Quarterly Holdings Report
for
Fidelity® Specialized High Income Central Fund
May 31, 2023
SHI-NPRT3-0723
1.834744.117
Corporate Bonds - 90.5% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 0.3% | |||
Broadcasting - 0.3% | |||
DISH Network Corp. 3.375% 8/15/26 | 2,658,000 | 1,192,910 | |
Nonconvertible Bonds - 90.2% | |||
Aerospace - 3.6% | |||
BWX Technologies, Inc. 4.125% 6/30/28 (b) | 995,000 | 899,267 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 1,555,000 | 1,624,498 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (b) | 2,085,000 | 1,822,269 | |
Moog, Inc. 4.25% 12/15/27 (b) | 1,460,000 | 1,361,385 | |
Rolls-Royce PLC 5.75% 10/15/27 (b) | 1,270,000 | 1,235,933 | |
TransDigm, Inc. 6.25% 3/15/26 (b) | 5,853,000 | 5,812,918 | |
12,756,270 | |||
Air Transportation - 0.8% | |||
Rand Parent LLC 8.5% 2/15/30 (b) | 710,000 | 612,907 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 2,170,000 | 2,053,051 | |
2,665,958 | |||
Automotive - 0.3% | |||
Ford Motor Co. 6.1% 8/19/32 | 1,100,000 | 1,032,808 | |
Automotive & Auto Parts - 2.4% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 1,270,000 | 1,072,314 | |
Dana, Inc. 4.5% 2/15/32 | 365,000 | 292,796 | |
Ford Motor Co.: | |||
3.25% 2/12/32 | 885,000 | 672,498 | |
5.291% 12/8/46 | 445,000 | 351,683 | |
Ford Motor Credit Co. LLC: | |||
2.3% 2/10/25 | 360,000 | 335,997 | |
2.7% 8/10/26 | 1,200,000 | 1,062,010 | |
2.9% 2/10/29 | 360,000 | 292,870 | |
4% 11/13/30 | 1,710,000 | 1,436,897 | |
4.687% 6/9/25 | 1,005,000 | 966,129 | |
5.113% 5/3/29 | 650,000 | 595,091 | |
5.125% 6/16/25 | 660,000 | 639,877 | |
LCM Investments Holdings 4.875% 5/1/29 (b) | 160,000 | 133,423 | |
Macquarie AirFinance Holdings 8.375% 5/1/28 (b) | 415,000 | 408,829 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 475,000 | 388,351 | |
8,648,765 | |||
Banks & Thrifts - 0.4% | |||
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (b) | 205,000 | 174,789 | |
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625% 3/1/29 (b) | 1,360,000 | 1,121,539 | |
1,296,328 | |||
Broadcasting - 2.0% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (b)(c) | 650,000 | 27,310 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (b) | 465,000 | 358,050 | |
Sirius XM Radio, Inc.: | |||
3.875% 9/1/31 (b) | 365,000 | 269,348 | |
5% 8/1/27 (b) | 2,360,000 | 2,139,726 | |
5.5% 7/1/29 (b) | 2,845,000 | 2,483,393 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,670,000 | 1,452,900 | |
5% 9/15/29 | 240,000 | 205,789 | |
6,936,516 | |||
Building Materials - 1.8% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (b) | 1,880,000 | 1,772,555 | |
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 1,965,000 | 1,688,210 | |
Knife River Holding Co. 7.75% 5/1/31 (b) | 865,000 | 869,931 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 2,485,000 | 2,098,250 | |
6,428,946 | |||
Cable/Satellite TV - 3.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (b) | 200,000 | 160,208 | |
4.5% 8/15/30 (b) | 1,995,000 | 1,642,188 | |
4.5% 5/1/32 | 2,370,000 | 1,854,806 | |
4.5% 6/1/33 (b) | 730,000 | 557,256 | |
5% 2/1/28 (b) | 4,914,000 | 4,465,903 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 2,495,000 | 1,705,491 | |
4.125% 12/1/30 (b) | 5,000 | 3,471 | |
5.375% 2/1/28 (b) | 700,000 | 550,717 | |
VZ Secured Financing BV 5% 1/15/32 (b) | 1,805,000 | 1,435,634 | |
12,375,674 | |||
Chemicals - 5.1% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (b) | 1,200,000 | 1,133,951 | |
INEOS Finance PLC 6.75% 5/15/28 (b) | 690,000 | 679,650 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 1,585,000 | 1,475,752 | |
5.25% 12/15/29 | 130,000 | 118,302 | |
5.65% 12/1/44 | 1,034,000 | 822,665 | |
NOVA Chemicals Corp.: | |||
5% 5/1/25 (b) | 2,000,000 | 1,956,140 | |
5.25% 6/1/27 (b) | 1,960,000 | 1,768,953 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 895,000 | 805,553 | |
Olin Corp.: | |||
5% 2/1/30 | 1,944,000 | 1,770,785 | |
5.125% 9/15/27 | 2,525,000 | 2,390,806 | |
SPCM SA 3.125% 3/15/27 (b) | 360,000 | 329,566 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,885,000 | 2,656,275 | |
Valvoline, Inc. 4.25% 2/15/30 (b) | 1,410,000 | 1,383,390 | |
W.R. Grace Holding LLC: | |||
4.875% 6/15/27 (b) | 630,000 | 584,294 | |
7.375% 3/1/31 (b) | 125,000 | 122,500 | |
17,998,582 | |||
Consumer Products - 0.5% | |||
Mattel, Inc.: | |||
3.75% 4/1/29 (b) | 630,000 | 549,414 | |
6.2% 10/1/40 | 375,000 | 329,545 | |
Newell Brands, Inc. 5.875% 4/1/36 (d) | 565,000 | 452,000 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 375,000 | 299,979 | |
1,630,938 | |||
Containers - 1.6% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (b) | 1,155,000 | 1,078,773 | |
Ball Corp.: | |||
2.875% 8/15/30 | 1,035,000 | 857,115 | |
3.125% 9/15/31 | 1,280,000 | 1,054,750 | |
6% 6/15/29 | 900,000 | 901,764 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 965,000 | 848,081 | |
OI European Group BV 4.75% 2/15/30 (b) | 370,000 | 333,036 | |
Sealed Air Corp. 6.875% 7/15/33 (b) | 680,000 | 693,600 | |
5,767,119 | |||
Diversified Financial Services - 4.5% | |||
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b) | 1,000,000 | 865,000 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 975,000 | 567,914 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 830,000 | 823,360 | |
GGAM Finance Ltd. 7.75% 5/15/26 (b)(e) | 880,000 | 873,180 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 | 2,490,000 | 2,048,025 | |
6.25% 5/15/26 | 3,149,000 | 2,757,033 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (b) | 1,005,000 | 851,502 | |
LPL Holdings, Inc. 4% 3/15/29 (b) | 1,420,000 | 1,246,892 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (b) | 285,000 | 228,264 | |
3.875% 2/15/31 (b) | 1,805,000 | 1,553,755 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 2,475,000 | 2,057,567 | |
6.875% 3/15/25 | 1,585,000 | 1,527,231 | |
7.125% 3/15/26 | 624,000 | 596,705 | |
15,996,428 | |||
Diversified Media - 0.4% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 1,765,000 | 1,481,012 | |
Energy - 15.6% | |||
Altus Midstream LP 5.875% 6/15/30 (b) | 740,000 | 701,150 | |
Apache Corp.: | |||
4.25% 1/15/30 | 244,000 | 218,990 | |
5.1% 9/1/40 | 686,000 | 564,235 | |
5.25% 2/1/42 | 1,030,000 | 836,288 | |
5.35% 7/1/49 | 170,000 | 129,557 | |
Centennial Resource Production LLC 5.875% 7/1/29 (b) | 190,000 | 176,700 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 | 1,405,000 | 1,149,527 | |
4% 3/1/31 | 1,355,000 | 1,192,520 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 1,233,000 | 1,157,105 | |
Chesapeake Energy Corp. 6.75% 4/15/29 (b) | 1,400,000 | 1,368,777 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 1,050,000 | 869,507 | |
Continental Resources, Inc. 5.75% 1/15/31 (b) | 1,860,000 | 1,771,876 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (b) | 2,198,000 | 2,072,823 | |
5.75% 4/1/25 | 1,271,000 | 1,246,622 | |
6% 2/1/29 (b) | 1,910,000 | 1,766,979 | |
7.375% 2/1/31 (b) | 370,000 | 363,174 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (b) | 700,000 | 656,250 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (b) | 840,000 | 799,327 | |
5.75% 2/15/28 (b) | 175,000 | 147,084 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 100,000 | 92,524 | |
6.45% 11/3/36 (b) | 435,000 | 438,460 | |
8.125% 8/16/30 | 30,000 | 33,473 | |
Endeavor Energy Resources LP/EER Finance, Inc. 5.75% 1/30/28 (b) | 905,000 | 893,688 | |
EnLink Midstream LLC 5.625% 1/15/28 (b) | 920,000 | 886,268 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 290,000 | 224,528 | |
5.45% 6/1/47 | 605,000 | 481,320 | |
5.6% 4/1/44 | 1,018,000 | 817,861 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (b) | 1,140,000 | 978,325 | |
5.5% 7/15/28 | 905,000 | 848,324 | |
6.5% 7/15/48 | 550,000 | 449,285 | |
7.5% 6/1/27 (b) | 710,000 | 714,372 | |
EQT Corp. 3.9% 10/1/27 | 1,654,000 | 1,536,607 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (b) | 1,130,000 | 1,057,963 | |
5.625% 2/15/26 (b) | 592,000 | 580,900 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
6.25% 11/1/28 (b) | 380,000 | 354,978 | |
6.25% 4/15/32 (b) | 1,000,000 | 894,534 | |
Holly Energy Partners LP/Holly Energy Finance Corp.: | |||
5% 2/1/28 (b) | 365,000 | 336,249 | |
6.375% 4/15/27 (b) | 300,000 | 296,168 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 3,570,000 | 3,163,897 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 645,000 | 478,564 | |
4.3% 8/15/39 | 340,000 | 267,475 | |
4.4% 4/15/46 | 995,000 | 753,713 | |
4.4% 8/15/49 | 1,140,000 | 849,300 | |
5.55% 3/15/26 | 1,660,000 | 1,655,850 | |
6.125% 1/1/31 | 765,000 | 777,431 | |
6.2% 3/15/40 | 330,000 | 322,163 | |
6.45% 9/15/36 | 1,745,000 | 1,775,538 | |
7.5% 5/1/31 | 1,330,000 | 1,444,513 | |
7.875% 9/15/31 | 210,000 | 232,302 | |
8.875% 7/15/30 | 715,000 | 823,966 | |
PBF Holding Co. LLC/PBF Finance Corp. 6% 2/15/28 | 800,000 | 744,000 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (b) | 1,095,000 | 945,631 | |
4.95% 7/15/29 (b) | 570,000 | 511,438 | |
6.875% 4/15/40 (b) | 220,000 | 189,200 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,295,000 | 1,152,795 | |
5.875% 3/15/28 | 215,000 | 207,080 | |
6% 4/15/27 | 1,405,000 | 1,381,843 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (b) | 265,000 | 231,989 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (b) | 255,000 | 230,232 | |
6% 3/1/27 (b) | 1,111,000 | 1,038,823 | |
6% 12/31/30 (b) | 1,360,000 | 1,181,473 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.5% 3/1/30 | 280,000 | 269,013 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (b) | 445,000 | 387,163 | |
3.875% 11/1/33 (b) | 365,000 | 298,978 | |
4.125% 8/15/31 (b) | 430,000 | 370,694 | |
6.25% 1/15/30 (b) | 515,000 | 510,560 | |
Venture Global LNG, Inc. 8.125% 6/1/28 (b) | 1,100,000 | 1,105,500 | |
Western Gas Partners LP: | |||
4.3% 2/1/30 | 2,950,000 | 2,622,772 | |
4.65% 7/1/26 | 122,000 | 117,673 | |
55,145,887 | |||
Environmental - 0.9% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 850,000 | 851,658 | |
Darling Ingredients, Inc.: | |||
5.25% 4/15/27 (b) | 1,275,000 | 1,239,432 | |
6% 6/15/30 (b) | 220,000 | 216,474 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 925,000 | 815,795 | |
3,123,359 | |||
Food & Drug Retail - 1.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (b) | 3,770,000 | 3,277,933 | |
4.625% 1/15/27 (b) | 1,400,000 | 1,331,165 | |
6.5% 2/15/28 (b) | 695,000 | 690,656 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 575,000 | 316,029 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 865,000 | 730,650 | |
6,346,433 | |||
Food/Beverage/Tobacco - 2.0% | |||
JBS U.S.A. Lux SA / JBS Food Co. 5.5% 1/15/30 (b) | 1,660,000 | 1,577,133 | |
Lamb Weston Holdings, Inc. 4.375% 1/31/32 (b) | 1,160,000 | 1,028,993 | |
Pilgrim's Pride Corp. 4.25% 4/15/31 | 1,000,000 | 854,126 | |
Post Holdings, Inc. 5.625% 1/15/28 (b) | 2,000,000 | 1,928,402 | |
U.S. Foods, Inc.: | |||
4.625% 6/1/30 (b) | 175,000 | 157,522 | |
6.25% 4/15/25 (b) | 1,660,000 | 1,656,537 | |
7,202,713 | |||
Gaming - 1.8% | |||
Melco Resorts Finance Ltd.: | |||
5.375% 12/4/29 (b) | 535,000 | 427,318 | |
5.75% 7/21/28 (b) | 805,000 | 676,241 | |
MGM Resorts International 5.75% 6/15/25 | 620,000 | 615,802 | |
VICI Properties LP / VICI Note Co.: | |||
4.25% 12/1/26 (b) | 725,000 | 680,094 | |
4.5% 9/1/26 (b) | 2,592,000 | 2,456,672 | |
4.625% 6/15/25 (b) | 315,000 | 304,004 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.5% 3/1/25 (b) | 1,330,000 | 1,303,964 | |
6,464,095 | |||
Healthcare - 7.5% | |||
180 Medical, Inc. 3.875% 10/15/29 (b) | 1,175,000 | 1,027,611 | |
Avantor Funding, Inc.: | |||
3.875% 11/1/29 (b) | 1,000,000 | 872,348 | |
4.625% 7/15/28 (b) | 1,215,000 | 1,123,837 | |
Centene Corp.: | |||
2.45% 7/15/28 | 70,000 | 60,148 | |
2.5% 3/1/31 | 1,390,000 | 1,112,209 | |
3.375% 2/15/30 | 2,000,000 | 1,724,420 | |
4.25% 12/15/27 | 1,425,000 | 1,339,187 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (b) | 1,665,000 | 1,461,371 | |
4.25% 5/1/28 (b) | 150,000 | 136,284 | |
Community Health Systems, Inc. 4.75% 2/15/31 (b) | 1,720,000 | 1,235,867 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 640,000 | 548,125 | |
HCA Holdings, Inc. 5.375% 2/1/25 | 1,600,000 | 1,589,062 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (b) | 1,125,000 | 982,501 | |
4.625% 2/1/28 (b) | 170,000 | 161,057 | |
IQVIA, Inc. 5% 5/15/27 (b) | 2,630,000 | 2,529,178 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 1,105,000 | 990,058 | |
Molina Healthcare, Inc.: | |||
3.875% 11/15/30 (b) | 1,000,000 | 855,483 | |
3.875% 5/15/32 (b) | 485,000 | 404,121 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (b) | 1,550,000 | 1,379,874 | |
5.125% 4/30/31 (b) | 1,050,000 | 890,980 | |
Teleflex, Inc. 4.25% 6/1/28 (b) | 305,000 | 280,482 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 | 3,945,000 | 3,668,800 | |
4.875% 1/1/26 | 690,000 | 667,451 | |
5.125% 11/1/27 | 1,500,000 | 1,433,350 | |
26,473,804 | |||
Homebuilders/Real Estate - 2.9% | |||
Century Communities, Inc. 3.875% 8/15/29 (b) | 430,000 | 368,156 | |
HAT Holdings I LLC/HAT Holdings II LLC 3.375% 6/15/26 (b) | 460,000 | 402,500 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 1,935,000 | 1,524,034 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 715,000 | 538,931 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 1,205,000 | 813,261 | |
5% 10/15/27 | 3,516,000 | 2,887,174 | |
Ryan Specialty Group LLC 4.375% 2/1/30 (b) | 530,000 | 470,000 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 85,000 | 64,952 | |
5.5% 12/15/27 | 480,000 | 417,300 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (b) | 725,000 | 703,250 | |
TopBuild Corp. 4.125% 2/15/32 (b) | 765,000 | 642,202 | |
Uniti Group LP / Uniti Group Finance, Inc. 4.75% 4/15/28 (b) | 1,630,000 | 1,307,144 | |
10,138,904 | |||
Hotels - 1.3% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 1,130,000 | 934,353 | |
4% 5/1/31 (b) | 3,185,000 | 2,748,852 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 426,000 | 413,640 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 592,000 | 543,160 | |
4,640,005 | |||
Leisure - 1.4% | |||
Carnival Corp.: | |||
7.625% 3/1/26 (b) | 1,465,000 | 1,388,993 | |
10.5% 2/1/26 (b) | 2,290,000 | 2,379,706 | |
NCL Corp. Ltd. 8.375% 2/1/28 (b) | 865,000 | 894,436 | |
Royal Caribbean Cruises Ltd. 5.375% 7/15/27 (b) | 325,000 | 299,474 | |
4,962,609 | |||
Metals/Mining - 1.2% | |||
Cleveland-Cliffs, Inc.: | |||
4.875% 3/1/31 (b) | 920,000 | 786,171 | |
6.75% 4/15/30 (b) | 740,000 | 698,931 | |
FMG Resources Pty Ltd. 4.5% 9/15/27 (b) | 20,000 | 18,937 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 600,000 | 600,218 | |
Mineral Resources Ltd. 8% 11/1/27 (b) | 495,000 | 496,440 | |
Novelis Corp. 3.875% 8/15/31 (b) | 2,100,000 | 1,724,450 | |
4,325,147 | |||
Paper - 0.2% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 475,000 | 466,498 | |
Glatfelter Corp. 4.75% 11/15/29 (b) | 290,000 | 184,079 | |
650,577 | |||
Restaurants - 0.8% | |||
Garden SpinCo Corp. 8.625% 7/20/30 (b) | 150,000 | 162,326 | |
Yum! Brands, Inc.: | |||
3.625% 3/15/31 | 1,285,000 | 1,096,460 | |
4.625% 1/31/32 | 1,500,000 | 1,362,895 | |
5.35% 11/1/43 | 175,000 | 153,417 | |
2,775,098 | |||
Services - 4.6% | |||
ADT Corp.: | |||
4.125% 8/1/29 (b) | 360,000 | 314,100 | |
4.875% 7/15/32 (b) | 355,000 | 302,407 | |
Adtalem Global Education, Inc. 5.5% 3/1/28 (b) | 161,000 | 150,403 | |
AECOM 5.125% 3/15/27 | 2,030,000 | 1,958,950 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 1,660,000 | 1,568,866 | |
ASGN, Inc. 4.625% 5/15/28 (b) | 1,580,000 | 1,423,676 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (b) | 1,595,000 | 1,429,375 | |
4% 7/1/29 (b) | 140,000 | 123,547 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 435,000 | 400,177 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (b) | 205,000 | 182,147 | |
3.75% 10/1/30 (b) | 530,000 | 464,834 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 800,000 | 776,650 | |
Iron Mountain, Inc. 4.875% 9/15/29 (b) | 1,270,000 | 1,132,638 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 675,000 | 617,625 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (b) | 2,545,000 | 2,233,802 | |
Service Corp. International 5.125% 6/1/29 | 2,695,000 | 2,560,250 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 595,000 | 509,699 | |
16,149,146 | |||
Steel - 0.2% | |||
Commercial Metals Co. 3.875% 2/15/31 | 755,000 | 634,835 | |
Super Retail - 2.3% | |||
Asbury Automotive Group, Inc.: | |||
4.625% 11/15/29 (b) | 230,000 | 202,733 | |
5% 2/15/32 (b) | 650,000 | 557,646 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (b) | 2,295,000 | 2,186,783 | |
6.875% 11/1/35 | 1,165,000 | 1,055,370 | |
Gap, Inc. 3.875% 10/1/31 (b) | 360,000 | 248,323 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 1,270,000 | 1,182,846 | |
Levi Strauss & Co. 3.5% 3/1/31 (b) | 525,000 | 433,918 | |
Nordstrom, Inc. 4.375% 4/1/30 | 1,300,000 | 1,033,201 | |
The William Carter Co. 5.625% 3/15/27 (b) | 1,154,000 | 1,126,765 | |
8,027,585 | |||
Technology - 5.7% | |||
Block, Inc. 2.75% 6/1/26 | 360,000 | 323,960 | |
Broadcom, Inc. 2.45% 2/15/31 (b) | 1,055,000 | 851,871 | |
Central Parent, Inc./Central Merger Sub, Inc. 7.25% 6/15/29 (b) | 440,000 | 430,596 | |
Coherent Corp. 5% 12/15/29 (b) | 1,385,000 | 1,231,667 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 610,000 | 531,666 | |
Entegris, Inc. 4.375% 4/15/28 (b) | 2,100,000 | 1,929,984 | |
Gartner, Inc. 4.5% 7/1/28 (b) | 820,000 | 771,970 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 1,000,000 | 976,738 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (b) | 1,400,000 | 1,337,000 | |
Match Group Holdings II LLC: | |||
3.625% 10/1/31 (b) | 575,000 | 468,401 | |
4.125% 8/1/30 (b) | 705,000 | 598,355 | |
onsemi 3.875% 9/1/28 (b) | 620,000 | 559,879 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 2,760,000 | 2,415,768 | |
3.875% 12/1/29 (b) | 1,200,000 | 999,441 | |
Qorvo, Inc. 4.375% 10/15/29 | 950,000 | 849,262 | |
Roblox Corp. 3.875% 5/1/30 (b) | 890,000 | 762,107 | |
Seagate HDD Cayman: | |||
5.75% 12/1/34 | 600,000 | 524,430 | |
8.25% 12/15/29 (b) | 335,000 | 342,547 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 1,115,000 | 993,166 | |
5.625% 11/1/24 (b) | 1,000,000 | 1,000,500 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (b) | 1,335,000 | 1,131,702 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 460,000 | 389,620 | |
Twilio, Inc. 3.875% 3/15/31 | 295,000 | 249,163 | |
Viavi Solutions, Inc. 3.75% 10/1/29 (b) | 725,000 | 610,589 | |
20,280,382 | |||
Telecommunications - 5.3% | |||
Altice Financing SA 5% 1/15/28 (b) | 1,660,000 | 1,297,027 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 2,719,000 | 2,338,884 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 830,000 | 797,555 | |
Level 3 Financing, Inc. 10.5% 5/15/30 (b) | 1,100,000 | 1,045,256 | |
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 200,000 | 149,980 | |
5.125% 1/15/28 (b) | 1,800,000 | 1,542,582 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 1,000,000 | 842,337 | |
3.875% 2/15/27 | 705,000 | 649,804 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 4,725,000 | 5,051,337 | |
8.75% 3/15/32 | 1,720,000 | 2,087,233 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (b) | 3,700,000 | 3,074,698 | |
18,876,693 | |||
Textiles/Apparel - 0.1% | |||
Foot Locker, Inc. 4% 10/1/29 (b) | 190,000 | 142,523 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 125,000 | 105,345 | |
247,868 | |||
Transportation Ex Air/Rail - 0.3% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 360,000 | 283,068 | |
XPO, Inc.: | |||
6.25% 5/1/25 (b) | 168,000 | 166,086 | |
6.25% 6/1/28 (b) | 560,000 | 551,132 | |
1,000,286 | |||
Utilities - 7.4% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (b) | 1,355,000 | 1,136,625 | |
4.75% 3/15/28 (b) | 290,000 | 269,910 | |
DCP Midstream Operating LP 5.125% 5/15/29 | 3,305,000 | 3,211,427 | |
DPL, Inc. 4.35% 4/15/29 | 800,000 | 708,196 | |
FirstEnergy Corp. 2.25% 9/1/30 | 2,460,000 | 1,998,750 | |
NextEra Energy Partners LP 4.25% 9/15/24 (b) | 146,000 | 139,978 | |
NRG Energy, Inc.: | |||
3.625% 2/15/31 (b) | 1,710,000 | 1,347,530 | |
5.25% 6/15/29 (b) | 1,251,000 | 1,128,047 | |
5.75% 1/15/28 | 1,319,000 | 1,254,327 | |
6.625% 1/15/27 | 339,000 | 338,145 | |
PG&E Corp.: | |||
5% 7/1/28 | 5,555,000 | 5,124,095 | |
5.25% 7/1/30 | 2,395,000 | 2,164,300 | |
TerraForm Power Operating LLC 5% 1/31/28 (b) | 624,000 | 585,000 | |
TransAlta Corp. 6.5% 3/15/40 | 545,000 | 506,850 | |
Vertiv Group Corp. 4.125% 11/15/28 (b) | 895,000 | 800,464 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (b) | 2,705,000 | 2,542,076 | |
5.5% 9/1/26 (b) | 2,052,000 | 1,993,738 | |
5.625% 2/15/27 (b) | 960,000 | 923,337 | |
26,172,795 | |||
TOTAL NONCONVERTIBLE BONDS | 318,653,565 | ||
TOTAL CORPORATE BONDS (Cost $347,438,160) | 319,846,475 | ||
Bank Loan Obligations - 0.4% | |||
Principal Amount (a) | Value ($) | ||
Services - 0.3% | |||
ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.7534% 12/21/28 (f)(g)(h) | 129,025 | 125,445 | |
Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.0044% 4/11/29 (f)(g)(h) | 820,000 | 732,194 | |
TOTAL SERVICES | 857,639 | ||
Utilities - 0.1% | |||
Brookfield WEC Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.9034% 8/1/25 (f)(g)(h) | 328,350 | 327,470 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $1,176,684) | 1,185,109 | ||
Preferred Securities - 1.0% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc. 4.7% (f)(i) | 3,800,000 | 2,688,880 | |
Diversified Financial Services - 0.2% | |||
Charles Schwab Corp.: | |||
4% (f)(i) | 715,000 | 537,859 | |
5.375% (f)(i) | 350,000 | 336,445 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 874,304 | ||
TOTAL PREFERRED SECURITIES (Cost $4,670,551) | 3,563,184 | ||
Money Market Funds - 6.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (j) (Cost $21,144,829) | 21,142,539 | 21,146,768 | |
TOTAL INVESTMENT IN SECURITIES - 97.9% (Cost $374,430,224) | 345,741,536 |
NET OTHER ASSETS (LIABILITIES) - 2.1% | 7,553,664 |
NET ASSETS - 100.0% | 353,295,200 |
Legend
(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 $202,095,148 or 57.2% of net assets. |
(c) | Non-income producing - Security is in default. |
(d) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(h) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 33,916,027 | 52,109,759 | 64,879,018 | 1,036,009 | - | - | 21,146,768 | 0.1% |
Total | 33,916,027 | 52,109,759 | 64,879,018 | 1,036,009 | - | - | 21,146,768 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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