Fidelity® Corporate Bond ETF
Fidelity® Investment Grade Bond ETF
Fidelity® Investment Grade Securitized ETF
Fidelity® Limited Term Bond ETF
Fidelity® Low Duration Bond Factor ETF
Fidelity® Total Bond ETF
Annual Report
August 31, 2022


Contents
Market Recap 3  
Performance and Management's Discussion of Fund Performance 4  
Schedule of Investments 22  
Financial Statements 108  
Notes to Financial Statements 121  
Report of Independent Registered Public Accounting Firm 131  
Trustees and Officers 132  
Shareholder Expense Example 139  
Distributions 140  
To view a fund’s proxy voting guidelines and proxy voting record for the 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.
© 2022 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 on Fidelity’s web site at http://www.fidelity.com, http://www.advisor.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.
 Annual Report 2


Table of Contents
Market Recap
U.S. taxable investment-grade bonds notably declined for the 12 months ending August 31, 2022, as the U.S. Federal Reserve took aggressive action to stymie high inflation. The Bloomberg U.S. Aggregate Bond Index returned -11.52% for the period. In late 2021, bond yields rose when the Fed pivoted from an “easy” to a “tight” monetary stance. Its first step was to cease its purchases of bonds, part of a quantitative easing program to support the U.S. economy that began in 2008. In the first half of 2022, the Fed took more aggressive steps to thwart inflation. The central bank raised the federal funds target rate by 25 basis points (0.25%) in mid-March, 50 basis points in May and 75 basis points in June – its largest increase since 1994 – and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession. It also began to allow up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Despite another rate hike of 75 basis points in July, the index rose 2.44% for the month, only to reverse course (-2.83%) in August, when the Fed dashed hopes that it would soon “pivot” to an easier policy stance. For the full 12 months, shorter-term securities outpaced longer-term bonds, and higher-quality issues held up better than lower-rated bonds. Within the index, corporate bonds posted a return of -14.61%, trailing the -10.80% result for U.S. Treasuries. Outside the index, U.S. corporate high-yield bonds returned -10.43%, while U.S. Treasury Inflation-Protected Securities had a return of -5.98%.
3 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Corporate Bond ETF, with comparisons over different time periods to the fund’s relevant benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Corporate Bond ETF – NAVA -15.30 1.08 2.09
Fidelity Corporate Bond ETF – Market PriceB -15.61 0.97 1.95
Bloomberg U.S. Credit Bond IndexA -14.43 0.95 1.99
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Corporate Bond ETF and the fund’s benchmark, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 6, 2014.
B From October 9, 2014, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Corporate Bond ETF – NAV on October 6, 2014, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Credit Bond Index performed over the same period.
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Table of Contents
Fidelity® Corporate Bond ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Matthew Bartlett and Jay Small:
For the fiscal year ending August 31, 2022, the exchange-traded fund's (ETF) net asset value returned -15.30% and its market price returned -15.61%, trailing the -14.43% result of the benchmark, the Bloomberg U.S. Credit Bond Index. Within the context of a challenging period for riskier assets, security selection detracted versus the benchmark the past 12 months, whereas sector positioning had a roughly neutral impact on the fund's relative performance. Picks among investment-grade corporate bonds in the financials sector detracted the most. Within financials, choices among banks were the biggest negative, while selections among insurers and REITs (real estate investment trusts) detracted to a lesser degree. Overweight allocations to banks, REITs and finance companies also dampened relative performance. Within the industrials sector, picks among consumer-related issuers were the primary detractor, while choices among technology and communications companies were more modest dampeners. On the plus side, selection among and overweighted exposure to energy issuers aided relative performance. Outside of corporates, an out-of-benchmark stake in U.S. Treasuries, which we held for liquidity and risk-management purposes, was the largest positive contributor this period. This contribution was partially offset by underweighting other government-related categories, as these bonds outperformed credit in a declining market.
Note to shareholders: After 30 years of service, David Prothro retired from Fidelity on December 31, 2021.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
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Table of Contents
Fidelity® Corporate Bond ETF
Investment Summary (Unaudited)
    
Quality Diversification as of August 31, 2022
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 as of August 31, 2022
* Foreign investments – 21.4%
 
 Annual Report 6


Table of Contents
Fidelity® Investment Grade Bond ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Investment Grade Bond ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Investment Grade Bond ETF – NAVA -11.65 -6.61
Fidelity Investment Grade Bond ETF – Market PriceB -11.70 -6.39
Bloomberg U.S. Aggregate Bond IndexA -11.52 -6.88
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Investment Grade Bond ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From March 2, 2021.
B From March 4, 2021, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Investment Grade Bond ETF – NAV on March 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.
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Table of Contents
Fidelity® Investment Grade Bond ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Jeffrey Moore and Michael Plage:
For the fiscal year ending August 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -11.65%, compared with the -11.52% return for the benchmark Bloomberg U.S. Aggregate Bond Index. The ETF’s market price returned -11.70% the past 12 months. Relative to this index, the fund benefited from our positioning in U.S. Treasuries. Having sold all our shortest-dated Treasuries by the end of 2022, the fund's average duration (interest-rate sensitivity) was below that of the benchmark. This stance was helpful as rates rose this period. Another positive factor was the fund's notable underweighting in mortgage-backed securities (MBS). We limited our exposure here due to what we saw as MBS' poor risk/reward trade-off, and our reduced allocation lifted the fund's result, given these securities' weak performance over the past 12 months. In contrast, an overweighting in investment-grade corporate debt detracted, as credit spreads widened, sending yields higher and prices lower. We particularly saw underperformance from debt of high-quality bank issuers – which we favored for their generally defensive characteristics, such as their strong balance sheets and highly regulated nature, but that struggled amid the general underperformance of corporate bonds.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 8


Table of Contents
Fidelity® Investment Grade Bond ETF
Investment Summary (Unaudited)    
Quality Diversification as of August 31, 2022
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 as of August 31, 2022
* Foreign investments – 14.1%
 
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Table of Contents
Fidelity® Investment Grade Securitized ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Investment Grade Securitized ETF, with comparisons over different time periods to the fund’s relevant benchmarks, including an appropriate broad-based market index. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Investment Grade Securitized ETF – NAVA -10.49 -6.91
Fidelity Investment Grade Securitized ETF – Market PriceB -10.36 -6.84
Bloomberg U.S. Securitized IndexA -9.72 -6.48
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Investment Grade Securitized ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From March 2, 2021.
B From March 4, 2021, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Investment Grade Securitized ETF – NAV on March 2, 2021, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Securitized Index performed over the same period.
 Annual Report 10


Table of Contents
Fidelity® Investment Grade Securitized ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Franco Castagliuolo and Sean Corcoran:
For the fiscal year ending August 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -10.49%, lagging, net of fees, the -9.72% result of the benchmark, the Bloomberg U.S. Securitized Index. The ETF’s market price returned -10.36% the past 12 months. In managing the fund this period, we attempted to exploit market inefficiencies and identify attractively valued securities, in accordance with our longer-term strategy. The fund had more sensitivity to interest rates than the benchmark this period, as measured by its slightly longer duration. This positioning detracted from the fund’s performance versus the benchmark because interest rates rose more than we expected. The fund’s overweighting in 30-year mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac, as well as its overweighting in Ginnie Mae securities, also hurt our relative result, given that that these securities lagged the benchmark. Exposure to non-agency residential MBS and non-agency commercial mortgage-backed securities (CMBS), categories that also underperformed this period, modestly detracted from relative performance as well. In contrast, underweighting MBS comprised of 15- and 20-year mortgages added meaningful value. Timely overweights in agency CMBS further boosted relative performance, as did exposure to asset-backed securities (ABS) comprised of auto and consumer loans.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
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Table of Contents
Fidelity® Investment Grade Securitized ETF
Investment Summary (Unaudited)    
Quality Diversification as of August 31, 2022
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.
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 as of August 31, 2022
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.
 
 Annual Report 12


Table of Contents
Fidelity® Limited Term Bond ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Limited Term Bond ETF, with comparisons over different time periods to the fund’s relevant benchmarks. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Limited Term Bond ETF – NAVA -6.38 1.00 1.37
Fidelity Limited Term Bond ETF – Market PriceB -6.47 0.97 1.30
Bloomberg U.S. 1-5 Year Government/Credit Bond IndexA -5.84 0.86 1.12
Fidelity Limited Term Composite IndexA -6.03 1.15 1.46
Bloomberg U.S. 1-5 Year Credit Bond IndexA -6.10 1.27 1.60
Bloomberg U.S. 1-5 Year Government Bond IndexA -5.72 0.63 0.86
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Limited Term Bond ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 6, 2014.
B From October 9, 2014, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Limited Term Bond ETF – NAV on October 6, 2014, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. 1-5 Year Government/Credit Bond Index performed over the same period.
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Table of Contents
Fidelity® Limited Term Bond ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Manager Rob Galusza:
For the fiscal year ending August 31, 2022, the exchange-traded fund’s (ETF) net asset value returned -6.38%, net of fees, trailing the -6.03% result of the benchmark Fidelity Limited Term Composite IndexSM. The ETF’s market price returned -6.47% the past 12 months. Overall, both sector allocation and security selection detracted from performance, relative to the benchmark. Specifically, the fund’s non-benchmark holdings in asset-backed securities and derivatives/futures hampered our result. The portfolio’s underweight position in U.S. Treasuries also modestly detracted from relative performance. Conversely, while corporate bonds struggled in general during the period, the fund’s corporate debt holdings added value versus the Composite index. Our positioning along the yield curve also helped, as did a notable underweighting in government agency debt. At period end, corporates made up about 62% of assets, roughly in line with the 64% average within the Composite index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 14


Table of Contents
Fidelity® Limited Term Bond ETF
Investment Summary (Unaudited)
    
Quality Diversification as of August 31, 2022
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 as of August 31, 2022
* Foreign investments – 15.7%
 
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Table of Contents
Fidelity® Low Duration Bond Factor ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Low Duration Bond Factor ETF, with comparisons over different time periods to the fund’s relevant benchmark. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on Cboe BZX Exchange, Inc. (CboeBZX) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on CboeBZX. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Life of
Fund
Fidelity Low Duration Bond Factor ETF – NAVA -1.53 1.41
Fidelity Low Duration Bond Factor ETF – Market PriceB -1.55 1.40
Fidelity Low Duration Investment Grade Factor IndexA -1.30 1.64
Bloomberg U.S. Treasury Bill: 6-9 Months IndexA -0.39 1.10
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Low Duration Bond Factor ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From June 12, 2018.
B From June 14, 2018, date initially listed on the CboeBZX exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Low Duration Bond Factor ETF – NAV on June 12, 2018, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Fidelity Low Duration Investment Grade Factor Index and Bloomberg U.S. Treasury Bill: 6-9 Months Index performed over the same period.
 Annual Report 16


Table of Contents
Fidelity® Low Duration Bond Factor ETF
Management’s Discussion of Fund Performance
Comments from Co-Portfolio Managers Brandon Bettencourt and Richard Munclinger:
For the fiscal year ending August 31, 2022, the exchange traded fund’s (ETF) net asset value returned -1.53%, roughly in line with the -1.30% result of the benchmark, the Fidelity Low Duration Investment Grade Factor Index. The ETF’s market price returned -1.55% the past 12 months. The fund’s supplemental index, the Bloomberg U.S. Treasury Bill: 6-9 Months Index, returned -0.39%. Our results versus the benchmark met our goal of producing monthly returns, before expenses, that closely match the benchmark return. Given the large number of securities in the benchmark (roughly 370) and the significant cost and liquidity challenges associated with full replication of the index, we use “stratified sampling techniques” in constructing the portfolio. This approach involves defining and maintaining a subset of constituent securities that, in aggregate, mirrors the chief characteristics of the index – including maturity, duration, sector allocation, credit quality and other factors. Returns for all major categories of U.S. bonds were solidly negative for the year. Bond yields rose and prices fell as the U.S. Federal Reserve aggressively tightened monetary policy with interest rate hikes. The central bank raised the federal funds rate from zero at the start of the reporting period to a range of 2.25% to 2.50% by period end. Government bonds, including U.S. Treasuries, agency debentures and government agency-backed mortgage securities, outpaced riskier segments, like corporate-backed credit. Longer-term bonds suffered steeper declines than their shorter-term counterparts.
Note to shareholders: On August 31, 2021, the Bloomberg U.S. Treasury Bill: 6-9 Months Index was added as a supplemental index.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
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Table of Contents
Fidelity® Low Duration Bond Factor ETF
Investment Summary (Unaudited)
    
Top Five Holdings as of August 31, 2022
(by issuer, excluding cash equivalents) % of fund’s
net assets
U.S. Treasury Notes 6.7
JPMorgan Chase & Co. 4.7
U.S. Treasury Bonds 4.1
Goldman Sachs Group, Inc. 3.9
Morgan Stanley 3.6
  23.0
 
Top Five Market Sectors as of August 31, 2022
  % of fund's
net assets
Financials 69.0
Utilities 5.2
Communication Services 3.4
Health Care 3.4
Industrials 3.0
Quality Diversification as of August 31, 2022
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 as of August 31, 2022
* Foreign investments – 36.3%
 
 Annual Report 18


Table of Contents
Fidelity® Total Bond ETF
Performance (Unaudited)
The information provided in the tables below shows you the performance of Fidelity® Total Bond ETF, with comparisons over different time periods to the fund’s relevant benchmarks. Seeing the returns over different time periods can help you assess the fund’s performance against relevant measurements. The performance information includes average annual total returns and is further explained in this section.*
The fund’s net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on NYSE Arca, Inc. (NYSE Arca) (normally 4:00 p.m. Eastern Time). The fund’s market price performance is based on the daily closing price of the shares of the fund on NYSE Arca. Since ETFs are bought and sold at prices set by the market – which can result in a premium or discount to NAV – the returns calculated using market price (market return) can differ from those calculated using NAV (NAV return). For information on these differences, please visit Fidelity.com or see the prospectus. The fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.
Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/etfs/actively-managed-fixed-income-etfs or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.
Fiscal Periods Ended August 31, 2022
Average Annual Total Returns Past
1 Year
Past
5 Years
Life of
Fund
Fidelity Total Bond ETF – NAVA -11.32 1.26 2.00
Fidelity Total Bond ETF – Market PriceB -11.43 1.23 1.92
Bloomberg U.S. Aggregate Bond IndexA -11.52 0.52 1.35
Bloomberg U.S. Universal Bond IndexA -11.85 0.63 1.55
Average annual total returns represent just that – the average return on an annual basis for Fidelity® Total Bond ETF and the fund’s benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund’s fiscal period.
 
A
From October 6, 2014.
B From October 9, 2014, date initially listed on the NYSE ARCA exchange.
* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.
$10,000 Over Life of Fund
Let’s say hypothetically that $10,000 was invested in Fidelity Total Bond ETF – NAV on October 6, 2014, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Bloomberg U.S. Aggregate Bond Index performed over the same period.
19 Annual Report 


Table of Contents
Fidelity® Total Bond ETF
Management’s Discussion of Fund Performance
Comments from Co-Managers Ford O’Neil and Celso Munoz:
For the fiscal year ending August 31, 2022, the exchange traded fund’s (ETF) net asset value returned -11.32%, roughly in line, net of fees, with the -11.52% result of the benchmark, the Bloomberg U.S. Aggregate Bond Index. The ETF’s market price returned -11.43% the past 12 months. The fund had a shorter duration (less interest-rate sensitivity), which boosted relative performance as interest rates rose. Underweighting mortgage-backed securities also aided the fund’s relative return, as did non-index exposure to Treasury Inflation-Protected Securities (TIPS), which we owned early in the period. In contrast, allocations to “plus” sectors – including high-yield bonds, leveraged loans and emerging markets debt – detracted, given that these segments underperformed the benchmark in an environment that favored higher-quality sectors. Likewise, among investment-grade holdings, overweighting BBB-rated corporate bonds detracted, as these lower-quality securities lagged high-quality corporate bonds. Overweighting asset-backed securities, including collateralized loan obligations (CLOs), and commercial mortgage-backed securities, also hindered the relative result.
Note to shareholders: On October 1, 2022, Matthew Torchia assumed co-management responsibilities for the fund’s real estate high income sleeve. On October 1, 2022, Franco Castagliuolo assumed co-management responsibilities for the fund. On October 1, 2022, Michael Plage assumed co-management responsibilities for the fund's investment grade sleeve, succeeding Jeff Moore.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 Annual Report 20


Table of Contents
Fidelity® Total Bond ETF
Investment Summary (Unaudited)
    
Quality Diversification as of August 31, 2022
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 as of August 31, 2022
* Foreign investments – 15.3%
 
21 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investments August 31, 2022 
Showing Percentage of Net Assets
Nonconvertible Bonds – 91.0%
    Principal Amount Value
COMMUNICATION SERVICES – 7.8%
Diversified Telecommunication Services – 2.2%
AT&T, Inc.:    

3.55% 9/15/55
$ 712,000 $ 521,320
3.65% 6/1/51 to 9/15/59 485,000 360,835

3.80% 12/1/57
419,000 317,170

4.30% 2/15/30
332,000 318,451

4.50% 5/15/35
293,000 275,176
Level 3 Financing, Inc.
3.40% 3/1/27 (a)
361,000 320,193
Verizon Communications, Inc.:    

2.10% 3/22/28
218,000 192,662

2.55% 3/21/31
512,000 432,744

3.70% 3/22/61
475,000 366,196

4.40% 11/1/34
362,000 342,406
      3,447,153
Entertainment – 0.8%
Magallanes, Inc.:    

3.755% 3/15/27 (a)
142,000 132,640

4.054% 3/15/29 (a)
49,000 44,619

4.279% 3/15/32 (a)
477,000 415,626

5.05% 3/15/42 (a)
171,000 139,794

5.141% 3/15/52 (a)
416,000 332,965

5.391% 3/15/62 (a)
345,000 276,933
      1,342,577
Interactive Media & Services – 0.2%
Tencent Holdings Ltd.:    

2.88% 4/22/31 (a)
235,000 200,904

3.575% 4/11/26 (a)
200,000 193,537
      394,441
Media – 3.1%
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50% 8/15/30 (a)
943,000 793,039
Charter Communications Operating LLC / Charter Communications Operating Capital:    

3.70% 4/1/51
408,000 272,236

3.85% 4/1/61
300,000 191,877

4.20% 3/15/28
358,000 337,515

5.375% 5/1/47
338,000 288,073
Comcast Corp.:    

2.937% 11/1/56
405,000 274,394

2.987% 11/1/63
405,000 270,803
Discovery Communications LLC
4.125% 5/15/29
495,000 451,079
Fox Corp.:    

3.50% 4/8/30
358,000 324,738

4.709% 1/25/29
259,000 256,320

    Principal Amount Value

5.476% 1/25/39
$ 78,000 $ 76,677

5.576% 1/25/49
310,000 299,723
The Walt Disney Co.
4.75% 11/15/46
204,000 199,565
Time Warner Cable LLC:    

4.50% 9/15/42
313,000 236,581

5.875% 11/15/40
354,000 317,133

7.30% 7/1/38
378,000 388,318
      4,978,071
Wireless Telecommunication Services – 1.5%
Rogers Communications, Inc.:    

3.80% 3/15/32 (a)
349,000 318,534

4.30% 2/15/48
100,000 82,918

4.55% 3/15/52 (a)
304,000 266,845
T-Mobile USA, Inc.:    

2.40% 3/15/29
242,000 208,092

2.70% 3/15/32
380,000 316,553

3.75% 4/15/27
412,000 395,067
Vodafone Group PLC:    

3.25% 6/4/81 (b)
250,000 216,076

4.375% 5/30/28
212,000 209,529

5.25% 5/30/48
344,000 317,530
      2,331,144
TOTAL COMMUNICATION SERVICES 12,493,386
CONSUMER DISCRETIONARY – 4.0%
Automobiles – 1.9%
Ford Motor Co.
3.25% 2/12/32
850,000 665,482
Ford Motor Credit Co. LLC
4.95% 5/28/27
500,000 469,412
General Motors Co.:    

5.40% 4/1/48
300,000 261,969

5.95% 4/1/49
386,000 358,409
General Motors Financial Co., Inc.
3.10% 1/12/32
450,000 363,167
Volkswagen Group of America Finance LLC:    

1.625% 11/24/27 (a)
450,000 381,622

4.75% 11/13/28 (a)
550,000 538,730
      3,038,791
Diversified Consumer Services – 0.1%
Ingersoll-Rand Luxembourg Finance SA
3.80% 3/21/29
250,000 235,559
Hotels, Restaurants & Leisure – 0.2%
Starbucks Corp.
4.45% 8/15/49
365,000 326,422
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 22


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
CONSUMER DISCRETIONARY – continued
Household Durables – 0.2%
Toll Brothers Finance Corp.
4.375% 4/15/23
$ 269,000 $ 267,829
Internet & Direct Marketing Retail – 0.1%
Alibaba Group Holding Ltd.
2.125% 2/9/31
200,000 166,422
Specialty Retail – 1.5%
Advance Auto Parts, Inc.
1.75% 10/1/27
338,000 289,551
AutoNation, Inc.:    

3.85% 3/1/32
470,000 402,712

4.75% 6/1/30
19,000 17,785
Genuine Parts Co.
2.75% 2/1/32
450,000 373,393
Lowe's Companies, Inc.
3.65% 4/5/29
291,000 274,865
O'Reilly Automotive, Inc.
4.35% 6/1/28
416,000 411,934
Tapestry, Inc.
3.05% 3/15/32
684,000 544,750
      2,314,990
TOTAL CONSUMER DISCRETIONARY 6,350,013
CONSUMER STAPLES – 7.2%
Beverages – 1.6%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.:    

4.70% 2/1/36
198,000 191,563

4.90% 2/1/46
288,000 273,415
Anheuser-Busch InBev Finance, Inc.:    

4.70% 2/1/36
204,000 197,368

4.90% 2/1/46
222,000 210,757
Anheuser-Busch InBev Worldwide, Inc.:    

4.50% 6/1/50
436,000 395,318

4.90% 1/23/31
345,000 354,437
Constellation Brands, Inc.
2.875% 5/1/30
283,000 246,554
Molson Coors Brewing Co.:    

3.00% 7/15/26
381,000 356,938

5.00% 5/1/42
355,000 329,232
      2,555,582
Food & Staples Retailing – 0.6%
Alimentation Couche-Tard, Inc.
2.95% 1/25/30 (a)
309,000 267,388
CVS Health Corp.:    

4.78% 3/25/38
246,000 233,837

4.875% 7/20/35
134,000 130,814

    Principal Amount Value

5.05% 3/25/48
$ 226,000 $ 217,596

5.125% 7/20/45
171,000 164,007
      1,013,642
Food Products – 2.2%
Conagra Brands, Inc.
4.60% 11/1/25
371,000 370,606
JBS U.S.A. Lux SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc.:    

2.50% 1/15/27 (a)
1,000,000 897,410

3.00% 5/15/32 (a)
405,000 334,643

4.375% 2/2/52 (a)
405,000 320,063

5.50% 1/15/30 (a)
530,000 530,000
McCormick & Co., Inc.
1.85% 2/15/31
261,000 208,547
Smithfield Foods, Inc.
3.00% 10/15/30 (a)
135,000 110,011
Viterra Finance BV
4.90% 4/21/27 (a)
780,000 748,767
      3,520,047
Tobacco – 2.8%
Altria Group, Inc.:    

2.45% 2/4/32
440,000 332,554

4.25% 8/9/42
155,000 116,149

4.40% 2/14/26
188,000 186,998

4.80% 2/14/29
453,000 438,660
BAT Capital Corp.:    

2.259% 3/25/28
404,000 340,953

2.726% 3/25/31
480,000 384,126

3.557% 8/15/27
1,006,000 924,165

3.984% 9/25/50
440,000 299,226
Imperial Brands Finance PLC:    

3.50% 7/26/26 (a)
550,000 509,103

4.25% 7/21/25 (a)
250,000 244,638
Reynolds American, Inc.
4.45% 6/12/25
607,000 601,263
      4,377,835
TOTAL CONSUMER STAPLES 11,467,106
ENERGY – 9.8%
Energy Equipment & Services – 1.2%
Atlantica Sustainable Infrastructure PLC
4.125% 6/15/28 (a)
550,000 492,251
DCP Midstream Operating LP:    

3.875% 3/15/23
210,000 209,475

5.125% 5/15/29
945,000 921,091

5.85% 5/21/43 (a)(b)
418,000 407,299
      2,030,116
See accompanying notes which are an integral part of the financial statements.
23 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
ENERGY – continued
Oil, Gas & Consumable Fuels – 8.6%
Canadian Natural Resources Ltd.:    

4.95% 6/1/47
$ 134,000 $ 126,729

6.25% 3/15/38
350,000 365,672
Cenovus Energy, Inc.:    

2.65% 1/15/32
99,000 81,255

3.75% 2/15/52
290,000 223,980

4.25% 4/15/27
438,000 431,437

5.40% 6/15/47
288,000 279,080

6.75% 11/15/39
71,000 77,614
Cheniere Corpus Christi Holdings LLC
5.875% 3/31/25
405,000 413,236
ConocoPhillips
6.50% 2/1/39
331,000 388,774
Eastern Gas Transmission & Storage, Inc.:    

3.00% 11/15/29
418,000 381,863

3.90% 11/15/49
356,000 283,906
Enbridge, Inc.:    

4.25% 12/1/26
214,000 210,645

5.75% 7/15/80 (b)
355,000 333,406
Energy Transfer LP:    

4.00% 10/1/27
452,000 429,170

4.20% 9/15/23
448,000 447,061

4.25% 4/1/24
228,000 227,534

4.95% 6/15/28
238,000 233,920

5.00% 5/15/50
300,000 257,457

5.40% 10/1/47
316,000 281,522

5.80% 6/15/38
123,000 115,181

6.00% 6/15/48
257,000 244,257
Enterprise Products Operating LLC
4.90% 5/15/46
183,000 170,645
Equinor ASA
2.375% 5/22/30
382,000 335,206
Hess Corp.:    

4.30% 4/1/27
194,000 189,406

5.60% 2/15/41
410,000 395,567

6.00% 1/15/40
405,000 412,399
Marathon Petroleum Corp.
4.75% 9/15/44
345,000 303,490
MPLX LP:    

1.75% 3/1/26
351,000 317,656

2.65% 8/15/30
442,000 368,449

4.875% 12/1/24
130,000 131,174
Occidental Petroleum Corp.:    

2.90% 8/15/24
86,000 83,764

3.45% 7/15/24
481,000 473,601
Ovintiv, Inc.:    

7.20% 11/1/31
270,000 290,138

    Principal Amount Value

8.125% 9/15/30
$ 148,000 $ 164,495
Petroleos Mexicanos:    

5.35% 2/12/28
394,000 320,164

6.49% 1/23/27
85,000 75,310

6.50% 3/13/27
280,000 246,624
Plains All American Pipeline LP / PAA Finance Corp.:    

3.85% 10/15/23
305,000 303,747

4.65% 10/15/25
416,000 411,385
Spectra Energy Partners LP
3.375% 10/15/26
178,000 169,582
Suncor Energy, Inc.:    

6.50% 6/15/38
255,000 277,747

6.85% 6/1/39
166,000 184,686
The Williams Cos., Inc.:    

3.50% 11/15/30
272,000 244,680

4.65% 8/15/32
163,000 157,140

5.30% 8/15/52
37,000 35,626

5.75% 6/24/44
360,000 363,406
TransCanada PipeLines Ltd.
4.875% 5/15/48
356,000 338,966
Transcontinental Gas Pipe Line Co. LLC
3.25% 5/15/30
26,000 23,240
Western Midstream Operating LP
4.30% 2/1/30
1,174,000 1,059,535
      13,681,527
TOTAL ENERGY 15,711,643
FINANCIALS – 31.0%
Banks – 12.9%
Banco Santander SA
2.749% 12/3/30
720,000 559,065
Bank of America Corp.:    

2.676% 6/19/41 (b)
539,000 385,943

2.884% 10/22/30 (b)
487,000 422,773

3.194% 7/23/30 (b)
495,000 440,608

3.458% 3/15/25 (b)
337,000 331,466

3.705% 4/24/28 (b)
362,000 343,867

4.25% 10/22/26
368,000 362,449

4.45% 3/3/26
310,000 308,739
Bank of Ireland Group PLC
4.50% 11/25/23 (a)
600,000 595,379
Bank of Nova Scotia
4.50% 12/16/25
346,000 345,085
Barclays PLC:    

1.007% 12/10/24 (b)
333,000 315,587

2.645% 6/24/31 (b)
550,000 436,367

2.894% 11/24/32 (b)
920,000 721,571

4.836% 5/9/28
415,000 391,476

5.088% 6/20/30 (b)
200,000 186,704
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 24


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Banks – continued
BPCE SA:    

2.277% 1/20/32 (a)(b)
$ 650,000 $ 503,380

4.875% 4/1/26 (a)
350,000 341,048
Citigroup, Inc.:    

2.572% 6/3/31 (b)
296,000 247,314

2.666% 1/29/31 (b)
307,000 258,832

4.30% 11/20/26
381,000 375,633

4.40% 6/10/25
595,000 592,402

4.91% 5/24/33 (b)
295,000 288,576
Commonwealth Bank of Australia
3.784% 3/14/32 (a)
610,000 524,177
Cooperatieve Rabobank UA
3.75% 7/21/26
700,000 667,567
Danske Bank A/S
1.171% 12/8/23 (a)(b)
500,000 494,723
Fifth Third Bancorp
8.25% 3/1/38
395,000 509,194
HSBC Holdings PLC:    

1.589% 5/24/27 (b)
790,000 688,123

2.357% 8/18/31 (b)
570,000 450,381

2.848% 6/4/31 (b)
400,000 330,334

4.041% 3/13/28 (b)
300,000 282,229
Huntington Bancshares, Inc.
2.487% 8/15/36 (b)
388,000 293,136
Intesa Sanpaolo SpA
5.71% 1/15/26 (a)
200,000 187,600
JPMorgan Chase & Co.:    

2.522% 4/22/31 (b)
256,000 216,544

2.956% 5/13/31 (b)
467,000 400,265

4.125% 12/15/26
306,000 302,148

4.95% 6/1/45
204,000 195,462
Lloyds Banking Group PLC
1.627% 5/11/27 (b)
600,000 529,963
Natwest Group PLC
2.359% 5/22/24 (b)
215,000 211,202
Santander Holdings USA, Inc.
3.50% 6/7/24
230,000 226,034
Societe Generale:    

1.488% 12/14/26 (a)(b)
325,000 283,226

3.00% 1/22/30 (a)
625,000 524,265

3.625% 3/1/41 (a)
750,000 496,183
Standard Chartered PLC
3.785% 5/21/25 (a)(b)
500,000 487,981
SVB Financial Group
3.125% 6/5/30
197,000 168,730
Synchrony Bank
5.625% 8/23/27
250,000 248,001
Truist Bank
2.25% 3/11/30
500,000 416,336

    Principal Amount Value
UniCredit SpA
1.982% 6/3/27 (a)(b)
$ 625,000 $ 528,833
Wells Fargo & Co.:    

2.164% 2/11/26 (b)
526,000 494,902

4.478% 4/4/31 (b)
432,000 415,459

4.65% 11/4/44
384,000 346,153
Westpac Banking Corp.
5.405% 8/10/33 (b)
600,000 576,717
Zions Bancorp N.A.
3.25% 10/29/29
420,000 356,636
      20,606,768
Capital Markets – 4.8%
Ares Capital Corp.:    

2.15% 7/15/26
335,000 290,961

4.25% 3/1/25
378,000 367,824
Blackstone Private Credit Fund
4.70% 3/24/25
476,000 460,616
Credit Suisse Group AG:    

2.593% 9/11/25 (a)(b)
351,000 324,755

3.091% 5/14/32 (a)(b)
725,000 547,957

3.869% 1/12/29 (a)(b)
250,000 216,562

4.194% 4/1/31 (a)(b)
700,000 588,156

4.55% 4/17/26
250,000 239,639
Goldman Sachs Group, Inc.:    

3.50% 11/16/26
218,000 209,414

4.223% 5/1/29 (b)
336,000 321,272
Morgan Stanley:    

1.794% 2/13/32 (b)
414,000 324,912

2.239% 7/21/32 Series MTN (b)
460,000 370,533

2.699% 1/22/31 (b)
266,000 230,145

3.625% 1/20/27
404,000 392,509

4.35% 9/8/26
535,000 528,712

4.431% 1/23/30 (b)
400,000 389,656

5.00% 11/24/25
707,000 718,011
UBS Group AG:    

3.126% 8/13/30 (a)(b)
500,000 436,877

4.375% 12/31/99 (a)(b)(c)
265,000 199,537

4.875% 12/31/99 (a)(b)(c)
570,000 491,335
      7,649,383
Consumer Finance – 2.0%
Ally Financial, Inc.:    

2.20% 11/2/28
304,000 250,951

5.75% 11/20/25
141,000 142,514

5.80% 5/1/25
229,000 234,253
Capital One Financial Corp.:    

2.359% 7/29/32 (b)
432,000 333,218

5.247% 7/26/30 (b)
281,000 276,433
Citizens Financial Group, Inc.
2.638% 9/30/32
397,000 315,769
See accompanying notes which are an integral part of the financial statements.
25 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Consumer Finance – continued
Discover Financial Services
4.50% 1/30/26
$ 128,000 $ 125,360
Ford Motor Credit Co. LLC:    

3.375% 11/13/25
615,000 561,452

3.625% 6/17/31
200,000 161,946

4.063% 11/1/24
350,000 339,756
Santander Holdings USA, Inc.
2.49% 1/6/28 (b)
205,000 178,266
Synchrony Financial
4.375% 3/19/24
319,000 317,658
      3,237,576
Diversified Financial Services – 6.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust:    

1.65% 10/29/24
350,000 323,859

2.45% 10/29/26
150,000 132,263

3.00% 10/29/28
151,000 128,368

3.30% 1/30/32
161,000 129,932

3.40% 10/29/33
333,000 260,792

3.85% 10/29/41
540,000 397,569
AIB Group PLC:    

4.263% 4/10/25 (a)(b)
250,000 243,444

4.75% 10/12/23 (a)
625,000 619,801
Ares Capital Corp.:    

3.875% 1/15/26
352,000 331,044

4.20% 6/10/24
246,000 243,795
Avolon Holdings Funding Ltd.:    

2.528% 11/18/27 (a)
219,000 178,858

4.25% 4/15/26 (a)
175,000 161,289

5.50% 1/15/26 (a)
152,000 146,564
Bank of America Corp.:    

4.571% 4/27/33 (b)
800,000 763,813

5.015% 7/22/33 (b)
600,000 594,400
Blackstone Holdings Finance Co. LLC
3.50% 9/10/49 (a)
338,000 257,582
BNP Paribas SA:    

1.323% 1/13/27 (a)(b)
500,000 438,596

1.904% 9/30/28 (a)(b)
750,000 631,337

2.824% 1/26/41 (a)
700,000 472,697

4.625% 3/13/27 (a)
475,000 462,712
Credit Agricole SA
2.811% 1/11/41 (a)
488,000 329,225
Deutsche Bank AG:    

2.129% 11/24/26 (b)
731,000 644,395

3.035% 5/28/32 (b)
566,000 438,218

4.50% 4/1/25
320,000 309,629
JPMorgan Chase & Co.
4.912% 7/25/33 (b)
850,000 840,567

    Principal Amount Value
Societe Generale S.A.
6.221% 6/15/33 (a)(b)
$ 400,000 $ 380,448
      9,861,197
Insurance – 5.1%
American International Group, Inc.
5.75% 4/1/48 (b)
398,000 377,078
AmFam Holdings, Inc.
2.805% 3/11/31 (a)
310,000 259,525
Assurant, Inc.
2.65% 1/15/32
420,000 327,735
Athene Global Funding:    

1.45% 1/8/26 (a)
290,000 257,425

1.985% 8/19/28 (a)
380,000 315,165

2.50% 3/24/28 (a)
340,000 291,237
Athene Holding Ltd.
3.45% 5/15/52
250,000 170,030
Corebridge Financial, Inc.:    

3.65% 4/5/27 (a)
95,000 89,320

3.85% 4/5/29 (a)
93,000 85,597

3.90% 4/5/32 (a)
111,000 99,709

4.35% 4/5/42 (a)
25,000 21,195

4.40% 4/5/52 (a)
75,000 62,565
Empower Finance 2020 LP
1.776% 3/17/31 (a)
353,000 280,879
Equitable Holdings, Inc.:    

4.35% 4/20/28
227,000 223,260

5.00% 4/20/48
426,000 398,184
Fairfax Financial Holdings Ltd.:    

4.85% 4/17/28
335,000 324,632

5.625% 8/16/32 (a)
800,000 783,773
Five Corners Funding Trust II
2.85% 5/15/30 (a)
630,000 546,215
Jackson Financial, Inc.:    

3.125% 11/23/31 (a)
650,000 520,748

4.00% 11/23/51 (a)
485,000 333,639

5.17% 6/8/27
84,000 82,923

5.67% 6/8/32
106,000 102,900
Liberty Mutual Group, Inc.
5.50% 6/15/52 (a)
380,000 370,845
Massachusetts Mutual Life Insurance Co.
3.729% 10/15/70 (a)
473,000 353,929
Pacific LifeCorp.
5.125% 1/30/43 (a)
309,000 296,890
The Hartford Financial Services Group, Inc.
3.60% 8/19/49
460,000 365,243
Unum Group
4.125% 6/15/51
230,000 169,386
Voya Financial, Inc.:    

4.70% 1/23/48 (b)
423,000 351,284
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 26


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Insurance – continued

4.80% 6/15/46
$ 204,000 $182,422

5.70% 7/15/43
56,000 55,875
      8,099,608
TOTAL FINANCIALS 49,454,532
HEALTH CARE – 6.4%
Biotechnology – 0.3%
Amgen, Inc.
3.375% 2/21/50
162,000 123,731
Regeneron Pharmaceuticals, Inc.
1.75% 9/15/30
438,000 346,370
      470,101
Health Care Providers & Services – 2.9%
Centene Corp.:    

2.625% 8/1/31
1,300,000 1,040,078

3.00% 10/15/30
544,000 453,895

4.25% 12/15/27
160,000 151,946

4.625% 12/15/29
260,000 244,930
Cigna Corp.:    

3.40% 3/15/50
427,000 320,984

4.80% 8/15/38
216,000 208,197

4.90% 12/15/48
40,000 37,974
HCA, Inc.:    

3.375% 3/15/29 (a)
249,000 220,361

3.625% 3/15/32 (a)
250,000 215,997

4.625% 3/15/52 (a)
370,000 306,185

5.125% 6/15/39
436,000 392,830

5.25% 6/15/49
382,000 341,798
Sabra Health Care LP
3.20% 12/1/31
365,000 290,229
Universal Health Services, Inc. 2.65% 10/15/30 to 1/15/32 (a) 543,000 419,762
      4,645,166
Pharmaceuticals – 3.2%
AbbVie, Inc.:    

4.25% 11/21/49
394,000 346,474

4.55% 3/15/35
461,000 442,382
AstraZeneca PLC
6.45% 9/15/37
426,000 500,988
Bayer U.S. Finance II LLC:    

4.25% 12/15/25 (a)
447,000 439,687

4.375% 12/15/28 (a)
550,000 528,725

4.875% 6/25/48 (a)
574,000 519,900
Elanco Animal Health, Inc.:    

5.772% 8/28/23
608,000 606,966

6.40% 8/28/28
452,000 420,360
Mylan, Inc.
4.55% 4/15/28
350,000 328,571

    Principal Amount Value
Utah Acquisition Sub, Inc.
3.95% 6/15/26
$ 387,000 $ 363,681
Viatris, Inc.:    

2.70% 6/22/30
455,000 358,384

4.00% 6/22/50
450,000 290,761
      5,146,879
TOTAL HEALTH CARE 10,262,146
INDUSTRIALS – 5.7%
Aerospace & Defense – 1.3%
BAE Systems PLC
1.90% 2/15/31 (a)
525,000 421,126
The Boeing Co.:    

5.04% 5/1/27
688,000 685,931

5.15% 5/1/30
958,000 942,873
      2,049,930
Air Freight & Logistics – 0.2%
FedEx Corp.
4.05% 2/15/48
448,000 378,325
Airlines – 1.2%
American Airlines Pass Through Trust:    

3.70% 4/15/27
466,931 412,767

3.75% 4/15/27
147,557 127,973

3.85% 8/15/29
179,194 148,766
British Airways 2021-1 Class A Pass Through Trust
2.90% 9/15/36 (a)
195,453 162,813
Southwest Airlines Co.:    

5.125% 6/15/27
382,000 389,589

5.25% 5/4/25
396,000 406,648
United Airlines Pass Through Trust:    

3.50% 11/1/29
176,013 150,346

4.60% 9/1/27
91,860 85,602
      1,884,504
Building Products – 0.7%
Carrier Global Corp.
2.70% 2/15/31
1,266,000 1,074,915
Electrical Equipment – 0.2%
Vontier Corp.
2.95% 4/1/31
492,000 378,461
Industrial Conglomerates – 0.2%
Roper Technologies, Inc.
2.95% 9/15/29
389,000 342,669
Machinery – 0.5%
Westinghouse Air Brake Technologies Corp.:    

3.20% 6/15/25
438,000 418,956

3.45% 11/15/26
456,000 424,232
      843,188
See accompanying notes which are an integral part of the financial statements.
27 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
INDUSTRIALS – continued
Road & Rail – 0.9%
Burlington Northern Santa Fe LLC
4.70% 9/1/45
$ 457,000 $ 446,231
Canadian Pacific Railway Co.
3.10% 12/2/51
169,000 124,788
CSX Corp.
4.75% 11/15/48
402,000 391,552
Union Pacific Corp.
3.75% 2/5/70
470,000 375,672
      1,338,243
Trading Companies & Distributors – 0.5%
Air Lease Corp.:    

2.875% 1/15/32
440,000 352,674

3.25% 3/1/25
411,000 392,312
      744,986
TOTAL INDUSTRIALS 9,035,221
INFORMATION TECHNOLOGY – 3.3%
IT Services – 0.2%
Fiserv, Inc.
3.50% 7/1/29
352,000 322,320
Semiconductors & Semiconductor Equipment – 1.4%
Broadcom, Inc.:    

1.95% 2/15/28 (a)
302,000 259,031

2.45% 2/15/31 (a)
175,000 139,537

2.60% 2/15/33 (a)
382,000 293,736

3.50% 2/15/41 (a)
363,000 272,307
CDW LLC / CDW Finance Corp.
2.67% 12/1/26
354,000 318,556
Micron Technology, Inc.:    

2.703% 4/15/32
355,000 275,927

4.185% 2/15/27
401,000 390,301
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.70% 5/1/25
337,000 319,198
      2,268,593
Software – 1.0%
Oracle Corp.:    

2.30% 3/25/28
408,000 354,619

2.50% 4/1/25
392,000 372,121

2.875% 3/25/31
190,000 157,504

3.95% 3/25/51
430,000 308,850

4.30% 7/8/34
347,000 302,338
      1,495,432
Technology Hardware, Storage & Peripherals – 0.7%
Dell International LLC / EMC Corp.:    

3.45% 12/15/51 (a)
435,000 284,325

4.90% 10/1/26
396,000 397,527

    Principal Amount Value

6.02% 6/15/26
$ 440,000 $ 457,007
      1,138,859
TOTAL INFORMATION TECHNOLOGY 5,225,204
MATERIALS – 1.3%
Chemicals – 1.1%
Celanese U.S. Holdings LLC
6.165% 7/15/27
850,000 850,882
International Flavors & Fragrances, Inc.:    

1.832% 10/15/27 (a)
442,000 378,672

3.468% 12/1/50 (a)
252,000 184,836
LYB International Finance III LLC
2.25% 10/1/30
368,000 301,542
      1,715,932
Containers & Packaging – 0.2%
Avery Dennison Corp.
4.875% 12/6/28
325,000 328,076
TOTAL MATERIALS 2,044,008
REAL ESTATE – 6.5%
Equity Real Estate Investment Trusts (REITs) – 5.0%
Agree LP
4.80% 10/1/32
441,000 423,178
Alexandria Real Estate Equities, Inc.:    

1.875% 2/1/33
181,000 136,228

4.70% 7/1/30
75,000 73,780
American Homes 4 Rent LP:    

2.375% 7/15/31
29,000 23,273

3.375% 7/15/51
45,000 30,705

3.625% 4/15/32
102,000 89,025

4.30% 4/15/52
71,000 57,227
Brixmor Operating Partnership LP:    

2.25% 4/1/28
302,000 255,118

4.05% 7/1/30
429,000 381,332

4.125% 5/15/29
205,000 188,696
Camden Property Trust:    

2.80% 5/15/30
65,000 57,576

3.15% 7/1/29
247,000 226,269
Crown Castle, Inc.
2.25% 1/15/31
323,000 262,318
Hudson Pacific Properties LP
3.95% 11/1/27
422,000 395,367
Invitation Homes Operating Partnership LP:    

2.00% 8/15/31
395,000 299,977

4.15% 4/15/32
153,000 137,540
Kite Realty Group Trust
4.75% 9/15/30
317,000 287,826
Lexington Realty Trust
4.40% 6/15/24
242,000 238,755
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 28


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
REAL ESTATE – continued
Equity Real Estate Investment Trusts (REITs) – continued
MPT Operating Partnership LP / MPT Finance Corp.
3.50% 3/15/31
$ 606,000 $ 454,294
Omega Healthcare Investors, Inc.:    

3.25% 4/15/33
234,000 177,702

3.625% 10/1/29
427,000 364,983

4.375% 8/1/23
166,000 164,923

4.50% 1/15/25
204,000 202,175
Piedmont Operating Partnership LP
2.75% 4/1/32
53,000 40,365
Retail Properties of America, Inc.
4.00% 3/15/25
15,000 14,615
Rexford Industrial Realty LP
2.15% 9/1/31
394,000 314,270
Simon Property Group LP
2.45% 9/13/29
212,000 182,982
STORE Capital Corp.
2.75% 11/18/30
67,000 54,384
Sun Communities Operating LP:    

2.30% 11/1/28
60,000 50,660

2.70% 7/15/31
245,000 197,231

4.20% 4/15/32
640,000 573,205
VICI Properties LP:    

4.75% 2/15/28
188,000 180,406

4.95% 2/15/30
430,000 412,852

5.125% 5/15/32
24,000 22,871
Vornado Realty LP:    

2.15% 6/1/26
73,000 64,250

3.40% 6/1/31
265,000 215,722
Welltower, Inc.
4.125% 3/15/29
436,000 413,985
WP Carey, Inc.
2.40% 2/1/31
397,000 322,709
      7,988,774
Real Estate Management & Development – 1.5%
Corporate Office Properties LP
2.00% 1/15/29
278,000 219,589
Realty Income Corp.
2.20% 6/15/28
27,000 23,697
Spirit Realty LP
2.10% 3/15/28
398,000 331,938
STORE Capital Corp.
2.70% 12/1/31
530,000 420,878
Tanger Properties LP:    

2.75% 9/1/31
313,000 238,036

3.125% 9/1/26
840,000 780,023

    Principal Amount Value
Ventas Realty LP
3.00% 1/15/30
$ 337,000 $ 293,323
      2,307,484
TOTAL REAL ESTATE 10,296,258
UTILITIES – 8.0%
Electric Utilities – 4.4%
Cleco Corporate Holdings LLC:    

3.743% 5/1/26
1,241,000 1,189,366

4.973% 5/1/46
356,000 327,283
Duke Energy Corp.:    

2.45% 6/1/30
68,000 57,403

4.20% 6/15/49
436,000 367,849

4.50% 8/15/32
510,000 491,826

5.00% 8/15/52
510,000 484,238
Duke Energy Indiana LLC
4.90% 7/15/43
88,000 83,482
Duquesne Light Holdings, Inc.:    

2.532% 10/1/30 (a)
86,000 70,168

2.775% 1/7/32 (a)
177,000 144,329

3.616% 8/1/27 (a)
250,000 230,254
Exelon Corp.
4.05% 4/15/30
380,000 365,449
FirstEnergy Corp.:    

2.25% 9/1/30
639,000 523,218

4.40% 7/15/27
416,000 394,160

7.375% 11/15/31
700,000 821,509
Puget Energy, Inc.:    

3.65% 5/15/25
848,000 819,553

4.10% 6/15/30
594,000 547,183
The Cleveland Electric Illuminating Co.
3.50% 4/1/28 (a)
224,000 208,231
      7,125,501
Gas Utilities – 0.3%
Southern Co. Gas Capital Corp.:    

3.15% 9/30/51
416,000 289,658

4.40% 5/30/47
204,000 176,244
      465,902
Independent Power and Renewable Electricity Producers – 1.9%
Emera U.S. Finance LP:    

3.55% 6/15/26
1,251,000 1,198,408

4.75% 6/15/46
426,000 370,929
The AES Corp.:    

1.375% 1/15/26
392,000 347,784

2.45% 1/15/31
502,000 413,640

3.30% 7/15/25 (a)
444,000 421,134

3.95% 7/15/30 (a)
302,000 275,877
      3,027,772
See accompanying notes which are an integral part of the financial statements.
29 Annual Report 


Table of Contents
Fidelity® Corporate Bond ETF
Schedule of Investmentscontinued
Nonconvertible Bonds – continued
    Principal Amount Value
UTILITIES – continued
Multi-Utilities – 1.4%
Dominion Energy, Inc.
4.25% 6/1/28
$ 343,000 $ 337,113
Exelon Corp.:    

3.35% 3/15/32 (a)
58,000 52,021

4.10% 3/15/52 (a)
43,000 37,181
NiSource, Inc.:    

3.49% 5/15/27
394,000 376,914

3.95% 3/30/48
396,000 326,659

4.80% 2/15/44
388,000 357,265
ONE Gas, Inc.
2.00% 5/15/30
394,000 325,039
Sempra Energy
3.80% 2/1/38
472,000 405,027
      2,217,219
TOTAL UTILITIES 12,836,394
TOTAL NONCONVERTIBLE BONDS
(Cost $170,310,935)
145,175,911
U.S. Treasury Obligations – 4.5%
       
U.S. Treasury Bonds:    
1.875% 2/15/41 to 11/15/51 728,000 546,063
2.00% 11/15/41 940,000 730,189
2.25% 2/15/52 400,000 319,500
2.875% 5/15/52 5,700,000 5,252,906
3.00% 8/15/52 260,000 246,472
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,647,865)
7,095,130
Asset-Backed Securities – 0.1%
    Principal Amount Value
Domino's Pizza Master Issuer LLC Series 2018-1A, Class A2I 4.116% 7/25/48 (a)
(Cost $124,163)
$ 124,163 $ 119,805
    
Money Market Fund – 3.8%
    Shares  
Fidelity Cash Central Fund, 2.33% (d)
(Cost $6,102,101)
6,100,964 6,102,184
TOTAL INVESTMENT IN SECURITIES – 99.4%
(Cost $184,185,064)
158,493,030
NET OTHER ASSETS (LIABILITIES) – 0.6% 997,082
NET ASSETS – 100.0% $ 159,490,112
    
Legend  
(a) Security is 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 $32,886,737 or 20.6% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security is perpetual in nature with no stated maturity date.
(d) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 ownership percentage, is presented below.
Fund 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, 2.33% $12,316,151   $46,770,182   $52,984,149   $37,627   $—   $—   $6,102,184 0.0%
Amounts in the 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.
See accompanying notes which are an integral part of the financial statements.
 Annual Report 30


Table of Contents
Investment Valuation
The following is a summary of the inputs used, as of August 31, 2022, 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 in the table 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   $ 145,175,911   $   $ 145,175,911   $
U.S. Treasury Obligations   7,095,130     7,095,130  
Asset-Backed Securities   119,805     119,805  
Money Market Funds   6,102,184   6,102,184    
Total Investments in Securities:   $ 158,493,030   $ 6,102,184   $ 152,390,846   $
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America 78.0%
United Kingdom 5.0%
Canada 3.4%
France 3.0%
Ireland 1.8%
Switzerland 1.8%
Netherlands 1.3%
Others (Individually Less Than 1%) 5.1%
  99.4%
See accompanying notes which are an integral part of the financial statements.
31 Annual Report 


Table of Contents
Fidelity® Investment Grade Bond ETF
Schedule of Investments August 31, 2022 
Showing Percentage of Net Assets
Nonconvertible Bonds – 36.6%
    Principal Amount Value
COMMUNICATION SERVICES – 3.9%
Diversified Telecommunication Services – 1.5%
AT&T, Inc.
4.30% 2/15/30
$ 68,000 $65,225
Verizon Communications, Inc.
3.15% 3/22/30
36,000 32,243
      97,468
Entertainment – 0.3%
Magallanes, Inc.:    

3.428% 3/15/24 (a)
5,000 4,888

3.638% 3/15/25 (a)
3,000 2,897

3.755% 3/15/27 (a)
6,000 5,604

4.054% 3/15/29 (a)
2,000 1,821

4.279% 3/15/32 (a)
5,000 4,357

5.05% 3/15/42 (a)
3,000 2,452

5.141% 3/15/52 (a)
2,000 1,601
      23,620
Media – 1.3%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80% 4/1/31
74,000 59,950
Time Warner Cable, Inc.
5.50% 9/1/41
30,000 25,758
      85,708
Wireless Telecommunication Services – 0.8%
T-Mobile USA, Inc.
4.50% 4/15/50
60,000 52,356
TOTAL COMMUNICATION SERVICES 259,152
CONSUMER DISCRETIONARY – 2.0%
Automobiles – 0.5%
General Motors Financial Co., Inc.
4.00% 1/15/25
36,000 35,549
Household Durables – 1.0%
Lennar Corp.
4.75% 11/29/27
66,000 64,230
Specialty Retail – 0.5%
Lowe's Cos., Inc.:    

3.35% 4/1/27
2,000 1,928

3.75% 4/1/32
2,000 1,842

4.25% 4/1/52
10,000 8,517

4.45% 4/1/62
10,000 8,445
Tapestry, Inc.
3.05% 3/15/32
18,000 14,335
      35,067
TOTAL CONSUMER DISCRETIONARY 134,846

    Principal Amount Value
CONSUMER STAPLES – 2.5%
Beverages – 0.9%
Anheuser-Busch InBev Worldwide, Inc.
5.45% 1/23/39
$ 60,000 $ 61,850
Food & Staples Retailing – 0.8%
Sysco Corp.
6.60% 4/1/50
46,000 53,327
Food Products – 0.8%
JBS U.S.A. Lux SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc.:    

5.125% 2/1/28 (a)
5,000 4,994

5.50% 1/15/30 (a)
35,000 35,000

5.75% 4/1/33 (a)
10,000 9,961
      49,955
TOTAL CONSUMER STAPLES 165,132
ENERGY – 2.8%
Oil, Gas & Consumable Fuels – 2.8%
Cenovus Energy, Inc.
4.25% 4/15/27
30,000 29,550
Energy Transfer LP
4.95% 6/15/28
30,000 29,486
Hess Corp.:    

4.30% 4/1/27
37,000 36,124

5.60% 2/15/41
2,000 1,929
MPLX LP
4.80% 2/15/29
30,000 29,286
Petroleos Mexicanos
7.69% 1/23/50
76,000 51,870
The Williams Cos., Inc.:    

4.65% 8/15/32
6,000 5,784

5.30% 8/15/52
2,000 1,926
TOTAL ENERGY 185,955
FINANCIALS – 15.1%
Banks – 7.1%
Bank of America Corp.:    

2.299% 7/21/32 (b)
5,000 3,991

4.183% 11/25/27
128,000 124,798
Citigroup, Inc.
4.45% 9/29/27
110,000 107,247
JPMorgan Chase & Co.
4.493% 3/24/31 (b)
52,000 50,526
Royal Bank of Scotland Group PLC
3.073% 5/22/28 (b)
200,000 180,678
      467,240
 
See accompanying notes which are an integral part of the financial statements.
 Annual Report 32


Table of Contents
Nonconvertible Bonds – continued
    Principal Amount Value
FINANCIALS – continued
Capital Markets – 2.1%
Goldman Sachs Group, Inc.:    

2.383% 7/21/32 (b)
$ 4,000 $ 3,238

3.80% 3/15/30