UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02105
Fidelity Salem Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | May 31, 2023 |
Item 1.
Reports to Stockholders
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Contents
Top Holdings (% of Fund's net assets) | ||
(excluding cash equivalents) | ||
Procter & Gamble Co. | 2.3 | |
Prologis (REIT), Inc. | 2.0 | |
The Coca-Cola Co. | 1.9 | |
Merck & Co., Inc. | 1.9 | |
Cisco Systems, Inc. | 1.7 | |
AbbVie, Inc. | 1.7 | |
PepsiCo, Inc. | 1.7 | |
Equinix, Inc. | 1.6 | |
McDonald's Corp. | 1.5 | |
NextEra Energy, Inc. | 1.3 | |
17.6 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 21.8 | |
Real Estate | 15.1 | |
Health Care | 12.3 | |
Consumer Staples | 10.8 | |
Information Technology | 9.5 | |
Industrials | 7.3 | |
Utilities | 6.5 | |
Communication Services | 4.9 | |
Consumer Discretionary | 4.0 | |
Energy | 3.1 | |
Materials | 1.5 | |
Quality Diversification (% of Fund's net assets) |
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Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
![]() |
Corporate Bonds - 11.4% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 10.5% | |||
COMMUNICATION SERVICES - 1.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Radius Global Infrastructure, Inc. 2.5% 9/15/26 (b) | 91,000 | 88,953 | |
Entertainment - 0.2% | |||
Liberty Media Corp. 0.5% 12/1/50 (b) | 461,000 | 478,637 | |
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27 (b) | 3,517,000 | 3,666,473 | |
Live Nation Entertainment, Inc. 3.125% 1/15/29 (b) | 4,625,000 | 4,826,188 | |
Spotify U.S.A., Inc. 0% 3/15/26 | 1,000,000 | 852,000 | |
Zynga, Inc. 0% 12/15/26 | 1,969,000 | 1,575,200 | |
11,398,498 | |||
Interactive Media & Services - 0.5% | |||
IAC FinanceCo 2, Inc. 0.875% 6/15/26 (b) | 1,332,000 | 1,153,912 | |
IAC FinanceCo 3, Inc. 2% 1/15/30 (b) | 1,345,000 | 1,112,181 | |
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b) | 5,891,000 | 4,430,032 | |
Snap, Inc.: | |||
0% 5/1/27 | 4,040,000 | 2,920,920 | |
0.125% 3/1/28 | 13,583,000 | 9,521,683 | |
0.25% 5/1/25 | 1,118,000 | 1,048,684 | |
0.75% 8/1/26 | 1,690,000 | 1,503,255 | |
TripAdvisor, Inc. 0.25% 4/1/26 | 2,312,000 | 1,917,804 | |
23,608,471 | |||
Media - 0.3% | |||
Cable One, Inc. 0% 3/15/26 | 102,000 | 82,569 | |
DISH Network Corp.: | |||
0% 12/15/25 | 3,891,000 | 1,780,133 | |
2.375% 3/15/24 | 2,141,000 | 1,846,613 | |
3.375% 8/15/26 | 9,032,000 | 4,053,562 | |
Gannett Co., Inc. 4.75% 4/15/24 | 1,250,000 | 949,998 | |
Liberty Broadband Corp. 3.125% 3/31/53 (b) | 3,830,000 | 3,627,010 | |
Liberty Interactive LLC 1.75% 9/30/46 (b) | 673,000 | 639,754 | |
Liberty Media Corp. 3.75% 3/15/28 (b) | 2,300,000 | 2,316,100 | |
Magnite, Inc. 0.25% 3/15/26 | 2,907,000 | 2,420,078 | |
TechTarget, Inc. 0% 12/15/26 | 120,000 | 94,615 | |
17,810,432 | |||
TOTAL COMMUNICATION SERVICES | 52,906,354 | ||
CONSUMER DISCRETIONARY - 1.5% | |||
Automobile Components - 0.0% | |||
LCI Industries 1.125% 5/15/26 | 50,000 | 45,225 | |
Patrick Industries, Inc. 1.75% 12/1/28 | 2,900,000 | 2,566,500 | |
2,611,725 | |||
Automobiles - 0.2% | |||
Ford Motor Co. 0% 3/15/26 | 3,459,000 | 3,372,525 | |
Rivian Automotive, Inc. 4.625% 3/15/29 (b) | 5,870,000 | 5,908,155 | |
Winnebago Industries, Inc. 1.5% 4/1/25 | 1,544,000 | 1,668,292 | |
10,948,972 | |||
Broadline Retail - 0.1% | |||
Etsy, Inc.: | |||
0.125% 10/1/26 | 2,165,000 | 2,510,318 | |
0.125% 9/1/27 | 1,999,000 | 1,627,932 | |
0.25% 6/15/28 | 90,000 | 68,085 | |
4,206,335 | |||
Diversified Consumer Services - 0.0% | |||
2U, Inc. 2.25% 5/1/25 | 127,000 | 83,861 | |
Hotels, Restaurants & Leisure - 0.9% | |||
Airbnb, Inc. 0% 3/15/26 | 2,689,000 | 2,328,674 | |
Booking Holdings, Inc. 0.75% 5/1/25 | 3,641,000 | 5,161,148 | |
Carnival Corp. 5.75% 12/1/27 (b) | 3,150,000 | 3,685,500 | |
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26 | 2,891,000 | 2,498,908 | |
DraftKings, Inc. 0% 3/15/28 | 23,230,000 | 17,155,355 | |
Expedia, Inc. 0% 2/15/26 | 90,000 | 78,870 | |
Marriott Vacations Worldwide Corp.: | |||
0% 1/15/26 | 100,000 | 93,400 | |
3.25% 12/15/27(b) | 3,000,000 | 2,847,000 | |
NCL Corp. Ltd.: | |||
1.125% 2/15/27 | 1,384,000 | 1,076,890 | |
2.5% 2/15/27 | 1,153,000 | 929,318 | |
5.375% 8/1/25 | 66,000 | 73,260 | |
Penn Entertainment, Inc. 2.75% 5/15/26 | 1,590,000 | 2,020,095 | |
Royal Caribbean Cruises Ltd. 6% 8/15/25 (b) | 3,535,000 | 6,315,278 | |
44,263,696 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. 0% 2/15/26 | 4,891,000 | 3,583,070 | |
Topgolf Callaway Brands Corp. 2.75% 5/1/26 | 1,522,000 | 1,799,765 | |
5,382,835 | |||
Specialty Retail - 0.2% | |||
Burlington Stores, Inc. 2.25% 4/15/25 | 75,000 | 75,094 | |
National Vision Holdings, Inc. 2.5% 5/15/25 | 1,398,000 | 1,483,278 | |
The RealReal, Inc. 1% 3/1/28 | 853,000 | 349,730 | |
Wayfair LLC: | |||
0.625% 10/1/25 | 9,136,000 | 7,491,520 | |
1.125% 11/1/24 | 329,000 | 304,325 | |
9,703,947 | |||
TOTAL CONSUMER DISCRETIONARY | 77,201,371 | ||
CONSUMER STAPLES - 0.2% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
Chefs' Warehouse Holdings 2.375% 12/15/28 (b) | 1,700,000 | 1,680,444 | |
Food Products - 0.1% | |||
Freshpet, Inc. 3% 4/1/28 (b) | 750,000 | 824,250 | |
Post Holdings, Inc. 2.5% 8/15/27 (b) | 1,250,000 | 1,265,875 | |
2,090,125 | |||
Tobacco - 0.1% | |||
Turning Point Brands, Inc. 2.5% 7/15/24 | 6,672,000 | 6,343,369 | |
TOTAL CONSUMER STAPLES | 10,113,938 | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
CNX Resources Corp. 2.25% 5/1/26 | 1,322,000 | 1,763,548 | |
EQT Corp. 1.75% 5/1/26 | 2,638,000 | 6,299,808 | |
Northern Oil & Gas, Inc. 3.625% 4/15/29 (b) | 7,158,000 | 7,434,565 | |
Peabody Energy Corp. 3.25% 3/1/28 | 864,000 | 1,043,280 | |
Pioneer Natural Resources Co. 0.25% 5/15/25 | 2,853,000 | 5,952,785 | |
22,493,986 | |||
FINANCIALS - 0.3% | |||
Capital Markets - 0.0% | |||
Coinbase Global, Inc. 0.5% 6/1/26 | 113,000 | 78,603 | |
Consumer Finance - 0.2% | |||
EZCORP, Inc. 3.75% 12/15/29 (b) | 480,000 | 471,164 | |
LendingTree, Inc. 0.5% 7/15/25 | 4,416,000 | 3,113,280 | |
SoFi Technologies, Inc. 0% 10/15/26 (b) | 4,380,000 | 3,271,860 | |
6,856,304 | |||
Financial Services - 0.1% | |||
Affirm Holdings, Inc. 0% 11/15/26 | 2,090,000 | 1,405,525 | |
Block, Inc.: | |||
0% 5/1/26 | 86,000 | 71,079 | |
0.125% 3/1/25 | 69,000 | 63,653 | |
0.25% 11/1/27 | 132,000 | 100,650 | |
Repay Holdings Corp. 0% 2/1/26 (b) | 977,000 | 780,268 | |
Shift4 Payments, Inc.: | |||
0% 12/15/25 | 1,458,000 | 1,525,797 | |
0.5% 8/1/27 | 2,318,000 | 1,999,275 | |
5,946,247 | |||
TOTAL FINANCIALS | 12,881,154 | ||
HEALTH CARE - 1.5% | |||
Biotechnology - 0.4% | |||
Alnylam Pharmaceuticals, Inc. 1% 9/15/27 (b) | 3,375,000 | 3,206,250 | |
BridgeBio Pharma, Inc. 2.25% 2/1/29 | 4,950,000 | 2,991,780 | |
Cerevel Therapeutics Holdings 2.5% 8/15/27 (b) | 650,000 | 636,350 | |
Coherus BioSciences, Inc. 1.5% 4/15/26 | 80,000 | 48,621 | |
Dynavax Technologies Corp. 2.5% 5/15/26 | 100,000 | 129,300 | |
Exact Sciences Corp.: | |||
0.375% 3/15/27 | 101,000 | 101,253 | |
0.375% 3/1/28 | 102,000 | 97,981 | |
1% 1/15/25 | 68,000 | 85,721 | |
2% 3/1/30(b) | 3,436,000 | 4,310,462 | |
Halozyme Therapeutics, Inc. 1% 8/15/28 (b) | 1,220,000 | 1,068,263 | |
Insmed, Inc.: | |||
0.75% 6/1/28 | 1,200,000 | 963,000 | |
1.75% 1/15/25 | 750,000 | 689,625 | |
Mirum Pharmaceuticals, Inc. 4% 5/1/29 (b) | 960,000 | 1,086,240 | |
Natera, Inc. 2.25% 5/1/27 | 578,000 | 814,980 | |
Sarepta Therapeutics, Inc.: | |||
1.25% 9/15/27(b) | 3,375,000 | 3,864,375 | |
1.5% 11/15/24 | 320,000 | 578,208 | |
20,672,409 | |||
Health Care Equipment & Supplies - 0.7% | |||
CONMED Corp. 2.25% 6/15/27 (b) | 1,080,000 | 1,142,640 | |
DexCom, Inc.: | |||
0.25% 11/15/25 | 3,728,000 | 3,879,357 | |
0.375% 5/15/28(b) | 3,690,000 | 3,662,325 | |
0.75% 12/1/23 | 2,055,000 | 5,857,778 | |
Envista Holdings Corp. 2.375% 6/1/25 | 1,879,000 | 2,995,878 | |
Glaukos Corp. 2.75% 6/15/27 | 830,000 | 1,108,569 | |
Haemonetics Corp. 0% 3/1/26 | 100,000 | 85,310 | |
Insulet Corp. 0.375% 9/1/26 | 2,302,000 | 3,057,056 | |
Integer Holdings Corp. 2.125% 2/15/28 (b) | 4,146,000 | 4,697,418 | |
Integra LifeSciences Holdings Corp. 0.5% 8/15/25 | 1,458,000 | 1,310,013 | |
Lantheus Holdings, Inc. 2.625% 12/15/27 (b) | 1,200,000 | 1,596,000 | |
LivaNova U.S.A., Inc. 3% 12/15/25 | 1,360,000 | 1,377,000 | |
Mesa Laboratories, Inc. 1.375% 8/15/25 | 566,000 | 496,325 | |
Nevro Corp. 2.75% 4/1/25 | 343,000 | 314,874 | |
NuVasive, Inc. 0.375% 3/15/25 | 1,750,000 | 1,565,375 | |
Omnicell, Inc. 0.25% 9/15/25 | 959,000 | 961,398 | |
TransMedics Group, Inc. 1.5% 6/1/28 (b) | 2,210,000 | 2,310,776 | |
Varex Imaging Corp. 4% 6/1/25 | 100,000 | 121,750 | |
36,539,842 | |||
Health Care Providers & Services - 0.1% | |||
Accolade, Inc. 0.5% 4/1/26 | 6,166,000 | 4,963,630 | |
Guardant Health, Inc. 0% 11/15/27 | 1,804,000 | 1,256,125 | |
NeoGenomics, Inc. 1.25% 5/1/25 | 420,000 | 394,013 | |
6,613,768 | |||
Health Care Technology - 0.1% | |||
Health Catalyst, Inc. 2.5% 4/15/25 | 724,000 | 680,126 | |
Nextgen Healthcare, Inc. 3.75% 11/15/27 (b) | 1,990,000 | 1,905,539 | |
Teladoc Health, Inc. 1.25% 6/1/27 | 2,204,000 | 1,749,834 | |
Veradigm, Inc. 0.875% 1/1/27 | 1,444,000 | 1,536,055 | |
5,871,554 | |||
Life Sciences Tools & Services - 0.1% | |||
Nanostring Technologies, Inc. 2.625% 3/1/25 | 894,000 | 709,633 | |
Repligen Corp. 0.375% 7/15/24 | 960,000 | 1,453,824 | |
2,163,457 | |||
Pharmaceuticals - 0.1% | |||
Innoviva, Inc. 2.125% 3/15/28 | 80,000 | 65,606 | |
Jazz Investments I Ltd. 2% 6/15/26 | 3,156,000 | 3,254,625 | |
3,320,231 | |||
TOTAL HEALTH CARE | 75,181,261 | ||
INDUSTRIALS - 0.7% | |||
Aerospace & Defense - 0.1% | |||
Parsons Corp. 0.25% 8/15/25 | 2,343,000 | 2,571,443 | |
Air Freight & Logistics - 0.0% | |||
Air Transport Services Group, Inc. 1.125% 10/15/24 | 776,500 | 724,630 | |
Construction & Engineering - 0.1% | |||
Granite Construction, Inc. 3.75% 5/15/28 (b) | 1,900,000 | 1,953,844 | |
Electrical Equipment - 0.2% | |||
Array Technologies, Inc. 1% 12/1/28 | 1,692,000 | 1,901,808 | |
Bloom Energy Corp. 3% 6/1/28 (b) | 1,110,000 | 1,132,866 | |
Stem, Inc. 4.25% 4/1/30 (b) | 2,660,000 | 2,569,560 | |
Sunrun, Inc. 0% 2/1/26 | 995,000 | 674,113 | |
TPI Composites, Inc. 5.25% 3/15/28 (b) | 2,914,000 | 2,858,634 | |
9,136,981 | |||
Ground Transportation - 0.0% | |||
Lyft, Inc. 1.5% 5/15/25 | 2,051,000 | 1,839,747 | |
Uber Technologies, Inc. 0% 12/15/25 | 74,000 | 66,374 | |
1,906,121 | |||
Machinery - 0.1% | |||
John Bean Technologies Corp. 0.25% 5/15/26 | 1,444,000 | 1,319,816 | |
Middleby Corp. 1% 9/1/25 | 3,740,000 | 4,335,809 | |
5,655,625 | |||
Passenger Airlines - 0.1% | |||
American Airlines Group, Inc. 6.5% 7/1/25 | 2,986,000 | 3,450,469 | |
JetBlue Airways Corp. 0.5% 4/1/26 | 2,204,000 | 1,714,823 | |
Southwest Airlines Co. 1.25% 5/1/25 | 1,486,000 | 1,574,417 | |
6,739,709 | |||
Professional Services - 0.1% | |||
Ceridian HCM Holding, Inc. 0.25% 3/15/26 | 1,601,000 | 1,405,838 | |
KBR, Inc. 2.5% 11/1/23 | 1,210,000 | 2,810,830 | |
4,216,668 | |||
Trading Companies & Distributors - 0.0% | |||
Xometry, Inc. 1% 2/1/27 | 590,000 | 423,620 | |
TOTAL INDUSTRIALS | 33,328,641 | ||
INFORMATION TECHNOLOGY - 3.9% | |||
Communications Equipment - 0.1% | |||
Lumentum Holdings, Inc.: | |||
0.25% 3/15/24 | 1,309,000 | 1,348,925 | |
0.5% 12/15/26 | 1,359,000 | 1,189,125 | |
0.5% 6/15/28 | 90,000 | 69,129 | |
2,607,179 | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Insight Enterprises, Inc. 0.75% 2/15/25 | 1,116,000 | 2,211,912 | |
Par Technology Corp. 1.5% 10/15/27 | 98,000 | 78,057 | |
2,289,969 | |||
IT Services - 0.9% | |||
Akamai Technologies, Inc.: | |||
0.125% 5/1/25 | 3,622,000 | 3,939,420 | |
0.375% 9/1/27 | 3,217,000 | 3,177,132 | |
BigCommerce Holdings, Inc. 0.25% 10/1/26 | 4,640,000 | 3,568,160 | |
Cloudflare, Inc. 0% 8/15/26 | 3,064,000 | 2,633,508 | |
Digitalocean Holdings, Inc. 0% 12/1/26 | 6,517,000 | 5,079,350 | |
Fastly, Inc. 0% 3/15/26 | 5,582,000 | 4,593,986 | |
MongoDB, Inc. 0.25% 1/15/26 | 3,669,000 | 5,518,176 | |
Okta, Inc.: | |||
0.125% 9/1/25 | 3,884,000 | 3,569,396 | |
0.375% 6/15/26 | 4,821,000 | 4,191,860 | |
Perficient, Inc. 0.125% 11/15/26 | 1,910,000 | 1,551,875 | |
Shopify, Inc. 0.125% 11/1/25 | 3,600,000 | 3,236,400 | |
Wix.com Ltd. 0% 8/15/25 | 2,957,000 | 2,556,327 | |
43,615,590 | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
Enphase Energy, Inc.: | |||
0% 3/1/26 | 80,000 | 76,694 | |
0% 3/1/28 | 60,000 | 57,673 | |
onsemi: | |||
0% 5/1/27 | 4,073,000 | 6,728,596 | |
0.5% 3/1/29(b) | 6,220,000 | 6,539,086 | |
Semtech Corp. 1.625% 11/1/27 (b) | 1,583,000 | 1,366,921 | |
SolarEdge Technologies, Inc. 0% 9/15/25 | 1,315,000 | 1,636,518 | |
Veeco Instruments, Inc. 2.875% 6/1/29 (b) | 370,000 | 398,490 | |
Wolfspeed, Inc.: | |||
0.25% 2/15/28 | 810,000 | 582,390 | |
1.75% 5/1/26 | 385,000 | 473,550 | |
1.875% 12/1/29(b) | 5,352,000 | 3,906,960 | |
21,766,878 | |||
Software - 2.5% | |||
Altair Engineering, Inc.: | |||
0.25% 6/1/24 | 1,265,000 | 1,996,803 | |
1.75% 6/15/27(b) | 2,650,000 | 3,128,325 | |
Avalara, Inc. 0.25% 8/1/26 | 1,550,000 | 1,546,125 | |
Bentley Systems, Inc.: | |||
0.125% 1/15/26 | 1,500,000 | 1,486,010 | |
0.375% 7/1/27 | 3,350,000 | 2,934,765 | |
Bill Holdings, Inc.: | |||
0% 12/1/25 | 120,000 | 120,000 | |
0% 4/1/27 | 3,021,000 | 2,441,346 | |
BlackLine, Inc.: | |||
0% 3/15/26 | 4,350,000 | 3,673,031 | |
0.125% 8/1/24 | 3,152,000 | 3,124,230 | |
Box, Inc. 0% 1/15/26 | 1,657,000 | 2,009,113 | |
Cerence, Inc. 3% 6/1/25 | 559,000 | 586,703 | |
Confluent, Inc. 0% 1/15/27 | 6,658,000 | 5,376,335 | |
CyberArk Software Ltd. 0% 11/15/24 | 1,858,000 | 2,121,602 | |
Datadog, Inc. 0.125% 6/15/25 | 1,316,000 | 1,600,914 | |
Dropbox, Inc.: | |||
0% 3/1/26 | 797,000 | 721,285 | |
0% 3/1/28 | 811,000 | 727,873 | |
Everbridge, Inc.: | |||
0% 3/15/26 | 2,842,000 | 2,351,755 | |
0.125% 12/15/24 | 1,856,000 | 1,665,760 | |
Guidewire Software, Inc. 1.25% 3/15/25 | 1,087,000 | 1,069,065 | |
HubSpot, Inc. 0.375% 6/1/25 | 3,440,000 | 6,393,240 | |
InterDigital, Inc. 3.5% 6/1/27 (b) | 1,400,000 | 1,711,500 | |
LivePerson, Inc. 0% 12/15/26 | 4,078,000 | 2,608,856 | |
MicroStrategy, Inc.: | |||
0% 2/15/27 | 12,290,000 | 7,222,099 | |
0.75% 12/15/25 | 2,925,000 | 2,869,269 | |
Model N, Inc. 1.875% 3/15/28 (b) | 1,140,000 | 1,135,943 | |
Pagerduty, Inc. 1.25% 7/1/25 | 645,000 | 655,514 | |
Palo Alto Networks, Inc. 0.375% 6/1/25 | 9,284,000 | 19,974,526 | |
Pegasystems, Inc. 0.75% 3/1/25 | 653,000 | 594,685 | |
Porch Group, Inc. 0.75% 9/15/26 (b) | 2,874,000 | 1,107,408 | |
Progress Software Corp. 1% 4/15/26 | 2,055,000 | 2,306,738 | |
Q2 Holdings, Inc. 0.75% 6/1/26 | 1,070,000 | 908,216 | |
Rapid7, Inc.: | |||
0.25% 3/15/27 | 4,475,000 | 4,027,500 | |
2.25% 5/1/25 | 1,439,000 | 1,497,999 | |
RingCentral, Inc.: | |||
0% 3/1/25 | 2,529,000 | 2,312,518 | |
0% 3/15/26 | 1,771,000 | 1,472,587 | |
Splunk, Inc.: | |||
1.125% 9/15/25 | 2,760,000 | 2,704,800 | |
1.125% 6/15/27 | 2,002,000 | 1,717,716 | |
Tyler Technologies, Inc. 0.25% 3/15/26 | 6,074,000 | 6,171,184 | |
Unity Software, Inc. 0% 11/15/26 | 11,936,000 | 9,393,632 | |
Varonis Systems, Inc. 1.25% 8/15/25 | 1,169,000 | 1,287,069 | |
Verint Systems, Inc. 0.25% 4/15/26 | 743,000 | 659,877 | |
Veritone, Inc. 1.75% 11/15/26 | 139,000 | 91,740 | |
Workiva, Inc. 1.125% 8/15/26 | 4,195,000 | 5,726,175 | |
Zscaler, Inc. 0.125% 7/1/25 | 3,524,000 | 3,955,690 | |
127,187,521 | |||
TOTAL INFORMATION TECHNOLOGY | 197,467,137 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.0% | |||
Livent Corp. 4.125% 7/15/25 | 522,000 | 1,412,271 | |
Metals & Mining - 0.1% | |||
MP Materials Corp. 0.25% 4/1/26 (b) | 3,320,000 | 2,857,192 | |
United States Steel Corp. 5% 11/1/26 | 628,000 | 1,059,750 | |
3,916,942 | |||
TOTAL MATERIALS | 5,329,213 | ||
REAL ESTATE - 0.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Pebblebrook Hotel Trust 1.75% 12/15/26 | 120,000 | 101,328 | |
Summit Hotel Properties, Inc. 1.5% 2/15/26 | 77,000 | 65,981 | |
Uniti Fiber Holdings, Inc. 4% 6/15/24 (b) | 1,159,000 | 1,104,528 | |
Uniti Group, Inc. 7.5% 12/1/27 (b) | 1,020,000 | 759,390 | |
Welltower OP LLC 2.75% 5/15/28 (b) | 2,950,000 | 2,908,700 | |
4,939,927 | |||
Real Estate Management & Development - 0.2% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 84,000 | 59,798 | |
Redfin Corp.: | |||
0% 10/15/25 | 192,000 | 154,080 | |
0.5% 4/1/27 | 5,764,000 | 3,944,882 | |
Zillow Group, Inc.: | |||
1.375% 9/1/26 | 3,708,000 | 4,444,038 | |
2.75% 5/15/25 | 67,000 | 68,876 | |
8,671,674 | |||
TOTAL REAL ESTATE | 13,611,601 | ||
UTILITIES - 0.6% | |||
Electric Utilities - 0.5% | |||
Alliant Energy Corp. 3.875% 3/15/26 (b) | 1,160,000 | 1,164,666 | |
Duke Energy Corp. 4.125% 4/15/26 (b) | 6,170,000 | 6,108,300 | |
FirstEnergy Corp. 4% 5/1/26 (b) | 3,320,000 | 3,308,380 | |
NRG Energy, Inc. 2.75% 6/1/48 | 1,829,000 | 1,871,067 | |
PPL Capital Funding, Inc. 2.875% 3/15/28 (b) | 4,810,000 | 4,627,220 | |
Southern Co. 3.875% 12/15/25 (b) | 6,145,000 | 6,191,088 | |
23,270,721 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
NextEra Energy Partners LP: | |||
0% 6/15/24(b) | 80,000 | 74,920 | |
2.5% 6/15/26(b) | 70,000 | 62,930 | |
Ormat Technologies, Inc. 2.5% 7/15/27 (b) | 690,000 | 774,525 | |
Sunnova Energy International, Inc.: | |||
0.25% 12/1/26 | 80,000 | 61,200 | |
2.625% 2/15/28(b) | 1,380,000 | 1,096,272 | |
2,069,847 | |||
Multi-Utilities - 0.1% | |||
CMS Energy Corp. 3.375% 5/1/28 (b) | 2,580,000 | 2,561,940 | |
TOTAL UTILITIES | 27,902,508 | ||
TOTAL CONVERTIBLE BONDS | 528,417,164 | ||
Nonconvertible Bonds - 0.9% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
Gannett Holdings LLC 6% 11/1/26 (b) | 4,965,000 | 4,133,363 | |
CONSUMER STAPLES - 0.1% | |||
Tobacco - 0.1% | |||
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 3,415,000 | 3,124,569 | |
ENERGY - 0.0% | |||
Oil, Gas & Consumable Fuels - 0.0% | |||
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (b) | 930,000 | 957,927 | |
SFL Corp. Ltd. 7.25% 5/12/26 (b) | 1,300,000 | 1,236,690 | |
2,194,617 | |||
FINANCIALS - 0.5% | |||
Banks - 0.1% | |||
JPMorgan Chase & Co. 3 month U.S. LIBOR + 1.000% 6.3207% 5/15/77 (c)(d) | 4,500,000 | 3,690,000 | |
Capital Markets - 0.0% | |||
Deutsche Bank AG New York Branch 6.72% 1/18/29 (c) | 750,000 | 752,997 | |
Financial Services - 0.2% | |||
ILFC E-Capital Trust I 3 month U.S. LIBOR + 1.550% 6.5484% 12/21/65 (b)(c)(d) | 14,050,000 | 9,185,188 | |
Insurance - 0.2% | |||
MetLife, Inc. 6.4% 12/15/66 (c) | 8,000,000 | 7,883,827 | |
Prudential Financial, Inc.: | |||
3.7% 10/1/50(c) | 2,500,000 | 2,112,176 | |
5.125% 3/1/52(c) | 2,350,000 | 2,107,081 | |
12,103,084 | |||
TOTAL FINANCIALS | 25,731,269 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 3,395,000 | 2,538,066 | |
UTILITIES - 0.2% | |||
Electric Utilities - 0.1% | |||
PPL Capital Funding, Inc. 3 month U.S. LIBOR + 2.660% 7.8279% 3/30/67 (c)(d) | 970,000 | 829,027 | |
Southern Co. 4% 1/15/51 (c) | 5,900,000 | 5,497,207 | |
6,326,234 | |||
Multi-Utilities - 0.1% | |||
CMS Energy Corp.: | |||
3.75% 12/1/50(c) | 450,000 | 340,929 | |
4.75% 6/1/50(c) | 3,250,000 | 2,852,720 | |
Sempra Energy 4.125% 4/1/52 (c) | 1,750,000 | 1,418,637 | |
4,612,286 | |||
TOTAL UTILITIES | 10,938,520 | ||
TOTAL NONCONVERTIBLE BONDS | 48,660,404 | ||
TOTAL CORPORATE BONDS (Cost $575,595,316) | 577,077,568 | ||
Common Stocks - 51.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 3.5% | |||
Diversified Telecommunication Services - 1.3% | |||
AT&T, Inc. | 1,449,700 | 22,803,781 | |
Cellnex Telecom SA (b) | 67,108 | 2,719,350 | |
Helios Towers PLC (e) | 252,233 | 282,859 | |
Verizon Communications, Inc. | 1,162,019 | 41,402,737 | |
67,208,727 | |||
Entertainment - 0.1% | |||
Activision Blizzard, Inc. | 36,800 | 2,951,360 | |
Interactive Media & Services - 0.1% | |||
Snap, Inc. Class A (e) | 197,900 | 2,018,580 | |
Media - 1.5% | |||
Comcast Corp. Class A | 1,632,012 | 64,219,672 | |
Gannett Co., Inc. (e) | 965,908 | 2,144,316 | |
Interpublic Group of Companies, Inc. | 272,500 | 10,134,275 | |
76,498,263 | |||
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. (e) | 187,754 | 25,769,237 | |
TOTAL COMMUNICATION SERVICES | 174,446,167 | ||
CONSUMER DISCRETIONARY - 2.4% | |||
Automobiles - 0.0% | |||
Ford Motor Co. | 209,000 | 2,508,000 | |
Diversified Consumer Services - 0.1% | |||
H&R Block, Inc. | 172,100 | 5,137,185 | |
Hotels, Restaurants & Leisure - 1.6% | |||
McDonald's Corp. | 265,778 | 75,775,966 | |
Super Group SGHC Ltd. (e) | 1,547,895 | 4,504,374 | |
80,280,340 | |||
Specialty Retail - 0.6% | |||
Best Buy Co., Inc. | 89,100 | 6,474,897 | |
Burlington Stores, Inc. (e) | 32,500 | 4,889,950 | |
Dick's Sporting Goods, Inc. | 100 | 12,751 | |
TJX Companies, Inc. | 223,700 | 17,177,923 | |
28,555,521 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Columbia Sportswear Co. | 50,300 | 3,713,649 | |
TOTAL CONSUMER DISCRETIONARY | 120,194,695 | ||
CONSUMER STAPLES - 10.5% | |||
Beverages - 4.2% | |||
Diageo PLC | 292,038 | 12,140,764 | |
Keurig Dr. Pepper, Inc. | 726,152 | 22,597,850 | |
PepsiCo, Inc. | 456,220 | 83,191,717 | |
The Coca-Cola Co. (f) | 1,591,047 | 94,921,864 | |
212,852,195 | |||
Consumer Staples Distribution & Retail - 1.6% | |||
Albertsons Companies, Inc. | 205,500 | 4,183,980 | |
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 153,200 | 7,417,927 | |
BJ's Wholesale Club Holdings, Inc. (e) | 71,700 | 4,492,005 | |
Costco Wholesale Corp. | 9,700 | 4,962,132 | |
Dollar Tree, Inc. (e) | 114,100 | 15,389,808 | |
Metro, Inc. | 162,500 | 8,548,158 | |
Target Corp. | 126,500 | 16,562,645 | |
Walmart, Inc. | 134,700 | 19,783,389 | |
81,340,044 | |||
Food Products - 1.1% | |||
Bunge Ltd. | 50,200 | 4,650,528 | |
Mondelez International, Inc. | 567,014 | 41,624,498 | |
Nestle SA (Reg. S) | 75,054 | 8,896,624 | |
55,171,650 | |||
Household Products - 2.3% | |||
Procter & Gamble Co. | 816,260 | 116,317,023 | |
Personal Care Products - 0.3% | |||
Kenvue, Inc. | 229,400 | 5,755,646 | |
Unilever PLC | 150,900 | 7,550,288 | |
13,305,934 | |||
Tobacco - 1.0% | |||
Altria Group, Inc. | 56,400 | 2,505,288 | |
Philip Morris International, Inc. | 538,200 | 48,443,382 | |
50,948,670 | |||
TOTAL CONSUMER STAPLES | 529,935,516 | ||
ENERGY - 2.5% | |||
Energy Equipment & Services - 0.0% | |||
Diamond Offshore Drilling, Inc. (e) | 37,060 | 405,807 | |
Noble Corp. PLC (e) | 22,670 | 855,566 | |
Valaris Ltd. (e) | 2,680 | 154,716 | |
Weatherford International PLC (e) | 6,130 | 345,977 | |
1,762,066 | |||
Oil, Gas & Consumable Fuels - 2.5% | |||
Antero Resources Corp. (e) | 30,380 | 620,056 | |
Canadian Natural Resources Ltd. | 121,738 | 6,558,158 | |
Cheniere Energy, Inc. | 27,929 | 3,903,636 | |
ConocoPhillips Co. | 96,988 | 9,630,908 | |
DHT Holdings, Inc. | 1,391,726 | 10,702,373 | |
Energy Transfer LP | 610,576 | 7,571,142 | |
Enterprise Products Partners LP | 266,041 | 6,738,819 | |
Exxon Mobil Corp. | 228,706 | 23,369,179 | |
Genesis Energy LP | 187,607 | 1,810,408 | |
Hess Corp. | 18,000 | 2,280,060 | |
Imperial Oil Ltd. | 357,831 | 16,242,760 | |
MEG Energy Corp. (e) | 5,500 | 83,098 | |
MPLX LP | 49,986 | 1,666,533 | |
Phillips 66 Co. | 104,324 | 9,557,122 | |
Plains All American Pipeline LP | 327,458 | 4,230,757 | |
Range Resources Corp. | 39,740 | 1,087,684 | |
Scorpio Tankers, Inc. | 39,700 | 1,817,069 | |
Southwestern Energy Co. (e) | 32,050 | 152,879 | |
Targa Resources Corp. | 38,881 | 2,645,852 | |
The Williams Companies, Inc. | 64,257 | 1,841,606 | |
Valero Energy Corp. | 87,038 | 9,316,548 | |
Western Midstream Partners LP | 106,899 | 2,698,131 | |
124,524,778 | |||
TOTAL ENERGY | 126,286,844 | ||
FINANCIALS - 4.4% | |||
Banks - 1.9% | |||
Bank of America Corp. | 783,145 | 21,763,600 | |
Huntington Bancshares, Inc. | 853,352 | 8,798,059 | |
JPMorgan Chase & Co. | 133,800 | 18,157,998 | |
M&T Bank Corp. | 91,957 | 10,957,596 | |
PNC Financial Services Group, Inc. | 224,002 | 25,946,152 | |
Wells Fargo & Co. | 263,512 | 10,490,413 | |
96,113,818 | |||
Consumer Finance - 0.3% | |||
Capital One Financial Corp. | 155,290 | 16,182,771 | |
Financial Services - 0.1% | |||
Visa, Inc. Class A | 27,300 | 6,034,119 | |
Insurance - 2.1% | |||
American Financial Group, Inc. | 75,900 | 8,521,293 | |
Chubb Ltd. | 183,336 | 34,063,829 | |
Hartford Financial Services Group, Inc. | 221,136 | 15,152,239 | |
Marsh & McLennan Companies, Inc. | 33,200 | 5,749,576 | |
The Travelers Companies, Inc. | 235,492 | 39,854,666 | |
103,341,603 | |||
TOTAL FINANCIALS | 221,672,311 | ||
HEALTH CARE - 10.8% | |||
Biotechnology - 3.3% | |||
AbbVie, Inc. | 607,737 | 83,843,397 | |
Amgen, Inc. | 295,700 | 65,246,205 | |
BridgeBio Pharma, Inc. (e) | 59,200 | 812,224 | |
Gilead Sciences, Inc. | 199,400 | 15,341,836 | |
165,243,662 | |||
Health Care Equipment & Supplies - 0.1% | |||
GE Healthcare Holding LLC | 40,558 | 3,224,767 | |
Health Care Providers & Services - 0.6% | |||
UnitedHealth Group, Inc. | 63,104 | 30,746,793 | |
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 122,870 | 28,213,409 | |
Pharmaceuticals - 6.3% | |||
AstraZeneca PLC sponsored ADR | 444,124 | 32,456,582 | |
Bristol-Myers Squibb Co. | 355,571 | 22,912,995 | |
Eli Lilly & Co. | 118,833 | 51,034,020 | |
Johnson & Johnson | 372,620 | 57,778,457 | |
Merck & Co., Inc. | 858,081 | 94,740,723 | |
Roche Holding AG (participation certificate) | 76,033 | 24,217,187 | |
Royalty Pharma PLC | 185,400 | 6,069,996 | |
Sanofi SA sponsored ADR | 530,300 | 27,055,906 | |
316,265,866 | |||
TOTAL HEALTH CARE | 543,694,497 | ||
INDUSTRIALS - 6.1% | |||
Aerospace & Defense - 1.8% | |||
Huntington Ingalls Industries, Inc. | 57,194 | 11,517,728 | |
Lockheed Martin Corp. | 85,000 | 37,740,850 | |
Northrop Grumman Corp. | 54,102 | 23,560,880 | |
The Boeing Co. (e) | 76,899 | 15,818,124 | |
88,637,582 | |||
Air Freight & Logistics - 1.0% | |||
United Parcel Service, Inc. Class B | 291,329 | 48,651,943 | |
Building Products - 0.3% | |||
Johnson Controls International PLC | 285,090 | 17,019,873 | |
Commercial Services & Supplies - 0.3% | |||
GFL Environmental, Inc. | 75,844 | 2,741,002 | |
Republic Services, Inc. | 11,548 | 1,635,543 | |
Waste Connections, Inc. (United States) | 11,568 | 1,580,767 | |
Waste Management, Inc. | 45,500 | 7,367,360 | |
13,324,672 | |||
Construction & Engineering - 0.0% | |||
Ferrovial SA | 16,627 | 514,517 | |
VINCI SA | 3,131 | 355,824 | |
870,341 | |||
Electrical Equipment - 1.3% | |||
AMETEK, Inc. | 41,600 | 6,034,912 | |
Babcock & Wilcox Enterprises, Inc. (e) | 1,420,880 | 6,820,224 | |
Eaton Corp. PLC | 300,503 | 52,858,478 | |
65,713,614 | |||
Ground Transportation - 0.1% | |||
Canadian Pacific Kansas City Ltd. | 3,417 | 260,375 | |
CSX Corp. | 18,076 | 554,391 | |
Uber Technologies, Inc. (e) | 82,400 | 3,125,432 | |
Union Pacific Corp. | 2,886 | 555,613 | |
4,495,811 | |||
Industrial Conglomerates - 0.5% | |||
General Electric Co. | 121,675 | 12,353,663 | |
Hitachi Ltd. | 119,800 | 6,918,434 | |
Siemens AG | 43,300 | 7,125,573 | |
26,397,670 | |||
Machinery - 0.1% | |||
ITT, Inc. | 86,400 | 6,580,224 | |
Marine Transportation - 0.0% | |||
Kirby Corp. (e) | 10,880 | 778,573 | |
Professional Services - 0.2% | |||
KBR, Inc. | 83,000 | 4,898,660 | |
Paychex, Inc. | 42,000 | 4,407,060 | |
9,305,720 | |||
Trading Companies & Distributors - 0.1% | |||
Watsco, Inc. (f) | 19,356 | 6,278,506 | |
Transportation Infrastructure - 0.4% | |||
Aena SME SA (b) | 107,920 | 16,865,002 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR (f) | 9,611 | 1,699,513 | |
Grupo Aeroportuario Norte S.A.B. de CV ADR | 10,738 | 887,496 | |
19,452,011 | |||
TOTAL INDUSTRIALS | 307,506,540 | ||
INFORMATION TECHNOLOGY - 5.6% | |||
Communications Equipment - 1.7% | |||
Cisco Systems, Inc. | 1,724,280 | 85,644,988 | |
IT Services - 0.8% | |||
Accenture PLC Class A | 31,002 | 9,484,132 | |
Amdocs Ltd. | 284,939 | 26,832,706 | |
Capgemini SA | 35,000 | 6,090,592 | |
42,407,430 | |||
Semiconductors & Semiconductor Equipment - 1.1% | |||
NVIDIA Corp. | 12,100 | 4,577,914 | |
NXP Semiconductors NV | 111,700 | 20,005,470 | |
onsemi (e) | 17,295 | 1,445,862 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 280,907 | 27,694,621 | |
53,723,867 | |||
Software - 1.1% | |||
Everbridge, Inc. (e) | 74,300 | 1,784,686 | |
Gen Digital, Inc. | 298,700 | 5,239,198 | |
LivePerson, Inc. (e) | 8,872 | 32,649 | |
Microsoft Corp. | 125,967 | 41,366,303 | |
Roper Technologies, Inc. | 12,200 | 5,541,484 | |
53,964,320 | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
Apple, Inc. | 41,941 | 7,434,042 | |
FUJIFILM Holdings Corp. | 60,100 | 3,680,842 | |
Samsung Electronics Co. Ltd. | 497,213 | 26,842,949 | |
Seagate Technology Holdings PLC | 116,800 | 7,019,680 | |
44,977,513 | |||
TOTAL INFORMATION TECHNOLOGY | 280,718,118 | ||
MATERIALS - 1.4% | |||
Chemicals - 0.7% | |||
Linde PLC | 90,818 | 32,118,694 | |
Nutrien Ltd. | 71,876 | 3,786,793 | |
35,905,487 | |||
Containers & Packaging - 0.4% | |||
Ball Corp. | 96,600 | 4,942,056 | |
Crown Holdings, Inc. | 204,032 | 15,553,359 | |
20,495,415 | |||
Metals & Mining - 0.3% | |||
Freeport-McMoRan, Inc. | 449,600 | 15,439,264 | |
TOTAL MATERIALS | 71,840,166 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
American Tower Corp. | 53,384 | 9,846,145 | |
Crown Castle International Corp. | 7,789 | 881,793 | |
Equinix, Inc. | 1,980 | 1,476,189 | |
Lamar Advertising Co. Class A | 125,368 | 11,268,076 | |
Londonmetric Properity PLC | 162,580 | 364,035 | |
Prologis (REIT), Inc. | 7,956 | 990,920 | |
SBA Communications Corp. Class A | 3,028 | 671,550 | |
Segro PLC | 60,238 | 597,666 | |
26,096,374 | |||
Real Estate Management & Development - 0.0% | |||
Catena AB | 3,656 | 125,597 | |
TOTAL REAL ESTATE | 26,221,971 | ||
UTILITIES - 3.6% | |||
Electric Utilities - 2.3% | |||
Constellation Energy Corp. | 56,402 | 4,738,896 | |
Exelon Corp. | 300,555 | 11,917,006 | |
Iberdrola SA | 232,864 | 2,843,695 | |
Kansai Electric Power Co., Inc. | 108,573 | 1,243,729 | |
NextEra Energy, Inc. | 927,576 | 68,139,733 | |
ORSTED A/S (b) | 11,454 | 1,002,912 | |
PG&E Corp. (e) | 221,000 | 3,743,740 | |
Southern Co. | 45,132 | 3,147,957 | |
Xcel Energy, Inc. | 303,102 | 19,789,530 | |
116,567,198 | |||
Gas Utilities - 0.0% | |||
Superior Plus Corp. | 86,750 | 614,120 | |
Independent Power and Renewable Electricity Producers - 0.3% | |||
Brookfield Renewable Partners LP | 23,716 | 719,069 | |
EDP Renovaveis SA | 48,952 | 972,195 | |
RWE AG | 40,259 | 1,683,445 | |
Vistra Corp. | 371,800 | 8,912,046 | |
12,286,755 | |||
Multi-Utilities - 1.0% | |||
Ameren Corp. | 206,605 | 16,749,467 | |
Dominion Energy, Inc. | 375,853 | 18,897,889 | |
National Grid PLC | 185,684 | 2,558,204 | |
WEC Energy Group, Inc. | 162,007 | 14,151,311 | |
52,356,871 | |||
TOTAL UTILITIES | 181,824,944 | ||
TOTAL COMMON STOCKS (Cost $2,003,950,885) | 2,584,341,769 | ||
Preferred Stocks - 8.6% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobile Components - 0.0% | |||
Aptiv PLC Series A, 5.50% | 16,200 | 1,580,869 | |
FINANCIALS - 0.4% | |||
Banks - 0.4% | |||
Bank of America Corp. 7.25% | 7,012 | 8,133,920 | |
Wells Fargo & Co. 7.50% | 9,545 | 10,833,575 | |
18,967,495 | |||
Capital Markets - 0.0% | |||
KKR & Co. LP Series C, 6.00% | 29,300 | 1,790,816 | |
TOTAL FINANCIALS | 20,758,311 | ||
INDUSTRIALS - 0.2% | |||
Construction & Engineering - 0.1% | |||
Fluor Corp. 6.50% | 1,900 | 2,401,087 | |
Machinery - 0.1% | |||
Chart Industries, Inc. | 67,600 | 3,244,800 | |
RBC Bearings, Inc. | 34,600 | 3,451,700 | |
6,696,500 | |||
TOTAL INDUSTRIALS | 9,097,587 | ||
UTILITIES - 0.4% | |||
Electric Utilities - 0.3% | |||
American Electric Power Co., Inc. 6.125% | 36,200 | 1,758,111 | |
NextEra Energy, Inc.: | |||
6.219% | 72,100 | 3,449,264 | |
6.296% | 130,224 | 5,909,565 | |
PG&E Corp. | 38,200 | 5,615,400 | |
16,732,340 | |||
Gas Utilities - 0.0% | |||
UGI Corp. 7.125% | 800 | 53,208 | |
Independent Power and Renewable Electricity Producers - 0.1% | |||
The AES Corp. 6.875% | 26,800 | 2,086,112 | |
Multi-Utilities - 0.0% | |||
NiSource, Inc. 7.75% | 800 | 80,744 | |
TOTAL UTILITIES | 18,952,404 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | 50,389,171 | ||
Nonconvertible Preferred Stocks - 7.6% | |||
COMMUNICATION SERVICES - 0.3% | |||
Diversified Telecommunication Services - 0.3% | |||
AT&T, Inc.: | |||
4.75% | 300,000 | 6,330,000 | |
5.125% | 85,000 | 1,884,450 | |
5.35% | 315,000 | 7,519,050 | |
5.625% | 28,000 | 700,280 | |
16,433,780 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Broadline Retail - 0.1% | |||
First Tennessee Bank NA 3 month U.S. LIBOR + 0.850% 3.75% (b)(c)(d) | 10,500 | 7,218,750 | |
Leisure Products - 0.0% | |||
Brunswick Corp. 6.375% | 10,000 | 252,500 | |
TOTAL CONSUMER DISCRETIONARY | 7,471,250 | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Enbridge, Inc. Series L, 5 year U.S. Treasury Index + 3.150% 4.959% (c)(d) | 62,800 | 1,186,920 | |
Energy Transfer LP Series C, 7.375% (c)(d) | 60,000 | 1,485,000 | |
2,671,920 | |||
FINANCIALS - 5.4% | |||
Banks - 3.5% | |||
Bank of America Corp.: | |||
4.25% | 550,000 | 10,114,500 | |
4.375% | 340,200 | 6,399,162 | |
4.75% | 125,000 | 2,547,500 | |
5.00% | 500,000 | 10,740,000 | |
Series HH, 5.875% | 155,744 | 3,803,268 | |
Series KK, 5.375% | 455,400 | 10,410,444 | |
Series PP, 4.125% | 300,000 | 5,349,000 | |
First Republic Bank 4.50% | 245,000 | 1,495 | |
JPMorgan Chase & Co.: | |||
4.55% | 553,400 | 11,377,904 | |
4.625% | 600,000 | 12,456,000 | |
4.75% | 325,000 | 7,081,750 | |
Series DD, 5.75% | 384,100 | 9,510,316 | |
Series EE, 6.00% | 200,000 | 5,018,000 | |
Series MM, 4.20% | 686,400 | 13,549,536 | |
Truist Financial Corp. 4.75% | 300,000 | 6,027,000 | |
U.S. Bancorp: | |||
4.50% | 150,000 | 2,905,500 | |
Series L, 3.75% | 50,000 | 825,500 | |
Series M, 4.00% | 225,000 | 3,926,250 | |
Wells Fargo & Co.: | |||
4.25% | 515,000 | 8,718,950 | |
4.70% | 400,000 | 7,388,000 | |
5.85%(c) | 481,551 | 11,928,018 | |
6.625%(c) | 100,000 | 2,492,000 | |
Series CC, 4.375% | 350,000 | 6,034,000 | |
Series Y, 5.625% | 200,000 | 4,568,000 | |
Series Z, 4.75% | 638,900 | 12,113,544 | |
175,285,637 | |||
Capital Markets - 0.8% | |||
B. Riley Financial, Inc.: | |||
5.00% | 40,551 | 730,324 | |
6.375% | 5,404 | 116,024 | |
Charles Schwab Corp.: | |||
4.45% | 200,000 | 3,968,000 | |
5.95% | 28,000 | 702,240 | |
Morgan Stanley: | |||
6.875%(c) | 232,000 | 5,844,080 | |
Series E, 7.125%(c) | 25,000 | 631,500 | |
Series I, 6.375%(c) | 30,000 | 741,000 | |
Series K, 5.85%(c) | 330,000 | 7,834,200 | |
Series L, 4.875% | 175,000 | 3,893,978 | |
Series O, 4.50% | 455,000 | 8,503,950 | |
Northern Trust Corp. Series E, 4.70% | 90,000 | 1,859,400 | |
Oaktree Capital Group LLC: | |||
6.55% | 80,300 | 1,783,463 | |
Series A, 6.625% | 55,197 | 1,213,230 | |
State Street Corp.: | |||
Series D, 5.90%(c) | 25,000 | 618,750 | |
Series G, 5.35%(c) | 20,000 | 477,000 | |
Stifel Financial Corp. Series D, 4.50% | 90,900 | 1,419,858 | |
40,336,997 | |||
Financial Services - 0.2% | |||
Apollo Global Management LLC: | |||
6.375% | 84,971 | 2,005,316 | |
Series B, 6.375% | 60,000 | 1,439,400 | |
Carlyle Finance LLC 4.625% | 165,000 | 3,118,500 | |
Equitable Holdings, Inc.: | |||
4.30% | 76,000 | 1,269,200 | |
Series A 5.25% | 84,500 | 1,689,155 | |
9,521,571 | |||
Insurance - 0.9% | |||
Allstate Corp.: | |||
5.10% | 512,500 | 10,900,875 | |
Series I, 4.75% | 125,000 | 2,683,750 | |
Series J, 7.375%(e) | 60,500 | 1,599,015 | |
American Financial Group, Inc. 4.50% | 54,000 | 977,400 | |
Athene Holding Ltd.: | |||
Series A, 6.35%(c) | 185,000 | 3,844,300 | |
Series C, 6.375%(c) | 199,500 | 4,578,525 | |
Series D, 4.875% | 340,000 | 5,610,000 | |
Series E, 7.75%(c) | 44,000 | 1,072,280 | |
MetLife, Inc. Series F 4.75% | 150,000 | 3,109,500 | |
Prudential Financial, Inc. 4.125% | 125,000 | 2,490,000 | |
RenaissanceRe Holdings Ltd. Series G, 4.20% | 40,000 | 713,600 | |
W.R. Berkley Corp.: | |||
4.125% | 200,000 | 3,510,000 | |
4.25% | 180,000 | 3,495,600 | |
5.10% | 125,000 | 2,700,000 | |
47,284,845 | |||
TOTAL FINANCIALS | 272,429,050 | ||
INDUSTRIALS - 0.2% | |||
Electrical Equipment - 0.2% | |||
Babcock & Wilcox Enterprises, Inc.: | |||
6.50% | 92,958 | 1,943,752 | |
8.125% | 329,345 | 7,854,878 | |
9,798,630 | |||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
Pebblebrook Hotel Trust 6.375% | 54,000 | 972,000 | |
Public Storage: | |||
3.875% | 100,000 | 1,801,000 | |
3.95% | 65,000 | 1,177,150 | |
4.00% | 194,000 | 3,678,240 | |
4.00% | 140,000 | 2,591,400 | |
Series I, 4.875% | 50,000 | 1,120,500 | |
Series J, 4.70% | 65,000 | 1,420,250 | |
Series K, 4.75% | 50,000 | 1,093,000 | |
Series L, 4.625% | 180,000 | 3,884,400 | |
Series M, 4.125% | 70,000 | 1,338,400 | |
Series O, 3.90% | 75,000 | 1,367,250 | |
Series S, 4.10% | 75,000 | 1,432,500 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 21,400 | 391,620 | |
Series F, 5.875% | 69,598 | 1,188,734 | |
Sunstone Hotel Investors, Inc. Series H, 6.125% | 20,000 | 395,400 | |
23,851,844 | |||
UTILITIES - 1.0% | |||
Electric Utilities - 0.5% | |||
Brookfield Infrastructure Finance ULC 5.00% | 40,000 | 711,600 | |
Duke Energy Corp. 5.625% | 85,000 | 2,120,750 | |
Entergy Louisiana LLC 4.875% | 45,000 | 1,053,000 | |
Entergy New Orleans LLC 5.50% | 42,217 | 1,022,918 | |
Entergy, Inc.: | |||
4.875% | 8,000 | 180,800 | |
Series A, 5.375% | 10,000 | 239,200 | |
Georgia Power Co. 5.00% | 55,000 | 1,323,300 | |
NextEra Energy Capital Holdings, Inc. 5.65% | 115,000 | 2,866,950 | |
Southern Co.: | |||
4.20% | 259,440 | 5,456,023 | |
5.25% | 161,487 | 3,948,357 | |
Series A, 4.95% | 325,000 | 7,536,750 | |
26,459,648 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Brookfield Renewable Partners LP 5.25% | 125,000 | 2,285,000 | |
Multi-Utilities - 0.4% | |||
Brookfield Infrastructure Partners LP: | |||
5.125% | 53,000 | 970,430 | |
Class A 5.00% | 59,100 | 1,064,391 | |
CMS Energy Corp.: | |||
5.625% | 63,258 | 1,575,124 | |
5.875% | 92,330 | 2,233,463 | |
5.875% | 197,943 | 4,806,056 | |
DTE Energy Co.: | |||
4.375% | 85,000 | 1,788,400 | |
4.375% | 100,000 | 2,135,000 | |
Series E, 5.25% | 100,000 | 2,350,000 | |
NiSource, Inc. 6.50% (c) | 25,000 | 620,000 | |
Sempra Energy 5.75% | 195,459 | 4,790,700 | |
22,333,564 | |||
TOTAL UTILITIES | 51,078,212 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 383,734,686 | ||
TOTAL PREFERRED STOCKS (Cost $487,810,013) | 434,123,857 | ||
Equity Funds - 14.1% | |||
Shares | Value ($) | ||
Fidelity Real Estate Equity Central Fund (g) (Cost $685,050,592) | 5,975,955 | 708,628,775 | |
Preferred Securities - 11.6% | |||
Principal Amount (a) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 9.3487% (c)(d)(h) | 3,535,000 | 3,170,593 | |
6.75% (c)(h) | 500,000 | 440,617 | |
7.125% (c)(h) | 4,000,000 | 3,375,305 | |
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 12.2963% (c)(d)(h)(i) | 191,000 | 120,808 | |
7,107,323 | |||
FINANCIALS - 10.8% | |||
Banks - 8.1% | |||
Bank of America Corp.: | |||
4.375% (c)(h) | 17,000,000 | 14,266,514 | |
5.125% (c)(h) | 15,500,000 | 15,158,223 | |
5.2% (c)(h) | 24,000,000 | 24,444,000 | |
5.875% (c)(h) | 18,400,000 | 16,973,125 | |
6.1% (c)(h) | 10,720,000 | 10,587,049 | |
6.125% (c)(h) | 16,000,000 | 15,706,236 | |
6.25% (c)(h) | 17,090,000 | 17,026,354 | |
6.3% (c)(h) | 8,000,000 | 8,153,674 | |
6.5% (c)(h) | 11,000,000 | 11,074,228 | |
Citigroup, Inc.: | |||
3.875% (c)(h) | 10,000,000 | 8,340,742 | |
5% (c)(h) | 4,550,000 | 4,249,556 | |
5.95% (c)(h) | 11,750,000 | 11,066,985 | |
JPMorgan Chase & Co.: | |||
3 month U.S. LIBOR + 2.580% 7.8791% (c)(d)(h) | 2,700,000 | 2,674,518 | |
3.65% (c)(h) | 18,500,000 | 16,490,808 | |
4% (c)(h) | 11,000,000 | 9,999,302 | |
4.6% (c)(h) | 24,390,000 | 22,894,438 | |
5% (c)(h) | 19,885,000 | 19,355,657 | |
6% (c)(h) | 12,000,000 | 12,173,874 | |
6.1% (c)(h) | 21,000,000 | 20,884,022 | |
6.125% (c)(h) | 2,000,000 | 1,976,941 | |
6.75% (c)(h) | 15,250,000 | 15,610,292 | |
8.5491% (c)(d)(h) | 11,265,000 | 11,404,255 | |
PNC Financial Services Group, Inc.: | |||
3 month U.S. LIBOR + 3.670% 8.9771% (c)(d)(h) | 1,750,000 | 1,759,204 | |
3.4% (c)(h) | 12,000,000 | 9,056,478 | |
5% (c)(h) | 5,580,000 | 4,785,880 | |
6% (c)(h) | 6,100,000 | 5,483,067 | |
6.2% (c)(h) | 2,600,000 | 2,437,542 | |
6.25% (c)(h) | 7,135,000 | 6,544,876 | |
Truist Financial Corp.: | |||
3 month U.S. LIBOR + 3.100% 7.9683% (c)(d)(h) | 3,000,000 | 2,924,294 | |
4.8% (c)(h) | 6,000,000 | 5,082,000 | |
4.95% (c)(h) | 6,250,000 | 5,951,562 | |
5.1% (c)(h) | 6,850,000 | 6,115,338 | |
U.S. Bancorp: | |||
3.7% (c)(h) | 7,000,000 | 5,138,026 | |
5.3% (c)(h) | 1,500,000 | 1,224,774 | |
Wells Fargo & Co.: | |||
3.9% (c)(h) | 29,400,000 | 25,997,429 | |
5.875% (c)(h) | 15,000,000 | 15,222,981 | |
5.9% (c)(h) | 20,700,000 | 20,979,052 | |
409,213,296 | |||
Capital Markets - 2.0% | |||
Bank of New York Mellon Corp.: | |||
3.7% (c)(h) | 6,725,000 | 5,929,570 | |
3.75% (c)(h) | 8,500,000 | 6,953,330 | |
4.625% (c)(h) | 8,100,000 | 7,202,881 | |
4.7% (c)(h) | 5,015,000 | 4,957,645 | |
Charles Schwab Corp.: | |||
4% (c)(h) | 16,800,000 | 13,896,960 | |
4% (c)(h) | 20,515,000 | 15,637,559 | |
5% (c)(h) | 3,670,000 | 3,156,934 | |
5.375% (c)(h) | 14,875,000 | 14,498,774 | |
Goldman Sachs Capital II 3 month U.S. LIBOR + 0.760% 5.7299% (c)(d)(h) | 4,694,000 | 3,610,632 | |
Goldman Sachs Group, Inc.: | |||
3 month U.S. LIBOR + 2.870% 8.2109% (c)(d)(h) | 5,455,000 | 5,372,781 | |
3.65% (c)(h) | 2,250,000 | 1,802,682 | |
4.125% (c)(h) | 5,400,000 | 4,403,480 | |
Morgan Stanley: | |||
3 month U.S. LIBOR + 3.160% 8.0263% (c)(d)(h) | 1,000,000 | 1,005,125 | |
5.875% (c)(h) | 2,770,000 | 2,674,386 | |
Northern Trust Corp. 4.6% (c)(h) | 4,100,000 | 3,649,593 | |
State Street Corp.: | |||
3 month U.S. LIBOR + 3.590% 8.4633% (c)(d)(h) | 583,000 | 590,815 | |
5.625% (c)(h) | 6,915,000 | 6,386,428 | |
101,729,575 | |||
Consumer Finance - 0.4% | |||
Ally Financial, Inc.: | |||
4.7% (c)(h) | 7,885,000 | 5,596,546 | |
4.7% (c)(h) | 4,915,000 | 3,214,392 | |
American Express Co. 3.55% (c)(h) | 12,250,000 | 10,132,021 | |
18,942,959 | |||
Financial Services - 0.1% | |||
Equitable Holdings, Inc. 4.95% (c)(h) | 1,250,000 | 1,157,308 | |
Insurance - 0.2% | |||
Allianz SE 3.2% (b)(c)(h) | 3,000,000 | 2,188,383 | |
MetLife, Inc. 3.85% (c)(h) | 9,500,000 | 8,897,711 | |
11,086,094 | |||
TOTAL FINANCIALS | 542,129,232 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.3% | |||
Duke Energy Corp. 4.875% (c)(h) | 8,058,000 | 7,826,597 | |
Edison International: | |||
5% (c)(h) | 4,500,000 | 3,899,860 | |
5.375% (c)(h) | 4,250,000 | 3,768,869 | |
15,495,326 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Vistra Corp.: | |||
7% (b)(c)(h) | 3,495,000 | 3,187,117 | |
8% (b)(c)(h) | 4,490,000 | 4,224,355 | |
7,411,472 | |||
Multi-Utilities - 0.2% | |||
Dominion Energy, Inc.: | |||
4.35% (c)(h) | 1,935,000 | 1,641,047 | |
4.65% (c)(h) | 2,050,000 | 1,812,403 | |
Sempra Energy 4.875% (c)(h) | 8,000,000 | 7,605,386 | |
11,058,836 | |||
TOTAL UTILITIES | 33,965,634 | ||
TOTAL PREFERRED SECURITIES (Cost $633,236,940) | 583,202,189 | ||
Money Market Funds - 3.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (j) | 143,901,847 | 143,930,627 | |
Fidelity Securities Lending Cash Central Fund 5.14% (j)(k) | 5,686,281 | 5,686,850 | |
TOTAL MONEY MARKET FUNDS (Cost $149,616,895) | 149,617,477 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $4,535,260,641) | 5,036,991,635 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 1,697,420 |
NET ASSETS - 100.0% | 5,038,689,055 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $206,301,497 or 4.1% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(e) | Non-income producing |
(f) | Security or a portion of the security is on loan at period end. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Non-income producing - Security is in default. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 55,844,907 | 596,443,163 | 508,357,443 | 3,283,375 | - | - | 143,930,627 | 0.4% |
Fidelity Real Estate Equity Central Fund | 760,734,658 | 40,215,035 | 68,847,645 | 9,566,570 | 609,065 | (24,082,338) | 708,628,775 | 77.7% |
Fidelity Securities Lending Cash Central Fund 5.14% | 22,365,575 | 48,213,018 | 64,891,743 | 13,724 | - | - | 5,686,850 | 0.0% |
Total | 838,945,140 | 684,871,216 | 642,096,831 | 12,863,669 | 609,065 | (24,082,338) | 858,246,252 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 190,879,947 | 190,879,947 | - | - |
Consumer Discretionary | 129,246,814 | 120,447,195 | 8,799,619 | - |
Consumer Staples | 529,935,516 | 501,347,840 | 28,587,676 | - |
Energy | 128,958,764 | 128,958,764 | - | - |
Financials | 514,859,672 | 494,101,361 | 20,758,311 | - |
Health Care | 543,694,497 | 519,477,310 | 24,217,187 | - |
Industrials | 326,402,757 | 310,179,597 | 16,223,160 | - |
Information Technology | 280,718,118 | 280,718,118 | - | - |
Materials | 71,840,166 | 71,840,166 | - | - |
Real Estate | 50,073,815 | 50,073,815 | - | - |
Utilities | 251,855,560 | 227,501,257 | 24,354,303 | - |
Corporate Bonds | 577,077,568 | - | 577,077,568 | - |
Equity Funds | 708,628,775 | 708,628,775 | - | - |
Preferred Securities | 583,202,189 | - | 583,202,189 | - |
Money Market Funds | 149,617,477 | 149,617,477 | - | - |
Total Investments in Securities: | 5,036,991,635 | 3,753,771,622 | 1,283,220,013 | - |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,508,359) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,700,593,154) | $ | 4,178,745,383 | ||
Fidelity Central Funds (cost $834,667,487) | 858,246,252 | |||
Total Investment in Securities (cost $4,535,260,641) | $ | 5,036,991,635 | ||
Foreign currency held at value (cost $103,834) | 104,152 | |||
Receivable for investments sold | 2,649,170 | |||
Receivable for fund shares sold | 2,071,541 | |||
Dividends receivable | 9,274,203 | |||
Interest receivable | 2,662,644 | |||
Distributions receivable from Fidelity Central Funds | 683,214 | |||
Prepaid expenses | 892 | |||
Other receivables | 14,603 | |||
Total assets | 5,054,452,054 | |||
Liabilities | ||||
Payable to custodian bank | $ | 2,212,374 | ||
Payable for investments purchased | 263,276 | |||
Payable for fund shares redeemed | 4,126,929 | |||
Accrued management fee | 2,241,318 | |||
Distribution and service plan fees payable | 446,005 | |||
Other affiliated payables | 744,312 | |||
Other payables and accrued expenses | 41,935 | |||
Collateral on securities loaned | 5,686,850 | |||
Total Liabilities | 15,762,999 | |||
Net Assets | $ | 5,038,689,055 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,477,251,397 | ||
Total accumulated earnings (loss) | 561,437,658 | |||
Net Assets | $ | 5,038,689,055 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($855,745,894 ÷ 56,283,364 shares) (a) | $ | 15.20 | ||
Maximum offering price per share (100/94.25 of $15.20) | $ | 16.13 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($289,982,316 ÷ 19,084,503 shares) (a) | $ | 15.19 | ||
Maximum offering price per share (100/96.50 of $15.19) | $ | 15.74 | ||
Class C : | ||||
Net Asset Value and offering price per share ($166,600,270 ÷ 11,002,963 shares) (a) | $ | 15.14 | ||
Strategic Dividend and Income : | ||||
Net Asset Value , offering price and redemption price per share ($2,893,152,159 ÷ 188,598,985 shares) | $ | 15.34 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($616,697,885 ÷ 40,348,752 shares) | $ | 15.28 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($216,510,531 ÷ 14,165,097 shares) | $ | 15.28 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 68,461,062 | ||
Interest | 9,926,497 | |||
Income from Fidelity Central Funds (including $13,724 from security lending) | 12,863,669 | |||
Total Income | 91,251,228 | |||
Expenses | ||||
Management fee | $ | 13,731,458 | ||
Transfer agent fees | 3,845,649 | |||
Distribution and service plan fees | 2,750,477 | |||
Accounting fees | 652,869 | |||
Custodian fees and expenses | 28,446 | |||
Independent trustees' fees and expenses | 9,206 | |||
Registration fees | 69,862 | |||
Audit | 34,407 | |||
Legal | 4,606 | |||
Miscellaneous | 14,197 | |||
Total expenses before reductions | 21,141,177 | |||
Expense reductions | (123,301) | |||
Total expenses after reductions | 21,017,876 | |||
Net Investment income (loss) | 70,233,352 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 51,704,553 | |||
Fidelity Central Funds | 609,065 | |||
Foreign currency transactions | 34,614 | |||
Total net realized gain (loss) | 52,348,232 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (248,156,307) | |||
Fidelity Central Funds | (24,082,338) | |||
Assets and liabilities in foreign currencies | 914 | |||
Total change in net unrealized appreciation (depreciation) | (272,237,731) | |||
Net gain (loss) | (219,889,499) | |||
Net increase (decrease) in net assets resulting from operations | $ | (149,656,147) |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 70,233,352 | $ | 123,021,605 |
Net realized gain (loss) | 52,348,232 | 101,278,009 | ||
Change in net unrealized appreciation (depreciation) | (272,237,731) | (344,378,889) | ||
Net increase (decrease) in net assets resulting from operations | (149,656,147) | (120,079,275) | ||
Distributions to shareholders | (151,431,150) | (480,453,095) | ||
Share transactions - net increase (decrease) | 5,062,854 | 175,514,024 | ||
Total increase (decrease) in net assets | (296,024,443) | (425,018,346) | ||
Net Assets | ||||
Beginning of period | 5,334,713,498 | 5,759,731,844 | ||
End of period | $ | 5,038,689,055 | $ | 5,334,713,498 |
Fidelity Advisor® Strategic Dividend & Income® Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.12 | $ | 17.88 | $ | 16.11 | $ | 15.77 | $ | 15.18 | $ | 15.92 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .20 | .34 | .25 | .33 | .34 | .40 | ||||||
Net realized and unrealized gain (loss) | (.67) | (.64) | 2.39 | 1.01 | 1.23 | (.02) | ||||||
Total from investment operations | (.47) | (.30) | 2.64 | 1.34 | 1.57 | .38 | ||||||
Distributions from net investment income | (.20) | (.36) | (.38) | (.30) | (.33) | (.38) C | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | (.73) C | ||||||
Total distributions | (.45) D | (1.46) | (.87) | (1.00) | (.98) | (1.12) D | ||||||
Net asset value, end of period | $ | 15.20 | $ | 16.12 | $ | 17.88 | $ | 16.11 | $ | 15.77 | $ | 15.18 |
Total Return E,F,G | (2.95)% | (2.09)% | 16.99% | 9.04% | 11.44% | 2.50% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .98% J | .97% | .97% | .99% | 1.00% | 1.00% | ||||||
Expenses net of fee waivers, if any | .98% J | .97% | .97% | .99% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | .98% J | .97% | .97% | .99% | 1.00% | 1.00% | ||||||
Net investment income (loss) | 2.52% J | 2.07% | 1.45% | 2.20% | 2.28% | 2.62% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 855,746 | $ | 880,711 | $ | 867,690 | $ | 666,152 | $ | 661,327 | $ | 559,334 |
Portfolio turnover rate K | 23% J | 29% | 37% | 55% | 58% | 49% |
Fidelity Advisor® Strategic Dividend & Income® Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.11 | $ | 17.86 | $ | 16.10 | $ | 15.76 | $ | 15.17 | $ | 15.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .30 | .21 | .29 | .30 | .36 | ||||||
Net realized and unrealized gain (loss) | (.67) | (.63) | 2.38 | 1.01 | 1.23 | (.01) | ||||||
Total from investment operations | (.49) | (.33) | 2.59 | 1.30 | 1.53 | .35 | ||||||
Distributions from net investment income | (.19) | (.32) | (.34) | (.26) | (.29) | (.35) C | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | (.73) C | ||||||
Total distributions | (.43) | (1.42) | (.83) | (.96) | (.94) | (1.08) | ||||||
Net asset value, end of period | $ | 15.19 | $ | 16.11 | $ | 17.86 | $ | 16.10 | $ | 15.76 | $ | 15.17 |
Total Return D,E,F | (3.07)% | (2.29)% | 16.65% | 8.77% | 11.16% | 2.31% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.23% I | 1.22% | 1.22% | 1.24% | 1.25% | 1.25% | ||||||
Expenses net of fee waivers, if any | 1.22% I | 1.21% | 1.22% | 1.24% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.22% I | 1.21% | 1.22% | 1.23% | 1.25% | 1.25% | ||||||
Net investment income (loss) | 2.28% I | 1.82% | 1.21% | 1.96% | 2.04% | 2.37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 289,982 | $ | 307,028 | $ | 316,442 | $ | 275,209 | $ | 275,564 | $ | 247,182 |
Portfolio turnover rate J | 23% I | 29% | 37% | 55% | 58% | 49% |
Fidelity Advisor® Strategic Dividend & Income® Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.05 | $ | 17.80 | $ | 16.03 | $ | 15.69 | $ | 15.10 | $ | 15.83 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .14 | .21 | .12 | .21 | .23 | .28 | ||||||
Net realized and unrealized gain (loss) | (.66) | (.63) | 2.38 | 1.01 | 1.22 | (.01) | ||||||
Total from investment operations | (.52) | (.42) | 2.50 | 1.22 | 1.45 | .27 | ||||||
Distributions from net investment income | (.14) | (.23) | (.24) | (.19) | (.21) | (.26) C | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | (.73) C | ||||||
Total distributions | (.39) D | (1.33) | (.73) | (.88) D | (.86) | (1.00) D | ||||||
Net asset value, end of period | $ | 15.14 | $ | 16.05 | $ | 17.80 | $ | 16.03 | $ | 15.69 | $ | 15.10 |
Total Return E,F,G | (3.27)% | (2.85)% | 16.12% | 8.22% | 10.61% | 1.76% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.74% J | 1.73% | 1.73% | 1.75% | 1.75% | 1.76% | ||||||
Expenses net of fee waivers, if any | 1.73% J | 1.72% | 1.73% | 1.74% | 1.75% | 1.76% | ||||||
Expenses net of all reductions | 1.73% J | 1.72% | 1.73% | 1.74% | 1.75% | 1.75% | ||||||
Net investment income (loss) | 1.76% J | 1.31% | .70% | 1.45% | 1.53% | 1.86% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 166,600 | $ | 192,698 | $ | 233,431 | $ | 278,672 | $ | 316,896 | $ | 349,003 |
Portfolio turnover rate K | 23% J | 29% | 37% | 55% | 58% | 49% |
Fidelity® Strategic Dividend & Income® Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.26 | $ | 18.02 | $ | 16.23 | $ | 15.88 | $ | 15.27 | $ | 16.01 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .22 | .39 | .31 | .37 | .39 | .44 | ||||||
Net realized and unrealized gain (loss) | (.67) | (.64) | 2.40 | 1.02 | 1.24 | (.02) | ||||||
Total from investment operations | (.45) | (.25) | 2.71 | 1.39 | 1.63 | .42 | ||||||
Distributions from net investment income | (.23) | (.41) | (.43) | (.34) | (.37) | (.43) C | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | (.73) C | ||||||
Total distributions | (.47) | (1.51) | (.92) | (1.04) | (1.02) | (1.16) | ||||||
Net asset value, end of period | $ | 15.34 | $ | 16.26 | $ | 18.02 | $ | 16.23 | $ | 15.88 | $ | 15.27 |
Total Return D,E | (2.78)% | (1.79)% | 17.30% | 9.35% | 11.81% | 2.78% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .70% H | .68% | .68% | .70% | .71% | .71% | ||||||
Expenses net of fee waivers, if any | .69% H | .68% | .68% | .70% | .71% | .71% | ||||||
Expenses net of all reductions | .69% H | .68% | .68% | .70% | .71% | .71% | ||||||
Net investment income (loss) | 2.81% H | 2.35% | 1.74% | 2.49% | 2.57% | 2.91% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,893,152 | $ | 3,093,655 | $ | 3,514,906 | $ | 2,751,272 | $ | 3,142,639 | $ | 2,903,986 |
Portfolio turnover rate I | 23% H | 29% | 37% | 55% | 58% | 49% |
Fidelity Advisor® Strategic Dividend & Income® Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.20 | $ | 17.96 | $ | 16.18 | $ | 15.84 | $ | 15.23 | $ | 15.97 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .22 | .38 | .30 | .36 | .38 | .44 | ||||||
Net realized and unrealized gain (loss) | (.67) | (.64) | 2.39 | 1.02 | 1.24 | (.02) | ||||||
Total from investment operations | (.45) | (.26) | 2.69 | 1.38 | 1.62 | .42 | ||||||
Distributions from net investment income | (.22) | (.40) | (.42) | (.34) | (.36) | (.42) C | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | (.73) C | ||||||
Total distributions | (.47) D | (1.50) | (.91) | (1.04) | (1.01) | (1.16) D | ||||||
Net asset value, end of period | $ | 15.28 | $ | 16.20 | $ | 17.96 | $ | 16.18 | $ | 15.84 | $ | 15.23 |
Total Return E,F | (2.81)% | (1.83)% | 17.25% | 9.28% | 11.82% | 2.76% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .73% I | .72% | .72% | .73% | .74% | .74% | ||||||
Expenses net of fee waivers, if any | .72% I | .71% | .72% | .73% | .74% | .74% | ||||||
Expenses net of all reductions | .72% I | .71% | .72% | .73% | .74% | .74% | ||||||
Net investment income (loss) | 2.77% I | 2.32% | 1.71% | 2.46% | 2.54% | 2.88% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 616,698 | $ | 658,828 | $ | 647,384 | $ | 537,336 | $ | 545,366 | $ | 510,226 |
Portfolio turnover rate J | 23% I | 29% | 37% | 55% | 58% | 49% |
Fidelity Advisor® Strategic Dividend & Income® Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.20 | $ | 17.96 | $ | 16.18 | $ | 15.84 | $ | 15.24 | $ | 15.61 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .23 | .40 | .32 | .38 | .40 | .09 | ||||||
Net realized and unrealized gain (loss) | (.67) | (.63) | 2.39 | 1.01 | 1.23 | (.33) | ||||||
Total from investment operations | (.44) | (.23) | 2.71 | 1.39 | 1.63 | (.24) | ||||||
Distributions from net investment income | (.23) | (.43) | (.45) | (.36) | (.38) | (.13) | ||||||
Distributions from net realized gain | (.24) | (1.10) | (.49) | (.70) | (.65) | - | ||||||
Total distributions | (.48) D | (1.53) | (.93) D | (1.05) D | (1.03) | (.13) | ||||||
Net asset value, end of period | $ | 15.28 | $ | 16.20 | $ | 17.96 | $ | 16.18 | $ | 15.84 | $ | 15.24 |
Total Return E,F | (2.74)% | (1.70)% | 17.40% | 9.43% | 11.90% | (1.57)% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .60% I | .59% | .59% | .61% | .61% | .64% I | ||||||
Expenses net of fee waivers, if any | .59% I | .59% | .59% | .61% | .61% | .64% I | ||||||
Expenses net of all reductions | .59% I | .59% | .59% | .60% | .61% | .64% I | ||||||
Net investment income (loss) | 2.90% I | 2.44% | 1.83% | 2.59% | 2.67% | 3.57% I | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 216,511 | $ | 201,793 | $ | 179,880 | $ | 140,035 | $ | 127,236 | $ | 28,937 |
Portfolio turnover rate J | 23% I | 29% | 37% | 55% | 58% | 49% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Real Estate Equity Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. | Less than .005% | |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $826,477,256 |
Gross unrealized depreciation | (319,701,666) |
Net unrealized appreciation (depreciation) | $506,775,590 |
Tax cost | $4,530,216,045 |
Purchases ($) | Sales ($) | |
Fidelity Strategic Dividend & Income Fund | 592,443,592 | 762,986,898 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $1,095,260 | $27,864 |
Class M | .25% | .25% | 748,568 | 5,812 |
Class C | .75% | .25% | 906,649 | 113,821 |
$2,750,477 | $147,497 |
Retained by FDC | |
Class A | $382,933 |
Class M | 21,572 |
Class C A | 28,534 |
$433,039 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $753,329 | .17 |
Class M | 250,422 | .17 |
Class C | 161,358 | .18 |
Strategic Dividend and Income | 2,088,798 | .14 |
Class I | 546,255 | .17 |
Class Z | 45,487 | .04 |
$3,845,649 |
% of Average Net Assets | |
Fidelity Strategic Dividend & Income Fund | .03 |
Amount | |
Fidelity Strategic Dividend & Income Fund | $6,779 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Strategic Dividend & Income Fund | 18,928,051 | 16,557,693 | 403,007 |
Amount | |
Fidelity Strategic Dividend & Income Fund | $5,132 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Strategic Dividend & Income Fund | $1,430 | $- | $- |
Expense reduction | |
Class M | $262 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Strategic Dividend & Income Fund | ||
Distributions to shareholders | ||
Class A | $ 24,647,498 | $72,202,464 |
Class M | 8,109,316 | 25,377,341 |
Class C | 4,595,609 | 17,010,211 |
Strategic Dividend and Income | 88,967,159 | 295,135,635 |
Class I | 18,945,635 | 55,066,224 |
Class Z | 6,165,933 | 15,661,220 |
Total | $151,431,150 | $480,453,095 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Strategic Dividend & Income Fund | ||||
Class A | ||||
Shares sold | 4,427,252 | 10,081,326 | $68,953,904 | $164,058,637 |
Reinvestment of distributions | 1,558,175 | 4,058,438 | 23,854,389 | 69,727,289 |
Shares redeemed | (4,335,853) | (8,044,178) | (67,409,800) | (130,331,995) |
Net increase (decrease) | 1,649,574 | 6,095,586 | $25,398,493 | $103,453,931 |
Class M | ||||
Shares sold | 1,170,609 | 3,113,421 | $18,196,987 | $50,838,746 |
Reinvestment of distributions | 525,946 | 1,464,957 | 8,049,714 | 25,222,648 |
Shares redeemed | (1,669,949) | (3,235,260) | (25,970,254) | (52,624,168) |
Net increase (decrease) | 26,606 | 1,343,118 | $276,447 | $23,437,226 |
Class C | ||||
Shares sold | 835,549 | 2,261,446 | $13,006,396 | $35,899,272 |
Reinvestment of distributions | 297,326 | 973,185 | 4,532,635 | 16,810,796 |
Shares redeemed | (2,133,232) | (4,347,545) | (33,039,891) | (70,449,733) |
Net increase (decrease) | (1,000,357) | (1,112,914) | $(15,500,860) | $(17,739,665) |
Strategic Dividend and Income | ||||
Shares sold | 8,736,256 | 25,593,096 | $137,482,247 | $424,950,121 |
Reinvestment of distributions | 5,042,938 | 15,197,698 | 77,874,977 | 263,170,340 |
Shares redeemed | (15,438,952) | (45,583,592) | (242,199,733) | (740,701,916) |
Net increase (decrease) | (1,659,758) | (4,792,798) | $(26,842,509) | $(52,581,455) |
Class I | ||||
Shares sold | 3,892,579 | 10,953,297 | $60,975,282 | $178,585,864 |
Reinvestment of distributions | 1,157,909 | 2,974,947 | 17,813,182 | 51,236,574 |
Shares redeemed | (5,362,586) | (9,312,946) | (83,946,833) | (150,909,140) |
Net increase (decrease) | (312,098) | 4,615,298 | $(5,158,369) | $78,913,298 |
Class Z | ||||
Shares sold | 2,706,244 | 3,911,746 | $42,475,313 | $63,430,176 |
Reinvestment of distributions | 344,365 | 761,387 | 5,298,852 | 13,074,796 |
Shares redeemed | (1,339,051) | (2,233,150) | (20,884,513) | (36,474,283) |
Net increase (decrease) | 1,711,558 | 2,439,983 | $26,889,652 | $40,030,689 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity® Strategic Dividend & Income® Fund | ||||||||||
Class A | .98% | |||||||||
Actual | $ 1,000 | $ 970.50 | $ 4.81 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.04 | $ 4.94 | |||||||
Class M | 1.22% | |||||||||
Actual | $ 1,000 | $ 969.30 | $ 5.99 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.85 | $ 6.14 | |||||||
Class C | 1.73% | |||||||||
Actual | $ 1,000 | $ 967.30 | $ 8.49 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.31 | $ 8.70 | |||||||
Fidelity® Strategic Dividend & Income® Fund | .69% | |||||||||
Actual | $ 1,000 | $ 972.20 | $ 3.39 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.49 | $ 3.48 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 971.90 | $ 3.54 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.34 | $ 3.63 | |||||||
Class Z | .59% | |||||||||
Actual | $ 1,000 | $ 972.60 | $ 2.90 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.99 | $ 2.97 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Salem Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Salem Street Trust’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Salem Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | July 20, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | July 20, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | July 20, 2023 |