Quarterly Holdings Report
for
Fidelity® Global High Income Fund
July 31, 2022
GHI-NPRT1-0922
1.926256.111
Corporate Bonds - 81.5%
 
  
Principal
Amount (a)
 
Value ($)
 
Convertible Bonds - 1.6%
 
  
  
Banks & Thrifts - 0.3%
  
  
  
Citigroup Global Markets Funding Luxembourg SCA 0% 7/25/24 (Reg. S)
HKD
2,000,000
245,863
Broadcasting - 0.7%
  
  
  
DISH Network Corp.:
  
  
  
 2.375% 3/15/24
 
120,000
106,800
 3.375% 8/15/26
 
646,000
459,658
 
  
  
566,458
Diversified Financial Services - 0.1%
  
  
  
New Cotai LLC 5% 2/24/27 (b)
  
146,985
76,432
Energy - 0.4%
  
  
  
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
27,566
137,830
Mesquite Energy, Inc. 15% 7/15/23 (b)(c)
  
47,694
217,008
 
  
  
354,838
Telecommunications - 0.1%
  
  
  
Cellnex Telecom SA 0.75% 11/20/31 (Reg. S)
EUR
100,000
81,028
TOTAL CONVERTIBLE BONDS
  
  
1,324,619
Nonconvertible Bonds - 79.9%
 
  
  
Aerospace - 1.2%
  
  
  
ATI, Inc.:
  
  
  
 4.875% 10/1/29
 
35,000
29,948
 5.125% 10/1/31
 
25,000
20,517
 5.875% 12/1/27
 
70,000
65,100
Bombardier, Inc.:
  
  
  
 6% 2/15/28 (d)
  
110,000
94,908
 7.875% 4/15/27 (d)
  
170,000
157,080
Embraer Netherlands Finance BV 5.05% 6/15/25
 
75,000
74,194
Moog, Inc. 4.25% 12/15/27 (d)
  
20,000
18,663
Rolls-Royce PLC 5.75% 10/15/27 (d)
  
55,000
51,936
TransDigm, Inc.:
  
  
  
 4.875% 5/1/29
 
200,000
178,950
 5.5% 11/15/27
 
335,000
316,575
Wesco Aircraft Holdings, Inc. 8.5% 11/15/24 (d)
  
45,000
22,500
 
  
  
1,030,371
Air Transportation - 0.6%
  
  
  
Air Canada 3.875% 8/15/26 (d)
  
65,000
59,800
Azul Investments LLP 5.875% 10/26/24 (d)
  
200,000
134,000
Mileage Plus Holdings LLC 6.5% 6/20/27 (d)
  
55,000
55,549
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d)
  
38,896
40,646
United Airlines, Inc.:
  
  
  
 4.375% 4/15/26 (d)
  
80,000
76,800
 4.625% 4/15/29 (d)
  
50,000
46,063
Western Global Airlines LLC 10.375% 8/15/25 (d)
  
60,000
56,084
 
  
  
468,942
Automotive - 0.2%
  
  
  
Ford Motor Credit Co. LLC 3.625% 6/17/31
 
200,000
169,632
Automotive & Auto Parts - 2.0%
  
  
  
Albion Financing 1 SARL 5.25% 10/15/26 (Reg. S)
EUR
119,000
106,528
Dana, Inc. 4.25% 9/1/30
 
40,000
33,296
Faurecia SA:
  
  
  
 2.375% 6/15/29 (Reg. S)
EUR
100,000
79,059
 2.75% 2/15/27 (Reg. S)
EUR
136,000
118,149
Ford Motor Co. 3.25% 2/12/32
 
140,000
116,900
Ford Motor Credit Co. LLC:
  
  
  
 1.355% 2/7/25
EUR
100,000
95,763
 2.9% 2/16/28
 
50,000
43,813
 3.25% 9/15/25
EUR
100,000
99,736
 5.125% 6/16/25
 
170,000
169,475
Jaguar Land Rover Automotive PLC:
  
  
  
 4.5% 1/15/26 (Reg. S)
EUR
100,000
87,385
 6.875% 11/15/26 (Reg. S)
EUR
100,000
92,240
LCM Investments Holdings 4.875% 5/1/29 (d)
  
70,000
59,815
Nesco Holdings II, Inc. 5.5% 4/15/29 (d)
  
45,000
39,038
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (d)
  
25,000
20,063
Real Hero Merger Sub 2 6.25% 2/1/29 (d)
  
20,000
16,200
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (d)(e)(f)
  
305,000
281,363
Thor Industries, Inc. 4% 10/15/29 (d)
  
100,000
81,019
Winnebago Industries, Inc. 6.25% 7/15/28 (d)
  
45,000
42,948
ZF Finance GmbH 2% 5/6/27 (Reg. S)
EUR
100,000
85,980
 
  
  
1,668,770
Banks & Thrifts - 2.8%
  
  
  
Access Bank PLC 6.125% 9/21/26 (d)
  
200,000
147,225
Ally Financial, Inc.:
  
  
  
 8% 11/1/31
 
155,000
172,333
 8% 11/1/31
 
118,000
133,478
Banca Monte dei Paschi di Siena SpA 5.375% 1/18/28 (e)
EUR
100,000
52,794
Banco Comercial Portugues SA 1.75% 4/7/28 (Reg. S) (e)
EUR
100,000
80,227
Banco de Credito Social Cooperativo SA 5.25% 11/27/31 (Reg. S) (e)
EUR
100,000
81,764
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (d)
  
150,000
149,859
Banco de Sabadell SA 5.625% 5/6/26 (Reg. S)
EUR
100,000
102,609
BankMuscat SAOG 4.75% 3/17/26 (Reg. S)
 
200,000
191,500
BBVA Bancomer SA Texas Branch 6.75% 9/30/22 (d)
  
25,000
24,975
Cliffton Ltd. 6.25% 10/25/25 (Reg. S)
 
250,000
223,125
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d)
  
250,000
236,928
HDFC Bank Ltd. 3.7% (Reg. S) (e)(g)
  
200,000
169,500
Ibercaja Banco SA 3.75% 6/15/25 (Reg. S) (e)
EUR
100,000
102,603
Mongolian Mortgage Corp. HFC LLC 8.85% 2/8/24 (Reg. S)
 
200,000
160,022
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (d)
  
130,000
113,168
Woori Bank 4.25% (Reg. S) (e)(g)
  
200,000
194,000
 
  
  
2,336,110
Broadcasting - 1.6%
  
  
  
Cable Onda SA 4.5% 1/30/30 (d)
  
200,000
178,250
Clear Channel Outdoor Holdings, Inc.:
  
  
  
 7.5% 6/1/29 (d)
  
75,000
60,375
 7.75% 4/15/28 (d)
  
35,000
28,151
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d)
  
70,000
15,400
Gray Escrow II, Inc. 5.375% 11/15/31 (d)
  
90,000
79,425
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d)
  
75,000
75,209
Scripps Escrow II, Inc.:
  
  
  
 3.875% 1/15/29 (d)
  
50,000
44,857
 5.375% 1/15/31 (d)
  
25,000
20,938
Scripps Escrow, Inc. 5.875% 7/15/27 (d)
  
60,000
57,479
Sirius XM Radio, Inc.:
  
  
  
 4% 7/15/28 (d)
  
315,000
292,635
 4.125% 7/1/30 (d)
  
65,000
58,685
Summer (BC) Holdco A SARL 9.25% 10/31/27 (Reg. S)
EUR
90,105
80,107
Summer (BC) Holdco B SARL 5.75% 10/31/26 (Reg. S)
EUR
100,000
94,766
TEGNA, Inc. 5% 9/15/29
 
85,000
83,093
TV Azteca SA de CV 8.25% 8/9/24 (Reg. S) (h)
  
200,000
83,800
Univision Communications, Inc. 6.625% 6/1/27 (d)
  
110,000
110,275
 
  
  
1,363,445
Building Materials - 1.2%
  
  
  
Advanced Drain Systems, Inc. 5% 9/30/27 (d)
  
115,000
112,700
CEMEX S.A.B. de CV 5.45% 11/19/29 (d)
  
200,000
183,500
Holcim Finance Luxembourg SA 3% (Reg. S) (e)(g)
EUR
100,000
96,144
James Hardie International Finance Ltd. 3.625% 10/1/26 (Reg. S)
EUR
100,000
94,876
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (d)
  
20,000
16,925
PGT Innovations, Inc. 4.375% 10/1/29 (d)
  
365,000
329,767
SRS Distribution, Inc.:
  
  
  
 4.625% 7/1/28 (d)
  
55,000
51,420
 6% 12/1/29 (d)
  
55,000
47,582
 6.125% 7/1/29 (d)
  
30,000
26,982
Victors Merger Corp. 6.375% 5/15/29 (d)
  
100,000
56,088
 
  
  
1,015,984
Cable/Satellite TV - 2.8%
  
  
  
Altice France Holding SA 8% 5/15/27 (d)
EUR
175,000
155,607
CCO Holdings LLC/CCO Holdings Capital Corp.:
  
  
  
 4.25% 2/1/31 (d)
  
100,000
86,750
 4.25% 1/15/34 (d)
  
115,000
93,150
 4.5% 8/15/30 (d)
  
195,000
173,339
 4.5% 6/1/33 (d)
  
120,000
101,400
 5.125% 5/1/27 (d)
  
225,000
220,376
CSC Holdings LLC:
  
  
  
 4.5% 11/15/31 (d)
  
65,000
55,250
 4.625% 12/1/30 (d)
  
75,000
57,000
 5% 11/15/31 (d)
  
65,000
48,909
 5.375% 2/1/28 (d)
  
255,000
242,250
 5.75% 1/15/30 (d)
  
100,000
80,753
 7.5% 4/1/28 (d)
  
230,000
211,025
DISH DBS Corp.:
  
  
  
 5% 3/15/23
 
250,000
245,313
 5.75% 12/1/28 (d)
  
45,000
36,506
Radiate Holdco LLC/Radiate Financial Service Ltd.:
  
  
  
 4.5% 9/15/26 (d)
  
150,000
138,660
 6.5% 9/15/28 (d)
  
110,000
87,282
Ziggo Bond Co. BV:
  
  
  
 3.375% 2/28/30 (Reg. S)
EUR
100,000
79,326
 5.125% 2/28/30 (d)
  
35,000
29,838
 6% 1/15/27 (d)
  
160,000
153,600
Ziggo BV 4.875% 1/15/30 (d)
  
50,000
46,158
 
  
  
2,342,492
Capital Goods - 0.1%
  
  
  
Tk Elevator Midco GmbH 4.375% 7/15/27 (Reg. S)
EUR
100,000
93,576
Chemicals - 2.7%
  
  
  
CF Industries Holdings, Inc.:
  
  
  
 5.15% 3/15/34
 
45,000
45,096
 5.375% 3/15/44
 
80,000
77,283
CVR Partners LP 6.125% 6/15/28 (d)
  
90,000
81,900
ENN Clean Energy International Investment Ltd.:
  
  
  
 3.375% 5/12/26 (d)
  
200,000
169,225
 3.375% 5/12/26 (Reg. S)
 
200,000
169,225
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (d)(e)
  
185,000
151,700
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:
  
  
  
 5% 12/31/26 (d)
  
10,000
8,580
 7% 12/31/27 (d)
  
15,000
11,367
LSB Industries, Inc. 6.25% 10/15/28 (d)
  
20,000
18,142
MEGlobal Canada, Inc. 5% 5/18/25 (d)
  
200,000
202,100
NOVA Chemicals Corp. 4.25% 5/15/29 (d)
  
75,000
65,156
OCP SA:
  
  
  
 3.75% 6/23/31 (d)
  
200,000
166,750
 4.5% 10/22/25 (d)
  
200,000
196,430
Sasol Financing U.S.A. LLC 4.375% 9/18/26
 
200,000
184,475
SCIH Salt Holdings, Inc.:
  
  
  
 4.875% 5/1/28 (d)
  
70,000
60,814
 6.625% 5/1/29 (d)
  
45,000
38,077
The Chemours Co. LLC:
  
  
  
 4.625% 11/15/29 (d)
  
70,000
61,425
 5.375% 5/15/27
 
200,000
191,000
 5.75% 11/15/28 (d)
  
130,000
123,889
Tronox, Inc. 4.625% 3/15/29 (d)
  
55,000
47,411
Valvoline, Inc. 4.25% 2/15/30 (d)
  
45,000
40,832
W.R. Grace Holding LLC:
  
  
  
 4.875% 6/15/27 (d)
  
70,000
67,025
 5.625% 8/15/29 (d)
  
70,000
59,080
 
  
  
2,236,982
Consumer Products - 1.7%
  
  
  
B2W Digital Lux SARL 4.375% 12/20/30 (d)
  
200,000
149,800
Central Garden & Pet Co. 4.125% 10/15/30
 
35,000
30,342
Ferrellgas LP/Ferrellgas Finance Corp.:
  
  
  
 5.375% 4/1/26 (d)
  
45,000
41,850
 5.875% 4/1/29 (d)
  
45,000
39,453
Gannett Holdings LLC 6% 11/1/26 (d)
  
45,000
38,138
Kernel Holding SA 6.75% 10/27/27 (d)
  
100,000
36,706
Macy's Retail Holdings LLC:
  
  
  
 5.875% 3/15/30 (d)
  
30,000
25,719
 6.125% 3/15/32 (d)
  
35,000
29,429
Mattel, Inc. 3.375% 4/1/26 (d)
  
20,000
18,967
Meituan 2.125% 10/28/25 (d)
  
200,000
179,200
Michaels Companies, Inc.:
  
  
  
 5.25% 5/1/28 (d)
  
65,000
54,113
 7.875% 5/1/29 (d)
  
95,000
65,075
Natura Cosmeticos SA 4.125% 5/3/28 (d)
  
200,000
168,250
PetSmart, Inc. / PetSmart Finance Corp. 7.75% 2/15/29 (d)
  
75,000
72,204
Prosus NV 4.027% 8/3/50 (d)
  
200,000
136,288
SIG PLC 5.25% 11/30/26 (Reg. S)
EUR
112,000
89,572
Tempur Sealy International, Inc.:
  
  
  
 3.875% 10/15/31 (d)
  
75,000
60,766
 4% 4/15/29 (d)
  
60,000
51,694
The Scotts Miracle-Gro Co. 4% 4/1/31
 
40,000
33,000
TKC Holdings, Inc. 10.5% 5/15/29 (d)
  
75,000
66,563
 
  
  
1,387,129
Containers - 0.8%
  
  
  
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(e)
  
70,000
52,975
Ball Corp. 4.875% 3/15/26
 
85,000
85,670
Berry Global, Inc. 4.875% 7/15/26 (d)
  
40,000
39,269
CANPACK SA and Eastern PA Land Investment Holding LLC 2.375% 11/1/27 (Reg. S)
EUR
100,000
86,874
Graham Packaging Co., Inc. 7.125% 8/15/28 (d)
  
30,000
25,231
Graphic Packaging International, Inc. 3.75% 2/1/30 (d)
  
35,000
31,512
Huhtamaki Oyj 4.25% 6/9/27 (Reg. S)
EUR
100,000
101,124
Schoeller Packaging BV 6.375% 11/1/24 (Reg. S)
EUR
200,000
161,750
Trivium Packaging Finance BV 5.5% 8/15/26 (d)
  
40,000
39,200
 
  
  
623,605
Diversified Financial Services - 3.3%
  
  
  
Broadstreet Partners, Inc. 5.875% 4/15/29 (d)
  
30,000
25,664
Coinbase Global, Inc.:
  
  
  
 3.375% 10/1/28 (d)
  
300,000
192,993
 3.625% 10/1/31 (d)
  
185,000
109,625
Cullinan Holdco SCSp 4.625% 10/15/26 (Reg. S)
EUR
104,000
88,234
Dovalue SpA 3.375% 7/31/26 (Reg. S)
EUR
125,000
109,289
FLY Leasing Ltd. 7% 10/15/24 (d)
  
105,000
57,488
Fortune Star (BVI) Ltd.:
  
  
  
 6.75% 7/2/23 (Reg. S)
 
200,000
159,000
 6.85% 7/2/24 (Reg. S)
 
200,000
137,000
Hightower Holding LLC 6.75% 4/15/29 (d)
  
25,000
19,650
HTA Group Ltd. 7% 12/18/25 (d)
  
200,000
177,600
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
  
  
  
 4.375% 2/1/29
 
165,000
148,484
 4.75% 9/15/24
 
90,000
88,313
 6.375% 12/15/25
 
295,000
294,372
Intertrust Group BV 3.375% 11/15/25 (Reg. S)
EUR
100,000
99,399
Lincoln Financing SARL 3.625% 4/1/24 (Reg. S)
EUR
100,000
100,193
Nexi SpA 2.125% 4/30/29 (Reg. S)
EUR
100,000
83,018
OneMain Finance Corp.:
  
  
  
 4% 9/15/30
 
165,000
129,525
 7.125% 3/15/26
 
200,000
193,635
Park Aerospace Holdings Ltd. 4.5% 3/15/23 (d)
  
20,000
19,823
Qtel International Finance Ltd. 2.625% 4/8/31 (d)
  
200,000
181,000
Verisure Holding AB:
  
  
  
 3.25% 2/15/27 (Reg. S)
EUR
100,000
89,429
 3.875% 7/15/26 (Reg. S)
EUR
125,000
117,905
Vivion Investments SARL 3% 8/8/24 (Reg. S)
EUR
100,000
93,007
Yihua Overseas Investment Ltd. 8.5% 12/31/49 (Reg. S) (b)(h)
  
200,000
20,100
 
  
  
2,734,746
Diversified Media - 0.7%
  
  
  
Allen Media LLC 10.5% 2/15/28 (d)
  
220,000
107,391
Lamar Media Corp. 4.875% 1/15/29
 
45,000
43,763
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d)
  
90,000
72,019
Twitter, Inc. 5% 3/1/30 (d)
  
340,000
328,190
 
  
  
551,363
Energy - 12.3%
  
  
  
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
  
  
  
 5.75% 3/1/27 (d)
  
140,000
139,339
 5.75% 1/15/28 (d)
  
60,000
58,914
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (d)
  
70,000
63,344
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d)
  
200,000
182,897
California Resources Corp. 7.125% 2/1/26 (d)
  
95,000
94,730
Canacol Energy Ltd. 5.75% 11/24/28 (d)
  
200,000
165,038
CGG SA 7.75% 4/1/27 (Reg. S)
EUR
100,000
90,962
Cheniere Energy, Inc. 4.625% 10/15/28
 
95,000
92,497
Citgo Holding, Inc. 9.25% 8/1/24 (d)
  
70,000
69,650
Citgo Petroleum Corp.:
  
  
  
 6.375% 6/15/26 (d)
  
70,000
67,200
 7% 6/15/25 (d)
  
130,000
128,044
CNX Resources Corp. 6% 1/15/29 (d)
  
25,000
24,313
Colgate Energy Partners III LLC 5.875% 7/1/29 (d)
  
80,000
73,000
Comstock Resources, Inc.:
  
  
  
 5.875% 1/15/30 (d)
  
50,000
46,976
 6.75% 3/1/29 (d)
  
90,000
89,100
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d)
  
285,000
259,641
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d)
  
25,000
23,222
CVR Energy, Inc.:
  
  
  
 5.25% 2/15/25 (d)
  
140,000
133,977
 5.75% 2/15/28 (d)
  
115,000
104,075
DCP Midstream Operating LP:
  
  
  
 5.85% 5/21/43 (d)(e)
  
60,000
51,883
 8.125% 8/16/30
 
5,000
5,440
Delek Logistics Partners LP 7.125% 6/1/28 (d)
  
45,000
41,063
Delek Overriding Royalty Levia 7.494% 12/30/23 (Reg. S) (d)
  
110,000
110,000
DT Midstream, Inc.:
  
  
  
 4.125% 6/15/29 (d)
  
75,000
69,432
 4.375% 6/15/31 (d)
  
75,000
67,313
EDP Finance BV 1.875% 9/21/29 (Reg. S)
EUR
100,000
98,485
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (d)
  
125,000
125,193
Energean Israel Finance Ltd.:
  
  
  
 4.5% 3/30/24 (Reg. S) (d)
  
40,000
38,088
 4.875% 3/30/26 (Reg. S) (d)
  
40,000
36,660
EnfraGen Energia Sur SA 5.375% 12/30/30 (d)
  
200,000
136,000
EnLink Midstream LLC 5.625% 1/15/28 (d)
  
25,000
24,267
EQM Midstream Partners LP 6.5% 7/1/27 (d)
  
70,000
70,145
EQT Corp.:
  
  
  
 3.125% 5/15/26 (d)
  
50,000
48,011
 3.625% 5/15/31 (d)
  
50,000
45,771
 5% 1/15/29
 
55,000
54,368
Genesis Energy LP/Genesis Energy Finance Corp. 8% 1/15/27
 
65,000
63,700
GeoPark Ltd. 5.5% 1/17/27 (d)
  
200,000
170,663
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29
 
55,000
50,184
Harvest Midstream I LP 7.5% 9/1/28 (d)
  
135,000
128,968
Hess Midstream Partners LP:
  
  
  
 4.25% 2/15/30 (d)
  
50,000
44,541
 5.125% 6/15/28 (d)
  
80,000
78,030
 5.5% 10/15/30 (d)
  
30,000
27,943
 5.625% 2/15/26 (d)
  
100,000
99,625
India Clean Energy Holdings 4.5% 4/18/27 (Reg. S)
 
200,000
149,000
Investment Energy Resources Ltd. 6.25% 4/26/29 (d)
  
200,000
183,163
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d)
  
95,000
56,652
Kosmos Energy Ltd. 7.125% 4/4/26 (d)
  
285,000
247,950
Leeward Renewable Energy LLC 4.25% 7/1/29 (d)
  
170,000
141,197
Leviathan Bond Ltd. 6.125% 6/30/25 (Reg. S) (d)
  
150,000
147,225
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (d)
  
320,000
256,000
Medco Oak Tree Pte Ltd. 7.375% 5/14/26 (d)
  
200,000
187,000
MEG Energy Corp. 5.875% 2/1/29 (d)
  
110,000
104,500
Nabors Industries, Inc. 5.75% 2/1/25
 
105,000
96,121
New Fortress Energy, Inc. 6.75% 9/15/25 (d)
  
55,000
53,694
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d)
  
190,000
173,578
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d)
  
90,000
87,075
Nostrum Oil & Gas Finance BV 8% 12/31/49 (d)(h)
  
400,000
95,325
Occidental Petroleum Corp.:
  
  
  
 5.5% 12/1/25
 
35,000
35,793
 5.875% 9/1/25
 
40,000
40,750
 6.125% 1/1/31
 
80,000
85,734
 6.375% 9/1/28
 
145,000
155,393
 6.6% 3/15/46
 
55,000
60,775
 6.625% 9/1/30
 
195,000
216,332
 6.95% 7/1/24
 
65,000
68,211
 7.5% 5/1/31
 
230,000
266,692
 8.875% 7/15/30
 
145,000
173,638
Oleoducto Central SA 4% 7/14/27 (d)
  
200,000
169,475
Oman Oil Co. 5.125% 5/6/28 (d)
  
200,000
189,850
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
160,000
145,200
 7.25% 6/15/25
 
70,000
69,049
Petroleos Mexicanos:
  
  
  
 4.25% 1/15/25
 
185,000
175,900
 4.875% 2/21/28 (Reg. S)
EUR
100,000
84,708
 6.49% 1/23/27
 
175,000
158,353
 7.69% 1/23/50
 
75,000
54,375
Petrorio Luxembourg SARL 6.125% 6/9/26 (d)
  
100,000
94,363
Repsol International Finance BV 4.5% 3/25/75 (Reg. S) (e)
EUR
100,000
102,077
Rio Oil Finance Trust 9.25% 7/6/24 (d)
  
34,840
36,131
Saudi Arabian Oil Co.:
  
  
  
 1.625% 11/24/25 (d)
  
200,000
187,500
 3.5% 4/16/29 (d)
  
200,000
195,500
SM Energy Co.:
  
  
  
 6.5% 7/15/28
 
25,000
24,635
 6.625% 1/15/27
 
65,000
64,756
 6.75% 9/15/26
 
25,000
24,750
Southwestern Energy Co.:
  
  
  
 4.75% 2/1/32
 
65,000
60,613
 5.375% 2/1/29
 
115,000
112,413
 8.375% 9/15/28
 
60,000
64,500
SUEK Securities DAC 3.375% 9/15/26 (b)(d)(h)
  
200,000
10,000
Sunoco LP/Sunoco Finance Corp.:
  
  
  
 4.5% 5/15/29
 
50,000
44,992
 6% 4/15/27
 
175,000
174,115
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d)
  
55,000
49,569
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (d)
  
100,000
72,750
Termocandelaria Power Ltd. 7.875% 1/30/29 (d)
  
170,000
150,376
Transocean Sentry Ltd. 5.375% 5/15/23 (d)
  
63,524
60,507
Transportadora de Gas del Sur SA 6.75% 5/2/25 (d)
  
70,000
56,166
Tullow Oil PLC:
  
  
  
 7% 3/1/25 (d)
  
200,000
162,100
 10.25% 5/15/26 (d)
  
358,000
332,940
U.S.A. Compression Partners LP 6.875% 4/1/26
 
35,000
32,805
Valaris Ltd. 8.25% 4/30/28 pay-in-kind (e)
  
10,000
9,825
Venture Global Calcasieu Pass LLC:
  
  
  
 3.875% 8/15/29 (d)
  
70,000
64,590
 4.125% 8/15/31 (d)
  
70,000
64,532
YPF SA 8.5% 3/23/25 (d)
  
278,250
200,914
 
  
  
10,174,819
Entertainment/Film - 0.1%
  
  
  
Live Nation Entertainment, Inc. 4.75% 10/15/27 (d)
  
80,000
76,200
Environmental - 0.3%
  
  
  
Covanta Holding Corp. 4.875% 12/1/29 (d)
  
40,000
35,629
Madison IAQ LLC:
  
  
  
 4.125% 6/30/28 (d)
  
55,000
48,675
 5.875% 6/30/29 (d)
  
85,000
66,356
Paprec Holding SA 3.5% 7/1/28 (Reg. S)
EUR
113,000
95,281
Stericycle, Inc. 3.875% 1/15/29 (d)
  
35,000
32,002
 
  
  
277,943
Food & Drug Retail - 0.9%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
  
  
  
 3.5% 3/15/29 (d)
  
35,000
30,648
 4.625% 1/15/27 (d)
  
130,000
122,810
 4.875% 2/15/30 (d)
  
275,000
251,625
BellRing Brands, Inc. 7% 3/15/30 (d)
  
25,000
24,188
Camposol SA 6% 2/3/27 (d)
  
200,000
161,300
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d)
  
35,000
26,583
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d)
  
25,000
22,811
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d)
  
100,000
90,005
 
  
  
729,970
Food/Beverage/Tobacco - 1.8%
  
  
  
Adecoagro SA 6% 9/21/27 (d)
  
150,000
135,000
C&S Group Enterprises LLC 5% 12/15/28 (d)
  
40,000
28,951
Central American Bottling Corp. 5.25% 4/27/29 (d)
  
200,000
187,176
Chobani LLC/Finance Corp., Inc.:
  
  
  
 4.625% 11/15/28 (d)
  
30,000
27,045
 7.5% 4/15/25 (d)
  
15,000
14,438
JBS U.S.A. Lux SA / JBS Food Co.:
  
  
  
 5.5% 1/15/30 (d)
  
120,000
116,574
 6.5% 4/15/29 (d)
  
13,000
13,218
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d)
  
48,000
48,240
Kraft Heinz Foods Co.:
  
  
  
 2.25% 5/25/28 (Reg. S)
EUR
100,000
101,649
 4.375% 6/1/46
 
15,000
13,185
 4.875% 10/1/49
 
85,000
80,207
 5.5% 6/1/50
 
25,000
25,694
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (d)
  
70,000
65,238
MARB BondCo PLC 3.95% 1/29/31 (d)
  
200,000
162,538
MHP SA 7.75% 5/10/24 (d)
  
100,000
45,000
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (d)
  
85,000
82,794
Performance Food Group, Inc.:
  
  
  
 4.25% 8/1/29 (d)
  
40,000
35,544
 5.5% 10/15/27 (d)
  
100,000
98,541
Post Holdings, Inc. 4.625% 4/15/30 (d)
  
34,000
30,490
TreeHouse Foods, Inc. 4% 9/1/28
 
20,000
17,400
Triton Water Holdings, Inc. 6.25% 4/1/29 (d)
  
30,000
22,561
U.S. Foods, Inc.:
  
  
  
 4.625% 6/1/30 (d)
  
35,000
32,069
 4.75% 2/15/29 (d)
  
80,000
74,675
United Natural Foods, Inc. 6.75% 10/15/28 (d)
  
40,000
40,250
 
  
  
1,498,477
Gaming - 2.6%
  
  
  
Affinity Gaming LLC 6.875% 12/15/27 (d)
  
20,000
17,331
Caesars Entertainment, Inc.:
  
  
  
 4.625% 10/15/29 (d)
  
90,000
76,302
 6.25% 7/1/25 (d)
  
110,000
109,725
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (d)
  
135,000
131,971
Cirsa Finance International SARL 6.25% 12/20/23 (Reg. S)
EUR
84,917
84,186
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:
  
  
  
 4.625% 1/15/29 (d)
  
90,000
83,925
 6.75% 1/15/30 (d)
  
160,000
130,800
GENM Capital Labuan Ltd. 3.882% 4/19/31 (d)
  
200,000
152,810
GLP Capital LP/GLP Financing II, Inc.:
  
  
  
 5.25% 6/1/25
 
95,000
94,169
 5.375% 4/15/26
 
30,000
29,773
Jacobs Entertainment, Inc. 6.75% 2/15/29 (d)
  
40,000
33,173
Melco Resorts Finance Ltd. 5.375% 12/4/29 (Reg. S)
 
200,000
136,508
MGM China Holdings Ltd. 4.75% 2/1/27 (Reg. S)
 
200,000
154,644
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
200,000
179,975
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d)
  
70,000
75,600
Station Casinos LLC 4.625% 12/1/31 (d)
  
115,000
100,370
Studio City Finance Ltd.:
  
  
  
 5% 1/15/29 (Reg. S)
 
200,000
99,100
 6.5% 1/15/28 (d)
  
110,000
58,149
 6.5% 1/15/28 (Reg. S)
 
200,000
105,725
VICI Properties LP / VICI Note Co. 5.75% 2/1/27 (d)
  
70,000
69,705
Wynn Macau Ltd. 5.125% 12/15/29 (Reg. S)
 
250,000
186,875
 
  
  
2,110,816
Healthcare - 6.4%
  
  
  
AHP Health Partners, Inc. 5.75% 7/15/29 (d)
  
80,000
59,358
Avantor Funding, Inc.:
  
  
  
 3.875% 11/1/29 (d)
  
70,000
64,436
 4.625% 7/15/28 (d)
  
175,000
168,476
Bayer AG:
  
  
  
 3.125% 11/12/79 (Reg. S) (e)
EUR
100,000
86,487
 5.375% 3/25/82 (Reg. S) (e)
EUR
200,000
188,811
Catalent Pharma Solutions 5% 7/15/27 (d)
  
20,000
20,016
Centene Corp.:
  
  
  
 3.375% 2/15/30
 
160,000
145,402
 4.25% 12/15/27
 
70,000
68,776
 4.625% 12/15/29
 
105,000
103,556
Charles River Laboratories International, Inc.:
  
  
  
 3.75% 3/15/29 (d)
  
20,000
18,456
 4% 3/15/31 (d)
  
55,000
50,320
 4.25% 5/1/28 (d)
  
120,000
117,300
Chrome HoldCo 5% 5/31/29 (Reg. S)
EUR
100,000
80,715
Community Health Systems, Inc.:
  
  
  
 4.75% 2/15/31 (d)
  
75,000
60,375
 5.25% 5/15/30 (d)
  
155,000
130,200
 6% 1/15/29 (d)
  
85,000
74,163
 6.125% 4/1/30 (d)
  
170,000
90,887
 6.875% 4/15/29 (d)
  
75,000
41,625
 8% 3/15/26 (d)
  
335,000
319,925
DaVita HealthCare Partners, Inc.:
  
  
  
 3.75% 2/15/31 (d)
  
60,000
45,600
 4.625% 6/1/30 (d)
  
160,000
131,200
Encompass Health Corp. 5.75% 9/15/25
 
15,000
15,035
Eurofins Scientific SA 2.125% 7/25/24 (Reg. S)
EUR
100,000
102,314
Grifols Escrow Issuer SA 4.75% 10/15/28 (d)
  
200,000
177,254
Grifols SA 2.25% 11/15/27 (Reg. S)
EUR
100,000
91,218
HealthEquity, Inc. 4.5% 10/1/29 (d)
  
30,000
27,940
Hologic, Inc. 3.25% 2/15/29 (d)
  
55,000
49,843
Jazz Securities DAC 4.375% 1/15/29 (d)
  
55,000
52,957
Minerva Merger Sub, Inc. 6.5% 2/15/30 (d)
  
265,000
239,825
Molina Healthcare, Inc.:
  
  
  
 3.875% 11/15/30 (d)
  
50,000
46,191
 3.875% 5/15/32 (d)
  
100,000
91,878
 4.375% 6/15/28 (d)
  
40,000
38,500
Mozart Borrower LP 3.875% 4/1/29 (d)
  
135,000
122,006
Option Care Health, Inc. 4.375% 10/31/29 (d)
  
30,000
27,375
Organon & Co. / Organon Foreign Debt Co-Issuer BV:
  
  
  
 2.875% 4/30/28 (Reg. S)
EUR
147,000
136,720
 4.125% 4/30/28 (d)
  
80,000
75,640
 5.125% 4/30/31 (d)
  
80,000
74,900
Owens & Minor, Inc. 6.625% 4/1/30 (d)
  
115,000
115,018
Radiology Partners, Inc. 9.25% 2/1/28 (d)
  
170,000
125,038
RP Escrow Issuer LLC 5.25% 12/15/25 (d)
  
50,000
44,958
Service Corp. International 3.375% 8/15/30
 
300,000
266,625
Surgery Center Holdings, Inc.:
  
  
  
 6.75% 7/1/25 (d)
  
30,000
28,483
 10% 4/15/27 (d)
  
70,000
71,234
Teleflex, Inc. 4.625% 11/15/27
 
30,000
29,513
Tenet Healthcare Corp.:
  
  
  
 4.25% 6/1/29 (d)
  
250,000
232,500
 4.375% 1/15/30 (d)
  
210,000
195,073
 4.625% 7/15/24
 
32,000
31,975
 6.125% 10/1/28 (d)
  
210,000
204,750
 6.25% 2/1/27 (d)
  
195,000
197,276
 6.875% 11/15/31
 
10,000
9,650
Teva Pharmaceutical Finance Netherlands III BV:
  
  
  
 1.625% 10/15/28 (Reg. S)
EUR
100,000
80,256
 3.15% 10/1/26
 
75,000
67,706
 4.1% 10/1/46
 
200,000
140,799
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (d)
  
65,000
45,175
 
  
  
5,321,709
Homebuilders/Real Estate - 2.8%
  
  
  
Abertis Infraestructuras Finance BV 3.248% (Reg. S) (e)(g)
EUR
100,000
91,094
ADLER Real Estate AG 1.875% 4/27/23 (Reg. S)
EUR
200,000
176,355
Arcosa, Inc. 4.375% 4/15/29 (d)
  
40,000
35,491
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:
  
  
  
 4.625% 8/1/29 (d)
  
40,000
31,006
 6.625% 1/15/28 (d)
  
5,000
4,375
China Aoyuan Group Ltd.:
  
  
  
 5.88% 3/1/27 (Reg. S)
 
200,000
11,000
 6.2% 3/24/26 (Reg. S)
 
200,000
11,000
China Evergrande Group:
  
  
  
 8.25% 3/23/22 (Reg. S)
 
200,000
14,663
 8.75% 6/28/25 (Reg. S)
 
200,000
16,500
China SCE Property Holdings Ltd.:
  
  
  
 7.25% 4/19/23 (Reg. S)
 
200,000
65,000
 7.375% 4/9/24 (Reg. S)
 
200,000
40,475
CIFI Holdings Group Co. Ltd. 4.375% 4/12/27 (Reg. S)
 
200,000
65,000
Easy Tactic Ltd. 6.5% 7/11/28 pay-in-kind (e)
  
208,266
28,116
Jinke Properties Group Co. Ltd. 6.85% 5/28/24 (Reg. S)
 
200,000
46,850
Kaisa Group Holdings Ltd. 11.5% 1/30/23 (Reg. S)
 
200,000
19,500
Kennedy-Wilson, Inc.:
  
  
  
 4.75% 3/1/29
 
55,000
48,538
 5% 3/1/31
 
55,000
46,888
KWG Group Holdings Ltd. 5.2% 9/21/22 (Reg. S)
 
200,000
52,000
Modernland Overseas Pte Ltd.:
  
  
  
 3% 4/30/27 pay-in-kind (Reg. S) (e)
  
1,184
516
 3% 4/30/27 pay-in-kind (e)
  
106,828
46,557
New Home Co., Inc. 7.25% 10/15/25 (d)
  
35,000
28,354
New Metro Global Ltd.:
  
  
  
 4.8% 12/15/24 (Reg. S)
 
200,000
70,288
 6.8% 8/5/23 (Reg. S)
 
200,000
98,000
Powerlong Real Estate Holding Ltd.:
  
  
  
 5.95% 4/30/25 (Reg. S)
 
200,000
24,000
 6.25% 8/10/24 (Reg. S)
 
200,000
25,000
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (d)
  
30,000
24,375
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (d)
  
110,000
87,736
Redsun Properties Group Ltd. 9.7% 4/16/23 (Reg. S)
 
220,000
19,800
RKPF Overseas 2020 A Ltd. 5.125% 7/26/26 (Reg. S)
 
200,000
73,000
Scenery Journey Ltd. 11.5% 10/24/22 (Reg. S)
 
200,000
9,000
Starwood Property Trust, Inc. 4.75% 3/15/25
 
75,000
74,493
Sunac China Holdings Ltd.:
  
  
  
 6.5% 7/9/23 (Reg. S)
 
200,000
23,000
 7.5% 2/1/24 (Reg. S)
 
200,000
22,500
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:
  
  
  
 5.75% 1/15/28 (d)
  
80,000
77,348
 5.875% 6/15/27 (d)
  
55,000
56,169
Theta Capital Pte Ltd. 6.75% 10/31/26 (Reg. S)
 
200,000
146,000
Times China Holdings Ltd. 6.75% 7/8/25 (Reg. S)
 
200,000
22,000
TRI Pointe Homes, Inc. 5.7% 6/15/28
 
15,000
14,346
Uniti Group LP / Uniti Group Finance, Inc.:
  
  
  
 4.75% 4/15/28 (d)
  
55,000
48,407
 6.5% 2/15/29 (d)
  
85,000
65,434
VICI Properties LP / VICI Note Co. 3.75% 2/15/27 (d)
  
205,000
187,727
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d)
  
25,000
20,565
Yango Justice International Ltd. 8.25% 11/25/23 (Reg. S)
 
220,000
13,200
Yanlord Land Group Ltd. 6.8% 2/27/24 (Reg. S)
 
250,000
208,750
 
  
  
2,290,416
Hotels - 0.5%
  
  
  
Hilton Domestic Operating Co., Inc.:
  
  
  
 3.625% 2/15/32 (d)
  
40,000
34,500
 3.75% 5/1/29 (d)
  
35,000
31,763
 4.875% 1/15/30
 
320,000
310,800
Lindblad Expeditions LLC 6.75% 2/15/27 (d)
  
65,000
59,628
 
  
  
436,691
Insurance - 1.4%
  
  
  
Acrisure LLC / Acrisure Finance, Inc.:
  
  
  
 7% 11/15/25 (d)
  
250,000
240,000
 10.125% 8/1/26 (d)
  
35,000
35,464
Alliant Holdings Intermediate LLC:
  
  
  
 5.875% 11/1/29 (d)
  
90,000
78,421
 6.75% 10/15/27 (d)
  
225,000
213,557
AmWINS Group, Inc. 4.875% 6/30/29 (d)
  
40,000
36,380
AssuredPartners, Inc. 5.625% 1/15/29 (d)
  
30,000
26,700
HUB International Ltd.:
  
  
  
 5.625% 12/1/29 (d)
  
60,000
53,159
 7% 5/1/26 (d)
  
190,000
187,619
MGIC Investment Corp. 5.25% 8/15/28
 
40,000
38,500
USI, Inc. 6.875% 5/1/25 (d)
  
275,000
268,369
 
  
  
1,178,169
Leisure - 1.3%
  
  
  
Carnival Corp.:
  
  
  
 5.75% 3/1/27 (d)
  
135,000
108,210
 9.875% 8/1/27 (d)
  
210,000
217,599
 10.5% 2/1/26 (d)
  
75,000
78,752
NCL Corp. Ltd.:
  
  
  
 5.875% 3/15/26 (d)
  
20,000
16,311
 5.875% 2/15/27 (d)
  
90,000
82,710
 7.75% 2/15/29 (d)
  
80,000
64,128
NCL Finance Ltd. 6.125% 3/15/28 (d)
  
25,000
19,326
Royal Caribbean Cruises Ltd.:
  
  
  
 4.25% 7/1/26 (d)
  
130,000
100,100
 5.375% 7/15/27 (d)
  
60,000
46,500
 5.5% 8/31/26 (d)
  
135,000
106,617
 9.125% 6/15/23 (d)
  
85,000
86,284
 11.5% 6/1/25 (d)
  
30,000
31,950
Studio City Co. Ltd. 7% 2/15/27 (d)
  
75,000
61,875
Vail Resorts, Inc. 6.25% 5/15/25 (d)
  
35,000
35,784
Viking Cruises Ltd. 13% 5/15/25 (d)
  
50,000
52,950
 
  
  
1,109,096
Metals/Mining - 2.9%
  
  
  
Alcoa Nederland Holding BV 4.125% 3/31/29 (d)
  
70,000
65,846
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(h)
  
210,000
0
Antofagasta PLC 2.375% 10/14/30 (d)
  
200,000
158,000
Cleveland-Cliffs, Inc.:
  
  
  
 4.625% 3/1/29 (d)
  
40,000
37,334
 4.875% 3/1/31 (d)
  
40,000
37,166
Endeavour Mining PLC 5% 10/14/26 (d)
  
200,000
163,500
ERO Copper Corp. 6.5% 2/15/30 (d)
  
230,000
156,256
First Quantum Minerals Ltd.:
  
  
  
 6.875% 3/1/26 (d)
  
105,000
101,798
 6.875% 10/15/27 (d)
  
125,000
118,125
 7.5% 4/1/25 (d)
  
130,000
128,603
FMG Resources Pty Ltd.:
  
  
  
 4.375% 4/1/31 (d)
  
40,000
34,800
 5.875% 4/15/30 (d)
  
130,000
124,008
Gcm Mining Corp. 6.875% 8/9/26 (d)
  
200,000
149,000
Howmet Aerospace, Inc. 5.95% 2/1/37
 
45,000
44,651
HudBay Minerals, Inc. 6.125% 4/1/29 (d)
  
105,000
81,638
Industrias Penoles SA de CV 4.75% 8/6/50 (d)
  
200,000
161,788
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (d)
  
85,000
86,362
 8.5% 5/1/30 (d)
  
20,000
20,250
Novelis Corp. 3.875% 8/15/31 (d)
  
115,000
98,325
PT Freeport Indonesia 5.315% 4/14/32 (d)
  
200,000
186,250
Stillwater Mining Co. 4% 11/16/26 (d)
  
200,000
171,000
VM Holding SA 6.5% 1/18/28 (d)
  
200,000
193,913
Volcan Compania Minera SAA 4.375% 2/11/26 (d)
  
100,000
87,113
 
  
  
2,405,726
Paper - 0.5%
  
  
  
Berry Global, Inc. 5.625% 7/15/27 (d)
  
35,000
35,321
Clydesdale Acquisition Holdings, Inc.:
  
  
  
 6.625% 4/15/29 (d)
  
35,000
35,340
 8.75% 4/15/30 (d)
  
200,000
190,754
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d)
  
90,000
89,238
Mercer International, Inc. 5.125% 2/1/29
 
55,000
51,494
SPA Holdings 3 OY 4.875% 2/4/28 (d)
  
45,000
36,481
 
  
  
438,628
Restaurants - 0.6%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d)
  
160,000
139,200
CEC Entertainment LLC 6.75% 5/1/26 (d)
  
60,000
56,100
Papa John's International, Inc. 3.875% 9/15/29 (d)
  
25,000
21,871
Yum! Brands, Inc.:
  
  
  
 4.625% 1/31/32
 
70,000
66,529
 4.75% 1/15/30 (d)
  
200,000
194,480
 
  
  
478,180
Services - 3.4%
  
  
  
Adtalem Global Education, Inc. 5.5% 3/1/28 (d)
  
146,000
136,786
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d)
  
30,000
23,063
APCOA Parking Holdings GmbH 4.625% 1/15/27 (Reg. S)
EUR
100,000
83,429
ASGN, Inc. 4.625% 5/15/28 (d)
  
160,000
148,400
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (d)
  
38,000
33,155
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d)
  
40,000
36,476
Booz Allen Hamilton, Inc.:
  
  
  
 3.875% 9/1/28 (d)
  
55,000
52,165
 4% 7/1/29 (d)
  
30,000
28,619
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d)
  
440,000
363,550
CoreCivic, Inc. 8.25% 4/15/26
 
100,000
99,346
Elis SA 1.625% 4/3/28 (Reg. S)
EUR
100,000
88,259
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d)
  
520,000
484,900
H&E Equipment Services, Inc. 3.875% 12/15/28 (d)
  
90,000
78,075
Hertz Corp.:
  
  
  
 4.625% 12/1/26 (d)
  
55,000
48,950
 5% 12/1/29 (d)
  
70,000
59,853
 5.5% 10/15/24 (b)(d)(h)
  
65,000
81
 6% 1/15/28 (b)(d)(h)
  
85,000
4,994
 6.25% 10/15/22 (b)(h)
  
60,000
75
 7.125% 8/1/26 (b)(d)(h)
  
85,000
4,888
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (d)
  
35,000
31,548
PeopleCert Wisdom Issuer PLC 5.75% 9/15/26 (Reg. S)
EUR
114,000
109,900
Sabre GLBL, Inc. 7.375% 9/1/25 (d)
  
60,000
59,496
Service Corp. International 5.125% 6/1/29
 
35,000
35,000
The Bidvest Group UK PLC 3.625% 9/23/26 (d)
  
200,000
178,350
The GEO Group, Inc.:
  
  
  
 5.125% 4/1/23
 
50,000
48,138
 5.875% 10/15/24
 
15,000
13,952
 6% 4/15/26
 
170,000
129,116
Uber Technologies, Inc. 4.5% 8/15/29 (d)
  
395,000
353,043
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d)
  
45,000
44,891
 
  
  
2,778,498
Steel - 1.0%
  
  
  
Big River Steel LLC/BRS Finance Corp. 6.625% 1/31/29 (d)
  
132,000
135,192
Commercial Metals Co. 3.875% 2/15/31
 
30,000
24,891
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d)
  
155,000
145,468
JSW Steel Ltd. 3.95% 4/5/27 (d)
  
200,000
169,500
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (d)
  
20,000
18,131
TMK Capital SA 4.3% 2/12/27 (Reg. S) (b)
  
200,000
20,000
Usiminas International SARL 5.875% 7/18/26 (d)
  
200,000
195,500
Vallourec SA 8.5% 6/30/26 (Reg. S)
EUR
100,000
97,782
 
  
  
806,464
Super Retail - 1.0%
  
  
  
Academy Ltd. 6% 11/15/27 (d)
  
75,000
69,527
Asbury Automotive Group, Inc.:
  
  
  
 4.5% 3/1/28
 
21,000
19,216
 4.625% 11/15/29 (d)
  
45,000
39,718
 4.75% 3/1/30
 
20,000
17,438
 5% 2/15/32 (d)
  
45,000
39,301
At Home Group, Inc.:
  
  
  
 4.875% 7/15/28 (d)
  
35,000
27,475
 7.125% 7/15/29 (d)
  
45,000
29,970
Bath & Body Works, Inc. 6.625% 10/1/30 (d)
  
110,000
104,969
Carvana Co. 4.875% 9/1/29 (d)
  
55,000
32,832
EG Global Finance PLC:
  
  
  
 6.75% 2/7/25 (d)
  
250,000
238,125
 8.5% 10/30/25 (d)
  
50,000
48,963
Group 1 Automotive, Inc. 4% 8/15/28 (d)
  
200,000
178,882
 
  
  
846,416
Technology - 4.9%
  
  
  
Acuris Finance U.S. 5% 5/1/28 (d)
  
170,000
142,800
Arcelik A/S 5% 4/3/23 (d)
  
200,000
193,725
Arches Buyer, Inc.:
  
  
  
 4.25% 6/1/28 (d)
  
35,000
29,940
 6.125% 12/1/28 (d)
  
10,000
8,200
Black Knight InfoServ LLC 3.625% 9/1/28 (d)
  
60,000
55,500
Block, Inc.:
  
  
  
 2.75% 6/1/26
 
75,000
69,937
 3.5% 6/1/31
 
75,000
64,875
CA Magnum Holdings 5.375% (d)(g)
  
400,000
352,000
Camelot Finance SA 4.5% 11/1/26 (d)
  
150,000
142,832
Castor SpA 6% 2/15/29 (Reg. S)
EUR
182,000
166,166
CDW LLC/CDW Finance Corp. 4.25% 4/1/28
 
80,000
73,794
Cellnex Finance Co. SA 1% 9/15/27 (Reg. S)
EUR
100,000
88,264
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (d)
  
120,000
121,968
Crowdstrike Holdings, Inc. 3% 2/15/29
 
70,000
63,940
Elastic NV 4.125% 7/15/29 (d)
  
40,000
35,615
Energizer Gamma Acquistion BV 3.5% 6/30/29 (Reg. S)
EUR
124,000
95,644
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d)
  
205,000
199,945
II-VI, Inc. 5% 12/15/29 (d)
  
45,000
42,863
Lenovo Group Ltd. 3.421% 11/2/30 (d)
  
200,000
166,272
Match Group Holdings II LLC:
  
  
  
 4.125% 8/1/30 (d)
  
100,000
89,452
 5.625% 2/15/29 (d)
  
65,000
63,700
MercadoLibre, Inc. 3.125% 1/14/31
 
200,000
154,538
MicroStrategy, Inc. 6.125% 6/15/28 (d)
  
235,000
203,863
NCR Corp. 5.125% 4/15/29 (d)
  
45,000
43,203
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d)
  
30,000
26,775
onsemi 3.875% 9/1/28 (d)
  
70,000
64,805
Open Text Corp. 3.875% 12/1/29 (d)
  
70,000
63,010
Open Text Holdings, Inc.:
  
  
  
 4.125% 2/15/30 (d)
  
95,000
87,799
 4.125% 12/1/31 (d)
  
70,000
62,311
Orano SA:
  
  
  
 2.75% 3/8/28 (Reg. S)
EUR
100,000
88,928
 3.375% 4/23/26 (Reg. S)
EUR
100,000
97,017
Qorvo, Inc. 4.375% 10/15/29
 
45,000
42,067
Rackspace Hosting, Inc.:
  
  
  
 3.5% 2/15/28 (d)
  
100,000
82,647
 5.375% 12/1/28 (d)
  
30,000
22,047
Roblox Corp. 3.875% 5/1/30 (d)
  
185,000
162,039
Sensata Technologies BV 4% 4/15/29 (d)
  
65,000
59,150
SoftBank Group Corp. 4.625% 7/6/28 (Reg. S)
 
200,000
165,000
Synaptics, Inc. 4% 6/15/29 (d)
  
30,000
26,181
TTM Technologies, Inc. 4% 3/1/29 (d)
  
60,000
53,014
Twilio, Inc.:
  
  
  
 3.625% 3/15/29
 
45,000
39,640
 3.875% 3/15/31
 
45,000
39,864
Uber Technologies, Inc.:
  
  
  
 7.5% 5/15/25 (d)
  
115,000
116,802
 7.5% 9/15/27 (d)
  
90,000
91,125
Unisys Corp. 6.875% 11/1/27 (d)
  
30,000
28,275
 
  
  
4,087,532
Telecommunications - 7.7%
  
  
  
Altice Financing SA 5.75% 8/15/29 (d)
  
225,000
196,875
Altice France Holding SA 6% 2/15/28 (d)
  
75,000
58,688
Altice France SA:
  
  
  
 4.25% 10/15/29 (Reg. S)
EUR
120,000
101,188
 5.125% 1/15/29 (d)
  
50,000
42,509
 5.125% 7/15/29 (d)
  
120,000
102,702
 5.5% 1/15/28 (d)
  
130,000
114,292
 8.125% 2/1/27 (d)
  
245,000
241,930
AXIAN Telecom 7.375% 2/16/27 (d)
  
200,000
178,000
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (d)
  
340,000
302,821
Cablevision Lightpath LLC:
  
  
  
 3.875% 9/15/27 (d)
  
30,000
26,663
 5.625% 9/15/28 (d)
  
20,000
16,153
Cellnex Telecom SA 1.75% 10/23/30 (Reg. S)
EUR
100,000
83,045
Cogent Communications Group, Inc. 3.5% 5/1/26 (d)
  
50,000
47,170
Consolidated Communications, Inc. 5% 10/1/28 (d)
  
135,000
106,659
CT Trust 5.125% 2/3/32 (d)
  
200,000
175,200
Digicel Group Ltd. 6.75% 3/1/23 (d)
  
150,000
94,500
Frontier Communications Holdings LLC:
  
  
  
 5% 5/1/28 (d)
  
55,000
51,686
 5.875% 10/15/27 (d)
  
50,000
49,257
 5.875% 11/1/29
 
14,771
12,408
 6% 1/15/30 (d)
  
95,000
79,807
 6.75% 5/1/29 (d)
  
60,000
53,400
 8.75% 5/15/30 (d)
  
65,000
69,023
Holdco SASU 5.125% 10/15/26 (Reg. S)
EUR
115,000
113,422
IHS Netherlands Holdco BV 8% 9/18/27 (d)
  
200,000
178,040
Intelsat Jackson Holdings SA:
  
  
  
 5.5% 8/1/23 (b)(h)
  
200,000
0
 6.5% 3/15/30 (d)
  
135,000
124,808
 8.5% 10/15/24 (b)(d)(h)
  
45,000
0
LCPR Senior Secured Financing DAC:
  
  
  
 5.125% 7/15/29 (d)
  
400,000
350,947
 6.75% 10/15/27 (d)
  
90,000
87,370
Level 3 Financing, Inc.:
  
  
  
 3.75% 7/15/29 (d)
  
95,000
78,613
 4.25% 7/1/28 (d)
  
75,000
65,434
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (d)
  
200,000
174,413
Millicom International Cellular SA 5.125% 1/15/28 (d)
  
225,000
204,435
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:
  
  
  
 4.75% 4/30/27 (d)
  
50,000
43,427
 6% 2/15/28 (d)
  
20,000
15,358
Olivetti Finance NV 7.75% 1/24/33
EUR
75,000
80,244
Sable International Finance Ltd. 5.75% 9/7/27 (d)
  
180,000
158,850
Sabre GLBL, Inc. 9.25% 4/15/25 (d)
  
45,000
45,783
SBA Communications Corp.:
  
  
  
 3.125% 2/1/29
 
100,000
87,500
 3.875% 2/15/27
 
150,000
142,926
Sprint Capital Corp. 8.75% 3/15/32
 
530,000
686,350
Telecom Italia SpA 2.75% 4/15/25 (Reg. S)
EUR
100,000
96,855
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (d)
  
200,000
189,326
Turk Telekomunikasyon A/S 6.875% 2/28/25 (d)
  
200,000
173,288
Turkcell Iletisim Hizmet A/S 5.8% 4/11/28 (d)
  
200,000
151,475
Uniti Group, Inc. 6% 1/15/30 (d)
  
210,000
149,956
Virgin Media Secured Finance PLC 5.5% 5/15/29 (d)
  
170,000
161,521
VTR Comunicaciones SpA 5.125% 1/15/28 (d)
  
176,000
128,018
Windstream Escrow LLC 7.75% 8/15/28 (d)
  
295,000
264,143
WP/AP Telecom Holdings III BV 5.5% 1/15/30 (Reg. S)
EUR
131,000
114,826
Zayo Group Holdings, Inc.:
  
  
  
 4% 3/1/27 (d)
  
115,000
100,655
 6.125% 3/1/28 (d)
  
60,000
46,500
 
  
  
6,418,459
Textiles/Apparel - 0.3%
  
  
  
Crocs, Inc.:
  
  
  
 4.125% 8/15/31 (d)
  
75,000
58,142
 4.25% 3/15/29 (d)
  
40,000
32,807
CT Investment GmbH 5.5% 4/15/26 (Reg. S)
EUR
100,000
86,670
Victoria's Secret & Co. 4.625% 7/15/29 (d)
  
50,000
41,390
 
  
  
219,009
Transportation Ex Air/Rail - 0.7%
  
  
  
Autostrade per L'italia SpA:
  
  
  
 1.625% 6/12/23
EUR
115,000
117,196
 1.75% 6/26/26 (Reg. S)
EUR
100,000
95,756
 1.875% 9/26/29 (Reg. S)
EUR
100,000
86,268
 2% 1/15/30 (Reg. S)
EUR
100,000
85,630
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d)
  
40,000
35,696
Navios Maritime Holdings, Inc. 11.25% 8/15/22 (d)
  
9,000
8,989
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d)
  
110,000
100,169
Seaspan Corp. 5.5% 8/1/29 (d)
  
110,000
86,075
 
  
  
615,779
Utilities - 4.8%
  
  
  
Clearway Energy Operating LLC 4.75% 3/15/28 (d)
  
40,000
38,700
ContourGlobal Power Holdings SA 3.125% 1/1/28 (Reg. S)
EUR
121,000
97,883
DPL, Inc.:
  
  
  
 4.125% 7/1/25
 
180,000
174,492
 4.35% 4/15/29
 
215,000
197,830
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (d)
  
100,000
99,019
Greenko Investment Co. 4.875% 8/16/23 (Reg. S)
 
200,000
193,788
InterGen NV 7% 6/30/23 (d)
  
845,000
812,907
Mong Duong Finance Holdings BV 5.125% 5/7/29 (d)
  
100,000
81,269
NextEra Energy Partners LP 4.25% 9/15/24 (d)
  
4,000
3,910
NRG Energy, Inc.:
  
  
  
 3.875% 2/15/32 (d)
  
45,000
38,463
 5.25% 6/15/29 (d)
  
60,000
56,250
Pacific Gas & Electric Co.:
  
  
  
 3.75% 8/15/42
 
10,000
7,049
 3.95% 12/1/47
 
55,000
39,566
 4.55% 7/1/30
 
415,000
382,606
 4.95% 7/1/50
 
415,000
343,671
PG&E Corp. 5% 7/1/28
 
375,000
342,353
Pike Corp. 5.5% 9/1/28 (d)
  
180,000
154,251
PT Cikarang Listrindo Tbk 4.95% 9/14/26 (Reg. S)
 
200,000
186,500
Solaris Midstream Holdings LLC 7.625% 4/1/26 (d)
  
70,000
67,827
Star Energy Geothermal Wayang Windu Ltd. 6.75% 4/24/33 (Reg. S)
 
164,540
155,213
Teollisuuden Voima Oyj 1.375% 6/23/28 (Reg. S)
EUR
198,000
171,777
TerraForm Global, Inc. 6.125% 3/1/26 (d)
  
160,000
153,600
Vertiv Group Corp. 4.125% 11/15/28 (d)
  
95,000
84,075
Vistra Operations Co. LLC 5.625% 2/15/27 (d)
  
60,000
60,193
 
  
  
3,943,192
TOTAL NONCONVERTIBLE BONDS
  
  
66,265,336
 
TOTAL CORPORATE BONDS
 (Cost $81,053,686)
  
  
  
67,589,955
 
  
  
  
Government Obligations - 1.5%
 
  
Principal
Amount (a)
 
Value ($)
 
Germany - 1.0%
 
  
  
German Federal Republic 0% 9/16/22 (Reg. S)
EUR
810,000
827,864
Sri Lanka - 0.2%
 
  
  
Democratic Socialist Republic of Sri Lanka:
  
  
  
 6.2% 5/11/27 (Reg. S) (h)
  
200,000
58,913
 7.55% 3/28/30 (Reg. S) (h)
  
200,000
58,725
 7.85% 3/14/29(Reg. S) (h)
  
200,000
58,725
TOTAL SRI LANKA
  
  
176,363
United States of America - 0.3%
 
  
  
U.S. Treasury Bonds 2.875% 5/15/52
 
231,000
223,420
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $1,697,300)
  
  
  
1,227,647
 
  
  
  
Common Stocks - 2.3%
 
  
Shares
Value ($)
 
Automotive & Auto Parts - 0.0%
 
  
  
UC Holdings, Inc. (b)(i)
  
3,510
17,480
Energy - 1.7%
 
  
  
California Resources Corp.
 
5,929
265,975
California Resources Corp. warrants 10/27/24 (i)
  
530
7,738
Chesapeake Energy Corp.
 
3,494
329,030
Chesapeake Energy Corp. (c)(i)
  
85
8,004
Denbury, Inc. (i)
  
2,860
205,663
Denbury, Inc. warrants 9/18/25 (i)
  
1,038
43,212
EP Energy Corp. (b)(i)
  
7,975
75,603
Jonah Energy Parent LLC (b)(i)
  
3,631
165,211
Mesquite Energy, Inc. (b)(i)
  
3,543
207,743
Noble Corp. (i)(j)
  
146
4,380
Noble Corp. (d)
  
58
1,740
Noble Corp.:
  
  
  
 warrants 2/5/28 (i)
  
600
8,100
 warrants 2/5/28 (i)
  
600
7,200
PureWest Energy (b)
  
105
1,261
PureWest Energy rights (b)(i)
  
63
0
Superior Energy Services, Inc. Class A (b)(i)
  
609
15,591
Tidewater, Inc. warrants 11/14/42 (i)
  
1,897
45,966
TOTAL ENERGY
  
  
1,392,417
Entertainment/Film - 0.0%
 
  
  
New Cotai LLC/New Cotai Capital Corp. (b)(c)(i)
  
125,816
1
Food & Drug Retail - 0.2%
 
  
  
Northeast Grocery, Inc. (b)(c)
  
12,754
5,075
Southeastern Grocers, Inc. (b)(c)(i)
  
7,744
188,954
TOTAL FOOD & DRUG RETAIL
  
  
194,029
Telecommunications - 0.0%
 
  
  
Intelsat Jackson Holdings SA:
  
  
  
 Series A rights (b)(i)
  
240
0
 Series B rights (b)(i)
  
240
0
TOTAL TELECOMMUNICATIONS
  
  
0
Textiles/Apparel - 0.1%
 
  
  
Intelsat Emergence SA (b)
  
2,304
92,874
Utilities - 0.3%
 
  
  
NRG Energy, Inc.
 
1,300
49,075
Vistra Corp.
 
6,495
167,896
TOTAL UTILITIES
  
  
216,971
 
TOTAL COMMON STOCKS
 (Cost $1,382,736)
  
  
  
1,913,772
 
  
  
  
Convertible Preferred Stocks - 0.2%
 
  
Shares
Value ($)
 
Utilities - 0.2%
 
  
  
PG&E Corp.
  (Cost $152,083)
  
1,400
145,489
 
  
  
  
Bank Loan Obligations - 3.0%
 
  
Principal
Amount (a)
 
Value ($)
 
Aerospace - 0.1%
 
  
  
TransDigm, Inc. Tranche F 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.6223% 12/9/25 (e)(f)(k)
  
76,252
73,941
Banks & Thrifts - 0.0%
 
  
  
First Eagle Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.7504% 2/1/27 (e)(f)(k)
  
28,477
26,917
Broadcasting - 0.0%
 
  
  
Diamond Sports Group LLC 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 9.786% 5/25/26 (e)(f)(k)
  
10,216
9,679
Building Materials - 0.1%
 
  
  
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 4.8417% 2/25/29 (e)(f)(k)
  
50,000
44,475
Cable/Satellite TV - 0.4%
 
  
  
Numericable LLC Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 6.1995% 1/31/26 (e)(f)(k)
  
371,953
350,216
Chemicals - 0.2%
 
  
  
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (b)(e)(f)(k)
  
168,300
162,830
Starfruit U.S. Holdco LLC Tranche B, term loan 1 month U.S. LIBOR + 3.000% 5.2504% 10/1/25 (e)(f)(k)
  
33,402
32,333
TOTAL CHEMICALS
  
  
195,163
Consumer Products - 0.1%
 
  
  
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.5004% 4/15/28 (e)(f)(k)
  
24,750
20,679
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 15.5% 5/8/26 (b)(e)(f)(k)
  
76,077
76,077
TOTAL CONSUMER PRODUCTS
  
  
96,756
Diversified Financial Services - 0.4%
 
  
  
BCP Renaissance Parent LLC Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 5.5544% 10/31/26 (e)(f)(k)
  
13,014
12,650
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.762% 3/1/25 (e)(f)(k)
  
15,251
14,832
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(f)(k)
  
326,074
326,074
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
353,556
Energy - 0.3%
 
  
  
Citgo Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 7.000% 9.3723% 8/1/23 (e)(f)(k)
  
9,653
9,537
Citgo Petroleum Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 8.6223% 3/28/24 (e)(f)(k)
  
136,708
135,273
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.08% 3/1/26 (e)(f)(k)
  
70,955
59,731
Mesquite Energy, Inc.:
  
  
  
 1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(f)(h)(k)
  
65,772
0
 term loan 3 month U.S. LIBOR + 0.000% 0% (b)(f)(h)(k)
  
28,000
0
TOTAL ENERGY
  
  
204,541
Gaming - 0.0%
 
  
  
Scientific Games Holdings LP term loan CME Term SOFR 1 Month Index + 3.500% 5.6165% 4/4/29 (e)(f)(k)
  
15,000
14,306
Healthcare - 0.1%
 
  
  
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.3723% 11/1/28 (e)(f)(k)
  
9,975
9,640
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.9161% 11/15/28 (e)(f)(k)
  
34,913
33,942
TOTAL HEALTHCARE
  
  
43,582
Hotels - 0.0%
 
  
  
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 6.750% 9.0004% 5/30/26 (e)(f)(k)
  
37,272
28,664
Insurance - 0.1%
 
  
  
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.6223% 2/15/27 (e)(f)(k)
  
4,975
4,801
Alliant Holdings Intermediate LLC:
  
  
  
 Tranche B, term loan 1 month U.S. LIBOR + 3.250% 5.6223% 5/10/25 (e)(f)(k)
  
4,751
4,588
 Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.6223% 5/9/25 (e)(f)(k)
  
63,050
60,855
TOTAL INSURANCE
  
  
70,244
Leisure - 0.0%
 
  
  
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.8723% 8/17/28 (e)(f)(k)
  
4,789
4,613
Railroad - 0.0%
 
  
  
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.8059% 11/23/29 (b)(e)(f)(k)
  
30,000
29,850
Services - 0.4%
 
  
  
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)
  
5,000
4,550
Ascend Learning LLC 2LN, term loan 1 month U.S. LIBOR + 5.750% 7.4161% 12/10/29 (e)(f)(k)
  
10,000
8,800
Finastra U.S.A., Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.4889% 6/13/25 (e)(f)(k)
  
220,000
192,364
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5004% 8/22/25 (e)(f)(k)
  
95,000
92,388
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 1/23/27 (e)(f)(k)
  
14,700
14,213
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.6107% 3/4/28 (e)(f)(k)
  
39,500
36,377
TOTAL SERVICES
  
  
348,692
Super Retail - 0.2%
 
  
  
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 5.4161% 3/5/28 (e)(f)(k)
  
157,609
143,818
Technology - 0.6%
 
  
  
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0004% 8/10/25 (e)(f)(k)
  
115,424
88,188
Athenahealth Group, Inc.:
  
  
  
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 5.6534% 2/15/29 (e)(f)(k)
  
85,507
81,339
 Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (e)(f)(k)(l)
  
14,493
13,786
MH Sub I LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.1223% 9/15/24 (e)(f)(k)
  
14,886
14,433
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.1223% 5/4/26 (e)(f)(k)
  
19,450
18,891
Ultimate Software Group, Inc.:
  
  
  
 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.5351% 5/3/26 (e)(f)(k)
  
198,255
191,905
 2LN, term loan 1 month U.S. LIBOR + 5.250% 7.5351% 5/3/27 (e)(f)(k)
  
30,000
28,661
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 4.6661% 2/28/27 (e)(f)(k)
  
14,663
14,278
TOTAL TECHNOLOGY
  
  
451,481
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $2,677,689)
  
  
  
2,490,494
 
  
  
  
Preferred Securities - 4.7%
 
  
Principal
Amount (a)
 
Value ($)
 
Automotive & Auto Parts - 0.1%
 
  
  
Volkswagen International Finance NV 4.375% (Reg. S) (e)(g)
EUR
100,000
89,810
Banks & Thrifts - 2.4%
 
  
  
AIB Group PLC 5.25% (Reg. S) (e)(g)
EUR
200,000
194,406
Axis Bank GIFT City 4.1% (Reg. S) (e)(g)
  
200,000
168,000
Bangkok Bank Ltd. PCL 5% (Reg. S) (e)(g)
  
200,000
185,913
Bank of America Corp.:
  
  
  
 4.3% (e)(g)
  
60,000
52,500
 5.875% (e)(g)
  
190,000
179,788
Citigroup, Inc.:
  
  
  
 4% (e)(g)
  
140,000
130,148
 4.7% (e)(g)
  
90,000
78,750
 5% (e)(g)
  
180,000
166,656
 5.35% (e)(g)
  
350,000
334,688
 5.95% (e)(g)
  
145,000
144,220
Emirates NBD Bank PJSC 6.125% (Reg. S) (e)(g)
  
200,000
196,750
JPMorgan Chase & Co. 4.6% (e)(g)
  
135,000
119,608
Tinkoff Credit Systems 6% (d)(e)(g)
  
100,000
27,000
TOTAL BANKS & THRIFTS
  
  
1,978,427
Building Materials - 0.2%
 
  
  
CEMEX S.A.B. de CV 5.125% (d)(e)(g)
  
200,000
167,000
Diversified Financial Services - 0.5%
 
  
  
CAS Capital No 1 Ltd. 4% (Reg. S) (e)(g)
  
200,000
155,004
LeasePlan Corp. NV 7.375% (Reg. S) (e)(g)
EUR
200,000
208,645
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
363,649
Energy - 0.1%
 
  
  
Repsol International Finance BV 4.247% (e)(g)
EUR
100,000
93,240
Homebuilders/Real Estate - 0.3%
 
  
  
CIFI Holdings Group Co. Ltd. 5.375% (Reg. S) (e)(g)
  
200,000
59,850
CPI Property Group SA 4.875% (Reg. S) (e)(g)
EUR
100,000
73,077
RKI Overseas Finance 2017 (A) 7% (Reg. S) (g)
  
200,000
60,000
Yuzhou Properties Co. 5.375% (Reg. S) (e)(g)
  
200,000
6,000
TOTAL HOMEBUILDERS/REAL ESTATE
  
  
198,927
Technology - 0.4%
 
  
  
Network i2i Ltd.:
  
  
  
 3.975% (Reg. S) (e)(g)
  
200,000
165,500
 5.65% (Reg. S) (e)(g)
  
200,000
191,960
TOTAL TECHNOLOGY
  
  
357,460
Telecommunications - 0.2%
 
  
  
Telefonica Europe BV 3.875% (Reg. S) (e)(g)
EUR
200,000
190,416
Utilities - 0.5%
 
  
  
EDF SA:
  
  
  
 3.375% (e)(g)
EUR
200,000
162,589
 5% (Reg. S) (e)(g)
EUR
100,000
97,095
 5.375% (Reg. S) (e)(g)
EUR
100,000
100,879
Veolia Environnement SA 2.5% (Reg. S) (e)(g)
EUR
100,000
85,447
TOTAL UTILITIES
  
  
446,010
 
TOTAL PREFERRED SECURITIES
 (Cost $5,018,719)
  
  
  
3,884,939
 
  
  
  
Money Market Funds - 4.2%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 2.01% (m)
  
3,534,873
3,535,580
Fidelity Securities Lending Cash Central Fund 2.01% (m)(n)
  
2,975
2,975
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,538,463)
  
  
3,538,555
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 97.4%
 (Cost $95,520,676)
 
  
 
80,790,851
NET OTHER ASSETS (LIABILITIES) - 2.6%  
2,174,479
NET ASSETS - 100.0%
82,965,330
 
  
Currency Abbreviations
         EUR
-
European Monetary Unit
         HKD
-
Hong Kong dollar
 
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 $556,872 or 0.7% 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 $43,901,102 or 52.9% 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)
Security is perpetual in nature with no stated maturity date.
 
(h)
Non-income producing - Security is in default.
 
(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)
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 $14,493 and $13,786, respectively.
 
(m)
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.
 
(n)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Chesapeake Energy Corp.
2/10/21
805
Mesquite Energy, Inc. 15% 7/15/23
7/10/20 - 1/18/22
27,566
Mesquite Energy, Inc. 15% 7/15/23
11/05/20 - 1/18/22
47,694
New Cotai LLC/New Cotai Capital Corp.
9/11/20
623,261
Northeast Grocery, Inc.
11/08/21
5,075
Southeastern Grocers, Inc.
6/01/18
54,475
 
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
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%
3,385,473
11,949,412
11,799,305
9,471
-
-
3,535,580
0.0%
Fidelity Securities Lending Cash Central Fund 2.01%
3,300
23,274
23,599
1
-
-
2,975
0.0%
Total
3,388,773
11,972,686
11,822,904
9,472
-
-
3,538,555
  
 
  
  
  
  
  
  
  
  
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.
 
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, Government Obligations, 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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
 
Credit Risk
The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.
 
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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