Quarterly Holdings Report
for
Fidelity® Convertible Securities Fund
February 28, 2023
CVS-NPRT1-0423
1.797939.119
Corporate Bonds - 74.0% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 72.4% | |||
COMMUNICATION SERVICES - 8.1% | |||
Diversified Telecommunication Services - 0.0% | |||
Radius Global Infrastructure, Inc. 2.5% 9/15/26 (b) | 264 | 246 | |
Entertainment - 2.1% | |||
Liberty Media Corp. 0.5% 12/1/50 (b) | 1,721 | 1,703 | |
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27 (b) | 9,614 | 9,749 | |
Live Nation Entertainment, Inc.: | |||
2% 2/15/25 | 172 | 167 | |
3.125% 1/15/29(b) | 12,226 | 12,104 | |
Spotify U.S.A., Inc. 0% 3/15/26 | 2,910 | 2,386 | |
World Wrestling Entertainment, Inc. 3.375% 12/15/23 | 65 | 219 | |
Zynga, Inc.: | |||
0% 12/15/26 | 5,479 | 5,425 | |
0.25% 6/1/24 | 3,904 | 4,158 | |
35,911 | |||
Interactive Media & Services - 3.1% | |||
Eventbrite, Inc. 5% 12/1/25 | 2,635 | 2,725 | |
IAC FinanceCo 2, Inc. 0.875% 6/15/26 (b) | 3,612 | 3,178 | |
IAC FinanceCo 3, Inc. 2% 1/15/30 (b) | 3,607 | 3,176 | |
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b) | 13,129 | 10,313 | |
Snap, Inc.: | |||
0% 5/1/27 | 10,175 | 7,311 | |
0.125% 3/1/28 | 23,763 | 16,575 | |
0.25% 5/1/25 | 2,787 | 2,602 | |
0.75% 8/1/26 | 4,240 | 3,765 | |
TripAdvisor, Inc. 0.25% 4/1/26 | 5,185 | 4,285 | |
53,930 | |||
Media - 2.9% | |||
Cable One, Inc. 0% 3/15/26 | 262 | 205 | |
DISH Network Corp.: | |||
0% 12/15/25 | 236 | 150 | |
2.375% 3/15/24 | 9,499 | 8,725 | |
3.375% 8/15/26 | 29,987 | 19,164 | |
Gannett Co., Inc. 4.75% 4/15/24 | 1,450 | 1,137 | |
Liberty Broadband Corp. 3.125% 3/31/53 (b) | 8,650 | 8,460 | |
Liberty Interactive LLC 1.75% 9/30/46 (b) | 1,748 | 1,833 | |
Liberty Media Corp. 1.375% 10/15/23 | 3,493 | 3,927 | |
Magnite, Inc. 0.25% 3/15/26 | 7,345 | 5,816 | |
TechTarget, Inc. 0% 12/15/26 | 260 | 202 | |
49,619 | |||
TOTAL COMMUNICATION SERVICES | 139,706 | ||
CONSUMER DISCRETIONARY - 10.2% | |||
Auto Components - 0.1% | |||
LCI Industries 1.125% 5/15/26 | 210 | 191 | |
Patrick Industries, Inc. 1.75% 12/1/28 | 2,423 | 2,225 | |
2,416 | |||
Automobiles - 1.1% | |||
Ford Motor Co. 0% 3/15/26 | 8,343 | 8,030 | |
Lucid Group, Inc. 1.25% 12/15/26 (b) | 13,735 | 8,241 | |
Winnebago Industries, Inc. 1.5% 4/1/25 | 2,250 | 2,609 | |
18,880 | |||
Diversified Consumer Services - 0.3% | |||
2U, Inc. 2.25% 5/1/25 | 278 | 225 | |
Chegg, Inc.: | |||
0% 9/1/26 | 3,627 | 2,821 | |
0.125% 3/15/25 | 3,470 | 3,012 | |
6,058 | |||
Hotels, Restaurants & Leisure - 5.1% | |||
Airbnb, Inc. 0% 3/15/26 | 209 | 180 | |
Booking Holdings, Inc. 0.75% 5/1/25 | 4,192 | 6,037 | |
Carnival Corp. 5.75% 12/1/27 (b) | 6,950 | 7,669 | |
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26 | 10,128 | 8,957 | |
DraftKings, Inc. 0% 3/15/28 | 49,293 | 34,160 | |
Expedia, Inc. 0% 2/15/26 | 225 | 198 | |
Marriott Vacations Worldwide Corp.: | |||
0% 1/15/26 | 200 | 205 | |
3.25% 12/15/27(b) | 6,640 | 6,829 | |
NCL Corp. Ltd.: | |||
1.125% 2/15/27 | 257 | 192 | |
2.5% 2/15/27 | 2,510 | 1,969 | |
5.375% 8/1/25 | 127 | 144 | |
Penn Entertainment, Inc. 2.75% 5/15/26 | 4,221 | 6,256 | |
Royal Caribbean Cruises Ltd. 6% 8/15/25 (b) | 8,705 | 14,093 | |
Shake Shack, Inc. 0% 3/1/28 | 156 | 116 | |
The Cheesecake Factory, Inc. 0.375% 6/15/26 | 220 | 186 | |
Vail Resorts, Inc. 0% 1/1/26 | 200 | 180 | |
87,371 | |||
Internet & Direct Marketing Retail - 2.4% | |||
Etsy, Inc.: | |||
0.125% 10/1/26 | 7,722 | 11,857 | |
0.125% 9/1/27 | 4,882 | 4,577 | |
0.25% 6/15/28 | 210 | 175 | |
Lyft, Inc. 1.5% 5/15/25 | 1,012 | 882 | |
The RealReal, Inc. 1% 3/1/28 | 2,304 | 861 | |
Uber Technologies, Inc. 0% 12/15/25 | 5,200 | 4,517 | |
Wayfair LLC: | |||
0.625% 10/1/25 | 22,573 | 16,752 | |
1.125% 11/1/24 | 120 | 105 | |
Xometry, Inc. 1% 2/1/27 | 1,400 | 1,190 | |
40,916 | |||
Leisure Products - 0.9% | |||
Peloton Interactive, Inc. 0% 2/15/26 | 12,927 | 10,081 | |
Topgolf Callaway Brands Corp. 2.75% 5/1/26 | 3,690 | 5,371 | |
15,452 | |||
Specialty Retail - 0.3% | |||
Burlington Stores, Inc. 2.25% 4/15/25 | 190 | 224 | |
National Vision Holdings, Inc. 2.5% 5/15/25 | 3,617 | 4,762 | |
4,986 | |||
TOTAL CONSUMER DISCRETIONARY | 176,079 | ||
CONSUMER STAPLES - 1.4% | |||
Food & Staples Retailing - 0.2% | |||
Chefs' Warehouse Holdings 2.375% 12/15/28 (b) | 4,220 | 4,196 | |
Food Products - 0.2% | |||
Post Holdings, Inc. 2.5% 8/15/27 (b) | 3,090 | 3,196 | |
Tobacco - 1.0% | |||
Turning Point Brands, Inc. 2.5% 7/15/24 | 17,611 | 16,474 | |
TOTAL CONSUMER STAPLES | 23,866 | ||
ENERGY - 2.3% | |||
Energy Equipment & Services - 0.0% | |||
Vantage Drilling Co. 0% 7/15/43 (b)(c)(d) | 20,000 | 0 | |
Oil, Gas & Consumable Fuels - 2.3% | |||
Antero Resources Corp. 4.25% 9/1/26 | 466 | 2,800 | |
CNX Resources Corp. 2.25% 5/1/26 | 3,271 | 4,426 | |
EQT Corp. 1.75% 5/1/26 | 1,964 | 4,481 | |
Northern Oil & Gas, Inc. 3.625% 4/15/29 (b) | 13,906 | 14,984 | |
Peabody Energy Corp. 3.25% 3/1/28 (b) | 2,047 | 3,267 | |
Pioneer Natural Resources Co. 0.25% 5/15/25 | 4,525 | 9,217 | |
39,175 | |||
TOTAL ENERGY | 39,175 | ||
FINANCIALS - 1.9% | |||
Capital Markets - 0.8% | |||
Coinbase Global, Inc. 0.5% 6/1/26 | 19,348 | 13,573 | |
Consumer Finance - 1.1% | |||
EZCORP, Inc. 3.75% 12/15/29 (b) | 1,180 | 1,182 | |
LendingTree, Inc. 0.5% 7/15/25 | 11,632 | 9,131 | |
SoFi Technologies, Inc. 0% 10/15/26 (b) | 12,111 | 8,908 | |
19,221 | |||
TOTAL FINANCIALS | 32,794 | ||
HEALTH CARE - 9.9% | |||
Biotechnology - 2.9% | |||
Alnylam Pharmaceuticals, Inc. 1% 9/15/27 (b) | 9,620 | 9,191 | |
Cerevel Therapeutics Holdings 2.5% 8/15/27 (b) | 680 | 612 | |
Coherus BioSciences, Inc. 1.5% 4/15/26 | 205 | 142 | |
Dynavax Technologies Corp. 2.5% 5/15/26 | 200 | 246 | |
Exact Sciences Corp.: | |||
0.375% 3/15/27 | 258 | 234 | |
0.375% 3/1/28 | 279 | 240 | |
1% 1/15/25 | 166 | 187 | |
Halozyme Therapeutics, Inc. 1% 8/15/28 (b) | 3,180 | 3,299 | |
Insmed, Inc.: | |||
0.75% 6/1/28 | 3,200 | 2,766 | |
1.75% 1/15/25 | 2,000 | 1,872 | |
Natera, Inc. 2.25% 5/1/27 | 1,392 | 2,053 | |
Novavax, Inc. 5% 12/15/27 (b) | 6,183 | 5,575 | |
PTC Therapeutics, Inc. 1.5% 9/15/26 | 2,719 | 2,913 | |
Sarepta Therapeutics, Inc.: | |||
1.25% 9/15/27(b) | 13,552 | 15,160 | |
1.5% 11/15/24 | 2,860 | 5,088 | |
49,578 | |||
Health Care Equipment & Supplies - 4.0% | |||
CONMED Corp. 2.25% 6/15/27 (b) | 2,740 | 2,580 | |
DexCom, Inc.: | |||
0.25% 11/15/25 | 8,437 | 8,931 | |
0.75% 12/1/23 | 5,437 | 14,688 | |
Envista Holdings Corp. 2.375% 6/1/25 | 4,917 | 9,328 | |
Glaukos Corp. 2.75% 6/15/27 | 2,154 | 2,594 | |
Haemonetics Corp. 0% 3/1/26 | 270 | 224 | |
Insulet Corp. 0.375% 9/1/26 | 5,772 | 7,685 | |
Integer Holdings Corp. 2.125% 2/15/28 (b) | 8,930 | 9,515 | |
Integra LifeSciences Holdings Corp. 0.5% 8/15/25 | 230 | 220 | |
Lantheus Holdings, Inc. 2.625% 12/15/27 (b) | 2,990 | 3,586 | |
LivaNova U.S.A., Inc. 3% 12/15/25 | 4,024 | 4,241 | |
Mesa Laboratories, Inc. 1.375% 8/15/25 | 1,437 | 1,335 | |
Nevro Corp. 2.75% 4/1/25 | 1,023 | 933 | |
Novocure Ltd. 0% 11/1/25 | 200 | 183 | |
Omnicell, Inc. 0.25% 9/15/25 | 2,491 | 2,258 | |
Tandem Diabetes Care, Inc. 1.5% 5/1/25 (b) | 197 | 179 | |
Varex Imaging Corp. 4% 6/1/25 | 190 | 205 | |
68,685 | |||
Health Care Providers & Services - 1.3% | |||
Accolade, Inc. 0.5% 4/1/26 | 13,916 | 10,761 | |
Guardant Health, Inc. 0% 11/15/27 | 4,885 | 3,332 | |
NeoGenomics, Inc. 1.25% 5/1/25 | 750 | 688 | |
Oak Street Health, Inc. 0% 3/15/26 | 8,617 | 7,972 | |
22,753 | |||
Health Care Technology - 1.1% | |||
Health Catalyst, Inc. 2.5% 4/15/25 | 1,647 | 1,537 | |
Nextgen Healthcare, Inc. 3.75% 11/15/27 (b) | 5,220 | 5,317 | |
Teladoc Health, Inc. 1.25% 6/1/27 | 5,479 | 4,284 | |
Veradigm, Inc. 0.875% 1/1/27 | 5,425 | 7,334 | |
18,472 | |||
Life Sciences Tools & Services - 0.3% | |||
Illumina, Inc. 0% 8/15/23 | 169 | 164 | |
Nanostring Technologies, Inc. 2.625% 3/1/25 | 1,826 | 1,516 | |
Repligen Corp. 0.375% 7/15/24 | 2,430 | 3,860 | |
5,540 | |||
Pharmaceuticals - 0.3% | |||
Innoviva, Inc. 2.125% 3/15/28 (b) | 200 | 159 | |
Jazz Investments I Ltd. 2% 6/15/26 | 3,746 | 4,060 | |
4,219 | |||
TOTAL HEALTH CARE | 169,247 | ||
INDUSTRIALS - 4.5% | |||
Aerospace & Defense - 0.4% | |||
Parsons Corp. 0.25% 8/15/25 | 6,218 | 6,821 | |
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. 1.125% 10/15/24 | 2,096 | 1,965 | |
Atlas Air Worldwide Holdings, Inc. 1.875% 6/1/24 | 2,880 | 4,801 | |
6,766 | |||
Airlines - 1.1% | |||
American Airlines Group, Inc. 6.5% 7/1/25 | 7,315 | 8,818 | |
JetBlue Airways Corp. 0.5% 4/1/26 | 4,981 | 3,838 | |
Southwest Airlines Co. 1.25% 5/1/25 | 5,404 | 6,158 | |
18,814 | |||
Construction & Engineering - 0.5% | |||
Granite Construction, Inc. 2.75% 11/1/24 | 5,766 | 8,120 | |
Electrical Equipment - 0.7% | |||
Array Technologies, Inc. 1% 12/1/28 | 4,489 | 4,502 | |
Bloom Energy Corp. 2.5% 8/15/25 | 139 | 203 | |
Plug Power, Inc. 3.75% 6/1/25 | 74 | 220 | |
Stem, Inc. 0.5% 12/1/28 (b) | 9,056 | 5,524 | |
Sunrun, Inc. 0% 2/1/26 | 2,633 | 1,835 | |
12,284 | |||
Machinery - 0.7% | |||
John Bean Technologies Corp. 0.25% 5/15/26 | 247 | 226 | |
Middleby Corp. 1% 9/1/25 | 8,430 | 10,892 | |
The Greenbrier Companies, Inc. 2.875% 4/15/28 | 129 | 110 | |
11,228 | |||
Professional Services - 0.7% | |||
FTI Consulting, Inc. 2% 8/15/23 | 2,854 | 5,190 | |
KBR, Inc. 2.5% 11/1/23 | 3,354 | 7,327 | |
12,517 | |||
TOTAL INDUSTRIALS | 76,550 | ||
INFORMATION TECHNOLOGY - 30.1% | |||
Communications Equipment - 0.4% | |||
Lumentum Holdings, Inc.: | |||
0.25% 3/15/24 | 2,999 | 3,135 | |
0.5% 12/15/26 | 3,674 | 3,132 | |
0.5% 6/15/28(b) | 200 | 151 | |
6,418 | |||
Electronic Equipment & Components - 0.5% | |||
Insight Enterprises, Inc. 0.75% 2/15/25 | 4,484 | 8,827 | |
Par Technology Corp. 1.5% 10/15/27 | 261 | 208 | |
9,035 | |||
IT Services - 6.8% | |||
Affirm Holdings, Inc. 0% 11/15/26 | 5,457 | 3,639 | |
Akamai Technologies, Inc.: | |||
0.125% 5/1/25 | 8,104 | 7,863 | |
0.375% 9/1/27 | 7,268 | 6,450 | |
BigCommerce Holdings, Inc. 0.25% 10/1/26 | 15,946 | 12,063 | |
Block, Inc.: | |||
0% 5/1/26 | 309 | 252 | |
0.125% 3/1/25 | 147 | 145 | |
0.25% 11/1/27 | 295 | 228 | |
0.5% 5/15/23 | 161 | 175 | |
Cloudflare, Inc.: | |||
0% 8/15/26 | 9,035 | 7,476 | |
0.75% 5/15/25 | 2,938 | 4,877 | |
Digitalocean Holdings, Inc. 0% 12/1/26 | 14,689 | 11,248 | |
Fastly, Inc. 0% 3/15/26 | 12,275 | 9,667 | |
MongoDB, Inc. 0.25% 1/15/26 | 6,149 | 7,434 | |
Okta, Inc.: | |||
0.125% 9/1/25 | 10,298 | 8,934 | |
0.375% 6/15/26 | 11,911 | 9,970 | |
Perficient, Inc. 0.125% 11/15/26 | 4,337 | 3,397 | |
Repay Holdings Corp. 0% 2/1/26 (b) | 2,027 | 1,597 | |
Shift4 Payments, Inc.: | |||
0% 12/15/25 | 3,583 | 3,807 | |
0.5% 8/1/27 | 5,691 | 4,943 | |
Shopify, Inc. 0.125% 11/1/25 | 8,080 | 6,852 | |
Wix.com Ltd. 0% 8/15/25 | 7,988 | 6,806 | |
117,823 | |||
Semiconductors & Semiconductor Equipment - 3.7% | |||
Camtek Ltd. 0% 12/1/26 (b) | 200 | 164 | |
Enphase Energy, Inc.: | |||
0% 3/1/26 | 260 | 263 | |
0% 3/1/28 | 260 | 268 | |
0.25% 3/1/25 | 550 | 1,464 | |
onsemi: | |||
0% 5/1/27 | 9,173 | 14,218 | |
0.5% 3/1/29(b) | 11,120 | 11,179 | |
1.625% 10/15/23 | 1,137 | 4,240 | |
Semtech Corp. 1.625% 11/1/27 (b) | 4,026 | 4,286 | |
SMART Global Holdings, Inc. 2.25% 2/15/26 | 2,200 | 2,343 | |
SolarEdge Technologies, Inc. 0% 9/15/25 | 3,440 | 4,546 | |
Wolfspeed, Inc.: | |||
0.25% 2/15/28 | 2,170 | 1,904 | |
1.75% 5/1/26 | 3,331 | 5,531 | |
1.875% 12/1/29(b) | 13,345 | 12,571 | |
62,977 | |||
Software - 18.7% | |||
8x8, Inc. 0.5% 2/1/24 | 4,969 | 4,524 | |
Altair Engineering, Inc.: | |||
0.25% 6/1/24 | 3,124 | 4,413 | |
1.75% 6/15/27(b) | 2,750 | 2,984 | |
Avalara, Inc. 0.25% 8/1/26 | 3,525 | 3,516 | |
Bentley Systems, Inc.: | |||
0.125% 1/15/26 | 3,500 | 3,224 | |
0.375% 7/1/27 | 8,526 | 7,081 | |
Bill Holdings, Inc.: | |||
0% 12/1/25 | 140 | 129 | |
0% 4/1/27 | 4,912 | 3,822 | |
BlackLine, Inc.: | |||
0% 3/15/26 | 9,971 | 8,419 | |
0.125% 8/1/24 | 7,892 | 8,771 | |
Box, Inc. 0% 1/15/26 | 4,133 | 5,660 | |
Cerence, Inc. 3% 6/1/25 | 1,133 | 1,192 | |
Ceridian HCM Holding, Inc. 0.25% 3/15/26 | 197 | 175 | |
Confluent, Inc. 0% 1/15/27 | 13,001 | 10,103 | |
Coupa Software, Inc.: | |||
0.125% 6/15/25 | 5,277 | 5,240 | |
0.375% 6/15/26 | 8,693 | 8,628 | |
CyberArk Software Ltd. 0% 11/15/24 | 4,989 | 5,517 | |
Datadog, Inc. 0.125% 6/15/25 | 118 | 129 | |
Dropbox, Inc.: | |||
0% 3/1/26 | 1,969 | 1,709 | |
0% 3/1/28 | 2,025 | 1,721 | |
Everbridge, Inc.: | |||
0% 3/15/26 | 6,786 | 5,717 | |
0.125% 12/15/24 | 4,904 | 4,407 | |
Five9, Inc. 0.5% 6/1/25 | 7,508 | 6,738 | |
Guidewire Software, Inc. 1.25% 3/15/25 | 2,797 | 2,635 | |
HubSpot, Inc. 0.375% 6/1/25 | 6,167 | 9,032 | |
InterDigital, Inc. 3.5% 6/1/27 (b) | 270 | 299 | |
LivePerson, Inc.: | |||
0% 12/15/26 | 22,708 | 16,790 | |
0.75% 3/1/24 | 4,606 | 4,275 | |
MicroStrategy, Inc.: | |||
0% 2/15/27 | 27,610 | 12,922 | |
0.75% 12/15/25 | 6,100 | 4,715 | |
New Relic, Inc. 0.5% 5/1/23 | 4,454 | 4,407 | |
Pagerduty, Inc. 1.25% 7/1/25 | 1,647 | 1,731 | |
Palo Alto Networks, Inc.: | |||
0.375% 6/1/25 | 13,646 | 26,030 | |
0.75% 7/1/23 | 11,805 | 24,926 | |
Pegasystems, Inc. 0.75% 3/1/25 | 1,489 | 1,307 | |
Porch Group, Inc. 0.75% 9/15/26 (b) | 7,852 | 4,816 | |
Progress Software Corp. 1% 4/15/26 | 4,250 | 4,622 | |
Q2 Holdings, Inc. 0.75% 6/1/26 | 3,953 | 3,340 | |
Rapid7, Inc.: | |||
0.25% 3/15/27 | 10,933 | 9,618 | |
2.25% 5/1/25 | 3,728 | 3,816 | |
RingCentral, Inc.: | |||
0% 3/1/25 | 7,082 | 6,223 | |
0% 3/15/26 | 6,321 | 5,124 | |
Splunk, Inc.: | |||
0.5% 9/15/23 | 2,974 | 2,913 | |
1.125% 9/15/25 | 7,367 | 7,223 | |
1.125% 6/15/27 | 5,000 | 4,271 | |
Tyler Technologies, Inc. 0.25% 3/15/26 | 9,035 | 8,407 | |
Unity Software, Inc. 0% 11/15/26 | 26,949 | 20,468 | |
Varonis Systems, Inc. 1.25% 8/15/25 | 2,684 | 2,969 | |
Verint Systems, Inc. 0.25% 4/15/26 | 1,780 | 1,566 | |
Veritone, Inc. 1.75% 11/15/26 | 334 | 238 | |
Workiva, Inc. 1.125% 8/15/26 | 9,483 | 12,086 | |
Zscaler, Inc. 0.125% 7/1/25 | 8,780 | 9,741 | |
320,329 | |||
TOTAL INFORMATION TECHNOLOGY | 516,582 | ||
MATERIALS - 0.9% | |||
Chemicals - 0.2% | |||
Livent Corp. 4.125% 7/15/25 | 1,384 | 3,846 | |
Metals & Mining - 0.7% | |||
ATI, Inc. 3.5% 6/15/25 | 170 | 454 | |
MP Materials Corp. 0.25% 4/1/26 (b) | 7,480 | 7,660 | |
United States Steel Corp. 5% 11/1/26 | 1,847 | 4,351 | |
12,465 | |||
TOTAL MATERIALS | 16,311 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 0.3% | |||
Pebblebrook Hotel Trust 1.75% 12/15/26 | 182 | 156 | |
Summit Hotel Properties, Inc. 1.5% 2/15/26 | 187 | 163 | |
Uniti Fiber Holdings, Inc. 4% 6/15/24 (b) | 3,071 | 2,777 | |
Uniti Group, Inc. 7.5% 12/1/27 (b) | 2,165 | 1,995 | |
5,091 | |||
Real Estate Management & Development - 1.0% | |||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26 | 268 | 187 | |
Redfin Corp.: | |||
0% 10/15/25 | 410 | 293 | |
0.5% 4/1/27 | 12,013 | 7,224 | |
Zillow Group, Inc.: | |||
1.375% 9/1/26 | 7,660 | 8,790 | |
2.75% 5/15/25 | 187 | 189 | |
16,683 | |||
TOTAL REAL ESTATE | 21,774 | ||
UTILITIES - 1.8% | |||
Electric Utilities - 1.5% | |||
Alliant Energy Corp. 3.875% 3/15/26 (b) | 2,600 | 2,600 | |
NRG Energy, Inc. 2.75% 6/1/48 | 6,814 | 6,783 | |
PPL Capital Funding, Inc. 2.875% 3/15/28 (b) | 7,610 | 7,457 | |
Southern Co. 3.875% 12/15/25 (b) | 8,560 | 8,411 | |
25,251 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
NextEra Energy Partners LP: | |||
0% 6/15/24(b) | 210 | 194 | |
2.5% 6/15/26(b) | 180 | 163 | |
Ormat Technologies, Inc. 2.5% 7/15/27 (b) | 1,700 | 1,889 | |
Sunnova Energy International, Inc.: | |||
0.25% 12/1/26 | 200 | 153 | |
2.625% 2/15/28(b) | 3,980 | 3,118 | |
5,517 | |||
TOTAL UTILITIES | 30,768 | ||
TOTAL CONVERTIBLE BONDS | 1,242,852 | ||
Nonconvertible Bonds - 1.6% | |||
COMMUNICATION SERVICES - 0.5% | |||
Media - 0.5% | |||
Gannett Holdings LLC 6% 11/1/26 (b) | 11,650 | 9,787 | |
CONSUMER STAPLES - 0.5% | |||
Tobacco - 0.5% | |||
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 9,153 | 8,284 | |
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (b) | 2,380 | 2,468 | |
SFL Corp. Ltd. 7.25% 5/12/26 (b) | 2,800 | 2,636 | |
5,104 | |||
INFORMATION TECHNOLOGY - 0.3% | |||
Software - 0.3% | |||
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 6,575 | 5,062 | |
TOTAL NONCONVERTIBLE BONDS | 28,237 | ||
TOTAL CORPORATE BONDS (Cost $1,244,720) | 1,271,089 | ||
Common Stocks - 11.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 0.6% | |||
Media - 0.6% | |||
Gannett Co., Inc. (e)(f) | 3,063,023 | 9,281 | |
CONSUMER DISCRETIONARY - 2.0% | |||
Automobiles - 0.8% | |||
Ford Motor Co. | 326,800 | 3,944 | |
Tesla, Inc. (e) | 45,900 | 9,442 | |
13,386 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
A&W Revenue Royalties Income Fund | 159,900 | 4,430 | |
Airbnb, Inc. Class A (e) | 31,900 | 3,933 | |
Super Group SGHC Ltd. (e)(f) | 3,208,777 | 12,386 | |
20,749 | |||
TOTAL CONSUMER DISCRETIONARY | 34,135 | ||
ENERGY - 5.0% | |||
Oil, Gas & Consumable Fuels - 5.0% | |||
Calumet Specialty Products Partners LP (e) | 449,506 | 8,770 | |
DHT Holdings, Inc. | 5,843,512 | 67,598 | |
Scorpio Tankers, Inc. | 158,402 | 9,561 | |
85,929 | |||
INDUSTRIALS - 1.5% | |||
Electrical Equipment - 1.5% | |||
Babcock & Wilcox Enterprises, Inc. (e)(f) | 4,012,446 | 26,041 | |
INFORMATION TECHNOLOGY - 1.5% | |||
Semiconductors & Semiconductor Equipment - 0.9% | |||
Advanced Micro Devices, Inc. (e) | 62,700 | 4,927 | |
NVIDIA Corp. | 27,200 | 6,315 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 45,300 | 3,944 | |
15,186 | |||
Software - 0.2% | |||
Zoom Video Communications, Inc. Class A (e) | 58,000 | 4,326 | |
Technology Hardware, Storage & Peripherals - 0.4% | |||
Apple, Inc. | 45,600 | 6,722 | |
TOTAL INFORMATION TECHNOLOGY | 26,234 | ||
MATERIALS - 0.5% | |||
Metals & Mining - 0.5% | |||
Agnico Eagle Mines Ltd. (United States) (f) | 89,100 | 4,101 | |
Wheaton Precious Metals Corp. | 103,400 | 4,308 | |
8,409 | |||
TOTAL COMMON STOCKS (Cost $166,763) | 190,029 | ||
Convertible Preferred Stocks - 11.8% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 1.1% | |||
Media - 0.0% | |||
Paramount Global Series A 5.75% | 5,960 | 185 | |
Wireless Telecommunication Services - 1.1% | |||
T-Mobile U.S., Inc. 5.25% (b)(e) | 16,850 | 19,538 | |
TOTAL COMMUNICATION SERVICES | 19,723 | ||
CONSUMER DISCRETIONARY - 0.6% | |||
Auto Components - 0.6% | |||
Aptiv PLC Series A, 5.50% | 75,100 | 9,550 | |
FINANCIALS - 3.4% | |||
Banks - 3.1% | |||
Bank of America Corp. 7.25% | 19,256 | 22,989 | |
Wells Fargo & Co. 7.50% | 24,843 | 29,708 | |
52,697 | |||
Capital Markets - 0.3% | |||
KKR & Co. LP Series C, 6.00% | 76,600 | 5,150 | |
TOTAL FINANCIALS | 57,847 | ||
HEALTH CARE - 2.2% | |||
Health Care Equipment & Supplies - 1.1% | |||
Becton, Dickinson & Co. 6.50% | 103,200 | 4,972 | |
Boston Scientific Corp. Series A, 5.50% | 123,900 | 14,041 | |
19,013 | |||
Life Sciences Tools & Services - 1.1% | |||
Danaher Corp. Series B, 5.00% | 14,650 | 18,508 | |
TOTAL HEALTH CARE | 37,521 | ||
INDUSTRIALS - 1.8% | |||
Construction & Engineering - 0.7% | |||
Fluor Corp. 6.50% | 7,050 | 12,108 | |
Machinery - 1.1% | |||
Chart Industries, Inc. | 152,800 | 8,500 | |
RBC Bearings, Inc. | 90,500 | 10,201 | |
18,701 | |||
TOTAL INDUSTRIALS | 30,809 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 2.0% | |||
American Electric Power Co., Inc. 6.125% | 96,600 | 4,744 | |
NextEra Energy, Inc.: | |||
6.219% | 176,100 | 8,145 | |
6.296% | 171,600 | 7,949 | |
PG&E Corp. | 103,500 | 14,220 | |
35,058 | |||
Gas Utilities - 0.0% | |||
UGI Corp. 7.125% | 2,000 | 170 | |
Independent Power and Renewable Electricity Producers - 0.7% | |||
The AES Corp. 6.875% | 122,400 | 11,154 | |
Multi-Utilities - 0.0% | |||
NiSource, Inc. 7.75% | 2,200 | 229 | |
TOTAL UTILITIES | 46,611 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $192,265) | 202,061 | ||
Preferred Securities - 0.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
UTILITIES - 0.2% | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Vistra Corp. 7% (b)(g)(h) (Cost $3,069) | 3,345 | 3,129 | |
Money Market Funds - 1.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 4.63% (i) | 12,374,350 | 12,377 | |
Fidelity Securities Lending Cash Central Fund 4.63% (i)(j) | 5,429,214 | 5,430 | |
TOTAL MONEY MARKET FUNDS (Cost $17,807) | 17,807 | ||
TOTAL INVESTMENT IN SECURITIES - 98.1% (Cost $1,624,624) | 1,684,115 |
NET OTHER ASSETS (LIABILITIES) - 1.9% | 31,985 |
NET ASSETS - 100.0% | 1,716,100 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
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 $309,239,000 or 18.0% of net assets. |
(c) | Non-income producing - Security is in default. |
(d) | Level 3 security |
(e) | Non-income producing |
(f) | Security or a portion of the security is on loan at period end. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.63% | 42,677 | 172,495 | 202,795 | 398 | - | - | 12,377 | 0.0% |
Fidelity Securities Lending Cash Central Fund 4.63% | 23,170 | 52,228 | 69,968 | 44 | - | - | 5,430 | 0.0% |
Total | 65,847 | 224,723 | 272,763 | 442 | - | - | 17,807 | |
Amounts in the dividend 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. 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 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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