# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0001752724-23-034881
**Filing Date:** 2023-2
**Character Count:** 282562
**Document Hash:** f9782ed22c0d9c99f9c06bcaa085c0af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-034881.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-034881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 23656950

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

## Series and Classes Contracts Data

### Fidelity Strategic Real Return Fund (Series ID: S000017675)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000048837 | Fidelity Strategic Real Return Fund                  | FSRRX           |
| C000048838 | Fidelity Advisor Strategic Real Return Fund: Class A | FSRAX           |
| C000048840 | Fidelity Advisor Strategic Real Return Fund: Class C | FCSRX           |
| C000048841 | Fidelity Advisor Strategic Real Return Fund: Class M | FSRTX           |
| C000048842 | Fidelity Advisor Strategic Real Return Fund: Class I | FSIRX           |
| C000205021 | Fidelity Advisor Strategic Real Return Fund: Class Z | FIQDX           |
| C000214978 | Class K6                                             | FSRKX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity**<sup>®</sup> **Strategic Real Return Fund**

**December 31, 2022**

RRS-NPRT1-0323

1.825846.117 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Corporate Bonds - 3.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Convertible Bonds - 0.1%  |  |  |
| FINANCIALS - 0.1% |  |  |
| Mortgage Real Estate Investment Trusts - 0.1% |  |  |
| KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23  | 77000 | 75569 |
| MFA Financial, Inc. 6.25% 6/15/24  | 285000 | 255075 |
| Redwood Trust, Inc. 5.625% 7/15/24  | 130000 | 117650 |
| RWT Holdings, Inc. 5.75% 10/1/25  | 130000 | 109038 |
|  |  | 557332 |
| Nonconvertible Bonds - 3.6%  |  |  |
| COMMUNICATION SERVICES - 0.0% |  |  |
| Media - 0.0% |  |  |
| Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (b) | 350000 | 256995 |
| CONSUMER DISCRETIONARY - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Caesars Entertainment, Inc. 8.125% 7/1/27 (b) | 535000 | 525664 |
| Hilton Domestic Operating Co., Inc.: |  |  |
|  3.625% 2/15/32(b) | 785000 | 628628 |
|  4% 5/1/31(b) | 350000 | 292821 |
| Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (b) | 935000 | 763103 |
| Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (b) | 1000000 | 829626 |
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (b) | 500000 | 466739 |
| Times Square Hotel Trust 8.528% 8/1/26 (b) | 232118 | 229030 |
|  |  | 3735611 |
| Household Durables - 0.1% |  |  |
| Adams Homes, Inc. 7.5% 2/15/25 (b) | 70000 | 59495 |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: |  |  |
|  4.625% 8/1/29(b) | 20000 | 16015 |
|  4.625% 4/1/30(b) | 70000 | 56183 |
|  6.625% 1/15/28(b) | 175000 | 153968 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (b) | 15000 | 11695 |
| Century Communities, Inc. 3.875% 8/15/29 (b) | 65000 | 51106 |
| LGI Homes, Inc. 4% 7/15/29 (b) | 170000 | 131346 |
| M/I Homes, Inc. 3.95% 2/15/30  | 100000 | 80744 |
| TRI Pointe Homes, Inc. 5.25% 6/1/27  | 100000 | 89273 |
|  |  | 649825 |
| TOTAL CONSUMER DISCRETIONARY |  | 4385436 |
| ENERGY - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/GLP Finance Corp. 7% 8/1/27  | 100000 | 94963 |
| FINANCIALS - 0.0% |  |  |
| Banks - 0.0% |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC 3.75% 9/15/30 (b) | 100000 | 73482 |
| Diversified Financial Services - 0.0% |  |  |
| Brixmor Operating Partnership LP 4.05% 7/1/30  | 350000 | 306182 |
| TOTAL FINANCIALS |  | 379664 |
| HEALTH CARE - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Sabra Health Care LP 3.2% 12/1/31  | 250000 | 186017 |
| INDUSTRIALS - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Williams Scotsman International, Inc. 4.625% 8/15/28 (b) | 600000 | 541500 |
| REAL ESTATE - 3.0% |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.5% |  |  |
| American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (b) | 545000 | 400575 |
| American Homes 4 Rent LP: |  |  |
|  2.375% 7/15/31 | 750000 | 578496 |
|  3.625% 4/15/32 | 1000000 | 841166 |
| American Tower Corp.: |  |  |
|  2.7% 4/15/31 | 750000 | 610465 |
|  3.8% 8/15/29 | 1250000 | 1133967 |
|  4.05% 3/15/32 | 750000 | 668847 |
| Boston Properties, Inc.: |  |  |
|  2.55% 4/1/32 | 500000 | 380126 |
|  3.25% 1/30/31 | 1000000 | 826679 |
| CBL & Associates LP 5.95% 12/15/26 (c)(d) | 132000 | 0 |
| Crown Castle International Corp.: |  |  |
|  2.25% 1/15/31 | 1250000 | 1002790 |
|  3.8% 2/15/28 | 100000 | 92937 |
| CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (b) | 225000 | 190131 |
| EPR Properties: |  |  |
|  3.6% 11/15/31 | 250000 | 181125 |
|  4.95% 4/15/28 | 250000 | 213294 |
| Equinix, Inc.: |  |  |
|  2.15% 7/15/30 | 500000 | 397770 |
|  3.2% 11/18/29 | 750000 | 652816 |
|  3.9% 4/15/32 | 250000 | 222111 |
| GLP Capital LP/GLP Financing II, Inc.: |  |  |
|  3.25% 1/15/32 | 250000 | 199846 |
|  4% 1/15/31 | 500000 | 428900 |
|  5.3% 1/15/29 | 1000000 | 946340 |
| Hudson Pacific Properties LP 4.65% 4/1/29  | 450000 | 384458 |
| Invitation Homes Operating Partnership LP: |  |  |
|  2% 8/15/31 | 750000 | 554248 |
|  4.15% 4/15/32 | 1000000 | 874886 |
| iStar Financial, Inc.: |  |  |
|  4.25% 8/1/25 | 305000 | 298877 |
|  4.75% 10/1/24 | 150000 | 148872 |
| MPT Operating Partnership LP/MPT Finance Corp.: |  |  |
|  4.625% 8/1/29 | 915000 | 697765 |
|  5% 10/15/27 | 205000 | 172309 |
| Office Properties Income Trust 4.25% 5/15/24  | 80000 | 75767 |
| Omega Healthcare Investors, Inc.: |  |  |
|  3.375% 2/1/31 | 500000 | 385415 |
|  4.5% 4/1/27 | 83000 | 77724 |
| Park Intermediate Holdings LLC 4.875% 5/15/29 (b) | 500000 | 423250 |
| RLJ Lodging Trust LP: |  |  |
|  3.75% 7/1/26(b) | 100000 | 89059 |
|  4% 9/15/29(b) | 805000 | 652586 |
| SBA Communications Corp. 3.125% 2/1/29  | 500000 | 415745 |
| Senior Housing Properties Trust: |  |  |
|  4.75% 5/1/24 | 271000 | 228995 |
|  4.75% 2/15/28 | 100000 | 56875 |
|  9.75% 6/15/25 | 200000 | 191593 |
| Spirit Realty LP 4% 7/15/29  | 250000 | 216974 |
| Sun Communities Operating LP: |  |  |
|  2.7% 7/15/31 | 1000000 | 789320 |
|  4.2% 4/15/32 | 4000 | 3523 |
| Uniti Group LP / Uniti Group Finance, Inc. 6.5% 2/15/29 (b) | 1080000 | 715500 |
| Uniti Group, Inc. 6% 1/15/30 (b) | 105000 | 66442 |
| Ventas Realty LP 4.75% 11/15/30  | 250000 | 233426 |
| VICI Properties LP 5.125% 5/15/32  | 1250000 | 1157438 |
| VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (b) | 500000 | 455000 |
| Vornado Realty LP 3.4% 6/1/31  | 500000 | 371761 |
| Welltower, Inc. 3.85% 6/15/32  | 500000 | 424290 |
| Weyerhaeuser Co. 4% 4/15/30  | 250000 | 227630 |
| XHR LP 4.875% 6/1/29 (b) | 250000 | 204782 |
|  |  | 20562891 |
| Real Estate Management & Development - 0.5% |  |  |
| DTZ U.S. Borrower LLC 6.75% 5/15/28 (b) | 1035000 | 987763 |
| Extra Space Storage LP 2.35% 3/15/32  | 500000 | 378353 |
| Greystar Real Estate Partners 5.75% 12/1/25 (b) | 790000 | 772029 |
| Howard Hughes Corp.: |  |  |
|  4.125% 2/1/29(b) | 40000 | 33500 |
|  4.375% 2/1/31(b) | 385000 | 311492 |
|  5.375% 8/1/28(b) | 380000 | 342277 |
| Kennedy-Wilson, Inc.: |  |  |
|  4.75% 3/1/29 | 430000 | 340795 |
|  4.75% 2/1/30 | 225000 | 171563 |
|  5% 3/1/31 | 590000 | 444118 |
| Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (b) | 285000 | 215175 |
| Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (b) | 250000 | 182378 |
|  |  | 4179443 |
| TOTAL REAL ESTATE |  | 24742334 |
| TOTAL NONCONVERTIBLE BONDS |  | 30586909 |
| <br> **TOTAL CORPORATE BONDS**<br> (Cost $34,725,798) |  | <br> **31144241** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Inflation-Protected Obligations - 23.5%** | &nbsp;&nbsp;**U.S. Treasury Inflation-Protected Obligations - 23.5%** | &nbsp;&nbsp;**U.S. Treasury Inflation-Protected Obligations - 23.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| U.S. Treasury Inflation-Indexed Bonds: |  |  |
|  0.125% 2/15/51  | 3124000 | 2305873 |
|  0.125% 2/15/52  | 1830000 | 1270401 |
|  0.25% 2/15/50  | 2040000 | 1596480 |
|  0.625% 2/15/43  | 2397000 | 2508836 |
|  0.75% 2/15/42  | 2558000 | 2825967 |
|  0.75% 2/15/45  | 2610000 | 2673624 |
|  0.875% 2/15/47  | 1783000 | 1806223 |
|  1% 2/15/46  | 933000 | 997493 |
|  1% 2/15/48  | 1459000 | 1485435 |
|  1% 2/15/49  | 2135000 | 2115465 |
|  1.375% 2/15/44  | 2850000 | 3386969 |
|  1.75% 1/15/28  | 2372000 | 3372623 |
|  2% 1/15/26  | 1235000 | 1852064 |
|  2.125% 2/15/40  | 1024000 | 1495365 |
|  2.125% 2/15/41  | 1455000 | 2093060 |
|  2.375% 1/15/25  | 2538000 | 4015524 |
|  2.375% 1/15/27  | 1931000 | 2910948 |
|  2.5% 1/15/29  | 2139000 | 3096399 |
|  3.375% 4/15/32  | 950000 | 1822520 |
|  3.625% 4/15/28  | 1970000 | 3956686 |
|  3.875% 4/15/29  | 877000 | 1786823 |
| U.S. Treasury Inflation-Indexed Notes: |  |  |
|  0.125% 7/15/24  | 4746000 | 5763774 |
|  0.125% 10/15/24  | 4598000 | 5142724 |
|  0.125% 4/15/25  | 3751000 | 4124108 |
|  0.125% 10/15/25  | 5844000 | 6378821 |
|  0.125% 4/15/26  | 3667000 | 3917753 |
|  0.125% 7/15/26  | 5237000 | 6135664 |
|  0.125% 10/15/26  | 5695000 | 5822239 |
|  0.125% 4/15/27  | 5960000 | 5863254 |
|  0.125% 1/15/30  | 5563000 | 5790325 |
|  0.125% 7/15/30  | 5004000 | 5210085 |
|  0.125% 1/15/31  | 6610000 | 6723694 |
|  0.125% 7/15/31  | 5866000 | 5766307 |
|  0.125% 1/15/32  | 7010000 | 6604951 |
|  0.25% 1/15/25  | 6061000 | 7314554 |
|  0.25% 7/15/29  | 4834000 | 5157612 |
|  0.375% 7/15/23  | 7000 | 8856 |
|  0.375% 7/15/25  | 5163000 | 6231086 |
|  0.375% 1/15/27  | 4853000 | 5646475 |
|  0.375% 7/15/27  | 5599000 | 6429609 |
|  0.5% 4/15/24  | 2894000 | 3324859 |
|  0.5% 1/15/28  | 7197000 | 8178245 |
|  0.625% 1/15/24  | 6697000 | 8370445 |
|  0.625% 1/15/26  | 5352000 | 6443405 |
|  0.625% 7/15/32  | 7620000 | 7163276 |
|  0.75% 7/15/28  | 3986000 | 4508920 |
|  0.875% 1/15/29  | 3893000 | 4378540 |
|  1.625% 10/15/27  | 800000 | 804033 |
| <br> **TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS**<br> (Cost $219,387,738) |  | **196578392** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(d)(e)(f) | 135956 | 1 |
| Conseco Finance Securitizations Corp.: |  |  |
|  Series 2002-1 Class M2, 9.546% 12/1/33  | 284000 | 257708 |
|  Series 2002-2 Class M2, 9.163% 3/1/33  | 362143 | 328118 |
| DigitalBridge Issuer, LLC / DigitalBridge Co.-Issuer, LLC Series 2021-1A Class A2, 3.933% 9/25/51 (b) | 85000 | 72130 |
| FirstKey Homes Trust Series 2021-SFR2 Class F1, 2.908% 9/17/38 (b) | 100000 | 82216 |
| Home Partners of America Trust: |  |  |
|  Series 2021-1 Class F, 3.325% 9/17/41 (b) | 87360 | 67299 |
|  Series 2021-2 Class G, 4.505% 12/17/26 (b) | 183751 | 150191 |
| Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40  | 361940 | 252959 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (b) | 100000 | 81006 |
| Progress Residential: |  |  |
|  Series 2022-SFR3 Class F, 6.6% 4/17/39 (b) | 250000 | 220947 |
|  Series 2022-SFR4 Class E1, 6.121% 5/17/41 (b) | 221000 | 190883 |
|  Series 2022-SFR5:  |  |  |
| Class E1, 6.618% 6/17/39 (b) <br>| 201000 | 182892 |
| Class E2, 6.863% 6/17/39 (b) <br>| 336000 | 304084 |
| Progress Residential Trust: |  |  |
|  Series 2021-SFR6 Class F, 3.422% 7/17/38 (b) | 100000 | 83057 |
|  Series 2021-SFR8:  |  |  |
| Class F, 3.181% 10/17/38 (b) <br>| 100000 | 82384 |
| Class G, 4.005% 10/17/38 (b) <br>| 100000 | 83023 |
|  Series 2022-SFR2 Class E2, 4.8% 4/17/27  | 100000 | 85408 |
| Starwood Mortgage Residential Trust Series 2022-SFR3 Class F, CME Term SOFR 1 Month Index + 4.500% 8.821% 5/17/24 (b)(e)(g) | 500000 | 475104 |
| Tricon Residential Series 2022-SFR1: |  |  |
|  Class E1, 5.344% 4/17/39 (b) | 238000 | 217032 |
|  Class E2, 5.739% 4/17/39 (b) | 295000 | 269244 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $3,927,785) |  | **3485686** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAMLL Commercial Mortgage Securities Trust floater Series 2021-JACX Class E, 1 month U.S. LIBOR + 3.750% 8.068% 9/15/38 (b)(e)(g) | 106000 | 90553 |
| BANK: |  |  |
|  sequential payer Series 2022-BNK42:  |  |  |
| Class D, 2.5% 6/15/55 (b) <br>| 180000 | 101306 |
| Class E, 2.5% 6/15/55 (b) <br>| 141000 | 71446 |
|  Series 2020-BN25 Class C, 3.3536% 1/15/63 (e) | 1000000 | 733182 |
|  Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (e) | 264000 | 151770 |
|  Series 2021-BN38 Class C, 3.2171% 12/15/64 (e) | 554000 | 385885 |
|  Series 2022-BNK41, Class C, 3.79% 4/15/65 (e) | 567000 | 409963 |
|  Series 2022-BNK42 Class C, 4.7216% 6/15/55 (e) | 500000 | 401184 |
|  Series 2022-BNK43 Class D, 3% 8/15/55 (b) | 350000 | 202464 |
| BBCMS Series 2022-C15 Class C, 3.831% 4/15/55 (e) | 547000 | 394254 |
| BBCMS Mortgage Trust: |  |  |
|  sequential payer Series 2022-C17 Class D, 2.5% 9/15/55 (b) | 163000 | 90631 |
|  Series 2019-C3 Class C, 4.178% 5/15/52  | 821000 | 661653 |
|  Series 2020-C7 Class C, 3.6035% 4/15/53 (e) | 500000 | 376253 |
|  Series 2022-C16 Class C, 4.6% 6/15/55 (e) | 750000 | 571244 |
| Benchmark Mortgage Trust: |  |  |
|  Series 2018-B2 Class C, 4.2267% 2/15/51 (e) | 500000 | 414916 |
|  Series 2018-B6 Class D, 3.105% 10/10/51 (b)(e) | 235000 | 165999 |
|  Series 2019-B13 Class D, 2.5% 8/15/57 (b) | 252000 | 160583 |
|  Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (b)(e) | 63000 | 51080 |
|  Series 2020-IG2 Class D, 3.2931% 9/15/48 (b)(e) | 417000 | 203702 |
|  Series 2022-B35:  |  |  |
| Class C, 4.4453% 5/15/55 (e) <br>| 500000 | 390582 |
| Class D, 2.5% 5/15/55 (b) <br>| 500000 | 277397 |
|  Series 2022-B36 Class D, 2.5% 7/15/55 (b) | 250000 | 132136 |
| BMO Mortgage Trust Series 2022-C1: |  |  |
|  Class 360D, 3.9387% 2/17/55 (b)(e) | 84000 | 51181 |
|  Class 360E, 3.9387% 2/17/55 (b)(e) | 105000 | 66705 |
| BPR Trust floater: |  |  |
|  Series 2021-TY Class E, 1 month U.S. LIBOR + 3.600% 7.918% 9/15/38 (b)(e)(g) | 100000 | 90377 |
|  Series 2022-OANA Class D, CME Term SOFR 1 Month Index + 3.690% 8.0306% 4/15/37 (b)(e)(g) | 300000 | 275121 |
| Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 8.208% 10/15/38 (b)(e)(g) | 279868 | 253610 |
| BX Commercial Mortgage Trust: |  |  |
|  floater:  |  |  |
| Series 2021-CIP: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 3.210% 7.537% 12/15/38 (b)(e)(g) | 210000 | 189993 |
|  Class G, 1 month U.S. LIBOR + 3.960% 8.287% 12/15/38 (b)(e)(g) | 109000 | 94733 |
| Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 7.2641% 10/15/36 (b)(e)(g) <br>| 198000 | 178600 |
| Series 2021-VINO: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 2.800% 7.1203% 5/15/38 (b)(e)(g) | 333000 | 308902 |
|  Class G, 1 month U.S. LIBOR + 3.950% 8.2703% 5/15/38 (b)(e)(g) | 401000 | 369121 |
|  Series 2020-VIVA Class E, 3.5488% 3/11/44 (b)(e) | 789000 | 572361 |
| Bx Commercial Mortgage Trust 2 floater Series 2022-LP2 Class G, CME Term SOFR 1 Month Index + 4.100% 8.4414% 2/15/39 (b)(e)(g) | 464195 | 425435 |
| BX Trust: |  |  |
|  floater:  |  |  |
| Series 2019-XL: <br>|  |  |
|  Class G, CME Term SOFR 1 Month Index + 2.410% 6.7501% 10/15/36 (b)(e)(g) | 386750 | 370196 |
|  Class J, CME Term SOFR 1 Month Index + 2.760% 7.1001% 10/15/36 (b)(e)(g) | 145350 | 138471 |
| Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 8.328% 10/15/36 (b)(e)(g) <br>| 62581 | 56567 |
| Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 7.613% 11/15/38 (b)(e)(g) <br>| 126000 | 114865 |
| Series 2021-ARIA Class F, 1 month U.S. LIBOR + 2.590% 6.9115% 10/15/36 (b)(e)(g) <br>| 27000 | 24175 |
| Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 7.6675% 10/15/26 (b)(e)(g) <br>| 126000 | 113539 |
| Series 2021-MFM1: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 3.000% 7.3179% 1/15/34 (b)(e)(g) | 336000 | 309059 |
|  Class G, 1 month U.S. LIBOR + 3.900% 8.2179% 1/15/34 (b)(e)(g) | 170000 | 154889 |
| Series 2021-SDMF Class F, 1 month U.S. LIBOR + 1.930% 6.255% 9/15/34 (b)(e)(g) <br>| 100000 | 92225 |
| Series 2021-SOAR: <br>|  |  |
|  Class F, 6.668% 6/15/38 (b)(e) | 475399 | 441418 |
|  Class J, 8.068% 6/15/38 (b)(e) | 595489 | 547130 |
| Series 2021-VOLT: <br>|  |  |
|  Class F, 1 month U.S. LIBOR + 2.400% 6.7179% 9/15/36 (b)(e)(g) | 100000 | 92000 |
|  Class G, 1 month U.S. LIBOR + 2.850% 7.1679% 9/15/36 (b)(e)(g) | 105000 | 96159 |
| Series 2022-GPA Class D, CME Term SOFR 1 Month Index + 4.060% 8.3966% 10/15/39 (b)(e)(g) <br>| 510000 | 503649 |
| Series 2022-IND Class F, CME Term SOFR 1 Month Index + 4.780% 9.1117% 4/15/37 (b)(e)(g) <br>| 466793 | 435945 |
| Series 2022-LBA6: <br>|  |  |
|  Class F, CME Term SOFR 1 Month Index + 3.350% 7.6856% 1/15/39 (b)(e)(g) | 100000 | 91014 |
|  Class G, CME Term SOFR 1 Month Index + 4.200% 8.5356% 1/15/39 (b)(e)(g) | 100000 | 91004 |
| Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 7.6346% 1/15/39 (b)(e)(g) <br>| 157000 | 143233 |
|  floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 7.511% 10/15/36 (b)(e)(g) | 200000 | 175403 |
|  sequential payer Series 2019-OC11 Class A, 3.202% 12/9/41 (b) | 500000 | 419256 |
|  Series 2019-OC11 Class E, 3.944% 12/9/41 (b)(e) | 284000 | 220196 |
| BXSC Commercial Mortgage Trust floater Series 2022-WSS Class F, 9.665% 3/15/35 (b)(e) | 385000 | 361854 |
| Camb Commercial Mortgage Trust sequential payer Series 2021-CX2 Class A, 2.7% 11/10/46 (b) | 500000 | 397169 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48: |  |  |
|  Class D, 2.5% 6/15/55 (b) | 378000 | 208841 |
|  Class E, 2.5% 6/15/55 (b) | 315000 | 157236 |
| COMM Mortgage Trust: |  |  |
|  sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | 150000 | 128716 |
|  Series 2012-CR1 Class G, 2.462% 5/15/45 (b)(d) | 100000 | 27852 |
|  Series 2015-LC19 Class D, 2.867% 2/10/48 (b) | 462000 | 389615 |
|  Series 2017-CD4 Class D, 3.3% 5/10/50 (b) | 313000 | 229387 |
|  Series 2019-CD4 Class C, 4.3497% 5/10/50 (e) | 232000 | 189038 |
|  Series 2020-CX Class E, 2.6835% 11/10/46 (b)(e) | 195000 | 121462 |
| CPT Mortgage Trust sequential payer Series 2019-CPT Class A, 2.865% 11/13/39 (b) | 500000 | 399436 |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 8.5347% 6/15/34 (b)(g) | 80000 | 71332 |
| Credit Suisse Mortgage Trust: |  |  |
|  floater:  |  |  |
| Series 2019-ICE4 Class E, 1 month U.S. LIBOR + 2.150% 6.468% 5/15/36 (b)(e)(g) <br>| 100000 | 96719 |
| Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 8.3025% 11/15/23 (b)(e)(g) <br>| 141000 | 136457 |
|  Series 2020-NET Class E, 3.7042% 8/15/37 (b)(e) | 100000 | 85717 |
| CSAIL Commercial Mortgage Trust: |  |  |
|  Series 2017-C8 Class D, 4.4383% 6/15/50 (b)(e) | 156000 | 112673 |
|  Series 2019-C16 Class C, 4.2371% 6/15/52 (e) | 750000 | 592186 |
| DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (b)(e) | 100000 | 89047 |
| DBGS Mortgage Trust floater Series 2018-BIOD Class F, 1 month U.S. LIBOR + 2.000% 6.236% 5/15/35 (b)(e)(g) | 201028 | 189417 |
| ELP Commercial Mortgage Trust floater Series 2021-ELP: |  |  |
|  Class F, 1 month U.S. LIBOR + 2.660% 6.985% 11/15/38 (b)(e)(g) | 479000 | 433961 |
|  Class J, 1 month U.S. LIBOR + 3.610% 7.9329% 11/15/38 (b)(e)(g) | 210000 | 191334 |
| Extended Stay America Trust floater Series 2021-ESH Class F, 1 month U.S. LIBOR + 3.700% 8.018% 7/15/38 (b)(e)(g) | 426596 | 399982 |
| GS Mortgage Securities Corp. Trust floater: |  |  |
|  Series 2019-70P:  |  |  |
| Class E, 1 month U.S. LIBOR + 2.200% 6.518% 10/15/36 (b)(e)(g) <br>| 139000 | 125352 |
| Class F, 1 month U.S. LIBOR + 2.650% 6.968% 10/15/36 (b)(e)(g) <br>| 218000 | 195949 |
|  Series 2022-SHIP Class D, CME Term SOFR 1 Month Index + 1.600% 5.9425% 8/15/36 (b)(e)(g) | 357000 | 345247 |
| GS Mortgage Securities Trust: |  |  |
|  Series 2011-GC5:  |  |  |
| Class E, 5.1541% 8/10/44 (b)(d)(e) <br>| 63000 | 5601 |
| Class F, 4.5% 8/10/44 (b)(d) <br>| 42000 | 147 |
|  Series 2012-GCJ9 Class D, 4.8026% 11/10/45 (b)(e) | 178000 | 176659 |
|  Series 2013-GC16 Class F, 3.5% 11/10/46 (b) | 269000 | 242830 |
| Hilton U.S.A. Trust Series 2016-HHV: |  |  |
|  Class E, 4.1935% 11/5/38 (b)(e) | 900000 | 776006 |
|  Class F, 4.1935% 11/5/38 (b)(e) | 163000 | 137679 |
| ILPT Commercial Mortgage Trust floater Series 2022-LPF2: |  |  |
|  Class D, CME Term SOFR 1 Month Index + 4.190% 8.5276% 10/15/39 (b)(e)(g) | 231000 | 227384 |
|  Class E, CME Term SOFR 1 Month Index + 5.940% 10.2756% 10/15/39 (b)(e)(g) | 273000 | 270614 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | 100000 | 89980 |
| Intown Mortgage Trust floater Series 2022-STAY Class E, CME Term SOFR 1 Month Index + 5.030% 9.3674% 8/15/39 (b)(e)(g) | 217000 | 211566 |
| J.P. Morgan Chase Commercial Mortgage Securities floater Series 2022-NXSS Class D, CME Term SOFR 1 Month Index + 4.120% 8.4646% 8/15/39 (b)(e)(g) | 330000 | 327517 |
| JPMBB Commercial Mortgage Securities Trust: |  |  |
|  Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b) | 54000 | 39005 |
|  Series 2014-C26 Class D, 3.8745% 1/15/48 (b)(e) | 492000 | 395630 |
| JPMDB Commercial Mortgage Securities Trust Series 2017-C7 Class D, 3% 10/15/50 (b) | 374000 | 261053 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
|  floater Series 2021-MHC Class F, 1 month U.S. LIBOR + 2.950% 7.268% 4/15/38 (b)(e)(g) | 210000 | 197351 |
|  sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (b)(e) | 100000 | 60480 |
|  Series 2011-C3 Class E, 5.525% 2/15/46 (b)(e) | 200000 | 86650 |
|  Series 2012-CBX Class G 4% 6/15/45 (b) | 151000 | 35639 |
|  Series 2019-OSB Class C, 3.749% 6/5/39 (b)(e) | 500000 | 423157 |
| KNDL Mortgage Trust floater Series 2019-KNSQ: |  |  |
|  Class E, 1 month U.S. LIBOR + 1.800% 6.118% 5/15/36 (b)(e)(g) | 500000 | 486427 |
|  Class F, 1 month U.S. LIBOR + 2.000% 6.318% 5/15/36 (b)(e)(g) | 250000 | 240715 |
| KNDR Trust floater Series 2021-KIND Class F, 1 month U.S. LIBOR + 3.950% 8.268% 8/15/38 (b)(e)(g) | 99282 | 87891 |
| La Quita Mortgage Trust floater Series 2022-LAQ: |  |  |
|  Class D, CME Term SOFR 1 Month Index + 3.620% 7.9483% 3/15/39 (b)(e)(g) | 375000 | 365370 |
|  Class F, CME Term SOFR 1 Month Index + 5.970% 10.2967% 3/15/39 (b)(e)(g) | 98250 | 94329 |
| Life Financial Services Trust floater Series 2022-BMR2 Class E, CME Term SOFR 1 Month Index + 3.240% 7.5756% 5/15/39 (b)(e)(g) | 388000 | 368525 |
| LIFE Mortgage Trust floater Series 2021-BMR: |  |  |
|  Class F, 1 month U.S. LIBOR + 2.350% 6.668% 3/15/38 (b)(e)(g) | 982970 | 927471 |
|  Class G, 1 month U.S. LIBOR + 2.950% 7.268% 3/15/38 (b)(e)(g) | 393188 | 369681 |
| Manhattan West Series 2020-1MW Class C, 2.335% 9/10/39 (b)(e) | 214000 | 175457 |
| MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 9.568% 11/15/38 (b)(e)(g) | 433000 | 390806 |
| Merit floater Series 2021-STOR: |  |  |
|  Class G, 1 month U.S. LIBOR + 2.750% 7.068% 7/15/38 (b)(e)(g) | 105000 | 97494 |
|  Class J, 1 month U.S. LIBOR + 3.950% 8.268% 7/15/38 (b)(e)(g) | 100000 | 94103 |
| MHC Commercial Mortgage Trust floater Series 2021-MHC: |  |  |
|  Class F, 1 month U.S. LIBOR + 2.600% 6.919% 4/15/38 (b)(e)(g) | 100000 | 93733 |
|  Class G, 1 month U.S. LIBOR + 3.200% 7.519% 4/15/38 (b)(e)(g) | 400000 | 366274 |
| MHP Commercial Mortgage Trust floater Series 2022-MHIL: |  |  |
|  Class F, CME Term SOFR 1 Month Index + 3.250% 7.5948% 1/15/27 (b)(e)(g) | 97166 | 89132 |
|  Class G, CME Term SOFR 1 Month Index + 3.950% 8.2931% 1/15/27 (b)(e)(g) | 102024 | 93305 |
| Morgan Stanley Capital I Trust: |  |  |
|  sequential payer Series 2021-L5 Class C, 3.156% 5/15/54  | 513000 | 347089 |
|  Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(e) | 2720 | 2693 |
|  Series 2011-C2:  |  |  |
| Class D, 5.2113% 6/15/44 (b)(e) <br>| 229261 | 215043 |
| Class F, 5.2113% 6/15/44 (b)(d)(e) <br>| 343000 | 218629 |
| Class XB, 0.4439% 6/15/44 (b)(e)(f) <br>| 5479330 | 21826 |
|  Series 2011-C3:  |  |  |
| Class C, 5.0828% 7/15/49 (b)(e) <br>| 17435 | 17168 |
| Class G, 5.0828% 7/15/49 (b)(d)(e) <br>| 112000 | 61506 |
|  Series 2017-H1:  |  |  |
| Class C, 4.281% 6/15/50 <br>| 231000 | 196627 |
| Class D, 2.546% 6/15/50 (b) <br>| 661000 | 460059 |
|  Series 2020-L4, Class C, 3.536% 2/15/53  | 542000 | 402006 |
| MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 6.468% 10/15/37 (b)(e)(g) | 159928 | 148996 |
| OPG Trust floater Series 2021-PORT: |  |  |
|  Class G, 1 month U.S. LIBOR + 2.390% 6.716% 10/15/36 (b)(e)(g) | 213837 | 197213 |
|  Class J, 1 month U.S. LIBOR + 3.340% 7.664% 10/15/36 (b)(e)(g) | 63740 | 57322 |
| PKHL Commercial Mortgage Trust floater Series 2021-MF: |  |  |
|  Class E, 1 month U.S. LIBOR + 2.600% 6.918% 7/15/38 (b)(e)(g) | 100000 | 91232 |
|  Class G, 1 month U.S. LIBOR + 4.350% 8.668% 7/15/38 (b)(e)(g) | 100000 | 89474 |
| Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (b) | 350000 | 258065 |
| Prima Capital Ltd. floater Series 2021-9A Class C, 1 month U.S. LIBOR + 2.350% 6.2886% 12/15/37 (b)(e)(g) | 250000 | 231946 |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | 182748 | 186515 |
| SFO Commercial Mortgage Trust floater Series 2021-555 Class F, 1 month U.S. LIBOR + 3.650% 7.968% 5/15/38 (b)(e)(g) | 500000 | 400340 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE: |  |  |
|  Class F, 3.7276% 3/15/37 (b)(e) | 150000 | 129314 |
|  Class G, 3.7276% 3/15/37 (b)(e) | 100000 | 82835 |
| SLG Office Trust: |  |  |
|  sequential payer Series 2021-OVA Class A, 2.5854% 7/15/41 (b) | 500000 | 400101 |
|  Series 2021-OVA:  |  |  |
| Class F, 2.8506% 7/15/41 (b) <br>| 463000 | 301485 |
| Class G, 2.8506% 7/15/41 (b) <br>| 147000 | 90535 |
| SMRT Commercial Mortgage Trust floater Series 2022-MINI: |  |  |
|  Class E, CME Term SOFR 1 Month Index + 2.700% 7.036% 1/15/39 (b)(e)(g) | 868000 | 791882 |
|  Class F, CME Term SOFR 1 Month Index + 3.350% 7.686% 1/15/39 (b)(e)(g) | 168000 | 152907 |
| SREIT Trust floater: |  |  |
|  Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 7.5838% 10/15/38 (b)(e)(g) | 198000 | 174129 |
|  Series 2021-MFP Class G, 1 month U.S. LIBOR + 2.970% 7.2917% 11/15/38 (b)(e)(g) | 126000 | 113576 |
|  Series 2021-MFP2:  |  |  |
| Class F, 1 month U.S. LIBOR + 2.610% 6.9362% 11/15/36 (b)(e)(g) <br>| 100000 | 93480 |
| Class J, 1 month U.S. LIBOR + 3.910% 8.2335% 11/15/36 (b)(e)(g) <br>| 128000 | 117878 |
|  Series 2021-PALM Class G, 1 month U.S. LIBOR + 3.610% 7.9341% 10/15/34 (b)(e)(g) | 164000 | 147502 |
| STWD Trust floater sequential payer Series 2021-LIH: |  |  |
|  Class F, 1 month U.S. LIBOR + 3.550% 7.869% 11/15/36 (b)(e)(g) | 100000 | 92061 |
|  Class G, 1 month U.S. LIBOR + 4.200% 8.518% 11/15/36 (b)(e)(g) | 42000 | 38488 |
| TPGI Trust floater Series 2021-DGWD Class E, 1 month U.S. LIBOR + 2.350% 6.67% 6/15/26 (b)(e)(g) | 503000 | 463188 |
| Tricon Residential Trust Series 2022-SFR2 Class E, 7.507% 7/17/40 (b) | 500000 | 469224 |
| TTAN floater Series 2021-MHC Class F, 1 month U.S. LIBOR + 2.900% 7.218% 3/15/38 (b)(e)(g) | 261510 | 242524 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class D, 6.4461% 5/10/45 (b)(e) | 10914 | 9920 |
| VLS Commercial Mortgage Trust sequential payer Series 2020-LAB Class A, 2.13% 10/10/42 (b) | 610000 | 470621 |
| VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 8.8391% 1/18/37 (b)(e)(g) | 147000 | 137294 |
| Wells Fargo Commercial Mortgage Trust: |  |  |
|  Series 2018-C44 Class D, 3% 5/15/51 (b) | 535000 | 358132 |
|  Series 2019-C52:  |  |  |
| Class B, 3.375% 8/15/52 <br>| 785000 | 621607 |
| Class C, 3.561% 8/15/52 <br>| 100000 | 74184 |
|  Series 2020-C58 Class C, 3.162% 7/15/53  | 1000000 | 704621 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.2483% 3/15/45 (b)(e) | 220000 | 182496 |
| WFCM Series 2022-C62: |  |  |
|  Class C, 4.3506% 4/15/55 (e) | 500000 | 363010 |
|  Class D, 2.5% 4/15/55 (b) | 294000 | 149943 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/35 (b)(e) | 140000 | 111510 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $43,417,818) |  | **38614551** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 14.3%** | &nbsp;&nbsp;**Common Stocks - 14.3%** | &nbsp;&nbsp;**Common Stocks - 14.3%** |
|  | Shares | Value ($)<br>|
| CONSUMER STAPLES - 1.2%  |  |  |
| Food Products - 1.2% |  |  |
| Archer Daniels Midland Co.  | 67600 | 6276660 |
| Bunge Ltd.  | 27080 | 2701772 |
| Darling Ingredients, Inc. (h) | 9740 | 609627 |
| Wilmar International Ltd.  | 226840 | 706692 |
|  |  | 10294751 |
| ENERGY - 5.3%  |  |  |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| Antero Resources Corp. (h) | 70631 | 2188855 |
| Canadian Natural Resources Ltd.  | 55580 | 3086455 |
| Cenovus Energy, Inc. (Canada)  | 228810 | 4439320 |
| Chevron Corp.  | 19120 | 3431849 |
| Diamondback Energy, Inc.  | 22410 | 3065240 |
| Equinor ASA  | 133930 | 4813481 |
| Exxon Mobil Corp.  | 110010 | 12134097 |
| Hess Corp.  | 14020 | 1988316 |
| Occidental Petroleum Corp.  | 31390 | 1977256 |
| Ovintiv, Inc.  | 82530 | 4185096 |
| PDC Energy, Inc.  | 1900 | 120612 |
| Petroleo Brasileiro SA - Petrobras (ON)  | 65960 | 350304 |
| TotalEnergies SE  | 39800 | 2498719 |
|  |  | 44279600 |
| FINANCIALS - 0.0%  |  |  |
| Mortgage Real Estate Investment Trusts - 0.0% |  |  |
| Great Ajax Corp.  | 10511 | 76205 |
| HEALTH CARE - 0.0%  |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Bayer AG  | 4500 | 231615 |
| MATERIALS - 7.8%  |  |  |
| Chemicals - 2.3% |  |  |
| CF Industries Holdings, Inc.  | 48200 | 4106640 |
| Corteva, Inc.  | 115300 | 6777334 |
| FMC Corp.  | 14990 | 1870752 |
| Icl Group Ltd.  | 40990 | 296775 |
| Nutrien Ltd.  | 68580 | 5006745 |
| The Mosaic Co.  | 26740 | 1173084 |
|  |  | 19231330 |
| Metals & Mining - 4.7% |  |  |
| Agnico Eagle Mines Ltd. (Canada)  | 38255 | 1987904 |
| Alamos Gold, Inc.  | 12600 | 127396 |
| Alcoa Corp.  | 16260 | 739342 |
| Anglo American Platinum Ltd. ADR  | 9600 | 133920 |
| Anglo American PLC (United Kingdom)  | 42470 | 1663120 |
| Barrick Gold Corp. (Canada)  | 91580 | 1569846 |
| BHP Group Ltd. (London)  | 64370 | 1999977 |
| Champion Iron Ltd.  | 81000 | 403804 |
| Commercial Metals Co.  | 14560 | 703248 |
| First Quantum Minerals Ltd.  | 124315 | 2597394 |
| Fortescue Metals Group Ltd.  | 26026 | 363769 |
| Franco-Nevada Corp.  | 2210 | 301255 |
| Freeport-McMoRan, Inc.  | 133120 | 5058560 |
| Glencore PLC  | 753260 | 5023225 |
| IGO Ltd.  | 95666 | 875091 |
| Impala Platinum Holdings Ltd.  | 23980 | 301354 |
| Ivanhoe Mines Ltd. (h) | 54430 | 430134 |
| Lundin Mining Corp.  | 112230 | 688797 |
| Newcrest Mining Ltd.  | 42808 | 600267 |
| Newmont Corp.  | 39860 | 1881392 |
| Nucor Corp.  | 9750 | 1285148 |
| Rio Tinto PLC  | 56401 | 3969730 |
| Steel Dynamics, Inc.  | 8510 | 831427 |
| Teck Resources Ltd. Class B (sub. vtg.)  | 53990 | 2040375 |
| Vale SA  | 146890 | 2472765 |
| Wheaton Precious Metals Corp.  | 34640 | 1353365 |
|  |  | 39402605 |
| Paper & Forest Products - 0.8% |  |  |
| Mondi PLC  | 71640 | 1220756 |
| Nine Dragons Paper (Holdings) Ltd.  | 282700 | 257013 |
| Suzano Papel e Celulose SA  | 110040 | 1005413 |
| Svenska Cellulosa AB SCA (B Shares)  | 22560 | 285274 |
| UPM-Kymmene Corp.  | 66440 | 2484246 |
| West Fraser Timber Co. Ltd.  | 12600 | 909824 |
|  |  | 6162526 |
| TOTAL MATERIALS |  | 64796461 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $107,876,034) |  | <br> **119678632** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| Convertible Preferred Stocks - 0.1%  |  |  |
| FINANCIALS - 0.1% |  |  |
| Mortgage Real Estate Investment Trusts - 0.1% |  |  |
| Great Ajax Corp. 7.25%  | 16367 | 390517 |
| Ready Capital Corp. 7.00%  | 6400 | 158912 |
|  |  | 549429 |
| REAL ESTATE - 0.0% |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| Braemar Hotels & Resorts, Inc. 5.50%  | 2700 | 41769 |
| RLJ Lodging Trust Series A, 1.95%  | 400 | 9500 |
|  |  | 51269 |
| TOTAL CONVERTIBLE PREFERRED STOCKS |  | 600698 |
| Nonconvertible Preferred Stocks - 1.9%  |  |  |
| FINANCIALS - 0.7% |  |  |
| Mortgage Real Estate Investment Trusts - 0.7% |  |  |
| AG Mortgage Investment Trust, Inc.: |  |  |
|  8.00% | 9779 | 152944 |
|  Series C, 8.00%(e) | 4100 | 68675 |
| AGNC Investment Corp.: |  |  |
|  6.125%(e) | 7000 | 135100 |
|  Series C, 7.00%(e)(g) | 14200 | 358266 |
|  Series E, 6.50%(e) | 17400 | 346608 |
|  Series G, 7.75%(e) | 16000 | 344320 |
| Annaly Capital Management, Inc.: |  |  |
|  6.75%(e) | 8600 | 191694 |
|  Series F, 6.95%(e)(g) | 23800 | 583100 |
|  Series G, 6.50%(e) | 23000 | 530610 |
| Arbor Realty Trust, Inc.: |  |  |
|  Series D, 6.375% | 1500 | 25890 |
|  Series F, 6.25%(e) | 13000 | 235170 |
| Armour Residential REIT, Inc. Series C 7.00%  | 1000 | 19130 |
| Cherry Hill Mortgage Investment Corp. Series A, 8.20%  | 4000 | 81970 |
| Chimera Investment Corp.: |  |  |
|  8.00%(e) | 5000 | 94000 |
|  Series B, 8.00%(e) | 23587 | 467494 |
|  Series C, 7.75%(e) | 8700 | 149988 |
| Dynex Capital, Inc. Series C 6.90% (e) | 14600 | 315360 |
| Ellington Financial LLC 6.75% (e) | 2000 | 37440 |
| Franklin BSP Realty Trust, Inc. 7.50%  | 3000 | 53520 |
| KKR Real Estate Finance Trust, Inc. 6.50%  | 1300 | 21610 |
| MFA Financial, Inc.: |  |  |
|  6.50%(e) | 9300 | 163680 |
|  Series B, 7.50% | 18486 | 330899 |
| PennyMac Mortgage Investment Trust: |  |  |
|  6.75% | 1300 | 22321 |
|  8.125%(e) | 5700 | 124830 |
|  Series B, 8.00%(e) | 9300 | 194928 |
| Rithm Capital Corp.: |  |  |
|  7.125%(e) | 6200 | 119660 |
|  Series A, 7.50%(e) | 17700 | 347982 |
|  Series C, 6.375%(e) | 10300 | 179735 |
|  Series D, 7.00%(e) | 2700 | 49059 |
| Two Harbors Investment Corp.: |  |  |
|  Series A, 8.125%(e) | 6938 | 140633 |
|  Series B, 7.625%(e) | 6320 | 120270 |
|  |  | 6006886 |
| MATERIALS - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Sociedad Quimica y Minera de Chile SA (PN-B)  | 16409 | 1327035 |
| REAL ESTATE - 1.1% |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.9% |  |  |
| Agree Realty Corp. 4.375%  | 1300 | 20930 |
| Armada Hoffler Properties, Inc. 6.75%  | 6000 | 125940 |
| Ashford Hospitality Trust, Inc.: |  |  |
|  Series G, 7.375% | 300 | 6039 |
|  Series H, 7.50% | 2500 | 42650 |
|  Series I, 7.50% | 2500 | 42975 |
| Cedar Realty Trust, Inc.: |  |  |
|  7.25% | 1673 | 24844 |
|  Series C, 6.50% | 4900 | 57624 |
| City Office REIT, Inc. Series A, 6.625%  | 2079 | 39272 |
| CTO Realty Growth, Inc. 6.375%  | 1000 | 20450 |
| DiamondRock Hospitality Co. 8.25%  | 11337 | 282050 |
| Digital Realty Trust, Inc.: |  |  |
|  5.25% | 5800 | 119886 |
|  Series L, 5.20% | 12700 | 256921 |
| Gladstone Commercial Corp.: |  |  |
|  6.625% | 3500 | 79724 |
|  Series G, 6.00% | 18200 | 358542 |
| Global Medical REIT, Inc. Series A, 7.50%  | 2100 | 52752 |
| Global Net Lease, Inc.: |  |  |
|  Series A, 7.25% | 9300 | 196509 |
|  Series B 6.875% | 2200 | 43208 |
| Healthcare Trust, Inc.: |  |  |
|  7.125% | 2000 | 40000 |
|  Series A 7.375% | 4200 | 88155 |
| Hudson Pacific Properties, Inc. Series C, 4.75%  | 32100 | 403478 |
| iStar Financial, Inc.: |  |  |
|  Series D, 8.00% | 8000 | 198240 |
|  Series G, 7.65% | 10000 | 245300 |
|  Series I, 7.50% | 7600 | 185364 |
| Kimco Realty Corp.: |  |  |
|  5.125% | 10900 | 216038 |
|  Series M, 5.25% | 15800 | 322794 |
| Necessity Retail (REIT), Inc./The: |  |  |
|  7.50% | 17100 | 346959 |
|  Series C 7.375% | 10000 | 203000 |
| Pebblebrook Hotel Trust: |  |  |
|  6.30% | 10273 | 187996 |
|  6.375% | 8700 | 155991 |
|  6.375% | 17200 | 313040 |
|  Series H, 5.70% | 10600 | 179670 |
| Pennsylvania (REIT): |  |  |
|  Series B, 7.375%(h) | 4082 | 9838 |
|  Series D, 6.875%(h) | 2500 | 4750 |
| Plymouth Industrial REIT, Inc. Series A, 7.50%  | 2500 | 62450 |
| Public Storage: |  |  |
|  4.00% | 4200 | 70035 |
|  Series F, 5.15% | 3200 | 68064 |
|  Series G, 5.05% | 6000 | 129780 |
|  Series I, 4.875% | 6000 | 120900 |
|  Series J, 4.70% | 6200 | 119660 |
|  Series K, 4.75% | 2700 | 54432 |
|  Series L, 4.625% | 22700 | 432889 |
|  Series S, 4.10% | 4000 | 68200 |
| Rexford Industrial Realty, Inc. Series C, 5.625%  | 3700 | 78736 |
| Saul Centers, Inc. Series D, 6.125%  | 1300 | 27170 |
| SITE Centers Corp. 6.375%  | 5300 | 118720 |
| SL Green Realty Corp. Series I, 6.50%  | 1000 | 20110 |
| Sotherly Hotels, Inc. Series C, 7.875% (h) | 1700 | 34850 |
| Spirit Realty Capital, Inc. Series A, 6.00%  | 6700 | 149176 |
| Summit Hotel Properties, Inc.: |  |  |
|  Series E, 6.25% | 6800 | 124304 |
|  Series F, 5.875% | 4000 | 68520 |
| Sunstone Hotel Investors, Inc.: |  |  |
|  Series H, 6.125% | 3500 | 67900 |
|  Series I, 5.70% | 9600 | 172704 |
| UMH Properties, Inc. Series D, 6.375%  | 3300 | 73425 |
| Urstadt Biddle Properties, Inc.: |  |  |
|  Series H, 6.25% | 4500 | 97400 |
|  Series K 5.875% | 2000 | 40595 |
| Vornado Realty Trust: |  |  |
|  Series L, 5.40% | 1000 | 16230 |
|  Series M, 5.25% | 4800 | 76992 |
|  Series N, 5.25% | 6600 | 107316 |
|  Series O, 4.45% | 1800 | 24552 |
|  |  | 7296039 |
| Real Estate Management & Development - 0.2% |  |  |
| Digitalbridge Group, Inc.: |  |  |
|  Series H, 7.125% | 22830 | 431485 |
|  Series I, 7.15% | 32600 | 619726 |
|  Series J, 7.15% | 30200 | 569270 |
|  |  | 1620481 |
| TOTAL REAL ESTATE |  | 8916520 |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS |  | 16250441 |
| <br> **TOTAL PREFERRED STOCKS**<br> (Cost $19,475,095) |  | <br> **16851139** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| COMMUNICATION SERVICES - 0.0%  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| SBA Senior Finance II, LLC Tranche B, term loan 1 month U.S. LIBOR + 1.750% 6.14% 4/11/25 (e)(g)(i) | 271461 | 270256 |
| CONSUMER DISCRETIONARY - 0.2%  |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.5421% 10/1/28 (e)(g)(i) | 198000 | 182705 |
| BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.3179% 9/9/26 (e)(g)(i) | 54400 | 53403 |
| Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 7.1336% 12/22/24 (e)(g)(i) | 171949 | 171404 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.3836% 8/2/28 (e)(g)(i) | 119673 | 118776 |
| Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 6.82% 4/27/24 (e)(g)(i) | 58485 | 58251 |
| Station Casinos LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 6.64% 2/7/27 (e)(g)(i) | 497412 | 484718 |
| Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 6.1336% 5/30/25 (e)(g)(i) | 250000 | 249500 |
|  |  | 1318757 |
| FINANCIALS - 0.0%  |  |  |
| Thrifts & Mortgage Finance - 0.0% |  |  |
| Walker & Dunlop, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 6.673% 12/16/28 (d)(e)(g)(i) | 4950 | 4839 |
| INDUSTRIALS - 0.0%  |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 6.423% 8/4/28 (e)(g)(i) | 148125 | 146236 |
| REAL ESTATE - 0.1%  |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| DTZ U.S. Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.1336% 8/21/25 (e)(g)(i) | 898120 | 875990 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $2,635,987) |  | <br> **2616078** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Equity Funds - 23.5%** | &nbsp;&nbsp;**Equity Funds - 23.5%** | &nbsp;&nbsp;**Equity Funds - 23.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Commodity Strategy Central Fund (j) | 1230079 | 125160504 |
| Fidelity Real Estate Equity Central Fund (j) | 622764 | 71823350 |
| <br> **TOTAL EQUITY FUNDS**<br> (Cost $239,308,137) |  | **196983854** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 26.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 26.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 26.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Floating Rate Central Fund (j) <br>(Cost $228,680,721) <br>| 2289794 | **217828059** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FINANCIALS - 0.0%  |  |  |
| Thrifts & Mortgage Finance - 0.0% |  |  |
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(d) <br>(Cost $594,368) <br>| 500000 | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 4.37% (k) <br>(Cost $12,266,123) <br>| 12263671 | **12266123** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $912,295,604)<br>| <br>**836046755** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **1416591** |
| **NET ASSETS - 100.0%** | **837463346** |

---

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $43,924,125 or 5.2% of net assets.

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

(d) Level 3 security

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

(f) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

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

(h) Non-income producing

(i) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund 4.37% | 2251280 | 41422617 | 31407774 | 91080 | - | - | 12266123 | 0.0% |
| Fidelity Commodity Strategy Central Fund | 131037841 | 1348383 | 7988691 | 1348383 | (1967949) | 2730920 | 125160504 | 17.3% |
| Fidelity Floating Rate Central Fund | 227782537 | 6905260 | 19029973 | 4402379 | (1517945) | 3688180 | 217828059 | 9.3% |
| Fidelity Real Estate Equity Central Fund | 76562386 | 974303 | 8749921 | 974303 | (1553199) | 4589781 | 71823350 | 7.1% |
| Fidelity Securities Lending Cash Central Fund 4.37% | - | 1759559 | 1759559 | 104 | - | - | - | 0.0% |
| Total | 437634044 | 52410122 | 68935918 | 6816249 | (5039093) | 11008881 | 427078036 |  |

---

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

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

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Salem Street Trust

- **b. Investment Company Act file number:** 811-02105

- **c. CIK number of Registrant:** 0000035315

- **d. LEI of Registrant:** S4W85DGKOEJ24DPRB829

- **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 Strategic Real Return Fund

- **b. EDGAR series identifier (if any):** S000017675

- **c. LEI of Series:** RZY8LIPPNOB2FYT9E418

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $839279933.24

**Total Liabilities:** $1131323.93

**Net Assets:** $838148609.31

**Cash Not Reported:** $1654755.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1091.41740028 | **1-Year:** 16570.35047656 | **5-Year:** 51027.24469319 | **10-Year:** 52937.61104434 | **30-Year:** 35652.03485830

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

- **3-Month:** 1058.32345764 | **1-Year:** 5415.57634779 | **5-Year:** 8448.65394719 | **10-Year:** 1056.33553858 | **30-Year:** 6.25240542

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000048841 | -1.19%               | -1.14%               | -5.91%               |
| Class ID C000048838 | -1.19%               | -1.13%               | -5.91%               |
| Class ID C000048842 | 2.99%                | 2.98%                | -1.91%               |
| Class ID C000048837 | 2.99%                | 2.85%                | -1.91%               |
| Class ID C000048840 | 1.91%                | 1.79%                | -2.94%               |
| Class ID C000205021 | 3.02%                | 2.98%                | -1.89%               |
| Class ID C000214978 | 3.00%                | 2.96%                | -1.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4643483.96             | $28756182.45                               |
| Month 2  | $-1119247.22             | $23799597.34                               |
| Month 3  | $-2264713.06             | $-19364832.16                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TRICON RESIDENTIAL 2022-SFR2 TR                                                  | TRICON RESIDENTIAL 2022-SFR2 TR 7.507% 07/17/2040 144A                                                  | CUSIP: 89616TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $469223.90    | 0.06%             | 2040-07-17      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC 3.2% 11/18/2029                                                                             | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    750000 | PA      | $652815.96    | 0.08%             | 2029-11-18      | Fixed         | 0.03%                 | No            |                  2 | 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        |    393188 | PA      | $369681.04    | 0.04%             | 2038-03-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER S 4.1% PFD PERP                                                                      | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4000 | NS      | $68200.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 07/15/2030                                                                              | CUSIP: 912828ZZ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5004000 | PA      | $5210084.70   | 0.62%             | 2030-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-LP2                                            | BX 2022-LP2 G TSFR1M+411.27 02/15/39 144A                                                               | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    464195 | PA      | $425435.18    | 0.05%             | 2039-02-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX 2021-MFM1                                                                     | BX 2021-MFM1 G 1ML+390 01/15/2034 144A                                                                  | CUSIP: 05608VAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $154888.85    | 0.02%             | 2034-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.625% 07/15/2032                                                                              | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7620000 | PA      | $7163275.86   | 0.85%             | 2032-07-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2                                    | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A                                        | CUSIP: 64830RAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $81006.12     | 0.01%             | 2039-09-04      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 3.536% 02/15/2053                                                        | CUSIP: 61770KBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    542000 | PA      | $402006.28    | 0.05%             | 2053-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SL GREEN REALTY CORP                                                             | SL GREEN REALTY 6.5 PRP                                                                                 | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        |      1000 | NS      | $20110.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK41                                                                  | BANK 2022-BNK41 CSTR 04/15/2065                                                                         | CUSIP: 06540MCA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    567000 | PA      | $409963.28    | 0.05%             | 2065-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BMO 2022-C1 MORTGAGE TRUST                                                       | BMO 2022-C1 MORTGAGE TRUST CSTR 02/15/2042 144A                                                         | CUSIP: 05609MDC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84000 | PA      | $51181.02     | 0.01%             | 2055-02-17      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                                                 | TOTALENERGIES SE                                                                                        | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     39800 | NS      | $2498719.31   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                                                                      | EQUINOR ASA                                                                                             | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    133930 | NS      | $4813481.20   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                                              | RED ROCK RESORTS TERM B 1LN 02/07/2027                                                                  | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    497412 | PA      | $484717.89    | 0.06%             | 2027-02-07      | Variable      | 0.07%                 | 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        |     54400 | PA      | $53402.85     | 0.01%             | 2026-09-09      | Variable      | 0.09%                 | 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        |    380000 | PA      | $342277.40    | 0.04%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP                | BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 4.875% 02/15/2030 144A                                       | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     15000 | PA      | $11695.01     | 0.00%             | 2030-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2022S-FR1 TR                                                  | TRICON RESIDENTIAL 2022S-FR1 TR 5.344% 04/17/2039 144A                                                  | CUSIP: 89616QAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    238000 | PA      | $217032.46    | 0.03%             | 2039-04-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DBCCRE 2014-ARCP MORTGAGE TRUST                                                  | DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A                                                     | CUSIP: 23305MAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89046.89     | 0.01%             | 2034-01-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2022-IND                                                                | BX TRUST 2022-IND TSFR1M+478.6 04/15/2024 144A                                                          | CUSIP: 05609WAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    466793 | PA      | $435944.54    | 0.05%             | 2037-04-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BX 2021-VOLT                                                                     | BX 2021-VOLT G 1ML+245 09/15/2023 144A                                                                  | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92000.49     | 0.01%             | 2036-09-15      | Variable      | 0.07%                 | No            |                  2 | 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        |    600000 | PA      | $541500.00    | 0.06%             | 2028-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4% PFD PERP                                                                              | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4200 | NS      | $70035.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP                                                            | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     10300 | NS      | $179735.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTENDED STAY AMER TR 2021-ESH                                                   | EXTENDED STAY AMER TR 2021-ESH F 1ML+370 07/15/2038 144A                                                | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    426596 | PA      | $399982.35    | 0.05%             | 2038-07-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COML MTG TR 2018-C44                                                 | WELLS FARGO COML MTG TR 2018-C44 3% 05/15/2051 144A                                                     | CUSIP: 95001JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535000 | PA      | $358131.68    | 0.04%             | 2051-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SREIT TR 2021-MFP                                                                | SREIT TR 2021-MFP G 1ML+297.38 11/15/2038 144A                                                          | CUSIP: 78472UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $113576.34    | 0.01%             | 2038-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ARMADA HOFFLER PROPERTIES INC                                                    | ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP                                                           | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |      6000 | NS      | $125940.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 3.375% 4/15/32                                                                                 | CUSIP: 912810FQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $1822519.62   | 0.22%             | 2032-04-15      | 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        |      6700 | NS      | $149175.50    | 0.02%             |  |  |  | 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        |    100000 | PA      | $83056.77     | 0.01%             | 2038-07-17      | Fixed         | 0.03%                 | 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        |      1300 | NS      | $22321.00     | 0.00%             |  |  |  | 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        |      3200 | NS      | $71200.00     | 0.01%             |  |  |  | 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        |    130000 | PA      | $117650.00    | 0.01%             | 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        |     14600 | NS      | $315360.00    | 0.04%             |  |  |  | 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        |     80000 | PA      | $75766.65     | 0.01%             | 2024-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BHP GROUP LTD                                                                    | BHP GROUP LIMITED                                                                                       | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     64370 | NS      | $1999976.86   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI PROPERTIES LP 5.125% 05/15/2032                                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1157437.50   | 0.14%             | 2032-05-15      | Fixed         | 0.05%                 | No            |                  2 | 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        |    100000 | PA      | $83022.70     | 0.01%             | 2038-10-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.25% 02/15/2050                                                                               | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2040000 | PA      | $1596480.39   | 0.19%             | 2050-02-15      | Fixed         | 0.00%                 | 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        |      6600 | NS      | $107316.00    | 0.01%             |  |  |  | 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        |     70000 | PA      | $59495.28     | 0.01%             | 2025-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| Fidelity Central Investment Portfolios LLC                                       | Fidelity Real Estate Equity Central Fund                                                                | CUSIP: 31606V674<br>LEI: S2V1M15I679NQK6BNY65 | Long             | EC               | RF                | US        |    622764 | NS      | $71823349.98  | 8.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TTN 2021                                                                         | TTN 2021 1ML+290 03/15/2038 144A                                                                        | CUSIP: 87303TAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261510 | PA      | $242523.65    | 0.03%             | 2038-03-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PETROLEO BRASILEIRO-PETROBRAS                                                    | PETROBRAS BRASILEIRO SA                                                                                 | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EC               | CORP              | BR        |     65960 | NS      | $350304.16    | 0.04%             |  |  |  | No            |                  1 | 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        |    100000 | PA      | $91004.47     | 0.01%             | 2039-01-15      | Variable      | 0.09%                 | No            |                  2 | 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        |    135956 | PA      | $1.36         | 0.00%             | 2052-10-17      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| KNDL 2019-KNSQ MORTGAGE TRUST                                                    | KNDL 2019-KNSQ MORTGAGE TRUST 2019-KNSQ F 1ML+200 05/15/2036                                            | CUSIP: 482598AQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $240715.38    | 0.03%             | 2036-05-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.875% 01/15/2029                                                                              | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3893000 | PA      | $4378540.48   | 0.52%             | 2029-01-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                | KIMCO REALTY CORP 5.125% PERP PFD                                                                       | CUSIP: 49446R737<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |     10600 | NS      | $210092.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY CMNTYS INC                                                               | CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     65000 | PA      | $51106.25     | 0.01%             | 2029-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WFCM 2022                                                                        | WFCM 2022-C62 4.35% 04/15/2055 144A                                                                     | CUSIP: 95003MBX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $363010.20    | 0.04%             | 2055-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BBCMS 2022                                                                       | BBCMS 2022-C15 C CSTR 04/15/2055                                                                        | CUSIP: 05552FBG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    547000 | PA      | $394254.08    | 0.05%             | 2055-04-15      | 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        |      2500 | NS      | $62450.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 5.15% SER F PFD PERP                                                                     | CUSIP: 74460W685<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3200 | NS      | $68064.00     | 0.01%             |  |  |  | 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        |     63740 | PA      | $57322.21     | 0.01%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL INC CONV 6.25% 06/15/2024                                                                 | CUSIP: 55272XAA0<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | DBT              | CORP              | US        |    285000 | PA      | $255075.00    | 0.03%             | 2024-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                                         | GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A                                                            | CUSIP: 36192PAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $176658.59    | 0.02%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                                                                 | SPIRIT REALTY LP 4% 07/15/2029                                                                          | CUSIP: 84861TAD0<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              | CORP              | US        |    250000 | PA      | $216973.94    | 0.03%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                            | CUSHMAN and WAKEFIELD TERM B 1LN 08/21/2025                                                             | CUSIP: 23340DAP7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    898120 | PA      | $875989.99    | 0.10%             | 2025-08-21      | Variable      | 0.07%                 | No            |                  2 | 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        |    269000 | PA      | $242829.53    | 0.03%             | 2046-11-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SG COML MTG SECS TR 2020-COVE                                                    | SG COMMERCIAL MORTGAGE SECURITIES TRUST 2016-C5 VAR 03/15/2037 144A                                     | CUSIP: 78397FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $82834.91     | 0.01%             | 2037-03-15      | Variable      | 0.04%                 | No            |                  2 | 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        |    105000 | PA      | $97494.03     | 0.01%             | 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        |    198000 | PA      | $174128.70    | 0.02%             | 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        |     10273 | NS      | $187995.90    | 0.02%             |  |  |  | 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        |    220000 | PA      | $182496.27    | 0.02%             | 2045-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                                        | BENCHMARK 2022-B35 MTG TR 4.59391% 05/15/2055                                                           | CUSIP: 08163RBV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $390581.80    | 0.05%             | 2055-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.75% 07/15/28                                                                                 | CUSIP: 912828Y38<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4086000 | PA      | $4622038.80   | 0.55%             | 2028-07-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B13 MTG TR                                                        | BENCHMARK 2019-B13 D MTG TR 2.5% 08/15/2057 144A                                                        | CUSIP: 08162DAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    252000 | PA      | $160582.99    | 0.02%             | 2057-08-15      | Fixed         | 0.03%                 | 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        |      3200 | NS      | $72890.88     | 0.01%             |  |  |  | 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        |     70000 | PA      | $56182.70     | 0.01%             | 2030-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 1.75% 1/15/28                                                                                  | CUSIP: 912810PV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2372000 | PA      | $3372622.56   | 0.40%             | 2028-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BX 2021-SOAR                                                                     | BX TRUST 2021-SOAR J 3.85% 06/15/2023 144A                                                              | CUSIP: 05608WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    595489 | PA      | $547129.50    | 0.07%             | 2038-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| LA QUITA MORTGAGE TRUST 2022                                                     | LA QUITA MORTGAGE TRUST 2022-LAQ F TFSR1M+57.1 03/15/2039 144A                                          | CUSIP: 50172LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98250 | PA      | $94329.01     | 0.01%             | 2039-03-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-PAC                                            | BX COMMERCIAL MORTGAGE TRUST 2021-PAC G 1ML+262.21 10/15/2036 144A                                      | CUSIP: 05609PAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198000 | PA      | $178600.49    | 0.02%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                       | TWO HARBORS INVT CORP 8.125% SER A PERP PFD                                                             | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |      6938 | NS      | $140633.26    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORP                                                                       | ALCOA CORP                                                                                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     16260 | NS      | $739342.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TRICON RESIDENTIAL 2022S-FR1 TR                                                  | TRICON RESIDENTIAL 2022S-FR1 TR 5.739% 04/17/2039 144A                                                  | CUSIP: 89616QAF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    295000 | PA      | $269243.64    | 0.03%             | 2039-04-17      | Fixed         | 0.06%                 | No            |                  2 | 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        |      2000 | NS      | $40594.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL GROUP LTD                                                                    | ICL GROUP LTD                                                                                           | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |     40990 | NS      | $296775.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION IRON LTD                                                                | CHAMPION IRON LTD                                                                                       | CUSIP: N/A<br>LEI: 894500WQI96G4T75O202       | Long             | EC               | CORP              | AU        |     76500 | NS      | $381370.01    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL 2022-SFR2 TR                                                | PROGRESS RESIDENTIAL 2022-SFR2 TR 4.8% 04/17/2027 144A                                                  | CUSIP: 74332VAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $85408.17     | 0.01%             | 2027-04-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2020-IG2 MTG TR                                                        | BENCHMARK 2020-IG2 D MT VAR 09/15/2048 144A                                                             | CUSIP: 08162NAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    417000 | PA      | $203701.71    | 0.02%             | 2048-09-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 1% 02/15/2049                                                                                  | CUSIP: 912810SG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2135000 | PA      | $2115465.48   | 0.25%             | 2049-02-15      | Fixed         | 0.01%                 | 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        |    100000 | PA      | $89474.32     | 0.01%             | 2038-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC                                                               | STEEL DYNAMICS INC                                                                                      | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      8510 | NS      | $831427.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORP                                                               | READY CAPITAL CORP PC 7% 08/15/2023                                                                     | CUSIP: 75574U200<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |      6400 | NS      | $158912.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2017-BNK4 2.5% 06/15/2055 144A                                                                     | CUSIP: 06541MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $101305.78    | 0.01%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.5% 04/15/2024                                                                                | CUSIP: 9128286N5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2894000 | PA      | $3324859.44   | 0.40%             | 2024-04-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                        | CAESARS ENTERTAINMENT INC 8.125% 07/01/2027 144A                                                        | CUSIP: 28470RAK8<br>LEI: 5299000BKFWWVND5L441 | Long             | DBT              | CORP              | US        |    535000 | PA      | $525664.25    | 0.06%             | 2027-07-01      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE TRUST INC                                                             | HEALTHCARE TRUST INC 7.125% PERP PFD                                                                    | CUSIP: 42226B303<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |      2000 | NS      | $40000.00     | 0.00%             |  |  |  | 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        |    284000 | PA      | $257707.82    | 0.03%             | 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        |    100000 | PA      | $91013.99     | 0.01%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4                                       | STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-4 TSFR1M+450 05/17/2024 144A                                   | CUSIP: 78474PAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $475104.10    | 0.06%             | 2024-05-17      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                 | BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030                                                       | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    350000 | PA      | $306181.74    | 0.04%             | 2030-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2021-TY                                                                | BPR TRUST 2021-TY 1ML+360 09/23/2023 144A                                                               | CUSIP: 05592AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $90376.69     | 0.01%             | 2038-09-15      | Variable      | 0.08%                 | 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        |      1300 | NS      | $27170.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TRUST                                                                      | SREIT TRUST 1ML+2.61820 11/15/2036 144A                                                                 | CUSIP: 85236WCQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $93480.36     | 0.01%             | 2036-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AGREE REALTY CORP                                                                | AGREE REALTY CORP 4.375% PERP PFD                                                                       | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1300 | NS      | $20930.00     | 0.00%             |  |  |  | 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        |    935000 | PA      | $763103.11    | 0.09%             | 2031-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                         | AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032                                                              | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $841165.51    | 0.10%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.625% 02/15/2043                                                                              | CUSIP: 912810RA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2397000 | PA      | $2508836.46   | 0.30%             | 2043-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| PDC ENERGY INC                                                                   | PDC ENERGY INC                                                                                          | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |      1900 | NS      | $120612.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTHERLY HOTELS INC                                                              | SOTHERLY HOTELS INC SER C 7.875% PERP PFD                                                               | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |      1700 | NS      | $34850.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN PLC                                                               | ANGLO AMERICAN PLC                                                                                      | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     42470 | NS      | $1663120.46   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                        | JPMCC 2011-C3 E CSTR 2/46                                                                               | CUSIP: 46635TBD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $86650.44     | 0.01%             | 2046-02-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 4.75% 02/01/2030                                                                     | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    225000 | PA      | $171562.50    | 0.02%             | 2030-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ALAMOS GOLD INC                                                                  | ALAMOS GOLD INC A                                                                                       | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     12600 | NS      | $127395.86    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 8.0% SER D PERP PFD                                                                           | CUSIP: 45031U408<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |      8000 | NS      | $198240.00    | 0.02%             |  |  |  | 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        |    119673 | PA      | $118775.83    | 0.01%             | 2028-08-02      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 7.5 PFD PERP I                                                                                | CUSIP: 45031U804<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |      7600 | NS      | $185364.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP                                                           | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     16000 | NS      | $344320.00    | 0.04%             |  |  |  | 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        |      2200 | NS      | $43208.00     | 0.01%             |  |  |  | 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        |    350000 | PA      | $258064.98    | 0.03%             | 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        |      5000 | NS      | $94000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL MEDICAL REIT INC                                                          | GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP                                                             | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |      2100 | NS      | $52752.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                                                     | ANTERO RES CORP                                                                                         | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     70631 | NS      | $2188854.69   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ILPT COML MTG TR 2022-LPF2                                                       | ILPT COML MTG TR 2022-LPF2 D TSFR1M+419.2 10/15/2039 144A                                               | CUSIP: 449652AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231000 | PA      | $227383.51    | 0.03%             | 2039-10-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC 3.9% 04/15/2032                                                                             | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222110.80    | 0.03%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                       | TWO HARBORS INV CORP 7.625% SER B PFD PERP                                                              | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |      6320 | NS      | $120269.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC                                                          | DARLING INGREDIENTS INC                                                                                 | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      9740 | NS      | $609626.60    | 0.07%             |  |  |  | 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        |   1035000 | PA      | $987762.60    | 0.12%             | 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        |     32100 | NS      | $403477.74    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                         | AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031                                                              | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |    750000 | PA      | $578496.20    | 0.07%             | 2031-07-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD                                                       | FIRST QUANTUM MINERALS INC                                                                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    124015 | NS      | $2591125.81   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LUNDIN MINING CORP                                                               | LUNDIN MINING CORP                                                                                      | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    112230 | NS      | $688797.12    | 0.08%             |  |  |  | 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        |     18200 | NS      | $358541.82    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY L P                                                               | VORNADO REALTY LP 3.4% 06/01/2031                                                                       | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $371760.95    | 0.04%             | 2031-06-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UPM KYMMENE CORP                                                                 | UPM KYMMENE CORP                                                                                        | CUSIP: N/A<br>LEI: 213800EC6PW5VU4J9U64       | Long             | EC               | CORP              | FI        |     66440 | NS      | $2484245.97   | 0.30%             |  |  |  | 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        |     17435 | PA      | $17168.22     | 0.00%             | 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        |    400000 | PA      | $366274.48    | 0.04%             | 2038-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2022-SFR4 TR                                                | PROGRESS RESIDENTIAL 2022-SFR4 TR 6.121% 05/17/2041 144A                                                | CUSIP: 74332XAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    221000 | PA      | $190883.42    | 0.02%             | 2041-05-17      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| DBGS 2018-BIOD MORTGAGE TRUST                                                    | DBGS 2018-BIOD MORTGAGE TRUST 1ML+200 05/15/2035 144A                                                   | CUSIP: 23306GAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201028 | PA      | $189416.79    | 0.02%             | 2035-05-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2.125% 2/15/41                                                                                 | CUSIP: 912810QP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1455000 | PA      | $2093060.42   | 0.25%             | 2041-02-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| JPMDB COML MTG SECS TR 2017-C7                                                   | JPMDB COML MTG SECS TR 2017-C7 D 3% 10/15/50 144A                                                       | CUSIP: 46648KAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    374000 | PA      | $261052.79    | 0.03%             | 2050-10-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B36 MTG TR                                                        | BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A                                                          | CUSIP: 08163QAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $132136.40    | 0.02%             | 2055-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.625% 01/15/2024                                                                              | CUSIP: 912828B25<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6697000 | PA      | $8370444.57   | 1.00%             | 2024-01-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| GLENCORE PLC                                                                     | GLENCORE PLC                                                                                            | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |    753260 | NS      | $5023225.16   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.875% 2/15/47                                                                                 | CUSIP: 912810RW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1683000 | PA      | $1704920.33   | 0.20%             | 2047-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| ELP COMMERCIAL MORTGAGE TRUST 2021-ELP                                           | ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+266.7 11/15/2038 144A                                        | CUSIP: 26863LAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    479000 | PA      | $433960.88    | 0.05%             | 2038-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP 7/VAR PFD PERP                                                                     | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     14200 | NS      | $358266.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC CORP                                                                         | FMC CORP NEW                                                                                            | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     11990 | NS      | $1496352.00   | 0.18%             |  |  |  | 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        |     42000 | PA      | $38487.83     | 0.00%             | 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        |      2500 | NS      | $4750.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLG OFFICE TR 2021-OVA                                                           | SLG OFFICE TR 2021-OVA 2.5854% 07/15/2041 144A                                                          | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $400100.65    | 0.05%             | 2041-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SFO COMMERICAL MORTGAGE TRUST 2021                                               | SFO COMMERICAL MORTGAGE TRUST 2021-555 F 1ML+365 05/15/2038 144A                                        | CUSIP: 78432WAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $400339.70    | 0.05%             | 2038-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| IGO LTD                                                                          | IGO LTD                                                                                                 | CUSIP: N/A<br>LEI: 2549005DZO8VGXM5QN07       | Long             | EC               | CORP              | AU        |     95666 | NS      | $875090.69    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES LP                                                     | HUDSON PAC PPTYS LP 4.65% 04/01/2029                                                                    | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    450000 | PA      | $384458.22    | 0.05%             | 2029-04-01      | Fixed         | 0.05%                 | No            |                  2 | 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        |    145350 | PA      | $138471.19    | 0.02%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MSCCG TR 2018-SELF                                                               | MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A                                                            | CUSIP: 55358PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159928 | PA      | $148995.99    | 0.02%             | 2037-10-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                                                               | CENOVUS ENERGY INC                                                                                      | CUSIP: 15135U109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    204710 | NS      | $3971736.85   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                        | INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032                                              | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $874885.61    | 0.10%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021                                                | BX COMMERCIAL MORTGAGE TRUST 2021-VINO F 1ML+274.82 05/15/2038 144A                                     | CUSIP: 05608KAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    333000 | PA      | $308902.39    | 0.04%             | 2038-05-15      | Variable      | 0.07%                 | 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        |      2079 | NS      | $39272.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS RESORT COLLECTION LLC                                                    | CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024                                                         | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |    171949 | PA      | $171403.54    | 0.02%             | 2024-12-22      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| LA QUITA MORTGAGE TRUST 2022                                                     | LA QUITA MORTGAGE TRUST 2022-LAQ D TSFR1M+363.26 03/15/2039 144A                                        | CUSIP: 50172LAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $365370.03    | 0.04%             | 2039-03-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD                                                              | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      8700 | NS      | $155991.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-H1                                           | MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050                                                | CUSIP: 61691JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231000 | PA      | $196626.90    | 0.02%             | 2050-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MANHATTAN WEST                                                                   | MANHATTAN WEST 2020-1MW C CSTR 09/10/2039 144A                                                          | CUSIP: 563136AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    214000 | PA      | $175456.50    | 0.02%             | 2039-09-10      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| COMM 2020-CX MORTGAGE TRUST                                                      | COMM 2020-CX MORTGAGE TRUST CSTR 11/10/2046 144A                                                        | CUSIP: 12656KAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195000 | PA      | $121461.78    | 0.01%             | 2046-11-10      | Variable      | 0.03%                 | 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        |    313000 | PA      | $229387.00    | 0.03%             | 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        |     18486 | NS      | $330899.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Central Investment Portfolios LLC                                       | Fidelity Floating Rate Central Fund                                                                     | CUSIP: 31606V708<br>LEI: S2V1M15I679NQK6BNY65 | Long             | EC               | RF                | US        |   2273428 | NS      | $216271185.57 | 25.80%            |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 01/15/2031                                                                              | CUSIP: 91282CBF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6610000 | PA      | $6723694.08   | 0.80%             | 2031-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BMO 2022-C1 MORTGAGE TRUST                                                       | BMO 2022-C1 MORTGAGE TRUST 2022-C1 360E CSTR 02/15/2042 144A                                            | CUSIP: 05609MDE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $66705.47     | 0.01%             | 2055-02-17      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER L 4.625% PFD PERP                                                                    | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     22700 | NS      | $432889.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                 | HILTON DOMESTIC OPERATING CO INC 4% 05/01/2031 144A                                                     | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    350000 | PA      | $292820.50    | 0.03%             | 2031-05-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2021-1 TR                                                     | HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A                                                     | CUSIP: 437300AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     87360 | PA      | $67298.78     | 0.01%             | 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        |      9300 | NS      | $196509.00    | 0.02%             |  |  |  | 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        |    140000 | PA      | $111509.92    | 0.01%             | 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        |      6800 | NS      | $124304.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SMRT 2022-MINI                                                                   | SMRT 2022-MINI TSFR1M+270 01/15/2039 144A                                                               | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    868000 | PA      | $791882.04    | 0.09%             | 2039-01-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                         | DIGITAL RLTY TR INC SER L 5.2% PERP PFD                                                                 | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     12700 | NS      | $256921.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                      | BOSTON PPTYS LTD PARTNERSHIP 2.55% 04/01/2032                                                           | CUSIP: 10112RBE3<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    500000 | PA      | $380125.81    | 0.05%             | 2032-04-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-H1                                           | MORGAN STANLEY CAPITAL I TRUST 2017-H1 D 2.546% 06/15/2050 144A                                         | CUSIP: 61691JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    661000 | PA      | $460058.91    | 0.05%             | 2050-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BAMLL COML MTG SECS TR 2021-JACX                                                 | BAMLL COML MTG SECS TR 2021-JACX E 1ML+375 09/15/2038 144A                                              | CUSIP: 05493LAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106000 | PA      | $90553.03     | 0.01%             | 2038-09-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                     | GLP CAP LP / GLP FING II INC 4% 01/15/2031                                                              | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $428900.00    | 0.05%             | 2031-01-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2022                                                                   | BPR TR 2022-OANA TSFR1M+374.5 04/15/2024 144A                                                           | CUSIP: 05592DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $275120.76    | 0.03%             | 2037-04-15      | Variable      | 0.08%                 | 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        |    100000 | PA      | $56875.00     | 0.01%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                        | INVITATION HOMES OPERATING PARTNERSHIP LP 2% 08/15/2031                                                 | CUSIP: 46188BAA0<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    750000 | PA      | $554247.72    | 0.07%             | 2031-08-15      | Fixed         | 0.02%                 | 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        |    790000 | PA      | $772029.48    | 0.09%             | 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        |      9600 | NS      | $172704.00    | 0.02%             |  |  |  | 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        |     13000 | NS      | $235170.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 3.875% 4/15/29                                                                                 | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1227000 | PA      | $2499922.29   | 0.30%             | 2029-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP / VICI NOTE CO INC                                            | VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $455000.00    | 0.05%             | 2029-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP                                                        | OCCIDENTAL PETROLEUM CORP                                                                               | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     31390 | NS      | $1977256.10   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                                                                    | RIO TINTO PLC                                                                                           | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     56401 | NS      | $3969730.32   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                  | MSC 2011-C3 G CSTR 07/49                                                                                | CUSIP: 61760RAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112000 | PA      | $61505.53     | 0.01%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| SABRA HEALTH CARE LP                                                             | SABRA HEALTH CARE LP 3.2% 12/01/2031                                                                    | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    250000 | PA      | $186016.74    | 0.02%             | 2031-12-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 07/15/2031                                                                              | CUSIP: 91282CCM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6146000 | PA      | $6041548.00   | 0.72%             | 2031-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                                           | COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050                                                  | CUSIP: 12515DAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    232000 | PA      | $189037.82    | 0.02%             | 2050-05-10      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CEDAR REALTY TRUST INC                                                           | CEDAR RLTY TR I 7.25% PFD PERP                                                                          | CUSIP: 150602407<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |      1673 | NS      | $24844.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 07/15/2024                                                                              | CUSIP: 912828WU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4746000 | PA      | $5763774.05   | 0.69%             | 2024-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KKR REAL ESTATE FINANCE TRUST INC                                                | KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD                                                         | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |      1300 | NS      | $21610.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORP                                                                       | NUCOR CORP                                                                                              | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      9750 | NS      | $1285147.50   | 0.15%             |  |  |  | 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        |     62581 | PA      | $56567.20     | 0.01%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2021-L5                                           | MORGAN STANLEY CAPITAL I TRUST 2021-L5 C 3.156% 05/15/2054                                              | CUSIP: 61691YBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    513000 | PA      | $347089.34    | 0.04%             | 2054-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP LP / CARETRUST CAP CORP                                          | CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A                                          | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $190130.98    | 0.02%             | 2028-06-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 5% 03/01/2031                                                                        | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    590000 | PA      | $444118.19    | 0.05%             | 2031-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BX TR 2019-OC11                                                                  | BX TR 2019-OC11 3.202% 12/09/2041 144A                                                                  | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $419256.35    | 0.05%             | 2041-12-09      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                      | BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031                                                           | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $826678.68    | 0.10%             | 2031-01-30      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                                   | ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A                                                      | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $153968.49    | 0.02%             | 2028-01-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                                   | SMRT 2022-MINI TSFR1M+335 01/15/2039 144A                                                               | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    168000 | PA      | $152907.18    | 0.02%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CORTEVA INC                                                                      | CORTEVA INC                                                                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    125900 | NS      | $7400402.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TR 2022-VAMF                                                                  | BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A                                                            | CUSIP: 05609TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157000 | PA      | $143232.58    | 0.02%             | 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        |    102024 | PA      | $93305.44     | 0.01%             | 2027-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.25% 07/15/2029                                                                               | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4834000 | PA      | $5157612.21   | 0.62%             | 2029-07-15      | Fixed         | 0.00%                 | 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        |    100000 | PA      | $89980.00     | 0.01%             | 2035-07-10      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RWT HOLDINGS INC                                                                 | RWT HOLDINGS INC CONV 5.75% 10/01/2025                                                                  | CUSIP: 749772AD1<br>LEI: Z31FN4C0IQMCYFAEUP31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $109037.50    | 0.01%             | 2025-10-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| HESS CORP                                                                        | HESS CORP                                                                                               | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     14020 | NS      | $1988316.40   | 0.24%             |  |  |  | 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        |      5700 | NS      | $124830.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL 6.5%/VAR PFD PERP                                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      9300 | NS      | $163680.00    | 0.02%             |  |  |  | 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        |     42000 | PA      | $147.32       | 0.00%             | 2044-08-10      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| TRI POINTE HOMES INC                                                             | TRI POINTE HOMES INC 5.25% 06/01/2027                                                                   | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $89273.00     | 0.01%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP                                                          | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      7000 | NS      | $135100.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                       | JPMCC 2012-CBX G 4.0% 6/45 144A                                                                         | CUSIP: 46637WAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    151000 | PA      | $35638.81     | 0.00%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 01/15/2032                                                                              | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7010000 | PA      | $6604951.39   | 0.79%             | 2032-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                | KIMCO REALTY CORP SER M 5.25% PFD PERP                                                                  | CUSIP: 49446R711<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |     15500 | NS      | $316665.00    | 0.04%             |  |  |  | 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        |    401000 | PA      | $369121.06    | 0.04%             | 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        |     23000 | NS      | $530610.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD                                                                | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     10600 | NS      | $179670.00    | 0.02%             |  |  |  | No            |                  1 | 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        |     10914 | PA      | $9920.22      | 0.00%             | 2045-05-10      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                                           | XHR LP 4.875% 06/01/2029 144A                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    250000 | PA      | $204781.58    | 0.02%             | 2029-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                     | GLP CAP LP / GLP FING II INC 5.3% 01/15/2029                                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $946340.00    | 0.11%             | 2029-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO REALTY TRUST SER M 5.25% PFD PERP                                                               | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4800 | NS      | $76992.00     | 0.01%             |  |  |  | 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        |    271000 | PA      | $228995.00    | 0.03%             | 2024-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK38                                                                  | BANK 2021-BNK38 3.21677%/VAR 12/15/2064                                                                 | CUSIP: 06540EBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    554000 | PA      | $385884.99    | 0.05%             | 2064-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CREST CLARENDON STR 02 1 LTD                                                     | CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A                                                     | CUSIP: 226063204<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $0.05         | 0.00%             | 2035-12-28      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| BX TRUST 2022-GPA                                                                | BX TRUST 2022-GPA TSFR1M+421.1 10/15/2039 144A                                                          | CUSIP: 05608UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $503649.48    | 0.06%             | 2039-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 10/15/2024                                                                              | CUSIP: 912828YL8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5548000 | PA      | $6205270.38   | 0.74%             | 2024-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 1% 2/15/46                                                                                     | CUSIP: 912810RR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1323000 | PA      | $1414451.14   | 0.17%             | 2046-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| LIFE 2021-BMR MTG TR                                                             | LIFE 2021-BMR MTG TR 1ML+235 03/15/2038 144A                                                            | CUSIP: 53218CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    982970 | PA      | $927470.97    | 0.11%             | 2038-03-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.375% 07/15/2025                                                                              | CUSIP: 912828XL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5163000 | PA      | $6231085.63   | 0.74%             | 2025-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.375% 07/15/2027                                                                              | CUSIP: 9128282L3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4259000 | PA      | $4890820.28   | 0.58%             | 2027-07-15      | Fixed         | 0.00%                 | 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        |    100000 | PA      | $93732.90     | 0.01%             | 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        |    284000 | PA      | $220196.19    | 0.03%             | 2041-12-09      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2.125% 2/15/40                                                                                 | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1024000 | PA      | $1495364.50   | 0.18%             | 2040-02-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| OPG TR 2021-PORT                                                                 | OPG TR 2021-PORT G 1ML+244 10/15/2036 144A                                                              | CUSIP: 67118AAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213837 | PA      | $197213.36    | 0.02%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| NEWCREST MNG LTD                                                                 | NEWCREST MINING LTD                                                                                     | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               | CORP              | AU        |     42808 | NS      | $600267.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR REAL ESTATE FINANCE TRUST INC                                                | KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023                                                       | CUSIP: 48251KAB6<br>LEI: 549300K23AYZDZ2REL62 | Long             | DBT              | CORP              | US        |     77000 | PA      | $75569.33     | 0.01%             | 2023-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERN PLATINUM LTD                                                         | ANGLO AMERN PLATINUM LTD                                                                                | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      9600 | NS      | $133920.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COML MTG TR 2019-C52                                                 | WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052                                                      | CUSIP: 95002MBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $74184.03     | 0.01%             | 2052-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                           | EXTRA SPACE STORAGE LP 2.35% 03/15/2032                                                                 | CUSIP: 30225VAG2<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $378352.87    | 0.05%             | 2032-03-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2019                                                                    | BX TRUST 2019 1ML+230 10/15/2036 144A                                                                   | CUSIP: 056054AK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    386750 | PA      | $370196.44    | 0.04%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | HOWARD HUGHES CORP 4.125% 02/01/2029 144A                                                               | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33500.00     | 0.00%             | 2029-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MONDI PLC                                                                        | MONDI PLC                                                                                               | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |     71640 | NS      | $1220756.36   | 0.15%             |  |  |  | No            |                  1 | 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        |     23800 | NS      | $583100.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.75% SER K PFD PERP                                                                     | CUSIP: 74460W578<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      2700 | NS      | $54432.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.75% 2/15/42                                                                                  | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2558000 | PA      | $2825966.79   | 0.34%             | 2042-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                         | DIGITAL RLTY TR INC 5.25% PFD PERP                                                                      | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      5800 | NS      | $119886.00    | 0.01%             |  |  |  | No            |                  1 | 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        |    141000 | PA      | $136456.97    | 0.02%             | 2023-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                                    | PENNSLVNA 7.375% PFD PERP                                                                               | CUSIP: 709102503<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |      4082 | NS      | $9837.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST LP                                                             | RLJ LODGING TRUST LP 4% 09/15/2029 144A                                                                 | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    805000 | PA      | $652585.81    | 0.08%             | 2029-09-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2022-SFR5                                                   | PROGRESS RESIDENTIAL 2022-SFR5 6.863% 06/17/2039 144A                                                   | CUSIP: 74332YAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    336000 | PA      | $304084.10    | 0.04%             | 2039-06-17      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| SREIT TR 2021-PALM                                                               | SREIT TR 2021-PALM 1ML+361.61 10/15/2034 144A                                                           | CUSIP: 85237AAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164000 | PA      | $147502.12    | 0.02%             | 2034-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| Fidelity Oxford Street Trust II                                                  | Fidelity Commodity Strategy Central Fund                                                                | CUSIP: 316167303<br>LEI: 549300OEP6Z1TBUGHH59 | Long             | EC               | RF                | US        |   1230079 | NS      | $125160503.62 | 14.93%            |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.25% 01/15/2025                                                                               | CUSIP: 912828H45<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6061000 | PA      | $7314554.06   | 0.87%             | 2025-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESORTS INC                                                   | MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A                                                     | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $829626.26    | 0.10%             | 2029-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NINE DRAGONS PAPER HLDGS LTD                                                     | NINE DRAGONS PAPER (HLDGS) LTD                                                                          | CUSIP: N/A<br>LEI: 529900TBMYEYJ2LEV906       | Long             | EC               | CORP              | BM        |    282700 | NS      | $257013.24    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CSAIL 2019-C16 COML MTG TR                                                       | CSAIL 2019-C16 COML MTG TR C CSTR 06/15/2052                                                            | CUSIP: 12596WAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $592186.28    | 0.07%             | 2052-06-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| REXFORD INDL RLTY INC                                                            | REXFORD INDL RLTY INC SER C 5.625% PERP PFD                                                             | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |      3400 | NS      | $72352.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.625% 01/15/2026                                                                              | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5452000 | PA      | $6563797.92   | 0.78%             | 2026-01-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2021-2 TR                                                     | HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A                                                     | CUSIP: 43732VAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    183751 | PA      | $150191.05    | 0.02%             | 2026-12-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LTD                                                               | TECK RESOURCES LTD SUB VTG CLB                                                                          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     53990 | NS      | $2040375.41   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HAT HOLDINGS I LLC / HAT HOLDINGS II LLC                                         | HAT HOLDINGS I LLC / II LLC 3.75% 09/15/2030 144A                                                       | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $73481.57     | 0.01%             | 2030-09-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2.5% 1/15/29                                                                                   | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2139000 | PA      | $3096398.82   | 0.37%             | 2029-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2019-70P                                                     | GS MTG SECS CORP TR 2019-70P F 1ML+265 10/15/2036 144A                                                  | CUSIP: 36257MAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218000 | PA      | $195948.80    | 0.02%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST 2019                                                          | CPT MORTGAGE TRUST 2019 2.865% 11/13/2039 144A                                                          | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $399436.35    | 0.05%             | 2039-11-13      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO RLTY SR L 5.4% PFD PRP                                                                          | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1000 | NS      | $16230.00     | 0.00%             |  |  |  | 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        |    433000 | PA      | $390805.80    | 0.05%             | 2038-11-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                             | FREEPORT MCMORAN INC                                                                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    133120 | NS      | $5058560.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMA CAP LTD 2021-9A                                                            | PRIMA CAP LTD 2021-9A C 1ML+235 12/15/2037 144A                                                         | CUSIP: 74167FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $231945.95    | 0.03%             | 2037-12-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 4.75% 03/01/2029                                                                     | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    430000 | PA      | $340795.12    | 0.04%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINE LTD                                                                 | IVANHOE MINES LTD                                                                                       | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     54430 | NS      | $430133.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 01/15/2030                                                                              | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5563000 | PA      | $5790325.22   | 0.69%             | 2030-01-15      | Fixed         | 0.00%                 | No            |                  2 | 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        |     17100 | NS      | $346959.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                     | SUN CMNTYS OPER LTD PRTNRSHP 4.2% 04/15/2032                                                            | CUSIP: 866677AH0<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3522.93      | 0.00%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BALLYS CORP                                                                      | BALLY'S TERM B 1LN 10/01/2028                                                                           | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |    198500 | PA      | $183165.88    | 0.02%             | 2028-10-01      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 4.75% 10/01/2024                                                                              | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148872.31    | 0.02%             | 2024-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HILTON USA TR 2016-HHV                                                           | HILT 2016-HHV F CSTR 11/38 144A                                                                         | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163000 | PA      | $137678.72    | 0.02%             | 2038-11-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WELLTOWER INC                                                                    | WELLTOWER INC 3.85% 06/15/2032                                                                          | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424290.37    | 0.05%             | 2032-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COML MTG TR 2019-C52                                                 | WELLS FARGO COML MTG TR 2019-C52 3.375% 08/15/2052                                                      | CUSIP: 95002MBB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $621606.57    | 0.07%             | 2052-08-15      | Fixed         | 0.03%                 | No            |                  2 | 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        |      1800 | NS      | $24552.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.375% 01/15/2027                                                                              | CUSIP: 912828V49<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4853000 | PA      | $5646475.17   | 0.67%             | 2027-01-15      | Fixed         | 0.00%                 | 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        |    126000 | PA      | $114865.48    | 0.01%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| JPMCC 2021-MHC                                                                   | JPMCC 2021-MHC F 1ML+295 04/15/2038 144A                                                                | CUSIP: 466330AQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $197350.69    | 0.02%             | 2038-04-15      | Variable      | 0.07%                 | 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        |   1080000 | PA      | $715500.00    | 0.09%             | 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        |     20000 | PA      | $16014.61     | 0.00%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C16                                                            | BBCMS MTG TR 2022-C16 CSTR 06/15/2055                                                                   | CUSIP: 05552YAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $571243.50    | 0.07%             | 2055-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TIMES SQUARE HOTEL TR                                                            | TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A                                                            | CUSIP: 887367AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    232118 | PA      | $229030.07    | 0.03%             | 2026-08-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.125% 02/15/2052                                                                              | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1980000 | PA      | $1374532.03   | 0.16%             | 2052-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                   | OMEGA HEALTHCARE INVESTORS INC 3.375% 02/01/2031                                                        | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $385414.91    | 0.05%             | 2031-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LIFE FINANCIAL SERVICES TRUST 2022                                               | LIFE FINANCIAL SERVICES TRUST 2022-BMR2 E TSFR1M+324.03 05/15/2039 144A                                 | CUSIP: 53218DAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388000 | PA      | $368525.12    | 0.04%             | 2039-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC                                                       | CF INDUSTRIES HOLDINGS INC                                                                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     51200 | NS      | $4362240.00   | 0.52%             |  |  |  | No            |                  1 | 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        |    789000 | PA      | $572360.80    | 0.07%             | 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        |    279868 | PA      | $253609.51    | 0.03%             | 2038-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 2.7% 04/15/2031                                                                     | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    750000 | PA      | $610465.04    | 0.07%             | 2031-04-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                   | EPR PPTYS 4.95% 04/15/2028                                                                              | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213293.98    | 0.03%             | 2028-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 1.625% 10/15/2027                                                                              | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $804032.92    | 0.10%             | 2027-10-15      | Fixed         | 0.02%                 | 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        |     80000 | PA      | $71332.21     | 0.01%             | 2034-06-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER | PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 4.875% 05/15/2029 144A | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $423250.00    | 0.05%             | 2029-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MHP 2022-MHIL F                                                                  | MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A                                                           | CUSIP: 55293DAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97166 | PA      | $89132.12     | 0.01%             | 2027-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BRAEMAR HOTELS and RESORTS INC                                                   | BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD                                                            | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               | CORP              | US        |      2700 | NS      | $41769.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2019-70P                                                     | GS MTG SECS CORP TR 2019-70P E 1ML+220 10/15/2036 144A                                                  | CUSIP: 36257MAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    139000 | PA      | $125351.95    | 0.01%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ARMOUR RESIDENTIAL REIT INC                                                      | ARMOUR RESDNTL REIT INC SER C 7% PERP PFD                                                               | CUSIP: 042315606<br>LEI: 549300K0WA0EJUX74V72 | Long             | EP               | CORP              | US        |      1000 | NS      | $19130.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 10/15/2025                                                                              | CUSIP: 91282CAQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5844000 | PA      | $6378821.19   | 0.76%             | 2025-10-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                          | CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD                                                         | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      8700 | NS      | $149988.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2022-NXSS                                      | J P MORGAN CHASE COML MTG SECS TR 2022-NXSS D TSFR1M+412.9 08/15/2039 144A                              | CUSIP: 465979AL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $327517.08    | 0.04%             | 2039-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TR                                                        | DIVERSIFIED HEALTHCARE TR 9.75% 06/15/2025                                                              | CUSIP: 25525PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $191592.95    | 0.02%             | 2025-06-15      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK30                                                                  | BANK 2020-BN30 MCDG CSTR 12/53                                                                          | CUSIP: 06541UBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    264000 | PA      | $151770.06    | 0.02%             | 2053-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 3.625 4/15/28                                                                                  | CUSIP: 912810FD5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1180000 | PA      | $2369994.63   | 0.28%             | 2028-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX 2021-BXMF                                                                     | BX 2021-BXMF 1ML+359.02 10/15/2026 144A                                                                 | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $113539.24    | 0.01%             | 2026-10-15      | Variable      | 0.08%                 | No            |                  2 | 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        |    200000 | PA      | $175402.58    | 0.02%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2022-SHIP                                      | GS MORTGAGE SECURITIES CORP TRUST 2022-SHIP TSFR1M+230.33 08/15/2024 144A                               | CUSIP: 36269CAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    357000 | PA      | $345246.99    | 0.04%             | 2036-08-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ELP COMMERCIAL MORTGAGE TRUST 2021-ELP                                           | ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+361.49 11/15/2036 144A                                       | CUSIP: 26863LAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $191334.32    | 0.02%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                           | DIAMONDBACK ENERGY INC                                                                                  | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     23410 | NS      | $3202019.80   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| REALOGY GROUP LLC / REALOGY CO-ISSUER CORP                                       | REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.25% 04/15/2030 144A                                        | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $182377.50    | 0.02%             | 2030-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP                                                            | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     17400 | NS      | $346608.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD                                                                 | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     17200 | NS      | $313040.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SVENSKA CELLULOSA AB SCA                                                         | SVENSKA CELLULOSA AB CL B                                                                               | CUSIP: N/A<br>LEI: 549300FW5JDRV1IJ0M67       | Long             | EC               | CORP              | SE        |     22560 | NS      | $285274.06    | 0.03%             |  |  |  | No            |                  1 | 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        |    147000 | PA      | $137294.24    | 0.02%             | 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        |      8600 | NS      | $191694.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO                                                             | COMMERCIAL METALS CO                                                                                    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     14560 | NS      | $703248.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                                                     | Fidelity Cash Central Fund                                                                              | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  12263671 | NS      | $12266123.40  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 07/15/2026                                                                              | CUSIP: 912828S50<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5237000 | PA      | $6135663.75   | 0.73%             | 2026-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUGARHOUSE HSP GAMING PROP MEZZ LP / SUGARHOUSE HSP GAMING FIN CORP              | SUGARHOUSE HS GMNG MEZZ LP/CRP 5.875% 05/15/2025 144A                                                   | CUSIP: 865033AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $466738.95    | 0.06%             | 2025-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                     | GLP CAP LP / GLP FING II INC 3.25% 01/15/2032                                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $199846.20    | 0.02%             | 2032-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                   | EPR PPTYS 3.6% 11/15/2031                                                                               | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    250000 | PA      | $181125.30    | 0.02%             | 2031-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.75% 02/15/2045                                                                               | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2610000 | PA      | $2673623.77   | 0.32%             | 2045-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                                      | SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD                                                            | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |      4000 | NS      | $68520.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SG COML MTG SECS TR 2020-COVE                                                    | SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A                                | CUSIP: 78397FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $129313.53    | 0.02%             | 2037-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS and RESORTS INC                                                   | WYNDHAM HOTELS and RESORTS INC TERM B 05/30/2025                                                        | CUSIP: 98310CAC6<br>LEI: 549300FE3MQ4RVXXC673 | Long             | LON              | CORP              | US        |    250000 | PA      | $249500.00    | 0.03%             | 2025-05-30      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP / GLP FIN CORP                                                | GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027                                                         | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94962.71     | 0.01%             | 2027-08-01      | Fixed         | 0.07%                 | 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        |     23587 | NS      | $467494.34    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BBCMS MTG TR 2020-C7                                                             | BBCMS MTG TR 2020-C7 CSTR 04/15/2053                                                                    | CUSIP: 05492VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $376252.75    | 0.04%             | 2053-04-15      | Variable      | 0.04%                 | No            |                  2 | 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        |    100000 | PA      | $27852.46     | 0.00%             | 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        |      1000 | NS      | $20450.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 1% 02/15/2048                                                                                  | CUSIP: 912810SB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1459000 | PA      | $1485435.27   | 0.18%             | 2048-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORP                                                                 | EXXON MOBIL CORP                                                                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    110010 | NS      | $12134103.00  | 1.45%             |  |  |  | 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        |      2500 | NS      | $42650.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD                                                                      | NUTRIEN LTD                                                                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     68580 | NS      | $5006745.20   | 0.60%             |  |  |  | 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        |    128000 | PA      | $117878.32    | 0.01%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2021-CIP                                                          | BX COML MTG TR 2021-CIP 1ML+397.69 11/15/2036 144A                                                      | CUSIP: 12434FAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109000 | PA      | $94733.08     | 0.01%             | 2038-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX 2021-VOLT                                                                     | BX 2021-VOLT G 1ML+295 09/15/2023 144A                                                                  | CUSIP: 05609VAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105000 | PA      | $96158.76     | 0.01%             | 2036-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                                         | PKHL COMML MTG 2021-MF E 1ML+235 07/15/2038 144A                                                        | CUSIP: 69356GAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $91231.80     | 0.01%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| KNDR 2021-KIND F                                                                 | KNDR 2021-KIND F 1ML+405 08/15/2026 144A                                                                | CUSIP: 482606AS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99282 | PA      | $87891.30     | 0.01%             | 2038-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP                                                                                      | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     17700 | NS      | $347982.00    | 0.04%             |  |  |  | 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        |     63000 | PA      | $51080.02     | 0.01%             | 2053-07-15      | Variable      | 0.04%                 | 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        |      4500 | NS      | $97399.80     | 0.01%             |  |  |  | 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        |       400 | NS      | $9500.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.7% SER J PFD PERP                                                                      | CUSIP: 74460W594<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      6200 | NS      | $119660.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW                                                                 | CHEVRON CORP                                                                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20920 | NS      | $3754930.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.5% 01/15/2028                                                                                | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7197000 | PA      | $8178244.64   | 0.98%             | 2028-01-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2018-B2 MTG TR                                                         | BENCHMARK 2018-B2 C CSTR 02/51                                                                          | CUSIP: 08161CAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $414916.15    | 0.05%             | 2051-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2022-GC48                                                  | CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A                                                    | CUSIP: 29426VAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    378000 | PA      | $208841.22    | 0.02%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC                           | DIGITALBRIDGE ISSUER LLC / DIGITALBRIDGE CO-ISSUER LLC 3.933% 09/25/2051 144A                           | CUSIP: 25402JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     85000 | PA      | $72129.73     | 0.01%             | 2051-09-25      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KNDL 2019-KNSQ MORTGAGE TRUST                                                    | KNDL 2019-KNSQ MORTGAGE TRUST 1ML+ 05/15/2036 144A                                                      | CUSIP: 482598AN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $486427.20    | 0.06%             | 2036-05-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 04/15/2027                                                                              | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5960000 | PA      | $5863254.13   | 0.70%             | 2027-04-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2022-SFR5                                                   | PROGRESS RESIDENTIAL 2022-SFR2 TR 6.618% 06/17/2039 144A                                                | CUSIP: 74332YAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    201000 | PA      | $182891.69    | 0.02%             | 2039-06-17      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY MTG TR                                                          | INTOWN 2022-STAY MTG TR TSFR1M+503.14 08/15/2037 144A                                                   | CUSIP: 46117NAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217000 | PA      | $211565.56    | 0.03%             | 2039-08-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| GREAT AJAX CORP                                                                  | GREAT AJAX CORP PC 7.25% 4/30/24                                                                        | CUSIP: 38983D409<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EP               | CORP              | US        |     16367 | NS      | $390516.62    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LTD                                                     | IMPALA PLATINUM HOLDINGS LTD                                                                            | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               | CORP              | ZA        |     23980 | NS      | $301353.51    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BX 2021-MFM1                                                                     | BX 2021-MFM1 1ML+300 01/15/2034 144A                                                                    | CUSIP: 05608VAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    336000 | PA      | $309059.18    | 0.04%             | 2034-01-15      | Variable      | 0.07%                 | 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        |      1200 | NS      | $20712.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2022-BNK42 C CSTR 06/15/2055                                                                       | CUSIP: 06541MCF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $401184.45    | 0.05%             | 2055-06-15      | Variable      | 0.05%                 | No            |                  2 | 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        |      9300 | NS      | $194928.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA SENIOR FINANCE II LLC                                                        | SBA COMMUNICATIONS TERM B 04/11/2025                                                                    | CUSIP: N/A<br>LEI: 549300PVT2ADFWMYEW87       | Long             | LON              | CORP              | US        |    272172 | PA      | $270963.25    | 0.03%             | 2025-04-11      | Variable      | 0.06%                 | No            |                  2 | 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        |    100000 | PA      | $92225.36     | 0.01%             | 2034-09-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| CAMB COMMERCIAL MORTGAGE TRUST 2021-CX2                                          | CAMB COMMERCIAL MORTGAGE TRUST 2021-CX2 2.7% 11/10/2046 144A                                            | CUSIP: 12477BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $397168.75    | 0.05%             | 2046-11-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.875% SER I PFD PERP                                                                    | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      6000 | NS      | $120900.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2013-LC6 MTG TR                                                             | COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A                                                             | CUSIP: 20048EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $128715.65    | 0.02%             | 2046-01-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2019-C3                                                             | BBCMS MTG TR 2019-C3 4.178% 05/15/2052                                                                  | CUSIP: 05550MAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    821000 | PA      | $661652.52    | 0.08%             | 2052-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 4.05% 03/15/2032                                                                    | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    750000 | PA      | $668847.01    | 0.08%             | 2032-03-15      | Fixed         | 0.04%                 | 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        |      6200 | NS      | $119660.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2019-ICE4                                                                   | CSMC 2019-ICE4 1ML+215 05/15/2036 144A                                                                  | CUSIP: 12653VAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $96719.25     | 0.01%             | 2036-05-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL INC                                                          | ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP                                                               | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |      2000 | NS      | $37440.00     | 0.00%             |  |  |  | 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        |     10000 | NS      | $203000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                     | SUN CMNTYS OPER LTD PRTNRSHP 2.7% 07/15/2031                                                            | CUSIP: 866677AE7<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $789320.24    | 0.09%             | 2031-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC 2.15% 07/15/2030                                                                            | CUSIP: 29444UBH8<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $397769.63    | 0.05%             | 2030-07-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| BARRICK GOLD CORP                                                                | BARRICK GOLD CORP                                                                                       | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     91580 | NS      | $1569846.23   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BBCMS MTG TR 2022-C17                                                            | BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A                                                            | CUSIP: 054976AR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163000 | PA      | $90631.26     | 0.01%             | 2055-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| VENTAS RLTY LTD PARTNERSHIP                                                      | VENTAS RLTY LTD PARTNERSHIP 4.75% 11/15/2030                                                            | CUSIP: 92277GAV9<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $233425.79    | 0.03%             | 2030-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2018-B6 MORTGAGE TRUST                                                 | BENCHMARK 2018-B6 D MORTGAGE TRUST CSTR 11/10/2051 144A                                                 | CUSIP: 08162CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $165999.46    | 0.02%             | 2051-10-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PILOT TRAVEL CTRS LLC                                                            | PILOT TRAVEL CENTERS TERM B 1LN 08/04/2028                                                              | CUSIP: 72165NBH1<br>LEI: 549300115UILLXNE1Z49 | Long             | LON              | CORP              | US        |    148125 | PA      | $146236.41    | 0.02%             | 2028-08-04      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC 2.25% 01/15/2031                                                                       | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1002789.90   | 0.12%             | 2031-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| ILPT COML MTG TR 2022-LPF2                                                       | ILPT COML MTG TR 2022-LPF2 E TSFR1M+594 10/15/2039 144A                                                 | CUSIP: 449652AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    273000 | PA      | $270613.57    | 0.03%             | 2039-10-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| BX TR 2021-ARIA                                                                  | BX TR 2021-ARIA 1ML+259.35 10/15/2036 144A                                                              | CUSIP: 05608RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27000 | PA      | $24175.17     | 0.00%             | 2036-10-15      | Variable      | 0.07%                 | 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        |     63000 | PA      | $5600.89      | 0.00%             | 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        |    385000 | PA      | $311491.51    | 0.04%             | 2031-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HILTON USA TR 2016-HHV                                                           | HILTON USA TR 2016-HHV VAR 11/05/2038 144A                                                              | CUSIP: 43300LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $776006.46    | 0.09%             | 2038-11-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2.375% 1/15/27                                                                                 | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2241000 | PA      | $3378267.69   | 0.40%             | 2027-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                                  | WEYERHAEUSER CO 4% 04/15/2030                                                                           | CUSIP: 962166BY9<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227630.19    | 0.03%             | 2030-04-15      | 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        |    182748 | PA      | $186514.99    | 0.02%             | 2028-07-20      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-C10                                       | JP MORGAN CHASE COML MTG SECS TR 2013-C10 C CSTR 06/05/2039 144A                                        | CUSIP: 46651EAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $423156.50    | 0.05%             | 2039-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD                                                   | CANADIAN NATL RESOURCES LTD                                                                             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     55580 | NS      | $3086455.10   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD                                                         | WILMAR INTERNATIONAL LTD                                                                                | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    226840 | NS      | $706691.97    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD                                                            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     32600 | NS      | $619726.00    | 0.07%             |  |  |  | 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        |      9779 | NS      | $152943.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 04/15/2026                                                                              | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3667000 | PA      | $3917752.77   | 0.47%             | 2026-04-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SLG OFFICE TR 2021-OVA                                                           | SLG OFFICE TR 2021-OVA 2.85061% 07/15/2041 144A                                                         | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    463000 | PA      | $301484.53    | 0.04%             | 2041-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FORTESCUE METALS GROUP LTD                                                       | FORTESCUE METALS GROUP LTD                                                                              | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |     26026 | NS      | $363769.43    | 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        |    156000 | PA      | $112673.40    | 0.01%             | 2050-06-15      | Variable      | 0.04%                 | No            |                  2 | 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        |    545000 | PA      | $400575.00    | 0.05%             | 2028-09-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                          | SBA COMMUNICATIONS CORP 3.125% 02/01/2029                                                               | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $415745.00    | 0.05%             | 2029-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| WFCM 2022                                                                        | WFCM 2022 2.5% 04/15/2055 144A                                                                          | CUSIP: 95003MBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294000 | PA      | $149943.00    | 0.02%             | 2055-04-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BAYER AG                                                                         | BAYER AG                                                                                                | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |      4500 | NS      | $231615.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC 3.8% 02/15/2028                                                                        | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92936.64     | 0.01%             | 2028-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 0.125% 02/15/2051                                                                              | CUSIP: 912810SV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3124000 | PA      | $2305873.18   | 0.28%             | 2051-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PLAYA RESORTS HLDG B V                                                           | PLAYA RESORTS TERM B 04/27/2024                                                                         | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |     58485 | PA      | $58251.26     | 0.01%             | 2024-04-27      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                 | HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    785000 | PA      | $628628.00    | 0.08%             | 2032-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                                             | RLJ LODGING TRUST LP 3.75% 07/01/2026 144A                                                              | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89058.85     | 0.01%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                                                    | M/I HOMES INC 3.95% 02/15/2030                                                                          | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80743.84     | 0.01%             | 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        |   5479330 | PA      | $21825.82     | 0.00%             | 2044-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK 2020-BNK25                                                                  | BANK 2020-BNK25 CSTR 01/15/2063                                                                         | CUSIP: 06539WBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $733181.80    | 0.09%             | 2063-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP                                                           | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     30200 | NS      | $569270.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT AJAX CORP                                                                  | GREAT AJAX CORP                                                                                         | CUSIP: 38983D300<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EC               | CORP              | US        |     10511 | NS      | $76204.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP                                                       | CUSIP: 044103885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2500 | NS      | $42975.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 10/15/2026                                                                              | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5695000 | PA      | $5822239.02   | 0.69%             | 2026-10-15      | Fixed         | 0.00%                 | 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        |    915000 | PA      | $697764.95    | 0.08%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ARCHER DANIELS MIDLAND CO                                                        | ARCHER DANIELS MIDLAND CO                                                                               | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     67600 | NS      | $6276660.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 7.65 SER G PERP PFD                                                                           | CUSIP: 45031U705<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |     10000 | NS      | $245300.00    | 0.03%             |  |  |  | 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        |    132000 | PA      | $0.01         | 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        |      4200 | NS      | $88154.64     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2015-LC19 MTG TR                                                            | COMM 2015-LC19 MTG TR 2.867% 02/10/2048 144A                                                            | CUSIP: 200474AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    462000 | PA      | $389614.81    | 0.05%             | 2048-02-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP SER D 7%/VAR PFD PERP                                                                | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      2700 | NS      | $49059.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO                                                            | WEST FRASER TIMBER LTD                                                                                  | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     12600 | NS      | $909824.22    | 0.11%             |  |  |  | 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        |    350000 | PA      | $256994.50    | 0.03%             | 2029-06-01      | Fixed         | 0.07%                 | 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        |    500000 | PA      | $277397.35    | 0.03%             | 2055-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                                                                    | LGI HOMES INC 4% 07/15/2029 144A                                                                        | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    170000 | PA      | $131346.22    | 0.02%             | 2029-07-15      | Fixed         | 0.04%                 | 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        |       300 | NS      | $6039.00      | 0.00%             |  |  |  | No            |                  1 | 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        |    105000 | PA      | $66441.82     | 0.01%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BUNGE LIMITED                                                                    | BUNGE LIMITED                                                                                           | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | BM        |     27080 | NS      | $2701771.60   | 0.32%             |  |  |  | No            |                  1 | 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        |    100000 | PA      | $82384.38     | 0.01%             | 2038-10-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER G 5.05% PFD PERP                                                                     | CUSIP: 74460W669<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      6000 | NS      | $129780.00    | 0.02%             |  |  |  | No            |                  1 | 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        |    361940 | PA      | $252959.30    | 0.03%             | 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        |    305000 | PA      | $298876.99    | 0.04%             | 2025-08-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| AG MORTGAGE INVESTMENT TR INC                                                    | AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP                                                         | CUSIP: 001228402<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |      4100 | NS      | $68675.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA                                                                          | VALE S.A.                                                                                               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |    146890 | NS      | $2472765.42   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO NEVADA CORP                                                               | FRANCO-NEVADA CORP                                                                                      | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2210 | NS      | $301255.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                                                                        | MOSAIC CO NEW                                                                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     26740 | NS      | $1173083.80   | 0.14%             |  |  |  | No            |                  1 | 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        |    362143 | PA      | $328117.63    | 0.04%             | 2033-03-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2022-GC48                                                  | CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A                                                    | CUSIP: 29426VAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $157236.31    | 0.02%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII .375% 07/15/2023                                                                               | CUSIP: 912828VM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      7000 | PA      | $8855.73      | 0.00%             | 2023-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2% 1/15/26                                                                                     | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1235000 | PA      | $1852063.80   | 0.22%             | 2026-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UST NOTES                                                                        | USTN TII 0.125% 04/15/2025                                                                              | CUSIP: 912828ZJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3751000 | PA      | $4124108.29   | 0.49%             | 2025-04-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C23                                                  | JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A                                                              | CUSIP: 46643AAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54000 | PA      | $39004.61     | 0.00%             | 2047-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MERIT 2021                                                                       | MHP 2021-STOR J 1ML+395 07/15/2038 144A                                                                 | CUSIP: 55293BAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94102.90     | 0.01%             | 2038-07-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SUZANO SA                                                                        | SUZANO SA                                                                                               | CUSIP: N/A<br>LEI: 391200AW174YQSDMGG41       | Long             | EC               | CORP              | BR        |    110040 | NS      | $1005413.06   | 0.12%             |  |  |  | No            |                  1 | 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        |    385000 | PA      | $361854.30    | 0.04%             | 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        |      3000 | NS      | $53520.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER and DUNLOP INC                                                            | WALKER and DUNLOP TERM B 1LN 12/16/2028                                                                 | CUSIP: 93148QAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4950 | PA      | $4838.63      | 0.00%             | 2028-12-16      | Variable      | 0.07%                 | No            |                  3 | 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        |    205000 | PA      | $172308.65    | 0.02%             | 2027-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 3.8% 08/15/2029                                                                     | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1133966.54   | 0.14%             | 2029-08-15      | Fixed         | 0.04%                 | 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        |      4000 | NS      | $81969.60     | 0.01%             |  |  |  | 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        |    285000 | PA      | $215175.00    | 0.03%             | 2029-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                                                      | OVINTIV INC                                                                                             | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91830 | NS      | $4656699.30   | 0.56%             |  |  |  | No            |                  1 | 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        |      5300 | NS      | $118720.00    | 0.01%             |  |  |  | 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        |    492000 | PA      | $395629.75    | 0.05%             | 2048-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2021-CIP                                                          | BX COML MTG TR 2021-CIP F 1ML+322.73 11/15/2036 144A                                                    | CUSIP: 12434FAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $189992.96    | 0.02%             | 2038-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX 2021-SOAR                                                                     | BX 2021-SOAR 2.45% 06/15/2023 144A                                                                      | CUSIP: 05608WAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    475399 | PA      | $441418.16    | 0.05%             | 2038-06-15      | Variable      | 0.07%                 | 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        |    229261 | PA      | $215042.64    | 0.03%             | 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        |    100000 | PA      | $82215.79     | 0.01%             | 2038-09-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| TR 2013-LC12 WELLS FARGO COML MTG TR 2013-LC12                                   | WELLS FARGO TR 2013-LC12 3.162% 07/15/2053                                                              | CUSIP: 95002UAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $704621.20    | 0.08%             | 2053-07-15      | Fixed         | 0.03%                 | 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        |      3500 | NS      | $67900.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOC QUIMICA Y MINERA DE CHILE                                                    | SOC QUIMICA Y MIN CH PFD B                                                                              | CUSIP: N/A<br>LEI: TJ88LXZZW5PWIN93ZC81       | Long             | EC               | CORP              | CL        |     16409 | NS      | $1327034.95   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 2.375% 1/15/25                                                                                 | CUSIP: 912810FR4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2538000 | PA      | $4015524.47   | 0.48%             | 2025-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TREASURY BOND                                                      | USTN TII 1.375% 02/15/2044                                                                              | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2850000 | PA      | $3386969.23   | 0.40%             | 2044-02-15      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| TPGI 2021-DGWD G                                                                 | TPGI 2021-DGWD G 1ML+ 06/15/2026 144A                                                                   | CUSIP: 87267HAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    503000 | PA      | $463187.80    | 0.06%             | 2026-06-15      | Variable      | 0.07%                 | 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        |     83000 | PA      | $77724.20     | 0.01%             | 2027-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2022-BNK42 E 2.5% 06/15/2055 144A                                                                  | CUSIP: 06541MAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141000 | PA      | $71446.48     | 0.01%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| STWD TR 2021-LIH                                                                 | STWD TR 2021-LIH 1ML+355.1 11/15/2036 144A                                                              | CUSIP: 78486EAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92060.95     | 0.01%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD                                                           | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     22830 | NS      | $431484.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNICO EAGLE MINES LTD                                                           | AGNICO EAGLE MINES LTD                                                                                  | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     38255 | NS      | $1987903.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VLS COMMERCIAL MORTGAGE TRUST 2020                                               | VLS COMMERCIAL MORTGAGE TRUST 2020 2.13% 10/10/2042 144A                                                | CUSIP: 92858TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $470621.34    | 0.06%             | 2042-10-10      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2022-SFR3 TR                                                | PROGRESS RESIDENTIAL 2022-SFR3 TR 6.6% 04/17/2039 144A                                                  | CUSIP: 74331UAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $220947.20    | 0.03%             | 2039-04-17      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK43                                                                  | BANK 2022-BNK43 D 3% 08/15/2055 144A                                                                    | CUSIP: 06541QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $202463.80    | 0.02%             | 2055-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIAMONDROCK HOSPITALITY CO                                                       | DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP                                                               | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     11337 | NS      | $282049.82    | 0.03%             |  |  |  | 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        |      2720 | PA      | $2692.84      | 0.00%             | 2032-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                                     | NEWMONT CORP                                                                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     39860 | NS      | $1881392.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WHEATON PRECIOUS METALS CORP                                                     | WHEATON PRECIOUS METALS CORP                                                                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     34640 | NS      | $1353364.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SLG OFFICE TR 2021-OVA                                                           | SLG OFFICE TR 2021-OVA 2.85061% 07/15/2041 144A                                                         | CUSIP: 78449RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147000 | PA      | $90534.90     | 0.01%             | 2041-07-15      | Fixed         | 0.03%                 | 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        |    343000 | PA      | $218629.23    | 0.03%             | 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        |    100000 | PA      | $60479.50     | 0.01%             | 2042-10-09      | Variable      | 0.03%                 | No            |                  2 | 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        |    100000 | PA      | $85717.46     | 0.01%             | 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        |      4900 | NS      | $57624.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer