Quarterly Holdings Report
for
Fidelity® Short Duration High Income Fund
July 31, 2026
SDH-NPRT1-0926
1.969439.112
Asset-Backed Securities - 0.2%
 
 
Principal
Amount (a)
 
Value ($)
 
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
 
 
 
Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.7529% 3/30/2038 (e)(f)(k)
 
125,000
125,055
Carlyle US CLO Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 9.5602% 10/25/2037 (e)(f)(k)
 
150,000
150,090
Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.0029% 4/15/2038 (e)(f)(k)
 
200,000
200,224
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
 
 
475,369
UNITED STATES - 0.1%
 
 
 
Systima Capital Management LLC Series 2026-SUP1 Class E, 7.1161% 6/27/2033 (e)(k)
 
228,826
228,825
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $703,825)
 
 
 
704,194
 
 
 
 
Bank Loan Obligations - 15.6%
 
 
Principal
Amount (a)
 
Value ($)
 
COLOMBIA - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Canacol Energy Ltd Tranche DIP 1LN, term loan CME Term SOFR 3 month Index + 9%, 15% 9/30/2026 (c)(d)(e)(f)
 
161,230
161,230
Canacol Energy Ltd Tranche SECOND DIP, term loan CME Term SOFR 3 month Index + 16%, 15% 9/30/2026 (c)(d)(e)(f)
 
80,977
80,976
 
 
 
 
TOTAL COLOMBIA
 
 
242,206
FINLAND - 0.2%
 
 
 
Materials - 0.2%
 
 
 
Paper & Forest Products - 0.2%
 
 
 
Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.2438% 5/23/2030 (d)(e)(f)
 
664,258
664,882
FRANCE - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.6156% 5/31/2031 (d)(e)(f)
 
1,075,308
1,093,007
LUXEMBOURG - 0.2%
 
 
 
Communication Services - 0.0%
 
 
 
Media - 0.0%
 
 
 
Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7529% 10/31/2027 (d)(e)(f)
 
128,667
84,148
Financials - 0.2%
 
 
 
Financial Services - 0.2%
 
 
 
Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9822% 10/1/2032 (d)(e)(f)
 
726,350
623,448
TOTAL LUXEMBOURG
 
 
707,596
NETHERLANDS - 0.0%
 
 
 
Utilities - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7322% 8/30/2028 (d)(e)(f)
 
48,498
28,614
SWITZERLAND - 0.4%
 
 
 
Materials - 0.4%
 
 
 
Chemicals - 0.4%
 
 
 
Consolidated Energy Finance SA 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5727% 11/15/2030 (d)(e)(f)
 
493,763
478,332
Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.3227% 11/15/2030 (d)(e)(f)
 
999,425
969,803
 
 
 
 
TOTAL SWITZERLAND
 
 
1,448,135
UNITED KINGDOM - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9158% 2/10/2031 (d)(e)(f)
 
695,000
696,953
UNITED STATES - 14.2%
 
 
 
Communication Services - 1.6%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7309% 10/6/2032 (d)(e)(f)
 
421,877
421,877
Entertainment - 0.3%
 
 
 
AP Core Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.5%, 10.1433% 5/15/2031 (d)(e)(f)
 
935,000
935,234
OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (d)(e)(f)(g)
 
305,000
306,564
 
 
 
1,241,798
Media - 1.2%
 
 
 
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3322% 6/18/2029 (d)(e)(f)
 
946,406
875,425
Discovery Global Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2309% 6/3/2033 (d)(e)(f)
 
264,808
264,975
EW Scripps Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.35%, 7.1319% 11/30/2029 (d)(e)(f)
 
555,481
531,479
Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.2938% 12/31/2029 (d)(e)(f)
 
203,972
178,985
Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.9322% 12/31/2030 (d)(e)(f)
 
1,232,023
1,062,620
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0954% 1/31/2029 (d)(e)(f)
 
517,782
510,921
Virgin Media Bristol LLC Tranche Q 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0409% 1/31/2029 (d)(e)(f)
 
785,000
704,820
 
 
 
4,129,225
TOTAL COMMUNICATION SERVICES
 
 
5,792,900
Consumer Discretionary - 3.3%
 
 
 
Automobile Components - 0.1%
 
 
 
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2309% 1/28/2032 (d)(e)(f)
 
94,525
94,643
Hertz Corp/The Tranche B-EXIT 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 0% 6/30/2028 (d)(e)(f)(g)
 
246,166
134,776
Hertz Corp/The Tranche C-EXIT 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 0% 6/30/2028 (d)(e)(f)(g)
 
48,834
26,737
 
 
 
256,156
Broadline Retail - 0.2%
 
 
 
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9809% 1/23/2032 (d)(e)(f)
 
770,318
773,068
Distributors - 0.4%
 
 
 
AIP RD Buyer Corp Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2309% 12/23/2030 (d)(e)(f)
 
663,325
657,315
BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2309% 12/29/2032 (d)(e)(f)
 
937,838
926,115
 
 
 
1,583,430
Diversified Consumer Services - 0.1%
 
 
 
TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1696% 8/19/2030 (d)(e)(f)
 
349,125
347,379
Hotels, Restaurants & Leisure - 1.5%
 
 
 
Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9809% 2/6/2030 (d)(e)(f)
 
1,521,682
1,465,380
Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9809% 1/29/2029 (d)(e)(f)
 
1,499,305
1,499,245
Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4809% 1/28/2032 (d)(e)(f)
 
349,411
345,208
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7309% 7/18/2033 (d)(e)(f)
 
32,578
32,245
MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9938% 6/1/2028 (d)(e)(f)
 
1,419,265
1,360,365
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0843% 12/30/2026 (c)(d)(e)(f)
 
752,308
481,477
 
 
 
5,183,920
Household Durables - 0.4%
 
 
 
TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0809% 6/29/2028 (d)(e)(f)
 
379,409
361,072
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4754% 10/1/2032 (d)(e)(f)
 
1,256,875
1,244,508
 
 
 
1,605,580
Specialty Retail - 0.6%
 
 
 
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5744% 6/6/2031 (d)(e)(f)
 
774,697
617,178
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7244% 6/6/2031 (d)(e)(f)
 
658,297
556,261
Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7322% 3/15/2033 (d)(e)(f)
 
490,000
488,721
Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2254% 3/15/2031 (d)(e)(f)
 
44,850
44,828
Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2309% 1/30/2031 (d)(e)(f)
 
150,045
150,363
White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2309% 2/10/2033 (d)(e)(f)
 
275,000
274,170
 
 
 
2,131,521
TOTAL CONSUMER DISCRETIONARY
 
 
11,881,054
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%, 8.7322% 9/20/2030 (d)(e)(f)
 
451,250
425,303
Food Products - 0.0%
 
 
 
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (c)(d)(e)(f)(h)
 
57,406
0
Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (c)(d)(e)(f)(h)
 
16,704
0
Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 0% (c)(d)(e)(f)(h)
 
127,990
48,474
 
 
 
48,474
TOTAL CONSUMER STAPLES
 
 
473,777
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (d)(e)(f)(h)
 
2,229,210
1,328,230
Financials - 1.9%
 
 
 
Capital Markets - 0.3%
 
 
 
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4081% 2/3/2032 (d)(e)(f)
 
1,129,604
1,123,956
Financial Services - 0.8%
 
 
 
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2309% 7/31/2031 (d)(e)(f)
 
478,432
463,099
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7309% 7/31/2031 (d)(e)(f)
 
731,108
714,155
Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4809% 2/16/2032 (d)(e)(f)
 
355,000
344,016
Vci Asset Holdings 3 LLC Tranche TL, term loan 6.875% 4/15/2031 (c)(d)
 
204,250
207,824
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1419% 2/20/2032 (d)(e)(f)
 
1,005,523
1,008,842
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 0% 2/20/2032 (d)(e)(f)(g)
 
90,000
90,262
 
 
 
2,828,198
Insurance - 0.8%
 
 
 
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7309% 11/6/2030 (d)(e)(f)
 
1,229,469
1,123,120
Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2309% 9/19/2031 (d)(e)(f)
 
381,529
379,839
Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5727% 2/23/2033 (d)(e)(f)
 
759,111
710,399
USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9822% 11/21/2029 (d)(e)(f)
 
614,295
613,527
 
 
 
2,826,885
TOTAL FINANCIALS
 
 
6,779,039
Health Care - 0.7%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4809% 1/15/2031 (d)(e)(f)
 
697,153
698,896
Health Care Providers & Services - 0.0%
 
 
 
Cano Health LLC Tranche INITIAL EXCHANGE TERM LOANS 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.7322% 6/28/2029 (c)(d)(e)(f)
 
215,015
31,155
Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1483% 6/30/2031 (d)(e)(f)
 
240,000
240,178
 
 
 
271,333
Pharmaceuticals - 0.5%
 
 
 
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9809% 10/8/2030 (d)(e)(f)
 
1,702,658
1,650,029
Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9809% 5/5/2028 (d)(e)(f)
 
33,621
33,694
 
 
 
1,683,723
TOTAL HEALTH CARE
 
 
2,653,952
Industrials - 1.8%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2309% 2/13/2033 (d)(e)(f)
 
84,788
84,868
Air Freight & Logistics - 0.0%
 
 
 
Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 0% 3/18/2030 (d)(e)(f)(g)
 
175,000
175,194
Building Products - 0.1%
 
 
 
Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0144% 4/12/2028 (d)(e)(f)
 
59,685
30,029
Cornerstone Building Brands Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1644% 5/15/2031 (d)(e)(f)
 
509,645
226,792
 
 
 
256,821
Commercial Services & Supplies - 1.1%
 
 
 
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9809% 12/21/2028 (d)(e)(f)
 
557,487
558,223
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9809% 8/20/2032 (d)(e)(f)
 
292,788
293,540
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1632% 8/1/2030 (d)(e)(f)
 
362,208
287,731
CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.0138% 9/4/2030 (d)(e)(f)
 
1,588,103
1,171,226
CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.1822% 9/4/2030 (d)(e)(f)
 
333,855
342,672
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.8626% 2/3/2033 (d)(e)(f)
 
925,000
918,904
 
 
 
3,572,296
Ground Transportation - 0.2%
 
 
 
Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4822% 4/10/2031 (d)(e)(f)
 
747,316
745,171
Machinery - 0.0%
 
 
 
Beach Acquisition Bidco LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4809% 9/12/2032 (d)(e)(f)
 
44,775
44,906
Passenger Airlines - 0.4%
 
 
 
American Airlines Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.6658% 5/29/2033 (d)(e)(f)
 
1,195,000
1,185,536
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4754% 4/1/2031 (d)(e)(f)
 
309,399
309,593
 
 
 
1,495,129
TOTAL INDUSTRIALS
 
 
6,374,385
Information Technology - 1.6%
 
 
 
IT Services - 0.1%
 
 
 
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0145% 2/10/2028 (d)(e)(f)
 
398,014
376,521
Software - 1.5%
 
 
 
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7309% 12/11/2028 (d)(e)(f)
 
1,074,192
1,061,270
CoreWeave Financing DDTL V LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 0.5%, 3.8107% 11/15/2031 (d)(e)(f)(i)
 
430,000
428,925
CoreWeave Financing DDTL V LLC Tranche DD-CAPEX 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 0% 9/30/2031 (d)(e)(f)(g)
 
35,000
35,044
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9809% 5/3/2028 (d)(e)(f)
 
393,985
381,590
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0843% 6/2/2028 (d)(e)(f)
 
317,199
282,208
Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7322% 8/31/2028 (d)(e)(f)
 
2,591,887
2,544,922
Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4809% 9/8/2032 (d)(e)(f)
 
656,031
657,054
 
 
 
5,391,013
TOTAL INFORMATION TECHNOLOGY
 
 
5,767,534
Materials - 2.6%
 
 
 
Chemicals - 2.0%
 
 
 
Advancion Holdings LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 8.4158% 11/24/2027 (d)(e)(f)
 
19,948
18,651
Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7658% 11/24/2027 (d)(e)(f)
 
885,708
828,137
Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2309% 10/15/2032 (d)(e)(f)
 
497,500
495,480
Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4832% 10/4/2029 (d)(e)(f)
 
815,381
811,304
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7572% 7/3/2028 (d)(e)(f)
 
1,223,940
1,162,364
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7244% 3/15/2029 (d)(e)(f)
 
1,339,916
1,314,512
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5727% 8/25/2031 (d)(e)(f)
 
858,955
859,668
Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2309% 4/4/2033 (d)(e)(f)
 
520,000
519,350
Scih Salt Hldgs Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.3504% 1/31/2029 (d)(e)(f)
 
120,383
119,630
Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2316% 9/30/2031 (d)(e)(f)
 
1,109,454
849,132
Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9822% 4/4/2029 (d)(e)(f)
 
138,945
111,271
 
 
 
7,089,499
Containers & Packaging - 0.6%
 
 
 
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.9059% 4/13/2029 (d)(e)(f)
 
2,118,925
2,067,012
TOTAL MATERIALS
 
 
9,156,511
Utilities - 0.2%
 
 
 
Electric Utilities - 0.1%
 
 
 
NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4898% 4/16/2031 (d)(e)(f)
 
44,544
44,494
WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6467% 1/27/2031 (d)(e)(f)
 
440,501
439,867
 
 
 
484,361
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2309% 3/29/2030 (d)(e)(f)
 
260,827
262,783
TOTAL UTILITIES
 
 
747,144
TOTAL UNITED STATES
 
 
50,954,526
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $57,435,078)
 
 
 
55,835,919
 
 
 
 
Common Stocks - 0.1%
 
 
Shares
Value ($)
 
UNITED STATES - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Forbes Energy Services Ltd (b)(c)
 
6,468
0
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Cheniere Energy Inc
 
1,400
368,998
Mesquite Energy Inc (b)(c)
 
4,636
70,695
 
 
 
439,693
TOTAL ENERGY
 
 
439,693
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Limetree Bay Cayman Ltd (b)(c)
 
80
0
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Cano Health LLC (b)(c)
 
29,327
0
Cano Health LLC warrants 6/28/2029 (b)(c)
 
901
0
TOTAL HEALTH CARE
 
 
0
TOTAL UNITED STATES
 
 
439,693
 
TOTAL COMMON STOCKS
 (Cost $1,093,108)
 
 
 
439,693
 
 
 
 
Convertible Corporate Bonds - 1.9%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.9%
 
 
 
Financials - 0.5%
 
 
 
Financial Services - 0.5%
 
 
 
Redfin Corp 0.5% 4/1/2027
 
1,719,000
1,650,240
Industrials - 0.3%
 
 
 
Electrical Equipment - 0.3%
 
 
 
Eos Energy Enterprises Inc 1.75% 12/1/2031 (k)
 
1,332,000
796,403
Ground Transportation - 0.0%
 
 
 
Hertz Corp/The 6.75% 7/1/2030 (e)(k)
 
170,000
116,758
TOTAL INDUSTRIALS
 
 
913,161
Information Technology - 1.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
MKS Inc 1.25% 6/1/2030
 
164,000
335,790
Software - 0.9%
 
 
 
Riot Platforms Inc 0.75% 1/15/2030
 
791,000
1,251,046
Strategy Inc 0% 12/1/2029 (l)
 
1,485,000
1,306,800
Terawulf Inc 0% 5/1/2032 (k)(l)
 
682,000
812,961
 
 
 
3,370,807
TOTAL INFORMATION TECHNOLOGY
 
 
3,706,597
Real Estate - 0.1%
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
Compass Inc 0.25% 4/15/2031 (k)
 
400,000
416,880
TOTAL UNITED STATES
 
 
6,686,878
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $6,231,063)
 
 
 
6,686,878
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
UNITED STATES - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Alphabet Inc Series A 6.25%
 
6,390
324,804
Alphabet Inc Series B 6.25%
 
5,415
272,104
TOTAL COMMUNICATION SERVICES
 
 
596,908
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Oracle Corp Series D 6.5%
 
4,513
187,515
TOTAL UNITED STATES
 
 
784,423
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $788,084)
 
 
 
784,423
 
 
 
 
Non-Convertible Corporate Bonds - 71.2%
 
 
Principal
Amount (a)
 
Value ($)
 
ANGOLA - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Azule Energy Finance Plc 8.125% 1/23/2030 (k)
 
305,000
309,057
AUSTRALIA - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
Mineral Resources Ltd 6% 5/1/2032 (k)
 
150,000
146,721
Mineral Resources Ltd 7% 4/1/2031 (k)
 
155,000
159,506
Mineral Resources Ltd 9.25% 10/1/2028 (k)
 
776,000
798,149
 
 
 
 
TOTAL AUSTRALIA
 
 
1,104,376
BAILIWICK OF JERSEY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Aston Martin Capital Holdings Ltd 10% 3/31/2029 (k)
 
355,000
199,687
BRAZIL - 0.6%
 
 
 
Industrials - 0.1%
 
 
 
Commercial Services & Supplies - 0.1%
 
 
 
Ambipar Lux Sarl 9.875% (h)(k)
 
1,115,000
390,250
Passenger Airlines - 0.0%
 
 
 
Azul Secured Finance LLP 9.875% 2/15/2031 (k)
 
155,000
143,000
TOTAL INDUSTRIALS
 
 
533,250
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
ERO Copper Corp 6.5% 2/15/2030 (k)
 
915,000
914,863
Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (e)(k)
 
703,419
706,584
TOTAL MATERIALS
 
 
1,621,447
TOTAL BRAZIL
 
 
2,154,697
CAMEROON - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Golar LNG Ltd 7.5% 10/2/2030 (k)
 
645,000
655,185
Golar LNG Ltd 7.75% 9/19/2029 (k)(o)
 
200,000
202,406
 
 
 
 
TOTAL CAMEROON
 
 
857,591
CANADA - 2.2%
 
 
 
Communication Services - 0.7%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
TELUS Corp 6.375% 6/9/2056 (e)
 
520,000
513,341
TELUS Corp 6.625% 10/15/2055 (e)
 
605,000
603,032
 
 
 
1,116,373
Wireless Telecommunication Services - 0.4%
 
 
 
Rogers Communications Inc 6.875% 7/31/2056 (e)
 
1,295,000
1,295,528
TOTAL COMMUNICATION SERVICES
 
 
2,411,901
Consumer Discretionary - 0.9%
 
 
 
Hotels, Restaurants & Leisure - 0.9%
 
 
 
1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (k)
 
855,000
837,744
1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (k)
 
855,000
803,359
1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (k)
 
725,000
723,177
1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (k)
 
345,000
348,597
TOTAL CONSUMER DISCRETIONARY
 
 
2,712,877
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Saturn Oil & Gas Inc 8.5% 7/30/2031 (k)
 
190,000
190,527
TransCanada PipeLines Ltd 6.125% 10/17/2056 (e)
 
670,000
669,500
TOTAL ENERGY
 
 
860,027
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Open Text Corp 3.875% 2/15/2028 (k)
 
345,000
336,346
Materials - 0.3%
 
 
 
Chemicals - 0.2%
 
 
 
Methanex Corp 5.125% 10/15/2027
 
830,000
831,197
Metals & Mining - 0.1%
 
 
 
Capstone Copper Corp 6.75% 3/31/2033 (k)
 
265,000
265,595
TOTAL MATERIALS
 
 
1,096,792
TOTAL CANADA
 
 
7,417,943
COLOMBIA - 0.3%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Canacol Energy Ltd 5.75% (h)(k)
 
1,145,000
386,220
Gran Tierra Energy Inc 9.75% 4/15/2031 (k)
 
175,000
157,097
TOTAL ENERGY
 
 
543,317
Utilities - 0.2%
 
 
 
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (k)
 
747,653
701,381
TOTAL COLOMBIA
 
 
1,244,698
CONGO DEMOCRATIC REPUBLIC OF - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Ivanhoe Mines Ltd 7.875% 1/23/2030 (k)
 
425,000
427,257
FRANCE - 0.3%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Altice France SA 6.875% 10/15/2030 (k)
 
159,116
155,355
Altice France SA 6.875% 7/15/2032 (k)
 
725,305
704,126
TOTAL COMMUNICATION SERVICES
 
 
859,481
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Viridien 10% 10/15/2030 (k)
 
251,000
261,995
TOTAL FRANCE
 
 
1,121,476
GERMANY - 0.2%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobile Components - 0.1%
 
 
 
ZF North America Capital Inc 6.75% 4/23/2030 (k)(n)
 
215,000
213,360
ZF North America Capital Inc 7.5% 3/24/2031 (k)(n)
 
285,000
286,987
TOTAL CONSUMER DISCRETIONARY
 
 
500,347
Industrials - 0.1%
 
 
 
Machinery - 0.1%
 
 
 
TK Elevator US Newco Inc 5.25% 7/15/2027 (k)
 
274,000
273,966
TOTAL GERMANY
 
 
774,313
GHANA - 0.4%
 
 
 
Energy - 0.4%
 
 
 
Oil, Gas & Consumable Fuels - 0.4%
 
 
 
Kosmos Energy Ltd 7.5% 3/1/2028 (k)
 
1,455,000
1,431,589
GRAND CAYMAN (UK OVERSEAS TER) - 0.3%
 
 
 
Financials - 0.3%
 
 
 
Financial Services - 0.3%
 
 
 
Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (k)
 
1,070,000
1,087,039
IRELAND - 0.3%
 
 
 
Financials - 0.2%
 
 
 
Financial Services - 0.2%
 
 
 
GGAM Finance Ltd 5.875% 3/15/2030 (k)
 
550,000
546,563
GGAM Finance Ltd 6.875% 4/15/2029 (k)
 
320,000
325,201
TOTAL FINANCIALS
 
 
871,764
Industrials - 0.1%
 
 
 
Transportation Infrastructure - 0.1%
 
 
 
Avolon Holdings Funding Ltd 4.85% 4/1/2033 (k)
 
385,000
367,391
TOTAL IRELAND
 
 
1,239,155
ISRAEL - 0.2%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Energean Israel Finance Ltd 5.375% 3/30/2028 (k)(o)
 
195,000
193,194
Health Care - 0.2%
 
 
 
Pharmaceuticals - 0.2%
 
 
 
Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030
 
550,000
556,851
TOTAL ISRAEL
 
 
750,045
LUXEMBOURG - 0.3%
 
 
 
Communication Services - 0.2%
 
 
 
Wireless Telecommunication Services - 0.2%
 
 
 
Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (k)
 
665,000
652,715
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (k)
 
285,000
300,943
Materials - 0.0%
 
 
 
Chemicals - 0.0%
 
 
 
Herens Holdco Sarl 4.75% 5/15/2028 (k)
 
275,000
245,565
TOTAL LUXEMBOURG
 
 
1,199,223
MAURITIUS - 0.0%
 
 
 
Communication Services - 0.0%
 
 
 
Wireless Telecommunication Services - 0.0%
 
 
 
Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (k)
 
170,000
171,753
NIGERIA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
IHS Holding Ltd 5.625% 11/29/2026 (k)
 
655,000
652,000
IHS Holding Ltd 7.875% 5/29/2030 (k)
 
200,000
205,508
 
 
 
 
TOTAL NIGERIA
 
 
857,508
NORWAY - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
TGS ASA 8.5% 1/15/2030 (k)
 
680,000
711,306
PANAMA - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Sable International Finance Ltd 7.125% 10/15/2032 (k)
 
745,000
734,469
Wireless Telecommunication Services - 0.1%
 
 
 
C&W Senior Finance Ltd 9% 1/15/2033 (k)
 
340,000
344,403
TOTAL PANAMA
 
 
1,078,872
PERU - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Volcan Cia Minera SAA 8.5% 10/28/2032 (k)
 
380,000
392,118
SOUTH AFRICA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Liquid Telecommunications Financing Plc 10.75% 4/14/2031 (k)
 
210,000
218,906
SWITZERLAND - 0.2%
 
 
 
Industrials - 0.1%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (k)(n)
 
210,000
213,255
Materials - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Consolidated Energy Finance SA 5.625% 10/15/2028 (k)
 
375,000
362,183
TOTAL SWITZERLAND
 
 
575,438
TANZANIA - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Communications Equipment - 0.2%
 
 
 
HTA Group Ltd/Mauritius 6.75% 4/1/2031 (k)
 
200,000
202,298
HTA Group Ltd/Mauritius 7.5% 6/4/2029 (k)
 
500,000
511,380
 
 
 
 
TOTAL TANZANIA
 
 
713,678
UNITED KINGDOM - 0.6%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
A&K Travel Group Holdings Ltd 7.5% 5/15/2033 (k)
 
320,000
318,578
Specialty Retail - 0.3%
 
 
 
Belron UK Finance PLC 5.75% 10/15/2029 (k)
 
800,000
799,748
TOTAL CONSUMER DISCRETIONARY
 
 
1,118,326
Utilities - 0.2%
 
 
 
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (k)
 
880,000
867,701
TOTAL UNITED KINGDOM
 
 
1,986,027
UNITED STATES - 63.2%
 
 
 
Communication Services - 9.3%
 
 
 
Diversified Telecommunication Services - 5.3%
 
 
 
APLD ComputeCo 2 LLC 6.75% 3/15/2031 (k)
 
665,000
650,043
APLD ComputeCo 3 LLC 7% 6/15/2031 (k)(n)
 
1,025,000
999,657
APLD ComputeCo LLC 9.25% 12/15/2030 (k)(n)
 
2,010,000
2,136,140
Black Pearl Compute LLC 6.125% 2/15/2031 (k)
 
344,000
343,423
Cipher Compute LLC 7.125% 11/15/2030 (k)(n)
 
365,000
372,304
Core Scientific Finance I LLC 7.75% 5/15/2031 (k)
 
2,095,000
2,051,477
Edged Compute LLC 7.5% 4/30/2031 (k)
 
1,515,000
1,436,063
ELK Grove Village Property LLC 7.5% 6/15/2031 (k)(n)
 
390,000
375,669
Flash Compute LLC 7.25% 12/31/2030 (k)
 
980,000
989,626
Galaxy Helios Data Centers II LLC 9.875% 8/1/2031 (k)
 
1,720,000
1,724,679
Level 3 Financing Inc 7% 3/31/2034 (k)
 
75,000
76,291
Meridian Arc Holdco LLC 6.25% 4/30/2031 (k)
 
1,095,000
1,052,112
PR RNO Property Owner 1 LLC 6.5% 5/1/2031 (k)
 
2,615,000
2,462,334
Space Exploration Technologies Corp 5.35% 7/15/2031 (k)
 
330,000
321,199
Space Exploration Technologies Corp 5.65% 7/15/2033 (k)
 
375,000
359,260
Stingray Compute LLC 6% 6/15/2031 (k)(n)
 
320,000
312,184
SV RNO Property Owner 1 LLC 5.875% 3/1/2031 (k)(n)
 
955,000
886,809
Uniti Services LLC 7.5% 10/15/2033 (k)
 
165,000
168,611
WULF Compute LLC 7.75% 10/15/2030 (k)(n)
 
1,345,000
1,397,411
Yondr JK 1 LLC 6.875% 6/30/2031 (k)(n)
 
1,055,000
1,004,796
 
 
 
19,120,088
Entertainment - 1.0%
 
 
 
AP Core Holdings II LLC 11% 5/15/2031 (k)
 
475,000
495,906
Live Nation Entertainment Inc 4.75% 10/15/2027 (k)
 
1,700,000
1,691,250
OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (k)
 
500,000
518,087
OAK-Eagle Acquireco Inc 8.75% 7/1/2034 (k)
 
270,000
284,441
ROBLOX Corp 3.875% 5/1/2030 (k)(n)
 
465,000
433,010
 
 
 
3,422,694
Media - 3.0%
 
 
 
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (k)
 
670,000
625,998
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (k)
 
499,000
497,965
CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (k)
 
920,000
893,471
CCO Holdings LLC / CCO Holdings Capital Corp 7% 2/1/2033 (k)(n)
 
1,070,000
1,025,414
Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (k)
 
600,000
618,903
Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (k)
 
180,000
188,675
Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (k)
 
145,000
150,586
CSC Holdings LLC 3.375% 2/15/2031 (k)
 
50,000
27,658
CSC Holdings LLC 4.125% 12/1/2030 (k)
 
130,000
72,709
CSC Holdings LLC 4.5% 11/15/2031 (k)
 
510,000
282,492
CSC Holdings LLC 5.5% 4/15/2027 (k)
 
280,000
173,393
EchoStar Corp 10.75% 11/30/2029
 
1,959,934
2,120,066
EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e)
 
917,483
930,511
EW Scripps Co/The 9.875% 8/15/2030 (k)
 
1,685,000
1,483,160
Gray Media Inc 4.75% 10/15/2030 (k)
 
1,175,000
908,049
Univision Communications Inc 7.375% 6/30/2030 (k)(n)
 
475,000
472,939
Univision Communications Inc 8.875% 4/15/2033 (k)(n)
 
175,000
169,439
 
 
 
10,641,428
TOTAL COMMUNICATION SERVICES
 
 
33,184,210
Consumer Discretionary - 8.3%
 
 
 
Automobile Components - 0.8%
 
 
 
American Axle & Manufacturing Inc 6.375% 10/15/2032 (k)
 
220,000
218,826
Clarios Global LP / Clarios US Finance Co 6.75%  9/15/2032 (k)
 
670,000
675,034
Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (k)
 
315,000
322,999
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (k)
 
170,000
172,132
Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.125% 4/15/2031 (k)
 
1,055,000
1,045,642
Cyprium Corp / Cyprium Holdings Luxembourg Sarl 6.375% 4/15/2034 (k)
 
105,000
103,445
Patrick Industries Inc 6.375% 11/1/2032 (k)(n)
 
440,000
433,890
 
 
 
2,971,968
Automobiles - 0.3%
 
 
 
Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (k)
 
165,000
153,200
Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (k)
 
85,000
82,664
Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (k)
 
215,000
209,970
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (k)
 
690,000
692,793
 
 
 
1,138,627
Broadline Retail - 0.4%
 
 
 
Saks Global Enterprises LLC 11% (c)(h)(k)
 
174,915
436
Wayfair LLC 6.75% 11/15/2032 (k)(n)
 
145,000
147,611
Wayfair LLC 7.25% 10/31/2029 (k)
 
540,000
556,084
Wayfair LLC 7.75% 9/15/2030 (k)
 
840,000
880,234
 
 
 
1,584,365
Diversified Consumer Services - 1.3%
 
 
 
Service Corp International/US 5.75% 10/15/2032 (n)
 
670,000
664,520
Sotheby's 8.25% 4/15/2031 (k)
 
1,025,000
1,022,457
Sotheby's/Bidfair Holdings Inc 5.875% 6/1/2029 (k)
 
665,000
641,475
StoneMor Inc 8.5% 5/15/2029 (k)
 
840,000
834,210
TKC Holdings Inc 12% 2/15/2031 (k)
 
485,000
509,759
TKC Holdings Inc 8.5% 8/15/2030 (k)(n)
 
750,000
766,687
 
 
 
4,439,108
Hotels, Restaurants & Leisure - 3.3%
 
 
 
Boyd Gaming Corp 4.75% 12/1/2027
 
435,000
432,683
Caesars Entertainment Inc 4.625% 10/15/2029 (k)
 
615,000
584,395
Carnival Corp Ltd 5.125% 5/1/2029 (k)
 
495,000
491,167
Carnival Corp Ltd 5.75% 3/15/2030 (k)
 
295,000
295,543
Carnival Corp Ltd 5.875% 6/15/2031 (k)
 
480,000
480,383
Carnival Corp Ltd 6.125% 2/15/2033 (k)
 
1,365,000
1,365,067
Churchill Downs Inc 4.75% 1/15/2028 (k)
 
395,000
391,132
Churchill Downs Inc 6.75% 5/1/2031 (k)
 
700,000
708,325
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (k)
 
1,625,000
1,595,773
Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (k)
 
555,000
531,887
Hilton Domestic Operating Co Inc 5.5% 9/15/2031 (k)
 
575,000
569,709
Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (k)
 
295,000
297,238
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (k)(n)
 
560,000
543,009
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (k)
 
335,000
335,769
Life Time Inc 6% 11/15/2031 (k)
 
500,000
504,260
MajorDrive Holdings IV LLC 6.375% 6/1/2029 (k)
 
125,000
102,216
NCL Corp Ltd 5.875% 1/15/2031 (k)
 
425,000
406,182
Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (k)
 
450,000
453,656
Viking Cruises Ltd 9.125% 7/15/2031 (k)
 
460,000
481,635
Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (k)
 
150,000
149,871
VOC Escrow Ltd 5% 2/15/2028 (k)
 
240,000
239,255
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (k)
 
390,000
389,830
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (k)
 
195,000
193,293
 
 
 
11,542,278
Household Durables - 1.1%
 
 
 
Beazer Homes USA Inc 8% 1/15/2032 (k)
 
80,000
81,579
LGI Homes Inc 4% 7/15/2029 (k)(n)
 
435,000
401,994
LGI Homes Inc 7% 11/15/2032 (k)(n)
 
445,000
433,756
LGI Homes Inc 8.75% 12/15/2028 (k)
 
425,000
436,341
Risewell Homes Inc 8.5% 11/1/2030 (k)
 
305,000
311,104
Somnigroup International Inc 4% 4/15/2029 (k)
 
1,145,000
1,100,563
Whirlpool Corp 6.125% 6/15/2030 (n)
 
355,000
322,584
Whirlpool Corp 7.5% 7/1/2031 (k)(n)
 
345,000
342,846
Whirlpool Corp 7.875% 7/1/2034 (k)
 
410,000
387,614
 
 
 
3,818,381
Specialty Retail - 1.1%
 
 
 
Advance Auto Parts Inc 7% 8/1/2030 (k)(n)
 
205,000
210,050
Carvana Co 5.875% 10/1/2028 (k)
 
115,000
111,550
Group 1 Automotive Inc 6.375% 1/15/2030 (k)
 
710,000
713,269
LBM Acquisition LLC 6.25% 1/15/2029 (k)
 
140,000
89,708
LBM Acquisition LLC 9.5% 6/15/2031 (k)
 
455,000
380,903
Michaels Cos Inc/The 8.5% 3/15/2033 (k)
 
530,000
525,032
Park River Holdings Inc 8% 3/15/2031 (k)
 
110,000
109,495
Staples Inc 10.75% 9/1/2029 (k)
 
1,340,000
1,282,182
Wand NewCo 3 Inc 7.625% 1/30/2032 (k)(n)
 
205,000
210,471
White Cap Supply Holdings LLC 7.375% 11/15/2030 (k)
 
255,000
256,900
 
 
 
3,889,560
TOTAL CONSUMER DISCRETIONARY
 
 
29,384,287
Consumer Staples - 1.7%
 
 
 
Consumer Staples Distribution & Retail - 1.3%
 
 
 
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (k)
 
370,000
348,223
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (k)
 
260,000
249,827
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (k)
 
1,040,000
1,046,482
C&S Group Enterprises LLC 5% 12/15/2028 (k)
 
310,000
285,139
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 7.125% 4/30/2033 (k)
 
120,000
122,010
KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (k)
 
820,000
854,039
Performance Food Group Inc 4.25% 8/1/2029 (k)
 
390,000
377,044
Performance Food Group Inc 6.125% 9/15/2032 (k)(n)
 
435,000
436,229
US Foods Inc 4.75% 2/15/2029 (k)
 
645,000
635,545
US Foods Inc 5.75% 4/15/2033 (k)(n)
 
240,000
237,460
 
 
 
4,591,998
Food Products - 0.4%
 
 
 
Fiesta Purchaser Inc 7.875% 3/1/2031 (k)(n)
 
240,000
240,092
Fiesta Purchaser Inc 9.625% 9/15/2032 (k)
 
795,000
744,864
Post Holdings Inc 4.625% 4/15/2030 (k)(n)
 
370,000
356,404
Post Holdings Inc 6.375% 3/1/2033 (k)(n)
 
225,000
221,582
 
 
 
1,562,942
TOTAL CONSUMER STAPLES
 
 
6,154,940
Energy - 6.8%
 
 
 
Energy Equipment & Services - 1.1%
 
 
 
Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (k)
 
150,000
152,148
Kodiak Gas Services LLC 5.875% 4/1/2031 (k)
 
305,000
301,572
SESI LLC 7.875% 9/30/2030 (k)
 
1,050,000
1,062,417
Transocean International Ltd 7.875% 10/15/2032 (k)
 
80,000
83,325
Transocean International Ltd 8.25% 5/15/2029 (k)
 
675,000
696,034
USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (k)
 
320,000
314,909
USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (k)
 
210,000
214,525
Valaris Ltd 8.375% 4/30/2030 (k)
 
355,000
367,532
WBI Operating LLC 6.25% 10/15/2030 (k)
 
990,000
989,822
 
 
 
4,182,284
Oil, Gas & Consumable Fuels - 5.7%
 
 
 
Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (k)
 
305,000
316,439
Buckeye Partners LP 4.125% 12/1/2027
 
310,000
304,767
CNX Midstream Partners LP 4.75% 4/15/2030 (k)
 
760,000
728,516
CNX Resources Corp 7.25% 3/1/2032 (k)(n)
 
485,000
498,770
Comstock Resources Inc 5.875% 1/15/2030 (k)(n)
 
485,000
456,924
Comstock Resources Inc 6.75% 3/1/2029 (k)
 
975,000
960,218
CVR Energy Inc 7.5% 2/15/2031 (k)
 
1,170,000
1,185,293
DBR Land Holdings LLC 6.25% 12/1/2030 (k)
 
350,000
353,007
Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (k)
 
598,000
620,625
Energy Transfer LP 6.5% 2/15/2056 (e)
 
470,000
470,052
Energy Transfer LP 6.55% 1/15/2057 (e)
 
793,000
782,936
Global Partners LP / GLP Finance Corp 6.875% 1/15/2029
 
230,000
231,179
Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (k)(n)
 
115,000
116,457
Harvest Midstream I LP 7.5% 5/15/2032 (k)
 
415,000
425,494
Hess Midstream Operations LP 5.875% 3/1/2028 (k)
 
910,000
914,621
Hess Midstream Operations LP 6.5% 6/1/2029 (k)
 
755,000
767,809
Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (k)
 
460,000
475,486
Kinetik Holdings LP 6.625% 12/15/2028 (k)
 
1,145,000
1,163,954
Matador Resources Co 6.5% 4/15/2032 (k)(n)
 
365,000
364,317
Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (k)
 
320,000
320,742
Northern Oil & Gas Inc 7.875% 10/15/2033 (k)(n)
 
560,000
560,401
Northern Oil & Gas Inc 8.75% 6/15/2031 (k)(n)
 
445,000
458,618
Par Petroleum LLC 7.375% 6/1/2034 (k)(n)
 
335,000
346,644
PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (k)
 
630,000
653,826
PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (k)(n)
 
865,000
926,743
Prairie Acquiror LP 9% 8/1/2029 (k)
 
1,475,000
1,521,491
Rockies Express Pipeline LLC 6.75% 3/15/2033 (k)
 
255,000
259,257
SM Energy Co 6.625% 1/15/2027 (n)
 
431,000
431,780
Summit Midstream Holdings LLC 8.625% 10/31/2029 (k)
 
150,000
155,785
Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028 (n)
 
250,000
250,065
Sunoco LP 5.375% 7/15/2031 (k)(n)
 
545,000
534,592
Sunoco LP 5.625% 3/15/2031 (k)
 
1,095,000
1,080,775
Sunoco LP 6.625% 8/15/2032 (k)(n)
 
590,000
595,610
Venture Global LNG Inc 7% 1/15/2030 (k)
 
300,000
304,772
Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (k)(n)
 
315,000
319,990
Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (k)
 
180,000
185,640
Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (k)
 
285,000
309,230
 
 
 
20,352,825
TOTAL ENERGY
 
 
24,535,109
Financials - 7.7%
 
 
 
Capital Markets - 1.3%
 
 
 
Bank of New York Mellon Corp/The 6.15% (e)(m)
 
540,000
535,391
Broadstreet Partners Group LLC 5.875% 4/15/2029 (k)
 
595,000
581,761
Focus Financial Partners LLC 6.75% 9/15/2031 (k)(n)
 
550,000
546,563
FS KKR Capital Corp 7.5% 8/1/2031
 
550,000
550,932
Hightower Holding LLC 6.75% 4/15/2029 (k)
 
135,000
134,497
Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (k)
 
425,000
422,875
Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (k)(n)
 
195,000
198,728
Jefferies Finance LLC / JFIN Co-Issuer Corp 5% 8/15/2028 (k)(n)
 
1,160,000
1,121,483
VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (k)
 
580,000
601,422
 
 
 
4,693,652
Consumer Finance - 1.1%
 
 
 
Ford Motor Credit Co LLC 5.42% 4/9/2031
 
1,240,000
1,220,375
OneMain Finance Corp 3.5% 1/15/2027
 
775,000
768,929
OneMain Finance Corp 5.375% 11/15/2029
 
870,000
850,236
OneMain Finance Corp 6.125% 5/15/2030 (n)
 
415,000
412,507
OneMain Finance Corp 6.75% 3/15/2032 (n)
 
85,000
84,588
OneMain Finance Corp 7.125% 11/15/2031 (n)
 
210,000
212,812
PRA Group Inc 8.875% 1/31/2030 (k)
 
325,000
334,636
 
 
 
3,884,083
Financial Services - 2.4%
 
 
 
Block Inc 5.625% 8/15/2030 (k)
 
325,000
323,337
Block Inc 6% 8/15/2033 (k)
 
165,000
163,629
Block Inc 6.5% 5/15/2032
 
595,000
601,131
Compass Group Diversified Holdings LLC 5.25% 4/15/2029 (k)
 
1,315,000
1,252,193
CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (k)
 
290,000
280,450
CrossCountry Intermediate HoldCo LLC 6.75% 12/1/2032 (k)
 
180,000
171,761
Freedom Mortgage Corp 6.625% 1/15/2027 (k)
 
335,000
335,167
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (k)
 
855,000
856,406
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027
 
1,590,000
1,579,837
Rocket Cos Inc 6.125% 8/1/2030 (k)(n)
 
600,000
604,865
Rocket Cos Inc 6.125% 8/1/2031 (k)(n)
 
480,000
482,187
Rocket Cos Inc 6.5% 8/1/2029 (k)
 
350,000
354,597
UWM Holdings LLC 6.25% 3/15/2031 (k)
 
385,000
343,515
UWM Holdings LLC 6.625% 2/1/2030 (k)(n)
 
665,000
616,885
Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (k)
 
470,000
489,284
 
 
 
8,455,244
Insurance - 2.3%
 
 
 
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (k)
 
505,000
488,415
Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (k)
 
880,000
843,801
Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (k)
 
185,000
176,853
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (k)
 
1,355,000
1,361,111
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 1/15/2031 (k)
 
150,000
152,213
AmWINS Group Inc 4.875% 6/30/2029 (k)
 
565,000
543,848
AmWINS Group Inc 6.375% 2/15/2029 (k)
 
385,000
386,557
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (k)(n)
 
340,000
344,379
Athene Holding Ltd 6.875% 6/28/2055 (e)
 
550,000
519,508
CRC Insurance Group LLC 7.125% 6/1/2031 (k)
 
1,395,000
1,392,373
HUB International Ltd 7.25% 6/15/2030 (k)
 
350,000
360,384
HUB International Ltd 7.375% 1/31/2032 (k)(n)
 
835,000
853,996
Ryan Specialty LLC 5.875% 8/1/2032 (k)
 
450,000
443,810
USI Inc/NY 7.5% 1/15/2032 (k)
 
290,000
295,971
 
 
 
8,163,219
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Rithm Capital Corp 8% 4/1/2029 (k)
 
140,000
141,090
Rithm Capital Corp 8.5% 6/1/2031 (k)
 
270,000
270,659
Starwood Property Trust Inc 5.25% 10/15/2028 (k)
 
980,000
971,267
Starwood Property Trust Inc 5.875% 8/15/2029 (k)
 
345,000
345,578
Starwood Property Trust Inc 6.125% 6/1/2031 (k)(n)
 
110,000
109,739
Starwood Property Trust Inc 6.5% 7/1/2030 (k)(n)
 
665,000
675,397
 
 
 
2,513,730
TOTAL FINANCIALS
 
 
27,709,928
Health Care - 5.3%
 
 
 
Biotechnology - 0.2%
 
 
 
Emergent BioSolutions Inc 3.875% 8/15/2028 (k)
 
915,000
839,560
Health Care Equipment & Supplies - 0.8%
 
 
 
Avantor Funding Inc 3.875% 11/1/2029 (k)(n)
 
330,000
314,812
Avantor Funding Inc 4.625% 7/15/2028 (k)
 
635,000
626,278
Medline Borrower LP 3.875% 4/1/2029 (k)
 
60,000
58,038
Medline Borrower LP 5.25% 10/1/2029 (k)
 
925,000
916,350
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (k)
 
660,000
671,176
Teleflex Inc 5.875% 1/15/2032 (k)
 
255,000
252,794
 
 
 
2,839,448
Health Care Providers & Services - 3.2%
 
 
 
Acadia Healthcare Co Inc 5% 4/15/2029 (k)
 
495,000
484,575
Accendra Health Inc 9.75% 6/15/2033 (k)
 
285,450
190,538
Centene Corp 3.375% 2/15/2030
 
1,550,000
1,433,578
Centene Corp 4.625% 12/15/2029
 
800,000
776,110
Charlotte Buyer Inc 8% 6/30/2031 (k)
 
120,000
121,315
CHS/Community Health Systems Inc 5.25% 5/15/2030 (k)
 
235,000
217,002
CVS Health Corp 7% 3/10/2055 (e)
 
635,000
653,824
Humana Inc 6.625% 9/15/2056 (e)
 
1,765,000
1,736,709
Molina Healthcare Inc 3.875% 5/15/2032 (k)(n)
 
235,000
210,144
Molina Healthcare Inc 6.25% 1/15/2033 (k)
 
460,000
454,879
Molina Healthcare Inc 6.5% 2/15/2031 (k)
 
1,005,000
1,014,241
National Mentor Holdings Inc 10.5% 12/15/2030 (k)
 
165,000
174,018
Surgery Center Holdings Inc 7.25% 4/15/2032 (k)
 
300,000
300,934
Tenet Healthcare Corp 5.125% 11/1/2027
 
2,300,000
2,298,675
US Acute Care Solutions LLC 9.75% 5/15/2029 (k)
 
1,370,000
1,276,894
 
 
 
11,343,436
Health Care Technology - 0.5%
 
 
 
IQVIA Inc 5% 5/15/2027 (k)
 
1,165,000
1,163,568
IQVIA Inc 6.25% 6/1/2032 (k)(n)
 
355,000
359,566
IQVIA Inc 6.5% 5/15/2030 (k)
 
270,000
275,106
 
 
 
1,798,240
Pharmaceuticals - 0.6%
 
 
 
1261229 BC Ltd 10% 4/15/2032 (k)
 
1,151,000
1,176,608
Jazz Securities DAC 4.375% 1/15/2029 (k)
 
415,000
406,274
Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (k)
 
535,000
526,501
 
 
 
2,109,383
TOTAL HEALTH CARE
 
 
18,930,067
Industrials - 8.1%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
ATI Inc 5.875% 6/15/2033
 
190,000
191,161
BWX Technologies Inc 4.125% 4/15/2029 (k)
 
1,095,000
1,051,096
Moog Inc 5.5% 10/15/2034 (k)
 
165,000
159,625
TransDigm Inc 6.125% 7/31/2034 (k)
 
315,000
311,462
TransDigm Inc 6.25% 1/31/2034 (k)
 
90,000
90,884
TransDigm Inc 6.375% 3/1/2029 (k)(n)
 
1,715,000
1,735,633
TransDigm Inc 6.75% 1/31/2034 (k)
 
410,000
416,672
TransDigm Inc 6.75% 8/15/2028 (k)
 
2,495,000
2,510,594
 
 
 
6,467,127
Air Freight & Logistics - 0.1%
 
 
 
Rand Parent LLC 8.5% 2/15/2030 (k)
 
485,000
497,192
Building Products - 0.5%
 
 
 
Camelot Return Merger Sub Inc 8.75% 8/1/2028 (k)
 
950,000
488,413
JH North America Holdings Inc 5.875% 1/31/2031 (k)
 
660,000
658,572
MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (k)
 
360,000
333,160
Standard Building Solutions Inc 6.5% 8/15/2032 (k)
 
295,000
295,564
 
 
 
1,775,709
Commercial Services & Supplies - 2.6%
 
 
 
Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (k)
 
330,000
337,196
Artera Services LLC 8.5% 2/15/2031 (k)
 
1,775,000
1,616,919
Brand Industrial Services Inc 10.375% 8/1/2030 (k)
 
365,000
316,098
CoreCivic Inc 4.75% 10/15/2027
 
35,000
35,000
CoreCivic Inc 8.25% 4/15/2029
 
675,000
700,774
GEO Group Inc/The 10.25% 4/15/2031
 
800,000
862,720
GEO Group Inc/The 8.625% 4/15/2029
 
455,000
474,334
GFL Environmental Inc 4% 8/1/2028 (k)
 
1,245,000
1,214,071
Madison IAQ LLC 4.125% 6/30/2028 (k)
 
800,000
783,155
Neptune Bidco US Inc 10.375% 5/15/2031 (k)
 
685,000
717,157
Neptune Bidco US Inc 9.29% 4/15/2029 (k)(n)
 
1,200,000
1,222,613
Neptune Bidco US Inc 9.5% 2/15/2033 (k)
 
140,000
142,614
Waste Pro USA Inc 7% 2/1/2033 (k)
 
235,000
238,179
Williams Scotsman Inc 6.625% 4/15/2030 (k)
 
645,000
659,507
 
 
 
9,320,337
Construction & Engineering - 0.3%
 
 
 
Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (k)(n)
 
1,010,000
1,011,114
Electrical Equipment - 0.2%
 
 
 
WESCO Distribution Inc 5.25% 4/15/2031 (k)
 
380,000
373,671
WESCO Distribution Inc 6.375% 3/15/2033 (k)(n)
 
295,000
299,948
 
 
 
673,619
Ground Transportation - 0.4%
 
 
 
Avis Budget Car Rental LLC / Avis Budget Finance Inc 8% 2/15/2031 (k)
 
190,000
189,711
Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (k)
 
145,000
147,142
Genesee & Wyoming Inc 6.25% 4/15/2032 (k)
 
395,000
397,264
XPO Inc 6.25% 6/1/2028 (k)
 
825,000
831,178
 
 
 
1,565,295
Machinery - 0.3%
 
 
 
Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (e)(k)
 
289,863
311,171
Esab Corp 5.625% 4/1/2031 (k)
 
330,000
326,010
Esab Corp 6.25% 4/15/2029 (k)
 
545,000
550,769
 
 
 
1,187,950
Passenger Airlines - 0.5%
 
 
 
Allegiant Travel Co 7.125% 7/1/2031 (k)(n)
 
285,000
288,784
American Airlines Inc 7.25% 2/15/2028 (k)(n)
 
270,000
272,256
United Airlines Holdings Inc 5.375% 3/1/2031 (n)
 
1,125,000
1,110,261
 
 
 
1,671,301
Professional Services - 0.4%
 
 
 
Amentum Holdings Inc 7.25% 8/1/2032 (k)(n)
 
570,000
585,614
TriNet Group Inc 7.125% 8/15/2031 (k)
 
850,000
861,924
 
 
 
1,447,538
Trading Companies & Distributors - 0.8%
 
 
 
FTAI Aviation Investors LLC 7% 6/15/2032 (k)
 
230,000
234,836
FTAI Aviation Investors LLC 7.875% 12/1/2030 (k)(n)
 
425,000
442,818
Herc Holdings Inc 5.75% 3/15/2031 (k)(n)
 
250,000
247,520
Herc Holdings Inc 7% 6/15/2030 (k)(n)
 
585,000
603,292
QXO Building Products Inc 6.5% 7/15/2031 (k)
 
225,000
225,912
QXO Building Products Inc 6.75% 4/30/2032 (k)(n)
 
420,000
428,930
Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (k)
 
125,000
130,391
United Rentals North America Inc 3.875% 11/15/2027
 
645,000
637,548
 
 
 
2,951,247
Transportation Infrastructure - 0.2%
 
 
 
Beacon Mobility Corp 7.25% 8/1/2030 (k)
 
285,000
294,060
Carrix Inc 6.125% 8/1/2033 (k)
 
360,000
358,337
 
 
 
652,397
TOTAL INDUSTRIALS
 
 
29,220,826
Information Technology - 5.7%
 
 
 
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Coherent Corp 5% 12/15/2029 (k)
 
925,000
905,101
IT Services - 1.9%
 
 
 
Ahead DB Holdings LLC 6.625% 5/1/2028 (k)
 
1,348,000
1,348,257
Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (k)(n)
 
1,490,000
1,468,871
Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (k)
 
585,000
577,492
CoreWeave Inc 9% 2/1/2031 (k)
 
1,290,000
1,164,475
CoreWeave Inc 9.25% 6/1/2030 (k)
 
1,355,000
1,266,324
CoreWeave Inc 9.625% 7/15/2032 (k)(n)
 
240,000
214,807
CoreWeave Inc 9.75% 10/1/2031 (k)
 
740,000
671,449
Sabre GLBL Inc 11.125% 7/15/2030 (k)(n)
 
220,000
211,750
 
 
 
6,923,425
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
Entegris Inc 4.75% 4/15/2029 (k)
 
1,595,000
1,568,388
Wolfspeed Inc 7% 6/15/2031 pay-in-kind (e)
 
359,125
307,949
 
 
 
1,876,337
Software - 2.8%
 
 
 
Cloud Software Group LLC 6.5% 3/31/2029 (k)
 
1,150,000
1,123,738
Cloud Software Group LLC 9% 9/30/2029 (k)
 
2,625,000
2,571,848
Elastic NV 4.125% 7/15/2029 (k)
 
705,000
671,748
Ellucian Holdings Inc 6.5% 12/1/2029 (k)
 
1,590,000
1,528,949
Oracle Corp 2.95% 4/1/2030
 
675,000
607,246
Oracle Corp 4.8% 9/26/2032 (n)
 
380,000
349,752
Oracle Corp 4.95% 2/4/2031 (n)
 
355,000
339,084
SS&C Technologies Inc 5.5% 9/30/2027 (k)
 
1,040,000
1,038,569
UKG Inc 6.875% 2/1/2031 (k)(n)
 
1,785,000
1,748,877
 
 
 
9,979,811
Technology Hardware, Storage & Peripherals - 0.2%
 
 
 
Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030
 
640,000
651,642
TOTAL INFORMATION TECHNOLOGY
 
 
20,336,316
Materials - 4.3%
 
 
 
Chemicals - 2.3%
 
 
 
Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (e)(k)
 
349,588
279,670
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (k)
 
605,000
625,722
Celanese US Holdings LLC 6.5% 4/15/2030 (n)
 
360,000
364,424
Celanese US Holdings LLC 7% 2/15/2031 (n)
 
670,000
686,947
Chemours Co/The 4.625% 11/15/2029 (k)(n)
 
140,000
132,116
Chemours Co/The 5.75% 11/15/2028 (k)
 
1,000,000
995,037
Chemours Co/The 7.875% 3/15/2034 (k)(n)
 
260,000
253,005
LSB Industries Inc 6.25% 10/15/2028 (k)
 
505,000
503,909
Mativ Holdings Inc 8% 10/1/2029 (k)(n)
 
555,000
549,480
Methanex US Operations Inc 6.25% 3/15/2032 (k)(n)
 
265,000
267,618
Olin Corp 6.625% 4/1/2033 (k)(n)
 
155,000
151,682
Olympus Water US Holding Corp 7.25% 2/15/2033 (k)(n)
 
200,000
195,914
Olympus Water US Holding Corp 7.25% 6/15/2031 (k)
 
495,000
500,213
Scih Salt Hldgs Inc 4.875% 5/1/2028 (k)
 
585,000
584,971
Scih Salt Hldgs Inc 6.625% 5/1/2029 (k)
 
960,000
960,000
WR Grace Holdings LLC 5.625% 8/15/2029 (k)
 
765,000
702,356
WR Grace Holdings LLC 7% 8/1/2033 (k)
 
175,000
167,623
WR Grace Holdings LLC 7.375% 3/1/2031 (k)(n)
 
190,000
188,390
 
 
 
8,109,077
Construction Materials - 0.8%
 
 
 
Quikrete Holdings Inc 6.375% 3/1/2032 (k)
 
830,000
840,129
Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (k)
 
835,000
874,323
VM Consolidated Inc 5.5% 4/15/2029 (k)(n)
 
1,190,000
1,112,217
 
 
 
2,826,669
Containers & Packaging - 0.8%
 
 
 
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (k)
 
695,000
659,802
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (k)
 
245,000
246,652
Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (k)
 
280,000
266,645
Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (k)(n)
 
1,210,000
1,156,402
Graphic Packaging International LLC 6.375% 7/15/2032 (k)(n)
 
445,000
444,283
 
 
 
2,773,784
Metals & Mining - 0.4%
 
 
 
Alcoa Nederland Holding BV 7.125% 3/15/2031 (k)
 
90,000
92,599
Alumina Pty Ltd 6.375% 9/15/2032 (k)
 
895,000
900,829
Cleveland-Cliffs Inc 7.5% 9/15/2031 (k)
 
400,000
408,235
Coeur Mining Inc 6.875% 4/1/2032 (k)
 
310,000
316,708
 
 
 
1,718,371
TOTAL MATERIALS
 
 
15,427,901
Real Estate - 2.0%
 
 
 
Diversified REITs - 0.3%
 
 
 
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (k)
 
1,085,000
1,070,095
Health Care REITs - 0.2%
 
 
 
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
 
800,000
776,105
Hotel & Resort REITs - 0.4%
 
 
 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (k)(n)
 
480,000
467,849
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (k)(n)
 
395,000
401,384
RHP Hotel Properties LP / RHP Finance Corp 5.75% 3/15/2034 (k)
 
300,000
293,784
RHP Hotel Properties LP / RHP Finance Corp 7.25% 7/15/2028 (k)
 
425,000
432,839
 
 
 
1,595,856
Real Estate Management & Development - 0.4%
 
 
 
Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (k)
 
455,000
487,503
Kennedy-Wilson Inc 7% 6/1/2031 (k)
 
770,000
784,094
 
 
 
1,271,597
Specialized REITs - 0.7%
 
 
 
Iron Mountain Inc 4.875% 9/15/2027 (k)
 
375,000
373,772
Millrose Properties Inc 6.375% 8/1/2030 (k)
 
820,000
826,062
SBA Communications Corp 3.875% 2/15/2027 (n)
 
1,340,000
1,331,154
 
 
 
2,530,988
TOTAL REAL ESTATE
 
 
7,244,641
Utilities - 4.0%
 
 
 
Electric Utilities - 3.3%
 
 
 
American Electric Power Co Inc 5.8% 3/15/2056 (e)
 
875,000
859,372
Edison International 7.875% 6/15/2054 (e)
 
240,000
247,669
Eversource Energy 6.1% 8/15/2056 (e)(n)
 
680,000
676,189
Eversource Energy 6.35% 8/15/2056 (e)
 
160,000
159,229
NRG Energy Inc 5.75% 7/15/2029 (k)
 
1,525,000
1,524,123
PG&E Corp 5% 7/1/2028
 
310,000
307,074
PG&E Corp 6.85% 9/15/2056 (e)
 
512,000
506,658
PG&E Corp 7.375% 3/15/2055 (e)
 
1,385,000
1,406,356
Sierra Pacific Power Co 6.2% 12/15/2055 (e)(n)
 
1,036,000
1,016,331
Sierra Pacific Power Co 6.375% 9/15/2056 (e)
 
670,000
666,261
Vistra Operations Co LLC 4.7% 1/31/2031 (k)
 
1,380,000
1,343,327
Vistra Operations Co LLC 5% 4/30/2031 (k)
 
118,000
116,187
Vistra Operations Co LLC 5% 7/31/2027 (k)
 
1,025,000
1,024,657
Vistra Operations Co LLC 7.75% 10/15/2031 (k)
 
565,000
589,022
Xcel Energy Inc 5.75% 12/3/2056 (e)
 
1,100,000
1,078,777
XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (k)(n)
 
360,000
371,264
 
 
 
11,892,496
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Alpha Generation LLC 6.25% 1/15/2034 (k)(n)
 
290,000
283,387
Alpha Generation LLC 6.75% 10/15/2032 (k)
 
365,000
368,182
Sunnova Energy Corp 5.875% (c)(h)(k)
 
675,000
1,687
 
 
 
653,256
Multi-Utilities - 0.5%
 
 
 
Dominion Energy Inc 6.15% 12/15/2056 (e)
 
1,025,000
1,014,036
Sempra 6.375% 4/1/2056 (e)
 
835,000
837,591
 
 
 
1,851,627
TOTAL UTILITIES
 
 
14,397,379
TOTAL UNITED STATES
 
 
226,525,604
ZAMBIA - 0.2%
 
 
 
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
First Quantum Minerals Ltd 8% 3/1/2033 (k)
 
275,000
285,156
First Quantum Minerals Ltd 8.625% 6/1/2031 (k)
 
580,000
601,750
 
 
 
 
TOTAL ZAMBIA
 
 
886,906
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $256,217,802)
 
 
 
255,436,262
 
 
 
 
Non-Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
UNITED STATES - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Software - 0.2%
 
 
 
Strategy Inc 10.25% (j)
 
3,651
326,691
Strategy Inc Series A, 10%
 
6,001
568,655
 
 
 
 
TOTAL UNITED STATES
 
 
895,346
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $932,729)
 
 
 
895,346
 
 
 
 
Preferred Securities - 5.6%
 
 
Principal
Amount (a)
 
Value ($)
 
FRANCE - 0.3%
 
 
 
Financials - 0.3%
 
 
 
Banks - 0.3%
 
 
 
BNP Paribas SA 6.875% (e)(k)(m)
 
865,000
864,409
BNP Paribas SA 7.2% (e)(k)(m)
 
200,000
202,716
 
 
 
 
TOTAL FRANCE
 
 
1,067,125
UNITED KINGDOM - 0.4%
 
 
 
Financials - 0.4%
 
 
 
Banks - 0.4%
 
 
 
Barclays PLC 7.625% (e)(m)
 
245,000
255,623
HSBC Holdings PLC 6.75% (e)(m)
 
1,100,000
1,132,021
 
 
 
 
TOTAL UNITED KINGDOM
 
 
1,387,644
UNITED STATES - 4.9%
 
 
 
Energy - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
Energy Transfer LP Series G, 7.125% (e)(m)
 
1,170,000
1,218,505
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0227% (e)(f)(m)
 
855,000
869,443
Sunoco LP 7.875% (e)(k)(m)
 
950,000
1,001,396
TOTAL ENERGY
 
 
3,089,344
Financials - 3.7%
 
 
 
Banks - 2.8%
 
 
 
Bank of America Corp 6.25% (e)(m)
 
1,250,000
1,252,484
Citigroup Inc 6.5% (e)(m)(n)
 
825,000
834,903
Citigroup Inc 6.625% (e)(m)
 
750,000
763,936
Citigroup Inc 6.75% (e)(m)
 
375,000
380,786
Citigroup Inc 6.875% (e)(m)
 
785,000
804,021
Citigroup Inc 6.95% (e)(m)
 
425,000
435,010
Citigroup Inc 7.125% (e)(m)
 
405,000
418,013
JPMorgan Chase & Co 6.1% (e)(m)
 
770,000
770,770
JPMorgan Chase & Co 6.5% (e)(m)
 
1,615,000
1,648,622
Truist Financial Corp 6.25% (e)(m)
 
860,000
863,179
Wells Fargo & Co 6.125% (e)(m)
 
1,390,000
1,399,924
Wells Fargo & Co 7.625% (e)(m)(n)
 
290,000
306,229
 
 
 
9,877,877
Capital Markets - 0.7%
 
 
 
Bank of New York Mellon Corp/The 5.625% (e)(m)(n)
 
540,000
536,880
Goldman Sachs Group Inc/The 6.125% (e)(m)(n)
 
120,000
119,988
Goldman Sachs Group Inc/The 6.5% (e)(m)
 
970,000
962,711
Goldman Sachs Group Inc/The 6.85% (e)(m)
 
690,000
720,793
 
 
 
2,340,372
Consumer Finance - 0.2%
 
 
 
Ally Financial Inc 4.7% (e)(m)(n)
 
320,000
312,377
Ally Financial Inc 7.1% (e)(m)
 
700,000
716,440
 
 
 
1,028,817
TOTAL FINANCIALS
 
 
13,247,066
Industrials - 0.3%
 
 
 
Trading Companies & Distributors - 0.3%
 
 
 
Sumisho Air Lease Corp 4.125% (e)(m)
 
1,110,000
1,099,095
TOTAL UNITED STATES
 
 
17,435,505
 
TOTAL PREFERRED SECURITIES
 (Cost $19,529,600)
 
 
 
19,890,274
 
 
 
 
Money Market Funds - 11.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (p)
 
3.69
15,355,148
15,358,219
Fidelity Securities Lending Cash Central Fund (p)(q)
 
3.72
27,038,882
27,041,586
 
TOTAL MONEY MARKET FUNDS
 (Cost $42,399,764)
 
 
 
42,399,805
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.8%
 (Cost $385,331,053)
 
 
 
383,072,794
NET OTHER ASSETS (LIABILITIES) - (6.8)%  
(24,311,961)
NET ASSETS - 100.0%
358,760,833
 
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(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)
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)
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
 
(h)
Non-income producing - Security is in default.
 
(i)
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 $243,574 and $242,965, respectively.
 
(j)
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.
 
(k)
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 $216,504,601 or 60.3% of net assets.
 
(l)
Zero coupon bond which is issued at a discount.
 
(m)
Security is perpetual in nature with no stated maturity date.
 
(n)
Security or a portion of the security is on loan at period end.
 
(o)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $395,600 or 0.1% of net assets.
 
(p)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(q)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $11,263,636.
 
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 Cash Central Fund
8,357,899
30,603,405
23,602,846
133,708
(280)
41
15,358,219
15,355,148
Fidelity Securities Lending Cash Central Fund
26,777,786
32,692,414
32,428,614
12,021
-
-
27,041,586
27,038,882
 
35,135,685
63,295,819
56,031,460
145,729
(280)
41
42,399,805
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
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, 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.  Asset-Backed Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.  When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
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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