Quarterly Holdings Report

for

Fidelity^® Corporate Bond ETF

November 30, 2019

T12-QTLY-0120

1.9862232.105

Schedule of Investments November 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds – 91.9%
	Principal Amount		Value
COMMUNICATION SERVICES – 6.0%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.:
4.50% 5/15/35 to 3/9/48	$	1,468,000	$	1,603,466
4.90% 6/15/42		150,000		168,806
5.55% 8/15/41		197,000		239,304
Level 3 Financing, Inc. 3.40% 3/1/27 (a)		725,000		725,616
				2,737,192
Media – 3.5%
Charter Communications Operating LLC / Charter Communications Operating Capital:
4.20% 3/15/28		150,000		159,005
5.375% 5/1/47		474,000		527,926
Comcast Corp.:
4.50% 1/15/43		470,000		555,884
4.95% 10/15/58		330,000		431,023
Cox Communications, Inc. 3.25% 12/15/22 (a)		410,000		421,545
Discovery Communications LLC 4.125% 5/15/29		1,000,000		1,070,475
Fox Corp.:
3.666% 1/25/22 (a)		7,000		7,226
4.03% 1/25/24 (a)		13,000		13,828
4.709% 1/25/29 (a)		19,000		21,563
5.476% 1/25/39 (a)		18,000		22,144
5.576% 1/25/49 (a)		212,000		270,157
Tencent Holdings Ltd. 3.575% 4/11/26 (a)		200,000		208,612
The Walt Disney Co.:
3.00% 9/15/22		27,000		27,837
4.75% 11/15/46		176,000		229,839
Time Warner Cable LLC 4.125% 2/15/21		500,000		508,299
Time Warner Cable, Inc.:
4.50% 9/15/42		53,000		53,078
5.875% 11/15/40		334,000		385,813
7.30% 7/1/38		150,000		192,354
				5,106,608
Wireless Telecommunication Services – 0.6%
Rogers Communications, Inc. 4.30% 2/15/48		100,000		112,769
Vodafone Group PLC 4.375% 5/30/28		650,000		722,264
				835,033
TOTAL COMMUNICATION SERVICES				8,678,833
CONSUMER DISCRETIONARY – 7.5%
Automobiles – 1.0%
General Motors Co.:
5.40% 4/1/48		60,000		60,922

	Principal Amount		Value
5.95% 4/1/49	$	120,000	$	130,345
Volkswagen Group of America Finance LLC:
2.70% 9/26/22 (a)		650,000		656,059
4.75% 11/13/28 (a)		550,000		622,622
				1,469,948
Diversified Consumer Services – 0.5%
Ingersoll-Rand Luxembourg Finance S.A.:
3.50% 3/21/26		250,000		260,760
3.80% 3/21/29		450,000		480,645
				741,405
Hotels, Restaurants & Leisure – 1.8%
Marriott International, Inc. 2.125% 10/3/22		645,000		644,563
McDonald’s Corp.:
3.625% 9/1/49		600,000		611,762
4.875% 12/9/45		510,000		625,906
Starbucks Corp.:
3.80% 8/15/25		410,000		441,541
4.45% 8/15/49		250,000		290,085
				2,613,857
Household Durables – 0.9%
DR Horton, Inc.:
2.50% 10/15/24		674,000		674,092
2.55% 12/1/20		97,000		97,294
Lennar Corp. 4.875% 12/15/23		315,000		336,656
Toll Brothers Finance Corp. 4.375% 4/15/23		227,000		236,647
				1,344,689
Internet & Direct Marketing Retail – 0.6%
Expedia Group, Inc. 3.25% 2/15/30 (a)		850,000		828,633
Leisure Products – 0.5%
Hasbro, Inc. 3.55% 11/19/26		730,000		733,046
Multiline Retail – 0.6%
Dollar Tree, Inc. 4.00% 5/15/25		770,000		812,508
Specialty Retail – 1.6%
AutoZone, Inc. 3.125% 4/18/24		550,000		570,063
Lowe’s Cos., Inc.:
3.65% 4/5/29		550,000		589,487
4.375% 9/15/45		300,000		332,779
O’Reilly Automotive, Inc.:
3.90% 6/1/29		250,000		274,164
4.35% 6/1/28		350,000		391,237

2

Nonconvertible Bonds – continued
	Principal Amount		Value
CONSUMER DISCRETIONARY – continued
Specialty Retail – continued
The Home Depot, Inc. 3.90% 6/15/47	$	200,000	$	228,105
				2,385,835
TOTAL CONSUMER DISCRETIONARY				10,929,921
CONSUMER STAPLES – 7.0%
Beverages – 2.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.:
3.65% 2/1/26		400,000		428,755
4.70% 2/1/36		150,000		174,653
Anheuser-Busch InBev Finance, Inc.:
4.70% 2/1/36		183,000		213,076
4.90% 2/1/46		698,000		831,477
Anheuser-Busch InBev Worldwide, Inc.
4.90% 1/23/31		250,000		298,978
Constellation Brands, Inc.
3.15% 8/1/29		550,000		555,569
Molson Coors Brewing Co.:
3.00% 7/15/26		550,000		553,007
5.00% 5/1/42		250,000		270,680
				3,326,195
Food & Staples Retailing – 1.1%
CVS Health Corp.:
2.75% 12/1/22		250,000		253,764
3 month U.S. LIBOR + 0.720% 2.822% 3/9/21 (b)(c)		180,000		180,849
4.78% 3/25/38		208,000		236,263
4.875% 7/20/35		134,000		153,710
5.05% 3/25/48		500,000		591,565
5.125% 7/20/45		147,000		173,672
				1,589,823
Food Products – 1.2%
Conagra Brands, Inc. 4.60% 11/1/25		725,000		797,628
Kraft Heinz Foods Co. 3.75% 4/1/30 (a)		850,000		869,530
				1,667,158
Tobacco – 2.4%
Altria Group, Inc.:
2.85% 8/9/22		182,000		184,620
4.25% 8/9/42		55,000		55,361
4.40% 2/14/26		250,000		270,363
4.80% 2/14/29		325,000		359,311
BAT Capital Corp.:
2.764% 8/15/22		500,000		505,451
3.557% 8/15/27		150,000		152,789

	Principal Amount		Value
Imperial Brands Finance PLC:
3.50% 7/26/26 (a)	$	550,000	$	549,602
4.25% 7/21/25 (a)		250,000		262,372
Reynolds American, Inc.:
4.45% 6/12/25		376,000		402,616
4.85% 9/15/23		750,000		810,409
				3,552,894
TOTAL CONSUMER STAPLES				10,136,070
ENERGY – 8.7%
Energy Equipment & Services – 0.8%
DCP Midstream Operating LP:
3.875% 3/15/23		450,000		456,750
5.125% 5/15/29		365,000		370,475
5.85% 5/21/43 (a)(c)		352,000		323,840
				1,151,065
Oil, Gas & Consumable Fuels – 7.9%
Apache Corp. 4.25% 1/15/44		113,000		99,096
Boardwalk Pipelines LP 3.375% 2/1/23		482,000		490,379
Canadian Natural Resources Ltd.:
3.90% 2/1/25		458,000		485,645
4.95% 6/1/47		134,000		158,457
Cenovus Energy, Inc.:
3.00% 8/15/22		285,000		288,205
4.25% 4/15/27		722,000		758,121
Cheniere Corpus Christi Holdings LLC 5.875% 3/31/25		275,000		307,367
ConocoPhillips 6.50% 2/1/39		229,000		333,046
ConocoPhillips Holding Co. 6.95% 4/15/29		196,000		265,381
Continental Resources, Inc. 5.00% 9/15/22		145,000		145,825
Enbridge, Inc.:
4.25% 12/1/26		14,000		15,261
5.50% 12/1/46		114,000		142,953
Encana Corp.:
7.20% 11/1/31		228,000		278,376
8.125% 9/15/30		134,000		170,786
Energy Transfer Operating LP:
4.20% 9/15/23		514,000		537,547
4.95% 6/15/28		48,000		51,643
5.80% 6/15/38		127,000		143,368
6.00% 6/15/48		17,000		19,393
Enterprise Products Operating LLC:
4.85% 3/15/44		176,000		201,311
4.90% 5/15/46		155,000		178,455
EQT Corp. 2.50% 10/1/20		59,000		58,911

3

Schedule of Investments (Unaudited) – continued

Nonconvertible Bonds – continued
	Principal Amount		Value
ENERGY – continued
Oil, Gas & Consumable Fuels – continued
Hess Corp. 6.00% 1/15/40	$	425,000	$	491,138
Marathon Petroleum Corp. 4.75% 9/15/44		250,000		272,556
MPLX LP 4.875% 12/1/24		30,000		32,458
Newfield Exploration Co. 5.625% 7/1/24		300,000		327,236
Occidental Petroleum Corp.:
2.60% 8/13/21		29,000		29,143
2.70% 8/15/22		26,000		26,215
3 month U.S. LIBOR + 0.950% 2.854% 2/8/21 (b)(c)		96,000		96,633
2.90% 8/15/24		86,000		86,405
3 month U.S. LIBOR + 1.250% 3.155% 8/13/21 (b)(c)		111,000		111,650
3.20% 8/15/26		12,000		12,070
3 month U.S. LIBOR + 1.450% 3.36% 8/15/22 (b)(c)		538,000		541,209
3.45% 7/15/24		440,000		445,664
4.30% 8/15/39		5,000		5,059
4.40% 8/15/49		405,000		411,277
Petroleos Mexicanos:
5.35% 2/12/28		394,000		381,589
6.49% 1/23/27 (a)		85,000		89,462
6.50% 3/13/27		200,000		209,297
6.875% 8/4/26		75,000		81,113
Plains All American Pipeline LP / PAA Finance Corp.:
3.65% 6/1/22		123,000		125,824
3.85% 10/15/23		245,000		253,037
4.65% 10/15/25		300,000		318,772
Spectra Energy Partners LP 3.375% 10/15/26		138,000		142,689
Suncor Energy, Inc. 6.85% 6/1/39		86,000		121,535
Sunoco Logistics Partners Operations LP:
4.00% 10/1/27		222,000		226,317
4.25% 4/1/24		200,000		208,632
5.40% 10/1/47		96,000		101,090
The Williams Companies., Inc. 5.75% 6/24/44		427,000		489,402
TransCanada PipeLines Ltd. 4.875% 5/15/48		300,000		350,808
Western Midstream Operating LP 5.375% 6/1/21		394,000		405,657
				11,523,463
TOTAL ENERGY				12,674,528

	Principal Amount		Value
FINANCIALS – 30.7%
Banks – 14.0%
Bank of America Corp.:
2.816% 7/21/23 (c)	$	1,025,000	$	1,040,246
3.194% 7/23/30 (c)		250,000		258,207
3.458% 3/15/25 (c)		285,000		297,283
3.705% 4/24/28 (c)		222,000		236,806
4.20% 8/26/24		227,000		243,233
4.25% 10/22/26		540,000		590,351
4.45% 3/3/26		50,000		54,891
Bank of Ireland Group PLC 4.50% 11/25/23 (a)		600,000		635,538
Barclays PLC:
3.684% 1/10/23		400,000		408,823
4.836% 5/9/28		415,000		443,148
5.088% 6/20/30 (c)		200,000		218,140
BBVA USA 2.875% 6/29/22		500,000		507,588
BPCE SA 4.875% 4/1/26 (a)		500,000		548,303
Citibank N.A. 3.65% 1/23/24		260,000		275,013
Citigroup, Inc.:
4.05% 7/30/22		352,000		367,717
4.30% 11/20/26		750,000		816,797
4.40% 6/10/25		1,420,000		1,533,920
Citizens Financial Group, Inc.:
4.15% 9/28/22 (a)		600,000		623,051
4.35% 8/1/25		129,000		137,473
Cooperatieve Rabobank UA:
3.75% 7/21/26		700,000		730,924
4.625% 12/1/23		400,000		431,889
Credit Suisse Group AG 2.593% 9/11/25 (a)(c)		351,000		350,431
Credit Suisse Group Funding Guernsey Ltd. 4.55% 4/17/26		250,000		277,756
Danske Bank A/S 3.001% 9/20/22 (a)(c)		650,000		654,504
Fifth Third Bancorp 8.25% 3/1/38		300,000		462,101
HSBC Holdings PLC 4.041% 3/13/28 (c)		300,000		319,060
JPMorgan Chase & Co.:
4.125% 12/15/26		264,000		288,772
4.95% 6/1/45		176,000		222,044
Lloyds Banking Group PLC:
2.858% 3/17/23 (c)		700,000		707,016
2.907% 11/7/23 (c)		500,000		505,473
Royal Bank of Canada 2.55% 7/16/24		700,000		709,616

4

Nonconvertible Bonds – continued
	Principal Amount		Value
FINANCIALS – continued
Banks – continued
Royal Bank of Scotland Group PLC 6.00% 12/19/23	$	360,000	$	398,361
Santander Holdings USA, Inc.:
3.40% 1/18/23		482,000		493,950
3.50% 6/7/24		450,000		462,040
Standard Chartered PLC 3.785% 5/21/25 (a)(c)		500,000		517,993
Synchrony Bank 3.00% 6/15/22		550,000		557,614
Synovus Financial Corp. 3.125% 11/1/22		351,000		354,440
The Bank of Nova Scotia 4.50% 12/16/25		264,000		287,800
UBS Group Funding Switzerland AG 3.491% 5/23/23 (a)		650,000		667,752
Wells Fargo & Co. 4.65% 11/4/44		176,000		210,523
Wells Fargo Bank N.A. 2.082% 9/9/22 (c)		650,000		649,312
Zions Bancorp N.A. 3.25% 10/29/29		900,000		889,966
				20,385,865
Capital Markets – 4.5%
Ares Capital Corp.:
4.20% 6/10/24		300,000		310,829
4.25% 3/1/25		352,000		364,022
Credit Suisse Group AG:
3.574% 1/9/23 (a)		250,000		256,120
3.869% 1/12/29 (a)(c)		250,000		267,252
Goldman Sachs Group, Inc.:
2.905% 7/24/23 (c)		616,000		625,944
3.50% 11/16/26		170,000		177,415
3.75% 2/25/26		222,000		235,563
4.223% 5/1/29 (c)		350,000		385,500
Morgan Stanley:
3.625% 1/20/27		176,000		187,606
4.35% 9/8/26		415,000		454,077
4.431% 1/23/30 (c)		400,000		451,130
4.875% 11/1/22		710,000		761,238
5.00% 11/24/25		500,000		562,824
S&P Global, Inc.:
2.50% 12/1/29		725,000		728,766
4.00% 6/15/25		142,000		154,161
The Goldman Sachs Group, Inc. 3.75% 5/22/25		134,000		141,692
UBS Group AG 3.126% 8/13/30 (a)(c)		500,000		507,537
				6,571,676

	Principal Amount		Value
Consumer Finance – 3.5%
Ally Financial, Inc. 4.125% 2/13/22	$	500,000	$	514,143
Capital One Financial Corp.:
3.20% 2/5/25		400,000		412,799
3.90% 1/29/24		600,000		633,611
Discover Bank 2.45% 9/12/24		650,000		648,912
Discover Financial Services:
4.50% 1/30/26		48,000		52,422
5.20% 4/27/22		343,000		365,747
Ford Motor Credit Co. LLC:
3.336% 3/18/21		500,000		502,711
3.339% 3/28/22		300,000		301,846
4.063% 11/1/24		350,000		351,787
5.875% 8/2/21		602,000		630,285
Synchrony Financial:
3.75% 8/15/21		550,000		561,495
4.375% 3/19/24		24,000		25,431
				5,001,189
Diversified Financial Services – 5.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.30% 1/23/23		700,000		716,697
AIB Group PLC:
4.263% 4/10/25 (a)(c)		250,000		263,968
4.75% 10/12/23 (a)		625,000		668,066
Blackstone Holdings Finance Co. LLC 3.50% 9/10/49 (a)		625,000		628,543
BNP Paribas S.A. 4.25% 10/15/24		500,000		530,211
Citigroup, Inc. 2.312% 11/4/22 (c)		400,000		400,807
Credit Agricole S.A. 2.375% 1/22/25 (a)		350,000		348,940
Deutsche Bank AG 2.70% 7/13/20		394,000		393,997
GE Capital International Funding Co. Unlimited Co.:
2.342% 11/15/20		250,000		249,738
4.418% 11/15/35		350,000		376,738
General Motors Financial Co., Inc.:
3.25% 1/5/23		250,000		254,066
5.10% 1/17/24		300,000		324,223
HSBC USA, Inc. 5.00% 9/27/20		300,000		307,050
International Lease Finance Corp. 4.625% 4/15/21		352,000		363,384
Mitsubishi UFJ Financial Group, Inc. 3.761% 7/26/23		750,000		788,304
Moody’s Corp. 2.75% 12/15/21		11,000		11,154

5

Schedule of Investments (Unaudited) – continued

Nonconvertible Bonds – continued
	Principal Amount		Value
FINANCIALS – continued
Diversified Financial Services – continued
Park Aerospace Holdings Ltd. 5.25% 8/15/22 (a)	$	800,000	$	849,680
				7,475,566
Insurance – 3.6%
American International Group, Inc.:
4.50% 7/16/44		414,000		472,745
5.75% 4/1/48 (c)		352,000		386,297
AXA Equitable Holdings, Inc.:
3.90% 4/20/23		325,000		340,387
4.35% 4/20/28		500,000		537,178
Fairfax Financial Holdings Ltd. 4.85% 4/17/28		250,000		271,043
Marsh & McLennan Cos., Inc.:
4.05% 10/15/23		210,000		223,028
4.375% 3/15/29		40,000		45,305
4.90% 3/15/49		37,000		46,913
Massachusetts Mutual Life Insurance Co. 3.729% 10/15/70 (a)		372,000		371,385
Pacific LifeCorp. 5.125% 1/30/43 (a)		270,000		319,026
Principal Financial Group, Inc. 3.70% 5/15/29		77,000		83,799
The Hartford Financial Services Group, Inc. 3.60% 8/19/49		400,000		404,484
Unum Group 4.00% 3/15/24		601,000		634,306
Voya Financial, Inc.:
3.65% 6/15/26		222,000		234,433
4.70% 1/23/48 (c)		362,000		347,520
4.80% 6/15/46		176,000		204,278
5.70% 7/15/43		56,000		70,573
Willis North America, Inc. 3.60% 5/15/24		280,000		292,304
				5,285,004
TOTAL FINANCIALS				44,719,300
HEALTH CARE – 8.0%
Health Care Equipment & Supplies – 1.7%
Abbott Laboratories 4.75% 11/30/36		177,000		220,369
Allergan Sales LLC 5.00% 12/15/21 (a)		290,000		303,542
DH Europe Finance II Sarl:
2.60% 11/15/29		581,000		583,444
3.40% 11/15/49		700,000		720,748

	Principal Amount		Value
Shire Acquisitions Investments Ireland DAC 2.875% 9/23/23	$	694,000	$	706,510
				2,534,613
Health Care Providers & Services – 2.3%
Centene Corp.:
4.25% 12/15/27 (a)(d)		140,000		144,025
4.625% 12/15/29 (a)(d)		220,000		230,725
4.75% 1/15/25 (a)(d)		110,000		114,277
Cigna Corp.:
4.125% 11/15/25		925,000		998,094
4.375% 10/15/28		315,000		349,429
4.80% 8/15/38		190,000		219,829
4.90% 12/15/48		40,000		47,382
HCA, Inc.:
4.125% 6/15/29		195,000		205,433
5.125% 6/15/39		190,000		210,152
5.25% 6/15/49		230,000		258,834
UnitedHealth Group, Inc.:
3.75% 7/15/25 to 10/15/47		356,000		383,796
4.75% 7/15/45		198,000		245,507
				3,407,483
Pharmaceuticals – 4.0%
AbbVie, Inc. 2.95% 11/21/26 (a)		715,000		721,715
Allergan Funding SCS 4.55% 3/15/35		141,000		153,579
AstraZeneca PLC 6.45% 9/15/37		300,000		423,466
Bayer US Finance II LLC:
4.25% 12/15/25 (a)		327,000		350,752
4.875% 6/25/48 (a)		325,000		371,258
Bristol-Myers Squibb Co.:
3.20% 6/15/26 (a)		390,000		409,895
3.90% 2/20/28 (a)		500,000		547,546
4.125% 6/15/39 (a)		112,000		129,395
4.25% 10/26/49 (a)		390,000		463,175
Elanco Animal Health, Inc.:
3.912% 8/27/21		161,000		165,094
4.272% 8/28/23		514,000		538,117
4.90% 8/28/28		384,000		415,225
Mylan N.V. 3.95% 6/15/26		500,000		520,022
Mylan, Inc. 4.55% 4/15/28		529,000		567,428
				5,776,667
TOTAL HEALTH CARE				11,718,763

6

Nonconvertible Bonds – continued
	Principal Amount		Value
INDUSTRIALS – 5.3%
Aerospace & Defense – 1.1%
Lockheed Martin Corp.:
3.35% 9/15/21	$	750,000	$	767,899
4.09% 9/15/52		146,000		171,774
Northrop Grumman Corp.:
2.93% 1/15/25		330,000		339,034
4.03% 10/15/47		290,000		325,373
				1,604,080
Air Freight & Logistics – 0.1%
FedEx Corp. 4.05% 2/15/48		160,000		156,701
Airlines – 1.0%
American Airlines Pass Through Trust:
3.70% 4/15/27		632,862		642,618
3.75% 4/15/27		217,334		220,095
3.85% 8/15/29		231,000		234,585
Delta Air Lines, Inc. 3.40% 4/19/21		104,000		105,319
United Airlines Pass Through Trust:
3.50% 11/1/29		199,000		200,492
4.60% 9/1/27		117,610		122,237
				1,525,346
Electrical Equipment – 0.2%
Rockwell Automation, Inc. 3.50% 3/1/29		270,000		293,268
Industrial Conglomerates – 0.6%
Roper Technologies, Inc.:
2.95% 9/15/29		500,000		505,136
3.65% 9/15/23		277,000		291,173
3.80% 12/15/26		61,000		65,142
				861,451
Machinery – 0.8%
Caterpillar, Inc. 3.25% 9/19/49		455,000		464,991
Deere & Co. 2.875% 9/7/49		126,000		121,677
John Deere Capital Corp. 2.35% 1/8/21		600,000		602,874
				1,189,542
Road & Rail – 0.9%
Burlington Northern Santa Fe LLC 4.70% 9/1/45		500,000		614,628
CSX Corp. 4.75% 11/15/48		600,000		737,520
				1,352,148
Trading Companies & Distributors – 0.6%
Air Lease Corp.:
2.25% 1/15/23		29,000		28,890

	Principal Amount		Value
3.25% 3/1/25	$	750,000	$	769,973
				798,863
TOTAL INDUSTRIALS				7,781,399
INFORMATION TECHNOLOGY – 2.9%
IT Services – 0.5%
Fiserv, Inc. 3.50% 7/1/29		252,000		264,728
International Business Machines Corp. 4.25% 5/15/49		390,000		447,412
The Western Union Co. 2.85% 1/10/25		66,000		65,873
				778,013
Semiconductors & Semiconductor Equipment – 1.0%
Applied Materials, Inc. 4.35% 4/1/47		222,000		270,183
Micron Technology, Inc.:
4.185% 2/15/27		250,000		262,923
4.64% 2/6/24		887,000		952,442
				1,485,548
Software – 0.2%
Oracle Corp. 4.30% 7/8/34		225,000		262,630
Technology Hardware, Storage & Peripherals – 1.2%
Apple, Inc.:
3.75% 9/12/47		250,000		279,286
4.65% 2/23/46		150,000		188,884
Dell International LLC / EMC Corp.:
4.00% 7/15/24 (a)		450,000		469,868
4.42% 6/15/21 (a)		446,000		459,238
6.02% 6/15/26 (a)		334,000		381,665
				1,778,941
TOTAL INFORMATION TECHNOLOGY				4,305,132
MATERIALS – 1.4%
Chemicals – 1.0%
Nutrien Ltd. 4.00% 12/15/26		350,000		374,294
The Dow Chemical Co.:
3.625% 5/15/26		390,000		407,373
4.55% 11/30/25		97,000		107,159
The Mosaic Co. 3.25% 11/15/22		400,000		408,838
The Sherwin-Williams Co. 2.75% 6/1/22		194,000		197,073
				1,494,737
Containers & Packaging – 0.2%
Avery Dennison Corp. 4.875% 12/6/28		275,000		313,396

7

Schedule of Investments (Unaudited) – continued

Nonconvertible Bonds – continued
	Principal Amount		Value
MATERIALS – continued
Metals & Mining – 0.2%
BHP Billiton Finance (USA) Ltd. 6.75% 10/19/75 (a)(c)	$	200,000	$	234,310
TOTAL MATERIALS				2,042,443
REAL ESTATE – 4.4%
Equity Real Estate Investment Trusts (REITs) – 2.7%
Alexandria Real Estate Equities, Inc. 4.70% 7/1/30		75,000		86,951
Brixmor Operating Partnership LP 4.125% 5/15/29		85,000		91,722
Camden Property Trust 3.15% 7/1/29		500,000		522,344
Hudson Pacific Properties LP 3.95% 11/1/27		422,000		443,483
Kimco Realty Corp. 3.30% 2/1/25		269,000		278,506
Lexington Realty Trust 4.40% 6/15/24		227,000		236,752
Omega Healthcare Investors, Inc.:
3.625% 10/1/29		500,000		501,298
4.375% 8/1/23		248,000		263,828
4.50% 1/15/25		176,000		186,440
Simon Property Group LP 2.45% 9/13/29		650,000		639,193
SITE Centers Corp. 4.625% 7/15/22		98,000		102,245
Welltower, Inc.:
4.125% 3/15/29		300,000		327,018
4.50% 1/15/24		300,000		324,057
				4,003,837
Real Estate Management & Development – 1.7%
Brandywine Operating Partnership LP 3.95% 2/15/23		500,000		519,297
Corporate Office Properties LP:
3.60% 5/15/23		176,000		179,941
3.70% 6/15/21		373,000		377,094
Mack-Cali Realty LP 4.50% 4/18/22		227,000		230,369
Tanger Properties LP 3.125% 9/1/26		1,020,000		1,004,471
Ventas Realty LP:
2.65% 1/15/25		65,000		65,254
3.00% 1/15/30		87,000		86,406
				2,462,832
TOTAL REAL ESTATE				6,466,669
UTILITIES – 10.0%
Electric Utilities – 3.6%
Cleco Corporate Holdings LLC 3.743% 5/1/26		1,143,000		1,187,396

	Principal Amount		Value
DPL, Inc. 7.25% 10/15/21	$	131,000	$	136,240
Duke Energy Indiana LLC 4.90% 7/15/43		88,000		110,347
Emera US Finance LP 3.55% 6/15/26		707,000		737,299
Exelon Corp.:
3.497% 6/1/22		645,000		661,395
3.95% 6/15/25		30,000		32,230
FirstEnergy Corp. 3.90% 7/15/27		350,000		374,513
Florida Gas Transmission Co. LLC 4.35% 7/15/25 (a)		134,000		144,547
IPALCO Enterprises, Inc. 3.45% 7/15/20		52,000		52,296
Puget Energy, Inc.:
3.65% 5/15/25		714,000		740,739
5.625% 7/15/22		300,000		320,882
Xcel Energy, Inc. 3.50% 12/1/49		671,000		680,657
				5,178,541
Gas Utilities – 0.6%
Dominion Energy Gas Holdings LLC 3.00% 11/15/29		656,000		654,115
Southern Co. Gas Capital Corp. 4.40% 5/30/47		176,000		198,476
				852,591
Independent Power and Renewable Electricity Producers – 0.5%
AIA Group Ltd. 3.60% 4/9/29 (a)		650,000		687,534
Multi-Utilities – 5.3%
Ameren Corp. 2.50% 9/15/24		1,000,000		1,001,810
Dominion Energy, Inc.:
2.715% 8/15/21		155,000		155,997
3.071% 8/15/24		750,000		768,483
4.104% 4/1/21		222,000		227,200
4.25% 6/1/28		525,000		581,114
Duke Energy Corp. 4.20% 6/15/49		375,000		419,228
Edison International 3.55% 11/15/24		725,000		730,353
Nevada Power Co. 3.70% 5/1/29		260,000		283,653
NextEra Energy Capital Holdings, Inc.:
2.75% 11/1/29		650,000		647,748
3.25% 4/1/26		750,000		783,208
NiSource, Inc.:
2.65% 11/17/22		127,000		128,425
3.49% 5/15/27		176,000		184,517
4.80% 2/15/44		200,000		235,210

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Nonconvertible Bonds – continued
	Principal Amount		Value
UTILITIES – continued
Multi-Utilities – continued
Public Service Enterprise Group, Inc. 2.65% 11/15/22	$	99,000	$	100,418
Sempra Energy:
3.75% 11/15/25		1,000,000		1,060,384
3.80% 2/1/38		280,000		288,521
The Cleveland Electric Illuminating Co. 3.50% 4/1/28 (a)		196,000		204,927
				7,801,196
TOTAL UTILITIES				14,519,862
TOTAL NONCONVERTIBLE BONDS (Cost $128,931,317)				133,972,920
U.S. Treasury Obligations – 5.6%
U.S. Treasury Bonds 2.50% 2/15/46		6,559,000		6,936,399
U.S. Treasury Notes 1.50% 8/15/26		1,257,000		1,239,225
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,703,803)				8,175,624
Municipal Securities – 0.3%
State of California 7.550% 4/1/39 (Cost $422,189)		280,000		454,359
Foreign Government and Government Agency Obligations – 0.2%
Qatar Government International Bond 3.375% 3/14/24 (a) (Cost $259,752)		260,000		271,781

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 $127,387)	$	127,388	$	132,113
Money Market Fund – 2.0%
	Shares
Fidelity Cash Central Fund, 1.61% (e) (Cost $2,853,060)		2,852,572		2,853,143
TOTAL INVESTMENT IN SECURITIES – 100.1% (Cost $140,297,508)				145,859,940
NET OTHER ASSETS (LIABILITIES) – (0.1%)				(128,696	)
NET ASSETS – 100.0%			$	145,731,244

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 $21,143,188 or 14.5% of net assets.

(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) 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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$	23,902

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund’s investments to the Fair Value Committee (the Committee) established by the Fund’s investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee’s activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund’s investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments

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Schedule of Investments (Unaudited) – continued

into a disclosure hierarchy consisting of three levels: Level 1 – quoted prices in active markets for identical investments: Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 – unobservable inputs (including the Fund’s own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund’s investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, municipal securities and U.S government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type of by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

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The fund’s schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund’s shareholders. For more information regarding the fund and its holdings, please see the fund’s most recent prospectus and semiannual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

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