Quarterly Holdings Report
for
Fidelity® Global High Income Fund
July 31, 2023
GHI-NPRT1-0923
1.926256.112
| Corporate Bonds - 79.5% | |||
Principal Amount (a) | Value ($) | ||
| Convertible Bonds - 1.5% | |||
| Broadcasting - 0.8% | |||
| DISH Network Corp.: | |||
| 0% 12/15/25 | 86,000 | 52,411 | |
| 2.375% 3/15/24 | 210,000 | 192,675 | |
| 3.375% 8/15/26 | 646,000 | 358,207 | |
| 603,293 | |||
| Diversified Financial Services - 0.6% | |||
| New Cotai LLC 5% 2/24/27 (b) | 154,531 | 320,652 | |
| Nexi SpA 1.75% 4/24/27 (Reg. S) | EUR | 100,000 | 96,499 |
| 417,151 | |||
| Homebuilders/Real Estate - 0.1% | |||
| Fastighets AB Balder 3.5% 2/23/28 (Reg. S) | EUR | 100,000 | 101,684 |
TOTAL CONVERTIBLE BONDS | 1,122,128 | ||
| Nonconvertible Bonds - 78.0% | |||
| Aerospace - 1.9% | |||
| ATI, Inc.: | |||
| 4.875% 10/1/29 | 35,000 | 31,851 | |
| 5.125% 10/1/31 | 25,000 | 22,436 | |
| 5.875% 12/1/27 | 70,000 | 68,040 | |
| Bombardier, Inc.: | |||
| 6% 2/15/28 (c) | 110,000 | 103,421 | |
| 7.875% 4/15/27 (c) | 170,000 | 169,439 | |
| Embraer Netherlands Finance BV: | |||
| 5.4% 2/1/27 | 50,000 | 49,010 | |
| 6.95% 1/17/28 (c) | 20,000 | 20,233 | |
| Moog, Inc. 4.25% 12/15/27 (c) | 20,000 | 18,533 | |
| Rolls-Royce PLC: | |||
| 4.625% 2/16/26 (Reg. S) | EUR | 100,000 | 109,538 |
| 5.75% 10/15/27 (c) | 55,000 | 54,215 | |
| TransDigm, Inc.: | |||
| 4.875% 5/1/29 | 200,000 | 179,962 | |
| 5.5% 11/15/27 | 335,000 | 317,413 | |
| 6.25% 3/15/26 (c) | 180,000 | 179,031 | |
| 6.75% 8/15/28 (c) | 110,000 | 110,328 | |
| Wesco Aircraft Holdings, Inc. 8.5% (c)(d) | 45,000 | 1,800 | |
| 1,435,250 | |||
| Air Transportation - 0.9% | |||
| Air Canada 3.875% 8/15/26 (c) | 65,000 | 60,317 | |
| Allegiant Travel Co. 7.25% 8/15/27 (c) | 40,000 | 39,462 | |
| Deutsche Lufthansa AG 3% 5/29/26 (Reg. S) | EUR | 100,000 | 104,431 |
| International Consolidated Airlines Group SA 2.75% 3/25/25 (Reg. S) | EUR | 100,000 | 106,327 |
| Mileage Plus Holdings LLC 6.5% 6/20/27 (c) | 44,000 | 43,998 | |
| Rand Parent LLC 8.5% 2/15/30 (c) | 165,000 | 155,152 | |
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) | 38,896 | 39,238 | |
| United Airlines, Inc.: | |||
| 4.375% 4/15/26 (c) | 80,000 | 75,747 | |
| 4.625% 4/15/29 (c) | 50,000 | 45,233 | |
| Western Global Airlines LLC 10.375% 8/15/25 (c) | 60,000 | 300 | |
| 670,205 | |||
| Automotive - 0.6% | |||
| Ford Motor Credit Co. LLC 3.625% 6/17/31 | 600,000 | 495,963 | |
| Automotive & Auto Parts - 2.4% | |||
| Adient Global Holdings Ltd.: | |||
| 7% 4/15/28 (c) | 95,000 | 95,690 | |
| 8.25% 4/15/31 (c) | 95,000 | 97,843 | |
| Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S) | EUR | 119,000 | 125,772 |
| Dana, Inc. 4.25% 9/1/30 | 40,000 | 34,181 | |
| Ford Motor Co. 3.25% 2/12/32 | 140,000 | 110,632 | |
| Ford Motor Credit Co. LLC: | |||
| 2.9% 2/16/28 | 50,000 | 43,005 | |
| 3.25% 9/15/25 | EUR | 100,000 | 106,422 |
| 5.125% 6/16/25 | 170,000 | 165,521 | |
| 6.125% 5/15/28 | EUR | 100,000 | 114,775 |
| Forvia 2.75% 2/15/27 (Reg. S) | EUR | 136,000 | 138,317 |
| IHO Verwaltungs GmbH 3.75% 9/15/26 pay-in-kind(Reg. S) (e) | EUR | 100,000 | 104,178 |
| Jaguar Land Rover Automotive PLC 4.5% 1/15/26 (Reg. S) | EUR | 100,000 | 107,769 |
| LCM Investments Holdings 4.875% 5/1/29 (c) | 70,000 | 61,074 | |
| Macquarie AirFinance Holdings 8.375% 5/1/28 (c) | 55,000 | 56,000 | |
| Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 45,000 | 40,928 | |
| Renault SA 2.375% 5/25/26 (Reg. S) | EUR | 100,000 | 103,739 |
| Valeo SA 1% 8/3/28 (Reg. S) | EUR | 100,000 | 91,859 |
| ZF Finance GmbH 5.75% 8/3/26 (Reg. S) | EUR | 200,000 | 223,249 |
| 1,820,954 | |||
| Banks & Thrifts - 3.2% | |||
| Access Bank PLC 6.125% 9/21/26 (c) | 190,000 | 164,947 | |
| Ally Financial, Inc.: | |||
| 8% 11/1/31 | 155,000 | 162,107 | |
| 8% 11/1/31 | 113,000 | 119,893 | |
| Alpha Bank SA 2.5% 3/23/28 (Reg. S) (e) | EUR | 100,000 | 94,282 |
| Banca Monte dei Paschi di Siena SpA Eur Swap Annual 5Y Index + 5.000% 7.677% 1/18/28 (e)(f) | EUR | 100,000 | 95,932 |
| Banco BPM SpA 3.375% 1/19/32 (Reg. S) (e) | EUR | 200,000 | 193,538 |
| Banco de Sabadell SA 6% 8/16/33 (Reg. S) (e) | EUR | 100,000 | 104,238 |
| Bangkok Bank Ltd. PCL 3.733% 9/25/34 (Reg. S) (e) | 200,000 | 172,090 | |
| BankMuscat SAOG 4.75% 3/17/26 (Reg. S) | 200,000 | 193,424 | |
| Cliffton Ltd. 6.25% 10/25/25 (Reg. S) | 250,000 | 242,090 | |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 250,000 | 227,380 | |
| Intesa Sanpaolo SpA 2.925% 10/14/30 (Reg. S) | EUR | 100,000 | 94,489 |
| Macquarie Group Ltd. 5.887% 6/15/34 (Reg. S) (e) | 200,000 | 196,355 | |
| Piraeus Bank SA 3.875% 11/3/27 (Reg. S) (e) | EUR | 100,000 | 100,604 |
| Shinhan Bank 4.375% 4/13/32 (Reg. S) | 200,000 | 180,329 | |
| VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (c) | 130,000 | 110,041 | |
| 2,451,739 | |||
| Broadcasting - 1.5% | |||
| Cable Onda SA 4.5% 1/30/30 (c) | 200,000 | 170,118 | |
| Clear Channel Outdoor Holdings, Inc.: | |||
| 7.5% 6/1/29 (c) | 75,000 | 59,701 | |
| 7.75% 4/15/28 (c) | 35,000 | 29,268 | |
| Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (c)(d) | 70,000 | 2,188 | |
| Gray Escrow II, Inc. 5.375% 11/15/31 (c) | 90,000 | 62,802 | |
| Nexstar Media, Inc. 5.625% 7/15/27 (c) | 75,000 | 70,508 | |
| Scripps Escrow II, Inc.: | |||
| 3.875% 1/15/29 (c) | 50,000 | 41,571 | |
| 5.375% 1/15/31 (c) | 25,000 | 19,056 | |
| Scripps Escrow, Inc. 5.875% 7/15/27 (c) | 50,000 | 41,761 | |
| Sirius XM Radio, Inc.: | |||
| 4% 7/15/28 (c) | 315,000 | 274,076 | |
| 4.125% 7/1/30 (c) | 65,000 | 53,532 | |
| Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S) | EUR | 100,000 | 97,972 |
| TV Azteca SA de CV 8.25% (Reg. S) (d) | 200,000 | 73,750 | |
| Univision Communications, Inc.: | |||
| 4.5% 5/1/29 (c) | 100,000 | 86,528 | |
| 6.625% 6/1/27 (c) | 110,000 | 107,026 | |
| 1,189,857 | |||
| Building Materials - 0.8% | |||
| Advanced Drain Systems, Inc. 5% 9/30/27 (c) | 115,000 | 109,831 | |
| CEMEX S.A.B. de CV 5.45% 11/19/29 (c) | 200,000 | 193,582 | |
| James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S) | EUR | 100,000 | 105,299 |
| MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | 20,000 | 16,900 | |
| SRS Distribution, Inc.: | |||
| 4.625% 7/1/28 (c) | 55,000 | 49,794 | |
| 6% 12/1/29 (c) | 55,000 | 47,713 | |
| 6.125% 7/1/29 (c) | 30,000 | 26,323 | |
| Victors Merger Corp. 6.375% 5/15/29 (c) | 100,000 | 70,684 | |
| 620,126 | |||
| Cable/Satellite TV - 1.9% | |||
| Adria Bidco BV 3.125% 2/15/26 (Reg. S) | EUR | 100,000 | 96,514 |
| CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
| 4.25% 2/1/31 (c) | 100,000 | 82,209 | |
| 4.25% 1/15/34 (c) | 115,000 | 88,391 | |
| 4.5% 8/15/30 (c) | 195,000 | 165,223 | |
| 4.5% 6/1/33 (c) | 120,000 | 94,956 | |
| 5.125% 5/1/27 (c) | 225,000 | 211,095 | |
| CSC Holdings LLC: | |||
| 4.5% 11/15/31 (c) | 65,000 | 46,631 | |
| 4.625% 12/1/30 (c) | 75,000 | 37,677 | |
| 5% 11/15/31 (c) | 65,000 | 32,850 | |
| 5.75% 1/15/30 (c) | 100,000 | 51,768 | |
| 7.5% 4/1/28 (c) | 230,000 | 142,098 | |
| DISH DBS Corp. 5.75% 12/1/28 (c) | 45,000 | 34,628 | |
| Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
| 4.5% 9/15/26 (c) | 150,000 | 121,895 | |
| 6.5% 9/15/28 (c) | 110,000 | 65,939 | |
| Ziggo Bond Co. BV: | |||
| 5.125% 2/28/30 (c) | 35,000 | 27,651 | |
| 6% 1/15/27 (c) | 160,000 | 148,850 | |
| Ziggo BV 4.875% 1/15/30 (c) | 50,000 | 42,342 | |
| 1,490,717 | |||
| Capital Goods - 0.1% | |||
| Tk Elevator Midco GmbH 4.375% 7/15/27 (Reg. S) | EUR | 100,000 | 100,041 |
| Chemicals - 3.5% | |||
| Braskem Idesa SAPI 6.99% 2/20/32 (c) | 70,000 | 44,451 | |
| CF Industries Holdings, Inc.: | |||
| 5.15% 3/15/34 | 45,000 | 43,135 | |
| 5.375% 3/15/44 | 80,000 | 72,686 | |
| CVR Partners LP 6.125% 6/15/28 (c) | 90,000 | 81,278 | |
| ENN Clean Energy International Investment Ltd.: | |||
| 3.375% 5/12/26 (c) | 200,000 | 184,458 | |
| 3.375% 5/12/26 (Reg. S) | 200,000 | 184,458 | |
| INEOS Finance PLC 2.875% 5/1/26 | EUR | 100,000 | 100,941 |
| INEOS Quattro Finance 2 PLC 2.5% 1/15/26 (Reg. S) | EUR | 100,000 | 97,501 |
| Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (c)(e) | 185,000 | 129,500 | |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
| 5% 12/31/26 (c) | 10,000 | 9,300 | |
| 7% 12/31/27 (c) | 15,000 | 13,203 | |
| LSB Industries, Inc. 6.25% 10/15/28 (c) | 20,000 | 18,360 | |
| MEGlobal Canada, Inc. 5% 5/18/25 (c) | 200,000 | 195,912 | |
| NOVA Chemicals Corp. 4.25% 5/15/29 (c) | 75,000 | 62,359 | |
| OCP SA: | |||
| 3.75% 6/23/31 (c) | 200,000 | 167,342 | |
| 6.875% 4/25/44 (c) | 150,000 | 140,465 | |
| Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (c) | 200,000 | 193,500 | |
| Sasol Financing U.S.A. LLC 4.375% 9/18/26 | 200,000 | 180,836 | |
| SCIH Salt Holdings, Inc.: | |||
| 4.875% 5/1/28 (c) | 160,000 | 143,155 | |
| 6.625% 5/1/29 (c) | 45,000 | 39,101 | |
| The Chemours Co. LLC: | |||
| 4.625% 11/15/29 (c) | 70,000 | 59,085 | |
| 5.375% 5/15/27 | 75,000 | 71,374 | |
| 5.75% 11/15/28 (c) | 230,000 | 211,028 | |
| Tronox, Inc. 4.625% 3/15/29 (c) | 55,000 | 45,594 | |
| W.R. Grace Holding LLC: | |||
| 4.875% 6/15/27 (c) | 70,000 | 65,984 | |
| 5.625% 8/15/29 (c) | 70,000 | 59,072 | |
| 7.375% 3/1/31 (c) | 120,000 | 119,505 | |
| 2,733,583 | |||
| Consumer Products - 1.2% | |||
| Central Garden & Pet Co. 4.125% 10/15/30 | 35,000 | 29,756 | |
| Ferrellgas LP/Ferrellgas Finance Corp.: | |||
| 5.375% 4/1/26 (c) | 45,000 | 42,374 | |
| 5.875% 4/1/29 (c) | 45,000 | 38,700 | |
| Gannett Holdings LLC 6% 11/1/26 (c) | 45,000 | 38,733 | |
| Kernel Holding SA 6.75% 10/27/27 (c) | 100,000 | 59,247 | |
| Mattel, Inc. 3.375% 4/1/26 (c) | 20,000 | 18,594 | |
| Meituan 2.125% 10/28/25 (c) | 200,000 | 183,086 | |
| Natura Cosmeticos SA 4.125% 5/3/28 (c) | 40,000 | 35,070 | |
| PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (c) | 75,000 | 73,160 | |
| Prosus NV 4.027% 8/3/50 (c) | 200,000 | 127,760 | |
| Tempur Sealy International, Inc.: | |||
| 3.875% 10/15/31 (c) | 75,000 | 60,703 | |
| 4% 4/15/29 (c) | 60,000 | 52,009 | |
| The Scotts Miracle-Gro Co. 4% 4/1/31 | 40,000 | 32,489 | |
| TKC Holdings, Inc. 10.5% 5/15/29 (c) | 45,000 | 34,200 | |
| Turkiye Sise ve Cam Fabrikalari A/S 6.95% 3/14/26 (c) | 75,000 | 73,388 | |
| 899,269 | |||
| Containers - 1.3% | |||
| ARD Finance SA: | |||
| 5% 6/30/27 pay-in-kind (Reg. S) (e) | EUR | 100,000 | 85,624 |
| 6.5% 6/30/27 pay-in-kind (c)(e) | 70,000 | 56,875 | |
| Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 2.125% 8/15/26 (Reg. S) | EUR | 200,000 | 198,795 |
| Ball Corp. 4.875% 3/15/26 | 85,000 | 83,099 | |
| Berry Global, Inc. 4.875% 7/15/26 (c) | 40,000 | 38,680 | |
| CANPACK SA and Eastern PA Land Investment Holding LLC 2.375% 11/1/27 (Reg. S) | EUR | 100,000 | 91,808 |
| Crown European Holdings SA 5% 5/15/28 (Reg. S) | EUR | 100,000 | 111,390 |
| Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 30,000 | 26,265 | |
| Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | 35,000 | 30,305 | |
| Huhtamaki Oyj 4.25% 6/9/27 (Reg. S) | EUR | 100,000 | 107,630 |
| OI European Group BV 6.25% 5/15/28 (Reg. S) | EUR | 100,000 | 113,313 |
| Trident Holdings, Inc. 12.75% 12/31/28 (c) | 25,000 | 26,473 | |
| Trivium Packaging Finance BV 5.5% 8/15/26 (c) | 40,000 | 38,131 | |
| 1,008,388 | |||
| Diversified Financial Services - 4.1% | |||
| Altice France Holding SA 4% 2/15/28 (Reg. S) | EUR | 175,000 | 62,534 |
| Azul Secured Finance LLP 11.5% 5/28/29 (c) | 200,000 | 180,750 | |
| Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | 30,000 | 26,791 | |
| Coinbase Global, Inc. 3.625% 10/1/31 (c) | 185,000 | 116,741 | |
| Emerald Debt Merger Sub LLC 6.625% 12/15/30 (c) | 155,000 | 154,031 | |
| FLY Leasing Ltd. 7% 10/15/24 (c) | 105,000 | 93,503 | |
| Fortune Star (BVI) Ltd. 6.85% 7/2/24 (Reg. S) | 200,000 | 188,908 | |
| Garfunkelux Holdco 3 SA 6.75% 11/1/25 (Reg. S) | EUR | 100,000 | 80,037 |
| Hightower Holding LLC 6.75% 4/15/29 (c) | 25,000 | 21,874 | |
| HTA Group Ltd. 7% 12/18/25 (c) | 75,000 | 71,510 | |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 4.375% 2/1/29 | 165,000 | 133,830 | |
| 4.75% 9/15/24 | 90,000 | 87,066 | |
| 5.25% 5/15/27 | 400,000 | 352,000 | |
| 6.375% 12/15/25 | 295,000 | 282,323 | |
| Liberty Costa Rica SR SF 10.875% 1/15/31 (c) | 200,000 | 201,320 | |
| MDGH GMTN RSC Ltd. 5.084% 5/22/53 (c) | 200,000 | 198,750 | |
| OneMain Finance Corp.: | |||
| 4% 9/15/30 | 165,000 | 129,627 | |
| 7.125% 3/15/26 | 200,000 | 198,078 | |
| Qtel International Finance Ltd. 2.625% 4/8/31 (c) | 200,000 | 172,428 | |
| Vedanta Resources Finance II PLC 8.95% 3/11/25 (Reg. S) | 200,000 | 131,530 | |
| Verisure Holding AB: | |||
| 3.25% 2/15/27 (Reg. S) | EUR | 100,000 | 99,379 |
| 3.875% 7/15/26 (Reg. S) | EUR | 125,000 | 129,588 |
| Vivion Investments SARL 3% 8/8/24 (Reg. S) | EUR | 100,000 | 92,358 |
| Yihua Overseas Investment Ltd. 8.5% (Reg. S) (b)(d) | 200,000 | 10,010 | |
| 3,214,966 | |||
| Diversified Media - 0.4% | |||
| Allen Media LLC 10.5% 2/15/28 (c) | 220,000 | 124,850 | |
| Cmg Media Corp. 8.875% 12/15/27 (c) | 220,000 | 171,723 | |
| Lamar Media Corp. 4.875% 1/15/29 | 45,000 | 41,963 | |
| 338,536 | |||
| Energy - 12.3% | |||
| Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 3/1/27 (c) | 140,000 | 135,422 | |
| Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (c) | 70,000 | 65,975 | |
| Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 200,000 | 181,077 | |
| Centennial Resource Production LLC 5.875% 7/1/29 (c) | 80,000 | 76,000 | |
| Citgo Holding, Inc. 9.25% 8/1/24 (c) | 70,000 | 70,000 | |
| Citgo Petroleum Corp.: | |||
| 6.375% 6/15/26 (c) | 70,000 | 67,900 | |
| 7% 6/15/25 (c) | 130,000 | 128,435 | |
| CNX Resources Corp. 6% 1/15/29 (c) | 25,000 | 23,383 | |
| Comstock Resources, Inc.: | |||
| 5.875% 1/15/30 (c) | 50,000 | 44,259 | |
| 6.75% 3/1/29 (c) | 90,000 | 83,949 | |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (c) | 285,000 | 268,613 | |
| CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 25,000 | 23,509 | |
| CVR Energy, Inc.: | |||
| 5.25% 2/15/25 (c) | 140,000 | 135,964 | |
| 5.75% 2/15/28 (c) | 115,000 | 103,788 | |
| DCP Midstream Operating LP 8.125% 8/16/30 | 5,000 | 5,612 | |
| Delek Logistics Partners LP 7.125% 6/1/28 (c) | 45,000 | 41,625 | |
| Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (c) | 130,000 | 129,025 | |
| DT Midstream, Inc.: | |||
| 4.125% 6/15/29 (c) | 75,000 | 66,497 | |
| 4.375% 6/15/31 (c) | 75,000 | 65,111 | |
| Ecopetrol SA 8.875% 1/13/33 | 40,000 | 40,865 | |
| EDP Finance BV 1.875% 9/21/29 (Reg. S) | EUR | 100,000 | 98,687 |
| EIG Pearl Holdings SARL 3.545% 8/31/36 (c) | 80,000 | 67,461 | |
| Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 125,000 | 121,713 | |
| Energean Israel Finance Ltd.: | |||
| 4.5% 3/30/24 (Reg. S) (c) | 40,000 | 39,514 | |
| 4.875% 3/30/26 (Reg. S) (c) | 40,000 | 37,350 | |
| Energo-Pro A/S 4.5% 5/4/24 (Reg. S) | EUR | 100,000 | 109,132 |
| EnfraGen Energia Sur SA 5.375% 12/30/30 (c) | 200,000 | 131,836 | |
| EnLink Midstream LLC 5.625% 1/15/28 (c) | 25,000 | 24,440 | |
| EQM Midstream Partners LP 6.5% 7/1/27 (c) | 70,000 | 69,667 | |
| EQT Corp. 3.625% 5/15/31 (c) | 50,000 | 43,280 | |
| Galaxy Pipeline Assets BidCo Ltd. 2.625% 3/31/36 (c) | 85,000 | 68,762 | |
| GeoPark Ltd. 5.5% 1/17/27 (c) | 65,000 | 55,721 | |
| Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 55,000 | 51,566 | |
| Greenko Solar Mauritius Ltd. 5.55% 1/29/25 (Reg. S) | 200,000 | 193,752 | |
| Harvest Midstream I LP 7.5% 9/1/28 (c) | 135,000 | 132,676 | |
| Hess Midstream Partners LP: | |||
| 4.25% 2/15/30 (c) | 50,000 | 43,875 | |
| 5.125% 6/15/28 (c) | 80,000 | 75,630 | |
| 5.5% 10/15/30 (c) | 30,000 | 28,200 | |
| 5.625% 2/15/26 (c) | 100,000 | 98,500 | |
| India Clean Energy Holdings 4.5% 4/18/27 (Reg. S) | 200,000 | 167,908 | |
| Indika Energy Capital IV Pte Ltd. 8.25% 10/22/25 (Reg. S) | 250,000 | 248,433 | |
| Investment Energy Resources Ltd. 6.25% 4/26/29 (c) | 200,000 | 187,146 | |
| Jonah Energy Parent LLC 12% 11/5/25 (b)(g) | 80,399 | 81,605 | |
| KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) | 95,000 | 90,250 | |
| Kosmos Energy Ltd. 7.125% 4/4/26 (c) | 160,000 | 149,179 | |
| Leeward Renewable Energy LLC 4.25% 7/1/29 (c) | 170,000 | 150,487 | |
| Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (c) | 150,000 | 146,496 | |
| MC Brazil Downstream Trading SARL 7.25% 6/30/31 (c) | 328,526 | 211,488 | |
| Medco Laurel Tree PTE Ltd. 6.95% 11/12/28 (Reg. S) | 200,000 | 183,808 | |
| Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (c) | 200,000 | 196,924 | |
| MEG Energy Corp. 5.875% 2/1/29 (c) | 110,000 | 105,450 | |
| Nabors Industries, Inc. 5.75% 2/1/25 | 105,000 | 102,900 | |
| New Fortress Energy, Inc. 6.75% 9/15/25 (c) | 55,000 | 52,377 | |
| Northern Oil & Gas, Inc.: | |||
| 8.125% 3/1/28 (c) | 90,000 | 89,325 | |
| 8.75% 6/15/31 (c) | 50,000 | 50,377 | |
| Nostrum Oil & Gas Finance BV: | |||
| 5% 6/30/26 (c) | 89,000 | 53,456 | |
| 14% 6/30/26 pay-in-kind (c)(e) | 130,255 | 37,774 | |
| Occidental Petroleum Corp.: | |||
| 5.5% 12/1/25 | 35,000 | 34,868 | |
| 5.875% 9/1/25 | 40,000 | 40,076 | |
| 6.375% 9/1/28 | 70,000 | 71,869 | |
| 6.6% 3/15/46 | 55,000 | 58,289 | |
| 6.625% 9/1/30 | 90,000 | 94,374 | |
| 6.95% 7/1/24 | 31,000 | 31,209 | |
| 7.5% 5/1/31 | 230,000 | 252,540 | |
| 8.875% 7/15/30 | 145,000 | 167,985 | |
| Oq Saoc 5.125% 5/6/28 (c) | 200,000 | 191,046 | |
| PBF Holding Co. LLC/PBF Finance Corp.: | |||
| 6% 2/15/28 | 160,000 | 151,078 | |
| 7.25% 6/15/25 | 70,000 | 69,825 | |
| Petroleos Mexicanos: | |||
| 4.25% 1/15/25 | 185,000 | 175,128 | |
| 4.875% 2/21/28 (Reg. S) | EUR | 100,000 | 90,631 |
| 6.49% 1/23/27 | 175,000 | 155,269 | |
| 7.69% 1/23/50 | 75,000 | 51,686 | |
| Petrorio Luxembourg SARL 6.125% 6/9/26 (c) | 100,000 | 97,048 | |
| Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (e) | EUR | 100,000 | 108,172 |
| Rio Oil Finance Trust 9.25% 7/6/24 (c) | 17,652 | 17,733 | |
| Saudi Arabian Oil Co.: | |||
| 2.25% 11/24/30 (c) | 200,000 | 166,432 | |
| 3.25% 11/24/50 (c) | 150,000 | 105,051 | |
| 3.5% 4/16/29 (c) | 125,000 | 115,301 | |
| Seadrill Finance Ltd. 8.375% 8/1/30 (c) | 20,000 | 20,350 | |
| SM Energy Co.: | |||
| 6.5% 7/15/28 | 25,000 | 24,437 | |
| 6.625% 1/15/27 | 65,000 | 63,929 | |
| 6.75% 9/15/26 | 25,000 | 24,563 | |
| Southwestern Energy Co.: | |||
| 4.75% 2/1/32 | 65,000 | 57,755 | |
| 5.375% 2/1/29 | 50,000 | 47,214 | |
| Strathcona Resources Ltd. 6.875% 8/1/26 (c) | 210,000 | 184,386 | |
| Sunoco LP/Sunoco Finance Corp.: | |||
| 4.5% 5/15/29 | 50,000 | 44,895 | |
| 6% 4/15/27 | 175,000 | 173,552 | |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (c) | 55,000 | 48,821 | |
| Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (c) | 100,000 | 76,500 | |
| Termocandelaria Power Ltd. 7.875% 1/30/29 (c) | 155,000 | 143,874 | |
| Transportadora de Gas del Sur SA 6.75% 5/2/25 (c) | 70,000 | 66,345 | |
| Tullow Oil PLC: | |||
| 7% 3/1/25 (c) | 200,000 | 127,024 | |
| 10.25% 5/15/26 (c) | 358,000 | 291,426 | |
| U.S.A. Compression Partners LP 6.875% 4/1/26 | 35,000 | 34,685 | |
| Venture Global Calcasieu Pass LLC: | |||
| 3.875% 8/15/29 (c) | 70,000 | 60,613 | |
| 6.25% 1/15/30 (c) | 155,000 | 151,563 | |
| YPF SA 8.5% 3/23/25 (c) | 135,500 | 127,832 | |
| 9,569,528 | |||
| Entertainment/Film - 0.1% | |||
| Live Nation Entertainment, Inc. 4.75% 10/15/27 (c) | 80,000 | 74,300 | |
| Environmental - 0.4% | |||
| Clean Harbors, Inc. 6.375% 2/1/31 (c) | 20,000 | 20,096 | |
| Covanta Holding Corp. 4.875% 12/1/29 (c) | 40,000 | 35,325 | |
| Madison IAQ LLC: | |||
| 4.125% 6/30/28 (c) | 55,000 | 48,973 | |
| 5.875% 6/30/29 (c) | 85,000 | 71,297 | |
| Paprec Holding SA 3.5% 7/1/28 (Reg. S) | EUR | 113,000 | 112,443 |
| Stericycle, Inc. 3.875% 1/15/29 (c) | 35,000 | 30,723 | |
| 318,857 | |||
| Food & Drug Retail - 0.9% | |||
| Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
| 3.5% 3/15/29 (c) | 35,000 | 30,469 | |
| 4.625% 1/15/27 (c) | 95,000 | 90,027 | |
| 4.875% 2/15/30 (c) | 275,000 | 252,313 | |
| BellRing Brands, Inc. 7% 3/15/30 (c) | 25,000 | 25,095 | |
| Camposol SA 6% 2/3/27 (c) | 200,000 | 144,594 | |
| Casino Guichard Perrachon SA 4.048% 8/5/26 (Reg. S) (e) | EUR | 100,000 | 1,429 |
| Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) | 30,000 | 16,650 | |
| Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 25,000 | 21,219 | |
| SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) | 100,000 | 94,459 | |
| 676,255 | |||
| Food/Beverage/Tobacco - 1.6% | |||
| Adecoagro SA 6% 9/21/27 (c) | 100,000 | 94,888 | |
| C&S Group Enterprises LLC 5% 12/15/28 (c) | 40,000 | 30,965 | |
| Central American Bottling Corp. 5.25% 4/27/29 (c) | 200,000 | 184,742 | |
| Chobani LLC/Finance Corp., Inc.: | |||
| 4.625% 11/15/28 (c) | 30,000 | 27,300 | |
| 7.5% 4/15/25 (c) | 15,000 | 14,964 | |
| JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (c) | 120,000 | 116,084 | |
| KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) | 48,000 | 48,000 | |
| Kraft Heinz Foods Co. 5.5% 6/1/50 | 25,000 | 24,748 | |
| Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) | 70,000 | 61,778 | |
| MARB BondCo PLC 3.95% 1/29/31 (c) | 100,000 | 73,450 | |
| MHP SA 7.75% 5/10/24 (c) | 100,000 | 67,438 | |
| NBM U.S. Holdings, Inc. 6.625% 8/6/29 (c) | 65,000 | 60,260 | |
| Performance Food Group, Inc.: | |||
| 4.25% 8/1/29 (c) | 40,000 | 35,533 | |
| 5.5% 10/15/27 (c) | 100,000 | 96,830 | |
| Post Holdings, Inc. 4.625% 4/15/30 (c) | 34,000 | 29,962 | |
| TreeHouse Foods, Inc. 4% 9/1/28 | 20,000 | 17,465 | |
| Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 145,000 | 122,524 | |
| U.S. Foods, Inc.: | |||
| 4.625% 6/1/30 (c) | 35,000 | 31,481 | |
| 4.75% 2/15/29 (c) | 80,000 | 73,581 | |
| United Natural Foods, Inc. 6.75% 10/15/28 (c) | 40,000 | 33,322 | |
| 1,245,315 | |||
| Gaming - 3.5% | |||
| 888 Acquisitions Ltd. 7.558% 7/15/27 (Reg. S) | EUR | 100,000 | 102,652 |
| Affinity Gaming LLC 6.875% 12/15/27 (c) | 20,000 | 17,694 | |
| Caesars Entertainment, Inc.: | |||
| 4.625% 10/15/29 (c) | 90,000 | 79,229 | |
| 6.25% 7/1/25 (c) | 110,000 | 109,401 | |
| CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) | 135,000 | 125,381 | |
| Cirsa Finance International SARL: | |||
| 4.5% 3/15/27 (Reg. S) | EUR | 100,000 | 101,198 |
| 7.875% 7/31/28 (Reg. S) | EUR | 100,000 | 110,520 |
| 10.375% 11/30/27 (Reg. S) | EUR | 100,000 | 118,746 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
| 4.625% 1/15/29 (c) | 90,000 | 78,520 | |
| 6.75% 1/15/30 (c) | 80,000 | 68,640 | |
| GENM Capital Labuan Ltd. 3.882% 4/19/31 (c) | 200,000 | 163,224 | |
| GLP Capital LP/GLP Financing II, Inc.: | |||
| 5.25% 6/1/25 | 95,000 | 93,495 | |
| 5.375% 4/15/26 | 30,000 | 29,441 | |
| Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | 40,000 | 36,433 | |
| Lottomatica SpA 7.125% 6/1/28 (Reg. S) | EUR | 100,000 | 112,699 |
| Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S) | 200,000 | 170,164 | |
| MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S) | 200,000 | 183,125 | |
| NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) | 200,000 | 188,054 | |
| Station Casinos LLC 4.625% 12/1/31 (c) | 115,000 | 97,175 | |
| Studio City Finance Ltd.: | |||
| 6.5% 1/15/28 (c) | 110,000 | 94,325 | |
| 6.5% 1/15/28 (Reg. S) | 200,000 | 171,500 | |
| VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (c) | 70,000 | 69,064 | |
| Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S) | 250,000 | 209,680 | |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (c) | 150,000 | 149,895 | |
| 2,680,255 | |||
| Healthcare - 4.4% | |||
| 1375209 BC Ltd. 9% 1/30/28 (c) | 14,000 | 14,035 | |
| AHP Health Partners, Inc. 5.75% 7/15/29 (c) | 80,000 | 69,656 | |
| Avantor Funding, Inc. 3.875% 11/1/29 (c) | 70,000 | 61,258 | |
| Bausch Health Companies, Inc.: | |||
| 11% 9/30/28 (c) | 25,000 | 18,431 | |
| 14% 10/15/30 (c) | 4,000 | 2,531 | |
| Centene Corp.: | |||
| 3.375% 2/15/30 | 160,000 | 137,665 | |
| 4.625% 12/15/29 | 105,000 | 97,622 | |
| Charles River Laboratories International, Inc.: | |||
| 3.75% 3/15/29 (c) | 20,000 | 17,648 | |
| 4% 3/15/31 (c) | 55,000 | 47,947 | |
| Community Health Systems, Inc.: | |||
| 4.75% 2/15/31 (c) | 75,000 | 56,819 | |
| 5.25% 5/15/30 (c) | 155,000 | 123,851 | |
| 6% 1/15/29 (c) | 140,000 | 119,700 | |
| 6.125% 4/1/30 (c) | 170,000 | 107,155 | |
| 6.875% 4/15/29 (c) | 75,000 | 49,707 | |
| 8% 3/15/26 (c) | 145,000 | 142,389 | |
| DaVita HealthCare Partners, Inc.: | |||
| 3.75% 2/15/31 (c) | 60,000 | 47,978 | |
| 4.625% 6/1/30 (c) | 160,000 | 136,528 | |
| Encompass Health Corp. 5.75% 9/15/25 | 15,000 | 14,960 | |
| Eurofins Scientific SA 2.125% 7/25/24 (Reg. S) | EUR | 100,000 | 107,762 |
| Grifols SA 4.75% 10/15/28 (c) | 200,000 | 175,422 | |
| HealthEquity, Inc. 4.5% 10/1/29 (c) | 30,000 | 26,873 | |
| Hologic, Inc. 3.25% 2/15/29 (c) | 55,000 | 48,125 | |
| Jazz Securities DAC 4.375% 1/15/29 (c) | 55,000 | 48,901 | |
| Molina Healthcare, Inc.: | |||
| 3.875% 11/15/30 (c) | 50,000 | 42,771 | |
| 3.875% 5/15/32 (c) | 100,000 | 83,423 | |
| 4.375% 6/15/28 (c) | 40,000 | 36,677 | |
| Nidda Healthcare Holding AG 7.5% 8/21/26 (Reg. S) | EUR | 100,000 | 109,797 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
| 2.875% 4/30/28 (Reg. S) | EUR | 147,000 | 142,405 |
| 4.125% 4/30/28 (c) | 80,000 | 71,691 | |
| 5.125% 4/30/31 (c) | 80,000 | 67,815 | |
| RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 50,000 | 34,092 | |
| Surgery Center Holdings, Inc.: | |||
| 6.75% 7/1/25 (c) | 16,000 | 15,940 | |
| 10% 4/15/27 (c) | 40,000 | 40,934 | |
| Teleflex, Inc. 4.625% 11/15/27 | 30,000 | 28,313 | |
| Tenet Healthcare Corp.: | |||
| 4.25% 6/1/29 | 130,000 | 116,485 | |
| 4.375% 1/15/30 | 210,000 | 187,296 | |
| 6.125% 10/1/28 | 210,000 | 200,044 | |
| 6.25% 2/1/27 | 195,000 | 191,424 | |
| 6.875% 11/15/31 | 10,000 | 10,015 | |
| Teva Pharmaceutical Finance Netherlands III BV: | |||
| 1.625% 10/15/28 (Reg. S) | EUR | 100,000 | 85,255 |
| 3.15% 10/1/26 | 75,000 | 67,861 | |
| 4.1% 10/1/46 | 200,000 | 131,086 | |
| 7.875% 9/15/29 | 100,000 | 104,084 | |
| 3,440,371 | |||
| Homebuilders/Real Estate - 2.4% | |||
| Adler Financing SARL 12.5% 6/30/25 pay-in-kind (e) | EUR | 25,000 | 28,170 |
| Arcosa, Inc. 4.375% 4/15/29 (c) | 40,000 | 36,002 | |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
| 4.625% 8/1/29 (c) | 40,000 | 34,613 | |
| 6.625% 1/15/28 (c) | 5,000 | 4,798 | |
| China Aoyuan Group Ltd. 6.2% (Reg. S) (d) | 200,000 | 9,000 | |
| Country Garden Holdings Co. Ltd. 4.8% 8/6/30 (Reg. S) | 200,000 | 28,000 | |
| Easy Tactic Ltd. 7.5% 7/11/28 pay-in-kind (e) | 224,177 | 13,451 | |
| GMR Hyderabad International Airport Ltd. 4.75% 2/2/26 (Reg. S) | 200,000 | 190,182 | |
| Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (c) | 70,000 | 71,632 | |
| Kennedy-Wilson, Inc.: | |||
| 4.75% 3/1/29 | 55,000 | 44,825 | |
| 5% 3/1/31 | 55,000 | 42,625 | |
| Modernland Overseas Pte Ltd.: | |||
| 3% 4/30/27 pay-in-kind (Reg. S) (b)(e) | 4,447 | 1,112 | |
| 4% 4/30/27 pay-in-kind (e) | 106,828 | 26,707 | |
| New Home Co., Inc. 8.25% 10/15/27 (b)(c)(h) | 35,000 | 33,381 | |
| New Metro Global Ltd. 4.8% 12/15/24 (Reg. S) | 285,000 | 159,133 | |
| Redsun Properties Group Ltd. 9.7% (Reg. S) (d) | 220,000 | 14,300 | |
| RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S) | 200,000 | 80,880 | |
| Starwood Property Trust, Inc. 4.75% 3/15/25 | 75,000 | 72,395 | |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
| 5.75% 1/15/28 (c) | 80,000 | 77,981 | |
| 5.875% 6/15/27 (c) | 55,000 | 54,140 | |
| Theta Capital Pte Ltd. 6.75% 10/31/26 (Reg. S) | 200,000 | 142,078 | |
| Times China Holdings Ltd. 6.75% (Reg. S) (d) | 200,000 | 13,000 | |
| TRI Pointe Homes, Inc. 5.7% 6/15/28 | 15,000 | 14,400 | |
| Uniti Group LP / Uniti Group Finance, Inc.: | |||
| 4.75% 4/15/28 (c) | 55,000 | 45,882 | |
| 6.5% 2/15/29 (c) | 85,000 | 59,129 | |
| 10.5% 2/15/28 (c) | 110,000 | 109,342 | |
| VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (c) | 205,000 | 189,255 | |
| Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 25,000 | 22,439 | |
| Yango Justice International Ltd.: | |||
| 8.25% (Reg. S) (d) | 220,000 | 2,200 | |
| 10% (Reg. S) (d) | 200,000 | 4,358 | |
| Yanlord Land Group Ltd. 6.8% 2/27/24 (Reg. S) | 250,000 | 235,000 | |
| 1,860,410 | |||
| Hotels - 0.6% | |||
| Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | 125,000 | 136,394 | |
| Hilton Domestic Operating Co., Inc.: | |||
| 3.625% 2/15/32 (c) | 40,000 | 33,566 | |
| 3.75% 5/1/29 (c) | 35,000 | 31,184 | |
| Lindblad Expeditions Holdings 9% 5/15/28 (c) | 185,000 | 191,037 | |
| Lindblad Expeditions LLC 6.75% 2/15/27 (c) | 65,000 | 62,376 | |
| 454,557 | |||
| Insurance - 1.6% | |||
| Acrisure LLC / Acrisure Finance, Inc.: | |||
| 7% 11/15/25 (c) | 250,000 | 241,417 | |
| 10.125% 8/1/26 (c) | 35,000 | 35,831 | |
| Alliant Holdings Intermediate LLC: | |||
| 5.875% 11/1/29 (c) | 190,000 | 168,122 | |
| 6.75% 10/15/27 (c) | 225,000 | 213,121 | |
| AmWINS Group, Inc. 4.875% 6/30/29 (c) | 40,000 | 36,697 | |
| AssuredPartners, Inc. 5.625% 1/15/29 (c) | 30,000 | 26,188 | |
| HUB International Ltd.: | |||
| 5.625% 12/1/29 (c) | 60,000 | 53,552 | |
| 7% 5/1/26 (c) | 190,000 | 189,613 | |
| MGIC Investment Corp. 5.25% 8/15/28 | 40,000 | 38,085 | |
| USI, Inc. 6.875% 5/1/25 (c) | 275,000 | 273,890 | |
| 1,276,516 | |||
| Leisure - 1.8% | |||
| Carnival Corp.: | |||
| 5.75% 3/1/27 (c) | 135,000 | 124,886 | |
| 9.875% 8/1/27 (c) | 210,000 | 219,553 | |
| 10.5% 2/1/26 (c) | 75,000 | 79,058 | |
| NCL Corp. Ltd.: | |||
| 5.875% 3/15/26 (c) | 20,000 | 18,925 | |
| 5.875% 2/15/27 (c) | 90,000 | 87,644 | |
| 7.75% 2/15/29 (c) | 80,000 | 76,609 | |
| NCL Finance Ltd. 6.125% 3/15/28 (c) | 25,000 | 22,750 | |
| Royal Caribbean Cruises Ltd.: | |||
| 4.25% 7/1/26 (c) | 130,000 | 120,845 | |
| 5.375% 7/15/27 (c) | 60,000 | 57,049 | |
| 5.5% 8/31/26 (c) | 135,000 | 129,471 | |
| 7.25% 1/15/30 (c) | 45,000 | 45,487 | |
| 11.625% 8/15/27 (c) | 220,000 | 240,208 | |
| Studio City Co. Ltd. 7% 2/15/27 (c) | 75,000 | 71,233 | |
| Vail Resorts, Inc. 6.25% 5/15/25 (c) | 35,000 | 35,093 | |
| Viking Cruises Ltd. 9.125% 7/15/31 (c) | 25,000 | 25,705 | |
| 1,354,516 | |||
| Metals/Mining - 3.4% | |||
| Abja Investment Co. Pte Ltd. 5.45% 1/24/28 | 200,000 | 198,375 | |
| Alcoa Nederland Holding BV 4.125% 3/31/29 (c) | 70,000 | 62,777 | |
| Alpha Natural Resources, Inc. 9.75% (b)(d) | 210,000 | 0 | |
| Antofagasta PLC 2.375% 10/14/30 (c) | 200,000 | 162,348 | |
| Arsenal AIC Parent LLC 8% 10/1/30 (c)(i) | 30,000 | 30,600 | |
| Cleveland-Cliffs, Inc.: | |||
| 4.625% 3/1/29 (c) | 40,000 | 36,627 | |
| 4.875% 3/1/31 (c) | 40,000 | 35,457 | |
| Endeavour Mining PLC 5% 10/14/26 (c) | 100,000 | 90,501 | |
| ERO Copper Corp. 6.5% 2/15/30 (c) | 365,000 | 322,113 | |
| First Quantum Minerals Ltd.: | |||
| 6.875% 3/1/26 (c) | 105,000 | 102,827 | |
| 6.875% 10/15/27 (c) | 80,000 | 78,250 | |
| 7.5% 4/1/25 (c) | 101,000 | 100,488 | |
| FMG Resources Pty Ltd.: | |||
| 4.375% 4/1/31 (c) | 40,000 | 34,399 | |
| 5.875% 4/15/30 (c) | 130,000 | 124,687 | |
| Gcm Mining Corp. 6.875% 8/9/26 (c) | 200,000 | 160,000 | |
| HudBay Minerals, Inc. 6.125% 4/1/29 (c) | 105,000 | 100,588 | |
| Industrias Penoles SA de CV 4.75% 8/6/50 (c) | 200,000 | 161,068 | |
| Mineral Resources Ltd.: | |||
| 8% 11/1/27 (c) | 85,000 | 85,232 | |
| 8.5% 5/1/30 (c) | 20,000 | 20,209 | |
| Novelis Corp. 3.875% 8/15/31 (c) | 115,000 | 95,761 | |
| PT Freeport Indonesia 5.315% 4/14/32 (c) | 200,000 | 188,781 | |
| Stillwater Mining Co.: | |||
| 4% 11/16/26 (c) | 140,000 | 125,916 | |
| 4.5% 11/16/29 (c) | 65,000 | 52,698 | |
| VM Holding SA 6.5% 1/18/28 (c) | 200,000 | 193,914 | |
| Volcan Compania Minera SAA 4.375% 2/11/26 (c) | 95,000 | 67,954 | |
| 2,631,570 | |||
| Paper - 0.4% | |||
| Berry Global, Inc. 5.625% 7/15/27 (c) | 35,000 | 34,142 | |
| Clydesdale Acquisition Holdings, Inc.: | |||
| 6.625% 4/15/29 (c) | 35,000 | 33,484 | |
| 8.75% 4/15/30 (c) | 200,000 | 181,303 | |
| Mercer International, Inc. 5.125% 2/1/29 | 55,000 | 45,037 | |
| SPA Holdings 3 OY 4.875% 2/4/28 (c) | 45,000 | 37,310 | |
| 331,276 | |||
| Restaurants - 0.6% | |||
| 1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) | 160,000 | 137,496 | |
| CEC Entertainment LLC 6.75% 5/1/26 (c) | 60,000 | 57,695 | |
| Papa John's International, Inc. 3.875% 9/15/29 (c) | 25,000 | 21,369 | |
| Yum! Brands, Inc.: | |||
| 4.625% 1/31/32 | 70,000 | 63,395 | |
| 4.75% 1/15/30 (c) | 200,000 | 186,542 | |
| 466,497 | |||
| Services - 3.5% | |||
| Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) | 30,000 | 22,885 | |
| ASGN, Inc. 4.625% 5/15/28 (c) | 160,000 | 146,713 | |
| Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) | 38,000 | 32,228 | |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (c) | 40,000 | 37,216 | |
| Booz Allen Hamilton, Inc. 4% 7/1/29 (c) | 30,000 | 27,149 | |
| Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (c) | 185,000 | 188,704 | |
| CoreCivic, Inc. 8.25% 4/15/26 | 100,000 | 100,758 | |
| CoreLogic, Inc. 4.5% 5/1/28 (c) | 125,000 | 102,813 | |
| Elis SA 1.625% 4/3/28 (Reg. S) | EUR | 100,000 | 98,405 |
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 520,000 | 502,450 | |
| H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | 90,000 | 79,081 | |
| Hertz Corp.: | |||
| 4.625% 12/1/26 (c) | 55,000 | 49,690 | |
| 5% 12/1/29 (c) | 70,000 | 57,826 | |
| 5.5% (b)(c)(d) | 65,000 | 1,463 | |
| 6% (b)(c)(d) | 85,000 | 4,994 | |
| 6.25% (b)(d) | 60,000 | 75 | |
| 7.125% (b)(c)(d) | 85,000 | 6,800 | |
| Koc Holding A/S 6.5% 3/11/25 (c) | 35,000 | 34,681 | |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (c) | 35,000 | 32,832 | |
| PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S) | EUR | 114,000 | 120,768 |
| Sabre GLBL, Inc. 7.375% 9/1/25 (c) | 60,000 | 54,150 | |
| Service Corp. International 5.125% 6/1/29 | 35,000 | 33,250 | |
| Techem Verwaltungsgesellschaft 2% 7/15/25 (Reg. S) | EUR | 100,000 | 105,693 |
| The Bidvest Group UK PLC 3.625% 9/23/26 (c) | 75,000 | 67,421 | |
| The GEO Group, Inc.: | |||
| 9.5% 12/31/28 (c) | 170,000 | 165,750 | |
| 10.5% 6/30/28 | 67,000 | 67,190 | |
| Uber Technologies, Inc.: | |||
| 4.5% 8/15/29 (c) | 485,000 | 448,270 | |
| 6.25% 1/15/28 (c) | 100,000 | 99,226 | |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 45,000 | 41,870 | |
| 2,730,351 | |||
| Steel - 0.7% | |||
| Commercial Metals Co. 3.875% 2/15/31 | 30,000 | 26,044 | |
| CSN Islands XI Corp. 6.75% 1/28/28 (c) | 50,000 | 47,305 | |
| CSN Resources SA: | |||
| 5.875% 4/8/32 (c) | 40,000 | 33,100 | |
| 7.625% 4/17/26 (c) | 15,000 | 14,876 | |
| JSW Steel Ltd. 3.95% 4/5/27 (c) | 100,000 | 88,846 | |
| Metinvest BV 5.625% 6/17/25 (Reg. S) | EUR | 100,000 | 76,415 |
| Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 20,000 | 17,825 | |
| TMK Capital SA 4.3% (Reg. S) (b)(d) | 200,000 | 126,500 | |
| Vallourec SA 8.5% 6/30/26 (Reg. S) | EUR | 100,000 | 110,500 |
| 541,411 | |||
| Super Retail - 1.2% | |||
| Academy Ltd. 6% 11/15/27 (c) | 75,000 | 72,469 | |
| Asbury Automotive Group, Inc.: | |||
| 4.5% 3/1/28 | 21,000 | 19,219 | |
| 4.625% 11/15/29 (c) | 45,000 | 39,812 | |
| 4.75% 3/1/30 | 20,000 | 17,663 | |
| 5% 2/15/32 (c) | 45,000 | 39,218 | |
| Bath & Body Works, Inc. 6.625% 10/1/30 (c) | 110,000 | 106,302 | |
| Carvana Co. 4.875% 9/1/29 (c) | 61,000 | 37,820 | |
| EG Global Finance PLC: | |||
| 6.75% 2/7/25 (c) | 231,000 | 226,872 | |
| 8.5% 10/30/25 (c) | 47,000 | 46,540 | |
| Group 1 Automotive, Inc. 4% 8/15/28 (c) | 200,000 | 177,109 | |
| Macy's Retail Holdings LLC 6.125% 3/15/32 (c) | 35,000 | 31,235 | |
| Michaels Companies, Inc.: | |||
| 5.25% 5/1/28 (c) | 65,000 | 55,253 | |
| 7.875% 5/1/29 (c) | 95,000 | 67,688 | |
| 937,200 | |||
| Technology - 4.1% | |||
| Acuris Finance U.S. 5% 5/1/28 (c) | 170,000 | 134,883 | |
| Adevinta ASA 2.625% 11/15/25 (Reg. S) | EUR | 100,000 | 105,552 |
| Athenahealth Group, Inc. 6.5% 2/15/30 (c) | 175,000 | 148,279 | |
| Black Knight InfoServ LLC 3.625% 9/1/28 (c) | 60,000 | 54,900 | |
| Block, Inc.: | |||
| 2.75% 6/1/26 | 75,000 | 68,277 | |
| 3.5% 6/1/31 | 75,000 | 62,818 | |
| Boxer Parent Co., Inc. 9.125% 3/1/26 (c) | 5,000 | 4,999 | |
| CA Magnum Holdings 5.375% 10/31/26 (c) | 400,000 | 367,000 | |
| Camelot Finance SA 4.5% 11/1/26 (c) | 150,000 | 141,483 | |
| Cellnex Finance Co. SA 1% 9/15/27 (Reg. S) | EUR | 100,000 | 95,975 |
| Cloud Software Group, Inc. 9% 9/30/29 (c) | 185,000 | 165,694 | |
| Coherent Corp. 5% 12/15/29 (c) | 45,000 | 40,500 | |
| Crowdstrike Holdings, Inc. 3% 2/15/29 | 70,000 | 60,434 | |
| Elastic NV 4.125% 7/15/29 (c) | 40,000 | 34,704 | |
| Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S) | EUR | 124,000 | 111,172 |
| Iliad SA 5.375% 6/14/27 (Reg. S) | EUR | 200,000 | 219,856 |
| Lenovo Group Ltd. 3.421% 11/2/30 (c) | 200,000 | 168,932 | |
| Match Group Holdings II LLC 4.125% 8/1/30 (c) | 100,000 | 86,295 | |
| MicroStrategy, Inc. 6.125% 6/15/28 (c) | 235,000 | 210,351 | |
| NCR Corp. 5.125% 4/15/29 (c) | 45,000 | 40,241 | |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 30,000 | 27,473 | |
| Open Text Holdings, Inc. 4.125% 2/15/30 (c) | 200,000 | 171,450 | |
| Qorvo, Inc. 4.375% 10/15/29 | 45,000 | 41,279 | |
| Rackspace Hosting, Inc.: | |||
| 3.5% 2/15/28 (c) | 100,000 | 44,729 | |
| 5.375% 12/1/28 (c) | 30,000 | 8,307 | |
| Roblox Corp. 3.875% 5/1/30 (c) | 185,000 | 155,423 | |
| Seagate HDD Cayman: | |||
| 8.25% 12/15/29 (c) | 45,000 | 47,166 | |
| 8.5% 7/15/31 (c) | 40,000 | 41,761 | |
| Sensata Technologies BV 4% 4/15/29 (c) | 65,000 | 57,443 | |
| SoftBank Group Corp. 3.875% 7/6/32 (Reg. S) | EUR | 100,000 | 88,551 |
| Synaptics, Inc. 4% 6/15/29 (c) | 30,000 | 25,801 | |
| TTM Technologies, Inc. 4% 3/1/29 (c) | 60,000 | 51,150 | |
| Uber Technologies, Inc. 7.5% 9/15/27 (c) | 90,000 | 91,863 | |
| 3,174,741 | |||
| Telecommunications - 5.8% | |||
| Altice France Holding SA 6% 2/15/28 (c) | 75,000 | 27,563 | |
| Altice France SA: | |||
| 5.125% 1/15/29 (c) | 50,000 | 34,854 | |
| 5.125% 7/15/29 (c) | 120,000 | 84,029 | |
| 5.5% 1/15/28 (c) | 130,000 | 95,369 | |
| AXIAN Telecom 7.375% 2/16/27 (c) | 200,000 | 183,506 | |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) | 330,000 | 297,000 | |
| Cablevision Lightpath LLC: | |||
| 3.875% 9/15/27 (c) | 30,000 | 24,896 | |
| 5.625% 9/15/28 (c) | 20,000 | 15,213 | |
| Cellnex Telecom SA 1.75% 10/23/30 (Reg. S) | EUR | 100,000 | 90,320 |
| Consolidated Communications, Inc. 5% 10/1/28 (c) | 135,000 | 99,884 | |
| CT Trust 5.125% 2/3/32 (c) | 200,000 | 165,324 | |
| Digicel Group Ltd. 6.75% (c)(d) | 150,000 | 28,500 | |
| Frontier Communications Holdings LLC: | |||
| 5% 5/1/28 (c) | 55,000 | 46,607 | |
| 5.875% 10/15/27 (c) | 50,000 | 45,796 | |
| 5.875% 11/1/29 | 14,771 | 10,830 | |
| 6% 1/15/30 (c) | 95,000 | 69,007 | |
| 8.75% 5/15/30 (c) | 65,000 | 62,711 | |
| IHS Netherlands Holdco BV 8% 9/18/27 (c) | 200,000 | 181,692 | |
| Intelsat Jackson Holdings SA: | |||
| 5.5% (b)(d) | 200,000 | 0 | |
| 6.5% 3/15/30 (c) | 135,000 | 123,319 | |
| 8.5% (b)(c)(d) | 45,000 | 0 | |
| LCPR Senior Secured Financing DAC: | |||
| 5.125% 7/15/29 (c) | 400,000 | 330,782 | |
| 6.75% 10/15/27 (c) | 90,000 | 84,176 | |
| Level 3 Financing, Inc.: | |||
| 3.75% 7/15/29 (c) | 95,000 | 62,290 | |
| 4.25% 7/1/28 (c) | 75,000 | 53,081 | |
| Liquid Telecommunications Financing PLC 5.5% 9/4/26 (c) | 200,000 | 132,260 | |
| Lorca Telecom Bondco SAU 4% 9/18/27 (Reg. S) | EUR | 200,000 | 205,890 |
| Millicom International Cellular SA 4.5% 4/27/31 (c) | 200,000 | 159,176 | |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
| 4.75% 4/30/27 (c) | 50,000 | 43,518 | |
| 6% 2/15/28 (c) | 20,000 | 15,800 | |
| Sable International Finance Ltd. 5.75% 9/7/27 (c) | 180,000 | 166,388 | |
| Sabre GLBL, Inc. 9.25% 4/15/25 (c) | 6,000 | 5,625 | |
| SBA Communications Corp.: | |||
| 3.125% 2/1/29 | 100,000 | 84,310 | |
| 3.875% 2/15/27 | 200,000 | 184,254 | |
| Sprint Capital Corp. 8.75% 3/15/32 | 55,000 | 66,355 | |
| Telecom Italia SpA: | |||
| 2.75% 4/15/25 (Reg. S) | EUR | 100,000 | 104,178 |
| 4% 4/11/24 (Reg. S) | EUR | 100,000 | 108,988 |
| Telefonica Celular del Paraguay SA 5.875% 4/15/27 (c) | 200,000 | 188,554 | |
| Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (c) | 200,000 | 181,162 | |
| Uniti Group, Inc. 6% 1/15/30 (c) | 210,000 | 138,863 | |
| VTR Comunicaciones SpA 5.125% 1/15/28 (c) | 176,000 | 103,733 | |
| Windstream Escrow LLC 7.75% 8/15/28 (c) | 295,000 | 248,467 | |
| Zayo Group Holdings, Inc.: | |||
| 4% 3/1/27 (c) | 115,000 | 82,243 | |
| 6.125% 3/1/28 (c) | 60,000 | 36,992 | |
| 4,473,505 | |||
| Textiles/Apparel - 0.4% | |||
| Crocs, Inc.: | |||
| 4.125% 8/15/31 (c) | 115,000 | 92,605 | |
| 4.25% 3/15/29 (c) | 110,000 | 93,530 | |
| CT Investment GmbH 5.5% 4/15/26 (Reg. S) | EUR | 100,000 | 102,632 |
| Victoria's Secret & Co. 4.625% 7/15/29 (c) | 50,000 | 37,516 | |
| 326,283 | |||
| Transportation Ex Air/Rail - 0.6% | |||
| Autostrade per L'italia SpA 1.75% 6/26/26 (Reg. S) | EUR | 100,000 | 102,805 |
| eHi Car Service Co. Ltd. 7.75% 11/14/24 (Reg. S) | 200,000 | 153,000 | |
| Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (c) | 40,000 | 33,400 | |
| Mersin Uluslararasi Liman Isletmeciligi A/S 5.375% 11/15/24 (c) | 100,000 | 97,452 | |
| Seaspan Corp. 5.5% 8/1/29 (c) | 110,000 | 89,650 | |
| 476,307 | |||
| Utilities - 3.9% | |||
| Abu Dhabi National Energy Co. PJSC 4.696% 4/24/33 (c) | 200,000 | 198,106 | |
| Clearway Energy Operating LLC 4.75% 3/15/28 (c) | 40,000 | 37,106 | |
| ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S) | EUR | 121,000 | 110,376 |
| DPL, Inc.: | |||
| 4.125% 7/1/25 | 180,000 | 172,575 | |
| 4.35% 4/15/29 | 215,000 | 189,197 | |
| Energia Group ROI 6.875% 7/31/28 (Reg. S) | EUR | 113,000 | 124,133 |
| Eskom Holdings SOC Ltd.: | |||
| 6.75% 8/6/23 (c) | 45,000 | 44,897 | |
| 8.45% 8/10/28 (c) | 60,000 | 59,167 | |
| Mong Duong Finance Holdings BV 5.125% 5/7/29 (c) | 100,000 | 90,113 | |
| NextEra Energy Partners LP 4.25% 9/15/24 (c) | 4,000 | 3,840 | |
| NRG Energy, Inc. 3.875% 2/15/32 (c) | 45,000 | 34,822 | |
| Pacific Gas & Electric Co.: | |||
| 3.75% 8/15/42 | 10,000 | 6,933 | |
| 3.95% 12/1/47 | 55,000 | 37,804 | |
| 4.55% 7/1/30 | 415,000 | 376,951 | |
| 4.95% 7/1/50 | 415,000 | 331,883 | |
| PG&E Corp. 5% 7/1/28 | 375,000 | 346,926 | |
| Pike Corp. 5.5% 9/1/28 (c) | 240,000 | 216,000 | |
| PT Cikarang Listrindo Tbk 4.95% 9/14/26 (Reg. S) | 200,000 | 189,886 | |
| Public Power Corp. of Greece 4.375% 3/30/26 (Reg. S) | EUR | 100,000 | 106,746 |
| Solaris Midstream Holdings LLC 7.625% 4/1/26 (c) | 70,000 | 68,626 | |
| Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S) | 162,160 | 159,531 | |
| Vertiv Group Corp. 4.125% 11/15/28 (c) | 95,000 | 85,279 | |
| Vistra Operations Co. LLC 5.625% 2/15/27 (c) | 60,000 | 58,016 | |
| 3,048,913 | |||
TOTAL NONCONVERTIBLE BONDS | 60,558,528 | ||
| TOTAL CORPORATE BONDS (Cost $69,686,516) | 61,680,656 | ||
| Government Obligations - 1.4% | |||
Principal Amount (a) | Value ($) | ||
| Germany - 0.9% | |||
| German Federal Republic: | |||
| 0% 9/15/23 (Reg. S) | EUR | 275,000 | 301,061 |
| 2.2% 4/13/28(Reg. S) | EUR | 400,000 | 433,050 |
TOTAL GERMANY | 734,111 | ||
| Sri Lanka - 0.1% | |||
| Democratic Socialist Republic of Sri Lanka 6.2% (Reg. S) (d) | 200,000 | 88,658 | |
| United States of America - 0.4% | |||
| U.S. Treasury Bonds: | |||
| 2.875% 5/15/52 | 336,000 | 270,572 | |
| 3.625% 2/15/53 | 42,000 | 39,172 | |
TOTAL UNITED STATES OF AMERICA | 309,744 | ||
| TOTAL GOVERNMENT OBLIGATIONS (Cost $1,281,894) | 1,132,513 | ||
| Common Stocks - 2.7% | |||
| Shares | Value ($) | ||
| Automotive & Auto Parts - 0.0% | |||
| UC Holdings, Inc. (b)(j) | 3,510 | 8,635 | |
| Energy - 1.9% | |||
| California Resources Corp. | 5,929 | 316,312 | |
| California Resources Corp. warrants 10/27/24 (j) | 530 | 9,593 | |
| Chesapeake Energy Corp. | 1,694 | 142,872 | |
| Denbury, Inc. (j) | 1,860 | 163,513 | |
| Denbury, Inc. warrants 9/18/25 (j) | 1,038 | 55,222 | |
| EP Energy Corp. (b)(j) | 7,975 | 48,010 | |
| Mesquite Energy, Inc. (b)(j) | 3,543 | 505,032 | |
| Noble Corp. PLC: | |||
| warrants 2/4/28 (j) | 600 | 20,550 | |
| warrants 2/4/28 (j) | 600 | 17,058 | |
| Nostrum Oil & Gas LP warrants (b)(j) | 6,753 | 0 | |
| PureWest Energy (b)(j) | 105 | 196 | |
| PureWest Energy rights (b)(j) | 63 | 0 | |
| Superior Energy Services, Inc. Class A (b)(j) | 609 | 45,876 | |
| Tidewater, Inc. warrants 11/14/42 (j) | 1,897 | 131,686 | |
TOTAL ENERGY | 1,455,920 | ||
| Entertainment/Film - 0.1% | |||
| New Cotai LLC/New Cotai Capital Corp. (b)(g)(j) | 125,816 | 96,878 | |
| Food & Drug Retail - 0.4% | |||
| Northeast Grocery, Inc. (b)(g)(j) | 12,754 | 65,300 | |
| Southeastern Grocers, Inc. (b)(g)(j) | 7,744 | 203,900 | |
TOTAL FOOD & DRUG RETAIL | 269,200 | ||
| Telecommunications - 0.0% | |||
| Intelsat Jackson Holdings SA: | |||
| Series A rights (b)(j) | 240 | 2,131 | |
| Series B rights (b)(j) | 240 | 7,855 | |
TOTAL TELECOMMUNICATIONS | 9,986 | ||
| Textiles/Apparel - 0.2% | |||
| Intelsat Emergence SA (b)(j) | 2,308 | 116,254 | |
| Utilities - 0.1% | |||
| Vistra Corp. | 3,895 | 109,294 | |
| TOTAL COMMON STOCKS (Cost $1,187,737) | 2,066,167 | ||
| Convertible Preferred Stocks - 0.2% | |||
| Shares | Value ($) | ||
| Utilities - 0.2% | |||
PG&E Corp. (Cost $97,767) | 900 | 137,367 | |
| Bank Loan Obligations - 5.0% | |||
Principal Amount (a) | Value ($) | ||
| Aerospace - 0.1% | |||
| TransDigm, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.4919% 8/24/28 (e)(f)(k) | 64,879 | 64,899 | |
| Air Transportation - 0.6% | |||
| Echo Global Logistics, Inc.: | |||
| 1LN, term loan 3 month U.S. LIBOR + 4.750% 9.9525% 11/23/28 (b)(e)(f)(k) | 191,553 | 184,523 | |
| 2LN, term loan: | |||
3 month U.S. LIBOR + 8.000% 13.193% 11/23/29 (b)(e)(f)(k) | 257,000 | 247,594 | |
CME Term SOFR 3 Month Index + 7.000% 12.193% 11/23/29 (b)(e)(f)(k) | 30,000 | 29,850 | |
TOTAL AIR TRANSPORTATION | 461,967 | ||
| Banks & Thrifts - 0.0% | |||
| First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 8.0379% 2/1/27 (e)(f)(k) | 28,177 | 27,773 | |
| Building Materials - 0.1% | |||
| Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.6662% 2/25/29 (e)(f)(k) | 49,500 | 46,963 | |
| Chemicals - 0.3% | |||
| Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0379% 5/7/25 (b)(e)(f)(k) | 166,600 | 161,602 | |
| Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6169% 10/4/29 (e)(f)(k) | 79,600 | 77,522 | |
TOTAL CHEMICALS | 239,124 | ||
| Consumer Products - 0.1% | |||
| The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.7648% 5/8/26 (b)(e)(f)(k) | 74,465 | 72,514 | |
| Diversified Financial Services - 0.4% | |||
| BCP Renaissance Parent LLC Tranche B3 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.7419% 10/31/26 (e)(f)(k) | 12,879 | 12,842 | |
| HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.2419% 4/20/30 (e)(f)(k) | 14,426 | 14,390 | |
| Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(k) | 321,580 | 324,764 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 351,996 | ||
| Diversified Media - 0.2% | |||
| Cmg Media Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.8419% 12/17/26 (e)(f)(k) | 139,642 | 126,277 | |
| Energy - 0.0% | |||
| Mesquite Energy, Inc.: | |||
| 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(f)(k) | 65,772 | 0 | |
| term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(f)(k) | 28,000 | 0 | |
TOTAL ENERGY | 0 | ||
| Food/Beverage/Tobacco - 0.1% | |||
| Oatly Group AB Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.8099% 4/18/28 (b)(e)(f)(k) | 80,000 | 76,800 | |
| Healthcare - 0.0% | |||
| Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.4331% 11/1/28 (e)(f)(k) | 9,875 | 9,843 | |
| Homebuilders/Real Estate - 0.3% | |||
| Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (b)(e)(k) | 230,804 | 219,264 | |
| Hotels - 0.0% | |||
| Travelport Finance Luxembourg SARL 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 6.750% 13.3646% 5/29/26 (b)(e)(f)(k) | 39,227 | 25,106 | |
| Insurance - 0.1% | |||
| Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6831% 2/15/27 (e)(f)(k) | 4,925 | 4,882 | |
| Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.7216% 11/6/27 (e)(f)(k) | 38,481 | 38,385 | |
TOTAL INSURANCE | 43,267 | ||
| Leisure - 0.0% | |||
| Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 8/17/28 (e)(f)(k) | 4,741 | 4,731 | |
| Services - 1.0% | |||
| ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.2025% 12/20/29 (e)(f)(k) | 5,000 | 4,863 | |
| Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 11.1687% 12/10/29 (e)(f)(k) | 10,000 | 8,510 | |
| CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 6/2/28 (e)(f)(k) | 159,190 | 145,982 | |
| Finastra U.S.A., Inc.: | |||
| Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.981% 6/13/25 (e)(f)(k) | 220,000 | 199,987 | |
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.231% 6/13/24 (e)(f)(k) | 174,179 | 168,558 | |
| Maverick Purchaser Sub LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.4331% 1/23/27 (e)(f)(k) | 14,550 | 14,150 | |
| Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.2303% 3/4/28 (e)(f)(k) | 193,311 | 163,052 | |
| Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.0183% 3/3/30 (e)(f)(k) | 64,675 | 64,661 | |
TOTAL SERVICES | 769,763 | ||
| Super Retail - 0.2% | |||
| Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.943% 3/5/28 (e)(f)(k) | 156,021 | 155,411 | |
| Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 9.7535% 4/15/28 (e)(f)(k) | 24,500 | 22,546 | |
TOTAL SUPER RETAIL | 177,957 | ||
| Technology - 1.1% | |||
| Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 9.2535% 8/10/25 (e)(f)(k) | 114,225 | 86,097 | |
| Athenahealth Group, Inc.: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8054% 2/15/29 (e)(f)(k) | 88,257 | 85,533 | |
| Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3.5% 2/15/29 (e)(f)(k)(l) | 10,870 | 10,534 | |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.3525% 5/3/28 (e)(f)(k) | 159,772 | 153,830 | |
| UKG, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.2191% 5/4/26 (e)(f)(k) | 19,250 | 19,214 | |
| Ultimate Software Group, Inc.: | |||
| 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6184% 5/3/26 (e)(f)(k) | 196,263 | 195,062 | |
| 2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6184% 5/3/27 (e)(f)(k) | 286,989 | 282,865 | |
TOTAL TECHNOLOGY | 833,135 | ||
| Telecommunications - 0.4% | |||
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.808% 8/15/28 (e)(f)(k) | 369,075 | 303,564 | |
| TOTAL BANK LOAN OBLIGATIONS (Cost $4,032,701) | 3,854,943 | ||
| Preferred Securities - 4.8% | |||
Principal Amount (a) | Value ($) | ||
| Banks & Thrifts - 2.5% | |||
| AIB Group PLC 5.25% (Reg. S) (e)(m) | EUR | 200,000 | 208,905 |
| Axis Bank GIFT City 4.1% (Reg. S) (e)(m) | 200,000 | 175,156 | |
| Banco de Sabadell SA 9.375% (Reg. S) (e)(m) | EUR | 200,000 | 219,102 |
| Banco Mercantil del Norte SA 7.625% (c)(e)(m) | 40,000 | 36,950 | |
| Bank of America Corp.: | |||
| 4.375% (e)(m) | 100,000 | 87,650 | |
| 5.875% (e)(m) | 190,000 | 177,185 | |
| Bank of Communications Co. Ltd. 3.8% (Reg. S) (e)(m) | 200,000 | 192,000 | |
| Deutsche Bank AG 6.75% (e)(m) | EUR | 200,000 | 186,376 |
| Emirates NBD Bank PJSC 6.125% (Reg. S) (e)(m) | 200,000 | 197,372 | |
| Industrial & Commercial Bank of China Ltd. 3.2% (Reg. S) (e)(m) | 200,000 | 186,426 | |
| Tinkoff Credit Systems 6% (c)(d)(e)(m) | 100,000 | 51,350 | |
| Woori Bank 4.25% (Reg. S) (e)(m) | 200,000 | 191,840 | |
TOTAL BANKS & THRIFTS | 1,910,312 | ||
| Building Materials - 0.2% | |||
| CEMEX S.A.B. de CV 5.125% (c)(e)(m) | 200,000 | 183,420 | |
| Chemicals - 0.1% | |||
| Solvay Finance SA 5.869% (Reg. S) (e)(m) | EUR | 100,000 | 109,941 |
| Diversified Financial Services - 0.6% | |||
| CAS Capital No 1 Ltd. 4% (Reg. S) (e)(m) | 400,000 | 333,048 | |
| Charles Schwab Corp. 5.375% (e)(m) | 125,000 | 121,901 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 454,949 | ||
| Homebuilders/Real Estate - 0.3% | |||
| Abertis Infraestructuras Finance BV 3.248% (Reg. S) (e)(m) | EUR | 100,000 | 100,329 |
| Aroundtown SA 1.625% (Reg. S) (e)(m) | EUR | 100,000 | 34,475 |
| CPI Property Group SA 4.875% (Reg. S) (e)(m) | EUR | 200,000 | 86,375 |
| Heimstaden Bostad AB 2.625% (Reg. S) (e)(m) | EUR | 100,000 | 49,668 |
TOTAL HOMEBUILDERS/REAL ESTATE | 270,847 | ||
| Technology - 0.3% | |||
| Network i2i Ltd. 5.65% (Reg. S) (e)(m) | 200,000 | 194,550 | |
| Telecommunications - 0.4% | |||
| Telefonica Europe BV 3.875% (Reg. S) (e)(m) | EUR | 300,000 | 307,585 |
| Utilities - 0.4% | |||
| Electricite de France SA 5% (Reg. S) (e)(m) | EUR | 100,000 | 106,012 |
| Enel SpA 6.375% (Reg. S) (e)(m) | EUR | 100,000 | 112,836 |
| Veolia Environnement SA 2.5% (Reg. S) (e)(m) | EUR | 100,000 | 92,186 |
TOTAL UTILITIES | 311,034 | ||
| TOTAL PREFERRED SECURITIES (Cost $4,013,495) | 3,742,638 | ||
| Money Market Funds - 4.0% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (n) (Cost $3,096,763) | 3,096,237 | 3,096,856 | |
| TOTAL INVESTMENT IN SECURITIES - 97.6% (Cost $83,396,873) | 75,711,140 |
NET OTHER ASSETS (LIABILITIES) - 2.4% | 1,897,952 |
| NET ASSETS - 100.0% | 77,609,092 |
Currency Abbreviations
| EUR | - | European Monetary Unit |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | Level 3 security |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $38,451,510 or 49.5% of net assets. |
| (d) | Non-income producing - Security is in default. |
| (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) | 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 $447,683 or 0.6% of net assets. |
| (h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (i) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (j) | Non-income producing |
| (k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (l) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $10,870 and $10,534, respectively. |
| (m) | Security is perpetual in nature with no stated maturity date. |
| (n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 78,791 |
| New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 623,261 |
| Northeast Grocery, Inc. | 11/08/21 | 5,075 |
| Southeastern Grocers, Inc. | 6/01/18 | 54,475 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.32% | 2,730,646 | 6,960,687 | 6,594,477 | 42,278 | - | - | 3,096,856 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.32% | - | 297,775 | 297,775 | 14 | - | - | - | 0.0% |
| Total | 2,730,646 | 7,258,462 | 6,892,252 | 42,292 | - | - | 3,096,856 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds, Government Obligations, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Credit Risk
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
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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