<PAGE> PAGE 1
000 B000000 12/31/99
000 C000000 0000945908
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FIDELITY COVINGTON TRUST
001 B000000 811-7319
001 C000000 6175631413
002 A000000 82 DEVONSHIRE ST
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 FIDELITY REAL ESTATE HIGH INCOME FUND II
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FIDELITY MANAGEMENT & RESEARCH COMPANY
008 B00AA01 A
008 C00AA01 801-7884
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
011 A00AA01 FIDELITY DISTRIBUTORS CORPORATION
011 B00AA01 8-8775
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 FIDELITY INV. INSTITUTIONAL OPERATIONS CO.INC
012 B00AA01 84-00216
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
<PAGE> PAGE 2
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 FIDELITY BROKERAGE SERVICES INC.
014 B00AA01 8-23292
014 A00AA02 FIDELITY DISTRIBUTORS CORP.
014 B00AA02 8-8775
014 A00AA03 FIDELITY BROKERAGE SERVICES
014 B00AA03 8-0000
014 A00AA04 NATIONAL FINANCIAL SERVICES CORP.
014 B00AA04 8-26740
014 A00AA05 FIDELITY INVESTMENTS CANADA LTD.
014 B00AA05 8-0000
014 A00AA06 FIDELITY SECURITIES LIMITED
014 B00AA06 8-0000
014 A00AA07 FMR U.K. HOLDINGS LIMITED
014 B00AA07 8-0000
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 236
019 C00AA00 FIDELITYZZ
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 13-2518466
020 C000001 73
020 A000002 PAINE WEBBER, INC.
020 B000002 13-2638166
020 C000002 50
020 A000003 GOLDMAN, SACHS & CO.CURITIES
020 B000003 13-5108880
020 C000003 49
020 A000004 LEGG, MASON, WOOD AND WALKER, INC.
020 B000004 52-0902557
020 C000004 45
020 A000005 PRUDENTIAL-BACHE SECURITIES
020 B000005 22-2347336
020 C000005 33
020 A000006 BANCBOSTON ROBERT STEPHENS
020 B000006 04-2472499
020 C000006 32
020 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000007 13-2741729
020 C000007 29
020 A000008 BEAR STEARNS AND CO.
020 B000008 13-3299429
020 C000008 28
<PAGE> PAGE 3
020 A000009 NATIONAL FINANCIAL SERVICES CORP.
020 B000009 04-2653569
020 C000009 26
020 A000010 JEFFERIES AND CO., INC.
020 B000010 95-2622900
020 C000010 25
021 000000 698
022 A000001 REAL ESTATE INVESTMENT PORTFOLIO
022 B000001 04-2935667
022 C000001 14898
022 D000001 372
022 A000002 MAGELLAN FUND
022 B000002 04-6049970
022 C000002 2536
022 D000002 0
022 A000003 SALOMON, SMITH BARNEY, INC.
022 B000003 13-1912900
022 C000003 0
022 D000003 2209
022 A000004 DLJ FIXED INCOME
022 B000004 13-2741729
022 C000004 0
022 D000004 2129
022 A000005 FRIEDMAN BILLINGS
022 B000005 52-1630477
022 C000005 1125
022 D000005 889
022 A000006 LEHMAN BROTHERS, INC. (GOV'T SEC)
022 B000006 13-2518466
022 C000006 0
022 D000006 1333
022 A000007 FIDELITY SMALL CAP STOCK FUND
022 B000007 04-3189896
022 C000007 1056
022 D000007 0
022 A000008 FIDELITY DIVIDEND GROWTH FUND
022 B000008 04-3188220
022 C000008 981
022 D000008 0
022 A000009 CONTRAFUND INC.
022 B000009 04-6056833
022 C000009 935
022 D000009 0
022 A000010 FIRST UNION DIV WHEAT FIRST/MM
022 B000010 00-0000000
022 C000010 831
022 D000010 0
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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080 A00AA00 AMERICAN INTERNATIONAL SPECIALTY INSURANCE CO
080 B00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 220000
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<PAGE> PAGE 10
024 000100 Y
025 A000101 MORGAN (J.P.) SECURITIES, INC.
025 B000101 13-3224016
025 C000101 D
025 D000101 1430
025 A000102 DONALDSON, LUFKIN & JENNETTE SECURITIES CORP.
025 B000102 13-2741729
025 C000102 D
025 D000102 881
025 A000103 NOMURA SECURITIES INTL. INC.
025 B000103 13-2642206
025 C000103 D
025 D000103 917
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
SIGNATURE JOHN H. COSTELLO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000945908
<NAME> Fidelity Covington Trust
<SERIES>
<NUMBER> 11
<NAME> Fidelity Real Estate High Income Fund II
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
year
<FISCAL-YEAR-END>
dec-31-1999
<PERIOD-END>
dec-31-1999
<INVESTMENTS-AT-COST>
342,359
<INVESTMENTS-AT-VALUE>
319,507
<RECEIVABLES>
2,616
<ASSETS-OTHER>
0
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
322,123
<PAYABLE-FOR-SECURITIES>
183
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
299
<TOTAL-LIABILITIES>
482
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
363,408
<SHARES-COMMON-STOCK>
34,116
<SHARES-COMMON-PRIOR>
19,016
<ACCUMULATED-NII-CURRENT>
1,459
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(20,374)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(22,852)
<NET-ASSETS>
321,641
<DIVIDEND-INCOME>
15,652
<INTEREST-INCOME>
7,569
<OTHER-INCOME>
0
<EXPENSES-NET>
2,205
<NET-INVESTMENT-INCOME>
21,016
<REALIZED-GAINS-CURRENT>
(10,727)
<APPREC-INCREASE-CURRENT>
(14,244)
<NET-CHANGE-FROM-OPS>
(3,955)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
20,071
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
15,428
<NUMBER-OF-SHARES-REDEEMED>
2,435
<SHARES-REINVESTED>
2,107
<NET-CHANGE-IN-ASSETS>
129,170
<ACCUMULATED-NII-PRIOR>
112
<ACCUMULATED-GAINS-PRIOR>
(9,245)
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
2,022
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
2,353
<AVERAGE-NET-ASSETS>
277,596
<PER-SHARE-NAV-BEGIN>
10.120
<PER-SHARE-NII>
.761
<PER-SHARE-GAIN-APPREC>
(.806)
<PER-SHARE-DIVIDEND>
.645
<PER-SHARE-DISTRIBUTIONS>
0
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0
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9.430
<EXPENSE-RATIO>
85
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Fidelity Covington Trust:
In planning and performing our audit of the financial
statements and financial highlights (hereafter referred to as
"financial statements") of Fidelity Covington Trust: Fidelity
Real Estate High Income II Fund for the year ended December 31,
1999 we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including controls
over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of
management and the Trustees of the Trust and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2000
