FIDELITY SALEM STREET TRUST (Form: N-CSR, Received: 01/19/2023 13:22:45)

^AAmounts 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, 2022^A	November 30, 2021^A
Audit-Related Fees	$7,914,600	$8,522,600
Tax Fees	$1,000	$354,200
All Other Fees	$-	$-

^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, 2022^A	November 30, 2021^A
PwC	$12,907,000	$14,143,400

^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).

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the 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 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits

EXHIBIT EX-99.CODE ETH

FIDELITY FUNDS’ CODE OF ETHICS FOR

PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER

I. Purposes of the Code/Covered Officers

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds’ President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity’s Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

compliance with applicable laws and governmental rules and regulations;

the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

Covered Officers Should Handle Ethically

Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as “affiliated persons” of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company), and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

* * *

Each Covered Officer must:

not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer’s responsibilities with the Fidelity Funds;

not have a consulting or employment relationship with any of the Fidelity Funds’ service providers that are not affiliated with Fidelity; and

not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fidelity Funds.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board’s Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that he or she has received, read, and understands the Code; and

notify the Fidelity Ethics Office promptly if he or she knows of any violation of the Code. Failure to do so is itself a violation of this Code .

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

V. Oversight

Material violations of this Code will be reported promptly by FMR to the Board’s Compliance Committee. In addition, at least once each year, FMR will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others), and are not part of this Code.

VII. Amendments

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

VIII. Records and Confidentiality

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

Periods ended November 30, 2022	Past 1 year	Past 5 years	Past 10 years
Class A (incl.5.75% sales charge)	-7.72%	6.10%	8.32%
Class M (incl.3.50% sales charge)	-5.71%	6.35%	8.30%
Class C (incl. contingent deferred sales charge)	-3.75%	6.56%	8.30%
Fidelity® Strategic Dividend & Income® Fund	-1.79%	7.68%	9.26%
Class I	-1.83%	7.65%	9.24%
Class Z	-1.70%	7.76%	9.30%

Top Holdings (% of Fund's net assets)
(excluding cash equivalents)
Procter & Gamble Co.	2.3
The Coca-Cola Co.	2.0
AbbVie, Inc.	1.9
Prologis (REIT), Inc.	1.8
Merck & Co., Inc.	1.7
Bristol-Myers Squibb Co.	1.7
Amgen, Inc.	1.6
PepsiCo, Inc.	1.6
Cisco Systems, Inc.	1.6
NextEra Energy, Inc.	1.4
	17.6

Market Sectors (% of Fund's net assets)

Financials	24.0
Real Estate	15.0
Health Care	13.4
Consumer Staples	9.6
Information Technology	8.6
Industrials	6.7
Utilities	5.7
Energy	5.2
Communication Services	4.9
Consumer Discretionary	3.8
Materials	1.7

Equity Funds - 14.3%
	Shares	Value ($)
Fidelity Real Estate Equity Central Fund (g) (Cost $713,074,137)	6,204,001	760,734,658

Preferred Securities - 10.8%
	Principal Amount (a)	Value ($)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Enbridge, Inc. 5.75% 7/15/80 (c)	500,000	455,470
Energy Transfer LP:
6.25% (c)(h)	3,535,000	3,069,799
6.75% (c)(h)	500,000	436,592
7.125% (c)(h)	4,000,000	3,372,597
Summit Midstream Partners LP 9.5% (c)(h)	191,000	148,763
		7,483,221
FINANCIALS - 10.2%
Banks - 7.7%
Bank of America Corp.:
4.375% (c)(h)	17,000,000	14,605,737
5.125% (c)(h)	15,500,000	15,001,911
5.2% (c)(h)	24,000,000	23,993,994
5.875% (c)(h)	18,400,000	16,651,936
6.1% (c)(h)	9,920,000	9,798,553
6.125% (c)(h)	16,000,000	15,573,207
6.25% (c)(h)	17,090,000	16,745,603
6.3% (c)(h)	8,000,000	8,042,159
6.5% (c)(h)	11,000,000	10,925,359
Citigroup, Inc.:
3.875% (c)(h)	10,000,000	8,357,448
4.15% (c)(h)	2,815,000	2,278,192
5% (c)(h)	4,550,000	4,145,278
5.95% (c)(h)	11,750,000	10,985,359
6.3% (c)(h)	5,000,000	4,688,923
Comerica, Inc. 5.625% 12/31/99 (c)(h)	2,000,000	1,959,844
Fifth Third Bancorp 5.1% (c)(h)	1,000,000	947,041
JPMorgan Chase & Co.:
3 month U.S. LIBOR + 2.580% 7.0196% (c)(d)(h)	2,700,000	2,664,409
3.65% (c)(h)	18,500,000	15,708,812
4% (c)(h)	11,000,000	9,212,866
4.6% (c)(h)	23,390,000	21,115,323
5% (c)(h)	18,885,000	17,790,352
5.15% (c)(h)	10,265,000	10,128,147
6% (c)(h)	12,000,000	12,118,696
6.1% (c)(h)	21,000,000	20,584,673
6.125% (c)(h)	2,000,000	1,959,779
6.75% (c)(h)	13,250,000	13,434,355
M&T Bank Corp.:
3.5% (c)(h)	3,900,000	3,019,374
5.125% (c)(h)	5,000,000	4,377,486
6.45% 12/31/99 (c)(h)	1,000,000	1,001,479
PNC Financial Services Group, Inc.:
3.4% (c)(h)	12,000,000	9,320,347
4.85% (c)(h)	2,390,000	2,315,124
5% (c)(h)	6,130,000	5,324,086
6% (c)(h)	6,100,000	5,749,913
6.2% (c)(h)	2,600,000	2,554,780
Truist Financial Corp.:
3 month U.S. LIBOR + 3.100% 6.3946% (c)(d)(h)	3,000,000	2,958,532
4.8% (c)(h)	7,000,000	6,438,644
4.95% (c)(h)	4,050,000	4,008,488
5.1% (c)(h)	6,850,000	6,225,420
U.S. Bancorp:
3.7% (c)(h)	7,000,000	5,617,119
5.3% (c)(h)	1,500,000	1,291,728
Wells Fargo & Co.:
3.9% (c)(h)	29,400,000	25,857,300
5.875% (c)(h)	15,000,000	15,090,416
5.9% (c)(h)	20,700,000	19,556,184
		410,124,376
Capital Markets - 2.0%
Bank of New York Mellon Corp.:
3.7% (c)(h)	6,725,000	6,045,140
3.75% (c)(h)	8,500,000	6,825,904
4.625% (c)(h)	8,000,000	6,986,935
4.7% (c)(h)	3,000,000	2,905,044
Charles Schwab Corp.:
4% (c)(h)	21,750,000	17,236,875
4% (c)(h)	18,000,000	15,480,000
5% (c)(h)	4,670,000	4,251,698
5.375% (c)(h)	16,750,000	16,688,653
Goldman Sachs Capital II 3 month U.S. LIBOR + 0.760% 4% (c)(d)(h)	4,694,000	3,603,167
Goldman Sachs Group, Inc.:
3 month U.S. LIBOR + 2.870% 7.466% (c)(d)(h)	4,755,000	4,633,059
3.65% (c)(h)	2,250,000	1,775,224
3.8% (c)(h)	4,000,000	3,172,962
4.125% (c)(h)	5,400,000	4,413,922
Morgan Stanley:
5.3% (c)(h)	1,000,000	985,692
5.875% (c)(h)	1,000,000	987,280
Northern Trust Corp. 4.6% (c)(h)	4,285,000	3,782,760
State Street Corp.:
3 month U.S. LIBOR + 3.590% 6.8896% (c)(d)(h)	583,000	590,595
5.625% (c)(h)	5,750,000	5,496,847
		105,861,757
Consumer Finance - 0.4%
Ally Financial, Inc.:
4.7% (c)(h)	7,600,000	5,520,780
4.7% (c)(h)	5,000,000	3,340,089
American Express Co. 3.55% (c)(h)	14,000,000	11,236,303
		20,097,172
Diversified Financial Services - 0.0%
Equitable Holdings, Inc. 4.95% (c)(h)	750,000	725,817
Insurance - 0.1%
Allianz SE 3.2% (b)(c)(h)	3,000,000	2,273,548
MetLife, Inc. 3.85% (c)(h)	7,000,000	6,414,235
		8,687,783
TOTAL FINANCIALS		545,496,905
UTILITIES - 0.5%
Electric Utilities - 0.2%
Duke Energy Corp. 4.875% (c)(h)	6,478,000	5,896,501
Edison International:
5% (c)(h)	4,000,000	3,342,034
5.375% (c)(h)	3,500,000	3,013,231
		12,251,766
Independent Power and Renewable Electricity Producers - 0.1%
Vistra Corp.:
7% (b)(c)(h)	3,495,000	3,238,978
8% (b)(c)(h)	1,750,000	1,680,282
		4,919,260
Multi-Utilities - 0.2%
Dominion Energy, Inc. 4.65% (c)(h)	2,050,000	1,802,027
Sempra Energy 4.875% (c)(h)	7,775,000	7,260,253
		9,062,280
TOTAL UTILITIES		26,233,306
TOTAL PREFERRED SECURITIES (Cost $637,414,006)		579,213,432


Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2022

Corporate Bonds - 9.3%
	Principal Amount (a)	Value ($)
Convertible Bonds - 8.6%
COMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.0%
Radius Global Infrastructure, Inc. 2.5% 9/15/26 (b)	91,000	80,837

Entertainment - 0.2%
Liberty Media Corp. 0.5% 12/1/50 (b)	461,000	470,819
Liberty Media Corp. Liberty Formula One:
1% 1/30/23	554,000	915,060
2.25% 8/15/27(b)	3,517,000	3,358,735
Live Nation Entertainment, Inc. 2% 2/15/25	66,000	66,165
Spotify U.S.A., Inc. 0% 3/15/26	1,000,000	799,500
World Wrestling Entertainment, Inc. 3.375% 12/15/23	26,000	83,603
Zynga, Inc.:
0% 12/15/26	1,969,000	1,941,814
0.25% 6/1/24	2,095,000	2,271,110
		9,906,806
Interactive Media & Services - 0.3%
Eventbrite, Inc. 5% 12/1/25	992,000	973,400
IAC FinanceCo 2, Inc. 0.875% 6/15/26 (b)	1,332,000	1,235,430
IAC FinanceCo 3, Inc. 2% 1/15/30 (b)	1,345,000	1,255,558
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b)	1,875,000	1,313,438
Snap, Inc.:
0% 5/1/27	4,040,000	2,817,900
0.125% 3/1/28(b)	6,450,000	4,337,625
0.25% 5/1/25	718,000	658,765
0.75% 8/1/26	1,690,000	1,469,244
TripAdvisor, Inc. 0.25% 4/1/26	812,000	644,728
		14,706,088
Media - 0.4%
Cable One, Inc. 0% 3/15/26	102,000	77,826
DISH Network Corp.:
0% 12/15/25	3,891,000	2,629,927
2.375% 3/15/24	3,618,000	3,228,970
3.375% 8/15/26	8,057,000	5,216,908
Gannett Co., Inc. 4.75% 4/15/24	1,250,000	973,970
Grizzly Merger Sub 1 LLC 1.75% 9/30/46 (b)	2,159,000	2,385,695
Liberty Broadband Corp.:
1.25% 9/30/50(b)	2,910,000	2,775,413
2.75% 9/30/50(b)	1,120,000	1,083,780
Liberty Interactive LLC 1.75% 9/30/46 (b)	673,000	773,142
Liberty Media Corp. 1.375% 10/15/23	1,283,000	1,691,636
Magnite, Inc. 0.25% 3/15/26	2,907,000	2,201,592
TechTarget, Inc. 0% 12/15/26 (b)	120,000	89,400
		23,128,259
TOTAL COMMUNICATION SERVICES		47,821,990

CONSUMER DISCRETIONARY - 1.1%
Auto Components - 0.1%
LCI Industries 1.125% 5/15/26	50,000	43,000
Patrick Industries, Inc.:
1% 2/1/23	1,742,000	1,719,800
1.75% 12/1/28(b)	2,940,000	2,299,080
		4,061,880
Automobiles - 0.2%
Ford Motor Co. 0% 3/15/26	4,859,000	5,019,347
Lucid Group, Inc. 1.25% 12/15/26 (b)	2,100,000	1,168,125
Winnebago Industries, Inc. 1.5% 4/1/25	1,544,000	1,708,050
		7,895,522
Diversified Consumer Services - 0.0%
2U, Inc. 2.25% 5/1/25	127,000	85,154
Chegg, Inc.:
0% 9/1/26	1,563,000	1,229,864
0.125% 3/15/25	1,328,000	1,228,400
		2,543,418
Hotels, Restaurants & Leisure - 0.5%
Airbnb, Inc. 0% 3/15/26	2,689,000	2,257,416
Booking Holdings, Inc. 0.75% 5/1/25	82,000	114,497
Carnival Corp. 5.75% 12/1/27 (b)	2,650,000	2,663,250
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26	3,874,000	3,498,609
DraftKings, Inc. 0% 3/15/28	14,880,000	9,493,440
Expedia, Inc. 0% 2/15/26	90,000	79,650
Marriott Vacations Worldwide Corp. 0% 1/15/26	100,000	103,350
NCL Corp. Ltd.:
1.125% 2/15/27	1,384,000	1,050,785
2.5% 2/15/27(b)	1,153,000	898,187
5.375% 8/1/25	66,000	77,781
Penn Entertainment, Inc. 2.75% 5/15/26	1,636,000	2,734,574
Royal Caribbean Cruises Ltd. 6% 8/15/25 (b)	2,910,000	4,137,970
Shake Shack, Inc. 0% 3/1/28	97,000	66,384
The Cheesecake Factory, Inc. 0.375% 6/15/26	79,000	65,619
Vail Resorts, Inc. 0% 1/1/26	100,000	93,375
		27,334,887
Internet & Direct Marketing Retail - 0.2%
Etsy, Inc.:
0.125% 10/1/26	2,915,000	4,834,528
0.125% 9/1/27	1,931,000	1,953,395
0.25% 6/15/28	90,000	78,480
Lyft, Inc. 1.5% 5/15/25	74,000	64,121
The RealReal, Inc. 1% 3/1/28	853,000	311,345
Uber Technologies, Inc. 0% 12/15/25	74,000	62,749
Wayfair LLC:
0.625% 10/1/25	2,798,000	1,783,725
1.125% 11/1/24	329,000	280,061
Xometry, Inc. 1% 2/1/27 (b)	590,000	576,725
		9,945,129
Leisure Products - 0.1%
Peloton Interactive, Inc. 0% 2/15/26	4,511,000	3,189,374
Topgolf Callaway Brands Corp. 2.75% 5/1/26	1,522,000	2,068,969
		5,258,343
Specialty Retail - 0.0%
Burlington Stores, Inc. 2.25% 4/15/25	75,000	85,219
National Vision Holdings, Inc. 2.5% 5/15/25	1,398,000	1,992,989
		2,078,208
TOTAL CONSUMER DISCRETIONARY		59,117,387

CONSUMER STAPLES - 0.1%
Food Products - 0.0%
Post Holdings, Inc. 2.5% 8/15/27 (b)	1,250,000	1,332,500

Tobacco - 0.1%
Turning Point Brands, Inc. 2.5% 7/15/24	6,672,000	5,902,962

TOTAL CONSUMER STAPLES		7,235,462

ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
Antero Resources Corp. 4.25% 9/1/26	211,000	1,774,278
Arch Resources, Inc. 5.25% 11/15/25	249,000	1,065,347
CNX Resources Corp. 2.25% 5/1/26	1,322,000	1,989,610
EQT Corp. 1.75% 5/1/26	1,107,000	3,207,533
Northern Oil & Gas, Inc. 3.625% 4/15/29 (b)	4,718,000	5,571,958
Peabody Energy Corp. 3.25% 3/1/28 (b)	1,514,000	2,742,611
Pioneer Natural Resources Co. 0.25% 5/15/25	3,497,000	8,424,273
		24,775,610
FINANCIALS - 0.1%
Capital Markets - 0.0%
Coinbase Global, Inc. 0.5% 6/1/26	3,308,000	1,738,346

Consumer Finance - 0.1%
LendingTree, Inc. 0.5% 7/15/25	3,597,000	2,561,783
SoFi Technologies, Inc. 0% 10/15/26 (b)	80,000	55,000
		2,616,783
TOTAL FINANCIALS		4,355,129

HEALTH CARE - 1.2%
Biotechnology - 0.4%
Alnylam Pharmaceuticals, Inc. 1% 9/15/27 (b)	1,720,000	1,779,340
Cerevel Therapeutics Holdings 2.5% 8/15/27 (b)	650,000	605,150
Coherus BioSciences, Inc. 1.5% 4/15/26	80,000	54,408
Cytokinetics, Inc. 4% 11/15/26	100,000	416,500
Dynavax Technologies Corp. 2.5% 5/15/26	100,000	140,700
Exact Sciences Corp.:
0.375% 3/15/27	101,000	77,391
0.375% 3/1/28	102,000	73,497
1% 1/15/25	68,000	67,619
Global Blood Therapeutics, Inc. 1.875% 12/15/28 (b)	1,750,000	3,917,375
Halozyme Therapeutics, Inc. 1% 8/15/28 (b)	1,220,000	1,433,500
Insmed, Inc.:
0.75% 6/1/28	1,200,000	941,774
1.75% 1/15/25	750,000	689,250
Natera, Inc. 2.25% 5/1/27	578,000	740,924
Neurocrine Biosciences, Inc. 2.25% 5/15/24	975,000	1,634,588
Sarepta Therapeutics, Inc.:
1.25% 9/15/27(b)	4,705,000	5,236,665
1.5% 11/15/24	1,120,000	2,012,640
		19,821,321
Health Care Equipment & Supplies - 0.4%
CONMED Corp. 2.25% 6/15/27 (b)	1,080,000	957,420
DexCom, Inc.:
0.25% 11/15/25	2,878,000	3,118,313
0.75% 12/1/23	1,655,000	4,681,168
Envista Holdings Corp. 2.375% 6/1/25	1,879,000	3,200,877
Glaukos Corp. 2.75% 6/15/27	830,000	992,369
Haemonetics Corp. 0% 3/1/26	100,000	83,581
Insulet Corp. 0.375% 9/1/26	2,302,000	3,281,501
Integra LifeSciences Holdings Corp. 0.5% 8/15/25	1,458,000	1,404,783
LivaNova U.S.A., Inc. 3% 12/15/25	1,360,000	1,589,160
Mesa Laboratories, Inc. 1.375% 8/15/25	566,000	511,098
Nevro Corp. 2.75% 4/1/25	343,000	320,705
Novocure Ltd. 0% 11/1/25	890,000	790,893
Omnicell, Inc. 0.25% 9/15/25	959,000	838,646
Tandem Diabetes Care, Inc. 1.5% 5/1/25 (b)	70,000	63,581
Varex Imaging Corp. 4% 6/1/25	100,000	120,313
		21,954,408
Health Care Providers & Services - 0.2%
1Life Healthcare, Inc. 3% 6/15/25	2,125,000	2,051,688
Accolade, Inc. 0.5% 4/1/26	4,816,000	3,371,200
Brookdale Senior Living, Inc. 2% 10/15/26	2,132,000	1,589,673
Guardant Health, Inc. 0% 11/15/27	1,804,000	1,303,638
Oak Street Health, Inc. 0% 3/15/26	4,087,000	3,135,759
		11,451,958
Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. 0.875% 1/1/27	1,082,000	1,627,869
Health Catalyst, Inc. 2.5% 4/15/25	724,000	624,450
Nextgen Healthcare, Inc. 3.75% 11/15/27 (b)	1,990,000	2,153,692
Teladoc Health, Inc. 1.25% 6/1/27	1,504,000	1,140,182
		5,546,193
Life Sciences Tools & Services - 0.1%
Illumina, Inc. 0% 8/15/23	858,000	829,683
Inotiv, Inc. 3.25% 10/15/27	80,000	45,608
Nanostring Technologies, Inc. 2.625% 3/1/25	894,000	712,589
NeoGenomics, Inc. 1.25% 5/1/25	420,000	359,363
Repligen Corp. 0.375% 7/15/24	960,000	1,604,973
		3,552,216
Pharmaceuticals - 0.0%
Innoviva, Inc. 2.125% 3/15/28 (b)	80,000	64,200
Jazz Investments I Ltd. 2% 6/15/26	1,446,000	1,710,799
		1,774,999
TOTAL HEALTH CARE		64,101,095

INDUSTRIALS - 0.7%
Aerospace & Defense - 0.1%
Parsons Corp. 0.25% 8/15/25	2,343,000	2,788,170

Air Freight & Logistics - 0.0%
Air Transport Services Group, Inc. 1.125% 10/15/24	776,500	816,125
Atlas Air Worldwide Holdings, Inc. 1.875% 6/1/24	1,025,000	1,710,725
		2,526,850
Airlines - 0.3%
American Airlines Group, Inc. 6.5% 7/1/25	3,000,000	3,391,500
JetBlue Airways Corp. 0.5% 4/1/26	7,004,000	5,249,498
Southwest Airlines Co. 1.25% 5/1/25	5,076,000	6,588,648
		15,229,646
Construction & Engineering - 0.0%
Granite Construction, Inc. 2.75% 11/1/24	2,166,000	2,665,263

Electrical Equipment - 0.1%
Array Technologies, Inc. 1% 12/1/28 (b)	1,692,000	1,784,227
Bloom Energy Corp. 2.5% 8/15/25	51,000	74,039
Plug Power, Inc. 3.75% 6/1/25	17,000	54,324
Stem, Inc. 0.5% 12/1/28 (b)	2,201,000	1,599,541
Sunrun, Inc. 0% 2/1/26	995,000	722,370
		4,234,501
Machinery - 0.1%
Chart Industries, Inc. 1% 11/15/24 (b)	16,000	39,256
Desktop Metal, Inc. 6% 5/15/27 (b)	550,000	732,600
John Bean Technologies Corp. 0.25% 5/15/26	1,444,000	1,235,342
Middleby Corp. 1% 9/1/25	1,940,000	2,400,750
The Greenbrier Companies, Inc. 2.875% 4/15/28	66,000	61,677
		4,469,625
Professional Services - 0.1%
FTI Consulting, Inc. 2% 8/15/23	1,095,000	1,871,903
KBR, Inc. 2.5% 11/1/23	1,160,000	2,395,980
		4,267,883
Transportation Infrastructure - 0.0%
Seaspan Corp. 3.75% 12/15/25 (b)	1,270,000	1,556,385

TOTAL INDUSTRIALS		37,738,323

INFORMATION TECHNOLOGY - 3.7%
Communications Equipment - 0.1%
Lumentum Holdings, Inc.:
0.25% 3/15/24	1,309,000	1,409,793
0.5% 12/15/26	1,359,000	1,178,933
0.5% 6/15/28(b)	90,000	68,644
		2,657,370
Electronic Equipment & Components - 0.1%
Insight Enterprises, Inc. 0.75% 2/15/25	1,766,000	2,737,300
Par Technology Corp. 1.5% 10/15/27	98,000	68,943
		2,806,243
IT Services - 0.8%
Affirm Holdings, Inc. 0% 11/15/26	2,090,000	1,219,515
Akamai Technologies, Inc.:
0.125% 5/1/25	9,097,000	10,202,286
0.375% 9/1/27	3,942,000	4,020,840
BigCommerce Holdings, Inc. 0.25% 10/1/26	6,094,000	4,301,808
Block, Inc.:
0% 5/1/26	86,000	69,015
0.125% 3/1/25	69,000	67,361
0.25% 11/1/27	1,032,000	779,160
0.5% 5/15/23	88,000	94,864
Cloudflare, Inc.:
0% 8/15/26	64,000	51,424
0.75% 5/15/25	1,193,000	1,744,246
Digitalocean Holdings, Inc. 0% 12/1/26	3,717,000	2,657,655
Fastly, Inc. 0% 3/15/26	4,682,000	3,324,220
MongoDB, Inc. 0.25% 1/15/26	2,419,000	2,500,037
Okta, Inc.:
0.125% 9/1/25	3,884,000	3,314,994
0.375% 6/15/26	4,221,000	3,427,452
Perficient, Inc. 0.125% 11/15/26	1,910,000	1,463,060
Repay Holdings Corp. 0% 2/1/26 (b)	977,000	723,566
Shopify, Inc. 0.125% 11/1/25	3,100,000	2,651,185
Wix.com Ltd. 0% 8/15/25	2,557,000	2,147,880
		44,760,568
Semiconductors & Semiconductor Equipment - 0.4%
Camtek Ltd. 0% 12/1/26 (b)	100,000	76,850
Enphase Energy, Inc.:
0% 3/1/26	100,000	125,700
0% 3/1/28	100,000	131,482
0.25% 3/1/25	191,000	753,782
onsemi:
0% 5/1/27	3,073,000	4,704,763
1.625% 10/15/23	1,169,000	4,232,365
Semtech Corp. 1.625% 11/1/27 (b)	1,000,000	1,044,000
SMART Global Holdings, Inc. 2.25% 2/15/26	100,000	104,950
SolarEdge Technologies, Inc. 0% 9/15/25	2,415,000	3,106,898
Wolfspeed, Inc.:
0.25% 2/15/28(b)	810,000	781,650
1.75% 5/1/26	1,205,000	2,426,870
1.875% 12/1/29(b)	4,020,000	4,168,740
		21,658,050
Software - 2.3%
8x8, Inc. 0.5% 2/1/24	1,973,000	1,739,144
Altair Engineering, Inc. 0.25% 6/1/24	1,265,000	1,468,665
Avalara, Inc. 0.25% 8/1/26	1,550,000	1,546,125
Bill.Com Holdings, Inc.:
0% 12/1/25	120,000	127,500
0% 4/1/27	81,000	64,436
BlackLine, Inc.:
0% 3/15/26	6,050,000	5,131,156
0.125% 8/1/24	2,800,000	3,129,000
Box, Inc. 0% 1/15/26	1,657,000	1,977,630
Cerence, Inc. 3% 6/1/25	559,000	513,489
Ceridian HCM Holding, Inc. 0.25% 3/15/26	1,601,000	1,404,878
Confluent, Inc. 0% 1/15/27 (b)	2,372,000	1,784,930
Coupa Software, Inc.:
0.125% 6/15/25	4,693,000	4,293,187
0.375% 6/15/26	19,581,000	17,172,537
CyberArk Software Ltd. 0% 11/15/24	1,858,000	2,113,475
Datadog, Inc. 0.125% 6/15/25	1,316,000	1,444,968
DocuSign, Inc. 0% 1/15/24	2,328,000	2,177,844
Dropbox, Inc.:
0% 3/1/26	797,000	726,466
0% 3/1/28	811,000	731,522
Everbridge, Inc.:
0% 3/15/26	2,317,000	1,978,808
0.125% 12/15/24	1,856,000	1,649,241
Five9, Inc. 0.5% 6/1/25	2,460,000	2,236,140
Guidewire Software, Inc. 1.25% 3/15/25	1,087,000	993,518
HubSpot, Inc. 0.375% 6/1/25	2,190,000	2,776,920
InterDigital, Inc. 3.5% 6/1/27 (b)	100,000	94,200
LivePerson, Inc.:
0% 12/15/26	11,510,000	8,182,186
0.75% 3/1/24	1,765,000	1,646,966
New Relic, Inc. 0.5% 5/1/23	1,791,000	1,748,912
Pagerduty, Inc. 1.25% 7/1/25	645,000	611,138
Palo Alto Networks, Inc.:
0.375% 6/1/25	6,359,000	11,137,789
0.75% 7/1/23	4,918,000	9,445,019
Pegasystems, Inc. 0.75% 3/1/25	653,000	551,785
Progress Software Corp. 1% 4/15/26	2,055,000	2,165,970
Q2 Holdings, Inc. 0.75% 6/1/26	1,720,000	1,379,136
Rapid7, Inc.:
0.25% 3/15/27	3,775,000	2,758,109
2.25% 5/1/25	1,439,000	1,328,917
RingCentral, Inc.:
0% 3/1/25	2,529,000	2,162,295
0% 3/15/26	4,757,000	3,679,540
Splunk, Inc.:
0.5% 9/15/23	1,102,000	1,057,920
1.125% 9/15/25	2,760,000	2,547,480
1.125% 6/15/27	1,202,000	991,049
Tyler Technologies, Inc. 0.25% 3/15/26	1,365,000	1,300,845
Unity Software, Inc. 0% 11/15/26	10,136,000	7,470,232
Varonis Systems, Inc. 1.25% 8/15/25	69,000	68,517
Verint Systems, Inc. 0.25% 4/15/26	743,000	659,041
Veritone, Inc. 1.75% 11/15/26	139,000	88,682
Workiva, Inc. 1.125% 8/15/26	2,545,000	3,043,820
Zscaler, Inc. 0.125% 7/1/25	3,124,000	3,561,360
		124,862,487
TOTAL INFORMATION TECHNOLOGY		196,744,718

MATERIALS - 0.1%
Chemicals - 0.0%
Livent Corp. 4.125% 7/15/25	522,000	1,724,949

Metals & Mining - 0.1%
ATI, Inc. 3.5% 6/15/25	60,000	122,910
MP Materials Corp. 0.25% 4/1/26 (b)	1,559,000	1,578,488
SSR Mining, Inc. 2.5% 4/1/39	2,061,000	2,260,917
United States Steel Corp. 5% 11/1/26	728,000	1,505,140
		5,467,455
TOTAL MATERIALS		7,192,404

REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Pebblebrook Hotel Trust 1.75% 12/15/26	2,420,000	2,178,000
Porch Group, Inc. 0.75% 9/15/26 (b)	2,874,000	1,516,035
Summit Hotel Properties, Inc. 1.5% 2/15/26	77,000	70,340
Uniti Fiber Holdings, Inc. 4% 6/15/24 (b)	1,159,000	1,083,665
		4,848,040
Real Estate Management & Development - 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26	84,000	58,884
Redfin Corp.:
0% 10/15/25	192,000	114,240
0.5% 4/1/27	155,000	63,550
Zillow Group, Inc. 2.75% 5/15/25	67,000	66,263
		302,937
TOTAL REAL ESTATE		5,150,977

UTILITIES - 0.1%
Electric Utilities - 0.0%
NRG Energy, Inc. 2.75% 6/1/48	1,399,000	1,590,663

Independent Power and Renewable Electricity Producers - 0.1%
NextEra Energy Partners LP 0% 6/15/24 (b)	80,000	79,520
Ormat Technologies, Inc. 2.5% 7/15/27 (b)	690,000	818,340
Sunnova Energy International, Inc.:
0.25% 12/1/26	80,000	69,640
2.625% 2/15/28(b)	1,380,000	1,260,630
		2,228,130
TOTAL UTILITIES		3,818,793

TOTAL CONVERTIBLE BONDS		458,051,888
Nonconvertible Bonds - 0.7%
COMMUNICATION SERVICES - 0.0%
Media - 0.0%
Gannett Holdings LLC 6% 11/1/26 (b)	4,965,000	3,947,218

CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 10.1636% 10/15/26 (b)(c)(d)	45,000	43,425

CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.0%
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:
3.5% 3/15/29(b)	300,000	249,907
4.875% 2/15/30(b)	1,080,000	963,619
		1,213,526
Tobacco - 0.1%
Turning Point Brands, Inc. 5.625% 2/15/26 (b)	3,415,000	2,973,007

TOTAL CONSUMER STAPLES		4,186,533

ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11% 4/15/25 (b)	3,510,000	3,711,825
DCP Midstream Operating LP 5.85% 5/21/43 (b)(c)	1,000,000	978,302
SFL Corp. Ltd. 7.25% 5/12/26 (b)	1,300,000	1,231,750
		5,921,877
FINANCIALS - 0.4%
Banks - 0.0%
JPMorgan Chase & Co. 3 month U.S. LIBOR + 1.000% 5.6061% 5/15/77 (c)(d)	4,500,000	3,432,063

Diversified Financial Services - 0.2%
ILFC E-Capital Trust I 3 month U.S. LIBOR + 1.550% 5.1153% 12/21/65 (b)(c)(d)	14,050,000	9,123,227

Insurance - 0.2%
MetLife, Inc. 6.4% 12/15/66 (c)	5,000,000	4,709,124
Prudential Financial, Inc.:
3.7% 10/1/50(c)	2,350,000	1,891,750
5.125% 3/1/52(c)	2,350,000	2,009,028
6% 9/1/52(c)	1,000,000	922,041
		9,531,943
TOTAL FINANCIALS		22,087,233

UTILITIES - 0.1%
Electric Utilities - 0.0%
Southern Co. 4% 1/15/51 (c)	1,800,000	1,586,857

Multi-Utilities - 0.1%
CMS Energy Corp. 4.75% 6/1/50 (c)	2,000,000	1,664,058
Sempra Energy 4.125% 4/1/52 (c)	1,250,000	971,996
		2,636,054
TOTAL UTILITIES		4,222,911

TOTAL NONCONVERTIBLE BONDS		40,409,197
TOTAL CORPORATE BONDS (Cost $497,484,859)		498,461,085

Common Stocks - 53.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 1.4%
AT&T, Inc.	1,449,700	27,950,216
Cellnex Telecom SA (b)	24,833	853,971
Helios Towers PLC (e)	69,039	95,871
Verizon Communications, Inc.	1,162,019	45,295,501
		74,195,559
Entertainment - 0.1%
Activision Blizzard, Inc.	36,800	2,721,360
Media - 1.5%
Charter Communications, Inc. Class A (e)	619	242,209
Comcast Corp. Class A	1,632,012	59,796,920
Gannett Co., Inc. (e)	1,196,208	2,990,520
Interpublic Group of Companies, Inc.	272,500	9,363,100
Shaw Communications, Inc. Class B	295,926	8,076,009
		80,468,758
Wireless Telecommunication Services - 0.5%
T-Mobile U.S., Inc. (e)	187,754	28,437,221
TOTAL COMMUNICATION SERVICES		185,822,898
CONSUMER DISCRETIONARY - 2.6%
Diversified Consumer Services - 0.2%
H&R Block, Inc.	172,100	7,522,491
Hotels, Restaurants & Leisure - 1.4%
McDonald's Corp.	265,778	72,501,581
Super Group SGHC Ltd. (e)	1,254,495	4,001,839
		76,503,420
Multiline Retail - 0.5%
Dollar Tree, Inc. (e)	37,600	5,650,904
Target Corp.	126,500	21,134,355
		26,785,259
Specialty Retail - 0.4%
Best Buy Co., Inc.	89,100	7,600,230
Burlington Stores, Inc. (e)	15,000	2,935,200
TJX Companies, Inc.	143,000	11,447,150
		21,982,580
Textiles, Apparel & Luxury Goods - 0.1%
Columbia Sportswear Co.	50,300	4,506,377
TOTAL CONSUMER DISCRETIONARY		137,300,127
CONSUMER STAPLES - 9.4%
Beverages - 4.3%
Diageo PLC	292,038	13,486,898
Keurig Dr. Pepper, Inc.	726,152	28,080,298
PepsiCo, Inc.	456,220	84,633,372
The Coca-Cola Co.	1,656,547	105,372,955
		231,573,523
Food & Staples Retailing - 0.8%
Albertsons Companies, Inc.	205,500	4,305,225
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	94,200	4,291,399
BJ's Wholesale Club Holdings, Inc. (e)	71,700	5,394,708
Costco Wholesale Corp.	9,700	5,230,725
Walmart, Inc.	162,400	24,753,008
		43,975,065
Food Products - 1.0%
Bunge Ltd.	50,200	5,262,968
Mondelez International, Inc.	567,014	38,335,817
Nestle SA (Reg. S)	75,054	8,933,198
		52,531,983
Household Products - 2.3%
Procter & Gamble Co.	816,260	121,753,316
Personal Products - 0.2%
Unilever PLC	150,900	7,545,173
Tobacco - 0.8%
Philip Morris International, Inc.	442,600	44,113,942
TOTAL CONSUMER STAPLES		501,493,002
ENERGY - 4.5%
Energy Equipment & Services - 0.0%
Tenaris SA sponsored ADR	39,881	1,374,698
Oil, Gas & Consumable Fuels - 4.5%
Antero Resources Corp. (e)	50,549	1,847,566
Canadian Natural Resources Ltd.	13,821	825,390
Canadian Natural Resources Ltd.	121,738	7,268,170
Cenovus Energy, Inc.	124,371	2,473,739
Cheniere Energy, Inc.	29,683	5,205,211
ConocoPhillips Co.	96,988	11,978,988
DCP Midstream Partners LP	157,729	6,205,059
DHT Holdings, Inc.	3,164,055	32,051,877
DT Midstream, Inc.	4,295	259,117
Energy Transfer LP	800,496	10,038,220
EnLink Midstream LLC (f)	365,450	4,699,687
Enterprise Products Partners LP	5,261	130,525
Equitrans Midstream Corp.	46,399	389,288
Euronav NV	990,900	19,322,550
Exxon Mobil Corp.	297,306	33,102,050
Genesis Energy LP	407,930	4,311,820
Golar LNG Ltd. (e)	10,914	273,614
Hess Corp.	18,000	2,590,380
Imperial Oil Ltd.	357,831	20,358,180
MEG Energy Corp. (e)	133,264	1,897,190
MPLX LP	61,776	2,099,766
Occidental Petroleum Corp.	20,737	1,441,014
ONEOK, Inc.	5,543	370,938
Ovintiv, Inc.	61,230	3,414,185
Phillips 66 Co.	104,324	11,312,895
Plains All American Pipeline LP	488,568	6,068,015
Scorpio Tankers, Inc.	153,600	7,836,672
Suncor Energy, Inc. (f)	419,534	13,794,736
Targa Resources Corp.	98,879	7,355,609
The Williams Companies, Inc.	27,120	941,064
Valero Energy Corp.	87,038	11,630,018
Western Midstream Partners LP	308,389	8,628,724
		240,122,257
TOTAL ENERGY		241,496,955
FINANCIALS - 6.0%
Banks - 2.5%
Bank of America Corp.	783,145	29,642,038
Huntington Bancshares, Inc.	853,352	13,209,889
JPMorgan Chase & Co.	133,800	18,488,484
M&T Bank Corp.	115,057	19,561,991
PNC Financial Services Group, Inc.	194,302	32,693,255
Wells Fargo & Co.	416,812	19,986,135
		133,581,792
Capital Markets - 1.0%
BlackRock, Inc. Class A	70,911	50,772,276
Consumer Finance - 0.3%
Capital One Financial Corp.	155,290	16,032,140
Insurance - 2.2%
American Financial Group, Inc.	75,900	10,794,498
Chubb Ltd.	183,336	40,258,752
Hartford Financial Services Group, Inc.	221,136	16,888,156
Marsh & McLennan Companies, Inc.	33,200	5,749,576
The Travelers Companies, Inc.	235,492	44,698,737
		118,389,719
TOTAL FINANCIALS		318,775,927
HEALTH CARE - 11.9%
Biotechnology - 3.5%
AbbVie, Inc.	634,837	102,323,028
Amgen, Inc.	295,700	84,688,480
		187,011,508
Health Care Providers & Services - 0.6%
UnitedHealth Group, Inc.	63,104	34,565,847
Life Sciences Tools & Services - 0.6%
Danaher Corp.	122,870	33,593,887
Pharmaceuticals - 7.2%
AstraZeneca PLC sponsored ADR	444,124	30,187,108
Bristol-Myers Squibb Co.	1,142,871	91,749,684
Eli Lilly & Co.	118,833	44,096,550
Johnson & Johnson	372,620	66,326,360
Merck & Co., Inc.	835,681	92,025,192
Roche Holding AG (participation certificate)	76,033	24,834,194
Royalty Pharma PLC	185,400	8,152,038
Sanofi SA sponsored ADR	530,300	24,049,105
		381,420,231
TOTAL HEALTH CARE		636,591,473
INDUSTRIALS - 5.6%
Aerospace & Defense - 1.8%
Huntington Ingalls Industries, Inc.	57,194	13,266,720
Lockheed Martin Corp.	85,000	41,241,150
Northrop Grumman Corp.	54,102	28,852,056
The Boeing Co. (e)	56,999	10,195,981
		93,555,907
Air Freight & Logistics - 1.0%
United Parcel Service, Inc. Class B	291,329	55,273,851
Building Products - 0.4%
Johnson Controls International PLC	285,090	18,941,380
Commercial Services & Supplies - 0.2%
GFL Environmental, Inc. (f)	13,954	404,247
Republic Services, Inc.	5,631	784,342
Waste Connections, Inc. (United States)	7,751	1,120,020
Waste Management, Inc.	49,220	8,255,178
		10,563,787
Construction & Engineering - 0.0%
Ferrovial SA	20,439	549,652
VINCI SA	3,371	340,356
		890,008
Electrical Equipment - 1.2%
AMETEK, Inc.	41,600	5,924,672
Babcock & Wilcox Enterprises, Inc. (e)	1,595,880	7,277,213
Eaton Corp. PLC	300,503	49,117,215
		62,319,100
Industrial Conglomerates - 0.4%
General Electric Co.	121,675	10,460,400
Hitachi Ltd.	119,800	6,406,840
Siemens AG	43,300	6,005,054
		22,872,294
Machinery - 0.1%
ITT, Inc.	86,400	7,302,528
Professional Services - 0.1%
KBR, Inc.	83,000	4,288,610
Road & Rail - 0.0%
Canadian Pacific Railway Ltd.	708	57,992
CSX Corp.	3,547	115,951
Union Pacific Corp.	1,323	287,660
		461,603
Trading Companies & Distributors - 0.1%
Watsco, Inc. (f)	19,356	5,206,377
Transportation Infrastructure - 0.3%
Aena SME SA (b)(e)	90,836	11,720,888
Aeroports de Paris SA (e)	3,194	492,315
Flughafen Zuerich AG (e)	897	149,148
Getlink SE	48,900	808,092
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR	4,602	748,055
Grupo Aeroportuario Norte S.A.B. de CV ADR (f)	12,860	894,027
Transurban Group unit	125,267	1,224,692
		16,037,217
TOTAL INDUSTRIALS		297,712,662
INFORMATION TECHNOLOGY - 4.8%
Communications Equipment - 1.6%
Cisco Systems, Inc.	1,669,780	83,021,462
IT Services - 0.7%
Accenture PLC Class A	31,002	9,329,432
Amdocs Ltd.	149,939	13,323,580
Capgemini SA	35,000	6,327,912
Paychex, Inc.	42,000	5,209,260
Visa, Inc. Class A	27,300	5,924,100
		40,114,284
Semiconductors & Semiconductor Equipment - 0.8%
NXP Semiconductors NV	111,700	19,641,328
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	280,907	23,309,663
		42,950,991
Software - 1.0%
Microsoft Corp.	125,967	32,139,220
NortonLifeLock, Inc.	298,700	6,858,152
Open Text Corp.	320,826	9,420,977
Roper Technologies, Inc.	12,200	5,354,458
		53,772,807
Technology Hardware, Storage & Peripherals - 0.7%
Apple, Inc.	41,941	6,208,526
FUJIFILM Holdings Corp.	60,100	3,232,910
Samsung Electronics Co. Ltd.	497,213	24,156,517
Seagate Technology Holdings PLC	116,800	6,186,896
		39,784,849
TOTAL INFORMATION TECHNOLOGY		259,644,393
MATERIALS - 1.5%
Chemicals - 0.7%
Linde PLC	90,818	30,558,441
Nutrien Ltd.	71,876	5,776,690
		36,335,131
Containers & Packaging - 0.4%
Ball Corp.	96,600	5,417,328
Crown Holdings, Inc.	204,032	16,773,471
		22,190,799
Metals & Mining - 0.4%
Agnico Eagle Mines Ltd. (United States) (f)	68,500	3,450,345
Barrick Gold Corp.	100,700	1,643,424
Freeport-McMoRan, Inc.	326,200	12,982,760
Newmont Corp.	35,700	1,694,679
Wheaton Precious Metals Corp.	90,500	3,532,134
		23,303,342
TOTAL MATERIALS		81,829,272
REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.	47,008	10,400,520
Crown Castle International Corp.	2,821	398,974
Digital Realty Trust, Inc.	2,378	267,430
Equinix, Inc.	731	504,865
Lamar Advertising Co. Class A	125,368	12,554,352
Prologis (REIT), Inc.	1,561	183,870
SBA Communications Corp. Class A	1,313	392,981
Segro PLC	13,595	131,563
Warehouses de Pauw	3,376	90,207
		24,924,762
UTILITIES - 3.5%
Electric Utilities - 2.2%
Constellation Energy Corp.	52,989	5,093,303
Enel SpA	100,414	541,712
Exelon Corp.	271,162	11,217,972
Iberdrola SA	85,798	969,296
NextEra Energy, Inc.	889,358	75,328,623
ORSTED A/S (b)	4,357	381,501
PG&E Corp. (e)	221,000	3,469,700
Xcel Energy, Inc.	294,126	20,653,528
		117,655,635
Independent Power and Renewable Electricity Producers - 0.2%
Brookfield Renewable Partners LP	11,630	329,013
EDP Renovaveis SA	13,877	322,809
NextEra Energy Partners LP	6,489	522,300
RWE AG	18,171	799,905
The AES Corp.	14,610	422,521
Vistra Corp.	371,800	9,045,894
		11,442,442
Multi-Utilities - 1.1%
Ameren Corp.	206,605	18,453,959
Dominion Energy, Inc.	375,853	22,968,377
Engie SA	32,252	490,288
Veolia Environnement SA	6,282	162,590
WEC Energy Group, Inc.	152,531	15,121,923
		57,197,137
TOTAL UTILITIES		186,295,214
TOTAL COMMON STOCKS (Cost $2,028,054,915)		2,871,886,685

Preferred Stocks - 10.6%
	Shares	Value ($)
Convertible Preferred Stocks - 2.1%
COMMUNICATION SERVICES - 0.2%
Media - 0.0%
Paramount Global Series A 5.75%	2,270	70,958

Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc. 5.25% (b)(e)	8,050	9,888,781

TOTAL COMMUNICATION SERVICES		9,959,739

CONSUMER DISCRETIONARY - 0.1%
Auto Components - 0.1%
Aptiv PLC Series A, 5.50%	33,000	3,977,160

Internet & Direct Marketing Retail - 0.0%
Chewy, Inc. 6.50% (b)	50	50,775

TOTAL CONSUMER DISCRETIONARY		4,027,935

FINANCIALS - 0.7%
Banks - 0.7%
Bank of America Corp. 7.25%	15,365	18,714,570
Wells Fargo & Co. 7.50%	15,345	18,183,825
		36,898,395
Capital Markets - 0.0%
KKR & Co. LP Series C, 6.00%	29,300	1,848,830

TOTAL FINANCIALS		38,747,225

HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.1%
Becton, Dickinson & Co. 6.50%	38,500	1,912,295
Boston Scientific Corp. Series A, 5.50%	46,800	5,285,592
		7,197,887
Life Sciences Tools & Services - 0.2%
Danaher Corp. Series B, 5.00%	5,860	8,231,745

TOTAL HEALTH CARE		15,429,632

INDUSTRIALS - 0.1%
Construction & Engineering - 0.0%
Fluor Corp. 6.50%	1,700	2,721,513

Machinery - 0.1%
RBC Bearings, Inc.	34,400	3,956,000

TOTAL INDUSTRIALS		6,677,513

MATERIALS - 0.1%
Metals & Mining - 0.1%
ArcelorMittal SA 5.50%	39,200	2,497,824

UTILITIES - 0.6%
Electric Utilities - 0.5%
American Electric Power Co., Inc. 6.125%	36,200	1,902,672
NextEra Energy, Inc.:
5.279%	95,500	4,884,825
6.219%	94,600	4,773,516
6.296%	191,400	9,395,826
PG&E Corp.	44,500	6,197,960
		27,154,799
Gas Utilities - 0.0%
UGI Corp. 7.125%	800	69,912

Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp. 6.875%	45,700	4,683,336

Multi-Utilities - 0.0%
NiSource, Inc. 7.75%	800	86,256

TOTAL UTILITIES		31,994,303

TOTAL CONVERTIBLE PREFERRED STOCKS		109,334,171
Nonconvertible Preferred Stocks - 8.5%
COMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.:
4.75%	260,000	4,773,600
5.125%	85,000	1,677,475
5.35%	250,000	5,735,000
5.625%	25,000	602,250
BCE, Inc.:
2.954%(c)	72,900	764,145
Series AM, Canadian Government Bond 5 Year Note Index + 2.090% 2.939%(c)(d)	69,200	743,367
Series R	67,600	739,245
		15,035,082
CONSUMER DISCRETIONARY - 0.0%
Leisure Products - 0.0%
Brunswick Corp. 6.50%	13,127	324,237

ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Enbridge, Inc. Series L, 5 year U.S. Treasury Index + 3.150% 4.959% (c)(d)	17,800	355,110
Energy Transfer LP Series C, 7.375% (c)	60,000	1,388,400
		1,743,510
FINANCIALS - 6.6%
Banks - 4.4%
Bank of America Corp.:
4.25%	550,000	9,817,500
4.375%	360,200	6,670,904
4.75%	225,000	4,488,750
5.00%	500,000	10,445,000
Series GG, 6.00%	400,000	9,924,000
Series HH, 5.875%	280,744	6,878,228
Series KK, 5.375%	455,400	10,200,960
Series PP, 4.125%	300,000	5,301,000
Bank of Hawaii Corp. Series A, 4.625%	60,000	1,080,300
First Citizens Bancshares, Inc. Series C	103,743	2,129,844
First Republic Bank:
4.125%	175,000	3,048,500
4.50%	245,000	4,557,000
5.125%	53,602	1,152,443
Series J, 4.70%	106,680	2,121,470
Series L, 4.375%	225,000	4,011,750
Series M, 4.00%	300,000	5,076,000
First Tennessee Bank NA 3 month U.S. LIBOR + 0.850% 3.75% (b)(c)(d)	12,500	10,875,000
JPMorgan Chase & Co.:
4.55%	553,400	10,774,698
4.625%	600,000	11,880,000
4.75%	325,000	6,600,750
Series DD, 5.75%	434,100	10,644,132
Series EE, 6.00%	250,000	6,330,000
Series MM, 4.20%	686,400	12,568,053
Truist Financial Corp.:
4.75%	305,000	5,993,250
Series O, 5.25%	164,000	3,621,120
U.S. Bancorp:
4.50%	150,000	3,016,500
Series K, 5.50%	100,000	2,399,000
Series L, 3.75%	50,000	843,500
Series M, 4.00%	250,000	4,475,000
Wells Fargo & Co.:
4.25%	515,000	8,755,000
4.70%	450,000	8,365,500
5.85%(c)	478,751	11,126,173
6.625%(c)	216,976	5,522,039
Series CC, 4.375%	350,000	6,142,500
Series Y, 5.625%	240,000	5,474,400
Series Z, 4.75%	763,900	14,338,403
		236,648,667
Capital Markets - 0.8%
B. Riley Financial, Inc.:
5.00%	80,000	1,720,000
5.25%	57,400	1,172,108
6.375%	53,300	1,273,337
6.50%	15,600	365,040
Charles Schwab Corp.:
4.45%	225,000	4,556,250
5.95%	28,000	701,400
Morgan Stanley:
6.875%(c)	100,000	2,533,000
Series E, 7.125%(c)	25,000	639,750
Series I, 6.375%(c)	30,000	754,200
Series K, 5.85%(c)	330,000	7,817,700
Series L, 4.875%	175,000	3,728,375
Series O, 4.50%	455,000	8,230,950
Northern Trust Corp. Series E, 4.70%	150,000	3,147,000
Oaktree Capital Group LLC:
6.55%	80,300	1,981,403
Series A, 6.625%	55,197	1,356,190
State Street Corp.:
Series D, 5.90%(c)	60,700	1,474,100
Series G, 5.35%(c)	20,000	491,400
Stifel Financial Corp. Series D, 4.50%	50,900	887,696
		42,829,899
Diversified Financial Services - 0.2%
Apollo Global Management LLC:
6.375%	84,971	2,087,737
Series B, 6.375%	60,000	1,495,200
Carlyle Finance LLC 4.625%	145,000	2,446,150
Equitable Holdings, Inc.:
4.30%	50,102	906,345
Series A 5.25%	52,500	1,092,525
		8,027,957
Insurance - 1.2%
Allstate Corp.:
5.10%	375,000	8,137,500
Series G, 5.625%	155,000	3,627,000
Series I, 4.75%	125,000	2,592,500
American Financial Group, Inc. 4.50%	7,214	137,499
Athene Holding Ltd.:
Series A, 6.35%(c)	185,000	4,554,700
Series B, 5.625%	111,000	2,440,912
Series C, 6.375%(c)	199,500	5,001,465
Series D, 4.875%	340,000	6,239,000
Hartford Financial Services Group, Inc. Series G, 6.00%	60,000	1,503,300
MetLife, Inc.:
5.625%	215,000	5,194,400
Series F 4.75%	334,100	6,825,663
Power Financial Corp. BK CDA TREASURY BIL 3 MTH INDX + 1.600% 1.77% (c)(d)	23,400	271,375
Prudential Financial, Inc. 4.125%	150,000	2,924,235
RenaissanceRe Holdings Ltd. Series G, 4.20%	40,000	707,600
W.R. Berkley Corp.:
4.125%	200,000	3,872,000
4.25%	180,000	3,574,800
5.10%	125,000	2,790,000
5.70%	59,071	1,420,067
		61,814,016
Mortgage Real Estate Investment Trusts - 0.0%
TPG RE Finance Trust, Inc. Series C, 6.25%	4,337	71,950

Real Estate Management & Development - 0.0%
Brookfield Properties Corp. Canadian Government Bond 5 Year Note Index + 3.000% 4.161% (c)(d)	33,900	352,823

TOTAL FINANCIALS		349,745,312

INDUSTRIALS - 0.2%
Aerospace & Defense - 0.0%
Bombardier, Inc. Series 3, 3.983%	123,400	2,086,099

Electrical Equipment - 0.2%
Babcock & Wilcox Enterprises, Inc.:
6.50%	100,000	2,102,380
8.125%	303,980	7,268,162
Series A, 7.75%	126,508	1,940,633
		11,311,175
TOTAL INDUSTRIALS		13,397,274

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Pebblebrook Hotel Trust 6.375%	54,000	991,440
Public Storage:
3.875%	100,000	1,689,810
3.95%	65,000	1,113,450
4.00%	194,000	3,367,840
4.00%	140,000	2,450,000
Series F, 5.15%	50,000	1,123,000
Series G, 5.05%	25,000	563,750
Series H, 5.60%	25,000	612,250
Series I, 4.875%	25,000	537,250
Series J, 4.70%	65,000	1,332,500
Series K, 4.75%	50,000	1,037,000
Series L, 4.625%	180,000	3,619,800
Series M, 4.125%	70,000	1,250,200
Series O, 3.90%	75,000	1,272,750
Series S, 4.10%	75,000	1,335,000
Summit Hotel Properties, Inc.:
Series E, 6.25%	21,400	381,348
Series F, 5.875%	69,598	1,202,653
Sunstone Hotel Investors, Inc. Series H, 6.125%	20,000	387,798
		24,267,839
Real Estate Management & Development - 0.0%
Brookfield Property Partners LP 5.75%	60,800	912,608
Digitalbridge Group, Inc. Series I, 7.15%	14,400	271,728
		1,184,336
TOTAL REAL ESTATE		25,452,175

UTILITIES - 0.9%
Electric Utilities - 0.5%
Brookfield Infrastructure Finance ULC 5.00%	40,000	637,172
Duke Energy Corp.:
5.625%	85,000	2,068,900
5.75%	30,800	752,444
Entergy Louisiana LLC 4.875%	20,000	434,000
Entergy New Orleans LLC 5.50%	32,217	726,171
Entergy, Inc.:
4.875%	8,000	169,440
Series A, 5.375%	10,000	235,200
Georgia Power Co. 5.00%	30,000	684,600
NextEra Energy Capital Holdings, Inc. 5.65%	115,000	2,854,300
Southern Co.:
4.20%	259,440	4,861,906
5.25%	186,487	4,278,012
Series A, 4.95%	325,000	6,623,500
		24,325,645
Independent Power and Renewable Electricity Producers - 0.0%
Brookfield Renewable Partners LP 5.25%	125,000	2,241,238

Multi-Utilities - 0.4%
Brookfield Infrastructure Partners LP:
5.125%	53,000	845,880
Class A 5.00%	59,100	901,275
CMS Energy Corp.:
5.625%	108,258	2,486,686
5.875%	103,330	2,416,889
5.875%	197,943	4,561,596
DTE Energy Co.:
4.375%	100,000	1,860,500
4.375%	70,534	1,333,798
Series E, 5.25%	125,000	2,830,000
Sempra Energy 5.75%	245,459	5,731,468
		22,968,092
TOTAL UTILITIES		49,534,975

TOTAL NONCONVERTIBLE PREFERRED STOCKS		455,232,565
TOTAL PREFERRED STOCKS (Cost $624,865,622)		564,566,736

Money Market Funds - 1.5%
	Shares	Value ($)
Fidelity Cash Central Fund 3.86% (i)	55,833,740	55,844,907
Fidelity Securities Lending Cash Central Fund 3.86% (i)(j)	22,363,339	22,365,575
TOTAL MONEY MARKET FUNDS (Cost $78,209,900)		78,210,482

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $4,579,103,439)	5,353,073,078
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(18,359,580)
NET ASSETS - 100.0%	5,334,713,498

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 3.86%	281,528,623	1,541,840,136	1,767,523,851	1,097,045	945	(946)	55,844,907	0.1%
Fidelity Real Estate Equity Central Fund	973,846,445	137,827,021	203,766,949	18,533,182	15,901,543	(163,073,402)	760,734,658	70.1%
Fidelity Securities Lending Cash Central Fund 3.86%	3,246,875	173,660,845	154,542,145	16,228	-	-	22,365,575	0.1%
Total	1,258,621,943	1,853,328,002	2,125,832,945	19,646,455	15,902,488	(163,074,348)	838,945,140

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	210,817,719	199,908,138	10,909,581	-
Consumer Discretionary	141,652,299	137,624,364	4,027,935	-
Consumer Staples	501,493,002	471,527,733	29,965,269	-
Energy	243,240,465	243,240,465	-	-
Financials	707,268,464	659,495,069	47,773,395	-
Health Care	652,021,105	611,757,279	40,263,826	-
Industrials	317,787,449	283,412,899	34,374,550	-
Information Technology	259,644,393	225,927,054	33,717,339	-
Materials	84,327,096	81,829,272	2,497,824	-
Real Estate	50,376,937	50,155,167	221,770	-
Utilities	267,824,492	241,557,914	26,266,578	-

Corporate Bonds	498,461,085	-	498,461,085	-

Equity Funds	760,734,658	760,734,658	-	-

Preferred Securities	579,213,432	-	579,213,432	-

Money Market Funds	78,210,482	78,210,482	-	-
Total Investments in Securities:	5,353,073,078	4,045,380,494	1,307,692,584	-

Statement of Assets and Liabilities
			November 30, 2022

Assets
Investment in securities, at value (including securities loaned of $21,322,651) - See accompanying schedule:
Unaffiliated issuers (cost $3,787,819,402)	$4,514,127,938
Fidelity Central Funds (cost $791,284,037)	838,945,140

Total Investment in Securities (cost $4,579,103,439)		$	5,353,073,078
Cash			396,233
Foreign currency held at value (cost $5,194)			5,235
Receivable for investments sold			3,279,792
Receivable for fund shares sold			2,805,959
Dividends receivable			11,317,664
Interest receivable			1,853,145
Distributions receivable from Fidelity Central Funds			294,928
Prepaid expenses			6,247
Total assets			5,373,032,281
Liabilities
Payable for investments purchased	$9,367,088
Payable for fund shares redeemed	3,074,158
Accrued management fee	2,277,053
Distribution and service plan fees payable	457,308
Other affiliated payables	715,653
Other payables and accrued expenses	61,948
Collateral on securities loaned	22,365,575
Total Liabilities			38,318,783
Net Assets		$	5,334,713,498
Net Assets consist of:
Paid in capital		$	4,472,188,543
Total accumulated earnings (loss)			862,524,955
Net Assets		$	5,334,713,498

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($880,710,582 ÷ 54,633,790 shares) (a)		$	16.12
Maximum offering price per share (100/94.25 of $16.12)		$	17.10
Class M :
Net Asset Value and redemption price per share ($307,028,364 ÷ 19,057,897 shares) (a)		$	16.11
Maximum offering price per share (100/96.50 of $16.11)		$	16.69
Class C :
Net Asset Value and offering price per share ($192,697,822 ÷ 12,003,320 shares) (a)		$	16.05
Strategic Dividend and Income :
Net Asset Value , offering price and redemption price per share ($3,093,655,059 ÷ 190,258,743 shares)		$	16.26
Class I :
Net Asset Value , offering price and redemption price per share ($658,828,175 ÷ 40,660,850 shares)		$	16.20
Class Z :
Net Asset Value , offering price and redemption price per share ($201,793,496 ÷ 12,453,539 shares)		$	16.20
(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, 2022
Investment Income
Dividends			$	135,834,654
Interest				11,241,566
Income from Fidelity Central Funds (including $16,228 from security lending)				19,646,455
Total Income				166,722,675
Expenses
Management fee	$	28,936,329
Transfer agent fees		7,775,658
Distribution and service plan fees		5,736,049
Accounting fees		1,096,578
Custodian fees and expenses		38,534
Independent trustees' fees and expenses		18,578
Registration fees		163,303
Audit		76,804
Legal		8,817
Interest		8,216
Miscellaneous		23,744
Total expenses before reductions		43,882,610
Expense reductions		(181,540)
Total expenses after reductions				43,701,070
Net Investment income (loss)				123,021,605
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		85,423,381
Fidelity Central Funds		15,902,488
Foreign currency transactions		(47,860)
Total net realized gain (loss)				101,278,009
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(181,269,556)
Fidelity Central Funds		(163,074,348)
Assets and liabilities in foreign currencies		(34,985)
Total change in net unrealized appreciation (depreciation)				(344,378,889)
Net gain (loss)				(243,100,880)
Net increase (decrease) in net assets resulting from operations			$	(120,079,275)

Average Annual Total Returns

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	17.88	$	16.11	$	15.77	$	15.18	$	15.92
Income from Investment Operations
Net investment income (loss) A,B		.34		.25		.33		.34		.40
Net realized and unrealized gain (loss)		(.64)		2.39		1.01		1.23		(.02)
Total from investment operations		(.30)		2.64		1.34		1.57		.38
Distributions from net investment income		(.36)		(.38)		(.30)		(.33)		(.38) C
Distributions from net realized gain		(1.10)		(.49)		(.70)		(.65)		(.73) C
Total distributions		(1.46)		(.87)		(1.00)		(.98)		(1.12) D
Net asset value, end of period	$	16.12	$	17.88	$	16.11	$	15.77	$	15.18
Total Return E,F		(2.09)%		16.99%		9.04%		11.44%		2.50%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.97%		.97%		.99%		1.00%		1.00%
Expenses net of fee waivers, if any		.97%		.97%		.99%		1.00%		1.00%
Expenses net of all reductions		.97%		.97%		.99%		1.00%		1.00%
Net investment income (loss)		2.07%		1.45%		2.20%		2.28%		2.62%
Supplemental Data
Net assets, end of period (000 omitted)	$	880,711	$	867,690	$	666,152	$	661,327	$	559,334
Portfolio turnover rate I		29%		37%		55%		58%		49%

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	17.86	$	16.10	$	15.76	$	15.17	$	15.90
Income from Investment Operations
Net investment income (loss) A,B		.30		.21		.29		.30		.36
Net realized and unrealized gain (loss)		(.63)		2.38		1.01		1.23		(.01)
Total from investment operations		(.33)		2.59		1.30		1.53		.35
Distributions from net investment income		(.32)		(.34)		(.26)		(.29)		(.35) C
Distributions from net realized gain		(1.10)		(.49)		(.70)		(.65)		(.73) C
Total distributions		(1.42)		(.83)		(.96)		(.94)		(1.08)
Net asset value, end of period	$	16.11	$	17.86	$	16.10	$	15.76	$	15.17
Total Return D,E		(2.29)%		16.65%		8.77%		11.16%		2.31%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.22%		1.22%		1.24%		1.25%		1.25%
Expenses net of fee waivers, if any		1.21%		1.22%		1.24%		1.25%		1.25%
Expenses net of all reductions		1.21%		1.22%		1.23%		1.25%		1.25%
Net investment income (loss)		1.82%		1.21%		1.96%		2.04%		2.37%
Supplemental Data
Net assets, end of period (000 omitted)	$	307,028	$	316,442	$	275,209	$	275,564	$	247,182
Portfolio turnover rate H		29%		37%		55%		58%		49%

Years ended November 30,		2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	17.80	$	16.03	$	15.69	$	15.10	$	15.83
Income from Investment Operations
Net investment income (loss) A,B		.21		.12		.21		.23		.28
Net realized and unrealized gain (loss)		(.63)		2.38		1.01		1.22		(.01)
Total from investment operations		(.42)		2.50		1.22		1.45		.27
Distributions from net investment income		(.23)		(.24)		(.19)		(.21)		(.26) C
Distributions from net realized gain		(1.10)		(.49)		(.70)		(.65)		(.73) C
Total distributions		(1.33)		(.73)		(.88) D		(.86)		(1.00) D
Net asset value, end of period	$	16.05	$	17.80	$	16.03	$	15.69	$	15.10
Total Return E,F		(2.85)%		16.12%		8.22%		10.61%		1.76%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.73%		1.73%		1.75%		1.75%		1.76%
Expenses net of fee waivers, if any		1.72%		1.73%		1.74%		1.75%		1.76%
Expenses net of all reductions		1.72%		1.73%		1.74%		1.75%		1.75%
Net investment income (loss)		1.31%		.70%		1.45%		1.53%		1.86%
Supplemental Data
Net assets, end of period (000 omitted)	$	192,698	$	233,431	$	278,672	$	316,896	$	349,003
Portfolio turnover rate I		29%		37%		55%		58%		49%

Statement of Changes in Net Assets

		Year ended November 30, 2022		Year ended November 30, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	123,021,605	$	88,360,912
Net realized gain (loss)		101,278,009		387,293,053
Change in net unrealized appreciation (depreciation)		(344,378,889)		334,852,369
Net increase (decrease) in net assets resulting from operations		(120,079,275)		810,506,334
Distributions to shareholders		(480,453,095)		(263,479,517)
Share transactions - net increase (decrease)		175,514,024		564,028,562
Total increase (decrease) in net assets		(425,018,346)		1,111,055,379

Net Assets
Beginning of period		5,759,731,844		4,648,676,465
End of period	$	5,334,713,498	$	5,759,731,844

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Real Estate Equity Central Fund	Fidelity Management & Research Company LLC (FMR)	Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry.		Less than .005%
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

Gross unrealized appreciation	$1,075,678,619
Gross unrealized depreciation	(296,554,019)
Net unrealized appreciation (depreciation)	$779,124,600
Tax Cost	$4,573,948,478

Undistributed ordinary income	$32,008,747
Undistributed long-term capital gain	$79,323,269
Net unrealized appreciation (depreciation) on securities and other investments	$751,769,183

	November 30, 2022	November 30, 2021
Ordinary Income	$199,071,661	$123,172,867
Long-term Capital Gains	281,381,434	140,306,650
Total	$480,453,095	$263,479,517

	Purchases ($)	Sales ($)
Fidelity Strategic Dividend & Income Fund	1,588,485,982	1,529,888,558

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$2,151,429	$73,846
Class M	.25%	.25%	1,537,552	-
Class C	.75%	.25%	2,047,068	197,062
			$5,736,049	$270,908

	Retained by FDC
Class A	$268,754
Class M	22,348
Class C A	3,427
	$294,529

	Amount	% of Class-Level Average Net Assets
Class A	$1,441,529	.17
Class M	501,259	.16
Class C	355,043	.17
Strategic Dividend and Income	4,346,858	.13
Class I	1,054,945	.16
Class Z	76,024	.04
	$7,775,658

	% of Average Net Assets
Fidelity Strategic Dividend & Income Fund	.02

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Strategic Dividend & Income Fund	Borrower	$14,413,750	2.56%	$8,216

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Strategic Dividend & Income Fund	42,596,901	45,582,072	6,365,511

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Strategic Dividend & Income Fund	$1,692	$-	$-

	Shares	Shares	Dollars	Dollars
	Year ended November 30, 2022	Year ended November 30, 2021	Year ended November 30, 2022	Year ended November 30, 2021
Fidelity Strategic Dividend & Income Fund
Class A
Shares sold	10,081,326	12,094,516	$164,058,637	$211,168,381
Reinvestment of distributions	4,058,438	2,175,763	69,727,289	35,493,239
Shares redeemed	(8,044,178)	(7,077,296)	(130,331,995)	(122,413,647)
Net increase (decrease)	6,095,586	7,192,983	$103,453,931	$124,247,973
Class M
Shares sold	3,113,421	2,907,559	$50,838,746	$50,354,886
Reinvestment of distributions	1,464,957	869,852	25,222,648	14,122,294
Shares redeemed	(3,235,260)	(3,156,422)	(52,624,168)	(54,446,328)
Net increase (decrease)	1,343,118	620,989	$23,437,226	$10,030,852
Class C
Shares sold	2,261,446	1,911,204	$35,899,272	$33,138,920
Reinvestment of distributions	973,185	761,629	16,810,796	12,208,454
Shares redeemed	(4,347,545)	(6,938,071)	(70,449,733)	(120,230,092)
Net increase (decrease)	(1,112,914)	(4,265,238)	$(17,739,665)	$(74,882,718)
Strategic Dividend and Income
Shares sold	25,593,096	42,398,046	$424,950,121	$737,672,154
Reinvestment of distributions	15,197,698	8,716,987	263,170,340	143,602,730
Shares redeemed	(45,583,592)	(25,566,443)	(740,701,916)	(447,911,652)
Net increase (decrease)	(4,792,798)	25,548,590	$(52,581,455)	$433,363,232
Class I
Shares sold	10,953,297	8,676,062	$178,585,864	$151,884,997
Reinvestment of distributions	2,974,947	1,754,934	51,236,574	28,772,710
Shares redeemed	(9,312,946)	(7,596,025)	(150,909,140)	(132,845,815)
Net increase (decrease)	4,615,298	2,834,971	$78,913,298	$47,811,892
Class Z
Shares sold	3,911,746	3,184,821	$63,430,176	$55,551,851
Reinvestment of distributions	761,387	438,623	13,074,796	7,199,222
Shares redeemed	(2,233,150)	(2,262,859)	(36,474,283)	(39,293,742)
Net increase (decrease)	2,439,983	1,360,585	$40,030,689	$23,457,331

	Annualized Expense Ratio- A	Beginning Account Value June 1, 2022	Ending Account Value November 30, 2022	Expenses Paid During Period- C June 1, 2022 to November 30, 2022
Fidelity® Strategic Dividend & Income® Fund
Class A	.97%
Actual		$ 1,000	$ 999.20	$ 4.86
Hypothetical- B		$ 1,000	$ 1,020.21	$ 4.91
Class M	1.21%
Actual		$ 1,000	$ 997.80	$ 6.06
Hypothetical- B		$ 1,000	$ 1,019.00	$ 6.12
Class C	1.72%
Actual		$ 1,000	$ 995.00	$ 8.60
Hypothetical- B		$ 1,000	$ 1,016.44	$ 8.69
Fidelity® Strategic Dividend & Income® Fund	.69%
Actual		$ 1,000	$ 1,000.20	$ 3.46
Hypothetical- B		$ 1,000	$ 1,021.61	$ 3.50
Class I	.72%
Actual		$ 1,000	$ 1,000.00	$ 3.61
Hypothetical- B		$ 1,000	$ 1,021.46	$ 3.65
Class Z	.59%
Actual		$ 1,000	$ 1,000.70	$ 2.96
Hypothetical- B		$ 1,000	$ 1,022.11	$ 2.99


(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)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer

Date:	January 19, 2023


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	January 19, 2023