NPORT-EX 2 QTLY_38_20220731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Capital & Income Fund
July 31, 2022
CAI-NPRT1-0922
1.804853.118
Corporate Bonds - 66.5%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Convertible Bonds - 0.3%
 
  
  
Diversified Financial Services - 0.0%
  
  
  
New Cotai LLC 5% 2/24/27 (b)
  
3,932
2,045
Energy - 0.3%
  
  
  
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
2,495
12,475
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
4,306
19,592
 
  
  
32,067
TOTAL CONVERTIBLE BONDS
  
  
34,112
Nonconvertible Bonds - 66.2%
 
  
  
Aerospace - 3.4%
  
  
  
ATI, Inc.:
  
  
  
 4.875% 10/1/29
 
6,080
5,202
 5.125% 10/1/31
 
5,395
4,428
Bombardier, Inc.:
  
  
  
 6% 2/15/28 (d)
  
6,075
5,242
 7.125% 6/15/26 (d)
  
12,110
11,262
 7.5% 3/15/25 (d)
  
12,259
11,953
 7.875% 4/15/27 (d)
  
26,370
24,366
Kaiser Aluminum Corp. 4.625% 3/1/28 (d)
  
11,215
9,582
Moog, Inc. 4.25% 12/15/27 (d)
  
3,455
3,224
Rolls-Royce PLC 5.75% 10/15/27 (d)
  
10,870
10,264
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)
  
15,000
14,941
TransDigm UK Holdings PLC 6.875% 5/15/26
 
35,725
35,651
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
38,080
34,272
 4.875% 5/1/29
 
25,000
22,369
 5.5% 11/15/27
 
124,228
117,395
 6.25% 3/15/26 (d)
  
17,925
18,011
 6.375% 6/15/26
 
61,985
61,675
 7.5% 3/15/27
 
18,012
18,306
 
  
  
408,143
Air Transportation - 1.7%
  
  
  
Air Canada 3.875% 8/15/26 (d)
  
9,105
8,377
Delta Air Lines, Inc. 7% 5/1/25 (d)
  
2,708
2,829
Delta Air Lines, Inc. / SkyMiles IP Ltd.:
  
  
  
 4.5% 10/20/25 (d)
  
48,285
47,681
 4.75% 10/20/28 (d)
  
39,880
38,959
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d)
  
22,205
21,585
Mileage Plus Holdings LLC 6.5% 6/20/27 (d)
  
34,530
34,875
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d)
  
7,779
8,129
United Airlines, Inc.:
  
  
  
 4.375% 4/15/26 (d)
  
30,025
28,824
 4.625% 4/15/29 (d)
  
18,025
16,606
 
  
  
207,865
Automotive - 0.1%
  
  
  
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
15,745
13,354
Automotive & Auto Parts - 1.6%
  
  
  
Allison Transmission, Inc. 5.875% 6/1/29 (d)
  
7,960
7,834
Arko Corp. 5.125% 11/15/29 (d)
  
9,105
7,649
Dana, Inc.:
  
  
  
 4.25% 9/1/30
 
8,870
7,383
 4.5% 2/15/32
 
9,135
7,634
Exide Technologies:
  
  
  
 11% 10/31/24 pay-in-kind (b)(d)(e)(f)
  
1,760
0
 11% 10/31/24 pay-in-kind (b)(d)(e)(f)
  
891
401
Ford Motor Co. 3.25% 2/12/32
 
29,640
24,749
Ford Motor Credit Co. LLC:
  
  
  
 3.375% 11/13/25
 
19,245
18,364
 4% 11/13/30
 
42,253
37,348
 5.113% 5/3/29
 
10,330
10,043
LCM Investments Holdings 4.875% 5/1/29 (d)
  
24,415
20,863
McLaren Finance PLC 7.5% 8/1/26 (d)
  
8,290
7,118
Nesco Holdings II, Inc. 5.5% 4/15/29 (d)
  
14,525
12,600
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)
  
5,530
4,438
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (d)(f)(g)
  
30,350
27,998
 
  
  
194,422
Banks & Thrifts - 1.9%
  
  
  
Ally Financial, Inc.:
  
  
  
 8% 11/1/31
 
20,638
22,946
 8% 11/1/31
 
151,039
170,844
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)
  
27,225
25,801
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)
  
8,740
8,063
 
  
  
227,654
Broadcasting - 1.4%
  
  
  
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)
  
12,070
9,716
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)
  
46,565
10,244
Gray Escrow II, Inc. 5.375% 11/15/31 (d)
  
18,765
16,560
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)
  
8,990
7,318
Nexstar Broadcasting, Inc.:
  
  
  
 4.75% 11/1/28 (d)
  
22,300
20,795
 5.625% 7/15/27 (d)
  
23,735
23,801
Scripps Escrow II, Inc. 3.875% 1/15/29 (d)
  
2,820
2,530
Sirius XM Radio, Inc.:
  
  
  
 3.125% 9/1/26 (d)
  
9,100
8,577
 3.875% 9/1/31 (d)
  
12,130
10,553
 4% 7/15/28 (d)
  
23,630
21,952
 5% 8/1/27 (d)
  
14,525
14,405
Townsquare Media, Inc. 6.875% 2/1/26 (d)
  
5,645
5,175
Univision Communications, Inc.:
  
  
  
 4.5% 5/1/29 (d)
  
12,060
10,896
 7.375% 6/30/30 (d)
  
8,210
8,314
 
  
  
170,836
Building Materials - 0.6%
  
  
  
Advanced Drain Systems, Inc.:
  
  
  
 5% 9/30/27 (d)
  
2,325
2,279
 6.375% 6/15/30 (d)
  
6,050
6,096
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d)
  
6,555
5,870
CP Atlas Buyer, Inc. 7% 12/1/28 (d)
  
5,480
4,316
James Hardie International Finance Ltd. 5% 1/15/28 (d)
  
4,136
3,826
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)
  
4,125
3,491
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d)
  
9,050
7,380
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (d)
  
11,605
10,850
 6% 12/1/29 (d)
  
11,220
9,707
 6.125% 7/1/29 (d)
  
6,380
5,738
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)
  
10,525
9,909
 
  
  
69,462
Cable/Satellite TV - 4.4%
  
  
  
Block Communications, Inc. 4.875% 3/1/28 (d)
  
7,830
6,871
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (d)
  
16,515
14,327
 4.5% 8/15/30 (d)
  
21,660
19,254
 4.5% 5/1/32
 
46,575
40,267
 4.75% 3/1/30 (d)
  
63,365
57,662
 4.75% 2/1/32 (d)
  
26,255
23,186
 5% 2/1/28 (d)
  
91,490
88,288
 5.125% 5/1/27 (d)
  
69,885
68,449
 5.375% 6/1/29 (d)
  
18,080
17,229
 5.5% 5/1/26 (d)
  
8,759
8,823
CSC Holdings LLC:
  
  
  
 3.375% 2/15/31 (d)
  
14,140
11,312
 4.5% 11/15/31 (d)
  
30,110
25,594
 5.375% 2/1/28 (d)
  
23,655
22,472
 6.5% 2/1/29 (d)
  
24,795
24,039
DISH DBS Corp.:
  
  
  
 5.25% 12/1/26 (d)
  
15,220
13,165
 5.75% 12/1/28 (d)
  
15,220
12,347
Dolya Holdco 18 DAC 5% 7/15/28 (d)
  
6,600
6,029
Radiate Holdco LLC/Radiate Financial Service Ltd.:
  
  
  
 4.5% 9/15/26 (d)
  
8,350
7,719
 6.5% 9/15/28 (d)
  
22,260
17,663
VZ Secured Financing BV 5% 1/15/32 (d)
  
24,310
21,680
Ziggo Bond Co. BV:
  
  
  
 5.125% 2/28/30 (d)
  
6,000
5,115
 6% 1/15/27 (d)
  
11,435
10,978
Ziggo BV 4.875% 1/15/30 (d)
  
7,990
7,376
 
  
  
529,845
Capital Goods - 0.1%
  
  
  
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)
  
7,895
6,999
Stevens Holding Co., Inc. 6.125% 10/1/26 (d)
  
3,245
3,189
 
  
  
10,188
Chemicals - 1.6%
  
  
  
Compass Minerals International, Inc. 6.75% 12/1/27 (d)
  
24,600
23,647
Gpd Companies, Inc. 10.125% 4/1/26 (d)
  
14,980
13,817
Ingevity Corp. 3.875% 11/1/28 (d)
  
11,105
9,854
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)
  
3,835
3,291
LSB Industries, Inc. 6.25% 10/15/28 (d)
  
21,105
19,144
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (d)
  
12,145
10,275
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)
  
7,820
6,794
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)
  
14,015
11,724
The Chemours Co. LLC:
  
  
  
 5.375% 5/15/27
 
32,330
30,875
 5.75% 11/15/28 (d)
  
16,765
15,977
Tronox, Inc. 4.625% 3/15/29 (d)
  
13,295
11,461
Valvoline, Inc. 4.25% 2/15/30 (d)
  
8,315
7,545
W.R. Grace Holding LLC 5.625% 8/15/29 (d)
  
28,310
23,894
 
  
  
188,298
Consumer Products - 1.4%
  
  
  
Angi Group LLC 3.875% 8/15/28 (d)
  
5,530
4,507
Diamond BC BV 4.625% 10/1/29 (d)
  
7,285
6,174
Foundation Building Materials, Inc. 6% 3/1/29 (d)
  
5,845
4,489
Gannett Holdings LLC 6% 11/1/26 (d)
  
8,785
7,445
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d)
  
8,760
7,952
Macy's Retail Holdings LLC:
  
  
  
 5.875% 3/15/30 (d)
  
6,235
5,345
 6.125% 3/15/32 (d)
  
6,015
5,058
Michaels Companies, Inc. 5.25% 5/1/28 (d)
  
14,150
11,780
Millennium Escrow Corp. 6.625% 8/1/26 (d)
  
12,120
9,509
Nordstrom, Inc.:
  
  
  
 4.25% 8/1/31
 
25,145
20,365
 4.375% 4/1/30
 
3,790
3,180
 5% 1/15/44
 
1,785
1,308
 6.95% 3/15/28
 
550
547
PetSmart, Inc. / PetSmart Finance Corp.:
  
  
  
 4.75% 2/15/28 (d)
  
10,160
9,642
 7.75% 2/15/29 (d)
  
8,880
8,549
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)
  
8,380
6,872
Tempur Sealy International, Inc.:
  
  
  
 3.875% 10/15/31 (d)
  
15,965
12,935
 4% 4/15/29 (d)
  
15,925
13,720
The Scotts Miracle-Gro Co. 4% 4/1/31
 
11,945
9,855
TKC Holdings, Inc. 6.875% 5/15/28 (d)
  
13,375
11,680
 
  
  
160,912
Containers - 0.5%
  
  
  
Crown Cork & Seal, Inc.:
  
  
  
 7.375% 12/15/26
 
4,845
5,231
 7.5% 12/15/96
 
12,871
13,672
Graham Packaging Co., Inc. 7.125% 8/15/28 (d)
  
6,000
5,046
Graphic Packaging International, Inc. 3.75% 2/1/30 (d)
  
7,880
7,095
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)
  
4,230
3,532
LABL, Inc. 5.875% 11/1/28 (d)
  
14,730
13,460
Trivium Packaging Finance BV 5.5% 8/15/26 (d)
  
6,930
6,791
 
  
  
54,827
Diversified Financial Services - 2.3%
  
  
  
Altus Midstream LP 5.875% 6/15/30 (d)
  
9,060
9,203
Broadstreet Partners, Inc. 5.875% 4/15/29 (d)
  
15,505
13,264
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)
  
6,915
6,448
Coinbase Global, Inc.:
  
  
  
 3.375% 10/1/28 (d)
  
9,110
5,861
 3.625% 10/1/31 (d)
  
9,110
5,398
Compass Group Diversified Holdings LLC:
  
  
  
 5% 1/15/32 (d)
  
6,090
4,674
 5.25% 4/15/29 (d)
  
17,730
15,647
Hightower Holding LLC 6.75% 4/15/29 (d)
  
5,945
4,673
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
11,165
10,047
 5.25% 5/15/27
 
41,665
39,998
 6.25% 5/15/26
 
24,085
23,922
 6.375% 12/15/25
 
28,275
28,215
LPL Holdings, Inc. 4% 3/15/29 (d)
  
17,730
16,489
MSCI, Inc.:
  
  
  
 3.25% 8/15/33 (d)
  
9,110
7,892
 4% 11/15/29 (d)
  
6,385
6,016
OEC Finance Ltd.:
  
  
  
 4.375% 10/25/29 pay-in-kind (d)
  
6,699
174
 5.25% 12/27/33 pay-in-kind (d)
  
6,378
198
OneMain Finance Corp.:
  
  
  
 4% 9/15/30
 
5,610
4,404
 5.375% 11/15/29
 
9,400
7,993
 6.625% 1/15/28
 
7,305
6,849
 6.875% 3/15/25
 
19,480
19,237
 7.125% 3/15/26
 
38,380
37,159
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)
  
3,750
3,520
 
  
  
277,281
Diversified Media - 0.4%
  
  
  
Nielsen Finance LLC/Nielsen Finance Co.:
  
  
  
 4.5% 7/15/29 (d)
  
6,050
5,689
 4.75% 7/15/31 (d)
  
6,040
5,741
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)
  
40,645
32,525
 
  
  
43,955
Energy - 8.2%
  
  
  
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.375% 6/15/29 (d)
  
9,060
8,851
 5.75% 1/15/28 (d)
  
17,645
17,326
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)
  
7,820
7,151
CGG SA 8.75% 4/1/27 (d)
  
11,985
10,982
Cheniere Energy Partners LP:
  
  
  
 3.25% 1/31/32
 
9,110
7,948
 4% 3/1/31
 
31,040
28,842
Cheniere Energy, Inc. 4.625% 10/15/28
 
22,300
21,712
Chesapeake Energy Corp.:
  
  
  
 5.875% 2/1/29 (d)
  
5,840
5,870
 6.75% 4/15/29 (d)
  
8,995
9,317
 7% 10/1/24 (b)(e)
  
6,915
0
 8% 1/15/25 (b)(e)
  
3,385
0
 8% 6/15/27 (b)(e)
  
2,132
0
Citgo Holding, Inc. 9.25% 8/1/24 (d)
  
27,185
27,049
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (d)
  
8,760
8,410
 7% 6/15/25 (d)
  
22,045
21,713
CNX Midstream Partners LP 4.75% 4/15/30 (d)
  
6,435
5,547
CNX Resources Corp. 6% 1/15/29 (d)
  
5,345
5,198
Colgate Energy Partners III LLC 5.875% 7/1/29 (d)
  
8,645
7,889
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (d)
  
25,285
23,756
 6.75% 3/1/29 (d)
  
20,060
19,859
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
  
  
  
 5.625% 5/1/27 (d)
  
18,015
17,294
 5.75% 4/1/25
 
4,790
4,718
 6% 2/1/29 (d)
  
25,785
23,491
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)
  
5,055
4,695
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (d)
  
16,990
16,259
 5.75% 2/15/28 (d)
  
22,655
20,503
DCP Midstream Operating LP 5.85% 5/21/43 (d)(f)
  
18,335
15,855
Delek Logistics Partners LP 7.125% 6/1/28 (d)
  
17,655
16,110
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (d)
  
9,070
8,397
 4.375% 6/15/31 (d)
  
9,070
8,140
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)
  
21,251
21,284
Energy Transfer LP 5.5% 6/1/27
 
16,735
17,277
Exterran Energy Solutions LP 8.125% 5/1/25
 
11,280
10,771
Hess Midstream Partners LP:
  
  
  
 4.25% 2/15/30 (d)
  
9,875
8,797
 5.125% 6/15/28 (d)
  
11,235
10,958
 5.5% 10/15/30 (d)
  
6,060
5,644
 5.625% 2/15/26 (d)
  
15,535
15,477
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)
  
12,280
11,893
Holly Energy Partners LP/Holly Energy Finance Corp.:
  
  
  
 5% 2/1/28 (d)
  
7,615
7,021
 6.375% 4/15/27 (d)
  
6,050
5,990
MEG Energy Corp. 7.125% 2/1/27 (d)
  
11,335
11,748
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(d)(e)
  
21,977
0
Nabors Industries Ltd.:
  
  
  
 7.25% 1/15/26 (d)
  
11,260
10,218
 7.5% 1/15/28 (d)
  
9,715
8,451
New Fortress Energy, Inc.:
  
  
  
 6.5% 9/30/26 (d)
  
20,960
19,850
 6.75% 9/15/25 (d)
  
6,896
6,732
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d)
  
11,090
10,131
Nine Energy Service, Inc. 8.75% 11/1/23 (d)
  
6,245
3,934
NuStar Logistics LP 6% 6/1/26
 
12,025
11,821
Occidental Petroleum Corp.:
  
  
  
 3.5% 8/15/29
 
14,690
13,809
 5.875% 9/1/25
 
11,055
11,262
 6.125% 1/1/31
 
23,465
25,147
 6.2% 3/15/40
 
5,785
5,925
 6.375% 9/1/28
 
18,145
19,446
 6.45% 9/15/36
 
19,110
21,253
 6.6% 3/15/46
 
11,465
12,669
 6.625% 9/1/30
 
22,115
24,534
 7.2% 3/15/29
 
3,964
4,192
 7.5% 5/1/31
 
1,100
1,275
 8.875% 7/15/30
 
12,405
14,855
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
27,530
24,983
 7.25% 6/15/25
 
22,875
22,564
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23
 
8,455
8,463
PDC Energy, Inc. 6.125% 9/15/24
 
1,777
1,768
SM Energy Co.:
  
  
  
 5.625% 6/1/25
 
6,330
6,227
 6.625% 1/15/27
 
21,320
21,240
 6.75% 9/15/26
 
4,550
4,505
Southern Natural Gas Co. LLC:
  
  
  
 7.35% 2/15/31
 
23,497
26,715
 8% 3/1/32
 
12,475
14,871
Southwestern Energy Co.:
  
  
  
 5.375% 3/15/30
 
12,145
11,950
 5.95% 1/23/25 (f)
  
244
247
 7.75% 10/1/27
 
12,945
13,500
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)
  
12,070
10,996
Summit Midstream Holdings LLC:
  
  
  
 5.75% 4/15/25
 
5,390
4,231
 8.5% (d)(h)
  
9,110
8,692
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
10,170
9,151
 4.5% 4/30/30
 
12,185
10,686
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
  
  
  
 6% 9/1/31 (d)
  
9,110
8,208
 7.5% 10/1/25 (d)
  
8,350
8,367
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31
 
10,360
9,739
Teine Energy Ltd. 6.875% 4/15/29 (d)
  
8,990
8,368
Tennessee Gas Pipeline Co. 7.625% 4/1/37
 
5,445
6,400
Venture Global Calcasieu Pass LLC:
  
  
  
 3.875% 8/15/29 (d)
  
7,585
6,999
 4.125% 8/15/31 (d)
  
7,585
6,993
 
  
  
981,109
Environmental - 0.6%
  
  
  
Covanta Holding Corp.:
  
  
  
 4.875% 12/1/29 (d)
  
18,165
16,180
 5% 9/1/30
 
11,060
9,657
Darling Ingredients, Inc. 6% 6/15/30 (d)
  
7,970
8,243
GFL Environmental, Inc.:
  
  
  
 4% 8/1/28 (d)
  
9,105
8,214
 4.75% 6/15/29 (d)
  
12,095
11,127
Madison IAQ LLC:
  
  
  
 4.125% 6/30/28 (d)
  
11,390
10,080
 5.875% 6/30/29 (d)
  
9,085
7,092
 
  
  
70,593
Food & Drug Retail - 1.3%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
  
  
  
 3.5% 3/15/29 (d)
  
36,160
31,664
 4.625% 1/15/27 (d)
  
25,300
23,901
 4.875% 2/15/30 (d)
  
44,700
40,901
BellRing Brands, Inc. 7% 3/15/30 (d)
  
14,740
14,261
Murphy Oil U.S.A., Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
5,300
4,836
 4.75% 9/15/29
 
6,860
6,636
 5.625% 5/1/27
 
6,030
5,939
Parkland Corp.:
  
  
  
 4.5% 10/1/29 (d)
  
8,995
7,896
 4.625% 5/1/30 (d)
  
12,175
10,894
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)
  
11,130
10,018
 
  
  
156,946
Food/Beverage/Tobacco - 1.7%
  
  
  
C&S Group Enterprises LLC 5% 12/15/28 (d)
  
8,615
6,235
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)
  
6,285
5,666
JBS U.S.A. Lux SA / JBS Food Co.:
  
  
  
 5.5% 1/15/30 (d)
  
20,180
19,604
 6.5% 4/15/29 (d)
  
4,668
4,746
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)
  
7,777
7,816
Lamb Weston Holdings, Inc.:
  
  
  
 4.125% 1/31/30 (d)
  
12,150
11,323
 4.375% 1/31/32 (d)
  
6,075
5,700
Performance Food Group, Inc.:
  
  
  
 4.25% 8/1/29 (d)
  
8,495
7,549
 5.5% 10/15/27 (d)
  
8,855
8,726
Pilgrim's Pride Corp. 4.25% 4/15/31 (d)
  
21,020
18,839
Post Holdings, Inc.:
  
  
  
 4.5% 9/15/31 (d)
  
47,500
42,156
 4.625% 4/15/30 (d)
  
15,630
14,016
 5.5% 12/15/29 (d)
  
21,040
19,888
Simmons Foods, Inc. 4.625% 3/1/29 (d)
  
8,340
7,614
TreeHouse Foods, Inc. 4% 9/1/28
 
3,695
3,215
Triton Water Holdings, Inc. 6.25% 4/1/29 (d)
  
6,360
4,783
U.S. Foods, Inc. 4.625% 6/1/30 (d)
  
7,520
6,890
United Natural Foods, Inc. 6.75% 10/15/28 (d)
  
7,750
7,798
 
  
  
202,564
Gaming - 2.9%
  
  
  
Affinity Gaming LLC 6.875% 12/15/27 (d)
  
4,295
3,722
Boyd Gaming Corp. 4.75% 6/15/31 (d)
  
15,120
13,914
Caesars Entertainment, Inc.:
  
  
  
 4.625% 10/15/29 (d)
  
18,245
15,468
 6.25% 7/1/25 (d)
  
41,240
41,137
 8.125% 7/1/27 (d)
  
54,990
54,990
Caesars Resort Collection LLC 5.75% 7/1/25 (d)
  
13,750
13,752
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d)
  
6,040
5,904
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:
  
  
  
 4.625% 1/15/29 (d)
  
25,865
24,119
 6.75% 1/15/30 (d)
  
24,400
19,947
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)
  
8,585
7,120
Melco Resorts Finance Ltd.:
  
  
  
 5.25% 4/26/26 (d)
  
8,910
6,905
 5.75% 7/21/28 (d)
  
5,530
3,915
MGM Resorts International 4.75% 10/15/28
 
11,125
10,083
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d)
  
19,045
20,569
Premier Entertainment Sub LLC:
  
  
  
 5.625% 9/1/29 (d)
  
35,005
28,267
 5.875% 9/1/31 (d)
  
24,325
19,038
Station Casinos LLC 4.625% 12/1/31 (d)
  
9,135
7,973
Studio City Finance Ltd. 5% 1/15/29 (d)
  
5,700
2,824
VICI Properties LP / VICI Note Co.:
  
  
  
 3.875% 2/15/29 (d)
  
11,195
10,221
 4.25% 12/1/26 (d)
  
21,450
20,160
 4.625% 12/1/29 (d)
  
12,240
11,659
 
  
  
341,687
Healthcare - 5.0%
  
  
  
180 Medical, Inc. 3.875% 10/15/29 (d)
  
6,495
5,905
Avantor Funding, Inc. 3.875% 11/1/29 (d)
  
6,075
5,592
Cano Health, Inc. 6.25% 10/1/28 (d)
  
4,050
3,631
Catalent Pharma Solutions:
  
  
  
 3.5% 4/1/30 (d)
  
6,070
5,430
 5% 7/15/27 (d)
  
3,765
3,768
Centene Corp. 4.25% 12/15/27
 
11,560
11,358
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (d)
  
9,500
8,766
 4% 3/15/31 (d)
  
12,085
11,057
 4.25% 5/1/28 (d)
  
3,400
3,324
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (d)
  
21,790
17,541
 5.25% 5/15/30 (d)
  
18,245
15,326
 5.625% 3/15/27 (d)
  
7,180
6,381
 6% 1/15/29 (d)
  
8,490
7,408
 6.125% 4/1/30 (d)
  
24,105
12,887
 8% 3/15/26 (d)
  
61,410
58,647
DaVita HealthCare Partners, Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
4,180
3,177
 4.625% 6/1/30 (d)
  
31,515
25,842
Grifols Escrow Issuer SA 4.75% 10/15/28 (d)
  
6,075
5,384
HealthEquity, Inc. 4.5% 10/1/29 (d)
  
6,410
5,970
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d)
  
12,050
11,952
IQVIA, Inc. 5% 5/15/27 (d)
  
12,070
12,089
Jazz Securities DAC 4.375% 1/15/29 (d)
  
12,305
11,848
Minerva Merger Sub, Inc. 6.5% 2/15/30 (d)
  
12,105
10,955
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)
  
7,010
6,414
Modivcare, Inc. 5.875% 11/15/25 (d)
  
8,105
7,907
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (d)
  
10,465
9,668
 3.875% 5/15/32 (d)
  
12,160
11,172
 4.375% 6/15/28 (d)
  
7,525
7,243
Option Care Health, Inc. 4.375% 10/31/29 (d)
  
6,680
6,096
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 4.125% 4/30/28 (d)
  
21,010
19,865
 5.125% 4/30/31 (d)
  
18,260
17,096
Owens & Minor, Inc. 4.5% 3/31/29 (d)
  
8,310
7,469
Radiology Partners, Inc. 9.25% 2/1/28 (d)
  
20,865
15,347
RP Escrow Issuer LLC 5.25% 12/15/25 (d)
  
10,405
9,356
Syneos Health, Inc. 3.625% 1/15/29 (d)
  
8,395
7,514
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29 (d)
  
17,640
16,405
 4.375% 1/15/30 (d)
  
43,755
40,645
 4.625% 7/15/24
 
2,495
2,493
 4.625% 9/1/24 (d)
  
12,045
11,914
 4.875% 1/1/26 (d)
  
30,115
29,660
 5.125% 11/1/27 (d)
  
18,070
17,799
 6.125% 10/1/28 (d)
  
19,415
18,930
 6.125% 6/15/30 (d)
  
18,125
18,308
 6.25% 2/1/27 (d)
  
35,815
36,233
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 4.75% 5/9/27
 
6,085
5,834
 5.125% 5/9/29
 
6,085
5,583
 
  
  
593,189
Homebuilders/Real Estate - 2.2%
  
  
  
Arcosa, Inc. 4.375% 4/15/29 (d)
  
8,410
7,462
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)
  
8,940
6,788
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d)
  
7,775
6,025
Century Communities, Inc. 3.875% 8/15/29 (d)
  
9,110
7,756
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)
  
10,555
10,445
MPT Operating Partnership LP/MPT Finance Corp.:
  
  
  
 3.5% 3/15/31
 
11,190
9,634
 4.625% 8/1/29
 
18,080
16,950
 5% 10/15/27
 
38,043
36,601
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)
  
36,785
29,888
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)
  
12,170
9,707
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d)
  
8,020
6,535
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
  
  
  
 5.125% 8/1/30 (d)
  
10,725
9,832
 5.625% 3/1/24 (d)
  
1,312
1,325
 5.875% 6/15/27 (d)
  
9,260
9,457
TopBuild Corp. 3.625% 3/15/29 (d)
  
5,910
5,341
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24
 
16,130
16,239
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
14,380
13,753
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 4.75% 4/15/28 (d)
  
31,410
27,645
 6.5% 2/15/29 (d)
  
39,880
30,700
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)
  
5,045
4,150
 
  
  
266,233
Hotels - 0.2%
  
  
  
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.75% 5/1/29 (d)
  
5,595
5,077
 4% 5/1/31 (d)
  
8,395
7,536
 4.875% 1/15/30
 
6,900
6,702
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27
 
8,435
8,287
 
  
  
27,602
Insurance - 1.0%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 6% 8/1/29 (d)
  
9,105
7,593
 7% 11/15/25 (d)
  
34,880
33,485
Alliant Holdings Intermediate LLC:
  
  
  
 4.25% 10/15/27 (d)
  
11,125
10,369
 5.875% 11/1/29 (d)
  
9,115
7,942
 6.75% 10/15/27 (d)
  
16,680
15,832
AmWINS Group, Inc. 4.875% 6/30/29 (d)
  
8,805
8,008
AssuredPartners, Inc.:
  
  
  
 5.625% 1/15/29 (d)
  
6,550
5,830
 7% 8/15/25 (d)
  
4,865
4,794
HUB International Ltd.:
  
  
  
 5.625% 12/1/29 (d)
  
13,275
11,761
 7% 5/1/26 (d)
  
11,770
11,623
MGIC Investment Corp. 5.25% 8/15/28
 
7,710
7,421
 
  
  
124,658
Leisure - 1.5%
  
  
  
Boyne U.S.A., Inc. 4.75% 5/15/29 (d)
  
6,360
5,955
Carnival Corp.:
  
  
  
 4% 8/1/28 (d)
  
24,090
21,019
 7.625% 3/1/26 (d)
  
14,185
12,263
 9.875% 8/1/27 (d)
  
16,600
17,201
 10.5% 2/1/26 (d)
  
11,990
12,590
Merlin Entertainments PLC 5.75% 6/15/26 (d)
  
7,725
7,151
NCL Corp. Ltd.:
  
  
  
 5.875% 3/15/26 (d)
  
12,585
10,264
 5.875% 2/15/27 (d)
  
12,100
11,120
NCL Finance Ltd. 6.125% 3/15/28 (d)
  
5,265
4,070
Royal Caribbean Cruises Ltd.:
  
  
  
 5.375% 7/15/27 (d)
  
9,125
7,072
 10.875% 6/1/23 (d)
  
13,720
14,028
 11.5% 6/1/25 (d)
  
14,759
15,718
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)
  
12,145
10,888
Vail Resorts, Inc. 6.25% 5/15/25 (d)
  
6,250
6,390
Viking Cruises Ltd. 13% 5/15/25 (d)
  
9,250
9,796
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d)
  
4,965
4,288
Voc Escrow Ltd. 5% 2/15/28 (d)
  
10,755
9,543
 
  
  
179,356
Metals/Mining - 1.9%
  
  
  
Alcoa Nederland Holding BV:
  
  
  
 4.125% 3/31/29 (d)
  
15,485
14,566
 6.125% 5/15/28 (d)
  
3,565
3,607
Arconic Corp.:
  
  
  
 6% 5/15/25 (d)
  
6,630
6,678
 6.125% 2/15/28 (d)
  
16,695
16,685
Cleveland-Cliffs, Inc.:
  
  
  
 4.625% 3/1/29 (d)
  
23,720
22,139
 4.875% 3/1/31 (d)
  
11,440
10,629
 5.875% 6/1/27
 
18,030
17,945
Eldorado Gold Corp. 6.25% 9/1/29 (d)
  
13,719
11,031
ERO Copper Corp. 6.5% 2/15/30 (d)
  
9,085
6,172
First Quantum Minerals Ltd.:
  
  
  
 6.5% 3/1/24 (d)
  
10,955
10,887
 6.875% 3/1/26 (d)
  
28,325
27,461
 7.5% 4/1/25 (d)
  
20,585
20,364
FMG Resources Pty Ltd.:
  
  
  
 4.375% 4/1/31 (d)
  
8,990
7,821
 4.5% 9/15/27 (d)
  
9,015
8,316
 5.125% 5/15/24 (d)
  
9,780
9,865
HudBay Minerals, Inc. 4.5% 4/1/26 (d)
  
7,020
5,807
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (d)
  
6,040
6,137
 8.125% 5/1/27 (d)
  
18,015
17,881
 8.5% 5/1/30 (d)
  
4,475
4,531
Murray Energy Corp.:
  
  
  
 11.25% 12/31/49 (b)(d)(e)
  
8,915
0
 12% 4/15/24 pay-in-kind (b)(d)(e)(f)
  
10,343
0
 
  
  
228,522
Paper - 0.8%
  
  
  
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
  
  
  
 3.25% 9/1/28 (d)
  
5,915
5,491
 4% 9/1/29 (d)
  
11,830
10,174
 6% 6/15/27 (d)
  
6,045
6,219
Cascades, Inc.:
  
  
  
 5.125% 1/15/26 (d)
  
5,600
5,220
 5.375% 1/15/28 (d)
  
5,600
5,037
Clydesdale Acquisition Holdings, Inc.:
  
  
  
 6.625% 4/15/29 (d)
  
7,185
7,255
 8.75% 4/15/30 (d)
  
28,015
26,720
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)
  
11,230
11,135
Glatfelter Corp. 4.75% 11/15/29 (d)
  
9,105
6,203
Mercer International, Inc. 5.125% 2/1/29
 
15,060
14,100
 
  
  
97,554
Publishing/Printing - 0.1%
  
  
  
Clear Channel International BV 6.625% 8/1/25 (d)
  
15,860
15,709
Railroad - 0.1%
  
  
  
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)
  
9,095
8,026
Restaurants - 0.7%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
  
  
  
 3.875% 1/15/28 (d)
  
12,115
11,204
 4% 10/15/30 (d)
  
39,005
33,934
 4.375% 1/15/28 (d)
  
10,600
9,824
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)
  
5,565
4,883
Garden SpinCo Corp. 8.625% 7/20/30 (d)
  
5,205
5,465
Papa John's International, Inc. 3.875% 9/15/29 (d)
  
5,560
4,864
Yum! Brands, Inc. 4.625% 1/31/32
 
11,975
11,381
 
  
  
81,555
Services - 2.9%
  
  
  
Adtalem Global Education, Inc. 5.5% 3/1/28 (d)
  
9,010
8,441
AECOM 5.125% 3/15/27
 
11,885
12,051
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)
  
17,735
13,634
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:
  
  
  
 4.625% 6/1/28 (d)
  
21,690
19,259
 4.625% 6/1/28 (d)
  
14,365
12,533
Booz Allen Hamilton, Inc.:
  
  
  
 3.875% 9/1/28 (d)
  
10,240
9,712
 4% 7/1/29 (d)
  
5,920
5,647
CoreCivic, Inc. 8.25% 4/15/26
 
32,260
32,049
Fair Isaac Corp. 4% 6/15/28 (d)
  
2,910
2,714
Gartner, Inc.:
  
  
  
 3.625% 6/15/29 (d)
  
8,610
7,863
 3.75% 10/1/30 (d)
  
11,495
10,558
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)
  
8,765
8,173
H&E Equipment Services, Inc. 3.875% 12/15/28 (d)
  
16,800
14,574
Hertz Corp.:
  
  
  
 4.625% 12/1/26 (d)
  
5,180
4,610
 5% 12/1/29 (d)
  
10,055
8,597
 5.5% 10/15/24 (b)(d)(e)
  
10,890
14
 6% 1/15/28 (b)(d)(e)
  
10,285
604
 6.25% 10/15/22 (b)(e)
  
11,875
15
 7.125% 8/1/26 (b)(d)(e)
  
10,285
591
IAA, Inc. 5.5% 6/15/27 (d)
  
4,680
4,677
Iron Mountain, Inc.:
  
  
  
 4.5% 2/15/31 (d)
  
22,025
19,326
 4.875% 9/15/29 (d)
  
24,110
22,127
KAR Auction Services, Inc. 5.125% 6/1/25 (d)
  
10,355
10,213
Service Corp. International 4% 5/15/31
 
12,070
11,105
Sotheby's 7.375% 10/15/27 (d)
  
4,960
4,773
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)
  
9,045
7,845
The Brink's Co. 4.625% 10/15/27 (d)
  
12,180
11,146
The GEO Group, Inc.:
  
  
  
 5.125% 4/1/23
 
9,625
9,267
 5.875% 10/15/24
 
14,053
13,071
 6% 4/15/26
 
9,655
7,333
TriNet Group, Inc. 3.5% 3/1/29 (d)
  
8,865
7,768
Uber Technologies, Inc.:
  
  
  
 4.5% 8/15/29 (d)
  
27,335
24,431
 6.25% 1/15/28 (d)
  
9,175
9,024
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)
  
9,760
9,736
 
  
  
343,481
Steel - 0.2%
  
  
  
Algoma Steel SCA 0% 12/31/23 (b)
  
1,982
0
Commercial Metals Co. 3.875% 2/15/31
 
6,135
5,090
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)
  
10,980
10,305
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)
  
4,375
3,966
 
  
  
19,361
Super Retail - 0.8%
  
  
  
Asbury Automotive Group, Inc.:
  
  
  
 4.5% 3/1/28
 
3,534
3,234
 4.625% 11/15/29 (d)
  
10,005
8,831
 4.75% 3/1/30
 
3,523
3,072
 5% 2/15/32 (d)
  
10,800
9,432
Bath & Body Works, Inc.:
  
  
  
 6.625% 10/1/30 (d)
  
5,555
5,301
 6.75% 7/1/36
 
12,766
11,585
 7.5% 6/15/29
 
8,335
8,265
Carvana Co. 4.875% 9/1/29 (d)
  
21,255
12,688
EG Global Finance PLC 8.5% 10/30/25 (d)
  
16,085
15,751
Lithia Motors, Inc. 3.875% 6/1/29 (d)
  
13,230
11,771
 
  
  
89,930
Technology - 3.6%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (d)
  
9,045
7,598
Black Knight InfoServ LLC 3.625% 9/1/28 (d)
  
11,390
10,536
Block, Inc. 3.5% 6/1/31
 
12,070
10,441
CA Magnum Holdings 5.375% (d)(h)
  
4,870
4,286
Camelot Finance SA 4.5% 11/1/26 (d)
  
10,590
10,084
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)
  
9,005
9,153
Clarivate Science Holdings Corp.:
  
  
  
 3.875% 7/1/28 (d)
  
10,695
9,732
 4.875% 7/1/29 (d)
  
10,115
8,952
Crowdstrike Holdings, Inc. 3% 2/15/29
 
8,870
8,102
Elastic NV 4.125% 7/15/29 (d)
  
17,090
15,216
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
  
  
  
 3.5% 3/1/29 (d)
  
11,810
10,514
 5.25% 12/1/27 (d)
  
9,345
9,115
II-VI, Inc. 5% 12/15/29 (d)
  
9,495
9,044
ION Trading Technologies Ltd. 5.75% 5/15/28 (d)
  
12,040
9,873
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)
  
9,100
8,205
MicroStrategy, Inc. 6.125% 6/15/28 (d)
  
23,020
19,970
NCR Corp.:
  
  
  
 5% 10/1/28 (d)
  
5,530
5,260
 5.125% 4/15/29 (d)
  
8,870
8,516
 5.25% 10/1/30 (d)
  
5,530
5,336
 5.75% 9/1/27 (d)
  
9,035
8,837
 6.125% 9/1/29 (d)
  
9,035
8,796
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d)
  
5,930
5,293
NortonLifeLock, Inc. 5% 4/15/25 (d)
  
10,050
10,010
onsemi 3.875% 9/1/28 (d)
  
11,065
10,244
Open Text Corp.:
  
  
  
 3.875% 2/15/28 (d)
  
5,690
5,235
 3.875% 12/1/29 (d)
  
6,700
6,031
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (d)
  
5,690
5,259
 4.125% 12/1/31 (d)
  
5,485
4,882
Pitney Bowes, Inc.:
  
  
  
 6.875% 3/15/27 (d)
  
5,980
4,817
 7.25% 3/15/29 (d)
  
5,980
4,695
PTC, Inc.:
  
  
  
 3.625% 2/15/25 (d)
  
6,650
6,483
 4% 2/15/28 (d)
  
6,575
6,236
Rackspace Hosting, Inc. 5.375% 12/1/28 (d)
  
6,425
4,722
Roblox Corp. 3.875% 5/1/30 (d)
  
9,120
7,988
Sensata Technologies BV 4% 4/15/29 (d)
  
11,970
10,893
Synaptics, Inc. 4% 6/15/29 (d)
  
7,015
6,122
TTM Technologies, Inc. 4% 3/1/29 (d)
  
8,870
7,837
Twilio, Inc.:
  
  
  
 3.625% 3/15/29
 
9,995
8,804
 3.875% 3/15/31
 
10,460
9,266
Uber Technologies, Inc.:
  
  
  
 7.5% 9/15/27 (d)
  
35,255
35,696
 8% 11/1/26 (d)
  
51,060
51,984
Unisys Corp. 6.875% 11/1/27 (d)
  
6,095
5,745
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d)
  
19,400
16,376
 
  
  
432,184
Telecommunications - 6.1%
  
  
  
Altice Financing SA:
  
  
  
 5% 1/15/28 (d)
  
11,280
9,935
 5.75% 8/15/29 (d)
  
24,290
21,254
Altice France SA:
  
  
  
 5.125% 7/15/29 (d)
  
79,325
67,890
 5.5% 1/15/28 (d)
  
24,740
21,751
 5.5% 10/15/29 (d)
  
106,150
91,638
 8.125% 2/1/27 (d)
  
7,635
7,539
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)
  
42,100
37,496
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (d)
  
5,500
4,888
 5.625% 9/15/28 (d)
  
4,350
3,513
Cogent Communications Group, Inc. 7% 6/15/27 (d)
  
6,050
6,073
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (d)
  
19,575
18,395
 5.875% 10/15/27 (d)
  
10,375
10,221
 6% 1/15/30 (d)
  
12,185
10,236
 6.75% 5/1/29 (d)
  
12,535
11,156
 8.75% 5/15/30 (d)
  
6,045
6,419
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d)
  
25,303
23,393
LCPR Senior Secured Financing DAC:
  
  
  
 5.125% 7/15/29 (d)
  
14,860
13,038
 6.75% 10/15/27 (d)
  
10,157
9,860
Level 3 Financing, Inc.:
  
  
  
 3.625% 1/15/29 (d)
  
24,590
20,551
 3.75% 7/15/29 (d)
  
24,670
20,414
Millicom International Cellular SA 4.5% 4/27/31 (d)
  
1,725
1,416
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:
  
  
  
 4.75% 4/30/27 (d)
  
6,070
5,272
 6% 2/15/28 (d)
  
4,490
3,448
Qwest Corp. 7.25% 9/15/25
 
1,480
1,550
Sable International Finance Ltd. 5.75% 9/7/27 (d)
  
18,690
16,494
SBA Communications Corp.:
  
  
  
 3.125% 2/1/29
 
13,305
11,642
 3.875% 2/15/27
 
17,015
16,213
Sprint Capital Corp.:
  
  
  
 6.875% 11/15/28
 
70,044
78,624
 8.75% 3/15/32
 
21,176
27,423
Sprint Corp. 7.625% 3/1/26
 
10,895
11,877
T-Mobile U.S.A., Inc. 3.5% 4/15/31
 
4,490
4,152
Uniti Group, Inc.:
  
  
  
 6% 1/15/30 (d)
  
15,190
10,847
 7.875% 2/15/25 (d)
  
17,650
17,760
Virgin Media Finance PLC 5% 7/15/30 (d)
  
21,860
18,519
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)
  
21,200
19,186
Windstream Escrow LLC 7.75% 8/15/28 (d)
  
61,245
54,839
Zayo Group Holdings, Inc. 4% 3/1/27 (d)
  
17,180
15,037
 
  
  
729,959
Textiles/Apparel - 0.3%
  
  
  
Crocs, Inc.:
  
  
  
 4.125% 8/15/31 (d)
  
6,075
4,710
 4.25% 3/15/29 (d)
  
8,675
7,115
Foot Locker, Inc. 4% 10/1/29 (d)
  
6,070
4,719
Kontoor Brands, Inc. 4.125% 11/15/29 (d)
  
5,320
4,486
Victoria's Secret & Co. 4.625% 7/15/29 (d)
  
22,560
18,675
 
  
  
39,705
Transportation Ex Air/Rail - 0.1%
  
  
  
Seaspan Corp. 5.5% 8/1/29 (d)
  
9,095
7,117
Utilities - 2.6%
  
  
  
Clearway Energy Operating LLC:
  
  
  
 3.75% 2/15/31 (d)
  
13,295
11,641
 3.75% 1/15/32 (d)
  
6,075
5,175
 4.75% 3/15/28 (d)
  
6,920
6,695
NRG Energy, Inc.:
  
  
  
 3.375% 2/15/29 (d)
  
5,145
4,438
 3.625% 2/15/31 (d)
  
10,215
8,556
 3.875% 2/15/32 (d)
  
15,190
12,983
 5.75% 1/15/28
 
9,410
9,068
 6.625% 1/15/27
 
8,283
8,407
Pacific Gas & Electric Co.:
  
  
  
 3.45% 7/1/25
 
2,868
2,744
 3.75% 7/1/28
 
2,868
2,587
 3.75% 8/15/42
 
10,400
7,331
 3.95% 12/1/47
 
53,930
38,796
 4% 12/1/46
 
24,380
17,449
 4.25% 3/15/46
 
2,400
1,786
 4.3% 3/15/45
 
5,995
4,482
 4.55% 7/1/30
 
44,763
41,269
PG&E Corp.:
  
  
  
 5% 7/1/28
 
22,000
20,085
 5.25% 7/1/30
 
8,330
7,476
Pike Corp. 5.5% 9/1/28 (d)
  
28,165
24,136
Vistra Operations Co. LLC:
  
  
  
 4.375% 5/1/29 (d)
  
23,230
21,596
 5% 7/31/27 (d)
  
22,585
22,236
 5.5% 9/1/26 (d)
  
3,485
3,527
 5.625% 2/15/27 (d)
  
28,195
28,286
 
  
  
310,749
TOTAL NONCONVERTIBLE BONDS
  
  
7,904,831
 
TOTAL CORPORATE BONDS
 (Cost $8,591,290)
  
  
  
7,938,943
 
  
  
  
Common Stocks - 10.8%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.0%
 
  
  
Exide Technologies (b)(i)
  
385
250
Exide Technologies (b)(i)
  
9,824
10
Exide Technologies (b)(i)
  
580,031
0
UC Holdings, Inc. (b)(i)
  
677,217
3,373
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
3,633
Banks & Thrifts - 0.0%
 
  
  
Algoma Steel Group, Inc.
 
425,798
3,917
Broadcasting - 0.4%
 
  
  
iHeartMedia, Inc. (i)
  
104
1
Nexstar Broadcasting Group, Inc. Class A
 
251,070
47,294
TOTAL BROADCASTING
  
  
47,295
Building Materials - 0.2%
 
  
  
Builders FirstSource, Inc. (i)
  
156,700
10,656
Carrier Global Corp.
 
319,800
12,961
TOTAL BUILDING MATERIALS
  
  
23,617
Cable/Satellite TV - 0.1%
 
  
  
Altice U.S.A., Inc. Class A (i)
  
700,300
7,360
Chemicals - 0.7%
 
  
  
CF Industries Holdings, Inc.
 
398,902
38,091
The Chemours Co. LLC
 
1,144,240
40,724
TOTAL CHEMICALS
  
  
78,815
Consumer Products - 0.4%
 
  
  
Reddy Ice Holdings, Inc. (b)(i)
  
199,717
11
Tapestry, Inc.
 
344,400
11,582
Tempur Sealy International, Inc.
 
1,073,218
29,492
Ulta Beauty, Inc. (i)
  
31,100
12,095
TOTAL CONSUMER PRODUCTS
  
  
53,180
Containers - 0.4%
 
  
  
Berry Global Group, Inc. (i)
  
342,000
19,716
WestRock Co.
 
660,100
27,962
TOTAL CONTAINERS
  
  
47,678
Diversified Financial Services - 0.2%
 
  
  
Axis Energy Services, LLC Class A (b)(i)
  
11,616
4
OneMain Holdings, Inc.
 
777,400
28,919
PJT Partners, Inc.
 
5,092
364
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
29,287
Energy - 2.5%
 
  
  
Antero Resources Corp. (i)
  
306,925
12,167
Array Technologies, Inc. (i)
  
208,059
3,506
California Resources Corp.
 
2,928,138
131,356
California Resources Corp. warrants 10/27/24 (i)
  
57,076
833
Chaparral Energy, Inc.:
  
  
  
 Series A warrants 10/1/24 (b)(i)
  
392
1
 Series B warrants 10/1/25 (b)(i)
  
392
1
Cheniere Energy, Inc.
 
349,900
52,338
Chesapeake Energy Corp. (j)
  
423,272
39,860
Chesapeake Energy Corp. (c)(i)
  
22,818
2,149
Civitas Resources, Inc.
 
60,298
3,555
Diamond Offshore Drilling, Inc. (i)(j)
  
118,485
800
EP Energy Corp. (b)(i)
  
841,775
7,980
Forbes Energy Services Ltd. (b)(i)
  
193,218
0
Jonah Energy Parent LLC (b)(i)
  
304,505
13,855
Mesquite Energy, Inc. (b)(i)
  
317,026
18,587
PureWest Energy (b)
  
17,812
214
PureWest Energy rights (b)(i)
  
10,734
0
Superior Energy Services, Inc. Class A (b)(i)
  
110,370
2,826
Unit Corp. (i)(j)
  
37,978
2,193
TOTAL ENERGY
  
  
292,221
Entertainment/Film - 0.0%
 
  
  
New Cotai LLC/New Cotai Capital Corp. (b)(c)(i)
  
3,366,626
0
Environmental - 0.2%
 
  
  
Darling Ingredients, Inc. (i)
  
342,916
23,757
Food & Drug Retail - 0.2%
 
  
  
Southeastern Grocers, Inc. (b)(c)(i)
  
793,345
19,358
Food/Beverage/Tobacco - 0.2%
 
  
  
JBS SA
 
4,652,100
28,718
Gaming - 0.7%
 
  
  
Boyd Gaming Corp.
 
453,873
25,194
Caesars Entertainment, Inc. (i)
  
1,335,236
61,007
Studio City International Holdings Ltd.:
  
  
  
 ADR (d)
  
631,958
1,258
 (NYSE) ADR (i)
  
695,700
1,384
TOTAL GAMING
  
  
88,843
Healthcare - 0.7%
 
  
  
Charles River Laboratories International, Inc. (i)
  
88,400
22,148
Encompass Health Corp.
 
34
2
Enhabit Home Health & Hospice (i)
  
17
0
IQVIA Holdings, Inc. (i)
  
151,200
36,329
UnitedHealth Group, Inc.
 
50,000
27,117
TOTAL HEALTHCARE
  
  
85,596
Metals/Mining - 0.2%
 
  
  
Elah Holdings, Inc. (i)
  
906
60
First Quantum Minerals Ltd.
 
948,100
17,325
TOTAL METALS/MINING
  
  
17,385
Services - 0.3%
 
  
  
ASGN, Inc. (i)
  
306,000
31,751
Penhall Acquisition Co.:
  
  
  
 Class A (b)(i)
  
26,163
3,615
 Class B (b)(i)
  
8,721
1,205
TOTAL SERVICES
  
  
36,571
Steel - 0.0%
 
  
  
Algoma Steel SCA (b)(i)
  
198,162
0
Super Retail - 0.3%
 
  
  
Arena Brands Holding Corp. Class B (b)(c)(i)
  
659,302
1,790
Lowe's Companies, Inc.
 
94,600
18,119
Williams-Sonoma, Inc.
 
76,303
11,020
TOTAL SUPER RETAIL
  
  
30,929
Technology - 2.7%
 
  
  
CDW Corp.
 
131,500
23,871
Global Payments, Inc.
 
309,624
37,873
KLA Corp.
 
35,100
13,462
Lam Research Corp.
 
26,300
13,163
Marvell Technology, Inc.
 
551,400
30,702
Microchip Technology, Inc.
 
502,600
34,609
Microsoft Corp.
 
100,400
28,186
NVIDIA Corp.
 
107,800
19,580
NXP Semiconductors NV
 
100,000
18,388
onsemi (i)
  
748,538
49,987
Salesforce.com, Inc. (i)
  
136,000
25,027
SS&C Technologies Holdings, Inc.
 
426,282
25,223
TOTAL TECHNOLOGY
  
  
320,071
Telecommunications - 0.0%
 
  
  
GTT Communications, Inc. rights (b)(i)
  
472,864
473
Textiles/Apparel - 0.0%
 
  
  
Victoria's Secret & Co. (i)
  
99,633
3,682
Transportation Ex Air/Rail - 0.0%
 
  
  
Tricer Holdco SCA:
  
  
  
 Class A1 (b)(c)(i)
  
598,287
1
 Class A2 (b)(c)(i)
  
598,287
1
 Class A3 (b)(c)(i)
  
598,287
1
 Class A4 (b)(c)(i)
  
598,287
1
 Class A5 (b)(c)(i)
  
598,287
1
 Class A6 (b)(c)(i)
  
598,287
1
 Class A7 (b)(c)(i)
  
598,287
1
 Class A8 (b)(c)(i)
  
598,287
1
 Class A9 (b)(c)(i)
  
598,287
1
TOTAL TRANSPORTATION EX AIR/RAIL
  
  
9
Utilities - 0.4%
 
  
  
NRG Energy, Inc.
 
653,300
24,662
PG&E Corp. (i)
  
2,097,796
22,782
Portland General Electric Co.
 
14,817
761
TOTAL UTILITIES
  
  
48,205
 
TOTAL COMMON STOCKS
 (Cost $882,908)
  
  
  
1,290,600
 
  
  
  
Nonconvertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.0%
 
  
  
Exide Technologies (b)(i)
  
858
799
Transportation Ex Air/Rail - 0.0%
 
  
  
Tricer Holdco SCA (b)(c)(i)
  
287,159,690
97
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $11,049)
  
  
  
896
 
  
  
  
Bank Loan Obligations - 4.9%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Air Transportation - 0.3%
 
  
  
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (f)(g)(k)
  
9,105
8,751
Dynasty Acquisition Co., Inc.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 4/8/26 (f)(g)(k)
  
2,571
2,426
 Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 4/4/26 (f)(g)(k)
  
1,382
1,304
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.4599% 10/20/27 (f)(g)(k)
  
3,490
3,522
United Airlines, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.533% 4/21/28 (f)(g)(k)
  
26,169
25,142
TOTAL AIR TRANSPORTATION
  
  
41,145
Automotive & Auto Parts - 0.2%
 
  
  
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 7.750% 12.5% 12/16/25 (f)(g)(k)
  
878
804
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.6223% 12/17/28 (f)(g)(k)
  
2,298
2,097
Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 2/5/26 (f)(g)(k)
  
17,940
17,178
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
20,079
Banks & Thrifts - 0.1%
 
  
  
Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.9414% 2/27/28 (f)(g)(k)
  
9,722
9,525
Broadcasting - 0.1%
 
  
  
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 9.786% 5/25/26 (f)(g)(k)
  
6,796
6,439
Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 4.8723% 9/19/26 (f)(g)(k)
  
2,493
2,463
Univision Communications, Inc.:
  
  
  
 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 6.2543% 6/10/29 (f)(g)(k)
  
755
728
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.6223% 1/31/29 (f)(g)(k)
  
7,481
7,149
TOTAL BROADCASTING
  
  
16,779
Building Materials - 0.4%
 
  
  
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.9703% 5/17/28 (f)(g)(k)
  
23,770
16,862
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 4.8417% 2/25/29 (f)(g)(k)
  
22,755
20,241
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.1934% 6/4/28 (f)(g)(k)
  
6,440
6,126
TOTAL BUILDING MATERIALS
  
  
43,229
Chemicals - 0.1%
 
  
  
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7/27/29 (f)(g)(k)(l)
  
785
765
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.0625% 11/9/28 (f)(g)(k)
  
3,686
3,483
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.0625% 9/22/28 (f)(g)(k)
  
2,771
2,657
TOTAL CHEMICALS
  
  
6,905
Consumer Products - 0.2%
 
  
  
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 12/22/26 (f)(g)(k)
  
20,101
18,769
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.5004% 4/15/28 (f)(g)(k)
  
5,504
4,599
TOTAL CONSUMER PRODUCTS
  
  
23,368
Containers - 0.0%
 
  
  
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (f)(g)(k)
  
1,486
1,308
Energy - 0.0%
 
  
  
Citgo Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 7.000% 9.3723% 8/1/23 (f)(g)(k)
  
1,356
1,340
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (b)(e)(f)(k)
  
1,810
0
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(f)(g)(k)
  
5,861
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(f)(g)(k)
  
2,528
0
TOTAL ENERGY
  
  
1,340
Environmental - 0.0%
 
  
  
Covanta Holding Corp.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.1661% 11/30/28 (f)(g)(k)
  
2,209
2,156
 Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.1661% 11/30/28 (f)(g)(k)
  
166
162
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (f)(g)(k)
  
3,000
2,848
TOTAL ENVIRONMENTAL
  
  
5,166
Food/Beverage/Tobacco - 0.0%
 
  
  
Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 5.4051% 1/24/29 (f)(g)(k)
  
2,285
2,178
Gaming - 0.1%
 
  
  
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.327% 1/27/29 (f)(g)(k)
  
3,855
3,669
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 5.0439% 4/7/29 (f)(g)(k)
  
2,385
2,328
TOTAL GAMING
  
  
5,997
Healthcare - 0.4%
 
  
  
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.2504% 10/1/27 (f)(g)(k)
  
17,631
17,073
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 5/5/28 (f)(g)(k)
  
6,925
6,755
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.625% 6/2/28 (f)(g)(k)
  
16,341
16,034
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.9161% 11/15/28 (f)(g)(k)
  
7,177
6,977
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.5625% 7/3/28 (f)(g)(k)
  
1,972
1,934
TOTAL HEALTHCARE
  
  
48,773
Hotels - 0.1%
 
  
  
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.1269% 10/18/28 (f)(g)(k)
  
8,015
7,424
Insurance - 0.2%
 
  
  
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.6223% 2/15/27 (f)(g)(k)
  
1,438
1,387
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.656% 11/12/27 (f)(g)(k)
  
13,419
12,938
HUB International Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.9812% 4/25/25 (f)(g)(k)
  
5,692
5,560
TOTAL INSURANCE
  
  
19,885
Paper - 0.1%
 
  
  
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 6.602% 4/13/29 (f)(g)(k)
  
9,060
8,686
Services - 0.8%
 
  
  
ABG Intermediate Holdings 2 LLC:
  
  
  
 Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 8.427% 12/20/29 (f)(g)(k)
  
1,145
1,042
 Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 5.927% 12/21/28 (f)(g)(k)
  
5,430
5,226
Ascend Learning LLC:
  
  
  
 2LN, term loan 1 month U.S. LIBOR + 5.750% 7.4161% 12/10/29 (f)(g)(k)
  
15,190
13,367
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.1661% 12/10/28 (f)(g)(k)
  
43,531
41,124
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5004% 8/22/25 (f)(g)(k)
  
6,055
5,888
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 6.875% 12/10/26 (b)(f)(g)(k)
  
7,482
7,276
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 7.012% 1/15/27 (f)(g)(k)
  
10,947
10,563
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.6107% 3/4/28 (f)(g)(k)
  
18,059
16,632
TOTAL SERVICES
  
  
101,118
Technology - 1.3%
 
  
  
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.2044% 2/16/28 (f)(g)(k)
  
1,131
1,099
Athenahealth Group, Inc.:
  
  
  
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 5.6534% 2/15/29 (f)(g)(k)
  
28,423
27,037
 Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (f)(g)(k)(m)
  
4,817
4,583
Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 10/2/25 (f)(g)(k)
  
31,794
30,552
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 5.3723% 10/31/26 (f)(g)(k)
  
1,121
1,092
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 3/31/28 (f)(g)(k)
  
2,010
1,921
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.5004% 8/19/28 (f)(g)(k)
  
11,516
11,142
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.5625% 7/3/28 (f)(g)(k)
  
7,915
7,762
onsemi Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 4.3723% 9/19/26 (f)(g)(k)
  
5,237
5,214
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 2/1/28 (f)(g)(k)
  
13,773
13,369
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.6661% 6/2/28 (f)(g)(k)
  
6,724
6,376
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.8249% 8/31/28 (f)(g)(k)
  
6,572
6,302
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 4/22/28 (f)(g)(k)
  
5,985
5,749
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.1223% 1/31/27 (f)(g)(k)
  
3,110
3,017
Ultimate Software Group, Inc.:
  
  
  
 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.5351% 5/3/26 (f)(g)(k)
  
28,253
27,348
 2LN, term loan 1 month U.S. LIBOR + 5.250% 7.5351% 5/3/27 (f)(g)(k)
  
4,000
3,821
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 2/28/27 (f)(g)(k)
  
2,302
2,242
TOTAL TECHNOLOGY
  
  
158,626
Telecommunications - 0.3%
 
  
  
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.88% 12/12/26 (f)(g)(k)
  
8,846
8,501
Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.0625% 5/1/28 (f)(g)(k)
  
5,110
4,864
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 8.5% 5/31/25 (f)(g)(k)
  
12,942
10,023
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.7504% 11/1/24 (f)(g)(k)
  
6,953
6,412
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.3723% 3/9/27 (f)(g)(k)
  
7,821
7,210
TOTAL TELECOMMUNICATIONS
  
  
37,010
Utilities - 0.2%
 
  
  
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.375% 6/23/25 (f)(g)(k)
  
26,955
25,986
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $624,030)
  
  
  
584,527
 
  
  
  
Preferred Securities - 7.9%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Banks & Thrifts - 6.7%
 
  
  
Ally Financial, Inc. 4.7% (f)(h)
  
7,055
5,566
Bank of America Corp.:
  
  
  
 5.125% (f)(h)
  
36,030
34,906
 5.2% (f)(h)
  
61,440
58,873
 5.875% (f)(h)
  
102,630
97,114
 6.25% (f)(h)
  
28,555
28,760
Citigroup, Inc.:
  
  
  
 4.7% (f)(h)
  
15,285
13,374
 5% (f)(h)
  
60,300
55,830
 5.9% (f)(h)
  
27,015
26,823
 5.95% (f)(h)
  
51,015
50,741
 6.3% (f)(h)
  
5,610
5,420
Goldman Sachs Group, Inc.:
  
  
  
 4.4% (f)(h)
  
8,035
7,260
 4.95% (f)(h)
  
13,335
12,748
 5% (f)(h)
  
70,565
63,953
Huntington Bancshares, Inc. 5.7% (f)(h)
  
12,990
11,779
JPMorgan Chase & Co.:
  
  
  
 3 month U.S. LIBOR + 3.320% 5.5971% (f)(g)(h)
  
43,545
43,201
 4% (f)(h)
  
34,340
30,128
 4.6% (f)(h)
  
23,365
20,701
 5% (f)(h)
  
30,845
28,654
 6% (f)(h)
  
69,385
67,427
 6.125% (f)(h)
  
17,585
17,420
 6.75% (f)(h)
  
8,330
8,559
Wells Fargo & Co.:
  
  
  
 5.875% (f)(h)
  
50,420
50,860
 5.9% (f)(h)
  
63,075
59,876
TOTAL BANKS & THRIFTS
  
  
799,973
Diversified Financial Services - 0.0%
 
  
  
OEC Finance Ltd. 7.5% pay-in-kind (d)(h)
  
34
1
Energy - 1.2%
 
  
  
DCP Midstream Partners LP 7.375% (f)(h)
  
15,260
13,850
Energy Transfer LP:
  
  
  
 6.25% (f)(h)
  
81,527
63,967
 6.625% (f)(h)
  
30,505
23,191
 7.125% (f)(h)
  
9,130
8,217
MPLX LP 6.875% (f)(h)
  
30,450
29,201
Summit Midstream Partners LP 9.5% (f)(h)
  
2,912
2,100
TOTAL ENERGY
  
  
140,526
 
TOTAL PREFERRED SECURITIES
 (Cost $1,008,469)
  
  
  
940,500
 
  
  
  
Other - 1.1%
 
  
Shares
Value ($)
(000s)
 
Other - 1.1%
 
  
  
Fidelity Direct Lending Fund, LP (c)(n)
  (Cost $132,534)
  
13,255,148
131,491
 
  
  
  
Money Market Funds - 7.8%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 2.01% (o)
  
896,006,151
896,185
Fidelity Securities Lending Cash Central Fund 2.01% (o)(p)
  
33,043,243
33,047
 
TOTAL MONEY MARKET FUNDS
 (Cost $929,186)
  
  
929,232
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.0%
 (Cost $12,179,466)
 
  
 
11,816,189
NET OTHER ASSETS (LIABILITIES) - 1.0%  
121,012
NET ASSETS - 100.0%
11,937,201
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Level 3 security
 
(c)
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 $186,961,000 or 1.6% of net assets.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,850,785,000 or 49.0% of net assets.
 
(e)
Non-income producing - Security is in default.
 
(f)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(g)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
Non-income producing
 
(j)
Security or a portion of the security is on loan at period end.
 
(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)
The coupon rate will be determined upon settlement of the loan after period end.
 
(m)
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 $4,817,000 and $4,583,000, respectively.
 
(n)
Affiliated Fund
 
(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.
 
(p)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Arena Brands Holding Corp. Class B
6/18/97 - 1/12/99
21,592
Chesapeake Energy Corp.
2/10/21
216
Fidelity Direct Lending Fund, LP
12/09/21 - 7/29/22
132,533
Mesquite Energy, Inc. 15% 7/15/23
7/10/20 - 1/18/22
2,496
Mesquite Energy, Inc. 15% 7/15/23
11/05/20 - 1/18/22
4,307
New Cotai LLC/New Cotai Capital Corp.
9/11/20
16,677
Southeastern Grocers, Inc.
6/01/18
5,580
Tricer Holdco SCA
10/16/09 - 12/30/17
10,248
Tricer Holdco SCA Class A1
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A2
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A3
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A4
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A5
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A6
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A7
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A8
10/16/09 - 10/29/09
1,653
Tricer Holdco SCA Class A9
10/16/09 - 10/29/09
1,655
 
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 (Amounts in thousands)
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 2.01%
1,558,265
487,631
1,149,711
3,247
-
-
896,185
1.7%
Fidelity Securities Lending Cash Central Fund 2.01%
36,678
62,631
66,262
9
-
-
33,047
0.1%
Total
1,594,943
550,262
1,215,973
3,256
-
-
929,232
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount 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.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Direct Lending Fund, LP
105,967
26,667
-
2,395
-
(1,143)
131,491
 
105,967
26,667
-
2,395
-
(1,143)
131,491
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For 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 vendors or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
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 Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.
 
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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