|
BROOKFIELD REAL ASSETS INCOME FUND INC.
|
||||||||
|
Schedule of Investments (Unaudited)
|
||||||||
|
March 31, 2025
|
||||||||
|
Principal
Amount
|
Value
|
|||||||
|
U.S. GOVERNMENT & AGENCY OBLIGATIONS – 0.1%
|
||||||||
|
U.S. Government Agency Collateralized Mortgage Obligations – 0.0%
|
||||||||
|
Federal National Mortgage Association
|
||||||||
|
6.85%, 1997-79, Class PL, 12/18/2027
|
USD
|
11,720 |
$
|
11,924
|
||||
|
U.S. Government Agency Pass-Through Certificates – 0.1%
|
||||||||
|
Federal Home Loan Mortgage Corporation
|
||||||||
|
7.00%, Pool C69047, 06/01/2032
|
103,873
|
109,150
|
||||||
|
8.00%, Pool C56878, 08/01/2031
|
27,474
|
28,448
|
||||||
|
8.00%, Pool C59641, 10/01/2031
|
22,751
|
23,554
|
||||||
|
8.50%, Pool C55169, 07/01/2031
|
32,411
|
33,770
|
||||||
|
8.50%, Pool C55167, 07/01/2031
|
22,864
|
23,463
|
||||||
|
Federal National Mortgage Association
|
||||||||
|
7.00%, Pool 645913, 06/01/2032
|
88,921
|
92,887
|
||||||
|
7.00%, Pool 645912, 06/01/2032
|
82,090
|
86,290
|
||||||
|
7.00%, Pool 650131, 07/01/2032
|
101,724
|
107,083
|
||||||
|
7.50%, Pool 545990, 04/01/2031
|
45,938
|
47,317
|
||||||
|
7.50%, Pool 255053, 12/01/2033
|
31,284
|
33,454
|
||||||
|
7.50%, Pool 735576, 11/01/2034
|
58,032
|
61,247
|
||||||
|
8.00%, Pool 458132, 03/15/2031
|
45
|
44
|
||||||
|
8.00%, Pool 735800, 01/01/2035
|
88,833
|
95,944
|
||||||
|
8.50%, Pool 636449, 04/01/2032
|
77,787
|
82,895
|
||||||
|
9.00%, Pool 545436, 10/01/2031
|
67,908
|
73,710
|
||||||
|
Total U.S. Government Agency Pass-Through Certificates
|
899,256
|
|||||||
|
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $871,358) |
911,180
|
|||||||
|
SECURITIZED CREDIT – 40.2%
|
||||||||
|
Commercial Mortgage-Backed Securities – 7.5%
|
||||||||
|
ACAM Ltd.
|
||||||||
|
7.18%, 2019-FL1, Class D (1 mo. Term SOFR + 2.86%, 2.75% Floor), 11/17/2034(a)(b)(c)
|
1,902,000
|
1,897,320
|
||||||
|
7.43%, 2019-FL1, Class E (1 mo. Term SOFR + 3.11%, 3.00% Floor), 11/17/2034(a)(b)(c)
|
2,098,000
|
2,015,604
|
||||||
|
ACREC Trust
|
||||||||
|
7.35%, 2025-FL3, Class D (1 mo. Term SOFR + 3.04%, 3.04% Floor), 08/18/2042(a)(c)
|
500,000
|
498,575
|
||||||
|
8.10%, 2025-FL3, Class E (1 mo. Term SOFR + 3.79%, 3.79% Floor), 08/18/2042(a)(c)
|
250,000
|
250,211
|
||||||
|
BAMLL Commercial Mortgage Securities Trust
|
||||||||
|
9.43%, 2021-JACX, Class F (1 mo. Term SOFR + 5.11%, 5.00% Floor), 09/15/2038(a)(c)
|
5,000,000
|
4,141,388
|
||||||
|
BBCMS Mortgage Trust
|
||||||||
|
9.23%, 2021-AGW, Class G (1 mo. Term SOFR + 4.91%, 4.80% Floor), 06/15/2036(a)(c)
|
4,000,000
|
2,957,938
|
||||||
|
Beast Mortgage Trust
|
||||||||
|
8.88%, 2021-1818, Class F (1 mo. Term SOFR + 4.56%, 4.70% Floor), 03/15/2036(a)(c)
|
1,250,000
|
375,781
|
||||||
|
BX Trust
|
||||||||
|
7.51%, 2025-VLT6, Class E (1 mo. Term SOFR + 3.19%, 3.19% Floor), 03/15/2042(a)(c)
|
1,000,000
|
987,563
|
||||||
|
Citigroup Commercial Mortgage Trust
|
||||||||
|
9.08%, 2021-KEYS, Class G (1 mo. Term SOFR + 4.76%, 4.65% Floor), 10/15/2036(a)(c)
|
3,500,000
|
3,434,928
|
||||||
|
Federal Home Loan Mortgage Corp.
|
||||||||
|
4.33%, K-152, Class X3, 11/25/2055(d)
|
5,250,000
|
1,334,878
|
||||||
|
Fontainebleau Miami Beach Trust
|
||||||||
|
8.57%, 2024-FBLU, Class F (1 mo. Term SOFR + 4.25%, 4.25% Floor), 12/15/2039(a)(c)
|
1,000,000
|
1,003,124
|
||||||
|
GS Mortgage Securities Corp. II
|
||||||||
|
2.45%, 2020-GC47, Class F, 05/12/2053(a)(d)
|
3,500,000
|
1,942,414
|
||||||
|
Hilton USA Trust
|
||||||||
|
4.12%, 2016-SFP, Class C, 11/05/2035(a)
|
581,000
|
145,250
|
||||||
|
4.19%, 2016-HHV, Class E, 11/05/2038(a)(d)
|
11,000,000
|
10,645,411
|
||||||
|
4.93%, 2016-SFP, Class D, 11/05/2035(a)
|
1,929,000
|
404,487
|
||||||
|
5.52%, 2016-SFP, Class E, 11/05/2035(a)
|
1,300,000
|
131,219
|
||||||
|
JP Morgan Chase Commercial Mortgage Securities
|
||||||||
|
9.28%, 2021-1440, Class F (1 mo. Term SOFR + 4.96%, 4.85% Floor), 03/15/2036(a)(c)(e)
|
2,586,000
|
1,001,558
|
||||||
|
JP Morgan Chase Commercial Mortgage Securities Trust
|
||||||||
|
6.37%, 2007-LD12, Class AJ, 02/15/2051(d)
|
20,182
|
20,291
|
||||||
|
KIND Trust
|
||||||||
|
7.69%, 2021-KIND, Class E (1 mo. Term SOFR + 3.36%, 3.25% Floor), 08/15/2038(a)(c)
|
1,487,782
|
1,465,356
|
||||||
|
8.39%, 2021-KIND, Class F (1 mo. Term SOFR + 4.06%, 3.95% Floor), 08/15/2038(a)(c)
|
3,331,912
|
3,281,502
|
||||||
|
Last Mile Logistics Pan Euro Finance
|
||||||||
|
5.26%, 1A, Class E (3 mo. EURIBOR + 2.70%, 2.70% Floor), 08/17/2033(a)(b)(c)
|
EUR
|
1,192,955 |
1,271,962
|
|||||
|
Last Mile Securities
|
||||||||
|
7.56%, 2021-1A, Class F (3 mo. EURIBOR + 5.00%, 5.00% Floor, 9.00% Cap), 08/17/2031(a)(b)(c)
|
2,037,581
|
2,141,344
|
||||||
|
Morgan Stanley ABS Capital I, Inc.
|
||||||||
|
3.99%, 2024-NSTB, Class D, 09/24/2057(a)(d)
|
USD
|
1,000,000 |
917,273
|
|||||
|
Morgan Stanley Capital I Trust
|
||||||||
|
2.73%, 2017-HR2, Class D, 12/15/2050
|
3,000,000
|
2,639,828
|
||||||
|
Taurus CMBS
|
||||||||
|
7.58%, 2021-UK4X, Class E (SONIA + 3.10%, 3.10% Floor), 08/17/2031(b)(c)
|
GBP
|
644,923 |
818,476
|
|||||
|
TPG Real Estate Finance Issuer Ltd.
|
||||||||
|
8.78%, 2021-FL4, Class E (1 mo. Term SOFR + 4.46%, 4.35% Floor), 03/15/2038(a)(b)(c)
|
USD
|
4,000,000 |
3,743,061
|
|||||
|
TTAN
|
||||||||
|
8.63%, 2021-MHC, Class G (1 mo. Term SOFR + 4.31%, 4.20% Floor), 03/15/2038(a)(c)
|
3,845,223
|
3,838,516
|
||||||
|
UK Logistics
|
||||||||
|
8.48%, 2024-1A, Class D (SONIA + 4.00%, 4.00% Floor), 05/17/2034(a)(b)(c)
|
GBP
|
504,000 |
651,715
|
|||||
|
9.48%, 2024-1A, Class E (SONIA + 5.00%, 5.00% Floor), 05/17/2034(a)(b)(c)
|
1,874,000
|
2,423,951
|
||||||
|
VMC Finance LLC
|
||||||||
|
7.93%, 2021-FL4, Class D (1 mo. Term SOFR + 3.61%, 3.06% Floor), 06/16/2036(a)(c)
|
USD
|
893,000 |
821,560
|
|||||
|
8.38%, 2021-FL4, Class E (1 mo. Term SOFR + 4.06%, 3.61% Floor), 06/16/2036(a)(c)
|
3,107,000
|
2,765,230
|
||||||
|
Wachovia Bank Commercial Mortgage Trust
|
||||||||
|
5.79%, 2006-C28, Class E, 10/15/2048(d)
|
637,635
|
635,934
|
||||||
|
Total Commercial Mortgage-Backed Securities
|
60,603,648
|
|||||||
|
Commercial Real Estate – 2.8%
|
||||||||
|
111 Wall Street
|
||||||||
|
5.00%, 01/31/2026, (Acquired 11/01/2024, cost $9,334,244)(e)(f)
|
9,549,981
|
9,502,231
|
||||||
|
125 West End Office Mezz LLC
|
||||||||
|
14.82% (1 mo. Term SOFR + 10.50%), 03/12/2026, (Acquired 03/11/2021 - 03/10/2025, cost $3,641,516)(c)(e)(f)
|
3,653,289
|
2,042,188
|
||||||
|
575 LEXINGTON JUNIOR MEZZ
|
||||||||
|
29.32% (1 mo. Term SOFR + 25.00%), 06/18/2025, (Acquired 03/17/2021 - 02/28/2025, cost $5,020,700)(e)(f)
|
6,572,756
|
3,214,078
|
||||||
|
575 LEXINGTON SENIOR MEZZ
|
||||||||
|
10.75%, 06/18/2025, (Acquired 09/20/2023 - 03/13/2025, cost $2,618,490)(e)(f)
|
2,618,490
|
2,618,490
|
||||||
|
Hyatt Lost Pines
|
||||||||
|
9.41% (1 mo. Term SOFR + 6.70%), 09/09/2025, (Acquired 09/17/2021, cost $4,997,453)(c)(e)(f)
|
5,000,000
|
5,000,000
|
||||||
|
Total Commercial Real Estate
|
22,376,987
|
|||||||
|
Interest-Only Securities – 0.1%
|
||||||||
|
Government National Mortgage Association
|
||||||||
|
0.40%, 2010-132, Class IO, 11/16/2052(g)
|
180,788
|
458
|
||||||
|
JP Morgan Mortgage Trust
|
||||||||
|
0.18%, 2014-5, Class AX4, 10/25/2029(a)(g)
|
1,069,223
|
1,926
|
||||||
|
0.23%, 2021-INV1, Class AX1, 10/25/2051(a)(g)
|
41,667,840
|
422,829
|
||||||
|
0.24%, 2015-4, Class 2X1, 06/25/2045(a)(g)
|
32,885,215
|
252,552
|
||||||
|
Mello Mortgage Capital Acceptance
|
||||||||
|
0.11%, 2021-INV1, Class AX1, 06/25/2051(a)(g)
|
45,336,630
|
220,322
|
||||||
|
Morgan Stanley Capital I, Inc.
|
||||||||
|
1.25%, 2016-UBS9, Class XE, 03/15/2049(a)(g)
|
14,999,000
|
152,394
|
||||||
|
Vendee Mortgage Trust
|
||||||||
|
0.00%, 1997-2, Class IO, 06/15/2027(g)
|
897,852
|
1
|
||||||
|
Total Interest-Only Securities
|
1,050,482
|
|||||||
|
Other – 0.9%
|
||||||||
|
FIGRE Trust
|
||||||||
|
6.53%, 2024-HE3, Class D, 07/25/2054(a)(g)
|
1,000,000
|
1,003,668
|
||||||
|
6.81%, 2024-HE4, Class E, 09/25/2054(a)(g)
|
500,000
|
482,682
|
||||||
|
7.55%, 2024-HE3, Class E, 07/25/2054(a)(g)
|
500,000
|
497,170
|
||||||
|
8.48%, 2024-HE4, Class F, 09/25/2054(a)(g)
|
500,000
|
506,967
|
||||||
|
9.26%, 2024-HE3, Class F, 07/25/2054(a)(g)
|
500,000
|
531,906
|
||||||
|
Lehman ABS Manufactured Housing Contract Trust
|
||||||||
|
6.63%, 2001-B, Class M1, 04/15/2040(g)
|
1,539,650
|
1,534,294
|
||||||
|
Mid-State Trust X
|
||||||||
|
7.54%, 10, Class B, 02/15/2036
|
789,651
|
792,961
|
||||||
|
Oakwood Mortgage Investors, Inc.
|
||||||||
|
6.81%, 2001-E, Class A4, 12/15/2031
|
1,867,040
|
1,818,587
|
||||||
|
6.93%, 2001-D, Class A4, 09/15/2031(g)
|
427,081
|
188,563
|
||||||
|
Total Other
|
7,356,798
|
|||||||
|
Residential Mortgage-Backed Securities – 28.9%
|
||||||||
|
ACRA Trust
|
||||||||
|
8.22%, 2024-NQM1, Class B1, 10/25/2064(a)(d)
|
1,500,000
|
1,520,424
|
||||||
|
Alternative Loan Trust
|
||||||||
|
0.92%, 2006-41CB, Class 1A14 (-1 x 1 mo. Term SOFR + 5.24%, 0.00% Floor, 5.35% Cap), 01/25/2037(c)(h)
|
6,053,756
|
606,747
|
||||||
|
4.71%, 2007-OA3, Class 1A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor), 04/25/2047(c)
|
5,245,555
|
4,526,935
|
||||||
|
4.83%, 2007-2CB, Class 2A11 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 5.75% Cap), 03/25/2037(c)
|
2,225,881
|
813,424
|
||||||
|
4.85%, 2007-HY6, Class A1 (1 mo. Term SOFR + 0.53%, 0.42% Floor), 08/25/2047(c)
|
1,821,554
|
1,552,076
|
||||||
|
4.93%, 2007-16CB, Class 4A5 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 08/25/2037(c)
|
3,420,357
|
2,140,948
|
||||||
|
5.13%, 2006-19CB, Class A9 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 6.00% Cap), 08/25/2036(c)
|
1,732,257
|
772,636
|
||||||
|
5.75%, 2007-12T1, Class A22, 06/25/2037
|
1,654,346
|
661,315
|
||||||
|
5.75%, 2007-15CB, Class A5, 07/25/2037(b)
|
1,548,547
|
879,818
|
||||||
|
6.00%, 2006-29T1, Class 2A5, 10/25/2036
|
1,056,207
|
553,633
|
||||||
|
6.00%, 2006-41CB, Class 2A14, 01/25/2037(b)
|
12,053,223
|
5,837,920
|
||||||
|
6.00%, 2006-45T1, Class 2A5, 02/25/2037
|
2,030,602
|
1,064,518
|
||||||
|
6.50%, 2006-29T1, Class 2A6, 10/25/2036
|
1,657,437
|
922,344
|
||||||
|
10.66%, 2006-23CB, Class 2A7 (-4 x 1 mo. Term SOFR + 27.94%, 0.00% Floor, 28.40% Cap), 08/25/2036(c)(h)
|
1,191,841
|
654,222
|
||||||
|
33.54%, 2006-29T1, Class 3A3 (-10 x 1 mo. Term SOFR + 77.24%, 0.00% Floor, 78.40% Cap), 10/25/2036(c)(h)
|
633,364
|
936,003
|
||||||
|
Bellemeade Re Ltd.
|
||||||||
|
7.49%, 2021-3A, Class M2 (30 day avg SOFR US + 3.15%, 3.15% Floor), 09/25/2031(a)(b)(c)
|
1,389,000
|
1,435,592
|
||||||
|
8.29%, 2024-1, Class M1C (30 day avg SOFR US + 3.95%, 3.90% Floor), 08/25/2034(a)(c)
|
1,000,000
|
1,029,264
|
||||||
|
BRAVO Residential Funding Trust
|
||||||||
|
5.50%, 2022-NQM3, Class A3, 07/25/2062(a)(d)
|
1,424,651
|
1,429,604
|
||||||
|
7.39%, 2023-NQM5, Class B1, 06/25/2063(a)(d)
|
1,000,000
|
994,869
|
||||||
|
BVRT LLC
|
||||||||
|
2.75%, 2021-6F, Class A1, 12/30/2027(a)
|
1,049,196
|
986,027
|
||||||
|
Cascade Funding Mortgage Trust
|
||||||||
|
3.00%, 2024-HB13, Class M2, 05/25/2034(a)(d)
|
1,100,000
|
975,857
|
||||||
|
Cascade MH Asset Trust
|
||||||||
|
5.57%, 2021-MH1, Class B2, 02/25/2046(a)
|
500,000
|
436,844
|
||||||
|
7.50%, 2024-MH1, Class B1, 11/25/2056(a)(d)
|
147,000
|
148,927
|
||||||
|
8.35%, 2024-MH1, Class B2, 11/25/2056(a)(d)
|
154,000
|
149,626
|
||||||
|
Chase Mortgage Finance Corp.
|
||||||||
|
4.65%, 2005-A2, Class 3A2, 01/25/2036(d)
|
580,888
|
500,889
|
||||||
|
4.73%, 2007-A1, Class 11M1, 03/25/2037(d)
|
1,567,960
|
1,440,486
|
||||||
|
CHNGE Mortgage Trust
|
||||||||
|
3.99%, 2022-1, Class M1, 01/25/2067(a)(d)
|
2,700,000
|
2,294,574
|
||||||
|
4.56%, 2022-1, Class B1, 01/25/2067(a)(d)
|
2,500,000
|
2,168,691
|
||||||
|
4.61%, 2022-2, Class B1, 03/25/2067(a)(d)
|
3,000,000
|
2,586,437
|
||||||
|
8.13%, 2023-2, Class M1, 06/25/2058(a)(d)
|
3,500,000
|
3,520,037
|
||||||
|
8.42%, 2023-4, Class M1, 09/25/2058(a)(b)(d)
|
1,641,000
|
1,652,795
|
||||||
|
Citicorp Mortgage Securities, Inc.
|
||||||||
|
5.33%, 2006-5, Class 1A11 (1 mo. Term SOFR + 1.01%, 0.90% Floor, 7.00% Cap), 10/25/2036(c)
|
265,938
|
214,943
|
||||||
|
Citigroup Mortgage Loan Trust, Inc.
|
||||||||
|
5.05%, 2007-AR5, Class 1A2A, 04/25/2037(d)
|
295,513
|
274,860
|
||||||
|
6.10%, 2009-8, Class 2A2, 04/25/2037(a)(d)
|
4,143,440
|
1,950,382
|
||||||
|
Countrywide Alternative Loan Trust
|
||||||||
|
4.93%, 2005-10CB, Class 1A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap), 05/25/2035(c)
|
1,072,315
|
803,516
|
||||||
|
5.17%, 2005-84, Class 2A1, 02/25/2036(d)
|
7,645,973
|
7,219,601
|
||||||
|
Countrywide Home Loan Mortgage Pass Through Trust
|
||||||||
|
5.08%, 2006-20, Class 1A18 (1 mo. Term SOFR + 0.76%, 0.65% Floor, 6.00% Cap), 02/25/2037(c)
|
3,506,829
|
1,257,576
|
||||||
|
5.50%, 2007-5, Class A29, 05/25/2037
|
148,700
|
64,616
|
||||||
|
6.00%, 2004-21, Class A10, 11/25/2034
|
28,584
|
28,545
|
||||||
|
6.00%, 2007-18, Class 1A1, 11/25/2037
|
149,749
|
63,007
|
||||||
|
CWABS Asset-Backed Certificates
|
||||||||
|
3.95%, 2006-13, Class 1AF4, 01/25/2037(d)
|
423,072
|
411,276
|
||||||
|
Deephaven Residential Mortgage Trust
|
||||||||
|
4.31%, 2022-2, Class B1, 03/25/2067(a)(d)
|
3,000,000
|
2,334,782
|
||||||
|
Eagle Re Ltd.
|
||||||||
|
8.29%, 2023-1, Class M1B (30 day avg SOFR US + 3.95%, 3.95% Floor), 09/26/2033(a)(b)(c)
|
5,000,000
|
5,150,838
|
||||||
|
Ellington Financial Mortgage Trust
|
||||||||
|
7.17%, 2024-INV2, Class B1, 10/25/2069(a)(d)
|
1,000,000
|
998,134
|
||||||
|
FIGRE Trust
|
||||||||
|
6.63%, 2024-HE2, Class B, 05/25/2054(a)(d)
|
824,582
|
844,667
|
||||||
|
6.72%, 2024-HE2, Class C, 05/25/2054(a)(d)
|
412,291
|
422,233
|
||||||
|
7.01%, 2024-HE5, Class E, 10/25/2054(a)(d)
|
1,000,000
|
983,402
|
||||||
|
7.20%, 2024-HE2, Class D, 05/25/2054(a)(d)
|
500,000
|
509,184
|
||||||
|
7.36%, 2025-HE1, Class E, 01/25/2055(a)(d)
|
2,000,000
|
2,000,757
|
||||||
|
8.20%, 2024-HE2, Class E, 05/25/2054(a)(d)
|
500,000
|
505,329
|
||||||
|
8.53%, 2025-HE1, Class F, 01/25/2055(a)(d)
|
500,000
|
502,682
|
||||||
|
9.79%, 2024-HE2, Class F, 05/25/2054(a)(d)
|
500,000
|
532,536
|
||||||
|
First Horizon Alternative Mortgage Securities
|
||||||||
|
5.08%, 2005-FA8, Class 1A6 (1 mo. Term SOFR + 0.76%, 0.65% Floor, 5.50% Cap), 11/25/2035(c)
|
1,044,831
|
418,198
|
||||||
|
Freddie Mac Seasoned Credit Risk Transfer Trust
|
||||||||
|
4.25%, 2021-1, Class M, 09/25/2060(a)
|
2,678,279
|
2,525,046
|
||||||
|
4.50%, 2019-4, Class M, 02/25/2059(a)(d)
|
1,617,000
|
1,540,544
|
||||||
|
4.50%, 2022-1, Class M, 11/25/2061(a)(d)
|
3,000,000
|
2,642,138
|
||||||
|
FREED Mortgage Trust
|
||||||||
|
6.55%, 2024-HE1, Class C, 05/25/2039(a)
|
1,309,395
|
1,290,679
|
||||||
|
GCAT
|
||||||||
|
6.95%, 2023-NQM2, Class B1, 11/25/2067(a)(d)
|
2,258,000
|
2,227,174
|
||||||
|
GCAT Trust
|
||||||||
|
5.73%, 2022-NQM4, Class A2, 08/25/2067(a)(b)(i)
|
1,169,110
|
1,165,830
|
||||||
|
5.74%, 2022-NQM4, Class M1, 08/25/2067(a)(d)
|
250,000
|
248,235
|
||||||
|
GMACM Home Equity Loan Trust
|
||||||||
|
4.93%, 2005-HE3, Class A1VN (1 mo. Term SOFR + 0.61%, 0.50% Floor), 02/25/2036(b)(c)
|
698,034
|
667,075
|
||||||
|
6.05%, 2007-HE2, Class A2, 12/25/2037(d)
|
233,796
|
230,537
|
||||||
|
6.19%, 2007-HE2, Class A3, 12/25/2037(d)
|
450,388
|
445,753
|
||||||
|
GS Mortgage-Backed Securities Trust
|
||||||||
|
4.22%, 2022-NQM1, Class B4, 05/25/2062(a)(d)
|
1,553,428
|
1,242,215
|
||||||
|
GSAMP Trust
|
||||||||
|
4.73%, 2006-NC2, Class A2C (1 mo. Term SOFR + 0.41%, 0.30% Floor), 06/25/2036(c)
|
420,116
|
230,076
|
||||||
|
GSR Mortgage Loan Trust
|
||||||||
|
4.73%, 2007-1F, Class 4A1 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 7.00% Cap), 01/25/2037(c)
|
5,554,688
|
1,174,201
|
||||||
|
4.74%, 2006-AR1, Class 2A4, 01/25/2036(d)
|
1,747,632
|
1,546,985
|
||||||
|
Home Equity Asset Trust
|
||||||||
|
4.73%, 2006-7, Class 2A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor), 01/25/2037(c)
|
3,252,323
|
2,736,504
|
||||||
|
Home RE Ltd.
|
||||||||
|
7.59%, 2021-2, Class M2 (30 day avg SOFR US + 3.25%, 0.00% Floor), 01/25/2034(a)(c)
|
5,331,000
|
5,389,839
|
||||||
|
Imperial Fund Mortgage Trust
|
||||||||
|
5.39%, 2022-NQM5, Class A1, 08/25/2067(a)(i)
|
545,805
|
553,497
|
||||||
|
6.12%, 2022-NQM5, Class A2, 08/25/2067(a)(i)
|
363,870
|
371,303
|
||||||
|
6.25%, 2022-NQM5, Class M1, 08/25/2067(a)(i)
|
1,026,000
|
1,046,796
|
||||||
|
Indymac INDA Mortgage Loan Trust
|
||||||||
|
4.13%, 2007-AR1, Class 1A1, 03/25/2037(d)
|
594,957
|
445,273
|
||||||
|
5.50%, 2007-AR3, Class 1A1, 07/25/2037(d)
|
1,438,708
|
1,218,536
|
||||||
|
Irwin Home Equity Loan Trust
|
||||||||
|
6.27%, 2006-1, Class 2A3, 09/25/2035(a)(i)
|
120,565
|
118,999
|
||||||
|
JP Morgan Mortgage Trust
|
||||||||
|
2.98%, 2021-INV1, Class B5, 10/25/2051(a)(b)(d)
|
827,000
|
338,239
|
||||||
|
4.89%, 2007-A2, Class 3A2, 04/25/2037(d)
|
3,483,740
|
2,801,651
|
||||||
|
5.70%, 2003-A1, Class B4, 10/25/2033(d)
|
82,607
|
81,477
|
||||||
|
6.33%, 2003-A2, Class B4, 11/25/2033(d)
|
73,205
|
1
|
||||||
|
6.84%, 2023-HE3, Class M2 (30 day avg SOFR US + 2.50%, 0.00% Floor), 05/25/2054(a)(c)
|
1,695,000
|
1,712,655
|
||||||
|
6.86%, 2025-CES1, Class B1, 05/25/2055(a)(d)
|
1,000,000
|
1,001,330
|
||||||
|
9.22%, 2024-CES1, Class B2, 06/25/2054(a)(d)
|
1,101,000
|
1,100,249
|
||||||
|
JPMorgan Chase Bank NA
|
||||||||
|
5.89%, 2021-CL1, Class M2 (30 day avg SOFR US + 1.55%, 0.00% Floor), 03/25/2051(a)(c)
|
139,370
|
138,130
|
||||||
|
6.53%, 2019-CL1, Class M3 (1 mo. Term SOFR + 2.21%, 2.10% Floor), 04/25/2047(a)(c)
|
149,470
|
151,105
|
||||||
|
7.78%, 2020-CL1, Class M3 (1 mo. Term SOFR + 3.46%, 0.00% Floor), 10/25/2057(a)(c)
|
137,279
|
142,157
|
||||||
|
8.78%, 2020-CL1, Class M4 (1 mo. Term SOFR + 4.46%, 0.00% Floor), 10/25/2057(a)(c)
|
157,792
|
166,372
|
||||||
|
10.03%, 2020-CL1, Class M5 (1 mo. Term SOFR + 5.71%, 0.00% Floor), 10/25/2057(a)(c)
|
909,141
|
941,909
|
||||||
|
MASTR Asset Backed Securities Trust
|
||||||||
|
4.63%, 2006-NC3, Class A3 (1 mo. Term SOFR + 0.31%, 0.20% Floor), 10/25/2036(c)
|
2,439,041
|
1,163,990
|
||||||
|
4.75%, 2006-NC3, Class A4 (1 mo. Term SOFR + 0.43%, 0.32% Floor), 10/25/2036(c)
|
4,114,964
|
1,963,794
|
||||||
|
4.91%, 2006-NC2, Class A5 (1 mo. Term SOFR + 0.59%, 0.48% Floor), 08/25/2036(c)
|
351,201
|
123,574
|
||||||
|
Mello Mortgage Capital Acceptance
|
||||||||
|
2.59%, 2021-INV1, Class B6, 06/25/2051(a)(d)
|
352,021
|
132,342
|
||||||
|
2.96%, 2021-INV1, Class B5, 06/25/2051(a)(b)(d)
|
594,144
|
388,693
|
||||||
|
MFA Trust
|
||||||||
|
3.29%, 2021-INV1, Class B1, 01/25/2056(a)(d)
|
700,000
|
639,176
|
||||||
|
Morgan Stanley Residential Mortgage Loan Trust
|
||||||||
|
6.51%, 2024-NQM3, Class B1A, 07/25/2069(a)(d)
|
1,000,000
|
992,083
|
||||||
|
New York Mortgage Trust, Inc.
|
||||||||
|
6.90%, 2024-BPL3, Class M1, 09/25/2039(a)(d)
|
1,500,000
|
1,483,572
|
||||||
|
8.41%, 2024-BPL2, Class M, 05/25/2039(a)
|
1,919,000
|
1,910,402
|
||||||
|
Nomura Resecuritization Trust
|
||||||||
|
2.65%, 2014-1R, Class 2A11 (1 mo. Term SOFR + 0.24%, 0.13% Floor), 02/26/2037(a)(c)
|
20,012,682
|
15,503,519
|
||||||
|
4.24%, 2015-11R, Class 4A5, 06/26/2037(a)(d)
|
2,852,210
|
2,431,556
|
||||||
|
4.52%, 2015-1R, Class 3A7, 03/26/2037(a)(d)
|
3,960,710
|
2,259,930
|
||||||
|
6.55%, 2015-1R, Class 4A7, 12/26/2037(a)(d)
|
982,128
|
912,591
|
||||||
|
NRZ Excess Spread-Collateralized Notes
|
||||||||
|
2.98%, 2021-FNT1, Class A, 03/25/2026(a)
|
146,092
|
142,010
|
||||||
|
3.10%, 2021-FHT1, Class A, 07/25/2026(a)
|
579,062
|
559,450
|
||||||
|
3.23%, 2021-FNT2, Class A, 05/25/2026(a)
|
312,657
|
303,484
|
||||||
|
4.21%, 2020-FHT1, Class A, 11/25/2025(a)
|
629,858
|
621,413
|
||||||
|
Oaktown Re Ltd.
|
||||||||
|
7.69%, 2021-2, Class M1C (30 day avg SOFR US + 3.35%, 3.35% Floor), 04/25/2034(a)(c)
|
3,769,000
|
3,844,407
|
||||||
|
Option One Mortgage Loan Trust
|
||||||||
|
5.66%, 2007-FXD1, Class 3A6, 01/25/2037(i)
|
111,085
|
102,757
|
||||||
|
PRKCM Trust
|
||||||||
|
3.95%, 2021-AFC1, Class B2, 08/25/2056(a)(d)
|
350,000
|
227,737
|
||||||
|
6.14%, 2022-AFC2, Class B1, 08/25/2057(a)(d)
|
3,000,000
|
2,948,907
|
||||||
|
7.09%, 2023-AFC2, Class A3, 06/25/2058(a)
|
1,264,130
|
1,271,230
|
||||||
|
7.39%, 2023-AFC1, Class B1, 02/25/2058(a)(b)(d)
|
2,000,000
|
1,980,659
|
||||||
|
7.78%, 2024-HOME1, Class B1, 05/25/2059(a)(d)
|
1,623,000
|
1,637,058
|
||||||
|
7.81%, 2023-AFC3, Class B1, 09/25/2058(a)(d)
|
4,248,000
|
4,254,727
|
||||||
|
7.88%, 2023-AFC2, Class M1, 06/25/2058(a)
|
750,000
|
757,919
|
||||||
|
8.06%, 2024-AFC1, Class B1, 03/25/2059(a)(d)
|
1,638,000
|
1,656,280
|
||||||
|
8.19%, 2023-AFC2, Class B1, 06/25/2058(a)(d)
|
3,000,000
|
3,009,464
|
||||||
|
Progress Residential Trust
|
||||||||
|
3.40%, 2024-SFR2, Class E1, 04/17/2041(a)(d)
|
2,100,000
|
1,901,757
|
||||||
|
PRPM LLC
|
||||||||
|
4.00%, 2024-RCF1, Class M1, 01/25/2054(a)(i)
|
1,000,000
|
934,093
|
||||||
|
4.79%, 2021-5, Class A1, 06/25/2026(a)(i)
|
551,814
|
546,452
|
||||||
|
6.36%, 2020-6, Class A1, 11/25/2025(a)(i)
|
394,787
|
394,020
|
||||||
|
6.72%, 2022-1, Class A1, 02/25/2027(a)(i)
|
976,586
|
976,930
|
||||||
|
6.72%, 2021-5, Class A2, 06/25/2026(a)(i)
|
2,637,031
|
2,589,502
|
||||||
|
7.50%, 2024-NQM1, Class B1, 12/25/2068(a)(d)
|
2,000,000
|
1,991,418
|
||||||
|
7.87%, 2024-NQM2, Class B1, 06/25/2069(a)(d)
|
1,500,000
|
1,501,266
|
||||||
|
8.00%, 2022-2, Class A1, 03/25/2027(a)(i)
|
2,122,462
|
2,124,871
|
||||||
|
8.70%, 2020-6, Class A2, 11/25/2025(a)(i)
|
1,506,374
|
1,501,107
|
||||||
|
9.29%, 2022-1, Class A2, 02/25/2027(a)(i)
|
506,513
|
506,441
|
||||||
|
Radnor RE Ltd.
|
||||||||
|
7.49%, 2021-1, Class M2 (30 day avg SOFR US + 3.15%, 3.15% Floor), 12/27/2033(a)(c)
|
1,443,000
|
1,451,085
|
||||||
|
RALI Trust
|
||||||||
|
4.75%, 2007-QO3, Class A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor), 03/25/2047(c)
|
1,027,158
|
932,394
|
||||||
|
5.49%, 2006-QO7, Class 2A1 (12 Month US Treasury Average + 0.85%, 0.85% Floor), 09/25/2046(c)
|
4,863,215
|
4,367,365
|
||||||
|
6.00%, 2006-QS3, Class 1A10, 03/25/2036
|
1,315,621
|
1,138,720
|
||||||
|
23.60%, 2006-QS14, Class A30 (-13 x 1 mo. Term SOFR + 79.76%, 0.00% Floor, 81.25% Cap), 11/25/2036(c)(h)
|
41,591
|
70,755
|
||||||
|
RCKT Mortgage Trust
|
||||||||
|
7.01%, 2024-CES3, Class M2, 05/25/2044(a)(d)
|
2,000,000
|
2,053,223
|
||||||
|
RFMSI Trust
|
||||||||
|
5.50%, 2007-S3, Class 1A5, 03/25/2037
|
1,057,052
|
749,146
|
||||||
|
Rithm Capital Corp.
|
||||||||
|
5.44%, 2020-FNT1, Class A, 06/25/2025(a)
|
697,995
|
695,065
|
||||||
|
6.61%, 2024-NQM2, Class B1, 09/25/2064(a)(d)
|
500,000
|
488,899
|
||||||
|
8.63%, 2024-RTL1, Class M1, 03/25/2039(a)(d)
|
2,500,000
|
2,511,844
|
||||||
|
Santander Holdings USA, Inc.
|
||||||||
|
8.49%, 2023-MTG1, Class M1 (30 day avg SOFR US + 4.15%, 2.50% Floor), 02/26/2052(a)(c)
|
4,849,640
|
5,262,077
|
||||||
|
Securitized Asset Backed Receivables LLC Trust
|
||||||||
|
4.73%, 2006-NC3, Class A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor), 09/25/2036(c)
|
4,986,308
|
1,646,196
|
||||||
|
4.73%, 2007-NC1, Class A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor), 12/25/2036(c)
|
3,086,149
|
1,521,314
|
||||||
|
STAR Trust
|
||||||||
|
7.28%, 2021-SFR2, Class F (1 mo. Term SOFR + 2.96%, 2.85% Floor), 01/17/2039(a)(c)
|
3,000,000
|
2,941,784
|
||||||
|
8.02%, 2022-SFR3, Class E2 (1 mo. Term SOFR + 3.70%, 3.70% Floor), 05/17/2039(a)(c)
|
3,750,000
|
3,741,790
|
||||||
|
Toorak Mortgage Trust
|
||||||||
|
9.16%, 2024-RRTL1, Class M1, 02/25/2039(a)(d)
|
1,500,000
|
1,522,942
|
||||||
|
Towd Point Mortgage Trust
|
||||||||
|
6.86%, 2024-CES1, Class M2, 01/25/2064(a)(d)
|
1,000,000
|
1,005,589
|
||||||
|
Verus Securitization Trust
|
||||||||
|
5.81%, 2022-INV1, Class M1, 08/25/2067(a)(d)
|
500,000
|
495,928
|
||||||
|
5.83%, 2022-INV1, Class A3, 08/25/2067(a)(i)
|
378,659
|
377,058
|
||||||
|
7.08%, 2023-INV2, Class A3, 08/25/2068(a)(i)
|
85,569
|
86,170
|
||||||
|
7.35%, 2023-INV2, Class M1, 08/25/2068(a)(d)
|
121,000
|
121,934
|
||||||
|
7.49%, 2023-2, Class B1, 03/25/2068(a)(d)
|
1,000,000
|
994,379
|
||||||
|
7.86%, 2024-2, Class B1, 02/25/2069(a)(d)
|
1,000,000
|
1,013,580
|
||||||
|
7.91%, 2024-1, Class B1, 01/25/2069(a)(d)
|
500,000
|
503,228
|
||||||
|
8.09%, 2024-INV1, Class B1, 03/25/2069(a)(d)
|
1,000,000
|
1,018,735
|
||||||
|
8.09%, 2023-4, Class B1, 05/25/2068(a)(d)
|
2,000,000
|
2,003,067
|
||||||
|
8.09%, 2023-INV2, Class B1, 08/25/2068(a)(d)
|
100,000
|
100,357
|
||||||
|
Vista Point Securitization Trust
|
||||||||
|
7.83%, 2024-CES3, Class B1, 01/25/2055(a)(d)
|
500,000
|
507,326
|
||||||
|
Washington Mutual Mortgage Pass-Through Certificates Trust
|
||||||||
|
3.88%, 2007-HY5, Class 3A1, 05/25/2037(d)
|
525,341
|
464,157
|
||||||
|
4.21%, 2007-HY5, Class 1A1, 05/25/2037(d)
|
1,527,174
|
1,367,264
|
||||||
|
4.27%, 2007-HY1, Class 4A1, 02/25/2037(d)
|
4,452,612
|
4,062,139
|
||||||
|
5.16%, 2007-HY3, Class 4A1, 03/25/2037(d)
|
4,321,197
|
3,881,687
|
||||||
|
Wells Fargo Mortgage Backed Securities Trust
|
||||||||
|
6.35%, 2006-AR1, Class 2A5, 03/25/2036(d)
|
744,359
|
721,155
|
||||||
|
6.93%, 2006-AR12, Class 2A1, 09/25/2036(d)
|
579,371
|
560,047
|
||||||
|
Western Alliance Bancorp
|
||||||||
|
8.44%, 2021-CL2, Class M3 (30 day avg SOFR US + 4.10%, 0.00% Floor), 07/25/2059(a)(c)
|
890,939
|
912,601
|
||||||
|
9.69%, 2021-CL2, Class M4 (30 day avg SOFR US + 5.35%, 0.00% Floor), 07/25/2059(a)(c)
|
1,532,124
|
1,655,037
|
||||||
|
Woodward Capital Management
|
||||||||
|
7.98%, 2023-CES1, Class M2, 06/25/2043(a)(d)
|
965,000
|
978,325
|
||||||
|
Total Residential Mortgage-Backed Securities
|
232,431,999
|
|||||||
|
TOTAL SECURITIZED CREDIT
(Cost $374,514,301) |
323,819,914
|
|||||||
|
CORPORATE CREDIT – 64.3%
|
||||||||
|
Basic Industrial – 1.3%
|
||||||||
|
Clearwater Paper Corp.
|
||||||||
|
4.75%, 08/15/2028(a)(j)
|
3,000,000
|
2,793,540
|
||||||
|
Methanex Corp.
|
||||||||
|
5.25%, 12/15/2029(b)(j)
|
1,490,000
|
1,430,434
|
||||||
|
Methanex US Operations, Inc.
|
||||||||
|
6.25%, 03/15/2032(a)(j)
|
1,450,000
|
1,412,200
|
||||||
|
NOVA Chemicals Corp.
|
||||||||
|
8.50%, 11/15/2028(a)(b)(j)
|
1,405,000
|
1,484,021
|
||||||
|
Tronox, Inc.
|
||||||||
|
4.63%, 03/15/2029(a)(j)(k)
|
4,245,000
|
3,630,787
|
||||||
|
Total Basic Industrial
|
10,750,982
|
|||||||
|
Diversified – 2.7%
|
||||||||
|
Five Point Operating Co. LP
|
||||||||
|
10.50%, 01/15/2028(a)(i)(j)
|
3,098,966
|
3,157,053
|
||||||
|
Forestar Group, Inc.
|
||||||||
|
5.00%, 03/01/2028(a)(j)
|
2,795,000
|
2,732,185
|
||||||
|
Howard Hughes Corp.
|
||||||||
|
4.38%, 02/01/2031(a)
|
1,610,000
|
1,435,222
|
||||||
|
5.38%, 08/01/2028(a)(j)(k)
|
4,275,000
|
4,138,734
|
||||||
|
Kennedy Wilson Europe Real Estate Ltd.
|
||||||||
|
3.25%, 11/12/2025(b)
|
EUR
|
631,579 |
673,180
|
|||||
|
Kennedy-Wilson, Inc.
|
||||||||
|
4.75%, 02/01/2030(j)
|
USD
|
1,700,000 |
1,520,162
|
|||||
|
5.00%, 03/01/2031
|
1,715,000
|
1,506,790
|
||||||
|
Zayo Group Holdings, Inc., First Lien
|
||||||||
|
8.57% (1 mo. Term SOFR + 4.25%), 03/09/2027(c)
|
6,987,186
|
6,536,932
|
||||||
|
Total Diversified
|
21,700,258
|
|||||||
|
Energy – 5.8%
|
||||||||
|
Antero Resources Corp.
|
||||||||
|
5.38%, 03/01/2030(a)(j)
|
2,840,000
|
2,787,292
|
||||||
|
Ascent Resources Utica Holdings LLC
|
||||||||
|
6.63%, 10/15/2032(a)(j)
|
2,895,000
|
2,881,992
|
||||||
|
Baytex Energy Corp.
|
||||||||
|
8.50%, 04/30/2030(a)(b)
|
2,617,000
|
2,654,763
|
||||||
|
Civitas Resources, Inc.
|
||||||||
|
8.38%, 07/01/2028(a)(j)
|
5,295,000
|
5,458,404
|
||||||
|
CNX Resources Corp.
|
||||||||
|
7.38%, 01/15/2031(a)(k)
|
2,533,000
|
2,575,258
|
||||||
|
Comstock Resources, Inc.
|
||||||||
|
6.75%, 03/01/2029(a)(j)(k)
|
2,883,000
|
2,817,912
|
||||||
|
Crescent Energy Finance LLC
|
||||||||
|
7.63%, 04/01/2032(a)(k)
|
2,700,000
|
2,658,451
|
||||||
|
9.25%, 02/15/2028(a)(j)
|
2,130,000
|
2,210,378
|
||||||
|
Hilcorp Energy I LP
|
||||||||
|
6.25%, 11/01/2028(a)(j)(k)
|
4,300,000
|
4,294,998
|
||||||
|
7.25%, 02/15/2035(a)(j)
|
1,400,000
|
1,336,623
|
||||||
|
MEG Energy Corp.
|
||||||||
|
5.88%, 02/01/2029(a)(j)(k)
|
4,650,000
|
4,568,641
|
||||||
|
Moss Creek Resources Holdings, Inc.
|
||||||||
|
8.25%, 09/01/2031(a)(j)
|
1,865,000
|
1,809,991
|
||||||
|
Permian Resources Operating LLC
|
||||||||
|
5.88%, 07/01/2029(a)(j)
|
2,825,000
|
2,787,280
|
||||||
|
6.25%, 02/01/2033(a)(k)
|
2,830,000
|
2,818,103
|
||||||
|
Transocean Titan Financing Ltd.
|
||||||||
|
8.38%, 02/01/2028, (Acquired 02/22/2023 - 03/01/2023, cost $2,351,798)(a)(f)(j)
|
2,334,286
|
2,379,751
|
||||||
|
Transocean, Inc.
|
||||||||
|
8.75%, 02/15/2030(a)(b)(k)
|
2,480,000
|
2,575,713
|
||||||
|
Total Energy
|
46,615,550
|
|||||||
|
Health Care Providers & Services – 1.2%
|
||||||||
|
Community Health Systems, Inc.
|
||||||||
|
10.88%, 01/15/2032(a)(j)
|
9,573,000
|
9,425,202
|
||||||
|
UC Health LLC
|
||||||||
|
5.86%, 08/01/2035
|
200,000
|
202,153
|
||||||
|
Total Health Care Providers & Services
|
9,627,355
|
|||||||
|
Health Facilities – 1.4%
|
||||||||
|
LifePoint Health, Inc.
|
||||||||
|
8.38%, 02/15/2032(a)(j)
|
2,835,000
|
2,852,739
|
||||||
|
Prime Healthcare Services, Inc.
|
||||||||
|
9.38%, 09/01/2029(a)(j)
|
1,763,000
|
1,662,514
|
||||||
|
Tenet Healthcare Corp.
|
||||||||
|
6.13%, 10/01/2028(j)
|
6,770,000
|
6,730,482
|
||||||
|
Toledo Hospital
|
||||||||
|
4.98%, 11/15/2045
|
250,000
|
193,750
|
||||||
|
Total Health Facilities
|
11,439,485
|
|||||||
|
Infrastructure Services – 0.6%
|
||||||||
|
Quikrete Holdings, Inc.
|
||||||||
|
6.38%, 03/01/2032(a)(j)
|
1,610,000
|
1,619,451
|
||||||
|
Wrangler Holdco Corp.
|
||||||||
|
6.63%, 04/01/2032(a)(j)
|
3,000,000
|
3,054,262
|
||||||
|
Total Infrastructure Services
|
4,673,713
|
|||||||
|
Leisure – 3.4%
|
||||||||
|
Caesars Entertainment, Inc.
|
||||||||
|
6.50%, 02/15/2032(a)(j)
|
2,850,000
|
2,839,457
|
||||||
|
7.00%, 02/15/2030(a)(j)(k)
|
5,250,000
|
5,326,001
|
||||||
|
Hilton Domestic Operating Co., Inc.
|
||||||||
|
4.00%, 05/01/2031(a)(j)
|
3,085,000
|
2,793,544
|
||||||
|
MGM Resorts International
|
||||||||
|
6.13%, 09/15/2029(j)
|
2,785,000
|
2,756,085
|
||||||
|
RHP Hotel Properties LP
|
||||||||
|
4.50%, 02/15/2029(a)(j)(k)
|
5,610,000
|
5,316,675
|
||||||
|
Rivers Enterprise Borrower LLC
|
||||||||
|
6.63%, 02/01/2033(a)(j)
|
1,275,000
|
1,253,460
|
||||||
|
Six Flags Entertainment Corp.
|
||||||||
|
7.25%, 05/15/2031(a)(k)
|
1,370,000
|
1,375,274
|
||||||
|
Wynn Resorts Finance LLC
|
||||||||
|
7.13%, 02/15/2031(a)(j)(k)
|
5,200,000
|
5,375,313
|
||||||
|
Total Leisure
|
27,035,809
|
|||||||
|
Media – 7.4%
|
||||||||
|
Cable One, Inc.
|
||||||||
|
4.00%, 11/15/2030, (Acquired 12/04/2020 - 09/19/2024, cost $3,243,374)(a)(f)(j)
|
3,530,000
|
2,798,695
|
||||||
|
CCO Holdings LLC
|
||||||||
|
4.75%, 03/01/2030(a)(j)(k)
|
9,475,000
|
8,782,449
|
||||||
|
6.38%, 09/01/2029(a)(k)
|
5,170,000
|
5,153,044
|
||||||
|
CSC Holdings LLC
|
||||||||
|
3.38%, 02/15/2031(a)(j)
|
4,480,000
|
3,198,129
|
||||||
|
4.50%, 11/15/2031(a)(j)
|
18,284,000
|
13,252,969
|
||||||
|
Directv Financing LLC
|
||||||||
|
10.00%, 02/15/2031(a)(j)
|
5,850,000
|
5,596,096
|
||||||
|
DISH Network Corp.
|
||||||||
|
11.75%, 11/15/2027(a)(j)
|
8,358,000
|
8,807,919
|
||||||
|
GCI LLC
|
||||||||
|
4.75%, 10/15/2028(a)(j)
|
2,000,000
|
1,839,409
|
||||||
|
Midcontinent Communications
|
||||||||
|
8.00%, 08/15/2032(a)(j)(k)
|
4,182,000
|
4,253,265
|
||||||
|
Virgin Media Secured Finance PLC
|
||||||||
|
4.50%, 08/15/2030(a)(b)(j)
|
4,675,000
|
4,106,811
|
||||||
|
VZ Secured Financing BV
|
||||||||
|
5.00%, 01/15/2032(a)
|
1,585,000
|
1,377,709
|
||||||
|
Total Media
|
59,166,495
|
|||||||
|
Metals & Mining – 0.4%
|
||||||||
|
Cleveland-Cliffs, Inc.
|
||||||||
|
5.88%, 06/01/2027(j)(k)
|
3,000,000
|
2,978,587
|
||||||
|
Oil Gas Transportation & Distribution – 14.2%
|
||||||||
|
AltaGas Ltd.
|
||||||||
|
7.20% (5 yr. CMT Rate + 3.57%), 10/15/2054(a)(b)(c)(j)
|
1,139,000
|
1,122,431
|
||||||
|
Antero Midstream Partners LP
|
||||||||
|
5.38%, 06/15/2029(a)(j)
|
5,400,000
|
5,277,768
|
||||||
|
Beazer Homes USA, Inc.
|
||||||||
|
7.50%, 03/15/2031(a)(j)
|
3,125,000
|
3,027,801
|
||||||
|
Buckeye Partners LP
|
||||||||
|
4.13%, 12/01/2027(j)
|
3,655,000
|
3,516,300
|
||||||
|
Enbridge, Inc.
|
||||||||
|
7.38% (5 yr. CMT Rate + 3.71%), 01/15/2083(c)
|
825,000
|
839,853
|
||||||
|
7.63% (5 yr. CMT Rate + 4.42%), 01/15/2083(b)(c)(j)
|
8,790,000
|
9,182,368
|
||||||
|
Energy Transfer LP
|
||||||||
|
6.75% (5 yr. CMT Rate + 5.13%), Perpetual(c)(j)
|
5,869,000
|
5,867,411
|
||||||
|
7.13% (5 yr. CMT Rate + 5.31%), Perpetual(c)(k)
|
4,597,000
|
4,645,590
|
||||||
|
7.57% (3 mo. Term SOFR + 3.28%), 11/01/2066(c)(j)
|
4,770,000
|
4,746,150
|
||||||
|
Enterprise Products Operating LLC
|
||||||||
|
5.25% (3 mo. Term SOFR + 3.29%), 08/16/2077(c)
|
1,460,000
|
1,437,888
|
||||||
|
5.38% (3 mo. Term SOFR + 2.83%), 02/15/2078(c)(k)
|
8,516,000
|
8,327,950
|
||||||
|
EQM Midstream Partners LP
|
||||||||
|
4.50%, 01/15/2029(a)(j)
|
3,228,000
|
3,124,213
|
||||||
|
Global Partners LP
|
||||||||
|
7.00%, 08/01/2027(j)
|
2,750,000
|
2,741,933
|
||||||
|
Hess Midstream LP
|
||||||||
|
6.50%, 06/01/2029(a)(j)
|
2,750,000
|
2,799,970
|
||||||
|
Kinetik Holdings LP
|
||||||||
|
5.88%, 06/15/2030(a)(j)(k)
|
4,440,000
|
4,390,190
|
||||||
|
Parkland Corp.
|
||||||||
|
4.50%, 10/01/2029(a)(b)(j)
|
3,247,000
|
3,062,346
|
||||||
|
Plains All American Pipeline LP
|
||||||||
|
8.69% (3 mo. Term SOFR + 4.37%), Perpetual(c)(j)
|
13,765,000
|
13,734,899
|
||||||
|
South Bow Canadian Infrastructure Holdings Ltd.
|
||||||||
|
7.50% (5 yr. CMT Rate + 3.67%), 03/01/2055(a)(b)(c)(j)
|
6,750,000
|
6,819,869
|
||||||
|
Suburban Propane Partners LP
|
||||||||
|
5.00%, 06/01/2031(a)(j)(k)
|
4,389,000
|
3,957,657
|
||||||
|
Summit Midstream Holdings LLC
|
||||||||
|
8.63%, 10/31/2029(a)(j)
|
2,688,000
|
2,739,800
|
||||||
|
Sunoco LP
|
||||||||
|
4.50%, 05/15/2029(j)
|
1,981,000
|
1,875,704
|
||||||
|
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
|
||||||||
|
6.00%, 12/31/2030(a)(j)
|
4,339,000
|
4,110,332
|
||||||
|
Transcanada Trust
|
||||||||
|
5.60% (5 yr. CMT Rate + 3.99%), 03/07/2082(b)(c)(j)
|
5,805,000
|
5,424,792
|
||||||
|
Venture Global Calcasieu Pass LLC
|
||||||||
|
6.25%, 01/15/2030(a)(j)
|
4,005,000
|
4,063,717
|
||||||
|
Venture Global LNG, Inc.
|
||||||||
|
7.00%, 01/15/2030(a)
|
2,750,000
|
2,703,756
|
||||||
|
8.38%, 06/01/2031(a)(k)
|
1,885,000
|
1,905,019
|
||||||
|
Whistler Pipeline LLC
|
||||||||
|
5.95%, 09/30/2034(a)(j)
|
2,950,000
|
2,975,232
|
||||||
|
Total Oil Gas Transportation & Distribution
|
114,420,939
|
|||||||
|
Real Estate – 6.0%
|
||||||||
|
American Assets Trust LP
|
||||||||
|
6.15%, 10/01/2034
|
4,262,000
|
4,250,590
|
||||||
|
Brandywine Operating Partnership LP
|
||||||||
|
8.88%, 04/12/2029(j)(k)
|
2,335,000
|
2,442,636
|
||||||
|
Global Net Lease, Inc.
|
||||||||
|
3.75%, 12/15/2027(a)(j)
|
1,510,000
|
1,419,444
|
||||||
|
Iron Mountain, Inc.
|
||||||||
|
4.88%, 09/15/2029, (Acquired 02/10/2021 - 02/11/2021, cost $3,006,684)(a)(f)(j)
|
2,950,000
|
2,815,067
|
||||||
|
6.25%, 01/15/2033(a)(j)
|
3,380,000
|
3,353,515
|
||||||
|
Lamar Media Corp.
|
||||||||
|
4.00%, 02/15/2030(j)
|
3,050,000
|
2,823,987
|
||||||
|
MPT Operating Partnership LP
|
||||||||
|
8.50%, 02/15/2032(a)(j)
|
2,675,000
|
2,725,066
|
||||||
|
Park Intermediate Holdings LLC
|
||||||||
|
7.00%, 02/01/2030(a)(j)
|
2,761,000
|
2,777,751
|
||||||
|
Piedmont Operating Partnership LP
|
||||||||
|
6.88%, 07/15/2029(j)
|
3,456,000
|
3,585,148
|
||||||
|
9.25%, 07/20/2028(j)
|
2,543,000
|
2,799,936
|
||||||
|
Service Properties Trust
|
||||||||
|
4.38%, 02/15/2030(j)
|
9,179,000
|
7,094,951
|
||||||
|
4.95%, 10/01/2029
|
5,315,000
|
4,387,470
|
||||||
|
Starwood Property Trust, Inc.
|
||||||||
|
6.50%, 07/01/2030(a)(j)(k)
|
2,015,000
|
2,007,642
|
||||||
|
6.50%, 10/15/2030(a)
|
1,700,000
|
1,686,697
|
||||||
|
7.25%, 04/01/2029(a)(k)
|
2,735,000
|
2,803,960
|
||||||
|
XHR LP
|
||||||||
|
4.88%, 06/01/2029(a)(k)
|
1,488,000
|
1,393,353
|
||||||
|
Total Real Estate
|
48,367,213
|
|||||||
|
Support-Services – 0.0%
|
||||||||
|
Grand Canyon University
|
||||||||
|
5.13%, 10/01/2028
|
300,000
|
288,423
|
||||||
|
Telecommunication Services – 10.0%
|
||||||||
|
Altice France SA
|
||||||||
|
5.13%, 07/15/2029(a)(b)
|
2,415,000
|
1,891,749
|
||||||
|
5.50%, 01/15/2028(a)(b)(j)
|
13,165,000
|
10,518,385
|
||||||
|
Bell Telephone Co. of Canada
|
||||||||
|
6.88% (5 yr. CMT Rate + 2.39%), 09/15/2055(b)(c)
|
3,223,000
|
3,234,806
|
||||||
|
C&W Senior Finance Ltd.
|
||||||||
|
9.00%, 01/15/2033(a)(b)(j)
|
2,066,000
|
2,032,142
|
||||||
|
Cable One, Inc.
|
||||||||
|
0.00%, 03/15/2026(j)
|
5,000,000
|
4,737,500
|
||||||
|
Cablevision Lightpath LLC
|
||||||||
|
5.63%, 09/15/2028(a)
|
1,000,000
|
916,699
|
||||||
|
EchoStar Corp.
|
||||||||
|
6.75%, 11/30/2030
|
10,033,000
|
9,107,872
|
||||||
|
Frontier Communications Holdings LLC
|
||||||||
|
8.63%, 03/15/2031(a)(j)
|
4,235,000
|
4,514,557
|
||||||
|
Iliad Holding SASU
|
||||||||
|
8.50%, 04/15/2031(a)(b)(j)
|
1,500,000
|
1,573,907
|
||||||
|
LCPR Senior Secured Financing DAC
|
||||||||
|
5.13%, 07/15/2029(a)(b)(k)
|
7,129,000
|
5,269,740
|
||||||
|
6.75%, 10/15/2027(a)(b)(j)
|
1,531,000
|
1,281,224
|
||||||
|
Level 3 Financing, Inc.
|
||||||||
|
3.75%, 07/15/2029(a)
|
5,600,000
|
4,073,863
|
||||||
|
4.50%, 04/01/2030(a)(j)
|
4,400,000
|
3,533,982
|
||||||
|
Liberty Costa Rica Senior Secured Finance
|
||||||||
|
10.88%, 01/15/2031(a)(b)(j)
|
1,800,000
|
1,924,200
|
||||||
|
Optics Bidco SpA
|
||||||||
|
6.38%, 11/15/2033(a)(b)(j)
|
1,826,000
|
1,735,996
|
||||||
|
Rogers Communications, Inc.
|
||||||||
|
5.25% (5 yr. CMT Rate + 3.59%), 03/15/2082, (Acquired 02/21/2023 - 09/11/2023, cost $3,919,395)(a)(b)(c)(f)(j)(k)
|
4,335,000
|
4,237,404
|
||||||
|
Telecom Italia Capital SA
|
||||||||
|
6.38%, 11/15/2033(b)(j)
|
2,860,000
|
2,844,956
|
||||||
|
Uniti Group LP
|
||||||||
|
6.50%, 02/15/2029(a)(j)(k)
|
10,760,000
|
9,662,686
|
||||||
|
10.50%, 02/15/2028(a)(k)
|
4,437,000
|
4,712,973
|
||||||
|
Zegona Finance PLC
|
||||||||
|
8.63%, 07/15/2029(a)(b)(j)(k)
|
2,680,000
|
2,838,455
|
||||||
|
Total Telecommunication Services
|
80,643,096
|
|||||||
|
Transportation – 0.7%
|
||||||||
|
BNSF Funding Trust I
|
||||||||
|
6.61% (3 mo. LIBOR US + 2.35%), 12/15/2055(c)(j)
|
675,000
|
678,365
|
||||||
|
Brightline East LLC
|
||||||||
|
11.00%, 01/31/2030(a)(k)
|
5,720,000
|
5,011,693
|
||||||
|
LBJ Infrastructure Group LLC
|
||||||||
|
3.80%, 12/31/2057(a)
|
150,000
|
103,656
|
||||||
|
Total Transportation
|
5,793,714
|
|||||||
|
Utility – 9.2%
|
||||||||
|
AES Corp.
|
||||||||
|
6.95% (5 yr. CMT Rate + 2.89%), 07/15/2055(c)(j)
|
7,310,000
|
6,967,749
|
||||||
|
American Electric Power Co., Inc.
|
||||||||
|
6.95% (5 yr. CMT Rate + 2.68%), 12/15/2054(c)(j)
|
3,387,000
|
3,454,002
|
||||||
|
7.05% (5 yr. CMT Rate + 2.75%), 12/15/2054(c)(j)
|
1,380,000
|
1,402,357
|
||||||
|
Atlantica Sustainable Infrastructure PLC
|
||||||||
|
4.13%, 06/15/2028(a)(b)(j)
|
2,596,000
|
2,440,743
|
||||||
|
Calpine Corp.
|
||||||||
|
5.13%, 03/15/2028(a)(k)
|
4,605,000
|
4,532,230
|
||||||
|
CenterPoint Energy, Inc.
|
||||||||
|
6.85% (5 yr. CMT Rate + 2.95%), 02/15/2055(c)(j)
|
7,225,000
|
7,230,830
|
||||||
|
Clearway Energy Operating LLC
|
||||||||
|
3.75%, 02/15/2031(a)(j)
|
1,897,000
|
1,666,234
|
||||||
|
CMS Energy Corp.
|
||||||||
|
4.75% (5 yr. CMT Rate + 4.12%), 06/01/2050(c)
|
715,000
|
672,361
|
||||||
|
Emera, Inc.
|
||||||||
|
6.75% (3 mo. LIBOR US + 5.44%), 06/15/2076(b)(c)(j)
|
7,600,000
|
7,642,122
|
||||||
|
Entergy Corp.
|
||||||||
|
7.13% (5 yr. CMT Rate + 2.67%), 12/01/2054(c)(j)
|
5,620,000
|
5,688,592
|
||||||
|
Evergy, Inc.
|
||||||||
|
6.65% (5 yr. CMT Rate + 2.56%), 06/01/2055(c)(j)
|
2,995,000
|
2,945,494
|
||||||
|
Ferrellgas LP
|
||||||||
|
5.88%, 04/01/2029(a)(j)
|
2,815,000
|
2,556,235
|
||||||
|
NiSource, Inc.
|
||||||||
|
6.38% (5 yr. CMT Rate + 2.53%), 03/31/2055(c)
|
640,000
|
631,959
|
||||||
|
NRG Energy, Inc.
|
||||||||
|
6.00%, 02/01/2033(a)(j)
|
3,000,000
|
2,920,875
|
||||||
|
10.25% (5 yr. CMT Rate + 5.92%), Perpetual(a)(c)
|
275,000
|
302,532
|
||||||
|
PG&E Corp.
|
||||||||
|
7.38% (5 yr. CMT Rate + 3.88%), 03/15/2055(c)(j)
|
9,688,000
|
9,528,745
|
||||||
|
Sempra
|
||||||||
|
6.55% (5 yr. CMT Rate + 2.14%), 04/01/2055(c)(j)
|
4,040,000
|
3,814,207
|
||||||
|
6.88% (5 yr. CMT Rate + 2.79%), 10/01/2054(c)(j)
|
1,535,000
|
1,521,471
|
||||||
|
Vistra Operations Co. LLC
|
||||||||
|
5.63%, 02/15/2027(a)(j)
|
5,500,000
|
5,479,324
|
||||||
|
Vistra Operations Company, LLC
|
||||||||
|
7.75%, 10/15/2031(a)(j)
|
1,300,000
|
1,363,342
|
||||||
|
XPLR Infrastructure Operating Partners LP
|
||||||||
|
7.25%, 01/15/2029(a)
|
1,465,000
|
1,441,264
|
||||||
|
Total Utility
|
74,202,668
|
|||||||
|
TOTAL CORPORATE CREDIT
(Cost $517,996,482) |
517,704,287
|
|||||||
|
TERM LOANS – 7.3%
|
||||||||
|
Alpha Generation LLC, First Lien
|
||||||||
|
7.07% (1 mo. Term SOFR + 2.75%), 09/30/2031(c)
|
2,992,500
|
2,989,238
|
||||||
|
Apro LLC, First Lien
|
||||||||
|
8.05% (3 mo. Term SOFR + 3.75%), 07/09/2031(c)
|
1,990,000
|
1,981,304
|
||||||
|
Cablevision Lightpath LLC
|
||||||||
|
7.31% (1 mo. Term SOFR + 3.00%), 11/30/2027(c)
|
3,472,798
|
3,465,852
|
||||||
|
Cogeco Communications USA II LP, First Lien
|
||||||||
|
7.57% (1 mo. Term SOFR + 3.25%), 09/30/2030(c)
|
1,980,000
|
1,946,419
|
||||||
|
Cornerstone Generation LLC, First Lien Tranche B Term Loan
|
||||||||
|
7.95% (1 mo. Term SOFR + 3.25%), 10/28/2031(c)
|
3,000,000
|
2,996,880
|
||||||
|
Directv Financing LLC
|
||||||||
|
9.82% (1 mo. Term SOFR + 5.50%), 02/18/2031(c)
|
7,275,000
|
6,924,927
|
||||||
|
Edgewater Generation LLC, First Lien
|
||||||||
|
7.32% (1 mo. Term SOFR + 3.00%), 08/01/2030(c)
|
994,643
|
993,220
|
||||||
|
EPIC Crude Services LP, First Lien
|
||||||||
|
7.66% (3 mo. Term SOFR + 3.00%), 10/15/2031(c)
|
4,000,000
|
3,992,840
|
||||||
|
Greystar Real Estate Partners LLC, First Lien
|
||||||||
|
7.09% (1 mo. Term SOFR + 2.75%), 08/21/2030(c)
|
5,419,112
|
5,408,978
|
||||||
|
Jack Ohio Finance LLC, First Lien
|
||||||||
|
8.32% (1 mo. Term SOFR + 4.00%), 01/30/2032(c)
|
5,000,000
|
4,982,500
|
||||||
|
Kestrel Acquisition LLC
|
||||||||
|
7.83% (3 mo. Term SOFR + 3.50%), 11/06/2031(c)
|
2,985,000
|
2,989,985
|
||||||
|
Lumen Technologies, Inc., First Lien
|
||||||||
|
6.78% (1 mo. Term SOFR + 2.35%), 04/16/2029(c)
|
1,253,873
|
1,203,918
|
||||||
|
6.78% (1 mo. Term SOFR + 2.35%), 04/15/2030(c)
|
1,253,873
|
1,201,950
|
||||||
|
M6 ETX Holdings II Midco LLC
|
||||||||
|
8.92% (1 mo. Term SOFR + 4.50%), 09/19/2029(c)
|
3,000,000
|
2,995,170
|
||||||
|
New Fortress Energy, Inc.
|
||||||||
|
9.29% (3 mo. Term SOFR + 5.50%), 10/30/2028(c)
|
3,000,000
|
2,572,500
|
||||||
|
9.79% (3 mo. Term SOFR + 5.50%), 10/30/2028(c)
|
1,000,000
|
855,000
|
||||||
|
OEG Borrower LLC
|
||||||||
|
7.85% (3 mo. Term SOFR + 3.50%), 06/30/2031(c)
|
1,492,500
|
1,488,769
|
||||||
|
Station Casinos LLC, First Lien
|
||||||||
|
6.32% (1 mo. Term SOFR + 2.25%), 03/14/2031(c)
|
15,075
|
14,981
|
||||||
|
Sunrise Financing Partnership
|
||||||||
|
6.68% (1 mo. Term SOFR + 2.25%), 04/30/2028(c)
|
4,250,000
|
4,207,500
|
||||||
|
Third Coast Infrastructure LLC
|
||||||||
|
8.57% (1 mo. Term SOFR + 4.25%), 09/25/2030(c)
|
2,981,250
|
2,951,438
|
||||||
|
Thunder Generation Funding LLC, First Lien
|
||||||||
|
7.61% (3 mo. Term SOFR + 3.00%), 10/03/2031(c)
|
3,000,000
|
2,996,250
|
||||||
|
Vistra Energy Corp.
|
||||||||
|
0.00%, 10/31/2025(g)
|
25,848
|
317
|
||||||
|
TOTAL TERM LOANS
(Cost $59,462,118) |
59,159,936
|
|||||||
|
MUNICIPAL BONDS & NOTES – 0.7%
|
||||||||
|
Alabama – 0.0%
|
||||||||
|
Homewood Educational Building Authority
|
||||||||
|
7.42%, 10/01/2044
|
150,000
|
156,122
|
||||||
|
Troy Industrial Development Board
|
||||||||
|
5.00%, 11/01/2041
|
125,000
|
107,326
|
||||||
|
Total Alabama
|
263,448
|
|||||||
|
California – 0.3%
|
||||||||
|
California Infrastructure & Economic Development Bank
|
||||||||
|
9.50%, 01/01/2065(a)(j)
|
2,000,000
|
1,998,807
|
||||||
|
Colorado – 0.0%
|
||||||||
|
Colorado Health Facilities Authority
|
||||||||
|
4.48%, 12/01/2040
|
120,000
|
104,461
|
||||||
|
Florida – 0.1%
|
||||||||
|
Capital Projects Finance Authority
|
||||||||
|
7.00%, 06/01/2033(a)
|
125,000
|
124,133
|
||||||
|
Capital Trust Authority
|
||||||||
|
6.70%, 06/15/2028(a)
|
105,000
|
105,376
|
||||||
|
City of Miami Gardens FL
|
||||||||
|
7.00%, 06/01/2040
|
50,000
|
56,845
|
||||||
|
Total Florida
|
286,354
|
|||||||
|
Illinois – 0.0%
|
||||||||
|
Northern Illinois Municipal Power Agency
|
||||||||
|
6.86%, 01/01/2039
|
100,000
|
107,664
|
||||||
|
7.82%, 01/01/2040
|
30,000
|
35,346
|
||||||
|
Total Illinois
|
143,010
|
|||||||
|
Indiana – 0.0%
|
||||||||
|
Indiana Finance Authority
|
||||||||
|
5.93%, 07/01/2053
|
125,000
|
124,342
|
||||||
|
Kentucky – 0.0%
|
||||||||
|
Louisville/Jefferson County Metropolitan Government
|
||||||||
|
4.29%, 05/01/2045
|
200,000
|
156,762
|
||||||
|
Nebraska – 0.0%
|
||||||||
|
Public Power Generation Agency
|
||||||||
|
7.24%, 01/01/2041
|
80,000
|
88,890
|
||||||
|
New Hampshire – 0.1%
|
||||||||
|
New Hampshire Business Finance Authority
|
||||||||
|
6.89%, 04/01/2034(a)
|
300,000
|
308,091
|
||||||
|
New Jersey – 0.0%
|
||||||||
|
South Jersey Transportation Authority
|
||||||||
|
7.00%, 11/01/2038
|
75,000
|
82,865
|
||||||
|
New York – 0.1%
|
||||||||
|
New York City Industrial Development Agency
|
||||||||
|
5.90%, 03/01/2046(a)
|
125,000
|
121,400
|
||||||
|
New York Transportation Development Corp.
|
||||||||
|
6.97%, 06/30/2051
|
255,000
|
258,509
|
||||||
|
Total New York
|
379,909
|
|||||||
|
Oklahoma – 0.1%
|
||||||||
|
Oklahoma Development Finance Authority
|
||||||||
|
5.45%, 08/15/2028
|
500,000
|
491,300
|
||||||
|
Sallisaw Economic Authority
|
||||||||
|
6.26%, 02/01/2053
|
125,000
|
125,909
|
||||||
|
Total Oklahoma
|
617,209
|
|||||||
|
Oregon – 0.0%
|
||||||||
|
Port of Morrow OR
|
||||||||
|
3.25%, 12/01/2036
|
150,000
|
118,570
|
||||||
|
Texas – 0.0%
|
||||||||
|
City of San Antonio TX Customer Facility Charge Revenue
|
||||||||
|
5.87%, 07/01/2045
|
100,000
|
98,227
|
||||||
|
Virginia – 0.0%
|
||||||||
|
Farmville Industrial Development Authority
|
||||||||
|
5.00%, 01/01/2034
|
200,000
|
182,246
|
||||||
|
West Virginia – 0.0%
|
||||||||
|
County of Ohio WV Special District Excise Tax Revenue
|
||||||||
|
8.25%, 03/01/2035(b)
|
110,000
|
118,161
|
||||||
|
Tobacco Settlement Finance Authority
|
||||||||
|
4.01%, 06/01/2040
|
125,000
|
102,432
|
||||||
|
Total West Virginia
|
220,593
|
|||||||
|
Wisconsin – 0.0%
|
||||||||
|
Public Finance Authority
|
||||||||
|
6.00%, 06/01/2027(a)
|
200,000
|
199,717
|
||||||
|
TOTAL MUNICIPAL BONDS & NOTES
(Cost $5,318,613) |
5,373,501
|
|||||||
|
Shares
|
Value
|
|||||||
|
PREFERRED STOCKS – 1.3%
|
||||||||
|
Oil Gas Transportation & Distribution – 0.1%
|
||||||||
|
Global Partners LP / GLP Finance Corp., Series B, 9.50%
|
32,100
|
842,083
|
||||||
|
Real Estate – 0.7%
|
||||||||
|
EPR Properties, Series E, 9.00%
|
132,607
|
3,979,536
|
||||||
|
Kimco Realty Corp., Series N, 7.25%
|
32,735
|
1,969,010
|
||||||
|
Total Real Estate
|
5,948,546
|
|||||||
|
Telecommunication Services – 0.2%
|
||||||||
|
DigitalBridge Group, Inc., Series H, 7.13%
|
779
|
18,587
|
||||||
|
Liberty Broadband Corp., Series A, 7.00%(j)
|
71,271
|
1,713,355
|
||||||
|
Total Telecommunication Services
|
1,731,942
|
|||||||
|
Utility – 0.3%
|
||||||||
|
SCE Trust V, Series K, 5.45%(j)
|
92,789
|
2,125,796
|
||||||
|
TOTAL PREFERRED STOCKS
(Cost $10,366,629) |
10,648,367
|
|||||||
|
COMMON STOCKS – 8.8%
|
||||||||
|
Airports – 0.3%
|
||||||||
|
Auckland International Airport Ltd.(b)
|
212,675
|
986,496
|
||||||
|
Grupo Aeroportuario del Pacifico SAB de CV(b)
|
54,023
|
997,991
|
||||||
|
Japan Airport Terminal Co. Ltd.(b)(j)
|
19,031
|
524,681
|
||||||
|
Total Airports
|
2,509,168
|
|||||||
|
Circular Economy – 0.2%
|
||||||||
|
American Water Works Co., Inc.(j)
|
7,582
|
1,118,497
|
||||||
|
Orizon Valorizacao de Residuos SA(b)(l)
|
6,182
|
45,803
|
||||||
|
Waste Management, Inc.(j)
|
388
|
89,826
|
||||||
|
Total Circular Economy
|
1,254,126
|
|||||||
|
Clean Technology – 0.0%
|
||||||||
|
Carrier Global Corp.(j)
|
1,028
|
65,175
|
||||||
|
Itron, Inc.(j)(l)
|
519
|
54,371
|
||||||
|
Trane Technologies PLC(b)(j)
|
159
|
53,570
|
||||||
|
Total Clean Technology
|
173,116
|
|||||||
|
Data Centers – 0.0%
|
||||||||
|
Digital Realty Trust, Inc.(j)
|
131
|
18,771
|
||||||
|
Equinix, Inc.(j)
|
88
|
71,751
|
||||||
|
Keppel DC REIT(b)
|
6,477
|
10,317
|
||||||
|
Total Data Centers
|
100,839
|
|||||||
|
Diversified – 0.0%
|
||||||||
|
British Land Co. PLC(b)(j)
|
7,466
|
35,747
|
||||||
|
CapitaLand Integrated Commercial Trust(b)
|
7,917
|
12,302
|
||||||
|
Stockland(b)(j)
|
9,523
|
29,384
|
||||||
|
Total Diversified
|
77,433
|
|||||||
|
Electricity Transmission & Distribution – 0.4%
|
||||||||
|
CenterPoint Energy, Inc.(j)
|
38,393
|
1,390,979
|
||||||
|
PG&E Corp.(j)
|
95,591
|
1,642,253
|
||||||
|
Total Electricity Transmission & Distribution
|
3,033,232
|
|||||||
|
Gas Utilities – 0.3%
|
||||||||
|
ENN Energy Holdings Ltd.(b)
|
67,810
|
560,468
|
||||||
|
Italgas SpA(b)(j)
|
33,284
|
238,654
|
||||||
|
NiSource, Inc.(j)
|
32,086
|
1,286,328
|
||||||
|
Total Gas Utilities
|
2,085,450
|
|||||||
|
Gathering & Processing – 0.7%
|
||||||||
|
Hess Midstream LP(j)
|
27,975
|
1,183,063
|
||||||
|
MPLX LP(j)
|
40,780
|
2,182,546
|
||||||
|
ONEOK, Inc.(j)
|
22,325
|
2,215,086
|
||||||
|
Total Gathering & Processing
|
5,580,695
|
|||||||
|
Health Care – 0.0%
|
||||||||
|
American Healthcare REIT, Inc.(j)
|
1,087
|
32,936
|
||||||
|
Healthpeak Properties, Inc.(j)
|
979
|
19,796
|
||||||
|
Parkway Life Real Estate Investment Trust(b)
|
2,446
|
7,539
|
||||||
|
Welltower, Inc.(j)
|
454
|
69,557
|
||||||
|
Total Health Care
|
129,828
|
|||||||
|
Hotel – 0.0%
|
||||||||
|
Invincible Investment Corp.(b)
|
24
|
10,113
|
||||||
|
Industrial – 0.0%
|
||||||||
|
CTP NV(a)(b)(j)
|
447
|
8,004
|
||||||
|
EastGroup Properties, Inc.
|
135
|
23,780
|
||||||
|
LaSalle Logiport REIT(b)(j)
|
11
|
10,220
|
||||||
|
Plymouth Industrial REIT, Inc.
|
297
|
4,841
|
||||||
|
Prologis, Inc.(j)
|
303
|
33,872
|
||||||
|
Rexford Industrial Realty, Inc.(j)
|
418
|
16,365
|
||||||
|
Warehouses De Pauw CVA(b)
|
726
|
17,211
|
||||||
|
Total Industrial
|
114,293
|
|||||||
|
Integrated Utilities/Renewables – 0.7%
|
||||||||
|
CLP Holdings Ltd.(b)
|
80,769
|
657,523
|
||||||
|
Duke Energy Corp.(j)
|
20,151
|
2,457,817
|
||||||
|
Entergy Corp.(j)
|
14,111
|
1,206,349
|
||||||
|
PPL Corp.(j)
|
44,044
|
1,590,429
|
||||||
|
Total Integrated Utilities/Renewables
|
5,912,118
|
|||||||
|
Midstream – 2.1%
|
||||||||
|
APA Group(b)(j)
|
138,261
|
684,916
|
||||||
|
Cheniere Energy, Inc.(j)
|
17,027
|
3,940,048
|
||||||
|
Koninklijke Vopak NV(b)(j)
|
19,547
|
849,217
|
||||||
|
Targa Resources Corp.(j)
|
17,455
|
3,499,204
|
||||||
|
TC Energy Corp.(b)(j)
|
80,081
|
3,781,118
|
||||||
|
Williams Cos., Inc.(j)
|
62,837
|
3,755,139
|
||||||
|
Total Midstream
|
16,509,642
|
|||||||
|
Net Lease – 0.0%
|
||||||||
|
Agree Realty Corp.(j)
|
118
|
9,108
|
||||||
|
Essential Properties Realty Trust, Inc.(j)
|
973
|
31,759
|
||||||
|
Getty Realty Corp.(j)
|
439
|
13,688
|
||||||
|
NNN REIT, Inc.
|
468
|
19,960
|
||||||
|
Total Net Lease
|
74,515
|
|||||||
|
Office – 0.0%
|
||||||||
|
BXP, Inc.(j)
|
410
|
27,548
|
||||||
|
Covivio SA(b)(j)
|
181
|
10,132
|
||||||
|
Dexus(b)(l)
|
2,125
|
9,450
|
||||||
|
Gecina SA(b)(j)
|
107
|
10,040
|
||||||
|
Hongkong Land Holdings Ltd.(b)
|
2,255
|
9,720
|
||||||
|
KDX Realty Investment Corp.(b)(j)
|
10
|
9,860
|
||||||
|
Mitsui Fudosan Co. Ltd.(b)(j)
|
3,573
|
31,997
|
||||||
|
Nippon Building Fund, Inc.(b)
|
6
|
5,096
|
||||||
|
Sumitomo Realty & Development Co. Ltd.(b)
|
225
|
8,454
|
||||||
|
Total Office
|
122,297
|
|||||||
|
Pipeline Transportation / Natural Gas – 0.8%
|
||||||||
|
DT Midstream, Inc.(j)
|
11,011
|
1,062,341
|
||||||
|
Energy Transfer LP(j)
|
112,133
|
2,084,553
|
||||||
|
Enterprise Products Partners LP(j)
|
67,221
|
2,294,925
|
||||||
|
Kinder Morgan, Inc.(j)
|
41,693
|
1,189,501
|
||||||
|
Total Pipeline Transportation / Natural Gas
|
6,631,320
|
|||||||
|
Pipeline Transportation / Petroleum – 0.3%
|
||||||||
|
Plains All American Pipeline LP(j)
|
111,560
|
2,231,200
|
||||||
|
Rail – 0.6%
|
||||||||
|
Canadian Pacific Kansas City Ltd.(b)(j)
|
13,386
|
939,406
|
||||||
|
CSX Corp.(j)
|
34,399
|
1,012,363
|
||||||
|
East Japan Railway Co.(b)(j)
|
39,740
|
783,298
|
||||||
|
Union Pacific Corp.(j)
|
8,352
|
1,973,076
|
||||||
|
Total Rail
|
4,708,143
|
|||||||
|
Real Estate – 0.1%
|
||||||||
|
RLJ Lodging Trust
|
14,000
|
341,600
|
||||||
|
Service Properties Trust
|
68,000
|
177,480
|
||||||
|
Total Real Estate
|
519,080
|
|||||||
|
Renewable Power & Infrastructure – 0.9%
|
||||||||
|
Boralex, Inc.(b)(j)
|
1,640
|
32,958
|
||||||
|
Clearway Energy, Inc.(j)
|
1,445
|
43,740
|
||||||
|
CMS Energy Corp.(j)
|
20,269
|
1,522,405
|
||||||
|
E.ON SE(b)(j)
|
7,231
|
109,151
|
||||||
|
EDP Renovaveis SA(b)(j)
|
1,857
|
15,472
|
||||||
|
Enel SpA(b)(j)
|
15,089
|
122,407
|
||||||
|
Equatorial Energia SA(b)
|
169,345
|
946,669
|
||||||
|
First Solar, Inc.(j)(l)
|
344
|
43,492
|
||||||
|
Fortis, Inc.(b)(j)
|
903
|
41,132
|
||||||
|
Iberdrola SA(b)(j)
|
7,657
|
123,646
|
||||||
|
National Grid PLC(b)(j)
|
128,499
|
1,676,178
|
||||||
|
Public Service Enterprise Group, Inc.(j)
|
1,560
|
128,388
|
||||||
|
Redeia Corp. SA(b)(j)
|
33,479
|
671,968
|
||||||
|
Xcel Energy, Inc.(j)
|
27,087
|
1,917,489
|
||||||
|
Total Renewable Power & Infrastructure
|
7,395,095
|
|||||||
|
Residential – 0.0%
|
||||||||
|
AvalonBay Communities, Inc.(j)
|
171
|
36,700
|
||||||
|
Camden Property Trust
|
168
|
20,546
|
||||||
|
Canadian Apartment Properties REIT(b)
|
346
|
10,373
|
||||||
|
Comforia Residential REIT, Inc.(b)(j)
|
3
|
5,280
|
||||||
|
Fastighets AB Balder(b)(l)
|
1,152
|
7,209
|
||||||
|
NexPoint Residential Trust, Inc.(j)
|
255
|
10,080
|
||||||
|
Sun Communities, Inc.(j)
|
77
|
9,905
|
||||||
|
Vonovia SE(b)(j)
|
512
|
13,778
|
||||||
|
Total Residential
|
113,871
|
|||||||
|
Retail – 0.0%
|
||||||||
|
Brixmor Property Group, Inc.(j)
|
1,431
|
37,993
|
||||||
|
Curbline Properties Corp.
|
417
|
10,087
|
||||||
|
Eurocommercial Properties NV(b)(j)
|
470
|
12,759
|
||||||
|
Hang Lung Properties Ltd.(b)
|
7,318
|
6,261
|
||||||
|
Link REIT(b)
|
4,504
|
21,107
|
||||||
|
Regency Centers Corp.(j)
|
227
|
16,743
|
||||||
|
Scentre Group(b)
|
11,131
|
23,551
|
||||||
|
Simon Property Group, Inc.(j)
|
200
|
33,216
|
||||||
|
Total Retail
|
161,717
|
|||||||
|
Self Storage – 0.0%
|
||||||||
|
Big Yellow Group PLC(b)(j)
|
814
|
9,826
|
||||||
|
CubeSmart
|
238
|
10,165
|
||||||
|
Extra Space Storage, Inc.(j)
|
219
|
32,519
|
||||||
|
Total Self Storage
|
52,510
|
|||||||
|
Sustainable Solutions – 0.0%
|
||||||||
|
GE Vernova, Inc.(j)
|
204
|
62,277
|
||||||
|
Schneider Electric SE(b)(j)
|
229
|
52,864
|
||||||
|
Total Sustainable Solutions
|
115,141
|
|||||||
|
Toll Roads – 0.4%
|
||||||||
|
Ferrovial SE(b)(j)
|
14,093
|
630,350
|
||||||
|
Getlink SE(b)(j)
|
52,393
|
904,877
|
||||||
|
Transurban Group(b)(j)
|
161,950
|
1,364,057
|
||||||
|
Total Toll Roads
|
2,899,284
|
|||||||
|
Towers – 0.6%
|
||||||||
|
American Tower Corp.
|
2,067
|
449,779
|
||||||
|
Cellnex Telecom SA(a)(b)(j)
|
34,690
|
1,233,190
|
||||||
|
Crown Castle, Inc.
|
10,113
|
1,054,078
|
||||||
|
SBA Communications Corp.(j)
|
6,873
|
1,512,129
|
||||||
|
Uniti Group, Inc.
|
53,200
|
268,128
|
||||||
|
Total Towers
|
4,517,304
|
|||||||
|
Utility – 0.1%
|
||||||||
|
Bloom Energy Corp.(l)
|
958
|
18,834
|
||||||
|
Equatorial Energia SA(b)(l)
|
605
|
3,393
|
||||||
|
SSE PLC(b)(j)
|
3,716
|
76,544
|
||||||
|
TXNM Energy, Inc.
|
16,746
|
895,576
|
||||||
|
Total Utility
|
994,347
|
|||||||
|
Water – 0.2%
|
||||||||
|
Pennon Group PLC(b)(j)
|
283,742
|
1,643,678
|
||||||
|
Water & Waste Infrastructure – 0.1%
|
||||||||
|
Republic Services, Inc.(j)
|
396
|
95,895
|
||||||
|
Severn Trent PLC(b)(j)
|
15,969
|
522,793
|
||||||
|
Veolia Environment SA(b)(j)
|
1,010
|
34,736
|
||||||
|
Waste Connections, Inc.(b)(j)
|
466
|
90,830
|
||||||
|
Xylem, Inc.(j)
|
315
|
37,630
|
||||||
|
Total Water & Waste Infrastructure
|
781,884
|
|||||||
|
TOTAL COMMON STOCKS
(Cost $64,404,745) |
70,451,439
|
|||||||
|
EXCHANGE TRADED FUNDS — 3.5%
|
||||||||
|
Goldman Sachs Access Treasury 0-1 Year ETF
|
70,538
|
7,066,497
|
||||||
|
iShares 0-3 Month Treasury Bond ETF
|
70,200
|
7,067,034
|
||||||
|
iShares Short Treasury Bond ETF
|
63,969
|
7,066,016
|
||||||
|
Janus Henderson AAA CLO ETF
|
136,369
|
6,915,272
|
||||||
|
28,114,819
|
||||||||
|
TOTAL EXCHANGE TRADED FUNDS
(Cost $28,099,868) |
28,114,819
|
|||||||
|
SHORT-TERM INVESTMENTS — 7.3%
|
||||||||
|
Money Market Fund – 5.9%
|
||||||||
|
First American Treasury Obligations Fund - Class X, 4.26%(m)
|
47,540,891
|
47,540,891
|
||||||
|
Principal
Amount
|
||||||||
|
U.S. Treasury Bills – 1.4%
|
||||||||
|
4.31%, 05/20/2025(n)
|
$
|
5,000,000
|
4,971,254
|
|||||
|
4.32%, 05/29/2025(n)
|
6,000,000
|
5,959,482
|
||||||
|
Total U.S. Treasury Bills
|
10,930,736
|
|||||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $58,471,630) |
58,471,627
|
|||||||
|
Total Investments – 133.5%
(Cost $1,119,505,744) |
1,074,655,070
|
|||||||
|
Liabilities in Excess of Other Assets – (33.5)%
|
(269,723,440
|
)
|
||||||
|
TOTAL NET ASSETS – 100.0%
|
$
|
804,931,630
|
||||||
|
The following notes should be read in conjunction with the accompanying Schedule of Investments.
|
||||||||
|
(a)
|
—
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of March 31, 2025, the
total value of all such securities was $555,781,164 or 69.0% of net assets.
|
|
|
(b)
|
—
|
Foreign security or a U.S. security of a foreign company.
|
|
|
(c)
|
—
|
Variable rate security - Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be
subject to a cap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR that have transitioned to SOFR as the base lending rate. |
|
|
(d)
|
—
|
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 March 31, 2025.
|
|
|
(e)
|
—
|
These securities are characterized as Level 3 securities within the disclosure hierarchy. Level 3 security values are determined using significant unobservable inputs. As of March 31, 2025, the total value of all
such securities was $23,378,545 or 2.9% of net assets.
|
|
|
(f)
|
—
|
Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of March 31, 2025, the total value of all such securities was $34,607,904 or 4.3% of net assets.
|
|
|
(g)
|
—
|
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed
is as of March 31, 2025.
|
|
|
(h)
|
—
|
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.
|
|
|
(i)
|
—
|
Security is a "step up" bond where the coupon increases or steps up at a predetermined date. Interest rate shown is the rate in effect as of March 31, 2025.
|
|
|
(j)
|
—
|
All or a portion of security has been pledged as collateral for credit facility. As of March 31, 2025, the total value of the collateral was $361,463,153.
|
|
|
(k)
|
—
|
Portion or entire principal amount delivered as collateral for reverse repurchase agreements. As of March 31, 2025, the total value of the collateral was $83,481,254.
|
|
|
(l)
|
—
|
Non-income producing security.
|
|
|
(m)
|
—
|
The rate shown represents the seven-day yield as of March 31, 2025.
|
|
|
(n)
|
—
|
The rate shown is the effective yield.
|
|
Abbreviations:
|
|
|
CMT
|
Constant Maturity Treasury Rate
|
|
ETF
|
Exchange Traded Fund
|
|
EURIBOR
|
Euro Interbank Offered Rate
|
|
LIBOR
|
London Interbank Offered Rates
|
|
LLC
|
Limited Liability Corporation
|
|
LP
|
Limited Partnership
|
|
PLC
|
Public Limited Company
|
|
REIT
|
Real Estate Investment Trust
|
|
SOFR
|
Secured Overnight Financial Rate
|
|
SONIA
|
Sterling Overnight Index Average
|
|
Currencies:
|
|
|
GBP
|
British Pound
|
|
EUR
|
Euro
|
|
USD
|
US Dollar
|
|
Forward Currency Contracts:
|
|||||||
|
As of March 31, 2025, the following forward currency contracts were outstanding:
|
|||||||
|
Settlement Date
|
Currency Purchased
|
Currency Sold
|
Counterparty
|
Unrealized Appreciation (Depreciation)
|
|||
|
04/30/2025
|
658,688 USD
|
625,000 EUR
|
J.P. Morgan Securities, Inc.
|
$
|
(18,218
|
)
|
|
|
05/08/2025
|
3,298,488 USD
|
3,161,407 EUR
|
State Street Bank & Trust Co.
|
(127,076
|
)
|
||
|
05/08/2025
|
3,713,020 USD
|
2,973,475 GBP
|
State Street Bank & Trust Co.
|
(127,712
|
)
|
||
|
$
|
(273,006
|
)
|
|||||
|
Brookfield Real Assets Income Fund Inc.
|
||||||||||||||||
|
The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2025:
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
U.S. Government & Agency Obligations
|
$
|
–
|
$
|
911,180
|
$
|
–
|
$
|
911,180
|
||||||||
|
Securitized Credit
|
–
|
300,441,369
|
23,378,545
|
323,819,914
|
||||||||||||
|
Corporate Credit
|
–
|
517,704,287
|
–
|
517,704,287
|
||||||||||||
|
Term Loans
|
–
|
59,159,936
|
–
|
59,159,936
|
||||||||||||
|
Municipal Bonds & Notes
|
–
|
5,373,501
|
–
|
5,373,501
|
||||||||||||
|
Preferred Stocks
|
10,648,367
|
–
|
–
|
10,648,367
|
||||||||||||
|
Common Stocks
|
56,655,723
|
13,795,716
|
–
|
70,451,439
|
||||||||||||
|
Exchange Traded Funds
|
28,114,819
|
–
|
–
|
28,114,819
|
||||||||||||
|
Short-Term Investments
|
47,540,891
|
10,930,736
|
–
|
58,471,627
|
||||||||||||
|
Total Investments
|
$
|
142,959,800
|
$
|
908,316,725
|
$
|
23,378,545
|
$
|
1,074,655,070
|
||||||||
|
Other Financial Instruments:(1)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Forward Currency Contracts
|
$
|
–
|
$
|
(273,006
|
)
|
$
|
–
|
$
|
(273,006
|
)
|
||||||
|
Total
|
$
|
–
|
$
|
(273,006
|
)
|
$
|
–
|
$
|
(273,006
|
)
|
||||||
|
For further information regarding security characteristics, see the Schedule of Investments.
|
||||||||||||||||
|
(1)
|
Forward currency contracts are reflected at the net unrealized appreciation (depreciation) on the instruments.
|