Quarterly Holdings Report
for
Fidelity® Strategic Dividend & Income® Fund
February 29, 2024
SDI-NPRT1-0424
1.814104.119
Corporate Bonds - 9.3% | |||
Principal Amount (a) | Value ($) | ||
Convertible Bonds - 8.5% | |||
COMMUNICATION SERVICES - 0.6% | |||
Entertainment - 0.2% | |||
Liberty Media Corp. 2.375% 9/30/53 (b) | 2,269,000 | 2,494,766 | |
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27 | 2,467,000 | 2,668,572 | |
Live Nation Entertainment, Inc. 3.125% 1/15/29 | 2,315,000 | 2,636,126 | |
Sphere Entertainment Co. 3.5% 12/1/28 (b) | 391,000 | 543,274 | |
Zynga, Inc. 0% 12/15/26 | 1,969,000 | 1,686,424 | |
10,029,162 | |||
Interactive Media & Services - 0.2% | |||
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b) | 859,000 | 804,592 | |
Snap, Inc.: | |||
0% 5/1/27 | 2,640,000 | 2,117,965 | |
0.125% 3/1/28 | 4,236,000 | 3,177,000 | |
0.25% 5/1/25 | 1,118,000 | 1,076,075 | |
0.75% 8/1/26 | 1,190,000 | 1,125,145 | |
TripAdvisor, Inc. 0.25% 4/1/26 | 1,081,000 | 1,002,361 | |
9,303,138 | |||
Media - 0.2% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 4,517,000 | 3,272,567 | |
3.375% 8/15/26 | 8,477,000 | 5,012,027 | |
Liberty Broadband Corp. 3.125% 3/31/53 (b) | 2,830,000 | 2,667,892 | |
Liberty Media Corp. 3.75% 3/15/28 (b) | 1,850,000 | 2,249,600 | |
Magnite, Inc. 0.25% 3/15/26 | 415,000 | 369,973 | |
13,572,059 | |||
TOTAL COMMUNICATION SERVICES | 32,904,359 | ||
CONSUMER DISCRETIONARY - 0.9% | |||
Automobiles - 0.2% | |||
Ford Motor Co. 0% 3/15/26 | 4,719,000 | 4,743,273 | |
Rivian Automotive, Inc.: | |||
3.625% 10/15/30(b) | 3,426,000 | 2,394,037 | |
4.625% 3/15/29(b) | 2,035,000 | 1,640,210 | |
Winnebago Industries, Inc. 3.25% 1/15/30 (b) | 1,232,000 | 1,303,456 | |
10,080,976 | |||
Broadline Retail - 0.1% | |||
Etsy, Inc.: | |||
0.125% 10/1/26 | 1,460,000 | 1,570,230 | |
0.125% 9/1/27 | 1,299,000 | 1,084,276 | |
0.25% 6/15/28 | 1,390,000 | 1,109,019 | |
3,763,525 | |||
Diversified Consumer Services - 0.0% | |||
Stride, Inc. 1.125% 9/1/27 | 1,269,000 | 1,610,996 | |
Hotels, Restaurants & Leisure - 0.4% | |||
Booking Holdings, Inc. 0.75% 5/1/25 | 1,861,000 | 3,431,312 | |
Carnival Corp.: | |||
5.75% 10/1/24 | 972,000 | 1,594,080 | |
5.75% 12/1/27 | 2,475,000 | 3,650,625 | |
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26 | 991,000 | 851,765 | |
NCL Corp. Ltd.: | |||
5.375% 8/1/25 | 1,000,000 | 1,261,066 | |
6% 5/15/24 | 341,000 | 488,073 | |
Penn Entertainment, Inc. 2.75% 5/15/26 | 1,105,000 | 1,192,074 | |
Royal Caribbean Cruises Ltd. 6% 8/15/25 | 2,462,000 | 6,242,401 | |
18,711,396 | |||
Leisure Products - 0.1% | |||
Peloton Interactive, Inc. 0% 2/15/26 | 5,076,000 | 4,085,950 | |
Topgolf Callaway Brands Corp. 2.75% 5/1/26 | 2,122,000 | 2,269,479 | |
6,355,429 | |||
Specialty Retail - 0.1% | |||
The RealReal, Inc.: | |||
1% 3/1/28 | 1,813,000 | 616,420 | |
3% 6/15/25 | 420,000 | 305,802 | |
Wayfair LLC 0.625% 10/1/25 | 7,702,000 | 7,105,311 | |
8,027,533 | |||
TOTAL CONSUMER DISCRETIONARY | 48,549,855 | ||
CONSUMER STAPLES - 0.1% | |||
Food Products - 0.1% | |||
Freshpet, Inc. 3% 4/1/28 (b) | 750,000 | 1,318,500 | |
Post Holdings, Inc. 2.5% 8/15/27 | 1,250,000 | 1,384,375 | |
2,702,875 | |||
Tobacco - 0.0% | |||
Turning Point Brands, Inc. 2.5% 7/15/24 | 945,326 | 931,146 | |
TOTAL CONSUMER STAPLES | 3,634,021 | ||
ENERGY - 0.3% | |||
Energy Equipment & Services - 0.0% | |||
Transocean, Inc.: | |||
4% 12/15/25 | 683,000 | 816,921 | |
4.625% 9/30/29 | 500,000 | 800,717 | |
1,617,638 | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
CNX Resources Corp. 2.25% 5/1/26 | 918,000 | 1,547,450 | |
Northern Oil & Gas, Inc. 3.625% 4/15/29 | 5,035,000 | 5,732,348 | |
Peabody Energy Corp. 3.25% 3/1/28 | 864,000 | 1,238,112 | |
Permian Resources Operating LLC 3.25% 4/1/28 | 735,000 | 1,944,213 | |
Pioneer Natural Resources Co. 0.25% 5/15/25 | 1,403,000 | 3,560,955 | |
World Kinect Corp. 3.25% 7/1/28 (b) | 1,110,000 | 1,155,510 | |
15,178,588 | |||
TOTAL ENERGY | 16,796,226 | ||
FINANCIALS - 0.4% | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. 0.5% 6/1/26 | 2,785,000 | 2,759,935 | |
Consumer Finance - 0.1% | |||
Bread Financial Holdings, Inc. 4.25% 6/15/28 (b) | 935,000 | 1,103,240 | |
LendingTree, Inc. 0.5% 7/15/25 | 3,833,000 | 3,461,678 | |
SoFi Technologies, Inc. 0% 10/15/26 (b) | 1,880,000 | 1,583,900 | |
6,148,818 | |||
Financial Services - 0.2% | |||
Affirm Holdings, Inc. 0% 11/15/26 | 2,090,000 | 1,687,466 | |
Block, Inc. 0.125% 3/1/25 | 2,044,000 | 2,029,313 | |
Global Payments, Inc. 1.5% 3/1/31 (b) | 5,128,000 | 5,192,100 | |
Shift4 Payments, Inc.: | |||
0% 12/15/25 | 1,117,000 | 1,326,385 | |
0.5% 8/1/27 | 739,000 | 723,900 | |
10,959,164 | |||
TOTAL FINANCIALS | 19,867,917 | ||
HEALTH CARE - 1.1% | |||
Biotechnology - 0.4% | |||
Alnylam Pharmaceuticals, Inc. 1% 9/15/27 | 1,675,000 | 1,566,370 | |
BridgeBio Pharma, Inc. 2.25% 2/1/29 | 4,190,000 | 3,452,560 | |
Cytokinetics, Inc. 3.5% 7/1/27 | 1,503,000 | 2,407,187 | |
Dynavax Technologies Corp. 2.5% 5/15/26 | 100,000 | 136,050 | |
Exact Sciences Corp. 2% 3/1/30 (b) | 2,186,000 | 2,236,278 | |
Immunocore Holdings PLC 2.5% 2/1/30 (b) | 1,289,000 | 1,335,404 | |
Insmed, Inc. 0.75% 6/1/28 | 1,200,000 | 1,302,000 | |
Mirum Pharmaceuticals, Inc. 4% 5/1/29 (b) | 960,000 | 1,160,750 | |
Natera, Inc. 2.25% 5/1/27 | 578,000 | 1,311,699 | |
Neurocrine Biosciences, Inc. 2.25% 5/15/24 | 600,000 | 1,025,400 | |
Sarepta Therapeutics, Inc.: | |||
1.25% 9/15/27 | 2,387,000 | 2,759,952 | |
1.5% 11/15/24 | 270,000 | 471,270 | |
19,164,920 | |||
Health Care Equipment & Supplies - 0.5% | |||
CONMED Corp. 2.25% 6/15/27 | 1,080,000 | 979,184 | |
DexCom, Inc.: | |||
0.25% 11/15/25 | 750,000 | 756,375 | |
0.375% 5/15/28(b) | 1,657,000 | 1,608,947 | |
Enovis Corp. 3.875% 10/15/28 (b) | 1,040,000 | 1,294,800 | |
Envista Holdings Corp. 2.375% 6/1/25 | 1,399,000 | 1,581,936 | |
Glaukos Corp. 2.75% 6/15/27 | 830,000 | 1,395,645 | |
Insulet Corp. 0.375% 9/1/26 | 1,319,000 | 1,318,341 | |
Integer Holdings Corp. 2.125% 2/15/28 | 1,862,000 | 2,569,560 | |
Lantheus Holdings, Inc. 2.625% 12/15/27 | 1,200,000 | 1,363,800 | |
LivaNova U.S.A., Inc. 3% 12/15/25 | 1,360,000 | 1,562,703 | |
Merit Medical Systems, Inc. 3% 2/1/29 (b) | 1,749,000 | 1,928,273 | |
NuVasive, Inc. 0.375% 3/15/25 | 1,750,000 | 1,646,750 | |
Omnicell, Inc. 0.25% 9/15/25 | 959,000 | 886,476 | |
Shockwave Medical, Inc. 1% 8/15/28 (b) | 2,774,000 | 3,117,976 | |
TransMedics Group, Inc. 1.5% 6/1/28 (b) | 1,489,000 | 1,667,928 | |
23,678,694 | |||
Health Care Providers & Services - 0.1% | |||
Accolade, Inc. 0.5% 4/1/26 | 4,716,000 | 3,987,655 | |
Guardant Health, Inc. 0% 11/15/27 | 1,804,000 | 1,216,536 | |
Opko Health, Inc. 3.75% 1/15/29 (b) | 312,000 | 299,522 | |
5,503,713 | |||
Health Care Technology - 0.1% | |||
Evolent Health, Inc. 3.5% 12/1/29 (b) | 1,563,000 | 1,827,929 | |
Health Catalyst, Inc. 2.5% 4/15/25 | 724,000 | 683,094 | |
Teladoc Health, Inc. 1.25% 6/1/27 | 2,204,000 | 1,827,998 | |
Veradigm, Inc. 0.875% 1/1/27 | 69,000 | 68,900 | |
4,407,921 | |||
Life Sciences Tools & Services - 0.0% | |||
Repligen Corp. 1% 12/15/28 (b) | 1,537,000 | 1,786,867 | |
Pharmaceuticals - 0.0% | |||
Amphastar Pharmaceuticals, Inc. 2% 3/15/29 (b) | 830,000 | 844,666 | |
Jazz Investments I Ltd. 2% 6/15/26 | 1,726,000 | 1,707,877 | |
2,552,543 | |||
TOTAL HEALTH CARE | 57,094,658 | ||
INDUSTRIALS - 0.8% | |||
Aerospace & Defense - 0.1% | |||
Axon Enterprise, Inc. 0.5% 12/15/27 | 2,217,000 | 3,169,202 | |
Rocket Lab U.S.A., Inc. 4.25% 2/1/29 (b) | 1,110,000 | 1,248,750 | |
Spirit Aerosystems, Inc. 3.25% 11/1/28 (b) | 1,400,000 | 1,707,314 | |
6,125,266 | |||
Commercial Services & Supplies - 0.0% | |||
Tetra Tech, Inc. 2.25% 8/15/28 (b) | 1,590,000 | 1,694,902 | |
Construction & Engineering - 0.1% | |||
Fluor Corp. 1.125% 8/15/29 (b) | 1,616,000 | 1,666,904 | |
Granite Construction, Inc. 3.75% 5/15/28 (b) | 1,550,000 | 1,970,050 | |
3,636,954 | |||
Electrical Equipment - 0.1% | |||
Array Technologies, Inc. 1% 12/1/28 | 1,292,000 | 1,135,668 | |
Bloom Energy Corp. NULL 3% 6/1/28 (b) | 1,110,000 | 888,770 | |
Sunrun, Inc. 4% 3/1/30 (b) | 1,110,000 | 1,057,275 | |
3,081,713 | |||
Ground Transportation - 0.2% | |||
Lyft, Inc. 1.5% 5/15/25 | 2,051,000 | 1,972,037 | |
Uber Technologies, Inc.: | |||
0% 12/15/25 | 1,824,000 | 2,076,717 | |
0.875% 12/1/28(b) | 5,525,000 | 6,925,588 | |
10,974,342 | |||
Machinery - 0.1% | |||
John Bean Technologies Corp. 0.25% 5/15/26 | 1,444,000 | 1,320,105 | |
Middleby Corp. 1% 9/1/25 | 1,400,000 | 1,750,000 | |
3,070,105 | |||
Passenger Airlines - 0.1% | |||
American Airlines Group, Inc. 6.5% 7/1/25 | 2,342,000 | 2,745,995 | |
JetBlue Airways Corp. 0.5% 4/1/26 | 2,740,000 | 2,314,334 | |
Southwest Airlines Co. 1.25% 5/1/25 | 2,056,000 | 2,213,284 | |
Spirit Airlines, Inc. 1% 5/15/26 | 770,000 | 355,849 | |
7,629,462 | |||
Professional Services - 0.1% | |||
CSG Systems International, Inc. 3.875% 9/15/28 (b) | 840,000 | 847,073 | |
Parsons Corp. 2.625% 3/1/29 (b) | 2,776,000 | 2,943,948 | |
3,791,021 | |||
TOTAL INDUSTRIALS | 40,003,765 | ||
INFORMATION TECHNOLOGY - 2.9% | |||
Communications Equipment - 0.1% | |||
Lumentum Holdings, Inc.: | |||
0.5% 12/15/26 | 1,859,000 | 1,638,709 | |
0.5% 6/15/28 | 2,140,000 | 1,657,638 | |
1.5% 12/15/29(b) | 1,220,000 | 1,160,830 | |
4,457,177 | |||
Electronic Equipment, Instruments & Components - 0.1% | |||
Advanced Energy Industries, Inc. 2.5% 9/15/28 (b) | 675,000 | 684,944 | |
Insight Enterprises, Inc. 0.75% 2/15/25 | 1,305,000 | 3,592,013 | |
Par Technology Corp. 1.5% 10/15/27 | 98,000 | 88,102 | |
Vishay Intertechnology, Inc. 2.25% 9/15/30 (b) | 1,280,000 | 1,186,560 | |
5,551,619 | |||
IT Services - 0.5% | |||
Akamai Technologies, Inc.: | |||
0.125% 5/1/25 | 2,571,000 | 3,075,089 | |
0.375% 9/1/27 | 2,716,000 | 2,890,380 | |
1.125% 2/15/29(b) | 2,800,000 | 2,898,636 | |
BigCommerce Holdings, Inc. 0.25% 10/1/26 | 1,820,000 | 1,498,096 | |
Cloudflare, Inc. 0% 8/15/26 | 2,792,000 | 2,592,372 | |
Digitalocean Holdings, Inc. 0% 12/1/26 | 3,337,000 | 2,758,170 | |
Fastly, Inc. 0% 3/15/26 | 2,045,000 | 1,828,230 | |
MongoDB, Inc. 0.25% 1/15/26 | 2,446,000 | 5,240,555 | |
Okta, Inc.: | |||
0.125% 9/1/25 | 1,386,000 | 1,333,779 | |
0.375% 6/15/26 | 1,204,000 | 1,111,894 | |
Perficient, Inc. 0.125% 11/15/26 | 1,910,000 | 1,621,189 | |
Wix.com Ltd. 0% 8/15/25 | 2,407,000 | 2,203,609 | |
29,051,999 | |||
Semiconductors & Semiconductor Equipment - 0.3% | |||
MACOM Technology Solutions Holdings, Inc. 0.25% 3/15/26 | 1,250,000 | 1,487,500 | |
Microchip Technology, Inc. 0.125% 11/15/24 | 1,927,000 | 2,002,876 | |
ON Semiconductor Corp.: | |||
0% 5/1/27 | 2,254,000 | 3,520,748 | |
0.5% 3/1/29(b) | 3,943,000 | 3,978,487 | |
Veeco Instruments, Inc. 2.875% 6/1/29 (b) | 370,000 | 522,995 | |
Wolfspeed, Inc.: | |||
0.25% 2/15/28 | 2,281,000 | 1,260,253 | |
1.75% 5/1/26 | 639,000 | 565,519 | |
1.875% 12/1/29 | 3,755,000 | 1,956,355 | |
15,294,733 | |||
Software - 1.7% | |||
Altair Engineering, Inc. 1.75% 6/15/27 | 1,400,000 | 1,820,299 | |
Avalara, Inc. 0.25% 8/1/26 | 1,550,000 | 1,538,375 | |
Bentley Systems, Inc.: | |||
0.125% 1/15/26 | 1,035,000 | 1,012,991 | |
0.375% 7/1/27 | 1,400,000 | 1,241,100 | |
Bill Holdings, Inc.: | |||
0% 12/1/25 | 1,621,000 | 1,481,594 | |
0% 4/1/27 | 2,695,000 | 2,235,503 | |
BlackLine, Inc. 0% 3/15/26 | 4,280,000 | 3,809,200 | |
Box, Inc. 0% 1/15/26 | 907,000 | 1,014,480 | |
Confluent, Inc. 0% 1/15/27 | 1,963,000 | 1,687,761 | |
CyberArk Software Ltd. 0% 11/15/24 | 1,108,000 | 1,876,952 | |
Datadog, Inc. 0.125% 6/15/25 | 1,480,000 | 2,199,280 | |
Dropbox, Inc.: | |||
0% 3/1/26 | 797,000 | 747,188 | |
0% 3/1/28 | 811,000 | 747,134 | |
Everbridge, Inc.: | |||
0% 3/15/26 | 942,000 | 916,566 | |
0.125% 12/15/24 | 1,506,000 | 1,466,844 | |
Five9, Inc. 1% 3/15/29 (b) | 3,385,000 | 3,459,470 | |
Guidewire Software, Inc. 1.25% 3/15/25 | 1,087,000 | 1,262,551 | |
HubSpot, Inc. 0.375% 6/1/25 | 1,108,000 | 2,442,032 | |
InterDigital, Inc. 3.5% 6/1/27 | 1,150,000 | 1,659,450 | |
LivePerson, Inc. 0% 12/15/26 | 2,331,000 | 1,276,223 | |
MicroStrategy, Inc.: | |||
0% 2/15/27 | 3,124,000 | 3,229,067 | |
0.75% 12/15/25 | 977,000 | 2,526,034 | |
Pagerduty, Inc.: | |||
1.25% 7/1/25 | 645,000 | 620,303 | |
1.5% 10/15/28(b) | 1,220,000 | 1,338,980 | |
Palo Alto Networks, Inc. 0.375% 6/1/25 | 3,246,000 | 10,132,389 | |
Pegasystems, Inc. 0.75% 3/1/25 | 3,274,000 | 3,144,677 | |
Progress Software Corp.: | |||
1% 4/15/26 | 1,457,000 | 1,519,651 | |
3.5% 3/1/30(b) | 1,815,000 | 1,843,133 | |
Q2 Holdings, Inc. 0.75% 6/1/26 | 1,070,000 | 998,974 | |
Rapid7, Inc.: | |||
0.25% 3/15/27 | 95,000 | 85,678 | |
1.25% 3/15/29(b) | 1,610,000 | 1,804,962 | |
RingCentral, Inc. 0% 3/15/26 | 2,505,000 | 2,226,319 | |
Splunk, Inc.: | |||
1.125% 9/15/25 | 1,860,000 | 2,098,080 | |
1.125% 6/15/27 | 2,852,000 | 2,810,646 | |
Tyler Technologies, Inc. 0.25% 3/15/26 | 1,624,000 | 1,658,104 | |
Unity Software, Inc. 0% 11/15/26 | 9,412,000 | 7,901,374 | |
Varonis Systems, Inc. 1.25% 8/15/25 | 1,167,000 | 1,980,602 | |
Workiva, Inc. 1.25% 8/15/28 (b) | 2,960,000 | 2,757,240 | |
Zscaler, Inc. 0.125% 7/1/25 | 2,474,000 | 4,062,308 | |
86,633,514 | |||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Seagate HDD Cayman 3.5% 6/1/28 (b) | 3,390,000 | 4,247,208 | |
Super Micro Computer, Inc. 0% 3/1/29 (b) | 751,000 | 763,572 | |
Western Digital Corp. 3% 11/15/28 (b) | 3,770,000 | 4,976,400 | |
9,987,180 | |||
TOTAL INFORMATION TECHNOLOGY | 150,976,222 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.0% | |||
Livent Corp. 4.125% 7/15/25 | 447,000 | 690,168 | |
Metals & Mining - 0.1% | |||
ATI, Inc. 3.5% 6/15/25 | 392,000 | 1,249,108 | |
Equinox Gold Corp. 4.75% 10/15/28 (b) | 700,000 | 682,080 | |
MP Materials Corp. 0.25% 4/1/26 (b) | 1,143,000 | 982,721 | |
United States Steel Corp. 5% 11/1/26 | 528,000 | 1,867,536 | |
4,781,445 | |||
TOTAL MATERIALS | 5,471,613 | ||
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.2% | |||
Federal Realty OP LP 3.25% 1/15/29 (b) | 585,000 | 565,988 | |
Ventas Realty LP 3.75% 6/1/26 (b) | 4,522,000 | 4,494,868 | |
Welltower OP LLC 2.75% 5/15/28 (b) | 3,975,000 | 4,379,633 | |
9,440,489 | |||
Real Estate Management & Development - 0.2% | |||
Redfin Corp.: | |||
0% 10/15/25 | 992,000 | 837,935 | |
0.5% 4/1/27 | 5,056,000 | 2,886,793 | |
Zillow Group, Inc.: | |||
0.75% 9/1/24 | 1,321,000 | 1,731,573 | |
1.375% 9/1/26 | 2,220,000 | 2,956,670 | |
8,412,971 | |||
TOTAL REAL ESTATE | 17,853,460 | ||
UTILITIES - 0.9% | |||
Electric Utilities - 0.7% | |||
Alliant Energy Corp. 3.875% 3/15/26 (b) | 1,160,000 | 1,124,620 | |
Duke Energy Corp. 4.125% 4/15/26 (b) | 6,625,000 | 6,499,125 | |
Evergy, Inc. 4.5% 12/15/27 (b) | 4,050,000 | 4,009,798 | |
FirstEnergy Corp. 4% 5/1/26 (b) | 4,865,000 | 4,777,430 | |
NextEra Energy Capital Holdings, Inc. 3% 3/1/27 (b) | 1,766,000 | 1,770,415 | |
NRG Energy, Inc. 2.75% 6/1/48 | 2,134,000 | 2,919,312 | |
PG&E Corp. 4.25% 12/1/27 (b) | 7,600,000 | 7,592,400 | |
PPL Capital Funding, Inc. 2.875% 3/15/28 | 2,360,000 | 2,227,368 | |
Southern Co. 3.875% 12/15/25 (b) | 6,600,000 | 6,468,000 | |
37,388,468 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
NextEra Energy Partners LP 0% 11/15/25 (b) | 4,537,000 | 3,997,917 | |
Ormat Technologies, Inc. 2.5% 7/15/27 | 690,000 | 658,605 | |
4,656,522 | |||
Multi-Utilities - 0.1% | |||
CenterPoint Energy, Inc. 4.25% 8/15/26 (b) | 2,040,000 | 2,011,440 | |
CMS Energy Corp. 3.375% 5/1/28 (b) | 1,905,000 | 1,846,898 | |
3,858,338 | |||
Water Utilities - 0.0% | |||
American Water Capital Corp. 3.625% 6/15/26 (b) | 2,639,000 | 2,559,830 | |
TOTAL UTILITIES | 48,463,158 | ||
TOTAL CONVERTIBLE BONDS | 441,615,254 | ||
Nonconvertible Bonds - 0.8% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
Gannett Holdings LLC 6% 11/1/26 (b) | 3,180,000 | 2,873,575 | |
CONSUMER DISCRETIONARY - 0.0% | |||
Broadline Retail - 0.0% | |||
Match Group Holdings II LLC 3.625% 10/1/31 (b) | 2,610,000 | 2,198,925 | |
ENERGY - 0.0% | |||
Oil, Gas & Consumable Fuels - 0.0% | |||
Energy Transfer LP 8% 5/15/54 (c) | 1,045,000 | 1,085,755 | |
FINANCIALS - 0.5% | |||
Capital Markets - 0.0% | |||
Deutsche Bank AG New York Branch 6.72% 1/18/29 (c) | 750,000 | 770,540 | |
Financial Services - 0.2% | |||
ILFC E-Capital Trust I CME Term SOFR 3 Month Index + 1.810% 7.1862% 12/21/65 (b)(c)(d) | 14,050,000 | 10,882,147 | |
Insurance - 0.3% | |||
MetLife, Inc. 6.4% 12/15/66 (c) | 8,000,000 | 8,120,800 | |
Prudential Financial, Inc.: | |||
3.7% 10/1/50(c) | 2,500,000 | 2,183,632 | |
5.125% 3/1/52(c) | 2,350,000 | 2,196,869 | |
6.75% 3/1/53(c) | 2,750,000 | 2,858,848 | |
15,360,149 | |||
TOTAL FINANCIALS | 27,012,836 | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 650,000 | 596,010 | |
UTILITIES - 0.2% | |||
Electric Utilities - 0.1% | |||
Southern Co. 4% 1/15/51 (c) | 5,900,000 | 5,665,835 | |
Multi-Utilities - 0.1% | |||
CMS Energy Corp.: | |||
3.75% 12/1/50(c) | 450,000 | 359,925 | |
4.75% 6/1/50(c) | 3,500,000 | 3,207,086 | |
Sempra 4.125% 4/1/52 (c) | 1,750,000 | 1,605,573 | |
5,172,584 | |||
TOTAL UTILITIES | 10,838,419 | ||
TOTAL NONCONVERTIBLE BONDS | 44,605,520 | ||
TOTAL CORPORATE BONDS (Cost $447,315,708) | 486,220,774 | ||
U.S. Treasury Obligations - 1.3% | |||
Principal Amount (a) | Value ($) | ||
U.S. Treasury Bonds: | |||
3.875% 2/15/43 | 66,000,000 | 60,423,515 | |
3.875% 5/15/43 | 10,000,000 | 9,139,063 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $66,893,842) | 69,562,578 | ||
Common Stocks - 52.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.9% | |||
Diversified Telecommunication Services - 1.1% | |||
AT&T, Inc. | 166,600 | 2,820,538 | |
Cellnex Telecom SA (b) | 178,015 | 6,436,052 | |
Helios Towers PLC (e) | 1,954,887 | 1,861,845 | |
Verizon Communications, Inc. | 1,175,519 | 47,044,270 | |
58,162,705 | |||
Entertainment - 0.2% | |||
The Walt Disney Co. | 94,400 | 10,533,152 | |
Interactive Media & Services - 0.0% | |||
Alphabet, Inc. Class C (e) | 3,500 | 489,230 | |
Meta Platforms, Inc. Class A | 1,500 | 735,195 | |
Snap, Inc. Class A (e) | 29,600 | 326,192 | |
1,550,617 | |||
Media - 1.3% | |||
Comcast Corp. Class A | 1,334,912 | 57,200,979 | |
EchoStar Holding Corp. Class A (e) | 37,600 | 492,936 | |
Interpublic Group of Companies, Inc. | 340,700 | 10,697,980 | |
68,391,895 | |||
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. | 77,654 | 12,680,898 | |
TOTAL COMMUNICATION SERVICES | 151,319,267 | ||
CONSUMER DISCRETIONARY - 3.2% | |||
Automobiles - 0.0% | |||
Tesla, Inc. (e) | 5,100 | 1,029,588 | |
Broadline Retail - 0.0% | |||
Amazon.com, Inc. (e) | 3,800 | 671,688 | |
Diversified Consumer Services - 0.2% | |||
H&R Block, Inc. | 252,500 | 12,359,875 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Genius Sports Ltd. (e) | 87,200 | 619,992 | |
McDonald's Corp. | 277,178 | 81,013,586 | |
Penn Entertainment, Inc. (e) | 27,500 | 503,250 | |
Super Group SGHC Ltd. (e) | 316,995 | 1,046,084 | |
83,182,912 | |||
Specialty Retail - 1.2% | |||
Best Buy Co., Inc. | 85,300 | 6,899,064 | |
Burlington Stores, Inc. (e) | 75,600 | 15,505,560 | |
Dick's Sporting Goods, Inc. | 100 | 17,789 | |
Lowe's Companies, Inc. | 45,000 | 10,830,150 | |
TJX Companies, Inc. | 299,100 | 29,652,774 | |
62,905,337 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Columbia Sportswear Co. | 50,300 | 4,159,307 | |
Tapestry, Inc. | 72,200 | 3,431,666 | |
7,590,973 | |||
TOTAL CONSUMER DISCRETIONARY | 167,740,373 | ||
CONSUMER STAPLES - 7.9% | |||
Beverages - 2.1% | |||
Keurig Dr. Pepper, Inc. | 636,652 | 19,042,261 | |
The Coca-Cola Co. | 1,480,847 | 88,880,437 | |
107,922,698 | |||
Consumer Staples Distribution & Retail - 2.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 258,400 | 16,025,884 | |
BJ's Wholesale Club Holdings, Inc. (e) | 237,500 | 17,347,000 | |
Costco Wholesale Corp. | 8,800 | 6,546,232 | |
Dollar Tree, Inc. (e) | 197,000 | 28,895,960 | |
Metro, Inc. | 151,500 | 8,202,645 | |
Target Corp. | 75,000 | 11,469,000 | |
Walmart, Inc. | 235,800 | 13,820,238 | |
102,306,959 | |||
Food Products - 0.7% | |||
Bunge Global SA | 70,300 | 6,634,211 | |
Mondelez International, Inc. | 438,114 | 32,012,990 | |
38,647,201 | |||
Household Products - 2.3% | |||
Procter & Gamble Co. | 768,060 | 122,075,456 | |
Personal Care Products - 0.8% | |||
Estee Lauder Companies, Inc. Class A | 44,700 | 6,641,526 | |
Kenvue, Inc. | 1,453,045 | 27,607,855 | |
Unilever PLC | 120,400 | 5,879,648 | |
40,129,029 | |||
TOTAL CONSUMER STAPLES | 411,081,343 | ||
ENERGY - 5.3% | |||
Energy Equipment & Services - 0.0% | |||
Kodiak Gas Services, Inc. | 34,300 | 874,650 | |
Oil, Gas & Consumable Fuels - 5.3% | |||
Canadian Natural Resources Ltd. | 189,338 | 13,189,415 | |
Cenovus Energy, Inc. | 16,880 | 294,218 | |
Cheniere Energy Partners LP | 17,260 | 839,181 | |
Cheniere Energy, Inc. | 44,593 | 6,920,834 | |
ConocoPhillips Co. | 93,588 | 10,532,394 | |
DHT Holdings, Inc. | 736,346 | 7,967,264 | |
Energy Transfer LP | 447,119 | 6,545,822 | |
EnLink Midstream LLC | 116,110 | 1,431,636 | |
Exxon Mobil Corp. | 1,245,206 | 130,148,914 | |
Frontline PLC (NY Shares) | 59,100 | 1,331,523 | |
Global Partners LP | 18,730 | 873,380 | |
Hess Corp. | 46,800 | 6,821,100 | |
Hess Midstream LP | 35,590 | 1,213,263 | |
Imperial Oil Ltd. | 320,931 | 20,081,392 | |
Mach Natural Resources LP | 84,650 | 1,557,560 | |
MEG Energy Corp. (e) | 13,070 | 279,765 | |
MPLX LP | 21,436 | 824,000 | |
NuStar Energy LP | 49,043 | 1,158,396 | |
Phillips 66 Co. | 138,424 | 19,726,804 | |
Plains All American Pipeline LP | 246,338 | 4,044,870 | |
Scorpio Tankers, Inc. | 13,900 | 933,107 | |
Sunoco Logistics Partners, LP | 20,900 | 1,282,842 | |
Targa Resources Corp. | 85,451 | 8,394,706 | |
The Williams Companies, Inc. | 168,586 | 6,058,981 | |
Valero Energy Corp. | 109,038 | 15,424,515 | |
Western Midstream Partners LP | 100,389 | 3,358,012 | |
271,233,894 | |||
TOTAL ENERGY | 272,108,544 | ||
FINANCIALS - 6.6% | |||
Banks - 3.0% | |||
Bank of America Corp. | 849,345 | 29,319,389 | |
JPMorgan Chase & Co. | 132,200 | 24,597,132 | |
M&T Bank Corp. | 116,057 | 16,217,805 | |
PNC Financial Services Group, Inc. | 242,102 | 35,637,414 | |
U.S. Bancorp | 662,600 | 27,802,696 | |
Wells Fargo & Co. | 383,912 | 21,341,668 | |
154,916,104 | |||
Capital Markets - 0.7% | |||
BlackRock, Inc. Class A | 46,000 | 37,321,640 | |
Consumer Finance - 0.4% | |||
Capital One Financial Corp. | 149,490 | 20,571,319 | |
Financial Services - 0.2% | |||
MasterCard, Inc. Class A | 1,700 | 807,092 | |
Visa, Inc. Class A | 32,600 | 9,214,064 | |
10,021,156 | |||
Insurance - 2.3% | |||
American Financial Group, Inc. | 91,700 | 11,707,339 | |
Chubb Ltd. | 172,336 | 43,371,801 | |
Hartford Financial Services Group, Inc. | 201,736 | 19,334,378 | |
Marsh & McLennan Companies, Inc. | 46,500 | 9,405,555 | |
The Travelers Companies, Inc. | 157,292 | 34,755,240 | |
118,574,313 | |||
TOTAL FINANCIALS | 341,404,532 | ||
HEALTH CARE - 5.9% | |||
Biotechnology - 0.8% | |||
AbbVie, Inc. | 145,600 | 25,632,880 | |
Gilead Sciences, Inc. | 204,700 | 14,758,870 | |
Moderna, Inc. (e) | 5,700 | 525,768 | |
40,917,518 | |||
Health Care Providers & Services - 0.4% | |||
UnitedHealth Group, Inc. | 36,904 | 18,215,814 | |
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 108,470 | 27,458,096 | |
Pharmaceuticals - 4.2% | |||
AstraZeneca PLC sponsored ADR | 416,924 | 26,749,844 | |
Eli Lilly & Co. | 26,933 | 20,298,863 | |
GSK PLC | 306,200 | 6,405,232 | |
Johnson & Johnson | 548,962 | 88,591,488 | |
Merck & Co., Inc. | 221,581 | 28,174,024 | |
Roche Holding AG (participation certificate) | 69,433 | 18,154,039 | |
Royalty Pharma PLC | 293,300 | 8,898,722 | |
Sanofi SA sponsored ADR | 474,055 | 22,683,532 | |
219,955,744 | |||
TOTAL HEALTH CARE | 306,547,172 | ||
INDUSTRIALS - 8.2% | |||
Aerospace & Defense - 1.2% | |||
General Dynamics Corp. | 80,400 | 21,969,300 | |
Huntington Ingalls Industries, Inc. | 67,094 | 19,565,952 | |
Northrop Grumman Corp. | 26,602 | 12,264,054 | |
The Boeing Co. (e) | 44,299 | 9,024,592 | |
62,823,898 | |||
Air Freight & Logistics - 0.8% | |||
United Parcel Service, Inc. Class B | 265,029 | 39,293,200 | |
Building Products - 0.4% | |||
Johnson Controls International PLC | 320,890 | 19,019,150 | |
Commercial Services & Supplies - 0.7% | |||
GFL Environmental, Inc. | 229,900 | 8,288,698 | |
GFL Environmental, Inc. (f) | 198,739 | 7,170,503 | |
Republic Services, Inc. | 27,621 | 5,071,216 | |
Veralto Corp. | 38,190 | 3,300,380 | |
Waste Connections, Inc. (United States) | 29,121 | 4,846,899 | |
Waste Management, Inc. | 42,400 | 8,719,560 | |
37,397,256 | |||
Construction & Engineering - 0.1% | |||
Ferrovial SE | 84,294 | 3,156,787 | |
Willscot Mobile Mini Holdings (e) | 8,700 | 415,425 | |
3,572,212 | |||
Electrical Equipment - 1.7% | |||
AMETEK, Inc. | 39,900 | 7,189,182 | |
Babcock & Wilcox Enterprises, Inc. (e) | 248,494 | 318,072 | |
Eaton Corp. PLC | 283,203 | 81,845,667 | |
Sunrun, Inc. (e) | 52,871 | 636,567 | |
89,989,488 | |||
Ground Transportation - 0.2% | |||
Canadian National Railway Co. | 3,496 | 453,296 | |
Canadian Pacific Kansas City Ltd. | 24,979 | 2,123,465 | |
CSX Corp. | 84,734 | 3,214,808 | |
Norfolk Southern Corp. | 12,662 | 3,208,298 | |
Union Pacific Corp. | 14,189 | 3,599,607 | |
12,599,474 | |||
Industrial Conglomerates - 1.0% | |||
General Electric Co. | 152,475 | 23,921,803 | |
Hitachi Ltd. | 132,100 | 11,159,595 | |
Siemens AG | 72,500 | 14,352,750 | |
49,434,148 | |||
Machinery - 0.9% | |||
Chart Industries, Inc. (e) | 25,100 | 3,585,786 | |
Fortive Corp. | 34,800 | 2,962,524 | |
Hillenbrand, Inc. | 117,800 | 5,601,390 | |
ITT, Inc. | 281,600 | 35,521,024 | |
47,670,724 | |||
Professional Services - 0.7% | |||
Experian PLC | 434,100 | 18,590,581 | |
KBR, Inc. | 179,800 | 10,793,394 | |
Paychex, Inc. | 39,800 | 4,880,276 | |
34,264,251 | |||
Trading Companies & Distributors - 0.2% | |||
Watsco, Inc. (f) | 32,356 | 12,752,147 | |
Transportation Infrastructure - 0.3% | |||
Aena SME SA (b) | 74,508 | 14,104,522 | |
Athens International Airport SA | 91,741 | 862,637 | |
14,967,159 | |||
TOTAL INDUSTRIALS | 423,783,107 | ||
INFORMATION TECHNOLOGY - 6.5% | |||
Communications Equipment - 1.4% | |||
Cisco Systems, Inc. | 1,487,380 | 71,944,571 | |
IT Services - 1.4% | |||
Accenture PLC Class A | 80,102 | 30,020,628 | |
Amdocs Ltd. | 274,039 | 24,992,357 | |
Capgemini SA | 66,400 | 16,151,393 | |
71,164,378 | |||
Semiconductors & Semiconductor Equipment - 2.1% | |||
Analog Devices, Inc. | 199,000 | 38,172,180 | |
NXP Semiconductors NV | 132,800 | 33,164,144 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 298,107 | 38,357,428 | |
109,693,752 | |||
Software - 0.9% | |||
Adobe, Inc. (e) | 900 | 504,252 | |
Bill Holdings, Inc. (e) | 6,700 | 424,311 | |
Gen Digital, Inc. | 286,100 | 6,148,289 | |
Microsoft Corp. | 72,867 | 30,140,706 | |
MicroStrategy, Inc. Class A (e) | 500 | 511,420 | |
Roper Technologies, Inc. | 13,500 | 7,353,855 | |
Workiva, Inc. (e) | 5,400 | 465,048 | |
Zoom Video Communications, Inc. Class A (e) | 8,800 | 622,424 | |
46,170,305 | |||
Technology Hardware, Storage & Peripherals - 0.7% | |||
Apple, Inc. | 39,041 | 7,056,661 | |
FUJIFILM Holdings Corp. | 60,100 | 3,817,585 | |
Samsung Electronics Co. Ltd. (e) | 517,883 | 28,465,018 | |
39,339,264 | |||
TOTAL INFORMATION TECHNOLOGY | 338,312,270 | ||
MATERIALS - 1.5% | |||
Chemicals - 0.6% | |||
CF Industries Holdings, Inc. | 6,500 | 524,680 | |
Linde PLC | 68,318 | 30,662,485 | |
Nutrien Ltd. | 10,000 | 522,400 | |
31,709,565 | |||
Containers & Packaging - 0.4% | |||
Ball Corp. | 110,300 | 7,061,406 | |
Crown Holdings, Inc. | 193,332 | 14,813,098 | |
21,874,504 | |||
Metals & Mining - 0.5% | |||
Agnico Eagle Mines Ltd. (United States) | 20,300 | 975,618 | |
Freeport-McMoRan, Inc. | 575,500 | 21,759,655 | |
Newmont Corp. | 27,000 | 843,750 | |
Wheaton Precious Metals Corp. | 20,000 | 824,227 | |
24,403,250 | |||
TOTAL MATERIALS | 77,987,319 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
American Tower Corp. | 65,443 | 13,013,995 | |
Crown Castle, Inc. | 17,484 | 1,922,191 | |
Equinix, Inc. | 5,570 | 4,950,727 | |
Lamar Advertising Co. Class A | 131,468 | 14,533,787 | |
Prologis, Inc. | 26,699 | 3,558,176 | |
Segro PLC | 331,443 | 3,536,989 | |
Tritax Big Box REIT PLC | 905,977 | 1,676,539 | |
Urban Logistics REIT PLC | 602,964 | 882,901 | |
44,075,305 | |||
Real Estate Management & Development - 0.0% | |||
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | 6,435 | 226,448 | |
TOTAL REAL ESTATE | 44,301,753 | ||
UTILITIES - 3.2% | |||
Electric Utilities - 2.2% | |||
Constellation Energy Corp. | 170,921 | 28,791,642 | |
Exelon Corp. | 153,900 | 5,515,776 | |
Iberdrola SA | 129,553 | 1,487,937 | |
Kansai Electric Power Co., Inc. | 135,078 | 1,730,372 | |
NextEra Energy, Inc. | 628,522 | 34,688,129 | |
PG&E Corp. | 285,600 | 4,766,664 | |
Southern Co. | 312,182 | 20,994,240 | |
SSE PLC | 135,509 | 2,785,036 | |
Xcel Energy, Inc. | 278,726 | 14,686,073 | |
115,445,869 | |||
Gas Utilities - 0.0% | |||
Southwest Gas Holdings, Inc. | 19,385 | 1,321,088 | |
Suburban Propane Partners LP | 45,020 | 936,416 | |
2,257,504 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
EDP Renovaveis SA | 94,047 | 1,280,231 | |
RWE AG | 79,433 | 2,660,796 | |
The AES Corp. | 82,540 | 1,254,608 | |
Vistra Corp. | 188,900 | 10,302,606 | |
15,498,241 | |||
Multi-Utilities - 0.7% | |||
Ameren Corp. | 143,305 | 10,201,883 | |
National Grid PLC | 510,748 | 6,683,147 | |
Sempra | 78,713 | 5,557,138 | |
WEC Energy Group, Inc. | 152,667 | 11,982,833 | |
34,425,001 | |||
TOTAL UTILITIES | 167,626,615 | ||
TOTAL COMMON STOCKS (Cost $2,012,021,968) | 2,702,212,295 | ||
Preferred Stocks - 8.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.0% | |||
FINANCIALS - 0.9% | |||
Banks - 0.8% | |||
Bank of America Corp. 7.25% | 9,662 | 11,440,098 | |
Wells Fargo & Co. 7.50% | 24,485 | 28,909,490 | |
40,349,588 | |||
Financial Services - 0.1% | |||
Apollo Global Management, Inc. Series A, 6.75% | 70,400 | 4,484,480 | |
TOTAL FINANCIALS | 44,834,068 | ||
HEALTH CARE - 0.0% | |||
Health Care Providers & Services - 0.0% | |||
BrightSpring Health Services, Inc. 6.75% (e) | 19,900 | 759,185 | |
INDUSTRIALS - 0.0% | |||
Machinery - 0.0% | |||
RBC Bearings, Inc. | 6,000 | 747,900 | |
Professional Services - 0.0% | |||
Clarivate PLC 5.00% | 30,900 | 894,092 | |
TOTAL INDUSTRIALS | 1,641,992 | ||
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
NextEra Energy, Inc. 6.296% | 118,224 | 4,120,106 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 51,355,351 | ||
Nonconvertible Preferred Stocks - 7.3% | |||
COMMUNICATION SERVICES - 0.3% | |||
Diversified Telecommunication Services - 0.3% | |||
AT&T, Inc.: | |||
4.75% | 250,000 | 5,190,000 | |
5.125% | 85,000 | 1,887,850 | |
5.35% | 300,000 | 7,251,000 | |
14,328,850 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Leisure Products - 0.0% | |||
Brunswick Corp. 6.375% | 8,000 | 196,000 | |
ENERGY - 0.0% | |||
Oil, Gas & Consumable Fuels - 0.0% | |||
Enbridge, Inc. Series L, 5 Year U.S. Treasury Index + 3.150% 4.959% (c)(d) | 62,800 | 1,274,212 | |
FINANCIALS - 5.5% | |||
Banks - 3.7% | |||
Bank of America Corp.: | |||
4.25% | 665,000 | 13,160,350 | |
4.375% | 681,200 | 13,855,608 | |
4.75% | 125,000 | 2,718,750 | |
5.00% | 500,000 | 11,175,000 | |
Series HH, 5.875% | 150,000 | 3,753,000 | |
Series KK, 5.375% | 455,400 | 10,688,238 | |
Series PP, 4.125% | 675,000 | 13,047,750 | |
JPMorgan Chase & Co.: | |||
4.55% | 583,400 | 12,531,432 | |
4.625% | 650,000 | 14,131,000 | |
4.75% | 325,000 | 7,364,500 | |
Series DD, 5.75% | 384,100 | 9,629,387 | |
Series EE, 6.00% | 175,000 | 4,413,500 | |
Series MM, 4.20% | 716,400 | 14,242,032 | |
Truist Financial Corp. 4.75% | 250,000 | 5,232,500 | |
U.S. Bancorp: | |||
4.50% | 150,000 | 3,151,500 | |
Series K, 5.50% | 100,000 | 2,460,000 | |
Series L, 3.75% | 150,000 | 2,668,500 | |
Series M, 4.00% | 240,500 | 4,523,805 | |
Wells Fargo & Co.: | |||
4.25% | 515,000 | 9,712,900 | |
4.70% | 400,000 | 8,316,000 | |
Series CC, 4.375% | 350,000 | 6,772,500 | |
Series Y, 5.625% | 200,000 | 4,874,000 | |
Series Z, 4.75% | 638,900 | 13,321,065 | |
191,743,317 | |||
Capital Markets - 0.8% | |||
Charles Schwab Corp. 4.45% | 200,000 | 4,232,000 | |
Morgan Stanley: | |||
Series E, 3 month U.S. LIBOR + 7.120% 7.125%(c)(d) | 25,000 | 635,750 | |
Series I, 6.375%(c) | 30,000 | 755,100 | |
Series K, 5.85%(c) | 429,000 | 10,819,380 | |
Series L, 4.875% | 175,000 | 3,984,750 | |
Series O, 4.50% | 483,000 | 9,500,610 | |
Northern Trust Corp. Series E, 4.70% | 90,000 | 2,091,600 | |
Oaktree Capital Group LLC: | |||
6.55% | 140,300 | 3,155,347 | |
Series A, 6.625% | 105,197 | 2,356,413 | |
State Street Corp.: | |||
Series D, 5.90%(c) | 25,000 | 624,000 | |
Series G, 5.35%(c) | 20,000 | 479,200 | |
Stifel Financial Corp. Series D, 4.50% | 114,900 | 2,079,690 | |
40,713,840 | |||
Financial Services - 0.1% | |||
Apollo Global Management, Inc. (c) | 30,000 | 802,200 | |
Carlyle Finance LLC 4.625% | 165,000 | 3,253,800 | |
Equitable Holdings, Inc.: | |||
4.30% | 76,000 | 1,409,040 | |
Series A 5.25% | 84,500 | 1,925,755 | |
7,390,795 | |||
Insurance - 0.9% | |||
Allstate Corp.: | |||
5.10% | 491,000 | 11,504,130 | |
Series I, 4.75% | 125,000 | 2,982,500 | |
Series J, 7.375% | 35,000 | 953,400 | |
American Financial Group, Inc. 4.50% | 54,000 | 1,078,920 | |
Athene Holding Ltd.: | |||
Series A, 6.35%(c) | 185,000 | 4,541,750 | |
Series C, 6.375%(c) | 199,500 | 4,997,475 | |
Series D, 4.875% | 340,000 | 6,330,800 | |
MetLife, Inc. Series F 4.75% | 150,000 | 3,244,500 | |
Prudential Financial, Inc. 4.125% | 100,000 | 2,052,010 | |
RenaissanceRe Holdings Ltd. Series G, 4.20% | 40,000 | 744,000 | |
W.R. Berkley Corp.: | |||
4.125% | 200,000 | 3,960,000 | |
4.25% | 152,000 | 3,325,760 | |
5.10% | 100,000 | 2,315,000 | |
48,030,245 | |||
TOTAL FINANCIALS | 287,878,197 | ||
INDUSTRIALS - 0.0% | |||
Electrical Equipment - 0.0% | |||
Babcock & Wilcox Enterprises, Inc. 8.125% | 59,638 | 1,142,068 | |
REAL ESTATE - 0.6% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
Pebblebrook Hotel Trust 6.375% | 54,000 | 1,150,346 | |
Public Storage: | |||
3.875% | 100,000 | 1,843,000 | |
3.95% | 100,000 | 1,857,000 | |
4.00% | 224,000 | 4,325,440 | |
4.00% | 150,000 | 2,901,000 | |
Series I, 4.875% | 75,000 | 1,780,500 | |
Series J, 4.70% | 85,000 | 1,891,250 | |
Series K, 4.75% | 75,000 | 1,668,743 | |
Series L, 4.625% | 180,000 | 3,949,200 | |
Series M, 4.125% | 70,000 | 1,393,000 | |
Series O, 3.90% | 100,000 | 1,852,000 | |
Series S, 4.10% | 100,000 | 1,971,000 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 21,400 | 449,828 | |
Series F, 5.875% | 69,598 | 1,414,231 | |
Sunstone Hotel Investors, Inc. Series H, 6.125% | 20,000 | 437,200 | |
28,883,738 | |||
UTILITIES - 0.9% | |||
Electric Utilities - 0.5% | |||
Brookfield Infrastructure Finance ULC 5.00% | 40,000 | 772,800 | |
Duke Energy Corp. 5.625% | 50,000 | 1,266,250 | |
Entergy Louisiana LLC 4.875% | 30,500 | 698,755 | |
Entergy New Orleans LLC 5.50% | 23,717 | 573,358 | |
Georgia Power Co. 5.00% | 40,000 | 969,600 | |
NextEra Energy Capital Holdings, Inc. 5.65% | 115,000 | 2,875,000 | |
SCE Trust VII 7.75% | 150,000 | 4,023,000 | |
Southern Co.: | |||
4.20% | 221,000 | 4,541,550 | |
5.25% | 41,487 | 1,028,878 | |
Series A, 4.95% | 309,588 | 7,241,263 | |
23,990,454 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Partners LP 5.25% | 125,000 | 2,247,500 | |
Multi-Utilities - 0.4% | |||
Brookfield Infrastructure Partners LP: | |||
5.125% | 53,000 | 980,500 | |
Class A 5.00% | 59,100 | 1,041,933 | |
CMS Energy Corp.: | |||
5.625% | 43,258 | 1,061,486 | |
5.875% | 157,943 | 3,898,033 | |
5.875% | 63,130 | 1,578,881 | |
DTE Energy Co.: | |||
4.375% | 100,000 | 2,097,500 | |
4.375% | 85,000 | 1,819,000 | |
Series E, 5.25% | 75,000 | 1,855,500 | |
Sempra 5.75% | 170,459 | 4,259,770 | |
18,592,603 | |||
TOTAL UTILITIES | 44,830,557 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 378,533,622 | ||
TOTAL PREFERRED STOCKS (Cost $452,619,023) | 429,888,973 | ||
Equity Funds - 15.0% | |||
Shares | Value ($) | ||
Fidelity Real Estate Equity Central Fund (g) (Cost $706,198,858) | 6,161,444 | 777,574,231 | |
Preferred Securities - 10.6% | |||
Principal Amount (a) | Value ($) | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
BP Capital Markets PLC 6.45% (c)(h) | 6,985,000 | 7,000,668 | |
Energy Transfer LP: | |||
3 month U.S. LIBOR + 4.020% 9.5966% (c)(d)(h) | 15,960,000 | 15,767,090 | |
6.75% (c)(h) | 500,000 | 490,650 | |
7.125% (c)(h) | 6,625,000 | 6,385,641 | |
Summit Midstream Partners LP 3 month U.S. LIBOR + 7.430% 13.0762% (c)(d)(h)(i) | 191,000 | 179,540 | |
29,823,589 | |||
FINANCIALS - 9.3% | |||
Banks - 6.6% | |||
Bank of America Corp.: | |||
4.375% (c)(h) | 32,000,000 | 29,546,374 | |
5.875% (c)(h) | 33,400,000 | 32,363,117 | |
6.1% (c)(h) | 13,710,000 | 13,700,713 | |
6.125% (c)(h) | 16,000,000 | 15,986,550 | |
6.3% (c)(h) | 8,000,000 | 8,017,242 | |
Citigroup, Inc. 3.875% (c)(h) | 7,000,000 | 6,575,655 | |
JPMorgan Chase & Co.: | |||
3.65% (c)(h) | 28,500,000 | 26,502,392 | |
4.6% (c)(h) | 35,390,000 | 34,451,868 | |
5% (c)(h) | 21,468,000 | 21,346,830 | |
6.1% (c)(h) | 21,000,000 | 20,976,629 | |
6.125% (c)(h) | 2,000,000 | 1,997,156 | |
9.348% (c)(d)(h) | 15,250,000 | 15,333,433 | |
PNC Financial Services Group, Inc.: | |||
3.4% (c)(h) | 10,000,000 | 8,462,936 | |
5% (c)(h) | 10,580,000 | 10,033,569 | |
6% (c)(h) | 6,100,000 | 5,893,863 | |
6.2% (c)(h) | 2,600,000 | 2,558,257 | |
6.25% (c)(h) | 7,135,000 | 6,734,161 | |
Truist Financial Corp.: | |||
4.8% (c)(h) | 12,000,000 | 11,352,228 | |
4.95% (c)(h) | 6,250,000 | 6,077,588 | |
5.1% (c)(h) | 6,850,000 | 6,246,853 | |
U.S. Bancorp: | |||
3.7% (c)(h) | 7,000,000 | 5,972,646 | |
5.3% (c)(h) | 1,500,000 | 1,379,419 | |
Wells Fargo & Co.: | |||
3.9% (c)(h) | 29,400,000 | 27,663,698 | |
5.9% (c)(h) | 20,700,000 | 20,602,435 | |
7.625% (c)(h) | 3,125,000 | 3,306,653 | |
343,082,265 | |||
Capital Markets - 2.0% | |||
Bank of New York Mellon Corp.: | |||
3.7% (c)(h) | 6,725,000 | 6,311,838 | |
3.75% (c)(h) | 8,500,000 | 7,610,291 | |
4.625% (c)(h) | 8,100,000 | 7,670,507 | |
4.7% (c)(h) | 4,925,000 | 4,821,980 | |
Charles Schwab Corp.: | |||
4% (c)(h) | 20,515,000 | 16,895,717 | |
4% (c)(h) | 16,800,000 | 15,473,850 | |
5% (c)(h) | 6,670,000 | 6,153,193 | |
5.375% (c)(h) | 14,875,000 | 14,669,221 | |
Goldman Sachs Group, Inc.: | |||
3.65% (c)(h) | 2,250,000 | 2,036,304 | |
4.125% (c)(h) | 5,400,000 | 4,931,619 | |
Morgan Stanley 5.875% (c)(h) | 6,770,000 | 6,641,183 | |
Northern Trust Corp. 4.6% (c)(h) | 4,100,000 | 3,950,746 | |
State Street Corp.: | |||
CME Term SOFR 3 Month Index + 2.800% 8.1852% (c)(d)(h) | 6,915,000 | 6,917,987 | |
CME Term SOFR 3 Month Index + 3.590% 9.2432% (c)(d)(h) | 583,000 | 583,356 | |
104,667,792 | |||
Consumer Finance - 0.4% | |||
Ally Financial, Inc.: | |||
4.7% (c)(h) | 7,885,000 | 6,761,766 | |
4.7% (c)(h) | 4,915,000 | 3,858,275 | |
American Express Co. 3.55% (c)(h) | 12,250,000 | 11,052,224 | |
21,672,265 | |||
Financial Services - 0.1% | |||
Equitable Holdings, Inc. 4.95% (c)(h) | 1,250,000 | 1,211,983 | |
Insurance - 0.2% | |||
Allianz SE 3.2% (b)(c)(h) | 3,000,000 | 2,376,292 | |
MetLife, Inc. 3.85% (c)(h) | 9,500,000 | 9,096,250 | |
11,472,542 | |||
TOTAL FINANCIALS | 482,106,847 | ||
UTILITIES - 0.7% | |||
Electric Utilities - 0.3% | |||
Duke Energy Corp. 4.875% (c)(h) | 8,058,000 | 7,979,825 | |
Edison International: | |||
5% (c)(h) | 5,470,000 | 5,193,860 | |
5.375% (c)(h) | 4,500,000 | 4,337,338 | |
17,511,023 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Vistra Corp.: | |||
7% (b)(c)(h) | 3,495,000 | 3,381,413 | |
8% (b)(c)(h) | 3,000,000 | 3,000,000 | |
6,381,413 | |||
Multi-Utilities - 0.3% | |||
Dominion Energy, Inc.: | |||
4.35% (c)(h) | 1,935,000 | 1,805,100 | |
4.65% (c)(h) | 4,111,000 | 4,002,014 | |
Sempra 4.875% (c)(h) | 8,000,000 | 7,831,639 | |
13,638,753 | |||
TOTAL UTILITIES | 37,531,189 | ||
TOTAL PREFERRED SECURITIES (Cost $563,295,185) | 549,461,625 | ||
Money Market Funds - 3.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (j) | 179,055,850 | 179,091,661 | |
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k) | 6,262,824 | 6,263,450 | |
TOTAL MONEY MARKET FUNDS (Cost $185,354,529) | 185,355,111 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $4,433,699,113) | 5,200,275,587 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (12,250,990) |
NET ASSETS - 100.0% | 5,188,024,597 |
Legend
(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 $195,746,507 or 3.8% 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. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
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 5.39% | 206,297,684 | 417,410,063 | 444,616,086 | 1,446,138 | - | - | 179,091,661 | 0.3% |
Fidelity Real Estate Equity Central Fund | 756,216,801 | 41,740,305 | 63,000,000 | 11,740,282 | 1,372,022 | 41,245,103 | 777,574,231 | 80.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 2,596,800 | 35,566,260 | 31,899,610 | 4,929 | - | - | 6,263,450 | 0.0% |
Total | 965,111,285 | 494,716,628 | 539,515,696 | 13,191,349 | 1,372,022 | 41,245,103 | 962,929,342 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted 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)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds, U.S. Treasury Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
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 annual report.
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