# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0001752724-23-067613
**Filing Date:** 2023-3
**Character Count:** 162444
**Document Hash:** 662da0fd2183c894ea118ab9bc16ac3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067613.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067613

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000754510
- **IRS NUMBER:** 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:** 23763732

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-07-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $452042156.74

**Total Liabilities:** $2782.11

**Net Assets:** $452039374.63

**Cash Not Reported:** $38588.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2020.11731391 | **1-Year:** 6991.96850123 | **5-Year:** 8872.90119933 | **10-Year:** 2658.21149369 | **30-Year:** 91.75500000

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

- **3-Month:** 3541.42764000 | **1-Year:** 19551.37047358 | **5-Year:** 24206.83516177 | **10-Year:** 2598.40600516 | **30-Year:** 0.00281437

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000098199 | 2.85%                | -0.75%               | 5.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3274913.08             | $15482276.65                               |
| Month 2  | $150158.89               | $-7769991.34                               |
| Month 3  | $-2644223.53             | $26429232.76                               |

### 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        |      2200 | NS      | $252164.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE 2021-BMR MTG TR                                             | LIFE 2021-BMR MTG G TR 1ML+305.6 03/15/2036 144A                                       | CUSIP: 53218CAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1816529 | PA      | $1734642.26   | 0.38%             | 2038-03-15      | Variable      | 0.07%                 | 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        |   1680000 | PA      | $143244.19    | 0.03%             | 2046-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CAMB COML MTG TR 2019-LIFE                                       | CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A                                     | CUSIP: 12482HAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1021000 | PA      | $956725.40    | 0.21%             | 2037-12-15      | 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        |      1050 | NS      | $25231.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                                      | EQUINIX INC                                                                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3600 | NS      | $2657268.00   | 0.59%             |  |  |  | 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        |    399000 | PA      | $19083.17     | 0.00%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC                                                                              | CUSIP: 45031U101<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |      6787 | NS      | $62983.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                    | PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C                                          | CUSIP: 709102602<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |      9575 | NS      | $17043.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2017-BNK4                                                   | BANK 2017-BNK4 D 3.357% 05/15/2050 144A                                                | CUSIP: 06541FAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $449135.38    | 0.10%             | 2050-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BRE/EVERBRIGHT M6 BORROWER LLC                                   | MOTEL 6 TERM B 1LN 09/09/2026                                                          | CUSIP: 05601QAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1155000 | PA      | $1145378.85   | 0.25%             | 2026-09-09      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                         | SERVICE PPTYS TR 4.65% 03/15/2024                                                      | CUSIP: 44106MAS1<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1556000 | PA      | $1515148.36   | 0.34%             | 2024-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                 | BRIXMOR OPERATING PARTNERSHIP LP 3.85% 02/01/2025                                      | CUSIP: 11120VAA1<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   1753000 | PA      | $1698660.38   | 0.38%             | 2025-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| OFFICE PROPERTIES INCOME TRUST                                   | OFFICE PROPERTIES INCOME TRUST 4.5% 02/01/2025                                         | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3695000 | PA      | $3437662.06   | 0.76%             | 2025-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                               | HOWARD HUGHES CORP 5.375% 08/01/2028 144A                                              | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    970000 | PA      | $898598.30    | 0.20%             | 2028-08-01      | Fixed         | 0.05%                 | 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        |   1000000 | PA      | $775084.90    | 0.17%             | 2045-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BHP TRUST 2019-BXHP                                              | BHP TRUST 2019-BXHP F 1ML+293.798 08/15/2036 144A                                      | CUSIP: 05550TAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $980507.33    | 0.22%             | 2036-08-15      | Variable      | 0.07%                 | 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        |   1330000 | PA      | $1311546.12   | 0.29%             | 2027-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                     | WP CAREY INC 4.25% 10/01/2026                                                          | CUSIP: 92936UAE9<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    459000 | PA      | $449757.05    | 0.10%             | 2026-10-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE INC                                          | EXTRA SPACE STORAGE INC                                                                | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $1010112.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL INC                                       | WILLIAMS SCOTSMAN INTL INC 4.625% 08/15/2028 144A                                      | CUSIP: 96950GAE2<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |    750000 | PA      | $694916.25    | 0.15%             | 2028-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                               | RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP                                           | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     55446 | NS      | $1106147.70   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMADA HOFFLER PROPERTIES INC                                    | ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP                                          | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |     33250 | NS      | $759097.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INC                                      | HEALTHCARE REALTY TRUST INC                                                            | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      3250 | NS      | $69972.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2017-COR2                                                   | COMM 2017-COR2 D 3% 09/10/2050 144A                                                    | CUSIP: 12595EAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31000 | PA      | $22628.30     | 0.01%             | 2050-09-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                                        | SPIRIT RLTY CAP INC SER A 6% PFD PERP                                                  | CUSIP: 84860W201<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EP               | CORP              | US        |     16575 | NS      | $400783.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST 2021-SFR6                             | PROGRESS RESIDENTIAL TRUST 2021-SFR6 3.422% 07/17/2038 144A                            | CUSIP: 74333HAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1449000 | PA      | $1236926.10   | 0.27%             | 2038-07-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                   | OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024                                        | CUSIP: 681936BB5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |    659000 | PA      | $653819.19    | 0.14%             | 2024-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                           | XHR LP 6.375% 08/15/2025 144A                                                          | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    750000 | PA      | $738806.87    | 0.16%             | 2025-08-15      | Fixed         | 0.06%                 | 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        |     26000 | NS      | $515840.00    | 0.11%             |  |  |  | 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        |     63875 | NS      | $1478706.25   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| REDWOOD TRUST INC                                                | REDWOOD TRUST INC CONV 5.625% 07/15/2024                                               | CUSIP: 758075AD7<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1847000 | PA      | $1747723.75   | 0.39%             | 2024-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC                                                | DYNEX CAP INC 6.9%/VAR PFD PERP C                                                      | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |     89500 | NS      | $2057605.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OFFICE PROPERTIES INCOME TRUST                                   | OFFICE PROPERTIES INCOME TRUST 4.25% 05/15/2024                                        | CUSIP: 81618TAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    946000 | PA      | $918072.96    | 0.20%             | 2024-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                   | CBL and ASSOCS LP 5.25% 12/01/2023                                                     | CUSIP: 12505JAA1<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   3629000 | PA      | $0.36         | 0.00%             | 2023-12-01      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| EASTERLY GOVERNMENT PROPERTIES INC                               | EASTERLY GOVERNMENT PROPERTIES INC                                                     | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     62900 | NS      | $1021496.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                             | LXP INDUSTRIAL TRUST REIT                                                              | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    317022 | NS      | $3661604.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST 2021-SFR8                             | PROGRESS RESIDENTIAL TRUST 2021-SFR8 4.005% 10/17/2038 144A                            | CUSIP: 74333TAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2351000 | PA      | $2014622.92   | 0.45%             | 2038-10-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C3                                        | WFRBS 2011-C3 D CSTR 3/44                                                              | CUSIP: 92935VAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2576132 | PA      | $966049.60    | 0.21%             | 2044-03-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                             | VORNADO REALTY TRUST SER N 5.25% PERP PFD                                              | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     19600 | NS      | $360052.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ADAMS HOMES INC                                                  | ADAMS HOMES INC 7.5% 02/15/2025 144A                                                   | CUSIP: 00623PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1333095.84   | 0.29%             | 2025-02-15      | Fixed         | 0.07%                 | 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        |   1491000 | PA      | $1392749.36   | 0.31%             | 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        |      4374 | NS      | $64735.20     | 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        |    892434 | PA      | $8.92         | 0.00%             | 2052-10-17      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| CENTURY CMNTYS INC                                               | CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A                                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1622464.15   | 0.36%             | 2029-08-15      | Fixed         | 0.04%                 | 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        |     45000 | PA      | $43908.68     | 0.01%             | 2045-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PLYMOUTH INDUSTRIAL REIT INC                                     | PLYMOUTH INDL REIT INC SER A STEP PFD PERP                                             | CUSIP: 729640201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30350 | NS      | $760267.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO RLTY CORP                                                | TERRENO REALTY CORP                                                                    | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25980 | NS      | $1673891.40   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OPG TR 2021-PORT                                                 | OPG TR 2021-PORT 1ML+343.6 10/15/2036 144A                                             | CUSIP: 67118AAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    342687 | PA      | $318335.83    | 0.07%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                     | WP CAREY INC 4% 02/01/2025                                                             | CUSIP: 92936UAC3<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |    422000 | PA      | $412996.69    | 0.09%             | 2025-02-01      | Fixed         | 0.04%                 | 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        |   1388758 | PA      | $1284740.29   | 0.28%             | 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        |     51200 | NS      | $791552.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                                     | ENBRIDGE INC SER L 4/VAR PFD PERP                                                      | CUSIP: 29250N790<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     19600 | NS      | $393372.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2013-GCJ16                                        | GSMS 2013-GC16 F 3.5% 11/10/2046                                                       | CUSIP: 36248GAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1510000 | PA      | $1375416.12   | 0.30%             | 2046-11-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP                                                     | WELLTOWER INC                                                                          | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |     40900 | NS      | $3069136.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP MIDSTREAM LP                                                 | DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP                                              | CUSIP: 23311P209<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |     34150 | NS      | $858872.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT 2021                                                       | MERIT 2021-STOR G 1ML+275 07/15/2038 144A                                              | CUSIP: 55293BAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $237482.43    | 0.05%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SREIT TR 2021-IND                                                | SREIT TR 2021-IND G 1ML+343.21 10/15/2038 144A                                         | CUSIP: 78473JAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1573000 | PA      | $1443603.60   | 0.32%             | 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        |     53702 | NS      | $1140898.99   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WFRBS COML MTG TR 2013-C11                                       | WFRBS 2013-C11 E VAR 3/45                                                              | CUSIP: 92937EAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53000 | PA      | $42929.85     | 0.01%             | 2045-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2014-DSTY                      | JPMCC 2014-DSTY E CSTR 06/27                                                           | CUSIP: 46642MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    924000 | PA      | $2278.03      | 0.00%             | 2027-06-10      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                            | COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A                                          | CUSIP: 20048KAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    735000 | PA      | $576526.43    | 0.13%             | 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        |     41125 | NS      | $966437.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                   | ASHTON WOODS USA LLC/FIN CO 4.625% 04/01/2030 144A                                     | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $772284.21    | 0.17%             | 2030-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ACADIA REALTY TRUST                                              | ACADIA RLTY TR REIT                                                                    | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       300 | NS      | $4659.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                       | TWO HARBORS INVT CORP 8.125% SER A PERP PFD                                            | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     41635 | NS      | $920549.85    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| URSTADT BIDDLE PPTYS INC                                         | URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP                                         | CUSIP: 917286874<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |     28775 | NS      | $631323.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                  | MSC 2011-C3 D CSTR 7/49                                                                | CUSIP: 61760RAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83000 | PA      | $80439.79     | 0.02%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                         | PKHL COML MTG TR 2021-MF G 1ML+410 07/15/2038 144A                                     | CUSIP: 69356GAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $454886.20    | 0.10%             | 2038-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE TRUST INC                                             | HEALTHCARE TRUST INC 7.125% PERP PFD                                                   | CUSIP: 42226B303<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |     48000 | NS      | $1041120.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSECO FIN SECURITIZATNS CORP                                   | CNF 2002-1 M2 9.546% 12/33                                                             | CUSIP: 20846QJT6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1216000 | PA      | $1117168.63   | 0.25%             | 2033-12-01      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-LBA6                                                  | BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A                                             | CUSIP: 12433EAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $648704.35    | 0.14%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX 2021-SOAR                                                     | BX TRUST 2.9% 06/15/2023 144A                                                          | CUSIP: 05608WAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    992482 | PA      | $945678.30    | 0.21%             | 2038-06-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SAUL CENTERS INC                                                 | SAUL CENTERS INC 6.125% SER D PFD PERP                                                 | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15958 | NS      | $374374.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RETAIL PROPERTIES INC                                   | NATIONAL RETAIL PROPERTIES INC                                                         | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      3700 | NS      | $175195.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                                                | AGREE REALTY CORP 4.375% PERP PFD                                                      | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     38700 | NS      | $708597.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER ESCROW LLC                       | HILTON GRAND VACATIONS BORROWER ESCROW LLC 4.875% 07/01/2031 144A                      | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $802141.50    | 0.18%             | 2031-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                          | DIGITALBRIDGE GROUP INC CONV 5% 04/15/2023                                             | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |   3062000 | PA      | $3033293.75   | 0.67%             | 2023-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOTHERLY HOTELS INC                                              | SOTHERLY HOTELS INC SER C 7.875% PERP PFD                                              | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     19300 | NS      | $492150.00    | 0.11%             |  |  |  | No            |                  1 | 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        |   3467000 | PA      | $1518680.87   | 0.34%             | 2046-02-15      | Variable      | 0.06%                 | No            |                  3 | On Loan: No      |
| KENNEDY-WILSON INC                                               | KENNEDY-WILSON INC 4.75% 02/01/2030                                                    | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $2600144.95   | 0.58%             | 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: 549300DNBJ7A0SEFVK31 | Long             | ABS-MBS          | CORP              | US        |   1260000 | PA      | $758901.91    | 0.17%             | 2049-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CUBESMART                                                        | CUBESMART                                                                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22500 | NS      | $1030275.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC 8.0% SER D PERP PFD                                                          | CUSIP: 45031U408<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |     65856 | NS      | $1664181.12   | 0.37%             |  |  |  | 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        |    354733 | PA      | $354668.91    | 0.08%             | 2028-08-02      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| LIFE STORAGE INC                                                 | LIFE STORAGE INC                                                                       | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |      3200 | NS      | $345728.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                  | BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP                                            | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      7000 | NS      | $127750.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC 7.5 PFD PERP I                                                               | CUSIP: 45031U804<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    234523 | NS      | $5891217.76   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC                                             | GLOBAL NET LEASE INC SER B 6.875% PFD PERP                                             | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     47200 | NS      | $1118640.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD                   | PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/01/2070 144A                      | CUSIP: 74167UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $188896.40    | 0.04%             | 2070-12-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                          | CHIMERA INVESTMENT CORP 8%/VAR PERP PFD                                                | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     81500 | NS      | $1776700.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                                       | VENTAS INC REIT                                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     62555 | NS      | $3240974.55   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                         | SERVICE PPTYS TR 7.5% 09/15/2025                                                       | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1455269.20   | 0.32%             | 2025-09-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL REIT INC                                          | GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP                                            | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |     27461 | NS      | $693115.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                      | JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A                                           | CUSIP: 46639YAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482000 | PA      | $66805.20     | 0.01%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                       | TWO HARBORS INV CORP 7.625% SER B PFD PERP                                             | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     89612 | NS      | $1855864.52   | 0.41%             |  |  |  | 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: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $844663.75    | 0.19%             | 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        |     40000 | NS      | $595200.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE COMMERCIAL CORP                                        | GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP                                            | CUSIP: 376536884<br>LEI: 529900EVVV534W8R0T32 | Long             | EP               | CORP              | US        |     81700 | NS      | $1755733.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                  | MORGAN STANLEY CAP I TR 2011-C3 C CSTR 07/15/2049 144A                                 | CUSIP: 61760RAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    368958 | PA      | $364159.38    | 0.08%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MHC COML MTG TR 2021-MHC                                         | MHC 2021 MHC G 1ML+286.9 04/15/2026 144A                                               | CUSIP: 55316VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    846000 | PA      | $810016.24    | 0.18%             | 2038-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| FARMLAND PARTNERS INC                                            | FARMLAND PARTNERS INC                                                                  | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |     11915 | NS      | $153465.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PARTNERS LP                                               | GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP                                             | CUSIP: 37946R208<br>LEI: 549300PCHWTW9P4DU444 | Long             | EP               | CORP              | US        |      1825 | NS      | $48654.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                   | PUBLIC STORAGE                                                                         | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      6100 | NS      | $1856474.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                            | COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033                                    | CUSIP: 20048KAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    735000 | PA      | $561736.02    | 0.12%             | 2033-09-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                                                    | PENNYMAC CORP CONV 5.5% 11/01/2024                                                     | CUSIP: 70932AAD5<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   1728000 | PA      | $1598400.00   | 0.35%             | 2024-11-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| UBS-BAMLL TR 2012-WRM                                            | UBSBM 2012-WRM D CSTR 6/30                                                             | CUSIP: 90269PAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1817000 | PA      | $1640483.36   | 0.36%             | 2030-06-10      | Variable      | 0.04%                 | No            |                  3 | 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        |   1500000 | PA      | $1335774.60   | 0.30%             | 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        |    573000 | PA      | $477929.56    | 0.11%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| AGNC INVESTMENT CORP                                             | AGNC INVESTMENT CORP 7/VAR PFD PERP                                                    | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    136199 | NS      | $3429490.82   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                | NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP                                          | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12325 | NS      | $310343.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD TR 2021-LIH                                                 | STWD TR 2021-LIH 1ML+420 11/15/2036 144A                                               | CUSIP: 78486EAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $1193336.19   | 0.26%             | 2036-11-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                    | PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP                                    | CUSIP: 709102701<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |     27400 | NS      | $51649.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TRUST 2019                                                    | BX TRUST 2019 1ML+265 10/15/2036 144A                                                  | CUSIP: 056054AL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1592900 | PA      | $1540901.53   | 0.34%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2020-SFR1 TR                                | PROGRESS RESIDENTIAL 2020-SFR1 TR 5.268% 04/17/2037 144A                               | CUSIP: 74331CAH1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    588000 | PA      | $545316.43    | 0.12%             | 2037-04-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CITY OFFICE REIT INC                                             | CITY OFFICE REIT INC 6.625% SER A PFD PERP                                             | CUSIP: 178587200<br>LEI: 5493003J7157VP25NL57 | Long             | EP               | CORP              | US        |     27525 | NS      | $605825.25    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                          | PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD                                             | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     55192 | NS      | $1159032.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                   | OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028                                        | CUSIP: 681936BK5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   1616000 | PA      | $1551484.48   | 0.34%             | 2028-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD PLC                                        | CUSHMAN and WAKEFIELD PLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     11300 | NS      | $163059.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL INC                                       | WILLIAMS SCOTSMAN INTL INC 6.125% 06/15/2025 144A                                      | CUSIP: 71953LAA9<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |    648000 | PA      | $651188.16    | 0.14%             | 2025-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                           | CD 2017-CD4 D 3.3% 05/10/2050 144A                                                     | CUSIP: 12515DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1192000 | PA      | $884430.50    | 0.20%             | 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        |     66349 | NS      | $1358164.03   | 0.30%             |  |  |  | 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        |    537000 | PA      | $479344.30    | 0.11%             | 2047-03-10      | Variable      | 0.05%                 | 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        |   1320000 | PA      | $115343.45    | 0.03%             | 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        |    436304 | PA      | $347417.26    | 0.08%             | 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        |    129625 | NS      | $3088963.75   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                       | JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A                                                   | CUSIP: 92939VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1168000 | PA      | $947259.80    | 0.21%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                      | SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP                                         | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     60784 | NS      | $1390117.92   | 0.31%             |  |  |  | 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        |   1343025 | PA      | $1131111.87   | 0.25%             | 2041-01-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2017-BNK8                                                   | BANK 2017-BNK8 E 2.8% 11/15/2050 144A                                                  | CUSIP: 06650AAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1848000 | PA      | $1048453.93   | 0.23%             | 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        |   1917000 | PA      | $1403539.98   | 0.31%             | 2045-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TR                                        | DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028                                             | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3067000 | PA      | $1869091.14   | 0.41%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PARTNERS LLC                                | GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A                                | CUSIP: 39807UAB2<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $1991445.73   | 0.44%             | 2025-12-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                      | SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD                                            | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     38700 | NS      | $797607.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC                                           | ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP                                        | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     14100 | NS      | $287358.00    | 0.06%             |  |  |  | No            |                  1 | 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        |   1095000 | PA      | $1019706.21   | 0.23%             | 2029-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DBGS 2018-C1 MTG TR                                              | DBGS MTG TR 2018-C1 C CSTR 10/15/2051                                                  | CUSIP: 23307DBE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $861811.40    | 0.19%             | 2051-10-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                               | ENERGY TRANSFER LP 7.6/VAR PFD PERP                                                    | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |     98525 | NS      | $2359673.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                  | MSC 2011-C3 G CSTR 07/49                                                               | CUSIP: 61760RAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    979600 | PA      | $546437.53    | 0.12%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| DCP MIDSTREAM LP                                                 | DCP MIDSTREAM LP 7.95/VAR PERP PFD                                                     | CUSIP: 23311P308<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |     36975 | NS      | $928072.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHA HOSPITALITY TR                                            | HERSHA HOSPITL 6.875% PFD PERP                                                         | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |       550 | NS      | $11631.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR REALTY TRUST INC                                           | CEDAR RLTY TR I 7.25% PFD PERP                                                         | CUSIP: 150602407<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |     29035 | NS      | $450042.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BX 2021-21M MTG TR                                               | BX 2021-21M MTG TR 1ML+401 10/15/2036 144A                                             | CUSIP: 05609CAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    745012 | PA      | $685284.78    | 0.15%             | 2036-10-15      | Variable      | 0.08%                 | 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        |   2135000 | PA      | $1911700.35   | 0.42%             | 2028-06-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST 2021-SFR6                             | PROGRESS RESIDENTIAL TRUST 2021-SFR6 4.003% 07/17/2038 144A                            | CUSIP: 74333HAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    749000 | PA      | $645820.76    | 0.14%             | 2038-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CENTERSPACE                                                      | CENTERSPACE 6.625% SER C PFD PERP                                                      | CUSIP: 15202L206<br>LEI: 5493002LG2SH9EEHT720 | Long             | EP               | CORP              | US        |     57700 | NS      | $1540590.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BSREP COML MTG TR 2021-DC                                        | BSREP COML MTG TR 2021-DC 1ML+285 08/15/2038 144A                                      | CUSIP: 05591UAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    107000 | PA      | $87637.34     | 0.02%             | 2038-08-15      | Variable      | 0.07%                 | 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        |    906367 | PA      | $753566.02    | 0.17%             | 2045-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES INC                                  | TAYLOR MORRISON COMMUNITIES INC 5.875% 06/15/2027 144A                                 | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    202000 | PA      | $198555.90    | 0.04%             | 2027-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                              | NEW HOME CO INC/THE 7.25% 10/15/2025 144A                                              | CUSIP: 645370AC1<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |   1495000 | PA      | $1296912.50   | 0.29%             | 2025-10-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                                            | EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A                                             | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $287462.50    | 0.06%             | 2025-10-30      | Fixed         | 0.09%                 | 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        |   1633000 | PA      | $1512307.26   | 0.33%             | 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        |   2489389 | PA      | $2323622.49   | 0.51%             | 2027-01-15      | Variable      | 0.08%                 | No            |                  2 | 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        |    504000 | PA      | $473897.14    | 0.10%             | 2035-07-10      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                  | WEYERHAEUSER CO                                                                        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     13700 | NS      | $471691.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                               | PENNYMAC MTG INVT TR 8.125/VAR PREF PERP                                               | CUSIP: 70931T301<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     66075 | NS      | $1601658.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TAH 2017                                                         | TAH 2017 5.104% 01/17/2036 144A                                                        | CUSIP: 89613FAF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    628000 | PA      | $610580.98    | 0.14%             | 2036-01-17      | Fixed         | 0.05%                 | 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        |    759236 | PA      | $315254.15    | 0.07%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                | MFA FINANCIAL 6.5%/VAR PFD PERP                                                        | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |    179800 | NS      | $3480928.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                          | GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A                                           | CUSIP: 36191YAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    677000 | PA      | $2374.58      | 0.00%             | 2044-08-10      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                        | WFRBS COML MTG TR 2011-C5 VAR 11/15/2044 144A                                          | CUSIP: 92936JAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $867819.80    | 0.19%             | 2044-11-15      | Variable      | 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        |    102400 | NS      | $2207744.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITAS MULTIFAMILY PORTFOLIO POOL A                             | VERITAS POOL A MEZZ 1ML+850 11/15/2023                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5305035 | PA      | $5092833.19   | 1.13%             | 2023-11-15      | Variable      | 0.13%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                       | JPMCC 2012-CBX G 4.0% 6/45 144A                                                        | CUSIP: 46637WAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805000 | PA      | $186909.25    | 0.04%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                   | CBL and ASSOCS LP 4.6% 10/15/2024                                                      | CUSIP: 12505JAB9<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $0.39         | 0.00%             | 2024-10-15      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| VICI PPTYS INC                                                   | VICI PPTYS INC                                                                         | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     34700 | NS      | $1186046.00   | 0.26%             |  |  |  | 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        |     50000 | NS      | $1234000.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021                                | BX COMMERCIAL MORTGAGE TRUST 2021 VINO G 1ML+389.82 05/15/2038 144A                    | CUSIP: 05608KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2499000 | PA      | $2334901.92   | 0.52%             | 2038-05-15      | Variable      | 0.08%                 | 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        |    149490 | NS      | $3593739.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL 2019-SFR3 TR                                | PROGRESS RESIDENTIAL 2019-SFR3 TR 3.867% 09/17/2036 144A                               | CUSIP: 74332WAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $945550.40    | 0.21%             | 2036-09-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                          | PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD                                               | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    104200 | NS      | $1976674.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| WFRBS COML MTG TR 2011-C4                                        | WFRBS 2011-C4 G 5% 06/15/44                                                            | CUSIP: 92936CBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     45000 | PA      | $2861.43      | 0.00%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| NATIXIS COML MTG SECS TR 2018-FL1                                | NATIXIS COML MTG SECS TR 2018-FL1 WAN2 1ML+375 06/15/2035 144A                         | CUSIP: 63874MBE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113725 | PA      | $87020.36     | 0.02%             | 2035-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                          | UBSCM 2012-C1 D CSTR 5/45                                                              | CUSIP: 90269GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68841 | PA      | $62573.75     | 0.01%             | 2045-05-10      | Variable      | 0.07%                 | 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        |   2346000 | PA      | $1736222.99   | 0.38%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  3 | On Loan: No      |
| SG COML MTG SECS TR 2019-PRES                                    | SG COMMERCIAL MORTGAGE SECURITIES TRUST 2019-PREZ F CSTR 09/15/2039 144A               | CUSIP: 78430EAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1468735.40   | 0.32%             | 2039-09-15      | Variable      | 0.03%                 | 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        |     85750 | NS      | $1896790.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TR                                        | DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024                                             | CUSIP: 81721MAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1505062.50   | 0.33%             | 2024-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREEN TREE FINANCIAL CORP                                        | GT 1996-4 M1 7.75% 6/27                                                                | CUSIP: 393505MR0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      2618 | PA      | $2611.77      | 0.00%             | 2027-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| HERSHA HOSPITALITY TR                                            | HERSHA HOSPITALITY TR 6.5% PERP PFD                                                    | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     42250 | NS      | $869927.50    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2016-GS2                                          | GS MTG SECS TR 2016-GS2 2.753% 05/10/2049                                              | CUSIP: 36252TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1964000 | PA      | $1512065.53   | 0.33%             | 2049-05-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MHC COML MTG TR 2021-MHC                                         | MHC COML MTG TR 2021-MHC 1ML+260.096 04/15/2038 144A                                   | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    694000 | PA      | $669690.01    | 0.15%             | 2038-04-15      | Variable      | 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        |   3666000 | PA      | $2946975.69   | 0.65%             | 2041-12-09      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MSJP 2015-HAUL                                                   | MSJP 2015-HAUL E 5.012% 09/05/2047 144A                                                | CUSIP: 553697AN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $693016.30    | 0.15%             | 2047-09-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DBUBS 2011 LC3                                                   | DBUBS 2011-LC3A D CSTR 8/44                                                            | CUSIP: 23305YAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    539622 | PA      | $505849.95    | 0.11%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| HOWARD HUGHES CORP                                               | HOWARD HUGHES CORP 4.125% 02/01/2029 144A                                              | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $863520.00    | 0.19%             | 2029-02-01      | Fixed         | 0.04%                 | 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        |    164300 | NS      | $4091070.00   | 0.91%             |  |  |  | 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        |     35150 | NS      | $862581.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNBELT MEZZ                                                     | SUNBELT MEZZ SOFR+445 01/21/2027                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4575631 | PA      | $4575630.83   | 1.01%             | 2027-01-21      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE MORTGAGE TRUST 2021-4SZN                           | CREDIT SUISSE MORTGAGE TRUST 2021-4SZN TSFR1M+396.65 11/15/2023 144A                   | CUSIP: 12663FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $968358.00    | 0.21%             | 2023-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SITE CENTERS CORP                                                | SITE CENTERS CORP                                                                      | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    118800 | NS      | $1621620.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                    | PENNSLVNA 7.375% PFD PERP                                                              | CUSIP: 709102503<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |     56533 | NS      | $106847.37    | 0.02%             |  |  |  | No            |                  1 | 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        |   2000000 | PA      | $1741018.38   | 0.39%             | 2029-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| JPMDB COML MTG SECS TR 2018-C8                                   | JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A                                    | CUSIP: 46591AAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    302000 | PA      | $206198.14    | 0.05%             | 2051-06-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST INC                                   | NEXPOINT RESIDENTIAL TRUST INC                                                         | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |      1000 | NS      | $50500.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDL RLTY INC                                            | REXFORD INDL RLTY INC SER C 5.625% PERP PFD                                            | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     11775 | NS      | $286250.25    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME PARTNERS AMER 2021-2 TR                                     | HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A                                    | CUSIP: 43732VAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    970583 | PA      | $815232.21    | 0.18%             | 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        |     66735 | NS      | $1262626.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CHERRY HILL MORTGAGE INVESTMENT CORP                             | CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP                                           | CUSIP: 164651309<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     13175 | NS      | $296898.63    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MED TR 2021-MDLN                                                 | MED TR 2021-MDLN 1ML+525 11/15/2026 144A                                               | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1236327 | PA      | $1150068.27   | 0.25%             | 2038-11-15      | Variable      | 0.10%                 | No            |                  2 | 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        |   6615000 | PA      | $6397993.34   | 1.42%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                    | ASHFORD HO SR D 8.45% PFD PERP                                                         | CUSIP: 044103406<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     50274 | NS      | $1168669.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13                 | MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13 D CSTR 11/15/2046 144A                | CUSIP: 61763BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2994000 | PA      | $2768054.80   | 0.61%             | 2046-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE REIT INC                                       | SABRA HEALTHCARE REIT INC                                                              | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |     33800 | NS      | $456300.00    | 0.10%             |  |  |  | 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        |   3800000 | PA      | $3192000.00   | 0.71%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2020-NNN                       | JPMCC 2020-NNN FFX 4.6254% 01/16/2037 144A                                             | CUSIP: 46652BBN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1406000 | PA      | $1162465.47   | 0.26%             | 2037-01-16      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2018-RIVR                                    | GS MTG SECS CORP TR 2018-RIVR G 1ML+260 07/15/2035 144A                                | CUSIP: 36255WAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    669000 | PA      | $443938.90    | 0.10%             | 2035-07-15      | Variable      | 0.07%                 | No            |                  3 | On Loan: No      |
| NECESSITY RETAIL REIT INC/THE                                    | THE NECESSITY RETAIL REIT INC SER A 7.5% PFD PERP                                      | CUSIP: 02607T406<br>LEI: 549300GN4H0K3IUS8983 | Long             | EP               | CORP              | US        |    143698 | NS      | $3418575.42   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                 | CROWN CASTLE INC                                                                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     30700 | NS      | $4546977.00   | 1.01%             |  |  |  | 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        |   2515000 | PA      | $2178273.94   | 0.48%             | 2038-11-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                      | SUNSTONE HOTEL INVS INC                                                                | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     17100 | NS      | $187929.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                             | VORNADO REALTY TRUST SER O 4.45% PERP PFD                                              | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     55300 | NS      | $896413.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP | GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP 3.75% 12/15/2027 144A | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $781862.97    | 0.17%             | 2027-12-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TR 2021-ACNT                                                  | BX TR 2021-ACNT 1ML+317.3 11/15/2026 144A                                              | CUSIP: 05609QAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $236717.33    | 0.05%             | 2038-11-15      | Variable      | 0.08%                 | 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        |   4000000 | PA      | $2780000.00   | 0.61%             | 2029-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                   | ASHTON WOODS USA LLC/FIN CO 4.625% 08/01/2029 144A                                     | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    605000 | PA      | $505175.00    | 0.11%             | 2029-08-01      | Fixed         | 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        |   1103479 | PA      | $1098978.69   | 0.24%             | 2026-08-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT 2014-SFR3 TR                               | AH4R 2014-SFR3 E 6.418% 12/36                                                          | CUSIP: 02665XAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1841000 | PA      | $1826280.10   | 0.40%             | 2036-12-17      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2020-VIVA                                         | BX COML MTG TR 2020-VIVA 3.54875% 03/09/2044 144A                                      | CUSIP: 12433XAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2018000 | PA      | $1553863.43   | 0.34%             | 2044-03-11      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX 2021-XL2                                                      | BX TRUST 1ML+372.55 10/15/2036 144A                                                    | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570856 | PA      | $532452.28    | 0.12%             | 2038-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE COM MTG TR 2021                                    | CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A                              | CUSIP: 12657VAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $718979.76    | 0.16%             | 2034-06-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B14 MTG TR                                        | BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A                                          | CUSIP: 08162YBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    859000 | PA      | $581281.69    | 0.13%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| INVITATION HOMES INC                                             | INVITATION HOMES INC                                                                   | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27100 | NS      | $880750.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TR                                                   | RLJ LODGING TRUST                                                                      | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14700 | NS      | $184779.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                               | REALTY INCOME CORP 4.6% 02/06/2024                                                     | CUSIP: 756109BD5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1757000 | PA      | $1749749.86   | 0.39%             | 2024-02-06      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2021                                        | PROGRESS RESIDENTIAL 2021 4.998% 04/19/2038 144A                                       | CUSIP: 74333DAS3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1533000 | PA      | $1337853.70   | 0.30%             | 2038-04-19      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2019-SFR4 TR                                | PROGRESS RESIDENTIAL 2019-SFR4 TR 3.684% 10/17/2036 144A                               | CUSIP: 74331AAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $952184.60    | 0.21%             | 2036-10-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC      | UNITI GRP/UNITI HLD/CSL 7.875% 02/15/2025 144A                                         | CUSIP: 91327AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986920.70    | 0.22%             | 2025-02-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| DOUGLAS EMMETT INC                                               | DOUGLAS EMMETT INC REIT                                                                | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $201000.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELME COMMUNITIES                                                 | ELME COMMUNITIES                                                                       | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     40100 | NS      | $769920.00    | 0.17%             |  |  |  | No            |                  1 | 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        |    172766 | NS      | $3527881.72   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TR 2021-LGCY                                                  | BX TR 2021-LGCY 1ML+334.6 10/15/2023 144A                                              | CUSIP: 12434DAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1558000 | PA      | $1402386.80   | 0.31%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APT CMNTYS INC                                       | MID AMERICA APT CMNTY INC                                                              | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     13714 | NS      | $2286398.08   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                                     | ENBRIDGE INC SER 1 4% PFD PERP                                                         | CUSIP: 29250N717<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |     97425 | NS      | $2189139.75   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                               | REALTY INCOME CORP 4.875% 06/01/2026                                                   | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1593000 | PA      | $1603711.20   | 0.35%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UMH PPTYS INC                                                    | UMH PROPERTIES INC                                                                     | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     29000 | NS      | $519680.00    | 0.11%             |  |  |  | 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        |    141450 | NS      | $3165651.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                          | PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD                                                | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     20200 | NS      | $426018.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FKH 2021-SFR1 F1                                                 | FKH 2021-SFR1 F1 3.238% 08/17/2038 144A                                                | CUSIP: 33767WAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1250000 | PA      | $1077312.00   | 0.24%             | 2038-08-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VMC FINANCE 2021-HT1                                             | VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A                                         | CUSIP: 91835TAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2528000 | PA      | $2381828.51   | 0.53%             | 2037-01-18      | Variable      | 0.09%                 | 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        |     40700 | NS      | $947496.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                         | GS MTG SECS TR 2012-GCJ9 E CSTR 11/10/2045 144A                                        | CUSIP: 36192PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355000 | PA      | $305290.24    | 0.07%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2018-AON                       | J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A                   | CUSIP: 46649XAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    961000 | PA      | $679092.67    | 0.15%             | 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        |   7849899 | NS      | $7851468.87   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                            | AMERICAN HOMES 4 RENT                                                                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     38900 | NS      | $1333881.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2012-CCRE2 MTG TR                                           | COMM 2012-CR2 F 4.25% 8/45                                                             | CUSIP: 12624KBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    783000 | PA      | $555197.19    | 0.12%             | 2045-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                | GAMING AND LEISURE PROPRTI INC                                                         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     19804 | NS      | $1060702.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                      | JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046                                             | CUSIP: 46639YAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1316000 | PA      | $1102995.14   | 0.24%             | 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        |     61000 | NS      | $1345031.70   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                        | WFRBS 2011-C5 E CSTR 11/44                                                             | CUSIP: 92936JAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    365213 | PA      | $346371.53    | 0.08%             | 2044-11-15      | Variable      | 0.06%                 | 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        |    189358 | NS      | $4241619.20   | 0.94%             |  |  |  | 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        |     71519 | NS      | $3417453.88   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                                        | SPIRIT RLTY CAP INC                                                                    | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     39800 | NS      | $1746424.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SAUL CENTERS INC                                                 | SAUL CENTERS INC 6% SER E PFD PERP                                                     | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     13475 | NS      | $309520.75    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2012-CCRE1 MTG TR                                           | COMM 2012-CCRE1 G 2.462% 05/15/2045 144A                                               | CUSIP: 12624BAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1133000 | PA      | $324146.88    | 0.07%             | 2045-05-15      | Fixed         | 0.02%                 | No            |                  3 | On Loan: No      |
| CTO NEWCO REIT INC                                               | CTO REALTY GROWTH INC 6.375% PFD PERP                                                  | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $435290.00    | 0.10%             |  |  |  | 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        |     35575 | NS      | $693712.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                            | AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP                                            | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     37050 | NS      | $874380.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TR 2021-MFP2                                               | SREIT TR 2021-MFP2 1ML+391.55 11/15/2036 144A                                          | CUSIP: 85236WCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $936990.70    | 0.21%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| READY CAP MTG FING 2019-FL3 LLC                                  | READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A                                  | CUSIP: 75574XAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    599000 | PA      | $588411.78    | 0.13%             | 2034-03-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| RETAIL VALUE INC                                                 | RETAIL VALUE INC                                                                       | CUSIP: 76133Q102<br>LEI: 549300VO5RB7323N1Z31 | Long             | EC               | CORP              | US        |     24066 | NS      | $6016.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                               | RITHM CAPITAL CORP                                                                     | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    110359 | NS      | $2462109.29   | 0.54%             |  |  |  | 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        |   2058000 | PA      | $1737052.84   | 0.38%             | 2053-07-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2018-EXCL                                               | BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A                                            | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $765276.79    | 0.17%             | 2034-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| URSTADT BIDDLE PPTYS INC                                         | URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP                                          | CUSIP: 917286882<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |     51175 | NS      | $1166790.00   | 0.26%             |  |  |  | No            |                  1 | 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        |     38950 | NS      | $985435.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                     | PROLOGIS IN SR Q 8.54% PFD PRP                                                         | CUSIP: 74340W202<br>LEI: 529900DFH19P073LZ636 | Long             | EP               | CORP              | US        |     16850 | NS      | $968706.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                       | TWO HARBORS INVESTMENT COR CONV 6.25% 01/15/2026                                       | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |    904000 | PA      | $802842.40    | 0.18%             | 2026-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                       | JPMDB 2015-WPG PR2 CSTR 06/35                                                          | CUSIP: 92939VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    459000 | PA      | $350172.06    | 0.08%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| AGELLAN PORTFOLIO                                                | AGELLAN PORTFOLIO 9% 08/07/2025                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1217000 | PA      | $1217000.00   | 0.27%             | 2025-08-07      | Fixed         | 0.09%                 | No            |                  3 | On Loan: No      |
| GREAT AJAX CORP                                                  | GREAT AJAX CORP PC 7.25% 4/30/24                                                       | CUSIP: 38983D409<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EP               | CORP              | US        |    260550 | NS      | $6386080.50   | 1.41%             |  |  |  | No            |                  2 | 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        |    963000 | PA      | $724499.57    | 0.16%             | 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        |     12400 | NS      | $254820.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC                                                | MFA FINANCIAL INC                                                                      | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |     78075 | NS      | $928311.75    | 0.21%             |  |  |  | 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        |    119505 | NS      | $2837048.70   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BX 2021-SDMF                                                     | BX 2021-SDMF 1ML+193.7 09/15/2023 144A                                                 | CUSIP: 12434CAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     73000 | PA      | $68431.74     | 0.02%             | 2034-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| IMT TR 2017-APTS                                                 | IMTT 2017-APTS EFX CSTR 06/15/2034 144A                                                | CUSIP: 44974ABE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1693000 | PA      | $1567805.19   | 0.35%             | 2034-06-15      | Variable      | 0.03%                 | No            |                  2 | 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        |   1299000 | PA      | $1112751.59   | 0.25%             | 2046-01-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE1 MTG TR                                           | COMM 2012-CR1 C CSTR 5/45                                                              | CUSIP: 12624BAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3011000 | PA      | $2679543.10   | 0.59%             | 2045-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                          | GSMS 2011-GC5 C 5.47 8/44                                                              | CUSIP: 36191YAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101000 | PA      | $73265.71     | 0.02%             | 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        |    183967 | NS      | $4010480.60   | 0.89%             |  |  |  | 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        |     73722 | NS      | $1621884.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NECESSITY RETAIL REIT INC/THE                                    | THE NECESSITY RETAIL REIT INC SER C 7.375% PFD PERP                                    | CUSIP: 02607T505<br>LEI: 549300GN4H0K3IUS8983 | Long             | EP               | CORP              | US        |    145000 | NS      | $3393000.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GPMT 2019-FL2 LTD                                                | GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A                                              | CUSIP: 36259BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    358000 | PA      | $353723.37    | 0.08%             | 2036-02-22      | Variable      | 0.07%                 | 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        |    652000 | PA      | $562160.92    | 0.12%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| GLOBAL PARTNERS LP                                               | GLOBAL PARTNERS LP SER B 9.5% PERP PFD                                                 | CUSIP: 37946R307<br>LEI: 549300PCHWTW9P4DU444 | Long             | EP               | CORP              | US        |     12200 | NS      | $307687.66    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC 5.5% 02/15/2026                                                              | CUSIP: 45031UCJ8<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |   3015000 | PA      | $3035200.50   | 0.67%             | 2026-02-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                          | GSMS 2011-GC5 E CSTR 8/44                                                              | CUSIP: 36191YAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    848000 | PA      | $76507.49     | 0.02%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| HOWARD HUGHES CORP                                               | HOWARD HUGHES CORP 4.375% 02/01/2031 144A                                              | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $905717.65    | 0.20%             | 2031-02-01      | Fixed         | 0.04%                 | 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        |    813490 | PA      | $842836.36    | 0.19%             | 2028-07-20      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                               | FORESTAR GROUP INC 3.85% 05/15/2026 144A                                               | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $891094.92    | 0.20%             | 2026-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C3                                        | WFRBS 2011-C3 E 5% 3/44                                                                | CUSIP: 92935VAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $168.81       | 0.00%             | 2044-03-15      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                          | DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD                                           | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    225785 | NS      | $5095967.45   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AG MORTGAGE INVESTMENT TR INC                                    | AG MTG INVT 8% PFD PRP                                                                 | CUSIP: 001228303<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |     50109 | NS      | $919500.15    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES INC                                  | EQUITY LIFESTYLE PPTYS INC                                                             | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     92700 | NS      | $6654006.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE LAND CORP                                              | GLADSTONE LAND CORP SER D 5% PFD 01/31/26                                              | CUSIP: 376549507<br>LEI: 54930002B3Q17H38FG74 | Long             | EP               | CORP              | US        |     60000 | NS      | $1449000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2018-BNK12                                                  | BANK 2018-BNK12 D 3% 05/15/2061 144A                                                   | CUSIP: 06541KAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    318000 | PA      | $212627.36    | 0.05%             | 2061-05-15      | Fixed         | 0.03%                 | 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        |   2045000 | PA      | $1690281.87   | 0.37%             | 2048-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-C8 COML MTG TR                                        | CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A                                        | CUSIP: 12595BAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1766000 | PA      | $1291327.28   | 0.29%             | 2050-06-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                        | WFRBS COML MTG TR 2011-C5 F CSTR VAR 11/15/2044 144A                                   | CUSIP: 92936JAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1816454.00   | 0.40%             | 2044-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13                 | MSBAM 2013-C13 E CSTR 11/15/46 144A                                                    | CUSIP: 61763BAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    659000 | PA      | $574869.75    | 0.13%             | 2046-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                          | UDR INC                                                                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      5600 | NS      | $238504.00    | 0.05%             |  |  |  | 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        |    450000 | PA      | $341818.84    | 0.08%             | 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        |   1236000 | PA      | $481792.80    | 0.11%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  3 | 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        |     18925 | NS      | $477856.25    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                               | CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.75% 04/15/2028 144A                               | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1322885.15   | 0.29%             | 2028-04-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| TPGI 2021-DGWD G                                                 | TPGI 2021-DGWD G 1ML+380 06/15/2026 144A                                               | CUSIP: 87267HAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1176000 | PA      | $1114783.08   | 0.25%             | 2026-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ESSEX PROPERTY TRUST INC                                         | ESSEX PROPERTY TRUST INC                                                               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      9700 | NS      | $2192879.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTHERLY HOTELS INC                                              | SOTHERLY HOTELS INC SER B 8% PERP PFD                                                  | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     12750 | NS      | $322575.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CYXTERA TECHNOLOGIES INC                                         | CYXTERA TECHNOLOGIES INC A                                                             | CUSIP: 23284C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37800 | NS      | $121716.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30                 | MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30 D 3% 09/15/2049 144A                  | CUSIP: 61766NAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    522000 | PA      | $339358.57    | 0.08%             | 2049-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                                    | M/I HOMES INC 3.95% 02/15/2030                                                         | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1203001.80   | 0.27%             | 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                                                               | CUSIP: 617459AF9<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |  23392544 | PA      | $85502.09     | 0.02%             | 2044-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD INC                                                     | SAFEHOLD INC                                                                           | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Long             | EC               | CORP              | US        |       519 | NS      | $18144.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                          | DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP                                          | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    185049 | NS      | $4078479.96   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT AJAX CORP                                                  | GREAT AJAX CORP                                                                        | CUSIP: 38983D300<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EC               | CORP              | US        |    256346 | NS      | $2248154.42   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COML MTG TR 2020-VIVA                                         | BX COML MTG TR 2020-VIVA CSTR 03/09/2044 144A                                          | CUSIP: 12433XAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1505000 | PA      | $1201497.94   | 0.27%             | 2044-03-11      | Variable      | 0.04%                 | No            |                  2 | 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        |     28111 | NS      | $538325.65    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                         | AMERICAN HOMES 4 RENT LP 4.25% 02/15/2028                                              | CUSIP: 02666TAA5<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1916975.04   | 0.42%             | 2028-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                           | MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029                                         | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1506000 | PA      | $1170915.00   | 0.26%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                  | BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD                                             | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |      5875 | NS      | $119791.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                  | MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A                                 | CUSIP: 61760RAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    636000 | PA      | $405181.23    | 0.09%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC 7.65 SER G PERP PFD                                                          | CUSIP: 45031U705<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    141700 | NS      | $3563755.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD OFFICE PROPERTIES INC                                 | BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD                               | CUSIP: 112900642<br>LEI: 36ZUFRRMJERSM4Q0S289 | Long             | EP               | CORP              | CA        |      7675 | NS      | $107232.54    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                   | CBL and ASSOCS LP 5.95% 12/15/2026                                                     | CUSIP: 12505JAD5<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |   2551000 | PA      | $0.26         | 0.00%             | 2026-12-15      | Fixed         | 0.06%                 | No            |                  3 | On Loan: No      |
| HEALTHCARE TRUST INC                                             | HEALTHCARE TRUST INC SER A 7.375% PFD PERP                                             | CUSIP: 42226B204<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |     33000 | NS      | $766590.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                               | RITHM CAPITAL CORP SER D 7%/VAR PFD PERP                                               | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     17100 | NS      | $363204.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP 2022-MHIL MEZZ                                               | MHP 2022-MHIL MEZZ SOFR+500 01/09/2024                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7578870 | PA      | $7199926.50   | 1.59%             | 2024-01-09      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| EASTGROUP PROPERTIES INC                                         | EASTGROUP PPTYS INC                                                                    | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       500 | NS      | $84125.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                               | CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.5% 06/01/2029 144A                                | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $929100.00    | 0.21%             | 2029-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE2 MTG TR                                           | COMM 2012-CR2 D CSTR 8/45                                                              | CUSIP: 12624KAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    335313 | PA      | $309349.14    | 0.07%             | 2045-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BSREP COML MTG TR 2021-DC                                        | BSREP COML MTG TR 2021-DC 1ML+385 08/15/2038 144A                                      | CUSIP: 05591UAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $202467.18    | 0.04%             | 2038-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                        | BENCHMARK 2022-B35 MTG TR 2.5% 05/15/2055 144A                                         | CUSIP: 08163RAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $565323.50    | 0.13%             | 2055-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                    | ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP                                    | CUSIP: 044103703<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9129 | NS      | $188795.94    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9                  | MSBAM 2013 - C9 C 4.2117% 5/46                                                         | CUSIP: 61762DBB6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |    625000 | PA      | $563160.69    | 0.12%             | 2046-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC      | UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A                                             | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $689356.20    | 0.15%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST 2021-SFR8                             | PROGRESS RESIDENTIAL TRUST 2021-SFR8 3.181% 10/17/2038 144A                            | CUSIP: 74333TAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    934000 | PA      | $788055.87    | 0.17%             | 2038-10-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LEHMAN ABS MANUF HSG CNTRCT TR                                   | LABMH 2001-B M2 7.17% 3/28                                                             | CUSIP: 52519SAM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1698364 | PA      | $1200439.68   | 0.27%             | 2040-04-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                                        | ISTAR INC 4.25% 08/01/2025                                                             | CUSIP: 45031UCG4<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |   2405000 | PA      | $2386962.50   | 0.53%             | 2025-08-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AMR HMS 15-SFR2                                                  | AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A                               | CUSIP: 02666BAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1624000 | PA      | $1600398.90   | 0.35%             | 2052-10-17      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                               | REALTY INCOME CORP 3.1% 12/15/2029                                                     | CUSIP: 756109BK9<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $908778.20    | 0.20%             | 2029-12-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CONSECO FIN SECURITIZATNS CORP                                   | CNF 2002-2 M2 9.163% 3/33                                                              | CUSIP: 20846QJZ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1552682 | PA      | $1427510.94   | 0.32%             | 2033-03-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                              | AMERICAN TOWER CORP                                                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     26900 | NS      | $6009191.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C23                                  | JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A                                             | CUSIP: 46643AAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1624000 | PA      | $1190953.58   | 0.26%             | 2047-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                     | GLP CAP LP / GLP FING II INC 5.25% 06/01/2025                                          | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2357377.50   | 0.52%             | 2025-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BXSC 2022-WSS F                                                  | BXSC 2022-WSS F 5.579% 03/15/2035 144A                                                 | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2384000 | PA      | $2300436.27   | 0.51%             | 2035-03-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP REALTY TRUST INC/DUPE                               | FRANKLIN BSP RE 7.5% PFD PERP                                                          | CUSIP: 35243J200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     55316 | NS      | $1172948.12   | 0.26%             |  |  |  | No            |                  1 | 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        |   4237000 | PA      | $3581684.40   | 0.79%             | 2027-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL MORTGAGE INVESTMENT CORP                             | CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP                                          | CUSIP: 164651200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16350 | NS      | $372780.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| REALOGY GROUP LLC / REALOGY CO-ISSUER CORP                       | REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.75% 01/15/2029 144A                       | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1956250.00   | 0.43%             | 2029-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SITE CENTERS CORP                                                | SITE CENTERS CORP 6.375% 12/31/99 PFD PERP                                             | CUSIP: 82981J877<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EP               | CORP              | US        |     15100 | NS      | $377047.00    | 0.08%             |  |  |  | No            |                  1 | 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        |    602000 | PA      | $488668.20    | 0.11%             | 2048-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                  | MSC 2011-C2 D CSTR 6/44                                                                | CUSIP: 617459AJ1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   1504772 | PA      | $1417600.95   | 0.31%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2021-SFR2 TR                                      | FIRSTKEY HOMES 2021-SFR2 TR 2.908% 09/17/2038 144A                                     | CUSIP: 33767TAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $422875.65    | 0.09%             | 2038-09-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                   | OMEGA HEALTHCARE INVESTORS INC 5.25% 01/15/2026                                        | CUSIP: 681936BH2<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21868.45     | 0.00%             | 2026-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                      | SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP                                          | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |     20000 | NS      | $429000.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN TREE FINANCIAL CORP                                        | GT 1997-3 M1 7.53% 3/28                                                                | CUSIP: 393505TZ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     25200 | PA      | $23755.64     | 0.01%             | 2028-03-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                   | OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027 REGS                                    | CUSIP: 681936BF6<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |    483000 | PA      | $465960.98    | 0.10%             | 2027-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                          | DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD                                          | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    147310 | NS      | $3310055.70   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                                                     | PROLOGIS INC REIT                                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     15420 | NS      | $1993497.60   | 0.44%             |  |  |  | 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      | $1760549.40   | 0.39%             | 2045-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-NET                                                    | CSMC 2020-NET F CSTR 08/15/2037 144A                                                   | CUSIP: 126438AN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1057000 | PA      | $898782.53    | 0.20%             | 2037-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DIAMONDROCK HOSPITALITY CO                                       | DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP                                              | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     34900 | NS      | $899024.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                                        | AVALONBAY COMMUNITIES INC REIT                                                         | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      8100 | NS      | $1437264.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I INC                                         | MSC 1998-CF1 G 7.35% 7/32                                                              | CUSIP: 61745MHW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10001 | PA      | $9914.75      | 0.00%             | 2032-07-15      | Variable      | 0.07%                 | 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        |   1467000 | PA      | $941084.02    | 0.21%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| JPMCC 2021-1                                                     | JPMCC 2021-1MEM E CSTR 10/09/2042 144A                                                 | CUSIP: 46654BAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $316355.35    | 0.07%             | 2042-10-09      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LAMAR ADVERTISING CO                                             | LAMAR ADVERTISING CO CL A                                                              | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     11000 | NS      | $1171940.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2020-NET                                                    | CSMC 2020-NET VAR 08/15/2037 144A                                                      | CUSIP: 126438AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $432757.50    | 0.10%             | 2037-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CEDAR REALTY TRUST INC                                           | CEDAR REALTY TRUST INC SER C 6.50% PFD PERP                                            | CUSIP: 150602506<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |     53500 | NS      | $658585.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer