Brookfield Investment Funds NPORT-P Brookfield Real Assets Securities Fund (Mar 2022 report)

BROOKFIELD REAL ASSETS SECURITIES FUND
Schedule of Investments (Unaudited)
March 31, 2022
	Shares		Value
COMMON STOCKS - 81.1%
AUSTRALIA - 2.8%
Diversified - 0.3%
The GPT Group		49,394	$	190,528
Manufactured Homes - 0.4%
Ingenia Communities Group		56,100		211,789
Office - 0.3%
Dexus		21,105		172,273
Self Storage - 0.2%
National Storage REIT		46,900		94,360
Toll Roads - 1.6%
Transurban Group		91,707		926,605
Total AUSTRALIA				1,595,555
BRAZIL - 1.4%
Rail - 0.6%
Rumo SA (n)		94,983		370,671
Toll Roads - 0.7%
CCR SA		129,714		374,072
Wind & Solar - 0.1%
Omega Energia SA (n)		17,078		42,865
Total BRAZIL				787,608
CANADA - 4.8%
Clean Power - 0.1%
Fortis, Inc.		1,200		59,350
Office - 0.3%
Allied Properties Real Estate Investment Trust		4,605		171,764
Pipelines - 2.4%
Enbridge, Inc.		25,000		1,150,862
Enbridge, Inc.		5,097		234,921
Total Pipelines				1,385,783
Rail - 1.3%
Canadian Pacific Railway Ltd.		8,900		734,553
Residential - 0.6%
InterRent Real Estate Investment Trust		27,248		348,514
Wind & Solar - 0.1%
Boralex, Inc.		1,800		58,342
Total CANADA				2,758,306
CHILE - 0.4%
Water - 0.4%
Aguas Andinas SA		1,056,005		224,542
Total CHILE				224,542
CHINA - 1.6%
Airports - 0.1%
Hainan Meilan International Airport Company Ltd. (n)		37,495		85,447
Communications Infrastructure - 0.3%
China Tower Corporation Ltd. (e)		1,274,500		142,671
Gas Utilities - 0.6%
China Resources Gas Group Ltd.		48,195		202,847
ENN Energy Holdings Ltd.		9,469		141,428
Total Gas Utilities				344,275
Water - 0.5%
Guangdong Investment Ltd.		193,549		263,699
Wind & Solar - 0.1%
China Longyuan Power Group Corporation Ltd.		26,596		59,781
Total CHINA				895,873
DENMARK - 0.3%
Wind & Solar - 0.3%
Orsted A/S (e)		1,000		125,171
Vestas Wind Systems A/S		2,000		58,670
Total Wind & Solar				183,841
Total DENMARK				183,841
FRANCE - 4.0%
Clean Technology - 0.1%
Nexans SA		700		65,507
Hotel - 0.3%
Accor SA (n)		5,238		168,766
Office - 0.8%
Covivio		2,885		229,601
Gecina SA		1,893		238,573
Total Office				468,174
Renewables/Electric Generation - 1.2%
Engie SA		18,100		237,962
Veolia Environnement SA		13,328		427,344
Total Renewables/Electric Generation				665,306
Retail - 1.0%
Unibail-Rodamco-Westfield (n)		7,699		576,714
Toll Roads - 0.5%
Getlink SE		16,800		302,564
Wind & Solar - 0.1%
Neoen SA (e)		900		38,234
Total FRANCE				2,285,265
GERMANY - 0.9%
Airports - 0.2%
Fraport AG Frankfurt Airport Services Worldwide (n)		1,571		87,086
Residential - 0.7%
Vonovia SE		8,860		412,971
Total GERMANY				500,057
HONG KONG - 1.5%
Diversified - 0.9%
Sun Hung Kai Properties Ltd.		29,731		353,724
Swire Properties Ltd.		67,064		165,729
Total Diversified				519,453
Rail - 0.3%
MTR Corporation Ltd.		29,166		157,067
Retail - 0.3%
Wharf Real Estate Investment Company Ltd.		36,672		181,242
Total HONG KONG				857,762
INDIA - 0.0%
Wind & Solar - 0.0%
Azure Power Global Ltd. (n)		1,400		23,296
Total INDIA				23,296
IRELAND - 0.1%
Wind & Solar - 0.1%
Greencoat Renewables PLC		44,200		55,347
Total IRELAND				55,347
ITALY - 2.2%
Clean Technology - 0.1%
RWA Way SpA (e)		13,700		85,641
Renewables/Electric Generation - 0.5%
Hera SpA		80,200		295,471
Toll Roads - 1.3%
Atlantia SpA		35,458		737,267
Wind & Solar - 0.3%
Enel SpA		22,400		149,560
Total ITALY				1,267,939
JAPAN - 3.9%
Diversified - 0.3%
United Urban Investment Corp.		135		155,594
Gas Utilities - 0.4%
Tokyo Gas Company Ltd.		11,327		207,366
Hotel - 0.6%
Invincible Investment Corp.		511		176,368
Japan Hotel REIT Investment Corp.		331		168,752
Total Hotel				345,120
Industrial - 1.2%
GLP J-REIT		229		347,966
LaSalle Logiport REIT		71		102,122
Mitsui Fudosan Logistics Park, Inc.		57		268,792
Total Industrial				718,880
Office - 0.3%
Mitsui Fudosan Company Ltd.		7,573		162,080
Rail - 1.1%
East Japan Railway Co.		8,000		463,020
West Japan Railway Co.		4,344		179,997
Total Rail				643,017
Total JAPAN				2,232,057
MEXICO - 0.9%
Airports - 0.9%
Grupo Aeroportuario del Pacifico SAB de CV		30,556		492,568
Total MEXICO				492,568
NEW ZEALAND - 0.1%
Clean Power - 0.1%
Mercury NZ Ltd.		14,000		57,472
Total NEW ZEALAND				57,472
SINGAPORE - 0.8%
Diversified - 0.8%
CapitaLand Integrated Commercial Trust		129,711		214,586
City Developments Ltd.		41,008		237,056
Total Diversified				451,642
Total SINGAPORE				451,642
SPAIN - 3.8%
Airports - 0.9%
Aena SME SA (e) (n)		3,012		502,104
Communications Infrastructure - 1.1%
Cellnex Telecom SA (e)		12,800		615,996
Diversified - 0.7%
Merlin Properties Socimi SA		34,318		401,220
Toll Roads - 0.6%
Ferrovial SA		12,584		334,671
Wind & Solar - 0.5%
Atlantica Sustainable Infrastructure PLC		1,800		63,126
Corp ACCIONA Energias Renovables SA		1,600		59,148
EDP Renovaveis SA		2,000		51,422
Iberdrola SA		12,583		137,533
Total Wind & Solar				311,229
Total SPAIN				2,165,220
SWEDEN - 0.3%
Diversified - 0.3%
Hufvudstaden AB		12,260		174,018
Total SWEDEN				174,018
UNITED KINGDOM - 5.2%
Electricity Transmission & Distribution - 1.5%
National Grid PLC		57,003		876,032
Industrial - 0.3%
Tritax EuroBox PLC (e)		117,509		162,527
Office - 0.4%
Derwent London PLC		5,181		217,479
Renewables/Electric Generation - 1.2%
Drax Group PLC		13,200		135,743
SSE PLC		23,164		529,274
Total Renewables/Electric Generation				665,017
Residential - 0.4%
The UNITE Group PLC		17,082		258,748
Retail - 1.2%
Capital & Counties Properties PLC		121,887		278,139
Hammerson PLC		337,716		146,490
Shaftesbury PLC		32,830		264,915
Total Retail				689,544
Water Sustainability - 0.2%
Severn Trent PLC		2,200		88,669
Total UNITED KINGDOM				2,958,016
UNITED STATES - 46.1%
Clean Power - 0.2%
Exelon Corp.		2,400		114,312
Clean Technology - 0.1%
Itron, Inc. (n)		1,100		57,948
Communications - 2.5%
Crown Castle International Corp.		5,200		959,920
SBA Communications Corp.		1,300		447,330
Total Communications				1,407,250
Datacenters - 0.9%
Digital Realty Trust, Inc.		3,755		532,459
Electricity Transmission & Distribution - 3.5%
CenterPoint Energy, Inc.		19,500		597,480
PG&E Corp. (n)		38,420		458,735
Sempra Energy		5,500		924,660
Total Electricity Transmission & Distribution				1,980,875
Gas Utilities - 1.9%
Atmos Energy Corp.		4,300		513,807
NiSource, Inc.		18,865		599,907
Total Gas Utilities				1,113,714
Healthcare - 2.8%
Healthpeak Properties, Inc.		12,100		415,393
Ventas, Inc.		8,410		519,402
Welltower, Inc.		6,673		641,542
Total Healthcare				1,576,337
Hotel - 1.4%
Park Hotels & Resorts, Inc.		20,950		409,154
Pebblebrook Hotel Trust		15,959		390,676
Total Hotel				799,830
Industrial - 2.3%
Americold Realty Trust		9,618		268,150
Prologis, Inc.		6,352		1,025,721
Total Industrial				1,293,871
Manufactured Homes - 0.6%
Sun Communities, Inc.		1,944		340,764
Midstream - 4.3%
Cheniere Energy, Inc.		6,387		885,557
Equitrans Midstream Corp.		53,236		449,312
Targa Resources Corp.		11,638		878,320
The Williams Companies, Inc.		7,204		240,686
Total Midstream				2,453,875
Net Lease - 1.9%
Agree Realty Corp.		4,100		272,076
EPR Properties		6,500		355,615
VICI Properties, Inc.		16,464		468,565
Total Net Lease				1,096,256
Office - 1.2%
Alexandria Real Estate Equities, Inc.		1,330		267,662
Highwoods Properties, Inc.		5,650		258,431
Kilroy Realty Corp.		2,452		187,382
Total Office				713,475
Pipeline (MLP) - 2.4%
Energy Transfer LP		21,621		241,939
Enterprise Products Partners LP		9,170		236,678
Magellan Midstream Partners LP		4,567		224,103
MPLX LP		6,628		219,917
Plains All American Pipeline LP		20,627		221,946
Western Midstream Partners LP		8,673		218,733
Total Pipeline (MLP)				1,363,316
Pipelines - 1.0%
Kinder Morgan, Inc.		12,667		239,533
Plains GP Holdings LP		29,800		344,190
Total Pipelines				583,723
Rail - 1.4%
CSX Corp.		21,000		786,450
Renewables/Electric Generation - 9.9%
Ameren Corp.		3,195		299,563
CMS Energy Corp.		2,566		179,466
Dominion Energy, Inc.		13,800		1,172,586
Entergy Corp.		6,154		718,480
FirstEnergy Corp.		19,785		907,340
NextEra Energy, Inc.		19,100		1,617,961
Xcel Energy, Inc.		10,400		750,568
Total Renewables/Electric Generation				5,645,964
Residential - 4.1%
American Homes 4 Rent		6,104		244,343
Essex Property Trust, Inc.		1,704		588,698
Invitation Homes, Inc.		12,600		506,268
Mid-America Apartment Communities, Inc.		2,194		459,533
UDR, Inc.		9,419		540,368
Total Residential				2,339,210
Retail - 1.6%
Federal Realty Investment Trust		2,600		317,382
Simon Property Group, Inc.		4,375		575,575
Total Retail				892,957
Self Storage - 1.1%
Public Storage		1,660		647,865
Water Sustainability - 0.4%
American Water Works Company, Inc.		600		99,318
Essential Utilities, Inc.		1,400		71,582
Xylem, Inc.		600		51,156
Total Water Sustainability				222,056
Wind & Solar - 0.6%
Clearway Energy, Inc.		3,500		127,785
Enphase Energy, Inc. (n)		400		80,712
NextEra Energy Partners LP		800		66,688
Sunrun, Inc. (n)		2,200		66,814
Total Wind & Solar				341,999
Total UNITED STATES				26,304,506
Total COMMON STOCKS
(Cost $37,840,667)				46,270,890
CONVERTIBLE PREFERRED STOCKS - 1.0%
UNITED STATES - 1.0%
Hotel - 0.2%
RLJ Lodging Trust, Series A, 1.95%		4,603		126,813
Net Lease - 0.3%
EPR Properties, Series C, 5.75%		6,023		155,574
Office - 0.3%
Equity Commonwealth, Series D, 6.50%		4,915		135,408
Retail - 0.2%
RPT Realty, Series D, 7.25%		2,270		134,585
Total UNITED STATES				552,380
Total CONVERTIBLE PREFERRED STOCKS
(Cost $545,395)				552,380
	Principal Amount (000s)		Value
REAL ASSET DEBT - 6.9%
BRAZIL - 0.1%
Metals & Mining - 0.1%
Vale Overseas Ltd., 3.75%, 07/08/30	$	40	$	38,522
Total BRAZIL				38,522
CANADA - 0.5%
Basic Industrial - 0.1%
Cascades, Inc., 5.38%, 01/15/28 (e)		20		19,975
Methanex Corp., 5.25%, 12/15/29		10		10,193
NOVA Chemicals Corp., 4.25%, 05/15/29 (e)		20		18,421
Total Basic Industrial				48,589
Energy - 0.1%
Baytex Energy Corp., 8.75%, 04/01/27 (e)		5		5,362
MEG Energy Corp., 6.50%, 01/15/25 (e)		5		5,081
MEG Energy Corp., 7.13%, 02/01/27 (e)		20		20,940
Total Energy				31,383
Infrastructure Services - 0.0%
GFL Environmental, Inc., 3.50%, 09/01/28 (e)		20		18,806
Media - 0.1%
Videotron Ltd., 3.63%, 06/15/29 (e)		30		27,600
Metals & Mining - 0.0%
Hudbay Minerals, Inc., 4.50%, 04/01/26 (e)		10		9,750
Oil Gas Transportation & Distribution - 0.1%
Parkland Corp., 4.50%, 10/01/29 (e)		20		18,543
TransCanada PipeLines Ltd., 2.72% (3 Month LIBOR USD + 2.21%), 05/15/67 (v)		50		41,375
Total Oil Gas Transportation & Distribution				59,918
Utility - 0.1%
Emera, Inc., 6.75% (3 Month LIBOR USD + 5.44%), 06/15/76 (v)		35		36,837
Total CANADA				232,883
FRANCE - 0.0%
Telecommunication Services - 0.0%
Altice France SA, 5.50%, 01/15/28 (e)		20		18,546
Total FRANCE				18,546
GERMANY - 0.0%
Basic Industrial - 0.0%
Mercer International, Inc., 5.13%, 02/01/29		10		9,650
Total GERMANY				9,650
NETHERLANDS - 0.0%
Media - 0.0%
UPC Broadband Finco BV, 4.88%, 07/15/31 (e)		10		9,453
VZ Secured Financing BV, 5.00%, 01/15/32 (e)		10		9,350
Ziggo Bond Company BV, 5.13%, 02/28/30 (e)		10		9,306
Total Media				28,109
Total NETHERLANDS				28,109
SPAIN - 0.1%
Utility - 0.1%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (e)		40		38,546
Total SPAIN				38,546
UNITED KINGDOM - 0.1%
Energy - 0.0%
BP Capital Markets PLC, 4.88% (Fixed until 06/22/30, then 5 Year U.S. Treasury Yield Curve + 4.40%), Perpetual (v)		10		10,025
Media - 0.1%
Virgin Media Secured Finance PLC, 4.50%, 08/15/30 (e)		40		37,300
Total UNITED KINGDOM				47,325
UNITED STATES - 6.1%
Basic Industrial - 0.1%
Hexion, Inc., 7.88%, 07/15/27 (e)		20		21,094
Resolute Forest Products, Inc., 4.88%, 03/01/26 (e)		10		9,622
Tronox, Inc., 4.63%, 03/15/29 (e)		15		14,025
Total Basic Industrial				44,741
Construction & Building Materials - 0.3%
Ashton Woods USA LLC, 6.63%, 01/15/28 (e)		20		20,491
Beazer Homes USA, Inc., 5.88%, 10/15/27		20		19,325
Builders FirstSource, Inc., 5.00%, 03/01/30 (e)		10		9,892
KB Home, 4.00%, 06/15/31		20		18,099
M/I Homes, Inc., 4.95%, 02/01/28		20		18,850
Shea Homes LP, 4.75%, 04/01/29 (e)		20		18,705
Standard Industries, Inc., 3.38%, 01/15/31 (e)		15		13,144
Taylor Morrison Communities, Inc., 5.88%, 06/15/27 (e)		20		20,800
Total Construction & Building Materials				139,306
Diversified - 0.1%
Forestar Group, Inc., 5.00%, 03/01/28 (e)		40		37,500
The Howard Hughes Corp., 5.38%, 08/01/28 (e)		40		40,159
Total Diversified				77,659
Energy - 0.7%
Antero Resources Corp., 5.38%, 03/01/30 (e)		10		10,225
Apache Corp., 4.25%, 01/15/30		30		30,450
California Resources Corp., 7.13%, 02/01/26 (e)		17		17,668
Callon Petroleum Co., 6.38%, 07/01/26		9		8,949
Callon Petroleum Co., 8.25%, 07/15/25		10		10,100
Chesapeake Energy Corp., 5.50%, 02/01/26 (e)		15		15,369
Civitas Resources, Inc., 5.00%, 10/15/26 (e)		10		9,913
Comstock Resources, Inc., 6.75%, 03/01/29 (e)		30		30,947
Continental Resources, Inc., 5.75%, 01/15/31 (e)		21		22,970
Crescent Energy Finance LLC, 7.25%, 05/01/26 (e)		10		10,047
Devon Energy Corp., 7.95%, 04/15/32		10		12,981
Diamondback Energy, Inc., 4.25%, 03/15/52		20		19,756
Endeavor Energy Resources LP, 6.63%, 07/15/25 (e)		20		20,750
EQT Corp., 7.50%, 02/01/30		21		24,317
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/27 (e)		15		14,704
Occidental Petroleum Corp., 4.40%, 04/15/46		50		47,500
Occidental Petroleum Corp., 8.88%, 07/15/30		48		61,440
Range Resources Corp., 8.25%, 01/15/29		10		10,959
Southwestern Energy Co., 5.38%, 02/01/29		32		32,520
Transocean Proteus Ltd., 6.25%, 12/01/24 (e)		28		27,294
Total Energy				438,859
Health Facilities - 0.3%
CHS/Community Health Systems, Inc., 4.75%, 02/15/31 (e)		55		51,975
HCA, Inc., 3.50%, 09/01/30		60		57,734
Tenet Healthcare Corp., 6.13%, 10/01/28 (e)		60		60,975
Total Health Facilities				170,684
Infrastructure Services - 0.1%
Mueller Water Products, Inc., 4.00%, 06/15/29 (e)		10		9,538
Terex Corp., 5.00%, 05/15/29 (e)		10		9,593
United Rentals North America, Inc., 3.88%, 02/15/31		20		18,850
United Rentals North America, Inc., 5.50%, 05/15/27		20		20,686
Total Infrastructure Services				58,667
Leisure - 0.6%
Boyd Gaming Corp., 4.75%, 12/01/27		13		12,898
Boyd Gaming Corp., 4.75%, 06/15/31 (e)		30		28,912
Caesars Resort Collection LLC, 5.75%, 07/01/25 (e)		20		20,498
Cedar Fair LP, 5.50%, 05/01/25 (e)		40		41,077
GLP Capital LP, 4.00%, 01/15/30		40		38,824
MGM Growth Properties Operating Partnership LP, 4.50%, 09/01/26		40		40,200
Park Intermediate Holdings LLC, 5.88%, 10/01/28 (e)		30		29,850
RHP Hotel Properties LP, 4.50%, 02/15/29 (e)		10		9,400
Scientific Games International, Inc., 5.00%, 10/15/25 (e)		20		20,500
Scientific Games International, Inc., 8.25%, 03/15/26 (e)		20		20,825
Six Flags Entertainment Corp., 5.50%, 04/15/27 (e)		20		20,013
Station Casinos LLC, 4.50%, 02/15/28 (e)		20		19,044
Station Casinos LLC, 4.63%, 12/01/31 (e)		5		4,573
VICI Properties LP, 4.63%, 12/01/29 (e)		40		40,000
Wynn Las Vegas LLC, 5.50%, 03/01/25 (e)		10		10,000
Total Leisure				356,614
Media - 0.5%
Cable One, Inc., 4.00%, 11/15/30 (e)		50		46,111
CCO Holdings LLC, 4.75%, 03/01/30 (e)		100		95,964
Charter Communications Operating LLC, 3.70%, 04/01/51		25		20,592
CSC Holdings LLC, 4.63%, 12/01/30 (e)		30		25,089
CSC Holdings LLC, 4.50%, 11/15/31 (e)		40		35,800
DIRECTV Holdings LLC, 5.88%, 08/15/27 (e)		20		19,686
DISH DBS Corp., 5.13%, 06/01/29		20		17,032
DISH DBS Corp., 5.25%, 12/01/26 (e)		10		9,519
GCI LLC, 4.75%, 10/15/28 (e)		10		9,791
Total Media				279,584
Metals & Mining - 0.1%
Cleveland-Cliffs, Inc., 6.75%, 03/15/26 (e)		10		10,500
Freeport-McMoRan, Inc., 4.25%, 03/01/30		40		40,267
Total Metals & Mining				50,767
Oil Gas Transportation & Distribution - 1.1%
Antero Midstream Partners LP, 5.38%, 06/15/29 (e)		30		29,969
Blue Racer Midstream LLC, 6.63%, 07/15/26 (e)		10		10,157
Buckeye Partners LP, 4.13%, 12/01/27		20		19,100
Cheniere Energy, Inc., 4.63%, 10/15/28		30		30,225
Crestwood Midstream Partners LP, 5.63%, 05/01/27 (e)		10		9,908
DCP Midstream Operating LP, 5.85% (3 Month LIBOR USD + 3.85%), 05/21/43 (e) (v)		20		18,609
DCP Midstream Operating LP, 5.60%, 04/01/44		20		21,015
DT Midstream, Inc., 4.13%, 06/15/29 (e)		20		19,176
Energy Transfer LP, 3.33% (3 Month LIBOR USD + 3.02%), 11/01/66 (v)		50		41,580
Energy Transfer LP, 6.75% (Fixed until 05/15/25 then 5 Year U.S. Treasury Yield Curve + 5.13%), Perpetual (v)		12		11,670
Energy Transfer LP, 7.13% (Fixed until 05/15/30 then 5 Year U.S. Treasury Yield Curve + 5.31%), Perpetual (v)		12		11,760
EnLink Midstream LLC, 5.38%, 06/01/29		40		40,000
EQM Midstream Partners LP, 4.50%, 01/15/29 (e)		60		56,443
Ferrellgas LP, 5.38%, 04/01/26 (e)		10		9,497
Genesis Energy LP, 6.50%, 10/01/25		20		19,726
Global Partners LP, 7.00%, 08/01/27		20		20,000
Holly Energy Partners LP, 5.00%, 02/01/28 (e)		58		55,027
MPLX LP, 6.88% (Fixed until 02/15/23 then 3 Month LIBOR USD + 4.65%), Perpetual (v)		40		39,200
NuStar Logistics LP, 5.75%, 10/01/25		18		18,338
Plains All American Pipeline LP, 6.13% (Fixed until 11/15/22 then 3 Month LIBOR USD + 4.11%), Perpetual (v)		10		8,480
Suburban Propane Partners LP, 5.00%, 06/01/31 (e)		19		17,813
Sunoco LP, 4.50%, 05/15/29		9		8,491
Tallgrass Energy Partners LP, 6.00%, 12/31/30 (e)		41		39,784
Targa Resources Partners LP, 4.88%, 02/01/31		15		15,150
Western Midstream Operating LP, 4.75%, 08/15/28		50		51,607
Total Oil Gas Transportation & Distribution				622,725
Other Real Estate - 0.0%
Wynn Resorts Finance LLC, 5.13%, 10/01/29 (e)		10		9,400
Real Estate - 0.6%
American Homes 4 Rent LP, 3.38%, 07/15/51		40		33,225
EPR Properties, 3.75%, 08/15/29		30		28,085
Global Net Lease, Inc., 3.75%, 12/15/27 (e)		10		9,231
Iron Mountain, Inc., 4.88%, 09/15/29 (e)		25		23,797
iStar, Inc., 5.50%, 02/15/26		60		60,900
LXP Industrial Trust, 2.70%, 09/15/30		45		41,525
Mid-America Apartments LP, 2.88%, 09/15/51		45		37,666
RLJ Lodging Trust LP, 3.75%, 07/01/26 (e)		35		33,250
Service Properties Trust, 4.35%, 10/01/24		15		14,461
Service Properties Trust, 4.95%, 10/01/29		15		12,938
Starwood Property Trust, Inc., 3.63%, 07/15/26 (e)		65		62,067
Total Real Estate				357,145
Telecommunication Services - 0.9%
American Tower Corp., 3.10%, 06/15/50		45		36,342
Cablevision Lightpath LLC, 3.88%, 09/15/27 (e)		65		60,775
Cogent Communications Group, Inc., 3.50%, 05/01/26 (e)		10		9,500
Consolidated Communications, Inc., 6.50%, 10/01/28 (e)		40		36,856
Crown Castle International Corp., 3.25%, 01/15/51		43		35,575
Frontier Communications Holdings LLC, 5.00%, 05/01/28 (e)		55		52,800
Level 3 Financing, Inc., 4.63%, 09/15/27 (e)		85		80,637
SBA Communications Corp., 3.88%, 02/15/27		30		29,219
T-Mobile USA, Inc., 4.75%, 02/01/28		29		29,551
T-Mobile USA, Inc., 3.50%, 04/15/31		37		34,872
T-Mobile USA, Inc., 3.40%, 10/15/52 (e)		25		21,364
Windstream Escrow LLC, 7.75%, 08/15/28 (e)		20		20,250
Zayo Group Holdings, Inc., 4.00%, 03/01/27 (e)		35		32,208
Total Telecommunication Services				479,949
Utility - 0.7%
American Electric Power Company, Inc., 3.25%, 03/01/50		40		34,435
Calpine Corp., 5.13%, 03/15/28 (e)		55		52,392
Clearway Energy Operating LLC, 3.75%, 02/15/31 (e)		45		42,079
CMS Energy Corp., 4.75% (5 Year U.S. Treasury Yield Curve + 4.12%), 06/01/50 (v)		30		29,700
FirstEnergy Corp., 3.40%, 03/01/50		45		37,903
NextEra Energy Capital Holdings, Inc., 3.80% (5 Year U.S. Treasury Yield Curve + 2.55%), 03/15/82 (v)		15		13,803
NRG Energy, Inc., 3.63%, 02/15/31 (e)		57		50,137
Pacific Gas and Electric Co., 4.95%, 07/01/50		40		37,658
Pattern Energy Operations LP, 4.50%, 08/15/28 (e)		36		34,920
PPL Capital Funding, Inc., 3.66% (3 Month LIBOR USD + 2.67%), 03/30/67 (v)		19		16,673
Sempra Energy, 4.88% (Fixed until 10/15/25 then 5 Year U.S. Treasury Yield Curve + 4.55%), Perpetual (v)		20		20,100
Sempra Infrastructure Partners LP, 3.25%, 01/15/32 (e)		10		9,237
WEC Energy Group, Inc., 2.62% (3 Month LIBOR USD + 2.11%), 05/15/67 (v)		50		42,400
Total Utility				421,437
Total UNITED STATES				3,507,537
Total REAL ASSET DEBT
(Cost $4,089,964)				3,921,118
	Shares		Value
PREFERRED STOCKS - 2.6%
UNITED STATES - 2.6%
Diversified - 0.2%
Armada Hoffler Properties, Inc., Series A, 6.75%		2,446	$	63,547
PS Business Parks, Inc., Series Z, 4.88%		2,000		46,980
Total Diversified				110,527
Hotel - 0.4%
Hersha Hospitality Trust, Series D, 6.50%		5,525		122,379
Pebblebrook Hotel Trust, Series G, 6.38%		1,675		41,372
Sunstone Hotel Investors, Inc., Series I, 5.70%		1,775		40,523
Total Hotel				204,274
Industrial - 0.2%
Rexford Industrial Realty, Inc., Series C, 5.63%		5,554		139,072
Manufactured Homes - 0.2%
UMH Properties, Inc., Series D, 6.38%		4,200		107,310
Mortgage REIT - 0.3%
KKR Real Estate Finance Trust, Inc., Series A, 6.50%		5,950		145,180
Net Lease - 0.4%
Agree Realty Corp., Series A, 4.25%		2,870		57,056
EPR Properties, Series G, 5.75%		2,647		63,528
Global Net Lease, Inc., Series B, 6.88%		4,872		122,043
Total Net Lease				242,627
Office - 0.3%
Office Properties Income Trust, 6.38%		4,102		101,894
Vornado Realty Trust, Series N, 5.25%		4,280		99,424
Total Office				201,318
Real Estate - 0.2%
Hudson Pacific Properties, Inc., Series C, 4.75 %		4,385		94,409
Retail - 0.2%
Saul Centers, Inc., Series E, 6.00%		2,505		62,997
Urstadt Biddle Properties, Inc., Series K, 5.88%		2,577		64,709
Total Retail				127,706
Self Storage - 0.2%
Public Storage, Series P, 4.00%		4,272		87,533
Public Storage, Series Q, 3.95%		2,200		44,770
Total Self Storage				132,303
Total UNITED STATES				1,504,726
Total PREFERRED STOCKS
(Cost $1,554,737)				1,504,726
Total Investments - 91.6%
(Cost $44,030,763)				52,249,114
Other Assets in Excess of Liabilities - 8.4%				4,812,926
TOTAL NET ASSETS - 100.0%			$	57,062,040
The following notes should be read in conjunction with the accompanying Schedule of Investments.
LIBOR — London Interbank Offered Rate
LLC — Limited Liability Company
LP — Limited Partnership
MLP — Master Limited Partnership
USD — United States Dollar
(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 March 31, 2022, the total value of all such securities was $3,881,158 or 6.8% of net assets.
(n) — Non-income producing security.
(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.

TOTAL RETURN SWAP CONTRACT
Reference Entity	Counterparty	Long/Short	Financing Rate		Entry Fee(1)	Exit Fee(2)	Payment Frequency	Termination Date		Notional Amount		Unrealized Depreciation
MSCO Radar Dynamic Roll Index ER(3)	Morgan Stanley	Long	0.00%		0.15%	0.15%	Monthly	3/31/2023	$	3,200,414	$	(44,927)
(1) Entry fee incurs when the Fund puts on new swap exposure.  It is a trading cost and incorporated in the cost of the swap.
(2) Exit fee incurs when the Fund terminates the swap exposure.  It is incorporated into daily valuation of the swap.
(3) At March 31, 2022, a list of the MSCO Radar Dynamic Roll Index ER components and their weightings were as follows:
Component Description	Expiration	Ticker	Contract** Value		Value of Index	Weightings
LME Primary Aluminum Future	February 2023	LAG23	0.110	$	21	2.6%
ICE Brent Crude Oil Future	June 2022	COM2	0.007		43	5.4%
NYBOT CSC Cocoa Future	March 2023	CCH3	0.015		4	0.5%
NYBOT CSC Coffee Future	March 2023	KCH3	0.001		3	0.4%
LME Copper Future	December 2022	LPZ22	0.912		58	7.2%
CBOT Corn Future	December 2022	C Z2	0.034		34	4.2%
NYBOT CSC Number 2 Cotton Future	December 2022	CTZ2	0.002		10	1.2%
CME Feeder Cattle Future	January 2023	FCF3	0.003		12	1.5%
ICE Gass Oil Future	May 2022	QSK2	0.096		61	7.6%
COMEX Gold 100 Troy Ounces Future	June 2022	GCM2	0.141		48	5.9%
NYMEX NY Harbor ULSD Futures	May 2022	HOK2	0.012		24	2.9%
LME Lead Future	October 2022	LLV2	0.174		48	6.0%
CME Lean Hogs Future	October 2022	LHV2	0.001		4	0.5%
CME Live Cattle Future	June 2022	LCM2	0.002		9	1.1%
NYMEX Henry Hub Natural Gas Future	March 2023	NGH23	0.000		10	1.3%
LME Nickel Future	July 2022	LNN2	2.585		52	6.4%
NYMEX Palladium Future	June 2022	PAM2	0.144		42	5.2%
NYMEX Platinum Future	July 2022	PLN2	0.066		43	5.3%
NYMEX Reformulated Gasoline Blend	October 2022	XBV2	0.026		62	7.7%
KCBT Hard Red Winter Wheat Future	July 2022	KWN2	0.018		11	1.4%
COMEX Silver Future	July 2022	SIN2	0.002		49	6.1%
CBOT Soybean Future	March 2022	S H3	0.081		37	4.6%
CBOT Soybean Meal Future	December 2022	SMZ2	0.012		19	2.3%
CBOT Soybean Oil Future	December 2022	BOZ2	0.001		7	0.9%
NYBOT CSC Number 11 World Sugar Future	July 2022	SBN2	0.001		39	4.8%
NYMEX Light Sweet Crude Oil Future	June 2022	CLM2	0.003		21	2.7%
CBOT Wheat Future	July 2022	W N2	0.007		5	0.6%
LME Zinc Future	March 2023	LXH3	0.175		30	3.7%
				$	806	100.0%
** Contract value represents the number of units of the underlying component in one unit of the Index at creation. The contract value is calculated by multiplying each component’s weight by the starting price of the Index and dividing by the starting price of the component’s index. The contract value will differ depending on the date the swap is initiated.

Notes to Schedule of Investments (Unaudited)

Valuation of Investments: The Board has adopted procedures for the valuation of each Fund’s securities. The Adviser oversees the day to day responsibilities for valuation determinations under these procedures. The Board regularly reviews the application of these procedures to the securities in the Fund’s portfolio. The Adviser’s Valuation Committee is comprised of senior members of the Adviser’s management team.

Investments in equity securities listed or traded on any securities exchange or traded in the over-the-counter market are valued at the last trade price as of the close of business on the valuation date. If the NYSE closes early, then the equity security will be valued at the last traded price before the NYSE close. Prices of foreign equities that are principally traded on certain foreign markets will generally be adjusted daily pursuant to a fair value pricing service approved by the Board in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE close. When fair value pricing is employed, the value of the portfolio securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or official closing prices. Investments in open-end registered investment companies, if any, are valued at the NAV as reported by those investment companies.

Debt securities, including U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities, are generally valued at the bid prices furnished by an independent pricing service or, if not valued by an independent pricing service, using bid prices obtained from active and reliable market makers in any such security or a broker-dealer. Valuations from broker-dealers or pricing services consider appropriate factors such as market activity, market activity of comparable securities, yield, estimated default rates, timing of payments, underlying collateral, coupon rate, maturity date, and other factors. Short-term debt securities with remaining maturities of sixty days or less are valued at amortized cost of discount or premium to maturity, unless such valuation, in the judgment of the Adviser’s Valuation Committee, does not represent fair value.

Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities for which market prices are not readily available, cannot be determined using the sources described above, or the Adviser’s Valuation Committee determines that the quotation or price for a portfolio security provided by a broker-dealer or an independent pricing service is inaccurate will be valued at a fair value determined by the Adviser’s Valuation Committee following the procedures adopted by the Adviser under the supervision of the Board. The Adviser’s valuation policy establishes parameters for the sources, methodologies, and inputs the Adviser’s Valuation Committee uses in determining fair value.

The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The fair value may be difficult to determine and thus judgment plays a greater role in the valuation process. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. For those securities valued by fair valuations, the Adviser’s Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV.

A three-tier hierarchy has been established to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.  Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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 each Fund’s own assumptions in determining the fair value of assets or liabilities)

The following table summarizes the Fund’s investments valuation inputs categorized in the disclosure hierarchy as of March 31, 2022:

	Level 1		Level 2			Level 3		Total
Common Stocks:
Australia	$	-	$	1,595,555		$	-	$	1,595,555
Brazil		787,608		-			-		787,608
Canada		2,758,306		-			-		2,758,306
Chile				224,542			-		224,542
China		-		895,873			-		895,873
Denmark		-		183,841			-		183,841
France		-		2,285,265			-		2,285,265
Germany		-		500,057			-		500,057
Hong Kong		-		857,762			-		857,762
India		23,296		-			-		23,296
Ireland		-		55,347			-		55,347
Italy		-		1,267,939			-		1,267,939
Japan		-		2,232,057			-		2,232,057
Mexico		492,568		-			-		492,568
New Zealand		-		57,472			-		57,472
Singapore		-		451,642			-		451,642
Spain		63,126		2,102,094			-		2,165,220
Sweden		-		174,018			-		174,018
United Kingdom		146,490		2,811,526			-		2,958,016
United States		26,304,506		-			-		26,304,506
Total Common Stocks		30,575,900		15,694,990			-		46,270,890
Convertible Preferred Stock:
United States		552,380		-			-		552,380
Real Asset Debt:
Brazil		-		38,522					38,522
Canada		-		232,883			-		232,883
France		-		18,546			-		18,546
Germany		-		9,650			-		9,650
Netherlands		-		28,109			-		28,109
Spain		-		38,546			-		38,546
United Kingdom		-		47,325			-		47,325
United States		-		3,507,537			-		3,507,537
Total Real Asset Debt		-		3,921,118			-		3,921,118
Preferred Stock:
United States		1,504,726		-			-		1,504,726
Total	$	32,633,006	$	19,616,108		$	-	$	52,249,114
Other Financial Instruments: *		Level 1		Level 2			Level 3		Total
Swap Contracts		-		(44,927	)		-		(44,927	)
Total	$	-	$	(44,927	)	$	-	$	(44,927	)

* Other financial instrument includes a total return swap contract which is reflected at the net unrealized appreciation (depreciation) on the instruments.