# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0000035402-25-003030
**Filing Date:** 2025-12
**Character Count:** 183651
**Document Hash:** 9a589e6157a0d1c22115f12e6ad60982
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-003030.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-003030

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000754510

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04118
- **FILM NUMBER:** 251600017

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Series Real Estate Income Fund (Series ID: S000031548)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000098199 | Fidelity Series Real Estate Income Fund | FSREX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Series Real Estate Income Fund**

**October 31, 2025**

SRE-NPRT1-1225

1.924315.114 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.5%  |  |  |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 411183 | 355487 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 959496 | 936904 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b) | 553000 | 557333 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.593% 9/15/2039 (b)(c) | 2000000 | 1653346 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b) | 750000 | 768710 |
| TOTAL UNITED STATES |  | 4271780 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,546,655) |  | <br> **4271780** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 1.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9646% 10/6/2032 (c)(d)(e) | 500000 | 493750 |
| Financials - 1.4% |  |  |
| Financial Services - 1.4% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.0322% 1/9/2027 (c)(d)(e)(f) | 4091650 | 3989359 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.7146% 1/31/2030 (c)(d)(e) | 16950 | 16978 |
| TOTAL UNITED STATES |  | 4500087 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $4,603,666) |  | <br> **4500087** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 19.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 19.7%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 19.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 19.7%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.5822% 4/15/2042 (b)(c)(d) | 1000000 | 1001246 |
| BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (b)(f) | 625000 | 349477 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b) | 1848000 | 922524 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (b)(c)(f) | 573000 | 2865 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (b)(c)(f) | 859000 | 2148 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.7231% 11/15/2041 (b)(c)(d) | 381000 | 382667 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (b)(c) | 303000 | 308997 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (b)(c) | 254000 | 250353 |
| Bres Coml Mtg Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 9.1658% 11/15/2042 (b)(c)(d) | 1000000 | 997460 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 6.9975% 8/15/2038 (b)(c)(d)(f) | 91177 | 36425 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 7.9975% 8/15/2038 (b)(c)(d)(f) | 213030 | 76116 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (b)(c) | 2018000 | 1817995 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.9949% 11/13/2046 (b)(c) | 353000 | 361847 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.7224% 4/15/2040 (b)(c)(d) | 998331 | 1003323 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.6783% 4/15/2034 (b)(c)(d) | 819000 | 790521 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (b)(c) | 5666000 | 5201943 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.97% 6/15/2041 (b)(c)(d) | 750000 | 750905 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.9724% 11/15/2041 (b)(c)(d) | 256756 | 257237 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.9709% 11/15/2041 (b)(c)(d) | 864135 | 860984 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.3822% 1/15/2039 (b)(c)(d) | 700000 | 698695 |
| BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.75% 10/15/2027 (b)(c)(d) | 1000000 | 1000400 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 213000 | 181938 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b) | 31000 | 27716 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.378% 9/15/2033 (b)(c)(d) | 735000 | 39242 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.3843% 9/15/2033 (b)(c)(d) | 735000 | 13516 |
| COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (b)(c) | 2000000 | 1941477 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.9207% 8/15/2041 (b)(c)(d) | 500000 | 499383 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.4635% 6/15/2034 (b)(d)(f) | 800000 | 385167 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.7849% 10/15/2051 (c) | 1000000 | 891719 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (b)(c) | 1000000 | 1018311 |
| Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 8.25% 10/15/2042 (b)(c)(d) | 1000000 | 1009375 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1672% 8/10/2044 (b)(c) | 101000 | 91276 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1672% 8/10/2044 (b)(c) | 759236 | 557869 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1672% 8/10/2044 (b)(c) | 848000 | 224955 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(f) | 677000 | 2031 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.5879% 11/10/2045 (b)(c) | 355000 | 323405 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.929% 7/15/2035 (b)(c)(d) | 669000 | 608 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (b)(c) | 1000000 | 1003022 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.1983% 8/10/2041 (b)(c) | 500000 | 507344 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (b)(c) | 2515000 | 2451881 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (b) | 1624000 | 1598046 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.4144% 6/15/2051 (b)(c) | 302000 | 236973 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.8459% 6/15/2045 (b)(c) | 616427 | 602396 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(f) | 805000 | 531531 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3392% 4/15/2046 (c) | 1316000 | 95700 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(c)(f) | 482000 | 289 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (b)(c) | 924000 | 2292 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (b)(c) | 961000 | 96807 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b)(f) | 1406000 | 267871 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (b)(c) | 356000 | 349462 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.7474% 4/15/2038 (b)(c)(d) | 555200 | 555200 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.3474% 4/15/2038 (b)(c)(d) | 1076800 | 1077473 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.8975% 7/15/2038 (b)(c)(d) | 250000 | 249063 |
| MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.5322% 9/15/2040 (b)(c)(d) | 2000000 | 1995798 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.4894% 11/15/2045 (b)(c) | 1000000 | 140060 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.8364% 5/15/2046 (c) | 625000 | 580339 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.3850% 6/15/2044 (b)(c) | 741710 | 734530 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.385% 6/15/2044 (b)(c) | 970000 | 727519 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.5356% 6/15/2044 (b)(c)(g) | 21324697 | 77059 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 5.1054% 7/15/2049 (b)(c) | 162971 | 160058 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 5.1054% 7/15/2049 (b)(c) | 636000 | 607478 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 5.1054% 7/15/2049 (b)(c) | 979600 | 922427 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.2889% 5/15/2048 (b)(c) | 980000 | 824552 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (b) | 2346000 | 1698045 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b) | 985659 | 1038524 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(c) | 739000 | 709151 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (b)(c) | 1000000 | 865885 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (b)(c) | 1022000 | 1032717 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.4975% 7/15/2038 (b)(c)(d)(f) | 500000 | 221233 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 250000 | 212025 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (b)(c) | 500000 | 499019 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 494162 | 503712 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 720000 | 759536 |
| SCG Trust Series 2025-SNIP Class E, 7.4322% 9/15/2042 (b)(c) | 500000 | 503153 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.9725% 11/15/2034 (b)(c)(d) | 303000 | 303377 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.2207% 11/15/2034 (b)(c)(d) | 354000 | 354440 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.6322% 10/15/2041 (b)(c)(d) | 512000 | 512320 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.062% 11/15/2036 (b)(c)(d) | 1000000 | 997615 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.347% 11/15/2036 (b)(c)(d) | 1280000 | 1272472 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.2711% 2/15/2042 (b)(c)(d) | 500000 | 496875 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(c) | 926620 | 838610 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(c)(f) | 399000 | 136628 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (b) | 1260000 | 700990 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (b)(c) | 843916 | 303827 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(f) | 45000 | 14470 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2021% 3/15/2045 (b)(c) | 53000 | 37249 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9555% 5/15/2045 (b)(c) | 34663 | 31804 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (b)(c) | 1168000 | 703720 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (b)(c)(f) | 459000 | 151470 |
| TOTAL UNITED STATES |  | 55576153 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $65,921,988) |  | <br> **55576153** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Retail Value Inc (f)(h)<br>(Cost $709,415)<br>| 24066 | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Two Harbors Investment Corp 6.25% 1/15/2026 <br>(Cost $904,000)<br>| 904000 | **898124** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 5.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 5.5%  |  |  |
| Financials - 4.4% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 4.4% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (c)(d) | 65750 | 1614820 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (c)(d) | 61500 | 1528890 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (c)(d) | 46750 | 1175295 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (c)(d) | 27900 | 709218 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (c)(d) | 35058 | 841392 |
| Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (c)(d) | 45866 | 1011804 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (c)(d) | 89500 | 2309100 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (c)(d) | 20446 | 500927 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.802%, 7.5% (c)(d) | 43666 | 1106496 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (c)(d) | 60467 | 1515303 |
|  |  | 12313245 |
| Real Estate - 1.1% |  |  |
| Industrial REITs - 1.1% |  |  |
| LXP Industrial Trust 6.5%  | 68019 | 3209980 |
| TOTAL UNITED STATES |  | 15523225 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $12,890,024) |  | <br> **15523225** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.5%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.5%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 45.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) | 750000 | 821483 |
| UNITED STATES - 45.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| WULF Compute LLC 7.75% 10/15/2030 (b) | 565000 | 586964 |
| Media - 0.3% |  |  |
| Lamar Media Corp 4% 2/15/2030  | 875000 | 839632 |
| TOTAL COMMUNICATION SERVICES |  | 1426596 |
| Consumer Discretionary - 2.0% |  |  |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| Choice Hotels International Inc 5.85% 8/1/2034  | 250000 | 254248 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b) | 200000 | 184253 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (b) | 500000 | 475168 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (b) | 990000 | 1008563 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (b) | 200000 | 205006 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (b) | 740000 | 684162 |
| Las Vegas Sands Corp 6% 6/14/2030  | 500000 | 522727 |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 287416 | 288212 |
|  |  | 3622339 |
| Household Durables - 0.7% |  |  |
| LGI Homes Inc 7% 11/15/2032 (b) | 595000 | 570986 |
| M/I Homes Inc 3.95% 2/15/2030  | 1430000 | 1361807 |
|  |  | 1932793 |
| TOTAL CONSUMER DISCRETIONARY |  | 5555132 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Rexford Industrial Realty LP 2.125% 12/1/2030  | 1000000 | 893327 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Williams Scotsman Inc 4.625% 8/15/2028 (b) | 750000 | 740169 |
| Williams Scotsman Inc 6.625% 4/15/2030 (b) | 190000 | 196481 |
|  |  | 936650 |
| Real Estate - 42.1% |  |  |
| Diversified REITs - 6.9% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 1000000 | 1037061 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (b) | 925000 | 896806 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 1000000 | 956470 |
| GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033  | 500000 | 499698 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 1000000 | 1018970 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 500000 | 505513 |
| GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037  | 1340000 | 1330161 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 500000 | 497677 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 500000 | 540963 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 500000 | 460449 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 1250000 | 1110404 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 1400000 | 1476543 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) | 1040000 | 932358 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) | 630000 | 589632 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b) | 3095000 | 3069353 |
| VICI Properties LP 5.125% 5/15/2032  | 500000 | 504018 |
| VICI Properties LP 5.625% 5/15/2052  | 667000 | 631821 |
| VICI Properties LP 5.75% 4/1/2034  | 32000 | 33085 |
| VICI Properties LP 6.125% 4/1/2054  | 1254000 | 1265177 |
| WP Carey Inc 2.25% 4/1/2033  | 1000000 | 836028 |
| WP Carey Inc 2.45% 2/1/2032  | 1000000 | 879565 |
| WP Carey Inc 4.25% 10/1/2026  | 459000 | 459312 |
|  |  | 19531064 |
| Health Care REITs - 4.0% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 1506000 | 1231323 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 3237000 | 3114398 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 340000 | 356212 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 483000 | 484596 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  | 1616000 | 1625899 |
| Ventas Realty LP 2.5% 9/1/2031  | 500000 | 448457 |
| Ventas Realty LP 4.4% 1/15/2029  | 2000000 | 2004871 |
| Ventas Realty LP 4.75% 11/15/2030  | 1000000 | 1013039 |
| Welltower OP LLC 5.125% 7/1/2035  | 1000000 | 1019513 |
|  |  | 11298308 |
| Hotel & Resort REITs - 0.3% |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b) | 295000 | 304474 |
| RLJ Lodging Trust LP 4% 9/15/2029 (b) | 715000 | 675192 |
|  |  | 979666 |
| Industrial REITs - 3.0% |  |  |
| Lineage OP LP 5.25% 7/15/2030 (b) | 500000 | 506486 |
| LXP Industrial Trust 2.375% 10/1/2031  | 500000 | 434262 |
| LXP Industrial Trust 2.7% 9/15/2030  | 78000 | 71560 |
| LXP Industrial Trust 6.75% 11/15/2028  | 62000 | 65881 |
| Prologis LP 4.875% 6/15/2028  | 1000000 | 1021816 |
| Prologis LP 5% 3/15/2034  | 1500000 | 1526306 |
| Prologis LP 5.125% 1/15/2034  | 2000000 | 2054501 |
| Prologis LP 5.25% 3/15/2054  | 1500000 | 1457225 |
| Prologis LP 5.25% 6/15/2053  | 1500000 | 1458736 |
|  |  | 8596773 |
| Real Estate Management & Development - 4.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 750000 | 737631 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 1000000 | 1011391 |
| CBRE Services Inc 5.95% 8/15/2034  | 1750000 | 1871319 |
| Essex Portfolio LP 5.5% 4/1/2034  | 1006000 | 1046284 |
| Extra Space Storage LP 2.35% 3/15/2032  | 2000000 | 1737992 |
| Extra Space Storage LP 5.4% 2/1/2034  | 2000000 | 2055794 |
| Extra Space Storage LP 5.5% 7/1/2030  | 1000000 | 1042421 |
| Extra Space Storage LP 5.9% 1/15/2031  | 1000000 | 1062205 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 1755000 | 1620882 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (b) | 202000 | 204018 |
|  |  | 12389937 |
| Residential REITs - 4.9% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 2000000 | 1774373 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1000000 | 939044 |
| American Homes 4 Rent LP 4.25% 2/15/2028  | 2000000 | 2003379 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 1500000 | 1548853 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 3000 | 3096 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 1000000 | 865859 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 1000000 | 967506 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 3000000 | 3124119 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 2500000 | 2266905 |
| UDR Inc 3% 8/15/2031  | 500000 | 462486 |
|  |  | 13955620 |
| Retail REITs - 7.1% |  |  |
| Agree LP 2.6% 6/15/2033  | 1000000 | 861577 |
| Agree LP 2.9% 10/1/2030  | 500000 | 466409 |
| Agree LP 4.8% 10/1/2032  | 77000 | 77869 |
| Agree LP 5.625% 6/15/2034  | 25000 | 26091 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 138000 | 136722 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 500000 | 515660 |
| CBL & Associates LP 4.6% (f)(i) | 3930000 | 1 |
| CBL & Associates LP 5.25% (f)(i) | 3629000 | 0 |
| CBL & Associates LP 5.95% (f)(i) | 2551000 | 0 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 1000000 | 995723 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 1576000 | 1738600 |
| Kite Realty Group LP 5.5% 3/1/2034  | 1000000 | 1031548 |
| NNN REIT Inc 5.6% 10/15/2033  | 311000 | 325488 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 3000000 | 2670809 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 2000 | 1977 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 500000 | 511376 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 1000000 | 1044511 |
| Realty Income Corp 3.1% 12/15/2029  | 1000000 | 963716 |
| Realty Income Corp 3.4% 1/15/2030  | 500000 | 484352 |
| Realty Income Corp 4% 7/15/2029  | 1000000 | 995139 |
| Realty Income Corp 5.625% 10/13/2032  | 1000000 | 1060264 |
| Simon Property Group LP 4.75% 9/26/2034  | 1500000 | 1490548 |
| Simon Property Group LP 5.85% 3/8/2053  | 1000000 | 1032112 |
| Simon Property Group LP 6.25% 1/15/2034  | 2000000 | 2195820 |
| Simon Property Group LP 6.65% 1/15/2054  | 1000000 | 1138361 |
|  |  | 19764673 |
| Specialized REITs - 11.5% |  |  |
| American Tower Corp 3.1% 6/15/2050  | 1500000 | 1011468 |
| American Tower Corp 3.8% 8/15/2029  | 1000000 | 981713 |
| American Tower Corp 4.05% 3/15/2032  | 1500000 | 1453932 |
| American Tower Corp 5.45% 2/15/2034  | 2000000 | 2074427 |
| American Tower Corp 5.55% 7/15/2033  | 1000000 | 1046994 |
| American Tower Corp 5.65% 3/15/2033  | 2000000 | 2106663 |
| American Tower Corp 5.9% 11/15/2033  | 1500000 | 1604350 |
| Crown Castle Inc 2.1% 4/1/2031  | 2000000 | 1753586 |
| Crown Castle Inc 2.25% 1/15/2031  | 1500000 | 1336461 |
| Crown Castle Inc 2.5% 7/15/2031  | 1500000 | 1335985 |
| Crown Castle Inc 2.9% 4/1/2041  | 500000 | 366439 |
| Crown Castle Inc 5.1% 5/1/2033  | 2500000 | 2531967 |
| Crown Castle Inc 5.8% 3/1/2034  | 500000 | 526595 |
| CubeSmart LP 2.5% 2/15/2032  | 1500000 | 1325693 |
| CubeSmart LP 4.375% 2/15/2029  | 1000000 | 1001555 |
| Equinix Inc 2.5% 5/15/2031  | 2000000 | 1806599 |
| Equinix Inc 2.95% 9/15/2051  | 2000000 | 1282794 |
| Equinix Inc 3% 7/15/2050  | 2500000 | 1638253 |
| Iron Mountain Inc 4.5% 2/15/2031 (b) | 500000 | 479573 |
| Iron Mountain Inc 6.25% 1/15/2033 (b) | 500000 | 511364 |
| Millrose Properties Inc 6.25% 9/15/2032 (b) | 250000 | 251195 |
| Public Storage Operating Co 5.1% 8/1/2033  | 1000000 | 1036946 |
| Public Storage Operating Co 5.35% 8/1/2053  | 2500000 | 2471845 |
| SBA Communications Corp 3.125% 2/1/2029  | 2500000 | 2363231 |
|  |  | 32299628 |
| TOTAL REAL ESTATE |  | 118815669 |
| TOTAL UNITED STATES |  | 127627374 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $123,922,964) |  | <br> **128448857** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 15.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 15.7%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 15.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Enbridge Inc Series 1, 5 year U.S. Treasury Index + 3.14%, 5.9491% (c)(d) | 20325 | 495930 |
| UNITED STATES - 15.5%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/MA 9.5% Series B  | 12200 | 318298 |
| Financials - 5.5% |  |  |
| Capital Markets - 1.2% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 45449 | 954883 |
| DigitalBridge Group Inc Series H, 7.125%  | 57810 | 1247540 |
| DigitalBridge Group Inc Series I, 7.15%  | 60785 | 1297760 |
|  |  | 3500183 |
| Mortgage Real Estate Investment Trusts (REITs) - 4.3% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (c)(d) | 41899 | 1068425 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (c)(d) | 70990 | 1781139 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (c)(d) | 73400 | 1867296 |
| Arbor Realty Trust Inc Series D 6.375%  | 12400 | 219851 |
| Arbor Realty Trust Inc Series F, 6.25% (c) | 14100 | 310341 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (c)(d) | 58522 | 1477681 |
| MFA Financial Inc 7.5%  | 16249 | 342854 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (c)(d) | 26100 | 620136 |
| Pennymac Mortgage Investment Trust 8.125% (c) | 14975 | 358951 |
| Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (c)(d) | 20205 | 488355 |
| Rithm Capital Corp 7% Series D (c) | 17100 | 420825 |
| Two Harbors Investment Corp 7.625% Series B (c) | 89612 | 2003725 |
| Two Harbors Investment Corp 8.125% Series A (c) | 41635 | 968638 |
|  |  | 11928217 |
| TOTAL FINANCIALS |  | 15428400 |
| Real Estate - 10.0% |  |  |
| Diversified REITs - 2.4% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 33250 | 707893 |
| CTO Realty Growth Inc 6.375%  | 20000 | 417399 |
| Gladstone Commercial Corp Series E 6.625%  | 41125 | 922023 |
| Gladstone Commercial Corp Series G, 6%  | 64500 | 1294515 |
| Global Net Lease Inc 6.875% Series B  | 47200 | 1045952 |
| Global Net Lease Inc 7.25% Series A  | 45925 | 1053979 |
| Global Net Lease Inc 7.375% Series E  | 19100 | 447895 |
| Global Net Lease Inc 7.5%  | 34998 | 843102 |
|  |  | 6732758 |
| Health Care REITs - 0.7% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 27461 | 672520 |
| National Healthcare Properties Inc Series A, 7.375%  | 33000 | 596475 |
| National Healthcare Properties Inc Series B, 7.125%  | 40300 | 707265 |
|  |  | 1976260 |
| Hotel & Resort REITs - 2.9% |  |  |
| Ashford Hospitality Trust Inc Series H 7.5%  | 3575 | 50943 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 5450 | 112788 |
| DiamondRock Hospitality Co 8.25%  | 34900 | 884335 |
| Pebblebrook Hotel Trust 6.3% Series F  | 37902 | 722791 |
| Pebblebrook Hotel Trust 6.375%  | 20200 | 382992 |
| Pebblebrook Hotel Trust 6.375% Series E  | 45192 | 865608 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 50200 | 872476 |
| Sotherly Hotels Inc 7.875% Series C  | 19300 | 325784 |
| Sotherly Hotels Inc 8% Series B  | 12750 | 211395 |
| Summit Hotel Properties Inc Series E, 6.25%  | 60784 | 1204131 |
| Summit Hotel Properties Inc Series F, 5.875%  | 61000 | 1216950 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 20000 | 423000 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 38700 | 764325 |
|  |  | 8037518 |
| Industrial REITs - 0.8% |  |  |
| Prologis Inc Series Q, 8.54%  | 16850 | 918325 |
| Rexford Industrial Realty Inc 5.625% Series C  | 11775 | 259821 |
| Rexford Industrial Realty Inc 5.875% Series B  | 50000 | 1135000 |
|  |  | 2313146 |
| Office REITs - 0.3% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 22900 | 343386 |
| Vornado Realty Trust 5.25% Series M  | 11286 | 202019 |
| Vornado Realty Trust Series L, 5.4%  | 18000 | 318870 |
|  |  | 864275 |
| Real Estate Management & Development - 0.1% |  |  |
| Brookfield Property Partners LP 5.75%  | 7000 | 96390 |
| Brookfield Property Partners LP 6.5%  | 5875 | 88243 |
| Seritage Growth Properties Series A, 7%  | 1050 | 24664 |
|  |  | 209297 |
| Residential REITs - 1.0% |  |  |
| American Homes 4 Rent 5.875% Series G  | 37050 | 913283 |
| American Homes 4 Rent Series H, 6.25%  | 21284 | 528268 |
| UMH Properties Inc 6.375% Series D  | 63875 | 1439104 |
|  |  | 2880655 |
| Retail REITs - 1.2% |  |  |
| Agree Realty Corp 4.25%  | 38700 | 680733 |
| Cedar Realty Trust Inc 7.25%  | 7070 | 130866 |
| Regency Centers Corp 5.875%  | 28775 | 676788 |
| Regency Centers Corp 6.25% Series A  | 51175 | 1211824 |
| Saul Centers Inc 6% Series E  | 13475 | 293350 |
| Saul Centers Inc 6.125% Series D  | 15958 | 340225 |
|  |  | 3333786 |
| Specialized REITs - 0.6% |  |  |
| Gladstone Land Corp 5% Series D  | 60000 | 1492200 |
| National Storage Affiliates Trust Series A, 6%  | 12325 | 282119 |
|  |  | 1774319 |
| TOTAL REAL ESTATE |  | 28122014 |
| TOTAL UNITED STATES |  | 43868712 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $46,873,766) |  | <br> **44364642** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** | &nbsp;&nbsp;**Money Market Funds - 9.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j)<br>(Cost $27,053,061)<br>| 4.18 | 27047652 | **27053061** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $287,425,539)<br>| <br>**280635929** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **1884006** |
| **NET ASSETS - 100.0%** | **282519935** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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 $72,803,815 or 25.8% of net assets.

(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) 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) Level 3 security.

(g) 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.

(h) Non-income producing.

(i) Non-income producing - Security is in default.

(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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 34900900 | 10034754 | 17882963 | 338418 | 370 | - | 27053061 | 27047652 | 0.0% |
| Total | 34900900 | 10034754 | 17882963 | 338418 | 370 | - | 27053061 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Bank Loan Obligations, Convertible Corporate Bonds and Non-Convertible Corporate Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset-Backed Securities and Commercial Mortgage Securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Securities Fund

- **b. Investment Company Act file number:** 811-04118

- **c. CIK number of Registrant:** 0000754510

- **d. LEI of Registrant:** LIUMB3NDWOFJPXVROE85

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity Series Real Estate Income Fund

- **b. EDGAR series identifier (if any):** S000031548

- **c. LEI of Series:** 549300CKO1IALL8IIC86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $282486583.78

**Total Liabilities:** $405.13

**Net Assets:** $282486178.65

**Cash Not Reported:** $207834.77

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 6987.57052765 | **1-Year:** 23289.60369451 | **5-Year:** 33374.94046744 | **10-Year:** 12240.76972630 | **30-Year:** 3264.15208450

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1745.30650273 | **1-Year:** 8888.54997929 | **5-Year:** 9251.35453802 | **10-Year:** 78.55795980 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000098199 | 1.19%                | 1.12%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1549757.08             | $3685425.65                                |
| Month 2  | $-37976.30               | $1835832.86                                |
| Month 3  | $54326.56                | $-1494428.27                               |

### Schedule of Portfolio Investments

| Name                                                                              | Title                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MHP 2025-MHIL2                                                                    | MHP 2025-MHIL2 TSFR1M+350 09/15/2030 144A                                                            | CUSIP: 59317DAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1995798.20   | 0.71%             | 2040-09-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                            | EXTRA SPACE STORAGE LP 5.4% 02/01/2034                                                               | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2055792.98   | 0.73%             | 2034-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SELF COMMERCIAL MORTGAGE TRUST 2024-STRG                                          | SELF COMMERCIAL MORTGAGE TRUST 2024-STRG E TSFR1M+418.849 11/15/2034 144A                            | CUSIP: 81631WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    354000 | PA      | $354440.20    | 0.13%             | 2034-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2023-SHIP                                                     | GS MTG SECS CORP TR 2023-SHIP 7.68138% 09/10/2038 144A                                               | CUSIP: 36270GAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1003022.10   | 0.36%             | 2038-09-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SERITAGE GROWTH PPTYS                                                             | SERITAGE GROWTH PPTYS SER A 7% PERP PFD                                                              | CUSIP: 81752R308<br>LEI: 5493003CJFC2MM82WB25 | Long             | EP               | CORP              | US        |      1050 | NS      | $24664.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 5.625% 10/13/2032                                                                 | CUSIP: 756109BP8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1060263.82   | 0.38%             | 2032-10-13      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 2.25% 04/01/2033                                                                        | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $836028.46    | 0.30%             | 2033-04-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                                           | UBSCM 2012-C1 F CSTR 5/10/45 144A                                                                    | CUSIP: 90269GAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    399000 | PA      | $136628.17    | 0.05%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| CUBESMART LP                                                                      | CUBESMART LP 4.375% 02/15/2029                                                                       | CUSIP: 22966RAE6<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001555.59   | 0.35%             | 2029-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2017-BNK4                                                                    | BANK 2017-BNK4 D 3.357% 05/15/2050 144A                                                              | CUSIP: 06541FAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $349476.69    | 0.12%             | 2050-05-15      | Fixed         | 0.03%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6                                   | MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A                                                   | CUSIP: 61761DAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $140060.00    | 0.05%             | 2045-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 4.875% 06/15/2028                                                                        | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021816.14   | 0.36%             | 2028-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 4.25% 10/01/2026                                                                        | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    459000 | PA      | $459311.81    | 0.16%             | 2026-10-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                                          | SAFEHOLD GL HOLDINGS LLC 2.8% 06/15/2031                                                             | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    500000 | PA      | $460448.93    | 0.16%             | 2031-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                                             | WILLIAMS SCOTSMAN INC 4.625% 08/15/2028 144A                                                         | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740169.15    | 0.26%             | 2028-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ROCC 2024-CNTR E                                                                  | ROCC 2024-CNTR E 8.81906% 11/13/2041 144A                                                            | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    720000 | PA      | $759536.35    | 0.27%             | 2041-11-13      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP                                                         | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     20446 | NS      | $500927.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.45% 02/15/2034                                                                 | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2074426.42   | 0.73%             | 2034-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ARMADA HOFFLER PROPERTIES INC                                                     | ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP                                                        | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |     33250 | NS      | $707892.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2017-COR2                                                                    | COMM 2017-COR2 D 3% 09/10/2050 144A                                                                  | CUSIP: 12595EAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31000 | PA      | $27715.80     | 0.01%             | 2050-09-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UMH PPTYS INC                                                                     | UMH PPTYS INC 6.75% SER D PFD PERP                                                                   | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     63875 | NS      | $1439103.75   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SCG TRUST 2025-SNIP                                                               | SCG TRUST 2025-SNIP 7.65% 09/15/2042 144A                                                            | CUSIP: 78398JAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $503152.85    | 0.18%             | 2042-09-15      | Floating      | 0.07%                 | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC                                                                 | DYNEX CAP INC 6.9%/VAR PFD PERP C                                                                    | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |     89500 | NS      | $2309100.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EG GLOBAL FINANCE PLC                                                             | EG GLOBAL FINANCE PLC 12% 11/30/2028 144A                                                            | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $821483.25    | 0.29%             | 2028-11-30      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                                          | SAFEHOLD GL HOLDINGS LLC 2.85% 01/15/2032                                                            | CUSIP: 78646UAB5<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1110404.38   | 0.39%             | 2032-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                    | CBL and ASSOCS LP 5.25% 12/31/2049                                                                   | CUSIP: 12505JAA1<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   3629000 | PA      | $0.36         | 0.00%             | 2049-12-31      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 5.125% 05/15/2032                                                                 | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504018.37    | 0.18%             | 2032-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C3                                                         | WFRBS 2011-C3 D CSTR 3/44                                                                            | CUSIP: 92935VAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    843916 | PA      | $303826.56    | 0.11%             | 2044-03-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 5.25% 02/15/2033                                                        | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499697.50    | 0.18%             | 2033-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 2.9% 10/01/2030                                                                             | CUSIP: 008513AA1<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |    500000 | PA      | $466408.79    | 0.17%             | 2030-10-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BRES COML MTG TR 2025-ATCAP                                                       | BRES COML MTG TR 2025-ATCAP F TSFR1M+518.85 11/15/2042 144A                                          | CUSIP: 05619GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $997460.20    | 0.35%             | 2042-11-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 5.5% 07/15/2034                                                             | CUSIP: 02666TAH0<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3095.86      | 0.00%             | 2034-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2013-C13                                                        | WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A                                                    | CUSIP: 92937UAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34663 | PA      | $31803.78     | 0.01%             | 2045-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 5.35% 08/01/2053                                                                      | CUSIP: 74460WAH0<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2471844.38   | 0.88%             | 2053-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5% 03/15/2034                                                                            | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1526305.62   | 0.54%             | 2034-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.25% 03/15/2054                                                                         | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1457224.86   | 0.52%             | 2054-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MHP COML MTG TR 2021-STOR                                                         | MERIT 2021-STOR G TSFR1M+286.448 07/15/2038 144A                                                     | CUSIP: 55293BAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249062.50    | 0.09%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD                                                             | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     37902 | NS      | $722791.14    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                           | SIMON PROPERTY GROUP LP 4.75% 09/26/2034                                                             | CUSIP: 828807DY0<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1490548.26   | 0.53%             | 2034-09-26      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2013-C11                                                        | WFRBS 2013-C11 E VAR 3/45                                                                            | CUSIP: 92937EAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53000 | PA      | $37248.54     | 0.01%             | 2045-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2014-DSTY                                       | JPMCC 2014-DSTY E CSTR 06/27                                                                         | CUSIP: 46642MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    924000 | PA      | $2291.52      | 0.00%             | 2027-06-10      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTYS LP and RHP FIN CORP                                               | RHP HOTEL PPTYS LP and RHP FIN CORP 6.5% 06/15/2033 144A                                             | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $304474.52    | 0.11%             | 2033-06-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                                             | COMM 2018-HCLV MTG TR TSFR1M+319.601 09/15/2033 144A                                                 | CUSIP: 20048KAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    735000 | PA      | $39241.65     | 0.01%             | 2033-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                  | HILTON DOMESTIC OPERATING CO INC 5.875% 03/15/2033 144A                                              | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205005.77    | 0.07%             | 2033-03-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GLADSTONE COMMERCIAL CORP                                                         | GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049                                                | CUSIP: 376536702<br>LEI: 529900EVVV534W8R0T32 | Long             | EP               | CORP              | US        |     41125 | NS      | $922022.50    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BFLD COML MTG TR 2024-UNIV                                                        | BFLD COML MTG TR 2024-UNIV TSFR1M+269.09 11/15/2029 144A                                             | CUSIP: 08861RAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    381000 | PA      | $382666.88    | 0.14%             | 2041-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 5.1% 05/01/2033                                                                     | CUSIP: 22822VBC4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2531967.03   | 0.90%             | 2033-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                        | TWO HARBORS INVT CORP 8.125% SER A PERP PFD                                                          | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     41635 | NS      | $968638.28    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.125% 01/15/2034                                                                        | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2054500.48   | 0.73%             | 2034-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I LP                         | Phillips Edison Grocery Center Operating Partnership I LP 5.75% 07/15/2034                           | CUSIP: 71845JAB4<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1044510.85   | 0.37%             | 2034-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                                          | PKHL COML MTG TR 2021-MF G TSFR1M+446.448 07/15/2038 144A                                            | CUSIP: 69356GAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $221233.25    | 0.08%             | 2038-07-15      | Variable      | 0.08%                 | No            |                  3 | On Loan: No      |
| AMERICOLD REALTY OPERATING PARTNERSHIP LP                                         | AMERICOLD REALTY OPERATING PARTNERSHIP LP 5.409% 09/12/2034                                          | CUSIP: 03063UAA9<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              | CORP              | US        |    750000 | PA      | $737631.32    | 0.26%             | 2034-09-12      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                              | LAS VEGAS SANDS CORP 6% 06/14/2030                                                                   | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522727.37    | 0.19%             | 2030-06-14      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTHCARE PROPERTIES INC                                                | HEALTHCARE TRUST INC 7.125% PERP PFD                                                                 | CUSIP: 42226B303<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |     40300 | NS      | $707265.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TR 2022-LBA6                                                                   | BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A                                                           | CUSIP: 12433EAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $698694.85    | 0.25%             | 2039-01-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 5.8% 03/01/2034                                                                     | CUSIP: 22822VBE0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526595.24    | 0.19%             | 2034-03-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SAUL CENTERS INC                                                                  | SAUL CENTERS INC 6.125% SER D PFD PERP                                                               | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15958 | NS      | $340224.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                                                                 | AGREE REALTY CORP 4.375% PERP PFD                                                                    | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     38700 | NS      | $680733.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC         | HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC 4.875% 07/01/2031 144A     | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $684161.89    | 0.24%             | 2031-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032                                                           | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $939044.29    | 0.33%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOTHERLY HOTELS INC                                                               | SOTHERLY HOTELS INC SER C 7.875% PERP PFD                                                            | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     19300 | NS      | $325784.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNEDY-WILSON INC                                                                | KENNEDY-WILSON INC 4.75% 02/01/2030                                                                  | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1620882.00   | 0.57%             | 2030-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1                                   | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A                                 | CUSIP: 95000GAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1260000 | PA      | $700990.29    | 0.25%             | 2049-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                                   | BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP                                                          | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      7000 | NS      | $96390.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC                                                              | GLOBAL NET LEASE INC SER B 6.875% PFD PERP                                                           | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     47200 | NS      | $1045952.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD                                    | PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/26/2070 144A                                    | CUSIP: 74167UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    250000 | PA      | $212025.00    | 0.08%             | 2070-12-26      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL REIT INC                                                           | GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP                                                          | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |     27461 | NS      | $672519.89    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                       | JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A                                                         | CUSIP: 46639YAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482000 | PA      | $289.20       | 0.00%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                        | TWO HARBORS INV CORP 7.625% SER B PFD PERP                                                           | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     89612 | NS      | $2003724.32   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES INC                                                     | HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C                                                       | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22900 | NS      | $343385.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031                                                           | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1774372.58   | 0.63%             | 2031-07-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BX TR 2025-OMG                                                                    | BX TR 2025-OMG VAR 10/15/2027 144A                                                                   | CUSIP: 05619HAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1000400.00   | 0.35%             | 2027-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GLADSTONE COMMERCIAL CORP                                                         | GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP                                                          | CUSIP: 376536884<br>LEI: 529900EVVV534W8R0T32 | Long             | EP               | CORP              | US        |     64500 | NS      | $1294515.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICOLD REALTY OPERATING PARTNERSHIP LP                                         | AMERICOLD REALTY OPERATING PARTNERSHIP LP 5.6% 05/15/2032                                            | CUSIP: 03063UAB7<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011390.68   | 0.36%             | 2032-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                 | IRON MTN INC 6.25% 01/15/2033 144A                                                                   | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511363.50    | 0.18%             | 2033-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 5.625% 06/15/2034                                                                           | CUSIP: 008513AE3<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26091.83     | 0.01%             | 2034-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MHC COML MTG TR 2021-MHC                                                          | MHC 2021 MHC G TSFR1M+331.544 9 04/15/2026 144A                                                      | CUSIP: 55316VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1076800 | PA      | $1077473.00   | 0.38%             | 2038-04-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC                                                             | SWITCH ABS ISSUER LLC 10.033% 06/25/2054 144A                                                        | CUSIP: 871044AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $768710.25    | 0.27%             | 2054-06-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                                             | COMM MORTGAGE TRUST 2018-HCLV G TSFR1M+520.234 069/15/2033                                           | CUSIP: 20048KAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    735000 | PA      | $13516.65     | 0.00%             | 2033-09-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B14 MTG TR                                                         | BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A                                                        | CUSIP: 08162YBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    573000 | PA      | $2865.00      | 0.00%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| COMM 2025-180W MORTGAGE TRUST                                                     | COMM 2025-180W MORTGAGE TRUST VAR 08/10/2042 144A                                                    | CUSIP: 12597SAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1941477.20   | 0.69%             | 2042-08-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP 7/VAR PFD PERP                                                                  | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     41899 | NS      | $1068424.50   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                                 | NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP                                                        | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        |     12325 | NS      | $282119.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD TR 2021-LIH                                                                  | STWD TR 2021-LIH TSFR1M+424.7 11/15/2036 144A                                                        | CUSIP: 78486EAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $1272471.55   | 0.45%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ARES TR 2025-IND3                                                                 | ARES TR 2025-IND3 E TSFR1M+355 04/15/2027 144A                                                       | CUSIP: 039955AL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1001246.30   | 0.35%             | 2042-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 3.4% 01/15/2030                                                                   | CUSIP: 756109CC6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484351.68    | 0.17%             | 2030-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| NXPT COML MTG TR                                                                  | NXPT COML MTG TR 6.92673% 11/05/2041 144A                                                            | CUSIP: 67119YAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1022000 | PA      | $1032717.00   | 0.37%             | 2041-11-05      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PRM TR 2025-PRM6                                                                  | PRM TR 2025-PRM6 E VAR 07/05/2033 144A                                                               | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499018.75    | 0.18%             | 2033-07-05      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                         | INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032                                           | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967506.12    | 0.34%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                                                      | NNN REIT INC 5.6% 10/15/2033                                                                         | CUSIP: 637417AS5<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    311000 | PA      | $325488.14    | 0.12%             | 2033-10-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CONE TR 2024-DFW1                                                                 | CONE TR 2024-DFW1 E TSFR1M+388.79 08/15/2026 144A                                                    | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499383.35    | 0.18%             | 2041-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD                                                           | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     45192 | NS      | $865607.57    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                    | OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028                                                      | CUSIP: 681936BK5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   1616000 | PA      | $1625899.18   | 0.58%             | 2028-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 2.1% 04/01/2031                                                                     | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1753585.72   | 0.62%             | 2031-04-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                                            | CD 2017-CD4 D 3.3% 05/10/2050 144A                                                                   | CUSIP: 12515DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213000 | PA      | $181938.25    | 0.06%             | 2050-05-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                 | MFA FINANCIAL 7.5% PFD PERP                                                                          | CUSIP: 55272X409<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     16249 | NS      | $342853.90    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                  | HILTON DOMESTIC OPERATING CO INC 4% 05/01/2031 144A                                                  | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    500000 | PA      | $475167.90    | 0.17%             | 2031-05-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2021-1 TR                                                      | HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A                                                  | CUSIP: 437300AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    411183 | PA      | $355487.40    | 0.13%             | 2041-09-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC                                                              | GLOBAL NET LEASE INC SER A 7.25% PFD PERP                                                            | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     45925 | NS      | $1053978.75   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                                        | JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A                                                                 | CUSIP: 92939VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1168000 | PA      | $703720.00    | 0.25%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                                       | SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP                                                       | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     60784 | NS      | $1204131.04   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2017-BNK8                                                                    | BANK 2017-BNK8 E 2.8% 11/15/2050 144A                                                                | CUSIP: 06650AAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1848000 | PA      | $922524.00    | 0.33%             | 2050-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 4% 01/15/2031                                                           | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $956469.60    | 0.34%             | 2031-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY LP                                                      | REXFORD INDUSTRIAL REALTY LP 2.125% 12/01/2030                                                       | CUSIP: 76169XAA2<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $893327.35    | 0.32%             | 2030-12-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2025-ESH                                              | EXTENDED STAY AMERICA TRUST 2025-ESH F TSFR1M+410 10/15/2042 144A                                    | CUSIP: 30227TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1009375.00   | 0.36%             | 2042-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                         | INVITATION HOMES OPERATING PARTNERSHIP LP 2% 08/15/2031                                              | CUSIP: 46188BAA0<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $865858.96    | 0.31%             | 2031-08-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                                       | SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD                                                          | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     38700 | NS      | $764325.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC                                                            | ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP                                                      | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     14100 | NS      | $310341.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOICE HOTELS INTERNATIONAL INC                                                   | CHOICE HOTELS INTERNATIONAL INC 5.85% 08/01/2034                                                     | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254248.54    | 0.09%             | 2034-08-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP / VICI NOTE CO INC                                             | VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A                                         | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3095000 | PA      | $3069352.54   | 1.09%             | 2029-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS CORP(REIT)                                                        | REGENCY CENTERS CORP(REIT) 5.875% PERP PFD                                                           | CUSIP: 758849871<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     28775 | NS      | $676788.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DBGS 2018-C1 MTG TR                                                               | DBGS MTG TR 2018-C1 C CSTR 10/15/2051                                                                | CUSIP: 23307DBE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $891718.90    | 0.32%             | 2051-10-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS CORP(REIT)                                                        | REGENCY CENTERS CORP REIT SER A 6.25% PFD PERP                                                       | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |     51175 | NS      | $1211824.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                  | BRIXMOR OPERATING PARTNERSHIP LP 4.125% 05/15/2029                                                   | CUSIP: 11120VAH6<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    138000 | PA      | $136721.53    | 0.05%             | 2029-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                   | MSC 2011-C3 G CSTR 07/49                                                                             | CUSIP: 61760RAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    979600 | PA      | $922426.63    | 0.33%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                            | MPT OPER PARTNERSHIP LP/CORP 8.5% 02/15/2032 144A                                                    | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $356212.22    | 0.13%             | 2032-02-15      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| CEDAR REALTY TRUST INC                                                            | CEDAR RLTY TR I 7.25% PFD PERP                                                                       | CUSIP: 150602407<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |      7070 | NS      | $130865.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR INC                                                                           | UDR INC 3% 08/15/2031                                                                                | CUSIP: 90265EAR1<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462487.35    | 0.16%             | 2031-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BSREP COML MTG TR 2021-DC                                                         | BSREP COML MTG TR 2021-DC TSFR1M+296.448 08/15/2038 144A                                             | CUSIP: 05591UAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91177 | PA      | $36425.15     | 0.01%             | 2038-08-15      | Variable      | 0.07%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                        | JPMCC 2012-CBX E CSTR 6/45                                                                           | CUSIP: 46637WAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    616427 | PA      | $602396.07    | 0.21%             | 2045-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES INC                                                   | TAYLOR MORRISON COMMUNITIES INC 5.875% 06/15/2027 144A                                               | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    202000 | PA      | $204017.58    | 0.07%             | 2027-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 2.9% 04/01/2041                                                                     | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $366438.67    | 0.13%             | 2041-04-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                            | EXTRA SPACE STORAGE LP 5.5% 07/01/2030                                                               | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1042421.15   | 0.37%             | 2030-07-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                                                  | WELLTOWER OP LLC 5.125% 07/01/2035                                                                   | CUSIP: 95041AAG3<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1019513.42   | 0.36%             | 2035-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.65% 03/15/2033                                                                 | CUSIP: 03027XBZ2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2106662.24   | 0.75%             | 2033-03-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC                                                              | GLOBAL NET LEASE INC 7.5% PFD PERP                                                                   | CUSIP: 379378508<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     34998 | NS      | $843101.82    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                                | PENNYMAC MTG INVT TR 8.125/VAR PREF PERP                                                             | CUSIP: 70931T301<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     14975 | NS      | $358950.75    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                           | GSMS 2011-GC5 D 5.47 8/44                                                                            | CUSIP: 36191YAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    759236 | PA      | $557869.15    | 0.20%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                 | MFA FINANCIAL 6.5%/VAR PFD PERP                                                                      | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     26100 | NS      | $620136.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                           | GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A                                                         | CUSIP: 36191YAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    677000 | PA      | $2031.00      | 0.00%             | 2044-08-10      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP                                                       | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     61500 | NS      | $1528890.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                        | JPMCC 2012-CBX G 4.0% 6/45 144A                                                                      | CUSIP: 46637WAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805000 | PA      | $531530.55    | 0.19%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| SAFEHOLD GL HOLDINGS LLC                                                          | SAFEHOLD GL HOLDINGS LLC 6.1% 04/01/2034                                                             | CUSIP: 785931AA4<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1476542.41   | 0.52%             | 2034-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                    | CBL and ASSOCS LP 4.6% 12/31/2049                                                                    | CUSIP: 12505JAB9<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $0.39         | 0.00%             | 2049-12-31      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| REXFORD INDL RLTY INC                                                             | REXFORD INDL RLTY INC SER B 5.875% PERP PFD                                                          | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     50000 | NS      | $1135000.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 4% 07/15/2029                                                                     | CUSIP: 756109CB8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995139.29    | 0.35%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                                                     | LINEAGE OP LP 5.25% 07/15/2030 144A                                                                  | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506486.14    | 0.18%             | 2030-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 4.8% 10/01/2032                                                                             | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     77000 | PA      | $77868.75     | 0.03%             | 2032-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                     | ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP                                                      | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     70990 | NS      | $1781139.10   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC 2.5% 05/15/2031                                                                          | CUSIP: 29444UBS4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1806599.40   | 0.64%             | 2031-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD                                                             | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     50200 | NS      | $872476.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| WFRBS COML MTG TR 2011-C4                                                         | WFRBS 2011-C4 G 5% 06/15/44                                                                          | CUSIP: 92936CBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45000 | PA      | $14469.62     | 0.01%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2016-BNK2                                                 | MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A                                                 | CUSIP: 61690YAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2346000 | PA      | $1698045.36   | 0.60%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SG COML MTG SECS TR 2019-PRES                                                     | SG COML MTG SECS TR 2019-PREZ F CSTR 09/15/2039 144A                                                 | CUSIP: 78430EAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1653345.60   | 0.59%             | 2039-09-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP 6.875/VAR PERP PFD                                                              | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     65750 | NS      | $1614820.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.25% 06/15/2053                                                                         | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1458736.49   | 0.52%             | 2053-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                                     | LGI HOMES INC 7% 11/15/2032 144A                                                                     | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    595000 | PA      | $570985.80    | 0.20%             | 2032-11-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 5.3% 01/15/2029                                                         | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018970.00   | 0.36%             | 2029-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                              | VORNADO REALTY TRUST SER M 5.25% PFD PERP                                                            | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     11286 | NS      | $202019.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 2.6% 06/15/2033                                                                             | CUSIP: 008513AC7<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $861576.68    | 0.30%             | 2033-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BX 2024 VLT4                                                                      | BX 2024 VLT4 F TSFR1M+393.788 07/15/2029 144A                                                        | CUSIP: 05612TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $750905.40    | 0.27%             | 2041-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-SPOT                                            | BX TRUST 2025-SPOT E TSFR1M+344.054 04/15/2040 144A                                                  | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    998331 | PA      | $1003322.97   | 0.36%             | 2040-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                         | INVITATION HOMES OPERATING PARTNERSHIP LP 5.5% 08/15/2033                                            | CUSIP: 46188BAF9<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3124118.64   | 1.11%             | 2033-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SHR TR 2024-LXRY                                                                  | SHR TR 2024-LXRY D TSFR1M+350 10/15/2041 144A                                                        | CUSIP: 784234AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    512000 | PA      | $512320.00    | 0.18%             | 2041-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                           | SIMON PROPERTY GROUP LP 6.65% 01/15/2054                                                             | CUSIP: 828807DX2<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1138360.51   | 0.40%             | 2054-01-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| MHC COML MTG TR 2021-MHC                                                          | MHC COML MTG TR 2021-MHC TSFR1M+271.544 096 04/15/2038 144A                                          | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    555200 | PA      | $555200.00    | 0.20%             | 2038-04-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 6.75% 12/01/2033                                                        | CUSIP: 361841AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $540963.00    | 0.19%             | 2033-12-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BX TR 2019-OC11                                                                   | BX TR 2019-OC11 4.075457% 12/09/2041 144A                                                            | CUSIP: 05606FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5666000 | PA      | $5201943.27   | 1.84%             | 2041-12-09      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MSJP 2015-HAUL                                                                    | MSJP 2015-HAUL E 5.012% 09/05/2047 144A                                                              | CUSIP: 553697AN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $865884.70    | 0.31%             | 2047-09-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                            | EXTRA SPACE STORAGE LP 2.35% 03/15/2032                                                              | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1737992.40   | 0.62%             | 2032-03-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                               | KIMCO REALTY OP LLC 6.4% 03/01/2034                                                                  | CUSIP: 49447BAA1<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   1576000 | PA      | $1738599.70   | 0.62%             | 2034-03-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                     | ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD                                                     | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     73400 | NS      | $1867296.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2024-OMNI                                       | J P MORGAN CHASE COML MTG SECS TR 2024-OMNI VAR 10/05/2039 144A                                      | CUSIP: 46593JAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356000 | PA      | $349461.85    | 0.12%             | 2039-10-05      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC 3% 07/15/2050                                                                            | CUSIP: 29444UBJ4<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1638253.33   | 0.58%             | 2050-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BRAEMAR HOTELS and RESORTS INC                                                    | BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP                                                  | CUSIP: 10482B309<br>LEI: 549300JDUUEBN868C776 | Long             | EP               | CORP              | US        |      5450 | NS      | $112787.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WULF COMPUTE LLC                                                                  | WULF COMPUTE LLC 7.75% 10/15/2030 144A                                                               | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $586964.34    | 0.21%             | 2030-10-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                                                | ESSEX PORTFOLIO LP 5.5% 04/01/2034                                                                   | CUSIP: 29717PBA4<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |   1006000 | PA      | $1046284.12   | 0.37%             | 2034-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                                              | RLJ LODGING TRUST LP 4% 09/15/2029 144A                                                              | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    715000 | PA      | $675191.80    | 0.24%             | 2029-09-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 5.5% 02/01/2034                                                             | CUSIP: 02666TAG2<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1548852.81   | 0.55%             | 2034-02-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SELF COMMERCIAL MORTGAGE TRUST 2024-STRG                                          | SELF COMMERCIAL MORTGAGE TRUST 2024-STRG TSFR1M+294.03 11/15/2034 144A                               | CUSIP: 81631WAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    303000 | PA      | $303376.81    | 0.11%             | 2034-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| JPMDB COML MTG SECS TR 2018-C8                                                    | JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A                                                  | CUSIP: 46591AAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    302000 | PA      | $236973.06    | 0.08%             | 2051-06-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| REXFORD INDL RLTY INC                                                             | REXFORD INDL RLTY INC SER C 5.625% PERP PFD                                                          | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     11775 | NS      | $259821.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 5.75% 04/01/2034                                                                  | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33085.14     | 0.01%             | 2034-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2021-2 TR                                                      | HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A                                                  | CUSIP: 43732VAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    959496 | PA      | $936904.48    | 0.33%             | 2026-12-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                              | VORNADO RLTY SR L 5.4% PFD PRP                                                                       | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     18000 | NS      | $318870.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TRUST 2024-FNX                                                                 | BX TRUST 2024-FNX TSFR1M+294.018 11/15/2026 144A                                                     | CUSIP: 05593TAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    256756 | PA      | $257237.11    | 0.09%             | 2041-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2020-NNN                                        | JPMCC 2020-NNN FFX 4.6254% 01/16/2037 144A                                                           | CUSIP: 46652BBN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1406000 | PA      | $267871.12    | 0.09%             | 2037-01-16      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| EQUINIX EUROPE 2 FINANCING CORP LLC                                               | EQUINIX EUROPE 2 FINANCING CORP LLC 5.5% 06/15/2034                                                  | CUSIP: 29390XAA2<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037060.52   | 0.37%             | 2034-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2018-RIVR                                                     | GS MTG SECS CORP TR 2018-RIVR G TSFR1M+264.7 07/15/2035 144A                                         | CUSIP: 36255WAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    669000 | PA      | $608.79       | 0.00%             | 2035-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC 2.95% 09/15/2051                                                                         | CUSIP: 29444UBM7<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1282793.76   | 0.45%             | 2051-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| HILTON USA TR 2016-HHV                                                            | HILT 2016-HHV F CSTR 11/38 144A                                                                      | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2515000 | PA      | $2451880.54   | 0.87%             | 2038-11-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST 2.7% 09/15/2030                                                                 | CUSIP: 529043AE1<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |     78000 | PA      | $71560.13     | 0.03%             | 2030-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP                  | GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP 3.75% 12/15/2027 144A               | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $896805.82    | 0.32%             | 2027-12-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                                                      | CUBESMART LP 2.5% 02/15/2032                                                                         | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1325692.70   | 0.47%             | 2032-02-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC                        | UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC 6.5% 02/15/2029 144A                      | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $589633.30    | 0.21%             | 2029-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| TIMES SQUARE HOTEL TR                                                             | TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A                                                         | CUSIP: 887367AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259583 | PA      | $260301.37    | 0.09%             | 2026-08-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2020-VIVA                                            | BX COMMERCIAL MORTGAGE TRUST 2020-VIVA E 3.54875% 03/09/2044 144A                                    | CUSIP: 12433XAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2018000 | PA      | $1817994.81   | 0.64%             | 2044-03-11      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE COM MTG TR 2021                                                     | CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A                                            | CUSIP: 12657VAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $385166.88    | 0.14%             | 2034-06-15      | Variable      | 0.08%                 | No            |                  3 | On Loan: No      |
| BENCHMARK 2019-B14 MTG TR                                                         | BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A                                                        | CUSIP: 08162YBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    859000 | PA      | $2147.50      | 0.00%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| MILLROSE PROPERTIES INC REIT                                                      | MILLROSE PROPERTIES INC REIT 6.25% 09/15/2032 144A                                                   | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251195.00    | 0.09%             | 2032-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                       | VENTAS RLTY LTD PARTNERSHIP 2.5% 09/01/2031                                                          | CUSIP: 92277GAW7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $448456.75    | 0.16%             | 2031-09-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 5.625% 09/15/2034                                                       | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $505513.00    | 0.18%             | 2034-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC                                                              | GLOBAL NET LEASE INC 7.375% PFD PERP E                                                               | CUSIP: 379378607<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     19100 | NS      | $447895.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BPR COML MTG TR 2024-PK                                                           | BPR COML MTG TR 2024-PARK C VAR 11/05/2039 144A                                                      | CUSIP: 05593UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    303000 | PA      | $308996.52    | 0.11%             | 2039-11-05      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                            | EXTRA SPACE STORAGE LP 5.9% 01/15/2031                                                               | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1062205.49   | 0.38%             | 2031-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                                               | KIMCO REALTY OP LLC 4.6% 02/01/2033                                                                  | CUSIP: 49446RBA6<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995722.95    | 0.35%             | 2033-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                           | CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD                                                      | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     45866 | NS      | $1011803.96   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                  | HILTON DOMESTIC OPERATING CO INC 5.75% 09/15/2033 144A                                               | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1008562.50   | 0.36%             | 2033-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 6.25% 09/15/2054                                                        | CUSIP: 361841AU3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497677.75    | 0.18%             | 2054-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                      | ENBRIDGE INC SER 1 4% PFD PERP                                                                       | CUSIP: 29250N717<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     20325 | NS      | $495930.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.9% 11/15/2033                                                                  | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1604350.44   | 0.57%             | 2033-11-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP                                                         | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     46750 | NS      | $1175295.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD                                                              | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     20200 | NS      | $382992.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                     | ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP                                                | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     27900 | NS      | $709218.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                                          | GS MTG SECS TR 2012-GCJ9 E CSTR 11/10/2045 144A                                                      | CUSIP: 36192PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355000 | PA      | $323405.00    | 0.11%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2018-AON                                        | J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A                                 | CUSIP: 46649XAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    961000 | PA      | $96807.01     | 0.03%             | 2031-07-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Cash Central Fund                                                                           | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  27047652 | NS      | $27053061.12  | 9.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 5.1% 08/01/2033                                                                       | CUSIP: 74460WAG2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036946.48   | 0.37%             | 2033-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SWCH COML MTG TR 2025-DATA                                                        | SWCH COML MTG TR 2025-DATA F TSFR1M+418.9 03/15/2042 144A                                            | CUSIP: 78489CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496875.00    | 0.18%             | 2042-02-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                       | JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046                                                           | CUSIP: 46639YAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1316000 | PA      | $95699.52     | 0.03%             | 2046-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                                       | SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD                                                         | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     61000 | NS      | $1216950.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR MEDIA CORP                                                                  | LAMAR MEDIA CORP 4% 02/15/2030                                                                       | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $839631.36    | 0.30%             | 2030-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                           | CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP                                                       | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     35058 | NS      | $841392.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LEXINGTON RLTY 6.5 CV PFD PERPPAR=50                                                                 | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |     68019 | NS      | $3209979.72   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUL CENTERS INC                                                                  | SAUL CENTERS INC 6% SER E PFD PERP                                                                   | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     13475 | NS      | $293350.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO REALTY GROWTH INC                                                             | CTO REALTY GROWTH INC 6.375% PFD PERP                                                                | CUSIP: 22948Q200<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EP               | CORP              | US        |     20000 | NS      | $417400.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                     | ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP                                                    | CUSIP: 044103802<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3575 | NS      | $50943.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                             | AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP                                                          | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     37050 | NS      | $913282.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TR 2021-MFP2                                                                | SREIT TR 2021-MFP2 TSFR1M+402.998 55 11/15/2036 144A                                                 | CUSIP: 85236WCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $997615.20    | 0.35%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                  | BRIXMOR OPERATING PARTNERSHIP LP 5.5% 02/15/2034                                                     | CUSIP: 11120VAM5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    500000 | PA      | $515660.30    | 0.18%             | 2034-02-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP LP                                                              | KITE REALTY GROUP LP 5.5% 03/01/2034                                                                 | CUSIP: 49803XAE3<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031547.62   | 0.37%             | 2034-03-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                                                 | CBRE SERVICES INC 5.95% 08/15/2034                                                                   | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1871318.98   | 0.66%             | 2034-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| RETAIL VALUE INC                                                                  | RETAIL VALUE INC (ESCROW LINE)                                                                       | CUSIP: 76133Q102<br>LEI: 549300VO5RB7323N1Z31 | Long             | EC               | CORP              | US        |     24066 | NS      | $0.24         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP                                                                                   | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     43666 | NS      | $1106496.44   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2019-IMC                                             | BX COMMERCIAL MORTGAGE TRUST 2019-IMC G TSFR1M+371.448 04/15/2034 144A                               | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $790521.49    | 0.28%             | 2034-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                                      | PROLOGIS IN SR Q 8.54% PFD PRP                                                                       | CUSIP: 74340W202<br>LEI: 529900DFH19P073LZ636 | Long             | EP               | CORP              | US        |     16850 | NS      | $918325.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                        | TWO HARBORS INVESTMENT COR CONV 6.25% 01/15/2026                                                     | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |    904000 | PA      | $898124.00    | 0.32%             | 2026-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                                        | JPMDB 2015-WPG PR2 CSTR 06/35                                                                        | CUSIP: 92939VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    459000 | PA      | $151470.00    | 0.05%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| IRON MOUNTAIN INC                                                                 | IRON MTN INC 4.5% 02/15/2031 144A                                                                    | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479573.45    | 0.17%             | 2031-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                                                            | ARBOR REALTY TRUST INC SER D 6.375% PERP PFD                                                         | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     12400 | NS      | $219852.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                                | PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP                                                          | CUSIP: 70931T400<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     20205 | NS      | $488354.85    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 4.05% 03/15/2032                                                                 | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1453931.58   | 0.51%             | 2032-03-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                           | GSMS 2011-GC5 C 5.47 8/44                                                                            | CUSIP: 36191YAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101000 | PA      | $91276.43     | 0.03%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP SER B 7.125%/VAR PFD PERP                                                         | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     60467 | NS      | $1515303.02   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL INC                                                           | ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP                                                            | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     58522 | NS      | $1477680.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                      | SUN CMNTYS OPER LTD PRTNRSHP 2.7% 07/15/2031                                                         | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2266904.63   | 0.80%             | 2031-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                       | VENTAS RLTY LTD PARTNERSHIP 4.75% 11/15/2030                                                         | CUSIP: 92277GAV9<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013038.97   | 0.36%             | 2030-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2024-RVR                                                      | GS MTG SECS CORP TR 2024-RVR A VAR 08/10/2029 144A                                                   | CUSIP: 36272JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $507344.45    | 0.18%             | 2041-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                   | MSC 2011-C3 E CSTR 7/15/49 144A                                                                      | CUSIP: 61760RAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162971 | PA      | $160058.23    | 0.06%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 2.25% 01/15/2031                                                                    | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1336461.44   | 0.47%             | 2031-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                                           | UNITI GROUP TERM B 1LN 10/6/2032                                                                     | CUSIP: 97381JAK9<br>LEI: 549300L3SXBFJVGRCF66 | Long             | LON              | CORP              | US        |    500000 | PA      | $493750.00    | 0.17%             | 2032-10-06      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP                                                                | GLOBAL PARTNERS LP SER B 9.5% PERP PFD                                                               | CUSIP: 37946R307<br>LEI: 549300PCHWTW9P4DU444 | Long             | EP               | CORP              | US        |     12200 | NS      | $318298.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I LP                         | Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031                          | CUSIP: 71845JAA6<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2670809.10   | 0.95%             | 2031-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                           | GSMS 2011-GC5 E CSTR 8/44                                                                            | CUSIP: 36191YAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    848000 | PA      | $224954.90    | 0.08%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 3.1% 06/15/2050                                                                  | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1011468.36   | 0.36%             | 2050-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE PLACE GROUP LTD PARTNERSHIP                                            | PPGLP 2000-C1 A2 7.75% 7/28                                                                          | CUSIP: 743784AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    494162 | PA      | $503712.27    | 0.18%             | 2028-07-20      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                           | DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD                                                         | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     60785 | NS      | $1297759.75   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE LAND CORP                                                               | GLADSTONE LAND CORP SER D 5% PFD 01/31/26                                                            | CUSIP: 376549507<br>LEI: 54930002B3Q17H38FG74 | Long             | EP               | CORP              | US        |     60000 | NS      | $1492200.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2015-MS1                                                  | MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48                                                          | CUSIP: 61765DAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    980000 | PA      | $824552.40    | 0.29%             | 2048-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 6.125% 04/01/2054                                                                 | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1254000 | PA      | $1265176.91   | 0.45%             | 2054-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2024-VLT5                                                          | BX COML MTG TR 2024-VLT5 B CSTR 11/13/2046 144A                                                      | CUSIP: 05614JAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    353000 | PA      | $361846.96    | 0.13%             | 2046-11-13      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                                           | UBSCM 2012-C1 E CSTR 05/45                                                                           | CUSIP: 90269GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    926620 | PA      | $838609.91    | 0.30%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                           | SBA COMMUNICATIONS CORP 3.125% 02/01/2029                                                            | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2363230.50   | 0.84%             | 2029-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                             | AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD                                                           | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     21284 | NS      | $528268.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTHERLY HOTELS INC                                                               | SOTHERLY HOTELS INC SER B 8% PERP PFD                                                                | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     12750 | NS      | $211395.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                  | HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A                                              | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184253.69    | 0.07%             | 2032-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                             | CUSHMAN and WAKEFIELD TERM B3 1LN 01/31/2030                                                         | CUSIP: 23340DAW2<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |     16950 | PA      | $16978.31     | 0.01%             | 2030-01-31      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                                                     | M/I HOMES INC 3.95% 02/15/2030                                                                       | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1361807.02   | 0.48%             | 2030-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                   | MSC 2011-C2 XB CSTR 6/44 144A                                                                        | CUSIP: 617459AF9<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |  21324697 | PA      | $77058.93     | 0.03%             | 2044-06-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 5.75% 11/01/2037                                                        | CUSIP: 361841AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992657.50    | 0.35%             | 2037-11-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 2.5% 07/15/2031                                                                     | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1335984.53   | 0.47%             | 2031-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                           | DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP                                                        | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     45449 | NS      | $954883.49    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 4.25% 02/15/2028                                                            | CUSIP: 02666TAA5<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003379.24   | 0.71%             | 2028-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                            | MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029                                                       | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1506000 | PA      | $1231323.22   | 0.44%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I LP                         | Phillips Edison Grocery Center Operating Partnership I LP 4.95% 01/15/2035                           | CUSIP: 71845JAC2<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |      2000 | PA      | $1977.60      | 0.00%             | 2035-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 2.45% 02/01/2032                                                                        | CUSIP: 92936UAJ8<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $879564.94    | 0.31%             | 2032-02-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                                   | BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD                                                           | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      5875 | NS      | $88242.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                   | MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A                                               | CUSIP: 61760RAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    636000 | PA      | $607477.94    | 0.22%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                    | CBL and ASSOCS LP 5.95% 12/15/2026                                                                   | CUSIP: 12505JAD5<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   2551000 | PA      | $0.26         | 0.00%             | 2026-12-15      | Fixed         | 0.06%                 | No            |                  3 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.55% 07/15/2033                                                                 | CUSIP: 03027XCD0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1046993.68   | 0.37%             | 2033-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTHCARE PROPERTIES INC                                                | HEALTHCARE TRUST INC SER A 7.375% PFD PERP                                                           | CUSIP: 42226B204<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |     33000 | NS      | $596475.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP SER D 7%/VAR PFD PERP                                                             | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     17100 | NS      | $420825.87    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP 2022-MHIL MEZZ                                                                | MHP 2022-MHIL MEZZ SOFR+500 01/09/2027                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4091650 | PA      | $3989358.47   | 1.41%             | 2027-01-09      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| Phillips Edison Grocery Center Operating Partnership I LP                         | Phillips Edison Grocery Center Operating Partnership I LP 5.25% 08/15/2032                           | CUSIP: 71845JAD0<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511375.85    | 0.18%             | 2032-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BSREP COML MTG TR 2021-DC                                                         | BSREP COML MTG TR 2021-DC TSFR1M+396.448 08/15/2038 144A                                             | CUSIP: 05591UAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213030 | PA      | $76115.63     | 0.03%             | 2038-08-15      | Variable      | 0.08%                 | No            |                  3 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST 2.375% 10/01/2031                                                               | CUSIP: 529537AA0<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $434261.92    | 0.15%             | 2031-10-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2024-BPR2                                                 | MORGAN STANLEY CAP I TR 2024-BPR2 7.291% 05/05/2029 144A                                             | CUSIP: 61776EAA1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |    985659 | PA      | $1038524.34   | 0.37%             | 2029-05-05      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9                                   | MSBAM 2013 - C9 C 4.2117% 5/46                                                                       | CUSIP: 61762DBB6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $580338.88    | 0.21%             | 2046-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC                       | UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A                                                           | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $932357.99    | 0.33%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                           | SIMON PROPERTY GROUP LP 5.85% 03/08/2053                                                             | CUSIP: 828807DV6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032112.73   | 0.37%             | 2053-03-08      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 3.1% 12/15/2029                                                                   | CUSIP: 756109BK9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963716.48    | 0.34%             | 2029-12-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                       | VENTAS RLTY LTD PARTNERSHIP 4.4% 01/15/2029                                                          | CUSIP: 92277GAN7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004871.16   | 0.71%             | 2029-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C23                                                   | JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A                                                           | CUSIP: 46643AAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1624000 | PA      | $1598045.72   | 0.57%             | 2047-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                            | MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027                                                           | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3237000 | PA      | $3114397.33   | 1.10%             | 2027-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 3.8% 08/15/2029                                                                  | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $981713.14    | 0.35%             | 2029-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| EQT TR 2024-EXTR                                                                  | EQT TR 2024-EXTR B CSTR 07/05/2041 144A                                                              | CUSIP: 29439DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1018311.40   | 0.36%             | 2041-07-05      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| BPR TR 2024-PMDW                                                                  | BPR TR 2024-PMDW D VAR 11/05/2029 144A                                                               | CUSIP: 05592VAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    254000 | PA      | $250353.22    | 0.09%             | 2041-11-05      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2024-NSTB                                                 | MORGAN STANLEY CAP I TR 2024-NSTB VAR 09/20/2032 144A                                                | CUSIP: 61690BAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    739000 | PA      | $709150.68    | 0.25%             | 2057-09-24      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                   | MSC 2011-C2 D CSTR 6/44                                                                              | CUSIP: 617459AJ1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |    741710 | PA      | $734530.01    | 0.26%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                                       | SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP                                                        | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     20000 | NS      | $423000.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                    | OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027                                                       | CUSIP: 681936BF6<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |    483000 | PA      | $484595.92    | 0.17%             | 2027-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                           | DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD                                                        | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     57810 | NS      | $1247539.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST 6.75% 11/15/2028                                                                | CUSIP: 529043AF8<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |     62000 | PA      | $65881.01     | 0.02%             | 2028-11-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024-FNX                                                                 | BX TRUST 2024-FNX TSFR1M+393.874 11/15/2026 144A                                                     | CUSIP: 05593TAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    864135 | PA      | $860983.77    | 0.30%             | 2041-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| DIAMONDROCK HOSPITALITY CO                                                        | DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP                                                            | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     34900 | NS      | $884334.59    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                                           | SIMON PROPERTY GROUP LP 6.25% 01/15/2034                                                             | CUSIP: 828807DW4<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2195819.78   | 0.78%             | 2034-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP | RETAINED VANTAGE DATA CTRS ISSUER LLC / VANTAGE DATA CTRS CDA QC4 LTD PARTNERSHIP 6% 09/15/2049 144A | CUSIP: 76134KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    553000 | PA      | $557332.59    | 0.20%             | 2049-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                   | MSC 2011-C2 F CSTR 6/44                                                                              | CUSIP: 617459AL6<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $727519.40    | 0.26%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                                             | WILLIAMS SCOTSMAN INC 6.625% 04/15/2030 144A                                                         | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196480.71    | 0.07%             | 2030-04-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 5.625% 05/15/2052                                                                 | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    667000 | PA      | $631820.74    | 0.22%             | 2052-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer