Quarterly Holdings Report
for
Strategic Advisers® Income Opportunities Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicNovember 30, 2019
Schedule of Investments November 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 23.1% | |||
Principal Amount | Value | ||
Convertible Bonds - 0.1% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | $1,500,000 | $1,354,222 | |
3.375% 8/15/26 | 1,350,000 | 1,273,219 | |
2,627,441 | |||
Nonconvertible Bonds - 23.0% | |||
COMMUNICATION SERVICES - 5.1% | |||
Diversified Telecommunication Services - 1.4% | |||
Altice Finco SA 7.625% 2/15/25 (a) | 1,595,000 | 1,636,869 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (a) | 4,535,000 | 4,787,259 | |
7.5% 10/15/26 (a) | 2,835,000 | 3,044,081 | |
Level 3 Communications, Inc. 5.75% 12/1/22 | 1,250,000 | 1,250,000 | |
Level 3 Financing, Inc.: | |||
5.125% 5/1/23 | 1,600,000 | 1,612,000 | |
5.25% 3/15/26 | 590,000 | 614,338 | |
5.375% 1/15/24 | 675,000 | 685,969 | |
5.375% 5/1/25 | 715,000 | 740,025 | |
Qwest Corp. 6.75% 12/1/21 | 670,000 | 718,448 | |
SFR Group SA: | |||
7.375% 5/1/26 (a) | 1,865,000 | 1,990,888 | |
8.125% 2/1/27 (a) | 2,740,000 | 3,034,550 | |
Telecom Italia Capital SA: | |||
6% 9/30/34 | 560,000 | 599,119 | |
6.375% 11/15/33 | 315,000 | 348,863 | |
Telecom Italia SpA 5.303% 5/30/24 (a) | 2,895,000 | 3,112,907 | |
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) | 2,600,000 | 2,756,000 | |
U.S. West Communications 7.25% 9/15/25 | 735,000 | 841,466 | |
27,772,782 | |||
Media - 2.8% | |||
Altice Financing SA 7.5% 5/15/26 (a) | 5,535,000 | 5,887,580 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4% 3/1/23 (a) | 3,215,000 | 3,275,281 | |
5% 2/1/28 (a) | 1,325,000 | 1,394,563 | |
5.125% 5/1/23 (a) | 2,195,000 | 2,247,131 | |
5.125% 5/1/27 (a) | 2,805,000 | 2,973,300 | |
5.5% 5/1/26 (a) | 5,360,000 | 5,654,800 | |
CSC Holdings LLC: | |||
5.375% 7/15/23 (a) | 3,000,000 | 3,078,750 | |
5.5% 5/15/26 (a) | 1,380,000 | 1,457,846 | |
5.5% 4/15/27 (a) | 2,650,000 | 2,818,938 | |
7.5% 4/1/28 (a) | 1,235,000 | 1,390,919 | |
7.75% 7/15/25 (a) | 1,555,000 | 1,667,753 | |
DISH DBS Corp.: | |||
5.875% 11/15/24 | 2,840,000 | 2,836,450 | |
7.75% 7/1/26 | 1,060,000 | 1,097,723 | |
MDC Partners, Inc. 6.5% 5/1/24 (a) | 1,605,000 | 1,460,550 | |
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (a) | 2,580,000 | 2,589,675 | |
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) | 2,135,000 | 2,148,344 | |
Sirius XM Radio, Inc.: | |||
4.625% 7/15/24 (a) | 750,000 | 785,625 | |
5% 8/1/27 (a) | 1,060,000 | 1,115,650 | |
5.375% 4/15/25 (a) | 2,165,000 | 2,240,775 | |
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) | 2,970,000 | 3,122,153 | |
Ziggo B.V. 5.5% 1/15/27 (a) | 2,905,000 | 3,075,814 | |
Ziggo Bond Co. BV 6% 1/15/27 (a) | 2,000,000 | 2,098,010 | |
Ziggo Bond Finance BV 5.875% 1/15/25 (a) | 2,425,000 | 2,497,750 | |
56,915,380 | |||
Wireless Telecommunication Services - 0.9% | |||
Citizens Utilities Co. 7.05% 10/1/46 | 2,508,000 | 1,103,520 | |
Intelsat Jackson Holdings SA 8.5% 10/15/24 (a) | 1,860,000 | 1,529,850 | |
Millicom International Cellular SA: | |||
6% 3/15/25 (a) | 205,000 | 212,111 | |
6.625% 10/15/26 (a) | 2,740,000 | 2,984,888 | |
Neptune Finco Corp. 6.625% 10/15/25 (a) | 750,000 | 797,925 | |
Sprint Communications, Inc. 6% 11/15/22 | 4,800,000 | 5,052,000 | |
Sprint Corp. 7.875% 9/15/23 | 3,795,000 | 4,172,128 | |
T-Mobile U.S.A., Inc.: | |||
4.5% 2/1/26 | 1,060,000 | 1,087,825 | |
5.125% 4/15/25 | 995,000 | 1,028,581 | |
6.375% 3/1/25 | 700,000 | 726,250 | |
18,695,078 | |||
TOTAL COMMUNICATION SERVICES | 103,383,240 | ||
CONSUMER DISCRETIONARY - 2.5% | |||
Diversified Consumer Services - 0.3% | |||
Frontdoor, Inc. 6.75% 8/15/26 (a) | 860,000 | 939,464 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) | 2,145,000 | 2,252,920 | |
Laureate Education, Inc. 8.25% 5/1/25 (a) | 2,265,000 | 2,446,200 | |
Service Corp. International 5.125% 6/1/29 | 735,000 | 784,613 | |
6,423,197 | |||
Hotels, Restaurants & Leisure - 1.8% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
4.25% 5/15/24 (a) | 780,000 | 797,550 | |
5% 10/15/25 (a) | 1,410,000 | 1,462,212 | |
Aramark Services, Inc. 4.75% 6/1/26 | 2,480,000 | 2,566,800 | |
Caesars Resort Collection LLC 5.25% 10/15/25 (a) | 3,200,000 | 3,307,072 | |
Eldorado Resorts, Inc.: | |||
6% 4/1/25 | 765,000 | 805,163 | |
6% 9/15/26 | 250,000 | 275,200 | |
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 1,325,000 | 1,454,227 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (a) | 2,610,000 | 2,760,075 | |
Golden Nugget, Inc. 6.75% 10/15/24 (a) | 2,695,000 | 2,782,588 | |
Hilton Escrow Issuer LLC 4.25% 9/1/24 | 670,000 | 681,725 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.: | |||
4.625% 4/1/25 | 655,000 | 673,013 | |
4.875% 4/1/27 | 390,000 | 413,400 | |
MCE Finance Ltd. 4.875% 6/6/25 (a) | 215,000 | 219,476 | |
MGM Growth Properties Operating Partnership LP 4.5% 9/1/26 | 3,050,000 | 3,210,125 | |
Penn National Gaming, Inc. 5.625% 1/15/27 (a) | 1,300,000 | 1,348,750 | |
Scientific Games Corp. 5% 10/15/25 (a) | 1,220,000 | 1,274,327 | |
Stars Group Holdings BV 7% 7/15/26 (a) | 3,335,000 | 3,601,800 | |
Station Casinos LLC 5% 10/1/25 (a) | 1,145,000 | 1,162,175 | |
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) | 1,105,000 | 1,138,150 | |
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) | 1,340,000 | 1,413,700 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) | 1,260,000 | 1,313,550 | |
Wynn Macau Ltd.: | |||
4.875% 10/1/24 (a) | 1,950,000 | 1,979,250 | |
5.5% 10/1/27 (a) | 2,305,000 | 2,366,227 | |
37,006,555 | |||
Household Durables - 0.1% | |||
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA: | |||
5.125% 7/15/23 (a) | 1,000,000 | 1,022,500 | |
7% 7/15/24 (a) | 1,070,000 | 1,107,450 | |
2,129,950 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Zayo Group LLC/Zayo Capital, Inc.: | |||
5.75% 1/15/27 (a) | 1,565,000 | 1,596,300 | |
6.375% 5/15/25 | 1,000,000 | 1,028,750 | |
2,625,050 | |||
Leisure Products - 0.1% | |||
Mattel, Inc. 6.75% 12/31/25 (a) | 1,520,000 | 1,592,200 | |
Textiles, Apparel & Luxury Goods - 0.1% | |||
The William Carter Co. 5.625% 3/15/27 (a) | 880,000 | 948,200 | |
TOTAL CONSUMER DISCRETIONARY | 50,725,152 | ||
CONSUMER STAPLES - 1.1% | |||
Food & Staples Retailing - 0.1% | |||
C&S Group Enterprises LLC 5.375% 7/15/22 (a) | 1,950,000 | 1,969,500 | |
Food Products - 0.9% | |||
CF Industries Holdings, Inc. 5.15% 3/15/34 | 75,000 | 81,750 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.: | |||
5.75% 6/15/25 (a) | 4,505,000 | 4,673,938 | |
5.875% 7/15/24 (a) | 5,915,000 | 6,098,365 | |
6.75% 2/15/28 (a) | 525,000 | 579,416 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (a) | 1,410,000 | 1,503,413 | |
6.5% 4/15/29 (a) | 1,390,000 | 1,539,425 | |
Lamb Weston Holdings, Inc.: | |||
4.625% 11/1/24 (a) | 330,000 | 348,563 | |
4.875% 11/1/26 (a) | 2,000,000 | 2,115,000 | |
Post Holdings, Inc.: | |||
5% 8/15/26 (a) | 865,000 | 908,233 | |
5.75% 3/1/27 (a) | 720,000 | 771,314 | |
18,619,417 | |||
Personal Products - 0.0% | |||
Prestige Brands, Inc. 6.375% 3/1/24 (a) | 500,000 | 520,625 | |
Tobacco - 0.1% | |||
Vector Group Ltd. 6.125% 2/1/25 (a) | 2,055,000 | 1,965,094 | |
TOTAL CONSUMER STAPLES | 23,074,636 | ||
ENERGY - 3.5% | |||
Energy Equipment & Services - 0.4% | |||
Archrock Partners LP / Archrock Partners Finance Corp. 6.875% 4/1/27 (a) | 775,000 | 797,944 | |
Jonah Energy LLC 7.25% 10/15/25 (a) | 1,840,000 | 533,600 | |
Nabors Industries, Inc. 5.5% 1/15/23 | 355,000 | 312,400 | |
Noble Holding International Ltd.: | |||
6.2% 8/1/40 | 1,000,000 | 335,000 | |
7.875% 2/1/26 (a) | 515,000 | 323,163 | |
Summit Midstream Holdings LLC 5.75% 4/15/25 | 1,650,000 | 1,245,750 | |
U.S.A. Compression Partners LP: | |||
6.875% 4/1/26 | 1,500,000 | 1,541,250 | |
6.875% 9/1/27 (a) | 435,000 | 444,918 | |
Valaris PLC 5.2% 3/15/25 | 2,500,000 | 1,125,000 | |
Weatherford International Ltd.: | |||
5.95% 4/15/42 (b) | 150,000 | 38,625 | |
6.5% 8/1/36 (b) | 440,000 | 113,300 | |
9.875% 2/15/24 (b) | 360,000 | 93,600 | |
Weatherford International, Inc. 9.875% 3/1/25 (b) | 3,790,000 | 985,400 | |
7,889,950 | |||
Oil, Gas & Consumable Fuels - 3.1% | |||
California Resources Corp. 8% 12/15/22 (a) | 4,710,000 | 1,318,800 | |
Cheniere Corpus Christi Holdings LLC: | |||
5.875% 3/31/25 | 2,230,000 | 2,492,471 | |
7% 6/30/24 | 1,345,000 | 1,543,172 | |
Cheniere Energy Partners LP: | |||
5.25% 10/1/25 | 4,235,000 | 4,362,050 | |
5.625% 10/1/26 | 615,000 | 647,275 | |
Chesapeake Energy Corp.: | |||
8% 1/15/25 | 2,760,000 | 1,417,950 | |
8% 6/15/27 | 3,095,000 | 1,477,863 | |
Citgo Holding, Inc. 9.25% 8/1/24 (a) | 545,000 | 571,569 | |
Citgo Petroleum Corp. 6.25% 8/15/22 (a) | 1,797,000 | 1,817,216 | |
Comstock Escrow Corp. 9.75% 8/15/26 | 2,215,000 | 1,827,375 | |
Consolidated Energy Finance SA 3 month U.S. LIBOR + 3.750% 5.8685% 6/15/22 (a)(c)(d) | 1,640,000 | 1,623,685 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.75% 4/1/25 | 900,000 | 904,770 | |
6.25% 4/1/23 | 1,580,000 | 1,583,950 | |
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 | 2,605,000 | 2,637,563 | |
DCP Midstream Operating LP: | |||
5.125% 5/15/29 | 1,700,000 | 1,725,500 | |
5.375% 7/15/25 | 1,785,000 | 1,900,989 | |
Denbury Resources, Inc.: | |||
7.75% 2/15/24 (a) | 1,690,000 | 1,256,938 | |
9.25% 3/31/22 (a) | 4,230,000 | 3,500,325 | |
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (a)(b) | 935,000 | 626,450 | |
EQT Corp. 3.9% 10/1/27 | 2,400,000 | 2,091,456 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 (a) | 1,200,000 | 1,254,282 | |
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) | 2,655,000 | 2,761,200 | |
Hess Midstream Partners LP 5.125% 6/15/28 (a)(e) | 575,000 | 581,613 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5% 12/1/24 (a) | 265,000 | 235,953 | |
5.75% 10/1/25 (a) | 650,000 | 564,636 | |
Indigo Natural Resources LLC 6.875% 2/15/26 (a) | 1,250,000 | 1,134,375 | |
MEG Energy Corp. 7% 3/31/24 (a) | 1,040,000 | 1,019,850 | |
Parsley Energy LLC/Parsley: | |||
5.25% 8/15/25 (a) | 170,000 | 172,604 | |
5.375% 1/15/25 (a) | 1,760,000 | 1,799,565 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 1,945,000 | 2,004,031 | |
Range Resources Corp.: | |||
4.875% 5/15/25 | 1,125,000 | 916,875 | |
5% 3/15/23 | 505,000 | 438,719 | |
Sanchez Energy Corp. 7.25% 2/15/23 (a)(b) | 3,615,000 | 2,349,750 | |
SemGroup Corp. 6.375% 3/15/25 | 1,750,000 | 1,824,375 | |
Semgroup Corp. / Rose Rock Finance 5.625% 11/15/23 | 2,025,000 | 2,075,625 | |
Southwestern Energy Co. 7.75% 10/1/27 | 980,000 | 851,375 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.875% 1/15/23 | 815,000 | 833,338 | |
5.5% 2/15/26 | 585,000 | 604,744 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
5.25% 5/1/23 | 1,825,000 | 1,840,969 | |
5.375% 2/1/27 | 3,000,000 | 3,052,500 | |
Viper Energy Partners LP 5.375% 11/1/27 (a) | 1,300,000 | 1,351,948 | |
62,995,694 | |||
TOTAL ENERGY | 70,885,644 | ||
FINANCIALS - 2.6% | |||
Capital Markets - 0.1% | |||
MSCI, Inc. 4.75% 8/1/26 (a) | 1,775,000 | 1,863,750 | |
Consumer Finance - 0.9% | |||
Ally Financial, Inc.: | |||
3.875% 5/21/24 | 840,000 | 872,903 | |
5.75% 11/20/25 | 4,685,000 | 5,159,356 | |
8% 11/1/31 | 770,000 | 1,061,638 | |
Navient Corp.: | |||
5.5% 1/25/23 | 1,620,000 | 1,707,075 | |
5.875% 10/25/24 | 195,000 | 207,675 | |
6.125% 3/25/24 | 505,000 | 539,088 | |
6.5% 6/15/22 | 2,610,000 | 2,830,597 | |
6.75% 6/15/26 | 1,190,000 | 1,273,395 | |
7.25% 1/25/22 | 1,015,000 | 1,101,275 | |
7.25% 9/25/23 | 1,825,000 | 2,025,750 | |
Springleaf Finance Corp.: | |||
6.875% 3/15/25 | 1,235,000 | 1,410,407 | |
7.125% 3/15/26 | 870,000 | 1,002,675 | |
19,191,834 | |||
Diversified Financial Services - 1.2% | |||
Avolon Holdings Funding Ltd.: | |||
5.125% 10/1/23 (a) | 745,000 | 800,801 | |
5.5% 1/15/23 (a) | 1,400,000 | 1,505,140 | |
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) | 230,000 | 217,925 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 980,000 | 1,027,775 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
6.25% 2/1/22 | 3,690,000 | 3,763,800 | |
6.25% 5/15/26 | 1,210,000 | 1,287,138 | |
6.375% 12/15/25 | 1,080,000 | 1,142,100 | |
6.75% 2/1/24 | 1,975,000 | 2,054,000 | |
Park Aerospace Holdings Ltd.: | |||
4.5% 3/15/23 (a) | 455,000 | 476,476 | |
5.25% 8/15/22 (a) | 1,285,000 | 1,364,799 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
6.625% 2/15/25 (a) | 2,440,000 | 2,464,400 | |
6.875% 2/15/23 (a) | 565,000 | 576,300 | |
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) | 4,910,000 | 5,112,538 | |
Tempo Acquisition LLC 6.75% 6/1/25 (a) | 1,675,000 | 1,725,250 | |
23,518,442 | |||
Insurance - 0.3% | |||
Alliant Holdings Intermediate LLC 6.75% 10/15/27 (a) | 1,875,000 | 1,982,813 | |
AmWINS Group, Inc. 7.75% 7/1/26 (a) | 1,670,000 | 1,805,688 | |
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) | 1,420,000 | 1,427,100 | |
5,215,601 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
Starwood Property Trust, Inc. 4.75% 3/15/25 | 515,000 | 535,600 | |
Thrifts & Mortgage Finance - 0.1% | |||
Quicken Loans, Inc. 5.25% 1/15/28 (a) | 1,965,000 | 2,050,389 | |
TOTAL FINANCIALS | 52,375,616 | ||
HEALTH CARE - 2.0% | |||
Health Care Equipment & Supplies - 0.1% | |||
Hologic, Inc.: | |||
4.375% 10/15/25 (a) | 980,000 | 1,009,400 | |
4.625% 2/1/28 (a) | 185,000 | 195,175 | |
Teleflex, Inc. 4.875% 6/1/26 | 1,750,000 | 1,828,750 | |
3,033,325 | |||
Health Care Providers & Services - 1.4% | |||
Centene Corp. 4.25% 12/15/27 (a)(e) | 485,000 | 498,944 | |
Community Health Systems, Inc.: | |||
6.25% 3/31/23 | 6,515,000 | 6,433,563 | |
8% 3/15/26 (a) | 2,080,000 | 2,077,400 | |
8.625% 1/15/24 (a) | 1,445,000 | 1,488,350 | |
HCA Holdings, Inc. 5% 3/15/24 | 3,000,000 | 3,257,315 | |
MPH Acquisition Holdings LLC 7.125% 6/1/24 (a) | 1,915,000 | 1,737,863 | |
Tenet Healthcare Corp.: | |||
5.125% 5/1/25 | 915,000 | 940,163 | |
6.25% 2/1/27 (a) | 885,000 | 946,950 | |
6.75% 6/15/23 | 2,620,000 | 2,829,600 | |
7% 8/1/25 | 1,815,000 | 1,908,019 | |
8.125% 4/1/22 | 4,645,000 | 5,074,663 | |
Vizient, Inc. 6.25% 5/15/27 (a) | 125,000 | 135,313 | |
Wellcare Health Plans, Inc. 5.25% 4/1/25 | 1,095,000 | 1,145,644 | |
28,473,787 | |||
Health Care Technology - 0.1% | |||
IMS Health, Inc. 5% 5/15/27 (a) | 1,425,000 | 1,496,250 | |
Life Sciences Tools & Services - 0.1% | |||
Avantor, Inc. 6% 10/1/24 (a) | 780,000 | 835,575 | |
Charles River Laboratories International, Inc.: | |||
4.25% 5/1/28 (a) | 145,000 | 146,088 | |
5.5% 4/1/26 (a) | 735,000 | 782,775 | |
1,764,438 | |||
Pharmaceuticals - 0.3% | |||
Catalent Pharma Solutions 4.875% 1/15/26 (a) | 1,355,000 | 1,397,344 | |
Valeant Pharmaceuticals International, Inc.: | |||
5.5% 11/1/25 (a) | 780,000 | 815,100 | |
5.875% 5/15/23 (a) | 145,000 | 146,813 | |
6.125% 4/15/25 (a) | 785,000 | 816,376 | |
7% 3/15/24 (a) | 2,500,000 | 2,615,625 | |
5,791,258 | |||
TOTAL HEALTH CARE | 40,559,058 | ||
INDUSTRIALS - 1.6% | |||
Aerospace & Defense - 0.7% | |||
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) | 2,530,000 | 2,660,244 | |
Bombardier, Inc.: | |||
7.5% 12/1/24 (a) | 2,040,000 | 2,096,100 | |
7.5% 3/15/25 (a) | 780,000 | 789,750 | |
7.875% 4/15/27 (a) | 1,630,000 | 1,639,715 | |
BWX Technologies, Inc. 5.375% 7/15/26 (a) | 1,925,000 | 2,030,875 | |
TransDigm, Inc.: | |||
6.25% 3/15/26 (a) | 2,455,000 | 2,636,056 | |
6.5% 7/15/24 | 780,000 | 804,375 | |
6.5% 5/15/25 | 1,805,000 | 1,874,944 | |
14,532,059 | |||
Air Freight & Logistics - 0.2% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(c) | 2,950,000 | 3,237,625 | |
Building Products - 0.1% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (a) | 1,950,000 | 1,998,750 | |
Commercial Services & Supplies - 0.3% | |||
ADT Corp. 4.875% 7/15/32 (a) | 1,105,000 | 961,350 | |
APX Group, Inc.: | |||
7.625% 9/1/23 | 1,400,000 | 1,221,500 | |
7.875% 12/1/22 | 1,150,000 | 1,142,813 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) | 1,030,000 | 1,004,250 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) | 1,800,000 | 1,814,256 | |
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a) | 675,000 | 709,594 | |
6,853,763 | |||
Construction & Engineering - 0.1% | |||
AECOM: | |||
5.125% 3/15/27 | 1,520,000 | 1,618,800 | |
5.875% 10/15/24 | 905,000 | 988,713 | |
2,607,513 | |||
Electrical Equipment - 0.0% | |||
Sensata Technologies BV 5% 10/1/25 (a) | 715,000 | 773,988 | |
Trading Companies & Distributors - 0.2% | |||
FLY Leasing Ltd.: | |||
5.25% 10/15/24 | 2,075,000 | 2,139,844 | |
6.375% 10/15/21 | 1,500,000 | 1,526,250 | |
3,666,094 | |||
TOTAL INDUSTRIALS | 33,669,792 | ||
INFORMATION TECHNOLOGY - 1.5% | |||
Electronic Equipment & Components - 0.1% | |||
TTM Technologies, Inc. 5.625% 10/1/25 (a) | 2,835,000 | 2,891,700 | |
IT Services - 0.3% | |||
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) | 2,020,000 | 1,893,245 | |
Camelot Finance SA 4.5% 11/1/26 (a) | 1,250,000 | 1,273,690 | |
Gartner, Inc. 5.125% 4/1/25 (a) | 350,000 | 366,958 | |
Rackspace Hosting, Inc. 8.625% 11/15/24 (a) | 2,040,000 | 1,973,700 | |
5,507,593 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
Qorvo, Inc. 5.5% 7/15/26 | 1,795,000 | 1,909,431 | |
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) | 1,000,000 | 1,074,370 | |
2,983,801 | |||
Software - 0.9% | |||
Ascend Learning LLC: | |||
6.875% 8/1/25 (a) | 185,000 | 194,713 | |
6.875% 8/1/25 (a) | 1,355,000 | 1,422,750 | |
CDK Global, Inc.: | |||
4.875% 6/1/27 | 485,000 | 508,091 | |
5.25% 5/15/29 (a) | 240,000 | 254,436 | |
5.875% 6/15/26 | 985,000 | 1,052,719 | |
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) | 2,258,000 | 2,320,095 | |
Fair Isaac Corp. 5.25% 5/15/26 (a) | 2,365,000 | 2,577,850 | |
Nortonlifelock, Inc. 5% 4/15/25 (a) | 3,260,000 | 3,291,878 | |
Nuance Communications, Inc. 5.625% 12/15/26 | 1,085,000 | 1,152,813 | |
Open Text Corp. 5.875% 6/1/26 (a) | 3,330,000 | 3,544,885 | |
SS&C Technologies, Inc. 5.5% 9/30/27 (a) | 1,850,000 | 1,979,408 | |
18,299,638 | |||
TOTAL INFORMATION TECHNOLOGY | 29,682,732 | ||
MATERIALS - 1.5% | |||
Chemicals - 0.6% | |||
Element Solutions, Inc. 5.875% 12/1/25 (a) | 1,915,000 | 1,991,600 | |
Nufarm Australia Ltd. 5.75% 4/30/26 (a) | 1,795,000 | 1,759,100 | |
OCI NV 6.625% 4/15/23 (a) | 1,620,000 | 1,688,850 | |
Olin Corp. 5.125% 9/15/27 | 1,495,000 | 1,551,063 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 1,380,000 | 1,159,200 | |
7% 5/15/25 | 815,000 | 753,875 | |
TPC Group, Inc. 10.5% 8/1/24 (a) | 330,000 | 331,650 | |
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) | 1,240,000 | 1,241,587 | |
Valvoline, Inc. 4.375% 8/15/25 | 1,025,000 | 1,048,063 | |
11,524,988 | |||
Containers & Packaging - 0.7% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 6% 2/15/25 (a) | 2,260,000 | 2,373,000 | |
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 | 2,120,000 | 2,194,200 | |
Flex Acquisition Co., Inc.: | |||
6.875% 1/15/25 (a) | 1,985,000 | 1,890,713 | |
7.875% 7/15/26 (a) | 895,000 | 854,725 | |
OI European Group BV 4% 3/15/23 (a) | 1,445,000 | 1,441,388 | |
Owens-Brockway Glass Container, Inc. 5.375% 1/15/25 (a) | 2,000,000 | 2,025,000 | |
Silgan Holdings, Inc. 4.75% 3/15/25 | 695,000 | 710,638 | |
Trivium Packaging Finance BV: | |||
5.5% 8/15/26 (a) | 1,785,000 | 1,874,277 | |
8.5% 8/15/27 (a) | 315,000 | 342,563 | |
13,706,504 | |||
Metals & Mining - 0.2% | |||
First Quantum Minerals Ltd.: | |||
7.25% 5/15/22 (a) | 565,000 | 569,938 | |
7.25% 4/1/23 (a) | 2,395,000 | 2,408,173 | |
Freeport-McMoRan, Inc.: | |||
3.55% 3/1/22 | 475,000 | 477,375 | |
3.875% 3/15/23 | 1,645,000 | 1,678,558 | |
5,134,044 | |||
Paper & Forest Products - 0.0% | |||
Berry Global Escrow Corp. 4.875% 7/15/26 (a) | 1,105,000 | 1,156,106 | |
TOTAL MATERIALS | 31,521,642 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Corrections Corp. of America: | |||
4.125% 4/1/20 | 530,000 | 530,265 | |
4.625% 5/1/23 | 275,000 | 268,469 | |
5% 10/15/22 | 802,000 | 800,998 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 1,170,000 | 1,216,800 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5.25% 8/1/26 | 1,035,000 | 1,099,905 | |
5.5% 5/1/24 | 1,500,000 | 1,541,250 | |
The GEO Group, Inc.: | |||
5.875% 10/15/24 | 265,000 | 221,938 | |
6% 4/15/26 | 360,000 | 285,300 | |
VICI Properties, Inc. 4.25% 12/1/26 (a) | 905,000 | 923,100 | |
6,888,025 | |||
Real Estate Management & Development - 0.1% | |||
Howard Hughes Corp. 5.375% 3/15/25 (a) | 2,345,000 | 2,460,327 | |
TOTAL REAL ESTATE | 9,348,352 | ||
UTILITIES - 1.1% | |||
Electric Utilities - 0.6% | |||
Clearway Energy Operating LLC 5.75% 10/15/25 | 900,000 | 945,000 | |
InterGen NV 7% 6/30/23 (a) | 3,045,000 | 2,953,650 | |
NextEra Energy Partners LP: | |||
4.25% 9/15/24 (a) | 1,365,000 | 1,402,538 | |
4.5% 9/15/27 (a) | 250,000 | 255,000 | |
NRG Yield Operating LLC 5% 9/15/26 | 885,000 | 915,975 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) | 1,611,557 | 1,748,540 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (a) | 1,025,000 | 1,064,719 | |
5.5% 9/1/26 (a) | 3,566,000 | 3,753,215 | |
13,038,637 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
NRG Energy, Inc.: | |||
5.25% 6/15/29 (a) | 1,095,000 | 1,173,621 | |
6.625% 1/15/27 | 1,910,000 | 2,067,575 | |
Talen Energy Supply LLC 10.5% 1/15/26 (a) | 2,235,000 | 1,896,040 | |
TerraForm Power Operating LLC: | |||
4.25% 1/31/23 (a) | 500,000 | 508,543 | |
5% 1/31/28 (a) | 560,000 | 582,053 | |
The AES Corp.: | |||
4.5% 3/15/23 | 755,000 | 773,875 | |
6% 5/15/26 | 2,000,000 | 2,134,960 | |
9,136,667 | |||
TOTAL UTILITIES | 22,175,304 | ||
TOTAL NONCONVERTIBLE BONDS | 467,401,168 | ||
TOTAL CORPORATE BONDS | |||
(Cost $467,374,822) | 470,028,609 | ||
Shares | Value | ||
Common Stocks - 0.0% | |||
COMMUNICATION SERVICES - 0.0% | |||
Media - 0.0% | |||
DISH Network Corp. rights 12/9/19 (f) | |||
(Cost $0) | 2,108 | 1,433 | |
Principal Amount | Value | ||
Bank Loan Obligations - 0.4% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9528% 8/19/23 (c)(d) | 1,460,200 | 1,416,394 | |
CONSUMER DISCRETIONARY - 0.1% | |||
Hotels, Restaurants & Leisure - 0.1% | |||
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7% 10/20/24 (c)(d) | 1,312,400 | 1,314,867 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
California Resources Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.4516% 12/31/22 (c)(d) | 475,000 | 398,492 | |
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.7859% 3/1/24 (c)(d) | 2,475,000 | 866,250 | |
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 10% 5/11/20 (c)(d)(g)(h) | 1,590,296 | 1,590,296 | |
2,855,038 | |||
INDUSTRIALS - 0.1% | |||
Commercial Services & Supplies - 0.1% | |||
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.2356% 6/21/24 (c)(d) | 1,456,475 | 1,424,156 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Communications Equipment - 0.0% | |||
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7859% 2/1/24 (c)(d) | 404,625 | 401,663 | |
Software - 0.0% | |||
Almonde, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4463% 6/13/25 (c)(d) | 55,000 | 53,075 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.6963% 6/13/24 (c)(d) | 241,422 | 235,840 | |
288,915 | |||
TOTAL INFORMATION TECHNOLOGY | 690,578 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $8,026,576) | 7,701,033 | ||
Shares | Value | ||
Fixed-Income Funds - 75.0% | |||
High Yield Fixed-Income Funds - 75.0% | |||
Artisan High Income Fund Investor Shares | 25,411,899 | 244,462,469 | |
BlackRock High Yield Bond Portfolio Institutional Class | 10,574,874 | 81,109,286 | |
Eaton Vance Income Fund of Boston Class A | 17,883,264 | 99,788,613 | |
Fidelity Advisor High Income Advantage Fund Class I (i) | 162,937 | 1,714,098 | |
Fidelity Capital & Income Fund (i) | 14,783,850 | 149,464,725 | |
Hotchkis & Wiley High Yield Fund Class A | 12,931,622 | 145,998,015 | |
MainStay High Yield Corporate Bond Fund Class A | 37,643,377 | 211,555,780 | |
Prudential High Yield Fund | 47,374,943 | 259,614,659 | |
T. Rowe Price High Yield Fund Advisor Class | 26,950,242 | 177,602,094 | |
Vanguard High-Yield Corporate Fund Admiral Shares | 25,807,322 | 152,521,274 | |
TOTAL FIXED-INCOME FUNDS | |||
(Cost $1,464,637,752) | 1,523,831,013 | ||
Principal Amount | Value | ||
Preferred Securities - 0.8% | |||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
MPLX LP 6.875% (c)(j) | 2,055,000 | 2,060,138 | |
FINANCIALS - 0.6% | |||
Banks - 0.6% | |||
Bank of America Corp.: | |||
5.2% (c)(j) | 1,200,000 | 1,251,000 | |
6.25% (c)(j) | 4,000,000 | 4,459,280 | |
Barclays PLC 7.875% (Reg. S) (c)(j) | 1,535,000 | 1,644,369 | |
Royal Bank of Scotland Group PLC 7.5% (c)(j) | 1,060,000 | 1,086,500 | |
Wells Fargo & Co. 5.9% (c)(j) | 2,250,000 | 2,430,000 | |
10,871,149 | |||
INDUSTRIALS - 0.1% | |||
Trading Companies & Distributors - 0.1% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 2,530,000 | 2,688,024 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $14,708,884) | 15,619,311 | ||
Shares | Value | ||
Money Market Funds - 0.4% | |||
Fidelity Cash Central Fund 1.61% (k) | 8,022,296 | 8,023,901 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 1.59% (l) | 2,083 | 2,083 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $8,025,840) | 8,025,984 | ||
TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
(Cost $1,962,773,874) | 2,025,207,383 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 5,568,035 | ||
NET ASSETS - 100% | $2,030,775,418 |
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 $295,330,898 or 14.5% of net assets.
(b) Non-income producing - Security is in default.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Non-income producing
(g) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,135,926 and $1,135,926, respectively.
(h) Level 3 security
(i) Affiliated Fund
(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.
(l) The rate quoted is the annualized seven-day yield of the fund at period end.
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 | $218,825 |
Total | $218,825 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Advisor High Income Advantage Fund Class I | $160,296,900 | $3,864,008 | $163,461,386 | $3,862,788 | $16,464,311 | $(15,449,735) | $1,714,098 |
Fidelity Capital & Income Fund | 360,272,960 | 6,456,209 | 222,034,748 | 5,807,261 | 24,056,694 | (19,286,390) | 149,464,725 |
Total | $520,569,860 | $10,320,217 | $385,496,134 | $9,670,049 | $40,521,005 | $(34,736,125) | $151,178,823 |
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 Funds 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 prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
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.
If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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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