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, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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 |
Date of reporting period: | May 31, 2024 |
Item 1.
Reports to Stockholders
SEMI-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 I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
 1.9915914.100
1325-TSRS-0724
|
 |
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
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
1.9915912.100
1323-TSRS-0724
|
|
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
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
1.9915913.100
1324-TSRS-0724
|
|
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
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
1.9915911.100
1321-TSRS-0724
|
|
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
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Strategic Dividend & Income® Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
1.9915915.100
1329-TSRS-0724
|
|
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
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Real Estate
|
||
Financials
|
||
Industrials
|
||
Consumer Staples
|
||
Information Technology
|
||
Energy
|
||
Health Care
|
||
Utilities
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Materials
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
||
Exxon Mobil Corp
|
||
Procter & Gamble Co/The
|
||
Prologis Inc
|
||
Coca-Cola Co/The
|
||
Eaton Corp PLC
|
||
Johnson & Johnson
|
||
Equinix Inc
|
||
McDonald's Corp
|
||
US Treasury Bonds
|
||
Cisco Systems Inc
|
||
18.3
|
||
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. © 2024 FMR LLC. All rights reserved.
|
||
1.9915916.100
3281-TSRS-0724
|
|
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
|
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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
Corporate Bonds - 9.7%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
Convertible Bonds - 8.7%
|
|||
COMMUNICATION SERVICES - 0.7%
|
|||
Entertainment - 0.2%
|
|||
Liberty Media Corp. 2.375% 9/30/53 (b)
|
2,269,000
|
2,424,427
|
|
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27
|
2,467,000
|
2,663,222
|
|
Live Nation Entertainment, Inc. 3.125% 1/15/29
|
3,290,000
|
3,636,437
|
|
Sphere Entertainment Co. 3.5% 12/1/28 (b)
|
391,000
|
486,219
|
|
Zynga, Inc. 0% 12/15/26
|
1,969,000
|
1,724,349
|
|
10,934,654
|
|||
Interactive Media & Services - 0.2%
|
|||
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b)
|
859,000
|
795,692
|
|
Snap, Inc.:
|
|||
0% 5/1/27
|
2,640,000
|
2,165,664
|
|
0.125% 3/1/28
|
4,236,000
|
3,314,082
|
|
0.25% 5/1/25
|
1,118,000
|
1,155,272
|
|
0.75% 8/1/26
|
1,190,000
|
1,228,237
|
|
TripAdvisor, Inc. 0.25% 4/1/26
|
1,081,000
|
979,927
|
|
9,638,874
|
|||
Media - 0.3%
|
|||
Cardlytics, Inc. 4.25% 4/1/29 (b)
|
542,000
|
458,935
|
|
DISH Network Corp.:
|
|||
0% 12/15/25
|
4,517,000
|
3,435,255
|
|
3.375% 8/15/26
|
8,477,000
|
5,424,640
|
|
Liberty Broadband Corp. 3.125% 3/31/53 (b)
|
2,830,000
|
2,672,086
|
|
Liberty Media Corp. 3.75% 3/15/28
|
1,850,000
|
1,927,700
|
|
Magnite, Inc. 0.25% 3/15/26
|
415,000
|
371,951
|
|
14,290,567
|
|||
TOTAL COMMUNICATION SERVICES
|
34,864,095
|
||
CONSUMER DISCRETIONARY - 1.0%
|
|||
Automobiles - 0.2%
|
|||
Ford Motor Co. 0% 3/15/26
|
4,719,000
|
4,697,765
|
|
Rivian Automotive, Inc.:
|
|||
3.625% 10/15/30(b)
|
4,845,000
|
3,283,601
|
|
4.625% 3/15/29
|
3,345,000
|
2,597,393
|
|
Winnebago Industries, Inc. 3.25% 1/15/30 (b)
|
1,232,000
|
1,210,440
|
|
11,789,199
|
|||
Broadline Retail - 0.1%
|
|||
Alibaba Group Holding Ltd. 0.5% 6/1/31 (Reg. S) (b)
|
1,400,000
|
1,382,963
|
|
Etsy, Inc.:
|
|||
0.125% 10/1/26
|
1,460,000
|
1,479,161
|
|
0.125% 9/1/27
|
1,299,000
|
1,066,250
|
|
0.25% 6/15/28
|
1,390,000
|
1,086,583
|
|
5,014,957
|
|||
Diversified Consumer Services - 0.0%
|
|||
Stride, Inc. 1.125% 9/1/27
|
1,269,000
|
1,777,869
|
|
Hotels, Restaurants & Leisure - 0.4%
|
|||
Booking Holdings, Inc. 0.75% 5/1/25
|
1,861,000
|
3,725,841
|
|
Carnival Corp.:
|
|||
5.75% 10/1/24
|
972,000
|
1,479,518
|
|
5.75% 12/1/27
|
2,475,000
|
3,489,148
|
|
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26
|
991,000
|
867,621
|
|
NCL Corp. Ltd. 5.375% 8/1/25
|
1,000,000
|
1,152,310
|
|
Penn Entertainment, Inc. 2.75% 5/15/26
|
2,550,000
|
2,692,878
|
|
Royal Caribbean Cruises Ltd. 6% 8/15/25
|
2,462,000
|
7,387,231
|
|
20,794,547
|
|||
Household Durables - 0.0%
|
|||
Meritage Homes Corp. 1.75% 5/15/28 (b)
|
2,647,000
|
2,706,558
|
|
Leisure Products - 0.1%
|
|||
Peloton Interactive, Inc.:
|
|||
0% 2/15/26
|
1,046,000
|
925,650
|
|
5.5% 12/1/29(b)
|
683,000
|
704,009
|
|
Topgolf Callaway Brands Corp. 2.75% 5/1/26
|
1,456,000
|
1,627,080
|
|
3,256,739
|
|||
Specialty Retail - 0.2%
|
|||
The RealReal, Inc.:
|
|||
1% 3/1/28
|
1,813,000
|
870,059
|
|
3% 6/15/25
|
420,000
|
380,100
|
|
Wayfair LLC 0.625% 10/1/25
|
7,702,000
|
7,220,625
|
|
8,470,784
|
|||
TOTAL CONSUMER DISCRETIONARY
|
53,810,653
|
||
CONSUMER STAPLES - 0.1%
|
|||
Food Products - 0.1%
|
|||
Freshpet, Inc. 3% 4/1/28
|
750,000
|
1,500,750
|
|
Post Holdings, Inc. 2.5% 8/15/27
|
1,250,000
|
1,396,875
|
|
2,897,625
|
|||
ENERGY - 0.3%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Transocean, Inc.:
|
|||
4% 12/15/25
|
683,000
|
962,006
|
|
4.625% 9/30/29
|
500,000
|
1,007,250
|
|
1,969,256
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
CNX Resources Corp. 2.25% 5/1/26
|
918,000
|
1,910,083
|
|
Northern Oil & Gas, Inc. 3.625% 4/15/29
|
2,146,000
|
2,593,441
|
|
Peabody Energy Corp. 3.25% 3/1/28
|
864,000
|
1,229,861
|
|
Permian Resources Operating LLC 3.25% 4/1/28
|
735,000
|
2,067,188
|
|
Pioneer Natural Resources Co. 0.25% 5/15/25
|
1,403,000
|
4,193,441
|
|
World Kinect Corp. 3.25% 7/1/28 (b)
|
1,110,000
|
1,203,240
|
|
13,197,254
|
|||
TOTAL ENERGY
|
15,166,510
|
||
FINANCIALS - 0.4%
|
|||
Capital Markets - 0.1%
|
|||
Coinbase Global, Inc.:
|
|||
0.25% 4/1/30(b)
|
2,680,000
|
2,578,160
|
|
0.5% 6/1/26
|
2,785,000
|
2,862,980
|
|
5,441,140
|
|||
Consumer Finance - 0.1%
|
|||
Bread Financial Holdings, Inc. 4.25% 6/15/28 (b)
|
935,000
|
1,182,775
|
|
LendingTree, Inc. 0.5% 7/15/25
|
3,833,000
|
3,545,525
|
|
SoFi Technologies, Inc.:
|
|||
0% 10/15/26(b)
|
1,880,000
|
1,616,800
|
|
1.25% 3/15/29(b)
|
789,000
|
747,972
|
|
7,093,072
|
|||
Financial Services - 0.2%
|
|||
Affirm Holdings, Inc. 0% 11/15/26
|
2,090,000
|
1,731,565
|
|
Block, Inc. 0.125% 3/1/25
|
2,044,000
|
1,958,561
|
|
Global Payments, Inc. 1.5% 3/1/31 (b)
|
4,517,000
|
4,145,189
|
|
Shift4 Payments, Inc.:
|
|||
0% 12/15/25
|
1,117,000
|
1,222,780
|
|
0.5% 8/1/27
|
739,000
|
679,511
|
|
9,737,606
|
|||
TOTAL FINANCIALS
|
22,271,818
|
||
HEALTH CARE - 1.3%
|
|||
Biotechnology - 0.4%
|
|||
Alnylam Pharmaceuticals, Inc. 1% 9/15/27
|
1,675,000
|
1,559,760
|
|
BridgeBio Pharma, Inc. 2.25% 2/1/29
|
4,190,000
|
3,343,620
|
|
Cytokinetics, Inc. 3.5% 7/1/27
|
1,503,000
|
1,839,672
|
|
Dynavax Technologies Corp. 2.5% 5/15/26
|
100,000
|
128,340
|
|
Exact Sciences Corp.:
|
|||
0.375% 3/15/27
|
468,000
|
405,044
|
|
0.375% 3/1/28
|
486,000
|
399,096
|
|
1% 1/15/25
|
399,000
|
387,651
|
|
2% 3/1/30(b)
|
2,988,000
|
2,680,972
|
|
Immunocore Holdings PLC 2.5% 2/1/30 (b)
|
1,289,000
|
1,172,406
|
|
Insmed, Inc. 0.75% 6/1/28
|
1,200,000
|
2,135,400
|
|
Mirum Pharmaceuticals, Inc. 4% 5/1/29
|
960,000
|
1,058,832
|
|
Natera, Inc. 2.25% 5/1/27
|
578,000
|
1,626,612
|
|
Novavax, Inc. 5% 12/15/27
|
437,000
|
585,799
|
|
Sarepta Therapeutics, Inc.:
|
|||
1.25% 9/15/27
|
2,387,000
|
2,751,495
|
|
1.5% 11/15/24
|
270,000
|
479,588
|
|
20,554,287
|
|||
Health Care Equipment & Supplies - 0.6%
|
|||
CONMED Corp. 2.25% 6/15/27
|
1,080,000
|
971,028
|
|
DexCom, Inc.:
|
|||
0.25% 11/15/25
|
1,976,000
|
2,012,556
|
|
0.375% 5/15/28
|
1,959,000
|
1,927,656
|
|
Enovis Corp. 3.875% 10/15/28 (b)
|
1,040,000
|
1,153,880
|
|
Envista Holdings Corp. 2.375% 6/1/25
|
1,399,000
|
1,527,568
|
|
Glaukos Corp. 2.75% 6/15/27
|
830,000
|
1,748,810
|
|
Haemonetics Corp. 2.5% 6/1/29 (b)
|
890,000
|
869,975
|
|
Insulet Corp. 0.375% 9/1/26
|
2,489,000
|
2,578,267
|
|
Integer Holdings Corp. 2.125% 2/15/28
|
1,862,000
|
2,762,277
|
|
iRhythm Technologies, Inc. 1.5% 9/1/29 (b)
|
1,050,000
|
951,626
|
|
Lantheus Holdings, Inc. 2.625% 12/15/27
|
1,200,000
|
1,512,000
|
|
LivaNova U.S.A., Inc.:
|
|||
2.5% 3/15/29(b)
|
789,000
|
882,102
|
|
3% 12/15/25
|
1,360,000
|
1,597,592
|
|
Merit Medical Systems, Inc. 3% 2/1/29 (b)
|
1,749,000
|
1,975,496
|
|
NuVasive, Inc. 0.375% 3/15/25
|
1,750,000
|
1,666,875
|
|
Omnicell, Inc. 0.25% 9/15/25
|
959,000
|
902,663
|
|
Shockwave Medical, Inc. 1% 8/15/28 (b)
|
2,774,000
|
3,572,912
|
|
TransMedics Group, Inc. 1.5% 6/1/28
|
1,489,000
|
2,395,486
|
|
31,008,769
|
|||
Health Care Providers & Services - 0.1%
|
|||
Accolade, Inc. 0.5% 4/1/26
|
2,029,000
|
1,768,882
|
|
Guardant Health, Inc. 0% 11/15/27
|
5,545,000
|
4,099,419
|
|
Opko Health, Inc. 3.75% 1/15/29 (b)
|
312,000
|
385,258
|
|
6,253,559
|
|||
Health Care Technology - 0.1%
|
|||
Evolent Health, Inc. 3.5% 12/1/29 (b)
|
1,563,000
|
1,442,649
|
|
Health Catalyst, Inc. 2.5% 4/15/25
|
724,000
|
698,660
|
|
Teladoc Health, Inc. 1.25% 6/1/27
|
2,204,000
|
1,840,340
|
|
Veradigm, Inc. 0.875% 1/1/27
|
69,000
|
72,657
|
|
4,054,306
|
|||
Life Sciences Tools & Services - 0.0%
|
|||
Repligen Corp. 1% 12/15/28 (b)
|
1,537,000
|
1,523,936
|
|
Pharmaceuticals - 0.1%
|
|||
Amphastar Pharmaceuticals, Inc. 2% 3/15/29 (b)
|
830,000
|
813,815
|
|
Jazz Investments I Ltd. 2% 6/15/26
|
1,726,000
|
1,646,604
|
|
Pacira Biosciences, Inc. 2.125% 5/15/29 (b)
|
664,000
|
677,612
|
|
3,138,031
|
|||
TOTAL HEALTH CARE
|
66,532,888
|
||
INDUSTRIALS - 0.8%
|
|||
Aerospace & Defense - 0.1%
|
|||
Axon Enterprise, Inc. 0.5% 12/15/27
|
2,217,000
|
2,951,936
|
|
Rocket Lab U.S.A., Inc. 4.25% 2/1/29 (b)
|
1,110,000
|
1,210,594
|
|
Spirit Aerosystems, Inc. 3.25% 11/1/28 (b)
|
2,188,000
|
2,714,652
|
|
6,877,182
|
|||
Commercial Services & Supplies - 0.1%
|
|||
GEO Corrections Holdings, Inc. 6.5% 2/23/26
|
857,000
|
1,498,036
|
|
Tetra Tech, Inc. 2.25% 8/15/28 (b)
|
1,590,000
|
1,882,878
|
|
3,380,914
|
|||
Construction & Engineering - 0.1%
|
|||
Fluor Corp. 1.125% 8/15/29 (b)
|
1,616,000
|
1,830,928
|
|
Granite Construction, Inc. 3.75% 5/15/28
|
1,550,000
|
2,256,800
|
|
4,087,728
|
|||
Electrical Equipment - 0.1%
|
|||
Array Technologies, Inc. 1% 12/1/28
|
1,292,000
|
1,191,224
|
|
Bloom Energy Corp.:
|
|||
3% 6/1/28(b)
|
1,110,000
|
1,236,318
|
|
3% 6/1/29(b)
|
1,690,000
|
1,738,165
|
|
Stem, Inc. 4.25% 4/1/30 (b)
|
2,133,000
|
914,336
|
|
Sunrun, Inc. 4% 3/1/30 (b)
|
1,110,000
|
1,188,810
|
|
6,268,853
|
|||
Ground Transportation - 0.2%
|
|||
Lyft, Inc. 1.5% 5/15/25
|
2,051,000
|
1,958,705
|
|
Uber Technologies, Inc.:
|
|||
0% 12/15/25
|
1,824,000
|
1,865,396
|
|
0.875% 12/1/28(b)
|
5,102,000
|
5,621,672
|
|
9,445,773
|
|||
Machinery - 0.0%
|
|||
John Bean Technologies Corp. 0.25% 5/15/26
|
1,444,000
|
1,318,228
|
|
Middleby Corp. 1% 9/1/25
|
1,400,000
|
1,537,900
|
|
2,856,128
|
|||
Passenger Airlines - 0.1%
|
|||
American Airlines Group, Inc. 6.5% 7/1/25
|
2,342,000
|
2,420,116
|
|
JetBlue Airways Corp. 0.5% 4/1/26
|
2,740,000
|
2,402,067
|
|
Southwest Airlines Co. 1.25% 5/1/25
|
2,056,000
|
2,028,557
|
|
Spirit Airlines, Inc. 1% 5/15/26
|
770,000
|
390,005
|
|
7,240,745
|
|||
Professional Services - 0.1%
|
|||
CSG Systems International, Inc. 3.875% 9/15/28 (b)
|
840,000
|
775,740
|
|
Parsons Corp. 2.625% 3/1/29 (b)
|
2,776,000
|
2,857,731
|
|
3,633,471
|
|||
TOTAL INDUSTRIALS
|
43,790,794
|
||
INFORMATION TECHNOLOGY - 2.6%
|
|||
Communications Equipment - 0.1%
|
|||
Lumentum Holdings, Inc.:
|
|||
0.5% 12/15/26
|
2,633,000
|
2,307,825
|
|
0.5% 6/15/28
|
2,140,000
|
1,630,252
|
|
1.5% 12/15/29(b)
|
1,220,000
|
1,084,580
|
|
5,022,657
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Advanced Energy Industries, Inc. 2.5% 9/15/28 (b)
|
675,000
|
693,495
|
|
Insight Enterprises, Inc. 0.75% 2/15/25
|
1,204,000
|
3,445,246
|
|
Par Technology Corp. 1.5% 10/15/27
|
98,000
|
89,665
|
|
Vishay Intertechnology, Inc. 2.25% 9/15/30 (b)
|
1,280,000
|
1,240,320
|
|
5,468,726
|
|||
IT Services - 0.5%
|
|||
Akamai Technologies, Inc.:
|
|||
0.125% 5/1/25
|
2,571,000
|
2,736,830
|
|
0.375% 9/1/27
|
2,716,000
|
2,648,100
|
|
1.125% 2/15/29(b)
|
2,800,000
|
2,650,200
|
|
BigCommerce Holdings, Inc. 0.25% 10/1/26
|
1,820,000
|
1,567,566
|
|
Cloudflare, Inc. 0% 8/15/26
|
2,792,000
|
2,486,276
|
|
Digitalocean Holdings, Inc. 0% 12/1/26
|
3,337,000
|
2,803,080
|
|
MongoDB, Inc. 0.25% 1/15/26
|
2,446,000
|
3,085,629
|
|
Okta, Inc.:
|
|||
0.125% 9/1/25
|
1,386,000
|
1,301,454
|
|
0.375% 6/15/26
|
1,204,000
|
1,088,898
|
|
Perficient, Inc. 0.125% 11/15/26
|
1,910,000
|
1,832,645
|
|
Wix.com Ltd. 0% 8/15/25
|
2,407,000
|
2,228,882
|
|
24,429,560
|
|||
Semiconductors & Semiconductor Equipment - 0.5%
|
|||
MACOM Technology Solutions Holdings, Inc. 0.25% 3/15/26
|
1,250,000
|
1,633,750
|
|
Microchip Technology, Inc.:
|
|||
0.125% 11/15/24
|
1,927,000
|
2,122,591
|
|
0.75% 6/1/30(b)
|
4,490,000
|
4,581,568
|
|
MKS Instruments, Inc. 1.25% 6/1/30 (b)
|
3,321,000
|
3,400,704
|
|
ON Semiconductor Corp.:
|
|||
0% 5/1/27
|
2,254,000
|
3,307,277
|
|
0.5% 3/1/29
|
3,943,000
|
3,878,828
|
|
Semtech Corp.:
|
|||
1.625% 11/1/27
|
393,000
|
481,818
|
|
4% 11/1/28(b)
|
313,000
|
647,239
|
|
Veeco Instruments, Inc. 2.875% 6/1/29
|
370,000
|
572,390
|
|
Wolfspeed, Inc.:
|
|||
0.25% 2/15/28
|
2,281,000
|
1,349,212
|
|
1.75% 5/1/26
|
639,000
|
583,727
|
|
1.875% 12/1/29
|
7,345,000
|
4,083,820
|
|
26,642,924
|
|||
Software - 1.2%
|
|||
Altair Engineering, Inc. 1.75% 6/15/27
|
1,400,000
|
1,856,820
|
|
Bentley Systems, Inc.:
|
|||
0.125% 1/15/26
|
1,522,000
|
1,498,409
|
|
0.375% 7/1/27
|
1,400,000
|
1,246,700
|
|
BlackLine, Inc. 1% 6/1/29 (b)
|
2,179,000
|
2,077,677
|
|
Box, Inc. 0% 1/15/26
|
907,000
|
1,064,148
|
|
Confluent, Inc. 0% 1/15/27
|
1,963,000
|
1,657,754
|
|
CyberArk Software Ltd. 0% 11/15/24
|
1,108,000
|
1,627,098
|
|
Datadog, Inc. 0.125% 6/15/25
|
1,480,000
|
1,899,580
|
|
Dropbox, Inc.:
|
|||
0% 3/1/26
|
797,000
|
742,007
|
|
0% 3/1/28
|
811,000
|
734,969
|
|
Everbridge, Inc.:
|
|||
0% 3/15/26
|
942,000
|
925,515
|
|
0.125% 12/15/24
|
1,506,000
|
1,479,645
|
|
Five9, Inc. 1% 3/15/29 (b)
|
1,996,000
|
1,796,346
|
|
Guidewire Software, Inc. 1.25% 3/15/25
|
1,087,000
|
1,203,309
|
|
HubSpot, Inc. 0.375% 6/1/25
|
1,108,000
|
2,397,158
|
|
InterDigital, Inc. 3.5% 6/1/27
|
1,150,000
|
1,748,690
|
|
LivePerson, Inc. 0% 12/15/26
|
1,121,000
|
470,820
|
|
MicroStrategy, Inc.:
|
|||
0% 2/15/27
|
2,265,000
|
2,903,277
|
|
0.625% 3/15/30(b)
|
1,681,000
|
2,039,389
|
|
0.75% 12/15/25
|
1,147,000
|
4,405,627
|
|
0.875% 3/15/31(b)
|
1,278,000
|
1,184,067
|
|
Pagerduty, Inc.:
|
|||
1.25% 7/1/25
|
645,000
|
599,592
|
|
1.5% 10/15/28(b)
|
1,220,000
|
1,184,864
|
|
Palo Alto Networks, Inc. 0.375% 6/1/25
|
2,371,000
|
7,025,273
|
|
Pegasystems, Inc. 0.75% 3/1/25
|
3,274,000
|
3,141,403
|
|
Progress Software Corp.:
|
|||
1% 4/15/26
|
1,457,000
|
1,465,660
|
|
3.5% 3/1/30(b)
|
1,815,000
|
1,774,868
|
|
Q2 Holdings, Inc. 0.75% 6/1/26
|
1,070,000
|
1,063,045
|
|
Rapid7, Inc.:
|
|||
0.25% 3/15/27
|
95,000
|
83,125
|
|
1.25% 3/15/29(b)
|
1,610,000
|
1,422,113
|
|
Tyler Technologies, Inc. 0.25% 3/15/26
|
2,670,000
|
2,827,530
|
|
Varonis Systems, Inc. 1.25% 8/15/25
|
911,000
|
1,343,270
|
|
Vertex, Inc. 0.75% 5/1/29 (b)
|
1,080,000
|
1,209,060
|
|
Workiva, Inc. 1.25% 8/15/28 (b)
|
1,812,000
|
1,611,774
|
|
Zscaler, Inc. 0.125% 7/1/25
|
2,474,000
|
3,054,153
|
|
62,764,735
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Seagate HDD Cayman 3.5% 6/1/28 (b)
|
3,390,000
|
4,269,705
|
|
Super Micro Computer, Inc. 0% 3/1/29 (b)
|
2,236,000
|
2,180,100
|
|
Western Digital Corp. 3% 11/15/28 (b)
|
3,770,000
|
5,964,140
|
|
12,413,945
|
|||
TOTAL INFORMATION TECHNOLOGY
|
136,742,547
|
||
MATERIALS - 0.1%
|
|||
Chemicals - 0.0%
|
|||
Livent Corp. 4.125% 7/15/25
|
447,000
|
615,462
|
|
Metals & Mining - 0.1%
|
|||
ATI, Inc. 3.5% 6/15/25
|
688,000
|
2,729,296
|
|
Equinox Gold Corp. 4.75% 10/15/28 (b)
|
700,000
|
822,133
|
|
MP Materials Corp.:
|
|||
0.25% 4/1/26(b)
|
1,143,000
|
1,013,498
|
|
3% 3/1/30(b)
|
537,000
|
540,813
|
|
United States Steel Corp. 5% 11/1/26
|
528,000
|
1,520,640
|
|
6,626,380
|
|||
TOTAL MATERIALS
|
7,241,842
|
||
REAL ESTATE - 0.4%
|
|||
Equity Real Estate Investment Trusts (REITs) - 0.2%
|
|||
Federal Realty OP LP 3.25% 1/15/29 (b)
|
585,000
|
558,413
|
|
Rexford Industrial Realty LP:
|
|||
4.125% 3/15/29(b)
|
1,527,000
|
1,486,790
|
|
4.375% 3/15/27(b)
|
1,514,000
|
1,488,039
|
|
Ventas Realty LP 3.75% 6/1/26 (b)
|
3,419,000
|
3,550,632
|
|
Welltower OP LLC 2.75% 5/15/28 (b)
|
3,975,000
|
4,695,668
|
|
11,779,542
|
|||
Real Estate Management & Development - 0.2%
|
|||
Realogy Group LLC/Realogy Co-Issuer Corp. 0.25% 6/15/26
|
2,142,000
|
1,776,618
|
|
Redfin Corp.:
|
|||
0% 10/15/25
|
992,000
|
893,990
|
|
0.5% 4/1/27
|
5,056,000
|
2,780,800
|
|
Zillow Group, Inc.:
|
|||
0.75% 9/1/24
|
1,321,000
|
1,357,988
|
|
1.375% 9/1/26
|
2,220,000
|
2,508,427
|
|
9,317,823
|
|||
TOTAL REAL ESTATE
|
21,097,365
|
||
UTILITIES - 1.0%
|
|||
Electric Utilities - 0.7%
|
|||
Alliant Energy Corp. 3.875% 3/15/26
|
1,160,000
|
1,142,020
|
|
Duke Energy Corp. 4.125% 4/15/26
|
3,940,000
|
3,959,700
|
|
Evergy, Inc. 4.5% 12/15/27 (b)
|
3,200,000
|
3,258,034
|
|
FirstEnergy Corp. 4% 5/1/26
|
4,865,000
|
4,860,135
|
|
NextEra Energy Capital Holdings, Inc. 3% 3/1/27 (b)
|
1,766,000
|
2,173,178
|
|
NRG Energy, Inc. 2.75% 6/1/48
|
1,054,000
|
2,098,735
|
|
PG&E Corp. 4.25% 12/1/27 (b)
|
7,600,000
|
7,830,471
|
|
PPL Capital Funding, Inc. 2.875% 3/15/28
|
2,360,000
|
2,301,000
|
|
Southern Co.:
|
|||
3.875% 12/15/25
|
3,839,000
|
3,959,929
|
|
4.5% 6/15/27(b)
|
3,321,000
|
3,382,439
|
|
34,965,641
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
NextEra Energy Partners LP 0% 11/15/25 (b)
|
4,537,000
|
4,076,495
|
|
Ormat Technologies, Inc. 2.5% 7/15/27
|
690,000
|
700,695
|
|
Sunnova Energy International, Inc.:
|
|||
0.25% 12/1/26
|
1,109,000
|
483,524
|
|
2.625% 2/15/28
|
3,100,000
|
1,065,368
|
|
6,326,082
|
|||
Multi-Utilities - 0.1%
|
|||
CenterPoint Energy, Inc. 4.25% 8/15/26 (b)
|
2,040,000
|
2,040,000
|
|
CMS Energy Corp. 3.375% 5/1/28 (b)
|
1,905,000
|
1,892,618
|
|
WEC Energy Group, Inc.:
|
|||
4.375% 6/1/27(b)
|
1,399,000
|
1,398,408
|
|
4.375% 6/1/29(b)
|
1,399,000
|
1,392,213
|
|
6,723,239
|
|||
Water Utilities - 0.1%
|
|||
American Water Capital Corp. 3.625% 6/15/26 (b)
|
2,639,000
|
2,594,137
|
|
TOTAL UTILITIES
|
50,609,099
|
||
TOTAL CONVERTIBLE BONDS
|
455,025,236
|
||
Nonconvertible Bonds - 1.0%
|
|||
COMMUNICATION SERVICES - 0.1%
|
|||
Media - 0.1%
|
|||
Gannett Holdings LLC 6% 11/1/26 (b)
|
3,180,000
|
3,001,083
|
|
CONSUMER DISCRETIONARY - 0.1%
|
|||
Broadline Retail - 0.1%
|
|||
Match Group Holdings II LLC 3.625% 10/1/31 (b)
|
2,610,000
|
2,173,863
|
|
ENERGY - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Energy Transfer LP 8% 5/15/54 (c)
|
1,045,000
|
1,087,887
|
|
FINANCIALS - 0.5%
|
|||
Capital Markets - 0.0%
|
|||
Deutsche Bank AG New York Branch 6.72% 1/18/29 (c)
|
750,000
|
774,423
|
|
Financial Services - 0.2%
|
|||
ILFC E-Capital Trust I CME Term SOFR 3 Month Index + 1.810% 7.1446% 12/21/65 (b)(c)(d)
|
14,050,000
|
11,252,665
|
|
Insurance - 0.3%
|
|||
MetLife, Inc. 6.4% 12/15/66 (c)
|
8,000,000
|
8,061,464
|
|
Prudential Financial, Inc.:
|
|||
3.7% 10/1/50(c)
|
2,500,000
|
2,149,708
|
|
5.125% 3/1/52(c)
|
2,350,000
|
2,182,565
|
|
6.75% 3/1/53(c)
|
2,750,000
|
2,815,684
|
|
15,209,421
|
|||
TOTAL FINANCIALS
|
27,236,509
|
||
INFORMATION TECHNOLOGY - 0.0%
|
|||
Software - 0.0%
|
|||
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b)
|
650,000
|
593,767
|
|
UTILITIES - 0.3%
|
|||
Electric Utilities - 0.1%
|
|||
Southern Co. 4% 1/15/51 (c)
|
5,900,000
|
5,689,436
|
|
Multi-Utilities - 0.2%
|
|||
CMS Energy Corp.:
|
|||
3.75% 12/1/50(c)
|
450,000
|
371,789
|
|
4.75% 6/1/50(c)
|
3,500,000
|
3,215,579
|
|
Sempra 4.125% 4/1/52 (c)
|
7,865,000
|
7,225,833
|
|
10,813,201
|
|||
TOTAL UTILITIES
|
16,502,637
|
||
TOTAL NONCONVERTIBLE BONDS
|
50,595,746
|
||
|
TOTAL CORPORATE BONDS
(Cost $468,941,088)
|
505,620,982
|
||
U.S. Treasury Obligations - 1.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
U.S. Treasury Bonds:
|
|||
3.875% 2/15/43
|
66,000,000
|
58,997,813
|
|
3.875% 5/15/43
|
10,000,000
|
8,918,750
|
|
4.25% 2/15/54
|
5,950,000
|
5,580,914
|
|
4.5% 2/15/44
|
1,450,000
|
1,407,180
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $73,780,715)
|
74,904,657
|
||
Common Stocks - 54.0%
|
|||
Shares
|
Value ($)
|
||
COMMUNICATION SERVICES - 3.0%
|
|||
Diversified Telecommunication Services - 1.2%
|
|||
AT&T, Inc.
|
166,600
|
3,035,452
|
|
Cellnex Telecom SA (b)
|
153,499
|
5,607,329
|
|
Helios Towers PLC (e)
|
2,591,490
|
4,194,358
|
|
Verizon Communications, Inc.
|
1,175,519
|
48,372,607
|
|
61,209,746
|
|||
Entertainment - 0.2%
|
|||
The Walt Disney Co.
|
117,500
|
12,209,425
|
|
Interactive Media & Services - 0.1%
|
|||
Alphabet, Inc. Class C
|
7,800
|
1,356,888
|
|
Meta Platforms, Inc. Class A
|
2,800
|
1,307,124
|
|
2,664,012
|
|||
Media - 1.2%
|
|||
Comcast Corp. Class A
|
1,334,912
|
53,436,527
|
|
EchoStar Corp. Class A (e)
|
37,600
|
721,920
|
|
Interpublic Group of Companies, Inc.
|
340,700
|
10,687,759
|
|
64,846,206
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
T-Mobile U.S., Inc.
|
77,654
|
13,586,344
|
|
TOTAL COMMUNICATION SERVICES
|
154,515,733
|
||
CONSUMER DISCRETIONARY - 3.0%
|
|||
Broadline Retail - 0.0%
|
|||
Amazon.com, Inc. (e)
|
7,400
|
1,305,656
|
|
Diversified Consumer Services - 0.2%
|
|||
H&R Block, Inc.
|
246,800
|
12,251,152
|
|
Hotels, Restaurants & Leisure - 1.4%
|
|||
Churchill Downs, Inc.
|
7,000
|
906,500
|
|
Genius Sports Ltd. (e)
|
94,800
|
496,752
|
|
McDonald's Corp.
|
277,178
|
71,758,612
|
|
Norwegian Cruise Line Holdings Ltd. (e)
|
24,800
|
411,680
|
|
Super Group SGHC Ltd. (e)
|
316,995
|
1,150,692
|
|
74,724,236
|
|||
Specialty Retail - 1.2%
|
|||
Burlington Stores, Inc. (e)
|
75,600
|
18,147,780
|
|
Dick's Sporting Goods, Inc.
|
1,500
|
341,460
|
|
Lowe's Companies, Inc.
|
45,000
|
9,958,050
|
|
TJX Companies, Inc.
|
299,100
|
30,837,210
|
|
59,284,500
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Columbia Sportswear Co. (f)
|
50,300
|
4,306,686
|
|
Tapestry, Inc.
|
72,200
|
3,139,978
|
|
7,446,664
|
|||
TOTAL CONSUMER DISCRETIONARY
|
155,012,208
|
||
CONSUMER STAPLES - 7.6%
|
|||
Beverages - 2.2%
|
|||
Keurig Dr. Pepper, Inc.
|
636,652
|
21,805,331
|
|
The Coca-Cola Co.
|
1,480,847
|
93,189,702
|
|
114,995,033
|
|||
Consumer Staples Distribution & Retail - 2.0%
|
|||
Albertsons Companies, Inc.
|
128,400
|
2,650,176
|
|
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
|
272,200
|
15,887,237
|
|
BJ's Wholesale Club Holdings, Inc. (e)
|
237,500
|
20,916,625
|
|
Costco Wholesale Corp.
|
8,800
|
7,127,032
|
|
Dollar Tree, Inc. (e)
|
197,000
|
23,236,150
|
|
Metro, Inc.
|
151,500
|
8,073,257
|
|
Target Corp.
|
75,000
|
11,712,000
|
|
Walmart, Inc.
|
235,800
|
15,506,208
|
|
105,108,685
|
|||
Food Products - 0.2%
|
|||
Bunge Global SA
|
70,300
|
7,563,577
|
|
Lamb Weston Holdings, Inc.
|
6,900
|
609,201
|
|
8,172,778
|
|||
Household Products - 2.4%
|
|||
Procter & Gamble Co.
|
768,060
|
126,376,592
|
|
Personal Care Products - 0.8%
|
|||
Estee Lauder Companies, Inc. Class A
|
44,700
|
5,514,192
|
|
Kenvue, Inc.
|
1,453,045
|
28,043,769
|
|
Unilever PLC
|
120,400
|
6,593,475
|
|
40,151,436
|
|||
TOTAL CONSUMER STAPLES
|
394,804,524
|
||
ENERGY - 5.8%
|
|||
Energy Equipment & Services - 0.0%
|
|||
Archrock, Inc.
|
38,750
|
784,300
|
|
Kodiak Gas Services, Inc.
|
31,860
|
877,743
|
|
U.S.A. Compression Partners LP
|
46,280
|
1,133,860
|
|
2,795,903
|
|||
Oil, Gas & Consumable Fuels - 5.8%
|
|||
Canadian Natural Resources Ltd.
|
189,338
|
14,544,692
|
|
Canadian Natural Resources Ltd.
|
10,800
|
829,764
|
|
Cenovus Energy, Inc.
|
76,810
|
1,599,184
|
|
Cheniere Energy Partners LP
|
14,630
|
704,727
|
|
Cheniere Energy, Inc.
|
47,993
|
7,572,815
|
|
ConocoPhillips Co.
|
93,588
|
10,901,130
|
|
DHT Holdings, Inc.
|
736,346
|
8,909,787
|
|
Energy Transfer LP
|
385,094
|
6,034,423
|
|
EnLink Midstream LLC
|
79,190
|
1,004,921
|
|
Exxon Mobil Corp.
|
1,245,206
|
146,012,829
|
|
Frontline PLC (NY Shares)
|
72,300
|
2,047,536
|
|
Global Partners LP
|
12,450
|
601,709
|
|
Hess Corp.
|
46,800
|
7,211,880
|
|
Hess Midstream LP
|
30,170
|
1,048,408
|
|
Imperial Oil Ltd.
|
339,531
|
23,989,754
|
|
Keyera Corp.
|
11,760
|
311,397
|
|
Kinetik Holdings, Inc.
|
30,240
|
1,239,538
|
|
Mach Natural Resources LP
|
71,750
|
1,379,753
|
|
MEG Energy Corp. (e)
|
12,970
|
281,582
|
|
MPLX LP
|
12,066
|
490,845
|
|
Phillips 66 Co.
|
138,424
|
19,671,435
|
|
Plains All American Pipeline LP
|
289,178
|
4,918,918
|
|
Scorpio Tankers, Inc.
|
26,000
|
2,133,820
|
|
Sunoco Logistics Partners, LP
|
25,469
|
1,298,919
|
|
Targa Resources Corp.
|
73,575
|
8,698,772
|
|
The Williams Companies, Inc.
|
168,586
|
6,998,005
|
|
Valero Energy Corp.
|
109,038
|
17,134,231
|
|
Western Midstream Partners LP
|
81,489
|
3,041,169
|
|
300,611,943
|
|||
TOTAL ENERGY
|
303,407,846
|
||
FINANCIALS - 6.8%
|
|||
Banks - 3.2%
|
|||
Bank of America Corp.
|
849,345
|
33,965,307
|
|
JPMorgan Chase & Co.
|
132,200
|
26,787,686
|
|
M&T Bank Corp.
|
116,057
|
17,594,241
|
|
PNC Financial Services Group, Inc.
|
242,102
|
38,104,434
|
|
U.S. Bancorp
|
662,600
|
26,868,430
|
|
Wells Fargo & Co.
|
383,912
|
23,004,007
|
|
166,324,105
|
|||
Capital Markets - 0.7%
|
|||
BlackRock, Inc. Class A
|
46,000
|
35,513,380
|
|
Consumer Finance - 0.4%
|
|||
Capital One Financial Corp.
|
149,490
|
20,574,309
|
|
Financial Services - 0.2%
|
|||
MasterCard, Inc. Class A
|
1,700
|
760,019
|
|
Toast, Inc. (e)
|
20,200
|
489,446
|
|
Visa, Inc. Class A
|
32,600
|
8,882,196
|
|
10,131,661
|
|||
Insurance - 2.3%
|
|||
American Financial Group, Inc.
|
91,700
|
11,912,747
|
|
Chubb Ltd.
|
172,336
|
46,672,036
|
|
Hartford Financial Services Group, Inc.
|
201,736
|
20,869,589
|
|
Marsh & McLennan Companies, Inc.
|
46,500
|
9,652,470
|
|
The Travelers Companies, Inc.
|
157,292
|
33,927,884
|
|
123,034,726
|
|||
TOTAL FINANCIALS
|
355,578,181
|
||
HEALTH CARE - 5.8%
|
|||
Biotechnology - 0.7%
|
|||
AbbVie, Inc.
|
145,600
|
23,476,544
|
|
Gilead Sciences, Inc.
|
204,700
|
13,156,069
|
|
Moderna, Inc. (e)
|
10,000
|
1,425,500
|
|
38,058,113
|
|||
Health Care Providers & Services - 0.4%
|
|||
UnitedHealth Group, Inc.
|
36,904
|
18,281,134
|
|
Life Sciences Tools & Services - 0.5%
|
|||
Danaher Corp.
|
108,470
|
27,855,096
|
|
Pharmaceuticals - 4.2%
|
|||
AstraZeneca PLC sponsored ADR
|
416,924
|
32,528,410
|
|
Eli Lilly & Co.
|
26,933
|
22,094,217
|
|
GSK PLC
|
306,200
|
6,870,521
|
|
Johnson & Johnson
|
548,962
|
80,516,257
|
|
Merck & Co., Inc.
|
221,581
|
27,817,279
|
|
Roche Holding AG (participation certificate)
|
69,433
|
17,727,419
|
|
Royalty Pharma PLC
|
293,300
|
8,039,353
|
|
Sanofi SA sponsored ADR
|
474,055
|
23,242,917
|
|
218,836,373
|
|||
TOTAL HEALTH CARE
|
303,030,716
|
||
INDUSTRIALS - 8.7%
|
|||
Aerospace & Defense - 1.7%
|
|||
General Dynamics Corp.
|
80,400
|
24,101,508
|
|
General Electric Co.
|
152,475
|
25,179,722
|
|
Huntington Ingalls Industries, Inc.
|
71,094
|
17,993,891
|
|
Northrop Grumman Corp.
|
26,602
|
11,991,384
|
|
The Boeing Co. (e)
|
48,499
|
8,613,907
|
|
87,880,412
|
|||
Air Freight & Logistics - 0.7%
|
|||
United Parcel Service, Inc. Class B
|
265,029
|
36,820,479
|
|
Building Products - 0.4%
|
|||
Johnson Controls International PLC
|
320,890
|
23,075,200
|
|
Commercial Services & Supplies - 0.6%
|
|||
GFL Environmental, Inc.
|
229,900
|
7,237,983
|
|
GFL Environmental, Inc.
|
176,031
|
5,539,696
|
|
Republic Services, Inc.
|
18,510
|
3,427,867
|
|
Veralto Corp.
|
38,190
|
3,764,770
|
|
Waste Connections, Inc. (United States)
|
26,697
|
4,386,851
|
|
Waste Management, Inc.
|
42,400
|
8,934,952
|
|
33,292,119
|
|||
Construction & Engineering - 0.2%
|
|||
Comfort Systems U.S.A., Inc.
|
3,500
|
1,145,690
|
|
EMCOR Group, Inc.
|
1,700
|
660,722
|
|
Ferrovial SE
|
80,025
|
3,162,647
|
|
Ferrovial SE rights (e)(f)(g)
|
80,025
|
26,336
|
|
MDU Resources Group, Inc.
|
168,700
|
4,257,988
|
|
9,253,383
|
|||
Electrical Equipment - 1.8%
|
|||
AMETEK, Inc.
|
39,900
|
6,766,242
|
|
Eaton Corp. PLC
|
243,703
|
81,116,544
|
|
Fluence Energy, Inc. (e)(f)
|
33,052
|
830,597
|
|
GE Vernova LLC
|
38,118
|
6,704,956
|
|
95,418,339
|
|||
Ground Transportation - 0.5%
|
|||
Canadian Pacific Kansas City Ltd.
|
23,839
|
1,891,863
|
|
CSX Corp.
|
80,184
|
2,706,210
|
|
Norfolk Southern Corp.
|
79,375
|
17,843,500
|
|
Union Pacific Corp.
|
15,019
|
3,496,724
|
|
25,938,297
|
|||
Industrial Conglomerates - 0.5%
|
|||
Hitachi Ltd.
|
132,100
|
13,604,674
|
|
Siemens AG
|
72,500
|
13,973,741
|
|
27,578,415
|
|||
Machinery - 1.0%
|
|||
Chart Industries, Inc. (e)
|
25,100
|
3,941,453
|
|
Fortive Corp.
|
34,800
|
2,590,512
|
|
Hillenbrand, Inc.
|
117,800
|
5,476,522
|
|
ITT, Inc.
|
281,600
|
37,419,008
|
|
49,427,495
|
|||
Professional Services - 0.7%
|
|||
Experian PLC
|
434,100
|
20,115,391
|
|
KBR, Inc.
|
187,900
|
12,337,514
|
|
Paychex, Inc.
|
39,800
|
4,782,368
|
|
37,235,273
|
|||
Trading Companies & Distributors - 0.3%
|
|||
Watsco, Inc.
|
32,356
|
15,365,864
|
|
Transportation Infrastructure - 0.3%
|
|||
Aena SME SA (b)
|
63,529
|
12,423,902
|
|
Athens International Airport SA
|
91,741
|
822,998
|
|
13,246,900
|
|||
TOTAL INDUSTRIALS
|
454,532,176
|
||
INFORMATION TECHNOLOGY - 6.6%
|
|||
Communications Equipment - 1.3%
|
|||
Cisco Systems, Inc.
|
1,487,380
|
69,163,170
|
|
IT Services - 1.1%
|
|||
Accenture PLC Class A
|
80,102
|
22,611,994
|
|
Amdocs Ltd.
|
274,039
|
21,649,081
|
|
Capgemini SA
|
66,400
|
13,452,780
|
|
57,713,855
|
|||
Semiconductors & Semiconductor Equipment - 2.5%
|
|||
Analog Devices, Inc.
|
199,000
|
46,663,510
|
|
NVIDIA Corp.
|
1,700
|
1,863,761
|
|
NXP Semiconductors NV
|
132,000
|
35,917,200
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
|
298,107
|
45,026,081
|
|
129,470,552
|
|||
Software - 0.9%
|
|||
Gen Digital, Inc.
|
286,100
|
7,103,863
|
|
Microsoft Corp.
|
74,567
|
30,954,999
|
|
MicroStrategy, Inc. Class A (e)
|
1,100
|
1,676,939
|
|
Roper Technologies, Inc.
|
13,500
|
7,192,260
|
|
Workiva, Inc. (e)
|
3,500
|
269,395
|
|
Zoom Video Communications, Inc. Class A (e)
|
21,900
|
1,343,346
|
|
48,540,802
|
|||
Technology Hardware, Storage & Peripherals - 0.8%
|
|||
Apple, Inc.
|
39,041
|
7,505,632
|
|
FUJIFILM Holdings Corp.
|
180,300
|
4,117,290
|
|
Samsung Electronics Co. Ltd.
|
517,883
|
27,474,130
|
|
39,097,052
|
|||
TOTAL INFORMATION TECHNOLOGY
|
343,985,431
|
||
MATERIALS - 1.7%
|
|||
Chemicals - 0.6%
|
|||
Linde PLC
|
74,318
|
32,366,975
|
|
Containers & Packaging - 0.5%
|
|||
Ball Corp.
|
110,300
|
7,658,129
|
|
Crown Holdings, Inc.
|
193,332
|
16,276,621
|
|
23,934,750
|
|||
Metals & Mining - 0.6%
|
|||
Agnico Eagle Mines Ltd. (United States)
|
20,000
|
1,364,200
|
|
Freeport-McMoRan, Inc.
|
575,500
|
30,346,115
|
|
31,710,315
|
|||
TOTAL MATERIALS
|
88,012,040
|
||
REAL ESTATE - 0.8%
|
|||
Equity Real Estate Investment Trusts (REITs) - 0.8%
|
|||
American Tower Corp.
|
67,925
|
13,295,640
|
|
Equinix, Inc.
|
4,558
|
3,477,663
|
|
Lamar Advertising Co. Class A
|
131,468
|
15,527,685
|
|
Prologis, Inc.
|
24,457
|
2,702,254
|
|
Segro PLC
|
367,155
|
4,311,619
|
|
39,314,861
|
|||
Real Estate Management & Development - 0.0%
|
|||
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
|
19,621
|
683,596
|
|