Fidelity® High Yield Factor ETF
Fidelity® Preferred Securities & Income ETF
Semi-Annual Report
February 28, 2023

Contents

Fidelity® High Yield Factor ETF

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Preferred Securities & Income ETF

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity® High Yield Factor ETF 
Investment Summary February 28, 2023 (Unaudited)
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
TransDigm, Inc.
3.7
 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
2.2
 
Occidental Petroleum Corp.
2.2
 
CCO Holdings LLC/CCO Holdings Capital Corp.
2.1
 
Ford Motor Credit Co. LLC
2.0
 
Royal Caribbean Cruises Ltd.
1.9
 
New Fortress Energy, Inc.
1.9
 
FMG Resources Pty Ltd.
1.6
 
Performance Food Group, Inc.
1.6
 
LPL Holdings, Inc.
1.5
 
 
20.7
 
 
Market Sectors (% of Fund's net assets)
 
Energy
17.2
 
Diversified Financial Services
11.7
 
Technology
4.6
 
Automotive & Auto Parts
4.4
 
Aerospace
4.3
 
 
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of Fund's net assets)
Foreign investments - 15.9%
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.
 
Fidelity® High Yield Factor ETF
Schedule of Investments February 28, 2023 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 96.6%
 
 
Principal
Amount (a)
Value ($)
Aerospace - 4.3%
 
 
 
Bombardier, Inc. 7.5% 2/1/29 (b)
 
1,500,000
1,470,064
Hexcel Corp. 4.95% 8/15/25
 
269,000
262,376
TransDigm, Inc.:
 
 
 
 4.875% 5/1/29
 
4,029,000
3,455,003
 6.25% 3/15/26 (b)
 
3,054,000
3,013,522
 6.75% 8/15/28 (b)(c)
 
3,630,000
3,611,850
 8% 12/15/25 (b)
 
133,000
135,926
TOTAL AEROSPACE
 
 
11,948,741
Air Transportation - 2.3%
 
 
 
Air Canada 3.875% 8/15/26 (b)
 
280,000
252,233
Allegiant Travel Co. 7.25% 8/15/27 (b)
 
320,000
314,400
American Airlines, Inc.:
 
 
 
 7.25% 2/15/28 (b)
 
215,000
210,313
 11.75% 7/15/25 (b)
 
534,900
586,668
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (b)
 
645,634
628,362
Bristow Group, Inc. 6.875% 3/1/28 (b)
 
166,000
156,267
Rand Parent LLC 8.5% 2/15/30 (b)
 
2,000,000
1,920,210
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (b)
 
1,115,000
1,120,296
United Airlines, Inc. 4.375% 4/15/26 (b)
 
762,900
718,026
United Continental Holdings, Inc. 4.875% 1/15/25
 
369,000
358,557
TOTAL AIR TRANSPORTATION
 
 
6,265,332
Automotive & Auto Parts - 4.4%
 
 
 
Adient Global Holdings Ltd. 8.25% 4/15/31 (b)(c)
 
2,000,000
2,000,000
Allison Transmission, Inc. 3.75% 1/30/31 (b)
 
4,455,000
3,697,650
Ford Motor Credit Co. LLC:
 
 
 
 3.37% 11/17/23
 
787,000
771,063
 4.687% 6/9/25
 
1,143,000
1,092,805
 4.95% 5/28/27
 
2,400,000
2,236,056
 6.95% 3/6/26
 
1,400,000
1,399,832
Gates Global LLC/Gates Global Co. 6.25% 1/15/26 (b)
 
175,000
170,991
Jaguar Land Rover Automotive PLC 7.75% 10/15/25 (b)
 
175,000
172,375
LCM Investments Holdings 4.875% 5/1/29 (b)
 
276,000
224,331
Thor Industries, Inc. 4% 10/15/29 (b)
 
443,000
356,910
TOTAL AUTOMOTIVE & AUTO PARTS
 
 
12,122,013
Banks & Thrifts - 0.6%
 
 
 
AG TTMT Escrow Issuer LLC 8.625% 9/30/27 (b)
 
500,000
506,158
PennyMac Financial Services, Inc. 5.75% 9/15/31 (b)
 
600,000
478,046
UniCredit SpA 7.296% 4/2/34 (b)(d)
 
289,693
272,986
VistaJet Malta Finance PLC / XO Management Holding, Inc. 7.875% 5/1/27 (b)
 
450,000
429,194
TOTAL BANKS & THRIFTS
 
 
1,686,384
Broadcasting - 2.3%
 
 
 
DISH Network Corp. 11.75% 11/15/27 (b)
 
2,000,000
2,026,450
Nexstar Broadcasting, Inc. 4.75% 11/1/28 (b)
 
2,147,000
1,877,058
Sirius XM Radio, Inc. 3.125% 9/1/26 (b)
 
1,970,000
1,741,652
Univision Communications, Inc. 7.375% 6/30/30 (b)
 
505,000
478,943
WMG Acquisition Corp. 3.75% 12/1/29 (b)
 
300,000
253,250
TOTAL BROADCASTING
 
 
6,377,353
Building Materials - 1.0%
 
 
 
Builders FirstSource, Inc. 4.25% 2/1/32 (b)
 
1,880,000
1,578,307
Jeld-Wen, Inc. 4.625% 12/15/25 (b)
 
471,000
423,268
Standard Industries, Inc./New Jersey 4.375% 7/15/30 (b)
 
867,000
721,778
TOTAL BUILDING MATERIALS
 
 
2,723,353
Cable/Satellite TV - 3.4%
 
 
 
CCO Holdings LLC/CCO Holdings Capital Corp.:
 
 
 
 4.25% 1/15/34 (b)
 
3,045,000
2,279,342
 4.5% 5/1/32
 
2,005,000
1,586,857
 6.375% 9/1/29 (b)
 
1,640,000
1,529,029
 7.375% 3/1/31 (b)
 
500,000
485,053
CSC Holdings LLC 4.5% 11/15/31 (b)
 
1,550,000
1,100,467
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc. 5.875% 8/15/27 (b)
 
613,000
548,033
DISH DBS Corp. 5.125% 6/1/29
 
2,100,000
1,240,859
Dolya Holdco 18 DAC 5% 7/15/28 (b)
 
650,000
564,205
TOTAL CABLE/SATELLITE TV
 
 
9,333,845
Capital Goods - 1.8%
 
 
 
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (b)
 
480,000
419,055
Chart Industries, Inc.:
 
 
 
 7.5% 1/1/30 (b)
 
370,000
375,550
 9.5% 1/1/31 (b)
 
1,000,000
1,045,000
EnerSys 4.375% 12/15/27 (b)
 
1,247,000
1,132,092
Patrick Industries, Inc. 4.75% 5/1/29 (b)
 
897,000
762,549
Resideo Funding, Inc. 4% 9/1/29 (b)
 
1,523,000
1,247,961
TOTAL CAPITAL GOODS
 
 
4,982,207
Chemicals - 3.5%
 
 
 
Avient Corp. 5.75% 5/15/25 (b)
 
105,000
102,915
CVR Partners LP 6.125% 6/15/28 (b)
 
320,000
284,248
INEOS Finance PLC 6.75% 5/15/28 (b)
 
1,000,000
976,360
INEOS Quattro Finance 2 PLC 3.375% 1/15/26 (b)
 
480,000
422,169
Koppers, Inc. 6% 2/15/25 (b)
 
750,000
725,078
NOVA Chemicals Corp. 4.25% 5/15/29 (b)
 
709,000
587,017
Nufarm Australia Ltd. 5% 1/27/30 (b)
 
455,000
397,217
Olin Corp. 5% 2/1/30
 
2,170,300
1,974,874
The Chemours Co. LLC:
 
 
 
 4.625% 11/15/29 (b)
 
2,280,000
1,850,379
 5.75% 11/15/28 (b)
 
2,000,000
1,756,565
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.125% 4/1/29 (b)
 
400,000
266,285
W.R. Grace Holding LLC 5.625% 8/15/29 (b)
 
270,000
216,487
TOTAL CHEMICALS
 
 
9,559,594
Consumer Products - 1.7%
 
 
 
BlueLinx Corp. 6% 11/15/29 (b)
 
425,000
362,954
Evergreen AcqCo./TVI, Inc. 9.75% 4/26/28 (b)
 
500,000
494,455
Ferrellgas LP/Ferrellgas Finance Corp. 5.375% 4/1/26 (b)
 
556,000
500,531
Grubhub Holdings, Inc. 5.5% 7/1/27 (b)
 
286,000
225,940
Prestige Brands, Inc. 3.75% 4/1/31 (b)
 
401,000
325,813
Rakuten Group, Inc. 10.25% 11/30/24 (b)
 
1,000,000
1,000,049
TripAdvisor, Inc. 7% 7/15/25 (b)
 
1,403,000
1,404,883
Vista Outdoor, Inc. 4.5% 3/15/29 (b)
 
510,000
413,738
TOTAL CONSUMER PRODUCTS
 
 
4,728,363
Containers - 0.7%
 
 
 
Ball Corp. 5.25% 7/1/25
 
263,000
258,775
BWAY Holding Co. 7.875% 8/15/26 (b)
 
600,000
603,750
Graphic Packaging International, Inc. 3.75% 2/1/30 (b)
 
273,000
232,651
Sealed Air Corp.:
 
 
 
 5% 4/15/29 (b)
 
400,000
365,273
 6.125% 2/1/28 (b)
 
390,000
384,131
TOTAL CONTAINERS
 
 
1,844,580
Diversified Financial Services - 11.7%
 
 
 
BrightSphere Investment Group, Inc. 4.8% 7/27/26
 
1,707,000
1,566,173
Burford Capital Global Finance LLC 6.25% 4/15/28 (b)
 
600,000
523,136
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (b)
 
810,000
700,650
Castlelake Aviation Finance 5% 4/15/27 (b)
 
414,000
373,225
Compass Group Diversified Holdings LLC 5% 1/15/32 (b)
 
500,000
395,084
Credit Acceptance Corp. 6.625% 3/15/26
 
1,479,000
1,384,802
Enova International, Inc. 8.5% 9/15/25 (b)
 
525,000
503,891
First Cash Financial Services, Inc. 5.625% 1/1/30 (b)
 
3,060,000
2,706,690
goeasy Ltd. 4.375% 5/1/26 (b)
 
2,962,000
2,622,168
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
 
 
 
 4.375% 2/1/29
 
2,300,000
1,986,516
 5.25% 5/15/27
 
4,520,000
4,203,600
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5% 8/15/28 (b)
 
345,000
291,356
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75% 6/15/29 (b)
 
598,000
486,278
LPL Holdings, Inc.:
 
 
 
 4% 3/15/29 (b)
 
3,000,000
2,639,428
 4.375% 5/15/31 (b)
 
1,599,000
1,383,184
MidCap Financial Issuer Trust 5.625% 1/15/30 (b)
 
250,000
196,447
Nationstar Mortgage Holdings, Inc.:
 
 
 
 5.5% 8/15/28 (b)
 
44,000
37,373
 6% 1/15/27 (b)
 
500,000
460,000
Navient Corp. 4.875% 3/15/28
 
900,000
765,126
OneMain Finance Corp.:
 
 
 
 3.875% 9/15/28
 
4,014,000
3,191,130
 6.625% 1/15/28
 
371,000
345,478
Oxford Finance LLC / Oxford Finance Co. 6.375% 2/1/27 (b)
 
639,000
602,253
PRA Group, Inc.:
 
 
 
 5% 10/1/29 (b)
 
1,881,000
1,603,007
 7.375% 9/1/25 (b)
 
1,171,000
1,167,143
 8.375% 2/1/28 (b)
 
1,000,000
1,008,750
StoneX Group, Inc. 8.625% 6/15/25 (b)
 
1,240,000
1,247,172
TOTAL DIVERSIFIED FINANCIAL SERVICES
 
 
32,390,060
Diversified Media - 0.6%
 
 
 
Lamar Media Corp. 3.625% 1/15/31
 
2,069,000
1,704,090
Energy - 17.2%
 
 
 
Aethon United BR LP / Aethon United Finance Corp. 8.25% 2/15/26 (b)
 
185,000
177,939
Altus Midstream LP 5.875% 6/15/30 (b)
 
240,000
221,810
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375% 6/15/29 (b)
 
633,000
569,700
Antero Resources Corp. 8.375% 7/15/26 (b)
 
275,000
284,297
Archrock Partners LP / Archrock Partners Finance Corp. 6.25% 4/1/28 (b)
 
102,000
96,827
Baytex Energy Corp. 8.75% 4/1/27 (b)
 
145,000
147,538
Buckeye Partners LP 4.5% 3/1/28 (b)
 
330,000
289,776
California Resources Corp. 7.125% 2/1/26 (b)
 
140,000
141,057
Chord Energy Corp. 6.375% 6/1/26 (b)
 
508,000
489,885
Citgo Petroleum Corp.:
 
 
 
 6.375% 6/15/26 (b)
 
715,000
690,322
 7% 6/15/25 (b)
 
624,000
614,253
Civitas Resources, Inc. 5% 10/15/26 (b)
 
1,088,000
1,005,849
CNX Midstream Partners LP 4.75% 4/15/30 (b)
 
403,000
330,393
CNX Resources Corp. 6% 1/15/29 (b)
 
105,000
95,196
Comstock Resources, Inc. 5.875% 1/15/30 (b)
 
3,000,000
2,580,000
Coronado Finance Pty Ltd. 10.75% 5/15/26 (b)
 
160,000
165,741
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (b)
 
409,000
372,067
CVR Energy, Inc. 5.75% 2/15/28 (b)
 
3,000,000
2,662,650
Delek Logistics Partners LP 7.125% 6/1/28 (b)
 
2,263,000
1,991,440
DT Midstream, Inc. 4.125% 6/15/29 (b)
 
800,000
686,000
Energy Ventures GoM LLC / EnVen Finance Corp. 11.75% 4/15/26 (b)
 
210,000
216,883
Genesis Energy LP/Genesis Energy Finance Corp. 8.875% 4/15/30
 
600,000
602,947
Harvest Midstream I LP 7.5% 9/1/28 (b)
 
250,000
241,090
Hess Midstream Partners LP:
 
 
 
 4.25% 2/15/30 (b)
 
175,000
147,767
 5.5% 10/15/30 (b)
 
125,000
112,500
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (b)
 
500,000
464,544
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (b)
 
460,000
417,445
Independence Energy Finance LLC 7.25% 5/1/26 (b)
 
552,000
510,600
Leeward Renewable Energy LLC 4.25% 7/1/29 (b)
 
537,000
456,923
Matador Resources Co. 5.875% 9/15/26
 
165,300
159,383
Moss Creek Resources Holdings, Inc. 7.5% 1/15/26 (b)
 
310,000
278,644
Murphy Oil Corp.:
 
 
 
 5.75% 8/15/25
 
543,000
537,486
 6.375% 7/15/28
 
20,000
19,306
Nabors Industries, Inc. 7.375% 5/15/27 (b)
 
200,000
192,756
New Fortress Energy, Inc. 6.5% 9/30/26 (b)
 
5,873,000
5,373,783
Northern Oil & Gas, Inc. 8.125% 3/1/28 (b)
 
306,000
295,290
NuStar Logistics LP 5.625% 4/28/27
 
160,000
148,941
Occidental Petroleum Corp.:
 
 
 
 6.125% 1/1/31
 
3,410,000
3,434,245
 6.625% 9/1/30
 
2,201,000
2,261,528
 7.5% 5/1/31
 
260,000
278,200
Oceaneering International, Inc. 4.65% 11/15/24
 
301,000
289,736
Patterson-UTI Energy, Inc. 5.15% 11/15/29
 
270,000
239,974
PBF Holding Co. LLC/PBF Finance Corp. 6% 2/15/28
 
465,000
433,766
PDC Energy, Inc. 6.125% 9/15/24
 
433,000
428,645
Perenti Finance Pty Ltd. 6.5% 10/7/25 (b)
 
530,000
515,955
Range Resources Corp. 8.25% 1/15/29
 
799,000
819,974
Rockcliff Energy II LLC 5.5% 10/15/29 (b)
 
480,000
440,352
Rockies Express Pipeline LLC 4.8% 5/15/30 (b)
 
704,000
608,704
SM Energy Co. 6.75% 9/15/26
 
450,000
434,157
Summit Midstream Holdings LLC 8.5% (b)(e)
 
300,000
284,849
Sunoco LP/Sunoco Finance Corp.:
 
 
 
 4.5% 5/15/29
 
1,728,000
1,516,517
 4.5% 4/30/30
 
1,600,000
1,386,400
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:
 
 
 
 6% 9/1/31 (b)
 
500,000
427,267
 7.5% 10/1/25 (b)
 
105,000
104,507
Talos Production, Inc. 12% 1/15/26
 
105,000
110,814
Tap Rock Resources LLC 7% 10/1/26 (b)
 
240,000
219,600
Tervita Corp. 11% 12/1/25 (b)
 
510,000
548,250
Transocean Titan Finance Ltd. 8.375% 2/1/28 (b)
 
222,000
226,595
U.S.A. Compression Partners LP:
 
 
 
 6.875% 4/1/26
 
2,131,000
2,042,329
 6.875% 9/1/27
 
196,000
185,581
Venture Global Calcasieu Pass LLC:
 
 
 
 4.125% 8/15/31 (b)
 
248,000
213,280
 6.25% 1/15/30 (b)
 
2,000,000
1,972,500
Vital Energy, Inc.:
 
 
 
 7.75% 7/31/29 (b)
 
114,000
98,725
 10.125% 1/15/28
 
76,000
74,688
W&T Offshore, Inc. 11.75% 2/1/26 (b)
 
500,000
505,105
Weatherford International Ltd. 6.5% 9/15/28 (b)
 
700,000
687,750
Western Gas Partners LP:
 
 
 
 3.35% 2/1/25
 
2,276,000
2,157,111
 4.3% 2/1/30
 
110,000
97,454
 4.5% 3/1/28
 
92,000
84,816
 5.5% 2/1/50
 
715,000
583,721
TOTAL ENERGY
 
 
47,502,123
Entertainment/Film - 0.5%
 
 
 
Live Nation Entertainment, Inc. 4.875% 11/1/24 (b)
 
1,364,000
1,323,080
Environmental - 1.0%
 
 
 
Clean Harbors, Inc. 6.375% 2/1/31 (b)
 
120,000
119,146
Covanta Holding Corp. 4.875% 12/1/29 (b)
 
630,000
532,134
GFL Environmental, Inc. 4% 8/1/28 (b)
 
2,426,000
2,111,129
TOTAL ENVIRONMENTAL
 
 
2,762,409
Food & Drug Retail - 0.6%
 
 
 
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 6.5% 2/15/28 (b)
 
1,000,000
994,350
Parkland Corp. 5.875% 7/15/27 (b)
 
614,000
575,908
TOTAL FOOD & DRUG RETAIL
 
 
1,570,258
Food/Beverage/Tobacco - 2.9%
 
 
 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (b)
 
82,000
79,890
Lamb Weston Holdings, Inc. 4.125% 1/31/30 (b)
 
1,012,000
888,122
Performance Food Group, Inc. 4.25% 8/1/29 (b)
 
5,160,000
4,505,351
Turning Point Brands, Inc. 5.625% 2/15/26 (b)
 
1,420,000
1,285,196
Vector Group Ltd. 5.75% 2/1/29 (b)
 
1,330,000
1,144,715
TOTAL FOOD/BEVERAGE/TOBACCO
 
 
7,903,274
Gaming - 1.5%
 
 
 
Caesars Entertainment, Inc. 6.25% 7/1/25 (b)
 
832,300
825,378
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (b)
 
1,721,000
1,598,379
Churchill Downs, Inc. 5.5% 4/1/27 (b)
 
246,000
233,299
International Game Technology PLC 4.125% 4/15/26 (b)
 
105,000
97,913
MGM Resorts International 6.75% 5/1/25
 
151,000
151,373
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875% 11/1/26 (b)
 
677,000
626,225
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125% 2/15/31 (b)
 
600,000
598,800
TOTAL GAMING
 
 
4,131,367
Healthcare - 3.5%
 
 
 
AMN Healthcare 4% 4/15/29 (b)
 
1,180,000
1,008,900
Avantor Funding, Inc. 3.875% 11/1/29 (b)
 
1,394,000
1,205,810
Bausch Health Companies, Inc. 4.875% 6/1/28 (b)
 
3,392,000
2,115,777
Community Health Systems, Inc. 4.75% 2/15/31 (b)
 
2,000,000
1,545,000
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b)
 
345,000
293,139
DaVita HealthCare Partners, Inc. 4.625% 6/1/30 (b)
 
2,124,000
1,750,537
Hologic, Inc. 4.625% 2/1/28 (b)
 
101,000
94,182
Modivcare, Inc. 5.875% 11/15/25 (b)
 
895,000
845,220
Mozart Borrower LP 5.25% 10/1/29 (b)
 
885,000
726,306
Tenet Healthcare Corp. 4.625% 7/15/24
 
204,000
200,685
TOTAL HEALTHCARE
 
 
9,785,556
Homebuilders/Real Estate - 3.9%
 
 
 
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (b)
 
1,015,000
801,109
Arcosa, Inc. 4.375% 4/15/29 (b)
 
270,000
235,920
Brookfield Property REIT, Inc./BPR Nimbus LLC/BPR Cumulus LLC/GGSI Sellco LLC 4.5% 4/1/27 (b)
 
1,093,000
936,450
HAT Holdings I LLC/HAT Holdings II LLC:
 
 
 
 3.375% 6/15/26 (b)
 
1,667,000
1,446,123
 6% 4/15/25 (b)
 
900,000
867,393
iStar Financial, Inc. 4.25% 8/1/25
 
365,000
363,160
Kennedy-Wilson, Inc.:
 
 
 
 4.75% 2/1/30
 
290,000
222,874
 5% 3/1/31
 
3,000,000
2,295,459
LGI Homes, Inc. 4% 7/15/29 (b)
 
860,000
673,445
Office Properties Income Trust 2.65% 6/15/26
 
153,000
121,135
Service Properties Trust:
 
 
 
 4.65% 3/15/24
 
113,000
110,366
 4.75% 10/1/26
 
155,000
134,463
 5.25% 2/15/26
 
181,000
164,258
 7.5% 9/15/25
 
408,300
404,699
Starwood Property Trust, Inc.:
 
 
 
 3.75% 12/31/24 (b)
 
977,000
919,496
 4.375% 1/15/27 (b)
 
502,000
435,210
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (b)
 
650,000
650,130
TOTAL HOMEBUILDERS/REAL ESTATE
 
 
10,781,690
Hotels - 1.3%
 
 
 
Carnival Holdings (Bermuda) Ltd. 10.375% 5/1/28 (b)
 
625,000
668,750
Hilton Domestic Operating Co., Inc. 3.75% 5/1/29 (b)
 
2,050,000
1,777,452
Travel+Leisure Co. 6.625% 7/31/26 (b)
 
370,000
362,691
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/28 (b)
 
933,000
845,031
TOTAL HOTELS
 
 
3,653,924
Insurance - 0.5%
 
 
 
MGIC Investment Corp. 5.25% 8/15/28
 
645,000
603,075
NMI Holdings, Inc. 7.375% 6/1/25 (b)
 
747,000
743,265
TOTAL INSURANCE
 
 
1,346,340
Leisure - 3.3%
 
 
 
Carnival Corp.:
 
 
 
 4% 8/1/28 (b)
 
2,520,000
2,128,972
 6% 5/1/29 (b)
 
472,000
366,047
 7.625% 3/1/26 (b)
 
102,000
91,863
 9.875% 8/1/27 (b)
 
410,000
417,376
NCL Corp. Ltd. 8.375% 2/1/28 (b)
 
500,000
509,395
Royal Caribbean Cruises Ltd.:
 
 
 
 5.5% 8/31/26 (b)
 
1,300,000
1,194,466
 11.625% 8/15/27 (b)
 
4,000,000
4,268,200
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (b)
 
235,000
201,738
TOTAL LEISURE
 
 
9,178,057
Metals/Mining - 3.0%
 
 
 
Cleveland-Cliffs, Inc. 5.875% 6/1/27
 
596,000
578,400
Eldorado Gold Corp. 6.25% 9/1/29 (b)
 
300,000
263,796
ERO Copper Corp. 6.5% 2/15/30 (b)
 
500,000
423,125
First Quantum Minerals Ltd. 6.875% 10/15/27 (b)
 
390,000
364,894
FMG Resources Pty Ltd.:
 
 
 
 4.375% 4/1/31 (b)
 
127,000
107,332
 5.875% 4/15/30 (b)
 
4,740,000
4,461,666
HudBay Minerals, Inc. 4.5% 4/1/26 (b)
 
859,000
771,245
Mineral Resources Ltd.:
 
 
 
 8% 11/1/27 (b)
 
485,000
482,575
 8.125% 5/1/27 (b)
 
883,000
881,465
TOTAL METALS/MINING
 
 
8,334,498
Paper - 1.4%
 
 
 
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 6% 6/15/27 (b)
 
360,000
348,386
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (b)
 
2,000,000
1,874,920
Louisiana-Pacific Corp. 3.625% 3/15/29 (b)
 
700,000
584,871
Resolute Forest Products, Inc. 4.875% 3/1/26 (b)
 
515,000
527,556
Sylvamo Corp. 7% 9/1/29 (b)
 
600,000
593,990
TOTAL PAPER
 
 
3,929,723
Restaurants - 1.8%
 
 
 
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:
 
 
 
 3.5% 2/15/29 (b)
 
370,000
313,778
 4% 10/15/30 (b)
 
3,015,000
2,490,149
Yum! Brands, Inc.:
 
 
 
 4.75% 1/15/30 (b)
 
130,000
118,463
 5.375% 4/1/32
 
2,230,000
2,066,074
 6.875% 11/15/37
 
123,000
127,873
TOTAL RESTAURANTS
 
 
5,116,337
Services - 3.9%
 
 
 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625% 7/15/26 (b)
 
723,000
686,676
Aramark Services, Inc. 5% 4/1/25 (b)
 
150,000
145,504
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75% 7/15/27 (b)
 
518,000
486,887
Booz Allen Hamilton, Inc. 4% 7/1/29 (b)
 
502,000
440,390
CoreCivic, Inc. 8.25% 4/15/26
 
429,000
434,307
Fair Isaac Corp. 4% 6/15/28 (b)
 
2,023,000
1,837,208
Fluor Corp. 4.25% 9/15/28
 
517,000
466,485
Iron Mountain, Inc.:
 
 
 
 5% 7/15/28 (b)
 
2,507,000
2,272,395
 5.25% 7/15/30 (b)
 
711,000
619,949
Neptune BidCo U.S., Inc. 9.29% 4/15/29 (b)
 
900,000
850,860
TriNet Group, Inc. 3.5% 3/1/29 (b)
 
2,691,000
2,246,993
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (b)
 
270,000
251,162
TOTAL SERVICES
 
 
10,738,816
Steel - 0.5%
 
 
 
Carpenter Technology Corp.:
 
 
 
 6.375% 7/15/28
 
36,000
34,491
 7.625% 3/15/30
 
500,000
498,529
Commercial Metals Co. 4.125% 1/15/30
 
1,000,000
871,932
TOTAL STEEL
 
 
1,404,952
Super Retail - 2.2%
 
 
 
Asbury Automotive Group, Inc.:
 
 
 
 4.75% 3/1/30
 
1,614,000
1,398,289
 5% 2/15/32 (b)
 
680,000
579,498
Bath & Body Works, Inc. 9.375% 7/1/25 (b)
 
980,000
1,036,350
Group 1 Automotive, Inc. 4% 8/15/28 (b)
 
2,423,000
2,080,703
Sally Holdings LLC 5.625% 12/1/25
 
105,000
102,375
Sonic Automotive, Inc.:
 
 
 
 4.625% 11/15/29 (b)
 
500,000
412,500
 4.875% 11/15/31 (b)
 
450,000
358,058
TOTAL SUPER RETAIL
 
 
5,967,773
Technology - 4.6%
 
 
 
Atkore, Inc. 4.25% 6/1/31 (b)
 
892,000
776,540
Consensus Cloud Solutions, Inc. 6.5% 10/15/28 (b)
 
988,000
862,030
Gen Digital, Inc.:
 
 
 
 5% 4/15/25 (b)
 
193,000
187,472
 6.75% 9/30/27 (b)
 
3,000,000
2,948,843
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 3.5% 3/1/29 (b)
 
480,000
402,134
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (b)
 
3,065,000
2,527,828
Match Group Holdings II LLC 5.625% 2/15/29 (b)
 
170,000
156,619
MicroStrategy, Inc. 6.125% 6/15/28 (b)
 
195,000
161,850
Open Text Holdings, Inc. 4.125% 12/1/31 (b)
 
2,100,000
1,671,075
Picard Midco, Inc. 6.5% 3/31/29 (b)
 
1,149,000
995,333
PTC, Inc. 3.625% 2/15/25 (b)
 
440,000
418,365
Seagate HDD Cayman 3.125% 7/15/29
 
203
163
Uber Technologies, Inc. 7.5% 5/15/25 (b)
 
1,387,000
1,401,060
Xerox Corp. 4.8% 3/1/35
 
250,000
163,846
Xerox Holdings Corp. 5% 8/15/25 (b)
 
105,000
97,730
TOTAL TECHNOLOGY
 
 
12,770,888
Telecommunications - 3.0%
 
 
 
Altice Financing SA 5.75% 8/15/29 (b)
 
700,000
572,467
Altice France SA:
 
 
 
 5.125% 7/15/29 (b)
 
1,390,000
1,072,553
 5.5% 10/15/29 (b)
 
410,000
319,672
Cogent Communications Group, Inc. 7% 6/15/27 (b)
 
2,055,000
1,988,213
Dycom Industries, Inc. 4.5% 4/15/29 (b)
 
1,155,000
1,012,386
Frontier Communications Holdings LLC:
 
 
 
 5% 5/1/28 (b)
 
1,163,000
1,020,533
 6% 1/15/30 (b)
 
355,000
283,556
 8.75% 5/15/30 (b)
 
305,000
308,431
Lumen Technologies, Inc. 4.5% 1/15/29 (b)
 
755,000
399,018
Sabre GLBL, Inc. 9.25% 4/15/25 (b)
 
254,900
250,909
Telecom Italia Capital SA 7.2% 7/18/36
 
1,031,000
905,610
Windstream Escrow LLC 7.75% 8/15/28 (b)
 
251,000
205,117
TOTAL TELECOMMUNICATIONS
 
 
8,338,465
Textiles/Apparel - 0.1%
 
 
 
Foot Locker, Inc. 4% 10/1/29 (b)
 
127,000
104,407
Kontoor Brands, Inc. 4.125% 11/15/29 (b)
 
250,000
211,875
TOTAL TEXTILES/APPAREL
 
 
316,282
Transportation Ex Air/Rail - 0.7%
 
 
 
XPO Escrow Sub LLC 7.5% 11/15/27 (b)
 
2,000,000
2,029,115
Utilities - 0.9%
 
 
 
Calpine Corp.:
 
 
 
 3.75% 3/1/31 (b)
 
1,176,000
954,713
 5.25% 6/1/26 (b)
 
105,000
100,638
Solaris Midstream Holdings LLC 7.625% 4/1/26 (b)
 
346,000
341,728
TerraForm Power Operating LLC 5% 1/31/28 (b)
 
153,000
140,760
Vistra Operations Co. LLC 5.625% 2/15/27 (b)
 
1,148,000
1,087,868
TOTAL UTILITIES
 
 
2,625,707
 
TOTAL NONCONVERTIBLE BONDS
  (Cost $287,955,146)
 
 
 
267,176,549
 
 
 
 
Money Market Funds - 3.2%
 
 
Shares
Value ($)
Fidelity Cash Central Fund 4.63% (f)
 
  (Cost $8,906,567)
 
 
8,904,786
8,906,567
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
  (Cost $296,861,713)
 
276,083,116
NET OTHER ASSETS (LIABILITIES) - 0.2%  
610,262
NET ASSETS - 100.0%
276,693,378
 
 
 
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 $206,644,937 or 74.7% 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)
Security is perpetual in nature with no stated maturity date.
(f)
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 4.63%
7,518,427
46,180,313
44,792,173
164,276
-
-
8,906,567
0.0%
Total
7,518,427
46,180,313
44,792,173
164,276
-
-
8,906,567
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Corporate Bonds
267,176,549
-
267,176,549
-
  Money Market Funds
8,906,567
8,906,567
-
-
 Total Investments in Securities:
276,083,116
8,906,567
267,176,549
-
Fidelity® High Yield Factor ETF
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $287,955,146)
$
267,176,549
 
 
Fidelity Central Funds (cost $8,906,567)
8,906,567
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $296,861,713)
 
 
$
276,083,116
Cash
 
 
35,751
Receivable for investments sold
 
 
2,803,912
Interest receivable
 
 
4,197,745
Distributions receivable from Fidelity Central Funds
 
 
20,303
  Total assets
 
 
283,140,827
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
4,970,000
 
 
Distributions payable
1,374,000
 
 
Accrued management fee
103,449
 
 
  Total Liabilities
 
 
 
6,447,449
Net Assets  
 
 
$
276,693,378
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
320,307,369
Total accumulated earnings (loss)
 
 
 
(43,613,991)
Net Assets
 
 
$
276,693,378
Net Asset Value , offering price and redemption price per share ($276,693,378 ÷ 6,000,000 shares)
 
 
$
46.12
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,273
Interest  
 
 
7,989,545
Income from Fidelity Central Funds  
 
 
164,276
 Total Income
 
 
 
8,159,094
Expenses
 
 
 
 
Management fee
$
600,477
 
 
Independent trustees' fees and expenses
409
 
 
 Total expenses before reductions
 
600,886
 
 
 Expense reductions
 
(1,147)
 
 
 Total expenses after reductions
 
 
 
599,739
Net Investment income (loss)
 
 
 
7,559,355
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(5,558,715)
 
 
   Redemptions in-kind
 
(1,920,614)
 
 
Total net realized gain (loss)
 
 
 
(7,479,329)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
6,393,338
Net gain (loss)
 
 
 
(1,085,991)
Net increase (decrease) in net assets resulting from operations
 
 
$
6,473,364
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,559,355
$
13,042,306
Net realized gain (loss)
 
(7,479,329)
 
 
(16,010,975)
 
Change in net unrealized appreciation (depreciation)
 
6,393,338
 
(32,513,552)
 
Net increase (decrease) in net assets resulting from operations
 
6,473,364
 
 
(35,482,221)
 
Distributions to shareholders
 
(7,694,550)
 
 
(19,199,200)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
22,996,706
 
122,215,264
Cost of shares redeemed
 
(20,078,039)
 
(70,069,896)
  Net increase (decrease) in net assets resulting from share transactions
 
2,918,667
 
 
52,145,368
 
Total increase (decrease) in net assets
 
1,697,481
 
 
(2,536,053)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
274,995,897
 
277,531,950
 
End of period
$
276,693,378
$
274,995,897
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
500,000
 
2,350,000
Redeemed
 
(450,000)
 
(1,350,000)
Net increase (decrease)
 
50,000
 
1,000,000
 
 
 
 
 
 
Financial Highlights
Fidelity® High Yield Factor ETF
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018   A  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.22
$
56.07
$
54.49
$
52.32
$
50.21
$
50.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
1.305
 
2.383
 
2.250
 
2.518
 
2.589
 
.578
     Net realized and unrealized gain (loss)
 
(.075)
 
(8.748)
 
2.335
 
2.323
 
2.006
 
.209
  Total from investment operations
 
1.230  
 
(6.365)  
 
4.585  
 
4.841  
 
4.595
 
.787
  Distributions from net investment income
 
(1.330)
 
(2.355)
 
(2.195)
 
(2.429)
 
(2.485)
 
(.577)
  Distributions from net realized gain
 
-
 
(1.128)
 
(.808)
 
(.242)
 
-
 
-
     Total distributions
 
(1.330)
 
(3.483)
 
(3.003)
 
(2.671)
 
(2.485)
 
(.577)
  Net asset value, end of period
$
46.12
$
46.22
$
56.07
$
54.49
$
52.32
$
50.21
 Total Return   D,E,F
 
2.72%
 
(11.85)%
 
8.66%
 
9.61%
 
9.48%
 
1.59%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% I
 
.45%
 
.45%
 
.45%
 
.44% J
 
.45% I
    Expenses net of fee waivers, if any
 
.45% I
 
.45%
 
.45%
 
.45%
 
.44% J
 
.45% I
    Expenses net of all reductions
 
.45% I
 
.45%
 
.45%
 
.45%
 
.44% J
 
.45% I
    Net investment income (loss)
 
5.72% I
 
4.64%
 
4.07%
 
4.84%
 
5.03%
 
5.21% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
276,693
$
274,996
$
277,532
$
114,421
$
68,016
$
12,553
    Portfolio turnover rate K
 
54% I,L
 
72% L
 
177% L
 
179% L
 
76%
 
8% M
A For the period June 12, 2018 (commencement of operations) through August 31, 2018.
 
B Calculated based on average shares outstanding during the period.
 
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Based on net asset value.
 
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
M Amount not annualized.
 
Fidelity® Preferred Securities & Income ETF 
Investment Summary February 28, 2023 (Unaudited)
Top Holdings (% of Fund's net assets)
 
PNC Financial Services Group, Inc. 5%
4.7
 
Wells Fargo & Co. 5.9%
4.2
 
Truist Financial Corp. 5.125% 12/31/99
3.1
 
JPMorgan Chase & Co. 4.55%
3.0
 
Bank of America Corp. 5.875%
2.6
 
Goldman Sachs Group, Inc. 4.4%
2.5
 
Morgan Stanley 5.3%
2.4
 
Citigroup, Inc. 6.3%
2.3
 
Charles Schwab Corp. 4%
2.2
 
Goldman Sachs Group, Inc. 3 month U.S. LIBOR + 2.870% 7.7333%
1.9
 
 
28.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
71.8
 
Utilities
10.1
 
Energy
7.6
 
Communication Services
3.4
 
Industrials
1.6
 
Real Estate
1.6
 
Consumer Discretionary
0.7
 
 
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of Fund's net assets)
Foreign investments - 7.5%
Fidelity® Preferred Securities & Income ETF
Schedule of Investments February 28, 2023 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 12.0%
 
 
Principal
Amount (a)
Value ($)
COMMUNICATION SERVICES - 1.6%
 
 
 
Media - 0.4%
 
 
 
Paramount Global 6.25% 2/28/57 (b)
 
153,000
126,225
Wireless Telecommunication Services - 1.2%
 
 
 
Vodafone Group PLC 7% 4/4/79 (b)
 
400,000
392,119
TOTAL COMMUNICATION SERVICES
 
 
518,344
ENERGY - 2.0%
 
 
 
Oil, Gas & Consumable Fuels - 2.0%
 
 
 
Enterprise Products Operating LP:
 
 
 
 3 month U.S. LIBOR + 2.980% 7.8576% 8/16/77 (b)(c)
 
33,000
31,565
 5.25% 8/16/77 (b)
 
126,000
112,505
 5.375% 2/15/78 (b)
 
67,000
55,945
Transcanada Trust:
 
 
 
 5.3% 3/15/77 (b)
 
161,000
142,083
 5.5% 9/15/79 (b)
 
128,000
112,877
 5.625% 5/20/75 (b)
 
95,000
90,497
 5.875% 8/15/76 (b)
 
129,000
122,556
 
 
 
668,028
FINANCIALS - 6.2%
 
 
 
Diversified Financial Services - 0.9%
 
 
 
Apollo Management Holdings LP 4.95% 1/14/50 (b)(d)
 
324,000
279,450
Insurance - 5.3%
 
 
 
American International Group, Inc. 5.75% 4/1/48 (b)
 
129,000
124,485
Assurant, Inc. 7% 3/27/48 (b)
 
61,000
60,441
Liberty Mutual Group, Inc.:
 
 
 
 4.125% 12/15/51 (b)(d)
 
150,000
125,141
 4.3% 2/1/61 (d)
 
125,000
75,927
MetLife, Inc.:
 
 
 
 6.4% 12/15/66 (b)
 
319,000
320,158
 10.75% 8/1/69 (b)
 
128,000
171,520
Nippon Life Insurance Co. 3.4% 1/23/50 (b)(d)
 
100,000
86,959
PartnerRe Finance B LLC 4.5% 10/1/50 (b)
 
67,000
59,821
Prudential Financial, Inc.:
 
 
 
 3.7% 10/1/50 (b)
 
200,000
168,625
 5.125% 3/1/52 (b)
 
150,000
137,078
 6% 9/1/52 (b)
 
200,000
192,933
 6.75% 3/1/53 (b)
 
200,000
201,000
 
 
 
1,724,088
TOTAL FINANCIALS
 
 
2,003,538
UTILITIES - 2.2%
 
 
 
Electric Utilities - 1.3%
 
 
 
Emera, Inc. 6.75% 6/15/76 (b)
 
125,000
119,934
NextEra Energy Capital Holdings, Inc. 5.65% 5/1/79 (b)
 
329,000
304,325
 
 
 
424,259
Multi-Utilities - 0.9%
 
 
 
CMS Energy Corp. 3.75% 12/1/50 (b)
 
359,000
285,407
TOTAL UTILITIES
 
 
709,666
 
TOTAL NONCONVERTIBLE BONDS
  (Cost $4,365,475)
 
 
 
3,899,576
 
 
 
 
Nonconvertible Preferred Stocks - 24.4%
 
 
Shares
Value ($)
COMMUNICATION SERVICES - 1.8%
 
 
 
Diversified Telecommunication Services - 1.5%
 
 
 
AT&T, Inc. 4.75%
 
25,000
498,750
Wireless Telecommunication Services - 0.3%
 
 
 
U.S. Cellular Corp. 5.50%
 
6,000
98,940
TOTAL COMMUNICATION SERVICES
 
 
597,690
ENERGY - 1.1%
 
 
 
Oil, Gas & Consumable Fuels - 1.1%
 
 
 
DCP Midstream Partners LP:
 
 
 
 7.95% (b)
 
775
19,654
 Series B, 7.875% (b)
 
775
19,422
Energy Transfer LP:
 
 
 
 7.60% (b)
 
6,755
164,147
 7.625% (b)
 
2,960
71,810
 Series C, 7.375% (b)
 
2,623
63,896
 
 
 
338,929
FINANCIALS - 16.2%
 
 
 
Banks - 7.9%
 
 
 
Associated Banc-Corp. 6.625% (b)(e)
 
1,000
25,400
Bank of America Corp.:
 
 
 
 4.25%
 
4,750
88,398
 4.375%
 
20,000
387,200
Cadence Bank 5.50%
 
1,000
21,580
Cullen/Frost Bankers, Inc. Series B 4.45%
 
3,000
59,640
Fifth Third Bancorp Series K 4.95%
 
1,500
34,035
First Republic Bank:
 
 
 
 4.125%
 
10,000
175,600
 Series M, 4.00%
 
10,000
171,100
Huntington Bancshares, Inc. Series H, 4.50%
 
6,950
136,012
JPMorgan Chase & Co. 4.55%
 
47,900
970,454
KeyCorp 5.625%
 
1,738
41,243
Regions Financial Corp.:
 
 
 
 4.45%
 
2,500
48,150
 5.75% (b)
 
3,000
73,830
Truist Financial Corp. 4.75%
 
3,025
63,011
U.S. Bancorp:
 
 
 
 4.50%
 
3,000
60,960
 Series L, 3.75%
 
2,000
34,400
 Series M, 4.00%
 
5,000
91,250
Wells Fargo & Co. Series Z, 4.75%
 
5,000
100,150
 
 
 
2,582,413
Capital Markets - 3.6%
 
 
 
Affiliated Managers Group, Inc. 4.75%
 
3,000
58,740
Charles Schwab Corp. 4.45%
 
27,500
571,175
Morgan Stanley:
 
 
 
 Series K, 5.85% (b)
 
11,275
282,439
 Series O, 4.50%
 
2,300
43,332
Northern Trust Corp. Series E, 4.70%
 
1,000
21,420
Oaktree Capital Group LLC 6.55%
 
2,000
47,580
SCE Trust III 5.75% (b)
 
1,550
36,193
Stifel Financial Corp. Series D, 4.50%
 
5,000
94,750
 
 
 
1,155,629
Consumer Finance - 0.1%
 
 
 
Navient Corp. 6.00%
 
1,500
29,175
Diversified Financial Services - 1.1%
 
 
 
Equitable Holdings, Inc.:
 
 
 
 4.30%
 
2,000
38,000
 Series A 5.25%
 
3,000
66,150
KKR Group Finance Co. IX LLC 4.625%
 
10,000
188,000
Voya Financial, Inc. Series B, 5.35% (b)
 
2,550
61,430
 
 
 
353,580
Insurance - 3.5%
 
 
 
Aegon Funding Co. LLC 5.10%
 
3,950
81,844
Allstate Corp.:
 
 
 
 5.10%
 
12,000
273,000
 Series I, 4.75%
 
2,000
44,480
American Financial Group, Inc.:
 
 
 
 4.50%
 
2,000
38,800
 5.125%
 
1,000
21,680
Athene Holding Ltd.:
 
 
 
 Series C, 6.375% (b)
 
4,000
100,840
 Series D, 4.875%
 
5,425
102,370
 Series E, 7.75% (b)
 
1,000
26,050
MetLife, Inc. Series F 4.75%
 
4,000
87,000
PartnerRe Ltd. 4.875%
 
3,150
66,710
Prudential Financial, Inc. 4.125%
 
3,000
58,650
RenaissanceRe Holdings Ltd. Series G, 4.20%
 
1,550
26,784
W.R. Berkley Corp. 4.25%
 
11,000
212,850
 
 
 
1,141,058
TOTAL FINANCIALS
 
 
5,261,855
REAL ESTATE - 1.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.5%
 
 
 
Digital Realty Trust, Inc.:
 
 
 
 5.25%
 
750
16,823
 Series L, 5.20%
 
3,000
66,930
Public Storage 4.00%
 
20,000
368,600
Summit Hotel Properties, Inc. Series F, 5.875%
 
775
14,795
 
 
 
467,148
Real Estate Management & Development - 0.1%
 
 
 
Brookfield Property Partners LP:
 
 
 
 5.75%
 
1,550
27,141
 6.375%
 
825
15,106
 
 
 
42,247
TOTAL REAL ESTATE
 
 
509,395
UTILITIES - 3.7%
 
 
 
Electric Utilities - 2.3%
 
 
 
Pacific Gas & Electric Co. Series A
 
8,000
177,600
SCE Trust II 5.10%
 
705
14,678
SCE Trust V 5.45% (b)
 
1,550
35,387
Southern Co.:
 
 
 
 4.20%
 
13,000
253,240
 Series A, 4.95%
 
11,825
259,086
 
 
 
739,991
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Brookfield Renewable Partners LP 5.25%
 
2,395
48,523
Multi-Utilities - 1.3%
 
 
 
Algonquin Power & Utilities Corp. Series A, 6.20% (b)
 
4,000
92,516
Brookfield Infrastructure Partners LP:
 
 
 
 5.125%
 
825
15,551
 Class A 5.00%
 
825
15,205
CMS Energy Corp. 5.875%
 
4,000
97,920
DTE Energy Co. 4.375%
 
2,825
56,924
NiSource, Inc. 6.50% (b)
 
4,000
100,400
SCE Trust VI
 
2,375
47,666
 
 
 
426,182
TOTAL UTILITIES
 
 
1,214,696
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
  (Cost $9,039,678)
 
 
 
7,922,565
 
 
 
 
Preferred Securities - 60.4%
 
 
Principal
Amount (a)
Value ($)
CONSUMER DISCRETIONARY - 0.7%
 
 
 
Automobiles - 0.7%
 
 
 
General Motors Financial Co., Inc. 5.7% 12/31/99 (b)(f)
 
227,000
210,486
ENERGY - 4.5%
 
 
 
Oil, Gas & Consumable Fuels - 4.5%
 
 
 
BP Capital Markets PLC:
 
 
 
 4.375% (b)(f)
 
125,000
121,591
 4.875% (b)(f)
 
450,000
416,514
Enbridge, Inc.:
 
 
 
 5.5% 7/15/77 (b)
 
126,000
117,224
 5.75% 7/15/80 (b)
 
126,000
119,072
 6% 1/15/77 (b)
 
68,000
65,363
 6.25% 3/1/78 (b)
 
123,000
117,701
Energy Transfer LP:
 
 
 
 3 month U.S. LIBOR + 4.020% 8.8916% (b)(c)(f)
 
125,000
118,870
 7.125% (b)(f)
 
300,000
272,959
EnLink Midstream Partners LP 3 month U.S. LIBOR + 4.110% 8.879% 12/31/99 (b)(c)(f)
 
31,000
27,551
Plains All American Pipeline LP 3 month U.S. LIBOR + 4.110% 8.9736% (b)(c)(f)
 
95,000
87,727
 
 
 
1,464,572
FINANCIALS - 49.4%
 
 
 
Banks - 32.4%
 
 
 
Bank of America Corp.:
 
 
 
 5.875% (b)(f)
 
863,000
829,389
 6.1% (b)(f)
 
100,000
101,780
 6.125% (b)(f)
 
100,000
98,041
Citigroup, Inc.:
 
 
 
 3.875% (b)(f)
 
511,000
459,017
 4.15% (b)(f)
 
89,000
76,574
 5.95% (b)(f)
 
418,000
415,752
 6.3% (b)(f)
 
745,000
741,050
Citizens Financial Group, Inc. 6% (b)(f)
 
247,000
241,148
Fifth Third Bancorp 4.5% (b)(f)
 
50,000
48,207
Huntington Bancshares, Inc.:
 
 
 
 4.45% 12/31/99 (b)(f)
 
574,000
535,894
 5.625% (b)(f)
 
351,000
335,393
 5.7% (b)(f)
 
184,000
183,931
JPMorgan Chase & Co.:
 
 
 
 5% (b)(f)
 
351,000
342,266
 6.1% (b)(f)
 
321,000
327,317
KeyCorp 5% (b)(f)
 
75,000
71,576
M&T Bank Corp.:
 
 
 
 3.5% (b)(f)
 
30,000
24,301
 5.125% (b)(f)
 
450,000
426,483
PNC Financial Services Group, Inc.:
 
 
 
 5% (b)(f)
 
1,592,000
1,510,119
 6% (b)(f)
 
225,000
218,106
Regions Financial Corp. 5.75% 12/31/99 (b)
 
75,000
74,611
SVB Financial Group:
 
 
 
 4.25% 12/31/99 (b)(f)
 
125,000
88,661
 4.7% 12/31/99 (b)(f)
 
60,000
41,465
Truist Financial Corp.:
 
 
 
 4.95% (b)(f)
 
50,000
49,503
 5.1% (b)(f)
 
478,000
468,583
 5.125% 12/31/99 (b)(f)
 
1,130,000
1,007,342
U.S. Bancorp:
 
 
 
 3.7% (b)(f)
 
275,000
232,616
 5.3% (b)(f)
 
100,000
92,169
Wells Fargo & Co.:
 
 
 
 3.9% (b)(f)
 
141,000
127,268
 5.9% (b)(f)
 
1,371,000
1,358,316
 
 
 
10,526,878
Capital Markets - 13.5%
 
 
 
Bank of New York Mellon Corp.:
 
 
 
 3.7% (b)(f)
 
425,000
390,058
 3.75% (b)(f)
 
96,000
80,870
 4.625% (b)(f)
 
200,000
186,137
Charles Schwab Corp.:
 
 
 
 4% (b)(f)
 
831,000
710,837
 5% (b)(f)
 
75,000
71,438
Goldman Sachs Group, Inc.:
 
 
 
 3 month U.S. LIBOR + 2.870% 7.7333% (b)(c)(f)
 
616,000
612,601
 4.125% (b)(f)
 
29,000
25,271
 4.4% (b)(f)
 
894,000
813,218
 5.3% (b)(f)
 
279,000
275,973
Morgan Stanley:
 
 
 
 5.3% (b)(f)
 
765,000
774,891
 5.875% (b)(f)
 
125,000
126,832
Northern Trust Corp. 4.6% (b)(f)
 
50,000
47,138
State Street Corp. 5.625% (b)(f)
 
263,000
256,884
 
 
 
4,372,148
Consumer Finance - 2.5%
 
 
 
Ally Financial, Inc. 4.7% (b)(f)
 
250,000
196,375
American Express Co. 3.55% (b)(f)
 
232,000
198,684
Capital One Financial Corp. 3.95% (b)(f)
 
400,000
341,510
Discover Financial Services 5.5% 12/31/99 (b)(f)
 
100,000
87,095
 
 
 
823,664
Diversified Financial Services - 0.2%
 
 
 
Equitable Holdings, Inc. 4.95% (b)(f)
 
75,000
73,024
Insurance - 0.8%
 
 
 
Markel Corp. 6% (b)(f)
 
100,000
100,217
MetLife, Inc. 3.85% (b)(f)
 
125,000
119,601
SBL Holdings, Inc. 6.5% 1