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BROOKFIELD REAL ASSETS INCOME FUND INC.
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Schedule of Investments (Unaudited)
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September 30, 2024
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Principal Amount
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Value
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U.S. GOVERNMENT & AGENCY OBLIGATIONS – 0.1%
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U.S. Government Agency Collateralized Mortgage Obligations – 0.0%
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Federal National Mortgage Association
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6.85%, 1997-79, Class PL, 12/18/2027
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USD 15,325
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$ |
15,742
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U.S. Government Agency Pass-Through Certificates – 0.1%
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Federal Home Loan Mortgage Corporation
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7.00%, Pool C69047, 06/01/2032
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110,856
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117,451
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8.00%, Pool C56878, 08/01/2031
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29,049
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30,370
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8.00%, Pool C59641, 10/01/2031
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24,262
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25,368
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8.50%, Pool C55167, 07/01/2031
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25,924
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26,824
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8.50%, Pool C55169, 07/01/2031
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34,630
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36,443
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Federal National Mortgage Association
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7.00%, Pool 645912, 06/01/2032
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104,216
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110,038
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7.00%, Pool 645913, 06/01/2032
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107,577
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113,339
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7.00%, Pool 650131, 07/01/2032
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115,345
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122,291
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7.50%, Pool 545990, 04/01/2031
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57,571
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59,609
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7.50%, Pool 255053, 12/01/2033
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33,983
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36,507
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7.50%, Pool 735576, 11/01/2034
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66,009
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69,939
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7.50%, Pool 896391, 06/01/2036
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68,016
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71,451
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8.00%, Pool 458132, 03/15/2031
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98
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98
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8.00%, Pool 735800, 01/01/2035
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93,779
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102,391
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8.50%, Pool 636449, 04/01/2032
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90,240
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97,174
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9.00%, Pool 545436, 10/01/2031
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73,502
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80,795
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Total U.S. Government Agency Pass-Through Certificates
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1,100,088
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TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $1,060,536)
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1,115,830
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SECURITIZED CREDIT – 41.6%
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Commercial Mortgage-Backed Securities – 8.9%
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ACAM Ltd.
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7.96%, 2019-FL1, Class D (1 mo. Term SOFR + 2.86%, 2.75% Floor), 11/17/2034(a)(b)(c)
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1,902,000
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1,864,845
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8.21%, 2019-FL1, Class E (1 mo. Term SOFR + 3.11%, 3.00% Floor), 11/17/2034(a)(b)(c)
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2,098,000
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1,975,955
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ACRES Commercial Realty Ltd.
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7.85%, 2021-FL1, Class D (1 mo. Term SOFR + 2.76%, 2.76% Floor), 06/15/2036(a)(b)(c)
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1,000,000
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958,888
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BAMLL Commercial Mortgage Securities Trust
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10.21%, 2021-JACX, Class F (1 mo. Term SOFR + 5.11%, 5.00% Floor), 09/15/2038(a)(c)
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5,000,000
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3,916,050
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Banc of America Re-Remic Trust
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8.70%, 2024-BHP, Class C (1 mo. Term SOFR + 3.60%, 3.60% Floor), 08/15/2039(a)(c)
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1,000,000
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999,988
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BBCMS Mortgage Trust
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10.01%, 2021-AGW, Class G (1 mo. Term SOFR + 4.91%, 4.80% Floor), 06/15/2036(a)(c)
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4,000,000
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2,989,000
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Beast Mortgage Trust
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9.66%, 2021-1818, Class F (1 mo. Term SOFR + 4.56%, 4.70% Floor), 03/15/2036(a)(c)
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1,250,000
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725,628
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Benchmark Mortgage Trust
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3.24%, 2018-B6, Class E, 10/10/2051(a)(d)
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2,000,000
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1,059,393
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BWAY Mortgage Trust
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5.03%, 2022-26BW, Class E, 02/10/2044(a)(b)(d)
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3,000,000
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2,038,268
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BX Trust
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7.46%, 2021-ARIA, Class E (1 mo. Term SOFR + 2.36%, 2.25% Floor), 10/15/2036(a)(c)
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1,000,000
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972,863
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9.24%, 2021-SDMF, Class J (1 mo. Term SOFR + 4.15%, 4.03% Floor), 09/15/2034(a)(c)
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4,709,603
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4,457,402
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Citigroup Commercial Mortgage Trust
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9.86%, 2021-KEYS, Class G (1 mo. Term SOFR + 4.76%, 4.65% Floor), 10/15/2036(a)(c)
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3,500,000
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3,416,624
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Federal Home Loan Mortgage Corp.
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4.48%, K-152, Class X3, 11/25/2055(d)
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5,250,000
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1,422,470
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FS Rialto
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7.95%, 2019-FL1, Class C (1 mo. Term SOFR + 2.61%, 2.50% Floor), 12/16/2036(a)(b)(c)
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2,000,000
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1,973,497
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GS Mortgage Securities Trust
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2.57%, 2020-GC47, Class F, 05/12/2053(a)(d)
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3,500,000
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1,833,014
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Hilton USA Trust
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4.12%, 2016-SFP, Class C, 11/05/2035(a)
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581,000
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290,500
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4.33%, 2016-HHV, Class E, 11/05/2038(a)(d)
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11,000,000
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10,579,857
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4.93%, 2016-SFP, Class D, 11/05/2035(a)
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1,929,000
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848,760
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5.52%, 2016-SFP, Class E, 11/05/2035(a)
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1,300,000
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132,032
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JP Morgan Chase Commercial Mortgage Securities Trust
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6.56%, 2007-LD12, Class AJ, 02/15/2051(d)
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24,495
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24,710
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7.05%, 2007-C1, Class AJ, 02/15/2051(d)
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717,900
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701,075
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7.06%, 2008-C2, Class AM, 02/12/2051(d)
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4,775,465
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2,554,886
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10.06%, 2021-1440, Class F (1 mo. Term SOFR + 4.96%, 4.85% Floor), 03/15/2036(a)(c)(e)
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2,586,000
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1,482,037
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KIND Trust
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8.46%, 2021-KIND, Class E (1 mo. Term SOFR + 3.36%, 3.25% Floor), 08/15/2038(a)(c)
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1,487,782
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1,458,086
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9.16%, 2021-KIND, Class F (1 mo. Term SOFR + 4.06%, 3.95% Floor), 08/15/2038(a)(c)
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3,331,912
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3,265,274
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Last Mile Securities
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8.55%, 2021-1A, Class F (3 mo. EURIBOR + 5.00%, 5.00% Floor, 9.00% Cap), 08/17/2031(a)(b)(c)
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EUR 2,037,581
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2,192,027
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Morgan Stanley ABS Capital I, Inc.
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3.95%, 2024-NSTB, Class D, 09/24/2057(a)(d)
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USD 1,000,000
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886,901
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Morgan Stanley Capital I Trust
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2.73%, 2017-HR2, Class D, 12/15/2050
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3,000,000
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2,518,932
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Taurus CMBS
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7.33%, 2021-UK5, Class E (SONIA + 2.35%, 0.00% Floor), 05/17/2031(b)(c)
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GBP 861,000
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1,151,116
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8.08%, 2021-UK4X, Class E (SONIA + 3.10%, 3.10% Floor), 08/17/2031(b)(c)
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644,923
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832,053
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TPG Real Estate Finance Issuer Ltd.
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9.55%, 2021-FL4, Class E (1 mo. Term SOFR + 4.46%, 4.35% Floor), 03/15/2038(a)(b)(c)
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USD 4,000,000
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3,712,674
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TTAN
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9.41%, 2021-MHC, Class G (1 mo. Term SOFR + 4.31%, 4.20% Floor), 03/15/2038(a)(c)
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3,857,883
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3,831,374
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UK Logistics DAC
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8.98%, 2024-1A, Class D (SONIA + 4.00%, 4.00% Floor), 05/17/2034(a)(b)(c)
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GBP 504,000
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675,503
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9.98%, 2024-1A, Class E (SONIA + 5.00%, 5.00% Floor), 05/17/2034(a)(b)(c)
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1,874,000
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2,497,268
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VMC Finance LLC
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8.63%, 2021-FL4, Class D (1 mo. Term SOFR + 3.61%, 3.06% Floor), 06/16/2036(a)(c)
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USD 893,000
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812,137
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9.08%, 2021-FL4, Class E (1 mo. Term SOFR + 4.06%, 3.61% Floor), 06/16/2036(a)(c)
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3,107,000
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2,701,080
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Wachovia Bank Commercial Mortgage Trust
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5.79%, 2006-C28, Class E, 10/15/2048(d)
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841,417
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838,854
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Total Commercial Mortgage-Backed Securities
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74,591,021
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Commercial Real Estate – 2.1%
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111 Wall Street
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13.62% (1 mo. LIBOR US + 9.25%), 07/01/2025, (Acquired 06/09/2021 - 06/07/2023, cost $4,450,072)(c)(e)(f)
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4,458,780
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2,474,623
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18.00%, 12/31/2024(e)
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474,399
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722,510
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125 West End Office Mezz LLC
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15.35% (1 mo. Term SOFR + 10.50%), 03/12/2026, (Acquired 03/11/2021 - 09/04/2024, cost $3,556,801)(c)(e)(f)
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3,574,741
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3,574,741
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575 Lexington Junior Mezz
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29.85% (1 mo. LIBOR US + 25.00%), 06/18/2025, (Acquired 03/17/2021 - 05/15/2024, cost $4,820,542)(c)(e)(f)
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6,551,734
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3,990,006
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575 Lexington Senior Mezz
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10.75%, 06/18/2025, (Acquired 09/20/2023 - 09/26/2024, cost $1,953,858)(e)(f)
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1,953,858
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1,953,858
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Hyatt Lost Pines
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9.41% (1 mo. Term SOFR + 6.70%), 09/09/2025, (Acquired 09/17/2021, cost $4,997,453)(c)(e)(f)
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5,000,000
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5,000,000
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Total Commercial Real Estate
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17,715,738
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Interest-Only Securities – 0.2%
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Government National Mortgage Association
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0.41%, 2010-132, Class IO, 11/16/2052(g)
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182,112
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464
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JP Morgan Mortgage Trust
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0.21%, 2014-5, Class AX4, 10/25/2029(a)(g)
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1,353,495
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3,027
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0.23%, 2021-INV1, Class AX1, 10/25/2051(a)(g)
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43,787,870
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496,620
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0.25%, 2015-4, Class 2X1, 06/25/2045(a)(g)
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34,268,697
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259,575
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Mello Mortgage Capital Acceptance
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0.11%, 2021-INV1, Class AX1, 06/25/2051(a)(g)
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46,474,668
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254,407
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Morgan Stanley Capital I Trust
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1.25%, 2016-UBS9, Class XE, 03/15/2049(a)(g)
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14,999,000
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227,773
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Vendee Mortgage Trust
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0.00%, 1997-2, Class IO, 06/15/2027(g)
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1,144,533
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1
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Total Interest-Only Securities
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1,241,867
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Other – 1.3%
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FIGRE Trust
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6.53%, 2024-HE3, Class D, 07/25/2054(a)(g)
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1,000,000
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1,025,966
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6.81%, 2024-HE4, Class E, 09/25/2054(a)(g)
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500,000
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500,434
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7.55%, 2024-HE3, Class E, 07/25/2054(a)(g)
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500,000
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516,665
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8.48%, 2024-HE4, Class F, 09/25/2054(a)(g)
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500,000
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500,720
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9.26%, 2024-HE3, Class F, 07/25/2054(a)(g)
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500,000
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509,114
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Lehman ABS Manufactured Housing Contract Trust
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6.63%, 2001-B, Class M1, 04/15/2040(g)
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2,014,463
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1,999,780
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Mid-State Trust X
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7.54%, 10, Class B, 02/15/2036
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968,510
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978,195
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Oakwood Mortgage Investors, Inc.
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6.81%, 2001-E, Class A4, 12/15/2031
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2,072,676
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2,036,298
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6.93%, 2001-D, Class A4, 09/15/2031(g)
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444,951
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214,587
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Progress Residential Trust
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4.50%, 2023-SFR2, Class D, 10/17/2040(a)
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2,500,000
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2,409,931
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Total Other
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10,691,690
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Residential Mortgage-Backed Securities – 29.1%
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Alternative Loan Trust
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0.38%, 2006-41CB, Class 1A14 (-1 x 1 mo. Term SOFR + 5.24%, 5.35% Cap), 01/25/2037(c)(h)
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6,095,607
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785,576
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4.87%, 2005-84, Class 2A1, 02/25/2036(d)
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8,174,908
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7,795,455
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5.25%, 2007-OA3, Class 1A1 (1 mo. Term SOFR + 0.39%, 0.28% Floor), 04/25/2047(c)
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5,427,151
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4,758,509
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5.37%, 2007-2CB, Class 2A11 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 5.75% Cap), 03/25/2037(c)
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2,280,472
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820,930
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5.39%, 2007-HY6, Class A1 (1 mo. Term SOFR + 0.53%, 0.42% Floor), 08/25/2047(c)
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1,889,986
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1,608,376
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5.47%, 2005-10CB, Class 1A1 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 5.50% Cap), 05/25/2035(c)
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1,123,695
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850,263
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5.47%, 2007-16CB, Class 4A5 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 7.00% Cap), 08/25/2037(c)
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3,475,414
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2,172,674
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5.67%, 2006-19CB, Class A9 (1 mo. Term SOFR + 0.81%, 0.70% Floor, 6.00% Cap), 08/25/2036(c)
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1,752,156
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759,420
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5.75%, 2007-12T1, Class A22, 06/25/2037
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1,653,288
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731,522
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5.75%, 2007-15CB, Class A2, 07/25/2037(b)
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1,586,421
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|
939,452
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6.00%, 2006-29T1, Class 2A5, 10/25/2036
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1,074,934
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596,065
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6.00%, 2006-41CB, Class 1A7, 01/25/2037(b)
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12,146,853
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6,237,426
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6.00%, 2006-45T1, Class 2A5, 02/25/2037
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2,008,569
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1,121,493
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6.50%, 2006-29T1, Class 2A6, 10/25/2036
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1,686,824
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992,333
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8.52%, 2006-23CB, Class 2A7 (-4 x 1 mo. Term SOFR + 27.94%, 28.40% Cap), 08/25/2036(c)(h)
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1,189,966
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776,519
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23.85%, 2006-29T1, Class 3A3 (-10 x 1 mo. Term SOFR + 77.24%, 78.40% Cap), 10/25/2036(c)(h)
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633,328
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968,175
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Bellemeade Re Ltd.
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8.43%, 2021-3A, Class M2 (30 day avg SOFR US + 3.15%, 3.15% Floor), 09/25/2031(a)(b)(c)
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1,389,000
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1,429,883
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9.23%, 2024-1, Class M1C (30 day avg SOFR US + 3.95%, 3.90% Floor), 08/25/2034(a)(b)(c)
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1,000,000
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1,009,997
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BRAVO Residential Funding Trust
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5.50%, 2022-NQM3, Class A3, 07/25/2062(a)(d)
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1,522,183
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1,514,948
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7.46%, 2023-NQM5, Class B1, 06/25/2063(a)(d)
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1,000,000
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998,387
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Cascade Funding Mortgage Trust
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3.00%, 2024-HB13, Class M2, 05/25/2034(a)(d)
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1,100,000
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|
984,060
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Chase Mortgage Finance Trust
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4.68%, 2007-A1, Class 11M1, 03/25/2037(d)
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1,671,955
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|
1,547,435
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4.71%, 2005-A2, Class 3A2, 01/25/2036(d)
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629,164
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|
547,148
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|
CHL Mortgage Pass-Through Trust
|
|
|
|
|
|
|
5.50%, 2007-5, Class A29, 05/25/2037
|
154,322
|
|
|
71,329
|
|
5.62%, 2006-20, Class 1A18 (1 mo. Term SOFR + 0.76%, 0.65% Floor, 6.00% Cap), 02/25/2037(c)
|
3,617,316
|
|
|
1,287,400
|
|
6.00%, 2004-21, Class A10, 11/25/2034
|
34,733
|
|
|
34,747
|
|
6.00%, 2007-18, Class 1A1, 11/25/2037
|
149,707
|
|
|
66,512
|
|
CHNGE Mortgage Trust
|
|
|
|
|
|
|
3.99%, 2022-1, Class M1, 01/25/2067(a)(d)
|
2,700,000
|
|
|
2,262,211
|
|
4.54%, 2022-1, Class B1, 01/25/2067(a)(d)
|
2,500,000
|
|
|
2,273,200
|
|
4.62%, 2022-2, Class B1, 03/25/2067(a)(d)
|
3,000,000
|
|
|
2,658,485
|
|
8.18%, 2023-2, Class M1, 06/25/2058(a)(d)
|
3,500,000
|
|
|
3,694,992
|
|
8.44%, 2023-4, Class M1, 09/25/2058(a)(b)(d)
|
1,641,000
|
|
|
1,701,755
|
|
Citicorp Mortgage Securities Trust
|
|
|
|
|
|
|
5.87%, 2006-5, Class 1A11 (1 mo. Term SOFR + 1.01%, 0.90% Floor, 7.00% Cap), 10/25/2036(c)
|
284,975
|
|
|
226,813
|
|
Citigroup Mortgage Loan Trust
|
|
|
|
|
|
|
4.93%, 2007-AR5, Class 1A2A, 04/25/2037(d)
|
316,109
|
|
|
294,180
|
|
6.10%, 2009-8, Class 2A2, 04/25/2037(a)(d)
|
4,172,210
|
|
|
2,078,986
|
|
CWABS Asset-Backed Certificates
|
|
|
|
|
|
|
3.96%, 2006-13, Class 1AF4, 01/25/2037(d)
|
560,294
|
|
|
540,583
|
|
Deephaven Residential Mortgage Trust
|
|
|
|
|
|
|
4.30%, 2022-2, Class B1, 03/25/2067(a)(d)
|
3,000,000
|
|
|
2,478,271
|
|
Eagle Re Ltd.
|
|
|
|
|
|
|
9.23%, 2023-1, Class M1B (30 day avg SOFR US + 3.95%, 3.95% Floor), 09/26/2033(a)(b)(c)
|
5,000,000
|
|
|
5,090,185
|
|
Ellington Financial Mortgage Trust
|
|
|
|
|
|
|
7.17%, 2024-INV2, Class B1, 10/25/2069(a)(d)
|
1,000,000
|
|
|
999,946
|
|
FIGRE Trust
|
|
|
|
|
|
|
6.63%, 2024-HE2, Class B, 05/25/2054(a)(d)
|
919,691
|
|
|
947,338
|
|
6.72%, 2024-HE2, Class C, 05/25/2054(a)(d)
|
459,846
|
|
|
473,515
|
|
7.20%, 2024-HE2, Class D, 05/25/2054(a)(d)
|
500,000
|
|
|
520,345
|
|
8.20%, 2024-HE2, Class E, 05/25/2054(a)(d)
|
500,000
|
|
|
521,143
|
|
9.79%, 2024-HE2, Class F, 05/25/2054(a)(d)
|
500,000
|
|
|
531,193
|
|
First Horizon Alternative Mortgage Securities Trust
|
|
|
|
|
|
|
5.50%, 2005-FA8, Class 1A6 (1 mo. Term SOFR + 0.76%, 0.65% Floor, 5.50% Cap), 11/25/2035(c)
|
1,050,721
|
|
|
416,788
|
|
Freddie Mac Seasoned Credit Risk Transfer Trust
|
|
|
|
|
|
|
4.25%, 2021-1, Class M, 09/25/2060(a)
|
2,000,000
|
|
|
1,924,303
|
|
4.50%, 2019-4, Class M, 02/25/2059(a)(d)
|
1,617,000
|
|
|
1,530,251
|
|
4.50%, 2022-1, Class M, 11/25/2061(a)(d)
|
3,000,000
|
|
|
2,617,726
|
|
FREED Mortgage Trust
|
|
|
|
|
|
|
6.55%, 2024-HE1, Class C, 05/25/2039(a)
|
924,099
|
|
|
905,992
|
|
GCAT Trust
|
|
|
|
|
|
|
5.73%, 2022-NQM4, Class A2, 08/25/2067(a)(b)(i)
|
1,229,345
|
|
|
1,233,876
|
|
5.75%, 2022-NQM4, Class M1, 08/25/2067(a)(d)
|
250,000
|
|
|
250,921
|
|
GMACM Home Equity Loan Trust
|
|
|
|
|
|
|
5.47%, 2005-HE3, Class A2 (1 mo. Term SOFR + 0.61%, 0.50% Floor, 14.00% Cap), 02/25/2036(b)(c)
|
805,533
|
|
|
767,536
|
|
6.05%, 2007-HE2, Class A2, 12/25/2037(d)
|
261,869
|
|
|
254,416
|
|
6.19%, 2007-HE2, Class A3, 12/25/2037(d)
|
504,469
|
|
|
491,245
|
|
GSAMP Trust
|
|
|
|
|
|
|
5.69%, 2006-NC2, Class A2C (1 mo. Term SOFR + 0.41%, 0.30% Floor), 06/25/2036(c)
|
431,301
|
|
|
242,630
|
|
GSR Mortgage Loan Trust
|
|
|
|
|
|
|
4.59%, 2006-AR1, Class 2A4, 01/25/2036(d)
|
1,854,792
|
|
|
1,664,092
|
|
5.27%, 2007-1F, Class 4A1 (1 mo. Term SOFR + 0.41%, 0.30% Floor, 7.00% Cap), 01/25/2037(c)
|
5,627,147
|
|
|
1,171,443
|
|
Home Equity Asset Trust
|
|
|
|
|
|
|
5.69%, 2006-7, Class 2A3 (1 mo. Term SOFR + 0.41%, 0.30% Floor), 01/25/2037(c)
|
3,432,474
|
|
|
2,944,729
|
|
Home RE Ltd.
|
|
|
|
|
|
|
8.08%, 2021-2, Class M1C (30 day avg SOFR US + 2.80%), 01/25/2034(a)(c)
|
3,351,777
|
|
|
3,377,221
|
|
8.53%, 2021-2, Class M2 (30 day avg SOFR US + 3.25%), 01/25/2034(a)(c)
|
5,331,000
|
|
|
5,394,982
|
|
Imperial Fund Mortgage Trust
|
|
|
|
|
|
|
5.39%, 2022-NQM5, Class A1, 08/25/2067(a)(i)
|
585,899
|
|
|
584,694
|
|
6.12%, 2022-NQM5, Class A2, 08/25/2067(a)(i)
|
390,600
|
|
|
391,076
|
|
6.25%, 2022-NQM5, Class M1, 08/25/2067(a)(i)
|
1,026,000
|
|
|
1,025,815
|
|
Indymac INDA Mortgage Loan Trust
|
|
|
|
|
|
|
4.01%, 2007-AR1, Class 1A1, 03/25/2037(d)
|
601,818
|
|
|
469,621
|
|
5.51%, 2007-AR3, Class 1A1, 07/25/2037(d)
|
1,454,815
|
|
|
1,218,557
|
|
Irwin Home Equity Loan Trust
|
|
|
|
|
|
|
6.27%, 2006-1, Class 2A3, 09/25/2035(a)(i)
|
188,045
|
|
|
186,089
|
|
JP Morgan Mortgage Trust
|
|
|
|
|
|
|
2.98%, 2021-INV1, Class B5, 10/25/2051(a)(b)(d)
|
827,000
|
|
|
329,448
|
|
4.79%, 2007-A2, Class 3A2, 04/25/2037(d)
|
3,603,659
|
|
|
2,930,135
|
|
5.66%, 2003-A1, Class B4, 10/25/2033(d)
|
82,607
|
|
|
57,286
|
|
5.94%, 2003-A2, Class B4, 11/25/2033(d)
|
73,205
|
|
|
1
|
|
7.85%, 2023-HE3, Class M2 (30 day avg SOFR US + 2.50%), 05/25/2054(a)(c)
|
1,695,000
|
|
|
1,711,328
|
|
9.22%, 2024-CES1, Class B2, 06/25/2054(a)(d)
|
1,101,000
|
|
|
1,117,715
|
|
JPMorgan Chase Bank NA
|
|
|
|
|
|
|
6.83%, 2021-CL1, Class M2 (30 day avg SOFR US + 1.55%), 03/25/2051(a)(c)
|
145,158
|
|
|
139,719
|
|
7.07%, 2019-CL1, Class M3 (1 mo. Term SOFR + 2.21%, 2.10% Floor), 04/25/2047(a)(c)
|
154,358
|
|
|
155,733
|
|
8.32%, 2020-CL1, Class M3 (1 mo. Term SOFR + 3.46%), 10/25/2057(a)(c)
|
146,812
|
|
|
149,619
|
|
9.32%, 2020-CL1, Class M4 (1 mo. Term SOFR + 4.46%), 10/25/2057(a)(c)
|
168,750
|
|
|
172,185
|
|
10.57%, 2020-CL1, Class M5 (1 mo. Term SOFR + 5.71%), 10/25/2057(a)(c)
|
972,274
|
|
|
990,562
|
|
MASTR Asset Backed Securities Trust
|
|
|
|
|
|
|
5.59%, 2006-NC3, Class A3 (1 mo. Term SOFR + 0.31%, 0.20% Floor), 10/25/2036(c)
|
2,506,032
|
|
|
1,228,772
|
|
5.71%, 2006-NC3, Class A4 (1 mo. Term SOFR + 0.43%, 0.32% Floor), 10/25/2036(c)
|
4,227,985
|
|
|
2,073,580
|
|
5.87%, 2006-NC2, Class A5 (1 mo. Term SOFR + 0.59%, 0.48% Floor), 08/25/2036(c)
|
360,462
|
|
|
132,027
|
|
Mello Mortgage Capital Acceptance
|
|
|
|
|
|
|
2.59%, 2021-INV1, Class B6, 06/25/2051(a)(d)
|
352,021
|
|
|
129,192
|
|
2.96%, 2021-INV1, Class B4, 06/25/2051(a)(b)(d)
|
600,785
|
|
|
406,601
|
|
MFA Trust
|
|
|
|
|
|
|
3.29%, 2021-INV1, Class B1, 01/25/2056(a)(d)
|
700,000
|
|
|
651,344
|
|
Morgan Stanley Residential Mortgage Loan Trust
|
|
|
|
|
|
|
6.51%, 2024-NQM3, Class B1A, 07/25/2069(a)(d)
|
1,000,000
|
|
|
998,500
|
|
New York Mortgage Trust, Inc.
|
|
|
|
|
|
|
6.81%, 2024-BPL2, Class A2, 05/25/2039(a)(i)
|
1,000,000
|
|
|
974,904
|
|
6.90%, 2024-BPL3, Class M1, 09/25/2039(a)(d)
|
1,500,000
|
|
|
1,499,991
|
|
7.15%, 2024-BPL1, Class A1, 02/25/2029(a)(i)
|
2,000,000
|
|
|
2,018,080
|
|
Nomura Resecuritization Trust
|
|
|
|
|
|
|
2.71%, 2014-1R, Class 2A11 (1 mo. Term SOFR + 0.24%, 0.13% Floor), 02/26/2037(a)(c)
|
20,811,371
|
|
|
16,548,286
|
|
4.31%, 2015-11R, Class 4A5, 06/26/2037(a)(d)
|
2,892,045
|
|
|
2,494,753
|
|
4.42%, 2015-1R, Class 3A7, 03/26/2037(a)(d)
|
4,005,276
|
|
|
2,365,676
|
|
6.14%, 2015-1R, Class 4A7, 12/26/2037(a)(d)
|
1,017,045
|
|
|
937,601
|
|
NRZ Excess Spread-Collateralized Notes
|
|
|
|
|
|
|
2.98%, 2021-FNT1, Class A, 03/25/2026(a)
|
163,640
|
|
|
157,932
|
|
3.10%, 2021-FHT1, Class A, 07/25/2026(a)
|
636,762
|
|
|
612,088
|
|
3.23%, 2021-FNT2, Class A, 05/25/2026(a)
|
344,342
|
|
|
332,380
|
|
4.21%, 2020-FHT1, Class A, 11/25/2025(a)
|
690,028
|
|
|
677,900
|
|
NYMT Loan Trust
|
|
|
|
|
|
|
8.41%, 2024-BPL2, Class M, 05/25/2039(a)
|
1,919,000
|
|
|
1,909,543
|
|
Oaktown Re Ltd.
|
|
|
|
|
|
|
8.63%, 2021-2, Class M1C (30 day avg SOFR US + 3.35%, 3.35% Floor), 04/25/2034(a)(c)
|
3,769,000
|
|
|
3,829,632
|
|
Option One Mortgage Loan Trust
|
|
|
|
|
|
|
5.66%, 2007-FXD1, Class 3A6, 01/25/2037(i)
|
119,266
|
|
|
110,774
|
|
PRKCM Trust
|
|
|
|
|
|
|
6.09%, 2022-AFC2, Class B1, 08/25/2057(a)(d)
|
3,000,000
|
|
|
2,955,492
|
|
7.09%, 2023-AFC2, Class A3, 06/25/2058(a)
|
3,017,637
|
|
|
3,048,017
|
|
7.52%, 2023-AFC1, Class B1, 02/25/2058(a)(d)
|
1,000,000
|
|
|
992,297
|
|
7.79%, 2024-HOME1, Class B1, 05/25/2059(a)(d)
|
1,000,000
|
|
|
999,652
|
|
7.85%, 2023-AFC3, Class B1, 09/25/2058(a)(d)
|
4,128,000
|
|
|
4,112,469
|
|
7.88%, 2023-AFC2, Class M1, 06/25/2058(a)
|
750,000
|
|
|
768,007
|
|
8.06%, 2024-AFC1, Class B1, 03/25/2059(a)(d)
|
1,638,000
|
|
|
1,642,785
|
|
8.21%, 2023-AFC2, Class B1, 06/25/2058(a)(d)
|
3,000,000
|
|
|
3,000,058
|
|
Progress Residential Trust
|
|
|
|
|
|
|
3.40%, 2024-SFR2, Class E1, 04/17/2041(a)(d)
|
2,100,000
|
|
|
1,900,975
|
|
PRPM LLC
|
|
|
|
|
|
|
3.72%, 2022-1, Class A1, 02/25/2027(a)(i)
|
1,049,815
|
|
|
1,038,421
|
|
4.00%, 2024-RCF1, Class M1, 01/25/2054(a)(i)
|
1,000,000
|
|
|
932,700
|
|
4.79%, 2021-5, Class A1, 06/25/2026(a)(i)
|
596,365
|
|
|
584,718
|
|
4.83%, 2021-10, Class A2, 10/25/2026(a)(i)
|
3,000,000
|
|
|
2,955,358
|
|
4.87%, 2021-3, Class A1, 04/25/2026(a)(i)
|
249,719
|
|
|
246,088
|
|
5.00%, 2022-2, Class A1, 03/25/2027(a)(i)
|
2,233,406
|
|
|
2,218,264
|
|
5.36%, 2020-6, Class A1, 11/25/2025(a)(i)
|
430,879
|
|
|
427,309
|
|
6.29%, 2022-1, Class A2, 02/25/2027(a)(i)
|
500,000
|
|
|
493,130
|
|
6.72%, 2021-5, Class A2, 06/25/2026(a)(i)
|
2,550,125
|
|
|
2,468,736
|
|
7.55%, 2024-NQM1, Class B1, 12/25/2068(a)(d)
|
2,000,000
|
|
|
1,999,677
|
|
7.70%, 2020-6, Class A2, 11/25/2025(a)(i)
|
1,444,846
|
|
|
1,427,484
|
|
7.83%, 2024-NQM2, Class B1, 06/25/2069(a)(d)
|
1,500,000
|
|
|
1,526,449
|
|
Radnor RE Ltd.
|
|
|
|
|
|
|
8.43%, 2021-1, Class M2 (30 day avg SOFR US + 3.15%, 3.15% Floor), 12/27/2033(a)(c)
|
1,443,000
|
|
|
1,459,365
|
|
RALI Trust
|
|
|
|
|
|
|
5.71%, 2007-QO3, Class A1 (1 mo. Term SOFR + 0.43%, 0.32% Floor), 03/25/2047(c)
|
1,042,911
|
|
|
951,310
|
|
6.00%, 2006-QS3, Class 1A10, 03/25/2036
|
1,396,051
|
|
|
1,234,305
|
|
6.01%, 2006-QO7, Class 2A1 (12 Month US Treasury Average + 0.85%, 0.85% Floor), 09/25/2046(c)
|
5,068,150
|
|
|
4,302,938
|
|
11.15%, 2006-QS14, Class A30 (-13 x 1 mo. Term SOFR + 79.76%, 81.25% Cap), 11/25/2036(c)(h)
|
44,004
|
|
|
81,644
|
|
RCKT Mortgage Trust
|
|
|
|
|
|
|
7.01%, 2024-CES3, Class M2, 05/25/2044(a)(d)
|
2,000,000
|
|
|
2,085,808
|
|
RFMSI Trust
|
|
|
|
|
|
|
5.50%, 2007-S3, Class 1A5, 03/25/2037
|
1,101,323
|
|
|
806,404
|
|
Rithm Capital Corp.
|
|
|
|
|
|
|
5.44%, 2020-FNT1, Class A, 06/25/2025(a)
|
778,677
|
|
|
773,828
|
|
6.61%, 2024-NQM2, Class B1, 09/25/2064(a)(d)
|
500,000
|
|
|
499,576
|
|
9.29%, 2024-RTL1, Class M1, 03/25/2039(a)(d)
|
2,500,000
|
|
|
2,534,889
|
|
Santander Holdings USA, Inc.
|
|
|
|
|
|
|
9.43%, 2023-MTG1, Class M1 (30 day avg SOFR US + 4.15%, 2.50% Floor), 02/26/2052(a)(c)
|
5,115,258
|
|
|
5,422,125
|
|
Securitized Asset Backed Receivables LLC Trust
|
|
|
|
|
|
|
5.27%, 2007-NC1, Class A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor), 12/25/2036(c)
|
3,206,309
|
|
|
1,612,468
|
|
5.69%, 2006-NC3, Class A2B (1 mo. Term SOFR + 0.41%, 0.30% Floor), 09/25/2036(c)
|
5,113,794
|
|
|
1,770,270
|
|
STAR Trust
|
|
|
|
|
|
|
8.06%, 2021-SFR2, Class F (1 mo. Term SOFR + 2.96%, 2.85% Floor), 01/17/2039(a)(c)
|
3,000,000
|
|
|
2,927,701
|
|
8.80%, 2022-SFR3, Class E2 (1 mo. Term SOFR + 3.70%, 3.70% Floor), 05/17/2039(a)(c)
|
3,750,000
|
|
|
3,732,142
|
|
Toorak Mortgage Trust
|
|
|
|
|
|
|
9.16%, 2024-RRTL1, Class M1, 02/25/2039(a)(d)
|
1,500,000
|
|
|
1,521,128
|
|
Towd Point Mortgage Trust
|
|
|
|
|
|
|
6.86%, 2024-CES1, Class M2, 01/25/2064(a)(d)
|
1,000,000
|
|
|
1,040,628
|
|
Tricon American Homes
|
|
|
|
|
|
|
4.88%, 2020-SFR1, Class F, 07/17/2038(a)
|
2,382,000
|
|
|
2,351,858
|
|
Verus Securitization Trust
|
|
|
|
|
|
|
5.82%, 2022-INV1, Class M1, 08/25/2067(a)(d)
|
500,000
|
|
|
498,636
|
|
5.83%, 2022-INV1, Class A3, 08/25/2067(a)(i)
|
397,969
|
|
|
397,096
|
|
6.67%, 2024-1, Class M1, 01/25/2069(a)(d)
|
1,000,000
|
|
|
1,017,507
|
|
7.08%, 2023-INV2, Class A3, 08/25/2068(a)(i)
|
95,276
|
|
|
96,891
|
|
7.35%, 2023-INV2, Class M1, 08/25/2068(a)(d)
|
121,000
|
|
|
124,270
|
|
7.40%, 2023-4, Class M1, 05/25/2068(a)(d)
|
1,500,000
|
|
|
1,529,474
|
|
7.54%, 2023-2, Class B1, 03/25/2068(a)(d)
|
1,000,000
|
|
|
991,461
|
|
7.86%, 2024-2, Class B1, 02/25/2069(a)(d)
|
1,000,000
|
|
|
1,010,206
|
|
7.91%, 2024-1, Class B1, 01/25/2069(a)(d)
|
500,000
|
|
|
503,064
|
|
8.09%, 2024-INV1, Class B1, 03/25/2069(a)(d)
|
1,000,000
|
|
|
1,013,762
|
|
8.12%, 2023-INV2, Class B1, 08/25/2068(a)(d)
|
100,000
|
|
|
102,216
|
|
8.14%, 2023-4, Class B1, 05/25/2068(a)(d)
|
2,000,000
|
|
|
2,002,660
|
|
Washington Mutual Mortgage Pass-Through Certificates Trust
|
|
|
|
|
|
|
4.09%, 2007-HY5, Class 3A1, 05/25/2037(d)
|
533,641
|
|
|
477,849
|
|
4.28%, 2007-HY5, Class 1A1, 05/25/2037(d)
|
1,607,177
|
|
|
1,458,409
|
|
4.37%, 2007-HY1, Class 4A1, 02/25/2037(d)
|
4,591,156
|
|
|
4,270,317
|
|
5.19%, 2007-HY3, Class 4A1, 03/25/2037(d)
|
4,678,415
|
|
|
4,231,125
|
|
Wells Fargo Mortgage Backed Securities Trust
|
|
|
|
|
|
|
6.29%, 2006-AR1, Class 2A5, 03/25/2036(d)
|
877,817
|
|
|
825,652
|
|
6.94%, 2006-AR12, Class 2A1, 09/25/2036(d)
|
593,096
|
|
|
569,128
|
|
Western Alliance Bancorp
|
|
|
|
|
|
|
9.38%, 2021-CL2, Class M3 (30 day avg SOFR US + 4.10%), 07/25/2059(a)(c)
|
921,190
|
|
|
916,404
|
|
10.63%, 2021-CL2, Class M4 (30 day avg SOFR US + 5.35%, 0.00% Floor), 07/25/2059(a)(c)
|
1,584,145
|
|
|
1,617,411
|
|
Woodward Capital Management
|
|
|
|
|
|
|
7.98%, 2023-CES1, Class M2, 06/25/2043(a)(d)
|
965,000
|
|
|
989,171
|
|
8.18%, 2023-CES2, Class M2, 09/25/2043(a)(d)
|
1,200,000
|
|
|
1,249,272
|
|
Total Residential Mortgage-Backed Securities
|
|
|
|
|
242,344,919
|
|
TOTAL SECURITIZED CREDIT
(Cost $394,329,943)
|
|
|
|
346,585,235
|
|
CORPORATE CREDIT – 69.3%
|
|
|
|
|
|
|
Basic Industrial – 2.1%
|
|
|
|
|
|
|
Cascades, Inc.
|
|
|
|
|
|
|
5.38%, 01/15/2028(a)(b)(j)
|
5,915,000
|
|
|
5,782,299
|
|
Clearwater Paper Corp.
|
|
|
|
|
|
|
4.75%, 08/15/2028(a)(j)
|
3,000,000
|
|
|
2,824,176
|
|
Methanex Corp.
|
|
|
|
|
|
|
5.25%, 12/15/2029(b)(j)
|
1,490,000
|
|
|
1,471,951
|
|
NOVA Chemicals Corp.
|
|
|
|
|
|
|
4.25%, 05/15/2029(a)(b)
|
1,681,000
|
|
|
1,560,279
|
|
8.50%, 11/15/2028(a)(b)
|
1,405,000
|
|
|
1,500,726
|
|
Tronox, Inc.
|
|
|
|
|
|
|
4.63%, 03/15/2029(a)(k)
|
4,245,000
|
|
|
3,965,069
|
|
Total Basic Industrial
|
|
|
|
|
17,104,500
|
|
Construction & Building Materials – 1.1%
|
|
|
|
|
|
|
Beazer Homes USA, Inc.
|
|
|
|
|
|
|
7.25%, 10/15/2029
|
1,067,000
|
|
|
1,095,168
|
|
M/I Homes, Inc.
|
|
|
|
|
|
|
4.95%, 02/01/2028(j)
|
2,747,000
|
|
|
2,700,146
|
|
STL Holding Co. LLC
|
|
|
|
|
|
|
8.75%, 02/15/2029(a)
|
2,320,000
|
|
|
2,465,906
|
|
Summit Materials LLC / Summit Materials Finance Corp.
|
|
|
|
|
|
|
7.25%, 01/15/2031(a)(j)
|
2,575,000
|
|
|
2,724,852
|
|
Total Construction & Building Materials
|
|
|
|
|
8,986,072
|
|
Diversified – 0.6%
|
|
|
|
|
|
|
Five Point Operating Co. LP / Five Point Capital Corp.
|
|
|
|
|
|
|
10.50%, 01/15/2028(a)(i)(j)
|
2,098,966
|
|
|
2,147,545
|
|
Kennedy Wilson Europe Real Estate Ltd.
|
|
|
|
|
|
|
3.25%, 11/12/2025(b)
|
EUR 1,000,000
|
|
|
1,074,953
|
|
Kennedy-Wilson, Inc.
|
|
|
|
|
|
|
4.75%, 02/01/2030
|
USD 1,700,000
|
|
|
1,541,789
|
|
Total Diversified
|
|
|
|
|
4,764,287
|
|
Diversified Real Estate – 0.8%
|
|
|
|
|
|
|
Forestar Group, Inc.
|
|
|
|
|
|
|
5.00%, 03/01/2028(a)(j)
|
2,795,000
|
|
|
2,722,138
|
|
Howard Hughes Corp.
|
|
|
|
|
|
|
5.38%, 08/01/2028(a)(j)(k)
|
4,275,000
|
|
|
4,212,262
|
|
Total Diversified Real Estate
|
|
|
|
|
6,934,400
|
|
Diversified Telecommunication Services – 0.3%
|
|
|
|
|
|
|
Zayo Group Holdings, Inc., First Lien
|
|
|
|
|
|
|
9.50% (1 mo. Term SOFR + 4.25%), 03/09/2027(c)
|
3,000,000
|
|
|
2,759,250
|
|
Energy – 5.3%
|
|
|
|
|
|
|
Antero Resources Corp.
|
|
|
|
|
|
|
5.38%, 03/01/2030(a)(j)
|
4,200,000
|
|
|
4,149,946
|
|
Baytex Energy Corp.
|
|
|
|
|
|
|
8.50%, 04/30/2030(a)(b)(j)
|
2,617,000
|
|
|
2,713,169
|
|
California Resources Corp.
|
|
|
|
|
|
|
7.13%, 02/01/2026(a)(j)
|
1,330,000
|
|
|
1,329,257
|
|
Civitas Resources, Inc.
|
|
|
|
|
|
|
8.38%, 07/01/2028(a)(j)
|
5,295,000
|
|
|
5,504,989
|
|
CNX Resources Corp.
|
|
|
|
|
|
|
7.38%, 01/15/2031(a)(j)
|
2,533,000
|
|
|
2,647,568
|
|
Comstock Resources, Inc.
|
|
|
|
|
|
|
6.75%, 03/01/2029(a)(j)(k)
|
2,883,000
|
|
|
2,814,481
|
|
Crescent Energy Finance LLC
|
|
|
|
|
|
|
7.63%, 04/01/2032(a)
|
2,700,000
|
|
|
2,700,769
|
|
9.25%, 02/15/2028(a)(j)
|
2,130,000
|
|
|
2,221,690
|
|
EQT Corp.
|
|
|
|
|
|
|
7.00%, 02/01/2030(j)
|
2,331,000
|
|
|
2,546,256
|
|
MEG Energy Corp.
|
|
|
|
|
|
|
5.88%, 02/01/2029(a)(j)
|
4,650,000
|
|
|
4,548,856
|
|
Moss Creek Resources Holdings, Inc.
|
|
|
|
|
|
|
8.25%, 09/01/2031(a)
|
1,865,000
|
|
|
1,839,348
|
|
Permian Resources Operating LLC
|
|
|
|
|
|
|
6.25%, 02/01/2033(a)
|
2,830,000
|
|
|
2,870,953
|
|
Southwestern Energy Co.
|
|
|
|
|
|
|
5.38%, 02/01/2029(j)
|
5,565,000
|
|
|
5,547,235
|
|
Transocean Titan Financing Ltd.
|
|
|
|
|
|
|
8.38%, 02/01/2028, (Acquired 02/22/2023 - 03/01/2023, cost $2,604,982)(a)(f)(j)
|
2,580,000
|
|
|
2,657,591
|
|
Total Energy
|
|
|
|
|
44,092,108
|
|
Health Care Providers & Services – 1.0%
|
|
|
|
|
|
|
Community Health Systems, Inc.
|
|
|
|
|
|
|
10.88%, 01/15/2032(a)
|
7,213,000
|
|
|
7,950,565
|
|
Health Facilities – 1.6%
|
|
|
|
|
|
|
Prime Healthcare Services, Inc.
|
|
|
|
|
|
|
9.38%, 09/01/2029(a)
|
1,763,000
|
|
|
1,821,359
|
|
Tenet Healthcare Corp.
|
|
|
|
|
|
|
6.13%, 10/01/2028(j)(k)
|
11,800,000
|
|
|
11,880,240
|
|
Total Health Facilities
|
|
|
|
|
13,701,599
|
|
Infrastructure Services – 0.7%
|
|
|
|
|
|
|
GFL Environmental, Inc.
|
|
|
|
|
|
|
3.50%, 09/01/2028(a)(b)(k)
|
2,910,000
|
|
|
2,772,351
|
|
6.75%, 01/15/2031(a)(b)
|
273,000
|
|
|
286,489
|
|
Wrangler Holdco Corp.
|
|
|
|
|
|
|
6.63%, 04/01/2032(a)(j)
|
3,000,000
|
|
|
3,118,623
|
|
Total Infrastructure Services
|
|
|
|
|
6,177,463
|
|
Leisure – 4.1%
|
|
|
|
|
|
|
Caesars Entertainment, Inc.
|
|
|
|
|
|
|
6.50%, 02/15/2032(a)(j)
|
2,850,000
|
|
|
2,948,091
|
|
7.00%, 02/15/2030(a)(j)(k)
|
5,250,000
|
|
|
5,483,320
|
|
Cedar Fair LP
|
|
|
|
|
|
|
6.50%, 10/01/2028(j)
|
2,660,000
|
|
|
2,696,671
|
|
RHP Hotel Properties LP
|
|
|
|
|
|
|
4.50%, 02/15/2029(a)(j)(k)
|
5,610,000
|
|
|
5,427,980
|
|
Six Flags Entertainment Corp.
|
|
|
|
|
|
|
7.25%, 05/15/2031(a)(k)
|
2,695,000
|
|
|
2,791,395
|
|
Station Casinos LLC
|
|
|
|
|
|
|
4.50%, 02/15/2028(a)(j)(k)
|
6,190,000
|
|
|
5,977,187
|
|
4.63%, 12/01/2031(a)
|
654,000
|
|
|
606,611
|
|
Vail Resorts, Inc.
|
|
|
|
|
|
|
6.50%, 05/15/2032(a)
|
2,758,000
|
|
|
2,881,615
|
|
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
|
|
|
|
|
|
|
7.13%, 02/15/2031(a)(j)
|
5,200,000
|
|
|
5,606,229
|
|
Total Leisure
|
|
|
|
|
34,419,099
|
|
Media – 10.8%
|
|
|
|
|
|
|
Cable One, Inc.
|
|
|
|
|
|
|
4.00%, 11/15/2030, (Acquired 12/04/2020 - 09/19/2024, cost $3,225,421)(a)(f)(j)
|
3,530,000
|
|
|
2,813,808
|
|
CCO Holdings LLC
|
|
|
|
|
|
|
4.75%, 03/01/2030(a)(j)
|
19,655,000
|
|
|
18,073,127
|
|
6.38%, 09/01/2029(a)(j)
|
5,170,000
|
|
|
5,169,582
|
|
CSC Holdings LLC
|
|
|
|
|
|
|
3.38%, 02/15/2031(a)
|
4,480,000
|
|
|
3,180,579
|
|
4.50%, 11/15/2031(a)(j)
|
18,284,000
|
|
|
13,310,593
|
|
Directv Financing LLC
|
|
|
|
|
|
|
8.88%, 02/01/2030(a)(j)(k)
|
12,410,000
|
|
|
12,482,002
|
|
DISH Network Corp.
|
|
|
|
|
|
|
11.75%, 11/15/2027(a)(j)
|
16,735,000
|
|
|
17,521,199
|
|
GCI LLC
|
|
|
|
|
|
|
4.75%, 10/15/2028(a)
|
2,000,000
|
|
|
1,919,854
|
|
Sunrise FinCo I BV
|
|
|
|
|
|
|
4.88%, 07/15/2031(a)(b)(j)
|
1,698,000
|
|
|
1,601,214
|
|
Telenet Finance Luxembourg Notes Sarl
|
|
|
|
|
|
|
5.50%, 03/01/2028(a)(b)
|
3,000,000
|
|
|
2,932,500
|
|
Virgin Media Secured Finance PLC
|
|
|
|
|
|
|
4.50%, 08/15/2030(a)(b)(j)
|
4,675,000
|
|
|
4,158,800
|
|
VZ Secured Financing BV
|
|
|
|
|
|
|
5.00%, 01/15/2032(a)(j)(k)
|
5,775,000
|
|
|
5,316,103
|
|
Ziggo Bond Co. BV
|
|
|
|
|
|
|
5.13%, 02/28/2030(a)(b)(k)
|
1,790,000
|
|
|
1,650,393
|
|
Total Media
|
|
|
|
|
90,129,754
|
|
Media Content – 0.4%
|
|
|
|
|
|
|
Paramount Global
|
|
|
|
|
|
|
4.20%, 05/19/2032(k)
|
3,440,000
|
|
|
3,047,909
|
|
4.38%, 03/15/2043
|
715,000
|
|
|
528,461
|
|
Total Media Content
|
|
|
|
|
3,576,370
|
|
Oil Gas T&D – 1.7%
|
|
|
|
|
|
|
AltaGas Ltd.
|
|
|
|
|
|
|
7.20% (5 yr. CMT Rate + 3.57%), 10/15/2054(a)(b)(c)
|
1,139,000
|
|
|
1,162,625
|
|
South Bow Canadian Infrastructure Holdings Ltd.
|
|
|
|
|
|
|
7.50% (5 yr. CMT Rate + 3.67%), 03/01/2055(a)(b)(c)(j)
|
6,750,000
|
|
|
7,092,388
|
|
Summit Midstream Holdings LLC
|
|
|
|
|
|
|
8.63%, 10/31/2029(a)
|
2,688,000
|
|
|
2,810,944
|
|
Whistler Pipeline LLC
|
|
|
|
|
|
|
5.95%, 09/30/2034(a)
|
2,950,000
|
|
|
3,051,817
|
|
Total Oil Gas T&D
|
|
|
|
|
14,117,774
|
|
Oil Gas Transportation & Distribution – 14.1%
|
|
|
|
|
|
|
Antero Midstream Partners LP
|
|
|
|
|
|
|
5.38%, 06/15/2029(a)(j)
|
5,400,000
|
|
|
5,343,827
|
|
Beazer Homes USA, Inc.
|
|
|
|
|
|
|
7.50%, 03/15/2031(a)(j)
|
3,125,000
|
|
|
3,242,591
|
|
Buckeye Partners LP
|
|
|
|
|
|
|
4.13%, 12/01/2027(j)
|
3,655,000
|
|
|
3,517,792
|
|
DT Midstream, Inc.
|
|
|
|
|
|
|
4.13%, 06/15/2029(a)(j)
|
4,420,000
|
|
|
4,227,908
|
|
Enbridge, Inc.
|
|
|
|
|
|
|
5.50% (3 mo. Term SOFR + 3.68%), 07/15/2077(b)(c)(j)(k)
|
8,485,000
|
|
|
8,250,227
|
|
7.38% (5 yr. CMT Rate + 3.71%), 01/15/2083(c)
|
825,000
|
|
|
849,691
|
|
Energy Transfer LP
|
|
|
|
|
|
|
6.75% (5 yr. CMT Rate + 5.13%), Perpetual(c)(j)
|
5,869,000
|
|
|
5,838,217
|
|
7.13% (5 yr. CMT Rate + 5.31%), Perpetual(c)(j)
|
4,597,000
|
|
|
4,693,092
|
|
8.53% (3 mo. Term SOFR + 3.28%), 11/01/2066(c)(j)
|
4,770,000
|
|
|
4,524,724
|
|
EnLink Midstream LLC
|
|
|
|
|
|
|
5.38%, 06/01/2029(j)
|
4,175,000
|
|
|
4,280,582
|
|
EnLink Midstream Partners LP
|
|
|
|
|
|
|
9.31% (3 mo. Term SOFR + 4.37%), Perpetual(c)(j)
|
4,755,000
|
|
|
4,761,852
|
|
Enterprise Products Operating LLC
|
|
|
|
|
|
|
5.25% (3 mo. Term SOFR + 3.29%), 08/16/2077(c)
|
1,460,000
|
|
|
1,440,374
|
|
5.38% (3 mo. Term SOFR + 2.83%), 02/15/2078(c)(j)
|
8,516,000
|
|
|
8,134,832
|
|
EQM Midstream Partners LP
|
|
|
|
|
|
|
4.50%, 01/15/2029(a)(j)(k)
|
8,660,000
|
|
|
8,471,766
|
|
Genesis Energy LP / Genesis Energy Finance Corp.
|
|
|
|
|
|
|
7.75%, 02/01/2028
|
1,215,000
|
|
|
1,230,145
|
|
8.25%, 01/15/2029
|
100,000
|
|
|
103,560
|
|
Global Partners LP
|
|
|
|
|
|
|
7.00%, 08/01/2027
|
2,750,000
|
|
|
2,770,526
|
|
8.25%, 01/15/2032(a)
|
532,000
|
|
|
551,647
|
|
Hess Midstream Operations LP
|
|
|
|
|
|
|
6.50%, 06/01/2029(a)
|
2,750,000
|
|
|
2,846,206
|
|
Kinetik Holdings LP
|
|
|
|
|
|
|
5.88%, 06/15/2030(a)(k)
|
4,440,000
|
|
|
4,470,054
|
|
NuStar Logistics LP
|
|
|
|
|
|
|
5.63%, 04/28/2027(j)
|
3,255,000
|
|
|
3,269,582
|
|
Parkland Corp.
|
|
|
|
|
|
|
4.50%, 10/01/2029(a)(b)(j)
|
3,247,000
|
|
|
3,074,182
|
|
Plains All American Pipeline LP
|
|
|
|
|
|
|
9.49% (3 mo. Term SOFR + 4.37%), Perpetual(c)(j)
|
7,920,000
|
|
|
7,885,879
|
|
Suburban Propane Partners LP
|
|
|
|
|
|
|
5.00%, 06/01/2031(a)(j)(k)
|
4,389,000
|
|
|
4,090,028
|
|
Sunoco LP
|
|
|
|
|
|
|
4.50%, 05/15/2029
|
1,981,000
|
|
|
1,904,237
|
|
Tallgrass Energy Partners LP
|
|
|
|
|
|
|
6.00%, 12/31/2030(a)(j)
|
6,169,000
|
|
|
5,860,534
|
|
Transcanada Trust
|
|
|
|
|
|
|
5.60% (5 yr. CMT Rate + 3.99%), 03/07/2082(b)(c)(j)
|
4,005,000
|
|
|
3,894,578
|
|
Venture Global Calcasieu Pass LLC
|
|
|
|
|
|
|
6.25%, 01/15/2030(a)(j)
|
4,005,000
|
|
|
4,198,814
|
|
Venture Global LNG, Inc.
|
|
|
|
|
|
|
8.38%, 06/01/2031(a)(k)
|
4,035,000
|
|
|
4,261,339
|
|
Total Oil Gas Transportation & Distribution
|
|
|
|
|
117,988,786
|
|
Real Estate – 6.9%
|
|
|
|
|
|
|
American Assets Trust LP
|
|
|
|
|
|
|
6.15%, 10/01/2034
|
6,237,000
|
|
|
6,302,522
|
|
Brandywine Operating Partnership LP
|
|
|
|
|
|
|
8.88%, 04/12/2029
|
2,335,000
|
|
|
2,580,418
|
|
Cousins Properties LP
|
|
|
|
|
|
|
5.88%, 10/01/2034(j)
|
3,005,000
|
|
|
3,082,090
|
|
EPR Properties
|
|
|
|
|
|
|
3.75%, 08/15/2029(j)
|
3,164,000
|
|
|
2,956,941
|
|
Essential Properties LP
|
|
|
|
|
|
|
2.95%, 07/15/2031(j)
|
6,989,000
|
|
|
6,078,597
|
|
Global Net Lease, Inc.
|
|
|
|
|
|
|
3.75%, 12/15/2027(a)(j)
|
3,705,000
|
|
|
3,454,004
|
|
Iron Mountain, Inc.
|
|
|
|
|
|
|
4.88%, 09/15/2029, (Acquired 02/10/2021 - 02/11/2021, cost $4,859,729)(a)(f)(j)
|
4,750,000
|
|
|
4,651,551
|
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
|
|
|
|
|
|
|
7.00%, 02/01/2030(a)
|
2,761,000
|
|
|
2,869,980
|
|
Piedmont Operating Partnership LP
|
|
|
|
|
|
|
2.75%, 04/01/2032(j)
|
3,280,000
|
|
|
2,655,666
|
|
6.88%, 07/15/2029(j)
|
3,456,000
|
|
|
3,630,799
|
|
9.25%, 07/20/2028(j)(k)
|
2,748,000
|
|
|
3,074,315
|
|
RLJ Lodging Trust LP
|
|
|
|
|
|
|
3.75%, 07/01/2026(a)(j)
|
4,180,000
|
|
|
4,084,694
|
|
Safehold GL Holdings LLC
|
|
|
|
|
|
|
6.10%, 04/01/2034(j)
|
4,020,000
|
|
|
4,243,133
|
|
Starwood Property Trust, Inc.
|
|
|
|
|
|
|
7.25%, 04/01/2029(a)
|
2,735,000
|
|
|
2,867,984
|
|
Store Capital LLC
|
|
|
|
|
|
|
2.70%, 12/01/2031(j)
|
2,213,000
|
|
|
1,878,578
|
|
XHR LP
|
|
|
|
|
|
|
4.88%, 06/01/2029(a)
|
2,935,000
|
|
|
2,813,285
|
|
Total Real Estate
|
|
|
|
|
57,224,557
|
|
Telecommunication Services – 9.3%
|
|
|
|
|
|
|
Altice France SA
|
|
|
|
|
|
|
5.50%, 01/15/2028(a)(b)(j)
|
13,165,000
|
|
|
9,580,910
|
|
Cable One, Inc.
|
|
|
|
|
|
|
4.00%, 03/15/2026
|
2,000,000
|
|
|
1,830,000
|
|
Cablevision Lightpath LLC
|
|
|
|
|
|
|
5.63%, 09/15/2028(a)
|
4,500,000
|
|
|
4,222,779
|
|
Frontier Communications Holdings LLC
|
|
|
|
|
|
|
8.63%, 03/15/2031(a)
|
4,235,000
|
|
|
4,565,711
|
|
Iliad Holding SASU
|
|
|
|
|
|
|
8.50%, 04/15/2031(a)(b)
|
1,500,000
|
|
|
1,613,280
|
|
LCPR Senior Secured Financing DAC
|
|
|
|
|
|
|
5.13%, 07/15/2029(a)(b)
|
1,000,000
|
|
|
817,744
|
|
6.75%, 10/15/2027(a)(b)
|
1,531,000
|
|
|
1,400,555
|
|
Level 3 Financing, Inc.
|
|
|
|
|
|
|
4.50%, 04/01/2030(a)
|
4,400,000
|
|
|
3,406,635
|
|
10.50%, 05/15/2030(a)(k)
|
9,246,000
|
|
|
9,951,008
|
|
10.75%, 12/15/2030(a)
|
1,000,000
|
|
|
1,097,457
|
|
Optics Bidco SpA
|
|
|
|
|
|
|
6.38%, 11/15/2033(a)(b)
|
2,890,000
|
|
|
3,011,640
|
|
Rogers Communications, Inc.
|
|
|
|
|
|
|
5.25% (5 yr. CMT Rate + 3.59%), 03/15/2082(a)(b)(c)(j)(k)
|
4,335,000
|
|
|
4,256,382
|
|
Telecom Italia Capital SA
|
|
|
|
|
|
|
6.38%, 11/15/2033(b)(j)(k)
|
7,540,000
|
|
|
7,764,059
|
|
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
|
|
|
|
|
|
|
6.50%, 02/15/2029(a)(j)
|
7,500,000
|
|
|
6,507,715
|
|
10.50%, 02/15/2028(a)(j)(k)
|
12,952,000
|
|
|
13,822,710
|
|
Windstream Escrow LLC / Windstream Escrow Finance Corp.
|
|
|
|
|
|
|
8.25%, 10/01/2031(a)
|
1,008,000
|
|
|
1,024,900
|
|
Zegona Finance PLC
|
|
|
|
|
|
|
8.63%, 07/15/2029(a)(b)
|
2,680,000
|
|
|
2,860,900
|
|
Total Telecommunication Services
|
|
|
|
|
77,734,385
|
|
Transportation – 0.7%
|
|
|
|
|
|
|
BNSF Funding Trust I
|
|
|
|
|
|
|
6.61% (3 mo. LIBOR US + 2.35%), 12/15/2055(c)(j)
|
675,000
|
|
|
680,352
|
|
Brightline East LLC
|
|
|
|
|
|
|
11.00%, 01/31/2030(a)(k)
|
5,720,000
|
|
|
4,868,027
|
|
Total Transportation
|
|
|
|
|
5,548,379
|
|
Utility – 7.4%
|
|
|
|
|
|
|
AES Corp.
|
|
|
|
|
|
|
7.60% (5 yr. CMT Rate + 3.20%), 01/15/2055(c)
|
3,700,000
|
|
|
3,889,476
|
|
American Electric Power Co., Inc.
|
|
|
|
|
|
|
7.05% (5 yr. CMT Rate + 2.75%), 12/15/2054(c)(j)
|
5,305,000
|
|
|
5,577,523
|
|
Atlantica Sustainable Infrastructure PLC
|
|
|
|
|
|
|
4.13%, 06/15/2028(a)(b)(j)
|
2,596,000
|
|
|
2,571,918
|
|
Calpine Corp.
|
|
|
|
|
|
|
5.13%, 03/15/2028(a)(k)
|
7,405,000
|
|
|
7,303,585
|
|
CenterPoint Energy, Inc.
|
|
|
|
|
|
|
6.85% (5 yr. CMT Rate + 2.95%), 02/15/2055(c)
|
7,225,000
|
|
|
7,450,677
|
|
Clearway Energy Operating LLC
|
|
|
|
|
|
|
3.75%, 02/15/2031(a)(j)
|
5,297,000
|
|
|
4,851,605
|
|
CMS Energy Corp.
|
|
|
|
|
|
|
4.75% (5 yr. CMT Rate + 4.12%), 06/01/2050(c)
|
1,841,000
|
|
|
1,776,516
|
|
Electricite de France SA
|
|
|
|
|
|
|
9.13% (5 yr. CMT Rate + 5.41%), Perpetual(a)(b)(c)
|
2,400,000
|
|
|
2,731,882
|
|
Emera, Inc.
|
|
|
|
|
|
|
6.75% (3 mo. LIBOR US + 5.44%), 06/15/2076(b)(c)(j)
|
7,600,000
|
|
|
7,642,818
|
|
Entergy Corp.
|
|
|
|
|
|
|
7.13% (5 yr. CMT Rate + 2.67%), 12/01/2054(c)
|
5,000,000
|
|
|
5,182,115
|
|
Ferrellgas LP / Ferrellgas Finance Corp.
|
|
|
|
|
|
|
5.88%, 04/01/2029(a)(j)
|
2,815,000
|
|
|
2,634,006
|
|
NRG Energy, Inc.
|
|
|
|
|
|
|
6.63%, 01/15/2027(j)
|
2,159,000
|
|
|
2,161,871
|
|
10.25% (5 yr. CMT Rate + 5.92%), Perpetual(a)(c)
|
3,750,000
|
|
|
4,223,542
|
|
PG&E Corp.
|
|
|
|
|
|
|
7.38% (5 yr. CMT Rate + 3.88%), 03/15/2055(c)
|
1,678,000
|
|
|
1,762,420
|
|
Sempra
|
|
|
|
|
|
|
6.88% (5 yr. CMT Rate + 2.79%), 10/01/2054(c)(k)
|
1,535,000
|
|
|
1,590,705
|
|
Total Utility
|
|
|
|
|
61,350,659
|
|
Wireless Telecommunication Services – 0.4%
|
|
|
|
|
|
|
Vodafone Group PLC
|
|
|
|
|
|
|
4.13% (5 yr. CMT Rate + 2.77%), 06/04/2081(b)(c)(j)
|
3,705,000
|
|
|
3,357,967
|
|
TOTAL CORPORATE CREDIT
(Cost $562,513,030)
|
|
|
|
577,917,974
|
|
TERM LOANS – 3.8%
|
|
|
|
|
|
|
Apro LLC, First Lien
|
|
|
|
|
|
|
8.87% (1 mo. Term SOFR + 3.75%), 07/09/2031(c)
|
2,000,000
|
|
|
2,005,000
|
|
Cablevision Lightpath LLC
|
|
|
|
|
|
|
8.70% (1 mo. Term SOFR + 3.25%), 12/01/2027(c)
|
2,493,523
|
|
|
2,488,062
|
|
Carnival Corp., First Lien
|
|
|
|
|
|
|
8.09% (1 mo. Term SOFR + 3.75%), 08/09/2027(b)(c)
|
1,603,021
|
|
|
1,605,522
|
|
Cogeco Communications USA II LP, First Lien
|
|
|
|
|
|
|
8.59% (1 mo. Term SOFR + 3.25%), 09/30/2030(c)
|
1,990,000
|
|
|
1,942,738
|
|
Cushman & Wakefield
|
|
|
|
|
|
|
8.11%, 01/31/2030
|
2,992,500
|
|
|
2,990,016
|
|
Fertitta Entertainment LLC/NV, First Lien
|
|
|
|
|
|
|
9.08% (1 mo. Term SOFR + 3.75%), 01/29/2029(c)
|
5,458,015
|
|
|
5,440,222
|
|
Greystar Real Estate Partners LLC, First Lien
|
|
|
|
|
|
|
7.67% (1 mo. Term SOFR + 2.75%), 08/21/2030(c)
|
5,446,412
|
|
|
5,432,796
|
|
Lumen Technologies, Inc., First Lien
|
|
|
|
|
|
|
7.74% (1 mo. Term SOFR + 2.35%), 04/16/2029(c)
|
1,263,435
|
|
|
1,105,822
|
|
7.74% (1 mo. Term SOFR + 2.35%), 04/15/2030(c)
|
1,263,435
|
|
|
1,092,088
|
|
OEG Borrower LLC
|
|
|
|
|
|
|
8.83% (3 mo. Term SOFR + 3.50%), 06/30/2031(c)
|
1,500,000
|
|
|
1,496,250
|
|
Select Medical Corp., First Lien
|
|
|
|
|
|
|
8.34% (1 mo. Term SOFR + 3.00%), 03/05/2027(c)
|
500,175
|
|
|
501,840
|
|
Sunrise Financing Partnership
|
|
|
|
|
|
|
7.70% (1 mo. Term SOFR + 2.25%), 04/30/2028(c)
|
2,750,000
|
|
|
2,715,130
|
|
Third Coast Infrastructure
|
|
|
|
|
|
|
9.17%, 09/19/2030
|
3,000,000
|
|
|
2,977,500
|
|
Vistra Energy Corp.
|
|
|
|
|
|
|
0.00%, 10/31/2025(g)
|
25,848
|
|
|
317
|
|
TOTAL TERM LOANS
(Cost $31,488,519)
|
|
|
|
31,793,303
|
| |
|
Shares
|
|
|
Value
|
|
PREFERRED STOCKS – 2.3%
|
|
|
|
|
|
|
Oil Gas Transportation & Distribution – 0.1%
|
|
|
|
|
|
|
Global Partners LP, Series B, 9.50%
|
32,100
|
|
|
833,065
|
|
Real Estate – 0.5%
|
|
|
|
|
|
|
EPR Properties, Series E, 9.00%
|
136,519
|
|
|
4,181,577
|
|
Retail – 0.3%
|
|
|
|
|
|
|
Kimco Realty Corp., Series N, 7.25%
|
46,600
|
|
|
2,861,240
|
|
Telecommunication Services – 0.3%
|
|
|
|
|
|
|
DigitalBridge Group, Inc., Series H, 7.13%
|
779
|
|
|
19,981
|
|
Liberty Broadband Corp., Series A, 7.00%(j)
|
99,271
|
|
|
2,370,592
|
|
Total Telecommunication Services
|
|
|
|
2,390,573
|
|
Utility – 1.1%
|
|
|
|
|
|
|
SCE Trust IV, Series J, 5.38%
|
285,089
|
|
|
6,919,110
|
|
SCE Trust V, Series K, 5.45%(j)
|
92,789
|
|
|
2,284,465
|
|
Total Utility
|
|
|
|
9,203,575
|
|
TOTAL PREFERRED STOCKS
(Cost $18,535,765)
|
|
|
|
19,470,030
|
|
COMMON STOCKS – 4.4%
|
|
|
|
|
|
|
Airports – 0.2%
|
|
|
|
|
|
|
Auckland International Airport Ltd.(b)
|
127,719
|
|
|
606,115
|
|
Grupo Aeroportuario del Pacifico SAB de CV(b)
|
40,380
|
|
|
699,852
|
|
Japan Airport Terminal Co. Ltd.(b)(j)
|
9,274
|
|
|
334,667
|
|
Total Airports
|
|
|
|
1,640,634
|
|
Clean Technology – 0.0%
|
|
|
|
|
|
|
Carrier Global Corp.(j)
|
997
|
|
|
80,249
|
|
Itron, Inc.(j)(l)
|
399
|
|
|
42,617
|
|
Nexans SA(b)(j)
|
274
|
|
|
40,219
|
|
Trane Technologies PLC(b)(j)
|
130
|
|
|
50,535
|
|
Total Clean Technology
|
|
|
|
213,620
|
|
Data Centers – 0.0%
|
|
|
|
|
|
|
Digital Realty Trust, Inc.(j)
|
152
|
|
|
24,598
|
|
Equinix, Inc.(j)
|
89
|
|
|
78,999
|
|
Keppel DC REIT(b)
|
11,380
|
|
|
19,176
|
|
Total Data Centers
|
|
|
|
122,773
|
|
Diversified – 0.0%
|
|
|
|
|
|
|
British Land Co. PLC(b)
|
2,643
|
|
|
15,400
|
|
CapitaLand Integrated Commercial Trust(b)
|
7,677
|
|
|
12,619
|
|
CapitaLand Investment Ltd./Singapore(b)
|
5,318
|
|
|
12,858
|
|
CK Asset Holdings Ltd.(b)
|
1,250
|
|
|
5,442
|
|
GPT Group(b)(j)
|
5,658
|
|
|
19,400
|
|
Star Asia Investment Corp.(b)(j)
|
6
|
|
|
2,226
|
|
Stockland(b)(j)
|
8,515
|
|
|
30,712
|
|
Total Diversified
|
|
|
|
98,657
|
|
Electricity Transmission & Distribution – 0.3%
|
|
|
|
|
|
|
PG&E Corp.(j)
|
71,620
|
|
|
1,415,927
|
|
Sempra(j)
|
16,287
|
|
|
1,362,082
|
|
Total Electricity Transmission & Distribution
|
|
|
|
2,778,009
|
|
Gas Utilities – 0.2%
|
|
|
|
|
|
|
China Resources Gas Group Ltd.(b)
|
150,035
|
|
|
600,496
|
|
ENN Energy Holdings Ltd.(b)
|
51,529
|
|
|
387,095
|
|
NiSource, Inc.(j)
|
28,437
|
|
|
985,342
|
|
Total Gas Utilities
|
|
|
|
1,972,933
|
|
Gathering & Processing – 0.1%
|
|
|
|
|
|
|
Hess Midstream LP(j)
|
3,701
|
|
|
130,534
|
|
MPLX LP(j)
|
3,109
|
|
|
138,226
|
|
ONEOK, Inc.
|
1,449
|
|
|
132,048
|
|
Western Midstream Partners LP(j)
|
1,677
|
|
|
64,162
|
|
Total Gathering & Processing
|
|
|
|
464,970
|
|
Health Care – 0.0%
|
|
|
|
|
|
|
American Healthcare REIT, Inc.(j)
|
539
|
|
|
14,068
|
|
CareTrust REIT, Inc.(j)
|
603
|
|
|
18,608
|
|
Healthpeak Properties, Inc.(j)
|
1,632
|
|
|
37,324
|
|
Ventas, Inc.(j)
|
383
|
|
|
24,562
|
|
Welltower, Inc.(j)
|
204
|
|
|
26,118
|
|
Total Health Care
|
|
|
|
120,680
|
|
Industrial – 0.0%
|
|
|
|
|
|
|
CTP NV(a)(b)(j)
|
1,263
|
|
|
23,053
|
|
GLP J-Reit(b)
|
7
|
|
|
6,470
|
|
Goodman Group(b)(j)
|
430
|
|
|
10,969
|
|
LaSalle Logiport REIT(b)
|
5
|
|
|
4,996
|
|
Mitsubishi Estate Logistics REIT Investment Corp.(b)(j)
|
4
|
|
|
10,290
|
|
Prologis, Inc.(j)
|
624
|
|
|
78,799
|
|
Rexford Industrial Realty, Inc.(j)
|
300
|
|
|
15,093
|
|
Total Industrial
|
|
|
|
149,670
|
|
Integrated Utilities/Renewables – 0.5%
|
|
|
|
|
|
|
CLP Holdings Ltd.(b)
|
61,428
|
|
|
537,029
|
|
Duke Energy Corp.(j)
|
15,702
|
|
|
1,810,440
|
|
Entergy Corp.(j)
|
9,099
|
|
|
1,197,519
|
|
RWE AG(b)(j)
|
19,016
|
|
|
692,808
|
|
Total Integrated Utilities/Renewables
|
|
|
|
4,237,796
|
|
Midstream – 0.6%
|
|
|
|
|
|
|
Cheniere Energy, Inc.(j)
|
5,903
|
|
|
1,061,595
|
|
Koninklijke Vopak NV(b)(j)
|
13,737
|
|
|
637,532
|
|
Targa Resources Corp.(j)
|
6,010
|
|
|
889,540
|
|
TC Energy Corp.(b)(j)
|
21,737
|
|
|
1,033,289
|
|
Williams Cos., Inc.(j)
|
22,295
|
|
|
1,017,767
|
|
Total Midstream
|
|
|
|
4,639,723
|
|
Net Lease – 0.0%
|
|
|
|
|
|
|
Agree Realty Corp.(j)
|
419
|
|
|
31,563
|
|
Broadstone Net Lease, Inc.(j)
|
1,164
|
|
|
22,058
|
|
Essential Properties Realty Trust, Inc.(j)
|
902
|
|
|
30,803
|
|
Realty Income Corp.(j)
|
201
|
|
|
12,748
|
|
Total Net Lease
|
|
|
|
97,172
|
|
Office – 0.0%
|
|
|
|
|
|
|
Brandywine Realty Trust(j)
|
514
|
|
|
2,796
|
|
BXP, Inc.(j)
|
156
|
|
|
12,552
|
|
Cousins Properties, Inc.(j)
|
273
|
|
|
8,048
|
|
Hongkong Land Holdings Ltd.(b)
|
2,200
|
|
|
8,083
|
|
KDX Realty Investment Corp.(b)(j)
|
10
|
|
|
10,537
|
|
Mitsui Fudosan Company Ltd.(b)(j)
|
2,907
|
|
|
27,392
|
|
Paramount Group, Inc.(j)
|
1,078
|
|
|
5,304
|
|
Piedmont Office Realty Trust, Inc.(j)
|
827
|
|
|
8,353
|
|
Total Office
|
|
|
|
83,065
|
|
Oil & Gas Storage & Transportation – 0.0%
|
|
|
|
|
|
|
Thunderbird Resources Equity, Inc.(Acquired 4/1/2015, cost $1,114,211)(e)(f)(l)
|
11
|
|
|
11
|
|
Other Sustainable Infrastructure – 0.2%
|
|
|
|
|
|
|
Crown Castle, Inc.(j)
|
10,166
|
|
|
1,205,993
|
|
Pipeline (MLP) – 0.0%
|
|
|
|
|
|
|
TC Energy Corp.(b)(j)
|
2,885
|
|
|
137,182
|
|
Pipeline Transportation / Natural Gas – 0.1%
|
|
|
|
|
|
|
DT Midstream, Inc.(j)
|
1,739
|
|
|
136,790
|
|
Energy Transfer LP(j)
|
8,337
|
|
|
133,809
|
|
Enterprise Products Partners LP(j)
|
4,601
|
|
|
133,935
|
|
Kinder Morgan, Inc.
|
223
|
|
|
4,926
|
|
Total Pipeline Transportation / Natural Gas
|
|
|
|
409,460
|
|
Pipeline Transportation / Petroleum – 0.0%
|
|
|
|
|
|
|
Plains All American Pipeline LP(j)
|
7,162
|
|
|
124,404
|
|
Rail – 0.4%
|
|
|
|
|
|
|
Canadian Pacific Kansas City Ltd.(b)(j)
|
13,316
|
|
|
1,138,868
|
|
CSX Corp.(j)
|
33,257
|
|
|
1,148,364
|
|
East Japan Railway Co.(b)(j)
|
37,560
|
|
|
745,415
|
|
Total Rail
|
|
|
|
3,032,647
|
|
Real Estate – 0.1%
|
|
|
|
|
|
|
Equity Commonwealth
|
37,953
|
|
|
958,317
|
|
Renewable Power & Infrastructure – 1.1%
|
|
|
|
|
|
|
Boralex, Inc.(b)(j)
|
3,096
|
|
|
82,365
|
|
Clearway Energy, Inc.(j)
|
1,413
|
|
|
43,351
|
|
CMS Energy Corp.(j)
|
13,249
|
|
|
935,777
|
|
E.ON SE(b)(j)
|
6,803
|
|
|
101,310
|
|
EDP Renovaveis SA(b)(j)
|
3,559
|
|
|
62,100
|
|
Enel SpA(b)(j)
|
15,453
|
|
|
123,436
|
|
Equatorial Energia SA(b)
|
128,982
|
|
|
769,927
|
|
First Solar, Inc.(j)(l)
|
240
|
|
|
59,865
|
|
Fortis, Inc.(b)(j)
|
930
|
|
|
42,255
|
|
Iberdrola SA(b)(j)
|
7,528
|
|
|
116,377
|
|
Mercury NZ Ltd.(b)
|
13,816
|
|
|
56,751
|
|
National Grid PLC(b)(j)
|
91,446
|
|
|
1,264,061
|
|
NextEra Energy, Inc.(j)
|
24,588
|
|
|
2,078,423
|
|
NEXTracker, Inc.(j)(l)
|
856
|
|
|
32,083
|
|
Orsted A/S(a)(b)(l)
|
524
|
|
|
34,706
|
|
Public Service Enterprise Group, Inc.(j)
|
10,014
|
|
|
893,349
|
|
Redeia Corp. SA(b)(j)
|
35,067
|
|
|
681,742
|
|
SSE PLC(b)(j)
|
2,252
|
|
|
56,760
|
|
Vestas Wind Systems A/S(b)(l)
|
1,330
|
|
|
29,265
|
|
Xcel Energy, Inc.(j)
|
21,196
|
|
|
1,384,099
|
|
Total Renewable Power & Infrastructure
|
|
|
|
8,848,002
|
|
Renewables/Electric Generation – 0.0%
|
|
|
|
|
|
|
Serena Energia SA(b)(l)
|
29,329
|
|
|
44,147
|
|
Residential – 0.0%
|
|
|
|
|
|
|
American Homes 4 Rent(j)
|
510
|
|
|
19,579
|
|
Boardwalk Real Estate Investment Trust(b)(j)
|
84
|
|
|
5,320
|
|
Comforia Residential REIT, Inc.(b)(j)
|
8
|
|
|
18,076
|
|
Equity LifeStyle Properties, Inc.(j)
|
196
|
|
|
13,983
|
|
Fastighets AB Balder(b)(j)(l)
|
1,310
|
|
|
11,520
|
|
Mid-America Apartment Communities, Inc.(j)
|
49
|
|
|
7,786
|
|
UDR, Inc.(j)
|
715
|
|
|
32,418
|
|
UMH Properties, Inc.(j)
|
264
|
|
|
5,193
|
|
Veris Residential, Inc.(j)
|
300
|
|
|
5,358
|
|
Vonovia SE(b)(j)
|
1,286
|
|
|
46,948
|
|
Total Residential
|
|
|
|
166,181
|
|
Retail – 0.0%
|
|
|
|
|
|
|
Brixmor Property Group, Inc.(j)
|
1,575
|
|
|
43,879
|
|
Capital & Counties Properties PLC(b)(j)
|
7,135
|
|
|
14,075
|
|
Eurocommercial Properties NV(b)(j)
|
485
|
|
|
13,435
|
|
Link REIT(b)
|
5,885
|
|
|
29,338
|
|
Macerich Co.
|
607
|
|
|
11,072
|
|
Regency Centers Corp.(j)
|
395
|
|
|
28,531
|
|
Simon Property Group, Inc.(j)
|
111
|
|
|
18,761
|
|
Total Retail
|
|
|
|
159,091
|
|
Self Storage – 0.0%
|
|
|
|
|
|
|
Big Yellow Group PLC(b)(j)
|
1,214
|
|
|
20,617
|
|
Extra Space Storage, Inc.(j)
|
205
|
|
|
36,939
|
|
Safestore Holdings PLC(b)(j)
|
1,126
|
|
|
13,563
|
|
Total Self Storage
|
|
|
|
71,119
|
|
Toll Roads – 0.3%
|
|
|
|
|
|
|
Ferrovial SE(b)(j)
|
7,609
|
|
|
327,013
|
|
Transurban Group(b)(j)
|
141,624
|
|
|
1,279,581
|
|
Vinci SA(b)(j)
|
5,182
|
|
|
605,759
|
|
Total Toll Roads
|
|
|
|
2,212,353
|
|
Towers – 0.2%
|
|
|
|
|
|
|
American Tower Corp.(j)
|
2,960
|
|
|
688,377
|
|
Cellnex Telecom SA(a)(b)(j)
|
17,818
|
|
|
722,393
|
|
Total Towers
|
|
|
|
1,410,770
|
|
Water – 0.0%
|
|
|
|
|
|
|
Pennon Group PLC(b)(j)
|
40,313
|
|
|
318,499
|
|
Water & Waste Infrastructure – 0.1%
|
|
|
|
|
|
|
American Water Works Company, Inc.(b)(j)
|
580
|
|
|
84,819
|
|
Republic Services, Inc.(j)
|
295
|
|
|
59,248
|
|
Severn Trent PLC(b)(j)
|
14,380
|
|
|
509,103
|
|
Veolia Environment SA(b)(j)
|
1,085
|
|
|
35,722
|
|
Waste Connections, Inc.(b)(j)
|
436
|
|
|
77,935
|
|
Xylem, Inc.(j)
|
300
|
|
|
40,509
|
|
Total Water & Waste Infrastructure
|
|
|
|
807,336
|
|
TOTAL COMMON STOCKS
(Cost $32,546,109)
|
|
|
|
36,525,214
|
|
EXCHANGE TRADED FUNDS — 1.2%
|
|
|
|
|
|
|
iShares 0-3 Month Treasury Bond ETF
|
|
49,700
|
|
|
5,005,784
|
|
Janus Henderson AAA CLO ETF
|
|
98,400
|
|
|
5,006,592
|
| |
|
|
|
|
10,012,376
|
|
Total
|
|
|
|
10,012,376
|
|
TOTAL EXCHANGE TRADED FUNDS
(Cost $10,009,045)
|
|
|
|
10,012,376
|
|
MONEY MARKET FUND – 2.6%
|
|
|
|
|
|
|
First American Treasury Obligations Fund - Class X, 4.79%(m)
|
21,468,031
|
|
|
21,468,031
|
|
TOTAL MONEY MARKET FUND
(Cost $21,468,031)
|
|
|
|
21,468,031
|
|
Total Investments – 125.3%
(Cost $1,071,950,978)
|
|
|
|
1,044,887,993
|
|
Liabilities in Excess of Other Assets – (25.3)%
|
|
|
|
(210,896,260)
|
|
TOTAL NET ASSETS – 100.0%
|
|
|
$ |
833,991,733
|