Quarterly Holdings Report
for
Fidelity® Convertible Securities Fund
February 29, 2020
CVS-QTLY-0420
1.797939.116
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Convertible Bonds - 71.0% | |||
Principal Amount (000s)(a) | Value (000s) | ||
COMMUNICATION SERVICES - 11.8% | |||
Diversified Telecommunication Services - 1.3% | |||
Bandwidth, Inc. 0.25% 3/1/26 (b) | $2,400 | $2,338 | |
Intelsat SA 4.5% 6/15/25 | 1,850 | 779 | |
Liberty Media Corp. 2.25% 9/30/46 | 29,450 | 15,837 | |
Vonage Holdings Corp. 1.75% 6/1/24 (b) | 280 | 266 | |
19,220 | |||
Entertainment - 2.2% | |||
iQIYI, Inc.: | |||
2% 4/1/25 (b) | 171 | 178 | |
3.75% 12/1/23 | 287 | 336 | |
Liberty Media Corp. 2.25% 12/1/48 (b) | 2,985 | 3,228 | |
Live Nation Entertainment, Inc.: | |||
2% 2/15/25 (b) | 2,850 | 2,804 | |
2.5% 3/15/23 | 1,970 | 2,255 | |
Pandora Media, Inc. 1.75% 12/1/23 | 843 | 974 | |
Sea Ltd.: | |||
1% 12/1/24 (b) | 5,193 | 6,013 | |
2.25% 7/1/23 | 2,651 | 6,256 | |
World Wrestling Entertainment, Inc. 3.375% 12/15/23 | 4,000 | 8,000 | |
Zynga, Inc. 0.25% 6/1/24 (b) | 2,744 | 2,984 | |
33,028 | |||
Interactive Media & Services - 2.4% | |||
IAC FinanceCo 2, Inc.: | |||
0.875% 6/15/26 (b) | 3,620 | 3,702 | |
2% 1/15/30 (b) | 3,470 | 3,683 | |
Momo, Inc. 1.25% 7/1/25 | 210 | 190 | |
Snap, Inc. 0.75% 8/1/26 (b) | 7,021 | 7,137 | |
Twitter, Inc. 0.25% 6/15/24 | 8,356 | 8,288 | |
Weibo Corp. 1.25% 11/15/22 | 149 | 141 | |
YY, Inc.: | |||
0.75% 6/15/25 (b) | 160 | 146 | |
1.375% 6/15/26 (b) | 170 | 154 | |
Zillow Group, Inc.: | |||
0.75% 9/1/24 (b) | 2,840 | 4,061 | |
1.375% 9/1/26 (b) | 2,815 | 4,071 | |
1.5% 7/1/23 | 1,350 | 1,413 | |
2% 12/1/21 | 1,750 | 2,137 | |
35,123 | |||
Media - 5.8% | |||
DISH Network Corp.: | |||
2.375% 3/15/24 | 8,432 | 7,839 | |
3.375% 8/15/26 | 31,748 | 30,653 | |
Gannett Co., Inc. 4.75% 4/15/24 | 1,450 | 1,289 | |
GCI Liberty, Inc. 1.75% 9/30/46 (b) | 12,201 | 17,081 | |
Liberty Interactive LLC 1.75% 9/30/46 (b) | 4,949 | 7,382 | |
Liberty Latin America Ltd. 2% 7/15/24 (b) | 2,250 | 2,138 | |
Liberty Media Corp.: | |||
1% 1/30/23 | 3,926 | 4,647 | |
1.375% 10/15/23 | 9,263 | 11,429 | |
2.125% 3/31/48 (b) | 2,830 | 2,872 | |
85,330 | |||
Wireless Telecommunication Services - 0.1% | |||
Boingo Wireless, Inc. 1% 10/1/23 | 2,350 | 2,145 | |
TOTAL COMMUNICATION SERVICES | 174,846 | ||
CONSUMER DISCRETIONARY - 8.3% | |||
Auto Components - 0.1% | |||
Veoneer, Inc. 4% 6/1/24 | 1,950 | 1,848 | |
Automobiles - 3.8% | |||
Tesla, Inc.: | |||
1.25% 3/1/21 | 7,892 | 14,997 | |
2% 5/15/24 | 12,223 | 28,028 | |
2.375% 3/15/22 | 6,347 | 13,501 | |
56,526 | |||
Diversified Consumer Services - 0.9% | |||
Chegg, Inc.: | |||
0.125% 3/15/25 (b) | 3,800 | 3,963 | |
0.25% 5/15/23 | 2,550 | 3,945 | |
IAC Financeco, Inc. 0.875% 10/1/22 (b) | 3,970 | 5,789 | |
13,697 | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Caesars Entertainment Corp. 5% 10/1/24 | 10,983 | 19,854 | |
Marriott Vacations Worldwide Corp. 1.5% 9/15/22 | 2,700 | 2,658 | |
22,512 | |||
Internet & Direct Marketing Retail - 2.0% | |||
Baozun, Inc. 1.625% 5/1/24 (b) | 181 | 168 | |
Etsy, Inc.: | |||
0% 3/1/23 | 1,080 | 1,838 | |
0.125% 10/1/26 (b) | 3,750 | 3,778 | |
MercadoLibre, Inc. 2% 8/15/28 | 2,908 | 4,665 | |
Pinduoduo, Inc. 0% 10/1/24 (b) | 5,775 | 6,455 | |
Quotient Technology, Inc. 1.75% 12/1/22 | 710 | 696 | |
The Booking Holdings, Inc.: | |||
0.35% 6/15/20 | 4,054 | 5,268 | |
0.9% 9/15/21 | 5,143 | 5,521 | |
Wayfair LLC: | |||
0.375% 9/1/22 | 110 | 101 | |
1.125% 11/1/24 | 120 | 103 | |
28,593 | |||
Specialty Retail - 0.0% | |||
Guess?, Inc. 2% 4/15/24 (b) | 121 | 115 | |
TOTAL CONSUMER DISCRETIONARY | 123,291 | ||
CONSUMER STAPLES - 0.1% | |||
Food & Staples Retailing - 0.1% | |||
Chefs' Warehouse Holdings 1.875% 12/1/24 (b) | 1,500 | 1,477 | |
ENERGY - 2.1% | |||
Energy Equipment & Services - 0.0% | |||
Oil States International, Inc. 1.5% 2/15/23 | 175 | 143 | |
Vantage Drilling Co. 5.5% 7/15/43 (b)(c)(d) | 20,000 | 600 | |
743 | |||
Oil, Gas & Consumable Fuels - 2.1% | |||
Chesapeake Energy Corp. 5.5% 9/15/26 | 15,302 | 4,007 | |
DHT Holdings, Inc. 4.5% 8/15/21 | 12,399 | 13,880 | |
Golar LNG Ltd. 2.75% 2/15/22 | 2,735 | 2,398 | |
Oasis Petroleum, Inc. 2.625% 9/15/23 | 305 | 183 | |
PDC Energy, Inc. 1.125% 9/15/21 | 166 | 153 | |
Scorpio Tankers, Inc. 3% 5/15/22 | 3,240 | 3,106 | |
Ship Finance International Ltd. 4.875% 5/1/23 | 6,706 | 6,961 | |
SM Energy Co. 1.5% 7/1/21 | 150 | 143 | |
Teekay Corp. 5% 1/15/23 | 180 | 159 | |
30,990 | |||
TOTAL ENERGY | 31,733 | ||
FINANCIALS - 1.2% | |||
Banks - 0.0% | |||
Hope Bancorp, Inc. 2% 5/15/38 | 200 | 186 | |
Consumer Finance - 0.3% | |||
LendingTree, Inc. 0.625% 6/1/22 | 2,450 | 3,563 | |
Diversified Financial Services - 0.8% | |||
AXA SA 7.25% 5/15/21 (b) | 10,770 | 10,887 | |
RWT Holdings, Inc. 5.75% 10/1/25 (b) | 800 | 826 | |
11,713 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Arbor Realty Trust, Inc. 4.75% 11/1/22 (b) | 180 | 173 | |
Exantas Capital Corp. 4.5% 8/15/22 | 502 | 516 | |
Starwood Property Trust, Inc. 4.375% 4/1/23 | 1,000 | 1,010 | |
1,699 | |||
TOTAL FINANCIALS | 17,161 | ||
HEALTH CARE - 9.9% | |||
Biotechnology - 3.7% | |||
Apellis Pharmaceuticals, Inc. 3.5% 9/15/26 (b) | 1,900 | 2,286 | |
BioMarin Pharmaceutical, Inc.: | |||
0.599% 8/1/24 | 190 | 208 | |
1.5% 10/15/20 | 140 | 153 | |
Clovis Oncology, Inc.: | |||
2.5% 9/15/21 | 879 | 749 | |
4.5% 8/1/24 (b) | 750 | 900 | |
Exact Sciences Corp.: | |||
0.375% 3/15/27 | 6,750 | 6,932 | |
0.375% 3/1/28 | 6,010 | 5,833 | |
1% 1/15/25 | 4,300 | 5,628 | |
Flexion Therapeutics, Inc. 3.375% 5/1/24 | 1,530 | 1,482 | |
Halozyme Therapeutics, Inc. 1.25% 12/1/24 (b) | 480 | 516 | |
Intercept Pharmaceuticals, Inc.: | |||
2% 5/15/26 | 724 | 818 | |
3.25% 7/1/23 | 999 | 950 | |
Invitae Corp. 2% 9/1/24 (b) | 505 | 528 | |
Ironwood Pharmaceuticals, Inc.: | |||
0.75% 6/15/24 (b) | 800 | 898 | |
1.5% 6/15/26 (b) | 800 | 915 | |
2.25% 6/15/22 | 750 | 841 | |
Isis Pharmaceuticals, Inc. 1% 11/15/21 | 5,224 | 5,561 | |
Neurocrine Biosciences, Inc. 2.25% 5/15/24 | 4,740 | 6,588 | |
Novavax, Inc. 3.75% 2/1/23 | 8,115 | 5,285 | |
PTC Therapeutics, Inc.: | |||
1.5% 9/15/26 (b) | 150 | 190 | |
3% 8/15/22 | 100 | 122 | |
Retrophin, Inc. 2.5% 9/15/25 | 200 | 161 | |
Sarepta Therapeutics, Inc. 1.5% 11/15/24 | 4,636 | 8,194 | |
55,738 | |||
Health Care Equipment & Supplies - 3.5% | |||
CONMED Corp. 2.625% 2/1/24 | 4,781 | 5,816 | |
DexCom, Inc.: | |||
0.75% 5/15/22 | 4,021 | 11,201 | |
0.75% 12/1/23 | 7,400 | 13,109 | |
Insulet Corp. 1.375% 11/15/24 | 3,798 | 7,821 | |
Integra LifeSciences Holdings Corp. 0.5% 8/15/25 (b) | 4,750 | 4,651 | |
Mesa Laboratories, Inc. 1.375% 8/15/25 | 1,970 | 2,113 | |
Nevro Corp. 1.75% 6/1/21 | 730 | 1,060 | |
NuVasive, Inc.: | |||
0.375% 3/15/25 (b) | 1,900 | 1,871 | |
2.25% 3/15/21 | 3,250 | 3,872 | |
Wright Medical Group NV 2.25% 11/15/21 | 65 | 93 | |
Wright Medical Group, Inc. 1.625% 6/15/23 | 215 | 225 | |
51,832 | |||
Health Care Providers & Services - 0.4% | |||
Anthem, Inc. 2.75% 10/15/42 | 1,689 | 6,082 | |
Health Care Technology - 1.1% | |||
Allscripts Healthcare Solutions, Inc. 0.875% 1/1/27 (b) | 1,700 | 1,467 | |
Tabula Rasa HealthCare, Inc. 1.75% 2/15/26 (b) | 820 | 888 | |
Teladoc Health, Inc.: | |||
1.375% 5/15/25 | 2,420 | 5,846 | |
3% 12/15/22 | 2,602 | 7,479 | |
15,680 | |||
Life Sciences Tools & Services - 0.5% | |||
Illumina, Inc.: | |||
0% 8/15/23 | 2,234 | 2,305 | |
0.5% 6/15/21 | 1,813 | 2,138 | |
Repligen Corp. 0.375% 7/15/24 | 3,000 | 3,130 | |
7,573 | |||
Pharmaceuticals - 0.7% | |||
Aerie Pharmaceuticals, Inc. 1.5% 10/1/24 (b) | 1,410 | 1,433 | |
Collegium Pharmaceutical, Inc. 2.625% 2/15/26 | 1,684 | 1,853 | |
Innoviva, Inc.: | |||
2.125% 1/15/23 | 800 | 798 | |
2.5% 8/15/25 | 150 | 160 | |
Jazz Investments I Ltd.: | |||
1.5% 8/15/24 | 1,200 | 1,143 | |
1.875% 8/15/21 | 690 | 688 | |
Pacira Biosciences, Inc. 2.375% 4/1/22 | 800 | 823 | |
Revance Therapeutics, Inc. 1.75% 2/15/27 (b) | 2,750 | 2,752 | |
Supernus Pharmaceuticals, Inc. 0.625% 4/1/23 | 180 | 162 | |
Theravance Biopharma, Inc. 3.25% 11/1/23 | 170 | 178 | |
9,990 | |||
TOTAL HEALTH CARE | 146,895 | ||
INDUSTRIALS - 2.3% | |||
Aerospace & Defense - 0.3% | |||
Aerojet Rocketdyne Holdings, Inc. 2.25% 12/15/23 | 2,440 | 4,702 | |
Air Freight & Logistics - 0.2% | |||
Air Transport Services Group, Inc. 1.125% 10/15/24 | 2,560 | 2,303 | |
Best, Inc. 1.75% 10/1/24 (b) | 157 | 163 | |
Echo Global Logistics, Inc. 2.5% 5/1/20 | 150 | 149 | |
2,615 | |||
Building Products - 0.2% | |||
Patrick Industries, Inc. 1% 2/1/23 | 3,180 | 3,043 | |
Construction & Engineering - 0.7% | |||
Dycom Industries, Inc. 0.75% 9/15/21 | 158 | 148 | |
Granite Construction, Inc. 2.75% 11/1/24 (b) | 11,057 | 10,467 | |
10,615 | |||
Machinery - 0.3% | |||
Chart Industries, Inc. 1% 11/15/24 (b) | 2,500 | 2,915 | |
Fortive Corp. 0.875% 2/15/22 | 147 | 146 | |
Greenbrier Companies, Inc. 2.875% 2/1/24 | 151 | 139 | |
Meritor, Inc. 3.25% 10/15/37 | 634 | 660 | |
3,860 | |||
Marine - 0.0% | |||
Eagle Bulk Shipping, Inc. 5% 8/1/24 (b) | 160 | 152 | |
Professional Services - 0.5% | |||
FTI Consulting, Inc. 2% 8/15/23 | 6,011 | 7,588 | |
Trading Companies & Distributors - 0.1% | |||
Kaman Corp. 3.25% 5/1/24 | 700 | 772 | |
TOTAL INDUSTRIALS | 33,347 | ||
INFORMATION TECHNOLOGY - 31.9% | |||
Communications Equipment - 1.3% | |||
Applied Optoelectronics, Inc. 5% 3/15/24 (b) | 814 | 714 | |
CalAmp Corp. 2% 8/1/25 | 189 | 160 | |
InterDigital, Inc. 2% 6/1/24 (b) | 1,460 | 1,454 | |
Liberty Media Corp. 3.5% 1/15/31 | 4,050 | 3,680 | |
Lumentum Holdings, Inc.: | |||
0.25% 3/15/24 | 3,887 | 5,594 | |
0.5% 12/15/26 (b) | 6,700 | 7,223 | |
Viavi Solutions, Inc.: | |||
1% 3/1/24 | 500 | 599 | |
1.75% 6/1/23 | 550 | 631 | |
20,055 | |||
Electronic Equipment & Components - 1.1% | |||
II-VI, Inc. 0.25% 9/1/22 | 7,040 | 6,992 | |
Insight Enterprises, Inc. 0.75% 2/15/25 (b) | 3,780 | 3,898 | |
Knowles Corp. 3.25% 11/1/21 | 1,200 | 1,355 | |
Par Technology Corp. 4.5% 4/15/24 (b) | 1,630 | 1,897 | |
TTM Technologies, Inc. 1.75% 12/15/20 | 1,505 | 2,080 | |
16,222 | |||
IT Services - 4.6% | |||
Akamai Technologies, Inc.: | |||
0.125% 5/1/25 | 7,045 | 7,868 | |
0.375% 9/1/27 (b) | 3,911 | 3,898 | |
Euronet Worldwide, Inc. 0.75% 3/15/49 (b) | 4,200 | 4,611 | |
i3 Verticals LLC 1% 2/15/25 (b) | 1,450 | 1,421 | |
KBR, Inc. 2.5% 11/1/23 | 3,200 | 3,823 | |
MongoDB, Inc.: | |||
0.25% 1/15/26 (b) | 3,000 | 3,161 | |
0.75% 6/15/24 | 1,825 | 4,186 | |
Okta, Inc.: | |||
0.125% 9/1/25 (b) | 8,080 | 8,146 | |
0.25% 2/15/23 | 921 | 2,458 | |
Perficient, Inc. 2.375% 9/15/23 | 670 | 836 | |
Square, Inc.: | |||
0.375% 3/1/22 | 981 | 3,542 | |
0.5% 5/15/23 | 7,476 | 9,677 | |
Twilio, Inc. 0.25% 6/1/23 | 4,345 | 7,310 | |
Unisys Corp. 5.5% 3/1/21 | 121 | 200 | |
Wix.com Ltd. 0% 7/1/23 | 6,206 | 7,379 | |
68,516 | |||
Semiconductors & Semiconductor Equipment - 6.5% | |||
Adesto Technologies Corp. 4.25% 9/15/24 (b) | 1,541 | 1,847 | |
Advanced Micro Devices, Inc. 2.125% 9/1/26 | 1,203 | 6,866 | |
Cree, Inc. 0.875% 9/1/23 | 2,937 | 3,086 | |
Cypress Semiconductor Corp.: | |||
2% 2/1/23 | 660 | 795 | |
4.5% 1/15/22 | 1,780 | 3,072 | |
Impinj, Inc. 2% 12/15/26 (b) | 2,320 | 2,615 | |
Inphi Corp.: | |||
0.75% 9/1/21 | 1,950 | 2,778 | |
1.125% 12/1/20 | 1,650 | 3,105 | |
Microchip Technology, Inc.: | |||
1.625% 2/15/25 | 11,567 | 21,695 | |
1.625% 2/15/27 | 11,628 | 14,989 | |
2.25% 2/15/37 | 4,413 | 5,700 | |
Micron Technology, Inc. 3.125% 5/1/32 | 1,040 | 5,481 | |
Novellus Systems, Inc. 2.625% 5/15/41 | 400 | 3,676 | |
ON Semiconductor Corp.: | |||
1% 12/1/20 | 4,115 | 4,685 | |
1.625% 10/15/23 | 3,893 | 4,642 | |
Rambus, Inc. 1.375% 2/1/23 | 780 | 802 | |
Silicon Laboratories, Inc. 1.375% 3/1/22 | 120 | 138 | |
SMART Global Holdings, Inc. 2.25% 2/15/26 (b) | 5,500 | 5,473 | |
Synaptics, Inc. 0.5% 6/15/22 | 800 | 895 | |
Teradyne, Inc. 1.25% 12/15/23 | 1,970 | 3,783 | |
96,123 | |||
Software - 18.2% | |||
8x8, Inc. 0.5% 2/1/24 | 2,160 | 2,177 | |
Altair Engineering, Inc. 0.25% 6/1/24 | 810 | 825 | |
Alteryx, Inc.: | |||
0.5% 6/1/23 | 705 | 2,220 | |
0.5% 8/1/24 (b) | 1,762 | 1,899 | |
1% 8/1/26 (b) | 2,120 | 2,307 | |
Atlassian, Inc. 0.625% 5/1/23 | 7,175 | 13,205 | |
Avaya Holdings Corp. 2.25% 6/15/23 | 180 | 164 | |
Benefitfocus, Inc. 1.25% 12/15/23 | 2,144 | 1,736 | |
BlackLine, Inc. 0.125% 8/1/24 (b) | 5,105 | 5,604 | |
Coupa Software, Inc.: | |||
0.125% 6/15/25 (b) | 9,611 | 11,596 | |
0.375% 1/15/23 | 888 | 2,978 | |
CyberArk Software Ltd. 0% 11/15/24 (b) | 3,810 | 3,789 | |
DocuSign, Inc. 0.5% 9/15/23 | 5,260 | 7,145 | |
Everbridge, Inc.: | |||
0.125% 12/15/24 (b) | 3,200 | 3,737 | |
1.5% 11/1/22 | 872 | 2,737 | |
FireEye, Inc.: | |||
0.875% 6/1/24 | 4,850 | 4,533 | |
1.625% 6/1/35 | 4,090 | 3,933 | |
Five9, Inc. 0.125% 5/1/23 | 2,535 | 4,659 | |
Guidewire Software, Inc. 1.25% 3/15/25 | 3,550 | 4,169 | |
HubSpot, Inc. 0.25% 6/1/22 | 3,240 | 6,169 | |
j2 Global, Inc.: | |||
1.75% 11/1/26 (b) | 5,310 | 5,246 | |
3.25% 6/15/29 | 3,200 | 4,386 | |
LivePerson, Inc. 0.75% 3/1/24 (b) | 15,457 | 15,831 | |
New Relic, Inc. 0.5% 5/1/23 | 800 | 750 | |
Nice Systems, Inc. 1.25% 1/15/24 | 4,425 | 8,888 | |
Nuance Communications, Inc.: | |||
1% 12/15/35 | 4,305 | 4,721 | |
1.25% 4/1/25 | 3,783 | 4,847 | |
Nutanix, Inc. 0% 1/15/23 | 3,741 | 3,505 | |
Palo Alto Networks, Inc. 0.75% 7/1/23 | 8,876 | 9,044 | |
Pegasystems, Inc. 0.75% 3/1/25 (b) | 4,380 | 4,346 | |
Pluralsight, Inc. 0.375% 3/1/24 (b) | 200 | 179 | |
Proofpoint, Inc. 0.25% 8/15/24 (b) | 7,271 | 7,285 | |
PROS Holdings, Inc. 1% 5/15/24 (b) | 4,215 | 4,226 | |
Q2 Holdings, Inc.: | |||
0.75% 2/15/23 | 2,025 | 2,882 | |
0.75% 6/1/26 (b) | 4,410 | 4,923 | |
Rapid7, Inc. 1.25% 8/1/23 | 2,145 | 2,778 | |
RealPage, Inc. 1.5% 11/15/22 | 2,800 | 4,494 | |
RingCentral, Inc.: | |||
0% 3/15/23 | 3,695 | 10,619 | |
0% 3/1/25 (b) | 10,700 | 10,700 | |
SailPoint Technologies Holding, Inc. 0.125% 9/15/24 (b) | 8,119 | 9,106 | |
ServiceNow, Inc. 0% 6/1/22 | 5,739 | 13,595 | |
Splunk, Inc.: | |||
0.5% 9/15/23 | 9,708 | 11,611 | |
1.125% 9/15/25 | 6,480 | 7,907 | |
Talend SA 1.75% 9/1/24 (b) | EUR | 5,850 | 6,353 |
Verint Systems, Inc. 1.5% 6/1/21 | 300 | 320 | |
Workday, Inc.: | |||
0.25% 10/1/22 | 10,137 | 13,343 | |
1.5% 7/15/20 | 1,471 | 3,119 | |
Workiva, Inc. 1.125% 8/15/26 (b) | 3,416 | 3,141 | |
Zendesk, Inc. 0.25% 3/15/23 | 4,454 | 6,215 | |
269,942 | |||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Pure Storage, Inc. 0.125% 4/15/23 | 130 | 127 | |
Western Digital Corp. 1.5% 2/1/24 | 3,269 | 3,200 | |
3,327 | |||
TOTAL INFORMATION TECHNOLOGY | 474,185 | ||
MATERIALS - 0.8% | |||
Metals & Mining - 0.8% | |||
Allegheny Technologies, Inc. 4.75% 7/1/22 | 1,570 | 2,197 | |
Cleveland-Cliffs, Inc. 1.5% 1/15/25 | 424 | 399 | |
Endeavour Mining Corp. 3% 2/15/23 (b) | 3,160 | 3,280 | |
SSR Mining, Inc. 2.5% 4/1/39 (b) | 3,335 | 3,921 | |
United States Steel Corp. 5% 11/1/26 (b) | 2,728 | 2,518 | |
12,315 | |||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
CorEnergy Infrastructure Trust, Inc. 5.875% 8/15/25 (b) | 1,230 | 1,172 | |
Extra Space Storage LP 3.125% 10/1/35 (b) | 2,650 | 2,964 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 4.125% 9/1/22 | 600 | 774 | |
IH Merger Sub LLC 3.5% 1/15/22 | 1,900 | 2,456 | |
iStar Financial, Inc. 3.125% 9/15/22 | 1,700 | 1,992 | |
National Health Investors, Inc. 3.25% 4/1/21 | 900 | 1,078 | |
Uniti Fiber Holdings, Inc. 4% 6/15/24 (b) | 250 | 267 | |
10,703 | |||
Real Estate Management & Development - 0.0% | |||
Redfin Corp. 1.75% 7/15/23 | 270 | 309 | |
TOTAL REAL ESTATE | 11,012 | ||
UTILITIES - 1.9% | |||
Independent Power and Renewable Electricity Producers - 1.9% | |||
NextEra Energy Partners LP 1.5% 9/15/20 (b) | 6,400 | 7,036 | |
NRG Energy, Inc. 2.75% 6/1/48 | 19,877 | 21,015 | |
28,051 | |||
TOTAL CONVERTIBLE BONDS | |||
(Cost $944,070) | 1,054,313 | ||
Shares | Value (000s) | ||
Common Stocks - 5.3% | |||
COMMUNICATION SERVICES - 0.5% | |||
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. (e) | 82,000 | 7,393 | |
ENERGY - 3.2% | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
BP PLC sponsored ADR | 213,200 | 6,671 | |
Canadian Natural Resources Ltd. (f) | 197,620 | 5,099 | |
DHT Holdings, Inc. | 3,875,881 | 21,511 | |
Frontline Ltd. (NY Shares) (f) | 1,019,419 | 8,349 | |
Scorpio Tankers, Inc. (f) | 330,927 | 6,546 | |
48,176 | |||
HEALTH CARE - 0.3% | |||
Biotechnology - 0.3% | |||
AbbVie, Inc. | 42,600 | 3,651 | |
Alder Biopharmaceuticals, Inc. rights 12/31/99 (d)(e) | 103,495 | 91 | |
3,742 | |||
INDUSTRIALS - 0.3% | |||
Marine - 0.0% | |||
Scorpio Bulkers, Inc. | 159,896 | 515 | |
Road & Rail - 0.3% | |||
Hertz Global Holdings, Inc. (e) | 321,477 | 4,112 | |
TOTAL INDUSTRIALS | 4,627 | ||
INFORMATION TECHNOLOGY - 0.4% | |||
Software - 0.4% | |||
CDK Global, Inc. | 64,200 | 2,954 | |
SS&C Technologies Holdings, Inc. | 52,000 | 2,886 | |
5,840 | |||
MATERIALS - 0.2% | |||
Chemicals - 0.2% | |||
The Chemours Co. LLC | 235,500 | 3,500 | |
UTILITIES - 0.4% | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
Vistra Energy Corp. | 284,044 | 5,462 | |
TOTAL COMMON STOCKS | |||
(Cost $89,759) | 78,740 | ||
Convertible Preferred Stocks - 19.7% | |||
CONSUMER STAPLES - 0.4% | |||
Food Products - 0.1% | |||
Bunge Ltd. 4.875% | 21,200 | 2,083 | |
Household Products - 0.3% | |||
Energizer Holdings, Inc. 7.50% | 43,600 | 4,098 | |
TOTAL CONSUMER STAPLES | 6,181 | ||
ENERGY - 0.1% | |||
Energy Equipment & Services - 0.1% | |||
Nabors Industries Ltd. Series A, 6.00% | 47,300 | 668 | |
FINANCIALS - 5.1% | |||
Banks - 5.1% | |||
Bank of America Corp. Series L, 7.25% | 22,029 | 33,352 | |
Wells Fargo & Co. 7.50% | 28,180 | 42,412 | |
75,764 | |||
Mortgage Real Estate Investment Trusts - 0.0% | |||
Great Ajax Corp. 7.25% | 19,800 | 524 | |
TOTAL FINANCIALS | 76,288 | ||
HEALTH CARE - 3.4% | |||
Health Care Equipment & Supplies - 2.3% | |||
Becton, Dickinson & Co. Series A, 6.125% | 345,600 | 19,685 | |
Danaher Corp. 4.75% | 12,900 | 14,145 | |
33,830 | |||
Health Care Technology - 0.3% | |||
Change Healthcare, Inc. 6.00% | 82,800 | 4,219 | |
Life Sciences Tools & Services - 0.6% | |||
Avantor, Inc. Series A 6.25% | 156,800 | 8,782 | |
Pharmaceuticals - 0.2% | |||
Elanco Animal Health, Inc. 5.00% | 72,000 | 3,628 | |
TOTAL HEALTH CARE | 50,459 | ||
INDUSTRIALS - 1.8% | |||
Machinery - 1.8% | |||
Colfax Corp. 5.75% | 32,400 | 4,702 | |
Fortive Corp. Series A, 5.00% | 14,390 | 13,110 | |
Stanley Black & Decker, Inc.: | |||
5.375% | 30,200 | 2,972 | |
Series D 5.25% | 67,700 | 6,457 | |
27,241 | |||
INFORMATION TECHNOLOGY - 1.8% | |||
Semiconductors & Semiconductor Equipment - 1.8% | |||
Broadcom, Inc. Series A 8.00% | 24,800 | 26,066 | |
MATERIALS - 0.2% | |||
Chemicals - 0.2% | |||
International Flavors & Fragrances, Inc. 6.00% | 61,400 | 2,775 | |
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
Crown Castle International Corp. Series A, 6.875% | 13,407 | 17,085 | |
QTS Realty Trust, Inc. 6.50% | 13,000 | 1,733 | |
18,818 | |||
UTILITIES - 5.6% | |||
Electric Utilities - 2.9% | |||
American Electric Power Co., Inc. 6.125% | 98,800 | 5,173 | |
NextEra Energy, Inc.: | |||
4.872% | 225,000 | 11,626 | |
5.279% (e) | 325,700 | 14,807 | |
Southern Co. 6.75% | 233,500 | 11,899 | |
43,505 | |||
Gas Utilities - 0.1% | |||
South Jersey Industries, Inc. 7.25% | 14,600 | 668 | |
Multi-Utilities - 2.5% | |||
CenterPoint Energy, Inc.: | |||
2.00% ZENS (e) | 84,750 | 4,783 | |
Series B, 7.00% | 5,100 | 219 | |
Dominion Energy, Inc. 7.25% | 114,300 | 11,601 | |
DTE Energy Co. 6.25% | 127,500 | 5,801 | |
Sempra Energy: | |||
6.75% | 6,700 | 748 | |
Series A, 6.00% | 127,600 | 14,374 | |
37,526 | |||
Water Utilities - 0.1% | |||
Aqua America, Inc. 6.00% | 24,500 | 1,404 | |
TOTAL UTILITIES | 83,103 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $272,850) | 291,599 | ||
Money Market Funds - 6.4% | |||
Fidelity Cash Central Fund 1.60% (g) | 91,509,192 | 91,527 | |
Fidelity Securities Lending Cash Central Fund 1.60% (g)(h) | 3,851,865 | 3,852 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $95,379) | 95,379 | ||
TOTAL INVESTMENT IN SECURITIES - 102.4% | |||
(Cost $1,402,058) | 1,520,031 | ||
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (35,109) | ||
NET ASSETS - 100% | $1,484,922 |
Currency Abbreviations
EUR – European Monetary Unit
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 $305,245,000 or 20.6% of net assets.
(c) Non-income producing - Security is in default.
(d) Level 3 security
(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. 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.
(h) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $250 |
Fidelity Securities Lending Cash Central Fund | 17 |
Total | $267 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
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 vendor 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 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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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