FSREX Holdings List

As of Mar 31, 2025

No.	Symbol	Name	% Weight	Shares
1	n/a	Fidelity Cash Central Fund	6.23%	16,847,851
2	n/a	Mhp 2022-Mh Mezz Sofr+500 1/26	1.93%	5,400,958
3	BX.2019-OC11 E	BX TRUST 3.94399%	1.22%	3,666,000
4	LXP.6.5 PERP C	LXP Industrial Trust 6 1/2 % Cum Conv Pfd Shs Series -C-	1.15%	68,019
5	INVH.5.5 08.15.33	Invitation Homes Operating Partnership Lp 5.5%	1.12%	3,000,000
6	VICI.4.625 12.01.29 144A	Vici Properties Inc 4.625%	1.11%	3,095,000
7	MPW.5 10.15.27	MPT Operating Partnership LP / MPT Finance Corporation 5%	1.08%	3,237,000
8	PECO.2.625 11.15.31	Phillips Edison Grocery Center Operating Partnership I L P 2.625%	0.95%	3,000,000
9	CCI.5.1 05.01.33	Crown Castle Inc. 5.1%	0.90%	2,500,000
10	HILT.2016-HHV F	Hilton Usa Trust 2016-Hhv 4.33328%	0.90%	2,515,000
11	CBG.5.95 08.15.34	CBRE Services Inc 5.95%	0.87%	2,250,000
12	DX.V6.9 PERP C	Dynex Capital Inc FXDFR PRF PERPETUAL USD 25 Ser C	0.85%	89,500
13	SBAC.3.125 02.01.29	SBA Communications Corp. 3.125%	0.84%	2,500,000
14	SUI.2.7 07.15.31	Sun Communities Operating Limited Partnership 2.7%	0.80%	2,500,000
15	SPG.6.25 01.15.34	Simon Property Group LP 6.25%	0.79%	2,000,000
16	TWO.V7.625 PERP B	Two Harbors Investment Corp Conv Cum Red Pfd Registered Shs Series -B-	0.78%	89,612
17	JPMCC.2011-C3 E	JP Morgan Chase Commercial Mortgage Securities Corp. 5.53294%	0.77%	3,078,000
18	AMT.5.65 03.15.33	American Tower Corporation 5.65%	0.76%	2,000,000
19	AMT.5.45 02.15.34	American Tower Corporation 5.45%	0.75%	2,000,000
20	PLD.5.125 01.15.34	Prologis, L.P. 5.125%	0.74%	2,000,000
21	EXR.5.4 02.01.34	Extra Space Storage LP 5.4%	0.74%	2,000,000
22	PLD.5 03.15.34	Prologis, L.P. 5%	0.74%	2,000,000
23	AMH.4.25 02.15.28	American Homes 4 Rent L P 4.25%	0.73%	2,000,000
24	VTR.4.4 01.15.29	Ventas Realty Limited Partnership 4.4%	0.73%	2,000,000
25	PSA.5.35 08.01.53	Public Storage 5.35%	0.71%	2,000,000
26	PLD.5.25 06.15.53	Prologis, L.P. 5.25%	0.70%	2,000,000
27	NLY.V0 PERP F	Annaly Capital Management Inc Cum Conv Red Pfd Registered Shs Series -F-	0.69%	73,400
28	BX.2020-VIVA E	Bx Commercial Mortgage Trust 2018-Bioa 3.54875%	0.66%	2,018,000
29	NLY.V9.70986 PERP G	Annaly Capital Management Inc FXDFR PRF PERPETUAL USD 25 - Ser G	0.66%	70,990
30	DBRG.7.15 PERP I	DigitalBridge Group Inc 7.15 % Cum Conv Red Perp Pfd Registered Shs Series	0.66%	75,785
31	EQIX.2.5 05.15.31	Equinix, Inc. 2.5%	0.65%	2,000,000
32	AMH.2.375 07.15.31	American Homes 4 Rent L P 2.375%	0.63%	2,000,000
33	KIM.6.4 03.01.34	Kimco Realty OP LLC 6.4%	0.63%	1,576,000
34	CCI.2.1 04.01.31	Crown Castle Inc. 2.1%	0.62%	2,000,000
35	EXR.2.35 03.15.32	Extra Space Storage LP 2.35%	0.62%	2,000,000
36	AGNC.V6.875 PERP D	AGNC Investment Corp FXDFR PRF PERPETUAL USD 25 - Ser D 1/1000th Int	0.62%	65,750
37	SGCMS.2019-PREZ F	SG COMMERCIAL MORTGAGE SECURITIES TRUST 3.47706%	0.60%	2,000,000
38	SBRA.5.125 08.15.26	Sabra Health Care Ltd Partnership / Sabra Capital Corp 5.125%	0.60%	1,615,000
39	OHI.4.75 01.15.28	Omega Healthcare Investors, Inc. 4.75%	0.60%	1,616,000
40	MSBAM.2012-C6 D	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 4.06372%	0.59%	2,000,000
41	EQIX.3 07.15.50	Equinix, Inc. 3%	0.58%	2,500,000
42	AMT.5.9 11.15.33	American Tower Corporation 5.9%	0.58%	1,500,000
43	KW.4.75 02.01.30	Kennedy Wilson Inc 4.75%	0.58%	1,755,000
44	JPMBB.2014-C23 UH5	JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 4.7094%	0.58%	1,624,000
45	AGNC.V6.125 PERP F	AGNC Investment Corp FXDFR PRF PERPETUAL USD 25 Series F	0.57%	61,500
46	MSC.2015-MS1 D	Morgan Stanley Capital I Trust 2015-Ms1 4.01756%	0.57%	2,045,000
47	DBRG.7.125 PERP H	DigitalBridge Group Inc 7.125 % Cum Red Perp Registered Pfd Shs Series -H-	0.57%	64,710
48	SREIT.2021-IND G	SREIT TRUST 2021-IND 7.69926%	0.57%	1,573,000
49	CCI.5.8 03.01.34	Crown Castle Inc. 5.8%	0.57%	1,500,000
50	RITM.V0 PERP B	Rithm Capital Corp Series B	0.56%	60,467
51	AMH.5.5 02.01.34	American Homes 4 Rent L P 5.5%	0.56%	1,500,000
52	LAND.5 01.31.26 D	Gladstone Land Corp 5% PRF REDEEM 31/01/2026 USD 25 - Ser D	0.55%	60,000
53	EFC.V6.75 PERP	Ellington Financial Inc FXDFR PRF PERPETUAL USD 25 Ser A	0.54%	58,522
54	SAFE.6.1 04.01.34	Safehold GL Holdings LLC 6.1%	0.53%	1,400,000
55	SPG.4.75 09.26.34	Simon Property Group LP 4.75%	0.53%	1,500,000
56	UMH.6.375 PERP D	UMH Properties Inc PRF PERPETUAL USD 25 - Ser D	0.53%	63,875
57	MSC.2016-BNK2 D	Morgan Stanley Capital I Trust 2016-BNK2 3%	0.53%	2,346,000
58	PLD.5.25 03.15.54	Prologis, L.P. 5.25%	0.53%	1,500,000
59	AMT.4.05 03.15.32	American Tower Corporation 4.05%	0.52%	1,500,000
60	GOOD.6 PERP G	Gladstone Commercial Corp 6% PRF PERPETUAL USD 25 - Ser G	0.49%	64,500
61	MHO.3.95 02.15.30	M/I Homes Inc. 3.95%	0.48%	1,430,000
62	CCI.2.25 01.15.31	Crown Castle Inc. 2.25%	0.47%	1,500,000
63	CCI.2.5 07.15.31	Crown Castle Inc. 2.5%	0.47%	1,500,000
64	SUI.5.7 01.15.33	Sun Communities Operating Limited Partnership 5.7%	0.47%	1,250,000
65	CUBE.2.5 02.15.32	CubeSmart LP 2.5%	0.47%	1,500,000
66	STWD.2021-LIH G	STWD TRUST 2021-LIH 8.634%	0.46%	1,280,000
67	n/a	Equinix, Inc. 2.95%	0.46%	2,000,000
68	DBRG.7.125 PERP J	DigitalBridge Group Inc Cum Conv Red Perp Pfd Shs Series -J-	0.45%	52,749
69	VICI.6.125 04.01.54	VICI Properties LP 6.125%	0.45%	1,254,000
70	n/a	Agellan Portfol 9% 08/07/25	0.45%	1,217,000
71	INN.6.25 PERP E	Summit Hotel Properties Inc 6.25% PRF PERPETUAL USD 25 - Ser E	0.45%	60,784
72	REG.6.25 PERP A	Regency Centers Corp 6.25% PRF PERPETUAL USD - Ser A	0.44%	51,175
73	AGNC.V0 PERP E	AGNC Investment Corp FXDFR PRF PERPETUAL USD 25 Ser E 1/1000	0.44%	46,750
74	INN.5.875 PERP F	Summit Hotel Properties Inc PRF PERPETUAL USD 25 - Ser F	0.43%	61,000
75	COMM.2013-LC6 E	Commercial Mortgage Trust 3.5%	0.43%	1,299,000
76	MPW.4.625 08.01.29	MPT Operating Partnership LP / MPT Finance Corporation 4.625%	0.42%	1,506,000
77	REXR.5.875 PERP B	Rexford Industrial Realty Inc 5.875% PRF PERPETUAL USD 25 - Ser B	0.42%	50,000
78	RITM.V7.5 PERP A	Rithm Capital Corp Pfd	0.41%	43,666
79	SPG.6.65 01.15.54	Simon Property Group LP 6.65%	0.41%	1,000,000
80	JPMDB.2015-WPG PR1	Wp Glimcher Mall Trust 2015-Wp 3.6332%	0.41%	1,168,000
81	AGNC.V0 PERP C	AGNC Investment Corp Deposit Shs Repr 1/1000th Cum Conv Red Pfd Shs Series	0.40%	41,899
82	SAFE.2.85 01.15.32	Safehold GL Holdings LLC 2.85%	0.40%	1,250,000
83	BX.2021-VINO G	BX COMMERCIAL MORTGAGE TRUST 8.38581%	0.39%	1,049,300
84	EXR.5.9 01.15.31	Extra Space Storage LP 5.9%	0.39%	1,000,000
85	CIM.V7.75 PERP C	Chimera Investment Corp Series C	0.39%	45,866
86	MSC.2024-BPR2 A	MORGAN STANLEY CAPITAL I TRUST 2024-BPR2 7.291%	0.38%	991,500
87	O.5.625 10.13.32	Realty Income Corporation 5.625%	0.38%	1,000,000
88	TWO.V8.125 PERP A	Two Harbors Investment Corp A	0.38%	41,635
89	NXPT.2024-STOR E	NXPT COMMERCIAL MORTGAGE TRUST 2024-STOR 6.92673%	0.38%	1,022,000
90	GNL.7.25 PERP A	Global Net Lease Inc Cum Conv Red Perp Preferred Shs Series -A-	0.38%	45,925
91	EXR.5.5 07.01.30	Extra Space Storage LP 5.5%	0.38%	1,000,000
92	SUI.5.5 01.15.29	Sun Communities Operating Limited Partnership 5.5%	0.38%	1,000,000
93	AMT.5.55 07.15.33	American Tower Corporation 5.55%	0.38%	1,000,000
94	GNL.6.875 PERP B	Global Net Lease Inc 6.875% PRF PERPETUAL USD 25 Ser B	0.38%	47,200
95	EQIX.5.5 06.15.34	Equinix Europe 2 Financing Corp LLC 5.5%	0.38%	1,000,000
96	UNIT.10.5 02.15.28 144A	Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Ca	0.38%	958,000
97	ESS.5.5 04.01.34	Essex Portfolio Lp 5.5%	0.38%	1,006,000
98	PLD.4.875 06.15.28	Prologis, L.P. 4.875%	0.37%	1,000,000
99	GSMS.2023-SHIP E	GS MORTGAGE SECURITIES CORPORATION TRUST 2023-SHIP 7.4336%	0.37%	1,000,000
100	SPG.5.85 03.08.53	Simon Property Group LP 5.85%	0.37%	1,000,000
101	PECO.5.75 07.15.34	Phillips Edison Grocery Center Operating Partnership I L P 5.75%	0.37%	1,000,000
102	PSA.5.1 08.01.33	Public Storage 5.1%	0.37%	1,000,000
103	COLD.5.6 05.15.32	Americold Realty Operating Partnership LP 5.6%	0.37%	1,000,000
104	EQT.2024-EXTR B	EQT TRUST 2024-EXTR 5.6546%	0.37%	1,000,000
105	GLPI.5.3 01.15.29	GLP Capital L.P. and GLP Financing II, Inc. 5.3%	0.37%	1,000,000
106	KRG.5.5 03.01.34	Kite Realty Group, L.P. 5.5%	0.37%	1,000,000
107	BX.2025-SPOT E	BX COMMERCIAL MORTGAGE TRUST 2025-SPOT 8.0151%	0.37%	1,000,000
108	VTR.4.75 11.15.30	Ventas Realty Limited Partnership 4.75%	0.37%	1,000,000
109	SREIT.2021-MFP2 J	SREIT COMMERCIAL MORTGAGE TRUST 2021-MFP2 8.34898%	0.36%	1,000,000
110	CUBE.4.375 02.15.29	CubeSmart LP 4.375%	0.36%	1,000,000
111	AMT.3.1 06.15.50	American Tower Corporation 3.1%	0.36%	1,500,000
112	VICI.5.125 05.15.32	VICI Properties LP 5.125%	0.36%	1,000,000
113	O.4 07.15.29	Realty Income Corporation 4%	0.36%	1,000,000
114	KIM.4.6 02.01.33	Kimco Realty Corporation 4.6%	0.36%	1,000,000
115	AMT.3.8 08.15.29	American Tower Corporation 3.8%	0.36%	1,000,000
116	GOOD.6.625 PERP E	Gladstone Commercial Corp PRF PERPETUAL USD 25 Ser E	0.35%	41,125
117	INVH.4.15 04.15.32	Invitation Homes Operating Partnership Lp 4.15%	0.35%	1,000,000
118	O.3.1 12.15.29	Realty Income Corporation 3.1%	0.34%	1,000,000
119	GLPI.4 01.15.31	GLP Capital L.P. and GLP Financing II, Inc. 4%	0.34%	1,000,000
120	HPA.2021-2 G	HOME PARTNERS OF AMERICA 2021-2 TRUST 4.505%	0.34%	960,084
121	PLD.8.54 PERP Q	Prologis Inc 8.54 % Cum Red Pfd Registered Shs Series -Q-	0.34%	16,850
122	VICI.5.625 05.15.52	VICI Properties LP 5.625%	0.34%	1,000,000
123	AMH.3.625 04.15.32	American Homes 4 Rent L P 3.625%	0.34%	1,000,000
124	MSC.2011-C2 D	Morgan Stanley Capital I Trust 2011-C2 5.2128%	0.33%	912,009
125	UNIT.6 01.15.30 144A	Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Ca	0.33%	1,040,000
126	TWO.6.25 01.15.26	Two Harbors Investment Corp. 6.25%	0.33%	904,000
127	MSC.2011-C2 F	Morgan Stanley Capital I Trust 2011-C2 5.2128%	0.33%	1,467,000
128	BX.2024-FNX E	BX TRUST 2024-FNX 8.25792%	0.33%	882,251
129	MSC.2011-C3 G	Morgan Stanley Capital I Trust 2011-C3 4.94296%	0.32%	979,600
130	GNL.3.75 12.15.27 144A	Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75%	0.32%	925,000
131	UBSCM.2012-C1 E	Ubs Commercial Mort Trust 2012-C1 5%	0.32%	926,620
132	n/a	Cash	0.32%	n/a
133	DRH.8.25 PERP	Diamondrock Hospitality Co 8.25% PRF PERPETUAL USD 25 - Ser A	0.32%	34,900
134	BX.2021-SOAR G	BX COMMERCIAL MORTGAGE TRUST 7.23448%	0.32%	876,738
135	DBGS.2018-C1 C	DBGS MORTGAGE TRUST 4.63782%	0.32%	1,000,000
136	REXR.2.125 12.01.30	Rexford Industrial Realty L P 2.125%	0.32%	1,000,000
137	WPC.2.45 02.01.32	W. P. Carey Inc 2.45%	0.31%	1,000,000
138	MSJP.2015-HAUL E	Msjp 2015-Haul 5.0127%	0.31%	1,000,000
139	INVH.2 08.15.31	Invitation Homes Operating Partnership Lp 2%	0.31%	1,000,000
140	CIM.V8 PERP B	Chimera Investment Corp Cum Red Pfd Registered Shs Series -B-	0.31%	35,058
141	BANK.2017-BNK8 E	Bank 2017 Bnk8 2.8%	0.31%	1,848,000
142	EGBLFN.12 11.30.28 144A	EG Global Finance PLC 12%	0.31%	750,000
143	AMH.5.875 PERP G	American Homes 4 Rent 5.875 % Cum Conv Red Pfd Registered Shs of BenefInter	0.31%	37,050
144	GNL.7.5 PERP D	Global Net Lease Inc 7.50% PRF PERPETUAL USD - Ser D	0.30%	34,998
145	PEB.5.7 PERP H	Pebblebrook Hotel Trust 5.70% PRF PERPETUAL USD 25	0.30%	50,200
146	ADC.2.6 06.15.33	Agree LP 2.6%	0.30%	1,000,000
147	LAMR.4 02.15.30	Lamar Media Corp. 4%	0.30%	875,000
148	WPC.2.25 04.01.33	W. P. Carey Inc 2.25%	0.30%	1,000,000
149	BX.2019-IMC G	BX TRUST 7.9653%	0.29%	819,000
150	SWTCH.2024-2A C	SWITCH ABS ISSUER LLC 10.033%	0.29%	750,000
151	PEB.6.375 PERP E	Pebblebrook Hotel Trust 6.375% PRF PERPETUAL USD - Ser E	0.29%	45,192
152	ROCC.2024-CNTR E	ROCK TRUST 2024-CNTR 8.81906%	0.28%	720,000
153	AHH.6.75 PERP A	Armada Hoffler Properties Inc Series A	0.27%	33,250
154	BX.2024-VLT4 F	BX TRUST 2024-VLT4 8.25706%	0.27%	750,000
155	COLD.5.409 09.12.34	Americold Realty Operating Partnership LP 5.409%	0.27%	750,000
156	WLSC.4.625 08.15.28 144A	Williams Scotsman International Inc 4.625%	0.27%	750,000
157	SHO.5.7 PERP I	Sunstone Hotel Investors Inc 5.70% PRF PERPETUAL USD 25 - Ser I	0.27%	38,700
158	NLY.V0 PERP I	Annaly Capital Management Inc Pfd	0.26%	27,900
159	WFCM.2016-BNK1 D	Wells Fargo Commercial Mortgage Trust 2012-Lc5 3%	0.26%	1,260,000
160	GMRE.7.5 PERP A	Global Medical REIT Inc 7.5 % Cum Conv Red Perp Pfd Shs Series -A-	0.26%	27,461
161	MSC.2024-NSTB B	MORGAN STANLEY CAPITAL I TRUST 2024-NSTB 3.9%	0.26%	739,000
162	BX.2022-LBA6 F	BX TRUST 2022-LBA6 7.66918%	0.25%	700,000
163	MHC.2021-MHC G	MHC COMMERCIAL MORTGAGE TRUST 2021-MHC 7.63444%	0.25%	676,800
164	PEB.6.3 PERP F	Pebblebrook Hotel Trust 6.30% PRF PERPETUAL USD - Ser F	0.25%	37,902
165	ADC.4.25 PERP A	Agree Realty Corp 4.25% PRF PERPETUAL USD 25 - Ser A 1/1000th	0.25%	38,700
166	HGVLLC.4.875 07.01.31 144A	Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower	0.24%	740,000
167	MFA.V6.5 PERP C	MFA Financial Inc FXDFR PRF PERPETUAL USD 25 Ser C	0.24%	26,100
168	NNN.5.6 10.15.33	NNN REIT Inc 5.6%	0.24%	634,000
169	RLJ.4 09.15.29 144A	RLJ Lodging Trust LP 4%	0.24%	715,000
170	REG.5.875 PERP B	Regency Centers Corp 5.875% PRF PERPETUAL USD - Ser B	0.23%	28,775
171	JPMCC.2012-CBX E	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 4.69115%	0.23%	685,978
172	MSC.2011-C3 F	Morgan Stanley Capital I Trust 2011-C3 4.94296%	0.22%	636,000
173	PPGLP.2000-C1 A2	Providence Place G 7.75%	0.21%	567,077
174	MSBAM.2013-C9 C	Morgan Stanley Bank Of America Merrill Lynch Trust 3.71626%	0.21%	625,000
175	HEATRU.7.125 PERP B	National Healthcare Properties Inc 7.125% PRF PERPETUAL USD 25 - Ser B	0.21%	40,300
176	UNIT.6.5 02.15.29 144A	Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Ca	0.21%	630,000
177	MHC.2021-MHC F	MHC COMMERCIAL MORTGAGE TRUST 2021-MHC 7.03444%	0.20%	555,200
178	VDCR.2024-1A B	Retained Vantage Data Centers Issuer LLC / Vantage Data Centers Cda Qc4 Ltd	0.20%	553,000
179	GSMS.2011-GC5 D	GS Mortgage Securities Trust 2011-GC5 5.19774%	0.20%	759,236
180	GLPI.6.75 12.01.33	GLP Capital L.P. and GLP Financing II, Inc. 6.75%	0.20%	500,000
181	RITM.V6.375 PERP C	Rithm Capital Corp FXDFR PRF PERPETUAL USD 25 - Ser C	0.19%	20,446
182	SHR.2024-LXRY D	SHR TRUST 2024-LXRY 7.91918%	0.19%	512,000
183	CDR.PR B	Cedar Realty Trust Inc 7.25 % Cum Red Pfd Registered Shs Series -B- Called	0.19%	28,556
184	GSMS.2024-RVR A	GS MORTGAGE SECURITIES CORPORATION TRUST 2024-RVR 4.85176%	0.19%	500,000
185	BRX.5.5 02.15.34	Brixmor Operating Partnership LP 5.5%	0.19%	500,000
186	CONE.2024-DFW1 E	CONE 2024-DWF1 8.20766%	0.18%	500,000
187	O.5.125 02.15.34	Realty Income Corporation 5.125%	0.18%	500,000
188	PMT.V8 PERP B	PennyMac Mortgage Investment Trust Cum Conv Red Perp Pfd Registered Shs Ser	0.18%	20,205
189	SWCH.2025-DATA F	Swch Commercial Mortgage Trust 2025-Data 8.54625%	0.18%	500,000
190	GLPI.5.625 09.15.34	GLP Capital L.P. and GLP Financing II, Inc. 5.625%	0.18%	500,000
191	GLPI.6.25 09.15.54	GLP Capital L.P. and GLP Financing II, Inc. 6.25%	0.18%	500,000
192	OHI.4.5 04.01.27	Omega Healthcare Investors, Inc. 4.5%	0.18%	483,000
193	IPT.2018-INDP E	Independence Plaza Trust 4.996%	0.18%	504,000
194	TIMSQU.8.528 08.01.26 144A	Times Square Hotel Tr 8.528%	0.18%	476,820
195	ENBCN.V6.7037 PERP 1	Enbridge Inc Cum Red Pref Registered Shs Series -1-	0.18%	20,325
196	NHPAP	National Healthcare Properties, Inc.	0.18%	33,000
197	O.3.4 01.15.30	Realty Income Corporation 3.4%	0.17%	500,000
198	BANK.2017-BNK4 D	Bank 2017-Bnk4 3.357%	0.17%	625,000
199	WPC.4.25 10.01.26	W. P. Carey Inc 4.25%	0.17%	459,000
200	HLT.4 05.01.31 144A	Hilton Domestic Operating Co Inc. 4%	0.17%	500,000
201	ADC.2.9 10.01.30	Agree LP 2.9%	0.17%	500,000
202	AMH.6.25 PERP H	American Homes 4 Rent Series H	0.17%	18,925
203	JPMCC.2012-CBX G	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 4%	0.17%	805,000
204	UDR.3 08.15.31	UDR Inc 3%	0.16%	500,000
205	SAFE.2.8 06.15.31	Safehold GL Holdings LLC 2.8%	0.16%	500,000
206	GNL.7.375 PERP E	Global Net Lease Inc 7.375% PRF PERPETUAL USD - Ser E	0.16%	19,100
207	JPMDB.2015-WPG PR2	Wp Glimcher Mall Trust 2015-Wp 3.6332%	0.16%	459,000
208	VTR.2.5 09.01.31	Ventas Realty Limited Partnership 2.5%	0.16%	500,000
209	REXR.2.15 09.01.31	Rexford Industrial Realty L P 2.15%	0.15%	500,000
210	LXP.2.375 10.01.31	LXP Industrial Trust 2.375%	0.15%	500,000
211	RITM.V7 PERP D	Rithm Capital Corp FXDFR PRF PERPETUAL USD 25 - Ser D	0.15%	17,100
212	CTO.6.375 PERP A	CTO Realty Growth Inc 6.375% PRF PERPETUAL USD 25 - Ser A	0.15%	20,000
213	SHO.6.125 PERP H	Sunstone Hotel Investors Inc 6.125% PRF PERPETUAL USD 25 - Ser H	0.15%	20,000
214	BFLD.2024-UNIV D	BFLD COMMERCIAL MORTGAGE TRUST 2024-UNIV 7.01008%	0.14%	381,000
215	PMT.V8.125 PERP A	PennyMac Mortgage Investment Trust Cum Red Pfd Registered Shs of Beneficial	0.14%	14,975
216	PEB.6.375 PERP G	Pebblebrook Hotel Trust PRF PERPETUAL USD 25 - Ser G	0.13%	20,200
217	SELF.2024-STRG E	SELF COMMERCIAL MORTGAGE TRUST 2024-STRG 8.50767%	0.13%	354,000
218	HPA.2021-1 F	HOME PARTNERS OF AMERICA TRUST 3.325%	0.13%	416,982
219	BX.2024-VLT5 B	BX COMMERCIAL MORTGAGE TRUST 2024-VLT5 5.41472%	0.13%	353,000
220	MPW.8.5 02.15.32 144a	MPT Operating Partnership LP / MPT Finance Corporation 8.5%	0.13%	340,000
221	JPMCC.2024-OMNI E	J P MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2024-OMNI 5.99039%	0.13%	356,000
222	MFA.7.5 PERP B	MFA Financial Inc 7.5 % Cum Red Pfd Registered Shs Series -B-	0.13%	16,249
223	WFRBS.2011-C3 D	WFRBS Commercial Mortgage Trust 2011-C2 5.46421%	0.12%	843,916
224	JPMCC.2020-NNN FFX	JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 4.6254%	0.12%	1,406,000
225	BFS.6.125 PERP D	Saul Centers Inc Depositary Shares each representing 1/100th of a share of	0.12%	15,958
226	SOHO.7.875 PERP C	Sotherly Hotels Inc 7.875% PRF PERPETUAL USD 25 - Ser C	0.12%	19,300
227	OPG.2021-PORT J	OPG TRUST 2021-PORT 7.78048%	0.12%	325,000
228	GLP.9.5 PERP B	Global Partners LP 9.50% PRF PERPETUAL USD 25 - Ser B	0.12%	12,200
229	CSWF.2021-SOP2 F	CSWF 2021-SOP2 8.75054%	0.12%	800,000
230	BPR.2024-PARK C	BPR COMMERCIAL MORTGAGE TRUST 2024-PARK 6.38943%	0.11%	303,000
231	JPMCC.2013-LC11 D	JP Morgan Commercial Mortgage Finance Corp 4.28683%	0.11%	1,316,000
232	HPP.4.75 PERP C	Hudson Pacific Properties Inc 4.75% PRF PERPETUAL USD 25 - Ser C	0.11%	22,900
233	SELF.2024-STRG D	SELF COMMERCIAL MORTGAGE TRUST 2024-STRG 7.25948%	0.11%	303,000
234	ABR.V6.25 PERP F	Arbor Realty Trust Inc FXDFR PFS PERPETUAL USD 25 - Ser F	0.11%	14,100
235	GSMS.2012-GCJ9 E	GS Mortgage Securities Corp II 4.36407%	0.11%	355,000
236	BFS.6 PERP E	Saul Centers Inc Depositary Shares each representing 1/100th of a share of	0.10%	13,475
237	NSA.6 PERP A	National Storage Affiliates Trust 6% PRF PERPETUAL USD 25 - Ser A	0.10%	12,325
238	PKHL.2021-MF G	PKHL COMMERCIAL MORTGAGE TRUST 2021-MF 8.78448%	0.10%	500,000
239	LXP.6.75 11.15.28	LXP Industrial Trust 6.75%	0.10%	250,000
240	BX.2024-FNX D	BX TRUST 2024-FNX 7.25936%	0.10%	262,138
241	REXR.5.625 PERP C	Rexford Industrial Realty Inc 5.625% PRF PERPETUAL USD 25 Ser C	0.09%	11,775
242	GSMS.2011-GC5 E	GS Mortgage Securities Trust 2011-GC5 5.19774%	0.09%	848,000
243	CHH.5.85 08.01.34	Choice Hotels International, Inc. 5.85%	0.09%	250,000
244	BPR.2024-PMDW D	BPR TRUST 2024-PMDW 5.85%	0.09%	254,000
245	MHP.2021-STOR G	MHP COMMERCIAL MORTGAGE TRUST 7.18448%	0.09%	250,000
246	JPMDB.2018-C8 D	Jpmdb Commercial Mortgage Secu 3.25666%	0.08%	302,000
247	SOHO.8 PERP B	Sotherly Hotels Inc 8 % Cum Red Pfd Registered Shs Series -B-	0.08%	12,750
248	ABR.6.375 PERP D	Arbor Realty Trust Inc 6.375% PRF PERPETUAL USD 25 - Ser D	0.08%	12,400
249	PRIMA.2020-8A C	Prima Cap Cre Securitization 2020-Vi FRN 3%	0.08%	250,000
250	TMHC.5.875 06.15.27 144A	Taylor Morrison Communities Inc 5.875%	0.07%	202,000
251	AHT.7.5 PERP I	Ashford Hospitality Trust Inc 7.5 % Cum Conv Perp Red Pfd Registered Shs Se	0.07%	12,911
252	WLSC.6.625 04.15.30 144A	Williams Scotsman Inc. 6.625%	0.07%	190,000
253	MSC.2011-C3 E	Morgan Stanley Capital I Trust 2011-C3 4.94296%	0.07%	183,462
254	CD.2017-CD4 D	CD 2017 Cd3 Mortgage Trust 3.3%	0.07%	213,000
255	JPMCC.2011-C3 G	JP Morgan Chase Commercial Mortgage Securities Corp. 4.409%	0.07%	1,680,000
256	AHT.7.375 PERP F	Ashford Hospitality Trust Inc 7 3/8% Cum Pfd Shs Series -F-	0.06%	10,135
257	JPMCC.2018-AON F	J.P. Morgan Chase Commercial Mortgage Securities Trust 4.76697%	0.05%	961,000
258	MSBAM.2012-C6 F	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 4.06372%	0.05%	1,000,000
259	BRX.4.125 05.15.29	Brixmor Operating Partnership LP 4.125%	0.05%	138,000
260	UBSCM.2012-C1 F	Ubs Commercial Mort Trust 2012-C1 5%	0.05%	399,000
261	BHR.8.25 PERP D	Braemar Hotels & Resorts Inc Pfd	0.04%	5,450
262	AHT.7.5 PERP H	Ashford Hospitality Trust Inc 7.5 % Cum Conv Red Pfd Shs Series -H-	0.03%	5,875
263	BPY.5.75 PERP A	Brookfield Property Partners LP 5.75% PRF PERPETUAL USD 25 - Cls A Ser 3	0.03%	7,000
264	GSMS.2011-GC5 C	GS Mortgage Securities Trust 2011-GC5 5.19774%	0.03%	101,000
265	JPMCC.2011-C3 H	JP Morgan Chase Commercial Mortgage Securities Corp. 4.409%	0.03%	1,320,000
266	n/a	BSREP COMMERCIAL MORTGAGE TRUST 8.28448%	0.03%	213,030
267	BPYPP	Brookfield Property Partners LP Cls A Ser 1	0.03%	5,875
268	MSC.2011-C2 XB	Morgan Stanley Capital I Trust 2011-C2 0.47774%	0.03%	21,786,196
269	ADC.4.8 10.01.32	Agree LP 4.8%	0.03%	77,000
270	LXP.2.7 09.15.30	LXP Industrial Trust 2.7%	0.03%	78,000
271	n/a	BSREP COMMERCIAL MORTGAGE TRUST 7.28448%	0.02%	91,177
272	COMM.2018-HCLV F	Comm Mtg Tr 2018-Hclv 7.66501%	0.01%	735,000
273	WFRBS.2013-C11 E	WF-RBS Commercial Mortgage Trust 3.80648%	0.01%	53,000
274	VICI.5.75 04.01.34	VICI Properties LP 5.75%	0.01%	32,000
275	WFRBS.2013-C13 D	WF-RBS Commercial Mortgage Trust 3.93132%	0.01%	36,173
276	COMM.2017-COR2 D	Comm 2017-Panw Mortgage Trust 3%	0.01%	31,000
277	ADC.5.625 06.15.34	Agree LP 5.625%	0.01%	25,000
278	SRG.7 PERP A	Seritage Growth Properties 7% PFS PERPETUAL USD 25	0.01%	1,050
279	OHI.5.25 01.15.26	Omega Healthcare Investors, Inc. 5.25%	0.01%	22,000
280	CWK.L 01.31.30 7	CUSHMAN & WAKE TM B 1LN 1/30	0.01%	19,450
281	WFRBS.2011-C4I G	WF-RBS Commercial Mortgage Trust 5%	0.01%	45,000
282	BMARK.2019-B14 225D	BENCHMARK MORTGAGE TRUST 3.2943%	0.01%	573,000
283	BMARK.2019-B14 225E	BENCHMARK MORTGAGE TRUST 3.2943%	0.00%	859,000
284	COMM.2018-HCLV G	Comm Mtg Tr 2018-Hclv 9.67134%	0.00%	735,000
285	JPMCC.2013-LC11 F	JP Morgan Commercial Mortgage Finance Corp 3.25%	0.00%	482,000
286	AMH.5.5 07.15.34	American Homes 4 Rent L P 5.5%	0.00%	3,000
287	JPMCC.2014-DSTY E	J.P. Morgan Chase Commercial Mortgage Securities Trust 3.8046%	0.00%	924,000
288	GSMS.2011-GC5 F	GS Mortgage Securities Trust 2011-GC5 4.5%	0.00%	677,000
289	PECO.4.95 01.15.35	Phillips Edison Grocery Center Operating Partnership I L P 4.95%	0.00%	2,000
290	GSMS.2018-RIVR G	GS Mortgage Securities Corp 7.216%	0.00%	669,000
291	n/a	Retail Value Inc	0.00%	24,066
292	AH4R.2015-SFR2 XS	American Homes 4 Rent 0%	0.00%	867,947
293	CBL.4.6 10.15.24	CBL & Associates Limited Partnership 4.6%	0.00%	3,930,000
294	CBL.5.25 12.01.23	CBL & Associates Limited Partnership 5.25%	0.00%	3,629,000
295	CBL.5.95 12.15.26	CBL & Associates Limited Partnership 5.95%	0.00%	2,551,000

As of Mar 31, 2025

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Asset Allocation

Asset Class	% Weight
Bond	71.18%
Not Classified	23.26%
Cash	5.56%

Sector Breakdown

Sector	% Weight
Other	88.77%
Real Estate	10.63%
Financials	0.54%
Information Technology	0.04%
Materials	0.02%

Country Breakdown

Sector	% Weight
United States	94.37%
Other	5.14%
Canada	0.42%
Bermuda	0.04%
United Kingdom	0.03%