NPORT-EX 2 QTLY_2062_20210531.htm

Quarterly Holdings Report
for

Fidelity® High Income Central Fund

May 31, 2021







HICII-QTLY-0721
1.861967.113





Schedule of Investments May 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 86.2%   
 Principal Amount Value 
Convertible Bonds - 1.4%   
Broadcasting - 0.8%   
DISH Network Corp.:   
2.375% 3/15/24 $10,825,000 $10,473,188 
3.375% 8/15/26 8,869,000 9,152,808 
  19,625,996 
Energy - 0.6%   
Ensco Jersey Finance Ltd. 3% 1/31/24 (a) 1,500,000 288,750 
Mesquite Energy, Inc.:   
15% 7/15/23 (b)(c) 1,508,766 4,224,545 
15% 7/15/23 (b)(c) 2,604,968 8,231,699 
  12,744,994 
TOTAL CONVERTIBLE BONDS  32,370,990 
Nonconvertible Bonds - 84.8%   
Aerospace - 2.2%   
Allegheny Technologies, Inc. 5.875% 12/1/27 2,480,000 2,625,700 
BBA U.S. Holdings, Inc. 4% 3/1/28 (d) 2,020,000 2,025,050 
Bombardier, Inc.:   
7.5% 12/1/24 (d) 4,520,000 4,633,949 
7.5% 3/15/25 (d) 6,045,000 6,090,338 
7.875% 4/15/27 (d) 9,105,000 9,241,575 
Moog, Inc. 4.25% 12/15/27 (d) 735,000 753,375 
TransDigm UK Holdings PLC 6.875% 5/15/26 5,540,000 5,844,866 
TransDigm, Inc.:   
5.5% 11/15/27 12,450,000 12,885,750 
7.5% 3/15/27 5,250,000 5,599,650 
Wolverine Escrow LLC 8.5% 11/15/24 (d) 1,627,000 1,590,393 
  51,290,646 
Air Transportation - 0.4%   
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) 2,190,000 2,326,875 
United Airlines, Inc. 4.625% 4/15/29 (d) 2,980,000 3,078,772 
Western Global Airlines LLC 10.375% 8/15/25 (d) 2,660,000 3,002,475 
  8,408,122 
Automotive & Auto Parts - 1.9%   
Dana, Inc.:   
4.25% 9/1/30 1,400,000 1,444,240 
5.625% 6/15/28 2,450,000 2,643,234 
Ford Motor Co.:   
9% 4/22/25 4,865,000 5,943,911 
9.625% 4/22/30 1,730,000 2,408,714 
Ford Motor Credit Co. LLC:   
2.9% 2/16/28 2,000,000 1,947,500 
3.375% 11/13/25 1,645,000 1,684,151 
4% 11/13/30 1,645,000 1,677,801 
5.125% 6/16/25 7,810,000 8,547,069 
5.596% 1/7/22 6,085,000 6,234,965 
General Motors Financial Co., Inc.:   
4.25% 5/15/23 615,000 656,821 
5.2% 3/20/23 24,000 25,948 
LCM Investments Holdings 4.875% 5/1/29 (d) 2,600,000 2,670,096 
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) 1,770,000 1,825,313 
Real Hero Merger Sub 2 6.25% 2/1/29 (d) 685,000 708,290 
The Goodyear Tire & Rubber Co. 5% 7/15/29 (d) 2,585,000 2,636,183 
Winnebago Industries, Inc. 6.25% 7/15/28 (d) 2,075,000 2,251,375 
  43,305,611 
Banks & Thrifts - 1.8%   
Ally Financial, Inc.:   
5.8% 5/1/25 20,000 23,370 
8% 11/1/31 11,003,000 15,168,639 
8% 11/1/31 14,228,000 20,097,667 
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (d) 7,280,000 7,352,800 
  42,642,476 
Broadcasting - 1.7%   
Clear Channel Outdoor Holdings, Inc.:   
7.5% 6/1/29 (d)(e) 2,590,000 2,583,266 
7.75% 4/15/28 (d) 1,370,000 1,403,497 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) 2,515,000 1,861,075 
Entercom Media Corp.:   
6.5% 5/1/27 (d) 1,270,000 1,295,400 
6.75% 3/31/29 (d) 1,770,000 1,798,763 
iHeartCommunications, Inc.:   
6.375% 5/1/26 46,387 49,551 
8.375% 5/1/27 84,077 89,904 
9% 5/15/22 (a)(c) 780,000 0 
Netflix, Inc.:   
4.875% 6/15/30 (d) 1,600,000 1,844,000 
5.875% 11/15/28 2,195,000 2,655,950 
Nexstar Broadcasting, Inc. 5.625% 7/15/27 (d) 2,755,000 2,913,413 
Scripps Escrow II, Inc.:   
3.875% 1/15/29 (d) 2,170,000 2,110,325 
5.375% 1/15/31 (d) 1,130,000 1,131,413 
Scripps Escrow, Inc. 5.875% 7/15/27 (d) 2,215,000 2,286,988 
Sirius XM Radio, Inc.:   
4.125% 7/1/30 (d) 3,430,000 3,438,575 
5% 8/1/27 (d) 5,295,000 5,533,275 
Tegna, Inc. 5% 9/15/29 2,100,000 2,149,875 
Univision Communications, Inc. 6.625% 6/1/27 (d) 5,150,000 5,568,438 
  38,713,708 
Building Materials - 0.5%   
Advanced Drain Systems, Inc. 5% 9/30/27 (d) 505,000 526,311 
BCPE Ulysses Intermediate, Inc. 7.75% 4/1/27 pay-in-kind (d)(f) 2,640,000 2,739,000 
Gypsum Management & Supply, Inc. 4.625% 5/1/29 (d) 2,170,000 2,183,563 
SRS Distribution, Inc.:   
4.625% 7/1/28 (d)(e) 1,825,000 1,841,790 
6.125% 7/1/29 (d)(e) 1,005,000 1,025,100 
The Hillman Group, Inc. 6.375% 7/15/22 (d) 510,000 510,357 
U.S. Concrete, Inc. 6.375% 6/1/24 142,000 144,947 
Victors Merger Corp. 6.375% 5/15/29 (d) 3,465,000 3,442,737 
  12,413,805 
Cable/Satellite TV - 4.7%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.5% 8/15/30 (d) 3,095,000 3,153,898 
4.5% 6/1/33 (d) 4,415,000 4,405,243 
4.75% 3/1/30 (d) 5,200,000 5,392,985 
5% 2/1/28 (d) 12,055,000 12,612,544 
5.125% 5/1/27 (d) 8,920,000 9,321,400 
CSC Holdings LLC:   
3.375% 2/15/31 (d) 3,305,000 3,081,913 
4.125% 12/1/30 (d) 2,590,000 2,531,207 
4.5% 11/15/31 (d) 2,175,000 2,165,843 
4.625% 12/1/30 (d) 5,895,000 5,711,666 
5% 11/15/31 (d) 2,290,000 2,271,703 
5.375% 2/1/28 (d) 8,195,000 8,614,994 
5.75% 1/15/30 (d) 3,690,000 3,851,622 
5.875% 9/15/22 805,000 843,238 
7.5% 4/1/28 (d) 4,545,000 4,976,775 
DISH DBS Corp.:   
5.875% 11/15/24 2,370,000 2,524,050 
6.75% 6/1/21 1,122,000 1,122,000 
7.75% 7/1/26 2,315,000 2,629,724 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (d) 6,820,000 6,888,200 
6.5% 9/15/28 (d) 5,050,000 5,188,875 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (d) 8,600,000 9,055,800 
Ziggo Bond Co. BV:   
5.125% 2/28/30 (d) 1,155,000 1,172,325 
6% 1/15/27 (d) 4,760,000 4,981,959 
Ziggo BV:   
4.875% 1/15/30 (d) 1,730,000 1,772,818 
5.5% 1/15/27 (d) 6,096,000 6,316,980 
  110,587,762 
Chemicals - 3.6%   
Avient Corp. 5.75% 5/15/25 (d) 1,970,000 2,083,275 
Axalta Coating Systems/Dutch Holding BV 4.75% 6/15/27 (d) 2,445,000 2,561,138 
CF Industries Holdings, Inc.:   
5.15% 3/15/34 4,430,000 5,226,071 
5.375% 3/15/44 8,820,000 10,297,350 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (d)(f)(g) 8,045,000 7,945,708 
6.5% 5/15/26 (d) 8,310,000 8,351,550 
6.875% 6/15/25 (d) 5,995,000 6,030,790 
GrafTech Finance, Inc. 4.625% 12/15/28 (d) 2,290,000 2,343,357 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (d) 535,000 543,694 
7% 12/31/27 (d) 680,000 691,900 
Nouryon Holding BV 8% 10/1/26 (d) 945,000 998,156 
NOVA Chemicals Corp. 4.25% 5/15/29 (d) 2,650,000 2,656,784 
SCIH Salt Holdings, Inc.:   
4.875% 5/1/28 (d) 2,630,000 2,610,275 
6.625% 5/1/29 (d) 1,755,000 1,741,838 
The Chemours Co. LLC:   
5.375% 5/15/27 10,220,000 10,988,544 
5.75% 11/15/28 (d) 6,595,000 7,049,132 
7% 5/15/25 4,629,000 4,756,992 
Tronox, Inc. 4.625% 3/15/29 (d) 2,210,000 2,263,703 
Valvoline, Inc. 4.25% 2/15/30 (d) 1,600,000 1,632,000 
W. R. Grace & Co.-Conn. 4.875% 6/15/27 (d) 3,255,000 3,425,888 
  84,198,145 
Consumer Products - 0.9%   
Central Garden & Pet Co. 4.125% 10/15/30 1,675,000 1,708,500 
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (d) 1,775,000 1,730,625 
Magic MergerCo, Inc.:   
5.25% 5/1/28 (d) 2,370,000 2,399,625 
7.875% 5/1/29 (d) 3,590,000 3,668,047 
Mattel, Inc.:   
3.375% 4/1/26 (d) 745,000 772,193 
3.75% 4/1/29 (d) 745,000 762,671 
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) 1,460,000 1,419,835 
Tempur Sealy International, Inc. 4% 4/15/29 (d) 2,345,000 2,349,713 
The Scotts Miracle-Gro Co. 4% 4/1/31 (d) 1,495,000 1,475,984 
TKC Holdings, Inc. 10.5% 5/15/29 (d) 2,545,000 2,676,780 
TripAdvisor, Inc. 7% 7/15/25 (d) 1,670,000 1,797,338 
  20,761,311 
Containers - 1.1%   
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(f) 2,525,000 2,635,595 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 5.25% 8/15/27 (d) 7,225,000 7,288,219 
Berry Global, Inc.:   
4.5% 2/15/26 (d) 2,862,000 2,929,973 
4.875% 7/15/26 (d) 1,355,000 1,431,219 
CANPACK SA and Eastern PA Land Investment Holding LLC 3.125% 11/1/25 (d) 1,685,000 1,707,958 
Flex Acquisition Co., Inc.:   
6.875% 1/15/25 (d) 2,080,000 2,094,893 
7.875% 7/15/26 (d) 275,000 285,841 
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) 1,430,000 1,525,810 
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) 985,000 1,017,013 
OI European Group BV 4% 3/15/23 (d) 1,595,000 1,640,856 
Plastipak Holdings, Inc. 6.25% 10/15/25 (d) 730,000 747,338 
Trivium Packaging Finance BV 5.5% 8/15/26 (d) 1,510,000 1,574,175 
  24,878,890 
Diversified Financial Services - 1.9%   
Altice France Holding SA 10.5% 5/15/27 (d) 4,240,000 4,740,320 
Diamond Sports Group LLC/Diamond Sports Finance Co. 6.625% 8/15/27 (d) 3,500,000 2,000,355 
FLY Leasing Ltd. 5.25% 10/15/24 5,240,000 5,351,350 
Hightower Holding LLC 6.75% 4/15/29 (d) 970,000 984,657 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.75% 9/15/24 2,200,000 2,292,730 
5.25% 5/15/27 (d) 2,645,000 2,711,125 
5.25% 5/15/27 3,325,000 3,408,125 
6.25% 5/15/26 4,480,000 4,735,898 
6.375% 12/15/25 1,740,000 1,794,375 
MSCI, Inc.:   
4% 11/15/29 (d) 5,785,000 6,000,028 
5.375% 5/15/27 (d) 1,070,000 1,139,796 
Onemain Finance Corp.:   
7.125% 3/15/26 3,460,000 4,026,575 
8.875% 6/1/25 3,325,000 3,661,656 
Quicken Loans LLC 5.25% 1/15/28 (d) 1,710,000 1,788,010 
  44,635,000 
Diversified Media - 0.8%   
Allen Media LLC 10.5% 2/15/28 (d) 6,230,000 6,603,800 
Lamar Media Corp. 4.875% 1/15/29 1,980,000 2,083,950 
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (d) 1,645,000 1,690,238 
Nielsen Finance LLC/Nielsen Finance Co.:   
5.625% 10/1/28 (d) 2,530,000 2,675,475 
5.875% 10/1/30 (d) 2,530,000 2,732,400 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) 3,285,000 3,514,950 
  19,300,813 
Energy - 13.3%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 9/15/24 785,000 806,038 
5.75% 1/15/28 (d) 2,220,000 2,283,137 
Antero Resources Corp. 7.625% 2/1/29 (d) 2,160,000 2,376,000 
Apache Corp.:   
4.625% 11/15/25 2,475,000 2,626,544 
4.875% 11/15/27 5,780,000 6,069,000 
Archrock Partners LP / Archrock Partners Finance Corp.:   
6.25% 4/1/28 (d) 2,475,000 2,568,803 
6.875% 4/1/27 (d) 700,000 742,000 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (d) 1,235,000 1,241,175 
Baytex Energy Corp. 5.625% 6/1/24 (d) 830,000 805,100 
California Resources Corp. 7.125% 2/1/26 (d) 3,735,000 3,865,725 
Cheniere Energy Partners LP 5.625% 10/1/26 2,155,000 2,243,894 
Cheniere Energy, Inc. 4.625% 10/15/28 (d) 8,250,000 8,662,500 
Chesapeake Energy Corp.:   
5.5% 2/1/26 (d) 4,375,000 4,615,625 
5.875% 2/1/29 (d) 2,185,000 2,355,889 
Citgo Holding, Inc. 9.25% 8/1/24 (d) 2,625,000 2,690,625 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (d) 2,610,000 2,675,250 
7% 6/15/25 (d) 6,180,000 6,427,200 
CNX Midstream Partners LP 6.5% 3/15/26 (d) 1,030,000 1,075,063 
CNX Resources Corp. 6% 1/15/29 (d) 1,185,000 1,264,988 
Comstock Resources, Inc.:   
6.75% 3/1/29 (d) 3,485,000 3,642,522 
7.5% 5/15/25 (d) 2,725,000 2,820,375 
9.75% 8/15/26 6,854,000 7,441,388 
Continental Resources, Inc.:   
4.5% 4/15/23 80,000 83,520 
5.75% 1/15/31 (d) 3,295,000 3,866,781 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 1,045,000 1,070,812 
6% 2/1/29 (d) 7,210,000 7,462,350 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) 830,000 853,713 
CVR Energy, Inc.:   
5.25% 2/15/25 (d) 4,990,000 4,990,000 
5.75% 2/15/28 (d) 4,990,000 5,002,475 
DCP Midstream Operating LP:   
5.375% 7/15/25 4,985,000 5,460,569 
5.85% 5/21/43 (d)(f) 3,410,000 3,120,150 
Delek Logistics Partners LP 7.125% 6/1/28 (d) 1,520,000 1,569,400 
DT Midstream, Inc.:   
4.125% 6/15/29 (d)(e) 2,545,000 2,554,111 
4.375% 6/15/31 (d)(e) 2,545,000 2,557,980 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (d) 4,185,000 4,425,972 
6.625% 7/15/25(d) 2,455,000 2,602,668 
EnLink Midstream LLC 5.625% 1/15/28 (d) 1,060,000 1,103,407 
EQT Corp.:   
3.125% 5/15/26 (d) 1,720,000 1,753,927 
3.625% 5/15/31 (d) 1,720,000 1,771,488 
5% 1/15/29 2,500,000 2,774,975 
Exterran Energy Solutions LP 8.125% 5/1/25 885,000 799,943 
Harvest Midstream I LP 7.5% 9/1/28 (d) 5,565,000 5,982,375 
Hess Midstream Partners LP:   
5.125% 6/15/28 (d) 2,905,000 3,047,926 
5.625% 2/15/26 (d) 6,900,000 7,152,954 
Indigo Natural Resources LLC 5.375% 2/1/29 (d) 4,415,000 4,427,053 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) 2,685,000 1,731,825 
MEG Energy Corp.:   
5.875% 2/1/29 (d) 4,235,000 4,404,400 
7.125% 2/1/27 (d) 4,990,000 5,351,775 
Murphy Oil Corp. 5.875% 12/1/27 1,480,000 1,527,212 
Nabors Industries, Inc. 5.75% 2/1/25 4,196,000 3,482,680 
Neptune Energy Bondco PLC 6.625% 5/15/25 (d) 1,065,000 1,090,049 
New Fortress Energy, Inc. 6.75% 9/15/25 (d) 2,500,000 2,537,250 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) 7,325,000 7,622,358 
Nine Energy Service, Inc. 8.75% 11/1/23 (d) 600,000 249,750 
Northern Oil & Gas, Inc. 8.125% 3/1/28 (d) 3,455,000 3,619,458 
Occidental Petroleum Corp.:   
4.3% 8/15/39 880,000 752,400 
4.4% 4/15/46 1,750,000 1,502,935 
4.5% 7/15/44 815,000 704,975 
5.55% 3/15/26 2,985,000 3,186,488 
5.875% 9/1/25 1,665,000 1,804,111 
6.125% 1/1/31 6,260,000 6,943,279 
6.2% 3/15/40 980,000 1,033,900 
6.375% 9/1/28 2,500,000 2,780,200 
6.45% 9/15/36 1,717,000 1,934,063 
6.6% 3/15/46 2,590,000 2,832,916 
6.625% 9/1/30 8,330,000 9,545,514 
6.95% 7/1/24 2,770,000 3,074,700 
7.5% 5/1/31 10,215,000 12,149,823 
8.875% 7/15/30 6,715,000 8,607,959 
Pacific Drilling SA 12% 4/1/24 pay-in-kind (a)(c)(d)(f) 163,394 6,536 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 5,755,000 4,244,313 
7.25% 6/15/25 2,085,000 1,695,105 
9.25% 5/15/25 (d) 6,375,000 6,534,375 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,935,000 3,920,244 
Pride International, Inc. 7.875% 8/15/40 (a)(c) 2,554,000 434,180 
Rattler Midstream LP 5.625% 7/15/25 (d) 2,305,000 2,397,200 
Renewable Energy Group, Inc. 5.875% 6/1/28 (d) 1,000,000 1,040,300 
SM Energy Co.:   
5% 1/15/24 2,930,000 2,846,935 
5.625% 6/1/25 3,115,000 2,983,547 
6.625% 1/15/27 1,145,000 1,147,588 
6.75% 9/15/26 805,000 803,390 
Southwestern Energy Co. 8.375% 9/15/28 2,500,000 2,770,150 
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875% 3/1/27 3,905,000 4,070,963 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 (d) 2,280,000 2,265,271 
5.5% 2/15/26 1,885,000 1,942,304 
6% 4/15/27 5,495,000 5,742,275 
Superior Plus LP / Superior General Partner, Inc. 4.5% 3/15/29 (d) 1,640,000 1,667,978 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 12/31/30 (d) 2,370,000 2,417,400 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.875% 2/1/31 (d) 2,430,000 2,539,350 
5.5% 3/1/30 2,470,000 2,668,588 
5.875% 4/15/26 3,295,000 3,451,513 
6.5% 7/15/27 1,275,000 1,381,781 
6.875% 1/15/29 2,255,000 2,503,174 
Transocean Sentry Ltd. 5.375% 5/15/23 (d) 2,485,820 2,367,544 
Transocean, Inc. 11.5% 1/30/27 (d) 2,403,000 2,387,981 
Tullow Oil PLC 10.25% 5/15/26 (d) 7,345,000 7,546,988 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (a)(c) 1,706,837 85,342 
Valaris PLC:   
4.5% 10/1/24 (a)(c) 4,290,000 429,000 
5.2% 3/15/25 (a)(c) 2,980,000 298,000 
5.75% 10/1/44 (a)(c) 1,156,000 115,600 
7.75% 2/1/26 (a)(c) 2,135,000 213,500 
Vine Energy Holdings LLC 6.75% 4/15/29 (d) 2,260,000 2,288,250 
Viper Energy Partners LP 5.375% 11/1/27 (d) 1,105,000 1,149,200 
W&T Offshore, Inc. 9.75% 11/1/23 (d) 1,550,000 1,364,000 
  311,923,275 
Environmental - 0.6%   
Darling Ingredients, Inc. 5.25% 4/15/27 (d) 2,760,000 2,884,200 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) 9,895,000 9,895,000 
Stericycle, Inc. 3.875% 1/15/29 (d) 1,645,000 1,640,888 
  14,420,088 
Food & Drug Retail - 0.9%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (d) 1,655,000 1,587,145 
4.625% 1/15/27 (d) 4,615,000 4,776,525 
4.875% 2/15/30 (d) 6,890,000 7,180,758 
Emergent BioSolutions, Inc. 3.875% 8/15/28 (d) 1,605,000 1,577,234 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) 960,000 933,197 
Performance Food Group, Inc. 5.5% 6/1/24 (d) 1,550,000 1,555,069 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) 2,200,000 2,302,300 
Tops Markets LLC 13% 11/19/24 pay-in-kind (c)(f) 603,781 585,668 
  20,497,896 
Food/Beverage/Tobacco - 2.5%   
C&S Group Enterprises LLC 5% 12/15/28 (d) 1,905,000 1,818,704 
Chobani LLC/Finance Corp., Inc.:   
4.625% 11/15/28 (d) 1,465,000 1,510,262 
7.5% 4/15/25 (d) 450,000 468,234 
Del Monte Foods, Inc. 11.875% 5/15/25 (d) 3,785,000 4,333,030 
JBS U.S.A. Food Co. 5.75% 1/15/28 (d) 2,330,000 2,466,911 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) 6,150,000 6,726,563 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (d) 4,395,000 4,834,544 
6.5% 4/15/29 (d) 3,640,000 4,081,350 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) 1,918,000 2,119,390 
Kraft Heinz Foods Co.:   
4.375% 6/1/46 645,000 691,664 
4.875% 10/1/49 3,225,000 3,706,179 
5.5% 6/1/50 855,000 1,064,272 
Lamb Weston Holdings, Inc. 4.875% 11/1/26 (d) 320,000 331,472 
Performance Food Group, Inc.:   
5.5% 10/15/27 (d) 5,775,000 6,024,365 
6.875% 5/1/25 (d) 995,000 1,060,919 
Pilgrim's Pride Corp. 4.25% 4/15/31 (d) 3,045,000 3,079,409 
Post Holdings, Inc.:   
4.5% 9/15/31 (d) 1,475,000 1,458,406 
4.625% 4/15/30 (d) 3,690,000 3,711,070 
5.75% 3/1/27 (d) 800,000 836,120 
Simmons Foods, Inc. 4.625% 3/1/29 (d) 1,455,000 1,473,188 
TreeHouse Foods, Inc. 4% 9/1/28 860,000 855,193 
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) 1,080,000 1,082,916 
U.S. Foods, Inc. 4.75% 2/15/29 (d) 3,100,000 3,092,250 
United Natural Foods, Inc. 6.75% 10/15/28 (d) 1,810,000 1,938,836 
  58,765,247 
Gaming - 3.7%   
Affinity Gaming LLC 6.875% 12/15/27 (d) 890,000 945,349 
Bally's Corp. 6.75% 6/1/27 (d) 3,365,000 3,578,442 
Boyd Gaming Corp.:   
4.75% 12/1/27 300,000 306,717 
4.75% 6/15/31 (d)(e) 2,445,000 2,470,184 
6% 8/15/26 680,000 706,792 
6.375% 4/1/26 960,000 991,872 
8.625% 6/1/25 (d) 6,000,000 6,600,000 
Caesars Entertainment, Inc. 8.125% 7/1/27 (d) 12,765,000 14,168,256 
Caesars Resort Collection LLC 5.25% 10/15/25 (d) 9,185,000 9,261,327 
Chukchansi Economic Development Authority 8% 4/15/28 (c)(d) 909,677 815,298 
Downstream Development Authority of The Qua 10.5% 2/15/23 (d) 1,075,000 1,120,688 
Golden Entertainment, Inc. 7.625% 4/15/26 (d) 935,000 996,944 
Golden Nugget, Inc. 6.75% 10/15/24 (d) 7,570,000 7,640,250 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 4,310,000 4,557,868 
4.625% 6/15/25 (d) 5,180,000 5,490,800 
MGM Resorts International:   
5.5% 4/15/27 1,802,000 1,954,954 
6.75% 5/1/25 3,350,000 3,591,334 
7.75% 3/15/22 660,000 690,525 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) 3,010,000 3,219,195 
Station Casinos LLC:   
4.5% 2/15/28 (d) 35,000 35,385 
5% 10/1/25 (d) 2,832,000 2,888,640 
Studio City Finance Ltd. 6.5% 1/15/28 (d) 5,015,000 5,391,125 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (d) 3,915,000 3,836,700 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.75% 4/15/25 (d) 4,675,000 5,025,812 
  86,284,457 
Healthcare - 8.1%   
Akumin, Inc. 7% 11/1/25 (d) 4,155,000 4,290,038 
Avantor Funding, Inc. 4.625% 7/15/28 (d) 3,345,000 3,481,509 
Bausch Health Companies, Inc.:   
7.25% 5/30/29 (d) 1,055,000 1,089,288 
9% 12/15/25 (d) 1,775,000 1,900,848 
Catalent Pharma Solutions 5% 7/15/27 (d) 825,000 860,475 
Centene Corp.:   
3% 10/15/30 2,505,000 2,505,000 
3.375% 2/15/30 2,690,000 2,716,900 
4.25% 12/15/27 3,475,000 3,648,750 
4.625% 12/15/29 3,825,000 4,128,820 
5.375% 6/1/26 (d) 4,775,000 4,974,118 
5.375% 8/15/26 (d) 1,775,000 1,857,094 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (d) 740,000 737,225 
4% 3/15/31 (d) 2,080,000 2,108,600 
4.25% 5/1/28 (d) 735,000 754,294 
Community Health Systems, Inc.:   
4.75% 2/15/31 (d) 2,885,000 2,828,771 
5.625% 3/15/27 (d) 2,430,000 2,545,425 
6% 1/15/29 (d) 2,415,000 2,526,971 
6.125% 4/1/30 (d) 3,930,000 3,913,298 
6.875% 4/15/29 (d) 2,815,000 2,873,439 
8% 3/15/26 (d) 12,925,000 13,834,532 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 4,000,000 4,100,000 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (d) 2,495,000 2,392,081 
4.625% 6/1/30 (d) 6,965,000 7,103,534 
Encompass Health Corp. 5.75% 9/15/25 4,660,000 4,799,800 
HCA Holdings, Inc.:   
5.375% 2/1/25 6,835,000 7,646,656 
5.875% 5/1/23 1,150,000 1,249,487 
5.875% 2/15/26 5,470,000 6,249,475 
5.875% 2/1/29 1,355,000 1,590,431 
Hologic, Inc. 3.25% 2/15/29 (d) 2,525,000 2,461,875 
IQVIA, Inc.:   
5% 10/15/26 (d) 1,750,000 1,815,625 
5% 5/15/27 (d) 1,385,000 1,450,234 
Jazz Securities DAC 4.375% 1/15/29 (d) 1,980,000 2,036,390 
Molina Healthcare, Inc.:   
3.875% 11/15/30 (d) 2,430,000 2,475,563 
4.375% 6/15/28 (d) 1,835,000 1,892,344 
Organon Finance 1 LLC:   
4.125% 4/30/28 (d) 3,005,000 3,035,050 
5.125% 4/30/31 (d) 2,995,000 3,073,259 
Ortho-Clinical Diagnostics, Inc.:   
7.25% 2/1/28 (d) 609,000 662,288 
7.375% 6/1/25 (d) 1,296,000 1,388,411 
Radiology Partners, Inc. 9.25% 2/1/28 (d) 6,340,000 6,950,225 
RP Escrow Issuer LLC 5.25% 12/15/25 (d) 2,295,000 2,369,588 
Sabra Health Care LP 3.9% 10/15/29 2,643,000 2,747,054 
Surgery Center Holdings, Inc.:   
6.75% 7/1/25 (d) 250,000 254,063 
10% 4/15/27 (d) 4,955,000 5,413,338 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (d)(e) 8,520,000 8,516,848 
5.125% 5/1/25 12,665,000 12,838,511 
6.125% 10/1/28 (d) 10,860,000 11,365,533 
6.75% 6/15/23 10,590,000 11,506,035 
6.875% 11/15/31 330,000 369,188 
U.S. Renal Care, Inc. 10.625% 7/15/27 (d) 2,160,000 2,248,301 
Valeant Pharmaceuticals International, Inc. 9.25% 4/1/26 (d) 5,560,000 6,004,800 
Vizient, Inc. 6.25% 5/15/27 (d) 680,000 719,100 
  190,300,482 
Homebuilders/Real Estate - 1.8%   
Arcosa, Inc. 4.375% 4/15/29 (d) 1,425,000 1,432,980 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.625% 1/15/28 (d) 40,000 42,800 
9.875% 4/1/27 (d) 2,127,000 2,398,193 
Kennedy-Wilson, Inc.:   
4.75% 3/1/29 2,190,000 2,243,480 
5% 3/1/31 2,190,000 2,239,790 
M/I Homes, Inc. 5.625% 8/1/25 480,000 495,600 
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27 5,005,000 5,267,763 
New Home Co., Inc. 7.25% 10/15/25 (d) 1,685,000 1,794,525 
Realogy Group LLC/Realogy Co-Issuer Corp.:   
5.75% 1/15/29 (d) 1,225,000 1,279,843 
7.625% 6/15/25 (d) 1,225,000 1,327,594 
Service Properties Trust 7.5% 9/15/25 4,355,000 4,868,126 
Starwood Property Trust, Inc.:   
4.75% 3/15/25 2,420,000 2,523,576 
5% 12/15/21 865,000 870,683 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.75% 1/15/28 (d) 2,945,000 3,257,906 
TRI Pointe Homes, Inc. 5.7% 6/15/28 795,000 870,525 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (d) 2,035,000 2,016,705 
6.5% 2/15/29 (d) 3,300,000 3,267,000 
VICI Properties, Inc.:   
3.75% 2/15/27 (d) 1,965,000 1,987,106 
4.125% 8/15/30 (d) 2,575,000 2,614,655 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) 1,185,000 1,229,082 
  42,027,932 
Hotels - 0.4%   
Hilton Domestic Operating Co., Inc.:   
3.625% 2/15/32 (d) 1,470,000 1,438,505 
3.75% 5/1/29 (d) 1,650,000 1,654,125 
4% 5/1/31 (d) 1,650,000 1,664,009 
5.375% 5/1/25 (d) 3,525,000 3,710,979 
NCL Finance Ltd. 6.125% 3/15/28 (d) 910,000 948,675 
  9,416,293 
Insurance - 1.4%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (d) 9,401,000 9,589,020 
10.125% 8/1/26 (d) 2,450,000 2,756,250 
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (d) 9,895,000 10,216,588 
AmWINS Group, Inc. 7.75% 7/1/26 (d) 4,490,000 4,765,619 
AssuredPartners, Inc. 5.625% 1/15/29 (d) 1,445,000 1,434,163 
HUB International Ltd. 7% 5/1/26 (d) 1,395,000 1,448,010 
USI, Inc. 6.875% 5/1/25 (d) 3,250,000 3,298,750 
  33,508,400 
Leisure - 1.4%   
Carnival Corp.:   
5.75% 3/1/27 (d) 5,135,000 5,455,938 
9.875% 8/1/27 (d) 4,130,000 4,843,292 
10.5% 2/1/26 (d) 2,400,000 2,830,512 
MajorDrive Holdings IV LLC 6.375% 6/1/29 (d)(e) 3,405,000 3,375,717 
NCL Corp. Ltd.:   
5.875% 3/15/26 (d) 735,000 766,238 
10.25% 2/1/26 (d) 5,185,000 6,053,488 
POWDR Corp. 6% 8/1/25 (d) 1,615,000 1,699,788 
Royal Caribbean Cruises Ltd. 11.5% 6/1/25 (d) 2,010,000 2,326,575 
SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) 2,115,000 2,283,291 
Vail Resorts, Inc. 6.25% 5/15/25 (d) 1,435,000 1,524,688 
Viking Cruises Ltd. 13% 5/15/25 (d) 2,135,000 2,492,613 
  33,652,140 
Metals/Mining - 1.8%   
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) 2,670,000 2,730,075 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (a)(c) 1,099,000 0 
Arconic Rolled Products Corp. 6% 5/15/25 (d) 1,520,000 1,623,071 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (d) 1,465,000 1,508,042 
4.875% 3/1/31 (d) 1,465,000 1,497,933 
Constellium NV 5.875% 2/15/26 (d) 1,240,000 1,273,058 
First Quantum Minerals Ltd.:   
6.875% 3/1/26 (d) 5,275,000 5,510,067 
6.875% 10/15/27 (d) 8,465,000 9,237,431 
7.5% 4/1/25 (d) 2,320,000 2,405,985 
FMG Resources (August 2006) Pty Ltd.:   
4.375% 4/1/31 (d) 1,615,000 1,687,352 
5.125% 5/15/24 (d) 770,000 839,700 
Freeport-McMoRan, Inc.:   
4.625% 8/1/30 2,510,000 2,754,725 
5.4% 11/14/34 1,070,000 1,268,287 
Howmet Aerospace, Inc. 5.95% 2/1/37 1,505,000 1,745,800 
HudBay Minerals, Inc. 6.125% 4/1/29 (d) 4,755,000 4,968,975 
Joseph T. Ryerson & Son, Inc. 8.5% 8/1/28 (d) 2,115,000 2,339,190 
  41,389,691 
Paper - 0.4%   
Berry Global, Inc. 5.625% 7/15/27 (d) 1,110,000 1,177,277 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) 3,315,000 3,474,120 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (d)(e) 1,430,000 1,444,300 
Mercer International, Inc. 5.125% 2/1/29 (d) 2,220,000 2,286,600 
SPA Holdings 3 OY 4.875% 2/4/28 (d) 1,770,000 1,781,063 
  10,163,360 
Publishing/Printing - 0.1%   
Clear Channel International BV 6.625% 8/1/25 (d) 1,170,000 1,220,837 
Restaurants - 0.7%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4% 10/15/30 (d) 7,635,000 7,396,406 
CEC Entertainment LLC 6.75% 5/1/26 (d) 2,250,000 2,272,455 
Golden Nugget, Inc. 8.75% 10/1/25 (d) 1,230,000 1,296,961 
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (d) 1,325,000 1,401,850 
Yum! Brands, Inc.:   
4.625% 1/31/32 2,585,000 2,701,403 
7.75% 4/1/25 (d) 785,000 853,688 
  15,922,763 
Services - 4.4%   
ADT Corp. 4.875% 7/15/32 (d) 1,075,000 1,109,938 
Adtalem Global Education, Inc. 5.5% 3/1/28 (d) 2,940,000 2,936,884 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (d) 1,050,000 1,064,826 
APX Group, Inc. 7.625% 9/1/23 3,335,000 3,435,050 
Aramark Services, Inc. 6.375% 5/1/25 (d) 3,410,000 3,623,125 
Ascend Learning LLC:   
6.875% 8/1/25 (d) 110,000 112,063 
6.875% 8/1/25 (d) 1,055,000 1,074,781 
ASGN, Inc. 4.625% 5/15/28 (d) 5,875,000 6,110,000 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:   
4.625% 6/1/28 (d) 1,992,000 1,994,032 
4.625% 6/1/28 (d) 1,328,000 1,320,298 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375% 3/1/29 (d) 1,470,000 1,528,800 
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) 2,405,000 2,406,605 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (d) 14,220,000 14,539,950 
CoreCivic, Inc.:   
4.625% 5/1/23 255,000 252,450 
8.25% 4/15/26 3,735,000 3,643,866 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) 9,979,000 10,453,003 
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) 4,110,000 3,975,110 
Hertz Corp.:   
5.5% 10/15/24 (a)(d) 3,155,000 3,274,811 
6% 1/15/28 (a)(d) 3,900,000 4,163,250 
6.25% 10/15/22 (a) 2,880,000 2,995,200 
7.125% 8/1/26 (a)(d) 3,980,000 4,248,650 
IAA Spinco, Inc. 5.5% 6/15/27 (d) 1,115,000 1,171,832 
IHS Markit Ltd.:   
4% 3/1/26 (d) 400,000 442,340 
4.75% 2/15/25 (d) 955,000 1,071,176 
5% 11/1/22 (d) 200,000 209,853 
KAR Auction Services, Inc. 5.125% 6/1/25 (d) 810,000 826,200 
Laureate Education, Inc. 8.25% 5/1/25 (d) 2,272,000 2,365,606 
Ritchie Bros. Auctioneers, Inc. 5.375% 1/15/25 (d) 830,000 855,066 
Sabre GLBL, Inc. 7.375% 9/1/25 (d) 2,500,000 2,693,750 
Service Corp. International 5.125% 6/1/29 1,845,000 1,997,028 
Sotheby's 7.375% 10/15/27 (d) 3,160,000 3,381,200 
Tempo Acquisition LLC 6.75% 6/1/25 (d) 3,310,000 3,369,911 
The GEO Group, Inc.:   
5.125% 4/1/23 1,665,000 1,398,600 
5.875% 10/15/24 685,000 498,338 
6% 4/15/26 6,055,000 3,640,054 
Uber Technologies, Inc. 6.25% 1/15/28 (d) 2,145,000 2,313,919 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) 1,640,000 1,708,388 
  102,205,953 
Steel - 0.3%   
Commercial Metals Co. 3.875% 2/15/31 1,125,000 1,110,938 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) 5,780,000 6,011,200 
  7,122,138 
Super Retail - 1.3%   
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 681,000 701,757 
4.75% 3/1/30 680,000 710,600 
Carvana Co.:   
5.5% 4/15/27 (d) 3,045,000 3,141,374 
5.875% 10/1/28 (d) 2,505,000 2,627,119 
EG Global Finance PLC:   
6.75% 2/7/25 (d) 12,050,000 12,311,485 
8.5% 10/30/25 (d) 2,520,000 2,658,600 
L Brands, Inc. 6.625% 10/1/30 (d) 5,045,000 5,766,435 
Party City Holdings, Inc. 8.75% 2/15/26 (d) 1,085,000 1,148,744 
Rent-A-Center, Inc. 6.375% 2/15/29 (d) 695,000 743,650 
Sonic Automotive, Inc. 6.125% 3/15/27 1,680,000 1,755,600 
  31,565,364 
Technology - 3.7%   
Arches Buyer, Inc.:   
4.25% 6/1/28 (d) 1,580,000 1,552,350 
6.125% 12/1/28 (d) 555,000 567,488 
Banff Merger Sub, Inc. 9.75% 9/1/26 (d) 5,485,000 5,807,244 
Black Knight InfoServ LLC 3.625% 9/1/28 (d) 2,675,000 2,631,531 
Camelot Finance SA 4.5% 11/1/26 (d) 2,285,000 2,367,831 
CDK Global, Inc.:   
4.875% 6/1/27 460,000 485,268 
5.25% 5/15/29 (d) 1,305,000 1,407,912 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 2,960,000 3,089,500 
Endurance Acquisition Merger Sub 6% 2/15/29 (d) 1,460,000 1,401,600 
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (d) 2,235,000 2,335,575 
ION Trading Technologies Ltd. 5.75% 5/15/28 (d) 2,530,000 2,565,673 
Match Group Holdings II LLC:   
4.125% 8/1/30 (d) 2,335,000 2,322,508 
5% 12/15/27 (d) 1,235,000 1,292,119 
5.625% 2/15/29 (d) 2,035,000 2,179,994 
NCR Corp. 5.125% 4/15/29 (d) 1,775,000 1,820,973 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) 1,450,000 1,624,000 
NortonLifeLock, Inc. 5% 4/15/25 (d) 6,075,000 6,140,003 
Nuance Communications, Inc. 5.625% 12/15/26 1,035,000 1,088,820 
ON Semiconductor Corp. 3.875% 9/1/28 (d) 3,110,000 3,156,650 
Open Text Corp. 5.875% 6/1/26 (d) 4,510,000 4,639,843 
Open Text Holdings, Inc. 4.125% 2/15/30 (d) 3,095,000 3,106,606 
Qorvo, Inc. 4.375% 10/15/29 5,505,000 5,999,900 
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) 1,430,000 1,443,013 
Sensata Technologies BV 4% 4/15/29 (d) 2,480,000 2,484,464 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (d) 5,785,000 5,936,914 
Square, Inc.:   
2.75% 6/1/26 (d) 2,555,000 2,575,696 
3.5% 6/1/31 (d) 2,555,000 2,554,847 
Synaptics, Inc. 4% 6/15/29 (d) 1,210,000 1,200,574 
TTM Technologies, Inc. 4% 3/1/29 (d) 2,215,000 2,190,081 
Twilio, Inc.:   
3.625% 3/15/29 1,725,000 1,735,109 
3.875% 3/15/31 1,805,000 1,834,079 
Uber Technologies, Inc. 7.5% 5/15/25 (d) 5,010,000 5,408,295 
Unisys Corp. 6.875% 11/1/27 (d) 1,425,000 1,555,031 
VeriSign, Inc. 4.625% 5/1/23 695,000 695,952 
  87,197,443 
Telecommunications - 7.9%   
Altice Financing SA:   
5% 1/15/28 (d) 2,375,000 2,356,879 
7.5% 5/15/26 (d) 4,470,000 4,647,403 
Altice France SA:   
5.125% 1/15/29 (d) 2,270,000 2,247,300 
5.125% 7/15/29 (d) 4,510,000 4,471,485 
5.5% 1/15/28 (d) 4,825,000 4,935,927 
7.375% 5/1/26 (d) 2,553,000 2,654,916 
8.125% 2/1/27 (d) 4,475,000 4,877,750 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (d) 9,965,000 10,612,725 
7.5% 10/15/26 (d) 4,940,000 5,187,000 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (d) 1,280,000 1,245,254 
5.625% 9/15/28 (d) 1,010,000 1,016,818 
Cogent Communications Group, Inc.:   
3.5% 5/1/26 (d) 1,700,000 1,726,792 
5.375% 3/1/22 (d) 677,000 688,848 
Consolidated Communications, Inc. 5% 10/1/28 (d) 1,320,000 1,343,100 
Equinix, Inc. 5.375% 5/15/27 1,410,000 1,511,902 
Frontier Communications Corp.:   
5% 5/1/28 (d) 2,480,000 2,542,000 
5.875% 10/15/27 (d) 2,440,000 2,592,500 
6.75% 5/1/29 (d) 2,795,000 2,922,396 
Frontier Communications Holdings LLC 5.875% 11/1/29 615,475 619,460 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 (a) 7,570,000 4,409,525 
8.5% 10/15/24 (a)(d) 2,965,000 1,757,356 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (d) 2,520,000 2,585,722 
6.75% 10/15/27 (d) 5,250,000 5,637,975 
Level 3 Financing, Inc.:   
3.75% 7/15/29 (d) 3,850,000 3,712,170 
4.25% 7/1/28 (d) 3,420,000 3,427,353 
4.625% 9/15/27 (d) 7,220,000 7,416,131 
Lumen Technologies, Inc.:   
4% 2/15/27 (d) 4,225,000 4,277,813 
5.125% 12/15/26 (d) 5,000,000 5,179,688 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (d) 790,000 781,760 
Qwest Corp.:   
6.75% 12/1/21 500,000 513,750 
7.25% 9/15/25 545,000 645,825 
Sable International Finance Ltd. 5.75% 9/7/27 (d) 5,516,000 5,812,209 
Sabre GLBL, Inc. 9.25% 4/15/25 (d) 1,820,000 2,129,400 
SBA Communications Corp. 3.875% 2/15/27 9,320,000 9,529,700 
Sprint Capital Corp.:   
6.875% 11/15/28 1,770,000 2,214,376 
8.75% 3/15/32 33,750,000 50,034,324 
T-Mobile U.S.A., Inc. 3.5% 4/15/31 1,775,000 1,805,086 
Telecom Italia Capital SA:   
6% 9/30/34 510,000 563,550 
6.375% 11/15/33 285,000 329,175 
Telecom Italia SpA 5.303% 5/30/24 (d) 2,020,000 2,196,750 
Telesat Canada/Telesat LLC 6.5% 10/15/27 (d) 1,735,000 1,650,419 
ViaSat, Inc. 5.625% 9/15/25 (d) 1,070,000 1,093,540 
Windstream Escrow LLC 7.75% 8/15/28 (d) 3,530,000 3,607,272 
Zayo Group Holdings, Inc.:   
4% 3/1/27 (d) 3,835,000 3,748,713 
6.125% 3/1/28 (d) 2,115,000 2,153,028 
  185,413,065 
Textiles/Apparel - 0.1%   
Crocs, Inc. 4.25% 3/15/29 (d) 1,490,000 1,506,316 
Transportation Ex Air/Rail - 1.7%   
Avolon Holdings Funding Ltd.:   
3.95% 7/1/24 (d) 9,000 9,583 
4.375% 5/1/26 (d) 7,000 7,546 
Great Lakes Dredge & Dock Corp. 5.25% 6/1/29 (d) 1,395,000 1,421,156 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (d) 6,980,000 5,648,146 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (d) 13,390,000 11,414,975 
11.25% 8/15/22 (d) 3,540,000 3,420,525 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 10.75% 7/1/25 (d) 5,110,000 5,632,178 
Seaspan Corp. 6.5% 4/29/26 (d) 2,100,000 2,136,750 
Teekay Corp. 9.25% 11/15/22 (d) 1,990,000 2,029,800 
XPO Logistics, Inc. 6.25% 5/1/25 (d) 7,625,000 8,153,565 
  39,874,224 
Utilities - 6.8%   
Clearway Energy Operating LLC:   
4.75% 3/15/28 (d) 5,885,000 6,083,619 
5% 9/15/26 1,455,000 1,498,650 
DCP Midstream Operating LP:   
5.125% 5/15/29 4,715,000 5,082,299 
5.625% 7/15/27 2,205,000 2,425,500 
DPL, Inc.:   
4.125% 7/1/25 7,280,000 7,780,500 
4.35% 4/15/29 9,480,000 10,285,800 
InterGen NV 7% 6/30/23 (d) 30,215,000 29,785,343 
NextEra Energy Partners LP:   
4.25% 9/15/24 (d) 334,000 351,919 
4.5% 9/15/27 (d) 980,000 1,065,848 
NRG Energy, Inc.:   
3.375% 2/15/29 (d) 1,145,000 1,104,335 
3.625% 2/15/31 (d) 2,270,000 2,176,363 
5.25% 6/15/29 (d) 3,050,000 3,202,500 
5.75% 1/15/28 2,190,000 2,321,181 
6.625% 1/15/27 2,945,000 3,056,292 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (d) 5,945,515 6,361,701 
Pacific Gas & Electric Co.:   
3.75% 8/15/42 350,000 311,453 
3.95% 12/1/47 2,495,000 2,226,928 
4.55% 7/1/30 16,150,000 16,988,700 
4.95% 7/1/50 23,225,000 23,479,676 
PG&E Corp.:   
5% 7/1/28 3,405,000 3,387,975 
5.25% 7/1/30 9,430,000 9,536,088 
Pike Corp. 5.5% 9/1/28 (d) 2,030,000 2,071,270 
TerraForm Global, Inc. 6.125% 3/1/26 (d) 2,450,000 2,523,500 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (d) 2,000,000 2,058,600 
4.75% 1/15/30 (d) 3,545,000 3,623,983 
5% 1/31/28 (d) 1,610,000 1,691,651 
The AES Corp.:   
3.3% 7/15/25 (d) 34,000 36,270 
3.95% 7/15/30 (d) 29,000 31,311 
Vistra Operations Co. LLC:   
4.375% 5/1/29 (d) 3,675,000 3,694,184 
5.5% 9/1/26 (d) 1,440,000 1,486,717 
5.625% 2/15/27 (d) 2,000,000 2,075,000 
  157,805,156 
TOTAL NONCONVERTIBLE BONDS  1,983,318,809 
TOTAL CORPORATE BONDS   
(Cost $1,923,590,316)  2,015,689,799 
 Shares Value 
Common Stocks - 5.3%   
Automotive & Auto Parts - 0.0%   
UC Holdings, Inc. (c)(h) 32,168 396,631 
Broadcasting - 0.0%   
iHeartMedia, Inc. (h) 8,204 190,415 
Chemicals - 0.1%   
Corteva, Inc. 10,266 467,103 
Dow, Inc. 10,266 702,400 
TOTAL CHEMICALS  1,169,503 
Energy - 3.2%   
California Resources Corp. (h) 446,637 12,956,939 
California Resources Corp. warrants 10/27/24 (h) 20,004 120,624 
Chesapeake Energy Corp. 309,581 16,345,877 
Chesapeake Energy Corp. (b) 2,990 149,978 
Denbury, Inc. (h) 258,941 17,354,226 
Denbury, Inc. warrants 9/18/25 (h) 118,677 4,152,508 
EP Energy Corp. (c) 218,900 11,529,463 
Forbes Energy Services Ltd. (h) 72,087 5,118 
Jonah Energy Parent LLC (c) 425,801 6,387,015 
Mesquite Energy, Inc. (c) 214,437 3,420,265 
Noble Corp. (c)(h) 6,653 131,397 
Noble Corp.:   
warrants (c)(h) 27,051 189,357 
warrants (c)(h) 27,051 162,306 
Pacific Drilling SA (c)(h) 323,716 3 
Superior Energy Services, Inc. Class A (c) 15,005 384,137 
Tidewater, Inc.:   
warrants 11/14/42 (h) 23,695 358,484 
warrants 11/14/42 (h) 8,251 124,830 
Tribune Resources, Inc. (c)(h) 182,155 140,259 
Tribune Resources, Inc. warrants 3/30/23 (c)(h) 51,925 1 
TOTAL ENERGY  73,912,787 
Entertainment/Film - 0.2%   
New Cotai LLC/New Cotai Capital Corp. (b)(c) 1,330,466 4,190,968 
Food & Drug Retail - 0.5%   
Southeastern Grocers, Inc. (b)(c)(h) 687,397 10,689,023 
Tops Markets Corp. (c)(h) 2,955 1,038,860 
TOTAL FOOD & DRUG RETAIL  11,727,883 
Gaming - 0.5%   
Boyd Gaming Corp. (h) 81,500 5,247,785 
Caesars Entertainment, Inc. (h) 57,808 6,211,470 
Studio City International Holdings Ltd. ADR (h) 28,000 309,336 
TOTAL GAMING  11,768,591 
Services - 0.2%   
United Rentals, Inc. (h) 17,400 5,810,904 
Technology - 0.1%   
CDK Global, Inc. 45,206 2,366,082 
Telecommunications - 0.2%   
CUI Acquisition Corp. Class E (c)(h) 0 16,065 
Frontier Communications Parent, Inc. (h) 200,563 5,010,064 
TOTAL TELECOMMUNICATIONS  5,026,129 
Utilities - 0.3%   
NRG Energy, Inc. 60,111 1,932,569 
Vistra Corp. 359,562 5,814,118 
TOTAL UTILITIES  7,746,687 
TOTAL COMMON STOCKS   
(Cost $101,494,331)  124,306,580 
Convertible Preferred Stocks - 0.3%   
Utilities - 0.3%   
PG&E Corp.   
(Cost $6,993,013) 61,000 6,133,550 
 Principal Amount Value 
Bank Loan Obligations - 3.6%   
Banks & Thrifts - 0.0%   
First Eagle Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.7025% 2/1/27 (f)(g)(i) 1,081,963 1,070,126 
Broadcasting - 0.1%   
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/14/26 (f)(g)(i) 1,215,498 1,215,753 
Cable/Satellite TV - 0.5%   
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (f)(g)(i) 10,658,091 10,624,838 
Chemicals - 0.1%   
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.591% 5/7/25 (f)(g)(i) 530,013 514,775 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8475% 10/1/25 (f)(g)(i) 840,096 832,392 
TOTAL CHEMICALS  1,347,167 
Consumer Products - 0.0%   
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (f)(g)(i) 935,000 936,851 
Diversified Financial Services - 0.1%   
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (c)(f)(i) 2,516,332 2,516,332 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4338% 3/1/25 (f)(g)(i) 259,876 258,792 
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(f)(g)(i) 382,028 382,028 
TOTAL DIVERSIFIED FINANCIAL SERVICES  3,157,152 
Energy - 0.4%   
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.8632% 11/3/25 (f)(g)(i) 1,169,086 1,145,120 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (f)(g)(i) 1,246,429 1,231,161 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (f)(g)(i) 300,425 297,271 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.14% 3/1/26 (f)(g)(i) 8,371,738 6,052,766 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% 12/31/49 (a)(c)(g)(i) 3,964,252 0 
term loan 3 month U.S. LIBOR + 0.000% 0% 12/31/49 (a)(c)(g)(i) 1,710,000 0 
TOTAL ENERGY  8,726,318 
Food & Drug Retail - 0.0%   
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (c)(f)(g)(i) 819,985 836,384 
Gaming - 0.4%   
Bally's Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 9% 5/10/26 (f)(g)(i) 7,880,450 8,353,277 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3118% 9/15/23 (f)(g)(i) 621,997 620,858 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (f)(g)(i) 1,244,850 1,235,514 
TOTAL GAMING  10,209,649 
Healthcare - 0.0%   
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 10/19/27 (f)(g)(i) 434,229 435,046 
Hotels - 0.1%   
Travelport Finance Luxembourg SARL 1LN, term loan:   
3 month U.S. LIBOR + 5.000% 5.2025% 5/30/26 (f)(g)(i) 1,380,404 1,223,383 
3 month U.S. LIBOR + 8.000% 9% 2/28/25 (f)(g)(i) 1,405,366 1,436,467 
TOTAL HOTELS  2,659,850 
Insurance - 0.2%   
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.3425% 5/10/25 (f)(g)(i) 62,570 61,991 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3425% 5/9/25 (f)(g)(i) 2,023,950 2,005,330 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (f)(g)(i) 2,145,000 2,146,609 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2025% 5/16/24 (f)(g)(i) 443,900 440,153 
TOTAL INSURANCE  4,654,083 
Leisure - 0.0%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 7/31/24 (f)(g)(i) 43,538 42,783 
Services - 0.8%   
Finastra U.S.A., Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (f)(g)(i) 8,250,000 8,342,813 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (f)(g)(i) 3,515,508 3,468,752 
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3425% 11/30/25 (f)(g)(i) 3,071,900 3,069,996 
KUEHG Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (f)(g)(i) 2,230,000 2,143,186 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (f)(g)(i) 1,510,000 1,507,176 
TOTAL SERVICES  18,531,923 
Super Retail - 0.3%   
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/5/28 (f)(g)(i) 6,164,550 6,206,161 
Technology - 0.4%   
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5618% 4/30/25 (f)(g)(i) 1,599,000 1,579,013 
Endure Digital, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (f)(g)(i) 2,575,969 2,557,190 
3 month U.S. LIBOR + 3.500% 4.25% 1/29/28 (f)(g)(i) 619,031 614,519 
Epicor Software Corp. 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 7/31/28 (f)(g)(i) 1,945,000 1,996,543 
Ultimate Software Group, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8425% 5/4/26 (f)(g)(i) 704,275 704,789 
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (f)(g)(i) 560,000 573,653 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0925% 2/28/27 (f)(g)(i) 445,500 442,996 
TOTAL TECHNOLOGY  8,468,703 
Telecommunications - 0.2%   
Altice France SA Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1548% 8/14/26 (f)(g)(i) 1,072,500 1,070,623 
Intelsat Jackson Holdings SA:   
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (f)(g)(i) 300,000 305,037 
Tranche B-5, term loan 8.625% 1/2/24 (i) 300,000 304,821 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (f)(g)(i) 3,265,723 3,282,052 
TOTAL TELECOMMUNICATIONS  4,962,533 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $88,776,285)  84,085,320 
Preferred Securities - 1.9%   
Banks & Thrifts - 1.7%   
Bank of America Corp.:   
4.3% (f)(j) 5,780,000 5,938,950 
6.1% (f)(j) 3,690,000 4,153,049 
6.25% (f)(j) 2,310,000 2,566,988 
Citigroup, Inc. 5.95% (f)(j) 11,215,000 11,799,526 
JPMorgan Chase & Co. 6% (f)(j) 11,680,000 12,359,959 
Wells Fargo & Co. 5.9% (f)(j) 1,955,000 2,099,670 
TOTAL BANKS & THRIFTS  38,918,142 
Energy - 0.0%   
MPLX LP 6.875% (f)(j) 1,270,000 1,279,525 
Summit Midstream Partners LP 9.5% (f)(j) 204,000 134,640 
TOTAL ENERGY  1,414,165 
Insurance - 0.2%   
Alliant Holdings Intermediate LLC 9.75% (c)(j) 4,000,000 3,940,000 
TOTAL PREFERRED SECURITIES   
(Cost $42,734,305)  44,272,307 
 Shares Value 
Other - 0.0%   
Other - 0.0%   
Tribune Co. Claim (c)(h)   
(Cost $11,217) 11,217 11,217 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund 0.03% (k)   
(Cost $53,799,276) 53,788,518 53,799,276 
TOTAL INVESTMENT IN SECURITIES - 99.6%   
(Cost $2,217,398,743)  2,328,298,049 
NET OTHER ASSETS (LIABILITIES) - 0.4%  9,109,017 
NET ASSETS - 100%  $2,337,407,066 

Legend

 (a) Non-income producing - Security is in default.

 (b) 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 $27,486,213 or 1.2% of net assets.

 (c) Level 3 security

 (d) 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 $1,369,055,401 or 58.6% of net assets.

 (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) Non-income producing

 (i) 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.

 (j) Security is perpetual in nature with no stated maturity date.

 (k) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Chesapeake Energy Corp. 2/10/21 $28,315 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 4/15/21 $4,113,734 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $6,590,801 
Southeastern Grocers, Inc. 6/1/18 - 4/26/19 $5,072,958 

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 $26,899 
Total $26,899 

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, bank loan obligations 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.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.

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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