NPORT-EX 2 QTLY_1833_20200430.htm

Quarterly Holdings Report
for

Fidelity® Real Estate Income Fund

April 30, 2020







REI-QTLY-0620
1.800347.116





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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