NPORT-EX 1 QTLY_1833_20190430.htm

Quarterly Holdings Report
for

Fidelity® Real Estate Income Fund

April 30, 2019







REI-QTLY-0619
1.800347.115





Schedule of Investments April 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 30.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.2%   
Wyndham Destinations, Inc. 271,200 $11,813,472 
FINANCIALS - 5.1%   
Capital Markets - 1.1%   
Brookfield Asset Management, Inc. Class A 699,500 33,724,494 
Ellington Financial LLC (a) 1,635,484 29,504,131 
  63,228,625 
Insurance - 0.2%   
FNF Group 348,900 13,938,555 
Mortgage Real Estate Investment Trusts - 3.8%   
Anworth Mortgage Asset Corp. 371,436 1,556,317 
Chimera Investment Corp. 1,264,200 24,234,714 
Dynex Capital, Inc. (a) 4,594,563 28,026,834 
Ellington Residential Mortgage REIT (b) 483,900 5,719,698 
Great Ajax Corp. (a) 1,577,762 22,593,552 
Hunt Companies Finance Trust, Inc. 547,901 1,945,049 
Invesco Mortgage Capital, Inc. 617,049 10,070,240 
MFA Financial, Inc. 13,173,911 98,936,072 
New Residential Investment Corp. 738,500 12,414,185 
Redwood Trust, Inc. 1,189,152 19,454,527 
Two Harbors Investment Corp. 312,270 4,328,062 
  229,279,250 
TOTAL FINANCIALS  306,446,430 
INDUSTRIALS - 0.2%   
Construction & Engineering - 0.2%   
Williams Scotsman Corp. (c) 1,104,200 14,873,574 
REAL ESTATE - 24.5%   
Equity Real Estate Investment Trusts (REITs) - 24.0%   
Acadia Realty Trust (SBI) 3,915,004 110,559,713 
American Tower Corp. 714,900 139,619,970 
Apartment Investment & Management Co. Class A 3,187,673 157,343,539 
AvalonBay Communities, Inc. 215,600 43,320,508 
Boardwalk (REIT) (b) 296,100 8,595,453 
Brixmor Property Group, Inc. 441,300 7,890,444 
Cedar Realty Trust, Inc. 299,963 920,886 
Colony Capital, Inc. 8,369,748 43,020,505 
Crown Castle International Corp. 599,710 75,431,524 
DDR Corp. 2,164,474 28,657,636 
Equinix, Inc. 201,300 91,531,110 
Equity Lifestyle Properties, Inc. 1,390,402 162,259,898 
Equity Residential (SBI) 674,603 51,553,161 
Healthcare Realty Trust, Inc. 431,300 13,318,544 
Healthcare Trust of America, Inc. 1,239,360 34,181,549 
Lexington Corporate Properties Trust 4,178,274 37,896,945 
Mid-America Apartment Communities, Inc. 869,306 95,110,769 
Monmouth Real Estate Investment Corp. Class A 1,384,469 19,022,604 
Omega Healthcare Investors, Inc. 294,023 10,405,474 
Outfront Media, Inc. 815,663 19,437,249 
Sabra Health Care REIT, Inc. 2,742,075 53,634,987 
Safety Income and Growth, Inc. 425,230 10,728,553 
Senior Housing Properties Trust (SBI) 2,732,589 21,942,690 
Store Capital Corp. 735,800 24,516,856 
Terreno Realty Corp. 448,628 20,031,240 
UMH Properties, Inc. 865,530 12,160,697 
Ventas, Inc. 2,126,386 129,943,448 
VEREIT, Inc. 1,811,634 14,964,097 
Washington REIT (SBI) 309,500 8,740,280 
  1,446,740,329 
Real Estate Management & Development - 0.5%   
Colony NorthStar Credit Real Estate, Inc. (b) 1,403,071 21,803,723 
Retail Value, Inc. 275,801 9,239,334 
  31,043,057 
TOTAL REAL ESTATE  1,477,783,386 
TOTAL COMMON STOCKS   
(Cost $1,524,139,246)  1,810,916,862 
Preferred Stocks - 18.6%   
Convertible Preferred Stocks - 1.3%   
FINANCIALS - 0.3%   
Mortgage Real Estate Investment Trusts - 0.3%   
Great Ajax Corp. 7.25% (a) 362,000 9,404,760 
ZAIS Financial Corp. 7.00% 408,637 10,959,644 
  20,364,404 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
Alexandria Real Estate Equities, Inc. Series D, 7.00% 136,759 5,193,251 
Braemar Hotels & Resorts, Inc. 5.50% 99,191 2,000,682 
Equity Commonwealth 6.50% 20,519 557,501 
iStar Financial, Inc. Series J, 4.50% 213,773 9,267,957 
Lexington Corporate Properties Trust Series C, 6.50% 468,142 25,620,087 
QTS Realty Trust, Inc. 6.50% 42,000 4,631,760 
RLJ Lodging Trust Series A, 1.95% 31,935 811,149 
Wheeler REIT, Inc. 8.75% 516,748 7,523,851 
  55,606,238 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 7.012% 191,800 4,800,880 
TOTAL REAL ESTATE  60,407,118 
TOTAL CONVERTIBLE PREFERRED STOCKS  80,771,522 
Nonconvertible Preferred Stocks - 17.3%   
CONSUMER DISCRETIONARY - 0.0%   
Textiles, Apparel & Luxury Goods - 0.0%   
American Finance Trust, Inc. 7.50% (c) 103,704 2,616,452 
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Energy Transfer Partners LP 7.60% (c) 322,100 8,013,848 
Global Partners LP 9.75% 150,000 3,817,500 
  11,831,348 
FINANCIALS - 8.8%   
Mortgage Real Estate Investment Trusts - 8.6%   
AG Mortgage Investment Trust, Inc.:   
8.00% 618,287 16,025,999 
8.25% 38,935 1,006,470 
AGNC Investment Corp.:   
6.875% 763,900 19,227,363 
Series B, 7.75% 427,100 10,869,695 
Series C, 7.00% 361,900 9,358,734 
Annaly Capital Management, Inc.:   
Series C, 7.625% 190,417 4,859,442 
Series D, 7.50% 606,176 15,487,797 
Series F, 6.95% 1,250,552 32,076,659 
Series G, 6.50% 720,300 17,690,568 
Series H, 8.125% 248,636 6,377,513 
Anworth Mortgage Asset Corp. Series A, 8.625% 238,275 6,305,090 
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% 485,559 12,386,610 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 189,089 4,891,751 
Series B, 7.75% 240,000 6,168,600 
Series C, 8.50% 100,000 2,626,990 
Arlington Asset Investment Corp.:   
6.625% 218,046 5,314,217 
8.25% (c) 148,800 3,493,824 
Armour Residential REIT, Inc. Series B, 7.875% 153,654 3,858,252 
Capstead Mortgage Corp. Series E, 7.50% 331,084 8,363,182 
Cherry Hill Mortgage Investment Corp.:   
8.25% 191,669 4,848,114 
Series A, 8.20% 246,500 6,270,714 
Chimera Investment Corp.:   
8.00% 687,422 17,804,230 
Series A, 8.00% 204,800 5,261,312 
Series B, 8.00% 1,259,804 32,238,384 
Series C, 7.75% 1,295,773 32,860,803 
Dynex Capital, Inc.:   
Series A, 8.50% 362,932 9,512,811 
Series B, 7.625% 252,120 6,069,108 
Exantas Capital Corp. 8.625% 239,383 6,135,386 
Invesco Mortgage Capital, Inc.:   
7.50% 1,412,814 35,546,400 
Series A, 7.75% 123,342 3,150,155 
Series B, 7.75% 856,479 22,688,129 
MFA Financial, Inc.:   
8.00% 538,930 13,985,234 
Series B, 7.50% 616,232 15,621,481 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 284,267 6,998,654 
Series C, 7.875% 320,725 8,002,089 
Series D, 8.00% 313,300 7,566,195 
PennyMac Mortgage Investment Trust:   
8.125% 401,029 10,288,399 
Series B, 8.00% 661,462 16,926,813 
Two Harbors Investment Corp.:   
7.50% 496,667 12,123,641 
7.75% 118,428 2,955,963 
Series A, 8.125% 450,000 12,010,500 
Series B, 7.625% 867,199 21,792,711 
Series C, 7.25% 739,984 18,277,605 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 137,600 3,543,200 
  518,866,787 
Real Estate Management & Development - 0.2%   
Brookfield Properties Corp. Series EE, 5.10% 607,200 10,166,079 
TOTAL FINANCIALS  529,032,866 
REAL ESTATE - 8.2%   
Equity Real Estate Investment Trusts (REITs) - 8.1%   
American Homes 4 Rent:   
6.25% 100,030 2,550,765 
Series D, 6.50% 280,000 7,400,400 
Series E, 6.35% 252,900 6,676,560 
Series F, 5.875% 250,809 6,232,604 
Series G, 5.875% 202,000 5,029,800 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 141,870 3,587,892 
Series F, 7.375% 500,100 11,742,348 
Series G, 7.375% 147,018 3,341,719 
Series H, 7.50% 193,740 4,496,705 
Series I, 7.50% 272,461 6,356,515 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 486,775 12,919,009 
Series C, 7.625% 255,869 6,441,963 
Series D, 7.125% 170,000 4,155,650 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 175,000 4,480,000 
Brookfield Property REIT, Inc. 6.375% 98,015 2,473,899 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 183,922 4,634,834 
Series C, 6.50% 294,900 6,588,066 
City Office REIT, Inc. Series A, 6.625% 180,500 4,470,985 
Colony Capital, Inc.:   
Series B, 8.25% 242,522 6,077,601 
Series E, 8.75% 514,510 12,888,476 
Series G, 7.50% 227,252 4,920,006 
Series H, 7.125% 732,865 14,807,537 
Series I, 7.15% 834,142 17,016,497 
Series J, 7.15% 960,643 19,577,904 
DDR Corp.:   
Series J, 6.50% 340,721 8,647,499 
Series K, 6.25% 228,888 5,864,111 
Digital Realty Trust, Inc.:   
Series C, 6.625% 84,000 2,244,480 
Series G, 5.875% 40,444 1,019,189 
Farmland Partners, Inc. Series B, 6.00% 630,200 14,967,250 
Gladstone Commercial Corp. Series D, 7.00% 538,800 13,610,088 
Gladstone Land Corp. Series A, 6.375% 64,000 1,640,762 
Global Medical REIT, Inc. Series A, 7.50% 152,548 3,913,192 
Global Net Lease, Inc. Series A, 7.25% 537,620 13,773,824 
Government Properties Income Trust 5.875% 202,500 5,082,750 
Hersha Hospitality Trust:   
Series C, 6.875% 50,000 1,245,000 
Series D, 6.50% 200,000 4,700,000 
Investors Real Estate Trust Series C, 6.625% 320,900 8,022,660 
iStar Financial, Inc.:   
Series D, 8.00% 210,570 5,540,097 
Series G, 7.65% 274,548 6,841,736 
Series I, 7.50% 161,269 4,080,912 
Jernigan Capital, Inc. Series B, 7.00% 142,637 3,594,452 
Monmouth Real Estate Investment Corp. Series C, 6.125% 260,200 6,294,238 
National Retail Properties, Inc. Series E, 5.70% 301,404 7,507,974 
National Storage Affiliates Trust Series A, 6.00% 67,600 1,710,280 
Pebblebrook Hotel Trust:   
6.30% 240,000 6,045,600 
6.375% 354,698 8,778,776 
Series C, 6.50% 204,321 5,138,673 
Series D, 6.375% 350,000 9,082,500 
Pennsylvania (REIT):   
Series B, 7.375% 100,510 2,276,552 
Series C, 7.20% 51,000 1,109,250 
Series D, 6.875% 151,800 3,263,700 
Plymouth Industrial REIT, Inc. Series A, 7.50% 171,622 4,355,784 
Prologis, Inc. Series Q, 8.54% 94,446 6,072,878 
Public Storage Series F, 5.15% 173,400 4,288,182 
QTS Realty Trust, Inc. Series A, 7.125% 30,000 770,400 
RAIT Financial Trust 7.625% 224,590 3,986,473 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 135,000 3,358,125 
Series B, 5.875% 79,500 1,985,115 
Saul Centers, Inc.:   
Series C, 6.875% 183,479 4,755,776 
Series D, 6.125% 83,700 2,048,976 
Seritage Growth Properties Series A, 7.00% 93,036 2,233,794 
Sotherly Hotels, Inc.:   
Series B, 8.00% 68,000 1,728,560 
Series C, 7.875% 108,200 2,706,829 
Spirit Realty Capital, Inc. Series A, 6.00% 95,200 2,313,360 
Stag Industrial, Inc. Series C, 6.875% 83,000 2,186,228 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 210,000 5,271,000 
Series E, 6.25% 260,000 6,180,200 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 42,000 1,114,680 
Series F, 6.45% 84,000 2,205,000 
Taubman Centers, Inc. Series K, 6.25% 157,322 4,030,590 
UMH Properties, Inc.:   
Series B, 8.00% 319,604 8,344,860 
Series C, 6.75% 435,840 10,904,717 
Series D, 6.375% 93,800 2,260,580 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 160,000 4,084,800 
Series H, 6.25% 284,500 7,453,900 
VEREIT, Inc. Series F, 6.70% 1,959,376 49,199,931 
Washington Prime Group, Inc.:   
Series H, 7.50% 198,527 4,287,905 
Series I, 6.875% 298,115 5,803,762 
  488,795,685 
Real Estate Management & Development - 0.1%   
Brookfield Property Partners LP 6.50% (c) 34,500 865,260 
Landmark Infrastructure Partners LP Series B, 7.90% 117,700 2,946,172 
  3,811,432 
TOTAL REAL ESTATE  492,607,117 
UTILITIES - 0.1%   
Multi-Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 169,300 3,141,597 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  1,039,229,380 
TOTAL PREFERRED STOCKS   
(Cost $1,106,395,396)  1,120,000,902 
 Principal Amount Value 
Corporate Bonds - 20.0%   
Convertible Bonds - 4.7%   
FINANCIALS - 4.7%   
Diversified Financial Services - 0.3%   
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (d) 6,770,000 6,870,282 
6.375% 10/1/23 10,213,000 10,426,936 
  17,297,218 
Mortgage Real Estate Investment Trusts - 4.4%   
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 1,700,000 1,686,770 
Arbor Realty Trust, Inc. 5.25% 7/1/21 (d) 2,890,000 3,114,659 
Blackstone Mortgage Trust, Inc.:   
4.375% 5/5/22 16,780,000 17,027,137 
4.75% 3/15/23 3,900,000 3,973,125 
Colony Financial, Inc.:   
3.875% 1/15/21 19,280,000 18,389,264 
5% 4/15/23 26,083,000 24,514,571 
Exantas Capital Corp. 8% 1/15/20 13,890,000 14,376,150 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 (d) 8,100,000 8,320,509 
PennyMac Corp. 5.375% 5/1/20 35,606,000 35,608,761 
Redwood Trust, Inc.:   
4.75% 8/15/23 11,827,000 11,334,052 
5.625% 7/15/24 35,304,000 34,581,323 
RWT Holdings, Inc. 5.625% 11/15/19 36,880,000 37,106,909 
Starwood Property Trust, Inc. 4.375% 4/1/23 11,080,000 11,096,620 
Two Harbors Investment Corp. 6.25% 1/15/22 4,380,000 4,434,750 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 38,805,000 37,956,490 
  263,521,090 
TOTAL FINANCIALS  280,818,308 
Nonconvertible Bonds - 15.3%   
COMMUNICATION SERVICES - 0.0%   
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,300,000 1,339,650 
CONSUMER DISCRETIONARY - 4.2%   
Hotels, Restaurants & Leisure - 0.4%   
ESH Hospitality, Inc. 5.25% 5/1/25 (d) 11,040,000 11,081,400 
FelCor Lodging LP 6% 6/1/25 2,025,000 2,111,063 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 (d) 4,000,000 4,200,000 
Times Square Hotel Trust 8.528% 8/1/26 (d) 6,051,548 6,982,234 
  24,374,697 
Household Durables - 3.8%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (d) 26,757,000 25,017,795 
9.875% 4/1/27 (d) 21,460,000 22,425,700 
Beazer Homes U.S.A., Inc.:   
5.875% 10/15/27 10,165,000 9,173,913 
6.75% 3/15/25 5,850,000 5,645,250 
8.75% 3/15/22 5,840,000 6,102,800 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (d) 5,495,000 5,602,153 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (d) 5,580,000 5,468,400 
6.5% 12/15/20 (d) 12,085,000 12,115,213 
Century Communities, Inc. 5.875% 7/15/25 1,725,000 1,712,063 
KB Home:   
6.875% 6/15/27 3,000,000 3,117,510 
8% 3/15/20 8,465,000 8,803,600 
LGI Homes, Inc. 6.875% 7/15/26 (d) 18,330,000 18,559,125 
M/I Homes, Inc.:   
5.625% 8/1/25 10,965,000 10,759,406 
6.75% 1/15/21 3,803,000 3,860,045 
Meritage Homes Corp.:   
5.125% 6/6/27 5,035,000 4,972,063 
6% 6/1/25 4,000,000 4,240,000 
7% 4/1/22 7,525,000 8,051,750 
7.15% 4/15/20 7,060,000 7,271,800 
New Home Co. LLC 7.25% 4/1/22 14,325,000 12,964,125 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (d) 4,100,000 4,218,206 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 10,190,000 9,629,550 
5.875% 6/15/24 14,335,000 14,508,167 
William Lyon Homes, Inc.:   
5.875% 1/31/25 10,135,000 9,830,950 
6% 9/1/23 7,000,000 6,930,000 
7% 8/15/22 8,180,000 8,220,900 
  229,200,484 
TOTAL CONSUMER DISCRETIONARY  253,575,181 
CONSUMER STAPLES - 0.7%   
Food & Staples Retailing - 0.7%   
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 2,222 2,283 
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 17,225,000 17,095,813 
6.625% 6/15/24 8,225,000 8,482,031 
C&S Group Enterprises LLC 5.375% 7/15/22 (d) 9,705,000 9,680,738 
Cumberland Farms, Inc. 6.75% 5/1/25 (d) 2,075,000 2,189,125 
New Albertsons, Inc. 8.7% 5/1/30 5,080,000 5,029,200 
  42,479,190 
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Global Partners LP/GLP Finance Corp. 7% 6/15/23 4,000,000 4,000,000 
FINANCIALS - 0.8%   
Capital Markets - 0.0%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 3,610,000 3,691,225 
Diversified Financial Services - 0.7%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 6,000,000 5,979,128 
3.85% 2/1/25 8,384,000 8,351,713 
Five Point Operation Co. LP 7.875% 11/15/25 (d) 21,762,000 21,707,595 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 3,680,000 3,716,800 
6.25% 2/1/22 1,695,000 1,746,325 
  41,501,561 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 4,235,000 4,245,588 
TOTAL FINANCIALS  49,438,374 
HEALTH CARE - 0.3%   
Health Care Providers & Services - 0.3%   
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 5,675,000 5,767,219 
5.5% 2/1/21 12,305,000 12,412,669 
  18,179,888 
INDUSTRIALS - 0.2%   
Building Products - 0.2%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (d) 10,610,000 10,424,325 
REAL ESTATE - 9.0%   
Equity Real Estate Investment Trusts (REITs) - 5.7%   
American Homes 4 Rent 4.9% 2/15/29 1,000,000 1,042,885 
ARC Properties Operating Partnership LP 4.6% 2/6/24 10,480,000 10,875,933 
Care Capital Properties LP 5.125% 8/15/26 20,493,000 20,328,824 
CBL & Associates LP:   
4.6% 10/15/24 26,758,000 17,660,280 
5.25% 12/1/23 11,500,000 8,165,000 
5.95% 12/15/26 10,434,000 7,277,715 
Communications Sales & Leasing, Inc.:   
6% 4/15/23 (d) 8,715,000 8,366,400 
8.25% 10/15/23 6,140,000 5,717,875 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 7,577,000 7,824,616 
DDR Corp.:   
3.625% 2/1/25 5,551,000 5,470,391 
4.625% 7/15/22 658,000 678,776 
Equinix, Inc. 5.375% 5/15/27 6,620,000 7,007,932 
HCP, Inc.:   
4% 6/1/25 1,000,000 1,029,973 
4.25% 11/15/23 1,707,000 1,781,257 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 966,000 973,525 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,395,000 8,310,025 
Hospitality Properties Trust 5% 8/15/22 3,177,000 3,302,896 
iStar Financial, Inc.:   
4.625% 9/15/20 6,755,000 6,822,550 
5.25% 9/15/22 5,220,000 5,259,150 
6% 4/1/22 8,375,000 8,573,906 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,180,000 2,198,201 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 9,555,000 9,578,888 
5.25% 8/1/26 7,700,000 7,844,375 
6.375% 3/1/24 4,000,000 4,212,000 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,303,000 3,366,085 
4.5% 4/1/27 2,462,000 2,495,527 
4.75% 1/15/28 12,204,000 12,499,168 
4.95% 4/1/24 2,898,000 3,012,063 
Regency Centers LP 3.6% 2/1/27 2,558,000 2,564,172 
SBA Communications Corp. 4% 10/1/22 5,535,000 5,562,675 
Select Income REIT:   
4.15% 2/1/22 11,170,000 11,215,609 
4.25% 5/15/24 5,030,000 4,861,062 
4.5% 2/1/25 21,294,000 20,478,014 
Senior Housing Properties Trust:   
3.25% 5/1/19 7,382,000 7,382,000 
4.75% 5/1/24 44,895,000 44,640,034 
4.75% 2/15/28 6,000,000 5,455,207 
6.75% 4/15/20 13,624,000 13,787,322 
6.75% 12/15/21 8,000,000 8,423,192 
VEREIT Operating Partnership LP 4.875% 6/1/26 10,945,000 11,456,460 
WP Carey, Inc.:   
4% 2/1/25 6,985,000 7,024,125 
4.25% 10/1/26 7,242,000 7,339,561 
4.6% 4/1/24 11,323,000 11,778,667 
  343,644,316 
Real Estate Management & Development - 3.3%   
Forestar Group, Inc. 8% 4/15/24 (d) 18,916,000 19,388,900 
Greystar Real Estate Partners 5.75% 12/1/25 (d) 15,655,000 15,733,275 
Howard Hughes Corp. 5.375% 3/15/25 (d) 36,482,000 36,790,638 
Kennedy-Wilson, Inc. 5.875% 4/1/24 51,515,000 51,901,363 
Mack-Cali Realty LP:   
3.15% 5/15/23 10,000 9,129 
4.5% 4/18/22 523,000 507,500 
Mattamy Group Corp.:   
6.5% 10/1/25 (d) 24,110,000 24,531,925 
6.875% 12/15/23 (d) 7,990,000 8,269,650 
Mid-America Apartments LP:   
3.75% 6/15/24 1,663,000 1,696,093 
4.3% 10/15/23 2,203,000 2,292,895 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (d) 2,803,000 2,804,738 
5.625% 3/1/24 (d) 9,935,000 10,034,350 
Washington Prime Group LP 5.95% 8/15/24 27,489,000 25,500,733 
  199,461,189 
TOTAL REAL ESTATE  543,105,505 
TOTAL NONCONVERTIBLE BONDS  922,542,113 
TOTAL CORPORATE BONDS   
(Cost $1,200,843,168)  1,203,360,421 
Asset-Backed Securities - 2.1%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (d) 3,000,000 3,289,145 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (d) 9,025,000 10,000,603 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (d) 1,999,310 2,144,649 
Class F, 5.885% 4/17/52 (d) 2,000,000 2,112,380 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (d) 8,259,000 9,095,906 
Class XS, 0% 10/17/52 (d)(e)(f)(g) 4,710,838 47 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.9874% 3/20/50 (d)(e)(g)(h) 2,250,000 225 
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 6.6226% 12/17/33 (d)(e)(h) 935,865 936,470 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 426,057 380,073 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 1,276,043 1,290,403 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 5.4226% 2/22/36 (d)(e)(h) 2,142,000 2,155,351 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (e) 805,899 811,350 
Series 1997-3 Class M1, 7.53% 3/15/28 5,454,831 5,423,443 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 6.0129% 7/17/34 (d)(e)(h) 6,318,500 6,322,014 
Home Partners of America Trust:   
Series 2016-2 Class F, 1 month U.S. LIBOR + 4.700% 7.1739% 10/17/33 (d)(e)(h) 3,393,000 3,395,081 
Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.8239% 7/17/37 (d)(e)(h) 3,896,000 3,887,483 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.7226% 6/17/37 (d)(e)(h) 3,000,000 2,988,768 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 721,529 509,893 
Merit Securities Corp. Series 13 Class M1, 7.7087% 12/28/33 (e) 1,630,302 1,694,670 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (d) 2,940,000 2,983,914 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (d) 3,073,000 3,125,179 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (d) 2,568,000 2,571,491 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (d) 3,402,000 3,428,967 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (d) 3,412,000 3,468,968 
Series 2019-SFR1 Class F, 5.061% 8/17/35 (d) 3,000,000 3,024,609 
Series 2019-SFR2 Class F, 4.837% 5/17/36 (d) 3,902,000 3,906,241 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 5.0726% 1/17/35 (d)(e)(h) 5,906,000 5,912,060 
Class F, 1 month U.S. LIBOR + 3.400% 5.8726% 1/17/35 (d)(e)(h) 12,671,000 12,683,790 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 5.3826% 2/5/36 (d)(e)(g)(h) 4,528,374 340 
Tricon American Homes:   
Series 2017-SFR1 Class F, 5.151% 9/17/34 (d) 8,442,000 8,574,271 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (d) 3,785,000 3,817,382 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (d) 4,000,000 4,086,695 
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (d) 2,544,000 2,599,721 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (d) 7,797,000 8,060,872 
Series 2018-1A Class F, 5.25% 2/15/48 (d) 1,354,000 1,320,515 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 4.5913% 11/21/40 (d)(e)(g)(h) 250,000 246,083 
TOTAL ASSET-BACKED SECURITIES   
(Cost $127,860,529)  126,249,052 
Collateralized Mortgage Obligations - 0.1%   
Private Sponsor - 0.1%   
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.5423% 12/25/46 (d)(e) 4,500,000 4,566,013 
Series 2010-K7 Class B, 5.6873% 4/25/20 (d)(e) 3,200,000 3,266,012 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 14.4313% 6/10/35 (d)(e)(g)(h) 42,103 21,091 
TOTAL PRIVATE SPONSOR  7,853,116 
U.S. Government Agency - 0.0%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.1709% 2/25/42 (d)(e) 46,047 16,036 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.0949% 6/25/43 (d)(e) 80,471 32,958 
TOTAL U.S. GOVERNMENT AGENCY  48,994 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $7,786,781)  7,902,110 
Commercial Mortgage Securities - 15.3%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (d) 2,000,000 2,110,739 
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (d) 3,349,000 2,922,245 
Series 2018-BN12 Class D, 3% 5/15/61 (d) 1,701,000 1,410,871 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.4272% 9/10/28 (d)(e) 8,413,000 8,248,589 
Class F, 4.4272% 9/10/28 (d)(e) 4,074,000 3,850,154 
Braemar Hotels & Resorts Trust floater Series 2018-PRME Class E, 1 month U.S. LIBOR + 2.400% 4.8726% 6/15/35 (d)(e)(h) 1,500,000 1,502,965 
BX Trust floater Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 4.5226% 11/15/35 (d)(e)(h) 3,830,880 3,854,853 
Class H, 1 month U.S. LIBOR + 3.000% 5.4726% 11/15/35 (d)(e)(h) 7,327,538 7,373,401 
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (d)(e) 1,498,000 1,468,619 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 5.7226% 12/15/37 (d)(e)(h) 7,428,000 7,502,254 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.6712% 4/10/29 (d)(e) 4,536,000 4,574,189 
Class F, 5.6712% 4/10/29 (d)(e) 9,710,000 9,533,055 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d) 3,391,000 2,978,840 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 5.7226% 7/15/30 (d)(e)(h) 6,200,000 6,199,983 
Class E, 1 month U.S. LIBOR + 3.872% 6.3441% 7/15/30 (d)(e)(h) 6,741,000 6,709,634 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.3895% 9/10/46 (d)(e) 5,254,000 5,445,969 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.350% 6.8226% 7/15/27 (d)(e)(h) 2,933,000 2,932,131 
Series 2016-C3 Class D, 3% 11/15/49 (d) 7,089,000 5,671,656 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 5.5226% 9/15/33 (d)(e)(h) 4,265,000 4,280,516 
Class G, 1 month U.S. LIBOR + 5.056% 7.5289% 9/15/33 (d)(e)(h) 4,265,000 4,112,400 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (d) 7,300,000 6,070,318 
Series 2012-CR1:   
Class C, 5.4978% 5/15/45 (e) 1,000,000 1,038,482 
Class D, 5.4978% 5/15/45 (d)(e) 5,550,000 5,594,426 
Class G, 2.462% 5/15/45 (d) 6,346,000 4,965,485 
Series 2012-LC4:   
Class C, 5.723% 12/10/44 (e) 2,000,000 2,073,523 
Class D, 5.723% 12/10/44 (d)(e) 11,675,000 10,409,377 
Series 2013-CR10 Class D, 4.9521% 8/10/46 (d)(e) 4,544,000 4,539,256 
Series 2013-CR12 Class D, 5.2535% 10/10/46 (d)(e) 4,500,000 4,079,440 
Series 2013-LC6 Class D, 4.4048% 1/10/46 (d)(e) 8,301,000 8,257,460 
Series 2014-CR17 Class E, 4.9788% 5/10/47 (d)(e) 3,098,000 2,871,705 
Series 2014-UBS2 Class D, 5.169% 3/10/47 (d)(e) 3,713,000 3,414,625 
Series 2016-CD1 Class D, 2.9023% 8/10/49 (d)(e) 9,452,000 7,990,033 
Series 2017-CD4 Class D, 3.3% 5/10/50 (d) 2,800,000 2,417,247 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (d) 2,800,000 2,485,204 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.9925% 8/15/45 (d)(e) 4,500,000 4,510,087 
Class E, 4.9925% 8/15/45 (d)(e) 8,000,000 7,837,618 
Core Industrial Trust:   
Series 2015-TEXW Class F, 3.977% 2/10/34 (d)(e) 13,083,000 13,015,277 
Series 2015-WEST Class F, 4.3677% 2/10/37 (d)(e) 12,745,000 12,597,682 
Credit Suisse Mortgage Trust floater Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 6.0726% 1/15/34 (d)(e)(h) 7,876,000 7,947,341 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (d) 4,346,000 3,960,722 
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (d)(e) 7,210,000 7,186,914 
Series 2017-CX9 Class D, 4.2948% 9/15/50 (d)(e) 2,568,000 2,369,283 
DBCCRE Mortgage Trust Series 2014-ARCP:   
Class D, 5.099% 1/10/34 (d)(e) 1,000,000 981,268 
Class E, 5.099% 1/10/34 (d)(e) 10,853,000 10,321,299 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.8846% 11/10/46 (d)(e) 14,031,000 14,566,332 
Class G, 4.652% 11/10/46 (d) 12,360,000 11,540,396 
Series 2011-LC3A Class D, 5.5162% 8/10/44 (d)(e) 3,945,000 4,099,231 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.6595% 12/25/43 (e)(f) 12,206,096 489,743 
Series K012 Class X3, 2.329% 1/25/41 (e)(f) 20,724,834 757,638 
Series K013 Class X3, 2.9099% 1/25/43 (e)(f) 14,360,000 665,991 
Series KAIV Class X2, 3.6147% 6/25/41 (e)(f) 7,430,000 519,419 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class EFX, 3.4949% 12/15/34 (d)(e) 4,364,000 4,328,913 
Class FFX, 3.4949% 12/15/34 (d)(e) 14,402,000 14,238,722 
Class GFX, 3.4949% 12/15/34 (d)(e) 24,194,000 23,774,462 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 5.4374% 11/21/35 (d)(e)(h) 2,500,000 2,507,253 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 5.0726% 7/15/35 (d)(e)(h) 3,808,000 3,763,494 
Series 2010-C2 Class D, 5.3535% 12/10/43 (d)(e) 3,000,000 3,089,009 
Series 2011-GC5:   
Class C, 5.557% 8/10/44 (d)(e) 9,000,000 9,180,101 
Class D, 5.557% 8/10/44 (d)(e) 9,559,000 9,489,997 
Class E, 5.557% 8/10/44 (d)(e) 8,230,000 7,321,815 
Class F, 4.5% 8/10/44 (d) 7,986,000 5,030,453 
Series 2012-GC6:   
Class C, 5.8399% 1/10/45 (d)(e) 3,600,000 3,791,998 
Class D, 5.8399% 1/10/45 (d)(e) 6,665,000 6,781,200 
Class E, 5% 1/10/45 (d)(e) 4,516,000 4,086,011 
Series 2012-GCJ7:   
Class C, 5.8699% 5/10/45 (e) 6,500,000 6,798,232 
Class D, 5.8699% 5/10/45 (d)(e) 10,192,000 9,844,346 
Class E, 5% 5/10/45 (d) 3,837,320 2,747,082 
Series 2012-GCJ9:   
Class D, 4.9045% 11/10/45 (d)(e) 5,565,000 5,611,858 
Class E, 4.9045% 11/10/45 (d)(e) 1,930,000 1,799,054 
Series 2013-GC14 Class D, 4.9075% 8/10/46 (d)(e) 1,680,000 1,692,721 
Series 2013-GC16:   
Class D, 5.4876% 11/10/46 (d)(e) 3,750,000 3,876,615 
Class F, 3.5% 11/10/46 (d) 7,303,000 5,608,510 
Series 2016-GS3 Class D, 2.62% 10/10/49 (d) 3,398,000 2,812,814 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (d) 29,826,000 29,871,034 
Series 2016-RENT:   
Class E, 4.2022% 2/10/29 (d)(e) 4,340,000 4,340,339 
Class F, 4.2022% 2/10/29 (d)(e) 20,197,000 20,063,104 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.3333% 11/5/38 (d)(e) 8,440,000 7,993,569 
Series 2016-SFP Class F, 6.1552% 11/5/35 (d) 8,707,000 8,894,653 
IMT Trust Series 2017-APTS:   
Class EFX, 3.6132% 6/15/34 (d)(e) 9,317,000 9,030,558 
Class FFL, 1 month U.S. LIBOR + 2.850% 5.3226% 6/15/34 (d)(e)(h) 3,909,000 3,883,981 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (d) 2,896,000 2,929,233 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 4.7239% 7/17/37 (d)(e)(h) 8,405,000 8,318,228 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 4.6739% 1/17/38 (d)(e)(h) 3,410,000 3,364,453 
JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ Class E, 1 month U.S. LIBOR + 3.000% 5.4726% 6/15/35 (d)(e)(h) 1,672,850 1,681,205 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d) 8,738,000 7,328,237 
Series 2014-C26 Class D, 4.0515% 1/15/48 (d)(e) 3,398,000 3,200,903 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5784% 12/15/49 (d)(e) 10,241,000 8,891,317 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.2207% 12/15/49 (d)(e) 7,388,000 6,420,428 
Series 2018-C8 Class D, 3.4033% 6/15/51 (d)(e) 1,698,000 1,457,874 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.1909% 6/15/45 (e) 4,530,000 4,671,710 
Class E, 5.1909% 6/15/45 (d)(e) 5,892,000 5,589,940 
Class F, 4% 6/15/45 (d) 8,192,000 6,728,241 
Class G 4% 6/15/45 (d) 4,044,000 2,315,153 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.8492% 2/15/46 (d)(e) 13,930,000 13,196,608 
Class G, 4.409% 2/15/46 (d)(e) 4,671,000 3,932,923 
Class H, 4.409% 2/15/46 (d)(e) 7,077,000 5,671,947 
Series 2011-C4 Class F, 3.873% 7/15/46 (d) 1,400,000 1,394,037 
Series 2013-LC11:   
Class D, 4.3071% 4/15/46 (e) 7,809,000 6,898,963 
Class E, 3.25% 4/15/46 (d)(e) 472,000 357,544 
Class F, 3.25% 4/15/46 (d)(e) 2,518,000 1,529,684 
Series 2014-DSTY Class E, 3.9314% 6/10/27 (d)(e) 8,161,000 2,388,174 
Series 2015-UES Class F, 3.7417% 9/5/32 (d)(e) 6,896,000 6,744,893 
Series 2018-AON Class F, 4.767% 7/5/31 (d) 5,096,000 4,957,473 
Kref Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 5.0226% 6/15/36 (d)(e)(h) 2,560,000 2,562,006 
LSTAR Commercial Mortgage Trust Series 2014-2:   
Class D, 5.7864% 1/20/41 (d)(e) 3,000,000 2,992,147 
Class E, 5.7864% 1/20/41 (d)(e) 4,800,000 4,605,925 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.7798% 5/12/39 (e) 1,960,938 1,974,910 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.8411% 8/15/45 (d)(e) 3,889,000 3,972,485 
Series 2012-C6 Class D, 4.7628% 11/15/45 (d)(e) 2,000,000 2,050,875 
Series 2013-C12 Class D, 4.9247% 10/15/46 (d)(e) 7,164,000 7,233,730 
Series 2013-C13:   
Class D, 5.0723% 11/15/46 (d)(e) 5,277,000 5,426,349 
Class E, 5.0723% 11/15/46 (d)(e) 3,379,000 3,061,001 
Series 2013-C7:   
Class D, 4.3696% 2/15/46 (d)(e) 5,650,000 5,400,387 
Class E, 4.3696% 2/15/46 (d)(e) 1,000,000 846,001 
Series 2013-C9:   
Class C, 4.1746% 5/15/46 (e) 3,339,000 3,362,667 
Class D, 4.2626% 5/15/46 (d)(e) 5,137,000 4,945,165 
Series 2016-C30 Class D, 3% 9/15/49 (d) 5,408,000 4,360,857 
Series 2016-C31 Class D, 3% 11/15/49 (d)(e) 1,500,000 1,213,716 
Series 2016-C32 Class D, 3.396% 12/15/49 (d) 5,929,000 4,914,167 
Morgan Stanley Capital I Trust:   
floater Series 2019-AGLN:   
Class F, 1 month U.S. LIBOR + 2.600% 5.0726% 3/15/34 (d)(e)(h) 4,000,000 4,011,893 
Class G, 1 month U.S. LIBOR + 3.150% 5.6226% 3/15/34 (d)(e)(h) 6,013,000 6,048,832 
Series 1998-CF1 Class G, 7.35% 7/15/32 (d) 370,732 325,121 
Series 2011-C2:   
Class D, 5.6675% 6/15/44 (d)(e) 5,387,000 5,455,690 
Class E, 5.6675% 6/15/44 (d)(e) 12,150,000 11,897,637 
Class F, 5.6675% 6/15/44 (d)(e) 4,440,000 3,996,334 
Class XB, 0.6125% 6/15/44 (d)(e)(f) 63,708,222 668,178 
Series 2011-C3:   
Class D, 5.2878% 7/15/49 (d)(e) 7,400,000 7,425,422 
Class E, 5.2878% 7/15/49 (d)(e) 3,495,000 3,420,039 
Class F, 5.2878% 7/15/49 (d)(e) 5,688,050 5,382,384 
Class G, 5.2878% 7/15/49 (d)(e) 4,985,000 4,385,454 
Series 2012-C4 Class D, 5.6004% 3/15/45 (d)(e) 6,310,000 6,166,123 
Series 2015-MS1 Class D, 4.1651% 5/15/48 (d)(e) 10,956,000 10,255,066 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (d) 5,013,000 4,317,877 
Series 2016-BNK2 Class C, 3% 11/15/49 (d) 3,000,000 2,574,145 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 9.3991% 8/15/19 (d)(e)(h) 7,083,531 7,149,671 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.7226% 8/15/34 (d)(e)(h) 12,137,179 12,205,467 
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 4.6226% 10/15/37 (d)(e)(h) 5,118,000 5,137,072 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (d) 10,105,650 10,117,940 
Class E, 6.8087% 11/15/34 (d) 9,659,400 9,315,120 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (d)(e) 1,500,000 1,429,682 
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 5.234% 6/15/35 (d)(e)(h) 1,743,000 1,751,161 
Class WAN2, 1 month U.S. LIBOR + 3.750% 6.234% 6/15/35 (d)(e)(h) 651,000 648,753 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) 4,042,488 4,855,577 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 5.4% 3/25/34 (d)(e)(h) 3,439,000 3,438,986 
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.4823% 8/15/39 (e) 92,676 92,878 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.7282% 5/10/45 (d)(e) 3,235,000 3,239,236 
Class E, 5% 5/10/45 (d)(e) 6,339,000 5,756,929 
Class F, 5% 5/10/45 (d)(e) 2,221,350 1,698,157 
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (d)(e) 2,143,000 2,060,469 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.2522% 1/10/45 (d)(e) 3,000,000 3,213,362 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.9196% 10/15/45 (d)(e) 12,964,000 13,345,761 
Class E, 4.9196% 10/15/45 (d)(e) 8,441,000 8,304,858 
Series 2016-BNK1 Class D, 3% 8/15/49 (d) 6,979,000 5,787,743 
Series 2016-C35 Class D, 3.142% 7/15/48 (d) 18,542,000 14,894,789 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (d) 5,094,000 4,331,037 
Series 2017-C38 Class D, 3% 7/15/50 (d)(e) 4,373,000 3,627,097 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 4,000,000 2,630,928 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (d) 4,900,000 5,033,796 
Class D, 5.8554% 3/15/44 (d)(e) 1,000,000 910,641 
Class E, 5% 3/15/44 (d) 3,000,000 1,717,109 
Series 2011-C5:   
Class E, 5.8611% 11/15/44 (d)(e) 3,807,000 3,867,377 
Class F, 5.25% 11/15/44 (d)(e) 3,000,000 2,751,357 
Class G, 5.25% 11/15/44 (d)(e) 2,000,000 1,737,638 
Series 2012-C7:   
Class D, 4.9733% 6/15/45 (d)(e) 2,380,000 2,238,415 
Class F, 4.5% 6/15/45 (d) 2,000,000 1,235,496 
Series 2012-C8 Class E, 5.0546% 8/15/45 (d)(e) 2,922,500 2,897,677 
Series 2013-C11:   
Class D, 4.407% 3/15/45 (d)(e) 5,830,000 5,712,001 
Class E, 4.407% 3/15/45 (d)(e) 4,780,000 4,490,329 
Series 2013-C13 Class D, 4.2701% 5/15/45 (d)(e) 4,000,000 4,008,370 
Series 2013-C16 Class D, 5.1945% 9/15/46 (d)(e) 3,728,000 3,585,711 
Series 2013-UBS1 Class D, 4.899% 3/15/46 (d)(e) 4,589,000 4,566,577 
WFCG Commercial Mortgage Trust floater Series 2015-BXRP:   
Class F, 1 month U.S. LIBOR + 3.720% 6.1929% 11/15/29 (d)(e)(h) 5,152,378 5,147,047 
Class G, 1 month U.S. LIBOR + 3.020% 5.4926% 11/15/29 (d)(e)(h) 8,859,793 8,775,481 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.6332% 6/5/35 (d)(e) 6,725,000 5,539,430 
Class PR2, 3.6332% 6/5/35 (d)(e) 2,541,000 2,024,651 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $886,036,550)  921,001,310 
Bank Loan Obligations - 5.4%   
COMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 4/11/25 (e)(h) 13,566,754 13,476,263 
CONSUMER DISCRETIONARY - 0.9%   
Hotels, Restaurants & Leisure - 0.8%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 12/22/24 (e)(h) 8,039,135 8,060,921 
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 8/30/23 (e)(h) 13,401,134 13,383,444 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.3789% 6/10/22 (e)(h) 4,230,043 4,220,990 
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 8/31/25 (e)(h) 4,044,863 4,048,665 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.23% 4/27/24 (e)(h) 11,423,104 11,242,276 
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 5/31/25 (e)(h) 6,294,395 6,291,751 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 5/30/25 (e)(h) 995,000 993,597 
  48,241,644 
Multiline Retail - 0.1%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.8789% 6/23/23 (e)(h) 6,141,742 5,460,684 
TOTAL CONSUMER DISCRETIONARY  53,702,328 
CONSUMER STAPLES - 0.5%   
Food & Staples Retailing - 0.5%   
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.4831% 6/22/23 (e)(h) 17,019,335 17,028,185 
3 month U.S. LIBOR + 3.000% 5.6088% 12/21/22 (e)(h) 11,412,488 11,421,618 
  28,449,803 
ENERGY - 0.5%   
Energy Equipment & Services - 0.1%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.74% 6/1/25 (e)(h) 5,958,731 5,968,682 
Oil, Gas & Consumable Fuels - 0.4%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.351% 12/19/20 (e)(h) 21,796,488 20,824,800 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 10/2/23 (e)(h) 5,207,138 5,206,514 
  26,031,314 
TOTAL ENERGY  31,999,996 
FINANCIALS - 0.4%   
Diversified Financial Services - 0.2%   
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (e)(g) 9,171,000 9,491,985 
Mortgage Real Estate Investment Trusts - 0.1%   
Blackstone Mortgage Trust, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 4/16/26 (e)(h) 5,170,000 5,170,000 
Real Estate Management & Development - 0.0%   
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 3/23/25 (e)(h) 2,553,419 2,551,146 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4766% 12/5/20 (e)(h) 6,098,585 6,098,586 
TOTAL FINANCIALS  23,311,717 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 2/27/25 (e)(h) 6,414,658 6,318,438 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 12/20/24 (e)(h) 3,267,922 3,276,091 
REAL ESTATE - 1.7%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 4.1766% 2/6/22 (e)(g)(h) 20,000,000 19,550,000 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2334% 6/28/23 (e)(h) 14,505,437 14,487,306 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.49% 3/23/24 (e)(h) 2,969,697 2,868,549 
Uniti Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4831% 10/24/22 (e)(h) 13,777,819 13,564,263 
  50,470,118 
Real Estate Management & Development - 0.9%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.99% 3/24/24 (e)(h) 5,766,064 5,748,074 
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7486% 8/21/25 (e)(h) 29,077,516 29,077,516 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7298% 2/8/25 (e)(h) 3,969,849 3,871,834 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4874% 12/22/24 (e)(h) 13,235,000 13,207,471 
  51,904,895 
TOTAL REAL ESTATE  102,375,013 
UTILITIES - 1.0%   
Electric Utilities - 0.5%   
Green Energy Partners/Stonewall LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 8.101% 11/13/21 (e)(h) 8,014,997 7,764,529 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 5.500% 3% 11/13/21 (e)(h) 1,945,063 1,884,280 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 1/30/24 (e)(h) 14,904,530 14,804,372 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 1/30/24 (e)(h) 840,639 834,990 
Lonestar II Generation Holding:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.4798% 4/10/26 (e)(h) 5,357,143 5,343,750 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.4798% 4/10/26 (e)(h) 642,857 641,250 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.99% 12/2/21 (e)(h) 1,288,564 1,233,259 
  32,506,430 
Independent Power and Renewable Electricity Producers - 0.5%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 4/13/23 (e)(h) 7,382,845 7,415,182 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 9.601% 10/18/22 (e)(h) 14,372,991 13,941,801 
Oregon Clean Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 3/1/26 (e)(h) 6,000,000 6,019,980 
  27,376,963 
TOTAL UTILITIES  59,883,393 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $323,025,009)  322,793,042 
Preferred Securities - 0.0%   
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (d)(g) 1,220,000 122 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)(g) 500,000 12,530 
TOTAL PREFERRED SECURITIES   
(Cost $1,297,768)  12,652 
 Shares Value 
Money Market Funds - 9.1%   
Fidelity Cash Central Fund, 2.49% (i) 539,909,998 540,017,980 
Fidelity Securities Lending Cash Central Fund 2.49% (i)(j) 11,734,936 11,736,109 
TOTAL MONEY MARKET FUNDS   
(Cost $551,697,370)  551,754,089 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $5,729,081,817)  6,063,990,440 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (37,781,460) 
NET ASSETS - 100%  $6,026,208,980 

Legend

 (a) Affiliated company

 (b) Security or a portion of the security is on loan at period end.

 (c) Non-income producing

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,316,977,543 or 21.9% of net assets.

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (f) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (g) Level 3 security

 (h) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (j) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $6,271,824 
Fidelity Securities Lending Cash Central Fund 96,499 
Total $6,368,323 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Acadia Realty Trust (SBI) $118,210,943 $-- $12,776,881 $3,403,509 $(1,576,558) $6,702,209  $-- 
Dynex Capital, Inc. 8,749,159 19,941,166 194,248 1,227,626 (90,504) (378,739) 28,026,834 
Ellington Financial LLC 26,952,776 -- -- 2,469,581 -- 2,551,355 29,504,131 
Great Ajax Corp. 21,094,678 -- -- 1,561,984 -- 1,498,874  22,593,552 
Great Ajax Corp. 7.25% 6,982,400 1,999,890 -- 455,391 -- 422,470 9,404,760 
Total $181,989,956 $21,941,056 $12,971,129 $9,118,091 $(1,667,062) $10,796,169  $89,529,277 

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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