NPORT-EX 2 QTLY_1833_20191031.htm

Quarterly Holdings Report
for

Fidelity® Real Estate Income Fund

October 31, 2019







REI-QTLY-1219
1.809106.116





Schedule of Investments October 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 30.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.2%   
Wyndham Destinations, Inc. 270,700 $12,563,187 
FINANCIALS - 6.3%   
Capital Markets - 0.8%   
Brookfield Asset Management, Inc. Class A 643,400 35,577,270 
Trinity Merger Corp. Class A (a)(b) 1,826,800 19,163,132 
  54,740,402 
Mortgage Real Estate Investment Trusts - 5.5%   
Anworth Mortgage Asset Corp. 367,236 1,255,947 
Chimera Investment Corp. 729,700 14,783,722 
Colony NorthStar Credit Real Estate, Inc. 1,670,484 23,938,036 
Dynex Capital, Inc. (b) 2,107,662 34,059,818 
Ellington Financial LLC 1,664,816 30,665,911 
Ellington Residential Mortgage REIT 478,500 5,201,295 
Great Ajax Corp. (b)(c) 1,560,062 24,414,970 
Hunt Companies Finance Trust, Inc. 541,801 1,804,197 
MFA Financial, Inc. 12,649,211 96,007,511 
New Residential Investment Corp. 5,858,800 92,803,392 
Redwood Trust, Inc. 1,286,252 21,017,358 
Two Harbors Investment Corp. 218,270 3,027,405 
  348,979,562 
TOTAL FINANCIALS  403,719,964 
INDUSTRIALS - 0.3%   
Construction & Engineering - 0.3%   
Williams Scotsman Corp. (a) 1,091,800 17,206,768 
REAL ESTATE - 23.6%   
Equity Real Estate Investment Trusts (REITs) - 23.6%   
Acadia Realty Trust (SBI) 3,470,404 97,101,904 
American Homes 4 Rent Class A 682,200 18,057,834 
American Tower Corp. 725,900 158,304,272 
Apartment Investment & Management Co. Class A 2,847,473 156,269,318 
AvalonBay Communities, Inc. 152,200 33,127,852 
Boardwalk (REIT) (c) 256,100 8,493,241 
Cedar Realty Trust, Inc. 296,563 990,520 
Colony Capital, Inc. 6,476,880 36,270,528 
CoreSite Realty Corp. 89,500 10,516,250 
Crown Castle International Corp. 653,210 90,659,016 
Equinix, Inc. 117,300 66,483,294 
Equity Lifestyle Properties, Inc. 2,451,296 171,443,628 
Equity Residential (SBI) 420,403 37,272,930 
Gaming & Leisure Properties 484,600 19,558,456 
Healthcare Realty Trust, Inc. 165,500 5,754,435 
Healthcare Trust of America, Inc. 1,225,460 37,989,260 
iStar Financial, Inc. 2,263,800 29,452,038 
Lexington Corporate Properties Trust 4,263,474 46,386,597 
Mid-America Apartment Communities, Inc. 671,606 93,346,518 
Monmouth Real Estate Investment Corp. Class A 1,743,769 26,296,037 
NexPoint Residential Trust, Inc. 364 17,752 
Outfront Media, Inc. 196,363 5,166,311 
Retail Value, Inc. 275,855 10,099,052 
Sabra Health Care REIT, Inc. 2,395,075 58,918,845 
Safety Income and Growth, Inc. 438,625 15,167,653 
Senior Housing Properties Trust (SBI) 3,382,189 33,568,226 
SITE Centers Corp. 1,572,974 24,428,286 
Store Capital Corp. 534,100 21,631,050 
Terreno Realty Corp. 244,828 13,810,747 
UMH Properties, Inc. 776,330 11,590,607 
Ventas, Inc. 2,105,186 137,047,609 
VEREIT, Inc. 525,434 5,170,271 
Weyerhaeuser Co. 679,100 19,836,511 
  1,500,226,848 
TOTAL COMMON STOCKS   
(Cost $1,490,460,719)  1,933,716,767 
Preferred Stocks - 19.6%   
Convertible Preferred Stocks - 1.3%   
FINANCIALS - 0.4%   
Mortgage Real Estate Investment Trusts - 0.4%   
Great Ajax Corp. 7.25% 357,950 9,865,102 
ZAIS Financial Corp. 7.00% 404,062 11,192,517 
  21,057,619 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Braemar Hotels & Resorts, Inc. 5.50% 98,091 2,020,675 
iStar Financial, Inc. Series J, 4.50% 211,373 11,550,949 
Lexington Corporate Properties Trust Series C, 6.50% 440,102 25,151,829 
QTS Realty Trust, Inc. 6.50% 41,525 5,248,798 
RLJ Lodging Trust Series A, 1.95% 31,585 867,324 
Wheeler REIT, Inc. 8.75% 510,973 7,950,564 
  52,790,139 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 7.012% 189,650 4,991,808 
TOTAL REAL ESTATE  57,781,947 
TOTAL CONVERTIBLE PREFERRED STOCKS  78,839,566 
Nonconvertible Preferred Stocks - 18.3%   
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
DCP Midstream Partners LP:   
7.95% (d) 139,746 3,506,227 
Series B, 7.875% (d) 231,258 5,688,947 
Enbridge, Inc. Series 1 4.00% 357,575 7,008,470 
Energy Transfer Partners LP 7.60% (d) 471,751 11,911,807 
Global Partners LP 9.75% (d) 161,507 4,301,577 
  32,417,028 
FINANCIALS - 9.5%   
Mortgage Real Estate Investment Trusts - 9.3%   
AG Mortgage Investment Trust, Inc.:   
8.00% 611,362 15,467,459 
8.25% 38,510 985,856 
Series C 8.00% (a) 629,884 16,332,892 
AGNC Investment Corp.:   
6.875% 865,429 21,964,588 
Series B, 7.75% 423,978 10,672,629 
Series C, 7.00% 448,340 11,647,873 
Series E 6.50% (a) 554,170 14,258,794 
Annaly Capital Management, Inc.:   
6.75% 89,000 2,306,880 
Series D, 7.50% 599,401 15,428,582 
Series F, 6.95% 1,236,552 32,236,911 
Series G, 6.50% 712,250 18,390,295 
Anworth Mortgage Asset Corp. Series A, 8.625% 235,600 6,037,250 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 186,964 4,872,787 
Series B, 7.75% 237,325 6,193,732 
Series C, 8.50% 98,875 2,572,728 
Arlington Asset Investment Corp.:   
6.625% 237,521 5,664,876 
8.25% (d) 147,125 3,141,119 
Armour Residential REIT, Inc. Series B, 7.875% 151,929 3,815,742 
Capstead Mortgage Corp. Series E, 7.50% 327,484 8,341,017 
Cherry Hill Mortgage Investment Corp.:   
8.25% 245,925 6,278,465 
Series A, 8.20% 243,750 6,203,438 
Chimera Investment Corp.:   
8.00% (d) 772,298 19,909,842 
Series A, 8.00% 202,500 5,382,450 
Series B, 8.00% (d) 1,245,704 32,948,871 
Series C, 7.75% (d) 1,825,157 45,993,956 
Dynex Capital, Inc.:   
Series A, 8.50% (b) 358,882 9,284,277 
Series B, 7.625% (b) 249,295 6,282,234 
Ellington Financial LLC 6.75% (a)(d) 209,282 5,286,463 
Exantas Capital Corp. 8.625% (d) 236,708 6,166,243 
Invesco Mortgage Capital, Inc.:   
7.50% 1,397,689 37,445,486 
Series A, 7.75% 121,967 3,155,286 
Series B, 7.75% 846,904 23,552,400 
MFA Financial, Inc.:   
8.00% 532,905 13,882,175 
Series B, 7.50% 609,332 15,629,366 
New Residential Investment Corp.:   
7.125% 506,350 12,911,925 
Series A 7.50% 435,178 11,327,683 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 281,092 7,106,006 
Series C, 7.875% 317,125 8,010,578 
Series D, 8.00% 317,918 8,097,371 
PennyMac Mortgage Investment Trust:   
8.125% 414,254 11,151,718 
Series B, 8.00% 736,321 19,306,337 
Two Harbors Investment Corp.:   
7.50% 491,117 12,395,793 
7.75% 117,103 2,986,244 
Series A, 8.125% (d) 444,975 12,352,506 
Series B, 7.625% (d) 857,499 22,663,699 
Series C, 7.25% (d) 819,790 21,027,614 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 136,050 3,476,078 
ZAIS Financial Corp. Series C 6.20% 39,550 1,022,763 
  591,569,277 
Real Estate Management & Development - 0.2%   
Brookfield Properties Corp. Series EE, 5.10% 679,025 11,604,930 
TOTAL FINANCIALS  603,174,207 
REAL ESTATE - 8.3%   
Equity Real Estate Investment Trusts (REITs) - 8.2%   
American Finance Trust, Inc. 7.50% 275,204 6,969,541 
American Homes 4 Rent:   
6.25% 98,905 2,675,380 
Series D, 6.50% 276,875 7,417,481 
Series E, 6.35% 250,075 6,634,490 
Series F, 5.875% 248,009 6,463,115 
Series G, 5.875% 199,750 5,299,368 
Armada Hoffler Properties, Inc. 6.75% 154,250 4,157,038 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 164,620 4,044,713 
Series F, 7.375% 494,500 10,819,660 
Series G, 7.375% 145,368 3,083,255 
Series H, 7.50% 191,565 4,156,961 
Series I, 7.50% 273,626 5,858,333 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 481,325 12,697,354 
Series C, 7.625% 252,994 6,557,604 
Series D, 7.125% 168,100 4,380,350 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 173,050 4,615,866 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 181,872 4,619,240 
Series C, 6.50% 291,600 6,893,424 
City Office REIT, Inc. Series A, 6.625% 178,475 4,670,691 
Colony Capital, Inc.:   
Series B, 8.25% 245,397 6,240,446 
Series E, 8.75% 549,377 14,042,076 
Series G, 7.50% 444,392 11,060,917 
Series H, 7.125% 724,665 17,341,233 
Series I, 7.15% 872,492 20,765,310 
Series J, 7.15% 991,203 23,709,576 
Digital Realty Trust, Inc.:   
Series C, 6.625% 83,050 2,211,622 
Series G, 5.875% 39,994 1,015,448 
Farmland Partners, Inc. Series B, 6.00% 623,150 15,092,693 
Gladstone Commercial Corp.:   
6.625% 98,875 2,595,469 
Series D, 7.00% 532,775 14,091,899 
Gladstone Land Corp. Series A, 6.375% 63,275 1,648,934 
Global Medical REIT, Inc. Series A, 7.50% 150,848 3,974,845 
Global Net Lease, Inc. Series A, 7.25% 531,595 13,927,789 
Government Properties Income Trust 5.875% 200,225 5,203,848 
Hersha Hospitality Trust:   
Series C, 6.875% 49,450 1,250,254 
Series D, 6.50% 197,750 4,927,930 
Investors Real Estate Trust Series C, 6.625% 317,300 8,344,990 
iStar Financial, Inc.:   
Series D, 8.00% 208,220 5,428,295 
Series G, 7.65% 271,473 6,957,853 
Series I, 7.50% 159,469 4,058,486 
Jernigan Capital, Inc. Series B, 7.00% 141,037 3,794,967 
Monmouth Real Estate Investment Corp. Series C, 6.125% 284,666 7,113,803 
National Storage Affiliates Trust Series A, 6.00% 91,575 2,426,738 
Pebblebrook Hotel Trust:   
6.30% 237,325 6,085,013 
6.375% 351,372 8,844,033 
Series C, 6.50% 202,046 5,198,644 
Series D, 6.375% 346,075 9,170,988 
Pennsylvania (REIT):   
Series B, 7.375% 99,385 2,179,513 
Series C, 7.20% 50,425 1,027,157 
Series D, 6.875% 150,100 3,254,183 
Plymouth Industrial REIT, Inc. Series A, 7.50% 171,625 4,642,456 
Prologis, Inc. Series Q, 8.54% 93,396 6,747,861 
PS Business Parks, Inc. Series Z 4.875% (a)(e) 52,000 1,294,800 
Public Storage Series F, 5.15% 171,450 4,500,563 
QTS Realty Trust, Inc. Series A, 7.125% 29,675 800,038 
RAIT Financial Trust 7.625% 222,965 5,282,041 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 133,500 3,514,174 
Series B, 5.875% 78,600 2,052,246 
Series C 5.625% 68,225 1,757,476 
Saul Centers, Inc.:   
Series D, 6.125% 82,775 2,197,925 
Series E 6.00% 76,841 2,039,114 
Senior Housing Properties Trust 5.625% 3,750 91,538 
Seritage Growth Properties Series A, 7.00% 91,986 2,345,643 
SITE Centers Corp.:   
Series J, 6.50% 336,921 8,468,509 
Series K, 6.25% 226,338 5,796,516 
Sotherly Hotels, Inc.:   
Series B, 8.00% 67,250 1,748,500 
Series C, 7.875% 107,000 2,734,492 
Spirit Realty Capital, Inc. Series A, 6.00% 94,125 2,461,369 
Stag Industrial, Inc. Series C, 6.875% 82,075 2,195,506 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 207,650 5,544,255 
Series E, 6.25% 278,490 7,449,608 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 41,525 1,115,362 
Series F, 6.45% 83,050 2,207,403 
Taubman Centers, Inc. Series K, 6.25% 155,572 4,029,315 
UMH Properties, Inc.:   
Series B, 8.00% 316,029 8,270,479 
Series C, 6.75% 430,965 11,571,410 
Series D, 6.375% 263,725 6,698,615 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 171,618 4,292,166 
Series H, 6.25% 281,325 7,505,751 
Series K 5.875% (a) 69,225 1,795,697 
VEREIT, Inc. Series F, 6.70% 1,756,731 44,638,535 
Washington Prime Group, Inc.:   
Series H, 7.50% 196,302 4,479,612 
Series I, 6.875% 294,790 6,155,215 
  521,423,006 
Real Estate Management & Development - 0.1%   
Brookfield Property Partners LP 6.50% 34,125 911,138 
Landmark Infrastructure Partners LP Series B, 7.90% 116,375 3,014,113 
  3,925,251 
TOTAL REAL ESTATE  525,348,257 
UTILITIES - 0.0%   
Multi-Utilities - 0.0%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 182,825 3,496,592 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  1,164,436,084 
TOTAL PREFERRED STOCKS   
(Cost $1,194,644,594)  1,243,275,650 
 Principal Amount Value 
Corporate Bonds - 20.7%   
Convertible Bonds - 5.2%   
FINANCIALS - 5.2%   
Diversified Financial Services - 0.4%   
RWT Holdings, Inc. 5.75% 10/1/25 (f) 26,720,000 27,056,564 
Mortgage Real Estate Investment Trusts - 4.8%   
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 1,681,000 1,699,170 
Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 3,856,000 4,060,697 
Colony Financial, Inc.:   
3.875% 1/15/21 19,064,000 18,730,445 
5% 4/15/23 25,791,000 25,149,114 
Exantas Capital Corp. 8% 1/15/20 13,735,000 13,786,506 
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (f) 6,694,000 6,823,696 
6.375% 10/1/23 10,099,000 10,502,960 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 8,009,000 8,348,918 
MFA Financial, Inc. 6.25% 6/15/24 21,952,000 22,872,697 
New York Mortgage Trust, Inc. 6.25% 1/15/22 2,472,000 2,516,805 
PennyMac Corp. 5.375% 5/1/20 35,208,000 35,495,923 
Redwood Trust, Inc.:   
4.75% 8/15/23 11,695,000 11,786,322 
5.625% 7/15/24 47,936,000 48,763,833 
RWT Holdings, Inc. 5.625% 11/15/19 34,763,000 34,788,830 
Starwood Property Trust, Inc. 4.375% 4/1/23 10,956,000 11,353,155 
Two Harbors Investment Corp. 6.25% 1/15/22 4,331,000 4,468,418 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 45,026,000 45,639,320 
  306,786,809 
TOTAL FINANCIALS  333,843,373 
Nonconvertible Bonds - 15.5%   
COMMUNICATION SERVICES - 0.0%   
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,285,000 1,318,731 
CONSUMER DISCRETIONARY - 4.5%   
Hotels, Restaurants& Leisure - 0.3%   
FelCor Lodging LP 6% 6/1/25 1,824,000 1,903,800 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 4,500,000 4,934,340 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 3,955,000 4,276,265 
Times Square Hotel Trust 8.528% 8/1/26 (f) 5,683,469 6,673,896 
  17,788,301 
Household Durables - 4.2%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (f) 26,458,000 26,590,290 
9.875% 4/1/27 (f) 21,220,000 23,660,300 
Beazer Homes U.S.A., Inc. 5.875% 10/15/27 10,051,000 9,849,980 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:   
6.125% 7/1/22 (f) 5,434,000 5,522,303 
6.25% 9/15/27 (f) 8,533,000 8,703,660 
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (f) 5,518,000 5,711,130 
Century Communities, Inc.:   
5.875% 7/15/25 5,982,000 6,221,280 
6.75% 6/1/27 (f) 13,230,000 14,156,100 
KB Home:   
4.8% 11/15/29 (e) 8,548,000 8,617,453 
6.875% 6/15/27 2,966,000 3,381,240 
8% 3/15/20 8,370,000 8,539,911 
LGI Homes, Inc. 6.875% 7/15/26 (f) 20,691,000 21,415,185 
M/I Homes, Inc.:   
5.625% 8/1/25 10,842,000 11,275,680 
6.75% 1/15/21 3,760,000 3,798,314 
Mason Finance Sub, Inc. 6.875% 8/15/23 (f) 11,866,000 12,459,300 
Meritage Homes Corp.:   
5.125% 6/6/27 4,979,000 5,364,873 
6% 6/1/25 3,955,000 4,419,713 
7% 4/1/22 7,441,000 8,129,293 
7.15% 4/15/20 6,981,000 7,111,894 
New Home Co. LLC 7.25% 4/1/22 16,142,000 15,284,456 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (f) 4,054,000 4,378,320 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 13,898,000 14,384,430 
5.875% 6/15/24 14,175,000 15,273,563 
William Lyon Homes, Inc.:   
5.875% 1/31/25 10,022,000 10,197,385 
6% 9/1/23 6,922,000 7,164,270 
6.625% 7/15/27 (f) 8,573,000 9,023,083 
7% 8/15/22 1,115,000 1,117,788 
  271,751,194 
TOTAL CONSUMER DISCRETIONARY  289,539,495 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 2,222 2,240 
C&S Group Enterprises LLC 5.375% 7/15/22 (f) 9,596,000 9,619,990 
Cumberland Farms, Inc. 6.75% 5/1/25 (f) 2,052,000 2,199,334 
  11,821,564 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
EG Global Finance PLC:   
6.75% 2/7/25 (f) 3,460,000 3,460,000 
8.5% 10/30/25 (f) 6,160,000 6,470,341 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 3,955,000 4,086,444 
7% 8/1/27 (f) 3,955,000 4,113,872 
  18,130,657 
FINANCIALS - 1.0%   
Banks - 0.1%   
HAT Holdings I LLC/HAT Holdings II LLC 5.25% 7/15/24 (f) 4,257,000 4,475,171 
Capital Markets - 0.0%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 3,570,000 3,681,563 
Diversified Financial Services - 0.8%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 5,933,000 6,191,304 
3.85% 2/1/25 8,290,000 8,737,389 
3.875% 8/15/22 4,000,000 4,181,446 
Five Point Operation Co. LP 7.875% 11/15/25 (f) 22,013,000 20,806,027 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 3,639,000 3,670,841 
6.25% 2/1/22 1,676,000 1,715,805 
6.25% 5/15/26 4,944,000 5,240,640 
  50,543,452 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 4,188,000 4,348,976 
TOTAL FINANCIALS  63,049,162 
HEALTH CARE - 0.5%   
Health Care Providers & Services - 0.5%   
Sabra Health Care LP 5.125% 8/15/26 20,264,000 21,951,694 
Sabra Health Care LP/Sabra Capital Corp.:   
3.9% 10/15/29 989,000 981,583 
4.8% 6/1/24 7,475,000 7,873,418 
  30,806,695 
INDUSTRIALS - 0.2%   
Building Products - 0.2%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (f) 10,491,000 10,858,185 
REAL ESTATE - 8.8%   
Equity Real Estate Investment Trusts (REITs) - 5.2%   
American Homes 4 Rent 4.9% 2/15/29 989,000 1,123,710 
ARC Properties Operating Partnership LP 4.6% 2/6/24 10,363,000 11,176,821 
CBL & Associates LP:   
4.6% 10/15/24 26,459,000 16,801,465 
5.25% 12/1/23 11,371,000 7,931,273 
5.95% 12/15/26 10,317,000 6,860,805 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 7,492,000 7,791,680 
Equinix, Inc. 5.375% 5/15/27 6,546,000 7,102,410 
ESH Hospitality, Inc. 5.25% 5/1/25 (f) 7,154,000 7,377,563 
HCP, Inc.:   
4% 6/1/25 989,000 1,071,266 
4.25% 11/15/23 792,000 851,758 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 955,000 987,059 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,301,000 8,746,353 
Hospitality Properties Trust:   
4.65% 3/15/24 3,500,000 3,625,896 
5% 8/15/22 3,141,000 3,288,453 
iStar Financial, Inc.:   
4.75% 10/1/24 11,030,000 11,374,688 
5.25% 9/15/22 5,162,000 5,284,598 
6% 4/1/22 8,281,000 8,498,376 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,156,000 2,249,565 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 494,000 515,311 
5% 10/15/27 9,448,000 9,944,020 
5.25% 8/1/26 7,614,000 7,994,700 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,266,000 3,468,296 
4.5% 4/1/27 2,434,000 2,628,332 
4.75% 1/15/28 12,067,000 13,191,798 
4.95% 4/1/24 2,866,000 3,107,133 
5.25% 1/15/26 1,953,000 2,164,787 
Regency Centers LP 3.6% 2/1/27 2,529,000 2,674,430 
SBA Communications Corp. 4% 10/1/22 5,473,000 5,583,281 
Select Income REIT:   
4.15% 2/1/22 11,045,000 11,302,032 
4.25% 5/15/24 4,974,000 5,110,973 
4.5% 2/1/25 21,056,000 21,828,133 
Senior Housing Properties Trust:   
4.75% 5/1/24 44,393,000 45,955,596 
4.75% 2/15/28 9,933,000 10,239,708 
6.75% 4/15/20 13,472,000 13,512,563 
6.75% 12/15/21 7,910,000 8,428,853 
SITE Centers Corp.:   
3.625% 2/1/25 5,489,000 5,681,208 
4.625% 7/15/22 651,000 680,878 
VEREIT Operating Partnership LP 4.875% 6/1/26 15,305,000 17,037,490 
WP Carey, Inc.:   
4% 2/1/25 6,907,000 7,273,651 
4.25% 10/1/26 8,261,000 8,919,158 
4.6% 4/1/24 11,196,000 11,974,741 
  331,360,811 
Real Estate Management & Development - 3.6%   
Forestar Group, Inc. 8% 4/15/24 (f) 25,132,000 27,016,900 
Greystar Real Estate Partners 5.75% 12/1/25 (f) 15,480,000 16,137,900 
Howard Hughes Corp. 5.375% 3/15/25 (f) 42,007,000 43,634,771 
Kennedy-Wilson, Inc. 5.875% 4/1/24 50,939,000 52,721,865 
Mack-Cali Realty LP:   
3.15% 5/15/23 10,000 9,563 
4.5% 4/18/22 517,000 521,368 
Mattamy Group Corp.:   
6.5% 10/1/25 (f) 23,840,000 25,210,800 
6.875% 12/15/23 (f) 7,901,000 8,187,411 
Mid-America Apartments LP:   
3.75% 6/15/24 1,644,000 1,730,483 
4.3% 10/15/23 2,178,000 2,331,086 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (f) 9,824,000 10,597,640 
5.75% 1/15/28 (f) 989,000 1,094,081 
5.875% 6/15/27 (f) 9,888,000 11,041,930 
Washington Prime Group LP 6.45% 8/15/24 27,181,000 26,059,784 
  226,295,582 
TOTAL REAL ESTATE  557,656,393 
TOTAL NONCONVERTIBLE BONDS  983,180,882 
TOTAL CORPORATE BONDS   
(Cost $1,278,599,926)  1,317,024,255 
Asset-Backed Securities - 2.0%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) 3,000,000 3,341,671 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) 8,924,000 10,026,718 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (f) 1,999,310 2,184,588 
Class F, 5.885% 4/17/52 (f) 2,000,000 2,183,856 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (f) 8,259,000 9,251,261 
Class XS, 0% 10/17/52 (d)(f)(g)(h) 4,685,345 47 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(f)(h)(i) 2,250,000 225 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 411,029 374,814 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 798,878 810,804 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 4.8635% 2/22/36 (d)(f)(i) 2,142,000 2,156,044 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (d) 707,592 710,192 
Series 1997-3 Class M1, 7.53% 3/15/28 4,887,471 4,907,719 
Home Partners America Trust Series 2019-2 Class F, 3.866% 10/19/39 (f) 3,000,000 2,987,344 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 5.4281% 7/17/34 (d)(f)(i) 6,318,500 6,326,881 
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.2391% 7/17/37 (d)(f)(i) 3,896,000 3,885,941 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 4.1635% 6/17/37 (d)(f)(i) 3,000,000 2,999,990 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 704,595 581,934 
Merit Securities Corp. Series 13 Class M1, 7.3318% 12/28/33 (d) 1,511,304 1,575,447 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (f) 2,940,000 2,940,623 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) 3,073,000 3,176,464 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (f) 2,568,000 2,605,977 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (f) 3,402,000 3,485,160 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (f) 3,412,000 3,531,814 
Series 2019-SFR1 Class F, 5.061% 8/17/35 (f) 3,000,000 3,132,933 
Series 2019-SFR2 Class F, 4.837% 5/17/36 (f) 3,902,000 4,006,346 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.5135% 1/17/35 (d)(f)(i) 5,906,000 5,909,658 
Class F, 1 month U.S. LIBOR + 3.400% 5.3135% 1/17/35 (d)(f)(i) 12,529,000 12,536,639 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.9368% 2/5/36 (d)(f)(h)(i) 4,649,831 349 
Tricon American Homes:   
Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) 2,544,000 2,611,516 
Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) 8,442,000 8,736,989 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (f) 3,785,000 3,938,007 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (f) 4,000,000 4,220,681 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (f) 7,710,000 7,891,062 
Series 2018-1A Class F, 5.25% 2/15/48 (f) 1,354,000 1,351,441 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 4.1015% 11/21/40 (d)(f)(i) 250,000 249,258 
TOTAL ASSET-BACKED SECURITIES   
(Cost $125,079,854)  124,630,393 
Collateralized Mortgage Obligations - 0.1%   
Private Sponsor - 0.1%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.2078% 2/25/42 (d)(f) 41,158 13,827 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.1727% 6/25/43 (d)(f) 73,915 26,522 
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.3497% 12/25/46 (d)(f) 4,450,000 4,463,330 
Series 2010-K7 Class B, 5.5007% 4/25/20 (d)(f) 3,164,000 3,196,929 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.8888% 6/10/35 (d)(f)(h)(i) 36,736 11,937 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $7,704,351)  7,712,545 
Commercial Mortgage Securities - 14.3%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (f) 2,000,000 2,077,942 
Banc of America Merrill Lynch Large Loan, Inc. floater Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 3.9135% 3/15/34 (d)(f)(i) 7,168,000 7,168,899 
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (f) 3,312,000 3,065,529 
Series 2018-BN12 Class D, 3% 5/15/61 (f) 1,682,000 1,529,831 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.2844% 9/10/28 (d)(f) 8,413,000 8,344,227 
Class F, 4.2844% 9/10/28 (d)(f) 4,074,000 3,946,769 
Braemar Hotels & Resorts Trust floater Series 2018-PRME Class E, 1 month U.S. LIBOR + 2.400% 4.3135% 6/15/35 (d)(f)(i) 1,500,000 1,508,915 
BX Trust floater:   
Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 3.9635% 11/15/35 (d)(f)(i) 3,681,386 3,697,541 
Class H, 1 month U.S. LIBOR + 3.000% 4.9135% 11/15/35 (d)(f)(i) 6,963,066 6,963,060 
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 5.5213% 4/15/34 (d)(f)(i) 5,181,000 5,229,571 
Series 2019-XL Class J, 1 month U.S. LIBOR + 2.650% 4.65% 10/15/36 (d)(f)(i) 16,444,000 16,464,644 
CALI Mortgage Trust Series 2019-101C Class F, 4.3244% 3/10/39 (d)(f) 4,099,000 4,241,416 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 5.1713% 12/15/37 (d)(f)(i) 7,428,000 7,506,940 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.4883% 4/10/29 (d)(f) 4,536,000 4,599,451 
Class F, 5.4883% 4/10/29 (d)(f) 9,601,000 9,584,308 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) 3,353,000 3,070,363 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 5.1635% 7/15/30 (d)(f)(i) 6,131,000 6,128,890 
Class E, 1 month U.S. LIBOR + 3.872% 5.785% 7/15/30 (d)(f)(i) 6,666,000 6,621,304 
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.608% 4.5217% 6/15/34 (d)(f)(i) 1,000,000 992,306 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.2146% 9/10/46 (d)(f) 5,254,000 5,564,431 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.350% 6.2635% 7/15/27 (d)(f)(i) 2,933,000 2,937,298 
Series 2016-C3 Class D, 3% 11/15/49 (f) 7,010,000 5,874,325 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 4.9713% 9/15/33 (d)(f)(i) 4,265,000 4,275,320 
Class G, 1 month U.S. LIBOR + 5.056% 6.9776% 9/15/33 (d)(f)(i) 4,265,000 4,109,711 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) 7,300,000 6,352,170 
Series 2012-CR1:   
Class C, 5.3201% 5/15/45 (d) 989,000 1,036,091 
Class D, 5.3201% 5/15/45 (d)(f) 5,550,000 5,747,756 
Class G, 2.462% 5/15/45 (f) 6,346,000 5,246,873 
Series 2012-LC4 Class C, 5.5374% 12/10/44 (d) 1,978,000 2,065,019 
Series 2013-CR10 Class D, 4.7892% 8/10/46 (d)(f) 4,544,000 4,692,818 
Series 2013-CR12 Class D, 5.0809% 10/10/46 (d)(f) 4,500,000 3,972,012 
Series 2013-LC6 Class D, 4.2616% 1/10/46 (d)(f) 8,301,000 8,514,161 
Series 2014-CR17 Class E, 4.85% 5/10/47 (d)(f) 3,098,000 3,000,617 
Series 2014-UBS2 Class D, 5.0023% 3/10/47 (d)(f) 3,713,000 3,543,096 
Series 2016-CD1 Class D, 2.767% 8/10/49 (d)(f) 9,346,000 8,343,119 
Series 2017-CD4 Class D, 3.3% 5/10/50 (f) 2,769,000 2,536,486 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) 2,769,000 2,613,520 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.831% 8/15/45 (d)(f) 4,500,000 4,627,830 
Class E, 4.831% 8/15/45 (d)(f) 8,000,000 7,964,806 
Class F, 4.25% 8/15/45 (f) 2,000,000 1,811,089 
Credit Suisse Mortgage Trust floater:   
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 4.5635% 5/15/36 (d)(f)(i) 10,267,000 10,318,515 
Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 5.5135% 1/15/34 (d)(f)(i) 7,788,000 7,841,585 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (f) 4,297,000 4,214,803 
Series 2017-CX10 Class UESD, 4.2366% 10/15/32 (d)(f) 7,129,000 7,247,868 
Series 2017-CX9 Class D, 4.1542% 9/15/50 (d)(f) 2,539,000 2,453,959 
DBCCRE Mortgage Trust Series 2014-ARCP:   
Class D, 4.9345% 1/10/34 (d)(f) 1,000,000 1,039,835 
Class E, 4.9345% 1/10/34 (d)(f) 10,732,000 10,920,960 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.6987% 11/10/46 (d)(f) 13,874,000 14,228,388 
Class G, 4.652% 11/10/46 (f) 12,222,000 11,721,431 
Series 2011-LC3A Class D, 5.3341% 8/10/44 (d)(f) 3,945,000 4,103,157 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.5735% 12/25/43 (d)(g) 12,069,096 335,054 
Series K012 Class X3, 2.2522% 1/25/41 (d)(g) 20,492,732 528,077 
Series K013 Class X3, 2.8145% 1/25/43 (d)(g) 14,199,000 467,509 
Series KAIV Class X2, 3.6147% 6/25/41 (d)(g) 7,430,000 402,847 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 4.7964% 11/21/35 (d)(f)(i) 2,500,000 2,503,510 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 4.5135% 7/15/35 (d)(f)(i) 3,808,000 3,792,567 
Series 2010-C2 Class D, 5.18% 12/10/43 (d)(f) 3,000,000 3,083,824 
Series 2011-GC5:   
Class C, 5.3898% 8/10/44 (d)(f) 8,899,000 9,209,797 
Class D, 5.3898% 8/10/44 (d)(f) 9,452,000 9,415,831 
Class E, 5.3898% 8/10/44 (d)(f) 8,138,000 7,504,537 
Class F, 4.5% 8/10/44 (f) 7,897,000 5,750,883 
Series 2012-GC6:   
Class C, 5.6512% 1/10/45 (d)(f) 3,560,000 3,755,130 
Class D, 5.6512% 1/10/45 (d)(f) 6,590,000 6,800,843 
Class E, 5% 1/10/45 (d)(f) 7,432,000 6,946,499 
Series 2012-GCJ7:   
Class C, 5.6858% 5/10/45 (d) 6,427,000 6,771,003 
Class D, 5.6858% 5/10/45 (d)(f) 10,078,000 10,111,416 
Class E, 5% 5/10/45 (f) 3,794,320 2,905,358 
Series 2012-GCJ9:   
Class D, 4.7438% 11/10/45 (d)(f) 5,503,000 5,652,579 
Class E, 4.7438% 11/10/45 (d)(f) 1,908,000 1,830,840 
Series 2013-GC14 Class D, 4.7481% 8/10/46 (d)(f) 1,661,000 1,720,159 
Series 2013-GC16:   
Class D, 5.3107% 11/10/46 (d)(f) 3,708,000 4,021,420 
Class F, 3.5% 11/10/46 (f) 7,221,000 5,857,384 
Series 2016-GS3 Class D, 2.62% 10/10/49 (f) 3,360,000 2,974,574 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) 29,492,000 29,940,337 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (d)(f) 4,340,000 4,373,220 
Class F, 4.0667% 2/10/29 (d)(f) 19,971,000 20,008,256 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (d)(f) 8,440,000 8,545,546 
Series 2016-SFP Class F, 6.1552% 11/5/35 (f) 10,093,000 10,148,727 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (d)(f) 9,213,000 9,207,945 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.7635% 6/15/34 (d)(f)(i) 3,909,000 3,911,443 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (f) 2,896,000 3,079,623 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 4.1391% 7/17/37 (d)(f)(i) 8,405,000 8,404,973 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 4.0891% 1/17/38 (d)(f)(i) 3,410,000 3,419,547 
JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ:   
Class C, 1 month U.S. LIBOR + 1.600% 3.5135% 6/15/32 (d)(f)(i) 5,633,086 5,648,962 
Class E, 1 month U.S. LIBOR + 3.000% 4.9135% 6/15/35 (d)(f)(i) 1,559,426 1,570,172 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) 8,640,000 7,659,777 
Series 2014-C26 Class D, 3.8816% 1/15/48 (d)(f) 3,398,000 3,331,185 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4397% 12/15/49 (d)(f) 10,126,000 9,308,109 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.0913% 12/15/49 (d)(f) 7,388,000 6,787,834 
Series 2018-C8 Class D, 3.2447% 6/15/51 (d)(f) 1,698,000 1,575,842 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.1323% 6/15/45 (d) 4,479,000 4,665,814 
Class E, 5.1323% 6/15/45 (d)(f) 5,892,000 5,685,530 
Class F, 4% 6/15/45 (f) 8,192,000 7,055,708 
Class G 4% 6/15/45 (f) 4,044,000 2,560,593 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.6639% 2/15/46 (d)(f) 13,774,000 13,343,090 
Class G, 4.409% 2/15/46 (d)(f) 4,671,000 4,050,839 
Class H, 4.409% 2/15/46 (d)(f) 7,077,000 5,469,677 
Series 2011-C4 Class F, 3.873% 7/15/46 (f) 1,400,000 1,410,022 
Series 2013-LC11:   
Class D, 4.1679% 4/15/46 (d) 7,722,000 6,903,119 
Class E, 3.25% 4/15/46 (d)(f) 472,000 363,484 
Class F, 3.25% 4/15/46 (d)(f) 2,518,000 1,109,684 
Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(f) 8,161,000 2,903,599 
Series 2015-UES Class F, 3.621% 9/5/32 (d)(f) 6,896,000 6,886,854 
Series 2018-AON Class F, 4.6132% 7/5/31 (d)(f) 5,039,000 5,149,652 
Kref Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 4.4275% 6/15/36 (d)(f)(i) 2,560,000 2,582,717 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5806% 5/12/39 (d) 231,876 234,569 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.678% 8/15/45 (d)(f) 3,845,000 3,989,624 
Series 2012-C6 Class D, 4.608% 11/15/45 (d)(f) 2,000,000 2,082,743 
Series 2012-C6, Class F, 4.608% 11/15/45 (d)(f) 2,500,000 2,468,845 
Series 2013-C12 Class D, 4.7655% 10/15/46 (d)(f) 7,164,000 7,416,354 
Series 2013-C13:   
Class D, 4.9077% 11/15/46 (d)(f) 5,218,000 5,496,910 
Class E, 4.9077% 11/15/46 (d)(f) 3,341,000 3,142,490 
Series 2013-C7:   
Class D, 4.2389% 2/15/46 (d)(f) 5,587,000 5,417,695 
Class E, 4.2389% 2/15/46 (d)(f) 989,000 873,084 
Series 2013-C9:   
Class C, 4.0354% 5/15/46 (d) 3,302,000 3,423,379 
Class D, 4.1234% 5/15/46 (d)(f) 5,137,000 5,260,679 
Series 2016-C30 Class D, 3% 9/15/49 (f) 5,347,000 4,517,140 
Series 2016-C31 Class D, 3% 11/15/49 (d)(f) 1,483,000 1,262,622 
Series 2016-C32 Class D, 3.396% 12/15/49 (f) 5,863,000 4,878,190 
Morgan Stanley Capital I Trust:   
floater Series 2019-AGLN:   
Class F, 1 month U.S. LIBOR + 2.600% 4.5213% 3/15/34 (d)(f)(i) 3,955,000 3,984,749 
Class G, 1 month U.S. LIBOR + 3.150% 5.0713% 3/15/34 (d)(f)(i) 5,946,000 5,990,734 
Series 1998-CF1 Class G, 7.0486% 7/15/32 (d)(f) 337,678 299,232 
Series 2011-C2:   
Class D, 5.4876% 6/15/44 (d)(f) 5,387,000 5,441,861 
Class E, 5.4876% 6/15/44 (d)(f) 12,014,000 11,935,032 
Class F, 5.4876% 6/15/44 (d)(f) 4,440,000 4,132,340 
Class XB, 0.3254% 6/15/44 (d)(f)(g) 55,619,039 281,455 
Series 2011-C3:   
Class D, 5.2445% 7/15/49 (d)(f) 7,317,000 7,409,305 
Class E, 5.2445% 7/15/49 (d)(f) 3,456,000 3,437,587 
Class F, 5.2445% 7/15/49 (d)(f) 5,624,050 5,448,753 
Class G, 5.2445% 7/15/49 (d)(f) 5,049,500 4,628,484 
Series 2012-C4 Class D, 5.4194% 3/15/45 (d)(f) 6,310,000 6,279,138 
Series 2015-MS1 Class D, 4.0309% 5/15/48 (d)(f) 10,833,000 10,459,616 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) 4,957,000 4,462,192 
Series 2016-BNK2 Class C, 3% 11/15/49 (f) 2,966,000 2,740,881 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 8.8478% 8/15/24 (d)(f)(i) 6,643,118 6,710,968 
Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 3.3135% 8/15/34 (f)(i) 8,797,401 8,797,382 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 6.1635% 8/15/34 (d)(f)(i) 11,292,385 11,394,255 
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 4.0713% 10/15/37 (d)(f)(i) 5,061,000 5,076,848 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (f) 10,833,250 11,139,017 
Class E, 6.8087% 11/15/34 (f) 9,551,450 9,449,887 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (d)(f) 1,500,000 1,601,849 
Natixis Commercial Mortgage Securities Trust:   
floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.778% 6/15/35 (d)(f)(i) 1,743,000 1,749,558 
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.778% 6/15/35 (d)(f)(i) 651,000 649,228 
Series 2019-1776 Class F, 4.2988% 10/15/36 (f) 3,454,000 3,367,614 
Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (f) 1,000,000 1,003,723 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) 3,924,408 4,831,514 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 4.7228% 3/25/34 (d)(f)(i) 3,401,000 3,344,958 
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.4837% 8/15/39 (d) 67,808 67,916 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5703% 5/10/45 (d)(f) 3,199,000 3,212,615 
Class E, 5% 5/10/45 (d)(f) 6,268,000 5,877,165 
Class F, 5% 5/10/45 (d)(f) 2,221,350 1,797,286 
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (d)(f) 2,143,000 2,108,699 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0505% 1/10/45 (d)(f) 2,966,000 3,167,956 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7553% 10/15/45 (d)(f) 12,819,000 13,319,900 
Class E, 4.7553% 10/15/45 (d)(f) 8,347,000 8,389,039 
Class F, 4.7553% 10/15/45 (d)(f) 2,000,000 1,879,988 
Series 2016-BNK1 Class D, 3% 8/15/49 (f) 6,979,000 5,847,995 
Series 2016-C35 Class D, 3.142% 7/15/48 (f) 18,335,000 16,063,240 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (f) 5,037,000 4,538,564 
Series 2017-C38 Class D, 3% 7/15/50 (d)(f) 4,324,000 3,824,522 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 3,955,000 2,886,814 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (f) 4,845,000 4,999,363 
Class D, 5.6831% 3/15/44 (d)(f) 1,000,000 874,658 
Class E, 5% 3/15/44 (f) 2,966,000 1,624,959 
Series 2011-C5:   
Class E, 5.6648% 11/15/44 (d)(f) 3,807,000 3,916,034 
Class F, 5.25% 11/15/44 (d)(f) 3,500,000 3,449,393 
Class G, 5.25% 11/15/44 (d)(f) 2,000,000 1,808,080 
Series 2012-C7:   
Class D, 4.8139% 6/15/45 (d)(f) 2,380,000 2,329,027 
Class F, 4.5% 6/15/45 (f) 2,000,000 1,397,409 
Series 2012-C8 Class E, 4.8855% 8/15/45 (d)(f) 2,889,500 2,958,298 
Series 2013-C11:   
Class D, 4.2612% 3/15/45 (d)(f) 5,765,000 5,829,913 
Class E, 4.2612% 3/15/45 (d)(f) 4,727,000 4,774,587 
Series 2013-C13 Class D, 4.1382% 5/15/45 (d)(f) 3,955,000 4,042,228 
Series 2013-C16 Class D, 5.0226% 9/15/46 (d)(f) 3,686,000 3,653,159 
Series 2013-UBS1 Class D, 4.7389% 3/15/46 (d)(f) 4,538,000 4,646,827 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (d)(f) 6,725,000 5,812,138 
Class PR2, 3.516% 6/5/35 (d)(f) 2,541,000 2,101,132 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $855,078,719)  904,775,864 
Bank Loan Obligations - 5.3%   
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% 3.79% 4/11/25 (d)(i) 13,498,407 13,526,754 
CONSUMER DISCRETIONARY - 0.8%   
Hotels, Restaurants & Leisure - 0.7%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.5359% 12/22/24 (d)(i) 7,998,431 7,874,295 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.8741% 6/10/22 (d)(i) 6,198,418 6,166,682 
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 8/31/25 (d)(i) 4,024,588 4,039,680 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.54% 4/27/24 (d)(i) 22,385,070 21,792,761 
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0359% 5/31/25 (d)(i) 6,262,765 6,278,422 
  46,151,840 
Multiline Retail - 0.1%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.3944% 6/23/23 (d)(i) 6,059,302 5,326,127 
TOTAL CONSUMER DISCRETIONARY  51,477,967 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Albertson's LLC Tranche B8, term loan 3 month U.S. LIBOR + 2.750% 4.5359% 8/17/26 (d)(i) 2,000,000 2,009,620 
ENERGY - 0.6%   
Energy Equipment & Services - 0.1%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.04% 6/1/25 (d)(i) 5,928,712 5,454,415 
Oil, Gas & Consumable Fuels - 0.5%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.8544% 12/19/20 (d)(i) 30,970,315 25,144,179 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 10/2/23 (d)(i) 7,939,122 7,914,352 
  33,058,531 
TOTAL ENERGY  38,512,946 
FINANCIALS - 0.5%   
Capital Markets - 0.0%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.6559% 9/30/24 (d)(i) 2,129,663 2,117,694 
Diversified Financial Services - 0.2%   
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (d)(h) 12,171,000 12,506,920 
Mortgage Real Estate Investment Trusts - 0.1%   
Apollo Commercial Real Estate Finance, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6713% 5/7/26 (d)(i) 3,451,350 3,416,837 
Blackstone Mortgage Trust, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.2996% 4/16/26 (d)(i) 5,157,075 5,169,968 
  8,586,805 
Thrifts & Mortgage Finance - 0.2%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.7859% 12/5/20 (d)(i) 11,220,205 10,974,819 
TOTAL FINANCIALS  34,186,238 
INDUSTRIALS - 0.2%   
Commercial Services & Supplies - 0.2%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.7859% 2/27/25 (d)(i) 9,802,260 9,753,249 
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% 5.2859% 12/20/24 (d)(i) 3,251,104 3,254,160 
REAL ESTATE - 2.2%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.7859% 9/18/26 (d)(i) 6,005,695 6,010,079 
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.523% 2/6/22 (d)(h)(i) 20,000,000 19,500,000 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6709% 6/28/23 (d)(i) 17,014,289 17,014,289 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.79% 3/23/24 (d)(i) 10,259,117 9,229,512 
  51,753,880 
Real Estate Management & Development - 1.4%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.29% 3/24/24 (d)(i) 11,218,083 11,202,042 
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0359% 8/21/25 (d)(i) 31,513,358 31,539,514 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 1/30/24 (d)(i) 16,797,750 15,600,910 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 1/30/24 (d)(i) 947,420 879,916 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.7859% 3/23/25 (d)(i) 2,540,257 2,546,608 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.0718% 2/8/25 (d)(i) 3,949,749 3,737,450 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.8503% 12/22/24 (d)(i) 22,235,000 22,300,593 
  87,807,033 
TOTAL REAL ESTATE  139,560,913 
UTILITIES - 0.7%   
Electric Utilities - 0.3%   
Green Energy Partners/Stonewall LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.6044% 11/13/21 (d)(i) 10,959,084 9,945,368 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 5.500% 7.6044% 11/13/21 (d)(i) 1,935,190 1,756,185 
Lonestar II Generation Holding:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.7859% 4/10/26 (d)(i) 5,343,750 5,343,750 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.7859% 4/10/26 (d)(i) 642,857 642,857 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.29% 12/2/21 (d)(i) 1,288,564 1,214,471 
  18,902,631 
Independent Power and Renewable Electricity Producers - 0.4%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.5359% 4/13/23 (d)(i) 6,788,823 6,783,188 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 8.7859% 10/18/22 (d)(i) 14,299,283 14,013,297 
Oregon Clean Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.5359% 3/1/26 (d)(i) 5,909,216 5,887,056 
  26,683,541 
TOTAL UTILITIES  45,586,172 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $345,594,710)  337,868,019 
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 (a)(d)(f)(h) 1,206,350 121 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)(f)(h) 500,000 10,400 
TOTAL PREFERRED SECURITIES   
(Cost $1,295,311)  10,521 
 Shares Value 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund 1.83% (j) 528,957,756 529,063,547 
Fidelity Securities Lending Cash Central Fund 1.84% (j)(k) 8,093,437 8,094,246 
TOTAL MONEY MARKET FUNDS   
(Cost $537,101,074)  537,157,793 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $5,835,559,258)  6,406,171,807 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (54,244,440) 
NET ASSETS - 100%  $6,351,927,367 

Legend

 (a) Non-income producing

 (b) Affiliated company

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

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

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,382,856,945 or 21.8% of net assets.

 (g) 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.

 (h) Level 3 security

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

 (j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (k) 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 $2,301,078 
Fidelity Securities Lending Cash Central Fund 32,978 
Total $2,334,056 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 
Dynex Capital, Inc. $32,908,461 $1,751,423 $361,760 $946,558 $10,057 $(3,999,883) $34,059,818 
Dynex Capital, Inc. Series A, 8.50% 9,278,320 -- 104,600 192,808 3,350 107,207 9,284,277 
Dynex Capital, Inc. Series B, 7.625% 6,300,479 -- 71,249 120,151 1,330 51,674 6,282,234 
Ellington Financial LLC 29,822,348 -- 752,857 710,778 65,391 1,531,029 -- 
Great Ajax Corp. 21,946,669 -- 272,049 504,884 72,996 2,352,806 24,414,970 
Great Ajax Corp. 7.25% 9,285,423 -- 109,609 164,031 9,615 679,673 -- 
Trinity Merger Corp. Class A -- 19,298,241 181,477 -- 528 45,840 19,163,132 
Total $109,541,700 $21,049,664 $1,853,601 $2,639,210 $163,267 $768,346 $93,204,431 

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 and commercial 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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