Quarterly Holdings Report
for
Fidelity® Real Estate Income Fund
October 31, 2022
REI-NPRT1-1222
1.809106.119
Common Stocks - 25.7% | |||
Shares | Value ($) | ||
FINANCIALS - 0.8% | |||
Capital Markets - 0.1% | |||
Brookfield Asset Management, Inc. (Canada) Class A | 87,100 | 3,449,220 | |
Mortgage Real Estate Investment Trusts - 0.7% | |||
Great Ajax Corp. (a) | 1,663,364 | 14,121,960 | |
MFA Financial, Inc. | 1,492,885 | 14,869,135 | |
Rithm Capital Corp. | 500,199 | 4,216,678 | |
33,207,773 | |||
TOTAL FINANCIALS | 36,656,993 | ||
INDUSTRIALS - 0.4% | |||
Construction & Engineering - 0.4% | |||
Willscot Mobile Mini Holdings (b) | 424,300 | 18,045,479 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (b) | 740,700 | 1,792,494 | |
REAL ESTATE - 24.5% | |||
Equity Real Estate Investment Trusts (REITs) - 24.3% | |||
Acadia Realty Trust (SBI) | 510,426 | 7,130,651 | |
American Homes 4 Rent Class A | 756,000 | 24,146,640 | |
American Tower Corp. | 578,400 | 119,838,696 | |
AvalonBay Communities, Inc. | 170,600 | 29,875,472 | |
Crown Castle International Corp. | 535,210 | 71,322,085 | |
CubeSmart | 403,000 | 16,873,610 | |
Digital Realty Trust, Inc. | 69,400 | 6,957,350 | |
Douglas Emmett, Inc. | 364,700 | 6,415,073 | |
Easterly Government Properties, Inc. (c) | 1,161,600 | 20,200,224 | |
EastGroup Properties, Inc. | 68,600 | 10,748,934 | |
Elme Communities (SBI) | 914,047 | 17,449,157 | |
Equinix, Inc. | 99,000 | 56,077,560 | |
Equity Lifestyle Properties, Inc. | 2,068,896 | 132,326,574 | |
Equity Residential (SBI) | 119,700 | 7,543,494 | |
Essex Property Trust, Inc. | 149,000 | 33,113,760 | |
Extra Space Storage, Inc. | 117,600 | 20,866,944 | |
Farmland Partners, Inc. | 312,456 | 4,377,509 | |
Gaming & Leisure Properties | 710,346 | 35,602,542 | |
Healthcare Trust of America, Inc. | 209,860 | 4,266,454 | |
Invitation Homes, Inc. | 611,100 | 19,365,759 | |
iStar Financial, Inc. | 77,413 | 811,288 | |
Lamar Advertising Co. Class A | 207,000 | 19,091,610 | |
Life Storage, Inc. | 142,700 | 15,784,047 | |
LXP Industrial Trust (REIT) | 5,156,874 | 49,918,540 | |
Mid-America Apartment Communities, Inc. | 347,406 | 54,699,075 | |
National Retail Properties, Inc. | 115,400 | 4,850,262 | |
NexPoint Residential Trust, Inc. | 32,800 | 1,495,680 | |
Postal Realty Trust, Inc. | 878,500 | 13,774,880 | |
Prologis (REIT), Inc. | 768,530 | 85,114,698 | |
Public Storage | 187,800 | 58,171,050 | |
Retail Value, Inc. | 274,131 | 60,309 | |
Rexford Industrial Realty, Inc. | 67,700 | 3,742,456 | |
RLJ Lodging Trust | 607,000 | 7,387,190 | |
Sabra Health Care REIT, Inc. | 719,375 | 9,826,663 | |
SITE Centers Corp. | 1,379,438 | 17,077,442 | |
Spirit Realty Capital, Inc. | 748,600 | 29,068,138 | |
Sunstone Hotel Investors, Inc. | 372,700 | 4,155,605 | |
Terreno Realty Corp. | 380,828 | 21,760,512 | |
UDR, Inc. | 426,800 | 16,969,568 | |
UMH Properties, Inc. | 365,323 | 6,407,765 | |
Ventas, Inc. | 1,008,486 | 39,462,057 | |
VICI Properties, Inc. | 1,033,500 | 33,092,670 | |
Welltower Op | 820,800 | 50,101,632 | |
Weyerhaeuser Co. | 193,700 | 5,991,141 | |
1,193,312,766 | |||
Real Estate Management & Development - 0.2% | |||
Cushman & Wakefield PLC (b) | 201,400 | 2,326,170 | |
Digitalbridge Group, Inc. | 497,788 | 6,371,686 | |
8,697,856 | |||
TOTAL REAL ESTATE | 1,202,010,622 | ||
TOTAL COMMON STOCKS (Cost $1,106,876,835) | 1,258,505,588 | ||
Preferred Stocks - 17.4% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.8% | |||
FINANCIALS - 0.3% | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
Great Ajax Corp. 7.25% | 611,442 | 14,888,613 | |
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 440,102 | 20,968,598 | |
RLJ Lodging Trust Series A, 1.95% | 31,585 | 717,611 | |
Wheeler REIT, Inc. 8.75% (b) | 106,338 | 1,247,934 | |
22,934,143 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 37,822,756 | ||
Nonconvertible Preferred Stocks - 16.6% | |||
ENERGY - 0.9% | |||
Oil, Gas & Consumable Fuels - 0.9% | |||
DCP Midstream Partners LP: | |||
7.95%(d) | 328,262 | 7,871,723 | |
Series B, 7.875%(d) | 256,314 | 6,182,294 | |
Enbridge, Inc.: | |||
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(d)(e) | 498,275 | 11,385,584 | |
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(d)(e) | 111,400 | 2,201,264 | |
Energy Transfer LP 7.60% (d) | 525,651 | 12,105,743 | |
Global Partners LP: | |||
9.75%(d) | 161,507 | 4,069,976 | |
Series B, 9.50% | 67,800 | 1,647,540 | |
45,464,124 | |||
FINANCIALS - 8.3% | |||
Mortgage Real Estate Investment Trusts - 8.1% | |||
AG Mortgage Investment Trust, Inc.: | |||
8.00% | 419,062 | 6,512,223 | |
Series C, 8.00%(d) | 467,638 | 7,365,392 | |
AGNC Investment Corp.: | |||
6.125%(d) | 930,100 | 17,225,452 | |
6.875%(d) | 673,972 | 12,441,523 | |
Series C, 7.00%(d)(e) | 653,202 | 15,493,951 | |
Series E, 6.50%(d) | 1,424,834 | 27,955,243 | |
Series G, 7.75%(b)(d) | 320,000 | 6,683,200 | |
Annaly Capital Management, Inc.: | |||
6.75%(d) | 192,992 | 3,996,864 | |
Series F, 6.95%(d)(e) | 1,599,843 | 38,532,219 | |
Series G, 6.50%(d) | 1,069,599 | 21,894,692 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 77,100 | 1,338,071 | |
Series F, 6.25%(d) | 447,536 | 8,440,529 | |
Cherry Hill Mortgage Investment Corp.: | |||
8.25%(d) | 98,888 | 1,737,462 | |
Series A, 8.20% | 63,650 | 1,174,343 | |
Chimera Investment Corp.: | |||
8.00%(d) | 751,207 | 13,416,557 | |
Series B, 8.00%(d) | 1,602,076 | 29,750,551 | |
Series C, 7.75%(d) | 2,089,884 | 35,444,433 | |
Dynex Capital, Inc. Series C 6.90% (d) | 223,683 | 4,641,422 | |
Ellington Financial LLC 6.75% (d) | 212,370 | 4,245,276 | |
Franklin BSP Realty Trust, Inc. 7.50% | 240,633 | 4,141,294 | |
KKR Real Estate Finance Trust, Inc. 6.50% | 188,372 | 3,349,254 | |
MFA Financial, Inc.: | |||
6.50%(d) | 1,117,351 | 20,045,277 | |
Series B, 7.50% | 447,732 | 7,889,038 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 217,700 | 3,703,077 | |
8.125%(d) | 410,254 | 8,836,871 | |
Series B, 8.00%(d) | 639,908 | 13,617,242 | |
Ready Capital Corp. Series C, 6.20% | 214,250 | 4,822,768 | |
Rithm Capital Corp.: | |||
7.125%(d) | 1,184,542 | 20,729,485 | |
Series A, 7.50%(d) | 580,904 | 10,682,825 | |
Series C, 6.375%(d) | 1,149,554 | 18,668,757 | |
Series D, 7.00%(d) | 151,200 | 2,652,003 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(d) | 363,526 | 6,652,526 | |
Series B, 7.625%(d) | 776,859 | 13,905,776 | |
397,985,596 | |||
Real Estate Management & Development - 0.2% | |||
Brookfield Properties Corp. Series EE, 5.10% (d) | 679,025 | 9,380,299 | |
TOTAL FINANCIALS | 407,365,895 | ||
REAL ESTATE - 7.4% | |||
Equity Real Estate Investment Trusts (REITs) - 6.0% | |||
Agree Realty Corp. 4.375% | 240,000 | 3,816,000 | |
American Homes 4 Rent: | |||
6.25% | 98,905 | 2,243,165 | |
Series G, 5.875% | 199,750 | 4,414,475 | |
Armada Hoffler Properties, Inc. 6.75% | 255,050 | 5,264,232 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 190,073 | 3,953,518 | |
Series F, 7.375% | 133,962 | 1,941,458 | |
Series G, 7.375% | 63,168 | 966,464 | |
Series H, 7.50% | 231,565 | 3,369,271 | |
Series I, 7.50% | 154,709 | 2,249,469 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 173,050 | 4,118,590 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 150,821 | 1,672,605 | |
Series C, 6.50% | 291,600 | 2,461,104 | |
Centerspace Series C, 6.625% | 317,300 | 7,615,200 | |
City Office REIT, Inc. Series A, 6.625% | 178,475 | 3,471,357 | |
CTO Realty Growth, Inc. 6.375% | 120,000 | 2,383,440 | |
DiamondRock Hospitality Co. 8.25% | 448,231 | 11,116,129 | |
Digital Realty Trust, Inc.: | |||
5.25% | 28,900 | 576,266 | |
Series L, 5.20% | 29,700 | 572,907 | |
Gladstone Commercial Corp.: | |||
6.625% | 108,675 | 2,090,222 | |
Series G, 6.00% | 516,000 | 9,417,000 | |
Gladstone Land Corp. Series D, 5.00% | 30,000 | 724,500 | |
Global Medical REIT, Inc. Series A, 7.50% | 150,848 | 3,567,555 | |
Global Net Lease, Inc.: | |||
Series A, 7.25% | 531,595 | 11,373,475 | |
Series B 6.875% | 294,000 | 5,909,400 | |
Healthcare Trust, Inc.: | |||
7.125% | 190,000 | 3,695,500 | |
Series A 7.375% | 364,800 | 7,886,976 | |
Hersha Hospitality Trust: | |||
Series C, 6.875% | 49,450 | 966,748 | |
Series D, 6.50% | 197,750 | 3,699,903 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 790,100 | 9,939,458 | |
iStar Financial, Inc.: | |||
Series D, 8.00% | 291,621 | 7,036,815 | |
Series G, 7.65% | 305,973 | 6,976,184 | |
Series I, 7.50% | 471,496 | 10,702,959 | |
Kimco Realty Corp. Series M, 5.25% | 32,100 | 630,123 | |
National Storage Affiliates Trust Series A, 6.00% | 91,575 | 1,981,683 | |
Necessity Retail (REIT), Inc./The: | |||
7.50% | 874,787 | 17,364,522 | |
Series C 7.375% | 379,839 | 7,517,052 | |
Pebblebrook Hotel Trust: | |||
6.30% | 281,697 | 5,290,270 | |
6.375% | 372,994 | 6,863,090 | |
6.375% | 666,800 | 12,002,400 | |
Series H, 5.70% | 717,200 | 12,013,100 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(b) | 99,385 | 238,524 | |
Series C, 7.20%(b) | 50,325 | 108,702 | |
Series D, 6.875%(b) | 150,100 | 294,196 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 171,625 | 4,309,504 | |
Prologis (REIT), Inc. Series Q, 8.54% | 93,396 | 5,090,082 | |
Public Storage: | |||
4.00% | 304,800 | 4,904,232 | |
Series F, 5.15% | 10,809 | 226,773 | |
Series G, 5.05% | 38,800 | 802,772 | |
Series I, 4.875% | 61,000 | 1,196,515 | |
Series L, 4.625% | 80,600 | 1,503,190 | |
Series S, 4.10% | 200,000 | 3,294,000 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 78,600 | 1,679,682 | |
Series C, 5.625% | 68,225 | 1,371,323 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 82,775 | 1,684,273 | |
Series E, 6.00% | 76,841 | 1,475,063 | |
SITE Centers Corp. 6.375% | 102,400 | 2,067,866 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00%(b) | 67,250 | 1,396,783 | |
Series C, 7.875%(b) | 107,000 | 2,300,500 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 94,125 | 2,014,830 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 457,602 | 8,236,836 | |
Series F, 5.875% | 377,000 | 6,842,550 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 180,000 | 3,436,200 | |
Series I, 5.70% | 240,000 | 4,260,000 | |
UMH Properties, Inc. Series D, 6.375% | 601,125 | 13,344,975 | |
Urstadt Biddle Properties, Inc.: | |||
Series H, 6.25% | 281,325 | 5,432,386 | |
Series K 5.875% | 69,225 | 1,256,434 | |
Vornado Realty Trust: | |||
Series L, 5.40% | 30,100 | 493,640 | |
Series M, 5.25% | 2,000 | 32,100 | |
Series N, 5.25% | 147,400 | 2,297,966 | |
Series O, 4.45% | 342,900 | 4,646,295 | |
296,092,777 | |||
Real Estate Management & Development - 1.4% | |||
Brookfield Property Partners LP: | |||
5.75% | 43,000 | 653,600 | |
6.50% | 34,125 | 568,864 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 965,305 | 18,041,550 | |
Series I, 7.15% | 1,074,492 | 20,512,052 | |
Series J, 7.15% | 1,387,346 | 25,894,813 | |
Seritage Growth Properties Series A, 7.00% | 91,986 | 2,115,678 | |
67,786,557 | |||
TOTAL REAL ESTATE | 363,879,334 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 816,709,353 | ||
TOTAL PREFERRED STOCKS (Cost $1,074,762,070) | 854,532,109 | ||
Corporate Bonds - 17.4% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 2.0% | |||
FINANCIALS - 1.6% | |||
Mortgage Real Estate Investment Trusts - 1.6% | |||
MFA Financial, Inc. 6.25% 6/15/24 | 9,700,000 | 8,596,625 | |
PennyMac Corp.: | |||
5.5% 11/1/24 | 23,507,000 | 21,170,992 | |
5.5% 3/15/26 | 2,000,000 | 1,626,000 | |
Redwood Trust, Inc. 5.625% 7/15/24 | 31,693,000 | 27,097,515 | |
RWT Holdings, Inc. 5.75% 10/1/25 | 19,474,000 | 15,615,714 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 4,896,000 | 4,069,297 | |
78,176,143 | |||
REAL ESTATE - 0.4% | |||
Real Estate Management & Development - 0.4% | |||
Digitalbridge Group, Inc. 5% 4/15/23 | 21,416,000 | 21,228,610 | |
TOTAL CONVERTIBLE BONDS | 99,404,753 | ||
Nonconvertible Bonds - 15.4% | |||
COMMUNICATION SERVICES - 0.2% | |||
Media - 0.2% | |||
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (g) | 13,965,000 | 10,977,188 | |
CONSUMER DISCRETIONARY - 3.1% | |||
Hotels, Restaurants & Leisure - 1.6% | |||
Caesars Entertainment, Inc. 8.125% 7/1/27 (g) | 17,465,000 | 16,984,713 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32(g) | 13,965,000 | 11,119,631 | |
4% 5/1/31(g) | 6,000,000 | 5,015,686 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (g) | 22,890,000 | 18,712,575 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (g) | 20,315,000 | 17,008,226 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 8,000,000 | 7,479,434 | |
Times Square Hotel Trust 8.528% 8/1/26 (g) | 3,587,606 | 3,527,236 | |
79,847,501 | |||
Household Durables - 1.5% | |||
Adams Homes, Inc. 7.5% 2/15/25 (g) | 7,530,000 | 6,092,105 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | |||
4.625% 8/1/29(g) | 4,015,000 | 3,016,269 | |
4.625% 4/1/30(g) | 6,840,000 | 5,076,032 | |
6.625% 1/15/28(g) | 7,925,000 | 6,728,842 | |
Century Communities, Inc.: | |||
3.875% 8/15/29(g) | 13,005,000 | 10,241,958 | |
6.75% 6/1/27 | 4,670,000 | 4,457,981 | |
LGI Homes, Inc. 4% 7/15/29 (g) | 13,310,000 | 10,206,241 | |
M/I Homes, Inc. 3.95% 2/15/30 | 17,070,000 | 12,675,949 | |
New Home Co., Inc. 7.25% 10/15/25 (g) | 6,180,000 | 4,786,510 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 11,458,000 | 9,854,037 | |
73,135,924 | |||
TOTAL CONSUMER DISCRETIONARY | 152,983,425 | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
EG Global Finance PLC 8.5% 10/30/25 (g) | 1,682,000 | 1,553,672 | |
Global Partners LP/GLP Finance Corp. 7% 8/1/27 | 3,955,000 | 3,759,948 | |
5,313,620 | |||
FINANCIALS - 0.2% | |||
Diversified Financial Services - 0.2% | |||
Brixmor Operating Partnership LP 4.05% 7/1/30 | 4,000,000 | 3,318,172 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.25% 5/15/27 | 5,000,000 | 4,606,250 | |
7,924,422 | |||
HEALTH CARE - 0.4% | |||
Health Care Providers & Services - 0.4% | |||
Sabra Health Care LP: | |||
3.9% 10/15/29 | 989,000 | 785,012 | |
5.125% 8/15/26 | 20,264,000 | 18,382,319 | |
19,167,331 | |||
INDUSTRIALS - 0.1% | |||
Trading Companies & Distributors - 0.1% | |||
Williams Scotsman International, Inc.: | |||
4.625% 8/15/28(g) | 4,250,000 | 3,838,388 | |
6.125% 6/15/25(g) | 3,240,000 | 3,233,617 | |
7,072,005 | |||
REAL ESTATE - 11.3% | |||
Equity Real Estate Investment Trusts (REITs) - 8.6% | |||
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (g) | 28,405,000 | 20,735,650 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 7,000,000 | 5,160,705 | |
3.625% 4/15/32 | 12,000,000 | 9,661,734 | |
American Tower Corp.: | |||
2.7% 4/15/31 | 2,000,000 | 1,559,692 | |
3.8% 8/15/29 | 13,000,000 | 11,339,377 | |
4.05% 3/15/32 | 27,000,000 | 23,087,628 | |
Boston Properties, Inc. 3.25% 1/30/31 | 11,000,000 | 8,762,839 | |
CBL & Associates LP: | |||
4.6% 10/15/24(h)(i) | 18,229,000 | 2 | |
5.25% 12/1/23(h)(i) | 11,371,000 | 1 | |
5.95% 12/15/26(h)(i) | 10,317,000 | 1 | |
Crown Castle International Corp.: | |||
2.25% 1/15/31 | 5,000,000 | 3,811,457 | |
2.5% 7/15/31 | 5,000,000 | 3,847,139 | |
3.8% 2/15/28 | 2,000,000 | 1,802,882 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (g) | 26,490,000 | 22,342,652 | |
EPR Properties: | |||
3.6% 11/15/31 | 2,000,000 | 1,350,197 | |
4.95% 4/15/28 | 8,000,000 | 6,569,215 | |
Equinix, Inc.: | |||
3.2% 11/18/29 | 5,000,000 | 4,187,913 | |
3.9% 4/15/32 | 12,000,000 | 10,097,481 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (g) | 5,075,000 | 4,101,108 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
5.3% 1/15/29 | 14,193,000 | 12,782,767 | |
5.375% 4/15/26 | 3,000,000 | 2,863,680 | |
Hudson Pacific Properties LP 4.65% 4/1/29 | 6,000,000 | 5,135,369 | |
Invitation Homes Operating Partnership LP 4.15% 4/15/32 | 27,000,000 | 22,436,021 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 6,000,000 | 4,127,220 | |
4.625% 8/1/29 | 19,835,000 | 15,713,882 | |
5% 10/15/27 | 5,000,000 | 4,281,500 | |
Office Properties Income Trust: | |||
4.25% 5/15/24 | 4,974,000 | 4,517,209 | |
4.5% 2/1/25 | 21,056,000 | 17,507,567 | |
Omega Healthcare Investors, Inc.: | |||
3.375% 2/1/31 | 2,000,000 | 1,500,871 | |
4.5% 4/1/27 | 2,434,000 | 2,214,708 | |
4.95% 4/1/24 | 2,866,000 | 2,815,011 | |
Park Intermediate Holdings LLC 4.875% 5/15/29 (g) | 12,000,000 | 10,232,345 | |
Realty Income Corp. 4.875% 6/1/26 | 436,000 | 423,944 | |
RLJ Lodging Trust LP: | |||
3.75% 7/1/26(g) | 8,000,000 | 7,305,458 | |
4% 9/15/29(g) | 22,550,000 | 18,894,645 | |
SBA Communications Corp. 3.125% 2/1/29 | 5,000,000 | 4,041,150 | |
Senior Housing Properties Trust: | |||
4.75% 5/1/24 | 32,903,000 | 28,192,607 | |
4.75% 2/15/28 | 9,933,000 | 6,797,649 | |
Service Properties Trust: | |||
4.65% 3/15/24 | 3,500,000 | 3,297,413 | |
7.5% 9/15/25 | 7,950,000 | 7,751,250 | |
Sun Communities Operating LP 4.2% 4/15/32 | 439,000 | 360,075 | |
Uniti Group LP / Uniti Group Finance, Inc. 6.5% 2/15/29 (g) | 31,820,000 | 22,830,850 | |
Uniti Group, Inc.: | |||
6% 1/15/30(g) | 18,035,000 | 12,307,626 | |
7.875% 2/15/25(g) | 5,000,000 | 4,950,025 | |
VICI Properties LP 5.125% 5/15/32 | 29,000,000 | 25,693,710 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (g) | 14,000,000 | 12,173,548 | |
Vornado Realty LP 3.4% 6/1/31 | 6,000,000 | 4,452,368 | |
Welltower, Inc. 4% 6/1/25 | 5,000,000 | 4,778,469 | |
XHR LP: | |||
4.875% 6/1/29(g) | 10,000,000 | 8,626,995 | |
6.375% 8/15/25(g) | 4,250,000 | 4,165,066 | |
421,588,671 | |||
Real Estate Management & Development - 2.7% | |||
DTZ U.S. Borrower LLC 6.75% 5/15/28 (g) | 11,165,000 | 10,617,357 | |
Five Point Operation Co. LP 7.875% 11/15/25 (g) | 6,133,000 | 5,076,571 | |
Forestar Group, Inc.: | |||
3.85% 5/15/26(g) | 9,000,000 | 7,660,983 | |
5% 3/1/28(g) | 5,000,000 | 4,126,437 | |
Greystar Real Estate Partners 5.75% 12/1/25 (g) | 6,885,000 | 6,654,697 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(g) | 14,960,000 | 11,691,675 | |
4.375% 2/1/31(g) | 22,625,000 | 17,000,425 | |
5.375% 8/1/28(g) | 11,900,000 | 10,179,783 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 19,075,000 | 15,468,557 | |
4.75% 2/1/30 | 26,715,000 | 20,971,275 | |
5% 3/1/31 | 6,960,000 | 5,456,640 | |
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (g) | 4,965,000 | 3,529,494 | |
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (g) | 15,000,000 | 10,401,300 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (g) | 1,798,000 | 1,686,075 | |
130,521,269 | |||
TOTAL REAL ESTATE | 552,109,940 | ||
TOTAL NONCONVERTIBLE BONDS | 755,547,931 | ||
TOTAL CORPORATE BONDS (Cost $997,947,269) | 854,952,684 | ||
Asset-Backed Securities - 1.5% | |||
Principal Amount (f) | Value ($) | ||
American Homes 4 Rent: | |||
Series 2015-SFR1 Class F, 5.885% 4/17/52 (g) | 2,000,000 | 1,934,275 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (g) | 8,259,000 | 8,039,503 | |
Class XS, 0% 10/17/52 (d)(g)(i)(j) | 4,529,057 | 45 | |
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(e)(g)(i) | 2,250,000 | 225 | |
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 | 376,588 | 323,269 | |
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 6.4507% 2/22/36 (d)(e)(g) | 2,142,000 | 2,100,154 | |
Green Tree Financial Corp.: | |||
Series 1996-4 Class M1, 7.75% 6/15/27 (d) | 255,939 | 254,820 | |
Series 1997-3 Class M1, 7.53% 3/15/28 | 2,375,874 | 2,218,109 | |
Home Partners of America Trust: | |||
Series 2019-2 Class F, 3.866% 10/19/39 (g) | 2,779,650 | 2,252,372 | |
Series 2021-1 Class F, 3.325% 9/17/41 (g) | 6,830,400 | 5,380,007 | |
Series 2021-2 Class G, 4.505% 12/17/26 (g) | 32,920,842 | 27,322,066 | |
Series 2021-3 Class F, 4.242% 1/17/41 (g) | 10,137,300 | 8,193,517 | |
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | 500,518 | 342,461 | |
Merit Securities Corp. Series 13 Class M1, 7.88% 12/28/33 (d) | 767,248 | 753,253 | |
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (g) | 2,900,000 | 2,307,842 | |
Progress Residential Trust Series 2019-SFR3 Class F, 3.867% 9/17/36 (g) | 1,000,000 | 933,010 | |
Tricon American Homes: | |||
Series 2017-SFR2 Class F, 5.104% 1/17/36 (g) | 3,785,000 | 3,650,509 | |
Series 2018-SFR1 Class F, 4.96% 5/17/37 (g) | 8,282,000 | 7,676,665 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (g) | 3,000,000 | 2,451,370 | |
TOTAL ASSET-BACKED SECURITIES (Cost $88,857,558) | 76,133,472 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Principal Amount (f) | Value ($) | ||
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.3147% 2/25/42 (d)(g)(i) | 25,031 | 5,677 | |
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.3143% 6/25/43 (d)(g) | 44,052 | 32,094 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $50,936) | 37,771 | ||
Commercial Mortgage Securities - 23.8% | |||
Principal Amount (f) | Value ($) | ||
ALEN Mortgage Trust floater Series 2021-ACEN Class F, 1 month U.S. LIBOR + 5.000% 8.412% 4/15/34 (d)(e)(g) | 3,384,000 | 2,817,532 | |
BANK sequential payer Series 2021-BN33 Class A5, 2.556% 5/15/64 | 14,931,000 | 11,784,589 | |
Bank sequential payer Series 2021-BN36 Class A5, 2.47% 9/15/64 | 25,000,000 | 19,403,153 | |
BANK: | |||
sequential payer: | |||
Series 2022-BNK39 Class A4, 2.928% 2/15/55 | 13,750,000 | 11,057,648 | |
Series 2022-BNK42 Class D, 2.5% 6/15/55 (g) | 2,000,000 | 1,165,849 | |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (d) | 10,000,000 | 9,136,018 | |
Series 2022-BNK43 Class A5, 4.399% 8/15/55 | 10,485,000 | 9,498,709 | |
Series 2017-BNK8 Class E, 2.8% 11/15/50 (g) | 11,374,393 | 6,372,177 | |
Series 2018-BN12 Class D, 3% 5/15/61 (g) | 1,682,000 | 1,123,931 | |
Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (d) | 2,000,000 | 1,184,879 | |
Series 2021-BN38 Class C, 3.217% 12/15/64 (d) | 3,505,000 | 2,475,702 | |
Series 2022-BNK41, Class C, 3.79% 4/15/65 (d) | 4,433,000 | 3,253,162 | |
Series 2022-BNK42 Class C, 4.7215% 6/15/55 (d) | 6,500,000 | 5,319,040 | |
Series 2022-BNK43 Class D, 3% 8/15/55 (g) | 5,344,000 | 3,154,691 | |
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8386% 7/15/49 (d) | 3,030,000 | 2,722,506 | |
Barclays Commercial Mortgage Securities sequential payer Series 2021-C12 Class A5, 2.689% 11/15/54 | 25,000,000 | 19,796,225 | |
BBCMS Series 2022-C15 Class C, 3.8311% 4/15/55 (d) | 3,094,000 | 2,295,560 | |
BBCMS Mortgage Trust: | |||
sequential payer Series 2022-C17: | |||
Class C, 5.45% 9/15/55 | 2,000,000 | 1,681,127 | |
Class D, 2.5% 9/15/55 (g) | 2,000,000 | 1,148,346 | |
Series 2019-C3 Class C, 4.178% 5/15/52 | 6,775,000 | 5,510,959 | |
Series 2020-C6 Class C, 3.045% 2/15/53 | 1,129,000 | 821,706 | |
Series 2020-C7 Class C, 3.6036% 4/15/53 (d) | 2,067,000 | 1,572,061 | |
Series 2022-C16 Class C, 4.6% 6/15/55 (d) | 5,250,000 | 4,105,146 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B13 Class A4, 2.952% 8/15/57 | 19,715,000 | 16,582,204 | |
Series 2019-B14: | |||
Class 225D, 3.2943% 12/15/62 (d)(g) | 3,427,000 | 2,826,778 | |
Class 225E, 3.2943% 12/15/62 (d)(g) | 5,141,000 | 4,235,310 | |
Series 2021-B28 Class A5, 2.2237% 8/15/54 | 10,000,000 | 7,599,764 | |
Series 2022-B35 Class A5, 4.4454% 5/15/55 (d) | 10,000,000 | 9,137,830 | |
Series 2019-B13 Class D, 2.5% 8/15/57 (g) | 1,000,000 | 648,422 | |
Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (d)(g) | 11,379,000 | 9,002,284 | |
Series 2022-B32 Class A5, 3.0019% 1/15/55 | 20,000,000 | 16,139,556 | |
Series 2022-B35: | |||
Class C, 4.4454% 5/15/55 (d) | 9,500,000 | 7,390,417 | |
Class D, 2.5% 5/15/55 (g) | 3,500,000 | 1,985,944 | |
Series 2022-B36: | |||
Class C, 5.1189% 7/15/55 (d) | 2,000,000 | 1,672,462 | |
Class D, 2.5% 7/15/55 (g) | 3,828,000 | 2,054,852 | |
Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 7.302% 10/15/38 (d)(e)(g) | 24,338,318 | 22,037,407 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2021-CIP: | |||
Class F, 1 month U.S. LIBOR + 3.210% 6.631% 12/15/38 (d)(e)(g) | 7,790,000 | 7,146,329 | |
Class G, 1 month U.S. LIBOR + 3.960% 7.381% 12/15/38 (d)(e)(g) | 26,246,000 | 23,606,175 | |
Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 6.3591% 10/15/36 (d)(e)(g) | 17,232,000 | 15,096,619 | |
Series 2021-VINO Class G, 1 month U.S. LIBOR + 3.950% 7.3643% 5/15/38 (d)(e)(g) | 25,979,000 | 23,969,558 | |
Series 2020-VIVA Class E, 3.5488% 3/11/44 (d)(g) | 20,898,990 | 14,274,062 | |
Bx Commercial Mortgage Trust 2 floater Series 2022-LP2 Class G, CME Term SOFR 1 Month Index + 4.100% 7.4815% 2/15/39 (d)(e)(g) | 5,136,038 | 4,769,827 | |
BX Trust: | |||
floater: | |||
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 7.012% 4/15/34 (d)(e)(g) | 5,181,000 | 4,762,478 | |
Series 2019-XL: | |||
Class G, 1 month U.S. LIBOR + 2.300% 5.712% 10/15/36 (d)(e)(g) | 13,391,750 | 12,721,162 | |
Class J, 1 month U.S. LIBOR + 2.650% 6.062% 10/15/36 (d)(e)(g) | 15,217,550 | 14,541,439 | |
Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 7.422% 10/15/36 (d)(e)(g) | 2,172,454 | 1,931,505 | |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 6.708% 11/15/38 (d)(e)(g) | 20,581,000 | 18,773,968 | |
Series 2021-ARIA Class G, 1 month U.S. LIBOR + 3.140% 6.5541% 10/15/36 (d)(e)(g) | 7,246,000 | 6,309,551 | |
Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 6.7615% 10/15/26 (d)(e)(g) | 23,874,000 | 21,088,826 | |
Series 2021-SOAR Class J, 7.163% 6/15/38 (d)(g) | 18,862,116 | 17,397,318 | |
Series 2021-VOLT Class G, 1 month U.S. LIBOR + 2.850% 6.2621% 9/15/36 (d)(e)(g) | 5,000,000 | 4,479,442 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 6.7257% 1/15/39 (d)(e)(g) | 6,200,000 | 5,685,727 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 7.5757% 1/15/39 (d)(e)(g) | 11,340,000 | 10,396,724 | |
Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 6.6747% 1/15/39 (d)(e)(g) | 4,367,000 | 4,065,958 | |
floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 6.605% 10/15/23 (d)(e)(g) | 19,151,000 | 16,764,393 | |
Series 2019-OC11 Class E, 3.944% 12/9/41 (d)(g) | 22,521,000 | 16,662,115 | |
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (d)(g) | 5,754,000 | 3,271,105 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 6.662% 12/15/37 (d)(e)(g) | 14,973,000 | 13,738,535 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (g) | 3,353,000 | 2,202,774 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2016-C3 Class D, 3% 11/15/49 (g) | 7,010,000 | 4,329,023 | |
Series 2022-GC48: | |||
Class D, 2.5% 6/15/55 (g) | 4,000,000 | 2,269,519 | |
Class E, 2.5% 6/15/55 (g) | 2,000,000 | 1,035,665 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, 1 month U.S. LIBOR + 3.150% 6.562% 9/15/33 (d)(e)(g) | 4,265,000 | 3,556,957 | |
Class G, 1 month U.S. LIBOR + 5.150% 8.5683% 9/15/33 (d)(e)(g) | 4,265,000 | 3,481,664 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (g) | 4,741,000 | 4,053,555 | |
Series 2012-CR1: | |||
Class D, 5.2953% 5/15/45 (d)(g) | 5,550,000 | 4,072,313 | |
Class G, 2.462% 5/15/45 (g)(i) | 6,346,000 | 1,723,415 | |
Series 2014-UBS2 Class D, 4.9798% 3/10/47 (d)(g) | 3,713,000 | 3,258,209 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (g) | 2,769,000 | 2,054,057 | |
Series 2019-CD4 Class C, 4.3497% 5/10/50 (d) | 3,000,000 | 2,478,563 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (g) | 2,769,000 | 1,993,215 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class D, 4.9047% 8/15/45 (d)(g) | 4,500,000 | 4,169,250 | |
Class E, 4.9047% 8/15/45 (d)(g) | 8,000,000 | 6,778,944 | |
Class F, 4.25% 8/15/45 (g) | 2,000,000 | 1,494,754 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 7.629% 6/15/34 (e)(g) | 7,120,000 | 6,574,074 | |
Credit Suisse Mortgage Trust: | |||
floater: | |||
Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 7.3425% 11/15/23 (d)(e)(g) | 906,000 | 859,930 | |
Series 2021-BPNY Class A, 1 month U.S. LIBOR + 3.710% 7.1274% 8/15/23 (d)(e)(g) | 18,000,000 | 17,201,612 | |
Series 2020-NET: | |||
Class E, 3.7042% 8/15/37 (d)(g) | 9,400,000 | 8,312,628 | |
Class F, 3.7042% 8/15/37 (d)(g) | �� | 7,050,000 | 6,068,223 |
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 6.9497% 5/15/23 (d)(e)(g) | 9,280,000 | 8,657,084 | |
CSAIL Commercial Mortgage Trust: | |||
sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52 | 9,425,000 | 8,548,090 | |
Series 2017-C8 Class D, 4.4393% 6/15/50 (d)(g) | 4,297,000 | 3,111,651 | |
Series 2017-CX9 Class D, 4.0598% 9/15/50 (d)(g) | 2,539,000 | 1,874,628 | |
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (d)(g) | 5,732,000 | 5,033,609 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.362% 8/10/44 (d)(g) | 2,955,559 | 2,728,364 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, 1 month U.S. LIBOR + 3.610% 7.0279% 11/15/38 (d)(e)(g) | 15,448,000 | 13,603,815 | |
GS Mortgage Securities Corp. Trust floater Series 2019-70P Class E, 1 month U.S. LIBOR + 2.200% 5.612% 10/15/36 (d)(e)(g) | 7,437,000 | 6,691,247 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 6.012% 7/15/35 (d)(e)(g) | 3,808,000 | 2,557,462 | |
sequential payer: | |||
Series 2019-GSA1 Class A4, 3.0479% 11/10/52 | 25,860,000 | 21,741,185 | |
Series 2021-GSA3 Class A5, 2.6183% 12/15/54 | 12,657,000 | 9,753,102 | |
Series 2011-GC5: | |||
Class C, 5.1545% 8/10/44 (d)(g) | 8,899,000 | 7,077,636 | |
Class D, 5.1545% 8/10/44 (d)(g) | 2,733,635 | 1,157,338 | |
Class E, 5.1545% 8/10/44 (d)(g)(i) | 8,138,000 | 714,338 | |
Class F, 4.5% 8/10/44 (g)(i) | 7,897,000 | 27,701 | |
Series 2012-GCJ9: | |||
Class D, 4.6259% 11/10/45 (d)(g) | 5,503,000 | 5,448,147 | |
Class E, 4.6259% 11/10/45 (d)(g) | 1,908,000 | 1,612,505 | |
Series 2013-GC16: | |||
Class D, 5.3111% 11/10/46 (d)(g) | 3,708,000 | 3,461,275 | |
Class F, 3.5% 11/10/46 (g) | 7,221,000 | 6,449,971 | |
Series 2021-RENT Class G, 1 month U.S. LIBOR + 5.700% 9.2007% 11/21/35 (d)(e)(g) | 6,938,114 | 6,245,383 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (d)(g) | 20,270,000 | 16,883,842 | |
ILPT Commercial Mortgage Trust floater Series 2022-LPF2 Class E, CME Term SOFR 1 Month Index + 5.940% 9.3157% 10/15/39 (d)(e)(g) | 5,000,000 | 4,973,608 | |
IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (d)(g) | 9,213,000 | 8,417,713 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (g) | 2,896,000 | 2,538,126 | |
Intown Mortgage Trust floater Series 2022-STAY Class E, CME Term SOFR 1 Month Index + 5.030% 8.4074% 8/15/39 (d)(e)(g) | 2,000,000 | 1,933,198 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (g) | 8,640,000 | 6,161,047 | |
Series 2014-C26 Class D, 3.8751% 1/15/48 (d)(g) | 3,398,000 | 2,929,945 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.3858% 12/15/49 (d)(g) | 10,126,000 | 7,474,978 | |
JPMDB Commercial Mortgage Securities Trust: | |||
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52 | 13,000,000 | 10,914,445 | |
Series 2018-C8 Class D, 3.3313% 6/15/51 (d)(g) | 1,698,000 | 1,137,163 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (d)(g) | 9,552,000 | 5,881,051 | |
Series 2011-C3: | |||
Class E, 5.5247% 2/15/46 (d)(g)(i) | 13,774,000 | 6,350,719 | |
Class G, 4.409% 2/15/46 (d)(g) | 4,671,000 | 388,934 | |
Class H, 4.409% 2/15/46 (d)(g)(i) | 7,077,000 | 251,287 | |
Series 2012-CBX: | |||
Class E, 4.6895% 6/15/45 (d)(g) | 5,118,382 | 4,381,317 | |
Class F, 4% 6/15/45 (g)(i) | 8,192,000 | 2,832,346 | |
Class G 4% 6/15/45 (g) | 4,044,000 | 993,801 | |
Series 2013-LC11: | |||
Class D, 4.1638% 4/15/46 (d) | 7,722,000 | 6,319,822 | |
Class E, 3.25% 4/15/46 (d)(g) | 472,000 | 338,616 | |
Class F, 3.25% 4/15/46 (d)(g)(i) | 2,518,000 | 613,888 | |
Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(g)(i) | 8,161,000 | 20,381 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (d)(g) | 5,039,000 | 4,039,925 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (g) | 2,000,000 | 1,632,874 | |
KNDR Trust floater Series 2021-KIND Class F, 1 month U.S. LIBOR + 3.950% 7.362% 8/15/38 (d)(e)(g) | 7,103,659 | 6,358,440 | |
MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 8.663% 11/15/38 (d)(e)(g) | 29,897,000 | 27,399,300 | |
Merit floater Series 2021-STOR Class J, 1 month U.S. LIBOR + 3.950% 7.362% 7/15/38 (d)(e)(g) | 3,476,000 | 3,137,131 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, 1 month U.S. LIBOR + 3.200% 6.613% 4/15/38 (d)(e)(g) | 20,601,000 | 18,663,346 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL: | |||
Class F, CME Term SOFR 1 Month Index + 3.250% 6.6349% 1/15/27 (d)(e)(g) | 4,182,990 | 3,828,092 | |
Class G, CME Term SOFR 1 Month Index + 3.950% 7.3332% 1/15/27 (d)(e)(g) | 18,873,495 | 17,251,043 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5365% 11/15/45 (d)(g)(i) | 2,000,000 | 1,840,000 | |
Series 2012-C6, Class F, 4.5365% 11/15/45 (d)(g)(i) | 2,500,000 | 2,000,000 | |
Series 2013-C12 Class D, 4.7552% 10/15/46 (d)(g) | 7,164,000 | 6,563,119 | |
Series 2013-C13: | |||
Class D, 4.8956% 11/15/46 (d)(g) | 6,218,000 | 5,664,014 | |
Class E, 4.8956% 11/15/46 (d)(g) | 3,341,000 | 2,835,250 | |
Series 2013-C9: | |||
Class C, 4.016% 5/15/46 (d) | 3,302,000 | 3,155,486 | |
Class D, 4.104% 5/15/46 (d)(g) | 5,137,000 | 4,604,044 | |
Series 2016-C30 Class D, 3% 9/15/49 (g) | 2,726,000 | 1,735,326 | |
Morgan Stanley Capital I Trust: | |||
Series 1998-CF1 Class G, 7.35% 7/15/32 (d)(g) | 26,676 | 26,366 | |
Series 2011-C2: | |||
Class D, 5.2113% 6/15/44 (d)(g) | 3,545,429 | 3,337,145 | |
Class F, 5.2113% 6/15/44 (d)(g)(i) | 4,440,000 | 2,867,192 | |
Class XB, 0.4417% 6/15/44 (d)(g)(j) | 29,069,188 | 113,861 | |
Series 2011-C3: | |||
Class D, 5.0834% 7/15/49 (d)(g) | 7,317,000 | 6,999,191 | |
Class E, 5.0834% 7/15/49 (d)(g)(i) | 3,456,000 | 3,041,257 | |
Class F, 5.0834% 7/15/49 (d)(g)(i) | 5,624,050 | 3,706,292 | |
Class G, 5.0834% 7/15/49 (d)(g)(i) | 5,049,500 | 2,555,722 | |
Series 2015-MS1 Class D, 4.024% 5/15/48 (d)(g) | 10,833,000 | 8,857,208 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (g) | 2,966,000 | 2,183,565 | |
Series 2017-H1: | |||
Class C, 4.281% 6/15/50 | 2,470,594 | 2,131,286 | |
Class D, 2.546% 6/15/50 (g) | 5,000,000 | 3,628,649 | |
Series 2018-H4 Class A4, 4.31% 12/15/51 | 14,240,929 | 13,066,303 | |
Series 2020-L4, Class C, 3.536% 2/15/53 | 2,765,000 | 2,072,163 | |
MRCD Mortgage Trust Series 2019-PARK Class G, 2.7175% 12/15/36 (g) | 2,000,000 | 1,685,425 | |
MSC sequential payer Series 2021-L7 Class A5, 2.574% 10/15/54 | 10,055,000 | 7,783,315 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (d)(g) | 1,500,000 | 1,005,808 | |
MTN Commercial Mortgage Trust floater Series 2022-LPFL Class F, CME Term SOFR 1 Month Index + 5.280% 8.6608% 3/15/39 (d)(e)(g) | 5,000,000 | 4,720,795 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1 Class WAN2, 1 month U.S. LIBOR + 3.750% 7.1621% 6/15/35 (d)(e)(g) | 651,000 | 494,657 | |
Series 2020-2PAC Class AMZ3, 3.5% 1/15/37 (d)(g) | 2,502,675 | 2,179,056 | |
OPG Trust floater Series 2021-PORT: | |||
Class G, 1 month U.S. LIBOR + 2.390% 5.81% 10/15/36 (d)(e)(g) | 4,776,372 | 4,320,033 | |
Class J, 1 month U.S. LIBOR + 3.340% 6.758% 10/15/36 (d)(e)(g) | 8,554,840 | 7,615,972 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class E, 1 month U.S. LIBOR + 2.600% 6.013% 7/15/38 (d)(e)(g) | 500,000 | 465,512 | |
Class G, 1 month U.S. LIBOR + 4.350% 7.763% 7/15/38 (d)(e)(g) | 5,944,000 | 5,591,366 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (g) | 9,277,000 | 6,700,808 | |
Prima Capital Ltd. floater Series 2021-9A Class C, 1 month U.S. LIBOR + 2.350% 5.8391% 12/15/37 (d)(e)(g) | 5,000,000 | 4,661,893 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g) | 3,115,026 | 3,182,659 | |
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 6.4856% 3/25/34 (d)(e)(g) | 3,401,000 | 3,331,642 | |
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/37 (d)(g) | 5,000,000 | 4,266,767 | |
SLG Office Trust: | |||
sequential payer Series 2021-OVA Class A, 2.5854% 7/15/41 (g) | 13,377,000 | 10,395,930 | |
Series 2021-OVA Class G, 2.8506% 7/15/41 (g) | 5,000,000 | 2,993,223 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 6.726% 1/15/39 (d)(e)(g) | 19,615,000 | 17,852,877 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 6.6778% 10/15/38 (d)(e)(g) | 12,754,000 | 11,346,495 | |
Series 2021-MFP Class G, 1 month U.S. LIBOR + 2.970% 6.3859% 11/15/38 (d)(e)(g) | 3,874,000 | 3,491,640 | |
Series 2021-MFP2 Class J, 1 month U.S. LIBOR + 3.910% 7.3275% 11/15/36 (d)(e)(g) | 10,872,000 | 10,060,913 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class E, 1 month U.S. LIBOR + 2.900% 6.315% 11/15/36 (d)(e)(g) | 4,985,000 | 4,592,201 | |
Class F, 1 month U.S. LIBOR + 3.550% 6.963% 11/15/36 (d)(e)(g) | 15,282,000 | 14,067,530 | |
Class G, 1 month U.S. LIBOR + 4.200% 7.612% 11/15/36 (d)(e)(g) | 9,177,000 | 8,447,776 | |
SUMIT Mortgage Trust Series 2022-BVUE: | |||
Class D, 2.8925% 2/12/41 (d)(g) | 6,000,000 | 4,243,022 | |
Class F, 2.8925% 2/12/41 (d)(g) | 3,211,000 | 2,087,202 | |
TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 7.26% 6/15/26 (d)(e)(g) | 7,308,000 | 6,765,924 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class D, 6.4454% 5/10/45 (d)(g) | 321,258 | 292,342 | |
Class E, 5% 5/10/45 (d)(g)(i) | 6,268,000 | 2,444,520 | |
Class F, 5% 5/10/45 (d)(g)(i) | 2,221,350 | 115,095 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (d)(g)(i) | 2,143,000 | 1,925,197 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, 1 month U.S. LIBOR + 5.000% 8.412% 7/15/39 (d)(e)(g) | 800,000 | 732,007 | |
floater sequential payer Series 2021-VASA Class F, 1 month U.S. LIBOR + 3.900% 7.312% 7/15/39 (d)(e)(g) | 6,685,000 | 6,133,940 | |
VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 7.943% 1/18/37 (d)(e)(g) | 18,580,000 | 17,098,338 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2016-BNK1 Class D, 3% 8/15/49 (g) | 6,979,000 | 4,116,781 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (g) | 5,037,000 | 3,777,032 | |
Series 2019-C52 Class C, 3.561% 8/15/52 | 883,000 | 660,295 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(i) | 3,955,000 | 112,487 | |
Series 2011-C3: | |||
Class D, 5.3781% 3/15/44 (d)(g) | 1,537,072 | 631,736 | |
Class E, 5% 3/15/44 (g)(i) | 2,966,000 | 14,830 | |
Series 2011-C5: | |||
Class E, 5.52% 11/15/44 (d)(g) | 2,109,777 | 2,101,608 | |
Class F, 5.25% 11/15/44 (d)(g) | 3,500,000 | 3,206,725 | |
Class G, 5.25% 11/15/44 (d)(g) | 2,000,000 | 1,771,890 | |
Series 2013-C11 Class E, 4.2107% 3/15/45 (d)(g) | 4,727,000 | 3,930,784 | |
Series 2013-C13 Class D, 4.1471% 5/15/45 (d)(g) | 3,955,000 | 3,785,246 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (d)(g) | 6,725,000 | 5,294,009 | |
Class PR2, 3.516% 6/5/35 (d)(g) | 2,541,000 | 1,870,429 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,367,338,708) | 1,166,025,186 | ||
Bank Loan Obligations - 1.9% | |||
Principal Amount (f) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.4891% 9/9/26 (d)(e)(k) | �� | 9,830,700 | 9,615,703 |
FINANCIALS - 1.6% | |||
Diversified Financial Services - 1.6% | |||
Agellan Portfolio 9% 8/7/25 (d)(i)(k) | 6,611,000 | 6,611,000 | |
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 8.3757% 1/9/24 (d)(e)(i)(k) | 24,679,910 | 23,692,714 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 7.5841% 1/21/27 (d)(e)(i)(k) | 18,837,337 | 18,837,337 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 11.9122% 11/15/22 (d)(e)(i)(k) | 29,336,049 | 28,749,328 | |
77,890,379 | |||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 6.5039% 8/21/25 (d)(e)(k) | 4,987,212 | 4,872,307 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $94,078,906) | 92,378,389 | ||
Preferred Securities - 0.1% | |||
Principal Amount (f) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Energy Transfer LP 7.125% (d)(l) | 6,000,000 | 4,976,220 | |
FINANCIALS - 0.0% | |||
Diversified Financial Services - 0.0% | |||
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)(i) | 1,220,000 | 122 | |
Thrifts & Mortgage Finance - 0.0% | |||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)(i) | 500,000 | 10,000 | |
TOTAL FINANCIALS | 10,122 | ||
TOTAL PREFERRED SECURITIES (Cost $7,297,768) | 4,986,342 | ||
Money Market Funds - 12.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (m) | 586,371,122 | 586,488,396 | |
Fidelity Securities Lending Cash Central Fund 3.10% (m)(n) | 624,538 | 624,600 | |
TOTAL MONEY MARKET FUNDS (Cost $587,065,978) | 587,112,996 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $5,324,276,028) | 4,894,664,537 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 9,720,905 |
NET ASSETS - 100.0% | 4,904,385,442 |
Legend
(a) | Affiliated company |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,362,326,762 or 27.8% of net assets. |
(h) | Non-income producing - Security is in default. |
(i) | Level 3 security |
(j) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(n) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 3.10% | 750,712,446 | 392,882,214 | 557,106,264 | 3,622,348 | - | - | 586,488,396 | 1.2% |
Fidelity Securities Lending Cash Central Fund 3.10% | - | 683,169 | 58,569 | - | - | - | 624,600 | 0.0% |
Total | 750,712,446 | 393,565,383 | 557,164,833 | 3,622,348 | - | - | 587,112,996 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Great Ajax Corp. | 18,330,271 | - | - | 449,108 | - | (5,090,919) | 14,121,960 |
Great Ajax Corp. 7.25% | 15,139,304 | - | - | 277,060 | - | (250,691) | - |
Total | 33,469,575 | - | - | 726,168 | - | (5,341,610) | 14,121,960 |
Purchase and Sales proceeds in the table above include the value of securities received or delivered through in-kind transactions, if applicable.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
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 service 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 services or from brokers who make markets in such securities. Corporate Bonds, Bank Loan Obligations and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset-Backed Securities, Collateralized Mortgage Obligations and Commercial Mortgage Securities are valued by pricing services 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 services. 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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