NPORT-EX 2 QTLY_218_20220131.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity Advisor® High Income Advantage Fund
January 31, 2022
HY-NPRT1-0422
1.813043.117
Corporate Bonds - 61.1%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Convertible Bonds - 0.3%
 
  
  
Energy - 0.3%
  
  
  
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
1,228
3,857
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
711
2,468
 
  
  
6,325
Nonconvertible Bonds - 60.8%
 
  
  
Aerospace - 3.1%
  
  
  
Allegheny Technologies, Inc.:
  
  
  
 4.875% 10/1/29
 
845
830
 5.125% 10/1/31
 
750
734
Bombardier, Inc.:
  
  
  
 6% 2/15/28 (d)
  
830
804
 7.125% 6/15/26 (d)
  
1,625
1,652
 7.5% 12/1/24 (d)
  
3,090
3,198
 7.5% 3/15/25 (d)
  
2,065
2,091
 7.875% 4/15/27 (d)
  
6,210
6,270
Kaiser Aluminum Corp. 4.625% 3/1/28 (d)
  
1,575
1,511
Moog, Inc. 4.25% 12/15/27 (d)
  
480
482
Rolls-Royce PLC 5.75% 10/15/27 (d)
  
1,440
1,511
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)
  
2,035
2,111
TransDigm UK Holdings PLC 6.875% 5/15/26
 
1,820
1,887
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
4,860
4,615
 4.875% 5/1/29
 
15,000
14,402
 5.5% 11/15/27
 
14,675
14,748
 6.25% 3/15/26 (d)
  
1,870
1,931
 7.5% 3/15/27
 
6,780
7,036
 
  
  
65,813
Air Transportation - 1.4%
  
  
  
Air Canada 3.875% 8/15/26 (d)
  
1,240
1,209
Delta Air Lines, Inc. 7% 5/1/25 (d)
  
369
413
Delta Air Lines, Inc. / SkyMiles IP Ltd.:
  
  
  
 4.5% 10/20/25 (d)
  
6,455
6,697
 4.75% 10/20/28 (d)
  
5,330
5,683
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d)
  
2,795
2,858
Mileage Plus Holdings LLC 6.5% 6/20/27 (d)
  
4,540
4,824
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d)
  
1,044
1,131
United Airlines, Inc.:
  
  
  
 4.375% 4/15/26 (d)
  
3,965
3,936
 4.625% 4/15/29 (d)
  
2,380
2,355
 
  
  
29,106
Automotive - 0.1%
  
  
  
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
2,125
2,100
Automotive & Auto Parts - 1.4%
  
  
  
Allison Transmission, Inc. 5.875% 6/1/29 (d)
  
1,265
1,333
Arko Corp. 5.125% 11/15/29 (d)
  
1,290
1,227
Dana, Inc.:
  
  
  
 4.25% 9/1/30
 
1,185
1,148
 4.5% 2/15/32
 
1,305
1,246
Ford Motor Co. 3.25% 2/12/32
 
4,225
4,037
Ford Motor Credit Co. LLC:
  
  
  
 3.375% 11/13/25
 
3,440
3,444
 4% 11/13/30
 
5,460
5,489
 5.113% 5/3/29
 
1,330
1,423
LCM Investments Holdings 4.875% 5/1/29 (d)
  
3,295
3,174
McLaren Finance PLC 7.5% 8/1/26 (d)
  
1,130
1,153
Nesco Holdings II, Inc. 5.5% 4/15/29 (d)
  
1,850
1,832
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)
  
785
793
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 6.625% 10/15/26 (d)(e)(f)
  
4,255
4,298
 
  
  
30,597
Banks & Thrifts - 1.4%
  
  
  
Ally Financial, Inc.:
  
  
  
 8% 11/1/31
 
3,105
4,128
 8% 11/1/31
 
16,957
22,980
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)
  
2,025
2,018
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)
  
1,240
1,216
 
  
  
30,342
Broadcasting - 1.6%
  
  
  
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)
  
1,615
1,674
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)
  
6,155
2,847
Gray Escrow II, Inc. 5.375% 11/15/31 (d)
  
9,245
9,116
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)
  
1,145
1,138
Nexstar Broadcasting, Inc.:
  
  
  
 4.75% 11/1/28 (d)
  
2,980
2,945
 5.625% 7/15/27 (d)
  
3,555
3,644
Scripps Escrow II, Inc. 3.875% 1/15/29 (d)
  
360
344
Scripps Escrow, Inc. 5.875% 7/15/27 (d)
  
1,580
1,612
Sirius XM Radio, Inc.:
  
  
  
 3.125% 9/1/26 (d)
  
1,240
1,189
 3.875% 9/1/31 (d)
  
1,655
1,531
 4% 7/15/28 (d)
  
3,220
3,115
 5% 8/1/27 (d)
  
3,200
3,268
Townsquare Media, Inc. 6.875% 2/1/26 (d)
  
725
753
Univision Communications, Inc. 4.5% 5/1/29 (d)
  
1,610
1,595
 
  
  
34,771
Building Materials - 0.4%
  
  
  
Advanced Drain Systems, Inc. 5% 9/30/27 (d)
  
355
358
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d)
  
835
845
CP Atlas Buyer, Inc. 7% 12/1/28 (d)
  
710
675
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)
  
590
585
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (d)
  
1,540
1,489
 6% 12/1/29 (d)
  
1,600
1,554
 6.125% 7/1/29 (d)
  
850
833
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)
  
1,445
1,475
Victors Merger Corp. 6.375% 5/15/29 (d)
  
1,610
1,477
 
  
  
9,291
Cable/Satellite TV - 4.0%
  
  
  
Block Communications, Inc. 4.875% 3/1/28 (d)
  
1,090
1,072
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (d)
  
2,275
2,170
 4.5% 5/1/32
 
21,015
20,253
 4.75% 3/1/30 (d)
  
8,310
8,246
 4.75% 2/1/32 (d)
  
3,745
3,684
 5% 2/1/28 (d)
  
740
749
 5.125% 5/1/27 (d)
  
14,015
14,366
CSC Holdings LLC:
  
  
  
 4.5% 11/15/31 (d)
  
4,015
3,741
 5.375% 2/1/28 (d)
  
5,535
5,551
 5.5% 4/15/27 (d)
  
6,640
6,788
 5.75% 1/15/30 (d)
  
110
104
 6.5% 2/1/29 (d)
  
3,900
4,060
DISH DBS Corp.:
  
  
  
 5.25% 12/1/26 (d)
  
2,170
2,105
 5.75% 12/1/28 (d)
  
2,170
2,077
Dolya Holdco 18 DAC 5% 7/15/28 (d)
  
900
848
Radiate Holdco LLC/Radiate Financial Service Ltd.:
  
  
  
 4.5% 9/15/26 (d)
  
1,120
1,078
 6.5% 9/15/28 (d)
  
2,990
2,885
VZ Secured Financing BV 5% 1/15/32 (d)
  
3,455
3,331
Ziggo Bond Co. BV 5.125% 2/28/30 (d)
  
835
792
Ziggo BV 4.875% 1/15/30 (d)
  
1,145
1,108
 
  
  
85,008
Capital Goods - 0.1%
  
  
  
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)
  
1,015
1,000
Chemicals - 1.4%
  
  
  
Compass Minerals International, Inc. 6.75% 12/1/27 (d)
  
3,450
3,615
Gpd Companies, Inc. 10.125% 4/1/26 (d)
  
370
389
Ingevity Corp. 3.875% 11/1/28 (d)
  
1,515
1,434
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (d)
  
950
979
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)
  
495
463
LSB Industries, Inc. 6.25% 10/15/28 (d)
  
2,125
2,157
Olin Corp. 5% 2/1/30
 
1,555
1,582
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (d)
  
1,695
1,619
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)
  
1,035
970
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)
  
1,985
1,990
The Chemours Co. LLC:
  
  
  
 5.375% 5/15/27
 
4,500
4,626
 5.75% 11/15/28 (d)
  
2,165
2,198
Tronox, Inc. 4.625% 3/15/29 (d)
  
1,705
1,639
Valvoline, Inc. 4.25% 2/15/30 (d)
  
1,155
1,116
W.R. Grace Holding LLC 5.625% 8/15/29 (d)
  
6,055
5,843
 
  
  
30,620
Consumer Products - 1.4%
  
  
  
Angi Group LLC 3.875% 8/15/28 (d)
  
750
687
Diamond BC BV 4.625% 10/1/29 (d)
  
1,015
952
Foundation Building Materials, Inc. 6% 3/1/29 (d)
  
735
709
Gannett Holdings LLC 6% 11/1/26 (d)
  
1,230
1,245
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d)
  
1,240
1,221
Michaels Companies, Inc. 5.25% 5/1/28 (d)
  
1,865
1,796
Millennium Escrow Corp. 6.625% 8/1/26 (d)
  
1,660
1,646
Nordstrom, Inc.:
  
  
  
 4.25% 8/1/31
 
3,515
3,250
 4.375% 4/1/30
 
530
497
 5% 1/15/44
 
250
223
 6.95% 3/15/28
 
75
82
PetSmart, Inc. / PetSmart Finance Corp.:
  
  
  
 4.75% 2/15/28 (d)
  
1,280
1,276
 7.75% 2/15/29 (d)
  
1,120
1,201
Ritchie Bros. Holdings, Inc. 4.75% 12/15/31 (d)
  
950
957
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)
  
1,080
1,015
Tempur Sealy International, Inc.:
  
  
  
 3.875% 10/15/31 (d)
  
2,230
2,080
 4% 4/15/29 (d)
  
2,045
1,961
The Scotts Miracle-Gro Co. 4% 4/1/31
 
1,530
1,461
TKC Holdings, Inc.:
  
  
  
 6.875% 5/15/28 (d)
  
5,855
5,884
 10.5% 5/15/29 (d)
  
1,605
1,677
 
  
  
29,820
Containers - 0.6%
  
  
  
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e)
  
1,123
1,135
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26
 
4,280
4,367
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26
 
1,210
1,248
Graham Packaging Co., Inc. 7.125% 8/15/28 (d)
  
825
837
Graphic Packaging International, Inc. 3.75% 2/1/30 (d)
  
1,125
1,080
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)
  
570
567
LABL, Inc. 5.875% 11/1/28 (d)
  
2,095
2,074
Trivium Packaging Finance BV 5.5% 8/15/26 (d)
  
1,075
1,084
 
  
  
12,392
Diversified Financial Services - 2.2%
  
  
  
Broadstreet Partners, Inc. 5.875% 4/15/29 (d)
  
2,115
2,017
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)
  
965
970
Coinbase Global, Inc.:
  
  
  
 3.375% 10/1/28 (d)
  
1,270
1,139
 3.625% 10/1/31 (d)
  
1,270
1,106
Compass Group Diversified Holdings LLC:
  
  
  
 5% 1/15/32 (d)
  
870
859
 5.25% 4/15/29 (d)
  
2,270
2,241
Hightower Holding LLC 6.75% 4/15/29 (d)
  
785
801
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
3,415
3,246
 5.25% 5/15/27
 
5,725
5,746
 6.25% 5/15/26
 
6,840
7,032
LPL Holdings, Inc. 4% 3/15/29 (d)
  
2,270
2,203
MSCI, Inc.:
  
  
  
 3.25% 8/15/33 (d)
  
1,245
1,168
 4% 11/15/29 (d)
  
900
906
OneMain Finance Corp.:
  
  
  
 4% 9/15/30
 
720
670
 5.375% 11/15/29
 
9,325
9,468
 6.625% 1/15/28
 
1,185
1,272
 6.875% 3/15/25
 
775
841
 7.125% 3/15/26
 
4,710
5,178
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)
  
510
518
 
  
  
47,381
Diversified Media - 0.4%
  
  
  
Nielsen Finance LLC/Nielsen Finance Co.:
  
  
  
 4.5% 7/15/29 (d)
  
810
755
 4.75% 7/15/31 (d)
  
805
749
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)
  
5,660
5,974
 
  
  
7,478
Energy - 7.3%
  
  
  
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.375% 6/15/29 (d)
  
1,205
1,213
 5.75% 3/1/27 (d)
  
2,355
2,390
 5.75% 1/15/28 (d)
  
1,705
1,739
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)
  
1,045
998
Callon Petroleum Co. 6.375% 7/1/26
 
1,080
1,042
CGG SA 8.75% 4/1/27 (d)
  
1,530
1,530
Cheniere Energy Partners LP:
  
  
  
 3.25% 1/31/32 (d)
  
1,270
1,195
 4% 3/1/31
 
3,980
3,960
Cheniere Energy, Inc. 4.625% 10/15/28
 
2,980
3,025
Chesapeake Energy Corp.:
  
  
  
 4.875% 4/15/22 (c)(g)
  
2,950
0
 5.75% 3/15/23 (c)(g)
  
1,890
0
 5.875% 2/1/29 (d)
  
735
766
 6.75% 4/15/29 (d)
  
1,150
1,229
 7% 10/1/24 (c)(g)
  
840
0
 8% 1/15/25 (c)(g)
  
480
0
 8% 6/15/27 (c)(g)
  
300
0
Citgo Holding, Inc. 9.25% 8/1/24 (d)
  
1,880
1,878
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (d)
  
1,105
1,099
 7% 6/15/25 (d)
  
3,035
3,058
CNX Midstream Partners LP 4.75% 4/15/30 (d)
  
900
879
CNX Resources Corp. 6% 1/15/29 (d)
  
690
711
Colgate Energy Partners III LLC 5.875% 7/1/29 (d)
  
1,165
1,184
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (d)
  
3,405
3,384
 6.75% 3/1/29 (d)
  
5,695
5,859
 7.5% 5/15/25 (d)
  
1,901
1,934
Continental Resources, Inc. 4.9% 6/1/44
 
1,660
1,747
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
  
  
  
 5.625% 5/1/27 (d)
  
5,000
5,013
 6% 2/1/29 (d)
  
6,365
6,413
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)
  
665
671
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (d)
  
2,375
2,292
 5.75% 2/15/28 (d)
  
3,170
3,043
DCP Midstream Operating LP:
  
  
  
 5.85% 5/21/43 (d)(e)
  
5,180
4,936
 8.125% 8/16/30
 
130
170
Delek Logistics Partners LP 7.125% 6/1/28 (d)
  
2,345
2,379
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (d)
  
1,215
1,199
 4.375% 6/15/31 (d)
  
1,215
1,200
Endeavor Energy Resources LP/EER Finance, Inc.:
  
  
  
 5.75% 1/30/28 (d)
  
1,365
1,412
 6.625% 7/15/25 (d)
  
760
794
EnLink Midstream LLC 5.375% 6/1/29
 
650
656
Hess Midstream Partners LP:
  
  
  
 4.25% 2/15/30 (d)
  
1,345
1,298
 5.125% 6/15/28 (d)
  
1,570
1,600
 5.625% 2/15/26 (d)
  
2,390
2,438
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)
  
310
322
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d)
  
1,060
1,032
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d)
  
2,300
1,242
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d)
  
1,855
1,897
MEG Energy Corp. 7.125% 2/1/27 (d)
  
1,580
1,645
Mesquite Energy, Inc. 7.25% 2/15/23 (c)(d)(g)
  
6,264
0
Nabors Industries Ltd.:
  
  
  
 7.25% 1/15/26 (d)
  
1,580
1,520
 7.5% 1/15/28 (d)
  
1,360
1,275
New Fortress Energy, Inc.:
  
  
  
 6.5% 9/30/26 (d)
  
2,675
2,501
 6.75% 9/15/25 (d)
  
540
512
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d)
  
1,410
1,433
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25
 
5
4
Occidental Petroleum Corp.:
  
  
  
 3.5% 8/15/29
 
1,870
1,843
 4.4% 4/15/46
 
1,305
1,248
 4.4% 8/15/49
 
3,295
3,130
 4.625% 6/15/45
 
1,675
1,623
 5.875% 9/1/25
 
1,500
1,603
 6.125% 1/1/31
 
3,010
3,474
 6.2% 3/15/40
 
800
926
 6.375% 9/1/28
 
2,410
2,741
 6.45% 9/15/36
 
2,650
3,219
 6.6% 3/15/46
 
1,590
1,999
 6.625% 9/1/30
 
2,995
3,515
 7.2% 3/15/29
 
545
621
 7.5% 5/1/31
 
155
191
 8.875% 7/15/30
 
1,595
2,067
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
3,845
2,701
 7.25% 6/15/25
 
2,125
1,686
 9.25% 5/15/25 (d)
  
3,310
3,227
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23
 
3,315
3,257
Renewable Energy Group, Inc. 5.875% 6/1/28 (d)
  
845
848
SM Energy Co.:
  
  
  
 5.625% 6/1/25
 
2,230
2,213
 6.625% 1/15/27
 
850
873
 6.75% 9/15/26
 
845
853
Southwestern Energy Co.:
  
  
  
 5.375% 3/15/30
 
1,665
1,706
 7.75% 10/1/27
 
1,285
1,369
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)
  
1,610
1,586
Summit Midstream Holdings LLC 8.5% (d)(h)
  
1,290
1,322
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
1,320
1,292
 4.5% 4/30/30 (d)
  
1,710
1,679
 6% 4/15/27
 
4,240
4,375
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
  
  
  
 6% 9/1/31 (d)
  
1,245
1,186
 7.5% 10/1/25 (d)
  
1,120
1,178
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31
 
1,405
1,468
Teine Energy Ltd. 6.875% 4/15/29 (d)
  
1,145
1,168
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (c)(g)
  
1,983
99
Venture Global Calcasieu Pass LLC:
  
  
  
 3.875% 8/15/29 (d)
  
1,035
1,033
 4.125% 8/15/31 (d)
  
1,035
1,042
 
  
  
154,078
Environmental - 0.5%
  
  
  
Covanta Holding Corp.:
  
  
  
 4.875% 12/1/29 (d)
  
2,585
2,568
 5% 9/1/30
 
1,495
1,480
Darling Ingredients, Inc. 5.25% 4/15/27 (d)
  
2,155
2,198
GFL Environmental, Inc.:
  
  
  
 4% 8/1/28 (d)
  
1,275
1,188
 4.75% 6/15/29 (d)
  
1,625
1,576
Madison IAQ LLC:
  
  
  
 4.125% 6/30/28 (d)
  
1,535
1,462
 5.875% 6/30/29 (d)
  
1,225
1,132
 
  
  
11,604
Food & Drug Retail - 0.9%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
  
  
  
 3.5% 3/15/29 (d)
  
4,630
4,371
 4.625% 1/15/27 (d)
  
3,425
3,505
 4.875% 2/15/30 (d)
  
6,100
6,214
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d)
  
675
636
Parkland Corp.:
  
  
  
 4.5% 10/1/29 (d)
  
1,145
1,101
 4.625% 5/1/30 (d)
  
1,735
1,666
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)
  
1,470
1,529
 
  
  
19,022
Food/Beverage/Tobacco - 2.4%
  
  
  
C&S Group Enterprises LLC 5% 12/15/28 (d)
  
1,110
1,019
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)
  
855
855
Del Monte Foods, Inc. 11.875% 5/15/25 (d)
  
860
950
JBS U.S.A. Food Co. 5.75% 1/15/28 (d)
  
1,665
1,736
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d)
  
4,025
4,292
JBS U.S.A. Lux SA / JBS Food Co.:
  
  
  
 5.5% 1/15/30 (d)
  
10,845
11,502
 6.5% 4/15/29 (d)
  
4,655
5,056
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)
  
1,185
1,253
Lamb Weston Holdings, Inc.:
  
  
  
 4.125% 1/31/30 (d)
  
1,720
1,699
 4.375% 1/31/32 (d)
  
860
848
Performance Food Group, Inc.:
  
  
  
 4.25% 8/1/29 (d)
  
1,160
1,088
 5.5% 10/15/27 (d)
  
1,353
1,384
Pilgrim's Pride Corp.:
  
  
  
 4.25% 4/15/31 (d)
  
2,740
2,704
 5.875% 9/30/27 (d)
  
1,110
1,159
Post Holdings, Inc.:
  
  
  
 4.5% 9/15/31 (d)
  
6,170
5,872
 4.625% 4/15/30 (d)
  
2,050
1,976
 5.5% 12/15/29 (d)
  
865
889
 5.625% 1/15/28 (d)
  
2,640
2,711
Simmons Foods, Inc. 4.625% 3/1/29 (d)
  
1,070
1,026
TreeHouse Foods, Inc. 4% 9/1/28
 
500
468
Triton Water Holdings, Inc. 6.25% 4/1/29 (d)
  
810
759
U.S. Foods, Inc. 4.625% 6/1/30 (d)
  
1,070
1,041
United Natural Foods, Inc. 6.75% 10/15/28 (d)
  
1,055
1,120
 
  
  
51,407
Gaming - 2.5%
  
  
  
Affinity Gaming LLC 6.875% 12/15/27 (d)
  
550
558
Boyd Gaming Corp. 4.75% 6/15/31 (d)
  
2,025
1,988
Caesars Entertainment, Inc.:
  
  
  
 4.625% 10/15/29 (d)
  
2,530
2,422
 6.25% 7/1/25 (d)
  
5,705
5,903
 8.125% 7/1/27 (d)
  
7,605
8,185
Caesars Resort Collection LLC 5.75% 7/1/25 (d)
  
1,900
1,956
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:
  
  
  
 4.625% 1/15/29 (d)
  
2,610
2,544
 6.75% 1/15/30 (d)
  
3,480
3,382
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)
  
1,250
1,263
Melco Resorts Finance Ltd.:
  
  
  
 5.375% 12/4/29 (d)
  
1,140
1,076
 5.75% 7/21/28 (d)
  
750
720
MGM Growth Properties Operating Partnership LP 3.875% 2/15/29 (d)
  
1,445
1,485
MGM Resorts International 4.75% 10/15/28
 
1,470
1,458
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d)
  
2,515
2,697
Premier Entertainment Sub LLC:
  
  
  
 5.625% 9/1/29 (d)
  
6,120
5,768
 5.875% 9/1/31 (d)
  
2,910
2,742
Station Casinos LLC 4.625% 12/1/31 (d)
  
1,300
1,235
Studio City Finance Ltd. 5% 1/15/29 (d)
  
725
627
VICI Properties, Inc.:
  
  
  
 4.25% 12/1/26 (d)
  
3,015
3,049
 4.625% 12/1/29 (d)
  
1,720
1,770
Wynn Macau Ltd. 5.125% 12/15/29 (d)
  
2,345
2,099
 
  
  
52,927
Healthcare - 4.0%
  
  
  
180 Medical, Inc. 3.875% 10/15/29 (d)
  
910
885
AMN Healthcare 4.625% 10/1/27 (d)
  
375
379
Avantor Funding, Inc. 3.875% 11/1/29 (d)
  
860
826
Cano Health, Inc. 6.25% 10/1/28 (d)
  
565
542
Catalent Pharma Solutions:
  
  
  
 3.5% 4/1/30 (d)
  
850
796
 5% 7/15/27 (d)
  
595
606
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (d)
  
1,215
1,172
 4% 3/15/31 (d)
  
1,545
1,487
 4.25% 5/1/28 (d)
  
485
482
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (d)
  
2,025
1,936
 5.25% 5/15/30 (d)(i)
  
2,625
2,614
 5.625% 3/15/27 (d)
  
725
729
 6% 1/15/29 (d)
  
1,085
1,105
 6.125% 4/1/30 (d)
  
3,220
3,066
 6.625% 2/15/25 (d)
  
1,835
1,899
 8% 3/15/26 (d)
  
11,505
11,976
DaVita HealthCare Partners, Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
535
492
 4.625% 6/1/30 (d)
  
4,045
3,935
Encompass Health Corp. 5.75% 9/15/25
 
400
404
Grifols Escrow Issuer SA 4.75% 10/15/28 (d)
  
850
846
HealthEquity, Inc. 4.5% 10/1/29 (d)
  
895
875
Hologic, Inc. 4.625% 2/1/28 (d)
  
645
669
IQVIA, Inc. 5% 10/15/26 (d)
  
1,125
1,151
Jazz Securities DAC 4.375% 1/15/29 (d)
  
1,635
1,614
Minerva Merger Sub, Inc. 6.5% 2/15/30 (d)(i)
  
1,760
1,756
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)
  
955
925
Modivcare, Inc. 5.875% 11/15/25 (d)
  
1,105
1,146
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (d)
  
1,360
1,341
 3.875% 5/15/32 (d)
  
1,730
1,669
Option Care Health, Inc. 4.375% 10/31/29 (d)
  
950
926
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 4.125% 4/30/28 (d)
  
2,775
2,731
 5.125% 4/30/31 (d)
  
2,410
2,410
Owens & Minor, Inc. 4.5% 3/31/29 (d)
  
1,065
1,035
Radiology Partners, Inc. 9.25% 2/1/28 (d)
  
2,905
2,890
RP Escrow Issuer LLC 5.25% 12/15/25 (d)
  
1,340
1,302
Syneos Health, Inc. 3.625% 1/15/29 (d)
  
1,080
1,024
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29 (d)
  
8,360
8,060
 4.375% 1/15/30 (d)
  
6,245
6,018
 6.125% 10/1/28 (d)
  
2,590
2,598
 6.25% 2/1/27 (d)
  
6,945
7,106
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 4.75% 5/9/27
 
865
839
 5.125% 5/9/29
 
865
831
Vizient, Inc. 6.25% 5/15/27 (d)
  
450
461
 
  
  
85,554
Homebuilders/Real Estate - 2.1%
  
  
  
Arcosa, Inc. 4.375% 4/15/29 (d)
  
1,075
1,045
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)
  
1,240
1,223
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d)
  
1,080
1,049
Century Communities, Inc. 3.875% 8/15/29 (d)
  
1,245
1,195
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)
  
1,455
1,537
MPT Operating Partnership LP/MPT Finance Corp.:
  
  
  
 3.5% 3/15/31
 
1,445
1,389
 5% 10/15/27
 
6,875
7,064
Realogy Group LLC/Realogy Co-Issuer Corp.:
  
  
  
 5.75% 1/15/29 (d)
  
4,695
4,612
 7.625% 6/15/25 (d)
  
4,605
4,885
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)
  
1,725
1,652
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d)
  
1,070
1,051
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
  
  
  
 5.125% 8/1/30 (d)
  
1,416
1,468
 5.75% 1/15/28 (d)
  
2,100
2,237
 5.875% 6/15/27 (d)
  
1,490
1,598
TopBuild Corp. 3.625% 3/15/29 (d)
  
755
731
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
1,965
2,083
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 4.75% 4/15/28 (d)
  
4,258
4,128
 6.5% 2/15/29 (d)
  
5,265
4,981
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)
  
675
664
 
  
  
44,592
Hotels - 0.1%
  
  
  
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.75% 5/1/29 (d)
  
725
706
 4% 5/1/31 (d)
  
1,085
1,066
 4.875% 1/15/30
 
1,180
1,218
 
  
  
2,990
Insurance - 0.8%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 6% 8/1/29 (d)
  
1,240
1,178
 7% 11/15/25 (d)
  
5,150
5,141
Alliant Holdings Intermediate LLC:
  
  
  
 4.25% 10/15/27 (d)
  
1,470
1,430
 5.875% 11/1/29 (d)
  
1,290
1,264
 6.75% 10/15/27 (d)
  
2,275
2,249
AmWINS Group, Inc. 4.875% 6/30/29 (d)
  
1,205
1,179
AssuredPartners, Inc. 5.625% 1/15/29 (d)
  
845
786
HUB International Ltd.:
  
  
  
 5.625% 12/1/29 (d)
  
1,895
1,862
 7% 5/1/26 (d)
  
1,750
1,796
MGIC Investment Corp. 5.25% 8/15/28
 
1,040
1,075
 
  
  
17,960
Leisure - 1.1%
  
  
  
Boyne U.S.A., Inc. 4.75% 5/15/29 (d)
  
840
844
Carnival Corp.:
  
  
  
 4% 8/1/28 (d)
  
2,480
2,359
 7.625% 3/1/26 (d)
  
1,085
1,107
 9.875% 8/1/27 (d)
  
2,250
2,523
NCL Corp. Ltd.:
  
  
  
 5.875% 3/15/26 (d)
  
1,615
1,538
 12.25% 5/15/24 (d)
  
1,298
1,512
NCL Finance Ltd. 6.125% 3/15/28 (d)
  
675
638
Royal Caribbean Cruises Ltd.:
  
  
  
 5.375% 7/15/27 (d)
  
1,295
1,251
 10.875% 6/1/23 (d)
  
1,890
2,024
 11.5% 6/1/25 (d)
  
1,636
1,808
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)
  
1,665
1,622
Vail Resorts, Inc. 6.25% 5/15/25 (d)
  
850
880
Viking Cruises Ltd. 13% 5/15/25 (d)
  
1,265
1,414
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d)
  
625
611
Voc Escrow Ltd. 5% 2/15/28 (d)
  
3,625
3,518
 
  
  
23,649
Metals/Mining - 1.3%
  
  
  
Alcoa Nederland Holding BV 4.125% 3/31/29 (d)
  
1,980
1,989
Alpha Natural Resources, Inc. 9.75% 4/15/18 (c)(g)
  
1,770
0
Arconic Corp.:
  
  
  
 6% 5/15/25 (d)
  
900
927
 6.125% 2/15/28 (d)
  
2,225
2,308
Cleveland-Cliffs, Inc.:
  
  
  
 4.625% 3/1/29 (d)
  
3,200
3,122
 4.875% 3/1/31 (d)
  
1,480
1,450
 5.875% 6/1/27
 
3,215
3,327
Eldorado Gold Corp. 6.25% 9/1/29 (d)
  
1,895
1,898
ERO Copper Corp. 6.5% 2/15/30 (d)
  
1,320
1,300
First Quantum Minerals Ltd.:
  
  
  
 6.5% 3/1/24 (d)
  
2,395
2,436
 6.875% 3/1/26 (d)
  
2,600
2,685
 7.25% 4/1/23 (d)
  
299
301
 7.5% 4/1/25 (d)
  
4,135
4,228
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (d)
  
1,145
1,152
HudBay Minerals, Inc. 4.5% 4/1/26 (d)
  
905
891
 
  
  
28,014
Paper - 0.5%
  
  
  
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
  
  
  
 3.25% 9/1/28 (d)
  
760
720
 4% 9/1/29 (d)
  
1,515
1,443
Cascades, Inc.:
  
  
  
 5.125% 1/15/26 (d)
  
790
800
 5.375% 1/15/28 (d)
  
790
798
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)
  
1,575
1,627
Glatfelter Corp. 4.75% 11/15/29 (d)
  
1,290
1,300
Intertape Polymer Group, Inc. 4.375% 6/15/29 (d)
  
1,210
1,195
Mercer International, Inc. 5.125% 2/1/29
 
1,920
1,894
 
  
  
9,777
Publishing/Printing - 0.1%
  
  
  
Clear Channel International BV 6.625% 8/1/25 (d)
  
2,185
2,245
Railroad - 0.1%
  
  
  
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)
  
1,245
1,180
Restaurants - 0.5%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
  
  
  
 3.875% 1/15/28 (d)
  
1,630
1,589
 4% 10/15/30 (d)
  
5,185
4,800
 4.375% 1/15/28 (d)
  
1,490
1,462
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)
  
715
708
Papa John's International, Inc. 3.875% 9/15/29 (d)
  
765
729
Yum! Brands, Inc. 4.625% 1/31/32
 
1,530
1,523
 
  
  
10,811
Services - 2.4%
  
  
  
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)
  
2,450
2,322
ASGN, Inc. 4.625% 5/15/28 (d)
  
1,350
1,349
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:
  
  
  
 4.625% 6/1/28 (d)
  
2,899
2,784
 4.625% 6/1/28 (d)
  
1,921
1,816
Booz Allen Hamilton, Inc.:
  
  
  
 3.875% 9/1/28 (d)
  
1,385
1,359
 4% 7/1/29 (d)
  
805
795
CoreCivic, Inc. 8.25% 4/15/26
 
6,940
7,252
Fair Isaac Corp. 4% 6/15/28 (d)
  
1,530
1,515
Gartner, Inc.:
  
  
  
 3.625% 6/15/29 (d)
  
1,160
1,125
 3.75% 10/1/30 (d)
  
1,535
1,489
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)
  
1,360
1,392
H&E Equipment Services, Inc. 3.875% 12/15/28 (d)
  
2,165
2,056
Hertz Corp.:
  
  
  
 4.625% 12/1/26 (d)
  
740
718
 5% 12/1/29 (d)
  
1,435
1,382
 5.5% 10/15/24 (c)(d)(g)
  
1,505
2
 6% 1/15/28 (c)(d)(g)
  
1,385
76
 6.25% 10/15/22 (c)(g)
  
1,605
2
 7.125% 8/1/26 (c)(d)(g)
  
1,430
79
IAA, Inc. 5.5% 6/15/27 (d)
  
755
775
Iron Mountain, Inc.:
  
  
  
 4.5% 2/15/31 (d)
  
2,975
2,821
 4.875% 9/15/29 (d)
  
3,000
2,961
Service Corp. International 4% 5/15/31
 
1,610
1,560
Sotheby's 7.375% 10/15/27 (d)
  
640
665
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)
  
2,410
2,440
The GEO Group, Inc.:
  
  
  
 5.125% 4/1/23
 
1,365
1,317
 5.875% 10/15/24
 
1,967
1,731
 6% 4/15/26
 
1,360
1,119
TriNet Group, Inc. 3.5% 3/1/29 (d)
  
1,135
1,078
Uber Technologies, Inc.:
  
  
  
 4.5% 8/15/29 (d)
  
3,730
3,618
 6.25% 1/15/28 (d)
  
1,225
1,271
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)
  
1,285
1,301
 
  
  
50,170
Steel - 0.2%
  
  
  
Commercial Metals Co. 3.875% 2/15/31
 
780
744
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)
  
1,790
1,835
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)
  
610
604
 
  
  
3,183
Super Retail - 1.7%
  
  
  
Asbury Automotive Group, Inc.:
  
  
  
 4.5% 3/1/28
 
492
488
 4.625% 11/15/29 (d)
  
5,820
5,727
 4.75% 3/1/30
 
489
482
 5% 2/15/32 (d)
  
1,535
1,523
At Home Group, Inc.:
  
  
  
 4.875% 7/15/28 (d)
  
820
784
 7.125% 7/15/29 (d)
  
1,225
1,148
Bath & Body Works, Inc.:
  
  
  
 6.625% 10/1/30 (d)
  
760
816
 6.75% 7/1/36
 
3,470
3,943
 6.875% 11/1/35
 
970
1,116
 7.5% 6/15/29
 
1,135
1,239
Carvana Co.:
  
  
  
 4.875% 9/1/29 (d)
  
7,465
6,636
 5.5% 4/15/27 (d)
  
5,530
5,151
EG Global Finance PLC 8.5% 10/30/25 (d)
  
2,295
2,327
Gap, Inc.:
  
  
  
 3.625% 10/1/29 (d)
  
1,695
1,577
 3.875% 10/1/31 (d)
  
1,695
1,573
Lithia Motors, Inc. 3.875% 6/1/29 (d)
  
1,770
1,739
 
  
  
36,269
Technology - 3.8%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (d)
  
5,710
5,460
Black Knight InfoServ LLC 3.625% 9/1/28 (d)
  
1,545
1,482
Block, Inc. 3.5% 6/1/31 (d)
  
1,615
1,538
CA Magnum Holdings 5.375% (d)(h)
  
690
704
Camelot Finance SA 4.5% 11/1/26 (d)
  
1,515
1,536
CDK Global, Inc. 5.25% 5/15/29 (d)
  
870
905
CDW LLC/CDW Finance Corp. 4.25% 4/1/28
 
2,070
2,046
Clarivate Science Holdings Corp.:
  
  
  
 3.875% 7/1/28 (d)
  
1,440
1,374
 4.875% 7/1/29 (d)
  
1,360
1,295
Crowdstrike Holdings, Inc. 3% 2/15/29
 
1,130
1,059
Elastic NV 4.125% 7/15/29 (d)
  
2,330
2,179
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
  
  
  
 3.5% 3/1/29 (d)
  
6,110
5,698
 5.25% 12/1/27 (d)
  
1,495
1,532
II-VI, Inc. 5% 12/15/29 (d)
  
1,350
1,347
ION Trading Technologies Ltd. 5.75% 5/15/28 (d)
  
1,605
1,613
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)
  
1,295
1,266
Match Group Holdings II LLC:
  
  
  
 5% 12/15/27 (d)
  
1,485
1,528
 5.625% 2/15/29 (d)
  
1,565
1,628
MicroStrategy, Inc. 6.125% 6/15/28 (d)
  
4,490
4,288
NCR Corp.:
  
  
  
 5% 10/1/28 (d)
  
750
745
 5.125% 4/15/29 (d)
  
3,710
3,702
 5.25% 10/1/30 (d)
  
750
737
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d)
  
815
885
onsemi 3.875% 9/1/28 (d)
  
1,500
1,491
Open Text Corp.:
  
  
  
 3.875% 2/15/28 (d)
  
790
774
 3.875% 12/1/29 (d)
  
955
917
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (d)
  
790
772
 4.125% 12/1/31 (d)
  
780
753
Pitney Bowes, Inc.:
  
  
  
 6.875% 3/15/27 (d)
  
765
755
 7.25% 3/15/29 (d)
  
765
767
PTC, Inc.:
  
  
  
 3.625% 2/15/25 (d)
  
925
928
 4% 2/15/28 (d)
  
915
907
Rackspace Hosting, Inc. 5.375% 12/1/28 (d)
  
830
774
Roblox Corp. 3.875% 5/1/30 (d)
  
1,295
1,253
Sensata Technologies BV 4% 4/15/29 (d)
  
1,530
1,504
Synaptics, Inc. 4% 6/15/29 (d)
  
900
883
TTM Technologies, Inc. 4% 3/1/29 (d)
  
1,135
1,085
Twilio, Inc.:
  
  
  
 3.625% 3/15/29
 
5,725
5,493
 3.875% 3/15/31
 
1,340
1,283
Uber Technologies, Inc.:
  
  
  
 7.5% 9/15/27 (d)
  
4,885
5,202
 8% 11/1/26 (d)
  
7,110
7,540
Unisys Corp. 6.875% 11/1/27 (d)
  
830
884
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d)
  
2,600
2,652
 
  
  
81,164
Telecommunications - 6.1%
  
  
  
Altice Financing SA:
  
  
  
 5% 1/15/28 (d)
  
1,580
1,470
 5.75% 8/15/29 (d)
  
3,315
3,097
Altice France SA:
  
  
  
 5.125% 7/15/29 (d)
  
9,000
8,333
 5.5% 1/15/28 (d)
  
3,740
3,568
 5.5% 10/15/29 (d)
  
14,870
14,092
 8.125% 2/1/27 (d)
  
3,925
4,150
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)
  
7,020
7,292
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (d)
  
735
689
 5.625% 9/15/28 (d)
  
580
554
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (d)
  
2,530
2,505
 5.875% 10/15/27 (d)
  
1,375
1,416
 6% 1/15/30 (d)
  
1,710
1,650
 6.75% 5/1/29 (d)
  
1,620
1,624
Intelsat Jackson Holdings SA:
  
  
  
 6.5% 1/27/30 (c)(d)
  
3,610
3,610
 8% 2/15/24 (d)
  
4,060
4,116
LCPR Senior Secured Financing DAC:
  
  
  
 5.125% 7/15/29 (d)
  
1,895
1,858
 6.75% 10/15/27 (d)
  
1,453
1,510
Level 3 Financing, Inc.:
  
  
  
 3.625% 1/15/29 (d)
  
8,140
7,407
 3.75% 7/15/29 (d)
  
3,160
2,884
Lumen Technologies, Inc. 5.375% 6/15/29 (d)
  
2,035
1,929
Millicom International Cellular SA 4.5% 4/27/31 (d)
  
235
228
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26
 
515
450
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:
  
  
  
 4.75% 4/30/27 (d)
  
850
810
 6% 2/15/28 (d)
  
565
531
Sable International Finance Ltd. 5.75% 9/7/27 (d)
  
3,635
3,708
SBA Communications Corp.:
  
  
  
 3.125% 2/1/29
 
1,695
1,580
 3.875% 2/15/27
 
2,375
2,399
Sprint Capital Corp.:
  
  
  
 6.875% 11/15/28
 
6,720
7,993
 8.75% 3/15/32
 
5,625
7,833
Sprint Corp. 7.625% 3/1/26
 
490
561
T-Mobile U.S.A., Inc.:
  
  
  
 2.625% 2/15/29
 
2,155
2,021
 2.875% 2/15/31
 
3,320
3,121
 3.375% 4/15/29
 
1,530
1,498
 3.5% 4/15/31
 
1,530
1,493
Telesat Canada/Telesat LLC 5.625% 12/6/26 (d)
  
1,430
1,210
Uniti Group, Inc.:
  
  
  
 6% 1/15/30 (d)
  
2,125
1,944
 7.875% 2/15/25 (d)
  
2,455
2,557
Virgin Media Finance PLC 5% 7/15/30 (d)
  
4,135
3,892
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)
  
2,875
2,748
Windstream Escrow LLC 7.75% 8/15/28 (d)
  
5,965
6,015
Zayo Group Holdings, Inc. 4% 3/1/27 (d)
  
2,375
2,242
 
  
  
128,588
Textiles/Apparel - 0.3%
  
  
  
Crocs, Inc.:
  
  
  
 4.125% 8/15/31 (d)
  
825
736
 4.25% 3/15/29 (d)
  
1,110
1,022
Foot Locker, Inc. 4% 10/1/29 (d)
  
850
820
Kontoor Brands, Inc. 4.125% 11/15/29 (d)
  
760
729
Victoria's Secret & Co. 4.625% 7/15/29 (d)
  
3,075
2,963
 
  
  
6,270
Transportation Ex Air/Rail - 0.1%
  
  
  
Seaspan Corp. 5.5% 8/1/29 (d)
  
1,240
1,226
Utilities - 2.5%
  
  
  
Clearway Energy Operating LLC:
  
  
  
 3.75% 2/15/31 (d)
  
1,705
1,605
 3.75% 1/15/32 (d)
  
850
806
 4.75% 3/15/28 (d)
  
970
998
NRG Energy, Inc.:
  
  
  
 3.375% 2/15/29 (d)
  
665
614
 3.625% 2/15/31 (d)
  
1,320
1,224
 3.875% 2/15/32 (d)
  
2,070
1,946
 5.25% 6/15/29 (d)
  
1,615
1,662
 5.75% 1/15/28
 
2,590
2,681
Pacific Gas & Electric Co.:
  
  
  
 3.45% 7/1/25
 
400
408
 3.75% 7/1/28
 
400
403
 3.75% 8/15/42
 
640
559
 3.95% 12/1/47
 
3,240
2,904
 4% 12/1/46
 
3,350
3,066
 4.55% 7/1/30
 
6,685
6,956
PG&E Corp.:
  
  
  
 5% 7/1/28
 
9,040
9,040
 5.25% 7/1/30
 
1,150
1,140
Pike Corp. 5.5% 9/1/28 (d)
  
2,480
2,424
TerraForm Global, Inc. 6.125% 3/1/26 (d)
  
3,110
3,149
Vistra Operations Co. LLC:
  
  
  
 4.375% 5/1/29 (d)
  
3,105
2,996
 5% 7/31/27 (d)
  
3,565
3,593
 5.5% 9/1/26 (d)
  
522
532
 5.625% 2/15/27 (d)
  
4,435
4,524
 
  
  
53,230
TOTAL NONCONVERTIBLE BONDS
  
  
1,291,629
 
TOTAL CORPORATE BONDS
 (Cost $1,299,705)
  
  
  
1,297,954
 
  
  
  
Common Stocks - 16.8%
 
  
Shares
Value ($)
(000s)
 
Air Transportation - 0.2%
 
  
  
Air Canada (j)
  
64,400
1,158
GXO Logistics, Inc. (j)
  
23,300
1,892
TOTAL AIR TRANSPORTATION
  
  
3,050
Automotive & Auto Parts - 0.1%
 
  
  
Allison Transmission Holdings, Inc.
 
48,400
1,839
UC Holdings, Inc. (c)(j)
  
29,835
176
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
2,015
Banks & Thrifts - 0.0%
 
  
  
Mr. Cooper Group, Inc. (j)
  
1,504
60
Broadcasting - 0.5%
 
  
  
Nexstar Broadcasting Group, Inc. Class A
 
63,900
10,568
Building Materials - 0.3%
 
  
  
Builders FirstSource, Inc. (j)
  
59,400
4,039
Carrier Global Corp.
 
45,200
2,155
TOTAL BUILDING MATERIALS
  
  
6,194
Capital Goods - 0.7%
 
  
  
Thermo Fisher Scientific, Inc.
 
15,600
9,068
Zebra Technologies Corp. Class A (j)
  
11,900
6,059
TOTAL CAPITAL GOODS
  
  
15,127
Chemicals - 0.5%
 
  
  
CF Industries Holdings, Inc.
 
86,200
5,937
The Chemours Co. LLC
 
156,100
5,106
TOTAL CHEMICALS
  
  
11,043
Consumer Products - 0.8%
 
  
  
BJ's Wholesale Club Holdings, Inc. (j)
  
60,300
3,707
Tapestry, Inc.
 
47,300
1,795
Tempur Sealy International, Inc.
 
300,356
11,957
TOTAL CONSUMER PRODUCTS
  
  
17,459
Containers - 0.3%
 
  
  
Berry Global Group, Inc. (j)
  
45,000
3,034
WestRock Co.
 
89,000
4,108
TOTAL CONTAINERS
  
  
7,142
Diversified Financial Services - 0.3%
 
  
  
Axis Energy Services, LLC Class A (c)
  
3,912
1
OneMain Holdings, Inc.
 
103,100
5,326
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
5,327
Energy - 3.1%
 
  
  
California Resources Corp.
 
501,851
21,389
California Resources Corp. warrants 10/27/24 (j)
  
8,300
125
Cheniere Energy, Inc.
 
46,700
5,226
Chesapeake Energy Corp. (k)
  
159,570
10,878
Chesapeake Energy Corp. (b)
  
3,530
241
Chesapeake Energy Corp.:
  
  
  
 Series A warrants 2/9/26 (j)
  
16,837
714
 Series B warrants 2/9/26 (j)
  
18,708
735
 Series C warrants 2/9/26 (j)
  
16,489
581
Denbury, Inc. warrants 9/18/25 (j)
  
66,890
2,878
Diamond Offshore Drilling, Inc. (c)(j)
  
16,382
84
EP Energy Corp. (c)(j)
  
147,125
13,088
Forbes Energy Services Ltd. (j)
  
65,062
0
Jonah Energy Parent LLC (c)(j)
  
73,213
4,704
Mesquite Energy, Inc. (c)(j)
  
90,382
3,252
Noble Finance Co. (d)
  
1,408
35
Superior Energy Services, Inc. Class A (c)
  
17,671
452
Tidewater, Inc.:
  
  
  
 warrants 11/14/42 (j)
  
36,326
567
 warrants 11/14/42 (j)
  
12,651
197
TOTAL ENERGY
  
  
65,146
Entertainment/Film - 0.1%
 
  
  
New Cotai LLC/New Cotai Capital Corp. (b)(c)(j)
  
1,458,195
2,246
Environmental - 0.3%
 
  
  
Darling Ingredients, Inc. (j)
  
112,800
7,193
Food & Drug Retail - 0.3%
 
  
  
Northeast Grocery, Inc. (b)(c)
  
339,746
135
Southeastern Grocers, Inc. (b)(c)(j)
  
250,623
5,722
TOTAL FOOD & DRUG RETAIL
  
  
5,857
Food/Beverage/Tobacco - 0.5%
 
  
  
JBS SA
 
1,541,900
10,189
Gaming - 1.1%
 
  
  
Boyd Gaming Corp.
 
150,000
8,919
Caesars Entertainment, Inc. (j)
  
179,200
13,644
Studio City International Holdings Ltd. ADR (j)
  
35,600
201
TOTAL GAMING
  
  
22,764
Healthcare - 0.8%
 
  
  
Charles River Laboratories International, Inc. (j)
  
8,000
2,638
HCA Holdings, Inc.
 
20,600
4,945
Humana, Inc.
 
11,400
4,475
IQVIA Holdings, Inc. (j)
  
19,400
4,751
TOTAL HEALTHCARE
  
  
16,809
Homebuilders/Real Estate - 0.4%
 
  
  
Arthur J. Gallagher & Co.
 
25,400
4,012
Lennar Corp. Class A
 
28,000
2,691
PulteGroup, Inc.
 
48,800
2,571
TOTAL HOMEBUILDERS/REAL ESTATE
  
  
9,274
Metals/Mining - 0.2%
 
  
  
First Quantum Minerals Ltd.
 
172,100
4,239
Warrior Metropolitan Coal, Inc.
 
692
18
TOTAL METALS/MINING
  
  
4,257
Services - 0.5%
 
  
  
ASGN, Inc. (j)
  
21,400
2,458
United Rentals, Inc. (j)
  
12,900
4,130
Visa, Inc. Class A
 
17,000
3,845
TOTAL SERVICES
  
  
10,433
Super Retail - 1.0%
 
  
  
Amazon.com, Inc. (j)
  
600
1,795
Arena Brands Holding Corp. Class B (b)(c)(j)
  
42,253
137
Bath & Body Works, Inc.
 
40,300
2,260
eBay, Inc.
 
59,200
3,556
Lowe's Companies, Inc.
 
24,500
5,815
PVH Corp.
 
29,800
2,831
RH (j)
  
4,800
1,934
Williams-Sonoma, Inc.
 
17,100
2,745
TOTAL SUPER RETAIL
  
  
21,073
Technology - 4.1%
 
  
  
Adobe, Inc. (j)
  
13,400
7,160
Alphabet, Inc. Class A (j)
  
4,900
13,260
CDW Corp.
 
18,200
3,441
EPAM Systems, Inc. (j)
  
9,700
4,619
Global Payments, Inc.
 
45,200
6,775
Lam Research Corp.
 
15,600
9,203
Marvell Technology, Inc.
 
82,100
5,862
Meta Platforms, Inc. Class A (j)
  
36,594
11,463
Microchip Technology, Inc.
 
66,600
5,160
NVIDIA Corp.
 
15,100
3,697
NXP Semiconductors NV
 
14,200
2,917
onsemi (j)
  
96,100
5,670
PayPal Holdings, Inc. (j)
  
23,600
4,058
SS&C Technologies Holdings, Inc.
 
56,300
4,497
TOTAL TECHNOLOGY
  
  
87,782
Telecommunications - 0.1%
 
  
  
GTT Communications, Inc. rights (c)(j)
  
65,582
66
T-Mobile U.S., Inc. (j)
  
25,300
2,737
TOTAL TELECOMMUNICATIONS
  
  
2,803
Textiles/Apparel - 0.0%
 
  
  
Victoria's Secret & Co. (j)
  
13,433
750
Transportation Ex Air/Rail - 0.1%
 
  
  
XPO Logistics, Inc. (j)
  
23,300
1,542
Utilities - 0.5%
 
  
  
NRG Energy, Inc.
 
116,000
4,632
PG&E Corp. (j)
  
419,779
5,369
TOTAL UTILITIES
  
  
10,001
 
TOTAL COMMON STOCKS
 (Cost $219,265)
  
  
  
356,104
 
  
  
  
Bank Loan Obligations - 4.3%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Air Transportation - 0.3%
 
  
  
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (e)(f)(l)
  
1,240
1,243
Dynasty Acquisition Co., Inc.:
  
  
  
 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7238% 4/8/26 (e)(f)(l)
  
198
193
 Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7238% 4/4/26 (e)(f)(l)
  
106
104
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (e)(f)(l)
  
465
491
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (e)(f)(l)
  
3,474
3,472
TOTAL AIR TRANSPORTATION
  
  
5,503
Automotive & Auto Parts - 0.0%
 
  
  
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (e)(f)(l)
  
111
104
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 12/17/28 (e)(f)(l)
  
330
330
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
434
Banks & Thrifts - 0.1%
 
  
  
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.605% 2/27/28 (e)(f)(l)
  
1,231
1,219
Broadcasting - 0.0%
 
  
  
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5/21/28 (f)(l)(m)
  
1,005
1,003
Building Materials - 0.2%
 
  
  
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (e)(f)(l)
  
3,189
3,168
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (e)(f)(l)
  
861
859
TOTAL BUILDING MATERIALS
  
  
4,027
Chemicals - 0.0%
 
  
  
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 11/9/28 (e)(f)(l)
  
520
519
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/22/28 (e)(f)(l)
  
380
380
TOTAL CHEMICALS
  
  
899
Consumer Products - 0.2%
 
  
  
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (e)(f)(l)
  
2,772
2,682
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (e)(f)(l)
  
731
720
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 15.5% 5/8/26 (c)(e)(f)(l)
  
1,877
1,877
TOTAL CONSUMER PRODUCTS
  
  
5,279
Containers - 0.0%
 
  
  
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/9/26 (e)(f)(l)
  
189
187
Diversified Financial Services - 0.0%
 
  
  
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(e)(f)(l)
  
462
462
Energy - 0.2%
 
  
  
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (e)(f)(l)
  
215
212
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (e)(f)(l)
  
3,653
3,648
Forbes Energy Services LLC Tranche B, term loan 0% 4/13/21 (c)(g)(l)(m)
  
610
0
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(f)(g)(l)(m)
  
1,671
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (c)(f)(g)(l)(m)
  
721
0
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (e)(f)(l)
  
335
332
TOTAL ENERGY
  
  
4,192
Environmental - 0.0%
 
  
  
Covanta Holding Corp.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 11/30/28 (e)(f)(l)
  
316
316
 Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 11/30/28 (e)(f)(l)
  
24
24
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/21/28 (e)(f)(l)
  
408
406
TOTAL ENVIRONMENTAL
  
  
746
Food/Beverage/Tobacco - 0.0%
 
  
  
Bengal Debt Merger Sub LLC:
  
  
  
 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 1/20/29 (f)(l)(m)
  
312
311
 Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 1/20/29 (f)(l)(m)
  
18
18
TOTAL FOOD/BEVERAGE/TOBACCO
  
  
329
Gaming - 0.1%
 
  
  
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 10/1/28 (e)(f)(l)
  
2,070
2,067
Golden Nugget LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 1/13/29 (e)(f)(l)
  
550
552
TOTAL GAMING
  
  
2,619
Healthcare - 0.8%
 
  
  
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (e)(f)(l)
  
2,305
2,306
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (e)(f)(l)
  
925
925
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/2/28 (e)(f)(l)
  
2,232
2,228
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (e)(f)(l)
  
985
985
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.75% 7/1/28 (e)(f)(l)
  
288
288
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1043% 6/13/26 (e)(f)(l)
  
9,580
9,446
TOTAL HEALTHCARE
  
  
16,178
Hotels - 0.1%
 
  
  
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 10/18/28 (e)(f)(l)
  
1,130
1,119
Insurance - 0.2%
 
  
  
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 2/15/27 (e)(f)(l)
  
205
205
Alliant Holdings Intermediate LLC:
  
  
  
 Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.355% 5/9/25 (e)(f)(l)
  
1,643
1,628
 Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/6/27 (e)(f)(l)
  
1,797
1,794
HUB International Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (e)(f)(l)
  
818
816
TOTAL INSURANCE
  
  
4,443
Services - 0.7%
 
  
  
ABG Intermediate Holdings 2 LLC:
  
  
  
 Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.5% 12/20/29 (e)(f)(l)
  
165
167
 Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 12/21/28 (f)(l)(m)
  
93
92
 Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 1/31/29 (f)(l)(m)
  
590
588
 Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 12/21/28 (f)(l)(m)
  
93
92
Ascend Learning LLC:
  
  
  
 2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (e)(f)(l)
  
2,170
2,180
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/10/28 (e)(f)(l)
  
6,250
6,242
KUEHG Corp.:
  
  
  
 Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (e)(f)(l)
  
2,615
2,599
 Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (e)(f)(l)
  
767
756
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (e)(f)(l)
  
1,080
1,076
TOTAL SERVICES
  
  
13,792
Technology - 0.7%
 
  
  
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (e)(f)(l)
  
142
142
athenahealth, Inc.:
  
  
  
 Tranche B 1LN, term loan:
 
  
  
3 month U.S. LIBOR + 4.250% 4.3994% 2/11/26 (e)(f)(l)
 
  
278
278
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 1/27/29 (f)(l)(m)
 
  
1,505
1,498
 Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 1/27/29 (f)(l)(m)
  
255
254
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.105% 10/31/26 (e)(f)(l)
  
162
161
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 3/31/28 (e)(f)(l)
  
259
259
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 8/19/28 (e)(f)(l)
  
1,570
1,568
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.75% 7/1/28 (e)(f)(l)
  
1,158
1,155
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (e)(f)(l)
  
1,806
1,803
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (e)(f)(l)
  
908
907
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/31/28 (e)(f)(l)
  
890
885
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (e)(f)(l)
  
773
769
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.855% 1/31/27 (e)(f)(l)
  
390
388
Ultimate Software Group, Inc.:
  
  
  
 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/3/26 (e)(f)(l)
  
4,005
3,992
 2LN, term loan 1 month U.S. LIBOR + 5.250% 5.75% 5/3/27 (e)(f)(l)
  
570
574
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.105% 2/28/27 (e)(f)(l)
  
319
318
TOTAL TECHNOLOGY
  
  
14,951
Telecommunications - 0.5%
 
  
  
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.9266% 1/31/26 (e)(f)(l)
  
4,639
4,607
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 5/1/28 (e)(f)(l)
  
680
678
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7% 5/31/25 (e)(f)(l)
  
1,795
1,540
Intelsat Jackson Holdings SA Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.3917% 7/13/22 (e)(f)(l)(n)
  
1,846
1,846
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (e)(f)(l)
  
943
918
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.105% 3/9/27 (e)(f)(l)
  
1,082
1,066
TOTAL TELECOMMUNICATIONS
  
  
10,655
Utilities - 0.2%
 
  
  
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (e)(f)(l)
  
3,743
3,668
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $93,786)
  
  
  
91,705
 
  
  
  
Preferred Securities - 6.8%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Banks & Thrifts - 6.0%
 
  
  
Ally Financial, Inc. 4.7% (e)(h)
  
2,365
2,341
Bank of America Corp.:
  
  
  
 5.125% (e)(h)
  
12,000
12,390
 5.875% (e)(h)
  
14,280
15,101
 6.1% (e)(h)
  
2,590
2,792
Citigroup, Inc.:
  
  
  
 4.15% (e)(h)
  
10,000
9,757
 4.7% (e)(h)
  
2,135
2,138
 5% (e)(h)
  
13,000
13,145
 5.35% (e)(h)
  
12,655
12,892
 6.3% (e)(h)
  
4,585
4,715
Goldman Sachs Group, Inc.:
  
  
  
 4.4% (e)(h)
  
1,120
1,095
 4.95% (e)(h)
  
1,880
1,934
 5.3% (e)(h)
  
15,000
16,088
JPMorgan Chase & Co.:
  
  
  
 4% (e)(h)
  
4,755
4,659
 4.6% (e)(h)
  
3,265
3,257
 5% (e)(h)
  
24,800
25,216
TOTAL BANKS & THRIFTS
  
  
127,520
Energy - 0.8%
 
  
  
Energy Transfer LP:
  
  
  
 6.25% (e)(h)
  
1,625
1,434
 6.625% (e)(h)
  
456
431
 7.125% (e)(h)
  
15,300
15,558
TOTAL ENERGY
  
  
17,423
 
TOTAL PREFERRED SECURITIES
 (Cost $143,954)
  
  
  
144,943
 
  
  
  
Fixed-Income Funds - 0.4%
 
  
Shares
Value ($)
(000s)
 
Fidelity Direct Lending Fund, LP (b)(c)(o)
 
 (Cost $7,318)
 
  
731,823
7,318
 
  
  
  
Money Market Funds - 10.7%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 0.08% (p)
  
218,641,888
218,686
Fidelity Securities Lending Cash Central Fund 0.08% (p)(q)
  
9,202,750
9,204
 
TOTAL MONEY MARKET FUNDS
 (Cost $227,890)
  
  
227,890
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $1,991,918)
 
  
 
2,125,914
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(2,206)
NET ASSETS - 100.0%
2,123,708
 
  
 
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)
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 $22,124,000 or 1.0% of net assets.
 
(c)
Level 3 security
 
(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 $957,646,000 or 45.1% of net assets.
 
(e)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(f)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(g)
Non-income producing - Security is in default.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(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)
The coupon rate will be determined upon settlement of the loan after period end.
 
(n)
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 $308,000 and $308,000, respectively.
 
(o)
Affiliated Fund
 
(p)
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.
 
(q)
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 - 7/13/98
1,538
Chesapeake Energy Corp.
2/10/21
33
Fidelity Direct Lending Fund, LP
12/09/21 - 1/31/22
7,319
Mesquite Energy, Inc. 15% 7/15/23
11/05/20 - 1/18/22
1,228
Mesquite Energy, Inc. 15% 7/15/23
7/10/20 - 1/18/22
711
New Cotai LLC/New Cotai Capital Corp.
9/11/20
7,224
Northeast Grocery, Inc.
11/08/21
135
Southeastern Grocers, Inc.
6/01/18
1,763
 
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 0.08%
237,311
192,632
211,257
31
-
-
218,686
0.4%
Fidelity Securities Lending Cash Central Fund 0.08%
-
14,355
5,151
1
-
-
9,204
0.0%
Total
237,311
206,987
216,408
32
-
-
227,890
  
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Fund changes its name, the name presented below is the name in effect at period end.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Direct Lending Fund, LP
-
7,318
-
20
-
-
7,318
 
-
7,318
-
20
-
-
7,318
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
 
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
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 vendors or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies and is categorized as Level 3 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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