Quarterly Holdings Report
for
Fidelity® Tactical Bond Fund
May 31, 2024
TBF-NPRT3-0724
1.9904499.102
Nonconvertible Bonds - 6.8% | |||
Principal Amount (a) | Value ($) | ||
COMMUNICATION SERVICES - 1.3% | |||
Media - 0.7% | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: | |||
3.7% 4/1/51 | 250,000 | 153,024 | |
5.5% 4/1/63 | 130,000 | 101,658 | |
Sirius XM Radio, Inc. 4.125% 7/1/30 (b) | 140,000 | 117,341 | |
Warnermedia Holdings, Inc.: | |||
5.05% 3/15/42 | 10,000 | 8,264 | |
5.141% 3/15/52 | 16,000 | 12,631 | |
392,918 | |||
Wireless Telecommunication Services - 0.6% | |||
Millicom International Cellular SA: | |||
4.5% 4/27/31 (b) | 310,000 | 265,089 | |
6.25% 3/25/29 (b) | 72,000 | 69,912 | |
335,001 | |||
TOTAL COMMUNICATION SERVICES | 727,919 | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Tapestry, Inc.: | |||
7% 11/27/26 | 13,000 | 13,348 | |
7.35% 11/27/28 | 20,000 | 20,711 | |
7.7% 11/27/30 | 43,000 | 44,929 | |
7.85% 11/27/33 | 43,000 | 45,328 | |
124,316 | |||
ENERGY - 2.5% | |||
Oil, Gas & Consumable Fuels - 2.5% | |||
Columbia Pipelines Operating Co. LLC: | |||
5.927% 8/15/30 (b) | 4,000 | 4,059 | |
6.036% 11/15/33 (b) | 12,000 | 12,232 | |
6.497% 8/15/43 (b) | 3,000 | 3,128 | |
6.544% 11/15/53 (b) | 6,000 | 6,357 | |
6.714% 8/15/63 (b) | 4,000 | 4,247 | |
Kinder Morgan, Inc. 3.6% 2/15/51 | 600,000 | 410,766 | |
MPLX LP: | |||
5% 3/1/33 | 100,000 | 95,019 | |
5.65% 3/1/53 | 100,000 | 94,433 | |
Petroleos Mexicanos 7.69% 1/23/50 | 650,000 | 471,835 | |
Targa Resources Corp.: | |||
4.2% 2/1/33 | 130,000 | 116,654 | |
4.95% 4/15/52 | 130,000 | 110,567 | |
1,329,297 | |||
FINANCIALS - 1.1% | |||
Banks - 0.4% | |||
Bank of America Corp. 2.299% 7/21/32 (c) | 280,000 | 227,865 | |
Consumer Finance - 0.6% | |||
Capital One Financial Corp.: | |||
5.468% 2/1/29 (c) | 18,000 | 17,855 | |
5.817% 2/1/34 (c) | 32,000 | 31,567 | |
7.624% 10/30/31 (c) | 32,000 | 34,998 | |
Ford Motor Credit Co. LLC 3.375% 11/13/25 | 250,000 | 241,368 | |
325,788 | |||
Financial Services - 0.1% | |||
Corebridge Financial, Inc.: | |||
3.9% 4/5/32 | 9,000 | 8,035 | |
4.35% 4/5/42 | 2,000 | 1,649 | |
4.4% 4/5/52 | 6,000 | 4,754 | |
14,438 | |||
TOTAL FINANCIALS | 568,091 | ||
HEALTH CARE - 0.4% | |||
Health Care Providers & Services - 0.4% | |||
Centene Corp. 4.625% 12/15/29 | 120,000 | 112,965 | |
Prime Healthcare Foundation, Inc. 7% 12/1/27 | 110,000 | 103,275 | |
216,240 | |||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
The Boeing Co.: | |||
6.259% 5/1/27 (b) | 9,000 | 9,060 | |
6.298% 5/1/29 (b) | 12,000 | 12,097 | |
6.388% 5/1/31 (b) | 9,000 | 9,104 | |
6.528% 5/1/34 (b) | 10,000 | 10,139 | |
6.858% 5/1/54 (b) | 14,000 | 14,199 | |
7.008% 5/1/64 (b) | 14,000 | 14,121 | |
68,720 | |||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
American Homes 4 Rent LP: | |||
3.625% 4/15/32 | 8,000 | 6,930 | |
4.3% 4/15/52 | 6,000 | 4,607 | |
Highwoods Realty LP 7.65% 2/1/34 | 89,000 | 95,431 | |
Piedmont Operating Partnership LP 9.25% 7/20/28 | 39,000 | 41,634 | |
148,602 | |||
Real Estate Management & Development - 0.0% | |||
Brandywine Operating Partnership LP 8.875% 4/12/29 | 28,000 | 28,979 | |
TOTAL REAL ESTATE | 177,581 | ||
UTILITIES - 0.9% | |||
Electric Utilities - 0.8% | |||
DPL, Inc.: | |||
4.125% 7/1/25 | 200,000 | 195,586 | |
4.35% 4/15/29 | 270,000 | 249,511 | |
445,097 | |||
Multi-Utilities - 0.1% | |||
Puget Energy, Inc. 4.224% 3/15/32 | 15,000 | 13,335 | |
TOTAL UTILITIES | 458,432 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $3,963,221) | 3,670,596 | ||
U.S. Treasury Obligations - 49.8% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bonds: | |||
2.875% 5/15/52 | 4,990,000 | 3,600,792 | |
4.125% 8/15/53 | 5,589,000 | 5,126,161 | |
U.S. Treasury Notes: | |||
3.5% 2/15/33 | 930,000 | 863,483 | |
3.75% 5/31/30 | 620,000 | 595,370 | |
3.75% 12/31/30 | 2,100,000 | 2,010,258 | |
4% 1/31/31 | 6,800,000 | 6,603,438 | |
4.125% 11/15/32 | 8,130,000 | 7,917,223 | |
4.5% 11/15/33 | 200,000 | 200,031 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $28,428,597) | 26,916,756 | ||
Asset-Backed Securities - 4.6% | |||
Principal Amount (a) | Value ($) | ||
AASET Trust: | |||
Series 2021-1A Class A, 2.95% 11/16/41 (b) | 168,447 | 153,820 | |
Series 2021-2A Class A, 2.798% 1/15/47 (b) | 196,691 | 173,552 | |
DB Master Finance LLC Series 2021-1A Class A23, 2.791% 11/20/51 (b) | 243,750 | 199,598 | |
Dominos Pizza Master Issuer LLC Series 2021-1A Class A2II, 3.151% 4/25/51 (b) | 923,875 | 785,762 | |
Horizon Aircraft Finance Ltd. Series 2019-1 Class A, 3.721% 7/15/39 (b) | 299,709 | 272,734 | |
Planet Fitness Master Issuer LLC Series 2022-1A Class A2II, 4.008% 12/5/51 (b) | 490,000 | 428,733 | |
Subway Funding LLC Issuer Series 2024-1A: | |||
Class A23, 6.505% 7/30/54 (b) | 28,000 | 28,000 | |
Class A2I, 6.028% 7/30/54 (b) | 53,000 | 53,000 | |
Class A2II, 6.268% 7/30/54 (b) | 32,000 | 32,000 | |
Thunderbolt III Aircraft Lease Ltd. Series 2019-1 Class A, 3.671% 11/15/39 (b) | 396,913 | 345,612 | |
TOTAL ASSET-BACKED SECURITIES (Cost $2,549,694) | 2,472,811 | ||
Commercial Mortgage Securities - 1.6% | |||
Principal Amount (a) | Value ($) | ||
BPR Trust floater Series 2022-OANA Class B, CME Term SOFR 1 Month Index + 2.440% 7.7638% 4/15/37 (b)(c)(d) | 11,000 | 11,041 | |
BX Commercial Mortgage Trust floater Series 2022-LP2 Class B, CME Term SOFR 1 Month Index + 1.310% 6.6291% 2/15/39 (b)(c)(d) | 79,073 | 78,381 | |
BX Trust floater Series 2022-IND: | |||
Class C, CME Term SOFR 1 Month Index + 2.290% 7.6068% 4/15/37 (b)(c)(d) | 200,040 | 199,978 | |
Class D, CME Term SOFR 1 Month Index + 2.830% 8.1558% 4/15/37 (b)(c)(d) | 7,409 | 7,420 | |
Life Financial Services Trust floater Series 2022-BMR2: | |||
Class B, CME Term SOFR 1 Month Index + 1.790% 7.1107% 5/15/39 (b)(c)(d) | 100,000 | 97,750 | |
Class C, CME Term SOFR 1 Month Index + 2.090% 7.4099% 5/15/39 (b)(c)(d) | 100,000 | 97,250 | |
Class D, CME Term SOFR 1 Month Index + 2.540% 7.8587% 5/15/39 (b)(c)(d) | 100,000 | 95,018 | |
Open Trust 2023-Air sequential payer Series 2023-AIR: | |||
Class A, CME Term SOFR 1 Month Index + 3.080% 8.4059% 10/15/28 (b)(c)(d) | 94,968 | 96,333 | |
Class B, CME Term SOFR 1 Month Index + 3.830% 9.1548% 10/15/28 (b)(c)(d) | 94,968 | 95,443 | |
VLS Commercial Mortgage Trust sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b) | 100,000 | 79,964 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $862,639) | 858,578 | ||
Municipal Securities - 0.8% | |||
Principal Amount (a) | Value ($) | ||
Chicago Board of Ed.: | |||
Series 2009 G, 1.75% 12/15/25 | 400,000 | 372,442 | |
Series 2010 C, 6.319% 11/1/29 | 60,000 | 59,599 | |
TOTAL MUNICIPAL SECURITIES (Cost $434,160) | 432,041 | ||
Foreign Government and Government Agency Obligations - 4.6% | |||
Principal Amount (a) | Value ($) | ||
Brazilian Federative Republic: | |||
5.625% 2/21/47 | 140,000 | 116,060 | |
10% 1/1/27 | BRL | 1,000,000 | 185,980 |
10% 1/1/33 | BRL | 1,700,000 | 293,918 |
Colombian Republic: | |||
8% 11/14/35 | 200,000 | 203,900 | |
8.75% 11/14/53 | 200,000 | 209,100 | |
Dominican Republic: | |||
4.875% 9/23/32 (b) | 270,000 | 240,840 | |
5.5% 2/22/29 (b) | 250,000 | 241,016 | |
Japan Government 0.1% 12/20/24 | JPY | 79,400,000 | 504,759 |
United Mexican States: | |||
7.75% 5/29/31 | MXN | 4,872,000 | 257,041 |
7.75% 11/13/42 | MXN | 5,181,000 | 250,385 |
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $2,581,302) | 2,502,999 | ||
Fixed-Income Funds - 29.4% | |||
Shares | Value ($) | ||
Fidelity Floating Rate Central Fund (e) | 90,790 | 8,942,825 | |
Fidelity High Income Central Fund (e) | 30,944 | 3,225,324 | |
Fidelity International Credit Central Fund (e) | 46,219 | 3,691,939 | |
TOTAL FIXED-INCOME FUNDS (Cost $16,561,575) | 15,860,088 | ||
Preferred Securities - 1.7% | |||
Principal Amount (a) | Value ($) | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
Enbridge, Inc. 5.75% 7/15/80 (c) | 250,000 | 232,977 | |
FINANCIALS - 1.3% | |||
Banks - 1.3% | |||
Bank of Nova Scotia 4.9% (c)(f) | 690,000 | 676,955 | |
TOTAL PREFERRED SECURITIES (Cost $930,198) | 909,932 | ||
Money Market Funds - 0.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) (Cost $235,597) | 235,550 | 235,597 | |
TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $56,546,983) | 53,859,398 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 159,816 |
NET ASSETS - 100.0% | 54,019,214 |
Currency Abbreviations
BRL | - | Brazilian real |
JPY | - | Japanese yen |
MXN | - | Mexican peso |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,364,330 or 8.1% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Security is perpetual in nature with no stated maturity date. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 137,020 | 18,394,799 | 18,296,222 | 30,246 | - | - | 235,597 | 0.0% |
Fidelity Floating Rate Central Fund | 7,157,795 | 1,754,571 | - | 554,572 | - | 30,459 | 8,942,825 | 0.6% |
Fidelity High Income Central Fund | 2,393,318 | 770,941 | - | 170,943 | - | 61,065 | 3,225,324 | 0.2% |
Fidelity International Credit Central Fund | 3,427,248 | 111,572 | - | 111,572 | - | 153,119 | 3,691,939 | 4.0% |
Total | 13,115,381 | 21,031,883 | 18,296,222 | 867,333 | - | 244,643 | 16,095,685 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities.Nonconvertible Bonds, U.S. Treasury Obligations, Municipal Securities, Foreign Government and Government Agency Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset-Backed Securities and Commercial Mortgage Securities are valued by pricing services 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.When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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