Quarterly Holdings Report
for
Fidelity® Real Estate Income Fund
April 30, 2024
REI-NPRT3-0624
1.800347.120
Common Stocks - 21.3% | |||
Shares | Value ($) | ||
FINANCIALS - 0.8% | |||
Mortgage Real Estate Investment Trusts - 0.8% | |||
Dynex Capital, Inc. | 1,032,800 | 12,052,776 | |
Great Ajax Corp. | 1,540,164 | 5,313,566 | |
MFA Financial, Inc. | 1,231,885 | 13,045,662 | |
Rithm Capital Corp. | 385,699 | 4,288,973 | |
34,700,977 | |||
INDUSTRIALS - 0.0% | |||
Construction & Engineering - 0.0% | |||
Willscot Mobile Mini Holdings (a) | 58,900 | 2,176,944 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (a)(b) | 740,700 | 7 | |
REAL ESTATE - 20.5% | |||
Equity Real Estate Investment Trusts (REITs) - 20.4% | |||
Acadia Realty Trust (SBI) | 646,626 | 11,173,697 | |
American Homes 4 Rent Class A | 519,600 | 18,601,680 | |
American Tower Corp. | 527,200 | 90,446,423 | |
AvalonBay Communities, Inc. | 106,400 | 20,170,248 | |
Crown Castle, Inc. | 541,210 | 50,754,674 | |
CubeSmart | 335,600 | 13,571,664 | |
Digital Realty Trust, Inc. | 51,700 | 7,174,926 | |
Easterly Government Properties, Inc. | 998,900 | 11,677,141 | |
EastGroup Properties, Inc. | 55,600 | 8,638,016 | |
Elme Communities (SBI) | 755,647 | 11,455,609 | |
Equinix, Inc. | 72,100 | 51,271,031 | |
Equity Lifestyle Properties, Inc. | 1,311,596 | 79,076,123 | |
Equity Residential (SBI) | 96,200 | 6,195,280 | |
Essex Property Trust, Inc. | 159,900 | 39,375,375 | |
Extra Space Storage, Inc. | 198,049 | 26,594,020 | |
First Industrial Realty Trust, Inc. | 115,000 | 5,223,300 | |
Gaming & Leisure Properties | 354,946 | 15,166,843 | |
Healthcare Realty Trust, Inc. | 186,360 | 2,651,903 | |
Invitation Homes, Inc. | 917,500 | 31,378,500 | |
Kimco Realty Corp. | 1,125,100 | 20,960,613 | |
Lamar Advertising Co. Class A | 150,700 | 17,458,595 | |
LXP Industrial Trust (REIT) | 3,254,074 | 27,171,518 | |
Mid-America Apartment Communities, Inc. | 103,406 | 13,442,780 | |
NNN (REIT), Inc. | 63,000 | 2,553,390 | |
Postal Realty Trust, Inc. | 878,500 | 12,167,225 | |
Prologis, Inc. | 588,830 | 60,090,102 | |
Public Storage | 169,200 | 43,898,940 | |
Realty Income Corp. | 389,382 | 20,847,512 | |
Retail Value, Inc. (a)(b) | 274,131 | 3 | |
Rexford Industrial Realty, Inc. (c) | 67,700 | 2,898,237 | |
RLJ Lodging Trust | 407,900 | 4,486,900 | |
Sabra Health Care REIT, Inc. | 604,175 | 8,410,116 | |
SITE Centers Corp. | 1,379,438 | 18,608,619 | |
Sunstone Hotel Investors, Inc. | 161,900 | 1,651,380 | |
Terreno Realty Corp. | 263,828 | 14,339,052 | |
UDR, Inc. | 250,900 | 9,554,272 | |
UMH Properties, Inc. | 335,723 | 5,344,710 | |
Ventas, Inc. | 934,186 | 41,365,756 | |
VICI Properties, Inc. | 788,300 | 22,505,965 | |
Welltower, Inc. | 654,600 | 62,370,288 | |
Weyerhaeuser Co. | 147,500 | 4,450,075 | |
915,172,501 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (a) | 201,400 | 1,943,510 | |
Digitalbridge Group, Inc. | 76,688 | 1,260,751 | |
3,204,261 | |||
TOTAL REAL ESTATE | 918,376,762 | ||
TOTAL COMMON STOCKS (Cost $884,932,154) | 955,254,690 | ||
Preferred Stocks - 15.7% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.5% | |||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 440,102 | 19,516,262 | |
RLJ Lodging Trust Series A, 1.95% | 31,585 | 780,781 | |
20,297,043 | |||
Nonconvertible Preferred Stocks - 15.2% | |||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Enbridge, Inc.: | |||
Series 1, U.S. TREASURY 5 YEAR INDEX + 3.140% 5.949%(d)(e) | 498,275 | 10,867,378 | |
Series L, U.S. TREASURY 5 YEAR INDEX + 3.150% 4.959%(d)(e) | 111,400 | 2,287,042 | |
Energy Transfer LP 3 month U.S. LIBOR + 5.160% 7.60% (d)(e) | 525,651 | 13,109,736 | |
Global Partners LP Series B, 9.50% | 67,800 | 1,740,521 | |
28,004,677 | |||
FINANCIALS - 7.4% | |||
Mortgage Real Estate Investment Trusts - 7.4% | |||
AGNC Investment Corp.: | |||
6.125%(d) | 930,100 | 21,708,534 | |
Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(d)(e) | 653,202 | 16,623,991 | |
Series E, 6.50%(d) | 1,202,034 | 29,329,630 | |
Series G, 7.75%(d) | 320,000 | 7,379,200 | |
Annaly Capital Management, Inc.: | |||
6.75%(d) | 192,992 | 4,840,239 | |
Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(d)(e) | 1,452,443 | 36,790,381 | |
Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(d)(e) | 1,069,599 | 26,921,807 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 126,100 | 2,269,800 | |
Series F, 6.25%(d) | 447,536 | 8,494,233 | |
Chimera Investment Corp. Series C, 7.75% (d) | 1,108,086 | 22,959,542 | |
Dynex Capital, Inc. Series C 6.90% (d) | 298,683 | 7,234,102 | |
Ellington Financial LLC 6.75% (d) | 212,370 | 5,069,272 | |
MFA Financial, Inc.: | |||
6.50%(d) | 838,551 | 18,490,050 | |
Series B, 7.50% | 211,532 | 4,243,332 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 217,700 | 4,099,291 | |
8.125%(d) | 388,754 | 8,984,105 | |
Series B, 8.00%(d) | 597,708 | 13,694,566 | |
Rithm Capital Corp.: | |||
7.125%(d) | 1,023,942 | 25,342,565 | |
Series A, 7.50%(d) | 505,904 | 12,561,596 | |
Series C, 6.375%(d) | 1,074,554 | 24,338,648 | |
Series D, 7.00%(d) | 151,200 | 3,394,440 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(d) | 363,526 | 8,317,475 | |
Series B, 7.625%(d) | 776,859 | 17,541,476 | |
330,628,275 | |||
REAL ESTATE - 7.2% | |||
Equity Real Estate Investment Trusts (REITs) - 5.4% | |||
Agree Realty Corp. 4.25% | 259,800 | 4,338,660 | |
American Homes 4 Rent: | |||
6.25% | 98,905 | 2,251,078 | |
Series G, 5.875% | 249,550 | 5,425,217 | |
Armada Hoffler Properties, Inc. 6.75% | 255,050 | 5,605,999 | |
Ashford Hospitality Trust, Inc.: | |||
Series F, 7.375% | 34,000 | 480,760 | |
Series H, 7.50% | 38,365 | 531,355 | |
Series I, 7.50% | 71,209 | 989,805 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 173,050 | 3,206,617 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 126,972 | 1,999,809 | |
Series C, 6.50% | 291,600 | 3,545,914 | |
Centerspace Series C, 6.625% | 317,300 | 7,389,949 | |
CTO Realty Growth, Inc. 6.375% | 120,000 | 2,618,400 | |
DiamondRock Hospitality Co. 8.25% | 448,231 | 11,317,833 | |
Digital Realty Trust, Inc.: | |||
5.25% | 32,900 | 695,177 | |
Series L, 5.20% | 33,700 | 707,700 | |
Gladstone Commercial Corp.: | |||
6.625% | 157,675 | 3,599,720 | |
Series G, 6.00% | 481,467 | 9,196,020 | |
Gladstone Land Corp. Series D, 5.00% | 30,000 | 721,800 | |
Global Medical REIT, Inc. Series A, 7.50% | 150,848 | 3,651,985 | |
Global Net Lease, Inc.: | |||
7.50% | 721,484 | 14,833,711 | |
Series A, 7.25% | 509,695 | 10,280,548 | |
Series B 6.875% | 294,000 | 5,671,260 | |
Series E, 7.375% | 379,839 | 7,866,466 | |
Healthcare Trust, Inc.: | |||
7.125% | 190,000 | 2,665,700 | |
Series A 7.375% | 364,800 | 5,304,046 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 686,200 | 9,709,730 | |
Kimco Realty Corp.: | |||
5.125% | 49,000 | 1,059,380 | |
Series M, 5.25% | 58,100 | 1,291,563 | |
National Storage Affiliates Trust Series A, 6.00% | 101,375 | 2,202,889 | |
Pebblebrook Hotel Trust: | |||
6.30% | 281,697 | 5,631,123 | |
6.375% | 372,994 | 7,620,267 | |
6.375% | 666,800 | 13,202,640 | |
Series H, 5.70% | 717,200 | 12,730,300 | |
Prologis, Inc. Series Q, 8.54% | 93,396 | 5,043,384 | |
Public Storage: | |||
4.00% | 45,700 | 802,227 | |
4.00% | 47,800 | 850,740 | |
Series F, 5.15% | 25,800 | 584,112 | |
Series G, 5.05% | 43,800 | 996,012 | |
Series L, 4.625% | 35,900 | 738,463 | |
Series M, 4.125% | 28,000 | 512,400 | |
Series S, 4.10% | 100,000 | 1,797,000 | |
Realty Income Corp. 6.00% | 121,125 | 2,847,649 | |
Regency Centers Corp.: | |||
5.875% | 69,225 | 1,493,183 | |
Series A, 6.25% | 281,325 | 6,338,252 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 98,400 | 2,105,760 | |
Series C, 5.625% | 78,225 | 1,638,986 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 57,775 | 1,176,877 | |
Series E, 6.00% | 76,841 | 1,548,346 | |
SITE Centers Corp. 6.375% | 124,200 | 2,675,268 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 67,250 | 1,271,032 | |
Series C, 7.875% | 107,000 | 2,051,190 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 457,602 | 9,609,642 | |
Series F, 5.875% | 377,000 | 7,683,260 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 180,000 | 3,753,000 | |
Series I, 5.70% | 240,000 | 4,725,624 | |
UMH Properties, Inc. Series D, 6.375% | 694,525 | 15,196,207 | |
Vornado Realty Trust: | |||
Series L, 5.40% | 30,100 | 462,637 | |
Series M, 5.25% | 2,000 | 30,080 | |
244,274,752 | |||
Real Estate Management & Development - 1.8% | |||
Brookfield Property Partners LP: | |||
5.75% | 43,000 | 537,930 | |
6.50% | 34,125 | 497,426 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 942,305 | 21,199,036 | |
Series I, 7.15% | 1,074,492 | 24,036,386 | |
Series J, 7.15% | 1,362,346 | 30,707,279 | |
Seritage Growth Properties Series A, 7.00% | 91,986 | 2,203,056 | |
79,181,113 | |||
TOTAL REAL ESTATE | 323,455,865 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 682,088,817 | ||
TOTAL PREFERRED STOCKS (Cost $771,585,144) | 702,385,860 | ||
Corporate Bonds - 30.1% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 0.6% | |||
FINANCIALS - 0.6% | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
MFA Financial, Inc. 6.25% 6/15/24 | 9,700,000 | 9,675,026 | |
PennyMac Corp. 5.5% 11/1/24 | 13,601,000 | 13,396,985 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 4,896,000 | 4,651,200 | |
27,723,211 | |||
Nonconvertible Bonds - 29.5% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
Lamar Media Corp. 4% 2/15/30 | 5,875,000 | 5,243,492 | |
CONSUMER DISCRETIONARY - 3.2% | |||
Hotels, Restaurants & Leisure - 1.8% | |||
Caesars Entertainment, Inc. 8.125% 7/1/27 (g) | 17,465,000 | 17,700,740 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32(g) | 13,965,000 | 11,735,086 | |
4% 5/1/31(g) | 12,000,000 | 10,514,860 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (g) | 18,265,000 | 15,902,892 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (g) | 15,960,000 | 14,329,924 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 8,000,000 | 7,930,123 | |
Times Square Hotel Trust 8.528% 8/1/26 (g) | 2,321,167 | 2,306,070 | |
80,419,695 | |||
Household Durables - 1.4% | |||
Adams Homes, Inc. 7.5% 2/15/25 (g) | 2,439,000 | 2,434,809 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.625% 1/15/28 (g) | 7,925,000 | 7,899,428 | |
Century Communities, Inc.: | |||
3.875% 8/15/29(g) | 13,005,000 | 11,354,209 | |
6.75% 6/1/27 | 4,670,000 | 4,679,149 | |
LGI Homes, Inc. 4% 7/15/29 (g) | 13,310,000 | 11,414,322 | |
M/I Homes, Inc. 3.95% 2/15/30 | 17,070,000 | 14,805,683 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 11,458,000 | 11,028,831 | |
63,616,431 | |||
TOTAL CONSUMER DISCRETIONARY | 144,036,126 | ||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
EG Global Finance PLC 12% 11/30/28 (g) | 10,000,000 | 10,322,978 | |
FINANCIALS - 0.6% | |||
Financial Services - 0.6% | |||
Brixmor Operating Partnership LP: | |||
2.5% 8/16/31 | 9,000,000 | 7,208,969 | |
4.05% 7/1/30 | 4,000,000 | 3,621,520 | |
4.125% 5/15/29 | 1,872,000 | 1,727,666 | |
5.5% 2/15/34 | 10,000,000 | 9,544,610 | |
Rexford Industrial Realty LP 2.15% 9/1/31 | 6,188,000 | 4,839,287 | |
26,942,052 | |||
HEALTH CARE - 0.4% | |||
Health Care Providers & Services - 0.4% | |||
Sabra Health Care LP: | |||
3.9% 10/15/29 | 989,000 | 873,584 | |
5.125% 8/15/26 | 17,264,000 | 16,890,277 | |
17,763,861 | |||
INDUSTRIALS - 0.1% | |||
Commercial Services & Supplies - 0.1% | |||
Williams Scotsman, Inc. 6.125% 6/15/25 (g) | 3,240,000 | 3,227,850 | |
REAL ESTATE - 24.9% | |||
Equity Real Estate Investment Trusts (REITs) - 21.7% | |||
Agree LP: | |||
2.6% 6/15/33 | 6,100,000 | 4,649,820 | |
2.9% 10/1/30 | 1,500,000 | 1,263,053 | |
4.8% 10/1/32 | 1,288,000 | 1,183,199 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 9,000,000 | 7,131,385 | |
3.625% 4/15/32 | 27,000,000 | 23,093,636 | |
4.9% 2/15/29 | 13,000,000 | 12,537,843 | |
5.5% 2/1/34 | 20,000,000 | 19,285,089 | |
American Tower Corp.: | |||
2.7% 4/15/31 | 2,000,000 | 1,652,037 | |
3.8% 8/15/29 | 23,000,000 | 21,038,905 | |
4.05% 3/15/32 | 27,000,000 | 24,124,730 | |
5.45% 2/15/34 | 29,000,000 | 28,174,726 | |
5.55% 7/15/33 | 23,000,000 | 22,461,790 | |
5.65% 3/15/33 | 20,000,000 | 19,702,767 | |
5.9% 11/15/33 | 5,000,000 | 5,034,659 | |
Boston Properties, Inc.: | |||
3.25% 1/30/31 | 8,000,000 | 6,651,367 | |
6.75% 12/1/27 | 37,000 | 37,785 | |
CBL & Associates LP: | |||
4.6%(b)(h) | 18,229,000 | 2 | |
5.25%(b)(h) | 11,371,000 | 1 | |
5.95%(b)(h) | 10,317,000 | 1 | |
Crown Castle, Inc.: | |||
2.1% 4/1/31 | 4,000,000 | 3,164,761 | |
2.25% 1/15/31 | 14,000,000 | 11,258,348 | |
2.5% 7/15/31 | 10,000,000 | 8,069,002 | |
3.8% 2/15/28 | 2,000,000 | 1,865,611 | |
5% 1/11/28 | 3,000,000 | 2,925,194 | |
5.1% 5/1/33 | 35,000,000 | 33,052,630 | |
5.8% 3/1/34 | 30,000,000 | 29,716,055 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (g) | 21,865,000 | 19,791,148 | |
CubeSmart LP: | |||
2.5% 2/15/32 | 10,000,000 | 7,952,569 | |
4.375% 2/15/29 | 12,000,000 | 11,298,744 | |
EPR Properties: | |||
3.6% 11/15/31 | 2,000,000 | 1,623,578 | |
4.95% 4/15/28 | 8,000,000 | 7,518,390 | |
Equinix, Inc.: | |||
3.2% 11/18/29 | 10,000,000 | 8,816,870 | |
3.9% 4/15/32 | 28,000,000 | 24,763,801 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (g) | 5,075,000 | 4,322,004 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
4% 1/15/30 | 3,000,000 | 2,686,617 | |
4% 1/15/31 | 2,000,000 | 1,751,309 | |
5.3% 1/15/29 | 19,193,000 | 18,632,351 | |
5.375% 4/15/26 | 8,000,000 | 7,897,902 | |
6.75% 12/1/33 | 4,500,000 | 4,610,480 | |
Hudson Pacific Properties LP 4.65% 4/1/29 | 6,000,000 | 5,055,614 | |
Invitation Homes Operating Partnership LP: | |||
4.15% 4/15/32 | 35,000,000 | 31,174,736 | |
5.5% 8/15/33 | 23,000,000 | 22,233,141 | |
Kimco Realty OP, LLC: | |||
4.6% 2/1/33 | 9,000,000 | 8,237,133 | |
6.4% 3/1/34 | 13,424,000 | 13,889,757 | |
Kite Realty Group LP 5.5% 3/1/34 | 9,007,000 | 8,592,092 | |
LXP Industrial Trust (REIT): | |||
2.375% 10/1/31 | 7,500,000 | 5,837,038 | |
2.7% 9/15/30 | 1,422,000 | 1,164,915 | |
6.75% 11/15/28 | 1,000,000 | 1,025,531 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 6,000,000 | 4,023,179 | |
4.625% 8/1/29 | 19,835,000 | 14,842,657 | |
5% 10/15/27 | 5,000,000 | 4,089,800 | |
Necessity Retail REIT, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (g) | 13,405,000 | 11,434,498 | |
NNN (REIT), Inc. 5.6% 10/15/33 | 9,575,000 | 9,393,919 | |
Omega Healthcare Investors, Inc.: | |||
3.25% 4/15/33 | 18,000,000 | 14,093,607 | |
3.375% 2/1/31 | 5,000,000 | 4,175,180 | |
4.5% 4/1/27 | 6,752,000 | 6,474,123 | |
Park Intermediate Holdings LLC 4.875% 5/15/29 (g) | 7,000,000 | 6,405,241 | |
Phillips Edison Grocery Center 2.625% 11/15/31 | 16,500,000 | 13,058,941 | |
Prologis LP: | |||
5% 3/15/34 | 10,000,000 | 9,569,852 | |
5.125% 1/15/34 | 5,000,000 | 4,823,593 | |
5.25% 6/15/53 | 10,000,000 | 9,185,581 | |
5.25% 3/15/54 | 2,000,000 | 1,825,611 | |
Public Storage: | |||
5.1% 8/1/33 | 10,000,000 | 9,687,669 | |
5.35% 8/1/53 | 9,000,000 | 8,445,019 | |
Realty Income Corp.: | |||
3.4% 1/15/30 | 12,000,000 | 10,696,454 | |
4% 7/15/29 | 3,000,000 | 2,794,993 | |
5.625% 10/13/32 | 5,000,000 | 4,968,290 | |
Regency Centers LP 5.25% 1/15/34 | 5,000,000 | 4,780,559 | |
RHP Hotel Properties LP/RHP Finance Corp. 6.5% 4/1/32 (g) | 8,000,000 | 7,840,488 | |
RLJ Lodging Trust LP: | |||
3.75% 7/1/26(g) | 4,000,000 | 3,764,399 | |
4% 9/15/29(g) | 4,835,000 | 4,193,389 | |
Safehold Operating Partnership LP: | |||
2.8% 6/15/31 | 7,000,000 | 5,728,207 | |
2.85% 1/15/32 | 18,250,000 | 14,637,149 | |
6.1% 4/1/34 | 12,410,000 | 12,007,931 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 25,000,000 | 21,771,453 | |
3.875% 2/15/27 | 5,000,000 | 4,698,985 | |
Simon Property Group LP: | |||
5.85% 3/8/53 | 4,000,000 | 3,868,982 | |
6.25% 1/15/34 | 15,000,000 | 15,507,019 | |
Sun Communities Operating LP: | |||
2.7% 7/15/31 | 9,000,000 | 7,257,499 | |
4.2% 4/15/32 | 11,439,000 | 10,016,304 | |
5.5% 1/15/29 | 9,000,000 | 8,844,482 | |
5.7% 1/15/33 | 28,750,000 | 27,798,289 | |
UDR, Inc. 3% 8/15/31 | 1,500,000 | 1,270,922 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (g) | 18,035,000 | 14,025,658 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
6.5% 2/15/29(g) | 27,505,000 | 22,112,002 | |
10.5% 2/15/28(g) | 7,000,000 | 7,262,009 | |
Ventas Realty LP: | |||
2.5% 9/1/31 | 1,500,000 | 1,204,071 | |
4.4% 1/15/29 | 17,000,000 | 16,038,068 | |
4.75% 11/15/30 | 4,000,000 | 3,767,671 | |
5.7% 9/30/43 | 3,000,000 | 2,755,432 | |
VICI Properties LP: | |||
4.75% 2/15/28 | 5,000,000 | 4,802,293 | |
5.125% 5/15/32 | 38,000,000 | 35,306,123 | |
5.75% 4/1/34 | 575,000 | 553,318 | |
6.125% 4/1/54 | 4,532,000 | 4,233,083 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (g) | 26,000,000 | 24,120,743 | |
Welltower OP LLC 4.125% 3/15/29 | 3,000,000 | 2,810,366 | |
WP Carey, Inc.: | |||
2.25% 4/1/33 | 5,000,000 | 3,721,323 | |
2.45% 2/1/32 | 2,000,000 | 1,567,137 | |
3.85% 7/15/29 | 3,000,000 | 2,766,626 | |
XHR LP: | |||
4.875% 6/1/29(g) | 10,000,000 | 9,127,607 | |
6.375% 8/15/25(g) | 4,250,000 | 4,245,314 | |
971,343,224 | |||
Real Estate Management & Development - 3.2% | |||
CBRE Group, Inc. 5.95% 8/15/34 | 27,250,000 | 27,094,464 | |
CoStar Group, Inc. 2.8% 7/15/30 (g) | 2,000,000 | 1,660,321 | |
Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (g) | 11,165,000 | 11,009,487 | |
Digital Realty Trust LP: | |||
3.6% 7/1/29 | 5,000,000 | 4,529,129 | |
3.7% 8/15/27 | 5,000,000 | 4,726,293 | |
Essex Portfolio LP: | |||
2.55% 6/15/31 | 2,000,000 | 1,621,290 | |
2.65% 3/15/32 | 3,000,000 | 2,409,396 | |
5.5% 4/1/34 | 12,077,000 | 11,685,623 | |
Extra Space Storage LP: | |||
2.35% 3/15/32 | 12,000,000 | 9,363,576 | |
2.55% 6/1/31 | 2,000,000 | 1,621,013 | |
5.4% 2/1/34 | 12,000,000 | 11,491,876 | |
5.5% 7/1/30 | 5,000,000 | 4,927,963 | |
5.9% 1/15/31 | 9,000,000 | 9,044,252 | |
Forestar Group, Inc.: | |||
3.85% 5/15/26(g) | 8,000,000 | 7,592,414 | |
5% 3/1/28(g) | 5,000,000 | 4,735,885 | |
Howard Hughes Corp. 5.375% 8/1/28 (g) | 2,515,000 | 2,366,693 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 17,075,000 | 14,122,165 | |
4.75% 2/1/30 | 8,130,000 | 6,438,941 | |
5% 3/1/31 | 6,960,000 | 5,408,807 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (g) | 1,798,000 | 1,770,235 | |
143,619,823 | |||
TOTAL REAL ESTATE | 1,114,963,047 | ||
TOTAL NONCONVERTIBLE BONDS | 1,322,499,406 | ||
TOTAL CORPORATE BONDS (Cost $1,399,489,766) | 1,350,222,617 | ||
Asset-Backed Securities - 1.6% | |||
Principal Amount (f) | Value ($) | ||
American Homes 4 Rent Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (g) | 8,259,000 | 8,204,098 | |
Class XS, 0% 10/17/52 (b)(d)(g)(i) | 4,446,875 | 44 | |
Capital Trust RE CDO Ltd. Series 2005-1A Class D, CME Term SOFR 1 Month Index + 1.610% 6.9432% 3/20/50 (b)(d)(e)(g) | 2,250,000 | 0 | |
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(g) | 500,000 | 0 | |
Home Partners of America Trust: | |||
Series 2019-2 Class F, 3.866% 10/19/39 (g) | 2,758,156 | 2,393,640 | |
Series 2021-1 Class F, 3.325% 9/17/41 (g) | 6,590,867 | 5,190,184 | |
Series 2021-2 Class G, 4.505% 12/17/26 (g) | 27,694,921 | 24,372,743 | |
Series 2021-3 Class F, 4.242% 1/17/41 (g) | 9,880,815 | 8,377,740 | |
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (g) | 2,900,000 | 2,558,549 | |
Retained Vantage Data Ctrs Iss Series 2023-2A Class A2, 5.05% 9/15/48 (g) | 4,000,000 | 3,683,640 | |
Tricon American Homes Series 2018-SFR1 Class F, 4.96% 5/17/37 (g) | 8,282,000 | 8,153,736 | |
Tricon Residential 2023-Sfr1 T Series 2023-SFR1: | |||
Class D, 5.1% 7/17/40 (g) | 5,000,000 | 4,723,029 | |
Class E, 7.977% 7/17/40 (g) | 2,000,000 | 1,998,075 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (g) | 3,000,000 | 2,697,686 | |
TOTAL ASSET-BACKED SECURITIES (Cost $81,106,158) | 72,353,164 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Principal Amount (f) | Value ($) | ||
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6577% 2/25/42 (b)(d)(g) | 20,367 | 7,544 | |
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.8272% 6/25/43 (b)(d)(g) | 35,690 | 25,704 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $35,464) | 33,248 | ||
Commercial Mortgage Securities - 22.9% | |||
Principal Amount (f) | Value ($) | ||
BANK sequential payer: | |||
Series 2022-BNK42 Class D, 2.5% 6/15/55 (g) | 2,000,000 | 1,266,063 | |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (d) | 15,000,000 | 13,797,216 | |
Series 2022-BNK43 Class A5, 4.399% 8/15/55 | 10,485,000 | 9,619,912 | |
Series 2022-BNK44, Class A5, 5.9364% 11/15/55 (d) | 15,900,000 | 16,066,347 | |
Bank sequential payer Series 2023-BNK46 Class A4, 5.745% 8/15/56 | 1,409,000 | 1,417,523 | |
BANK: | |||
Series 2017-BNK8 Class E, 2.8% 11/15/50 (g) | 11,374,393 | 4,274,578 | |
Series 2020-BN30 Class MCDG, 3.0155% 12/15/53 (b)(d) | 2,000,000 | 799,565 | |
Series 2021-BN38 Class C, 3.3247% 12/15/64 (d) | 3,505,000 | 2,591,691 | |
Series 2022-BNK41, Class C, 3.9165% 4/15/65 (b)(d) | 4,433,000 | 3,396,020 | |
Series 2022-BNK42 Class C, 4.7224% 6/15/55 (d) | 6,500,000 | 5,417,906 | |
Series 2022-BNK44 Class A/S, 5.745% 11/15/55 (d) | 5,000,000 | 4,897,152 | |
Bank Series 2023-BNK46 Class A/S, 6.385% 8/15/56 | 5,000,000 | 5,106,777 | |
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.9852% 7/15/49 (d) | 3,030,000 | 2,819,693 | |
Bank5 2023-5Yr3 Series 2023-5YR3: | |||
Class A/S, 7.5592% 9/15/56 (d) | 1,500,000 | 1,566,138 | |
Class B, 7.5592% 9/15/56 (d) | 2,000,000 | 2,069,931 | |
Bank5 2023-5Yr4 Series 2023-5YR4 Class A/S, 7.274% 12/15/56 (d) | 5,000,000 | 5,218,426 | |
BBCMS Mortgage Trust: | |||
sequential payer: | |||
Series 2022-C17: | |||
Class C, 5.45% 9/15/55 | 2,000,000 | 1,763,889 | |
Class D, 2.5% 9/15/55 (g) | 2,000,000 | 1,196,029 | |
Series 2023-C19 Class A5, 5.451% 4/15/56 | 22,500,000 | 22,236,093 | |
Series 2023-C20 Class A5, 5.576% 7/15/56 | 24,250,000 | 24,026,025 | |
Series 2023-C21 Class A/S, 6.5063% 9/15/56 (d) | 7,000,000 | 7,210,636 | |
Series 2023-C22: | |||
Class A/S, 7.3635% 11/15/56 (d) | 10,000,000 | 10,905,987 | |
Class B, 7.3635% 11/15/56 (d) | 10,000,000 | 10,694,624 | |
Series 2020-C6 Class C, 3.045% 2/15/53 | 1,129,000 | 886,193 | |
Series 2020-C7 Class C, 3.715% 4/15/53 (d) | 2,067,000 | 1,392,399 | |
Series 2022-C16 Class C, 4.6% 6/15/55 (d) | 5,250,000 | 4,370,903 | |
Series 2023-5C23 Class A/S, 7.7032% 12/15/56 (d) | 2,500,000 | 2,640,330 | |
Series 2023-C21 Class B, 6.5063% 9/15/56 (d) | 7,000,000 | 7,038,589 | |
Benchmark 2023-V3 Mtg Trust Series 2023-V3 Class A/S, 7.0967% 7/15/56 | 10,000,000 | 10,320,004 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (d)(g) | 3,427,000 | 70,153 | |
Class 225E, 3.4041% 12/15/62 (d)(g) | 5,141,000 | 50,492 | |
Series 2021-B28 Class A5, 2.2237% 8/15/54 | 500,000 | 396,449 | |
Series 2022-B34 Class A5, 3.786% 4/15/55 | 10,168,402 | 8,690,316 | |
Series 2022-B35 Class A5, 4.5922% 5/15/55 (d) | 12,302,000 | 11,087,073 | |
Series 2022-B36 Class A5, 4.4699% 7/15/55 | 4,900,000 | 4,493,475 | |
Series 2023-B38 Class A4, 5.5246% 4/15/56 | 21,000,000 | 20,733,831 | |
Series 2023-B39 Class A5, 5.7536% 7/15/56 | 5,000,000 | 5,016,292 | |
Series 2023-C5 Class A5, 5.7653% 6/15/56 | 22,850,000 | 22,909,186 | |
Series 2020-B18 Class AGNG, 4.5348% 7/15/53 (d)(g) | 11,379,000 | 10,070,520 | |
Series 2022-B35 Class C, 4.4442% 5/15/55 (d) | 7,000,000 | 5,298,544 | |
Series 2022-B36: | |||
Class C, 5.1189% 7/15/55 (d) | 2,000,000 | 1,596,071 | |
Class D, 2.5% 7/15/55 (g) | 3,828,000 | 2,163,179 | |
Series 2023-B39 Class B, 6.192% 7/15/56 (g) | 5,000,000 | 4,900,596 | |
Series 2023-C5 Class B, 6.6968% 6/15/56 (d) | 4,750,000 | 4,778,893 | |
BMO Mortgage Trust: | |||
sequential payer Series 2023-C6 Class A5, 5.9562% 9/15/56 | 14,000,000 | 14,278,839 | |
Series 2023-5C1 Class A/S, 7.1177% 8/15/56 (d) | 3,500,000 | 3,602,780 | |
Series 2023-5C2 Class A5, 7.4855% 11/15/56 (d) | 10,000,000 | 10,416,195 | |
Series 2023-C6 Class A/S, 6.5504% 9/15/56 (d) | 5,000,000 | 5,148,661 | |
Series 2023-C7 Class A/S, 6.6738% 12/15/56 (d) | 5,000,000 | 5,194,695 | |
Bx 2024-Cnyn floater Series 2024-CNYN Class E, CME Term SOFR 1 Month Index + 3.680% 9.0096% 4/15/29 (d)(e)(g) | 18,000,000 | 17,977,500 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.640% 8.9673% 4/15/34 (d)(e)(g) | 5,181,000 | 5,122,242 | |
Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.7305% 11/15/38 (d)(e)(g) | 14,695,673 | 14,338,812 | |
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.6545% 12/15/38 (d)(e)(g) | 7,790,000 | 7,602,646 | |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.3816% 10/15/36 (d)(e)(g) | 17,232,000 | 16,694,856 | |
Series 2021-SOAR Class J, CME Term SOFR 1 Month Index + 3.860% 9.1855% 6/15/38 (d)(e)(g) | 16,776,548 | 16,569,098 | |
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.3878% 5/15/38 (d)(e)(g) | 11,520,072 | 11,387,868 | |
Series 2021-VOLT: | |||
Class F, CME Term SOFR 1 Month Index + 2.510% 7.8355% 9/15/36 (d)(e)(g) | 10,000,000 | 9,900,000 | |
Class G, CME Term SOFR 1 Month Index + 2.960% 8.2855% 9/15/36 (d)(e)(g) | 5,000,000 | 4,925,000 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 8.671% 1/15/39 (d)(e)(g) | 6,200,000 | 6,123,586 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 9.521% 1/15/39 (d)(e)(g) | 11,340,000 | 11,162,900 | |
Series 2024-XL5 Class E, CME Term SOFR 1 Month Index + 3.680% 9.0093% 3/15/41 (d)(e)(g) | 4,929,654 | 4,902,934 | |
Series 2019-OC11 Class E, 4.0755% 12/9/41 (d)(g) | 22,521,000 | 18,858,576 | |
Series 2020-VIVA Class E, 3.667% 3/11/44 (d)(g) | 20,898,990 | 16,985,892 | |
BX Commercial Mortgage Trust 2024-Xl4 floater Series 2024-XL4: | |||
Class D, CME Term SOFR 1 Month Index + 3.130% 8.4606% 2/15/39 (d)(e)(g) | 10,000,000 | 10,000,000 | |
Class E, CME Term SOFR 1 Month Index + 4.180% 9.5091% 2/15/39 (b)(d)(e)(g) | 5,000,000 | 4,997,500 | |
BX Trust floater Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.62% 1/15/39 (d)(e)(g) | 4,367,000 | 4,071,857 | |
BXP Trust Series 2021-601L Class E, 2.868% 1/15/44 (d)(g) | 5,754,000 | 3,349,540 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (g) | 3,353,000 | 1,218,659 | |
Citigroup Commercial Mortgage Trust: | |||
sequential payer Series 2023-V2 Class A3, 6.0475% 10/12/40 (d)(g) | 5,000,000 | 4,904,686 | |
Series 2022-GC48 Class E, 2.5% 6/15/55 (g) | 2,000,000 | 1,077,010 | |
Series 2023-PRM3: | |||
Class B, 6.5717% 7/10/28 (d)(g) | 5,000,000 | 4,983,547 | |
Class C, 6.5717% 7/10/28 (d)(g) | 5,500,000 | 5,413,858 | |
Series 2023-SMRT Class C, 6.0475% 10/12/40 (d)(g) | 9,750,000 | 9,419,776 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, CME Term SOFR 1 Month Index + 3.340% 8.667% 9/15/33 (d)(e)(g) | 4,265,000 | 2,097,024 | |
Class G, CME Term SOFR 1 Month Index + 5.350% 10.6733% 9/15/33 (d)(e)(g) | 4,265,000 | 1,622,367 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (g) | 4,741,000 | 4,281,392 | |
Series 2012-CR1: | |||
Class D, 5.3084% 5/15/45 (b)(d)(g) | 1,447,710 | 1,124,564 | |
Class G, 2.462% 5/15/45 (b)(g) | 1,843,188 | 23,909 | |
Series 2014-UBS2 Class D, 4.9919% 3/10/47 (d)(g) | 3,713,000 | 2,949,713 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (g) | 2,769,000 | 2,152,393 | |
Series 2019-CD4 Class C, 4.3497% 5/10/50 (d) | 3,000,000 | 2,615,330 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (g) | 2,769,000 | 2,106,121 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6523% 6/15/34 (b)(e)(g) | 7,120,000 | 2,224,814 | |
Credit Suisse Mortgage Trust: | |||
floater Series 2021-BPNY Class A, CME Term SOFR 1 Month Index + 3.820% 9.1499% 8/15/26 (d)(e)(g) | 18,000,000 | 15,688,622 | |
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.8947% 5/15/26 (d)(e)(g) | 8,146,318 | 7,782,808 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5159% 8/10/44 (d)(g) | 2,783,217 | 2,532,727 | |
DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2 Class C, 6.6891% 1/15/41 (d)(g) | 8,800,000 | 8,347,266 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, CME Term SOFR 1 Month Index + 3.720% 9.0504% 11/15/38 (d)(e)(g) | 15,430,040 | 14,688,051 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.640% 8.218% 7/15/35 (d)(e)(g) | 3,808,000 | 76,160 | |
sequential payer Series 2023-SHIP: | |||
Class D, 6.273% 9/10/38 (d)(g) | 9,000,000 | 8,640,155 | |
Class E, 7.6814% 9/10/38 (d)(g) | 18,500,000 | 18,227,162 | |
Series 2011-GC5: | |||
Class C, 5.2974% 8/10/44 (d)(g) | 8,899,000 | 6,855,382 | |
Class D, 5.2974% 8/10/44 (d)(g) | 2,733,635 | 1,299,445 | |
Class E, 5.2974% 8/10/44 (b)(d)(g) | 8,138,000 | 917,804 | |
Class F, 4.5% 8/10/44 (b)(g) | 7,897,000 | 23,691 | |
Series 2012-GCJ9: | |||
Class D, 4.7543% 11/10/45 (d)(g) | 4,531,578 | 4,119,205 | |
Class E, 4.7543% 11/10/45 (d)(g) | 1,908,000 | 1,588,296 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (d)(g) | 20,270,000 | 18,572,045 | |
IMT Trust Series 2017-APTS Class EFX, 3.6132% 6/15/34 (d)(g) | 9,213,000 | 9,132,845 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (g) | 2,896,000 | 2,690,847 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (g) | 8,640,000 | 7,904,422 | |
Series 2014-C26 Class D, 4.0101% 1/15/48 (d)(g) | 2,398,000 | 1,995,438 | |
JPMDB Commercial Mortgage Securities Trust: | |||
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52 | 8,000,000 | 6,636,088 | |
Series 2018-C8 Class D, 3.3994% 6/15/51 (d)(g) | 1,698,000 | 1,158,873 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (d)(g) | 9,552,000 | 5,355,065 | |
Series 2011-C3: | |||
Class E, 5.7095% 2/15/46 (b)(d)(g) | 13,774,000 | 5,642,301 | |
Class G, 4.409% 2/15/46 (d)(g) | 4,671,000 | 537,104 | |
Class H, 4.409% 2/15/46 (b)(d)(g) | 7,077,000 | 489,268 | |
Series 2012-CBX: | |||
Class E, 4.8459% 6/15/45 (b)(d)(g) | 4,238,263 | 3,793,245 | |
Class F, 4% 6/15/45 (b)(g) | 8,192,000 | 6,799,360 | |
Class G 4% 6/15/45 (b)(g) | 4,044,000 | 2,736,440 | |
Series 2013-LC11: | |||
Class D, 4.2967% 4/15/46 (d) | 7,722,000 | 3,502,484 | |
Class E, 3.25% 4/15/46 (d)(g) | 472,000 | 130,420 | |
Class F, 3.25% 4/15/46 (b)(d)(g) | 2,518,000 | 157,375 | |
Series 2014-DSTY Class E, 3.9314% 6/10/27 (b)(d)(g) | 8,161,000 | 19,905 | |
Series 2018-AON Class F, 4.767% 7/5/31 (d)(g) | 5,039,000 | 1,087,511 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (g) | 2,000,000 | 709,955 | |
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.3945% 8/15/38 (d)(e)(g) | 7,096,721 | 6,688,232 | |
Merit floater Series 2021-STOR Class J, CME Term SOFR 1 Month Index + 4.060% 9.3855% 7/15/38 (d)(e)(g) | 3,476,000 | 3,426,214 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.6364% 4/15/38 (d)(e)(g) | 13,087,315 | 12,989,160 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL: | |||
Class F, CME Term SOFR 1 Month Index + 3.250% 8.5802% 1/15/27 (d)(e)(g) | 3,924,498 | 3,885,607 | |
Class G, CME Term SOFR 1 Month Index + 3.950% 9.2785% 1/15/27 (d)(e)(g) | 13,149,119 | 12,952,599 | |
Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (g) | 4,200,000 | 4,177,603 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5358% 11/15/45 (d)(g) | 2,000,000 | 1,614,815 | |
Series 2012-C6, Class F, 4.5358% 11/15/45 (b)(d)(g) | 2,500,000 | 874,018 | |
Series 2013-C12 Class D, 6.2138% 10/15/46 (d)(g) | 5,670,988 | 4,736,558 | |
Series 2013-C13 Class E, 5.2248% 11/15/46 (d)(g) | 2,602,256 | 2,344,173 | |
Series 2013-C9: | |||
Class C, 3.8531% 5/15/46 (d) | 3,302,000 | 2,884,111 | |
Class D, 3.9411% 5/15/46 (d)(g) | 5,137,000 | 4,330,112 | |
Morgan Stanley Capital I Trust: | |||
Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (d)(g) | 2,649,495 | 2,543,515 | |
Class F, 5.385% 6/15/44 (d)(g) | 4,440,000 | 2,575,200 | |
Class XB, 0.5097% 6/15/44 (d)(g)(i) | 27,744,754 | 97,662 | |
Series 2011-C3: | |||
Class E, 5.1082% 7/15/49 (d)(g) | 1,138,515 | 1,100,922 | |
Class F, 5.1082% 7/15/49 (d)(g) | 5,624,050 | 5,025,654 | |
Class G, 5.1082% 7/15/49 (d)(g) | 5,049,500 | 4,368,836 | |
Series 2015-MS1 Class D, 4.1571% 5/15/48 (d)(g) | 10,833,000 | 7,392,544 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (g) | 2,966,000 | 1,394,021 | |
Series 2017-H1 Class C, 4.281% 6/15/50 | 2,470,594 | 2,181,492 | |
Series 2020-L4, Class C, 3.536% 2/15/53 | 2,765,000 | 2,031,052 | |
Morgan Stanley Capital I Trust 2024-B sequential payer Series 2024-BPR2 Class A, 7.289% 5/5/29 (g) | 9,000,000 | 8,999,816 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (d)(g) | 1,500,000 | 1,187,383 | |
MSWF Commercial Mortgage Trust sequential payer: | |||
Series 2023-1: | |||
Class A5, 5.752% 5/15/56 | 16,000,000 | 16,059,211 | |
Class B, 6.9056% 5/15/56 (d) | 3,750,000 | 3,751,089 | |
Series 2023-2: | |||
Class AS, 6.491% 12/15/56 | 10,000,000 | 10,320,227 | |
Class B, 7.1101% 12/15/56 (d) | 10,000,000 | 10,355,527 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.790% 9.118% 6/15/35 (b)(d)(e)(g) | 651,000 | 32,550 | |
Series 2020-2PAC Class AMZ3, 3.6167% 1/15/37 (d)(g) | 2,502,675 | 1,786,846 | |
Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0047% 10/15/28 (d)(e)(g) | 9,259,362 | 9,276,723 | |
OPG Trust floater Series 2021-PORT: | |||
Class G, CME Term SOFR 1 Month Index + 2.510% 7.8335% 10/15/36 (d)(e)(g) | 4,529,850 | 4,427,928 | |
Class J, CME Term SOFR 1 Month Index + 3.460% 8.7815% 10/15/36 (d)(e)(g) | 8,113,300 | 7,819,543 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class E, CME Term SOFR 1 Month Index + 2.710% 8.0355% 7/15/38 (d)(e)(g) | 500,000 | 373,288 | |
Class G, CME Term SOFR 1 Month Index + 4.460% 9.7855% 7/15/38 (b)(d)(e)(g) | 5,944,000 | 3,501,175 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (g) | 9,277,000 | 7,070,002 | |
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7833% 12/15/37 (d)(e)(g) | 2,861,848 | 2,746,465 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g) | 2,565,448 | 2,584,541 | |
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (d)(g) | 5,000,000 | 4,539,030 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.671% 1/15/39 (d)(e)(g) | 14,615,000 | 13,586,914 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7013% 10/15/38 (d)(e)(g) | 12,754,000 | 11,882,827 | |
Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4093% 11/15/38 (d)(e)(g) | 3,706,887 | 3,632,749 | |
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.351% 11/15/36 (d)(e)(g) | 10,872,000 | 10,566,674 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class E, CME Term SOFR 1 Month Index + 3.010% 8.338% 11/15/36 (d)(e)(g) | 4,985,000 | 4,826,479 | |
Class F, CME Term SOFR 1 Month Index + 3.660% 8.986% 11/15/36 (d)(e)(g) | 15,282,000 | 14,640,171 | |
Class G, CME Term SOFR 1 Month Index + 4.310% 9.635% 11/15/36 (d)(e)(g) | 9,177,000 | 8,755,571 | |
SUMIT Mortgage Trust Series 2022-BVUE: | |||
Class D, 2.9889% 2/12/41 (d)(g) | 6,000,000 | 4,030,270 | |
Class F, 2.9889% 2/12/41 (d)(g) | 3,211,000 | 1,917,450 | |
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.2945% 6/15/26 (d)(e)(g) | 5,846,400 | 5,835,477 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class E, 5% 5/10/45 (b)(d)(g) | 4,699,074 | 4,249,220 | |
Class F, 5% 5/10/45 (b)(d)(g) | 2,221,350 | 277,669 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (d)(g) | 2,143,000 | 1,746,116 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.4355% 7/15/39 (b)(d)(e)(g) | 800,000 | 361,076 | |
floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.3355% 7/15/39 (d)(e)(g) | 6,685,000 | 3,418,344 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2016-BNK1 Class D, 3% 8/15/49 (g) | 6,979,000 | 3,025,235 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (g) | 5,037,000 | 4,038,540 | |
Series 2019-C52 Class C, 3.561% 8/15/52 | 883,000 | 687,956 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (b)(d) | 3,955,000 | 363,691 | |
Series 2011-C3 Class D, 6.0497% 3/15/44 (d)(g) | 503,530 | 192,600 | |
Series 2013-C11 Class E, 4.1959% 3/15/45 (d)(g) | 4,727,000 | 2,904,303 | |
Series 2013-C13 Class D, 4.142% 5/15/45 (d)(g) | 3,737,135 | 3,195,355 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (b)(d)(g) | 6,725,000 | 5,253,323 | |
Class PR2, 3.6332% 6/5/35 (b)(d)(g) | 2,541,000 | 1,916,543 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,155,230,578) | 1,024,676,611 | ||
Bank Loan Obligations - 2.6% | |||
Principal Amount (f) | Value ($) | ||
COMMUNICATION SERVICES - 0.6% | |||
Wireless Telecommunication Services - 0.6% | |||
SBA Senior Finance II, LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.32% 1/27/31 (d)(e)(j) | 25,934,106 | 26,011,649 | |
CONSUMER DISCRETIONARY - 0.7% | |||
Hotels, Restaurants & Leisure - 0.7% | |||
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.424% 9/9/26 (d)(e)(j) | 7,785,120 | 7,798,744 | |
Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0657% 2/6/31 (d)(e)(j) | 4,435,000 | 4,437,218 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.0657% 1/17/31 (d)(e)(j) | 4,000,000 | 4,006,680 | |
CME Term SOFR 1 Month Index + 3.000% 7.8157% 8/2/28 (d)(e)(j) | 997,442 | 998,071 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1669% 6/21/28 (d)(e)(j) | 13,500,000 | 13,526,190 | |
30,766,903 | |||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3295% 10/30/28 (d)(e)(j) | 9,975,000 | 10,014,202 | |
FINANCIALS - 1.0% | |||
Capital Markets - 0.2% | |||
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.3019% 12/31/30 (d)(e)(j) | 9,975,000 | 10,000,935 | |
Financial Services - 0.8% | |||
Agellan Portfolio 9% 8/7/25 (b)(j) | 6,611,000 | 6,611,000 | |
MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.321% 1/9/25 (b)(d)(e)(j) | 23,154,831 | 22,228,637 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.8918% 1/21/27 (b)(d)(e)(j) | 6,964,657 | 6,964,657 | |
35,804,294 | |||
TOTAL FINANCIALS | 45,805,229 | ||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.1802% 8/21/25 (d)(e)(j) | 191,083 | 190,701 | |
CME Term SOFR 1 Month Index + 3.250% 8.6657% 1/31/30 (d)(e)(j) | 2,618,005 | 2,621,277 | |
CME Term SOFR 1 Month Index + 3.750% 9.0657% 1/31/30 (d)(e)(j) | 2,284,275 | 2,289,986 | |
5,101,964 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $117,602,380) | 117,699,947 | ||
Preferred Securities - 0.9% | |||
Principal Amount (f) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Energy Transfer LP 7.125% (d)(k) | 6,000,000 | 5,760,688 | |
FINANCIALS - 0.8% | |||
Financial Services - 0.0% | |||
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (b)(g) | 1,220,000 | 12 | |
Mortgage Real Estate Investment Trusts - 0.8% | |||
AGNC Investment Corp. CME Term SOFR 3 Month Index + 4.330% 6.875% (d)(e) | 673,972 | 16,707,766 | |
Chimera Investment Corp. Series B, CME Term SOFR 3 Month Index + 6.050% 8.00% (d)(e) | 673,204 | 16,661,799 | |
33,369,565 | |||
TOTAL FINANCIALS | 33,369,577 | ||
TOTAL PREFERRED SECURITIES (Cost $38,624,335) | 39,130,265 | ||
Money Market Funds - 4.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (l) | 195,758,441 | 195,797,593 | |
Fidelity Securities Lending Cash Central Fund 5.39% (l)(m) | 2,727,577 | 2,727,850 | |
TOTAL MONEY MARKET FUNDS (Cost $198,485,242) | 198,525,443 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $4,647,091,221) | 4,460,281,845 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 21,126,213 |
NET ASSETS - 100.0% | 4,481,408,058 |
Legend
(a) | Non-income producing |
(b) | Level 3 security |
(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 $1,028,616,334 or 23.0% of net assets. |
(h) | Non-income producing - Security is in default. |
(i) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | Security is perpetual in nature with no stated maturity date. |
(l) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(m) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 5.39% | 506,279,498 | 730,803,291 | 1,041,286,125 | 12,224,309 | 7,747 | (6,818) | 195,797,593 | 0.4% |
Fidelity Securities Lending Cash Central Fund 5.39% | 573,400 | 32,721,302 | 30,566,852 | 30,480 | - | - | 2,727,850 | 0.0% |
Total | 506,852,898 | 763,524,593 | 1,071,852,977 | 12,254,789 | 7,747 | (6,818) | 198,525,443 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column 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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Great Ajax Corp. | 11,477,212 | - | 427,823 | 681,979 | (1,304,736) | (5,313,694) | - |
Great Ajax Corp. 7.25% | 14,943,642 | - | 15,286,049 | 877,355 | 412,170 | (69,763) | - |
Total | 26,420,854 | - | 15,713,872 | 1,559,334 | (892,566) | (5,383,457) | - |
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.
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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