N-Q 1 d301564.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 4186

John Hancock Income Securities Trust
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Salvatore Schiavone, Treasurer

601 Congress Street

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4497

Date of fiscal year end: October 31
   
Date of reporting period: January 31, 2016

 


 

ITEM 1. SCHEDULE OF INVESTMENTS

 


 


John Hancock

Income Securities Trust


Quarterly portfolio holdings 1/31/16

jhnq_logo.jpg


Fund's investmentsIncome Securities Trust



                                                           
  As of 1-31-16 (unaudited)  
        Rate (% )    Maturity date     Par value^     Value  
  Corporate bonds 84.1% (55.6% of Total investments)     $143,312,588  
  (Cost $148,818,873)  
  Consumer discretionary 10.3%     17,503,829  
  Auto components 1.2%  
  Dana Holding Corp.     6.000     09-15-23           395,000     376,231  
  Delphi Automotive PLC (Z)     4.250     01-15-26           350,000     350,369  
  Delphi Corp.     5.000     02-15-23           775,000     809,875  
  Nemak SAB de CV (S)     5.500     02-28-23           210,000     208,950  
  ZF North America Capital, Inc. (L)(S)(Z)     4.750     04-29-25           280,000     262,500  
  Automobiles 2.9%  
  Ford Motor Company (L)(Z)     4.750     01-15-43           145,000     132,618  
  Ford Motor Credit Company LLC     2.551     10-05-18           325,000     323,047  
  Ford Motor Credit Company LLC     5.875     08-02-21           928,000     1,022,982  
  General Motors Company     4.875     10-02-23           650,000     657,052  
  General Motors Company     6.250     10-02-43           380,000     382,235  
  General Motors Financial Company, Inc.     3.450     04-10-22           430,000     413,057  
  General Motors Financial Company, Inc.     4.000     01-15-25           550,000     513,556  
  General Motors Financial Company, Inc. (L)(Z)     4.375     09-25-21           630,000     640,283  
  Hyundai Capital America (S)     2.400     10-30-18           425,000     425,705  
  Nissan Motor Acceptance Corp. (S)     1.950     09-12-17           490,000     491,565  
  Diversified consumer services 0.2%  
  Service Corp. International     5.375     05-15-24           300,000     316,500  
  Hotels, restaurants and leisure 0.9%  
  CCM Merger, Inc. (S)     9.125     05-01-19           380,000     391,400  
  Eldorado Resorts, Inc. (L)(S)(Z)     7.000     08-01-23           130,000     128,050  
  International Game Technology PLC (S)     6.500     02-15-25           225,000     201,375  
  Mohegan Tribal Gaming Authority (S)     9.750     09-01-21           250,000     245,625  
  Seminole Tribe of Florida, Inc. (S)     6.535     10-01-20           495,000     502,425  
  Waterford Gaming LLC (H)(S)     8.625     09-15-49           99,739     0  
  Household durables 0.1%  
  Newell Rubbermaid, Inc. (Z)     2.150     10-15-18           175,000     170,704  
  Internet and catalog retail 0.8%  
  Amazon.com, Inc. (Z)     4.950     12-05-44           515,000     544,166  
  QVC, Inc.     4.375     03-15-23           325,000     311,596  
  QVC, Inc.     5.125     07-02-22           255,000     259,339  
  QVC, Inc.     5.450     08-15-34           315,000     254,987  
  Leisure products 0.0%  
  Vista Outdoor, Inc. (S)     5.875     10-01-23           70,000     71,225  
  Media 3.6%  
  21st Century Fox America, Inc. (Z)     6.150     03-01-37           165,000     175,972  
  21st Century Fox America, Inc. (Z)     6.400     12-15-35           150,000     169,649  
  21st Century Fox America, Inc.     7.750     01-20-24           1,020,000     1,281,666  
  Altice Financing SA (S)     6.625     02-15-23           200,000     196,500  
  AMC Entertainment, Inc.     5.875     02-15-22           254,000     261,620  
  Carmike Cinemas, Inc. (L)(S)(Z)     6.000     06-15-23           150,000     155,438  
  CCO Safari II LLC (L)(S)(Z)     6.484     10-23-45           380,000     382,161  
  Clear Channel Worldwide Holdings, Inc.     6.500     11-15-22           260,000     240,825  
  Midcontinent Communications (S)     6.875     08-15-23           140,000     141,400  
  Myriad International Holdings BV (S)     5.500     07-21-25           200,000     190,348  
  Radio One, Inc. (L)(S)(Z)     9.250     02-15-20           255,000     201,450  
  Scripps Networks Interactive, Inc. (Z)     3.950     06-15-25           425,000     409,974  
  Sinclair Television Group, Inc. (S)     5.625     08-01-24           89,000     87,109  

2SEE NOTES TO FUND'S INVESTMENTS


Income Securities Trust

                                                           
        Rate (% )    Maturity date     Par value^     Value  
  Consumer discretionary  (continued)        
  Media  (continued)  
  Sirius XM Radio, Inc. (S)     5.250     08-15-22           845,000     $891,475  
  Time Warner Cable, Inc. (Z)     8.250     04-01-19           350,000     403,073  
  Time Warner, Inc. (Z)     3.600     07-15-25           275,000     267,082  
  Time Warner, Inc. (Z)     3.875     01-15-26           670,000     663,086  
  Townsquare Media, Inc. (S)     6.500     04-01-23           40,000     37,100  
  Multiline retail 0.3%  
  Macy's Retail Holdings, Inc.     7.875     08-15-36           444,000     457,548  
  Specialty retail 0.1%  
  AutoNation, Inc. (Z)     4.500     10-01-25           170,000     174,161  
  Textiles, apparel and luxury goods 0.2%  
  Hot Topic, Inc. (S)     9.250     06-15-21           345,000     308,775  
  Consumer staples 5.0%     8,485,718  
  Beverages 2.3%  
  Anheuser-Busch InBev Finance, Inc. (Z)     4.900     02-01-46           975,000     1,010,011  
  Coca-Cola Enterprises, Inc. (Z)     4.500     09-01-21           1,000,000     1,085,355  
  Constellation Brands, Inc.     4.250     05-01-23           355,000     363,431  
  Constellation Brands, Inc.     4.750     11-15-24           180,000     187,875  
  Pernod Ricard SA (S)(Z)     5.750     04-07-21           1,125,000     1,255,624  
  Food and staples retailing 1.1%  
  CVS Health Corp. (Z)     5.125     07-20-45           465,000     501,138  
  SUPERVALU, Inc. (L)(Z)     7.750     11-15-22           350,000     297,500  
  Tops Holding II Corp.     8.750     06-15-18           140,000     136,500  
  Tops Holding LLC (L)(S)(Z)     8.000     06-15-22           485,000     460,750  
  Whole Foods Market, Inc. (S)(Z)     5.200     12-03-25           500,000     500,949  
  Food products 1.0%  
  Bunge, Ltd. Finance Corp. (Z)     8.500     06-15-19           389,000     452,850  
  Kraft Heinz Foods Company (L)(S)(Z)     2.000     07-02-18           480,000     479,488  
  Kraft Heinz Foods Company (S)     4.875     02-15-25           258,000     276,051  
  Kraft Heinz Foods Company (S)     5.200     07-15-45           320,000     335,758  
  Post Holdings, Inc. (L)(S)(Z)     7.750     03-15-24           145,000     154,425  
  Household products 0.0%  
  Central Garden & Pet Company     6.125     11-15-23           65,000     66,463  
  Tobacco 0.6%  
  Alliance One International, Inc. (L)(Z)     9.875     07-15-21           820,000     649,850  
  Vector Group, Ltd.     7.750     02-15-21           260,000     271,700  
  Energy 7.6%     12,977,719  
  Energy equipment and services 0.5%  
  Rowan Companies, Inc. (L)(Z)     4.875     06-01-22           275,000     181,770  
  SESI LLC (L)(Z)     7.125     12-15-21           576,000     408,960  
  Teine Energy, Ltd. (S)     6.875     09-30-22           245,000     195,694  
  Oil, gas and consumable fuels 7.1%  
  Cimarex Energy Company (Z)     4.375     06-01-24           515,000     450,809  
  CNOOC Finance 2013, Ltd.     3.000     05-09-23           420,000     396,912  
  Columbia Pipeline Group, Inc. (S)(Z)     4.500     06-01-25           335,000     302,261  
  Continental Resources, Inc.     5.000     09-15-22           998,000     698,600  
  DCP Midstream LLC (L)(S)(Z)     9.750     03-15-19           405,000     382,103  
  DCP Midstream LLC (5.850% to 5-21-23, then 3 month LIBOR + 3.850%) (S)     5.850     05-21-43           370,000     210,900  
  DCP Midstream Operating LP (L)(Z)     3.875     03-15-23           225,000     151,282  
  Enbridge Energy Partners LP (Z)     4.375     10-15-20           260,000     246,124  
  Energy Transfer Partners LP     5.150     03-15-45           345,000     236,589  

SEE NOTES TO FUND'S INVESTMENTS3


Income Securities Trust

                                                           
        Rate (% )    Maturity date     Par value^     Value  
  Energy  (continued)        
  Oil, gas and consumable fuels  (continued)  
  Energy Transfer Partners LP (Z)     9.700     03-15-19           425,000     $459,459  
  Enterprise Products Operating LLC (8.375% to 8-1-16, then 3 month LIBOR + 3.708%)     8.375     08-01-66           440,000     352,000  
  EP Energy LLC     7.750     09-01-22           195,000     68,250  
  Freeport-McMoran Oil & Gas LLC     6.750     02-01-22           458,000     218,695  
  Freeport-McMoran Oil & Gas LLC     6.875     02-15-23           656,000     313,240  
  Kerr-McGee Corp. (Z)     6.950     07-01-24           1,035,000     1,027,428  
  Kinder Morgan Energy Partners LP     3.500     03-01-21           500,000     442,255  
  Kinder Morgan Energy Partners LP     7.750     03-15-32           195,000     180,314  
  Kinder Morgan, Inc. (Z)     5.550     06-01-45           440,000     344,803  
  Lukoil International Finance BV (S)     3.416     04-24-18           675,000     660,656  
  MPLX LP     4.000     02-15-25           150,000     110,943  
  MPLX LP (S)(Z)     4.875     12-01-24           160,000     124,909  
  Newfield Exploration Company     5.750     01-30-22           200,000     171,568  
  Petro-Canada (Z)     9.250     10-15-21           1,000,000     1,206,641  
  Petroleos Mexicanos (L)(Z)     4.875     01-24-22           275,000     257,813  
  Regency Energy Partners LP     5.000     10-01-22           95,000     79,835  
  Regency Energy Partners LP     5.500     04-15-23           480,000     403,200  
  Regency Energy Partners LP     5.875     03-01-22           90,000     82,408  
  Shell International Finance BV (Z)     4.375     05-11-45           725,000     673,621  
  Summit Midstream Holdings LLC     7.500     07-01-21           150,000     109,500  
  Sunoco Logistics Partners Operations LP     4.400     04-01-21           345,000     321,718  
  Tesoro Logistics LP     6.125     10-15-21           355,000     321,275  
  Whiting Petroleum Corp. (L)(Z)     6.250     04-01-23           330,000     206,250  
  Williams Partners LP (L)(Z)     4.875     05-15-23           185,000     140,605  
  Williams Partners LP     4.875     03-15-24           690,000     517,491  
  WPX Energy, Inc. (L)(Z)     5.250     09-15-24           125,000     68,125  
  Zhaikmunai LLP (S)     6.375     02-14-19           345,000     252,713  
  Financials 31.8%     54,218,006  
  Banks 12.7%  
  Bank of America Corp. (Z)     3.950     04-21-25           135,000     131,662  
  Bank of America Corp. (Z)     4.200     08-26-24           280,000     278,029  
  Bank of America Corp. (Z)     4.250     10-22-26           265,000     261,424  
  Bank of America Corp. (Z)     6.875     04-25-18           1,000,000     1,096,659  
  Bank of America Corp. (6.250% to 9-5-24, then 3 month LIBOR + 3.705%) (Q)     6.250     09-05-24           470,000     470,000  
  Bank of America Corp. (8.000% to 1-30-18, then 3 month LIBOR + 3.630%) (Q)     8.000     01-30-18           435,000     439,211  
  BankUnited, Inc.     4.875     11-17-25           455,000     450,910  
  Barclays Bank PLC (S)     10.179     06-12-21           575,000     765,092  
  Barclays PLC (Z)     4.375     01-12-26           340,000     343,185  
  BPCE SA (S)     4.500     03-15-25           475,000     453,450  
  BPCE SA (S)     5.700     10-22-23           1,145,000     1,191,094  
  Citigroup, Inc. (5.950% to 8-15-20, then 3 month LIBOR + 4.095%) (Q)     5.950     08-15-20           290,000     284,925  
  Commerzbank AG (L)(S)(Z)     8.125     09-19-23           350,000     393,162  
  Credit Agricole SA (6.625% to 9-23-19, then 5 Year U.S. Swap Rate + 4.697%) (L)(Q)(S)(Z)     6.625     09-23-19           450,000     423,411  
  Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (L)(Q)(S)(Z)     7.875     01-23-24           600,000     584,159  
  Credit Agricole SA (8.125% to 9-19-18, then 5 Year U.S. Swap Rate + 6.283%) (S)(Z)     8.125     09-19-33           250,000     272,315  
  Fifth Third Bancorp (5.100% to 6-30-23, then 3 month LIBOR + 3.033%) (Q)     5.100     06-30-23           420,000     376,688  
  HBOS PLC (S)     6.750     05-21-18           825,000     901,628  

4SEE NOTES TO FUND'S INVESTMENTS


Income Securities Trust

                                                           
        Rate (% )    Maturity date     Par value^     Value  
  Financials  (continued)        
  Banks  (continued)  
  HSBC Holdings PLC (6.375% to 9-17-24, then 5 Year U.S. ISDAFIX + 3.705%) (L)(Q)(Z)     6.375     09-17-24           200,000     $192,000  
  ING Bank NV (S)(Z)     5.800     09-25-23           1,000,000     1,076,077  
  JPMorgan Chase & Co. (Z)     4.625     05-10-21           720,000     783,279  
  JPMorgan Chase & Co. (5.000% to 7-1-19, then 3 month LIBOR + 3.320%) (Q)     5.000     07-01-19           520,000     487,500  
  JPMorgan Chase & Co. (5.150% to 5-1-23, then 3 month LIBOR + 3.250%) (Q)     5.150     05-01-23           375,000     357,225  
  JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)     6.750     02-01-24           805,000     871,413  
  JPMorgan Chase & Co. (7.900% to 4-30-18, then 3 month LIBOR + 3.470%) (Q)(Z)     7.900     04-30-18           655,000     661,141  
  Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (Q)     7.500     06-27-24           385,000     398,475  
  Manufacturers & Traders Trust Company (5.629% to 12-1-16, then 3 month LIBOR + 6.400%) (Z)     5.629     12-01-21           485,000     475,300  
  Mizuho Financial Group Cayman 3, Ltd. (S)     4.600     03-27-24           1,035,000     1,079,031  
  Popular, Inc.     7.000     07-01-19           225,000     209,531  
  Rabobank Nederland NV (11.000% to 6-30-19, then 3 month LIBOR + 10.868%) (Q)(S)     11.000     06-30-19           1,000,000     1,215,200  
  Royal Bank of Scotland Group PLC (8.000% to 8-10-25, then 5 Year U.S. Swap Rate + 5.720%) (L)(Q)(Z)     8.000     08-10-25           200,000     205,250  
  Santander UK Group Holdings PLC (L)(S)(Z)     4.750     09-15-25           365,000     362,181  
  Societe Generale SA (8.000% to 9-29-25, then 5 Year U.S. ISDAFIX + 5.873%) (L)(Q)(S)(Z)     8.000     09-29-25           420,000     414,750  
  Societe Generale SA (8.250% to 11-29-18, then 5 Year U.S. Swap Rate + 6.394%) (Q)     8.250     11-29-18           385,000     401,522  
  Swedbank AB (S)(Z)     2.125     09-29-17           460,000     464,250  
  Synovus Financial Corp.     7.875     02-15-19           200,000     218,500  
  The PNC Financial Services Group, Inc. (4.850% to 6-1-23, then 3 month LIBOR + 3.040%) (Q)(Z)     4.850     06-01-23           335,000     312,388  
  The PNC Financial Services Group, Inc. (6.750% to 8-1-21, then 3 month LIBOR + 3.678%) (Q)(Z)     6.750     08-01-21           520,000     558,350  
  Wells Fargo & Company (Z)     4.650     11-04-44           150,000     145,790  
  Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z)     5.875     06-15-25           500,000     525,930  
  Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (Q)(Z)     5.900     06-15-24           495,000     499,331  
  Wells Fargo & Company, Series K (7.980% to 3-15-18, then 3 month LIBOR + 3.770%) (Q)(Z)     7.980     03-15-18           420,000     438,900  
  Wells Fargo Bank NA (Z)     5.850     02-01-37           170,000     207,419  
  Capital markets 5.2%  
  Ares Capital Corp. (Z)     3.875     01-15-20           430,000     438,047  
  Credit Suisse Group Funding Guernsey, Ltd. (7.500% to 12-11-23, then 5 Year U.S. Swap Rate + 4.598%) (Q)(S)     7.500     12-11-23           295,000     302,841  
  Deutsche Bank AG (L)(Z)     4.500     04-01-25           425,000     378,554  
  FS Investment Corp. (Z)     4.000     07-15-19           435,000     439,623  
  Jefferies Group LLC     6.875     04-15-21           1,005,000     1,133,006  
  Jefferies Group LLC (L)(Z)     8.500     07-15-19           235,000     270,053  
  Macquarie Bank, Ltd. (S)     4.875     06-10-25           520,000     515,275  
  Morgan Stanley (Z)     2.450     02-01-19           250,000     250,910  
  Morgan Stanley (Z)     4.300     01-27-45           235,000     221,687  
  Morgan Stanley (Z)     5.500     01-26-20           450,000     494,363  
  Morgan Stanley (Z)     5.550     04-27-17           565,000     591,736  
  Morgan Stanley (Z)     7.300     05-13-19           895,000     1,025,690  
  Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z)     5.550     07-15-20           325,000     321,547  
  Stifel Financial Corp. (Z)     4.250     07-18-24           315,000     314,774  

SEE NOTES TO FUND'S INVESTMENTS5


Income Securities Trust

                                                           
        Rate (% )    Maturity date     Par value^     Value  
  Financials  (continued)        
  Capital markets  (continued)  
  The Bear Stearns Companies LLC (Z)     7.250     02-01-18           1,000,000     $1,099,598  
  The Goldman Sachs Group, Inc. (Z)     3.750     05-22-25           340,000     341,602  
  The Goldman Sachs Group, Inc. (Z)     4.750     10-21-45           170,000     168,518  
  The Goldman Sachs Group, Inc. (Z)     5.250     07-27-21           385,000     427,209  
  The Goldman Sachs Group, Inc. (Z)     5.750     01-24-22           105,000     119,222  
  Consumer finance 2.9%  
  Ally Financial, Inc. (L)(Z)     3.250     11-05-18           325,000     318,053  
  Capital One Financial Corp. (Z)     2.450     04-24-19           275,000     275,397  
  Capital One Financial Corp. (Z)     3.500     06-15-23           1,100,000     1,099,804  
  Capital One Financial Corp. (Z)     4.200     10-29-25           430,000     430,861  
  Capital One Financial Corp. (5.550% to 6-1-20, then 3 month LIBOR + 3.800%) (L)(Q)(Z)     5.550     06-01-20           350,000     348,031  
  Capital One NA (Z)     2.350     08-17-18           350,000     350,987  
  Credito Real SAB de CV (S)     7.500     03-13-19           325,000     318,094  
  Discover Bank     2.600     11-13-18           510,000     510,742  
  Discover Financial Services     3.950     11-06-24           370,000     372,112  
  Discover Financial Services     5.200     04-27-22           585,000     636,603  
  Enova International, Inc.     9.750     06-01-21           390,000     280,800  
  Diversified financial services 2.0%  
  Doric Nimrod Air Alpha 2013-1 Class A Pass Through Trust (S)     5.250     05-30-25           345,329     351,372  
  Doric Nimrod Air Alpha 2013-1 Class B Pass Through Trust (S)     6.125     11-30-21           210,401     212,505  
  Doric Nimrod Air Finance Alpha, Ltd. 2012-1 Class A Pass Through Trust (S)     5.125     11-30-24           209,640     218,287  
  Leucadia National Corp.     5.500     10-18-23           655,000     623,305  
  McGraw Hill Financial, Inc. (Z)     4.000     06-15-25           495,000     499,585  
  McGraw Hill Financial, Inc. (L)(Z)     4.400     02-15-26           340,000     352,117  
  NewStar Financial, Inc.     7.250     05-01-20           435,000     404,550  
  Voya Financial, Inc. (5.650% to 5-15-23, then 3 month LIBOR + 3.580%)     5.650     05-15-53           674,000     653,780  
  Insurance 3.3%  
  Aquarius + Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%)     6.375     09-01-24           235,000     240,957  
  Assured Guaranty US Holdings, Inc. (Z)     5.000     07-01-24           465,000     489,771  
  AXA SA (Z)     8.600     12-15-30           175,000     234,124  
  AXA SA (6.379% to 12-14-36, then 3 month LIBOR + 2.256%) (Q)(S)(Z)     6.379     12-14-36           240,000     255,600  
  CNA Financial Corp.     7.250     11-15-23           230,000     275,399  
  CNO Financial Group, Inc.     5.250     05-30-25           450,000     454,500  
  Liberty Mutual Group, Inc. (7.800% to 3-15-37, then 3 month LIBOR + 3.576%) (S)     7.800     03-07-87           705,000     803,700  
  MetLife, Inc. (Z)     6.400     12-15-66           355,000     372,750  
  Nippon Life Insurance Company (5.100% to 10-16-24, then 5 Year U.S. ISDAFIX + 3.650%) (S)     5.100     10-16-44           365,000     380,513  
  Pacific LifeCorp. (S)(Z)     6.000     02-10-20           235,000     262,778  
  Prudential Financial, Inc. (5.200% to 3-15-24, then 3 month LIBOR + 3.040%) (Z)     5.200     03-15-44           270,000     262,238  
  Prudential Financial, Inc. (5.875% to 9-15-22, then 3 month LIBOR + 4.175%) (Z)     5.875     09-15-42           267,000     280,016  
  Sirius International Group, Ltd. (7.506% to 6-30-17, then 3 month LIBOR + 3.200%) (Q)(S)     7.506     06-30-17           130,000     130,182  
  Teachers Insurance & Annuity Association of America (S)(Z)     6.850     12-16-39           555,000     693,741  
  The Hartford Financial Services Group, Inc. (8.125% to 6-15-18, then 3 month LIBOR + 4.603%) (Z)     8.125     06-15-68           505,000     544,138  
  Real estate investment trusts 5.1%  
  American Tower Corp. (Z)     3.400     02-15-19           225,000     230,537  
  American Tower Corp. (Z)     4.700     03-15-22           400,000     422,172  
  American Tower Corp. (Z)     5.000     02-15-24           500,000     534,241  

6SEE NOTES TO FUND'S INVESTMENTS


Income Securities Trust

                                                           
        Rate (% )    Maturity date     Par value^     Value  
  Financials  (continued)        
  Real estate investment trusts  (continued)  
  Corrections Corp. of America     5.000     10-15-22           120,000     $121,650  
  Crown Castle International Corp.     4.450     02-15-26           335,000     337,020  
  Crown Castle Towers LLC (S)(Z)     4.883     08-15-40           710,000     772,552  
  Crown Castle Towers LLC (S)(Z)     6.113     01-15-40           451,000     495,716  
  DDR Corp. (Z)     7.500     04-01-17           880,000     933,175  
  Highwoods Realty LP (Z)     5.850     03-15-17           310,000     323,184  
  Iron Mountain, Inc. (L)(Z)     6.000     08-15-23           440,000     457,600  
  iStar, Inc. (L)(Z)     5.000     07-01-19           135,000     126,900  
  MPT Operating Partnership LP     6.375     02-15-22           320,000     324,800  
  Omega Healthcare Investors, Inc. (Z)     4.500     01-15-25           295,000     290,419  
  Omega Healthcare Investors, Inc. (Z)     4.950     04-01-24           350,000     355,350  
  Omega Healthcare Investors, Inc. (Z)     5.250