NPORT-EX 2 QTLY_218_20220731.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® High Income Advantage Fund
July 31, 2022
HY-NPRT3-0922
1.804847.118
Corporate Bonds - 65.5%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Convertible Bonds - 0.6%
 
  
  
Diversified Financial Services - 0.1%
  
  
  
New Cotai LLC 5% 2/24/27 (b)
  
1,702
885
Energy - 0.5%
  
  
  
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
711
3,556
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
1,228
5,588
 
  
  
9,144
TOTAL CONVERTIBLE BONDS
  
  
10,029
Nonconvertible Bonds - 64.9%
 
  
  
Aerospace - 3.2%
  
  
  
ATI, Inc.:
  
  
  
 4.875% 10/1/29
 
845
723
 5.125% 10/1/31
 
750
616
Bombardier, Inc.:
  
  
  
 6% 2/15/28 (d)
  
830
716
 7.125% 6/15/26 (d)
  
1,625
1,511
 7.5% 3/15/25 (d)
  
1,789
1,744
 7.875% 4/15/27 (d)
  
3,970
3,668
Kaiser Aluminum Corp. 4.625% 3/1/28 (d)
  
1,575
1,346
Moog, Inc. 4.25% 12/15/27 (d)
  
480
448
Rolls-Royce PLC 5.75% 10/15/27 (d)
  
1,440
1,360
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d)
  
2,035
2,027
TransDigm UK Holdings PLC 6.875% 5/15/26
 
1,820
1,816
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
4,860
4,374
 4.875% 5/1/29
 
15,000
13,421
 5.5% 11/15/27
 
14,675
13,868
 6.25% 3/15/26 (d)
  
1,870
1,879
 7.5% 3/15/27
 
6,780
6,891
 
  
  
56,408
Air Transportation - 1.5%
  
  
  
Air Canada 3.875% 8/15/26 (d)
  
1,240
1,141
Delta Air Lines, Inc. 7% 5/1/25 (d)
  
369
385
Delta Air Lines, Inc. / SkyMiles IP Ltd.:
  
  
  
 4.5% 10/20/25 (d)
  
6,455
6,374
 4.75% 10/20/28 (d)
  
5,330
5,207
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d)
  
2,795
2,717
Mileage Plus Holdings LLC 6.5% 6/20/27 (d)
  
4,540
4,585
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d)
  
1,044
1,091
United Airlines, Inc.:
  
  
  
 4.375% 4/15/26 (d)
  
3,965
3,806
 4.625% 4/15/29 (d)
  
2,380
2,193
 
  
  
27,499
Automotive - 0.1%
  
  
  
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
2,125
1,802
Automotive & Auto Parts - 1.5%
  
  
  
Allison Transmission, Inc. 5.875% 6/1/29 (d)
  
1,265
1,245
Arko Corp. 5.125% 11/15/29 (d)
  
1,290
1,084
Dana, Inc.:
  
  
  
 4.25% 9/1/30
 
1,185
986
 4.5% 2/15/32
 
1,305
1,091
Ford Motor Co. 3.25% 2/12/32
 
4,225
3,528
Ford Motor Credit Co. LLC:
  
  
  
 3.375% 11/13/25
 
2,500
2,386
 4% 11/13/30
 
5,460
4,826
 5.113% 5/3/29
 
1,330
1,293
LCM Investments Holdings 4.875% 5/1/29 (d)
  
3,295
2,816
McLaren Finance PLC 7.5% 8/1/26 (d)
  
1,130
970
Nesco Holdings II, Inc. 5.5% 4/15/29 (d)
  
1,850
1,605
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)
  
785
630
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (d)(e)(f)
  
4,255
3,925
 
  
  
26,385
Banks & Thrifts - 1.5%
  
  
  
Ally Financial, Inc.:
  
  
  
 8% 11/1/31
 
3,105
3,452
 8% 11/1/31
 
16,957
19,181
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)
  
3,795
3,597
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (d)
  
1,240
1,144
 
  
  
27,374
Broadcasting - 1.8%
  
  
  
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (d)
  
1,615
1,300
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)
  
6,155
1,354
Gray Escrow II, Inc. 5.375% 11/15/31 (d)
  
9,245
8,159
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d)
  
1,145
932
Nexstar Broadcasting, Inc.:
  
  
  
 4.75% 11/1/28 (d)
  
2,980
2,779
 5.625% 7/15/27 (d)
  
3,555
3,565
Scripps Escrow II, Inc. 3.875% 1/15/29 (d)
  
360
323
Scripps Escrow, Inc. 5.875% 7/15/27 (d)
  
1,580
1,514
Sirius XM Radio, Inc.:
  
  
  
 3.125% 9/1/26 (d)
  
1,240
1,169
 3.875% 9/1/31 (d)
  
1,655
1,440
 4% 7/15/28 (d)
  
3,220
2,991
 5% 8/1/27 (d)
  
3,200
3,174
Townsquare Media, Inc. 6.875% 2/1/26 (d)
  
725
665
Univision Communications, Inc.:
  
  
  
 4.5% 5/1/29 (d)
  
1,610
1,455
 7.375% 6/30/30 (d)
  
1,225
1,240
 
  
  
32,060
Building Materials - 0.5%
  
  
  
Advanced Drain Systems, Inc.:
  
  
  
 5% 9/30/27 (d)
  
355
348
 6.375% 6/15/30 (d)
  
890
897
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d)
  
835
748
CP Atlas Buyer, Inc. 7% 12/1/28 (d)
  
710
559
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)
  
590
499
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (d)
  
1,345
1,097
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (d)
  
1,540
1,440
 6% 12/1/29 (d)
  
1,600
1,384
 6.125% 7/1/29 (d)
  
850
764
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d)
  
1,445
1,360
 
  
  
9,096
Cable/Satellite TV - 4.5%
  
  
  
Block Communications, Inc. 4.875% 3/1/28 (d)
  
1,090
956
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (d)
  
2,275
1,974
 4.5% 5/1/32
 
21,015
18,169
 4.75% 3/1/30 (d)
  
8,310
7,562
 4.75% 2/1/32 (d)
  
3,745
3,307
 5% 2/1/28 (d)
  
740
714
 5.125% 5/1/27 (d)
  
14,015
13,727
CSC Holdings LLC:
  
  
  
 4.5% 11/15/31 (d)
  
4,015
3,413
 5.375% 2/1/28 (d)
  
5,535
5,258
 5.5% 4/15/27 (d)
  
6,640
6,422
 6.5% 2/1/29 (d)
  
3,900
3,781
DISH DBS Corp.:
  
  
  
 5.25% 12/1/26 (d)
  
2,170
1,877
 5.75% 12/1/28 (d)
  
2,170
1,760
Dolya Holdco 18 DAC 5% 7/15/28 (d)
  
900
822
Radiate Holdco LLC/Radiate Financial Service Ltd.:
  
  
  
 4.5% 9/15/26 (d)
  
1,120
1,035
 6.5% 9/15/28 (d)
  
2,990
2,372
VZ Secured Financing BV 5% 1/15/32 (d)
  
3,455
3,081
Ziggo Bond Co. BV 5.125% 2/28/30 (d)
  
835
712
Ziggo BV 4.875% 1/15/30 (d)
  
3,395
3,134
 
  
  
80,076
Capital Goods - 0.1%
  
  
  
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d)
  
1,015
900
Chemicals - 1.7%
  
  
  
Compass Minerals International, Inc. 6.75% 12/1/27 (d)
  
3,450
3,316
Gpd Companies, Inc. 10.125% 4/1/26 (d)
  
370
341
Ingevity Corp. 3.875% 11/1/28 (d)
  
1,515
1,344
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (d)
  
495
425
LSB Industries, Inc. 6.25% 10/15/28 (d)
  
3,010
2,730
Olin Corp. 5% 2/1/30
 
1,555
1,442
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (d)
  
1,695
1,434
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d)
  
1,035
899
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (d)
  
1,985
1,661
The Chemours Co. LLC:
  
  
  
 5.375% 5/15/27
 
4,500
4,298
 5.75% 11/15/28 (d)
  
2,165
2,063
Tronox, Inc. 4.625% 3/15/29 (d)
  
1,705
1,470
Valvoline, Inc. 4.25% 2/15/30 (d)
  
1,155
1,048
W.R. Grace Holding LLC 5.625% 8/15/29 (d)
  
9,055
7,642
 
  
  
30,113
Consumer Products - 1.4%
  
  
  
Angi Group LLC 3.875% 8/15/28 (d)
  
750
611
Diamond BC BV 4.625% 10/1/29 (d)
  
1,015
860
Foundation Building Materials, Inc. 6% 3/1/29 (d)
  
735
565
Gannett Holdings LLC 6% 11/1/26 (d)
  
1,230
1,042
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (d)
  
1,240
1,126
Macy's Retail Holdings LLC:
  
  
  
 5.875% 3/15/30 (d)
  
920
789
 6.125% 3/15/32 (d)
  
885
744
Michaels Companies, Inc. 5.25% 5/1/28 (d)
  
1,865
1,553
Millennium Escrow Corp. 6.625% 8/1/26 (d)
  
1,660
1,302
Nordstrom, Inc.:
  
  
  
 4.25% 8/1/31
 
3,515
2,847
 4.375% 4/1/30
 
530
445
 5% 1/15/44
 
250
183
 6.95% 3/15/28
 
75
75
PetSmart, Inc. / PetSmart Finance Corp.:
  
  
  
 4.75% 2/15/28 (d)
  
1,280
1,215
 7.75% 2/15/29 (d)
  
1,120
1,078
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d)
  
1,080
886
Tempur Sealy International, Inc.:
  
  
  
 3.875% 10/15/31 (d)
  
2,230
1,807
 4% 4/15/29 (d)
  
2,045
1,762
The Scotts Miracle-Gro Co. 4% 4/1/31
 
1,530
1,262
TKC Holdings, Inc. 6.875% 5/15/28 (d)
  
5,855
5,113
 
  
  
25,265
Containers - 0.6%
  
  
  
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26
 
4,280
4,247
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26
 
1,210
1,179
Graham Packaging Co., Inc. 7.125% 8/15/28 (d)
  
825
694
Graphic Packaging International, Inc. 3.75% 2/1/30 (d)
  
1,125
1,013
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d)
  
570
476
LABL, Inc. 5.875% 11/1/28 (d)
  
2,095
1,914
Trivium Packaging Finance BV 5.5% 8/15/26 (d)
  
1,075
1,054
 
  
  
10,577
Diversified Financial Services - 2.4%
  
  
  
Altus Midstream LP 5.875% 6/15/30 (d)
  
1,335
1,356
Broadstreet Partners, Inc. 5.875% 4/15/29 (d)
  
2,115
1,809
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d)
  
965
900
Coinbase Global, Inc.:
  
  
  
 3.375% 10/1/28 (d)
  
1,270
817
 3.625% 10/1/31 (d)
  
1,270
753
Compass Group Diversified Holdings LLC:
  
  
  
 5% 1/15/32 (d)
  
870
668
 5.25% 4/15/29 (d)
  
2,270
2,003
Hightower Holding LLC 6.75% 4/15/29 (d)
  
785
617
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
3,415
3,073
 5.25% 5/15/27
 
5,725
5,496
 6.25% 5/15/26
 
6,840
6,794
LPL Holdings, Inc. 4% 3/15/29 (d)
  
2,270
2,111
MSCI, Inc.:
  
  
  
 3.25% 8/15/33 (d)
  
1,245
1,079
 4% 11/15/29 (d)
  
900
848
OneMain Finance Corp.:
  
  
  
 4% 9/15/30
 
720
565
 5.375% 11/15/29
 
9,325
7,929
 6.625% 1/15/28
 
1,185
1,111
 6.875% 3/15/25
 
775
765
 7.125% 3/15/26
 
4,710
4,560
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d)
  
510
479
 
  
  
43,733
Diversified Media - 0.3%
  
  
  
Nielsen Finance LLC/Nielsen Finance Co.:
  
  
  
 4.5% 7/15/29 (d)
  
810
762
 4.75% 7/15/31 (d)
  
805
765
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)
  
5,660
4,529
 
  
  
6,056
Energy - 7.8%
  
  
  
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.375% 6/15/29 (d)
  
1,205
1,177
 5.75% 3/1/27 (d)
  
2,355
2,344
 5.75% 1/15/28 (d)
  
1,705
1,674
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)
  
1,045
956
Callon Petroleum Co. 6.375% 7/1/26
 
1,080
1,035
CGG SA 8.75% 4/1/27 (d)
  
1,530
1,402
Cheniere Energy Partners LP:
  
  
  
 3.25% 1/31/32
 
1,270
1,108
 4% 3/1/31
 
3,980
3,698
Cheniere Energy, Inc. 4.625% 10/15/28
 
2,980
2,901
Chesapeake Energy Corp.:
  
  
  
 4.875% 12/31/49 (b)(g)
  
2,950
0
 5.75% 3/15/23 (b)(g)
  
1,890
0
 5.875% 2/1/29 (d)
  
735
739
 6.75% 4/15/29 (d)
  
1,150
1,191
 7% 10/1/24 (b)(g)
  
840
0
 8% 1/15/25 (b)(g)
  
480
0
 8% 6/15/27 (b)(g)
  
300
0
Citgo Holding, Inc. 9.25% 8/1/24 (d)
  
1,880
1,871
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (d)
  
1,105
1,061
 7% 6/15/25 (d)
  
3,035
2,989
CNX Midstream Partners LP 4.75% 4/15/30 (d)
  
900
776
CNX Resources Corp. 6% 1/15/29 (d)
  
690
671
Colgate Energy Partners III LLC 5.875% 7/1/29 (d)
  
1,165
1,063
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (d)
  
3,405
3,199
 6.75% 3/1/29 (d)
  
5,695
5,638
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
  
  
  
 5.625% 5/1/27 (d)
  
10,000
9,600
 6% 2/1/29 (d)
  
6,365
5,799
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)
  
665
618
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (d)
  
2,375
2,273
 5.75% 2/15/28 (d)
  
3,170
2,869
DCP Midstream Operating LP:
  
  
  
 5.85% 5/21/43 (d)(e)
  
5,180
4,479
 8.125% 8/16/30
 
130
141
Delek Logistics Partners LP 7.125% 6/1/28 (d)
  
2,345
2,140
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (d)
  
1,215
1,125
 4.375% 6/15/31 (d)
  
1,215
1,090
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)
  
1,365
1,367
EnLink Midstream LLC 5.375% 6/1/29
 
650
617
Hess Midstream Partners LP:
  
  
  
 4.25% 2/15/30 (d)
  
1,345
1,198
 5.125% 6/15/28 (d)
  
1,570
1,531
 5.5% 10/15/30 (d)
  
890
829
 5.625% 2/15/26 (d)
  
2,390
2,381
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (d)
  
310
300
Holly Energy Partners LP/Holly Energy Finance Corp.:
  
  
  
 5% 2/1/28 (d)
  
1,060
977
 6.375% 4/15/27 (d)
  
890
881
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d)
  
2,300
1,372
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d)
  
1,855
1,768
MEG Energy Corp. 7.125% 2/1/27 (d)
  
1,580
1,638
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(d)(g)
  
6,264
0
Nabors Industries Ltd.:
  
  
  
 7.25% 1/15/26 (d)
  
1,580
1,434
 7.5% 1/15/28 (d)
  
1,360
1,183
New Fortress Energy, Inc.:
  
  
  
 6.5% 9/30/26 (d)
  
2,675
2,533
 6.75% 9/15/25 (d)
  
540
527
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d)
  
1,410
1,288
Occidental Petroleum Corp.:
  
  
  
 3.5% 8/15/29
 
1,870
1,758
 5.875% 9/1/25
 
1,500
1,528
 6.125% 1/1/31
 
3,010
3,226
 6.2% 3/15/40
 
800
819
 6.375% 9/1/28
 
2,410
2,583
 6.45% 9/15/36
 
2,650
2,947
 6.6% 3/15/46
 
1,590
1,757
 6.625% 9/1/30
 
2,995
3,323
 7.2% 3/15/29
 
545
576
 7.5% 5/1/31
 
155
180
 8.875% 7/15/30
 
1,595
1,910
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
3,845
3,489
 7.25% 6/15/25
 
2,125
2,096
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23
 
3,315
3,318
SM Energy Co.:
  
  
  
 5.625% 6/1/25
 
2,230
2,194
 6.625% 1/15/27
 
850
847
 6.75% 9/15/26
 
845
837
Southwestern Energy Co.:
  
  
  
 5.375% 3/15/30
 
1,665
1,638
 7.75% 10/1/27
 
1,285
1,340
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (d)
  
1,610
1,467
Summit Midstream Holdings LLC 8.5% (d)(h)
  
1,290
1,231
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
1,320
1,188
 4.5% 4/30/30
 
1,710
1,500
 6% 4/15/27
 
4,240
4,219
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
  
  
  
 6% 9/1/31 (d)
  
1,245
1,122
 7.5% 10/1/25 (d)
  
1,120
1,122
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31
 
1,405
1,321
Teine Energy Ltd. 6.875% 4/15/29 (d)
  
1,145
1,066
Venture Global Calcasieu Pass LLC:
  
  
  
 3.875% 8/15/29 (d)
  
1,035
955
 4.125% 8/15/31 (d)
  
1,035
954
 
  
  
139,962
Environmental - 0.7%
  
  
  
Covanta Holding Corp.:
  
  
  
 4.875% 12/1/29 (d)
  
2,585
2,303
 5% 9/1/30
 
1,495
1,305
Darling Ingredients, Inc.:
  
  
  
 5.25% 4/15/27 (d)
  
2,155
2,159
 6% 6/15/30 (d)
  
1,160
1,200
GFL Environmental, Inc.:
  
  
  
 4% 8/1/28 (d)
  
1,275
1,150
 4.75% 6/15/29 (d)
  
1,625
1,495
Madison IAQ LLC:
  
  
  
 4.125% 6/30/28 (d)
  
1,535
1,358
 5.875% 6/30/29 (d)
  
1,225
956
 
  
  
11,926
Food & Drug Retail - 1.1%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
  
  
  
 3.5% 3/15/29 (d)
  
4,630
4,054
 4.625% 1/15/27 (d)
  
3,425
3,236
 4.875% 2/15/30 (d)
  
6,100
5,582
BellRing Brands, Inc. 7% 3/15/30 (d)
  
2,175
2,104
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d)
  
675
616
Parkland Corp.:
  
  
  
 4.5% 10/1/29 (d)
  
1,145
1,005
 4.625% 5/1/30 (d)
  
1,735
1,552
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)
  
1,470
1,323
 
  
  
19,472
Food/Beverage/Tobacco - 2.1%
  
  
  
C&S Group Enterprises LLC 5% 12/15/28 (d)
  
1,110
803
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d)
  
855
771
JBS U.S.A. Lux SA / JBS Food Co.:
  
  
  
 5.5% 1/15/30 (d)
  
10,845
10,535
 6.5% 4/15/29 (d)
  
742
754
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)
  
1,185
1,191
Lamb Weston Holdings, Inc.:
  
  
  
 4.125% 1/31/30 (d)
  
1,720
1,603
 4.375% 1/31/32 (d)
  
860
807
Performance Food Group, Inc.:
  
  
  
 4.25% 8/1/29 (d)
  
1,160
1,031
 5.5% 10/15/27 (d)
  
1,353
1,333
Pilgrim's Pride Corp.:
  
  
  
 4.25% 4/15/31 (d)
  
2,740
2,456
 5.875% 9/30/27 (d)
  
1,110
1,110
Post Holdings, Inc.:
  
  
  
 4.5% 9/15/31 (d)
  
6,170
5,476
 4.625% 4/15/30 (d)
  
2,050
1,838
 5.5% 12/15/29 (d)
  
865
818
 5.625% 1/15/28 (d)
  
2,640
2,600
Simmons Foods, Inc. 4.625% 3/1/29 (d)
  
1,070
977
TreeHouse Foods, Inc. 4% 9/1/28
 
500
435
Triton Water Holdings, Inc. 6.25% 4/1/29 (d)
  
810
609
U.S. Foods, Inc. 4.625% 6/1/30 (d)
  
1,070
980
United Natural Foods, Inc. 6.75% 10/15/28 (d)
  
1,055
1,062
 
  
  
37,189
Gaming - 2.8%
  
  
  
Affinity Gaming LLC 6.875% 12/15/27 (d)
  
550
477
Boyd Gaming Corp. 4.75% 6/15/31 (d)
  
2,025
1,863
Caesars Entertainment, Inc.:
  
  
  
 4.625% 10/15/29 (d)
  
2,530
2,145
 6.25% 7/1/25 (d)
  
5,705
5,691
 8.125% 7/1/27 (d)
  
11,605
11,605
Caesars Resort Collection LLC 5.75% 7/1/25 (d)
  
1,900
1,900
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d)
  
890
870
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:
  
  
  
 4.625% 1/15/29 (d)
  
3,710
3,460
 6.75% 1/15/30 (d)
  
3,480
2,845
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)
  
1,250
1,037
Melco Resorts Finance Ltd. 5.75% 7/21/28 (d)
  
750
531
MGM Resorts International 4.75% 10/15/28
 
1,470
1,332
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d)
  
2,515
2,716
Premier Entertainment Sub LLC:
  
  
  
 5.625% 9/1/29 (d)
  
6,120
4,942
 5.875% 9/1/31 (d)
  
2,910
2,278
Station Casinos LLC 4.625% 12/1/31 (d)
  
1,300
1,135
Studio City Finance Ltd. 5% 1/15/29 (d)
  
725
359
VICI Properties LP / VICI Note Co.:
  
  
  
 3.875% 2/15/29 (d)
  
1,445
1,319
 4.25% 12/1/26 (d)
  
3,015
2,834
 4.625% 12/1/29 (d)
  
1,720
1,638
 
  
  
50,977
Healthcare - 4.4%
  
  
  
180 Medical, Inc. 3.875% 10/15/29 (d)
  
910
827
Avantor Funding, Inc. 3.875% 11/1/29 (d)
  
860
792
Cano Health, Inc. 6.25% 10/1/28 (d)
  
565
506
Catalent Pharma Solutions:
  
  
  
 3.5% 4/1/30 (d)
  
850
760
 5% 7/15/27 (d)
  
595
595
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (d)
  
1,215
1,121
 4% 3/15/31 (d)
  
1,545
1,414
 4.25% 5/1/28 (d)
  
485
474
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (d)
  
2,860
2,302
 5.25% 5/15/30 (d)
  
2,625
2,205
 5.625% 3/15/27 (d)
  
945
840
 6% 1/15/29 (d)
  
1,085
947
 6.125% 4/1/30 (d)
  
3,220
1,722
 8% 3/15/26 (d)
  
11,505
10,987
DaVita HealthCare Partners, Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
535
407
 4.625% 6/1/30 (d)
  
4,045
3,317
Encompass Health Corp. 5.75% 9/15/25
 
400
401
Grifols Escrow Issuer SA 4.75% 10/15/28 (d)
  
850
753
HealthEquity, Inc. 4.5% 10/1/29 (d)
  
895
834
Hologic, Inc. 4.625% 2/1/28 (d)
  
645
630
IQVIA, Inc. 5% 10/15/26 (d)
  
1,125
1,120
Jazz Securities DAC 4.375% 1/15/29 (d)
  
1,635
1,574
Minerva Merger Sub, Inc. 6.5% 2/15/30 (d)
  
1,760
1,593
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (d)
  
955
874
Modivcare, Inc. 5.875% 11/15/25 (d)
  
1,105
1,078
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (d)
  
1,360
1,256
 3.875% 5/15/32 (d)
  
1,730
1,589
Option Care Health, Inc. 4.375% 10/31/29 (d)
  
950
867
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 4.125% 4/30/28 (d)
  
2,775
2,624
 5.125% 4/30/31 (d)
  
2,410
2,256
Owens & Minor, Inc. 4.5% 3/31/29 (d)
  
1,065
957
Radiology Partners, Inc. 9.25% 2/1/28 (d)
  
2,905
2,137
RP Escrow Issuer LLC 5.25% 12/15/25 (d)
  
1,340
1,205
Syneos Health, Inc. 3.625% 1/15/29 (d)
  
1,080
967
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29 (d)
  
8,360
7,775
 4.375% 1/15/30 (d)
  
6,245
5,801
 6.125% 10/1/28 (d)
  
2,590
2,525
 6.125% 6/15/30 (d)
  
2,670
2,697
 6.25% 2/1/27 (d)
  
6,945
7,026
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 4.75% 5/9/27
 
865
829
 5.125% 5/9/29
 
865
794
 
  
  
79,378
Homebuilders/Real Estate - 2.0%
  
  
  
Arcosa, Inc. 4.375% 4/15/29 (d)
  
1,075
954
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (d)
  
1,240
941
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d)
  
1,080
837
Century Communities, Inc. 3.875% 8/15/29 (d)
  
1,245
1,060
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d)
  
1,455
1,440
MPT Operating Partnership LP/MPT Finance Corp.:
  
  
  
 3.5% 3/15/31
 
1,445
1,244
 5% 10/15/27
 
8,660
8,332
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)
  
4,695
3,815
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)
  
1,725
1,376
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d)
  
1,070
872
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
  
  
  
 5.125% 8/1/30 (d)
  
1,416
1,298
 5.75% 1/15/28 (d)
  
2,100
2,030
 5.875% 6/15/27 (d)
  
1,490
1,522
TopBuild Corp. 3.625% 3/15/29 (d)
  
755
682
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
1,965
1,879
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 4.75% 4/15/28 (d)
  
4,258
3,748
 6.5% 2/15/29 (d)
  
5,265
4,053
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)
  
675
555
 
  
  
36,638
Hotels - 0.2%
  
  
  
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.75% 5/1/29 (d)
  
725
658
 4% 5/1/31 (d)
  
1,085
974
 4.875% 1/15/30
 
1,180
1,146
 
  
  
2,778
Insurance - 0.9%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 6% 8/1/29 (d)
  
1,240
1,034
 7% 11/15/25 (d)
  
5,150
4,944
Alliant Holdings Intermediate LLC:
  
  
  
 4.25% 10/15/27 (d)
  
1,470
1,370
 5.875% 11/1/29 (d)
  
1,290
1,124
 6.75% 10/15/27 (d)
  
2,275
2,159
AmWINS Group, Inc. 4.875% 6/30/29 (d)
  
1,205
1,096
AssuredPartners, Inc. 5.625% 1/15/29 (d)
  
845
752
HUB International Ltd.:
  
  
  
 5.625% 12/1/29 (d)
  
1,895
1,679
 7% 5/1/26 (d)
  
1,750
1,728
MGIC Investment Corp. 5.25% 8/15/28
 
1,040
1,001
 
  
  
16,887
Leisure - 1.3%
  
  
  
Boyne U.S.A., Inc. 4.75% 5/15/29 (d)
  
840
786
Carnival Corp.:
  
  
  
 4% 8/1/28 (d)
  
3,365
2,936
 7.625% 3/1/26 (d)
  
1,950
1,686
 9.875% 8/1/27 (d)
  
2,250
2,331
NCL Corp. Ltd.:
  
  
  
 5.875% 3/15/26 (d)
  
1,615
1,317
 5.875% 2/15/27 (d)
  
1,770
1,627
NCL Finance Ltd. 6.125% 3/15/28 (d)
  
675
522
Royal Caribbean Cruises Ltd.:
  
  
  
 5.375% 7/15/27 (d)
  
1,295
1,004
 10.875% 6/1/23 (d)
  
1,890
1,932
 11.5% 6/1/25 (d)
  
2,071
2,206
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (d)
  
1,665
1,493
Vail Resorts, Inc. 6.25% 5/15/25 (d)
  
850
869
Viking Cruises Ltd. 13% 5/15/25 (d)
  
1,265
1,340
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d)
  
625
540
Voc Escrow Ltd. 5% 2/15/28 (d)
  
3,625
3,216
 
  
  
23,805
Metals/Mining - 1.5%
  
  
  
Alcoa Nederland Holding BV 4.125% 3/31/29 (d)
  
1,980
1,862
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(g)
  
1,770
0
Arconic Corp.:
  
  
  
 6% 5/15/25 (d)
  
900
907
 6.125% 2/15/28 (d)
  
2,225
2,224
Cleveland-Cliffs, Inc.:
  
  
  
 4.625% 3/1/29 (d)
  
3,200
2,987
 4.875% 3/1/31 (d)
  
1,480
1,375
 5.875% 6/1/27
 
3,215
3,200
Eldorado Gold Corp. 6.25% 9/1/29 (d)
  
1,895
1,524
ERO Copper Corp. 6.5% 2/15/30 (d)
  
1,320
897
First Quantum Minerals Ltd.:
  
  
  
 6.5% 3/1/24 (d)
  
2,395
2,380
 6.875% 3/1/26 (d)
  
2,600
2,521
 7.5% 4/1/25 (d)
  
4,135
4,091
FMG Resources Pty Ltd. 4.375% 4/1/31 (d)
  
1,145
996
HudBay Minerals, Inc. 4.5% 4/1/26 (d)
  
905
749
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (d)
  
895
909
 8.5% 5/1/30 (d)
  
660
668
 
  
  
27,290
Paper - 0.8%
  
  
  
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:
  
  
  
 3.25% 9/1/28 (d)
  
760
706
 4% 9/1/29 (d)
  
1,515
1,303
 6% 6/15/27 (d)
  
890
916
Cascades, Inc.:
  
  
  
 5.125% 1/15/26 (d)
  
790
736
 5.375% 1/15/28 (d)
  
790
711
Clydesdale Acquisition Holdings, Inc.:
  
  
  
 6.625% 4/15/29 (d)
  
1,060
1,070
 8.75% 4/15/30 (d)
  
4,165
3,972
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)
  
1,575
1,562
Glatfelter Corp. 4.75% 11/15/29 (d)
  
1,290
879
Mercer International, Inc. 5.125% 2/1/29
 
1,920
1,798
 
  
  
13,653
Publishing/Printing - 0.1%
  
  
  
Clear Channel International BV 6.625% 8/1/25 (d)
  
2,185
2,164
Railroad - 0.1%
  
  
  
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (d)
  
1,245
1,099
Restaurants - 0.6%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
  
  
  
 3.875% 1/15/28 (d)
  
1,630
1,507
 4% 10/15/30 (d)
  
5,185
4,511
 4.375% 1/15/28 (d)
  
1,490
1,381
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d)
  
715
627
Garden SpinCo Corp. 8.625% 7/20/30 (d)
  
775
814
Papa John's International, Inc. 3.875% 9/15/29 (d)
  
765
669
Yum! Brands, Inc. 4.625% 1/31/32
 
1,530
1,454
 
  
  
10,963
Services - 2.7%
  
  
  
Adtalem Global Education, Inc. 5.5% 3/1/28 (d)
  
1,335
1,251
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)
  
2,450
1,883
ASGN, Inc. 4.625% 5/15/28 (d)
  
1,350
1,252
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:
  
  
  
 4.625% 6/1/28 (d)
  
2,899
2,574
 4.625% 6/1/28 (d)
  
1,921
1,676
Booz Allen Hamilton, Inc.:
  
  
  
 3.875% 9/1/28 (d)
  
1,385
1,314
 4% 7/1/29 (d)
  
805
768
CoreCivic, Inc. 8.25% 4/15/26
 
6,940
6,895
Fair Isaac Corp. 4% 6/15/28 (d)
  
1,530
1,427
Gartner, Inc.:
  
  
  
 3.625% 6/15/29 (d)
  
1,160
1,059
 3.75% 10/1/30 (d)
  
1,535
1,410
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)
  
1,360
1,268
H&E Equipment Services, Inc. 3.875% 12/15/28 (d)
  
2,165
1,878
Hertz Corp.:
  
  
  
 4.625% 12/1/26 (d)
  
740
659
 5% 12/1/29 (d)
  
1,435
1,227
 5.5% 10/15/24 (b)(d)(g)
  
1,505
2
 6% 1/15/28 (b)(d)(g)
  
1,385
81
 6.25% 10/15/22 (b)(g)
  
1,605
2
 7.125% 8/1/26 (b)(d)(g)
  
1,430
82
IAA, Inc. 5.5% 6/15/27 (d)
  
755
755
Iron Mountain, Inc.:
  
  
  
 4.5% 2/15/31 (d)
  
2,975
2,610
 4.875% 9/15/29 (d)
  
3,000
2,753
Service Corp. International 4% 5/15/31
 
1,610
1,481
Sotheby's 7.375% 10/15/27 (d)
  
640
616
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (d)
  
2,410
2,090
The GEO Group, Inc.:
  
  
  
 5.125% 4/1/23
 
1,365
1,314
 5.875% 10/15/24
 
1,967
1,830
 6% 4/15/26
 
1,360
1,033
TriNet Group, Inc. 3.5% 3/1/29 (d)
  
1,135
995
Uber Technologies, Inc.:
  
  
  
 4.5% 8/15/29 (d)
  
3,730
3,334
 6.25% 1/15/28 (d)
  
1,225
1,205
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)
  
1,285
1,282
 
  
  
48,006
Steel - 0.2%
  
  
  
Commercial Metals Co. 3.875% 2/15/31
 
780
647
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)
  
1,790
1,680
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)
  
610
553
 
  
  
2,880
Super Retail - 1.0%
  
  
  
Asbury Automotive Group, Inc.:
  
  
  
 4.5% 3/1/28
 
492
450
 4.625% 11/15/29 (d)
  
5,820
5,137
 4.75% 3/1/30
 
489
426
 5% 2/15/32 (d)
  
1,535
1,341
Bath & Body Works, Inc.:
  
  
  
 6.625% 10/1/30 (d)
  
3,760
3,588
 6.75% 7/1/36
 
1,340
1,216
 7.5% 6/15/29
 
1,135
1,125
Carvana Co. 5.5% 4/15/27 (d)
  
2,380
1,571
EG Global Finance PLC 8.5% 10/30/25 (d)
  
2,295
2,247
Lithia Motors, Inc. 3.875% 6/1/29 (d)
  
1,770
1,575
 
  
  
18,676
Technology - 4.4%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (d)
  
5,710
4,796
Black Knight InfoServ LLC 3.625% 9/1/28 (d)
  
1,545
1,429
Block, Inc. 3.5% 6/1/31
 
1,615
1,397
CA Magnum Holdings 5.375% (d)(h)
  
690
607
Camelot Finance SA 4.5% 11/1/26 (d)
  
1,515
1,443
CDW LLC/CDW Finance Corp. 4.25% 4/1/28
 
2,070
1,909
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)
  
1,345
1,367
Clarivate Science Holdings Corp.:
  
  
  
 3.875% 7/1/28 (d)
  
1,440
1,310
 4.875% 7/1/29 (d)
  
1,360
1,204
Crowdstrike Holdings, Inc. 3% 2/15/29
 
1,130
1,032
Elastic NV 4.125% 7/15/29 (d)
  
2,330
2,075
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:
  
  
  
 3.5% 3/1/29 (d)
  
6,110
5,439
 5.25% 12/1/27 (d)
  
1,495
1,458
II-VI, Inc. 5% 12/15/29 (d)
  
1,350
1,286
ION Trading Technologies Ltd. 5.75% 5/15/28 (d)
  
1,605
1,316
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (d)
  
1,295
1,168
Match Group Holdings II LLC:
  
  
  
 5% 12/15/27 (d)
  
1,485
1,441
 5.625% 2/15/29 (d)
  
1,565
1,534
MicroStrategy, Inc. 6.125% 6/15/28 (d)
  
4,490
3,895
NCR Corp.:
  
  
  
 5% 10/1/28 (d)
  
750
713
 5.125% 4/15/29 (d)
  
3,710
3,562
 5.25% 10/1/30 (d)
  
750
724
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d)
  
815
727
onsemi 3.875% 9/1/28 (d)
  
1,500
1,389
Open Text Corp.:
  
  
  
 3.875% 2/15/28 (d)
  
3,790
3,487
 3.875% 12/1/29 (d)
  
955
860
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (d)
  
790
730
 4.125% 12/1/31 (d)
  
780
694
Pitney Bowes, Inc.:
  
  
  
 6.875% 3/15/27 (d)
  
765
616
 7.25% 3/15/29 (d)
  
765
601
PTC, Inc.:
  
  
  
 3.625% 2/15/25 (d)
  
925
902
 4% 2/15/28 (d)
  
915
868
Rackspace Hosting, Inc. 5.375% 12/1/28 (d)
  
830
610
Roblox Corp. 3.875% 5/1/30 (d)
  
1,295
1,134
Sensata Technologies BV 4% 4/15/29 (d)
  
1,530
1,392
Synaptics, Inc. 4% 6/15/29 (d)
  
900
785
TTM Technologies, Inc. 4% 3/1/29 (d)
  
1,135
1,003
Twilio, Inc.:
  
  
  
 3.625% 3/15/29
 
5,725
5,043
 3.875% 3/15/31
 
1,340
1,187
Uber Technologies, Inc.:
  
  
  
 7.5% 9/15/27 (d)
  
4,885
4,946
 8% 11/1/26 (d)
  
7,110
7,239
Unisys Corp. 6.875% 11/1/27 (d)
  
830
782
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d)
  
2,600
2,195
 
  
  
78,295
Telecommunications - 6.0%
  
  
  
Altice Financing SA:
  
  
  
 5% 1/15/28 (d)
  
1,580
1,392
 5.75% 8/15/29 (d)
  
3,315
2,901
Altice France SA:
  
  
  
 5.125% 7/15/29 (d)
  
9,000
7,703
 5.5% 1/15/28 (d)
  
3,740
3,288
 5.5% 10/15/29 (d)
  
14,870
12,837
 8.125% 2/1/27 (d)
  
3,925
3,876
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)
  
7,020
6,252
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (d)
  
735
653
 5.625% 9/15/28 (d)
  
580
468
Cogent Communications Group, Inc. 7% 6/15/27 (d)
  
885
888
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (d)
  
2,530
2,378
 5.875% 10/15/27 (d)
  
1,375
1,355
 6% 1/15/30 (d)
  
1,710
1,437
 6.75% 5/1/29 (d)
  
1,620
1,442
 8.75% 5/15/30 (d)
  
890
945
Intelsat Jackson Holdings SA 6.5% 3/15/30 (d)
  
3,610
3,337
LCPR Senior Secured Financing DAC:
  
  
  
 5.125% 7/15/29 (d)
  
1,895
1,663
 6.75% 10/15/27 (d)
  
1,453
1,411
Level 3 Financing, Inc.:
  
  
  
 3.625% 1/15/29 (d)
  
8,140
6,803
 3.75% 7/15/29 (d)
  
3,160
2,615
Millicom International Cellular SA 4.5% 4/27/31 (d)
  
235
193
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:
  
  
  
 4.75% 4/30/27 (d)
  
850
738
 6% 2/15/28 (d)
  
565
434
Sable International Finance Ltd. 5.75% 9/7/27 (d)
  
3,635
3,208
SBA Communications Corp.:
  
  
  
 3.125% 2/1/29
 
1,695
1,483
 3.875% 2/15/27
 
2,375
2,263
Sprint Capital Corp.:
  
  
  
 6.875% 11/15/28
 
6,720
7,543
 8.75% 3/15/32
 
5,625
7,284
Sprint Corp. 7.625% 3/1/26
 
490
534
T-Mobile U.S.A., Inc. 3.5% 4/15/31
 
575
532
Uniti Group, Inc.:
  
  
  
 6% 1/15/30 (d)
  
2,125
1,517
 7.875% 2/15/25 (d)
  
2,455
2,470
Virgin Media Finance PLC 5% 7/15/30 (d)
  
4,135
3,503
VMED O2 UK Financing I PLC 4.75% 7/15/31 (d)
  
2,875
2,602
Windstream Escrow LLC 7.75% 8/15/28 (d)
  
8,515
7,624
Zayo Group Holdings, Inc. 4% 3/1/27 (d)
  
2,375
2,079
 
  
  
107,651
Textiles/Apparel - 0.3%
  
  
  
Crocs, Inc.:
  
  
  
 4.125% 8/15/31 (d)
  
825
640
 4.25% 3/15/29 (d)
  
1,110
910
Foot Locker, Inc. 4% 10/1/29 (d)
  
850
661
Kontoor Brands, Inc. 4.125% 11/15/29 (d)
  
760
641
Victoria's Secret & Co. 4.625% 7/15/29 (d)
  
3,075
2,545
 
  
  
5,397
Transportation Ex Air/Rail - 0.1%
  
  
  
Seaspan Corp. 5.5% 8/1/29 (d)
  
1,240
970
Utilities - 2.7%
  
  
  
Clearway Energy Operating LLC:
  
  
  
 3.75% 2/15/31 (d)
  
1,705
1,493
 3.75% 1/15/32 (d)
  
850
724
 4.75% 3/15/28 (d)
  
970
938
NRG Energy, Inc.:
  
  
  
 3.375% 2/15/29 (d)
  
665
574
 3.625% 2/15/31 (d)
  
1,320
1,106
 3.875% 2/15/32 (d)
  
2,070
1,769
 5.25% 6/15/29 (d)
  
1,615
1,514
 5.75% 1/15/28
 
2,590
2,496
Pacific Gas & Electric Co.:
  
  
  
 3.45% 7/1/25
 
400
383
 3.75% 7/1/28
 
400
361
 3.75% 8/15/42
 
640
451
 3.95% 12/1/47
 
3,240
2,331
 4% 12/1/46
 
3,350
2,398
 4.55% 7/1/30
 
4,919
4,535
PG&E Corp.:
  
  
  
 5% 7/1/28
 
9,040
8,253
 5.25% 7/1/30
 
1,150
1,032
Pike Corp. 5.5% 9/1/28 (d)
  
3,995
3,424
TerraForm Global, Inc. 6.125% 3/1/26 (d)
  
3,110
2,986
Vistra Operations Co. LLC:
  
  
  
 4.375% 5/1/29 (d)
  
3,105
2,887
 5% 7/31/27 (d)
  
3,565
3,510
 5.5% 9/1/26 (d)
  
522
528
 5.625% 2/15/27 (d)
  
4,435
4,449
 
  
  
48,142
TOTAL NONCONVERTIBLE BONDS
  
  
1,161,542
 
TOTAL CORPORATE BONDS
 (Cost $1,275,268)
  
  
  
1,171,571
 
  
  
  
Common Stocks - 10.5%
 
  
Shares
Value ($)
(000s)
 
Automotive & Auto Parts - 0.0%
 
  
  
UC Holdings, Inc. (b)(i)
  
29,835
149
Banks & Thrifts - 0.0%
 
  
  
Mr. Cooper Group, Inc. (i)
  
1,504
68
Broadcasting - 0.4%
 
  
  
Nexstar Broadcasting Group, Inc. Class A
 
34,232
6,448
Building Materials - 0.2%
 
  
  
Builders FirstSource, Inc. (i)
  
23,400
1,591
Carrier Global Corp.
 
45,200
1,832
TOTAL BUILDING MATERIALS
  
  
3,423
Cable/Satellite TV - 0.1%
 
  
  
Altice U.S.A., Inc. Class A (i)
  
104,700
1,100
Chemicals - 0.6%
 
  
  
CF Industries Holdings, Inc.
 
59,700
5,701
The Chemours Co. LLC
 
156,100
5,556
TOTAL CHEMICALS
  
  
11,257
Consumer Products - 0.4%
 
  
  
Tapestry, Inc.
 
47,300
1,591
Tempur Sealy International, Inc.
 
164,711
4,526
Ulta Beauty, Inc. (i)
  
4,600
1,789
TOTAL CONSUMER PRODUCTS
  
  
7,906
Containers - 0.4%
 
  
  
Berry Global Group, Inc. (i)
  
45,000
2,594
WestRock Co.
 
89,000
3,770
TOTAL CONTAINERS
  
  
6,364
Diversified Financial Services - 0.2%
 
  
  
Axis Energy Services, LLC Class A (b)(i)
  
3,912
1
OneMain Holdings, Inc.
 
103,100
3,835
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
3,836
Energy - 2.6%
 
  
  
Antero Resources Corp. (i)
  
47,902
1,899
California Resources Corp.
 
436,251
19,570
California Resources Corp. warrants 10/27/24 (i)
  
8,300
121
Cheniere Energy, Inc.
 
46,700
6,985
Chesapeake Energy Corp. (j)
  
62,788
5,913
Chesapeake Energy Corp. (c)(i)
  
3,530
332
Diamond Offshore Drilling, Inc. (i)(j)
  
16,382
111
EP Energy Corp. (b)(i)
  
147,125
1,395
Forbes Energy Services Ltd. (b)(i)
  
65,062
0
Jonah Energy Parent LLC (b)(i)
  
73,213
3,331
Mesquite Energy, Inc. (b)(i)
  
90,382
5,299
Noble Corp. (d)
  
1,410
42
PureWest Energy (b)
  
3,289
39
PureWest Energy rights (b)(i)
  
1,983
0
Superior Energy Services, Inc. Class A (b)(i)
  
17,671
452
Tidewater, Inc. warrants 11/14/42 (i)
  
12,651
307
TOTAL ENERGY
  
  
45,796
Entertainment/Film - 0.0%
 
  
  
New Cotai LLC/New Cotai Capital Corp. (b)(c)(i)
  
1,458,195
0
Environmental - 0.2%
 
  
  
Darling Ingredients, Inc. (i)
  
50,037
3,467
Food & Drug Retail - 0.3%
 
  
  
Northeast Grocery, Inc. (b)(c)
  
339,746
135
Southeastern Grocers, Inc. (b)(c)(i)
  
250,623
6,115
TOTAL FOOD & DRUG RETAIL
  
  
6,250
Food/Beverage/Tobacco - 0.2%
 
  
  
JBS SA
 
684,100
4,223
Gaming - 0.7%
 
  
  
Boyd Gaming Corp.
 
66,300
3,680
Caesars Entertainment, Inc. (i)
  
179,200
8,188
Studio City International Holdings Ltd.:
  
  
  
 ADR (d)
  
32,338
64
 (NYSE) ADR (i)
  
35,600
71
TOTAL GAMING
  
  
12,003
Healthcare - 0.7%
 
  
  
Charles River Laboratories International, Inc. (i)
  
13,300
3,332
IQVIA Holdings, Inc. (i)
  
23,000
5,526
UnitedHealth Group, Inc.
 
7,300
3,959
TOTAL HEALTHCARE
  
  
12,817
Metals/Mining - 0.1%
 
  
  
First Quantum Minerals Ltd.
 
138,600
2,533
Warrior Metropolitan Coal, Inc.
 
692
22
TOTAL METALS/MINING
  
  
2,555
Services - 0.3%
 
  
  
ASGN, Inc. (i)
  
44,100
4,576
Super Retail - 0.2%
 
  
  
Arena Brands Holding Corp. Class B (b)(c)(i)
  
42,253
115
Lowe's Companies, Inc.
 
14,100
2,701
Williams-Sonoma, Inc.
 
11,300
1,632
TOTAL SUPER RETAIL
  
  
4,448
Technology - 2.5%
 
  
  
CDW Corp.
 
18,200
3,304
Global Payments, Inc.
 
45,200
5,529
KLA Corp.
 
5,200
1,994
Lam Research Corp.
 
4,100
2,052
Marvell Technology, Inc.
 
82,100
4,571
Microchip Technology, Inc.
 
66,600
4,586
Microsoft Corp.
 
14,700
4,127
NVIDIA Corp.
 
15,100
2,743
NXP Semiconductors NV
 
14,200
2,611
onsemi (i)
  
96,100
6,418
Salesforce.com, Inc. (i)
  
20,000
3,680
SS&C Technologies Holdings, Inc.
 
56,300
3,331
TOTAL TECHNOLOGY
  
  
44,946
Telecommunications - 0.0%
 
  
  
GTT Communications, Inc. rights (b)(i)
  
65,582
66
Textiles/Apparel - 0.0%
 
  
  
Victoria's Secret & Co. (i)
  
13,433
496
Utilities - 0.4%
 
  
  
NRG Energy, Inc.
 
87,700
3,311
PG&E Corp. (i)
  
307,379
3,338
TOTAL UTILITIES
  
  
6,649
 
TOTAL COMMON STOCKS
 (Cost $128,085)
  
  
  
188,843
 
  
  
  
Bank Loan Obligations - 5.6%
 
  
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)(k)
  
1,240
1,192
Dynasty Acquisition Co., Inc.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 4/8/26 (e)(f)(k)
  
197
185
 Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 4/4/26 (e)(f)(k)
  
106
100
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.4599% 10/20/27 (e)(f)(k)
  
465
469
United Airlines, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.533% 4/21/28 (e)(f)(k)
  
3,456
3,321
TOTAL AIR TRANSPORTATION
  
  
5,267
Automotive & Auto Parts - 0.0%
 
  
  
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 7.750% 12.5% 12/16/25 (e)(f)(k)
  
112
102
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.6223% 12/17/28 (e)(f)(k)
  
328
300
TOTAL AUTOMOTIVE & AUTO PARTS
  
  
402
Banks & Thrifts - 0.1%
 
  
  
Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.9414% 2/27/28 (e)(f)(k)
  
1,225
1,200
Broadcasting - 0.1%
 
  
  
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 9.786% 5/25/26 (e)(f)(k)
  
898
851
Univision Communications, Inc.:
  
  
  
 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 6.2543% 6/10/29 (e)(f)(k)
  
115
111
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.6223% 1/31/29 (e)(f)(k)
  
1,002
958
TOTAL BROADCASTING
  
  
1,920
Building Materials - 0.3%
 
  
  
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.9703% 5/17/28 (e)(f)(k)
  
3,173
2,251
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 4.8417% 2/25/29 (e)(f)(k)
  
3,345
2,975
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.1934% 6/4/28 (e)(f)(k)
  
856
815
TOTAL BUILDING MATERIALS
  
  
6,041
Cable/Satellite TV - 0.2%
 
  
  
Numericable LLC Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 6.1995% 1/31/26 (e)(f)(k)
  
4,615
4,345
Chemicals - 0.1%
 
  
  
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7/27/29 (e)(f)(k)(l)
  
120
117
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.0625% 11/9/28 (e)(f)(k)
  
517
489
W.R. Grace Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.0625% 9/22/28 (e)(f)(k)
  
378
363
TOTAL CHEMICALS
  
  
969
Consumer Products - 0.3%
 
  
  
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 12/22/26 (e)(f)(k)
  
2,534
2,366
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.5004% 4/15/28 (e)(f)(k)
  
728
608
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 15.5% 5/8/26 (b)(e)(f)(k)
  
2,026
2,026
TOTAL CONSUMER PRODUCTS
  
  
5,000
Containers - 0.0%
 
  
  
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (e)(f)(k)
  
188
165
Energy - 0.2%
 
  
  
Citgo Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 7.000% 9.3723% 8/1/23 (e)(f)(k)
  
212
210
Citgo Petroleum Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 8.6223% 3/28/24 (e)(f)(k)
  
3,634
3,596
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (b)(e)(g)(k)
  
610
0
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(g)(k)
  
1,671
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(g)(k)
  
721
0
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.875% 11/14/25 (b)(e)(f)(k)
  
333
320
TOTAL ENERGY
  
  
4,126
Environmental - 0.0%
 
  
  
Covanta Holding Corp.:
  
  
  
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.1661% 11/30/28 (e)(f)(k)
  
316
308
 Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.1661% 11/30/28 (e)(f)(k)
  
24
23
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (e)(f)(k)
  
406
385
TOTAL ENVIRONMENTAL
  
  
716
Food/Beverage/Tobacco - 0.0%
 
  
  
Bengal Debt Merger Sub LLC 1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 5.4051% 1/24/29 (e)(f)(k)
  
330
315
Gaming - 0.3%
 
  
  
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.327% 1/27/29 (e)(f)(k)
  
5,536
5,268
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 5.0439% 4/7/29 (e)(f)(k)
  
350
342
TOTAL GAMING
  
  
5,610
Healthcare - 0.4%
 
  
  
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.2504% 10/1/27 (e)(f)(k)
  
2,294
2,221
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 5/5/28 (e)(f)(k)
  
921
898
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.625% 6/2/28 (e)(f)(k)
  
2,155
2,114
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.9161% 11/15/28 (e)(f)(k)
  
983
955
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.5625% 7/3/28 (e)(f)(k)
  
265
260
TOTAL HEALTHCARE
  
  
6,448
Hotels - 0.4%
 
  
  
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.1269% 10/18/28 (e)(f)(k)
  
7,094
6,571
Insurance - 0.5%
 
  
  
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.6223% 2/15/27 (e)(f)(k)
  
204
197
Alliant Holdings Intermediate LLC:
  
  
  
 Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.6223% 5/9/25 (e)(f)(k)
  
1,634
1,578
 Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.656% 11/12/27 (e)(f)(k)
  
1,788
1,724
HUB International Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.9812% 4/25/25 (e)(f)(k)
  
5,789
5,655
TOTAL INSURANCE
  
  
9,154
Paper - 0.1%
 
  
  
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 6.602% 4/13/29 (e)(f)(k)
  
1,340
1,285
Services - 0.9%
 
  
  
ABG Intermediate Holdings 2 LLC:
  
  
  
 Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 8.427% 12/20/29 (e)(f)(k)
  
165
150
 Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 5.927% 12/21/28 (e)(f)(k)
  
775
746
Ascend Learning LLC:
  
  
  
 2LN, term loan 1 month U.S. LIBOR + 5.750% 7.4161% 12/10/29 (e)(f)(k)
  
2,170
1,910
 Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.1661% 12/10/28 (e)(f)(k)
  
6,219
5,875
KUEHG Corp.:
  
  
  
 Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5004% 8/22/25 (e)(f)(k)
  
2,615
2,543
 Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0004% 2/21/25 (e)(f)(k)
  
763
732
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 6.875% 12/10/26 (b)(e)(f)(k)
  
1,045
1,016
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.6107% 3/4/28 (e)(f)(k)
  
2,678
2,466
TOTAL SERVICES
  
  
15,438
Technology - 1.0%
 
  
  
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.2044% 2/16/28 (e)(f)(k)
  
142
138
Athenahealth Group, Inc.:
  
  
  
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 5.6534% 2/15/29 (e)(f)(k)
  
4,161
3,958
 Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (e)(f)(k)(m)
  
705
671
Camelot Finance SA Tranche B, term loan 1 month U.S. LIBOR + 3.000% 5.3723% 10/31/26 (e)(f)(k)
  
161
157
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 3/31/28 (e)(f)(k)
  
257
246
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.5004% 8/19/28 (e)(f)(k)
  
1,570
1,519
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.5625% 7/3/28 (e)(f)(k)
  
1,065
1,045
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 2/1/28 (e)(f)(k)
  
1,765
1,713
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.6661% 6/2/28 (e)(f)(k)
  
903
856
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.8249% 8/31/28 (e)(f)(k)
  
886
849
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 4/22/28 (e)(f)(k)
  
769
739
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.1223% 1/31/27 (e)(f)(k)
  
390
379
Ultimate Software Group, Inc.:
  
  
  
 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.5351% 5/3/26 (e)(f)(k)
  
3,985
3,857
 2LN, term loan 1 month U.S. LIBOR + 5.250% 7.5351% 5/3/27 (e)(f)(k)
  
570
545
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 2/28/27 (e)(f)(k)
  
318
309
TOTAL TECHNOLOGY
  
  
16,981
Telecommunications - 0.2%
 
  
  
Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.0625% 5/1/28 (e)(f)(k)
  
676
644
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 8.5% 5/31/25 (e)(f)(k)
  
1,795
1,390
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.7504% 11/1/24 (e)(f)(k)
  
938
865
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.3723% 3/9/27 (e)(f)(k)
  
1,082
998
TOTAL TELECOMMUNICATIONS
  
  
3,897
Utilities - 0.2%
 
  
  
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.375% 6/23/25 (e)(f)(k)
  
3,724
3,590
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $106,910)
  
  
  
99,440
 
  
  
  
Preferred Securities - 7.3%
 
  
Principal
Amount (a)
(000s)
 
Value ($)
(000s)
 
Banks & Thrifts - 6.4%
 
  
  
Ally Financial, Inc. 4.7% (e)(h)
  
945
746
Bank of America Corp.:
  
  
  
 5.125% (e)(h)
  
12,000
11,626
 5.875% (e)(h)
  
14,280
13,512
 6.1% (e)(h)
  
2,590
2,619
Citigroup, Inc.:
  
  
  
 4.15% (e)(h)
  
10,000
8,806
 4.7% (e)(h)
  
2,135
1,868
 5% (e)(h)
  
13,000
12,036
 5.35% (e)(h)
  
12,655
12,101
 6.3% (e)(h)
  
4,585
4,430
Goldman Sachs Group, Inc.:
  
  
  
 4.4% (e)(h)
  
1,120
1,012
 4.95% (e)(h)
  
1,880
1,797
 5.3% (e)(h)
  
15,000
14,833
JPMorgan Chase & Co.:
  
  
  
 4% (e)(h)
  
4,755
4,172
 4.6% (e)(h)
  
3,265
2,893
 5% (e)(h)
  
24,800
23,037
TOTAL BANKS & THRIFTS
  
  
115,488
Energy - 0.9%
 
  
  
Energy Transfer LP:
  
  
  
 6.25% (e)(h)
  
1,625
1,275
 6.625% (e)(h)
  
456
347
 7.125% (e)(h)
  
15,300
13,770
TOTAL ENERGY
  
  
15,392
 
TOTAL PREFERRED SECURITIES
 (Cost $142,537)
  
  
  
130,880
 
  
  
  
Other - 1.0%
 
  
Shares
Value ($)
(000s)
 
Other - 1.0%
 
  
  
Fidelity Direct Lending Fund, LP (c)(n)
  (Cost $18,251)
  
1,825,361
18,108
 
  
  
  
Money Market Funds - 9.2%
 
  
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 2.01% (o)
  
158,057,934
158,090
Fidelity Securities Lending Cash Central Fund 2.01% (o)(p)
  
6,034,047
6,035
 
TOTAL MONEY MARKET FUNDS
 (Cost $164,124)
  
  
164,125
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.1%
 (Cost $1,835,175)
 
  
 
1,772,967
NET OTHER ASSETS (LIABILITIES) - 0.9%  
16,078
NET ASSETS - 100.0%
1,789,045
 
  
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Level 3 security
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $33,949,000 or 1.9% of net assets.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $868,844,000 or 48.6% 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)
Non-income producing
 
(j)
Security or a portion of the security is on loan at period end.
 
(k)
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower.  Such prepayments cannot be predicted with certainty.
 
(l)
The coupon rate will be determined upon settlement of the loan after period end.
 
(m)
Position or a portion of the position represents an unfunded loan commitment.  At period end, the total principal amount and market value of unfunded commitments totaled $705,000 and $671,000, respectively.
 
(n)
Affiliated Fund
 
(o)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(p)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Arena Brands Holding Corp. Class B
6/18/97 - 7/13/98
1,538
Chesapeake Energy Corp.
2/10/21
33
Fidelity Direct Lending Fund, LP
12/09/21 - 7/29/22
18,252
Mesquite Energy, Inc. 15% 7/15/23
7/10/20 - 1/18/22
711
Mesquite Energy, Inc. 15% 7/15/23
11/05/20 - 1/18/22
1,228
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 2.01%
237,311
436,891
516,112
663
-
-
158,090
0.3%
Fidelity Securities Lending Cash Central Fund 2.01%
-
36,948
30,913
4
-
-
6,035
0.0%
Total
237,311
473,839
547,025
667
-
-
164,125
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Direct Lending Fund, LP
-
18,252
-
574
-
(144)
18,108
 
-
18,252
-
574
-
(144)
18,108
 
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.
 
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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