NPORT-EX 2 Corporate_Bond.htm FOR VALIDATION PURPOSES ONLY - [864905.TX1]

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  
 

 

  8  
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

 

  9  

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.

 

  10  

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.

 

  11