NPORT-EX 2 QTLY_455_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® High Income Fund
January 31, 2024
SPH-NPRT3-0324
1.813069.119
Corporate Bonds - 85.9%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Convertible Bonds - 1.8%
 
  
  
Broadcasting - 1.2%
  
  
  
DISH Network Corp.:
  
  
  
 0% 12/15/25
 
3,198
2,275
 2.375% 3/15/24
 
15,317
14,963
 3.375% 8/15/26
 
25,125
14,573
 
  
  
31,811
Energy - 0.1%
  
  
  
NextEra Energy Partners LP 2.5% 6/15/26 (b)
  
2,162
1,940
Homebuilders/Real Estate - 0.2%
  
  
  
Redfin Corp. 0.5% 4/1/27
 
7,405
4,563
Services - 0.0%
  
  
  
Uber Technologies, Inc. 0.875% 12/1/28 (b)
  
110
123
Technology - 0.2%
  
  
  
Seagate HDD Cayman 3.5% 6/1/28 (b)
  
2,701
3,247
Western Digital Corp. 3% 11/15/28 (b)
  
2,570
3,333
 
  
  
6,580
Utilities - 0.1%
  
  
  
PG&E Corp. 4.25% 12/1/27 (b)
  
2,633
2,679
TOTAL CONVERTIBLE BONDS
  
  
47,696
Nonconvertible Bonds - 84.1%
 
  
  
Aerospace - 2.3%
  
  
  
ATI, Inc. 5.875% 12/1/27
 
3,130
3,068
Bombardier, Inc.:
  
  
  
 7.875% 4/15/27 (b)
  
8,306
8,295
 8.75% 11/15/30 (b)
  
1,235
1,296
BWX Technologies, Inc. 4.125% 6/30/28 (b)
  
7,903
7,419
Howmet Aerospace, Inc.:
  
  
  
 5.9% 2/1/27
 
1,380
1,400
 6.875% 5/1/25
 
1,380
1,403
Kaiser Aluminum Corp.:
  
  
  
 4.5% 6/1/31 (b)
  
360
307
 4.625% 3/1/28 (b)
  
1,205
1,110
Moog, Inc. 4.25% 12/15/27 (b)
  
410
384
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b)
  
1,915
2,010
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
5,930
5,545
 5.5% 11/15/27
 
20,422
19,937
 6.25% 3/15/26 (b)
  
1,225
1,217
 6.75% 8/15/28 (b)
  
4,100
4,162
 7.125% 12/1/31 (b)
  
1,560
1,626
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b)
  
1,380
1,169
 
  
  
60,348
Air Transportation - 1.1%
  
  
  
Air Canada 3.875% 8/15/26 (b)
  
530
504
American Airlines, Inc.:
  
  
  
 7.25% 2/15/28 (b)
  
1,370
1,389
 8.5% 5/15/29 (b)
  
1,920
2,035
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b)
  
6,904
6,828
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (b)
  
1,445
1,360
Mileage Plus Holdings LLC 6.5% 6/20/27 (b)
  
966
967
Rand Parent LLC 8.5% 2/15/30 (b)
  
14,881
14,733
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b)
  
2,600
1,697
 
  
  
29,513
Automotive - 0.3%
  
  
  
Ford Motor Co.:
  
  
  
 6.1% 8/19/32
 
3,105
3,111
 7.4% 11/1/46
 
1,085
1,177
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
3,945
3,395
 
  
  
7,683
Automotive & Auto Parts - 2.6%
  
  
  
Adient Global Holdings Ltd. 7% 4/15/28 (b)
  
815
833
Dana, Inc.:
  
  
  
 4.25% 9/1/30
 
1,115
975
 5.375% 11/15/27
 
745
727
Ford Motor Co.:
  
  
  
 3.25% 2/12/32
 
2,745
2,272
 5.291% 12/8/46
 
550
487
Ford Motor Credit Co. LLC:
  
  
  
 U.S. Secured Overnight Fin. Rate (SOFR) Index + 2.950% 8.2984% 3/6/26 (c)(d)
  
3,910
4,011
 2.3% 2/10/25
 
12,405
11,975
 2.9% 2/10/29
 
3,905
3,427
 3.375% 11/13/25
 
1,380
1,324
 3.815% 11/2/27
 
4,080
3,830
 4% 11/13/30
 
1,415
1,262
 4.389% 1/8/26
 
2,765
2,695
 4.95% 5/28/27
 
5,655
5,534
 6.95% 3/6/26
 
6,030
6,165
IHO Verwaltungs GmbH 4.75% 9/15/26 pay-in-kind (b)(c)
  
550
538
LCM Investments Holdings 8.25% 8/1/31 (b)
  
1,315
1,350
Macquarie AirFinance Holdings:
  
  
  
 8.125% 3/30/29 (b)
  
4,054
4,206
 8.375% 5/1/28 (b)
  
2,865
3,010
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b)
  
4,615
2,227
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d)
  
1,645
1,648
Wand NewCo 3, Inc. 7.625% 1/30/32 (b)
  
3,385
3,496
ZF North America Capital, Inc.:
  
  
  
 4.75% 4/29/25 (b)
  
3,320
3,269
 6.875% 4/14/28 (b)
  
1,440
1,483
 7.125% 4/14/30 (b)
  
1,440
1,519
 
  
  
68,263
Banks & Thrifts - 1.0%
  
  
  
Ally Financial, Inc.:
  
  
  
 5.75% 11/20/25
 
2,073
2,079
 6.7% 2/14/33
 
6,655
6,681
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b)
  
2,430
2,221
Quicken Loans LLC/Quicken Loans Co.-Issuer, Inc. 4% 10/15/33 (b)
  
1,095
929
UniCredit SpA:
  
  
  
 5.459% 6/30/35 (b)(c)
  
4,171
3,912
 5.861% 6/19/32 (b)(c)
  
1,495
1,465
VistaJet Malta Finance PLC / XO Management Holding, Inc.:
  
  
  
 6.375% 2/1/30 (b)
  
6,623
4,794
 7.875% 5/1/27 (b)
  
1,090
921
Western Alliance Bancorp. 3% 6/15/31 (c)
  
4,150
3,694
 
  
  
26,696
Broadcasting - 1.9%
  
  
  
Clear Channel Outdoor Holdings, Inc.:
  
  
  
 5.125% 8/15/27 (b)
  
2,388
2,249
 7.5% 6/1/29 (b)
  
2,809
2,321
 9% 9/15/28 (b)
  
4,650
4,834
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(e)
  
22,770
1,509
DISH Network Corp. 11.75% 11/15/27 (b)
  
7,125
7,436
Sinclair Television Group, Inc. 5.5% 3/1/30 (b)
  
2,700
2,080
Sirius XM Radio, Inc.:
  
  
  
 4% 7/15/28 (b)
  
4,630
4,205
 4.125% 7/1/30 (b)
  
5,380
4,708
 5.5% 7/1/29 (b)
  
8,285
7,871
TEGNA, Inc.:
  
  
  
 4.625% 3/15/28
 
1,735
1,618
 5% 9/15/29
 
1,775
1,639
Univision Communications, Inc.:
  
  
  
 4.5% 5/1/29 (b)
  
5,615
4,990
 6.625% 6/1/27 (b)
  
3,655
3,615
 7.375% 6/30/30 (b)
  
790
775
 8% 8/15/28 (b)
  
2,185
2,223
 
  
  
52,073
Building Materials - 1.1%
  
  
  
Advanced Drain Systems, Inc.:
  
  
  
 5% 9/30/27 (b)
  
1,486
1,431
 6.375% 6/15/30 (b)
  
1,420
1,432
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b)
  
635
652
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b)
  
2,616
2,654
Builders FirstSource, Inc. 4.25% 2/1/32 (b)
  
5,595
5,003
Eco Material Technologies, Inc. 7.875% 1/31/27 (b)
  
6,989
6,985
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b)
  
2,950
2,856
Smyrna Ready Mix LLC 8.875% 11/15/31 (b)
  
960
1,009
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (b)
  
3,455
3,223
 6% 12/1/29 (b)
  
3,095
2,894
Summit Materials LLC/Summit Materials Finance Corp. 7.25% 1/15/31 (b)
  
2,030
2,109
 
  
  
30,248
Cable/Satellite TV - 2.3%
  
  
  
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (b)
  
8,354
7,064
 4.25% 1/15/34 (b)
  
5,535
4,401
 4.5% 8/15/30 (b)
  
4,140
3,600
 4.5% 5/1/32
 
12,236
10,208
 4.5% 6/1/33 (b)
  
11,280
9,252
 4.75% 3/1/30 (b)
  
80
71
 5.5% 5/1/26 (b)
  
300
297
CSC Holdings LLC:
  
  
  
 3.375% 2/15/31 (b)
  
5,000
3,424
 4.125% 12/1/30 (b)
  
2,939
2,123
 4.5% 11/15/31 (b)
  
1,430
1,026
 4.625% 12/1/30 (b)
  
6,194
3,166
 5.25% 6/1/24
 
1,425
1,423
 5.375% 2/1/28 (b)
  
4,870
4,184
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b)
  
1,355
1,288
DISH DBS Corp. 5.75% 12/1/28 (b)
  
5,065
3,407
Dolya Holdco 18 DAC 5% 7/15/28 (b)
  
1,213
1,144
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (b)
  
2,400
2,292
Ziggo BV 4.875% 1/15/30 (b)
  
5,005
4,475
 
  
  
62,845
Capital Goods - 1.0%
  
  
  
Mueller Water Products, Inc. 4% 6/15/29 (b)
  
4,685
4,239
Regal Rexnord Corp.:
  
  
  
 6.05% 2/15/26 (b)
  
2,150
2,173
 6.05% 4/15/28 (b)
  
2,765
2,806
 6.3% 2/15/30 (b)
  
2,765
2,842
TK Elevator U.S. Newco, Inc. 5.25% 7/15/27 (b)
  
11,434
11,025
Vertical Holdco GmbH 7.625% 7/15/28 (b)
  
2,480
2,459
 
  
  
25,544
Chemicals - 4.4%
  
  
  
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/31 (b)
  
1,225
1,276
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b)
  
1,775
1,673
Element Solutions, Inc. 3.875% 9/1/28 (b)
  
2,554
2,333
INEOS Quattro Finance 2 PLC 9.625% 3/15/29 (b)
  
1,185
1,246
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c)
  
3,839
3,186
LSB Industries, Inc. 6.25% 10/15/28 (b)
  
2,215
2,103
Methanex Corp.:
  
  
  
 5.125% 10/15/27
 
11,101
10,711
 5.65% 12/1/44
 
8,249
6,935
NOVA Chemicals Corp.:
  
  
  
 4.25% 5/15/29 (b)
  
5,020
4,223
 4.875% 6/1/24 (b)
  
2,033
2,023
 5% 5/1/25 (b)
  
2,270
2,213
 5.25% 6/1/27 (b)
  
4,970
4,622
 8.5% 11/15/28 (b)
  
1,820
1,905
Nufarm Australia Ltd. 5% 1/27/30 (b)
  
6,520
5,966
Olin Corp. 5% 2/1/30
 
5,755
5,427
Olympus Water U.S. Holding Corp.:
  
  
  
 4.25% 10/1/28 (b)
  
5,155
4,705
 6.25% 10/1/29 (b)
  
5,435
4,975
 9.75% 11/15/28 (b)
  
6,748
7,139
SCIH Salt Holdings, Inc.:
  
  
  
 4.875% 5/1/28 (b)
  
208
193
 6.625% 5/1/29 (b)
  
3,690
3,352
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (b)
  
3,935
3,825
The Chemours Co. LLC:
  
  
  
 4.625% 11/15/29 (b)
  
1,785
1,550
 5.375% 5/15/27
 
10,144
9,868
 5.75% 11/15/28 (b)
  
6,620
6,244
TPC Group, Inc. 13% 12/16/27 (b)
  
2,885
2,932
Tronox, Inc. 4.625% 3/15/29 (b)
  
8,400
7,416
W.R. Grace Holding LLC:
  
  
  
 5.625% 8/15/29 (b)
  
9,670
8,526
 7.375% 3/1/31 (b)
  
1,105
1,126
 
  
  
117,693
Consumer Products - 0.8%
  
  
  
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b)
  
740
729
Kohl's Corp. 4.25% 7/17/25
 
335
325
Mattel, Inc.:
  
  
  
 3.375% 4/1/26 (b)
  
3,425
3,268
 5.45% 11/1/41
 
1,100
988
Newell Brands, Inc.:
  
  
  
 4.7% 4/1/26
 
1,380
1,343
 6.375% 9/15/27
 
1,380
1,355
 6.5% 4/1/46 (f)
  
1,100
887
 6.625% 9/15/29
 
1,470
1,425
The Scotts Miracle-Gro Co.:
  
  
  
 4% 4/1/31
 
550
460
 4.375% 2/1/32
 
820
683
TKC Holdings, Inc.:
  
  
  
 6.875% 5/15/28 (b)
  
4,205
3,837
 10.5% 5/15/29 (b)
  
4,795
4,339
Windsor Holdings III, LLC 8.5% 6/15/30 (b)
  
2,310
2,378
 
  
  
22,017
Containers - 1.7%
  
  
  
ARD Finance SA 6.5% 6/30/27 pay-in-kind (b)(c)
  
7,175
3,467
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
  
  
  
 5.25% 4/30/25 (b)
  
153
150
 5.25% 8/15/27 (b)
  
4,935
3,691
 5.25% 8/15/27 (b)
  
8,240
6,162
Ball Corp.:
  
  
  
 2.875% 8/15/30
 
1,370
1,168
 4.875% 3/15/26
 
4,150
4,098
Berry Global, Inc. 4.875% 7/15/26 (b)
  
2,210
2,174
BWAY Holding Co. 7.875% 8/15/26 (b)
  
4,120
4,163
Graham Packaging Co., Inc. 7.125% 8/15/28 (b)
  
1,690
1,508
Graphic Packaging International, Inc. 3.75% 2/1/30 (b)
  
2,160
1,930
LABL, Inc.:
  
  
  
 5.875% 11/1/28 (b)
  
800
716
 6.75% 7/15/26 (b)
  
1,180
1,148
 9.5% 11/1/28 (b)
  
535
534
 10.5% 7/15/27 (b)
  
1,328
1,270
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b)
  
1,340
1,347
Sealed Air Corp. 5% 4/15/29 (b)
  
5,450
5,227
Sealed Air Corp./Sealed Air Corp. U.S.:
  
  
  
 6.125% 2/1/28 (b)
  
1,655
1,661
 7.25% 2/15/31 (b)
  
2,555
2,671
Trivium Packaging Finance BV:
  
  
  
 5.5% 8/15/26 (b)
  
737
719
 8.5% 8/15/27 (b)
  
646
632
 
  
  
44,436
Diversified Financial Services - 4.8%
  
  
  
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c)
  
2,540
2,536
Coinbase Global, Inc. 3.625% 10/1/31 (b)
  
5,180
3,885
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b)
  
6,235
6,298
FLY Leasing Ltd. 7% 10/15/24 (b)
  
915
873
Fortress Transportation & Infrastructure Investors LLC 7.875% 12/1/30 (b)
  
3,205
3,381
GGAM Finance Ltd.:
  
  
  
 7.75% 5/15/26 (b)
  
2,635
2,681
 8% 2/15/27 (b)
  
5,110
5,264
 8% 6/15/28 (b)
  
7,305
7,602
Gn Bondco LLC 9.5% 10/15/31 (b)
  
1,620
1,598
GTCR W-2 Merger Sub LLC 7.5% 1/15/31 (b)
  
6,390
6,638
Hightower Holding LLC 6.75% 4/15/29 (b)
  
3,880
3,525
HTA Group Ltd. 7% 12/18/25 (b)
  
12,095
11,917
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
7,765
6,489
 5.25% 5/15/27
 
22,190
19,943
 6.25% 5/15/26
 
9,296
8,907
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b)
  
980
885
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b)
  
3,635
3,254
LPL Holdings, Inc. 4.375% 5/15/31 (b)
  
1,370
1,245
MSCI, Inc. 3.625% 9/1/30 (b)
  
3,155
2,833
OneMain Finance Corp.:
  
  
  
 3.5% 1/15/27
 
1,425
1,304
 3.875% 9/15/28
 
8,180
7,179
 6.875% 3/15/25
 
4,965
4,984
 7.125% 3/15/26
 
9,445
9,574
 9% 1/15/29
 
335
353
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (b)
  
3,118
2,931
SLM Corp. 4.2% 10/29/25
 
1,255
1,220
 
  
  
127,299
Diversified Media - 0.3%
  
  
  
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b)
  
5,518
5,189
Outfront Media Capital LLC / Corp. 7.375% 2/15/31 (b)
  
3,835
4,017
 
  
  
9,206
Energy - 12.4%
  
  
  
Altus Midstream LP:
  
  
  
 5.875% 6/15/30 (b)
  
3,635
3,570
 6.625% 12/15/28 (b)
  
3,825
3,877
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.75% 3/1/27 (b)
  
1,375
1,365
 7.875% 5/15/26 (b)
  
1,375
1,407
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b)
  
7,390
6,841
California Resources Corp. 7.125% 2/1/26 (b)
  
1,930
1,952
Calumet Specialty Products Partners LP/Calumet Finance Corp. 9.75% 7/15/28 (b)
  
2,005
2,010
CGG SA 8.75% 4/1/27 (b)
  
5,284
4,656
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (b)
  
6,098
6,087
 8.375% 1/15/29 (b)
  
1,595
1,657
CNX Midstream Partners LP 4.75% 4/15/30 (b)
  
580
505
CNX Resources Corp. 7.375% 1/15/31 (b)
  
1,580
1,605
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (b)
  
3,370
2,920
 6.75% 3/1/29 (b)
  
4,280
3,930
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b)
  
3,115
3,193
CrownRock LP/CrownRock Finance, Inc.:
  
  
  
 5% 5/1/29 (b)
  
3,830
3,782
 5.625% 10/15/25 (b)
  
560
557
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (b)
  
11,339
11,325
 5.75% 2/15/28 (b)
  
5,483
5,065
 8.5% 1/15/29 (b)
  
3,995
4,000
Delek Logistics Partners LP/Delek Logistics Finance Corp.:
  
  
  
 6.75% 5/15/25
 
215
213
 7.125% 6/1/28 (b)
  
7,451
7,100
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (b)
  
1,250
1,148
 4.375% 6/15/31 (b)
  
740
663
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b)
  
2,520
2,508
Energean PLC 6.5% 4/30/27 (b)
  
1,598
1,433
Energy Transfer LP:
  
  
  
 5.625% 5/1/27 (b)
  
11,053
11,032
 7.375% 2/1/31 (b)
  
2,760
2,901
EnLink Midstream LLC:
  
  
  
 5.625% 1/15/28 (b)
  
1,630
1,611
 6.5% 9/1/30 (b)
  
5,060
5,164
EnLink Midstream Partners LP 4.85% 7/15/26
 
2,485
2,427
EQM Midstream Partners LP:
  
  
  
 4% 8/1/24
 
2,545
2,517
 6% 7/1/25 (b)
  
355
354
 6.5% 7/15/48
 
555
573
Global Partners LP/GLP Finance Corp.:
  
  
  
 6.875% 1/15/29
 
1,785
1,754
 8.25% 1/15/32 (b)
  
535
549
Harbour Energy PLC 5.5% 10/15/26 (b)
  
305
298
Harvest Midstream I LP 7.5% 9/1/28 (b)
  
5,420
5,475
Hess Midstream Operations LP:
  
  
  
 4.25% 2/15/30 (b)
  
1,880
1,729
 5.125% 6/15/28 (b)
  
5,610
5,442
 5.5% 10/15/30 (b)
  
1,370
1,339
 5.625% 2/15/26 (b)
  
6,625
6,583
HF Sinclair Corp. 5% 2/1/28 (b)
  
4,080
3,960
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b)
  
5,370
5,640
Jonah Energy Parent LLC 12% 11/5/25 (g)(h)
  
4,708
4,978
Mesquite Energy, Inc. 7.25% (b)(e)(h)
  
28,768
0
Nabors Industries, Inc. 9.125% 1/31/30 (b)
  
640
651
New Fortress Energy, Inc.:
  
  
  
 6.5% 9/30/26 (b)
  
23,565
22,830
 6.75% 9/15/25 (b)
  
13,207
13,049
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (b)
  
4,350
4,427
NGL Energy Partners LP:
  
  
  
 8.125% 2/15/29 (b)
  
1,330
1,337
 8.375% 2/15/32 (b)
  
1,330
1,340
Northern Oil & Gas, Inc.:
  
  
  
 8.125% 3/1/28 (b)
  
4,220
4,286
 8.75% 6/15/31 (b)
  
1,345
1,406
Occidental Petroleum Corp.:
  
  
  
 4.2% 3/15/48
 
1,360
1,049
 4.4% 4/15/46
 
4,100
3,362
 4.4% 8/15/49
 
1,900
1,414
 4.5% 7/15/44
 
3,365
2,660
 6.125% 1/1/31
 
4,795
4,977
 6.45% 9/15/36
 
3,155
3,366
 7.5% 5/1/31
 
6,195
6,898
 7.95% 6/15/39
 
685
800
 8.875% 7/15/30
 
4,715
5,527
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b)
  
8,654
8,964
Permian Resources Operating LLC:
  
  
  
 5.875% 7/1/29 (b)
  
4,725
4,642
 7% 1/15/32 (b)
  
640
661
 7.75% 2/15/26 (b)
  
660
671
Rockies Express Pipeline LLC:
  
  
  
 4.8% 5/15/30 (b)
  
1,900
1,774
 4.95% 7/15/29 (b)
  
4,294
4,105
 6.875% 4/15/40 (b)
  
1,598
1,584
Seadrill Finance Ltd. 8.375% 8/1/30 (b)
  
1,240
1,290
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b)
  
1,585
1,625
SM Energy Co. 5.625% 6/1/25
 
3,075
3,045
Southwestern Energy Co. 4.75% 2/1/32
 
3,580
3,312
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27
 
525
521
Sunnova Energy Corp.:
  
  
  
 5.875% 9/1/26 (b)
  
4,639
3,850
 11.75% 10/1/28 (b)
  
320
278
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
5,094
4,746
 5.875% 3/15/28
 
4,990
4,959
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b)
  
2,990
2,710
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
  
  
  
 5.5% 1/15/28 (b)
  
9,865
9,497
 6% 3/1/27 (b)
  
5,517
5,427
 6% 12/31/30 (b)
  
1,620
1,506
 6% 9/1/31 (b)
  
9,425
8,681
Talos Production, Inc.:
  
  
  
 9% 2/1/29 (b)(i)
  
1,145
1,160
 9.375% 2/1/31 (b)(i)
  
1,605
1,641
Teine Energy Ltd. 6.875% 4/15/29 (b)
  
500
474
Transocean Aquila Ltd. 8% 9/30/28 (b)
  
895
910
Transocean Poseidon Ltd. 6.875% 2/1/27 (b)
  
1,849
1,849
Transocean, Inc.:
  
  
  
 7.5% 1/15/26 (b)
  
2,730
2,703
 8% 2/1/27 (b)
  
6,795
6,741
 8.75% 2/15/30 (b)
  
3,406
3,529
U.S.A. Compression Partners LP/U.S.A. Compression Finance Corp. 6.875% 4/1/26
 
2,575
2,560
Valaris Ltd. 8.375% 4/30/30 (b)
  
4,285
4,393
Viper Energy, Inc. 7.375% 11/1/31 (b)
  
960
992
Western Gas Partners LP:
  
  
  
 5.25% 2/1/50
 
2,720
2,431
 5.3% 3/1/48
 
1,360
1,192
 5.5% 8/15/48
 
815
722
 
  
  
332,219
Environmental - 0.8%
  
  
  
Clean Harbors, Inc. 6.375% 2/1/31 (b)
  
1,305
1,322
Covanta Holding Corp. 4.875% 12/1/29 (b)
  
5,220
4,508
Darling Ingredients, Inc. 6% 6/15/30 (b)
  
2,155
2,142
GFL Environmental, Inc.:
  
  
  
 3.75% 8/1/25 (b)
  
2,765
2,689
 5.125% 12/15/26 (b)
  
2,765
2,700
 6.75% 1/15/31 (b)
  
505
517
Madison IAQ LLC 5.875% 6/30/29 (b)
  
345
307
Stericycle, Inc.:
  
  
  
 3.875% 1/15/29 (b)
  
7,910
7,190
 5.375% 7/15/24 (b)
  
1,385
1,377
 
  
  
22,752
Food & Drug Retail - 0.9%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
  
  
  
 3.25% 3/15/26 (b)
  
740
703
 3.5% 3/15/29 (b)
  
6,553
5,921
 4.875% 2/15/30 (b)
  
2,310
2,208
BellRing Brands, Inc. 7% 3/15/30 (b)
  
1,100
1,126
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b)
  
9,414
3,504
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b)
  
1,690
1,458
Parkland Corp.:
  
  
  
 4.5% 10/1/29 (b)
  
1,673
1,539
 4.625% 5/1/30 (b)
  
8,235
7,587
 
  
  
24,046
Food/Beverage/Tobacco - 1.9%
  
  
  
C&S Group Enterprises LLC 5% 12/15/28 (b)
  
4,855
3,943
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (b)
  
1,100
1,029
Fiesta Purchaser, Inc. 7.875% 3/1/31 (b)(i)
  
2,450
2,450
KeHE Distributor / Nextwave 9% 2/15/29 (b)(i)
  
4,700
4,742
Lamb Weston Holdings, Inc.:
  
  
  
 4.125% 1/31/30 (b)
  
7,855
7,168
 4.375% 1/31/32 (b)
  
1,370
1,229
Performance Food Group, Inc. 5.5% 10/15/27 (b)
  
542
529
Pilgrim's Pride Corp.:
  
  
  
 3.5% 3/1/32
 
1,370
1,156
 4.25% 4/15/31
 
1,615
1,455
Post Holdings, Inc.:
  
  
  
 4.625% 4/15/30 (b)
  
3,666
3,371
 5.5% 12/15/29 (b)
  
3,587
3,467
Primo Water Holdings, Inc. 4.375% 4/30/29 (b)
  
3,090
2,813
Triton Water Holdings, Inc. 6.25% 4/1/29 (b)
  
12,185
10,506
U.S. Foods, Inc.:
  
  
  
 4.625% 6/1/30 (b)
  
2,045
1,906
 4.75% 2/15/29 (b)
  
2,520
2,391
 6.875% 9/15/28 (b)
  
1,600
1,643
United Natural Foods, Inc. 6.75% 10/15/28 (b)
  
550
462
 
  
  
50,260
Gaming - 2.3%
  
  
  
Affinity Interactive 6.875% 12/15/27 (b)
  
10,355
9,371
Caesars Entertainment, Inc.:
  
  
  
 6.25% 7/1/25 (b)
  
4,530
4,545
 6.5% 2/15/32 (b)(i)
  
5,320
5,379
 7% 2/15/30 (b)
  
1,300
1,336
 8.125% 7/1/27 (b)
  
6,319
6,485
Caesars Resort Collection LLC 5.75% 7/1/25 (b)
  
5,565
5,576
Carnival Corp. 10.5% 6/1/30 (b)
  
4,995
5,484
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 6.75% 1/15/30 (b)
  
4,890
4,396
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25
 
1,310
1,304
Golden Entertainment, Inc. 7.625% 4/15/26 (b)
  
3,426
3,430
Jacobs Entertainment, Inc. 6.75% 2/15/29 (b)
  
2,400
2,277
Light & Wonder International, Inc. 7.5% 9/1/31 (b)
  
545
567
Station Casinos LLC 4.5% 2/15/28 (b)
  
4,745
4,460
Transocean, Inc. 7.25% 11/1/25 (b)
  
2,579
2,553
VICI Properties LP / VICI Note Co. 4.125% 8/15/30 (b)
  
2,740
2,494
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b)
  
1,365
1,408
 
  
  
61,065
Healthcare - 7.2%
  
  
  
1375209 BC Ltd. 9% 1/30/28 (b)
  
3,606
3,498
180 Medical, Inc. 3.875% 10/15/29 (b)
  
2,575
2,302
AdaptHealth LLC 5.125% 3/1/30 (b)
  
4,965
3,882
AMN Healthcare 4% 4/15/29 (b)
  
1,674
1,519
Avantor Funding, Inc.:
  
  
  
 3.875% 11/1/29 (b)
  
3,310
3,004
 4.625% 7/15/28 (b)
  
2,215
2,109
Bausch Health Companies, Inc.:
  
  
  
 5.5% 11/1/25 (b)
  
7,329
6,735
 9% 12/15/25 (b)
  
640
604
Cano Health, Inc. 6.25% 10/1/28 (b)
  
2,303
178
Catalent Pharma Solutions 3.5% 4/1/30 (b)
  
2,900
2,549
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (b)
  
2,975
2,706
 4% 3/15/31 (b)
  
2,475
2,200
 4.25% 5/1/28 (b)
  
768
726
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (b)
  
10,365
8,228
 5.25% 5/15/30 (b)
  
19,665
16,281
 5.625% 3/15/27 (b)
  
13,825
12,771
 6% 1/15/29 (b)
  
6,140
5,548
 6.125% 4/1/30 (b)
  
6,681
4,348
 6.875% 4/15/29 (b)
  
7,602
5,169
 8% 3/15/26 (b)
  
450
444
 10.875% 1/15/32 (b)
  
120
126
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b)
  
5,375
4,898
DaVita, Inc.:
  
  
  
 3.75% 2/15/31 (b)
  
2,170
1,789
 4.625% 6/1/30 (b)
  
9,260
8,193
Embecta Corp. 5% 2/15/30 (b)
  
2,745
2,246
Grifols SA 4.75% 10/15/28 (b)
  
3,442
2,960
Hologic, Inc. 3.25% 2/15/29 (b)
  
1,530
1,376
IQVIA, Inc. 6.5% 5/15/30 (b)
  
2,670
2,724
Jazz Securities DAC 4.375% 1/15/29 (b)
  
4,925
4,543
Medline Borrower LP 3.875% 4/1/29 (b)
  
1,375
1,245
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b)
  
2,950
2,393
Modivcare, Inc. 5.875% 11/15/25 (b)
  
3,770
3,723
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (b)
  
3,370
2,954
 3.875% 5/15/32 (b)
  
1,465
1,254
Omega Healthcare Investors, Inc. 3.25% 4/15/33
 
6,892
5,564
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 4.125% 4/30/28 (b)
  
9,435
8,633
 5.125% 4/30/31 (b)
  
1,580
1,357
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b)
  
4,035
3,618
Regionalcare Hospital Partners 9.75% 12/1/26 (b)
  
2,640
2,635
RegionalCare Hospital Partners Holdings, Inc.:
  
  
  
 5.375% 1/15/29 (b)
  
2,305
1,822
 9.875% 8/15/30 (b)
  
3,000
3,068
 11% 10/15/30 (b)
  
320
341
RP Escrow Issuer LLC 5.25% 12/15/25 (b)
  
6,000
5,400
Teleflex, Inc. 4.25% 6/1/28 (b)
  
1,540
1,461
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29
 
6,395
5,937
 4.375% 1/15/30
 
4,965
4,594
 4.625% 6/15/28
 
1,728
1,639
 6.125% 10/1/28
 
5,720
5,699
 6.125% 6/15/30
 
6,675
6,673
 6.25% 2/1/27
 
3,134
3,125
 6.75% 5/15/31 (b)
  
945
967
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 3.15% 10/1/26
 
3,265
3,037
 7.875% 9/15/29
 
830
895
 8.125% 9/15/31
 
830
912
 
  
  
192,602
Homebuilders/Real Estate - 3.1%
  
  
  
Anywhere Real Estate Group LLC 7% 4/15/30 (b)
  
2,120
1,916
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 8/1/29 (b)
  
2,515
2,264
ATP Tower Holdings LLC/Andean Tower Partners 4.05% 4/27/26 (b)
  
1,594
1,457
Greystar Real Estate Partners 7.75% 9/1/30 (b)
  
1,240
1,303
HAT Holdings I LLC/HAT Holdings II LLC:
  
  
  
 3.375% 6/15/26 (b)
  
720
669
 6% 4/15/25 (b)
  
635
630
 8% 6/15/27 (b)
  
530
549
Howard Hughes Corp.:
  
  
  
 4.125% 2/1/29 (b)
  
2,350
2,119
 4.375% 2/1/31 (b)
  
1,765
1,528
Kennedy-Wilson, Inc. 4.75% 2/1/30
 
3,915
3,179
LGI Homes, Inc.:
  
  
  
 4% 7/15/29 (b)
  
1,585
1,356
 8.75% 12/15/28 (b)
  
455
480
MPT Operating Partnership LP/MPT Finance Corp.:
  
  
  
 3.5% 3/15/31
 
10,750
6,590
 4.625% 8/1/29
 
7,355
4,973
 5% 10/15/27
 
18,105
13,703
 5.25% 8/1/26
 
2,913
2,464
Railworks Holdings LP 8.25% 11/15/28 (b)
  
5,744
5,728
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b)
  
76
56
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b)
  
59
41
Rithm Capital Corp. 6.25% 10/15/25 (b)
  
1,085
1,072
Safehold Operating Partnership LP 2.8% 6/15/31
 
3,525
2,934
Starwood Property Trust, Inc. 3.75% 12/31/24 (b)
  
1,886
1,843
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b)
  
1,005
957
TopBuild Corp. 4.125% 2/15/32 (b)
  
2,115
1,848
TRI Pointe Group, Inc./TRI Pointe Holdings, Inc. 5.875% 6/15/24
 
70
70
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
545
536
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
  
  
  
 4.75% 4/15/28 (b)
  
15,535
13,240
 6.5% 2/15/29 (b)
  
7,350
5,185
 10.5% 2/15/28 (b)
  
5,485
5,583
 
  
  
84,273
Hotels - 0.7%
  
  
  
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.625% 2/15/32 (b)
  
11,850
10,173
 4% 5/1/31 (b)
  
3,495
3,141
Hilton Grand Vacations Borrower Escrow LLC 6.625% 1/15/32 (b)
  
3,990
3,998
Lindblad Expeditions LLC 6.75% 2/15/27 (b)
  
655
649
 
  
  
17,961
Insurance - 1.0%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 4.25% 2/15/29 (b)
  
1,100
986
 8.25% 2/1/29 (b)
  
1,340
1,343
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer:
  
  
  
 4.25% 10/15/27 (b)
  
8,485
7,893
 6.75% 10/15/27 (b)
  
1,355
1,323
 6.75% 4/15/28 (b)
  
1,370
1,383
 7% 1/15/31 (b)
  
265
268
AmWINS Group, Inc. 4.875% 6/30/29 (b)
  
3,390
3,164
AssuredPartners, Inc. 5.625% 1/15/29 (b)
  
3,295
3,112
HUB International Ltd. 7.25% 6/15/30 (b)
  
3,345
3,441
National Financial Partners Corp. 8.5% 10/1/31 (b)
  
1,600
1,761
USI, Inc. 7.5% 1/15/32 (b)
  
800
811
 
  
  
25,485
Leisure - 2.8%
  
  
  
Carnival Corp.:
  
  
  
 5.75% 3/1/27 (b)
  
8,485
8,370
 6% 5/1/29 (b)
  
5,195
5,033
 6.65% 1/15/28
 
750
729
 7% 8/15/29 (b)
  
1,425
1,482
 7.625% 3/1/26 (b)
  
11,060
11,235
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b)
  
1,160
1,044
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b)
  
4,950
4,187
Merlin Entertainments Group 7.375% 2/15/31 (b)(i)
  
1,265
1,267
NCL Corp. Ltd.:
  
  
  
 3.625% 12/15/24 (b)
  
2,714
2,659
 5.875% 3/15/26 (b)
  
2,175
2,121
 7.75% 2/15/29 (b)
  
4,840
4,886
NCL Finance Ltd. 6.125% 3/15/28 (b)
  
1,660
1,588
Royal Caribbean Cruises Ltd.:
  
  
  
 4.25% 7/1/26 (b)
  
3,620
3,493
 5.375% 7/15/27 (b)
  
3,900
3,838
 5.5% 8/31/26 (b)
  
10,740
10,631
 5.5% 4/1/28 (b)
  
6,610
6,527
Viking Cruises Ltd. 9.125% 7/15/31 (b)
  
905
968
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b)
  
1,605
1,563
Voc Escrow Ltd. 5% 2/15/28 (b)
  
2,130
2,034
 
  
  
73,655
Metals/Mining - 1.5%
  
  
  
Arsenal AIC Parent LLC 8% 10/1/30 (b)
  
1,655
1,726
Constellium NV 5.875% 2/15/26 (b)
  
1,255
1,246
Eldorado Gold Corp. 6.25% 9/1/29 (b)
  
1,505
1,430
ERO Copper Corp. 6.5% 2/15/30 (b)
  
8,988
8,134
First Quantum Minerals Ltd.:
  
  
  
 6.875% 10/15/27 (b)
  
5,740
5,098
 7.5% 4/1/25 (b)
  
1,708
1,659
 8.625% 6/1/31 (b)
  
285
262
FMG Resources Pty Ltd.:
  
  
  
 4.375% 4/1/31 (b)
  
1,375
1,237
 4.5% 9/15/27 (b)
  
1,595
1,533
Howmet Aerospace, Inc. 5.95% 2/1/37
 
551
567
HudBay Minerals, Inc. 4.5% 4/1/26 (b)
  
530
514
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (b)
  
3,825
3,912
 8.5% 5/1/30 (b)
  
3,355
3,452
 9.25% 10/1/28 (b)
  
2,425
2,561
Novelis Corp.:
  
  
  
 3.25% 11/15/26 (b)
  
315
295
 3.875% 8/15/31 (b)
  
1,360
1,180
PMHC II, Inc. 9% 2/15/30 (b)
  
5,155
4,279
 
  
  
39,085
Paper - 0.7%
  
  
  
Ahlstrom Holding 3 OY 4.875% 2/4/28 (b)
  
5,695
5,106
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
  
  
  
 4% 9/1/29 (b)
  
3,020
2,448
 6% 6/15/27 (b)
  
4,690
4,637
Clydesdale Acquisition Holdings, Inc.:
  
  
  
 6.625% 4/15/29 (b)
  
1,480
1,473
 8.75% 4/15/30 (b)
  
3,995
3,795
Mercer International, Inc. 5.125% 2/1/29
 
1,780
1,528
 
  
  
18,987
Publishing/Printing - 0.0%
  
  
  
Cimpress PLC 7% 6/15/26
 
1,120
1,103
Restaurants - 0.8%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
  
  
  
 3.875% 1/15/28 (b)
  
2,310
2,174
 4% 10/15/30 (b)
  
7,316
6,539
 5.75% 4/15/25 (b)
  
1,055
1,053
Garden SpinCo Corp. 8.625% 7/20/30 (b)
  
1,415
1,514
Yum! Brands, Inc.:
  
  
  
 3.625% 3/15/31
 
1,370
1,219
 4.625% 1/31/32
 
8,980
8,330
 5.375% 4/1/32
 
1,100
1,070
 
  
  
21,899
Services - 5.5%
  
  
  
ADT Corp. 4.125% 8/1/29 (b)
  
3,320
3,064
AECOM 5.125% 3/15/27
 
1,845
1,814
Allied Universal Holdco LLC / Allied Universal Finance Corp.:
  
  
  
 6% 6/1/29 (b)
  
4,930
4,093
 9.75% 7/15/27 (b)
  
7,745
7,573
APX Group, Inc.:
  
  
  
 5.75% 7/15/29 (b)
  
3,330
3,162
 6.75% 2/15/27 (b)
  
2,720
2,720
Artera Services LLC 9.033% 12/4/25 (b)
  
12,223
12,462
ASGN, Inc. 4.625% 5/15/28 (b)
  
2,500
2,364
Brand Industrial Services, Inc. 10.375% 8/1/30 (b)
  
11,100
11,724
CoreCivic, Inc.:
  
  
  
 4.75% 10/15/27
 
10,744
10,099
 8.25% 4/15/26
 
6,415
6,575
CoreLogic, Inc. 4.5% 5/1/28 (b)
  
3,795
3,363
Fair Isaac Corp. 4% 6/15/28 (b)
  
5,065
4,717
Gartner, Inc. 3.625% 6/15/29 (b)
  
890
809
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b)
  
12,064
11,864
Hertz Corp. 5% 12/1/29 (b)
  
660
522
Korn Ferry 4.625% 12/15/27 (b)
  
1,015
971
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b)
  
5,295
5,295
Life Time, Inc.:
  
  
  
 5.75% 1/15/26 (b)
  
3,378
3,340
 8% 4/15/26 (b)
  
6,605
6,614
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b)
  
3,320
3,171
Prime Securities Services Borrower LLC/Prime Finance, Inc. 5.75% 4/15/26 (b)
  
900
900
Service Corp. International:
  
  
  
 4% 5/15/31
 
2,300
2,047
 5.125% 6/1/29
 
1,443
1,409
Sotheby's 7.375% 10/15/27 (b)
  
2,745
2,638
The GEO Group, Inc.:
  
  
  
 6% 4/15/26
 
835
803
 9.5% 12/31/28 (b)
  
3,820
3,725
 10.5% 6/30/28
 
1,425
1,450
TriNet Group, Inc.:
  
  
  
 3.5% 3/1/29 (b)
  
8,560
7,555
 7.125% 8/15/31 (b)
  
1,445
1,476
Uber Technologies, Inc. 8% 11/1/26 (b)
  
9,595
9,770
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b)
  
9,177
8,822
 
  
  
146,911
Steel - 0.2%
  
  
  
ATI, Inc. 7.25% 8/15/30
 
1,350
1,389
Commercial Metals Co.:
  
  
  
 3.875% 2/15/31
 
1,655
1,460
 4.125% 1/15/30
 
4,160
3,785
 
  
  
6,634
Super Retail - 1.6%
  
  
  
Bath & Body Works, Inc. 6.694% 1/15/27
 
1,315
1,333
Carvana Co.:
  
  
  
 4.875% 9/1/29 (b)
  
2,513
1,514
 5.5% 4/15/27 (b)
  
2,422
1,774
 5.875% 10/1/28 (b)
  
1,267
776
 10.25% 5/1/30 (b)
  
357
279
 12% 12/1/28 pay-in-kind (b)(c)
  
2,127
1,890
 13% 6/1/30 pay-in-kind (b)(c)
  
1,633
1,449
 14% 6/1/31 pay-in-kind (b)(c)
  
2,598
2,316
EG Global Finance PLC 12% 11/30/28 (b)
  
12,025
12,710
Hanesbrands, Inc. 4.875% 5/15/26 (b)
  
240
231
LBM Acquisition LLC 6.25% 1/15/29 (b)
  
4,695
4,261
Levi Strauss & Co. 3.5% 3/1/31 (b)
  
1,785
1,545
Michaels Companies, Inc.:
  
  
  
 5.25% 5/1/28 (b)
  
3,550
2,788
 7.875% 5/1/29 (b)
  
2,730
1,746
Nordstrom, Inc.:
  
  
  
 4.25% 8/1/31
 
1,175
976
 4.375% 4/1/30
 
870
755
Sally Holdings LLC 5.625% 12/1/25
 
3,045
3,019
Wolverine World Wide, Inc. 4% 8/15/29 (b)
  
4,605
3,711
 
  
  
43,073
Technology - 6.1%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (b)
  
11,650
10,183
Black Knight InfoServ LLC 3.625% 9/1/28 (b)
  
8,405
7,943
Block, Inc.:
  
  
  
 2.75% 6/1/26
 
1,375
1,287
 3.5% 6/1/31
 
8,155
7,025
Clarivate Science Holdings Corp.:
  
  
  
 3.875% 7/1/28 (b)
  
1,720
1,585
 4.875% 7/1/29 (b)
  
1,735
1,620
Cloud Software Group, Inc.:
  
  
  
 6.5% 3/31/29 (b)
  
250
233
 9% 9/30/29 (b)
  
11,880
11,244
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b)
  
3,270
3,356
Coherent Corp. 5% 12/15/29 (b)
  
6,960
6,517
CommScope, Inc. 4.75% 9/1/29 (b)
  
3,600
2,380
Elastic NV 4.125% 7/15/29 (b)
  
2,410
2,187
Entegris, Inc.:
  
  
  
 3.625% 5/1/29 (b)
  
2,550
2,300
 4.75% 4/15/29 (b)
  
2,000
1,912
 5.95% 6/15/30 (b)
  
8,335
8,233
Gartner, Inc. 4.5% 7/1/28 (b)
  
4,490
4,285
Gen Digital, Inc.:
  
  
  
 5% 4/15/25 (b)
  
2,715
2,700
 7.125% 9/30/30 (b)
  
1,360
1,411
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
  
  
  
 3.5% 3/1/29 (b)
  
5,240
4,744
 5.25% 12/1/27 (b)
  
945
928
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b)
  
1,660
1,241
ION Trading Technologies Ltd. 5.75% 5/15/28 (b)
  
7,345
6,730
Match Group Holdings II LLC:
  
  
  
 3.625% 10/1/31 (b)
  
820
701
 4.125% 8/1/30 (b)
  
1,760
1,584
McAfee Corp. 7.375% 2/15/30 (b)
  
2,290
2,075
MicroStrategy, Inc. 6.125% 6/15/28 (b)
  
8,160
7,785
NCR Atleos Corp. 9.5% 4/1/29 (b)
  
2,875
3,084
ON Semiconductor Corp. 3.875% 9/1/28 (b)
  
3,675
3,358
Open Text Corp. 3.875% 12/1/29 (b)
  
4,020
3,626
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (b)
  
4,620
4,182
 4.125% 12/1/31 (b)
  
4,170
3,703
Rackspace Hosting, Inc. 3.5% 2/15/28 (b)
  
7,610
2,980
Roblox Corp. 3.875% 5/1/30 (b)
  
4,035
3,545
Seagate HDD Cayman:
  
  
  
 5.75% 12/1/34
 
3,695
3,581
 8.25% 12/15/29 (b)
  
1,310
1,410
 8.5% 7/15/31 (b)
  
1,585
1,722
Sensata Technologies BV:
  
  
  
 4% 4/15/29 (b)
  
3,440
3,150
 5% 10/1/25 (b)
  
550
548
Sensata Technologies, Inc. 3.75% 2/15/31 (b)
  
1,370
1,189
SS&C Technologies, Inc. 5.5% 9/30/27 (b)
  
1,085
1,065
TTM Technologies, Inc. 4% 3/1/29 (b)
  
13,015
11,732
UKG, Inc. 6.875% 2/1/31 (b)
  
3,295
3,332
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b)
  
1,900
1,624
Virtusa Corp. 7.125% 12/15/28 (b)
  
1,345
1,179
VM Consolidated, Inc. 5.5% 4/15/29 (b)
  
640
610
Western Digital Corp.:
  
  
  
 2.85% 2/1/29
 
5,455
4,665
 3.1% 2/1/32
 
2,295
1,825
 
  
  
164,299
Telecommunications - 5.0%
  
  
  
Altice Financing SA:
  
  
  
 5% 1/15/28 (b)
  
5,598
5,031
 5.75% 8/15/29 (b)
  
15,535
13,538
Altice France Holding SA 6% 2/15/28 (b)
  
10,793
4,818
Altice France SA:
  
  
  
 5.125% 1/15/29 (b)
  
12,809
9,454
 5.125% 7/15/29 (b)
  
5,655
4,134
 5.5% 1/15/28 (b)
  
4,220
3,295
 5.5% 10/15/29 (b)
  
50
37
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b)
  
11,832
11,173
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (b)
  
2,199
1,970
 5.625% 9/15/28 (b)
  
1,290
1,090
Consolidated Communications, Inc. 5% 10/1/28 (b)
  
2,395
1,961
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (b)
  
5,510
5,085
 5.875% 10/15/27 (b)
  
258
248
 5.875% 11/1/29
 
3,789
3,211
 8.75% 5/15/30 (b)
  
4,055
4,154
IHS Netherlands Holdco BV 8% 9/18/27 (b)
  
1,575
1,442
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b)
  
5,820
5,498
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (b)
  
2,555
2,249
Level 3 Financing, Inc.:
  
  
  
 3.625% 1/15/29 (b)(h)
  
4,904
2,599
 4.25% 7/1/28 (b)(h)
  
2,180
1,210
 10.5% 5/15/30 (b)
  
9,537
9,489
Millicom International Cellular SA:
  
  
  
 4.5% 4/27/31 (b)
  
7,907
6,592
 5.125% 1/15/28 (b)
  
3,560
3,307
Sable International Finance Ltd. 5.75% 9/7/27 (b)
  
1,577
1,514
Sitios Latinoamerica S.A.B. de CV 5.375% 4/4/32 (b)
  
2,870
2,657
Telecom Italia Capital SA:
  
  
  
 6% 9/30/34
 
3,477
3,259
 7.2% 7/18/36
 
3,069
3,082
 7.721% 6/4/38
 
995
1,027
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b)
  
8,460
5,605
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b)
  
5,830
5,209
VMED O2 UK Financing I PLC 4.25% 1/31/31 (b)
  
1,079
944
Windstream Escrow LLC 7.75% 8/15/28 (b)
  
4,975
4,362
Zayo Group Holdings, Inc. 4% 3/1/27 (b)
  
7,010
5,331
 
  
  
134,575
Textiles/Apparel - 0.2%
  
  
  
Crocs, Inc. 4.125% 8/15/31 (b)
  
1,815
1,547
Foot Locker, Inc. 4% 10/1/29 (b)
  
1,045
883
Kontoor Brands, Inc. 4.125% 11/15/29 (b)
  
1,460
1,325
Victoria's Secret & Co. 4.625% 7/15/29 (b)
  
1,945
1,644
 
  
  
5,399
Transportation Ex Air/Rail - 0.8%
  
  
  
Golar LNG Ltd. 7% 10/20/25 (b)
  
4,760
4,705
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (b)
  
1,380
1,374
Seaspan Corp. 5.5% 8/1/29 (b)
  
8,120
6,913
XPO, Inc.:
  
  
  
 6.25% 6/1/28 (b)
  
800
801
 7.125% 6/1/31 (b)
  
1,330
1,362
 7.125% 2/1/32 (b)
  
5,280
5,382
 
  
  
20,537
Utilities - 3.0%
  
  
  
Clearway Energy Operating LLC:
  
  
  
 3.75% 2/15/31 (b)
  
6,515
5,647
 3.75% 1/15/32 (b)
  
670
569
 4.75% 3/15/28 (b)
  
1,540
1,466
DPL, Inc.:
  
  
  
 4.125% 7/1/25
 
3,465
3,374
 4.35% 4/15/29
 
460
426
EnLink Midstream Partners LP 4.15% 6/1/25
 
1,385
1,356
Global Partners LP/GLP Finance Corp. 7% 8/1/27
 
6,506
6,543
NextEra Energy Partners LP:
  
  
  
 4.5% 9/15/27 (b)
  
1,528
1,435
 7.25% 1/15/29 (b)
  
265
273
NRG Energy, Inc.:
  
  
  
 3.375% 2/15/29 (b)
  
6,240
5,505
 3.625% 2/15/31 (b)
  
1,990
1,707
 5.25% 6/15/29 (b)
  
5,350
5,130
PG&E Corp.:
  
  
  
 5% 7/1/28
 
6,770
6,542
 5.25% 7/1/30
 
14,760
14,094
Pike Corp.:
  
  
  
 5.5% 9/1/28 (b)
  
1,762
1,682
 8.625% 1/31/31 (b)
  
3,270
3,459
Vistra Operations Co. LLC:
  
  
  
 5% 7/31/27 (b)
  
8,646
8,376
 5.5% 9/1/26 (b)
  
2,845
2,819
 5.625% 2/15/27 (b)
  
6,375
6,280
 7.75% 10/15/31 (b)
  
2,240
2,327
 
  
  
79,010
TOTAL NONCONVERTIBLE BONDS
  
  
2,249,694
 
TOTAL CORPORATE BONDS
 (Cost $2,461,056)
  
  
  
2,297,390
 
  
  
  
Commercial Mortgage Securities - 0.4%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
BX Commercial Mortgage Trust floater Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2485% 6/15/38 (b)(c)(d)
  
1,989
1,933
ELP Commercial Mortgage Trust floater Series 2021-ELP Class F, CME Term SOFR 1 Month Index + 2.780% 8.1155% 11/15/38 (b)(c)(d)
  
2,680
2,606
Extended Stay America Trust floater Series 2021-ESH Class F, CME Term SOFR 1 Month Index + 3.810% 9.1475% 7/15/38 (b)(c)(d)
  
1,075
1,070
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(c)
  
1,700
1,562
Merit floater Series 2021-STOR Class F, CME Term SOFR 1 Month Index + 2.310% 7.6485% 7/15/38 (b)(c)(d)
  
3,994
3,879
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $10,873)
  
  
11,050
 
  
  
  
Common Stocks - 2.9%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.1%
 
  
  
Aptiv PLC (j)
  
31,300
2,546
Capital Goods - 0.1%
 
  
  
Regal Rexnord Corp.
 
22,700
3,030
Energy - 0.8%
 
  
  
California Resources Corp. warrants 10/27/24 (j)
  
4,683
64
Forbes Energy Services Ltd. (h)(j)
  
47,062
0
Mesquite Energy, Inc. (h)(j)
  
213,506
17,202
New Fortress Energy, Inc. (k)
  
119,500
3,971
TOTAL ENERGY
  
  
21,237
Food & Drug Retail - 1.2%
 
  
  
Southeastern Grocers, Inc. (g)(h)(j)
  
1,235,303
33,205
Healthcare - 0.2%
 
  
  
Centene Corp. (j)
  
66,300
4,993
Technology - 0.2%
 
  
  
Coherent Corp. (j)
  
83,800
3,984
MKS Instruments, Inc.
 
16,400
1,746
TOTAL TECHNOLOGY
  
  
5,730
Telecommunications - 0.3%
 
  
  
CUI Acquisition Corp. Class E (h)(j)
  
1
0
GTT Communications, Inc. (h)
  
113,281
3,980
Helios Towers PLC (j)
  
3,285,800
3,294
TOTAL TELECOMMUNICATIONS
  
  
7,274
 
TOTAL COMMON STOCKS
 (Cost $40,870)
  
  
  
78,015
 
  
  
  
Bank Loan Obligations - 5.0%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Automotive & Auto Parts - 0.1%
 
  
  
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8239% 12/17/28 (c)(d)(l)
  
2,630
1,949
Broadcasting - 0.2%
 
  
  
Diamond Sports Group LLC:
  
  
  
 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4527% 8/24/26 (c)(d)(l)
  
4,991
4,718
 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (c)(d)(e)(l)
  
11,482
757
TOTAL BROADCASTING
  
  
5,475
Building Materials - 0.2%
 
  
  
Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8598% 5/17/28 (c)(d)(l)
  
6,344
5,471
Chemicals - 0.5%
 
  
  
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7052% 10/4/29 (c)(d)(l)
  
5,722
5,652
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 10.0215% 3/15/29 (c)(d)(l)
  
5,535
5,293
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.3598% 11/9/28 (c)(d)(l)
  
1,990
1,981
TOTAL CHEMICALS
  
  
12,926
Consumer Products - 0.1%
 
  
  
Mattress Firm, Inc. Tranche B 1LN, term loan 6 month U.S. LIBOR + 4.250% 9.8598% 9/24/28 (c)(d)(l)
  
3,924
3,894
TKC Holdings, Inc. 1LN, term loan 13.5% 2/14/27 (c)(l)
  
319
166
TOTAL CONSUMER PRODUCTS
  
  
4,060
Energy - 0.2%
 
  
  
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (c)(d)(l)
  
5,996
5,861
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (d)(e)(h)(l)
  
3,958
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (d)(e)(h)(l)
  
1,690
0
TOTAL ENERGY
  
  
5,861
Healthcare - 0.1%
 
  
  
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% 11/23/27 (c)(d)(l)
  
6,065
2,488
Leisure - 1.0%
 
  
  
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4511% 7/21/28 (c)(d)(l)
  
14,648
14,519
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.6098% 9/18/26 (c)(d)(l)
  
9,277
9,143
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 12/30/26 (c)(d)(l)
  
4,580
3,975
TOTAL LEISURE
  
  
27,637
Services - 1.2%
 
  
  
Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9481% 3/6/25 (c)(d)(l)
  
2,783
2,772
Ascend Learning LLC:
  
  
  
 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1826% 12/10/29 (c)(d)(l)
  
1,580
1,457
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9326% 12/10/28 (c)(d)(l)
  
5,546
5,429
Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8771% 8/1/30 (c)(d)(l)
  
2,925
2,914
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9471% 6/2/28 (c)(d)(l)
  
6,162
5,936
Finastra U.S.A., Inc. term loan CME Term SOFR 1 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(l)
  
4,749
4,749
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.6246% 3/4/28 (c)(d)(l)
  
9,954
8,858
TOTAL SERVICES
  
  
32,115
Super Retail - 0.7%
 
  
  
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1971% 3/5/28 (c)(d)(l)
  
5,597
5,577
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1826% 12/18/27 (c)(d)(l)
  
12,559
12,439
TOTAL SUPER RETAIL
  
  
18,016
Technology - 0.4%
 
  
  
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5826% 2/15/29 (c)(d)(l)
  
3,879
3,821
DH Corp./Societe term loan CME Term SOFR 3 Month Index + 7.250% 12.7129% 9/13/29 (c)(d)(h)(l)
  
111
111
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.2027% 3/1/29 (c)(d)(l)
  
633
627
UKG, Inc.:
  
  
  
 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6802% 5/4/26 (c)(d)(l)
  
3,763
3,762
 2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6802% 5/3/27 (c)(d)(l)
  
1,500
1,499
TOTAL TECHNOLOGY
  
  
9,820
Telecommunications - 0.3%
 
  
  
GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4481% 6/30/28 (c)(d)(l)
  
4,943
3,460
Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4326% 12/30/27 (c)(d)(l)
  
6,093
5,438
TOTAL TELECOMMUNICATIONS
  
  
8,898
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $148,546)
  
  
  
134,716
 
  
  
  
Preferred Securities - 2.5%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Air Transportation - 0.2%
 
  
  
AerCap Holdings NV 5.875% 10/10/79 (c)
  
6,905
6,858
Banks & Thrifts - 0.9%
 
  
  
Ally Financial, Inc.:
  
  
  
 4.7% (c)(m)
  
4,475
3,627
 4.7% (c)(m)
  
4,365
3,317
Bank of America Corp. 5.875% (c)(m)
  
5,385
5,223
JPMorgan Chase & Co.:
  
  
  
 4.6% (c)(m)
  
3,885
3,785
 6.1% (c)(m)
  
5,400
5,406
Wells Fargo & Co. 5.9% (c)(m)
  
2,970
2,965
TOTAL BANKS & THRIFTS
  
  
24,323
Diversified Financial Services - 0.3%
 
  
  
Aircastle Ltd. 5.25% (b)(c)(m)
  
5,175
4,535
Charles Schwab Corp. 4% (c)(m)
  
3,465
2,876
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
7,411
Energy - 0.9%
 
  
  
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6693% (c)(d)(m)
  
13,948
13,649
EnLink Midstream Partners LP CME Term SOFR 3 Month Index + 4.370% 9.7562% (c)(d)(m)
  
3,586
3,362
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.7513% (c)(d)(m)
  
6,563
6,489
TOTAL ENERGY
  
  
23,500
Services - 0.2%
 
  
  
Air Lease Corp. 4.125% (c)(m)
  
5,559
4,697
 
TOTAL PREFERRED SECURITIES
 (Cost $60,935)
  
  
  
66,789
 
  
  
  
Other - 1.8%
 
  
Shares
Value ($)
(000s)
 
Other - 1.8%
 
  
  
Fidelity Private Credit Central Fund LLC (g)(p)
  (Cost $46,247)
  
4,650,410
47,433
 
  
  
  
Money Market Funds - 1.1%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (n)
  
24,944,218
24,949
Fidelity Securities Lending Cash Central Fund 5.39% (n)(o)
  
4,208,429
4,209
 
TOTAL MONEY MARKET FUNDS
 (Cost $29,158)
  
  
29,158
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $2,797,685)
 
  
 
2,664,551
NET OTHER ASSETS (LIABILITIES) - 0.4%  
11,686
NET ASSETS - 100.0%
2,676,237
 
  
 
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)
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 $1,804,714,000 or 67.4% of net assets.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(e)
Non-income producing - Security is in default.
 
(f)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(g)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $85,616,000 or 3.2% of net assets.
 
(h)
Level 3 security
 
(i)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(j)
Non-income producing
 
(k)
Security or a portion of the security is on loan at period end.
 
(l)
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.
 
(m)
Security is perpetual in nature with no stated maturity date.
 
(n)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(o)
Investment made with cash collateral received from securities on loan.
 
(p)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Fidelity Private Credit Central Fund LLC
6/06/22
46,253
 
  
  
Jonah Energy Parent LLC 12% 11/5/25
5/05/23
4,614
 
  
  
Southeastern Grocers, Inc.
6/01/18
8,689
 
  
  
 
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 5.39%
70,215
575,809
621,075
1,598
-
-
24,949
0.0%
Fidelity Private Credit Central Fund LLC
46,120
46,264
46,253
4,374
-
1,302
47,433
6.8%
Fidelity Securities Lending Cash Central Fund 5.39%
428
21,687
17,906
4
-
-
4,209
0.0%
Total
116,763
643,760
685,234
5,976
-
1,302
76,591
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.  Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Fidelity Private Credit Central Fund LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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