# EDGAR Filing Document

**Accession Number:** 0001854370
**File Stem:** 0001145549-23-014389
**Filing Date:** 2023-3
**Character Count:** 41742
**Document Hash:** 011b000b533ef2379c5a67fa4848157c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014389.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014389

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thirdline Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001854370
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23653
- **FILM NUMBER:** 23692967

**BUSINESS ADDRESS:**
- **STREET 1:** 1310 ROSENEATH ROAD
- **STREET 2:** SUITE 200
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230
- **BUSINESS PHONE:** 8045646810

**MAIL ADDRESS:**
- **STREET 1:** 1310 ROSENEATH ROAD
- **STREET 2:** SUITE 200
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Thirdline Trust
- **DATE OF NAME CHANGE:** 20210331

## Nport-Ex

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **PREFERRED STOCKS -1.8%** |  |
|  | **ENERGY - 0.1%** |  |
| 2500 | Energy Transfer LP, 7.375% | $**54425** |
|  | **REAL ESTATE - 1.2%** |  |
| 3500 | Agree Realty Corp., 4.250% | 56385 |
| 2500 | American Homes 4 Rent, 5.875% | 55400 |
| 3000 | Brookfield Property Partners LP, 5.750% | 40590 |
| 2500 | Digital Realty Trust, Inc., 5.200% | 50525 |
| 2500 | Federal Realty Investment Trust, 5.000%<sup>5</sup> | 50450 |
| 2500 | Kimco Realty Corp., 5.125%<sup>5</sup> | 49550 |
| 1000 | Mid-America Apartment Communities, Inc., 8.500% | 53500 |
| 3500 | PS Business Parks, Inc., 4.875% | 38920 |
| 3500 | Public Storage, 3.900%<sup>5</sup> | 57260 |
| 2500 | Rexford Industrial Realty, Inc., 5.625%<sup>5</sup> | 53200 |
| 100 | Simon Property Group, Inc., 8.375% | 6041 |
| 2500 | SL Green Realty Corp., 6.500% | 50550 |
| 2000 | Spirit Realty Capital, Inc., 6.000% | 44500 |
| 3500 | Vornado Realty Trust, 4.450% | 47600 |
|  |  | **654471** |
|  | **UTILITIES - 0.5%** |  |
| 2000 | Algonquin Power & Utilities Corp., 6.875% | 46000 |
| 2500 | CMS Energy Corp., 4.20% | 44175 |
| 3000 | DTE Energy Co., 4.375% | 52350 |
| 2500 | Duke Energy Corp., 5.750% | 58475 |
| 2500 | Sempra Energy, 5.750%<sup>5</sup> | 54075 |
| 3000 | Southern Co/The, 4.200%<sup>5</sup> | 52050 |
|  |  | **307125** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $1,115,472) | **1016021** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **PRIVATE DIRECT REAL ESTATE INVESTMENTS<sup>3</sup> - 50.2%** |  |
|  | **DEBT - 5.6%** |  |
|  | PDOFQ2 22 Livingston Side Car, LLC<sup>1,6</sup> | $**3091726** |
|  | **EQUITY - 14.3%** |  |
|  | Baywoods Road Owner, LLC<sup>1,6</sup> | 2074795 |
|  | Cook MHP Owner, LLC<sup>1,6</sup> | 810921 |
|  | Excelsior Sandy Springs CIV, LLC<sup>1,6</sup> | 578072 |
|  | Excelsior Stephenson Medical CIV, LLC<sup>1,6</sup> | 644894 |
|  | GMF Granite Manager, LLC<sup>1,6</sup> | 445226 |
|  | Old Courthouse Owner, LLC<sup>1,6</sup> | 1321067 |
|  | Riverwalk Acquisitions, LLC<sup>1,6</sup> | 2032575 |
|  |  | **7907550** |
|  | **MEZZANINE DEBT - 5.1%** |  |
|  | E 79th Street Mess Select, LP<sup>1,4</sup> | 1307932 |
|  | Premier Lexington Park, LLC, 9.00%, 03/31/2032<sup>1</sup> | 1533398 |
|  |  | **2841330** |
|  | **PREFERRED EQUITY - 25.2%** |  |
|  | 3985 N Stone Ave, LLC<sup>1</sup> | 1999452 |
|  | Detroit Portfolio Class A, LLC<sup>1,6</sup> | 2558904 |
|  | FC Starcast SA Investors, LLC<sup>1,6</sup> | 2011342 |
|  | Golfview JV, LLC - Class B, 8.50%<sup>1</sup> | 2445536 |
|  | NW Houston, LLC<sup>1</sup> | 1043815 |
|  | Plymouth Heritage Apts. JV, LLC - Class B, 8.50%<sup>1</sup> | 2554453 |
|  | River Mill Self Storage, LLC<sup>1,6</sup> | 1302849 |
|  |  | **13916351** |
|  | **SPONSOR PROFITS INTEREST - 0.0%** |  |
|  | Premier Lexington Park, LLC - Class B<sup>1,6</sup> | **-** |
|  | **TOTAL PRIVATE DIRECT REAL ESTATE INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $27,212,409) | **27756957** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Contracts |  | Value |
|  | **PRIVATE REAL ESTATE INVESTMENT FUNDS - 61.6%** |  |
|  | Barings Real Estate Debt Income Fund LP<sup>1,4</sup> | $3608954 |
| 4000000 | Beacon Partners Fund II, LP REIT - Preferred<sup>3</sup> | 4079781 |
| 2847 | CBRE U.S. Credit Partners, LP<sup>1,4</sup> | 3082613 |
|  | CMMPT-2, LP<sup>1,4</sup> | 992774 |
| 2000000 | Goodman Capital Liquid Strategy Fund I, LLC<sup>4</sup> | 6069533 |
| 2984 | Heitman Core Real Estate Income Trust<sup>1,4</sup> | 3046718 |
|  | IFM USIDF (Offshore) Class B, LP<sup>1,4</sup> | 2278287 |
|  | Infinity Re Impact III, LP<sup>1,4</sup> | 1535293 |
| 150 | Kairos Credit Strategies REIT, Inc. - Common<sup>4</sup> | 1518486 |
|  | Kayne Anderson Real Estate Debt IV, LP<sup>1,4</sup> | 970617 |
|  | Oak Street Real Estate Capital<sup>1,4</sup> | 1009732 |
| 98001 | Peachtree SSC Mortgage REIT, LLC<sup>4</sup> | 2516729 |
| 76190 | Sandpiper Lodging Trust - Class A - Common<sup>3</sup> | 814523 |
| 2533 | TCM CRE Credit Fund, LP<sup>4</sup> | 2575339 |
|  |  | **34099379** |
|  | **TOTAL PRIVATE REAL ESTATE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $33,653,334) | **34099379** |
|  | **PURCHASED OPTIONS CONTRACTS — 0.1%** |  |
|  | **CALL OPTIONS - 0.0%** |  |
|  | iShares Preferred & Income Securities ETF\* |  |
| 500 | &nbsp;&nbsp;&nbsp;Exercise Price: $33.00, Notional Amount: $1,650,000, Expiration Date: January 20, 2023 | 2500 |
|  | iShares Preferred & Income Securities ETF\* |  |
| 600 | &nbsp;&nbsp;&nbsp;Exercise Price: $34.00, Notional Amount: $2,040,000, Expiration Date: April 21, 2023 | 4500 |
|  | iShares Preferred & Income Securities ETF\* |  |
| 400 | &nbsp;&nbsp;&nbsp;Exercise Price: $33.00, Notional Amount: $1,320,000, Expiration Date: April 21, 2023 | 5000 |
|  | iShares U.S. Real Estate ETF\* |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $91.00, Notional Amount: $910,000, Expiration Date: March 17, 2023 | 10900 |
|  | SPDR S&P 500 ETF Trust\* |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $400.00, Notional Amount: $4,000,000, Expiration Date: December 30, 2022 | 50 |
|  | SPDR S&P 500 ETF Trust\* |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $383.00, Notional Amount: $3,830,000, Expiration Date: December 30, 2022 | 2250 |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $43,005) | **25200** |
|  | **PUT OPTIONS — 0.1%** |  |
|  | iShares 20 Year Treasury Bond ETF\* |  |
| 100 | &nbsp;&nbsp;&nbsp;Exercise Price: $85.00, Notional Amount: $850,000, Expiration Date: April 21, 2023 | 7800 |
|  | iShares Preferred & Income Securities ETF\* |  |
| 300 | &nbsp;&nbsp;&nbsp;Exercise Price: $29.00, Notional Amount: $870,000, Expiration Date: April 21, 2023 | 17250 |
|  | iShares U.S. Real Estate ETF\* |  |
| 10 | &nbsp;&nbsp;&nbsp;Exercise Price: $80.00, Notional Amount: $80,000, Expiration Date: January 20, 2023 | 530 |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $32,621) | **25580** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | (Cost $75,626) | **50780** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS - 0.3%** |  |
| 138658 | Federated Hermes U.S. Treasury Cash Reserves 3.76% <sup>2,5</sup> | **138658** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp; (Cost $138,658) |  |
|  | **TOTAL INVESTMENTS - 114.0% (cost $62,195,499)** | **63061795** |
|  | Liabilities in Excess of Other Assets - (14.0%) | (7737957) |
|  | **TOTAL NET ASSETS - 100.0%** | $**55323838** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (unaudited)**

---

| | | |
|:---|:---|:---|
| Number of Contracts |  | Value |
|  | **WRITTEN OPTIONS CONTRACTS** |  |
|  | **CALL OPTIONS - (0.0)%** |  |
|  | iShares U.S. Real Estate ETF\* |  |
| (100) | &nbsp;&nbsp;&nbsp;Exercise Price: $96.00, Notional Amount: $(960000), Expiration Date: March 17, 2023 | $(2650) |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp; (Premiums $2,646) | **(2650)** |
|  | **PUT OPTIONS - (0.0)%** |  |
|  | iShares 20 Year Treasury Bond ETF\* |  |
| (100) | &nbsp;&nbsp;&nbsp;Exercise Price: $80.00, Notional Amount: $(800000), Expiration Date: April 21, 2023 | (4050) |
|  | iShares Preferred & Income Securities ETF\* |  |
| (300) | &nbsp;&nbsp;&nbsp;Exercise Price: $27.00, Notional Amount: $(810000), Expiration Date: April 21, 2023 | (9000) |
|  | iShares U.S. Real Estate ETF\* |  |
| (10) | &nbsp;&nbsp;&nbsp;Exercise Price: $80.00, Notional Amount: $(80000), Expiration Date: January 20, 2023 | (530) |
|  | **TOTAL PUT OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp; (Premiums $13,558) | **(13580)** |
|  | **TOTAL WRITTEN OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp; (Premiums $16,204) | $**(16230)** |

---

\* Non-Income Producing

<sup>1</sup> Investment does not issue or provide shares.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

<sup>3</sup> Represents fair value as determined by the Fund's Board of Trustees (the "Board"), or its designee in good faith, pursuant to the policies and procedures approved by the Board. Securities with a total aggregate value of $32,651,261 or 59.0% of net assets, were fair valued under the Fund's valuation procedures and classified as Level 3 within the three tier fair value hierarchy as of December 31, 2022.

<sup>4</sup> These investments are valued at the net asset value as practical expedient in accordance with the Fund's valuation policies.

<sup>5</sup> All or a portion of this security is segregated as collateral for written options. The value of the securities pledged as collateral was $328,020 which represents 0.6% of total net assets of the Fund.

<sup>6</sup> Income is variable because it is distributed according to a cascading structure made up of sequential tiers.

**Thirdline Real Estate Income Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022 (unaudited)**

---

| | |
|:---|:---|
| Security Type | Percent of Total Net Assets |
| Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;Energy | 0.1% |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.2% |
| &nbsp;&nbsp;&nbsp;Utilities | 0.5% |
| Private Direct Real Estate Invesmtents | 47.8% |
| Private Real Estate Investment Funds | 64.0% |
| Purchased Options Contracts | 0.1% |
| Short-Term Investments | 0.3% |
| **Total Investments** | **114.0%** |
| Liabilities in Excess of Other Assets | (14.0)% |
| **Total Net Assets** | **100.0%** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions On Redemptions<sup>a</sup>** | **Redemptions Permitted** | **Redemption Notice Period** | **Unfunded Commitments** | **Cost** | **Fair Value** | **Original Acquisition Date** | **Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;3985 N Stone Ave, LLC | Not Permitted | N/A | $- | $2000000 | $1999452 | 7/20/2022 | 3.6% |
| &nbsp;&nbsp;&nbsp;Barings Real Estate Debt Income Fund LP <sup>b,d</sup> | Quarterly | 90 Days | 1833791 | 3595407 | 3608954 | 12/13/2021 | 6.5% |
| &nbsp;&nbsp;&nbsp;Baywoods Road Owner, LLC | Not Permitted | N/A |  | 2000000 | 2074794 | 5/10/2022 | 3.8% |
| &nbsp;&nbsp;&nbsp;Beacon Partners Fund II, LP REIT <sup>d</sup> | Not Permitted | N/A |  | 4000000 | 4079781 | 11/30/2021 | 7.4% |
| &nbsp;&nbsp;&nbsp;CBRE U.S. Credit Partners LP | Quarterly | 60 Days | 2000000 | 3000000 | 3082613 | 7/7/2022 | 5.6% |
| &nbsp;&nbsp;&nbsp;CMMPT-2, LP <sup>d,f</sup> | Quarterly | 90 Days |  | 1000000 | 992774 | 4/18/2022 | 1.8% |
| &nbsp;&nbsp;&nbsp;Cook MHP Owner, LLC | Not Permitted | N/A |  | 796217 | 810921 | 4/8/2022 | 1.5% |
| &nbsp;&nbsp;&nbsp;Detroit Portfolio Class A, LLC | Not Permitted | N/A |  | 2500000 | 2558904 | 10/5/2022 | 4.6% |
| &nbsp;&nbsp;&nbsp;E 79th Street Mess Select LP | Not Permitted | N/A | 3862500 | 1287500 | 1307932 | 10/27/2022 | 2.4% |
| &nbsp;&nbsp;&nbsp;Excelsior Sandy Springs CIV, LLC | Not Permitted | N/A |  | 553198 | 578072 | 2/17/2022 | 1.0% |
| &nbsp;&nbsp;&nbsp;Excelsior Stephenson Medical CIV, LLC | Not Permitted | N/A |  | 605042 | 644894 | 10/6/2021 | 1.2% |
| &nbsp;&nbsp;&nbsp;FC Starcast SA Investors, LLC | Not Permitted | N/A |  | 2000000 | 2011342 | 12/7/2022 | 3.6% |
| &nbsp;&nbsp;&nbsp;GMF Granite Partners, LLC | Not Permitted | N/A |  | 438830 | 445226 | N/A | 0.8% |
| &nbsp;&nbsp;&nbsp;Golfview JV, LLC - Class B | Not Permitted | N/A |  | 2394786 | 2445536 | 1/6/2022 | 4.4% |
| &nbsp;&nbsp;&nbsp;Goodman Capital Liquid Strategy Fund I, LLC<sup>d</sup> | Not Permitted | N/A |  | 6000000 | 6069533 | 4/14/2022 | 11.0% |
| &nbsp;&nbsp;&nbsp;Heitman Core Real Estate Income Trust <sup>d,e</sup> | Quarterly | 90 Days |  | 3000000 | 3046718 | 4/4/2022 | 5.5% |
| &nbsp;&nbsp;&nbsp;IFM USIDF (OFFSHORE) Class B, LP | Quarterly | 60 Days | 2767464 | 2232536 | 2278288 | 10/3/2022 | 4.1% |
| &nbsp;&nbsp;&nbsp;Infinity Re Impact III, LP <sup>d</sup> | Not Permitted | N/A | 1494124 | 1505876 | 1535293 | 6/10/2022 | 2.8% |
| &nbsp;&nbsp;&nbsp;Kairos Credit Strategies REIT, Inc. <sup>c,d</sup> | Quarterly | 90 Days |  | 1500357 | 1518486 | 9/30/2021 | 2.7% |
| &nbsp;&nbsp;&nbsp;Kayne Anderson Real Estate Debt IV, LP<sup>d</sup> | Not Permitted | N/A | 1030842 | 969158 | 970617 | 11/1/2021 | 1.8% |
| &nbsp;&nbsp;&nbsp;NW Houston, LLC | Not Permitted | N/A |  | 1035000 | 1043815 | 7/21/2022 | 1.9% |
| &nbsp;&nbsp;&nbsp;Oak Street Real Estate Capital | Quarterly | 60 Days |  | 1000000 | 1009732 | 7/28/2022 | 1.8% |
| &nbsp;&nbsp;&nbsp;Old Courthouse Owner, LLC | Not Permitted | N/A |  | 1300000 | 1321067 | 2/8/2022 | 2.4% |
| &nbsp;&nbsp;&nbsp;PDOFQ2 22 Livingston Side Car, LLC | Not Permitted | N/A |  | 3000000 | 3091726 | 9/28/2022 | 5.6% |
| &nbsp;&nbsp;&nbsp;Peachtree SSC Mortgage REIT, LLC <sup>d,g</sup> | No Restrictions |  |  | 2500000 | 2516729 | 5/18/2022 | 4.5% |
| &nbsp;&nbsp;&nbsp;Plymouth Heritage Apts. JV, LLC - Class B | Not Permitted | N/A |  | 2501836 | 2554453 | 12/30/2021 | 4.6% |
| &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC | Not Permitted | N/A |  | 1500000 | 1533398 | 3/31/2022 | 2.8% |
| &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC - Class B | Not Permitted | N/A |  |  |  | 3/31/2022 | 0.0% |
| &nbsp;&nbsp;&nbsp;River Mill Self Storage, LLC | Not Permitted | N/A | 700000 | 1300000 | 1302849 | 12/22/2022 | 2.4% |
| &nbsp;&nbsp;&nbsp;Riverwalk Acquisitions, LLC | Not Permitted | N/A |  | 2000000 | 2032575 | 6/14/2022 | 3.7% |
| &nbsp;&nbsp;&nbsp;Sandpiper Lodging Trust<sup>d</sup> | Not Permitted | N/A |  | 800000 | 814523 | 9/30/2021 | 1.5% |
| &nbsp;&nbsp;&nbsp;TCM CRE Credit Fund, LP<sup>d</sup> | Quarterly | 90 Days | - | 2550000 | 2575339 | 10/1/2021 | 4.7% |
| **Totals** |  |  | $13688721 | $**60865743** | $**61856336** |  | 111.8% |

---

<sup>a</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>b</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 3-year lock up period expiring 12/13/2024.

<sup>c</sup> The Fund is limited to redemptions of 5% of the Fund NAV per quarter and 20% annually, and the company can delay or suspend these redemptions at their sole discretion. There are no redemptions for an investor in their first year of investment.

<sup>d</sup> The Fund indirectly bears fees and expenses as an investor in the Private Real Estate Investment Funds. Each investor of each Private Real Estate Investment Fund will pay the investment manager of the Private Real Estate Investment Fund a management fee. The fee rate varies and ranges from 0.75% to 2.00% per annum of the NAV of that Private Real Estate Investment Fund. Additionally, the investment manager of each Private Real Estate Investment Fund may generally receive a contingent incentive fee/allocation from each investor ranging from 10% to 100% of net new realized appreciation of that Private Real Estate Investment Fund over a return hurdle rate ranging from 6.0% to 12.0% as of the end of each performance period for which an incentive fee/allocation is calculated.

<sup>e</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 1-year lock up period expiring 4/3/2024 and Redemption Interests will be redeemed in 20% quarterly increments following the Redemption Effective Date.

<sup>f</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 2-year lock up period expiring 4/17/2024.

<sup>g</sup> The Fund will not redeem more than 5% of the Fund NAV in a calendar year, redemptions are subject to availability of distributable cash as determined by the Company.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Thirdline Real Estate Income Fund

- **b. Investment Company Act file number:** 811-23653

- **c. CIK number of Registrant:** 0001854370

- **d. LEI of Registrant:** 549300F1JKGJ8UVL7618

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1310 Roseneath Road, Suite 200

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23230

  - **Telephone number:** 804-564-6810

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thirdline Real Estate Income Fund

- **c. LEI of Series:** 549300F1JKGJ8UVL7618

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $63809101.76

**Total Liabilities:** $8510240.05

**Net Assets:** $55298861.71

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.20%                | 0.50%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-139499.43                                |
| Month 2  | $-8489.94                | $245084.72                                 |
| Month 3  | $-42556.49               | $22192.65                                  |

### Schedule of Portfolio Investments

| Name                                        | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AGREE REALTY CORP                           | Agree Realty Corp                            | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $56385.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| ALGONQUIN PWR & UTILITY                     | Algonquin Power & Utilities Corp             | CUSIP: 015857709<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |      2000 | NS      | $46000.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent                        | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      2500 | NS      | $55400.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR S&P 500 ETF Trust                      | SPDR S&P 500 ETF Trust                       | CUSIP: 999999999<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |       100 | NC      | $50.00        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CMS ENERGY CORP                             | CMS Energy Corp                              | CUSIP: 125896837<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      2500 | NS      | $44175.25     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares 20+ Year Treasury Bond ETF          | iShares 20+ Year Treasury Bond ETF           | CUSIP: 999999999<br>LEI: 549300WWURKS1JGBZU59 | N/A              | DE               |  | US        |       100 | NC      | $7800.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares 20+ Year Treasury Bond ETF          | iShares 20+ Year Treasury Bond ETF           | CUSIP: 999999999<br>LEI: 549300WWURKS1JGBZU59 | N/A              | DE               |  | US        |      -100 | NC      | $-4050.00     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Real Estate ETF                | iShares U.S. Real Estate ETF                 | CUSIP: 999999999<br>LEI: 549300SJWB2CPZFPT616 | N/A              | DE               |  | US        |      -100 | NC      | $-2650.00     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Real Estate ETF                | iShares U.S. Real Estate ETF                 | CUSIP: 999999999<br>LEI: 549300SJWB2CPZFPT616 | N/A              | DE               |  | US        |       100 | NC      | $10900.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR S&P 500 ETF Trust                      | SPDR S&P 500 ETF Trust                       | CUSIP: 999999999<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |       100 | NC      | $2250.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE ENERGY CO                               | DTE Energy Co                                | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      3000 | NS      | $52350.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                    | Digital Realty Trust Inc                     | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      2500 | NS      | $50525.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CORP                            | Duke Energy Corp                             | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |      2500 | NS      | $58475.00     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                           | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |      2500 | NS      | $54425.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| FEDERAL REALTY INVS TRST                    | Federal Realty Investment Trust              | CUSIP: 313745200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2500 | NS      | $50450.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Preferred & Income Securities ETF   | iShares Preferred & Income Securities ETF    | CUSIP: 999999999<br>LEI: 549300YX74JNY54XCY80 | N/A              | DE               |  | US        |       500 | NC      | $2500.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Preferred & Income Securities ETF   | iShares Preferred & Income Securities ETF    | CUSIP: 999999999<br>LEI: 549300YX74JNY54XCY80 | N/A              | DE               |  | US        |       600 | NC      | $4500.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Preferred & Income Securities ETF   | iShares Preferred & Income Securities ETF    | CUSIP: 999999999<br>LEI: 549300YX74JNY54XCY80 | N/A              | DE               |  | US        |       400 | NC      | $5000.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                           | Kimco Realty Corp                            | CUSIP: 49446R737<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |      2500 | NS      | $49550.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| MID-AMER APT COMMUNITIES                    | Mid-America Apartment Communities Inc        | CUSIP: 59522J889<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EP               | CORP              | US        |      1000 | NS      | $53500.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Preferred & Income Securities ETF   | iShares Preferred & Income Securities ETF    | CUSIP: 999999999<br>LEI: 549300YX74JNY54XCY80 | N/A              | DE               |  | US        |       300 | NC      | $17250.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Preferred & Income Securities ETF   | iShares Preferred & Income Securities ETF    | CUSIP: 999999999<br>LEI: 549300YX74JNY54XCY80 | N/A              | DE               |  | US        |      -300 | NC      | $-9000.00     | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| PS BUSINESS PARKS INC                       | PS Business Parks Inc                        | CUSIP: 69360J552<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $38920.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                              | Public Storage                               | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3500 | NS      | $57260.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL REALT                    | Rexford Industrial Realty Inc                | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |      2500 | NS      | $53200.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SL GREEN REALTY CORP                        | SL Green Realty Corp                         | CUSIP: 78440X507<br>LEI: 549300VQZPJU97H3GT17 | Long             | EP               | CORP              | US        |      2500 | NS      | $50550.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Real Estate ETF                | iShares U.S. Real Estate ETF                 | CUSIP: 999999999<br>LEI: 549300SJWB2CPZFPT616 | N/A              | DE               |  | US        |        10 | NC      | $530.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares U.S. Real Estate ETF                | iShares U.S. Real Estate ETF                 | CUSIP: 999999999<br>LEI: 549300SJWB2CPZFPT616 | N/A              | DE               |  | US        |       -10 | NC      | $-530.00      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA ENERGY                               | Sempra Energy                                | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |      2500 | NS      | $54075.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| SIMON PROPERTY GROUP INC                    | Simon Property Group Inc                     | CUSIP: 828806885<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EP               | CORP              | US        |       100 | NS      | $6041.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                              | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      3000 | NS      | $52050.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| SPIRIT REALTY CAPITAL IN                    | Spirit Realty Capital Inc                    | CUSIP: 84860W201<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EP               | CORP              | US        |      2000 | NS      | $44500.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| VORNADO REALTY TRUST                        | Vornado Realty Trust                         | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $47600.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| EXCELSIOR STEPHENSON MEDICAL CIV, LLC   /   | EXCELSIOR STEPHENSON MEDICAL CIV, LLC   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $644893.68    | 1.17%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PLYMOUTH HERITAGE APTS. JV, LLC   /         | PLYMOUTH HERITAGE APTS. JV, LLC   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2554453.32   | 4.62%             |  |  |  | Yes           | 3                  | On Loan: No      |
| GOLFVIEW JV, LLC    /                       | GOLFVIEW JV, LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2445535.78   | 4.42%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Old Courthouse Owner LLC   /                | Old Courthouse Owner LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1321067.12   | 2.39%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EXCELSIOR SANDY SPRINGS CIV, LLC   /        | EXCELSIOR SANDY SPRINGS CIV, LLC   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $578071.92    | 1.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PREMIER LEXINGTON PARK, LLC   /             | PREMIER LEXINGTON PARK, LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1533397.81   | 2.77%             |  |  |  | Yes           | 3                  | On Loan: No      |
| COOK MHP OWNER,LLC    /                     | COOK MHP OWNER,LLC    /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $810921.00    | 1.47%             |  |  |  | Yes           | 3                  | On Loan: No      |
| GMF GRANITE MANAGER LLC   /                 | GMF GRANITE MANAGER LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $445226.10    | 0.81%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BAYWOODS ROAD OWNER LLC   /                 | BAYWOODS ROAD OWNER LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2074794.52   | 3.75%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVERWALK ACQUISITIONS, LLC   /             | RIVERWALK ACQUISITIONS, LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2032575.34   | 3.68%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 3985 N STONE AVE, LLC   /                   | 3985 N STONE AVE, LLC   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1999452.05   | 3.62%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NW HOUSTON, LLC    /                        | NW HOUSTON, LLC    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1043815.07   | 1.89%             |  |  |  | Yes           | 3                  | On Loan: No      |
| E 79TH STREET MESS SELECT, LP   /           | E 79TH STREET MESS SELECT, LP   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1307931.85   | 2.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PDOFQ2 22 LIVINGSTON SIDE CAR, LLC   /      | PDOFQ2 22 LIVINGSTON SIDE CAR, LLC   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3091726.03   | 5.59%             |  |  |  | Yes           | 3                  | On Loan: No      |
| DETROIT PORTFOLIO CLASS A, LLC   /          | DETROIT PORTFOLIO CLASS A, LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2558904.11   | 4.63%             |  |  |  | Yes           | 3                  | On Loan: No      |
| FC STARCAST SA INVESTORS, LLC   /           | FC STARCAST SA INVESTORS, LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2011342.47   | 3.64%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVER MILL SELF STORAGE, LLC   /            | RIVER MILL SELF STORAGE, LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1302849.32   | 2.36%             |  |  |  | Yes           | 3                  | On Loan: No      |
| KAIROS CREDIT STRATEGIES REIT   /           | KAIROS CREDIT STRATEGIES REIT   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       150 | NS      | $1518485.61   | 2.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TCM CRE CREDIT FUND, LP   /                 | TCM CRE CREDIT FUND, LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2533 | NS      | $2575338.78   | 4.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SANDPIPER LODGING TRUST   /                 | SANDPIPER LODGING TRUST   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76190 | NS      | $814522.74    | 1.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KAYNE ANDERSON REAL ESTATE DEBT IV, LP   /  | KAYNE ANDERSON REAL ESTATE DEBT IV, LP   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $970617.01    | 1.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OAK STREET REAL ESTATE CAPITAL NET   /      | OAK STREET REAL ESTATE CAPITAL NET   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1009731.64   | 1.83%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BARINGS REAL ESTATE DEBT INCOME FUND LP   / | BARINGS REAL ESTATE DEBT INCOME FUND LP   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3608953.78   | 6.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HEITMAN CORE REAL ESTATE INCOME TRUST   /   | HEITMAN CORE REAL ESTATE INCOME TRUST   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2984 | NS      | $3046718.39   | 5.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CMMPT-2, LP    /                            | CMMPT-2, LP    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $992774.12    | 1.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| IFM USIDF (OFFSHORE) B, LP   /              | IFM USIDF (OFFSHORE) B, LP   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2278287.55   | 4.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Beacon Partners Fund II, LP REIT   /        | Beacon Partners Fund II, LP REIT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4000000 | NS      | $4079780.82   | 7.38%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CBRE U.S. CREDIT PARTNERS, LP   /           | CBRE U.S. CREDIT PARTNERS, LP   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2847 | NS      | $3082613.08   | 5.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PEACHTREE SSC MORTGA REIT, LLC   /          | PEACHTREE SSC MORTGA REIT, LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98001 | NS      | $2516728.99   | 4.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INFINITY RE IMPACT III, LP   /              | INFINITY RE IMPACT III, LP   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1535292.71   | 2.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GOODMAN CAPITAL LIQUID CREDIT STRTGY   /    | GOODMAN CAPITAL LIQUID CREDIT STRTGY   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6069533.44   | 10.98%            |  |  |  | Yes           | N/A                | On Loan: No      |
| BROOKFIELD PROPERTY PART                    | Brookfield Property Partners LP              | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |      3000 | NS      | $40590.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Federated Hermes U.S. Treasury              | Federated Hermes U.S. Treasury Cash Reserves | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |    722246 | PA      | $722245.97    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** Thirdline Real Estate Income Fund

**Signature:** /s/ Larry Eiben

**Name of Signer:** Larry Eiben

**Title:** Treasurer