Common Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
INFORMATION TECHNOLOGY - 0.0%
|
|||
IT Services - 0.0%
|
|||
Cyxtera Technologies, Inc. Class A (a)(b)
|
37,800
|
0
|
|
REAL ESTATE - 0.0%
|
|||
Equity Real Estate Investment Trusts (REITs) - 0.0%
|
|||
Retail Value, Inc. (a)(b)
|
24,066
|
0
|
|
TOTAL COMMON STOCKS
(Cost $1,063,629)
|
0
|
||
Preferred Stocks - 23.9%
|
|||
Shares
|
Value ($)
|
||
Convertible Preferred Stocks - 1.2%
|
|||
REAL ESTATE - 1.2%
|
|||
Equity Real Estate Investment Trusts (REITs) - 1.2%
|
|||
LXP Industrial Trust (REIT) Series C, 6.50%
|
68,019
|
3,016,293
|
|
Nonconvertible Preferred Stocks - 22.7%
|
|||
ENERGY - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Enbridge, Inc. Series 1, U.S. TREASURY 5 YEAR INDEX + 3.140% 5.949% (c)(d)
|
20,325
|
443,288
|
|
Global Partners LP Series B, 9.50%
|
12,200
|
313,191
|
|
756,479
|
|||
FINANCIALS - 9.0%
|
|||
Mortgage Real Estate Investment Trusts - 9.0%
|
|||
AGNC Investment Corp.:
|
|||
6.125%(c)
|
61,500
|
1,435,410
|
|
Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(c)(d)
|
41,899
|
1,066,330
|
|
Series E, 6.50%(c)
|
46,750
|
1,140,700
|
|
Annaly Capital Management, Inc.:
|
|||
6.75%(c)
|
27,900
|
699,732
|
|
Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(c)(d)
|
73,400
|
1,859,222
|
|
Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(c)(d)
|
70,990
|
1,786,818
|
|
Arbor Realty Trust, Inc.:
|
|||
Series D, 6.375%
|
12,400
|
223,200
|
|
Series F, 6.25%(c)
|
14,100
|
267,618
|
|
Chimera Investment Corp. Series C, 7.75% (c)
|
59,866
|
1,240,424
|
|
Dynex Capital, Inc. Series C 6.90% (c)
|
89,500
|
2,167,690
|
|
Ellington Financial LLC 6.75% (c)
|
58,522
|
1,396,920
|
|
MFA Financial, Inc.:
|
|||
6.50%(c)
|
26,100
|
575,505
|
|
Series B, 7.50%
|
16,249
|
325,955
|
|
PennyMac Mortgage Investment Trust:
|
|||
8.125%(c)
|
31,075
|
718,143
|
|
Series B, 8.00%(c)
|
39,705
|
909,713
|
|
Rithm Capital Corp.:
|
|||
7.125%(c)
|
60,467
|
1,496,558
|
|
Series A, 7.50%(c)
|
64,459
|
1,600,517
|
|
Series C, 6.375%(c)
|
20,446
|
463,102
|
|
Series D, 7.00%(c)
|
17,100
|
383,895
|
|
Two Harbors Investment Corp.:
|
|||
Series A, 8.125%(c)
|
41,635
|
952,609
|
|
Series B, 7.625%(c)
|
89,612
|
2,023,439
|
|
22,733,500
|
|||
REAL ESTATE - 13.4%
|
|||
Equity Real Estate Investment Trusts (REITs) - 11.6%
|
|||
Agree Realty Corp. 4.25%
|
38,700
|
646,290
|
|
American Homes 4 Rent:
|
|||
6.25%
|
18,925
|
430,733
|
|
Series G, 5.875%
|
37,050
|
805,467
|
|
Armada Hoffler Properties, Inc. 6.75%
|
33,250
|
730,835
|
|
Ashford Hospitality Trust, Inc.:
|
|||
Series F, 7.375%
|
10,135
|
143,309
|
|
Series H, 7.50%
|
5,875
|
81,369
|
|
Series I, 7.50%
|
12,911
|
179,463
|
|
Braemar Hotels & Resorts, Inc. Series D, 8.25%
|
5,450
|
100,989
|
|
Cedar Realty Trust, Inc.:
|
|||
7.25%
|
28,556
|
449,757
|
|
Series C, 6.50%
|
43,500
|
528,969
|
|
Centerspace Series C, 6.625%
|
57,700
|
1,343,839
|
|
CTO Realty Growth, Inc. 6.375%
|
20,000
|
436,400
|
|
DiamondRock Hospitality Co. 8.25%
|
34,900
|
881,225
|
|
Gladstone Commercial Corp.:
|
|||
6.625%
|
41,125
|
938,884
|
|
Series G, 6.00%
|
64,500
|
1,231,950
|
|
Gladstone Land Corp. Series D, 5.00%
|
60,000
|
1,443,600
|
|
Global Medical REIT, Inc. Series A, 7.50%
|
27,461
|
664,823
|
|
Global Net Lease, Inc.:
|
|||
7.50%
|
34,998
|
719,559
|
|
Series A, 7.25%
|
45,925
|
926,307
|
|
Series B 6.875%
|
47,200
|
910,488
|
|
Series E, 7.375%
|
19,100
|
395,561
|
|
Healthcare Trust, Inc.:
|
|||
7.125%
|
40,300
|
565,409
|
|
Series A 7.375%
|
33,000
|
479,807
|
|
Hudson Pacific Properties, Inc. Series C, 4.75%
|
22,900
|
324,035
|
|
National Storage Affiliates Trust Series A, 6.00%
|
12,325
|
267,823
|
|
Pebblebrook Hotel Trust:
|
|||
6.30%
|
37,902
|
757,661
|
|
6.375%
|
45,192
|
923,273
|
|
6.375%
|
20,200
|
399,960
|
|
Series H, 5.70%
|
50,200
|
891,050
|
|
Prologis, Inc. Series Q, 8.54%
|
16,850
|
909,900
|
|
Realty Income Corp. 6.00%
|
16,575
|
389,678
|
|
Regency Centers Corp.:
|
|||
5.875%
|
28,775
|
620,677
|
|
Series A, 6.25%
|
51,175
|
1,152,973
|
|
Rexford Industrial Realty, Inc.:
|
|||
Series B, 5.875%
|
50,000
|
1,070,000
|
|
Series C, 5.625%
|
11,775
|
246,712
|
|
Saul Centers, Inc.:
|
|||
Series D, 6.125%
|
15,958
|
325,064
|
|
Series E, 6.00%
|
13,475
|
271,521
|
|
SITE Centers Corp. 6.375%
|
15,100
|
325,254
|
|
Sotherly Hotels, Inc.:
|
|||
Series B, 8.00%
|
12,750
|
240,976
|
|
Series C, 7.875%
|
19,300
|
369,981
|
|
Summit Hotel Properties, Inc.:
|
|||
Series E, 6.25%
|
60,784
|
1,276,464
|
|
Series F, 5.875%
|
61,000
|
1,243,180
|
|
Sunstone Hotel Investors, Inc.:
|
|||
Series H, 6.125%
|
20,000
|
417,000
|
|
Series I, 5.70%
|
38,700
|
762,007
|
|
UMH Properties, Inc. Series D, 6.375%
|
63,875
|
1,397,585
|
|
29,617,807
|
|||
Real Estate Management & Development - 1.8%
|
|||
Brookfield Property Partners LP:
|
|||
5.75%
|
7,000
|
87,570
|
|
6.50%
|
5,875
|
85,638
|
|
Digitalbridge Group, Inc.:
|
|||
Series H, 7.125%
|
64,710
|
1,455,781
|
|
Series I, 7.15%
|
75,785
|
1,695,310
|
|
Series J, 7.15%
|
52,749
|
1,188,962
|
|
Seritage Growth Properties Series A, 7.00%
|
1,050
|
25,147
|
|
4,538,408
|
|||
TOTAL REAL ESTATE
|
34,156,215
|
||
TOTAL NONCONVERTIBLE PREFERRED STOCKS
|
57,646,194
|
||
TOTAL PREFERRED STOCKS
(Cost $63,444,934)
|
60,662,487
|
||
Corporate Bonds - 48.2%
|
|||
Principal
Amount (e)
|
Value ($)
|
||
Convertible Bonds - 0.8%
|
|||
FINANCIALS - 0.8%
|
|||
Mortgage Real Estate Investment Trusts - 0.8%
|
|||
PennyMac Corp. 5.5% 11/1/24
|
1,294,000
|
1,274,590
|
|
Two Harbors Investment Corp. 6.25% 1/15/26
|
904,000
|
858,800
|
|
2,133,390
|
|||
Nonconvertible Bonds - 47.4%
|
|||
COMMUNICATION SERVICES - 0.3%
|
|||
Media - 0.3%
|
|||
Lamar Media Corp. 4% 2/15/30
|
875,000
|
780,946
|
|
CONSUMER DISCRETIONARY - 2.3%
|
|||
Hotels, Restaurants & Leisure - 1.8%
|
|||
Hilton Domestic Operating Co., Inc.:
|
|||
3.625% 2/15/32(f)
|
1,500,000
|
1,260,482
|
|
4% 5/1/31(f)
|
500,000
|
438,119
|
|
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (f)
|
740,000
|
644,300
|
|
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (f)
|
1,570,000
|
1,409,648
|
|
Times Square Hotel Trust 8.528% 8/1/26 (f)
|
756,100
|
751,182
|
|
4,503,731
|
|||
Household Durables - 0.5%
|
|||
M/I Homes, Inc. 3.95% 2/15/30
|
1,430,000
|
1,240,312
|
|
TOTAL CONSUMER DISCRETIONARY
|
5,744,043
|
||
ENERGY - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
EG Global Finance PLC 12% 11/30/28 (f)
|
750,000
|
774,223
|
|
FINANCIALS - 0.7%
|
|||
Financial Services - 0.7%
|
|||
Brixmor Operating Partnership LP:
|
|||
4.125% 5/15/29
|
138,000
|
127,360
|
|
5.5% 2/15/34
|
500,000
|
477,231
|
|
Rexford Industrial Realty LP:
|
|||
2.125% 12/1/30
|
1,000,000
|
796,522
|
|
2.15% 9/1/31
|
500,000
|
391,022
|
|
1,792,135
|
|||
HEALTH CARE - 0.6%
|
|||
Health Care Providers & Services - 0.6%
|
|||
Sabra Health Care LP 5.125% 8/15/26
|
1,615,000
|
1,580,039
|
|
INDUSTRIALS - 0.5%
|
|||
Commercial Services & Supplies - 0.5%
|
|||
Williams Scotsman, Inc.:
|
|||
4.625% 8/15/28(f)
|
750,000
|
692,234
|
|
6.125% 6/15/25(f)
|
648,000
|
645,570
|
|
1,337,804
|
|||
REAL ESTATE - 42.7%
|
|||
Equity Real Estate Investment Trusts (REITs) - 37.9%
|
|||
Agree LP:
|
|||
2.6% 6/15/33
|
1,000,000
|
762,266
|
|
2.9% 10/1/30
|
500,000
|
421,018
|
|
4.8% 10/1/32
|
77,000
|
70,735
|
|
American Homes 4 Rent LP:
|
|||
2.375% 7/15/31
|
2,000,000
|
1,584,752
|
|
3.625% 4/15/32
|
1,000,000
|
855,320
|
|
4.25% 2/15/28
|
2,000,000
|
1,894,403
|
|
5.5% 2/1/34
|
1,500,000
|
1,446,382
|
|
American Tower Corp.:
|
|||
3.1% 6/15/50
|
1,500,000
|
933,897
|
|
3.8% 8/15/29
|
1,000,000
|
914,735
|
|
4.05% 3/15/32
|
2,500,000
|
2,233,771
|
|
5.45% 2/15/34
|
2,000,000
|
1,943,085
|
|
5.55% 7/15/33
|
1,000,000
|
976,600
|
|
5.65% 3/15/33
|
2,000,000
|
1,970,277
|
|
5.9% 11/15/33
|
1,500,000
|
1,510,398
|
|
CBL & Associates LP:
|
|||
4.6%(b)(g)
|
3,930,000
|
0
|
|
5.25%(b)(g)
|
3,629,000
|
0
|
|
5.95%(b)(g)
|
2,551,000
|
0
|
|
Crown Castle, Inc.:
|
|||
2.1% 4/1/31
|
2,000,000
|
1,582,381
|
|
2.25% 1/15/31
|
1,500,000
|
1,206,252
|
|
2.5% 7/15/31
|
2,500,000
|
2,017,251
|
|
5.1% 5/1/33
|
2,500,000
|
2,360,902
|
|
5.8% 3/1/34
|
1,500,000
|
1,485,803
|
|
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (f)
|
1,760,000
|
1,593,068
|
|
CubeSmart LP:
|
|||
2.5% 2/15/32
|
1,500,000
|
1,192,885
|
|
4.375% 2/15/29
|
1,000,000
|
941,562
|
|
Equinix, Inc.:
|
|||
2.5% 5/15/31
|
2,000,000
|
1,630,837
|
|
3% 7/15/50
|
2,500,000
|
1,527,037
|
|
3.4% 2/15/52
|
1,316,000
|
866,331
|
|
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (f)
|
925,000
|
787,754
|
|
GLP Capital LP/GLP Financing II, Inc.:
|
|||
4% 1/15/31
|
1,000,000
|
875,655
|
|
5.25% 6/1/25
|
2,375,000
|
2,352,956
|
|
5.3% 1/15/29
|
1,000,000
|
970,789
|
|
6.75% 12/1/33
|
500,000
|
512,276
|
|
Invitation Homes Operating Partnership LP:
|
|||
2% 8/15/31
|
1,000,000
|
772,867
|
|
4.15% 4/15/32
|
1,000,000
|
890,707
|
|
5.5% 8/15/33
|
3,000,000
|
2,899,975
|
|
Kimco Realty OP, LLC:
|
|||
4.6% 2/1/33
|
1,000,000
|
915,237
|
|
6.4% 3/1/34
|
1,576,000
|
1,630,681
|
|
Kite Realty Group LP 5.5% 3/1/34
|
1,000,000
|
953,935
|
|
LXP Industrial Trust (REIT):
|
|||
2.375% 10/1/31
|
500,000
|
389,136
|
|
2.7% 9/15/30
|
78,000
|
63,898
|
|
6.75% 11/15/28
|
250,000
|
256,383
|
|
MPT Operating Partnership LP/MPT Finance Corp.:
|
|||
4.625% 8/1/29
|
1,506,000
|
1,126,949
|
|
5% 10/15/27
|
3,237,000
|
2,647,737
|
|
NNN (REIT), Inc. 5.6% 10/15/33
|
634,000
|
622,010
|
|
Omega Healthcare Investors, Inc.:
|
|||
4.5% 4/1/27
|
483,000
|
463,122
|
|
4.75% 1/15/28
|
1,616,000
|
1,534,145
|
|
5.25% 1/15/26
|
22,000
|
21,687
|
|
Phillips Edison Grocery Center 2.625% 11/15/31
|
3,000,000
|
2,374,353
|
|
Prologis LP:
|
|||
4.875% 6/15/28
|
1,000,000
|
984,189
|
|
5% 3/15/34
|
1,000,000
|
956,985
|
|
5.125% 1/15/34
|
1,000,000
|
964,719
|
|
5.25% 6/15/53
|
2,000,000
|
1,837,116
|
|
5.25% 3/15/54
|
1,000,000
|
912,805
|
|
Public Storage:
|
|||
5.1% 8/1/33
|
1,000,000
|
968,767
|
|
5.35% 8/1/53
|
2,000,000
|
1,876,671
|
|
Realty Income Corp.:
|
|||
3.1% 12/15/29
|
1,000,000
|
887,486
|
|
3.4% 1/15/30
|
500,000
|
445,686
|
|
4% 7/15/29
|
1,000,000
|
931,664
|
|
5.625% 10/13/32
|
1,000,000
|
993,658
|
|
RLJ Lodging Trust LP 4% 9/15/29 (f)
|
715,000
|
620,119
|
|
Safehold Operating Partnership LP:
|
|||
2.8% 6/15/31
|
500,000
|
409,158
|
|
2.85% 1/15/32
|
1,250,000
|
1,002,544
|
|
6.1% 4/1/34
|
500,000
|
483,801
|
|
SBA Communications Corp. 3.125% 2/1/29
|
2,500,000
|
2,177,145
|
|
Simon Property Group LP:
|
|||
3.25% 9/13/49
|
2,500,000
|
1,637,643
|
|
5.85% 3/8/53
|
1,000,000
|
967,245
|
|
6.25% 1/15/34
|
2,000,000
|
2,067,603
|
|
Sun Communities Operating LP:
|
|||
2.7% 7/15/31
|
2,500,000
|
2,015,972
|
|
5.5% 1/15/29
|
1,000,000
|
982,720
|
|
5.7% 1/15/33
|
1,000,000
|
966,897
|
|
UDR, Inc. 3% 8/15/31
|
500,000
|
423,641
|
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (f)
|
1,040,000
|
808,799
|
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
|
|||
6.5% 2/15/29(f)
|
1,960,000
|
1,575,696
|
|
10.5% 2/15/28(f)
|
1,000,000
|
1,037,430
|
|
Ventas Realty LP:
|
|||
2.5% 9/1/31
|
500,000
|
401,357
|
|
4.4% 1/15/29
|
2,000,000
|
1,886,832
|
|
4.75% 11/15/30
|
1,000,000
|
941,918
|
|
VICI Properties LP:
|
|||
5.125% 5/15/32
|
1,000,000
|
929,109
|
|
5.75% 4/1/34
|
32,000
|
30,793
|
|
6.125% 4/1/54
|
254,000
|
237,247
|
|
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (f)
|
3,095,000
|
2,871,296
|
|
WP Carey, Inc.:
|
|||
2.25% 4/1/33
|
1,000,000
|
744,265
|
|
2.45% 2/1/32
|
1,000,000
|
783,569
|
|
4% 2/1/25
|
422,000
|
416,294
|
|
4.25% 10/1/26
|
459,000
|
445,083
|
|
XHR LP 6.375% 8/15/25 (f)
|
750,000
|
749,173
|
|
96,357,295
|
|||
Real Estate Management & Development - 4.8%
|
|||
CBRE Group, Inc. 5.95% 8/15/34
|
2,250,000
|
2,237,158
|
|
Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (f)
|
875,000
|
862,812
|
|
Essex Portfolio LP 5.5% 4/1/34
|
1,006,000
|
973,399
|
|
Extra Space Storage LP:
|
|||
2.35% 3/15/32
|
2,000,000
|
1,560,596
|
|
5.4% 2/1/34
|
2,000,000
|
1,915,313
|
|
5.5% 7/1/30
|
1,000,000
|
985,593
|
|
5.9% 1/15/31
|
1,000,000
|
1,004,917
|
|
Howard Hughes Corp.:
|
|||
4.125% 2/1/29(f)
|
665,000
|
587,240
|
|
5.375% 8/1/28(f)
|
355,000
|
334,066
|
|
Kennedy-Wilson, Inc. 4.75% 2/1/30
|
1,755,000
|
1,389,956
|
|
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (f)
|
202,000
|
198,881
|
|
12,049,931
|
|||
TOTAL REAL ESTATE
|
108,407,226
|
||
TOTAL NONCONVERTIBLE BONDS
|
120,416,416
|
||
TOTAL CORPORATE BONDS
(Cost $126,319,792)
|
122,549,806
|
||
Asset-Backed Securities - 0.5%
|
|||
Principal
Amount (e)
|
Value ($)
|
||
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(c)(f)(h)
|
879,002
|
9
|
|
Home Partners of America Trust:
|
|||
Series 2021-1 Class F, 3.325% 9/17/41 (f)
|
424,779
|
334,505
|
|
Series 2021-2 Class G, 4.505% 12/17/26 (f)
|
961,262
|
845,953
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $1,386,014)
|
1,180,467
|
||
Commercial Mortgage Securities - 19.1%
|
|||
Principal
Amount (e)
|
Value ($)
|
||
BANK:
|
|||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (f)
|
625,000
|
418,991
|
|
Series 2017-BNK8 Class E, 2.8% 11/15/50 (f)
|
1,848,000
|
694,492
|
|
Benchmark Mortgage Trust sequential payer Series 2019-B14:
|
|||
Class 225D, 3.4041% 12/15/62 (c)(f)
|
573,000
|
11,730
|
|
Class 225E, 3.4041% 12/15/62 (c)(f)
|
859,000
|
8,437
|
|
BSREP Commercial Mortgage Trust floater Series 2021-DC:
|
|||
Class F, CME Term SOFR 1 Month Index + 2.960% 8.2855% 8/15/38 (c)(d)(f)
|
101,405
|
69,665
|
|
Class G, CME Term SOFR 1 Month Index + 3.960% 9.2855% 8/15/38 (c)(d)(f)
|
236,927
|
147,931
|
|
BX Commercial Mortgage Trust:
|
|||
floater:
|
|||
Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.640% 8.9673% 4/15/34 (c)(d)(f)
|
819,000
|
809,712
|
|
Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2355% 6/15/38 (c)(d)(f)
|
882,744
|
879,011
|
|
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.3878% 5/15/38 (c)(d)(f)
|
1,080,705
|
1,068,303
|
|
Series 2022-LBA6 Class F, CME Term SOFR 1 Month Index + 3.350% 8.671% 1/15/39 (c)(d)(f)
|
700,000
|
691,373
|
|
Series 2019-OC11 Class E, 4.0755% 12/9/41 (c)(f)
|
3,666,000
|
3,069,826
|
|
Series 2020-VIVA Class E, 3.667% 3/11/44 (c)(f)
|
2,018,000
|
1,640,153
|
|
COMM Mortgage Trust:
|
|||
floater Series 2018-HCLV:
|
|||
Class F, CME Term SOFR 1 Month Index + 3.340% 8.667% 9/15/33 (c)(d)(f)
|
735,000
|
361,386
|
|
Class G, CME Term SOFR 1 Month Index + 5.350% 10.6733% 9/15/33 (c)(d)(f)
|
735,000
|
279,587
|
|
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f)
|
1,299,000
|
1,173,071
|
|
Series 2012-CR1 Class G, 2.462% 5/15/45 (b)(f)
|
329,079
|
4,269
|
|
Series 2017-CD4 Class D, 3.3% 5/10/50 (f)
|
213,000
|
165,569
|
|
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f)
|
31,000
|
23,579
|
|
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)(d)(f)
|
800,000
|
249,979
|
|
DBGS Mortgage Trust Series 2018-C1 Class C, 4.7965% 10/15/51 (c)
|
1,000,000
|
834,410
|
|
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5159% 8/10/44 (c)(f)
|
513,608
|
467,383
|
|
GS Mortgage Securities Trust:
|
|||
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.640% 8.218% 7/15/35 (c)(d)(f)
|
669,000
|
13,380
|
|
sequential payer Series 2023-SHIP Class E, 7.6814% 9/10/38 (c)(f)
|
1,000,000
|
985,252
|
|
Series 2011-GC5:
|
|||
Class C, 5.2974% 8/10/44 (c)(f)
|
101,000
|
77,806
|
|
Class D, 5.2974% 8/10/44 (c)(f)
|
759,236
|
360,906
|
|
Class E, 5.2974% 8/10/44 (b)(c)(f)
|
848,000
|
95,637
|
|
Class F, 4.5% 8/10/44 (b)(f)
|
677,000
|
2,031
|
|
Series 2012-GCJ9 Class E, 4.7543% 11/10/45 (c)(f)
|
355,000
|
295,516
|
|
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (c)(f)
|
2,515,000
|
2,304,326
|
|
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (f)
|
504,000
|
468,297
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f)
|
1,624,000
|
1,485,738
|
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.3994% 6/15/51 (c)(f)
|
302,000
|
206,113
|
|
JPMorgan Chase Commercial Mortgage Securities Trust:
|
|||
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (c)(f)
|
500,000
|
280,311
|
|
Series 2011-C3:
|
|||
Class E, 5.7095% 2/15/46 (b)(c)(f)
|
3,467,000
|
1,420,202
|
|
Class G, 4.409% 2/15/46 (c)(f)
|
1,680,000
|
193,178
|
|
Class H, 4.409% 2/15/46 (b)(c)(f)
|
1,320,000
|
91,258
|
|
Series 2012-CBX:
|
|||
Class E, 4.8459% 6/15/45 (b)(c)(f)
|
775,432
|
694,012
|
|
Class G 4% 6/15/45 (b)(f)
|
805,000
|
544,717
|
|
Series 2013-LC11:
|
|||
Class D, 4.2967% 4/15/46 (c)
|
1,316,000
|
596,901
|
|
Class F, 3.25% 4/15/46 (b)(c)(f)
|
482,000
|
30,125
|
|
Series 2014-DSTY Class E, 3.9314% 6/10/27 (b)(c)(f)
|
924,000
|
2,254
|
|
Series 2018-AON Class F, 4.767% 7/5/31 (c)(f)
|
961,000
|
207,402
|
|
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (f)
|
1,406,000
|
499,099
|
|
Merit floater Series 2021-STOR Class G, CME Term SOFR 1 Month Index + 2.860% 8.1855% 7/15/38 (c)(d)(f)
|
250,000
|
247,344
|
|
MHC Commercial Mortgage Trust floater Series 2021-MHC:
|
|||
Class F, CME Term SOFR 1 Month Index + 2.710% 8.0364% 4/15/38 (c)(d)(f)
|
582,180
|
577,814
|
|
Class G, CME Term SOFR 1 Month Index + 3.310% 8.6364% 4/15/38 (c)(d)(f)
|
709,690
|
704,367
|
|
Morgan Stanley BAML Trust:
|
|||
Series 2012-C6 Class D, 4.5358% 11/15/45 (c)(f)
|
2,000,000
|
1,614,815
|
|
Series 2012-C6, Class F, 4.5358% 11/15/45 (b)(c)(f)
|
1,000,000
|
349,607
|
|
Series 2013-C13 Class E, 5.2248% 11/15/46 (c)(f)
|
513,285
|
462,380
|
|
Series 2013-C9 Class C, 3.8531% 5/15/46 (c)
|
625,000
|
545,902
|
|
Morgan Stanley Capital I Trust:
|
|||
Series 2011-C2:
|
|||
Class D, 5.385% 6/15/44 (c)(f)
|
1,171,542
|
1,124,680
|
|
Class F, 5.385% 6/15/44 (c)(f)
|
1,467,000
|
850,860
|
|
Class XB, 0.5097% 6/15/44 (c)(f)(h)
|
22,489,512
|
79,163
|
|
Series 2011-C3:
|
|||
Class E, 5.1082% 7/15/49 (c)(f)
|
214,789
|
207,697
|
|
Class F, 5.1082% 7/15/49 (c)(f)
|
636,000
|
568,330
|
|
Class G, 5.1082% 7/15/49 (c)(f)
|
979,600
|
847,552
|
|
Series 2015-MS1 Class D, 4.1571% 5/15/48 (c)(f)
|
2,045,000
|
1,395,528
|
|
Series 2016-BNK2 Class C, 3% 11/15/49 (f)
|
2,346,000
|
1,102,621
|
|
Morgan Stanley Capital I Trust 2024-B sequential payer Series 2024-BPR2 Class A, 7.289% 5/5/29 (f)
|
1,000,000
|
999,980
|
|
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (c)(f)
|
1,000,000
|
791,589
|
|
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)(c)(d)(f)
|
113,725
|
5,686
|
|
OPG Trust floater Series 2021-PORT Class J, CME Term SOFR 1 Month Index + 3.460% 8.7815% 10/15/36 (c)(d)(f)
|
325,000
|
313,233
|
|
PKHL Commercial Mortgage Trust floater Series 2021-MF Class G, CME Term SOFR 1 Month Index + 4.460% 9.7855% 7/15/38 (b)(c)(d)(f)
|
500,000
|
294,513
|
|
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (f)
|
250,000
|
190,525
|
|
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f)
|
704,643
|
709,887
|
|
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.593% 9/15/39 (c)(f)
|
2,000,000
|
1,456,882
|
|
SREIT Trust floater:
|
|||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7013% 10/15/38 (c)(d)(f)
|
1,573,000
|
1,465,555
|
|
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.351% 11/15/36 (c)(d)(f)
|
1,000,000
|
971,916
|
|
STWD Trust floater sequential payer Series 2021-LIH Class G, CME Term SOFR 1 Month Index + 4.310% 9.635% 11/15/36 (c)(d)(f)
|
1,280,000
|
1,221,219
|
|
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.2945% 6/15/26 (c)(d)(f)
|
940,800
|
939,042
|
|
UBS Commercial Mortgage Trust Series 2012-C1:
|
|||
Class E, 5% 5/10/45 (b)(c)(f)
|
926,620
|
837,913
|
|
Class F, 5% 5/10/45 (b)(c)(f)
|
399,000
|
49,875
|
|
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (c)(f)
|
1,817,000
|
1,480,492
|
|
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/49 (f)
|
1,260,000
|
546,181
|
|
WF-RBS Commercial Mortgage Trust:
|
|||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (b)(c)
|
45,000
|
4,138
|
|
Series 2011-C3 Class D, 6.0497% 3/15/44 (c)(f)
|
843,916
|
322,798
|
|
Series 2013-C11 Class E, 4.1959% 3/15/45 (c)(f)
|
53,000
|
32,564
|
|
Series 2013-C13 Class D, 4.142% 5/15/45 (c)(f)
|
42,521
|
36,357
|
|
WP Glimcher Mall Trust Series 2015-WPG:
|
|||
Class PR1, 3.6332% 6/5/35 (b)(c)(f)
|
1,168,000
|
912,399
|
|
Class PR2, 3.6332% 6/5/35 (b)(c)(f)
|
459,000
|
346,200
|
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $66,415,198)
|
48,530,922
|
||
Bank Loan Obligations - 3.8%
|
|||
Principal
Amount (e)
|
Value ($)
|
||
FINANCIALS - 3.8%
|
|||
Financial Services - 3.8%
|
|||
Agellan Portfolio 9% 8/7/25 (b)(i)
|
1,217,000
|
1,217,000
|
|
MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.321% 1/9/25 (b)(c)(d)(i)
|
7,110,539
|
6,826,101
|
|
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.8918% 1/21/27 (b)(c)(d)(i)
|
1,691,731
|
1,691,731
|
|
9,734,832
|
|||
REAL ESTATE - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0657% 1/31/30 (c)(d)(i)
|
19,950
|
20,000
|
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $10,037,236)
|
9,754,832
|
||
Preferred Securities - 1.2%
|
|||
Principal
Amount (e)
|
Value ($)
|
||
FINANCIALS - 1.2%
|
|||
Mortgage Real Estate Investment Trusts - 1.2%
|
|||
AGNC Investment Corp. CME Term SOFR 3 Month Index + 4.330% 6.875% (c)(d)
|
65,750
|
1,629,943
|
|
Chimera Investment Corp. Series B, CME Term SOFR 3 Month Index + 6.050% 8.00% (c)(d)
|
62,658
|
1,550,786
|
|
TOTAL PREFERRED SECURITIES
(Cost $2,733,468)
|
3,180,729
|
||
Money Market Funds - 2.1%
|
|||
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund 5.39% (j)
(Cost $5,286,128)
|
5,285,071
|
5,286,128
|
|
TOTAL INVESTMENT IN SECURITIES - 98.8%
(Cost $276,686,399)
|
251,145,371
|
NET OTHER ASSETS (LIABILITIES) - 1.2%
|
2,993,821
|
NET ASSETS - 100.0%
|
254,139,192
|
(a)
|
Non-income producing
|
(b)
|
Level 3 security
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(d)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(e)
|
Amount is stated in United States dollars unless otherwise noted.
|
(f)
|
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 $66,372,130 or 26.1% of net assets.
|
(g)
|
Non-income producing - Security is in default.
|
(h)
|
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
|
(i)
|
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
|
(j)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliate
|
Value,
beginning
of period ($)
|
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%
|
42,034,884
|
93,867,557
|
130,616,064
|
646,081
|
(249)
|
-
|
5,286,128
|
0.0%
|
Fidelity Securities Lending Cash Central Fund 5.39%
|
37,700
|
2,904
|
40,604
|
2,654
|
-
|
-
|
-
|
0.0%
|
Total
|
42,072,584
|
93,870,461
|
130,656,668
|
648,735
|
(249)
|
-
|
5,286,128
|
|