# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0001752724-25-160039
**Filing Date:** 2025-6
**Character Count:** 314177
**Document Hash:** 1b21f8c589ac2d92c3ffd2564d595300
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160039.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** 251079987

**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 Real Estate Income Fund (Series ID: S000007192)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000019680 | Fidelity Real Estate Income Fund                  | FRIFX           |
| C000087887 | Fidelity Advisor Real Estate Income Fund: Class A | FRINX           |
| C000087889 | Fidelity Advisor Real Estate Income Fund: Class C | FRIOX           |
| C000087890 | Fidelity Advisor Real Estate Income Fund: Class M | FRIQX           |
| C000087891 | Fidelity Advisor Real Estate Income Fund: Class I | FRIRX           |
| C000205040 | Fidelity Advisor Real Estate Income Fund: Class Z | FIKMX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Real Estate Income Fund**

**April 30, 2025**

REI-NPRT3-0625

1.800347.121 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 1.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 5.9132% 3/20/2050 (b)(c)(d)(e) | 2250000 | 0 |
| Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (b)(c)(d)(e) | 500000 | 0 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 0 |
| UNITED STATES - 1.4%  |  |  |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(d)(e)(f) | 4384602 | 44 |
| Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (b) | 2747554 | 2630039 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 6469895 | 5474674 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 27660977 | 26611069 |
| Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (b) | 9782512 | 8800827 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (b) | 2900000 | 2774237 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b) | 10151000 | 9975321 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b) | 8000000 | 8323769 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (b) | 3000000 | 2919348 |
| Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (b) | 2000000 | 2076026 |
| TOTAL UNITED STATES |  | 69585354 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $74,745,401) |  | <br> **69585354** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 1.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.9%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.9%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.7923% 7/1/2031 (c)(d)(g) | 1431413 | 1423067 |
| Wireless Telecommunication Services - 0.6% |  |  |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.08% 1/27/2031 (c)(d)(g) | 25674765 | 25638308 |
| TOTAL COMMUNICATION SERVICES |  | 27061375 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5632% 2/6/2031 (c)(d)(g) | 4390650 | 4314736 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 1/17/2031 (c)(d)(g) | 3960000 | 3838982 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3216% 8/2/2028 (c)(d)(g) | 672438 | 658989 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0766% 11/8/2030 (c)(d)(g) | 13500000 | 13444785 |
|  |  | 22257492 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2992% 12/31/2030 (c)(d)(g) | 9950063 | 9891258 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (c)(d)(g) | 9900000 | 7070778 |
|  |  | 16962036 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| Agellan Portfolio 9% 8/7/2025 (e)(g) | 6611000 | 6611000 |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3219% 1/9/2026 (c)(d)(e)(g) | 17587734 | 16972163 |
|  |  | 23583163 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5716% 1/31/2030 (c)(d)(g) | 2227025 | 2225176 |
| Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0716% 1/31/2030 (c)(d)(g) | 2611460 | 2591874 |
|  |  | 4817050 |
| TOTAL UNITED STATES |  | 94681116 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $97,918,187) |  | <br> **94681116** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.6774% 2/25/2042 (b)(d)(e) | 18840 | 8178 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9463% 6/25/2043 (b)(d)(e) | 31157 | 24599 |
| TOTAL UNITED STATES |  | 32777 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $27,193) |  | <br> **32777** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 22.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 22.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 22.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 22.1%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.85% 4/15/2042 (b)(c)(d) | 7000000 | 6936976 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.9836% 7/15/2049 (d) | 3030000 | 2890649 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b) | 11374393 | 5257242 |
| BANK Series 2020-BN30 Class MCDG, 3.0155% 12/15/2053 (d) | 2000000 | 940523 |
| BANK Series 2021-BN38 Class C, 3.3251% 12/15/2064 (d) | 3505000 | 2818518 |
| BANK Series 2022-BNK41 Class C, 3.9161% 4/15/2065 (d) | 4433000 | 3461150 |
| BANK Series 2022-BNK42 Class C, 4.7228% 6/15/2055 (d) | 6500000 | 5843094 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b) | 2000000 | 1413557 |
| BANK Series 2022-BNK44 Class AS, 5.7442% 11/15/2055 (d) | 5000000 | 5122316 |
| BANK Series 2023-5YR3 Class AS, 7.5591% 9/15/2056 (d) | 1500000 | 1606646 |
| BANK Series 2023-5YR3 Class B, 7.5591% 9/15/2056 (d) | 2000000 | 2088163 |
| BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056  | 1409000 | 1466694 |
| BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056  | 5000000 | 5241974 |
| BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053  | 1129000 | 920538 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.706% 4/15/2053 (d) | 2067000 | 1728775 |
| BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (d) | 5250000 | 4358746 |
| BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055  | 2000000 | 1870678 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b) | 2000000 | 1393996 |
| BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.7032% 12/15/2056 (d) | 2500000 | 2702370 |
| BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.5056% 9/15/2056 (d) | 7000000 | 7438071 |
| BBCMS Mortgage Trust Series 2023-C21 Class B, 6.5056% 9/15/2056 (d) | 7000000 | 7325703 |
| BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.3677% 11/15/2056 (d) | 10000000 | 11129457 |
| BBCMS Mortgage Trust Series 2023-C22 Class B, 7.3677% 11/15/2056 (d) | 10000000 | 10774177 |
| BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062  | 5000000 | 5230628 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (b)(d) | 3427000 | 82377 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (b)(d) | 5141000 | 49195 |
| Benchmark Mortgage Trust Series 2020-B18 Class AGNG, 4.5348% 7/15/2053 (b)(d) | 11379000 | 10995288 |
| Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054  | 500000 | 427829 |
| Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4433% 5/15/2055 (d) | 7000000 | 5558048 |
| Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1188% 7/15/2055 (d) | 2000000 | 1785055 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b) | 3828000 | 2542898 |
| Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (b) | 5000000 | 5142201 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 7.0128% 11/15/2041 (b)(c)(d) | 7035000 | 6986634 |
| BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1175% 8/15/2056 (d) | 3500000 | 3712833 |
| BMO Mortgage Trust Series 2023-5C2 Class AS, 7.4854% 11/15/2056 (d) | 10000000 | 10707942 |
| BMO Mortgage Trust Series 2023-C5 Class B, 6.6952% 6/15/2056 (d) | 4750000 | 5002595 |
| BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (d) | 5000000 | 5456942 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.3894% 11/5/2039 (b)(d) | 5597000 | 5570180 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (b)(d) | 4690000 | 4475990 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.667% 3/11/2044 (b)(d) | 20898990 | 18360262 |
| BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 8.0098% 5/15/2034 (b)(c)(d) | 1974013 | 1935766 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.4147% 11/13/2046 (b)(d) | 6547000 | 6496557 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 8.0102% 3/15/2041 (b)(c)(d) | 4409987 | 4341341 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 8.012% 4/15/2040 (b)(c)(d) | 18750000 | 18562669 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class J, CME Term SOFR 1 month Index + 3.8645%, 8.1865% 6/15/2038 (b)(c)(d) | 16662402 | 16299897 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.9683% 4/15/2034 (b)(c)(d) | 5181000 | 4969154 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.6555% 12/15/2038 (b)(c)(d) | 7136722 | 7083197 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.3826% 10/15/2036 (b)(c)(d) | 17232000 | 16768890 |
| BX Commercial Mortgage Trust Series 2021-VINO Class G, CME Term SOFR 1 month Index + 4.0668%, 8.3888% 5/15/2038 (b)(c)(d) | 11185300 | 10922533 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 4.0755% 12/9/2041 (b)(d) | 22521000 | 20278408 |
| BX Trust 2021-VOL Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8363% 9/15/2036 (b)(c)(d) | 10000000 | 9792183 |
| BX Trust 2021-VOL Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 7.2863% 9/15/2036 (b)(c)(d) | 5000000 | 4882529 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 7.2113% 7/15/2029 (b)(c)(d) | 14200000 | 13631431 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2597% 7/15/2029 (b)(c)(d) | 8250000 | 7898805 |
| BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 8.0105% 4/15/2041 (b)(c)(d) | 15215093 | 14996955 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.262% 11/15/2041 (b)(c)(d) | 4848150 | 4817849 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.2606% 11/15/2041 (b)(c)(d) | 16306132 | 16108564 |
| BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 7.2632% 3/15/2030 (b)(c)(d) | 23500000 | 22560881 |
| BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.7315% 11/15/2038 (b)(c)(d) | 13357568 | 12973538 |
| BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 7.0219% 1/15/2039 (b)(c)(d) | 15000000 | 14878125 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6719% 1/15/2039 (b)(c)(d) | 6200000 | 6052750 |
| BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 8.5219% 1/15/2039 (b)(c)(d) | 11340000 | 11081506 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.6209% 1/15/2039 (b)(c)(d) | 4367000 | 4288208 |
| BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 8.5099% 2/15/2039 (b)(c)(d) | 4860047 | 4825256 |
| BX Trust Series 2025-DIME Class E, 7.3219% 2/15/2035 (b) | 15000000 | 14611793 |
| BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 8.2615% 3/15/2042 (b)(c)(d) | 15000000 | 14472954 |
| BXP Trust Series 2021-601L Class E, 2.868% 1/15/2044 (b)(d) | 5754000 | 4109159 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (b)(e) | 3353000 | 693546 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (b) | 2000000 | 1166980 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.5717% 7/10/2028 (b)(d) | 5000000 | 5151149 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 6.0475% 10/12/2040 (b)(d) | 5000000 | 5089613 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 6.0475% 10/12/2040 (b)(d) | 9750000 | 9828701 |
| COMM Mortgage Trust Series 2012-CR1 Class D, 5.2735% 5/15/2045 (b)(d) | 1155682 | 1044042 |
| COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (b) | 4741000 | 4245091 |
| COMM Mortgage Trust Series 2014-UBS2 Class D, 4.9113% 3/10/2047 (b)(d)(e) | 2157652 | 1514240 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 3000000 | 2743086 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 2769000 | 2298984 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b) | 2769000 | 2389068 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.668% 9/15/2033 (b)(c)(d) | 4265000 | 226717 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6743% 9/15/2033 (b)(c)(d) | 4265000 | 56326 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.2103% 8/15/2041 (b)(c)(d) | 10200000 | 10047434 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7532% 6/15/2034 (b)(c)(e) | 7120000 | 2915657 |
| Credit Suisse Mortgage Capital Certificate Series 2021-BPNY Class A, CME Term SOFR 1 month Index + 3.8289%, 8.1509% 8/15/2026 (b)(c)(d) | 17320755 | 15924078 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 month Index + 3.5737%, 7.8957% 5/9/2025 (b)(c)(d) | 7569763 | 7388029 |
| DTP Coml Mtg Trust Series 2023-STE2 Class C, 6.6891% 1/15/2041 (b)(d) | 8800000 | 8920397 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class J, CME Term SOFR 1 month Index + 3.7294%, 8.0514% 11/15/2038 (b)(c)(d) | 15430040 | 15263184 |
| EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (b)(c)(d) | 5000000 | 5056376 |
| Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.9719% 12/15/2039 (b)(c)(d) | 3126000 | 3101286 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.2954% 8/10/2044 (b)(d) | 8899000 | 7724326 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.2954% 8/10/2044 (b)(d) | 2733635 | 1951267 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.2954% 8/10/2044 (b)(d)(e) | 8138000 | 2450346 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e) | 7897000 | 23691 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class D, 4.7408% 11/10/2045 (b)(d) | 4244045 | 3861232 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.7408% 11/10/2045 (b)(d) | 1908000 | 1566468 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 7.219% 7/15/2035 (b)(c)(d)(e) | 3808000 | 7493 |
| GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.273% 9/10/2038 (b)(d) | 9000000 | 9005944 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.6814% 9/10/2038 (b)(d) | 13500000 | 13591442 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (b)(d) | 4300000 | 4322153 |
| GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.7699% 11/25/2041 (b)(c)(d) | 4000000 | 3979311 |
| Hilton USA Trust Series 2016-HHV Class F, 4.3333% 11/5/2038 (b)(d) | 20270000 | 19290811 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/2035 (b) | 2896000 | 2795997 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (b) | 8640000 | 8374011 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.8072% 1/15/2048 (b)(d) | 2398000 | 1990340 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.4152% 6/15/2051 (b)(d) | 1698000 | 1289581 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class E, 5.7112% 2/15/2046 (b)(d) | 10807000 | 7054522 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (b)(d) | 4671000 | 597764 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (b)(d)(e) | 7077000 | 463266 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.8459% 6/15/2045 (b)(d) | 3707668 | 3356680 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (b) | 8192000 | 6781274 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(e) | 4044000 | 2253146 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.2958% 4/15/2046 (d)(e) | 7722000 | 1809265 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class E, 3.25% 4/15/2046 (b)(d) | 472000 | 19588 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(d) | 2518000 | 5036 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.9314% 6/10/2027 (b)(d) | 8161000 | 20496 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.767% 7/5/2031 (b)(d) | 5039000 | 743253 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b) | 2000000 | 375240 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.6365% 4/15/2038 (b)(c)(d) | 7500000 | 7443750 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.9904% 10/5/2039 (b)(d) | 6544000 | 6335775 |
| KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.74% 8/15/2038 (b)(c)(d) | 5951129 | 5817228 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.39% 8/15/2038 (b)(c)(d) | 7096721 | 6883512 |
| KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 7.3219% 3/15/2042 (b)(c)(d) | 5000000 | 4865077 |
| MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (b) | 5500000 | 5613053 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6374% 4/15/2038 (b)(c)(d) | 12480800 | 12309189 |
| MHC Trust Series 2021-MHC2 Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8365% 5/15/2038 (b)(c)(d) | 2400000 | 2379000 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.6365% 7/15/2038 (b)(c)(d) | 3182000 | 3146203 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.3865% 7/15/2038 (b)(c)(d) | 3476000 | 3420409 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.5811% 1/15/2039 (b)(c)(d) | 3444000 | 3396645 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 8.2794% 1/15/2027 (b)(c)(d) | 11539200 | 11450278 |
| MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (b) | 4200000 | 4294713 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.4894% 11/15/2045 (b)(d)(e) | 2000000 | 1609600 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.4894% 11/15/2045 (b)(d) | 2500000 | 339250 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.8622% 10/15/2046 (b)(d) | 5670988 | 5149257 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.8415% 5/15/2046 (d) | 3302000 | 2991808 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.9295% 5/15/2046 (b)(d) | 5137000 | 4606375 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053  | 2765000 | 2409225 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.385% 6/15/2044 (b)(d) | 2009439 | 1993364 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.385% 6/15/2044 (b)(d) | 4440000 | 2682204 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.5275% 6/15/2044 (b)(d)(f) | 26798580 | 98466 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 5.1063% 7/15/2049 (b)(d) | 957507 | 929089 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 5.1063% 7/15/2049 (b)(d) | 5624050 | 5217509 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 5.1063% 7/15/2049 (b)(d) | 5049500 | 4572325 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.1487% 5/15/2048 (b)(d) | 10833000 | 8287338 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (b) | 2966000 | 1855922 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 2470594 | 2296249 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b) | 8917776 | 9338585 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d) | 13568000 | 12746027 |
| MSJP Series 2015-HAUL Class E, 5.0127% 9/5/2047 (b)(d) | 1500000 | 1268059 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056  | 13861000 | 14480649 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.9056% 5/15/2056 (d) | 3750000 | 3906801 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056  | 10000000 | 10527745 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class B, 7.11% 12/15/2056 (d) | 10000000 | 10479794 |
| Natixis Commercial Mortgage Securities Trust Series 2020-2PAC Class AMZ3, 3.6167% 1/15/2037 (b)(d) | 2502675 | 1499102 |
| Nxpt Coml Mtg Tr Series 2024-STOR Class E, 6.9267% 11/5/2041 (b)(d) | 18754000 | 19122602 |
| OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 11.0056% 11/15/2040 (b)(c)(d) | 7800000 | 7795125 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 7.0365% 7/15/2038 (b)(c)(d)(e) | 500000 | 266522 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.7865% 7/15/2038 (b)(c)(d)(e) | 5944000 | 2339563 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 13870000 | 11507939 |
| PRM5 Trust Series 2025-PRM5 Class E, 7.0967% 3/10/2033 (b)(d) | 10000000 | 9996382 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 2064601 | 2112441 |
| Ride Series 2025-SHRE Class E, 8.069% 2/14/2047 (b)(d) | 5000000 | 4961876 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 13372000 | 13962038 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.2622% 11/15/2034 (b)(c)(d) | 5597000 | 5581392 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.5104% 11/15/2034 (b)(c)(d) | 6546000 | 6484825 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/2037 (b)(d) | 5000000 | 4062500 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9219% 10/15/2041 (b)(c)(d) | 9376000 | 9279310 |
| SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.672% 1/15/2039 (b)(c)(d) | 14615000 | 13772502 |
| SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.7023% 10/15/2038 (b)(c)(d) | 12754000 | 12352574 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.4101% 11/15/2038 (b)(c)(d) | 3249672 | 3165908 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.352% 11/15/2036 (b)(c)(d) | 10872000 | 10586881 |
| STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 7.339% 11/15/2036 (b)(c)(d) | 4985000 | 4884481 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.987% 11/15/2036 (b)(c)(d) | 15282000 | 14930933 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.636% 11/15/2036 (b)(c)(d) | 9177000 | 8947443 |
| SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.9889% 2/12/2041 (b)(d) | 6000000 | 4631219 |
| SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.9889% 2/12/2041 (b)(d) | 3211000 | 2206421 |
| Swch Coml Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.5608% 3/15/2042 (b)(c)(d) | 19400000 | 18614298 |
| Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 7.4125% 4/15/2042 (b)(c)(d) | 1500000 | 1489337 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(d) | 4699074 | 4432167 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(d)(e) | 2221350 | 709354 |
| VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 8.3365% 7/15/2039 (b)(c)(d) | 6685000 | 4816684 |
| VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 9.4365% 7/15/2039 (b)(c)(d)(e) | 800000 | 433515 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (b) | 6979000 | 4011913 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class D, 3.059% 11/15/2049 (b) | 5037000 | 4424715 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052  | 883000 | 749456 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.9321% 7/15/2035 (b)(d) | 5250000 | 5207323 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (b)(d)(e) | 503530 | 201612 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e) | 3955000 | 1279342 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.4501% 3/15/2045 (b)(d) | 4727000 | 3217670 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 4.0868% 5/15/2045 (b)(d) | 3160685 | 2900245 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.6332% 6/5/2035 (b)(d) | 6725000 | 6258724 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.6332% 6/5/2035 (b)(d)(e) | 2541000 | 2205245 |
| TOTAL UNITED STATES |  | 1107767787 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $1,200,576,955) |  | <br> **1107767787** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 22.0%** | &nbsp;&nbsp;**Common Stocks - 22.0%** | &nbsp;&nbsp;**Common Stocks - 22.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 22.0%  |  |  |
| Financials - 0.7% |  |  |
| Capital Markets - 0.0% |  |  |
| DigitalBridge Group Inc Class A  | 76688 | 644179 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.7% |  |  |
| Dynex Capital Inc (h) | 1059000 | 13057470 |
| MFA Financial Inc  | 1134685 | 11142607 |
| Rithm Capital Corp  | 385699 | 4312115 |
| Rithm Property Trust Inc  | 1275264 | 3723771 |
|  |  | 32235963 |
| TOTAL FINANCIALS |  | 32880142 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| WillScot Holdings Corp  | 58900 | 1479568 |
| Real Estate - 21.3% |  |  |
| Health Care REITs - 2.6% |  |  |
| CareTrust REIT Inc  | 284800 | 8336096 |
| Sabra Health Care REIT Inc  | 604175 | 10784524 |
| Ventas Inc  | 607686 | 42586635 |
| Welltower Inc  | 460100 | 70206659 |
|  |  | 131913914 |
| Industrial REITs - 3.1% |  |  |
| Americold Realty Trust Inc  | 596600 | 11538244 |
| EastGroup Properties Inc  | 49900 | 8154658 |
| First Industrial Realty Trust Inc  | 416500 | 19817070 |
| LXP Industrial Trust  | 3015974 | 23796035 |
| Prologis Inc  | 793730 | 81119206 |
| Rexford Industrial Realty Inc  | 252600 | 8361060 |
| Terreno Realty Corp  | 62628 | 3527835 |
|  |  | 156314108 |
| Office REITs - 0.4% |  |  |
| Easterly Government Properties Inc  | 341480 | 6887651 |
| Postal Realty Trust Inc Class A  | 878500 | 11631340 |
|  |  | 18518991 |
| Residential REITs - 6.0% |  |  |
| American Homes 4 Rent Class A  | 480500 | 17965895 |
| AvalonBay Communities Inc  | 83500 | 17533330 |
| Elme Communities  | 668747 | 10412391 |
| Equity LifeStyle Properties Inc  | 1195596 | 77450709 |
| Equity Residential  | 254100 | 17853066 |
| Essex Property Trust Inc  | 94600 | 26407590 |
| Invitation Homes Inc  | 1674500 | 57251155 |
| Mid-America Apartment Communities Inc  | 23106 | 3688873 |
| Sun Communities Inc  | 332700 | 41397861 |
| UDR Inc  | 637600 | 26702688 |
| UMH Properties Inc  | 335723 | 5932225 |
|  |  | 302595783 |
| Retail REITs - 1.9% |  |  |
| Acadia Realty Trust  | 280626 | 5359957 |
| Brixmor Property Group Inc  | 230300 | 5736773 |
| Curbline Properties Corp  | 592918 | 13571893 |
| Federal Realty Investment Trust  | 104800 | 9853296 |
| Kimco Realty Corp  | 771700 | 15418566 |
| Kite Realty Group Trust  | 313300 | 6782945 |
| Macerich Co/The  | 281500 | 4126790 |
| NNN REIT Inc  | 86800 | 3568348 |
| Realty Income Corp  | 356182 | 20608691 |
| Retail Value Inc (e)(i) | 274131 | 2 |
| Simon Property Group Inc  | 46200 | 7270956 |
| SITE Centers Corp  | 296459 | 3510074 |
|  |  | 95808291 |
| Specialized REITs - 7.3% |  |  |
| American Tower Corp  | 313700 | 70711117 |
| Crown Castle Inc  | 263910 | 27911122 |
| CubeSmart  | 231100 | 9398837 |
| Digital Realty Trust Inc  | 201500 | 32348810 |
| Equinix Inc  | 86000 | 74024500 |
| Extra Space Storage Inc  | 144449 | 21164667 |
| Gaming and Leisure Properties Inc  | 475146 | 22740488 |
| Lamar Advertising Co Class A  | 143000 | 16274830 |
| Public Storage Operating Co  | 117100 | 35180353 |
| VICI Properties Inc  | 1530700 | 49013014 |
| Weyerhaeuser Co  | 147500 | 3821725 |
|  |  | 362589463 |
| TOTAL REAL ESTATE |  | 1067740550 |
| TOTAL UNITED STATES |  | 1102100260 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $927,793,923) |  | <br> **1102100260** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| Two Harbors Investment Corp 6.25% 1/15/2026 <br>(Cost $4,896,000)<br>| 4896000 | **4822560** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 3.5%  |  |  |
| Financials - 3.1% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 3.1% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (c)(d) | 673972 | 16465136 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (c)(d) | 930100 | 22973470 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (c)(d) | 1152034 | 28858452 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (c)(d) | 192992 | 4855679 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (c)(d) | 626604 | 15383128 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (c)(d) | 298683 | 7599989 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (c)(d) | 1024554 | 25603604 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.802%, 7.5% (c)(d) | 342711 | 8800818 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (c)(d) | 1023942 | 26059325 |
|  |  | 156599601 |
| Real Estate - 0.4% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| RLJ Lodging Trust Series A,1.95%  | 31585 | 771306 |
| Industrial REITs - 0.4% |  |  |
| LXP Industrial Trust 6.5%  | 440102 | 20302190 |
| TOTAL REAL ESTATE |  | 21073496 |
| TOTAL UNITED STATES |  | 177673097 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $164,775,604) |  | <br> **177673097** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 29.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 29.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 29.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) | 10000000 | 11023030 |
| UNITED STATES - 29.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Lamar Media Corp 4% 2/15/2030  | 5875000 | 5489312 |
| Consumer Discretionary - 3.0% |  |  |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Caesars Entertainment Inc 8.125% 7/1/2027 (b) | 5899000 | 5916732 |
| Choice Hotels International Inc 5.85% 8/1/2034  | 7000000 | 6869594 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b) | 13965000 | 12353218 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (b) | 12000000 | 11005228 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (b) | 18265000 | 15894331 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 3000000 | 2988916 |
| Hyatt Hotels Corp 5.5% 6/30/2034  | 5000000 | 4856790 |
| Las Vegas Sands Corp\* 6/14/2030  | 10000000 | 10056270 |
| Marriott Ownership Resorts Inc 4.5% 6/15/2029 (b) | 15960000 | 14559393 |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 1382492 | 1385604 |
|  |  | 85886076 |
| Household Durables - 1.3% |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 6.625% 1/15/2028 (b) | 7925000 | 7910215 |
| Century Communities Inc 3.875% 8/15/2029 (b) | 13005000 | 11600383 |
| Century Communities Inc 6.75% 6/1/2027  | 4670000 | 4670406 |
| LGI Homes Inc 4% 7/15/2029 (b) | 13310000 | 11582367 |
| M/I Homes Inc 3.95% 2/15/2030  | 17070000 | 15496970 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 11458000 | 11409784 |
|  |  | 62670125 |
| TOTAL CONSUMER DISCRETIONARY |  | 148556201 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Sabra Health Care LP 3.9% 10/15/2029  | 989000 | 928396 |
| Sabra Health Care LP 5.125% 8/15/2026  | 17264000 | 17180423 |
|  |  | 18108819 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Williams Scotsman Inc 6.625% 4/15/2030 (b) | 3495000 | 3558295 |
| Williams Scotsman Inc 6.625% 6/15/2029 (b) | 5000000 | 5066905 |
|  |  | 8625200 |
| Real Estate - 25.9% |  |  |
| Diversified REITs - 4.6% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 5000000 | 5093071 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (b) | 5075000 | 4767986 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2030  | 3000000 | 2827895 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 2000000 | 1854919 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 19193000 | 19174327 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 5000000 | 4888210 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 7000000 | 6601467 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 4500000 | 4744251 |
| Necessity Retail REIT Inc/The / American Finance Operating Partner LP 4.5% 9/30/2028 (b) | 13405000 | 12640277 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 7000000 | 6190942 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 18250000 | 15531713 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 22410000 | 22531910 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) | 18035000 | 16128578 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (b) | 6698000 | 7111836 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) | 8875000 | 8119116 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b) | 26000000 | 25252672 |
| VICI Properties LP 5.125% 5/15/2032  | 29000000 | 28381169 |
| VICI Properties LP 5.625% 5/15/2052  | 7333000 | 6567001 |
| VICI Properties LP 5.75% 4/1/2034  | 575000 | 578039 |
| VICI Properties LP 6.125% 4/1/2054  | 8532000 | 8173315 |
| WP Carey Inc 2.25% 4/1/2033  | 5000000 | 3951875 |
| WP Carey Inc 2.45% 2/1/2032  | 2000000 | 1675341 |
| WP Carey Inc 3.85% 7/15/2029  | 3000000 | 2901719 |
| WP Carey Inc 5.375% 6/30/2034  | 7000000 | 6865519 |
| XHR LP 4.875% 6/1/2029 (b) | 10000000 | 9399604 |
|  |  | 231952752 |
| Health Care REITs - 1.9% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (b) | 21865000 | 21273941 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 13000000 | 8616028 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 19835000 | 15107892 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 5000000 | 4416117 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 6285000 | 6385453 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  | 18000000 | 15218476 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 5000000 | 4528800 |
| Ventas Realty LP 2.5% 9/1/2031  | 1500000 | 1310297 |
| Ventas Realty LP 4.4% 1/15/2029  | 10000000 | 9916574 |
| Ventas Realty LP 5.625% 7/1/2034  | 5000000 | 5063331 |
| Ventas Realty LP 5.7% 9/30/2043  | 3000000 | 2873637 |
| Welltower OP LLC 4.125% 3/15/2029  | 3000000 | 2964673 |
|  |  | 97675219 |
| Hotel & Resort REITs - 0.5% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (b) | 7000000 | 6553177 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b) | 3115000 | 3117757 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (b) | 8000000 | 7973302 |
| RLJ Lodging Trust LP 3.75% 7/1/2026 (b) | 4000000 | 3921774 |
| RLJ Lodging Trust LP 4% 9/15/2029 (b) | 4835000 | 4369795 |
|  |  | 25935805 |
| Industrial REITs - 0.9% |  |  |
| LXP Industrial Trust 2.375% 10/1/2031  | 7500000 | 6278933 |
| LXP Industrial Trust 2.7% 9/15/2030  | 1422000 | 1251044 |
| LXP Industrial Trust 6.75% 11/15/2028  | 1000000 | 1063181 |
| Prologis LP 5% 1/31/2035  | 5000000 | 4942802 |
| Prologis LP 5% 3/15/2034  | 15574000 | 15426252 |
| Prologis LP 5.125% 1/15/2034  | 5000000 | 5000930 |
| Prologis LP 5.25% 3/15/2054  | 3000000 | 2771558 |
| Prologis LP 5.25% 6/15/2053  | 10500000 | 9731078 |
|  |  | 46465778 |
| Office REITs - 0.2% |  |  |
| Boston Properties LP 3.25% 1/30/2031  | 8000000 | 7207289 |
| Boston Properties LP 6.75% 12/1/2027  | 37000 | 38626 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  | 6000000 | 4296400 |
|  |  | 11542315 |
| Real Estate Management & Development - 3.2% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 21000000 | 20387366 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 10000000 | 10009715 |
| CBRE Services Inc 5.95% 8/15/2034  | 16750000 | 17302283 |
| CoStar Group Inc 2.8% 7/15/2030 (b) | 2000000 | 1772341 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (b) | 11165000 | 11217085 |
| Essex Portfolio LP 2.55% 6/15/2031  | 2000000 | 1772854 |
| Essex Portfolio LP 2.65% 3/15/2032  | 3000000 | 2565389 |
| Essex Portfolio LP 5.5% 4/1/2034  | 22077000 | 22193407 |
| Extra Space Storage LP 2.35% 3/15/2032  | 12000000 | 9976818 |
| Extra Space Storage LP 2.55% 6/1/2031  | 2000000 | 1733690 |
| Extra Space Storage LP 5.4% 2/1/2034  | 15000000 | 14868893 |
| Extra Space Storage LP 5.5% 7/1/2030  | 5000000 | 5142777 |
| Extra Space Storage LP 5.9% 1/15/2031  | 9000000 | 9396278 |
| Forestar Group Inc 5% 3/1/2028 (b) | 5000000 | 4853108 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 8130000 | 7169034 |
| Kennedy-Wilson Inc 4.75% 3/1/2029  | 12075000 | 10873201 |
| Kennedy-Wilson Inc 5% 3/1/2031  | 6960000 | 5954071 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (b) | 1798000 | 1806780 |
|  |  | 158995090 |
| Residential REITs - 4.7% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 9000000 | 7745870 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 27000000 | 24531181 |
| American Homes 4 Rent LP 4.9% 2/15/2029  | 13000000 | 13091752 |
| American Homes 4 Rent LP 5.25% 3/15/2035  | 10000000 | 9742877 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 25000000 | 24913574 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 47000 | 46653 |
| ERP Operating LP 4.65% 9/15/2034  | 5000000 | 4802764 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 35000000 | 32575732 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 33000000 | 33004672 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 9000000 | 7864713 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 18439000 | 17305490 |
| Sun Communities Operating LP 5.5% 1/15/2029  | 9000000 | 9253819 |
| Sun Communities Operating LP 5.7% 1/15/2033  | 36750000 | 37592665 |
| UDR Inc 3% 8/15/2031  | 1500000 | 1344219 |
| UDR Inc 5.125% 9/1/2034  | 10000000 | 9753331 |
|  |  | 233569312 |
| Retail REITs - 2.9% |  |  |
| Agree LP 2.6% 6/15/2033  | 6100000 | 4975788 |
| Agree LP 2.9% 10/1/2030  | 1500000 | 1365160 |
| Agree LP 4.8% 10/1/2032  | 1288000 | 1243590 |
| Agree LP 5.625% 6/15/2034  | 372000 | 375486 |
| Brixmor Operating Partnership LP 2.5% 8/16/2031  | 9000000 | 7765506 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 4000000 | 3840254 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 1872000 | 1824646 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 10000000 | 9995321 |
| CBL & Associates LP 4.6% (e)(j) | 18229000 | 2 |
| CBL & Associates LP 5.25% (e)(j) | 11371000 | 1 |
| CBL & Associates LP 5.95% (e)(j) | 10317000 | 1 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 9000000 | 8685375 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 3424000 | 3656813 |
| Kite Realty Group LP 5.5% 3/1/2034  | 9007000 | 9018447 |
| NNN REIT Inc 5.6% 10/15/2033  | 4689000 | 4747884 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 16500000 | 14107462 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 6021000 | 5722991 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 17507000 | 17709761 |
| Realty Income Corp 3.4% 1/15/2030  | 7000000 | 6653836 |
| Realty Income Corp 4% 7/15/2029  | 3000000 | 2933020 |
| Realty Income Corp 5.125% 2/15/2034  | 3500000 | 3479909 |
| Regency Centers LP 5.25% 1/15/2034  | 5000000 | 5004752 |
| Simon Property Group LP 4.75% 9/26/2034  | 14000000 | 13385411 |
| Simon Property Group LP 5.85% 3/8/2053  | 9000000 | 8818910 |
| Simon Property Group LP 6.25% 1/15/2034  | 5000000 | 5354920 |
| Simon Property Group LP 6.65% 1/15/2054  | 5000000 | 5402207 |
|  |  | 146067453 |
| Specialized REITs - 7.0% |  |  |
| American Tower Corp 2.7% 4/15/2031  | 2000000 | 1778258 |
| American Tower Corp 3.8% 8/15/2029  | 23000000 | 22234337 |
| American Tower Corp 4.05% 3/15/2032  | 22000000 | 20862827 |
| American Tower Corp 5.4% 1/31/2035  | 15000000 | 15171414 |
| American Tower Corp 5.45% 2/15/2034  | 29000000 | 29458079 |
| American Tower Corp 5.55% 7/15/2033  | 18250000 | 18675855 |
| American Tower Corp 5.65% 3/15/2033  | 20000000 | 20663688 |
| American Tower Corp 5.9% 11/15/2033  | 8000000 | 8381667 |
| Crown Castle Inc 2.1% 4/1/2031  | 4000000 | 3399538 |
| Crown Castle Inc 2.25% 1/15/2031  | 14000000 | 12086015 |
| Crown Castle Inc 2.5% 7/15/2031  | 5000000 | 4308439 |
| Crown Castle Inc 3.8% 2/15/2028  | 2000000 | 1953903 |
| Crown Castle Inc 5% 1/11/2028  | 3000000 | 3025953 |
| Crown Castle Inc 5.1% 5/1/2033  | 25000000 | 24442921 |
| Crown Castle Inc 5.6% 6/1/2029  | 5000000 | 5136768 |
| Crown Castle Inc 5.8% 3/1/2034  | 31000000 | 31722813 |
| CubeSmart LP 2.5% 2/15/2032  | 10000000 | 8395450 |
| CubeSmart LP 4.375% 2/15/2029  | 12000000 | 11843093 |
| EPR Properties 3.6% 11/15/2031  | 2000000 | 1768147 |
| EPR Properties 4.95% 4/15/2028  | 8000000 | 7906720 |
| Equinix Inc 3% 7/15/2050  | 6000000 | 3669261 |
| Equinix Inc 3.2% 11/18/2029  | 10000000 | 9408104 |
| Equinix Inc 3.9% 4/15/2032  | 28000000 | 26207611 |
| Iron Mountain Inc 4.875% 9/15/2027 (b) | 3000000 | 2957712 |
| Iron Mountain Inc 5.25% 7/15/2030 (b) | 5000000 | 4845325 |
| Iron Mountain Inc 6.25% 1/15/2033 (b) | 10000000 | 9981707 |
| Public Storage Operating Co 5.1% 8/1/2033  | 5000000 | 5078359 |
| Public Storage Operating Co 5.35% 8/1/2053  | 4000000 | 3790313 |
| SBA Communications Corp 3.125% 2/1/2029  | 25000000 | 23161860 |
| SBA Communications Corp 3.875% 2/15/2027  | 5000000 | 4891487 |
|  |  | 347207624 |
| TOTAL REAL ESTATE |  | 1299411348 |
| TOTAL UNITED STATES |  | 1480190880 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,486,731,400) |  | <br> **1491213910** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% (c)(d) | 498275 | 11455342 |
| Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (c)(d) | 111400 | 2463054 |
| TOTAL CANADA |  | 13918396 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Crest Dartmouth Street 0% (b)(d)(e)(i) | 1220000 | 12 |
| UNITED STATES - 10.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/MA 9.5% Series B  | 67800 | 1761234 |
| Financials - 5.3% |  |  |
| Capital Markets - 1.4% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 1362346 | 28881735 |
| DigitalBridge Group Inc Series H, 7.125%  | 942305 | 20268981 |
| DigitalBridge Group Inc Series I, 7.15%  | 1074492 | 23209027 |
|  |  | 72359743 |
| Mortgage Real Estate Investment Trusts (REITs) - 3.9% |  |  |
| AGNC Investment Corp 7.75% Series G (d) | 320000 | 7916800 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (c)(d) | 653202 | 16607661 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (c)(d) | 1069599 | 26119608 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (c)(d) | 1374443 | 34677197 |
| Arbor Realty Trust Inc 6.25% (d) | 447536 | 9613073 |
| Arbor Realty Trust Inc 6.375%  | 126100 | 2252398 |
| Chimera Investment Corp Series C, 7.75% (d) | 773686 | 17833462 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (c)(d) | 212370 | 5283766 |
| MFA Financial Inc 7.5%  | 211532 | 4395635 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (c)(d) | 788551 | 19516637 |
| Pennymac Mortgage Investment Trust 3 month U.S. Treasury Index + 8%, Series B 0% (c)(d) | 309033 | 7571309 |
| Pennymac Mortgage Investment Trust 6.75%  | 217700 | 4179840 |
| Pennymac Mortgage Investment Trust 8.125% (d) | 194805 | 4741534 |
| Rithm Capital Corp 7% Series D (d) | 151200 | 3689280 |
| Two Harbors Investment Corp 7.625% Series B (d) | 776859 | 17945443 |
| Two Harbors Investment Corp 8.125% Series A (d) | 363526 | 8597390 |
|  |  | 190941033 |
| TOTAL FINANCIALS |  | 263300776 |
| Real Estate - 4.8% |  |  |
| Diversified REITs - 1.3% |  |  |
| Armada Hoffler Properties Inc 6.75%  | 255050 | 5659560 |
| CTO Realty Growth Inc 6.375%  | 120000 | 2567999 |
| Gladstone Commercial Corp 6.625%  | 157675 | 3531920 |
| Gladstone Commercial Corp Series G, 6%  | 391000 | 7933429 |
| Global Net Lease Inc 6.875% Series B  | 294000 | 6353340 |
| Global Net Lease Inc 7.25% Series A  | 509695 | 11519107 |
| Global Net Lease Inc 7.375% Series E  | 379839 | 8724902 |
| Global Net Lease Inc 7.5%  | 721484 | 16540021 |
|  |  | 62830278 |
| Health Care REITs - 0.2% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 150848 | 3833048 |
| National Healthcare Properties Inc Series A, 7.375%  | 364800 | 5123616 |
| National Healthcare Properties Inc Series B, 7.125%  | 190000 | 2549420 |
|  |  | 11506084 |
| Hotel & Resort REITs - 1.6% |  |  |
| Ashford Hospitality Trust Inc 7.375%  | 9202 | 106190 |
| Ashford Hospitality Trust Inc 7.5%  | 23951 | 287755 |
| Ashford Hospitality Trust Inc 7.5%  | 22261 | 258673 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 173050 | 3388319 |
| DiamondRock Hospitality Co 8.25%  | 448231 | 11219222 |
| Pebblebrook Hotel Trust 6.3% Series F  | 281697 | 5155055 |
| Pebblebrook Hotel Trust 6.375%  | 666800 | 12302460 |
| Pebblebrook Hotel Trust 6.375% Series E  | 372994 | 6639293 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 717200 | 11977240 |
| Sotherly Hotels Inc 7.875% Series C  | 107000 | 1737958 |
| Sotherly Hotels Inc 8% Series B  | 67250 | 1083398 |
| Summit Hotel Properties Inc Series E, 6.25%  | 457602 | 8946119 |
| Summit Hotel Properties Inc Series F, 5.875%  | 377000 | 7125300 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 180000 | 3776400 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 240000 | 4588800 |
|  |  | 78592182 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc Series Q, 8.54%  | 93396 | 5046186 |
| Rexford Industrial Realty Inc 5.625% Series C  | 286369 | 6197598 |
| Rexford Industrial Realty Inc 5.875% Series B  | 148400 | 3438428 |
|  |  | 14682212 |
| Office REITs - 0.1% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 686200 | 9126460 |
| Vornado Realty Trust 5.25% Series M  | 2000 | 33780 |
| Vornado Realty Trust Series L, 5.4%  | 30100 | 532469 |
|  |  | 9692709 |
| Real Estate Management & Development - 0.0% |  |  |
| Brookfield Property Partners LP 5.75%  | 43000 | 546530 |
| Brookfield Property Partners LP 6.5%  | 34125 | 493106 |
| Seritage Growth Properties Series A, 7%  | 91986 | 2046689 |
|  |  | 3086325 |
| Residential REITs - 0.6% |  |  |
| American Homes 4 Rent 5.875% Series G  | 293250 | 6891375 |
| American Homes 4 Rent Series H, 6.25%  | 258811 | 6444394 |
| UMH Properties Inc 6.375% Series D  | 794525 | 18011882 |
|  |  | 31347651 |
| Retail REITs - 0.4% |  |  |
| Agree Realty Corp 4.25%  | 259800 | 4507530 |
| Cedar Realty Trust Inc 7.25%  | 31436 | 502976 |
| Kimco Realty Corp 5.125%  | 49000 | 982450 |
| Kimco Realty Corp 5.25%  | 58100 | 1200346 |
| Regency Centers Corp 5.875%  | 69225 | 1590790 |
| Regency Centers Corp 6.25% Series A  | 281325 | 6588660 |
| Saul Centers Inc 6% Series E  | 76841 | 1582925 |
| Saul Centers Inc 6.125% Series D  | 57775 | 1219052 |
|  |  | 18174729 |
| Specialized REITs - 0.3% |  |  |
| Digital Realty Trust Inc 5.25%  | 32900 | 691229 |
| Digital Realty Trust Inc Series L, 5.2%  | 33700 | 686132 |
| Gladstone Land Corp 5% Series D  | 30000 | 739499 |
| National Storage Affiliates Trust Series A, 6%  | 245906 | 5557476 |
| Public Storage Operating Co 4%  | 47800 | 770536 |
| Public Storage Operating Co 4%  | 45700 | 738969 |
| Public Storage Operating Co 5.05% Series G  | 43800 | 909463 |
| Public Storage Operating Co 5.15% Series F  | 25800 | 537933 |
| Public Storage Operating Co Series L, 4.625%  | 35900 | 678151 |
| Public Storage Operating Co Series MM, 4.125%  | 28000 | 478520 |
| Public Storage Operating Co Series S, 4.1%  | 100000 | 1657970 |
|  |  | 13445878 |
| TOTAL REAL ESTATE |  | 243358048 |
| TOTAL UNITED STATES |  | 508420058 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $583,950,932) |  | <br> **522338466** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Energy Transfer LP Series G, 7.125% (d)(k)<br>(Cost $6,000,000)<br>| 6000000 | **6109967** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** | &nbsp;&nbsp;**Money Market Funds - 8.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 4.33 | 420230746 | 420314792 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 4.33 | 4199430 | 4199850 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $424,482,110) |  |  | **424514642** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $4,971,897,705)<br>| <br>**5000839936** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **9166936** |
| **NET ASSETS - 100.0%** | **5010006872** |

---

**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 $1,292,407,423 or 25.8% of net assets.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Level 3 security

(f) 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.

(g) 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.

(h) Security or a portion of the security is on loan at period end.

(i) Non-income producing

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

(k) Security is perpetual in nature with no stated maturity date.

(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(m) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 170567786 | 944102141 | 694355135 | 9321749 | - | - | 420314792 | 420230746 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | 3110975 | 64122771 | 63033896 | 2053 | - | - | 4199850 | 4199430 | 0.0% |
| Total | 173678761 | 1008224912 | 757389031 | 9323802 | - | - | 424514642 |  |  |

---

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

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

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

*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 Real Estate Income Fund

- **b. EDGAR series identifier (if any):** S000007192

- **c. LEI of Series:** KYIURORXMOJZHC2FKE02

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $5027112492.75

**Total Liabilities:** $17670669.07

**Net Assets:** $5009441823.68

**Cash Not Reported:** $117561.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 75397.83193404 | **1-Year:** 263589.91080993 | **5-Year:** 425891.67174408 | **10-Year:** 165059.70944310 | **30-Year:** 12968.43016650

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

- **3-Month:** -3567858.04981978 | **1-Year:** 896475.06134495 | **5-Year:** -726699.29244337 | **10-Year:** -3901473.05023080 | **30-Year:** -1543412.73529871

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019680 | 2.24%                | -0.57%               | -0.55%               |
| Class ID C000205040 | 2.25%                | -0.57%               | -0.53%               |
| Class ID C000087890 | -1.83%               | -0.65%               | -0.54%               |
| Class ID C000087887 | -1.83%               | -0.65%               | -0.54%               |
| Class ID C000087889 | 1.22%                | -0.67%               | -0.65%               |
| Class ID C000087891 | 2.34%                | -0.65%               | -0.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3243701.06              | $93340378.41                               |
| Month 2  | $11340790.64             | $-68324924.42                              |
| Month 3  | $1497160.62              | $-47042453.63                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIGITAL REALTY TRUST INC                                                          | DIGITAL REALTY TRUST INC                                                                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    201500 | NS      | $32348810.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC 3.2% 11/18/2029                                                                             | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9408103.70   | 0.19%             | 2029-11-18      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE SER S 4.1% PFD PERP                                                                      | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    100000 | NS      | $1657970.00   | 0.03%             |  |  |  | No            |                  1 | 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        |  15000000 | PA      | $14868892.65  | 0.30%             | 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        |   6546000 | PA      | $6484825.01   | 0.13%             | 2034-11-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                         | JPMCC 2011-C3 G CSTR 02/15/2046 144A                                                                    | CUSIP: 46635TBK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4671000 | PA      | $597763.75    | 0.01%             | 2046-02-15      | Variable      | 0.04%                 | 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        |  13500000 | PA      | $13591442.25  | 0.27%             | 2038-09-10      | Variable      | 0.08%                 | 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        |     91986 | NS      | $2046688.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2                                     | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A                                        | CUSIP: 64830RAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2900000 | PA      | $2774236.86   | 0.06%             | 2039-09-04      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2020-L4                                                   | Morgan Stanley Capital I Trust 3.536% 02/15/2053                                                        | CUSIP: 61770KBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2409225.24   | 0.05%             | 2053-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MSWF COMMERCIAL MORTGAGE TRUST 23-2                                               | MSWF COMMERCIAL MORTGAGE TRUST 23-2 B 7.252% 12/15/2056                                                 | CUSIP: 55361AAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10479794.00  | 0.21%             | 2056-12-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE SER M 4.125% PFD PERP                                                                    | CUSIP: 74460W537<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     28000 | NS      | $478520.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 2.25% 04/01/2033                                                                           | CUSIP: 92936UAH2<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3951874.65   | 0.08%             | 2033-04-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC                                                                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     86000 | NS      | $74024500.00  | 1.48%             |  |  |  | No            |                  1 | 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        |   2221350 | PA      | $709354.36    | 0.01%             | 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        |  12000000 | PA      | $11843093.28  | 0.24%             | 2029-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK41                                                                   | BANK 2022-BNK41 CSTR 04/15/2065                                                                         | CUSIP: 06540MCA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4433000 | PA      | $3461150.31   | 0.07%             | 2065-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                                                  | COSTAR GROUP INC 2.8% 07/15/2030 144A                                                                   | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1772341.40   | 0.04%             | 2030-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2025-DIME                                                                | BX TRUST 2025-DIME 7.32186% 02/15/2035 144A                                                             | CUSIP: 05613UAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14611792.50  | 0.29%             | 2035-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BMO 2023-5C1 MTG TR                                                               | BMO 2023-5C1 MTG TR 7.25502% 08/15/2056                                                                 | CUSIP: 055986AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3712832.90   | 0.07%             | 2056-08-15      | Variable      | 0.07%                 | No            |                  2 | 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        |   2500000 | PA      | $339250.00    | 0.01%             | 2045-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CENTURY CMNTYS INC                                                                | CENTURY COMMUNITIES INC 6.75% 06/01/2027                                                                | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   4670000 | PA      | $4670406.29   | 0.09%             | 2027-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE MORTGAGE TRUST 2021                                                 | CREDIT SUISSE MORTGAGE TRUST 2021-BRIT A TSFR1M+357.368 92 05/15/2026 144A                              | CUSIP: 12658RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7569763 | PA      | $7388029.17   | 0.15%             | 2025-05-09      | Variable      | 0.08%                 | 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        |   7000000 | PA      | $6190941.82   | 0.12%             | 2031-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BX 2021-VOLT                                                                      | BX 2021-VOLT F TSFR1M+251.448 09/15/2036 144A                                                           | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9792183.00   | 0.20%             | 2036-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTYS LP and RHP FIN CORP                                               | RHP HOTEL PPTYS LP and RHP FIN CORP 6.5% 04/01/2032 144A                                                | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7973302.40   | 0.16%             | 2032-04-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE INC                                                           | EXTRA SPACE STORAGE INC                                                                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144449 | NS      | $21164667.48  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE CQP HOLDCO LP                                                          | CQP HOLDCO TERM B 1LN 12/31/2030                                                                        | CUSIP: 12657QAE3<br>LEI: 549300LPL012JY5D4B69 | Long             | LON              | CORP              | US        |   9950062 | PA      | $9891257.63   | 0.20%             | 2030-12-31      | Variable      | 0.06%                 | 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        |  13372000 | PA      | $13962038.16  | 0.28%             | 2041-11-13      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9                                   | MSBAM 13-C9 D CSTR 5/15/46                                                                              | CUSIP: 61762DAG6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |   5137000 | PA      | $4606374.10   | 0.09%             | 2046-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 4% PFD PERP                                                                              | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     45700 | NS      | $738969.00    | 0.01%             |  |  |  | No            |                  1 | 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        |   1024554 | NS      | $25603604.46  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TR 2021-MFP                                                                 | SREIT TR 2021-MFP G TSFR1M+308.828 38 11/15/2038 144A                                                   | CUSIP: 78472UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3249672 | PA      | $3165907.79   | 0.06%             | 2038-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.45% 02/15/2034                                                                    | CUSIP: 03027XCH1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  29000000 | PA      | $29458078.20  | 0.59%             | 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        |    255050 | NS      | $5659559.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER  | PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 7% 02/01/2030 144A     | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3115000 | PA      | $3117756.78   | 0.06%             | 2030-02-01      | Fixed         | 0.07%                 | No            |                  2 | 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        |   2769000 | PA      | $2389068.00   | 0.05%             | 2050-09-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VASA TR 2021-VASA                                                                 | VASA TR 2021-VASA F TSFR1M+401.448 04/15/2060 144A                                                      | CUSIP: 92230AAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6685000 | PA      | $4816684.22   | 0.10%             | 2039-07-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                                | PENNYMAC MTG INVT TR 6.75% PERP PFD                                                                     | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    217700 | NS      | $4179840.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH PPTYS INC                                                                     | UMH PPTYS INC 6.75% SER D PFD PERP                                                                      | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |    794525 | NS      | $18011881.75  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL INC                                                                 | DYNEX CAP INC 6.9%/VAR PFD PERP C                                                                       | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |    298683 | NS      | $7599988.94   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                      | GLP CAP LP / GLP FING II INC 4% 01/15/2030                                                              | CUSIP: 361841AP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2827894.86   | 0.06%             | 2030-01-15      | Fixed         | 0.04%                 | No            |                  2 | 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        |  10000000 | PA      | $11023030.00  | 0.22%             | 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        |  18250000 | PA      | $15531712.51  | 0.31%             | 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        |  11371000 | PA      | $1.14         | 0.00%             | 2049-12-31      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| EASTERLY GOVERNMENT PROPERTIES INC                                                | EASTERLY GOVERNMENT PROPERTIES INC                                                                      | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |    341480 | NS      | $6887651.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST REIT                                                                               | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |   3015974 | NS      | $23796034.86  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 5.125% 05/15/2032                                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |  29000000 | PA      | $28381169.00  | 0.57%             | 2032-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC                                                        | BRIXMOR PPTY GROUP INC                                                                                  | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    230300 | NS      | $5736773.00   | 0.11%             |  |  |  | No            |                  1 | 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        |    503530 | PA      | $201613.29    | 0.00%             | 2044-03-15      | Variable      | 0.06%                 | No            |                  3 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 5% 01/11/2028                                                                          | CUSIP: 22822VBA8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3025952.67   | 0.06%             | 2028-01-11      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-LBA6                                                                   | BX TR 2022-LBA6 TSFR1M+420 01/15/2039 144A                                                              | CUSIP: 12433EAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11340000 | PA      | $11081505.83  | 0.22%             | 2039-01-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                           | DIGITALBRIDGE GROUP INC                                                                                 | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     76688 | NS      | $644179.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMR HMS 15-SFR2                                                                   | AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A                                                  | CUSIP: 02666BAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4384602 | PA      | $43.85        | 0.00%             | 2052-10-17      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 2.9% 10/01/2030                                                                                | CUSIP: 008513AA1<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1365160.34   | 0.03%             | 2030-10-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                 | KIMCO REALTY CORP 5.125% PERP PFD                                                                       | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        |     49000 | NS      | $982450.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATE                                        | CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES TSFR1M+382.888 44 08/15/2026 144A                           | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17320755 | PA      | $15924078.34  | 0.32%             | 2026-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CENTURY CMNTYS INC                                                                | CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |  13005000 | PA      | $11600381.97  | 0.23%             | 2029-08-15      | Fixed         | 0.04%                 | 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        |     47000 | PA      | $46652.97     | 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        |   3160685 | PA      | $2900244.75   | 0.06%             | 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        |   4000000 | PA      | $3790312.84   | 0.08%             | 2053-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MCR 2024-TWA MTG TR                                                               | MCR 2024-TWA MTG TR 10.114% 06/12/2039 144A                                                             | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5500000 | PA      | $5613053.05   | 0.11%             | 2039-06-12      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 5.15% SER F PFD PERP                                                                     | CUSIP: 74460W685<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     25800 | NS      | $537932.58    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO RLTY CORP                                                                 | TERRENO REALTY CORP                                                                                     | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62628 | NS      | $3527835.24   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 5.4% 01/31/2035                                                                     | CUSIP: 03027XCM0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15171414.15  | 0.30%             | 2035-01-31      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER LLC                                               | HILTON GRAND VACATIONS TERM B 1LN 01/17/2031                                                            | CUSIP: 43283LAK7<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |   3960000 | PA      | $3838982.40   | 0.08%             | 2031-01-17      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                                          | GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A                                                            | CUSIP: 36192PAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4244045 | PA      | $3861232.40   | 0.08%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| POSTAL REALTY TRUST INC                                                           | POSTAL REALTY TRUST INC                                                                                 | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    878500 | NS      | $11631340.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5% 03/15/2034                                                                               | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |  15574000 | PA      | $15426251.18  | 0.31%             | 2034-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                      | ENBRIDGE INC SER L 4/VAR PFD PERP                                                                       | CUSIP: 29250N790<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    111400 | NS      | $2463054.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.25% 03/15/2054                                                                            | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2771557.74   | 0.06%             | 2054-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2025-800D                                       | GS MORTGAGE SECURITIES CORP TRUST 2025-800D B TSFR1M+315 11/17/2029 144A                                | CUSIP: 36273XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3979310.80   | 0.08%             | 2041-11-25      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| WELLTOWER INC                                                                     | WELLTOWER INC                                                                                           | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    460100 | NS      | $70206659.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                                | ENERGY TRANSFER LP 7.125%/VAR PERP                                                                      | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   6000000 | PA      | $5912750.40   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SREIT TR 2021-IND                                                                 | SREIT TR 2021-IND G TSFR1M+338.026 21 10/15/2038 144A                                                   | CUSIP: 78473JAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12754000 | PA      | $12352574.23  | 0.25%             | 2038-10-15      | Variable      | 0.08%                 | 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        |    281697 | NS      | $5155055.10   | 0.10%             |  |  |  | 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        |  14000000 | PA      | $13385410.50  | 0.27%             | 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        |   4727000 | PA      | $3217669.85   | 0.06%             | 2045-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                                         | BENCHMARK 2022-B35 MTG TR 4.59391% 05/15/2055                                                           | CUSIP: 08163RBV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $5558048.30   | 0.11%             | 2055-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                 | KIMCO REALTY CORPORATION                                                                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    771700 | NS      | $15418566.00  | 0.31%             |  |  |  | No            |                  1 | 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        |   8161000 | PA      | $20497.17     | 0.00%             | 2027-06-10      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                        | JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A                                                     | CUSIP: 46637WAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8192000 | PA      | $6781273.70   | 0.14%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP TRUST                                                           | KITE REALTY GROUP TRUST                                                                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    313300 | NS      | $6782945.00   | 0.14%             |  |  |  | No            |                  1 | 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        |   4265000 | PA      | $226716.74    | 0.00%             | 2033-09-15      | Variable      | 0.08%                 | 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        |    157675 | NS      | $3531920.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                           | SBA COMMUNICATIONS CORP 3.875% 02/15/2027                                                               | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4891487.45   | 0.10%             | 2027-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ACADIA REALTY TRUST                                                               | ACADIA RLTY TR REIT                                                                                     | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |    280626 | NS      | $5359956.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-SOAR                                            | BX COMMERCIAL MORTGAGE TRUST 2021-SOAR J 3.85% 06/15/2023 144A                                          | CUSIP: 05608WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16662402 | PA      | $16299896.53  | 0.33%             | 2038-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-PAC                                             | BX COMMERCIAL MORTGAGE TRUST 2021-PAC G TSFR1M+306.058 21 10/15/2036 144A                               | CUSIP: 05609PAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17232000 | PA      | $16768890.00  | 0.33%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | 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        |   7035000 | PA      | $6986634.38   | 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        |  25000000 | PA      | $24442921.25  | 0.49%             | 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        |    363526 | NS      | $8597389.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.125% 01/15/2034                                                                           | CUSIP: 74340XCH2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000930.15   | 0.10%             | 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        |  17507000 | PA      | $17709760.47  | 0.35%             | 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        |   5944000 | PA      | $2339563.16   | 0.05%             | 2038-07-15      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| SUN COMMUNITIES INC                                                               | SUN COMMUNITIES INC - REIT                                                                              | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    332700 | NS      | $41397861.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK42                                                                   | BANK 2017-BNK4 2.5% 06/15/2055 144A                                                                     | CUSIP: 06541MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1413557.40   | 0.03%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | 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        |  21000000 | PA      | $20387365.95  | 0.41%             | 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        |  10000000 | PA      | $10056270.30  | 0.20%             | 2030-06-14      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                         | CAESARS ENTERTAINMENT INC 8.125% 07/01/2027 144A                                                        | CUSIP: 28470RAK8<br>LEI: 5299000BKFWWVND5L441 | Long             | DBT              | CORP              | US        |   5899000 | PA      | $5916732.39   | 0.12%             | 2027-07-01      | Fixed         | 0.08%                 | 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        |    190000 | NS      | $2549420.00   | 0.05%             |  |  |  | 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        |   6200000 | PA      | $6052750.00   | 0.12%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                 | IRON MTN INC 5.25% 07/15/2030 144A                                                                      | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4845324.50   | 0.10%             | 2030-07-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                  | BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030                                                       | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3840253.80   | 0.08%             | 2030-07-01      | Fixed         | 0.04%                 | 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        |  31000000 | PA      | $31722813.05  | 0.63%             | 2034-03-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                            | EXTRA SPACE STORAGE LP 2.55% 06/01/2031                                                                 | CUSIP: 30225VAF4<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1733690.90   | 0.03%             | 2031-06-01      | Fixed         | 0.03%                 | 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        |     57775 | NS      | $1219052.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                      | SUN CMNTYS OPER LTD PRTNRSHP 5.5% 01/15/2029                                                            | CUSIP: 866677AK3<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $9253819.08   | 0.18%             | 2029-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC                                                                      | NNN REIT INC                                                                                            | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     86800 | NS      | $3568348.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2023-BNK46                                                                   | BANK 2023-BNK46 A4 5.745% 08/15/2056                                                                    | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1409000 | PA      | $1466694.75   | 0.03%             | 2056-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| AGREE REALTY CORP                                                                 | AGREE REALTY CORP 4.375% PERP PFD                                                                       | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    259800 | NS      | $4507530.00   | 0.09%             |  |  |  | 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        |  18265000 | PA      | $15894330.67  | 0.32%             | 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        |  27000000 | PA      | $24531181.02  | 0.49%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP                                                              | SABRA HEALTH CARE LP 3.9% 10/15/2029                                                                    | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    989000 | PA      | $928395.97    | 0.02%             | 2029-10-15      | 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        |    107000 | NS      | $1737958.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BX 2024-CNYN                                                                      | BX 2024-CNYN E TSFR1M+368.86 04/05/2029 144A                                                            | CUSIP: 05612HAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15215093 | PA      | $14996954.69  | 0.30%             | 2041-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                         | JPMCC 2011-C3 E CSTR 2/46                                                                               | CUSIP: 46635TBD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10807000 | PA      | $7054522.13   | 0.14%             | 2046-02-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                                | KENNEDY-WILSON INC 4.75% 02/01/2030                                                                     | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   8130000 | PA      | $7169034.00   | 0.14%             | 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        |   6979000 | PA      | $4011913.05   | 0.08%             | 2049-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CUBESMART                                                                         | CUBESMART                                                                                               | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    231100 | NS      | $9398837.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER LLC                                               | HILTON GRAND VACATIONS TERM B 1LN 08/02/2028                                                            | CUSIP: 43283LAH4<br>LEI: 254900HF0EZ734FDVY79 | Long             | LON              | CORP              | US        |    672438 | PA      | $658988.76    | 0.01%             | 2028-08-02      | Variable      | 0.06%                 | 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        |     43000 | NS      | $546530.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP                                                           | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    320000 | NS      | $7916800.00   | 0.16%             |  |  |  | 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        |    294000 | NS      | $6353340.00   | 0.13%             |  |  |  | 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              | US        |  13870000 | PA      | $11507939.00  | 0.23%             | 2070-12-26      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FIRST INDUSTRIAL REALTY TRUST INC                                                 | FIRST INDUSTRIAL REALTY TRUST                                                                           | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    416500 | NS      | $19817070.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                                                        | VENTAS INC REIT                                                                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    607686 | NS      | $42586634.88  | 0.85%             |  |  |  | No            |                  1 | 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        |    150848 | NS      | $3833047.68   | 0.08%             |  |  |  | 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        |   2518000 | PA      | $5036.00      | 0.00%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                       | EQUINIX INC 3.9% 04/15/2032                                                                             | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |  28000000 | PA      | $26207610.80  | 0.52%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                             | CUSHMAN and WAKEFIELD TERM B2 1LN 01/31/2030                                                            | CUSIP: 23340DAV4<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |   2611460 | PA      | $2591873.70   | 0.05%             | 2030-01-31      | Variable      | 0.07%                 | No            |                  2 | 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        |    776859 | NS      | $17945442.90  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                             | CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A                                             | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |  11165000 | PA      | $11217084.73  | 0.22%             | 2028-05-15      | Fixed         | 0.07%                 | No            |                  2 | 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        |    686200 | NS      | $9126460.00   | 0.18%             |  |  |  | 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        |   9000000 | PA      | $7745870.16   | 0.15%             | 2031-07-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                       | JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A                                                         | CUSIP: 46639YAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    472000 | PA      | $19588.00     | 0.00%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2023-C22                                                             | BBCMS MTG TR 2023-C22 7.363626% 11/15/2056                                                              | CUSIP: 05554FAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $11129457.00  | 0.22%             | 2056-11-15      | Variable      | 0.07%                 | 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        |    391000 | NS      | $7933429.10   | 0.16%             |  |  |  | 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        |  10000000 | PA      | $10009715.00  | 0.20%             | 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        |  10000000 | PA      | $9981707.00   | 0.20%             | 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        |    372000 | PA      | $375485.98    | 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        |  12480800 | PA      | $12309189.00  | 0.25%             | 2038-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BANK5 2023-5YR3                                                                   | BANK5 2023-5YR3 AS 7.293% 09/15/2056                                                                    | CUSIP: 06211EAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1606646.25   | 0.03%             | 2056-09-15      | Variable      | 0.08%                 | 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        |   8000000 | PA      | $8323768.80   | 0.17%             | 2054-06-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE                                                                                          | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |    117100 | NS      | $35180353.00  | 0.70%             |  |  |  | No            |                  1 | 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        |   4265000 | PA      | $56327.43     | 0.00%             | 2033-09-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B36 MTG TR                                                         | BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A                                                          | CUSIP: 08163QAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3828000 | PA      | $2542897.91   | 0.05%             | 2055-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12                               | MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046                                                        | CUSIP: 61762XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5670988 | PA      | $5149257.10   | 0.10%             | 2046-10-15      | Variable      | 0.05%                 | 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        |   3427000 | PA      | $82377.20     | 0.00%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                              | AGNC INVESTMENT CORP 7/VAR PFD PERP                                                                     | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    653202 | NS      | $16607660.85  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK5 2023-5YR3                                                                   | BANK5 2023-5YR3 CSTR 09/15/2056                                                                         | CUSIP: 06211EAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2088163.00   | 0.04%             | 2056-09-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                                 | NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP                                                           | CUSIP: 637870205<br>LEI: 529900FS06O8GOYNR108 | Long             | EP               | CORP              | US        |    235649 | NS      | $5325667.40   | 0.11%             |  |  |  | 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        |   9177000 | PA      | $8947442.85   | 0.18%             | 2036-11-15      | Variable      | 0.09%                 | 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        |   7000000 | PA      | $6936976.20   | 0.14%             | 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        |   7000000 | PA      | $6653835.72   | 0.13%             | 2030-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK44                                                                   | BANK 2022-BNK44 5.745654% 11/15/2055                                                                    | CUSIP: 06540KAR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5122315.50   | 0.10%             | 2055-11-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES LP                                                      | HUDSON PAC PPTYS LP 4.65% 04/01/2029                                                                    | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $4296400.44   | 0.09%             | 2029-04-01      | Fixed         | 0.05%                 | 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        |  18754000 | PA      | $19122602.37  | 0.38%             | 2041-11-05      | 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        |  35000000 | PA      | $32575731.65  | 0.65%             | 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        |   4689000 | PA      | $4747883.81   | 0.09%             | 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        |  10200000 | PA      | $10047433.50  | 0.20%             | 2041-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                       | VENTAS RLTY LTD PARTNERSHIP 5.625% 07/01/2034                                                           | CUSIP: 92277GAX5<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5063330.90   | 0.10%             | 2034-07-01      | Fixed         | 0.06%                 | 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        |    372994 | NS      | $6639293.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VASA TR 2021-VASA                                                                 | VASA TR 2021-VASA G TSFR1M+511.448 04/15/2060 144A                                                      | CUSIP: 92230AAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $433514.56    | 0.01%             | 2039-07-15      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-H1                                            | MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050                                                | CUSIP: 61691JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2470594 | PA      | $2296248.63   | 0.05%             | 2050-06-15      | Fixed         | 0.04%                 | 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        |   4000000 | PA      | $3399538.16   | 0.07%             | 2031-04-01      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| AMERICOLD REALTY TRUST                                                            | AMERICOLD REALTY TRUST                                                                                  | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    596600 | NS      | $11538244.00  | 0.23%             |  |  |  | No            |                  1 | 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        |   2769000 | PA      | $2298983.85   | 0.05%             | 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        |    211532 | NS      | $4395634.96   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2014-UBS2 MTG TR                                                             | COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A                                                            | CUSIP: 12591UAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2157652 | PA      | $1514240.25   | 0.03%             | 2047-03-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT                                     | CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-SMRT C 6.43808% 06/10/2028 144A                                | CUSIP: 17291NAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9750000 | PA      | $9828701.03   | 0.20%             | 2040-10-12      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE SER L 4.625% PFD PERP                                                                    | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     35900 | NS      | $678151.00    | 0.01%             |  |  |  | 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        |  12000000 | PA      | $11005227.60  | 0.22%             | 2031-05-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                         | JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A                                                 | CUSIP: 46635TBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7077000 | PA      | $463266.08    | 0.01%             | 2046-02-15      | Variable      | 0.04%                 | No            |                  3 | 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        |   6469895 | PA      | $5474674.49   | 0.11%             | 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        |    509695 | NS      | $11519107.00  | 0.23%             |  |  |  | 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        |   6725000 | PA      | $6258723.47   | 0.12%             | 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        |    457602 | NS      | $8946119.10   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME PARTNERS AMER 2021-3 TR                                                      | HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A                                                     | CUSIP: 43730XAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9782512 | PA      | $8800826.55   | 0.18%             | 2041-01-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                          | DIGITAL RLTY TR INC SER L 5.2% PERP PFD                                                                 | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     33700 | NS      | $686132.00    | 0.01%             |  |  |  | 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        |  11374393 | PA      | $5257242.17   | 0.10%             | 2050-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE1 MTG TR                                                            | COMM 2012-CR1 D CSTR 5/45                                                                               | CUSIP: 12624BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1155682 | PA      | $1044042.18   | 0.02%             | 2045-05-15      | Variable      | 0.05%                 | 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        |   2000000 | PA      | $1854919.20   | 0.04%             | 2031-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                         | CAESARS ENTERTAINMENT TERM B1 1LN 02/06/2031                                                            | CUSIP: N/A<br>LEI: 5299000BKFWWVND5L441       | Long             | LON              | CORP              | US        |   4390650 | PA      | $4314735.66   | 0.09%             | 2031-02-06      | Variable      | 0.07%                 | 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        |    240000 | NS      | $4588800.00   | 0.09%             |  |  |  | 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        |    447536 | NS      | $9613073.28   | 0.19%             |  |  |  | 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        |   7000000 | PA      | $6869594.34   | 0.14%             | 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        |  26000000 | PA      | $25252671.60  | 0.50%             | 2029-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C17                                                             | BBCMS MTG TR 2022-C17 C 5.45% 09/15/2055                                                                | CUSIP: 054976AL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1870678.20   | 0.04%             | 2055-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                                                | ESSEX PORTFOLIO LP 2.55% 06/15/2031                                                                     | CUSIP: 29717PAZ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1772854.02   | 0.04%             | 2031-06-15      | Fixed         | 0.03%                 | 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        |     69225 | NS      | $1590790.50   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2023-C21                                                     | BBCMS MORTGAGE TRUST 2023-C21 6.506144% 09/15/2056                                                      | CUSIP: 05553WAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7325703.00   | 0.15%             | 2056-09-15      | Variable      | 0.07%                 | 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        |    281325 | NS      | $6588659.63   | 0.13%             |  |  |  | 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        |   1872000 | PA      | $1824645.61   | 0.04%             | 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        |   5049500 | PA      | $4572324.77   | 0.09%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2019-2 TR                                                      | HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A                                                     | CUSIP: 43732TAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2747554 | PA      | $2630039.59   | 0.05%             | 2039-10-19      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                       | BOSTON PPTYS LTD PARTNERSHIP 6.75% 12/01/2027                                                           | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     37000 | PA      | $38626.36     | 0.00%             | 2027-12-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                                                | FORESTAR GROUP INC 5% 03/01/2028 144A                                                                   | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4853108.00   | 0.10%             | 2028-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                                            | COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050                                                  | CUSIP: 12515DAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2743086.30   | 0.05%             | 2050-05-10      | Variable      | 0.04%                 | 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        |   6285000 | PA      | $6385453.22   | 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        |     31436 | NS      | $502976.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BBCMS MTG TR 2023-C22                                                             | BBCMS MTG TR 2023-C22 VAR 11/15/2056                                                                    | CUSIP: 05554FAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10774177.00  | 0.22%             | 2056-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2020-C6                                                              | BBCMS MTG TR 2020-C6 3.045% 02/15/2053                                                                  | CUSIP: 05492TAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1129000 | PA      | $920537.94    | 0.02%             | 2053-02-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP LP / CARETRUST CAP CORP                                           | CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A                                          | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21865000 | PA      | $21273940.95  | 0.42%             | 2028-06-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                                | KENNEDY-WILSON INC 5% 03/01/2031                                                                        | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   6960000 | PA      | $5954071.20   | 0.12%             | 2031-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OPEN TR 2023-AIR                                                                  | OPEN TR 2023-AIR TSFR1M+668.387 10/15/2028 144A                                                         | CUSIP: 68373BAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7800000 | PA      | $7795125.01   | 0.16%             | 2040-11-15      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                           | UDR INC 3% 08/15/2031                                                                                   | CUSIP: 90265EAR1<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1344219.21   | 0.03%             | 2031-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-B39 C MTG TR                                                       | BENCHMARK 2023-B39 C MTG TR 6.19203% 07/15/2056 144A                                                    | CUSIP: 081925AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5142200.50   | 0.10%             | 2056-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                       | BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031                                                           | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7207287.84   | 0.14%             | 2031-01-30      | Fixed         | 0.03%                 | No            |                  2 | 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        |   3707668 | PA      | $3356680.21   | 0.07%             | 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        |   1798000 | PA      | $1806779.63   | 0.04%             | 2027-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2021-SFR1 TR                                                   | TRICON RESIDENTIAL 2021-SFR1 TR 4.133% 07/17/2038 144A                                                  | CUSIP: 89614YAH9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2919347.70   | 0.06%             | 2038-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B36 MTG TR                                                         | BENCHMARK 2022-B36 MTG TR 5.2895% 07/15/2055 144A                                                       | CUSIP: 08163QBP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1785055.00   | 0.04%             | 2055-07-15      | Variable      | 0.05%                 | 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        |   5000000 | PA      | $5142777.25   | 0.10%             | 2030-07-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                                    | ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A                                                      | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7925000 | PA      | $7910215.12   | 0.16%             | 2028-01-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                                    | SMRT 2022-MINI TSFR1M+335 01/15/2039 144A                                                               | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14615000 | PA      | $13772502.25  | 0.27%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-VAMF                                                                   | BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A                                                            | CUSIP: 05609TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4367000 | PA      | $4288208.40   | 0.09%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MHP 2022-MHIL F                                                                   | MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A                                                           | CUSIP: 55293DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11539200 | PA      | $11450277.77  | 0.23%             | 2027-01-15      | Variable      | 0.08%                 | 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        |  20000000 | PA      | $20663688.40  | 0.41%             | 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        |    721484 | NS      | $16540020.70  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INDEPENDENCE PLAZA TR 2018-INDP                                                   | INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A                                                | CUSIP: 45378YAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2896000 | PA      | $2795997.07   | 0.06%             | 2035-07-10      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                                   | WEYERHAEUSER CO                                                                                         | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    147500 | NS      | $3821725.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 5.6% 06/01/2029                                                                        | CUSIP: 22822VBD2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5136768.05   | 0.10%             | 2029-06-01      | Fixed         | 0.06%                 | No            |                  2 | 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        |    194805 | NS      | $4741534.22   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMIT 2022-BVUE MTG TR                                                            | SUMIT 2022-BVUE MTG TR 3.29249% 02/12/2041 144A                                                         | CUSIP: 865592AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $4631218.80   | 0.09%             | 2041-02-12      | Variable      | 0.03%                 | No            |                  2 | 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        |   2733635 | PA      | $1951266.75   | 0.04%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2023-C21                                                     | BBCMS MORTGAGE TRUST 2023-C21 AS VAR 09/15/2056                                                         | CUSIP: 05553WAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7438070.50   | 0.15%             | 2056-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                 | MFA FINANCIAL 6.5%/VAR PFD PERP                                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |    788551 | NS      | $19516637.25  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2021-B28 MTG TR                                                         | BENCHMARK 2021-B28 MTG TR 2.2237% 08/15/2054                                                            | CUSIP: 08163GAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $427829.10    | 0.01%             | 2054-08-15      | Fixed         | 0.02%                 | No            |                  2 | 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        |   7897000 | PA      | $23691.00     | 0.00%             | 2044-08-10      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| TRI POINTE HOMES INC                                                              | TRI POINTE HOMES INC 5.25% 06/01/2027                                                                   | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11458000 | PA      | $11409784.28  | 0.23%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | 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        |    930100 | NS      | $22973470.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                                                                  | WELLTOWER OP LLC 4.125% 03/15/2029                                                                      | CUSIP: 95040QAH7<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2964674.25   | 0.06%             | 2029-03-15      | Fixed         | 0.04%                 | No            |                  2 | 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        |   4044000 | PA      | $2253145.74   | 0.04%             | 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        |  22410000 | PA      | $22531910.40  | 0.45%             | 2034-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                 | KIMCO REALTY CORP SER M 5.25% PFD PERP                                                                  | CUSIP: 49446R711<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        |     58100 | NS      | $1200346.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TR                                                      | FEDERAL REALTY INVESTMENT TR                                                                            | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               | CORP              | US        |    104800 | NS      | $9853296.00   | 0.20%             |  |  |  | No            |                  1 | 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        |  18229000 | PA      | $1.82         | 0.00%             | 2049-12-31      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| VICI PPTYS INC                                                                    | VICI PPTYS INC                                                                                          | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |   1530700 | NS      | $49013014.00  | 0.98%             |  |  |  | No            |                  1 | 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        |    148400 | NS      | $3438428.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRICON RESIDENTIAL 2023-SFR1 TRUST                                                | TRICON RESIDENTIAL 2023-SFR1 TRUST 8.25% 07/17/2040 144A                                                | CUSIP: 89616WAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2076026.60   | 0.04%             | 2040-07-17      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 4% 07/15/2029                                                                        | CUSIP: 756109CB8<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2933020.44   | 0.06%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-VINO                                            | BX COMMERCIAL MORTGAGE TRUST 2021 VINO G TSFR1M+406.681 82 05/15/2038 144A                              | CUSIP: 05608KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11185300 | PA      | $10922532.70  | 0.22%             | 2038-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 4.8% 10/01/2032                                                                                | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |   1288000 | PA      | $1243589.72   | 0.02%             | 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        |   1069599 | NS      | $26119607.58  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD                                                                | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    717200 | NS      | $11977240.00  | 0.24%             |  |  |  | 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        |   3955000 | PA      | $1279342.44   | 0.03%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| EQUITY RESIDENTIAL                                                                | EQUITY RESIDENTIAL REIT                                                                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    254100 | NS      | $17853066.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| XHR LP                                                                            | XHR LP 4.875% 06/01/2029 144A                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9399604.00   | 0.19%             | 2029-06-01      | Fixed         | 0.05%                 | No            |                  2 | 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        |   2966000 | PA      | $1855921.71   | 0.04%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                                             | WILLIAMS SCOTSMAN INC 6.625% 06/15/2029 144A                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5066905.00   | 0.10%             | 2029-06-15      | Fixed         | 0.07%                 | 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        |    673972 | NS      | $16465135.96  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5.25% 06/15/2053                                                                            | CUSIP: 74340XCF6<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $9731078.49   | 0.19%             | 2053-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2025-ROIC                                                                | BX TRUST 2025-ROIC TSFR1M+294.129 03/15/2030 144A                                                       | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23500000 | PA      | $22560881.25  | 0.45%             | 2030-03-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-LBA6                                                                   | BX TR 2022-LBA6 E TSFR1M+270 01/15/2039 144A                                                            | CUSIP: 12433EAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14878125.00  | 0.30%             | 2039-01-15      | Variable      | 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        |  19193000 | PA      | $19174327.13  | 0.38%             | 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        |      2000 | NS      | $33780.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP 5.125% 02/15/2034                                                                    | CUSIP: 756109CG7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3479909.13   | 0.07%             | 2034-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK38                                                                   | BANK 2021-BNK38 3.21677%/VAR 12/15/2064                                                                 | CUSIP: 06540EBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3505000 | PA      | $2818517.71   | 0.06%             | 2064-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| REGENCY CTRS LP                                                                   | REGENCY CTRS LP 5.25% 01/15/2034                                                                        | CUSIP: 75884RBB8<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5004752.05   | 0.10%             | 2034-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BMO 2023-C5 MTG TR                                                                | BMO 2023-C5 B MTG TR CSTR 06/15/2056                                                                    | CUSIP: 055988AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4750000 | PA      | $5002595.03   | 0.10%             | 2056-06-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CREST CLARENDON STR 02 1 LTD                                                      | CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A                                                     | CUSIP: 226063204<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $0.05         | 0.00%             | 2035-12-28      | Variable      | 0.06%                 | No            |                  3 | On Loan: No      |
| FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU                                  | FONTAINEBLEAU MIAMI BEACH BEACH MTG TR 2024-FBLU TSFR1M+570 12/15/2029 144A                             | CUSIP: 34461WAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3126000 | PA      | $3101286.16   | 0.06%             | 2039-12-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                                                          | AGREE LP 2.6% 06/15/2033                                                                                | CUSIP: 008513AC7<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $4975787.75   | 0.10%             | 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        |   8250000 | PA      | $7898804.93   | 0.16%             | 2029-07-15      | 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        |  18750000 | PA      | $18562668.75  | 0.37%             | 2040-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CARETRUST REIT INC                                                                | CARETRUST REIT INC                                                                                      | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    284800 | NS      | $8336096.00   | 0.17%             |  |  |  | No            |                  1 | 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        |  33000000 | PA      | $33004672.47  | 0.66%             | 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        |   9376000 | PA      | $9279310.00   | 0.19%             | 2041-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 4% PERP PFD                                                                              | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     47800 | NS      | $770536.00    | 0.02%             |  |  |  | No            |                  1 | 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        |   5000000 | PA      | $5402207.40   | 0.11%             | 2054-01-15      | Fixed         | 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        |   4500000 | PA      | $4744251.00   | 0.09%             | 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        |  22521000 | PA      | $20278408.37  | 0.40%             | 2041-12-09      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2023-SHIP                                                     | GS MTG SECS CORP TR 2023-SHIP CSTR 09/15/2038 144A                                                      | CUSIP: 36270GAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $9005943.60   | 0.18%             | 2038-09-10      | Variable      | 0.06%                 | 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        |   1500000 | PA      | $1268058.75   | 0.03%             | 2047-09-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COML MTG TR 2019-C52                                                  | WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052                                                      | CUSIP: 95002MBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    883000 | PA      | $749456.05    | 0.01%             | 2052-08-15      | Fixed         | 0.04%                 | 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        |  12000000 | PA      | $9976817.76   | 0.20%             | 2032-03-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 5.25% 03/15/2035                                                               | CUSIP: 02666TAJ6<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9742877.40   | 0.19%             | 2035-03-15      | Fixed         | 0.05%                 | 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        |   3424000 | PA      | $3656812.93   | 0.07%             | 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        |   1374443 | NS      | $34677196.89  | 0.69%             |  |  |  | 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        |   6544000 | PA      | $6335775.16   | 0.13%             | 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        |   6000000 | PA      | $3669261.90   | 0.07%             | 2050-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10                                    | BACM 2016-UBS10 CSTR 06/49                                                                              | CUSIP: 06054MAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3030000 | PA      | $2890649.09   | 0.06%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                          | DIGITAL RLTY TR INC 5.25% PFD PERP                                                                      | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     32900 | NS      | $691229.00    | 0.01%             |  |  |  | No            |                  1 | 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        |    173050 | NS      | $3388319.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC                                                                 | IRON MTN INC 4.875% 09/15/2027 144A                                                                     | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2957712.00   | 0.06%             | 2027-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SITE CENTERS CORP                                                                 | SITE CENTERS CORP                                                                                       | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    296459 | NS      | $3510074.56   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PORTFOLIO LP                                                                | ESSEX PORTFOLIO LP 5.5% 04/01/2034                                                                      | CUSIP: 29717PBA4<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |  22077000 | PA      | $22193407.38  | 0.44%             | 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        |   4835000 | PA      | $4369795.45   | 0.09%             | 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        |  25000000 | PA      | $24913572.50  | 0.50%             | 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        |   5597000 | PA      | $5581392.21   | 0.11%             | 2034-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESORTS INC                                                    | MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A                                                     | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |  15960000 | PA      | $14559393.49  | 0.29%             | 2029-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MSWF COML MTG TR 2023-1                                                           | MSWF COML MTG TR 2023-1 5.752% 05/15/2056                                                               | CUSIP: 55376CAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13861000 | PA      | $14480649.07  | 0.29%             | 2056-05-15      | Fixed         | 0.06%                 | 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        |   1698000 | PA      | $1289581.08   | 0.03%             | 2051-06-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ERP OPERATING LP                                                                  | ERP OPERATING LP 4.65% 09/15/2034                                                                       | CUSIP: 26884ABP7<br>LEI: DX5HQV5MLU50FEWZ5072 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4802764.05   | 0.10%             | 2034-09-15      | Fixed         | 0.05%                 | 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        |    285059 | NS      | $6169246.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD TR 2021-LIH                                                                  | STWD TR 2021-LIH TSFR1M+295 11/15/2036 144A                                                             | CUSIP: 78486EAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4985000 | PA      | $4884481.46   | 0.10%             | 2036-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                                | VICI PROPERTIES LP 5.75% 04/01/2034                                                                     | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    575000 | PA      | $578040.03    | 0.01%             | 2034-04-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 3.85% 07/15/2029                                                                           | CUSIP: 92936UAF6<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2901718.86   | 0.06%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC                                                                 | DYNEX CAP INC                                                                                           | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |   1059000 | NS      | $13057470.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |  27660977 | PA      | $26611068.97  | 0.53%             | 2026-12-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                     | ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP                                                         | CUSIP: 044103604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12131 | NS      | $139991.74    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                                              | VORNADO RLTY SR L 5.4% PFD PRP                                                                          | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30100 | NS      | $532469.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRA HEALTH CARE LP                                                              | SABRA HEALTH CARE LP 5.125% 08/15/2026                                                                  | CUSIP: 14162VAB2<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |  17264000 | PA      | $17180422.56  | 0.34%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MACERICH CO                                                                       | MACERICH COMPANY                                                                                        | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    281500 | NS      | $4126790.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRA HEALTH CARE REIT INC                                                        | SABRA HEALTHCARE REIT INC                                                                               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    604175 | NS      | $10784523.75  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNEDY-WILSON INC                                                                | KENNEDY-WILSON INC 4.75% 03/01/2029                                                                     | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |  12075000 | PA      | $10873200.61  | 0.22%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | 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        |   4848150 | PA      | $4817849.06   | 0.10%             | 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        |   2000000 | PA      | $375240.00    | 0.01%             | 2037-01-16      | Fixed         | 0.05%                 | No            |                  2 | 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        |   5000000 | PA      | $5093070.65   | 0.10%             | 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        |   3808000 | PA      | $7494.14      | 0.00%             | 2035-07-15      | Variable      | 0.07%                 | No            |                  3 | On Loan: No      |
| BX TR 2025-VLT6                                                                   | BX TR 2025-VLT6 F TSFR1M+393.966 03/15/2030 144A                                                        | CUSIP: 12433KAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14472954.00  | 0.29%             | 2042-03-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                      | SUN CMNTYS OPER LTD PRTNRSHP 4.2% 04/15/2032                                                            | CUSIP: 866677AH0<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |  18439000 | PA      | $17305489.95  | 0.35%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC                                                                                        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    263910 | NS      | $27911121.60  | 0.56%             |  |  |  | No            |                  1 | 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        |  20270000 | PA      | $19290811.03  | 0.39%             | 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        |   1422000 | PA      | $1251043.80   | 0.02%             | 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        |   5075000 | PA      | $4767987.37   | 0.10%             | 2027-12-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TR 2021-ACNT                                                                   | BX TR 2021-ACNT TSFR1M+340.948 3 11/15/2026 144A                                                        | CUSIP: 05609QAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13357568 | PA      | $12973537.51  | 0.26%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| JPMCC 2021-MHC                                                                    | JPMCC 2021-MHC F TSFR1M+306.448 04/15/2038 144A                                                         | CUSIP: 466330AQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7443750.00   | 0.15%             | 2038-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                                                      | CUBESMART LP 2.5% 02/15/2032                                                                            | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8395449.90   | 0.17%             | 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        |   8875000 | PA      | $8119116.43   | 0.16%             | 2029-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C16                                                             | BBCMS MTG TR 2022-C16 CSTR 06/15/2055                                                                   | CUSIP: 05552YAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $4358745.83   | 0.09%             | 2055-06-15      | Variable      | 0.05%                 | 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        |   1382492 | PA      | $1385604.20   | 0.03%             | 2026-08-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                    | OMEGA HEALTHCARE INVESTORS INC 3.375% 02/01/2031                                                        | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4528800.00   | 0.09%             | 2031-02-01      | Fixed         | 0.03%                 | 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        |  20898990 | PA      | $18360262.20  | 0.37%             | 2044-03-11      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 2.7% 04/15/2031                                                                     | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1778258.04   | 0.04%             | 2031-04-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                    | EPR PPTYS 4.95% 04/15/2028                                                                              | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7906720.08   | 0.16%             | 2028-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP                                                                                      | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    385699 | NS      | $4312114.82   | 0.09%             |  |  |  | No            |                  1 | 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        |   7120000 | PA      | $2915657.09   | 0.06%             | 2034-06-15      | Variable      | 0.09%                 | 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        |   5141000 | PA      | $49195.77     | 0.00%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES INC                                                              | INVITATION HOMES INC                                                                                    | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1674500 | NS      | $57251155.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER  | PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 4.875% 05/15/2029 144A | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6553177.05   | 0.13%             | 2029-05-15      | Fixed         | 0.05%                 | 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        |   1500000 | PA      | $1310296.83   | 0.03%             | 2031-09-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MHP 2022-MHIL F                                                                   | MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A                                                           | CUSIP: 55293DAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3444000 | PA      | $3396645.00   | 0.07%             | 2039-01-15      | Variable      | 0.08%                 | 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        |   5000000 | PA      | $4888209.50   | 0.10%             | 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        |    379839 | NS      | $8724901.83   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COML MTG TR 2024-XL4                                                           | BX COML MTG TR 2024-XL4 TSFR1M+418.81 02/15/2039 144A                                                   | CUSIP: 05611VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4860047 | PA      | $4825255.95   | 0.10%             | 2039-02-15      | Variable      | 0.09%                 | No            |                  2 | 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        |   5597000 | PA      | $5570179.74   | 0.11%             | 2039-11-05      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ELME COMMUNITIES                                                                  | ELME COMMUNITIES                                                                                        | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |    668747 | NS      | $10412390.79  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CURBLINE PROPERTIES CORP                                                          | CURBLINE PROPERTIES CORP                                                                                | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |    592918 | NS      | $13571893.02  | 0.27%             |  |  |  | No            |                  1 | 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        |   9000000 | PA      | $9396277.92   | 0.19%             | 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        |   9000000 | PA      | $8685375.12   | 0.17%             | 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        |    773686 | NS      | $17833462.30  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2020-BNK30                                                                   | BANK 2020-BN30 MCDG CSTR 12/53                                                                          | CUSIP: 06541UBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $940523.20    | 0.02%             | 2053-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                           | UDR INC 5.125% 09/01/2034                                                                               | CUSIP: 90265EAW0<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9753330.70   | 0.19%             | 2034-09-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APT CMNTYS INC                                                        | MID AMERICA APT CMNTY INC                                                                               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     23106 | NS      | $3688872.90   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIXIS COML MTG SECS TR 2020-2PAC                                                | NATIXIS COML MTG SECS TR 2020-2PAC AMZ3 VAR 01/15/2025 144A                                             | CUSIP: 63875DAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2502675 | PA      | $1499102.33   | 0.03%             | 2037-01-15      | Variable      | 0.04%                 | 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        |   7000000 | PA      | $6601466.90   | 0.13%             | 2054-09-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ELP COMMERCIAL MORTGAGE TRUST 2021-ELP                                            | ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+372.938 49 11/15/2036 144A                                | CUSIP: 26863LAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15430040 | PA      | $15263183.98  | 0.30%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                      | ENBRIDGE INC SER 1 4% PFD PERP                                                                          | CUSIP: 29250N717<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    498275 | NS      | $11455342.25  | 0.23%             |  |  |  | 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        |   8000000 | PA      | $8381667.12   | 0.17%             | 2033-11-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MHP COML MTG TR 2021-STOR                                                         | MERIT 2021-STOR F TSFR1M+231.448 07/15/2038 144A                                                        | CUSIP: 55293BAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3182000 | PA      | $3146202.50   | 0.06%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| UMH PPTYS INC                                                                     | UMH PROPERTIES INC                                                                                      | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |    335723 | NS      | $5932225.41   | 0.12%             |  |  |  | No            |                  1 | 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        |   1152034 | NS      | $28858451.70  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                           | PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD                                                                 | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    666800 | NS      | $12302460.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DTP COML MTG TR 2023-STE2                                                         | DTP COML MTG TR 2023-STE2 C CSTR 01/15/2041 144A                                                        | CUSIP: 23346GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8800000 | PA      | $8920397.20   | 0.18%             | 2041-01-15      | Variable      | 0.07%                 | No            |                  2 | 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        |    192992 | NS      | $4855678.72   | 0.10%             |  |  |  | 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        |   1908000 | PA      | $1566468.00   | 0.03%             | 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        |   5039000 | PA      | $743253.00    | 0.01%             | 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        | 420230746 | NS      | $420314792.25 | 8.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS LP                                                                       | PROLOGIS LP 5% 01/31/2035                                                                               | CUSIP: 74340XCN9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4942801.95   | 0.10%             | 2035-01-31      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BMO 2023-C7 MTG TR                                                                | BMO 2023-C7 AS MTG TR CSTR 12/15/2056                                                                   | CUSIP: 05593FAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5456941.50   | 0.11%             | 2056-12-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE 5.1% 08/01/2033                                                                          | CUSIP: 74460WAG2<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5078358.85   | 0.10%             | 2033-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                             | AMERICAN HOMES 4 RENT                                                                                   | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    480500 | NS      | $17965895.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                                                | REALTY INCOME CORP REIT                                                                                 | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    356182 | NS      | $20608690.52  | 0.41%             |  |  |  | No            |                  1 | 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        |  19400000 | PA      | $18614298.06  | 0.37%             | 2042-03-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                                 | GAMING AND LEISURE PROPRTI INC                                                                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    475146 | NS      | $22740487.56  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RIDE 2025-SHRE                                                                    | RIDE 2025-SHRE E VAR 02/14/2025 144A                                                                    | CUSIP: 765692AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4961875.50   | 0.10%             | 2047-02-14      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                    | EPR PPTYS 3.6% 11/15/2031                                                                               | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1768146.90   | 0.04%             | 2031-11-15      | Fixed         | 0.04%                 | 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        |   7722000 | PA      | $1809264.60   | 0.04%             | 2046-04-15      | Variable      | 0.04%                 | No            |                  3 | 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        |    377000 | NS      | $7125300.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SG COML MTG SECS TR 2020-COVE                                                     | SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A                                | CUSIP: 78397FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4062500.00   | 0.08%             | 2037-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                                                  | LAMAR MEDIA CORP 4% 02/15/2030                                                                          | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5875000 | PA      | $5489311.54   | 0.11%             | 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        |    626604 | NS      | $15383128.20  | 0.31%             |  |  |  | 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        |    440102 | NS      | $20302190.45  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2020-C7                                                              | BBCMS MTG TR 2020-C7 CSTR 04/15/2053                                                                    | CUSIP: 05492VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2067000 | PA      | $1728775.34   | 0.03%             | 2053-04-15      | Variable      | 0.04%                 | 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        |     76841 | NS      | $1582924.60   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO REALTY GROWTH INC                                                             | CTO REALTY GROWTH INC 6.375% PFD PERP                                                                   | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    120000 | NS      | $2568000.00   | 0.05%             |  |  |  | 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        |     23951 | NS      | $287754.50    | 0.01%             |  |  |  | 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        |    293250 | NS      | $6891375.00   | 0.14%             |  |  |  | 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        |  10872000 | PA      | $10586880.71  | 0.21%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2025-C32                                                             | BBCMS MTG TR 2025-C32 5.72% 02/15/2062                                                                  | CUSIP: 07337AAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5230627.50   | 0.10%             | 2062-02-15      | Fixed         | 0.06%                 | 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        |  10000000 | PA      | $9995321.00   | 0.20%             | 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        |   9007000 | PA      | $9018447.45   | 0.18%             | 2034-03-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BX 2021-VOLT                                                                      | BX 2021-VOLT G TSFR1M+296.448 09/15/2023 144A                                                           | CUSIP: 05609VAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4882529.00   | 0.10%             | 2036-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                                                | ESSEX PORTFOLIO LP 2.65% 03/15/2032                                                                     | CUSIP: 29717PAV9<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2565388.62   | 0.05%             | 2032-03-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                                          | PKHL COMML MTG 2021-MF E TSFR1M+271.448 07/15/2038 144A                                                 | CUSIP: 69356GAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $266521.95    | 0.01%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  3 | On Loan: No      |
| CBRE SERVICES INC                                                                 | CBRE SERVICES INC 5.95% 08/15/2034                                                                      | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |  16750000 | PA      | $17302282.68  | 0.35%             | 2034-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| KNDR 2021-KIND F                                                                  | KNDR 2021-KIND F TSFR1M+406.448 08/15/2026 144A                                                         | CUSIP: 482606AS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7096721 | PA      | $6883511.94   | 0.14%             | 2038-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| RETAIL VALUE INC                                                                  | RETAIL VALUE INC (ESCROW LINE)                                                                          | CUSIP: 76133Q102<br>LEI: 549300VO5RB7323N1Z31 | Long             | EC               | CORP              | US        |    274131 | NS      | $2.74         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RITHM CAPITAL CORP                                                                | RITHM CAPITAL CORP                                                                                      | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    342711 | NS      | $8800818.48   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2020-B18 MORTGAGE TRUST                                                 | BENCHMARK 2020-B18 MORTGAGE TRUST 4.534% 07/15/2053 144A                                                | CUSIP: 08163ABT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11379000 | PA      | $10995287.60  | 0.22%             | 2053-07-15      | Variable      | 0.05%                 | No            |                  2 | 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        |   5181000 | PA      | $4969153.57   | 0.10%             | 2034-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| TEXAS COML MTG TR 2025-TWR                                                        | TEXAS COML MTG TR 2025-TWR TSFR1M+358.988 04/15/2042 144A                                               | CUSIP: 88231WAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1489337.25   | 0.03%             | 2042-04-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2024-XL5                                                           | BX COML MTG TR 2024-XL5 E TSFR1M+368.835 03/15/2039 144A                                                | CUSIP: 05612GAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4409987 | PA      | $4341341.31   | 0.09%             | 2041-03-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TR                                                                    | RLJ LODGING TR SER A PC 1.95% PERP                                                                      | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31585 | NS      | $771305.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                                      | PROLOGIS IN SR Q 8.54% PFD PRP                                                                          | CUSIP: 74340W202<br>LEI: 529900DFH19P073LZ636 | Long             | EP               | CORP              | US        |     93396 | NS      | $5046185.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL TR RE CDO 05-1 LTD COR                                                    | CTCDO 2005-1A D TSFR1M+161.448 3/50                                                                     | CUSIP: 140558AD9<br>LEI: 549300EO21RSSTCI1873 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $0.23         | 0.00%             | 2050-03-20      | Variable      | 0.06%                 | No            |                  3 | On Loan: No      |
| SBA SENIOR FINANCE II LLC                                                         | SBA COMMUNICATIONS TERM B 1LN 01/27/2031                                                                | CUSIP: 78404XAJ4<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |  25674765 | PA      | $25638307.13  | 0.51%             | 2031-01-27      | Variable      | 0.06%                 | No            |                  2 | 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        |   4896000 | PA      | $4822560.00   | 0.10%             | 2026-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| MIRA TR 2023-MILE                                                                 | MIRA TR 2023-MILE 7.2026% 06/10/2038 144A                                                               | CUSIP: 55318EAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4200000 | PA      | $4294712.52   | 0.09%             | 2038-06-10      | Fixed         | 0.07%                 | 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        |   2541000 | PA      | $2205245.47   | 0.04%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| AGELLAN PORTFOLIO                                                                 | AGELLAN PORTFOLIO 9% 08/07/2025                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6611000 | PA      | $6611000.00   | 0.13%             | 2025-08-07      | Fixed         | 0.09%                 | No            |                  3 | On Loan: No      |
| WELLS FARGO COML MTG TR 2016-NXS6                                                 | WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A                                              | CUSIP: 95000KAJ4<br>LEI: 549300CFP9NBBMZH1008 | Long             | ABS-MBS          | CORP              | US        |   5037000 | PA      | $4424715.38   | 0.09%             | 2049-11-15      | Fixed         | 0.03%                 | 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        |    126100 | NS      | $2252398.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK42                                                                   | BANK 2022-BNK42 C CSTR 06/15/2055                                                                       | CUSIP: 06541MCF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $5843093.10   | 0.12%             | 2055-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                          | AMERICAN HOMES 4 RENT LP 4.9% 02/15/2029                                                                | CUSIP: 02666TAB3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13091752.31  | 0.26%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                 | MFA FINANCIAL INC                                                                                       | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |   1134685 | NS      | $11142606.70  | 0.22%             |  |  |  | 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        |    309033 | NS      | $7571308.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2013-LC6 MTG TR                                                              | COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A                                                             | CUSIP: 20048EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4741000 | PA      | $4245091.40   | 0.08%             | 2046-01-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FEDERAL NAT MTG ASN GTD REM PA                                                    | FNW 2002-W1 3B3 CSTR 2/42                                                                               | CUSIP: 31392CMZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | USGSE             | US        |     18840 | PA      | $8178.24      | 0.00%             | 2042-02-25      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP 4.05% 03/15/2032                                                                    | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $20862826.60  | 0.42%             | 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        |   8899000 | PA      | $7724325.77   | 0.15%             | 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        |   1023942 | NS      | $26059323.90  | 0.52%             |  |  |  | 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        |    212370 | NS      | $5283765.60   | 0.11%             |  |  |  | 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        |   9000000 | PA      | $7864713.54   | 0.16%             | 2031-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2023-SMRT                                                   | CITIGROUP COML MTG TR 2023-SMRT 6.09935% 06/10/2028 144A                                                | CUSIP: 17291NAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5089612.50   | 0.10%             | 2040-10-12      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C17                                                             | BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A                                                            | CUSIP: 054976AR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1393995.60   | 0.03%             | 2055-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2023-5C23                                                            | BBCMS MTG TR 2023-5C23 7.7032% 12/15/2056                                                               | CUSIP: 05493QAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2702370.00   | 0.05%             | 2056-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                       | VENTAS RLTY LTD PARTNERSHIP 5.7% 09/30/2043                                                             | CUSIP: 92277GAB3<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2873636.82   | 0.06%             | 2043-09-30      | Fixed         | 0.06%                 | 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        |   4300000 | PA      | $4322153.17   | 0.09%             | 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        |    957507 | PA      | $929089.08    | 0.02%             | 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        |  14000000 | PA      | $12086014.78  | 0.24%             | 2031-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| KNDR 2021-KIND F                                                                  | KNDR 2021-KIND F TSFR1M+241.448 08/15/2038 144A                                                         | CUSIP: 482606AN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5951129 | PA      | $5817228.21   | 0.12%             | 2038-08-15      | Variable      | 0.07%                 | 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        |     67800 | NS      | $1761233.82   | 0.04%             |  |  |  | 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        |  16500000 | PA      | $14107462.22  | 0.28%             | 2031-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                            | MPT OPER PARTNERSHIP LP/CORP 3.5% 03/15/2031                                                            | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13000000 | PA      | $8616028.20   | 0.17%             | 2031-03-15      | Fixed         | 0.04%                 | 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        |   8138000 | PA      | $2450346.10   | 0.05%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                    | OMEGA HEALTHCARE INVESTORS INC 3.25% 04/15/2033                                                         | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |  18000000 | PA      | $15218475.84  | 0.30%             | 2033-04-15      | 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        |   2064601 | PA      | $2112441.40   | 0.04%             | 2028-07-20      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| BX 2024 VLT4                                                                      | BX 2024 VLT4 E TSFR1M+288.94 07/15/2029 144A                                                            | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14200000 | PA      | $13631430.58  | 0.27%             | 2029-07-15      | Variable      | 0.07%                 | 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        |   1074492 | NS      | $23209027.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES INC                                                   | EQUITY LIFESTYLE PPTYS INC                                                                              | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   1195596 | NS      | $77450708.88  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WP CAREY INC                                                                      | WP CAREY INC 5.375% 06/30/2034                                                                          | CUSIP: 92936UAM1<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6865519.36   | 0.14%             | 2034-06-30      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                      | Fidelity Securities Lending Cash Central Fund                                                           | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   4966903 | NS      | $4967400.02   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI                                   | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-1CHI D VAR 07/15/2035 144A                                   | CUSIP: 95003PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $5207322.75   | 0.10%             | 2035-07-15      | Variable      | 0.07%                 | No            |                  2 | 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        |     30000 | NS      | $739500.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MHC TR 2021-MHC2                                                                  | MHC TR 2021-MHC2 TSFR1M+251.448 05/15/2023 144A                                                         | CUSIP: 55293AAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2379000.00   | 0.05%             | 2038-05-15      | Variable      | 0.07%                 | No            |                  2 | 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        |  10833000 | PA      | $8287338.16   | 0.17%             | 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        |   8532000 | PA      | $8173314.72   | 0.16%             | 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        |   6547000 | PA      | $6496556.67   | 0.13%             | 2046-11-13      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CD 2017-CD3 MTG TR                                                                | CD 2017-CD3 D 3.25% 02/10/2050 144A                                                                     | CUSIP: 12515GAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3353000 | PA      | $693545.58    | 0.01%             | 2050-02-10      | Fixed         | 0.03%                 | No            |                  3 | On Loan: No      |
| UDR INC                                                                           | UDR INC                                                                                                 | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    637600 | NS      | $26702688.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FIN TR FINAN OP                                                          | AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A                                                           | CUSIP: 02608AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13405000 | PA      | $12640276.92  | 0.25%             | 2028-09-30      | Fixed         | 0.04%                 | 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        |   4699074 | PA      | $4432167.06   | 0.09%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WILLSCOT HOLDINGS CORP                                                            | WILLSCOT HOLDINGS CORP                                                                                  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     58900 | NS      | $1479568.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                           | SBA COMMUNICATIONS CORP 3.125% 02/01/2029                                                               | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |  25000000 | PA      | $23161860.00  | 0.46%             | 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        |    253569 | NS      | $6313868.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CREST DARTMOUTH STR 03 1 LTD                                                      | CRST DRTMTH ST 2003-1 0% PFD 144A                                                                       | CUSIP: 226065209<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |   1220000 | NS      | $12.20        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                      | SUN CMNTYS OPER LTD PRTNRSHP 5.7% 01/15/2033                                                            | CUSIP: 866677AJ6<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |  36750000 | PA      | $37592664.64  | 0.75%             | 2033-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SUMIT 2022-BVUE MTG TR                                                            | SUMI TRUST CORE RMBS 2022-BVUE F CSTR 02/12/2041 144A                                                   | CUSIP: 865592AN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3211000 | PA      | $2206420.99   | 0.04%             | 2041-02-12      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PRM5 TR 2025-PRM5                                                                 | PRM5 TR 2025-PRM5 E CSTR 03/10/2033 144A                                                                | CUSIP: 693980AJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9996382.00   | 0.20%             | 2033-03-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ESSEX PROPERTY TRUST INC                                                          | ESSEX PROPERTY TRUST INC                                                                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     94600 | NS      | $26407590.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MSWF COMMERCIAL MORTGAGE TRUST 23-2                                               | MSWF COMMERCIAL MORTGAGE TRUST 23-2 6.491% 12/15/2056                                                   | CUSIP: 55361AAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10527745.00  | 0.21%             | 2056-12-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SOTHERLY HOTELS INC                                                               | SOTHERLY HOTELS INC SER B 8% PERP PFD                                                                   | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     67250 | NS      | $1083397.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                                  | CROWN CASTLE INC 3.8% 02/15/2028                                                                        | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1953903.26   | 0.04%             | 2028-02-15      | Fixed         | 0.04%                 | No            |                  2 | 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        |  13965000 | PA      | $12353216.96  | 0.25%             | 2032-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                                              | RLJ LODGING TRUST LP 3.75% 07/01/2026 144A                                                              | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3921773.60   | 0.08%             | 2026-07-01      | Fixed         | 0.04%                 | 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        |  17070000 | PA      | $15496970.48  | 0.31%             | 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        |  26798580 | PA      | $98466.02     | 0.00%             | 2044-06-15      | Variable      | 0.01%                 | 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        |   5000000 | PA      | $4308438.85   | 0.09%             | 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        |   1362346 | NS      | $28881735.20  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM PROPERTY TRUST INC                                                          | RITHM PROPERTY TRUST INC                                                                                | CUSIP: 38983D300<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EC               | CORP              | US        |   1275264 | NS      | $3723770.88   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                     | ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP                                                       | CUSIP: 044103885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22445 | NS      | $260810.90    | 0.01%             |  |  |  | No            |                  1 | 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        |  19835000 | PA      | $15107891.26  | 0.30%             | 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        |   6021000 | PA      | $5722991.21   | 0.11%             | 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        |   2000000 | PA      | $1675340.72   | 0.03%             | 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        |     34125 | NS      | $493106.25    | 0.01%             |  |  |  | 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        |   5624050 | PA      | $5217508.80   | 0.10%             | 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        |  10317000 | PA      | $1.03         | 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        |  18250000 | PA      | $18675855.17  | 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        |    364800 | NS      | $5123616.00   | 0.10%             |  |  |  | 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        |    151200 | NS      | $3689280.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP 2022-MHIL MEZZ                                                                | MHP 2022-MHIL MEZZ SOFR+500 01/09/2026                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  17587734 | PA      | $16972163.40  | 0.34%             | 2026-01-09      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| EASTGROUP PROPERTIES INC                                                          | EASTGROUP PPTYS INC                                                                                     | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     49900 | NS      | $8154658.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES INC                                                                     | LGI HOMES INC 4% 07/15/2029 144A                                                                        | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |  13310000 | PA      | $11582367.32  | 0.23%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST 2.375% 10/01/2031                                                                  | CUSIP: 529537AA0<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6278932.73   | 0.13%             | 2031-10-01      | Fixed         | 0.02%                 | 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 10.5% 02/15/2028 144A                        | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6698000 | PA      | $7111835.93   | 0.14%             | 2028-02-15      | Fixed         | 0.10%                 | 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        |   8917776 | PA      | $9338585.55   | 0.19%             | 2029-05-05      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                  | BRIXMOR OPERATING PARTNERSHIP LP 2.5% 08/16/2031                                                        | CUSIP: 11120VAL7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $7765506.36   | 0.16%             | 2031-08-16      | Fixed         | 0.03%                 | 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        |   3302000 | PA      | $2991808.47   | 0.06%             | 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        |  18035000 | PA      | $16128577.86  | 0.32%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                    | PUBLIC STORAGE SER G 5.05% PFD PERP                                                                     | CUSIP: 74460W669<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     43800 | NS      | $909463.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE FIN LLC / HILTON WORLDWIDE FIN CORP                              | HILTON WORLDWIDE FIN LLC / HILTON WORLDWIDE FIN CORP 4.875% 04/01/2027                                  | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2988915.60   | 0.06%             | 2027-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP INC                                                          | SIMON PPTY GROUP INC - REIT                                                                             | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     46200 | NS      | $7270956.00   | 0.15%             |  |  |  | No            |                  1 | 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        |   9000000 | PA      | $8818909.83   | 0.18%             | 2053-03-08      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BXP TR 2021-601L                                                                  | BXP TR 2021-601L VAR 01/15/2044 144A                                                                    | CUSIP: 05607TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5754000 | PA      | $4109158.68   | 0.08%             | 2044-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                             | CUSHMAN and WAKEFIELD TERM B 1LN 01/31/2030                                                             | CUSIP: 23340DAU6<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |   2227025 | PA      | $2225176.57   | 0.04%             | 2030-01-31      | Variable      | 0.08%                 | 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        |  10000000 | PA      | $9916574.10   | 0.20%             | 2029-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2022-GC48                                                   | CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A                                                    | CUSIP: 29426VAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1166980.20   | 0.02%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                               | AMERICAN TOWER CORP                                                                                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    313700 | NS      | $70711117.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATT HOTELS CORP                                                                 | HYATT HOTELS CORP 5.5% 06/30/2034                                                                       | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4856790.40   | 0.10%             | 2034-06-30      | Fixed         | 0.06%                 | 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        |   8640000 | PA      | $8374010.69   | 0.17%             | 2047-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BMO 2023-5C2 MORTGAGE TRUST                                                       | BMO 2023-5C2 MORTGAGE TRUST CSTR 11/15/2056                                                             | CUSIP: 05610QAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10707942.00  | 0.21%             | 2056-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MSWF COML MTG TR 2023-1                                                           | MSWF COML MTG TR 2023-1 6.90553% 05/15/2056                                                             | CUSIP: 55376CAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3906800.63   | 0.08%             | 2056-05-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MHP COML MTG TR 2021-STOR                                                         | MHP 2021-STOR J TSFR1M+406.448 07/15/2038 144A                                                          | CUSIP: 55293BAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3476000 | PA      | $3420409.03   | 0.07%             | 2038-07-15      | Variable      | 0.08%                 | 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        |   5000000 | PA      | $4416117.05   | 0.09%             | 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        |  23000000 | PA      | $22234337.13  | 0.44%             | 2029-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| REXFORD INDL RLTY INC                                                             | REXFORD INDUSTRIAL REALTY INC                                                                           | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    252600 | NS      | $8361060.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT TR 2024-EXTR                                                                  | EQT TR 2024-EXTR B 1ML+0 07/05/2041 144A                                                                | CUSIP: 29439DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5056376.00   | 0.10%             | 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        |   4690000 | PA      | $4475989.67   | 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        |  13568000 | PA      | $12746027.49  | 0.25%             | 2057-09-24      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C26                                                   | JPMBB 2014-C26 D CSTR 01/15/2048 144A                                                                   | CUSIP: 46643TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2398000 | PA      | $1990340.00   | 0.04%             | 2048-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2021-CIP                                                           | BX COML MTG TR 2021-CIP F TSFR1M+333.348 73 11/15/2036 144A                                             | CUSIP: 12434FAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7136722 | PA      | $7083197.06   | 0.14%             | 2038-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2024-KING                                                          | BX COML MTG TR 2024-KING E TSFR1M+368.795 05/15/2039 144A                                               | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1974012 | PA      | $1935766.01   | 0.04%             | 2034-05-15      | Variable      | 0.08%                 | 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        |   2009439 | PA      | $1993363.89   | 0.04%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FINANCE LLC                                                      | HILTON TERM B 1LN 11/08/2030                                                                            | CUSIP: 43289DAK9<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |  13500000 | PA      | $13444785.00  | 0.27%             | 2030-11-08      | Variable      | 0.06%                 | 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        |    180000 | NS      | $3776400.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2023-BNK46                                                                   | BANK 2023-BNK46 6.385% 08/15/2056                                                                       | CUSIP: 06541DBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5241973.50   | 0.10%             | 2056-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| STWD TR 2021-LIH                                                                  | STWD TR 2021-LIH TSFR1M+359.8 1 11/15/2036 144A                                                         | CUSIP: 78486EAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15282000 | PA      | $14930932.73  | 0.30%             | 2036-11-15      | Variable      | 0.08%                 | 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        |    942305 | NS      | $20268980.55  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NAT MTG ASN GTD REM PA                                                    | FNW 2003-W10 2B3 CSTR 6/43                                                                              | CUSIP: 31393DUL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | USGSE             | US        |     31157 | PA      | $24598.79     | 0.00%             | 2043-06-25      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| NEW FORTRESS ENERGY INC                                                           | NEW FORTRESS ENERGY TERM B 1LN 10/30/2028                                                               | CUSIP: N/A<br>LEI: 254900EICTYTCHA5X705       | Long             | LON              | CORP              | US        |   9900000 | PA      | $7070778.00   | 0.14%             | 2028-10-30      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                              | LXP INDUSTRIAL TRUST 6.75% 11/15/2028                                                                   | CUSIP: 529043AF8<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1063181.99   | 0.02%             | 2028-11-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                                      | PROLOGIS INC REIT                                                                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    793730 | NS      | $81119206.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6                                   | MORGAN STAN BAML TR-2012-C6 VAR 11/15/2045 144A                                                         | CUSIP: 61761DAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1609600.00   | 0.03%             | 2045-11-15      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS LLC                                              | FRONTIER TERM B 1LN 07/01/2031                                                                          | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1431412 | PA      | $1423067.37   | 0.03%             | 2031-07-01      | Variable      | 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        |  16306132 | PA      | $16108564.05  | 0.32%             | 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        |    448231 | NS      | $11219221.93  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                                                         | AVALONBAY COMMUNITIES INC REIT                                                                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     83500 | NS      | $17533330.00  | 0.35%             |  |  |  | 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        |   5000000 | PA      | $5354920.15   | 0.11%             | 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        |  10151000 | PA      | $9975320.70   | 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        |   4440000 | PA      | $2682204.00   | 0.05%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2023-PRM3                                                   | CITIGROUP COML MTG TR 2023-PRM3 VAR 07/10/2028 144A                                                     | CUSIP: 17331LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5151148.50   | 0.10%             | 2028-07-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| LAMAR ADVERTISING CO                                                              | LAMAR ADVERTISING CO CL A                                                                               | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |    143000 | NS      | $16274830.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KRE COML MTG TR 2025-AIP4                                                         | KRE COML MTG TR 2025-AIP4 E TSFR1M+300 03/15/2030 144A                                                  | CUSIP: 50077KAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4865077.00   | 0.10%             | 2042-03-15      | Variable      | 0.07%                 | 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        |   3495000 | PA      | $3558295.15   | 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        |   7333000 | PA      | $6567000.69   | 0.13%             | 2052-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer