Quarterly Holdings Report
for
Fidelity® High Yield Factor ETF
May 31, 2024
HIE-NPRT3-0724
1.9887639.105
Nonconvertible Bonds - 98.3% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 3.4% | |||
Bombardier, Inc.: | |||
7.25% 7/1/31 (b) | 430,000 | 438,969 | |
7.5% 2/1/29 (b) | 1,247,000 | 1,289,970 | |
7.875% 4/15/27 (b) | 181,000 | 181,192 | |
Hexcel Corp. 4.95% 8/15/25 | 269,000 | 265,582 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 1,397,000 | 1,526,261 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 3,525,000 | 3,267,987 | |
6.375% 3/1/29 (b) | 1,450,000 | 1,446,854 | |
6.875% 12/15/30 (b) | 1,474,000 | 1,492,550 | |
VistaJet Malta Finance PLC / XO Management Holding, Inc. 9.5% 6/1/28 (b) | 500,000 | 454,745 | |
TOTAL AEROSPACE | 10,364,110 | ||
Air Transportation - 1.4% | |||
Air Canada 3.875% 8/15/26 (b) | 600,000 | 569,582 | |
Allegiant Travel Co. 7.25% 8/15/27 (b) | 1,030,000 | 974,480 | |
American Airlines, Inc. 7.25% 2/15/28 (b) | 265,000 | 264,617 | |
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b) | 430,423 | 426,355 | |
Bristow Group, Inc. 6.875% 3/1/28 (b) | 166,000 | 162,361 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 300,000 | 293,305 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 284,000 | 213,257 | |
United Airlines Holdings, Inc. 4.875% 1/15/25 | 369,000 | 366,316 | |
United Airlines, Inc. 4.375% 4/15/26 (b) | 874,900 | 843,019 | |
TOTAL AIR TRANSPORTATION | 4,113,292 | ||
Automotive & Auto Parts - 2.2% | |||
Allison Transmission, Inc. 3.75% 1/30/31 (b) | 2,845,000 | 2,465,288 | |
Champions Financing, Inc. 8.75% 2/15/29 (b) | 300,000 | 308,419 | |
Ford Motor Credit Co. LLC 6.95% 3/6/26 | 900,000 | 914,560 | |
Garrett Motion Holdings, Inc. / Garrett LX I Sarl 7.75% 5/31/32 (b) | 500,000 | 503,281 | |
Gates Global LLC/Gates Global Co. 6.25% 1/15/26 (b) | 175,000 | 174,900 | |
Jaguar Land Rover Automotive PLC 7.75% 10/15/25 (b) | 175,000 | 176,203 | |
LCM Investments Holdings 8.25% 8/1/31 (b) | 365,000 | 378,704 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 100,000 | 101,051 | |
8.125% 3/30/29 (b) | 460,000 | 484,365 | |
Tenneco, Inc. 8% 11/17/28 (b) | 550,000 | 502,301 | |
Thor Industries, Inc. 4% 10/15/29 (b) | 643,000 | 560,672 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 6,569,744 | ||
Banks & Thrifts - 1.6% | |||
AG TTMT Escrow Issuer LLC 8.625% 9/30/27 (b) | 640,000 | 665,147 | |
Freedom Mortgage Hold 9.25% 2/1/29 (b) | 930,000 | 939,378 | |
PennyMac Financial Services, Inc.: | |||
5.75% 9/15/31 (b) | 900,000 | 827,668 | |
7.875% 12/15/29 (b) | 1,100,000 | 1,126,232 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(c) | 1,150,000 | 1,080,023 | |
7.296% 4/2/34 (b)(c) | 149,693 | 153,873 | |
TOTAL BANKS & THRIFTS | 4,792,321 | ||
Broadcasting - 4.1% | |||
AMC Networks, Inc. 10.25% 1/15/29 (b) | 850,000 | 848,088 | |
Clear Channel Outdoor Holdings, Inc.: | |||
7.875% 4/1/30 (b) | 500,000 | 497,269 | |
9% 9/15/28 (b) | 500,000 | 520,403 | |
Gray Television, Inc.: | |||
5.375% 11/15/31 (b) | 600,000 | 333,212 | |
7% 5/15/27 (b) | 30,000 | 26,476 | |
10.5% 7/15/29 (b)(d) | 500,000 | 496,684 | |
Nexstar Media, Inc.: | |||
4.75% 11/1/28 (b) | 3,602,000 | 3,177,003 | |
5.625% 7/15/27 (b) | 500,000 | 471,941 | |
Sinclair Television Group, Inc. 4.125% 12/1/30 (b) | 958,000 | 649,687 | |
Sirius XM Radio, Inc. 3.125% 9/1/26 (b) | 229,000 | 214,281 | |
TEGNA, Inc.: | |||
4.625% 3/15/28 | 1,339,000 | 1,212,813 | |
5% 9/15/29 | 1,881,000 | 1,653,001 | |
Univision Communications, Inc.: | |||
7.375% 6/30/30 (b) | 1,576,000 | 1,493,467 | |
8% 8/15/28 (b) | 920,000 | 906,121 | |
TOTAL BROADCASTING | 12,500,446 | ||
Building Materials - 1.1% | |||
AmeriTex Holdco Intermediate LLC 10.25% 10/15/28 (b) | 300,000 | 314,422 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 165,000 | 164,987 | |
Griffon Corp. 5.75% 3/1/28 | 1,220,000 | 1,179,312 | |
Jeld-Wen, Inc. 4.625% 12/15/25 (b) | 235,000 | 230,428 | |
MITER Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.75% 4/1/32 (b) | 240,000 | 238,407 | |
Smyrna Ready Mix Concrete LLC 8.875% 11/15/31 (b) | 600,000 | 631,754 | |
Wesco Distribution, Inc. 6.375% 3/15/29 (b) | 500,000 | 501,830 | |
TOTAL BUILDING MATERIALS | 3,261,140 | ||
Cable/Satellite TV - 3.1% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (b) | 861,000 | 641,522 | |
4.5% 5/1/32 | 1,669,000 | 1,323,998 | |
6.375% 9/1/29 (b) | 1,168,000 | 1,093,183 | |
7.375% 3/1/31 (b) | 2,000,000 | 1,935,064 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (b) | 1,350,000 | 825,769 | |
11.25% 5/15/28 (b) | 850,000 | 685,848 | |
DIRECTV Financing LLC 8.875% 2/1/30 (b) | 450,000 | 433,559 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 1,133,000 | 1,063,901 | |
Virgin Media Vendor Financing Notes IV DAC 5% 7/15/28 (b) | 450,000 | 405,759 | |
Ziggo BV 4.875% 1/15/30 (b) | 1,200,000 | 1,069,542 | |
TOTAL CABLE/SATELLITE TV | 9,478,145 | ||
Capital Goods - 1.8% | |||
ATS Corp. 4.125% 12/15/28 (b) | 440,000 | 395,598 | |
EnerSys 4.375% 12/15/27 (b) | 1,238,000 | 1,167,261 | |
ESAB Corp. 6.25% 4/15/29 (b) | 2,000,000 | 2,004,584 | |
Husky Injection / Titan 9% 2/15/29 (b) | 400,000 | 410,811 | |
Patrick Industries, Inc. 4.75% 5/1/29 (b) | 886,000 | 812,308 | |
Trinity Industries, Inc. 7.75% 7/15/28 (b)(d) | 500,000 | 515,228 | |
TOTAL CAPITAL GOODS | 5,305,790 | ||
Chemicals - 2.3% | |||
Avient Corp. 5.75% 5/15/25 (b) | 343,000 | 341,146 | |
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125% 6/15/28 (b) | 380,000 | 363,305 | |
INEOS Finance PLC 7.5% 4/15/29 (b) | 500,000 | 504,286 | |
INEOS Quattro Finance 2 PLC: | |||
3.375% 1/15/26 (b) | 480,000 | 454,053 | |
9.625% 3/15/29 (b) | 500,000 | 526,842 | |
NOVA Chemicals Corp.: | |||
8.5% 11/15/28 (b) | 380,000 | 403,015 | |
9% 2/15/30 (b) | 500,000 | 528,912 | |
Nufarm Australia Ltd. 5% 1/27/30 (b) | 605,000 | 552,145 | |
Olympus Water U.S. Holding Corp. 9.75% 11/15/28 (b) | 900,000 | 956,975 | |
The Chemours Co. LLC: | |||
4.625% 11/15/29 (b) | 1,500,000 | 1,279,203 | |
5.75% 11/15/28 (b) | 1,070,000 | 979,295 | |
TOTAL CHEMICALS | 6,889,177 | ||
Consumer Products - 2.2% | |||
Alta Equipment Group, Inc. 9% 6/1/29 (b)(d) | 200,000 | 193,458 | |
BlueLinx Corp. 6% 11/15/29 (b) | 225,000 | 215,139 | |
Energizer Holdings, Inc. 4.75% 6/15/28 (b) | 500,000 | 461,253 | |
Grubhub Holdings, Inc. 5.5% 7/1/27 (b) | 101,000 | 90,953 | |
Rakuten Group, Inc. 11.25% 2/15/27 (b) | 600,000 | 632,640 | |
Tempur Sealy International, Inc. 3.875% 10/15/31 (b) | 3,553,000 | 2,984,781 | |
TripAdvisor, Inc. 7% 7/15/25 (b) | 1,224,000 | 1,226,118 | |
Verde Purchaser LLC 10.5% 11/30/30 (b) | 700,000 | 737,759 | |
TOTAL CONSUMER PRODUCTS | 6,542,101 | ||
Containers - 1.1% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 5.25% 4/30/25 (b) | 361,000 | 355,403 | |
Graphic Packaging International, Inc. 6.375% 7/15/32 (b) | 2,000,000 | 2,003,966 | |
LABL, Inc. 9.5% 11/1/28 (b) | 300,000 | 305,151 | |
Mauser Packaging Solutions Holding Co. 7.875% 4/15/27 (b) | 730,000 | 743,768 | |
TOTAL CONTAINERS | 3,408,288 | ||
Diversified Financial Services - 9.7% | |||
BrightSphere Investment Group, Inc. 4.8% 7/27/26 | 1,696,000 | 1,626,566 | |
Castlelake Aviation Finance 5% 4/15/27 (b) | 414,000 | 397,781 | |
Credit Acceptance Corp. 6.625% 3/15/26 | 851,000 | 848,296 | |
Encore Capital Group, Inc. 8.5% 5/15/30 (b) | 500,000 | 500,527 | |
Enova International, Inc. 8.5% 9/15/25 (b) | 325,000 | 325,670 | |
First Cash Financial Services, Inc. 5.625% 1/1/30 (b) | 2,702,000 | 2,560,082 | |
Fortress Transportation & Infrastructure Investors LLC: | |||
7% 5/1/31 (b) | 3,000,000 | 3,034,971 | |
7.875% 12/1/30 (b) | 465,000 | 485,903 | |
Freedom Mortgage Corp.: | |||
12% 10/1/28 (b) | 300,000 | 324,209 | |
12.25% 10/1/30 (b) | 300,000 | 328,856 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 380,000 | 382,915 | |
8% 2/15/27 (b) | 775,000 | 797,452 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 230,000 | 209,539 | |
goeasy Ltd. 9.25% 12/1/28 (b) | 1,275,000 | 1,350,034 | |
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden U.S. Finance LLC 7.25% 2/15/31 (b) | 500,000 | 496,244 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 1,418,000 | 1,181,762 | |
5.25% 5/15/27 | 550,000 | 505,313 | |
Jefferson Capital Holding 9.5% 2/15/29 (b) | 500,000 | 514,232 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.: | |||
4.25% 2/1/27 (b) | 450,000 | 421,965 | |
4.75% 6/15/29 (b) | 713,000 | 644,363 | |
MidCap Financial Issuer Trust 5.625% 1/15/30 (b) | 840,000 | 717,681 | |
Nationstar Mortgage Holdings, Inc.: | |||
5.125% 12/15/30 (b) | 500,000 | 453,756 | |
5.5% 8/15/28 (b) | 933,000 | 890,431 | |
5.75% 11/15/31 (b) | 1,650,000 | 1,525,445 | |
6% 1/15/27 (b) | 550,000 | 542,477 | |
Navient Corp.: | |||
9.375% 7/25/30 | 758,000 | 792,466 | |
11.5% 3/15/31 | 450,000 | 494,221 | |
OneMain Finance Corp.: | |||
3.875% 9/15/28 | 1,857,000 | 1,651,844 | |
6.625% 1/15/28 | 731,000 | 726,211 | |
7.875% 3/15/30 | 450,000 | 458,447 | |
9% 1/15/29 | 1,692,000 | 1,776,106 | |
PRA Group, Inc.: | |||
8.375% 2/1/28 (b) | 537,000 | 533,741 | |
8.875% 1/31/30 (b) | 500,000 | 494,388 | |
StoneX Group, Inc. 8.625% 6/15/25 (b) | 1,231,000 | 1,231,621 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 29,225,515 | ||
Diversified Media - 0.0% | |||
Outfront Media Capital LLC / Corp. 4.25% 1/15/29 (b) | 65,000 | 58,685 | |
Energy - 18.3% | |||
Aethon United BR LP / Aethon United Finance Corp. 8.25% 2/15/26 (b) | 185,000 | 186,739 | |
AmeriGas Partners LP/AmeriGas Finance Corp. 9.375% 6/1/28 (b) | 715,000 | 732,967 | |
Antero Resources Corp. 8.375% 7/15/26 (b) | 275,000 | 283,249 | |
Baytex Energy Corp. 8.5% 4/30/30 (b) | 1,238,000 | 1,291,014 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7% 7/15/29 (b) | 1,000,000 | 1,010,484 | |
Buckeye Partners LP 4.5% 3/1/28 (b) | 1,530,000 | 1,429,888 | |
California Resources Corp.: | |||
7.125% 2/1/26 (b) | 140,000 | 140,707 | |
8.25% 6/15/29 (b)(d) | 435,000 | 435,673 | |
Chord Energy Corp. 6.375% 6/1/26 (b) | 558,000 | 557,105 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (b) | 715,000 | 715,210 | |
7% 6/15/25 (b) | 124,000 | 124,137 | |
8.375% 1/15/29 (b) | 650,000 | 672,854 | |
Civitas Resources, Inc.: | |||
5% 10/15/26 (b) | 1,131,000 | 1,101,101 | |
8.375% 7/1/28 (b) | 450,000 | 472,269 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 553,000 | 497,362 | |
CNX Resources Corp. 7.25% 3/1/32 (b) | 400,000 | 405,525 | |
Comstock Resources, Inc.: | |||
6.75% 3/1/29 (b) | 1,000,000 | 954,182 | |
6.75% 3/1/29 (b) | 800,000 | 773,828 | |
Coronado Finance Pty Ltd. 10.75% 5/15/26 (b) | 160,000 | 166,188 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b) | 365,000 | 375,028 | |
Crescent Energy Finance LLC 7.625% 4/1/32 (b) | 50,000 | 50,955 | |
CVR Energy, Inc.: | |||
5.75% 2/15/28 (b) | 2,910,000 | 2,685,725 | |
8.5% 1/15/29 (b) | 2,000,000 | 2,008,551 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp.: | |||
7.125% 6/1/28 (b) | 1,975,000 | 1,949,769 | |
8.625% 3/15/29 (b) | 2,500,000 | 2,556,339 | |
Encino Acquisition Partners Holdings LLC 8.75% 5/1/31 (b) | 500,000 | 517,069 | |
EQM Midstream Partners LP: | |||
6.375% 4/1/29 (b) | 1,000,000 | 998,158 | |
7.5% 6/1/27 (b) | 228,000 | 232,945 | |
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b) | 556,000 | 542,929 | |
Genesis Energy LP/Genesis Energy Finance Corp.: | |||
8.25% 1/15/29 | 450,000 | 461,009 | |
8.875% 4/15/30 | 989,000 | 1,033,467 | |
Global Partners LP/GLP Finance Corp. 8.25% 1/15/32 (b) | 170,000 | 174,901 | |
Harvest Midstream I LP: | |||
7.5% 9/1/28 (b) | 50,000 | 50,738 | |
7.5% 5/15/32 (b) | 565,000 | 572,662 | |
Hess Midstream Operations LP 6.5% 6/1/29 (b) | 2,000,000 | 2,022,400 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.875% 5/15/34 (b) | 1,000,000 | 985,234 | |
Howard Midstream Energy Partners LLC 8.875% 7/15/28 (b) | 500,000 | 524,716 | |
Matador Resources Co. 6.5% 4/15/32 (b) | 1,000,000 | 998,051 | |
Moss Creek Resources Holdings, Inc. 7.5% 1/15/26 (b) | 362,000 | 360,951 | |
Nabors Industries, Inc.: | |||
7.375% 5/15/27 (b) | 200,000 | 199,552 | |
9.125% 1/31/30 (b) | 230,000 | 237,496 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 5,485,000 | 5,162,734 | |
6.75% 9/15/25 (b) | 500,000 | 494,085 | |
8.75% 3/15/29 (b) | 450,000 | 431,937 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125% 2/15/29 (b) | 1,050,000 | 1,068,845 | |
Northern Oil & Gas, Inc.: | |||
8.125% 3/1/28 (b) | 866,000 | 880,467 | |
8.75% 6/15/31 (b) | 4,107,000 | 4,303,072 | |
NuStar Logistics LP 5.625% 4/28/27 | 160,000 | 157,591 | |
PBF Holding Co. LLC/PBF Finance Corp. 7.875% 9/15/30 (b) | 450,000 | 462,253 | |
Perenti Finance Pty Ltd. 6.5% 10/7/25 (b) | 260,096 | 259,576 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 500,000 | 513,836 | |
Seadrill Finance Ltd. 8.375% 8/1/30 (b) | 120,000 | 125,957 | |
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (b) | 500,000 | 518,762 | |
Summit Midstream Holdings LLC 9.5% 10/15/26 (b) | 300,000 | 307,799 | |
Sunnova Energy Corp. 11.75% 10/1/28 (b) | 200,000 | 137,386 | |
Sunoco Logistics Partners, LP 7% 5/1/29 (b) | 135,000 | 137,850 | |
Sunoco LP/Sunoco Finance Corp. 7% 9/15/28 (b) | 429,000 | 436,616 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 9/1/31 (b) | 500,000 | 468,308 | |
Talos Production, Inc. 9% 2/1/29 (b) | 105,000 | 110,153 | |
Transocean Aquila Ltd. 8% 9/30/28 (b) | 560,000 | 569,331 | |
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b) | 365,000 | 378,533 | |
Transocean, Inc. 8.75% 2/15/30 (b) | 405,000 | 422,508 | |
Valaris Ltd. 8.375% 4/30/30 (b) | 300,000 | 310,080 | |
Venture Global LNG, Inc.: | |||
8.125% 6/1/28 (b) | 924,000 | 944,323 | |
9.5% 2/1/29 (b) | 650,000 | 704,939 | |
9.875% 2/1/32 (b) | 972,000 | 1,042,271 | |
Vital Energy, Inc.: | |||
7.75% 7/31/29 (b) | 214,000 | 216,971 | |
7.875% 4/15/32 (b) | 1,000,000 | 1,015,356 | |
Weatherford International Ltd. 8.625% 4/30/30 (b) | 1,922,000 | 1,987,050 | |
TOTAL ENERGY | 55,057,716 | ||
Entertainment/Film - 0.6% | |||
Live Nation Entertainment, Inc. 4.875% 11/1/24 (b) | 1,195,000 | 1,186,592 | |
Resorts World Las Vegas LLC / RWLV Capital, Inc. 8.45% 7/27/30 (b) | 515,000 | 545,638 | |
TOTAL ENTERTAINMENT/FILM | 1,732,230 | ||
Environmental - 1.1% | |||
GFL Environmental, Inc. 4% 8/1/28 (b) | 3,780,000 | 3,456,431 | |
Food & Drug Retail - 1.1% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 6.5% 2/15/28 (b) | 378,000 | 380,736 | |
Murphy Oil U.S.A., Inc. 4.75% 9/15/29 | 2,526,000 | 2,381,506 | |
Parkland Corp. 5.875% 7/15/27 (b) | 614,000 | 603,865 | |
TOTAL FOOD & DRUG RETAIL | 3,366,107 | ||
Food/Beverage/Tobacco - 3.9% | |||
HLF Financing SARL LLC / Herbalife International, Inc.: | |||
4.875% 6/1/29 (b) | 200,000 | 130,055 | |
12.25% 4/15/29 (b) | 300,000 | 295,114 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 200,000 | 202,585 | |
Performance Food Group, Inc. 4.25% 8/1/29 (b) | 4,521,000 | 4,108,279 | |
Post Holdings, Inc. 6.25% 2/15/32 (b) | 1,300,000 | 1,292,290 | |
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 1,421,000 | 1,397,205 | |
Vector Group Ltd. 5.75% 2/1/29 (b) | 4,737,000 | 4,346,832 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 11,772,360 | ||
Gaming - 1.4% | |||
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (b) | 300 | 300 | |
8.125% 7/1/27 (b) | 394,000 | 401,680 | |
Churchill Downs, Inc. 5.5% 4/1/27 (b) | 392,000 | 383,850 | |
International Game Technology PLC 4.125% 4/15/26 (b) | 205,000 | 198,578 | |
Melco Resorts Finance Ltd. 7.625% 4/17/32 (b) | 1,000,000 | 987,744 | |
MGM Resorts International 6.5% 4/15/32 | 1,000,000 | 977,814 | |
Ontario Gaming GTA LP / OTG Co. issuer, Inc. 8% 8/1/30 (b) | 145,000 | 148,650 | |
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b) | 677,000 | 649,897 | |
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b) | 377,000 | 387,098 | |
TOTAL GAMING | 4,135,611 | ||
Healthcare - 4.8% | |||
AMN Healthcare 4% 4/15/29 (b) | 866,000 | 767,326 | |
Bausch + Lomb Corp. 8.375% 10/1/28 (b) | 539,000 | 548,433 | |
Bausch Health Companies, Inc. 4.875% 6/1/28 (b) | 1,495,000 | 1,095,088 | |
CHS/Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 551,000 | 435,058 | |
10.875% 1/15/32 (b)(d) | 750,000 | 774,933 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 545,000 | 499,787 | |
DaVita, Inc.: | |||
3.75% 2/15/31 (b) | 600,000 | 503,522 | |
4.625% 6/1/30 (b) | 4,867,000 | 4,360,259 | |
Endo Finance Holdings, Inc. 8.5% 4/15/31 (b) | 460,000 | 471,509 | |
LifePoint Health, Inc.: | |||
9.875% 8/15/30 (b) | 300,000 | 320,995 | |
11% 10/15/30 (b) | 800,000 | 881,316 | |
Medline Borrower LP 5.25% 10/1/29 (b) | 345,000 | 325,223 | |
Medline Borrower LP / Medline Co. 6.25% 4/1/29 (b) | 1,000,000 | 1,000,202 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
5.125% 4/30/31 (b) | 260,000 | 229,764 | |
6.75% 5/15/34 (b) | 300,000 | 298,922 | |
7.875% 5/15/34 (b) | 300,000 | 304,885 | |
Owens & Minor, Inc. 6.625% 4/1/30 (b) | 195,000 | 185,400 | |
Sotera Health Holdings LLC 7.375% 6/1/31 (b) | 500,000 | 495,692 | |
Star Parent, Inc. 9% 10/1/30 (b) | 400,000 | 417,097 | |
U.S. Acute Care Solutions 9.75% 5/15/29 (b) | 500,000 | 482,050 | |
TOTAL HEALTHCARE | 14,397,461 | ||
Homebuilders/Real Estate - 5.3% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 304,000 | 263,918 | |
Arcosa, Inc. 4.375% 4/15/29 (b) | 230,000 | 213,038 | |
Ardonagh Finco Ltd. 7.75% 2/15/31 (b) | 300,000 | 297,948 | |
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC: | |||
4.5% 4/1/27 (b) | 500,000 | 463,635 | |
5.75% 5/15/26 (b) | 950,000 | 932,514 | |
Cushman & Wakefield U.S. Borrower LLC 8.875% 9/1/31 (b) | 535,000 | 562,440 | |
Empire Communities Corp. 9.75% 5/1/29 (b) | 300,000 | 306,039 | |
Greystar Real Estate Partners 7.75% 9/1/30 (b) | 130,000 | 136,838 | |
HAT Holdings I LLC/HAT Holdings II LLC 6% 4/15/25 (b) | 987,000 | 981,886 | |
Howard Hughes Corp. 4.125% 2/1/29 (b) | 1,300,000 | 1,154,998 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 306,000 | 250,839 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 500,000 | 484,688 | |
LGI Homes, Inc.: | |||
4% 7/15/29 (b) | 860,000 | 740,437 | |
8.75% 12/15/28 (b) | 525,000 | 545,101 | |
MPT Operating Partnership LP/MPT Finance Corp. 3.5% 3/15/31 | 1,000,000 | 649,013 | |
Panther Escrow Issuer LLC 7.125% 6/1/31 (b) | 500,000 | 504,161 | |
RHP Hotel Properties LP/RHP Finance Corp.: | |||
6.5% 4/1/32 (b) | 3,000,000 | 2,981,728 | |
7.25% 7/15/28 (b) | 400,000 | 408,642 | |
Service Properties Trust: | |||
4.75% 10/1/26 | 889,000 | 831,806 | |
5.25% 2/15/26 | 181,000 | 174,069 | |
7.5% 9/15/25 | 408,300 | 415,163 | |
8.375% 6/15/29 (d) | 500,000 | 490,159 | |
8.625% 11/15/31 (b) | 100,000 | 104,695 | |
Starwood Property Trust, Inc. 4.375% 1/15/27 (b) | 502,000 | 470,392 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
4.75% 4/15/28 (b) | 550,000 | 454,547 | |
10.5% 2/15/28 (b) | 1,173,000 | 1,173,190 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 15,991,884 | ||
Hotels - 1.7% | |||
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (b) | 75,000 | 81,198 | |
Hilton Domestic Operating Co., Inc. 5.875% 4/1/29 (b) | 1,000,000 | 991,385 | |
Hilton Grand Vacations Borrower Escrow LLC: | |||
5% 6/1/29 (b) | 500,000 | 461,763 | |
6.625% 1/15/32 (b) | 2,000,000 | 1,989,663 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7% 2/1/30 (b) | 210,000 | 211,367 | |
Travel+Leisure Co.: | |||
4.5% 12/1/29 (b) | 80,000 | 72,852 | |
6.625% 7/31/26 (b) | 370,000 | 371,513 | |
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b) | 855,000 | 793,153 | |
TOTAL HOTELS | 4,972,894 | ||
Insurance - 0.4% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer 7% 1/15/31 (b) | 725,000 | 726,895 | |
AmWINS Group, Inc. 6.375% 2/15/29 (b) | 500,000 | 498,775 | |
TOTAL INSURANCE | 1,225,670 | ||
Leisure - 1.7% | |||
Carnival Corp.: | |||
4% 8/1/28 (b) | 1,408,000 | 1,299,602 | |
7.625% 3/1/26 (b) | 102,000 | 102,553 | |
NCL Corp. Ltd. 8.125% 1/15/29 (b) | 980,000 | 1,023,950 | |
Royal Caribbean Cruises Ltd.: | |||
5.5% 8/31/26 (b) | 1,202,000 | 1,184,297 | |
8.25% 1/15/29 (b) | 250,000 | 263,614 | |
Six Flags Entertainment Corp. 6.625% 5/1/32 (b) | 1,000,000 | 1,000,729 | |
Viking Cruises Ltd. 9.125% 7/15/31 (b) | 300,000 | 323,177 | |
TOTAL LEISURE | 5,197,922 | ||
Metals/Mining - 6.0% | |||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp. 8.625% 6/15/29 (b)(d) | 500,000 | 509,255 | |
Arsenal AIC Parent LLC 8% 10/1/30 (b) | 170,000 | 176,823 | |
Cleveland-Cliffs, Inc. 5.875% 6/1/27 | 676,000 | 669,713 | |
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 325,000 | 308,344 | |
First Quantum Minerals Ltd. 9.375% 3/1/29 (b) | 330,000 | 344,349 | |
FMG Resources August 2006 Pty Ltd.: | |||
4.375% 4/1/31 (b) | 353,000 | 313,390 | |
5.875% 4/15/30 (b) | 6,403,000 | 6,202,786 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (b) | 282,000 | 274,865 | |
Mineral Resources Ltd.: | |||
8% 11/1/27 (b) | 1,100,000 | 1,119,008 | |
8.125% 5/1/27 (b) | 909,000 | 918,367 | |
8.5% 5/1/30 (b) | 2,706,000 | 2,801,750 | |
9.25% 10/1/28 (b) | 4,243,000 | 4,460,776 | |
TOTAL METALS/MINING | 18,099,426 | ||
Paper - 0.3% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b) | 360,000 | 351,995 | |
Louisiana-Pacific Corp. 3.625% 3/15/29 (b) | 533,000 | 479,650 | |
Mercer International, Inc. 12.875% 10/1/28 (b) | 200,000 | 216,608 | |
TOTAL PAPER | 1,048,253 | ||
Railroad - 0.5% | |||
Brightline East LLC 11% 1/31/30 (b) | 500,000 | 474,096 | |
Genesee & Wyoming, Inc. 6.25% 4/15/32 (b) | 965,000 | 953,818 | |
TOTAL RAILROAD | 1,427,914 | ||
Services - 5.2% | |||
Allied Universal Holdco LLC 7.875% 2/15/31 (b) | 800,000 | 797,531 | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (b) | 27,000 | 26,984 | |
Aramark Services, Inc. 5% 4/1/25 (b) | 298,000 | 295,499 | |
Artera Services LLC 8.5% 2/15/31 (b) | 300,000 | 306,534 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75% 7/15/27 (b) | 418,000 | 399,642 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 400,000 | 429,418 | |
Bread Financial Holdings, Inc. 9.75% 3/15/29 (b) | 700,000 | 733,207 | |
Iron Mountain, Inc.: | |||
5% 7/15/28 (b) | 2,389,000 | 2,266,930 | |
5.25% 7/15/30 (b) | 1,054,000 | 985,489 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 700,000 | 668,500 | |
Ritchie Bros. Holdings, Inc. 7.75% 3/15/31 (b) | 1,392,000 | 1,452,967 | |
Sabre GLBL, Inc. 8.625% 6/1/27 (b) | 406,000 | 373,777 | |
Staples, Inc.: | |||
7.5% 4/15/26 (b) | 500,000 | 499,911 | |
10.75% 9/1/29 (b)(d) | 700,000 | 677,325 | |
The GEO Group, Inc. 8.625% 4/15/29 (b) | 750,000 | 771,979 | |
TriNet Group, Inc. 3.5% 3/1/29 (b) | 2,322,000 | 2,049,606 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 601,000 | 584,230 | |
Williams Scotsman, Inc. 4.625% 8/15/28 (b) | 2,407,000 | 2,247,465 | |
TOTAL SERVICES | 15,566,994 | ||
Steel - 0.6% | |||
ATI, Inc. 7.25% 8/15/30 | 924,000 | 945,912 | |
Carpenter Technology Corp. 7.625% 3/15/30 | 540,000 | 553,834 | |
Vallourec SA 7.5% 4/15/32 (b) | 295,000 | 303,542 | |
TOTAL STEEL | 1,803,288 | ||
Super Retail - 1.5% | |||
Bath & Body Works, Inc.: | |||
6.875% 11/1/35 | 187,000 | 188,600 | |
9.375% 7/1/25 (b) | 408,000 | 422,431 | |
EG Global Finance PLC 12% 11/30/28 (b) | 300,000 | 310,719 | |
Gap, Inc. 3.625% 10/1/29 (b) | 500,000 | 432,697 | |
Group 1 Automotive, Inc. 4% 8/15/28 (b) | 2,289,000 | 2,089,673 | |
QVC, Inc. 4.375% 9/1/28 | 500,000 | 372,435 | |
Sally Holdings LLC 6.75% 3/1/32 | 450,000 | 441,429 | |
Sonic Automotive, Inc. 4.625% 11/15/29 (b) | 207,000 | 185,983 | |
TOTAL SUPER RETAIL | 4,443,967 | ||
Technology - 3.4% | |||
Clarivate Science Holdings Corp. 4.875% 7/1/29 (b) | 250,000 | 227,980 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 1,009,000 | 956,944 | |
8.25% 6/30/32 (b) | 500,000 | 504,983 | |
CNT PRNT/CDK GLO II/FIN 8% 6/15/29 (b) | 300,000 | 307,995 | |
Consensus Cloud Solutions, Inc. 6.5% 10/15/28 (b) | 141,000 | 129,785 | |
Gen Digital, Inc. 5% 4/15/25 (b) | 193,000 | 191,307 | |
Iliad Holding SAS 8.5% 4/15/31 (b) | 985,000 | 997,386 | |
Insight Enterprises, Inc. 6.625% 5/15/32 (b) | 250,000 | 251,654 | |
ION Trading Technologies Ltd. 9.5% 5/30/29 (b) | 300,000 | 301,758 | |
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (b) | 3,282,000 | 2,958,019 | |
MicroStrategy, Inc. 6.125% 6/15/28 (b) | 195,000 | 186,423 | |
NCR Atleos Corp. 9.5% 4/1/29 (b) | 1,180,000 | 1,273,052 | |
PTC, Inc. 3.625% 2/15/25 (b) | 440,000 | 432,653 | |
Seagate HDD Cayman 3.125% 7/15/29 | 203 | 174 | |
Sensata Technologies, Inc. 6.625% 7/15/32 (b)(d) | 340,000 | 341,116 | |
SS&C Technologies, Inc. 6.5% 6/1/32 (b) | 1,000,000 | 1,002,764 | |
Xerox Corp. 4.8% 3/1/35 | 250,000 | 174,706 | |
Xerox Holdings Corp. 5% 8/15/25 (b) | 36,000 | 35,252 | |
TOTAL TECHNOLOGY | 10,273,951 | ||
Telecommunications - 4.2% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 800,000 | 593,852 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 165,000 | 157,321 | |
Cogent Communications Group, Inc. 7% 6/15/27 (b) | 2,356,000 | 2,344,960 | |
Consolidated Communications, Inc. 5% 10/1/28 (b) | 450,000 | 368,999 | |
Dycom Industries, Inc. 4.5% 4/15/29 (b) | 1,125,000 | 1,045,213 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (b) | 1,216,000 | 1,135,727 | |
8.75% 5/15/30 (b) | 583,000 | 603,317 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (b) | 700,000 | 658,438 | |
Level 3 Financing, Inc.: | |||
10.5% 5/15/30 (b) | 731,000 | 723,303 | |
11% 11/15/29 (b) | 98,628 | 101,111 | |
Sabre GLBL, Inc. 9.25% 4/15/25 (b) | 900 | 881 | |
Telecom Italia Capital SA: | |||
7.2% 7/18/36 (b) | 1,154,000 | 1,179,850 | |
7.2% 7/18/36 | 387,000 | 351,841 | |
ViaSat, Inc.: | |||
5.625% 4/15/27 (b) | 200,000 | 178,807 | |
7.5% 5/30/31 (b) | 200,000 | 136,281 | |
Virgin Media Secured Finance PLC 5.5% 5/15/29 (b) | 1,550,000 | 1,403,362 | |
VMED O2 UK Financing I PLC 7.75% 4/15/32 (b) | 1,000,000 | 973,420 | |
Windstream Escrow LLC 7.75% 8/15/28 (b) | 500,000 | 469,754 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 400,000 | 311,915 | |
TOTAL TELECOMMUNICATIONS | 12,738,352 | ||
Textiles/Apparel - 0.0% | |||
Foot Locker, Inc. 4% 10/1/29 (b) | 127,000 | 105,196 | |
Transportation Ex Air/Rail - 0.8% | |||
RXO, Inc. 7.5% 11/15/27 (b) | 1,845,000 | 1,886,513 | |
Stena International SA 7.625% 2/15/31 (b) | 500,000 | 511,195 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 2,397,708 | ||
Utilities - 1.5% | |||
Calpine Corp. 5.25% 6/1/26 (b) | 105,000 | 103,723 | |
NRG Energy, Inc. 3.375% 2/15/29 (b) | 834,000 | 738,300 | |
PG&E Corp. 5.25% 7/1/30 | 2,199,000 | 2,094,693 | |
Vistra Operations Co. LLC: | |||
5.625% 2/15/27 (b) | 901,000 | 886,548 | |
6.875% 4/15/32 (b) | 550,000 | 553,571 | |
TOTAL UTILITIES | 4,376,835 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $297,503,366) | 296,096,924 | ||
Money Market Funds - 1.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) (Cost $3,966,750) | 3,965,957 | 3,966,750 | |
TOTAL INVESTMENT IN SECURITIES - 99.6% (Cost $301,470,116) | 300,063,674 |
NET OTHER ASSETS (LIABILITIES) - 0.4% | 1,268,509 |
NET ASSETS - 100.0% | 301,332,183 |
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 $262,236,350 or 87.0% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 6,320,516 | 94,676,310 | 97,030,506 | 152,730 | 430 | - | 3,966,750 | 0.0% |
Total | 6,320,516 | 94,676,310 | 97,030,506 | 152,730 | 430 | - | 3,966,750 | |
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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