COHEN & STEERS REAL ASSETS FUND, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 28, 2024 (Unaudited)*
Shares | Value | |||||||||||
COMMON STOCK | 58.4 | % | ||||||||||
AGRIBUSINESS | 5.0 | % | ||||||||||
AGRICULTURAL PRODUCTS | 0.4 | % | ||||||||||
Archer-Daniels-Midland Co. |
| 15,790 | $ | 991,770 | ||||||||
Bunge Global SA |
| 14,104 | 1,445,942 | |||||||||
Darling Ingredients, Inc.(a) |
| 23,338 | 1,085,450 | |||||||||
|
| |||||||||||
3,523,162 | ||||||||||||
|
| |||||||||||
CONSTRUCTION MACHINERY & HEAVY TRUCKS | 0.2 | % | ||||||||||
AGCO Corp. |
| 10,769 | 1,324,802 | |||||||||
|
| |||||||||||
FERTILIZERS & AGRICULTURAL CHEMICALS | 2.1 | % | ||||||||||
CF Industries Holdings, Inc. |
| 69,602 | 5,791,582 | |||||||||
Corteva, Inc. |
| 77,107 | 4,446,761 | |||||||||
Mosaic Co. |
| 150,600 | 4,888,476 | |||||||||
Nutrien Ltd. (Canada) (USD) |
| 49,564 | 2,691,821 | |||||||||
OCI NV (Netherlands) |
| 21,479 | 588,353 | |||||||||
|
| |||||||||||
18,406,993 | ||||||||||||
|
| |||||||||||
PACKAGED FOODS & MEATS | 2.3 | % | ||||||||||
Bakkafrost P (Denmark) (NOK) | 47,360 | 3,040,567 | ||||||||||
BRF SA (Brazil)(a) | 618,487 | 2,012,543 | ||||||||||
JBS SA (Brazil) | 295,323 | 1,265,990 | ||||||||||
Maple Leaf Foods, Inc. (Canada) | 86,694 | 1,421,486 | ||||||||||
Minerva SA (Brazil) | 498,912 | 671,463 | ||||||||||
Mowi ASA (Norway) | 246,925 | 4,525,006 | ||||||||||
Nisshin Seifun Group, Inc. (Japan) | 62,200 | 855,466 | ||||||||||
Pilgrim’s Pride Corp.(a) | 41,576 | 1,426,888 | ||||||||||
Tyson Foods, Inc., Class A | 40,160 | 2,358,597 | ||||||||||
WH Group Ltd. (Hong Kong)(b) | 4,135,000 | 2,726,060 | ||||||||||
|
| |||||||||||
20,304,066 | ||||||||||||
|
| |||||||||||
TOTAL AGRIBUSINESS |
| 43,559,023 | ||||||||||
|
| |||||||||||
AIRPORTS | 0.7 | % | ||||||||||
Aena SME SA (Spain)(b) |
| 14,426 | 2,839,559 | |||||||||
Athens International Airport SA (Greece)(a) |
| 50,351 | 461,730 | |||||||||
Fraport AG Frankfurt Airport Services Worldwide (Germany)(a) |
| 11,057 | 582,843 | |||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico) |
| 48,484 | 1,532,870 | |||||||||
Japan Airport Terminal Co. Ltd. (Japan) |
| 21,800 | 859,586 | |||||||||
|
| |||||||||||
6,276,588 | ||||||||||||
|
| |||||||||||
COMMUNICATIONS—TOWER | 3.1 | % | ||||||||||
American Tower Corp. | 67,480 | 13,333,373 | ||||||||||
Cellnex Telecom SA (Spain)(b) | 119,921 | 4,239,676 | ||||||||||
Crown Castle, Inc. | 88,890 | 9,407,229 | ||||||||||
|
| |||||||||||
26,980,278 | ||||||||||||
|
| |||||||||||
ELECTRIC | 4.2 | % | ||||||||||
Consolidated Edison, Inc. | 47,744 | 4,335,633 | ||||||||||
E.ON SE (Germany) | 89,100 | 1,238,577 | ||||||||||
Engie SA (France) | 101,272 | 1,694,581 | ||||||||||
Entergy Corp. | 6,809 | 719,575 | ||||||||||
Eversource Energy | 54,104 | 3,233,796 | ||||||||||
Exelon Corp. | 48,780 | 1,832,665 | ||||||||||
National Grid PLC (United Kingdom) | 570,980 | 7,682,260 | ||||||||||
NextEra Energy, Inc. | 9,988 | 638,333 | ||||||||||
NTPC Ltd. (India) | 225,920 | 913,405 | ||||||||||
PG&E Corp. | 336,571 | 5,640,930 | ||||||||||
Power Assets Holdings Ltd. (Hong Kong) | 141,500 | 828,003 | ||||||||||
PPL Corp. | 165,433 | 4,554,370 | ||||||||||
Public Service Enterprise Group, Inc. | 11,745 | 784,331 | ||||||||||
Terna - Rete Elettrica Nazionale (Italy) | 294,956 | 2,437,513 | ||||||||||
|
| |||||||||||
36,533,972 | ||||||||||||
|
|
1
Shares | Value | |||||||||||
ENERGY | 6.2 | % | ||||||||||
COAL & CONSUMABLE FUELS | 0.3 | % | ||||||||||
Cameco Corp. (Canada) |
| 41,208 | $ | 1,785,131 | ||||||||
Energy Fuels, Inc.(a) |
| 110,854 | 697,272 | |||||||||
|
| |||||||||||
2,482,403 | ||||||||||||
|
| |||||||||||
INTEGRATED OIL & GAS | 4.2 | % | ||||||||||
BP PLC | 492,122 | 3,078,950 | ||||||||||
Chevron Corp. | 19,817 | 3,125,934 | ||||||||||
Equinor ASA (Norway) | 40,486 | 1,068,041 | ||||||||||
Exxon Mobil Corp.(c) | 60,122 | 6,988,581 | ||||||||||
Imperial Oil Ltd. (Canada) | 18,772 | 1,294,798 | ||||||||||
Petroleo Brasileiro SA, ADR (Brazil) | 83,544 | 1,270,704 | ||||||||||
Repsol SA (Spain) | 162,719 | 2,710,482 | ||||||||||
Shell PLC (Netherlands) (GBP) | 372,586 | 12,344,308 | ||||||||||
TotalEnergies SE (France) | 64,393 | 4,409,285 | ||||||||||
|
| |||||||||||
36,291,083 | ||||||||||||
|
| |||||||||||
OIL & GAS DRILLING | 0.0 | % | ||||||||||
Seadrill Ltd. (Norway)(a) | 8,709 | 438,063 | ||||||||||
|
| |||||||||||
OIL & GAS EQUIPMENT & SERVICES | 0.2 | % | ||||||||||
Baker Hughes Co. | 40,145 | 1,344,858 | ||||||||||
|
| |||||||||||
OIL & GAS EXPLORATION & PRODUCTION | 1.2 | % | ||||||||||
Canadian Natural Resources Ltd. (Canada) | 56,278 | 4,293,090 | ||||||||||
ConocoPhillips | 11,641 | 1,481,666 | ||||||||||
Coterra Energy, Inc. | 35,899 | 1,000,864 | ||||||||||
EQT Corp. | 26,363 | 977,276 | ||||||||||
MEG Energy Corp. (Canada)(a) | 37,849 | 869,000 | ||||||||||
Pioneer Natural Resources Co. | 7,265 | 1,907,062 | ||||||||||
|
| |||||||||||
10,528,958 | ||||||||||||
|
| |||||||||||
OIL & GAS REFINING & MARKETING | 0.3 | % | ||||||||||
Marathon Petroleum Corp. | 8,837 | 1,780,656 | ||||||||||
Neste OYJ (Finland) | 13,354 | 361,615 | ||||||||||
Phillips 66 | 3,419 | 558,459 | ||||||||||
|
| |||||||||||
2,700,730 | ||||||||||||
|
| |||||||||||
TOTAL ENERGY |
| 53,786,095 | ||||||||||
|
| |||||||||||
ENVIRONMENTAL SERVICES | 0.1 | % | ||||||||||
Cleanaway Waste Management Ltd. (Australia) | 661,224 | 1,172,012 | ||||||||||
|
| |||||||||||
GAS DISTRIBUTION | 1.9 | % | ||||||||||
Atmos Energy Corp. | 23,646 | 2,810,800 | ||||||||||
ENN Energy Holdings Ltd., (H Shares) (China) | 256,357 | 1,975,026 | ||||||||||
NiSource, Inc. | 147,276 | 4,073,654 | ||||||||||
Sempra | 85,989 | 6,176,590 | ||||||||||
Tokyo Gas Co. Ltd. (Japan) | 45,400 | 1,030,482 | ||||||||||
|
| |||||||||||
16,066,552 | ||||||||||||
|
| |||||||||||
INDUSTRIALS | 0.3 | % | ||||||||||
GEA Group AG (Germany) | 48,873 | 2,066,357 | ||||||||||
|
| |||||||||||
MARINE PORTS | 0.6 | % | ||||||||||
China Merchants Port Holdings Co. Ltd., (H Shares) (China) |
| 548,000 | 657,440 | |||||||||
International Container Terminal Services, Inc. (Philippines) |
| 177,250 | 1,002,677 | |||||||||
Koninklijke Vopak NV (Netherlands) |
| 41,015 | 1,581,018 | |||||||||
Santos Brasil Participacoes SA (Brazil) |
| 843,806 | 2,240,997 | |||||||||
|
| |||||||||||
5,482,132 | ||||||||||||
|
| |||||||||||
MATERIALS—PAPER & FOREST PRODUCTS | 0.1 | % | ||||||||||
Interfor Corp. (Canada)(a) | 74,651 | 1,166,155 | ||||||||||
|
| |||||||||||
METALS & MINING | 4.7 | % | ||||||||||
ALUMINUM | 0.2 | % | ||||||||||
Constellium SE(a) | 59,347 | 1,312,162 | ||||||||||
|
| |||||||||||
DIVERSIFIED METALS & MINING | 2.5 | % | ||||||||||
Anglo American PLC (South Africa) (GBP) | 119,213 | 2,936,769 | ||||||||||
BHP Group Ltd. (Australia) | 182,895 | 5,276,255 |
2
Shares | Value | |||||||||||
First Quantum Minerals Ltd. (Zambia) (CAD) | 93,327 | $ | 1,003,168 | |||||||||
Freeport-McMoRan, Inc. | 88,845 | 4,177,492 | ||||||||||
Glencore PLC (Australia) (GBP) | 638,741 | 3,509,331 | ||||||||||
Ivanhoe Electric, Inc.(a) | 170,888 | 1,674,702 | ||||||||||
Teck Resources Ltd., Class B (Canada) (USD) | 68,858 | 3,152,319 | ||||||||||
|
| |||||||||||
21,730,036 | ||||||||||||
|
| |||||||||||
GOLD | 1.0 | % | ||||||||||
Agnico Eagle Mines Ltd. (Canada) | 62,052 | 3,700,078 | ||||||||||
Franco-Nevada Corp. (Canada) | 14,084 | 1,678,165 | ||||||||||
Newmont Corp. | 34,514 | 1,236,982 | ||||||||||
Wheaton Precious Metals Corp. (Brazil) (CAD) | 42,313 | 1,992,964 | ||||||||||
|
| |||||||||||
8,608,189 | ||||||||||||
|
| |||||||||||
STEEL | 1.0 | % | ||||||||||
Cleveland-Cliffs, Inc.(a) | 131,487 | 2,990,014 | ||||||||||
Nippon Steel Corp. (Japan) | 26,119 | 626,145 | ||||||||||
POSCO Holdings, Inc. (South Korea) | 2,008 | 627,943 | ||||||||||
Reliance, Inc. | 4,403 | 1,471,395 | ||||||||||
Vale SA, ADR (Brazil) | 255,905 | 3,119,482 | ||||||||||
|
| |||||||||||
8,834,979 | ||||||||||||
|
| |||||||||||
TOTAL METALS & MINING | 40,485,366 | |||||||||||
|
| |||||||||||
MIDSTREAM | 5.6 | % | ||||||||||
Cheniere Energy, Inc. |
| 48,365 | 7,800,307 | |||||||||
DT Midstream, Inc. |
| 9,303 | 568,413 | |||||||||
Enbridge, Inc. (Canada) |
| 171,751 | 6,206,645 | |||||||||
Keyera Corp. (Canada) |
| 74,044 | 1,907,198 | |||||||||
Kinetik Holdings, Inc. |
| 36,637 | 1,460,717 | |||||||||
ONEOK, Inc. |
| 78,426 | 6,287,413 | |||||||||
Pembina Pipeline Corp. (Canada) |
| 101,060 | 3,566,999 | |||||||||
Pembina Pipeline Corp. Subscription Receipt (Canada) |
| 13,433 | 473,931 | |||||||||
Targa Resources Corp. |
| 31,917 | 3,574,385 | |||||||||
TC Energy Corp. (Canada) |
| 249,437 | 10,024,990 | |||||||||
Williams Cos., Inc. |
| 163,870 | 6,386,014 | |||||||||
|
| |||||||||||
48,257,012 | ||||||||||||
|
| |||||||||||
RAILWAYS | 0.4 | % | ||||||||||
Norfolk Southern Corp. |
| 6,763 | 1,723,686 | |||||||||
Union Pacific Corp. |
| 5,391 | 1,325,809 | |||||||||
West Japan Railway Co. (Japan) |
| 22,800 | 474,435 | |||||||||
|
| |||||||||||
3,523,930 | ||||||||||||
|
| |||||||||||
REAL ESTATE | 23.6 | % | ||||||||||
DATA CENTERS | 2.4 | % | ||||||||||
Digital Core REIT Management Pte. Ltd. (Singapore) (USD) |
| 2,857,400 | 1,714,440 | |||||||||
Digital Realty Trust, Inc. |
| 70,268 | 10,121,403 | |||||||||
Equinix, Inc. |
| 10,637 | 8,779,035 | |||||||||
|
| |||||||||||
20,614,878 | ||||||||||||
|
| |||||||||||
DIVERSIFIED | 3.9 | % | ||||||||||
CapitaLand Integrated Commercial Trust (Singapore) |
| 354,600 | 519,984 | |||||||||
Charter Hall Group (Australia) |
| 152,598 | 1,367,307 | |||||||||
Cofinimmo SA (Belgium) |
| 103 | 6,739 | |||||||||
Fastighets AB Balder, Class B (Sweden)(a) |
| 245,501 | 1,804,561 | |||||||||
Goodman Group (Australia) |
| 243,732 | 5,369,973 | |||||||||
Ingenia Communities Group (Australia) |
| 648,197 | 2,209,139 | |||||||||
Japan Metropolitan Fund Invest (Japan) |
| 2,566 | 1,598,453 | |||||||||
Land Securities Group PLC (United Kingdom) |
| 155,945 | 1,295,508 | |||||||||
Link REIT (Hong Kong) |
| 244,800 | 1,052,463 | |||||||||
Merlin Properties Socimi SA (Spain) |
| 53,756 | 578,497 | |||||||||
Mitsui Fudosan Co. Ltd. (Japan) |
| 514,500 | 5,517,841 | |||||||||
Nomura Real Estate Holdings, Inc. (Japan) |
| 23,500 | 661,782 | |||||||||
Stockland (Australia) |
| 1,120,873 | 3,542,522 |
3
Shares | Value | |||||||||||
Sumitomo Realty & Development Co. Ltd. (Japan) |
| 109,400 | $ | 4,058,597 | ||||||||
Sun Hung Kai Properties Ltd. (Hong Kong) |
| 321,000 | 3,094,386 | |||||||||
United Urban Investment Corp. (Japan) |
| 1,507 | 1,532,087 | |||||||||
|
| |||||||||||
34,209,839 | ||||||||||||
|
| |||||||||||
HEALTH CARE | 2.4 | % | ||||||||||
Aedifica SA (Belgium) |
| 17,380 | 1,067,836 | |||||||||
Healthcare Realty Trust, Inc., Class A |
| 198,697 | 2,811,562 | |||||||||
Healthpeak Properties, Inc. |
| 22,925 | 429,844 | |||||||||
Parkway Life Real Estate Investment Trust (Singapore) |
| 670,900 | 1,739,048 | |||||||||
Welltower, Inc. |
| 154,339 | 14,421,436 | |||||||||
|
| |||||||||||
20,469,726 | ||||||||||||
|
| |||||||||||
HOTEL | 0.8 | % | ||||||||||
Boyd Gaming Corp. |
| 22,695 | 1,527,828 | |||||||||
Caesars Entertainment, Inc.(a) |
| 10,934 | 478,253 | |||||||||
Host Hotels & Resorts, Inc. |
| 116,426 | 2,407,690 | |||||||||
Invincible Investment Corp. (Japan) |
| 4,222 | 1,893,736 | |||||||||
Sands China Ltd., (H shares) (Hong Kong)(a) |
| 190,400 | 536,396 | |||||||||
|
| |||||||||||
6,843,903 | ||||||||||||
|
| |||||||||||
INDUSTRIAL OFFICE | 0.1 | % | ||||||||||
LondonMetric Property PLC (United Kingdom) |
| 505,073 | 1,295,355 | |||||||||
|
| |||||||||||
INDUSTRIALS | 3.5 | % | ||||||||||
Americold Realty Trust, Inc. |
| 52,241 | 1,301,846 | |||||||||
ARGAN SA (France) |
| 3,577 | 323,774 | |||||||||
Catena AB (Sweden) |
| 25,280 | 1,235,187 | |||||||||
Dream Industrial Real Estate Investment Trust (Canada) |
| 231,417 | 2,251,727 | |||||||||
GLP J-Reit (Japan) |
| 2,111 | 1,768,231 | |||||||||
Mitsui Fudosan Logistics Park, Inc. (Japan) |
| 582 | 1,749,306 | |||||||||
Prologis, Inc. |
| 116,470 | 15,166,723 | |||||||||
Segro PLC (United Kingdom) |
| 245,512 | 2,800,631 | |||||||||
Tritax Big Box REIT PLC (United Kingdom) |
| 911,685 | 1,808,874 | |||||||||
VGP NV (Belgium) |
| 4,341 | 496,897 | |||||||||
Warehouses De Pauw CVA (Belgium) |
| 37,790 | 1,078,767 | |||||||||
|
| |||||||||||
29,981,963 | ||||||||||||
|
| |||||||||||
OFFICE | 0.4 | % | ||||||||||
Daiwa Office Investment Corp. (Japan) |
| 216 | 840,428 | |||||||||
Derwent London PLC (United Kingdom) |
| 18,107 | 495,469 | |||||||||
Highwoods Properties, Inc. |
| 41,862 | 1,095,947 | |||||||||
KDX Realty Investment Corp. (Japan) |
| 1,184 | 1,258,460 | |||||||||
|
| |||||||||||
3,690,304 | ||||||||||||
|
| |||||||||||
RESIDENTIAL | 4.3 | % | ||||||||||
Advance Residence Investment Corp. (Japan) |
| 387 | 856,421 | |||||||||
Boardwalk Real Estate Investment Trust (Canada) |
| 32,923 | 1,897,773 | |||||||||
Camden Property Trust |
| 28,079 | 2,762,974 | |||||||||
Essex Property Trust, Inc. |
| 13,512 | 3,307,873 | |||||||||
Grainger PLC (United Kingdom) |
| 267,345 | 869,893 | |||||||||
Invitation Homes, Inc. |
| 313,795 | 11,174,240 | |||||||||
LEG Immobilien SE (Germany)(a) |
| 28,396 | 2,437,935 | |||||||||
Mid-America Apartment Communities, Inc. |
| 8,494 | 1,117,640 | |||||||||
Sun Communities, Inc. |
| 33,743 | 4,338,675 | |||||||||
TAG Immobilien AG (Germany)(a) |
| 56,529 | 773,001 |
4
Shares | Value | |||||||||||
UDR, Inc. |
| 135,467 | $ | 5,067,820 | ||||||||
UNITE Group PLC (United Kingdom) |
| 34,543 | 426,393 | |||||||||
Vonovia SE (Germany) |
| 72,747 | 2,150,437 | |||||||||
|
| |||||||||||
37,181,075 | ||||||||||||
|
| |||||||||||
RETAIL | 3.0 | % | ||||||||||
Eurocommercial Properties NV (Netherlands) |
| 19,166 | 437,117 | |||||||||
First Capital Real Estate Investment Trust (Canada) |
| 87,131 | 1,010,541 | |||||||||
Frasers Centrepoint Trust (Singapore) |
| 1,066,700 | 1,730,104 | |||||||||
Kimco Realty Corp. |
| 132,408 | 2,596,521 | |||||||||
Klepierre SA (France) |
| 48,354 | 1,252,001 | |||||||||
Realty Income Corp. |
| 142,188 | 7,692,371 | |||||||||
Simon Property Group, Inc. |
| 58,105 | 9,092,851 | |||||||||
Unibail-Rodamco-Westfield (France)(a) |
| 23,948 | 1,924,804 | |||||||||
|
| |||||||||||
25,736,310 | ||||||||||||
|
| |||||||||||
SELF STORAGE | 1.5 | % | ||||||||||
Big Yellow Group PLC (United Kingdom) |
| 79,346 | 1,065,559 | |||||||||
Extra Space Storage, Inc. |
| 33,276 | 4,891,572 | |||||||||
Public Storage |
| 20,385 | 5,912,873 | |||||||||
Safestore Holdings PLC (United Kingdom) |
| 160,494 | 1,528,372 | |||||||||
|
| |||||||||||
13,398,376 | ||||||||||||
|
| |||||||||||
SPECIALTY | 1.1 | % | ||||||||||
Iron Mountain, Inc. |
| 53,302 | 4,275,353 | |||||||||
VICI Properties, Inc., Class A |
| 176,917 | 5,270,358 | |||||||||
|
| |||||||||||
9,545,711 | ||||||||||||
|
| |||||||||||
TIMBER | 0.2 | % | ||||||||||
Weyerhaeuser Co. |
| 41,803 | 1,501,145 | |||||||||
|
| |||||||||||
TOTAL REAL ESTATE | 204,468,585 | |||||||||||
|
| |||||||||||
TOLL ROADS | 1.6 | % | ||||||||||
Eiffage SA (France) |
| 34,575 | 3,922,225 | |||||||||
Transurban Group (Australia)(d) |
| 111,470 | 967,557 | |||||||||
Vinci SA (France) |
| 63,949 | 8,193,415 | |||||||||
Zhejiang Expressway Co. Ltd., (H Shares) (China) |
| 1,049,819 | 673,331 | |||||||||
|
| |||||||||||
13,756,528 | ||||||||||||
|
| |||||||||||
TRANSPORT LOGISTICS | 0.1 | % | ||||||||||
Qube Holdings Ltd. (Australia) |
| 293,832 | 652,932 | |||||||||
|
| |||||||||||
WATER | 0.2 | % | ||||||||||
Pennon Group PLC (United Kingdom) |
| 186,674 | 1,525,578 | |||||||||
|
| |||||||||||
TOTAL COMMON STOCK | 505,759,095 | |||||||||||
|
| |||||||||||
EXCHANGE-TRADED FUNDS | 3.6 | % | ||||||||||
CORPORATE BONDS | 0.6 | % | ||||||||||
SPDR Portfolio Short Term Corporate Bond ETF |
| 157,609 | 4,692,020 | |||||||||
|
| |||||||||||
GOLD | 3.0 | % | ||||||||||
iShares Gold Trust(a) |
| 185,536 | 7,794,367 | |||||||||
SPDR Gold MiniShares Trust(a) |
| 414,945 | 18,278,327 | |||||||||
|
| |||||||||||
26,072,694 | ||||||||||||
|
| |||||||||||
TOTAL EXCHANGE-TRADED FUNDS | 30,764,714 | |||||||||||
|
|
5
Shares | Value | |||||||||||
PREFERRED SECURITIES—EXCHANGE-TRADED | 0.0 | % | ||||||||||
UTILITIES | ||||||||||||
Algonquin Power & Utilities Corp., 6.20% to 7/1/24, due 7/1/79, |
| 10,000 | $ | 250,000 | ||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED |
| 250,000 | ||||||||||
|
| |||||||||||
Principal Amount** | ||||||||||||
PREFERRED SECURITIES—OVER-THE-COUNTER | 3.0 | % | ||||||||||
BANKING | 1.4 | % | ||||||||||
Bank of America Corp., 6.25% to 9/5/24, Series X(e)(f) |
| 750,000 | 752,728 | |||||||||
Bank of America Corp., 6.50% to 10/23/24, Series Z(e)(f) |
| 525,000 | 526,758 | |||||||||
Barclays PLC, 8.00% to 6/15/24 (United Kingdom)(e)(f)(g) |
| 800,000 | 799,903 | |||||||||
Charles Schwab Corp., 5.375% to 6/1/25, Series G(e)(f) |
| 280,000 | 278,762 | |||||||||
Citigroup, Inc., 6.25% to 8/15/26, Series T(e)(f) |
| 1,200,000 | 1,206,082 | |||||||||
Corestates Capital III, 6.139% (3 Month USD Term SOFR + 0.832%), due 2/15/27 (TruPS)(b)(h) |
| 1,000,000 | 983,202 | |||||||||
Credit Agricole SA, 6.875% to 9/23/24 (France)(b)(e)(f)(g) |
| 400,000 | 400,007 | |||||||||
JPMorgan Chase & Co., 8.818% (3 Month USD Term SOFR + 3.512%), Series Q(f)(h) |
| 450,000 | 450,350 | |||||||||
JPMorgan Chase & Co., 9.348% (3 Month USD Term SOFR + 4.042%), Series S(f)(h) |
| 2,000,000 | 2,003,524 | |||||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24, (United Kingdom)(e)(f)(g) |
| 800,000 | 795,854 | |||||||||
Truist Financial Corp., 6.239% (3 Month USD Term SOFR + 0.932%), due 5/15/27, Series A (TruPS)(h) |
| 600,000 | 570,542 | |||||||||
Truist Financial Corp., 6.241% (3 Month USD Term SOFR + 0.912%), due 3/15/28 (TruPS)(h) |
| 550,000 | 519,035 | |||||||||
UBS Group AG, 6.875% to 8/7/25, (Switzerland)(e)(f)(g)(i) |
| 600,000 | 594,698 | |||||||||
UBS Group AG, 7.00% to 2/19/25, (Switzerland)(e)(f)(g)(i) |
| 900,000 | 900,000 | |||||||||
Wells Fargo & Co., 5.875% to 6/15/25, Series U(e)(f) |
| 1,875,000 | 1,875,563 | |||||||||
|
| |||||||||||
12,657,008 | ||||||||||||
|
| |||||||||||
ENERGY | 0.0 | % | ||||||||||
BP Capital Markets PLC, 4.375% to 6/22/25(e)(f) |
| 311,000 | 305,585 | |||||||||
|
| |||||||||||
INSURANCE | 0.8 | % | ||||||||||
Dai-ichi Life Insurance Co. Ltd., 5.10% to 10/28/24, (Japan)(b)(e)(f) |
| 800,000 | 794,734 | |||||||||
Meiji Yasuda Life Insurance Co., 5.20% to 10/20/25, |
| 500,000 | 496,133 | |||||||||
Nippon Life Insurance Co., 4.70% to 1/20/26, due 1/20/46 (Japan)(b)(e) |
| 2,200,000 | 2,157,031 | |||||||||
Nippon Life Insurance Co., 5.10% to 10/16/24, |
| 3,600,000 | 3,579,864 | |||||||||
|
| |||||||||||
7,027,762 | ||||||||||||
|
| |||||||||||
PIPELINES | 0.1 | % | ||||||||||
Transcanada Trust, 5.875% to 8/15/26, due 8/15/76, Series 16-A (Canada)(e) |
| 650,000 | 633,187 | |||||||||
|
| |||||||||||
REAL ESTATE | 0.2 | % | ||||||||||
Scentre Group Trust 2, 4.75% to 6/24/26, due 9/24/80 (Australia)(b)(e) |
| 1,500,000 | 1,441,966 | |||||||||
|
| |||||||||||
TELECOMMUNICATIONS | 0.2 | % | ||||||||||
Vodafone Group PLC, 6.25% to 7/3/24, due 10/3/78 (United Kingdom)(e)(i) |
| 2,000,000 | 1,998,051 | |||||||||
|
| |||||||||||
UTILITIES | 0.3 | % | ||||||||||
Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(e) |
| 1,470,000 | 1,457,320 | |||||||||
Sempra, 4.875% to 10/15/25(e)(f) |
| 850,000 | 833,802 | |||||||||
|
| |||||||||||
2,291,122 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED SECURITIES—OVER-THE-COUNTER |
| 26,354,681 | ||||||||||
|
|
6
Principal Amount** | Value | |||||||||||
CORPORATE BONDS |
| 9.8 | % | |||||||||
BANKING |
| 0.1 | % | |||||||||
Morgan Stanley, 3.62% to 4/17/24, due 4/17/25(e) |
| 1,015,000 |
| $ | 1,013,876 |
| ||||||
|
| |||||||||||
HEALTH CARE |
| 0.2 | % | |||||||||
Bristol-Myers Squibb Co., 4.90%, due 2/22/27 |
| 1,475,000 |
|
| 1,478,733 |
| ||||||
|
| |||||||||||
OIL & GAS |
| 0.3 | % | |||||||||
TotalEnergies Capital International SA, 3.75%, due 4/10/24 (France) |
| 2,885,000 |
|
| 2,883,638 |
| ||||||
|
| |||||||||||
REAL ESTATE |
| 4.0 | % | |||||||||
American Tower Corp., 2.95%, due 1/15/25 |
| 570,000 |
|
| 558,013 |
| ||||||
American Tower Corp., 3.125%, due 1/15/27 |
| 1,250,000 |
|
| 1,182,763 |
| ||||||
AvalonBay Communities, Inc., 2.95%, due 5/11/26, Series GMTN |
|
| 1,275,000 |
|
| 1,220,405 |
| |||||
Brixmor Operating Partnership LP, 3.85%, due 2/1/25 |
| 153,000 |
|
| 150,411 |
| ||||||
CubeSmart LP, 3.125%, due 9/1/26 |
| 290,000 |
|
| 275,690 |
| ||||||
Equinix, Inc., 1.25%, due 7/15/25 |
| 500,000 |
|
| 473,147 |
| ||||||
Equinix, Inc., 1.45%, due 5/15/26 |
| 1,100,000 |
|
| 1,012,189 |
| ||||||
Essex Portfolio LP, 3.50%, due 4/1/25 |
| 1,500,000 |
|
| 1,469,777 |
| ||||||
Federal Realty OP LP, 3.25%, due 7/15/27 |
| 1,780,000 |
|
| 1,667,516 |
| ||||||
Healthcare Realty Holdings LP, 3.875%, due 5/1/25 |
| 2,650,000 |
|
| 2,591,655 |
| ||||||
Kilroy Realty LP, 3.45%, due 12/15/24 |
| 2,250,000 |
|
| 2,209,892 |
| ||||||
Kimco Realty OP LLC, 3.85%, due 6/1/25 |
| 150,000 |
|
| 147,212 |
| ||||||
Kite Realty Group Trust, 4.00%, due 3/15/25 |
| 2,137,000 |
|
| 2,098,327 |
| ||||||
Mid-America Apartments LP, 3.75%, due 6/15/24 |
| 1,970,000 |
|
| 1,961,125 |
| ||||||
NNN REIT, Inc., 3.90%, due 6/15/24 |
| 1,226,000 |
|
| 1,220,797 |
| ||||||
Realty Income Corp., 0.75%, due 3/15/26 |
| 500,000 |
|
| 458,569 |
| ||||||
Realty Income Corp., 3.20%, due 1/15/27 |
| 587,000 |
|
| 555,359 |
| ||||||
Realty Income Corp., 4.625%, due 11/1/25 |
| 800,000 |
|
| 792,587 |
| ||||||
Regency Centers LP, 3.60%, due 2/1/27 |
| 1,180,000 |
|
| 1,136,298 |
| ||||||
Regency Centers LP, 3.75%, due 6/15/24 |
| 1,436,000 |
|
| 1,427,909 |
| ||||||
Regency Centers LP, 3.90%, due 11/1/25 |
| 338,000 |
|
| 327,845 |
| ||||||
Retail Opportunity Investments Partnership LP, 4.00%, due 12/15/24 |
|
| 1,000,000 |
|
| 985,428 |
| |||||
SITE Centers Corp., 3.625%, due 2/1/25 |
| 540,000 |
|
| 531,801 |
| ||||||
SITE Centers Corp., 4.25%, due 2/1/26 |
| 1,116,000 |
|
| 1,099,636 |
| ||||||
Ventas Realty LP, 3.50%, due 4/15/24 |
| 2,811,000 |
|
| 2,808,563 |
| ||||||
Ventas Realty LP, 3.75%, due 5/1/24 |
| 500,000 |
|
| 499,154 |
| ||||||
VICI Properties LP/VICI Note Co., Inc., 5.75%, due 2/1/27(b) |
|
| 1,525,000 |
|
| 1,524,218 |
| |||||
WP Carey, Inc., 4.60%, due 4/1/24 |
| 4,256,000 |
|
| 4,256,000 |
| ||||||
|
| |||||||||||
| 34,642,286 |
| ||||||||||
|
| |||||||||||
SHOPPING CENTER |
| 0.2 | % | |||||||||
Kimco Realty OP LLC, 3.25%, due 8/15/26 |
| 1,559,000 |
|
| 1,478,085 |
| ||||||
|
| |||||||||||
TELECOMMUNICATIONS |
| 0.5 | % | |||||||||
AT&T, Inc., 4.25%, due 3/1/27 |
| 374,000 |
|
| 367,294 |
| ||||||
T-Mobile USA, Inc., 2.25%, due 2/15/26 |
| 750,000 |
|
| 710,162 |
| ||||||
T-Mobile USA, Inc., 3.50%, due 4/15/25 |
| 1,640,000 |
|
| 1,608,189 |
| ||||||
Verizon Communications, Inc., 4.125%, due 3/16/27 |
| 1,750,000 |
|
| 1,713,311 |
| ||||||
|
| |||||||||||
| 4,398,956 |
| ||||||||||
|
| |||||||||||
UTILITIES |
| 4.5 | % | |||||||||
Algonquin Power & Utilities Corp., 5.365%, due 6/15/26 (Canada) |
|
| 1,740,000 |
|
| 1,731,098 |
| |||||
American Electric Power Co., Inc., 5.699%, due 8/15/25 |
| 1,800,000 |
|
| 1,804,375 |
| ||||||
Dominion Energy, Inc., 3.071%, due 8/15/24 |
| 5,476,000 |
|
| 5,417,433 |
| ||||||
DTE Energy Co., 4.22%, due 11/1/24 |
| 2,439,000 |
|
| 2,416,883 |
| ||||||
DTE Energy Co., 2.529%, due 10/1/24, Series C |
| 2,817,000 |
|
| 2,771,555 |
| ||||||
Duke Energy Corp., 4.85%, due 1/5/27 |
| 1,405,000 |
|
| 1,399,671 |
| ||||||
Emera U.S. Finance LP, 0.833%, due 6/15/24 (Canada) |
| 1,555,000 |
|
| 1,537,307 |
|
7
Principal Amount** | Value | |||||||||||
Enel Finance International NV, 4.25%, due 6/15/25 (Italy)(b) | 1,250,000 | $ | 1,230,707 | |||||||||
Enel Finance International NV, 6.80%, due 10/14/25 (Italy)(b) |
| 800,000 | 816,325 | |||||||||
NextEra Energy Capital Holdings, Inc., 4.20%, due 6/20/24 | 5,058,000 | 5,040,865 | ||||||||||
NextEra Energy Capital Holdings, Inc., 4.95%, due 1/29/26 | 1,625,000 | 1,617,911 | ||||||||||
NextEra Energy Capital Holdings, Inc., 6.051%, due 3/1/25 | 2,050,000 | 2,058,446 | ||||||||||
Sempra, 3.30%, due 4/1/25 | 490,000 | 479,542 | ||||||||||
Southern California Edison Co., 4.20%, due 6/1/25, Series C | 1,120,000 | 1,105,117 | ||||||||||
Southern Co., 4.475%, due 8/1/24 | 6,040,000 | 6,010,567 | ||||||||||
Southern Power Co., 0.90%, due 1/15/26 | 750,000 | 694,242 | ||||||||||
WEC Energy Group, Inc., 4.75%, due 1/9/26 | 1,485,000 | 1,471,933 | ||||||||||
WEC Energy Group, Inc., 5.60%, due 9/12/26 | 960,000 | 971,322 | ||||||||||
|
| |||||||||||
38,575,299 | ||||||||||||
|
| |||||||||||
TOTAL CORPORATE BONDS | 84,470,873 | |||||||||||
|
| |||||||||||
Shares | ||||||||||||
SHORT-TERM INVESTMENTS | 23.6 | % | ||||||||||
MONEY MARKET FUNDS | 1.8 | % | ||||||||||
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 5.25%(j) |
| 11,261,020 | 11,261,020 | |||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.26%(j) |
| 4,541,507 | 4,541,507 | |||||||||
|
| |||||||||||
15,802,527 | ||||||||||||
|
| |||||||||||
Principal Amount** | ||||||||||||
U.S. TREASURY BILLS | 21.8 | % | ||||||||||
U.S. Treasury Bills, 5.353%, due 4/18/24(k) |
| 44,138,000 | 44,010,233 | |||||||||
U.S. Treasury Bills, 5.342%, due 4/25/24(k)(l) |
| 30,324,000 | 30,205,736 | |||||||||
U.S. Treasury Bills, 5.344%, due 4/25/24(k)(l) |
| 32,352,000 | 32,225,774 | |||||||||
U.S. Treasury Bills, 5.346%, due 5/2/24(k) |
| 13,074,000 | 13,009,737 | |||||||||
U.S. Treasury Bills, 5.358%, due 5/16/24(k) |
| 18,200,000 | 18,073,437 | |||||||||
U.S. Treasury Bills, 5.359%, due 5/16/24(k) |
| 4,000,000 | 3,972,179 | |||||||||
U.S. Treasury Bills, 5.362%, due 5/30/24(k) |
| 2,930,000 | 2,904,754 | |||||||||
U.S. Treasury Bills, 5.373%, due 6/20/24(k) |
| 31,493,000 | 31,128,276 | |||||||||
U.S. Treasury Bills, 5.375%, due 6/20/24(k) |
| 12,901,000 | 12,751,592 | |||||||||
|
| |||||||||||
188,281,718 | ||||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS |
| 204,084,245 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES | 98.4 | % | 851,683,608 | |||||||||
WRITTEN OPTION CONTRACTS | (0.0 | ) | (9,610 | ) | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES(m) | 1.6 | 13,843,544 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | 100.0 | % | $ | 865,517,542 | ||||||||
|
|
|
|
8
Exchange-Traded Option Contracts
Written Options | ||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount(n) | Premiums Received | Value | ||||||||||
Call — Corteva, Inc. | $60.00 | 5/17/24 | (62) | $(357,554) | $(6,798) | $(9,610) | ||||||||||
|
|
|
|
|
|
Glossary of Portfolio Abbreviations
ADR | American Depositary Receipt | |
CAD | Canada Dollar | |
ETF | Exchange-Traded Fund | |
GBP | British Pound | |
GMTN | Global Medium Term Note | |
NOK | Norway Krone | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate | |
SPDR | Standard & Poor’s Depositary Receipt | |
TruPS | Trust Preferred Securities | |
USD | United States Dollar |
Note: Percentages indicated are based on the net assets of the Fund.
* | March 28, 2024 represents the last business day of the Fund’s quarterly period. See Note 1 of the accompanying Notes to Consolidated Schedule of Investments. |
** | Amount denominated in U.S. dollars unless otherwise indicated. |
(a) | Non-income producing security. |
(b) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $23,229,482 which represents 2.7% of the net assets of the Fund, of which 0.0% are illiquid. |
(c) | All or a portion of the security is pledged in connection with exchange-traded written option contracts. $216,323 in aggregate has been pledged as collateral. |
(d) | Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(e) | Security converts to floating rate after the indicated fixed-rate coupon period. |
(f) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
(g) | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $3,490,462 or 0.4% of the net assets of the Fund. |
(h) | Variable rate. Rate shown is in effect at March 28, 2024. |
(i) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $3,492,749 which represents 0.4% of the net assets of the Fund, of which 0.0% are illiquid. |
(j) | Rate quoted represents the annualized seven-day yield. |
(k) | The rate shown is the effective yield on the date of purchase. |
(l) | All or a portion of this security has been pledged as collateral for futures contracts. $24,046,830 in aggregate has been pledged as collateral to Morgan Stanley & Co. LLC. |
(m) | Other assets in excess of liabilities include unrealized appreciation/depreciation on open futures contracts at March 28, 2024. |
(n) | Represents number of contracts multiplied by notional contract size multiplied by the underlying price. |
9
Futures Contracts | ||||||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
LONG FUTURES OUTSTANDING | ||||||||||||||||||||
Aluminum HG LME | 217 | May 13, 2024 | $ | 12,200,906 | $ | 12,591,317 | $ | 390,411 | ||||||||||||
Aluminum HG LME | 157 | August 19, 2024 | 9,037,442 | 9,280,074 | 242,632 | |||||||||||||||
Aluminum HG LME | 158 | November 18, 2024 | 9,104,532 | 9,511,008 | 406,476 | |||||||||||||||
Brent Crude Oil(a) | 280 | May 31, 2024 | 22,645,979 | 24,122,000 | 1,476,021 | |||||||||||||||
Brent Crude Oil(a) | 55 | June 28, 2024 | 4,412,135 | 4,694,250 | 282,115 | |||||||||||||||
Cattle Feeder(a) | 4 | May 23, 2024 | 517,404 | 497,400 | (20,004 | ) | ||||||||||||||
Coffee C | 71 | July 19, 2024 | 4,871,257 | 5,006,831 | 135,574 | |||||||||||||||
Copper | 174 | May 29, 2024 | 16,774,246 | 17,430,450 | 656,204 | |||||||||||||||
Corn | 537 | July 12, 2024 | 13,211,475 | 12,203,325 | (1,008,150 | ) | ||||||||||||||
Corn | 75 | December 13, 2024 | 1,789,883 | 1,791,563 | 1,680 | |||||||||||||||
Cotton No.2 | 87 | May 08, 2024 | 4,100,440 | 3,975,030 | (125,410 | ) | ||||||||||||||
Gasoline RBOB | 51 | April 30, 2024 | 5,300,605 | 5,827,525 | 526,920 | |||||||||||||||
Gasoline RBOB | 16 | September 30, 2024 | 1,381,490 | 1,554,134 | 172,644 | |||||||||||||||
Gold 100 oz | 158 | October 29, 2024 | 33,239,432 | 36,001,880 | 2,762,448 | |||||||||||||||
KC HRW Wheat | 130 | May 14, 2024 | 3,703,392 | 3,804,125 | 100,733 | |||||||||||||||
Lead LME | 41 | April 15, 2024 | 2,145,062 | 2,082,718 | (62,344 | ) | ||||||||||||||
Lead LME | 52 | May 13, 2024 | 2,681,690 | 2,659,267 | (22,423 | ) | ||||||||||||||
Lean Hogs(a) | 170 | October 14, 2024 | 5,742,878 | 5,970,400 | 227,522 | |||||||||||||||
Live Cattle | 150 | June 28, 2024 | 10,935,954 | 10,815,000 | (120,954 | ) | ||||||||||||||
Low Sulphur Gasoil | 95 | May 10, 2024 | 7,373,371 | 7,676,000 | 302,629 | |||||||||||||||
Natural Gas | 339 | April 26, 2024 | 6,567,467 | 5,976,570 | (590,897 | ) | ||||||||||||||
Natural Gas | 249 | August 28, 2024 | 5,952,177 | 6,068,130 | 115,953 | |||||||||||||||
Nickel LME | 12 | May 13, 2024 | 1,199,582 | 1,199,675 | 93 | |||||||||||||||
Nickel LME | 64 | June 17, 2024 | 6,334,502 | 6,428,283 | 93,781 | |||||||||||||||
NY Harbor ULSD | 51 | April 30, 2024 | 5,608,791 | 5,617,823 | 9,032 | |||||||||||||||
Platinum | 16 | July 29, 2024 | 734,239 | 736,880 | 2,641 | |||||||||||||||
Silver | 103 | May 29, 2024 | 12,288,247 | 12,831,740 | 543,493 | |||||||||||||||
Soybean | 209 | July 12, 2024 | 14,094,555 | 12,594,862 | (1,499,693 | ) | ||||||||||||||
Soybean Meal | 213 | July 12, 2024 | 7,725,765 | 7,263,300 | (462,465 | ) | ||||||||||||||
Soybean Oil | 260 | July 12, 2024 | 7,739,750 | 7,562,880 | (176,870 | ) | ||||||||||||||
Sugar #11 (World) | 24 | April 30, 2024 | 597,587 | 605,338 | 7,751 | |||||||||||||||
Sugar #11 (World) | 268 | June 28, 2024 | 6,200,500 | 6,648,544 | 448,044 | |||||||||||||||
Wheat | 201 | May 14, 2024 | 5,538,916 | 5,630,513 | 91,597 | |||||||||||||||
WTI Crude Oil | 292 | April 22, 2024 | 21,542,098 | 24,285,640 | 2,743,542 | |||||||||||||||
WTI Crude Oil | 55 | August 20, 2024 | 3,956,618 | 4,404,950 | 448,332 | |||||||||||||||
Zinc LME | 168 | April 15, 2024 | 10,533,246 | 10,095,456 | (437,790 | ) | ||||||||||||||
Zinc LME | 37 | May 13, 2024 | 2,241,064 | 2,239,138 | (1,926 | ) | ||||||||||||||
Zinc LME | 85 | June 17, 2024 | 5,178,162 | 5,174,736 | (3,426 | ) | ||||||||||||||
Zinc LME | 85 | July 15, 2024 | 5,168,806 | 5,200,746 | 31,940 | |||||||||||||||
Zinc LME | 84 | November 18, 2024 | 5,219,821 | 5,200,461 | (19,360 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||
$ | 305,591,466 | $ | 313,259,962 | $ | 7,668,496 | |||||||||||||||
|
|
|
|
|
| |||||||||||||||
SHORT FUTURES OUTSTANDING | ||||||||||||||||||||
Aluminum HG LME | 174 | May 13, 2024 | (9,988,343 | ) | (10,096,263 | ) | (107,920 | ) | ||||||||||||
Aluminum HG LME | 157 | August 19, 2024 | (8,875,161 | ) | (9,280,074 | ) | (404,913 | ) | ||||||||||||
Brent Crude Oil(a) | 99 | October 31, 2024 | (7,646,641 | ) | (8,162,550 | ) | (515,909 | ) | ||||||||||||
Coffee C | 4 | May 20, 2024 | (284,037 | ) | (283,275 | ) | 762 |
10
Futures Contracts (continued) | ||||||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Coffee C | 16 | September 18, 2024 | $ | (1,097,526 | ) | $ | (1,125,600 | ) | $ | (28,074 | ) | |||||||||
Cotton No.2 | 67 | December 06, 2024 | (2,805,861 | ) | (2,813,665 | ) | (7,804 | ) | ||||||||||||
Gold 100 oz | 20 | June 26, 2024 | (4,329,818 | ) | (4,476,800 | ) | (146,982 | ) | ||||||||||||
Lead LME | 41 | April 15, 2024 | (2,172,201 | ) | (2,082,718 | ) | 89,483 | |||||||||||||
Lead LME | 40 | May 13, 2024 | (2,079,151 | ) | (2,045,590 | ) | 33,561 | |||||||||||||
Lean Hogs(a) | 39 | June 14, 2024 | (1,459,315 | ) | (1,582,620 | ) | (123,305 | ) | ||||||||||||
Lean Hogs(a) | 55 | August 14, 2024 | (2,169,714 | ) | (2,270,400 | ) | (100,686 | ) | ||||||||||||
Natural Gas | 39 | December 27, 2024 | (1,456,866 | ) | (1,453,530 | ) | 3,336 | |||||||||||||
Nickel LME | 16 | May 13, 2024 | (1,623,426 | ) | (1,599,566 | ) | 23,860 | |||||||||||||
Nickel LME | 9 | June 17, 2024 | (935,663 | ) | (903,977 | ) | 31,686 | |||||||||||||
Soybean | 28 | November 14, 2024 | (1,656,428 | ) | (1,660,750 | ) | (4,322 | ) | ||||||||||||
Soybean Meal | 67 | May 14, 2024 | (2,350,394 | ) | (2,262,590 | ) | 87,804 | |||||||||||||
Soybean Meal | 32 | August 14, 2024 | (1,092,139 | ) | (1,093,760 | ) | (1,621 | ) | ||||||||||||
WTI Crude Oil | 103 | November 20, 2024 | (7,493,303 | ) | (8,017,520 | ) | (524,217 | ) | ||||||||||||
Zinc LME | 168 | April 15, 2024 | (10,384,836 | ) | (10,095,456 | ) | 289,380 | |||||||||||||
Zinc LME | 1 | May 13, 2024 | (61,253 | ) | (60,517 | ) | 736 | |||||||||||||
Zinc LME | 85 | June 17, 2024 | (5,342,188 | ) | (5,174,737 | ) | 167,451 | |||||||||||||
Zinc LME | 85 | July 15, 2024 | (5,229,069 | ) | (5,200,746 | ) | 28,323 | |||||||||||||
Zinc LME | 1 | November 18, 2024 | (63,959 | ) | (61,910 | ) | 2,049 | |||||||||||||
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$ | (80,597,292 | ) | $ | (81,804,614 | ) | $ | (1,207,322 | ) | ||||||||||||
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(a) | Futures contracts are cash settled based upon the price of the underlying commodity. |
Glossary of Portfolio Abbreviations
HG | High Grade | |
HRW | Hard Red Winter | |
LME | London Metal Exchange | |
RBOB | Reformulated Gasoline Blendstock for Oxygen Blending | |
ULSD | Ultra Low Sulfur Diesel | |
WTI | West Texas Intermediate |
Country Summary | % of Net Assets | |||
United States | 44.9 | |||
Canada | 6.4 | |||
Japan | 3.8 | |||
United Kingdom | 3.2 | |||
Australia | 2.9 | |||
France | 2.9 | |||
Netherlands | 1.7 | |||
Brazil | 1.3 | |||
Spain | 1.2 | |||
Germany | 1.1 | |||
Hong Kong | 1.0 | |||
Norway | 0.7 | |||
Singapore | 0.7 | |||
Italy | 0.5 | |||
Other (includes short-term investments) | 27.7 | |||
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100.0 | ||||
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11
COHEN & STEERS REAL ASSETS FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Quarterly Period
Since March 28, 2024 represents the last day during the Fund’s quarterly period on which the New York Stock Exchange was open for trading, the Fund’s schedule of investments have been presented through that date to maintain consistency with the Fund’s net asset value (NAV) calculations used for shareholder transactions.
Note 2. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Commodity futures contracts and options on futures contracts are valued at the settlement price as of the close of futures trading on the primary exchange on which the futures are traded. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at their closing NAV.
The Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgements and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
COHEN & STEERS REAL ASSETS FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the inputs used as of March 28, 2024 in valuing the Fund’s investments carried at value:
Quoted Prices in Active Markets for Identical Investments (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
Common Stock | $ | 505,759,095 | $ | — | $ | — | $ | 505,759,095 | ||||||||
Exchange-Traded Funds | 30,764,714 | — | — | 30,764,714 | ||||||||||||
Preferred Securities—Exchange-Traded | 250,000 | — | — | 250,000 | ||||||||||||
Preferred Securities—Over-the-Counter | — | 26,354,681 | — | 26,354,681 | ||||||||||||
Corporate Bonds | — | 84,470,873 | — | 84,470,873 | ||||||||||||
Short-Term Investments | — | 204,084,245 | — | 204,084,245 | ||||||||||||
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Total Investments in Securities(a) | $ | 536,773,809 | $ | 314,909,799 | $ | — | $ | 851,683,608 | ||||||||
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Futures Contracts | $ | 12,978,639 | $ | — | $ | — | $ | 12,978,639 | ||||||||
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Total Derivative Assets(a) | $ | 12,978,639 | $ | — | $ | — | $ | 12,978,639 | ||||||||
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Futures Contracts | $ | (6,517,465 | ) | $ | — | $ | — | $ | (6,517,465 | ) | ||||||
Written Option Contracts | (9,610 | ) | — | — | (9,610 | ) | ||||||||||
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Total Derivative Liabilities(a) | $ | (6,527,075 | ) | $ | — | $ | — | $ | (6,527,075 | ) | ||||||
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(a) | Portfolio holdings are disclosed individually on the Consolidated Schedule of Investments. |
Note 3. Derivative Investments
Futures Contracts: The Fund uses futures contracts in order to gain exposure to the underlying commodities markets. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in unrealized appreciation or depreciation on futures. Realized gain or loss, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, is reported at the closing or expiration of the futures contract. Securities deposited as initial margin are designated as such on the Consolidated Schedule of Investments and cash deposited is recorded. A receivable from and/or a payable to brokers for the daily variation margin is also recorded.
The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. With exchange traded futures contracts, the exchange or board of trade acts as the counterparty to futures transactions; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Additionally, credit risk exists in exchange traded futures contracts with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of certain positions. In certain circumstances, the futures commission merchant (FCM) can require additional margin on the futures contracts which would subject the Fund to counterparty credit risk with the FCM.
COHEN & STEERS REAL ASSETS FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Morgan Stanley & Co. LLC serves as the Fund’s FCM for the purpose of trading in commodity futures contracts, options and interests therein.
Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.
When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
The following summarizes the monthly average volume of the Fund’s option contracts and futures contracts activity for the three months ended March 28, 2024:
Written Option Contracts | ||||
Average Notional Amount(a)(b) | $ | 357,554 |
Futures Contracts(b) | ||||
Average Notional Amount—Long | $ | 319,677,175 | ||
Average Notional Amount—Short | (99,761,277 | ) |
(a) | Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price. |
(b) | Average notional amounts represent the average for all months in which the Fund had option contracts and futures contracts outstanding at month-end. For the period, this represents one month for written option contracts and three months for futures contracts. |