LoCorr Spectrum Income Fund
|
||||||||
Schedule of Investments
|
||||||||
as of March 31, 2024 (Unaudited)
|
||||||||
MASTER LIMITED PARTNERSHIPS - 27.0%
|
Units
|
Value
|
||||||
Chemicals - 2.5%
|
||||||||
CVR Partners LP
|
22,945
|
$
|
1,803,248
|
|||||
Coal - 1.0%
|
||||||||
Alliance Resource Partners LP
|
37,103
|
743,915
|
||||||
Diversfied Financial Services - 1.0%
|
||||||||
AllianceBernstein Holding LP
|
20,207
|
701,991
|
||||||
Financial - 0.9%
|
||||||||
Icahn Enterprises LP
|
35,902
|
610,693
|
||||||
Gas - 1.2%
|
||||||||
Global Partners LP(a)(b)
|
18,864
|
837,184
|
||||||
Oil & Gas - 4.8%
|
||||||||
Black Stone Minerals LP
|
63,568
|
1,015,817
|
||||||
Kimbell Royalty Partners LP
|
68,881
|
1,069,032
|
||||||
Sabine Royalty Trust
|
13,617
|
865,905
|
||||||
Sunoco LP
|
7,940
|
478,703
|
||||||
3,429,457
|
||||||||
Oil & Gas Services - 2.8%
|
||||||||
CrossAmerica Partners LP
|
49,692
|
1,132,481
|
||||||
USA Compression Partners LP
|
32,235
|
859,707
|
||||||
1,992,188
|
||||||||
Pipelines - 12.8%
|
||||||||
Cheniere Energy Partners LP
|
30,010
|
1,482,194
|
||||||
Delek Logistics Partners LP(b)
|
23,911
|
980,112
|
||||||
Energy Transfer LP(a)
|
107,981
|
1,698,542
|
||||||
Enterprise Products Partners LP
|
58,576
|
1,709,247
|
||||||
MPLX LP
|
21,424
|
890,381
|
||||||
NuStar Energy LP
|
30,743
|
715,390
|
||||||
Plains All American Pipeline LP
|
43,755
|
768,338
|
||||||
Western Midstream Partners LP
|
21,651
|
769,693
|
||||||
9,013,897
|
||||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $15,848,371)
|
19,132,573
|
|||||||
COMMON STOCKS - 18.0%
|
Shares
|
Value
|
||||||
Agriculture - 1.2%
|
||||||||
Altria Group, Inc.
|
19,522
|
851,550
|
||||||
Diversified Financial Services - 0.4%
|
||||||||
Artisan Partners Asset Management, Inc. - Class A
|
6,771
|
309,909
|
||||||
Energy-Alternate Sources - 1.2%
|
||||||||
NextEra Energy Partners LP(a)(b)
|
29,253
|
879,930
|
||||||
Mining - 5.2%
|
||||||||
Agnico Eagle Mines Ltd.
|
30,313
|
1,808,170
|
||||||
Barrick Gold Corp.(a)
|
108,252
|
1,801,313
|
||||||
3,609,483
|
||||||||
Oil & Gas - 1.7%
|
||||||||
Chesapeake Energy Corp.
|
5,253
|
466,624
|
||||||
Viper Energy, Inc.
|
20,017
|
769,854
|
||||||
1,236,478
|
||||||||
Pipeliines - 1.3%
|
||||||||
Kinetik Holdings, Inc.
|
23,814
|
949,464
|
||||||
Pipelines - 2.5%
|
||||||||
Antero Midstream Corp.
|
61,983
|
871,481
|
||||||
Hess Midstream LP - Class A
|
23,951
|
865,350
|
||||||
1,736,831
|
||||||||
Transporatation - 2.0%
|
||||||||
Genco Shipping & Trading Ltd.
|
35,098
|
713,542
|
||||||
SFL Corp Ltd.
|
52,459
|
691,410
|
||||||
1,404,952
|
||||||||
Transportation - 2.5%
|
||||||||
FLEX LNG Ltd.
|
32,645
|
830,162
|
||||||
Frontline PLC(b)
|
39,250
|
917,665
|
||||||
1,747,827
|
||||||||
TOTAL COMMON STOCKS (Cost $12,448,913)
|
12,726,424
|
|||||||
REAL ESTATE INVESTMENT TRUSTS - 16.4%
|
Shares
|
Value
|
||||||
AGNC Investment Corp.
|
180,929
|
1,791,198
|
||||||
American Homes 4 Rent - Class A
|
19,063
|
701,137
|
||||||
Annaly Capital Management, Inc.
|
69,356
|
1,365,620
|
||||||
Apollo Commercial Real Estate Finance, Inc.
|
65,631
|
731,129
|
||||||
Brandywine Realty Trust
|
198,986
|
955,133
|
||||||
Digital Realty Trust, Inc.
|
4,929
|
709,973
|
||||||
Gaming and Leisure Properties, Inc.
|
20,975
|
966,318
|
||||||
Global Net Lease, Inc.
|
152,194
|
1,182,547
|
||||||
Rithm Capital Corp.
|
80,427
|
897,565
|
||||||
Sabra Health Care, Inc.
|
47,245
|
697,809
|
||||||
Simon Property Group, Inc.
|
3,815
|
597,009
|
||||||
Starwood Property Trust, Inc.
|
51,375
|
1,044,454
|
||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,308,768)
|
11,639,892
|
|||||||
BUSINESS DEVELOPMENT COMPANIES - 13.6%
|
Shares
|
Value
|
||||||
Ares Capital Corp.
|
103,544
|
2,155,787
|
||||||
Blackstone Secured Lending Fund
|
55,432
|
1,726,707
|
||||||
FS KKR Capital Corp.
|
99,524
|
1,897,922
|
||||||
New Mountain Finance Corp.
|
71,919
|
911,214
|
||||||
Oaktree Specialty Lending Corp.
|
85,534
|
1,681,598
|
||||||
Sixth Street Specialty Lending, Inc.
|
57,809
|
1,238,847
|
||||||
TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $8,956,778)
|
9,612,075
|
|||||||
PREFERRED STOCKS - 10.3%
|
Shares
|
Value
|
||||||
Diversified Financial Services - 1.2%
|
||||||||
FTAI Aviation Ltd., Series D, 9.50% to 06/15/2028 then 5 yr. CMT Rate + 5.16%, Perpetual
|
32,767
|
828,022
|
||||||
Pipelines - 1.8%
|
||||||||
NuStar Energy LP 7.625%, Series B, 11.23% (3 mo. Term SOFR + 5.90%), Perpetual
|
49,587
|
1,252,568
|
||||||
REITS - 7.3%
|
||||||||
AGNC Investment Corp., Series F, 6.13% to 04/15/2025 then 3 mo. LIBOR US + 4.70%, Perpetual(a)(c)
|
50,804
|
1,166,460
|
||||||
Annaly Capital Management, Inc.
|
–
|
$
|
–
|
|||||
Series F, 10.58% (3 mo. Term SOFR + 5.25%), Perpetual(c)
|
27,535
|
691,404
|
||||||
Series G, 9.76% (3 mo. Term SOFR + 4.43%), Perpetual(c)
|
44,003
|
1,087,314
|
||||||
Chimera Investment Corp., Series B, 8.00% (3 mo. LIBOR US + 5.79%), Perpetual(c)
|
40,498
|
998,276
|
||||||
Rithm Capital Corp., Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual(c)
|
58,159
|
1,307,414
|
||||||
5,250,868
|
||||||||
TOTAL PREFERRED STOCKS (Cost $5,859,750)
|
7,331,458
|
|||||||
CLOSED-END INVESTMENT COMPANIES - 9.3%
|
Shares
|
Value
|
||||||
Apollo Senior Floating Rate Fund, Inc.
|
42,002
|
598,529
|
||||||
FS Credit Opportunities Corp.
|
128,001
|
759,046
|
||||||
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust
|
32,588
|
529,555
|
||||||
KKR Income Opportunities Fund
|
31,953
|
432,644
|
||||||
MainStay CBRE Global Infrastructure Megatrends Term Fund
|
56,241
|
706,949
|
||||||
Nuveen Credit Strategies Income Fund
|
151,830
|
845,693
|
||||||
Nuveen Floating Rate Income Fund
|
85,564
|
746,974
|
||||||
PIMCO Access Income Fund
|
52,917
|
832,384
|
||||||
PIMCO Dynamic Income Opportunities Fund
|
89,204
|
1,174,816
|
||||||
TOTAL CLOSED-END INVESTMENT COMPANIES (Cost $6,637,115)
|
6,626,590
|
|||||||
TOTAL INVESTMENTS - 94.6% (Cost
$62,059,695)
|
$
|
67,069,012
|
||||||
Money Market Deposit Account - 3.5%(a)(d)
|
2,474,312
|
|||||||
Other Assets in Excess of Liabilities - 1.9%(e)
|
1,335,211
|
|||||||
TOTAL NET ASSETS - 100.0%
|
$
|
70,878,535
|
||||||
Percentages are stated as a percent of net assets.
|
CMT - Constant Maturity Treasury Rate
|
LIBOR - London Interbank Offered Rate
|
PLC - Public Limited Company
|
SOFR - Secured Overnight Financing Rate
|
(a)
|
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of March 31, 2024
is $3,958,413.
|
(b)
|
Held in connection with written option contracts. See Schedule of Options Written for further information.
|
(c)
|
Non-income producing security.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA
will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.24%.
|
(e)
|
Includes deposits with broker for derivatives. As of the reporting date, the net value of these assets totals $386,679.
|
LoCorr Spectrum Income Fund
|
||||||||||||
Schedule of Options Written
|
||||||||||||
as of March 31, 2024 (Unaudited)
|
||||||||||||
OPTIONS WRITTEN - (0.1)% (a)(b)
|
Notional Amount
|
Contracts
|
Value
|
|||||||||
Call Options - (0.1)%
|
||||||||||||
Delek Logistics Partners LP, Expiration: 05/17/2024; Exercise Price: $45.00
|
$
|
(20,495
|
)
|
(5
|
)
|
$
|
(600
|
)
|
||||
Frontline PLC, Expiration: 05/17/2024; Exercise Price: $27.00
|
(916,496
|
)
|
(392
|
)
|
(9,800
|
)
|
||||||
Global Partners LP, Expiration: 05/17/2024; Exercise Price: $55.00
|
(834,344
|
)
|
(188
|
)
|
(45,120
|
)
|
||||||
NextEra Energy Partners LP, Expiration: 05/17/2024; Exercise Price: $32.00
|
(878,336
|
)
|
(292
|
)
|
(20,440
|
)
|
||||||
Total Call Options
|
(75,960
|
)
|
||||||||||
TOTAL OPTIONS WRITTEN (Premiums
received $31,087)
|
(75,960
|
)
|
||||||||||
Percentages are stated as a percent of net assets.
|
(a)
|
Exchange-traded.
|
(b)
|
100 shares per contract.
|
LoCorr Spectrum Income Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Master Limited Partnerships
|
19,132,573
|
–
|
–
|
19,132,573
|
||||||||||||
Common Stocks
|
12,726,424
|
–
|
–
|
12,726,424
|
||||||||||||
Real Estate Investment Trusts
|
11,639,892
|
–
|
–
|
11,639,892
|
||||||||||||
Business Development Companies
|
9,612,075
|
–
|
–
|
9,612,075
|
||||||||||||
Preferred Stocks
|
7,331,458
|
–
|
–
|
7,331,458
|
||||||||||||
Closed-End Investment Companies
|
6,626,590
|
–
|
–
|
6,626,590
|
||||||||||||
Total Assets
|
67,069,012
|
–
|
–
|
67,069,012
|
||||||||||||
Liabilities:
|
||||||||||||||||
Options Written
|
(75,960
|
)
|
-
|
–
|
(75,960
|
)
|
||||||||||
Total Liabilities
|
(75,960
|
)
|
-
|
–
|
(75,960
|
)
|
||||||||||
Refer to the Schedule of Investments for industry classifications.
|