Brookfield Investment Funds NPORT-P Brookfield Real Assets Securities Fund (Mar 2023 report)

BROOKFIELD REAL ASSETS SECURITIES FUND
Schedule of Investments (Unaudited)
March 31, 2023
	Shares		Value
COMMON STOCKS – 73.6%
AUSTRALIA – 3.4%
Diversified – 0.7%
Charter Hall Group ...............................................................		17,181	$	127,631
Mirvac Group....................................................................		150,208		210,384
Total Diversified				338,015
Manufactured Homes – 0.2%
Ingenia Communities Group ........................................................		41,478		105,450
Self Storage – 0.4%
National Storage REIT  ............................................................		129,114		218,681
Toll Roads – 2.1%
Transurban Group ................................................................		106,257		1,014,582
Total AUSTRALIA  ...............................................................				1,676,728
BRAZIL – 1.2%
Electricity Transmission & Distribution – 0.7%
Equatorial Energia SA.............................................................		64,379		342,316
Rail – 0.5%
Rumo SA .......................................................................		66,130		245,943
Renewable Power & Infrastructure – 0.0%
Omega Energia SA(a).............................................................		8,390		15,544
Total BRAZIL ...................................................................				603,803
CANADA – 5.3%
Midstream – 0.3%
AltaGas Ltd......................................................................		8,609		143,515
Office – 0.2%
Allied Properties Real Estate Investment Trust  .........................................		5,705		102,829
Pipelines – 2.4%
Enbridge, Inc.  ...................................................................		15,404		587,460
TC Energy Corp. .................................................................		16,034		623,755
Total Pipelines				1,211,215
Rail – 0.8%
Canadian Pacific Railway Ltd.  ......................................................		4,990		384,247
Renewable Power & Infrastructure – 0.2%
Boralex, Inc. - Class A.............................................................		1,950		59,373
Fortis, Inc. ......................................................................		440		18,704
Total Renewable Power & Infrastructure				78,077
Renewables/Electric Generation – 0.4%
Algonquin Power & Utilities Corp. ....................................................		21,900		183,756
Residential – 1.0%
Boardwalk Real Estate Investment Trust ..............................................		5,230		213,379
InterRent Real Estate Investment Trust ...............................................		28,035		277,757
Total Residential				491,136
Total CANADA ..............................................................				2,594,775

	Shares		Value
COMMON STOCKS (continued)
CHILE – 0.2%
Water & Waste Infrastructure – 0.2%
Aguas Andinas SA  ...............................................................		413,911	$	117,317
Total CHILE  ....................................................................				117,317
CHINA – 1.8%
Communications – 0.4%
China Tower Corporation Ltd.(b).....................................................		1,753,395		212,214
Gas Utilities – 1.3%
China Resources Gas Group Ltd.....................................................		92,880		341,650
ENN Energy Holdings Ltd.  .........................................................		21,559		295,207
Total Gas Utilities				636,857
Renewable Power & Infrastructure – 0.1%
China Longyuan Power Group Corporation Ltd..........................................		24,336		27,763
Total CHINA ....................................................................				876,834
DENMARK – 0.1%
Renewable Power & Infrastructure – 0.1%
Orsted A/S(b)....................................................................		450		38,371
Vestas Wind Systems A/S..........................................................		1,040		30,310
Total Renewable Power & Infrastructure				68,681
Total DENMARK.................................................................				68,681
FRANCE – 1.5%
Clean Technology – 0.1%
Nexans SA  .....................................................................		540		53,805
Office – 0.7%
Gecina SA ......................................................................		3,353		348,044
Renewables/Electric Generation – 0.4%
Engie SA .......................................................................		12,818		202,842
Retail – 0.2%
Unibail-Rodamco-Westfield(a)  ......................................................		1,219		65,590
Water & Waste Infrastructure – 0.1%
Veolia Environnement SA ..........................................................		1,780		54,926
Total FRANCE ..................................................................				725,207
GERMANY – 0.5%
Renewables/Electric Generation – 0.3%
RWE AG  .......................................................................		3,470		149,309
Residential – 0.3%
Vonovia SE .....................................................................		6,381		120,186
Total GERMANY.................................................................				269,495
HONG KONG – 2.3%
Diversified – 1.3%
Kerry Properties Ltd. ..............................................................		51,300		131,021
Sun Hung Kai Properties Ltd. .......................................................		28,760		402,916
Swire Properties Ltd...............................................................		46,564		119,842
Total Diversified				653,779

	Shares		Value
COMMON STOCKS (continued)
Retail – 1.0%
Wharf Real Estate Investment Company Ltd............................................		83,078	$	478,311
Total HONG KONG  ..............................................................				1,132,090
JAPAN – 2.9%
Hotel – 0.3%
Japan Hotel REIT Investment Corp. ..................................................		247		140,087
Industrial – 0.2%
Mitsui Fudosan Logistics Park, Inc.  ..................................................		31		108,767
Office – 1.1%
Mitsui Fudosan Company Ltd.  ......................................................		18,351		344,713
Orix JREIT, Inc. ..................................................................		160		202,869
Total Office				547,582
Rail – 1.0%
East Japan Railway Co. ...........................................................		5,900		326,515
West Japan Railway Co. ...........................................................		3,944		162,460
Total Rail				488,975
Residential – 0.3%
Comforia Residential REIT, Inc. .....................................................		56		133,227
Total JAPAN ....................................................................				1,418,638
NEW ZEALAND – 0.8%
Airports – 0.7%
Auckland International Airport Ltd.(a) .................................................		66,400		361,348
Renewable Power & Infrastructure – 0.1%
Mercury NZ Ltd.  .................................................................		9,256		36,611
Total NEW ZEALAND  ............................................................				397,959
SINGAPORE – 0.7%
Diversified – 0.7%
Mapletree Pan Asia Commercial Trust ................................................		250,939		340,227
Total SINGAPORE ...............................................................				340,227
SPAIN – 3.1%
Airports – 0.9%
Aena SME SA(a)(b)  ..............................................................		2,720		439,849
Communications – 0.8%
Cellnex Telecom SA(b) ............................................................		11,060		430,099
Renewable Power & Infrastructure – 0.5%
Atlantica Sustainable Infrastructure PLC  ..............................................		2,290		67,692
EDP Renovaveis SA ..............................................................		2,340		53,600
Grenergy Renovables SA(a)........................................................		1,264		38,483
Iberdrola SA  ....................................................................		6,023		75,034
Total Renewable Power & Infrastructure				234,809
Toll Roads – 0.9%
Ferrovial SA.....................................................................		15,023		442,390
Total SPAIN  ................................................................				1,547,147

	Shares		Value
COMMON STOCKS (continued)
UNITED KINGDOM – 4.5%
Office – 0.7%
Derwent London PLC .............................................................		12,720	$	370,217
Renewable Power & Infrastructure – 1.8%
Drax Group PLC .................................................................		35,169		264,164
National Grid PLC ................................................................		39,183		530,026
SSE PLC .......................................................................		3,847		85,841
Total Renewable Power & Infrastructure				880,031
Residential – 0.8%
Grainger PLC  ...................................................................		49,261		141,442
The UNITE Group PLC ............................................................		20,416		241,872
Total Residential				383,314
Retail – 0.6%
Capital & Counties Properties PLC...................................................		207,436		293,507
Water & Waste Infrastructure – 0.6%
Severn Trent PLC ................................................................		8,660		307,627
Total UNITED KINGDOM ..........................................................				2,234,696
UNITED STATES – 45.2%
Clean Technology – 0.0%
Bloom Energy Corp.(a) ............................................................		1,235		24,614
Communications – 2.2%
American Tower Corp..............................................................		445		90,931
Crown Castle, Inc.................................................................		4,870		651,801
SBA Communications Corp. ........................................................		1,260		328,948
Total Communications				1,071,680
Datacenters – 1.4%
Digital Realty Trust, Inc.  ...........................................................		4,115		404,546
Equinix, Inc......................................................................		434		312,931
Total Datacenters				717,477
Electricity Transmission & Distribution – 5.8%
CenterPoint Energy, Inc. ...........................................................		23,520		692,899
Eversource Energy ...............................................................		8,600		673,036
PG&E Corp.(a)  ..................................................................		54,774		885,696
Sempra Energy ..................................................................		4,080		616,733
Total Electricity Transmission & Distribution				2,868,364
Gas Utilities – 1.3%
NiSource, Inc. ...................................................................		23,125		646,575
Healthcare – 2.5%
CareTrust REIT, Inc. ..............................................................		11,485		224,876
Healthpeak Properties, Inc..........................................................		21,722		477,232
Ventas, Inc. .....................................................................		12,164		527,310
Total Healthcare				1,229,418

	Shares		Value
COMMON STOCKS (continued)
Industrial – 3.9%
Americold Realty Trust, Inc.  ........................................................		7,854	$	223,446
Prologis, Inc. ....................................................................		10,926		1,363,237
Rexford Industrial Realty, Inc. .......................................................		5,300		316,145
Total Industrial				1,902,828
Manufactured Homes – 0.7%
Sun Communities, Inc. ............................................................		2,471		348,114
Midstream – 3.3%
Cheniere Energy, Inc. .............................................................		3,983		627,721
Equitrans Midstream Corp. .........................................................		52,398		302,860
Targa Resources Corp. ............................................................		6,634		483,950
The Williams Companies, Inc.  ......................................................		7,772		232,072
Total Midstream				1,646,603
Net Lease – 2.0%
Agree Realty Corp. ...............................................................		4,308		295,572
Essential Properties Realty Trust, Inc. ................................................		7,407		184,064
VICI Properties, Inc. ..............................................................		15,464		504,435
Total Net Lease				984,071
Office – 0.4%
Cousins Properties, Inc. ...........................................................		9,120		194,986
Oil & Gas Storage & Transportation – 0.5%
Magellan Midstream Partners LP ....................................................		4,426		240,155
Pipeline (MLP) – 2.3%
Energy Transfer LP ...............................................................		18,291		228,089
Enterprise Products Partners LP  ....................................................		9,142		236,778
MPLX LP .......................................................................		6,869		236,637
Plains All American Pipeline LP  .....................................................		17,910		223,338
Western Midstream Partners LP.....................................................		8,836		233,005
Total Pipeline (MLP)				1,157,847
Rail – 0.6%
CSX Corp. ......................................................................		10,470		313,472
Real Estate – 0.6%
Healthcare Realty Trust, Inc.........................................................		14,210		274,679
Renewable Power & Infrastructure – 5.3%
Clearway Energy, Inc. .............................................................		2,050		64,227
Enphase Energy, Inc.(a) ...........................................................		115		24,182
Exelon Corp. ....................................................................		1,400		58,646
NextEra Energy Partners LP........................................................		470		28,553
NextEra Energy, Inc. ..............................................................		15,380		1,185,490
Public Service Enterprise Group, Inc. .................................................		8,465		528,639
Xcel Energy, Inc. .................................................................		10,720		722,957
Total Renewable Power & Infrastructure				2,612,694

	Shares		Value
COMMON STOCKS (continued)
Renewables/Electric Generation – 6.0%
Ameren Corp. ...................................................................		7,200	$	622,008
American Electric Power Company, Inc................................................		9,991		909,081
Entergy Corp.  ...................................................................		2,414		260,084
FirstEnergy Corp. ................................................................		15,025		601,902
PPL Corp. ......................................................................		19,500		541,905
SolarEdge Technologies, Inc.(a) .....................................................		60		18,237
Total Renewables/Electric Generation				2,953,217
Residential – 2.5%
American Homes 4 Rent ...........................................................		6,538		205,620
Mid-America Apartment Communities, Inc.  ............................................		3,008		454,329
UDR, Inc........................................................................		13,487		553,776
Total Residential				1,213,725
Retail – 1.8%
Kimco Realty Corp. ...............................................................		23,179		452,686
Kite Realty Group Trust............................................................		9,042		189,159
Simon Property Group, Inc.  ........................................................		2,125		237,936
Total Retail				879,781
Self Storage – 1.4%
Life Storage, Inc. .................................................................		560		73,410
Public Storage ...................................................................		2,069		625,128
Total Self Storage				698,538
Water & Waste Infrastructure – 0.7%
American Water Works Company, Inc. ................................................		260		38,087
Essential Utilities, Inc. .............................................................		3,500		152,775
Waste Connections, Inc. ...........................................................		430		59,847
Waste Management, Inc.  ..........................................................		400		65,268
Xylem, Inc.......................................................................		230		24,081
Total Water & Waste Infrastructure				340,058
Total UNITED STATES............................................................				22,318,896
TOTAL COMMON STOCKS (Cost $36,585,255) .............................................................				36,322,493
CONVERTIBLE PREFERRED STOCKS – 0.8%
UNITED STATES – 0.8%
Net Lease – 0.3%
EPR Properties, Series C, 5.75% ....................................................		5,688		101,247
EPR Properties, Series E, 9.00% ....................................................		2,000		52,900
Total Net Lease				154,147
Office – 0.3%
Equity Commonwealth, Series D, 6.50% ..............................................		5,195		129,823
Retail – 0.2%
RPT Realty, Series D, 7.25% .......................................................		2,295		109,081
Total UNITED STATES............................................................				393,051
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $473,406) ............................................................				393,051
	Shares		Value
PREFERRED STOCKS – 2.7%
UNITED STATES – 2.7%
Datacenters – 0.0%
Digital Realty Trust, Inc., Series L, 5.20%  .............................................		860	$	18,490
Diversified – 0.2%
Armada Hoffler Properties, Inc., Series A, 6.75%........................................		2,536		52,977
Centerspace, Series C, 6.63% ......................................................		2,310		56,364
Total Diversified				109,341
Hotel – 0.3%
Hersha Hospitality Trust, Series D, 6.50% .............................................		3,595		69,779
Pebblebrook Hotel Trust, Series G, 6.38% .............................................		1,785		33,237
Sunstone Hotel Investors, Inc., Series I, 5.70% .........................................		1,815		34,775
Total Hotel				137,791
Industrial – 0.2%
Rexford Industrial Realty, Inc., Series C, 5.63%.........................................		5,664		123,248
Manufactured Homes – 0.3%
UMH Properties, Inc., Series D, 6.38%................................................		5,875		128,545
Net Lease – 0.2%
Agree Realty Corp., Series A, 4.25% .................................................		3,140		55,264
Global Net Lease, Inc., Series B, 6.88%  ..............................................		2,372		49,622
Total Net Lease				104,886
Office – 0.1%
Vornado Realty Trust, Series N, 5.25%  ...............................................		5,419		70,447
Real Estate – 0.1%
Hudson Pacific Properties, Inc., Series C, 4.75%........................................		3,914		39,140
Residential – 0.3%
American Homes 4 Rent, Series H, 6.25%.............................................		3,035		73,720
American Homes 4 Rent, Series G, 5.88%  ............................................		2,325		54,661
Total Residential				128,381
Retail – 0.4%
Kimco Realty Corp., Series L, 5.13% .................................................		4,285		84,115
Saul Centers, Inc., Series E, 6.00% ..................................................		2,530		56,039
Urstadt Biddle Properties, Inc., Series K, 5.88%  ........................................		2,522		52,155
Total Retail				192,309
Self Storage – 0.6%
Public Storage, Series Q, 3.95%  ....................................................		4,931		89,202
Public Storage, Series P, 4.00%.....................................................		7,374		136,198
Public Storage, Series L, 4.63% .....................................................		3,000		62,700
Total Self Storage				288,100
Total UNITED STATES............................................................				1,340,678
TOTAL PREFERRED STOCKS (Cost $1,568,319) ..........................................................				1,340,678
	Principal Amount		Value
REAL ASSET DEBT – 17.8%
BRAZIL – 0.2%
Metals & Mining – 0.2%
Vale Overseas Ltd., 3.75%, 07/08/30 .................................................	$	108,000	$	96,798
Total BRAZIL ...................................................................				96,798
CANADA – 1.1%
Basic Industrial – 0.2%
Cascades, Inc., 5.38%, 01/15/28(b) ..................................................		53,000		50,336
Methanex Corp., 5.25%, 12/15/29  ...................................................		27,000		25,239
NOVA Chemicals Corp., 4.25%, 05/15/29(b) ...........................................		57,000		46,598
Total Basic Industrial				122,173
Energy – 0.2%
Baytex Energy Corp., 8.75%, 04/01/27(b) .............................................		46,000		47,105
MEG Energy Corp., 7.13%, 02/01/27(b)...............................................		55,000		56,105
Total Energy				103,210
Media – 0.2%
Videotron Ltd., 3.63%, 06/15/29(b) ...................................................		110,000		93,667
Oil Gas Transportation & Distribution – 0.3%
Parkland Corp., 4.50%, 10/01/29(b) ..................................................		54,000		47,981
TransCanada PipeLines Ltd., 7.07% (3 Month US LIBOR + 2.21%), 05/15/67(c)...............		120,000		93,000
Total Oil Gas Transportation & Distribution				140,981
Utility – 0.2%
Emera, Inc., 6.75% (3 Month US LIBOR + 5.44%), 06/15/76(c)  ............................		96,000		89,050
Total CANADA ..................................................................				549,081
FRANCE – 0.2%
Telecommunication Services – 0.2%
Altice France SA, 5.50%, 01/15/28(b).................................................		111,000		89,632
Total FRANCE ..................................................................				89,632
NETHERLANDS – 0.2%
Media – 0.2%
UPC Broadband Finco BV, 4.88%, 07/15/31(b) .........................................		33,000		28,536
VZ Secured Financing BV, 5.00%, 01/15/32(b) .........................................		86,000		69,775
Ziggo Bond Company BV, 5.13%, 02/28/30(b)..........................................		10,000		8,041
Total Media				106,352
Total NETHERLANDS ............................................................				106,352
SPAIN – 0.2%
Utility – 0.2%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28(b) ..............................		103,000		92,442
Total SPAIN  ....................................................................				92,442
UNITED KINGDOM – 0.2%
Media – 0.2%
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(b)..................................		107,000		92,000
Total UNITED KINGDOM ......................................................				92,000

	Principal Amount			Value
REAL ASSET DEBT (continued)
UNITED STATES – 15.7%
Construction & Building Materials – 0.5%
Beazer Homes USA, Inc., 5.88%, 10/15/27 ............................................	$	43,000		$	39,174
KB Home, 4.00%, 06/15/31  ........................................................		57,000			49,376
M/I Homes, Inc., 4.95%, 02/01/28....................................................		53,000			49,021
Shea Homes LP, 4.75%, 04/01/29 ...................................................		59,000			51,478
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(b)...................................		48,000			47,089
Total Construction & Building Materials					236,138
Diversified – 0.4%
Forestar Group, Inc., 5.00%, 03/01/28(b) ..............................................		110,000			98,450
The Howard Hughes Corp., 5.38%, 08/01/28(b)  ........................................		105,000			95,614
Total Diversified					194,064
Energy – 2.0%
Antero Resources Corp., 5.38%, 03/01/30(b)...........................................		49,000			45,582
Apache Corp., 4.25%, 01/15/30 .....................................................		73,000			66,613
California Resources Corp., 7.13%, 02/01/26(b) ........................................		49,000			49,604
Callon Petroleum Co., 6.38%, 07/01/26 ...............................................		50,000			47,930
Chesapeake Energy Corp., 5.50%, 02/01/26(b).........................................		15,000			14,761
Civitas Resources, Inc., 5.00%, 10/15/26(b)  ...........................................		51,000			47,953
CNX Resources Corp., 7.38%, 01/15/31(b) ............................................		24,000			23,724
Comstock Resources, Inc., 6.75%, 03/01/29(b) .........................................		75,000			68,344
Continental Resources, Inc., 5.75%, 01/15/31(b) ........................................		59,000			56,664
Crescent Energy Finance LLC, 7.25%, 05/01/26(b) ......................................		31,000			29,152
Devon Energy Corp., 7.95%, 04/15/32 ................................................		75,000			87,398
Diamondback Energy, Inc., 4.25%, 03/15/52 ...........................................		61,000			47,683
EQT Corp., 7.00%, 02/01/30........................................................		53,000			55,474
Exxon Mobil Corp., 4.23%, 03/19/40  .................................................		50,000			46,765
Occidental Petroleum Corp., 4.40%, 04/15/46 ..........................................		223,000			224,608
Range Resources Corp., 8.25%, 01/15/29 .............................................		22,000			22,875
Southwestern Energy Co., 5.38%, 02/01/29............................................		74,000			69,745
Total Energy					1,004,875
Health Facilities – 0.6%
CHS/Community Health Systems, Inc., 8.00%, 03/15/26(b)  ...............................		28,000			23,338
HCA, Inc., 3.50%, 09/01/30  ........................................................		157,000			139,754
Tenet Healthcare Corp., 6.13%, 10/01/28..............................................		144,000			137,614
Total Health Facilities					300,706
Infrastructure Services – 0.5%			��
Parker-Hannifin Corp., 4.50%, 09/15/29 ...............................................		98,000			96,930
Terex Corp., 5.00%, 05/15/29(b).....................................................		54,000			50,247
Waste Connections, Inc., 4.20%, 01/15/33.............................................		100,000			95,840
Total Infrastructure Services					243,017
Leisure – 1.4%
Boyd Gaming Corp., 4.75%, 12/01/27  ................................................		105,000			96,138
Caesars Resort Collection LLC, 5.75%, 07/01/25(b) .....................................		97,000			97,015
GLP Capital LP, 4.00%, 01/15/30 ....................................................		106,000			93,993
Park Intermediate Holdings LLC, 5.88%, 10/01/28(b)  ....................................		79,000			72,739
RHP Hotel Properties LP, 4.50%, 02/15/29(b) ..........................................		82,000			74,069
Station Casinos LLC, 4.50%, 02/15/28(b)  .............................................		78,000			70,105
VICI Properties LP, 4.63%, 12/01/29(b) ...............................................		152,000			139,860

	Principal Amount		Value
REAL ASSET DEBT (continued)
Wynn Las Vegas LLC, 5.50%, 03/01/25(b).............................................	$	45,000	$	44,156
Total Leisure				688,075
Media – 1.1%
Cable One, Inc., 4.00%, 11/15/30(b)..................................................		56,000		45,551
CCO Holdings LLC, 4.75%, 03/01/30(b)...............................................		307,000		270,413
CSC Holdings LLC, 4.63%, 12/01/30(b) ...............................................		189,000		116,898
Directv Financing LLC, 5.88%, 08/15/27(b) ............................................		51,000		45,923
DISH DBS Corp., 5.25%, 12/01/26(b).................................................		30,000		23,775
GCI LLC, 4.75%, 10/15/28(b) .......................................................		27,000		23,294
Total Media				525,854
Media Content – 0.3%
NBCUniversal Media LLC, 4.45%, 01/15/43............................................		103,000		93,952
Warnermedia Holdings, Inc., 4.28%, 03/15/32(b)........................................		60,000		53,479
Total Media Content				147,431
Metals & Mining – 0.2%
Freeport-McMoRan, Inc., 4.25%, 03/01/30.............................................		103,000		95,296
Oil Gas Transportation & Distribution – 2.9%
Antero Midstream Partners LP, 5.38%, 06/15/29(b)......................................		76,000		71,527
Buckeye Partners LP, 4.13%, 12/01/27 ...............................................		53,000		46,160
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39  .................................		100,000		82,452
Cheniere Energy, Inc., 4.63%, 10/15/28 ...............................................		74,000		70,233
Crestwood Midstream Partners LP, 5.63%, 05/01/27(b) ..................................		52,000		50,097
DCP Midstream Operating LP, 5.85% (3 Month US LIBOR + 3.85%), 05/21/43(b)(c)  ...........		112,000		108,005
DT Midstream, Inc., 4.13%, 06/15/29(b) ...............................................		52,000		45,588
Energy Transfer LP, 7.83% (3 Month US LIBOR + 3.02%), 11/01/66(c) ......................		202,000		169,555
EnLink Midstream LLC, 5.38%, 06/01/29 ..............................................		102,000		98,175
EQM Midstream Partners LP, 4.50%, 01/15/29(b) .......................................		145,000		123,250
Global Partners LP, 7.00%, 08/01/27 .................................................		36,000		34,543
Hess Midstream Operations LP, 5.50%, 10/15/30(b) .....................................		52,000		48,389
Holly Energy Partners LP, 5.00%, 02/01/28(b)..........................................		148,000		137,947
Kinetik Holdings LP, 5.88%, 06/15/30(b)  ..............................................		48,000		46,200
NuStar Logistics LP, 5.75%, 10/01/25  ................................................		48,000		46,682
Plains All American Pipeline LP, 8.97% (3 Month US LIBOR + 4.11%), Perpetual(c) ............		25,000		22,129
Suburban Propane Partners LP, 5.00%, 06/01/31(b).....................................		53,000		46,309
Tallgrass Energy Partners LP, 6.00%, 12/31/30(b).......................................		74,000		66,136
Targa Resources Partners LP, 4.88%, 02/01/31  ........................................		101,000		94,639
Western Midstream Operating LP, 4.75%, 08/15/28  .....................................		50,000		47,473
Total Oil Gas Transportation & Distribution				1,455,489
Real Estate – 1.1%
American Homes 4 Rent LP, 3.38%, 07/15/51 ..........................................		107,000		70,546
EPR Properties, 3.75%, 08/15/29 ....................................................		87,000		66,290
Global Net Lease, Inc., 3.75%, 12/15/27(b) ............................................		55,000		43,485
LXP Industrial Trust, 2.70%, 09/15/30  ................................................		113,000		91,623
Mid-America Apartments LP, 2.88%, 09/15/51..........................................		127,000		81,359
RLJ Lodging Trust LP, 3.75%, 07/01/26(b).............................................		81,000		73,884
Starwood Property Trust, Inc., 3.63%, 07/15/26(b).......................................		153,000		127,140
Total Real Estate				554,327
Telecommunication Services – 2.1%
American Tower Corp., 3.10%, 06/15/50  ..............................................		125,000		81,743

	Principal Amount		Value
REAL ASSET DEBT (continued)
AT&T, Inc., 1.65%, 02/01/28 ........................................................	$	55,000	$	48,275
Cablevision Lightpath LLC, 3.88%, 09/15/27(b) .........................................		65,000		52,308
Cogent Communications Group, Inc., 3.50%, 05/01/26(b).................................		50,000		46,230
Consolidated Communications, Inc., 6.50%, 10/01/28(b)  .................................		54,000		39,054
Crown Castle, Inc., 5.20%, 02/15/49  .................................................		100,000		93,033
Frontier Communications Holdings LLC, 5.00%, 05/01/28(b)  ..............................		102,000		88,512
Level 3 Financing, Inc., 4.63%, 09/15/27(b) ............................................		180,000		108,225
SBA Communications Corp., 3.88%, 02/15/27 ..........................................		78,000		69,508
T-Mobile USA, Inc., 4.75%, 02/01/28 .................................................		305,000		290,722
Verizon Communications, Inc., 4.33%, 09/21/28 ........................................		95,000		93,840
Zayo Group Holdings, Inc., 4.00%, 03/01/27(b) .........................................		31,000		23,560
Total Telecommunication Services				1,035,010
Utility – 2.6%
American Electric Power Company, Inc., 3.25%, 03/01/50  ................................		130,000		89,721
Calpine Corp., 5.13%, 03/15/28(b) ...................................................		123,000		112,612
Clearway Energy Operating LLC, 3.75%, 02/15/31(b) ....................................		159,000		136,517
CMS Energy Corp., 4.75% (5 Year CMT Rate + 4.12%), 06/01/50(c) ........................		83,000		71,710
Dominion Energy, Inc., 3.90%, 10/01/25...............................................		98,000		95,534
DTE Electric Co., 2.63%, 03/01/31 ...................................................		56,000		48,383
Duke Energy Carolinas LLC, 2.45%, 08/15/29 ..........................................		108,000		94,182
FirstEnergy Corp., 3.40%, 03/01/50 ..................................................		128,000		87,769
NRG Energy, Inc., 3.63%, 02/15/31(b) ................................................		168,000		134,624
NSTAR Electric Co., 3.25%, 05/15/29  ................................................		103,000		95,584
PPL Capital Funding, Inc., 7.83% (3 Month US LIBOR + 2.67%), 03/30/67(c) .................		63,000		54,495
Public Service Company of Colorado, 1.88%, 06/15/31...................................		115,000		93,875
Sempra Global, 3.25%, 01/15/32(b) ..................................................		114,000		95,155
WEC Energy Group, Inc., 6.98% (3 Month US LIBOR + 2.11%), 05/15/67(c) ..................		115,000		92,421
Total Utility				1,302,582
Total UNITED STATES............................................................				7,782,864
TOTAL REAL ASSET DEBT
(Cost $9,289,210) ..............................................................				8,809,169
Total Investments – 94.9%
(Cost $47,916,190)   ............................................................				46,865,391
Other Assets in Excess of Liabilities – 5.1% .........................................				2,515,186
TOTAL NET ASSETS – 100.0%.....................................................			$	49,380,577
The following notes should be read in conjunction with the accompanying Schedule of Investments.
(a) — Non-income producing security.
(b) — Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of March 31, 2023, the total value of all such securities was $5,425,636 or 11.0% of net assets.
(c) — Variable rate security - Interest rate is based on reference rate and spread or based on the underlying assets. Interest rate may also be subject to a cap or floor. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR that have transitioned to SOFR as the base lending rate.
Abbreviations:
CMT           Constant Maturity Treasury Rate
LIBOR        London Interbank Offered Rates
LLC            Limited Liability Corporation
LP               Limited Partnership
MLP           Master Limited Partnership

Notes to Schedule of Investments (Unaudited)

Valuation of Investments: The Board of Trustees (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.

The Board has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determination relating to any or all Fund investments. The Board oversees the Adviser in its role as the valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

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, 2023:

		Level 1		Level 2		Level 3		Total
Common Stocks
	Australia	$	-	$	1,676,728	$	-	$	1,676,728
	Brazil		603,803		-		-		603,803
	Canada		2,594,775		-		-		2,594,775
	Chile		117,317		-		-		117,317
	China		-		876,834		-		876,834
	Denmark		-		68,681		-		68,681
	France		-		725,207		-		725,207
	Germany		-		269,495		-		269,495
	Hong Kong		-		1,132,090		-		1,132,090
	Japan		-		1,418,638		-		1,418,638
	New Zealand		-		397,959		-		397,959
	Singapore		-		340,227		-		340,227
	Spain		67,692		1,479,455		-		1,547,147
	United Kingdom		293,507		1,941,189		-		2,234,696
	United States		22,318,896		-		-		22,318,896
Total Common Stocks			25,995,990		10,326,503		-		36,322,493
Convertible Preferred Stocks
	United States		393,051		-		-		393,051
Preferred Stocks
	United States		1,340,678		-		-		1,340,678
Real Asset Debt
	Brazil		-		96,798		-		96,798
	Canada		-		549,081		-		549,081
	France		-		89,632		-		89,632
	Netherlands		-		106,352		-		106,352
	Spain		-		92,442		-		92,442
	United Kingdom		-		92,000		-		92,000
	United States		-		7,782,864		-		7,782,864
Total Real Asset Debt			-		8,809,169		-		8,809,169
	Total	$	27,729,719	$	19,135,672	$	-	$	46,865,391

For further information regarding security characteristics, see the Schedule of Investments.