NPORT-EX 2 QTLY_2277_20201031.htm

Quarterly Holdings Report
for

Fidelity® Series Real Estate Income Fund

October 31, 2020







SRE-QTLY-1220
1.924315.109





Schedule of Investments October 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 14.5%   
 Shares Value 
FINANCIALS - 3.3%   
Mortgage Real Estate Investment Trusts - 3.3%   
AGNC Investment Corp. 459,000 $6,412,230 
Broadmark Realty Capital, Inc. 131,700 1,313,049 
Capstead Mortgage Corp. 99,600 508,956 
Chimera Investment Corp. 112,100 936,035 
Colony NorthStar Credit Real Estate, Inc. 119,740 627,438 
Dynex Capital, Inc. 184,666 3,024,829 
Ellington Financial LLC 152,651 1,868,448 
Ellington Residential Mortgage REIT 45,300 481,539 
Great Ajax Corp. 281,246 2,159,969 
Hunt Companies Finance Trust, Inc. 103,708 268,604 
MFA Financial, Inc. 1,265,900 3,569,838 
New Residential Investment Corp. 1,182,300 8,867,250 
Redwood Trust, Inc. 100,500 854,250 
  30,892,435 
INDUSTRIALS - 0.1%   
Construction & Engineering - 0.1%   
Willscot Mobile Mini Holdings (a) 62,900 1,168,682 
REAL ESTATE - 11.1%   
Equity Real Estate Investment Trusts (REITs) - 10.9%   
Acadia Realty Trust (SBI) 296,600 2,767,278 
American Homes 4 Rent Class A 85,700 2,422,739 
American Tower Corp. 60,700 13,939,746 
Apartment Investment & Management Co. Class A 197,602 6,303,504 
AvalonBay Communities, Inc. 9,200 1,279,996 
Colony Capital, Inc. 570,699 2,031,688 
CoreSite Realty Corp. 3,800 453,568 
Crown Castle International Corp. 47,300 7,388,260 
Digital Realty Trust, Inc. 11,000 1,587,300 
Diversified Healthcare Trust (SBI) 118,500 343,058 
Douglas Emmett, Inc. 49,800 1,175,280 
Easterly Government Properties, Inc. 87,200 1,822,480 
Equinix, Inc. 7,100 5,191,804 
Equity Lifestyle Properties, Inc. 195,200 11,553,888 
Gaming & Leisure Properties 48,593 1,766,356 
Healthcare Trust of America, Inc. 86,550 2,103,165 
Invitation Homes, Inc. 44,900 1,223,974 
iStar Financial, Inc. 405,987 4,790,647 
Lexington Corporate Properties Trust 506,422 5,028,770 
Mid-America Apartment Communities, Inc. 85,314 9,950,172 
Monmouth Real Estate Investment Corp. Class A 183,495 2,541,406 
NexPoint Residential Trust, Inc. 16,100 713,552 
Public Storage 5,500 1,259,885 
Retail Value, Inc. 22,650 283,125 
Sabra Health Care REIT, Inc. 142,800 1,879,248 
Safety Income and Growth, Inc. 9,400 646,908 
SITE Centers Corp. 146,700 999,027 
Terreno Realty Corp. 11,880 668,606 
UMH Properties, Inc. 37,800 515,214 
Ventas, Inc. 103,755 4,095,210 
Washington REIT (SBI) 116,000 2,027,680 
Weyerhaeuser Co. 96,600 2,636,214 
  101,389,748 
Real Estate Management & Development - 0.2%   
CBRE Group, Inc. (a) 32,000 1,612,800 
TOTAL REAL ESTATE  103,002,548 
TOTAL COMMON STOCKS   
(Cost $134,752,722)  135,063,665 
Preferred Stocks - 30.4%   
Convertible Preferred Stocks - 2.0%   
FINANCIALS - 1.0%   
Mortgage Real Estate Investment Trusts - 1.0%   
Great Ajax Corp. 7.25% 310,550 7,173,768 
ZAIS Financial Corp. 7.00% 73,475 1,689,925 
  8,863,693 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
Braemar Hotels & Resorts, Inc. 5.50% 18,883 239,059 
Lexington Corporate Properties Trust Series C, 6.50% 71,519 4,037,665 
RLJ Lodging Trust Series A, 1.95% 38,950 873,259 
Wheeler REIT, Inc. 8.75% (a) 213,775 3,204,085 
  8,354,068 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 3 month U.S. LIBOR + 4.690% 6.856% (b)(c) 57,650 1,412,684 
TOTAL REAL ESTATE  9,766,752 
TOTAL CONVERTIBLE PREFERRED STOCKS  18,630,445 
Nonconvertible Preferred Stocks - 28.4%   
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
DCP Midstream Partners LP:   
7.95% (b) 36,975 636,340 
Series B, 7.875% (b) 34,150 588,063 
Enbridge, Inc.:   
Series 1 5 year U.S. Treasury Index + 3.140% 5.949% (b)(c) 99,425 1,630,570 
Series L 5 year U.S. Treasury Index + 3.150% 4.959% (b)(c) 19,600 288,904 
Energy Transfer Partners LP 7.60% (b) 54,425 1,057,478 
Global Partners LP 9.75% (b) 1,825 45,204 
  4,246,559 
FINANCIALS - 17.5%   
Mortgage Real Estate Investment Trusts - 17.5%   
AG Mortgage Investment Trust, Inc.:   
8.00% 144,509 2,443,647 
8.25% 1,725 29,653 
Series C 8.00% (b) 103,493 1,758,346 
AGNC Investment Corp.:   
6.125% (b) 144,800 3,121,888 
6.875% (b) 130,650 2,918,721 
Series C, 7.00% (b) 319,899 7,317,690 
Series E 6.50% (b) 280,250 6,193,525 
Annaly Capital Management, Inc.:   
6.75% (b) 163,400 3,686,304 
Series D, 7.50% 88,175 2,234,355 
Series F, 6.95% (b) 477,200 10,727,456 
Series G, 6.50% (b) 235,110 4,930,257 
Anworth Mortgage Asset Corp. Series A, 8.625% 111,413 2,590,352 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 44,047 1,119,234 
Series B, 7.75% 42,675 1,080,531 
Series C, 8.50% 16,125 416,025 
Arlington Asset Investment Corp.:   
6.625% 39,038 934,960 
8.25% (b) 22,175 417,999 
Armour Residential REIT, Inc. Series C 7.00% 16,500 386,265 
Capstead Mortgage Corp. Series E, 7.50% 132,416 3,056,161 
Cherry Hill Mortgage Investment Corp.:   
8.25% (b) 56,575 1,131,494 
Series A, 8.20% 64,250 1,477,750 
Chimera Investment Corp.:   
8.00% (b) 230,700 4,524,027 
Series A, 8.00% 38,500 873,950 
Series B, 8.00% (b) 432,958 8,979,549 
Series C, 7.75% (b) 303,766 5,862,684 
Dynex Capital, Inc.:   
Series B, 7.625% 31,088 769,739 
Series C 6.90% (b) 143,400 3,154,800 
Ellington Financial LLC 6.75% (b) 83,222 1,656,118 
Exantas Capital Corp. 8.625% (b) 16,193 273,662 
Invesco Mortgage Capital, Inc.:   
7.50% (b) 397,081 8,326,789 
Series A, 7.75% 31,526 684,114 
Series B, 7.75% (b) 236,491 4,966,311 
MFA Financial, Inc.:   
6.50% (b) 203,900 3,572,328 
8.00% 114,772 2,702,881 
Series B, 7.50% 195,649 3,988,305 
New Residential Investment Corp.:   
7.125% (b) 295,836 5,771,760 
Series A 7.50% (b) 375,696 7,660,441 
Series C 6.375% (b) 129,446 2,284,722 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 81,977 1,601,011 
Series C, 7.875% 121,233 2,400,401 
Series D, 8.00% (b) 78,000 1,483,560 
PennyMac Mortgage Investment Trust:   
8.125% (b) 106,075 2,476,851 
Series B, 8.00% (b) 206,005 4,748,415 
Two Harbors Investment Corp.:   
7.50% 118,883 2,602,349 
7.75% 11,639 258,037 
Series A, 8.125% (b) 292,032 6,337,094 
Series B, 7.625% (b) 458,172 9,387,944 
Series C, 7.25% (b) 227,472 4,344,715 
ZAIS Financial Corp. Series C 6.20% 136,450 3,018,274 
  162,683,444 
Real Estate Management & Development - 0.0%   
Brookfield Properties Corp. Series EE, 5.10% (b) 7,675 86,468 
TOTAL FINANCIALS  162,769,912 
REAL ESTATE - 10.4%   
Equity Real Estate Investment Trusts (REITs) - 10.3%   
American Finance Trust, Inc. 7.50% 134,598 3,202,086 
American Homes 4 Rent:   
6.25% 18,925 508,519 
Series D, 6.50% 47,325 1,222,878 
Series E, 6.35% 57,650 1,483,046 
Series F, 5.875% 47,683 1,247,387 
Series G, 5.875% 37,050 970,710 
Armada Hoffler Properties, Inc. 6.75% 33,250 771,733 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 61,574 354,051 
Series F, 7.375% 95,700 526,350 
Series G, 7.375% 34,229 190,313 
Series H, 7.50% 35,575 204,556 
Series I, 7.50% 58,911 327,545 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 80,752 2,035,411 
Series C, 7.625% 44,175 1,122,487 
Series D, 7.125% 31,900 818,793 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 35,150 505,106 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 40,856 902,129 
Series C, 6.50% 53,500 1,048,600 
City Office REIT, Inc. Series A, 6.625% 27,525 674,363 
Colony Capital, Inc.:   
Series G, 7.50% 136,671 3,009,495 
Series H, 7.125% 187,112 4,095,882 
Series I, 7.15% 205,785 4,529,328 
Series J, 7.15% 277,243 6,066,077 
DiamondRock Hospitality Co. 8.25% (a) 34,900 902,165 
Digital Realty Trust, Inc. Series C, 6.625% 16,950 442,395 
Farmland Partners, Inc. Series B, 6.00% 117,050 2,937,955 
Gladstone Commercial Corp.:   
6.625% 41,125 1,024,013 
Series D, 7.00% 107,225 2,693,492 
Gladstone Land Corp. Series A, 6.375% 11,725 304,147 
Global Medical REIT, Inc. Series A, 7.50% 27,461 705,748 
Global Net Lease, Inc.:   
Series A, 7.25% 129,625 3,331,363 
Series B 6.875% 47,200 1,180,000 
Government Properties Income Trust 5.875% 39,775 1,000,341 
Healthcare Trust, Inc. Series A 7.375% 24,500 512,660 
Hersha Hospitality Trust:   
Series C, 6.875% 550 8,118 
Series D, 6.50% 42,250 627,413 
Investors Real Estate Trust Series C, 6.625% 57,700 1,486,352 
iStar Financial, Inc.:   
Series D, 8.00% 76,856 1,906,021 
Series G, 7.65% 140,137 3,408,833 
Series I, 7.50% 292,923 6,953,992 
Jernigan Capital, Inc. Series B, 7.00% 50,892 1,273,318 
Kimco Realty Corp. Series M, 5.25% 22,400 579,936 
Monmouth Real Estate Investment Corp. Series C, 6.125% 99,636 2,480,936 
National Storage Affiliates Trust Series A, 6.00% 12,325 322,545 
Pebblebrook Hotel Trust:   
6.30% 53,702 1,117,002 
6.375% 55,192 1,147,994 
Series C, 6.50% 73,405 1,561,324 
Series D, 6.375% 55,989 1,150,574 
Pennsylvania (REIT):   
Series B, 7.375% 56,533 347,678 
Series C, 7.20% 9,575 54,099 
Series D, 6.875% 27,400 160,564 
Plymouth Industrial REIT, Inc. Series A, 7.50% 30,350 780,814 
Prologis (REIT), Inc. Series Q, 8.54% 16,850 1,364,850 
PS Business Parks, Inc. Series Z 4.875% 8,000 207,760 
Public Storage Series F, 5.15% 29,950 787,685 
QTS Realty Trust, Inc. Series A, 7.125% 32,825 888,901 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 26,500 682,587 
Series B, 5.875% 50,000 1,299,995 
Series C 5.625% 11,775 313,745 
Saul Centers, Inc.:   
Series D, 6.125% 15,958 367,034 
Series E 6.00% 13,475 306,961 
Seritage Growth Properties Series A, 7.00% 1,050 17,939 
SITE Centers Corp. Series K, 6.25% 28,039 677,703 
Sotherly Hotels, Inc.:   
Series B, 8.00% 12,750 76,500 
Series C, 7.875% 19,300 113,870 
Spirit Realty Capital, Inc. Series A, 6.00% 16,575 427,801 
Stag Industrial, Inc. Series C, 6.875% 17,925 461,927 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 42,350 916,454 
Series E, 6.25% 52,384 1,113,160 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 8,475 206,239 
Series F, 6.45% 16,950 419,852 
Taubman Centers, Inc. Series K, 6.25% 21,311 459,039 
UMH Properties, Inc.:   
Series C, 6.75% 78,695 2,005,936 
Series D, 6.375% 49,775 1,238,402 
Urstadt Biddle Properties, Inc.:   
Series H, 6.25% 51,175 1,217,965 
Series K 5.875% 28,775 659,379 
VEREIT, Inc. Series F, 6.70% 121,589 3,061,611 
Washington Prime Group, Inc.:   
Series H, 7.50% 51,689 472,954 
Series I, 6.875% 12,908 116,688 
  96,101,574 
Real Estate Management & Development - 0.1%   
Brookfield Property Partners LP:   
5.75% 7,000 134,890 
6.50% 5,875 122,259 
Landmark Infrastructure Partners LP Series B, 7.90% 22,125 542,948 
  800,097 
TOTAL REAL ESTATE  96,901,671 
UTILITIES - 0.1%   
Multi-Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% (b) 35,775 639,616 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  264,557,758 
TOTAL PREFERRED STOCKS   
(Cost $314,942,048)  283,188,203 
 Principal Amount Value 
Corporate Bonds - 24.2%   
Convertible Bonds - 7.0%   
FINANCIALS - 6.3%   
Mortgage Real Estate Investment Trusts - 6.3%   
Arbor Realty Trust, Inc. 4.75% 11/1/22 (d) 4,274,000 4,022,903 
Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 1,644,000 1,574,429 
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (d) 2,696,000 2,564,324 
6.375% 10/1/23 1,901,000 1,707,336 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 4,821,000 4,724,580 
MFA Financial, Inc. 6.25% 6/15/24 4,363,000 4,087,833 
New York Mortgage Trust, Inc. 6.25% 1/15/22 28,000 26,810 
PennyMac Corp. 5.5% 11/1/24 (d) 7,066,000 6,521,534 
Redwood Trust, Inc.:   
4.75% 8/15/23 2,555,000 2,341,972 
5.625% 7/15/24 11,945,000 10,917,459 
RWT Holdings, Inc. 5.75% 10/1/25 9,000,000 7,966,776 
Two Harbors Investment Corp. 6.25% 1/15/22 4,844,000 4,816,753 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 9,744,000 7,800,072 
  59,072,781 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Colony Financial, Inc. 5% 4/15/23 3,687,000 3,615,168 
VEREIT, Inc. 3.75% 12/15/20 2,660,000 2,660,263 
  6,275,431 
TOTAL CONVERTIBLE BONDS  65,348,212 
Nonconvertible Bonds - 17.2%   
CONSUMER DISCRETIONARY - 3.2%   
Hotels, Restaurants & Leisure - 0.2%   
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 460,000 473,800 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 45,000 46,350 
Times Square Hotel Trust 8.528% 8/1/26 (d) 1,642,833 1,780,387 
  2,300,537 
Household Durables - 3.0%   
Adams Homes, Inc. 7.5% 2/15/25 (d) 1,550,000 1,557,750 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (d) 4,354,000 4,484,620 
9.875% 4/1/27 (d) 3,780,000 4,195,800 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:   
4.875% 2/15/30 (d) 255,000 242,408 
6.25% 9/15/27 (d) 1,467,000 1,503,235 
Century Communities, Inc.:   
5.875% 7/15/25 1,518,000 1,563,540 
6.75% 6/1/27 1,770,000 1,885,050 
LGI Homes, Inc. 6.875% 7/15/26 (d) 4,133,000 4,318,985 
M/I Homes, Inc. 5.625% 8/1/25 1,518,000 1,560,064 
New Home Co. LLC:   
7.25% 4/1/22 2,698,000 2,736,851 
7.25% 10/15/25 (d) 715,000 719,469 
Picasso Finance Sub, Inc. 6.125% 6/15/25 (d) 800,000 843,680 
TRI Pointe Homes, Inc. 5.25% 6/1/27 2,042,000 2,195,150 
  27,806,602 
TOTAL CONSUMER DISCRETIONARY  30,107,139 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
EG Global Finance PLC:   
6.75% 2/7/25 (d) 1,250,000 1,225,000 
8.5% 10/30/25 (d) 305,000 312,015 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 2,045,000 2,105,184 
  3,642,199 
FINANCIALS - 0.6%   
Diversified Financial Services - 0.6%   
Brixmor Operating Partnership LP 3.85% 2/1/25 1,753,000 1,882,737 
Five Point Operation Co. LP 7.875% 11/15/25 (d) 3,734,000 3,734,000 
  5,616,737 
HEALTH CARE - 1.0%   
Health Care Providers & Services - 1.0%   
Sabra Health Care LP:   
3.9% 10/15/29 1,011,000 1,016,406 
4.8% 6/1/24 1,267,000 1,336,296 
5.125% 8/15/26 6,615,000 7,210,084 
  9,562,786 
INDUSTRIALS - 0.1%   
Trading Companies & Distributors - 0.1%   
Williams Scotsman International, Inc. 4.625% 8/15/28 (d) 750,000 762,300 
REAL ESTATE - 11.9%   
Equity Real Estate Investment Trusts (REITs) - 8.5%   
American Homes 4 Rent LP 4.25% 2/15/28 2,000,000 2,263,209 
ARC Properties Operating Partnership LP 4.6% 2/6/24 1,757,000 1,892,078 
CBL & Associates LP:   
4.6% 10/15/24 5,700,000 2,067,390 
5.25% 12/1/23 3,629,000 1,369,948 
5.95% 12/15/26 2,551,000 955,645 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,428,000 1,470,840 
ESH Hospitality, Inc. 5.25% 5/1/25 (d) 2,346,000 2,346,000 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 2,375,000 2,594,640 
Government Properties Income Trust 4.25% 5/15/24 946,000 959,431 
Healthpeak Properties, Inc. 4% 6/1/25 2,011,000 2,259,823 
Hospitality Properties Trust:   
4.65% 3/15/24 1,556,000 1,398,455 
5% 8/15/22 859,000 848,263 
7.5% 9/15/25 1,480,000 1,551,139 
iStar Financial, Inc.:   
4.25% 8/1/25 3,200,000 2,936,000 
4.75% 10/1/24 7,120,000 6,799,600 
5.5% 2/15/26 3,015,000 2,854,512 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 1,506,000 1,576,782 
5% 10/15/27 4,237,000 4,433,809 
5.25% 8/1/26 1,466,000 1,520,975 
Omega Healthcare Investors, Inc.:   
4.5% 4/1/27 483,000 522,890 
4.75% 1/15/28 1,616,000 1,755,776 
4.95% 4/1/24 659,000 708,425 
5.25% 1/15/26 22,000 24,322 
Select Income REIT:   
4.15% 2/1/22 2,117,000 2,137,149 
4.5% 2/1/25 3,695,000 3,744,257 
Senior Housing Properties Trust:   
4.75% 5/1/24 12,480,000 11,887,200 
4.75% 2/15/28 5,067,000 4,496,963 
6.75% 12/15/21 2,090,000 2,121,350 
9.75% 6/15/25 2,000,000 2,200,000 
Uniti Group, Inc. 7.875% 2/15/25 (d) 1,000,000 1,060,000 
VEREIT Operating Partnership LP:   
3.1% 12/15/29 1,000,000 1,013,232 
4.875% 6/1/26 1,593,000 1,804,067 
VICI Properties, Inc.:   
4.125% 8/15/30 (d) 975,000 987,188 
4.625% 12/1/29 (d) 1,095,000 1,137,716 
WP Carey, Inc.:   
4% 2/1/25 422,000 463,779 
4.25% 10/1/26 459,000 517,775 
XHR LP 6.375% 8/15/25 (d) 750,000 743,438 
  79,424,066 
Real Estate Management & Development - 3.4%   
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d) 875,000 930,781 
Forestar Group, Inc. 8% 4/15/24 (d) 2,784,000 2,895,360 
Greystar Real Estate Partners 5.75% 12/1/25 (d) 3,430,000 3,472,875 
Howard Hughes Corp.:   
5.375% 3/15/25 (d) 5,200,000 5,206,500 
5.375% 8/1/28 (d) 1,345,000 1,353,406 
Kennedy-Wilson, Inc. 5.875% 4/1/24 10,281,000 9,921,165 
Mack-Cali Realty LP:   
3.15% 5/15/23 5,000 4,583 
4.5% 4/18/22 91,000 87,621 
Mattamy Group Corp. 5.25% 12/15/27 (d) 2,855,000 3,019,163 
Mid-America Apartments LP 3.75% 6/15/24 356,000 385,721 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.875% 6/15/27 (d) 202,000 223,210 
6.625% 7/15/27 (d) 1,427,000 1,537,593 
Washington Prime Group LP 6.45% 8/15/24 5,316,000 2,751,030 
  31,789,008 
TOTAL REAL ESTATE  111,213,074 
TOTAL NONCONVERTIBLE BONDS  160,904,235 
TOTAL CORPORATE BONDS   
(Cost $235,254,991)  226,252,447 
Asset-Backed Securities - 3.1%   
American Homes 4 Rent:   
Series 2014-SFR3 Class E, 6.418% 12/17/36 (d) 1,841,000 2,064,985 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (d) 1,624,000 1,802,812 
Class XS, 0% 10/17/52 (b)(d)(e)(f) 916,110 9 
Conseco Finance Securitizations Corp.:   
Series 2002-1 Class M2, 9.546% 12/1/33 1,216,000 1,239,672 
Series 2002-2 Class M2, 9.163% 3/1/33 1,608,745 1,455,898 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 3.0934% 2/22/36 (b)(c)(d) 358,000 342,020 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (b) 6,053 6,073 
Series 1997-3 Class M1, 7.53% 3/15/28 44,373 44,767 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 3.6863% 7/17/34 (b)(c)(d) 2,115,000 2,120,597 
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 2.4973% 7/17/37 (b)(c)(d) 604,000 599,880 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 2.6% 6/17/37 (b)(c)(d) 464,691 464,260 
Kref Ltd. Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 2.6973% 6/15/36 (b)(c)(d) 440,000 422,562 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 1,980,415 1,615,950 
Progress Residential Trust:   
Series 2017-SFR1 Class F, 5.35% 8/17/34 (d) 526,000 537,086 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (d) 892,000 901,014 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (d) 588,000 600,385 
Series 2019-SFR4 Class F, 3.684% 10/17/36 (d) 1,000,000 1,016,666 
Series 2020-SFR1 Class H, 5.268% 4/17/37 (d) 588,000 568,217 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 2.7484% 1/17/35 (b)(c)(d) 994,000 995,546 
Class F, 1 month U.S. LIBOR + 3.400% 3.5484% 1/17/35 (b)(c)(d) 2,274,000 2,273,995 
Tricon American Homes:   
Series 2016-SFR1 Class F, 5.769% 11/17/33 (d) 3,956,000 3,961,464 
Series 2017-SFR1 Class F, 5.151% 9/17/34 (d) 1,632,000 1,675,535 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (d) 628,000 658,407 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (d) 1,386,000 1,467,928 
VB-S1 Issuer LLC Series 2018-1A Class F, 5.25% 2/15/48 (d) 2,044,000 2,076,880 
TOTAL ASSET-BACKED SECURITIES   
(Cost $28,534,519)  28,912,608 
Commercial Mortgage Securities - 19.3%   
Ashford Hospitality Trust floater Series 2018-ASHF Class E, 1 month U.S. LIBOR + 3.100% 3.2484% 4/15/35 (b)(c)(d) 905,000 793,922 
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (d) 625,000 580,332 
Series 2017-BNK8 Class E, 2.8% 11/15/50 (d) 1,848,000 1,023,835 
Series 2018-BN12 Class D, 3% 5/15/61 (d) 318,000 210,523 
Series 2019-BN21 Class F, 2.6818% 10/17/52 (d) 1,953,000 853,688 
Benchmark Mortgage Trust:   
sequential payer Series 2019-B14:   
Class 225D, 3.2943% 12/15/62 (b)(d) 573,000 532,788 
Class 225E, 3.2943% 12/15/62 (b)(d) 859,000 751,192 
Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (b)(d) 2,058,000 1,938,776 
BX Commercial Mortgage Trust:   
floater:   
Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.470% 2.6194% 3/15/37 (b)(c)(d) 2,000,000 1,944,907 
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 2.1484% 11/15/32 (b)(c)(d) 1,071,000 1,018,773 
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 2.6484% 12/15/36 (b)(c)(d) 986,097 942,274 
Series 2020-VIVA:   
Class D, 3.667% 3/9/44 (b)(d) 1,505,000 1,359,325 
Class E, 3.667% 3/9/44 (b)(d) 968,000 800,309 
BX Trust:   
floater:   
Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 2.1984% 11/15/35 (b)(c)(d) 1,190,700 1,165,338 
Class H, 1 month U.S. LIBOR + 3.000% 3.1484% 11/15/35 (b)(c)(d) 1,157,800 1,140,431 
Series 2019-ATL Class E, 1 month U.S. LIBOR + 2.230% 2.385% 10/15/36 (b)(c)(d) 1,000,000 872,466 
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 3.7484% 4/15/34 (b)(c)(d) 819,000 616,249 
Series 2019-XL Class J, 1 month U.S. LIBOR + 2.650% 2.7984% 10/15/36 (b)(c)(d) 1,778,984 1,716,619 
Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(d) 4,330,000 3,937,110 
CALI Mortgage Trust Series 2019-101C Class F, 4.3244% 3/10/39 (b)(d) 651,000 607,937 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 3.3984% 12/15/37 (b)(c)(d) 1,021,000 967,341 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d) 2,226,000 1,675,106 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 3.3984% 7/15/30 (b)(c)(d) 69,000 63,111 
Class E, 1 month U.S. LIBOR + 3.870% 4.0199% 7/15/30 (b)(c)(d) 1,229,000 1,057,780 
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 2.7566% 6/15/34 (b)(c)(d) 995,703 785,922 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.1817% 9/10/46 (b)(d) 2,496,000 2,343,209 
Series 2016-C3 Class D, 3% 11/15/49 (d) 2,990,000 1,905,486 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 3.1984% 9/15/33 (b)(c)(d) 735,000 566,377 
Class G, 1 month U.S. LIBOR + 5.050% 5.2047% 9/15/33 (b)(c)(d) 735,000 553,377 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (d) 1,299,000 738,843 
Series 2012-CR1:   
Class C, 5.3194% 5/15/45 (b) 3,011,000 2,589,901 
Class D, 5.3194% 5/15/45 (b)(d) 1,917,000 1,331,817 
Class G, 2.462% 5/15/45 (d)(f) 1,133,000 165,261 
Series 2012-LC4 Class C, 5.5354% 12/10/44 (b) 802,000 700,306 
Series 2013-CR10 Class D, 4.7893% 8/10/46 (b)(d) 1,756,000 1,660,605 
Series 2013-CR12 Class D, 5.0714% 10/10/46 (b)(d) 1,262,000 567,900 
Series 2013-LC6 Class D, 4.3111% 1/10/46 (b)(d) 2,732,000 2,097,063 
Series 2014-UBS2 Class D, 4.9928% 3/10/47 (b)(d) 537,000 388,801 
Series 2017-CD4 Class D, 3.3% 5/10/50 (d) 1,192,000 971,635 
Series 2019-CD4 Class C, 4.349% 5/10/50 (b) 1,006,000 937,887 
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 7.2073% 5/10/43 (b)(d) 148,552 148,338 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (d) 31,000 24,850 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.8308% 8/15/45 (b)(d) 836,000 727,914 
Class F, 4.25% 8/15/45 (d) 783,000 408,088 
Credit Suisse Mortgage Trust floater:   
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 2.7984% 5/15/36 (b)(c)(d) 3,233,000 3,160,243 
Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 3.7484% 1/15/34 (b)(c)(d) 1,430,000 1,335,619 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (d) 1,766,000 1,326,641 
Series 2017-CX10 Class UESD, 4.2366% 10/15/32 (b)(d) 1,287,000 1,195,739 
Series 2017-CX9 Class D, 4.1497% 9/15/50 (b)(d) 461,000 330,705 
CSMC Trust floater Series 2017-CHOP Class F, 1 month U.S. LIBOR + 4.350% 4.4984% 7/15/32 (b)(c)(d) 1,993,000 1,456,195 
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (b)(d) 2,168,000 2,004,444 
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6359% 10/15/51 (b) 1,000,000 998,915 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.5938% 11/10/46 (b)(d) 2,902,000 2,899,321 
Class G, 4.652% 11/10/46 (d) 2,778,000 2,642,966 
Series 2011-LC3A Class D, 5.3351% 8/10/44 (b)(d)(f) 728,000 531,810 
Freddie Mac pass-thru certificates:   
Series K011 Class X3, 2.5755% 12/25/43 (b)(e) 5,084,000 10,403 
Series K012 Class X3, 2.2507% 1/25/41 (b)(e) 3,032,079 183 
Series K013 Class X3, 2.8234% 1/25/43 (b)(e) 4,967,000 373 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 3.0934% 11/21/35 (b)(c)(d) 1,500,000 1,392,416 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 2.7484% 7/15/35 (b)(c)(d) 669,000 515,772 
Series 2011-GC5:   
Class C, 5.3882% 8/10/44 (b)(d) 101,000 94,318 
Class D, 5.3882% 8/10/44 (b)(d) 759,236 617,018 
Class E, 5.3882% 8/10/44 (b)(d) 848,000 636,011 
Class F, 4.5% 8/10/44 (d)(f) 677,000 429,331 
Series 2012-GC6:   
Class C, 5.6507% 1/10/45 (b)(d) 2,440,000 2,257,102 
Class D, 5.6507% 1/10/45 (b)(d) 1,891,000 1,515,044 
Class E, 5% 1/10/45 (b)(d) 2,889,000 1,760,069 
Series 2012-GCJ7 Class D, 5.6281% 5/10/45 (b)(d) 3,539,000 3,087,269 
Series 2012-GCJ9:   
Class D, 4.7401% 11/10/45 (b)(d) 1,569,000 1,515,437 
Class E, 4.7401% 11/10/45 (b)(d) 355,000 264,903 
Series 2013-GC14 Class D, 4.7435% 8/10/46 (b)(d) 339,000 257,415 
Series 2013-GC16:   
Class D, 5.3107% 11/10/46 (b)(d) 3,292,000 3,115,148 
Class F, 3.5% 11/10/46 (d) 1,510,000 966,206 
Series 2016-GS2 Class D, 2.753% 5/10/49 (d) 1,964,000 1,480,752 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (d) 5,857,000 5,748,951 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (b)(d) 2,614,000 2,592,072 
Class F, 4.0667% 2/10/29 (b)(d) 4,029,000 3,954,609 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(d) 1,460,000 1,279,498 
Series 2016-SFP Class F, 6.1552% 11/5/35 (d) 4,557,000 4,501,601 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (b)(d) 1,693,000 1,581,276 
Class FFL, 1 month U.S. LIBOR + 2.850% 2.9984% 6/15/34 (b)(c)(d) 600,089 548,223 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (d) 504,000 487,786 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 2.5% 7/17/37 (b)(c)(d) 383,894 373,727 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 2.3473% 1/17/38 (b)(c)(d) 590,000 585,401 
JP Morgan Chase Commercial Mortgage Securities Trust:   
floater Series 2018-LAQ:   
Class C, 1 month U.S. LIBOR + 1.600% 1.7484% 6/15/32 (b)(c)(d) 1,600,000 1,482,723 
Class E, 1 month U.S. LIBOR + 3.000% 3.35% 6/15/35 (b)(c)(d) 15,200 13,829 
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (d) 1,406,000 1,296,685 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d) 1,624,000 1,370,540 
Series 2014-C26 Class D, 3.8804% 1/15/48 (b)(d) 602,000 524,277 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4214% 12/15/49 (b)(d) 1,924,000 1,438,459 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.0881% 12/15/49 (b)(d) 1,308,000 898,704 
Series 2018-C8 Class D, 3.2436% 6/15/51 (b)(d) 302,000 221,201 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.1315% 6/15/45 (b) 1,291,000 1,186,249 
Class E, 5.1315% 6/15/45 (b)(d) 1,078,000 517,440 
Class G 4% 6/15/45 (d)(f) 805,000 161,000 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.7068% 2/15/46 (b)(d) 3,467,000 1,015,932 
Class G, 4.409% 2/15/46 (b)(d) 1,680,000 307,484 
Class H, 4.409% 2/15/46 (b)(d)(f) 1,320,000 62,700 
Series 2011-C4 Class E, 5.4804% 7/15/46 (b)(d) 1,390,000 1,342,779 
Series 2013-LC11:   
Class D, 4.1671% 4/15/46 (b) 1,316,000 901,388 
Class F, 3.25% 4/15/46 (b)(d) 482,000 224,147 
Series 2014-DSTY Class E, 3.8046% 6/10/27 (b)(d)(f) 924,000 23,142 
Series 2018-AON Class F, 4.6132% 7/5/31 (b)(d) 961,000 941,671 
Morgan Stanley BAML Trust:   
Series 2012-C6 Class D, 4.6062% 11/15/45 (b)(d) 2,000,000 1,899,999 
Series 2012-C6, Class F, 4.6062% 11/15/45 (b)(d) 1,000,000 582,921 
Series 2013-C12 Class D, 4.763% 10/15/46 (b)(d) 1,500,000 1,185,264 
Series 2013-C13:   
Class D, 4.8985% 11/15/46 (b)(d) 2,994,000 2,453,603 
Class E, 4.8985% 11/15/46 (b)(d) 659,000 433,365 
Series 2013-C7:   
Class D, 4.2366% 2/15/46 (b)(d) 764,000 464,494 
Class E, 4.2366% 2/15/46 (b)(d)(f) 1,501,000 868,633 
Series 2013-C9 Class C, 4.0309% 5/15/46 (b) 625,000 618,429 
Series 2016-C30 Class D, 3% 9/15/49 (d) 522,000 314,781 
Morgan Stanley Capital I Trust:   
sequential payer Series 2011-C1 Class G, 4.193% 9/15/47 (d) 1,500,000 1,396,919 
Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(d) 82,669 84,094 
Series 2011-C2:   
Class D, 5.4783% 6/15/44 (b)(d) 2,382,000 1,834,139 
Class F, 5.4783% 6/15/44 (b)(d) 1,467,000 743,921 
Class XB, 0.3249% 6/15/44 (b)(d)(e) 45,156,633 330,361 
Series 2011-C3:   
Class C, 5.2443% 7/15/49 (b)(d) 2,446,000 2,303,113 
Class D, 5.2443% 7/15/49 (b)(d) 83,000 73,761 
Class E, 5.2443% 7/15/49 (b)(d) 652,000 473,397 
Class F, 5.2443% 7/15/49 (b)(d) 636,000 380,755 
Class G, 5.2443% 7/15/49 (b)(d)(f) 979,600 484,497 
Series 2012-C4 Class D, 5.4187% 3/15/45 (b)(d) 1,640,000 1,022,643 
Series 2015-MS1 Class D, 4.0313% 5/15/48 (b)(d) 2,045,000 1,690,614 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (d) 1,043,000 757,447 
Series 2016-BNK2 Class C, 3% 11/15/49 (d) 2,346,000 1,781,418 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 7.0749% 8/15/24 (b)(c)(d) 768,059 630,738 
Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 1.5484% 8/15/34 (b)(c)(d) 751,091 735,557 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 4.3984% 8/15/34 (b)(c)(d) 1,990,071 1,918,978 
MRCD Series 2019-PARK Class J, 4.25% 12/15/36 (d) 3,532,000 3,217,069 
MSCCG Trust:   
floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 2.2984% 10/15/37 (b)(c)(d) 939,000 909,676 
Series 2016-SNR:   
Class D, 6.55% 11/15/34 (d) 2,588,146 2,556,157 
Class E, 6.8087% 11/15/34 (d) 1,854,700 1,723,718 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (b)(d) 1,000,000 763,974 
Natixis Commercial Mortgage Securities Trust:   
floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 2.903% 6/15/35 (b)(c)(d) 315,000 287,706 
Class WAN2, 1 month U.S. LIBOR + 3.750% 3.903% 6/15/35 (b)(c)(d) 113,725 103,526 
Series 2019-1776 Class F, 4.2988% 10/15/36 (d) 1,894,500 1,766,933 
Progress Residential Trust Series 2019-SFR3 Class F, 3.867% 9/17/36 (d) 1,000,000 1,019,441 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) 1,009,386 1,170,667 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 3.0493% 3/25/34 (b)(c)(d) 599,000 521,053 
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.5929% 9/15/39 (b)(d) 2,000,000 1,696,392 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5689% 5/10/45 (b)(d) 492,000 360,970 
Class E, 5% 5/10/45 (b)(d)(f) 1,236,000 596,504 
Class F, 5% 5/10/45 (b)(d)(f) 399,000 58,253 
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (b)(d)(f) 1,817,000 1,008,005 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0503% 1/10/45 (b)(d) 34,000 34,886 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7587% 10/15/45 (b)(d) 637,000 629,029 
Class E, 4.7587% 10/15/45 (b)(d) 1,539,000 1,285,747 
Class F, 4.7587% 10/15/45 (b)(d) 774,000 525,549 
Series 2016-BNK1 Class D, 3% 8/15/49 (d) 1,260,000 688,335 
Series 2016-C35 Class D, 3.142% 7/15/48 (d) 2,512,000 1,822,770 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (d) 963,000 689,362 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (f) 45,000 7,340 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (d) 2,155,000 2,101,976 
Class D, 5.6734% 3/15/44 (b)(d) 3,352,000 1,563,791 
Class E, 5% 3/15/44 (d) 34,000 6,740 
Series 2011-C5:   
Class C, 5.6558% 11/15/44 (b)(d) 1,250,000 1,260,273 
Class E, 5.6558% 11/15/44 (b)(d) 903,000 835,688 
Class F, 5.25% 11/15/44 (b)(d) 2,000,000 1,471,276 
Class G, 5.25% 11/15/44 (b)(d) 1,000,000 689,228 
Series 2012-C7 Class D, 4.8104% 6/15/45 (b)(d) 620,000 334,063 
Series 2012-C8 Class E, 4.8853% 8/15/45 (b)(d) 557,000 483,554 
Series 2013-C11:   
Class D, 4.2561% 3/15/45 (b)(d) 65,000 58,480 
Class E, 4.2561% 3/15/45 (b)(d) 53,000 39,249 
Series 2013-C13 Class D, 4.1396% 5/15/45 (b)(d) 45,000 41,973 
Series 2013-C16 Class D, 5.0177% 9/15/46 (b)(d) 715,000 525,105 
Series 2013-UBS1 Class D, 4.7353% 3/15/46 (b)(d) 910,000 825,094 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (b)(d) 1,168,000 897,868 
Class PR2, 3.516% 6/5/35 (b)(d) 459,000 345,484 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $201,644,205)  179,951,719 
Bank Loan Obligations - 4.4%   
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% 1.9% 4/11/25 (b)(c)(g) 3,695,425 3,574,880 
CONSUMER DISCRETIONARY - 0.6%   
Diversified Consumer Services - 0.1%   
Airbnb, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.5% 4/17/25 (b)(c)(g) 463,838 490,123 
Hotels, Restaurants & Leisure - 0.5%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8978% 12/22/24 (b)(c)(g) 838,481 784,215 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 6/10/22 (b)(c)(g) 723,554 666,488 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (b)(c)(g) 3,998,360 3,348,627 
  4,799,330 
TOTAL CONSUMER DISCRETIONARY  5,289,453 
ENERGY - 0.5%   
Energy Equipment & Services - 0.1%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/1/25 (b)(c)(g) 1,466,250 1,247,779 
Oil, Gas & Consumable Fuels - 0.4%   
Hamilton Projs. Acquiror LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 6/17/27 (b)(c)(g) 3,351,600 3,339,869 
TOTAL ENERGY  4,587,648 
FINANCIALS - 0.7%   
Capital Markets - 0.1%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.7254% 9/30/24 (b)(c)(g) 989,975 966,711 
Diversified Financial Services - 0.5%   
Agellan Portfolio 8.9625% 8/7/25 (b)(f)(g) 1,217,000 1,217,000 
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (b)(f)(g) 3,629,000 3,629,000 
  4,846,000 
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) 884,531 877,163 
TOTAL FINANCIALS  6,689,874 
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) 3,383,131 3,338,744 
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) 925,397 905,732 
REAL ESTATE - 1.7%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(c)(g) 5,311 5,196 
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1478% 9/18/26 (b)(c)(g) 1,352,987 1,305,632 
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 1.8478% 2/6/22 (b)(c)(g) 5,332,000 5,195,394 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8927% 6/28/23 (b)(c)(g) 2,003,869 1,983,830 
  8,490,052 
Real Estate Management & Development - 0.8%   
Aragon Junior Mezzanine 1 month U.S. LIBOR + 6.000% 7.25% 1/15/25 (b)(c)(f)(g) 1,500,000 1,500,000 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8978% 8/21/25 (b)(c)(g) 4,724,171 4,501,473 
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 1,629,911 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(g) 104,733 91,930 
  7,723,314 
TOTAL REAL ESTATE  16,213,366 
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) 231,598 210,523 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $42,427,085)  40,810,220 
 Shares Value 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund 0.10% (h)   
(Cost $35,338,508) 35,335,067 35,342,134 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $992,894,078)  929,520,996 
NET OTHER ASSETS (LIABILITIES) - 0.3%  2,450,572 
NET ASSETS - 100%  $931,971,568 

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 $260,252,233 or 27.9% 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) 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 $11,049 
Total $11,049 

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.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.