Quarterly Holdings Report
for
Fidelity® High Yield Factor ETF
May 31, 2023
HIE-NPRT3-0723
1.9887639.104
Nonconvertible Bonds - 97.3% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 4.6% | |||
Bombardier, Inc. 7.5% 2/1/29 (b) | 1,482,000 | 1,438,846 | |
Hexcel Corp. 4.95% 8/15/25 | 269,000 | 265,174 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 3,982,000 | 3,538,997 | |
6.25% 3/15/26 (b) | 3,018,000 | 2,997,338 | |
6.75% 8/15/28 (b) | 3,587,000 | 3,591,132 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 500,000 | 457,660 | |
TOTAL AEROSPACE | 12,289,147 | ||
Air Transportation - 1.7% | |||
Air Canada 3.875% 8/15/26 (b) | 280,000 | 259,920 | |
Allegiant Travel Co. 7.25% 8/15/27 (b) | 270,000 | 267,975 | |
American Airlines, Inc.: | |||
7.25% 2/15/28 (b) | 215,000 | 210,382 | |
11.75% 7/15/25 (b) | 534,900 | 585,922 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 645,634 | 633,625 | |
Bristow Group, Inc. 6.875% 3/1/28 (b) | 166,000 | 154,800 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 300,000 | 258,975 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 1,102,000 | 1,115,746 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 812,900 | 769,090 | |
United Continental Holdings, Inc. 4.875% 1/15/25 | 369,000 | 360,698 | |
TOTAL AIR TRANSPORTATION | 4,617,133 | ||
Automotive & Auto Parts - 4.5% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 3,414,000 | 2,882,582 | |
Ford Motor Credit Co. LLC: | |||
3.37% 11/17/23 | 787,000 | 777,313 | |
4.687% 6/9/25 | 1,143,000 | 1,098,791 | |
4.95% 5/28/27 | 2,400,000 | 2,246,392 | |
6.8% 5/12/28 | 3,000,000 | 2,968,886 | |
6.95% 3/6/26 | 1,400,000 | 1,402,951 | |
Gates Global LLC/Gates Global Co. 6.25% 1/15/26 (b) | 175,000 | 171,500 | |
Jaguar Land Rover Automotive PLC 7.75% 10/15/25 (b) | 175,000 | 174,976 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 443,000 | 362,188 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 12,085,579 | ||
Banks & Thrifts - 0.4% | |||
AG TTMT Escrow Issuer LLC 8.625% 9/30/27 (b) | 500,000 | 506,350 | |
PennyMac Financial Services, Inc. 5.75% 9/15/31 (b) | 700,000 | 563,638 | |
UniCredit SpA 7.296% 4/2/34 (b)(c) | 89,693 | 85,312 | |
TOTAL BANKS & THRIFTS | 1,155,300 | ||
Broadcasting - 3.5% | |||
DISH Network Corp. 11.75% 11/15/27 (b) | 2,608,000 | 2,496,134 | |
Nexstar Media, Inc. 4.75% 11/1/28 (b) | 4,098,000 | 3,457,805 | |
Sinclair Television Group, Inc. 4.125% 12/1/30 (b) | 500,000 | 326,968 | |
Sirius XM Radio, Inc.: | |||
3.125% 9/1/26 (b) | 1,947,000 | 1,717,642 | |
3.875% 9/1/31 (b) | 800,000 | 590,351 | |
TEGNA, Inc. 5% 9/15/29 | 500,000 | 428,728 | |
Univision Communications, Inc. 7.375% 6/30/30 (b) | 505,000 | 469,514 | |
TOTAL BROADCASTING | 9,487,142 | ||
Building Materials - 1.3% | |||
Builders FirstSource, Inc. 4.25% 2/1/32 (b) | 1,957,000 | 1,681,337 | |
Griffon Corp. 5.75% 3/1/28 | 600,000 | 553,161 | |
Jeld-Wen, Inc. 4.625% 12/15/25 (b) | 471,000 | 454,623 | |
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b) | 867,000 | 732,065 | |
TOTAL BUILDING MATERIALS | 3,421,186 | ||
Cable/Satellite TV - 2.9% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (b) | 1,311,000 | 969,889 | |
4.5% 5/1/32 | 1,982,000 | 1,551,150 | |
6.375% 9/1/29 (b) | 1,621,000 | 1,511,859 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (b) | 1,550,000 | 1,077,689 | |
11.25% 5/15/28 (b) | 500,000 | 473,750 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 613,000 | 539,941 | |
DISH DBS Corp. 5.125% 6/1/29 | 1,100,000 | 498,882 | |
Dolya Holdco 18 DAC 5% 7/15/28 (b) | 450,000 | 390,855 | |
Ziggo BV 4.875% 1/15/30 (b) | 800,000 | 665,748 | |
TOTAL CABLE/SATELLITE TV | 7,679,763 | ||
Capital Goods - 0.9% | |||
ATS Corp. 4.125% 12/15/28 (b) | 480,000 | 429,782 | |
EnerSys 4.375% 12/15/27 (b) | 1,232,000 | 1,145,687 | |
Patrick Industries, Inc. 4.75% 5/1/29 (b) | 897,000 | 766,065 | |
TOTAL CAPITAL GOODS | 2,341,534 | ||
Chemicals - 2.7% | |||
Avient Corp. 5.75% 5/15/25 (b) | 105,000 | 104,486 | |
CVR Partners LP 6.125% 6/15/28 (b) | 320,000 | 277,692 | |
INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (b) | 480,000 | 440,419 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 455,000 | 409,527 | |
Olin Corp. 5% 2/1/30 | 2,144,300 | 1,953,238 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (b)(d) | 500,000 | 496,250 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 2,253,000 | 1,823,652 | |
5.75% 11/15/28 (b) | 1,977,000 | 1,740,375 | |
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.125% 4/1/29 (b) | 200,000 | 108,220 | |
TOTAL CHEMICALS | 7,353,859 | ||
Consumer Products - 2.3% | |||
BlueLinx Corp. 6% 11/15/29 (b) | 225,000 | 190,125 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 556,000 | 505,738 | |
Grubhub Holdings, Inc. 5.5% 7/1/27 (b) | 86,000 | 56,724 | |
Macy's Retail Holdings LLC 5.875% 4/1/29 (b) | 600,000 | 530,399 | |
Rakuten Group, Inc. 10.25% 11/30/24 (b) | 1,000,000 | 1,002,500 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 2,965,000 | 2,371,838 | |
TripAdvisor, Inc. 7% 7/15/25 (b) | 1,386,000 | 1,389,307 | |
TOTAL CONSUMER PRODUCTS | 6,046,631 | ||
Containers - 0.9% | |||
Ball Corp. 5.25% 7/1/25 | 263,000 | 261,593 | |
BWAY Holding Co. 7.875% 8/15/26 (b) | 600,000 | 594,672 | |
Graphic Packaging International, Inc. 3.75% 2/1/30 (b) | 273,000 | 239,923 | |
LABL, Inc. 9.5% 11/1/28 (b) | 300,000 | 301,332 | |
Owens-Brockway Glass Container, Inc. 7.25% 5/15/31 (b) | 500,000 | 508,750 | |
Sealed Air Corp./Sealed Air Cor 6.125% 2/1/28 (b) | 390,000 | 386,422 | |
TOTAL CONTAINERS | 2,292,692 | ||
Diversified Financial Services - 6.4% | |||
BrightSphere Investment Group, Inc. 4.8% 7/27/26 | 1,687,000 | 1,550,208 | |
Castlelake Aviation Finance 5% 4/15/27 (b) | 414,000 | 366,169 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 500,000 | 291,238 | |
Credit Acceptance Corp. 6.625% 3/15/26 | 1,462,000 | 1,394,928 | |
Emerald Debt Merger Sub LLC 6.625% 12/15/30 (b) | 500,000 | 496,000 | |
Enova International, Inc. 8.5% 9/15/25 (b) | 325,000 | 312,037 | |
First Cash Financial Services, Inc. 5.625% 1/1/30 (b) | 3,023,000 | 2,745,262 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375% 2/1/29 | 1,703,000 | 1,303,136 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b) | 498,000 | 389,237 | |
LPL Holdings, Inc.: | |||
4% 3/15/29 (b) | 3,063,000 | 2,689,599 | |
4.375% 5/15/31 (b) | 1,679,000 | 1,459,559 | |
MidCap Financial Issuer Trust 5.625% 1/15/30 (b) | 50,000 | 39,239 | |
Nationstar Mortgage Holdings, Inc. 6% 1/15/27 (b) | 500,000 | 456,000 | |
Navient Corp. 9.375% 7/25/30 | 500,000 | 479,900 | |
OneMain Finance Corp.: | |||
3.875% 9/15/28 | 1,014,000 | 797,258 | |
6.625% 1/15/28 | 471,000 | 426,273 | |
PRA Group, Inc. 8.375% 2/1/28 (b) | 837,000 | 740,745 | |
StoneX Group, Inc. 8.625% 6/15/25 (b) | 1,225,000 | 1,234,408 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 17,171,196 | ||
Diversified Media - 0.6% | |||
Lamar Media Corp. 3.625% 1/15/31 | 1,925,000 | 1,607,375 | |
Energy - 15.4% | |||
Aethon United BR LP / Aethon United Finance Corp. 8.25% 2/15/26 (b) | 185,000 | 179,020 | |
AmeriGas Partners LP/AmeriGas Finance Corp. 9.375% 6/1/28 (b) | 500,000 | 500,000 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375% 6/15/29 (b) | 633,000 | 581,951 | |
Antero Resources Corp. 8.375% 7/15/26 (b) | 275,000 | 285,210 | |
Baytex Energy Corp.: | |||
8.5% 4/30/30 (b) | 1,977,000 | 1,932,144 | |
8.75% 4/1/27 (b) | 145,000 | 146,535 | |
California Resources Corp. 7.125% 2/1/26 (b) | 140,000 | 142,100 | |
Chord Energy Corp. 6.375% 6/1/26 (b) | 508,000 | 500,380 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 715,000 | 688,188 | |
7% 6/15/25 (b) | 624,000 | 612,918 | |
Civitas Resources, Inc. 5% 10/15/26 (b) | 1,075,000 | 1,010,563 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 403,000 | 333,725 | |
Comstock Resources, Inc. 5.875% 1/15/30 (b) | 476,000 | 396,862 | |
Coronado Finance Pty Ltd. 10.75% 5/15/26 (b) | 160,000 | 164,000 | |
CVR Energy, Inc. 5.75% 2/15/28 (b) | 3,063,000 | 2,574,390 | |
Delek Logistics Partners LP 7.125% 6/1/28 (b) | 2,236,000 | 2,034,760 | |
DT Midstream, Inc. 4.125% 6/15/29 (b) | 800,000 | 693,761 | |
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (b) | 160,000 | 163,123 | |
EnLink Midstream LLC 6.5% 9/1/30 (b) | 300,000 | 298,145 | |
EQM Midstream Partners LP 7.5% 6/1/30 (b) | 800,000 | 804,000 | |
Genesis Energy LP/Genesis Energy Finance Corp. 8.875% 4/15/30 | 600,000 | 590,042 | |
Harvest Midstream I LP 7.5% 9/1/28 (b) | 50,000 | 47,810 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b) | 500,000 | 467,077 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b) | 460,000 | 423,766 | |
Independence Energy Finance LLC 7.25% 5/1/26 (b) | 402,000 | 373,893 | |
Matador Resources Co.: | |||
5.875% 9/15/26 | 165,300 | 159,585 | |
6.875% 4/15/28 (b) | 1,976,000 | 1,959,838 | |
Moss Creek Resources Holdings, Inc. 7.5% 1/15/26 (b) | 310,000 | 285,656 | |
Murphy Oil Corp. 5.75% 8/15/25 | 543,000 | 534,236 | |
Nabors Industries, Inc. 7.375% 5/15/27 (b) | 200,000 | 187,904 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 2,819,000 | 2,498,326 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 306,000 | 297,735 | |
8.75% 6/15/31 (b) | 2,000,000 | 1,956,289 | |
NuStar Logistics LP 5.625% 4/28/27 | 160,000 | 151,454 | |
Oceaneering International, Inc. 4.65% 11/15/24 | 301,000 | 292,770 | |
Patterson-UTI Energy, Inc. 5.15% 11/15/29 | 270,000 | 237,449 | |
PBF Holding Co. LLC/PBF Finance Corp. 6% 2/15/28 | 465,000 | 432,450 | |
PDC Energy, Inc. 6.125% 9/15/24 | 433,000 | 432,784 | |
Perenti Finance Pty Ltd. 6.5% 10/7/25 (b) | 530,000 | 513,040 | |
Range Resources Corp. 8.25% 1/15/29 | 599,000 | 623,844 | |
Rockies Express Pipeline LLC 4.8% 5/15/30 (b) | 504,000 | 435,249 | |
SM Energy Co. 6.75% 9/15/26 | 450,000 | 434,473 | |
Summit Midstream Holdings LLC 9% (b)(e) | 300,000 | 285,864 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,708,000 | 1,520,443 | |
4.5% 4/30/30 | 1,581,000 | 1,386,817 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
6% 9/1/31 (b) | 500,000 | 425,210 | |
7.5% 10/1/25 (b) | 105,000 | 104,738 | |
Talos Production, Inc. 12% 1/15/26 | 105,000 | 110,513 | |
Tap Rock Resources LLC 7% 10/1/26 (b) | 240,000 | 224,891 | |
Tervita Corp. 11% 12/1/25 (b) | 510,000 | 543,150 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b) | 222,000 | 224,815 | |
U.S.A. Compression Partners LP: | |||
6.875% 4/1/26 | 2,106,000 | 2,002,890 | |
6.875% 9/1/27 | 196,000 | 183,561 | |
Venture Global Calcasieu Pass LLC 6.25% 1/15/30 (b) | 988,000 | 979,481 | |
Venture Global LNG, Inc. 8.125% 6/1/28 (b) | 1,000,000 | 1,005,000 | |
Vital Energy, Inc.: | |||
7.75% 7/31/29 (b) | 214,000 | 179,066 | |
10.125% 1/15/28 | 176,000 | 170,762 | |
Weatherford International Ltd.: | |||
6.5% 9/15/28 (b) | 522,000 | 517,145 | |
8.625% 4/30/30 (b) | 2,074,000 | 2,084,049 | |
Western Gas Partners LP 3.35% 2/1/25 | 2,249,000 | 2,145,944 | |
TOTAL ENERGY | 41,471,784 | ||
Entertainment/Film - 0.5% | |||
Live Nation Entertainment, Inc. 4.875% 11/1/24 (b) | 1,348,000 | 1,323,965 | |
Environmental - 1.8% | |||
Clean Harbors, Inc. 6.375% 2/1/31 (b) | 120,000 | 120,234 | |
GFL Environmental, Inc. 4% 8/1/28 (b) | 5,249,000 | 4,687,107 | |
TOTAL ENVIRONMENTAL | 4,807,341 | ||
Food & Drug Retail - 1.6% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 6.5% 2/15/28 (b) | 988,000 | 981,825 | |
Murphy Oil U.S.A., Inc. 4.75% 9/15/29 | 3,000,000 | 2,745,645 | |
Parkland Corp. 5.875% 7/15/27 (b) | 614,000 | 590,387 | |
TOTAL FOOD & DRUG RETAIL | 4,317,857 | ||
Food/Beverage/Tobacco - 3.2% | |||
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (b) | 1,000,000 | 890,532 | |
Performance Food Group, Inc. 4.25% 8/1/29 (b) | 5,099,000 | 4,501,836 | |
Post Holdings, Inc. 4.5% 9/15/31 (b) | 1,000,000 | 846,282 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 1,403,000 | 1,283,681 | |
Vector Group Ltd. 5.75% 2/1/29 (b) | 1,364,000 | 1,185,238 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 8,707,569 | ||
Gaming - 2.7% | |||
Caesars Entertainment, Inc. 6.25% 7/1/25 (b) | 822,300 | 819,820 | |
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b) | 1,701,000 | 1,594,357 | |
Churchill Downs, Inc.: | |||
5.5% 4/1/27 (b) | 246,000 | 237,672 | |
6.75% 5/1/31 (b) | 2,965,000 | 2,924,231 | |
International Game Technology PLC 4.125% 4/15/26 (b) | 205,000 | 194,992 | |
MGM Resorts International 6.75% 5/1/25 | 151,000 | 151,575 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b) | 677,000 | 634,688 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 600,000 | 599,903 | |
TOTAL GAMING | 7,157,238 | ||
Healthcare - 5.1% | |||
AMN Healthcare 4% 4/15/29 (b) | 1,166,000 | 1,020,623 | |
Bausch Health Companies, Inc. 4.875% 6/1/28 (b) | 2,953,000 | 1,780,954 | |
Community Health Systems, Inc. 4.75% 2/15/31 (b) | 1,976,000 | 1,419,810 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 345,000 | 296,700 | |
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b) | 2,099,000 | 1,797,679 | |
IQVIA, Inc. 6.5% 5/15/30 (b) | 2,535,000 | 2,577,867 | |
Mozart Borrower LP: | |||
3.875% 4/1/29 (b) | 800,000 | 689,964 | |
5.25% 10/1/29 (b) | 785,000 | 671,664 | |
Tenet Healthcare Corp.: | |||
4.375% 1/15/30 | 3,000,000 | 2,673,007 | |
4.625% 7/15/24 | 204,000 | 204,000 | |
6.75% 5/15/31 (b) | 500,000 | 499,505 | |
TOTAL HEALTHCARE | 13,631,773 | ||
Homebuilders/Real Estate - 1.7% | |||
Arcosa, Inc. 4.375% 4/15/29 (b) | 270,000 | 243,725 | |
HAT Holdings I LLC/HAT Holdings II LLC 6% 4/15/25 (b) | 889,000 | 860,086 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 500,000 | 376,875 | |
LGI Homes, Inc. 4% 7/15/29 (b) | 860,000 | 701,269 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 800,000 | 539,924 | |
Office Properties Income Trust 2.65% 6/15/26 | 153,000 | 105,098 | |
Service Properties Trust: | |||
4.65% 3/15/24 | 113,000 | 111,183 | |
4.75% 10/1/26 | 155,000 | 132,342 | |
5.25% 2/15/26 | 181,000 | 161,389 | |
7.5% 9/15/25 | 408,300 | 400,383 | |
Starwood Property Trust, Inc. 4.375% 1/15/27 (b) | 502,000 | 424,326 | |
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (b) | 650,000 | 630,645 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 4,687,245 | ||
Hotels - 1.3% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (b) | 575,000 | 622,397 | |
Hilton Domestic Operating Co., Inc. 3.75% 5/1/29 (b) | 2,026,000 | 1,788,109 | |
Travel+Leisure Co. 6.625% 7/31/26 (b) | 370,000 | 366,563 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 922,000 | 845,935 | |
TOTAL HOTELS | 3,623,004 | ||
Insurance - 0.5% | |||
MGIC Investment Corp. 5.25% 8/15/28 | 645,000 | 610,166 | |
NMI Holdings, Inc. 7.375% 6/1/25 (b) | 747,000 | 747,847 | |
TOTAL INSURANCE | 1,358,013 | ||
Leisure - 3.3% | |||
Carnival Corp.: | |||
4% 8/1/28 (b) | 2,529,000 | 2,205,334 | |
6% 5/1/29 (b) | 272,000 | 226,158 | |
7.625% 3/1/26 (b) | 102,000 | 96,708 | |
9.875% 8/1/27 (b) | 410,000 | 423,189 | |
NCL Corp. Ltd. 8.375% 2/1/28 (b) | 500,000 | 517,015 | |
Royal Caribbean Cruises Ltd.: | |||
5.5% 8/31/26 (b) | 1,235,000 | 1,161,097 | |
11.625% 8/15/27 (b) | 3,952,000 | 4,287,217 | |
TOTAL LEISURE | 8,916,718 | ||
Metals/Mining - 5.2% | |||
Cleveland-Cliffs, Inc. 5.875% 6/1/27 | 596,000 | 575,212 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 300,000 | 269,250 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 500,000 | 436,406 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 390,000 | 369,525 | |
8.625% 6/1/31 (b) | 2,500,000 | 2,465,625 | |
FMG Resources Pty Ltd.: | |||
4.375% 4/1/31 (b) | 203,000 | 171,570 | |
5.875% 4/15/30 (b) | 4,684,000 | 4,419,758 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 859,000 | 787,180 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 500,000 | 501,455 | |
8.125% 5/1/27 (b) | 873,000 | 873,131 | |
8.5% 5/1/30 (b) | 3,064,000 | 3,075,490 | |
TOTAL METALS/MINING | 13,944,602 | ||
Paper - 0.4% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 360,000 | 353,557 | |
Louisiana-Pacific Corp. 3.625% 3/15/29 (b) | 700,000 | 612,500 | |
TOTAL PAPER | 966,057 | ||
Restaurants - 1.9% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.5% 2/15/29 (b) | 370,000 | 327,802 | |
4% 10/15/30 (b) | 2,980,000 | 2,558,251 | |
Yum! Brands, Inc.: | |||
4.75% 1/15/30 (b) | 130,000 | 122,075 | |
5.375% 4/1/32 | 2,204,000 | 2,087,988 | |
6.875% 11/15/37 | 123,000 | 130,670 | |
TOTAL RESTAURANTS | 5,226,786 | ||
Services - 5.6% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (b) | 723,000 | 679,090 | |
Aramark Services, Inc. 5% 4/1/25 (b) | 150,000 | 146,290 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75% 7/15/27 (b) | 518,000 | 482,050 | |
Booz Allen Hamilton, Inc. 4% 7/1/29 (b) | 502,000 | 443,005 | |
CoreCivic, Inc. 8.25% 4/15/26 | 429,000 | 429,110 | |
Fair Isaac Corp. 4% 6/15/28 (b) | 1,999,000 | 1,838,976 | |
Iron Mountain, Inc.: | |||
5% 7/15/28 (b) | 2,477,000 | 2,267,836 | |
5.25% 7/15/30 (b) | 761,000 | 681,747 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 700,000 | 640,500 | |
Ritchie Bros. Holdings, Inc. 7.75% 3/15/31 (b) | 2,026,000 | 2,111,639 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 2,659,000 | 2,277,797 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 270,000 | 240,872 | |
Williams Scotsman International, Inc. 4.625% 8/15/28 (b) | 3,000,000 | 2,740,350 | |
TOTAL SERVICES | 14,979,262 | ||
Steel - 0.5% | |||
Carpenter Technology Corp. 7.625% 3/15/30 | 500,000 | 502,500 | |
Commercial Metals Co. 4.125% 1/15/30 | 988,000 | 867,269 | |
TOTAL STEEL | 1,369,769 | ||
Super Retail - 3.4% | |||
Asbury Automotive Group, Inc.: | |||
4.75% 3/1/30 | 1,535,000 | 1,344,473 | |
5% 2/15/32 (b) | 3,142,000 | 2,695,577 | |
Bath & Body Works, Inc.: | |||
6.875% 11/1/35 | 977,000 | 885,062 | |
9.375% 7/1/25 (b) | 968,000 | 1,028,349 | |
Group 1 Automotive, Inc. 4% 8/15/28 (b) | 2,394,000 | 2,096,307 | |
Nordstrom, Inc. 4.25% 8/1/31 | 600,000 | 456,120 | |
Sally Holdings LLC 5.625% 12/1/25 | 105,000 | 103,688 | |
Sonic Automotive, Inc. 4.625% 11/15/29 (b) | 500,000 | 413,692 | |
TOTAL SUPER RETAIL | 9,023,268 | ||
Technology - 4.8% | |||
Alteryx, Inc. 8.75% 3/15/28 (b) | 435,000 | 417,466 | |
Atkore, Inc. 4.25% 6/1/31 (b) | 892,000 | 762,837 | |
Cloud Software Group, Inc. 6.5% 3/31/29 (b) | 1,135,000 | 1,003,666 | |
Consensus Cloud Solutions, Inc. 6.5% 10/15/28 (b) | 976,000 | 850,669 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 193,000 | 188,510 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (b) | 580,000 | 501,679 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (b) | 3,029,000 | 2,582,054 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 195,000 | 169,650 | |
Open Text Corp. 3.875% 12/1/29 (b) | 2,964,000 | 2,468,619 | |
Open Text Holdings, Inc. 4.125% 12/1/31 (b) | 2,174,000 | 1,783,430 | |
PTC, Inc. 3.625% 2/15/25 (b) | 440,000 | 423,167 | |
Seagate HDD Cayman: | |||
3.125% 7/15/29 | 203 | 155 | |
8.25% 12/15/29 (b) | 255,000 | 260,745 | |
Uber Technologies, Inc. 7.5% 5/15/25 (b) | 1,371,000 | 1,386,966 | |
Xerox Corp. 4.8% 3/1/35 | 50,000 | 30,966 | |
Xerox Holdings Corp. 5% 8/15/25 (b) | 105,000 | 98,764 | |
TOTAL TECHNOLOGY | 12,929,343 | ||
Telecommunications - 3.9% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 600,000 | 457,459 | |
Altice France SA 5.5% 10/15/29 (b) | 1,810,000 | 1,298,473 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 2,030,000 | 1,950,647 | |
Dycom Industries, Inc. 4.5% 4/15/29 (b) | 1,141,000 | 1,030,426 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 1,149,000 | 962,340 | |
6% 1/15/30 (b) | 355,000 | 249,129 | |
8.75% 5/15/30 (b) | 243,000 | 227,200 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 700,000 | 643,930 | |
Level 3 Financing, Inc.: | |||
3.875% 11/15/29 (b) | 1,482,000 | 1,084,512 | |
10.5% 5/15/30 (b) | 415,000 | 394,346 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (b) | 254,900 | 243,430 | |
Telecom Italia Capital SA 7.2% 7/18/36 | 1,019,000 | 908,258 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 500,000 | 396,893 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 800,000 | 719,034 | |
TOTAL TELECOMMUNICATIONS | 10,566,077 | ||
Textiles/Apparel - 0.1% | |||
Foot Locker, Inc. 4% 10/1/29 (b) | 127,000 | 95,265 | |
Kontoor Brands, Inc. 4.125% 11/15/29 (b) | 50,000 | 42,138 | |
TOTAL TEXTILES/APPAREL | 137,403 | ||
Transportation Ex Air/Rail - 0.7% | |||
XPO Escrow Sub LLC 7.5% 11/15/27 (b) | 1,927,000 | 1,979,029 | |
Utilities - 1.0% | |||
Calpine Corp.: | |||
3.75% 3/1/31 (b) | 1,162,000 | 947,016 | |
5.25% 6/1/26 (b) | 105,000 | 101,822 | |
Talen Energy Supply LLC 8.625% 6/1/30 (b) | 450,000 | 458,010 | |
Vistra Operations Co. LLC 5.625% 2/15/27 (b) | 1,134,000 | 1,090,692 | |
TOTAL UTILITIES | 2,597,540 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $275,115,881) | 261,270,180 | ||
Money Market Funds - 0.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (f) (Cost $2,547,935) | 2,547,425 | 2,547,935 | |
TOTAL INVESTMENT IN SECURITIES - 98.2% (Cost $277,663,816) | 263,818,115 |
NET OTHER ASSETS (LIABILITIES) - 1.8% | 4,837,904 |
NET ASSETS - 100.0% | 268,656,019 |
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 $207,862,073 or 77.4% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Security is perpetual in nature with no stated maturity date. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 7,518,427 | 85,109,916 | 90,080,408 | 241,585 | - | - | 2,547,935 | 0.0% |
Total | 7,518,427 | 85,109,916 | 90,080,408 | 241,585 | - | - | 2,547,935 | |
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 are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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