Quarterly Holdings Report
for
Fidelity® Multi-Strategy Credit Fund
March 31, 2026
MSC-NPRT3-0526
1.9910151.102
Alternative Funds - 44.8%
 
  
Shares
Value ($)
 
Fidelity Private Credit Fund Class I (m)
 (Cost $25,955,875)
  
1,018,885
25,396,022
 
  
  
  
Bank Loan Obligations - 3.5%
 
  
Principal
Amount (a)
 
Value ($)
 
FINLAND - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Paper & Forest Products - 0.1%
  
  
  
Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2112% 5/23/2030 (b)(c)(d)
  
49,626
49,057
SWEDEN - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Anticimex Global AB Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.56% 11/17/2031 (b)(c)(d)
  
38,072
38,080
UNITED KINGDOM - 0.5%
 
  
  
Communication Services - 0.2%
  
  
  
Entertainment - 0.2%
  
  
  
Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1712% 12/2/2031 (b)(c)(d)
  
123,442
122,033
Consumer Discretionary - 0.3%
  
  
  
Hotels, Restaurants & Leisure - 0.3%
  
  
  
City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2822% 7/18/2030 (b)(c)(d)
  
166,389
165,765
TOTAL UNITED KINGDOM
  
  
287,798
UNITED STATES - 2.9%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (b)(c)(d)
  
54,446
50,853
Consumer Discretionary - 0.6%
  
  
  
Automobile Components - 0.1%
  
  
  
Power Stop LLC 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5475% 1/26/2029 (b)(c)(d)
  
68,553
56,342
Broadline Retail - 0.3%
  
  
  
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 1/23/2032 (b)(c)(d)
  
193,692
193,111
Household Durables - 0.1%
  
  
  
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0177% 6/29/2028 (b)(c)(d)
  
44,966
38,693
Specialty Retail - 0.1%
  
  
  
Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 9.5% 12/4/2031 (b)(c)(d)
  
4,533
4,531
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.525% 6/6/2031 (b)(c)(d)
  
57,007
45,456
 
  
  
49,987
TOTAL CONSUMER DISCRETIONARY
  
  
338,133
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (b)(c)(d)
  
34,825
33,982
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (b)(c)(d)(e)
  
184,225
102,490
Financials - 0.4%
  
  
  
Financial Services - 0.2%
  
  
  
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 7/31/2031 (b)(c)(d)
  
108,628
104,234
Insurance - 0.2%
  
  
  
Alera Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 5/28/2032 (b)(c)(d)
  
4,975
4,818
Amynta Agency Borrower Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 12/29/2031 (b)(c)(d)
  
129,350
127,295
 
  
  
132,113
TOTAL FINANCIALS
  
  
236,347
Health Care - 0.2%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 1/15/2031 (b)(c)(d)
  
4,975
4,981
Pharmaceuticals - 0.2%
  
  
  
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9177% 10/8/2030 (b)(c)(d)
  
99,250
95,639
TOTAL HEALTH CARE
  
  
100,620
Industrials - 0.3%
  
  
  
Commercial Services & Supplies - 0.3%
  
  
  
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (b)(c)(d)
  
4,900
4,194
CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9326% 9/4/2030 (b)(c)(d)
  
168,673
131,986
CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.101% 9/4/2030 (b)(c)(d)
  
28,938
29,457
TOTAL INDUSTRIALS
  
  
165,637
Information Technology - 0.9%
  
  
  
Software - 0.9%
  
  
  
Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1996% 2/23/2032 (b)(c)(d)
  
5,000
4,923
Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 3/29/2032 (b)(c)(d)
  
49,626
48,429
Dayforce Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6608% 2/4/2033 (b)(c)(d)
  
25,000
23,618
Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 10.6677% 2/19/2029 (b)(c)(d)
  
30,000
22,725
EP Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2872% 11/6/2028 (b)(c)(d)
  
374,026
231,361
KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4168% 7/26/2032 (b)(c)(d)
  
4,988
4,430
Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9168% 7/1/2031 (b)(c)(d)
  
98,750
88,354
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9285% 6/2/2028 (b)(c)(d)
  
108,021
94,788
TOTAL INFORMATION TECHNOLOGY
  
  
518,628
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4168% 8/25/2031 (b)(c)(d)
  
82,034
79,916
TOTAL UNITED STATES
  
  
1,626,606
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $2,068,777)
  
  
  
2,001,541
 
  
  
  
Commercial Mortgage Securities - 0.3%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.3%
 
  
  
Hilton USA Trust Series 2016-HHV Class E, 4.1935% 11/5/2038 (c)(i)
  
100,000
99,222
MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.3884% 4/15/2038 (b)(c)(i)
  
80,000
79,950
TOTAL UNITED STATES
  
  
179,172
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $169,694)
  
  
  
179,172
 
  
  
  
Common Stocks - 0.2%
 
  
Shares
Value ($)
 
FRANCE - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
Altice France Holding SA (g)
  
4,741
70,307
UNITED STATES - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.1%
  
  
  
Burlington Stores Inc (f)
  
79
25,705
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
GEO Group Inc/The (f)
  
354
5,951
TOTAL UNITED STATES
  
  
31,656
 
TOTAL COMMON STOCKS
 (Cost $116,399)
  
  
  
101,963
 
  
  
  
Convertible Corporate Bonds - 7.2%
 
  
Principal
Amount (a)
 
Value ($)
 
AUSTRALIA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
IREN Ltd 0% 7/1/2031 (i)(j)
  
31,000
22,577
CAMEROON - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Golar LNG Ltd 2.75% 12/15/2030 (i)
  
30,000
35,655
INDIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
MakeMyTrip Ltd 0% 7/1/2030 (i)(j)
  
33,000
27,786
SWITZERLAND - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
CRISPR Therapeutics AG 1.7308% 3/1/2031 (i)
  
16,000
15,640
UNITED STATES - 7.1%
 
  
  
Communication Services - 1.0%
  
  
  
Entertainment - 0.5%
  
  
  
Liberty Media Corp-Liberty Formula One 2.25% 8/15/2027
 
65,000
74,977
Live Nation Entertainment Inc 2.875% 1/15/2030
 
50,000
53,875
Live Nation Entertainment Inc 2.875% 10/15/2031 (i)
  
173,000
175,564
 
  
  
304,416
Interactive Media & Services - 0.0%
  
  
  
Snap Inc 0.5% 5/1/2030
 
20,000
16,040
Media - 0.5%
  
  
  
Cardlytics Inc 4.25% 4/1/2029
 
29,000
7,930
EchoStar Corp 3.875% 11/30/2030 pay-in-kind (c)
  
69,548
248,433
 
  
  
256,363
TOTAL COMMUNICATION SERVICES
  
  
576,819
Consumer Discretionary - 1.2%
  
  
  
Automobile Components - 0.1%
  
  
  
Lci Inds Inc 3% 3/1/2030
 
35,000
42,053
Automobiles - 0.2%
  
  
  
Lucid Group Inc 1.25% 12/15/2026 (i)
  
12,000
11,250
Rivian Automotive Inc 4.625% 3/15/2029
 
95,000
101,650
 
  
  
112,900
Broadline Retail - 0.1%
  
  
  
Etsy Inc 1% 6/15/2030 (i)
  
32,000
30,880
Hotels, Restaurants & Leisure - 0.6%
  
  
  
Cheesecake Factory Inc/The 2% 3/15/2030
 
27,000
27,446
Cracker Barrel Old Country Store Inc 1.75% 9/15/2030 (i)
  
142,000
111,115
DoorDash Inc 0% 5/15/2030 (i)(j)
  
98,000
89,278
NCL Corp Ltd 0.75% 9/15/2030 (i)
  
69,000
64,013
NCL Corp Ltd 1.125% 2/15/2027
 
25,000
24,350
 
  
  
316,202
Household Durables - 0.1%
  
  
  
Meritage Homes Corp 1.75% 5/15/2028
 
32,000
30,815
Specialty Retail - 0.1%
  
  
  
GameStop Corp 0% 6/15/2032 (i)(k)
  
80,000
82,520
TOTAL CONSUMER DISCRETIONARY
  
  
615,370
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Freshpet Inc 3% 4/1/2028
 
23,000
26,413
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Liberty Energy Inc 0% 3/1/2031 (i)(k)
  
55,000
60,170
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Centrus Energy Corp 2.25% 11/1/2030
 
1,000
2,028
Crescent Energy Co 2.75% 3/15/2031 (i)
  
30,000
34,440
Northern Oil & Gas Inc 3.625% 4/15/2029
 
18,000
19,739
Northern Oil & Gas Inc 3.625% 4/15/2029 (i)
  
9,000
9,869
 
  
  
66,076
TOTAL ENERGY
  
  
126,246
Financials - 0.2%
  
  
  
Capital Markets - 0.0%
  
  
  
WisdomTree Inc 4.625% 8/15/2030 (i)
  
20,000
21,740
Consumer Finance - 0.0%
  
  
  
Upstart Holdings Inc 1% 11/15/2030
 
11,000
7,781
Financial Services - 0.2%
  
  
  
Redfin Corp 0.5% 4/1/2027
 
63,000
60,102
Insurance - 0.0%
  
  
  
Oscar Health Inc 2.25% 9/1/2030 (i)
  
30,000
27,057
TOTAL FINANCIALS
  
  
116,680
Health Care - 0.7%
  
  
  
Biotechnology - 0.3%
  
  
  
Alnylam Pharmaceuticals Inc 1% 9/15/2027
 
32,000
41,008
Bridgebio Pharma Inc 0.75% 2/1/2033 (i)
  
40,000
39,628
Cogent Biosciences Inc 1.625% 11/15/2031
 
10,000
12,240
Cytokinetics Inc 1.75% 10/1/2031 (i)
  
23,000
29,311
Cytokinetics Inc 3.5% 7/1/2027
 
17,000
24,841
Ionis Pharmaceuticals Inc 0% 12/1/2030 (i)(k)
  
21,000
21,879
 
  
  
168,907
Health Care Providers & Services - 0.0%
  
  
  
Guardant Health Inc 0% 5/15/2033 (i)(k)
  
31,000
32,917
Pharmaceuticals - 0.4%
  
  
  
Indivior Pharmaceuticals Inc 0.625% 3/15/2031 (i)
  
11,000
11,192
Ligand Pharmaceuticals Inc 0.75% 10/1/2030 (i)
  
21,000
25,400
Zoetis Inc 0.25% 6/15/2029 (i)
  
177,000
175,673
 
  
  
212,265
TOTAL HEALTH CARE
  
  
414,089
Industrials - 0.7%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
AeroVironment Inc 0% 7/15/2030 (k)
  
8,000
7,828
BWX Technologies Inc 0% 11/1/2030 (i)(j)
  
62,000
64,232
Voyager Technologies Inc 0.75% 11/15/2030 (i)
  
25,000
25,850
 
  
  
97,910
Commercial Services & Supplies - 0.0%
  
  
  
Pitney Bowes Inc 1.5% 8/15/2030 (i)
  
20,000
20,110
Construction & Engineering - 0.0%
  
  
  
Fluor Corp 1.125% 8/15/2029
 
11,000
13,547
Electrical Equipment - 0.2%
  
  
  
Eos Energy Enterprises Inc 1.75% 12/1/2031 (i)
  
130,000
76,375
Sunrun Inc 4% 3/1/2030
 
10,000
11,906
 
  
  
88,281
Ground Transportation - 0.1%
  
  
  
Lyft Inc 0% 9/15/2030 (i)(k)
  
30,000
28,212
Uber Technologies Inc 0.875% 12/1/2028
 
35,000
42,088
 
  
  
70,300
Professional Services - 0.1%
  
  
  
Parsons Corp 2.625% 3/1/2029
 
81,000
79,704
TOTAL INDUSTRIALS
  
  
369,852
Information Technology - 2.5%
  
  
  
Communications Equipment - 0.1%
  
  
  
Lumentum Holdings Inc 0.375% 3/15/2032 (i)
  
11,000
42,345
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Itron Inc 0% 3/15/2032 (i)(k)
  
28,000
26,544
Mirion Technologies Inc 0% 10/1/2031 (i)(j)
  
30,000
28,425
OSI Systems Inc 0.5% 2/1/2031 (i)
  
60,000
61,230
 
  
  
116,199
IT Services - 0.4%
  
  
  
Cloudflare Inc 0% 6/15/2030 (i)(k)
  
42,000
47,617
CoreWeave Inc 1.75% 12/1/2031 (i)
  
61,000
61,067
DigitalOcean Holdings Inc 0% 8/15/2030 (i)(j)
  
49,000
112,186
 
  
  
220,870
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
MACOM Technology Solutions Holdings Inc 0% 12/15/2029 (k)
  
22,000
32,043
Microchip Technology Inc 0% 2/15/2030 (i)(k)
  
61,000
59,506
MKS Inc 1.25% 6/1/2030
 
29,000
47,908
ON Semiconductor Corp 0% 5/1/2027 (j)
  
78,000
100,581
Semtech Corp 0% 10/15/2030 (i)(j)
  
11,000
12,276
Semtech Corp 1.625% 11/1/2027
 
7,000
14,749
Synaptics Inc 0.75% 12/1/2031
 
24,000
24,792
Ultra Clean Holdings Inc 0% 3/15/2031 (i)(k)
  
16,000
16,928
Veeco Instruments Inc 2.875% 6/1/2029
 
14,000
19,406
Wolfspeed Inc 2.5% 6/15/2031 (i)
  
5,000
7,131
Wolfspeed Inc 2.5% 6/15/2031
 
4,000
5,704
 
  
  
341,024
Software - 1.0%
  
  
  
BILL Holdings Inc 0% 4/1/2030 (j)
  
35,000
31,080
BlackLine Inc 1% 6/1/2029
 
30,000
28,155
Cipher Digital Inc 0% 10/1/2031 (i)(j)
  
3,000
3,344
Datadog Inc 0% 12/1/2029 (k)
  
85,000
82,153
MARA Holdings Inc 0% 3/1/2030 (k)
  
160,000
141,120
MARA Holdings Inc 0% 8/1/2032 (i)(j)
  
21,000
14,795
Nutanix Inc 0.25% 10/1/2027
 
10,000
10,184
Progress Software Corp 3.5% 3/1/2030
 
10,000
8,884
Riot Platforms Inc 0.75% 1/15/2030
 
28,000
32,130
Rubrik Inc 0% 6/15/2030 (i)(j)
  
59,000
50,770
Terawulf Inc 0% 5/1/2032 (i)(j)
  
46,000
47,514
Terawulf Inc 1% 9/1/2031 (i)
  
11,000
15,224
Uber Technologies Inc 0% 5/15/2028 (i)(j)
  
75,000
73,376
Unity Software Inc 0% 3/15/2030 (k)
  
8,000
7,965
 
  
  
546,694
Technology Hardware, Storage & Peripherals - 0.2%
  
  
  
Seagate HDD Cayman 3.5% 6/1/2028
 
13,000
61,714
Western Digital Corp 3% 11/15/2028
 
7,000
50,107
 
  
  
111,821
TOTAL INFORMATION TECHNOLOGY
  
  
1,378,953
Real Estate - 0.5%
  
  
  
Health Care REITs - 0.3%
  
  
  
Ventas Realty LP 3.75% 6/1/2026
 
64,000
95,162
Welltower OP LLC 2.75% 5/15/2028 (i)
  
28,000
58,072
 
  
  
153,234
Real Estate Management & Development - 0.1%
  
  
  
Compass Inc 0.25% 4/15/2031 (i)
  
82,000
68,634
Retail REITs - 0.0%
  
  
  
Tanger Properties LP 2.375% 1/15/2031 (i)
  
36,000
36,029
Specialized REITs - 0.1%
  
  
  
Digital Realty Trust LP 1.875% 11/15/2029 (i)
  
43,000
45,521
TOTAL REAL ESTATE
  
  
303,418
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
PG&E Corp 4.25% 12/1/2027
 
45,000
46,596
TOTAL UNITED STATES
  
  
3,974,436
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $3,783,552)
  
  
  
4,076,094
 
  
  
  
Convertible Preferred Stocks - 0.4%
 
  
Shares
Value ($)
 
UNITED STATES - 0.4%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Ares Management Corp 6.75% Series B
 
2
74
KKR & Co Inc Series D 6.25%
 
200
8,022
 
  
  
8,096
Financial Services - 0.0%
  
  
  
Apollo Global Management Inc Series A, 6.75%
 
152
8,922
TOTAL FINANCIALS
  
  
17,018
Health Care - 0.0%
  
  
  
Life Sciences Tools & Services - 0.0%
  
  
  
Bruker Corp 6.375% Series A
 
100
28,829
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Boeing Co Series A, 6%
 
1,200
77,892
VSE Corp 5.75%
 
500
24,915
 
  
  
102,807
Trading Companies & Distributors - 0.0%
  
  
  
QXO Inc Series B 5.5%
 
400
22,236
TOTAL INDUSTRIALS
  
  
125,043
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Microchip Technology Inc Series A 7.5%
 
200
11,394
Software - 0.1%
  
  
  
Strategy Inc 8%
 
300
21,321
TOTAL INFORMATION TECHNOLOGY
  
  
32,715
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
PG&E Corp Series A, 6%
 
800
34,521
TOTAL UNITED STATES
  
  
238,126
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $244,043)
  
  
  
238,126
 
  
  
  
Foreign Government and Government Agency Obligations - 0.7%
 
  
Principal
Amount (a)
 
Value ($)
 
BRAZIL - 0.7%
 
  
  
Brazilian Federative Republic 10% 1/1/2027
  (Cost $403,448)
BRL
2,250,000
423,250
 
  
  
  
Non-Convertible Corporate Bonds - 27.2%
 
  
Principal
Amount (a)
 
Value ($)
 
AUSTRALIA - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Mineral Resources Ltd 8% 11/1/2027 (i)
  
125,000
126,596
Mineral Resources Ltd 9.25% 10/1/2028 (i)
  
10,000
10,361
 
  
  
  
TOTAL AUSTRALIA
  
  
136,957
BRAZIL - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
ERO Copper Corp 6.5% 2/15/2030 (i)
  
70,000
69,292
CANADA - 1.9%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Hotels, Restaurants & Leisure - 0.4%
  
  
  
1011778 BC ULC / New Red Finance Inc 3.5% 2/15/2029 (i)
  
105,000
100,241
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (i)
  
100,000
93,993
Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (i)
  
40,000
38,336
TOTAL CONSUMER DISCRETIONARY
  
  
232,570
Energy - 1.1%
  
  
  
Oil, Gas & Consumable Fuels - 1.1%
  
  
  
Enbridge Inc 8.5% 1/15/2084 (c)
  
350,000
393,777
South Bow Canadian Infrastructure Holdings Ltd 7.625% 3/1/2055 (c)
  
125,000
128,696
Transcanada Trust 5.6% 3/7/2082 (c)
  
55,000
53,922
TOTAL ENERGY
  
  
576,395
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Bausch Health Cos Inc 4.875% 6/1/2028 (i)
  
21,000
19,230
Bausch Health Cos Inc 6.25% 2/15/2029 (i)
  
70,000
52,500
TOTAL HEALTH CARE
  
  
71,730
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
New Flyer Holdings Inc 9.25% 7/1/2030 (i)
  
15,000
16,032
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Open Text Corp 6.9% 12/1/2027 (i)
  
60,000
61,583
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Methanex Corp 5.65% 12/1/2044
 
70,000
62,455
Utilities - 0.1%
  
  
  
Gas Utilities - 0.1%
  
  
  
AltaGas Ltd 7.2% 10/15/2054 (c)(i)
  
45,000
45,629
TOTAL CANADA
  
  
1,066,394
FRANCE - 0.7%
 
  
  
Communication Services - 0.5%
  
  
  
Diversified Telecommunication Services - 0.5%
  
  
  
Altice France SA 6.5% 4/15/2032 (i)
  
45,732
43,219
Altice France SA 6.875% 10/15/2030 (i)
  
3,811
3,645
Altice France SA 6.875% 7/15/2032 (i)
  
133,384
126,386
Altice France SA 9.5% 11/1/2029 (i)
  
110,518
111,653
TOTAL COMMUNICATION SERVICES
  
  
284,903
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Vallourec SACA 7.5% 4/15/2032 (i)
  
95,000
99,569
TOTAL FRANCE
  
  
384,472
GERMANY - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Cerdia Finanz GmbH 9.375% 10/3/2031 (i)
  
50,000
49,527
IRELAND - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Financial Services - 0.3%
  
  
  
GGAM Finance Ltd 5.875% 3/15/2030 (i)
  
95,000
94,654
GGAM Finance Ltd 6.875% 4/15/2029 (i)
  
30,000
30,667
GGAM Finance Ltd 8% 6/15/2028 (i)
  
25,000
25,946
 
  
  
  
TOTAL IRELAND
  
  
151,267
LUXEMBOURG - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
Altice Financing SA 5.75% 8/15/2029 (i)
  
70,000
48,358
NORWAY - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Seadrill Finance Ltd 8.375% 8/1/2030 (i)
  
50,000
51,708
PANAMA - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
C&W Senior Finance Ltd 9% 1/15/2033 (i)
  
60,000
60,075
UNITED KINGDOM - 0.6%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.1%
  
  
  
Virgin Media Secured Finance PLC 4.5% 8/15/2030 (i)
  
85,000
75,410
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.5%
  
  
  
Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (i)
  
200,000
207,200
Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (i)
  
30,000
31,417
TOTAL CONSUMER DISCRETIONARY
  
  
238,617
TOTAL UNITED KINGDOM
  
  
314,027
UNITED STATES - 22.9%
 
  
  
Communication Services - 3.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Cipher Compute LLC 7.125% 11/15/2030 (i)
  
20,000
20,720
Frontier Communications Holdings LLC 8.75% 5/15/2030 (i)
  
65,000
66,696
Level 3 Financing Inc 3.75% 7/15/2029 (i)
  
30,000
27,825
WULF Compute LLC 7.75% 10/15/2030 (i)
  
60,000
63,401
Zayo Group Holdings Inc 9.25% 3/9/2030 pay-in-kind (c)(i)
  
32,684
32,492
 
  
  
211,134
Media - 3.0%
  
  
  
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (i)
  
335,000
286,590
Charter Communications Operating LLC / Charter Communications Operating Capital 3.7% 4/1/2051
 
198,000
122,545
Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (i)
  
60,000
62,862
Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (i)
  
50,000
52,325
CSC Holdings LLC 3.375% 2/15/2031 (i)
  
225,000
132,176
CSC Holdings LLC 5% 11/15/2031 (i)
  
125,000
45,067
CSC Holdings LLC 6.5% 2/1/2029 (i)
  
50,000
31,866
Discovery Global Holdings Inc 5.05% 3/15/2042
 
90,000
59,576
DISH DBS Corp 5.125% 6/1/2029
 
255,000
227,874
DISH Network Corp 11.75% 11/15/2027 (i)
  
100,000
103,025
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c)
  
116,640
117,778
EW Scripps Co/The 9.875% 8/15/2030 (i)
  
75,000
72,808
Gray Media Inc 5.375% 11/15/2031 (i)
  
85,000
63,044
Gray Media Inc 9.625% 7/15/2032 (i)
  
15,000
14,999
Sirius XM Radio LLC 3.875% 9/1/2031 (i)
  
50,000
45,396
Univision Communications Inc 4.5% 5/1/2029 (i)
  
50,000
46,975
Univision Communications Inc 7.375% 6/30/2030 (i)
  
200,000
195,984
 
  
  
1,680,890
TOTAL COMMUNICATION SERVICES
  
  
1,892,024
Consumer Discretionary - 3.1%
  
  
  
Automobile Components - 0.1%
  
  
  
Hertz Corp/The 4.625% 12/1/2026 (i)
  
16,000
14,452
Patrick Industries Inc 6.375% 11/1/2032 (i)
  
40,000
39,997
 
  
  
54,449
Broadline Retail - 0.0%
  
  
  
Saks Global Enterprises LLC 11% (e)(i)
  
17,880
290
Wayfair LLC 7.25% 10/31/2029 (i)
  
20,000
20,416
 
  
  
20,706
Hotels, Restaurants & Leisure - 2.2%
  
  
  
Affinity Interactive 6.875% 12/15/2027 (i)
  
80,000
48,011
BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc 9.5% 7/1/2032 (i)
  
70,000
63,477
Boyd Gaming Corp 4.75% 6/15/2031 (i)
  
185,000
175,901
Caesars Entertainment Inc 6% 10/15/2032 (i)
  
55,000
50,600
Caesars Entertainment Inc 7% 2/15/2030 (i)
  
110,000
111,359
Carnival Corp 4% 8/1/2028 (i)
  
175,000
170,648
Churchill Downs Inc 5.5% 4/1/2027 (i)
  
150,000
149,810
Churchill Downs Inc 6.75% 5/1/2031 (i)
  
60,000
61,128
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (i)
  
70,000
66,901
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (i)
  
30,000
28,021
Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (i)
  
120,000
114,869
Light & Wonder International Inc 7.5% 9/1/2031 (i)
  
40,000
41,052
Voyager Parent LLC 9.25% 7/1/2032 (i)
  
80,000
83,057
Yum! Brands Inc 3.625% 3/15/2031
 
100,000
92,339
 
  
  
1,257,173
Household Durables - 0.1%
  
  
  
Newell Brands Inc 8.5% 6/1/2028 (i)
  
80,000
82,576
Specialty Retail - 0.6%
  
  
  
Bath & Body Works Inc 6.875% 11/1/2035
 
105,000
103,286
Hudson Automotive Group 8% 5/15/2032 (i)
  
15,000
15,510
LBM Acquisition LLC 6.25% 1/15/2029 (i)
  
85,000
62,115
LBM Acquisition LLC 9.5% 6/15/2031 (i)
  
95,000
82,693
LCM Investments Holdings II LLC 8.25% 8/1/2031 (i)
  
25,000
25,969
Wand NewCo 3 Inc 7.625% 1/30/2032 (i)
  
25,000
25,562
 
  
  
315,135
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Wolverine World Wide Inc 4% 8/15/2029 (i)
  
45,000
41,653
TOTAL CONSUMER DISCRETIONARY
  
  
1,771,692
Consumer Staples - 0.9%
  
  
  
Consumer Staples Distribution & Retail - 0.5%
  
  
  
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (i)
  
270,000
264,286
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (i)
  
25,000
25,168
 
  
  
289,454
Food Products - 0.4%
  
  
  
Fiesta Purchaser Inc 9.625% 9/15/2032 (i)
  
75,000
76,385
Post Holdings Inc 4.5% 9/15/2031 (i)
  
175,000
162,717
 
  
  
239,102
TOTAL CONSUMER STAPLES
  
  
528,556
Energy - 3.5%
  
  
  
Energy Equipment & Services - 0.4%
  
  
  
Diamond Foreign Asset Co / Diamond Finance LLC 8.5% 10/1/2030 (i)
  
45,000
47,540
Nabors Industries Inc 9.125% 1/31/2030 (i)
  
40,000
41,999
Transocean International Ltd 8.5% 5/15/2031 (i)
  
100,000
104,880
Transocean International Ltd 8.75% 2/15/2030 (i)
  
45,500
47,329
 
  
  
241,748
Oil, Gas & Consumable Fuels - 3.1%
  
  
  
Comstock Resources Inc 5.875% 1/15/2030 (i)
  
50,000
48,378
Crescent Energy Finance LLC 7.375% 1/15/2033 (i)
  
70,000
69,982
Crescent Energy Finance LLC 7.875% 4/15/2032 (i)
  
35,000
35,758
Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (i)
  
140,000
139,882
Energy Transfer LP 6% 2/1/2029 (i)
  
205,000
206,599
Energy Transfer LP 8% 5/15/2054 (c)
  
20,000
20,948
EQT Corp 4.5% 1/15/2029
 
41,000
40,904
Harvest Midstream I LP 7.5% 5/15/2032 (i)
  
100,000
101,928
Hess Midstream Operations LP 5.125% 6/15/2028 (i)
  
130,000
129,618
Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 4/15/2032 (i)
  
70,000
67,748
Northern Oil & Gas Inc 8.75% 6/15/2031 (i)
  
70,000
72,789
PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028
 
20,000
19,909
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (i)
  
35,000
35,942
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (i)
  
55,000
58,958
SM Energy Co 8.75% 7/1/2031 (i)
  
55,000
57,491
Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029
 
75,000
73,134
Sunoco LP 6.25% 7/1/2033 (i)
  
35,000
35,153
Sunoco LP 6.625% 8/15/2032 (i)
  
100,000
101,567
Sunoco LP 7.25% 5/1/2032 (i)
  
25,000
25,866
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (i)
  
115,000
113,484
Venture Global LNG Inc 8.375% 6/1/2031 (i)
  
50,000
51,998
Venture Global LNG Inc 9.5% 2/1/2029 (i)
  
60,000
64,878
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (i)
  
65,000
71,448
Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (i)
  
65,000
72,851
 
  
  
1,717,213
TOTAL ENERGY
  
  
1,958,961
Financials - 2.1%
  
  
  
Capital Markets - 0.2%
  
  
  
Broadstreet Partners Group LLC 5.875% 4/15/2029 (i)
  
55,000
53,601
Coinbase Global Inc 3.375% 10/1/2028 (i)
  
20,000
18,720
Coinbase Global Inc 3.625% 10/1/2031 (i)
  
25,000
21,129
 
  
  
93,450
Consumer Finance - 0.3%
  
  
  
OneMain Finance Corp 4% 9/15/2030
 
185,000
167,070
Financial Services - 0.4%
  
  
  
Block Inc 3.5% 6/1/2031
 
155,000
140,949
Freedom Mortgage Holdings LLC 8.375% 4/1/2032 (i)
  
50,000
49,184
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (i)
  
10,000
9,825
Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029
 
60,000
51,197
 
  
  
251,155
Insurance - 1.2%
  
  
  
Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (i)
  
135,000
130,090
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (i)
  
60,000
58,917
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (i)
  
185,000
183,234
HUB International Ltd 5.625% 12/1/2029 (i)
  
105,000
101,855
Panther Escrow Issuer LLC 7.125% 6/1/2031 (i)
  
110,000
110,369
USI Inc/NY 7.5% 1/15/2032 (i)
  
90,000
91,215
 
  
  
675,680
TOTAL FINANCIALS
  
  
1,187,355
Health Care - 1.5%
  
  
  
Health Care Equipment & Supplies - 0.2%
  
  
  
Medline Borrower LP 3.875% 4/1/2029 (i)
  
125,000
120,920
Health Care Providers & Services - 1.0%
  
  
  
CHS/Community Health Systems Inc 4.75% 2/15/2031 (i)
  
55,000
50,705
CHS/Community Health Systems Inc 5.25% 5/15/2030 (i)
  
165,000
155,510
DaVita Inc 4.625% 6/1/2030 (i)
  
85,000
81,729
DaVita Inc 6.875% 9/1/2032 (i)
  
60,000
61,465
HAH Group Holding Co LLC 9.75% 10/1/2031 (i)
  
25,000
21,902
LifePoint Health Inc 8.375% 2/15/2032 (i)
  
50,000
53,396
Tenet Healthcare Corp 4.25% 6/1/2029
 
145,000
140,848
 
  
  
565,555
Pharmaceuticals - 0.3%
  
  
  
1261229 BC Ltd 10% 4/15/2032 (i)
  
143,000
146,410
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (i)
  
45,000
43,666
 
  
  
190,076
TOTAL HEALTH CARE
  
  
876,551
Industrials - 3.4%
  
  
  
Aerospace & Defense - 1.2%
  
  
  
ATI Inc 5.875% 12/1/2027
 
85,000
84,988
Axon Enterprise Inc 6.125% 3/15/2030 (i)
  
50,000
50,828
Axon Enterprise Inc 6.25% 3/15/2033 (i)
  
30,000
30,622
TransDigm Inc 4.625% 1/15/2029
 
210,000
206,330
TransDigm Inc 6.375% 3/1/2029 (i)
  
160,000
162,000
TransDigm Inc 6.75% 8/15/2028 (i)
  
135,000
136,519
TransDigm Inc 7.125% 12/1/2031 (i)
  
15,000
15,482
 
  
  
686,769
Building Products - 0.1%
  
  
  
Builders FirstSource Inc 4.25% 2/1/2032 (i)
  
70,000
64,452
Masterbrand Inc 7% 7/15/2032 (i)
  
20,000
19,540
 
  
  
83,992
Commercial Services & Supplies - 1.4%
  
  
  
Allied Universal Holdco LLC 7.875% 2/15/2031 (i)
  
100,000
103,122
Artera Services LLC 8.5% 2/15/2031 (i)
  
160,000
137,005
Brand Industrial Services Inc 10.375% 8/1/2030 (i)
  
50,000
45,696
Brink's Co/The 6.5% 6/15/2029 (i)
  
120,000
121,858
GEO Group Inc/The 10.25% 4/15/2031
 
45,000
47,940
GEO Group Inc/The 8.625% 4/15/2029
 
50,000
51,927
GFL Environmental Inc 3.5% 9/1/2028 (i)
  
95,000
92,369
Neptune Bidco US Inc 9.29% 4/15/2029 (i)
  
55,000
55,069
OT Midco Inc 10% 2/15/2030 (i)
  
20,000
8,256
Reworld Holding Corp 4.875% 12/1/2029 (i)
  
51,000
47,811
 
  
  
711,053
Ground Transportation - 0.1%
  
  
  
Uber Technologies Inc 4.5% 8/15/2029 (i)
  
70,000
69,407
Machinery - 0.0%
  
  
  
Chart Industries Inc 7.5% 1/1/2030 (i)
  
25,000
25,973
Professional Services - 0.2%
  
  
  
Amentum Holdings Inc 7.25% 8/1/2032 (i)
  
30,000
31,044
ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (i)
  
60,000
56,932
ION Platform Finance US Inc / ION Platform Finance SARL 8.75% 5/1/2029 (i)
  
35,000
32,548
KBR Inc 4.75% 9/30/2028 (i)
  
10,000
9,778
 
  
  
130,302
Trading Companies & Distributors - 0.4%
  
  
  
Herc Holdings Inc 5.75% 3/15/2031 (i)
  
100,000
98,487
United Rentals North America Inc 3.75% 1/15/2032
 
50,000
45,780
United Rentals North America Inc 3.875% 11/15/2027
 
90,000
88,691
 
  
  
232,958
TOTAL INDUSTRIALS
  
  
1,940,454
Information Technology - 1.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
CPI CG Inc 10% 7/15/2029 (i)
  
15,000
15,830
Insight Enterprises Inc 6.625% 5/15/2032 (i)
  
20,000
19,303
Lightning Power LLC 7.25% 8/15/2032 (i)
  
25,000
25,987
 
  
  
61,120
IT Services - 0.3%
  
  
  
CoreWeave Inc 9% 2/1/2031 (i)
  
35,000
33,303
CoreWeave Inc 9.25% 6/1/2030 (i)
  
50,000
48,583
Sabre GLBL Inc 10.75% 3/15/2030 (i)
  
8,000
6,724
Sabre GLBL Inc 11.125% 7/15/2030 (i)
  
100,000
84,876
 
  
  
173,486
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Entegris Inc 4.375% 4/15/2028 (i)
  
130,000
127,861
Wolfspeed Inc 7% 6/15/2031 pay-in-kind (c)
  
5,972
4,733
Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (c)(i)
  
6,492
7,083
 
  
  
139,677
Software - 0.9%
  
  
  
Cloud Software Group Inc 6.5% 3/31/2029 (i)
  
145,000
141,458
Cloud Software Group Inc 9% 9/30/2029 (i)
  
60,000
57,880
Elastic NV 4.125% 7/15/2029 (i)
  
70,000
65,665
Oracle Corp 5.5% 9/27/2064
 
190,000
145,504
UKG Inc 6.875% 2/1/2031 (i)
  
100,000
97,732
 
  
  
508,239
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (i)
  
40,000
42,007
TOTAL INFORMATION TECHNOLOGY
  
  
924,529
Materials - 1.6%
  
  
  
Chemicals - 0.7%
  
  
  
Celanese US Holdings LLC 6.5% 4/15/2030
 
50,000
51,018
Chemours Co/The 5.75% 11/15/2028 (i)
  
80,000
79,210
LSB Industries Inc 6.25% 10/15/2028 (i)
  
50,000
49,690
Mativ Holdings Inc 8% 10/1/2029 (i)
  
130,000
121,080
Olympus Water US Holding Corp 4.25% 10/1/2028 (i)
  
50,000
47,757
Scih Salt Hldgs Inc 4.875% 5/1/2028 (i)
  
30,000
29,657
 
  
  
378,412
Containers & Packaging - 0.6%
  
  
  
Ball Corp 6% 6/15/2029
 
185,000
187,644
Graphic Packaging International LLC 3.75% 2/1/2030 (i)
  
140,000
128,467
 
  
  
316,111
Metals & Mining - 0.3%
  
  
  
Alcoa Nederland Holding BV 4.125% 3/31/2029 (i)
  
55,000
53,468
Cleveland-Cliffs Inc 4.625% 3/1/2029 (i)
  
140,000
133,590
 
  
  
187,058
TOTAL MATERIALS
  
  
881,581
Real Estate - 0.7%
  
  
  
Diversified REITs - 0.0%
  
  
  
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (i)
  
30,000
28,217
Health Care REITs - 0.4%
  
  
  
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
 
155,000
144,152
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (i)
  
30,000
30,414
 
  
  
174,566
Specialized REITs - 0.3%
  
  
  
Iron Mountain Inc 4.5% 2/15/2031 (i)
  
50,000
46,952
Iron Mountain Inc 4.875% 9/15/2029 (i)
  
125,000
121,617
 
  
  
168,569
TOTAL REAL ESTATE
  
  
371,352
Utilities - 1.2%
  
  
  
Electric Utilities - 0.6%
  
  
  
NRG Energy Inc 5.25% 6/15/2029 (i)
  
50,000
49,503
NRG Energy Inc 6% 2/1/2033 (i)
  
110,000
110,028
PG&E Corp 7.375% 3/15/2055 (c)
  
50,000
50,238
Vistra Operations Co LLC 5% 7/31/2027 (i)
  
100,000
99,647
Vistra Operations Co LLC 7.75% 10/15/2031 (i)
  
50,000
52,374
 
  
  
361,790
Multi-Utilities - 0.6%
  
  
  
CMS Energy Corp 3.75% 12/1/2050 (c)
  
125,000
114,033
Dominion Energy Inc 6% 2/15/2056 (c)
  
148,000
147,057
Sempra 4.125% 4/1/2052 (c)
  
65,000
63,213
 
  
  
324,303
TOTAL UTILITIES
  
  
686,093
TOTAL UNITED STATES
  
  
13,019,148
ZAMBIA - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
First Quantum Minerals Ltd 8.625% 6/1/2031 (i)
  
75,000
77,344
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $15,312,757)
  
  
  
15,428,569
 
  
  
  
Non-Convertible Preferred Stocks - 2.7%
 
  
Shares
Value ($)
 
UNITED STATES - 2.7%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
AT&T Inc 5.35%
 
3,733
79,513
AT&T Inc Series C 4.75%
 
4,338
79,906
TOTAL COMMUNICATION SERVICES
  
  
159,419
Financials - 0.5%
  
  
  
Banks - 0.4%
  
  
  
JPMorgan Chase & Co 4.55%
 
4,296
80,851
JPMorgan Chase & Co 4.625%
 
4,226
80,801
Wells Fargo & Co Series Z, 4.75%
 
4,253
80,892
 
  
  
242,544
Capital Markets - 0.1%
  
  
  
Morgan Stanley 6.625%
 
1,300
32,669
TOTAL FINANCIALS
  
  
275,213
Health Care - 0.2%
  
  
  
Health Care Equipment & Supplies - 0.2%
  
  
  
Strive Inc 12.5%
 
1,347
134,336
Information Technology - 1.7%
  
  
  
Software - 1.7%
  
  
  
Strategy Inc 11.5% (h)
  
3,188
318,784
Strategy Inc Series A, 10%
 
6,527
624,960
TOTAL INFORMATION TECHNOLOGY
  
  
943,744
TOTAL UNITED STATES
  
  
1,512,712
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $1,549,276)
  
  
  
1,512,712
 
  
  
  
Preferred Securities - 5.3%
 
  
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 5.3%
 
  
  
Energy - 1.9%
  
  
  
Oil, Gas & Consumable Fuels - 1.9%
  
  
  
Energy Transfer LP 6.625% (c)(l)
  
335,000
336,511
Energy Transfer LP Series G, 7.125% (c)(l)
  
275,000
287,208
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (b)(c)(l)
  
100,000
100,770
Sunoco LP 7.875% (c)(i)(l)
  
325,000
332,807
TOTAL ENERGY
  
  
1,057,296
Financials - 3.4%
  
  
  
Banks - 2.7%
  
  
  
Bank of America Corp 6.25% (c)(l)
  
275,000
279,760
Citigroup Inc 6.95% (c)(l)
  
115,000
116,864
JPMorgan Chase & Co 6.5% (c)(l)
  
405,000
422,167
JPMorgan Chase & Co 6.875% (c)(l)
  
135,000
140,844
JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.4058% (b)(c)(l)
  
395,000
401,824
Wells Fargo & Co 6.125% (c)(l)
  
160,000
160,975
 
  
  
1,522,434
Capital Markets - 0.3%
  
  
  
Bank of New York Mellon Corp/The 5.95% (c)(l)
  
95,000
96,607
Goldman Sachs Group Inc/The 6.85% (c)(l)
  
60,000
61,726
 
  
  
158,333
Consumer Finance - 0.4%
  
  
  
Ally Financial Inc 4.7% (c)(l)
  
125,000
116,748
Capital One Financial Corp 5.5% (c)(l)
  
105,000
106,530
 
  
  
223,278
Insurance - 0.0%
  
  
  
Alliant Holdings LP 10.5% (c)(g)(l)
  
42,159
40,954
TOTAL FINANCIALS
  
  
1,944,999
Industrials - 0.0%
  
  
  
Trading Companies & Distributors - 0.0%
  
  
  
Air Lease Corp 6% (c)(l)
  
35,000
33,807
TOTAL UNITED STATES
  
  
3,036,102
 
TOTAL PREFERRED SECURITIES
 (Cost $2,935,947)
  
  
  
3,036,102
 
  
  
  
Money Market Funds - 6.4%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (n)
 (Cost $3,650,982)
  
3.69
3,650,252
3,650,982
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.7%
 (Cost $56,190,750)
 
  
 
56,044,533
NET OTHER ASSETS (LIABILITIES) - 1.3%  
749,559
NET ASSETS - 100.0%
56,794,092
 
  
Currency Abbreviations
         BRL
-
Brazilian Real
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
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.
 
(e)
Non-income producing - Security is in default.
 
(f)
Non-income producing.
 
(g)
Level 3 security.
 
(h)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(i)
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 $14,748,960 or 26.0% of net assets.
 
(j)
Zero coupon bond which is issued at a discount.
 
(k)
Principal Only Strips represent the right to receive the monthly principal payments.
 
(l)
Security is perpetual in nature with no stated maturity date.
 
(m)
Affiliated fund.
 
(n)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
 
 
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 ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
2,069,968
24,078,556
22,497,527
74,964
(15)
-
3,650,982
3,650,252
0.0%
Total
2,069,968
24,078,556
22,497,527
74,964
(15)
-
3,650,982
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Private Credit Fund Class I
20,164,130
5,700,000
-
1,607,657
-
(468,108)
25,396,022
1,018,885
 
20,164,130
5,700,000
-
1,607,657
-
(468,108)
25,396,022
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Bank Loan Obligations, Convertible Corporate Bonds, Foreign Government and Government Agency Obligations, Non-Convertible Corporate Bonds and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. 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.
 
Fidelity Private Credit Fund is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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