UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21667
Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | August 31 |
Date of reporting period: | August 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended August 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Specialized High Income Central Fund | 5.56% | 2.78% | 3.95% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Specialized High Income Central Fund on August 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® BB US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.0 | |
PG&E Corp. | 2.0 | |
Sirius XM Radio, Inc. | 1.7 | |
TransDigm, Inc. | 1.6 | |
Tenet Healthcare Corp. | 1.6 | |
Occidental Petroleum Corp. | 1.6 | |
Vistra Operations Co. LLC | 1.6 | |
Ford Motor Credit Co. LLC | 1.5 | |
Albertsons Companies LLC/Safeway Inc./New Albertson's, Inc./Albertson's LLC | 1.4 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 1.4 | |
16.4 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 13.8 | |
Healthcare | 7.3 | |
Utilities | 6.9 | |
Services | 6.1 | |
Technology | 5.8 | |
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Corporate Bonds - 88.7% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.4% | |||
Broadcasting - 0.4% | |||
DISH Network Corp. 3.375% 8/15/26 | 2,658,000 | 1,608,090 | |
Nonconvertible Bonds - 88.3% | |||
Aerospace - 3.5% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 995,000 | 905,415 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 1,555,000 | 1,590,930 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 2,085,000 | 1,843,821 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,460,000 | 1,328,606 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,270,000 | 1,232,896 | |
TransDigm, Inc. 6.25% 3/15/26 (b) | 5,853,000 | 5,797,209 | |
12,698,877 | |||
Air Transportation - 0.9% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 646,250 | 634,155 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 710,000 | 675,925 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 2,170,000 | 2,045,077 | |
3,355,157 | |||
Automotive - 0.3% | |||
Ford Motor Co. 6.1% 8/19/32 | 1,100,000 | 1,051,235 | |
Automotive & Auto Parts - 2.4% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,270,000 | 1,060,787 | |
Dana, Inc. 4.5% 2/15/32 | 365,000 | 294,697 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 885,000 | 690,783 | |
5.291% 12/8/46 | 445,000 | 349,442 | |
Ford Motor Credit Co. LLC: | |||
2.3% 2/10/25 | 360,000 | 338,211 | |
2.7% 8/10/26 | 1,200,000 | 1,073,288 | |
2.9% 2/10/29 | 360,000 | 297,081 | |
4% 11/13/30 | 1,710,000 | 1,446,915 | |
4.687% 6/9/25 | 1,005,000 | 967,417 | |
5.113% 5/3/29 | 650,000 | 597,877 | |
5.125% 6/16/25 | 660,000 | 642,518 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 160,000 | 138,879 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (b) | 415,000 | 423,723 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 475,000 | 399,043 | |
8,720,661 | |||
Banks & Thrifts - 0.4% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 205,000 | 179,891 | |
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625% 3/1/29 (b) | 1,360,000 | 1,157,540 | |
1,337,431 | |||
Broadcasting - 2.7% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (b)(c) | 650,000 | 15,314 | |
Nexstar Media, Inc. 5.625% 7/15/27 (b) | 1,655,000 | 1,555,606 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 465,000 | 373,321 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 365,000 | 284,083 | |
5% 8/1/27 (b) | 3,520,000 | 3,254,522 | |
5.5% 7/1/29 (b) | 2,845,000 | 2,561,227 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,670,000 | 1,491,583 | |
5% 9/15/29 | 240,000 | 211,200 | |
9,746,856 | |||
Building Materials - 1.9% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,880,000 | 1,795,400 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 385,000 | 380,318 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 1,965,000 | 1,670,584 | |
Knife River Holding Co. 7.75% 5/1/31 (b) | 865,000 | 885,397 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 2,485,000 | 2,130,178 | |
6,861,877 | |||
Cable/Satellite TV - 2.7% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 200,000 | 164,057 | |
4.5% 8/15/30 (b) | 280,000 | 235,535 | |
4.5% 5/1/32 | 2,370,000 | 1,921,347 | |
4.5% 6/1/33 (b) | 730,000 | 576,240 | |
5% 2/1/28 (b) | 4,914,000 | 4,528,231 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 495,000 | 339,952 | |
4.125% 12/1/30 (b) | 5,000 | 3,565 | |
5.375% 2/1/28 (b) | 700,000 | 573,837 | |
VZ Secured Financing BV 5% 1/15/32 (b) | 1,805,000 | 1,471,543 | |
9,814,307 | |||
Chemicals - 5.1% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 1,200,000 | 1,129,376 | |
INEOS Finance PLC 6.75% 5/15/28 (b) | 690,000 | 660,607 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 1,585,000 | 1,486,760 | |
5.25% 12/15/29 | 130,000 | 118,425 | |
5.65% 12/1/44 | 1,034,000 | 845,723 | |
NOVA Chemicals Corp.: | |||
5% 5/1/25 (b) | 2,000,000 | 1,903,497 | |
5.25% 6/1/27 (b) | 1,960,000 | 1,742,551 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 895,000 | 796,098 | |
Olin Corp.: | |||
5% 2/1/30 | 1,944,000 | 1,780,061 | |
5.125% 9/15/27 | 2,525,000 | 2,417,385 | |
SPCM SA 3.125% 3/15/27 (b) | 360,000 | 319,451 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,885,000 | 2,715,825 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 645,000 | 531,503 | |
Valvoline, Inc. 4.25% 2/15/30 (b) | 1,410,000 | 1,385,935 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 630,000 | 587,564 | |
7.375% 3/1/31 (b) | 125,000 | 123,095 | |
18,543,856 | |||
Consumer Products - 0.5% | |||
Mattel, Inc.: | |||
3.75% 4/1/29 (b) | 630,000 | 560,015 | |
6.2% 10/1/40 | 375,000 | 350,515 | |
Newell Brands, Inc. 5.875% 4/1/36 (d) | 565,000 | 502,190 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 375,000 | 301,365 | |
1,714,085 | |||
Containers - 1.6% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 1,155,000 | 1,078,952 | |
Ball Corp.: | |||
2.875% 8/15/30 | 1,035,000 | 844,089 | |
3.125% 9/15/31 | 1,280,000 | 1,036,310 | |
6% 6/15/29 | 900,000 | 886,596 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 965,000 | 822,523 | |
OI European Group BV 4.75% 2/15/30 (b) | 370,000 | 337,255 | |
Sealed Air Corp. 6.875% 7/15/33 (b) | 680,000 | 683,876 | |
5,689,601 | |||
Diversified Financial Services - 4.7% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 1,000,000 | 900,000 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 830,000 | 817,069 | |
GGAM Finance Ltd. 7.75% 5/15/26 (b) | 880,000 | 879,986 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 2,490,000 | 2,184,975 | |
6.25% 5/15/26 | 3,149,000 | 2,920,195 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 1,005,000 | 908,869 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,420,000 | 1,262,285 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (b) | 285,000 | 229,293 | |
3.875% 2/15/31 (b) | 1,805,000 | 1,574,838 | |
Navient Corp. 6.75% 6/15/26 | 900,000 | 884,016 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 2,475,000 | 2,153,869 | |
6.875% 3/15/25 | 1,585,000 | 1,577,039 | |
7.125% 3/15/26 | 624,000 | 613,827 | |
16,906,261 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 1,765,000 | 1,538,656 | |
Energy - 13.6% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 740,000 | 716,697 | |
Apache Corp.: | |||
4.25% 1/15/30 | 244,000 | 222,383 | |
5.1% 9/1/40 | 686,000 | 570,317 | |
5.25% 2/1/42 | 1,030,000 | 845,181 | |
5.35% 7/1/49 | 170,000 | 136,168 | |
Centennial Resource Production LLC 5.875% 7/1/29 (b) | 190,000 | 182,400 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 1,405,000 | 1,160,994 | |
4% 3/1/31 | 1,355,000 | 1,196,268 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 1,233,000 | 1,160,632 | |
Chesapeake Energy Corp. 6.75% 4/15/29 (b) | 1,400,000 | 1,389,807 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 1,050,000 | 906,086 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,860,000 | 1,777,793 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 2,198,000 | 2,132,060 | |
6% 2/1/29 (b) | 1,910,000 | 1,875,085 | |
7.375% 2/1/31 (b) | 370,000 | 381,159 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (b) | 700,000 | 650,097 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 840,000 | 814,839 | |
5.75% 2/15/28 (b) | 175,000 | 159,306 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 100,000 | 93,288 | |
6.45% 11/3/36 (b) | 435,000 | 443,182 | |
8.125% 8/16/30 | 30,000 | 34,042 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 905,000 | 885,271 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 920,000 | 889,980 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 290,000 | 231,288 | |
5.45% 6/1/47 | 605,000 | 502,150 | |
5.6% 4/1/44 | 1,018,000 | 868,054 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 1,140,000 | 1,007,394 | |
5.5% 7/15/28 | 905,000 | 864,621 | |
6.5% 7/15/48 | 550,000 | 499,261 | |
7.5% 6/1/27 (b) | 710,000 | 716,614 | |
EQT Corp. 3.9% 10/1/27 | 1,654,000 | 1,544,379 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (b) | 1,130,000 | 1,059,964 | |
5.625% 2/15/26 (b) | 592,000 | 579,290 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
6.25% 11/1/28 (b) | 380,000 | 366,577 | |
6.25% 4/15/32 (b) | 1,000,000 | 917,665 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (b) | 365,000 | 342,394 | |
6.375% 4/15/27 (b) | 300,000 | 298,430 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 3,570,000 | 3,318,396 | |
Occidental Petroleum Corp.: | |||
4.3% 8/15/39 | 340,000 | 259,675 | |
5.55% 3/15/26 | 1,660,000 | 1,646,023 | |
6.125% 1/1/31 | 765,000 | 770,814 | |
6.2% 3/15/40 | 330,000 | 325,948 | |
6.45% 9/15/36 | 1,745,000 | 1,784,324 | |
8.875% 7/15/30 | 715,000 | 819,712 | |
PBF Holding Co. LLC/PBF Finance Corp. 6% 2/15/28 | 800,000 | 756,728 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 1,095,000 | 956,584 | |
4.95% 7/15/29 (b) | 570,000 | 521,711 | |
6.875% 4/15/40 (b) | 220,000 | 197,902 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 200,000 | 205,000 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,295,000 | 1,171,133 | |
5.875% 3/15/28 | 215,000 | 208,830 | |
6% 4/15/27 | 1,405,000 | 1,390,308 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 265,000 | 233,195 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 255,000 | 236,834 | |
6% 3/1/27 (b) | 1,111,000 | 1,064,605 | |
6% 12/31/30 (b) | 1,360,000 | 1,216,648 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.5% 3/1/30 | 280,000 | 268,412 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 560,000 | 570,388 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 445,000 | 384,935 | |
3.875% 11/1/33 (b) | 365,000 | 296,558 | |
4.125% 8/15/31 (b) | 430,000 | 364,750 | |
6.25% 1/15/30 (b) | 515,000 | 501,693 | |
Venture Global LNG, Inc. 8.125% 6/1/28 (b) | 1,100,000 | 1,109,618 | |
Western Gas Partners LP 4.65% 7/1/26 | 122,000 | 117,993 | |
49,119,833 | |||
Environmental - 0.9% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 850,000 | 845,267 | |
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 1,275,000 | 1,239,715 | |
6% 6/15/30 (b) | 220,000 | 215,014 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 925,000 | 805,381 | |
3,105,377 | |||
Food & Drug Retail - 1.7% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (b) | 3,770,000 | 3,261,128 | |
4.625% 1/15/27 (b) | 1,400,000 | 1,322,197 | |
6.5% 2/15/28 (b) | 695,000 | 691,788 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 575,000 | 276,000 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 865,000 | 727,638 | |
6,278,751 | |||
Food/Beverage/Tobacco - 2.3% | |||
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 | 1,660,000 | 1,607,286 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/32 (b) | 2,460,000 | 2,135,096 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 1,000,000 | 865,117 | |
Post Holdings, Inc. 5.625% 1/15/28 (b) | 2,000,000 | 1,917,766 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 175,000 | 155,544 | |
6.25% 4/15/25 (b) | 1,660,000 | 1,664,346 | |
8,345,155 | |||
Gaming - 2.1% | |||
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b) | 1,005,000 | 934,657 | |
Melco Resorts Finance Ltd.: | |||
5.375% 12/4/29 (b) | 535,000 | 446,817 | |
5.75% 7/21/28 (b) | 805,000 | 708,916 | |
MGM Resorts International 5.75% 6/15/25 | 620,000 | 611,492 | |
Ontario Gaming GTA LP 8% 8/1/30 (b) | 195,000 | 197,104 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 725,000 | 683,003 | |
4.5% 9/1/26 (b) | 2,592,000 | 2,453,380 | |
4.625% 6/15/25 (b) | 315,000 | 304,867 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.5% 3/1/25 (b) | 1,330,000 | 1,313,884 | |
7,654,120 | |||
Healthcare - 7.3% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,175,000 | 1,021,780 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,000,000 | 877,011 | |
4.625% 7/15/28 (b) | 1,215,000 | 1,127,865 | |
Centene Corp.: | |||
2.45% 7/15/28 | 70,000 | 59,926 | |
2.5% 3/1/31 | 1,390,000 | 1,107,065 | |
3.375% 2/15/30 | 2,000,000 | 1,711,593 | |
4.25% 12/15/27 | 1,425,000 | 1,332,957 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,665,000 | 1,469,579 | |
4.25% 5/1/28 (b) | 150,000 | 137,693 | |
Community Health Systems, Inc. 4.75% 2/15/31 (b) | 1,720,000 | 1,281,400 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 640,000 | 548,962 | |
HCA Holdings, Inc. 5.375% 2/1/25 | 1,600,000 | 1,589,302 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (b) | 1,125,000 | 977,157 | |
4.625% 2/1/28 (b) | 170,000 | 159,044 | |
IQVIA, Inc. 5% 5/15/27 (b) | 2,630,000 | 2,531,605 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 1,105,000 | 990,012 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 1,000,000 | 853,261 | |
3.875% 5/15/32 (b) | 485,000 | 402,415 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 1,550,000 | 1,402,691 | |
5.125% 4/30/31 (b) | 1,050,000 | 894,603 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 305,000 | 280,179 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 | 3,945,000 | 3,632,627 | |
4.875% 1/1/26 | 690,000 | 668,874 | |
5.125% 11/1/27 | 1,500,000 | 1,426,253 | |
26,483,854 | |||
Homebuilders/Real Estate - 2.9% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 430,000 | 370,477 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 165,000 | 166,658 | |
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (b) | 460,000 | 413,095 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 1,935,000 | 1,542,098 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 715,000 | 550,815 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 1,205,000 | 782,494 | |
5% 10/15/27 | 3,516,000 | 2,777,560 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 530,000 | 473,709 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 85,000 | 67,660 | |
5.5% 12/15/27 | 480,000 | 424,844 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (b) | 725,000 | 702,714 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 765,000 | 636,863 | |
Uniti Group LP / Uniti Group Finance, Inc. 4.75% 4/15/28 (b) | 1,630,000 | 1,373,996 | |
10,282,983 | |||
Hotels - 1.3% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,130,000 | 945,014 | |
4% 5/1/31 (b) | 3,185,000 | 2,768,421 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 426,000 | 410,565 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 592,000 | 539,903 | |
4,663,903 | |||
Leisure - 1.4% | |||
Carnival Corp.: | |||
7% 8/15/29 (b) | 720,000 | 730,540 | |
7.625% 3/1/26 (b) | 1,465,000 | 1,460,552 | |
NCL Corp. Ltd. 8.375% 2/1/28 (b) | 865,000 | 891,581 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 325,000 | 305,830 | |
5.5% 4/1/28 (b) | 1,900,000 | 1,778,114 | |
5,166,617 | |||
Metals/Mining - 1.7% | |||
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 215,000 | 219,567 | |
Cleveland-Cliffs, Inc.: | |||
4.875% 3/1/31 (b) | 920,000 | 802,708 | |
6.75% 4/15/30 (b) | 740,000 | 705,459 | |
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 1,900,000 | 1,752,940 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 600,000 | 590,699 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 495,000 | 493,270 | |
Novelis Corp. 3.875% 8/15/31 (b) | 2,100,000 | 1,738,721 | |
6,303,364 | |||
Paper - 0.1% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 475,000 | 463,180 | |
Restaurants - 1.1% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 150,000 | 160,143 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 2,770,000 | 2,349,030 | |
4.625% 1/31/32 | 1,500,000 | 1,342,134 | |
5.35% 11/1/43 | 175,000 | 154,058 | |
4,005,365 | |||
Services - 5.6% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 360,000 | 314,215 | |
4.875% 7/15/32 (b) | 355,000 | 306,223 | |
AECOM 5.125% 3/15/27 | 2,030,000 | 1,947,655 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,660,000 | 1,548,640 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,580,000 | 1,419,917 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (b) | 1,595,000 | 1,448,244 | |
4% 7/1/29 (b) | 140,000 | 125,645 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 540,000 | 556,891 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 435,000 | 397,785 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 205,000 | 180,062 | |
3.75% 10/1/30 (b) | 530,000 | 457,685 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 800,000 | 775,384 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 4,870,000 | 4,400,868 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 675,000 | 630,327 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,545,000 | 2,263,529 | |
Service Corp. International 5.125% 6/1/29 | 2,695,000 | 2,536,669 | |
TriNet Group, Inc.: | |||
3.5% 3/1/29 (b) | 595,000 | 512,283 | |
7.125% 8/15/31 (b) | 360,000 | 362,023 | |
20,184,045 | |||
Steel - 0.2% | |||
Commercial Metals Co. 3.875% 2/15/31 | 755,000 | 643,547 | |
Super Retail - 2.3% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 230,000 | 202,902 | |
5% 2/15/32 (b) | 650,000 | 557,626 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (b) | 2,295,000 | 2,238,365 | |
6.875% 11/1/35 | 1,165,000 | 1,089,321 | |
Gap, Inc. 3.875% 10/1/31 (b) | 360,000 | 260,876 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,270,000 | 1,187,195 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 525,000 | 426,578 | |
Nordstrom, Inc. 4.375% 4/1/30 | 1,300,000 | 1,038,668 | |
The William Carter Co. 5.625% 3/15/27 (b) | 1,154,000 | 1,118,734 | |
8,120,265 | |||
Technology - 5.8% | |||
Block, Inc. 2.75% 6/1/26 | 360,000 | 327,369 | |
Broadcom, Inc. 2.45% 2/15/31 (b) | 1,055,000 | 850,534 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 440,000 | 433,958 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 705,000 | 709,583 | |
Coherent Corp. 5% 12/15/29 (b) | 1,385,000 | 1,230,157 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 610,000 | 524,478 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 2,100,000 | 1,914,583 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 820,000 | 764,680 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 1,000,000 | 980,290 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (b) | 1,400,000 | 1,340,500 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 468,746 | |
4.125% 8/1/30 (b) | 705,000 | 604,622 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 620,000 | 551,912 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 2,760,000 | 2,456,178 | |
3.875% 12/1/29 (b) | 1,200,000 | 1,017,626 | |
Qorvo, Inc. 4.375% 10/15/29 | 950,000 | 860,714 | |
Roblox Corp. 3.875% 5/1/30 (b) | 890,000 | 734,253 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 600,000 | 531,378 | |
8.25% 12/15/29 (b) | 335,000 | 351,415 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 1,115,000 | 979,091 | |
5.625% 11/1/24 (b) | 1,000,000 | 991,000 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,335,000 | 1,118,643 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 460,000 | 399,556 | |
Twilio, Inc. 3.875% 3/15/31 | 295,000 | 247,060 | |
Viavi Solutions, Inc. 3.75% 10/1/29 (b) | 725,000 | 603,501 | |
20,991,827 | |||
Telecommunications - 3.7% | |||
Altice Financing SA 5% 1/15/28 (b) | 1,195,000 | 971,666 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 2,719,000 | 2,501,480 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 830,000 | 805,681 | |
Level 3 Financing, Inc. 10.5% 5/15/30 (b) | 1,100,000 | 1,117,370 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 200,000 | 157,068 | |
5.125% 1/15/28 (b) | 1,800,000 | 1,613,250 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 2,700,000 | 2,311,711 | |
3.875% 2/15/27 | 705,000 | 651,822 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 3,700,000 | 3,124,130 | |
13,254,178 | |||
Textiles/Apparel - 0.1% | |||
Foot Locker, Inc. 4% 10/1/29 (b) | 190,000 | 143,007 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 125,000 | 106,173 | |
249,180 | |||
Transportation Ex Air/Rail - 0.3% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 360,000 | 279,813 | |
XPO, Inc.: | |||
6.25% 5/1/25 (b) | 168,000 | 165,330 | |
6.25% 6/1/28 (b) | 560,000 | 548,731 | |
993,874 | |||
Utilities - 6.8% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,355,000 | 1,114,049 | |
4.75% 3/15/28 (b) | 290,000 | 268,147 | |
DCP Midstream Operating LP 5.125% 5/15/29 | 3,305,000 | 3,222,705 | |
DPL, Inc. 4.35% 4/15/29 | 800,000 | 689,004 | |
FirstEnergy Corp. 2.25% 9/1/30 | 2,460,000 | 1,974,421 | |
NextEra Energy Partners LP 4.25% 9/15/24 (b) | 146,000 | 139,795 | |
NRG Energy, Inc.: | |||
5.25% 6/15/29 (b) | 1,251,000 | 1,126,027 | |
5.75% 1/15/28 | 1,319,000 | 1,247,873 | |
6.625% 1/15/27 | 339,000 | 334,788 | |
PG&E Corp.: | |||
5% 7/1/28 | 5,555,000 | 5,110,087 | |
5.25% 7/1/30 | 2,395,000 | 2,127,770 | |
TerraForm Power Operating LLC 5% 1/31/28 (b) | 624,000 | 566,686 | |
TransAlta Corp. 6.5% 3/15/40 | 545,000 | 520,944 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 895,000 | 803,497 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,705,000 | 2,544,076 | |
5.5% 9/1/26 (b) | 2,052,000 | 1,979,290 | |
5.625% 2/15/27 (b) | 960,000 | 924,201 | |
24,693,360 | |||
TOTAL NONCONVERTIBLE BONDS | 318,981,638 | ||
TOTAL CORPORATE BONDS (Cost $343,077,416) | 320,589,728 | ||
Bank Loan Obligations - 0.8% | |||
Principal Amount (a) | Value ($) | ||
Railroad - 0.2% | |||
Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.3419% 12/30/26 (e)(f)(g) | 635,000 | 634,886 | |
Services - 0.5% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9311% 12/21/28 (e)(f)(g) | 128,700 | 128,620 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.981% 6/13/25 (e)(f)(g) | 85,000 | 84,876 | |
Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 3.500% 9.231% 6/13/24 (e)(f)(g) | 747,902 | 746,892 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3985% 4/11/29 (e)(f)(g) | 817,950 | 743,991 | |
TOTAL SERVICES | 1,704,379 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0811% 8/1/25 (e)(f)(g) | 327,525 | 327,731 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $2,615,969) | 2,666,996 | ||
Preferred Securities - 1.1% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.7% | |||
Ally Financial, Inc. 4.7% (e)(h) | 2,610,000 | 1,839,071 | |
Wells Fargo & Co. 7.625% (e)(h) | 540,000 | 557,117 | |
TOTAL BANKS & THRIFTS | 2,396,188 | ||
Diversified Financial Services - 0.2% | |||
Charles Schwab Corp.: | |||
4% (e)(h) | 715,000 | 547,004 | |
5.375% (e)(h) | 350,000 | 342,453 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 889,457 | ||
Energy - 0.2% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6542% (e)(f)(h) | 800,000 | 739,647 | |
TOTAL PREFERRED SECURITIES (Cost $4,761,977) | 4,025,292 | ||
Money Market Funds - 8.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (i) (Cost $29,182,837) | 29,178,940 | 29,184,776 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% (Cost $379,638,199) | 356,466,792 |
NET OTHER ASSETS (LIABILITIES) - 1.3% | 4,839,882 |
NET ASSETS - 100.0% | 361,306,674 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | 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 $211,250,053 or 58.5% of net assets. |
(c) | Non-income producing - Security is in default. |
(d) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.4% | 33,916,027 | 77,776,167 | 82,507,418 | 1,477,531 | - | - | 29,184,776 | 0.1% |
Total | 33,916,027 | 77,776,167 | 82,507,418 | 1,477,531 | - | - | 29,184,776 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Corporate Bonds | 320,589,728 | - | 320,589,728 | - |
Bank Loan Obligations | 2,666,996 | - | 2,666,996 | - |
Preferred Securities | 4,025,292 | - | 4,025,292 | - |
Money Market Funds | 29,184,776 | 29,184,776 | - | - |
Total Investments in Securities: | 356,466,792 | 29,184,776 | 327,282,016 | - |
Statement of Assets and Liabilities | ||||
August 31, 2023 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $350,455,362) | $ | 327,282,016 | ||
Fidelity Central Funds (cost $29,182,837) | 29,184,776 | |||
Total Investment in Securities (cost $379,638,199) | $ | 356,466,792 | ||
Receivable for investments sold | 2,519 | |||
Interest receivable | 4,671,527 | |||
Distributions receivable from Fidelity Central Funds | 166,400 | |||
Total assets | 361,307,238 | |||
Liabilities | ||||
Custody fee payable | $ | 140 | ||
Other payables and accrued expenses | 424 | |||
Total Liabilities | 564 | |||
Net Assets | $ | 361,306,674 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 397,393,814 | ||
Total accumulated earnings (loss) | (36,087,140) | |||
Net Assets | $ | 361,306,674 | ||
Net Asset Value, offering price and redemption price per share ($361,306,674 ÷ 4,310,624 shares) | $ | 83.82 |
Statement of Operations | ||||
Year ended August 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 195,975 | ||
Interest | 17,121,727 | |||
Income from Fidelity Central Funds | 1,477,531 | |||
Total Income | 18,795,233 | |||
Expenses | ||||
Custodian fees and expenses | $ | 341 | ||
Independent trustees' fees and expenses | 1,849 | |||
Total expenses before reductions | 2,190 | |||
Expense reductions | (265) | |||
Total expenses after reductions | 1,925 | |||
Net Investment income (loss) | 18,793,308 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (9,874,728) | |||
Total net realized gain (loss) | (9,874,728) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 9,704,991 | |||
Net gain (loss) | (169,737) | |||
Net increase (decrease) in net assets resulting from operations | $ | 18,623,571 |
Statement of Changes in Net Assets | ||||
Year ended August 31, 2023 | Year ended August 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 18,793,308 | $ | 16,106,870 |
Net realized gain (loss) | (9,874,728) | (2,997,053) | ||
Change in net unrealized appreciation (depreciation) | 9,704,991 | (49,825,397) | ||
Net increase (decrease) in net assets resulting from operations | 18,623,571 | (36,715,580) | ||
Distributions to shareholders | (18,400,365) | (28,332,812) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 10,000,000 | 15,400,000 | ||
Reinvestment of distributions | 18,400,158 | 28,330,870 | ||
Cost of shares redeemed | (74,608) | (7,441,587) | ||
Net increase (decrease) in net assets resulting from share transactions | 28,325,550 | 36,289,283 | ||
Total increase (decrease) in net assets | 28,548,756 | (28,759,109) | ||
Net Assets | ||||
Beginning of period | 332,757,918 | 361,517,027 | ||
End of period | $ | 361,306,674 | $ | 332,757,918 |
Other Information | ||||
Shares | ||||
Sold | 118,371 | 169,484 | ||
Issued in reinvestment of distributions | 220,333 | 305,098 | ||
Redeemed | (900) | (84,911) | ||
Net increase (decrease) | 337,804 | 389,671 | ||
Fidelity® Specialized High Income Central Fund |
Years ended August 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 83.76 | $ | 100.89 | $ | 100.01 | $ | 102.28 | $ | 99.83 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 4.570 | 4.198 | 4.670 | 5.162 | 5.368 | |||||
Net realized and unrealized gain (loss) | (.039) | (13.727) | 1.582 | (1.042) | 2.981 | |||||
Total from investment operations | 4.531 | (9.529) | 6.252 | 4.120 | 8.349 | |||||
Distributions from net investment income | (4.471) | (4.181) | (4.623) | (5.093) | (5.335) | |||||
Distributions from net realized gain | - | (3.420) | (.749) | (1.297) | (.564) | |||||
Total distributions | (4.471) | (7.601) | (5.372) | (6.390) | (5.899) | |||||
Net asset value, end of period | $ | 83.82 | $ | 83.76 | $ | 100.89 | $ | 100.01 | $ | 102.28 |
Total Return C | 5.56% | (9.98)% | 6.46% | 4.25% | 8.73% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions F | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any F | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions F | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 5.48% | 4.61% | 4.67% | 5.20% | 5.42% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 361,307 | $ | 332,758 | $ | 361,517 | $ | 531,050 | $ | 601,159 |
Portfolio turnover rate G | 23% | 23% | 55% | 54% | 45% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $2,477,260 |
Gross unrealized depreciation | (25,631,333) |
Net unrealized appreciation (depreciation) | $(23,154,073) |
Tax Cost | $379,620,865 |
Capital loss carryforward | $(12,556,133) |
Net unrealized appreciation (depreciation) on securities and other investments | $(23,164,073) |
Short-term | $(1,623,071) |
Long-term | (10,933,062) |
Total capital loss carryforward | $(12,556,133) |
August 31, 2023 | August 31, 2022 | |
Ordinary Income | $18,400,365 | $18,419,491 |
Long-term Capital Gains | - | 9,913,321 |
Total | $18,400,365 | $28,332,812 |
Purchases ($) | Sales ($) | |
Fidelity Specialized High Income Central Fund | 101,752,789 | 69,616,766 |
Amount | |
Fidelity Specialized High Income Central Fund | $11 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Fidelity® Specialized High Income Central Fund | 0.0009% | |||||||||
Actual | $ 1,000 | $ 1,036.50 | $-D | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.20 | $-D | |||||||
Contents
Average Annual Total Returns | |||
Periods ended August 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® High Income Central Fund | 6.88% | 4.59% | 5.35% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® High Income Central Fund on August 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
DISH Network Corp. | 1.9 | |
Uber Technologies, Inc. | 1.7 | |
Fidelity Private Credit Central Fund LLC | 1.6 | |
Community Health Systems, Inc. | 1.6 | |
TransDigm, Inc. | 1.5 | |
Pacific Gas & Electric Co. | 1.5 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 1.4 | |
Royal Caribbean Cruises Ltd. | 1.4 | |
CSC Holdings LLC | 1.3 | |
Southeastern Grocers, Inc. | 1.2 | |
15.1 | ||
Market Sectors (% of Fund's net assets) | ||
Energy | 14.4 | |
Services | 7.0 | |
Technology | 6.6 | |
Healthcare | 6.3 | |
Telecommunications | 5.6 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Corporate Bonds - 80.3% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.1% | |||
Broadcasting - 1.9% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 3,263,000 | 2,100,719 | |
2.375% 3/15/24 | 13,472,000 | 12,731,040 | |
3.375% 8/15/26 | 20,439,000 | 12,365,595 | |
27,197,354 | |||
Diversified Financial Services - 0.2% | |||
New Cotai LLC 5% 2/24/27 (b) | 1,632,685 | 3,286,105 | |
TOTAL CONVERTIBLE BONDS | 30,483,459 | ||
Nonconvertible Bonds - 78.2% | |||
Aerospace - 2.5% | |||
ATI, Inc.: | |||
4.875% 10/1/29 | 1,205,000 | 1,087,912 | |
5.125% 10/1/31 | 845,000 | 749,540 | |
5.875% 12/1/27 | 2,480,000 | 2,411,800 | |
Bombardier, Inc.: | |||
6% 2/15/28 (c) | 3,615,000 | 3,378,679 | |
7.875% 4/15/27 (c) | 6,180,000 | 6,168,449 | |
Moog, Inc. 4.25% 12/15/27 (c) | 735,000 | 668,853 | |
TransDigm, Inc.: | |||
5.5% 11/15/27 | 12,450,000 | 11,796,375 | |
6.875% 12/15/30 (c) | 4,905,000 | 4,937,373 | |
7.5% 3/15/27 | 5,250,000 | 5,260,127 | |
Wesco Aircraft Holdings, Inc. 8.5% (c)(d) | 1,585,000 | 63,400 | |
36,522,508 | |||
Air Transportation - 0.9% | |||
Air Canada 3.875% 8/15/26 (c) | 2,110,000 | 1,948,419 | |
Allegiant Travel Co. 7.25% 8/15/27 (c) | 1,545,000 | 1,512,169 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) | 8,125,000 | 8,134,466 | |
United Airlines, Inc. 4.625% 4/15/29 (c) | 1,650,000 | 1,467,099 | |
Western Global Airlines LLC 10.375% 8/15/25 (c)(d) | 2,660,000 | 6,650 | |
13,068,803 | |||
Automotive - 0.3% | |||
Ford Motor Co. 6.1% 8/19/32 | 1,740,000 | 1,662,862 | |
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 2,480,000 | 2,009,335 | |
3,672,197 | |||
Automotive & Auto Parts - 1.9% | |||
Dana, Inc.: | |||
4.25% 9/1/30 | 1,400,000 | 1,151,177 | |
5.625% 6/15/28 | 2,450,000 | 2,306,332 | |
Ford Motor Co. 3.25% 2/12/32 | 4,510,000 | 3,520,261 | |
Ford Motor Credit Co. LLC: | |||
2.9% 2/16/28 | 2,000,000 | 1,706,724 | |
4.95% 5/28/27 | 5,375,000 | 5,043,640 | |
5.125% 6/16/25 | 2,560,000 | 2,492,190 | |
7.35% 11/4/27 | 5,000,000 | 5,080,599 | |
LCM Investments Holdings 4.875% 5/1/29 (c) | 3,665,000 | 3,181,186 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (c) | 2,010,000 | 2,052,250 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 1,770,000 | 1,605,128 | |
28,139,487 | |||
Banks & Thrifts - 1.7% | |||
Ally Financial, Inc.: | |||
5.8% 5/1/25 | 20,000 | 19,700 | |
8% 11/1/31 | 11,003,000 | 11,471,974 | |
8% 11/1/31 | 3,928,000 | 4,061,460 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 7,280,000 | 6,642,849 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 6.375% 2/1/30 (c) | 4,250,000 | 3,484,925 | |
25,680,908 | |||
Broadcasting - 1.8% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29 (c) | 2,590,000 | 1,930,304 | |
7.75% 4/15/28 (c) | 1,370,000 | 1,077,564 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% (c)(d) | 2,515,000 | 59,253 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (c) | 2,970,000 | 2,073,498 | |
iHeartCommunications, Inc. 9% (b)(d) | 780,000 | 0 | |
Nexstar Media, Inc. 5.625% 7/15/27 (c) | 2,755,000 | 2,589,543 | |
Scripps Escrow II, Inc.: | |||
3.875% 1/15/29 (c) | 2,170,000 | 1,742,163 | |
5.375% 1/15/31 (c) | 1,130,000 | 807,165 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (c) | 1,780,000 | 1,438,204 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (c) | 2,155,000 | 1,756,821 | |
5% 8/1/27 (c) | 5,295,000 | 4,895,651 | |
Univision Communications, Inc.: | |||
6.625% 6/1/27 (c) | 5,150,000 | 4,985,806 | |
7.375% 6/30/30 (c) | 3,455,000 | 3,343,847 | |
26,699,819 | |||
Building Materials - 0.8% | |||
Advanced Drain Systems, Inc.: | |||
5% 9/30/27 (c) | 505,000 | 482,275 | |
6.375% 6/15/30 (c) | 3,635,000 | 3,580,616 | |
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) | 590,000 | 500,096 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (c) | 1,825,000 | 1,624,292 | |
6% 12/1/29 (c) | 1,705,000 | 1,457,775 | |
6.125% 7/1/29 (c) | 1,005,000 | 873,832 | |
Victors Merger Corp. 6.375% 5/15/29 (c) | 3,465,000 | 2,494,694 | |
11,013,580 | |||
Cable/Satellite TV - 4.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (c) | 3,730,000 | 2,856,424 | |
4.5% 6/1/33 (c) | 4,415,000 | 3,485,069 | |
4.75% 3/1/30 (c) | 5,200,000 | 4,470,921 | |
5% 2/1/28 (c) | 5,055,000 | 4,658,162 | |
5.125% 5/1/27 (c) | 3,920,000 | 3,685,152 | |
6.375% 9/1/29 (c) | 2,165,000 | 2,049,621 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (c) | 3,305,000 | 2,269,781 | |
4.125% 12/1/30 (c) | 2,590,000 | 1,846,859 | |
4.5% 11/15/31 (c) | 2,175,000 | 1,546,570 | |
4.625% 12/1/30 (c) | 5,895,000 | 3,084,153 | |
5% 11/15/31 (c) | 2,290,000 | 1,223,934 | |
5.375% 2/1/28 (c) | 4,625,000 | 3,791,425 | |
5.75% 1/15/30 (c) | 3,690,000 | 2,040,496 | |
7.5% 4/1/28 (c) | 4,545,000 | 2,888,964 | |
DISH DBS Corp. 5.75% 12/1/28 (c) | 1,465,000 | 1,137,236 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (c) | 6,820,000 | 5,315,386 | |
6.5% 9/15/28 (c) | 5,050,000 | 2,727,188 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (c) | 8,600,000 | 7,851,800 | |
VZ Secured Financing BV 5% 1/15/32 (c) | 6,990,000 | 5,698,660 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (c) | 1,155,000 | 896,352 | |
Ziggo BV 4.875% 1/15/30 (c) | 1,730,000 | 1,454,152 | |
64,978,305 | |||
Chemicals - 2.5% | |||
Avient Corp. 5.75% 5/15/25 (c) | 1,970,000 | 1,943,786 | |
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (c) | 2,445,000 | 2,301,104 | |
CVR Partners LP 6.125% 6/15/28 (c) | 3,010,000 | 2,694,763 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (c)(e) | 5,905,000 | 4,310,650 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (c) | 535,000 | 498,888 | |
7% 12/31/27 (c) | 680,000 | 598,400 | |
LSB Industries, Inc. 6.25% 10/15/28 (c) | 270,000 | 246,929 | |
NOVA Chemicals Corp. 4.25% 5/15/29 (c) | 2,650,000 | 2,148,899 | |
Olympus Water U.S. Holding Corp.: | |||
7.125% 10/1/27 (c) | 1,560,000 | 1,471,228 | |
9.75% 11/15/28 (c) | 1,805,000 | 1,818,225 | |
SCIH Salt Holdings, Inc.: | |||
4.875% 5/1/28 (c) | 2,630,000 | 2,366,539 | |
6.625% 5/1/29 (c) | 1,755,000 | 1,548,672 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (c) | 2,245,000 | 1,866,369 | |
5.375% 5/15/27 | 2,940,000 | 2,767,600 | |
5.75% 11/15/28 (c) | 3,490,000 | 3,135,134 | |
Tronox, Inc. 4.625% 3/15/29 (c) | 2,210,000 | 1,821,119 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (c) | 3,255,000 | 3,035,746 | |
5.625% 8/15/29 (c) | 2,375,000 | 2,008,538 | |
36,582,589 | |||
Consumer Products - 0.5% | |||
Central Garden & Pet Co. 4.125% 10/15/30 | 1,675,000 | 1,441,644 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (c) | 1,775,000 | 1,668,555 | |
Gannett Holdings LLC 6% 11/1/26 (c) | 1,390,000 | 1,192,342 | |
Mattel, Inc. 3.375% 4/1/26 (c) | 745,000 | 693,525 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 | 1,495,000 | 1,175,040 | |
TKC Holdings, Inc. 10.5% 5/15/29 (c) | 1,884,000 | 1,563,720 | |
7,734,826 | |||
Containers - 0.7% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (c)(e) | 2,525,000 | 2,029,399 | |
Berry Global, Inc.: | |||
4.5% 2/15/26 (c) | 2,134,000 | 2,030,755 | |
4.875% 7/15/26 (c) | 1,355,000 | 1,307,831 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 1,430,000 | 1,247,039 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) | 1,185,000 | 1,010,041 | |
Trident Holdings, Inc. 12.75% 12/31/28 (c) | 845,000 | 878,886 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (c) | 1,510,000 | 1,424,328 | |
9,928,279 | |||
Diversified Financial Services - 2.5% | |||
Altice France Holding SA 10.5% 5/15/27 (c) | 4,240,000 | 2,300,624 | |
Coinbase Global, Inc. 3.625% 10/1/31 (c) | 6,085,000 | 4,096,665 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (c) | 5,505,000 | 5,419,232 | |
FLY Leasing Ltd. 7% 10/15/24 (c) | 7,485,000 | 6,626,471 | |
Hightower Holding LLC 6.75% 4/15/29 (c) | 970,000 | 844,299 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.75% 9/15/24 | 2,200,000 | 2,126,240 | |
5.25% 5/15/27 | 5,970,000 | 5,238,675 | |
6.375% 12/15/25 | 1,740,000 | 1,658,923 | |
MSCI, Inc. 4% 11/15/29 (c) | 5,785,000 | 5,204,392 | |
OneMain Finance Corp. 7.125% 3/15/26 | 3,460,000 | 3,403,594 | |
36,919,115 | |||
Diversified Media - 0.8% | |||
Allen Media LLC 10.5% 2/15/28 (c) | 7,650,000 | 4,379,625 | |
Cmg Media Corp. 8.875% 12/15/27 (c) | 6,280,000 | 4,932,563 | |
Lamar Media Corp. 4.875% 1/15/29 | 1,980,000 | 1,841,400 | |
11,153,588 | |||
Energy - 11.3% | |||
Archrock Partners LP / Archrock Partners Finance Corp.: | |||
6.25% 4/1/28 (c) | 2,475,000 | 2,362,753 | |
6.875% 4/1/27 (c) | 700,000 | 688,205 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 1,235,000 | 1,101,244 | |
Centennial Resource Production LLC 5.875% 7/1/29 (c) | 2,610,000 | 2,505,600 | |
Citgo Holding, Inc. 9.25% 8/1/24 (c) | 2,625,000 | 2,625,525 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 2,610,000 | 2,548,822 | |
7% 6/15/25 (c) | 6,180,000 | 6,118,200 | |
CNX Resources Corp.: | |||
6% 1/15/29 (c) | 1,185,000 | 1,128,554 | |
7.375% 1/15/31 (c) | 1,685,000 | 1,681,867 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 1,595,000 | 1,408,755 | |
6.75% 3/1/29 (c) | 3,485,000 | 3,260,834 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.75% 4/1/25 | 1,045,000 | 1,036,149 | |
6% 2/1/29 (c) | 7,210,000 | 7,078,201 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 830,000 | 770,829 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (c) | 4,990,000 | 4,840,530 | |
5.75% 2/15/28 (c) | 3,995,000 | 3,636,728 | |
Delek Logistics Partners LP 7.125% 6/1/28 (c) | 1,520,000 | 1,412,962 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (c) | 2,545,000 | 2,254,665 | |
4.375% 6/15/31 (c) | 2,545,000 | 2,203,239 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (c) | 4,185,000 | 4,093,767 | |
EnLink Midstream LLC: | |||
5.625% 1/15/28 (c) | 1,060,000 | 1,025,412 | |
6.5% 9/1/30 (c) | 2,150,000 | 2,155,495 | |
EQT Corp. 3.625% 5/15/31 (c) | 1,720,000 | 1,486,355 | |
Harvest Midstream I LP 7.5% 9/1/28 (c) | 5,565,000 | 5,577,196 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (c) | 1,560,000 | 1,371,396 | |
5.125% 6/15/28 (c) | 2,905,000 | 2,724,952 | |
5.5% 10/15/30 (c) | 920,000 | 861,276 | |
5.625% 2/15/26 (c) | 6,900,000 | 6,751,857 | |
Jonah Energy Parent LLC 12% 11/5/25 (b)(f) | 9,428,234 | 9,616,799 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) | 2,685,000 | 2,632,701 | |
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (c) | 7,159,924 | 4,734,500 | |
MEG Energy Corp. 5.875% 2/1/29 (c) | 4,235,000 | 4,045,826 | |
Nabors Industries, Inc. 5.75% 2/1/25 | 4,196,000 | 4,108,723 | |
Neptune Energy Bondco PLC 6.625% 5/15/25 (c) | 1,065,000 | 1,059,675 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (c) | 6,830,000 | 6,601,058 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (c) | 3,455,000 | 3,463,327 | |
8.75% 6/15/31 (c) | 1,840,000 | 1,879,594 | |
Occidental Petroleum Corp.: | |||
4.3% 8/15/39 | 880,000 | 672,100 | |
4.4% 4/15/46 | 1,750,000 | 1,342,810 | |
4.5% 7/15/44 | 815,000 | 590,679 | |
5.875% 9/1/25 | 1,665,000 | 1,656,237 | |
6.2% 3/15/40 | 980,000 | 967,966 | |
6.6% 3/15/46 | 2,590,000 | 2,665,550 | |
7.5% 5/1/31 | 5,215,000 | 5,650,460 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 5,755,000 | 5,443,710 | |
7.25% 6/15/25 | 2,300,000 | 2,300,157 | |
7.875% 9/15/30 (c) | 8,165,000 | 8,124,583 | |
SM Energy Co.: | |||
6.5% 7/15/28 | 920,000 | 899,300 | |
6.625% 1/15/27 | 1,145,000 | 1,130,688 | |
6.75% 9/15/26 | 805,000 | 801,619 | |
Southwestern Energy Co.: | |||
4.75% 2/1/32 | 2,135,000 | 1,891,302 | |
5.375% 2/1/29 | 1,625,000 | 1,541,767 | |
Strathcona Resources Ltd. 6.875% 8/1/26 (c) | 7,390,000 | 6,922,139 | |
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29 | 2,280,000 | 2,061,918 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (c) | 2,370,000 | 2,120,188 | |
Tullow Oil PLC 10.25% 5/15/26 (c) | 5,050,000 | 4,178,875 | |
Venture Global Calcasieu Pass LLC 3.875% 8/15/29 (c) | 2,220,000 | 1,920,352 | |
Viper Energy Partners LP 5.375% 11/1/27 (c) | 1,105,000 | 1,064,734 | |
166,800,705 | |||
Environmental - 0.4% | |||
Covanta Holding Corp. 4.875% 12/1/29 (c) | 1,355,000 | 1,165,300 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 1,795,000 | 1,588,095 | |
5.875% 6/30/29 (c) | 2,775,000 | 2,336,546 | |
Stericycle, Inc. 3.875% 1/15/29 (c) | 1,645,000 | 1,432,271 | |
6,522,212 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 1,655,000 | 1,431,609 | |
4.625% 1/15/27 (c) | 3,230,000 | 3,050,497 | |
4.875% 2/15/30 (c) | 6,890,000 | 6,321,638 | |
BellRing Brands, Inc. 7% 3/15/30 (c) | 845,000 | 845,352 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (c) | 1,470,000 | 705,600 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 960,000 | 807,552 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) | 2,200,000 | 2,123,000 | |
15,285,248 | |||
Food/Beverage/Tobacco - 1.8% | |||
C&S Group Enterprises LLC 5% 12/15/28 (c) | 1,905,000 | 1,469,981 | |
Chobani LLC/Finance Corp., Inc.: | |||
4.625% 11/15/28 (c) | 1,465,000 | 1,314,632 | |
7.5% 4/15/25 (c) | 450,000 | 448,876 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) | 1,702,000 | 1,702,000 | |
Kraft Heinz Foods Co. 5.5% 6/1/50 | 855,000 | 825,580 | |
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (c) | 2,290,000 | 2,013,911 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 1,350,000 | 1,188,079 | |
5.5% 10/15/27 (c) | 5,775,000 | 5,560,792 | |
6.875% 5/1/25 (c) | 995,000 | 996,473 | |
Post Holdings, Inc.: | |||
4.625% 4/15/30 (c) | 625,000 | 553,739 | |
5.75% 3/1/27 (c) | 282,000 | 275,599 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 860,000 | 736,100 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 5,345,000 | 4,543,540 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (c) | 1,110,000 | 986,593 | |
4.75% 2/15/29 (c) | 3,100,000 | 2,829,436 | |
United Natural Foods, Inc. 6.75% 10/15/28 (c) | 1,810,000 | 1,506,825 | |
26,952,156 | |||
Gaming - 2.3% | |||
Affinity Gaming LLC 6.875% 12/15/27 (c) | 890,000 | 788,053 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (c) | 2,860,000 | 2,503,452 | |
8.125% 7/1/27 (c) | 6,225,000 | 6,320,442 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) | 4,380,000 | 4,073,429 | |
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.: | |||
4.625% 1/15/29 (c) | 2,925,000 | 2,530,330 | |
6.75% 1/15/30 (c) | 2,935,000 | 2,423,650 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (c) | 935,000 | 927,988 | |
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) | 1,245,000 | 1,128,294 | |
Scientific Games Corp. 7.5% 9/1/31 (c) | 1,075,000 | 1,090,016 | |
Station Casinos LLC 4.625% 12/1/31 (c) | 3,685,000 | 3,037,803 | |
Studio City Finance Ltd. 6.5% 1/15/28 (c) | 5,015,000 | 4,206,331 | |
VICI Properties LP / VICI Note Co. 4.625% 6/15/25 (c) | 5,180,000 | 5,013,364 | |
34,043,152 | |||
Healthcare - 6.3% | |||
1375209 BC Ltd. 9% 1/30/28 (c) | 1,023,000 | 1,024,229 | |
AHP Health Partners, Inc. 5.75% 7/15/29 (c) | 2,665,000 | 2,284,838 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (c) | 2,290,000 | 2,008,356 | |
4.625% 7/15/28 (c) | 3,345,000 | 3,105,110 | |
Bausch Health Companies, Inc.: | |||
11% 9/30/28 (c) | 1,819,000 | 1,298,652 | |
14% 10/15/30 (c) | 359,000 | 216,298 | |
Centene Corp.: | |||
3.375% 2/15/30 | 2,690,000 | 2,302,093 | |
4.625% 12/15/29 | 3,825,000 | 3,517,088 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 740,000 | 653,146 | |
4% 3/15/31 (c) | 2,080,000 | 1,796,216 | |
4.25% 5/1/28 (c) | 735,000 | 674,693 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 11,675,000 | 8,697,875 | |
5.25% 5/15/30 (c) | 4,900,000 | 3,864,278 | |
6.125% 4/1/30 (c) | 5,840,000 | 3,360,628 | |
6.875% 4/15/29 (c) | 2,815,000 | 1,726,496 | |
8% 3/15/26 (c) | 5,205,000 | 5,080,895 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (c) | 2,495,000 | 1,986,876 | |
4.625% 6/1/30 (c) | 3,565,000 | 3,057,890 | |
Encompass Health Corp. 5.75% 9/15/25 | 4,660,000 | 4,632,702 | |
Grifols SA 4.75% 10/15/28 (c) | 1,085,000 | 951,903 | |
HealthEquity, Inc. 4.5% 10/1/29 (c) | 1,005,000 | 891,208 | |
Hologic, Inc. 3.25% 2/15/29 (c) | 2,525,000 | 2,193,175 | |
IQVIA, Inc. 6.5% 5/15/30 (c) | 1,875,000 | 1,885,035 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 1,980,000 | 1,773,958 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (c) | 2,430,000 | 2,073,425 | |
3.875% 5/15/32 (c) | 3,315,000 | 2,750,525 | |
4.375% 6/15/28 (c) | 1,835,000 | 1,683,812 | |
Mozart Borrower LP 3.875% 4/1/29 (c) | 2,005,000 | 1,750,316 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (c) | 3,005,000 | 2,719,411 | |
5.125% 4/30/31 (c) | 2,995,000 | 2,551,750 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 2,295,000 | 1,767,655 | |
Surgery Center Holdings, Inc.: | |||
6.75% 7/1/25 (c) | 124,000 | 123,380 | |
10% 4/15/27 (c) | 1,768,000 | 1,798,866 | |
Tenet Healthcare Corp.: | |||
4.375% 1/15/30 | 6,565,000 | 5,831,938 | |
6.125% 10/1/28 | 7,085,000 | 6,823,776 | |
6.125% 6/15/30 | 3,680,000 | 3,565,882 | |
6.875% 11/15/31 | 330,000 | 329,932 | |
92,754,306 | |||
Homebuilders/Real Estate - 1.5% | |||
Arcosa, Inc. 4.375% 4/15/29 (c) | 1,425,000 | 1,281,745 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29 (c) | 1,380,000 | 1,195,625 | |
6.625% 1/15/28 (c) | 40,000 | 38,220 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 2,190,000 | 1,759,709 | |
5% 3/1/31 | 2,190,000 | 1,656,616 | |
New Home Co., Inc. 8.25% 10/15/27 (c)(g) | 1,685,000 | 1,605,350 | |
Starwood Property Trust, Inc. 4.75% 3/15/25 | 2,420,000 | 2,339,507 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (c) | 2,945,000 | 2,854,471 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 795,000 | 753,692 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (c) | 2,035,000 | 1,715,387 | |
6.5% 2/15/29 (c) | 3,300,000 | 2,252,252 | |
10.5% 2/15/28 (c) | 4,250,000 | 4,239,946 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 1,185,000 | 1,045,762 | |
22,738,282 | |||
Hotels - 0.9% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (c) | 5,095,000 | 5,541,242 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (c) | 1,470,000 | 1,229,354 | |
3.75% 5/1/29 (c) | 1,650,000 | 1,453,644 | |
5.375% 5/1/25 (c) | 3,525,000 | 3,486,581 | |
Lindblad Expeditions LLC 6.75% 2/15/27 (c) | 2,120,000 | 2,047,517 | |
13,758,338 | |||
Insurance - 2.5% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (c) | 9,401,000 | 9,085,082 | |
10.125% 8/1/26 (c) | 2,450,000 | 2,525,783 | |
Alliant Holdings Intermediate LLC: | |||
5.875% 11/1/29 (c) | 3,030,000 | 2,653,347 | |
6.75% 10/15/27 (c) | 9,895,000 | 9,352,952 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 1,400,000 | 1,256,147 | |
AssuredPartners, Inc. 5.625% 1/15/29 (c) | 1,445,000 | 1,255,309 | |
HUB International Ltd.: | |||
7% 5/1/26 (c) | 1,395,000 | 1,392,386 | |
7.25% 6/15/30 (c) | 6,190,000 | 6,300,739 | |
USI, Inc. 6.875% 5/1/25 (c) | 3,250,000 | 3,244,735 | |
37,066,480 | |||
Leisure - 2.8% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (c) | 5,135,000 | 4,824,250 | |
9.875% 8/1/27 (c) | 4,130,000 | 4,360,892 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (c) | 735,000 | 693,016 | |
5.875% 2/15/27 (c) | 2,890,000 | 2,799,507 | |
7.75% 2/15/29 (c) | 2,575,000 | 2,446,255 | |
NCL Finance Ltd. 6.125% 3/15/28 (c) | 910,000 | 820,456 | |
Royal Caribbean Cruises Ltd.: | |||
4.25% 7/1/26 (c) | 4,375,000 | 4,078,988 | |
5.375% 7/15/27 (c) | 1,975,000 | 1,858,506 | |
5.5% 8/31/26 (c) | 4,495,000 | 4,307,186 | |
7.25% 1/15/30 (c) | 1,620,000 | 1,644,618 | |
11.625% 8/15/27 (c) | 8,060,000 | 8,778,431 | |
Studio City Co. Ltd. 7% 2/15/27 (c) | 2,315,000 | 2,187,143 | |
Vail Resorts, Inc. 6.25% 5/15/25 (c) | 1,435,000 | 1,429,966 | |
Viking Cruises Ltd. 9.125% 7/15/31 (c) | 895,000 | 924,658 | |
41,153,872 | |||
Metals/Mining - 2.4% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (c) | 2,670,000 | 2,402,942 | |
Alpha Natural Resources, Inc. 9.75% (b)(d) | 1,099,000 | 0 | |
Arsenal AIC Parent LLC 8% 10/1/30 (c) | 910,000 | 929,328 | |
Cleveland-Cliffs, Inc. 4.875% 3/1/31 (c) | 1,465,000 | 1,278,225 | |
Constellium NV 5.875% 2/15/26 (c) | 990,000 | 971,464 | |
ERO Copper Corp. 6.5% 2/15/30 (c) | 8,865,000 | 7,699,784 | |
First Quantum Minerals Ltd.: | |||
6.875% 3/1/26 (c) | 3,930,000 | 3,840,239 | |
6.875% 10/15/27 (c) | 2,995,000 | 2,894,158 | |
7.5% 4/1/25 (c) | 1,925,000 | 1,917,059 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (c) | 1,615,000 | 1,353,483 | |
5.875% 4/15/30 (c) | 4,300,000 | 3,991,557 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (c) | 4,755,000 | 4,470,482 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (c) | 2,835,000 | 2,825,093 | |
8.5% 5/1/30 (c) | 680,000 | 682,432 | |
35,256,246 | |||
Paper - 0.8% | |||
Berry Global, Inc. 5.625% 7/15/27 (c) | 1,110,000 | 1,088,076 | |
Clydesdale Acquisition Holdings, Inc.: | |||
6.625% 4/15/29 (c) | �� | 1,070,000 | 1,018,158 |
8.75% 4/15/30 (c) | 6,430,000 | 5,814,884 | |
Mercer International, Inc. 5.125% 2/1/29 | 2,220,000 | 1,816,089 | |
SPA Holdings 3 OY 4.875% 2/4/28 (c) | 1,770,000 | 1,469,823 | |
11,207,030 | |||
Restaurants - 0.9% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (c) | 7,635,000 | 6,467,999 | |
CEC Entertainment LLC 6.75% 5/1/26 (c) | 2,250,000 | 2,151,381 | |
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (c) | 1,325,000 | 1,275,313 | |
Papa John's International, Inc. 3.875% 9/15/29 (c) | 870,000 | 731,796 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 2,585,000 | 2,312,945 | |
12,939,434 | |||
Services - 4.9% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) | 1,050,000 | 803,020 | |
Aramark Services, Inc. 6.375% 5/1/25 (c) | 3,410,000 | 3,415,746 | |
ASGN, Inc. 4.625% 5/15/28 (c) | 5,875,000 | 5,279,756 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp. 4.625% 6/1/28 (c) | 1,328,000 | 1,122,711 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (c) | 1,470,000 | 1,349,454 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (c) | 6,045,000 | 6,234,088 | |
CoreCivic, Inc. 8.25% 4/15/26 | 3,735,000 | 3,749,820 | |
CoreLogic, Inc. 4.5% 5/1/28 (c) | 4,470,000 | 3,654,225 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 9,979,000 | 9,671,946 | |
Hertz Corp.: | |||
4.625% 12/1/26 (c) | 1,680,000 | 1,521,055 | |
5% 12/1/29 (c) | 2,190,000 | 1,800,604 | |
5.5% (b)(c)(d) | 3,155,000 | 70,988 | |
6% (b)(c)(d) | 3,900,000 | 229,125 | |
6.25% (b)(d) | 2,880,000 | 3,600 | |
7.125% (b)(c)(d) | 3,980,000 | 318,400 | |
OpenLane, Inc. 5.125% 6/1/25 (c) | 96,000 | 93,664 | |
Sabre GLBL, Inc. 7.375% 9/1/25 (c) | 2,500,000 | 2,456,996 | |
Service Corp. International 5.125% 6/1/29 | 1,845,000 | 1,736,606 | |
The GEO Group, Inc.: | |||
9.5% 12/31/28 (c) | 6,055,000 | 5,933,900 | |
10.5% 6/30/28 | 2,453,000 | 2,453,728 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (c) | 17,310,000 | 15,849,258 | |
6.25% 1/15/28 (c) | 2,145,000 | 2,128,419 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 1,640,000 | 1,520,925 | |
71,398,034 | |||
Steel - 0.1% | |||
Commercial Metals Co. 3.875% 2/15/31 | 1,125,000 | 958,928 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 690,000 | 617,322 | |
1,576,250 | |||
Super Retail - 2.0% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 681,000 | 621,225 | |
4.625% 11/15/29 (c) | 1,520,000 | 1,340,919 | |
4.75% 3/1/30 | 680,000 | 596,137 | |
5% 2/15/32 (c) | 1,520,000 | 1,303,987 | |
Bath & Body Works, Inc. 6.625% 10/1/30 (c) | 5,045,000 | 4,920,501 | |
Carvana Co.: | |||
9% 12/1/28 pay-in-kind (c) | 301,000 | 258,860 | |
9% 6/1/30 pay-in-kind (c) | 451,000 | 387,860 | |
9% 6/1/31 pay-in-kind (c) | 534,000 | 459,240 | |
EG Global Finance PLC: | |||
6.75% 2/7/25 (c) | 11,250,000 | 11,084,850 | |
8.5% 10/30/25 (c) | 2,320,000 | 2,296,813 | |
Macy's Retail Holdings LLC 6.125% 3/15/32 (c) | 1,065,000 | 913,238 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (c) | 2,370,000 | 1,975,988 | |
7.875% 5/1/29 (c) | 3,590,000 | 2,488,588 | |
28,648,206 | |||
Technology - 5.0% | |||
Athenahealth Group, Inc. 6.5% 2/15/30 (c) | 6,520,000 | 5,662,431 | |
Block, Inc.: | |||
2.75% 6/1/26 | 2,555,000 | 2,323,408 | |
3.5% 6/1/31 | 2,555,000 | 2,095,012 | |
Boxer Parent Co., Inc. 9.125% 3/1/26 (c) | 60,000 | 59,851 | |
CA Magnum Holdings 5.375% 10/31/26 (c) | 770,000 | 686,409 | |
Camelot Finance SA 4.5% 11/1/26 (c) | 2,285,000 | 2,139,760 | |
Cloud Software Group, Inc. 9% 9/30/29 (c) | 6,530,000 | 5,837,023 | |
Coherent Corp. 5% 12/15/29 (c) | 1,385,000 | 1,230,157 | |
Elastic NV 4.125% 7/15/29 (c) | 1,275,000 | 1,096,031 | |
Gen Digital, Inc. 5% 4/15/25 (c) | 6,075,000 | 5,955,262 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (c) | 2,235,000 | 2,140,013 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (c) | 1,850,000 | 1,803,750 | |
Match Group Holdings II LLC 4.125% 8/1/30 (c) | 2,335,000 | 2,002,543 | |
MicroStrategy, Inc. 6.125% 6/15/28 (c) | 10,890,000 | 9,748,997 | |
NCR Corp. 5.125% 4/15/29 (c) | 1,775,000 | 1,614,254 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 1,450,000 | 1,343,836 | |
Open Text Corp. 3.875% 12/1/29 (c) | 2,200,000 | 1,865,648 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (c) | 3,095,000 | 2,667,072 | |
4.125% 12/1/31 (c) | 2,200,000 | 1,826,171 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) | 1,430,000 | 410,160 | |
Roblox Corp. 3.875% 5/1/30 (c) | 6,055,000 | 4,995,396 | |
Seagate HDD Cayman: | |||
8.25% 12/15/29 (c) | 1,545,000 | 1,620,707 | |
8.5% 7/15/31 (c) | 1,410,000 | 1,477,265 | |
Sensata Technologies BV 4% 4/15/29 (c) | 2,480,000 | 2,177,710 | |
Synaptics, Inc. 4% 6/15/29 (c) | 1,210,000 | 1,029,323 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 2,215,000 | 1,923,949 | |
Uber Technologies, Inc.: | |||
7.5% 5/15/25 (c) | 5,010,000 | 5,058,366 | |
7.5% 9/15/27 (c) | 2,765,000 | 2,823,210 | |
73,613,714 | |||
Telecommunications - 5.4% | |||
Altice Financing SA: | |||
5% 1/15/28 (c) | 2,375,000 | 1,931,135 | |
5.75% 8/15/29 (c) | 7,480,000 | 5,925,405 | |
Altice France SA: | |||
5.125% 1/15/29 (c) | 2,270,000 | 1,617,321 | |
5.5% 1/15/28 (c) | 4,825,000 | 3,615,831 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) | 9,965,000 | 9,167,800 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (c) | 1,280,000 | 1,068,629 | |
5.625% 9/15/28 (c) | 1,010,000 | 775,807 | |
Consolidated Communications, Inc. 5% 10/1/28 (c) | 1,320,000 | 989,234 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 2,480,000 | 2,124,997 | |
5.875% 10/15/27 (c) | 2,440,000 | 2,222,357 | |
5.875% 11/1/29 | 615,475 | 455,811 | |
6% 1/15/30 (c) | 3,035,000 | 2,242,248 | |
Intelsat Jackson Holdings SA: | |||
5.5% (b)(d) | 7,570,000 | 1 | |
6.5% 3/15/30 (c) | 10,625,000 | 9,742,191 | |
8.5% (b)(c)(d) | 2,965,000 | 0 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (c) | 2,520,000 | 2,124,360 | |
6.75% 10/15/27 (c) | 4,724,000 | 4,446,465 | |
Level 3 Financing, Inc.: | |||
3.75% 7/15/29 (c) | 3,850,000 | 2,296,564 | |
4.25% 7/1/28 (c) | 3,420,000 | 2,242,348 | |
Lumen Technologies, Inc. 4% 2/15/27 (c) | 4,225,000 | 2,662,680 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (c) | 1,700,000 | 1,495,624 | |
6% 2/15/28 (c) | 790,000 | 633,497 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (c) | 221,000 | 217,712 | |
Sprint Capital Corp. 8.75% 3/15/32 | 1,905,000 | 2,270,493 | |
Telecom Italia SpA 5.303% 5/30/24 (c) | 2,020,000 | 1,993,773 | |
Uniti Group, Inc. 6% 1/15/30 (c) | 6,860,000 | 4,531,510 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 10,615,000 | 8,605,713 | |
Zayo Group Holdings, Inc.: | |||
4% 3/1/27 (c) | 3,835,000 | 2,874,093 | |
6.125% 3/1/28 (c) | 2,115,000 | 1,374,749 | |
79,648,348 | |||
Textiles/Apparel - 0.5% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (c) | 3,760,000 | 2,979,800 | |
4.25% 3/15/29 (c) | 3,735,000 | 3,149,427 | |
Victoria's Secret & Co. 4.625% 7/15/29 (c) | 1,665,000 | 1,205,511 | |
7,334,738 | |||
Transportation Ex Air/Rail - 0.2% | |||
Avolon Holdings Funding Ltd.: | |||
3.95% 7/1/24 (c) | 9,000 | 8,779 | |
4.375% 5/1/26 (c) | 7,000 | 6,599 | |
Seaspan Corp. 5.5% 8/1/29 (c) | 3,695,000 | 2,871,974 | |
2,887,352 | |||
Utilities - 3.9% | |||
Clearway Energy Operating LLC 4.75% 3/15/28 (c) | 5,885,000 | 5,441,541 | |
DPL, Inc. 4.35% 4/15/29 | 9,480,000 | 8,164,699 | |
NRG Energy, Inc. 3.875% 2/15/32 (c) | 1,470,000 | 1,135,992 | |
Pacific Gas & Electric Co.: | |||
3.75% 8/15/42 | 350,000 | 233,929 | |
3.95% 12/1/47 | 2,495,000 | 1,662,952 | |
4.55% 7/1/30 | 9,125,000 | 8,205,776 | |
4.95% 7/1/50 | 14,750,000 | 11,405,074 | |
PG&E Corp. 5.25% 7/1/30 | 9,430,000 | 8,377,817 | |
Pike Corp. 5.5% 9/1/28 (c) | 8,505,000 | 7,653,705 | |
Vertiv Group Corp. 4.125% 11/15/28 (c) | 3,055,000 | 2,742,662 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (c) | 2,000,000 | 1,925,420 | |
56,949,567 | |||
TOTAL NONCONVERTIBLE BONDS | 1,150,627,674 | ||
TOTAL CORPORATE BONDS (Cost $1,325,304,505) | 1,181,111,133 | ||
Common Stocks - 5.3% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
UC Holdings, Inc. (b)(h) | 32,168 | 70,126 | |
Broadcasting - 0.0% | |||
iHeartMedia, Inc. (h) | 8,204 | 29,616 | |
Energy - 3.1% | |||
California Resources Corp. (i) | 132,962 | 7,424,598 | |
California Resources Corp. warrants 10/27/24 (h) | 20,004 | 424,085 | |
Chesapeake Energy Corp. (i) | 64,281 | 5,670,227 | |
Denbury, Inc. (h) | 42,041 | 3,850,115 | |
Denbury, Inc. warrants 9/18/25 (h) | 117,577 | 7,285,864 | |
EP Energy Corp. (b)(h) | 218,900 | 1,328,723 | |
Forbes Energy Services Ltd. (b)(h) | 72,087 | 1 | |
Mesquite Energy, Inc. (b)(h) | 214,437 | 16,284,322 | |
Noble Corp. PLC: | |||
warrants 2/4/28 (h) | 27,051 | 894,577 | |
warrants 2/4/28 (h) | 27,051 | 811,530 | |
PureWest Energy (b)(h) | 2,832 | 5,281 | |
PureWest Energy rights (b)(h) | 1,707 | 0 | |
Superior Energy Services, Inc. Class A (b)(h) | 15,005 | 1,076,609 | |
Tidewater, Inc. warrants 11/14/42 (h) | 8,251 | 590,190 | |
Tribune Resources, Inc. (b)(h) | 182,155 | 191,263 | |
TOTAL ENERGY | 45,837,385 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(f)(h) | 1,330,466 | 1,011,154 | |
Food & Drug Retail - 1.3% | |||
Northeast Grocery, Inc. (b)(f)(h) | 228,430 | 895,446 | |
Southeastern Grocers, Inc. (b)(f)(h) | 687,397 | 18,374,122 | |
TOTAL FOOD & DRUG RETAIL | 19,269,568 | ||
Gaming - 0.0% | |||
Studio City International Holdings Ltd.: | |||
ADR (c)(h) | 25,434 | 177,784 | |
(NYSE) ADR (h) | 28,000 | 195,720 | |
TOTAL GAMING | 373,504 | ||
Telecommunications - 0.1% | |||
CUI Acquisition Corp. Class E (b)(h) | 0 | 0 | |
Frontier Communications Parent, Inc. (h) | 77,463 | 1,240,957 | |
Intelsat Jackson Holdings SA: | |||
Series A rights (b)(h) | 10,435 | 96,419 | |
Series B rights (b)(h) | 10,435 | 355,312 | |
TOTAL TELECOMMUNICATIONS | 1,692,688 | ||
Textiles/Apparel - 0.3% | |||
Intelsat Emergence SA (b)(h) | 99,657 | 4,574,256 | |
Utilities - 0.4% | |||
PG&E Corp. (h) | 350,590 | 5,714,617 | |
TOTAL COMMON STOCKS (Cost $36,202,638) | 78,572,914 | ||
Bank Loan Obligations - 8.5% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 1.2% | |||
Echo Global Logistics, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.750% 10.1811% 11/23/28 (b)(e)(j)(k) | 7,252,198 | 6,988,218 | |
2LN, term loan: | |||
3 month U.S. LIBOR + 8.000% 13.4311% 11/23/29 (b)(e)(j)(k) | 9,743,000 | 9,390,303 | |
CME Term SOFR 3 Month Index + 7.000% 13.3782% 11/23/29 (b)(e)(j)(k) | 915,000 | 910,425 | |
TOTAL AIR TRANSPORTATION | 17,288,946 | ||
Banks & Thrifts - 0.1% | |||
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 8.0379% 2/1/27 (e)(j)(k) | 1,056,653 | 1,034,643 | |
Broadcasting - 0.1% | |||
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.5035% 8/14/26 (e)(j)(k) | 1,130,162 | 1,129,925 | |
Building Materials - 0.1% | |||
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8911% 2/25/29 (e)(j)(k) | 1,529,550 | 1,484,627 | |
Chemicals - 0.6% | |||
Consolidated Energy Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9.0379% 5/7/25 (b)(e)(j)(k) | 5,669,300 | 5,527,568 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 8.0379% 5/7/25 (e)(j)(k) | 517,750 | 508,948 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.6169% 10/4/29 (e)(j)(k) | 2,845,700 | 2,726,551 | |
TOTAL CHEMICALS | 8,763,067 | ||
Consumer Products - 0.1% | |||
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 18.9124% 5/8/26 (b)(e)(j)(k) | 1,334,102 | 1,294,079 | |
Diversified Financial Services - 0.9% | |||
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (b)(e)(k) | 3,222,736 | 2,658,757 | |
HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.2419% 4/20/30 (e)(j)(k) | 238,033 | 237,835 | |
Softbank SVF II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5.000% 5% 12/31/24 (b)(e)(j)(k) | 10,054,547 | 10,205,365 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,101,957 | ||
Diversified Media - 0.3% | |||
Cmg Media Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.8419% 12/17/26 (e)(j)(k) | 4,947,315 | 4,585,567 | |
Energy - 0.0% | |||
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(d)(j)(k) | 3,964,252 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(d)(j)(k) | 1,710,000 | 0 | |
TOTAL ENERGY | 0 | ||
Food/Beverage/Tobacco - 0.3% | |||
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6702% 5/16/29 (e)(j)(k) | 1,870,863 | 1,824,091 | |
Oatly Group AB Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.8099% 4/18/28 (b)(e)(j)(k) | 2,820,000 | 2,707,200 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 4,531,291 | ||
Healthcare - 0.0% | |||
Electron BidCo, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4455% 11/1/28 (e)(j)(k) | 286,375 | 285,482 | |
Homebuilders/Real Estate - 0.5% | |||
Breakwater Energy Partners LLC Tranche B 1LN, term loan 11.25% 9/1/26 (b)(e)(k) | 8,343,789 | 8,062,603 | |
Hotels - 0.1% | |||
Travelport Finance Luxembourg SARL 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 6.750% 13.3646% 5/29/26 (e)(j)(k) | 1,459,998 | 905,199 | |
Insurance - 0.2% | |||
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.6955% 2/15/27 (e)(j)(k) | 211,775 | 210,716 | |
Alliant Holdings Intermediate LLC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8138% 11/6/27 (e)(j)(k) | 1,241,881 | 1,240,888 | |
HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5835% 6/8/30 (e)(j)(k) | 650,000 | 651,762 | |
USI, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.9919% 11/22/29 (e)(j)(k) | 433,723 | 433,831 | |
TOTAL INSURANCE | 2,537,197 | ||
Leisure - 0.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9455% 8/17/28 (e)(j)(k) | 42,665 | 42,692 | |
Services - 2.1% | |||
ABG Intermediate Holdings 2 LLC Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 11.4311% 12/20/29 (e)(j)(k) | 66,000 | 66,330 | |
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1811% 12/10/29 (e)(j)(k) | 305,000 | 260,141 | |
Asurion LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4311% 8/19/28 (e)(j)(k) | 4,267,750 | 4,102,972 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8.9455% 6/2/28 (e)(j)(k) | 5,775,608 | 5,373,394 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 12.981% 6/13/25 (e)(j)(k) | 4,035,000 | 4,029,109 | |
Tranche B 1LN, term loan CME TERM SOFR 6 MONTH INDEX + 3.500% 9.231% 6/13/24 (e)(j)(k) | 6,482,717 | 6,473,965 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3985% 4/11/29 (e)(j)(k) | 5,521,163 | 5,021,939 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 9.2303% 3/4/28 (e)(j)(k) | 6,987,832 | 5,834,839 | |
TOTAL SERVICES | 31,162,689 | ||
Super Retail - 0.2% | |||
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9.1955% 3/5/28 (e)(j)(k) | 2,609,686 | 2,599,091 | |
Michaels Companies, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.7535% 4/15/28 (e)(j)(k) | 916,300 | 847,889 | |
TOTAL SUPER RETAIL | 3,446,980 | ||
Technology - 1.6% | |||
Anastasia Parent LLC Tranche B, term loan CME Term SOFR 3 Month Index + 3.750% 9.2535% 8/10/25 (e)(j)(k) | 3,549,615 | 2,648,901 | |
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8202% 2/15/29 (e)(j)(k) | 2,815,403 | 2,779,028 | |
Ceridian HCM Holding, Inc. Tranche B, term loan CME Term SOFR 1 Month Index + 2.500% 7.9455% 4/30/25 (e)(j)(k) | 1,562,100 | 1,559,819 | |
Epicor Software Corp. 2LN, term loan CME Term SOFR 1 Month Index + 7.750% 13.1811% 7/31/28 (e)(j)(k) | 1,945,000 | 1,949,863 | |
UKG, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.2191% 5/4/26 (e)(j)(k) | 688,188 | 687,898 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6184% 5/3/26 (e)(j)(k) | 3,888,830 | 3,884,357 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6184% 5/3/27 (e)(j)(k) | 10,280,000 | 10,208,451 | |
TOTAL TECHNOLOGY | 23,718,317 | ||
Telecommunications - 0.1% | |||
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.808% 8/15/28 (e)(j)(k) | 1,050,617 | 917,325 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $129,294,284) | 124,292,586 | ||
Preferred Securities - 1.2% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.7% | |||
Bank of America Corp.: | |||
6.1% (e)(l) | 3,690,000 | 3,729,798 | |
6.25% (e)(l) | 2,310,000 | 2,368,667 | |
Citigroup, Inc. 9.6987% (e)(j)(l) | 1,680,000 | 1,694,911 | |
Wells Fargo & Co. 5.9% (e)(l) | 1,955,000 | 1,959,347 | |
TOTAL BANKS & THRIFTS | 9,752,723 | ||
Diversified Financial Services - 0.3% | |||
Charles Schwab Corp. 5.375% (e)(l) | 4,340,000 | 4,246,419 | |
Energy - 0.0% | |||
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.982% (d)(e)(j)(l) | 204,000 | 146,880 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC 9.75% (b)(l) | 4,000,000 | 3,466,766 | |
TOTAL PREFERRED SECURITIES (Cost $18,021,499) | 17,612,788 | ||
Other - 1.6% | |||
Shares | Value ($) | ||
Other - 1.6% | |||
Fidelity Private Credit Central Fund LLC (f) (Cost $23,956,192) | 2,408,341 | 24,227,898 | |
Money Market Funds - 2.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.43% (m) | 21,541,316 | 21,545,624 | |
Fidelity Securities Lending Cash Central Fund 5.44% (m)(n) | 7,267,723 | 7,268,450 | |
TOTAL MONEY MARKET FUNDS (Cost $28,814,074) | 28,814,074 | ||
TOTAL INVESTMENT IN SECURITIES - 98.9% (Cost $1,561,593,192) | 1,454,631,393 |
NET OTHER ASSETS (LIABILITIES) - 1.1% | 15,925,284 |
NET ASSETS - 100.0% | 1,470,556,677 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Level 3 security |
(c) | 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 $930,423,735 or 63.3% of net assets. |
(d) | Non-income producing - Security is in default. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $54,125,419 or 3.7% of net assets. |
(g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(h) | Non-income producing |
(i) | Security or a portion of the security is on loan at period end. |
(j) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(n) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fidelity Private Credit Central Fund LLC | 4/15/22 - 8/29/23 | 23,956,192 |
Jonah Energy Parent LLC 12% 11/5/25 | 5/05/23 | 9,239,670 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | 6,590,796 |
Northeast Grocery, Inc. | 11/08/21 | 90,888 |
Southeastern Grocers, Inc. | 6/01/18 - 4/26/19 | 5,072,958 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.43% | 99,248,396 | 627,494,672 | 705,197,444 | 2,489,797 | - | - | 21,545,624 | 0.1% |
Fidelity Private Credit Central Fund LLC | 11,189,162 | 14,977,762 | 2,293,998 | 2,060,494 | 335 | 354,637 | 24,227,898 | 3.7% |
Fidelity Securities Lending Cash Central Fund 5.44% | 10,580,000 | 53,710,430 | 57,021,980 | 2,692 | - | - | 7,268,450 | 0.0% |
Total | 121,017,558 | 696,182,864 | 764,513,422 | 4,552,983 | 335 | 354,637 | 53,041,972 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 6,296,560 | 1,270,573 | - | 5,025,987 |
Consumer Discretionary | 1,454,784 | 373,504 | - | 1,081,280 |
Consumer Staples | 19,269,568 | - | - | 19,269,568 |
Energy | 45,832,104 | 19,075,132 | 7,876,054 | 18,880,918 |
Utilities | 5,719,898 | 5,714,617 | - | 5,281 |
Corporate Bonds | 1,181,111,133 | - | 1,167,586,115 | 13,525,018 |
Bank Loan Obligations | 124,292,586 | - | 76,548,068 | 47,744,518 |
Preferred Securities | 17,612,788 | - | 14,146,022 | 3,466,766 |
Other | 24,227,898 | - | 24,227,898 | - |
Money Market Funds | 28,814,074 | 28,814,074 | - | - |
Total Investments in Securities: | 1,454,631,393 | 55,247,900 | 1,290,384,157 | 108,999,336 |
Investments in Securities: | |||
Consumer Staples | |||
Beginning Balance | $ | 15,928,515 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 3,341,053 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 19,269,568 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 3,341,053 | |
Energy | |||
Beginning Balance | $ | 46,083,022 | |
Net Realized Gain (Loss) on Investment Securities | 13,669,358 | ||
Net Unrealized Gain (Loss) on Investment Securities | (21,053,757) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (19,817,705) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 18,880,918 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 2,740,221 | |
Corporate Bonds | |||
Beginning Balance | $ | 32,768,388 | |
Net Realized Gain (Loss) on Investment Securities | 14,844 | ||
Net Unrealized Gain (Loss) on Investment Securities | (23,992,591) | ||
Cost of Purchases | 9,316,813 | ||
Proceeds of Sales | (4,615,198) | ||
Amortization/Accretion | 32,762 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 13,525,018 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 2,626,439 | |
Bank Loan Obligations | |||
Beginning Balance | $ | 21,165,395 | |
Net Realized Gain (Loss) on Investment Securities | 66,762 | ||
Net Unrealized Gain (Loss) on Investment Securities | (403,381) | ||
Cost of Purchases | 28,681,882 | ||
Proceeds of Sales | (1,919,327) | ||
Amortization/Accretion | 153,187 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 47,744,518 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | (403,381) | |
Other Investments in Securities | |||
Beginning Balance | $ | 8,458,444 | |
Net Realized Gain (Loss) on Investment Securities | (6,696) | ||
Net Unrealized Gain (Loss) on Investment Securities | 1,119,392 | ||
Cost of Purchases | 12,695 | ||
Proceeds of Sales | (4,521) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 9,579,314 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2023 | $ | 1,115,691 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
August 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $7,126,090) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,508,822,927) | $ | 1,401,589,421 | ||
Fidelity Central Funds (cost $52,770,265) | 53,041,972 | |||
Total Investment in Securities (cost $1,561,593,192) | $ | 1,454,631,393 | ||
Cash | 297,321 | |||
Receivable for investments sold | 20,643 | |||
Receivable for fund shares sold | 19,381 | |||
Dividends receivable | 125,859 | |||
Interest receivable | 21,670,035 | |||
Distributions receivable from Fidelity Central Funds | 164,820 | |||
Receivable from investment adviser for expense reductions | 10,823 | |||
Other receivables | 1,011,859 | |||
Total assets | 1,477,952,134 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 125,846 | ||
Other payables and accrued expenses | 1,161 | |||
Collateral on securities loaned | 7,268,450 | |||
Total Liabilities | 7,395,457 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 1,470,556,677 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,579,388,237 | ||
Total accumulated earnings (loss) | (108,831,560) | |||
Net Assets | $ | 1,470,556,677 | ||
Net Asset Value, offering price and redemption price per share ($1,470,556,677 ÷ 14,353,299 shares) | $ | 102.45 |
Statement of Operations | ||||
Year ended August 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 19,188,101 | ||
Interest | 104,351,257 | |||
Income from Fidelity Central Funds (including $2,692 from security lending) | 4,552,983 | |||
Other income | $ | 1,010,395 | ||
Payment from investment adviser | 29,024 | |||
Total Income | 129,131,760 | |||
Expenses | ||||
Custodian fees and expenses | $ | 2,675 | ||
Independent trustees' fees and expenses | 9,668 | |||
Legal | 536,247 | |||
Interest | 25,727 | |||
Total expenses before reductions | 574,317 | |||
Expense reductions | (1,779) | |||
Total expenses after reductions | 572,538 | |||
Net Investment income (loss) | 128,559,222 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (8,491,294) | |||
Fidelity Central Funds | 335 | |||
Total net realized gain (loss) | (8,490,959) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,611,397) | |||
Fidelity Central Funds | 354,637 | |||
Total change in net unrealized appreciation (depreciation) | (4,256,760) | |||
Net gain (loss) | (12,747,719) | |||
Net increase (decrease) in net assets resulting from operations | $ | 115,811,503 |
Statement of Changes in Net Assets | ||||
Year ended August 31, 2023 | Year ended August 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 128,559,222 | $ | 117,917,684 |
Net realized gain (loss) | (8,490,959) | 32,474,161 | ||
Change in net unrealized appreciation (depreciation) | (4,256,760) | (268,320,213) | ||
Net increase (decrease) in net assets resulting from operations | 115,811,503 | (117,928,368) | ||
Distributions to shareholders | (125,001,026) | (114,089,238) | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 25,859,041 | 33,321,999 | ||
Reinvestment of distributions | 125,000,555 | 113,960,859 | ||
Cost of shares redeemed | (551,310,147) | (469,474,595) | ||
Net increase (decrease) in net assets resulting from share transactions | (400,450,551) | (322,191,737) | ||
Total increase (decrease) in net assets | (409,640,074) | (554,209,343) | ||
Net Assets | ||||
Beginning of period | 1,880,196,751 | 2,434,406,094 | ||
End of period | $ | 1,470,556,677 | $ | 1,880,196,751 |
Other Information | ||||
Shares | ||||
Sold | 250,913 | 294,378 | ||
Issued in reinvestment of distributions | 1,224,422 | 1,041,571 | ||
Redeemed | (5,375,537) | (4,157,418) | ||
Net increase (decrease) | (3,900,202) | (2,821,469) | ||
Fidelity® High Income Central Fund |
Years ended August 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 103.00 | $ | 115.51 | $ | 106.08 | $ | 111.37 | $ | 112.30 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 7.647 | 6.198 | 6.202 | 6.432 | 7.276 | |||||
Net realized and unrealized gain (loss) | (.838) | (12.709) | 9.246 | (5.023) | (.267) | |||||
Total from investment operations | 6.809 | (6.511) | 15.448 | 1.409 | 7.009 | |||||
Distributions from net investment income | (7.276) | (5.999) | (6.018) | (6.685) | (7.089) | |||||
Distributions from net realized gain | (.083) | - | - | (.014) | (.850) | |||||
Total distributions | (7.359) | (5.999) | (6.018) | (6.699) | (7.939) | |||||
Net asset value, end of period | $ | 102.45 | $ | 103.00 | $ | 115.51 | $ | 106.08 | $ | 111.37 |
Total Return C | 6.88% | (5.81)% | 14.97% | 1.45% | 6.59% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .03% | .04% | -% F | -% F | -% F | |||||
Expenses net of fee waivers, if any | .03% | .04% | -% F | -% F | -% F | |||||
Expenses net of all reductions | .03% | .04% | -% F | -% F | -% F | |||||
Net investment income (loss) | 7.49% | 5.63% | 5.62% | 6.06% | 6.70% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,470,557 | $ | 1,880,197 | $ | 2,434,406 | $ | 2,689,635 | $ | 2,600,771 |
Portfolio turnover rate G | 14% | 23% | 37% | 59% H | 39% H,I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $44,263,034 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 3.8 - 5.5 / 4.5 | Increase |
Recovery value | Recovery value | $0.00 - $1.86 / $1.86 | Increase | ||
Market approach | Transaction price | $75.94 | Increase | ||
Discounted cash flow | Discount rate | 5.6% - 13.0% / 7.1% | Decrease | ||
Term | 0.6 | Increase | |||
Indicative market price | Bid Price | $1.05 | Increase | ||
Black scholes | Discount rate | 5.5% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 0.8 | Increase | |||
Corporate Bonds | $13,525,018 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 | Increase |
Enterprise Value/Proved reserves multiple (EV/PR) | 0.8 | Increase | |||
Enterprise Value/PV-10 multiple (EV/PV-10) | 0.4 | Increase | |||
Daily production multiple ($/Million cubic feet per day) | $4,050.00 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Discounted cash flow | Yield | 18.6% | Decrease | ||
Indicative market price | Evaluated bid | $0.13 - $8.00 / $6.52 | Increase | ||
Black scholes | Discount rate | 5.5% | Increase | ||
Volatility | 55.0% | Increase | |||
Term | 0.8 | Increase | |||
Preferred Securities | $3,466,766 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 15.0 | Increase |
Discounted cash flow | Yield | 14.1% | Decrease | ||
Bank Loan Obligations | $47,744,518 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 2.5 - 6.8 / 3.6 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $96.00 - $99.50 / $96.88 | Increase | ||
Discounted cash flow | Discount rate | 10.5% - 19.8% / 11.2% | Decrease | ||
Yield | 5.3% - 30.5% / 12.1% | Decrease | |||
Indicative market price | Evaluated bid | $97.50 | Increase |
Gross unrealized appreciation | $71,460,273 |
Gross unrealized depreciation | (179,405,581) |
Net unrealized appreciation (depreciation) | $(107,945,308) |
Tax Cost | $1,562,576,701 |
Undistributed ordinary income | $7,507,505 |
Capital loss carryforward | $(8,393,757) |
Net unrealized appreciation (depreciation) on securities and other investments | $(107,945,308) |
Short-term | $(831,198) |
Long-term | (7,562,559) |
Total capital loss carryforward | $(8,393,757) |
August 31, 2023 | August 31, 2022 | |
Ordinary Income | $125,001,026 | $114,089,238 |
Investment to be Acquired | Commitment Amount | |
Fidelity High Income Central Fund | Fidelity Private Credit Central Fund LLC | $5,464,001 |
Purchases ($) | Sales ($) | |
Fidelity High Income Central Fund | 233,972,927 | 559,668,976 |
Amount | |
Fidelity High Income Central Fund | $143 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity High Income Central Fund | Borrower | $29,042,667 | 5.32% | $25,727 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity High Income Central Fund | - | 8,647,660 | 3,761,731 |
Amount ($) | |
Fidelity High Income Central Fund | 30,601 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity High Income Central Fund | $277 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2023 to August 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value March 1, 2023 | Ending Account Value August 31, 2023 | Expenses Paid During Period- C March 1, 2023 to August 31, 2023 | |||||||
Fidelity® High Income Central Fund | .0398% | |||||||||
Actual | $ 1,000 | $ 1,033.30 | $ .20 | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.00 | $ .20 | |||||||
Item 2.
Code of Ethics
As of the end of the period, August 31, 2023, Fidelity Central Investment Portfolios LLC (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity High Income Central Fund and Fidelity Specialized High Income Central Fund (the “Funds”):
Services Billed by Deloitte Entities
August 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity High Income Central Fund | $49,600 | $- | $9,700 | $1,300 |
Fidelity Specialized High Income Central Fund | $53,300 | $- | $9,700 | $1,300 |
August 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity High Income Central Fund | $50,400 | $- | $9,600 | $1,200 |
Fidelity Specialized High Income Central Fund | $54,000 | $- | $9,400 | $1,300 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
August 31, 2023A | August 31, 2022A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | August 31, 2023A | August 31, 2022A |
Deloitte Entities | $264,600 | $479,100 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Central Investment Portfolios LLC
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | October 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | October 23, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | October 23, 2023 |