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        <name>DIGITAL RLTY TR INC</name>
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        <name>GS MTG SECS TR 2012-GCJ9</name>
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        <name>CITIGROUP COML MTG TR 2015-SHP2</name>
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        <name>VEREIT OPER PARTNERSHIP LP</name>
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        <name>MID AMERICA APTS LP</name>
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        <name>OCWEN LOAN SERVICING LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BLACKSTONE MTG TR INC</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MORTGAGE TRUST TERM B 1LN 04/16/2026</title>
        <cusip>09259GAB9</cusip>
        <identifiers>
          <isin value="US09259GAB95"/>
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        <name>IMT TR 2017-APTS</name>
        <lei>N/A</lei>
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        <name>GLADSTONE COMMERCIAL CORP</name>
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        <name>DBUBS 2011-LC1 MTG TR</name>
        <lei>N/A</lei>
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        <cusip>233050AL7</cusip>
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        <name>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A</title>
        <cusip>20048KAL1</cusip>
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        <name>LGI HOMES INC</name>
        <lei>549300W02B4WNV8CV109</lei>
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        <name>SENIOR HOUSING PPTYS TR</name>
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        <name>SUMMIT HOTEL PPTYS INC</name>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR FINANCIAL TERM B 1LN 06/28/2023</title>
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        <name>JPMBB COML MTG SECS TR 2014-C23</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A</title>
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          <isin value="US46643AAQ67"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <name>PEBBLEBROOK HOTEL TR</name>
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        <name>PROGRESS RESIDENTIAL 2015-SFR3 TR</name>
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        <name>LTF MERGER SUB INC</name>
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        <name>WFRBS COML MTG TR 2011-C5</name>
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        <name>LEXINGTON CORP PPTYS TR REIT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ARMADA HOFFLER PPTYS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
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        <name>LEXINGTON CORP PPTYS TR REIT</name>
        <lei>549300S4MH2ICXDBFV43</lei>
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        <cusip>529043AC5</cusip>
        <identifiers>
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          <couponKind>Fixed</couponKind>
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        <name>VERITAS-B JUNIOR MEZZ C, LLC</name>
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        <name>GS MORTGAGE SECURITIES CORPORATION II</name>
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        <title>GSMS 2012-GC6 C CSTR 1/45</title>
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          <couponKind>Variable</couponKind>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
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          <isin value="US45031UCD19"/>
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        <valUSD>791358.75000000</valUSD>
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          <couponKind>Fixed</couponKind>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
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        <name>LEXINGTON CORP PPTYS TR REIT</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LEXINGTON REALTY TRUST REIT</title>
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        <name>TRICON AMERN HOMES 2017-SFR1 TR</name>
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        <title>TRICON AMERN HOMES 2017-SFR1 TR 2017-SFR1 F 5.151% 09/17/2034 144A</title>
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        <name>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
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        <name>AVALONBAY COMMUNITIES INC</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AVALONBAY COMMUNITIES INC REIT</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>BX TRUST 2019</name>
        <lei>N/A</lei>
        <title>BX TRUST 2019 1ML+265 10/15/2036 144A</title>
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        <curCd>USD</curCd>
        <valUSD>2212023.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VEREIT INC</name>
        <lei>5493002H54FNIBW75H44</lei>
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          <isin value="US92339V2097"/>
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        <balance>250597.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RWT HOLDINGS INC</name>
        <lei>Z31FN4C0IQMCYFAEUP31</lei>
        <title>RWT HOLDINGS INC CONV 5.75% 10/01/2025 144A</title>
        <cusip>749772AC3</cusip>
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          <isin value="US749772AC38"/>
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        <balance>5050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5113609.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>REDWOOD TRUST INC</name>
              <title>REDWOOD TRUST INC REIT</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW HOME CO INC</name>
        <lei>549300PLCE8TB3TVRQ85</lei>
        <title>NEW HOME CO INC 7.25% 04/01/2022</title>
        <cusip>645370AB3</cusip>
        <identifiers>
          <isin value="US645370AB35"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 4.25% 10/01/26</title>
        <cusip>92936UAE9</cusip>
        <identifiers>
          <isin value="US92936UAE91"/>
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        <balance>998000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1077511.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRI POINTE GROUP INC</name>
        <lei>N/A</lei>
        <title>TRI POINTE GROUP INC 5.25% 06/01/2027</title>
        <cusip>87265HAF6</cusip>
        <identifiers>
          <isin value="US87265HAF64"/>
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        <balance>2522000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2610270.00000000</valUSD>
        <pctVal>0.243439604787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FIDELITY REVERE STREET TRUST</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Cash Central Fund</title>
        <cusip>31635A105</cusip>
        <identifiers>
          <isin value="US31635A1051"/>
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        <balance>57388321.93900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57399799.60000000</valUSD>
        <pctVal>5.353233393300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MRP GENERATION HOLDINGS LLC</name>
        <lei>N/A</lei>
        <title>MIDDLE RIVER POWER TERM B 10/18/2022</title>
        <cusip>55347JAB0</cusip>
        <identifiers>
          <isin value="US55347JAB08"/>
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        <balance>2545654.33000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2494741.24000000</valUSD>
        <pctVal>0.232665134838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.08785880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027</title>
        <cusip>55342UAH7</cusip>
        <identifiers>
          <isin value="US55342UAH77"/>
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        <balance>4237000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4459442.50000000</valUSD>
        <pctVal>0.415897558403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>QTS RLTY TR INC</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS RLTY TR INC PC 6.5% PERP</title>
        <cusip>74736A301</cusip>
        <identifiers>
          <isin value="US74736A3014"/>
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        <balance>8475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1071247.74000000</valUSD>
        <pctVal>0.099906954627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SBA COMMUNICATIONS CORP</name>
        <lei>5299001HX8ZN8Y8QIT49</lei>
        <title>SBA COMMUNICATIONS CORP 4% 10/01/2022</title>
        <cusip>78410GAB0</cusip>
        <identifiers>
          <isin value="US78410GAB05"/>
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        <balance>487000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>496813.05000000</valUSD>
        <pctVal>0.046333893637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.75% 01/15/2028</title>
        <cusip>681936BK5</cusip>
        <identifiers>
          <isin value="US681936BK50"/>
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        <balance>1616000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1766631.72000000</valUSD>
        <pctVal>0.164760016290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FELCOR LODGING LP</name>
        <lei>N/A</lei>
        <title>FELCOR LODGING LP 6% 6/1/25</title>
        <cusip>31430QBG1</cusip>
        <identifiers>
          <isin value="US31430QBG10"/>
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        <balance>1281000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1337043.75000000</valUSD>
        <pctVal>0.124695683620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.15% SER I PERP PFD</title>
        <cusip>19626G603</cusip>
        <identifiers>
          <isin value="US19626G6035"/>
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        <balance>205785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4897683.00000000</valUSD>
        <pctVal>0.456768845328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LIGHTSTONE HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>LIGHTSTONE HOLDCO TERM C 1LN 01/30/2024</title>
        <cusip>53226GAH4</cusip>
        <identifiers>
          <isin value="US53226GAH48"/>
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        <balance>104733.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97270.95000000</valUSD>
        <pctVal>0.009071705848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05535880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DBCCRE 2014-ARCP MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A</title>
        <cusip>23305MAL9</cusip>
        <identifiers>
          <isin value="US23305MAL90"/>
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        <balance>2168000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2206172.41000000</valUSD>
        <pctVal>0.205752561836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04934500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP</name>
        <lei>N/A</lei>
        <title>BROOKFIELD RESIDENTIAL PPTYS INC / US CORP 6.25% 09/15/2027 144A</title>
        <cusip>11283YAB6</cusip>
        <identifiers>
          <isin value="US11283YAB65"/>
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        <balance>1467000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1496340.00000000</valUSD>
        <pctVal>0.139552007351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027</title>
        <cusip>681936BF6</cusip>
        <identifiers>
          <isin value="US681936BF65"/>
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        <balance>483000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>521562.96000000</valUSD>
        <pctVal>0.048642125471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TPF II POWER LLC</name>
        <lei>5493000R3E1L1VM1V279</lei>
        <title>TPF II TERM B 10/02/23</title>
        <cusip>87264NAB3</cusip>
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        <name>COMM 2013-LC6 MTG TR</name>
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        <name>LEXINGTON CORP PPTYS TR REIT</name>
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        <name>J P MORGAN CHASE COML MTG SECS TR 2013-LC11</name>
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        <cusip>46639YAX5</cusip>
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        <name>BX TR 2018-IND</name>
        <lei>N/A</lei>
        <title>BX TR 2018-EXCL 1ML+300 11/15/2035 144A</title>
        <cusip>056059AU2</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>SAUL CENTERS INC</name>
        <lei>N/A</lei>
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        <identifiers>
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        <assetCat>EP</assetCat>
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        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HBRS INVT CORP</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SITE CENTERS CORP</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
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        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JPMDB COML MTG SECS TR 2018-C8</name>
        <lei>N/A</lei>
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        <cusip>46591AAG0</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>280273.49000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>BX TR 2018-IND</name>
        <lei>N/A</lei>
        <title>BX COML MTG TR 2018-IND G 1ML+218.9 11/15/2035 144A</title>
        <cusip>056059AS7</cusip>
        <identifiers>
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          <couponKind>Variable</couponKind>
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        <name>CBS OUTDOOR AMERS CAP LLC / CBS OUTDOOR AMERS CAP CORP</name>
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        <cusip>12505FAD3</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY CAP CITIGROUP TR 2016-SNR</name>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>AG MORTGAGE INVESTMENT TR INC</name>
        <lei>549300SNP0PBR2XTFR48</lei>
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        <assetCat>EP</assetCat>
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        <name>ARC PROPERTIES OPERATING PARTNERSHIP LP/CLARK ACQUISITION</name>
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        <cusip>03879QAF1</cusip>
        <identifiers>
          <isin value="US03879QAF19"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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        <name>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
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          <isin value="US59001ABA97"/>
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        <curCd>USD</curCd>
        <valUSD>1013927.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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        <name>ARLINGTON ASSET INVT CORP</name>
        <lei>549300LA9ZT7L8G7IT53</lei>
        <title>ARLINGTON ASSET 6.625 PFD 5/1/23</title>
        <cusip>041356304</cusip>
        <identifiers>
          <isin value="US0413563042"/>
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        <curCd>USD</curCd>
        <valUSD>909591.30000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DIGITAL RLTY TR INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>DIGITAL RLTY TR 5.875 PFD PRP G</title>
        <cusip>253868889</cusip>
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          <isin value="US2538688894"/>
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        <balance>28720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>729200.80000000</valUSD>
        <pctVal>0.068006893755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 F CSTR 5/10/45 144A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHFORD HOSPITALITY TRUST INC</name>
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        <name>APOLLO COML REAL ESTAT FIN INC</name>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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        <name>BROOKFIELD RESIDENTIAL PPTYS INC / BROOKFIELD RESIDENTIAL US CORP</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>GPMT 2019-FL2 LTD</name>
        <lei>N/A</lei>
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          <isin value="US36259BAJ61"/>
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        <fairValLevel>2</fairValLevel>
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        <name>INVITATION HOMES 2018-SFR2 TR</name>
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        <cusip>46185HAL6</cusip>
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          <isin value="US46185HAL69"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>WF-RBS COML MTG TR 2012-C8</name>
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        <title>WFRBS 2012-C8 E CSTR 8/45</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CORESITE RLTY CORP</name>
        <lei>549300H0YYORITFM2B74</lei>
        <title>CORESITE REALTY CORP</title>
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          <isin value="US21870Q1058"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>GLADSTONE LD CORP</name>
        <lei>54930002B3Q17H38FG74</lei>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>GLOBAL PARTNERS LP / GLP FIN CORP</name>
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          <couponKind>Fixed</couponKind>
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        <name>PROGRESS RESIDENTIAL 2019-SFR3 TR</name>
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        <cusip>74332WAL7</cusip>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>SENIOR HOUSING PPTYS TR</name>
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        <cusip>81721MAM1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ESH HOSPITALITY INC</name>
        <lei>54930042FMK7X7SQ2896</lei>
        <title>EXTENDED STAY TERM 1LN 09/18/2026</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.03785880</annualizedRt>
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        <name>MORGAN STANLEY CAP I TR 2015-UBS8</name>
        <lei>N/A</lei>
        <title>MSC 2015-UBS8 D 3.18% 12/48 144A</title>
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          <isin value="US61691AAQ67"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>AG MORTGAGE INVESTMENT TR INC</name>
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        <title>AG MTG INVT 8.25 PRP</title>
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          <isin value="US0012282044"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MARRIOTT OWNERSHIP RESORTS INC / ILG LLC</name>
        <lei>N/A</lei>
        <title>MARRIOTT OWNERSHIP RESORTS INC / ILG LLC 6.5% 09/15/2026</title>
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          <isin value="US57165PAB13"/>
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        <curCd>USD</curCd>
        <valUSD>48655.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CYRUSONE LP/CYRUSONE FIN CORP</name>
        <lei>N/A</lei>
        <title>CYRUSONE LP/CYRUSONE FIN CORP 5% 03/15/2024</title>
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          <isin value="US23283PAG90"/>
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        <balance>655000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>675468.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>MONMOUTH REAL ESTATE INVT CORP</name>
        <lei>549300DFIUDCN3KVN260</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6</name>
        <lei>N/A</lei>
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        <cusip>61761DAQ5</cusip>
        <identifiers>
          <isin value="US61761DAQ51"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2082743.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04607967</annualizedRt>
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      <invstOrSec>
        <name>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ</name>
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        <title>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ E 1ML+300 06/15/2032 144A</title>
        <cusip>46649VAN1</cusip>
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          <isin value="US46649VAN10"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>KB HOME</name>
        <lei>549300LGUCWQURMWLG09</lei>
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          <isin value="US48666KAX72"/>
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        <valUSD>38760.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06875000</annualizedRt>
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        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>COLONY CAP INC</name>
        <lei>G6ZRFL75MXIO4KJEP931</lei>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>COLONY CAPITAL INC</title>
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        <name>WFRBS COML MTG TR 2011-C5</name>
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        <title>WFRBS 2011-C5 C CSTR 11/44</title>
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          <isin value="US92936JAJ34"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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        <title>FHMS K012 X3 1/41</title>
        <cusip>3137A8PR3</cusip>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.02252218</annualizedRt>
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      <invstOrSec>
        <name>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ</name>
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        <title>JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP 2018-LAQ 1ML+160 06/15/2032 144A</title>
        <cusip>46649VAJ0</cusip>
        <identifiers>
          <isin value="US46649VAJ08"/>
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        <balance>1877695.49300000</balance>
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        <curCd>USD</curCd>
        <valUSD>1882987.40000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03513500</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>GRANITE POINT MORTGAGE TRUST INC</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>GRANITE POINT MORTGAGE TRUST INC CONV 6.375% 10/01/2023</title>
        <cusip>38741LAC1</cusip>
        <identifiers>
          <isin value="US38741LAC19"/>
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        <balance>1901000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1977040.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>BEAZER HOMES USA INC</name>
        <lei>549300DUPYT2T0F60I45</lei>
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        <cusip>07556QBR5</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
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          <annualizedRt>0.05875000</annualizedRt>
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        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PPTYS INC 6.75% SER D PFD PERP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>MSJP 2015-HAUL</name>
        <lei>N/A</lei>
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        <name>FARMLAND PARTNERS INC</name>
        <lei>549300LB188CHPZ4IL37</lei>
        <title>FARMLAND PARTNERS INC 6% PFD PERP B</title>
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          <isin value="US31154R2085"/>
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        <curCd>USD</curCd>
        <valUSD>2834951.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROVIDENCE PLACE GROUP LTD PARTNERSHIP</name>
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          <isin value="US743784AB61"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER C 7.875% PERP PFD</title>
        <cusip>83600C400</cusip>
        <identifiers>
          <isin value="US83600C4006"/>
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        <curCd>USD</curCd>
        <valUSD>493230.80000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>GS MTG SECS TR 2013-GCJ16</name>
        <lei>N/A</lei>
        <title>GSMS 2013-GC16 F 3.5% 11/10/2046</title>
        <cusip>36248GAT7</cusip>
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          <isin value="US36248GAT76"/>
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        <balance>1510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1224851.15000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-10</maturityDt>
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        <securityLending>
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        <name>CGMS COML MTG TR 2017-MDDR</name>
        <lei>N/A</lei>
        <title>CGCMT 2017-MDRB E 1ML+387.15 7/22</title>
        <cusip>125333BE3</cusip>
        <identifiers>
          <isin value="US125333BE30"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
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        <fairValLevel>2</fairValLevel>
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            <dbtSecRefInstrument>
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              <title>REDWOOD TRUST INC REIT</title>
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        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
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        <cusip>12505JAD5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CSAIL 2017-C8 COML MTG TR</name>
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        <cusip>12595BAK7</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04470070</annualizedRt>
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      <invstOrSec>
        <name>WELLS FARGO REAL ESTATE INVESTMENT CORP</name>
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        <title>WELLS FARGO REAL ESTATE INVESTMENT CORP 6.375% PFD PERP</title>
        <cusip>94988N207</cusip>
        <identifiers>
          <isin value="US94988N2071"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>627252.50000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KB HOME</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME 4.8% 11/15/2029</title>
        <cusip>48666KAY5</cusip>
        <identifiers>
          <isin value="US48666KAY55"/>
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        <balance>1452000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1463797.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CALI MTG TR 2019-101C</name>
        <lei>N/A</lei>
        <title>CALI MTG TR 2019-101C CSTR 03/10/2039 144A</title>
        <cusip>129890AQ2</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>673618.34000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-10</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>ALBERTSONS LLC</name>
        <lei>549300MBYHQDK18CKL60</lei>
        <title>ALBERTSONS TERM B8 1LN 08/17/2026</title>
        <cusip>01310TAW9</cusip>
        <identifiers>
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        <balance>402371.78000000</balance>
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        <curCd>USD</curCd>
        <valUSD>404307.19000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-17</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC CONV 4.75% 08/15/2023</title>
        <cusip>758075AC9</cusip>
        <identifiers>
          <isin value="US758075AC90"/>
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        <balance>1805000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1819094.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
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              <title>REDWOOD TRUST INC REIT</title>
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      <invstOrSec>
        <name>GS MTG SECS TR 2016-GS2</name>
        <lei>N/A</lei>
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        <cusip>36252TAA3</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBS COML MTG TR 2012-C1 E CSTR 05/10/2045 144A</title>
        <cusip>90269GAQ4</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP 7.75% PREF PERP</title>
        <cusip>00123Q302</cusip>
        <identifiers>
          <isin value="US00123Q3020"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>860273.61000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RETAIL VALUE INC</name>
        <lei>549300VO5RB7323N1Z31</lei>
        <title>RETAIL VALUE INC</title>
        <cusip>76133Q102</cusip>
        <identifiers>
          <isin value="US76133Q1022"/>
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        <balance>21794.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>797878.34000000</valUSD>
        <pctVal>0.074411914383</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CSMC 2019-SKLZ</name>
        <lei>N/A</lei>
        <title>CSMC 2019-SKLZ D 1ML+400 01/15/2034 144A</title>
        <cusip>12655GAL1</cusip>
        <identifiers>
          <isin value="US12655GAL14"/>
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        <balance>1430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1439838.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05513500</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2014-DSTY</name>
        <lei>N/A</lei>
        <title>JPMCC 2014-DSTY E CSTR 06/27</title>
        <cusip>46642MAN8</cusip>
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          <isin value="US46642MAN83"/>
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        <curCd>USD</curCd>
        <valUSD>328749.59000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2016-BNK2</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A</title>
        <cusip>61690YAC6</cusip>
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          <isin value="US61690YAC66"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN FINANCE TRUST INC</name>
        <lei>549300GN4H0K3IUS8983</lei>
        <title>AMERICAN FINANCE TRUST INC SER A 7.5% PFD PERP</title>
        <cusip>02607T406</cusip>
        <identifiers>
          <isin value="US02607T4067"/>
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        <curCd>USD</curCd>
        <valUSD>1233960.63000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RWT HOLDINGS INC</name>
        <lei>Z31FN4C0IQMCYFAEUP31</lei>
        <title>RWT HOLDINGS INC CONV 5.625% 11/15/2019</title>
        <cusip>749772AB5</cusip>
        <identifiers>
          <isin value="US749772AB54"/>
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        <balance>11117000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11125260.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>REDWOOD TRUST INC</name>
              <title>REDWOOD TRUST INC REIT</title>
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                <cusip value="758075402"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="21.65450000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2012-LC5</name>
        <lei>N/A</lei>
        <title>WELLS FARGO COML MTG TR 12-LC5 CSTR 10/15/2045</title>
        <cusip>94988HAT8</cusip>
        <identifiers>
          <isin value="US94988HAT86"/>
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        <balance>774000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727555.20000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP</title>
        <cusip>035710862</cusip>
        <identifiers>
          <isin value="US0357108622"/>
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        <balance>126950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3277849.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD</title>
        <cusip>02665T868</cusip>
        <identifiers>
          <isin value="US02665T8687"/>
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        <balance>18925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>511921.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>READY CAPITAL CORP</name>
        <lei>549300MYWGZUG7ZUYO87</lei>
        <title>READY CAPITAL CORP 6.2% PFD 07/30/26</title>
        <cusip>75574U408</cusip>
        <identifiers>
          <isin value="US75574U4085"/>
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        <balance>80450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2080437.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CEDAR RLTY TR INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR RLTY TR I 7.25% PFD PERP</title>
        <cusip>150602407</cusip>
        <identifiers>
          <isin value="US1506024074"/>
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        <balance>40856.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1037672.94000000</valUSD>
        <pctVal>0.096775693860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT 4.9% 02/15/2029</title>
        <cusip>02666TAB3</cusip>
        <identifiers>
          <isin value="US02666TAB35"/>
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        <balance>511000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>580602.30000000</valUSD>
        <pctVal>0.054148266060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04900000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUMBERLAND FARMS INC</name>
        <lei>549300APWECR47DZ8Q74</lei>
        <title>CUMBERLAND FARMS INC 6.75% 05/01/2025 144A</title>
        <cusip>23062PAE1</cusip>
        <identifiers>
          <isin value="US23062PAE16"/>
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        <balance>388000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415858.40000000</valUSD>
        <pctVal>0.038783882335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENIOR HOUSING PPTYS TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING PPTYS TR 4.75% 05/01/24</title>
        <cusip>81721MAK5</cusip>
        <identifiers>
          <isin value="US81721MAK53"/>
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        <balance>12480000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12919285.52000000</valUSD>
        <pctVal>1.204881395844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARBOR RLTY TR INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR RLTY TR INC 7.5% PFD PERP</title>
        <cusip>038923702</cusip>
        <identifiers>
          <isin value="US0389237027"/>
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        <balance>42675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1113736.42000000</valUSD>
        <pctVal>0.103869543734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2012-GCJ7</name>
        <lei>N/A</lei>
        <title>GSMS 2012-GCJ7 C 5.721% 5/45</title>
        <cusip>36192KAY3</cusip>
        <identifiers>
          <isin value="US36192KAY38"/>
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        <balance>3573000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3764243.75000000</valUSD>
        <pctVal>0.351061771703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05685797</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLUEROCK RESIDENTIAL GROWTH REIT INC</name>
        <lei>549300KWLV0TGICOUU26</lei>
        <title>BLUEROCK RESIDENTIAL GROWTH REIT INC 7.625% SER C PREF PERP</title>
        <cusip>09627J748</cusip>
        <identifiers>
          <isin value="US09627J7485"/>
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        <balance>44175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1145016.00000000</valUSD>
        <pctVal>0.106786747162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOTHERLY HOTELS INC</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC SER B 8% PERP PFD</title>
        <cusip>83600C301</cusip>
        <identifiers>
          <isin value="US83600C3016"/>
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        <balance>12750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>331500.00000000</valUSD>
        <pctVal>0.030916429713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS CORP TR 2016-RENT</name>
        <lei>N/A</lei>
        <title>GSMS 2016-REMZ MZB 7.727% 2/10/21</title>
        <cusip>36251TAA4</cusip>
        <identifiers>
          <isin value="US36251TAA43"/>
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        <balance>5857000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5946038.11000000</valUSD>
        <pctVal>0.554540782199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07727000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C3</name>
        <lei>N/A</lei>
        <title>WFRBS 2011-C3 D CSTR 3/44</title>
        <cusip>92935VAS7</cusip>
        <identifiers>
          <isin value="US92935VAS79"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874658.40000000</valUSD>
        <pctVal>0.081572594107</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05683100</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WILLIAM LYON HOMES INC</name>
        <lei>5493001MTHCP4IWKJU06</lei>
        <title>WILLIAM LYON HOMES INC 5.875% 01/31/2025</title>
        <cusip>96926DAR1</cusip>
        <identifiers>
          <isin value="US96926DAR17"/>
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        <balance>2028000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2063490.00000000</valUSD>
        <pctVal>0.192445681896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLOBAL PARTNERS LP / GLP FIN CORP</name>
        <lei>N/A</lei>
        <title>GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027 144A</title>
        <cusip>37954FAF1</cusip>
        <identifiers>
          <isin value="US37954FAF18"/>
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        <balance>2045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2127147.65000000</valUSD>
        <pctVal>0.198382536381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VEREIT INC</name>
        <lei>5493002H54FNIBW75H44</lei>
        <title>VEREIT INC</title>
        <cusip>92339V100</cusip>
        <identifiers>
          <isin value="US92339V1008"/>
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        <balance>51200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503808.00000000</valUSD>
        <pctVal>0.046986258283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRICON AMERN HOMES 2016-SFR1 TR</name>
        <lei>N/A</lei>
        <title>TRICON AMERICAN HOMES 2016-SFR1 F 5.769% 11/17/33 144A</title>
        <cusip>89613BAF4</cusip>
        <identifiers>
          <isin value="US89613BAF40"/>
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        <balance>1310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1344766.75000000</valUSD>
        <pctVal>0.125415947833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05769000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER F 5.875% PFD PERP</title>
        <cusip>02665T884</cusip>
        <identifiers>
          <isin value="US02665T8844"/>
        </identifiers>
        <balance>47683.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1242618.98000000</valUSD>
        <pctVal>0.115889418869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSMC 2019-ICE4</name>
        <lei>N/A</lei>
        <title>CSMC 2019-ICE4 1ML+265.535 05/15/2036 144A</title>
        <cusip>12653VAL0</cusip>
        <identifiers>
          <isin value="US12653VAL09"/>
        </identifiers>
        <balance>1733000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1741695.33000000</valUSD>
        <pctVal>0.162434392915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04563500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TR</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD</title>
        <cusip>70509V605</cusip>
        <identifiers>
          <isin value="US70509V6056"/>
        </identifiers>
        <balance>51314.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1291573.38000000</valUSD>
        <pctVal>0.120455015451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>SAUL CENTERS INC 6% SER E PFD PERP</title>
        <cusip>804395879</cusip>
        <identifiers>
          <isin value="US8043958797"/>
        </identifiers>
        <balance>13475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>357583.38000000</valUSD>
        <pctVal>0.033349023934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C31 CSTR 11/15/2049 144A</title>
        <cusip>61766RAJ5</cusip>
        <identifiers>
          <isin value="US61766RAJ59"/>
        </identifiers>
        <balance>1517000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1291569.25000000</valUSD>
        <pctVal>0.120454630278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR REAL ESTATE FINANCE TRUST INC</name>
        <lei>N/A</lei>
        <title>KKR REAL ESTATE FIN TR INC CONV 6.125% 05/15/2023</title>
        <cusip>48251KAB6</cusip>
        <identifiers>
          <isin value="US48251KAB61"/>
        </identifiers>
        <balance>1491000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1554281.01000000</valUSD>
        <pctVal>0.144955715233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>KKR REAL ESTATE FINANCE TRUST INC</name>
              <title>KKR REAL ESTATE FINANCE TRUST INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="48251K100"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="22.75900000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HOME PARTNERS AMER 2018-1 TR</name>
        <lei>N/A</lei>
        <title>HOME PARTNERS AMER 2018-1 TR 2018-1 F 1ML+235 07/17/2037 144A</title>
        <cusip>43730WAL0</cusip>
        <identifiers>
          <isin value="US43730WAL00"/>
        </identifiers>
        <balance>604000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602440.53000000</valUSD>
        <pctVal>0.056184948120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04239130</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A</title>
        <cusip>92939VAL8</cusip>
        <identifiers>
          <isin value="US92939VAL80"/>
        </identifiers>
        <balance>1168000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1009453.81000000</valUSD>
        <pctVal>0.094143914828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03516000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CGMS COML MTG TR 2017-MDDR</name>
        <lei>N/A</lei>
        <title>CGCMT 2017-MDRB D 1ML+325 07/15/2022 144A</title>
        <cusip>125333BC7</cusip>
        <identifiers>
          <isin value="US125333BC73"/>
        </identifiers>
        <balance>69000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>68976.26000000</valUSD>
        <pctVal>0.006432879922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05163500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP MIDSTREAM LP 7.95/VAR PERP PFD</title>
        <cusip>23311P308</cusip>
        <identifiers>
          <isin value="US23311P3082"/>
        </identifiers>
        <balance>26209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>657583.81000000</valUSD>
        <pctVal>0.061327733461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PPTYS 1 LLC</name>
        <lei>549300XI4XP4JVS3XU20</lei>
        <title>VICI TERM B 1LN 12/22/2024</title>
        <cusip>92565EAB9</cusip>
        <identifiers>
          <isin value="US92565EAB92"/>
        </identifiers>
        <balance>3765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3776106.75000000</valUSD>
        <pctVal>0.352168141555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03850250</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M/I HOMES INC</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 5.625% 08/01/2025</title>
        <cusip>55305BAQ4</cusip>
        <identifiers>
          <isin value="US55305BAQ41"/>
        </identifiers>
        <balance>1518000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1578720.00000000</valUSD>
        <pctVal>0.147234949974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP</name>
        <lei>N/A</lei>
        <title>ICAHN ENTERPRISES LP/FIN CORP 6.25% 05/15/2026</title>
        <cusip>451102BT3</cusip>
        <identifiers>
          <isin value="US451102BT32"/>
        </identifiers>
        <balance>56000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59360.00000000</valUSD>
        <pctVal>0.005536046056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMMIT HOTEL PPTYS INC</name>
        <lei>N/A</lei>
        <title>SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP</title>
        <cusip>866082605</cusip>
        <identifiers>
          <isin value="US8660826053"/>
        </identifiers>
        <balance>48387.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1294352.25000000</valUSD>
        <pctVal>0.120714179068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNEY JC CORP INC</name>
        <lei>8TDNUQ07MEFMWW1VHP39</lei>
        <title>JC PENNEY TERM B 06/23/23</title>
        <cusip>46611NAJ2</cusip>
        <identifiers>
          <isin value="US46611NAJ28"/>
        </identifiers>
        <balance>919209.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>807985.18000000</valUSD>
        <pctVal>0.075354500834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-06-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06394380</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SENIOR HOUSING PPTYS TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING 6.75% 4/15/20</title>
        <cusip>81721MAE9</cusip>
        <identifiers>
          <isin value="US81721MAE93"/>
        </identifiers>
        <balance>728000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730191.92000000</valUSD>
        <pctVal>0.068099327818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRAEMAR HOTELS and RESORTS INC</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>BRAEMAR HOTELS and RESORTS INC 5.5% PERP PFD</title>
        <cusip>10482B200</cusip>
        <identifiers>
          <isin value="US10482B2007"/>
        </identifiers>
        <balance>18883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>388989.80000000</valUSD>
        <pctVal>0.036278056744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TAUBMAN CENTERS-REIT</name>
        <lei>N/A</lei>
        <title>TAUBMAN CENTERS 6.25% PFD PERP</title>
        <cusip>876664707</cusip>
        <identifiers>
          <isin value="US8766647072"/>
        </identifiers>
        <balance>21311.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>551954.90000000</valUSD>
        <pctVal>0.051476545612</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAESARS RESORT COLLECTION LLC</name>
        <lei>N/A</lei>
        <title>CAESARS RESORT COLLECTION TERM B 1LN 12/22/2024</title>
        <cusip>12769LAB5</cusip>
        <identifiers>
          <isin value="US12769LAB53"/>
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        <balance>847103.08000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>833956.04000000</valUSD>
        <pctVal>0.077776601189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04535880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CGBAM COML MTG TR 2015-SMRT</name>
        <lei>N/A</lei>
        <title>CGBAM COML MTG TR 15-SMRT CLS E CSTR 04/10/2028 144A</title>
        <cusip>12528RAL2</cusip>
        <identifiers>
          <isin value="US12528RAL24"/>
        </identifiers>
        <balance>561000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>563292.92000000</valUSD>
        <pctVal>0.052533954657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03785880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CEDAR RLTY TR INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR REALTY TRUST INC</title>
        <cusip>150602209</cusip>
        <identifiers>
          <isin value="US1506022094"/>
        </identifiers>
        <balance>35600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118904.00000000</valUSD>
        <pctVal>0.011089252363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARBOR RLTY TR INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR RLTY TR INC 8.25% PERP PFD</title>
        <cusip>038923603</cusip>
        <identifiers>
          <isin value="US0389236037"/>
        </identifiers>
        <balance>44047.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1147983.75000000</valUSD>
        <pctVal>0.107063526149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP</title>
        <cusip>02665T876</cusip>
        <identifiers>
          <isin value="US02665T8760"/>
        </identifiers>
        <balance>37050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>982936.50000000</valUSD>
        <pctVal>0.091670851326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC</name>
        <lei>N/A</lei>
        <title>GPMT 2018-FL1 LTD / GPMT 2018-FL1 LLC 2018-FL1 D 1ML+295 11/21/35 144A</title>
        <cusip>36255CAJ8</cusip>
        <identifiers>
          <isin value="US36255CAJ80"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502106.00000000</valUSD>
        <pctVal>0.140089757377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04796380</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUINIX INC</name>
        <lei>549300EVUN2BTLJ3GT74</lei>
        <title>EQUINIX INC</title>
        <cusip>29444U700</cusip>
        <identifiers>
          <isin value="US29444U7000"/>
        </identifiers>
        <balance>10700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6064546.00000000</valUSD>
        <pctVal>0.565593092461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP</name>
        <lei>N/A</lei>
        <title>ICAHN ENTERPRISES LP/FIN CORP 6.25% 02/01/2022</title>
        <cusip>451102BJ5</cusip>
        <identifiers>
          <isin value="US451102BJ59"/>
        </identifiers>
        <balance>299000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306101.25000000</valUSD>
        <pctVal>0.028547685613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBUBS 2011-LC1 MTG TR</name>
        <lei>N/A</lei>
        <title>DBUBS 11-LC1A E 5.55709% 11/46</title>
        <cusip>233050AJ2</cusip>
        <identifiers>
          <isin value="US233050AJ21"/>
        </identifiers>
        <balance>2902000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2976126.66000000</valUSD>
        <pctVal>0.277560213276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05698698</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER C 5.625% PERP PFD</title>
        <cusip>76169C407</cusip>
        <identifiers>
          <isin value="US76169C4078"/>
        </identifiers>
        <balance>11775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303324.00000000</valUSD>
        <pctVal>0.028288673080</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBUBS 2011 LC3</name>
        <lei>N/A</lei>
        <title>DBUBS 2011-LC3A D CSTR 8/44</title>
        <cusip>23305YAM1</cusip>
        <identifiers>
          <isin value="US23305YAM12"/>
        </identifiers>
        <balance>728000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>757185.96000000</valUSD>
        <pctVal>0.070616852223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05334080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2016-RENT</name>
        <lei>N/A</lei>
        <title>GSMS 2016-RENT E CSTR 02/10/2029</title>
        <cusip>36251GAN4</cusip>
        <identifiers>
          <isin value="US36251GAN43"/>
        </identifiers>
        <balance>2614000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2634008.34000000</valUSD>
        <pctVal>0.245653495346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04066669</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLAYA RESORTS HLDG B V</name>
        <lei>5493005SPBUMPZZCIZ96</lei>
        <title>PLAYA RESORTS TERM B 04/27/2024</title>
        <cusip>72812NAD8</cusip>
        <identifiers>
          <isin value="XA72812NAD86"/>
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        <balance>2539615.22000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2472417.00000000</valUSD>
        <pctVal>0.230583126401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-27</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04540000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STAG INDUSTRIAL INC</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG INDL INC 6.875% PERP PFD</title>
        <cusip>85254J409</cusip>
        <identifiers>
          <isin value="US85254J4094"/>
        </identifiers>
        <balance>17925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>479493.75000000</valUSD>
        <pctVal>0.044718657073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PS BUSINESS PKS INC CALIF</name>
        <lei>N/A</lei>
        <title>PS BUSINESS PARKS INC SER Z 4.875% PFD PERP</title>
        <cusip>69360J552</cusip>
        <identifiers>
          <isin value="US69360J5526"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199200.00000000</valUSD>
        <pctVal>0.018577836497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLONY CAP INC</name>
        <lei>G6ZRFL75MXIO4KJEP931</lei>
        <title>COLONY CAP INC CONV 3.875% 01/15/2021</title>
        <cusip>19624RAB2</cusip>
        <identifiers>
          <isin value="US19624RAB24"/>
        </identifiers>
        <balance>5436000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5340888.43000000</valUSD>
        <pctVal>0.498103172704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>COLONY CAPITAL INC</name>
              <title>COLONY CAPITAL INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="19626G108"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="16.57190000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUEROCK RESIDENTIAL GROWTH REIT INC</name>
        <lei>549300KWLV0TGICOUU26</lei>
        <title>BLUEROCK RESI GROWTH REIT INC 8.25% PFD SER A PERP</title>
        <cusip>09627J508</cusip>
        <identifiers>
          <isin value="US09627J5083"/>
        </identifiers>
        <balance>107850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2845083.00000000</valUSD>
        <pctVal>0.265338789132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029</title>
        <cusip>55342UAJ3</cusip>
        <identifiers>
          <isin value="US55342UAJ34"/>
        </identifiers>
        <balance>1506000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1570968.84000000</valUSD>
        <pctVal>0.146512059497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO MORTGAGE CAPITAL INC</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MTG SR A 7.75% PFD PRP</title>
        <cusip>46131B209</cusip>
        <identifiers>
          <isin value="US46131B2097"/>
        </identifiers>
        <balance>31526.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815577.62000000</valUSD>
        <pctVal>0.076062588730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMDB COML MTG SECS TR 2016-C4</name>
        <lei>N/A</lei>
        <title>JPMDB 2016-C4 D CSTR 12/15/2049</title>
        <cusip>46646RAB9</cusip>
        <identifiers>
          <isin value="US46646RAB96"/>
        </identifiers>
        <balance>1308000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1201744.36000000</valUSD>
        <pctVal>0.112077360600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2019-SFR4 TR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HUNT COMPANIES FINANCE TRUST INC</name>
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        <title>HUNT COMPANIES FINANCE TRUST INC</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KESTREL ACQUISITION LLC</name>
        <lei>549300ER0JUHJLPPMH08</lei>
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          <isin value="US49254YAB11"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>SHEA HOMES LTD PARTNERSHIP / SHEA HOMES FDG CORP</name>
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          <isin value="US82088KAD00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MATTAMY GROUP CORP</name>
        <lei>5493008TNY7A82WCXU31</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GLOBAL NET LEASE INC</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC SER A 7.25% PFD PERP</title>
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          <isin value="US3793783008"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>TAH 2017</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US89613FAF53"/>
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        <balance>628000.00000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC</name>
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        <title>HILTON GRAND VACATIONS BORROWER LLC / HILTON GRAND VACATIONS BORROWER INC 6.125% 12/01/2024</title>
        <cusip>43283QAB6</cusip>
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          <isin value="US43283QAB68"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>LINEAGE LOGISTICS LLC</name>
        <lei>5493003V5XTRX1K1PV14</lei>
        <title>LINEAGE LOGISTICS TERM B 02/27/2025</title>
        <cusip>53566NAD6</cusip>
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        <balance>3503787.66000000</balance>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 XB CSTR 6/44</title>
        <cusip>617459AF9</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>SELECT INCOME REIT</name>
        <lei>529900WFAP4ROYDYS509</lei>
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        <cusip>81618TAE0</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 5.875% 06/15/2027 144A</title>
        <cusip>87724RAA0</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ASHTON WOODS USA LLC/FIN CO</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA LLC/FIN CO 6.75% 08/01/2025 144A</title>
        <cusip>045086AF2</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SABRA HEALTH CARE LTD PARTNERSHIP / SABRA CAP CORP</name>
        <lei>N/A</lei>
        <title>SABRA HEALTH CA LP/CAPTL CORP 3.9% 10/15/2029</title>
        <cusip>78572XAG6</cusip>
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          <isin value="US78572XAG60"/>
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        <curCd>USD</curCd>
        <valUSD>1003417.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NEW YORK MTG TR INC</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>NEW YORK MTG TR INC CONV 6.25% 01/15/2022</title>
        <cusip>649604AD7</cusip>
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          <isin value="US649604AD74"/>
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        <curCd>USD</curCd>
        <valUSD>28507.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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            <dbtSecRefInstrument>
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              <title>NEW YORK MORTGAGE TRUST INC</title>
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        <name>MACK-CALI REALTY LP</name>
        <lei>549300MJC9VNA6VSEE11</lei>
        <title>MACK CALI RLTY 3.15% 5/15/23</title>
        <cusip>55448QAS5</cusip>
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          <isin value="US55448QAS57"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4781.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03150000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2012-CCRE1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR1 D CSTR 5/45</title>
        <cusip>12624BAL0</cusip>
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          <isin value="US12624BAL09"/>
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        <balance>1917000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1985305.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-15</maturityDt>
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          <annualizedRt>0.05320122</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PARTNERSHIP LP 3.65% 06/15/2024</title>
        <cusip>11120VAF0</cusip>
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          <isin value="US11120VAF04"/>
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        <balance>67000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69916.97000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03650000</annualizedRt>
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      <invstOrSec>
        <name>APOLLO COML REAL ESTAT FIN INC</name>
        <lei>549300E0AN7M2AQHSY29</lei>
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        <cusip>03768DAB3</cusip>
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          <isin value="US03768DAB38"/>
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        <curCd>USD</curCd>
        <valUSD>533263.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-07</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04671250</annualizedRt>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.5 PFD PERP G PAR=25</title>
        <cusip>19626G405</cusip>
        <identifiers>
          <isin value="US19626G4055"/>
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        <balance>102160.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2542762.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C5</name>
        <lei>N/A</lei>
        <title>MSBAM 2012-C5 E VAR 08/15/2045 144A</title>
        <cusip>61761AAJ7</cusip>
        <identifiers>
          <isin value="US61761AAJ79"/>
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        <balance>714000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>740855.97000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04678026</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TIAA SEASONED COML MTG TR 2007 C4</name>
        <lei>N/A</lei>
        <title>TIAA 2007-C4 AJ CSTR 8/39</title>
        <cusip>87246AAE8</cusip>
        <identifiers>
          <isin value="US87246AAE82"/>
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        <curCd>USD</curCd>
        <valUSD>759.39000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05483681</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PS BUSINESS PKS INC CALIF</name>
        <lei>N/A</lei>
        <title>PS BUSINESS PKS 5.75% PFD PERP</title>
        <cusip>69360J669</cusip>
        <identifiers>
          <isin value="US69360J6698"/>
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        <balance>102483.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2589745.41000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>HCP INC</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>HCP INC 4.0% 06/01/2025</title>
        <cusip>40414LAN9</cusip>
        <identifiers>
          <isin value="US40414LAN91"/>
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        <balance>2011000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2178277.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNSYLVANIA REAL EST INVT TR</name>
        <lei>5493001GPBXRIG8WJO70</lei>
        <title>PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP</title>
        <cusip>709102701</cusip>
        <identifiers>
          <isin value="US7091027018"/>
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        <balance>27400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>594034.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>GAMING AND LEISURE PROPERTIES INC</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>GAMING AND LEISURE PROPRTI INC</title>
        <cusip>36467J108</cusip>
        <identifiers>
          <isin value="US36467J1088"/>
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        <balance>39100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1578076.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HEALTHCARE REALTY TRUST INC</name>
        <lei>549300CB86LH2IOKHH22</lei>
        <title>HEALTHCARE REALTY TRUST INC</title>
        <cusip>421946104</cusip>
        <identifiers>
          <isin value="US4219461047"/>
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        <balance>16300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>566751.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MID-AMERICA APT CMNTYS INC</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>MID AMERICA APT CMNTY INC</title>
        <cusip>59522J103</cusip>
        <identifiers>
          <isin value="US59522J1034"/>
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        <balance>61214.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8508133.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I INC</name>
        <lei>N/A</lei>
        <title>MSC 1998-CF1 G 7.35% 7/32</title>
        <cusip>61745MHW6</cusip>
        <identifiers>
          <isin value="US61745MHW64"/>
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        <balance>236656.37050000</balance>
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        <curCd>USD</curCd>
        <valUSD>209712.19000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07048555</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MSC 2011-C3 D CSTR 7/49</title>
        <cusip>61760RAL6</cusip>
        <identifiers>
          <isin value="US61760RAL69"/>
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        <balance>83000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84047.05000000</valUSD>
        <pctVal>0.007838415426</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05244531</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMMERCIAL MORTGAGE CD 2016-CD1 MTG TR</name>
        <lei>N/A</lei>
        <title>COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES 2016 CD1-D CSTR 8/10/49 144A</title>
        <cusip>12514MAL9</cusip>
        <identifiers>
          <isin value="US12514MAL90"/>
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        <balance>2210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1972853.96000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02767001</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>N/A</lei>
        <title>SUNSTONE HOTEL INVS 6.95% SER E PRFD PERP</title>
        <cusip>867892606</cusip>
        <identifiers>
          <isin value="US8678926069"/>
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        <balance>8475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>227638.50000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2012-CCRE2 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-CR2 F 4.25% 8/45</title>
        <cusip>12624KBA3</cusip>
        <identifiers>
          <isin value="US12624KBA34"/>
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        <balance>783000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>709041.50000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNYMAC CORP</name>
        <lei>EWN0I878407TKQNXZ933</lei>
        <title>PENNYMAC CONV 5.375 5/01/20</title>
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        <identifiers>
          <isin value="US70932AAB98"/>
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        <balance>7282000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7341550.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
              <title>PENNYMAC MORTGAGE INV TRUST</title>
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                <cusip value="70931T103"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 7.65 PFD PERP GPAR=25</title>
        <cusip>45031U705</cusip>
        <identifiers>
          <isin value="US45031U7054"/>
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        <balance>100575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2577737.25000000</valUSD>
        <pctVal>0.240405527928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WILLIAM LYON HOMES INC</name>
        <lei>5493001MTHCP4IWKJU06</lei>
        <title>WILLIAM LYON HOMES INC 6.625% 07/15/2027 144A</title>
        <cusip>96926DAV2</cusip>
        <identifiers>
          <isin value="US96926DAV29"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SABRA HEALTH CARE LTD PARTNERSHIP / SABRA CAP CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C4</name>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9</name>
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        <name>ISTAR INC</name>
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        <name>COMPASS POWER GENERATION LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FREMF 2010-K6 MTG TR</name>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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        <name>NEW YORK MTG TR INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WFRBS COML MTG TR 2011-C5</name>
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        <cusip>92936JAN4</cusip>
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        <name>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC REIT</title>
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        <name>STORE CAP CORP</name>
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        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
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        <name>ENERGY TRANSFER OPERATING MLP</name>
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        <name>SERITAGE GROWTH PPTYS</name>
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        <name>VENTAS INC</name>
        <lei>ORQTRC074CWLT3DKHT41</lei>
        <title>VENTAS INC REIT</title>
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        <name>CHC COML MTG TR 2019-CHC</name>
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          <couponKind>Variable</couponKind>
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        <name>PENNSYLVANIA REAL EST INVT TR</name>
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        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
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        <name>CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT</name>
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        <title>CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT 5.48825% 10/04/2029 144A</title>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isLoanByFund>N</isLoanByFund>
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        <name>SPIRIT REALTY CAPITAL INC</name>
        <lei>549300LTU6LVPZSHMJ25</lei>
        <title>SPIRIT RLTY CAP INC SER A 6% PFD PERP</title>
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        <curCd>USD</curCd>
        <valUSD>433436.25000000</valUSD>
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        <assetCat>EP</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2018-SFR2</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2018-SFR2 F 4.953% 08/17/2035 144A</title>
        <cusip>74332UAL1</cusip>
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          <isin value="US74332UAL17"/>
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        <balance>598000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>612617.81000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04953000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD RESIDENTIAL PPTYS INC</name>
        <lei>549300C2SXDXVIUV3Q14</lei>
        <title>BROOKFIELD RESIDENTL PPTYS INC 6.375% 05/15/2025 144A</title>
        <cusip>11283WAC8</cusip>
        <identifiers>
          <isin value="US11283WAC82"/>
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        <balance>2062000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2134170.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JERNIGAN CAPITAL INC</name>
        <lei>N/A</lei>
        <title>JERNIGAN CAPITAL INC SER B 7% PERP PFD</title>
        <cusip>476405204</cusip>
        <identifiers>
          <isin value="US4764052043"/>
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        <balance>50892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1369381.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE REALTY TRUST INC</name>
        <lei>549300CB86LH2IOKHH22</lei>
        <title>HEALTHCARE REALTY TRUST INC 3.75 4/15/23</title>
        <cusip>421946AH7</cusip>
        <identifiers>
          <isin value="US421946AH71"/>
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        <balance>978000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010831.31000000</valUSD>
        <pctVal>0.094272383551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MID AMERICA APTS LP</name>
        <lei>549300FXWGE3QSYCUJ38</lei>
        <title>MID AMERICA APTS LP 3.75% 06/15/2024</title>
        <cusip>59523UAL1</cusip>
        <identifiers>
          <isin value="US59523UAL17"/>
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        <balance>356000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>374727.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WELLS FARGO COML MTG TR 2012-LC5</name>
        <lei>N/A</lei>
        <title>WFCM 2012-LC5 D CSTR 10/45</title>
        <cusip>94988HAP6</cusip>
        <identifiers>
          <isin value="US94988HAP64"/>
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        <balance>637000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>661890.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04755318</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / TAYLOR MORRISON HLDGS II INC</name>
        <lei>N/A</lei>
        <title>TAYLOR MORRISON CMNTYS / TAYLOR MORRISON HLDGS II 5.875% 04/15/23 144A</title>
        <cusip>87724LAA3</cusip>
        <identifiers>
          <isin value="US87724LAA35"/>
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        <balance>806000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>870480.00000000</valUSD>
        <pctVal>0.081182907199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARMOUR RESIDENTIAL REIT INC</name>
        <lei>549300K0WA0EJUX74V72</lei>
        <title>ARMOUR RESDNTL REIT INC 7.875% PERP PFD</title>
        <cusip>042315408</cusip>
        <identifiers>
          <isin value="US0423154089"/>
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        <balance>27426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>688812.22000000</valUSD>
        <pctVal>0.064240164661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIXIS COML MTG SECS TR 2018-FL1</name>
        <lei>N/A</lei>
        <title>NATIXIS COML MTG SECS TR 2018-FL1 WAN1 1ML+275 06/15/2035 144A</title>
        <cusip>63874MBC5</cusip>
        <identifiers>
          <isin value="US63874MBC55"/>
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        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>316185.25000000</valUSD>
        <pctVal>0.029488141954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04778000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2017-SFR TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2017-SFR1 TR 5.35% 08/17/2034 144A</title>
        <cusip>74333JAR2</cusip>
        <identifiers>
          <isin value="US74333JAR23"/>
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        <balance>526000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543709.79000000</valUSD>
        <pctVal>0.050707588255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05350000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>READY CAPITAL CORP</name>
        <lei>549300MYWGZUG7ZUYO87</lei>
        <title>READY CAPITAL CORP PC 7% 08/15/2023</title>
        <cusip>75574U200</cusip>
        <identifiers>
          <isin value="US75574U2006"/>
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        <balance>73475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2035257.50000000</valUSD>
        <pctVal>0.189812655948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 8.25 PERP PFD</title>
        <cusip>19626G207</cusip>
        <identifiers>
          <isin value="US19626G2075"/>
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        <balance>45565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1158717.95000000</valUSD>
        <pctVal>0.108064621594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXANTAS CAPITAL CORP</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>EXANTAS CP 8.625%/VAR PFD PERP</title>
        <cusip>30068N402</cusip>
        <identifiers>
          <isin value="US30068N4025"/>
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        <balance>16193.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>421827.65000000</valUSD>
        <pctVal>0.039340587910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STARWOOD PPTY TR INC</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>STARWOOD PPTY TR INC 4.75% 03/15/2025</title>
        <cusip>85571BAL9</cusip>
        <identifiers>
          <isin value="US85571BAL99"/>
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        <balance>747000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>775712.81000000</valUSD>
        <pctVal>0.072344707595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TR</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD</title>
        <cusip>70509V704</cusip>
        <identifiers>
          <isin value="US70509V7047"/>
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        <balance>42675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1094187.00000000</valUSD>
        <pctVal>0.102046321202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLONY NORTHSTAR CREDIT REAL ESTATE INC</name>
        <lei>549300BOIFLLMVU37752</lei>
        <title>COLONY CREDIT REAL ESTATE INC</title>
        <cusip>19625T101</cusip>
        <identifiers>
          <isin value="US19625T1016"/>
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        <balance>146740.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2102784.20000000</valUSD>
        <pctVal>0.196110346670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL INC CONV 6.25% 06/15/2024</title>
        <cusip>55272XAA0</cusip>
        <identifiers>
          <isin value="US55272XAA00"/>
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        <balance>2908000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3029965.56000000</valUSD>
        <pctVal>0.282581349227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>MFA FINANCIAL INC</name>
              <title>MFA FINANCIAL INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="55272X102"/>
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          <currencyInfos>
            <currencyInfo convRatio="7.95300000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2012-GCJ7</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2012-GCJ7 E 5.0% 05/10/2045 144A</title>
        <cusip>36192KAE7</cusip>
        <identifiers>
          <isin value="US36192KAE73"/>
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        <balance>1018966.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>780234.90000000</valUSD>
        <pctVal>0.072766447799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 5.25% 01/15/2026</title>
        <cusip>681936BH2</cusip>
        <identifiers>
          <isin value="US681936BH22"/>
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        <balance>22000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>WELLS FARGO COML MTG TR 2017-C38</name>
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        <name>SOUTHEAST POWERGEN LLC</name>
        <lei>5493003PEJ398SB1LO34</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>BBCMS TR 2015-STP</name>
        <lei>N/A</lei>
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        <cusip>05547GAJ2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP</name>
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        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
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        <name>PROLOGIS INC</name>
        <lei>529900DFH19P073LZ636</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GS MTG SECS TR 2013-GCJ16</name>
        <lei>N/A</lei>
        <title>GSMS 2013-GC16 D CSTR 11/46</title>
        <cusip>36248GAP5</cusip>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C32</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C32 3.396% 12/15/2049 144A</title>
        <cusip>61691GAC4</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>DYNEX CAP INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC 8.5% PRP A</title>
        <cusip>26817Q704</cusip>
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        <name>GS MTG SECS CORP TR 2018-RIVR</name>
        <lei>N/A</lei>
        <title>GS MTG SECS CORP TR 2018-RIVR G 1ML+260 07/15/2035 144A</title>
        <cusip>36255WAN5</cusip>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12</name>
        <lei>N/A</lei>
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          <couponKind>Variable</couponKind>
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        <name>WILLIAM LYON HOMES INC</name>
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        <cusip>96926DAH3</cusip>
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          <couponKind>Fixed</couponKind>
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        <name>TWO HARBORS INVESTMENT COR</name>
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        <name>WILLIAM LYON HOMES INC</name>
        <lei>5493001MTHCP4IWKJU06</lei>
        <title>WILLIAM LYON HOMES INC 6% 09/01/2023</title>
        <cusip>96926DAU4</cusip>
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          <isin value="US96926DAU46"/>
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        <issuerCat>CORP</issuerCat>
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        <title>WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>JPMCC MTG SECS TR</name>
        <lei>N/A</lei>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>VB-S1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>VB-S1 ISSUER LLC 2016-1A F 6.901% 06/15/2046 144A</title>
        <cusip>91823AAE1</cusip>
        <identifiers>
          <isin value="US91823AAE10"/>
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        <balance>1540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1576165.51000000</valUSD>
        <pctVal>0.146996712537</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06901000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
        <lei>N/A</lei>
        <title>ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP</title>
        <cusip>044103703</cusip>
        <identifiers>
          <isin value="US0441037035"/>
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        <balance>27229.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>577527.09000000</valUSD>
        <pctVal>0.053861465114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEYERHAEUSER CO</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>WEYERHAEUSER CO</title>
        <cusip>962166104</cusip>
        <identifiers>
          <isin value="US9621661043"/>
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        <balance>59600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1740916.00000000</valUSD>
        <pctVal>0.162361710860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORPORATION II</name>
        <lei>N/A</lei>
        <title>GSMS 2012-GC6 D CSTR 1/45</title>
        <cusip>36192BAL1</cusip>
        <identifiers>
          <isin value="US36192BAL18"/>
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        <balance>1891000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1951501.41000000</valUSD>
        <pctVal>0.182001376100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05651246</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DTZ US BORROWER LLC</name>
        <lei>N/A</lei>
        <title>CUSHMAN and WAKEFIELD TERM B 08/21/2025</title>
        <cusip>23340DAN2</cusip>
        <identifiers>
          <isin value="US23340DAN21"/>
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        <balance>4759930.17600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4763880.92000000</valUSD>
        <pctVal>0.444290164780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05035880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMH PPTYS INC</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES INC</title>
        <cusip>903002103</cusip>
        <identifiers>
          <isin value="US9030021037"/>
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        <balance>69300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1034649.00000000</valUSD>
        <pctVal>0.096493674468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP CITIGROUP TR 2016-SNR</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP CITIGROUP TR 2016-SNR D 6.55% 11/15/2034 144A</title>
        <cusip>61691CAL3</cusip>
        <identifiers>
          <isin value="US61691CAL37"/>
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        <balance>3808000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3915480.42000000</valUSD>
        <pctVal>0.365166441019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06550000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SABRA HEALTH CARE LP</name>
        <lei>549300OVKLRFSIQG0H81</lei>
        <title>CARE CAP PPTYS LP 5.125% 08/15/2026</title>
        <cusip>14162VAB2</cusip>
        <identifiers>
          <isin value="US14162VAB27"/>
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        <balance>6615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7165932.59000000</valUSD>
        <pctVal>0.668310863491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRANITE POINT MORTGAGE TRUST INC</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>GRANITE POINT MORTGAGE TRUST INC CONV 5.625% 12/01/2022 144A</title>
        <cusip>38741LAB3</cusip>
        <identifiers>
          <isin value="US38741LAB36"/>
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        <balance>2696000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2748235.00000000</valUSD>
        <pctVal>0.256306528544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>GRANITE POINT MORTGAGE TRUST INC</name>
              <title>GRANITE POINT MORTGAGE TRUST INC</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="38741L107"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="19.76370000" curCd="USD"/>
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          <delta>XXXX</delta>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KENNEDY-WILSON INC</name>
        <lei>5EA4464UK7FM5QNNKL62</lei>
        <title>KENNEDY-WILSON INC 5.875% 04/01/24</title>
        <cusip>489399AG0</cusip>
        <identifiers>
          <isin value="US489399AG06"/>
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        <balance>10481000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10847835.00000000</valUSD>
        <pctVal>1.011693298089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 5.25% 12/01/2023</title>
        <cusip>12505JAA1</cusip>
        <identifiers>
          <isin value="US12505JAA16"/>
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        <balance>3629000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2531227.50000000</valUSD>
        <pctVal>0.236067924861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT 2015-SFR1 TR</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 RENT 2015-SFR1 E TR 5.639% 04/17/2052 144A</title>
        <cusip>02666AAE8</cusip>
        <identifiers>
          <isin value="US02666AAE82"/>
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        <balance>1354586.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1480116.70000000</valUSD>
        <pctVal>0.138038986192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05639000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 F CSTR 6/44</title>
        <cusip>617459AL6</cusip>
        <identifiers>
          <isin value="US617459AL69"/>
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        <balance>1467000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1365347.32000000</valUSD>
        <pctVal>0.127335337715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05487598</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER A 5.875% PERP PFD</title>
        <cusip>76169C209</cusip>
        <identifiers>
          <isin value="US76169C2098"/>
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        <balance>26500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>697570.10000000</valUSD>
        <pctVal>0.065056944092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>M/I HOMES INC</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC 6.75% 01/15/2021</title>
        <cusip>55305BAM3</cusip>
        <identifiers>
          <isin value="US55305BAM37"/>
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        <balance>778000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>785927.82000000</valUSD>
        <pctVal>0.073297382222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2012-LC4 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2012-LC4 C CSTR 12/44</title>
        <cusip>126192AG8</cusip>
        <identifiers>
          <isin value="US126192AG86"/>
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        <balance>802000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>837282.63000000</valUSD>
        <pctVal>0.078086846396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05537446</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30 D 3% 09/15/2049 144A</title>
        <cusip>61766NAJ4</cusip>
        <identifiers>
          <isin value="US61766NAJ46"/>
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        <balance>1024000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>865074.07000000</valUSD>
        <pctVal>0.080678738104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 19-1776</name>
        <lei>N/A</lei>
        <title>NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 4.2988% 10/15/2036 144A</title>
        <cusip>63875BAL9</cusip>
        <identifiers>
          <isin value="US63875BAL99"/>
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        <balance>546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>532344.32000000</valUSD>
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        <name>COMM 2012-CCRE1 MTG TR</name>
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        <name>WFRBS COML MTG TR 2013-C11</name>
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        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
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        <name>MOTEL 6 TR 2017-MTL6</name>
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        <name>ASHFORD HOSPITALITY TRUST INC</name>
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        <name>URSTADT BIDDLE PPTYS INC</name>
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        <name>ISTAR INC</name>
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        <name>JP MORGAN CHASE COML MTG SECS TR 2012-CIBX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WFRBS COML MTG TR 2013-C16</name>
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        <name>CD 2017-CD3 MTG TR</name>
        <lei>N/A</lei>
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        <name>MATTAMY GROUP CORP</name>
        <lei>5493008TNY7A82WCXU31</lei>
        <title>MATTAMY GROUP CORP 6.875% 12/15/2023 144A</title>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>C AND S GROUP ENTERPRISES LLC</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>IMT TR 2017-APTS</name>
        <lei>N/A</lei>
        <title>IMTT 2017-APTS EFX CSTR 06/15/2034 144A</title>
        <cusip>44974ABE6</cusip>
        <identifiers>
          <isin value="US44974ABE64"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>CSAIL 2017-CX9 COML MTG TR</name>
        <lei>N/A</lei>
        <title>CSAIL 2017-CX9 D CSTR 09/15/2050 144A</title>
        <cusip>12595FAP7</cusip>
        <identifiers>
          <isin value="US12595FAP71"/>
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        <balance>461000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445559.27000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+315 03/15/2034 144A</title>
        <cusip>61691TAS1</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>DBCCRE 2014-ARCP MORTGAGE TRUST</name>
        <lei>N/A</lei>
        <title>DBCCRE 2014-ARCP MORTGAGE TRUST VAR 01/10/2034 144A</title>
        <cusip>23305MAJ4</cusip>
        <identifiers>
          <isin value="US23305MAJ45"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Variable</couponKind>
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        <name>TRI POINTE HLDGS INC</name>
        <lei>N/A</lei>
        <title>WEYERHAEUSER REAL ESTATE CO 5.875% 06/15/2024</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>LIGHTSTONE HOLDCO LLC</name>
        <lei>N/A</lei>
        <title>LIGHTSTONE HOLDCO TERM B 1LN 1/30/2024</title>
        <cusip>53226GAG6</cusip>
        <identifiers>
          <isin value="US53226GAG64"/>
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        <curCd>USD</curCd>
        <valUSD>1724613.85000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP 8%/VAR PERP PFD</title>
        <cusip>16934Q604</cusip>
        <identifiers>
          <isin value="US16934Q6044"/>
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        <assetCat>EP</assetCat>
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        <name>WELLS FARGO COML MTG TR 2016-NXS6</name>
        <lei>549300CFP9NBBMZH1008</lei>
        <title>WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A</title>
        <cusip>95000KAJ4</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 6% 04/01/2022</title>
        <cusip>45031UBZ3</cusip>
        <identifiers>
          <isin value="US45031UBZ30"/>
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        <balance>1584000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1625580.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>HEALTHCARE TRUST OF AMERICA HOLDINGS LP</name>
        <lei>549300IYGAS4GE6VDL07</lei>
        <title>HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.75% 07/01/2027</title>
        <cusip>42225UAF1</cusip>
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          <isin value="US42225UAF12"/>
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        <balance>94000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99043.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2018 SFR3 TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2018-SFR3 F TR 5.368% 10/17/2035 144A</title>
        <cusip>74331MAF3</cusip>
        <identifiers>
          <isin value="US74331MAF32"/>
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        <balance>588000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>608647.86000000</valUSD>
        <pctVal>0.056763857567</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05368000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>549300LMZF40TKJ6DM64</lei>
        <title>PUBLIC STORAGE 5.15% SER F PFD PERP</title>
        <cusip>74460W685</cusip>
        <identifiers>
          <isin value="US74460W6856"/>
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        <balance>29950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>786187.50000000</valUSD>
        <pctVal>0.073321600558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DYNEX CAP INC</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>DYNEX CAP INC</title>
        <cusip>26817Q886</cusip>
        <identifiers>
          <isin value="US26817Q8868"/>
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        <balance>171466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2770890.56000000</valUSD>
        <pctVal>0.258419436624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WP CAREY INC</name>
        <lei>54930042CRNE713E3Q67</lei>
        <title>WP CAREY INC 4.6% 04/01/2024</title>
        <cusip>92936UAA7</cusip>
        <identifiers>
          <isin value="US92936UAA79"/>
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        <balance>2095000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2240718.40000000</valUSD>
        <pctVal>0.208974397950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUNSTONE HOTEL INVS INC NEW</name>
        <lei>N/A</lei>
        <title>SUNSTONE HOTEL INVS INC SER F 6.45% PFD PERP</title>
        <cusip>867892705</cusip>
        <identifiers>
          <isin value="US8678927059"/>
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        <balance>16950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>450517.44000000</valUSD>
        <pctVal>0.042016261744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 E CSTR 6/44</title>
        <cusip>617459AK8</cusip>
        <identifiers>
          <isin value="US617459AK86"/>
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        <balance>2532000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2515357.16000000</valUSD>
        <pctVal>0.234587821539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05487598</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT LP</name>
        <lei>549300N4PXZ37U8QKI55</lei>
        <title>AMERICAN HOMES 4 RENT 4.25% 02/15/28</title>
        <cusip>02666TAA5</cusip>
        <identifiers>
          <isin value="US02666TAA51"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2168334.12000000</valUSD>
        <pctVal>0.202223678478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP</title>
        <cusip>70931T400</cusip>
        <identifiers>
          <isin value="US70931T4004"/>
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        <balance>123712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3243728.64000000</valUSD>
        <pctVal>0.302517371061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREST DARTMOUTH STR 03 1 LTD</name>
        <lei>N/A</lei>
        <title>CRST DRTMTH ST 2003-1 0% PFD 144A</title>
        <cusip>226065209</cusip>
        <identifiers>
          <isin value="US2260652092"/>
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        <balance>13650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1.37000000</valUSD>
        <pctVal>0.000000127769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRAEMAR HOTELS and RESORTS INC</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP</title>
        <cusip>10482B309</cusip>
        <identifiers>
          <isin value="US10482B3096"/>
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        <balance>35150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>937577.04000000</valUSD>
        <pctVal>0.087440526871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MACK-CALI REALTY LP</name>
        <lei>549300MJC9VNA6VSEE11</lei>
        <title>MACK-CALI REALTY LP 4.5% 04/18/2022</title>
        <cusip>55448QAQ9</cusip>
        <identifiers>
          <isin value="US55448QAQ91"/>
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        <balance>91000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91768.79000000</valUSD>
        <pctVal>0.008558562129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-04-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WYNDHAM DESTINATIONS INC</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
        <title>WYNDHAM DESTINATIONS INC</title>
        <cusip>98310W108</cusip>
        <identifiers>
          <isin value="US98310W1080"/>
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        <balance>25800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1197378.00000000</valUSD>
        <pctVal>0.111670144123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KB HOME</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME 8% 3/15/20</title>
        <cusip>48666KAQ2</cusip>
        <identifiers>
          <isin value="US48666KAQ22"/>
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        <balance>2490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2540547.00000000</valUSD>
        <pctVal>0.236937082227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DCP MIDSTREAM LP</name>
        <lei>52990024YYS3MLGW0E91</lei>
        <title>DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP</title>
        <cusip>23311P209</cusip>
        <identifiers>
          <isin value="US23311P2092"/>
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        <balance>28850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>709710.00000000</valUSD>
        <pctVal>0.066189138255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROGRESS RESIDENTIAL 2017-SFR TR</name>
        <lei>N/A</lei>
        <title>PROGRESS RESIDENTIAL 2017-SFR TR 4.836% 12/17/2034 144A</title>
        <cusip>74333KAL2</cusip>
        <identifiers>
          <isin value="US74333KAL26"/>
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        <balance>783000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>794579.32000000</valUSD>
        <pctVal>0.074104240417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04836000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW RESIDENTIAL INVT CORP</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>NEW RESIDENTIAL INVESTMENT CORP SER A 7.5%/VAR PFD PERP</title>
        <cusip>64828T300</cusip>
        <identifiers>
          <isin value="US64828T3005"/>
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        <balance>72245.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1880537.35000000</valUSD>
        <pctVal>0.175383109514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELLINGTON RESIDENTIAL MTG REIT</name>
        <lei>549300KA3MR2ZCRGA787</lei>
        <title>ELLINGTON RESIDENTIAL MTG REIT</title>
        <cusip>288578107</cusip>
        <identifiers>
          <isin value="US2885781078"/>
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        <balance>45300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>492411.00000000</valUSD>
        <pctVal>0.045923348631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER D 6.5% PFD PERP</title>
        <cusip>02665T702</cusip>
        <identifiers>
          <isin value="US02665T7028"/>
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        <balance>43125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1155318.75000000</valUSD>
        <pctVal>0.107747604617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WFRBS COML MTG TR 2013-C11</name>
        <lei>N/A</lei>
        <title>WFRBS 2013-C11 E VAR 3/45</title>
        <cusip>92937EAL8</cusip>
        <identifiers>
          <isin value="US92937EAL83"/>
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        <balance>53000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53533.55000000</valUSD>
        <pctVal>0.004992658328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04261177</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SERVICE PPTYS TR</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>HOSPITALITY PROP TRUST 4.65% 03/15/2024</title>
        <cusip>44106MAS1</cusip>
        <identifiers>
          <isin value="US44106MAS17"/>
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        <balance>1556000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1611969.69000000</valUSD>
        <pctVal>0.150335890258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04650000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C2</name>
        <lei>3IFG42XD94UUZ7FL2766</lei>
        <title>MSC 2011-C2 D CSTR 6/44</title>
        <cusip>617459AJ1</cusip>
        <identifiers>
          <isin value="US617459AJ14"/>
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        <balance>2382000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2406258.29000000</valUSD>
        <pctVal>0.224413017479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05487598</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT</title>
        <cusip>02665T306</cusip>
        <identifiers>
          <isin value="US02665T3068"/>
        </identifiers>
        <balance>54300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1437321.00000000</valUSD>
        <pctVal>0.134047763715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLP CAP LP / GLP FING II INC</name>
        <lei>N/A</lei>
        <title>GLP CAP LP / GLP FING II INC 5.25% 06/01/2025</title>
        <cusip>361841AJ8</cusip>
        <identifiers>
          <isin value="US361841AJ81"/>
        </identifiers>
        <balance>2375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2604235.00000000</valUSD>
        <pctVal>0.242876767221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BX TRUST 2018-EXCL</name>
        <lei>N/A</lei>
        <title>BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A</title>
        <cusip>05608BAS9</cusip>
        <identifiers>
          <isin value="US05608BAS97"/>
        </identifiers>
        <balance>819000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>826677.96000000</valUSD>
        <pctVal>0.077097831208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05521250</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMM 2013-LC6 MTG TR</name>
        <lei>N/A</lei>
        <title>COMM 2013-LC6 D MTG TR CSTR 01/10/2046 144A</title>
        <cusip>20048EAE1</cusip>
        <identifiers>
          <isin value="US20048EAE14"/>
        </identifiers>
        <balance>2732000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2802155.03000000</valUSD>
        <pctVal>0.261335230860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04261602</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OFFICE PROPERTIES INCOME TRUST</name>
        <lei>N/A</lei>
        <title>OFFICE PROPERTIES INCOME TRUST 5.875% 05/01/2046 PFD</title>
        <cusip>38376A202</cusip>
        <identifiers>
          <isin value="US38376A2024"/>
        </identifiers>
        <balance>39775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1033752.25000000</valUSD>
        <pctVal>0.096410041562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP</title>
        <cusip>16934Q406</cusip>
        <identifiers>
          <isin value="US16934Q4064"/>
        </identifiers>
        <balance>342958.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9071239.10000000</valUSD>
        <pctVal>0.846004000138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS CORP TR 2016-RENT</name>
        <lei>N/A</lei>
        <title>GSMS 2016-RENT F CSTR 2/29</title>
        <cusip>36251GAQ7</cusip>
        <identifiers>
          <isin value="US36251GAQ73"/>
        </identifiers>
        <balance>4029000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4036516.10000000</valUSD>
        <pctVal>0.376454498616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04066669</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELECT INCOME REIT</name>
        <lei>529900WFAP4ROYDYS509</lei>
        <title>SELECT INCOME REIT 4.50% 02/01/2025</title>
        <cusip>81618TAC4</cusip>
        <identifiers>
          <isin value="US81618TAC45"/>
        </identifiers>
        <balance>3695000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3830497.39000000</valUSD>
        <pctVal>0.357240734009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WFRBS COML MTG TR 2011-C5</name>
        <lei>N/A</lei>
        <title>WFRBS COML MTG TR 2011-C5 F CSTR VAR 11/15/2044 144A</title>
        <cusip>92936JAQ7</cusip>
        <identifiers>
          <isin value="US92936JAQ76"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1971081.80000000</valUSD>
        <pctVal>0.183827486963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD PROPERTY PARTN LP</name>
        <lei>5493004J5Z0TZW83NU62</lei>
        <title>BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162491499"/>
        </identifiers>
        <balance>5875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>156862.50000000</valUSD>
        <pctVal>0.014629346774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.125% PERP PFD H</title>
        <cusip>19626G702</cusip>
        <identifiers>
          <isin value="US19626G7025"/>
        </identifiers>
        <balance>187112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4477590.16000000</valUSD>
        <pctVal>0.417590049670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REGENCY CTRS LP</name>
        <lei>5493008PTR2GAOYBXW28</lei>
        <title>REGENCY CTRS LP 3.6% 02/01/2027</title>
        <cusip>75884RAV5</cusip>
        <identifiers>
          <isin value="US75884RAV50"/>
        </identifiers>
        <balance>471000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>498084.80000000</valUSD>
        <pctVal>0.046452499880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD</title>
        <cusip>16934Q505</cusip>
        <identifiers>
          <isin value="US16934Q5053"/>
        </identifiers>
        <balance>266466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6714943.20000000</valUSD>
        <pctVal>0.626250586637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRENO RLTY CORP</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
        </identifiers>
        <balance>24780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1397839.80000000</valUSD>
        <pctVal>0.130365658904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSCCG TR 2018-SELF</name>
        <lei>N/A</lei>
        <title>MSCCG TR 2018-SELF E 1ML+215 10/15/2028 144A</title>
        <cusip>55358PAN6</cusip>
        <identifiers>
          <isin value="US55358PAN69"/>
        </identifiers>
        <balance>939000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>941940.38000000</valUSD>
        <pctVal>0.087847461695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04071250</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVITATION HOMES OPERATING PARTNERSHIP LP</name>
        <lei>549300147YMUQB3GW319</lei>
        <title>INVITATION HOMES TERM B 02/06/2022</title>
        <cusip>46187CAC5</cusip>
        <identifiers>
          <isin value="US46187CAC55"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4875000.00000000</valUSD>
        <pctVal>0.454653378133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2022-02-06</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03523000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3</name>
        <lei>N/A</lei>
        <title>CGCMT 2016-C3 D 3% 11/15/2049 144A</title>
        <cusip>17325GAL0</cusip>
        <identifiers>
          <isin value="US17325GAL05"/>
        </identifiers>
        <balance>2990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2505596.68000000</valUSD>
        <pctVal>0.233677537395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL INC</title>
        <cusip>55272X102</cusip>
        <identifiers>
          <isin value="US55272X1028"/>
        </identifiers>
        <balance>1098100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8334579.00000000</valUSD>
        <pctVal>0.777301435420</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIVE PT OPER CO LP / FIVE PT PT CAP CORP</name>
        <lei>N/A</lei>
        <title>FIVE PT OPER CO LP / FIVE PT PT CAP CORP 7.875% 11/15/2025 144A</title>
        <cusip>33834YAA6</cusip>
        <identifiers>
          <isin value="US33834YAA64"/>
        </identifiers>
        <balance>3734000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3529264.78000000</valUSD>
        <pctVal>0.329147108626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 8.75% PERP PFD E</title>
        <cusip>19626G306</cusip>
        <identifiers>
          <isin value="US19626G3065"/>
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        <balance>102041.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2608167.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP</title>
        <cusip>035710847</cusip>
        <identifiers>
          <isin value="US0357108473"/>
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        <balance>91000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2358720.00000000</valUSD>
        <pctVal>0.219979490476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 D 5.47 8/44</title>
        <cusip>36191YAL2</cusip>
        <identifiers>
          <isin value="US36191YAL20"/>
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        <balance>2623000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2612962.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05389761</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>COMM 2013-CCRE10 MTG TR</name>
        <lei>549300YJIXJB9DCDOI21</lei>
        <title>COMM 2013-CCRE10 D MTG TR CSTR 08/10/2046 144A</title>
        <cusip>12626BAW4</cusip>
        <identifiers>
          <isin value="US12626BAW46"/>
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        <balance>1756000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1813509.88000000</valUSD>
        <pctVal>0.169131978096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04789157</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.375% 08/01/2023</title>
        <cusip>681936BJ8</cusip>
        <identifiers>
          <isin value="US681936BJ87"/>
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        <balance>616000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>654155.08000000</valUSD>
        <pctVal>0.061007962450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04375000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
        <lei>N/A</lei>
        <title>JPMCC 2011-C3 E CSTR 2/46</title>
        <cusip>46635TBD3</cusip>
        <identifiers>
          <isin value="US46635TBD37"/>
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        <balance>3467000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3358537.33000000</valUSD>
        <pctVal>0.313224685676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05663855</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STARWOOD WAYPOINT HOMES 2017-1 TR</name>
        <lei>N/A</lei>
        <title>STARWOOD WAYPOINT HOMES 2017-1 E 1ML+220 01/17/2035 144A</title>
        <cusip>85572MAE0</cusip>
        <identifiers>
          <isin value="US85572MAE03"/>
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        <balance>994000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>994615.68000000</valUSD>
        <pctVal>0.092760077714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04513500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAPITAL I TRUST 2019-AGLN 1ML+260 03/15/2034 144A</title>
        <cusip>61691TAQ5</cusip>
        <identifiers>
          <isin value="US61691TAQ58"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45338.49000000</valUSD>
        <pctVal>0.004228368746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04521250</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LANDMARK INFRASTRUCTURE PARTNERS LP</name>
        <lei>549300I3H10A778Y4H45</lei>
        <title>LANDMARK INFRASTRUCTURE PRTN LP SER B 7.9% PERP PFD</title>
        <cusip>51508J306</cusip>
        <identifiers>
          <isin value="US51508J3068"/>
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        <balance>22125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>573037.50000000</valUSD>
        <pctVal>0.053442755932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP</name>
        <lei>549300U6G4UOCMLQK204</lei>
        <title>MGM GROWTH PROPERTIES TERM B 03/23/2025</title>
        <cusip>55303KAC7</cusip>
        <identifiers>
          <isin value="US55303KAC71"/>
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        <balance>436606.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>437698.19000000</valUSD>
        <pctVal>0.040820709884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03785880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EG GLOBAL FINANCE PLC</name>
        <lei>549300TL8Q5207VYET27</lei>
        <title>EG GLOBAL FINANCE PLC 6.75% 02/07/2025 144A</title>
        <cusip>28228PAA9</cusip>
        <identifiers>
          <isin value="US28228PAA93"/>
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        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>540000.00000000</valUSD>
        <pctVal>0.050361604962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CTR PARTNERSHIP LP / CARETRUST CAP CORP</name>
        <lei>N/A</lei>
        <title>CTR PARTNERSHIP LP / CARETRUST CAP CORP 5.25% 06/01/2025</title>
        <cusip>126458AD0</cusip>
        <identifiers>
          <isin value="US126458AD05"/>
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        <balance>1428000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1485120.00000000</valUSD>
        <pctVal>0.138505605114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MFA FINANCIAL INC</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA FINANCIAL 7.5% PFD PERP</title>
        <cusip>55272X409</cusip>
        <identifiers>
          <isin value="US55272X4097"/>
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        <balance>195649.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5018396.85000000</valUSD>
        <pctVal>0.468026888342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2016-GS3</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2016-GS3 2.62% 10/10/2049 144A</title>
        <cusip>36251PAM6</cusip>
        <identifiers>
          <isin value="US36251PAM68"/>
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        <balance>640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>566585.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02620000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GREAT AJAX CORP</name>
        <lei>5493004ID2QQWNGDYC18</lei>
        <title>GREAT AJAX CORP PC 7.25% 4/30/24</title>
        <cusip>38983D409</cusip>
        <identifiers>
          <isin value="US38983D4097"/>
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        <balance>310550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8558758.00000000</valUSD>
        <pctVal>0.798208869195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>SENIOR HOUSING PPTYS TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING PPTYS TR REIT</title>
        <cusip>81721M109</cusip>
        <identifiers>
          <isin value="US81721M1099"/>
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        <balance>285500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2833587.50000000</valUSD>
        <pctVal>0.264266693151</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>RAIT FINANCIAL TRUST</name>
        <lei>5493009H0BU736IRCR38</lei>
        <title>RAIT FNL TR 7.625% PFD 4/15/24</title>
        <cusip>749227807</cusip>
        <identifiers>
          <isin value="US7492278079"/>
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        <balance>48605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1151452.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>EQUITY RESIDENTIAL</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>EQUITY RESIDENTIAL REIT</title>
        <cusip>29476L107</cusip>
        <identifiers>
          <isin value="US29476L1070"/>
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        <balance>37800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3351348.00000000</valUSD>
        <pctVal>0.312554192718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>READY CAP MTG FING 2019-FL3 LLC</name>
        <lei>N/A</lei>
        <title>READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A</title>
        <cusip>75574XAJ4</cusip>
        <identifiers>
          <isin value="US75574XAJ46"/>
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        <balance>599000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>589129.68000000</valUSD>
        <pctVal>0.054943548547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04722750</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS MORTGAGE SECURITIES CORPORATION II</name>
        <lei>N/A</lei>
        <title>GSMS 2012-GC6 E 5% 01/45</title>
        <cusip>36192BAN7</cusip>
        <identifiers>
          <isin value="US36192BAN73"/>
        </identifiers>
        <balance>2889000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2700273.76000000</valUSD>
        <pctVal>0.251833556281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO MORTGAGE CAPITAL INC</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MORTGAGE CAPITAL INC 7.75% VAR PFD PERP 25</title>
        <cusip>46131B407</cusip>
        <identifiers>
          <isin value="US46131B4077"/>
        </identifiers>
        <balance>236491.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6576814.71000000</valUSD>
        <pctVal>0.613368415438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGNC INVESTMENT CORP</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC INVESTMENT CORP 6.875/VAR PERP PFD</title>
        <cusip>00123Q609</cusip>
        <identifiers>
          <isin value="US00123Q6098"/>
        </identifiers>
        <balance>129150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3277827.00000000</valUSD>
        <pctVal>0.305697460202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 5.875% 07/15/2025</title>
        <cusip>156504AH5</cusip>
        <identifiers>
          <isin value="US156504AH51"/>
        </identifiers>
        <balance>1518000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1578720.00000000</valUSD>
        <pctVal>0.147234949974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REXFORD INDL RLTY INC</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDL RLTY INC SER B 5.875% PERP PFD</title>
        <cusip>76169C308</cusip>
        <identifiers>
          <isin value="US76169C3088"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1305500.00000000</valUSD>
        <pctVal>0.121753843108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APLP HOLDINGS LP</name>
        <lei>5493007KQL803F6BK452</lei>
        <title>ATLANTIC POWER TERM B 04/13/2023</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XAC3301DAC20"/>
        </identifiers>
        <balance>1241508.27000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1240477.82000000</valUSD>
        <pctVal>0.115689729510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-13</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04535880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2018-AON</name>
        <lei>N/A</lei>
        <title>J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A</title>
        <cusip>46649XAU1</cusip>
        <identifiers>
          <isin value="US46649XAU19"/>
        </identifiers>
        <balance>961000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>982102.70000000</valUSD>
        <pctVal>0.091593089277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04613200</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHERRY HILL MTG INVT CORP</name>
        <lei>N/A</lei>
        <title>CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP</title>
        <cusip>164651309</cusip>
        <identifiers>
          <isin value="US1646513093"/>
        </identifiers>
        <balance>36575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>933759.75000000</valUSD>
        <pctVal>0.087084517887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQUITY LIFESTYLE PPTYS INC</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>EQUITY LIFESTYLE PPTYS INC</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
        </identifiers>
        <balance>207600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14519544.00000000</valUSD>
        <pctVal>1.354125072525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAT Holdings I LLC / HAT Holdings II LLC</name>
        <lei>N/A</lei>
        <title>HAT Holdings I LLC / II LLC 5.25% 07/15/2024 144A</title>
        <cusip>418751AA1</cusip>
        <identifiers>
          <isin value="US418751AA11"/>
        </identifiers>
        <balance>708000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>744285.00000000</valUSD>
        <pctVal>0.069413679906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESH HOSPITALITY INC</name>
        <lei>54930042FMK7X7SQ2896</lei>
        <title>ESH HOSPITALITY INC 5.25% 05/01/2025 144A</title>
        <cusip>26907YAA2</cusip>
        <identifiers>
          <isin value="US26907YAA29"/>
        </identifiers>
        <balance>2346000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2419312.50000000</valUSD>
        <pctVal>0.225630482233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QTS RLTY TR INC</name>
        <lei>5493006PA4CJK4OG2J54</lei>
        <title>QTS RLTY TR INC 7.125% PFD PERP SER A</title>
        <cusip>74736A202</cusip>
        <identifiers>
          <isin value="US74736A2024"/>
        </identifiers>
        <balance>32825.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>884962.00000000</valUSD>
        <pctVal>0.082533530834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 7.5 PFD PERP IPAR:25</title>
        <cusip>45031U804</cusip>
        <identifiers>
          <isin value="US45031U8045"/>
        </identifiers>
        <balance>28700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>730415.00000000</valUSD>
        <pctVal>0.068120132756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INV CORP 7.625% SER B PFD PERP</title>
        <cusip>90187B309</cusip>
        <identifiers>
          <isin value="US90187B3096"/>
        </identifiers>
        <balance>229755.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6072424.65000000</valUSD>
        <pctVal>0.566327872940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEHMAN ABS MANUF HSG CNTRCT TR</name>
        <lei>N/A</lei>
        <title>LABMH 2001-B M2 7.17% 3/28</title>
        <cusip>52519SAM5</cusip>
        <identifiers>
          <isin value="US52519SAM52"/>
        </identifiers>
        <balance>2405504.51010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1986736.24000000</valUSD>
        <pctVal>0.185287454969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07170000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BRIXMOR OPERATING PARTNERSHIP LP</name>
        <lei>549300CJHBL7JBUA6503</lei>
        <title>BRIXMOR OPERATING PART 3.875% 8/15/22</title>
        <cusip>11120VAB9</cusip>
        <identifiers>
          <isin value="US11120VAB99"/>
        </identifiers>
        <balance>1869000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1953780.57000000</valUSD>
        <pctVal>0.182213935647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03875000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATIONAL STORAGE AFFILIATES TRUST</name>
        <lei>N/A</lei>
        <title>NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP</title>
        <cusip>637870205</cusip>
        <identifiers>
          <isin value="US6378702053"/>
        </identifiers>
        <balance>12325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326612.50000000</valUSD>
        <pctVal>0.030460610557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HERSHA HOSPITALITY TR</name>
        <lei>549300DNC58BIN1VO064</lei>
        <title>HERSHA HOSPITALITY TR 6.5% PERP PFD</title>
        <cusip>427825609</cusip>
        <identifiers>
          <isin value="US4278256098"/>
        </identifiers>
        <balance>42250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1052870.00000000</valUSD>
        <pctVal>0.098193005586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>AMERICAN HOMES 4 RENT SER E 6.35% PFD PERP</title>
        <cusip>02665T801</cusip>
        <identifiers>
          <isin value="US02665T8018"/>
        </identifiers>
        <balance>50025.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1327163.25000000</valUSD>
        <pctVal>0.123774206143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTSMAN CORP</name>
        <lei>549300HJ4VIXF476Q166</lei>
        <title>WILLIAMS SCOTSMAN CORP A</title>
        <cusip>971375126</cusip>
        <identifiers>
          <isin value="US9713751264"/>
        </identifiers>
        <balance>12400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195424.00000000</valUSD>
        <pctVal>0.018225678311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
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          <isin value="US0441038025"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>SENIOR HOUSING PPTYS TR</name>
        <lei>N/A</lei>
        <title>SENIOR HOUSING 6.75% 12/15/21</title>
        <cusip>81721MAG4</cusip>
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          <isin value="US81721MAG42"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JPMBB COML MTG SECS TR 2014-C26</name>
        <lei>N/A</lei>
        <title>JPMBB 2014-C26 D CSTR 01/15/2048 144A</title>
        <cusip>46643TAL6</cusip>
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          <isin value="US46643TAL61"/>
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        <balance>602000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590162.87000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-15</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TR</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>PEBBLEBROOK HOTEL 6.5% PFD PERP</title>
        <cusip>70509V407</cusip>
        <identifiers>
          <isin value="US70509V4077"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENBRIDGE INC</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC SER 1 4% PFD PERP</title>
        <cusip>29250N717</cusip>
        <identifiers>
          <isin value="CA29250N7172"/>
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        <balance>74625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1462650.00000000</valUSD>
        <pctVal>0.136410002774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MASON FINANCE SUB INC</name>
        <lei>N/A</lei>
        <title>MASON FINANCE SUB INC 6.875% 08/15/2023 144A</title>
        <cusip>96950GAB8</cusip>
        <identifiers>
          <isin value="US96950GAB86"/>
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        <balance>134000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140700.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>ARLINGTON ASSET INVT CORP</name>
        <lei>549300LA9ZT7L8G7IT53</lei>
        <title>ARLINGTON ASSET INVT CORP 8.25% PFD PERP</title>
        <cusip>041356700</cusip>
        <identifiers>
          <isin value="US0413567001"/>
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        <balance>22175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>473436.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2011-C3</name>
        <lei>N/A</lei>
        <title>MSC 2011-C3 E CSTR 7/15/49 144A</title>
        <cusip>61760RAN2</cusip>
        <identifiers>
          <isin value="US61760RAN26"/>
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        <balance>652000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CBL and ASSOCS LTD PARTNERSHIP</name>
        <lei>549300VS75TWHD9JTH89</lei>
        <title>CBL and ASSOCS LP 4.6% 10/15/2024</title>
        <cusip>12505JAB9</cusip>
        <identifiers>
          <isin value="US12505JAB98"/>
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        <balance>5700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3619500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04600000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TIMES SQUARE HOTEL TR</name>
        <lei>N/A</lei>
        <title>TIMES SQUARE 8.528% 8/26 144A</title>
        <cusip>887367AA8</cusip>
        <identifiers>
          <isin value="US887367AA88"/>
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        <balance>1851338.85070000</balance>
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        <curCd>USD</curCd>
        <valUSD>2173961.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08528000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTURY CMNTYS INC</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC 6.75% 06/01/2027 144A</title>
        <cusip>156504AJ1</cusip>
        <identifiers>
          <isin value="US156504AJ18"/>
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        <balance>1770000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1893900.00000000</valUSD>
        <pctVal>0.176629340071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13</name>
        <lei>N/A</lei>
        <title>MSBAM 2013-C13 E CSTR 11/15/46 144A</title>
        <cusip>61763BAE4</cusip>
        <identifiers>
          <isin value="US61763BAE48"/>
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        <balance>659000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>619844.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04907660</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>J P MORGAN CHASE COML MTG SECS TR 2011-C3</name>
        <lei>N/A</lei>
        <title>JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A</title>
        <cusip>46635TBN1</cusip>
        <identifiers>
          <isin value="US46635TBN19"/>
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        <balance>1320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1020202.66000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04409000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROOKFIELD OFFICE PPTYS INC</name>
        <lei>36ZUFRRMJERSM4Q0S289</lei>
        <title>BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD</title>
        <cusip>112900642</cusip>
        <identifiers>
          <isin value="CA1129006427"/>
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        <balance>7675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31710000"/>
        <valUSD>131170.18000000</valUSD>
        <pctVal>0.012233223681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>MERITAGE HOME 7.15% 4/15/20</title>
        <cusip>59001AAN2</cusip>
        <identifiers>
          <isin value="US59001AAN28"/>
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        <balance>2019000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2056856.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.07150000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GSMS 2011-GC5 C 5.47 8/44</title>
        <cusip>36191YAJ7</cusip>
        <identifiers>
          <isin value="US36191YAJ73"/>
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        <balance>101000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104527.41000000</valUSD>
        <pctVal>0.009748459500</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05389761</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLACKSTONE MTG TR INC</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MTG TR INC CONV 4.75% 03/15/2023</title>
        <cusip>09257WAC4</cusip>
        <identifiers>
          <isin value="US09257WAC47"/>
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        <balance>1644000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1731272.30000000</valUSD>
        <pctVal>0.161462317879</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>Y</isContngtConvrtbl>
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            <dbtSecRefInstrument>
              <name>BLACKSTONE MTG TR INC</name>
              <title>BLACKSTONE MORTGAGE TR CL A</title>
              <curCd>USD</curCd>
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                <cusip value="09257W100"/>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARBOR RLTY TR INC</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR RLTY TR INC 8.5% PFD PERP C</title>
        <cusip>038923801</cusip>
        <identifiers>
          <isin value="US0389238017"/>
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        <balance>16125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419572.50000000</valUSD>
        <pctVal>0.039130267589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>MERITAGE HOMES CORP 6.0% 06/01/25</title>
        <cusip>59001AAY8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HOWARD HUGHES CORP</name>
        <lei>549300BVHY25JZC1KI49</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
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        <cusip>36191YAN8</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>WP GLIMCHER MALL TR 15-WPG</name>
        <lei>N/A</lei>
        <title>JPMDB 2015-WPG PR2 CSTR 06/35</title>
        <cusip>92939VAN4</cusip>
        <identifiers>
          <isin value="US92939VAN47"/>
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        <curCd>USD</curCd>
        <valUSD>379543.38000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
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        <cusip>16934Q307</cusip>
        <identifiers>
          <isin value="US16934Q3074"/>
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        <balance>38500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>MONMOUTH REAL ESTATE INVT CORP</name>
        <lei>549300DFIUDCN3KVN260</lei>
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        <cusip>609720404</cusip>
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          <isin value="US6097204043"/>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC 7.125% SER J PFD PERP</title>
        <cusip>19626G504</cusip>
        <identifiers>
          <isin value="US19626G5045"/>
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        <balance>274662.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6569915.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COLONY CAPITAL INC</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>COLONY CAPITAL INC</title>
        <cusip>19626G108</cusip>
        <identifiers>
          <isin value="US19626G1085"/>
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        <balance>570699.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3195914.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHIMERA INVESTMENT CORP</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>CHIMERA INVESTMENT CORP</title>
        <cusip>16934Q208</cusip>
        <identifiers>
          <isin value="US16934Q2084"/>
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        <balance>66800.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASHTON WOODS USA LLC/FIN CO</name>
        <lei>N/A</lei>
        <title>ASHTON WOODS USA LLC/FIN CO 9.875% 04/01/2027 144A</title>
        <cusip>045086AH8</cusip>
        <identifiers>
          <isin value="US045086AH86"/>
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        <balance>3780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4214700.00000000</valUSD>
        <pctVal>0.393072326732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09875000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COMM 2018-HCLV MTG TR</name>
        <lei>N/A</lei>
        <title>COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033</title>
        <cusip>20048KAN7</cusip>
        <identifiers>
          <isin value="US20048KAN72"/>
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        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>708238.58000000</valUSD>
        <pctVal>0.066051910342</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.06977550</annualizedRt>
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      <invstOrSec>
        <name>WASHINGTON PRIME GROUP INC</name>
        <lei>549300RWGA2GV6YQYT67</lei>
        <title>WASHINGTON PRIME GROUP INC 6.875% PRFD PERP</title>
        <cusip>93964W306</cusip>
        <identifiers>
          <isin value="US93964W3060"/>
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        <balance>13808.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288311.04000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>INDEPENDENCE PLAZA TR 2018-INDP</name>
        <lei>N/A</lei>
        <title>INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A</title>
        <cusip>45378YAS3</cusip>
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          <isin value="US45378YAS37"/>
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        <balance>504000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>535956.47000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04996000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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        <name>LANDMARK INFRASTRUCTURE PARTNERS LP</name>
        <lei>549300I3H10A778Y4H45</lei>
        <title>LANDMARK INFRASTRUCTURE PRTN LP SER C VAR PERP PFD</title>
        <cusip>51508J405</cusip>
        <identifiers>
          <isin value="US51508J4058"/>
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        <balance>57650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1517414.93000000</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GS MTG SECS TR 2012-GCJ7</name>
        <lei>N/A</lei>
        <title>GSMS 2012-GCJ7 D CSTR 5/45</title>
        <cusip>36192KAC1</cusip>
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          <isin value="US36192KAC18"/>
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        <curCd>USD</curCd>
        <valUSD>3550734.26000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>0.05685797</annualizedRt>
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        <name>TRICON AMERN HOMES 2018-SFR TR</name>
        <lei>N/A</lei>
        <title>TRICON AMERN HOMES 2018-SFR1 F 4.96% 05/17/2037 144A</title>
        <cusip>89613TAF5</cusip>
        <identifiers>
          <isin value="US89613TAF57"/>
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        <curCd>USD</curCd>
        <valUSD>1462465.90000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04960000</annualizedRt>
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        <name>GLOBAL MEDICAL REIT INC</name>
        <lei>549300HFRIPQDYU3GU60</lei>
        <title>GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP</title>
        <cusip>37957W203</cusip>
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          <isin value="US37957W2035"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>GLOBAL PARTNERS LP</name>
        <lei>549300PCHWTW9P4DU444</lei>
        <title>GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP</title>
        <cusip>37946R208</cusip>
        <identifiers>
          <isin value="US37946R2085"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48607.05000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEUTSCHE FINL CAP SEC LLC</name>
        <lei>N/A</lei>
        <title>DFCS 1997-I M 7.275% 9/27</title>
        <cusip>251547AG0</cusip>
        <identifiers>
          <isin value="US251547AG01"/>
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        <balance>147376.64910000</balance>
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        <curCd>USD</curCd>
        <valUSD>149576.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>HEALTHCARE TR AMER INC</name>
        <lei>549300L0I14L7I0VLX84</lei>
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        <curCd>USD</curCd>
        <valUSD>3281350.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UBS-BAMLL TR 2012-WRM</name>
        <lei>N/A</lei>
        <title>UBSBM 2012-WRM D CSTR 6/30</title>
        <cusip>90269PAL5</cusip>
        <identifiers>
          <isin value="US90269PAL58"/>
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        <balance>1817000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1787916.55000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04238000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>CAMB COML MTG TR 2019-LIFE</name>
        <lei>N/A</lei>
        <title>CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A</title>
        <cusip>12482HAS3</cusip>
        <identifiers>
          <isin value="US12482HAS31"/>
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        <balance>1021000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1031850.58000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05171250</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>FORESTAR GROUP INC</name>
        <lei>549300BC2UB0GHV60V70</lei>
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        <cusip>346232AD3</cusip>
        <identifiers>
          <isin value="US346232AD36"/>
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        <balance>2784000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2992800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMR HMS 15-SFR2</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A</title>
        <cusip>02666BAG1</cusip>
        <identifiers>
          <isin value="US02666BAG14"/>
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        <balance>926139.38020000</balance>
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        <curCd>USD</curCd>
        <valUSD>9.26000000</valUSD>
        <pctVal>0.000000863608</pctVal>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAPITAL AUTOMOTIVE LP</name>
        <lei>549300C2Y7WDWSMFEY87</lei>
        <title>CAPITAL AUTOMOTIVE TERM B 1LN 03/24/2024</title>
        <cusip>13973UAP4</cusip>
        <identifiers>
          <isin value="US13973UAP49"/>
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        <balance>1070603.03000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1069072.07000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-24</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>ASHFORD HOSPITALITY TRUST INC</name>
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        <cusip>044103604</cusip>
        <identifiers>
          <isin value="US0441036045"/>
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        <balance>95700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2093916.00000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>BLUEROCK RESIDENTIAL GROWTH REIT INC</name>
        <lei>549300KWLV0TGICOUU26</lei>
        <title>BLUEROCK RESIDENTIAL GROWTH REIT INC SER D 7.125% PERP PFD</title>
        <cusip>09627J656</cusip>
        <identifiers>
          <isin value="US09627J6560"/>
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        <balance>31900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>831250.20000000</valUSD>
        <pctVal>0.077524248513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELLINGTON FINANCIAL INC</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP</title>
        <cusip>28852N208</cusip>
        <identifiers>
          <isin value="US28852N2080"/>
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        <balance>35724.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>902388.24000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HILTON USA TR 2016-SFP</name>
        <lei>N/A</lei>
        <title>HILTON USA TR 2016-SFP 6.15522% 11/05/2035 144A</title>
        <cusip>43289VAS2</cusip>
        <identifiers>
          <isin value="US43289VAS25"/>
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        <balance>4557000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4582161.02000000</valUSD>
        <pctVal>0.427342561414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06155223</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP COML MTG TR 2013-GC15</name>
        <lei>N/A</lei>
        <title>CITIGROUP COML MTG TR 2013-GC15 D CSTR 09/10/2046 144A</title>
        <cusip>17321JAP9</cusip>
        <identifiers>
          <isin value="US17321JAP93"/>
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        <balance>2496000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2643475.41000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05214583</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISTAR INC</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC 4.75% 10/01/2024</title>
        <cusip>45031UCF6</cusip>
        <identifiers>
          <isin value="US45031UCF66"/>
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        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1959375.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXANTAS CAPITAL CORP</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>RESOURCE CAPITAL CORP CONV 8.0% 01/15/2020</title>
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        <identifiers>
          <isin value="US76120WAB00"/>
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        <balance>1965000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1972368.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.08000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isContngtConvrtbl>N</isContngtConvrtbl>
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              <title>EXANTAS CAPITAL CORP</title>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OUTFRONT MEDIA INC</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>OUTFRONT MEDIA INC</title>
        <cusip>69007J106</cusip>
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          <isin value="US69007J1060"/>
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        <balance>16965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446349.15000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OFFICE REIT INC</name>
        <lei>5493003J7157VP25NL57</lei>
        <title>CITY OFFICE REIT INC 6.625% SER A PFD PERP</title>
        <cusip>178587200</cusip>
        <identifiers>
          <isin value="US1785872003"/>
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        <curCd>USD</curCd>
        <valUSD>720329.25000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TAYLOR MORRISON CMNTYS INC / MONARCH CMNTYS INC</name>
        <lei>549300O1Z08HI2MRK572</lei>
        <title>TAYLOR MORRISON CMNTY/ MONARCH 5.75% 01/15/2028 144A</title>
        <cusip>87724RAB8</cusip>
        <identifiers>
          <isin value="US87724RAB87"/>
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        <balance>1511000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1671543.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KREF 2018-FL1 LTD / KREF 2018-FL1 LLC</name>
        <lei>549300N45646UZ8P3S07</lei>
        <title>KREF 2018-FL1 LTD / KREF 2018-FL1 LLC 1ML+255 06/15/2036 144A</title>
        <cusip>48275PAJ0</cusip>
        <identifiers>
          <isin value="US48275PAJ03"/>
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        <balance>440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>443904.56000000</valUSD>
        <pctVal>0.041399529799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04427500</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MOXIE PATRIOT LLC</name>
        <lei>549300B93KXN86RHX930</lei>
        <title>PANDA MOXIE PATRIOT TERM B 12/19/20</title>
        <cusip>62471MAB7</cusip>
        <identifiers>
          <isin value="US62471MAB72"/>
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        <balance>4825185.75600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3917471.81000000</valUSD>
        <pctVal>0.365352162494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-19</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07854380</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>KIMCO REALTY CORP</name>
        <lei>549300EA7I6T15IBYS12</lei>
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        <cusip>49446R711</cusip>
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          <isin value="US49446R7118"/>
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        <balance>22400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>581056.00000000</valUSD>
        <pctVal>0.054190579135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHERRY HILL MTG INVT CORP</name>
        <lei>N/A</lei>
        <title>CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP</title>
        <cusip>164651200</cusip>
        <identifiers>
          <isin value="US1646512004"/>
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        <balance>64250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1635162.50000000</valUSD>
        <pctVal>0.152498903471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SABRA HEALTH CARE REIT INC</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>SABRA HEALTHCARE REIT INC</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
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        <balance>200200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4924920.00000000</valUSD>
        <pctVal>0.459309028725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CEDAR RLTY TR INC</name>
        <lei>54930056URX93R2RSN82</lei>
        <title>CEDAR REALTY TRUST INC SER C 6.50% PFD PERP</title>
        <cusip>150602506</cusip>
        <identifiers>
          <isin value="US1506025063"/>
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        <balance>53500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1264740.00000000</valUSD>
        <pctVal>0.117952474556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS MTG SECS TR 2011-GC5</name>
        <lei>N/A</lei>
        <title>GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A</title>
        <cusip>36191YAQ1</cusip>
        <identifiers>
          <isin value="US36191YAQ17"/>
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        <balance>677000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493016.04000000</valUSD>
        <pctVal>0.045979776012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MPT OPER PARTNERSHIP LP / MPT FIN CORP</name>
        <lei>N/A</lei>
        <title>MPT OPER PARTNERSHIP LP/CORP 5.25% 08/01/26</title>
        <cusip>55342UAG9</cusip>
        <identifiers>
          <isin value="US55342UAG94"/>
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        <balance>1466000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1539300.00000000</valUSD>
        <pctVal>0.143558552812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS COML MTG TR 2012-C1</name>
        <lei>N/A</lei>
        <title>UBSCM 2012-C1 D CSTR 5/45</title>
        <cusip>90269GAN1</cusip>
        <identifiers>
          <isin value="US90269GAN16"/>
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        <balance>681000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>683898.40000000</valUSD>
        <pctVal>0.063781890843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05570346</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CROWN CASTLE INTL CORP</name>
        <lei>54930012H97VSM0I2R19</lei>
        <title>CROWN CASTLE INTL CORP</title>
        <cusip>22822V101</cusip>
        <identifiers>
          <isin value="US22822V1017"/>
        </identifiers>
        <balance>55500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7702845.00000000</valUSD>
        <pctVal>0.718384512921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROOKFIELD INFRA PARTNERS LP</name>
        <lei>549300WEH5R2OODI7Y90</lei>
        <title>BROOKFIELD INFRA PARTNERS LP 5.35% SER 5 PREF PERP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG162521683"/>
        </identifiers>
        <balance>35775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31710000"/>
        <valUSD>684209.44000000</valUSD>
        <pctVal>0.063810899127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C7 E CSTR 02/15/2046 144A</title>
        <cusip>61690KAN2</cusip>
        <identifiers>
          <isin value="US61690KAN28"/>
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        <balance>1501000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1325074.39000000</valUSD>
        <pctVal>0.123579394398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04238861</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMM 2005-LP5</name>
        <lei>N/A</lei>
        <title>COMM 2005-LP5 F CSTR 5/43</title>
        <cusip>20047PAP2</cusip>
        <identifiers>
          <isin value="US20047PAP27"/>
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        <balance>1016907.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006515.16000000</valUSD>
        <pctVal>0.093869849771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04508479</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
        <lei>N/A</lei>
        <title>FHMS K013 X3 IO CSTR 1/43</title>
        <cusip>3137AA4Y6</cusip>
        <identifiers>
          <isin value="US3137AA4Y66"/>
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        <balance>4967000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>163540.96000000</valUSD>
        <pctVal>0.015252194856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02814479</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CONSECO FIN SECURITIZATNS CORP</name>
        <lei>N/A</lei>
        <title>CNF 2002-1 M2 9.546% 12/33</title>
        <cusip>20846QJT6</cusip>
        <identifiers>
          <isin value="US20846QJT67"/>
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        <balance>1216000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1291625.35000000</valUSD>
        <pctVal>0.120459862289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.09546000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANNALY CAPITAL MANAGEMENT INC</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD</title>
        <cusip>035710870</cusip>
        <identifiers>
          <isin value="US0357108705"/>
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        <balance>220600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5751042.00000000</valUSD>
        <pctVal>0.536355009864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORGAN STANLEY CAP I TR 2015-MS1</name>
        <lei>N/A</lei>
        <title>MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48</title>
        <cusip>61765DAC2</cusip>
        <identifiers>
          <isin value="US61765DAC20"/>
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        <balance>2045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1974514.37000000</valUSD>
        <pctVal>0.184147616101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04030934</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TWO HARBORS INVESTMENT COR</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>TWO HARBORS INVT CORP 7.5% SER E PERP PFD</title>
        <cusip>90187B705</cusip>
        <identifiers>
          <isin value="US90187B7055"/>
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        <balance>118883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3000606.92000000</valUSD>
        <pctVal>0.279843296949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREMF 2010-K7 MTG TR</name>
        <lei>N/A</lei>
        <title>FREMF 2010-K7 B CSTR 4/20</title>
        <cusip>30263DAJ9</cusip>
        <identifiers>
          <isin value="US30263DAJ90"/>
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        <balance>2641000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2668485.68000000</valUSD>
        <pctVal>0.248868929007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05500659</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT</name>
        <lei>N/A</lei>
        <title>CCRESG COMMERCIAL MORTGAGE TRUST 2016-HEAT E 5.48825% 10/04/2029 144A</title>
        <cusip>12507GAL1</cusip>
        <identifiers>
          <isin value="US12507GAL14"/>
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        <balance>806000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>817274.57000000</valUSD>
        <pctVal>0.076220850074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05488250</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>URSTADT BIDDLE PPTYS INC</name>
        <lei>549300XXD0YL0AER3Z82</lei>
        <title>URSTADT BIDDLE PPTYS 6.75% PREF PERP</title>
        <cusip>917286809</cusip>
        <identifiers>
          <isin value="US9172868096"/>
        </identifiers>
        <balance>37300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>932873.00000000</valUSD>
        <pctVal>0.087001817604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON PRIME GROUP LP</name>
        <lei>549300K4BNOIQ154O537</lei>
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        <name>STARWOOD PPTY TR INC</name>
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        <name>MORGAN STANLEY CAP I TR 2012-C4</name>
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        <name>UBS-CITIGROUP COML MTG TR 2011-C1</name>
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        <name>COMM 2012-CCRE1 MTG TR</name>
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        <cusip>12624BAS5</cusip>
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          <isin value="US12624BAS51"/>
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          <couponKind>Fixed</couponKind>
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        <name>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13</name>
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        <title>MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13 D CSTR 11/15/2046 144A</title>
        <cusip>61763BAC8</cusip>
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          <couponKind>Variable</couponKind>
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        <name>MERRILL LYNCH MTG TR 06C1</name>
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        <title>MLMT 2006-C1 AJ CSTR 5/39</title>
        <cusip>59023BAH7</cusip>
        <identifiers>
          <isin value="US59023BAH78"/>
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        <valUSD>47067.73000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <debtSec>
          <maturityDt>2039-05-12</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTF GTD</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>URSTADT BIDDLE PPTYS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMR HMS 15-SFR2</name>
        <lei>N/A</lei>
        <title>AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A</title>
        <cusip>02666BAE6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>WESTERN ASSET MTG CAP CORP</name>
        <lei>549300JOQRROR5SZYY83</lei>
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        <cusip>95790DAA3</cusip>
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        <name>AMERICAN HOMES 4 RENT 2014-SFR3 TR</name>
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        <name>TRINITY MERGER</name>
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        <title>TRINITY MERGER CORP A</title>
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        <name>COMM 2012-CCRE2 MTG TR</name>
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        <title>COMM 2012-CR2 D CSTR 8/45</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM 2017-COR2</name>
        <lei>N/A</lei>
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        <balance>31000.00000000</balance>
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        <valUSD>29259.35000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMEGA HEALTHCARE INVESTORS INC</name>
        <lei>549300OJ7ENK42CZ8E73</lei>
        <title>OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/24</title>
        <cusip>681936BB5</cusip>
        <identifiers>
          <isin value="US681936BB51"/>
        </identifiers>
        <balance>659000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>714445.39000000</valUSD>
        <pctVal>0.066630771293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04950000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SITE CENTERS CORP</name>
        <lei>W2AVA6SODOQ1LCYJQR54</lei>
        <title>SITE CENTERS CORP</title>
        <cusip>82981J109</cusip>
        <identifiers>
          <isin value="US82981J1097"/>
        </identifiers>
        <balance>141900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2203707.00000000</valUSD>
        <pctVal>0.205522632198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO MORTGAGE CAPITAL INC</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MORTGAGE CAPITAL INC 7.5/VAR PFD PERP</title>
        <cusip>46131B506</cusip>
        <identifiers>
          <isin value="US46131B5066"/>
        </identifiers>
        <balance>397081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10638197.07000000</valUSD>
        <pctVal>0.992141996949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Stacie M. Smith</ncom:nameOfApplicant>
      <ncom:signature>Stacie M. Smith</ncom:signature>
      <ncom:signerName>Stacie M. Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
