Quarterly Holdings Report
for
Fidelity® Short Duration High Income Fund
July 31, 2023
SDH-NPRT1-0923
1.969439.109
| Corporate Bonds - 80.9% | |||
Principal Amount (a) | Value ($) | ||
| Convertible Bonds - 0.8% | |||
| Broadcasting - 0.8% | |||
| DISH Network Corp. 3.375% 8/15/26 | 7,300,000 | 4,047,850 | |
| Nonconvertible Bonds - 80.1% | |||
| Aerospace - 5.2% | |||
| Bombardier, Inc.: | |||
| 6% 2/15/28 (b) | 125,000 | 117,524 | |
| 7.125% 6/15/26 (b) | 4,000,000 | 3,952,004 | |
| 7.875% 4/15/27 (b) | 1,000,000 | 996,703 | |
| Howmet Aerospace, Inc.: | |||
| 5.9% 2/1/27 | 1,255,000 | 1,266,387 | |
| 6.875% 5/1/25 | 3,708,000 | 3,764,718 | |
| Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,300,000 | 1,281,441 | |
| Spirit Aerosystems, Inc. 7.5% 4/15/25 (b) | 1,750,000 | 1,749,212 | |
| TransDigm, Inc.: | |||
| 5.5% 11/15/27 | 3,335,000 | 3,159,913 | |
| 6.25% 3/15/26 (b) | 7,365,000 | 7,325,330 | |
| 6.75% 8/15/28 (b) | 2,935,000 | 2,943,758 | |
| 7.5% 3/15/27 | 25,000 | 24,990 | |
| 26,581,980 | |||
| Air Transportation - 2.1% | |||
| American Airlines, Inc. 7.25% 2/15/28 (b) | 380,000 | 377,263 | |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 5,775,000 | 5,688,445 | |
| Rand Parent LLC 8.5% 2/15/30 (b) | 1,570,000 | 1,476,292 | |
| United Airlines, Inc. 4.375% 4/15/26 (b) | 3,600,000 | 3,408,616 | |
| Western Global Airlines LLC 10.375% 8/15/25 (b) | 250,000 | 1,250 | |
| 10,951,866 | |||
| Automotive & Auto Parts - 2.1% | |||
| Clarios Global LP / Clarios U.S. Finance Co. 6.75% 5/15/28 (b) | 505,000 | 507,254 | |
| Ford Motor Credit Co. LLC: | |||
| 2.3% 2/10/25 | 540,000 | 506,337 | |
| 3.375% 11/13/25 | 7,700,000 | 7,199,328 | |
| 4.687% 6/9/25 | 455,000 | 441,067 | |
| 5.125% 6/16/25 | 250,000 | 243,413 | |
| 7.35% 11/4/27 | 1,420,000 | 1,455,182 | |
| Macquarie AirFinance Holdings 8.375% 5/1/28 (b) | 600,000 | 610,914 | |
| Real Hero Merger Sub 2 6.25% 2/1/29 (b) | 30,000 | 24,201 | |
| 10,987,696 | |||
| Banks & Thrifts - 0.7% | |||
| Ally Financial, Inc.: | |||
| 3.875% 5/21/24 | 970,000 | 950,116 | |
| 5.75% 11/20/25 | 1,895,000 | 1,837,605 | |
| VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (b) | 1,035,000 | 959,670 | |
| 3,747,391 | |||
| Broadcasting - 2.2% | |||
| Clear Channel Outdoor Holdings, Inc. 5.125% 8/15/27 (b) | 1,000,000 | 918,251 | |
| Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(c) | 410,000 | 12,813 | |
| DISH Network Corp. 11.75% 11/15/27 (b) | 3,030,000 | 3,049,931 | |
| iHeartCommunications, Inc. 4.75% 1/15/28 (b) | 1,400,000 | 1,076,245 | |
| Sirius XM Radio, Inc. 3.125% 9/1/26 (b) | 5,395,000 | 4,867,909 | |
| Univision Communications, Inc. 6.625% 6/1/27 (b) | 1,375,000 | 1,337,828 | |
| 11,262,977 | |||
| Building Materials - 0.2% | |||
| Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 245,000 | 233,988 | |
| Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 545,000 | 546,363 | |
| Global Infrastructure Solutions, Inc. 5.625% 6/1/29 (b) | 185,000 | 155,775 | |
| SRS Distribution, Inc. 4.625% 7/1/28 (b) | 95,000 | 86,009 | |
| 1,022,135 | |||
| Cable/Satellite TV - 3.3% | |||
| CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (b) | 6,550,000 | 6,145,197 | |
| CSC Holdings LLC 5.25% 6/1/24 | 3,900,000 | 3,635,770 | |
| DISH DBS Corp.: | |||
| 5.25% 12/1/26 (b) | 2,400,000 | 1,965,613 | |
| 5.875% 11/15/24 | 3,100,000 | 2,845,825 | |
| 7.75% 7/1/26 | 650,000 | 420,225 | |
| Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (b) | 1,595,000 | 1,296,152 | |
| Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b) | 800,000 | 731,360 | |
| 17,040,142 | |||
| Capital Goods - 0.6% | |||
| Vertical U.S. Newco, Inc. 5.25% 7/15/27 (b) | 3,525,000 | 3,296,415 | |
| Chemicals - 2.9% | |||
| Compass Minerals International, Inc. 6.75% 12/1/27 (b) | 580,000 | 565,029 | |
| INEOS Finance PLC 6.75% 5/15/28 (b) | 1,485,000 | 1,416,616 | |
| INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (b) | 250,000 | 227,249 | |
| Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d) | 170,000 | 119,000 | |
| LSB Industries, Inc. 6.25% 10/15/28 (b) | 1,990,000 | 1,826,820 | |
| Methanex Corp. 5.125% 10/15/27 | 700,000 | 660,467 | |
| NOVA Chemicals Corp.: | |||
| 4.875% 6/1/24 (b) | 300,000 | 292,452 | |
| 5% 5/1/25 (b) | 3,205,000 | 3,077,802 | |
| 5.25% 6/1/27 (b) | 1,100,000 | 990,684 | |
| Rhodia Acetow Management GmbH 10.5% 2/15/27 (b) | 130,000 | 128,053 | |
| SCIH Salt Holdings, Inc. 4.875% 5/1/28 (b) | 1,705,000 | 1,525,501 | |
| SPCM SA 3.125% 3/15/27 (b) | 395,000 | 354,320 | |
| The Chemours Co. LLC 5.375% 5/15/27 | 2,900,000 | 2,759,777 | |
| Tronox, Inc. 4.625% 3/15/29 (b) | 920,000 | 762,660 | |
| W.R. Grace Holding LLC 7.375% 3/1/31 (b) | 180,000 | 179,258 | |
| 14,885,688 | |||
| Consumer Products - 1.3% | |||
| Coty, Inc. 5% 4/15/26 (b) | 3,000,000 | 2,894,854 | |
| Gannett Holdings LLC 6% 11/1/26 (b) | 75,000 | 64,556 | |
| Mattel, Inc. 5.875% 12/15/27 (b) | 1,210,000 | 1,186,481 | |
| Newell Brands, Inc. 4.7% 4/1/26 | 1,800,000 | 1,708,558 | |
| Tempur Sealy International, Inc. 4% 4/15/29 (b) | 865,000 | 749,792 | |
| 6,604,241 | |||
| Containers - 3.0% | |||
| Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
| 4.125% 8/15/26 (b) | 610,000 | 571,461 | |
| 5.25% 8/15/27 (b) | 500,000 | 429,120 | |
| 5.25% 8/15/27 (b) | 3,000,000 | 2,574,722 | |
| Ball Corp.: | |||
| 4% 11/15/23 | 400,000 | 396,000 | |
| 5.25% 7/1/25 | 1,900,000 | 1,883,352 | |
| Berry Global, Inc. 4.875% 7/15/26 (b) | 1,175,000 | 1,136,237 | |
| BWAY Holding Co.: | |||
| 7.875% 8/15/26 (b) | 2,425,000 | 2,418,456 | |
| 9.25% 4/15/27 (b) | 550,000 | 510,977 | |
| Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 750,000 | 762,165 | |
| Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 515,000 | 512,687 | |
| Trivium Packaging Finance BV: | |||
| 5.5% 8/15/26 (b) | 220,000 | 209,719 | |
| 8.5% 8/15/27 (b) | 4,050,000 | 3,895,951 | |
| 15,300,847 | |||
| Diversified Financial Services - 3.1% | |||
| Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 225,000 | 199,688 | |
| Freedom Mortgage Corp. 6.625% 1/15/27 (b) | 250,000 | 219,959 | |
| GGAM Finance Ltd. 7.75% 5/15/26 (b) | 1,240,000 | 1,249,734 | |
| Hightower Holding LLC 6.75% 4/15/29 (b) | 400,000 | 349,978 | |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 4.75% 9/15/24 | 1,840,000 | 1,780,024 | |
| 5.25% 5/15/27 | 3,535,000 | 3,110,800 | |
| 6.25% 5/15/26 | 2,025,000 | 1,898,615 | |
| Navient Corp.: | |||
| 6.125% 3/25/24 | 2,000,000 | 1,992,998 | |
| 6.75% 6/15/26 | 250,000 | 243,750 | |
| OneMain Finance Corp.: | |||
| 3.5% 1/15/27 | 235,000 | 203,176 | |
| 6.125% 3/15/24 | 750,000 | 748,079 | |
| 6.875% 3/15/25 | 4,090,000 | 4,076,418 | |
| 16,073,219 | |||
| Diversified Media - 0.3% | |||
| Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 1,660,000 | 1,444,200 | |
| Energy - 13.5% | |||
| Berry Petroleum Co. LLC 7% 2/15/26 (b) | 100,000 | 95,159 | |
| Buckeye Partners LP: | |||
| 4.125% 3/1/25 (b) | 1,400,000 | 1,347,500 | |
| 4.125% 12/1/27 | 1,400,000 | 1,267,000 | |
| California Resources Corp. 7.125% 2/1/26 (b) | 250,000 | 251,875 | |
| Calumet Specialty Products Partners LP/Calumet Finance Corp.: | |||
| 9.75% 7/15/28 (b) | 865,000 | 862,909 | |
| 11% 4/15/25 (b) | 5,000 | 5,150 | |
| Centennial Resource Production LLC 5.875% 7/1/29 (b) | 3,570,000 | 3,391,500 | |
| Cheniere Energy, Inc. 4.625% 10/15/28 | 1,700,000 | 1,595,376 | |
| Chesapeake Energy Corp. 5.5% 2/1/26 (b) | 505,000 | 497,128 | |
| Chord Energy Corp. 6.375% 6/1/26 (b) | 100,000 | 99,241 | |
| Citgo Holding, Inc. 9.25% 8/1/24 (b) | 2,650,000 | 2,650,000 | |
| Citgo Petroleum Corp. 6.375% 6/15/26 (b) | 1,450,000 | 1,406,500 | |
| Comstock Resources, Inc. 6.75% 3/1/29 (b) | 120,000 | 111,932 | |
| Continental Resources, Inc. 2.268% 11/15/26 (b) | 300,000 | 268,457 | |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
| 6% 2/1/29 (b) | 2,760,000 | 2,601,300 | |
| 7.375% 2/1/31 (b) | 525,000 | 523,668 | |
| CrownRock LP/CrownRock Finance, Inc. 5.625% 10/15/25 (b) | 2,300,000 | 2,265,500 | |
| CVR Energy, Inc. 5.25% 2/15/25 (b) | 1,615,000 | 1,568,442 | |
| DCP Midstream Operating LP 5.375% 7/15/25 | 1,400,000 | 1,390,912 | |
| Delek Logistics Partners LP 7.125% 6/1/28 (b) | 80,000 | 74,000 | |
| Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (b) | 82,000 | 84,870 | |
| EnLink Midstream Partners LP 4.85% 7/15/26 | 1,400,000 | 1,360,520 | |
| EQM Midstream Partners LP: | |||
| 6% 7/1/25 (b) | 147,000 | 145,947 | |
| 7.5% 6/1/27 (b) | 2,550,000 | 2,587,962 | |
| EQT Corp. 3.125% 5/15/26 (b) | 500,000 | 463,000 | |
| Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27 | 1,145,000 | 1,126,860 | |
| Gulfport Energy Corp. 8% 5/17/26 | 100,000 | 100,982 | |
| Hess Midstream Partners LP 5.625% 2/15/26 (b) | 2,450,000 | 2,413,250 | |
| Holly Energy Partners LP/Holly Energy Finance Corp. 6.375% 4/15/27 (b) | 105,000 | 104,585 | |
| Magnolia Oil & Gas Operating LLC 6% 8/1/26 (b) | 1,300,000 | 1,274,000 | |
| Mesquite Energy, Inc. 7.25% (b)(c)(e) | 135,000 | 0 | |
| Murphy Oil Corp. 5.75% 8/15/25 | 64,000 | 63,024 | |
| Nabors Industries, Inc. 5.75% 2/1/25 | 2,550,000 | 2,499,000 | |
| New Fortress Energy, Inc.: | |||
| 6.5% 9/30/26 (b) | 3,815,000 | 3,500,481 | |
| 6.75% 9/15/25 (b) | 1,290,000 | 1,228,483 | |
| NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b) | 1,450,000 | 1,436,752 | |
| Northern Oil & Gas, Inc. 8.75% 6/15/31 (b) | 760,000 | 765,736 | |
| NuStar Logistics LP 6% 6/1/26 | 400,000 | 393,665 | |
| Occidental Petroleum Corp.: | |||
| 5.875% 9/1/25 | 5,250,000 | 5,259,980 | |
| 6.95% 7/1/24 | 424,000 | 426,862 | |
| 8.5% 7/15/27 | 2,000,000 | 2,169,200 | |
| PBF Holding Co. LLC/PBF Finance Corp. 7.25% 6/15/25 | 350,000 | 349,125 | |
| PDC Energy, Inc. 5.75% 5/15/26 | 1,750,000 | 1,759,975 | |
| Precision Drilling Corp. 7.125% 1/15/26 (b) | 1,660,000 | 1,644,844 | |
| Range Resources Corp. 4.875% 5/15/25 | 1,250,000 | 1,226,725 | |
| Seadrill Finance Ltd.: | |||
| 8.375% 8/1/30 (b) | 230,000 | 234,025 | |
| 8.375% 8/1/30 (b)(f) | 200,000 | 204,140 | |
| SM Energy Co. 6.625% 1/15/27 | 1,156,000 | 1,136,956 | |
| Southwestern Energy Co. 5.7% 1/23/25 (g) | 1,128,000 | 1,118,109 | |
| Sunnova Energy Corp. 5.875% 9/1/26 (b) | 2,210,000 | 1,983,657 | |
| Sunoco LP/Sunoco Finance Corp.: | |||
| 5.875% 3/15/28 | 960,000 | 933,707 | |
| 6% 4/15/27 | 1,010,000 | 1,001,645 | |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b) | 2,000,000 | 1,895,267 | |
| Transocean, Inc. 8.75% 2/15/30 (b) | 650,000 | 674,850 | |
| U.S.A. Compression Partners LP 6.875% 4/1/26 | 1,500,000 | 1,486,505 | |
| Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (b) | 715,000 | 699,143 | |
| Western Gas Partners LP 4.65% 7/1/26 | 3,500,000 | 3,395,873 | |
| 69,423,254 | |||
| Entertainment/Film - 0.7% | |||
| Live Nation Entertainment, Inc. 4.75% 10/15/27 (b) | 3,900,000 | 3,622,125 | |
| Environmental - 0.4% | |||
| Clean Harbors, Inc. 6.375% 2/1/31 (b) | 210,000 | 211,004 | |
| Madison IAQ LLC 4.125% 6/30/28 (b) | 1,900,000 | 1,691,801 | |
| 1,902,805 | |||
| Food & Drug Retail - 1.0% | |||
| Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
| 3.25% 3/15/26 (b) | 4,600,000 | 4,275,413 | |
| 6.5% 2/15/28 (b) | 985,000 | 981,129 | |
| 5,256,542 | |||
| Food/Beverage/Tobacco - 1.2% | |||
| Performance Food Group, Inc. 5.5% 10/15/27 (b) | 1,100,000 | 1,065,126 | |
| Pilgrim's Pride Corp. 5.875% 9/30/27 (b) | 1,700,000 | 1,681,476 | |
| Post Holdings, Inc.: | |||
| 5.625% 1/15/28 (b) | 1,625,000 | 1,570,302 | |
| 5.75% 3/1/27 (b) | 596,000 | 584,059 | |
| Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 100,000 | 92,968 | |
| U.S. Foods, Inc. 6.25% 4/15/25 (b) | 1,275,000 | 1,278,212 | |
| United Natural Foods, Inc. 6.75% 10/15/28 (b) | 95,000 | 79,139 | |
| 6,351,282 | |||
| Gaming - 4.7% | |||
| Affinity Gaming LLC 6.875% 12/15/27 (b) | 1,030,000 | 911,221 | |
| Boyd Gaming Corp. 4.75% 12/1/27 | 1,300,000 | 1,224,317 | |
| Caesars Entertainment, Inc.: | |||
| 6.25% 7/1/25 (b) | 4,950,000 | 4,923,048 | |
| 8.125% 7/1/27 (b) | 900,000 | 923,106 | |
| Caesars Resort Collection LLC 5.75% 7/1/25 (b) | 495,000 | 499,998 | |
| Carnival Corp. 10.5% 6/1/30 (b) | 245,000 | 259,169 | |
| Churchill Downs, Inc.: | |||
| 4.75% 1/15/28 (b) | 1,300,000 | 1,201,692 | |
| 6.75% 5/1/31 (b) | 495,000 | 483,813 | |
| Golden Entertainment, Inc. 7.625% 4/15/26 (b) | 500,000 | 499,813 | |
| International Game Technology PLC 4.125% 4/15/26 (b) | 2,200,000 | 2,086,397 | |
| Las Vegas Sands Corp. 3.5% 8/18/26 | 1,100,000 | 1,028,463 | |
| Melco Resorts Finance Ltd. 5.25% 4/26/26 (b) | 200,000 | 187,506 | |
| Ontario Gaming GTA LP 8% 8/1/30 (b)(f) | 275,000 | 277,750 | |
| Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b) | 95,000 | 89,066 | |
| Scientific Games Corp. 7% 5/15/28 (b) | 1,000,000 | 996,400 | |
| Studio City Finance Ltd. 5% 1/15/29 (b) | 225,000 | 171,844 | |
| VICI Properties LP / VICI Note Co.: | |||
| 3.5% 2/15/25 (b) | 3,715,000 | 3,567,180 | |
| 4.625% 6/15/25 (b) | 300,000 | 291,279 | |
| 5.625% 5/1/24 (b) | 1,000,000 | 994,745 | |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.: | |||
| 5.25% 5/15/27 (b) | 900,000 | 855,382 | |
| 5.5% 3/1/25 (b) | 2,800,000 | 2,747,257 | |
| 24,219,446 | |||
| Healthcare - 4.6% | |||
| 1375209 BC Ltd. 9% 1/30/28 (b) | 562,000 | 563,404 | |
| Bausch Health Companies, Inc.: | |||
| 11% 9/30/28 (b) | 2,600,000 | 1,916,854 | |
| 14% 10/15/30 (b) | 197,000 | 124,660 | |
| Centene Corp. 3% 10/15/30 | 585,000 | 488,625 | |
| Community Health Systems, Inc.: | |||
| 5.625% 3/15/27 (b) | 6,050,000 | 5,383,266 | |
| 6.875% 4/15/29 (b) | 750,000 | 497,069 | |
| HCA Holdings, Inc. 5.875% 2/15/26 | 1,750,000 | 1,754,875 | |
| IQVIA, Inc. 5% 5/15/27 (b) | 4,500,000 | 4,339,360 | |
| Molina Healthcare, Inc. 3.875% 5/15/32 (b) | 235,000 | 196,043 | |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (b) | 1,500,000 | 1,344,212 | |
| Owens & Minor, Inc. 4.5% 3/31/29 (b) | 65,000 | 55,889 | |
| RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 200,000 | 136,367 | |
| Surgery Center Holdings, Inc. 6.75% 7/1/25 (b) | 877,000 | 873,711 | |
| Tenet Healthcare Corp. 5.125% 11/1/27 | 6,200,000 | 5,887,474 | |
| 23,561,809 | |||
| Homebuilders/Real Estate - 2.8% | |||
| Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 5.75% 5/15/26 (b) | 1,050,000 | 985,071 | |
| MPT Operating Partnership LP/MPT Finance Corp.: | |||
| 5% 10/15/27 | 1,700,000 | 1,489,236 | |
| 5.25% 8/1/26 | 4,000,000 | 3,681,669 | |
| Railworks Holdings LP 8.25% 11/15/28 (b) | 230,000 | 216,859 | |
| Service Properties Trust: | |||
| 4.35% 10/1/24 | 400,000 | 384,038 | |
| 7.5% 9/15/25 | 3,000,000 | 2,965,054 | |
| Starwood Property Trust, Inc. 4.75% 3/15/25 | 1,500,000 | 1,447,901 | |
| Uniti Group LP / Uniti Group Finance, Inc.: | |||
| 4.75% 4/15/28 (b) | 2,700,000 | 2,252,375 | |
| 6.5% 2/15/29 (b) | 1,400,000 | 973,889 | |
| 14,396,092 | |||
| Insurance - 0.4% | |||
| Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (b) | 1,920,000 | 1,854,080 | |
| Alliant Holdings Intermediate LLC 6.75% 10/15/27 (b) | 30,000 | 28,416 | |
| Enact Holdings, Inc. 6.5% 8/15/25 (b) | 200,000 | 198,007 | |
| 2,080,503 | |||
| Leisure - 3.7% | |||
| Carnival Corp. 7.625% 3/1/26 (b) | 6,580,000 | 6,491,265 | |
| NCL Corp. Ltd.: | |||
| 5.875% 3/15/26 (b) | 400,000 | 378,503 | |
| 5.875% 2/15/27 (b) | 2,025,000 | 1,972,001 | |
| Royal Caribbean Cruises Ltd.: | |||
| 5.375% 7/15/27 (b) | 120,000 | 114,099 | |
| 5.5% 8/31/26 (b) | 3,885,000 | 3,725,877 | |
| 5.5% 4/1/28 (b) | 1,600,000 | 1,507,999 | |
| 7.25% 1/15/30 (b) | 445,000 | 449,813 | |
| 11.625% 8/15/27 (b) | 1,500,000 | 1,637,783 | |
| Six Flags Entertainment Corp. 5.5% 4/15/27 (b) | 1,500,000 | 1,413,750 | |
| Viking Cruises Ltd. 9.125% 7/15/31 (b) | 1,000,000 | 1,028,200 | |
| 18,719,290 | |||
| Metals/Mining - 1.6% | |||
| Arsenal AIC Parent LLC 8% 10/1/30 (b)(f) | 310,000 | 316,200 | |
| Cleveland-Cliffs, Inc. 6.75% 4/15/30 (b) | 495,000 | 481,534 | |
| First Quantum Minerals Ltd. 6.875% 3/1/26 (b) | 2,610,000 | 2,555,973 | |
| Howmet Aerospace, Inc. 5.125% 10/1/24 | 214,000 | 211,899 | |
| HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 2,355,000 | 2,233,197 | |
| Novelis Corp. 3.25% 11/15/26 (b) | 2,550,000 | 2,317,129 | |
| 8,115,932 | |||
| Paper - 0.5% | |||
| Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 2,500,000 | 2,467,079 | |
| Restaurants - 0.8% | |||
| 1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
| 3.875% 1/15/28 (b) | 1,800,000 | 1,648,493 | |
| 5.75% 4/15/25 (b) | 1,000,000 | 993,850 | |
| Garden SpinCo Corp. 8.625% 7/20/30 (b) | 55,000 | 59,358 | |
| Yum! Brands, Inc. 3.875% 11/1/23 | 1,225,000 | 1,216,709 | |
| 3,918,410 | |||
| Services - 4.6% | |||
| AECOM 5.125% 3/15/27 | 2,505,000 | 2,418,210 | |
| APX Group, Inc. 6.75% 2/15/27 (b) | 1,505,000 | 1,467,375 | |
| Aramark Services, Inc. 5% 4/1/25 (b) | 2,800,000 | 2,758,224 | |
| Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 2,065,000 | 2,106,341 | |
| CoreCivic, Inc.: | |||
| 4.75% 10/15/27 | 35,000 | 30,848 | |
| 8.25% 4/15/26 | 1,050,000 | 1,057,956 | |
| CoreLogic, Inc. 4.5% 5/1/28 (b) | 1,615,000 | 1,328,338 | |
| Diebold Nixdorf, Inc. 9.375% (b)(c) | 103,000 | 18,798 | |
| Iron Mountain, Inc. 4.875% 9/15/27 (b) | 1,300,000 | 1,219,348 | |
| Life Time, Inc. 5.75% 1/15/26 (b) | 1,125,000 | 1,102,816 | |
| Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 960,000 | 883,060 | |
| PowerTeam Services LLC 9.033% 12/4/25 (b) | 120,000 | 112,822 | |
| Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b) | 2,350,000 | 2,303,972 | |
| Sabre GLBL, Inc. 7.375% 9/1/25 (b) | 2,200,000 | 1,985,500 | |
| United Rentals North America, Inc. 3.875% 11/15/27 | 1,500,000 | 1,392,944 | |
| WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 3,440,000 | 3,200,704 | |
| 23,387,256 | |||
| Super Retail - 1.6% | |||
| At Home Group, Inc. 4.875% 7/15/28 (b) | 60,000 | 34,050 | |
| Carvana Co.: | |||
| 4.875% 9/1/29 (b) | 80,000 | 49,600 | |
| 5.5% 4/15/27 (b) | 200,000 | 146,567 | |
| 5.875% 10/1/28 (b) | 115,000 | 69,702 | |
| EG Global Finance PLC: | |||
| 6.75% 2/7/25 (b) | 3,417,000 | 3,355,942 | |
| 8.5% 10/30/25 (b) | 741,000 | 733,746 | |
| Hanesbrands, Inc. 4.875% 5/15/26 (b) | 2,400,000 | 2,250,142 | |
| Staples, Inc. 7.5% 4/15/26 (b) | 1,900,000 | 1,569,674 | |
| Upbound Group, Inc. 6.375% 2/15/29 (b) | 30,000 | 27,525 | |
| 8,236,948 | |||
| Technology - 3.2% | |||
| Camelot Finance SA 4.5% 11/1/26 (b) | 2,600,000 | 2,452,373 | |
| CommScope, Inc. 6% 3/1/26 (b) | 2,100,000 | 1,926,780 | |
| GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 450,000 | 457,101 | |
| MicroStrategy, Inc. 6.125% 6/15/28 (b) | 85,000 | 76,084 | |
| Open Text Corp. 3.875% 2/15/28 (b) | 1,700,000 | 1,512,137 | |
| Qorvo, Inc. 4.375% 10/15/29 | 1,350,000 | 1,238,379 | |
| Seagate HDD Cayman 8.25% 12/15/29 (b) | 465,000 | 487,380 | |
| Sensata Technologies BV 5% 10/1/25 (b) | 2,300,000 | 2,242,121 | |
| SS&C Technologies, Inc. 5.5% 9/30/27 (b) | 2,000,000 | 1,932,161 | |
| Uber Technologies, Inc. 7.5% 9/15/27 (b) | 2,500,000 | 2,551,755 | |
| Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 1,700,000 | 1,393,899 | |
| Virtusa Corp. 7.125% 12/15/28 (b) | 50,000 | 41,882 | |
| 16,312,052 | |||
| Telecommunications - 5.4% | |||
| Altice Financing SA 5% 1/15/28 (b) | 1,400,000 | 1,086,346 | |
| Altice France SA 8.125% 2/1/27 (b) | 3,410,000 | 2,780,948 | |
| C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 25,000 | 22,500 | |
| Cogent Communications Group, Inc. 7% 6/15/27 (b) | 1,800,000 | 1,737,241 | |
| Consolidated Communications, Inc. 5% 10/1/28 (b) | 1,060,000 | 784,272 | |
| Hughes Satellite Systems Corp. 5.25% 8/1/26 | 1,400,000 | 1,302,000 | |
| Level 3 Financing, Inc. 10.5% 5/15/30 (b) | 710,000 | 735,464 | |
| Lumen Technologies, Inc. 4% 2/15/27 (b) | 4,000,000 | 2,630,560 | |
| Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (b) | 95,000 | 82,684 | |
| Sable International Finance Ltd. 5.75% 9/7/27 (b) | 2,402,000 | 2,220,349 | |
| Sabre GLBL, Inc. 9.25% 4/15/25 (b) | 25,000 | 23,439 | |
| SBA Communications Corp. 3.875% 2/15/27 | 4,200,000 | 3,869,338 | |
| Sprint Corp. 7.875% 9/15/23 | 2,280,000 | 2,281,892 | |
| T-Mobile U.S.A., Inc.: | |||
| 2.25% 2/15/26 | 3,810,000 | 3,521,421 | |
| 2.625% 4/15/26 | 320,000 | 296,820 | |
| Telecom Italia SpA 5.303% 5/30/24 (b) | 2,150,000 | 2,107,743 | |
| ViaSat, Inc. 5.625% 9/15/25 (b) | 1,500,000 | 1,406,250 | |
| Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 1,200,000 | 858,187 | |
| 27,747,454 | |||
| Transportation Ex Air/Rail - 0.4% | |||
| Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (b) | 70,000 | 58,450 | |
| Seaspan Corp. 5.5% 8/1/29 (b) | 790,000 | 643,850 | |
| XPO, Inc. 6.25% 6/1/28 (b) | 1,245,000 | 1,231,631 | |
| 1,933,931 | |||
| Utilities - 2.0% | |||
| Calpine Corp. 5.125% 3/15/28 (b) | 2,000,000 | 1,813,675 | |
| Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,157,000 | 2,108,448 | |
| NextEra Energy Partners LP: | |||
| 4.25% 7/15/24 (b) | 1,500,000 | 1,471,875 | |
| 4.25% 9/15/24 (b) | 41,000 | 39,360 | |
| PG&E Corp. 5% 7/1/28 | 1,210,000 | 1,119,416 | |
| Solaris Midstream Holdings LLC 7.625% 4/1/26 (b) | 120,000 | 117,645 | |
| Vistra Operations Co. LLC: | |||
| 5% 7/31/27 (b) | 825,000 | 777,216 | |
| 5.625% 2/15/27 (b) | 3,005,000 | 2,905,622 | |
| 10,353,257 | |||
TOTAL NONCONVERTIBLE BONDS | 411,204,264 | ||
| TOTAL CORPORATE BONDS (Cost $419,167,777) | 415,252,114 | ||
| Common Stocks - 0.1% | |||
| Shares | Value ($) | ||
| Diversified Financial Services - 0.0% | |||
| Lime Tree Bay Ltd. (e)(h) | 80 | 3,158 | |
| Energy - 0.1% | |||
| California Resources Corp. warrants 10/27/24 (h) | 2 | 36 | |
| Forbes Energy Services Ltd. (e)(h) | 6,468 | 0 | |
| Mesquite Energy, Inc. (e)(h) | 1,922 | 274,011 | |
TOTAL ENERGY | 274,047 | ||
| TOTAL COMMON STOCKS (Cost $364,526) | 277,205 | ||
| Bank Loan Obligations - 13.3% | |||
Principal Amount (a) | Value ($) | ||
| Automotive & Auto Parts - 0.2% | |||
| CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.8278% 6/3/28 (d)(i)(j) | 1,193,893 | 1,137,016 | |
| Broadcasting - 0.4% | |||
| Diamond Sports Group LLC 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0255% 8/24/26 (d)(i)(j) | 196,992 | 5,346 | |
| Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.443% 1/31/29 (d)(i)(j) | 2,341,913 | 2,309,712 | |
TOTAL BROADCASTING | 2,315,058 | ||
| Building Materials - 0.8% | |||
| Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.7535% 5/17/28 (d)(i)(j) | 1,669,908 | 1,432,781 | |
| Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.8419% 4/29/29 (d)(i)(j) | 496,250 | 489,044 | |
| SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 6/4/28 (d)(i)(j) | 2,330,668 | 2,295,708 | |
TOTAL BUILDING MATERIALS | 4,217,533 | ||
| Chemicals - 1.5% | |||
| ARC Falcon I, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.9525% 9/30/28 (d)(i)(j) | 1,100,000 | 1,069,288 | |
| Aruba Investment Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.4187% 11/24/27 (d)(i)(j) | 994,937 | 962,601 | |
| Consolidated Energy Finance SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0379% 5/7/25 (d)(e)(i)(j) | 104,200 | 101,074 | |
| Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6169% 10/4/29 (d)(i)(j) | 995,000 | 969,021 | |
| Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.7794% 3/15/29 (d)(i)(j) | 1,100,000 | 1,035,177 | |
| Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.2535% 11/9/28 (d)(i)(j) | 1,969,702 | 1,884,138 | |
| SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.6307% 3/16/27 (d)(i)(j) | 32,176 | 31,774 | |
| W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.3125% 9/22/28 (d)(i)(j) | 1,513,290 | 1,508,750 | |
TOTAL CHEMICALS | 7,561,823 | ||
| Consumer Products - 0.0% | |||
| Conair Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9.2879% 5/17/28 (d)(i)(j) | 24,563 | 23,324 | |
| TKC Holdings, Inc. 1LN, term loan 13% 2/14/27 (d)(j) | 213,000 | 62,835 | |
TOTAL CONSUMER PRODUCTS | 86,159 | ||
| Diversified Financial Services - 0.5% | |||
| Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.217% 1/27/27 (d)(i)(j) | 342,045 | 339,696 | |
| Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.6123% 4/21/28 (d)(i)(j) | 2,292,401 | 2,245,131 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 2,584,827 | ||
| Energy - 0.0% | |||
| DT Midstream, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4331% 6/12/28 (d)(i)(j) | 15,973 | 15,975 | |
| Forbes Energy Services LLC Tranche B, term loan 0% (c)(d)(e)(j) | 60,604 | 0 | |
| Mesquite Energy, Inc.: | |||
| 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(e)(i)(j) | 35,876 | 0 | |
| term loan 3 month U.S. LIBOR + 0.000% 0% (c)(e)(i)(j) | 15,000 | 0 | |
TOTAL ENERGY | 15,975 | ||
| Environmental - 0.1% | |||
| LRS Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6831% 6/28/28 (d)(i)(j) | 689,500 | 679,158 | |
| Food/Beverage/Tobacco - 0.2% | |||
| Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6554% 5/16/29 (d)(i)(j) | 992,500 | 959,420 | |
| Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 8.4919% 3/31/28 (d)(i)(j) | 53,900 | 52,075 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 1,011,495 | ||
| Gaming - 0.1% | |||
| Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3187% 1/27/29 (d)(i)(j) | 320,027 | 316,286 | |
| Healthcare - 1.0% | |||
| Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4187% 11/23/27 (d)(i)(j) | 905,404 | 760,159 | |
| Confluent Health LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.4331% 11/30/28 (d)(i)(j) | 14,829 | 13,884 | |
| Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6831% 5/4/28 (d)(i)(j) | 19,600 | 19,618 | |
| Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 5/5/28 (d)(i)(j) | 48,577 | 48,517 | |
| MED ParentCo LP 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6831% 8/31/26 (d)(i)(j) | 1,193,798 | 1,112,680 | |
| Medical Solutions Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.250% 8.6137% 11/1/28 (d)(i)(j) | 395,313 | 378,216 | |
| Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6831% 10/23/28 (d)(i)(j) | 113,563 | 112,324 | |
| Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.2569% 6/2/28 (d)(i)(j) | 2,204,266 | 2,194,898 | |
| Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0035% 11/30/27 (d)(i)(j) | 14,736 | 14,600 | |
| Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.467% 11/15/28 (d)(i)(j) | 59,250 | 58,966 | |
| RadNet Management, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4331% 4/23/28 (d)(i)(j) | 343,000 | 342,571 | |
| U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.4775% 10/1/28 (d)(i)(j) | 29,475 | 27,640 | |
TOTAL HEALTHCARE | 5,084,073 | ||
| Homebuilders/Real Estate - 0.3% | |||
| Breakwater Energy Tranche B 1LN, term loan 11% 9/1/26 (d)(e)(j) | 1,441,437 | 1,369,366 | |
| Hotels - 0.0% | |||
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.4331% 8/2/28 (d)(i)(j) | 49,125 | 49,087 | |
| Insurance - 0.8% | |||
| Alliant Holdings Intermediate LLC: | |||
| Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9199% 11/12/27 (d)(i)(j) | 1,591,799 | 1,586,753 | |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.7216% 11/6/27 (d)(i)(j) | 179,629 | 179,180 | |
| AssuredPartners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 2/13/27 (d)(i)(j) | 1,334,313 | 1,324,720 | |
| USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.9919% 11/22/29 (d)(i)(j) | 994,987 | 994,122 | |
TOTAL INSURANCE | 4,084,775 | ||
| Leisure - 0.1% | |||
| Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.967% 5/28/28 (d)(i)(j) | 392,000 | 383,835 | |
| MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.5% 5/12/28 (d)(i)(j) | 24,500 | 24,016 | |
TOTAL LEISURE | 407,851 | ||
| Paper - 0.6% | |||
| Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 9.5937% 4/13/29 (d)(i)(j) | 3,035,510 | 3,005,428 | |
| Railroad - 0.2% | |||
| Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.3419% 12/30/26 (d)(i)(j) | 900,000 | 898,875 | |
| Services - 3.0% | |||
| ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.7025% 12/21/28 (d)(i)(j) | 1,541,962 | 1,539,264 | |
| Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.1687% 5/14/28 (d)(i)(j) | 3,145,786 | 3,027,285 | |
| Ascend Learning LLC: | |||
| 2LN, term loan 1 month U.S. LIBOR + 5.750% 11.1687% 12/10/29 (d)(i)(j) | 20,000 | 17,021 | |
| Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9187% 12/10/28 (d)(i)(j) | 2,415,222 | 2,267,966 | |
| Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4187% 8/19/28 (d)(i)(j) | 994,987 | 952,143 | |
| Brand Energy & Infrastructure Services, Inc.: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 7/25/30 (i)(j)(k) | 265,000 | 256,607 | |
| Tranche B, term loan 3 month U.S. LIBOR + 4.250% 9.6381% 6/21/24 (d)(i)(j) | 1,488,127 | 1,483,484 | |
| CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6831% 9/30/28 (d)(i)(j) | 14,738 | 14,698 | |
| CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 6/2/28 (d)(i)(j) | 49,125 | 45,049 | |
| Finastra U.S.A., Inc.: | |||
| Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.981% 6/13/25 (d)(i)(j) | 1,180,000 | 1,072,655 | |
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.231% 6/13/24 (d)(i)(j) | 1,524,435 | 1,475,242 | |
| Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3985% 4/11/29 (d)(i)(j) | 1,112,213 | 982,918 | |
| Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.2303% 3/4/28 (d)(i)(j) | 2,426,215 | 2,046,439 | |
TOTAL SERVICES | 15,180,771 | ||
| 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 (d)(i)(j) | 3,114,257 | 3,102,080 | |
| Empire Today LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 10.2546% 4/1/28 (d)(i)(j) | 491,228 | 401,579 | |
TOTAL SUPER RETAIL | 3,503,659 | ||
| Technology - 0.9% | |||
| Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.3919% 2/16/28 (d)(i)(j) | 10,156 | 10,074 | |
| Aptean, Inc. 2LN, term loan 1 month U.S. LIBOR + 7.000% 12.4187% 4/23/27 (d)(i)(j) | 200,000 | 184,000 | |
| Athenahealth Group, Inc.: | |||
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8054% 2/15/29 (d)(i)(j) | 2,334,243 | 2,262,185 | |
| Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3.5% 2/15/29 (d)(i)(j)(l) | 287,480 | 278,606 | |
| Ceridian HCM Holding, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.9757% 4/30/25 (d)(i)(j) | 994,778 | 993,535 | |
| DG Investment Intermediate Holdings, Inc.: | |||
| 2LN, term loan CME Term SOFR 1 Month Index + 6.750% 12.1831% 3/31/29 (d)(i)(j) | 80,000 | 70,466 | |
| Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.967% 3/31/28 (d)(i)(j) | 14,700 | 14,517 | |
| Electro Rent Corp. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8303% 11/1/24 (d)(i)(j) | 390,601 | 375,223 | |
| Maverick Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0227% 5/18/28 (d)(i)(j) | 294,769 | 285,434 | |
| Park Place Technologies LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4187% 11/10/27 (d)(i)(j) | 342,125 | 334,242 | |
TOTAL TECHNOLOGY | 4,808,282 | ||
| Telecommunications - 0.7% | |||
| Cablevision Lightpath LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.5861% 11/30/27 (d)(i)(j) | 1,333,575 | 1,294,408 | |
| Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9319% 10/2/27 (d)(i)(j) | 700,000 | 603,092 | |
| Intelsat Jackson Holdings SA 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.250% 9.4435% 2/1/29 (d)(i)(j) | 1,346,865 | 1,343,309 | |
| Northwest Fiber LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1558% 4/30/27 (d)(i)(j) | 151,513 | 143,416 | |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6687% 9/21/27 (d)(i)(j) | 341,945 | 321,145 | |
TOTAL TELECOMMUNICATIONS | 3,705,370 | ||
| Textiles/Apparel - 0.2% | |||
| Tory Burch LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9331% 4/16/28 (d)(i)(j) | 1,288,924 | 1,255,489 | |
| Utilities - 1.0% | |||
| Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0687% 8/1/25 (d)(i)(j) | 1,607,850 | 1,607,850 | |
| Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 10.5035% 2/15/24 (d)(i)(j) | 458,452 | 412,607 | |
| PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4331% 6/23/25 (d)(i)(j) | 3,001,354 | 2,990,939 | |
TOTAL UTILITIES | 5,011,396 | ||
| TOTAL BANK LOAN OBLIGATIONS (Cost $68,105,525) | 68,289,752 | ||
| Preferred Securities - 0.8% | |||
Principal Amount (a) | Value ($) | ||
| Banks & Thrifts - 0.3% | |||
| Ally Financial, Inc.: | |||
| 4.7% (d)(m) | 870,000 | 660,113 | |
| 4.7% (d)(m) | 230,000 | 160,950 | |
| Wells Fargo & Co. 7.625% (d)(m) | 765,000 | 786,527 | |
TOTAL BANKS & THRIFTS | 1,607,590 | ||
| Diversified Financial Services - 0.3% | |||
| Charles Schwab Corp.: | |||
| 4% (d)(m) | 1,045,000 | 818,484 | |
| 5.375% (d)(m) | 515,000 | 502,234 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 1,320,718 | ||
| Energy - 0.2% | |||
| Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.3487% (d)(i)(m) | 1,135,000 | 1,027,180 | |
| TOTAL PREFERRED SECURITIES (Cost $3,762,945) | 3,955,488 | ||
| Money Market Funds - 4.7% | |||
| Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (n) (Cost $24,263,787) | 24,258,974 | 24,263,826 | |
| TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $515,664,560) | 512,038,385 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 932,209 |
| NET ASSETS - 100.0% | 512,970,594 |
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 $289,511,441 or 56.4% of net assets. |
| (c) | Non-income producing - Security is in default. |
| (d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (e) | Level 3 security |
| (f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (g) | 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. |
| (h) | Non-income producing |
| (i) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (j) | 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. |
| (k) | The coupon rate will be determined upon settlement of the loan after period end. |
| (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 $287,480 and $278,606, respectively. |
| (m) | Security is perpetual in nature with no stated maturity date. |
| (n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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% | 35,169,742 | 38,587,991 | 49,493,907 | 417,053 | - | - | 24,263,826 | 0.1% |
| Total | 35,169,742 | 38,587,991 | 49,493,907 | 417,053 | - | - | 24,263,826 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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.
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. 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.
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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