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Brookfield Real Assets Income Fund Inc.
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
CORPORATE CREDIT - 70.5%
Par
  
Value
 
Basic Industrial - 1.3%
  
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)(b)
    
$
3,000,000
    
$
2,822,310
  
Methanex Corp., 5.25%, 12/15/2029 (c)
      
1,490,000
      
1,488,025
  
Methanex US Operations, Inc., 6.25%, 03/15/2032 (a)(b)
      
1,450,000
      
1,475,382
  
NOVA Chemicals Corp., 8.50%, 11/15/2028 (a)(b)
      
1,405,000
      
1,470,264
  
Tronox, Inc.
  
4.63%, 03/15/2029 (a)(c)
      
2,102,000
      
1,370,415
  
9.13%, 09/30/2030 (a)
      
1,660,000
      
1,626,081
  
       
10,252,477
  
                   
Capital Goods - 0.4%
  
Cascades, Inc., 6.75%, 07/15/2030 (a)
      
3,252,000
      
3,312,162
  
                   
Construction & Building Materials - 0.5%
  
K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031 (a)
      
3,578,000
      
3,667,152
  
                   
Diversified - 1.5%
  
Five Point Operating Co. LP, 8.00%, 10/01/2030 (a)
      
2,300,000
      
2,333,812
  
Howard Hughes Corp.
  
5.38%, 08/01/2028 (a)(b)
      
4,275,000
      
4,258,081
  
4.38%, 02/01/2031 (a)
      
1,610,000
      
1,509,386
  
Kennedy Wilson Europe Real Estate Ltd., 3.25%, 11/12/2025
EUR
    
631,579
      
739,600
  
Kennedy-Wilson, Inc.
  
4.75%, 02/01/2030 (b)(c)
      
1,700,000
      
1,587,290
  
5.00%, 03/01/2031 (c)
      
1,715,000
      
1,595,082
  
       
12,023,251
  
                   
Energy - 5.1%
  
Antero Resources Corp., 5.38%, 03/01/2030 (a)(b)
      
2,840,000
      
2,856,915
  
Ascent Resources Utica Holdings LLC, 6.63%, 10/15/2032 (a)(b)
      
2,895,000
      
2,954,770
  
Civitas Resources, Inc., 8.38%, 07/01/2028 (a)(b)
      
2,745,000
      
2,845,273
  
CNX Resources Corp., 7.38%, 01/15/2031 (a)(c)
      
2,533,000
      
2,612,230
  
Comstock Resources, Inc., 6.75%, 03/01/2029 (a)(c)
      
1,457,000
      
1,454,831
  
Crescent Energy Finance LLC, 7.63%, 04/01/2032 (a)(c)
      
2,765,000
      
2,746,141
  
EQT Corp., 4.50%, 01/15/2029
      
3,228,000
      
3,229,044
  
Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (a)
      
1,387,000
      
1,424,156
  
Hilcorp Energy I LP, 6.25%, 11/01/2028 (a)(b)
      
4,300,000
      
4,316,086
  
Matador Resources Co., 6.50%, 04/15/2032 (a)
      
2,819,000
      
2,845,733
  
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (a)
      
1,865,000
      
1,827,526
  
Permian Resources Operating LLC
  
5.88%, 07/01/2029 (a)(b)
      
2,825,000
      
2,838,286
  
6.25%, 02/01/2033 (a)
      
2,830,000
      
2,882,757
  
TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (a)
      
1,455,000
      
1,423,782
  
Transocean Titan Financing Ltd., 8.38%, 02/01/2028 (Acquired 2/22/2023 - 3/1/2023, Cost $2,099,670) (a)(b)(d)
      
2,088,571
      
2,139,679
  
Transocean, Inc., 8.75%, 02/15/2030 (a)
      
2,325,000
      
2,446,231
  
       
40,843,440
  
                   
Health Facilities - 2.8%
  
Community Health Systems, Inc., 10.88%, 01/15/2032 (a)(b)
      
6,486,000
      
6,865,055
  
LifePoint Health, Inc., First Lien, 8.01% (3 mo. Term SOFR + 3.75%), 05/19/2031
      
4,500,000
      
4,488,300
  
LifePoint Health, Inc., 10.00%, 06/01/2032 (a)
      
815,000
      
855,700
  
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)
      
3,068,000
      
3,190,720
  
Tenet Healthcare Corp., 6.13%, 10/01/2028 (b)
      
6,770,000
      
6,775,696
  
Toledo Hospital, 4.98%, 11/15/2045
      
250,000
      
210,817
  
       
22,386,288
  
                   
Infrastructure Services - 1.0%
  
Cemex SAB de CV, 7.20% to 09/10/2030 then 5 yr. CMT Rate + 3.52%, Perpetual (a)
      
3,000,000
      
3,115,650
  
Quikrete Holdings, Inc., 6.38%, 03/01/2032 (a)(b)
      
1,610,000
      
1,667,876
  
Wrangler Holdco Corp., 6.63%, 04/01/2032 (a)(b)
      
3,000,000
      
3,128,580
  
       
7,912,106
  
                   
Leisure - 4.1%
  
Braemar Hotels & Resorts, Inc., 4.50%, 06/01/2026
      
1,500,000
      
1,455,000
  
Caesars Entertainment, Inc.
  
7.00%, 02/15/2030 (a)(b)
      
5,250,000
      
5,398,294
  
6.50%, 02/15/2032 (a)(b)
      
2,850,000
      
2,907,031
  
Hilton Domestic Operating Co., Inc.
  
4.00%, 05/01/2031 (a)
      
3,085,000
      
2,918,748
  
5.88%, 03/15/2033 (a)
      
1,400,000
      
1,429,093
  
MGM Resorts International, 6.13%, 09/15/2029 (c)
      
2,785,000
      
2,834,932
  
NCL Corp. Ltd., 6.75%, 02/01/2032 (a)(c)
      
2,862,000
      
2,942,438
  
RHP Hotel Properties LP
  
4.50%, 02/15/2029 (a)(b)(c)
      
4,010,000
      
3,932,315
  
6.50%, 06/15/2033 (a)
      
1,957,000
      
2,015,524
  
Six Flags Entertainment Corp., 7.25%, 05/15/2031 (a)
      
1,370,000
      
1,370,375
  
Station Casinos LLC, 6.63%, 03/15/2032 (a)
      
1,490,000
      
1,530,641
  
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (a)
      
1,475,000
      
1,439,942
  
Wynn Resorts Finance LLC, 7.13%, 02/15/2031 (a)(c)
      
2,700,000
      
2,907,017
  
       
33,081,350
  
                   
Media - 8.5%
  
Cable One, Inc., 4.00%, 11/15/2030 (Acquired 12/4/2020 - 5/20/2025, Cost $5,741,921) (a)(c)(d)
      
6,640,000
      
5,625,611
  
CCO Holdings LLC
  
6.38%, 09/01/2029 (a)
      
5,170,000
      
5,241,062
  
4.75%, 03/01/2030 (a)(b)
      
9,475,000
      
9,093,830
  
CSC Holdings LLC
  
3.38%, 02/15/2031 (a)(b)
      
10,093,000
      
6,509,432
  
4.50%, 11/15/2031 (a)(b)
      
18,284,000
      
11,889,634
  
Directv Financing LLC, 10.00%, 02/15/2031 (a)(b)
      
5,850,000
      
5,840,630
  
DISH Network Corp., 11.75%, 11/15/2027 (a)(b)
      
13,401,000
      
14,181,418
  
Midcontinent Communications, 8.00%, 08/15/2032 (a)(b)
      
2,665,000
      
2,745,531
  
Virgin Media Secured Finance PLC, 4.50%, 08/15/2030 (a)(b)
      
4,675,000
      
4,407,756
  
VZ Secured Financing BV, 5.00%, 01/15/2032 (a)
      
3,223,000
      
2,915,794
  
       
68,450,698
  
                   
Media Content - 0.5%
  
Discovery Communications LLC, 4.13%, 05/15/2029
      
3,000,000
      
2,887,500
  
Warnermedia Holdings, Inc., 4.28%, 03/15/2032 (c)
      
1,500,000
      
1,374,375
  
       
4,261,875
  
                   
Metals & Mining - 0.8%
  
Champion Iron Canada, Inc., 7.88%, 07/15/2032 (a)
      
1,640,000
      
1,714,581
  
Cleveland-Cliffs, Inc.
  
4.63%, 03/01/2029 (a)
      
2,950,000
      
2,841,840
  
7.00%, 03/15/2032 (a)(c)
      
1,530,000
      
1,545,378
  
       
6,101,799
  
                   
Oil Gas Transportation & Distribution - 15.4%
  
AltaGas Ltd., 7.20% to 10/15/2034 then 5 yr. CMT Rate + 3.57%, 10/15/2054 (a)(b)
      
7,197,000
      
7,444,670
  
Antero Midstream Partners LP, 5.38%, 06/15/2029 (a)(b)
      
5,400,000
      
5,381,820
  
Beazer Homes USA, Inc., 7.50%, 03/15/2031 (a)(b)
      
3,125,000
      
3,166,431
  
Buckeye Partners LP, 4.13%, 12/01/2027 (b)
      
3,655,000
      
3,613,667
  
Enbridge, Inc.
  
7.38% to 01/15/2028 then 5 yr. CMT Rate + 3.71%, 01/15/2083
      
825,000
      
857,336
  
7.63% to 01/15/2033 then 5 yr. CMT Rate + 4.42%, 01/15/2083 (b)
      
8,790,000
      
9,526,075
  
Energy Transfer LP, 7.58% (3 mo. Term SOFR + 3.28%), 11/01/2066 (b)
      
9,500,000
      
9,468,894
  
Enterprise Products Operating LLC
  
5.25% to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077
      
1,460,000
      
1,458,376
  
5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 (c)
      
8,516,000
      
8,456,908
  
Excelerate Energy LP, 8.00%, 05/15/2030 (a)
      
2,782,000
      
2,960,994
  
Genesis Energy LP, 7.88%, 05/15/2032 (c)
      
4,783,000
      
4,986,536
  
Kinetik Holdings LP, 5.88%, 06/15/2030 (a)(b)(c)
      
4,440,000
      
4,466,391
  
Parkland Corp., 4.50%, 10/01/2029 (a)(b)
      
3,247,000
      
3,163,528
  
Plains All American Pipeline LP, 8.58% (3 mo. Term SOFR + 4.37%), Perpetual (b)
      
13,765,000
      
13,787,280
  
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055 (b)
      
6,750,000
      
7,166,430
  
Suburban Propane Partners LP, 5.00%, 06/01/2031 (a)(b)(c)
      
4,389,000
      
4,175,718
  
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)(b)
      
2,688,000
      
2,701,271
  
Sunoco LP
  
4.50%, 05/15/2029 (b)(c)
      
1,981,000
      
1,933,305
  
5.63%, 03/15/2031 (a)
      
274,000
      
272,023
  
Tallgrass Energy Partners LP, 6.00%, 12/31/2030 (a)(b)
      
4,339,000
      
4,286,455
  
Transcanada Trust, 5.60% to 03/07/2032 then 5 yr. CMT Rate + 3.99%, 03/07/2082 (b)(c)
      
6,755,000
      
6,693,521
  
USA Compression Partners LP, 6.25%, 10/01/2033 (a)
      
2,889,000
      
2,902,462
  
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 (a)(b)
      
4,005,000
      
4,175,084
  
Venture Global LNG, Inc.
  
7.00%, 01/15/2030 (a)(c)
      
2,750,000
      
2,842,221
  
8.38%, 06/01/2031 (a)(c)
      
1,885,000
      
1,978,575
  
Venture Global Plaquemines LNG LLC
  
7.50%, 05/01/2033 (a)
      
1,094,000
      
1,208,860
  
6.50%, 01/15/2034 (a)
      
1,636,000
      
1,721,592
  
Whistler Pipeline LLC, 5.95%, 09/30/2034 (a)(c)
      
2,950,000
      
3,041,235
  
       
123,837,658
  
                   
Real Estate - 6.9%
  
American Assets Trust LP, 6.15%, 10/01/2034 (c)
      
2,762,000
      
2,811,557
  
Arbor Realty SR, Inc., 7.88%, 07/15/2030 (a)
      
1,640,000
      
1,724,336
  
Brandywine Operating Partnership LP
  
8.88%, 04/12/2029 (b)(c)
      
3,038,000
      
3,297,245
  
6.13%, 01/15/2031
      
1,320,000
      
1,318,350
  
EPR Properties, 3.60%, 11/15/2031 (c)
      
3,100,000
      
2,861,653
  
Global Net Lease, Inc., 3.75%, 12/15/2027 (a)(b)
      
1,510,000
      
1,465,778
  
Iron Mountain, Inc.
  
4.88%, 09/15/2029 (Acquired 2/10/2021 - 2/11/2021, Cost $2,995,616) (a)(b)(d)
      
2,950,000
      
2,903,967
  
6.25%, 01/15/2033 (a)(b)
      
3,380,000
      
3,448,168
  
Ladder Capital Finance Corp., 7.00%, 07/15/2031 (a)
      
2,620,000
      
2,745,582
  
Lamar Media Corp., 4.00%, 02/15/2030 (b)
      
3,050,000
      
2,919,849
  
Millrose Properties, Inc., 6.38%, 08/01/2030 (a)
      
1,973,000
      
2,006,521
  
MPT Operating Partnership LP
  
0.99%, 10/15/2026
EUR
    
5,000,000
      
5,596,859
  
8.50%, 02/15/2032 (a)(b)
      
2,675,000
      
2,842,554
  
Park Intermediate Holdings LLC, 7.00%, 02/01/2030 (a)(b)
      
1,344,000
      
1,385,542
  
Piedmont Operating Partnership LP, 6.88%, 07/15/2029 (b)
      
3,456,000
      
3,657,798
  
Service Properties Trust
  
0.00%, 09/30/2027 (a)(e)
      
1,837,000
      
1,620,980
  
4.95%, 10/01/2029
      
5,315,000
      
4,686,193
  
4.38%, 02/15/2030 (b)
      
4,456,000
      
3,792,898
  
Starwood Property Trust, Inc., 7.25%, 04/01/2029 (a)(c)
      
2,735,000
      
2,874,417
  
XHR LP, 4.88%, 06/01/2029 (a)
      
1,488,000
      
1,457,485
  
       
55,417,732
  
                   
Specialty Retail - 0.5%
  
Kohl's Corp., 10.00%, 06/01/2030 (a)
      
4,000,000
      
4,346,204
  
                   
Support-Services - 0.4%
  
Grand Canyon University, 5.13%, 10/01/2028
      
3,250,000
      
3,198,053
  
                   
Telecommunication Services - 9.3%
  
Altice France SA, 5.50%, 01/15/2028 (a)(b)
      
4,161,000
      
3,661,680
  
Bell Telephone Co. of Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 (b)(c)
      
4,073,000
      
4,225,500
  
C&W Senior Finance Ltd., 9.00%, 01/15/2033 (a)(c)
      
2,066,000
      
2,160,542
  
Cable One, Inc., 0.00%, 03/15/2026 (b)(e)
      
5,000,000
      
4,870,023
  
EchoStar Corp., 6.75% 11/30/2025  (c)
      
10,405,475
      
10,740,531
  
Frontier Communications Holdings LLC, 8.63%, 03/15/2031 (a)(b)
      
4,235,000
      
4,464,800
  
Iliad Holding SASU, 8.50%, 04/15/2031 (a)(b)
      
1,500,000
      
1,608,729
  
LCPR Senior Secured Financing DAC
  
6.75%, 10/15/2027 (a)(b)
      
1,531,000
      
918,600
  
5.13%, 07/15/2029 (a)
      
7,129,000
      
3,956,595
  
Level 3 Financing, Inc.
  
3.75%, 07/15/2029 (a)
      
3,100,000
      
2,642,413
  
6.88%, 06/30/2033 (a)(b)
      
8,474,000
      
8,636,794
  
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/2031 (a)(b)
      
1,800,000
      
1,921,086
  
Optics Bidco SpA, 6.38%, 11/15/2033 (a)(b)
      
1,826,000
      
1,812,276
  
Rogers Communications, Inc., 7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055 (c)
      
4,365,000
      
4,627,572
  
Telecom Italia Capital SA, 6.38%, 11/15/2033 (b)
      
2,860,000
      
3,003,706
  
TELUS Corp., 7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055
      
3,283,000
      
3,460,292
  
Uniti Group LP
  
10.50%, 02/15/2028 (a)
      
1,595,348
      
1,680,221
  
6.50%, 02/15/2029 (a)
      
2,365,000
      
2,220,880
  
Windstream Escrow LLC, 8.25%, 10/01/2031 (a)(b)
      
8,266,000
      
8,562,394
  
       
75,174,634
  
                   
Transportation - 0.1%
  
BNSF Funding Trust I, 6.61% to 01/15/2026 then 3 mo. LIBOR US + 2.35%, 12/15/2055 (b)(f)
      
675,000
      
674,148
  
                   
Utility - 11.4%
  
AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 (b)
      
8,760,000
      
8,587,591
  
AES Panama Generation Holdings SRL, 4.38%, 05/31/2030 (a)
      
1,606,951
      
1,518,569
  
American Electric Power Co., Inc.
  
6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 (b)(c)
      
3,387,000
      
3,667,981
  
7.05% to 12/15/2029 then 5 yr. CMT Rate + 2.75%, 12/15/2054 (b)
      
1,380,000
      
1,442,996
  
Atlantica Sustainable Infrastructure Ltd., 4.13%, 06/15/2028 (a)(b)
      
2,596,000
      
2,538,861
  
Calpine Corp., 5.13%, 03/15/2028 (a)(c)
      
4,605,000
      
4,607,477
  
CenterPoint Energy, Inc., 6.85% to 02/15/2035 then 5 yr. CMT Rate + 2.95%, 02/15/2055 (b)
      
7,225,000
      
7,667,654
  
Clearway Energy Operating LLC, 3.75%, 02/15/2031 (a)(b)
      
1,897,000
      
1,741,442
  
Edison International, 7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054
      
1,616,000
      
1,648,570
  
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 (b)(f)
      
7,600,000
      
7,639,239
  
Entergy Corp., 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 (c)
      
5,620,000
      
5,872,271
  
Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 (b)
      
2,995,000
      
3,067,129
  
Ferrellgas LP, 5.88%, 04/01/2029 (a)
      
6,315,000
      
5,877,646
  
NiSource, Inc., 6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055
      
640,000
      
663,095
  
NRG Energy, Inc., 6.00%, 02/01/2033 (a)(b)
      
3,000,000
      
3,046,887
  
PG&E Corp., 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 (b)
      
11,355,000
      
11,663,073
  
Sempra
  
6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054
      
1,535,000
      
1,589,024
  
6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 (c)
      
7,895,000
      
8,069,740
  
Sierra Pacific Power Co., 6.20% to 12/15/2030 then 5 yr. CMT Rate + 2.55%, 12/15/2055
      
1,089,000
      
1,090,089
  
Vistra Operations Company, LLC
  
5.63%, 02/15/2027 (a)(b)
      
4,075,000
      
4,075,308
  
7.75%, 10/15/2031 (a)(b)
      
1,300,000
      
1,375,699
  
XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029 (a)(b)
      
4,206,000
      
4,317,505
  
       
91,767,846
  
TOTAL CORPORATE CREDIT (Cost $556,443,342)
      
566,708,873
  
                   
SECURITIZED CREDIT - 38.8%
Par
  
Value
 
Commercial Mortgage-Backed Securities - 6.6%
  
ACAM Ltd.
  
Series 2019-FL1, Class D, 7.01% (1 mo. Term SOFR + 2.86%), 11/17/2034, (2.75% Floor) (a)
      
1,902,000
      
1,886,319
  
Series 2019-FL1, Class E, 7.26% (1 mo. Term SOFR + 3.11%), 11/17/2034, (3.00% Floor) (a)
      
2,098,000
      
2,071,362
  
ACREC Trust
  
Series 2025-FL3, Class D, 7.18% (1 mo. Term SOFR + 3.04%), 08/18/2042, (3.04% Floor) (a)
      
500,000
      
490,797
  
Series 2025-FL3, Class E, 7.93% (1 mo. Term SOFR + 3.79%), 08/18/2042, (3.79% Floor) (a)
      
250,000
      
243,102
  
BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class F, 9.27% (1 mo. Term SOFR + 5.11%), 09/15/2038, (5.00% Floor) (a)
      
5,000,000
      
4,414,262
  
BBCMS Mortgage Trust, Series 2021-AGW, Class G, 9.06% (1 mo. Term SOFR + 4.91%), 06/15/2036, (4.80% Floor) (a)
      
4,000,000
      
3,342,907
  
Beast Mortgage Trust, Series 2021-1818, Class F, 8.72% (1 mo. Term SOFR + 4.56%), 03/15/2036, (4.70% Floor) (a)
      
1,250,000
      
112,500
  
BX Trust, Series 2025-VLT6, Class E, 7.34% (1 mo. Term SOFR + 3.19%), 03/15/2042, (3.19% Floor) (a)
      
1,000,000
      
996,570
  
Federal Home Loan Mortgage Corporation, Series K-152, Class X3, 4.48%, 11/25/2055 (g)(h)
      
5,250,000
      
1,275,327
  
GS Mortgage Securities Corp. II, Series 2020-GC47, Class F, 2.57%, 05/12/2053 (a)(h)
      
3,500,000
      
2,049,040
  
Hilton USA Trust
  
Series 2016-HHV, Class E, 4.33%, 11/05/2038 (a)(h)
      
11,000,000
      
10,824,177
  
Series 2016-SFP, Class C, 4.12%, 11/05/2035 (a)
      
581,000
      
146,702
  
Series 2016-SFP, Class D, 4.93%, 11/05/2035 (a)
      
1,929,000
      
197,120
  
Series 2016-SFP, Class E, 5.52%, 11/05/2035 (a)
      
1,300,000
      
106,844
  
JP Morgan Chase Commercial Mortgage Securities Trust
  
Series 2007-LD12, Class AJ, 6.56%, 02/15/2051 (h)
      
15,741
      
15,879
  
Series 2021-1440, Class F, 9.12% (1 mo. Term SOFR + 4.96%), 03/15/2036, (4.85% Floor) (a)(i)
      
2,586,000
      
530,647
  
KIND Trust
  
Series 2021-KIND, Class E, 7.52% (1 mo. Term SOFR + 3.36%), 08/15/2038, (3.25% Floor) (a)
      
1,487,782
      
1,470,083
  
Series 2021-KIND, Class F, 8.22% (1 mo. Term SOFR + 4.06%), 08/15/2038, (3.95% Floor) (a)
      
3,331,912
      
3,305,917
  
Last Mile Logistics Pan Euro Finance, Series 1A, Class E, 4.73% (3 mo. EURIBOR + 2.70%), 08/17/2033, (2.70% Floor) (a)
EUR
    
1,192,955
      
1,401,110
  
Last Mile Securities, Series 2021-1A, Class F, 7.03% (3 mo. EURIBOR + 5.00%), 08/17/2031, (5.00% Floor), (9.00% Cap) (a)
EUR
    
2,037,581
      
2,394,912
  
Morgan Stanley ABS Capital I, Inc., Series 2024-NSTB, Class D, 4.27%, 09/24/2057 (a)(h)
      
1,000,000
      
927,625
  
Morgan Stanley Capital I Trust, Series 2017-HR2, Class D, 2.73%, 12/15/2050
      
3,000,000
      
2,695,965
  
Taurus CMBS, Series 2021-UK4X, Class E, 7.09% (SONIA + 3.10%), 08/17/2031, (3.10% Floor)
GBP
    
644,923
      
868,384
  
TPG Real Estate Finance Issuer Ltd., Series 2021-FL4, Class E, 8.61% (1 mo. Term SOFR + 4.46%), 03/15/2038, (4.35% Floor) (a)
      
4,000,000
      
3,979,093
  
UK Logistics
  
Series 2024-1A, Class D, 7.99% (SONIA + 4.00%), 05/17/2034, (4.00% Floor) (a)
GBP
    
504,000
      
681,734
  
Series 2024-1A, Class E, 8.99% (SONIA + 5.00%), 05/17/2034, (5.00% Floor) (a)
GBP
    
1,874,000
      
2,530,620
  
VMC Finance LLC
  
Series 2021-FL4, Class D, 7.75% (1 mo. Term SOFR + 3.61%), 06/16/2036, (3.06% Floor) (a)
      
893,000
      
837,187
  
Series 2021-FL4, Class E, 8.20% (1 mo. Term SOFR + 4.06%), 06/16/2036, (3.61% Floor) (a)
      
3,107,000
      
2,788,532
  
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class E, 5.79%, 10/15/2048 (h)
      
427,053
      
426,017
  
       
53,010,734
  
                   
Commercial Real Estate - 2.3%
  
111 Wall Street, 5.00%, 01/31/2026 (Acquired 11/1/2024, Cost $9,461,985) (d)(i)
      
9,549,981
      
9,473,581
  
125 West End Office Mezz LLC, 14.83% (1 mo. Term SOFR + 10.50%), 03/12/2026 (Acquired 3/11/2021 - 4/4/2025, Cost $3,648,430) (d)(e)(i)
      
3,654,003
      
1,439,677
  
575 LEXINGTON JUNIOR MEZZ, 29.33%, 06/18/2026 (Acquired 3/17/2021 - 9/12/2025, Cost $4,879,127) (d)(e)(i)
      
9,467,598
      
3,058,034
  
575 LEXINGTON SENIOR MEZZ, 10.75%, 06/18/2026 (Acquired 9/20/2023 - 8/29/2025, Cost $3,870,358) (d)(i)
      
4,053,672
      
4,053,672
  
       
18,024,964
  
                   
Interest-Only Securities - 0.1%
  
Government National Mortgage Association, Series 2010-132, Class IO, 0.41%, 11/16/2052 (g)(h)
      
179,416
      
447
  
JP Morgan Mortgage Trust
  
Series 2014-5, Class AX4, 0.10%, 10/25/2029 (a)(g)(h)
      
691,413
      
809
  
Series 2015-4, Class 2X1, 0.24%, 06/25/2045 (a)(g)(h)
      
30,828,786
      
234,185
  
Series 2021-INV1, Class AX1, 0.22%, 10/25/2051 (a)(g)(h)
      
40,151,642
      
439,038
  
Mello Mortgage Capital Acceptance, Series 2021-INV1, Class AX1, 0.10%, 06/25/2051 (a)(g)(h)
      
44,336,224
      
228,234
  
Morgan Stanley Capital I, Inc., Series 2016-UBS9, Class XE, 1.25%, 03/15/2049 (a)(g)(h)
      
14,999,000
      
52,174
  
Vendee Mortgage Trust, Series 1997-2, Class IO, 0.00%, 06/15/2027 (e)(g)(h)
      
669,361
      
1
  
       
954,888
  
                   
Other - 0.9%
  
FIGRE Trust
  
Series 2024-HE3, Class D, 6.53%, 07/25/2054 (a)(h)
      
1,000,000
      
1,013,285
  
Series 2024-HE3, Class E, 7.55%, 07/25/2054 (a)(h)
      
500,000
      
500,682
  
Series 2024-HE3, Class F, 9.26%, 07/25/2054 (a)(h)
      
500,000
      
540,753
  
Series 2024-HE4, Class E, 6.81%, 09/25/2054 (a)(h)
      
500,000
      
485,308
  
Series 2024-HE4, Class F, 8.48%, 09/25/2054 (a)(h)
      
500,000
      
518,834
  
Series 2025-PF1, Class E, 8.80%, 06/25/2055 (a)(h)
      
1,000,000
      
1,067,810
  
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/2040 (h)
      
1,044,890
      
1,044,201
  
Mid-State Trust X, Series 10, Class B, 7.54%, 02/15/2036
      
608,113
      
608,840
  
Oakwood Mortgage Investors, Inc.
  
Series 2001-D, Class A4, 6.93%, 09/15/2031 (h)
      
411,357
      
167,672
  
Series 2001-E, Class A4, 6.81%, 12/15/2031
      
1,637,118
      
1,607,241
  
       
7,554,626
  
                   
Residential Mortgage-Backed Securities - 28.9%(j)
  
ACRA Trust, Series 2024-NQM1, Class B1, 8.18%, 10/25/2064 (a)(h)
      
1,500,000
      
1,523,533
  
Alternative Loan Trust
  
Series 2006-19CB, Class A9, 4.97% (1 mo. Term SOFR + 0.81%), 08/25/2036, (0.70% Floor), (6.00% Cap)
      
1,714,875
      
723,559
  
Series 2006-23CB, Class 2A7, 11.31% (-4 x 1 mo. Term SOFR + 27.94%), 08/25/2036, (0.00% Floor), (28.40% Cap) (k)
      
1,193,269
      
667,895
  
Series 2006-29T1, Class 2A5, 6.00%, 10/25/2036
      
1,056,207
      
544,755
  
Series 2006-29T1, Class 2A6, 6.50%, 10/25/2036
      
1,657,437
      
908,602
  
Series 2006-29T1, Class 3A3, 35.18% (-10 x 1 mo. Term SOFR + 77.24%), 10/25/2036, (0.00% Floor), (78.40% Cap) (k)
      
635,711
      
884,197
  
Series 2006-41CB, Class 1A14, 1.08% (-1 x 1 mo. Term SOFR + 5.24%), 01/25/2037, (0.00% Floor), (5.35% Cap) (g)(k)
      
6,013,747
      
622,799
  
Series 2006-41CB, Class 1A7, 6.00%, 01/25/2037
      
967,028
      
457,199
  
Series 2006-41CB, Class 2A12, 6.00%, 01/25/2037
      
8,850,400
      
4,191,517
  
Series 2006-41CB, Class 2A14, 6.00%, 01/25/2037
      
1,078,646
      
510,843
  
Series 2006-41CB, Class 2A17, 6.00%, 01/25/2037
      
1,054,833
      
499,565
  
Series 2006-45T1, Class 2A5, 6.00%, 02/25/2037
      
2,030,603
      
1,031,362
  
Series 2007-12T1, Class A22, 5.75%, 06/25/2037
      
1,653,582
      
660,367
  
Series 2007-15CB, Class A2, 5.75%, 07/25/2037
      
794,787
      
425,568
  
Series 2007-15CB, Class A5, 5.75%, 07/25/2037
      
731,587
      
391,727
  
Series 2007-16CB, Class 4A5, 4.77% (1 mo. Term SOFR + 0.61%), 08/25/2037, (0.50% Floor), (7.00% Cap)
      
3,325,899
      
1,993,517
  
Series 2007-2CB, Class 2A11, 4.67% (1 mo. Term SOFR + 0.51%), 03/25/2037, (0.40% Floor), (5.75% Cap)
      
2,191,790
      
749,437
  
Series 2007-HY6, Class A1, 4.69% (1 mo. Term SOFR + 0.53%), 08/25/2047, (0.42% Floor)
      
1,758,023
      
1,469,952
  
Series 2007-OA3, Class 1A1, 4.55% (1 mo. Term SOFR + 0.39%), 04/25/2047, (0.28% Floor)
      
5,130,638
      
4,542,744
  
Bellemeade Re Ltd., Series 2024-1, Class M1C, 8.31% (30 day avg SOFR US + 3.95%), 08/25/2034, (3.90% Floor) (a)
      
1,000,000
      
1,034,561
  
BRAVO Residential Funding Trust
  
Series 2022-NQM3, Class A3, 5.50%, 07/25/2062 (a)(h)
      
1,289,493
      
1,310,672
  
Series 2023-NQM5, Class B1, 7.31%, 06/25/2063 (a)(h)
      
1,000,000
      
998,388
  
BVRT LLC, Series 2021-6F, Class A1, 2.75%, 12/30/2027 (a)
      
960,014
      
925,025
  
Caister Finance DAC
  
Series 1A, Class D, 7.88% (SONIA + 3.90%), 08/17/2035, (0.00% Floor) (a)
GBP
    
1,134,000
      
1,525,567
  
Series 1A, Class E, 9.73% (SONIA + 5.75%), 08/17/2035, (0.00% Floor) (a)
GBP
    
1,140,000
      
1,526,418
  
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M2, 3.00%, 05/25/2034 (a)(h)
      
1,100,000
      
1,055,743
  
Cascade MH Asset Trust
  
Series 2021-MH1, Class B2, 5.57%, 02/25/2046 (a)
      
500,000
      
437,982
  
Series 2024-MH1, Class B1, 7.50%, 11/25/2056 (a)(h)
      
147,000
      
149,610
  
Series 2024-MH1, Class B2, 8.35%, 11/25/2056 (a)(h)
      
154,000
      
150,504
  
Chase Mortgage Finance Corp.
  
Series 2005-A2, Class 3A2, 4.43%, 01/25/2036 (h)
      
540,734
      
463,710
  
Series 2007-A1, Class 11M1, 4.62%, 03/25/2037 (h)
      
1,475,596
      
1,355,521
  
CHNGE Mortgage Trust
  
Series 2022-1, Class B1, 4.55%, 01/25/2067 (a)(h)
      
2,500,000
      
2,241,184
  
Series 2022-1, Class M1, 3.99%, 01/25/2067 (a)(h)
      
2,700,000
      
2,282,964
  
Series 2022-2, Class B1, 4.59%, 03/25/2067 (a)(h)
      
3,000,000
      
2,658,929
  
Series 2023-2, Class M1, 8.02%, 06/25/2058 (a)(h)
      
3,500,000
      
3,501,325
  
Series 2023-4, Class B1, 8.41%, 09/25/2058 (a)(h)
      
891,000
      
892,796
  
Series 2023-4, Class M1, 8.41%, 09/25/2058 (a)(h)
      
750,000
      
756,341
  
Citicorp Mortgage Securities, Inc., Series 2006-5, Class 1A11, 5.17% (1 mo. Term SOFR + 1.01%), 10/25/2036, (0.90% Floor), (7.00% Cap)
      
262,314
      
213,607
  
Citigroup Mortgage Loan Trust, Inc.
  
Series 2007-AR5, Class 1A2A, 5.02%, 04/25/2037 (h)
      
282,218
      
266,013
  
Series 2009-8, Class 2A2, 6.10%, 04/25/2037 (a)(h)
      
4,063,718
      
1,838,019
  
Countrywide Alternative Loan Trust
  
Series 2005-10CB, Class 1A1, 4.77% (1 mo. Term SOFR + 0.61%), 05/25/2035, (0.50% Floor), (5.50% Cap)
      
1,022,020
      
741,269
  
Series 2005-84, Class 2A1, 5.12%, 02/25/2036 (h)
      
6,944,722
      
6,573,853
  
Countrywide Home Loan Mortgage Pass Through Trust
  
Series 2004-21, Class A10, 6.00%, 11/25/2034
      
27,425
      
27,777
  
Series 2006-20, Class 1A18, 4.92% (1 mo. Term SOFR + 0.76%), 02/25/2037, (0.65% Floor), (6.00% Cap)
      
3,439,105
      
1,153,031
  
Series 2007-18, Class 1A1, 6.00%, 11/25/2037
      
149,702
      
61,605
  
Series 2007-5, Class A29, 5.50%, 05/25/2037
      
147,842
      
62,713
  
Credit Suisse Mortgage Capital Certificates
  
Series 2021-NQM1, Class B2, 3.83%, 05/25/2065 (a)(h)
      
1,100,000
      
813,887
  
Series 2021-NQM2, Class B2, 4.34%, 02/25/2066 (a)(h)
      
1,600,000
      
1,177,979
  
CRIBS Mortgage Trust, Series 2025-RTL1, Class M1, 7.92%, 05/25/2040 (a)(h)
      
1,000,000
      
1,013,991
  
CWABS Asset-Backed Certificates, Series 2006-13, Class 1AF4, 3.94%, 01/25/2037 (h)
      
281,243
      
275,262
  
Deephaven Residential Mortgage Trust, Series 2022-2, Class B1, 4.30%, 03/25/2067 (a)(h)
      
3,000,000
      
2,471,986
  
Eagle Re Ltd., Series 2023-1, Class M1B, 8.31% (30 day avg SOFR US + 3.95%), 09/26/2033, (3.95% Floor) (a)
      
5,000,000
      
5,150,342
  
EASY Trust, Series 2025-RTL1, Class A2, 8.30%, 05/25/2040 (a)(l)
      
1,000,000
      
1,005,321
  
Ellington Financial Mortgage Trust
  
Series 2024-INV2, Class B1, 7.17%, 10/25/2069 (a)(h)
      
1,000,000
      
1,006,518
  
Series 2025-CES4, Class B1, 7.05%, 06/25/2060 (a)(h)
      
500,000
      
503,368
  
Series 2025-CES4, Class B2, 8.14%, 06/25/2060 (a)(h)
      
500,000
      
503,571
  
Fidelis Mortgage Trust, Series 2025-RTL1, Class B, 8.95%, 02/27/2040 (a)(h)
      
900,000
      
903,932
  
FIGRE Trust
  
Series 2024-HE2, Class B, 6.63%, 05/25/2054 (a)(h)
      
718,668
      
735,996
  
Series 2024-HE2, Class C, 6.72%, 05/25/2054 (a)(h)
      
359,334
      
366,538
  
Series 2024-HE2, Class D, 7.20%, 05/25/2054 (a)(h)
      
500,000
      
525,136
  
Series 2024-HE2, Class E, 8.20%, 05/25/2054 (a)(h)
      
500,000
      
518,982
  
Series 2024-HE2, Class F, 9.79%, 05/25/2054 (a)(h)
      
500,000
      
536,458
  
Series 2024-HE5, Class E, 7.01%, 10/25/2054 (a)(h)
      
1,000,000
      
975,931
  
Series 2025-HE1, Class E, 7.36%, 01/25/2055 (a)(h)
      
2,000,000
      
2,085,572
  
Series 2025-HE1, Class F, 8.53%, 01/25/2055 (a)(h)
      
500,000
      
512,687
  
First Horizon Alternative Mortgage Securities, Series 2005-FA8, Class 1A6, 4.92% (1 mo. Term SOFR + 0.76%), 11/25/2035, (0.65% Floor), (5.50% Cap)
      
1,019,529
      
377,354
  
Freddie Mac Seasoned Credit Risk Transfer Trust
  
Series 2019-4, Class M, 4.50%, 02/25/2059 (a)(h)
      
4,108,000
      
3,897,474
  
Series 2021-1, Class M, 4.25%, 09/25/2060 (a)
      
2,386,994
      
2,301,864
  
Series 2022-1, Class M, 4.50%, 11/25/2061 (a)(h)
      
3,000,000
      
2,650,056
  
FREED Mortgage Trust, Series 2024-HE1, Class C, 6.55%, 05/25/2039 (a)
      
1,136,377
      
1,155,978
  
GCAT Trust
  
Series 2022-NQM4, Class A2, 5.73%, 08/25/2067 (a)(l)
      
728,846
      
729,922
  
Series 2022-NQM4, Class A3, 5.73%, 08/25/2067 (a)(l)
      
364,423
      
364,489
  
Series 2022-NQM4, Class M1, 5.73%, 08/25/2067 (a)(h)
      
250,000
      
249,449
  
Series 2023-NQM2, Class B1, 6.93%, 11/25/2067 (a)(h)
      
2,258,000
      
2,226,782
  
GMACM Home Equity Loan Trust
  
Series 2005-HE3, Class A1VN, 4.77% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor)
      
284,052
      
272,600
  
Series 2005-HE3, Class A2, 4.77% (1 mo. Term SOFR + 0.61%), 02/25/2036, (0.50% Floor), (14.00% Cap)
      
317,104
      
304,321
  
Series 2007-HE2, Class A2, 6.05%, 12/25/2037 (h)
      
211,262
      
209,443
  
Series 2007-HE2, Class A3, 6.19%, 12/25/2037 (h)
      
406,977
      
404,882
  
GS Mortgage-Backed Securities Trust, Series 2022-NQM1, Class B4, 4.08%, 05/25/2062 (a)(h)
      
1,534,648
      
1,250,178
  
GSAMP Trust, Series 2006-NC2, Class A2C, 4.57% (1 mo. Term SOFR + 0.41%), 06/25/2036, (0.30% Floor)
      
411,930
      
219,067
  
GSR Mortgage Loan Trust
  
Series 2006-AR1, Class 2A4, 4.67%, 01/25/2036 (h)
      
1,668,239
      
1,482,224
  
Series 2007-1F, Class 4A1, 4.57% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor), (7.00% Cap)
      
5,530,491
      
1,146,621
  
Home Equity Asset Trust, Series 2006-7, Class 2A3, 4.57% (1 mo. Term SOFR + 0.41%), 01/25/2037, (0.30% Floor)
      
3,145,253
      
2,744,638
  
Home RE Ltd., Series 2021-2, Class M2, 7.61% (30 day avg SOFR US + 3.25%), 01/25/2034, (0.00% Floor) (a)
      
5,331,000
      
5,381,740
  
Imperial Fund Mortgage Trust
  
Series 2022-NQM5, Class A1, 5.39%, 08/25/2067 (a)(l)
      
503,292
      
503,182
  
Series 2022-NQM5, Class A2, 6.12%, 08/25/2067 (a)(l)
      
335,528
      
336,507
  
Series 2022-NQM5, Class M1, 6.25%, 08/25/2067 (a)(l)
      
1,026,000
      
1,023,732
  
Indymac INDA Mortgage Loan Trust
  
Series 2007-AR1, Class 1A1, 4.11%, 03/25/2037 (h)
      
589,959
      
454,570
  
Series 2007-AR3, Class 1A1, 4.95%, 07/25/2037 (h)
      
1,346,630
      
1,189,153
  
Irwin Home Equity Loan Trust, Series 2006-1, Class 2A3, 6.27%, 09/25/2035 (a)(l)
      
69,680
      
68,502
  
JP Morgan Mortgage Trust
  
Series 2003-A1, Class B4, 5.55%, 10/25/2033 (h)
      
82,607
      
83,061
  
Series 2003-A2, Class B4, 6.25%, 11/25/2033 (h)
      
73,194
      
1
  
Series 2007-A2, Class 3A2, 4.83%, 04/25/2037 (h)
      
3,273,394
      
2,678,789
  
Series 2021-INV1, Class B5, 2.97%, 10/25/2051 (a)(h)
      
254,000
      
118,941
  
Series 2021-INV1, Class B6, 1.98%, 10/25/2051 (a)(h)
      
573,000
      
213,206
  
Series 2022-DSC1, Class B2, 4.93%, 01/25/2063 (a)(h)
      
2,690,000
      
2,232,475
  
Series 2023-HE3, Class M2, 6.89% (30 day avg SOFR US + 2.50%), 05/20/2054, (0.00% Floor) (a)
      
1,647,471
      
1,663,604
  
Series 2024-CES1, Class B2, 9.22%, 06/25/2054 (a)(h)
      
1,101,000
      
1,099,603
  
Series 2025-CES1, Class B1, 6.86%, 05/25/2055 (a)(h)
      
1,000,000
      
997,079
  
Series 2025-NQM2, Class M1B, 6.90%, 09/25/2065 (a)(h)
      
1,750,000
      
1,767,587
  
Series 2025-VIS3, Class A3, 5.57%, 02/25/2066 (a)(l)
      
1,000,000
      
1,000,703
  
JPMorgan Chase Bank NA
  
Series 2019-CL1, Class M3, 6.37% (1 mo. Term SOFR + 2.21%), 04/25/2047, (2.10% Floor) (a)
      
141,426
      
142,345
  
Series 2020-CL1, Class M3, 7.62% (1 mo. Term SOFR + 3.46%), 10/25/2057, (0.00% Floor) (a)
      
129,190
      
134,206
  
Series 2020-CL1, Class M4, 8.62% (1 mo. Term SOFR + 4.46%), 10/25/2057, (0.00% Floor) (a)
      
148,495
      
157,011
  
Series 2020-CL1, Class M5, 9.87% (1 mo. Term SOFR + 5.71%), 10/25/2057, (0.00% Floor) (a)
      
855,570
      
889,140
  
Series 2021-CL1, Class M2, 5.91% (30 day avg SOFR US + 1.55%), 03/25/2051, (0.00% Floor) (a)
      
131,895
      
128,108
  
MASTR Asset Backed Securities Trust
  
Series 2006-NC2, Class A5, 4.75% (1 mo. Term SOFR + 0.59%), 08/25/2036, (0.48% Floor)
      
343,012
      
118,162
  
Series 2006-NC3, Class A3, 4.47% (1 mo. Term SOFR + 0.31%), 10/25/2036, (0.20% Floor)
      
2,382,653
      
1,090,997
  
Series 2006-NC3, Class A4, 4.59% (1 mo. Term SOFR + 0.43%), 10/25/2036, (0.32% Floor)
      
4,019,829
      
1,840,647
  
Mello Mortgage Capital Acceptance
  
Series 2021-INV1, Class B4, 2.95%, 06/25/2051 (a)(h)
      
459,383
      
330,599
  
Series 2021-INV1, Class B5, 2.95%, 06/25/2051 (a)(h)
      
128,000
      
57,567
  
Series 2021-INV1, Class B6, 2.92%, 06/25/2051 (a)(h)
      
352,021
      
128,999
  
MFA Trust, Series 2021-INV1, Class B1, 3.29%, 01/25/2056 (a)(h)
      
700,000
      
653,246
  
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM3, Class B1A, 6.51%, 07/25/2069 (a)(h)
      
1,000,000
      
986,629
  
New York Mortgage Trust, Inc.
  
Series 2024-BPL2, Class M, 8.41%, 05/25/2039 (a)
      
1,919,000
      
1,931,043
  
Series 2024-BPL3, Class M1, 6.90%, 09/25/2039 (a)(h)
      
1,500,000
      
1,490,872
  
Nomura Resecuritization Trust
  
Series 2014-1R, Class 2A11, 3.13% (1 mo. Term SOFR + 0.24%), 02/26/2037, (0.13% Floor) (a)
      
19,233,896
      
15,846,803
  
Series 2015-11R, Class 4A5, 4.01%, 06/26/2037 (a)(h)
      
2,828,588
      
2,492,886
  
Series 2015-1R, Class 3A7, 4.02%, 03/26/2037 (a)(h)
      
3,788,629
      
1,997,407
  
Series 2015-1R, Class 4A7, 6.09%, 12/26/2037 (a)(h)
      
932,338
      
866,374
  
NRZ Excess Spread-Collateralized Notes
  
Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)
      
576,274
      
573,175
  
Series 2021-FHT1, Class A, 3.10%, 07/25/2026 (a)
      
527,884
      
515,510
  
Oaktown Re Ltd., Series 2021-2, Class M1C, 7.71% (30 day avg SOFR US + 3.35%), 04/25/2034, (3.35% Floor) (a)
      
3,769,000
      
3,824,715
  
Option One Mortgage Loan Trust, Series 2007-FXD1, Class 3A6, 5.66%, 01/25/2037 (l)
      
104,944
      
97,676
  
PRKCM Trust
  
Series 2021-AFC1, Class B2, 3.95%, 08/25/2056 (a)(h)
      
350,000
      
237,945
  
Series 2022-AFC2, Class B1, 6.00%, 08/25/2057 (a)(h)
      
3,000,000
      
2,967,372
  
Series 2023-AFC1, Class B1, 7.42%, 02/25/2058 (a)(h)
      
1,000,000
      
993,924
  
Series 2023-AFC1, Class B2, 7.42%, 02/25/2058 (a)(h)
      
1,000,000
      
989,976
  
Series 2023-AFC2, Class B1, 8.17%, 06/25/2058 (a)(h)
      
3,000,000
      
3,000,815
  
Series 2023-AFC2, Class M1, 7.88%, 06/25/2058 (a)
      
750,000
      
752,402
  
Series 2023-AFC3, Class B1, 7.65%, 09/25/2058 (a)(h)
      
4,248,000
      
4,254,601
  
Series 2023-AFC3, Class B2, 7.65%, 09/25/2058 (a)(h)
      
1,005,000
      
1,000,034
  
Series 2024-AFC1, Class B1, 8.06%, 03/25/2059 (a)(h)
      
1,638,000
      
1,658,305
  
Series 2024-HOME1, Class B1, 7.76%, 05/25/2059 (a)(h)
      
1,623,000
      
1,642,707
  
Progress Residential Trust, Series 2024-SFR2, Class E1, 3.40%, 04/17/2041 (a)(h)
      
2,100,000
      
1,949,307
  
PRPM LLC
  
Series 2023-NQM1, Class B2, 6.25%, 01/25/2068 (a)(h)
      
1,000,000
      
974,601
  
Series 2024-NQM1, Class B1, 7.44%, 12/25/2068 (a)(h)
      
2,000,000
      
1,996,293
  
Series 2024-NQM2, Class B1, 7.84%, 06/25/2069 (a)(h)
      
1,500,000
      
1,529,128
  
Series 2024-RCF1, Class M1, 4.00%, 01/25/2054 (a)(l)
      
1,000,000
      
949,487
  
Radnor RE Ltd., Series 2021-1, Class M2, 7.51% (30 day avg SOFR US + 3.15%), 12/27/2033, (3.15% Floor) (a)
      
1,180,455
      
1,186,597
  
RALI Trust
  
Series 2006-QO7, Class 2A1, 5.00% (MTA + 0.85%), 09/25/2046, (0.85% Floor)
      
4,672,923
      
4,262,290
  
Series 2006-QS14, Class A30, 25.71% (-13 x 1 mo. Term SOFR + 79.76%), 11/25/2036, (0.00% Floor), (81.25% Cap) (k)
      
39,732
      
76,974
  
Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036
      
1,232,088
      
1,075,890
  
Series 2007-QO3, Class A1, 4.59% (1 mo. Term SOFR + 0.43%), 03/25/2047, (0.32% Floor)
      
983,044
      
883,044
  
RCKT Mortgage Trust, Series 2024-CES3, Class M2, 7.01%, 05/25/2044 (a)(h)
      
2,000,000
      
2,044,084
  
RFMSI Trust, Series 2007-S3, Class 1A5, 5.50%, 03/25/2037
      
1,040,944
      
743,293
  
Rithm Capital Corp.
  
Series 2024-NQM2, Class B1, 6.61%, 09/25/2064 (a)(h)
      
500,000
      
499,663
  
Series 2024-RTL1, Class M1, 9.30%, 03/25/2039 (a)(h)
      
2,500,000
      
2,506,881
  
Santander Holdings USA, Inc., Series 2023-MTG1, Class M1, 8.51% (30 day avg SOFR US + 4.15%), 02/26/2052, (2.50% Floor) (a)
      
4,589,653
      
4,999,062
  
Securitized Asset Backed Receivables LLC Trust
  
Series 2006-NC3, Class A2B, 4.57% (1 mo. Term SOFR + 0.41%), 09/25/2036, (0.30% Floor)
      
4,892,641
      
1,563,378
  
Series 2007-NC1, Class A2B, 4.57% (1 mo. Term SOFR + 0.41%), 12/25/2036, (0.30% Floor)
      
3,010,476
      
1,455,057
  
STAR Trust, Series 2022-SFR3, Class E2, 7.85% (1 mo. Term SOFR + 3.70%), 05/17/2039, (3.70% Floor) (a)
      
3,750,000
      
3,757,505
  
Starwood Mortgage Residential Trust, Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (a)
      
400,000
      
351,421
  
Toorak Mortgage Trust, Series 2024-RRTL1, Class M1, 9.16%, 02/25/2039 (a)(h)
      
1,500,000
      
1,511,706
  
Towd Point Mortgage Trust, Series 2024-CES1, Class M2, 6.86%, 01/25/2064 (a)(h)
      
1,000,000
      
1,004,477
  
Verus Securitization Trust
  
Series 2022-1, Class B1, 4.01%, 01/25/2067 (a)(h)
      
360,000
      
281,742
  
Series 2022-1, Class B2, 3.98%, 01/25/2067 (a)(h)
      
2,199,000
      
1,606,393
  
Series 2022-2, Class B2, 4.26%, 02/25/2067 (a)(h)
      
1,500,000
      
1,132,270
  
Series 2023-2, Class B1, 7.44%, 03/25/2068 (a)(h)
      
1,000,000
      
992,266
  
Series 2023-4, Class B1, 8.06%, 05/25/2068 (a)(h)
      
2,000,000
      
1,993,685
  
Series 2023-INV2, Class A3, 7.08%, 08/25/2068 (a)(l)
      
72,575
      
72,914
  
Series 2023-INV2, Class B1, 8.04%, 08/25/2068 (a)(h)
      
100,000
      
100,381
  
Series 2023-INV2, Class M1, 7.35%, 08/25/2068 (a)(h)
      
121,000
      
121,437
  
Series 2024-1, Class B1, 7.91%, 01/25/2069 (a)(h)
      
500,000
      
505,596
  
Series 2024-2, Class B1, 7.86%, 02/25/2069 (a)(h)
      
1,000,000
      
1,012,381
  
Series 2024-INV1, Class B1, 8.09%, 03/25/2069 (a)(h)
      
1,000,000
      
1,016,753
  
Vista Point Securitization Trust, Series 2024-CES3, Class B1, 7.83%, 01/25/2055 (a)(h)
      
500,000
      
506,522
  
Washington Mutual Mortgage Pass-Through Certificates Trust
  
Series 2007-HY1, Class 4A1, 4.20%, 02/25/2037 (h)
      
4,333,342
      
3,949,045
  
Series 2007-HY3, Class 4A1, 4.99%, 03/25/2037 (h)
      
4,022,322
      
3,639,117
  
Series 2007-HY5, Class 1A1, 4.15%, 05/25/2037 (h)
      
1,485,878
      
1,341,802
  
Series 2007-HY5, Class 3A1, 3.88%, 05/25/2037 (h)
      
516,261
      
470,379
  
Wells Fargo Mortgage Backed Securities Trust
  
Series 2006-AR1, Class 2A5, 6.33%, 03/25/2036 (h)
      
722,843
      
705,500
  
Series 2006-AR12, Class 2A1, 6.17%, 09/25/2036 (h)
      
536,370
      
490,961
  
Western Alliance Bancorp
  
Series 2021-CL2, Class M3, 8.46% (30 day avg SOFR US + 4.10%), 07/25/2059, (0.00% Floor) (a)
      
851,626
      
891,325
  
Series 2021-CL2, Class M4, 9.71% (30 day avg SOFR US + 5.35%), 07/25/2059, (0.00% Floor) (a)
      
1,464,518
      
1,590,156
  
       
232,420,460
  
TOTAL SECURITIZED CREDIT (Cost $361,009,823)
      
311,965,672
  
                   
COMMON STOCKS - 8.7%
  
Shares
  
Value
 
Airports - 0.4%
          
Aeroports de Paris SA
      
4,929
      
652,993
  
Airports of Thailand PCL
      
579,286
      
724,535
  
Grupo Aeroportuario del Pacifico SAB de CV - Class B
      
47,916
      
1,128,519
  
Japan Airport Terminal Co. Ltd. (b)
      
23,398
      
745,673
  
               
3,251,720
  
                   
Circular Economy - 0.0%(m)
          
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
      
1,872
      
46,485
  
Hera SpA
      
15,170
      
68,304
  
Orizon Valorizacao de Residuos SA (n)
      
6,426
      
67,239
  
Waste Management, Inc. (b)
      
371
      
81,928
  
               
263,956
  
                   
Clean Technology - 0.0%(m)
          
Itron, Inc. (b)(n)
      
552
      
68,757
  
Trane Technologies PLC (b)
      
185
      
78,063
  
               
146,820
  
                   
Data Centers - 0.0%(m)
          
Digital Realty Trust, Inc. (b)
      
230
      
39,762
  
Equinix, Inc. (b)
      
83
      
65,009
  
               
104,771
  
                   
Diversified - 0.0%(m)
          
American Assets Trust, Inc.
      
981
      
19,934
  
CapitaLand Integrated Commercial Trust
      
13,617
      
24,183
  
CapitaLand Investment Ltd.
      
4,830
      
10,087
  
Kennedy-Wilson, Inc.
      
593
      
4,934
  
Stockland (b)
      
4,070
      
16,460
  
Sun Hung Kai Properties Ltd.
      
1,769
      
21,160
  
               
96,758
  
                   
Electricity Infrastructure - 0.1%
          
Constellation Energy Corp.
      
246
      
80,951
  
EDP Renovaveis SA
      
3,853
      
50,923
  
Grenergy Renovables SA (n)
      
757
      
57,450
  
SSE PLC (b)
      
6,017
      
141,133
  
               
330,457
  
                   
Electricity Transmission & Distribution - 0.5%
          
CenterPoint Energy, Inc. (b)
      
26,544
      
1,029,907
  
PG&E Corp. (b)
      
88,200
      
1,330,056
  
Sempra
      
15,414
      
1,386,952
  
               
3,746,915
  
                   
Gas Utilities - 0.2%
          
Italgas SpA (b)
      
70,158
      
646,284
  
NiSource, Inc. (b)
      
18,235
      
789,575
  
               
1,435,859
  
                   
Gathering & Processing - 0.4%
          
MPLX LP (b)
      
34,910
      
1,743,755
  
ONEOK, Inc. (b)
      
23,820
      
1,738,145
  
               
3,481,900
  
                   
Health Care - 0.0%(m)
          
American Healthcare REIT, Inc. (b)
      
610
      
25,626
  
Omega Healthcare Investors, Inc.
      
628
      
26,514
  
Parkway Life Real Estate Investment Trust
      
3,349
      
10,703
  
Ventas, Inc.
      
239
      
16,728
  
Welltower, Inc. (b)
      
441
      
78,560
  
               
158,131
  
                   
Hotel - 0.0%(m)
          
Invincible Investment Corp.
      
24
      
10,944
  
                   
Industrial - 0.0%(m)
          
CTP NV (a)(b)
      
447
      
9,975
  
First Industrial Realty Trust, Inc.
      
600
      
30,882
  
Goodman Group
      
1,085
      
23,513
  
LaSalle Logiport REIT (b)
      
11
      
10,672
  
LXP Industrial Trust (b)
      
1,050
      
9,408
  
Prologis, Inc. (b)
      
350
      
40,082
  
Tritax Big Box REIT PLC
      
16,448
      
32,060
  
Warehouses De Pauw CVA
      
929
      
23,290
  
               
179,882
  
                   
Integrated Utilities/Renewables - 1.1%
          
Chubu Electric Power Co., Inc.
      
40,946
      
568,659
  
Duke Energy Corp. (b)
      
12,775
      
1,580,906
  
Entergy Corp. (b)
      
14,859
      
1,384,710
  
Evergy, Inc. (b)
      
19,291
      
1,466,502
  
IDACORP, Inc. (b)
      
4,076
      
538,643
  
NextEra Energy, Inc. (b)
      
38,602
      
2,914,065
  
               
8,453,485
  
                   
Midstream - 2.0%
          
APA Group (b)
      
122,255
      
717,715
  
Cheniere Energy, Inc. (b)
      
17,251
      
4,053,640
  
Enbridge, Inc.
      
13,101
      
660,934
  
Targa Resources Corp. (b)
      
20,882
      
3,498,570
  
TC Energy Corp. (b)
      
32,915
      
1,790,905
  
TC Energy Corp. (b)
      
20,687
      
1,124,801
  
Williams Cos., Inc. (b)
      
72,054
      
4,564,621
  
               
16,411,186
  
                   
Net Lease - 0.0%(m)
          
Broadstone Net Lease, Inc.
      
794
      
14,189
  
EPR Properties
      
712
      
41,303
  
Essential Properties Realty Trust, Inc. (b)
      
963
      
28,659
  
NETSTREIT Corp.
      
580
      
10,475
  
VICI Properties, Inc. (b)
      
884
      
28,827
  
               
123,453
  
                   
Office - 0.0%(m)
          
COPT Defense Properties
      
679
      
19,732
  
Highwoods Properties, Inc.
      
976
      
31,056
  
Hongkong Land Holdings Ltd.
      
2,105
      
13,325
  
KDX Realty Investment Corp. (b)
      
10
      
11,392
  
Kilroy Realty Corp.
      
114
      
4,816
  
Mitsui Fudosan Co. Ltd. (b)
      
4,613
      
50,218
  
Nippon Building Fund, Inc.
      
6
      
5,662
  
Piedmont Office Realty Trust, Inc. - Class A
      
2,242
      
20,178
  
Vornado Realty Trust
      
489
      
19,819
  
               
176,198
  
                   
Pipeline Transportation / Natural Gas - 0.8%
          
DT Midstream, Inc.
      
16,349
      
1,848,418
  
Energy Transfer LP (b)
      
149,348
      
2,562,812
  
Enterprise Products Partners LP (b)
      
56,386
      
1,763,190
  
               
6,174,420
  
                   
Pipeline Transportation / Petroleum - 0.5%
          
Enbridge, Inc. (b)
      
53,742
      
2,711,821
  
Plains All American Pipeline LP (b)
      
50,481
      
861,206
  
               
3,573,027
  
                   
Ports - 0.1%
          
International Container Terminal Services, Inc.
      
99,047
      
803,262
  
                   
Rail - 0.6%
          
Canadian Pacific Kansas City Ltd. (b)
      
14,704
      
1,095,114
  
CSX Corp.
      
24,105
      
855,968
  
East Japan Railway Co. (b)
      
35,128
      
859,190
  
Union Pacific Corp. (b)
      
7,937
      
1,876,069
  
               
4,686,341
  
                   
Real Estate - 0.4%
          
Arbor Realty Trust, Inc.
      
5,023
      
61,331
  
Five Point Holdings LLC - Class A (n)
      
825
      
5,057
  
Global Net Lease, Inc.
      
71,214
      
1,658,574
  
Ladder Capital Finance Corp.
      
3,546
      
38,687
  
RLJ Lodging Trust
      
21,699
      
547,466
  
Service Properties Trust
      
156,426
      
423,915
  
SL Green Realty Corp.
      
767
      
45,874
  
Starwood Property Trust, Inc.
      
2,993
      
57,974
  
               
2,838,878
  
                   
Renewable Power & Infrastructure - 0.7%
          
Boralex, Inc. - Class A (b)
      
1,785
      
34,848
  
E.ON SE (b)
      
4,307
      
81,125
  
Enel SpA (b)
      
10,922
      
103,503
  
Equatorial Energia SA
      
147,455
      
1,022,331
  
First Solar, Inc. (n)
      
264
      
58,220
  
Fortis, Inc. (b)
      
922
      
46,766
  
Iberdrola SA (b)
      
6,875
      
130,140
  
National Grid PLC (b)
      
111,078
      
1,596,043
  
Public Service Enterprise Group, Inc. (b)
      
1,096
      
91,472
  
Xcel Energy, Inc. (b)
      
25,133
      
2,026,976
  
               
5,191,424
  
                   
Residential - 0.0%(m)
          
AvalonBay Communities, Inc. (b)
      
303
      
58,530
  
Canadian Apartment Properties REIT (b)
      
69
      
2,018
  
Comforia Residential REIT, Inc. (b)
      
3
      
6,594
  
Fastighets AB Balder (n)
      
2,881
      
20,644
  
Kojamo Oyj (n)
      
1,226
      
15,617
  
Mid-America Apartment Communities, Inc.
      
157
      
21,938
  
Sun Communities, Inc. (b)
      
50
      
6,450
  
Vonovia SE (b)
      
341
      
10,657
  
               
142,448
  
                   
Retail - 0.0%(m)
          
Brixmor Property Group, Inc. (b)
      
1,040
      
28,787
  
Curbline Properties Corp. (b)
      
701
      
15,632
  
Eurocommercial Properties NV (b)
      
417
      
13,089
  
Hang Lung Properties Ltd.
      
9,971
      
11,169
  
Macerich Co.
      
804
      
14,633
  
Scentre Group
      
9,852
      
26,575
  
Simon Property Group, Inc. (b)
      
126
      
23,646
  
Wharf Real Estate Investment Company Ltd.
      
1,712
      
5,055
  
               
138,586
  
                   
Self Storage - 0.0%(m)
          
Big Yellow Group PLC (b)
      
864
      
11,321
  
Extra Space Storage, Inc. (b)
      
395
      
55,671
  
Smartstop Self Storage REIT, Inc. (b)
      
233
      
8,770
  
               
75,762
  
                   
Specialty - 0.0%(m)
          
Lamar Advertising Co. - Class A
      
163
      
19,955
  
                   
Sustainable Solutions - 0.0%(m)
          
GE Vernova, Inc. (b)
      
91
      
55,956
  
NEXTracker, Inc. - Class A (n)
      
699
      
51,719
  
Schneider Electric SE (b)
      
336
      
94,575
  
               
202,250
  
                   
Toll Roads - 0.2%
          
Getlink SE (b)
      
46,250
      
852,827
  
Transurban Group (b)
      
99,611
      
908,836
  
               
1,761,663
  
                   
Towers - 0.3%
          
American Tower Corp. (b)
      
1,759
      
338,291
  
Cellnex Telecom SA (a)(b)
      
16,743
      
579,936
  
Crown Castle, Inc. (b)
      
16,489
      
1,591,023
  
Uniti Group, Inc. (n)
      
32,074
      
196,293
  
               
2,705,543
  
                   
Utility - 0.2%
          
Pennon Group PLC (b)
      
282,527
      
1,782,259
  
                   
Water - 0.2%
          
American Water Works Co., Inc. (b)
      
5,599
      
779,325
  
Guangdong Investment Ltd.
      
670,786
      
609,675
  
               
1,389,000
  
                   
Water & Waste Infrastructure - 0.0%(m)
          
Republic Services, Inc. (b)
      
251
      
57,599
  
Severn Trent PLC (b)
      
1,352
      
47,140
  
Waste Connections, Inc. (b)
      
521
      
91,591
  
Xylem, Inc. (b)
      
339
      
50,003
  
               
246,333
  
TOTAL COMMON STOCKS (Cost $62,997,058)
      
70,103,586
  
                   
TERM LOANS - 7.2%
Par
  
Value
 
Apro LLC, First Lien, 7.94% (3 mo. Term SOFR + 3.75%), 07/09/2031
      
1,980,000
      
1,974,555
  
Cablevision Lightpath LLC, 7.36% (1 mo. Term SOFR + 3.00%), 11/30/2027
      
5,950,667
      
5,959,355
  
Cogeco Communications USA II LP, First Lien, 7.61% (1 mo. Term SOFR + 3.25%), 09/30/2030
      
1,570,000
      
1,566,279
  
Cornerstone Generation LLC, First Lien, 7.48% (1 mo. Term SOFR + 3.25%), 10/28/2031
      
1,500,000
      
1,509,375
  
Directv Financing LLC, 9.81% (1 mo. Term SOFR + 5.50%), 02/18/2031
      
9,050,000
      
8,835,063
  
Edgewater Generation LLC, First Lien, 7.32% (1 mo. Term SOFR + 3.00%), 08/01/2030
      
955,357
      
956,551
  
EPIC Crude Services LP, 6.83% (3 mo. Term SOFR + 2.50%), 10/15/2031
      
3,723,333
      
3,723,333
  
Greystar Real Estate Partners LLC, 6.81% (1 mo. Term SOFR + 2.50%), 08/21/2030
      
3,401,973
      
3,401,973
  
Herschend Entertainment Co. LLC, First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 05/27/2032
      
498,750
      
500,102
  
Jack Ohio Finance LLC, First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 01/30/2032
      
5,972,500
      
5,918,748
  
Kestrel Acquisition LLC, 7.80% (3 mo. Term SOFR + 3.50%), 11/06/2031
      
1,464,987
      
1,466,511
  
Lumen Technologies, Inc. First Lien
  
6.78% (1 mo. Term SOFR + 2.35%), 04/16/2029
      
1,250,685
      
1,241,480
  
6.78% (1 mo. Term SOFR + 2.35%), 04/15/2030
      
1,250,685
      
1,241,480
  
OEG Borrower LLC, 7.64% (3 mo. Term SOFR + 3.50%), 06/30/2031
      
1,488,750
      
1,492,472
  
Third Coast Infrastructure LLC, 8.10% (1 mo. Term SOFR + 3.75%), 09/25/2030
      
2,962,500
      
2,969,906
  
Vistra Energy Corp., 0.00%, 10/31/2025 (e)(o)
      
25,848
      
317
  
WideOpenWest Finance LLC, First Lien, 11.50% (3 mo. Term SOFR + 7.00%), 12/11/2028
      
14,487,437
      
14,770,377
  
TOTAL TERM LOANS (Cost $57,055,546)
      
57,527,877
  
                   
EXCHANGE TRADED FUNDS - 2.2%
  
Shares
  
Value
 
Goldman Sachs Access Treasury 0-1 Year ETF
      
35,269
      
3,535,012
  
iShares 0-3 Month Treasury Bond ETF
      
70,200
      
7,069,140
  
iShares Short Treasury Bond ETF
      
63,969
      
7,067,935
  
TOTAL EXCHANGE TRADED FUNDS (Cost $17,642,744)
      
17,672,087
  
                   
PREFERRED STOCKS - 1.5%
  
Shares
  
Value
 
Diversified - 0.0%(m)
          
Armada Hoffler Properties, Inc., Series A, 6.75%, Perpetual
      
2,682
      
59,084
  
                   
Electricity Infrastructure - 0.0%(m)
          
Cia Paranaense de Energia - Copel, 0.00%
      
21,035
      
51,103
  
                   
Hotel - 0.0%(m)
          
Chatham Lodging Trust, Series A, 6.63%, Perpetual
      
1,868
      
39,340
  
                   
Office - 0.0%(m)
          
City Office REIT, Inc., Series A, 6.63%, Perpetual
      
1,587
      
39,992
  
SL Green Realty Corp., Series I, 6.50%, Perpetual
      
8,870
      
194,963
  
               
234,955
  
                   
Oil Gas Transportation & Distribution - 0.1%
          
Global Partners LP, Series B, 9.50%, Perpetual (n)
      
32,100
      
827,008
  
                   
Real Estate - 0.9%
          
Arbor Realty Trust, Inc.
      
–
    
$
–
  
Series E, 6.25%, Perpetual
      
3,232
      
59,113
  
Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual
      
4,373
      
98,830
  
EPR Properties, Series E, 9.00%, Perpetual (n)
      
168,071
      
5,304,321
  
Kimco Realty Corp., Series N, 7.25%, Perpetual
      
32,735
      
1,948,714
  
Vornado Realty Trust, Series O, 4.45%, Perpetual
      
13,326
      
199,224
  
               
7,610,202
  
                   
Retail - 0.0%(m)
          
CTO Realty Growth, Inc., Series A, 6.38%, Perpetual
      
1,842
      
39,235
  
                   
Telecommunication Services - 0.2%
          
DigitalBridge Group, Inc., Series H, 7.13%, Perpetual
      
9,708
      
216,974
  
Liberty Broadband Corp., Series A, 7.00%, Perpetual (n)
      
41,071
      
1,021,025
  
               
1,237,999
  
                   
Utility - 0.3%
          
SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual   (b)(n)
      
92,789
      
2,194,460
  
TOTAL PREFERRED STOCKS (Cost $11,714,759)
      
12,293,386
  
                   
MUNICIPAL BONDS - 0.9%
Par
  
Value
 
Alabama - 0.1%
  
Homewood Educational Building Authority, 7.42%, 10/01/2044 (Obligor: CHF Horizons II LLC)
      
150,000
      
155,393
  
Troy Industrial Development Board, 5.00%, 11/01/2041
      
125,000
      
108,599
  
       
263,992
  
                   
Arizona - 0.0%(m)
  
Maricopa County Industrial Development Authority, 7.38%, 10/01/2029 (Obligor: Grand Canyon University) (a)
      
100,000
      
104,884
  
                   
California - 0.1%
  
California Statewide Communities Development Authority, 7.14%, 08/15/2047 (Obligor: Enloe Med Ctr Oblig Group)
      
100,000
      
105,769
  
Golden State Tobacco Securitization Corp., 3.85%, 06/01/2050
      
180,000
      
164,003
  
       
269,772
  
                   
Colorado - 0.0%(m)
  
Colorado Health Facilities Authority
  
2.80%, 12/01/2026 (Obligor: Covenant Living Cmnty Obl)
      
100,000
      
98,266
  
4.48%, 12/01/2040 (Obligor: Covenant Living Community)
      
120,000
      
102,401
  
       
200,667
  
                   
Delaware - 0.0%(m)
  
Delaware State Economic Development Authority, 8.00%, 07/01/2030 (Obligor: Academia Antonia Alonso I) (a)
      
100,000
      
100,898
  
                   
Florida - 0.1%
  
Capital Projects Finance Authority, 7.00%, 06/01/2033 (Obligor: Prg Unionwest Properties) (a)
      
225,000
      
215,275
  
Capital Trust Authority, 6.70%, 06/15/2028 (Obligor: St Johns Classical Academy) (a)
      
105,000
      
105,971
  
City of Miami Gardens FL, 7.00%, 06/01/2040
      
50,000
      
57,367
  
       
378,613
  
                   
Illinois - 0.1%
  
Illinois Finance Authority, 8.25%, 09/01/2039 (Obligor: Illinois Inst Of Tech) (a)
      
300,000
      
301,075
  
Illinois Municipal Electric Agency, 7.29%, 02/01/2035
      
75,000
      
78,973
  
Northern Illinois Municipal Power Agency
  
6.86%, 01/01/2039
      
240,000
      
259,159
  
7.82%, 01/01/2040
      
30,000
      
35,355
  
State of Illinois, 6.73%, 04/01/2035
      
46,154
      
49,040
  
Village of Oak Lawn IL, 5.43%, 12/01/2025
      
100,000
      
99,901
  
       
823,503
  
                   
Indiana - 0.0%(m)
  
Indiana Finance Authority, 5.93%, 07/01/2053 (Obligor: BPIU Partners LLC)
      
125,000
      
124,664
  
                   
Kentucky - 0.0%(m)
  
Louisville/Jefferson County Metropolitan Government, 4.29%, 05/01/2045 (Obligor: Louisville/Jefferson Med)
      
200,000
      
155,678
  
                   
Montana - 0.0%(m)
  
City of Kalispell MT, 6.75%, 05/15/2029 (Obligor: Immanuel Living Oblig Grp)
      
200,000
      
201,032
  
                   
Nebraska - 0.0%(m)
  
Public Power Generation Agency, 7.24%, 01/01/2041
      
140,000
      
153,868
  
                   
New Hampshire - 0.1%
  
New Hampshire Business Finance Authority, 6.89%, 04/01/2034 (Obligor: Wheeling Power Company) (a)
      
275,000
      
288,679
  
                   
New Jersey - 0.0%(m)
  
South Jersey Transportation Authority, 7.00%, 11/01/2038
      
75,000
      
83,113
  
                   
New York - 0.1%
  
Dutchess County Local Development Corp., 5.92%, 07/01/2039 (Obligor: Bard College)
      
150,000
      
147,797
  
New York City Industrial Development Agency
  
6.03%, 01/01/2046 (Obligor: Queens Ballpark Co. LLC) (a)
      
150,000
      
151,007
  
5.90%, 03/01/2046 (Obligor: NY Yankees Partnership) (a)
      
125,000
      
126,278
  
New York State Dormitory Authority, 5.10%, 08/01/2034 (Obligor: Montefiore Obligated Grp)
      
150,000
      
138,979
  
New York Transportation Development Corp., 6.97%, 06/30/2051 (Obligor: Elevated Accessibility)
      
255,000
      
253,180
  
       
817,241
  
                   
Oklahoma - 0.3%
  
Oklahoma Development Finance Authority, 5.45%, 08/15/2028 (Obligor: OU Medicine Obligated Group)
      
2,500,000
      
2,466,008
  
Sallisaw Economic Authority, 6.26%, 02/01/2053
      
125,000
      
127,243
  
       
2,593,251
  
                   
Oregon - 0.0%(m)
  
Port of Morrow OR, 3.25%, 12/01/2036
      
150,000
      
126,730
  
                   
Texas - 0.0%(m)
  
City of San Antonio TX Customer Facility Charge Revenue, 5.87%, 07/01/2045
      
100,000
      
98,005
  
                   
Virginia - 0.0%(m)
  
Farmville Industrial Development Authority, 5.00%, 01/01/2034 (Obligor: Longwood Housing Foundation LLC)
      
200,000
      
185,140
  
                   
West Virginia - 0.0%(m)
  
County of Ohio WV Special District Excise Tax Revenue, 8.25%, 03/01/2035
      
110,000
      
118,718
  
Tobacco Settlement Finance Authority, 4.01%, 06/01/2040
      
125,000
      
102,824
  
       
221,542
  
                   
Wisconsin - 0.0%(m)
  
Public Finance Authority, 6.00%, 06/01/2027 (Obligor: Lindenwood Education Sys) (a)
      
200,000
      
200,877
  
TOTAL MUNICIPAL BONDS (Cost $7,335,361)
      
7,392,149
  
                   
U.S. GOVERNMENT AGENCY ISSUES - 0.1%
Par
  
Value
 
U.S. Government Agency Collateralized Mortgage Obligations - 0.0%(m)
  
Federal National Mortgage Association, Series 1997-79, Class PL, 6.85%, 12/18/2027
      
8,572
      
8,708
  
                   
U.S. Government Agency Pass-Through Certificates - 0.1%
  
Federal Home Loan Mortgage Corporation
  
Pool C55167, 8.50%, 07/01/2031
      
19,650
      
20,166
  
Pool C55169, 8.50%, 07/01/2031
      
30,075
      
31,446
  
Pool C56878, 8.00%, 08/01/2031
      
25,823
      
26,868
  
Pool C59641, 8.00%, 10/01/2031
      
21,234
      
22,083
  
Pool C69047, 7.00%, 06/01/2032
      
96,912
      
102,276
  
Federal National Mortgage Association
  
Pool 255053, 7.50%, 12/01/2033
      
29,695
      
31,894
  
Pool 545436, 9.00%, 10/01/2031
      
29,322
      
31,861
  
Pool 545990, 7.50%, 04/01/2031
      
34,818
      
35,920
  
Pool 636449, 8.50%, 04/01/2032
      
63,509
      
68,104
  
Pool 645912, 7.00%, 06/01/2032
      
76,983
      
81,231
  
Pool 645913, 7.00%, 06/01/2032
      
78,938
      
82,580
  
Pool 650131, 7.00%, 07/01/2032
      
95,872
      
101,338
  
Pool 735576, 7.50%, 11/01/2034
      
49,158
      
52,161
  
Pool 735800, 8.00%, 01/01/2035
      
82,875
      
89,984
  
       
777,912
  
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $748,991)
      
786,620
  
                   
SHORT-TERM INVESTMENTS – 3.2%
  
MONEY MARKET FUNDS - 3.2%
Shares
  
Value
 
First American Treasury Obligations Fund - Class X, 4.02% (p)
      
25,666,601
      
25,666,601
  
TOTAL MONEY MARKET FUNDS (Cost $25,666,601)
      
25,666,601
  
                   
TOTAL INVESTMENTS - 133.1% (Cost $1,100,614,225)
      
1,070,116,851
  
Liabilities in Excess of Other Assets - (33.1)%
      
(265,867,983
)
TOTAL NET ASSETS - 100.0%
            
$
804,248,868
  
two
      
–
%
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
      
–
%

CMBS - Commercial Mortgage-Backed Security
CMT - Constant Maturity Treasury
EURIBOR - Euro Interbank Offered Rate
LIBOR - London Interbank Offered Rate
LLC - Limited Liability Company
LP - Limited Partnership
PCL - Public Company Limited
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate
SONIA - Sterling Overnight Index Average
 
EUR - Euro
GBP - British Pound

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $561,258,892 or 69.8% of the Fund’s net assets.
(b)
All or a portion of security has been pledged as collateral for the Fund's credit facilities. The fair value of assets committed as collateral as of September 30, 2025 is $308,550,175.
(c)
All or a portion of security has been pledged as collateral for reverse repurchase agreements. The fair value of assets committed as collateral as of September 30, 2025 is $80,145,817.
(d)
Restricted security purchased in a private placement transaction in which resale to the public may require registration. As of September 30, 2025, the value of these securities total $28,694,221 or 3.6% of the Fund’s net assets.
(e)
Zero coupon bonds make no periodic interest payments.
(f)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(g)
Interest only security.
(h)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.
(i)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $18,555,611 or 2.3% of net assets as of September 30, 2025.
(j)
To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(k)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(l)
Step coupon bond. The rate disclosed is as of September 30, 2025.
(m)
Represents less than 0.05% of net assets.
(n)
Non-income producing security.
(o)
Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2025.
(p)
The rate shown represents the 7-day annualized yield as of September 30, 2025.
Forward Currency Contracts:
  
As of September 30, 2025, the following forward currency contracts were outstanding:
  
   
Counterparty
Settlement Date
Currency Purchased
  
Currency Sold
    
Unrealized
Appreciation
(Depreciation)
  
J.P. Morgan Securities, Inc.
10/31/2025
USD
    
5,615,165
  
EUR
    
4,750,000
    
$
27,259
  
State Street Bank & Trust Co.
11/06/2025
USD
    
3,749,259
  
EUR
    
3,208,658
      
(26,610
)
State Street Bank & Trust Co.
11/06/2025
USD
    
7,040,971
  
GBP
    
5,263,999
      
(39,831
)
Net Unrealized Depreciation
    
$
(39,182
)
   
EUR - Euro
  
GBP - British Pound
  
USD - United States Dollar
  
Brookfield Real Assets Income Fund Inc.
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of September 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  

                       
                         
Investments:
                        
  Corporate Credit
  
$
–
    
$
566,708,873
    
$
–
    
$
566,708,873
  
  Securitized Credit
    
–
      
293,410,061
      
18,555,611
      
311,965,672
  
  Common Stocks
    
56,902,661
      
13,200,925
      
–
      
70,103,586
  
  Term Loans
    
–
      
57,527,877
      
–
      
57,527,877
  
  Exchange Traded Funds
    
17,672,087
      
–
      
–
      
17,672,087
  
  Preferred Stocks
    
12,293,386
      
–
      
–
      
12,293,386
  
  Municipal Bonds
    
–
      
7,392,149
      
–
      
7,392,149
  
  U.S. Government Agency Issues
    
–
      
786,620
      
–
      
786,620
  
  Money Market Funds
    
25,666,601
      
–
      
–
      
25,666,601
  
Total Investments
  
$
112,534,735
    
$
939,026,505
    
$
18,555,611
    
$
1,070,116,851
  
   
Other Financial Instruments:
                                
  Forward Currency Contracts*
  
$
–
    
$
27,259
    
$
–
    
$
27,259
  
Total Other Financial Instruments
  
$
–
    
$
27,259
    
$
–
    
$
27,259
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Forward Currency Contracts*
  
$
–
    
$
(66,441
)
  
$
–
    
$
(66,441
)
Total Other Financial Instruments
  
$
–
    
$
(66,441
)
  
$
–
    
$
(66,441
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of September 30, 2025.
  
   
For further information regarding security characteristics, see the Schedule of Investments.