Fidelity SAI International Credit Fund

Fund Profile

Fund profile

Tickers

FSNDX

Fund manager

Fidelity SAI Municipal Income

Total assets

$728.22 mm

Liabilities

$21.60 mm

Net assets

$706.61 mm

Number of holdings

231.00

Top 200 of 231 Holdings

As of Dec 2024

Security	$Holding	Balance	% of Fund	Category	Position	Country
Fidelity Cash Central Fund	48.30 mm	48.29 mm shares	6.83	Short-term investment vehicle	Long	USA
UST NOTES 4.125% 10/31/2031	46.98 mm	48.00 mm principal	6.65	Debt	Long	USA
UNITED STATES TREASURY BOND 6.25% 05/15/2030	19.62 mm	18.05 mm principal	2.78	Debt	Long	USA
KREDITANSTALT FUR WIEDER(UNGTD 0.75% 01/15/2029 REGS	17.48 mm	18.00 mm principal	2.47	Debt	Long	Germany
UST NOTES 1% 07/31/2028	13.35 mm	15.00 mm principal	1.89	Debt	Long	USA
UST NOTES 4.625% 04/30/2029	12.47 mm	12.35 mm principal	1.76	Debt	Long	USA
UNITED STATES TREASURY BOND 2.25% 05/15/2041	11.99 mm	16.90 mm principal	1.70	Debt	Long	USA
GERMANY FEDERAL REPUBLIC OF 2.5% 07/04/2044 REGS	11.39 mm	11.14 mm principal	1.61	Debt	Long	Germany
UST NOTES 3.625% 09/30/2031	10.93 mm	11.50 mm principal	1.55	Debt	Long	USA
CANADA GOVERNMENT OF 2% 06/01/2032	10.62 mm	16.50 mm principal	1.50	Debt	Long	Canada
KREDITANSTALT FUR WIEDER(UNGTD 4% 03/15/2029	9.32 mm	9.48 mm principal	1.32	Debt	Long	Germany
UNITED STATES TREASURY BOND 4.5% 11/15/2054	9.06 mm	9.50 mm principal	1.28	Debt	Long	USA
DANSKE BANK AS (UNGTD) 3.875%/VAR 01/09/2032 REGS	8.40 mm	7.88 mm principal	1.19	Debt	Long	Denmark
BAYER US FIN LLC 6.5% 11/21/2033 144A	7.97 mm	7.84 mm principal	1.13	Debt	Long	USA
BARCLAYS PLC 5.262%/VAR 01/29/2034 REGS	7.31 mm	6.38 mm principal	1.03	Debt	Long	UK
ENBW INTERNATIONAL FINANCE BV 3.75% 11/20/2035 REGS	7.22 mm	6.95 mm principal	1.02	Debt	Long	Netherlands
BLACKSTONE PROP PARTNERS EUR HOLD 1% 05/04/2028 REGS	6.97 mm	7.31 mm principal	0.99	Debt	Long	Luxembourg
LLOYDS BANKING GROUP PLC 4.75%/VAR 09/21/2031 REGS	6.88 mm	6.21 mm principal	0.97	Debt	Long	UK
BRITISH AMERICAN TOBACCO PLC 3%/VAR PERP REGS	6.84 mm	6.74 mm principal	0.97	Preferred equity	Long	UK
VOLKSWAGEN INTL FINANCE NV 3.875%/VAR PERP REGS	6.75 mm	7.00 mm principal	0.95	Preferred equity	Long	Netherlands
JAPAN GOVERNMENT OF 0.005% 02/01/2025	6.68 mm	1.05 bn principal	0.95	Debt	Long	Japan
AUSTRALIA COMMONWEALTH OF 1.75% 11/21/2032 REGS	6.53 mm	12.67 mm principal	0.92	Debt	Long	Australia
UST NOTES 4.25% 02/28/2029	6.39 mm	6.42 mm principal	0.90	Debt	Long	USA
UNITED STATES TREASURY BOND 4.5% 02/15/2044	6.20 mm	6.50 mm principal	0.88	Debt	Long	USA
ENGIE SA 4.25% 09/06/2034 REGS	5.64 mm	5.20 mm principal	0.80	Debt	Long	France
MOBICO GROUP PLC 4.875% 09/26/2031 REGS	5.55 mm	5.35 mm principal	0.79	Debt	Long	UK
LOGICOR FINANCING SARL 2% 01/17/2034 REGS	5.51 mm	6.26 mm principal	0.78	Debt	Long	Luxembourg
BAT INTL FINANCE PLC 4.125% 04/12/2032 REGS	5.50 mm	5.18 mm principal	0.78	Debt	Long	UK
NATWEST GROUP PLC 7.416%/VAR 06/06/2033 REGS	5.44 mm	4.14 mm principal	0.77	Debt	Long	UK
UNITED STATES TREASURY BOND 4% 11/15/2042	5.40 mm	6.00 mm principal	0.76	Debt	Long	USA
RWE FINANCE US LLC 5.875% 04/16/2034 144A	5.18 mm	5.17 mm principal	0.73	Debt	Long	USA
PETROLEOS MEXICANOS 5.95% 01/28/2031	5.14 mm	6.11 mm principal	0.73	Debt	Long	Mexico
CANADA GOVERNMENT OF 3% 06/01/2034	4.63 mm	6.78 mm principal	0.66	Debt	Long	Canada
THE BERKELEY GROUP PLC 2.5% 08/11/2031 REGS	4.51 mm	4.51 mm principal	0.64	Debt	Long	UK
ING GROEP NV 4.5%/VAR 05/23/2029 REGS	4.44 mm	4.10 mm principal	0.63	Debt	Long	Netherlands
IMPERIAL BRANDS FINANCE PLC 4.875% 06/07/2032 REGS	4.42 mm	3.75 mm principal	0.63	Debt	Long	UK
ING GROEP NV 4.75%/VAR 05/23/2034 REGS	4.37 mm	3.90 mm principal	0.62	Debt	Long	Netherlands
HEATHROW FUNDING LTD 6% 03/05/2032 REGS	4.34 mm	3.50 mm principal	0.61	Debt	Long	Jersey
CANADA GOVERNMENT OF 3.25% 12/01/2033	4.33 mm	6.20 mm principal	0.61	Debt	Long	Canada
UST NOTES 4.5% 11/15/2033	4.23 mm	4.25 mm principal	0.60	Debt	Long	USA
CAIXABANK SA 3.625%/VAR 09/19/2032 REGS	4.16 mm	4.00 mm principal	0.59	Debt	Long	Spain
UBS GROUP AG 4.125%/VAR 06/09/2033 REGS	4.13 mm	3.82 mm principal	0.59	Debt	Long	Switzerland
KBCSF KBC Group NV	4.13 mm	3.99 mm principal	0.58	Debt	Long	Belgium
JAPAN #339 0.4% 06/20/2025	4.12 mm	647.50 mm principal	0.58	Debt	Long	Japan
SOCIETE GENERALE FRANCE 6.691%/VAR 01/10/2034 144A	4.04 mm	3.94 mm principal	0.57	Debt	Long	France
GTC AURORA LUXEMBOURG SA 2.25% 06/23/2026 REGS	3.84 mm	4.07 mm principal	0.54	Debt	Long	Luxembourg
HEIMSTADEN BOSTAD AB 3.875% 11/05/2029 REGS	3.83 mm	3.73 mm principal	0.54	Debt	Long	Sweden
AIB GROUP PLC 5.25%/VAR 10/23/2031 REGS	3.81 mm	3.35 mm principal	0.54	Debt	Long	Ireland
BPCE SA 5.716%/VAR 01/18/2030 144A	3.80 mm	3.79 mm principal	0.54	Debt	Long	France
ADMIRAL GROUP PLC 8.5% 01/06/2034 REGS	3.74 mm	2.67 mm principal	0.53	Debt	Long	UK
FX Forward: USD/EUR settle 2025-01-09 GOLDMAN SACHS BANK USA	3.73 mm	1.00 contracts	0.53	DFE	N/A	USA
ABN AMRO BANK NV 3.875% 01/15/2032 REGS	3.73 mm	3.50 mm principal	0.53	Debt	Long	Netherlands
UST NOTES 4.375% 11/30/2028	3.70 mm	3.70 mm principal	0.52	Debt	Long	USA
HSBC HOLDINGS PLC 4.787%/VAR 03/10/2032 REGS	3.70 mm	3.31 mm principal	0.52	Debt	Long	UK
SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.25% 07/12/2027 REGS	3.59 mm	4.36 mm principal	0.51	Debt	Long	Sweden
ARGENTUM NETHERLANDS BV 5.625%/VAR 08/15/2052 REGS	3.58 mm	3.59 mm principal	0.51	Debt	Long	Netherlands
UNITED STATES TREASURY BOND 4.125% 08/15/2044	3.55 mm	3.93 mm principal	0.50	Debt	Long	USA
ENBW ENERGIE BADEN-WUERTTEM AG 1.375%/VAR 08/31/2081 REGS	3.51 mm	3.70 mm principal	0.50	Debt	Long	Germany
NGG FINANCE PLC 2.125%/VAR 09/05/2082 REGS	3.50 mm	3.52 mm principal	0.50	Debt	Long	UK
SCHAEFFLER AG 4.75% 08/14/2029 REGS	3.50 mm	3.30 mm principal	0.50	Debt	Long	Germany
SEVERN TRENT WATER UTIL FIN 4.625% 11/30/2034 REGS	3.50 mm	3.00 mm principal	0.50	Debt	Long	UK
WERFENLIFE SA 4.625% 06/06/2028 REGS	3.47 mm	3.20 mm principal	0.49	Debt	Long	Spain
GREAT PORTLAND ESTATES PLC 5.375% 09/25/2031 REGS	3.45 mm	2.82 mm principal	0.49	Debt	Long	UK
REWE INT FINANCE 4.875% 09/13/2030 REGS	3.45 mm	3.10 mm principal	0.49	Debt	Long	Netherlands
BLACKSTONE PROP PARTNERS EUR HOLD 1.625% 04/20/2030 REGS	3.44 mm	3.72 mm principal	0.49	Debt	Long	Luxembourg
AMPRION GMBH 0.625% 09/23/2033 REGS	3.43 mm	4.20 mm principal	0.49	Debt	Long	Germany
BNP PARIBAS 2.5%/VAR 03/31/2032 REGS	3.43 mm	3.40 mm principal	0.49	Debt	Long	France
NORTHUMBRIAN WATER FINANCE PLC 4.5% 02/14/2031 REGS	3.42 mm	2.91 mm principal	0.48	Debt	Long	UK
UST NOTES 4% 02/15/2034	3.35 mm	3.50 mm principal	0.47	Debt	Long	USA
DEUTSCHE BANK AG 4.5%/VAR 07/12/2035 REGS	3.21 mm	3.00 mm principal	0.45	Debt	Long	Germany
HEIMSTADEN AB 4.375% 03/06/2027 REGS	3.20 mm	3.40 mm principal	0.45	Debt	Long	Sweden
CPI PROPERTY GROUP SA 6% 01/27/2032 REGS	3.20 mm	3.10 mm principal	0.45	Debt	Long	Luxembourg
UBS GROUP AG 4.75%/VAR 03/17/2032 REGS	3.20 mm	2.87 mm principal	0.45	Debt	Long	Switzerland
UST NOTES 3.75% 08/31/2031	3.16 mm	3.30 mm principal	0.45	Debt	Long	USA
AROUNDTOWN SA 3.625% 04/10/2031 REGS	3.13 mm	2.91 mm principal	0.44	Debt	Long	Luxembourg
SCOTTISH HYDRO ELECTRIC TRANSMISSION PLC 3.375% 09/04/2032 REGS	3.09 mm	2.97 mm principal	0.44	Debt	Long	UK
UBS GROUP AG 2.875%/VAR 04/02/2032 REGS	3.03 mm	3.00 mm principal	0.43	Debt	Long	Switzerland
NATWEST GROUP PLC 4.771%/VAR 02/16/2029 REGS	2.95 mm	2.71 mm principal	0.42	Debt	Long	UK
VIRGIN MONEY UK PLC 7.625%/VAR 08/23/2029 REGS	2.83 mm	2.10 mm principal	0.40	Debt	Long	UK
FIDELIDADE CO DE SEGUROS SAPORTUGAL 4.25%/VAR 09/04/2031 REGS	2.81 mm	2.70 mm principal	0.40	Debt	Long	Portugal
BBVA Banco Bilbao Vizcaya Argentaria, S.A.	2.80 mm	2.80 mm principal	0.40	Debt	Long	Spain
COMPASS GROUP PLC 3.25% 09/16/2033 REGS	2.74 mm	2.65 mm principal	0.39	Debt	Long	UK
NATWEST GROUP PLC 2.105%/VAR 11/28/2031 REGS	2.73 mm	2.31 mm principal	0.39	Debt	Long	UK
CANADA GOVERNMENT OF 1.5% 06/01/2031	2.72 mm	4.30 mm principal	0.38	Debt	Long	Canada
QBE INS GROUP LTD 2.5%/VAR 09/13/2038 REGS	2.66 mm	2.38 mm principal	0.38	Debt	Long	Australia
GERMANY FEDERAL REPUBLIC OF 3.25% 07/04/2042 REGS	2.65 mm	2.35 mm principal	0.38	Debt	Long	Germany
COOPERATIEVE RABOBANK UA 3.822% 07/26/2034 REGS	2.57 mm	2.40 mm principal	0.36	Debt	Long	Netherlands
JOHN LEWIS PLC 6.125% 01/21/2025	2.54 mm	2.03 mm principal	0.36	Debt	Long	UK
UNITED STATES TREASURY BOND 4.625% 05/15/2044	2.54 mm	2.62 mm principal	0.36	Debt	Long	USA
CIMIC FINANCE LTD 1.5% 05/28/2029 REGS	2.52 mm	2.69 mm principal	0.36	Debt	Long	Australia
ANGLIAN WATER SVCS FINANC PLC 6.293% 07/30/2030 REGS	2.48 mm	1.95 mm principal	0.35	Debt	Long	UK
RCI BANQUE S A 5.5%/VAR 10/09/2034 REGS	2.44 mm	2.30 mm principal	0.34	Debt	Long	France
DSV PANALPINA FINANCE BV 3.25% 11/06/2030 REGS	2.43 mm	2.32 mm principal	0.34	Debt	Long	Netherlands
SOUTHERN GAS NETWORKS PLC 3.5% 10/16/2030 REGS	2.42 mm	2.35 mm principal	0.34	Debt	Long	UK
SIRIUS REAL ESTATE LTD 1.125% 06/22/2026 REGS	2.41 mm	2.40 mm principal	0.34	Debt	Long	Guernsey
AROUNDTOWN SA 3.375%/VAR PERP REGS	2.41 mm	2.70 mm principal	0.34	Preferred equity	Long	Luxembourg
P3 GROUP SARL 4% 04/19/2032 REGS	2.40 mm	2.31 mm principal	0.34	Debt	Long	Luxembourg
UNIVERSAL MUSIC GROUP NV 4% 06/13/2031 REGS	2.39 mm	2.21 mm principal	0.34	Debt	Long	Netherlands
NORDEA BANK ABP 4.125% 05/05/2028 REGS	2.38 mm	2.22 mm principal	0.34	Debt	Long	Finland
FORD MTR CR CO LLC 4.445% 02/14/2030	2.36 mm	2.22 mm principal	0.33	Debt	Long	USA
WARNERMEDIA HOLDINGS INC 4.693% 05/17/2033	2.32 mm	2.24 mm principal	0.33	Debt	Long	USA
BNP PARIBAS 2.159%/VAR 09/15/2029 144A	2.29 mm	2.56 mm principal	0.32	Debt	Long	France
ZURICH FINANCE (IRELAND) DAC 3.5%/VAR 05/02/2052 REGS	2.25 mm	2.62 mm principal	0.32	Debt	Long	Ireland
IMPERIAL BRANDS FINANCE NETHERLANDS B.V. 5.25% 02/15/2031 REGS	2.22 mm	1.98 mm principal	0.31	Debt	Long	Netherlands
DEUTSCHE BANK AG 6.125%/VAR 12/12/2030 REGS	2.19 mm	1.70 mm principal	0.31	Debt	Long	Germany
LLOYDS BANKING GROUP PLC 4.5%/VAR 01/11/2029 REGS	2.18 mm	2.02 mm principal	0.31	Debt	Long	UK
HEIMSTADEN BOSTAD AB 3.625%/VAR PERP REGS	2.13 mm	2.15 mm principal	0.30	Preferred equity	Long	Sweden
INTESA SANPAOLO SPA 6.625% 06/20/2033 144A	2.11 mm	2.02 mm principal	0.30	Debt	Long	Italy
HSBC HOLDINGS PLC 4.856%/VAR 05/23/2033 REGS	2.04 mm	1.80 mm principal	0.29	Debt	Long	UK
JAPAN GOVERNMENT OF 0.1% 03/20/2025	2.03 mm	320.00 mm principal	0.29	Debt	Long	Japan
CBRE GLOBAL INVESTOR PAN EUROPEAN CORE FUND 4.75% 03/27/2034 REGS	2.02 mm	1.84 mm principal	0.29	Debt	Long	Luxembourg
COMMERZBANK AG 8.625%/VAR 02/28/2033 REGS	2.01 mm	1.50 mm principal	0.29	Debt	Long	Germany
CPI PROPERTY GROUP SA 1.5% 01/27/2031 REGS	1.95 mm	2.38 mm principal	0.28	Debt	Long	Luxembourg
JAPAN GOVT #75 2.1% 3/20/25	1.94 mm	303.30 mm principal	0.27	Debt	Long	Japan
JAPAN GOVERNMENT OF 0.9% 09/20/2034	1.84 mm	295.25 mm principal	0.26	Debt	Long	Japan
BAYER US FIN LLC 6.375% 11/21/2030 144A	1.80 mm	1.75 mm principal	0.25	Debt	Long	USA
BAT CAPITAL CORP 2.125% 08/15/2025 REGS	1.76 mm	1.43 mm principal	0.25	Debt	Long	USA
AMPRION GMBH 3.125% 08/27/2030 REGS	1.75 mm	1.70 mm principal	0.25	Debt	Long	Germany
HSBC HSBC Holdings plc	1.74 mm	1.30 mm principal	0.25	Debt	Long	UK
BLACKSTONE PROP PARTNERS EUR HOLD 1.75% 03/12/2029 REGS	1.74 mm	1.81 mm principal	0.25	Debt	Long	Luxembourg
SCANDINAVIAN TOBACCO GROUP 4.875% 09/12/2029 REGS	1.72 mm	1.63 mm principal	0.24	Debt	Long	Denmark
JAPAN GOVERNMENT OF 0.005% 04/01/2025	1.72 mm	270.00 mm principal	0.24	Debt	Long	Japan
JYSKE BANK AS 5.125%/VAR 05/01/2035 REGS	1.70 mm	1.55 mm principal	0.24	Debt	Long	Denmark
PROLOGIS INTL FDG II SA 4.375% 07/01/2036 REGS	1.70 mm	1.56 mm principal	0.24	Debt	Long	Luxembourg
ENGIE SA 3.875% 03/06/2036 REGS	1.69 mm	1.60 mm principal	0.24	Debt	Long	France
ELECTRICITE DE FRANCE 5.5% 01/25/2035 REGS	1.68 mm	1.40 mm principal	0.24	Debt	Long	France
PRUDENTIAL FUNDING ASIA PLC 2.95%/VAR 11/03/2033 REGS	1.66 mm	1.83 mm principal	0.24	Debt	Long	UK
BOSCH (ROBERT) GMBH 4.375% 06/02/2043 REGS	1.62 mm	1.50 mm principal	0.23	Debt	Long	Germany
ROYAL SCHIPHOL GROUP NV 3.375% 09/17/2036 REGS	1.62 mm	1.57 mm principal	0.23	Debt	Long	Netherlands
CPI PROPERTY GROUP SA 3.75%/VAR PERP REGS	1.58 mm	1.74 mm principal	0.22	Preferred equity	Long	Luxembourg
UST NOTES 3.75% 12/31/2030	1.54 mm	1.60 mm principal	0.22	Debt	Long	USA
BARCLAYS PLC 8.407%/VAR 11/14/2032 REGS	1.53 mm	1.15 mm principal	0.22	Debt	Long	UK
AMPRION GMBH 4.125% 09/07/2034 REGS	1.52 mm	1.40 mm principal	0.22	Debt	Long	Germany
ARGENTUM NETHERLANDS BV 5.75%/VAR 08/15/2050 REGS	1.49 mm	1.49 mm principal	0.21	Debt	Long	Netherlands
ELECTRICITE DE FRANCE 4.75% 10/12/2034 REGS	1.46 mm	1.30 mm principal	0.21	Debt	Long	France
BLACKSTONE PRIVATE CREDIT FUND 4.875% 04/14/2026 REGS	1.44 mm	1.17 mm principal	0.20	Debt	Long	USA
ENEL FINANCE INTL NV 5.5% 06/26/2034 144A	1.42 mm	1.44 mm principal	0.20	Debt	Long	Netherlands
ENEL SPA 3.375%/VAR PERP REGS	1.41 mm	1.37 mm principal	0.20	Debt	Long	Italy
CARR Carrier Global Corporation	1.39 mm	1.25 mm principal	0.20	Debt	Long	USA
LLOYDS BANKING GROUP PLC 1.985%/VAR 12/15/2031	1.38 mm	1.17 mm principal	0.20	Debt	Long	UK
ROYAL KPN NV (KONINKLIJKE KPN) 3.875% 02/16/2036 REGS	1.38 mm	1.30 mm principal	0.19	Debt	Long	Netherlands
RECKITT BENCKISER TREAS SVCS PLC 3.875% 09/14/2033 REGS	1.33 mm	1.24 mm principal	0.19	Debt	Long	UK
ANGLIAN WATER SVCS FINANC PLC 6.25% 09/12/2044 REGS	1.31 mm	1.08 mm principal	0.19	Debt	Long	UK
DUKE ENERGY CORP NEW 3.85% 06/15/2034	1.28 mm	1.24 mm principal	0.18	Debt	Long	USA
FORD MTR CR CO LLC 6.86% 06/05/2026	1.27 mm	1.00 mm principal	0.18	Debt	Long	USA
SOUTHERN WTR SERVICES FIN LTD 2.375% 05/28/2028 REGS	1.25 mm	1.23 mm principal	0.18	Debt	Long	Cayman Islands
HSBC HSBC Holdings plc	1.25 mm	1.20 mm principal	0.18	Debt	Long	UK
ENBW INTERNATIONAL FINANCE BV 3.5% 07/22/2031 REGS	1.21 mm	1.15 mm principal	0.17	Debt	Long	Netherlands
CITYCON OYJ 7.875%/VAR PERP REGS	1.20 mm	1.20 mm principal	0.17	Preferred equity	Long	Finland
GRAND CITY PROPERTIES SA 1.5%/VAR PERP REGS	1.19 mm	1.20 mm principal	0.17	Preferred equity	Long	Luxembourg
UST NOTES 4.125% 07/31/2031	1.18 mm	1.20 mm principal	0.17	Debt	Long	USA
SOUTHERN COMPANY 1.875%/VAR 09/15/2081	1.18 mm	1.21 mm principal	0.17	Debt	Long	USA
SW FINANCE I PLC 7.375% 12/12/2041 REGS	1.11 mm	991.00 k principal	0.16	Debt	Long	UK
TRAVIS PERKINS PLC 3.75% 02/17/2026 REGS	1.10 mm	900.00 k principal	0.16	Debt	Long	UK
BNP PARIBAS 4.125% 05/24/2033 REGS	1.09 mm	1.00 mm principal	0.15	Debt	Long	France
ZF FINANCE GMBH 2% 05/06/2027 REGS	1.07 mm	1.10 mm principal	0.15	Debt	Long	Germany
DNB BANK ASA 0.25%/VAR 02/23/2029 REGS	1.06 mm	1.11 mm principal	0.15	Debt	Long	Norway
BAYER AG 4.625% 05/26/2033 REGS	1.02 mm	940.00 k principal	0.14	Debt	Long	Germany
MORGAN STANLEY 3.955%/VAR 03/21/2035	1.01 mm	950.00 k principal	0.14	Debt	Long	USA
FX Forward: USD/JPY settle 2025-01-09 BROWN BROTHERS HARRIMAN and CO.	990.47 k	1.00 contracts	0.14	DFE	N/A	USA
JYSKE BANK AS 5%/VAR 10/26/2028 REGS	988.02 k	910.00 k principal	0.14	Debt	Long	Denmark
JPMORGAN CHASE and CO 3.761%/VAR 03/21/2034 REGS	952.99 k	900.00 k principal	0.13	Debt	Long	USA
ANGLIAN WATER SVCS FINANC PLC 5.875% 06/20/2031 REGS	916.57 k	730.00 k principal	0.13	Debt	Long	UK
ZF EUROPE FINANCE BV 2% 02/23/2026 REGS	906.65 k	900.00 k principal	0.13	Debt	Long	Netherlands
GERMANY FEDERAL REPUBLIC OF 2.6% 05/15/2041 REGS	859.07 k	830.00 k principal	0.12	Debt	Long	Germany
UBS GROUP AG 2.125%/VAR 11/15/2029 REGS	817.95 k	728.00 k principal	0.12	Debt	Long	Switzerland
AROUNDTOWN FINANCE SARL 7.875%/VAR PERP	817.69 k	890.00 k principal	0.12	Preferred equity	Long	Luxembourg
VZ Verizon Communications Inc.	813.92 k	775.00 k principal	0.12	Debt	Long	USA
TRITAX EUROBOX PLC 0.95% 06/02/2026 REGS	769.25 k	765.00 k principal	0.11	Debt	Long	UK
COMMERZBANK AG 4.875%/VAR 10/16/2034 REGS	751.52 k	700.00 k principal	0.11	Debt	Long	Germany
CITYCON TREASURY BV 5% 03/11/2030 REGS	729.12 k	700.00 k principal	0.10	Debt	Long	Netherlands
ANGLIAN WATER (OSPREY) FINANCING PLC 2% 07/31/2028 REGS	726.37 k	715.00 k principal	0.10	Debt	Long	UK
UST NOTES 3.75% 12/31/2028	684.29 k	700.00 k principal	0.10	Debt	Long	USA
SANTANDER UK GROUP HOLDINGS PLC 3.625% 01/14/2026 REGS	678.76 k	550.00 k principal	0.10	Debt	Long	UK
FX Forward: USD/GBP settle 2025-01-09 BNP PARIBAS	677.91 k	1.00 contracts	0.10	DFE	N/A	France
HSBC HOLDINGS PLC 8.201%/VAR 11/16/2034 REGS	664.78 k	485.00 k principal	0.09	Debt	Long	UK
VODAFONE GROUP PLC 4.875%/VAR 10/03/2078 REGS	652.71 k	525.00 k principal	0.09	Debt	Long	UK
COOPERATIEVE RABOBANK UA 1.125% 05/07/2031 REGS	638.13 k	700.00 k principal	0.09	Debt	Long	Netherlands
MOBICO GROUP PLC 4.25%/VAR PERP REGS	627.77 k	525.00 k principal	0.09	Preferred equity	Long	UK
SOUTH WEST WATER FINANCE PLC 5.75% 12/11/2032 REGS	593.81 k	475.00 k principal	0.08	Debt	Long	UK
LOGICOR FINANCING SARL 1.625% 01/17/2030 REGS	564.74 k	600.00 k principal	0.08	Debt	Long	Luxembourg
TESCO CORPORATE TREASURY SERVICES PLC 2.75% 04/27/2030 REGS	556.85 k	500.00 k principal	0.08	Debt	Long	UK
COOPERATIEVE RABOBANK UA 4% 01/10/2030 REGS	539.63 k	500.00 k principal	0.08	Debt	Long	Netherlands
BARCLAYS PLC 7.125%/VAR PERP	532.72 k	425.00 k principal	0.08	Preferred equity	Long	UK
AMPRION GMBH 3.625% 05/21/2031 REGS	528.39 k	500.00 k principal	0.07	Debt	Long	Germany
FX Forward: USD/CAD settle 2025-01-09 BNP PARIBAS	526.34 k	1.00 contracts	0.07	DFE	N/A	France
CANADA GOVERNMENT OF 2.75% 06/01/2033	525.46 k	780.00 k principal	0.07	Debt	Long	Canada
HSBC HSBC Holdings plc	487.53 k	460.00 k principal	0.07	Debt	Long	UK
UNITED STATES TREASURY BOND 3.25% 05/15/2042	471.93 k	580.20 k principal	0.07	Debt	Long	USA
AIB GROUP PLC 6.25%/VAR PERP REGS	428.82 k	410.00 k principal	0.06	Preferred equity	Long	Ireland
UNITED STATES TREASURY BOND 1.125% 08/15/2040	417.39 k	700.00 k principal	0.06	Debt	Long	USA
SSE PLC 3.74%/VAR PERP REGS	412.40 k	337.00 k principal	0.06	Preferred equity	Long	UK
SOUTHERN WTR SERVICES FIN LTD 1.625% 03/30/2027 REGS	354.26 k	345.00 k principal	0.05	Debt	Long	Cayman Islands
AROUNDTOWN SA 3% 10/16/2029 REGS	325.32 k	300.00 k principal	0.05	Debt	Long	Luxembourg
WP CAREY INC 4.25% 07/23/2032	323.52 k	300.00 k principal	0.05	Debt	Long	USA
FX Forward: USD/EUR settle 2025-01-09 BANK OF AMERICA, N.A.	316.29 k	1.00 contracts	0.04	DFE	N/A	USA
TITANIUM 2L BONDCO SARL PIK 6.25% 01/14/2031	298.39 k	859.90 k principal	0.04	Debt	Long	Luxembourg
WHITBREAD GROUP PLC 2.375% 05/31/2027 REGS	275.04 k	235.00 k principal	0.04	Debt	Long	UK
SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.624%/VAR PERP REGS	268.08 k	647.00 k principal	0.04	Preferred equity	Long	Sweden
FX Forward: USD/AUD settle 2025-01-09 ROYAL BANK OF CANADA	260.79 k	1.00 contracts	0.04	DFE	N/A	Canada