 | |
8.875% 6/1/25 | 3,325,000 | 3,661,656 | |
Quicken Loans LLC 5.25% 1/15/28 (d) | 1,710,000 | 1,788,010 | |
44,635,000 | |||
Diversified Media - 0.8% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 6,230,000 | 6,603,800 | |
Lamar Media Corp. 4.875% 1/15/29 | 1,980,000 | 2,083,950 | |
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (d) | 1,645,000 | 1,690,238 | |
Nielsen Finance LLC/Nielsen Finance Co.: | |||
5.625% 10/1/28 (d) | 2,530,000 | 2,675,475 | |
5.875% 10/1/30 (d) | 2,530,000 | 2,732,400 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 3,285,000 | 3,514,950 | |
19,300,813 | |||
Energy - 13.3% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 9/15/24 | 785,000 | 806,038 | |
5.75% 1/15/28 (d) | 2,220,000 | 2,283,137 | |
Antero Resources Corp. 7.625% 2/1/29 (d) | 2,160,000 | 2,376,000 | |
Apache Corp.: | |||
4.625% 11/15/25 | 2,475,000 | 2,626,544 | |
4.875% 11/15/27 | 5,780,000 | 6,069,000 | |
Archrock Partners LP / Archrock Partners Finance Corp.: | |||
6.25% 4/1/28 (d) | 2,475,000 | 2,568,803 | |
6.875% 4/1/27 (d) | 700,000 | 742,000 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) | 1,235,000 | 1,241,175 | |
Baytex Energy Corp. 5.625% 6/1/24 (d) | 830,000 | 805,100 | |
California Resources Corp. 7.125% 2/1/26 (d) | 3,735,000 | 3,865,725 | |
Cheniere Energy Partners LP 5.625% 10/1/26 | 2,155,000 | 2,243,894 | |
Cheniere Energy, Inc. 4.625% 10/15/28 (d) | 8,250,000 | 8,662,500 | |
Chesapeake Energy Corp.: | |||
5.5% 2/1/26 (d) | 4,375,000 | 4,615,625 | |
5.875% 2/1/29 (d) | 2,185,000 | 2,355,889 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 2,625,000 | 2,690,625 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 2,610,000 | 2,675,250 | |
7% 6/15/25 (d) | 6,180,000 | 6,427,200 | |
CNX Midstream Partners LP 6.5% 3/15/26 (d) | 1,030,000 | 1,075,063 | |
CNX Resources Corp. 6% 1/15/29 (d) | 1,185,000 | 1,264,988 | |
Comstock Resources, Inc.: | |||
6.75% 3/1/29 (d) | 3,485,000 | 3,642,522 | |
7.5% 5/15/25 (d) | 2,725,000 | 2,820,375 | |
9.75% 8/15/26 | 6,854,000 | 7,441,388 | |
Continental Resources, Inc.: | |||
4.5% 4/15/23 | 80,000 | 83,520 | |
5.75% 1/15/31 (d) | 3,295,000 | 3,866,781 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.75% 4/1/25 | 1,045,000 | 1,070,812 | |
6% 2/1/29 (d) | 7,210,000 | 7,462,350 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 830,000 | 853,713 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 4,990,000 | 4,990,000 | |
5.75% 2/15/28 (d) | 4,990,000 | 5,002,475 | |
DCP Midstream Operating LP: | |||
5.375% 7/15/25 | 4,985,000 | 5,460,569 | |
5.85% 5/21/43 (d)(f) | 3,410,000 | 3,120,150 | |
Delek Logistics Partners LP 7.125% 6/1/28 (d) | 1,520,000 | 1,569,400 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (d)(e) | 2,545,000 | 2,554,111 | |
4.375% 6/15/31 (d)(e) | 2,545,000 | 2,557,980 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.75% 1/30/28 (d) | 4,185,000 | 4,425,972 | |
6.625% 7/15/25(d) | 2,455,000 | 2,602,668 | |
EnLink Midstream LLC 5.625% 1/15/28 (d) | 1,060,000 | 1,103,407 | |
EQT Corp.: | |||
3.125% 5/15/26 (d) | 1,720,000 | 1,753,927 | |
3.625% 5/15/31 (d) | 1,720,000 | 1,771,488 | |
5% 1/15/29 | 2,500,000 | 2,774,975 | |
Exterran Energy Solutions LP 8.125% 5/1/25 | 885,000 | 799,943 | |
Harvest Midstream I LP 7.5% 9/1/28 (d) | 5,565,000 | 5,982,375 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (d) | 2,905,000 | 3,047,926 | |
5.625% 2/15/26 (d) | 6,900,000 | 7,152,954 | |
Indigo Natural Resources LLC 5.375% 2/1/29 (d) | 4,415,000 | 4,427,053 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 2,685,000 | 1,731,825 | |
MEG Energy Corp.: | |||
5.875% 2/1/29 (d) | 4,235,000 | 4,404,400 | |
7.125% 2/1/27 (d) | 4,990,000 | 5,351,775 | |
Murphy Oil Corp. 5.875% 12/1/27 | 1,480,000 | 1,527,212 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 4,196,000 | 3,482,680 | |
Neptune Energy Bondco PLC 6.625% 5/15/25 (d) | 1,065,000 | 1,090,049 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (d) | 2,500,000 | 2,537,250 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 7,325,000 | 7,622,358 | |
Nine Energy Service, Inc. 8.75% 11/1/23 (d) | 600,000 | 249,750 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) | 3,455,000 | 3,619,458 | |
Occidental Petroleum Corp.: | |||
4.3% 8/15/39 | 880,000 | 752,400 | |
4.4% 4/15/46 | 1,750,000 | 1,502,935 | |
4.5% 7/15/44 | 815,000 | 704,975 | |
5.55% 3/15/26 | 2,985,000 | 3,186,488 | |
5.875% 9/1/25 | 1,665,000 | 1,804,111 | |
6.125% 1/1/31 | 6,260,000 | 6,943,279 | |
6.2% 3/15/40 | 980,000 | 1,033,900 | |
6.375% 9/1/28 | 2,500,000 | 2,780,200 | |
6.45% 9/15/36 | 1,717,000 | 1,934,063 | |
6.6% 3/15/46 | 2,590,000 | 2,832,916 | |
6.625% 9/1/30 | 8,330,000 | 9,545,514 | |
6.95% 7/1/24 | 2,770,000 | 3,074,700 | |
7.5% 5/1/31 | 10,215,000 | 12,149,823 | |
8.875% 7/15/30 | 6,715,000 | 8,607,959 | |
Pacific Drilling SA 12% 4/1/24 pay-in-kind (a)(c)(d)(f) | 163,394 | 6,536 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 5,755,000 | 4,244,313 | |
7.25% 6/15/25 | 2,085,000 | 1,695,105 | |
9.25% 5/15/25 (d) | 6,375,000 | 6,534,375 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 3,935,000 | 3,920,244 | |
Pride International, Inc. 7.875% 8/15/40 (a)(c) | 2,554,000 | 434,180 | |
Rattler Midstream LP 5.625% 7/15/25 (d) | 2,305,000 | 2,397,200 | |
Renewable Energy Group, Inc. 5.875% 6/1/28 (d) | 1,000,000 | 1,040,300 | |
SM Energy Co.: | |||
5% 1/15/24 | 2,930,000 | 2,846,935 | |
5.625% 6/1/25 | 3,115,000 | 2,983,547 | |
6.625% 1/15/27 | 1,145,000 | 1,147,588 | |
6.75% 9/15/26 | 805,000 | 803,390 | |
Southwestern Energy Co. 8.375% 9/15/28 | 2,500,000 | 2,770,150 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 3,905,000 | 4,070,963 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 (d) | 2,280,000 | 2,265,271 | |
5.5% 2/15/26 | 1,885,000 | 1,942,304 | |
6% 4/15/27 | 5,495,000 | 5,742,275 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) | 1,640,000 | 1,667,978 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) | 2,370,000 | 2,417,400 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
4.875% 2/1/31 (d) | 2,430,000 | 2,539,350 | |
5.5% 3/1/30 | 2,470,000 | 2,668,588 | |
5.875% 4/15/26 | 3,295,000 | 3,451,513 | |
6.5% 7/15/27 | 1,275,000 | 1,381,781 | |
6.875% 1/15/29 | 2,255,000 | 2,503,174 | |
Transocean Sentry Ltd. 5.375% 5/15/23 (d) | 2,485,820 | 2,367,544 | |
Transocean, Inc. 11.5% 1/30/27 (d) | 2,403,000 | 2,387,981 | |
Tullow Oil PLC 10.25% 5/15/26 (d) | 7,345,000 | 7,546,988 | |
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (a)(c) | 1,706,837 | 85,342 | |
Valaris PLC: | |||
4.5% 10/1/24 (a)(c) | 4,290,000 | 429,000 | |
5.2% 3/15/25 (a)(c) | 2,980,000 | 298,000 | |
5.75% 10/1/44 (a)(c) | 1,156,000 | 115,600 | |
7.75% 2/1/26 (a)(c) | 2,135,000 | 213,500 | |
Vine Energy Holdings LLC 6.75% 4/15/29 (d) | 2,260,000 | 2,288,250 | |
Viper Energy Partners LP 5.375% 11/1/27 (d) | 1,105,000 | 1,149,200 | |
W&T Offshore, Inc. 9.75% 11/1/23 (d) | 1,550,000 | 1,364,000 | |
311,923,275 | |||
Environmental - 0.6% | |||
Darling Ingredients, Inc. 5.25% 4/15/27 (d) | 2,760,000 | 2,884,200 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) | 9,895,000 | 9,895,000 | |
Stericycle, Inc. 3.875% 1/15/29 (d) | 1,645,000 | 1,640,888 | |
14,420,088 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 1,655,000 | 1,587,145 | |
4.625% 1/15/27 (d) | 4,615,000 | 4,776,525 | |
4.875% 2/15/30 (d) | 6,890,000 | 7,180,758 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) | 1,605,000 | 1,577,234 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 960,000 | 933,197 | |
Performance Food Group, Inc. 5.5% 6/1/24 (d) | 1,550,000 | 1,555,069 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 2,200,000 | 2,302,300 | |
Tops Markets LLC 13% 11/19/24 pay-in-kind (c)(f) | 603,781 | 585,668 | |
20,497,896 | |||
Food/Beverage/Tobacco - 2.5% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 1,905,000 | 1,818,704 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (d) | 1,465,000 | 1,510,262 | |
7.5% 4/15/25 (d) | 450,000 | 468,234 | |
Del Monte Foods, Inc. 11.875% 5/15/25 (d) | 3,785,000 | 4,333,030 | |
JBS U.S.A. Food Co. 5.75% 1/15/28 (d) | 2,330,000 | 2,466,911 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) | 6,150,000 | 6,726,563 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (d) | 4,395,000 | 4,834,544 | |
6.5% 4/15/29 (d) | 3,640,000 | 4,081,350 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 1,918,000 | 2,119,390 | |
Kraft Heinz Foods Co.: | |||
4.375% 6/1/46 | 645,000 | 691,664 | |
4.875% 10/1/49 | 3,225,000 | 3,706,179 | |
5.5% 6/1/50 | 855,000 | 1,064,272 | |
Lamb Weston Holdings, Inc. 4.875% 11/1/26 (d) | 320,000 | 331,472 | |
Performance Food Group, Inc.: | |||
5.5% 10/15/27 (d) | 5,775,000 | 6,024,365 | |
6.875% 5/1/25 (d) | 995,000 | 1,060,919 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 (d) | 3,045,000 | 3,079,409 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 1,475,000 | 1,458,406 | |
4.625% 4/15/30 (d) | 3,690,000 | 3,711,070 | |
5.75% 3/1/27 (d) | 800,000 | 836,120 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 1,455,000 | 1,473,188 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 855,193 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 1,080,000 | 1,082,916 | |
U.S. Foods, Inc. 4.75% 2/15/29 (d) | 3,100,000 | 3,092,250 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 1,810,000 | 1,938,836 | |
58,765,247 | |||
Gaming - 3.7% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 890,000 | 945,349 | |
Bally's Corp. 6.75% 6/1/27 (d) | 3,365,000 | 3,578,442 | |
Boyd Gaming Corp.: | |||
4.75% 12/1/27 | 300,000 | 306,717 | |
4.75% 6/15/31 (d)(e) | 2,445,000 | 2,470,184 | |
6% 8/15/26 | 680,000 | 706,792 | |
6.375% 4/1/26 | 960,000 | 991,872 | |
8.625% 6/1/25 (d) | 6,000,000 | 6,600,000 | |
Caesars Entertainment, Inc. 8.125% 7/1/27 (d) | 12,765,000 | 14,168,256 | |
Caesars Resort Collection LLC 5.25% 10/15/25 (d) | 9,185,000 | 9,261,327 | |
Chukchansi Economic Development Authority 8% 4/15/28 (c)(d) | 909,677 | 815,298 | |
Downstream Development Authority of The Qua 10.5% 2/15/23 (d) | 1,075,000 | 1,120,688 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (d) | 935,000 | 996,944 | |
Golden Nugget, Inc. 6.75% 10/15/24 (d) | 7,570,000 | 7,640,250 | |
MGM Growth Properties Operating Partnership LP: | |||
4.5% 9/1/26 | 4,310,000 | 4,557,868 | |
4.625% 6/15/25 (d) | 5,180,000 | 5,490,800 | |
MGM Resorts International: | |||
5.5% 4/15/27 | 1,802,000 | 1,954,954 | |
6.75% 5/1/25 | 3,350,000 | 3,591,334 | |
7.75% 3/15/22 | 660,000 | 690,525 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) | 3,010,000 | 3,219,195 | |
Station Casinos LLC: | |||
4.5% 2/15/28 (d) | 35,000 | 35,385 | |
5% 10/1/25 (d) | 2,832,000 | 2,888,640 | |
Studio City Finance Ltd. 6.5% 1/15/28 (d) | 5,015,000 | 5,391,125 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (d) | 3,915,000 | 3,836,700 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.75% 4/15/25 (d) | 4,675,000 | 5,025,812 | |
86,284,457 | |||
Healthcare - 8.1% | |||
Akumin, Inc. 7% 11/1/25 (d) | 4,155,000 | 4,290,038 | |
Avantor Funding, Inc. 4.625% 7/15/28 (d) | 3,345,000 | 3,481,509 | |
Bausch Health Companies, Inc.: | |||
7.25% 5/30/29 (d) | 1,055,000 | 1,089,288 | |
9% 12/15/25 (d) | 1,775,000 | 1,900,848 | |
Catalent Pharma Solutions 5% 7/15/27 (d) | 825,000 | 860,475 | |
Centene Corp.: | |||
3% 10/15/30 | 2,505,000 | 2,505,000 | |
3.375% 2/15/30 | 2,690,000 | 2,716,900 | |
4.25% 12/15/27 | 3,475,000 | 3,648,750 | |
4.625% 12/15/29 | 3,825,000 | 4,128,820 | |
5.375% 6/1/26 (d) | 4,775,000 | 4,974,118 | |
5.375% 8/15/26 (d) | 1,775,000 | 1,857,094 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 740,000 | 737,225 | |
4% 3/15/31 (d) | 2,080,000 | 2,108,600 | |
4.25% 5/1/28 (d) | 735,000 | 754,294 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 2,885,000 | 2,828,771 | |
5.625% 3/15/27 (d) | 2,430,000 | 2,545,425 | |
6% 1/15/29 (d) | 2,415,000 | 2,526,971 | |
6.125% 4/1/30 (d) | 3,930,000 | 3,913,298 | |
6.875% 4/15/29 (d) | 2,815,000 | 2,873,439 | |
8% 3/15/26 (d) | 12,925,000 | 13,834,532 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 4,000,000 | 4,100,000 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 2,495,000 | 2,392,081 | |
4.625% 6/1/30 (d) | 6,965,000 | 7,103,534 | |
Encompass Health Corp. 5.75% 9/15/25 | 4,660,000 | 4,799,800 | |
HCA Holdings, Inc.: | |||
5.375% 2/1/25 | 6,835,000 | 7,646,656 | |
5.875% 5/1/23 | 1,150,000 | 1,249,487 | |
5.875% 2/15/26 | 5,470,000 | 6,249,475 | |
5.875% 2/1/29 | 1,355,000 | 1,590,431 | |
Hologic, Inc. 3.25% 2/15/29 (d) | 2,525,000 | 2,461,875 | |
IQVIA, Inc.: | |||
5% 10/15/26 (d) | 1,750,000 | 1,815,625 | |
5% 5/15/27 (d) | 1,385,000 | 1,450,234 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 1,980,000 | 2,036,390 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (d) | 2,430,000 | 2,475,563 | |
4.375% 6/15/28 (d) | 1,835,000 | 1,892,344 | |
Organon Finance 1 LLC: | |||
4.125% 4/30/28 (d) | 3,005,000 | 3,035,050 | |
5.125% 4/30/31 (d) | 2,995,000 | 3,073,259 | |
Ortho-Clinical Diagnostics, Inc.: | |||
7.25% 2/1/28 (d) | 609,000 | 662,288 | |
7.375% 6/1/25 (d) | 1,296,000 | 1,388,411 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 6,340,000 | 6,950,225 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 2,295,000 | 2,369,588 | |
Sabra Health Care LP 3.9% 10/15/29 | 2,643,000 | 2,747,054 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (d) | 250,000 | 254,063 | |
10% 4/15/27 (d) | 4,955,000 | 5,413,338 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (d)(e) | 8,520,000 | 8,516,848 | |
5.125% 5/1/25 | 12,665,000 | 12,838,511 | |
6.125% 10/1/28 (d) | 10,860,000 | 11,365,533 | |
6.75% 6/15/23 | 10,590,000 | 11,506,035 | |
6.875% 11/15/31 | 330,000 | 369,188 | |
U.S. Renal Care, Inc. 10.625% 7/15/27 (d) | 2,160,000 | 2,248,301 | |
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (d) | 5,560,000 | 6,004,800 | |
Vizient, Inc. 6.25% 5/15/27 (d) | 680,000 | 719,100 | |
190,300,482 | |||
Homebuilders/Real Estate - 1.8% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 1,425,000 | 1,432,980 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
6.625% 1/15/28 (d) | 40,000 | 42,800 | |
9.875% 4/1/27 (d) | 2,127,000 | 2,398,193 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 2,190,000 | 2,243,480 | |
5% 3/1/31 | 2,190,000 | 2,239,790 | |
M/I Homes, Inc. 5.625% 8/1/25 | 480,000 | 495,600 | |
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 | 5,005,000 | 5,267,763 | |
New Home Co., Inc. 7.25% 10/15/25 (d) | 1,685,000 | 1,794,525 | |
Realogy Group LLC/Realogy Co-Issuer Corp.: | |||
5.75% 1/15/29 (d) | 1,225,000 | 1,279,843 | |
7.625% 6/15/25 (d) | 1,225,000 | 1,327,594 | |
Service Properties Trust 7.5% 9/15/25 | 4,355,000 | 4,868,126 | |
Starwood Property Trust, Inc.: | |||
4.75% 3/15/25 | 2,420,000 | 2,523,576 | |
5% 12/15/21 | 865,000 | 870,683 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (d) | 2,945,000 | 3,257,906 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 795,000 | 870,525 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 2,035,000 | 2,016,705 | |
6.5% 2/15/29 (d) | 3,300,000 | 3,267,000 | |
VICI Properties, Inc.: | |||
3.75% 2/15/27 (d) | 1,965,000 | 1,987,106 | |
4.125% 8/15/30 (d) | 2,575,000 | 2,614,655 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 1,185,000 | 1,229,082 | |
42,027,932 | |||
Hotels - 0.4% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (d) | 1,470,000 | 1,438,505 | |
3.75% 5/1/29 (d) | 1,650,000 | 1,654,125 | |
4% 5/1/31 (d) | 1,650,000 | 1,664,009 | |
5.375% 5/1/25 (d) | 3,525,000 | 3,710,979 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 910,000 | 948,675 | |
9,416,293 | |||
Insurance - 1.4% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (d) | 9,401,000 | 9,589,020 | |
10.125% 8/1/26 (d) | 2,450,000 | 2,756,250 | |
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (d) | 9,895,000 | 10,216,588 | |
AmWINS Group, Inc. 7.75% 7/1/26 (d) | 4,490,000 | 4,765,619 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 1,445,000 | 1,434,163 | |
HUB International Ltd. 7% 5/1/26 (d) | 1,395,000 | 1,448,010 | |
USI, Inc. 6.875% 5/1/25 (d) | 3,250,000 | 3,298,750 | |
33,508,400 | |||
Leisure - 1.4% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (d) | 5,135,000 | 5,455,938 | |
9.875% 8/1/27 (d) | 4,130,000 | 4,843,292 | |
10.5% 2/1/26 (d) | 2,400,000 | 2,830,512 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d)(e) | 3,405,000 | 3,375,717 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 735,000 | 766,238 | |
10.25% 2/1/26 (d) | 5,185,000 | 6,053,488 | |
POWDR Corp. 6% 8/1/25 (d) | 1,615,000 | 1,699,788 | |
Royal Caribbean Cruises Ltd. 11.5% 6/1/25 (d) | 2,010,000 | 2,326,575 | |
SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) | 2,115,000 | 2,283,291 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 1,435,000 | 1,524,688 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 2,135,000 | 2,492,613 | |
33,652,140 | |||
Metals/Mining - 1.8% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 2,670,000 | 2,730,075 | |
Alpha Natural Resources, Inc. 9.75% 4/15/18 (a)(c) | 1,099,000 | 0 | |
Arconic Rolled Products Corp. 6% 5/15/25 (d) | 1,520,000 | 1,623,071 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 1,465,000 | 1,508,042 | |
4.875% 3/1/31 (d) | 1,465,000 | 1,497,933 | |
Constellium NV 5.875% 2/15/26 (d) | 1,240,000 | 1,273,058 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (d) | 5,275,000 | 5,510,067 | |
6.875% 10/15/27 (d) | 8,465,000 | 9,237,431 | |
7.5% 4/1/25 (d) | 2,320,000 | 2,405,985 | |
FMG Resources (August 2006) Pty Ltd.: | |||
4.375% 4/1/31 (d) | 1,615,000 | 1,687,352 | |
5.125% 5/15/24 (d) | 770,000 | 839,700 | |
Freeport-McMoRan, Inc.: | |||
4.625% 8/1/30 | 2,510,000 | 2,754,725 | |
5.4% 11/14/34 | 1,070,000 | 1,268,287 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 1,505,000 | 1,745,800 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (d) | 4,755,000 | 4,968,975 | |
Joseph T. Ryerson & Son, Inc. 8.5% 8/1/28 (d) | 2,115,000 | 2,339,190 | |
41,389,691 | |||
Paper - 0.4% | |||
Berry Global, Inc. 5.625% 7/15/27 (d) | 1,110,000 | 1,177,277 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 3,315,000 | 3,474,120 | |
Intertape Polymer Group, Inc. 4.375% 6/15/29 (d)(e) | 1,430,000 | 1,444,300 | |
Mercer International, Inc. 5.125% 2/1/29 (d) | 2,220,000 | 2,286,600 | |
SPA Holdings 3 OY 4.875% 2/4/28 (d) | 1,770,000 | 1,781,063 | |
10,163,360 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 1,170,000 | 1,220,837 | |
Restaurants - 0.7% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) | 7,635,000 | 7,396,406 | |
CEC Entertainment LLC 6.75% 5/1/26 (d) | 2,250,000 | 2,272,455 | |
Golden Nugget, Inc. 8.75% 10/1/25 (d) | 1,230,000 | 1,296,961 | |
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (d) | 1,325,000 | 1,401,850 | |
Yum! Brands, Inc.: | |||
4.625% 1/31/32 | 2,585,000 | 2,701,403 | |
7.75% 4/1/25 (d) | 785,000 | 853,688 | |
15,922,763 | |||
Services - 4.4% | |||
ADT Corp. 4.875% 7/15/32 (d) | 1,075,000 | 1,109,938 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) | 2,940,000 | 2,936,884 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) | 1,050,000 | 1,064,826 | |
APX Group, Inc. 7.625% 9/1/23 | 3,335,000 | 3,435,050 | |
Aramark Services, Inc. 6.375% 5/1/25 (d) | 3,410,000 | 3,623,125 | |
Ascend Learning LLC: | |||
6.875% 8/1/25 (d) | 110,000 | 112,063 | |
6.875% 8/1/25 (d) | 1,055,000 | 1,074,781 | |
ASGN, Inc. 4.625% 5/15/28 (d) | 5,875,000 | 6,110,000 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (d) | 1,992,000 | 1,994,032 | |
4.625% 6/1/28 (d) | 1,328,000 | 1,320,298 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) | 1,470,000 | 1,528,800 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 2,405,000 | 2,406,605 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) | 14,220,000 | 14,539,950 | |
CoreCivic, Inc.: | |||
4.625% 5/1/23 | 255,000 | 252,450 | |
8.25% 4/15/26 | 3,735,000 | 3,643,866 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 9,979,000 | 10,453,003 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 4,110,000 | 3,975,110 | |
Hertz Corp.: | |||
5.5% 10/15/24 (a)(d) | 3,155,000 | 3,274,811 | |
6% 1/15/28 (a)(d) | 3,900,000 | 4,163,250 | |
6.25% 10/15/22 (a) | 2,880,000 | 2,995,200 | |
7.125% 8/1/26 (a)(d) | 3,980,000 | 4,248,650 | |
IAA Spinco, Inc. 5.5% 6/15/27 (d) | 1,115,000 | 1,171,832 | |
IHS Markit Ltd.: | |||
4% 3/1/26 (d) | 400,000 | 442,340 | |
4.75% 2/15/25 (d) | 955,000 | 1,071,176 | |
5% 11/1/22 (d) | 200,000 | 209,853 | |
KAR Auction Services, Inc. 5.125% 6/1/25 (d) | 810,000 | 826,200 | |
Laureate Education, Inc. 8.25% 5/1/25 (d) | 2,272,000 | 2,365,606 | |
Ritchie Bros. Auctioneers, Inc. 5.375% 1/15/25 (d) | 830,000 | 855,066 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (d) | 2,500,000 | 2,693,750 | |
Service Corp. International 5.125% 6/1/29 | 1,845,000 | 1,997,028 | |
Sotheby's 7.375% 10/15/27 (d) | 3,160,000 | 3,381,200 | |
Tempo Acquisition LLC 6.75% 6/1/25 (d) | 3,310,000 | 3,369,911 | |
The GEO Group, Inc.: | |||
5.125% 4/1/23 | 1,665,000 | 1,398,600 | |
5.875% 10/15/24 | 685,000 | 498,338 | |
6% 4/15/26 | 6,055,000 | 3,640,054 | |
Uber Technologies, Inc. 6.25% 1/15/28 (d) | 2,145,000 | 2,313,919 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 1,640,000 | 1,708,388 | |
102,205,953 | |||
Steel - 0.3% | |||
Commercial Metals Co. 3.875% 2/15/31 | 1,125,000 | 1,110,938 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 5,780,000 | 6,011,200 | |
7,122,138 | |||
Super Retail - 1.3% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 681,000 | 701,757 | |
4.75% 3/1/30 | 680,000 | 710,600 | |
Carvana Co.: | |||
5.5% 4/15/27 (d) | 3,045,000 | 3,141,374 | |
5.875% 10/1/28 (d) | 2,505,000 | 2,627,119 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (d) | 12,050,000 | 12,311,485 | |
8.5% 10/30/25 (d) | 2,520,000 | 2,658,600 | |
L Brands, Inc. 6.625% 10/1/30 (d) | 5,045,000 | 5,766,435 | |
Party City Holdings, Inc. 8.75% 2/15/26 (d) | 1,085,000 | 1,148,744 | |
Rent-A-Center, Inc. 6.375% 2/15/29 (d) | 695,000 | 743,650 | |
Sonic Automotive, Inc. 6.125% 3/15/27 | 1,680,000 | 1,755,600 | |
31,565,364 | |||
Technology - 3.7% | |||
Arches Buyer, Inc.: | |||
4.25% 6/1/28 (d) | 1,580,000 | 1,552,350 | |
6.125% 12/1/28 (d) | 555,000 | 567,488 | |
Banff Merger Sub, Inc. 9.75% 9/1/26 (d) | 5,485,000 | 5,807,244 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 2,675,000 | 2,631,531 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 2,285,000 | 2,367,831 | |
CDK Global, Inc.: | |||
4.875% 6/1/27 | 460,000 | 485,268 | |
5.25% 5/15/29 (d) | 1,305,000 | 1,407,912 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 2,960,000 | 3,089,500 | |
Endurance Acquisition Merger Sub 6% 2/15/29 (d) | 1,460,000 | 1,401,600 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d) | 2,235,000 | 2,335,575 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) | 2,530,000 | 2,565,673 | |
Match Group Holdings II LLC: | |||
4.125% 8/1/30 (d) | 2,335,000 | 2,322,508 | |
5% 12/15/27 (d) | 1,235,000 | 1,292,119 | |
5.625% 2/15/29 (d) | 2,035,000 | 2,179,994 | |
NCR Corp. 5.125% 4/15/29 (d) | 1,775,000 | 1,820,973 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 1,450,000 | 1,624,000 | |
NortonLifeLock, Inc. 5% 4/15/25 (d) | 6,075,000 | 6,140,003 | |
Nuance Communications, Inc. 5.625% 12/15/26 | 1,035,000 | 1,088,820 | |
ON Semiconductor Corp. 3.875% 9/1/28 (d) | 3,110,000 | 3,156,650 | |
Open Text Corp. 5.875% 6/1/26 (d) | 4,510,000 | 4,639,843 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (d) | 3,095,000 | 3,106,606 | |
Qorvo, Inc. 4.375% 10/15/29 | 5,505,000 | 5,999,900 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 1,430,000 | 1,443,013 | |
Sensata Technologies BV 4% 4/15/29 (d) | 2,480,000 | 2,484,464 | |
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (d) | 5,785,000 | 5,936,914 | |
Square, Inc.: | |||
2.75% 6/1/26 (d) | 2,555,000 | 2,575,696 | |
3.5% 6/1/31 (d) | 2,555,000 | 2,554,847 | |
Synaptics, Inc. 4% 6/15/29 (d) | 1,210,000 | 1,200,574 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 2,215,000 | 2,190,081 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 1,725,000 | 1,735,109 | |
3.875% 3/15/31 | 1,805,000 | 1,834,079 | |
Uber Technologies, Inc. 7.5% 5/15/25 (d) | 5,010,000 | 5,408,295 | |
Unisys Corp. 6.875% 11/1/27 (d) | 1,425,000 | 1,555,031 | |
VeriSign, Inc. 4.625% 5/1/23 | 695,000 | 695,952 | |
87,197,443 | |||
Telecommunications - 7.9% | |||
Altice Financing SA: | |||
5% 1/15/28 (d) | 2,375,000 | 2,356,879 | |
7.5% 5/15/26 (d) | 4,470,000 | 4,647,403 | |
Altice France SA: | |||
5.125% 1/15/29 (d) | 2,270,000 | 2,247,300 | |
5.125% 7/15/29 (d) | 4,510,000 | 4,471,485 | |
5.5% 1/15/28 (d) | 4,825,000 | 4,935,927 | |
7.375% 5/1/26 (d) | 2,553,000 | 2,654,916 | |
8.125% 2/1/27 (d) | 4,475,000 | 4,877,750 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (d) | 9,965,000 | 10,612,725 | |
7.5% 10/15/26 (d) | 4,940,000 | 5,187,000 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 1,280,000 | 1,245,254 | |
5.625% 9/15/28 (d) | 1,010,000 | 1,016,818 | |
Cogent Communications Group, Inc.: | |||
3.5% 5/1/26 (d) | 1,700,000 | 1,726,792 | |
5.375% 3/1/22 (d) | 677,000 | 688,848 | |
Consolidated Communications, Inc. 5% 10/1/28 (d) | 1,320,000 | 1,343,100 | |
Equinix, Inc. 5.375% 5/15/27 | 1,410,000 | 1,511,902 | |
Frontier Communications Corp.: | |||
5% 5/1/28 (d) | 2,480,000 | 2,542,000 | |
5.875% 10/15/27 (d) | 2,440,000 | 2,592,500 | |
6.75% 5/1/29 (d) | 2,795,000 | 2,922,396 | |
Frontier Communications Holdings LLC 5.875% 11/1/29 | 615,475 | 619,460 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (a) | 7,570,000 | 4,409,525 | |
8.5% 10/15/24 (a)(d) | 2,965,000 | 1,757,356 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 2,520,000 | 2,585,722 | |
6.75% 10/15/27 (d) | 5,250,000 | 5,637,975 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (d) | 3,850,000 | 3,712,170 | |
4.25% 7/1/28 (d) | 3,420,000 | 3,427,353 | |
4.625% 9/15/27 (d) | 7,220,000 | 7,416,131 | |
Lumen Technologies, Inc.: | |||
4% 2/15/27 (d) | 4,225,000 | 4,277,813 | |
5.125% 12/15/26 (d) | 5,000,000 | 5,179,688 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (d) | 790,000 | 781,760 | |
Qwest Corp.: | |||
6.75% 12/1/21 | 500,000 | 513,750 | |
7.25% 9/15/25 | 545,000 | 645,825 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 5,516,000 | 5,812,209 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (d) | 1,820,000 | 2,129,400 | |
SBA Communications Corp. 3.875% 2/15/27 | 9,320,000 | 9,529,700 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 1,770,000 | 2,214,376 | |
8.75% 3/15/32 | 33,750,000 | 50,034,324 | |
T-Mobile U.S.A., Inc. 3.5% 4/15/31 | 1,775,000 | 1,805,086 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 510,000 | 563,550 | |
6.375% 11/15/33 | 285,000 | 329,175 | |
Telecom Italia SpA 5.303% 5/30/24 (d) | 2,020,000 | 2,196,750 | |
Telesat Canada/Telesat LLC 6.5% 10/15/27 (d) | 1,735,000 | 1,650,419 | |
ViaSat, Inc. 5.625% 9/15/25 (d) | 1,070,000 | 1,093,540 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 3,530,000 | 3,607,272 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (d) | 3,835,000 | 3,748,713 | |
6.125% 3/1/28 (d) | 2,115,000 | 2,153,028 | |
185,413,065 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.25% 3/15/29 (d) | 1,490,000 | 1,506,316 | |
Transportation Ex Air/Rail - 1.7% | |||
Avolon Holdings Funding Ltd.: | |||
3.95% 7/1/24 (d) | 9,000 | 9,583 | |
4.375% 5/1/26 (d) | 7,000 | 7,546 | |
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) | 1,395,000 | 1,421,156 | |
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (d) | 6,980,000 | 5,648,146 | |
Navios Maritime Holdings, Inc.: | |||
7.375% 1/15/22 (d) | 13,390,000 | 11,414,975 | |
11.25% 8/15/22 (d) | 3,540,000 | 3,420,525 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) | 5,110,000 | 5,632,178 | |
Seaspan Corp. 6.5% 4/29/26 (d) | 2,100,000 | 2,136,750 | |
Teekay Corp. 9.25% 11/15/22 (d) | 1,990,000 | 2,029,800 | |
XPO Logistics, Inc. 6.25% 5/1/25 (d) | 7,625,000 | 8,153,565 | |
39,874,224 | |||
Utilities - 6.8% | |||
Clearway Energy Operating LLC: | |||
4.75% 3/15/28 (d) | 5,885,000 | 6,083,619 | |
5% 9/15/26 | 1,455,000 | 1,498,650 | |
DCP Midstream Operating LP: | |||
5.125% 5/15/29 | 4,715,000 | 5,082,299 | |
5.625% 7/15/27 | 2,205,000 | 2,425,500 | |
DPL, Inc.: | |||
4.125% 7/1/25 | 7,280,000 | 7,780,500 | |
4.35% 4/15/29 | 9,480,000 | 10,285,800 | |
InterGen NV 7% 6/30/23 (d) | 30,215,000 | 29,785,343 | |
NextEra Energy Partners LP: | |||
4.25% 9/15/24 (d) | 334,000 | 351,919 | |
4.5% 9/15/27 (d) | 980,000 | 1,065,848 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 1,145,000 | 1,104,335 | |
3.625% 2/15/31 (d) | 2,270,000 | 2,176,363 | |
5.25% 6/15/29 (d) | 3,050,000 | 3,202,500 | |
5.75% 1/15/28 | 2,190,000 | 2,321,181 | |
6.625% 1/15/27 | 2,945,000 | 3,056,292 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (d) | 5,945,515 | 6,361,701 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 350,000 | 311,453 | |
3.95% 12/1/47 | 2,495,000 | 2,226,928 | |
4.55% 7/1/30 | 16,150,000 | 16,988,700 | |
4.95% 7/1/50 | 23,225,000 | 23,479,676 | |
PG&E Corp.: | |||
5% 7/1/28 | 3,405,000 | 3,387,975 | |
5.25% 7/1/30 | 9,430,000 | 9,536,088 | |
Pike Corp. 5.5% 9/1/28 (d) | 2,030,000 | 2,071,270 | |
TerraForm Global, Inc. 6.125% 3/1/26 (d) | 2,450,000 | 2,523,500 | |
TerraForm Power Operating LLC: | |||
4.25% 1/31/23 (d) | 2,000,000 | 2,058,600 | |
4.75% 1/15/30 (d) | 3,545,000 | 3,623,983 | |
5% 1/31/28 (d) | 1,610,000 | 1,691,651 | |
The AES Corp.: | |||
3.3% 7/15/25 (d) | 34,000 | 36,270 | |
3.95% 7/15/30 (d) | 29,000 | 31,311 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (d) | 3,675,000 | 3,694,184 | |
5.5% 9/1/26 (d) | 1,440,000 | 1,486,717 | |
5.625% 2/15/27 (d) | 2,000,000 | 2,075,000 | |
157,805,156 | |||
TOTAL NONCONVERTIBLE BONDS | 1,983,318,809 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,923,590,316) | 2,015,689,799 | ||
Shares | Value | ||
Common Stocks - 5.3% | |||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (c)(h) | 32,168 | 396,631 | |
Broadcasting - 0.0% | |||
iHeartMedia, Inc. (h) | 8,204 | 190,415 | |
Chemicals - 0.1% | |||
Corteva, Inc. | 10,266 | 467,103 | |
Dow, Inc. | 10,266 | 702,400 | |
TOTAL CHEMICALS | 1,169,503 | ||
Energy - 3.2% | |||
California Resources Corp. (h) | 446,637 | 12,956,939 | |
California Resources Corp. warrants 10/27/24 (h) | 20,004 | 120,624 | |
Chesapeake Energy Corp. | 309,581 | 16,345,877 | |
Chesapeake Energy Corp. (b) | 2,990 | 149,978 | |
Denbury, Inc. (h) | 258,941 | 17,354,226 | |
Denbury, Inc. warrants 9/18/25 (h) | 118,677 | 4,152,508 | |
EP Energy Corp. (c) | 218,900 | 11,529,463 | |
Forbes Energy Services Ltd. (h) | 72,087 | 5,118 | |
Jonah Energy Parent LLC (c) | 425,801 | 6,387,015 | |
Mesquite Energy, Inc. (c) | 214,437 | 3,420,265 | |
Noble Corp. (c)(h) | 6,653 | 131,397 | |
Noble Corp.: | |||
warrants (c)(h) | 27,051 | 189,357 | |
warrants (c)(h) | 27,051 | 162,306 | |
Pacific Drilling SA (c)(h) | 323,716 | 3 | |
Superior Energy Services, Inc. Class A (c) | 15,005 | 384,137 | |
Tidewater, Inc.: | |||
warrants 11/14/42 (h) | 23,695 | 358,484 | |
warrants 11/14/42 (h) | 8,251 | 124,830 | |
Tribune Resources, Inc. (c)(h) | 182,155 | 140,259 | |
Tribune Resources, Inc. warrants 3/30/23 (c)(h) | 51,925 | 1 | |
TOTAL ENERGY | 73,912,787 | ||
Entertainment/Film - 0.2% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c) | 1,330,466 | 4,190,968 | |
Food & Drug Retail - 0.5% | |||
Southeastern Grocers, Inc. (b)(c)(h) | 687,397 | 10,689,023 | |
Tops Markets Corp. (c)(h) | 2,955 | 1,038,860 | |
TOTAL FOOD & DRUG RETAIL | 11,727,883 | ||
Gaming - 0.5% | |||
Boyd Gaming Corp. (h) | 81,500 | 5,247,785 | |
Caesars Entertainment, Inc. (h) | 57,808 | 6,211,470 | |
Studio City International Holdings Ltd. ADR (h) | 28,000 | 309,336 | |
TOTAL GAMING | 11,768,591 | ||
Services - 0.2% | |||
United Rentals, Inc. (h) | 17,400 | 5,810,904 | |
Technology - 0.1% | |||
CDK Global, Inc. | 45,206 | 2,366,082 | |
Telecommunications - 0.2% | |||
CUI Acquisition Corp. Class E (c)(h) | 0 | 16,065 | |
Frontier Communications Parent, Inc. (h) | 200,563 | 5,010,064 | |
TOTAL TELECOMMUNICATIONS | 5,026,129 | ||
Utilities - 0.3% | |||
NRG Energy, Inc. | 60,111 | 1,932,569 | |
Vistra Corp. | 359,562 | 5,814,118 | |
TOTAL UTILITIES | 7,746,687 | ||
TOTAL COMMON STOCKS | |||
(Cost $101,494,331) | 124,306,580 | ||
Convertible Preferred Stocks - 0.3% | |||
Utilities - 0.3% | |||
PG&E Corp. | |||
(Cost $6,993,013) | 61,000 | 6,133,550 | |
Principal Amount | Value | ||
Bank Loan Obligations - 3.6% | |||
Banks & Thrifts - 0.0% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.7025% 2/1/27 (f)(g)(i) | 1,081,963 | 1,070,126 | |
Broadcasting - 0.1% | |||
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/14/26 (f)(g)(i) | 1,215,498 | 1,215,753 | |
Cable/Satellite TV - 0.5% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (f)(g)(i) | 10,658,091 | 10,624,838 | |
Chemicals - 0.1% | |||
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.591% 5/7/25 (f)(g)(i) | 530,013 | 514,775 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8475% 10/1/25 (f)(g)(i) | 840,096 | 832,392 | |
TOTAL CHEMICALS | 1,347,167 | ||
Consumer Products - 0.0% | |||
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (f)(g)(i) | 935,000 | 936,851 | |
Diversified Financial Services - 0.1% | |||
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (c)(f)(i) | 2,516,332 | 2,516,332 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4338% 3/1/25 (f)(g)(i) | 259,876 | 258,792 | |
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(f)(g)(i) | 382,028 | 382,028 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 3,157,152 | ||
Energy - 0.4% | |||
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.8632% 11/3/25 (f)(g)(i) | 1,169,086 | 1,145,120 | |
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (f)(g)(i) | 1,246,429 | 1,231,161 | |
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (f)(g)(i) | 300,425 | 297,271 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.14% 3/1/26 (f)(g)(i) | 8,371,738 | 6,052,766 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% 12/31/49 (a)(c)(g)(i) | 3,964,252 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% 12/31/49 (a)(c)(g)(i) | 1,710,000 | 0 | |
TOTAL ENERGY | 8,726,318 | ||
Food & Drug Retail - 0.0% | |||
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (c)(f)(g)(i) | 819,985 | 836,384 | |
Gaming - 0.4% | |||
Bally's Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 9% 5/10/26 (f)(g)(i) | 7,880,450 | 8,353,277 | |
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3118% 9/15/23 (f)(g)(i) | 621,997 | 620,858 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (f)(g)(i) | 1,244,850 | 1,235,514 | |
TOTAL GAMING | 10,209,649 | ||
Healthcare - 0.0% | |||
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 10/19/27 (f)(g)(i) | 434,229 | 435,046 | |
Hotels - 0.1% | |||
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 5.000% 5.2025% 5/30/26 (f)(g)(i) | 1,380,404 | 1,223,383 | |
3 month U.S. LIBOR + 8.000% 9% 2/28/25 (f)(g)(i) | 1,405,366 | 1,436,467 | |
TOTAL HOTELS | 2,659,850 | ||
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.3425% 5/10/25 (f)(g)(i) | 62,570 | 61,991 | |
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3425% 5/9/25 (f)(g)(i) | 2,023,950 | 2,005,330 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (f)(g)(i) | 2,145,000 | 2,146,609 | |
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2025% 5/16/24 (f)(g)(i) | 443,900 | 440,153 | |
TOTAL INSURANCE | 4,654,083 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 7/31/24 (f)(g)(i) | 43,538 | 42,783 | |
Services - 0.8% | |||
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (f)(g)(i) | 8,250,000 | 8,342,813 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (f)(g)(i) | 3,515,508 | 3,468,752 | |
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3425% 11/30/25 (f)(g)(i) | 3,071,900 | 3,069,996 | |
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (f)(g)(i) | 2,230,000 | 2,143,186 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (f)(g)(i) | 1,510,000 | 1,507,176 | |
TOTAL SERVICES | 18,531,923 | ||
Super Retail - 0.3% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/5/28 (f)(g)(i) | 6,164,550 | 6,206,161 | |
Technology - 0.4% | |||
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5618% 4/30/25 (f)(g)(i) | 1,599,000 | 1,579,013 | |
Endure Digital, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (f)(g)(i) | 2,575,969 | 2,557,190 | |
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (f)(g)(i) | 619,031 | 614,519 | |
Epicor Software Corp. 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 7/31/28 (f)(g)(i) | 1,945,000 | 1,996,543 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8425% 5/4/26 (f)(g)(i) | 704,275 | 704,789 | |
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (f)(g)(i) | 560,000 | 573,653 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0925% 2/28/27 (f)(g)(i) | 445,500 | 442,996 | |
TOTAL TECHNOLOGY | 8,468,703 | ||
Telecommunications - 0.2% | |||
Altice France SA Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1548% 8/14/26 (f)(g)(i) | 1,072,500 | 1,070,623 | |
Intelsat Jackson Holdings SA: | |||
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (f)(g)(i) | 300,000 | 305,037 | |
Tranche B-5, term loan 8.625% 1/2/24 (i) | 300,000 | 304,821 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (f)(g)(i) | 3,265,723 | 3,282,052 | |
TOTAL TELECOMMUNICATIONS | 4,962,533 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $88,776,285) | 84,085,320 | ||
Preferred Securities - 1.9% | |||
Banks & Thrifts - 1.7% | |||
Bank of America Corp.: | |||
4.3% (f)(j) | 5,780,000 | 5,938,950 | |
6.1% (f)(j) | 3,690,000 | 4,153,049 | |
6.25% (f)(j) | 2,310,000 | 2,566,988 | |
Citigroup, Inc. 5.95% (f)(j) | 11,215,000 | 11,799,526 | |
JPMorgan Chase & Co. 6% (f)(j) | 11,680,000 | 12,359,959 | |
Wells Fargo & Co. 5.9% (f)(j) | 1,955,000 | 2,099,670 | |
TOTAL BANKS & THRIFTS | 38,918,142 | ||
Energy - 0.0% | |||
MPLX LP 6.875% (f)(j) | 1,270,000 | 1,279,525 | |
Summit Midstream Partners LP 9.5% (f)(j) | 204,000 | 134,640 | |
TOTAL ENERGY | 1,414,165 | ||
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC 9.75% (c)(j) | 4,000,000 | 3,940,000 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $42,734,305) | 44,272,307 | ||
Shares | Value | ||
Other - 0.0% | |||
Other - 0.0% | |||
Tribune Co. Claim (c)(h) | |||
(Cost $11,217) | 11,217 | 11,217 | |
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund 0.03% (k) | |||
(Cost $53,799,276) | 53,788,518 | 53,799,276 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% | |||
(Cost $2,217,398,743) | 2,328,298,049 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 9,109,017 | ||
NET ASSETS - 100% | $2,337,407,066 |
Legend
(a) Non-income producing - Security is in default.
(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 $27,486,213 or 1.2% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,369,055,401 or 58.6% of net assets.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(h) Non-income producing
(i) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(j) Security is perpetual in nature with no stated maturity date.
(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Chesapeake Energy Corp. | 2/10/21 | $28,315 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 4/15/21 | $4,113,734 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | $6,590,801 |
Southeastern Grocers, Inc. | 6/1/18 - 4/26/19 | $5,072,958 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $26,899 |
Total | $26,899 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the securitys underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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