Quarterly Holdings Report
for
Fidelity® Specialized High Income Central Fund
May 31, 2021
SHI-QTLY-0721
1.834744.115
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 93.4% | |||
Principal Amount | Value | ||
Aerospace - 4.3% | |||
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) | $1,429,000 | $1,467,404 | |
BWX Technologies, Inc. 4.125% 6/30/28 (a) | 995,000 | 999,975 | |
Howmet Aerospace, Inc. 6.75% 1/15/28 | 755,000 | 901,281 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (a) | 2,085,000 | 2,130,036 | |
Moog, Inc. 4.25% 12/15/27 (a) | 2,045,000 | 2,096,125 | |
Rolls-Royce PLC 5.75% 10/15/27 (a) | 1,270,000 | 1,365,822 | |
TransDigm, Inc. 6.25% 3/15/26 (a) | 5,853,000 | 6,169,530 | |
TOTAL AEROSPACE | 15,130,173 | ||
Automotive & Auto Parts - 1.6% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (a) | 1,270,000 | 1,219,200 | |
Ford Motor Credit Co. LLC: | |||
4% 11/13/30 | 1,710,000 | 1,744,097 | |
4.687% 6/9/25 | 1,005,000 | 1,080,435 | |
5.113% 5/3/29 | 650,000 | 712,706 | |
5.125% 6/16/25 | 660,000 | 722,288 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 5,478,726 | ||
Banks & Thrifts - 0.4% | |||
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625% 3/1/29 (a) | 1,360,000 | 1,325,524 | |
Broadcasting - 2.0% | |||
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (a) | 650,000 | 480,994 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (a) | 465,000 | 452,213 | |
Sirius XM Radio, Inc.: | |||
4.125% 7/1/30 (a) | 320,000 | 320,800 | |
5% 8/1/27 (a) | 1,160,000 | 1,212,200 | |
5.5% 7/1/29 (a) | 2,845,000 | 3,079,713 | |
Tegna, Inc.: | |||
4.625% 3/15/28 | 1,270,000 | 1,296,988 | |
5% 9/15/29 | 240,000 | 245,700 | |
TOTAL BROADCASTING | 7,088,608 | ||
Building Materials - 0.6% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (a) | 480,000 | 500,256 | |
Standard Industries, Inc. 4.375% 7/15/30 (a) | 1,485,000 | 1,501,172 | |
TOTAL BUILDING MATERIALS | 2,001,428 | ||
Cable/Satellite TV - 5.5% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (a) | 200,000 | 199,600 | |
4.5% 8/15/30 (a) | 780,000 | 794,843 | |
4.5% 5/1/32 | 2,370,000 | 2,390,975 | |
4.5% 6/1/33 (a) | 730,000 | 728,387 | |
5% 2/1/28 (a) | 4,214,000 | 4,408,898 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (a) | 4,195,000 | 3,911,838 | |
4.125% 12/1/30 (a) | 1,065,000 | 1,040,825 | |
5.375% 2/1/28 (a) | 700,000 | 735,875 | |
5.5% 4/15/27 (a) | 1,961,000 | 2,059,050 | |
Virgin Media Secured Finance PLC 4.5% 8/15/30 (a) | 2,185,000 | 2,179,538 | |
Ziggo BV 5.5% 1/15/27 (a) | 777,000 | 805,166 | |
TOTAL CABLE/SATELLITE TV | 19,254,995 | ||
Chemicals - 7.7% | |||
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (a) | 1,200,000 | 1,257,000 | |
CF Industries Holdings, Inc.: | |||
4.95% 6/1/43 | 9,000 | 10,184 | |
5.15% 3/15/34 | 3,438,000 | 4,055,809 | |
5.375% 3/15/44 | 531,000 | 619,943 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (a)(b)(c) | 904,000 | 892,843 | |
6.875% 6/15/25 (a) | 235,000 | 236,403 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 1,585,000 | 1,656,325 | |
5.25% 12/15/29 | 130,000 | 136,419 | |
5.65% 12/1/44 | 1,034,000 | 1,048,114 | |
NOVA Chemicals Corp. 5.25% 6/1/27 (a) | 1,960,000 | 2,097,200 | |
Olin Corp.: | |||
5% 2/1/30 | 4,444,000 | 4,710,640 | |
5.125% 9/15/27 | 2,525,000 | 2,636,403 | |
5.625% 8/1/29 | 970,000 | 1,055,108 | |
The Chemours Co. LLC 5.375% 5/15/27 | 2,885,000 | 3,101,952 | |
Valvoline, Inc. 4.25% 2/15/30 (a) | 1,410,000 | 1,438,200 | |
W. R. Grace & Co.-Conn.: | |||
4.875% 6/15/27 (a) | 630,000 | 663,075 | |
5.625% 10/1/24 (a) | 1,246,000 | 1,370,600 | |
TOTAL CHEMICALS | 26,986,218 | ||
Consumer Products - 1.0% | |||
Mattel, Inc. 3.75% 4/1/29 (a) | 630,000 | 644,944 | |
Newell Brands, Inc.: | |||
5.875% 4/1/36 | 565,000 | 701,408 | |
6% 4/1/46 | 1,735,000 | 2,199,113 | |
TOTAL CONSUMER PRODUCTS | 3,545,465 | ||
Containers - 0.0% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (a) | 55,000 | 56,306 | |
Diversified Financial Services - 3.7% | |||
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.25% 5/15/27 (a) | 490,000 | 502,250 | |
5.25% 5/15/27 | 6,215,000 | 6,370,375 | |
6.25% 5/15/26 | 2,549,000 | 2,694,599 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25% 2/1/27 (a) | 1,005,000 | 982,388 | |
MSCI, Inc. 5.375% 5/15/27 (a) | 1,713,000 | 1,824,739 | |
Onemain Finance Corp. 7.125% 3/15/26 | 624,000 | 726,180 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 13,100,531 | ||
Diversified Media - 0.8% | |||
Nielsen Finance LLC/Nielsen Finance Co. 5.875% 10/1/30 (a) | 1,500,000 | 1,620,000 | |
Twitter, Inc. 3.875% 12/15/27 (a) | 1,060,000 | 1,118,300 | |
TOTAL DIVERSIFIED MEDIA | 2,738,300 | ||
Energy - 17.2% | |||
Apache Corp.: | |||
4.25% 1/15/30 | 244,000 | 245,830 | |
4.75% 4/15/43 | 670,000 | 662,597 | |
5.1% 9/1/40 | 686,000 | 707,931 | |
5.25% 2/1/42 | 1,030,000 | 1,069,037 | |
5.35% 7/1/49 | 170,000 | 174,299 | |
Cheniere Energy Partners LP: | |||
4% 3/1/31 (a) | 1,355,000 | 1,398,631 | |
5.625% 10/1/26 | 1,310,000 | 1,364,038 | |
Cheniere Energy, Inc. 4.625% 10/15/28 (a) | 1,233,000 | 1,294,650 | |
Continental Resources, Inc. 5.75% 1/15/31 (a) | 1,860,000 | 2,182,766 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (a) | 2,198,000 | 2,263,940 | |
5.75% 4/1/25 | 5,081,000 | 5,206,501 | |
6% 2/1/29 (a) | 1,910,000 | 1,976,850 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (a) | 1,580,000 | 1,580,000 | |
5.75% 2/15/28 (a) | 175,000 | 175,438 | |
DCP Midstream Operating LP: | |||
5.6% 4/1/44 | 100,000 | 104,522 | |
6.45% 11/3/36 (a) | 435,000 | 495,717 | |
8.125% 8/16/30 | 30,000 | 39,067 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.5% 1/30/26 (a) | 90,000 | 92,925 | |
5.75% 1/30/28 (a) | 905,000 | 957,110 | |
6.625% 7/15/25 (a) | 225,000 | 238,534 | |
EnLink Midstream LLC 5.625% 1/15/28 (a) | 220,000 | 229,009 | |
EnLink Midstream Partners LP: | |||
5.05% 4/1/45 | 290,000 | 245,050 | |
5.45% 6/1/47 | 605,000 | 530,646 | |
5.6% 4/1/44 | 1,018,000 | 910,377 | |
EQM Midstream Partners LP: | |||
4.75% 1/15/31 (a) | 1,140,000 | 1,147,125 | |
5.5% 7/15/28 | 905,000 | 966,214 | |
6.5% 7/15/48 | 550,000 | 583,935 | |
EQT Corp. 3.9% 10/1/27 | 1,654,000 | 1,766,307 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (a) | 1,130,000 | 1,185,596 | |
5.625% 2/15/26 (a) | 592,000 | 613,703 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (a) | 380,000 | 399,000 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (a) | 365,000 | 374,125 | |
Occidental Petroleum Corp.: | |||
4.2% 3/15/48 | 645,000 | 529,716 | |
4.3% 8/15/39 | 340,000 | 290,700 | |
4.4% 4/15/46 | 995,000 | 854,526 | |
4.4% 8/15/49 | 1,140,000 | 957,600 | |
5.55% 3/15/26 | 1,660,000 | 1,772,050 | |
6.125% 1/1/31 | 765,000 | 848,500 | |
6.2% 3/15/40 | 330,000 | 348,150 | |
6.45% 9/15/36 | 1,745,000 | 1,965,603 | |
7.5% 5/1/31 | 330,000 | 392,505 | |
7.875% 9/15/31 | 210,000 | 255,263 | |
8.875% 7/15/30 | 715,000 | 916,559 | |
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (a) | 2,335,000 | 2,393,375 | |
Rockies Express Pipeline LLC: | |||
4.8% 5/15/30 (a) | 1,095,000 | 1,092,263 | |
4.95% 7/15/29 (a) | 570,000 | 584,831 | |
6.875% 4/15/40 (a) | 220,000 | 236,775 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 (a) | 1,295,000 | 1,286,634 | |
5.875% 3/15/28 | 215,000 | 225,750 | |
6% 4/15/27 | 30,000 | 31,350 | |
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (a) | 265,000 | 269,521 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
5.5% 1/15/28 (a) | 255,000 | 256,913 | |
6% 3/1/27 (a) | 1,111,000 | 1,136,825 | |
6% 12/31/30 (a) | 1,360,000 | 1,387,200 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
4% 1/15/32 (a) | 1,885,000 | 1,869,147 | |
4.875% 2/1/31 (a) | 2,460,000 | 2,570,700 | |
5.375% 2/1/27 | 332,000 | 345,280 | |
5.5% 3/1/30 | 280,000 | 302,512 | |
Viper Energy Partners LP 5.375% 11/1/27 (a) | 1,200,000 | 1,248,000 | |
Western Gas Partners LP: | |||
3.95% 6/1/25 | 240,000 | 249,000 | |
4.35% 2/1/25 | 985,000 | 1,026,863 | |
4.65% 7/1/26 | 375,000 | 399,855 | |
5.3% 2/1/30 | 2,950,000 | 3,252,375 | |
TOTAL ENERGY | 60,477,811 | ||
Environmental - 1.2% | |||
Darling Ingredients, Inc. 5.25% 4/15/27 (a) | 1,275,000 | 1,332,375 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) | 1,800,000 | 1,800,000 | |
Stericycle, Inc. 3.875% 1/15/29 (a) | 925,000 | 922,688 | |
TOTAL ENVIRONMENTAL | 4,055,063 | ||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 3.5% 3/15/29 (a) | 3,055,000 | 2,929,745 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (a) | 165,000 | 160,393 | |
TOTAL FOOD & DRUG RETAIL | 3,090,138 | ||
Food/Beverage/Tobacco - 3.0% | |||
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (a) | 696,000 | 761,250 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (a) | 1,660,000 | 1,826,017 | |
6.5% 4/15/29 (a) | 3,994,000 | 4,478,273 | |
Kraft Heinz Foods Co.: | |||
3.875% 5/15/27 | 1,165,000 | 1,275,248 | |
4.25% 3/1/31 | 1,100,000 | 1,223,142 | |
U.S. Foods, Inc. 6.25% 4/15/25 (a) | 925,000 | 980,075 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 10,544,005 | ||
Gaming - 2.4% | |||
MCE Finance Ltd.: | |||
5.375% 12/4/29 (a) | 535,000 | 570,845 | |
5.75% 7/21/28 (a) | 805,000 | 857,728 | |
MGM Growth Properties Operating Partnership LP: | |||
4.5% 9/1/26 | 892,000 | 943,299 | |
4.625% 6/15/25 (a) | 315,000 | 333,900 | |
5.75% 2/1/27 | 664,000 | 735,174 | |
MGM Resorts International 5.75% 6/15/25 | 620,000 | 681,225 | |
VICI Properties, Inc.: | |||
4.25% 12/1/26 (a) | 725,000 | 745,844 | |
4.625% 12/1/29 (a) | 1,075,000 | 1,118,376 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.5% 3/1/25 (a) | 1,330,000 | 1,418,113 | |
Wynn Macau Ltd. 4.875% 10/1/24 (a) | 1,028,000 | 1,045,540 | |
TOTAL GAMING | 8,450,044 | ||
Healthcare - 4.9% | |||
Centene Corp.: | |||
2.5% 3/1/31 | 1,390,000 | 1,331,620 | |
3.375% 2/15/30 | 2,000,000 | 2,020,000 | |
4.25% 12/15/27 | 1,425,000 | 1,496,250 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (a) | 265,000 | 264,006 | |
4.25% 5/1/28 (a) | 150,000 | 153,938 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (a) | 640,000 | 652,730 | |
Hologic, Inc.: | |||
3.25% 2/15/29 (a) | 1,125,000 | 1,096,875 | |
4.625% 2/1/28 (a) | 170,000 | 176,720 | |
IQVIA, Inc. 5% 5/15/27 (a) | 630,000 | 659,673 | |
Jazz Securities DAC 4.375% 1/15/29 (a) | 305,000 | 313,686 | |
Organon Finance 1 LLC 4.125% 4/30/28 (a) | 775,000 | 782,750 | |
Teleflex, Inc. 4.25% 6/1/28 (a) | 305,000 | 314,531 | |
Tenet Healthcare Corp.: | |||
4.625% 6/15/28 (a) | 5,745,000 | 5,859,900 | |
4.875% 1/1/26 (a) | 690,000 | 712,425 | |
5.125% 11/1/27 (a) | 1,500,000 | 1,565,655 | |
TOTAL HEALTHCARE | 17,400,759 | ||
Homebuilders/Real Estate - 2.0% | |||
Howard Hughes Corp. 4.375% 2/1/31 (a) | 675,000 | 669,094 | |
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 | 3,516,000 | 3,700,590 | |
Service Properties Trust: | |||
3.95% 1/15/28 | 85,000 | 76,075 | |
4.375% 2/15/30 | 605,000 | 544,500 | |
4.95% 2/15/27 | 1,245,000 | 1,192,088 | |
4.95% 10/1/29 | 515,000 | 480,238 | |
5.5% 12/15/27 | 480,000 | 493,999 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 7,156,584 | ||
Hotels - 1.5% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (a) | 1,130,000 | 1,105,790 | |
4% 5/1/31 (a) | 3,185,000 | 3,212,041 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 | 426,000 | 443,756 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (a) | 592,000 | 605,320 | |
TOTAL HOTELS | 5,366,907 | ||
Leisure - 1.2% | |||
Carnival Corp. 10.5% 2/1/26 (a) | 2,290,000 | 2,700,780 | |
Royal Caribbean Cruises Ltd.: | |||
9.125% 6/15/23 (a) | 265,000 | 293,143 | |
11.5% 6/1/25 (a) | 1,135,000 | 1,313,763 | |
TOTAL LEISURE | 4,307,686 | ||
Metals/Mining - 0.0% | |||
FMG Resources (August 2006) Pty Ltd. 4.5% 9/15/27 (a) | 20,000 | 21,717 | |
Howmet Aerospace, Inc. 5.95% 2/1/37 | 55,000 | 63,800 | |
TOTAL METALS/MINING | 85,517 | ||
Publishing/Printing - 0.4% | |||
Meredith Corp. 6.5% 7/1/25 (a) | 1,275,000 | 1,373,494 | |
Services - 5.0% | |||
AECOM 5.125% 3/15/27 | 2,030,000 | 2,245,688 | |
Aramark Services, Inc. 5% 2/1/28 (a) | 3,660,000 | 3,777,806 | |
ASGN, Inc. 4.625% 5/15/28 (a) | 3,400,000 | 3,536,000 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (a) | 1,595,000 | 1,596,065 | |
Gartner, Inc. 3.75% 10/1/30 (a) | 530,000 | 532,014 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) | 800,000 | 838,000 | |
Iron Mountain, Inc. 4.875% 9/15/29 (a) | 1,270,000 | 1,301,750 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 3.375% 8/31/27 (a) | 2,545,000 | 2,442,564 | |
Service Corp. International 5.125% 6/1/29 | 695,000 | 752,268 | |
TriNet Group, Inc. 3.5% 3/1/29 (a) | 595,000 | 578,638 | |
TOTAL SERVICES | 17,600,793 | ||
Super Retail - 1.3% | |||
Hanesbrands, Inc. 4.875% 5/15/26 (a) | 1,270,000 | 1,360,234 | |
Levi Strauss & Co. 3.5% 3/1/31 (a) | 525,000 | 516,989 | |
The William Carter Co. 5.625% 3/15/27 (a) | 1,154,000 | 1,208,815 | |
Wolverine World Wide, Inc. 6.375% 5/15/25 (a) | 1,350,000 | 1,436,063 | |
TOTAL SUPER RETAIL | 4,522,101 | ||
Technology - 3.4% | |||
CDK Global, Inc. 5.25% 5/15/29 (a) | 2,398,000 | 2,587,106 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 610,000 | 598,563 | |
Gartner, Inc. 4.5% 7/1/28 (a) | 820,000 | 863,050 | |
Match Group Holdings II LLC 4.125% 8/1/30 (a) | 305,000 | 303,368 | |
Nuance Communications, Inc. 5.625% 12/15/26 | 488,000 | 513,376 | |
ON Semiconductor Corp. 3.875% 9/1/28 (a) | 620,000 | 629,300 | |
Open Text Corp. 3.875% 2/15/28 (a) | 2,760,000 | 2,759,255 | |
Sensata Technologies BV 4% 4/15/29 (a) | 1,115,000 | 1,117,007 | |
Sensata Technologies, Inc. 3.75% 2/15/31 (a) | 1,335,000 | 1,303,294 | |
Square, Inc. 2.75% 6/1/26 (a) | 360,000 | 362,916 | |
TTM Technologies, Inc. 4% 3/1/29 (a) | 460,000 | 454,825 | |
Twilio, Inc. 3.875% 3/15/31 | 295,000 | 299,752 | |
TOTAL TECHNOLOGY | 11,791,812 | ||
Telecommunications - 11.2% | |||
Altice Financing SA 5% 1/15/28 (a) | 460,000 | 456,490 | |
Altice France SA 7.375% 5/1/26 (a) | 1,120,000 | 1,164,710 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (a) | 2,719,000 | 2,895,735 | |
7.5% 10/15/26 (a) | 3,805,000 | 3,995,250 | |
Level 3 Financing, Inc.: | |||
4.25% 7/1/28 (a) | 3,815,000 | 3,823,202 | |
4.625% 9/15/27 (a) | 1,240,000 | 1,273,685 | |
Lumen Technologies, Inc.: | |||
5.125% 12/15/26 (a) | 2,440,000 | 2,527,688 | |
6.875% 1/15/28 | 80,000 | 89,000 | |
Millicom International Cellular SA 4.5% 4/27/31 (a) | 200,000 | 208,610 | |
Sable International Finance Ltd. 5.75% 9/7/27 (a) | 2,605,000 | 2,744,889 | |
SBA Communications Corp. 3.875% 2/15/27 | 705,000 | 720,863 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 9,510,000 | 11,897,558 | |
8.75% 3/15/32 | 1,720,000 | 2,549,900 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 739,000 | 816,595 | |
7.2% 7/18/36 | 3,400,000 | 4,212,821 | |
TOTAL TELECOMMUNICATIONS | 39,376,996 | ||
Transportation Ex Air/Rail - 0.1% | |||
XPO Logistics, Inc. 6.25% 5/1/25 (a) | 370,000 | 395,648 | |
Utilities - 10.1% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (a) | 1,355,000 | 1,310,963 | |
4.75% 3/15/28 (a) | 290,000 | 299,788 | |
DCP Midstream Operating LP: | |||
5.125% 5/15/29 | 3,305,000 | 3,562,460 | |
5.625% 7/15/27 | 1,285,000 | 1,413,500 | |
InterGen NV 7% 6/30/23 (a) | 1,496,000 | 1,474,727 | |
NextEra Energy Partners LP 4.25% 9/15/24 (a) | 146,000 | 153,833 | |
NRG Energy, Inc.: | |||
3.625% 2/15/31 (a) | 1,710,000 | 1,639,463 | |
5.25% 6/15/29 (a) | 1,251,000 | 1,313,550 | |
5.75% 1/15/28 | 1,319,000 | 1,398,008 | |
6.625% 1/15/27 | 1,115,000 | 1,157,136 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) | 3,493,473 | 3,738,017 | |
PG&E Corp.: | |||
5% 7/1/28 | 5,555,000 | 5,527,225 | |
5.25% 7/1/30 | 2,395,000 | 2,421,944 | |
TerraForm Power Operating LLC 5% 1/31/28 (a) | 624,000 | 655,646 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (a) | 6,170,000 | 6,301,113 | |
5.5% 9/1/26 (a) | 2,052,000 | 2,118,572 | |
5.625% 2/15/27 (a) | 960,000 | 996,000 | |
TOTAL UTILITIES | 35,481,945 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $316,816,938) | 328,183,577 | ||
Preferred Securities - 1.1% | |||
Banks & Thrifts - 1.1% | |||
Ally Financial, Inc. 4.7% (Cost $3,800,000)(b)(d) | 3,800,000 | 3,904,500 | |
Shares | Value | ||
Money Market Funds - 4.3% | |||
Fidelity Cash Central Fund 0.03% (e) | |||
(Cost $15,044,906) | 15,043,836 | 15,046,844 | |
TOTAL INVESTMENT IN SECURITIES - 98.8% | |||
(Cost $335,661,844) | 347,134,921 | ||
NET OTHER ASSETS (LIABILITIES) - 1.2% | 4,287,697 | ||
NET ASSETS - 100% | $351,422,618 |
Legend
(a) 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 $200,948,366 or 57.2% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security is perpetual in nature with no stated maturity date.
(e) 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
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $7,944 |
Total | $7,944 |
Amounts in the 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the 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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