NPORT-EX 2 QTLY_6508_20240531.htm 010 - Quarterly Front Cover
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.
 
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.