Quarterly Holdings Report
for
Fidelity® Sustainable High Yield ETF
May 31, 2024
SHY-NPRT3-0724
1.9904452.102
Corporate Bonds - 96.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 1.5% | |||
Broadcasting - 0.4% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 22,000 | 16,731 | |
3.375% 8/15/26 | 106,000 | 67,832 | |
84,563 | |||
Diversified Financial Services - 0.1% | |||
Rexford Industrial Realty LP: | |||
4.125% 3/15/29 (b) | 11,000 | 10,710 | |
4.375% 3/15/27 (b) | 9,000 | 8,846 | |
19,556 | |||
Energy - 0.2% | |||
NextEra Energy Partners LP 2.5% 6/15/26 (b) | 46,000 | 41,749 | |
Sunnova Energy International, Inc. 0.25% 12/1/26 | 10,000 | 4,360 | |
46,109 | |||
Homebuilders/Real Estate - 0.3% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 16,000 | 13,271 | |
Redfin Corp. 0.5% 4/1/27 | 101,000 | 55,550 | |
68,821 | |||
Super Retail - 0.1% | |||
Wayfair LLC 0.625% 10/1/25 | 12,000 | 11,250 | |
Technology - 0.4% | |||
MKS Instruments, Inc. 1.25% 6/1/30 (b) | 21,000 | 21,504 | |
Wolfspeed, Inc. 1.875% 12/1/29 | 99,000 | 55,044 | |
76,548 | |||
Utilities - 0.0% | |||
PG&E Corp. 4.25% 12/1/27 (b) | 9,000 | 9,273 | |
TOTAL CONVERTIBLE BONDS | 316,120 | ||
Nonconvertible Bonds - 94.9% | |||
Aerospace - 1.6% | |||
ATI, Inc. 4.875% 10/1/29 | 79,000 | 73,825 | |
Bombardier, Inc.: | |||
6% 2/15/28 (b) | 120,000 | 118,044 | |
7% 6/1/32 (b)(c) | 5,000 | 5,018 | |
7.25% 7/1/31 (b) | 25,000 | 25,521 | |
Spirit Aerosystems, Inc. 9.75% 11/15/30 (b) | 32,000 | 34,961 | |
TransDigm, Inc.: | |||
4.875% 5/1/29 | 40,000 | 37,084 | |
6.375% 3/1/29 (b) | 25,000 | 24,946 | |
6.625% 3/1/32 (b) | 10,000 | 10,030 | |
329,429 | |||
Air Transportation - 1.0% | |||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (b) | 30,000 | 27,663 | |
Rand Parent LLC 8.5% 2/15/30 (b) | 168,000 | 164,251 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b) | 10,000 | 7,509 | |
199,423 | |||
Automotive & Auto Parts - 1.4% | |||
Champions Financing, Inc. 8.75% 2/15/29 (b) | 36,000 | 37,010 | |
Macquarie AirFinance Holdings: | |||
6.4% 3/26/29 (b) | 25,000 | 25,263 | |
6.5% 3/26/31 (b) | 25,000 | 25,384 | |
8.375% 5/1/28 (b) | 10,000 | 10,516 | |
McLaren Finance PLC 7.5% 8/1/26 (b) | 35,000 | 30,205 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC CME Term SOFR 6 Month Index + 6.020% 11.3101% 10/15/26 (b)(d)(e) | 85,000 | 83,563 | |
ZF North America Capital, Inc.: | |||
4.75% 4/29/25 (b) | 50,000 | 49,249 | |
6.75% 4/23/30 (b) | 25,000 | 25,302 | |
286,492 | |||
Banks & Thrifts - 0.8% | |||
Ally Financial, Inc. 5.75% 11/20/25 | 112,000 | 111,493 | |
UniCredit SpA: | |||
5.459% 6/30/35 (b)(d) | 3,000 | 2,817 | |
5.861% 6/19/32 (b)(d) | 14,000 | 13,710 | |
Western Alliance Bancorp. 3% 6/15/31 (d) | 41,000 | 36,695 | |
164,715 | |||
Broadcasting - 2.1% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
5.125% 8/15/27 (b) | 64,000 | 60,461 | |
7.5% 6/1/29 (b) | 10,000 | 8,210 | |
7.875% 4/1/30 (b) | 25,000 | 24,863 | |
9% 9/15/28 (b) | 190,000 | 197,753 | |
DISH Network Corp. 11.75% 11/15/27 (b) | 20,000 | 20,066 | |
Univision Communications, Inc.: | |||
7.375% 6/30/30 (b) | 61,000 | 57,806 | |
8% 8/15/28 (b) | 24,000 | 23,638 | |
8.5% 7/31/31 (b)(c) | 50,000 | 49,166 | |
441,963 | |||
Building Materials - 0.9% | |||
Advanced Drain Systems, Inc. 6.375% 6/15/30 (b) | 40,000 | 39,920 | |
Beacon Roofing Supply, Inc. 6.5% 8/1/30 (b) | 24,000 | 24,021 | |
Builders FirstSource, Inc. 6.375% 3/1/34 (b) | 10,000 | 9,803 | |
Cornerstone Building Brands, Inc. 6.125% 1/15/29 (b) | 80,000 | 65,068 | |
Eco Material Technologies, Inc. 7.875% 1/31/27 (b) | 25,000 | 24,998 | |
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (b) | 22,000 | 20,981 | |
184,791 | |||
Cable/Satellite TV - 2.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 1/15/34 (b) | 119,000 | 88,666 | |
4.75% 3/1/30 (b) | 25,000 | 21,296 | |
4.75% 2/1/32 (b) | 193,000 | 155,410 | |
5.5% 5/1/26 (b) | 40,000 | 39,504 | |
CSC Holdings LLC: | |||
3.375% 2/15/31 (b) | 131,000 | 76,715 | |
4.625% 12/1/30 (b) | 108,000 | 45,409 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b) | 50,000 | 46,951 | |
DISH DBS Corp. 5.75% 12/1/28 (b) | 33,000 | 22,991 | |
Ziggo Bond Co. BV 6% 1/15/27 (b) | 5,000 | 4,907 | |
501,849 | |||
Capital Goods - 0.7% | |||
Chart Industries, Inc. 9.5% 1/1/31 (b) | 122,000 | 131,737 | |
TK Elevator Holdco GmbH 7.625% 7/15/28 (b) | 14,000 | 13,844 | |
145,581 | |||
Chemicals - 4.5% | |||
Axalta Coating Systems LLC 3.375% 2/15/29 (b) | 20,000 | 17,833 | |
Consolidated Energy Finance SA 12% 2/15/31 (b) | 27,000 | 28,211 | |
Kobe U.S. Midco 2, Inc. 9.25% 11/1/26 pay-in-kind (b)(d) | 32,287 | 26,717 | |
Methanex Corp. 5.65% 12/1/44 | 227,000 | 197,839 | |
NOVA Chemicals Corp.: | |||
4.25% 5/15/29 (b) | 101,000 | 88,610 | |
8.5% 11/15/28 (b) | 70,000 | 74,240 | |
9% 2/15/30 (b) | 16,000 | 16,925 | |
Olin Corp. 5% 2/1/30 | 82,000 | 77,043 | |
Olympus Water U.S. Holding Corp.: | |||
6.25% 10/1/29 (b) | 135,000 | 125,140 | |
9.75% 11/15/28 (b) | 48,000 | 51,039 | |
SCIH Salt Holdings, Inc. 6.625% 5/1/29 (b) | 15,000 | 14,128 | |
The Chemours Co. LLC 4.625% 11/15/29 (b) | 251,000 | 214,053 | |
931,778 | |||
Consumer Products - 0.7% | |||
Kohl's Corp. 4.25% 7/17/25 | 80,000 | 77,960 | |
Macy's Retail Holdings LLC 5.875% 4/1/29 (b) | 79,000 | 76,069 | |
154,029 | |||
Containers - 1.3% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (b) | 9,000 | 7,652 | |
5.25% 4/30/25 (b) | 25,000 | 24,612 | |
5.25% 8/15/27 (b) | 5,000 | 2,938 | |
Ball Corp. 6% 6/15/29 | 13,000 | 13,009 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 75,000 | 73,620 | |
Graphic Packaging International, Inc.: | |||
4.75% 7/15/27 (b) | 37,000 | 35,839 | |
6.375% 7/15/32 (b) | 20,000 | 20,040 | |
LABL, Inc.: | |||
6.75% 7/15/26 (b) | 25,000 | 24,705 | |
10.5% 7/15/27 (b) | 8,000 | 7,788 | |
OI European Group BV 4.75% 2/15/30 (b) | 20,000 | 18,329 | |
Owens-Brockway Glass Container, Inc. 7.375% 6/1/32 (b) | 40,000 | 39,987 | |
268,519 | |||
Diversified Financial Services - 3.5% | |||
Coinbase Global, Inc. 3.625% 10/1/31 (b) | 28,000 | 22,267 | |
Encore Capital Group, Inc. 8.5% 5/15/30 (b) | 35,000 | 35,037 | |
FLY Leasing Ltd. 7% 10/15/24 (b) | 3,000 | 2,985 | |
GGAM Finance Ltd.: | |||
6.875% 4/15/29 (b) | 5,000 | 5,038 | |
7.75% 5/15/26 (b) | 45,000 | 45,854 | |
8% 2/15/27 (b) | 119,000 | 122,447 | |
8% 6/15/28 (b) | 60,000 | 62,126 | |
Gn Bondco LLC 9.5% 10/15/31 (b) | 19,000 | 17,310 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.25% 10/1/25 (b) | 80,000 | 78,423 | |
OneMain Finance Corp.: | |||
3.875% 9/15/28 | 255,000 | 226,828 | |
9% 1/15/29 | 71,000 | 74,529 | |
PRA Group, Inc. 8.875% 1/31/30 (b) | 10,000 | 9,888 | |
SLM Corp. 4.2% 10/29/25 | 36,000 | 35,054 | |
737,786 | |||
Diversified Media - 0.5% | |||
Advantage Sales & Marketing, Inc. 6.5% 11/15/28 (b) | 87,000 | 78,293 | |
Outfront Media Capital LLC / Corp. 7.375% 2/15/31 (b) | 24,000 | 24,803 | |
103,096 | |||
Energy - 9.5% | |||
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (b) | 156,000 | 154,187 | |
Baytex Energy Corp. 7.375% 3/15/32 (b) | 15,000 | 15,174 | |
California Resources Corp.: | |||
7.125% 2/1/26 (b) | 269,000 | 270,358 | |
8.25% 6/15/29 (b)(c) | 10,000 | 10,015 | |
Canacol Energy Ltd. 5.75% 11/24/28 (b) | 21,000 | 11,018 | |
CGG SA 8.75% 4/1/27 (b) | 103,000 | 98,647 | |
CNX Midstream Partners LP 4.75% 4/15/30 (b) | 63,000 | 56,661 | |
CNX Resources Corp.: | |||
6% 1/15/29 (b) | 69,000 | 67,329 | |
7.25% 3/1/32 (b) | 20,000 | 20,276 | |
7.375% 1/15/31 (b) | 5,000 | 5,088 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/33 (b) | 32,000 | 32,879 | |
CVR Energy, Inc. 5.75% 2/15/28 (b) | 20,000 | 18,459 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp. 8.625% 3/15/29 (b) | 24,000 | 24,541 | |
Energean PLC 6.5% 4/30/27 (b) | 83,000 | 78,228 | |
Global Partners LP/GLP Finance Corp. 6.875% 1/15/29 | 122,000 | 120,121 | |
Harbour Energy PLC 5.5% 10/15/26 (b) | 10,000 | 9,788 | |
Kosmos Energy Ltd.: | |||
7.5% 3/1/28 (b) | 8,000 | 7,592 | |
7.75% 5/1/27 (b) | 5,000 | 4,868 | |
MEG Energy Corp. 5.875% 2/1/29 (b) | 110,000 | 106,759 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (b) | 128,000 | 120,479 | |
8.75% 3/15/29 (b) | 45,000 | 43,194 | |
Northern Oil & Gas, Inc. 8.125% 3/1/28 (b) | 48,000 | 48,802 | |
Oceaneering International, Inc. 6% 2/1/28 | 90,000 | 88,676 | |
Permian Resources Operating LLC 5.875% 7/1/29 (b) | 73,000 | 71,266 | |
Prairie Acquiror LP 9% 8/1/29 (b) | 20,000 | 20,553 | |
Southwestern Energy Co. 5.375% 3/15/30 | 20,000 | 19,238 | |
Sunnova Energy Corp. 5.875% 9/1/26 (b) | 211,000 | 149,747 | |
Sunoco LP/Sunoco Finance Corp. 4.5% 5/15/29 | 233,000 | 213,811 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6% 3/1/27 (b) | 72,000 | 70,498 | |
Tullow Oil PLC: | |||
7% 3/1/25 (b) | 8,000 | 7,732 | |
10.25% 5/15/26 (b) | 10,000 | 9,662 | |
1,975,646 | |||
Environmental - 3.0% | |||
Covanta Holding Corp. 4.875% 12/1/29 (b) | 366,000 | 333,563 | |
Darling Ingredients, Inc. 6% 6/15/30 (b) | 5,000 | 4,888 | |
Stericycle, Inc. 3.875% 1/15/29 (b) | 320,000 | 290,549 | |
629,000 | |||
Food & Drug Retail - 0.8% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 4.875% 2/15/30 (b) | 65,000 | 60,801 | |
Emergent BioSolutions, Inc. 3.875% 8/15/28 (b) | 126,000 | 75,253 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (b) | 25,000 | 21,693 | |
157,747 | |||
Food/Beverage/Tobacco - 2.1% | |||
C&S Group Enterprises LLC 5% 12/15/28 (b) | 55,000 | 40,644 | |
KeHE Distributor / Nextwave 9% 2/15/29 (b) | 99,000 | 100,280 | |
Performance Food Group, Inc. 4.25% 8/1/29 (b) | 20,000 | 18,174 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (b) | 49,000 | 43,372 | |
4.625% 4/15/30 (b) | 27,000 | 24,518 | |
6.25% 2/15/32 (b) | 30,000 | 29,822 | |
Sigma Holdco BV 7.875% 5/15/26 (b) | 37,000 | 35,983 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (b) | 84,000 | 77,619 | |
U.S. Foods, Inc. 4.625% 6/1/30 (b) | 79,000 | 72,544 | |
442,956 | |||
Gaming - 0.1% | |||
Station Casinos LLC 6.625% 3/15/32 (b) | 15,000 | 14,725 | |
Healthcare - 8.1% | |||
AdaptHealth LLC 5.125% 3/1/30 (b) | 106,000 | 92,587 | |
Akumin, Inc. 8% 8/1/28 (b) | 45,000 | 35,325 | |
AMN Healthcare 4% 4/15/29 (b) | 65,000 | 57,594 | |
Cano Health, Inc. 6.25% 10/1/28 (b)(f) | 29,000 | 36 | |
Charles River Laboratories International, Inc. 3.75% 3/15/29 (b) | 10,000 | 9,046 | |
CHS/Community Health Systems, Inc.: | |||
4.75% 2/15/31 (b) | 104,000 | 82,116 | |
5.25% 5/15/30 (b) | 130,000 | 107,913 | |
6.875% 4/15/29 (b) | 84,000 | 65,732 | |
8% 3/15/26 (b) | 27,000 | 27,048 | |
10.875% 1/15/32 (b)(c) | 68,000 | 70,261 | |
DaVita, Inc. 3.75% 2/15/31 (b) | 67,000 | 56,227 | |
Embecta Corp. 5% 2/15/30 (b) | 90,000 | 74,430 | |
Encompass Health Corp. 4.625% 4/1/31 | 49,000 | 44,289 | |
IQVIA, Inc.: | |||
5% 10/15/26 (b) | 10,000 | 9,777 | |
5% 5/15/27 (b) | 50,000 | 48,570 | |
LifePoint Health, Inc.: | |||
5.375% 1/15/29 (b) | 82,000 | 69,215 | |
10% 6/1/32 (b) | 10,000 | 10,036 | |
Modivcare, Inc. 5.875% 11/15/25 (b) | 155,000 | 154,125 | |
Omega Healthcare Investors, Inc. 3.25% 4/15/33 | 17,000 | 13,621 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
5.125% 4/30/31 (b) | 93,000 | 82,185 | |
6.75% 5/15/34 (b) | 10,000 | 9,964 | |
Owens & Minor, Inc. 6.625% 4/1/30 (b) | 20,000 | 19,015 | |
Pediatrix Medical Group, Inc. 5.375% 2/15/30 (b) | 113,000 | 97,354 | |
Radiology Partners, Inc. 7.775% 1/31/29 pay-in-kind (b)(d) | 17,031 | 15,690 | |
Sotera Health Holdings LLC 7.375% 6/1/31 (b) | 100,000 | 99,138 | |
Surgery Center Holdings, Inc. 7.25% 4/15/32 (b) | 35,000 | 35,263 | |
Tenet Healthcare Corp. 6.125% 10/1/28 | 310,000 | 307,086 | |
1,693,643 | |||
Homebuilders/Real Estate - 6.8% | |||
Anywhere Real Estate Group LLC 7% 4/15/30 (b) | 29,000 | 25,176 | |
ATP Tower Holdings LLC/Andean Tower Partners 4.05% 4/27/26 (b) | 16,000 | 14,999 | |
Beazer Homes U.S.A., Inc. 7.5% 3/15/31 (b) | 21,000 | 20,963 | |
HAT Holdings I LLC/HAT Holdings II LLC: | |||
3.375% 6/15/26 (b) | 163,000 | 153,180 | |
6% 4/15/25 (b) | 39,000 | 38,798 | |
8% 6/15/27 (b) | 18,000 | 18,683 | |
Howard Hughes Corp. 4.375% 2/1/31 (b) | 419,000 | 357,394 | |
Landsea Homes Corp. 8.875% 4/1/29 (b) | 10,000 | 9,694 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
4.625% 8/1/29 | 84,000 | 61,152 | |
5% 10/15/27 | 255,000 | 209,001 | |
5.25% 8/1/26 | 5,000 | 4,539 | |
Railworks Holdings LP 8.25% 11/15/28 (b) | 30,000 | 30,300 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 60,000 | 41,175 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 6,000 | 3,916 | |
Rithm Capital Corp.: | |||
6.25% 10/15/25 (b) | 47,000 | 46,576 | |
8% 4/1/29 (b) | 10,000 | 9,732 | |
Starwood Property Trust, Inc.: | |||
3.75% 12/31/24 (b) | 70,000 | 68,734 | |
7.25% 4/1/29 (b) | 10,000 | 9,945 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.125% 8/1/30 (b) | 191,000 | 181,215 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 40,000 | 38,795 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
10.5% 2/15/28 (b) | 45,000 | 45,007 | |
10.5% 2/15/28 (b) | 15,000 | 15,002 | |
VICI Properties LP: | |||
5.75% 4/1/34 | 2,000 | 1,967 | |
6.125% 4/1/54 | 15,000 | 14,369 | |
1,420,312 | |||
Hotels - 1.4% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32 (b) | 292,000 | 247,644 | |
5.875% 4/1/29 (b) | 15,000 | 14,871 | |
6.125% 4/1/32 (b) | 15,000 | 14,830 | |
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7% 2/1/30 (b) | 15,000 | 15,098 | |
292,443 | |||
Insurance - 0.1% | |||
AssuredPartners, Inc. 7.5% 2/15/32 (b) | 15,000 | 14,911 | |
Leisure - 1.2% | |||
Amer Sports Co. 6.75% 2/16/31 (b) | 75,000 | 74,721 | |
ClubCorp Holdings, Inc. 8.5% 9/15/25 (b) | 30,000 | 27,147 | |
MajorDrive Holdings IV LLC 6.375% 6/1/29 (b) | 75,000 | 70,605 | |
Royal Caribbean Cruises Ltd. 6.25% 3/15/32 (b) | 75,000 | 74,658 | |
247,131 | |||
Metals/Mining - 3.4% | |||
Eldorado Gold Corp. 6.25% 9/1/29 (b) | 55,000 | 52,181 | |
ERO Copper Corp. 6.5% 2/15/30 (b) | 75,000 | 72,179 | |
First Quantum Minerals Ltd.: | |||
6.875% 10/15/27 (b) | 25,000 | 24,475 | |
9.375% 3/1/29 (b) | 100,000 | 104,348 | |
FMG Resources August 2006 Pty Ltd. 6.125% 4/15/32 (b) | 215,000 | 210,200 | |
HudBay Minerals, Inc. 6.125% 4/1/29 (b) | 46,000 | 45,368 | |
IAMGOLD Corp. 5.75% 10/15/28 (b) | 96,000 | 90,024 | |
Mineral Resources Ltd. 8.5% 5/1/30 (b) | 115,000 | 119,069 | |
717,844 | |||
Paper - 2.6% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
4% 9/1/29 (b) | 85,000 | 70,174 | |
6% 6/15/27 (b) | 80,000 | 78,221 | |
Berry Global, Inc. 5.625% 7/15/27 (b) | 290,000 | 286,173 | |
Clydesdale Acquisition Holdings, Inc. 6.625% 4/15/29 (b) | 81,000 | 79,705 | |
Mercer International, Inc. 5.125% 2/1/29 | 40,000 | 35,025 | |
549,298 | |||
Restaurants - 1.5% | |||
Yum! Brands, Inc. 4.625% 1/31/32 | 335,000 | 305,143 | |
Services - 10.7% | |||
AECOM 5.125% 3/15/27 | 342,000 | 332,978 | |
APX Group, Inc.: | |||
5.75% 7/15/29 (b) | 40,000 | 37,971 | |
6.75% 2/15/27 (b) | 115,000 | 114,580 | |
Aramark Services, Inc. 5% 2/1/28 (b) | 60,000 | 57,366 | |
Artera Services LLC 8.5% 2/15/31 (b) | 270,000 | 275,881 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.: | |||
5.375% 3/1/29 (b) | 37,000 | 33,761 | |
5.75% 7/15/27 (b) | 136,000 | 130,555 | |
Brand Industrial Services, Inc. 10.375% 8/1/30 (b) | 276,000 | 296,299 | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b) | 50,000 | 49,754 | |
Hertz Corp. 4.625% 12/1/26 (b) | 61,000 | 47,361 | |
Life Time, Inc.: | |||
5.75% 1/15/26 (b) | 51,000 | 50,706 | |
8% 4/15/26 (b) | 135,000 | 135,910 | |
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b) | 42,000 | 40,110 | |
Sotheby's 7.375% 10/15/27 (b) | 65,000 | 56,579 | |
Staples, Inc.: | |||
7.5% 4/15/26 (b) | 79,000 | 78,986 | |
10.75% 4/15/27 (b) | 45,000 | 40,064 | |
10.75% 9/1/29 (b)(c) | 40,000 | 38,704 | |
StoneMor, Inc. 8.5% 5/15/29 (b) | 83,000 | 66,656 | |
Uber Technologies, Inc. 4.5% 8/15/29 (b) | 268,000 | 252,651 | |
United Rentals North America, Inc. 6.125% 3/15/34 (b) | 35,000 | 34,337 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b) | 65,000 | 63,186 | |
2,234,395 | |||
Steel - 0.6% | |||
ATI, Inc. 7.25% 8/15/30 | 16,000 | 16,379 | |
Vallourec SA 7.5% 4/15/32 (b) | 103,000 | 105,983 | |
122,362 | |||
Super Retail - 2.5% | |||
At Home Group, Inc. 4.875% 7/15/28 (b) | 30,000 | 12,750 | |
Bath & Body Works, Inc. 6.75% 7/1/36 | 129,000 | 128,372 | |
Carvana Co.: | |||
4.875% 9/1/29 (b) | 25,000 | 17,500 | |
5.625% 10/1/25 (b) | 30,000 | 28,943 | |
12% 12/1/28 pay-in-kind (b)(d) | 13,492 | 14,104 | |
13% 6/1/30 pay-in-kind (b)(d) | 29,829 | 30,700 | |
14% 6/1/31 pay-in-kind (b)(d) | 40,530 | 42,707 | |
EG Global Finance PLC 12% 11/30/28 (b) | 65,000 | 67,322 | |
Hanesbrands, Inc. 4.875% 5/15/26 (b) | 13,000 | 12,611 | |
LBM Acquisition LLC 6.25% 1/15/29 (b) | 50,000 | 45,149 | |
Michaels Companies, Inc. 5.25% 5/1/28 (b) | 80,000 | 64,890 | |
Nordstrom, Inc. 4.375% 4/1/30 | 40,000 | 36,370 | |
Sally Holdings LLC 6.75% 3/1/32 | 15,000 | 14,714 | |
516,132 | |||
Technology - 11.5% | |||
Ahead DB Holdings LLC 6.625% 5/1/28 (b) | 15,000 | 13,913 | |
Atkore, Inc. 4.25% 6/1/31 (b) | 62,000 | 54,794 | |
Block, Inc.: | |||
3.5% 6/1/31 | 412,000 | 352,900 | |
6.5% 5/15/32 (b) | 15,000 | 15,139 | |
Cloud Software Group, Inc.: | |||
6.5% 3/31/29 (b) | 29,000 | 27,504 | |
8.25% 6/30/32 (b) | 45,000 | 45,449 | |
9% 9/30/29 (b) | 115,000 | 111,279 | |
Elastic NV 4.125% 7/15/29 (b) | 90,000 | 80,469 | |
Entegris, Inc.: | |||
3.625% 5/1/29 (b) | 60,000 | 53,311 | |
5.95% 6/15/30 (b) | 224,000 | 220,493 | |
Gen Digital, Inc.: | |||
5% 4/15/25 (b) | 90,000 | 89,211 | |
7.125% 9/30/30 (b) | 76,000 | 77,166 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (b) | 155,000 | 138,480 | |
GrafTech Global Enterprises, Inc. 9.875% 12/15/28 (b) | 5,000 | 3,774 | |
HTA Group Ltd. 7.5% 6/4/29 (b)(c)(g) | 140,000 | 139,069 | |
Iliad Holding SAS 8.5% 4/15/31 (b) | 60,000 | 60,754 | |
Insight Enterprises, Inc. 6.625% 5/15/32 (b) | 15,000 | 15,099 | |
NCR Voyix Corp. 5.125% 4/15/29 (b) | 69,000 | 64,068 | |
ON Semiconductor Corp. 3.875% 9/1/28 (b) | 38,000 | 34,700 | |
Open Text Corp.: | |||
3.875% 2/15/28 (b) | 30,000 | 27,573 | |
3.875% 12/1/29 (b) | 141,000 | 124,153 | |
Open Text Holdings, Inc.: | |||
4.125% 2/15/30 (b) | 10,000 | 8,890 | |
4.125% 12/1/31 (b) | 18,000 | 15,488 | |
Rackspace Finance LLC 3.5% 5/15/28 (b) | 12,525 | 4,945 | |
Seagate HDD Cayman: | |||
4.125% 1/15/31 | 30,000 | 26,331 | |
4.75% 1/1/25 | 102,000 | 101,122 | |
5.75% 12/1/34 | 24,000 | 22,701 | |
8.25% 12/15/29 (b) | 33,000 | 35,301 | |
Sensata Technologies BV: | |||
4% 4/15/29 (b) | 30,000 | 27,252 | |
5% 10/1/25 (b) | 226,000 | 227,645 | |
TTM Technologies, Inc. 4% 3/1/29 (b) | 48,000 | 43,480 | |
UKG, Inc. 6.875% 2/1/31 (b) | 24,000 | 24,152 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 14,000 | 12,789 | |
Virtusa Corp. 7.125% 12/15/28 (b) | 40,000 | 36,379 | |
VM Consolidated, Inc. 5.5% 4/15/29 (b) | 32,000 | 30,537 | |
Western Digital Corp.: | |||
2.85% 2/1/29 | 10,000 | 8,622 | |
3.1% 2/1/32 | 10,000 | 8,111 | |
2,383,043 | |||
Telecommunications - 3.9% | |||
Altice Financing SA 5.75% 8/15/29 (b) | 100,000 | 74,232 | |
Altice France Holding SA: | |||
6% 2/15/28 (b) | 75,000 | 23,345 | |
10.5% 5/15/27 (b) | 5,000 | 1,850 | |
Altice France SA 5.125% 7/15/29 (b) | 157,000 | 105,293 | |
AXIAN Telecom 7.375% 2/16/27 (b) | 5,000 | 4,867 | |
C&W Senior Finance Ltd. 6.875% 9/15/27 (b) | 100,000 | 95,346 | |
Connect Finco SARL / Connect U.S. Finco LLC 6.75% 10/1/26 (b) | 15,000 | 14,168 | |
Frontier Communications Holdings LLC 8.75% 5/15/30 (b) | 60,000 | 62,091 | |
IHS Holding Ltd.: | |||
5.625% 11/29/26 (b) | 5,000 | 4,728 | |
6.25% 11/29/28 (b) | 5,000 | 4,469 | |
IHS Netherlands Holdco BV 8% 9/18/27 (b) | 43,000 | 41,698 | |
LCPR Senior Secured Financing DAC 6.75% 10/15/27 (b) | 35,000 | 32,966 | |
Level 3 Financing, Inc.: | |||
4% 4/15/31 (b) | 80,000 | 43,696 | |
11% 11/15/29 (b) | 9,698 | 9,942 | |
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) | 15,000 | 9,899 | |
Millicom International Cellular SA 4.5% 4/27/31 (b) | 5,000 | 4,276 | |
SBA Communications Corp. 3.125% 2/1/29 | 121,000 | 106,458 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (b) | 202,000 | 136,689 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (b) | 40,000 | 31,192 | |
807,205 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.125% 8/15/31 (b) | 15,000 | 13,045 | |
Transportation Ex Air/Rail - 0.2% | |||
Golar LNG Ltd. 7% 10/20/25 (b) | 17,000 | 16,861 | |
Seaspan Corp. 5.5% 8/1/29 (b) | 30,000 | 26,734 | |
43,595 | |||
Utilities - 3.4% | |||
DPL, Inc.: | |||
4.125% 7/1/25 | 130,000 | 127,131 | |
4.35% 4/15/29 | 220,000 | 203,305 | |
NextEra Energy Partners LP 4.5% 9/15/27 (b) | 61,000 | 57,399 | |
PG&E Corp. 5.25% 7/1/30 | 217,000 | 206,707 | |
TerraForm Power Operating LLC 4.75% 1/15/30 (b) | 116,000 | 105,379 | |
699,921 | |||
TOTAL NONCONVERTIBLE BONDS | 19,729,948 | ||
TOTAL CORPORATE BONDS (Cost $20,331,591) | 20,046,068 | ||
Common Stocks - 0.7% | |||
Shares | Value ($) | ||
Automotive & Auto Parts - 0.0% | |||
Aptiv PLC (h) | 100 | 8,326 | |
Energy - 0.1% | |||
New Fortress Energy, Inc. Class A | 690 | 17,492 | |
Healthcare - 0.1% | |||
Centene Corp. (h) | 205 | 14,676 | |
Leisure - 0.1% | |||
Topgolf Callaway Brands Corp. (h) | 1,000 | 15,650 | |
Technology - 0.2% | |||
Coherent Corp. (h) | 375 | 21,398 | |
MKS Instruments, Inc. | 60 | 7,595 | |
ON Semiconductor Corp. (h) | 190 | 13,878 | |
TOTAL TECHNOLOGY | 42,871 | ||
Telecommunications - 0.2% | |||
Helios Towers PLC (h) | 29,000 | 46,118 | |
TOTAL COMMON STOCKS (Cost $124,813) | 145,133 | ||
Bank Loan Obligations - 1.0% | |||
Principal Amount (a) | Value ($) | ||
Automotive & Auto Parts - 0.1% | |||
Power Stop LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.1973% 1/26/29 (d)(e)(i) | 15,000 | 14,550 | |
Energy - 0.2% | |||
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.571% 8/27/28 (d)(e)(i) | 30,642 | 28,957 | |
Healthcare - 0.1% | |||
Cano Health, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4626% 11/23/27 (d)(e)(f)(i) | 21,888 | 5,441 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 11.000% 16.3213% 10/7/24 (d)(e)(i)(j) | 3,481 | 3,463 | |
Tranche DD, term loan CME Term SOFR 1 Month Index + 11.000% 16.3213% 10/7/24 (d)(e)(i)(j) | 2,271 | 2,259 | |
TOTAL HEALTHCARE | 11,163 | ||
Leisure - 0.2% | |||
ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5635% 9/18/26 (d)(e)(i) | 21,431 | 21,533 | |
United PF Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5911% 12/30/26 (d)(e)(i) | 30,889 | 27,182 | |
TOTAL LEISURE | 48,715 | ||
Metals/Mining - 0.0% | |||
American Rock Salt Co. LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 6/4/28 (d)(e)(i) | 4,987 | 4,507 | |
Services - 0.4% | |||
Ascend Learning LLC 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1792% 12/10/29 (d)(e)(i) | 5,000 | 4,903 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0795% 4/29/29 (d)(e)(i) | 32,929 | 29,060 | |
Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (d)(e)(i) | 59,846 | 51,393 | |
Staples, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 8/23/29 (e)(i)(k) | 5,000 | 4,763 | |
TOTAL SERVICES | 90,119 | ||
Technology - 0.0% | |||
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6858% 5/15/28 (d)(e)(i) | 2,910 | 2,923 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $213,716) | 200,934 | ||
Preferred Securities - 1.1% | |||
Principal Amount (a) | Value ($) | ||
Air Transportation - 0.1% | |||
AerCap Holdings NV 5.875% 10/10/79 (d) | 30,000 | 29,798 | |
Banks & Thrifts - 0.5% | |||
Ally Financial, Inc. 4.7% (d)(l) | 50,000 | 44,018 | |
Citigroup, Inc. 7.125% (d)(l) | 20,000 | 19,945 | |
Goldman Sachs Group, Inc. 7.5% (d)(l) | 25,000 | 25,685 | |
M&T Bank Corp.: | |||
3.5% (d)(l) | 5,000 | 4,114 | |
5.125% (d)(l) | 10,000 | 9,387 | |
TOTAL BANKS & THRIFTS | 103,149 | ||
Diversified Financial Services - 0.0% | |||
Aircastle Ltd. 5.25% (b)(d)(l) | 10,000 | 9,500 | |
Energy - 0.5% | |||
Energy Transfer LP CME Term SOFR 3 Month Index + 4.280% 9.612% (d)(e)(l) | 97,000 | 96,549 | |
TOTAL PREFERRED SECURITIES (Cost $238,084) | 238,996 | ||
Money Market Funds - 0.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (m) (Cost $185,036) | 184,999 | 185,036 | |
TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $21,093,240) | 20,816,167 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (30,550) |
NET ASSETS - 100.0% | 20,785,617 |
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 $15,627,517 or 75.2% of net assets. |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Non-income producing - Security is in default. |
(g) | A portion of the security sold on a delayed delivery basis. |
(h) | Non-income producing |
(i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(j) | Level 3 security |
(k) | The coupon rate will be determined upon settlement of the loan after period end. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 76,427 | 2,948,143 | 2,839,570 | 3,581 | 36 | - | 185,036 | 0.0% |
Total | 76,427 | 2,948,143 | 2,839,570 | 3,581 | 36 | - | 185,036 | |
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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