NPORT-EX 2 QTLY_2277_20200430.htm

Quarterly Holdings Report
for

Fidelity® Series Real Estate Income Fund

April 30, 2020







SRE-QTLY-0620
1.924316.108





Schedule of Investments April 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 13.7%   
 Shares Value 
FINANCIALS - 2.7%   
Mortgage Real Estate Investment Trusts - 2.7%   
AGNC Investment Corp. 379,100 $4,708,422 
Anworth Mortgage Asset Corp. 39,712 68,305 
Broadmark Realty Capital, Inc. 262,900 2,153,151 
Capstead Mortgage Corp. 99,600 516,924 
Chimera Investment Corp. 112,100 871,017 
Colony NorthStar Credit Real Estate, Inc. 165,240 794,804 
Dynex Capital, Inc. 184,666 2,642,570 
Ellington Financial LLC 152,651 1,586,044 
Ellington Residential Mortgage REIT 45,300 404,076 
Great Ajax Corp. 225,246 1,959,640 
Hunt Companies Finance Trust, Inc. 23,108 45,754 
MFA Financial, Inc. 1,265,900 2,215,325 
New Residential Investment Corp. 579,400 3,528,546 
Redwood Trust, Inc. 196,300 804,830 
Two Harbors Investment Corp. 103,904 474,841 
  22,774,249 
INDUSTRIALS - 0.0%   
Construction & Engineering - 0.0%   
Williams Scotsman Corp. (a) 12,400 144,460 
REAL ESTATE - 11.0%   
Equity Real Estate Investment Trusts (REITs) - 11.0%   
Acadia Realty Trust (SBI) 323,600 4,009,404 
American Homes 4 Rent Class A 82,300 1,986,722 
American Tower Corp. 59,300 14,113,386 
Apartment Investment & Management Co. Class A 231,602 8,724,447 
AvalonBay Communities, Inc. 12,000 1,955,400 
Colony Capital, Inc. 570,699 1,318,315 
CoreSite Realty Corp. 5,900 715,021 
Crown Castle International Corp. 48,400 7,716,412 
Easterly Government Properties, Inc. 50,900 1,369,719 
Equinix, Inc. 8,300 5,604,160 
Equity Lifestyle Properties, Inc. 180,100 10,861,831 
Equity Residential (SBI) 25,100 1,633,006 
Gaming & Leisure Properties 53,600 1,513,664 
Healthcare Trust of America, Inc. 86,550 2,131,727 
Invitation Homes, Inc. 44,900 1,061,885 
iStar Financial, Inc. 405,987 4,067,990 
Lexington Corporate Properties Trust 342,822 3,582,490 
Mid-America Apartment Communities, Inc. 59,514 6,660,807 
Monmouth Real Estate Investment Corp. Class A 148,695 2,020,765 
Public Storage 5,000 927,250 
Retail Value, Inc. 22,650 327,746 
Sabra Health Care REIT, Inc. 149,700 1,919,154 
Safety Income and Growth, Inc. 37,900 2,189,104 
Senior Housing Properties Trust (SBI) 285,500 887,905 
SITE Centers Corp. 146,700 889,002 
Terreno Realty Corp. 11,880 651,262 
UMH Properties, Inc. 65,600 852,144 
Ventas, Inc. 108,955 3,524,694 
Weyerhaeuser Co. 72,000 1,574,640 
  94,790,052 
TOTAL COMMON STOCKS   
(Cost $126,989,628)  117,708,761 
Preferred Stocks - 27.5%   
Convertible Preferred Stocks - 2.0%   
FINANCIALS - 1.0%   
Mortgage Real Estate Investment Trusts - 1.0%   
Great Ajax Corp. 7.25% 310,550 6,856,944 
ZAIS Financial Corp. 7.00% 73,475 1,351,940 
  8,208,884 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
Braemar Hotels & Resorts, Inc. 5.50% 18,883 179,200 
Lexington Corporate Properties Trust Series C, 6.50% 71,519 3,509,910 
QTS Realty Trust, Inc. 6.50% 8,475 1,171,966 
RLJ Lodging Trust Series A, 1.95% 38,950 854,174 
Wheeler REIT, Inc. 8.75% (a) 213,775 1,975,257 
  7,690,507 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 3 month U.S. LIBOR + 4.690% 6.856% (b)(c) 57,650 1,299,813 
TOTAL REAL ESTATE  8,990,320 
TOTAL CONVERTIBLE PREFERRED STOCKS  17,199,204 
Nonconvertible Preferred Stocks - 25.5%   
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
DCP Midstream Partners LP:   
7.95% (b) 36,975 638,928 
Series B, 7.875% (b) 34,150 552,889 
Enbridge, Inc.:   
Series 1 5 year U.S. Treasury Index + 3.140% 5.949% (b)(c) 99,425 1,541,088 
Series L 5 year U.S. Treasury Index + 3.150% 4.959% (b)(c) 19,600 272,440 
Energy Transfer Partners LP 7.60% (b) 54,425 1,147,823 
Global Partners LP 9.75% (b) 1,825 43,800 
  4,196,968 
FINANCIALS - 15.2%   
Mortgage Real Estate Investment Trusts - 15.2%   
AG Mortgage Investment Trust, Inc.:   
8.00% 144,509 1,627,171 
8.25% 1,725 21,097 
Series C 8.00% (b) 103,493 1,138,423 
AGNC Investment Corp.:   
6.125% (b) 144,800 3,140,712 
6.875% (b) 130,650 2,905,656 
Series C, 7.00% (b) 235,799 5,496,475 
Series E 6.50% (b) 280,250 6,297,218 
Annaly Capital Management, Inc.:   
6.75% (b) 143,400 3,213,594 
Series D, 7.50% 88,175 2,151,470 
Series F, 6.95% (b) 420,645 9,447,687 
Series G, 6.50% (b) 195,110 4,263,154 
Anworth Mortgage Asset Corp. Series A, 8.625% 111,413 2,427,923 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 44,047 947,011 
Series B, 7.75% 42,675 877,825 
Series C, 8.50% 16,125 360,394 
Arlington Asset Investment Corp.:   
6.625% 39,038 870,547 
8.25% (b) 22,175 385,845 
Armour Residential REIT, Inc. Series C 7.00% 16,500 365,546 
Capstead Mortgage Corp. Series E, 7.50% 132,416 2,950,228 
Cherry Hill Mortgage Investment Corp.:   
8.25% (b) 36,575 711,384 
Series A, 8.20% 64,250 1,317,125 
Chimera Investment Corp.:   
8.00% (b) 180,700 3,182,127 
Series A, 8.00% 38,500 742,858 
Series B, 8.00% (b) 392,958 6,925,885 
Series C, 7.75% (b) 303,766 5,332,612 
Dynex Capital, Inc.:   
Series B, 7.625% 31,088 736,786 
Series C 6.90% (b) 143,400 3,240,840 
Ellington Financial LLC 6.75% (b) 83,222 1,621,165 
Exantas Capital Corp. 8.625% (b) 16,193 190,794 
Invesco Mortgage Capital, Inc.:   
7.50% (b) 397,081 6,178,580 
Series A, 7.75% 31,526 513,243 
Series B, 7.75% (b) 236,491 3,667,975 
MFA Financial, Inc.:   
6.50% (b) 148,600 2,251,290 
8.00% 114,772 2,180,668 
Series B, 7.50% 195,649 3,286,903 
New Residential Investment Corp.:   
7.125% (b) 160,736 2,894,855 
Series A 7.50% (b) 151,559 2,925,089 
Series C 6.375% (b) 79,000 1,369,070 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 81,977 1,512,476 
Series C, 7.875% 121,233 2,204,355 
Series D, 8.00% (b) 78,000 1,346,389 
PennyMac Mortgage Investment Trust:   
8.125% (b) 76,075 1,562,581 
Series B, 8.00% (b) 126,005 2,532,701 
Two Harbors Investment Corp.:   
7.50% 118,883 2,440,121 
7.75% 11,639 247,794 
Series A, 8.125% (b) 258,732 5,402,324 
Series B, 7.625% (b) 430,372 8,508,454 
Series C, 7.25% (b) 207,472 3,941,968 
ZAIS Financial Corp. Series C 6.20% 136,450 2,245,203 
  130,101,591 
Real Estate Management & Development - 0.0%   
Brookfield Properties Corp. Series EE, 5.10% (b) 7,675 84,858 
TOTAL FINANCIALS  130,186,449 
REAL ESTATE - 9.7%   
Equity Real Estate Investment Trusts (REITs) - 9.6%   
American Finance Trust, Inc. 7.50% 114,598 2,278,208 
American Homes 4 Rent:   
6.25% 18,925 470,476 
Series D, 6.50% 47,325 1,199,216 
Series E, 6.35% 57,650 1,475,264 
Series F, 5.875% 47,683 1,126,272 
Series G, 5.875% 37,050 872,528 
Armada Hoffler Properties, Inc. 6.75% 25,750 520,119 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 61,574 480,893 
Series F, 7.375% 95,700 618,222 
Series G, 7.375% 34,229 208,455 
Series H, 7.50% 35,575 231,238 
Series I, 7.50% 58,911 382,922 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 107,850 2,329,560 
Series C, 7.625% 44,175 898,961 
Series D, 7.125% 31,900 648,281 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 35,150 477,917 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 40,856 678,263 
Series C, 6.50% 53,500 785,915 
City Office REIT, Inc. Series A, 6.625% 27,525 571,006 
Colony Capital, Inc.:   
Series G, 7.50% 114,960 2,127,921 
Series H, 7.125% 187,112 3,135,997 
Series I, 7.15% 205,785 3,399,568 
Series J, 7.15% 277,243 4,541,240 
Digital Realty Trust, Inc.:   
Series C, 6.625% 16,950 436,547 
Series G, 5.875% 28,720 723,951 
Farmland Partners, Inc. Series B, 6.00% 117,050 2,599,622 
Gladstone Commercial Corp.:   
6.625% 41,125 863,625 
Series D, 7.00% 107,225 2,392,726 
Gladstone Land Corp. Series A, 6.375% 11,725 297,001 
Global Medical REIT, Inc. Series A, 7.50% 27,461 677,188 
Global Net Lease, Inc.:   
Series A, 7.25% 129,625 2,881,564 
Series B 6.875% 47,200 968,181 
Government Properties Income Trust 5.875% 39,775 907,268 
Healthcare Trust, Inc. Series A 7.375% 24,500 525,317 
Hersha Hospitality Trust:   
Series C, 6.875% 550 6,022 
Series D, 6.50% 42,250 431,795 
Investors Real Estate Trust Series C, 6.625% 57,700 1,448,270 
iStar Financial, Inc.:   
Series D, 8.00% 64,792 1,463,651 
Series G, 7.65% 100,575 2,187,506 
Series I, 7.50% 28,700 602,700 
Jernigan Capital, Inc. Series B, 7.00% 50,892 1,245,836 
Kimco Realty Corp. Series M, 5.25% 22,400 514,304 
Monmouth Real Estate Investment Corp. Series C, 6.125% 99,636 2,429,036 
National Storage Affiliates Trust Series A, 6.00% 12,325 314,904 
Pebblebrook Hotel Trust:   
6.30% 53,702 986,506 
6.375% 51,314 949,309 
Series C, 6.50% 73,405 1,341,843 
Series D, 6.375% 53,925 982,627 
Pennsylvania (REIT):   
Series B, 7.375% 56,533 361,246 
Series C, 7.20% 9,575 59,844 
Series D, 6.875% 27,400 170,428 
Plymouth Industrial REIT, Inc. Series A, 7.50% 30,350 758,750 
Prologis, Inc. Series Q, 8.54% 16,850 1,280,600 
PS Business Parks, Inc. Series Z 4.875% 8,000 192,880 
Public Storage Series F, 5.15% 29,950 787,386 
QTS Realty Trust, Inc. Series A, 7.125% 32,825 851,481 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 26,500 655,610 
Series B, 5.875% 50,000 1,240,500 
Series C 5.625% 11,775 286,721 
Saul Centers, Inc.:   
Series D, 6.125% 15,958 303,202 
Series E 6.00% 13,475 256,834 
Senior Housing Properties Trust 5.625% 1,057 19,269 
Seritage Growth Properties Series A, 7.00% 1,050 20,822 
SITE Centers Corp. Series K, 6.25% 28,039 557,696 
Sotherly Hotels, Inc.:   
Series B, 8.00% 12,750 83,385 
Series C, 7.875% 19,300 120,972 
Spirit Realty Capital, Inc. Series A, 6.00% 16,575 389,513 
Stag Industrial, Inc. Series C, 6.875% 17,925 466,050 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 42,350 709,363 
Series E, 6.25% 48,387 799,837 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 8,475 194,078 
Series F, 6.45% 16,950 394,342 
Taubman Centers, Inc. Series K, 6.25% 21,311 475,235 
UMH Properties, Inc.:   
Series B, 8.00% 154,275 3,867,844 
Series C, 6.75% 78,695 1,850,214 
Series D, 6.375% 49,775 1,163,242 
Urstadt Biddle Properties, Inc.:   
Series H, 6.25% 51,175 1,074,163 
Series K 5.875% 28,775 583,557 
VEREIT, Inc. Series F, 6.70% 199,034 4,860,410 
Washington Prime Group, Inc.:   
Series H, 7.50% 51,689 459,055 
Series I, 6.875% 12,908 111,164 
  83,041,434 
Real Estate Management & Development - 0.1%   
Brookfield Property Partners LP:   
5.75% (a) 7,000 139,650 
6.50% 5,875 126,019 
Landmark Infrastructure Partners LP Series B, 7.90% 22,125 491,839 
  757,508 
TOTAL REAL ESTATE  83,798,942 
UTILITIES - 0.1%   
Multi-Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% (b) 35,775 565,430 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  218,747,789 
TOTAL PREFERRED STOCKS   
(Cost $292,346,687)  235,946,993 
 Principal Amount Value 
Corporate Bonds - 26.2%   
Convertible Bonds - 6.9%   
FINANCIALS - 6.6%   
Diversified Financial Services - 0.7%   
RWT Holdings, Inc. 5.75% 10/1/25 (d) 8,800,000 5,863,440 
Mortgage Real Estate Investment Trusts - 5.9%   
Arbor Realty Trust, Inc. 4.75% 11/1/22 (d) 4,274,000 3,590,160 
Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 1,644,000 1,430,280 
Chimera Investment Corp. 7% 4/1/23 1,500,000 1,786,875 
Colony Financial, Inc.:   
3.875% 1/15/21 4,726,000 4,424,982 
5% 4/15/23 3,687,000 2,857,425 
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (d) 2,696,000 1,348,000 
6.375% 10/1/23 1,901,000 968,285 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 4,821,000 4,173,178 
MFA Financial, Inc. 6.25% 6/15/24 4,363,000 3,007,743 
New York Mortgage Trust, Inc. 6.25% 1/15/22 28,000 21,280 
PennyMac Corp. 5.5% 11/1/24 (d) 7,066,000 5,414,323 
Redwood Trust, Inc.:   
4.75% 8/15/23 2,555,000 1,772,531 
5.625% 7/15/24 10,445,000 7,259,314 
Starwood Property Trust, Inc. 4.375% 4/1/23 2,804,000 2,425,460 
Two Harbors Investment Corp. 6.25% 1/15/22 4,844,000 4,701,708 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 9,744,000 5,298,707 
  50,480,251 
TOTAL FINANCIALS  56,343,691 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
VEREIT, Inc. 3.75% 12/15/20 2,660,000 2,601,067 
TOTAL CONVERTIBLE BONDS  58,944,758 
Nonconvertible Bonds - 19.3%   
CONSUMER DISCRETIONARY - 4.0%   
Hotels, Restaurants & Leisure - 0.3%   
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 460,000 423,200 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 45,000 42,638 
Times Square Hotel Trust 8.528% 8/1/26 (d) 1,749,303 1,877,219 
  2,343,057 
Household Durables - 3.6%   
Adams Homes, Inc. 7.5% 2/15/25 (d) 1,550,000 1,410,500 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (d) 4,354,000 3,679,130 
9.875% 4/1/27 (d) 3,780,000 3,628,800 
Beazer Homes U.S.A., Inc. 5.875% 10/15/27 1,679,000 1,292,830 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:   
4.875% 2/15/30 (d) 255,000 209,406 
6.25% 9/15/27 (d) 1,467,000 1,342,305 
Century Communities, Inc.:   
5.875% 7/15/25 1,518,000 1,404,150 
6.75% 6/1/27 1,770,000 1,522,200 
KB Home 4.8% 11/15/29 1,162,000 1,086,470 
LGI Homes, Inc. 6.875% 7/15/26 (d) 4,133,000 3,848,856 
M/I Homes, Inc. 5.625% 8/1/25 1,518,000 1,397,623 
Mason Finance Sub, Inc. 6.875% 8/15/23 (d) 134,000 133,665 
Meritage Homes Corp.:   
5.125% 6/6/27 941,000 898,655 
6% 6/1/25 3,130,000 3,192,600 
7% 4/1/22 389,000 396,780 
New Home Co. LLC 7.25% 4/1/22 2,698,000 2,347,260 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 2,367,000 2,142,135 
5.875% 6/15/24 1,250,000 1,212,625 
  31,145,990 
Multiline Retail - 0.1%   
Nordstrom, Inc. 8.75% 5/15/25 (d) 670,000 718,931 
TOTAL CONSUMER DISCRETIONARY  34,207,978 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
EG Global Finance PLC:   
6.75% 2/7/25 (d) 1,250,000 1,137,500 
8.5% 10/30/25 (d) 985,000 960,375 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 45,000 39,150 
7% 8/1/27 2,045,000 1,645,816 
  3,782,841 
FINANCIALS - 0.8%   
Diversified Financial Services - 0.7%   
Brixmor Operating Partnership LP 3.85% 2/1/25 1,753,000 1,758,070 
Five Point Operation Co. LP 7.875% 11/15/25 (d) 3,734,000 3,612,645 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.25% 5/15/27 705,000 669,757 
6.25% 5/15/26 56,000 55,027 
  6,095,499 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 747,000 631,215 
TOTAL FINANCIALS  6,726,714 
HEALTH CARE - 1.0%   
Health Care Providers & Services - 1.0%   
Sabra Health Care LP 5.125% 8/15/26 6,615,000 6,406,903 
Sabra Health Care LP/Sabra Capital Corp.:   
3.9% 10/15/29 1,011,000 907,370 
4.8% 6/1/24 1,267,000 1,224,127 
  8,538,400 
INDUSTRIALS - 0.2%   
Building Products - 0.2%   
Shea Homes Ltd. Partnership/Corp.:   
4.75% 2/15/28 (d) 695,000 600,306 
6.125% 4/1/25 (d) 1,446,000 1,366,470 
  1,966,776 
REAL ESTATE - 12.9%   
Equity Real Estate Investment Trusts (REITs) - 8.4%   
American Homes 4 Rent LP 4.25% 2/15/28 2,000,000 1,982,713 
ARC Properties Operating Partnership LP 4.6% 2/6/24 1,757,000 1,750,430 
CBL & Associates LP:   
4.6% 10/15/24 5,700,000 1,524,750 
5.25% 12/1/23 3,629,000 961,685 
5.95% 12/15/26 2,551,000 676,015 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,428,000 1,426,215 
ESH Hospitality, Inc. 5.25% 5/1/25 (d) 2,346,000 2,205,240 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 2,375,000 2,309,925 
HCP, Inc. 4% 6/1/25 2,011,000 2,095,193 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 978,000 986,905 
Hospitality Properties Trust:   
4.65% 3/15/24 1,556,000 1,322,872 
5% 8/15/22 859,000 775,445 
iStar Financial, Inc.:   
4.25% 8/1/25 3,200,000 2,528,000 
4.75% 10/1/24 7,120,000 5,945,200 
5.25% 9/15/22 2,843,000 2,572,915 
Lexington Corporate Properties Trust:   
4.25% 6/15/23 2,500,000 2,482,304 
4.4% 6/15/24 409,000 402,036 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 1,506,000 1,497,536 
5% 10/15/27 4,237,000 4,321,740 
5.25% 8/1/26 1,466,000 1,480,660 
Omega Healthcare Investors, Inc.:   
4.5% 4/1/27 483,000 463,801 
4.75% 1/15/28 1,616,000 1,583,042 
4.95% 4/1/24 659,000 672,020 
5.25% 1/15/26 22,000 21,616 
Select Income REIT:   
4.15% 2/1/22 2,117,000 2,091,770 
4.25% 5/15/24 946,000 890,453 
4.5% 2/1/25 3,695,000 3,503,853 
Senior Housing Properties Trust:   
4.75% 5/1/24 12,480,000 10,335,059 
4.75% 2/15/28 5,067,000 4,340,137 
6.75% 12/15/21 2,090,000 1,995,708 
SITE Centers Corp. 3.625% 2/1/25 114,000 111,903 
Uniti Group, Inc. 7.875% 2/15/25 (d) 1,000,000 962,500 
VEREIT Operating Partnership LP:   
3.1% 12/15/29 1,000,000 853,449 
4.875% 6/1/26 2,164,000 2,173,113 
VICI Properties, Inc.:   
4.125% 8/15/30 (d) 975,000 887,250 
4.625% 12/1/29 (d) 1,095,000 1,011,506 
WP Carey, Inc.:   
4% 2/1/25 422,000 425,571 
4.25% 10/1/26 459,000 461,055 
  72,031,585 
Real Estate Management & Development - 4.5%   
Forestar Group, Inc. 8% 4/15/24 (d) 2,784,000 2,728,320 
Greystar Real Estate Partners 5.75% 12/1/25 (d) 3,430,000 3,155,600 
Howard Hughes Corp. 5.375% 3/15/25 (d) 7,940,000 7,696,560 
Kennedy-Wilson, Inc. 5.875% 4/1/24 10,481,000 10,024,552 
Mack-Cali Realty LP:   
3.15% 5/15/23 5,000 4,105 
4.5% 4/18/22 91,000 77,131 
Mattamy Group Corp.:   
4.625% 3/1/30 (d) 2,735,000 2,452,857 
5.25% 12/15/27 (d) 2,855,000 2,676,563 
Mid-America Apartments LP:   
3.75% 6/15/24 356,000 363,581 
4.3% 10/15/23 765,000 795,611 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (d) 806,000 757,640 
5.75% 1/15/28 (d) 1,511,000 1,367,455 
5.875% 1/31/25 (d) 2,028,000 1,906,320 
5.875% 6/15/27 (d) 202,000 185,840 
6% 9/1/23 (d) 78,000 75,368 
6.625% 7/15/27 (d) 1,427,000 1,287,796 
Washington Prime Group LP 6.45% 8/15/24 5,316,000 2,957,025 
  38,512,324 
TOTAL REAL ESTATE  110,543,909 
TOTAL NONCONVERTIBLE BONDS  165,766,618 
TOTAL CORPORATE BONDS   
(Cost $262,717,012)  224,711,376 
Asset-Backed Securities - 3.3%   
American Homes 4 Rent:   
Series 2014-SFR3 Class E, 6.418% 12/17/36 (d) 1,841,000 1,690,795 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (d) 1,624,000 1,592,121 
Class XS, 0% 10/17/52 (b)(d)(e)(f) 921,309 9 
Conseco Finance Securitizations Corp.:   
Series 2002-1 Class M2, 9.546% 12/1/33 1,216,000 1,210,501 
Series 2002-2 Class M2, 9.163% 3/1/33 1,661,999 1,474,917 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 59,073 59,092 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 3.764% 2/22/36 (b)(c)(d) 358,000 279,401 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (b) 6,968 6,862 
Series 1997-3 Class M1, 7.53% 3/15/28 49,713 48,921 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 4.2898% 7/17/34 (b)(c)(d) 2,115,000 1,972,231 
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 3.1008% 7/17/37 (b)(c)(d) 604,000 458,622 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 3.064% 6/17/37 (b)(c)(d) 464,691 401,922 
Kref Ltd. Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 3.3008% 6/15/36 (b)(c)(d) 440,000 369,595 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 2,246,087 1,684,668 
Progress Residential Trust:   
Series 2017-SFR1 Class F, 5.35% 8/17/34 (d) 526,000 489,137 
Series 2017-SFR2 Class F, 4.836% 12/17/34 (d) 783,000 709,449 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (d) 892,000 799,204 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (d) 588,000 538,300 
Series 2019-SFR4 Class F, 3.684% 10/17/36 (d) 1,000,000 822,204 
Series 2020-SFR1 Class H, 5.268% 4/17/37 (d) 588,000 435,702 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 3.414% 1/17/35 (b)(c)(d) 994,000 935,599 
Class F, 1 month U.S. LIBOR + 3.400% 4.214% 1/17/35 (b)(c)(d) 2,274,000 2,124,922 
Tricon American Homes:   
Series 2016-SFR1 Class F, 5.769% 11/17/33 (d) 3,956,000 3,813,972 
Series 2017-SFR1 Class F, 5.151% 9/17/34 (d) 1,432,000 1,325,320 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (d) 628,000 572,826 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (d) 1,386,000 1,246,894 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (d) 1,540,000 1,550,467 
Series 2018-1A Class F, 5.25% 2/15/48 (d) 2,044,000 1,967,593 
TOTAL ASSET-BACKED SECURITIES   
(Cost $30,715,129)  28,581,246 
Commercial Mortgage Securities - 19.2%   
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (d) 625,000 367,670 
Series 2017-BNK8 Class E, 2.8% 11/15/50 (d) 1,848,000 831,337 
Series 2018-BN12 Class D, 3% 5/15/61 (d) 318,000 178,725 
Series 2019-BN21 Class F, 2.6818% 10/17/52 (d) 1,953,000 751,733 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.4272% 9/10/28 (b)(d) 1,626,000 1,588,303 
Class F, 4.4272% 9/10/28 (b)(d) 800,000 780,073 
Benchmark Mortgage Trust sequential payer Series 2019-B14:   
Class 225D, 3.4041% 12/15/62 (b)(d) 573,000 466,119 
Class 225E, 3.4041% 12/15/62 (b)(d) 859,000 668,705 
BX Commercial Mortgage Trust floater:   
Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.470% 3.2851% 3/15/37 (b)(c)(d) 2,000,000 1,759,797 
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 2.814% 11/25/32 (b)(c)(d) 1,071,000 899,693 
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 3.314% 12/15/36 (b)(c)(d) 987,000 884,828 
BX Trust:   
floater:   
Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 2.864% 11/15/35 (b)(c)(d) 1,190,700 1,071,411 
Class H, 1 month U.S. LIBOR + 3.000% 3.814% 11/15/35 (b)(c)(d) 1,157,800 1,016,682 
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 4.414% 4/15/34 (b)(c)(d) 819,000 582,424 
Series 2019-XL:   
Class G, 1 month U.S. LIBOR + 2.300% 3.114% 10/15/36 (b)(c)(d) 406,045 373,773 
Class J, 1 month U.S. LIBOR + 2.650% 3.464% 10/15/36 (b)(c)(d) 1,790,421 1,629,033 
Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(d) 4,330,000 3,592,435 
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (b)(d) 651,000 538,629 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 4.064% 12/15/37 (b)(c)(d) 1,021,000 934,448 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d) 2,226,000 1,382,736 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 4.064% 7/15/30 (b)(c)(d) 69,000 61,498 
Class E, 1 month U.S. LIBOR + 3.870% 4.6855% 7/15/30 (b)(c)(d) 1,229,000 1,019,010 
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 3.4222% 6/15/34 (b)(c)(d) 995,703 664,136 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.3873% 9/10/46 (b)(d) 2,496,000 2,029,944 
Series 2016-C3 Class D, 3% 11/15/49 (d) 2,990,000 1,500,656 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 3.864% 9/15/33 (b)(c)(d) 735,000 537,325 
Class G, 1 month U.S. LIBOR + 5.050% 5.8703% 9/15/33 (b)(c)(d) 735,000 526,474 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (d) 1,299,000 672,221 
Series 2012-CR1:   
Class C, 5.4971% 5/15/45 (b) 3,011,000 2,294,436 
Class D, 5.4971% 5/15/45 (b)(d) 1,917,000 1,153,722 
Class G, 2.462% 5/15/45 (d) 1,133,000 366,682 
Series 2012-LC4 Class C, 5.721% 12/10/44 (b) 802,000 745,537 
Series 2013-CR10 Class D, 4.9485% 8/10/46 (b)(d) 1,756,000 1,519,619 
Series 2013-CR12 Class D, 5.2403% 10/10/46 (b)(d) 2,900,000 1,952,886 
Series 2013-LC6 Class D, 4.4627% 1/10/46 (b)(d) 2,732,000 1,633,385 
Series 2014-UBS2 Class D, 5.1694% 3/10/47 (b)(d) 537,000 409,948 
Series 2017-CD4 Class D, 3.3% 5/10/50 (d) 1,192,000 696,043 
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 6.2211% 5/10/43 (b)(d) 178,956 178,462 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (d) 31,000 18,301 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.9919% 8/15/45 (b)(d) 836,000 640,533 
Class F, 4.25% 8/15/45 (d) 783,000 436,072 
Credit Suisse Mortgage Trust floater:   
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 3.464% 5/15/36 (b)(c)(d) 3,233,000 2,972,122 
Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 4.414% 1/15/34 (b)(c)(d) 1,430,000 1,240,828 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (d) 1,766,000 1,150,445 
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (b)(d) 1,287,000 1,073,462 
Series 2017-CX9 Class D, 4.2904% 9/15/50 (b)(d) 461,000 258,185 
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 5.099% 1/10/34 (b)(d) 2,168,000 1,843,622 
DBGS Mortgage Trust Series 2018-C1 Class C, 4.7849% 10/15/51 (b) 1,000,000 803,947 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.8779% 11/10/46 (b)(d) 2,902,000 2,737,128 
Class G, 4.652% 11/10/46 (d) 2,778,000 2,488,266 
Series 2011-LC3A Class D, 5.5124% 8/10/44 (b)(d) 728,000 673,494 
Freddie Mac pass-thru certificates:   
Series K011 Class X3, 2.6605% 12/25/43 (b)(e) 5,084,000 44,877 
Series K012 Class X3, 2.3257% 1/25/41 (b)(e) 3,032,079 28,377 
Series K013 Class X3, 2.9094% 1/25/43 (b)(e) 4,967,000 60,801 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 3.6228% 11/21/35 (b)(c)(d) 1,500,000 1,128,672 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 3.414% 7/15/35 (b)(c)(d) 669,000 488,922 
Series 2010-C2 Class D, 5.3518% 12/10/43 (b)(d) 2,000,000 1,917,481 
Series 2011-GC5:   
Class C, 5.5555% 8/10/44 (b)(d) 101,000 86,354 
Class D, 5.5555% 8/10/44 (b)(d) 759,236 537,285 
Class E, 5.5555% 8/10/44 (b)(d) 848,000 521,339 
Class F, 4.5% 8/10/44 (d) 677,000 317,010 
Series 2012-GC6:   
Class C, 5.8393% 1/10/45 (b)(d) 2,440,000 1,808,700 
Class D, 5.8393% 1/10/45 (b)(d) 1,891,000 1,148,525 
Class E, 5% 1/10/45 (b)(d) 2,889,000 1,468,806 
Series 2012-GCJ7 Class D, 5.8887% 5/10/45 (b)(d) 3,539,000 2,968,322 
Series 2012-GCJ9:   
Class D, 4.8984% 11/10/45 (b)(d) 1,569,000 1,196,574 
Class E, 4.8984% 11/10/45 (b)(d) 355,000 243,623 
Series 2013-GC14 Class D, 4.9029% 8/10/46 (b)(d) 339,000 200,930 
Series 2013-GC16:   
Class D, 5.4877% 11/10/46 (b)(d) 3,292,000 2,661,672 
Class F, 3.5% 11/10/46 (d) 1,510,000 975,818 
Series 2016-GS2 Class D, 2.753% 5/10/49 (d) 1,964,000 1,176,915 
Series 2016-GS3 Class D, 2.62% 10/10/49 (d) 640,000 411,986 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (d) 5,857,000 5,574,270 
Series 2016-RENT:   
Class E, 4.2022% 2/10/29 (b)(d) 2,614,000 2,545,195 
Class F, 4.2022% 2/10/29 (b)(d) 4,029,000 3,813,890 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(d) 1,460,000 1,080,308 
Series 2016-SFP Class F, 6.1552% 11/5/35 (d) 4,557,000 3,552,734 
IMT Trust Series 2017-APTS:   
Class EFX, 3.6132% 6/15/34 (b)(d) 1,693,000 1,432,854 
Class FFL, 1 month U.S. LIBOR + 2.850% 3.664% 6/15/34 (b)(c)(d) 600,089 480,173 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (d) 504,000 466,481 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 3.0008% 7/17/37 (b)(c)(d) 383,894 331,327 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 2.9508% 1/17/38 (b)(c)(d) 590,000 501,164 
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 (b)(c)(d) 1,683,479 1,486,904 
Class E, 1 month U.S. LIBOR + 3.000% 3.814% 6/15/35 (b)(c)(d) 15,993 12,709 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d) 1,624,000 1,392,081 
Series 2014-C26 Class D, 4.0226% 1/15/48 (b)(d) 602,000 420,000 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5746% 12/15/49 (b)(d) 1,924,000 1,158,504 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.2177% 12/15/49 (b)(d) 1,308,000 698,815 
Series 2018-C8 Class D, 3.4023% 6/15/51 (b)(d) 302,000 174,763 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.303% 6/15/45 (b) 1,291,000 1,209,345 
Class E, 5.303% 6/15/45 (b)(d) 1,078,000 809,006 
Class G 4% 6/15/45 (d) 805,000 432,530 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.8529% 2/15/46 (b)(d) 3,467,000 1,443,637 
Class G, 4.409% 2/15/46 (b)(d) 1,680,000 418,864 
Class H, 4.409% 2/15/46 (b)(d) 1,320,000 197,608 
Series 2011-C4 Class E, 5.6674% 7/15/46 (b)(d) 1,390,000 1,271,500 
Series 2013-LC11:   
Class D, 4.3064% 4/15/46 (b) 1,316,000 973,227 
Class F, 3.25% 4/15/46 (b)(d) 482,000 194,947 
Series 2014-DSTY Class E, 3.9314% 6/10/27 (b)(d)(f) 924,000 170,227 
Series 2018-AON Class F, 4.767% 7/5/31 (b)(d) 961,000 850,224 
Morgan Stanley BAML Trust:   
Series 2012-C6 Class D, 4.7607% 11/15/45 (b)(d) 2,000,000 1,694,722 
Series 2012-C6, Class F, 4.7607% 11/15/45 (b)(d) 1,000,000 764,929 
Series 2013-C12 Class D, 4.9244% 10/15/46 (b)(d) 1,500,000 1,107,140 
Series 2013-C13:   
Class D, 5.0681% 11/15/46 (b)(d) 2,994,000 2,376,751 
Class E, 5.0681% 11/15/46 (b)(d) 659,000 486,895 
Series 2013-C7:   
Class D, 4.3758% 2/15/46 (b)(d) 764,000 529,115 
Class E, 4.3758% 2/15/46 (b)(d) 1,501,000 927,315 
Series 2013-C9 Class C, 4.1701% 5/15/46 (b) 625,000 559,212 
Series 2016-C30 Class D, 3% 9/15/49 (d) 1,024,000 608,014 
Series 2016-C31 Class D, 3% 11/15/49 (b)(d) 1,517,000 932,744 
Morgan Stanley Capital I Trust:   
floater Series 2019-AGLN:   
Class F, 1 month U.S. LIBOR + 2.600% 3.414% 3/15/34 (b)(c)(d) 45,000 35,085 
Class G, 1 month U.S. LIBOR + 3.150% 3.964% 3/15/34 (b)(c)(d) 1,054,000 819,050 
sequential payer Series 2011-C1 Class G, 4.193% 9/15/47 (d) 1,500,000 1,270,710 
Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(d) 97,206 99,091 
Series 2011-C2:   
Class D, 5.6608% 6/15/44 (b)(d) 2,382,000 1,514,407 
Class E, 5.6608% 6/15/44 (b)(d) 520,000 302,414 
Class F, 5.6608% 6/15/44 (b)(d) 1,467,000 761,661 
Class XB, 0.3869% 6/15/44 (b)(d)(e) 45,156,633 366,162 
Series 2011-C3:   
Class C, 5.4192% 7/15/49 (b)(d) 2,446,000 2,111,770 
Class D, 5.4192% 7/15/49 (b)(d) 83,000 65,715 
Class E, 5.4192% 7/15/49 (b)(d) 652,000 465,513 
Class F, 5.4192% 7/15/49 (b)(d) 636,000 409,430 
Class G, 5.4192% 7/15/49 (b)(d) 979,600 584,188 
Series 2012-C4 Class D, 5.5997% 3/15/45 (b)(d) 1,640,000 1,491,031 
Series 2015-MS1 Class D, 4.1655% 5/15/48 (b)(d) 2,045,000 1,418,455 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (d) 1,043,000 662,647 
Series 2016-BNK2 Class C, 3% 11/15/49 (d) 2,346,000 1,375,986 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 7.7405% 8/15/24 (b)(c)(d) 883,161 679,639 
Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 2.214% 8/15/34 (b)(c)(d) 751,091 649,355 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.064% 8/15/34 (b)(c)(d) 1,990,071 1,297,248 
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 2.964% 10/15/37 (b)(c)(d) 939,000 798,247 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (d) 3,808,000 3,711,111 
Class E, 6.8087% 11/15/34 (d) 1,854,700 1,750,650 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (b)(d) 1,000,000 611,734 
Natixis Commercial Mortgage Securities Trust:   
floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 3.455% 6/15/35 (b)(c)(d) 315,000 253,662 
Class WAN2, 1 month U.S. LIBOR + 3.750% 4.455% 6/15/35 (b)(c)(d) 113,725 91,577 
Series 2019-1776 Class F, 4.2988% 10/15/36 (d) 1,894,500 1,674,167 
Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (d) 1,000,000 831,657 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) 1,044,387 1,212,852 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 3.3873% 3/25/34 (b)(c)(d) 599,000 441,264 
Sg Commercial Mtg Securities Trust 2019-Pres Series 2019-PREZ Class F, 3.5929% 9/15/39 (b)(d) 2,000,000 1,493,744 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.7548% 5/10/45 (b)(d) 492,000 355,552 
Class E, 5% 5/10/45 (b)(d) 1,236,000 627,352 
Class F, 5% 5/10/45 (b)(d) 399,000 98,902 
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (b)(d) 1,817,000 1,523,535 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.2521% 1/10/45 (b)(d) 34,000 32,103 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.9181% 10/15/45 (b)(d) 637,000 542,995 
Class E, 4.9181% 10/15/45 (b)(d) 1,539,000 1,239,448 
Class F, 4.9181% 10/15/45 (b)(d) 774,000 590,924 
Series 2016-BNK1 Class D, 3% 8/15/49 (d) 1,260,000 752,767 
Series 2016-C35 Class D, 3.142% 7/15/48 (d) 3,524,000 1,670,141 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (d) 963,000 574,077 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 45,000 25,992 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (d) 2,155,000 2,049,489 
Class D, 5.8523% 3/15/44 (b)(d) 1,000,000 619,129 
Class E, 5% 3/15/44 (d) 34,000 7,327 
Series 2011-C5:   
Class C, 5.8446% 11/15/44 (b)(d) 1,250,000 1,129,668 
Class E, 5.8446% 11/15/44 (b)(d) 903,000 665,970 
Class F, 5.25% 11/15/44 (b)(d) 2,000,000 1,357,862 
Class G, 5.25% 11/15/44 (b)(d) 1,000,000 614,983 
Series 2012-C7 Class D, 4.9666% 6/15/45 (b)(d) 620,000 466,138 
Series 2012-C8 Class E, 5.0473% 8/15/45 (b)(d) 557,000 459,268 
Series 2013-C11:   
Class D, 4.3989% 3/15/45 (b)(d) 65,000 51,501 
Class E, 4.3989% 3/15/45 (b)(d) 53,000 36,919 
Series 2013-C13 Class D, 4.2767% 5/15/45 (b)(d) 45,000 37,474 
Series 2013-C16 Class D, 5.2007% 9/15/46 (b)(d) 715,000 605,307 
Series 2013-UBS1 Class D, 4.8955% 3/15/46 (b)(d) 910,000 724,578 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.6332% 6/5/35 (b)(d) 1,168,000 875,552 
Class PR2, 3.6332% 6/5/35 (b)(d) 459,000 336,223 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $199,988,665)  164,391,454 
Bank Loan Obligations - 5.6%   
COMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.16% 4/11/25 (b)(c)(g) 3,714,328 3,579,683 
CONSUMER DISCRETIONARY - 0.6%   
Diversified Consumer Services - 0.0%   
Airbnb, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 4/17/25 (c)(g)(h) 465,000 470,231 
Hotels, Restaurants & Leisure - 0.6%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.1536% 12/22/24 (b)(c)(g) 842,792 709,353 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.3633% 6/10/22 (b)(c)(g) 727,284 612,511 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (b)(c)(g) 4,018,988 3,220,214 
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.6536% 5/31/25 (b)(c)(g) 448,175 403,729 
  4,945,807 
TOTAL CONSUMER DISCRETIONARY  5,416,038 
ENERGY - 0.8%   
Energy Equipment & Services - 0.2%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/1/25 (b)(c)(g) 1,473,750 1,190,053 
Oil, Gas & Consumable Fuels - 0.6%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.2001% 12/19/20 (b)(c)(g) 4,800,314 4,430,690 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/2/25 (b)(c)(g) 951,534 892,986 
  5,323,676 
TOTAL ENERGY  6,513,729 
FINANCIALS - 0.7%   
Capital Markets - 0.1%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.6158% 9/30/24 (b)(c)(g) 994,987 911,239 
Diversified Financial Services - 0.4%   
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (b)(f)(g) 3,629,000 3,539,364 
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 (b)(c)(g) 1,110,935 1,016,506 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 6.000% 7% 5/15/22 (b)(c)(g) 931,086 718,491 
TOTAL FINANCIALS  6,185,600 
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 (b)(c)(g) 3,690,480 3,557,623 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/20/24 (b)(c)(g) 936,600 884,506 
REAL ESTATE - 2.6%   
Equity Real Estate Investment Trusts (REITs) - 1.3%   
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(c)(g) 1,950,313 1,813,791 
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4036% 9/18/26 (b)(c)(g) 1,359,820 1,242,685 
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 2.1873% 2/6/22 (b)(c)(f)(g) 5,332,000 4,865,450 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.6379% 6/28/23 (b)(c)(g) 2,003,869 1,853,579 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (b)(c)(g) 1,731,077 1,526,810 
  11,302,315 
Real Estate Management & Development - 1.3%   
Aragon Junior Mezzanine 1 month U.S. LIBOR + 6.000% 7.25% 1/15/25 (b)(c)(f)(g) 1,500,000 1,380,000 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.7394% 8/21/25 (b)(c)(g) 4,747,910 4,365,134 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(g) 1,856,919 1,458,852 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(g) 104,733 82,282 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.4174% 12/22/24 (b)(c)(g) 3,765,000 3,483,566 
  10,769,834 
TOTAL REAL ESTATE  22,072,149 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/21 (b)(c)(g) 248,874 203,144 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $52,904,599)  48,412,472 
 Shares Value 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.16% (i)   
(Cost $37,035,464) 37,031,668 37,042,778 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $1,002,697,184)  856,795,080 
NET OTHER ASSETS (LIABILITIES) - 0.2%  1,390,992 
NET ASSETS - 100%  $858,186,072 

Legend

 (a) Non-income producing

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

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

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $251,840,834 or 29.3% of net assets.

 (e) 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.

 (f) Level 3 security

 (g) 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.

 (h) The coupon rate will be determined upon settlement of the loan after period end.

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

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 $508,158 

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

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 and bank loan obligations 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 and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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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