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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brookfield Real Assets Income Fund Inc | NYSE:RA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.63% | 12.70 | 12.72 | 12.6412 | 12.70 | 199,274 | 05:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23157
BROOKFIELD REAL ASSETS INCOME FUND INC.
(Exact name of registrant as specified in charter)
BROOKFIELD PLACE
250 VESEY STREET, 15th Floor
NEW YORK, NEW YORK 10281-1023
(Address of principal executive offices) (Zip code)
BRIAN F. HURLEY, PRESIDENT
BROOKFIELD REAL ASSETS INCOME FUND INC.
BROOKFIELD PLACE
250 VESEY STREET 15th Floor
NEW YORK, NEW YORK 10281-1023
(Name and address of agent for service)
Registrants telephone number, including area code: (855) 777-8001
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. Reports to Shareholders.
PORTFOLIO STATISTICS | |
Annualized distribution rate1 | 10.90% |
Weighted average coupon | 3.85% |
Weighted average life | 4.24 years |
Percentage of leveraged assets | 31.18% |
Total number of holdings | 432 |
ASSET BY COUPON TYPE DISTRIBUTION2 | |
Corporate Credit | |
— Real Estate | 18.4% |
— Infrastructure | 10.8% |
— Natural Resources | 6.9% |
Total Corporate Credit | 36.1% |
Securitized Credit | |
— Residential Mortgage-Backed Securities | 18.0% |
— Commercial Mortgage-Backed Securities | 9.3% |
— Other | 2.1% |
Total Securitized Credit | 29.4% |
Real Asset Equities | |
— Real Estate | 10.4% |
— Infrastructure | 22.0% |
Total Real Asset Equities | 32.4% |
Term Loans | 1.0% |
Money Market Fund | 1.1% |
Total | 100.0% |
FIXED INCOME ASSETS BY CREDIT RATING3 | |
BBB and Above | 6.7% |
BB | 41.3% |
B | 16.3% |
CCC and Below | 11.3% |
Unrated | 24.4% |
Total | 100.0% |
Principal
Amount (000s) |
Value | |||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS – 0.2% | ||||||
U.S. Government Agency Collateralized Mortgage Obligations – 0.0% | ||||||
Federal National Mortgage Association | ||||||
Series 1997-79, Class PL, 6.85%, 12/18/27
|
$ 51 | $ 55,972 | ||||
Total U.S. Government Agency Collateralized Mortgage Obligations | 55,972 | |||||
U.S. Government Agency Pass-Through Certificates – 0.2% | ||||||
Federal Home Loan Mortgage Corp. | ||||||
Pool C69047, 7.00%, 06/01/32
|
146 | 155,214 | ||||
Pool C56878, 8.00%, 08/01/31
|
38 | 38,304 | ||||
Pool C58516, 8.00%, 09/01/31
|
30 | 30,671 | ||||
Pool C59641, 8.00%, 10/01/31 | 32 | 32,644 | ||||
Pool C55166, 8.50%, 07/01/31
|
77 | 80,930 | ||||
Pool C55167, 8.50%, 07/01/31
|
44 | 44,724 | ||||
Pool C55169, 8.50%, 07/01/31
|
47 | 47,928 | ||||
Federal National Mortgage Association | ||||||
Pool 948362, 6.50%, 08/01/37
|
19 | 21,794 | ||||
Pool 645912, 7.00%, 06/01/32
|
143 | 154,447 | ||||
Pool 645913, 7.00%, 06/01/32
|
184 | 203,099 | ||||
Pool 650131, 7.00%, 07/01/32
|
175 | 191,293 | ||||
Pool 827853, 7.50%, 10/01/29
|
15 | 15,208 | ||||
Pool 545990, 7.50%, 04/01/31
|
186 | 200,756 | ||||
Pool 255053, 7.50%, 12/01/33
|
45 | 47,840 | ||||
Pool 735576, 7.50%, 11/01/34
|
172 | 200,313 | ||||
Pool 896391, 7.50%, 06/01/36
|
78 | 81,256 | ||||
Pool 735800, 8.00%, 01/01/35
|
153 | 174,784 | ||||
Pool 636449, 8.50%, 04/01/32
|
184 | 202,004 | ||||
Pool 458132, 8.80%, 03/15/31
|
22 | 22,162 | ||||
Pool 545436, 9.00%, 10/01/31
|
129 | 149,848 | ||||
Total U.S. Government Agency Pass-Through Certificates | 2,095,219 | |||||
Total U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost
$2,009,167)
|
2,151,191 | |||||
SECURITIZED CREDIT – 41.4% | ||||||
Commercial Mortgage-Backed Securities – 12.2% | ||||||
ACAM Ltd. | ||||||
Series 2019-FL1, Class D, 2.87% (1 Month LIBOR USD + 2.75%), 11/17/34
(e),(u),(v)
|
1,902 | 1,830,392 | ||||
Series 2019-FL1, Class E, 3.12% (1 Month LIBOR USD + 3.00%), 11/17/34
(e),(u),(v)
|
2,098 | 1,971,665 | ||||
Atrium Hotel Portfolio Trust | ||||||
Series 2017-ATRM, Class E, 3.12% (1 Month LIBOR USD + 3.05%), 12/15/36
(e),(v)
|
3,302 | 3,154,847 | ||||
BBCMS Trust | ||||||
Series 2021-AGW, Class G, 4.87% (1 Month LIBOR USD + 4.80%), 06/15/36
(e),(v)
|
4,000 | 3,999,244 | ||||
Beast Mortgage Trust | ||||||
Series 2021-1818, Class E, 3.70% (1 Month LIBOR USD + 3.45%), 03/15/36
(e),(v)
|
2,500 | 2,505,962 | ||||
Series 2021-1818, Class F, 4.70% (1 Month LIBOR USD + 4.45%), 03/15/36
(e),(v)
|
1,250 | 1,252,908 | ||||
BSPRT Issuer Ltd. | ||||||
Series 2019-FL5, Class E, 2.92% (1 Month LIBOR USD + 2.85%), 05/15/29
(e),(u),(v)
|
1,500 | 1,467,146 | ||||
BX Trust | ||||||
Series 2018-GW, Class G, 2.99% (1 Month LIBOR USD + 2.92%), 05/15/35
(e),(s),(v)
|
3,000 | 2,988,729 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
CGDB Commercial Mortgage Trust | ||||||
Series 2019-MOB, Class G, 3.06% (1 Month LIBOR USD + 2.99%), 11/15/36
(e),(v)
|
$ 3,500 | $ 3,368,246 | ||||
CHT Mortgage Trust | ||||||
Series 2017-CSMO, Class F, 3.81% (1 Month LIBOR USD + 3.74%), 11/15/36
(e),(s),(v)
|
2,800 | 2,806,998 | ||||
Class B Notes | ||||||
Moreland Avenue, 9.23%, 11/01/22 (Acquired 11/16/15, Cost $212,568)
(f),(p)
|
213 | 214,048 | ||||
Marshalls, 9.50%, 11/01/22 (Acquired 10/28/15, Cost $355,256)
(f),(p)
|
355 | 358,435 | ||||
North River, 9.50%, 11/01/22 (Acquired 10/28/15, Cost $172,614)
(f),(p)
|
173 | 172,148 | ||||
Town and Country, 9.50%, 11/01/22 (Acquired 10/28/15, Cost $471,155)
(f),(p)
|
471 | 475,752 | ||||
St. Louis Holiday Inn, 10.08%, 12/31/21 (Acquired 06/25/15, Cost $1,773,731)
(f),(p)
|
1,774 | 1,711,516 | ||||
CLNC Ltd. | ||||||
Series 2019-FL1, Class E, 3.32% (1 Month LIBOR USD + 3.20%), 08/20/35
(e),(u),(v)
|
3,000 | 2,835,165 | ||||
Cold Finance PLC | ||||||
Series 1, Class E, 3.63% (3 Month LIBOR GBP + 3.55%), 08/20/29
(u),(v)
|
771 | 1,061,070 | ||||
CSAIL Commercial Mortgage Trust | ||||||
Series 2018-C14, Class E, 5.05%, 03/15/36
(e)
|
3,000 | 2,953,792 | ||||
Extended Stay America Trust | ||||||
Series 2021-ESH, Class F, 3.78% (1 Month LIBOR USD + 3.70%), 07/15/38
(e),(v)
|
3,000 | 3,011,116 | ||||
FS Rialto | ||||||
Series 2019-FL1, Class C, 2.57% (1 Month LIBOR USD + 2.50%), 12/16/36
(e),(s),(u),(v)
|
2,000 | 1,926,891 | ||||
GS Mortgage Securities Trust | ||||||
Series 2021-RENT, Class F, 3.74% (1 Month LIBOR USD + 3.65%), 11/21/35
(e),(v)
|
939 | 942,053 | ||||
Series 2020-GC47, Class F, 2.57%, 05/12/53
(e)
|
3,500 | 2,657,872 | ||||
Series 2021-RENT, Class G, 5.79% (1 Month LIBOR USD + 5.70%), 11/21/35
(e),(v)
|
2,061 | 2,063,790 | ||||
Hilton USA Trust | ||||||
Series 2016-HHV, Class E, 4.33%, 11/05/38
(e)
|
16,000 | 16,497,069 | ||||
Series 2016-SFP, Class E, 5.52%, 11/05/35
(e)
|
886 | 895,856 | ||||
Series 2016-SFP, Class F, 6.16%, 11/05/35
(e)
|
1,064 | 1,077,051 | ||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||
Series 2021-1440, Class E, 3.92% (1 Month LIBOR USD + 3.85%), 03/15/36
(e),(v)
|
805 | 810,284 | ||||
Series 2021-1440, Class F, 4.92% (1 Month LIBOR USD + 4.85%), 03/15/36
(e),(v)
|
2,586 | 2,602,468 | ||||
Series 2008-C2, Class AM, 7.01%, 02/12/51
|
6,503 | 3,876,211 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2021-INV1, Class AX1, 0.29%, 10/25/51
(e)
|
58,885 | 768,894 | ||||
Series 2021-INV1, Class B5, 3.04%, 10/25/51
(e)
|
254 | 156,503 | ||||
Series 2021-INV1, Class B6, 3.04%, 10/25/51
(e)
|
573 | 219,258 | ||||
Last Mile Securities PE DAC | ||||||
Series 2021-1A, Class E, 3.50% (3 Month EURIBOR + 3.50%), 08/17/31
(e),(u),(v)
|
1,962 | 2,329,065 | ||||
Series 2021-1A, Class F, 5.00% (3 Month EURIBOR + 5.00%), 08/17/31
(e),(u),(v)
|
2,038 | 2,419,018 | ||||
LoanCore Issuer Ltd. | ||||||
Series 2021-CRE4, Class D, 2.62% (1 Month LIBOR USD + 2.50%), 07/15/35
(e),(v)
|
1,000 | 1,001,164 | ||||
Morgan Stanley Capital I Trust | ||||||
Series 2007-T25, Class AJ, 5.57%, 11/12/49
|
5,666 | 4,455,054 | ||||
Series 2007-T27, Class AJ, 6.21%, 06/11/42
|
2,092 | 2,147,080 | ||||
Radnor RE Ltd. | ||||||
Series 2020-1, Class M1B, 1.54% (1 Month LIBOR USD + 1.45%), 01/25/30
(e),(u),(v)
|
1,781 | 1,784,616 | ||||
Series 2021-1, Class M2, 3.16% (30 Day SOFR + 3.15%), 12/27/33
(e),(v)
|
1,443 | 1,443,000 | ||||
Series 2019-1, Class M2, 3.29% (1 Month LIBOR USD + 3.20%), 02/25/29
(e),(v)
|
2,769 | 2,808,407 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Ribbon Finance PLC | ||||||
Series 2018-1, Class F, 3.24% (3 Month LIBOR GBP + 3.15%), 04/20/28
(u),(v)
|
$ 2,108 | $ 2,729,061 | ||||
SFO Commercial Mortgage Trust | ||||||
Series 2021-555, Class F, 3.72% (1 Month LIBOR USD + 3.65%), 05/15/38
(e),(v)
|
1,000 | 1,005,884 | ||||
SLIDE | ||||||
Series 2018-FUN, Class E, 2.62% (1 Month LIBOR USD + 2.30%), 06/15/31
(e),(s),(v)
|
2,802 | 2,738,212 | ||||
Taurus IT SRL | ||||||
Series 2018-IT1, Class D, 3.35% (3 Month EURIBOR + 3.35%), 05/18/30
(u),(v)
|
887 | 993,853 | ||||
Taurus UK DAC | ||||||
Series 2021-UK1A, Class E, 3.70% (3 Month SONIA + 3.65%), 05/17/31
(e),(u),(v)
|
2,100 | 2,904,752 | ||||
TRTX Issuer Ltd. | ||||||
Series 2021-FL4, Class E, 4.43% (1 Month LIBOR USD + 4.35%), 03/15/38
(e),(s),(u),(v)
|
4,000 | 4,024,989 | ||||
TTAN | ||||||
Series 2021-MHC, Class G, 4.27% (1 Month LIBOR USD + 4.20%), 03/15/38
(e),(v)
|
5,000 | 5,019,164 | ||||
VMC Finance LLC | ||||||
Series 2021-FL4, Class D, 3.58% (1 Month LIBOR USD + 3.50%), 06/16/36
(e),(s),(v)
|
893 | 895,002 | ||||
Series 2021-FL4, Class E, 4.03% (1 Month LIBOR USD + 3.95%), 06/16/36
(e),(v)
|
3,107 | 3,114,040 | ||||
Total Commercial Mortgage-Backed Securities | 114,445,740 | |||||
Commercial Real Estate – 1.1% | ||||||
111 Wall Street | ||||||
Senior Mezzanine Loan, 9.33% (1 Month LIBOR USD + 9.25%, 0.50% Floor), 06/08/23 (Acquired 06/09/21, Cost $3,625,795)
(f),(m),(v)
|
3,703 | 3,703,306 | ||||
125 West End Office Mezz LLC | ||||||
Mezzanine Loan, 11.00% (1 Month LIBOR USD + 10.50%, 0.50% Floor), 03/12/26 (Acquired 03/11/21, Cost $1,729,128)
(f),(m),(v)
|
1,779 | 1,779,069 | ||||
575 Lexington | ||||||
Junior Mezzanine Loan, 10.50% (1 Month LIBOR USD + 10.00%, 0.50% Floor), 06/18/23
(Acquired 03/17/21, Cost $4,765,114)
(f),(m),(v)
|
4,791 | 4,790,754 | ||||
Total Commercial Real Estate | 10,273,129 | |||||
Interest-Only Securities – 0.3% | ||||||
Government National Mortgage Association | ||||||
Series 2010-132, Class IO, 0.41%, 11/16/52
|
205 | 4,050 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2015-4, Class 2X1, 0.27%, 06/25/45
(e)
|
51,353 | 381,740 | ||||
Series 2014-5, Class AX4, 0.41%, 10/25/29
(e)
|
4,468 | 24,012 | ||||
Vendee Mortgage Trust | ||||||
Series 1997-2, Class IO, 0.00%, 06/15/27
|
3,442 | 4 | ||||
Voyager CNTYW Delaware Trust | ||||||
Series 2009-1, Class 3QB1, 24.42%, 03/16/30
(e),(v)
|
2,305 | 2,172,150 | ||||
Total Interest-Only Securities | 2,581,956 | |||||
Other – 2.5% | ||||||
GMACM Home Equity Loan Trust | ||||||
Series 2005-HE3, Class A2, 0.59% (1 Month LIBOR USD + 0.50%), 02/25/36
(s),(v)
|
930 | 911,196 | ||||
Series 2005-HE3, Class A1VN, 0.59% (1 Month LIBOR USD + 0.50%), 02/25/36
(s),(v)
|
833 | 811,553 | ||||
Series 2007-HE2, Class A2, 6.05%, 12/25/37
|
646 | 663,616 | ||||
Series 2007-HE2, Class A3, 6.19%, 12/25/37
|
1,245 | 1,281,418 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Irwin Home Equity Loan Trust | ||||||
Series 2006-1, Class 2A3, 6.27%, 09/25/35
(e),(s)
|
$ 948 | $ 982,351 | ||||
Lehman ABS Manufactured Housing Contract Trust | ||||||
Series 2001-B, Class M1, 6.63%, 04/15/40
|
6,308 | 6,684,096 | ||||
Mid-State Capital Corporation Trust | ||||||
Series 2004-1, Class M1, 6.50%, 08/15/37
|
1,417 | 1,460,553 | ||||
Series 2004-1, Class M2, 8.11%, 08/15/37
|
1,168 | 1,268,037 | ||||
Series 2004-1, Class B, 8.90%, 08/15/37
|
354 | 385,882 | ||||
Mid-State Trust X | ||||||
Series 10, Class B, 7.54%, 02/15/36
|
2,428 | 2,608,758 | ||||
Oakwood Mortgage Investors, Inc. | ||||||
Series 2001-E, Class A4, 6.81%, 12/15/31
|
3,786 | 4,015,573 | ||||
Series 2001-D, Class A4, 6.93%, 09/15/31
|
598 | 464,181 | ||||
Tricon American Homes | ||||||
Series 2020-SFR1, Class F, 4.88%, 07/17/38
(e)
|
1,539 | 1,639,152 | ||||
Total Other | 23,176,366 | |||||
Residential Mortgage-Backed Securities – 25.3% | ||||||
Alternative Loan Trust | ||||||
Series 2007-OA3, Class 1A1, 0.23% (1 Month LIBOR USD + 0.14%), 04/25/47
(s),(v)
|
8,639 | 7,813,417 | ||||
Series 2007-HY6, Class A1, 0.30% (1 Month LIBOR USD + 0.21%), 08/25/47
(s),(v)
|
2,744 | 2,618,112 | ||||
Series 2007-2CB, Class 2A11, 0.49% (1 Month LIBOR USD + 0.40%), 03/25/37
(v)
|
2,867 | 1,347,443 | ||||
Series 2005-10CB, Class 1A1, 0.59% (1 Month LIBOR USD + 0.50%), 05/25/35
(v)
|
1,781 | 1,447,358 | ||||
Series 2007-16CB, Class 4A5, 0.59% (1 Month LIBOR USD + 0.50%), 08/25/37
(v)
|
5,095 | 3,900,190 | ||||
Series 2005-59, Class 1A1, 0.75% (1 Month LIBOR USD + 0.66%), 11/20/35
(s),(v)
|
8,191 | 7,832,825 | ||||
Series 2006-19CB, Class A9, 0.79% (1 Month LIBOR USD + 0.70%), 08/25/36
(v)
|
2,262 | 1,225,686 | ||||
Series 2005-84, Class 2A1, 2.71%, 02/25/36
(v)
|
14,823 | 14,193,247 | ||||
Series 2007-12T1, Class A22, 5.75%, 06/25/37
|
1,989 | 1,350,529 | ||||
Series 2007-15CB, Class A5, 5.75%, 07/25/37
|
977 | 798,825 | ||||
Series 2007-15CB, Class A2, 5.75%, 07/25/37
|
1,062 | 867,834 | ||||
Series 2006-29T1, Class 2A5, 6.00%, 10/25/36
|
1,399 | 1,124,253 | ||||
Series 2006-41CB, Class 2A14, 6.00%, 01/25/37
|
1,341 | 1,024,405 | ||||
Series 2006-41CB, Class 2A17, 6.00%, 01/25/37
|
1,312 | 1,001,791 | ||||
Series 2006-41CB, Class 1A7, 6.00%, 01/25/37
|
1,248 | 999,676 | ||||
Series 2006-41CB, Class 2A12, 6.00%, 01/25/37
|
11,005 | 8,405,354 | ||||
Series 2006-45T1, Class 2A5, 6.00%, 02/25/37
|
2,287 | 1,704,410 | ||||
Series 2006-29T1, Class 2A6, 6.50%, 10/25/36
|
2,196 | 1,839,387 | ||||
Series 2006-23CB, Class 2A7, 28.03% (1 Month LIBOR USD + 28.40%), 08/25/36
(i),(v)
|
1,269 | 1,627,144 | ||||
Series 2006-29T1, Class 3A3, 77.47% (1 Month LIBOR USD + 78.40%), 10/25/36
(i),(v)
|
659 | 1,942,887 | ||||
Bellemeade Re Ltd. | ||||||
Series 2019-4A, Class M1B, 2.09% (1 Month LIBOR USD + 2.00%), 10/25/29
(e),(v)
|
1,619 | 1,620,010 | ||||
Series 2018-3A, Class M2, 2.84% (1 Month LIBOR USD + 2.75%), 10/25/28
(e),(v)
|
1,202 | 1,211,000 | ||||
Series 2021-2A, Class M2, 2.91% (30 Day SOFR + 2.90%), 06/25/31
(e),(v)
|
1,408 | 1,405,364 | ||||
Series 2019-4A, Class M2, 2.94% (1 Month LIBOR USD + 2.85%), 10/25/29
(e),(v)
|
3,798 | 3,844,302 | ||||
Series 2018-1A, Class M2, 2.99% (1 Month LIBOR USD + 2.90%), 04/25/28
(e),(v)
|
5,948 | 6,017,914 | ||||
Series 2020-3A, Class M1C, 3.79% (1 Month LIBOR USD + 3.70%), 10/25/30
(e),(v)
|
1,965 | 2,056,846 | ||||
Chase Mortgage Finance Trust | ||||||
Series 2005-A2, Class 3A2, 2.79%, 01/25/36
(v)
|
1,076 | 987,700 | ||||
Series 2007-A1, Class 11M1, 3.07%, 03/25/37
(v)
|
2,718 | 2,733,008 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
CHL Mortgage Pass-Through Trust | ||||||
Series 2006-20, Class 1A18, 0.74% (1 Month LIBOR USD + 0.65%), 02/25/37
(v)
|
$ 4,318 | $ 2,015,391 | ||||
Series 2007-5, Class A29, 5.50%, 05/25/37
|
198 | 147,385 | ||||
Series 2004-21, Class A10, 6.00%, 11/25/34
|
59 | 61,330 | ||||
Series 2007-18, Class 1A1, 6.00%, 11/25/37
|
278 | 214,182 | ||||
Citicorp Mortgage Securities Trust | ||||||
Series 2006-5, Class 1A11, 0.99% (1 Month LIBOR USD + 0.90%), 10/25/36
(v)
|
437 | 375,810 | ||||
Citigroup Mortgage Loan Trust | ||||||
Series 2007-AR5, Class 1A2A, 3.10%, 04/25/37
(v)
|
729 | 705,540 | ||||
Series 2009-8, Class 2A2, 6.10%, 04/25/37
(e)
|
5,793 | 5,052,855 | ||||
Countrywide Asset-Backed Certificates | ||||||
Series 2006-13, Class 1AF4, 4.12%, 01/25/37
|
2,713 | 2,750,395 | ||||
Eagle Re Ltd. | ||||||
Series 2018-1, Class M2, 3.09% (1 Month LIBOR USD + 3.00%), 11/25/28
(e),(s),(v)
|
4,346 | 4,373,172 | ||||
First Horizon Alternative Mortgage Securities Trust | ||||||
Series 2005-FA8, Class 1A6, 0.74% (1 Month LIBOR USD + 0.65%), 11/25/35
(v)
|
1,452 | 644,139 | ||||
GSAMP Trust | ||||||
Series 2006-NC2, Class A2C, 0.39% (1 Month LIBOR USD + 0.30%), 06/25/36
(s),(v)
|
556 | 388,445 | ||||
GSR Mortgage Loan Trust | ||||||
Series 2007-1F, Class 4A1, 0.39% (1 Month LIBOR USD + 0.30%), 01/25/37
(v)
|
6,652 | 1,730,325 | ||||
Series 2006-AR1, Class 2A4 , 2.93%, 01/25/36
|
3,482 | 3,536,278 | ||||
Home Equity Asset Trust | ||||||
Series 2006-7, Class 2A3, 0.39% (1 Month LIBOR USD + 0.30%), 01/25/37
(s),(v)
|
5,798 | 5,386,975 | ||||
Home Re Ltd. | ||||||
Series 2018-1, Class M2, 3.09% (1 Month LIBOR USD + 3.00%), 10/25/28
(e),(v)
|
1,579 | 1,596,613 | ||||
IndyMac INDA Mortgage Loan Trust | ||||||
Series 2007-AR1, Class 1A1, 3.04%, 03/25/37
(v)
|
975 | 925,068 | ||||
Series 2007-AR3, Class 1A1, 3.05%, 07/25/37
(v)
|
2,156 | 2,055,379 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2003-A1, Class B4, 2.04%, 10/25/33
(v)
|
104 | 100,955 | ||||
Series 2003-A2, Class B4, 2.15%, 11/25/33
(v)
|
73 | 0 | ||||
Series 2007-A2, Class 3A2, 2.97%, 04/25/37
(v)
|
5,680 | 5,043,388 | ||||
MASTR Asset Backed Securities Trust | ||||||
Series 2006-NC3, Class A3, 0.19% (1 Month LIBOR USD + 0.10%), 10/25/36
(s),(v)
|
3,160 | 2,041,617 | ||||
Series 2006-NC3, Class A4, 0.25% (1 Month LIBOR USD + 0.16%), 10/25/36
(s),(v)
|
5,331 | 3,488,275 | ||||
Series 2006-NC2, Class A4, 0.39% (1 Month LIBOR USD + 0.30%), 08/25/36
(s),(v)
|
8,683 | 4,511,943 | ||||
Series 2006-NC2, Class A5, 0.57% (1 Month LIBOR USD + 0.48%), 08/25/36
(s),(v)
|
429 | 227,733 | ||||
Mello Mortgage Capital Acceptance | ||||||
Series 2021-INV1, Class AX1, 0.14%, 06/25/51
(e)
|
59,340 | 348,177 | ||||
Series 2021-INV1, Class B4, 2.99%, 06/25/51
(e)
|
513 | 441,475 | ||||
Series 2021-INV1, Class B5, 2.99%, 06/25/51
(e)
|
128 | 77,199 | ||||
Series 2021-INV1, Class B6, 2.99%, 06/25/51
(e)
|
353 | 132,996 | ||||
MFA Trust | ||||||
Series 2021-INV1, Class B1, 3.29%, 01/25/56
(e)
|
700 | 715,383 | ||||
NewRez Warehouse Securitization Trust | ||||||
Series 2021-1, Class E, 3.34% (1 Month LIBOR USD + 3.25%), 05/25/55
(e),(v)
|
1,000 | 1,001,203 | ||||
Nomura Resecuritization Trust | ||||||
Series 2014-1R, Class 2A11, 0.33% (1 Month LIBOR USD + 0.13%), 02/26/37
(e),(v)
|
28,680 | 27,164,940 | ||||
Series 2015-11R, Class 4A5, 2.85%, 06/26/37
(e),(v)
|
2,874 | 2,336,896 |
Principal
Amount (000s) |
Value | |||||
SECURITIZED CREDIT (continued) | ||||||
Series 2015-1R, Class 3A7, 2.86%, 03/26/37
(e),(v)
|
$ 5,373 | $ 4,236,488 | ||||
Series 2015-1R, Class 4A7, 3.02%, 12/29/37
(e),(v)
|
2,256 | 1,932,213 | ||||
Oaktown Re Ltd. | ||||||
Series 2019-1A, Class M2, 2.64% (1 Month LIBOR USD + 2.55%), 07/25/29
(e),(v)
|
2,084 | 2,092,787 | ||||
Series 2018-1A, Class M2, 2.94% (1 Month LIBOR USD + 2.85%), 07/25/28
(e),(v)
|
5,156 | 5,214,157 | ||||
Series 2020-1A, Class M2, 7.09% (1 Month LIBOR USD + 7.00%), 07/25/30
(e),(v)
|
2,800 | 2,855,324 | ||||
Option One Mortgage Loan Trust | ||||||
Series 2007-FXD1, Class 3A6, 5.66%, 01/25/37
(s)
|
321 | 321,064 | ||||
PRPM LLC | ||||||
Series 2021-3, Class A1, 1.87%, 04/25/26
(e),(s)
|
644 | 647,264 | ||||
Series 2021-1, Class A1, 2.12%, 01/25/26
(e)
|
1,616 | 1,619,186 | ||||
Series 2021-2, Class A1, 2.12%, 03/25/26
(e)
|
2,051 | 2,054,597 | ||||
Series 2020-6, Class A1, 2.36%, 11/25/25
(e),(s)
|
894 | 896,145 | ||||
Series 2020-5, Class A1, 3.10%, 11/25/25
(e),(s)
|
1,945 | 1,958,167 | ||||
Series 2021-1, Class A2, 3.72%, 01/25/26
(e)
|
2,000 | 2,003,692 | ||||
Series 2021-5, Class A2, 3.72%, 06/25/26
(e),(s)
|
2,500 | 2,499,625 | ||||
Series 2021-2, Class A2, 3.77%, 03/25/26
(e)
|
1,935 | 1,946,196 | ||||
RALI Trust | ||||||
Series 2007-QO3, Class A1, 0.41% (1 Month LIBOR USD + 0.32%), 03/25/47
(s),(v)
|
1,589 | 1,520,926 | ||||
Series 2006-QO7, Class 2A1, 0.97% (12 Month U.S. Treasury Average + 0.85%), 09/25/46
(v)
|
6,895 | 6,534,461 | ||||
Series 2006-QS3, Class 1A10, 6.00%, 03/25/36
|
2,339 | 2,313,461 | ||||
Series 2006-QS14, Class A30, 80.06% (1 Month LIBOR USD + 81.25%), 11/25/36
(i),(v)
|
67 | 202,769 | ||||
Residential Asset Securitization Trust | ||||||
Series 2005-A13, Class 1A1, 0.79% (1 Month LIBOR USD + 0.70%), 10/25/35
(v)
|
3,214 | 2,315,356 | ||||
RFMSI Trust | ||||||
Series 2007-S3, Class A15, 5.50%, 03/25/37
|
1,564 | 1,361,520 | ||||
Seasoned Credit Risk Transfer Trust | ||||||
Series 2021-1, Class M, 4.25%, 09/25/60
(e)
|
2,000 | 2,060,646 | ||||
Securitized Asset Backed Receivables LLC Trust | ||||||
Series 2007-NC1, Class A2B, 0.24% (1 Month LIBOR USD + 0.15%), 12/25/36
(s),(v)
|
3,991 | 2,815,662 | ||||
Series 2006-NC3, Class A2B, 0.39% (1 Month LIBOR USD + 0.30%), 09/25/36
(s),(v)
|
6,055 | 2,926,640 | ||||
Washington Mutual Mortgage Pass-Through Certificates Trust | ||||||
Series 2007-HY5, Class 1A1, 2.65%, 05/25/37
(v)
|
2,319 | 2,269,161 | ||||
Series 2007-HY3, Class 4A1, 2.83%, 03/25/37
(v)
|
7,962 | 7,757,348 | ||||
Series 2007-HY5, Class 3A1, 2.92%, 05/25/37
(v)
|
929 | 923,873 | ||||
Series 2007-HY1, Class 4A1, 3.03%, 05/25/37
(v)
|
6,659 | 6,594,725 | ||||
Wells Fargo Mortgage Backed Securities Trust | ||||||
Series 2006-AR5, Class 1A1, 2.62%, 04/25/36
(v)
|
2,131 | 2,144,354 | ||||
Series 2006-AR1, Class 2A5, 2.75%, 03/25/36
|
1,684 | 1,560,655 | ||||
Series 2006-AR12, Class 2A1, 3.09%, 09/25/36
|
1,344 | 1,300,282 | ||||
Total Residential Mortgage-Backed Securities | 237,411,123 | |||||
Total SECURITIZED CREDIT
(Cost
$401,983,908)
|
387,888,314 | |||||
CORPORATE CREDIT – 51.5% | ||||||
Basic Industrial – 1.6% | ||||||
Cascades, Inc., 5.38%, 01/15/28
(c),(e),(u)
|
2,290 | 2,407,363 | ||||
Hexion, Inc., 7.88%, 07/15/27
(e),(r)
|
2,475 | 2,669,906 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
Mercer International, Inc., 5.13%, 02/01/29
(e),(r),(u)
|
$ 1,340 | $ 1,378,860 | ||||
Methanex Corp., 5.25%, 12/15/29
(u)
|
1,490 | 1,605,475 | ||||
NOVA Chemicals Corp., 4.25%, 05/15/29
(e),(u)
|
2,665 | 2,697,606 | ||||
Resolute Forest Products, Inc., 4.88%, 03/01/26
(e)
|
1,440 | 1,487,520 | ||||
Tronox, Inc., 4.63%, 03/15/29
(e),(r)
|
2,845 | 2,876,949 | ||||
Total Basic Industrial | 15,123,679 | |||||
Construction & Building Materials – 2.8% | ||||||
Ashton Woods USA LLC, 6.63%, 01/15/28
(e)
|
3,470 | 3,695,550 | ||||
Beazer Homes USA, Inc., 5.88%, 10/15/27
|
2,330 | 2,440,675 | ||||
M/I Homes, Inc., 4.95%, 02/01/28
(c)
|
4,620 | 4,819,815 | ||||
Meritage Homes Corp., 5.13%, 06/06/27
(c)
|
3,300 | 3,687,750 | ||||
Shea Homes LP, 4.75%, 04/01/29
(e)
|
3,545 | 3,640,290 | ||||
Standard Industries, Inc., 3.38%, 01/15/31
(e)
|
2,510 | 2,402,597 | ||||
Taylor Morrison Communities, Inc., 5.88%, 06/15/27
(c),(e)
|
4,625 | 5,232,031 | ||||
Total Construction & Building Materials | 25,918,708 | |||||
Diversified – 2.0% | ||||||
Five Point Operating Company LP, 7.88%, 11/15/25
(c),(e)
|
4,750 | 5,016,950 | ||||
Forestar Group, Inc., 5.00%, 03/01/28
(c),(e),(r)
|
5,965 | 6,173,775 | ||||
The Howard Hughes Corp., 4.38%, 02/01/31
(e)
|
2,500 | 2,490,950 | ||||
The Howard Hughes Corp., 5.38%, 08/01/28
(c),(e)
|
4,725 | 5,016,202 | ||||
Total Diversified | 18,697,877 | |||||
Energy – 7.0% | ||||||
Apache Corp., 4.25%, 01/15/30
(r)
|
4,860 | 5,127,300 | ||||
Ascent Resources Utica Holdings LLC, 8.25%, 12/31/28
(e)
|
737 | 810,700 | ||||
Baytex Energy Corp., 8.75%, 04/01/27
(e),(r),(u)
|
825 | 831,188 | ||||
BP Capital Markets PLC, 4.88% (Fixed until 06/22/30, then 5 Year U.S. Treasury Yield Curve + 4.40%), Perpetual
(r),(u),(v)
|
815 | 892,881 | ||||
California Resources Corp., 7.13%, 02/01/26
(e)
|
3,447 | 3,627,347 | ||||
Chesapeake Energy Corp., 5.50%, 02/01/26
(e),(r)
|
1,585 | 1,672,175 | ||||
Comstock Resources, Inc., 6.75%, 03/01/29
(c),(e)
|
4,513 | 4,807,383 | ||||
Continental Resources, Inc., 5.75%, 01/15/31
(e),(r)
|
3,059 | 3,664,070 | ||||
Endeavor Energy Resources LP, 6.63%, 07/15/25
(c),(e)
|
3,285 | 3,514,950 | ||||
EQT Corp., 8.50%, 02/01/30
|
2,331 | 3,037,083 | ||||
Indigo Natural Resources LLC, 5.38%, 02/01/29
(e),(r)
|
4,205 | 4,394,225 | ||||
MEG Energy Corp., 6.50%, 01/15/25
(e),(u)
|
1,450 | 1,501,286 | ||||
MEG Energy Corp., 7.13%, 02/01/27
(e),(u)
|
1,470 | 1,566,028 | ||||
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/27
(e)
|
1,640 | 1,621,960 | ||||
Occidental Petroleum Corp., 3.50%, 08/15/29
(r)
|
11,300 | 11,300,000 | ||||
Occidental Petroleum Corp., 8.88%, 07/15/30
(r)
|
7,222 | 9,658,631 | ||||
Par Petroleum LLC, 7.75%, 12/15/25
(e)
|
1,515 | 1,522,772 | ||||
Teine Energy Ltd., 6.88%, 04/15/29
(e),(u)
|
1,200 | 1,231,500 | ||||
Transocean Proteus Ltd., 6.25%, 12/01/24
(e)
|
4,847 | 4,895,066 | ||||
Total Energy | 65,676,545 | |||||
Financial Services – 0.8% | ||||||
Ambac LSNI LLC, 6.00% (3 Month LIBOR USD + 5.00%), 02/12/23
(e),(u),(v)
|
7,312 | 7,312,107 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
Health Facilities – 2.3% | ||||||
CHS/Community Health Systems, Inc., 4.75%, 02/15/31
(e),(r)
|
$ 4,500 | $ 4,505,625 | ||||
HCA, Inc., 3.50%, 09/01/30
(c),(r)
|
7,055 | 7,516,185 | ||||
Tenet Healthcare Corp., 4.63%, 06/15/28
(e),(r)
|
2,000 | 2,058,400 | ||||
Tenet Healthcare Corp., 4.88%, 01/01/26
(c),(e),(r)
|
6,975 | 7,234,470 | ||||
Total Health Facilities | 21,314,680 | |||||
Infrastructure Services – 0.4% | ||||||
Terex Corp., 5.00%, 05/15/29
(e)
|
1,430 | 1,490,775 | ||||
United Rentals North America, Inc., 5.50%, 05/15/27
|
2,450 | 2,597,000 | ||||
Total Infrastructure Services | 4,087,775 | |||||
Leisure – 4.1% | ||||||
Boyd Gaming Corp., 4.75%, 12/01/27
|
1,662 | 1,720,170 | ||||
Caesars Resort Collection LLC, 5.25%, 10/15/25
(e)
|
2,590 | 2,626,765 | ||||
Cedar Fair LP, 5.25%, 07/15/29
(r)
|
4,415 | 4,547,450 | ||||
Churchill Downs, Inc., 4.75%, 01/15/28
(e),(r)
|
1,640 | 1,696,924 | ||||
International Game Technology PLC, 5.25%, 01/15/29
(e),(r)
|
3,500 | 3,753,750 | ||||
MGM Growth Properties Operating Partnership LP, 4.50%, 01/15/28
(c)
|
4,800 | 5,076,000 | ||||
Park Intermediate Holdings LLC, 5.88%, 10/01/28
(e),(r)
|
3,450 | 3,673,836 | ||||
Scientific Games International, Inc., 8.25%, 03/15/26
(e)
|
3,200 | 3,431,936 | ||||
Station Casinos LLC, 4.50%, 02/15/28
(e),(r)
|
4,790 | 4,871,646 | ||||
VICI Properties LP, 4.63%, 12/01/29
(e),(r)
|
6,950 | 7,384,375 | ||||
Total Leisure | 38,782,852 | |||||
Media – 4.4% | ||||||
Cable One, Inc., 4.00%, 11/15/30
(c),(e)
|
6,275 | 6,298,531 | ||||
CCO Holdings LLC, 4.75%, 03/01/30
(c),(e),(r)
|
16,350 | 17,269,687 | ||||
CSC Holdings LLC, 5.50%, 04/15/27
(c),(e),(r)
|
9,900 | 10,395,495 | ||||
Videotron Ltd., 3.63%, 06/15/29
(e),(u)
|
2,425 | 2,461,375 | ||||
Virgin Media Secured Finance PLC, 4.50%, 08/15/30
(e),(u)
|
4,675 | 4,710,063 | ||||
Total Media | 41,135,151 | |||||
Metals & Mining – 1.2% | ||||||
ArcelorMittal SA, 7.00%, 03/01/41
(u)
|
1,635 | 2,270,920 | ||||
Cleveland-Cliffs, Inc., 6.75%, 03/15/26
(e)
|
2,000 | 2,157,500 | ||||
First Quantum Minerals Ltd., 7.50%, 04/01/25
(e),(u)
|
1,200 | 1,245,000 | ||||
Freeport-McMoRan, Inc., 4.38%, 08/01/28
(r)
|
4,500 | 4,753,125 | ||||
Hudbay Minerals, Inc., 4.50%, 04/01/26
(e),(u)
|
1,160 | 1,164,350 | ||||
Total Metals & Mining | 11,590,895 | |||||
Oil Gas Transportation & Distribution – 10.6% | ||||||
Antero Midstream Partners LP, 5.38%, 06/15/29
(c),(e)
|
4,400 | 4,587,000 | ||||
Blue Racer Midstream LLC, 6.63%, 07/15/26
(e)
|
1,220 | 1,274,900 | ||||
Buckeye Partners LP, 4.13%, 12/01/27
(c)
|
2,750 | 2,791,250 | ||||
Buckeye Partners LP, 6.38% (3 Month LIBOR USD + 4.02%), 01/22/78
(v)
|
1,260 | 1,146,600 | ||||
Cheniere Energy, Inc., 4.63%, 10/15/28
(e),(r)
|
2,446 | 2,580,530 | ||||
Crestwood Midstream Partners LP, 6.00%, 02/01/29
(e)
|
2,500 | 2,618,750 | ||||
DCP Midstream LP, 7.38% (Fixed until 12/15/22, then 3 Month LIBOR USD + 5.15%), Perpetual
(v)
|
875 | 857,500 | ||||
DCP Midstream Operating LP, 5.38%, 07/15/25
(r)
|
3,200 | 3,563,840 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
DT Midstream, Inc., 4.13%, 06/15/29
(e)
|
$ 4,420 | $ 4,487,759 | ||||
Energy Transfer LP, 3.19% (3 Month LIBOR USD + 3.02%), 11/01/66
(v)
|
6,500 | 5,221,742 | ||||
Energy Transfer LP, 6.75%, 11/15/65
(c)
|
5,349 | 5,304,550 | ||||
Energy Transfer LP, 7.13%, 11/15/65
|
3,437 | 3,548,703 | ||||
EnLink Midstream LLC, 5.38%, 06/01/29
(r)
|
4,555 | 4,753,689 | ||||
EnLink Midstream Partners LP, 6.00% (Fixed until 12/15/22, then 3 Month LIBOR USD + 4.11%), Perpetual
(v)
|
2,825 | 2,175,250 | ||||
EQM Midstream Partners LP, 4.50%, 01/15/29
(e),(r)
|
5,115 | 5,203,887 | ||||
Ferrellgas LP, 5.38%, 04/01/26
(e)
|
1,875 | 1,858,594 | ||||
Genesis Energy LP, 6.50%, 10/01/25
(c),(r)
|
3,665 | 3,697,069 | ||||
Genesis Energy LP, 8.00%, 01/15/27
(r)
|
674 | 708,121 | ||||
Global Partners LP, 7.00%, 08/01/27
(c)
|
2,750 | 2,915,000 | ||||
Holly Energy Partners LP, 5.00%, 02/01/28
(c),(e)
|
7,052 | 7,210,670 | ||||
MPLX LP, 6.88% (Fixed until 02/15/23, then 3 Month LIBOR USD + 4.65%), Perpetual
(c),(v)
|
6,000 | 6,111,600 | ||||
NuStar Logistics LP, 5.75%, 10/01/25
|
2,052 | 2,231,550 | ||||
Parkland Corp., 4.50%, 10/01/29
(e),(u)
|
3,247 | 3,299,569 | ||||
Plains All American Pipeline LP, 6.13% (Fixed until 11/15/22, then 3 Month LIBOR USD + 4.11%), Perpetual
(c),(v)
|
2,080 | 1,837,056 | ||||
Suburban Propane Partners LP, 5.00%, 06/01/31
(e)
|
3,389 | 3,469,489 | ||||
Sunoco LP, 4.50%, 05/15/29
(e)
|
1,231 | 1,252,542 | ||||
Tallgrass Energy Partners LP, 6.00%, 12/31/30
(e),(r)
|
3,842 | 3,994,220 | ||||
TransCanada PipeLines Ltd., 2.37% (3 Month LIBOR USD + 2.21%), 05/15/67
(u),(v)
|
6,215 | 5,542,537 | ||||
Western Midstream Operating LP, 4.75%, 08/15/28
(r)
|
5,000 | 5,400,000 | ||||
Total Oil Gas Transportation & Distribution | 99,643,967 | |||||
Real Estate – 3.5% | ||||||
EPR Properties, 3.75%, 08/15/29
(c)
|
4,990 | 5,003,162 | ||||
Iron Mountain, Inc., 4.88%, 09/15/29
(e)
|
4,750 | 4,902,950 | ||||
iStar, Inc., 5.50%, 02/15/26
(c)
|
8,255 | 8,647,112 | ||||
RLJ Lodging Trust LP, 3.75%, 07/01/26
(e)
|
4,620 | 4,666,200 | ||||
Starwood Property Trust, Inc., 4.75%, 03/15/25
(c),(r)
|
8,700 | 9,048,000 | ||||
Total Real Estate | 32,267,424 | |||||
Telecommunication Services – 6.3% | ||||||
Altice France SA, 5.50%, 01/15/28
(c),(e),(u)
|
5,800 | 6,018,660 | ||||
Cablevision Lightpath LLC, 5.63%, 09/15/28
(e),(r)
|
5,025 | 5,125,500 | ||||
Cogent Communications Group, Inc., 3.50%, 05/01/26
(e),(r)
|
3,390 | 3,466,275 | ||||
Consolidated Communications, Inc., 6.50%, 10/01/28
(c),(e)
|
4,895 | 5,265,796 | ||||
Frontier Communications Holdings LLC, 5.00%, 05/01/28
(e),(r)
|
2,440 | 2,522,545 | ||||
Level 3 Financing, Inc., 4.63%, 09/15/27
(c),(e)
|
9,500 | 9,860,240 | ||||
SBA Communications Corp., 3.88%, 02/15/27
(r)
|
4,875 | 5,006,162 | ||||
T-Mobile USA, Inc., 4.75%, 02/01/28
(c),(r)
|
13,610 | 14,579,713 | ||||
Vodafone Group PLC, 7.00% (5 Year Swap Rate USD + 4.87%), 04/04/79
(u),(v)
|
875 | 1,061,026 | ||||
Windstream Escrow LLC, 7.75%, 08/15/28
(e)
|
3,465 | 3,568,950 | ||||
Zayo Group Holdings, Inc., 4.00%, 03/01/27
(e)
|
2,300 | 2,284,176 | ||||
Total Telecommunication Services | 58,759,043 | |||||
Utility – 4.5% | ||||||
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28
(e),(u)
|
692 | 705,010 |
Principal
Amount (000s) |
Value | |||||
CORPORATE CREDIT (continued) | ||||||
Calpine Corp., 5.13%, 03/15/28
(e),(r)
|
$ 5,990 | $ 6,102,312 | ||||
CenterPoint Energy, Inc., 6.13% (Fixed until 09/01/23, then 3 Month LIBOR USD + 3.27%), Perpetual
(v)
|
580 | 616,250 | ||||
Clearway Energy Operating LLC, 3.75%, 02/15/31
(e)
|
3,297 | 3,280,515 | ||||
CMS Energy Corp., 4.75% (5 Year U.S. Treasury Yield Curve + 4.12%), 06/01/50
(v)
|
940 | 1,047,512 | ||||
Dominion Energy, Inc., 4.65% (Fixed until 12/15/24, then 5 Year U.S. Treasury Yield Curve + 2.99%), Perpetual
(v)
|
635 | 674,688 | ||||
Duke Energy Corp., 4.88% (Fixed until 09/16/24, then 5 Year U.S. Treasury Yield Curve + 3.39%), Perpetual
(v)
|
610 | 648,125 | ||||
Emera, Inc., 6.75% (3 Month LIBOR USD + 5.44%), 06/15/76
(c),(r),(u),(v)
|
7,050 | 8,257,313 | ||||
NextEra Energy Capital Holdings, Inc., 2.24% (3 Month LIBOR USD + 2.13%), 06/15/67
(c),(v)
|
2,464 | 2,296,152 | ||||
NRG Energy, Inc., 3.63%, 02/15/31
(e),(r)
|
2,393 | 2,351,601 | ||||
NRG Energy, Inc., 6.63%, 01/15/27
(r)
|
3,335 | 3,452,459 | ||||
Pattern Energy Operations LP, 4.50%, 08/15/28
(e),(r)
|
3,500 | 3,623,200 | ||||
PPL Capital Funding, Inc., 2.81% (3 Month LIBOR USD + 2.67%), 03/30/67
(v)
|
900 | 884,250 | ||||
Sempra Energy, 4.88% (Fixed until 06/15/22, then 5 Year U.S. Treasury Yield Curve + 4.55%), perpetual
(c),(v)
|
5,370 | 5,826,450 | ||||
Talen Energy Supply LLC, 6.63%, 01/15/28
(e),(r)
|
1,325 | 1,212,375 | ||||
WEC Energy Group, Inc., 2.27% (3 Month LIBOR USD + 2.11%), 05/15/67
(v)
|
675 | 619,792 | ||||
Total Utility | 41,598,004 | |||||
Total CORPORATE CREDIT
(Cost
$460,895,770)
|
481,908,707 | |||||
TERM LOANS – 1.5% | ||||||
Buckeye Partners LP, 2.34%, 11/02/26 (Acquired 10/16/19, Cost $1,965,200) (p),(t)
|
1,975 | 1,960,262 | ||||
Frontier Communications Holdings LLC, 4.50% (1 Month LIBOR + 3.75%), 10/08/21 (Acquired 11/20/20, Cost $4,990,407) (p),(t),(v)
|
4,988 | 4,987,500 | ||||
Pacific Gas and Electric Company, 3.50% (1 Month LIBOR + 2.25%), 06/23/25
(Acquired 02/03/21, Cost $2,505,244) (p),(t),(v)
|
2,487 | 2,451,693 | ||||
Vistra Energy Corp., 0.00%, 12/31/25 (Acquired 10/07/16, Cost $0) (p),(t)
|
26 | 304 | ||||
Zayo Group Holdings, Inc., 3.09% (1 Month LIBOR + 3.00%), 03/09/27
(Acquired 02/21/20-02/24/20, Cost $4,450,197) (p),(t),(v)
|
4,454 | 4,404,197 | ||||
Total TERM LOANS
(Cost
$13,911,048)
|
13,803,956 |
Shares | Value | |||||
PREFERRED STOCKS – 0.5% | ||||||
Oil Gas Transportation & Distribution – 0.3% | ||||||
Crestwood Equity Partners LP, 9.25%
|
107,900 | $ 1,012,102 | ||||
Global Partners LP, Series B, 9.50%
|
23,600 | 645,460 | ||||
NuStar Energy LP, Series B, 7.63% (Fixed until 06/15/22, then 3 Month LIBOR USD + 5.64%) (v)
|
39,000 | 862,290 | ||||
Total Oil Gas Transportation & Distribution | 2,519,852 | |||||
Pipelines – 0.0% | ||||||
Enbridge, Inc., Series B, 6.38% (3 Month LIBOR USD + 3.59%) (u),(v)
|
15,600 | 422,604 | ||||
Telecommunication Services – 0.1% | ||||||
AT&T, Inc., Series C, 4.75%
|
19,500 | 518,505 |
Shares | Value | |||||
Utility – 0.1% | ||||||
SCE Trust V, Series K, 5.45% (Fixed until 03/15/26, then 3 Month LIBOR USD + 3.79%)
|
40,700 | $ 1,017,093 | ||||
Total PREFERRED STOCKS
(Cost
$4,184,289)
|
4,478,054 | |||||
CONVERTIBLE PREFERRED STOCK – 1.1% | ||||||
Oil Gas Transportation & Distribution – 1.1% | ||||||
Targa Resources Corp., Series A, 9.50% (Acquired 05/06/21, Cost $10,600,000) (p)
|
10,000 | 10,827,516 | ||||
Total CONVERTIBLE PREFERRED STOCK
(Cost
$10,600,000)
|
10,827,516 | |||||
COMMON STOCKS – 44.4% | ||||||
Airports – 2.0% | ||||||
Fraport AG Frankfurt Airport Services Worldwide (c),(n),(u)
|
72,600 | 4,947,538 | ||||
Grupo Aeroportuario del Pacifico SAB de CV (c),(u)
|
459,226 | 4,916,625 | ||||
Sydney Airport (c),(n),(u)
|
2,099,473 | 9,109,663 | ||||
Total Airports | 18,973,826 | |||||
Communications – 2.4% | ||||||
Cellnex Telecom SA (c),(e),(u)
|
82,804 | 5,281,334 | ||||
China Tower Corporation Ltd. (e),(u)
|
14,593,500 | 2,009,583 | ||||
Crown Castle International Corp. (c)
|
61,500 | 11,998,650 | ||||
SBA Communications Corp. (c)
|
8,600 | 2,740,820 | ||||
Total Communications | 22,030,387 | |||||
Datacenters – 0.3% | ||||||
CyrusOne, Inc. (c)
|
41,080 | 2,938,042 | ||||
Diversified – 2.0% | ||||||
City Developments Ltd. (u)
|
273,096 | 1,483,071 | ||||
Hufvudstaden AB (c),(u)
|
180,178 | 3,063,453 | ||||
Merlin Properties Socimi SA (c),(u)
|
434,984 | 4,500,712 | ||||
Mirvac Group (c),(u)
|
820,600 | 1,789,203 | ||||
Sun Hung Kai Properties Ltd. (u)
|
294,899 | 4,382,774 | ||||
Swire Properties Ltd. (u)
|
1,242,875 | 3,702,124 | ||||
Total Diversified | 18,921,337 | |||||
Electricity Transmission & Distribution – 3.0% | ||||||
CenterPoint Energy, Inc. (c)
|
134,200 | 3,290,584 | ||||
National Grid PLC (c),(u)
|
739,176 | 9,402,063 | ||||
PG&E Corp. (c),(n)
|
701,424 | 7,133,482 | ||||
Sempra Energy (c)
|
59,683 | 7,906,804 | ||||
Total Electricity Transmission & Distribution | 27,732,933 | |||||
Gas Utilities – 0.8% | ||||||
China Gas Holdings Ltd. (u)
|
780,160 | 2,376,600 | ||||
NiSource, Inc. (c)
|
192,711 | 4,721,419 | ||||
Total Gas Utilities | 7,098,019 | |||||
Healthcare – 1.4% | ||||||
Healthpeak Properties, Inc. (c)
|
108,400 | 3,608,636 | ||||
Physicians Realty Trust (c)
|
98,500 | 1,819,295 | ||||
Welltower, Inc. (c)
|
87,935 | 7,307,399 | ||||
Total Healthcare | 12,735,330 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Hotel – 1.6% | ||||||
Accor SA (c),(n),(u)
|
43,100 | $ 1,612,093 | ||||
Invincible Investment Corp. (c),(u)
|
4,284 | 1,648,023 | ||||
Japan Hotel REIT Investment Corp. (c),(u)
|
3,842 | 2,300,210 | ||||
Melia Hotels International SA (c),(n),(u)
|
129,039 | 957,005 | ||||
Park Hotels & Resorts, Inc. (c),(n)
|
239,000 | 4,925,790 | ||||
Pebblebrook Hotel Trust (c)
|
130,747 | 3,079,092 | ||||
Total Hotel | 14,522,213 | |||||
Industrial – 2.1% | ||||||
Americold Realty Trust
|
31,136 | 1,178,497 | ||||
LaSalle Logiport REIT (c),(u)
|
2,080 | 3,512,381 | ||||
Mitsui Fudosan Logistics Park, Inc. (c),(u)
|
437 | 2,327,228 | ||||
Prologis, Inc. (c)
|
93,875 | 11,220,879 | ||||
Rexford Industrial Realty, Inc. (c)
|
535 | 30,468 | ||||
Tritax EuroBox PLC (c),(e),(u)
|
887,581 | 1,323,557 | ||||
Total Industrial | 19,593,010 | |||||
Manufactured Homes – 0.3% | ||||||
Sun Communities, Inc. (c)
|
15,996 | 2,741,714 | ||||
Midstream – 2.6% | ||||||
Cheniere Energy, Inc. (c),(n)
|
71,157 | 6,172,158 | ||||
Equitrans Midstream Corp. (c)
|
205,488 | 1,748,703 | ||||
Keyera Corp. (c),(u)
|
120,270 | 3,231,844 | ||||
ONEOK, Inc. (c)
|
91,900 | 5,113,316 | ||||
Targa Resources Corp. (c)
|
146,283 | 6,502,279 | ||||
The Williams Companies, Inc. (c)
|
64,505 | 1,712,608 | ||||
Total Midstream | 24,480,908 | |||||
Net Lease – 1.1% | ||||||
Agree Realty Corp. (c)
|
38,200 | 2,692,718 | ||||
EPR Properties (n)
|
22,384 | 1,179,189 | ||||
National Retail Properties, Inc. (c)
|
44,960 | 2,107,725 | ||||
VICI Properties, Inc. (c)
|
70,092 | 2,174,254 | ||||
WP Carey, Inc. (c)
|
32,800 | 2,447,536 | ||||
Total Net Lease | 10,601,422 | |||||
Office – 4.1% | ||||||
Alexandria Real Estate Equities, Inc. (c)
|
9,900 | 1,801,206 | ||||
Allied Properties Real Estate Investment Trust (c),(u)
|
76,541 | 2,781,681 | ||||
alstria office REIT-AG (c),(u)
|
99,100 | 1,830,991 | ||||
Covivio (c),(u)
|
42,286 | 3,619,981 | ||||
Derwent London PLC (c),(u)
|
56,989 | 2,614,029 | ||||
Dexus (c),(u)
|
565,450 | 4,507,615 | ||||
Douglas Emmett, Inc. (c)
|
89,078 | 2,994,802 | ||||
Gecina SA (c),(u)
|
30,829 | 4,723,354 | ||||
Highwoods Properties, Inc. (c)
|
116,300 | 5,253,271 | ||||
Keppel REIT (u)
|
1,550,990 | 1,364,483 | ||||
Mitsui Fudosan Company Ltd. (c),(u)
|
184,013 | 4,255,056 | ||||
SL Green Realty Corp. (c)
|
34,274 | 2,741,920 | ||||
Total Office | 38,488,389 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Pipeline (MLP) – 1.0% | ||||||
Energy Transfer LP (c)
|
169,016 | $ 1,796,640 | ||||
Enterprise Products Partners LP (c)
|
74,017 | 1,786,030 | ||||
MPLX LP (c)
|
59,022 | 1,747,642 | ||||
Plains All American Pipeline LP (c)
|
158,065 | 1,795,618 | ||||
Thunderbird Resources Equity, Inc. (f),(n)
|
11 | 11 | ||||
Western Midstream Partners LP
|
81,776 | 1,751,642 | ||||
Total Pipeline (MLP) | 8,877,583 | |||||
Pipelines – 1.7% | ||||||
Enbridge, Inc. (u)
|
275,100 | 11,014,209 | ||||
Enbridge, Inc. (c),(u)
|
43,775 | 1,752,751 | ||||
Kinder Morgan, Inc. (c)
|
97,648 | 1,780,123 | ||||
Pembina Pipeline Corp. (c),(u)
|
54,290 | 1,724,793 | ||||
Total Pipelines | 16,271,876 | |||||
Rail – 2.4% | ||||||
Canadian Pacific Railway Ltd. (u)
|
68,900 | 5,298,119 | ||||
CSX Corp.
|
215,700 | 6,919,656 | ||||
East Japan Railway Co. (c),(u)
|
72,000 | 5,134,611 | ||||
MTR Corporation Ltd. (u)
|
328,176 | 1,827,283 | ||||
Rumo SA (c),(n),(u)
|
943,896 | 3,643,653 | ||||
Total Rail | 22,823,322 | |||||
Renewables/Electric Generation – 6.3% | ||||||
Ameren Corp. (c)
|
3,574 | 286,063 | ||||
American Electric Power Company, Inc.
|
65,302 | 5,523,896 | ||||
CMS Energy Corp. (c)
|
83,073 | 4,907,953 | ||||
Duke Energy Corp. (c)
|
60,146 | 5,937,613 | ||||
Engie SA (c),(u)
|
304,100 | 4,169,986 | ||||
Entergy Corp. (c)
|
55,855 | 5,568,744 | ||||
Evergy, Inc. (c)
|
72,800 | 4,399,304 | ||||
FirstEnergy Corp. (c)
|
184,500 | 6,865,245 | ||||
Hera SpA (c),(u)
|
638,200 | 2,638,398 | ||||
NextEra Energy, Inc. (c)
|
192,600 | 14,113,728 | ||||
RWE Ag (c),(u)
|
120,685 | 4,375,690 | ||||
Vistra Corp. (c)
|
25,848 | 479,480 | ||||
Total Renewables/Electric Generation | 59,266,100 | |||||
Residential – 2.7% | ||||||
American Homes 4 Rent (c)
|
48,201 | 1,872,609 | ||||
Camden Property Trust (c)
|
36,666 | 4,864,478 | ||||
Essex Property Trust, Inc. (c)
|
16,658 | 4,997,567 | ||||
InterRent Real Estate Investment Trust (c),(u)
|
246,136 | 3,347,736 | ||||
Invitation Homes, Inc. (c)
|
99,400 | 3,706,626 | ||||
Mid-America Apartment Communities, Inc. (c)
|
26,031 | 4,384,141 | ||||
The UNITE Group PLC (c),(u)
|
157,315 | 2,338,208 | ||||
Total Residential | 25,511,365 | |||||
Retail – 2.9% | ||||||
Capital & Counties Properties PLC (c),(n),(u)
|
1,108,351 | 2,476,188 | ||||
Federal Realty Investment Trust (c)
|
13,700 | 1,605,229 |
Shares | Value | |||||
COMMON STOCKS (continued) | ||||||
Frontier Real Estate Investment Corp. (c),(u)
|
481 | $ 2,246,252 | ||||
Hammerson PLC (c),(u)
|
4,569,462 | 2,352,289 | ||||
Regency Centers Corp. (c)
|
41,200 | 2,639,684 | ||||
Shaftesbury PLC (c),(u)
|
312,588 | 2,459,215 | ||||
Simon Property Group, Inc. (c)
|
37,637 | 4,910,876 | ||||
Unibail-Rodamco-Westfield (c),(n),(u)
|
42,009 | 3,642,003 | ||||
Wharf Real Estate Investment Company Ltd. (u)
|
888,909 | 5,167,268 | ||||
Total Retail | 27,499,004 | |||||
Self Storage – 0.1% | ||||||
Extra Space Storage, Inc.
|
5,000 | 819,100 | ||||
Specialty – 0.2% | ||||||
Outfront Media, Inc. (c),(n)
|
75,995 | 1,826,160 | ||||
Toll Roads – 2.2% | ||||||
Atlantia SpA (c),(n),(u)
|
341,778 | 6,205,993 | ||||
Ferrovial SA (c),(u)
|
115,732 | 3,401,171 | ||||
Getlink SE (c),(u)
|
161,800 | 2,526,850 | ||||
Promotora y Operadora de Infraestructura SAB de CV (u)
|
273,752 | 2,185,869 | ||||
Transurban Group (c),(u)
|
621,695 | 6,630,441 | ||||
Total Toll Roads | 20,950,324 | |||||
Water – 1.2% | ||||||
Aguas Andinas SA (u)
|
7,600,427 | 1,562,745 | ||||
American Water Works Company, Inc. (c)
|
29,100 | 4,485,183 | ||||
Guangdong Investment Ltd. (u)
|
1,179,300 | 1,693,845 | ||||
United Utilities Group PLC (c),(u)
|
255,700 | 3,451,233 | ||||
Total Water | 11,193,006 | |||||
Total COMMON STOCKS
(Cost
$362,476,405)
|
415,895,370 | |||||
MONEY MARKET FUND – 1.5% | ||||||
First American Treasury Obligations Fund, Class X, 0.01%
(y)
|
13,913,459 | 13,913,459 | ||||
Total MONEY MARKET FUND
(Cost
$13,913,459)
|
13,913,459 | |||||
Total Investments – 142.1%
(Cost $1,269,974,046)
|
1,330,866,567
|
|||||
Liabilities in Excess of Other Assets – (42.1)%
|
(394,501,609) | |||||
TOTAL NET ASSETS – 100.0%
|
$ 936,364,958 |
The following notes should be read in conjunction with the accompanying Schedule of Investments. | |
LIBOR — London Interbank Offered Rate | |
USD — United States Dollar | |
GBP — British Pound Sterling | |
EURIBOR — Euro Interbank Offered Rate | |
SONIA — Sterling Overnight Index Average | |
LLC — Limited Liability Company | |
SOFR — Secured Overnight Financing Rate | |
LP — Limited Partnership | |
MLP — Master Limited Partnership |
(c) | — All or a portion of this security is pledged as collateral for credit facility. As of June 30, 2021, the total value of the collateral was $495,462,075. |
(e) | — Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2021, the total value of all such securities was $486,862,247 or 52.0% of net assets. |
(f) | — Security fair valued in good faith pursuant to the fair value procedures adopted by the Board of Directors. As of June 30, 2021, the total value of all such securities was $13,205,039 or 1.4% of net assets. |
(i) | — Security is an inverse floating rate bond. Reference interest rates are typically based on a negative multiplier or slope. |
(m) | — Mezzanine Loans are direct origination loans. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage. As of June 30, 2021, the total value of all such securities was $10,273,129 or 1.1% of net assets. |
(n) | — Non-income producing security. |
(p) | — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2021, the total value of all such securities was $27,563,371 or 2.9% of net assets. |
(r) | — Portion or entire principal amount delivered as collateral for reverse repurchase agreements. As of June 30, 2021, the total value of the collateral was $139,763,354. |
(s) | — 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 June 30, 2021. |
(t) | — Term loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of term loans may be substantially less than the stated maturities shown. |
(u) | — Foreign security or a U.S. security of a foreign company. |
(v) | — 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. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(y) | — The rate quoted is the annualized seven-day yield as of June 30, 2021. |
Settlement
Date |
Currency
to
be Delivered |
U.S.
$
Value at June 30, 2021 |
Currency
to
be Received |
Unrealized
Appreciation |
||
07/21/21 | 4,850,600 | Euros | $5,754,175 | 5,843,376 | U.S. Dollars | $ 89,201 |
07/21/21 | 4,762,912 | British Pounds | 6,588,941 | 6,647,121 | U.S. Dollars | 58,180 |
Total | $147,381 |
Contracts | Type | Expiration Date | Value at June 30, 2021 | Unrealized Depreciation |
(330) |
10 Year U.S. Treasury
Note
|
September 2021 | $(43,725,000) | $(150,924) |
Assets: | |
Investments in securities, at value (cost
$1,269,974,046)
|
$1,330,866,567 |
Cash
|
9,076,121 |
Cash on deposit with brokers for futures
contracts
|
503,250 |
Interest and dividends
receivable
|
9,438,235 |
Receivable for investments
sold
|
1,470,754 |
Receivable for fund shares
sold
|
1,356,644 |
Receivable for open forward currency contracts (Note
3)
|
147,381 |
Deferred offering costs (Note
8)
|
137,198 |
Prepaid
expenses
|
175,255 |
Total
assets
|
1,353,171,405 |
Liabilities: | |
Payable for credit facility (Note
7)
|
300,000,000 |
Reverse repurchase agreements (Note
7)
|
106,845,527 |
Interest payable for credit facility and reverse repurchase agreements (Note
7)
|
264,739 |
Payable for investments
purchased
|
8,140,068 |
Payable for variation margin (Note
3)
|
77,342 |
Investment advisory fee payable (Note
5)
|
1,095,805 |
Administration fee payable (Note
5)
|
164,371 |
Directors' fees
payable
|
29,212 |
Accrued
expenses
|
189,383 |
Total
liabilities
|
416,806,447 |
Commitments and contingencies (Note
11)
|
|
Net
Assets
|
$ 936,364,958 |
Composition of Net Assets: | |
Paid-in
capital
|
1,045,628,324 |
Accumulated
losses
|
(109,263,366) |
Net
Assets
|
$ 936,364,958 |
Shares Outstanding and Net Asset Value Per Share: | |
Common shares
outstanding
|
45,862,638 |
Net asset value per
share
|
$ 20.42 |
Investment Income (Note 2): | |
Interest
|
$22,695,715 |
Dividends and distributions (net of foreign withholding tax of
$250,299)
|
5,876,278 |
Less return of capital
distributions
|
(1,360,435) |
Total investment
income
|
27,211,558 |
Expenses: | |
Investment advisory fees (Note
5)
|
6,245,956 |
Administration fees (Note
5)
|
936,893 |
Directors'
fees
|
154,183 |
Reports to
shareholders
|
148,826 |
Custodian
fees
|
116,673 |
Legal
fees
|
83,935 |
Fund accounting
fees
|
78,512 |
Miscellaneous
|
77,690 |
Audit and tax
services
|
45,735 |
Insurance
|
45,281 |
Registration
fees
|
36,933 |
Transfer agent
fees
|
32,880 |
Total operating
expenses
|
8,003,497 |
Interest expense on credit facility and reverse repurchase agreements (Note
7)
|
1,445,854 |
Total
expenses
|
9,449,351 |
Net investment
income
|
17,762,207 |
Net realized gain (loss) on: | |
Investment
transactions
|
48,618,919 |
Foreign currency
transactions
|
(26,808) |
Forward currency
contracts
|
(135,221) |
Net realized
gain
|
48,456,890 |
Net change in unrealized appreciation (depreciation) on: | |
Investments
|
1,711,382 |
Foreign currency
translations
|
(28,098) |
Forward currency
contracts
|
147,381 |
Futures
contracts
|
(150,924) |
Net change in unrealized
appreciation
|
1,679,741 |
Net realized and unrealized
gain
|
50,136,631 |
Net increase in net assets resulting from
operations
|
$67,898,838 |
For
the
Six Months Ended June 30, 2021 (Unaudited) |
For
the
Year Ended December 31, 2020 |
||
Increase (Decrease) in Net Assets Resulting from Operations: | |||
Net investment
income
|
$ 17,762,207 | $ 34,351,466 | |
Net realized gain
(loss)
|
48,456,890 | (77,781,902) | |
Net change in unrealized
appreciation
|
1,679,741 | 6,386,479 | |
Net increase (decrease) in net assets resulting from
operations
|
67,898,838 | (37,043,957) | |
Distributions to Shareholders: | |||
Distributable
earnings
|
(52,823,863) | (29,196,590) | |
Return of
capital
|
— | (73,374,769) | |
Total distributions
paid
|
(52,823,863) | (102,571,359) | |
Capital Share Transactions: | |||
Shares issued in the Reorganization (Note
9)
|
— | 188,069,932 | |
Proceeds from shares sold, net of offering costs (Note
8)
|
42,454,791 | — | |
Reinvestment of
distributions
|
247,021 | — | |
Shares repurchased (Note
8)
|
— | (16,295,823) | |
Net increase in net assets from capital share
transactions
|
42,701,812 | 171,774,109 | |
Total increase in net
assets
|
57,776,787 | 32,158,793 | |
Net Assets: | |||
Beginning of
period
|
878,588,171 | 846,429,378 | |
End of
period
|
$936,364,958 | $ 878,588,171 | |
Share Transactions: | |||
Shares issued in the Reorganization (Note
9)
|
— | 8,425,476 | |
Shares sold (Note
8)
|
1,960,297 | — | |
Shares
reinvested
|
12,028 | — | |
Shares repurchased (Note
8)
|
— | (1,002,220) | |
Net increase in shares
outstanding
|
1,972,325 | 7,423,256 |
Increase (Decrease) in Cash: | |
Cash flows provided by (used for) operating activities: | |
Net increase in net assets resulting from
operations
|
$ 67,898,838 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: | |
Purchases of long-term portfolio investments and principal
payups
|
(597,213,937) |
Proceeds from disposition of long-term portfolio investments and principal
paydowns
|
513,901,453 |
Net purchases and sales of short-term portfolio
investments
|
(11,207,302) |
Return of capital distributions from portfolio
investments
|
1,360,435 |
Increase in interest and dividends
receivable
|
(450,000) |
Increase in receivable for investments
sold
|
(1,448,343) |
Increase in receivable for fund shares
sold
|
(1,356,644) |
Increase in receivable for open forward currency
contracts
|
(147,381) |
Increase in deferred offering
costs
|
(137,198) |
Increase in prepaid
expenses
|
(172,860) |
Increase in interest payable for credit facility and reverse repurchase
agreements
|
11,689 |
Increase in payable for investments
purchased
|
7,353,462 |
Increase in payable for variation
margin
|
77,342 |
Increase in investment advisory fees
payable
|
93,796 |
Increase in administration fees
payable
|
14,070 |
Increase in directors' fees
payable
|
3,219 |
Decrease in accrued
expenses
|
(59,228) |
Net amortization on investments and paydown gains or losses on
investments
|
(3,441,415) |
Net change in unrealized appreciation (depreciation) on
investments
|
(1,711,382) |
Net realized gain on investment
transactions
|
(48,618,919) |
Net cash used for operating
activities
|
(75,250,305) |
Cash flows provided by financing activities: | |
Net cash provided by credit
facility
|
49,000,000 |
Net cash provided by reverse repurchase
agreements
|
40,264,586 |
Net cash provided by proceeds from shares sold, net of offering
costs
|
42,454,791 |
Distributions paid to shareholders, net of
reinvestments
|
(52,576,842) |
Net cash provided by financing
activities
|
79,142,535 |
Net increase in
cash
|
3,892,230 |
Cash at beginning of period
(1)
|
5,687,141 |
Cash at end of period
(2)
|
$ 9,579,371 |
Supplemental Disclosure of Cash Flow Information: | |
Interest payments on the credit facility and reverse repurchase agreements for the six months ended June 30, 2021, totaled $1,434,165. | |
(1) Includes cash on deposit with brokers for reverse repurchase agreements. | |
(2) Includes cash on deposit with brokers for futures contracts. |
For
the
Six Months Ended June 30, 2021 |
For the Year Ended December 31, |
For the
Period
from December 5, 20161 to December 31, |
|||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Per Share Operating Performance: | |||||||||||
Net asset value, beginning of
period
|
$ 20.02 | $ 23.21 | $ 22.07 | $ 25.15 | $ 25.14 | $ 25.00 | |||||
Net investment
income2
|
0.40 | 0.80 | 1.10 | 1.52 | 1.74 | 0.15 | |||||
Net realized and change in unrealized gain
(loss)
|
1.19 | (1.60) | 2.43 | (2.21) | 0.66 | 0.19 | |||||
Net increase (decrease) in net asset value resulting from
operations
|
1.59 | (0.80) | 3.53 | (0.69) | 2.40 | 0.34 | |||||
Distributions from net investment
income
|
(1.19) | (0.68) | (1.30) | (1.53) | (1.84) | (0.15) | |||||
Return of capital
distributions
|
— | (1.71) | (1.09) | (0.86) | (0.55) | (0.05) | |||||
Total distributions
paid*
|
(1.19) | (2.39) | (2.39) | (2.39) | (2.39) | (0.20) | |||||
Net asset value, end of
period
|
$ 20.42 | $ 20.02 | $ 23.21 | $ 22.07 | $ 25.15 | $ 25.14 | |||||
Market price, end of
period
|
$ 21.90 | $ 17.83 | $ 21.35 | $ 19.07 | $ 23.37 | $ 22.31 | |||||
Total Investment Return based on Net Asset Value# | 8.21% 5 | -2.51% | 16.42% | -3.08% | 9.88% | 1.36% 5 | |||||
Total Investment Return based on Market Price† | 30.34% 5 | -4.16% | 24.79% | -9.12% | 15.94% | 0.50% 3,5 | |||||
Ratios to Average Net Assets/Supplementary Data: | |||||||||||
Net assets, end of period
(000s)
|
$936,365 | $878,588 | $846,429 | $805,294 | $917,653 | $917,593 | |||||
Operating expenses excluding interest
expense8
|
1.81% 6 | 1.77% | 1.61% | 1.63% | 1.60% | 1.70% 6 | |||||
Interest
expense
|
0.33% 6 | 0.47% | 0.93% | 0.93% | 0.58% | 0.60% 6 | |||||
Total
expenses8
|
2.14% 6 | 2.24% | 2.54% | 2.56% | 2.18% | 2.30% 6 | |||||
Net expenses, including fee waivers and reimbursement and excluding interest
expense8
|
1.81% 6 | 1.77% | 1.61% | 1.08% | 1.03% | 1.03% 6 | |||||
Net expenses including waivers and
reimbursement8
|
2.14% 6 | 2.24% | 2.54% | 2.00% | 1.61% | 1.63% 6 | |||||
Net investment
income
|
4.01% 6 | 4.08% | 4.69% | 6.31% | 6.84% | 8.13% 6 | |||||
Net investment income, excluding the effect of fee waivers and
reimbursement8
|
4.01% 6 | 4.08% | 4.69% | 5.76% | 6.27% | 7.46% 6 | |||||
Portfolio turnover
rate
|
42% 5 | 87% | 46% | 35% | 43% | 15% 4,5 | |||||
Credit facility and reverse repurchase agreements, end of period
(000s)
|
$406,846 | $317,581 | $242,192 | $280,800 | $259,395 | $302,682 | |||||
Asset coverage per $1,000 unit of senior
indebtedness7
|
$ 3,302 | $ 3,767 | $ 4,495 | $ 3,868 | $ 4,538 | $ 4,032 |
* | Distributions for annual periods determined in accordance with federal income tax regulations. |
# | Total investment return based on net asset value (“NAV”) is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The actual reinvestment price for dividends declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total investment return excludes the effects of sales charges or contingent deferred sales charges, if applicable. |
† | Total investment return based on market price is the combination of changes in the New York Stock Exchange ("NYSE") market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The actual reinvestment for dividends declared in the period may take place over several days as described in the Fund’s dividend reinvestment plan, and in some instances may not be based on the market price. Total investment return excludes the effect of broker commissions. |
1 | Commencement of operations. |
2 | Per share amounts presented are based on average shares outstanding throughout the period indicated. |
3 | Total investment return based on market price is calculated based on first trade price of $22.40 on December 5, 2016. |
4 | For the portfolio turnover calculation, portfolio purchases and sales of the Brookfield Mortgage Opportunity Income Fund Inc., Brookfield High Income Fund Inc. and Brookfield Total Return Fund Inc. made prior to the Reorganizations into the Brookfield Real Assets Income Fund Inc. have been excluded from the numerator and the monthly average value of securities used in the denominator reflects the combined market value after the Reorganizations. |
5 | Not annualized. |
6 | Annualized. |
7 | Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. |
8 | The operating expenses limitation agreement expired pursuant to its terms on December 4, 2018. |
Level 1 - | quoted prices in active markets for identical assets or liabilities |
Level 2 - |
quoted prices in markets
that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed transactions, interest rates, credit risk, etc.)
|
Level 3 - | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities) |
Level 1 | Level 2 | Level 3 | Total | ||||
U.S. Government & Agency
Obligations
|
$ — | $ 2,151,191 | $ — | $ 2,151,191 | |||
Securitized
Credit
|
— | 374,683,286 | 13,205,028 | 387,888,314 | |||
Corporate
Credit
|
— | 481,908,707 | — | 481,908,707 | |||
Term
Loans
|
— | 13,803,956 | — | 13,803,956 | |||
Preferred
Stocks
|
4,478,054 | — | 4,478,054 | ||||
Convertible Preferred Stock | — | 10,827,516 | — | 10,827,516 | |||
Common
Stocks
|
269,350,249 | 146,545,110 | 11 | 415,895,370 | |||
Money Market
Fund
|
13,913,459 | — | — | 13,913,459 | |||
Total
Investments
|
$ 287,741,762 | $ 1,029,919,766 | $ 13,205,039 | $ 1,330,866,567 |
Other Financial Instruments(1) | Level 1 | Level 2 | Level 3 | Total | |||
Forward currency contracts | $ — | $ 147,381 | $ — | $ 147,381 | |||
Futures contracts | — | (150,924) | — | (150,924) | |||
Total
|
$ — | $ (3,543) | $ — | $ (3,543) |
Quantitative Information about Level 3 Fair Value Measurements | ||||||
Value
as of June 30, 2021 |
Valuation
Approach |
Valuation
Methodology |
Unobservable
Input |
Amount
or
Range/ (Weighted Average) |
Impact
to
Valuation from an Increase in Input(1) |
|
Securitized Credit | ||||||
Class B Notes | $ 2,931,899 |
Income
Approach |
Discounted
Cash Flow |
Yield
(Discount
Rate of Cash Flows) |
8.6%-19.0%
(14.8%) |
Decrease |
Commercial Real Estate | 10,273,129 |
Asset-Based
Approach |
Model
Price |
Purchase
Price |
— | Increase |
Common Stocks | ||||||
Thunderbird Resources Equity, Inc. | 11 |
Asset-Based
Approach |
Analysis
of
Enterprise Value |
Enterprise
Value |
$1 | Increase |
Total | $13,205,039 |
Securitized Credit | Corporate Credit | Common Stocks | Total | ||||
Balance as of December 31,
2020
|
$ 2,959,851 | $ 825 | $11 | $ 2,960,687 | |||
Accrued discounts
(premiums)
|
6,884 | — | — | 6,884 | |||
Realized gain
(loss)
|
— | 1,179 | — | 1,179 | |||
Change in unrealized appreciation
(depreciation)
|
106,799 | (825) | — | 105,974 | |||
Purchases at
cost
|
10,147,037 | — | — | 10,147,037 | |||
Sales
proceeds
|
(15,543) | (1,179) | — | (16,722) | |||
Balance as of June 30,
2021
|
$13,205,028 | $ — | $11 | $13,205,039 | |||
Change in unrealized appreciation (depreciation) for Level 3 assets still held at the reporting
date
|
$ 106,799 | $ — | $ — | $ 106,799 |
Derivatives | Statement of Assets and Liabilities | Value as of June 30, 2021 |
Forward currency
contracts
|
Receivable for open forward currency contracts (assets) | $ 147,381 |
Futures
contracts
|
Payable for variation margin (liabilities) | (77,342) |
Derivatives | Location of Gains (Losses) on Derivatives Recognized in Income | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | |
Forward currency
contracts
|
Forward currency contracts | $(135,221) | $ 147,381 | |
Futures
contracts
|
Futures transactions | — | (150,924) | |
Total | $(135,221) | $ (3,543) |
Counterparty |
Borrowing
Rate |
Borrowing
Date |
Maturity
Date |
Amount
Borrowed(1) |
Payable
For
Reverse Repurchase Agreements |
|
JPMorgan
Chase
|
0.33% | 05/06/21 | 07/08/21 | $ 17,048,076 | $ 17,056,693 | |
JPMorgan
Chase
|
0.33 | 06/04/21 | 08/04/21 | 9,738,593 | 9,740,968 | |
JPMorgan
Chase
|
0.35 | 05/06/21 | 07/08/21 | 10,886,634 | 10,892,562 | |
JPMorgan
Chase
|
0.35 | 06/04/21 | 08/04/21 | 2,284,688 | 2,285,288 | |
JPMorgan
Chase
|
0.35 | 06/18/21 | 08/04/21 | 4,739,484 | 4,740,083 | |
JPMorgan
Chase
|
0.35 | 06/25/21 | 08/04/21 | 5,807,444 | 5,807,782 | |
JPMorgan
Chase
|
0.38 | 05/06/21 | 07/08/21 | 767,813 | 768,260 | |
JPMorgan
Chase
|
0.40 | 05/06/21 | 07/08/21 | 3,978,000 | 3,980,475 | |
JPMorgan
Chase
|
0.40 | 06/04/21 | 08/04/21 | 6,278,079 | 6,279,963 | |
JPMorgan
Chase
|
0.40 | 06/25/21 | 08/04/21 | 3,912,339 | 3,912,600 | |
JPMorgan
Chase
|
0.45 | 05/06/21 | 07/08/21 | 1,845,923 | 1,847,215 | |
JPMorgan
Chase
|
0.45 | 06/04/21 | 08/04/21 | 10,896,133 | 10,899,810 | |
JPMorgan
Chase
|
0.45 | 06/25/21 | 08/04/21 | 1,947,309 | 1,947,455 | |
JPMorgan
Chase
|
0.46 | 05/06/21 | 07/08/21 | 5,045,625 | 5,049,235 | |
JPMorgan
Chase
|
0.50 | 05/06/21 | 07/08/21 | 9,340,387 | 9,347,652 | |
RBC Capital
Markets
|
0.78 | 06/04/21 | 09/03/21 | 8,852,000 | 8,857,205 | |
RBC Capital
Markets
|
0.84 | 04/12/21 | 07/12/21 | 3,477,000 | 3,483,473 | |
Total
|
$106,845,527 | $106,896,719 |
Overnight and Continuous | Up to 30 Days | 30 to 90 Days | Greater Than 90 Days | Total | |
Corporate
Credit
|
$— | $52,389,458 | $54,456,069 | $— | $106,845,527 |
Collateral | ||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Assets and Liabilities | Net Amounts Presented in the Statement of Assets and Liabilities | Non-Cash Collateral (Pledged) Received* | Collateral Pledged (Received)* | Net Amount | |
Reverse Repurchase
Agreements
|
$106,845,527 | $— | $106,845,527 | $(106,845,527) | $— | $— |
Cost of
Investments
|
$233,782,953 |
Market value of
investments
|
257,818,799 |
Net unrealized appreciation of
investments
|
$ 24,035,846 |
INF - Prior to Reorganization | |
Shares
outstanding
|
13,483,223 |
Net
assets
|
$188,069,973 |
NAV per
share
|
$ 13.9484 |
RA - Prior to Reorganization | |
Shares
outstanding
|
36,467,057 |
Net
assets
|
$813,999,050 |
NAV per
share
|
$ 22.3215 |
RA - Post Reorganization | |
Shares
outstanding(1)
|
44,892,533 |
Net
assets(1)
|
$1,002,068,982 |
NAV per
share
|
$ 22.3215 |
RA - Pro Forma Results from Operations | |
Net investment
income
|
$ 34,740,508 |
Net realized
loss
|
(76,930,929) |
Net change in unrealized
depreciation
|
(14,395,981) |
Net decrease in net assets resulting from
operations
|
$(56,586,402) |
Ordinary
income
|
$ 29,196,590 |
Return of
capital
|
73,374,769 |
Total
|
$102,571,359 |
Capital loss
carryforwards(1)
|
$(147,208,995) |
Other accumulated
losses
|
(22,772,822) |
Tax basis unrealized appreciation on investments and foreign
currency
|
45,643,476 |
Total tax basis net accumulated
losses
|
$(124,338,341) |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
$1,138,292,024 | $97,045,913 | $(51,402,437) | $45,643,476 |
Capital Loss Carryforwards: | Expires: | Limitation: |
$83,875,883
(Short-Term)
|
N/A | Unlimited |
$63,333,112
(Long-Term)
|
N/A | Unlimited |
$15,499,315
|
N/A | 12/31/21 |
$3,443,546
|
N/A | 12/31/22 |
$1,527,980
|
N/A | 12/31/23 |
Paid-in capital | Distributions in excess of net investment income | Accumulated net realized loss |
$10,561,714 | $(2,931,849) | $(7,629,865) |
Distribution Per Share | Record Date | Payable Date |
$0.1990 | July 14, 2021 | July 22, 2021 |
$0.1990 | August 11, 2021 | August 19, 2021 |
Shares Voted For | Shares Voted Against | Shares Voted Abstain | ||
1. |
To
elect to the Fund's Board of Directors Heather S. Goldman,
Class II Independent Director Nominee |
30,567,812 | 1,367,954 | 319,895 |
2. |
To
elect to the Fund's Board of Directors William H. Wright II,
Class II Independent Director Nominee |
31,341,619 | 604,072 | 309,966 |
• | Real Estate; |
• | Infrastructure; and |
• | Natural Resources. |
• | Real estate investment trusts (“REITs”); |
• | Real estate operating companies (“REOCs”); |
• | Brokers, developers and builders of residential, commercial, and industrial properties; |
• | Property management firms; |
• | Finance, mortgage, and mortgage servicing firms; |
• | Construction supply and equipment manufacturing companies; |
• | Firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining and agriculture companies; and |
• | Debt securities, including securitized obligations, which are predominantly (i.e., at least 50%) supported by real estate assets. |
• | toll roads, bridges and tunnels; |
• | airports; |
• | seaports; |
• | electricity generation and transmission and distribution lines; |
• | gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products; |
• | water and sewage treatment and distribution pipelines; |
• | communication towers and satellites; |
• | railroads; and |
• | other companies with direct and indirect involvement in infrastructure through the development, construction or operation of infrastructure assets. |
• | Timber and Agriculture assets and securities; |
• | Commodities and Commodity-Linked assets and securities, including, but not limited to, precious metals, such as gold, silver and platinum, ferrous and nonferrous metals, such as iron, aluminum and copper, metals such as uranium and titanium, hydrocarbons such as coal, oil and natural gas, timberland, undeveloped real property and agricultural commodities; and |
• | Energy, including the exploration, production, processing and manufacturing of hydrocarbon-related and chemical-related products. |
• | the likelihood of greater volatility of NAV and market price of and distributions in the Fund’s common stock; |
• | fluctuations in the dividend rates on any preferred stock or in interest rates on borrowings and short-term debt; |
• | increased operating costs, which are effectively borne by common shareholders, may reduce the Fund’s total return; and |
• | the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund’s obligations under such borrowing or preferred stock remain fixed. |
• | dependence on the Investment Adviser’s ability to predict correctly movements in the direction of the relevant measure; |
• | imperfect correlation between the price of the derivative instrument and movements in the prices of the referenced assets; |
• | the fact that skills needed to use these strategies are different from those needed to select portfolio securities; |
• | the possible absence of a liquid secondary market for any particular instrument at any time could expose the Fund to losses; |
• | certain derivative transactions involve substantial leverage risk and may expose the Fund to potential losses that exceed the amount originally invested; |
• | the possible need to defer closing out certain hedged positions to avoid adverse tax consequences; |
• | the possible inability of the Fund to purchase or sell a security or instrument at a time that otherwise would be favorable for it to do so, or the possible need for the Fund to sell a security or instrument at a disadvantageous time due to a need for the Fund to maintain “cover” or to segregate securities in connection with the hedging techniques; and |
• | the creditworthiness of counterparties. |
• | declines in the value of real estate; |
• | risks related to general and local economic conditions; |
• | possible lack of availability of mortgage funds; |
• | overbuilding; |
• | extended vacancies of properties; |
• | increased competition; |
• | increases in property taxes and operating expenses; |
• | changes in zoning laws; |
• | losses due to costs resulting from the clean-up of environmental problems; |
• | liability to third parties for damages resulting from environmental problems; |
• | casualty or condemnation losses; |
• | limitations on rents; |
• | changes in neighborhood values and the appeal of properties to tenants; and |
• | changes in interest rates. |
• | Information we receive from you in applications or other forms, correspondence or conversations, including but not limited to name, address, phone number, social security number, assets, income and date of birth. |
• | Information about transactions with us, our affiliates, or others, including but not limited to account number, balance and payment history, parties to transactions, cost basis information, and other financial information. |
• | Information we may receive from our due diligence, such as your creditworthiness and your credit history. |
• | Unaffiliated service providers (e.g. transfer agents, securities broker-dealers, administrators, investment advisors or other firms that assist us in maintaining and supporting financial products and services provided to you); |
• | Government agencies, other regulatory bodies and law enforcement officials (e.g. for reporting suspicious transactions); |
• | Other organizations, with your consent or as directed by you; and |
• | Other organizations, as permitted or required by law (e.g. for fraud protection) |
Directors of the Fund | |
Edward A. Kuczmarski | Chairman |
Louis P. Salvatore | Audit Committee Chairman |
Heather S. Goldman | Director |
Stuart A. McFarland | Director |
William H. Wright II | Director |
David W. Levi | Director (Interested) |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Schedule of Investments is included as part of the report to stockholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which stockholders may recommend nominees to the Registrants Board of Directors that were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(16)) of Schedule 14A (17 CFR 240.14a- 101), or this Item 10.
Item 11. Controls and Procedures.
(a) The Registrants principal executive officer and principal financial officer have concluded that the Registrants Disclosure Controls and Procedures are effective, based on their evaluation of such Disclosure Controls and Procedures as of a date within 90 days of the filing of this report on Form N-CSR.
(b) As of the date of filing this Form N-CSR, the Registrants principal executive officer and principal financial officer are aware of no changes in the Registrants internal control over financial reporting that occurred during the Registrants second fiscal quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect the Registrants internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) None.
(3) Not applicable.
(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BROOKFIELD REAL ASSETS INCOME FUND INC. | ||
By: |
/s/ Brian F. Hurley |
|
Brian F. Hurley | ||
President and Principal Executive Officer |
Date: August 30, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: |
/s/ Brian F. Hurley |
|
Brian F. Hurley | ||
President and Principal Executive Officer |
Date: August 30, 2021
By: |
/s/ Casey P. Tushaus |
|
Casey P. Tushaus | ||
Treasurer and Principal Financial Officer |
Date: August 30, 2021
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