NPORT-EX 2 QTLY_38_20230131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Capital & Income Fund
January 31, 2023
CAI-NPRT3-0423
1.813054.118
Corporate Bonds - 68.6%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Convertible Bonds - 0.4%
 
  
  
Diversified Financial Services - 0.0%
  
  
  
New Cotai LLC 5% 2/24/27 (b)
  
4,032
8,664
Energy - 0.4%
  
  
  
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
2,495
15,982
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
4,306
27,581
 
  
  
43,563
TOTAL CONVERTIBLE BONDS
  
  
52,227
Nonconvertible Bonds - 68.2%
 
  
  
Aerospace - 3.5%
  
  
  
ATI, Inc.:
  
  
  
 4.875% 10/1/29
 
6,080
5,564
 5.125% 10/1/31
 
5,395
4,903
Bombardier, Inc.:
  
  
  
 6% 2/15/28 (d)
  
6,075
5,761
 7.125% 6/15/26 (d)
  
12,110
12,065
 7.875% 4/15/27 (d)
  
26,370
26,267
Kaiser Aluminum Corp. 4.625% 3/1/28 (d)
  
11,215
10,239
Moog, Inc. 4.25% 12/15/27 (d)
  
3,455
3,205
Rolls-Royce PLC 5.75% 10/15/27 (d)
  
10,870
10,565
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)
  
15,000
15,052
TransDigm UK Holdings PLC 6.875% 5/15/26
 
35,725
35,294
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
38,080
34,354
 4.875% 5/1/29
 
25,000
22,512
 5.5% 11/15/27
 
124,228
118,638
 6.25% 3/15/26 (d)
  
17,925
17,919
 6.375% 6/15/26
 
61,985
61,209
 7.5% 3/15/27
 
18,012
18,152
 
  
  
401,699
Air Transportation - 1.8%
  
  
  
Air Canada 3.875% 8/15/26 (d)
  
9,105
8,422
Allegiant Travel Co. 7.25% 8/15/27 (d)
  
8,870
8,671
Delta Air Lines, Inc. 7% 5/1/25 (d)
  
2,708
2,787
Delta Air Lines, Inc. / SkyMiles IP Ltd.:
  
  
  
 4.5% 10/20/25 (d)
  
40,574
40,090
 4.75% 10/20/28 (d)
  
39,880
38,851
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d)
  
22,205
21,206
Mileage Plus Holdings LLC 6.5% 6/20/27 (d)
  
31,077
31,397
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.:
  
  
  
 8% 9/20/25 (d)
  
2,960
3,027
 8% 9/20/25 (d)
  
7,779
7,935
United Airlines, Inc.:
  
  
  
 4.375% 4/15/26 (d)
  
30,025
28,504
 4.625% 4/15/29 (d)
  
18,025
16,441
 
  
  
207,331
Automotive - 0.2%
  
  
  
Ford Motor Co. 6.1% 8/19/32
 
11,825
11,598
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
15,745
13,095
 
  
  
24,693
Automotive & Auto Parts - 1.8%
  
  
  
Allison Transmission, Inc. 5.875% 6/1/29 (d)
  
7,960
7,664
Arko Corp. 5.125% 11/15/29 (d)
  
9,105
7,218
Dana, Inc.:
  
  
  
 4.25% 9/1/30
 
8,870
7,507
 4.5% 2/15/32
 
9,135
7,705
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
 
27,810
22,069
Ford Motor Credit Co. LLC:
  
  
  
 3.375% 11/13/25
 
19,245
17,922
 4% 11/13/30
 
42,253
36,893
 5.113% 5/3/29
 
10,330
9,790
 7.35% 11/4/27
 
11,825
12,401
LCM Investments Holdings 4.875% 5/1/29 (d)
  
24,415
20,148
McLaren Finance PLC 7.5% 8/1/26 (d)
  
8,290
6,093
Nesco Holdings II, Inc. 5.5% 4/15/29 (d)
  
14,525
13,045
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)
  
5,530
4,217
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (d)(f)(g)
  
30,350
29,515
 
  
  
202,588
Banks & Thrifts - 1.9%
  
  
  
Ally Financial, Inc.:
  
  
  
 8% 11/1/31
 
20,638
22,627
 8% 11/1/31
 
151,039
166,346
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)
  
27,225
24,791
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)
  
8,740
7,802
 
  
  
221,566
Broadcasting - 1.7%
  
  
  
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)
  
12,070
9,837
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)
  
46,565
3,434
DISH Network Corp. 11.75% 11/15/27 (d)
  
29,655
30,817
Gray Escrow II, Inc. 5.375% 11/15/31 (d)
  
17,790
13,681
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)
  
8,990
5,844
Nexstar Broadcasting, Inc.:
  
  
  
 4.75% 11/1/28 (d)
  
22,300
20,130
 5.625% 7/15/27 (d)
  
23,735
22,609
Scripps Escrow II, Inc. 3.875% 1/15/29 (d)
  
2,820
2,356
Sirius XM Radio, Inc.:
  
  
  
 3.125% 9/1/26 (d)
  
9,100
8,190
 3.875% 9/1/31 (d)
  
12,130
10,000
 4% 7/15/28 (d)
  
23,630
21,033
 5% 8/1/27 (d)
  
14,525
13,744
Townsquare Media, Inc. 6.875% 2/1/26 (d)
  
5,645
5,281
Univision Communications, Inc.:
  
  
  
 4.5% 5/1/29 (d)
  
12,060
10,377
 7.375% 6/30/30 (d)
  
17,095
16,764
 
  
  
194,097
Building Materials - 0.5%
  
  
  
Advanced Drain Systems, Inc.:
  
  
  
 5% 9/30/27 (d)
  
2,325
2,213
 6.375% 6/15/30 (d)
  
6,050
6,011
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d)
  
6,555
6,248
CP Atlas Buyer, Inc. 7% 12/1/28 (d)
  
5,480
4,233
James Hardie International Finance Ltd. 5% 1/15/28 (d)
  
4,136
3,927
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)
  
4,125
3,430
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d)
  
9,050
8,100
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (d)
  
11,605
10,602
 6.125% 7/1/29 (d)
  
4,870
4,188
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)
  
10,525
9,883
 
  
  
58,835
Cable/Satellite TV - 4.4%
  
  
  
Block Communications, Inc. 4.875% 3/1/28 (d)
  
7,830
6,890
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (d)
  
16,515
13,758
 4.5% 8/15/30 (d)
  
21,660
18,508
 4.5% 5/1/32
 
46,575
38,541
 4.75% 3/1/30 (d)
  
63,365
55,368
 4.75% 2/1/32 (d)
  
26,255
22,317
 5% 2/1/28 (d)
  
91,490
85,429
 5.125% 5/1/27 (d)
  
69,885
66,604
 5.375% 6/1/29 (d)
  
18,080
16,724
 5.5% 5/1/26 (d)
  
8,759
8,606
 6.375% 9/1/29 (d)
  
11,825
11,411
CSC Holdings LLC:
  
  
  
 3.375% 2/15/31 (d)
  
14,140
9,863
 4.5% 11/15/31 (d)
  
30,110
22,175
 5.375% 2/1/28 (d)
  
26,930
22,722
 6.5% 2/1/29 (d)
  
26,390
22,941
DISH DBS Corp.:
  
  
  
 5.25% 12/1/26 (d)
  
15,220
13,118
 5.75% 12/1/28 (d)
  
15,220
12,453
Dolya Holdco 18 DAC 5% 7/15/28 (d)
  
6,600
5,990
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (d)
  
17,280
13,233
VZ Secured Financing BV 5% 1/15/32 (d)
  
24,310
20,680
Ziggo Bond Co. BV:
  
  
  
 5.125% 2/28/30 (d)
  
6,000
4,959
 6% 1/15/27 (d)
  
11,435
10,815
Ziggo BV 4.875% 1/15/30 (d)
  
7,990
6,960
 
  
  
510,065
Capital Goods - 0.2%
  
  
  
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)
  
7,895
7,073
Chart Industries, Inc. 7.5% 1/1/30 (d)
  
15,680
16,033
Stevens Holding Co., Inc. 6.125% 10/1/26 (d)
  
3,245
3,293
 
  
  
26,399
Chemicals - 1.6%
  
  
  
Compass Minerals International, Inc. 6.75% 12/1/27 (d)
  
24,600
24,001
Gpd Companies, Inc. 10.125% 4/1/26 (d)
  
14,980
13,429
Ingevity Corp. 3.875% 11/1/28 (d)
  
11,105
9,733
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)
  
3,835
3,481
LSB Industries, Inc. 6.25% 10/15/28 (d)
  
21,105
19,016
Olympus Water U.S. Holding Corp.:
  
  
  
 4.25% 10/1/28 (d)
  
12,145
10,187
 7.125% 10/1/27 (d)
  
5,915
5,797
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)
  
7,820
6,882
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)
  
14,015
12,943
The Chemours Co. LLC:
  
  
  
 5.375% 5/15/27
 
32,330
29,889
 5.75% 11/15/28 (d)
  
16,765
15,277
Tronox, Inc. 4.625% 3/15/29 (d)
  
13,295
11,367
W.R. Grace Holding LLC 5.625% 8/15/29 (d)
  
28,310
23,596
 
  
  
185,598
Consumer Products - 1.0%
  
  
  
Angi Group LLC 3.875% 8/15/28 (d)
  
5,530
4,239
Diamond BC BV 4.625% 10/1/29 (d)
  
7,285
6,128
Foundation Building Materials, Inc. 6% 3/1/29 (d)
  
5,845
4,701
Gannett Holdings LLC 6% 11/1/26 (d)
  
8,785
6,794
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d)
  
8,760
7,950
Millennium Escrow Corp. 6.625% 8/1/26 (d)
  
12,120
8,432
PetSmart, Inc. / PetSmart Finance Corp.:
  
  
  
 4.75% 2/15/28 (d)
  
10,160
9,398
 7.75% 2/15/29 (d)
  
8,880
8,727
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)
  
8,380
6,756
Tempur Sealy International, Inc.:
  
  
  
 3.875% 10/15/31 (d)
  
15,965
13,154
 4% 4/15/29 (d)
  
15,925
13,909
The Scotts Miracle-Gro Co. 4% 4/1/31
 
11,945
9,675
TKC Holdings, Inc. 6.875% 5/15/28 (d)
  
13,375
10,932
 
  
  
110,795
Containers - 0.6%
  
  
  
BWAY Holding Co. 7.875% 8/15/26 (d)(h)
  
11,865
11,969
Crown Cork & Seal, Inc.:
  
  
  
 7.375% 12/15/26
 
4,845
5,061
 7.5% 12/15/96
 
12,871
13,084
Graham Packaging Co., Inc. 7.125% 8/15/28 (d)
  
6,000
5,244
Graphic Packaging International, Inc. 3.75% 2/1/30 (d)
  
7,880
6,822
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)
  
4,230
3,736
LABL, Inc. 5.875% 11/1/28 (d)
  
14,730
13,312
Sealed Air Corp. 6.125% 2/1/28 (d)
  
5,935
5,988
Trivium Packaging Finance BV 5.5% 8/15/26 (d)
  
6,930
6,647
 
  
  
71,863
Diversified Financial Services - 2.3%
  
  
  
Broadstreet Partners, Inc. 5.875% 4/15/29 (d)
  
15,505
13,696
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)
  
6,915
6,241
Coinbase Global, Inc.:
  
  
  
 3.375% 10/1/28 (d)
  
8,805
5,679
 3.625% 10/1/31 (d)
  
9,110
5,307
Compass Group Diversified Holdings LLC:
  
  
  
 5% 1/15/32 (d)
  
6,090
4,993
 5.25% 4/15/29 (d)
  
17,730
15,953
Hightower Holding LLC 6.75% 4/15/29 (d)
  
5,945
5,118
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
11,165
9,723
 5.25% 5/15/27
 
41,665
38,905
 6.25% 5/15/26
 
24,085
23,661
 6.375% 12/15/25
 
28,275
28,028
LPL Holdings, Inc. 4% 3/15/29 (d)
  
17,730
15,868
MSCI, Inc.:
  
  
  
 3.25% 8/15/33 (d)
  
9,110
7,470
 4% 11/15/29 (d)
  
6,385
5,810
OneMain Finance Corp.:
  
  
  
 4% 9/15/30
 
5,610
4,474
 5.375% 11/15/29
 
9,400
8,231
 6.625% 1/15/28
 
7,305
7,117
 6.875% 3/15/25
 
19,480
19,419
 7.125% 3/15/26
 
38,380
38,129
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)
  
3,750
3,551
 
  
  
267,373
Diversified Media - 0.2%
  
  
  
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)
  
27,990
21,832
Energy - 8.8%
  
  
  
Altus Midstream LP 5.875% 6/15/30 (d)
  
9,060
8,607
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.375% 6/15/29 (d)
  
9,060
8,414
 5.75% 1/15/28 (d)
  
17,645
16,873
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)
  
7,820
6,960
Centennial Resource Production LLC 5.875% 7/1/29 (d)
  
8,645
8,083
CGG SA 8.75% 4/1/27 (d)
  
11,985
10,629
Cheniere Energy Partners LP:
  
  
  
 3.25% 1/31/32
 
9,110
7,605
 4% 3/1/31
 
31,040
27,848
Chesapeake Energy Corp.:
  
  
  
 5.875% 2/1/29 (d)
  
5,840
5,593
 6.75% 4/15/29 (d)
  
8,995
8,870
 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
27,321
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (d)
  
8,760
8,584
 7% 6/15/25 (d)
  
22,045
21,859
CNX Midstream Partners LP 4.75% 4/15/30 (d)
  
6,435
5,445
CNX Resources Corp.:
  
  
  
 6% 1/15/29 (d)
  
5,345
4,907
 7.375% 1/15/31 (d)
  
5,930
5,767
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (d)
  
32,085
27,513
 6.75% 3/1/29 (d)
  
20,060
18,505
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
  
  
  
 5.625% 5/1/27 (d)
  
18,015
17,217
 5.75% 4/1/25
 
4,790
4,722
 6% 2/1/29 (d)
  
25,785
24,461
 7.375% 2/1/31 (d)
  
5,000
5,031
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)
  
5,055
4,630
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (d)
  
16,990
16,395
 5.75% 2/15/28 (d)
  
22,655
20,729
DCP Midstream Operating LP 5.85% 5/21/43 (d)(f)
  
18,335
18,106
Delek Logistics Partners LP 7.125% 6/1/28 (d)
  
17,655
16,194
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (d)
  
9,070
7,959
 4.375% 6/15/31 (d)
  
9,070
7,934
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)
  
21,251
20,826
Energy Transfer LP 5.5% 6/1/27
 
16,735
16,223
EnLink Midstream LLC 6.5% 9/1/30 (d)
  
11,825
12,047
Hess Midstream Partners LP:
  
  
  
 4.25% 2/15/30 (d)
  
9,875
8,649
 5.125% 6/15/28 (d)
  
11,235
10,580
 5.5% 10/15/30 (d)
  
6,060
5,652
 5.625% 2/15/26 (d)
  
15,535
15,382
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)
  
12,280
11,795
Holly Energy Partners LP/Holly Energy Finance Corp.:
  
  
  
 5% 2/1/28 (d)
  
7,615
7,091
 6.375% 4/15/27 (d)
  
6,050
5,982
MEG Energy Corp. 7.125% 2/1/27 (d)
  
11,335
11,626
Mesquite Energy, Inc. 7.25% 12/31/49 (b)(d)(e)
  
21,977
0
Nabors Industries Ltd.:
  
  
  
 7.25% 1/15/26 (d)
  
11,260
10,880
 7.5% 1/15/28 (d)
  
9,715
9,260
New Fortress Energy, Inc.:
  
  
  
 6.5% 9/30/26 (d)
  
23,915
22,006
 6.75% 9/15/25 (d)
  
15,106
14,451
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d)
  
11,090
10,532
Nine Energy Service, Inc. 8.75% 11/1/23 (d)
  
6,245
6,245
NuStar Logistics LP 6% 6/1/26
 
12,025
11,776
Occidental Petroleum Corp.:
  
  
  
 3.5% 8/15/29
 
14,690
13,543
 5.875% 9/1/25
 
11,055
11,190
 6.125% 1/1/31
 
23,465
24,490
 6.2% 3/15/40
 
5,785
5,846
 6.375% 9/1/28
 
18,145
18,839
 6.45% 9/15/36
 
19,110
20,097
 6.6% 3/15/46
 
11,465
12,209
 6.625% 9/1/30
 
22,115
23,478
 7.2% 3/15/29
 
3,964
4,123
 7.5% 5/1/31
 
1,100
1,224
 8.875% 7/15/30
 
12,405
14,607
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
27,530
25,956
 7.25% 6/15/25
 
22,875
22,789
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23
 
8,455
8,453
PDC Energy, Inc. 6.125% 9/15/24
 
1,777
1,767
SM Energy Co.:
  
  
  
 5.625% 6/1/25
 
6,330
6,203
 6.625% 1/15/27
 
21,320
20,720
 6.75% 9/15/26
 
4,550
4,479
Southern Natural Gas Co. LLC:
  
  
  
 7.35% 2/15/31
 
23,497
25,303
 8% 3/1/32
 
12,475
14,087
Southwestern Energy Co.:
  
  
  
 5.375% 3/15/30
 
12,145
11,310
 5.7% 1/23/25 (i)
  
244
242
 7.75% 10/1/27
 
12,945
13,500
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)
  
12,070
10,501
Summit Midstream Holdings LLC:
  
  
  
 5.75% 4/15/25
 
5,390
4,635
 8.5% (d)(j)
  
9,110
8,871
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
10,170
9,201
 4.5% 4/30/30
 
12,185
10,855
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
  
  
  
 5.5% 1/15/28 (d)
  
595
548
 6% 3/1/27 (d)
  
5,935
5,627
 6% 9/1/31 (d)
  
11,485
10,337
 7.5% 10/1/25 (d)
  
8,350
8,453
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31
 
10,360
9,685
Teine Energy Ltd. 6.875% 4/15/29 (d)
  
8,990
8,394
Tennessee Gas Pipeline Co. 7.625% 4/1/37
 
5,445
6,183
Transocean Titan Finance Ltd. 8.375% 2/1/28 (d)
  
9,204
9,536
Transocean, Inc. 8.75% 2/15/30 (d)
  
8,905
9,181
Unit Corp. 0% 12/1/29 (b)
  
2,202
0
Venture Global Calcasieu Pass LLC:
  
  
  
 3.875% 8/15/29 (d)
  
7,585
6,751
 4.125% 8/15/31 (d)
  
7,585
6,725
 
  
  
1,013,702
Environmental - 0.7%
  
  
  
Clean Harbors, Inc. 6.375% 2/1/31 (d)
  
4,960
5,053
Covanta Holding Corp.:
  
  
  
 4.875% 12/1/29 (d)
  
18,165
15,872
 5% 9/1/30
 
11,060
9,410
Darling Ingredients, Inc. 6% 6/15/30 (d)
  
13,885
13,816
GFL Environmental, Inc.:
  
  
  
 4% 8/1/28 (d)
  
9,105
8,083
 4.75% 6/15/29 (d)
  
12,095
10,916
Madison IAQ LLC:
  
  
  
 4.125% 6/30/28 (d)
  
11,390
10,026
 5.875% 6/30/29 (d)
  
9,085
7,207
 
  
  
80,383
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
31,188
 4.625% 1/15/27 (d)
  
25,300
23,986
 4.875% 2/15/30 (d)
  
44,700
41,117
BellRing Brands, Inc. 7% 3/15/30 (d)
  
14,740
14,631
Murphy Oil U.S.A., Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
5,300
4,434
 4.75% 9/15/29
 
6,860
6,277
 5.625% 5/1/27
 
6,030
5,916
Parkland Corp.:
  
  
  
 4.5% 10/1/29 (d)
  
8,995
7,716
 4.625% 5/1/30 (d)
  
12,175
10,466
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)
  
11,130
10,522
 
  
  
156,253
Food/Beverage/Tobacco - 1.7%
  
  
  
C&S Group Enterprises LLC 5% 12/15/28 (d)
  
8,615
6,644
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)
  
6,285
5,735
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (d)
  
20,180
19,610
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)
  
7,777
7,777
Lamb Weston Holdings, Inc.:
  
  
  
 4.125% 1/31/30 (d)
  
12,150
10,950
 4.375% 1/31/32 (d)
  
6,075
5,441
Performance Food Group, Inc.:
  
  
  
 4.25% 8/1/29 (d)
  
8,495
7,580
 5.5% 10/15/27 (d)
  
8,855
8,523
Pilgrim's Pride Corp. 4.25% 4/15/31 (d)
  
21,020
18,235
Post Holdings, Inc.:
  
  
  
 4.5% 9/15/31 (d)
  
47,500
40,969
 4.625% 4/15/30 (d)
  
15,630
13,754
 5.5% 12/15/29 (d)
  
21,040
19,512
Simmons Foods, Inc. 4.625% 3/1/29 (d)
  
8,340
7,071
TreeHouse Foods, Inc. 4% 9/1/28
 
3,695
3,082
Triton Water Holdings, Inc. 6.25% 4/1/29 (d)
  
6,360
5,048
U.S. Foods, Inc. 4.625% 6/1/30 (d)
  
7,520
6,732
United Natural Foods, Inc. 6.75% 10/15/28 (d)
  
7,750
7,479
 
  
  
194,142
Gaming - 2.9%
  
  
  
Affinity Gaming LLC 6.875% 12/15/27 (d)
  
4,295
3,845
Boyd Gaming Corp. 4.75% 6/15/31 (d)
  
15,120
13,605
Caesars Entertainment, Inc.:
  
  
  
 4.625% 10/15/29 (d)
  
18,245
15,599
 6.25% 7/1/25 (d)
  
41,240
41,081
 7% 2/15/30 (d)(h)
  
17,800
18,112
 8.125% 7/1/27 (d)
  
54,990
55,815
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
5,723
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:
  
  
  
 4.625% 1/15/29 (d)
  
25,865
22,828
 6.75% 1/15/30 (d)
  
34,295
28,465
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)
  
8,585
7,984
Melco Resorts Finance Ltd.:
  
  
  
 5.25% 4/26/26 (d)
  
8,910
8,375
 5.75% 7/21/28 (d)
  
4,420
3,963
MGM Resorts International 4.75% 10/15/28
 
11,125
10,087
Premier Entertainment Sub LLC:
  
  
  
 5.625% 9/1/29 (d)
  
27,640
19,866
 5.875% 9/1/31 (d)
  
11,145
7,778
Station Casinos LLC 4.625% 12/1/31 (d)
  
9,135
7,700
Studio City Finance Ltd. 5% 1/15/29 (d)
  
5,700
4,585
VICI Properties LP / VICI Note Co.:
  
  
  
 3.875% 2/15/29 (d)
  
11,195
10,085
 4.25% 12/1/26 (d)
  
21,450
20,243
 4.625% 12/1/29 (d)
  
12,240
11,398
 
  
  
330,889
Healthcare - 4.8%
  
  
  
180 Medical, Inc. 3.875% 10/15/29 (d)
  
6,495
5,756
Avantor Funding, Inc. 3.875% 11/1/29 (d)
  
6,075
5,340
Cano Health, Inc. 6.25% 10/1/28 (d)
  
4,050
2,582
Catalent Pharma Solutions:
  
  
  
 3.5% 4/1/30 (d)
  
6,070
5,022
 5% 7/15/27 (d)
  
3,765
3,561
Centene Corp. 4.25% 12/15/27
 
11,560
11,089
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (d)
  
10,515
9,366
 4% 3/15/31 (d)
  
12,085
10,662
 4.25% 5/1/28 (d)
  
3,400
3,146
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (d)
  
21,790
16,669
 5.25% 5/15/30 (d)
  
18,245
14,722
 5.625% 3/15/27 (d)
  
7,180
6,356
 6% 1/15/29 (d)
  
8,490
7,452
 6.125% 4/1/30 (d)
  
21,795
13,102
 8% 3/15/26 (d)
  
61,410
59,282
DaVita HealthCare Partners, Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
4,180
3,250
 4.625% 6/1/30 (d)
  
31,515
26,551
Grifols Escrow Issuer SA 4.75% 10/15/28 (d)
  
6,075
5,283
HealthEquity, Inc. 4.5% 10/1/29 (d)
  
6,410
5,739
Horizon Pharma U.S.A., Inc. 5.5% 8/1/27 (d)
  
12,050
12,306
IQVIA, Inc. 5% 5/15/27 (d)
  
12,070
11,713
Jazz Securities DAC 4.375% 1/15/29 (d)
  
12,305
11,226
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)
  
7,010
6,075
Modivcare, Inc. 5.875% 11/15/25 (d)
  
8,105
7,834
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (d)
  
10,465
9,001
 3.875% 5/15/32 (d)
  
12,160
10,195
 4.375% 6/15/28 (d)
  
7,525
6,950
Option Care Health, Inc. 4.375% 10/31/29 (d)
  
6,680
5,770
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 4.125% 4/30/28 (d)
  
21,010
19,002
 5.125% 4/30/31 (d)
  
18,260
16,485
Owens & Minor, Inc. 4.5% 3/31/29 (d)
  
8,310
6,769
Radiology Partners, Inc. 9.25% 2/1/28 (d)
  
16,885
10,215
RP Escrow Issuer LLC 5.25% 12/15/25 (d)
  
10,405
8,490
Syneos Health, Inc. 3.625% 1/15/29 (d)
  
8,395
6,789
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29
 
17,640
15,707
 4.375% 1/15/30
 
43,755
38,895
 4.625% 7/15/24
 
2,495
2,461
 4.625% 9/1/24
 
12,045
11,853
 4.875% 1/1/26
 
30,115
29,331
 5.125% 11/1/27
 
18,070
17,392
 6.125% 10/1/28
 
11,010
10,295
 6.125% 6/15/30 (d)
  
24,015
23,312
 6.25% 2/1/27 (d)
  
35,815
34,472
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 4.75% 5/9/27
 
6,085
5,629
 5.125% 5/9/29
 
6,085
5,611
 
  
  
558,708
Homebuilders/Real Estate - 2.2%
  
  
  
Arcosa, Inc. 4.375% 4/15/29 (d)
  
8,410
7,521
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)
  
8,940
7,424
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
7,658
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)
  
10,555
10,189
MPT Operating Partnership LP/MPT Finance Corp.:
  
  
  
 3.5% 3/15/31
 
11,190
7,833
 4.625% 8/1/29
 
18,080
14,057
 5% 10/15/27
 
38,043
32,159
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)
  
36,785
28,784
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)
  
12,170
9,128
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29
 
8,020
6,937
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
  
  
  
 5.125% 8/1/30 (d)
  
10,725
9,808
 5.625% 3/1/24 (d)
  
1,312
1,307
 5.875% 6/15/27 (d)
  
9,260
9,102
TopBuild Corp. 3.625% 3/15/29 (d)
  
5,910
5,037
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24
 
16,130
16,075
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
14,380
13,491
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 4.75% 4/15/28 (d)
  
31,410
25,684
 6.5% 2/15/29 (d)
  
39,880
27,717
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)
  
5,045
4,390
 
  
  
250,326
Hotels - 0.4%
  
  
  
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (d)
  
17,635
19,046
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.75% 5/1/29 (d)
  
5,595
4,969
 4% 5/1/31 (d)
  
8,395
7,274
 4.875% 1/15/30
 
6,900
6,505
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27
 
8,435
8,166
 
  
  
45,960
Insurance - 1.1%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 6% 8/1/29 (d)
  
9,105
7,512
 7% 11/15/25 (d)
  
34,880
33,184
Alliant Holdings Intermediate LLC:
  
  
  
 4.25% 10/15/27 (d)
  
11,125
10,196
 5.875% 11/1/29 (d)
  
9,115
7,941
 6.75% 10/15/27 (d)
  
16,680
15,601
AmWINS Group, Inc. 4.875% 6/30/29 (d)
  
8,805
7,723
AssuredPartners, Inc.:
  
  
  
 5.625% 1/15/29 (d)
  
6,550
5,603
 7% 8/15/25 (d)
  
4,865
4,784
HUB International Ltd.:
  
  
  
 5.625% 12/1/29 (d)
  
13,275
11,879
 7% 5/1/26 (d)
  
11,770
11,653
MGIC Investment Corp. 5.25% 8/15/28
 
7,710
7,268
 
  
  
123,344
Leisure - 2.2%
  
  
  
Boyne U.S.A., Inc. 4.75% 5/15/29 (d)
  
6,360
5,763
Carnival Corp.:
  
  
  
 4% 8/1/28 (d)
  
29,990
25,853
 7.625% 3/1/26 (d)
  
19,665
17,895
 9.875% 8/1/27 (d)
  
16,600
17,057
 10.5% 2/1/26 (d)
  
11,990
12,540
Merlin Entertainments PLC 5.75% 6/15/26 (d)
  
7,725
7,355
NCL Corp. Ltd. 5.875% 2/15/27 (d)
  
12,100
11,326
Royal Caribbean Cruises Ltd.:
  
  
  
 5.375% 7/15/27 (d)
  
9,125
7,938
 8.25% 1/15/29 (d)
  
32,435
33,895
 9.25% 1/15/29 (d)
  
34,425
36,314
 11.5% 6/1/25 (d)
  
23,674
25,390
 11.625% 8/15/27 (d)
  
11,825
12,549
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)
  
12,145
10,977
Vail Resorts, Inc. 6.25% 5/15/25 (d)
  
6,250
6,280
Viking Cruises Ltd. 13% 5/15/25 (d)
  
9,250
9,808
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d)
  
4,965
4,245
Voc Escrow Ltd. 5% 2/15/28 (d)
  
10,755
9,455
 
  
  
254,640
Metals/Mining - 2.0%
  
  
  
Alcoa Nederland Holding BV:
  
  
  
 4.125% 3/31/29 (d)
  
15,485
14,343
 6.125% 5/15/28 (d)
  
3,565
3,574
Arconic Corp.:
  
  
  
 6% 5/15/25 (d)
  
6,630
6,564
 6.125% 2/15/28 (d)
  
16,695
16,040
Cleveland-Cliffs, Inc.:
  
  
  
 4.625% 3/1/29 (d)
  
23,720
22,120
 4.875% 3/1/31 (d)
  
11,440
10,686
 5.875% 6/1/27
 
18,030
17,732
Eldorado Gold Corp. 6.25% 9/1/29 (d)
  
13,719
12,377
ERO Copper Corp. 6.5% 2/15/30 (d)
  
9,085
7,728
First Quantum Minerals Ltd.:
  
  
  
 6.5% 3/1/24 (d)
  
10,955
10,852
 6.875% 3/1/26 (d)
  
28,325
27,228
 7.5% 4/1/25 (d)
  
20,585
20,277
FMG Resources Pty Ltd.:
  
  
  
 4.375% 4/1/31 (d)
  
8,990
7,906
 4.5% 9/15/27 (d)
  
9,015
8,609
 5.125% 5/15/24 (d)
  
9,780
9,713
HudBay Minerals, Inc. 4.5% 4/1/26 (d)
  
7,020
6,467
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (d)
  
6,040
6,184
 8.125% 5/1/27 (d)
  
18,015
18,150
 8.5% 5/1/30 (d)
  
4,475
4,623
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
 
  
  
231,173
Paper - 0.9%
  
  
  
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
  
  
  
 3.25% 9/1/28 (d)
  
5,915
5,191
 4% 9/1/29 (d)
  
11,830
9,782
 6% 6/15/27 (d)
  
6,045
6,037
Cascades, Inc.:
  
  
  
 5.125% 1/15/26 (d)
  
5,600
5,219
 5.375% 1/15/28 (d)
  
5,600
5,231
Clydesdale Acquisition Holdings, Inc.:
  
  
  
 6.625% 4/15/29 (d)
  
7,185
7,064
 8.75% 4/15/30 (d)
  
39,890
35,254
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)
  
11,230
10,482
Glatfelter Corp. 4.75% 11/15/29 (d)
  
9,105
6,374
Mercer International, Inc. 5.125% 2/1/29
 
15,060
12,879
 
  
  
103,513
Publishing/Printing - 0.1%
  
  
  
Clear Channel International BV 6.625% 8/1/25 (d)
  
15,860
15,437
Railroad - 0.1%
  
  
  
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)
  
9,095
7,573
Restaurants - 0.7%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
  
  
  
 3.875% 1/15/28 (d)
  
12,115
11,073
 4% 10/15/30 (d)
  
39,005
33,203
 4.375% 1/15/28 (d)
  
10,600
9,754
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)
  
5,565
4,970
Garden SpinCo Corp. 8.625% 7/20/30 (d)
  
5,205
5,569
Papa John's International, Inc. 3.875% 9/15/29 (d)
  
5,560
4,783
Yum! Brands, Inc. 4.625% 1/31/32
 
11,975
10,927
 
  
  
80,279
Services - 3.2%
  
  
  
Adtalem Global Education, Inc. 5.5% 3/1/28 (d)
  
9,010
8,386
AECOM 5.125% 3/15/27
 
11,885
11,678
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)
  
8,730
7,024
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:
  
  
  
 4.625% 6/1/28 (d)
  
21,690
18,708
 4.625% 6/1/28 (d)
  
14,365
12,337
Booz Allen Hamilton, Inc.:
  
  
  
 3.875% 9/1/28 (d)
  
10,240
9,264
 4% 7/1/29 (d)
  
5,920
5,306
CoreCivic, Inc. 8.25% 4/15/26
 
32,260
32,984
Fair Isaac Corp. 4% 6/15/28 (d)
  
2,910
2,702
Gartner, Inc.:
  
  
  
 3.625% 6/15/29 (d)
  
8,610
7,732
 3.75% 10/1/30 (d)
  
11,495
10,187
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)
  
8,765
8,621
H&E Equipment Services, Inc. 3.875% 12/15/28 (d)
  
16,800
14,785
Hertz Corp.:
  
  
  
 4.625% 12/1/26 (d)
  
5,180
4,610
 5% 12/1/29 (d)
  
10,055
8,220
 5.5% 10/15/24 (b)(d)(e)
  
10,890
245
 6% 1/15/28 (b)(d)(e)
  
10,285
604
 6.25% 12/31/49 (b)(e)
  
11,875
15
 7.125% 8/1/26 (b)(d)(e)
  
10,285
823
IAA, Inc. 5.5% 6/15/27 (d)
  
4,680
4,698
Iron Mountain, Inc.:
  
  
  
 4.5% 2/15/31 (d)
  
22,025
18,873
 4.875% 9/15/29 (d)
  
24,110
21,775
KAR Auction Services, Inc. 5.125% 6/1/25 (d)
  
10,355
10,179
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (d)
  
29,635
28,806
Service Corp. International 4% 5/15/31
 
12,070
10,555
Sotheby's 7.375% 10/15/27 (d)
  
4,960
4,764
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)
  
9,045
7,736
The Brink's Co. 4.625% 10/15/27 (d)
  
12,180
11,364
The GEO Group, Inc.:
  
  
  
 9.5% 12/31/28 (d)
  
9,655
9,341
 10.5% 6/30/28
 
24,580
25,143
TriNet Group, Inc. 3.5% 3/1/29 (d)
  
8,865
7,444
Uber Technologies, Inc.:
  
  
  
 4.5% 8/15/29 (d)
  
27,335
24,337
 6.25% 1/15/28 (d)
  
9,175
8,977
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)
  
9,760
9,006
 
  
  
367,229
Steel - 0.2%
  
  
  
Algoma Steel SCA 0% 12/31/23 (b)
  
1,982
0
Commercial Metals Co. 3.875% 2/15/31
 
6,135
5,310
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)
  
10,980
10,458
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)
  
4,375
3,942
 
  
  
19,710
Super Retail - 1.2%
  
  
  
Asbury Automotive Group, Inc.:
  
  
  
 4.5% 3/1/28
 
3,534
3,195
 4.625% 11/15/29 (d)
  
10,005
8,829
 4.75% 3/1/30
 
3,523
3,082
 5% 2/15/32 (d)
  
10,800
9,314
Bath & Body Works, Inc.:
  
  
  
 6.625% 10/1/30 (d)
  
5,555
5,428
 6.75% 7/1/36
 
12,766
11,546
 7.5% 6/15/29
 
8,335
8,456
Carvana Co.:
  
  
  
 4.875% 9/1/29 (d)
  
23,329
10,381
 5.875% 10/1/28 (d)
  
1,438
626
EG Global Finance PLC 8.5% 10/30/25 (d)
  
16,085
15,160
Lithia Motors, Inc. 3.875% 6/1/29 (d)
  
13,230
11,241
Macy's Retail Holdings LLC:
  
  
  
 5.875% 3/15/30 (d)
  
6,235
5,691
 6.125% 3/15/32 (d)
  
6,015
5,383
Michaels Companies, Inc. 5.25% 5/1/28 (d)
  
14,150
11,800
Nordstrom, Inc.:
  
  
  
 4.25% 8/1/31
 
25,145
18,882
 4.375% 4/1/30
 
3,790
3,041
 5% 1/15/44
 
1,785
1,204
 6.95% 3/15/28
 
550
534
 
  
  
133,793
Technology - 3.5%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (d)
  
9,045
7,389
Black Knight InfoServ LLC 3.625% 9/1/28 (d)
  
11,390
10,109
Block, Inc. 3.5% 6/1/31
 
12,070
10,079
CA Magnum Holdings 5.375% (d)(j)
  
4,870
4,480
Camelot Finance SA 4.5% 11/1/26 (d)
  
10,590
10,072
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)
  
9,005
8,982
Clarivate Science Holdings Corp.:
  
  
  
 3.875% 7/1/28 (d)
  
10,695
9,543
 4.875% 7/1/29 (d)
  
10,115
8,900
Coherent Corp. 5% 12/15/29 (d)
  
9,495
8,623
Crowdstrike Holdings, Inc. 3% 2/15/29
 
8,870
7,611
Elastic NV 4.125% 7/15/29 (d)
  
17,090
14,625
Gen Digital, Inc. 5% 4/15/25 (d)
  
10,050
9,849
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
  
  
  
 3.5% 3/1/29 (d)
  
11,810
10,213
 5.25% 12/1/27 (d)
  
9,345
9,044
ION Trading Technologies Ltd. 5.75% 5/15/28 (d)
  
12,040
10,309
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)
  
9,100
7,890
MicroStrategy, Inc. 6.125% 6/15/28 (d)
  
23,020
19,427
NCR Corp.:
  
  
  
 5% 10/1/28 (d)
  
5,530
4,871
 5.125% 4/15/29 (d)
  
8,870
7,726
 5.25% 10/1/30 (d)
  
5,530
4,783
 5.75% 9/1/27 (d)
  
9,035
8,767
 6.125% 9/1/29 (d)
  
9,035
8,945
onsemi 3.875% 9/1/28 (d)
  
11,065
10,097
Open Text Corp.:
  
  
  
 3.875% 2/15/28 (d)
  
5,690
4,944
 3.875% 12/1/29 (d)
  
6,700
5,572
 6.9% 12/1/27 (d)
  
10,610
10,862
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (d)
  
5,690
4,791
 4.125% 12/1/31 (d)
  
5,485
4,456
PTC, Inc.:
  
  
  
 3.625% 2/15/25 (d)
  
6,650
6,377
 4% 2/15/28 (d)
  
6,575
6,125
Rackspace Hosting, Inc. 5.375% 12/1/28 (d)
  
6,425
2,367
Roblox Corp. 3.875% 5/1/30 (d)
  
9,120
7,701
Sensata Technologies BV 4% 4/15/29 (d)
  
11,970
10,729
Synaptics, Inc. 4% 6/15/29 (d)
  
7,015
6,074
TTM Technologies, Inc. 4% 3/1/29 (d)
  
8,870
7,750
Twilio, Inc.:
  
  
  
 3.625% 3/15/29
 
9,995
8,481
 3.875% 3/15/31
 
10,460
8,632
Uber Technologies, Inc.:
  
  
  
 7.5% 9/15/27 (d)
  
35,255
35,797
 8% 11/1/26 (d)
  
51,060
52,267
Unisys Corp. 6.875% 11/1/27 (d)
  
6,095
4,617
 
  
  
399,876
Telecommunications - 5.8%
  
  
  
Altice Financing SA:
  
  
  
 5% 1/15/28 (d)
  
14,560
12,380
 5.75% 8/15/29 (d)
  
25,600
21,506
Altice France SA:
  
  
  
 5.125% 7/15/29 (d)
  
79,325
62,016
 5.5% 1/15/28 (d)
  
24,740
20,547
 5.5% 10/15/29 (d)
  
106,150
83,566
 8.125% 2/1/27 (d)
  
7,635
7,157
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)
  
42,100
40,049
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (d)
  
5,500
4,675
 5.625% 9/15/28 (d)
  
4,350
3,339
Cogent Communications Group, Inc. 7% 6/15/27 (d)
  
6,050
5,988
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (d)
  
19,575
17,797
 5.875% 10/15/27 (d)
  
10,375
9,907
 8.75% 5/15/30 (d)
  
6,045
6,264
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d)
  
25,303
22,975
LCPR Senior Secured Financing DAC:
  
  
  
 5.125% 7/15/29 (d)
  
14,860
12,938
 6.75% 10/15/27 (d)
  
10,157
9,836
Level 3 Financing, Inc.:
  
  
  
 3.625% 1/15/29 (d)
  
24,590
18,295
 3.75% 7/15/29 (d)
  
24,670
18,035
Millicom International Cellular SA 4.5% 4/27/31 (d)
  
1,725
1,460
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:
  
  
  
 4.75% 4/30/27 (d)
  
6,070
5,509
 6% 2/15/28 (d)
  
4,490
3,707
Qwest Corp. 7.25% 9/15/25
 
1,480
1,482
Sable International Finance Ltd. 5.75% 9/7/27 (d)
  
18,690
17,662
SBA Communications Corp.:
  
  
  
 3.125% 2/1/29
 
13,305
11,272
 3.875% 2/15/27
 
17,015
15,714
Sprint Capital Corp.:
  
  
  
 6.875% 11/15/28
 
70,044
74,936
 8.75% 3/15/32
 
21,176
26,120
Sprint Corp. 7.625% 3/1/26
 
10,895
11,523
Uniti Group, Inc.:
  
  
  
 6% 1/15/30 (d)
  
15,190
10,069
 7.875% 2/15/25 (d)
  
17,650
17,419
Virgin Media Finance PLC 5% 7/15/30 (d)
  
21,860
18,349
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)
  
21,200
18,021
Windstream Escrow LLC 7.75% 8/15/28 (d)
  
61,245
49,580
Zayo Group Holdings, Inc. 4% 3/1/27 (d)
  
17,180
13,660
 
  
  
673,753
Textiles/Apparel - 0.3%
  
  
  
Crocs, Inc.:
  
  
  
 4.125% 8/15/31 (d)
  
6,075
5,052
 4.25% 3/15/29 (d)
  
8,675
7,558
Foot Locker, Inc. 4% 10/1/29 (d)
  
6,070
5,132
Kontoor Brands, Inc. 4.125% 11/15/29 (d)
  
5,320
4,602
Victoria's Secret & Co. 4.625% 7/15/29 (d)
  
22,560
18,741
 
  
  
41,085
Transportation Ex Air/Rail - 0.1%
  
  
  
Seaspan Corp. 5.5% 8/1/29 (d)
  
9,095
6,909
Utilities - 2.3%
  
  
  
Clearway Energy Operating LLC:
  
  
  
 3.75% 2/15/31 (d)
  
13,295
11,232
 3.75% 1/15/32 (d)
  
6,075
5,008
 4.75% 3/15/28 (d)
  
6,920
6,527
NRG Energy, Inc.:
  
  
  
 3.375% 2/15/29 (d)
  
5,145
4,254
 3.625% 2/15/31 (d)
  
10,215
8,091
 3.875% 2/15/32 (d)
  
13,975
10,878
 5.75% 1/15/28
 
9,000
8,625
 6.625% 1/15/27
 
6,378
6,349
Pacific Gas & Electric Co.:
  
  
  
 3.45% 7/1/25
 
2,868
2,738
 3.75% 7/1/28
 
2,868
2,635
 3.75% 8/15/42
 
10,400
7,556
 3.95% 12/1/47
 
43,095
31,257
 4% 12/1/46
 
18,952
13,795
 4.25% 3/15/46
 
2,400
1,812
 4.3% 3/15/45
 
5,995
4,568
 4.55% 7/1/30
 
20,223
18,861
PG&E Corp.:
  
  
  
 5% 7/1/28
 
22,000
20,615
 5.25% 7/1/30
 
8,330
7,664
Pike Corp. 5.5% 9/1/28 (d)
  
28,165
24,860
Vistra Operations Co. LLC:
  
  
  
 4.375% 5/1/29 (d)
  
23,230
20,431
 5% 7/31/27 (d)
  
22,585
21,254
 5.5% 9/1/26 (d)
  
3,485
3,394
 5.625% 2/15/27 (d)
  
28,195
27,229
 
  
  
269,633
TOTAL NONCONVERTIBLE BONDS
  
  
7,863,044
 
TOTAL CORPORATE BONDS
 (Cost $8,650,946)
  
  
  
7,915,271
 
  
  
  
Common Stocks - 10.2%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.0%
 
  
  
Exide Technologies (b)(k)
  
9,824
10
Exide Technologies (b)(k)
  
580,031
0
Exide Technologies (b)(k)
  
385
250
UC Holdings, Inc. (b)(k)
  
677,217
4,361
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
4,621
Banks & Thrifts - 0.1%
 
  
  
Algoma Steel Group, Inc.
 
638,696
5,371
Broadcasting - 0.2%
 
  
  
iHeartMedia, Inc. (k)
  
104
1
Nexstar Broadcasting Group, Inc. Class A
 
94,432
19,337
TOTAL BROADCASTING
  
  
19,338
Building Materials - 0.1%
 
  
  
Builders FirstSource, Inc. (k)
  
191,600
15,271
Capital Goods - 0.2%
 
  
  
Regal Rexnord Corp.
 
127,200
17,706
Chemicals - 0.3%
 
  
  
CF Industries Holdings, Inc.
 
199,202
16,872
The Chemours Co. LLC
 
566,310
20,608
TOTAL CHEMICALS
  
  
37,480
Consumer Products - 0.4%
 
  
  
Reddy Ice Holdings, Inc. (b)(k)
  
199,717
11
Tapestry, Inc.
 
344,400
15,694
Tempur Sealy International, Inc.
 
826,918
33,697
TOTAL CONSUMER PRODUCTS
  
  
49,402
Containers - 0.4%
 
  
  
Berry Global Group, Inc.
 
181,755
11,220
Graphic Packaging Holding Co.
 
973,700
23,456
WestRock Co.
 
302,400
11,866
TOTAL CONTAINERS
  
  
46,542
Diversified Financial Services - 0.4%
 
  
  
MasterCard, Inc. Class A
 
35,400
13,119
OneMain Holdings, Inc.
 
777,400
33,537
Penson Worldwide, Inc. Class A (b)(k)
  
10,322,034
0
PJT Partners, Inc.
 
5,092
408
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
47,064
Energy - 2.0%
 
  
  
Antero Resources Corp. (k)
  
306,925
8,852
California Resources Corp.
 
1,898,638
81,129
California Resources Corp. warrants 10/27/24 (k)
  
57,076
625
Chaparral Energy, Inc.:
  
  
  
 Series A warrants 10/1/24 (b)(k)
  
392
0
 Series B warrants 10/1/25 (b)(k)
  
392
0
Cheniere Energy, Inc.
 
224,600
34,317
Chesapeake Energy Corp.
 
372,387
32,293
Chesapeake Energy Corp. (c)(k)
  
22,818
1,979
Civitas Resources, Inc.
 
60,298
4,013
Diamond Offshore Drilling, Inc. (k)
  
118,485
1,358
Diamondback Energy, Inc.
 
63,074
9,216
EP Energy Corp. (b)(k)
  
841,775
5,665
Forbes Energy Services Ltd. (b)(k)
  
193,218
0
Halliburton Co.
 
207,600
8,557
Jonah Energy Parent LLC (b)(k)
  
304,505
17,153
Mesquite Energy, Inc. (b)(k)
  
317,026
18,987
PureWest Energy (b)
  
17,812
0
PureWest Energy rights (b)(k)
  
10,734
0
Superior Energy Services, Inc. Class A (b)(k)
  
110,370
8,127
Unit Corp. (l)
  
37,978
2,014
TOTAL ENERGY
  
  
234,285
Entertainment/Film - 0.0%
 
  
  
New Cotai LLC/New Cotai Capital Corp. (b)(c)(k)
  
3,366,626
2,727
Environmental - 0.1%
 
  
  
Darling Ingredients, Inc. (k)
  
131,071
8,689
Food & Drug Retail - 0.2%
 
  
  
Southeastern Grocers, Inc. (b)(c)(k)
  
793,345
18,429
Food/Beverage/Tobacco - 0.2%
 
  
  
JBS SA
 
4,652,100
18,402
Gaming - 0.8%
 
  
  
Boyd Gaming Corp.
 
453,873
28,281
Caesars Entertainment, Inc. (k)
  
1,038,736
54,077
Studio City International Holdings Ltd.:
  
  
  
 ADR (d)
  
631,958
4,342
 (NYSE) ADR (k)
  
695,700
4,780
TOTAL GAMING
  
  
91,480
Healthcare - 0.8%
 
  
  
Charles River Laboratories International, Inc. (k)
  
56,900
13,841
Encompass Health Corp.
 
34
2
Enhabit Home Health & Hospice (k)
  
17
0
Humana, Inc.
 
21,400
10,950
IQVIA Holdings, Inc. (k)
  
151,200
34,687
Tenet Healthcare Corp. (k)
  
105,498
5,787
UnitedHealth Group, Inc.
 
42,700
21,315
TOTAL HEALTHCARE
  
  
86,582
Metals/Mining - 0.2%
 
  
  
Elah Holdings, Inc. (k)
  
906
59
First Quantum Minerals Ltd.
 
626,700
14,540
Freeport-McMoRan, Inc.
 
245,900
10,972
TOTAL METALS/MINING
  
  
25,571
Services - 0.4%
 
  
  
ASGN, Inc. (k)
  
261,730
23,804
Penhall Acquisition Co.:
  
  
  
 Class A (b)(k)
  
26,163
3,127
 Class B (b)(k)
  
8,721
1,042
Visa, Inc. Class A
 
83,500
19,223
TOTAL SERVICES
  
  
47,196
Steel - 0.0%
 
  
  
Algoma Steel SCA (b)(k)
  
198,162
0
Super Retail - 0.5%
 
  
  
Arena Brands Holding Corp. Class B (b)(c)(k)
  
659,302
6,830
Dick's Sporting Goods, Inc.
 
145,600
19,039
Lowe's Companies, Inc.
 
122,100
25,427
Williams-Sonoma, Inc.
 
76,303
10,296
TOTAL SUPER RETAIL
  
  
61,592
Technology - 2.5%
 
  
  
Adobe, Inc. (k)
  
41,800
15,480
Advanced Micro Devices, Inc. (k)
  
74,500
5,599
Alphabet, Inc. Class A (k)
  
179,400
17,732
ASML Holding NV
 
21,300
14,076
CDW Corp.
 
120,100
23,543
Fiserv, Inc. (k)
  
169,000
18,029
Global Payments, Inc.
 
169,524
19,109
Lam Research Corp.
 
14,400
7,201
Marvell Technology, Inc.
 
551,400
23,793
Meta Platforms, Inc. Class A (k)
  
87,600
13,050
Microchip Technology, Inc.
 
502,600
39,012
Microsoft Corp.
 
95,100
23,567
NXP Semiconductors NV
 
93,600
17,251
onsemi (k)
  
556,703
40,890
SS&C Technologies Holdings, Inc.
 
126,516
7,635
TOTAL TECHNOLOGY
  
  
285,967
Telecommunications - 0.1%
 
  
  
GTT Communications, Inc. (b)
  
85,487
1,056
Palo Alto Networks, Inc. (k)
  
65,700
10,423
TOTAL TELECOMMUNICATIONS
  
  
11,479
Textiles/Apparel - 0.0%
 
  
  
Victoria's Secret & Co. (k)
  
99,133
4,178
Transportation Ex Air/Rail - 0.0%
 
  
  
Tricer Holdco SCA:
  
  
  
 Class A1 (b)(c)(k)
  
598,287
0
 Class A2 (b)(c)(k)
  
598,287
0
 Class A3 (b)(c)(k)
  
598,287
0
 Class A4 (b)(c)(k)
  
598,287
0
 Class A5 (b)(c)(k)
  
598,287
0
 Class A6 (b)(c)(k)
  
598,287
0
 Class A7 (b)(c)(k)
  
598,287
0
 Class A8 (b)(c)(k)
  
598,287
0
 Class A9 (b)(c)(k)
  
598,287
0
TOTAL TRANSPORTATION EX AIR/RAIL
  
  
0
Utilities - 0.3%
 
  
  
NRG Energy, Inc.
 
144,307
4,938
PG&E Corp. (k)
  
2,097,796
33,355
Portland General Electric Co.
 
14,817
705
TOTAL UTILITIES
  
  
38,998
 
TOTAL COMMON STOCKS
 (Cost $842,129)
  
  
  
1,178,370
 
  
  
  
Nonconvertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.0%
 
  
  
Exide Technologies (b)(k)
  
858
799
Transportation Ex Air/Rail - 0.0%
 
  
  
Tricer Holdco SCA (b)(c)(k)
  
287,159,690
3
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $11,049)
  
  
  
802
 
  
  
  
Bank Loan Obligations - 5.3%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Air Transportation - 0.4%
 
  
  
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.13% 8/11/28 (f)(g)(m)
  
9,059
9,045
Dynasty Acquisition Co., Inc.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.1614% 4/8/26 (f)(g)(m)
  
2,558
2,508
 Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.1614% 4/4/26 (f)(g)(m)
  
1,375
1,348
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.5577% 10/20/27 (f)(g)(m)
  
3,316
3,425
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.5677% 4/21/28 (f)(g)(m)
  
26,036
25,978
TOTAL AIR TRANSPORTATION
  
  
42,304
Automotive & Auto Parts - 0.2%
 
  
  
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.8197% 12/17/28 (f)(g)(m)
  
2,287
1,949
Wand NewCo 3, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.5697% 2/5/26 (f)(g)(m)
  
17,848
17,368
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
19,317
Banks & Thrifts - 0.1%
 
  
  
Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 7.1759% 2/27/28 (f)(g)(m)
  
9,673
9,640
Broadcasting - 0.1%
 
  
  
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 12.7755% 5/25/26 (f)(g)(m)
  
6,761
6,081
Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 7.0697% 9/19/26 (f)(g)(m)
  
2,264
2,263
Univision Communications, Inc.:
  
  
  
 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 4.250% 8.8302% 6/10/29 (f)(g)(m)
  
751
750
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.8197% 1/31/29 (f)(g)(m)
  
7,444
7,299
TOTAL BROADCASTING
  
  
16,393
Building Materials - 0.4%
 
  
  
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 5/17/28 (f)(g)(m)
  
23,650
19,011
Hunter Douglas, Inc. Tranche B 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.500% 7.8588% 2/25/29 (f)(g)(m)
  
22,641
20,703
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.0697% 6/4/28 (f)(g)(m)
  
6,407
6,171
TOTAL BUILDING MATERIALS
  
  
45,885
Capital Goods - 0.0%
 
  
  
Chart Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 12/8/29 (g)(m)(n)
  
1,715
1,716
Chemicals - 0.2%
 
  
  
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.3442% 8/29/29 (f)(g)(m)
  
552
553
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 8.9625% 10/4/29 (f)(g)(m)
  
18,040
17,232
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 11/9/28 (f)(g)(m)
  
3,668
3,584
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 8.5% 9/22/28 (f)(g)(m)
  
2,757
2,737
TOTAL CHEMICALS
  
  
24,106
Consumer Products - 0.2%
 
  
  
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.4849% 12/22/26 (f)(g)(m)
  
19,999
19,411
Containers - 0.0%
 
  
  
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 4.750% 8.2592% 2/9/26 (f)(g)(m)
  
1,479
1,309
Energy - 0.0%
 
  
  
Forbes Energy Services LLC Tranche B, term loan 0% (b)(e)(f)(m)
  
1,810
0
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(g)(m)
  
5,861
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(g)(m)
  
2,528
0
TOTAL ENERGY
  
  
0
Environmental - 0.0%
 
  
  
Covanta Holding Corp.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.823% 11/30/28 (f)(g)(m)
  
2,198
2,198
 Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.823% 11/30/28 (f)(g)(m)
  
166
166
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9883% 6/21/28 (f)(g)(m)
  
2,985
2,851
TOTAL ENVIRONMENTAL
  
  
5,215
Food/Beverage/Tobacco - 0.0%
 
  
  
Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 7.9302% 1/24/29 (f)(g)(m)
  
2,274
2,086
Gaming - 0.0%
 
  
  
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 8.5614% 1/27/29 (f)(g)(m)
  
3,836
3,788
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.578% 4/7/29 (f)(g)(m)
  
2,373
2,364
TOTAL GAMING
  
  
6,152
Healthcare - 0.4%
 
  
  
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 10/1/27 (f)(g)(m)
  
17,541
17,102
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.0697% 5/5/28 (f)(g)(m)
  
6,213
6,204
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.75% 6/2/28 (f)(g)(m)
  
16,341
16,291
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.6336% 11/15/28 (f)(g)(m)
  
7,141
7,077
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7% 7/3/28 (f)(g)(m)
  
1,801
1,800
TOTAL HEALTHCARE
  
  
48,474
Hotels - 0.1%
 
  
  
Carnival Finance LLC Tranche B 1LN, term loan 6 month U.S. LIBOR + 3.250% 7.8197% 10/18/28 (f)(g)(m)
  
7,974
7,775
Insurance - 0.2%
 
  
  
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.8197% 2/15/27 (f)(g)(m)
  
1,431
1,390
Alliant Holdings Intermediate LLC Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.0084% 11/12/27 (f)(g)(m)
  
13,351
13,321
HUB International Ltd. Tranche B 1LN, term loan:
  
  
  
 1 month U.S. LIBOR + 3.250% 8.0574% 4/25/25 (f)(g)(m)
  
5,663
5,655
 CME Term SOFR 1 Month Index + 4.000% 8.2202% 11/10/29 (f)(g)(m)
  
930
929
TOTAL INSURANCE
  
  
21,295
Leisure - 0.0%
 
  
  
Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7.8114% 1/15/30 (f)(g)(m)
  
3,445
3,453
Paper - 0.1%
 
  
  
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 8.8364% 4/13/29 (f)(g)(m)
  
9,015
8,844
Services - 1.0%
 
  
  
ABG Intermediate Holdings 2 LLC:
  
  
  
 Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 10.6614% 12/20/29 (f)(g)(m)
  
1,145
1,048
 Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.1614% 12/21/28 (f)(g)(m)
  
5,403
5,356
Ascend Learning LLC:
  
  
  
 2LN, term loan 1 month U.S. LIBOR + 5.750% 10.1336% 12/10/29 (f)(g)(m)
  
15,190
13,134
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.0697% 12/10/28 (f)(g)(m)
  
43,313
41,235
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 12.9799% 8/22/25 (f)(g)(m)
  
6,055
5,726
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 9.735% 4/11/29 (f)(g)(m)
  
15,680
14,347
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 9.125% 12/10/26 (f)(g)(m)
  
6,484
6,452
Sotheby's Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 9.3297% 1/15/27 (f)(g)(m)
  
10,891
10,837
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.765% 3/4/28 (f)(g)(m)
  
17,968
14,116
TOTAL SERVICES
  
  
112,251
Specialty Retailing - 0.0%
 
  
  
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.350% 12.8322% 6/30/27 (f)(g)(m)
  
883
755
Super Retail - 0.0%
 
  
  
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 4/15/28 (f)(g)(m)
  
5,477
5,021
Technology - 1.4%
 
  
  
Acuris Finance U.S., Inc. 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 4.000% 8.7302% 2/16/28 (f)(g)(m)
  
1,131
1,113
Athenahealth Group, Inc.:
  
  
  
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.0116% 2/15/29 (f)(g)(m)
  
29,485
27,888
 Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (g)(m)(o)
  
3,613
3,417
Boxer Parent Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.3197% 10/2/25 (f)(g)(m)
  
31,609
31,020
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 7.5173% 10/31/26 (f)(g)(m)
  
998
996
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.1336% 3/31/28 (f)(g)(m)
  
2,000
1,944
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.9799% 8/19/28 (f)(g)(m)
  
11,516
11,401
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 7% 7/3/28 (f)(g)(m)
  
7,227
7,224
onsemi Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 6.6614% 9/19/26 (f)(g)(m)
  
5,210
5,210
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.3197% 2/1/28 (f)(g)(m)
  
13,702
13,617
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 8.7299% 6/2/28 (f)(g)(m)
  
6,690
6,350
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.9849% 8/31/28 (f)(g)(m)
  
6,539
6,405
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 4/22/28 (f)(g)(m)
  
5,955
5,799
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.3197% 1/31/27 (f)(g)(m)
  
3,110
3,102
Ultimate Software Group, Inc.:
  
  
  
 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.0319% 5/3/26 (f)(g)(m)
  
28,111
27,623
 2LN, term loan 1 month U.S. LIBOR + 5.250% 10.0319% 5/3/27 (f)(g)(m)
  
4,000
3,814
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 2/28/27 (f)(g)(m)
  
2,290
2,269
TOTAL TECHNOLOGY
  
  
159,192
Telecommunications - 0.3%
 
  
  
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.89% 12/12/26 (f)(g)(m)
  
8,801
8,728
Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8.5% 5/1/28 (f)(g)(m)
  
5,084
4,975
GTT Communications BV 1LN, term loan:
  
  
  
 11.423% 1/3/28 (f)(m)
  
4,089
3,217
 13.6802% 6/3/28 (f)(m)
  
3,242
1,459
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 9.2299% 11/1/24 (f)(g)(m)
  
6,916
4,822
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.5697% 3/9/27 (f)(g)(m)
  
7,821
6,545
TOTAL TELECOMMUNICATIONS
  
  
29,746
Utilities - 0.2%
 
  
  
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 8.5797% 6/23/25 (f)(g)(m)
  
26,817
26,764
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $646,709)
  
  
  
617,104
 
  
  
  
Preferred Securities - 8.0%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Banks & Thrifts - 6.7%
 
  
  
Ally Financial, Inc. 4.7% (f)(j)
  
7,055
5,415
Bank of America Corp.:
  
  
  
 5.125% (f)(j)
  
36,030
35,039
 5.2% (f)(j)
  
61,440
60,836
 5.875% (f)(j)
  
102,630
98,268
 6.25% (f)(j)
  
28,555
28,537
Citigroup, Inc.:
  
  
  
 4.7% (f)(j)
  
15,285
13,966
 5% (f)(j)
  
60,300
57,587
 5.9% (f)(j)
  
27,015
27,134
 6.3% (f)(j)
  
5,610
5,519
 8.8704% (f)(g)(j)
  
51,015
51,423
Goldman Sachs Group, Inc.:
  
  
  
 3 month U.S. LIBOR + 2.870% 7.466% (f)(g)(j)
  
70,565
70,092
 4.4% (f)(j)
  
8,035
7,283
 4.95% (f)(j)
  
13,335
12,796
Huntington Bancshares, Inc. 5.7% (f)(j)
  
12,990
12,658
JPMorgan Chase & Co.:
  
  
  
 4% (f)(j)
  
34,340
31,413
 4.6% (f)(j)
  
23,365
21,861
 5% (f)(j)
  
30,845
29,997
 6% (f)(j)
  
69,385
69,125
 6.125% (f)(j)
  
17,585
17,673
 6.75% (f)(j)
  
8,330
8,414
Wells Fargo & Co.:
  
  
  
 5.875% (f)(j)
  
50,420
50,178
 5.9% (f)(j)
  
63,075
61,735
TOTAL BANKS & THRIFTS
  
  
776,949
Diversified Financial Services - 0.0%
 
  
  
OEC Finance Ltd. 7.5% pay-in-kind (d)(j)
  
36
2
Energy - 1.3%
 
  
  
Energy Transfer LP:
  
  
  
 6.25% (f)(j)
  
81,527
76,839
 6.625% (f)(j)
  
30,505
25,477
 7.125% (f)(j)
  
9,130
8,340
MPLX LP 6.875% (f)(j)
  
30,450
30,459
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.1759% (e)(f)(g)(j)
  
2,912
2,155
TOTAL ENERGY
  
  
143,270
 
TOTAL PREFERRED SECURITIES
 (Cost $949,670)
  
  
  
920,221
 
  
  
  
Other - 2.5%
 
  
Shares
Value ($)
(000s)
 
Other - 2.5%
 
  
  
Fidelity Private Credit Central Fund LLC (c)(p)
  (Cost $285,595)
  
28,779,162
285,769
 
  
  
  
Money Market Funds - 4.2%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.38% (q)
  
480,513,247
480,609
Fidelity Securities Lending Cash Central Fund 4.38% (q)(r)
  
11,149
11
 
TOTAL MONEY MARKET FUNDS
 (Cost $480,574)
  
  
480,620
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
 (Cost $11,866,672)
 
  
 
11,398,157
NET OTHER ASSETS (LIABILITIES) - 1.2%  
135,702
NET ASSETS - 100.0%
11,533,859
 
  
 
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 $359,300,000 or 3.1% 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 $5,776,670,000 or 50.1% 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 or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(i)
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.
 
(j)
Security is perpetual in nature with no stated maturity date.
 
(k)
Non-income producing
 
(l)
Security or a portion of the security is on loan at period end.
 
(m)
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.
 
(n)
The coupon rate will be determined upon settlement of the loan after period end.
 
(o)
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 $3,613,000 and $3,417,000, respectively.
 
(p)
Affiliated Fund
 
(q)
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.
 
(r)
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 Private Credit Central Fund LLC
12/09/21 - 1/31/23
285,979
 
  
  
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 4.38%
1,558,265
1,245,574
2,323,230
15,103
-
-
480,609
1.0%
Fidelity Securities Lending Cash Central Fund 4.38%
36,678
162,588
199,255
16
-
-
11
0.0%
Total
1,594,943
1,408,162
2,522,485
15,119
-
-
480,620
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend 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 Private Credit Central Fund LLC
105,967
213,258
32,722
12,742
(821)
87
285,769
 
105,967
213,258
32,722
12,742
(821)
87
285,769
 
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.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Fidelity Private Credit Central Fund LLC is valued 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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.