CUMULATIVE PERFORMANCE
November 30, 2015 through November 30, 2025.
Initial investment of $10,000.
 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02105
Fidelity Salem Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
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Date of reporting period: | November 30, 2025 |
Item 1.
Reports to Stockholders
ANNUAL SHAREHOLDER REPORT | AS OF
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Strategic Dividend & Income® Fund
|
$
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|
|
1 Year
|
5 Year
|
10 Year
|
|
Fidelity® Strategic Dividend & Income® Fund
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
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Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Dividend-Paying Equities - 51.5
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|
Convertibles - 16.7
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REITs - 15.0
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|
Preferred Stock - 14.9
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Global Infrastructure Equities - 1.4
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MLPs - 0.5
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Commodity Equities - 0.0
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Short-Term Investments and Net Other Assets (Liabilities) - 0.0
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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|
United States - 92.6
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|
Canada - 2.2
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United Kingdom - 1.5
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Taiwan - 0.8
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Korea (South) - 0.6
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France - 0.6
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|
Netherlands - 0.5
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Japan - 0.4
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Germany - 0.4
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Others - 0.4
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TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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||
 |
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914114.101 1329-TSRA-0126
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ANNUAL SHAREHOLDER REPORT | AS OF
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|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
 |
1 Year
|
5 Year
|
Life of Fund A
|
|
Class Z
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Dividend-Paying Equities - 51.5
|
|
Convertibles - 16.7
|
|
REITs - 15.0
|
|
Preferred Stock - 14.9
|
|
Global Infrastructure Equities - 1.4
|
|
MLPs - 0.5
|
|
Commodity Equities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 92.6
|
|
Canada - 2.2
|
|
United Kingdom - 1.5
|
|
Taiwan - 0.8
|
|
Korea (South) - 0.6
|
|
France - 0.6
|
|
Netherlands - 0.5
|
|
Japan - 0.4
|
|
Germany - 0.4
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914115.101 3281-TSRA-0126
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
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|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class M (incl. 3.50% sales charge)
|
|||
Class M (without 3.50% sales charge)
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Dividend-Paying Equities - 51.5
|
|
Convertibles - 16.7
|
|
REITs - 15.0
|
|
Preferred Stock - 14.9
|
|
Global Infrastructure Equities - 1.4
|
|
MLPs - 0.5
|
|
Commodity Equities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 92.6
|
|
Canada - 2.2
|
|
United Kingdom - 1.5
|
|
Taiwan - 0.8
|
|
Korea (South) - 0.6
|
|
France - 0.6
|
|
Netherlands - 0.5
|
|
Japan - 0.4
|
|
Germany - 0.4
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914112.101 1324-TSRA-0126
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class I
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Dividend-Paying Equities - 51.5
|
|
Convertibles - 16.7
|
|
REITs - 15.0
|
|
Preferred Stock - 14.9
|
|
Global Infrastructure Equities - 1.4
|
|
MLPs - 0.5
|
|
Commodity Equities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 92.6
|
|
Canada - 2.2
|
|
United Kingdom - 1.5
|
|
Taiwan - 0.8
|
|
Korea (South) - 0.6
|
|
France - 0.6
|
|
Netherlands - 0.5
|
|
Japan - 0.4
|
|
Germany - 0.4
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914113.101 1325-TSRA-0126
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class C (incl. contingent deferred sales charge)
|
|||
Class C
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Dividend-Paying Equities - 51.5
|
|
Convertibles - 16.7
|
|
REITs - 15.0
|
|
Preferred Stock - 14.9
|
|
Global Infrastructure Equities - 1.4
|
|
MLPs - 0.5
|
|
Commodity Equities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 92.6
|
|
Canada - 2.2
|
|
United Kingdom - 1.5
|
|
Taiwan - 0.8
|
|
Korea (South) - 0.6
|
|
France - 0.6
|
|
Netherlands - 0.5
|
|
Japan - 0.4
|
|
Germany - 0.4
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914111.101 1323-TSRA-0126
|
ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
 |
1 Year
|
5 Year
|
10 Year
|
|
Class A (incl. 5.75% sales charge)
|
|||
Class A (without 5.75% sales charge)
|
|||
Fidelity Strategic Dividend & Income Composite Index℠
|
|||
S&P 500® Index
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Total Advisory Fee
|
$
|
|
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Real Estate
|
||
Information Technology
|
||
Health Care
|
||
Industrials
|
||
Consumer Staples
|
||
Utilities
|
||
Consumer Discretionary
|
||
Energy
|
||
Communication Services
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Dividend-Paying Equities - 51.5
|
|
Convertibles - 16.7
|
|
REITs - 15.0
|
|
Preferred Stock - 14.9
|
|
Global Infrastructure Equities - 1.4
|
|
MLPs - 0.5
|
|
Commodity Equities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
United States - 92.6
|
|
Canada - 2.2
|
|
United Kingdom - 1.5
|
|
Taiwan - 0.8
|
|
Korea (South) - 0.6
|
|
France - 0.6
|
|
Netherlands - 0.5
|
|
Japan - 0.4
|
|
Germany - 0.4
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Exxon Mobil Corp
|
||
AbbVie Inc
|
||
Procter & Gamble Co/The
|
||
Coca-Cola Co/The
|
||
Johnson & Johnson
|
||
Cisco Systems Inc
|
||
Prologis Inc
|
||
Merck & Co Inc
|
||
Equinix Inc
|
||
Ventas Inc
|
||
19.5
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
|
||
|
 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9914110.101 1321-TSRA-0126
|
Item 2.
Code of Ethics
As of the end of the period, November 30, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Strategic Dividend & Income Fund (the “Fund”):
Services Billed by PwC
November 30, 2025 FeesA
|
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Strategic Dividend & Income Fund | $54,500 | $2,500 | $6,700 | $1,000 |
November 30, 2024 FeesA
|
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Strategic Dividend & Income Fund | $53,600 | $4,700 | $16,900 | $2,000 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
|
| November 30, 2025A | November 30, 2024A |
| Audit-Related Fees | $8,914,100 | $9,701,800 |
| Tax Fees | $1,000 | $61,000 |
| All Other Fees | $- | $35,000 |
A Amounts may reflect rounding
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| Billed By | November 30, 2025A | November 30, 2024A |
| PwC | $13,761,800 | $15,314,700 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Contents
Bank Loan Obligations - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 6/2/2028 (b)(c)(d)
(Cost $1,475,660)
|
1,479,818
|
1,392,537
|
|
Common Stocks - 54.3%
|
|||
Shares
|
Value ($)
|
||
CANADA - 2.0%
|
|||
Consumer Discretionary - 0.3%
|
|||
Hotels, Restaurants & Leisure - 0.3%
|
|||
Restaurant Brands International Inc
|
192,299
|
13,940,972
|
|
Consumer Staples - 0.6%
|
|||
Consumer Staples Distribution & Retail - 0.6%
|
|||
Alimentation Couche-Tard Inc
|
343,657
|
18,709,381
|
|
Metro Inc/CN
|
185,844
|
13,413,164
|
|
32,122,545
|
|||
Energy - 1.1%
|
|||
Oil, Gas & Consumable Fuels - 1.1%
|
|||
Cameco Corp (United States) (e)
|
7,640
|
676,216
|
|
Canadian Natural Resources Ltd
|
677,604
|
22,891,470
|
|
Imperial Oil Ltd
|
311,811
|
30,854,218
|
|
Rockpoint Gas Storage Inc Class A
|
33,200
|
664,974
|
|
South Bow Corp
|
51,450
|
1,417,825
|
|
56,504,703
|
|||
Industrials - 0.0%
|
|||
Ground Transportation - 0.0%
|
|||
Canadian Pacific Kansas City Ltd (United States)
|
5,202
|
377,509
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Capital Power Corp
|
49,300
|
2,172,452
|
|
TransAlta Corp
|
270,717
|
3,951,932
|
|
6,124,384
|
|||
TOTAL CANADA
|
109,070,113
|
||
CHINA - 0.0%
|
|||
Industrials - 0.0%
|
|||
Transportation Infrastructure - 0.0%
|
|||
Beijing Capital International Airport Co Ltd H Shares (e)
|
1,112,431
|
400,070
|
|
FINLAND - 0.0%
|
|||
Industrials - 0.0%
|
|||
Machinery - 0.0%
|
|||
Wartsila OYJ Abp
|
12,467
|
403,748
|
|
FRANCE - 0.6%
|
|||
Consumer Staples - 0.2%
|
|||
Food Products - 0.2%
|
|||
Danone SA
|
101,100
|
9,032,976
|
|
Energy - 0.2%
|
|||
Energy Equipment & Services - 0.2%
|
|||
Vallourec SACA
|
577,100
|
10,516,665
|
|
Information Technology - 0.2%
|
|||
IT Services - 0.2%
|
|||
Capgemini SE
|
66,400
|
10,403,723
|
|
TOTAL FRANCE
|
29,953,364
|
||
GERMANY - 0.3%
|
|||
Industrials - 0.3%
|
|||
Electrical Equipment - 0.0%
|
|||
Siemens Energy AG (e)
|
3,083
|
412,821
|
|
Industrial Conglomerates - 0.3%
|
|||
Siemens AG
|
51,954
|
13,778,397
|
|
TOTAL INDUSTRIALS
|
14,191,218
|
||
Utilities - 0.0%
|
|||
Multi-Utilities - 0.0%
|
|||
E.ON SE
|
60,829
|
1,083,448
|
|
TOTAL GERMANY
|
15,274,666
|
||
ITALY - 0.2%
|
|||
Industrials - 0.2%
|
|||
Electrical Equipment - 0.2%
|
|||
Prysmian SpA
|
77,326
|
7,743,287
|
|
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Enel SpA
|
73,159
|
756,027
|
|
TOTAL ITALY
|
8,499,314
|
||
JAPAN - 0.4%
|
|||
Industrials - 0.4%
|
|||
Industrial Conglomerates - 0.4%
|
|||
Hitachi Ltd
|
634,248
|
20,171,852
|
|
KOREA (SOUTH) - 0.6%
|
|||
Information Technology - 0.6%
|
|||
Technology Hardware, Storage & Peripherals - 0.6%
|
|||
Samsung Electronics Co Ltd
|
477,382
|
32,856,998
|
|
MEXICO - 0.1%
|
|||
Industrials - 0.1%
|
|||
Transportation Infrastructure - 0.1%
|
|||
Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR
|
11,890
|
1,278,888
|
|
Grupo Aeroportuario del Pacifico SAB de CV Class B ADR
|
6,234
|
1,480,513
|
|
Grupo Aeroportuario del Sureste SAB de CV Class B ADR
|
2,124
|
641,342
|
|
TOTAL MEXICO
|
3,400,743
|
||
MONACO - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Scorpio Tankers Inc
|
42,500
|
2,436,525
|
|
NETHERLANDS - 0.4%
|
|||
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.4%
|
|||
NXP Semiconductors NV
|
110,200
|
21,482,388
|
|
SPAIN - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Cellnex Telecom SA (f)(g)
|
19,480
|
585,027
|
|
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Iberdrola SA
|
78,691
|
1,661,000
|
|
TOTAL SPAIN
|
2,246,027
|
||
SWITZERLAND - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Textiles, Apparel & Luxury Goods - 0.0%
|
|||
On Holding AG Class A (e)
|
43,700
|
1,922,363
|
|
TAIWAN - 0.8%
|
|||
Information Technology - 0.8%
|
|||
Semiconductors & Semiconductor Equipment - 0.8%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
155,198
|
45,241,769
|
|
UNITED KINGDOM - 1.5%
|
|||
Consumer Staples - 0.3%
|
|||
Personal Care Products - 0.2%
|
|||
Unilever PLC
|
214,200
|
12,883,900
|
|
Tobacco - 0.1%
|
|||
Imperial Brands PLC
|
134,091
|
5,694,080
|
|
TOTAL CONSUMER STAPLES
|
18,577,980
|
||
Health Care - 0.7%
|
|||
Pharmaceuticals - 0.7%
|
|||
Astrazeneca PLC ADR
|
416,924
|
38,657,193
|
|
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.4%
|
|||
Rolls-Royce Holdings PLC
|
1,427,773
|
20,151,972
|
|
Utilities - 0.1%
|
|||
Electric Utilities - 0.0%
|
|||
SSE PLC
|
70,693
|
2,056,711
|
|
Multi-Utilities - 0.1%
|
|||
National Grid PLC
|
164,744
|
2,503,127
|
|
TOTAL UTILITIES
|
4,559,838
|
||
TOTAL UNITED KINGDOM
|
81,946,983
|
||
UNITED STATES - 47.4%
|
|||
Communication Services - 1.9%
|
|||
Diversified Telecommunication Services - 0.9%
|
|||
AT&T Inc
|
117,400
|
3,054,748
|
|
Verizon Communications Inc
|
1,106,819
|
45,501,329
|
|
48,556,077
|
|||
Entertainment - 0.2%
|
|||
Walt Disney Co/The
|
85,291
|
8,910,351
|
|
Interactive Media & Services - 0.1%
|
|||
Alphabet Inc Class A
|
8,800
|
2,817,584
|
|
Meta Platforms Inc Class A
|
2,900
|
1,879,055
|
|
4,696,639
|
|||
Media - 0.5%
|
|||
Comcast Corp Class A
|
1,031,249
|
27,524,036
|
|
EchoStar Corp Class A (e)
|
5,069
|
371,507
|
|
27,895,543
|
|||
Wireless Telecommunication Services - 0.2%
|
|||
T-Mobile US Inc
|
55,900
|
11,683,659
|
|
TOTAL COMMUNICATION SERVICES
|
101,742,269
|
||
Consumer Discretionary - 4.8%
|
|||
Automobiles - 0.0%
|
|||
Tesla Inc (e)
|
2,300
|
989,391
|
|
Broadline Retail - 0.0%
|
|||
Amazon.com Inc (e)
|
10,600
|
2,472,132
|
|
Diversified Consumer Services - 0.2%
|
|||
H&R Block Inc
|
246,800
|
10,395,216
|
|
Hotels, Restaurants & Leisure - 2.1%
|
|||
Boyd Gaming Corp
|
20,100
|
1,674,330
|
|
Churchill Downs Inc
|
24,700
|
2,694,523
|
|
McDonald's Corp
|
225,568
|
70,336,614
|
|
Sabre Corp (e)
|
198,800
|
320,068
|
|
Sharplink Gaming Inc (e)
|
232,000
|
2,463,840
|
|
Starbucks Corp
|
338,199
|
29,460,515
|
|
106,949,890
|
|||
Household Durables - 0.0%
|
|||
TopBuild Corp (e)
|
2,000
|
905,000
|
|
Specialty Retail - 1.7%
|
|||
Burlington Stores Inc (e)
|
75,600
|
19,068,588
|
|
Dick's Sporting Goods Inc
|
49,850
|
10,297,515
|
|
GameStop Corp warrants 10/30/2026 (e)
|
36,400
|
121,576
|
|
Lowe's Cos Inc
|
175,554
|
42,568,334
|
|
TJX Cos Inc/The
|
138,872
|
21,097,434
|
|
93,153,447
|
|||
Textiles, Apparel & Luxury Goods - 0.8%
|
|||
Columbia Sportswear Co (h)
|
50,300
|
2,701,613
|
|
NIKE Inc Class B
|
341,600
|
22,077,608
|
|
Tapestry Inc
|
183,733
|
20,078,342
|
|
44,857,563
|
|||
TOTAL CONSUMER DISCRETIONARY
|
259,722,639
|
||
Consumer Staples - 6.2%
|
|||
Beverages - 2.6%
|
|||
Coca-Cola Co/The
|
1,524,124
|
111,443,947
|
|
Keurig Dr Pepper Inc
|
972,411
|
27,130,267
|
|
138,574,214
|
|||
Consumer Staples Distribution & Retail - 1.2%
|
|||
Albertsons Cos Inc Class A
|
253,395
|
4,644,730
|
|
BJ's Wholesale Club Holdings Inc (e)
|
194,822
|
17,383,967
|
|
Costco Wholesale Corp
|
2,664
|
2,433,804
|
|
Target Corp
|
191,230
|
17,329,263
|
|
Walmart Inc
|
191,546
|
21,167,748
|
|
62,959,512
|
|||
Household Products - 2.1%
|
|||
Procter & Gamble Co/The
|
758,820
|
112,426,771
|
|
Personal Care Products - 0.3%
|
|||
Kenvue Inc
|
996,217
|
17,284,365
|
|
TOTAL CONSUMER STAPLES
|
331,244,862
|
||
Energy - 4.1%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Kodiak Gas Services Inc
|
13,410
|
472,032
|
|
Oil, Gas & Consumable Fuels - 4.1%
|
|||
Antero Resources Corp (e)
|
7,250
|
264,117
|
|
Cheniere Energy Inc
|
10,002
|
2,085,017
|
|
Cheniere Energy Partners LP
|
13,890
|
757,005
|
|
Delek Logistics Partners LP
|
21,140
|
969,058
|
|
DHT Holdings Inc
|
1,050,346
|
13,686,008
|
|
Energy Transfer LP
|
201,786
|
3,371,844
|
|
Enterprise Products Partners LP
|
43,220
|
1,415,023
|
|
Exxon Mobil Corp
|
1,307,679
|
151,586,150
|
|
Genesis Energy LP Class A
|
91,530
|
1,426,953
|
|
Hess Midstream LP Class A
|
82,920
|
2,792,746
|
|
Kinder Morgan Inc
|
60,400
|
1,650,128
|
|
MPLX LP
|
48,766
|
2,649,457
|
|
NGL Energy Partners LP (e)
|
60,760
|
597,270
|
|
Phillips 66
|
40,762
|
5,582,764
|
|
Plains All American Pipeline LP
|
140,518
|
2,446,418
|
|
Shell PLC
|
494,111
|
18,159,036
|
|
Shell PLC rights 12/31/2049 (e)(i)
|
494,111
|
176,892
|
|
Sunoco LP
|
47,749
|
2,684,926
|
|
Targa Resources Corp
|
4,390
|
769,611
|
|
Valero Energy Corp
|
22,332
|
3,947,404
|
|
Western Midstream Partners LP
|
65,899
|
2,591,808
|
|
Williams Cos Inc/The
|
24,412
|
1,487,423
|
|
221,097,058
|
|||
TOTAL ENERGY
|
221,569,090
|
||
Financials - 5.4%
|
|||
Banks - 2.3%
|
|||
Bank of America Corp
|
207,179
|
11,115,153
|
|
JPMorgan Chase & Co
|
38,874
|
12,170,672
|
|
M&T Bank Corp
|
116,057
|
22,076,363
|
|
PNC Financial Services Group Inc/The
|
161,160
|
30,736,435
|
|
US Bancorp
|
640,300
|
31,406,715
|
|
Wells Fargo & Co
|
162,631
|
13,961,871
|
|
121,467,209
|
|||
Capital Markets - 0.3%
|
|||
Charles Schwab Corp/The
|
162,800
|
15,096,444
|
|
Consumer Finance - 0.0%
|
|||
Capital One Financial Corp
|
34,594
|
7,578,508
|
|
Financial Services - 0.4%
|
|||
Apollo Global Management Inc
|
79,400
|
10,468,890
|
|
Shift4 Payments Inc Class A (e)(h)
|
32,400
|
2,390,472
|
|
Visa Inc Class A
|
21,900
|
7,324,236
|
|
20,183,598
|
|||
Insurance - 2.4%
|
|||
American Financial Group Inc/OH
|
132,800
|
18,289,216
|
|
Chubb Ltd
|
172,336
|
51,042,477
|
|
Hartford Insurance Group Inc/The
|
155,836
|
21,354,207
|
|
Marsh & McLennan Cos Inc
|
46,500
|
8,530,425
|
|
Travelers Companies Inc/The
|
96,990
|
28,404,491
|
|
127,620,816
|
|||
TOTAL FINANCIALS
|
291,946,575
|
||
Health Care - 8.6%
|
|||
Biotechnology - 3.1%
|
|||
AbbVie Inc
|
578,769
|
131,785,701
|
|
Gilead Sciences Inc
|
279,120
|
35,124,461
|
|
166,910,162
|
|||
Health Care Equipment & Supplies - 0.0%
|
|||
Boston Scientific Corp (e)
|
18,100
|
1,838,598
|
|
Health Care Providers & Services - 0.3%
|
|||
UnitedHealth Group Inc
|
54,233
|
17,884,416
|
|
Life Sciences Tools & Services - 0.2%
|
|||
Danaher Corp
|
37,635
|
8,534,865
|
|
Pharmaceuticals - 5.0%
|
|||
Eli Lilly & Co
|
33,526
|
36,056,207
|
|
GSK PLC
|
689,300
|
16,402,609
|
|
Johnson & Johnson
|
530,459
|
109,762,577
|
|
Merck & Co Inc
|
809,316
|
84,840,597
|
|
Royalty Pharma PLC Class A
|
374,019
|
14,968,240
|
|
262,030,230
|
|||
TOTAL HEALTH CARE
|
457,198,271
|
||
Industrials - 5.6%
|
|||
Aerospace & Defense - 1.8%
|
|||
Boeing Co (e)
|
7,700
|
1,455,300
|
|
Byrna Technologies Inc (e)
|
158,461
|
2,891,913
|
|
GE Aerospace
|
74,275
|
22,167,374
|
|
General Dynamics Corp
|
80,400
|
27,467,052
|
|
Huntington Ingalls Industries Inc
|
59,575
|
18,683,912
|
|
Northrop Grumman Corp
|
39,036
|
22,338,351
|
|
95,003,902
|
|||
Building Products - 0.7%
|
|||
Builders FirstSource Inc (e)
|
9,200
|
1,032,516
|
|
Johnson Controls International plc
|
320,890
|
37,322,716
|
|
38,355,232
|
|||
Commercial Services & Supplies - 0.3%
|
|||
GFL Environmental Inc Subordinate Voting Shares
|
229,900
|
10,464,732
|
|
GFL Environmental Inc Subordinate Voting Shares (United States)
|
15,841
|
720,290
|
|
Waste Connections Inc (United States)
|
9,218
|
1,627,438
|
|
Waste Management Inc
|
12,800
|
2,788,736
|
|
15,601,196
|
|||
Construction & Engineering - 0.0%
|
|||
Argan Inc
|
1,370
|
541,424
|
|
EMCOR Group Inc
|
548
|
337,058
|
|
Ferrovial SE
|
13,365
|
875,586
|
|
MasTec Inc (e)
|
5,823
|
1,245,424
|
|
Quanta Services Inc
|
1,096
|
509,508
|
|
Sterling Infrastructure Inc (e)
|
1,027
|
353,606
|
|
3,862,606
|
|||
Electrical Equipment - 1.1%
|
|||
AMETEK Inc
|
39,900
|
7,895,811
|
|
Eaton Corp PLC
|
82,212
|
28,436,309
|
|
Eos Energy Enterprises Inc (e)
|
26,441
|
397,937
|
|
GE Vernova Inc
|
39,967
|
23,971,008
|
|
Nextpower Inc Class A (e)
|
8,083
|
740,564
|
|
61,441,629
|
|||
Ground Transportation - 0.5%
|
|||
CSX Corp
|
10,892
|
385,141
|
|
Norfolk Southern Corp
|
85,727
|
25,040,000
|
|
Union Pacific Corp
|
3,946
|
914,801
|
|
26,339,942
|
|||
Machinery - 0.8%
|
|||
Caterpillar Inc
|
1,164
|
670,185
|
|
Cummins Inc
|
822
|
409,339
|
|
ITT Inc
|
211,883
|
39,020,373
|
|
Kennametal Inc
|
74,300
|
2,056,624
|
|
42,156,521
|
|||
Professional Services - 0.1%
|
|||
KBR Inc
|
131,949
|
5,438,937
|
|
Trading Companies & Distributors - 0.3%
|
|||
Watsco Inc
|
43,280
|
14,992,192
|
|
TOTAL INDUSTRIALS
|
303,192,157
|
||
Information Technology - 5.7%
|
|||
Communications Equipment - 1.8%
|
|||
Cisco Systems Inc
|
1,196,264
|
92,040,552
|
|
IT Services - 1.3%
|
|||
Accenture PLC Class A
|
112,666
|
28,166,500
|
|
Amdocs Ltd
|
274,039
|
20,958,503
|
|
IBM Corporation
|
75,800
|
23,390,364
|
|
72,515,367
|
|||
Semiconductors & Semiconductor Equipment - 1.2%
|
|||
Advanced Micro Devices Inc (e)
|
9,522
|
2,071,321
|
|
Analog Devices Inc
|
110,555
|
29,334,664
|
|
Broadcom Inc
|
54,614
|
22,007,257
|
|
First Solar Inc (e)
|
5,754
|
1,570,382
|
|
NVIDIA Corp
|
44,769
|
7,924,113
|
|
Wolfspeed Inc
|
1
|
20
|
|
62,907,757
|
|||
Software - 0.9%
|
|||
Commvault Systems Inc (e)
|
6,900
|
852,150
|
|
Gen Digital Inc
|
372,379
|
9,819,634
|
|
Microsoft Corp
|
76,338
|
37,559,060
|
|
PAR Technology Corp (e)
|
16,900
|
583,219
|
|
Zoom Communications Inc Class A (e)
|
21,900
|
1,860,624
|
|
50,674,687
|
|||
Technology Hardware, Storage & Peripherals - 0.5%
|
|||
Apple Inc
|
95,457
|
26,618,184
|
|
TOTAL INFORMATION TECHNOLOGY
|
304,756,547
|
||
Materials - 1.0%
|
|||
Chemicals - 0.5%
|
|||
Linde PLC
|
62,618
|
25,693,418
|
|
Construction Materials - 0.0%
|
|||
James Hardie Industries PLC (e)
|
7,770
|
153,691
|
|
Containers & Packaging - 0.4%
|
|||
Ball Corp
|
203,800
|
10,094,214
|
|
Crown Holdings Inc
|
113,500
|
10,990,205
|
|
21,084,419
|
|||
Metals & Mining - 0.1%
|
|||
Freeport-McMoRan Inc
|
139,677
|
6,003,317
|
|
TOTAL MATERIALS
|
52,934,845
|
||
Real Estate - 0.6%
|
|||
Health Care REITs - 0.0%
|
|||
Welltower Inc
|
8,119
|
1,690,538
|
|
Specialized REITs - 0.6%
|
|||
American Tower Corp
|
41,600
|
7,540,832
|
|
Lamar Advertising Co Class A
|
131,468
|
17,405,049
|
|
Public Storage Operating Co
|
18,058
|
4,957,643
|
|
29,903,524
|
|||
TOTAL REAL ESTATE
|
31,594,062
|
||
Utilities - 3.5%
|
|||
Electric Utilities - 2.3%
|
|||
Constellation Energy Corp
|
64,938
|
23,660,810
|
|
Duke Energy Corp
|
19,591
|
2,428,109
|
|
Entergy Corp
|
18,495
|
1,803,632
|
|
Evergy Inc
|
13,632
|
1,058,525
|
|
Exelon Corp
|
194,795
|
9,178,740
|
|
NextEra Energy Inc
|
373,500
|
32,229,315
|
|
NRG Energy Inc
|
13,941
|
2,362,860
|
|
PG&E Corp
|
639,101
|
10,302,308
|
|
Southern Co/The
|
171,400
|
15,617,968
|
|
Xcel Energy Inc
|
278,726
|
22,886,192
|
|
121,528,459
|
|||
Gas Utilities - 0.1%
|
|||
Southwest Gas Holdings Inc
|
83,900
|
6,967,895
|
|
Suburban Propane Partners LP
|
30,030
|
587,086
|
|
7,554,981
|
|||
Independent Power and Renewable Electricity Producers - 0.4%
|
|||
AES Corp/The
|
31,236
|
439,178
|
|
Talen Energy Corp (e)
|
1,987
|
783,414
|
|
Vistra Corp
|
112,151
|
20,059,328
|
|
21,281,920
|
|||
Multi-Utilities - 0.7%
|
|||
Ameren Corp
|
149,607
|
15,910,704
|
|
CenterPoint Energy Inc
|
33,223
|
1,328,256
|
|
NiSource Inc
|
13,451
|
593,593
|
|
Sempra
|
37,949
|
3,594,529
|
|
WEC Energy Group Inc
|
152,667
|
17,109,391
|
|
38,536,473
|
|||
TOTAL UTILITIES
|
188,901,833
|
||
TOTAL UNITED STATES
|
2,544,803,150
|
||
ZAMBIA - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
First Quantum Minerals Ltd (e)
|
61,200
|
1,384,768
|
|
|
TOTAL COMMON STOCKS
(Cost $1,915,190,738)
|
2,921,494,841
|
||
Convertible Corporate Bonds - 13.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
IREN Ltd 0% 7/1/2031 (f)(j)
|
914,000
|
808,568
|
|
CHINA - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Alibaba Group Holding Ltd 0.5% 6/1/2031
|
944,000
|
1,554,759
|
|
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
indie Semiconductor Inc 3.5% 12/15/2029 (f)
|
689,000
|
718,902
|
|
TOTAL CHINA
|
2,273,661
|
||
ISRAEL - 0.0%
|
|||
Information Technology - 0.0%
|
|||
IT Services - 0.0%
|
|||
Wix.com Ltd 0% 9/15/2030 (f)(j)
|
1,990,000
|
1,701,326
|
|
UNITED STATES - 13.0%
|
|||
Communication Services - 0.8%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
AST SpaceMobile Inc 2% 1/15/2036 (f)
|
2,675,000
|
2,236,033
|
|
AST SpaceMobile Inc 2.375% 10/15/2032 (f)
|
1,365,000
|
1,498,769
|
|
3,734,802
|
|||
Entertainment - 0.4%
|
|||
Liberty Media Corp 2.375% 9/30/2053 (f)
|
3,789,000
|
5,137,258
|
|
Liberty Media Corp-Liberty Formula One 2.25% 8/15/2027
|
2,798,000
|
3,484,367
|
|
Live Nation Entertainment Inc 2.875% 1/15/2030 (f)
|
4,040,000
|
4,080,400
|
|
Live Nation Entertainment Inc 2.875% 10/15/2031 (f)
|
3,597,000
|
3,426,143
|
|
Live Nation Entertainment Inc 3.125% 1/15/2029
|
2,776,000
|
3,811,448
|
|
Sphere Entertainment Co 3.5% 12/1/2028
|
476,000
|
1,178,100
|
|
Zynga Inc 0% 12/15/2026 (j)
|
1,969,000
|
2,112,900
|
|
23,230,616
|
|||
Interactive Media & Services - 0.1%
|
|||
Snap Inc 0.125% 3/1/2028
|
1,174,000
|
1,061,028
|
|
Snap Inc 0.5% 5/1/2030
|
2,142,000
|
1,866,097
|
|
Trump Media & Technology Group Corp 0% 5/29/2028 (f)(k)
|
2,092,000
|
1,902,413
|
|
4,829,538
|
|||
Media - 0.2%
|
|||
Cable One Inc 1.125% 3/15/2028
|
989,000
|
797,431
|
|
Cardlytics Inc 4.25% 4/1/2029
|
1,254,000
|
566,143
|
|
EchoStar Corp 3.875% 11/30/2030 pay-in-kind (b)
|
2,379,669
|
5,613,821
|
|
Liberty Broadband Corp 3.125% 3/31/2053 (f)
|
2,539,000
|
2,503,454
|
|
Magnite Inc 0.25% 3/15/2026
|
500,000
|
490,750
|
|
9,971,599
|
|||
TOTAL COMMUNICATION SERVICES
|
41,766,555
|
||
Consumer Discretionary - 1.3%
|
|||
Automobile Components - 0.1%
|
|||
LCI Industries 3% 3/1/2030 (f)
|
2,384,000
|
2,664,195
|
|
Patrick Industries Inc 1.75% 12/1/2028
|
806,000
|
1,365,490
|
|
4,029,685
|
|||
Automobiles - 0.3%
|
|||
Ford Motor Co 0% 3/15/2026 (k)
|
5,273,000
|
5,554,578
|
|
Lucid Group Inc 5% 4/1/2030 (f)
|
3,082,000
|
1,984,808
|
|
Rivian Automotive Inc 3.625% 10/15/2030
|
4,480,000
|
4,438,676
|
|
Rivian Automotive Inc 4.625% 3/15/2029
|
3,928,000
|
4,368,196
|
|
16,346,258
|
|||
Broadline Retail - 0.1%
|
|||
Etsy Inc 0.125% 10/1/2026
|
1,702,000
|
1,713,573
|
|
Etsy Inc 1% 6/15/2030 (f)
|
1,878,000
|
1,871,939
|
|
3,585,512
|
|||
Diversified Consumer Services - 0.0%
|
|||
Stride Inc 1.125% 9/1/2027
|
1,175,000
|
1,577,438
|
|
Hotels, Restaurants & Leisure - 0.5%
|
|||
Carnival Corp 5.75% 12/1/2027
|
3,006,000
|
6,068,262
|
|
Cheesecake Factory Inc/The 2% 3/15/2030 (f)
|
1,612,000
|
1,535,600
|
|
Cracker Barrel Old Country Store Inc 1.75% 9/15/2030 (f)
|
770,000
|
588,928
|
|
DoorDash Inc 0% 5/15/2030 (f)(j)
|
9,836,000
|
9,694,496
|
|
DraftKings Holdings Inc 0% 3/15/2028 (j)
|
1,735,000
|
1,561,500
|
|
Expedia Group Inc 0% 2/15/2026 (j)
|
3,401,000
|
3,557,991
|
|
NCL Corp Ltd 0.875% 4/15/2030 (f)
|
3,426,000
|
3,443,130
|
|
NCL Corp Ltd 1.125% 2/15/2027
|
671,000
|
652,212
|
|
27,102,119
|
|||
Household Durables - 0.0%
|
|||
Meritage Homes Corp 1.75% 5/15/2028
|
1,442,000
|
1,443,943
|
|
Leisure Products - 0.0%
|
|||
Peloton Interactive Inc 5.5% 12/1/2029
|
1,007,000
|
1,802,149
|
|
Specialty Retail - 0.3%
|
|||
Burlington Stores Inc 1.25% 12/15/2027
|
1,109,000
|
1,486,614
|
|
GameStop Corp 0% 6/15/2032 (f)(k)
|
10,583,000
|
10,821,118
|
|
RealReal Inc/The 4% 2/15/2031 (l)
|
468,000
|
740,902
|
|
Wayfair Inc 3.25% 9/15/2027
|
698,000
|
1,269,376
|
|
Wayfair Inc 3.5% 11/15/2028
|
248,000
|
620,713
|
|
14,938,723
|
|||
TOTAL CONSUMER DISCRETIONARY
|
70,825,827
|
||
Consumer Staples - 0.1%
|
|||
Food Products - 0.1%
|
|||
Freshpet Inc 3% 4/1/2028
|
2,799,000
|
3,195,222
|
|
Post Holdings Inc 2.5% 8/15/2027
|
1,660,000
|
1,825,467
|
|
5,020,689
|
|||
Personal Care Products - 0.0%
|
|||
Herbalife Ltd 4.25% 6/15/2028
|
783,000
|
827,395
|
|
Oddity Finance LLC 0% 6/15/2030 (f)(k)
|
1,800,000
|
1,542,503
|
|
2,369,898
|
|||
TOTAL CONSUMER STAPLES
|
7,390,587
|
||
Energy - 0.3%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Nabors Industries Inc 1.75% 6/15/2029
|
749,000
|
597,777
|
|
Solaris Energy Infrastructure Inc 0.25% 10/1/2031
|
1,728,000
|
1,895,553
|
|
Solaris Energy Infrastructure Inc 4.75% 5/1/2030
|
407,000
|
836,385
|
|
Transocean International Ltd 4.625% 9/30/2029
|
640,000
|
923,840
|
|
4,253,555
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Centrus Energy Corp 0% 8/15/2032 (f)(j)
|
2,104,000
|
2,807,951
|
|
Centrus Energy Corp 2.25% 11/1/2030
|
1,084,000
|
3,026,779
|
|
CNX Resources Corp 2.25% 5/1/2026
|
950,000
|
2,870,408
|
|
Northern Oil & Gas Inc 3.625% 4/15/2029
|
2,195,000
|
2,122,923
|
|
Peabody Energy Corp 3.25% 3/1/2028
|
882,000
|
1,371,184
|
|
World Kinect Corp 3.25% 7/1/2028
|
978,000
|
1,020,054
|
|
13,219,299
|
|||
TOTAL ENERGY
|
17,472,854
|
||
Financials - 0.9%
|
|||
Capital Markets - 0.4%
|
|||
Coinbase Global Inc 0% 10/1/2029 (f)(j)
|
3,613,000
|
3,558,444
|
|
Coinbase Global Inc 0.25% 4/1/2030
|
7,002,000
|
7,768,719
|
|
Coinbase Global Inc 0.5% 6/1/2026
|
3,370,000
|
3,494,016
|
|
Galaxy Digital Holdings LP 0.5% 5/1/2031 (f)
|
3,008,000
|
2,506,611
|
|
Galaxy Digital Holdings LP 2.5% 12/1/2029 (f)
|
1,250,000
|
1,760,192
|
|
Galaxy Digital Holdings LP 3% 12/15/2026 (f)
|
1,250,000
|
1,468,515
|
|
WisdomTree Inc 3.25% 8/15/2029
|
618,000
|
700,457
|
|
WisdomTree Inc 4.625% 8/15/2030 (f)
|
480,000
|
479,825
|
|
21,736,779
|
|||
Consumer Finance - 0.3%
|
|||
SoFi Technologies Inc 0% 10/15/2026 (f)(j)
|
913,000
|
1,291,439
|
|
SoFi Technologies Inc 1.25% 3/15/2029 (f)
|
2,402,000
|
7,656,375
|
|
Upstart Holdings Inc 1% 11/15/2030
|
3,973,000
|
3,398,297
|
|
Upstart Holdings Inc 2% 10/1/2029
|
1,177,000
|
1,478,859
|
|
13,824,970
|
|||
Financial Services - 0.2%
|
|||
Affirm Holdings Inc 0.75% 12/15/2029 (f)
|
2,587,000
|
2,769,404
|
|
Euronet Worldwide Inc 0.625% 10/1/2030 (f)
|
1,249,000
|
1,114,733
|
|
Global Payments Inc 1.5% 3/1/2031
|
3,112,000
|
2,785,064
|
|
HAT Holdings I LLC / HAT Holdings II LLC 3.75% 8/15/2028 (f)
|
999,000
|
1,344,954
|
|
Repay Holdings Corp 2.875% 7/15/2029 (f)
|
954,000
|
785,236
|
|
Shift4 Payments Inc 0.5% 8/1/2027
|
1,818,000
|
1,788,231
|
|
10,587,622
|
|||
Insurance - 0.0%
|
|||
Oscar Health Inc 2.25% 9/1/2030 (f)
|
985,000
|
1,059,367
|
|
TOTAL FINANCIALS
|
47,208,738
|
||
Health Care - 1.8%
|
|||
Biotechnology - 0.9%
|
|||
Alnylam Pharmaceuticals Inc 0% 9/15/2028 (f)(j)
|
860,000
|
854,088
|
|
Alnylam Pharmaceuticals Inc 1% 9/15/2027
|
2,050,000
|
3,344,236
|
|
Bridgebio Pharma Inc 1.75% 3/1/2031 (f)
|
1,579,000
|
2,622,127
|
|
Bridgebio Pharma Inc 2.25% 2/1/2029
|
2,058,000
|
2,250,422
|
|
Bridgebio Pharma Inc 2.5% 3/15/2027
|
1,894,000
|
3,392,000
|
|
Celcuity Inc 2.75% 8/1/2031
|
543,000
|
1,187,107
|
|
Cogent Biosciences Inc 1.625% 11/15/2031
|
360,000
|
436,930
|
|
Cytokinetics Inc 1.75% 10/1/2031 (f)
|
3,412,000
|
4,339,348
|
|
Cytokinetics Inc 3.5% 7/1/2027
|
1,149,000
|
1,692,313
|
|
Dynavax Technologies Corp 2.5% 5/15/2026
|
125,000
|
142,968
|
|
Exact Sciences Corp 0.375% 3/1/2028
|
706,000
|
723,006
|
|
Exact Sciences Corp 1.75% 4/15/2031 (f)
|
1,625,000
|
1,986,036
|
|
Exact Sciences Corp 2% 3/1/2030 (f)
|
1,492,000
|
2,057,684
|
|
Halozyme Therapeutics Inc 0% 2/15/2031 (f)(j)
|
1,783,000
|
1,834,350
|
|
Halozyme Therapeutics Inc 0.25% 3/1/2027
|
486,000
|
536,726
|
|
Halozyme Therapeutics Inc 0.875% 11/15/2032 (f)
|
1,789,000
|
1,873,667
|
|
Halozyme Therapeutics Inc 1% 8/15/2028
|
1,293,000
|
1,778,608
|
|
Ionis Pharmaceuticals Inc 0% 12/1/2030 (f)(k)
|
1,227,000
|
1,335,464
|
|
Ionis Pharmaceuticals Inc 0% 4/1/2026 (j)
|
1,184,000
|
1,695,312
|
|
Ionis Pharmaceuticals Inc 1.75% 6/15/2028
|
1,793,000
|
2,944,433
|
|
Mirum Pharmaceuticals Inc 4% 5/1/2029
|
832,000
|
2,000,814
|
|
Novavax Inc 5% 12/15/2027
|
387,000
|
405,866
|
|
Sarepta Therapeutics Inc 1.25% 9/15/2027
|
1,129,000
|
999,504
|
|
Sarepta Therapeutics Inc 4.875% 9/1/2030
|
1,529,000
|
1,272,763
|
|
Travere Therapeutics Inc 2.25% 3/1/2029
|
886,000
|
1,198,214
|
|
42,903,986
|
|||
Health Care Equipment & Supplies - 0.4%
|
|||
Alphatec Holdings Inc 0.75% 3/15/2030 (f)
|
1,016,000
|
1,633,626
|
|
Dexcom Inc 0.375% 5/15/2028
|
3,291,000
|
3,001,356
|
|
Enovis Corp 3.875% 10/15/2028
|
1,247,000
|
1,234,501
|
|
Haemonetics Corp 2.5% 6/1/2029
|
1,874,000
|
1,935,467
|
|
Integer Holdings Corp 1.875% 3/15/2030 (f)
|
2,550,000
|
2,251,433
|
|
Integer Holdings Corp 2.125% 2/15/2028
|
401,000
|
430,363
|
|
iRhythm Technologies Inc 1.5% 9/1/2029
|
1,860,000
|
2,688,841
|
|
Lantheus Holdings Inc 2.625% 12/15/2027
|
1,615,000
|
1,778,923
|
|
LeMaitre Vascular Inc 2.5% 2/1/2030 (f)
|
527,000
|
530,425
|
|
LivaNova PLC 2.5% 3/15/2029
|
1,049,000
|
1,234,253
|
|
Merit Medical Systems Inc 3% 2/1/2029 (f)
|
2,002,000
|
2,391,505
|
|
Omnicell Inc 1% 12/1/2029 (f)
|
605,000
|
595,767
|
|
Tandem Diabetes Care Inc 1.5% 3/15/2029
|
968,000
|
972,840
|
|
TransMedics Group Inc 1.5% 6/1/2028
|
1,381,000
|
2,354,470
|
|
23,033,770
|
|||
Health Care Providers & Services - 0.2%
|
|||
Alignment Healthcare Inc 4.25% 11/15/2029
|
910,000
|
1,353,625
|
|
Guardant Health Inc 0% 5/15/2033 (f)(k)
|
1,314,000
|
1,481,423
|
|
Guardant Health Inc 1.25% 2/15/2031
|
1,924,000
|
3,668,022
|
|
Hims & Hers Health Inc 0% 5/15/2030 (f)(k)
|
3,616,000
|
3,361,107
|
|
OPKO Health Inc 3.75% 1/15/2029
|
343,000
|
469,481
|
|
10,333,658
|
|||
Health Care Technology - 0.0%
|
|||
Evolent Health Inc 3.5% 12/1/2029
|
1,380,000
|
989,459
|
|
Life Sciences Tools & Services - 0.1%
|
|||
Repligen Corp 1% 12/15/2028
|
1,596,000
|
1,774,650
|
|
Tempus AI Inc 0.75% 7/15/2030 (f)
|
1,948,000
|
2,400,897
|
|
4,175,547
|
|||
Pharmaceuticals - 0.2%
|
|||
Amphastar Pharmaceuticals Inc 2% 3/15/2029
|
986,000
|
903,868
|
|
ANI Pharmaceuticals Inc 2.25% 9/1/2029
|
623,000
|
825,475
|
|
Collegium Pharmaceutical Inc 2.875% 2/15/2029
|
692,000
|
979,396
|
|
Jazz Investments I Ltd 2% 6/15/2026
|
1,969,000
|
2,329,458
|
|
Jazz Investments I Ltd 3.125% 9/15/2030
|
3,041,000
|
4,134,247
|
|
Ligand Pharmaceuticals Inc 0.75% 10/1/2030 (f)
|
1,039,000
|
1,253,761
|
|
Pacira BioSciences Inc 2.125% 5/15/2029
|
794,000
|
772,754
|
|
11,198,959
|
|||
TOTAL HEALTH CARE
|
92,635,379
|
||
Industrials - 1.1%
|
|||
Aerospace & Defense - 0.3%
|
|||
AeroVironment Inc 0% 7/15/2030 (k)
|
1,976,000
|
2,312,464
|
|
Astronics Corp 0% 1/15/2031 (f)(j)
|
554,000
|
642,197
|
|
Axon Enterprise Inc 0.5% 12/15/2027
|
1,130,000
|
2,689,056
|
|
BWX Technologies Inc 0% 11/1/2030 (f)(j)
|
3,246,000
|
3,129,728
|
|
Rocket Lab USA Inc 4.25% 2/1/2029 (f)
|
498,000
|
4,085,050
|
|
Spirit AeroSystems Inc 3.25% 11/1/2028
|
639,000
|
907,779
|
|
Virgin Galactic Holdings Inc 2.5% 2/1/2027 (f)
|
739,000
|
504,374
|
|
14,270,648
|
|||
Commercial Services & Supplies - 0.0%
|
|||
Pitney Bowes Inc 1.5% 8/15/2030 (f)
|
710,000
|
684,337
|
|
Tetra Tech Inc 2.25% 8/15/2028
|
1,227,000
|
1,346,510
|
|
2,030,847
|
|||
Construction & Engineering - 0.1%
|
|||
Fluor Corp 1.125% 8/15/2029
|
2,118,000
|
2,512,371
|
|
Granite Construction Inc 3.25% 6/15/2030
|
1,604,000
|
2,413,641
|
|
Granite Construction Inc 3.75% 5/15/2028
|
1,097,000
|
2,619,443
|
|
7,545,455
|
|||
Electrical Equipment - 0.3%
|
|||
Array Technologies Inc 1% 12/1/2028
|
242,000
|
209,402
|
|
Array Technologies Inc 2.875% 7/1/2031 (f)
|
822,000
|
1,003,335
|
|
Bloom Energy Corp 0% 11/15/2030 (f)(j)
|
3,486,000
|
3,273,354
|
|
Bloom Energy Corp 3% 6/1/2028
|
254,000
|
1,485,700
|
|
Bloom Energy Corp 3% 6/1/2029
|
199,000
|
1,056,392
|
|
Enovix Corp 4.75% 9/15/2030 (f)
|
1,081,000
|
1,061,758
|
|
Eos Energy Enterprises Inc 1.75% 12/1/2031 (f)
|
676,000
|
754,377
|
|
Eos Energy Enterprises Inc 6.75% 6/15/2030 (f)
|
649,000
|
2,063,079
|
|
Fluence Energy Inc 2.25% 6/15/2030 (f)
|
1,332,000
|
1,572,614
|
|
Stem Inc 4.25% 4/1/2030 (f)
|
405,000
|
155,925
|
|
Sunrun Inc 4% 3/1/2030
|
1,359,000
|
2,075,182
|
|
14,711,118
|
|||
Ground Transportation - 0.2%
|
|||
Hertz Corp/The 5.5% 10/1/2030 (f)
|
1,160,000
|
914,613
|
|
Lyft Inc 0% 9/15/2030 (f)(k)
|
890,000
|
1,053,443
|
|
Lyft Inc 0.625% 3/1/2029
|
2,167,000
|
2,719,585
|
|
Uber Technologies Inc 0.875% 12/1/2028
|
4,556,000
|
6,177,311
|
|
10,864,952
|
|||
Machinery - 0.0%
|
|||
Greenbrier Cos Inc/The 2.875% 4/15/2028
|
618,000
|
652,917
|
|
Passenger Airlines - 0.0%
|
|||
JetBlue Airways Corp 2.5% 9/1/2029
|
1,388,000
|
1,345,388
|
|
Professional Services - 0.2%
|
|||
BlackSky Technology Inc 8.25% 8/1/2033 (f)
|
760,000
|
783,524
|
|
CSG Systems International Inc 3.875% 9/15/2028
|
1,130,000
|
1,347,981
|
|
Parsons Corp 2.625% 3/1/2029
|
4,590,000
|
5,226,079
|
|
Planet Labs PBC 0.5% 10/15/2030 (f)
|
1,195,000
|
1,506,447
|
|
8,864,031
|
|||
Trading Companies & Distributors - 0.0%
|
|||
Xometry Inc 0.75% 6/15/2030 (f)
|
620,000
|
920,514
|
|
TOTAL INDUSTRIALS
|
61,205,870
|
||
Information Technology - 4.9%
|
|||
Communications Equipment - 0.5%
|
|||
Lumentum Holdings Inc 0.375% 3/15/2032 (f)
|
3,505,000
|
6,664,452
|
|
Lumentum Holdings Inc 0.5% 12/15/2026
|
1,355,000
|
4,450,601
|
|
Lumentum Holdings Inc 0.5% 6/15/2028
|
2,328,000
|
5,811,852
|
|
Lumentum Holdings Inc 1.5% 12/15/2029
|
1,581,000
|
7,406,195
|
|
Viavi Solutions Inc 0.625% 3/1/2031 (f)
|
657,000
|
930,880
|
|
25,263,980
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Advanced Energy Industries Inc 2.5% 9/15/2028
|
1,422,000
|
2,342,356
|
|
Itron Inc 1.375% 7/15/2030
|
1,927,000
|
1,989,503
|
|
Mirion Technologies Inc 0% 10/1/2031 (f)(j)
|
980,000
|
1,123,325
|
|
Mirion Technologies Inc 0.25% 6/1/2030 (f)
|
850,000
|
1,124,971
|
|
OSI Systems Inc 0.5% 2/1/2031 (f)
|
1,340,000
|
1,347,877
|
|
OSI Systems Inc 2.25% 8/1/2029
|
989,000
|
1,510,824
|
|
Vishay Intertechnology Inc 2.25% 9/15/2030
|
1,461,000
|
1,289,820
|
|
10,728,676
|
|||
IT Services - 0.7%
|
|||
Akamai Technologies Inc 0.25% 5/15/2033 (f)
|
6,523,000
|
7,333,126
|
|
Applied Digital Corp 2.75% 6/1/2030 (f)
|
1,259,000
|
3,684,525
|
|
Cloudflare Inc 0% 6/15/2030 (f)(k)
|
7,014,000
|
7,704,123
|
|
Cloudflare Inc 0% 8/15/2026 (j)
|
3,419,000
|
4,049,464
|
|
DigitalOcean Holdings Inc 0% 8/15/2030 (f)(j)
|
3,826,000
|
5,067,920
|
|
Snowflake Inc 0% 10/1/2027 (k)
|
3,004,000
|
4,990,705
|
|
Snowflake Inc 0% 10/1/2029 (k)
|
3,109,000
|
5,343,328
|
|
38,173,191
|
|||
Semiconductors & Semiconductor Equipment - 0.6%
|
|||
Cohu Inc 1.5% 1/15/2031 (f)
|
713,000
|
811,170
|
|
Impinj Inc 1.125% 5/15/2027
|
528,000
|
845,822
|
|
MACOM Technology Solutions Holdings Inc 0% 12/15/2029 (f)(k)
|
2,653,000
|
3,227,106
|
|
MACOM Technology Solutions Holdings Inc 0.25% 3/15/2026
|
482,000
|
1,024,567
|
|
Microchip Technology Inc 0.75% 6/1/2030
|
2,620,000
|
2,521,750
|
|
MKS Inc 1.25% 6/1/2030
|
7,727,000
|
9,725,906
|
|
ON Semiconductor Corp 0% 5/1/2027 (j)
|
5,035,000
|
5,789,383
|
|
ON Semiconductor Corp 0.5% 3/1/2029
|
3,439,000
|
3,192,357
|
|
Penguin Solutions Inc 2% 8/15/2030
|
535,000
|
552,408
|
|
Semtech Corp 0% 10/15/2030 (f)(j)
|
1,784,000
|
1,875,819
|
|
Semtech Corp 1.625% 11/1/2027
|
224,000
|
457,686
|
|
Synaptics Inc 0.75% 12/1/2031 (f)
|
1,107,000
|
1,106,725
|
|
Veeco Instruments Inc 2.875% 6/1/2029
|
642,000
|
805,444
|
|
Wolfspeed Inc 2.5% 6/15/2031 (f)
|
900,000
|
1,524,938
|
|
33,461,081
|
|||
Software - 2.1%
|
|||
Alkami Technology Inc 1.5% 3/15/2030 (f)
|
813,000
|
813,088
|
|
Bentley Systems Inc 0.375% 7/1/2027
|
1,538,000
|
1,445,452
|
|
BILL Holdings Inc 0% 4/1/2030 (f)(j)
|
2,064,000
|
1,867,629
|
|
BlackLine Inc 1% 6/1/2029
|
1,785,000
|
1,917,626
|
|
Box Inc 0% 1/15/2026 (j)
|
591,000
|
674,906
|
|
Box Inc 1.5% 9/15/2029
|
1,191,000
|
1,159,455
|
|
Cerence Inc 1.5% 7/1/2028
|
555,000
|
488,625
|
|
Cipher Mining Inc 0% 10/1/2031 (f)(j)
|
3,371,000
|
4,994,342
|
|
Cipher Mining Inc 1.75% 5/15/2030
|
445,000
|
2,079,530
|
|
Cleanspark Inc 0% 2/15/2032 (f)(k)
|
2,156,000
|
2,126,788
|
|
Cleanspark Inc 0% 6/15/2030 (f)(j)
|
1,829,000
|
2,359,927
|
|
Core Scientific Inc 0% 6/15/2031 (f)(j)
|
1,681,000
|
1,873,994
|
|
Core Scientific Inc 3% 9/1/2029 (f)
|
1,261,000
|
2,187,325
|
|
CyberArk Software Ltd 0% 6/15/2030 (f)(j)
|
3,290,000
|
3,563,070
|
|
Datadog Inc 0% 12/1/2029 (f)(k)
|
3,517,000
|
3,721,472
|
|
Dropbox Inc 0% 3/1/2028 (k)
|
1,999,000
|
2,063,874
|
|
Five9 Inc 1% 3/15/2029
|
83,000
|
74,092
|
|
Guidewire Software Inc 1.25% 11/1/2029
|
1,856,000
|
2,124,464
|
|
InterDigital Inc 3.5% 6/1/2027
|
1,239,000
|
5,735,582
|
|
Life360 Inc 0% 6/1/2030 (f)(j)
|
1,027,000
|
1,237,479
|
|
LivePerson Inc 0% 12/15/2026 (j)
|
1,381,000
|
510,970
|
|
MARA Holdings Inc 0% 6/1/2031 (f)(k)
|
2,570,000
|
2,235,554
|
|
MARA Holdings Inc 0% 8/1/2032 (f)(j)
|
1,261,000
|
1,017,249
|
|
MARA Holdings Inc 2.125% 9/1/2031
|
3,931,000
|
3,699,712
|
|
Nutanix Inc 0.25% 10/1/2027
|
1,989,000
|
2,140,945
|
|
Nutanix Inc 0.5% 12/15/2029 (f)
|
131,000
|
122,472
|
|
Pagaya Technologies Ltd 6.125% 10/1/2029
|
411,000
|
854,305
|
|
PagerDuty Inc 1.5% 10/15/2028
|
992,000
|
923,056
|
|
PAR Technology Corp 1% 1/15/2030 (f)
|
379,000
|
321,109
|
|
PAR Technology Corp 1.5% 10/15/2027
|
98,000
|
94,308
|
|
Porch Group Inc 6.75% 10/1/2028 (f)
|
850,000
|
848,725
|
|
Progress Software Corp 3.5% 3/1/2030
|
1,271,000
|
1,271,228
|
|
Riot Platforms Inc 0.75% 1/15/2030 (f)
|
2,650,000
|
3,517,884
|
|
Rubrik Inc 0% 6/15/2030 (f)(j)
|
2,446,000
|
2,304,263
|
|
Strategy Inc 0% 3/1/2030 (f)(k)
|
8,095,000
|
7,240,978
|
|
Strategy Inc 0.625% 3/15/2030
|
2,064,000
|
2,846,992
|
|
Strategy Inc 0.625% 9/15/2028
|
4,951,000
|
6,229,348
|
|
Strategy Inc 0.875% 3/15/2031
|
1,688,000
|
1,812,912
|
|
Terawulf Inc 0% 5/1/2032 (f)(j)
|
1,877,000
|
1,906,721
|
|
Terawulf Inc 1% 9/1/2031 (f)
|
3,201,000
|
4,661,457
|
|
Terawulf Inc 2.75% 2/1/2030 (f)
|
1,341,000
|
2,826,613
|
|
Tyler Technologies Inc 0.25% 3/15/2026
|
1,616,000
|
1,654,208
|
|
Uber Technologies Inc 0% 5/15/2028 (f)(j)
|
3,119,000
|
3,101,012
|
|
Unity Software Inc 0% 3/15/2030 (f)(k)
|
2,791,000
|
3,909,144
|
|
Varonis Systems Inc 1% 9/15/2029
|
1,893,000
|
1,753,630
|
|
Vertex Inc 0.75% 5/1/2029
|
987,000
|
921,611
|
|
Workiva Inc 1.25% 8/15/2028
|
1,015,000
|
1,024,992
|
|
Zscaler Inc 0% 7/15/2028 (f)(j)
|
4,368,000
|
4,171,530
|
|
106,431,648
|
|||
Technology Hardware, Storage & Peripherals - 0.8%
|
|||
Seagate HDD Cayman 3.5% 6/1/2028
|
2,892,000
|
9,725,378
|
|
Super Micro Computer Inc 2.25% 7/15/2028 (f)
|
11,620,000
|
11,588,103
|
|
Super Micro Computer Inc 3.5% 3/1/2029
|
4,558,000
|
4,268,111
|
|
Western Digital Corp 3% 11/15/2028
|
4,334,000
|
18,836,431
|
|
44,418,023
|
|||
TOTAL INFORMATION TECHNOLOGY
|
258,476,599
|
||
Materials - 0.1%
|
|||
Chemicals - 0.0%
|
|||
PureCycle Technologies Inc 7.25% 8/15/2030
|
401,000
|
403,442
|
|
Metals & Mining - 0.1%
|
|||
MP Materials Corp 3% 3/1/2030 (f)
|
2,371,000
|
7,094,032
|
|
Ramaco Resources Inc 0% 11/1/2031 (j)
|
690,000
|
540,546
|
|
7,634,578
|
|||
TOTAL MATERIALS
|
8,038,020
|
||
Real Estate - 0.6%
|
|||
Health Care REITs - 0.3%
|
|||
Ventas Realty LP 3.75% 6/1/2026
|
3,110,000
|
4,562,109
|
|
Welltower OP LLC 2.75% 5/15/2028 (f)
|
6,058,000
|
13,285,942
|
|
17,848,051
|
|||
Industrial REITs - 0.1%
|
|||
Rexford Industrial Realty LP 4.125% 3/15/2029 (f)
|
1,592,000
|
1,606,328
|
|
Rexford Industrial Realty LP 4.375% 3/15/2027 (f)
|
1,603,000
|
1,601,992
|
|
3,208,320
|
|||
Office REITs - 0.1%
|
|||
Boston Properties LP 2% 10/1/2030 (f)
|
2,715,000
|
2,684,144
|
|
COPT Defense Properties LP 5.25% 9/15/2028 (f)
|
999,000
|
1,165,712
|
|
3,849,856
|
|||
Real Estate Management & Development - 0.0%
|
|||
Opendoor Technologies Inc 7% 5/15/2030 (f)
|
158,000
|
806,637
|
|
Retail REITs - 0.0%
|
|||
Federal Realty OP LP 3.25% 1/15/2029 (f)
|
840,000
|
844,702
|
|
Specialized REITs - 0.1%
|
|||
Digital Realty Trust LP 1.875% 11/15/2029 (f)
|
3,073,000
|
3,152,898
|
|
TOTAL REAL ESTATE
|
29,710,464
|
||
Utilities - 1.1%
|
|||
Electric Utilities - 0.8%
|
|||
Alliant Energy Corp 3.25% 5/30/2028 (f)
|
1,452,000
|
1,518,966
|
|
Alliant Energy Corp 3.875% 3/15/2026
|
1,093,000
|
1,197,656
|
|
Duke Energy Corp 4.125% 4/15/2026
|
4,542,000
|
4,867,565
|
|
Evergy Inc 4.5% 12/15/2027
|
2,970,000
|
3,823,958
|
|
FirstEnergy Corp 3.625% 1/15/2029 (f)
|
3,524,000
|
3,858,801
|
|
FirstEnergy Corp 3.875% 1/15/2031 (f)
|
3,070,000
|
3,414,498
|
|
NextEra Energy Capital Holdings Inc 3% 3/1/2027
|
2,361,000
|
3,094,368
|
|
PG&E Corp 4.25% 12/1/2027
|
2,989,000
|
3,065,220
|
|
PPL Capital Funding Inc 2.875% 3/15/2028
|
2,669,000
|
3,014,979
|
|
PPL Capital Funding Inc 3% 12/1/2030 (f)
|
2,418,000
|
2,463,810
|
|
Southern Co/The 3.25% 6/15/2028 (f)
|
4,434,000
|
4,476,186
|
|
Southern Co/The 4.5% 6/15/2027
|
3,094,000
|
3,376,223
|
|
38,172,230
|
|||
Gas Utilities - 0.0%
|
|||
UGI Corp 5% 6/1/2028
|
1,603,000
|
2,334,223
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Ormat Technologies Inc 2.5% 7/15/2027
|
1,146,000
|
1,557,414
|
|
Sunnova Energy International Inc 0.25% (m)(n)
|
4,855,000
|
8,496
|
|
1,565,910
|
|||
Multi-Utilities - 0.3%
|
|||
CenterPoint Energy Inc 3% 8/1/2028 (f)
|
1,234,000
|
1,264,232
|
|
CenterPoint Energy Inc 4.25% 8/15/2026
|
1,937,000
|
2,186,800
|
|
CMS Energy Corp 3.125% 5/1/2031 (f)
|
2,429,000
|
2,460,577
|
|
CMS Energy Corp 3.375% 5/1/2028
|
1,890,000
|
2,102,529
|
|
WEC Energy Group Inc 3.375% 6/1/2028 (f)
|
2,403,000
|
2,475,804
|
|
WEC Energy Group Inc 4.375% 6/1/2027
|
2,259,000
|
2,671,496
|
|
WEC Energy Group Inc 4.375% 6/1/2029
|
2,338,000
|
2,842,367
|
|
16,003,805
|
|||
Water Utilities - 0.0%
|
|||
American Water Capital Corp 3.625% 6/15/2026
|
1,803,000
|
1,793,985
|
|
TOTAL UTILITIES
|
59,870,153
|
||
TOTAL UNITED STATES
|
694,601,046
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $569,541,799)
|
699,384,601
|
||
Convertible Preferred Stocks - 1.9%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 1.9%
|
|||
Financials - 0.8%
|
|||
Banks - 0.5%
|
|||
Bank of America Corp Series L, 7.25%
|
8,262
|
10,344,024
|
|
Wells Fargo & Co Series L, 7.5%
|
9,830
|
12,030,796
|
|
22,374,820
|
|||
Capital Markets - 0.2%
|
|||
Ares Management Corp 6.75% Series B
|
94,670
|
4,701,312
|
|
KKR & Co Inc Series D 6.25%
|
156,500
|
7,787,440
|
|
12,488,752
|
|||
Financial Services - 0.1%
|
|||
Apollo Global Management Inc Series A, 6.75%
|
106,000
|
7,335,447
|
|
TOTAL FINANCIALS
|
42,199,019
|
||
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.0%
|
|||
BrightSpring Health Services Inc 6.75%
|
22,700
|
2,767,804
|
|
Life Sciences Tools & Services - 0.1%
|
|||
Bruker Corp 6.375% Series A
|
8,700
|
3,271,200
|
|
TOTAL HEALTH CARE
|
6,039,004
|
||
Industrials - 0.4%
|
|||
Aerospace & Defense - 0.4%
|
|||
Boeing Co Series A, 6%
|
320,000
|
20,015,020
|
|
Trading Companies & Distributors - 0.0%
|
|||
QXO Inc Series B 5.5%
|
35,900
|
1,931,779
|
|
TOTAL INDUSTRIALS
|
21,946,799
|
||
Information Technology - 0.2%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Novanta Inc 6.5%
|
15,600
|
819,468
|
|
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Microchip Technology Inc Series A 7.5%
|
80,000
|
4,123,200
|
|
Software - 0.0%
|
|||
Strategy Inc 8%
|
39,100
|
3,406,392
|
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Hewlett Packard Enterprise Co 7.625%
|
81,900
|
4,987,710
|
|
TOTAL INFORMATION TECHNOLOGY
|
13,336,770
|
||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Albemarle Corp 7.25%
|
126,300
|
6,913,533
|
|
Utilities - 0.3%
|
|||
Electric Utilities - 0.3%
|
|||
NextEra Energy Inc 7.234%
|
74,400
|
3,784,728
|
|
NextEra Energy Inc 7.299%
|
104,800
|
5,674,920
|
|
PG&E Corp Series A, 6%
|
25,400
|
1,035,050
|
|
Southern Co/The 7.125%
|
52,800
|
2,660,592
|
|
13,155,290
|
|||
Multi-Utilities - 0.0%
|
|||
CenterPoint Energy Inc 3.369% (l)
|
33,600
|
1,196,702
|
|
TOTAL UTILITIES
|
14,351,992
|
||
TOTAL UNITED STATES
|
104,787,117
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $90,484,646)
|
104,787,117
|
||
Domestic Equity Funds - 15.0%
|
|||
Shares
|
Value ($)
|
||
Fidelity Real Estate Equity Central Fund (o)
(Cost $671,548,402)
|
5,831,807
|
806,363,894
|
|
Non-Convertible Corporate Bonds - 0.9%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
TransCanada PipeLines Ltd 7% 6/1/2065 (b)
|
1,839,000
|
1,876,788
|
|
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Royal Bank of Canada 6.35% 11/24/2084 (b)
|
906,000
|
893,300
|
|
TOTAL CANADA
|
2,770,088
|
||
UNITED STATES - 0.9%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Match Group Holdings II LLC 3.625% 10/1/2031 (f)
|
1,645,000
|
1,505,424
|
|
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Energy Transfer LP 6.5% 2/15/2056 (b)
|
7,825,000
|
7,714,340
|
|
Energy Transfer LP 8% 5/15/2054 (b)
|
1,045,000
|
1,114,262
|
|
8,828,602
|
|||
Financials - 0.2%
|
|||
Financial Services - 0.2%
|
|||
ILFC E-Capital Trust I CME Term SOFR 3 month Index + 1.8116%, 6.27% 12/21/2065 (b)(d)(f)
|
14,050,000
|
11,794,603
|
|
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (b)(f)
|
402,741
|
441,001
|
|
Utilities - 0.5%
|
|||
Electric Utilities - 0.3%
|
|||
Evergy Inc 6.65% 6/1/2055 (b)
|
3,000,000
|
3,056,190
|
|
NextEra Energy Capital Holdings Inc 6.375% 8/15/2055 (b)
|
2,747,000
|
2,851,185
|
|
PacifiCorp 7.375% 9/15/2055 (b)
|
1,105,000
|
1,123,609
|
|
PG&E Corp 7.375% 3/15/2055 (b)
|
1,380,000
|
1,426,719
|
|
Southern Co/The 4% 1/15/2051 (b)
|
5,900,000
|
5,882,278
|
|
14,339,981
|
|||
Multi-Utilities - 0.2%
|
|||
CMS Energy Corp 3.75% 12/1/2050 (b)
|
450,000
|
414,094
|
|
Dominion Energy Inc 6% 2/15/2056 (b)
|
6,555,000
|
6,632,223
|
|
Dominion Energy Inc 6.625% 5/15/2055 (b)
|
4,000,000
|
4,139,660
|
|
11,185,977
|
|||
TOTAL UTILITIES
|
25,525,958
|
||
TOTAL UNITED STATES
|
48,095,588
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $48,652,101)
|
50,865,676
|
||
Non-Convertible Preferred Stocks - 9.9%
|
|||
Shares
|
Value ($)
|
||
BERMUDA - 0.1%
|
|||
Financials - 0.1%
|
|||
Insurance - 0.1%
|
|||
PartnerRe Ltd 4.875%
|
40,300
|
685,100
|
|
RenaissanceRe Holdings Ltd 5.75%
|
11,977
|
270,081
|
|
RenaissanceRe Holdings Ltd Series G, 4.2%
|
116,700
|
1,859,031
|
|
TOTAL BERMUDA
|
2,814,212
|
||
CANADA - 0.2%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (b)(d)
|
57,500
|
1,362,175
|
|
TransCanada PipeLines Ltd 6.25%
|
81,500
|
1,988,600
|
|
3,350,775
|
|||
Financials - 0.0%
|
|||
Capital Markets - 0.0%
|
|||
Brookfield Finance Inc 4.625%
|
6,236
|
101,522
|
|
Industrials - 0.0%
|
|||
Electrical Equipment - 0.0%
|
|||
Brookfield BRP Holdings Canada Inc 4.625%
|
52,076
|
805,616
|
|
Brookfield BRP Holdings Canada Inc 4.875%
|
69,200
|
1,113,428
|
|
Brookfield BRP Holdings Canada Inc 7.25%
|
35,200
|
890,208
|
|
2,809,252
|
|||
Utilities - 0.1%
|
|||
Electric Utilities - 0.1%
|
|||
BIP Bermuda Holdings I Ltd 5.125%
|
42,100
|
727,067
|
|
Brookfield Infrastructure Finance ULC 5%
|
36,400
|
612,612
|
|
Brookfield Infrastructure Finance ULC 7.25%
|
81,600
|
2,039,184
|
|
3,378,863
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Brookfield Renewable Partners LP 5.25%
|
60,100
|
1,074,894
|
|
Multi-Utilities - 0.0%
|
|||
Brookfield Infrastructure Partners LP 5.125%
|
50,623
|
863,628
|
|
Brookfield Infrastructure Partners LP Series A, 5%
|
58,810
|
977,423
|
|
1,841,051
|
|||
TOTAL UTILITIES
|
6,294,808
|
||
TOTAL CANADA
|
12,556,357
|
||
NETHERLANDS - 0.1%
|
|||
Financials - 0.1%
|
|||
Insurance - 0.1%
|
|||
AEGON Funding Co LLC 5.1%
|
228,987
|
4,540,812
|
|
UNITED STATES - 9.5%
|
|||
Communication Services - 0.7%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
AT&T Inc 5.35%
|
479,810
|
10,766,936
|
|
AT&T Inc Series A, 5%
|
112,500
|
2,248,875
|
|
AT&T Inc Series C 4.75%
|
224,700
|
4,262,559
|
|
17,278,370
|
|||
Wireless Telecommunication Services - 0.4%
|
|||
T-Mobile USA Inc 5.5%
|
228,129
|
5,315,406
|
|
T-Mobile USA Inc 5.5%
|
221,060
|
5,148,487
|
|
T-Mobile USA Inc 6.25%
|
356,436
|
8,860,999
|
|
19,324,892
|
|||
TOTAL COMMUNICATION SERVICES
|
36,603,262
|
||
Consumer Discretionary - 0.2%
|
|||
Automobiles - 0.2%
|
|||
Ford Motor Co 6%
|
158,475
|
3,282,018
|
|
Ford Motor Co 6.2%
|
153,525
|
3,250,124
|
|
Ford Motor Co 6.5%
|
130,300
|
2,970,840
|
|
9,502,982
|
|||
Leisure Products - 0.0%
|
|||
Brunswick Corp/DE 6.375%
|
7,300
|
178,047
|
|
TOTAL CONSUMER DISCRETIONARY
|
9,681,029
|
||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Summit Midstream Corp 3 month U.S. LIBOR + 7.43%, 12.2837% (b)(d)
|
191
|
300,566
|
|
Financials - 6.6%
|
|||
Banks - 3.2%
|
|||
Bank of America Corp 4.25%
|
229,850
|
4,001,689
|
|
Bank of America Corp 4.375%
|
280,016
|
5,034,688
|
|
Bank of America Corp 4.75%
|
181,424
|
3,534,140
|
|
Bank of America Corp 5%
|
338,910
|
7,066,274
|
|
Bank of America Corp Series GG, 6%
|
128,200
|
3,228,075
|
|
Bank of America Corp Series HH, 5.875%
|
465,213
|
11,565,195
|
|
Bank of America Corp Series K, 6.45% (b)
|
53,386
|
1,377,892
|
|
Bank of America Corp Series KK, 5.375%
|
476,314
|
10,659,907
|
|
Bank of America Corp Series PP, 4.125%
|
238,223
|
4,047,409
|
|
Citizens Financial Group Inc 6.5% (b)
|
32,900
|
838,292
|
|
JPMorgan Chase & Co 4.55%
|
676,640
|
13,187,714
|
|
JPMorgan Chase & Co 4.625%
|
630,600
|
12,504,798
|
|
JPMorgan Chase & Co 4.75%
|
272,873
|
5,544,779
|
|
JPMorgan Chase & Co 5.75%
|
812,176
|
20,377,497
|
|
JPMorgan Chase & Co Series EE, 6%
|
255,900
|
6,458,916
|
|
JPMorgan Chase & Co Series MM, 4.2%
|
734,600
|
13,428,488
|
|
M&T Bank Corp Series J, 7.5%
|
163,000
|
4,342,320
|
|
Truist Financial Corp Series O 5.25%
|
101,500
|
2,196,460
|
|
US Bancorp 4.5%
|
120,377
|
2,213,733
|
|
US Bancorp Series K, 5.5%
|
213,200
|
4,875,884
|
|
US Bancorp Series L, 3.75%
|
137,300
|
2,095,198
|
|
US Bancorp Series M, 4%
|
198,867
|
3,265,396
|
|
Wells Fargo & Co 4.25%
|
233,979
|
4,008,060
|
|
Wells Fargo & Co 4.7%
|
278,439
|
5,290,341
|
|
Wells Fargo & Co Series Y, 5.625%
|
318,719
|
7,633,352
|
|
Wells Fargo & Co Series Z, 4.75%
|
662,965
|
12,768,706
|
|
171,545,203
|
|||
Capital Markets - 1.8%
|
|||
Affiliated Managers Group Inc 4.75%
|
61,900
|
1,078,298
|
|
Affiliated Managers Group Inc 5.875%
|
68,400
|
1,474,704
|
|
Affiliated Managers Group Inc 6.75%
|
74,700
|
1,823,427
|
|
Bank of New York Mellon Corp/The 5 year U.S. Treasury Index + 2.161%, 6.15% (b)(d)
|
113,800
|
2,929,212
|
|
Brookfield Oaktree Holdings LLC Series A, 6.625%
|
96,640
|
2,107,718
|
|
Brookfield Oaktree Holdings LLC Series B, 6.55%
|
129,486
|
2,783,949
|
|
Charles Schwab Corp/The 4.45%
|
183,100
|
3,451,435
|
|
Charles Schwab Corp/The 5.95%
|
83,954
|
2,097,171
|
|
KKR & Co Inc 6.875%
|
124,300
|
3,168,407
|
|
Morgan Stanley 5.85%
|
658,100
|
16,281,394
|
|
Morgan Stanley 6.375%
|
222,130
|
5,597,676
|
|
Morgan Stanley 6.5%
|
764,400
|
19,759,664
|
|
Morgan Stanley 6.625%
|
306,800
|
8,074,976
|
|
Morgan Stanley 6.875%
|
104,038
|
2,633,201
|
|
Morgan Stanley Series E, 7.125%
|
118,400
|
3,029,856
|
|
Morgan Stanley Series L, 4.875%
|
149,582
|
3,115,793
|
|
Morgan Stanley Series O, 4.25%
|
339,200
|
5,990,272
|
|
Northern Trust Corp Series E, 4.7%
|
173,700
|
3,397,572
|
|
State Street Corp 5.35% (b)
|
118,265
|
2,646,771
|
|
Stifel Financial Corp Series D, 4.5%
|
105,200
|
1,849,416
|
|
TPG Operating Group II LP 6.95%
|
81,600
|
2,097,936
|
|
95,388,848
|
|||
Financial Services - 0.3%
|
|||
Apollo Global Management Inc 7.625% (b)
|
109,800
|
2,900,916
|
|
Carlyle Finance LLC 4.625%
|
120,300
|
2,118,483
|
|
Corebridge Financial Inc 6.375%
|
143,700
|
3,415,749
|
|
Equitable Holdings Inc 4.3%
|
71,699
|
1,159,372
|
|
Equitable Holdings Inc Series A, 5.25%
|
176,251
|
3,533,833
|
|
KKR Group Finance Co IX LLC 4.625%
|
92,763
|
1,619,178
|
|
Voya Financial Inc Series B, 5.35% (b)
|
6,206
|
150,558
|
|
14,898,089
|
|||
Insurance - 1.3%
|
|||
Allstate Corp/The Series H 5.1%
|
380,100
|
8,061,921
|
|
Allstate Corp/The Series I, 4.75%
|
114,400
|
2,242,240
|
|
Allstate Corp/The Series J, 7.375%
|
154,229
|
4,093,238
|
|
American Financial Group Inc/OH 4.5%
|
133,700
|
2,322,369
|
|
American Financial Group Inc/OH 5.625%
|
34,400
|
725,496
|
|
American Financial Group Inc/OH 5.875%
|
33,000
|
723,030
|
|
Arch Capital Group Ltd 5.45%
|
69,300
|
1,465,695
|
|
Arch Capital Group Ltd Series G, 4.55%
|
125,300
|
2,144,510
|
|
Athene Holding Ltd 7.25% (b)
|
178,200
|
4,490,640
|
|
Athene Holding Ltd Series A, 6.35% (b)
|
195,173
|
4,832,483
|
|
Athene Holding Ltd Series B, 5.625%
|
55,244
|
1,097,146
|
|
Athene Holding Ltd Series D, 4.875%
|
240,414
|
4,097,857
|
|
Athene Holding Ltd Series E, 7.75% (b)
|
124,500
|
3,194,670
|
|
Axis Capital Holdings Ltd 5.5%
|
106,200
|
2,202,588
|
|
Enstar Group Ltd 7% (b)
|
78,200
|
1,857,250
|
|
F&G Annuities & Life Inc 7.3%
|
71,800
|
1,662,887
|
|
Hartford Insurance Group Inc/The 6%
|
34,460
|
860,810
|
|
Lincoln National Corp Series D, 9%
|
67,100
|
1,795,596
|
|
MetLife Inc 5.625%
|
151,800
|
3,567,300
|
|
MetLife Inc Series F, 4.75%
|
228,300
|
4,521,482
|
|
Prudential Financial Inc 4.125%
|
132,400
|
2,298,464
|
|
Prudential Financial Inc 5.625%
|
177,835
|
4,264,484
|
|
Prudential Financial Inc 5.95%
|
22,971
|
570,025
|
|
Reinsurance Group of America Inc 5.75% (b)
|
44,984
|
1,129,098
|
|
Reinsurance Group of America Inc 7.125% (b)
|
152,346
|
3,895,488
|
|
W R Berkley Corp 4.125%
|
74,956
|
1,259,261
|
|
W R Berkley Corp 4.25%
|
66,315
|
1,137,116
|
|
W R Berkley Corp 5.1%
|
91,500
|
1,840,980
|
|
72,354,124
|
|||
TOTAL FINANCIALS
|
354,186,264
|
||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Strategy Inc 10.75% (l)
|
28,500
|
2,757,945
|
|
Strategy Inc Series A, 10%
|
23,000
|
2,500,560
|
|
5,258,505
|
|||
Real Estate - 0.5%
|
|||
Hotel & Resort REITs - 0.0%
|
|||
Pebblebrook Hotel Trust 6.375%
|
40,902
|
773,048
|
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
18,300
|
368,928
|
|
1,141,976
|
|||
Retail REITs - 0.0%
|
|||
Kimco Realty Corp 5.125%
|
8,922
|
181,340
|
|
Specialized REITs - 0.5%
|
|||
Digital Realty Trust Inc 5.25%
|
89,700
|
1,967,121
|
|
Digital Realty Trust Inc Series L, 5.2%
|
91,800
|
1,950,750
|
|
Public Storage Operating Co 3.875%
|
91,695
|
1,446,030
|
|
Public Storage Operating Co 3.95%
|
91,500
|
1,471,320
|
|
Public Storage Operating Co 4%
|
205,000
|
3,323,050
|
|
Public Storage Operating Co 4%
|
137,300
|
2,229,752
|
|
Public Storage Operating Co Series I, 4.875%
|
68,600
|
1,356,222
|
|
Public Storage Operating Co Series J, 4.7%
|
77,800
|
1,480,534
|
|
Public Storage Operating Co Series K, 4.75%
|
68,600
|
1,326,724
|
|
Public Storage Operating Co Series L, 4.625%
|
164,700
|
3,076,596
|
|
Public Storage Operating Co Series MM, 4.125%
|
64,100
|
1,076,219
|
|
Public Storage Operating Co Series O, 3.9%
|
96,794
|
1,535,153
|
|
Public Storage Operating Co Series S, 4.1%
|
95,915
|
1,590,271
|
|
23,829,742
|
|||
TOTAL REAL ESTATE
|
25,153,058
|
||
Utilities - 1.5%
|
|||
Electric Utilities - 1.0%
|
|||
Duke Energy Corp 5.625%
|
290,221
|
7,226,503
|
|
Entergy Arkansas LLC 4.875%
|
103,500
|
2,163,150
|
|
Entergy Louisiana LLC 4.875%
|
58,761
|
1,215,177
|
|
Entergy Mississippi LLC 4.9%
|
34,100
|
723,261
|
|
Entergy New Orleans LLC 5.5%
|
121,017
|
2,743,455
|
|
Georgia Power Co 5%
|
36,600
|
846,924
|
|
NextEra Energy Capital Holdings Inc 5.65%
|
185,100
|
4,440,549
|
|
NextEra Energy Capital Holdings Inc 6.5%
|
233,000
|
5,871,600
|
|
SCE Trust II 5.1%
|
27,957
|
485,054
|
|
SCE Trust VII 7.5%
|
34,600
|
854,620
|
|
Southern Co/The 4.2%
|
535,859
|
9,578,480
|
|
Southern Co/The 5.25%
|
122,980
|
2,661,287
|
|
Southern Co/The Series A, 4.95%
|
320,038
|
6,448,766
|
|
Southern Co/The Series A, 6.5%
|
137,185
|
3,550,348
|
|
Xcel Energy Inc 6.25%
|
259,300
|
6,485,093
|
|
55,294,267
|
|||
Multi-Utilities - 0.5%
|
|||
CMS Energy Corp 5.625%
|
39,631
|
883,771
|
|
CMS Energy Corp 5.875%
|
144,543
|
3,376,525
|
|
CMS Energy Corp 5.875%
|
57,830
|
1,353,800
|
|
DTE Energy Co 4.375%
|
237,200
|
4,124,908
|
|
DTE Energy Co 4.375%
|
99,586
|
1,767,652
|
|
DTE Energy Co 5.25%
|
68,600
|
1,461,180
|
|
DTE Energy Co Series H, 6.25%
|
326,800
|
8,173,268
|
|
SCE Trust VI 5%
|
50,300
|
856,609
|
|
Sempra 5.75%
|
174,000
|
3,836,700
|
|
25,834,413
|
|||
TOTAL UTILITIES
|
81,128,680
|
||
TOTAL UNITED STATES
|
512,311,364
|
||
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $557,655,366)
|
532,222,745
|
||
Preferred Securities - 4.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
FRANCE - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
BNP Paribas SA 7.375% (b)(f)(p)
|
1,085,000
|
1,143,737
|
|
GERMANY - 0.1%
|
|||
Financials - 0.1%
|
|||
Insurance - 0.1%
|
|||
Allianz SE 3.2% (b)(f)(p)
|
3,000,000
|
2,883,360
|
|
UNITED KINGDOM - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Barclays PLC 7.625% (b)(p)
|
595,000
|
637,613
|
|
UNITED STATES - 4.0%
|
|||
Energy - 0.6%
|
|||
Oil, Gas & Consumable Fuels - 0.6%
|
|||
BP Capital Markets PLC 6.125% (b)(p)
|
2,000,000
|
2,118,202
|
|
Energy Transfer LP 6.625% (b)(p)
|
18,255,000
|
18,643,806
|
|
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.2234% (b)(d)(p)
|
740,000
|
742,285
|
|
Sunoco LP 7.875% (b)(f)(p)
|
9,545,000
|
9,865,694
|
|
31,369,987
|
|||
Financials - 3.2%
|
|||
Banks - 2.5%
|
|||
Bank of America Corp 4.375% (b)(p)
|
11,855,000
|
11,737,765
|
|
Bank of America Corp 5.875% (b)(p)
|
2,025,000
|
2,068,742
|
|
Bank of America Corp 6.125% (b)(p)
|
7,585,000
|
7,701,478
|
|
Bank of America Corp 6.25% (b)(p)
|
20,210,000
|
20,559,657
|
|
Bank of America Corp 6.625% (b)(p)
|
6,235,000
|
6,499,643
|
|
JPMorgan Chase & Co 3.65% (b)(p)
|
14,650,000
|
14,646,761
|
|
JPMorgan Chase & Co 6.5% (b)(p)
|
8,745,000
|
9,126,199
|
|
JPMorgan Chase & Co 6.875% (b)(p)
|
2,320,000
|
2,486,907
|
|
JPMorgan Chase & Co CME Term SOFR 3 month Index + 2.745%, 6.7303% (b)(d)(p)
|
23,820,000
|
24,091,644
|
|
PNC Financial Services Group Inc/The 3.4% (b)(p)
|
9,755,000
|
9,542,907
|
|
PNC Financial Services Group Inc/The 5% (b)(p)
|
3,475,000
|
3,488,782
|
|
Truist Financial Corp 5.1% (b)(p)
|
4,445,000
|
4,515,411
|
|
US Bancorp 3.7% (b)(p)
|
4,275,000
|
4,170,346
|
|
Wells Fargo & Co 6.85% (b)(p)
|
5,720,000
|
6,074,562
|
|
Wells Fargo & Co 7.625% (b)(p)
|
7,430,000
|
8,033,441
|
|
134,744,245
|
|||
Capital Markets - 0.5%
|
|||
Bank of New York Mellon Corp/The 3.75% (b)(p)
|
8,500,000
|
8,412,807
|
|
Bank of New York Mellon Corp/The 5.95% (b)(p)
|
2,820,000
|
2,894,216
|
|
Charles Schwab Corp/The 4% (b)(p)
|
11,490,000
|
10,823,451
|
|
Charles Schwab Corp/The 5% (b)(p)
|
3,270,000
|
3,301,270
|
|
Morgan Stanley 5.875% (b)(p)
|
3,450,000
|
3,512,854
|
|
28,944,598
|
|||
Consumer Finance - 0.1%
|
|||
Ally Financial Inc 4.7% (b)(p)
|
4,915,000
|
4,543,095
|
|
Ally Financial Inc 4.7% (b)(p)
|
2,160,000
|
2,119,254
|
|
6,662,349
|
|||
Financial Services - 0.1%
|
|||
Corebridge Financial Inc 6.875% (b)(p)
|
4,045,000
|
4,146,181
|
|
TOTAL FINANCIALS
|
174,497,373
|
||
Industrials - 0.1%
|
|||
Trading Companies & Distributors - 0.1%
|
|||
Air Lease Corp 4.125% (b)(p)
|
2,110,000
|
2,061,485
|
|
Air Lease Corp 6% (b)(p)
|
1,470,000
|
1,445,680
|
|
3,507,165
|
|||
Utilities - 0.1%
|
|||
Electric Utilities - 0.1%
|
|||
Edison International 5% (b)(p)
|
2,230,000
|
2,240,087
|
|
Multi-Utilities - 0.0%
|
|||
Dominion Energy Inc 4.35% (b)(p)
|
1,935,000
|
1,922,251
|
|
TOTAL UTILITIES
|
4,162,338
|
||
TOTAL UNITED STATES
|
213,536,863
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $212,205,770)
|
218,201,573
|
||
Money Market Funds - 0.7%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (q)
|
4.02
|
35,326,432
|
35,333,498
|
|
Fidelity Securities Lending Cash Central Fund (q)(r)
|
4.02
|
1,535,296
|
1,535,450
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $36,868,365)
|
36,868,948
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $4,103,622,847)
|
5,371,581,932
|
NET OTHER ASSETS (LIABILITIES) - 0.2%
|
8,632,684
|
NET ASSETS - 100.0%
|
5,380,214,616
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(c)
|
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
|
(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 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 $344,113,398 or 6.4% of net assets.
|
(g)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $585,027 or 0.0% of net assets.
|
(h)
|
Security or a portion of the security is on loan at period end.
|
(i)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(j)
|
Zero coupon bond which is issued at a discount.
|
(k)
|
Principal Only Strips represent the right to receive the monthly principal payments.
|
(l)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(m)
|
Level 3 security.
|
(n)
|
Non-income producing - Security is in default.
|
(o)
|
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,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(p)
|
Security is perpetual in nature with no stated maturity date.
|
(q)
|
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
(r)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
56,966,137
|
1,451,694,239
|
1,473,328,162
|
2,527,231
|
1,284
|
-
|
35,333,498
|
35,326,432
|
0.1%
|
Fidelity Real Estate Equity Central Fund
|
832,159,104
|
89,611,661
|
62,115,438
|
23,792,157
|
3,809,372
|
(57,100,805)
|
806,363,894
|
5,831,807
|
86.0%
|
Fidelity Securities Lending Cash Central Fund
|
7,190,975
|
300,313,234
|
305,968,759
|
66,028
|
-
|
-
|
1,535,450
|
1,535,296
|
0.0%
|
Total
|
896,316,216
|
1,841,619,134
|
1,841,412,359
|
26,385,416
|
3,810,656
|
(57,100,805)
|
843,232,842
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Bank Loan Obligations
|
||||
Information Technology
|
1,392,537
|
-
|
1,392,537
|
-
|
Common Stocks
|
||||
Communication Services
|
102,327,296
|
101,742,269
|
585,027
|
-
|
Consumer Discretionary
|
275,585,974
|
275,585,974
|
-
|
-
|
Consumer Staples
|
390,978,363
|
390,978,363
|
-
|
-
|
Energy
|
291,026,983
|
272,867,947
|
18,159,036
|
-
|
Financials
|
291,946,575
|
291,946,575
|
-
|
-
|
Health Care
|
495,855,464
|
479,452,855
|
16,402,609
|
-
|
Industrials
|
370,032,556
|
335,689,366
|
34,343,190
|
-
|
Information Technology
|
414,741,425
|
371,480,704
|
43,260,721
|
-
|
Materials
|
54,319,613
|
54,319,613
|
-
|
-
|
Real Estate
|
31,594,062
|
31,594,062
|
-
|
-
|
Utilities
|
203,086,530
|
196,109,665
|
6,976,865
|
-
|
Convertible Corporate Bonds
|
||||
Communication Services
|
41,766,555
|
-
|
41,766,555
|
-
|
Consumer Discretionary
|
72,380,586
|
-
|
72,380,586
|
-
|
Consumer Staples
|
7,390,587
|
-
|
7,390,587
|
-
|
Energy
|
17,472,854
|
-
|
17,472,854
|
-
|
Financials
|
47,208,738
|
-
|
47,208,738
|
-
|
Health Care
|
92,635,379
|
-
|
92,635,379
|
-
|
Industrials
|
61,205,870
|
-
|
61,205,870
|
-
|
Information Technology
|
261,705,395
|
-
|
261,705,395
|
-
|
Materials
|
8,038,020
|
-
|
8,038,020
|
-
|
Real Estate
|
29,710,464
|
-
|
29,710,464
|
-
|
Utilities
|
59,870,153
|
-
|
59,861,657
|
8,496
|
Convertible Preferred Stocks
|
||||
Financials
|
42,199,019
|
-
|
42,199,019
|
-
|
Health Care
|
6,039,004
|
-
|
6,039,004
|
-
|
Industrials
|
21,946,799
|
1,931,779
|
20,015,020
|
-
|
Information Technology
|
13,336,770
|
-
|
13,336,770
|
-
|
Materials
|
6,913,533
|
-
|
6,913,533
|
-
|
Utilities
|
14,351,992
|
-
|
14,351,992
|
-
|
Domestic Equity Funds
|
806,363,894
|
806,363,894
|
-
|
-
|
Non-Convertible Corporate Bonds
|
||||
Consumer Discretionary
|
1,505,424
|
-
|
1,505,424
|
-
|
Energy
|
10,705,390
|
-
|
10,705,390
|
-
|
Financials
|
12,687,903
|
-
|
12,687,903
|
-
|
Information Technology
|
441,001
|
-
|
441,001
|
-
|
Utilities
|
25,525,958
|
-
|
25,525,958
|
-
|
Non-Convertible Preferred Stocks
|
||||
Communication Services
|
36,603,262
|
36,603,262
|
-
|
-
|
Consumer Discretionary
|
9,681,029
|
9,681,029
|
-
|
-
|
Energy
|
3,651,341
|
3,350,775
|
300,566
|
-
|
Financials
|
361,642,810
|
361,642,810
|
-
|
-
|
Industrials
|
2,809,252
|
2,809,252
|
-
|
-
|
Information Technology
|
5,258,505
|
5,258,505
|
-
|
-
|
Real Estate
|
25,153,058
|
25,153,058
|
-
|
-
|
Utilities
|
87,423,488
|
87,423,488
|
-
|
-
|
Preferred Securities
|
||||
Energy
|
31,369,987
|
-
|
31,369,987
|
-
|
Financials
|
179,162,083
|
-
|
179,162,083
|
-
|
Industrials
|
3,507,165
|
-
|
3,507,165
|
-
|
Utilities
|
4,162,338
|
-
|
4,162,338
|
-
|
Money Market Funds
|
36,868,948
|
36,868,948
|
-
|
-
|
Total Investments in Securities:
|
5,371,581,932
|
4,178,854,193
|
1,192,719,243
|
8,496
|
Statement of Assets and Liabilities
|
||||
As of November 30, 2025
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $2,567,156) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $3,395,206,080)
|
$
|
4,528,349,090
|
||
Fidelity Central Funds (cost $708,416,767)
|
843,232,842
|
|||
Total Investment in Securities (cost $4,103,622,847)
|
$
|
5,371,581,932
|
||
Foreign currency held at value (cost $289,495)
|
290,732
|
|||
Receivable for investments sold
|
1,716,576
|
|||
Receivable for fund shares sold
|
615,659
|
|||
Dividends receivable
|
9,581,733
|
|||
Interest receivable
|
3,523,082
|
|||
Distributions receivable from Fidelity Central Funds
|
171,718
|
|||
Prepaid expenses
|
4,434
|
|||
Other receivables
|
8,964
|
|||
Total assets
|
5,387,494,830
|
|||
Liabilities
|
||||
Payable for investments purchased
|
||||
Regular delivery
|
$
|
1,238,388
|
||
Delayed delivery
|
176,892
|
|||
Payable for fund shares redeemed
|
1,091,432
|
|||
Accrued management fee
|
2,747,545
|
|||
Distribution and service plan fees payable
|
427,411
|
|||
Other payables and accrued expenses
|
63,096
|
|||
Collateral on securities loaned
|
1,535,450
|
|||
Total liabilities
|
7,280,214
|
|||
Net Assets
|
$
|
5,380,214,616
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
3,852,425,740
|
||
Total accumulated earnings (loss)
|
1,527,788,876
|
|||
Net Assets
|
$
|
5,380,214,616
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($1,013,408,055 ÷ 54,898,578 shares)(a)
|
$
|
18.46
|
||
Maximum offering price per share (100/94.25 of $18.46)
|
$
|
19.59
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($310,516,604 ÷ 16,829,708 shares)(a)
|
$
|
18.45
|
||
Maximum offering price per share (100/96.50 of $18.45)
|
$
|
19.12
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($109,915,663 ÷ 5,973,941 shares)(a)
|
$
|
18.40
|
||
Strategic Dividend and Income :
|
||||
Net Asset Value, offering price and redemption price per share ($3,129,237,817 ÷ 167,771,819 shares)
|
$
|
18.65
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($618,200,430 ÷ 33,288,169 shares)
|
$
|
18.57
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($198,936,047 ÷ 10,709,336 shares)
|
$
|
18.58
|
||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
||||
Statement of Operations
|
||||
|
Year ended November 30, 2025
|
||||
Investment Income
|
||||
Dividends
|
$
|
112,065,025
|
||
Interest
|
20,468,030
|
|||
Income from Fidelity Central Funds (including $66,028 from security lending)
|
26,385,416
|
|||
Total income
|
158,918,471
|
|||
Expenses
|
||||
Management fee
|
$
|
32,936,113
|
||
Distribution and service plan fees
|
5,078,130
|
|||
Custodian fees and expenses
|
69,661
|
|||
Independent trustees' fees and expenses
|
13,782
|
|||
Registration fees
|
140,388
|
|||
Audit fees
|
87,775
|
|||
Legal
|
7,721
|
|||
Miscellaneous
|
18,771
|
|||
Total expenses
|
38,352,341
|
|||
Net Investment income (loss)
|
120,566,130
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
278,022,659
|
|||
Fidelity Central Funds
|
3,810,656
|
|||
Foreign currency transactions
|
(75,372)
|
|||
Futures contracts
|
279,846
|
|||
Total net realized gain (loss)
|
282,037,789
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(8,132,824)
|
|||
Fidelity Central Funds
|
(57,100,805)
|
|||
Assets and liabilities in foreign currencies
|
94,103
|
|||
Total change in net unrealized appreciation (depreciation)
|
(65,139,526)
|
|||
Net gain (loss)
|
216,898,263
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
337,464,393
|
||
Statement of Changes in Net Assets
|
||||
Year ended
November 30, 2025
|
Year ended
November 30, 2024
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
120,566,130
|
$
|
132,561,819
|
Net realized gain (loss)
|
282,037,789
|
156,554,453
|
||
Change in net unrealized appreciation (depreciation)
|
(65,139,526)
|
791,515,276
|
||
Net increase (decrease) in net assets resulting from operations
|
337,464,393
|
1,080,631,548
|
||
Distributions to shareholders
|
(268,735,474)
|
(282,878,626)
|
||
Share transactions - net increase (decrease)
|
(238,608,646)
|
(240,323,486)
|
||
Total increase (decrease) in net assets
|
(169,879,727)
|
557,429,436
|
||
Net Assets
|
||||
Beginning of period
|
5,550,094,343
|
4,992,664,907
|
||
End of period
|
$
|
5,380,214,616
|
$
|
5,550,094,343
|
Fidelity Advisor® Strategic Dividend & Income® Fund Class A |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.21
|
$
|
15.67
|
$
|
16.12
|
$
|
17.88
|
$
|
16.11
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.37
|
.39
|
.41
|
.34
|
.25
|
|||||
Net realized and unrealized gain (loss)
|
.75
|
3.03
|
(.23)
|
(.64)
|
2.39
|
|||||
Total from investment operations
|
1.12
|
3.42
|
.18
|
(.30)
|
2.64
|
|||||
Distributions from net investment income
|
(.41)
|
(.42)
|
(.39)
|
(.36)
|
(.38)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.87) C
|
(.88)
|
(.63)
|
(1.46)
|
(.87)
|
|||||
Net asset value, end of period
|
$
|
18.46
|
$
|
18.21
|
$
|
15.67
|
$
|
16.12
|
$
|
17.88
|
Total Return D,E
|
6.61 % |
22.63%
|
1.28%
|
(2.09)%
|
16.99%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
.92%
|
.94%
|
.98%
|
.97%
|
.97%
|
|||||
Expenses net of fee waivers, if any
|
.92 % |
.93%
|
.97%
|
.97%
|
.97%
|
|||||
Expenses net of all reductions, if any
|
.92%
|
.93%
|
.97%
|
.97%
|
.97%
|
|||||
Net investment income (loss)
|
2.12%
|
2.35%
|
2.61%
|
2.07%
|
1.45%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,013,408
|
$
|
991,538
|
$
|
856,477
|
$
|
880,711
|
$
|
867,690
|
Portfolio turnover rate H
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity Advisor® Strategic Dividend & Income® Fund Class M |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.20
|
$
|
15.66
|
$
|
16.11
|
$
|
17.86
|
$
|
16.10
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.32
|
.35
|
.37
|
.30
|
.21
|
|||||
Net realized and unrealized gain (loss)
|
.75
|
3.02
|
(.23)
|
(.63)
|
2.38
|
|||||
Total from investment operations
|
1.07
|
3.37
|
.14
|
(.33)
|
2.59
|
|||||
Distributions from net investment income
|
(.37)
|
(.37)
|
(.35)
|
(.32)
|
(.34)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.82)
|
(.83)
|
(.59)
|
(1.42)
|
(.83)
|
|||||
Net asset value, end of period
|
$
|
18.45
|
$
|
18.20
|
$
|
15.66
|
$
|
16.11
|
$
|
17.86
|
Total Return C,D
|
6.33 % |
22.33%
|
1.03%
|
(2.29)%
|
16.65%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
1.17%
|
1.18%
|
1.22%
|
1.22%
|
1.22%
|
|||||
Expenses net of fee waivers, if any
|
1.17 % |
1.18%
|
1.22%
|
1.21%
|
1.22%
|
|||||
Expenses net of all reductions, if any
|
1.17%
|
1.18%
|
1.22%
|
1.21%
|
1.22%
|
|||||
Net investment income (loss)
|
1.87%
|
2.10%
|
2.37%
|
1.82%
|
1.21%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
310,517
|
$
|
318,994
|
$
|
287,670
|
$
|
307,028
|
$
|
316,442
|
Portfolio turnover rate G
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity Advisor® Strategic Dividend & Income® Fund Class C |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.14
|
$
|
15.61
|
$
|
16.05
|
$
|
17.80
|
$
|
16.03
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.24
|
.27
|
.29
|
.21
|
.12
|
|||||
Net realized and unrealized gain (loss)
|
.75
|
3.00
|
(.22)
|
(.63)
|
2.38
|
|||||
Total from investment operations
|
.99
|
3.27
|
.07
|
(.42)
|
2.50
|
|||||
Distributions from net investment income
|
(.27)
|
(.29)
|
(.27)
|
(.23)
|
(.24)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.73) C
|
(.74) C
|
(.51)
|
(1.33)
|
(.73)
|
|||||
Net asset value, end of period
|
$
|
18.40
|
$
|
18.14
|
$
|
15.61
|
$
|
16.05
|
$
|
17.80
|
Total Return D,E
|
5.83 % |
21.68%
|
.55%
|
(2.85)%
|
16.12%
|
|||||
Ratios to Average Net Assets B,F,G
|
||||||||||
Expenses before reductions
|
1.67%
|
1.68%
|
1.74%
|
1.73%
|
1.73%
|
|||||
Expenses net of fee waivers, if any
|
1.67 % |
1.67%
|
1.73%
|
1.72%
|
1.73%
|
|||||
Expenses net of all reductions, if any
|
1.67%
|
1.67%
|
1.73%
|
1.72%
|
1.73%
|
|||||
Net investment income (loss)
|
1.37%
|
1.60%
|
1.85%
|
1.31%
|
.70%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
109,916
|
$
|
136,448
|
$
|
150,576
|
$
|
192,698
|
$
|
233,431
|
Portfolio turnover rate H
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity® Strategic Dividend & Income® Fund |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.38
|
$
|
15.81
|
$
|
16.26
|
$
|
18.02
|
$
|
16.23
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.42
|
.44
|
.45
|
.39
|
.31
|
|||||
Net realized and unrealized gain (loss)
|
.76
|
3.05
|
(.22)
|
(.64)
|
2.40
|
|||||
Total from investment operations
|
1.18
|
3.49
|
.23
|
(.25)
|
2.71
|
|||||
Distributions from net investment income
|
(.46)
|
(.46)
|
(.43)
|
(.41)
|
(.43)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.91)
|
(.92)
|
(.68) C
|
(1.51)
|
(.92)
|
|||||
Net asset value, end of period
|
$
|
18.65
|
$
|
18.38
|
$
|
15.81
|
$
|
16.26
|
$
|
18.02
|
Total Return D
|
6.95 % |
22.95%
|
1.55%
|
(1.79)%
|
17.30%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.62%
|
.65%
|
.70%
|
.68%
|
.68%
|
|||||
Expenses net of fee waivers, if any
|
.62 % |
.64%
|
.69%
|
.68%
|
.68%
|
|||||
Expenses net of all reductions, if any
|
.62%
|
.64%
|
.69%
|
.68%
|
.68%
|
|||||
Net investment income (loss)
|
2.41%
|
2.64%
|
2.89%
|
2.35%
|
1.74%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,129,238
|
$
|
3,233,880
|
$
|
2,863,292
|
$
|
3,093,655
|
$
|
3,514,906
|
Portfolio turnover rate G
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity Advisor® Strategic Dividend & Income® Fund Class I |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.31
|
$
|
15.75
|
$
|
16.20
|
$
|
17.96
|
$
|
16.18
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.41
|
.43
|
.45
|
.38
|
.30
|
|||||
Net realized and unrealized gain (loss)
|
.76
|
3.05
|
(.23)
|
(.64)
|
2.39
|
|||||
Total from investment operations
|
1.17
|
3.48
|
.22
|
(.26)
|
2.69
|
|||||
Distributions from net investment income
|
(.46)
|
(.46)
|
(.43)
|
(.40)
|
(.42)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.91)
|
(.92)
|
(.67)
|
(1.50)
|
(.91)
|
|||||
Net asset value, end of period
|
$
|
18.57
|
$
|
18.31
|
$
|
15.75
|
$
|
16.20
|
$
|
17.96
|
Total Return C
|
6.89 % |
22.93%
|
1.53%
|
(1.83)%
|
17.25%
|
|||||
Ratios to Average Net Assets B,D,E
|
||||||||||
Expenses before reductions
|
.67%
|
.68%
|
.73%
|
.72%
|
.72%
|
|||||
Expenses net of fee waivers, if any
|
.67 % |
.68%
|
.72%
|
.71%
|
.72%
|
|||||
Expenses net of all reductions, if any
|
.67%
|
.68%
|
.72%
|
.71%
|
.72%
|
|||||
Net investment income (loss)
|
2.37%
|
2.60%
|
2.87%
|
2.32%
|
1.71%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
618,200
|
$
|
644,035
|
$
|
603,173
|
$
|
658,828
|
$
|
647,384
|
Portfolio turnover rate F
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity Advisor® Strategic Dividend & Income® Fund Class Z |
Years ended November 30,
|
2025
|
2024
|
2023
|
2022
|
2021
|
|||||
Selected Per-Share Data
|
||||||||||
Net asset value, beginning of period
|
$
|
18.31
|
$
|
15.75
|
$
|
16.20
|
$
|
17.96
|
$
|
16.18
|
Income from Investment Operations
|
||||||||||
Net investment income (loss) A,B
|
.43
|
.45
|
.47
|
.40
|
.32
|
|||||
Net realized and unrealized gain (loss)
|
.77
|
3.05
|
(.23)
|
(.63)
|
2.39
|
|||||
Total from investment operations
|
1.20
|
3.50
|
.24
|
(.23)
|
2.71
|
|||||
Distributions from net investment income
|
(.47)
|
(.48)
|
(.45)
|
(.43)
|
(.45)
|
|||||
Distributions from net realized gain
|
(.45)
|
(.46)
|
(.24)
|
(1.10)
|
(.49)
|
|||||
Total distributions
|
(.93) C
|
(.94)
|
(.69)
|
(1.53)
|
(.93) C
|
|||||
Net asset value, end of period
|
$
|
18.58
|
$
|
18.31
|
$
|
15.75
|
$
|
16.20
|
$
|
17.96
|
Total Return D
|
7.05 % |
23.08%
|
1.66%
|
(1.70)%
|
17.40%
|
|||||
Ratios to Average Net Assets B,E,F
|
||||||||||
Expenses before reductions
|
.55%
|
.57%
|
.60%
|
.59%
|
.59%
|
|||||
Expenses net of fee waivers, if any
|
.55 % |
.56%
|
.59%
|
.59%
|
.59%
|
|||||
Expenses net of all reductions, if any
|
.55%
|
.56%
|
.59%
|
.59%
|
.59%
|
|||||
Net investment income (loss)
|
2.48%
|
2.72%
|
2.99%
|
2.44%
|
1.83%
|
|||||
Supplemental Data
|
||||||||||
Net assets, end of period (000 omitted)
|
$
|
198,936
|
$
|
225,199
|
$
|
231,477
|
$
|
201,793
|
$
|
179,880
|
Portfolio turnover rate G
|
41 % |
36%
|
34%
|
29%
|
37%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Real Estate Equity Central Fund
|
Fidelity Management & Research Company LLC (FMR)
|
Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry.
|
Less than .005%
|
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$1,396,857,441
|
Gross unrealized depreciation
|
(134,351,157)
|
Net unrealized appreciation (depreciation)
|
$1,262,506,284
|
Tax Cost
|
$4,109,075,648
|
Undistributed ordinary income
|
$43,505,370
|
Undistributed long-term capital gain
|
$243,772,986
|
Net unrealized appreciation (depreciation) on securities and other investments
|
$1,241,772,670
|
November 30, 2025
|
November 30, 2024
|
|
Ordinary Income
|
$134,382,375
|
$ 138,541,193
|
Long-term Capital Gains
|
134,353,099
|
144,337,433
|
Total
|
$268,735,474
|
$ 282,878,626
|
Interest Rate Risk
|
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
2,095,990,597
|
2,428,580,150
|
Maximum Management Fee Rate %
|
|
Class A
|
.69
|
Class M
|
.68
|
Class C
|
.69
|
Strategic Dividend and Income
|
.66
|
Class I
|
.68
|
Class Z
|
.56
|
Total Management Fee Rate %
|
|
Class A
|
.66
|
Class M
|
.66
|
Class C
|
.66
|
Strategic Dividend and Income
|
.61
|
Class I
|
.66
|
Class Z
|
.54
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
2,401,971
|
55,131
|
Class M
|
.25%
|
.25%
|
1,512,066
|
2,715
|
Class C
|
.75%
|
.25%
|
1,164,093
|
97,955
|
5,078,130
|
155,801
|
Retained by FDC ($)
|
|
Class A
|
219,740
|
Class M
|
12,287
|
Class CA
|
988
|
233,015
|
Amount ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
23,586
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
110,637,241
|
102,278,416
|
22,893,073
|
Amount ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
7,197
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
7,075
|
767
|
1,578,892
|
Amount ($)
|
|
Fidelity Strategic Dividend & Income Fund
|
1,013,848
|
Year ended
November 30, 2025
|
Year ended
November 30, 2024
|
|
Fidelity Strategic Dividend & Income Fund
|
||
Distributions to shareholders
|
||
Class A
|
$47,348,837
|
$47,667,798
|
Class M
|
14,293,655
|
15,135,990
|
Class C
|
5,177,527
|
6,816,119
|
Strategic Dividend and Income
|
159,461,333
|
165,596,122
|
Class I
|
31,524,182
|
34,107,106
|
Class Z
|
10,929,940
|
13,555,491
|
Total
|
$268,735,474
|
$282,878,626
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Year ended
November 30, 2025
|
Year ended
November 30, 2024
|
Year ended
November 30, 2025
|
Year ended
November 30, 2024
|
|
Fidelity Strategic Dividend & Income Fund
|
||||
Class A
|
||||
Shares sold
|
6,444,797
|
6,267,749
|
$111,707,470
|
$104,115,732
|
Reinvestment of distributions
|
2,706,516
|
2,880,857
|
45,993,598
|
46,217,597
|
Shares redeemed
|
(8,711,649)
|
(9,351,278)
|
(150,901,573)
|
(154,565,329)
|
Net increase (decrease)
|
439,664
|
(202,672)
|
$6,799,495
|
$(4,232,000)
|
Class M
|
||||
Shares sold
|
1,444,960
|
1,837,714
|
$24,985,375
|
$30,304,271
|
Reinvestment of distributions
|
833,077
|
936,630
|
14,152,512
|
14,996,565
|
Shares redeemed
|
(2,979,264)
|
(3,613,943)
|
(51,542,515)
|
(59,748,425)
|
Net increase (decrease)
|
(701,227)
|
(839,599)
|
$(12,404,628)
|
$(14,447,589)
|
Class C
|
||||
Shares sold
|
630,298
|
697,790
|
$10,803,637
|
$11,538,932
|
Reinvestment of distributions
|
302,183
|
423,878
|
5,117,119
|
6,735,141
|
Shares redeemed
|
(2,480,971)
|
(3,246,090)
|
(42,753,431)
|
(53,512,809)
|
Net increase (decrease)
|
(1,548,490)
|
(2,124,422)
|
$(26,832,675)
|
$(35,238,736)
|
Strategic Dividend and Income
|
||||
Shares sold
|
11,672,528
|
16,331,658
|
$203,540,157
|
$273,374,988
|
Reinvestment of distributions
|
8,091,630
|
8,859,994
|
138,780,733
|
143,606,068
|
Shares redeemed
|
(27,905,106)
|
(30,384,628)
|
(487,488,680)
|
(506,532,415)
|
Net increase (decrease)
|
(8,140,948)
|
(5,192,976)
|
$(145,167,790)
|
$(89,551,359)
|
Class I
|
||||
Shares sold
|
4,542,222
|
5,325,847
|
$78,920,681
|
$88,759,733
|
Reinvestment of distributions
|
1,764,147
|
2,003,939
|
30,146,184
|
32,340,078
|
Shares redeemed
|
(8,190,885)
|
(10,452,587)
|
(142,563,729)
|
(173,867,411)
|
Net increase (decrease)
|
(1,884,516)
|
(3,122,801)
|
$(33,496,864)
|
$(52,767,600)
|
Class Z
|
||||
Shares sold
|
1,822,818
|
3,549,617
|
$31,658,783
|
$58,803,150
|
Reinvestment of distributions
|
517,416
|
715,487
|
8,833,416
|
11,557,762
|
Shares redeemed
|
(3,929,558)
|
(6,662,282)
|
(67,998,383)
|
(114,447,114)
|
Net increase (decrease)
|
(1,589,324)
|
(2,397,178)
|
$(27,506,184)
|
$(44,086,202)
|
 |
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
| (a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Salem Street Trust
| By: | /s/Laura M. Del Prato |
|
| Laura M. Del Prato |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | January 22, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/Laura M. Del Prato |
|
| Laura M. Del Prato |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | January 22, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | January 22, 2026 |