Quarterly Holdings Report
for
Fidelity® Sustainable High Yield ETF
November 30, 2023
SHY-NPRT1-0124
1.9904451.101
Corporate Bonds - 94.5% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 2.0% | |||
Aerospace - 0.1% | |||
Spirit Aerosystems, Inc. 3.25% 11/1/28 (b) | 5,000 | 5,852 | |
Broadcasting - 0.8% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 20,000 | 19,112 | |
3.375% 8/15/26 | 120,000 | 54,300 | |
73,412 | |||
Energy - 0.0% | |||
NextEra Energy Partners LP 2.5% 6/15/26 (b) | 5,000 | 4,373 | |
Homebuilders/Real Estate - 0.4% | |||
Redfin Corp. 0.5% 4/1/27 | 61,000 | 34,770 | |
Services - 0.1% | |||
Uber Technologies, Inc. 0.875% 12/1/28 (b) | 7,000 | 7,238 | |
Super Retail - 0.1% | |||
Wayfair LLC 0.625% 10/1/25 | 12,000 | 10,666 | |
Technology - 0.4% | |||
MicroStrategy, Inc. 0% 2/15/27 | 18,000 | 13,984 | |
Seagate HDD Cayman 3.5% 6/1/28 (b) | 9,000 | 10,197 | |
Western Digital Corp. 3% 11/15/28 (b) | 10,000 | 11,440 | |
35,621 | |||
Utilities - 0.1% | |||
PG&E Corp. 4.25% 12/1/27 (b) | 9,000 | 9,000 | |
TOTAL CONVERTIBLE BONDS | 180,932 | ||
Nonconvertible Bonds - 92.5% | |||
Aerospace - 1.6% | |||
ATI, Inc. 4.875% 10/1/29 | 50,000 | 44,750 | |
Bombardier, Inc. 6% 2/15/28 (b) | 80,000 | 75,412 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 5,000 | 5,265 | |
TransDigm, Inc. 4.875% 5/1/29 | 20,000 | 18,124 | |
143,551 | |||
Air Transportation - 0.5% | |||
Rand Parent LLC 8.5% 2/15/30 (b) | 43,000 | 40,645 | |
Automotive & Auto Parts - 1.4% | |||
Ford Motor Credit Co. LLC 4.687% 6/9/25 | 25,000 | 24,288 | |
Macquarie AirFinance Holdings: | |||
8.125% 3/30/29 (b) | 10,000 | 10,192 | |
8.375% 5/1/28 (b) | 10,000 | 10,252 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 5,000 | 4,253 | |
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (b) | 14,000 | 6,475 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 11.4932% 10/15/26 (b)(c)(d) | 70,000 | 69,877 | |
125,337 | |||
Banks & Thrifts - 0.2% | |||
UniCredit SpA: | |||
5.459% 6/30/35 (b)(c) | 3,000 | 2,621 | |
5.861% 6/19/32 (b)(c) | 10,000 | 9,417 | |
Western Alliance Bancorp. 3% 6/15/31 (c) | 11,000 | 8,861 | |
20,899 | |||
Broadcasting - 1.3% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 5,000 | 4,628 | |
7.5% 6/1/29 (b) | 6,000 | 4,729 | |
9% 9/15/28 (b) | 10,000 | 10,100 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 20,000 | 19,853 | |
Univision Communications, Inc.: | |||
5.125% 2/15/25 (b) | 42,000 | 41,475 | |
7.375% 6/30/30 (b) | 31,000 | 30,424 | |
8% 8/15/28 (b) | 5,000 | 5,054 | |
116,263 | |||
Building Materials - 0.8% | |||
Advanced Drain Systems, Inc. 6.375% 6/15/30 (b) | 10,000 | 9,825 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 9,000 | 8,990 | |
Cornerstone Building Brands, Inc. 6.125% 1/15/29 (b) | 40,000 | 31,400 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 20,000 | 19,659 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 5,000 | 4,556 | |
74,430 | |||
Cable/Satellite TV - 2.2% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (b) | 50,000 | 39,003 | |
4.75% 3/1/30 (b) | 25,000 | 21,879 | |
4.75% 2/1/32 (b) | 110,000 | 92,399 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 50,000 | 44,992 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 5,000 | 3,703 | |
201,976 | |||
Capital Goods - 0.4% | |||
Chart Industries, Inc. 9.5% 1/1/31 (b) | 18,000 | 19,212 | |
Vertical Holdco GmbH 7.625% 7/15/28 (b) | 14,000 | 13,290 | |
32,502 | |||
Chemicals - 5.3% | |||
Axalta Coating Systems LLC 3.375% 2/15/29 (b) | 20,000 | 17,425 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(c) | 15,750 | 11,562 | |
Methanex Corp.: | |||
5.125% 10/15/27 | 70,000 | 65,993 | |
5.65% 12/1/44 | 75,000 | 60,455 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 50,000 | 39,450 | |
4.875% 6/1/24 (b) | 10,000 | 9,886 | |
8.5% 11/15/28 (b) | 5,000 | 5,165 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 45,000 | 39,866 | |
Olympus Water U.S. Holding Corp.: | |||
6.25% 10/1/29 (b) | 60,000 | 49,219 | |
9.75% 11/15/28 (b) | 15,000 | 15,428 | |
SCIH Salt Holdings, Inc. 6.625% 5/1/29 (b) | 5,000 | 4,429 | |
The Chemours Co. LLC 4.625% 11/15/29 (b) | 165,000 | 138,637 | |
Tronox, Inc. 4.625% 3/15/29 (b) | 25,000 | 21,257 | |
478,772 | |||
Consumer Products - 0.6% | |||
Kohl's Corp. 4.25% 7/17/25 | 10,000 | 9,620 | |
Macy's Retail Holdings LLC 5.875% 4/1/29 (b) | 16,000 | 15,038 | |
Tempur Sealy International, Inc. 4% 4/15/29 (b) | 35,000 | 30,295 | |
54,953 | |||
Containers - 2.3% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
5.25% 8/15/27 (b) | 77,000 | 56,539 | |
5.25% 8/15/27 (b) | 27,000 | 19,825 | |
Ball Corp. 6% 6/15/29 | 5,000 | 4,989 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 50,000 | 48,754 | |
Graphic Packaging International, Inc. 4.75% 7/15/27 (b) | 25,000 | 23,729 | |
LABL, Inc. 10.5% 7/15/27 (b) | 15,000 | 13,631 | |
OI European Group BV 4.75% 2/15/30 (b) | 20,000 | 18,000 | |
Sealed Air Corp./Sealed Air Corp. U.S. 7.25% 2/15/31 (b) | 17,000 | 17,403 | |
202,870 | |||
Diversified Financial Services - 3.0% | |||
Aercap Global Aviation Trust 6.5% 6/15/45 (b)(c) | 50,000 | 49,981 | |
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 20,000 | 14,707 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 3,000 | 2,772 | |
GGAM Finance Ltd.: | |||
7.75% 5/15/26 (b) | 10,000 | 10,015 | |
8% 2/15/27 (b) | 10,000 | 10,065 | |
8% 6/15/28 (b) | 15,000 | 15,172 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 5,000 | 4,749 | |
Hightower Holding LLC 6.75% 4/15/29 (b) | 20,000 | 17,293 | |
HTA Group Ltd. 7% 12/18/25 (b) | 41,000 | 40,037 | |
OneMain Finance Corp.: | |||
3.5% 1/15/27 | 20,000 | 17,872 | |
3.875% 9/15/28 | 105,000 | 90,179 | |
272,842 | |||
Diversified Media - 0.2% | |||
Outfront Media Capital LLC / Corp. 7.375% 2/15/31 (b) | 15,000 | 15,383 | |
Energy - 13.2% | |||
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (b) | 30,000 | 29,288 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (b) | 105,000 | 94,184 | |
California Resources Corp. 7.125% 2/1/26 (b) | 100,000 | 100,605 | |
Centennial Resource Production LLC 5.875% 7/1/29 (b) | 30,000 | 28,650 | |
CGG SA 8.75% 4/1/27 (b) | 67,000 | 60,803 | |
CNX Resources Corp.: | |||
6% 1/15/29 (b) | 40,000 | 38,144 | |
7.375% 1/15/31 (b) | 5,000 | 4,969 | |
CVR Energy, Inc. 5.75% 2/15/28 (b) | 20,000 | 18,494 | |
Energean PLC 6.5% 4/30/27 (b) | 40,000 | 35,200 | |
Energy Transfer LP 6% 2/1/29 (b) | 30,000 | 29,553 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 35,000 | 32,591 | |
HF Sinclair Corp. 5% 2/1/28 (e) | 40,000 | 36,739 | |
MEG Energy Corp. 5.875% 2/1/29 (b) | 100,000 | 95,587 | |
Murphy Oil Corp. 6.375% 7/15/28 | 18,000 | 17,845 | |
New Fortress Energy, Inc. 6.5% 9/30/26 (b) | 178,000 | 169,064 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (b) | 30,000 | 30,309 | |
Oceaneering International, Inc. 6% 2/1/28 | 50,000 | 48,479 | |
SM Energy Co. 6.5% 7/15/28 | 30,000 | 29,201 | |
Southwestern Energy Co. 5.375% 3/15/30 | 20,000 | 18,963 | |
Sunnova Energy Corp. 5.875% 9/1/26 (b) | 80,000 | 64,860 | |
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29 | 90,000 | 82,030 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
6% 3/1/27 (b) | 25,000 | 24,044 | |
7.5% 10/1/25 (b) | 35,000 | 35,201 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b) | 8,000 | 8,160 | |
Transocean, Inc.: | |||
8% 2/1/27 (b) | 45,000 | 43,078 | |
8.75% 2/15/30 (b) | 9,500 | 9,702 | |
1,185,743 | |||
Environmental - 2.9% | |||
Covanta Holding Corp. 4.875% 12/1/29 (b) | 106,000 | 87,980 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 5,000 | 4,827 | |
Madison IAQ LLC 5.875% 6/30/29 (b) | 30,000 | 25,170 | |
Stericycle, Inc.: | |||
3.875% 1/15/29 (b) | 80,000 | 70,540 | |
5.375% 7/15/24 (b) | 70,000 | 69,714 | |
258,231 | |||
Food & Drug Retail - 1.5% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.25% 3/15/26 (b) | 50,000 | 47,016 | |
4.875% 2/15/30 (b) | 25,000 | 23,375 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 35,000 | 13,781 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 25,000 | 21,216 | |
Parkland Corp. 4.625% 5/1/30 (b) | 35,000 | 31,238 | |
136,626 | |||
Food/Beverage/Tobacco - 1.8% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 14,000 | 11,270 | |
Performance Food Group, Inc. 4.25% 8/1/29 (b) | 20,000 | 17,887 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (b) | 30,000 | 26,119 | |
4.625% 4/15/30 (b) | 20,000 | 17,868 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 30,000 | 25,520 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 45,000 | 38,531 | |
U.S. Foods, Inc. 4.625% 6/1/30 (b) | 30,000 | 27,067 | |
164,262 | |||
Healthcare - 7.4% | |||
AdaptHealth LLC 5.125% 3/1/30 (b) | 15,000 | 11,943 | |
Akumin, Inc. 7.5% 8/1/28 (b) | 30,000 | 22,200 | |
Cano Health, Inc. 6.25% 10/1/28 (b) | 29,000 | 1,958 | |
Charles River Laboratories International, Inc. 3.75% 3/15/29 (b) | 10,000 | 8,890 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 104,000 | 76,303 | |
5.25% 5/15/30 (b) | 70,000 | 55,091 | |
6.875% 4/15/29 (b) | 35,000 | 20,650 | |
8% 3/15/26 (b) | 5,000 | 4,814 | |
DaVita HealthCare Partners, Inc. 3.75% 2/15/31 (b) | 67,000 | 52,450 | |
Encompass Health Corp. 4.625% 4/1/31 | 30,000 | 26,333 | |
Jazz Securities DAC 4.375% 1/15/29 (b) | 20,000 | 17,993 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (b) | 10,000 | 7,650 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 20,000 | 19,471 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 17,000 | 12,998 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/31 (b) | 45,000 | 35,405 | |
Owens & Minor, Inc. 6.625% 4/1/30 (b) | 20,000 | 18,731 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 75,000 | 63,179 | |
RegionalCare Hospital Partners Holdings, Inc.: | |||
5.375% 1/15/29 (b) | 50,000 | 32,746 | |
9.875% 8/15/30 (b) | 10,000 | 9,725 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (b) | 15,000 | 11,597 | |
Tenet Healthcare Corp. 6.125% 10/1/28 | 160,000 | 155,120 | |
665,247 | |||
Homebuilders/Real Estate - 4.7% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 8,000 | 6,910 | |
ATP Tower Holdings LLC/Andean Tower Partners 4.05% 4/27/26 (b) | 10,000 | 8,858 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 5,000 | 5,087 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 65,000 | 53,950 | |
LGI Homes, Inc. 8.75% 12/15/28 (b) | 5,000 | 5,143 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
4.625% 8/1/29 | 25,000 | 17,857 | |
5% 10/15/27 | 190,000 | 151,355 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 30,000 | 29,479 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 1,000 | 673 | |
Rithm Capital Corp. 6.25% 10/15/25 (b) | 10,000 | 9,625 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 50,000 | 46,125 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 40,000 | 38,400 | |
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (b) | 45,000 | 44,263 | |
417,725 | |||
Hotels - 0.9% | |||
Hilton Domestic Operating Co., Inc. 3.625% 2/15/32 (b) | 100,000 | 83,984 | |
Leisure - 3.2% | |||
Carnival Corp.: | |||
5.75% 3/1/27 (b) | 6,000 | 5,702 | |
6% 5/1/29 (b) | 105,000 | 96,610 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 25,000 | 21,931 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 35,000 | 29,654 | |
Royal Caribbean Cruises Ltd.: | |||
5.375% 7/15/27 (b) | 30,000 | 28,863 | |
5.5% 4/1/28 (b) | 95,000 | 90,751 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 10,000 | 10,401 | |
283,912 | |||
Metals/Mining - 3.7% | |||
Coeur d'Alene Mines Corp. 5.125% 2/15/29 (b) | 30,000 | 25,842 | |
Constellium NV 3.75% 4/15/29 (b) | 20,000 | 17,518 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 35,000 | 31,360 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 75,000 | 64,136 | |
First Quantum Minerals Ltd. 6.875% 10/15/27 (b) | 15,000 | 11,975 | |
FMG Resources Pty Ltd. 6.125% 4/15/32 (b) | 60,000 | 58,097 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (b) | 18,000 | 16,966 | |
IAMGOLD Corp. 5.75% 10/15/28 (b) | 40,000 | 32,545 | |
Mineral Resources Ltd. 8.5% 5/1/30 (b) | 75,000 | 75,822 | |
334,261 | |||
Paper - 2.3% | |||
Berry Global, Inc. 5.625% 7/15/27 (b) | 70,000 | 68,433 | |
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (b) | 25,000 | 24,056 | |
Domtar Corp. 6.75% 10/1/28 (b) | 30,000 | 26,104 | |
Mercer International, Inc. 5.125% 2/1/29 | 100,000 | 83,513 | |
202,106 | |||
Publishing/Printing - 0.2% | |||
Mcgraw-Hill Education, Inc. 8% 8/1/29 (b) | 23,000 | 20,729 | |
Restaurants - 0.5% | |||
Yum! Brands, Inc. 4.625% 1/31/32 | 50,000 | 44,963 | |
Services - 9.3% | |||
AECOM 5.125% 3/15/27 | 50,000 | 48,611 | |
APX Group, Inc. 5.75% 7/15/29 (b) | 40,000 | 35,717 | |
Aramark Services, Inc.: | |||
5% 4/1/25 (b) | 35,000 | 34,732 | |
5% 2/1/28 (b) | 40,000 | 37,854 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: | |||
5.375% 3/1/29 (b) | 12,000 | 10,815 | |
5.75% 7/15/27 (b) | 31,000 | 29,251 | |
Brand Energy & Infrastructure Services, Inc. 10.375% 8/1/30 (b) | 35,000 | 36,289 | |
Dun & Bradstreet Corp. 5% 12/15/29 (b) | 12,000 | 10,843 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) | 25,000 | 24,344 | |
Hertz Corp. 4.625% 12/1/26 (b) | 50,000 | 44,068 | |
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc. 5% 2/1/26 (b) | 19,000 | 18,715 | |
Life Time, Inc. 8% 4/15/26 (b) | 85,000 | 85,000 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 16,000 | 14,920 | |
PowerTeam Services LLC 9.033% 12/4/25 (b) | 47,000 | 42,923 | |
Sotheby's 7.375% 10/15/27 (b) | 30,000 | 27,512 | |
StoneMor, Inc. 8.5% 5/15/29 (b) | 30,000 | 24,000 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (b) | 233,000 | 214,372 | |
8% 11/1/26 (b) | 20,000 | 20,329 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 80,000 | 75,191 | |
835,486 | |||
Steel - 0.1% | |||
ATI, Inc. 7.25% 8/15/30 | 10,000 | 10,047 | |
Super Retail - 3.2% | |||
At Home Group, Inc. 4.875% 7/15/28 (b) | 30,000 | 8,925 | |
Bath & Body Works, Inc.: | |||
6.75% 7/1/36 | 30,000 | 27,898 | |
6.95% 3/1/33 | 30,000 | 28,055 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 65,000 | 37,061 | |
12% 12/1/28 pay-in-kind (b)(c) | 9,000 | 7,108 | |
13% 6/1/30 pay-in-kind (b)(c) | 14,000 | 10,955 | |
14% 6/1/31 pay-in-kind (b)(c) | 17,000 | 13,493 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 40,000 | 33,505 | |
Michaels Companies, Inc. 5.25% 5/1/28 (b) | 70,000 | 51,095 | |
Nordstrom, Inc. 4.375% 4/1/30 | 30,000 | 24,943 | |
Upbound Group, Inc. 6.375% 2/15/29 (b) | 50,000 | 45,530 | |
288,568 | |||
Technology - 11.1% | |||
Athenahealth Group, Inc. 6.5% 2/15/30 (b) | 30,000 | 26,004 | |
Atkore, Inc. 4.25% 6/1/31 (b) | 30,000 | 25,497 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (b) | 30,000 | 27,825 | |
Block, Inc. 3.5% 6/1/31 | 107,000 | 89,549 | |
Cloud Software Group, Inc. 9% 9/30/29 (b) | 20,000 | 17,999 | |
Coherent Corp. 5% 12/15/29 (b) | 15,000 | 13,575 | |
CommScope, Inc. 4.75% 9/1/29 (b) | 45,000 | 28,238 | |
Elastic NV 4.125% 7/15/29 (b) | 55,000 | 49,101 | |
Entegris Escrow Corp. 5.95% 6/15/30 (b) | 76,000 | 73,413 | |
Entegris, Inc. 3.625% 5/1/29 (b) | 60,000 | 52,454 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 55,000 | 54,555 | |
7.125% 9/30/30 (b) | 30,000 | 30,654 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (b) | 160,000 | 140,895 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 5,000 | 3,925 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 10,000 | 9,221 | |
NCR Voyix Corp. 5.125% 4/15/29 (b) | 20,000 | 18,317 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 15,000 | 13,560 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 30,000 | 27,303 | |
3.875% 12/1/29 (b) | 55,000 | 48,105 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 10,000 | 8,850 | |
4.125% 12/1/31 (b) | 18,000 | 15,373 | |
Rackspace Hosting, Inc. 3.5% 2/15/28 (b) | 15,000 | 6,138 | |
Seagate HDD Cayman: | |||
4.125% 1/15/31 | 20,000 | 17,126 | |
4.75% 1/1/25 | 35,000 | 34,532 | |
5.75% 12/1/34 | 15,000 | 13,756 | |
8.25% 12/15/29 (b) | 10,000 | 10,620 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 30,000 | 26,934 | |
5% 10/1/25 (b) | 35,000 | 34,433 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 30,000 | 26,671 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 5,000 | 3,896 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 40,000 | 31,595 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 20,000 | 18,124 | |
998,238 | |||
Telecommunications - 4.6% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 90,000 | 73,980 | |
Altice France Holding SA 6% 2/15/28 (b) | 75,000 | 30,291 | |
Altice France SA 5.125% 7/15/29 (b) | 35,000 | 25,026 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (b) | 50,000 | 45,381 | |
Frontier Communications Holdings LLC 8.75% 5/15/30 (b) | 25,000 | 24,929 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 10,000 | 8,725 | |
Level 3 Financing, Inc. 3.75% 7/15/29 (b)(f) | 80,000 | 38,400 | |
Millicom International Cellular SA 4.5% 4/27/31 (b) | 40,000 | 31,860 | |
SBA Communications Corp. 3.125% 2/1/29 | 15,000 | 13,063 | |
Uniti Group, Inc. 6% 1/15/30 (b) | 130,000 | 84,302 | |
Virgin Media Finance PLC 5% 7/15/30 (b) | 30,000 | 25,070 | |
Zayo Group Holdings, Inc. 6.125% 3/1/28 (b) | 15,000 | 10,070 | |
411,097 | |||
Textiles/Apparel - 0.2% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 10,000 | 8,175 | |
Victoria's Secret & Co. 4.625% 7/15/29 (b) | 15,000 | 12,172 | |
20,347 | |||
Transportation Ex Air/Rail - 0.3% | |||
Seaspan Corp. 5.5% 8/1/29 (b) | 30,000 | 23,400 | |
Utilities - 1.6% | |||
DPL, Inc. 4.35% 4/15/29 | 30,000 | 27,185 | |
NextEra Energy Partners LP 4.5% 9/15/27 (b) | 5,000 | 4,616 | |
PG&E Corp.: | |||
5% 7/1/28 | 50,000 | 47,563 | |
5.25% 7/1/30 | 25,000 | 23,484 | |
Pike Corp. 8.625% 1/31/31 (b) | 10,000 | 10,111 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 30,000 | 27,000 | |
139,959 | |||
TOTAL NONCONVERTIBLE BONDS | 8,305,354 | ||
TOTAL CORPORATE BONDS (Cost $8,971,768) | 8,486,286 | ||
Common Stocks - 0.8% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Aptiv PLC (g) | 100 | 8,284 | |
Capital Goods - 0.1% | |||
Regal Rexnord Corp. | 80 | 9,584 | |
Energy - 0.2% | |||
New Fortress Energy, Inc. | 400 | 15,392 | |
Healthcare - 0.2% | |||
Centene Corp. (g) | 205 | 15,104 | |
Technology - 0.1% | |||
Coherent Corp. (g) | 380 | 13,980 | |
Telecommunications - 0.1% | |||
Helios Towers PLC (g) | 11,100 | 10,012 | |
TOTAL COMMON STOCKS (Cost $72,850) | 72,356 | ||
Bank Loan Obligations - 1.3% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8944% 12/17/28 (c)(d)(h) | 5,985 | 4,244 | |
Energy - 0.2% | |||
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.39% 10/30/28 (c)(d)(h) | 20,000 | 19,200 | |
Healthcare - 0.1% | |||
Cano Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.533% 11/23/27 (c)(d)(h) | 21,944 | 9,070 | |
Leisure - 0.4% | |||
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.6491% 9/18/26 (c)(d)(h) | 24,557 | 23,473 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6448% 12/30/26 (c)(d)(h) | 15,000 | 13,425 | |
TOTAL LEISURE | 36,898 | ||
Services - 0.2% | |||
AI Aqua Merger Sub, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7/30/28 (d)(h)(i) | 5,000 | 4,950 | |
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1984% 12/10/29 (c)(d)(h) | 5,000 | 4,258 | |
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8771% 8/1/30 (c)(d)(h) | 10,000 | 9,756 | |
PowerTeam Services LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8901% 3/6/25 (c)(d)(h) | 2,000 | 1,819 | |
TOTAL SERVICES | 20,783 | ||
Technology - 0.3% | |||
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1701% 3/1/29 (c)(d)(h) | 2,000 | 1,971 | |
Ukg, Inc.: | |||
1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.7643% 5/4/26 (c)(d)(h) | 19,899 | 19,899 | |
2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7643% 5/3/27 (c)(d)(h) | 5,000 | 4,997 | |
TOTAL TECHNOLOGY | 26,867 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $122,321) | 117,062 | ||
Preferred Securities - 1.2% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.3% | |||
AerCap Holdings NV 5.875% 10/10/79 (c) | 30,000 | 28,991 | |
Banks & Thrifts - 0.4% | |||
Ally Financial, Inc. 4.7% (c)(j) | 50,000 | 35,192 | |
Energy - 0.5% | |||
Energy Transfer LP 3 month U.S. LIBOR + 4.020% 9.6693% (c)(d)(j) | 47,000 | 44,646 | |
TOTAL PREFERRED SECURITIES (Cost $120,200) | 108,829 | ||
Money Market Funds - 0.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (k) (Cost $65,700) | 65,687 | 65,700 | |
TOTAL INVESTMENT IN SECURITIES - 98.5% (Cost $9,352,839) | 8,850,233 |
NET OTHER ASSETS (LIABILITIES) - 1.5% | 136,152 |
NET ASSETS - 100.0% | 8,986,385 |
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 $6,731,850 or 74.9% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Level 3 security |
(g) | Non-income producing |
(h) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(i) | The coupon rate will be determined upon settlement of the loan after period end. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 5.40% | 76,427 | 309,466 | 320,193 | 849 | - | - | 65,700 | 0.0% |
Total | 76,427 | 309,466 | 320,193 | 849 | - | - | 65,700 | |
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:
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 service 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 any 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.
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. Corporate Bonds, Bank Loan 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. 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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