Quarterly Holdings Report
for
Fidelity® Real Estate Income Fund
April 30, 2020
Schedule of Investments April 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 27.6% | |||
| Shares | Value | ||
| FINANCIALS - 5.8% | |||
| Capital Markets - 0.8% | |||
| Brookfield Asset Management, Inc. (Canada) Class A | 1,032,000 | $34,875,735 | |
| Mortgage Real Estate Investment Trusts - 5.0% | |||
| AGNC Investment Corp. | 4,263,787 | 52,956,235 | |
| Anworth Mortgage Asset Corp. | 332,018 | 571,071 | |
| Broadmark Realty Capital, Inc. (a) | 1,771,200 | 14,506,128 | |
| Capstead Mortgage Corp. | 1,229,200 | 6,379,548 | |
| Chimera Investment Corp. | 1,056,000 | 8,205,120 | |
| Colony NorthStar Credit Real Estate, Inc. | 2,059,250 | 9,904,993 | |
| Dynex Capital, Inc. (b) | 2,072,262 | 29,654,069 | |
| Ellington Financial LLC | 1,548,275 | 16,086,577 | |
| Ellington Residential Mortgage REIT | 430,700 | 3,841,844 | |
| Great Ajax Corp. (a)(b) | 1,663,364 | 14,471,267 | |
| Hunt Companies Finance Trust, Inc. (a) | 516,601 | 1,022,870 | |
| MFA Financial, Inc. | 13,519,819 | 23,659,683 | |
| New Residential Investment Corp. | 6,490,275 | 39,525,775 | |
| Nexpoint Real Estate Finance, Inc. | 519,700 | 5,955,762 | |
| Redwood Trust, Inc. | 1,890,552 | 7,751,263 | |
| Two Harbors Investment Corp. | 777,670 | 3,553,952 | |
| 238,046,157 | |||
| TOTAL FINANCIALS | 272,921,892 | ||
| INDUSTRIALS - 0.2% | |||
| Construction & Engineering - 0.2% | |||
| Williams Scotsman Corp. (c) | 982,600 | 11,447,290 | |
| REAL ESTATE - 21.6% | |||
| Equity Real Estate Investment Trusts (REITs) - 21.6% | |||
| Acadia Realty Trust (SBI) | 3,606,026 | 44,678,662 | |
| American Homes 4 Rent Class A | 920,700 | 22,225,698 | |
| American Tower Corp. | 626,600 | 149,130,786 | |
| Apartment Investment & Management Co. Class A | 2,530,773 | 95,334,219 | |
| AvalonBay Communities, Inc. | 125,700 | 20,482,815 | |
| Boardwalk (REIT) (a) | 114,900 | 2,194,900 | |
| Colony Capital, Inc. | 6,411,155 | 14,809,768 | |
| CoreSite Realty Corp. | 54,000 | 6,544,260 | |
| Crown Castle International Corp. | 490,810 | 78,249,838 | |
| Easterly Government Properties, Inc. | 705,600 | 18,987,696 | |
| Equinix, Inc. | 87,300 | 58,944,960 | |
| Equity Lifestyle Properties, Inc. | 2,029,496 | 122,398,904 | |
| Equity Residential (SBI) | 287,603 | 18,711,451 | |
| Gaming & Leisure Properties | 658,800 | 18,604,512 | |
| Healthcare Trust of America, Inc. | 958,460 | 23,606,870 | |
| Invitation Homes, Inc. | 547,000 | 12,936,550 | |
| iStar Financial, Inc. | 3,005,913 | 30,119,248 | |
| Lexington Corporate Properties Trust | 3,928,274 | 41,050,463 | |
| Mid-America Apartment Communities, Inc. | 660,106 | 73,879,064 | |
| Monmouth Real Estate Investment Corp. Class A | 1,565,369 | 21,273,365 | |
| Public Storage | 50,800 | 9,420,860 | |
| Retail Value, Inc. | 258,002 | 3,733,289 | |
| Sabra Health Care REIT, Inc. | 1,630,375 | 20,901,408 | |
| Safety Income and Growth, Inc. (a) | 442,935 | 25,583,926 | |
| Senior Housing Properties Trust (SBI) | 3,078,989 | 9,575,656 | |
| SITE Centers Corp. | 1,447,138 | 8,769,656 | |
| Terreno Realty Corp. | 119,528 | 6,552,525 | |
| UMH Properties, Inc. | 660,523 | 8,580,194 | |
| Ventas, Inc. | 1,234,386 | 39,932,387 | |
| Weyerhaeuser Co. | 759,100 | 16,601,517 | |
| 1,023,815,447 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $1,419,707,476) | 1,308,184,629 | ||
| Preferred Stocks - 21.7% | |||
| Convertible Preferred Stocks - 1.0% | |||
| FINANCIALS - 0.3% | |||
| Mortgage Real Estate Investment Trusts - 0.3% | |||
| Great Ajax Corp. 7.25% (b) | 357,950 | 7,903,536 | |
| ZAIS Financial Corp. 7.00% | 404,062 | 7,434,741 | |
| 15,338,277 | |||
| REAL ESTATE - 0.7% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
| Braemar Hotels & Resorts, Inc. 5.50% | 98,091 | 930,884 | |
| Lexington Corporate Properties Trust Series C, 6.50% | 440,102 | 21,598,714 | |
| RLJ Lodging Trust Series A, 1.95% | 31,585 | 692,659 | |
| Wheeler REIT, Inc. 8.75% (c) | 510,973 | 4,721,333 | |
| 27,943,590 | |||
| Real Estate Management & Development - 0.1% | |||
| Landmark Infrastructure Partners LP 3 month U.S. LIBOR + 4.690% 6.856% (d)(e) | 189,650 | 4,275,968 | |
| TOTAL REAL ESTATE | 32,219,558 | ||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 47,557,835 | ||
| Nonconvertible Preferred Stocks - 20.7% | |||
| ENERGY - 0.7% | |||
| Oil, Gas & Consumable Fuels - 0.7% | |||
| DCP Midstream Partners LP: | |||
| 7.95% (d) | 328,262 | 5,672,367 | |
| Series B, 7.875% (d) | 256,314 | 4,149,724 | |
| Enbridge, Inc.: | |||
| Series 1 5 year U.S. Treasury Index + 3.140% 5.949% (d)(e) | 498,275 | 7,723,263 | |
| Series L 5 year U.S. Treasury Index + 3.150% 4.959% (d)(e) | 111,400 | 1,548,460 | |
| Energy Transfer Partners LP 7.60% (d) | 471,751 | 9,949,229 | |
| Global Partners LP 9.75% (d) | 161,507 | 3,876,168 | |
| 32,919,211 | |||
| FINANCIALS - 11.6% | |||
| Mortgage Real Estate Investment Trusts - 11.5% | |||
| AG Mortgage Investment Trust, Inc.: | |||
| 8.00% | 611,362 | 6,883,936 | |
| 8.25% | 38,510 | 470,977 | |
| Series C 8.00% (d) | 638,138 | 7,019,518 | |
| AGNC Investment Corp.: | |||
| 6.125% (d) | 653,900 | 14,183,091 | |
| 6.875% (d) | 874,072 | 19,439,361 | |
| Series C, 7.00% (d) | 646,174 | 15,062,316 | |
| Series E 6.50% (d) | 784,970 | 17,638,276 | |
| Annaly Capital Management, Inc.: | |||
| 6.75% (d) | 122,000 | 2,734,020 | |
| Series D, 7.50% | 599,401 | 14,625,384 | |
| Series F, 6.95% (d) | 1,594,752 | 35,818,130 | |
| Series G, 6.50% (d) | 1,229,790 | 26,870,912 | |
| Anworth Mortgage Asset Corp. Series A, 8.625% | 235,600 | 5,134,219 | |
| Arbor Realty Trust, Inc.: | |||
| Series A, 8.25% | 186,964 | 4,019,726 | |
| Series B, 7.75% | 237,325 | 4,881,775 | |
| Series C, 8.50% | 98,875 | 2,209,856 | |
| Arlington Asset Investment Corp.: | |||
| 6.625% | 240,823 | 5,370,353 | |
| 8.25% (d) | 147,125 | 2,559,975 | |
| Armour Residential REIT, Inc. Series C 7.00% | 102,500 | 2,270,816 | |
| Capstead Mortgage Corp. Series E, 7.50% | 431,233 | 9,607,871 | |
| Cherry Hill Mortgage Investment Corp.: | |||
| 8.25% (d) | 245,925 | 4,783,241 | |
| Series A, 8.20% | 248,750 | 5,099,375 | |
| Chimera Investment Corp.: | |||
| 8.00% (d) | 878,131 | 15,463,887 | |
| Series A, 8.00% | 202,500 | 3,907,238 | |
| Series B, 8.00% (d) | 1,845,704 | 32,530,533 | |
| Series C, 7.75% (d) | 2,209,123 | 38,781,154 | |
| Dynex Capital, Inc.: | |||
| Series B, 7.625% (b) | 154,355 | 3,658,214 | |
| Series C 6.90% (b)(d) | 332,483 | 7,514,116 | |
| Ellington Financial LLC 6.75% (d) | 328,770 | 6,404,440 | |
| Exantas Capital Corp. 8.625% (d) | 236,708 | 2,789,012 | |
| Invesco Mortgage Capital, Inc.: | |||
| 7.50% (d) | 1,397,689 | 21,748,041 | |
| Series A, 7.75% | 121,967 | 1,985,623 | |
| Series B, 7.75% (d) | 846,904 | 13,135,481 | |
| MFA Financial, Inc.: | |||
| 6.50% (d) | 898,751 | 13,616,078 | |
| 8.00% | 532,905 | 10,125,195 | |
| Series B, 7.50% | 609,332 | 10,236,778 | |
| New Residential Investment Corp.: | |||
| 7.125% (d) | 1,064,731 | 19,175,805 | |
| Series A 7.50% (d) | 458,450 | 8,848,085 | |
| Series C 6.375% (d) | 985,500 | 17,078,715 | |
| New York Mortgage Trust, Inc.: | |||
| Series B, 7.75% | 281,092 | 5,186,147 | |
| Series C, 7.875% | 317,125 | 5,766,220 | |
| Series D, 8.00% (d) | 317,918 | 5,487,710 | |
| PennyMac Mortgage Investment Trust: | |||
| 8.125% (d) | 414,254 | 8,508,777 | |
| Series B, 8.00% (d) | 750,421 | 15,083,462 | |
| Two Harbors Investment Corp.: | |||
| 7.50% | 491,117 | 10,080,373 | |
| 7.75% | 117,103 | 2,493,123 | |
| Series A, 8.125% (d) | 540,850 | 11,292,948 | |
| Series B, 7.625% (d) | 1,162,204 | 22,976,773 | |
| Series C, 7.25% (d) | 899,517 | 17,090,823 | |
| ZAIS Financial Corp. Series C 6.20% | 378,550 | 6,228,813 | |
| 543,876,692 | |||
| Real Estate Management & Development - 0.1% | |||
| Brookfield Properties Corp. Series EE, 5.10% (d) | 679,025 | 7,507,593 | |
| TOTAL FINANCIALS | 551,384,285 | ||
| REAL ESTATE - 8.4% | |||
| Equity Real Estate Investment Trusts (REITs) - 8.3% | |||
| American Finance Trust, Inc. 7.50% | 874,787 | 17,390,766 | |
| American Homes 4 Rent: | |||
| 6.25% | 98,905 | 2,458,778 | |
| Series D, 6.50% | 276,875 | 7,016,013 | |
| Series E, 6.35% | 250,075 | 6,399,419 | |
| Series F, 5.875% | 248,009 | 5,857,973 | |
| Series G, 5.875% | 199,750 | 4,704,113 | |
| Armada Hoffler Properties, Inc. 6.75% | 154,250 | 3,115,665 | |
| Ashford Hospitality Trust, Inc.: | |||
| Series D, 8.45% | 292,820 | 2,286,924 | |
| Series F, 7.375% | 494,500 | 3,194,470 | |
| Series G, 7.375% | 238,068 | 1,449,834 | |
| Series H, 7.50% | 231,565 | 1,505,173 | |
| Series I, 7.50% | 323,909 | 2,105,409 | |
| Bluerock Residential Growth (REIT), Inc.: | |||
| Series A, 8.25% | 481,325 | 10,396,620 | |
| Series C, 7.625% | 252,994 | 5,148,428 | |
| Series D, 7.125% | 168,100 | 3,416,179 | |
| Braemar Hotels & Resorts, Inc. Series D, 8.25% | 173,050 | 2,352,874 | |
| Cedar Realty Trust, Inc.: | |||
| Series B, 7.25% | 181,872 | 3,019,312 | |
| Series C, 6.50% | 291,600 | 4,283,604 | |
| City Office REIT, Inc. Series A, 6.625% | 178,475 | 3,702,464 | |
| Colony Capital, Inc.: | |||
| Series G, 7.50% | 521,190 | 9,647,279 | |
| Series H, 7.125% | 727,701 | 12,196,269 | |
| Series I, 7.15% | 874,492 | 14,446,608 | |
| Series J, 7.15% | 1,151,024 | 18,853,773 | |
| Digital Realty Trust, Inc.: | |||
| Series C, 6.625% | 83,050 | 2,138,953 | |
| Series G, 5.875% | 39,994 | 1,008,137 | |
| Farmland Partners, Inc. Series B, 6.00% | 623,150 | 13,839,850 | |
| Gladstone Commercial Corp.: | |||
| 6.625% | 98,875 | 2,076,375 | |
| Series D, 7.00% | 532,775 | 11,888,874 | |
| Gladstone Land Corp. Series A, 6.375% | 63,275 | 1,602,794 | |
| Global Medical REIT, Inc. Series A, 7.50% | 150,848 | 3,719,912 | |
| Global Net Lease, Inc.: | |||
| Series A, 7.25% | 531,595 | 11,817,357 | |
| Series B 6.875% | 294,000 | 6,030,616 | |
| Government Properties Income Trust 5.875% | 200,225 | 4,567,132 | |
| Healthcare Trust, Inc. Series A 7.375% | 128,500 | 2,755,233 | |
| Hersha Hospitality Trust: | |||
| Series C, 6.875% | 49,450 | 541,403 | |
| Series D, 6.50% | 197,750 | 2,021,005 | |
| Investors Real Estate Trust Series C, 6.625% | 317,300 | 7,964,230 | |
| iStar Financial, Inc.: | |||
| Series D, 8.00% | 208,220 | 4,703,690 | |
| Series G, 7.65% | 271,473 | 5,904,538 | |
| Series I, 7.50% | 159,569 | 3,350,949 | |
| Jernigan Capital, Inc. Series B, 7.00% | 141,037 | 3,452,586 | |
| Monmouth Real Estate Investment Corp. Series C, 6.125% | 342,800 | 8,357,155 | |
| National Storage Affiliates Trust Series A, 6.00% | 91,575 | 2,339,741 | |
| Pebblebrook Hotel Trust: | |||
| 6.30% | 239,997 | 4,408,745 | |
| 6.375% | 351,372 | 6,500,382 | |
| Series C, 6.50% | 202,046 | 3,693,401 | |
| Series D, 6.375% | 356,375 | 6,493,901 | |
| Pennsylvania (REIT): | |||
| Series B, 7.375% | 99,385 | 635,070 | |
| Series C, 7.20% | 50,325 | 314,531 | |
| Series D, 6.875% | 150,100 | 933,622 | |
| Plymouth Industrial REIT, Inc. Series A, 7.50% | 171,625 | 4,290,625 | |
| Prologis, Inc. Series Q, 8.54% | 93,396 | 7,098,096 | |
| PS Business Parks, Inc. Series Z 4.875% | 52,000 | 1,253,720 | |
| QTS Realty Trust, Inc. Series A, 7.125% | 29,675 | 769,770 | |
| Rexford Industrial Realty, Inc.: | |||
| Series A, 5.875% | 133,500 | 3,302,790 | |
| Series B, 5.875% | 78,600 | 1,950,066 | |
| Series C 5.625% | 68,225 | 1,661,279 | |
| Saul Centers, Inc.: | |||
| Series D, 6.125% | 82,775 | 1,572,725 | |
| Series E 6.00% | 76,841 | 1,464,589 | |
| Senior Housing Properties Trust 5.625% | 3,750 | 68,363 | |
| Seritage Growth Properties Series A, 7.00% | 91,986 | 1,824,082 | |
| SITE Centers Corp. Series K, 6.25% | 226,338 | 4,501,863 | |
| Sotherly Hotels, Inc.: | |||
| Series B, 8.00% | 67,250 | 439,815 | |
| Series C, 7.875% | 107,000 | 670,676 | |
| Spirit Realty Capital, Inc. Series A, 6.00% | 94,125 | 2,211,938 | |
| Stag Industrial, Inc. Series C, 6.875% | 82,075 | 2,133,950 | |
| Summit Hotel Properties, Inc.: | |||
| Series D, 6.45% | 207,650 | 3,478,138 | |
| Series E, 6.25% | 278,490 | 4,603,440 | |
| Sunstone Hotel Investors, Inc.: | |||
| Series E, 6.95% | 41,525 | 950,923 | |
| Series F, 6.45% | 83,050 | 1,932,158 | |
| Taubman Centers, Inc. Series K, 6.25% | 155,572 | 3,469,256 | |
| UMH Properties, Inc.: | |||
| Series B, 8.00% | 316,029 | 7,923,195 | |
| Series C, 6.75% | 430,965 | 10,132,504 | |
| Series D, 6.375% | 513,725 | 12,005,753 | |
| Urstadt Biddle Properties, Inc.: | |||
| Series H, 6.25% | 281,325 | 5,905,012 | |
| Series K 5.875% | 69,225 | 1,403,883 | |
| VEREIT, Inc. Series F, 6.70% | 1,395,263 | 34,072,322 | |
| Washington Prime Group, Inc.: | |||
| Series H, 7.50% | 181,934 | 1,615,774 | |
| Series I, 6.875% | 284,728 | 2,452,078 | |
| 393,166,912 | |||
| Real Estate Management & Development - 0.1% | |||
| Brookfield Property Partners LP: | |||
| 5.75% (c) | 43,000 | 857,850 | |
| 6.50% | 34,125 | 731,981 | |
| Landmark Infrastructure Partners LP Series B, 7.90% | 116,375 | 2,587,016 | |
| 4,176,847 | |||
| TOTAL REAL ESTATE | 397,343,759 | ||
| UTILITIES - 0.0% | |||
| Multi-Utilities - 0.0% | |||
| Brookfield Infrastructure Partners LP Series 5, 5.35% (d) | 182,825 | 2,889,579 | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 984,536,834 | ||
| TOTAL PREFERRED STOCKS | |||
| (Cost $1,330,069,523) | 1,032,094,669 | ||
| Principal Amount | Value | ||
| Corporate Bonds - 19.7% | |||
| Convertible Bonds - 5.1% | |||
| FINANCIALS - 5.1% | |||
| Diversified Financial Services - 0.4% | |||
| RWT Holdings, Inc. 5.75% 10/1/25 (f) | 30,970,000 | 20,635,311 | |
| Mortgage Real Estate Investment Trusts - 4.7% | |||
| Arbor Realty Trust, Inc. 4.75% 11/1/22 (f) | 15,326,000 | 12,873,840 | |
| Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 | 3,856,000 | 3,354,720 | |
| Chimera Investment Corp. 7% 4/1/23 | 3,400,000 | 4,050,250 | |
| Colony Financial, Inc.: | |||
| 3.875% 1/15/21 | 11,804,000 | 11,052,155 | |
| 5% 4/15/23 | 25,791,000 | 19,988,025 | |
| Granite Point Mortgage Trust, Inc.: | |||
| 5.625% 12/1/22 (f) | 6,694,000 | 3,347,000 | |
| 6.375% 10/1/23 | 10,099,000 | 5,143,980 | |
| KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 | 15,629,000 | 13,528,853 | |
| MFA Financial, Inc. 6.25% 6/15/24 | 25,352,000 | 17,477,035 | |
| New York Mortgage Trust, Inc. 6.25% 1/15/22 | 2,472,000 | 1,878,720 | |
| PennyMac Corp. 5.5% 11/1/24 (f) | 30,434,000 | 23,320,053 | |
| Redwood Trust, Inc.: | |||
| 4.75% 8/15/23 | 13,195,000 | 9,154,031 | |
| 5.625% 7/15/24 | 47,936,000 | 33,315,697 | |
| Starwood Property Trust, Inc. 4.375% 4/1/23 | 10,956,000 | 9,476,940 | |
| Two Harbors Investment Corp. 6.25% 1/15/22 | 19,951,000 | 19,364,939 | |
| Western Asset Mortgage Capital Corp. 6.75% 10/1/22 | 63,526,000 | 34,544,919 | |
| 221,871,157 | |||
| TOTAL FINANCIALS | 242,506,468 | ||
| Nonconvertible Bonds - 14.6% | |||
| CONSUMER DISCRETIONARY - 4.2% | |||
| Hotels, Restaurants & Leisure - 0.2% | |||
| Marriott Ownership Resorts, Inc. 6.5% 9/15/26 | 3,955,000 | 3,747,363 | |
| Times Square Hotel Trust 8.528% 8/1/26 (f) | 5,370,227 | 5,762,919 | |
| 9,510,282 | |||
| Household Durables - 3.9% | |||
| Adams Homes, Inc. 7.5% 2/15/25 (f) | 9,530,000 | 8,672,300 | |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
| 6.625% 1/15/28 (f) | 9,925,000 | 8,088,875 | |
| 6.75% 8/1/25 (f) | 26,458,000 | 22,357,010 | |
| 9.875% 4/1/27 (f) | 21,220,000 | 20,371,200 | |
| Beazer Homes U.S.A., Inc. 5.875% 10/15/27 | 9,216,000 | 7,096,320 | |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.: | |||
| 4.875% 2/15/30 (f) | 1,590,000 | 1,305,708 | |
| 6.25% 9/15/27 (f) | 8,533,000 | 7,807,695 | |
| Century Communities, Inc.: | |||
| 5.875% 7/15/25 | 5,982,000 | 5,533,350 | |
| 6.75% 6/1/27 | 11,230,000 | 9,657,800 | |
| KB Home 4.8% 11/15/29 | 6,838,000 | 6,393,530 | |
| LGI Homes, Inc. 6.875% 7/15/26 (f) | 24,116,000 | 22,458,025 | |
| M/I Homes, Inc. 5.625% 8/1/25 | 10,842,000 | 9,982,229 | |
| Mason Finance Sub, Inc. 6.875% 8/15/23 (f) | 11,866,000 | 11,836,335 | |
| Meritage Homes Corp.: | |||
| 5.125% 6/6/27 | 2,181,000 | 2,082,855 | |
| 6% 6/1/25 | 1,955,000 | 1,994,100 | |
| 7% 4/1/22 | 1,396,000 | 1,423,920 | |
| New Home Co. LLC 7.25% 4/1/22 | 16,142,000 | 14,043,540 | |
| TRI Pointe Homes, Inc.: | |||
| 5.25% 6/1/27 | 13,058,000 | 11,817,490 | |
| 5.875% 6/15/24 | 12,175,000 | 11,810,968 | |
| 184,733,250 | |||
| Multiline Retail - 0.1% | |||
| Nordstrom, Inc. 8.75% 5/15/25 (f) | 3,725,000 | 3,997,040 | |
| TOTAL CONSUMER DISCRETIONARY | 198,240,572 | ||
| ENERGY - 0.4% | |||
| Oil, Gas & Consumable Fuels - 0.4% | |||
| EG Global Finance PLC: | |||
| 6.75% 2/7/25 (f) | 7,750,000 | 7,052,500 | |
| 8.5% 10/30/25 (f) | 6,160,000 | 6,006,000 | |
| Global Partners LP/GLP Finance Corp.: | |||
| 7% 6/15/23 | 3,955,000 | 3,440,850 | |
| 7% 8/1/27 | 3,955,000 | 3,182,984 | |
| 19,682,334 | |||
| FINANCIALS - 0.7% | |||
| Diversified Financial Services - 0.6% | |||
| Five Point Operation Co. LP 7.875% 11/15/25 (f) | 22,013,000 | 21,297,578 | |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
| 5.25% 5/15/27 | 6,225,000 | 5,913,812 | |
| 6.25% 5/15/26 | 2,944,000 | 2,892,833 | |
| 30,104,223 | |||
| Mortgage Real Estate Investment Trusts - 0.1% | |||
| Starwood Property Trust, Inc. 4.75% 3/15/25 | 4,188,000 | 3,538,860 | |
| TOTAL FINANCIALS | 33,643,083 | ||
| HEALTH CARE - 0.6% | |||
| Health Care Providers & Services - 0.6% | |||
| Sabra Health Care LP 5.125% 8/15/26 | 20,264,000 | 19,626,527 | |
| Sabra Health Care LP/Sabra Capital Corp.: | |||
| 3.9% 10/15/29 | 989,000 | 887,625 | |
| 4.8% 6/1/24 | 7,475,000 | 7,222,062 | |
| 27,736,214 | |||
| INDUSTRIALS - 0.3% | |||
| Building Products - 0.3% | |||
| Shea Homes Ltd. Partnership/Corp.: | |||
| 4.75% 2/15/28 (f) | 4,305,000 | 3,718,444 | |
| 6.125% 4/1/25 (f) | 10,051,000 | 9,498,195 | |
| 13,216,639 | |||
| REAL ESTATE - 8.4% | |||
| Equity Real Estate Investment Trusts (REITs) - 4.3% | |||
| CBL & Associates LP: | |||
| 4.6% 10/15/24 | 26,459,000 | 7,077,783 | |
| 5.25% 12/1/23 | 11,371,000 | 3,013,315 | |
| 5.95% 12/15/26 | 10,317,000 | 2,734,005 | |
| CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 6,992,000 | 6,983,260 | |
| ESH Hospitality, Inc. 5.25% 5/1/25 (f) | 5,154,000 | 4,844,760 | |
| GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 4,500,000 | 4,376,700 | |
| Hospitality Properties Trust: | |||
| 4.65% 3/15/24 | 3,500,000 | 2,975,612 | |
| 5% 8/15/22 | 3,141,000 | 2,835,475 | |
| iStar Financial, Inc.: | |||
| 4.25% 8/1/25 | 14,925,000 | 11,790,750 | |
| 4.75% 10/1/24 | 25,920,000 | 21,643,200 | |
| 5.25% 9/15/22 | 13,900,000 | 12,579,500 | |
| Lexington Corporate Properties Trust 4.4% 6/15/24 | 2,156,000 | 2,119,291 | |
| Omega Healthcare Investors, Inc.: | |||
| 4.5% 4/1/27 | 2,434,000 | 2,337,250 | |
| 4.75% 1/15/28 | 4,567,000 | 4,473,858 | |
| 4.95% 4/1/24 | 2,866,000 | 2,922,626 | |
| Select Income REIT: | |||
| 4.15% 2/1/22 | 11,045,000 | 10,913,370 | |
| 4.25% 5/15/24 | 4,974,000 | 4,681,940 | |
| 4.5% 2/1/25 | 21,056,000 | 19,966,744 | |
| Senior Housing Properties Trust: | |||
| 4.75% 5/1/24 | 44,393,000 | 36,763,161 | |
| 4.75% 2/15/28 | 9,933,000 | 8,508,107 | |
| 6.75% 12/15/21 | 7,910,000 | 7,553,136 | |
| SITE Centers Corp. 3.625% 2/1/25 | 3,285,000 | 3,224,585 | |
| Uniti Group, Inc. 7.875% 2/15/25 (f) | 5,000,000 | 4,812,500 | |
| VEREIT Operating Partnership LP 4.875% 6/1/26 | 14,869,000 | 14,931,619 | |
| 204,062,547 | |||
| Real Estate Management & Development - 4.1% | |||
| Forestar Group, Inc.: | |||
| 5% 3/1/28 (f) | 12,000,000 | 10,470,000 | |
| 8% 4/15/24 (f) | 25,132,000 | 24,629,360 | |
| Greystar Real Estate Partners 5.75% 12/1/25 (f) | 13,480,000 | 12,401,600 | |
| Howard Hughes Corp. 5.375% 3/15/25 (f) | 34,007,000 | 32,964,345 | |
| Kennedy-Wilson, Inc. 5.875% 4/1/24 | 48,939,000 | 46,807,707 | |
| Mack-Cali Realty LP: | |||
| 3.15% 5/15/23 | 10,000 | 8,210 | |
| 4.5% 4/18/22 | 517,000 | 438,205 | |
| Mattamy Group Corp.: | |||
| 4.625% 3/1/30 (f) | 15,140,000 | 13,578,158 | |
| 5.25% 12/15/27 (f) | 13,411,000 | 12,572,813 | |
| Mid-America Apartments LP 4.3% 10/15/23 | 2,178,000 | 2,265,151 | |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
| 5.625% 3/1/24 (f) | 5,434,000 | 5,107,960 | |
| 5.75% 1/15/28 (f) | 989,000 | 895,045 | |
| 5.875% 1/31/25 (f) | 10,022,000 | 9,420,680 | |
| 5.875% 6/15/27 (f) | 1,798,000 | 1,654,160 | |
| 6% 9/1/23 (f) | 3,922,000 | 3,789,633 | |
| 6.625% 7/15/27 (f) | 8,573,000 | 7,736,704 | |
| Washington Prime Group LP 6.45% 8/15/24 | 23,181,000 | 12,894,431 | |
| 197,634,162 | |||
| TOTAL REAL ESTATE | 401,696,709 | ||
| TOTAL NONCONVERTIBLE BONDS | 694,215,551 | ||
| TOTAL CORPORATE BONDS | |||
| (Cost $1,118,071,611) | 936,722,019 | ||
| Asset-Backed Securities - 2.5% | |||
| American Homes 4 Rent: | |||
| Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) | 3,000,000 | 2,956,662 | |
| Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) | 8,924,000 | 8,195,903 | |
| Series 2015-SFR1 Class F, 5.885% 4/17/52 (f) | 2,000,000 | 1,921,815 | |
| Series 2015-SFR2: | |||
| Class E, 6.07% 10/17/52 (f) | 8,259,000 | 8,096,874 | |
| Class XS, 0% 10/17/52 (d)(f)(g)(h) | 4,660,910 | 47 | |
| Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(e)(f)(h) | 2,250,000 | 225 | |
| Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 | 404,049 | 358,568 | |
| Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 | 320,212 | 320,317 | |
| GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 3.764% 2/22/36 (d)(e)(f) | 2,142,000 | 1,671,721 | |
| Green Tree Financial Corp.: | |||
| Series 1996-4 Class M1, 7.75% 6/15/27 (d) | 626,503 | 616,929 | |
| Series 1997-3 Class M1, 7.53% 3/15/28 | 4,388,233 | 4,318,311 | |
| Home Partners America Trust Series 2019-2 Class F, 3.866% 10/19/39 (f) | 2,985,301 | 2,375,886 | |
| Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 4.2898% 7/17/34 (d)(e)(f) | 6,318,500 | 5,891,982 | |
| Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 3.1008% 7/17/37 (d)(e)(f) | 3,896,000 | 2,958,261 | |
| Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 3.064% 6/17/37 (d)(e)(f) | 1,394,074 | 1,205,767 | |
| Kref Ltd. Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 3.3008% 6/15/36 (d)(e)(f) | 2,560,000 | 2,150,369 | |
| Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | 657,900 | 493,455 | |
| Merit Securities Corp. Series 13 Class M1, 7.7764% 12/28/33 (d) | 1,374,392 | 1,394,742 | |
| Progress Residential Trust: | |||
| Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) | 3,073,000 | 2,857,639 | |
| Series 2017-SFR2 Class F, 4.836% 12/17/34 (f) | 2,568,000 | 2,326,774 | |
| Series 2018-SFR2 Class F, 4.953% 8/17/35 (f) | 5,083,000 | 4,554,206 | |
| Series 2018-SFR3 Class F, 5.368% 10/17/35 (f) | 3,412,000 | 3,123,605 | |
| Series 2019-SFR1 Class F, 5.061% 8/17/35 (f) | 3,000,000 | 2,658,232 | |
| Series 2019-SFR2 Class F, 4.837% 5/17/36 (f) | 3,902,000 | 3,540,104 | |
| Series 2020-SFR1 Class H, 5.268% 4/17/37 (f) | 3,633,000 | 2,692,016 | |
| Starwood Waypoint Homes Trust Series 2017-1: | |||
| Class E, 1 month U.S. LIBOR + 2.600% 3.414% 1/17/35 (d)(e)(f) | 5,906,000 | 5,559,003 | |
| Class F, 1 month U.S. LIBOR + 3.400% 4.214% 1/17/35 (d)(e)(f) | 12,529,000 | 11,707,626 | |
| Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.5405% 2/5/36 (d)(e)(f)(h) | 4,763,129 | 357 | |
| Tricon American Homes: | |||
| Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) | 7,544,000 | 7,273,156 | |
| Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) | 8,442,000 | 7,813,095 | |
| Series 2017-SFR2 Class F, 5.104% 1/17/36 (f) | 3,785,000 | 3,452,461 | |
| Series 2018-SFR1 Class F, 4.96% 5/17/37 (f) | 8,282,000 | 7,450,774 | |
| VB-S1 Issuer LLC: | |||
| Series 2016-1A Class F, 6.901% 6/15/46 (f) | 7,710,000 | 7,762,403 | |
| Series 2018-1A Class F, 5.25% 2/15/48 (f) | 1,354,000 | 1,303,386 | |
| Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 3.646% 11/21/40 (d)(e)(f) | 193,950 | 178,434 | |
| TOTAL ASSET-BACKED SECURITIES | |||
| (Cost $133,090,436) | 119,181,105 | ||
| Collateralized Mortgage Obligations - 0.0% | |||
| U.S. Government Agency - 0.0% | |||
| Fannie Mae REMIC Trust: | |||
| Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.0312% 2/25/42 (d)(f) | 38,309 | 10,658 | |
| Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.0045% 6/25/43 (d)(f) | 66,339 | 24,460 | |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
| (Cost $82,494) | 35,118 | ||
| Commercial Mortgage Securities - 14.0% | |||
| Banc of America Merrill Lynch Large Loan, Inc. floater Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 2.814% 3/15/34 (d)(e)(f) | 7,168,000 | 6,140,813 | |
| BANK: | |||
| Series 2017-BNK8 Class E, 2.8% 11/15/50 (f) | 11,374,393 | 5,116,859 | |
| Series 2018-BN12 Class D, 3% 5/15/61 (f) | 1,682,000 | 945,333 | |
| Series 2019-BN21 Class F, 2.6818% 10/17/52 (f) | 12,047,000 | 4,637,034 | |
| Barclays Commercial Mortgage Securities LLC: | |||
| Series 2015-STP: | |||
| Class E, 4.4272% 9/10/28 (d)(f) | 8,413,000 | 8,217,956 | |
| Class F, 4.4272% 9/10/28 (d)(f) | 4,074,000 | 3,972,523 | |
| Series 2019-C5 Class F, 2.7298% 11/15/52 (d)(f) | 4,000,000 | 1,581,978 | |
| Benchmark Mortgage Trust sequential payer Series 2019-B14: | |||
| Class 225D, 3.4041% 12/15/62 (d)(f) | 3,427,000 | 2,787,768 | |
| Class 225E, 3.4041% 12/15/62 (d)(f) | 5,141,000 | 4,002,107 | |
| Braemar Hotels & Resorts Trust floater Series 2018-PRME Class E, 1 month U.S. LIBOR + 2.400% 3.214% 6/15/35 (d)(e)(f) | 1,500,000 | 1,123,769 | |
| BX Commercial Mortgage Trust floater: | |||
| Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 2.814% 11/25/32 (d)(e)(f) | 6,426,000 | 5,398,156 | |
| Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 3.314% 12/15/36 (d)(e)(f) | 6,013,000 | 5,390,547 | |
| BX Trust: | |||
| floater: | |||
| Series 2018-IND: | |||
| Class G, 1 month U.S. LIBOR + 2.050% 2.864% 11/15/35 (d)(e)(f) | 3,281,600 | 2,952,836 | |
| Class H, 1 month U.S. LIBOR + 3.000% 3.814% 11/15/35 (d)(e)(f) | 6,206,900 | 5,450,377 | |
| Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 4.414% 4/15/34 (d)(e)(f) | 5,181,000 | 3,684,416 | |
| Series 2019-XL Class G, 1 month U.S. LIBOR + 2.300% 3.114% 10/15/36 (d)(e)(f) | 2,460,156 | 2,264,624 | |
| Series 2019-OC11 Class E, 4.0755% 12/9/41 (d)(f) | 19,085,000 | 15,834,092 | |
| CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (d)(f) | 4,099,000 | 3,391,457 | |
| CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 4.064% 12/15/37 (d)(e)(f) | 7,428,000 | 6,798,317 | |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) | 3,353,000 | 2,082,801 | |
| CGMS Commercial Mortgage Trust Series 2017-MDRB: | |||
| Class D, 1 month U.S. LIBOR + 3.250% 4.064% 7/15/30 (d)(e)(f) | 6,131,000 | 5,464,425 | |
| Class E, 1 month U.S. LIBOR + 3.870% 4.6855% 7/15/30 (d)(e)(f) | 6,666,000 | 5,527,028 | |
| CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 3.4222% 6/15/34 (d)(e)(f) | 1,493,555 | 996,204 | |
| Citigroup Commercial Mortgage Trust: | |||
| Series 2013-GC15 Class D, 5.3873% 9/10/46 (d)(f) | 5,254,000 | 4,272,966 | |
| Series 2016-C3 Class D, 3% 11/15/49 (f) | 7,010,000 | 3,518,260 | |
| COMM Mortgage Trust: | |||
| floater Series 2018-HCLV: | |||
| Class F, 1 month U.S. LIBOR + 3.050% 3.864% 9/15/33 (d)(e)(f) | 4,265,000 | 3,117,948 | |
| Class G, 1 month U.S. LIBOR + 5.050% 5.8703% 9/15/33 (d)(e)(f) | 4,265,000 | 3,054,981 | |
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) | 4,741,000 | 2,453,424 | |
| Series 2012-CR1: | |||
| Class D, 5.4971% 5/15/45 (d)(f) | 5,550,000 | 3,340,197 | |
| Class G, 2.462% 5/15/45 (f) | 6,346,000 | 2,053,807 | |
| Series 2012-LC4 Class C, 5.721% 12/10/44 (d) | 1,978,000 | 1,838,743 | |
| Series 2013-CR10 Class D, 4.9485% 8/10/46 (d)(f) | 4,544,000 | 3,932,317 | |
| Series 2013-CR12 Class D, 5.2403% 10/10/46 (d)(f) | 4,500,000 | 3,030,341 | |
| Series 2013-LC6 Class D, 4.4627% 1/10/46 (d)(f) | 8,301,000 | 4,962,931 | |
| Series 2014-CR17 Class E, 5.0091% 5/10/47 (d)(f) | 3,098,000 | 2,187,044 | |
| Series 2014-UBS2 Class D, 5.1694% 3/10/47 (d)(f) | 3,713,000 | 2,834,516 | |
| Series 2017-CD4 Class D, 3.3% 5/10/50 (f) | 2,769,000 | 1,616,899 | |
| COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) | 2,769,000 | 1,634,664 | |
| Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
| Class D, 4.9919% 8/15/45 (d)(f) | 4,500,000 | 3,447,846 | |
| Class E, 4.9919% 8/15/45 (d)(f) | 8,000,000 | 5,067,274 | |
| Class F, 4.25% 8/15/45 (f) | 2,000,000 | 1,113,850 | |
| Credit Suisse Mortgage Trust floater: | |||
| Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 3.464% 5/15/36 (d)(e)(f) | 9,767,000 | 8,978,879 | |
| Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 4.414% 1/15/34 (d)(e)(f) | 7,788,000 | 6,757,743 | |
| CSAIL Commercial Mortgage Trust: | |||
| Series 2017-C8 Class D, 4.4701% 6/15/50 (f) | 4,297,000 | 2,799,242 | |
| Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (d)(f) | 7,129,000 | 5,946,162 | |
| Series 2017-CX9 Class D, 4.2904% 9/15/50 (d)(f) | 2,539,000 | 1,421,975 | |
| DBCCRE Mortgage Trust Series 2014-ARCP Class E, 5.099% 1/10/34 (d)(f) | 10,732,000 | 9,126,271 | |
| DBUBS Mortgage Trust: | |||
| Series 2011-LC1A: | |||
| Class E, 5.8779% 11/10/46 (d)(f) | 13,874,000 | 13,085,774 | |
| Class G, 4.652% 11/10/46 (f) | 12,222,000 | 10,947,294 | |
| Series 2011-LC3A Class D, 5.5124% 8/10/44 (d)(f) | 3,945,000 | 3,649,635 | |
| Freddie Mac: | |||
| pass-thru certificates: | |||
| Series K011 Class X3, 2.6605% 12/25/43 (d)(g) | 12,069,096 | 106,535 | |
| Series K012 Class X3, 2.3257% 1/25/41 (d)(g) | 20,492,732 | 191,787 | |
| Series K013 Class X3, 2.9094% 1/25/43 (d)(g) | 14,199,000 | 173,810 | |
| Series KAIV Class X2, 3.6147% 6/25/41 (d)(g) | 7,430,000 | 220,311 | |
| GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 3.6228% 11/21/35 (d)(e)(f) | 2,500,000 | 1,881,120 | |
| GS Mortgage Securities Corp. Trust floater Series 2019-SOHO Class F, 1 month U.S. LIBOR + 2.200% 3.014% 6/15/36 (d)(e)(f) | 2,000,000 | 1,559,700 | |
| GS Mortgage Securities Trust: | |||
| floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 3.414% 7/15/35 (d)(e)(f) | 3,808,000 | 2,782,981 | |
| Series 2010-C2 Class D, 5.3518% 12/10/43 (d)(f) | 3,000,000 | 2,876,222 | |
| Series 2011-GC5: | |||
| Class C, 5.5555% 8/10/44 (d)(f) | 8,899,000 | 7,608,536 | |
| Class D, 5.5555% 8/10/44 (d)(f) | 2,733,635 | 1,934,500 | |
| Class E, 5.5555% 8/10/44 (d)(f) | 8,138,000 | 5,003,137 | |
| Class F, 4.5% 8/10/44 (f) | 7,897,000 | 3,697,822 | |
| Series 2012-GC6: | |||
| Class C, 5.8393% 1/10/45 (d)(f) | 3,560,000 | 2,638,923 | |
| Class D, 5.8393% 1/10/45 (d)(f) | 6,590,000 | 4,002,529 | |
| Class E, 5% 1/10/45 (d)(f) | 7,432,000 | 3,778,528 | |
| Series 2012-GCJ7 Class D, 5.8887% 5/10/45 (d)(f) | 10,078,000 | 8,452,881 | |
| Series 2012-GCJ9: | |||
| Class D, 4.8984% 11/10/45 (d)(f) | 5,503,000 | 4,196,781 | |
| Class E, 4.8984% 11/10/45 (d)(f) | 1,908,000 | 1,309,389 | |
| Series 2013-GC14 Class D, 4.9029% 8/10/46 (d)(f) | 1,661,000 | 984,500 | |
| Series 2013-GC16: | |||
| Class D, 5.4877% 11/10/46 (d)(f) | 3,708,000 | 2,998,020 | |
| Class F, 3.5% 11/10/46 (f) | 7,221,000 | 4,666,477 | |
| Series 2016-GS3 Class D, 2.62% 10/10/49 (f) | 3,360,000 | 2,162,926 | |
| Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) | 29,492,000 | 28,068,359 | |
| Series 2016-RENT Class F, 4.2022% 2/10/29 (d)(f) | 19,971,000 | 18,904,738 | |
| Hilton U.S.A. Trust: | |||
| Series 2016-HHV Class F, 4.3333% 11/5/38 (d)(f) | 8,440,000 | 6,245,067 | |
| Series 2016-SFP Class F, 6.1552% 11/5/35 (f) | 10,093,000 | 7,868,718 | |
| IMT Trust Series 2017-APTS: | |||
| Class EFX, 3.6132% 6/15/34 (d)(f) | 9,213,000 | 7,797,334 | |
| Class FFL, 1 month U.S. LIBOR + 2.850% 3.664% 6/15/34 (d)(e)(f) | 3,532,751 | 2,826,799 | |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (f) | 2,896,000 | 2,680,416 | |
| Invitation Homes Trust floater: | |||
| Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 3.0008% 7/17/37 (d)(e)(f) | 924,535 | 797,938 | |
| Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 2.9508% 1/17/38 (d)(e)(f) | 7,410,000 | 6,294,277 | |
| JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ: | |||
| Class C, 1 month U.S. LIBOR + 1.600% 2.414% 6/15/32 (d)(e)(f) | 5,050,438 | 4,460,713 | |
| Class E, 1 month U.S. LIBOR + 3.000% 3.814% 6/15/35 (d)(e)(f) | 1,398,130 | 1,111,003 | |
| JPMBB Commercial Mortgage Securities Trust: | |||
| Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) | 8,640,000 | 7,406,148 | |
| Series 2014-C26 Class D, 4.0226% 1/15/48 (d)(f) | 3,398,000 | 2,370,700 | |
| JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5746% 12/15/49 (d)(f) | 10,126,000 | 6,097,200 | |
| JPMDB Commercial Mortgage Securities Trust: | |||
| Series 2016-C4 Class D, 3.2177% 12/15/49 (d)(f) | 4,388,000 | 2,344,344 | |
| Series 2018-C8 Class D, 3.4023% 6/15/51 (d)(f) | 1,698,000 | 982,607 | |
| JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX: | |||
| Class C, 5.303% 6/15/45 (d) | 4,479,000 | 4,195,704 | |
| Class E, 5.303% 6/15/45 (d)(f) | 5,892,000 | 4,421,765 | |
| Class F, 4% 6/15/45 (f) | 8,192,000 | 4,898,068 | |
| Class G 4% 6/15/45 (f) | 4,044,000 | 2,172,861 | |
| JPMorgan Chase Commercial Mortgage Securities Trust: | |||
| Series 2011-C3: | |||
| Class E, 5.8529% 2/15/46 (d)(f) | 13,774,000 | 5,735,405 | |
| Class G, 4.409% 2/15/46 (d)(f) | 4,671,000 | 1,164,591 | |
| Class H, 4.409% 2/15/46 (d)(f) | 7,077,000 | 1,059,449 | |
| Series 2011-C4 Class F, 3.873% 7/15/46 (f) | 1,400,000 | 1,232,279 | |
| Series 2013-LC11: | |||
| Class D, 4.3064% 4/15/46 (d) | 7,722,000 | 5,710,685 | |
| Class E, 3.25% 4/15/46 (d)(f) | 472,000 | 310,211 | |
| Class F, 3.25% 4/15/46 (d)(f) | 2,518,000 | 1,018,416 | |
| Series 2014-DSTY Class E, 3.9314% 6/10/27 (d)(f)(h) | 8,161,000 | 1,503,488 | |
| Series 2018-AON Class F, 4.767% 7/5/31 (d)(f) | 5,039,000 | 4,458,147 | |
| Morgan Stanley BAML Trust: | |||
| Series 2012-C6 Class D, 4.7607% 11/15/45 (d)(f) | 2,000,000 | 1,694,722 | |
| Series 2012-C6, Class F, 4.7607% 11/15/45 (d)(f) | 2,500,000 | 1,912,323 | |
| Series 2013-C12 Class D, 4.9244% 10/15/46 (d)(f) | 7,164,000 | 5,287,701 | |
| Series 2013-C13: | |||
| Class D, 5.0681% 11/15/46 (d)(f) | 5,218,000 | 4,142,247 | |
| Class E, 5.0681% 11/15/46 (d)(f) | 3,341,000 | 2,468,463 | |
| Series 2013-C7: | |||
| Class D, 4.3758% 2/15/46 (d)(f) | 4,024,000 | 2,786,857 | |
| Class E, 4.3758% 2/15/46 (d)(f) | 989,000 | 611,002 | |
| Series 2013-C9: | |||
| Class C, 4.1701% 5/15/46 (d) | 3,302,000 | 2,954,431 | |
| Class D, 4.2581% 5/15/46 (d)(f) | 5,137,000 | 3,901,118 | |
| Series 2016-C30 Class D, 3% 9/15/49 (f) | 5,347,000 | 3,174,852 | |
| Series 2016-C31 Class D, 3% 11/15/49 (d)(f) | 1,483,000 | 911,839 | |
| Morgan Stanley Capital I Trust: | |||
| floater Series 2019-AGLN: | |||
| Class F, 1 month U.S. LIBOR + 2.600% 3.414% 3/15/34 (d)(e)(f) | 3,955,000 | 3,083,573 | |
| Class G, 1 month U.S. LIBOR + 3.150% 3.964% 3/15/34 (d)(e)(f) | 5,946,000 | 4,620,563 | |
| Series 1998-CF1 Class G, 7.35% 7/15/32 (d)(f) | 138,700 | 141,391 | |
| Series 2011-C2: | |||
| Class D, 5.6608% 6/15/44 (d)(f) | 5,387,000 | 3,424,899 | |
| Class E, 5.6608% 6/15/44 (d)(f) | 2,470,000 | 1,436,465 | |
| Class F, 5.6608% 6/15/44 (d)(f) | 4,440,000 | 2,305,230 | |
| Class XB, 0.3869% 6/15/44 (d)(f)(g) | 55,708,619 | 451,724 | |
| Series 2011-C3: | |||
| Class D, 5.4192% 7/15/49 (d)(f) | 7,317,000 | 5,793,225 | |
| Class E, 5.4192% 7/15/49 (d)(f) | 3,456,000 | 2,467,504 | |
| Class F, 5.4192% 7/15/49 (d)(f) | 5,624,050 | 3,620,524 | |
| Class G, 5.4192% 7/15/49 (d)(f) | 5,049,500 | 3,011,285 | |
| Series 2012-C4 Class D, 5.5997% 3/15/45 (d)(f) | 6,310,000 | 5,736,831 | |
| Series 2015-MS1 Class D, 4.1655% 5/15/48 (d)(f) | 10,833,000 | 7,513,997 | |
| Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) | 4,957,000 | 3,149,322 | |
| Series 2016-BNK2 Class C, 3% 11/15/49 (f) | 2,966,000 | 1,739,631 | |
| Motel 6 Trust floater: | |||
| Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 7.7405% 8/15/24 (d)(e)(f) | 5,179,915 | 3,986,218 | |
| Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 2.214% 8/15/34 (d)(e)(f) | 8,477,059 | 7,328,834 | |
| Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.064% 8/15/34 (d)(e)(f) | 10,881,193 | 7,093,020 | |
| MRCD Series 2019-PARK Class G, 2.7175% 12/15/36 (f) | 2,000,000 | 1,644,613 | |
| MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 2.964% 10/15/37 (d)(e)(f) | 5,061,000 | 4,302,375 | |
| MSCG Trust Series 2016-SNR: | |||
| Class D, 6.55% 11/15/34 (f) | 10,833,250 | 10,557,613 | |
| Class E, 6.8087% 11/15/34 (f) | 9,551,450 | 9,015,606 | |
| MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (d)(f) | 1,500,000 | 917,601 | |
| Natixis Commercial Mortgage Securities Trust: | |||
| floater Series 2018-FL1: | |||
| Class WAN1, 1 month U.S. LIBOR + 2.750% 3.455% 6/15/35 (d)(e)(f) | 1,743,000 | 1,403,596 | |
| Class WAN2, 1 month U.S. LIBOR + 3.750% 4.455% 6/15/35 (d)(e)(f) | 651,000 | 524,217 | |
| Series 2019-1776 Class F, 4.2988% 10/15/36 (f) | 3,454,000 | 3,052,295 | |
| Series 2020-2PAC Class AMZ3, 3.6167% 1/15/37 (d)(f) | 2,502,675 | 1,958,755 | |
| Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (f) | 1,000,000 | 831,657 | |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) | 3,802,381 | 4,415,723 | |
| ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 3.3873% 3/25/34 (d)(e)(f) | 3,401,000 | 2,505,408 | |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (d)(f) | 5,000,000 | 3,893,890 | |
| UBS Commercial Mortgage Trust Series 2012-C1: | |||
| Class D, 5.7548% 5/10/45 (d)(f) | 2,296,000 | 1,659,245 | |
| Class E, 5% 5/10/45 (d)(f) | 6,268,000 | 3,181,427 | |
| Class F, 5% 5/10/45 (d)(f) | 2,221,350 | 550,616 | |
| UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (d)(f) | 2,143,000 | 1,796,882 | |
| UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.2521% 1/10/45 (d)(f) | 2,966,000 | 2,800,535 | |
| Wells Fargo Commercial Mortgage Trust: | |||
| floater Series 2020-SOP Class E, 1 month U.S. LIBOR + 2.710% 3.524% 1/15/35 (d)(e)(f) | 3,250,000 | 2,771,821 | |
| Series 2012-LC5: | |||
| Class D, 4.9181% 10/15/45 (d)(f) | 12,819,000 | 10,927,242 | |
| Class E, 4.9181% 10/15/45 (d)(f) | 8,347,000 | 6,722,332 | |
| Class F, 4.9181% 10/15/45 (d)(f) | 2,000,000 | 1,526,937 | |
| Series 2016-BNK1 Class D, 3% 8/15/49 (f) | 6,979,000 | 4,169,491 | |
| Series 2016-C35 Class D, 3.142% 7/15/48 (f) | 18,335,000 | 8,689,567 | |
| Series 2016-NXS6 Class D, 3.059% 11/15/49 (f) | 5,037,000 | 3,002,727 | |
| WF-RBS Commercial Mortgage Trust: | |||
| sequential payer Series 2011-C4I Class G, 5% 6/15/44 | 3,955,000 | 2,284,408 | |
| Series 2011-C3: | |||
| Class C, 5.335% 3/15/44 (f) | 4,845,000 | 4,607,785 | |
| Class D, 5.8523% 3/15/44 (d)(f) | 1,000,000 | 619,129 | |
| Class E, 5% 3/15/44 (f) | 2,966,000 | 639,161 | |
| Series 2011-C5: | |||
| Class E, 5.8446% 11/15/44 (d)(f) | 5,097,000 | 3,759,079 | |
| Class F, 5.25% 11/15/44 (d)(f) | 3,500,000 | 2,376,259 | |
| Class G, 5.25% 11/15/44 (d)(f) | 2,000,000 | 1,229,965 | |
| Series 2012-C7: | |||
| Class D, 4.9666% 6/15/45 (d)(f) | 2,380,000 | 1,789,368 | |
| Class F, 4.5% 6/15/45 (f) | 2,000,000 | 894,614 | |
| Series 2012-C8 Class E, 5.0473% 8/15/45 (d)(f) | 2,889,500 | 2,382,506 | |
| Series 2013-C11: | |||
| Class D, 4.3989% 3/15/45 (d)(f) | 5,765,000 | 4,567,781 | |
| Class E, 4.3989% 3/15/45 (d)(f) | 4,727,000 | 3,292,782 | |
| Series 2013-C13 Class D, 4.2767% 5/15/45 (d)(f) | 3,955,000 | 3,293,517 | |
| Series 2013-C16 Class D, 5.2007% 9/15/46 (d)(f) | 3,686,000 | 3,120,505 | |
| Series 2013-UBS1 Class D, 4.8955% 3/15/46 (d)(f) | 4,538,000 | 3,613,335 | |
| WP Glimcher Mall Trust Series 2015-WPG: | |||
| Class PR1, 3.6332% 6/5/35 (d)(f) | 6,725,000 | 5,041,170 | |
| Class PR2, 3.6332% 6/5/35 (d)(f) | 2,541,000 | 1,861,315 | |
| TOTAL COMMERCIAL MORTGAGE SECURITIES | |||
| (Cost $819,593,163) | 662,261,889 | ||
| Bank Loan Obligations - 5.9% | |||
| CONSUMER DISCRETIONARY - 0.9% | |||
| Diversified Consumer Services - 0.0% | |||
| Airbnb, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 4/17/25 (e)(i)(j) | 2,640,000 | 2,669,700 | |
| Hotels, Restaurants & Leisure - 0.9% | |||
| Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.1536% 12/22/24 (d)(e)(j) | 7,957,726 | 6,697,780 | |
| LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.3633% 6/10/22 (d)(e)(j) | 6,166,794 | 5,193,612 | |
| Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.1536% 8/31/25 (d)(e)(j) | 4,014,526 | 3,598,019 | |
| Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (d)(e)(j) | 25,752,893 | 20,634,506 | |
| Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.6536% 5/31/25 (d)(e)(j) | 6,231,134 | 5,613,193 | |
| 41,737,110 | |||
| TOTAL CONSUMER DISCRETIONARY | 44,406,810 | ||
| ENERGY - 0.8% | |||
| Energy Equipment & Services - 0.1% | |||
| Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/1/25 (d)(e)(j) | 5,898,694 | 4,763,195 | |
| Oil, Gas & Consumable Fuels - 0.7% | |||
| Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.2001% 12/19/20 (d)(e)(j) | 30,810,674 | 28,438,252 | |
| TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/2/25 (d)(e)(j) | 3,939,122 | 3,696,748 | |
| 32,135,000 | |||
| TOTAL ENERGY | 36,898,195 | ||
| FINANCIALS - 0.6% | |||
| Capital Markets - 0.1% | |||
| Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.6158% 9/30/24 (d)(e)(j) | 5,103,950 | 4,674,350 | |
| Diversified Financial Services - 0.3% | |||
| Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (d)(h)(j) | 12,171,000 | 11,870,376 | |
| Mortgage Real Estate Investment Trusts - 0.1% | |||
| Blackstone Mortgage Trust, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.6536% 4/23/26 (d)(e)(j) | 6,824,140 | 6,244,088 | |
| Thrifts & Mortgage Finance - 0.1% | |||
| Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 6.000% 7% 5/15/22 (d)(e)(j) | 6,661,920 | 5,140,804 | |
| TOTAL FINANCIALS | 27,929,618 | ||
| INDUSTRIALS - 0.4% | |||
| Commercial Services & Supplies - 0.4% | |||
| Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 2/27/25 (d)(e)(j) | 19,996,370 | 19,276,501 | |
| INFORMATION TECHNOLOGY - 0.2% | |||
| Electronic Equipment & Components - 0.2% | |||
| Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/20/24 (d)(e)(j) | 8,714,449 | 8,229,752 | |
| REAL ESTATE - 2.2% | |||
| Equity Real Estate Investment Trusts (REITs) - 1.1% | |||
| CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (d)(e)(j) | 11,785,813 | 10,960,806 | |
| Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 2.1873% 2/6/22 (d)(e)(h)(j) | 23,975,000 | 21,877,188 | |
| iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.6379% 6/28/23 (d)(e)(j) | 13,038,214 | 12,060,348 | |
| The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (d)(e)(j) | 10,206,506 | 9,002,138 | |
| 53,900,480 | |||
| Real Estate Management & Development - 1.1% | |||
| Aragon Junior Mezzanine 1 month U.S. LIBOR + 6.000% 7.25% 1/15/25 (d)(e)(h)(j) | 9,500,000 | 8,740,000 | |
| DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.7394% 8/21/25 (d)(e)(j) | 21,433,778 | 19,705,787 | |
| Lightstone Holdco LLC: | |||
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (d)(e)(j) | 16,797,750 | 13,196,816 | |
| Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (d)(e)(j) | 947,420 | 744,321 | |
| Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.2429% 2/8/25 (d)(e)(j) | 3,929,648 | 3,278,191 | |
| VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.4174% 12/22/24 (d)(e)(j) | 8,235,000 | 7,619,434 | |
| 53,284,549 | |||
| TOTAL REAL ESTATE | 107,185,029 | ||
| UTILITIES - 0.8% | |||
| Electric Utilities - 0.7% | |||
| Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8177% 11/1/26 (d)(e)(j) | 10,912,412 | 10,271,308 | |
| Green Energy Partners/Stonewall LLC: | |||
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.9501% 11/13/21 (d)(e)(j) | 10,903,170 | 9,104,147 | |
| Tranche B 2LN, term loan 3 month U.S. LIBOR + 5.500% 6.9501% 11/13/21 (d)(e)(j) | 1,925,316 | 1,607,639 | |
| Lonestar II Generation Holding: | |||
| Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.9894% 4/10/26 (d)(e)(j) | 10,533,153 | 9,901,163 | |
| Tranche C 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.7601% 4/10/26 (d)(e)(j) | 1,273,530 | 1,197,118 | |
| Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/21 (d)(e)(j) | 1,288,564 | 1,051,790 | |
| 33,133,165 | |||
| Independent Power and Renewable Electricity Producers - 0.1% | |||
| Oregon Clean Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 3/1/26 (d)(e)(j) | 5,811,776 | 5,317,775 | |
| TOTAL UTILITIES | 38,450,940 | ||
| TOTAL BANK LOAN OBLIGATIONS | |||
| (Cost $311,919,469) | 282,376,845 | ||
| Preferred Securities - 0.1% | |||
| ENERGY - 0.1% | |||
| Oil, Gas & Consumable Fuels - 0.1% | |||
| Energy Transfer Partners LP 7.125% (d) | 6,000,000 | 4,781,250 | |
| FINANCIALS - 0.0% | |||
| Diversified Financial Services - 0.0% | |||
| Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (f)(h) | 1,220,000 | 122 | |
| Thrifts & Mortgage Finance - 0.0% | |||
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)(f)(h) | 500,000 | 10,000 | |
| TOTAL FINANCIALS | 10,122 | ||
| TOTAL PREFERRED SECURITIES | |||
| (Cost $7,297,768) | 4,791,372 | ||
| Shares | Value | ||
| Money Market Funds - 7.9% | |||
| Fidelity Cash Central Fund 0.16% (k) | 359,867,133 | 359,975,093 | |
| Fidelity Securities Lending Cash Central Fund 0.11% (k)(l) | 13,008,328 | 13,009,629 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $372,901,570) | 372,984,722 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
| (Cost $5,512,733,510) | 4,718,632,368 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.6% | 27,352,860 | ||
| NET ASSETS - 100% | $4,745,985,228 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Affiliated company
(c) Non-income producing
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(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 $1,121,593,244 or 23.6% 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) The coupon rate will be determined upon settlement of the loan after period end.
(j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(k) 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.
(l) 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 | $5,470,524 |
| Fidelity Securities Lending Cash Central Fund | 97,452 |
| Total | $5,567,976 |
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 | $703,534 | $2,838,144 | $(673,988) | $(7,379,813) | $29,654,069 |
| Dynex Capital, Inc. Series A, 8.50% | 9,278,320 | -- | 9,076,650 | 508,448 | 3,350 | (205,020) | -- |
| Dynex Capital, Inc. Series B, 7.625% | 6,300,479 | -- | 2,444,748 | 342,552 | 1,330 | (198,847) | 3,658,214 |
| Dynex Capital, Inc. Series C 6.90% | -- | 8,155,627 | -- | 86,113 | -- | (641,511) | 7,514,116 |
| Ellington Financial LLC | 29,822,348 | 1,009,514 | 1,505,193 | 2,054,351 | (2,563,889) | (10,676,203) | -- |
| Great Ajax Corp. | 21,946,669 | 1,512,804 | 561,415 | 1,004,104 | (467,909) | (8,273,430) | 14,471,267 |
| Great Ajax Corp. 7.25% | 9,285,423 | -- | 109,609 | 488,423 | 9,615 | (1,281,893) | 7,903,536 |
| Trinity Merger Corp. Class A | -- | 19,298,241 | 181,477 | -- | 528 | -- | -- |
| Total | $109,541,700 | $31,727,609 | $14,582,626 | $7,322,135 | $(3,690,963) | $(28,656,717) | $63,201,202 |
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 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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