Asset-Backed Securities - 1.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|||
Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 5.2898% 3/20/2050 (d)(f)(g)(i)
|
2,250,000
|
0
|
|
Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 0% 12/28/2035 (d)(f)(g)(i)
|
500,000
|
0
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
0
|
||
UNITED STATES - 1.6%
|
|||
CNSL Series 2025-4A Class C, 8.098% 12/20/2055 (i)
|
5,000,000
|
5,132,173
|
|
Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (i)
|
4,743,000
|
4,970,109
|
|
Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (i)
|
1,861,926
|
1,810,332
|
|
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (i)
|
4,261,093
|
3,849,315
|
|
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (i)
|
18,728,334
|
18,506,913
|
|
Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (i)
|
6,571,831
|
6,089,164
|
|
Lmdv Issuer CO LLC Series 2025-1A Class C, 7.88% 12/15/2055 (i)
|
3,727,000
|
3,761,719
|
|
MetroNet Infrastructure Issuer LLC Series 2026-1A Class C, 7.1% 4/20/2056 (i)
|
7,453,000
|
7,499,441
|
|
Retained Vantage Data Centers Issuer LLC / Vantage Data Centers CDA Ltd Series 2024-1A Class B, 5.775% 9/15/2049 (i)
|
6,878,000
|
6,607,985
|
|
Switch ABS Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (i)
|
5,421,000
|
5,527,038
|
|
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (i)
|
2,033,000
|
2,020,760
|
|
Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (i)
|
1,355,000
|
1,356,519
|
|
TOTAL UNITED STATES
|
67,131,468
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $70,204,895)
|
67,131,468
|
||
Bank Loan Obligations - 1.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.6%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6522% 10/6/2032 (e)(f)(g)
|
6,580,650
|
6,580,650
|
|
Wireless Telecommunication Services - 0.4%
|
|||
SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.41% 1/25/2031 (e)(f)(g)
|
17,220,424
|
17,290,339
|
|
TOTAL COMMUNICATION SERVICES
|
23,870,989
|
||
Consumer Discretionary - 0.4%
|
|||
Hotels, Restaurants & Leisure - 0.4%
|
|||
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9022% 2/6/2031 (e)(f)(g)
|
2,946,300
|
2,848,719
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6522% 8/2/2028 (e)(f)(g)
|
453,245
|
453,499
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6579% 1/17/2031 (e)(f)(g)
|
2,665,300
|
2,665,433
|
|
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4043% 11/8/2030 (e)(f)(g)
|
9,145,000
|
9,183,409
|
|
TOTAL CONSUMER DISCRETIONARY
|
15,151,060
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 12/31/2032 (e)(f)(g)
|
6,690,437
|
6,685,018
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (e)(f)(g)(h)
|
6,675,500
|
4,296,685
|
|
TOTAL ENERGY
|
10,981,703
|
||
Financials - 0.3%
|
|||
Financial Services - 0.3%
|
|||
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.6547% 1/9/2027 (d)(e)(f)(g)
|
11,444,659
|
11,158,543
|
|
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1522% 1/31/2030 (e)(f)(g)
|
1,500,791
|
1,506,420
|
|
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4022% 1/31/2030 (e)(f)(g)
|
1,315,775
|
1,319,064
|
|
TOTAL REAL ESTATE
|
2,825,484
|
||
TOTAL UNITED STATES
|
63,987,779
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $66,324,472)
|
63,987,779
|
||
Collateralized Mortgage Obligations - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.8616% 2/25/2042 (d)(g)(i)
|
16,288
|
5,751
|
|
Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9156% 6/25/2043 (d)(g)(i)
|
27,119
|
21,330
|
|
TOTAL UNITED STATES
|
27,081
|
||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $18,851)
|
27,081
|
||
Commercial Mortgage Securities - 18.8%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 18.8%
|
|||
Ares Trust 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2047% 4/15/2042 (f)(g)(i)
|
4,743,000
|
4,748,929
|
|
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.906% 7/15/2049 (g)
|
2,053,000
|
1,983,298
|
|
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (i)
|
7,707,393
|
3,700,585
|
|
BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d)(g)(i)
|
1,355,000
|
819,398
|
|
BANK Series 2021-BN38 Class C, 3.2182% 12/15/2064 (g)
|
2,375,000
|
1,958,857
|
|
BANK Series 2022-BNK41 Class C, 3.7892% 4/15/2065 (g)
|
3,004,000
|
2,639,991
|
|
BANK Series 2022-BNK42 Class C, 4.7228% 6/15/2055 (g)
|
4,404,000
|
3,943,543
|
|
BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (i)
|
1,355,000
|
980,771
|
|
BANK Series 2022-BNK44 Class AS, 5.7433% 11/15/2055 (g)
|
3,388,000
|
3,453,459
|
|
BANK Series 2023-5YR3 Class AS, 7.3151% 9/15/2056 (g)
|
1,016,000
|
1,070,597
|
|
BANK Series 2023-5YR3 Class B, 7.3151% 9/15/2056 (g)
|
1,355,000
|
1,418,061
|
|
BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056
|
955,000
|
994,487
|
|
BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056
|
3,388,000
|
3,555,934
|
|
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (g)
|
2,710,000
|
2,733,234
|
|
BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053
|
765,000
|
632,219
|
|
BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5862% 4/15/2053 (g)
|
1,401,000
|
1,195,019
|
|
BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (g)
|
3,557,000
|
2,972,670
|
|
BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055
|
1,355,000
|
1,274,611
|
|
BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (i)
|
1,355,000
|
999,713
|
|
BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4149% 12/15/2056 (g)
|
1,694,000
|
1,782,827
|
|
BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2962% 9/15/2056 (g)
|
4,743,000
|
5,030,062
|
|
BBCMS Mortgage Trust Series 2023-C21 Class B, 6.2962% 9/15/2056 (g)
|
4,743,000
|
4,875,588
|
|
BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1224% 11/15/2056 (g)
|
6,776,000
|
7,423,096
|
|
BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1224% 11/15/2056 (g)
|
6,776,000
|
7,238,783
|
|
BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062
|
3,388,000
|
3,559,601
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.0747% 12/15/2062 (d)(g)(i)
|
2,322,000
|
11,610
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.0747% 12/15/2062 (d)(g)(i)
|
3,483,000
|
8,707
|
|
Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054
|
339,000
|
298,282
|
|
Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4423% 5/15/2055 (g)
|
4,743,000
|
3,803,748
|
|
Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1185% 7/15/2055 (g)
|
1,355,000
|
1,227,451
|
|
Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (i)
|
2,594,000
|
1,834,487
|
|
Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (i)
|
3,388,000
|
3,391,565
|
|
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3456% 11/15/2041 (f)(g)(i)
|
4,767,000
|
4,769,979
|
|
BFLD Trust Series 2025-EWEST Class E, CME Term SOFR 1 month Index + 3%, 6.6547% 6/15/2042 (f)(g)(i)
|
3,388,000
|
3,361,139
|
|
BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1174% 8/15/2056 (g)
|
2,372,000
|
2,472,017
|
|
BMO Mortgage Trust Series 2023-5C2 Class AS, 7.2439% 11/15/2056 (g)
|
6,776,000
|
7,093,591
|
|
BMO Mortgage Trust Series 2023-C5 Class B, 6.481% 6/15/2056 (g)
|
3,219,000
|
3,321,274
|
|
BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (g)
|
3,388,000
|
3,645,948
|
|
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 5.7711% 11/5/2039 (g)(i)
|
3,792,000
|
3,886,905
|
|
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (g)(i)
|
3,178,000
|
3,164,547
|
|
BRES Commercial Mortgage Trust Series 2025-ATCAP Class E, CME Term SOFR 1 month Index + 3.6408%, 7.2955% 11/15/2042 (f)(g)(i)
|
6,776,000
|
6,727,148
|
|
BX 2019 Trust Series 2019-OC11 Class E, 3.944% 12/9/2041 (g)(i)
|
22,036,000
|
20,183,700
|
|
BX 2024 Trust Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.5441% 6/15/2041 (f)(g)(i)
|
9,232,309
|
9,094,139
|
|
BX 2024 Trust Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.5926% 6/15/2041 (f)(g)(i)
|
5,363,605
|
5,309,288
|
|
BX 2025-DIME Trust Series 2025-DIME Class E, 6.6547% 2/15/2035 (g)(i)
|
10,164,000
|
10,075,065
|
|
BX 2025-DIME Trust Series 2025-DIME Class F, CME Term SOFR 1 month Index + 3.7%, 7.3547% 2/15/2035 (f)(g)(i)
|
6,776,000
|
6,749,858
|
|
BX 2025-ROIC Trust Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 6.596% 3/15/2030 (f)(g)(i)
|
15,541,097
|
15,541,097
|
|
BX 2025-VLT6 Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 7.5944% 3/15/2042 (f)(g)(i)
|
10,164,000
|
10,022,734
|
|
BX Commercial Mortgage 2020 Trust Series 2020-VIVA Class E, 3.5488% 3/11/2044 (g)(i)
|
14,160,990
|
12,655,177
|
|
BX Commercial Mortgage 2024-KING Trust Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.3427% 5/15/2034 (f)(g)(i)
|
1,337,393
|
1,337,393
|
|
BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class B, 5.4147% 11/13/2046 (g)(i)
|
4,436,000
|
4,453,617
|
|
BX Commercial Mortgage 2024-VLT5 Trust Series 2024-VLT5 Class E, 7.3467% 11/13/2046 (g)(i)
|
6,776,000
|
7,080,454
|
|
BX Commercial Mortgage 2025 Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3449% 4/15/2040 (f)(g)(i)
|
11,518,888
|
11,518,888
|
|
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3013% 4/15/2034 (f)(g)(i)
|
3,511,000
|
3,457,608
|
|
BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 6.9885% 12/15/2038 (f)(g)(i)
|
4,469,499
|
4,468,102
|
|
BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 6.7156% 10/15/2036 (f)(g)(i)
|
11,676,000
|
11,605,650
|
|
BX Commercial Mortgage Trust Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.3431% 3/15/2041 (f)(g)(i)
|
2,419,200
|
2,420,599
|
|
BX Commercial Mortgage Trust Series 2026-XL6 Class D, CME Term SOFR 1 month Index + 2.1%, 5.7547% 3/15/2043 (f)(g)(i)
|
1,355,000
|
1,348,225
|
|
BX Commercial Mortgage Trust Series 2026-XL6 Class E, CME Term SOFR 1 month Index + 3%, 6.6547% 3/15/2043 (f)(g)(i)
|
6,010,000
|
5,972,635
|
|
BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.0645% 11/15/2038 (f)(g)(i)
|
7,762,037
|
7,726,820
|
|
BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 6.3547% 1/15/2039 (f)(g)(i)
|
10,164,000
|
10,160,825
|
|
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0047% 1/15/2039 (f)(g)(i)
|
4,201,000
|
4,180,573
|
|
BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 7.8547% 1/15/2039 (f)(g)(i)
|
7,684,000
|
7,674,649
|
|
BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 6.9537% 1/15/2039 (f)(g)(i)
|
2,251,874
|
2,245,562
|
|
BX Trust Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.3434% 4/15/2041 (f)(g)(i)
|
8,695,281
|
8,654,432
|
|
BX Trust Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.5949% 11/15/2041 (f)(g)(i)
|
2,543,048
|
2,546,204
|
|
BX Trust Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.5935% 11/15/2041 (f)(g)(i)
|
8,553,691
|
8,522,513
|
|
BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 7.8428% 2/15/2039 (f)(g)(i)
|
2,707,632
|
2,707,053
|
|
BX Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 7.6047% 6/15/2040 (f)(g)(i)
|
2,109,085
|
2,109,084
|
|
BX Trust Series 2025-OMG Class E, CME Term SOFR 1 month Index + 2.95%, 6.605% 10/15/2042 (f)(g)(i)
|
6,098,000
|
6,086,414
|
|
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.255% 10/15/2042 (d)(f)(g)(i)
|
5,421,000
|
5,410,700
|
|
BX Trust Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 6.9547% 6/15/2035 (f)(g)(i)
|
3,049,000
|
3,049,032
|
|
BX Trust Series 2026-ALOHA Class E, CME Term SOFR 1 month Index + 2.95%, 6.65% 4/15/2043 (f)(g)(i)
|
1,762,000
|
1,762,000
|
|
BX Trust Series 2026-CART Class D, CME Term SOFR 1 month Index + 1.9%, 5.5547% 2/15/2036 (f)(g)(i)
|
1,355,000
|
1,341,846
|
|
BX Trust Series 2026-LP3 Class E, CME Term SOFR 1 month Index + 3.2%, 6.85% 4/15/2043 (f)(g)(i)
|
9,147,000
|
9,172,726
|
|
BX Trust Series 2026-RISE Class E, CME Term SOFR 1 month Index + 2.8%, 6.47% 4/15/2041 (f)(g)(i)
|
10,055,000
|
10,051,738
|
|
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (g)(i)
|
3,899,000
|
3,068,995
|
|
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (d)(i)
|
1,555,707
|
84,958
|
|
Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (i)
|
1,355,000
|
859,599
|
|
Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (g)(i)
|
3,388,000
|
3,471,882
|
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 6.0475% 6/12/2040 (g)(i)
|
3,388,000
|
3,435,302
|
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 6.0475% 6/12/2040 (g)(i)
|
6,606,000
|
6,640,005
|
|
COMM Mortgage Trust Series 2012-CR1 Class D, 5.0972% 5/15/2045 (g)(i)
|
769,606
|
716,511
|
|
COMM Mortgage Trust Series 2014-UBS2 Class D, 5.3468% 3/10/2047 (d)(g)(i)
|
340,644
|
150,384
|
|
COMM Mortgage Trust Series 2015-DC1 Class C, 4.2793% 2/10/2048 (g)
|
1,755,000
|
1,548,559
|
|
COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (g)
|
2,033,000
|
1,840,867
|
|
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (d)(i)
|
1,876,000
|
1,397,336
|
|
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (i)
|
1,876,000
|
1,676,319
|
|
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.001% 9/15/2033 (f)(g)(i)
|
2,890,000
|
177,399
|
|
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0073% 9/15/2033 (f)(g)(i)
|
2,890,000
|
80,005
|
|
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5432% 8/15/2041 (f)(g)(i)
|
6,911,000
|
6,851,065
|
|
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.0861% 6/15/2034 (f)(i)
|
4,824,000
|
2,069,187
|
|
DTP Commercial Mortgage Trust Series 2023-STE2 Class C, 6.0418% 1/15/2041 (g)(i)
|
5,963,000
|
5,999,726
|
|
ELP Series 2025-ELP Class E, 6.02% 11/13/2042 (g)(i)
|
10,140,000
|
10,000,225
|
|
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (g)(i)
|
3,388,000
|
3,425,332
|
|
Extended Stay America Trust Series 2025-ESH Class E, CME Term SOFR 1 month Index + 3.35%, 7.0047% 10/15/2042 (f)(g)(i)
|
5,221,146
|
5,243,988
|
|
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7547% 10/15/2042 (f)(g)(i)
|
3,915,137
|
3,934,713
|
|
Extended Stay America Trust Series 2026-ESH2 Class F, 7.4047% 2/15/2043 (g)(i)
|
12,614,787
|
12,677,804
|
|
Fontainebleau Miami Beach Beach Mortgage Trust Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.3047% 12/15/2039 (f)(g)(i)
|
2,118,000
|
2,137,631
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.5575% 8/10/2044 (g)(i)
|
4,571,033
|
4,452,854
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.5575% 8/10/2044 (g)(i)
|
1,852,635
|
1,454,663
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.5575% 8/10/2044 (g)(i)
|
5,514,000
|
1,847,499
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (d)(i)
|
5,351,000
|
16,053
|
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.2475% 11/10/2045 (g)(i)
|
977,329
|
938,148
|
|
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.552% 7/15/2035 (f)(g)(i)
|
2,580,000
|
1,870
|
|
GS Mortgage Securities Trust Series 2024-RVR Class A, 4.8518% 8/10/2041 (g)(i)
|
2,914,000
|
2,924,117
|
|
GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.111% 11/25/2041 (f)(g)(i)
|
2,710,000
|
2,706,471
|
|
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (g)(i)
|
13,735,000
|
13,549,958
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6912% 6/15/2045 (g)(i)
|
2,105,903
|
2,048,011
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (i)
|
5,551,000
|
4,746,041
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (i)
|
2,740,000
|
1,868,481
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 3.6068% 4/15/2046 (d)(g)
|
1,130,942
|
8,504
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (g)(i)
|
5,530,000
|
13,769
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (g)(i)
|
3,414,000
|
547,891
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (d)(i)
|
1,355,000
|
304,916
|
|
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (g)(i)
|
4,434,000
|
4,360,368
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (i)
|
5,528,806
|
5,380,377
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.4964% 1/15/2048 (g)(i)
|
1,625,000
|
1,436,939
|
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2554% 6/15/2051 (g)(i)
|
1,151,000
|
940,354
|
|
KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.07% 8/15/2038 (f)(g)(i)
|
4,031,890
|
3,993,849
|
|
KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 7.72% 8/15/2038 (f)(g)(i)
|
2,617,505
|
2,595,190
|
|
KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 6.6547% 3/15/2042 (f)(g)(i)
|
3,165,663
|
3,157,454
|
|
MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (i)
|
3,727,000
|
3,761,469
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 5.9695% 7/15/2038 (f)(g)(i)
|
2,156,000
|
2,154,653
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 7.7195% 7/15/2038 (f)(g)(i)
|
2,355,000
|
2,347,927
|
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 6.9139% 1/15/2039 (f)(g)(i)
|
2,333,600
|
2,332,871
|
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 7.6122% 1/15/2027 (f)(g)(i)
|
7,818,400
|
7,829,577
|
|
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1547% 9/15/2040 (f)(g)(i)
|
3,557,000
|
3,561,416
|
|
MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (i)
|
2,846,000
|
2,874,767
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (g)(i)
|
1,694,000
|
228,707
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.6006% 10/15/2046 (g)(i)
|
3,842,988
|
3,662,752
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7042% 5/15/2046 (g)
|
2,237,000
|
2,067,292
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7922% 5/15/2046 (g)(i)
|
1,512,000
|
1,376,139
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2129% 6/15/2044 (g)(i)
|
903,594
|
894,730
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2129% 6/15/2044 (g)(i)
|
1,990,000
|
1,497,256
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.496% 6/15/2044 (g)(i)(k)
|
17,481,156
|
66,846
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.941% 7/15/2049 (g)(i)
|
387,243
|
384,727
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.941% 7/15/2049 (d)(g)(i)
|
3,811,050
|
3,753,251
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.941% 7/15/2049 (g)(i)
|
3,421,500
|
3,356,438
|
|
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (g)(i)
|
3,519,000
|
2,903,527
|
|
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (d)(i)
|
2,010,000
|
1,482,424
|
|
Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050
|
1,673,594
|
1,591,344
|
|
Morgan Stanley Capital I Trust Series 2020-L4 Class C, 3.536% 2/15/2053
|
1,874,000
|
1,636,068
|
|
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (i)
|
5,844,874
|
6,097,771
|
|
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (g)(i)
|
9,193,000
|
8,858,618
|
|
MSJP Series 2015-HAUL Class E, 4.8542% 9/5/2047 (g)(i)
|
1,016,000
|
860,053
|
|
MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056
|
9,392,000
|
9,800,800
|
|
MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.9055% 5/15/2056 (g)
|
2,541,000
|
2,654,365
|
|
MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056
|
6,776,000
|
7,271,644
|
|
MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8731% 12/15/2056 (g)
|
6,776,000
|
7,274,802
|
|
NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (g)(i)
|
3,388,000
|
3,401,798
|
|
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (g)(i)
|
12,707,000
|
12,675,841
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (g)(i)
|
1,548,000
|
1,537,171
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (g)(i)
|
3,110,000
|
3,073,236
|
|
PCY Series 2026-FCMT Class B, 5.3466% 4/5/2041 (g)(i)
|
678,000
|
678,118
|
|
PCY Series 2026-FCMT Class C, 5.6846% 4/5/2041 (g)(i)
|
4,404,000
|
4,413,999
|
|
PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.3695% 7/15/2038 (d)(f)(g)(i)
|
339,000
|
115,752
|
|
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1195% 7/15/2038 (f)(g)(i)
|
4,028,000
|
751,032
|
|
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (i)
|
9,398,000
|
8,062,544
|
|
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (g)(i)
|
8,131,000
|
8,116,768
|
|
PRM5 Trust Series 2025-PRM5 Class E, 6.4099% 3/10/2033 (g)(i)
|
6,776,000
|
6,771,347
|
|
Prm7 Trust Series 2025-PRM7 Class B, 4.8075% 11/10/2042 (g)(i)
|
2,710,000
|
2,646,514
|
|
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (i)
|
1,032,241
|
1,047,032
|
|
Ride Series 2025-SHRE Class E, 7.2881% 2/14/2047 (g)(i)
|
7,846,000
|
8,002,955
|
|
Rocket Mortgage Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (i)
|
9,061,000
|
9,482,599
|
|
SCG Trust Series 2025-SNIP Class E, 7.0547% 9/15/2042 (g)(i)
|
2,033,000
|
2,038,083
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.595% 11/15/2034 (f)(g)(i)
|
2,654,400
|
2,654,393
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8432% 11/15/2034 (f)(g)(i)
|
3,104,500
|
3,093,847
|
|
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (g)(i)
|
3,388,000
|
3,071,882
|
|
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2547% 10/15/2041 (f)(g)(i)
|
6,353,000
|
6,372,853
|
|
SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.005% 1/15/2039 (f)(g)(i)
|
9,903,000
|
9,704,940
|
|
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.685% 11/15/2036 (f)(g)(i)
|
7,367,000
|
7,343,377
|
|
STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 6.672% 11/15/2036 (f)(g)(i)
|
3,378,000
|
3,373,777
|
|
STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.32% 11/15/2036 (f)(g)(i)
|
10,355,000
|
10,342,056
|
|
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.969% 11/15/2036 (f)(g)(i)
|
6,218,000
|
6,210,228
|
|
SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.9889% 2/12/2041 (g)(i)
|
4,065,000
|
3,575,508
|
|
SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.9889% 2/12/2041 (g)(i)
|
2,176,000
|
1,744,319
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.8936% 2/15/2042 (f)(g)(i)
|
13,145,000
|
13,019,904
|
|
Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 6.7453% 4/15/2042 (f)(g)(i)
|
1,016,000
|
1,014,775
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (g)(i)
|
3,183,945
|
3,024,684
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (d)(g)(i)
|
1,505,350
|
436,546
|
|
VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 7.6695% 7/15/2039 (f)(g)(i)
|
4,530,000
|
3,939,206
|
|
VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 8.7695% 7/15/2039 (f)(g)(i)
|
542,000
|
449,633
|
|
VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 5.449% 7/13/2044 (g)(i)
|
4,743,000
|
4,775,224
|
|
VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 5.811% 7/13/2044 (g)(i)
|
3,388,000
|
3,423,063
|
|
Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052
|
598,000
|
509,319
|
|
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.2613% 7/15/2035 (g)(i)
|
3,557,000
|
3,579,850
|
|
Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class B, 5.967% 10/15/2058
|
4,743,000
|
4,829,314
|
|
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.4642% 3/15/2044 (g)(i)
|
341,141
|
122,806
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2963% 3/15/2045 (g)(i)
|
3,203,000
|
2,290,177
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 4.0879% 5/15/2045 (g)(i)
|
1,978,303
|
1,867,043
|
|
WHARF Series 2025-DC Class E, 7.9816% 7/15/2040 (g)(i)
|
6,776,000
|
6,955,896
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (g)(i)
|
4,557,000
|
2,278,592
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (d)(g)(i)
|
1,722,000
|
378,874
|
|
TOTAL UNITED STATES
|
769,260,809
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $814,461,545)
|
769,260,809
|
||
Common Stocks - 24.1%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 24.1%
|
|||
Financials - 0.5%
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.5%
|
|||
Dynex Capital Inc
|
776,235
|
10,572,321
|
|
MFA Financial Inc
|
768,839
|
7,880,600
|
|
Rithm Capital Corp (c)
|
261,342
|
2,555,925
|
|
Rithm Property Trust Inc
|
144,015
|
2,095,417
|
|
TOTAL FINANCIALS
|
23,104,263
|
||
Industrials - 0.0%
|
|||
Construction & Engineering - 0.0%
|
|||
WillScot Holdings Corp
|
39,909
|
903,540
|
|
Real Estate - 23.6%
|
|||
Health Care REITs - 3.0%
|
|||
CareTrust REIT Inc
|
192,975
|
7,612,864
|
|
Sabra Health Care REIT Inc
|
701,278
|
14,488,403
|
|
Ventas Inc
|
392,716
|
34,504,028
|
|
Welltower Inc
|
311,754
|
67,756,614
|
|
124,361,909
|
|||
Industrial REITs - 2.9%
|
|||
Americold Realty Trust Inc
|
539,218
|
6,594,636
|
|
EastGroup Properties Inc
|
33,811
|
6,802,773
|
|
First Industrial Realty Trust Inc
|
187,554
|
11,630,224
|
|
LXP Industrial Trust
|
369,182
|
18,798,747
|
|
Prologis Inc
|
474,191
|
67,344,606
|
|
Rexford Industrial Realty Inc
|
171,157
|
6,142,825
|
|
Terreno Realty Corp
|
42,435
|
2,766,762
|
|
120,080,573
|
|||
Office REITs - 0.4%
|
|||
Easterly Government Properties Inc (c)
|
126,220
|
2,954,810
|
|
Postal Realty Trust Inc Class A
|
595,254
|
13,024,158
|
|
15,978,968
|
|||
Real Estate Management & Development - 0.1%
|
|||
Compass Inc Class A (b)
|
172,715
|
1,307,452
|
|
Zillow Group Inc Class C (b)
|
88,153
|
3,913,993
|
|
5,221,445
|
|||
Residential REITs - 6.4%
|
|||
American Homes 4 Rent Class A
|
325,577
|
10,366,372
|
|
AvalonBay Communities Inc
|
127,656
|
23,361,048
|
|
Elme Communities
|
453,129
|
983,290
|
|
Equity LifeStyle Properties Inc
|
810,111
|
51,271,925
|
|
Equity Residential
|
396,520
|
25,924,478
|
|
Essex Property Trust Inc
|
52,919
|
13,928,810
|
|
Invitation Homes Inc
|
1,971,011
|
56,705,986
|
|
Mid-America Apartment Communities Inc
|
9,490
|
1,225,918
|
|
Sun Communities Inc
|
185,725
|
23,743,084
|
|
UDR Inc
|
1,056,279
|
38,385,179
|
|
UMH Properties Inc
|
1,016,249
|
15,802,672
|
|
261,698,762
|
|||
Retail REITs - 2.6%
|
|||
Acadia Realty Trust
|
190,146
|
4,110,957
|
|
Brixmor Property Group Inc
|
75,482
|
2,271,253
|
|
Curbline Properties Corp (c)
|
93,247
|
2,573,617
|
|
Federal Realty Investment Trust
|
93,303
|
10,347,303
|
|
InvenTrust Properties Corp
|
243,658
|
7,826,295
|
|
Kimco Realty Corp
|
648,579
|
15,332,408
|
|
Kite Realty Group Trust
|
734,700
|
19,219,752
|
|
Macerich Co/The
|
243,183
|
5,284,367
|
|
NNN REIT Inc
|
333,843
|
14,618,985
|
|
Realty Income Corp
|
148,649
|
9,549,212
|
|
Retail Value Inc (b)(d)
|
274,131
|
2
|
|
Simon Property Group Inc
|
73,653
|
15,003,853
|
|
SITE Centers Corp
|
200,875
|
1,102,803
|
|
107,240,807
|
|||
Specialized REITs - 8.2%
|
|||
American Tower Corp
|
486,163
|
88,826,843
|
|
Crown Castle Inc
|
129,831
|
11,526,396
|
|
CubeSmart
|
116,476
|
4,714,948
|
|
Digital Realty Trust Inc
|
151,100
|
30,362,034
|
|
Equinix Inc
|
83,139
|
90,025,404
|
|
Extra Space Storage Inc
|
91,913
|
13,173,890
|
|
Gaming and Leisure Properties Inc
|
339,566
|
16,455,368
|
|
Lamar Advertising Co Class A
|
96,894
|
13,355,869
|
|
Public Storage
|
67,080
|
20,288,346
|
|
SBA Communications Corp Class A
|
34,489
|
7,628,967
|
|
VICI Properties Inc
|
1,081,756
|
31,587,275
|
|
Weyerhaeuser Co
|
99,943
|
2,450,602
|
|
330,395,942
|
|||
TOTAL REAL ESTATE
|
964,978,406
|
||
TOTAL UNITED STATES
|
988,986,209
|
||
|
TOTAL COMMON STOCKS
(Cost $845,717,423)
|
988,986,209
|
||
Convertible Preferred Stocks - 3.3%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 3.3%
|
|||
Financials - 3.0%
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 3.0%
|
|||
AGNC Investment Corp CME Term SOFR 3 month Index + 4.5936%, 0% (f)(g)
|
456,670
|
11,416,750
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (f)(g)
|
630,217
|
15,686,101
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 5.2546%, 0% (f)(g)
|
780,595
|
19,889,561
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (f)(g)
|
130,767
|
3,348,942
|
|
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (f)(g)
|
424,574
|
10,393,572
|
|
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (f)(g)
|
524,234
|
11,999,716
|
|
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (f)(g)
|
202,381
|
5,223,454
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (f)(g)
|
694,217
|
17,397,078
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (f)(g)
|
693,802
|
17,761,331
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (f)(g)
|
232,214
|
5,984,155
|
|
TOTAL FINANCIALS
|
119,100,660
|
||
Real Estate - 0.3%
|
|||
Hotel & Resort REITs - 0.0%
|
|||
RLJ Lodging Trust Series A,1.95%
|
21,401
|
538,235
|
|
Industrial REITs - 0.3%
|
|||
LXP Industrial Trust 6.5%
|
298,204
|
13,675,636
|
|
TOTAL REAL ESTATE
|
14,213,871
|
||
TOTAL UNITED STATES
|
133,314,531
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $129,928,919)
|
133,314,531
|
||
Non-Convertible Corporate Bonds - 37.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED KINGDOM - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
EG Global Finance PLC 12% 11/30/2028 (i)
|
6,775,000
|
7,227,157
|
|
UNITED STATES - 36.8%
|
|||
Communication Services - 1.3%
|
|||
Diversified Telecommunication Services - 1.2%
|
|||
APLD ComputeCo 2 LLC 6.75% 3/15/2031 (i)
|
6,320,000
|
6,257,149
|
|
Cipher Compute LLC 7.125% 11/15/2030 (i)
|
2,470,000
|
2,560,178
|
|
Flash Compute LLC 7.25% 12/31/2030 (i)
|
6,385,000
|
6,513,147
|
|
Hut 8 DC LLC 6.192% 11/15/2042 (i)
|
6,437,000
|
6,490,276
|
|
Meridian Arc Holdco LLC 6.25% 4/30/2031 (i)
|
9,590,000
|
9,587,817
|
|
RD Michigan Property Owner I LLC 7.5% 3/30/2045 (i)
|
6,194,000
|
6,192,755
|
|
Uniti Services LLC 7.5% 10/15/2033 (i)
|
3,390,000
|
3,569,182
|
|
WULF Compute LLC 7.75% 10/15/2030 (i)
|
7,510,000
|
7,892,974
|
|
49,063,478
|
|||
Media - 0.1%
|
|||
Lamar Media Corp 3.75% 2/15/2028
|
1,355,000
|
1,328,690
|
|
Lamar Media Corp 4% 2/15/2030
|
3,980,000
|
3,816,288
|
|
5,144,978
|
|||
TOTAL COMMUNICATION SERVICES
|
54,208,456
|
||
Consumer Discretionary - 3.0%
|
|||
Hotels, Restaurants & Leisure - 1.9%
|
|||
Choice Hotels International Inc 5.85% 8/1/2034
|
4,745,000
|
4,797,054
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (i)
|
12,035,000
|
11,017,843
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (i)
|
8,130,000
|
7,699,278
|
|
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (i)
|
6,340,000
|
6,293,145
|
|
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (i)
|
8,475,000
|
8,531,910
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (i)
|
5,285,000
|
5,351,475
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (i)
|
12,375,000
|
11,452,029
|
|
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
|
2,035,000
|
2,030,027
|
|
Hyatt Hotels Corp 5.5% 6/30/2034
|
3,390,000
|
3,444,883
|
|
Las Vegas Sands Corp 6% 6/14/2030
|
6,775,000
|
6,985,485
|
|
Marriott Ownership Resorts Inc 4.5% 6/15/2029 (i)
|
10,815,000
|
10,341,710
|
|
Times Square Hotel Trust 8.528% 8/1/2026 (i)
|
244,281
|
244,500
|
|
78,189,339
|
|||
Household Durables - 1.1%
|
|||
Century Communities Inc 3.875% 8/15/2029 (i)
|
8,810,000
|
8,342,861
|
|
Century Communities Inc 6.625% 9/15/2033 (i)
|
6,580,000
|
6,546,962
|
|
LGI Homes Inc 4% 7/15/2029 (i)
|
9,020,000
|
8,182,054
|
|
LGI Homes Inc 7% 11/15/2032 (i)
|
2,645,000
|
2,534,872
|
|
M/I Homes Inc 3.95% 2/15/2030
|
11,565,000
|
10,993,181
|
|
Tri Pointe Homes Inc 5.25% 6/1/2027
|
7,763,000
|
7,750,677
|
|
44,350,607
|
|||
TOTAL CONSUMER DISCRETIONARY
|
122,539,946
|
||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Rexford Industrial Realty LP 2.15% 9/1/2031
|
3,390,000
|
2,938,081
|
|
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Sabra Health Care LP 3.2% 12/1/2031
|
9,485,000
|
8,574,968
|
|
Sabra Health Care LP 3.9% 10/15/2029
|
669,000
|
650,146
|
|
TOTAL HEALTH CARE
|
9,225,114
|
||
Industrials - 0.1%
|
|||
Commercial Services & Supplies - 0.1%
|
|||
Williams Scotsman Inc 6.625% 4/15/2030 (i)
|
2,370,000
|
2,440,912
|
|
Williams Scotsman Inc 6.625% 6/15/2029 (i)
|
3,390,000
|
3,479,571
|
|
TOTAL INDUSTRIALS
|
5,920,483
|
||
Information Technology - 0.2%
|
|||
IT Services - 0.2%
|
|||
Beignet Investor LLC 6.581% 5/30/2049 (i)
|
6,395,000
|
6,604,380
|
|
Real Estate - 31.9%
|
|||
Diversified REITs - 5.8%
|
|||
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
|
3,390,000
|
3,458,362
|
|
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (i)
|
3,440,000
|
3,362,450
|
|
Global Net Lease Inc 4.5% 9/30/2028 (i)
|
9,085,000
|
8,867,564
|
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2030
|
2,035,000
|
1,955,742
|
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
|
1,355,000
|
1,284,318
|
|
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
|
6,775,000
|
6,663,247
|
|
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
|
13,003,000
|
13,106,751
|
|
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
|
11,520,000
|
11,463,989
|
|
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
|
4,515,000
|
4,419,990
|
|
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
|
14,905,000
|
14,678,752
|
|
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
|
13,215,000
|
14,027,564
|
|
Safehold GL Holdings LLC 2.8% 6/15/2031
|
4,745,000
|
4,297,922
|
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
12,365,000
|
11,066,857
|
|
Safehold GL Holdings LLC 6.1% 4/1/2034
|
15,185,000
|
15,975,784
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (i)
|
12,220,000
|
11,807,586
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (i)
|
8,570,000
|
8,420,160
|
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (i)
|
17,615,000
|
17,329,398
|
|
VICI Properties LP 5.125% 5/15/2032
|
19,650,000
|
19,481,040
|
|
VICI Properties LP 5.625% 4/1/2035
|
13,550,000
|
13,592,775
|
|
VICI Properties LP 5.625% 5/15/2052
|
16,488,000
|
14,986,365
|
|
VICI Properties LP 5.75% 4/1/2034
|
390,000
|
395,943
|
|
VICI Properties LP 6.125% 4/1/2054
|
15,947,000
|
15,450,896
|
|
WP Carey Inc 2.25% 4/1/2033
|
3,390,000
|
2,829,467
|
|
WP Carey Inc 2.45% 2/1/2032
|
1,355,000
|
1,189,136
|
|
WP Carey Inc 3.85% 7/15/2029
|
2,035,000
|
1,989,076
|
|
WP Carey Inc 5.375% 6/30/2034
|
4,745,000
|
4,781,571
|
|
XHR LP 4.875% 6/1/2029 (i)
|
6,775,000
|
6,649,718
|
|
233,532,423
|
|||
Health Care REITs - 2.6%
|
|||
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (i)
|
14,815,000
|
14,433,546
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
10,840,000
|
7,769,871
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
13,440,000
|
11,121,381
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
8,130,000
|
7,926,718
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (i)
|
4,260,000
|
4,425,710
|
|
Omega Healthcare Investors Inc 3.25% 4/15/2033
|
12,195,000
|
10,793,408
|
|
Omega Healthcare Investors Inc 3.375% 2/1/2031
|
3,390,000
|
3,146,929
|
|
Ventas Realty LP 2.5% 9/1/2031
|
1,015,000
|
904,626
|
|
Ventas Realty LP 4.375% 2/1/2045
|
2,035,000
|
1,685,256
|
|
Ventas Realty LP 4.4% 1/15/2029
|
6,775,000
|
6,737,904
|
|
Ventas Realty LP 5% 1/15/2035
|
3,390,000
|
3,336,846
|
|
Ventas Realty LP 5% 2/15/2036
|
16,000,000
|
15,688,554
|
|
Ventas Realty LP 5.625% 7/1/2034
|
3,390,000
|
3,488,130
|
|
Ventas Realty LP 5.7% 9/30/2043
|
2,035,000
|
2,002,359
|
|
Welltower OP LLC 4.125% 3/15/2029
|
2,035,000
|
2,021,676
|
|
Welltower OP LLC 5.125% 7/1/2035
|
12,685,000
|
12,718,592
|
|
108,201,506
|
|||
Hotel & Resort REITs - 0.5%
|
|||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (i)
|
4,745,000
|
4,615,663
|
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (i)
|
2,110,000
|
2,154,169
|
|
RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (i)
|
5,420,000
|
5,561,527
|
|
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (i)
|
3,780,000
|
3,893,449
|
|
RLJ Lodging Trust LP 3.75% 7/1/2026 (i)
|
2,710,000
|
2,703,575
|
|
RLJ Lodging Trust LP 4% 9/15/2029 (i)
|
3,275,000
|
3,094,540
|
|
22,022,923
|
|||
Industrial REITs - 1.3%
|
|||
Lineage OP LP 5.25% 7/15/2030
|
7,115,000
|
7,112,323
|
|
LXP Industrial Trust 2.375% 10/1/2031
|
5,080,000
|
4,423,297
|
|
LXP Industrial Trust 2.7% 9/15/2030
|
2,997,000
|
2,735,533
|
|
LXP Industrial Trust 6.75% 11/15/2028
|
167,000
|
174,563
|
|
Prologis LP 5% 1/31/2035
|
3,390,000
|
3,378,879
|
|
Prologis LP 5% 3/15/2034
|
10,554,000
|
10,559,920
|
|
Prologis LP 5.125% 1/15/2034
|
3,390,000
|
3,423,276
|
|
Prologis LP 5.25% 3/15/2054
|
5,420,000
|
5,043,450
|
|
Prologis LP 5.25% 5/15/2035
|
7,940,000
|
8,050,286
|
|
Prologis LP 5.25% 6/15/2053
|
10,500,000
|
9,784,949
|
|
54,686,476
|
|||
Office REITs - 0.2%
|
|||
Boston Properties LP 3.25% 1/30/2031
|
5,420,000
|
5,010,659
|
|
Boston Properties LP 6.75% 12/1/2027
|
27,000
|
27,875
|
|
Hudson Pacific Properties LP 4.65% 4/1/2029
|
4,065,000
|
3,637,789
|
|
8,676,323
|
|||
Real Estate Management & Development - 3.9%
|
|||
Americold Realty Operating Partnership LP 5.409% 9/12/2034
|
16,535,000
|
15,903,636
|
|
Americold Realty Operating Partnership LP 5.6% 5/15/2032
|
6,775,000
|
6,752,428
|
|
CBRE Services Inc 5.5% 6/15/2035
|
3,390,000
|
3,437,535
|
|
CBRE Services Inc 5.95% 8/15/2034
|
11,350,000
|
11,844,770
|
|
CoStar Group Inc 2.8% 7/15/2030 (i)
|
1,355,000
|
1,230,330
|
|
Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (i)
|
7,565,000
|
7,565,629
|
|
Essex Portfolio LP 2.55% 6/15/2031
|
1,355,000
|
1,216,119
|
|
Essex Portfolio LP 2.65% 3/15/2032
|
2,035,000
|
1,798,716
|
|
Essex Portfolio LP 4.5% 3/15/2048
|
2,560,000
|
2,088,685
|
|
Essex Portfolio LP 4.875% 2/15/2036
|
6,400,000
|
6,189,275
|
|
Essex Portfolio LP 5.5% 4/1/2034
|
14,957,000
|
15,258,807
|
|
Extra Space Storage LP 2.35% 3/15/2032
|
8,130,000
|
7,037,117
|
|
Extra Space Storage LP 2.55% 6/1/2031
|
1,355,000
|
1,216,715
|
|
Extra Space Storage LP 5.35% 1/15/2035
|
11,975,000
|
12,038,371
|
|
Extra Space Storage LP 5.4% 2/1/2034
|
10,165,000
|
10,255,514
|
|
Extra Space Storage LP 5.4% 6/15/2035
|
16,375,000
|
16,479,625
|
|
Extra Space Storage LP 5.5% 7/1/2030
|
3,390,000
|
3,478,053
|
|
Extra Space Storage LP 5.9% 1/15/2031
|
6,100,000
|
6,353,145
|
|
Forestar Group Inc 5% 3/1/2028 (i)
|
3,390,000
|
3,363,684
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030
|
5,510,000
|
5,420,078
|
|
Kennedy-Wilson Inc 4.75% 3/1/2029
|
8,180,000
|
8,090,517
|
|
Kennedy-Wilson Inc 5% 3/1/2031
|
4,715,000
|
4,695,999
|
|
Tanger Properties LP 2.75% 9/1/2031
|
3,390,000
|
3,033,230
|
|
Taylor Morrison Communities Inc 5.125% 8/1/2030 (i)
|
3,200,000
|
3,187,057
|
|
Taylor Morrison Communities Inc 5.75% 11/15/2032 (i)
|
3,195,000
|
3,229,126
|
|
161,164,161
|
|||
Residential REITs - 3.6%
|
|||
American Homes 4 Rent LP 2.375% 7/15/2031
|
6,100,000
|
5,384,197
|
|
American Homes 4 Rent LP 3.375% 7/15/2051
|
1,645,000
|
1,074,008
|
|
American Homes 4 Rent LP 3.625% 4/15/2032
|
18,295,000
|
17,044,388
|
|
American Homes 4 Rent LP 4.3% 4/15/2052
|
5,760,000
|
4,423,018
|
|
American Homes 4 Rent LP 4.9% 2/15/2029
|
8,810,000
|
8,863,327
|
|
American Homes 4 Rent LP 4.95% 6/15/2030
|
28,000
|
28,168
|
|
American Homes 4 Rent LP 5.25% 3/15/2035
|
6,775,000
|
6,706,692
|
|
American Homes 4 Rent LP 5.5% 2/1/2034
|
16,940,000
|
17,177,372
|
|
American Homes 4 Rent LP 5.5% 7/15/2034
|
32,000
|
32,153
|
|
ERP Operating LP 4.65% 9/15/2034
|
3,390,000
|
3,309,005
|
|
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
|
23,715,000
|
22,545,580
|
|
Invitation Homes Operating Partnership LP 4.875% 2/1/2035
|
3,390,000
|
3,271,388
|
|
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
|
22,360,000
|
22,649,764
|
|
Sun Communities Operating LP 2.7% 7/15/2031
|
12,195,000
|
10,983,565
|
|
Sun Communities Operating LP 4.2% 4/15/2032
|
12,494,000
|
12,003,156
|
|
UDR Inc 3% 8/15/2031
|
1,015,000
|
933,428
|
|
UDR Inc 5.125% 9/1/2034
|
10,165,000
|
10,111,112
|
|
146,540,321
|
|||
Retail REITs - 5.4%
|
|||
Agree LP 2.6% 6/15/2033
|
4,135,000
|
3,518,737
|
|
Agree LP 2.9% 10/1/2030
|
1,015,000
|
942,409
|
|
Agree LP 4.8% 10/1/2032
|
873,000
|
861,723
|
|
Agree LP 5.625% 6/15/2034
|
4,997,000
|
5,119,664
|
|
Brixmor Operating Partnership LP 2.5% 8/16/2031
|
6,100,000
|
5,445,815
|
|
Brixmor Operating Partnership LP 4.05% 7/1/2030
|
2,710,000
|
2,641,877
|
|
Brixmor Operating Partnership LP 4.125% 5/15/2029
|
1,267,000
|
1,251,346
|
|
Brixmor Operating Partnership LP 4.85% 2/15/2033
|
30,000
|
29,525
|
|
Brixmor Operating Partnership LP 5.5% 2/15/2034
|
6,775,000
|
6,893,025
|
|
Kimco Realty OP LLC 4.6% 2/1/2033
|
6,100,000
|
6,022,372
|
|
Kimco Realty OP LLC 5.3% 2/1/2036
|
6,395,000
|
6,477,636
|
|
Kimco Realty OP LLC 6.4% 3/1/2034
|
2,319,000
|
2,520,325
|
|
Kite Realty Group LP 5.2% 8/15/2032
|
12,195,000
|
12,302,553
|
|
Kite Realty Group LP 5.5% 3/1/2034
|
9,492,000
|
9,609,669
|
|
NNN REIT Inc 3.5% 4/15/2051
|
8,130,000
|
5,606,323
|
|
NNN REIT Inc 5.5% 6/15/2034
|
15,500,000
|
15,756,131
|
|
NNN REIT Inc 5.6% 10/15/2033
|
3,179,000
|
3,260,191
|
|
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
|
11,180,000
|
9,958,714
|
|
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
|
16,616,000
|
16,130,625
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
|
6,775,000
|
6,881,443
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
|
14,572,000
|
15,015,005
|
|
Realty Income Corp 3.4% 1/15/2030
|
4,745,000
|
4,561,313
|
|
Realty Income Corp 4% 7/15/2029
|
2,035,000
|
2,009,901
|
|
Realty Income Corp 5.125% 2/15/2034
|
2,370,000
|
2,387,881
|
|
Realty Income Corp 5.125% 4/15/2035
|
16,370,000
|
16,401,297
|
|
Regency Centers LP 5.25% 1/15/2034
|
3,390,000
|
3,430,106
|
|
Simon Property Group LP 3.25% 9/13/2049
|
3,200,000
|
2,170,160
|
|
Simon Property Group LP 4.75% 9/26/2034
|
12,195,000
|
11,929,666
|
|
Simon Property Group LP 5.125% 10/1/2035
|
16,335,000
|
16,323,721
|
|
Simon Property Group LP 5.85% 3/8/2053
|
12,875,000
|
12,853,339
|
|
Simon Property Group LP 6.25% 1/15/2034
|
3,390,000
|
3,653,134
|
|
Simon Property Group LP 6.65% 1/15/2054
|
10,165,000
|
11,249,170
|
|
223,214,796
|
|||
Specialized REITs - 8.6%
|
|||
American Tower Corp 2.7% 4/15/2031
|
1,355,000
|
1,232,209
|
|
American Tower Corp 3.8% 8/15/2029
|
15,585,000
|
15,237,413
|
|
American Tower Corp 4.05% 3/15/2032
|
14,905,000
|
14,344,855
|
|
American Tower Corp 5.4% 1/31/2035
|
10,165,000
|
10,293,776
|
|
American Tower Corp 5.45% 2/15/2034
|
19,650,000
|
20,041,307
|
|
American Tower Corp 5.55% 7/15/2033
|
12,365,000
|
12,736,585
|
|
American Tower Corp 5.65% 3/15/2033
|
13,550,000
|
14,054,409
|
|
American Tower Corp 5.9% 11/15/2033
|
5,420,000
|
5,684,305
|
|
Crown Castle Inc 2.1% 4/1/2031
|
6,100,000
|
5,347,205
|
|
Crown Castle Inc 2.25% 1/15/2031
|
9,485,000
|
8,409,158
|
|
Crown Castle Inc 2.5% 7/15/2031
|
3,390,000
|
3,003,478
|
|
Crown Castle Inc 2.9% 4/1/2041
|
21,750,000
|
15,604,590
|
|
Crown Castle Inc 3.8% 2/15/2028
|
1,355,000
|
1,336,436
|
|
Crown Castle Inc 4.75% 5/15/2047
|
3,390,000
|
2,818,482
|
|
Crown Castle Inc 5% 1/11/2028
|
2,035,000
|
2,050,661
|
|
Crown Castle Inc 5.1% 5/1/2033
|
20,325,000
|
20,158,332
|
|
Crown Castle Inc 5.2% 2/15/2049
|
10,165,000
|
8,921,306
|
|
Crown Castle Inc 5.2% 9/1/2034
|
20,325,000
|
20,219,441
|
|
Crown Castle Inc 5.6% 6/1/2029
|
3,390,000
|
3,475,094
|
|
Crown Castle Inc 5.8% 3/1/2034
|
24,395,000
|
25,087,622
|
|
CubeSmart LP 2.5% 2/15/2032
|
6,775,000
|
5,952,438
|
|
CubeSmart LP 4.375% 2/15/2029
|
8,130,000
|
8,080,033
|
|
CubeSmart LP 5.125% 11/1/2035
|
6,775,000
|
6,699,649
|
|
EPR Properties 3.6% 11/15/2031
|
1,355,000
|
1,243,796
|
|
EPR Properties 4.95% 4/15/2028
|
5,420,000
|
5,421,035
|
|
Equinix Inc 3% 7/15/2050
|
10,650,000
|
6,674,648
|
|
Equinix Inc 3.2% 11/18/2029
|
6,775,000
|
6,465,429
|
|
Equinix Inc 3.9% 4/15/2032
|
18,970,000
|
17,999,995
|
|
Iron Mountain Inc 4.5% 2/15/2031 (i)
|
3,050,000
|
2,930,975
|
|
Iron Mountain Inc 4.875% 9/15/2027 (i)
|
2,035,000
|
2,030,452
|
|
Iron Mountain Inc 5.25% 7/15/2030 (i)
|
3,390,000
|
3,354,919
|
|
Iron Mountain Inc 6.25% 1/15/2033 (i)
|
14,490,000
|
14,714,407
|
|
Millrose Properties Inc 6.25% 9/15/2032 (i)
|
6,580,000
|
6,608,829
|
|
Millrose Properties Inc 6.375% 8/1/2030 (i)
|
6,395,000
|
6,476,626
|
|
Public Storage Operating Co 5.1% 8/1/2033
|
3,390,000
|
3,452,151
|
|
Public Storage Operating Co 5.35% 8/1/2053
|
10,240,000
|
9,661,180
|
|
SBA Communications Corp 3.125% 2/1/2029
|
16,940,000
|
16,307,325
|
|
SBA Communications Corp 3.875% 2/15/2027
|
13,550,000
|
13,465,987
|
|
347,596,538
|
|||
TOTAL REAL ESTATE
|
1,305,635,467
|
||
TOTAL UNITED STATES
|
1,507,071,927
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,507,321,378)
|
1,514,299,084
|
||
Non-Convertible Preferred Stocks - 7.9%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% Series 1 (f)(g)
|
337,621
|
8,440,525
|
|
Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (f)(g)
|
75,482
|
1,856,857
|
|
TOTAL CANADA
|
10,297,382
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Crest Dartmouth Street 0% (b)(d)(g)(i)
|
1,220,000
|
12
|
|
UNITED STATES - 7.7%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Global Partners LP/MA 9.5% Series B
|
45,940
|
1,190,075
|
|
Financials - 2.9%
|
|||
Capital Markets - 0.2%
|
|||
DigitalBridge Group Inc 7.125% Series J
|
198,194
|
3,435,693
|
|
DigitalBridge Group Inc Series H, 7.125%
|
100,564
|
1,742,774
|
|
DigitalBridge Group Inc Series I, 7.15%
|
96,668
|
1,665,590
|
|
6,844,057
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 2.7%
|
|||
AGNC Investment Corp 7.75% Series G (g)
|
216,825
|
5,420,625
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 5.3726%, 10.3713% (f)(g)
|
442,596
|
11,427,829
|
|
AGNC Investment Corp Series H, 8.75%
|
203,274
|
5,187,552
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (f)(g)
|
724,738
|
18,190,924
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (f)(g)
|
931,294
|
24,167,079
|
|
Arbor Realty Trust Inc Series D 6.375%
|
85,443
|
1,450,822
|
|
Arbor Realty Trust Inc Series F, 6.25% (g)
|
303,241
|
7,074,613
|
|
MFA Financial Inc 7.5%
|
143,330
|
2,986,997
|
|
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (f)(g)
|
534,306
|
12,721,826
|
|
Pennymac Mortgage Investment Trust 6.75%
|
147,509
|
2,703,840
|
|
Pennymac Mortgage Investment Trust 8.125% (g)
|
131,996
|
3,139,261
|
|
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (f)(g)
|
209,394
|
4,983,577
|
|
Rithm Capital Corp 7% Series D (g)
|
102,450
|
2,576,618
|
|
Two Harbors Investment Corp 7.625% Series B (g)
|
224,832
|
5,573,585
|
|
Two Harbors Investment Corp 8.125% Series A (g)
|
126,774
|
3,130,050
|
|
110,735,198
|
|||
TOTAL FINANCIALS
|
117,579,255
|
||
Real Estate - 4.8%
|
|||
Diversified REITs - 1.0%
|
|||
Armada Hoffler Properties Inc Series A 6.75%
|
172,817
|
3,700,012
|
|
CTO Realty Growth Inc 6.375%
|
81,310
|
1,686,369
|
|
Gladstone Commercial Corp Series E 6.625%
|
106,837
|
2,377,123
|
|
Gladstone Commercial Corp Series G, 6%
|
264,934
|
5,311,927
|
|
Global Net Lease Inc 6.875% Series B
|
199,208
|
4,322,814
|
|
Global Net Lease Inc 7.25% Series A
|
345,359
|
7,805,113
|
|
Global Net Lease Inc 7.375% Series E
|
257,371
|
5,888,648
|
|
Global Net Lease Inc 7.5%
|
488,863
|
11,380,731
|
|
42,472,737
|
|||
Health Care REITs - 0.3%
|
|||
Global Medical REIT Inc 7.5% Series A
|
102,212
|
2,474,553
|
|
National Healthcare Properties Inc Series A, 7.375%
|
247,181
|
5,146,308
|
|
National Healthcare Properties Inc Series B, 7.125%
|
128,740
|
2,639,170
|
|
10,260,031
|
|||
Hotel & Resort REITs - 1.1%
|
|||
Braemar Hotels & Resorts Inc 8.25% Series D
|
51,566
|
850,839
|
|
Pebblebrook Hotel Trust 6.3% Series F
|
190,872
|
3,794,535
|
|
Pebblebrook Hotel Trust 6.375%
|
451,810
|
9,045,236
|
|
Pebblebrook Hotel Trust 6.375% Series E
|
252,733
|
5,025,596
|
|
Pebblebrook Hotel Trust Series H, 5.7%
|
485,960
|
8,698,684
|
|
Summit Hotel Properties Inc Series E, 6.25%
|
310,062
|
5,692,739
|
|
Summit Hotel Properties Inc Series F, 5.875%
|
255,447
|
4,442,223
|
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
121,964
|
2,536,851
|
|
Sunstone Hotel Investors Inc Series I, 5.7%
|
162,619
|
3,275,667
|
|
43,362,370
|
|||
Industrial REITs - 0.2%
|
|||
Prologis Inc Series Q, 8.54%
|
63,283
|
3,360,327
|
|
Rexford Industrial Realty Inc 5.625% Series C
|
215,148
|
4,496,594
|
|
Rexford Industrial Realty Inc 5.875% Series B
|
100,553
|
2,176,972
|
|
10,033,893
|
|||
Office REITs - 0.5%
|
|||
Hudson Pacific Properties Inc 4.75% Series C
|
464,955
|
6,616,310
|
|
Vornado Realty Trust 5.25% Series M
|
250,298
|
4,342,670
|
|
Vornado Realty Trust Series L, 5.4%
|
295,282
|
5,196,963
|
|
Vornado Realty Trust Series N 5.25%
|
212,557
|
3,634,725
|
|
19,790,668
|
|||
Real Estate Management & Development - 0.1%
|
|||
Brookfield Property Partners LP 5.75%
|
29,136
|
407,613
|
|
Brookfield Property Partners LP 6.5%
|
23,122
|
372,958
|
|
Seritage Growth Properties Series A, 7%
|
62,328
|
1,324,470
|
|
2,105,041
|
|||
Residential REITs - 0.6%
|
|||
American Homes 4 Rent 5.875% Series G
|
298,054
|
6,783,709
|
|
American Homes 4 Rent Series H, 6.25%
|
278,924
|
6,611,893
|
|
UMH Properties Inc 6.375% Series D
|
572,233
|
12,551,931
|
|
25,947,533
|
|||
Retail REITs - 0.3%
|
|||
Agree Realty Corp 4.25%
|
176,035
|
3,015,480
|
|
Cedar Realty Trust Inc 7.25%
|
21,300
|
451,613
|
|
Kimco Realty Corp 5.125%
|
33,201
|
660,036
|
|
Kimco Realty Corp Series M 5.25%
|
103,598
|
2,088,536
|
|
Regency Centers Corp 5.875%
|
46,905
|
1,052,548
|
|
Regency Centers Corp 6.25% Series A
|
190,620
|
4,393,791
|
|
Saul Centers Inc 6% Series E
|
52,066
|
1,148,576
|
|
Saul Centers Inc 6.125% Series D
|
39,147
|
794,684
|
|
13,605,264
|
|||
Specialized REITs - 0.7%
|
|||
Digital Realty Trust Inc 5.25%
|
54,748
|
1,119,049
|
|
Digital Realty Trust Inc Series K 5.85%
|
28,865
|
661,009
|
|
Digital Realty Trust Inc Series L, 5.2%
|
120,010
|
2,402,600
|
|
EPR Properties 5.75%
|
33,879
|
671,482
|
|
National Storage Affiliates Trust Series A, 6%
|
370,213
|
8,548,218
|
|
Public Storage 4%
|
256,183
|
4,083,557
|
|
Public Storage 4%
|
62,919
|
990,345
|
|
Public Storage Operating Co 5.05% Series G
|
87,980
|
1,791,273
|
|
Public Storage Operating Co 5.15% Series F
|
17,482
|
359,605
|
|
Public Storage Series J, 4.7%
|
31,974
|
593,757
|
|
Public Storage Series K, 4.75%
|
1,101
|
20,577
|
|
Public Storage Series L, 4.625%
|
310,531
|
5,704,454
|
|
Public Storage Series MM, 4.125%
|
18,972
|
307,252
|
|
Public Storage Series S, 4.1%
|
67,758
|
1,096,108
|
|
28,349,286
|
|||
TOTAL REAL ESTATE
|
195,926,823
|
||
TOTAL UNITED STATES
|
314,696,153
|
||
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $360,465,811)
|
324,993,547
|
||
Preferred Securities - 0.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Energy Transfer LP Series G, 7.125% (g)(j)
(Cost $4,065,000)
|
4,065,000
|
4,306,903
|
|
Money Market Funds - 5.2%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (l)
|
3.69
|
209,420,698
|
209,462,582
|
|
Fidelity Securities Lending Cash Central Fund (l)(m)
|
3.69
|
3,196,633
|
3,196,953
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $212,627,003)
|
212,659,535
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 99.6%
(Cost $4,011,135,297)
|
4,078,966,946
|
NET OTHER ASSETS (LIABILITIES) - 0.4%
|
16,953,313
|
NET ASSETS - 100.0%
|
4,095,920,259
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Level 3 security.
|
(e)
|
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.
|
(f)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(g)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(h)
|
Non-income producing - Security is in default.
|
(i)
|
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 $1,021,153,470 or 24.9% of net assets.
|
(j)
|
Security is perpetual in nature with no stated maturity date.
|
(k)
|
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
|
(l)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(m)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
552,314,390
|
828,484,710
|
1,171,347,490
|
10,912,475
|
10,972
|
-
|
209,462,582
|
209,420,698
|
0.3%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
92,312,108
|
89,115,228
|
8,023
|
73
|
-
|
3,196,953
|
3,196,633
|
0.0%
|
Total
|
552,314,390
|
920,796,818
|
1,260,462,718
|
10,920,498
|
11,045
|
-
|
212,659,535
|
||