Quarterly Holdings Report
for
Fidelity® Series High Income Fund
July 31, 2023
FSH-NPRT1-0923
1.924275.112
| Corporate Bonds - 81.6% | |||
Principal Amount (a) | Value ($) | ||
| Convertible Bonds - 1.1% | |||
| Broadcasting - 1.0% | |||
| DISH Network Corp.: | |||
| 2.375% 3/15/24 | 5,862,000 | 5,378,385 | |
| 3.375% 8/15/26 | 13,185,000 | 7,311,083 | |
| 12,689,468 | |||
| Homebuilders/Real Estate - 0.1% | |||
| Redfin Corp. 0.5% 4/1/27 | 1,686,000 | 1,168,631 | |
TOTAL CONVERTIBLE BONDS | 13,858,099 | ||
| Nonconvertible Bonds - 80.5% | |||
| Aerospace - 2.5% | |||
| ATI, Inc.: | |||
| 4.875% 10/1/29 | 1,215,000 | 1,105,675 | |
| 5.875% 12/1/27 | 1,230,000 | 1,195,554 | |
| Bombardier, Inc. 7.875% 4/15/27 (b) | 3,678,000 | 3,665,873 | |
| BWX Technologies, Inc. 4.125% 6/30/28 (b) | 3,247,000 | 2,955,370 | |
| Howmet Aerospace, Inc.: | |||
| 5.9% 2/1/27 | 545,000 | 549,945 | |
| 6.875% 5/1/25 | 545,000 | 553,336 | |
| Kaiser Aluminum Corp.: | |||
| 4.5% 6/1/31 (b) | 830,000 | 678,525 | |
| 4.625% 3/1/28 (b) | 2,375,000 | 2,131,753 | |
| Moog, Inc. 4.25% 12/15/27 (b) | 165,000 | 152,896 | |
| TransDigm, Inc.: | |||
| 4.625% 1/15/29 | 2,335,000 | 2,083,988 | |
| 5.5% 11/15/27 | 8,055,000 | 7,632,113 | |
| 6.25% 3/15/26 (b) | 3,980,000 | 3,958,572 | |
| 6.375% 6/15/26 | 1,090,000 | 1,078,851 | |
| 6.75% 8/15/28 (b) | 1,630,000 | 1,634,864 | |
| 7.5% 3/15/27 | 1,455,000 | 1,454,419 | |
| VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 440,000 | 420,218 | |
| 31,251,952 | |||
| Air Transportation - 0.9% | |||
| Air Canada 3.875% 8/15/26 (b) | 805,000 | 747,008 | |
| American Airlines, Inc. 7.25% 2/15/28 (b) | 540,000 | 536,110 | |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 3,148,750 | 3,101,557 | |
| Mileage Plus Holdings LLC 6.5% 6/20/27 (b) | 436,000 | 435,976 | |
| Rand Parent LLC 8.5% 2/15/30 (b) | 4,015,000 | 3,775,358 | |
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 2,735,000 | 2,758,764 | |
| 11,354,773 | |||
| Automotive - 0.5% | |||
| Ford Motor Co.: | |||
| 6.1% 8/19/32 | 4,525,000 | 4,375,993 | |
| 7.4% 11/1/46 | 435,000 | 453,665 | |
| Ford Motor Credit Co. LLC 3.625% 6/17/31 | 1,540,000 | 1,272,973 | |
| 6,102,631 | |||
| Automotive & Auto Parts - 2.1% | |||
| Adient Global Holdings Ltd. 7% 4/15/28 (b) | 330,000 | 332,396 | |
| Dana, Inc.: | |||
| 4.25% 9/1/30 | 440,000 | 375,986 | |
| 5.375% 11/15/27 | 295,000 | 282,493 | |
| Ford Motor Co.: | |||
| 3.25% 2/12/32 | 1,085,000 | 857,396 | |
| 4.75% 1/15/43 | 545,000 | 426,442 | |
| 5.291% 12/8/46 | 215,000 | 177,706 | |
| Ford Motor Credit Co. LLC: | |||
| U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.0438% 3/6/26 (c)(d) | 1,540,000 | 1,544,568 | |
| 2.3% 2/10/25 | 4,905,000 | 4,599,230 | |
| 2.9% 2/10/29 | 2,715,000 | 2,267,032 | |
| 3.375% 11/13/25 | 545,000 | 509,563 | |
| 3.815% 11/2/27 | 1,640,000 | 1,473,063 | |
| 4% 11/13/30 | 550,000 | 472,474 | |
| 4.389% 1/8/26 | 1,090,000 | 1,035,829 | |
| 4.95% 5/28/27 | 2,190,000 | 2,078,209 | |
| 5.125% 6/16/25 | 545,000 | 530,640 | |
| 6.95% 3/6/26 | 4,385,000 | 4,428,319 | |
| IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c) | 215,000 | 198,350 | |
| LCM Investments Holdings 8.25% 8/1/31 (b) | 755,000 | 767,269 | |
| Macquarie AirFinance Holdings 8.375% 5/1/28 (b) | 1,180,000 | 1,201,464 | |
| Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.9311% 10/15/26 (b)(c)(d) | 335,000 | 336,571 | |
| ZF North America Capital, Inc.: | |||
| 4.75% 4/29/25 (b) | 1,310,000 | 1,271,326 | |
| 6.875% 4/14/28 (b) | 595,000 | 604,304 | |
| 7.125% 4/14/30 (b) | 595,000 | 612,803 | |
| 26,383,433 | |||
| Banks & Thrifts - 0.3% | |||
| Ally Financial, Inc.: | |||
| 5.75% 11/20/25 | 110,000 | 106,668 | |
| 6.7% 2/14/33 | 2,170,000 | 2,020,096 | |
| Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 970,000 | 851,052 | |
| Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b) | 435,000 | 345,016 | |
| VistaJet Malta Finance PLC / XO Management Holding, Inc.: | |||
| 6.375% 2/1/30 (b) | 435,000 | 368,215 | |
| 7.875% 5/1/27 (b) | 435,000 | 403,340 | |
| 4,094,387 | |||
| Broadcasting - 1.3% | |||
| Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e) | 9,005,000 | 281,406 | |
| DISH Network Corp. 11.75% 11/15/27 (b) | 2,760,000 | 2,778,155 | |
| Sinclair Television Group, Inc. 5.5% 3/1/30 (b) | 1,110,000 | 585,825 | |
| Sirius XM Radio, Inc.: | |||
| 4% 7/15/28 (b) | 2,505,000 | 2,179,556 | |
| 4.125% 7/1/30 (b) | 2,200,000 | 1,811,854 | |
| 5.5% 7/1/29 (b) | 660,000 | 603,022 | |
| TEGNA, Inc.: | |||
| 4.625% 3/15/28 | 1,895,000 | 1,696,025 | |
| 5% 9/15/29 | 725,000 | 646,156 | |
| Univision Communications, Inc.: | |||
| 4.5% 5/1/29 (b) | 2,170,000 | 1,877,648 | |
| 6.625% 6/1/27 (b) | 3,080,000 | 2,996,735 | |
| 15,456,382 | |||
| Building Materials - 0.6% | |||
| Advanced Drain Systems, Inc.: | |||
| 5% 9/30/27 (b) | 824,000 | 786,963 | |
| 6.375% 6/15/30 (b) | 490,000 | 485,052 | |
| Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 1,325,000 | 1,328,313 | |
| Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 2,210,000 | 1,917,671 | |
| SRS Distribution, Inc.: | |||
| 4.625% 7/1/28 (b) | 1,335,000 | 1,208,648 | |
| 6% 12/1/29 (b) | 1,230,000 | 1,067,025 | |
| 6,793,672 | |||
| Cable/Satellite TV - 3.7% | |||
| CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
| 4.25% 2/1/31 (b) | 3,680,000 | 3,025,298 | |
| 4.25% 1/15/34 (b) | 2,145,000 | 1,648,691 | |
| 4.5% 8/15/30 (b) | 675,000 | 571,925 | |
| 4.5% 5/1/32 | 5,635,000 | 4,594,572 | |
| 4.5% 6/1/33 (b) | 5,340,000 | 4,225,542 | |
| 4.75% 3/1/30 (b) | 4,755,000 | 4,121,477 | |
| 4.75% 2/1/32 (b) | 3,090,000 | 2,551,134 | |
| 5% 2/1/28 (b) | 1,495,000 | 1,381,576 | |
| 5.375% 6/1/29 (b) | 1,705,000 | 1,558,121 | |
| CSC Holdings LLC: | |||
| 4.125% 12/1/30 (b) | 2,050,000 | 1,482,202 | |
| 4.5% 11/15/31 (b) | 555,000 | 398,153 | |
| 4.625% 12/1/30 (b) | 5,335,000 | 2,680,066 | |
| 5.375% 2/1/28 (b) | 3,840,000 | 3,206,663 | |
| 5.75% 1/15/30 (b) | 3,435,000 | 1,778,221 | |
| 7.5% 4/1/28 (b) | 1,530,000 | 945,260 | |
| DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 535,000 | 482,957 | |
| DISH DBS Corp. 5.75% 12/1/28 (b) | 2,740,000 | 2,108,481 | |
| Dolya Holdco 18 DAC 5% 7/15/28 (b) | 1,505,000 | 1,324,389 | |
| Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
| 4.5% 9/15/26 (b) | 2,875,000 | 2,336,324 | |
| 6.5% 9/15/28 (b) | 1,465,000 | 878,191 | |
| Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 3,600,000 | 3,291,120 | |
| Ziggo BV 4.875% 1/15/30 (b) | 1,455,000 | 1,232,138 | |
| 45,822,501 | |||
| Capital Goods - 0.9% | |||
| Mueller Water Products, Inc. 4% 6/15/29 (b) | 1,905,000 | 1,697,419 | |
| Regal Rexnord Corp.: | |||
| 6.05% 2/15/26 (b) | 1,640,000 | 1,639,477 | |
| 6.05% 4/15/28 (b) | 1,090,000 | 1,083,347 | |
| 6.3% 2/15/30 (b) | 1,090,000 | 1,088,213 | |
| Vertical Holdco GmbH 7.625% 7/15/28 (b) | 1,645,000 | 1,533,963 | |
| Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 4,865,000 | 4,549,520 | |
| 11,591,939 | |||
| Chemicals - 3.4% | |||
| CVR Partners LP 6.125% 6/15/28 (b) | 1,807,000 | 1,631,886 | |
| Element Solutions, Inc. 3.875% 9/1/28 (b) | 1,044,000 | 922,651 | |
| Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 410,000 | 287,000 | |
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (b) | 1,360,000 | 1,264,800 | |
| LSB Industries, Inc. 6.25% 10/15/28 (b) | 880,000 | 807,840 | |
| Methanex Corp.: | |||
| 5.125% 10/15/27 | 3,800,000 | 3,585,394 | |
| 5.65% 12/1/44 | 3,722,000 | 3,098,565 | |
| NOVA Chemicals Corp.: | |||
| 4.25% 5/15/29 (b) | 1,900,000 | 1,579,752 | |
| 4.875% 6/1/24 (b) | 1,290,000 | 1,257,543 | |
| 5% 5/1/25 (b) | 940,000 | 902,694 | |
| 5.25% 6/1/27 (b) | 1,935,000 | 1,742,703 | |
| Nufarm Australia Ltd. 5% 1/27/30 (b) | 2,575,000 | 2,290,814 | |
| Olin Corp. 5% 2/1/30 | 1,110,000 | 1,019,513 | |
| Olympus Water U.S. Holding Corp.: | |||
| 4.25% 10/1/28 (b) | 2,030,000 | 1,626,927 | |
| 6.25% 10/1/29 (b) | 2,255,000 | 1,662,184 | |
| 9.75% 11/15/28 (b) | 2,225,000 | 2,152,688 | |
| SCIH Salt Holdings, Inc.: | |||
| 4.875% 5/1/28 (b) | 3,075,000 | 2,751,270 | |
| 6.625% 5/1/29 (b) | 1,110,000 | 964,500 | |
| SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b) | 1,550,000 | 1,423,893 | |
| The Chemours Co. LLC: | |||
| 4.625% 11/15/29 (b) | 790,000 | 666,815 | |
| 5.375% 5/15/27 | 2,604,000 | 2,478,089 | |
| 5.75% 11/15/28 (b) | 2,625,000 | 2,408,470 | |
| Tronox, Inc. 4.625% 3/15/29 (b) | 2,765,000 | 2,292,125 | |
| W.R. Grace Holding LLC: | |||
| 5.625% 8/15/29 (b) | 3,750,000 | 3,164,588 | |
| 7.375% 3/1/31 (b) | 440,000 | 438,185 | |
| 42,420,889 | |||
| Consumer Products - 0.8% | |||
| Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 295,000 | 277,786 | |
| HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 6.625% 7/15/30 (b) | 1,850,000 | 1,865,170 | |
| Mattel, Inc.: | |||
| 3.375% 4/1/26 (b) | 1,750,000 | 1,627,011 | |
| 3.75% 4/1/29 (b) | 3,225,000 | 2,885,541 | |
| 5.45% 11/1/41 | 435,000 | 375,050 | |
| Newell Brands, Inc.: | |||
| 4.7% 4/1/26 | 545,000 | 517,314 | |
| 6% 4/1/46 (f) | 435,000 | 352,610 | |
| 6.375% 9/15/27 | 545,000 | 536,144 | |
| 6.625% 9/15/29 | 605,000 | 604,343 | |
| The Scotts Miracle-Gro Co.: | |||
| 4% 4/1/31 | 215,000 | 174,629 | |
| 4.375% 2/1/32 | 330,000 | 267,304 | |
| 9,482,902 | |||
| Containers - 1.7% | |||
| ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c) | 1,940,000 | 1,576,250 | |
| Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
| 5.25% 8/15/27 (b) | 2,345,000 | 2,012,575 | |
| 5.25% 8/15/27 (b) | 2,775,000 | 2,381,618 | |
| Ball Corp.: | |||
| 2.875% 8/15/30 | 545,000 | 449,192 | |
| 4.875% 3/15/26 | 1,635,000 | 1,598,436 | |
| 6% 6/15/29 | 710,000 | 710,000 | |
| Berry Global, Inc. 4.875% 7/15/26 (b) | 875,000 | 846,134 | |
| BWAY Holding Co.: | |||
| 7.875% 8/15/26 (b) | 1,630,000 | 1,625,601 | |
| 9.25% 4/15/27 (b) | 1,335,000 | 1,240,281 | |
| Graham Packaging Co., Inc. 7.125% 8/15/28 (b) | 545,000 | 477,142 | |
| Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 610,000 | 528,181 | |
| LABL, Inc.: | |||
| 5.875% 11/1/28 (b) | 330,000 | 301,009 | |
| 6.75% 7/15/26 (b) | 220,000 | 215,831 | |
| 9.5% 11/1/28 (b) | 220,000 | 225,500 | |
| 10.5% 7/15/27 (b) | 1,295,000 | 1,233,321 | |
| Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 555,000 | 564,002 | |
| Sealed Air Corp. 5% 4/15/29 (b) | 2,240,000 | 2,090,950 | |
| Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 655,000 | 652,058 | |
| Trivium Packaging Finance BV: | |||
| 5.5% 8/15/26 (b) | 1,789,000 | 1,705,394 | |
| 8.5% 8/15/27 (b) | 810,000 | 779,190 | |
| 21,212,665 | |||
| Diversified Financial Services - 3.4% | |||
| Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 1,090,000 | 1,064,394 | |
| Coinbase Global, Inc. 3.375% 10/1/28 (b) | 900,000 | 630,051 | |
| Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 4,830,000 | 4,799,813 | |
| GGAM Finance Ltd.: | |||
| 7.75% 5/15/26 (b) | 1,115,000 | 1,123,753 | |
| 8% 6/15/28 (b) | 1,675,000 | 1,697,948 | |
| Hightower Holding LLC 6.75% 4/15/29 (b) | 1,675,000 | 1,465,531 | |
| HTA Group Ltd. 7% 12/18/25 (b) | 3,830,000 | 3,651,752 | |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 4.375% 2/1/29 | 4,560,000 | 3,698,582 | |
| 5.25% 5/15/27 | 3,780,000 | 3,326,400 | |
| 6.25% 5/15/26 | 4,515,000 | 4,233,208 | |
| 6.375% 12/15/25 | 1,225,000 | 1,172,360 | |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b) | 390,000 | 333,267 | |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 1,415,000 | 1,193,013 | |
| LPL Holdings, Inc. 4.375% 5/15/31 (b) | 545,000 | 479,167 | |
| MSCI, Inc.: | |||
| 3.25% 8/15/33 (b) | 1,420,000 | 1,158,326 | |
| 3.625% 9/1/30 (b) | 2,190,000 | 1,918,072 | |
| OneMain Finance Corp.: | |||
| 3.5% 1/15/27 | 3,265,000 | 2,822,846 | |
| 3.875% 9/15/28 | 4,040,000 | 3,317,850 | |
| 6.875% 3/15/25 | 220,000 | 219,269 | |
| 7.125% 3/15/26 | 3,970,000 | 3,931,858 | |
| 42,237,460 | |||
| Diversified Media - 0.4% | |||
| Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 2,875,000 | 2,501,250 | |
| Cmg Media Corp. 8.875% 12/15/27 (b) | 2,620,000 | 2,045,067 | |
| 4,546,317 | |||
| Energy - 11.4% | |||
| Altus Midstream LP 5.875% 6/15/30 (b) | 1,535,000 | 1,475,519 | |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
| 5.75% 3/1/27 (b) | 545,000 | 527,178 | |
| 7.875% 5/15/26 (b) | 545,000 | 556,501 | |
| Apache Corp.: | |||
| 4.25% 1/15/30 | 775,000 | 703,483 | |
| 5.1% 9/1/40 | 980,000 | 832,755 | |
| Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 2,540,000 | 2,299,672 | |
| California Resources Corp. 7.125% 2/1/26 (b) | 765,000 | 770,738 | |
| Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b) | 960,000 | 957,680 | |
| Centennial Resource Production LLC: | |||
| 5.875% 7/1/29 (b) | 1,573,000 | 1,494,350 | |
| 7.75% 2/15/26 (b) | 860,000 | 868,464 | |
| CGG SA 8.75% 4/1/27 (b) | 1,310,000 | 1,107,225 | |
| Cheniere Energy Partners LP: | |||
| 3.25% 1/31/32 | 2,190,000 | 1,822,383 | |
| 4% 3/1/31 | 1,085,000 | 965,509 | |
| Citgo Petroleum Corp. 6.375% 6/15/26 (b) | 2,380,000 | 2,308,600 | |
| CNX Resources Corp. 7.375% 1/15/31 (b) | 625,000 | 619,713 | |
| Comstock Resources, Inc.: | |||
| 5.875% 1/15/30 (b) | 1,410,000 | 1,248,111 | |
| 6.75% 3/1/29 (b) | 1,535,000 | 1,431,800 | |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
| 5.625% 5/1/27 (b) | 9,034,000 | 8,582,300 | |
| 5.75% 4/1/25 | 2,285,000 | 2,250,754 | |
| 7.375% 2/1/31 (b) | 1,090,000 | 1,087,234 | |
| CrownRock LP/CrownRock Finance, Inc.: | |||
| 5% 5/1/29 (b) | 1,855,000 | 1,744,336 | |
| 5.625% 10/15/25 (b) | 230,000 | 226,550 | |
| CVR Energy, Inc.: | |||
| 5.25% 2/15/25 (b) | 3,735,000 | 3,627,326 | |
| 5.75% 2/15/28 (b) | 2,890,000 | 2,608,225 | |
| Delek Logistics Partners LP 7.125% 6/1/28 (b) | 3,165,000 | 2,927,625 | |
| DT Midstream, Inc.: | |||
| 4.125% 6/15/29 (b) | 1,140,000 | 1,010,750 | |
| 4.375% 6/15/31 (b) | 545,000 | 473,137 | |
| Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 1,020,000 | 993,174 | |
| EnLink Midstream LLC: | |||
| 5.625% 1/15/28 (b) | 665,000 | 650,109 | |
| 6.5% 9/1/30 (b) | 1,020,000 | 1,026,662 | |
| EnLink Midstream Partners LP 4.85% 7/15/26 | 985,000 | 957,223 | |
| EQM Midstream Partners LP: | |||
| 4% 8/1/24 | 1,005,000 | 983,565 | |
| 4.75% 1/15/31 (b) | 445,000 | 397,297 | |
| 6% 7/1/25 (b) | 140,000 | 138,998 | |
| 6.5% 7/1/27 (b) | 437,000 | 434,921 | |
| 6.5% 7/15/48 | 220,000 | 201,014 | |
| Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 835,000 | 782,871 | |
| Harvest Midstream I LP 7.5% 9/1/28 (b) | 1,110,000 | 1,090,893 | |
| Hess Midstream Partners LP: | |||
| 4.25% 2/15/30 (b) | 1,115,000 | 978,413 | |
| 5.125% 6/15/28 (b) | 3,025,000 | 2,859,743 | |
| 5.5% 10/15/30 (b) | 545,000 | 512,300 | |
| 5.625% 2/15/26 (b) | 2,610,000 | 2,570,850 | |
| Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b) | 2,280,000 | 2,132,569 | |
| Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 1,170,000 | 1,196,442 | |
| Jonah Energy Parent LLC 12% 11/5/25 (g)(h) | 3,297,992 | 3,347,462 | |
| Mesquite Energy, Inc. 7.25% (b)(e)(h) | 10,580,000 | 1 | |
| New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 5,850,000 | 5,367,710 | |
| NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 1,725,000 | 1,709,239 | |
| Northern Oil & Gas, Inc.: | |||
| 8.125% 3/1/28 (b) | 1,730,000 | 1,717,025 | |
| 8.75% 6/15/31 (b) | 555,000 | 559,189 | |
| Occidental Petroleum Corp.: | |||
| 4.2% 3/15/48 | 545,000 | 412,556 | |
| 4.4% 4/15/46 | 1,630,000 | 1,290,708 | |
| 4.4% 8/15/49 | 760,000 | 559,998 | |
| 4.5% 7/15/44 | 1,335,000 | 1,014,426 | |
| 5.5% 12/1/25 | 2,335,000 | 2,326,197 | |
| 5.55% 3/15/26 | 325,000 | 323,294 | |
| 5.875% 9/1/25 | 1,656,000 | 1,659,148 | |
| 6.125% 1/1/31 | 1,895,000 | 1,935,686 | |
| 6.45% 9/15/36 | 1,250,000 | 1,312,313 | |
| 6.625% 9/1/30 | 3,190,000 | 3,345,034 | |
| 7.5% 5/1/31 | 2,575,000 | 2,827,350 | |
| 7.875% 9/15/31 | 635,000 | 713,581 | |
| 7.95% 6/15/39 | 270,000 | 307,877 | |
| 8.875% 7/15/30 | 2,170,000 | 2,513,988 | |
| Rockies Express Pipeline LLC: | |||
| 4.8% 5/15/30 (b) | 145,000 | 128,688 | |
| 4.95% 7/15/29 (b) | 1,480,000 | 1,359,262 | |
| 6.875% 4/15/40 (b) | 655,000 | 592,775 | |
| Seadrill Finance Ltd.: | |||
| 8.375% 8/1/30 (b) | 550,000 | 559,625 | |
| 8.375% 8/1/30 (b)(i) | 375,000 | 382,763 | |
| SM Energy Co. 5.625% 6/1/25 | 1,200,000 | 1,175,968 | |
| Southwestern Energy Co. 4.75% 2/1/32 | 1,640,000 | 1,457,201 | |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 | 210,000 | 205,545 | |
| Sunnova Energy Corp. 5.875% 9/1/26 (b) | 880,000 | 789,872 | |
| Sunoco LP/Sunoco Finance Corp.: | |||
| 4.5% 5/15/29 | 1,670,000 | 1,499,488 | |
| 5.875% 3/15/28 | 875,000 | 851,035 | |
| Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 1,155,000 | 1,015,180 | |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
| 5.5% 1/15/28 (b) | 3,125,000 | 2,875,000 | |
| 6% 3/1/27 (b) | 3,010,000 | 2,852,377 | |
| 6% 12/31/30 (b) | 6,055,000 | 5,374,746 | |
| 6% 9/1/31 (b) | 3,695,000 | 3,214,504 | |
| 7.5% 10/1/25 (b) | 3,970,000 | 3,976,948 | |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,085,000 | 1,007,636 | |
| Teine Energy Ltd. 6.875% 4/15/29 (b) | 295,000 | 271,400 | |
| Transocean Poseidon Ltd. 6.875% 2/1/27 (b) | 820,625 | 814,470 | |
| Transocean, Inc.: | |||
| 7.5% 1/15/26 (b) | 845,000 | 828,101 | |
| 8% 2/1/27 (b) | 2,050,000 | 1,975,872 | |
| 8.75% 2/15/30 (b) | 1,415,000 | 1,469,095 | |
| Valaris Ltd. 8.375% 4/30/30 (b) | 1,535,000 | 1,570,612 | |
| Venture Global Calcasieu Pass LLC: | |||
| 3.875% 8/15/29 (b) | 2,155,000 | 1,866,030 | |
| 4.125% 8/15/31 (b) | 1,680,000 | 1,425,032 | |
| 6.25% 1/15/30 (b) | 1,445,000 | 1,412,954 | |
| Western Gas Partners LP: | |||
| 3.35% 2/1/25 | 1,950,000 | 1,863,917 | |
| 3.95% 6/1/25 | 540,000 | 520,718 | |
| 5.3% 3/1/48 | 540,000 | 462,998 | |
| 5.5% 8/15/48 | 325,000 | 278,665 | |
| 5.5% 2/1/50 | 1,085,000 | 920,167 | |
| 140,676,388 | |||
| Environmental - 1.0% | |||
| Clean Harbors, Inc. 6.375% 2/1/31 (b) | 515,000 | 517,463 | |
| Covanta Holding Corp. 4.875% 12/1/29 (b) | 1,650,000 | 1,457,137 | |
| Darling Ingredients, Inc. 6% 6/15/30 (b) | 910,000 | 896,322 | |
| GFL Environmental, Inc.: | |||
| 3.75% 8/1/25 (b) | 1,090,000 | 1,041,954 | |
| 5.125% 12/15/26 (b) | 1,090,000 | 1,060,043 | |
| Madison IAQ LLC: | |||
| 4.125% 6/30/28 (b) | 2,375,000 | 2,114,751 | |
| 5.875% 6/30/29 (b) | 2,280,000 | 1,912,433 | |
| Stericycle, Inc.: | |||
| 3.875% 1/15/29 (b) | 3,330,000 | 2,923,041 | |
| 5.375% 7/15/24 (b) | 575,000 | 568,215 | |
| 12,491,359 | |||
| Food & Drug Retail - 0.9% | |||
| Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
| 3.25% 3/15/26 (b) | 295,000 | 274,184 | |
| 3.5% 3/15/29 (b) | 2,690,000 | 2,341,784 | |
| 4.875% 2/15/30 (b) | 1,855,000 | 1,701,963 | |
| BellRing Brands, Inc. 7% 3/15/30 (b) | 435,000 | 436,644 | |
| Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 4,325,000 | 2,400,375 | |
| Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 785,000 | 666,269 | |
| Parkland Corp. 4.625% 5/1/30 (b) | 3,475,000 | 3,049,493 | |
| SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (b) | 110,000 | 103,905 | |
| 10,974,617 | |||
| Food/Beverage/Tobacco - 2.2% | |||
| C&S Group Enterprises LLC 5% 12/15/28 (b) | 1,825,000 | 1,412,761 | |
| Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b) | 435,000 | 395,844 | |
| Lamb Weston Holdings, Inc.: | |||
| 4.125% 1/31/30 (b) | 3,660,000 | 3,230,119 | |
| 4.375% 1/31/32 (b) | 545,000 | 478,604 | |
| Performance Food Group, Inc.: | |||
| 4.25% 8/1/29 (b) | 2,690,000 | 2,389,574 | |
| 5.5% 10/15/27 (b) | 1,505,000 | 1,457,287 | |
| Pilgrim's Pride Corp.: | |||
| 3.5% 3/1/32 | 545,000 | 439,979 | |
| 4.25% 4/15/31 | 640,000 | 553,598 | |
| Post Holdings, Inc.: | |||
| 4.625% 4/15/30 (b) | 1,290,000 | 1,136,783 | |
| 5.5% 12/15/29 (b) | 3,980,000 | 3,696,140 | |
| Primo Water Holdings, Inc. 4.375% 4/30/29 (b) | 2,685,000 | 2,357,537 | |
| TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 750,995 | |
| Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 7,460,000 | 6,303,625 | |
| U.S. Foods, Inc.: | |||
| 4.625% 6/1/30 (b) | 820,000 | 737,548 | |
| 4.75% 2/15/29 (b) | 2,180,000 | 2,005,071 | |
| United Natural Foods, Inc. 6.75% 10/15/28 (b) | 215,000 | 179,104 | |
| 27,524,569 | |||
| Gaming - 2.3% | |||
| Affinity Gaming LLC 6.875% 12/15/27 (b) | 3,630,000 | 3,211,391 | |
| Caesars Entertainment, Inc.: | |||
| 6.25% 7/1/25 (b) | 2,675,000 | 2,660,435 | |
| 7% 2/15/30 (b) | 1,305,000 | 1,318,078 | |
| 8.125% 7/1/27 (b) | 2,509,000 | 2,573,414 | |
| Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 2,205,000 | 2,227,264 | |
| Carnival Corp. 10.5% 6/1/30 (b) | 1,985,000 | 2,099,800 | |
| CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b) | 3,965,000 | 3,682,495 | |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
| 4.625% 1/15/29 (b) | 2,730,000 | 2,381,775 | |
| 6.75% 1/15/30 (b) | 2,125,000 | 1,823,252 | |
| Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 1,515,000 | 1,514,432 | |
| Jacobs Entertainment, Inc. 6.75% 2/15/29 (b) | 975,000 | 888,061 | |
| Ontario Gaming GTA LP 8% 8/1/30 (b)(i) | 660,000 | 666,600 | |
| Station Casinos LLC 4.5% 2/15/28 (b) | 1,665,000 | 1,510,272 | |
| Transocean, Inc. 7.25% 11/1/25 (b) | 545,000 | 537,207 | |
| VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b) | 1,085,000 | 962,113 | |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 545,000 | 544,619 | |
| 28,601,208 | |||
| Healthcare - 6.1% | |||
| 1375209 BC Ltd. 9% 1/30/28 (b) | 1,306,000 | 1,309,263 | |
| 180 Medical, Inc. 3.875% 10/15/29 (b) | 1,055,000 | 923,686 | |
| Amgen, Inc. 5.6% 3/2/43 | 1,195,000 | 1,188,386 | |
| AMN Healthcare 4% 4/15/29 (b) | 680,000 | 603,908 | |
| Avantor Funding, Inc.: | |||
| 3.875% 11/1/29 (b) | 1,345,000 | 1,177,022 | |
| 4.625% 7/15/28 (b) | 885,000 | 821,133 | |
| Cano Health, Inc. 6.25% 10/1/28 (b) | 550,000 | 341,000 | |
| Catalent Pharma Solutions 3.5% 4/1/30 (b) | 1,320,000 | 1,105,500 | |
| Centene Corp. 2.5% 3/1/31 | 1,470,000 | 1,176,221 | |
| Charles River Laboratories International, Inc.: | |||
| 3.75% 3/15/29 (b) | 1,150,000 | 1,014,764 | |
| 4% 3/15/31 (b) | 975,000 | 849,966 | |
| 4.25% 5/1/28 (b) | 472,000 | 436,107 | |
| Community Health Systems, Inc.: | |||
| 4.75% 2/15/31 (b) | 4,055,000 | 3,071,987 | |
| 5.25% 5/15/30 (b) | 7,690,000 | 6,144,589 | |
| 5.625% 3/15/27 (b) | 4,905,000 | 4,364,449 | |
| 6% 1/15/29 (b) | 2,290,000 | 1,957,950 | |
| 6.125% 4/1/30 (b) | 2,340,000 | 1,474,954 | |
| 6.875% 4/15/29 (b) | 1,490,000 | 987,510 | |
| 8% 3/15/26 (b) | 1,075,000 | 1,055,641 | |
| CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 2,070,000 | 1,839,982 | |
| DaVita HealthCare Partners, Inc.: | |||
| 3.75% 2/15/31 (b) | 855,000 | 683,690 | |
| 4.625% 6/1/30 (b) | 4,560,000 | 3,891,054 | |
| Embecta Corp. 5% 2/15/30 (b) | 860,000 | 709,500 | |
| Grifols SA 4.75% 10/15/28 (b) | 1,365,000 | 1,197,257 | |
| HCA Holdings, Inc. 5.5% 6/15/47 | 1,085,000 | 1,013,062 | |
| HealthEquity, Inc. 4.5% 10/1/29 (b) | 1,865,000 | 1,670,604 | |
| Hologic, Inc. 3.25% 2/15/29 (b) | 840,000 | 735,002 | |
| Humana, Inc. 5.875% 3/1/33 | 1,085,000 | 1,129,204 | |
| IQVIA, Inc. 6.5% 5/15/30 (b) | 1,110,000 | 1,120,811 | |
| Jazz Securities DAC 4.375% 1/15/29 (b) | 1,850,000 | 1,644,861 | |
| ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 785,000 | 561,788 | |
| Molina Healthcare, Inc. 3.875% 11/15/30 (b) | 1,465,000 | 1,253,202 | |
| Mozart Borrower LP 3.875% 4/1/29 (b) | 545,000 | 477,241 | |
| Option Care Health, Inc. 4.375% 10/31/29 (b) | 255,000 | 225,136 | |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
| 4.125% 4/30/28 (b) | 3,935,000 | 3,526,317 | |
| 5.125% 4/30/31 (b) | 1,050,000 | 890,073 | |
| Owens & Minor, Inc. 4.5% 3/31/29 (b) | 1,010,000 | 868,430 | |
| Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 2,895,000 | 2,614,034 | |
| RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 1,540,000 | 1,050,029 | |
| Teleflex, Inc. 4.25% 6/1/28 (b) | 930,000 | 855,090 | |
| Tenet Healthcare Corp.: | |||
| 4.25% 6/1/29 | 2,790,000 | 2,499,954 | |
| 4.375% 1/15/30 | 1,990,000 | 1,774,853 | |
| 4.625% 6/15/28 | 2,545,000 | 2,355,210 | |
| 6.125% 10/1/28 | 3,035,000 | 2,891,111 | |
| 6.125% 6/15/30 | 2,820,000 | 2,737,656 | |
| 6.25% 2/1/27 | 2,741,000 | 2,690,731 | |
| 6.75% 5/15/31 (b) | 390,000 | 387,393 | |
| Teva Pharmaceutical Finance Netherlands III BV: | |||
| 3.15% 10/1/26 | 1,310,000 | 1,185,303 | |
| 7.875% 9/15/29 | 330,000 | 343,478 | |
| 8.125% 9/15/31 | 330,000 | 349,546 | |
| 75,175,638 | |||
| Homebuilders/Real Estate - 3.6% | |||
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b) | 985,000 | 852,340 | |
| Howard Hughes Corp.: | |||
| 4.125% 2/1/29 (b) | 945,000 | 798,534 | |
| 4.375% 2/1/31 (b) | 775,000 | 637,656 | |
| Kennedy-Wilson, Inc. 4.75% 2/1/30 | 1,605,000 | 1,252,269 | |
| MPT Operating Partnership LP/MPT Finance Corp.: | |||
| 3.5% 3/15/31 | 5,035,000 | 3,626,612 | |
| 4.625% 8/1/29 | 2,850,000 | 2,263,786 | |
| 5% 10/15/27 | 9,335,000 | 8,177,656 | |
| 5.25% 8/1/26 | 1,085,000 | 998,653 | |
| Railworks Holdings LP 8.25% 11/15/28 (b) | 1,990,000 | 1,876,302 | |
| Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 645,000 | 477,300 | |
| Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 505,000 | 363,861 | |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
| 5.125% 8/1/30 (b) | 395,000 | 368,733 | |
| 5.625% 3/1/24 (b) | 545,000 | 542,415 | |
| TopBuild Corp. 4.125% 2/15/32 (b) | 1,185,000 | 1,016,730 | |
| TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24 | 30,000 | 29,861 | |
| TRI Pointe Homes, Inc. 5.7% 6/15/28 | 220,000 | 211,200 | |
| Uniti Group LP / Uniti Group Finance, Inc.: | |||
| 4.75% 4/15/28 (b) | 6,395,000 | 5,334,793 | |
| 6.5% 2/15/29 (b) | 18,671,000 | 12,988,205 | |
| 10.5% 2/15/28 (b) | 2,175,000 | 2,161,994 | |
| 43,978,900 | |||
| Hotels - 0.7% | |||
| Hilton Domestic Operating Co., Inc.: | |||
| 3.625% 2/15/32 (b) | 4,715,000 | 3,956,609 | |
| 3.75% 5/1/29 (b) | 495,000 | 441,030 | |
| 4% 5/1/31 (b) | 2,420,000 | 2,110,865 | |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 1,785,000 | 1,633,624 | |
| 8,142,128 | |||
| Insurance - 1.6% | |||
| Acrisure LLC / Acrisure Finance, Inc.: | |||
| 4.25% 2/15/29 (b) | 435,000 | 375,080 | |
| 7% 11/15/25 (b) | 215,000 | 207,618 | |
| Alliant Holdings Intermediate LLC: | |||
| 4.25% 10/15/27 (b) | 3,740,000 | 3,412,750 | |
| 5.875% 11/1/29 (b) | 1,365,000 | 1,207,826 | |
| 6.75% 10/15/27 (b) | 6,945,000 | 6,578,331 | |
| 6.75% 4/15/28 (b) | 540,000 | 537,263 | |
| AmWINS Group, Inc. 4.875% 6/30/29 (b) | 1,660,000 | 1,522,944 | |
| AssuredPartners, Inc. 5.625% 1/15/29 (b) | 1,355,000 | 1,182,808 | |
| HUB International Ltd.: | |||
| 7% 5/1/26 (b) | 765,000 | 763,442 | |
| 7.25% 6/15/30 (b) | 3,595,000 | 3,663,341 | |
| 19,451,403 | |||
| Leisure - 2.4% | |||
| Carnival Corp.: | |||
| 5.75% 3/1/27 (b) | 3,414,000 | 3,158,222 | |
| 6% 5/1/29 (b) | 2,235,000 | 2,009,031 | |
| 6.65% 1/15/28 | 300,000 | 277,397 | |
| 7.625% 3/1/26 (b) | 4,415,000 | 4,355,462 | |
| Constellation Merger Sub, Inc. 8.5% 9/15/25 (b) | 215,000 | 180,262 | |
| MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 1,705,000 | 1,394,784 | |
| NCL Corp. Ltd.: | |||
| 5.875% 3/15/26 (b) | 890,000 | 842,169 | |
| 7.75% 2/15/29 (b) | 3,300,000 | 3,160,121 | |
| NCL Finance Ltd. 6.125% 3/15/28 (b) | 640,000 | 582,400 | |
| Royal Caribbean Cruises Ltd.: | |||
| 4.25% 7/1/26 (b) | 4,110,000 | 3,820,576 | |
| 5.375% 7/15/27 (b) | 1,535,000 | 1,459,516 | |
| 5.5% 8/31/26 (b) | 3,160,000 | 3,030,571 | |
| 5.5% 4/1/28 (b) | 2,745,000 | 2,587,160 | |
| 7.25% 1/15/30 (b) | 540,000 | 545,840 | |
| Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,195,000 | 1,228,699 | |
| Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b) | 630,000 | 586,045 | |
| Voc Escrow Ltd. 5% 2/15/28 (b) | 865,000 | 803,704 | |
| 30,021,959 | |||
| Metals/Mining - 1.3% | |||
| Arsenal AIC Parent LLC 8% 10/1/30 (b)(i) | 740,000 | 754,800 | |
| Cleveland-Cliffs, Inc. 4.875% 3/1/31 (b) | 215,000 | 190,582 | |
| Constellium NV 5.875% 2/15/26 (b) | 797,000 | 785,496 | |
| Eldorado Gold Corp. 6.25% 9/1/29 (b) | 1,005,000 | 903,234 | |
| ERO Copper Corp. 6.5% 2/15/30 (b) | 2,895,000 | 2,554,838 | |
| First Quantum Minerals Ltd.: | |||
| 6.875% 10/15/27 (b) | 3,115,000 | 3,046,859 | |
| 8.625% 6/1/31 (b) | 1,180,000 | 1,208,025 | |
| FMG Resources Pty Ltd.: | |||
| 4.375% 4/1/31 (b) | 545,000 | 468,689 | |
| 4.5% 9/15/27 (b) | 630,000 | 588,924 | |
| Howmet Aerospace, Inc. 5.95% 2/1/37 | 435,000 | 442,259 | |
| HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 860,000 | 815,520 | |
| Mineral Resources Ltd. 8.5% 5/1/30 (b) | 1,400,000 | 1,414,630 | |
| Novelis Corp.: | |||
| 3.25% 11/15/26 (b) | 330,000 | 299,864 | |
| 3.875% 8/15/31 (b) | 545,000 | 453,823 | |
| PMHC II, Inc. 9% 2/15/30 (b) | 2,130,000 | 1,738,613 | |
| 15,666,156 | |||
| Paper - 0.9% | |||
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
| 4% 9/1/29 (b) | 1,165,000 | 953,256 | |
| 6% 6/15/27 (b) | 1,985,000 | 1,958,861 | |
| Clydesdale Acquisition Holdings, Inc.: | |||
| 6.625% 4/15/29 (b) | 3,325,000 | 3,180,950 | |
| 8.75% 4/15/30 (b) | 2,330,000 | 2,112,179 | |
| Glatfelter Corp. 4.75% 11/15/29 (b) | 1,385,000 | 957,381 | |
| Mercer International, Inc. 5.125% 2/1/29 | 710,000 | 581,385 | |
| SPA Holdings 3 OY 4.875% 2/4/28 (b) | 2,205,000 | 1,828,175 | |
| 11,572,187 | |||
| Publishing/Printing - 0.1% | |||
| News Corp. 5.125% 2/15/32 (b) | 1,685,000 | 1,541,775 | |
| Railroad - 0.1% | |||
| First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (b) | 1,045,000 | 885,498 | |
| Restaurants - 0.9% | |||
| 1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
| 3.875% 1/15/28 (b) | 930,000 | 851,721 | |
| 4% 10/15/30 (b) | 5,530,000 | 4,752,218 | |
| 5.75% 4/15/25 (b) | 425,000 | 422,386 | |
| Garden SpinCo Corp. 8.625% 7/20/30 (b) | 550,000 | 593,575 | |
| Yum! Brands, Inc.: | |||
| 3.625% 3/15/31 | 545,000 | 466,253 | |
| 4.625% 1/31/32 | 3,225,000 | 2,920,693 | |
| 5.375% 4/1/32 | 435,000 | 411,768 | |
| 10,418,614 | |||
| Services - 4.7% | |||
| AECOM 5.125% 3/15/27 | 730,000 | 704,708 | |
| Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
| 6% 6/1/29 (b) | 2,040,000 | 1,556,162 | |
| 9.75% 7/15/27 (b) | 1,455,000 | 1,334,364 | |
| APX Group, Inc.: | |||
| 5.75% 7/15/29 (b) | 1,390,000 | 1,206,681 | |
| 6.75% 2/15/27 (b) | 1,280,000 | 1,248,000 | |
| Aramark Services, Inc.: | |||
| 5% 2/1/28 (b) | 1,560,000 | 1,466,406 | |
| 6.375% 5/1/25 (b) | 2,505,000 | 2,505,038 | |
| ASGN, Inc. 4.625% 5/15/28 (b) | 1,025,000 | 939,880 | |
| Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (b) | 2,190,000 | 1,857,361 | |
| Booz Allen Hamilton, Inc. 3.875% 9/1/28 (b) | 3,975,000 | 3,609,300 | |
| CoreCivic, Inc.: | |||
| 4.75% 10/15/27 | 3,661,000 | 3,226,696 | |
| 8.25% 4/15/26 | 2,025,000 | 2,040,344 | |
| CoreLogic, Inc. 4.5% 5/1/28 (b) | 1,535,000 | 1,262,538 | |
| Fair Isaac Corp. 4% 6/15/28 (b) | 1,535,000 | 1,408,788 | |
| Gartner, Inc.: | |||
| 3.625% 6/15/29 (b) | 345,000 | 304,029 | |
| 3.75% 10/1/30 (b) | 555,000 | 483,795 | |
| GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 7,291,000 | 7,044,929 | |
| Iron Mountain, Inc. 4.5% 2/15/31 (b) | 545,000 | 469,853 | |
| Korn Ferry 4.625% 12/15/27 (b) | 400,000 | 376,112 | |
| Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 1,565,000 | 1,468,048 | |
| Life Time, Inc. 8% 4/15/26 (b) | 1,655,000 | 1,654,848 | |
| Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 2,925,000 | 2,690,574 | |
| PowerTeam Services LLC 9.033% 12/4/25 (b) | 840,000 | 789,756 | |
| Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 1,090,000 | 1,068,651 | |
| Service Corp. International: | |||
| 4% 5/15/31 | 945,000 | 805,613 | |
| 5.125% 6/1/29 | 597,000 | 567,150 | |
| Sotheby's 7.375% 10/15/27 (b) | 1,270,000 | 1,125,046 | |
| The GEO Group, Inc.: | |||
| 9.5% 12/31/28 (b) | 2,110,000 | 2,057,250 | |
| 10.5% 6/30/28 | 355,000 | 356,005 | |
| TriNet Group, Inc. 3.5% 3/1/29 (b) | 3,950,000 | 3,446,375 | |
| Uber Technologies, Inc. 4.5% 8/15/29 (b) | 6,630,000 | 6,127,892 | |
| United Rentals North America, Inc. 6% 12/15/29 (b) | 545,000 | 544,399 | |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 2,762,000 | 2,569,867 | |
| 58,316,458 | |||
| Steel - 0.2% | |||
| Commercial Metals Co.: | |||
| 3.875% 2/15/31 | 655,000 | 568,632 | |
| 4.125% 1/15/30 | 1,140,000 | 1,020,440 | |
| Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (b) | 1,475,000 | 1,314,594 | |
| 2,903,666 | |||
| Super Retail - 1.9% | |||
| Bath & Body Works, Inc. 6.694% 1/15/27 | 625,000 | 626,941 | |
| Carvana Co.: | |||
| 4.875% 9/1/29 (b) | 3,710,000 | 2,300,200 | |
| 5.5% 4/15/27 (b) | 2,050,000 | 1,502,316 | |
| 5.875% 10/1/28 (b) | 1,015,000 | 615,195 | |
| 10.25% 5/1/30 (b) | 300,000 | 244,134 | |
| EG Global Finance PLC: | |||
| 6.75% 2/7/25 (b) | 2,970,000 | 2,916,929 | |
| 8.5% 10/30/25 (b) | 4,887,000 | 4,839,156 | |
| Hanesbrands, Inc. 4.875% 5/15/26 (b) | 295,000 | 276,580 | |
| LBM Acquisition LLC 6.25% 1/15/29 (b) | 2,315,000 | 1,996,109 | |
| Levi Strauss & Co. 3.5% 3/1/31 (b) | 700,000 | 573,346 | |
| Michaels Companies, Inc.: | |||
| 5.25% 5/1/28 (b) | 1,425,000 | 1,211,307 | |
| 7.875% 5/1/29 (b) | 1,100,000 | 783,750 | |
| Nordstrom, Inc.: | |||
| 4.25% 8/1/31 | 1,630,000 | 1,285,418 | |
| 4.375% 4/1/30 | 1,090,000 | 919,426 | |
| Sally Holdings LLC 5.625% 12/1/25 | 1,200,000 | 1,192,500 | |
| Wolverine World Wide, Inc. 4% 8/15/29 (b) | 3,250,000 | 2,553,038 | |
| 23,836,345 | |||
| Technology - 6.5% | |||
| Acuris Finance U.S. 5% 5/1/28 (b) | 4,495,000 | 3,566,466 | |
| Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 760,000 | 643,956 | |
| Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 3,485,000 | 3,188,775 | |
| Block, Inc.: | |||
| 2.75% 6/1/26 | 545,000 | 496,146 | |
| 3.5% 6/1/31 | 3,117,000 | 2,610,723 | |
| Broadcom, Inc.: | |||
| 2.45% 2/15/31 (b) | 2,035,000 | 1,652,498 | |
| 2.6% 2/15/33 (b) | 1,570,000 | 1,222,792 | |
| Clarivate Science Holdings Corp.: | |||
| 3.875% 7/1/28 (b) | 710,000 | 632,874 | |
| 4.875% 7/1/29 (b) | 720,000 | 639,577 | |
| Cloud Software Group, Inc.: | |||
| 6.5% 3/31/29 (b) | 2,710,000 | 2,439,102 | |
| 9% 9/30/29 (b) | 5,045,000 | 4,518,522 | |
| Coherent Corp. 5% 12/15/29 (b) | 2,885,000 | 2,596,500 | |
| CommScope, Inc.: | |||
| 4.75% 9/1/29 (b) | 1,415,000 | 1,090,098 | |
| 6% 3/1/26 (b) | 1,260,000 | 1,156,068 | |
| Elastic NV 4.125% 7/15/29 (b) | 1,715,000 | 1,487,918 | |
| Entegris Escrow Corp.: | |||
| 4.75% 4/15/29 (b) | 3,475,000 | 3,241,824 | |
| 5.95% 6/15/30 (b) | 3,270,000 | 3,135,892 | |
| Entegris, Inc. 3.625% 5/1/29 (b) | 990,000 | 856,807 | |
| Gartner, Inc. 4.5% 7/1/28 (b) | 2,505,000 | 2,341,772 | |
| Gen Digital, Inc.: | |||
| 5% 4/15/25 (b) | 1,090,000 | 1,074,434 | |
| 7.125% 9/30/30 (b) | 545,000 | 549,216 | |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
| 3.5% 3/1/29 (b) | 2,070,000 | 1,779,987 | |
| 5.25% 12/1/27 (b) | 625,000 | 596,875 | |
| GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 1,090,000 | 1,107,200 | |
| ION Trading Technologies Ltd. 5.75% 5/15/28 (b) | 4,095,000 | 3,562,650 | |
| Match Group Holdings II LLC: | |||
| 3.625% 10/1/31 (b) | 325,000 | 267,540 | |
| 4.125% 8/1/30 (b) | 695,000 | 599,750 | |
| MicroStrategy, Inc. 6.125% 6/15/28 (b) | 3,355,000 | 3,003,091 | |
| ON Semiconductor Corp. 3.875% 9/1/28 (b) | 1,875,000 | 1,698,281 | |
| Open Text Corp.: | |||
| 3.875% 2/15/28 (b) | 1,310,000 | 1,165,235 | |
| 3.875% 12/1/29 (b) | 1,655,000 | 1,399,941 | |
| Open Text Holdings, Inc.: | |||
| 4.125% 2/15/30 (b) | 1,840,000 | 1,577,339 | |
| 4.125% 12/1/31 (b) | 875,000 | 725,285 | |
| Rackspace Hosting, Inc.: | |||
| 3.5% 2/15/28 (b) | 2,710,000 | 1,212,159 | |
| 5.375% 12/1/28 (b) | 10,895,000 | 3,016,771 | |
| Roblox Corp. 3.875% 5/1/30 (b) | 3,450,000 | 2,898,430 | |
| Seagate HDD Cayman: | |||
| 5.75% 12/1/34 | 1,210,000 | 1,073,103 | |
| 8.25% 12/15/29 (b) | 555,000 | 581,712 | |
| 8.5% 7/15/31 (b) | 670,000 | 699,493 | |
| Sensata Technologies BV: | |||
| 4% 4/15/29 (b) | 3,430,000 | 3,031,233 | |
| 5% 10/1/25 (b) | 215,000 | 209,590 | |
| Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 545,000 | 460,296 | |
| SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 440,000 | 425,075 | |
| TTM Technologies, Inc. 4% 3/1/29 (b) | 4,905,000 | 4,181,513 | |
| Uber Technologies, Inc.: | |||
| 7.5% 5/15/25 (b) | 2,835,000 | 2,866,791 | |
| 8% 11/1/26 (b) | 3,275,000 | 3,341,101 | |
| 80,622,401 | |||
| Telecommunications - 5.8% | |||
| Altice Financing SA: | |||
| 5% 1/15/28 (b) | 1,570,000 | 1,218,259 | |
| 5.75% 8/15/29 (b) | 6,145,000 | 4,607,059 | |
| Altice France Holding SA 6% 2/15/28 (b) | 2,945,000 | 1,082,288 | |
| Altice France SA: | |||
| 5.125% 1/15/29 (b) | 2,620,000 | 1,826,328 | |
| 5.5% 1/15/28 (b) | 4,455,000 | 3,268,216 | |
| 5.5% 10/15/29 (b) | 20,000 | 14,206 | |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 6,814,000 | 6,132,600 | |
| Cablevision Lightpath LLC: | |||
| 3.875% 9/15/27 (b) | 765,000 | 634,840 | |
| 5.625% 9/15/28 (b) | 605,000 | 460,206 | |
| Consolidated Communications, Inc. 5% 10/1/28 (b) | 930,000 | 688,087 | |
| Frontier Communications Holdings LLC: | |||
| 5% 5/1/28 (b) | 430,000 | 364,385 | |
| 5.875% 10/15/27 (b) | 1,685,000 | 1,543,338 | |
| 5.875% 11/1/29 | 2,485,000 | 1,822,067 | |
| 8.75% 5/15/30 (b) | 1,675,000 | 1,616,014 | |
| IHS Netherlands Holdco BV 8% 9/18/27 (b) | 680,000 | 617,753 | |
| Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 3,100,000 | 2,831,777 | |
| LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b) | 1,010,000 | 835,223 | |
| Level 3 Financing, Inc.: | |||
| 3.625% 1/15/29 (b) | 565,000 | 372,997 | |
| 4.25% 7/1/28 (b) | 4,615,000 | 3,266,248 | |
| 10.5% 5/15/30 (b) | 2,909,000 | 3,013,332 | |
| Millicom International Cellular SA: | |||
| 4.5% 4/27/31 (b) | 3,880,000 | 3,088,014 | |
| 5.125% 1/15/28 (b) | 211,500 | 188,447 | |
| Sable International Finance Ltd. 5.75% 9/7/27 (b) | 748,000 | 691,433 | |
| SBA Communications Corp. 3.125% 2/1/29 | 550,000 | 463,704 | |
| Sprint Corp.: | |||
| 7.125% 6/15/24 | 4,360,000 | 4,401,032 | |
| 7.625% 2/15/25 | 1,635,000 | 1,672,002 | |
| 7.625% 3/1/26 | 3,715,000 | 3,866,765 | |
| 7.875% 9/15/23 | 1,085,000 | 1,085,901 | |
| Telecom Italia Capital SA: | |||
| 6% 9/30/34 | 3,032,000 | 2,454,378 | |
| 7.2% 7/18/36 | 1,449,000 | 1,244,972 | |
| 7.721% 6/4/38 | 400,000 | 355,525 | |
| Uniti Group, Inc. 6% 1/15/30 (b) | 5,895,000 | 3,898,069 | |
| Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 2,980,000 | 2,551,858 | |
| VMED O2 UK Financing I PLC 4.25% 1/31/31 (b) | 3,745,000 | 3,100,584 | |
| Windstream Escrow LLC 7.75% 8/15/28 (b) | 4,450,000 | 3,748,061 | |
| Zayo Group Holdings, Inc.: | |||
| 4% 3/1/27 (b) | 2,600,000 | 1,859,406 | |
| 6.125% 3/1/28 (b) | 1,755,000 | 1,082,021 | |
| 71,967,395 | |||
| Textiles/Apparel - 0.2% | |||
| Crocs, Inc. 4.125% 8/15/31 (b) | 720,000 | 579,787 | |
| Foot Locker, Inc. 4% 10/1/29 (b) | 715,000 | 555,877 | |
| Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 580,000 | 495,900 | |
| Victoria's Secret & Co. 4.625% 7/15/29 (b) | 810,000 | 607,755 | |
| 2,239,319 | |||
| Transportation Ex Air/Rail - 0.6% | |||
| Golar LNG Ltd. 7% 10/20/25 (b) | 1,690,000 | 1,651,620 | |
| Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 1,020,000 | 851,700 | |
| Seaspan Corp. 5.5% 8/1/29 (b) | 4,095,000 | 3,337,425 | |
| XPO, Inc.: | |||
| 6.25% 6/1/28 (b) | 335,000 | 331,403 | |
| 7.125% 6/1/31 (b) | 550,000 | 556,536 | |
| 6,728,684 | |||
| Utilities - 2.6% | |||
| Clearway Energy Operating LLC: | |||
| 3.75% 2/15/31 (b) | 2,580,000 | 2,138,292 | |
| 3.75% 1/15/32 (b) | 280,000 | 228,848 | |
| DPL, Inc.: | |||
| 4.125% 7/1/25 | 1,370,000 | 1,313,488 | |
| 4.35% 4/15/29 | 185,000 | 162,798 | |
| EnLink Midstream Partners LP 4.15% 6/1/25 | 545,000 | 524,617 | |
| FirstEnergy Corp. 3.4% 3/1/50 | 2,175,000 | 1,485,960 | |
| Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,927,000 | 2,861,116 | |
| NRG Energy, Inc.: | |||
| 3.375% 2/15/29 (b) | 2,360,000 | 1,948,335 | |
| 3.625% 2/15/31 (b) | 790,000 | 619,972 | |
| 5.25% 6/15/29 (b) | 2,565,000 | 2,314,848 | |
| PG&E Corp.: | |||
| 5% 7/1/28 | 4,420,000 | 4,089,106 | |
| 5.25% 7/1/30 | 5,970,000 | 5,361,591 | |
| Pike Corp. 5.5% 9/1/28 (b) | 4,027,000 | 3,624,300 | |
| Vistra Operations Co. LLC: | |||
| 5% 7/31/27 (b) | 2,849,000 | 2,683,987 | |
| 5.5% 9/1/26 (b) | 1,130,000 | 1,092,709 | |
| 5.625% 2/15/27 (b) | 1,965,000 | 1,900,016 | |
| 32,349,983 | |||
TOTAL NONCONVERTIBLE BONDS | 994,838,553 | ||
| TOTAL CORPORATE BONDS (Cost $1,125,645,549) | 1,008,696,652 | ||
| Commercial Mortgage Securities - 0.1% | |||
Principal Amount (a) | Value ($) | ||
| BX Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.1365% 6/15/38 (b)(c)(d) | 887,555 | 843,068 | |
| Hilton U.S.A. Trust Series 2016-HHV Class E, 4.1935% 11/5/38 (b)(c) | 715,000 | 641,919 | |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,492,511) | 1,484,987 | ||
| Common Stocks - 4.5% | |||
| Shares | Value ($) | ||
| Automotive & Auto Parts - 0.1% | |||
| Aptiv PLC (j) | 12,300 | 1,346,727 | |
| Capital Goods - 0.1% | |||
| Regal Rexnord Corp. | 9,000 | 1,405,620 | |
| Energy - 1.9% | |||
| California Resources Corp. warrants 10/27/24 (j) | 2,871 | 51,965 | |
| Mesquite Energy, Inc. (h)(j) | 149,356 | 21,289,244 | |
| New Fortress Energy, Inc. | 70,300 | 2,007,065 | |
TOTAL ENERGY | 23,348,274 | ||
| Food & Drug Retail - 2.1% | |||
| Southeastern Grocers, Inc. (g)(h)(j) | 963,443 | 25,367,425 | |
| Healthcare - 0.2% | |||
| Centene Corp. (j) | 27,200 | 1,852,048 | |
| Metals/Mining - 0.0% | |||
| Elah Holdings, Inc. (j) | 333 | 15,668 | |
| Technology - 0.1% | |||
| Coherent Corp. (j) | 34,300 | 1,624,448 | |
| Telecommunications - 0.0% | |||
| GTT Communications, Inc. (h) | 40,978 | 506,095 | |
| TOTAL COMMON STOCKS (Cost $18,436,326) | 55,466,305 | ||
| Bank Loan Obligations - 5.5% | |||
Principal Amount (a) | Value ($) | ||
| Broadcasting - 0.1% | |||
| Diamond Sports Group LLC: | |||
| 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.2534% 8/24/26 (c)(d)(k) | 1,960,555 | 1,483,493 | |
| 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (c)(d)(k) | 4,452,028 | 120,828 | |
TOTAL BROADCASTING | 1,604,321 | ||
| Building Materials - 0.2% | |||
| Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.7535% 5/17/28 (c)(d)(k) | 2,276,636 | 1,953,354 | |
| Chemicals - 0.2% | |||
| Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0379% 5/7/25 (c)(d)(h)(k) | 949,568 | 921,081 | |
| Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6169% 10/4/29 (c)(d)(k) | 1,910,400 | 1,860,519 | |
TOTAL CHEMICALS | 2,781,600 | ||
| Consumer Products - 0.1% | |||
| Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.95% 9/24/28 (c)(d)(k) | 1,700,511 | 1,665,446 | |
| Energy - 0.3% | |||
| EG America LLC: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.1645% 2/6/25 (c)(d)(k) | 1,414,580 | 1,406,178 | |
| Tranche BB 1LN, term loan: | |||
6 month U.S. LIBOR + 4.000% 9.3563% 2/5/25 (c)(d)(k) | 408,401 | 406,869 | |
CME Term SOFR 1 Month Index + 4.000% 9.217% 2/5/25 (c)(d)(k) | 669,385 | 663,528 | |
| EG Finco Ltd. Tranche B, term loan 6 month U.S. LIBOR + 4.000% 9.1645% 2/6/25 (c)(d)(k) | 949,454 | 943,814 | |
| Mesquite Energy, Inc.: | |||
| 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(k) | 2,735,146 | 0 | |
| term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(k) | 1,217,000 | 0 | |
TOTAL ENERGY | 3,420,389 | ||
| Healthcare - 0.2% | |||
| Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4187% 11/23/27 (c)(d)(k) | 2,391,181 | 2,007,588 | |
| Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.4331% 1/8/27 (c)(d)(k) | 127,696 | 125,972 | |
| Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.3419% 10/1/27 (c)(d)(k) | 795,918 | 781,791 | |
TOTAL HEALTHCARE | 2,915,351 | ||
| Homebuilders/Real Estate - 0.1% | |||
| Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (c)(h)(k) | 474,673 | 450,939 | |
| Insurance - 0.0% | |||
| Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.7216% 11/6/27 (c)(d)(k) | 196,268 | 195,777 | |
| Leisure - 0.7% | |||
| City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.4058% 7/21/28 (c)(d)(k) | 5,749,203 | 5,662,965 | |
| ClubCorp Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 8.2879% 9/18/24 (c)(d)(k) | 2,478,426 | 2,413,764 | |
TOTAL LEISURE | 8,076,729 | ||
| Paper - 0.0% | |||
| Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5937% 4/13/29 (c)(d)(k) | 347,992 | 344,544 | |
| Services - 1.7% | |||
| ABG Intermediate Holdings 2 LLC: | |||
| Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.2025% 12/21/28 (c)(d)(k) | 576,111 | 576,353 | |
| Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 12/21/28 (d)(k)(l) | 188,889 | 188,968 | |
| Ascend Learning LLC: | |||
| 2LN, term loan 1 month U.S. LIBOR + 5.750% 11.1687% 12/10/29 (c)(d)(k) | 225,000 | 191,484 | |
| Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9187% 12/10/28 (c)(d)(k) | 2,235,950 | 2,099,624 | |
| Brand Energy & Infrastructure Services, Inc.: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 7/25/30 (d)(k)(m) | 635,000 | 614,890 | |
| Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.6381% 6/21/24 (c)(d)(k) | 4,693,265 | 4,678,622 | |
| CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 6/2/28 (c)(d)(k) | 2,507,240 | 2,299,215 | |
| Finastra U.S.A., Inc.: | |||
| Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.981% 6/13/25 (c)(d)(k) | 2,850,000 | 2,590,736 | |
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.231% 6/13/24 (c)(d)(k) | 2,601,331 | 2,517,386 | |
| Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3985% 4/11/29 (c)(d)(k) | 2,713,200 | 2,397,791 | |
| Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.2303% 3/4/28 (c)(d)(k) | 3,342,901 | 2,819,637 | |
TOTAL SERVICES | 20,974,706 | ||
| Super Retail - 0.7% | |||
| Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.943% 3/5/28 (c)(d)(k) | 2,764,824 | 2,754,014 | |
| LBM Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.1687% 12/18/27 (c)(d)(k) | 5,438,606 | 5,264,679 | |
TOTAL SUPER RETAIL | 8,018,693 | ||
| Technology - 0.7% | |||
| Athenahealth Group, Inc.: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8054% 2/15/29 (c)(d)(k) | 1,587,484 | 1,538,479 | |
| Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3.5% 2/15/29 (c)(d)(k)(l) | 195,511 | 189,476 | |
| Sophia LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0379% 10/7/27 (c)(d)(k) | 621,835 | 617,949 | |
| Ultimate Software Group, Inc.: | |||
| 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6184% 5/3/26 (c)(d)(k) | 2,475,548 | 2,460,397 | |
| 2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6184% 5/3/27 (c)(d)(k) | 3,330,000 | 3,282,148 | |
| Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.4331% 8/27/25 (c)(d)(k) | 821,182 | 819,811 | |
TOTAL TECHNOLOGY | 8,908,260 | ||
| Telecommunications - 0.2% | |||
| GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.3419% 6/30/28 (c)(d)(k) | 1,664,578 | 928,834 | |
| Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.2025% 12/30/27 (c)(d)(k) | 2,081,088 | 1,727,303 | |
TOTAL TELECOMMUNICATIONS | 2,656,137 | ||
| Utilities - 0.3% | |||
| PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4331% 6/23/25 (c)(d)(k) | 3,930,178 | 3,916,541 | |
| TOTAL BANK LOAN OBLIGATIONS (Cost $74,359,783) | 67,882,787 | ||
| Preferred Securities - 1.2% | |||
Principal Amount (a) | Value ($) | ||
| Air Transportation - 0.1% | |||
| AerCap Holdings NV 5.875% 10/10/79 (c) | 1,225,000 | 1,184,190 | |
| Banks & Thrifts - 0.8% | |||
| Ally Financial, Inc.: | |||
| 4.7% (c)(n) | 1,820,000 | 1,380,925 | |
| 4.7% (c)(n) | 1,785,000 | 1,249,109 | |
| Bank of America Corp. 5.875% (c)(n) | 2,195,000 | 2,046,947 | |
| JPMorgan Chase & Co.: | |||
| 4.6% (c)(n) | 1,580,000 | 1,493,100 | |
| 6.1% (c)(n) | 2,190,000 | 2,178,164 | |
| Wells Fargo & Co.: | |||
| 5.9% (c)(n) | 1,205,000 | 1,192,589 | |
| 7.625% (c)(n) | 615,000 | 632,306 | |
TOTAL BANKS & THRIFTS | 10,173,140 | ||
| Diversified Financial Services - 0.1% | |||
| Charles Schwab Corp. 4% (c)(n) | 1,405,000 | 1,100,450 | |
| Energy - 0.2% | |||
| Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.3487% (c)(d)(n) | 2,750,000 | 2,488,763 | |
| TOTAL PREFERRED SECURITIES (Cost $14,085,423) | 14,946,543 | ||
| Other - 1.2% | |||
| Shares | Value ($) | ||
| Other - 1.2% | |||
Fidelity Private Credit Central Fund LLC (g) (Cost $14,737,713) | 1,481,813 | 14,892,225 | |
| Money Market Funds - 4.4% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (o) (Cost $53,914,676) | 53,903,895 | 53,914,676 | |
| TOTAL INVESTMENT IN SECURITIES - 98.5% (Cost $1,302,671,981) | 1,217,284,175 |
NET OTHER ASSETS (LIABILITIES) - 1.5% | 18,625,212 |
| NET ASSETS - 100.0% | 1,235,909,387 |
Legend
| (a) | Amount is stated in United States dollars unless otherwise noted. |
| (b) | 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 $766,925,146 or 62.1% of net assets. |
| (c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (e) | Non-income producing - Security is in default. |
| (f) | 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. |
| (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 $43,607,112 or 3.5% of net assets. |
| (h) | Level 3 security |
| (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 $384,400 and $378,444, respectively. |
| (m) | The coupon rate will be determined upon settlement of the loan after period end. |
| (n) | Security is perpetual in nature with no stated maturity date. |
| (o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| Fidelity Private Credit Central Fund LLC | 4/15/22 - 7/07/23 | 14,737,713 |
| Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 3,237,472 |
| Southeastern Grocers, Inc. | 6/01/18 | 6,776,820 |
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% | 50,252,241 | 83,173,108 | 79,510,673 | 784,225 | - | - | 53,914,676 | 0.1% |
| Fidelity Private Credit Central Fund LLC | 14,258,260 | 15,017,209 | 14,574,992 | 265,784 | - | 191,748 | 14,892,225 | 2.3% |
| Fidelity Securities Lending Cash Central Fund 5.32% | 1,171,350 | 4,547,753 | 5,719,103 | 42 | - | - | - | 0.0% |
| Total | 65,681,851 | 102,738,070 | 99,804,768 | 1,050,051 | - | 191,748 | 68,806,901 | |
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, 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. Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
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.
Fidelity Private Credit Central Fund LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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