Quarterly Holdings Report
for
Fidelity® Series Real Estate Income Fund
April 30, 2022
SRE-NPRT3-0622
1.924316.110
Common Stocks - 12.1% | |||
Shares | Value ($) | ||
FINANCIALS - 1.0% | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
BrightSpire Capital, Inc. | 25,140 | 213,690 | |
Chimera Investment Corp. | 54,700 | 548,094 | |
Great Ajax Corp. | 281,246 | 2,618,400 | |
MFA Financial, Inc. | 358,475 | 5,108,269 | |
New Residential Investment Corp. | 93,900 | 976,560 | |
9,465,013 | |||
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.1% | |||
Cyxtera Technologies, Inc. Class A (a) | 45,200 | 543,756 | |
REAL ESTATE - 11.0% | |||
Equity Real Estate Investment Trusts (REITs) - 11.0% | |||
Acadia Realty Trust (SBI) | 13,700 | 286,604 | |
American Homes 4 Rent Class A | 58,900 | 2,333,029 | |
American Tower Corp. | 43,800 | 10,556,676 | |
Apartment Income (REIT) Corp. | 4,124 | 202,777 | |
AvalonBay Communities, Inc. | 9,900 | 2,252,052 | |
Crown Castle International Corp. | 37,100 | 6,871,291 | |
CubeSmart | 22,500 | 1,068,975 | |
Digital Realty Trust, Inc. | 4,000 | 584,480 | |
Digitalbridge Group, Inc. (a) | 34,699 | 241,505 | |
Douglas Emmett, Inc. | 18,500 | 545,010 | |
Duke Realty Corp. | 3,200 | 175,200 | |
Easterly Government Properties, Inc. | 92,100 | 1,754,505 | |
EastGroup Properties, Inc. | 500 | 93,750 | |
Equinix, Inc. | 7,000 | 5,033,560 | |
Equity Lifestyle Properties, Inc. | 188,400 | 14,559,539 | |
Essex Property Trust, Inc. | 9,300 | 3,062,211 | |
Extra Space Storage, Inc. | 6,400 | 1,216,000 | |
Farmland Partners, Inc. | 117,115 | 1,723,933 | |
Gaming & Leisure Properties | 79,904 | 3,546,140 | |
Healthcare Trust of America, Inc. | 5,950 | 181,237 | |
Invitation Homes, Inc. | 28,800 | 1,146,816 | |
iStar Financial, Inc. | 297,787 | 5,014,733 | |
Lamar Advertising Co. Class A | 16,900 | 1,865,929 | |
Life Storage, Inc. | 3,200 | 423,968 | |
LXP Industrial Trust (REIT) | 591,522 | 7,423,601 | |
Mid-America Apartment Communities, Inc. | 15,214 | 2,992,290 | |
National Retail Properties, Inc. | 17,400 | 762,816 | |
NexPoint Residential Trust, Inc. | 2,200 | 196,152 | |
Postal Realty Trust, Inc. | 56,400 | 949,212 | |
Public Storage | 6,300 | 2,340,450 | |
Retail Value, Inc. | 24,066 | 75,567 | |
RLJ Lodging Trust | 14,700 | 206,094 | |
Sabra Health Care REIT, Inc. | 72,800 | 850,304 | |
SITE Centers Corp. | 146,700 | 2,332,530 | |
Spirit Realty Capital, Inc. | 56,000 | 2,433,200 | |
Sunstone Hotel Investors, Inc. (a) | 17,100 | 209,475 | |
Terreno Realty Corp. | 28,480 | 2,071,920 | |
UMH Properties, Inc. | 33,500 | 787,920 | |
Ventas, Inc. | 76,355 | 4,241,520 | |
VICI Properties, Inc. | 75,400 | 2,247,674 | |
Washington REIT (SBI) | 76,300 | 1,838,067 | |
Welltower, Inc. | 41,800 | 3,795,858 | |
Weyerhaeuser Co. | 13,700 | 564,714 | |
101,059,284 | |||
Real Estate Management & Development - 0.0% | |||
Cushman & Wakefield PLC (a) | 9,700 | 173,630 | |
TOTAL REAL ESTATE | 101,232,914 | ||
TOTAL COMMON STOCKS (Cost $79,283,550) | 111,241,683 | ||
Preferred Stocks - 33.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.6% | |||
FINANCIALS - 1.0% | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
Great Ajax Corp. 7.25% | 310,550 | 7,645,741 | |
Ready Capital Corp. 7.00% | 73,475 | 1,939,740 | |
9,585,481 | |||
REAL ESTATE - 0.6% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
Braemar Hotels & Resorts, Inc. 5.50% | 18,883 | 354,056 | |
LXP Industrial Trust (REIT) Series C, 6.50% | 71,519 | 3,718,690 | |
RLJ Lodging Trust Series A, 1.95% | 38,950 | 1,013,479 | |
Wheeler REIT, Inc. 8.75% (a) | 1,972 | 28,837 | |
5,115,062 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 14,700,543 | ||
Nonconvertible Preferred Stocks - 31.8% | |||
ENERGY - 0.8% | |||
Oil, Gas & Consumable Fuels - 0.8% | |||
DCP Midstream Partners LP: | |||
7.95%(b) | 36,975 | 898,123 | |
Series B, 7.875%(b) | 34,150 | 815,844 | |
Enbridge, Inc.: | |||
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(b)(c) | 97,425 | 2,177,449 | |
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(b)(c) | 19,600 | 436,100 | |
Energy Transfer LP 7.60% (b) | 98,525 | 2,394,158 | |
Global Partners LP: | |||
9.75%(b) | 1,825 | 47,487 | |
Series B, 9.50% | 12,200 | 315,004 | |
7,084,165 | |||
FINANCIALS - 20.6% | |||
Mortgage Real Estate Investment Trusts - 20.6% | |||
Acres Commercial Realty Corp. 8.625% (b) | 15,893 | 384,611 | |
AG Mortgage Investment Trust, Inc.: | |||
8.00% | 118,509 | 2,505,280 | |
8.25% | 1,325 | 28,620 | |
Series C, 8.00%(b) | 90,593 | 1,878,899 | |
AGNC Investment Corp.: | |||
6.125%(b) | 139,800 | 3,236,370 | |
6.875%(b) | 128,350 | 3,058,581 | |
Series C, 7.00%(b) | 306,299 | 7,528,829 | |
Series E, 6.50%(b) | 366,650 | 8,744,603 | |
Annaly Capital Management, Inc.: | |||
6.75%(b) | 155,300 | 3,846,781 | |
Series F, 6.95%(b) | 507,800 | 12,588,362 | |
Series G, 6.50%(b) | 226,110 | 5,300,018 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 13,800 | 307,326 | |
Series F, 6.25%(b) | 20,000 | 480,600 | |
Arlington Asset Investment Corp. 8.25% (b) | 22,175 | 543,509 | |
Armour Residential REIT, Inc. Series C 7.00% | 16,500 | 396,330 | |
Cherry Hill Mortgage Investment Corp.: | |||
8.25%(b) | 54,575 | 1,254,139 | |
Series A, 8.20% | 62,250 | 1,501,632 | |
Chimera Investment Corp.: | |||
8.00%(b) | 221,900 | 5,414,360 | |
Series A, 8.00% | 36,900 | 900,699 | |
Series B, 8.00%(b) | 460,458 | 11,235,175 | |
Series C, 7.75%(b) | 327,366 | 7,774,943 | |
Dynex Capital, Inc. Series C 6.90% (b) | 166,700 | 4,142,495 | |
Ellington Financial LLC 6.75% (b) | 145,322 | 3,508,800 | |
Franklin BSP Realty Trust, Inc. 7.50% | 131,416 | 2,964,745 | |
Invesco Mortgage Capital, Inc.: | |||
7.50%(b) | 477,081 | 10,638,906 | |
Series B, 7.75%(b) | 291,579 | 6,220,838 | |
KKR Real Estate Finance Trust, Inc. 6.50% | 38,700 | 936,153 | |
MFA Financial, Inc.: | |||
6.50%(b) | 405,100 | 9,284,892 | |
Series B, 7.50% | 188,749 | 4,529,976 | |
New Residential Investment Corp.: | |||
7.125%(b) | 415,986 | 9,588,852 | |
Series A, 7.50%(b) | 406,496 | 9,698,995 | |
Series C, 6.375%(b) | 127,446 | 2,740,089 | |
Series D, 7.00%(b) | 82,900 | 1,939,852 | |
New York Mortgage Trust, Inc. Series D, 8.00% (b) | 39,800 | 939,081 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 38,700 | 871,687 | |
8.125%(b) | 106,075 | 2,790,833 | |
Series B, 8.00%(b) | 266,605 | 6,876,143 | |
Ready Capital Corp.: | |||
5.75% | 119,000 | 2,951,200 | |
6.50% | 5,600 | 123,984 | |
Series C, 6.20% | 131,250 | 3,321,938 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(b) | 281,832 | 6,986,615 | |
Series B, 7.625%(b) | 489,572 | 11,676,292 | |
Series C, 7.25%(b) | 301,649 | 6,868,548 | |
188,510,581 | |||
Real Estate Management & Development - 0.0% | |||
Brookfield Properties Corp. Series EE, 5.10% (b) | 7,675 | 135,917 | |
TOTAL FINANCIALS | 188,646,498 | ||
REAL ESTATE - 10.4% | |||
Equity Real Estate Investment Trusts (REITs) - 10.4% | |||
Agree Realty Corp. 4.375% | 38,700 | 727,173 | |
American Homes 4 Rent: | |||
6.25% | 18,925 | 497,160 | |
Series F, 5.875% | 47,683 | 1,198,274 | |
Series G, 5.875% | 37,050 | 931,437 | |
Armada Hoffler Properties, Inc. 6.75% | 33,250 | 840,893 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 50,274 | 1,133,679 | |
Series F, 7.375% | 66,735 | 1,501,538 | |
Series G, 7.375% | 34,229 | 759,884 | |
Series H, 7.50% | 35,575 | 724,812 | |
Series I, 7.50% | 58,911 | 1,192,418 | |
Bluerock Residential Growth (REIT), Inc.: | |||
Series C, 7.625% | 44,175 | 1,110,330 | |
Series D, 7.125% | 31,900 | 801,009 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 35,150 | 894,568 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 38,856 | 788,388 | |
Series C, 6.50% | 53,500 | 717,970 | |
Centerspace Series C, 6.625% | 57,700 | 1,469,619 | |
City Office REIT, Inc. Series A, 6.625% | 27,525 | 649,590 | |
CTO Realty Growth, Inc. 6.375% | 20,000 | 486,810 | |
DiamondRock Hospitality Co. 8.25% | 34,900 | 933,575 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 247,310 | 5,557,056 | |
Series I, 7.15% | 285,785 | 6,553,050 | |
Series J, 7.15% | 345,049 | 7,756,702 | |
Gladstone Commercial Corp.: | |||
6.625% | 41,125 | 1,034,512 | |
Series G, 6.00% | 81,700 | 1,961,617 | |
Gladstone Land Corp. Series D, 5.00% | 60,000 | 1,518,000 | |
Global Medical REIT, Inc. Series A, 7.50% | 27,461 | 694,044 | |
Global Net Lease, Inc.: | |||
Series A, 7.25% | 129,625 | 3,261,404 | |
Series B 6.875% | 47,200 | 1,155,928 | |
Healthcare Trust, Inc.: | |||
7.125% | 48,000 | 1,173,595 | |
Series A 7.375% | 33,000 | 793,086 | |
Hersha Hospitality Trust: | |||
Series C, 6.875% | 550 | 12,084 | |
Series D, 6.50% | 42,250 | 886,299 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 40,000 | 757,600 | |
iStar Financial, Inc.: | |||
Series D, 8.00% | 75,056 | 1,913,403 | |
Series G, 7.65% | 141,700 | 3,573,674 | |
Series I, 7.50% | 303,323 | 7,618,928 | |
National Storage Affiliates Trust Series A, 6.00% | 12,325 | 308,125 | |
Necessity Retail (REIT), Inc./The: | |||
7.50% | 193,698 | 4,722,357 | |
Series C 7.375% | 205,000 | 4,958,950 | |
Pebblebrook Hotel Trust: | |||
6.30% | 53,702 | 1,189,499 | |
6.375% | 20,200 | 448,743 | |
6.375% | 55,192 | 1,239,060 | |
Series H, 5.70% | 104,200 | 2,021,480 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(a) | 56,533 | 248,745 | |
Series C, 7.20%(a) | 9,575 | 40,767 | |
Series D, 6.875%(a) | 27,400 | 116,998 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 30,350 | 768,462 | |
Prologis (REIT), Inc. Series Q, 8.54% | 16,850 | 1,078,400 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 50,000 | 1,256,500 | |
Series C, 5.625% | 11,775 | 281,894 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 15,958 | 390,971 | |
Series E, 6.00% | 13,475 | 331,755 | |
Seritage Growth Properties Series A, 7.00% | 1,050 | 19,950 | |
SITE Centers Corp. 6.375% | �� | 15,100 | 376,292 |
Sotherly Hotels, Inc.: | |||
Series B, 8.00%(a) | 12,750 | 244,673 | |
Series C, 7.875%(a) | 19,300 | 382,333 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 16,575 | 404,430 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 60,784 | 1,404,110 | |
Series F, 5.875% | 61,000 | 1,336,205 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 20,000 | 445,600 | |
Series I, 5.70% | 38,700 | 808,830 | |
UMH Properties, Inc.: | |||
Series C, 6.75% | 85,195 | 2,168,213 | |
Series D, 6.375% | 63,875 | 1,637,755 | |
Urstadt Biddle Properties, Inc.: | |||
Series H, 6.25% | 51,175 | 1,254,811 | |
Series K 5.875% | 28,775 | 691,069 | |
Vornado Realty Trust: | |||
Series N, 5.25% | 19,600 | 375,144 | |
Series O, 4.45% | 55,300 | 972,174 | |
95,504,404 | |||
Real Estate Management & Development - 0.0% | |||
Brookfield Property Partners LP: | |||
5.75% | 7,000 | 140,350 | |
6.50% | 5,875 | 128,780 | |
269,130 | |||
TOTAL REAL ESTATE | 95,773,534 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 291,504,197 | ||
TOTAL PREFERRED STOCKS (Cost $308,203,321) | 306,204,740 | ||
Corporate Bonds - 19.4% | |||
Principal Amount (d) | Value ($) | ||
Convertible Bonds - 4.9% | |||
FINANCIALS - 4.5% | |||
Mortgage Real Estate Investment Trusts - 4.5% | |||
Granite Point Mortgage Trust, Inc.: | |||
5.625% 12/1/22(e) | 2,696,000 | 2,652,190 | |
6.375% 10/1/23 | 1,426,000 | 1,411,027 | |
MFA Financial, Inc. 6.25% 6/15/24 | 3,404,000 | 3,352,940 | |
PennyMac Corp.: | |||
5.5% 11/1/24 | 5,595,000 | 5,563,528 | |
5.5% 3/15/26 | 250,000 | 230,950 | |
Redwood Trust, Inc.: | |||
4.75% 8/15/23 | 2,962,000 | 2,922,937 | |
5.625% 7/15/24 | 11,620,000 | 11,068,958 | |
RWT Holdings, Inc. 5.75% 10/1/25 | 11,581,000 | 10,747,168 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 3,400,000 | 3,164,125 | |
41,113,823 | |||
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Digitalbridge Group, Inc. 5% 4/15/23 | 3,687,000 | 3,683,702 | |
TOTAL CONVERTIBLE BONDS | 44,797,525 | ||
Nonconvertible Bonds - 14.5% | |||
COMMUNICATION SERVICES - 0.5% | |||
Media - 0.5% | |||
Clear Channel Outdoor Holdings, Inc.: | |||
7.5% 6/1/29(e) | 1,275,000 | 1,203,218 | |
7.75% 4/15/28(e) | 4,000,000 | 3,770,000 | |
4,973,218 | |||
CONSUMER DISCRETIONARY - 2.1% | |||
Hotels, Restaurants & Leisure - 0.4% | |||
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (e) | 1,000,000 | 873,300 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (e) | 2,180,000 | 1,918,400 | |
Times Square Hotel Trust 8.528% 8/1/26 (e) | 1,294,849 | 1,306,623 | |
4,098,323 | |||
Household Durables - 1.7% | |||
Adams Homes, Inc. 7.5% 2/15/25 (e) | 1,550,000 | 1,510,149 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29(e) | 605,000 | 509,074 | |
4.625% 4/1/30(e) | 1,765,000 | 1,445,094 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.: | |||
4.875% 2/15/30(e) | 255,000 | 212,925 | |
6.25% 9/15/27(e) | 1,467,000 | 1,376,339 | |
Century Communities, Inc.: | |||
3.875% 8/15/29(e) | 1,930,000 | 1,626,199 | |
6.75% 6/1/27 | 1,770,000 | 1,789,488 | |
LGI Homes, Inc. 4% 7/15/29 (e) | 2,110,000 | 1,745,255 | |
M/I Homes, Inc. 3.95% 2/15/30 | 1,500,000 | 1,233,688 | |
New Home Co., Inc. 7.25% 10/15/25 (e) | 1,495,000 | 1,412,775 | |
Picasso Finance Sub, Inc. 6.125% 6/15/25 (e) | 648,000 | 660,053 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 2,042,000 | 1,973,042 | |
15,494,081 | |||
TOTAL CONSUMER DISCRETIONARY | 19,592,404 | ||
ENERGY - 0.4% | |||
Oil, Gas & Consumable Fuels - 0.4% | |||
EG Global Finance PLC: | |||
6.75% 2/7/25(e) | 1,250,000 | 1,214,938 | |
8.5% 10/30/25(e) | 305,000 | 305,000 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 2,045,000 | 1,998,988 | |
3,518,926 | |||
FINANCIALS - 0.2% | |||
Diversified Financial Services - 0.2% | |||
Brixmor Operating Partnership LP 3.85% 2/1/25 | 1,753,000 | 1,749,589 | |
HEALTH CARE - 0.7% | |||
Health Care Providers & Services - 0.7% | |||
Sabra Health Care LP 5.125% 8/15/26 | 6,615,000 | 6,595,527 | |
INDUSTRIALS - 0.1% | |||
Trading Companies & Distributors - 0.1% | |||
Williams Scotsman International, Inc. 4.625% 8/15/28 (e) | 750,000 | 709,838 | |
REAL ESTATE - 10.5% | |||
Equity Real Estate Investment Trusts (REITs) - 7.4% | |||
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (e) | 2,600,000 | 2,213,744 | |
American Homes 4 Rent LP 4.25% 2/15/28 | 2,000,000 | 1,951,534 | |
CBL & Associates HoldCo II LLC 10% 11/15/29 | 2,332,700 | 2,338,089 | |
CBL & Associates LP: | |||
4.6% 10/15/24(f)(g) | 3,930,000 | 0 | |
5.25% 12/1/23(f)(g) | 3,629,000 | 0 | |
5.95% 12/15/26(f)(g) | 2,551,000 | 0 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (e) | 2,135,000 | 1,932,175 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (e) | 925,000 | 830,381 | |
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 2,375,000 | 2,417,275 | |
iStar Financial, Inc.: | |||
4.25% 8/1/25 | 3,200,000 | 3,050,016 | |
4.75% 10/1/24 | 7,120,000 | 6,924,200 | |
5.5% 2/15/26 | 3,015,000 | 2,934,711 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
4.625% 8/1/29 | 1,506,000 | 1,391,588 | |
5% 10/15/27 | 4,237,000 | 4,065,444 | |
Office Properties Income Trust: | |||
4.25% 5/15/24 | 946,000 | 945,056 | |
4.5% 2/1/25 | 3,695,000 | 3,666,196 | |
Omega Healthcare Investors, Inc.: | |||
4.5% 4/1/27 | 483,000 | 472,010 | |
4.75% 1/15/28 | 1,616,000 | 1,557,714 | |
4.95% 4/1/24 | 659,000 | 665,223 | |
5.25% 1/15/26 | 22,000 | 22,378 | |
Realty Income Corp.: | |||
3.1% 12/15/29 | 1,000,000 | 926,362 | |
4.6% 2/6/24 | 1,757,000 | 1,790,389 | |
4.875% 6/1/26 | 1,593,000 | 1,646,886 | |
RLJ Lodging Trust LP 4% 9/15/29 (e) | 2,245,000 | 2,004,179 | |
Senior Housing Properties Trust: | |||
4.75% 5/1/24 | 6,480,000 | 6,156,000 | |
4.75% 2/15/28 | 5,067,000 | 4,318,351 | |
9.75% 6/15/25 | 2,000,000 | 2,095,000 | |
Service Properties Trust: | |||
4.65% 3/15/24 | 1,556,000 | 1,466,530 | |
5% 8/15/22 | 859,000 | 855,451 | |
7.5% 9/15/25 | 1,480,000 | 1,477,232 | |
Uniti Group LP / Uniti Group Finance, Inc. 6.5% 2/15/29 (e) | 4,000,000 | 3,451,640 | |
Uniti Group, Inc.: | |||
6% 1/15/30(e) | 1,040,000 | 867,303 | |
7.875% 2/15/25(e) | 1,000,000 | 1,017,500 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (e) | 1,095,000 | 1,028,205 | |
WP Carey, Inc.: | |||
4% 2/1/25 | 422,000 | 424,396 | |
4.25% 10/1/26 | 459,000 | 463,109 | |
XHR LP 6.375% 8/15/25 (e) | 750,000 | 758,933 | |
68,125,200 | |||
Real Estate Management & Development - 3.1% | |||
DTZ U.S. Borrower LLC 6.75% 5/15/28 (e) | 875,000 | 892,518 | |
Five Point Operation Co. LP 7.875% 11/15/25 (e) | 3,734,000 | 3,704,725 | |
Forestar Group, Inc. 3.85% 5/15/26 (e) | 1,000,000 | 900,000 | |
Greystar Real Estate Partners 5.75% 12/1/25 (e) | 3,430,000 | 3,444,921 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(e) | 3,000,000 | 2,701,151 | |
4.375% 2/1/31(e) | 1,180,000 | 1,049,516 | |
5.375% 8/1/28(e) | 1,345,000 | 1,303,668 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 4,590,000 | 4,233,908 | |
4.75% 2/1/30 | 3,590,000 | 3,239,975 | |
Mattamy Group Corp. 5.25% 12/15/27 (e) | 2,855,000 | 2,669,425 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (e) | 2,500,000 | 2,090,625 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.875% 6/15/27(e) | 202,000 | 200,521 | |
6.625% 7/15/27(e) | 1,427,000 | 1,427,376 | |
27,858,329 | |||
TOTAL REAL ESTATE | 95,983,529 | ||
TOTAL NONCONVERTIBLE BONDS | 133,123,031 | ||
TOTAL CORPORATE BONDS (Cost $186,588,727) | 177,920,556 | ||
Asset-Backed Securities - 2.6% | |||
Principal Amount (d) | Value ($) | ||
American Homes 4 Rent: | |||
Series 2014-SFR3 Class E, 6.418% 12/17/36 (e) | 1,841,000 | 1,866,495 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (e) | 1,624,000 | 1,628,258 | |
Class XS, 0% 10/17/52 (b)(e)(g) | 900,511 | 9 | |
Conseco Finance Securitizations Corp.: | |||
Series 2002-1 Class M2, 9.546% 12/1/33 | 1,216,000 | 1,212,298 | |
Series 2002-2 Class M2, 9.163% 3/1/33 | 1,527,633 | 1,396,076 | |
Diamond Infrastructure Funding LLC Series 2021-1A Class C, 3.475% 4/15/49 (e) | 1,005,000 | 931,766 | |
DigitalBridge Issuer, LLC / DigitalBridge Co.-Issuer, LLC Series 2021-1A Class A2, 3.933% 9/25/51 (e) | 1,000,000 | 946,636 | |
FirstKey Homes Trust: | |||
Series 2021-SFR1 Class F1, 3.238% 8/17/38 (e) | 1,250,000 | 1,091,120 | |
Series 2021-SFR2 Class F1, 2.908% 9/17/38 (e) | 500,000 | 431,732 | |
FRTKL Series 2021-SFR1: | |||
Class F, 3.171% 9/17/38 (e) | 500,000 | 430,694 | |
Class G, 4.105% 9/17/38 (e) | 500,000 | 433,694 | |
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 3.5747% 2/22/36 (b)(c)(e) | 358,000 | 351,503 | |
Green Tree Financial Corp.: | |||
Series 1996-4 Class M1, 7.75% 6/15/27 (b) | 3,356 | 3,350 | |
Series 1997-3 Class M1, 7.53% 3/15/28 | 30,763 | 29,820 | |
Home Partners of America Trust: | |||
Series 2021-1 Class F, 3.325% 9/17/41 (e) | 460,862 | 379,357 | |
Series 2021-2 Class G, 4.505% 12/17/26 (e) | 988,812 | 868,887 | |
Series 2021-3 Class F, 4.242% 1/17/41 (e) | 1,418,165 | 1,247,112 | |
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | 1,738,598 | 1,225,102 | |
Progress Residential Trust: | |||
Series 2019-SFR3 Class F, 3.867% 9/17/36 (e) | 1,000,000 | 944,804 | |
Series 2019-SFR4 Class F, 3.684% 10/17/36 (e) | 1,000,000 | 964,033 | |
Series 2020-SFR1 Class H, 5.268% 4/17/37 (e) | 588,000 | 555,375 | |
Series 2021-SFR2 Class H, 4.998% 4/19/38 (e) | 1,533,000 | 1,395,075 | |
Series 2021-SFR6: | |||
Class F, 3.422% 7/17/38 (e) | 1,449,000 | 1,280,086 | |
Class G, 4.003% 7/17/38 (e) | 749,000 | 666,921 | |
Series 2021-SFR8: | |||
Class F, 3.181% 10/17/38 (e) | 934,000 | 812,456 | |
Class G, 4.005% 10/17/38 (e) | 2,351,000 | 2,080,601 | |
Tricon American Homes Series 2017-SFR2 Class F, 5.104% 1/17/36 (e) | 628,000 | 617,107 | |
TOTAL ASSET-BACKED SECURITIES (Cost $26,080,633) | 23,790,367 | ||
Commercial Mortgage Securities - 20.7% | |||
Principal Amount (d) | Value ($) | ||
ALEN Mortgage Trust floater Series 2021-ACEN Class F, 1 month U.S. LIBOR + 5.000% 5.554% 4/15/34 (b)(c)(e) | 616,000 | 597,366 | |
Ashford Hospitality Trust floater Series 2018-ASHF Class E, 1 month U.S. LIBOR + 3.100% 3.654% 4/15/35 (b)(c)(e) | 905,000 | 854,320 | |
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (e) | 625,000 | 528,553 | |
Series 2017-BNK8 Class E, 2.8% 11/15/50 (e) | 1,848,000 | 1,193,146 | |
Series 2018-BN12 Class D, 3% 5/15/61 (e) | 318,000 | 242,151 | |
BCP Trust floater Series 2021-330N Class F, 1 month U.S. LIBOR + 4.630% 5.188% 6/15/38 (b)(c)(e) | 1,000,000 | 959,736 | |
Benchmark Mortgage Trust: | |||
sequential payer Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (b)(e) | 573,000 | 500,988 | |
Class 225E, 3.4041% 12/15/62 (b)(e) | 859,000 | 731,381 | |
Series 2020-B18 Class AGNG, 4.5348% 7/15/53 (b)(e) | 2,058,000 | 1,767,403 | |
BHP Trust floater Series 2019-BXHP Class F, 1 month U.S. LIBOR + 2.930% 3.492% 8/15/36 (b)(c)(e) | 1,050,000 | 1,009,002 | |
BPR Trust floater Series 2021-TY: | |||
Class E, 1 month U.S. LIBOR + 3.600% 4.154% 9/15/38 (b)(c)(e) | 500,000 | 494,241 | |
Class F, 1 month U.S. LIBOR + 4.200% 4.754% 9/15/38 (b)(c)(e) | 294,000 | 289,883 | |
BSREP Commercial Mortgage Trust floater Series 2021-DC: | |||
Class F, 1 month U.S. LIBOR + 2.850% 3.405% 8/15/38 (b)(c)(e) | 107,000 | 102,347 | |
Class G, 1 month U.S. LIBOR + 3.850% 4.405% 8/15/38 (b)(c)(e) | 250,000 | 240,246 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.470% 3.0251% 3/15/37 (b)(c)(e) | 1,817,597 | 1,772,044 | |
Series 2021-CIP Class G, 1 month U.S. LIBOR + 3.960% 4.523% 12/15/38 (b)(c)(e) | 3,549,000 | 3,407,085 | |
Series 2021-VINO Class G, 1 month U.S. LIBOR + 3.950% 4.5063% 5/15/38 (b)(c)(e) | 2,499,000 | 2,409,827 | |
Series 2020-VIVA: | |||
Class D, 3.667% 3/11/44 (b)(e) | 1,505,000 | 1,300,521 | |
Class E, 3.667% 3/11/44 (b)(e) | 2,018,000 | 1,680,971 | |
BX Trust: | |||
floater: | |||
Series 2019-ATL Class E, 1 month U.S. LIBOR + 2.230% 2.7906% 10/15/36 (b)(c)(e) | 1,000,000 | 959,482 | |
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 4.154% 4/15/34 (b)(c)(e) | 819,000 | 788,226 | |
Series 2019-XL Class J, 1 month U.S. LIBOR + 2.650% 3.204% 10/15/36 (b)(c)(e) | 1,592,900 | 1,554,871 | |
Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 4.564% 10/15/36 (b)(c)(e) | 1,000,000 | 963,187 | |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 3.85% 11/15/38 (b)(c)(e) | 250,000 | 243,559 | |
Series 2021-ARIA Class G, 1 month U.S. LIBOR + 3.140% 3.6961% 10/15/36 (b)(c)(e) | 1,392,000 | 1,334,760 | |
Series 2021-SDMF Class F, 1 month U.S. LIBOR + 1.930% 2.491% 9/15/34 (b)(c)(e) | 73,000 | 69,325 | |
Series 2021-SOAR Class G, 3.355% 6/15/38 (b)(e) | 1,000,000 | 955,526 | |
Series 2021-VOLT Class G, 1 month U.S. LIBOR + 2.850% 3.4041% 9/15/36 (b)(c)(e) | 2,793,000 | 2,709,140 | |
Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 4.444% 10/15/38 (b)(c)(e) | 4,159,984 | 3,998,428 | |
Series 2022-LBA6: | |||
Class F, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 3.350% 3.859% 1/15/39 (b)(c)(e) | 700,000 | 683,335 | |
Class G, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 4.200% 4.709% 1/15/39 (b)(c)(e) | 1,491,000 | 1,456,199 | |
floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 3.747% 10/15/23 (b)(c)(e) | 1,558,000 | 1,487,600 | |
Series 2019-OC11 Class E, 4.0755% 12/9/41 (b)(e) | 4,624,000 | 3,953,558 | |
BXSC floater Series 2022-WSS Class F, 5.838% 3/15/35 (b)(e) | 2,384,000 | 2,360,132 | |
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (b)(e) | 651,000 | 545,755 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 3.804% 12/15/37 (b)(c)(e) | 1,021,000 | 996,682 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (e) | 2,226,000 | 1,663,916 | |
CGMS Commercial Mortgage Trust Series 2017-MDRB: | |||
Class D, 1 month U.S. LIBOR + 3.250% 3.804% 7/15/30 (b)(c)(e) | 69,000 | 68,802 | |
Class E, 1 month U.S. LIBOR + 3.870% 4.4255% 7/15/30 (b)(c)(e) | 1,229,000 | 1,206,695 | |
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 3.1622% 6/15/34 (b)(c)(e) | 992,754 | 942,863 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-GC15 Class D, 5.3468% 9/10/46 (b)(e) | 2,496,000 | 2,423,107 | |
Series 2016-C3 Class D, 3% 11/15/49 (e) | 2,990,000 | 2,216,664 | |
Cologix Data Centers U.S. Issuer, LLC / Cologix Data Centers U.S. Co.-Issuer, LLC Series 2021-1A Class C, 5.99% 12/26/51 (e) | 1,500,000 | 1,381,571 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, 1 month U.S. LIBOR + 3.050% 3.604% 9/15/33 (b)(c)(e) | 735,000 | 664,189 | |
Class G, 1 month U.S. LIBOR + 5.050% 5.6103% 9/15/33 (b)(c)(e) | 735,000 | 633,545 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (e) | 1,299,000 | 1,136,072 | |
Series 2012-CR1: | |||
Class C, 5.4525% 5/15/45 (b) | 3,011,000 | 2,996,389 | |
Class D, 5.4525% 5/15/45 (b)(e) | 1,917,000 | 1,764,839 | |
Class G, 2.462% 5/15/45 (e) | 1,133,000 | 237,962 | |
Series 2012-LC4 Class C, 5.4564% 12/10/44 (b) | 802,000 | 793,440 | |
Series 2013-CR10 Class D, 5.063% 8/10/46 (b)(e) | 1,756,000 | 1,718,727 | |
Series 2013-LC6 Class D, 4.4304% 1/10/46 (b)(e) | 2,732,000 | 2,675,372 | |
Series 2014-UBS2 Class D, 5.173% 3/10/47 (b)(e) | 537,000 | 512,721 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (e) | 1,192,000 | 995,302 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (e) | 31,000 | 25,264 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class D, 4.9592% 8/15/45 (b)(e) | 836,000 | 823,781 | |
Class F, 4.25% 8/15/45 (e) | 783,000 | 625,059 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 4.771% 6/15/34 (c)(e) | 856,221 | 825,638 | |
Credit Suisse Mortgage Trust: | |||
floater: | |||
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 3.204% 5/15/36 (b)(c)(e) | 3,233,000 | 3,167,695 | |
Series 2021-4SZN Class A, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 3.960% 4.4755% 11/15/23 (b)(c)(e) | 2,000,000 | 1,947,107 | |
Series 2020-NET: | |||
Class E, 3.8277% 8/15/37 (b)(e) | 500,000 | 454,832 | |
Class F, 3.8277% 8/15/37 (b)(e) | 1,057,000 | 948,448 | |
CSAIL Commercial Mortgage Trust: | |||
Series 2017-C8 Class D, 4.5932% 6/15/50 (b)(e) | 1,766,000 | 1,424,395 | |
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (b)(e) | 1,287,000 | 1,249,315 | |
Series 2017-CX9 Class D, 4.278% 9/15/50 (b)(e) | 461,000 | 373,034 | |
CSMC Trust floater Series 2017-CHOP Class F, 1 month U.S. LIBOR + 4.350% 4.904% 7/15/32 (b)(c)(e) | 2,493,000 | 2,318,490 | |
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 5.099% 1/10/34 (b)(e) | 2,168,000 | 2,103,204 | |
DBGS Mortgage Trust Series 2018-C1 Class C, 4.7818% 10/15/51 (b) | 1,000,000 | 934,958 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5497% 8/10/44 (b)(e) | 688,731 | 654,295 | |
Extended Stay America Trust floater Series 2021-ESH Class F, 1 month U.S. LIBOR + 3.700% 4.255% 7/15/38 (b)(c)(e) | 3,262,918 | 3,197,608 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 3.154% 7/15/35 (b)(c)(e) | 669,000 | 583,767 | |
Series 2011-GC5: | |||
Class C, 5.3023% 8/10/44 (b)(e) | 101,000 | 89,416 | |
Class D, 5.3023% 8/10/44 (b)(e) | 759,236 | 330,268 | |
Class E, 5.3023% 8/10/44 (b)(e) | 848,000 | 80,560 | |
Class F, 4.5% 8/10/44 (e)(g) | 677,000 | 2,375 | |
Series 2012-GCJ9: | |||
Class D, 4.8954% 11/10/45 (b)(e) | 1,569,000 | 1,553,526 | |
Class E, 4.8954% 11/10/45 (b)(e) | 355,000 | 319,595 | |
Series 2013-GC16 Class F, 3.5% 11/10/46 (e) | 1,510,000 | 1,132,589 | |
Series 2016-GS2 Class D, 2.753% 5/10/49 (e) | 1,964,000 | 1,643,467 | |
Series 2021-RENT Class G, 1 month U.S. LIBOR + 5.700% 6.3247% 11/21/35 (b)(c)(e) | 4,948,726 | 4,940,330 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(e) | 2,515,000 | 2,234,436 | |
IMT Trust Series 2017-APTS: | |||
Class EFX, 3.6132% 6/15/34 (b)(e) | 1,693,000 | 1,605,344 | |
Class FFL, 1 month U.S. LIBOR + 2.850% 3.4041% 6/15/34 (b)(c)(e) | 467,531 | 463,400 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (e) | 504,000 | 474,199 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (e) | 1,624,000 | 1,293,709 | |
Series 2014-C26 Class D, 4.0178% 1/15/48 (b)(e) | 602,000 | 548,481 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5223% 12/15/49 (b)(e) | 1,924,000 | 1,524,765 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2016-C4 Class D, 3.1973% 12/15/49 (b)(e) | 1,308,000 | 1,091,020 | |
Series 2018-C8 Class D, 3.3748% 6/15/51 (b)(e) | 302,000 | 230,219 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (b)(e) | 500,000 | 387,754 | |
Series 2011-C3: | |||
Class E, 5.7081% 2/15/46 (b)(e) | 3,467,000 | 1,204,519 | |
Class G, 4.409% 2/15/46 (b)(e) | 1,680,000 | 113,756 | |
Class H, 4.409% 2/15/46 (b)(e)(g) | 1,320,000 | 66,037 | |
Series 2011-C4 Class E, 5.7116% 7/15/46 (b)(e) | 1,390,000 | 1,351,115 | |
Series 2012-CBX: | |||
Class C, 4.9333% 6/15/45 (b) | 1,291,000 | 1,272,502 | |
Class E, 4.9333% 6/15/45 (b)(e)(g) | 1,078,000 | 489,412 | |
Class G 4% 6/15/45 (e) | 805,000 | 55,424 | |
Series 2013-LC11: | |||
Class D, 4.3028% 4/15/46 (b) | 1,316,000 | 1,063,212 | |
Class F, 3.25% 4/15/46 (b)(e) | 482,000 | 153,854 | |
Series 2014-DSTY Class E, 3.9314% 6/10/27 (b)(e)(g) | 924,000 | 18,720 | |
Series 2018-AON Class F, 4.767% 7/5/31 (b)(e) | 961,000 | 929,851 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (e) | 1,406,000 | 1,304,425 | |
La Quita Mortgage Trust floater Series 2022-LAQ Class F, CME TERM SOFR 1 MONTH INDEX + 5.970% 6.4929% 3/15/39 (b)(c)(e) | 1,000,000 | 1,000,939 | |
LIFE Mortgage Trust floater Series 2021-BMR Class G, 1 month U.S. LIBOR + 2.950% 3.504% 3/15/38 (b)(c)(e) | 2,799,499 | 2,677,907 | |
MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 5.805% 11/15/38 (b)(c)(e) | 3,870,000 | 3,766,265 | |
Merit floater Series 2021-STOR Class G, 1 month U.S. LIBOR + 2.750% 3.304% 7/15/38 (b)(c)(e) | 250,000 | 239,983 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC: | |||
Class F, 1 month U.S. LIBOR + 2.600% 3.155% 4/15/38 (b)(c)(e) | 694,000 | 669,679 | |
Class G, 1 month U.S. LIBOR + 3.200% 3.755% 4/15/38 (b)(c)(e) | 846,000 | 815,078 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 3.950% 4.4665% 1/15/27 (b)(c)(e) | 2,562,000 | 2,505,114 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.7471% 11/15/45 (b)(e) | 2,000,000 | 1,976,330 | |
Series 2012-C6, Class F, 4.7471% 11/15/45 (b)(e) | 1,000,000 | 896,036 | |
Series 2013-C12 Class D, 4.9211% 10/15/46 (b)(e) | 1,500,000 | 1,368,198 | |
Series 2013-C13: | |||
Class D, 5.0596% 11/15/46 (b)(e) | 2,994,000 | 2,774,519 | |
Class E, 5.0596% 11/15/46 (b)(e) | 659,000 | 561,716 | |
Series 2013-C9 Class C, 4.156% 5/15/46 (b) | 625,000 | 610,096 | |
Series 2016-C30 Class D, 3% 9/15/49 (e) | 522,000 | 370,079 | |
Morgan Stanley Capital I Trust: | |||
Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(e) | 35,602 | 35,415 | |
Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (b)(e) | 1,692,296 | 1,641,913 | |
Class F, 5.385% 6/15/44 (b)(e)(g) | 1,467,000 | 954,524 | |
Class XB, 0.4798% 6/15/44 (b)(e) | 23,900,721 | 95,027 | |
Series 2011-C3: | |||
Class C, 5.2545% 7/15/49 (b)(e) | 514,482 | 513,794 | |
Class D, 5.2545% 7/15/49 (b)(e) | 83,000 | 80,896 | |
Class E, 5.2545% 7/15/49 (b)(e) | 652,000 | 580,711 | |
Class F, 5.2545% 7/15/49 (b)(e) | 636,000 | 456,731 | |
Class G, 5.2545% 7/15/49 (b)(e) | 979,600 | 524,930 | |
Series 2012-C4 Class D, 5.4255% 3/15/45 (b)(e) | 1,010,311 | 956,724 | |
Series 2015-MS1 Class D, 4.1694% 5/15/48 (b)(e) | 2,045,000 | 1,775,798 | |
Series 2015-UBS8 Class D, 3.18% 12/15/48 (e) | 642,000 | 489,188 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (e) | 2,346,000 | 1,904,038 | |
Motel 6 Trust floater Series 2021-MTL6: | |||
Class F, 1 month U.S. LIBOR + 3.550% 4.1041% 9/15/38 (b)(c)(e) | 979,349 | 952,419 | |
Class G, 1 month U.S. LIBOR + 4.700% 5.2541% 9/15/38 (b)(c)(e) | 961,730 | 932,881 | |
Class H, 1 month U.S. LIBOR + 6.000% 6.5541% 9/15/38 (b)(c)(e) | 524,179 | 516,637 | |
MRCD Mortgage Trust Series 2019-PARK Class J, 4.25% 12/15/36 (e) | 2,716,000 | 2,448,146 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (b)(e) | 1,000,000 | 793,965 | |
MTN Commercial Mortgage Trust floater Series 2022-LPFL Class F, CME TERM SOFR 1 MONTH INDEX + 5.280% 5.7941% 3/15/39 (b)(c)(e) | 1,000,000 | 989,622 | |
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1: | |||
Class WAN1, 1 month U.S. LIBOR + 2.750% 3.3041% 6/15/35 (b)(c)(e) | 315,000 | 277,947 | |
Class WAN2, 1 month U.S. LIBOR + 3.750% 4.3041% 6/15/35 (b)(c)(e) | 113,725 | 91,367 | |
OPG Trust floater Series 2021-PORT Class J, 1 month U.S. LIBOR + 3.340% 3.9% 10/15/36 (b)(c)(e) | 500,000 | 482,882 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF Class G, 1 month U.S. LIBOR + 4.350% 4.905% 7/15/38 (b)(c)(e) | 500,000 | 480,132 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (e) | 250,000 | 199,777 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (e) | 896,361 | 993,057 | |
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 3.5679% 3/25/34 (b)(c)(e) | 599,000 | 585,786 | |
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.593% 9/15/39 (b)(e) | 2,000,000 | 1,610,736 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, U.S. 30-Day Avg. Secured Overnight Fin. Rate (SOFR) Indx + 3.350% 3.872% 1/15/39 (b)(c)(e) | 3,633,000 | 3,531,021 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 3.8198% 10/15/38 (b)(c)(e) | 2,573,000 | 2,456,182 | |
Series 2021-MFP Class G, 1 month U.S. LIBOR + 2.970% 3.5279% 11/15/38 (b)(c)(e) | 1,000,000 | 962,654 | |
Series 2021-MFP2 Class J, 1 month U.S. LIBOR + 3.910% 4.4695% 11/15/36 (b)(c)(e) | 2,000,000 | 1,938,904 | |
STWD Trust floater sequential payer Series 2021-LIH Class G, 1 month U.S. LIBOR + 4.200% 4.754% 11/15/36 (b)(c)(e) | 1,280,000 | 1,245,614 | |
TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 4.4% 6/15/26 (b)(c)(e) | 1,176,000 | 1,123,648 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class D, 6.0689% 5/10/45 (b)(e) | 283,673 | 264,951 | |
Class E, 5% 5/10/45 (b)(e) | 1,236,000 | 474,463 | |
Class F, 5% 5/10/45 (b)(e) | 399,000 | 19,970 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (b)(e) | 1,817,000 | 1,383,541 | |
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.6543% 1/10/45 (b)(e) | 7,831 | 7,823 | |
VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 5.0541% 1/18/37 (b)(c)(e) | 3,528,000 | 3,441,881 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2012-LC5: | |||
Class D, 4.9014% 10/15/45 (b)(e) | 637,000 | 635,667 | |
Class E, 4.9014% 10/15/45 (b)(e) | 1,539,000 | 1,515,806 | |
Class F, 4.9014% 10/15/45 (b)(e) | 774,000 | 717,067 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (e) | 1,260,000 | 819,726 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (e) | 963,000 | 792,875 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (b)(g) | 45,000 | 2,179 | |
Series 2011-C3: | |||
Class D, 5.4147% 3/15/44 (b)(e) | 2,587,186 | 1,125,426 | |
Class E, 5% 3/15/44 (e)(g) | 34,000 | 2,040 | |
Series 2011-C5: | |||
Class E, 5.7035% 11/15/44 (b)(e) | 392,995 | 392,082 | |
Class F, 5.25% 11/15/44 (b)(e) | 2,000,000 | 1,835,515 | |
Class G, 5.25% 11/15/44 (b)(e) | 1,000,000 | 887,495 | |
Series 2012-C7 Class D, 4.7872% 6/15/45 (b)(e) | 620,000 | 272,800 | |
Series 2012-C8 Class E, 5.0123% 8/15/45 (b)(e) | 557,000 | 552,638 | |
Series 2013-C11: | |||
Class D, 4.3711% 3/15/45 (b)(e) | 65,000 | 63,438 | |
Class E, 4.3711% 3/15/45 (b)(e) | 53,000 | 49,252 | |
Series 2013-C13 Class D, 4.281% 5/15/45 (b)(e) | 45,000 | 43,266 | |
Series 2013-C16 Class D, 5.1523% 9/15/46 (b)(e) | 715,000 | 678,256 | |
Series 2013-UBS1 Class D, 5.1924% 3/15/46 (b)(e) | 910,000 | 901,637 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (b)(e) | 1,168,000 | 969,328 | |
Class PR2, 3.6332% 6/5/35 (b)(e) | 459,000 | 351,866 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $203,368,256) | 189,854,315 | ||
Bank Loan Obligations - 4.5% | |||
Principal Amount (d) | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Wireless Telecommunication Services - 0.1% | |||
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.52% 4/11/25 (b)(c)(h) | 1,074,881 | 1,056,555 | |
CONSUMER DISCRETIONARY - 1.2% | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 10/1/28 (b)(c)(h) | 2,553,600 | 2,528,064 | |
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (b)(c)(h) | 1,368,125 | 1,345,318 | |
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 12/22/24 (b)(c)(h) | 2,639,393 | 2,625,589 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.7637% 8/2/28 (b)(c)(h) | 357,427 | 355,575 | |
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 4/27/24 (b)(c)(h) | 3,836,898 | 3,775,622 | |
10,630,168 | |||
ENERGY - 0.2% | |||
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)(h) | 1,443,750 | 1,383,416 | |
FINANCIALS - 2.4% | |||
Diversified Financial Services - 2.4% | |||
Agellan Portfolio 9% 8/7/25 (b)(g)(h) | 1,217,000 | 1,253,510 | |
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.509% 1/9/24 (b)(c)(g)(h) | 7,800,000 | 7,800,000 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.450% 4.87% 1/21/27 (b)(c)(g)(h) | 7,700,000 | 7,700,000 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 8.8966% 11/15/22 (b)(c)(g)(h) | 5,305,035 | 5,305,035 | |
22,058,545 | |||
INDUSTRIALS - 0.0% | |||
Commercial Services & Supplies - 0.0% | |||
Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.7004% 8/4/28 (b)(c)(h) | 176,344 | 173,951 | |
REAL ESTATE - 0.6% | |||
Real Estate Management & Development - 0.6% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 8/21/25 (b)(c)(h) | 4,652,952 | 4,598,931 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 1/30/24 (b)(c)(h) | 1,033,369 | 953,066 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 1/30/24 (b)(c)(h) | 58,284 | 53,754 | |
5,605,751 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $41,128,649) | 40,908,386 | ||
Money Market Funds - 6.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.32% (i) (Cost $61,910,261) | 61,899,783 | 61,912,163 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $906,563,397) | 911,832,210 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 5,681,296 |
NET ASSETS - 100.0% | 917,513,506 |
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) | Amount is stated in United States dollars unless otherwise noted. |
(e) | 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 $261,045,136 or 28.5% of net assets. |
(f) | Non-income producing - Security is in default. |
(g) | Level 3 security |
(h) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 0.32% | 44,412,278 | 209,291,969 | 191,792,084 | 31,846 | 800 | (800) | 61,912,163 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.32% | - | 9,175,430 | 9,175,430 | 15,021 | - | - | - | 0.0% |
Total | 44,412,278 | 218,467,399 | 200,967,514 | 46,867 | 800 | (800) | 61,912,163 |
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.
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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - Unadjusted 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)
Valuation techniques used to value 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 any 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.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
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.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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