Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GL	Globe Life Inc.	1,354	$242K	4.1%	$178.68	—	COMMON STOCKS	37959E102
THG	Hanover Insurance Group Inc. (The)	1,074	$230K	3.9%	$214.12	—	COMMON STOCKS	410867105
CINF	Cincinnati Financial Corporation	1,203	$223K	3.7%	$185.14	—	COMMON STOCKS	172062101
HMN	Horace Mann Educators Corporation	4,310	$223K	3.7%	$51.65	—	COMMON STOCKS	440327104
D	Dominion Energy Inc.	3,196	$218K	3.7%	$68.29	—	COMMON STOCKS	25746U109
WBS	Webster Financial Corporation	2,792	$213K	3.6%	$76.42	—	COMMON STOCKS	947890109
CSX	CSX Corporation	4,270	$203K	3.4%	$47.53	—	COMMON STOCKS	126408103
GTX	Garrett Motion Inc.	5,599	$203K	3.4%	$36.23	—	COMMON STOCKS	366505105
SHO	Sunstone Hotel Investors Inc.	10,797	$124K	2.1%	$11.45	—	REIT	867892101
MFA	MFA Financial Inc.	11,153	$108K	1.8%	$9.69	—	REIT	55272X607

Increased Positions (1)

ARI Apollo Commercial Real Estate Finance Inc. 2.0%

Value $119K (+7.1%) Shares 11,153 (+5.9%) Est. Cost $10.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARI	Apollo Commercial Real Estate Finance Inc.	11,153 (+5.9%)	$119K (+7.1%)	2.0%	$10.16	—	REIT	03762U105

Exited Positions (10)

FE FirstEnergy Corporation 4.2%

Value $252K Shares 4,979 Est. Cost $38.47 Unrealized —

WEC WEC Energy Group Inc. 4.2%

Value $252K Shares 2,177 Est. Cost $93.36 Unrealized —

OGE OGE Energy Corporation 4.0%

Value $236K Shares 4,913 Est. Cost $41.63 Unrealized —

BNL Broadstone Net Lease Inc. 3.6%

Value $215K Shares 11,766 Est. Cost $17.87 Unrealized —

SPG Simon Property Group Inc. 3.6%

Value $214K Shares 1,149 Est. Cost $169.06 Unrealized —

BK Bank of New York Mellon Corporation (The) 3.4%

Value $204K Shares 1,722 Est. Cost $120.15 Unrealized —

SCI Service Corp International 3.4%

Value $202K Shares 2,446 Est. Cost $80.98 Unrealized —

PMT PennyMac Mortgage Investment Trust 2.5%

Value $148K Shares 12,684 Est. Cost $12.59 Unrealized —

LADR Ladder Capital Corporation 2.3%

Value $140K Shares 14,330 Est. Cost $11.19 Unrealized —

FPI Farmland Partners Inc. 2.0%

Value $120K Shares 10,649 Est. Cost $11.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FE	FirstEnergy Corporation	4,979	$252K	4.2%	$38.47	—	—	337932107
WEC	WEC Energy Group Inc.	2,177	$252K	4.2%	$93.36	—	—	92939U106
OGE	OGE Energy Corporation	4,913	$236K	4.0%	$41.63	—	—	670837103
BNL	Broadstone Net Lease Inc.	11,766	$215K	3.6%	$17.87	—	—	11135E203
SPG	Simon Property Group Inc.	1,149	$214K	3.6%	$169.06	—	—	828806109
BK	Bank of New York Mellon Corporation (The)	1,722	$204K	3.4%	$120.15	—	—	064058100
SCI	Service Corp International	2,446	$202K	3.4%	$80.98	—	—	817565104
PMT	PennyMac Mortgage Investment Trust	12,684	$148K	2.5%	$12.59	—	—	70931T103
LADR	Ladder Capital Corporation	14,330	$140K	2.3%	$11.19	—	—	505743104
FPI	Farmland Partners Inc.	10,649	$120K	2.0%	$11.23	—	—	31154R109

Unchanged Positions (17)

IVT InvenTrust Properties Corporation 4.5%

Value $268K Shares 7,572 Est. Cost $30.13 Unrealized —

NWBI Northwest Bancshares Inc. 2.7%

Value $162K Shares 10,717 Est. Cost $12.72 Unrealized —

FNB FNB Corp 3.5%

Value $210K Shares 11,012 Est. Cost $15.72 Unrealized —

AFL Aflac Inc. 4.5%

Value $270K Shares 2,302 Est. Cost $106.42 Unrealized —

DGX Quest Diagnostics Inc. 3.7%

Value $220K Shares 1,036 Est. Cost $190.57 Unrealized —

LNT Alliant Energy Corporation 4.5%

Value $269K Shares 3,522 Est. Cost $58.37 Unrealized —

REG Regency Centers Corporation 3.7%

Value $224K Shares 2,803 Est. Cost $67.96 Unrealized —

EXC Exelon Corporation 3.4%

Value $204K Shares 4,366 Est. Cost $45.14 Unrealized —

LH Labcorp Holdings Inc. 3.6%

Value $215K Shares 767 Est. Cost $271.07 Unrealized —

AEE Ameren Corporation 4.1%

Value $243K Shares 2,147 Est. Cost $93.72 Unrealized —

DX Dynex Capital Inc. 3.4%

Value $200K Shares 15,285 Est. Cost $14.01 Unrealized —

CNP CenterPoint Energy Inc. 4.1%

Value $243K Shares 5,516 Est. Cost $36.53 Unrealized —

AVA Avista Corporation 3.8%

Value $225K Shares 5,506 Est. Cost $38.22 Unrealized —

POR Portland General Electric Company 3.4%

Value $202K Shares 3,904 Est. Cost $50.61 Unrealized —

CMS CMS Energy Corporation 3.8%

Value $228K Shares 2,982 Est. Cost $68.05 Unrealized —

XEL Xcel Energy Inc. 3.9%

Value $231K Shares 2,872 Est. Cost $71.34 Unrealized —

SO Southern Company (The) 4.1%

Value $246K Shares 2,573 Est. Cost $84.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IVT	InvenTrust Properties Corporation	7,572	$268K	4.5%	$30.13	—	REIT	46124J201
NWBI	Northwest Bancshares Inc.	10,717	$162K	2.7%	$12.72	—	COMMON STOCKS	667340103
FNB	FNB Corp	11,012	$210K	3.5%	$15.72	—	COMMON STOCKS	302520101
AFL	Aflac Inc.	2,302	$270K	4.5%	$106.42	—	COMMON STOCKS	001055102
DGX	Quest Diagnostics Inc.	1,036	$220K	3.7%	$190.57	—	COMMON STOCKS	74834L100
LNT	Alliant Energy Corporation	3,522	$269K	4.5%	$58.37	—	COMMON STOCKS	018802108
REG	Regency Centers Corporation	2,803	$224K	3.7%	$67.96	—	REIT	758849103
EXC	Exelon Corporation	4,366	$204K	3.4%	$45.14	—	COMMON STOCKS	30161N101
LH	Labcorp Holdings Inc.	767	$215K	3.6%	$271.07	—	COMMON STOCKS	504922105
AEE	Ameren Corporation	2,147	$243K	4.1%	$93.72	—	COMMON STOCKS	023608102
DX	Dynex Capital Inc.	15,285	$200K	3.4%	$14.01	—	REIT	26817Q886
CNP	CenterPoint Energy Inc.	5,516	$243K	4.1%	$36.53	—	COMMON STOCKS	15189T107
AVA	Avista Corporation	5,506	$225K	3.8%	$38.22	—	COMMON STOCKS	05379B107
POR	Portland General Electric Company	3,904	$202K	3.4%	$50.61	—	COMMON STOCKS	736508847
CMS	CMS Energy Corporation	2,982	$228K	3.8%	$68.05	—	COMMON STOCKS	125896100
XEL	Xcel Energy Inc.	2,872	$231K	3.9%	$71.34	—	COMMON STOCKS	98389B100
SO	Southern Company (The)	2,573	$246K	4.1%	$84.51	—	COMMON STOCKS	842587107