Quarterly Holdings Report
for
Fidelity® Multi-Strategy Credit Fund
March 31, 2024
MSC-NPRT3-0524
1.9910151.100
Bank Loan Obligations - 15.5%
 
  
Principal
Amount (a)
 
Value ($)
 
Building Materials - 0.3%
 
  
  
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8238% 2/25/29 (b)(c)(d)
  
109,721
108,264
Cable/Satellite TV - 0.2%
 
  
  
CSC Holdings LLC Tranche B6 LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8253% 1/18/28 (b)(c)(d)
  
49,874
47,895
Diversified Financial Services - 0.4%
 
  
  
Fleet U.S. Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5659% 2/3/31 (b)(c)(d)
  
75,000
75,000
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8273% 12/13/28 (b)(c)(d)
  
75,000
74,321
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
149,321
Energy - 0.4%
 
  
  
EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (b)(c)(d)
  
149,624
148,502
Food/Beverage/Tobacco - 0.2%
 
  
  
Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.8135% 3/31/28 (b)(c)(d)
  
79,795
78,888
Gaming - 1.1%
 
  
  
Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0405% 2/6/31 (b)(c)(d)
  
20,000
20,000
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0767% 1/27/29 (b)(c)(d)
  
103,939
104,135
Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 8/1/30 (b)(c)(d)
  
114,713
115,061
Scientific Games Holdings LP term loan CME Term SOFR 3 Month Index + 3.500% 8.5802% 4/4/29 (b)(c)(d)
  
129,671
129,567
TOTAL GAMING
  
  
368,763
Healthcare - 1.2%
 
  
  
Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4094% 10/1/27 (b)(c)(d)
  
79,794
76,163
Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 10/23/28 (b)(c)(d)
  
136,284
136,577
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.071% 11/30/27 (b)(c)(d)
  
74,807
74,911
Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 11/15/28 (b)(c)(d)
  
128,687
128,934
TOTAL HEALTHCARE
  
  
416,585
Hotels - 0.7%
 
  
  
Carnival Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 10/18/28 (b)(c)(d)
  
29,923
29,930
Four Seasons Hotels Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4302% 11/30/29 (b)(c)(d)
  
197,995
198,070
TOTAL HOTELS
  
  
228,000
Insurance - 0.0%
 
  
  
Truist Insurance Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 3/22/31 (c)(d)(e)
  
10,000
9,983
Leisure - 0.4%
 
  
  
City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4432% 7/21/28 (b)(c)(d)
  
129,352
129,111
Paper - 0.6%
 
  
  
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.1052% 4/13/29 (b)(c)(d)
  
208,676
208,891
Services - 3.1%
 
  
  
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 5/14/28 (b)(c)(d)
  
199,488
199,163
Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (b)(c)(d)
  
75,000
75,225
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 12/10/28 (b)(c)(d)
  
138,582
137,665
CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 6/2/28 (b)(c)(d)
  
119,693
116,757
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 4/29/29 (b)(c)(d)
  
139,646
126,030
Ion Trading Finance Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1519% 4/1/28 (b)(c)(d)
  
74,808
74,648
Planet U.S. Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (b)(c)(d)
  
75,000
75,225
Sts Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/15/31 (c)(d)(e)
  
75,000
75,141
The GEO Group, Inc. Tranche 1B 1LN, term loan CME Term SOFR 1 Month Index + 7.120% 12.2052% 3/23/27 (b)(c)(d)
  
10,000
10,268
Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.0793% 3/3/30 (b)(c)(d)
  
158,070
158,681
TOTAL SERVICES
  
  
1,048,803
Super Retail - 1.0%
 
  
  
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/5/28 (b)(c)(d)
  
208,082
208,053
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (b)(c)(d)
  
133,625
133,308
TOTAL SUPER RETAIL
  
  
341,361
Technology - 5.6%
 
  
  
Applied Systems, Inc.:
  
  
  
 Tranche 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 2/23/32 (b)(c)(d)
  
5,000
5,169
 Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (b)(c)(d)
  
200,000
201,108
Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5802% 2/15/29 (b)(c)(d)
  
178,866
176,938
Camelot U.S. Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0763% 1/31/31 (b)(c)(d)
  
75,000
74,944
Cloud Software Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.9094% 3/30/29 (b)(c)(d)
  
59,848
59,532
Gen Digital, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4273% 9/12/29 (b)(c)(d)
  
174,342
174,218
Helios Software Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0747% 7/15/30 (b)(c)(d)
  
74,813
74,018
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1756% 3/1/29 (b)(c)(d)
  
99,746
99,428
Peraton Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 2/1/28 (b)(c)(d)
  
99,737
99,551
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 6/2/28 (b)(c)(d)
  
129,668
128,350
Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 10/26/30 (b)(c)(d)
  
50,000
50,236
Proofpoint, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 8/31/28 (b)(c)(d)
  
149,364
149,366
RealPage, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 4/22/28 (b)(c)(d)
  
34,733
33,768
Sophia LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 10/29/29 (b)(c)(d)
  
133,204
133,704
UKG, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (b)(c)(d)
  
354,013
355,694
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.5751% 2/28/27 (b)(c)(d)
  
24,819
24,804
Webpros Investments Sarl Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/19/31 (c)(d)(e)
  
75,000
75,094
TOTAL TECHNOLOGY
  
  
1,915,922
Utilities - 0.3%
 
  
  
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0773% 1/20/31 (b)(c)(d)
  
100,000
99,855
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $5,246,134)
  
  
  
5,300,144
 
  
  
  
Corporate Bonds - 33.6%
 
  
Principal
Amount (a)
 
Value ($)
 
Convertible Bonds - 2.2%
 
  
  
Aerospace - 0.2%
  
  
  
Parsons Corp. 2.625% 3/1/29 (f)
  
22,000
23,815
Rocket Lab U.S.A., Inc. 4.25% 2/1/29 (f)
  
15,000
15,881
Spirit Aerosystems, Inc. 3.25% 11/1/28 (f)
  
30,000
41,946
 
  
  
81,642
Air Transportation - 0.1%
  
  
  
JetBlue Airways Corp. 0.5% 4/1/26
 
40,000
34,917
Broadcasting - 0.5%
  
  
  
DISH Network Corp.:
  
  
  
 0% 12/15/25
 
59,000
43,070
 3.375% 8/15/26
 
175,000
108,938
 
  
  
152,008
Energy - 0.5%
  
  
  
NextEra Energy Partners LP 0% 11/15/25 (f)
  
92,000
81,650
Northern Oil & Gas, Inc. 3.625% 4/15/29
 
60,000
73,050
Sunnova Energy International, Inc. 2.625% 2/15/28
 
48,000
19,318
 
  
  
174,018
Homebuilders/Real Estate - 0.2%
  
  
  
GEO Corrections Holdings, Inc. 6.5% 2/23/26
 
7,000
12,009
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26
 
30,000
23,775
Redfin Corp. 0.5% 4/1/27
 
63,000
34,650
 
  
  
70,434
Leisure - 0.1%
  
  
  
Topgolf Callaway Brands Corp. 2.75% 5/1/26
 
35,000
40,005
Services - 0.1%
  
  
  
Uber Technologies, Inc. 0.875% 12/1/28 (f)
  
25,000
30,925
Technology - 0.4%
  
  
  
Five9, Inc. 1% 3/15/29 (f)
  
34,000
35,190
Global Payments, Inc. 1.5% 3/1/31 (f)
  
23,000
24,311
MicroStrategy, Inc. 0.75% 12/15/25
 
12,000
51,420
Progress Software Corp. 3.5% 3/1/30 (f)
  
10,000
10,125
Wolfspeed, Inc. 1.875% 12/1/29
 
30,000
16,743
 
  
  
137,789
Utilities - 0.1%
  
  
  
PG&E Corp. 4.25% 12/1/27 (f)
  
45,000
45,203
TOTAL CONVERTIBLE BONDS
  
  
766,941
Nonconvertible Bonds - 31.4%
 
  
  
Aerospace - 2.5%
  
  
  
ATI, Inc. 5.875% 12/1/27
 
155,000
152,710
TransDigm, Inc.:
  
  
  
 4.625% 1/15/29
 
210,000
194,881
 6.75% 8/15/28 (f)
  
480,000
486,000
 7.125% 12/1/31 (f)
  
15,000
15,458
 
  
  
849,049
Air Transportation - 0.2%
  
  
  
American Airlines, Inc. 8.5% 5/15/29 (f)
  
30,000
31,694
Rand Parent LLC 8.5% 2/15/30 (f)
  
50,000
49,513
 
  
  
81,207
Automotive & Auto Parts - 0.9%
  
  
  
LCM Investments Holdings 8.25% 8/1/31 (f)
  
25,000
26,154
Macquarie AirFinance Holdings:
  
  
  
 6.4% 3/26/29 (f)
  
200,000
203,134
 6.5% 3/26/31 (f)
  
30,000
30,541
 8.375% 5/1/28 (f)
  
25,000
26,499
Wand NewCo 3, Inc. 7.625% 1/30/32 (f)
  
25,000
25,856
 
  
  
312,184
Broadcasting - 1.7%
  
  
  
Clear Channel Outdoor Holdings, Inc.:
  
  
  
 7.875% 4/1/30 (f)
  
50,000
49,708
 9% 9/15/28 (f)
  
35,000
36,457
DISH Network Corp. 11.75% 11/15/27 (f)
  
65,000
66,361
Univision Communications, Inc.:
  
  
  
 4.5% 5/1/29 (f)
  
50,000
44,683
 7.375% 6/30/30 (f)
  
200,000
197,768
Warnermedia Holdings, Inc.:
  
  
  
 5.141% 3/15/52
 
110,000
91,300
 5.391% 3/15/62
 
110,000
91,287
 
  
  
577,564
Cable/Satellite TV - 0.6%
  
  
  
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 3.7% 4/1/51
 
193,000
119,361
CSC Holdings LLC:
  
  
  
 5% 11/15/31 (f)
  
60,000
30,332
 6.5% 2/1/29 (f)
  
50,000
42,366
 
  
  
192,059
Capital Goods - 0.4%
  
  
  
Chart Industries, Inc. 7.5% 1/1/30 (f)
  
25,000
25,961
ESAB Corp. 6.25% 4/15/29 (f)(g)
  
100,000
100,468
 
  
  
126,429
Chemicals - 1.0%
  
  
  
LSB Industries, Inc. 6.25% 10/15/28 (f)
  
140,000
134,739
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (f)
  
30,000
27,946
The Chemours Co. LLC 5.75% 11/15/28 (f)
  
140,000
129,094
W.R. Grace Holding LLC 5.625% 8/15/29 (f)
  
75,000
67,117
 
  
  
358,896
Consumer Products - 0.8%
  
  
  
Gannett Holdings LLC 6% 11/1/26 (f)
  
90,000
82,305
PetSmart, Inc. / PetSmart Finance Corp. 4.75% 2/15/28 (f)
  
135,000
126,393
TKC Holdings, Inc. 6.875% 5/15/28 (f)
  
75,000
71,188
 
  
  
279,886
Containers - 1.1%
  
  
  
Ball Corp. 6% 6/15/29
 
185,000
186,794
Graphic Packaging International, Inc. 3.75% 2/1/30 (f)
  
140,000
124,507
LABL, Inc. 9.5% 11/1/28 (f)
  
60,000
60,693
 
  
  
371,994
Diversified Financial Services - 0.7%
  
  
  
Coinbase Global, Inc. 3.375% 10/1/28 (f)
  
55,000
47,125
GGAM Finance Ltd.:
  
  
  
 6.875% 4/15/29 (f)
  
30,000
30,276
 8% 6/15/28 (f)
  
25,000
26,108
HTA Group Ltd. 7% 12/18/25 (f)
  
25,000
24,953
OneMain Finance Corp. 4% 9/15/30
 
85,000
72,747
Scientific Games Holdings LP/Scientific Games U.S. Finco, Inc. 6.625% 3/1/30 (f)
  
50,000
48,337
 
  
  
249,546
Energy - 4.7%
  
  
  
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (f)
  
43,000
42,946
CVR Energy, Inc. 8.5% 1/15/29 (f)
  
20,000
20,251
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.125% 6/1/28 (f)
  
140,000
136,569
Diamond Foreign Asset Co. / Diamond Finance, LLC 8.5% 10/1/30 (f)
  
50,000
52,770
Enbridge, Inc. 8.5% 1/15/84 (b)
  
30,000
32,596
Energy Transfer LP:
  
  
  
 6% 2/1/29 (f)
  
205,000
206,796
 8% 5/15/54 (b)
  
20,000
20,977
Hess Midstream Operations LP 5.125% 6/15/28 (f)
  
130,000
125,797
Northern Oil & Gas, Inc. 8.75% 6/15/31 (f)
  
350,000
369,587
Oceaneering International, Inc. 6% 2/1/28
 
50,000
49,261
PBF Holding Co. LLC/PBF Finance Corp.:
  
  
  
 6% 2/15/28
 
85,000
83,639
 7.875% 9/15/30 (f)
  
35,000
36,304
Petroleos Mexicanos 6.95% 1/28/60
 
190,000
125,600
Seadrill Finance Ltd. 8.375% 8/1/30 (f)
  
50,000
52,459
Sitio Royalties OP / Sitio Finance Corp. 7.875% 11/1/28 (f)
  
155,000
160,317
Transocean, Inc.:
  
  
  
 8% 2/1/27 (f)
  
20,000
19,851
 8.75% 2/15/30 (f)
  
58,500
60,997
 11.5% 1/30/27 (f)
  
10,000
10,422
 
  
  
1,607,139
Environmental - 0.1%
  
  
  
Covanta Holding Corp. 4.875% 12/1/29 (f)
  
51,000
45,709
Food & Drug Retail - 0.8%
  
  
  
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 4.875% 2/15/30 (f)
  
270,000
256,885
Food/Beverage/Tobacco - 0.6%
  
  
  
KeHE Distributor / Nextwave 9% 2/15/29 (f)
  
75,000
76,037
Post Holdings, Inc. 5.5% 12/15/29 (f)
  
135,000
130,457
 
  
  
206,494
Gaming - 2.3%
  
  
  
Affinity Interactive 6.875% 12/15/27 (f)
  
140,000
130,814
Boyd Gaming Corp. 4.75% 6/15/31 (f)
  
185,000
170,005
Caesars Entertainment, Inc. 7% 2/15/30 (f)
  
60,000
61,589
Churchill Downs, Inc.:
  
  
  
 5.5% 4/1/27 (f)
  
150,000
147,231
 6.75% 5/1/31 (f)
  
60,000
60,335
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625% 1/15/29 (f)
  
145,000
132,962
Light & Wonder International, Inc. 7.5% 9/1/31 (f)
  
40,000
41,596
Ontario Gaming Gta LP/Otg Co.-I 8% 8/1/30 (f)
  
40,000
41,199
 
  
  
785,731
Healthcare - 1.3%
  
  
  
Community Health Systems, Inc. 5.25% 5/15/30 (f)
  
165,000
134,543
Organon & Co. / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/28 (f)
  
140,000
130,465
Tenet Healthcare Corp. 4.25% 6/1/29
 
210,000
195,199
 
  
  
460,207
Homebuilders/Real Estate - 0.9%
  
  
  
MPT Operating Partnership LP/MPT Finance Corp. 5% 10/15/27
 
155,000
129,813
Panther Escrow Issuer LLC 7.125% 6/1/31 (f)(g)
  
100,000
101,671
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 10.5% 2/15/28 (f)
  
65,000
67,387
 
  
  
298,871
Insurance - 0.6%
  
  
  
HUB International Ltd. 5.625% 12/1/29 (f)
  
210,000
196,902
Leisure - 0.2%
  
  
  
Carnival Corp. 4% 8/1/28 (f)
  
65,000
60,547
Metals/Mining - 1.4%
  
  
  
Cleveland-Cliffs, Inc. 4.625% 3/1/29 (f)
  
140,000
130,509
ERO Copper Corp. 6.5% 2/15/30 (f)
  
140,000
132,825
First Quantum Minerals Ltd. 8.625% 6/1/31 (f)
  
75,000
72,750
Mineral Resources Ltd.:
  
  
  
 8% 11/1/27 (f)
  
125,000
127,551
 9.25% 10/1/28 (f)
  
10,000
10,532
 
  
  
474,167
Paper - 0.4%
  
  
  
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 4% 9/1/29 (f)
  
80,000
64,484
Clydesdale Acquisition Holdings, Inc. 8.75% 4/15/30 (f)
  
70,000
68,778
 
  
  
133,262
Restaurants - 0.4%
  
  
  
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 3.5% 2/15/29 (f)
  
105,000
95,891
Dave & Buster's, Inc. 7.625% 11/1/25 (f)
  
30,000
30,233
 
  
  
126,124
Services - 1.5%
  
  
  
Artera Services LLC 8.5% 2/15/31 (f)
  
75,000
76,893
Brand Industrial Services, Inc. 10.375% 8/1/30 (f)
  
50,000
54,133
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (f)
  
100,000
94,375
Uber Technologies, Inc.:
  
  
  
 4.5% 8/15/29 (f)
  
70,000
66,417
 7.5% 9/15/27 (f)
  
230,000
235,522
 
  
  
527,340
Steel - 0.4%
  
  
  
ATI, Inc. 7.25% 8/15/30
 
35,000
36,177
Carpenter Technology Corp.:
  
  
  
 6.375% 7/15/28
 
55,000
54,907
 7.625% 3/15/30
 
40,000
41,266
 
  
  
132,350
Super Retail - 0.8%
  
  
  
Bath & Body Works, Inc. 6.875% 11/1/35
 
215,000
219,850
Wolverine World Wide, Inc. 4% 8/15/29 (f)
  
60,000
48,156
 
  
  
268,006
Technology - 3.5%
  
  
  
Ahead DB Holdings LLC 6.625% 5/1/28 (f)
  
50,000
45,250
Block, Inc. 3.5% 6/1/31
 
155,000
134,903
Cloud Software Group, Inc. 6.5% 3/31/29 (f)
  
145,000
137,599
CommScope, Inc. 4.75% 9/1/29 (f)
  
50,000
36,000
Elastic NV 4.125% 7/15/29 (f)
  
145,000
130,486
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (f)
  
145,000
130,775
McAfee Corp. 7.375% 2/15/30 (f)
  
70,000
64,193
MicroStrategy, Inc. 6.125% 6/15/28 (f)
  
120,000
115,767
NCR Voyix Corp. 5.125% 4/15/29 (f)
  
140,000
129,843
Open Text Corp. 6.9% 12/1/27 (f)
  
60,000
62,039
Seagate HDD Cayman 8.25% 12/15/29 (f)
  
40,000
42,979
UKG, Inc. 6.875% 2/1/31 (f)
  
100,000
101,873
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (f)
  
90,000
82,518
 
  
  
1,214,225
Telecommunications - 1.1%
  
  
  
Altice France SA:
  
  
  
 5.5% 10/15/29 (f)
  
30,000
20,362
 8.125% 2/1/27 (f)
  
200,000
156,332
Frontier Communications Holdings LLC 8.75% 5/15/30 (f)
  
65,000
66,509
Level 3 Financing, Inc.:
  
  
  
 10.5% 5/15/30 (f)
  
65,000
66,463
 11% 11/15/29 (f)
  
15,448
16,066
Zayo Group Holdings, Inc. 4% 3/1/27 (f)
  
50,000
41,157
 
  
  
366,889
Utilities - 0.5%
  
  
  
Sempra 4.125% 4/1/52 (b)
  
65,000
59,966
Southern Co. 4% 1/15/51 (b)
  
65,000
62,489
Vistra Operations Co. LLC 7.75% 10/15/31 (f)
  
50,000
52,364
 
  
  
174,819
TOTAL NONCONVERTIBLE BONDS
  
  
10,734,481
 
TOTAL CORPORATE BONDS
 (Cost $11,159,797)
  
  
  
11,501,422
 
  
  
  
U.S. Treasury Obligations - 9.8%
 
  
Principal
Amount (a)
 
Value ($)
 
U.S. Treasury Notes:
  
  
  
 3.5% 4/30/30
 
1,500,000
1,441,406
 4% 6/30/28
 
540,000
534,009
 4.125% 7/31/28
 
1,375,000
1,366,406
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $3,337,709)
  
  
3,341,821
 
  
  
  
Commercial Mortgage Securities - 0.7%
 
  
Principal
Amount (a)
 
Value ($)
 
BX Trust floater Series 2021-MFM1 Class E, CME Term SOFR 1 Month Index + 2.360% 7.6895% 1/15/34 (b)(c)(f)
  
76,626
75,668
Hilton U.S.A. Trust Series 2016-HHV Class E, 4.1935% 11/5/38 (b)(f)
  
100,000
93,317
MHC Commercial Mortgage Trust floater Series 2021-MHC Class F, CME Term SOFR 1 Month Index + 2.710% 8.0404% 4/15/38 (b)(c)(f)
  
83,888
83,049
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $246,465)
  
  
252,034
 
  
  
  
Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
Utilities - 0.1%
 
  
  
NextEra Energy, Inc. 6.296%
  (Cost $22,769)
  
650
25,649
 
  
  
  
Preferred Securities - 7.3%
 
  
Principal
Amount (a)
 
Value ($)
 
Banks & Thrifts - 4.4%
 
  
  
Bank of America Corp.:
  
  
  
 CME Term SOFR 3 Month Index + 3.390% 8.7379% (b)(c)(h)
  
50,000
50,190
 6.25% (b)(h)
  
175,000
175,199
 6.5% (b)(h)
  
145,000
145,123
Bank of New York Mellon Corp. 4.625% (b)(h)
  
30,000
28,334
JPMorgan Chase & Co.:
  
  
  
 4.6% (b)(h)
  
110,000
108,143
 5% (b)(h)
  
230,000
229,249
 6.125% (b)(h)
  
320,000
319,043
 6.875% (b)(h)
  
300,000
310,432
PNC Financial Services Group, Inc. CME Term SOFR 3 Month Index + 3.300% 8.6429% (b)(c)(h)
  
40,000
40,146
Wells Fargo & Co.:
  
  
  
 5.9% (b)(h)
  
40,000
39,831
 7.625% (b)(h)
  
40,000
42,748
TOTAL BANKS & THRIFTS
  
  
1,488,438
Diversified Financial Services - 0.6%
 
  
  
Aircastle Ltd. 5.25% (b)(f)(h)
  
100,000
95,252
Charles Schwab Corp. 5.375% (b)(h)
  
100,000
99,308
TOTAL DIVERSIFIED FINANCIAL SERVICES
  
  
194,560
Energy - 2.0%
 
  
  
BP Capital Markets PLC 6.45% (b)(h)
  
100,000
103,559
Energy Transfer LP:
  
  
  
 3 month U.S. LIBOR + 4.020% 9.5966% (b)(c)(h)
  
220,000
219,064
 7.125% (b)(h)
  
275,000
268,479
Plains All American Pipeline LP CME Term SOFR 3 Month Index + 4.110% 9.6786% (b)(c)(h)
  
100,000
99,368
TOTAL ENERGY
  
  
690,470
Utilities - 0.3%
 
  
  
Dominion Energy, Inc. 4.65% (b)(h)
  
45,000
44,047
Duke Energy Corp. 4.875% (b)(h)
  
65,000
64,433
TOTAL UTILITIES
  
  
108,480
 
TOTAL PREFERRED SECURITIES
 (Cost $2,412,140)
  
  
  
2,481,948
 
  
  
  
Other - 26.5%
 
  
Shares
Value ($)
 
Business Development Companies - 26.5%
 
  
  
Fidelity Private Credit Fund Class I (i)
  (Cost $8,892,723)
  
352,360
9,056,340
 
  
  
  
Money Market Funds - 3.5%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (j)
 
 (Cost $1,203,614)
 
  
1,203,373
1,203,614
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 97.0%
 (Cost $32,521,351)
 
  
 
33,162,972
NET OTHER ASSETS (LIABILITIES) - 3.0%  
1,039,570
NET ASSETS - 100.0%
34,202,542
 
  
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(c)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(d)
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.
 
(e)
The coupon rate will be determined upon settlement of the loan after period end.
 
(f)
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 $9,235,090 or 27.0% of net assets.
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(h)
Security is perpetual in nature with no stated maturity date.
 
(i)
Affiliated Fund
 
(j)
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%
1,665,523
18,357,264
18,819,173
78,499
-
-
1,203,614
0.0%
Total
1,665,523
18,357,264
18,819,173
78,499
-
-
1,203,614
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Investments Money Market Government Portfolio Class I 5.21%
3,581
-
3,581
-
-
-
-
Fidelity Private Credit Fund Class I
8,778,672
142,730
-
747,909
(28,675)
163,613
9,056,340
 
8,782,253
142,730
3,581
747,909
(28,675)
163,613
9,056,340
 
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. Bank Loan Obligations, Corporate Bonds, U.S. Treasury 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.  Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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.
 
Fidelity Private Credit Fund is valued at its net asset value (NAV) each month end and is categorized as Level 2 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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