# EDGAR Filing Document

**Accession Number:** 0001762562
**File Stem:** 0000940400-25-010360
**Filing Date:** 2025-11
**Character Count:** 209433
**Document Hash:** 2f53a5e607c1250e7be2084eeda580ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010360.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clarion Partners Real Estate Income Fund Inc.
- **CENTRAL INDEX KEY:** 0001762562

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23408
- **FILM NUMBER:** 251519288

**BUSINESS ADDRESS:**
- **STREET 1:** 620 8TH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 8887770102

**MAIL ADDRESS:**
- **STREET 1:** 620 8TH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

September 30, 2025

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Value |
| **Private Real Estate — 80.1%** | **Private Real Estate — 80.1%** | **Private Real Estate — 80.1%** | **Private Real Estate — 80.1%** | **Private Real Estate — 80.1%** |
| **Equity — 48.0%** | **Equity — 48.0%** | **Equity — 48.0%** | **Equity — 48.0%** | **Equity — 48.0%** |
| **Real Estate Investments — 37.0%** | **Real Estate Investments — 37.0%** | **Real Estate Investments — 37.0%** | **Real Estate Investments — 37.0%** | **Real Estate Investments — 37.0%** |
| *Healthcare — 1.6%* | *Healthcare — 1.6%* | *Healthcare — 1.6%* | *Healthcare — 1.6%* | *Healthcare — 1.6%* |
| &nbsp;&nbsp;&nbsp; 55 Messina Drive, Braintree, MA |  |  |  | &nbsp;&nbsp;&nbsp; $*17900000*<br> <sup>(a)</sup><br>|
| *Industrial — 22.2%* | *Industrial — 22.2%* | *Industrial — 22.2%* | *Industrial — 22.2%* | *Industrial — 22.2%* |
| &nbsp;&nbsp;&nbsp; 100 Friars Boulevard, West Deptford, NJ |  |  |  | &nbsp;&nbsp;&nbsp; 30700000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; 3828 Civic Center, Las Vegas, NV |  |  |  | &nbsp;&nbsp;&nbsp; 8600000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; 12000 East 56th Avenue, Denver, CO |  |  |  | &nbsp;&nbsp;&nbsp; 12200000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; 15550 Export Plaza Drive, Houston, TX |  |  |  | &nbsp;&nbsp;&nbsp; 10900000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chino Industrial Portfolio, Chino, CA |  |  |  | &nbsp;&nbsp;&nbsp; 31000000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hollywood Avenue, South Plainfield, NJ |  |  |  | &nbsp;&nbsp;&nbsp; 20908676<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jedburg Logistics Park Building 2, Summerville, SC |  |  |  | &nbsp;&nbsp;&nbsp; 25800000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mack Place, South Plainfield, NJ |  |  |  | &nbsp;&nbsp;&nbsp; 18077140<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordeast Business Center, Minneapolis, MN |  |  |  | &nbsp;&nbsp;&nbsp; 19000000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Regional Airport Center II, Orlando, FL |  |  |  | &nbsp;&nbsp;&nbsp; 18400000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rojas East Distribution Center, El Paso, TX |  |  |  | &nbsp;&nbsp;&nbsp; 52600000<br> <sup>(a)</sup><br>|
| *Total Industrial* | *Total Industrial* | *Total Industrial* | *Total Industrial* | &nbsp;&nbsp; *248185816* |
| *Mixed-Use — 3.1%* | *Mixed-Use — 3.1%* | *Mixed-Use — 3.1%* | *Mixed-Use — 3.1%* | *Mixed-Use — 3.1%* |
| &nbsp;&nbsp;&nbsp; Congress Commons, Austin, TX |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; *34800000*<br> <sup>(a)</sup><br>|
| *Office — 3.7%* | *Office — 3.7%* | *Office — 3.7%* | *Office — 3.7%* | *Office — 3.7%* |
| &nbsp;&nbsp;&nbsp; The Sheds on Charlotte, Nashville, TN |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; *41200000*<br> <sup>(a)</sup><br>|
| *Residential — 6.4%* | *Residential — 6.4%* | *Residential — 6.4%* | *Residential — 6.4%* | *Residential — 6.4%* |
| &nbsp;&nbsp;&nbsp; Anker Haus, Charlotte, NC |  |  |  | &nbsp;&nbsp;&nbsp; 18000000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Retreat at Weaverville, Weaverville, NC |  |  |  | &nbsp;&nbsp;&nbsp; 53700000<br> <sup>(a)</sup><br>|
| *Total Residential* | *Total Residential* | *Total Residential* | *Total Residential* | &nbsp;&nbsp; *71700000* |
| **Total Real Estate Investments (Cost — $420,085,518)** | **Total Real Estate Investments (Cost — $420,085,518)** | **Total Real Estate Investments (Cost — $420,085,518)** | **Total Real Estate Investments (Cost — $420,085,518)** | &nbsp;&nbsp; **413785816** |
|  |  |  | Stated <br>Ownership %<sup>(c)</sup> <br>|  |
| **Investments in Non-Consolidated Joint Ventures — 11.0%** | **Investments in Non-Consolidated Joint Ventures — 11.0%** | **Investments in Non-Consolidated Joint Ventures — 11.0%** | **Investments in Non-Consolidated Joint Ventures — 11.0%** | **Investments in Non-Consolidated Joint Ventures — 11.0%** |
| *Healthcare — 1.4%* | *Healthcare — 1.4%* | *Healthcare — 1.4%* | *Healthcare — 1.4%* | *Healthcare — 1.4%* |
| &nbsp;&nbsp;&nbsp; Fusion Life Science HQ, Carlsbad, CA |  |  | &nbsp;&nbsp; 85.0% | &nbsp;&nbsp;&nbsp;&nbsp; *15507808*<br> <sup>(a)(d)</sup><br>|
| *Industrial — 2.1%* | *Industrial — 2.1%* | *Industrial — 2.1%* | *Industrial — 2.1%* | *Industrial — 2.1%* |
| &nbsp;&nbsp;&nbsp; 456 Sullivan Avenue, South Windsor, CT |  |  | &nbsp;&nbsp; 95.0% | &nbsp;&nbsp;&nbsp;&nbsp; *23853918*<br> <sup>(a)(d)</sup><br>|
| *Residential — 7.5%* | *Residential — 7.5%* | *Residential — 7.5%* | *Residential — 7.5%* | *Residential — 7.5%* |
| &nbsp;&nbsp;&nbsp; Gates at Marina, Marina, CA |  |  | &nbsp;&nbsp; 87.5% | &nbsp;&nbsp;&nbsp; 26942118<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Martinique Bay, Henderson, NV |  |  | &nbsp;&nbsp; 80.0% | &nbsp;&nbsp;&nbsp; 23964751<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic at Largo Station, Largo, MD |  |  | &nbsp;&nbsp; 92.5% | &nbsp;&nbsp;&nbsp; 32807002<br> <sup>(a)(d)</sup><br>|
| *Total Residential* | *Total Residential* | *Total Residential* | *Total Residential* | &nbsp;&nbsp; *83713871* |
| **Total Investments in Non-Consolidated Joint Ventures (Cost — $115,801,298)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $115,801,298)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $115,801,298)** | **Total Investments in Non-Consolidated Joint Ventures (Cost — $115,801,298)** | &nbsp;&nbsp; **123075597** |
| **Total Equity (Cost — $535,886,816)** | **Total Equity (Cost — $535,886,816)** | **Total Equity (Cost — $535,886,816)** | **Total Equity (Cost — $535,886,816)** | &nbsp;&nbsp; **536861413** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Real Estate Lending — 32.1%** | **Real Estate Lending — 32.1%** | **Real Estate Lending — 32.1%** | **Real Estate Lending — 32.1%** | **Real Estate Lending — 32.1%** |
| **Investments in Real Estate Loans — 20.4%** | **Investments in Real Estate Loans — 20.4%** | **Investments in Real Estate Loans — 20.4%** | **Investments in Real Estate Loans — 20.4%** | **Investments in Real Estate Loans — 20.4%** |
| *Industrial — 4.5%* | *Industrial — 4.5%* | *Industrial — 4.5%* | *Industrial — 4.5%* | *Industrial — 4.5%* |
| &nbsp;&nbsp;&nbsp; Agellan Portfolio III Mezzanine Loan (SOFR + 5.750%) | &nbsp;&nbsp; 9.900% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; $50000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *50000000*<br> <sup>(a)(e)</sup><br>|
| *Mixed-Use — 1.6%* | *Mixed-Use — 1.6%* | *Mixed-Use — 1.6%* | *Mixed-Use — 1.6%* | *Mixed-Use — 1.6%* |
| &nbsp;&nbsp;&nbsp; Aertson Midtown Mezzanine B Loan | &nbsp;&nbsp; 9.140% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 18000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *18000000*<br> <sup>(a)</sup><br>|
| *Necessity Retail — 2.8%* | *Necessity Retail — 2.8%* | *Necessity Retail — 2.8%* | *Necessity Retail — 2.8%* | *Necessity Retail — 2.8%* |
| &nbsp;&nbsp;&nbsp; Southpark Meadows Mezzanine Loan | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 11/10/27 | &nbsp;&nbsp; 31000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *31000000*<br> <sup>(a)</sup><br>|
| *Office — 1.2%* | *Office — 1.2%* | *Office — 1.2%* | *Office — 1.2%* | *Office — 1.2%* |
| &nbsp;&nbsp;&nbsp; Memphis Logistics Mezzanine Loan (SOFR + 6.464%, 0.150% SOFR floor) | &nbsp;&nbsp; 10.682% | &nbsp;&nbsp; 8/9/26 | &nbsp;&nbsp; 14000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *14000000*<br> <sup>(a)(e)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|1

------

Consolidated Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Investments in Real Estate Loans — continued** | **Investments in Real Estate Loans — continued** | **Investments in Real Estate Loans — continued** | **Investments in Real Estate Loans — continued** | **Investments in Real Estate Loans — continued** |
| *Residential — 10.3%* | *Residential — 10.3%* | *Residential — 10.3%* | *Residential — 10.3%* | *Residential — 10.3%* |
| &nbsp;&nbsp;&nbsp; Pearl at Boulder Creek Senior Loan (SOFR + 3.400%, 3.500% SOFR floor) | &nbsp;&nbsp; 7.680% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; $43215116<br>| &nbsp;&nbsp;&nbsp; $43215116<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Biltmore Mezzanine Loan (SOFR + 7.250%, 3.000% SOFR floor) | &nbsp;&nbsp; 11.410% | &nbsp;&nbsp; 4/11/26 | &nbsp;&nbsp; 43000000<br>| &nbsp;&nbsp;&nbsp; 43000000<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Lodge Mezzanine Loan | &nbsp;&nbsp; 7.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 21400000<br>| &nbsp;&nbsp;&nbsp; 21400000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Parker off Pearl Mezzanine Loan | &nbsp;&nbsp; 7.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 8100000<br>| &nbsp;&nbsp;&nbsp; 8100000<br> <sup>(a)</sup><br>|
| *Total Residential* | *Total Residential* | *Total Residential* | *Total Residential* | &nbsp;&nbsp; *115715116* |
| **Total Investments in Real Estate Loans (Cost — $228,715,116)** | **Total Investments in Real Estate Loans (Cost — $228,715,116)** | **Total Investments in Real Estate Loans (Cost — $228,715,116)** | **Total Investments in Real Estate Loans (Cost — $228,715,116)** | &nbsp;&nbsp; **228715116** |
| **Senior Lending — 10.0%** | **Senior Lending — 10.0%** | **Senior Lending — 10.0%** | **Senior Lending — 10.0%** | **Senior Lending — 10.0%** |
| *Industrial — 10.0%* | *Industrial — 10.0%* | *Industrial — 10.0%* | *Industrial — 10.0%* | *Industrial — 10.0%* |
| &nbsp;&nbsp;&nbsp; 73rd and Washington Senior Loan (SOFR + 6.000%, 3.000% SOFR floor) | &nbsp;&nbsp; 10.280% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 20914022<br>| &nbsp;&nbsp;&nbsp; 20914022<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; National IOS Portfolio Senior Loan (SOFR + 3.700%, 3.500% SOFR floor) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 3/26/27 | &nbsp;&nbsp; 66500000<br>| &nbsp;&nbsp;&nbsp; 66500000<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit at Surprise Senior Loan (SOFR + 5.000%, 5.329% SOFR floor) | &nbsp;&nbsp; 10.329% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 24679014<br>| &nbsp;&nbsp;&nbsp; 24679014<br> <sup>(a)(e)</sup><br>|
| **Total Senior Lending (Cost — $112,093,036)** | **Total Senior Lending (Cost — $112,093,036)** | **Total Senior Lending (Cost — $112,093,036)** | **Total Senior Lending (Cost — $112,093,036)** | &nbsp;&nbsp; **112093036** |
| **Preferred Equity — 1.7%** | **Preferred Equity — 1.7%** | **Preferred Equity — 1.7%** | **Preferred Equity — 1.7%** | **Preferred Equity — 1.7%** |
| *Residential — 1.7%* | *Residential — 1.7%* | *Residential — 1.7%* | *Residential — 1.7%* | *Residential — 1.7%* |
| &nbsp;&nbsp;&nbsp; Avilla Enclave | &nbsp;&nbsp; 10.125% | &nbsp;&nbsp; 3/13/33 | &nbsp;&nbsp; 10336407<br>| &nbsp;&nbsp;&nbsp; 10336407<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avilla Suncoast (SOFR + 6.750%, 4.620% SOFR floor) | &nbsp;&nbsp; 11.370% | &nbsp;&nbsp; 3/29/33 | &nbsp;&nbsp; 8428296<br>| &nbsp;&nbsp;&nbsp; 8428295<br> <sup>(a)(e)</sup><br>|
| **Total Preferred Equity (Cost — $18,764,702)** | **Total Preferred Equity (Cost — $18,764,702)** | **Total Preferred Equity (Cost — $18,764,702)** | **Total Preferred Equity (Cost — $18,764,702)** | &nbsp;&nbsp; **18764702** |
| **Total Real Estate Lending (Cost — $359,572,854)** | **Total Real Estate Lending (Cost — $359,572,854)** | **Total Real Estate Lending (Cost — $359,572,854)** | **Total Real Estate Lending (Cost — $359,572,854)** | &nbsp;&nbsp; **359572854** |
| **Total Private Real Estate (Cost — $895,459,670)** | **Total Private Real Estate (Cost — $895,459,670)** | **Total Private Real Estate (Cost — $895,459,670)** | **Total Private Real Estate (Cost — $895,459,670)** | &nbsp;&nbsp; **896434267** |
| **Publicly-Traded Real Estate Securities — 17.4%** | **Publicly-Traded Real Estate Securities — 17.4%** | **Publicly-Traded Real Estate Securities — 17.4%** | **Publicly-Traded Real Estate Securities — 17.4%** | **Publicly-Traded Real Estate Securities — 17.4%** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P E (1 mo. Term SOFR + 2.419%) | &nbsp;&nbsp; 6.637% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp; 2066063<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anchor Mortgage Trust, 2025-RTL1 A2 | &nbsp;&nbsp; 6.358% | &nbsp;&nbsp; 5/25/40 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1478725<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2025-6 A3 | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 852580<br>| &nbsp;&nbsp;&nbsp; 859269<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 D (1 mo. Term SOFR + <br> 3.293%) | &nbsp;&nbsp; 7.428% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 919411<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 E (1 mo. Term SOFR + <br> 3.942%) | &nbsp;&nbsp; 8.077% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 718526<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atrium Hotel Portfolio Trust, 2017-ATRM E (1 mo. Term SOFR + 3.347%) | &nbsp;&nbsp; 7.498% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1579937<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN34 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/63 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 420055<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.767% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 407046<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.767% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 3076923<br>| &nbsp;&nbsp;&nbsp; 1093021<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK43 E | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 1484320<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK44 D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 785328<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK44 E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 222620<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2023-BNK45 E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 637000<br>| &nbsp;&nbsp;&nbsp; 490706<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2023-BNK46 D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1603386<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK3 E | &nbsp;&nbsp; 4.633% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 873611<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2024-5YR12 F | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 240878<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2023-V3 D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 400794<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BFLD Commercial Mortgage Trust, 2024-UNIV E (1 mo. Term SOFR + 3.640%) | &nbsp;&nbsp; 7.790% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1506888<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BIG Commercial Mortgage Trust, 2022-BIG F (1 mo. Term SOFR + 5.436%) | &nbsp;&nbsp; 9.586% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501455<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMP Trust, 2024-MF23 E (1 mo. Term SOFR + 3.389%) | &nbsp;&nbsp; 7.539% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1002664<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 2024-BOCA E (1 mo. Term SOFR + 4.437%) | &nbsp;&nbsp; 8.587% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 913096<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2024-NQM5 A3 | &nbsp;&nbsp; 6.158% | &nbsp;&nbsp; 6/25/64 | &nbsp;&nbsp; 753044<br>| &nbsp;&nbsp;&nbsp; 759243<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM1 A3 | &nbsp;&nbsp; 5.908% | &nbsp;&nbsp; 12/25/64 | &nbsp;&nbsp; 686959<br>| &nbsp;&nbsp;&nbsp; 691525<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM7 A3 | &nbsp;&nbsp; 5.814% | &nbsp;&nbsp; 7/25/65 | &nbsp;&nbsp; 1892210<br>| &nbsp;&nbsp;&nbsp; 1904084<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-NQM8 A3 | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 6/25/65 | &nbsp;&nbsp; 1048563<br>| &nbsp;&nbsp;&nbsp; 1051357<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, 2013-1515 F | &nbsp;&nbsp; 4.058% | &nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1679615<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + 3.646%) | &nbsp;&nbsp; 7.796% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1869000<br>| &nbsp;&nbsp;&nbsp; 1799297<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%) | &nbsp;&nbsp; 8.256% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349997<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.970% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 998425<br> <sup>(g)(h)</sup><br>|

---

2\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + 3.688%) | &nbsp;&nbsp; 7.838% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; $1480509<br>| &nbsp;&nbsp;&nbsp; $1491025<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + 3.690%) | &nbsp;&nbsp; 7.840% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 1247914<br>| &nbsp;&nbsp;&nbsp; 1252098<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%) | &nbsp;&nbsp; 7.407% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1493836<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-SDMF F (1 mo. Term SOFR + 2.051%) | &nbsp;&nbsp; 6.201% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 927976<br>| &nbsp;&nbsp;&nbsp; 925011<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2024-CNYN D (1 mo. Term SOFR + 2.690%) | &nbsp;&nbsp; 6.840% | &nbsp;&nbsp; 4/15/41 | &nbsp;&nbsp; 1230276<br>| &nbsp;&nbsp;&nbsp; 1236329<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2024-VLT4 E (1 mo. Term SOFR + 2.889%) | &nbsp;&nbsp; 7.040% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003537<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CAFL Issuer LLC, 2023-RTL1 A2 | &nbsp;&nbsp; 9.300% | &nbsp;&nbsp; 12/28/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 584774<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CAFL Issuer LLC, 2024-RTL1 A2 | &nbsp;&nbsp; 8.680% | &nbsp;&nbsp; 11/28/31 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 962291<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Corp., 2016-SH2 M4 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/25/45 | &nbsp;&nbsp; 740054<br>| &nbsp;&nbsp;&nbsp; 686295<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC29 D | &nbsp;&nbsp; 3.110% | &nbsp;&nbsp; 4/10/48 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 786423<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 408007<br>| &nbsp;&nbsp;&nbsp; 395107<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, 2022-2 B1 | &nbsp;&nbsp; 3.961% | &nbsp;&nbsp; 2/25/67 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 417494<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, 2025-6 A2 | &nbsp;&nbsp; 5.783% | &nbsp;&nbsp; 8/25/70 | &nbsp;&nbsp; 1890750<br>| &nbsp;&nbsp;&nbsp; 1908408<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2015-C3 C | &nbsp;&nbsp; 4.205% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 163557<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-CHOP F (PRIME + 1.294%) | &nbsp;&nbsp; 8.794% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398201<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-CHOP H (PRIME + 4.294%) | &nbsp;&nbsp; 11.794% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 956889<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-FACT E (1 mo. Term SOFR + 5.476%) | &nbsp;&nbsp; 9.627% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1379876<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-INV2 A3X, IO | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 11/25/56 | &nbsp;&nbsp; 34989187<br>| &nbsp;&nbsp;&nbsp; 1049970<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, 2025-FL1 A (1 mo. Term SOFR + 1.662%) | &nbsp;&nbsp; 5.798% | &nbsp;&nbsp; 6/18/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1001842<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dwight Issuer LLC, 2025-FL1 E (1 mo. Term SOFR + 4.938%) | &nbsp;&nbsp; 9.074% | &nbsp;&nbsp; 6/18/42 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 749529<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eagle RE Ltd., 2023-1 M1B (30 Day Average SOFR + 3.950%) | &nbsp;&nbsp; 8.306% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1026933<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eagle RE Ltd., 2023-1 M2 (30 Day Average SOFR + 5.200%) | &nbsp;&nbsp; 9.556% | &nbsp;&nbsp; 9/26/33 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 974789<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2020-2 B2 | &nbsp;&nbsp; 4.804% | &nbsp;&nbsp; 10/25/65 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 468273<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 B1 | &nbsp;&nbsp; 3.859% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 559220<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2025-INV1 B1 | &nbsp;&nbsp; 7.185% | &nbsp;&nbsp; 3/25/70 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 759607<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; FARM Mortgage Trust, 2024-2 B | &nbsp;&nbsp; 5.591% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 623282<br>| &nbsp;&nbsp;&nbsp; 562137<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 3667108<br>| &nbsp;&nbsp;&nbsp; 542752<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5159 IP, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 4857697<br>| &nbsp;&nbsp;&nbsp; 695635<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5408 GI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/25/54 | &nbsp;&nbsp; 2975724<br>| &nbsp;&nbsp;&nbsp; 583898<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5408 PI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/25/54 | &nbsp;&nbsp; 624551<br>| &nbsp;&nbsp;&nbsp; 119396<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5523 IQ, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 3484527<br>| &nbsp;&nbsp;&nbsp; 630544<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2019-HQA4 B2 (30 Day Average SOFR + 6.714%) | &nbsp;&nbsp; 11.071% | &nbsp;&nbsp; 11/25/49 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 788360<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2020-DNA2 B2 (30 Day Average SOFR + 4.914%) | &nbsp;&nbsp; 9.271% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 820410<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + 6.250%) | &nbsp;&nbsp; 10.606% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 895456<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA5 B2 (30 Day Average SOFR + 5.500%) | &nbsp;&nbsp; 9.856% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1785907<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA6 B2 (30 Day Average SOFR + 7.500%) | &nbsp;&nbsp; 11.856% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 787776<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA7 B2 (30 Day Average SOFR + 7.800%) | &nbsp;&nbsp; 12.156% | &nbsp;&nbsp; 11/25/41 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 530237<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-HQA4 B2 (30 Day Average SOFR + 7.000%) | &nbsp;&nbsp; 11.356% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 674120<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA2 M2 (30 Day Average SOFR + 3.750%) | &nbsp;&nbsp; 8.106% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 1446000<br>| &nbsp;&nbsp;&nbsp; 1495345<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA3 B2 (30 Day Average SOFR + 9.750%) | &nbsp;&nbsp; 14.106% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1886351<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA1 M2 (30 Day Average SOFR + 1.350%) | &nbsp;&nbsp; 5.706% | &nbsp;&nbsp; 1/25/45 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 1576092<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA2 M2 (30 Day Average SOFR + 1.500%) | &nbsp;&nbsp; 5.856% | &nbsp;&nbsp; 5/25/45 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1152555<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, <br> 2017-1 M2 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/25/56 | &nbsp;&nbsp; 1625221<br>| &nbsp;&nbsp;&nbsp; 1575187<br> <sup>(g)(h)</sup><br>|

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Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|3

------

Consolidated Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, <br> 2022-1 BXS, IO | &nbsp;&nbsp; 3.978% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; $1700658<br>| &nbsp;&nbsp;&nbsp; $657341<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt <br> Notes, 2016-DNA1 B (30 Day Average SOFR + 10.114%) | &nbsp;&nbsp; 14.471% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 511210<br>| &nbsp;&nbsp;&nbsp; 524122<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk <br> Securitized Participation Interests Trust, 2017-SPI1 B | &nbsp;&nbsp; 4.116% | &nbsp;&nbsp; 9/25/47 | &nbsp;&nbsp; 152684<br>| &nbsp;&nbsp;&nbsp; 130571<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2018-HQA2 B2 (30 Day Average SOFR + 11.114%) | &nbsp;&nbsp; 15.471% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 1093820<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-DNA3 B2 (30 Day Average SOFR + 8.264%) | &nbsp;&nbsp; 12.621% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 843724<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR1 B2 (30 Day Average SOFR + 8.464%) | &nbsp;&nbsp; 12.821% | &nbsp;&nbsp; 1/25/48 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 787293<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR3 B2 (30 Day Average SOFR + 4.914%) | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 9/25/47 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 863083<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-FTR4 B2 (30 Day Average SOFR + 5.114%) | &nbsp;&nbsp; 9.471% | &nbsp;&nbsp; 11/25/47 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 818825<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, <br> 2019-HQA3 B2 (30 Day Average SOFR + 7.614%) | &nbsp;&nbsp; 11.971% | &nbsp;&nbsp; 9/25/49 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1092413<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 Day <br> Average SOFR + 3.364%) | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143724<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 7.456% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 509696<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B2 (30 Day <br> Average SOFR + 6.000%) | &nbsp;&nbsp; 10.356% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1557765<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R03 1B2 (30 Day <br> Average SOFR + 5.500%) | &nbsp;&nbsp; 9.856% | &nbsp;&nbsp; 12/25/41 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 720121<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B2 (30 Day <br> Average SOFR + 7.650%) | &nbsp;&nbsp; 12.006% | &nbsp;&nbsp; 1/25/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1059058<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 1B2 (30 Day <br> Average SOFR + 4.000%) | &nbsp;&nbsp; 8.356% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 356133<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1B1 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.856% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1019126<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-15 IA, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 3605859<br>| &nbsp;&nbsp;&nbsp; 513667<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-78 CI, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 2409626<br>| &nbsp;&nbsp;&nbsp; 531078<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-19 PI, IO, PAC | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 3044285<br>| &nbsp;&nbsp;&nbsp; 617878<br>|
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, 2021-F117 CS (30 Day Average SOFR + 6.400%) | &nbsp;&nbsp; 10.755% | &nbsp;&nbsp; 7/25/31 | &nbsp;&nbsp; 680714<br>| &nbsp;&nbsp;&nbsp; 656514<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, 2025-FL10 D (1 mo. Term SOFR + 2.696%) | &nbsp;&nbsp; 6.829% | &nbsp;&nbsp; 8/19/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 980749<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-152 PI, IO, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/20/45 | &nbsp;&nbsp; 2451783<br>| &nbsp;&nbsp;&nbsp; 493034<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-213 IJ, IO | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/49 | &nbsp;&nbsp; 1186768<br>| &nbsp;&nbsp;&nbsp; 233114<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-184 HI, IO | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 1080927<br>| &nbsp;&nbsp;&nbsp; 229617<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2024-151 KS, IO (-1.000 x 30 <br> Day Average SOFR + 6.050%) | &nbsp;&nbsp; 1.661% | &nbsp;&nbsp; 9/20/54 | &nbsp;&nbsp; 5202674<br>| &nbsp;&nbsp;&nbsp; 525765<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-108 SC, IO (-1.000 x 30 <br> Day Average SOFR + 5.880%) | &nbsp;&nbsp; 1.491% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 4976410<br>| &nbsp;&nbsp;&nbsp; 476160<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-114 WS, IO (-1.000 x <br> 30 Day Average SOFR + 5.150%) | &nbsp;&nbsp; 0.761% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 9667104<br>| &nbsp;&nbsp;&nbsp; 448757<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-141 SE, IO (-1.000 x 30 <br> Day Average SOFR + 5.850%) | &nbsp;&nbsp; 1.461% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 5294691<br>| &nbsp;&nbsp;&nbsp; 496344<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%) | &nbsp;&nbsp; 9.483% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 747610<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1483874<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-HC4 D (1 mo. Term SOFR + 3.940%) | &nbsp;&nbsp; 8.069% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1995000<br> <sup>(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1089548<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2017-375H A | &nbsp;&nbsp; 3.591% | &nbsp;&nbsp; 9/10/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 967869<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2015-GC28 D | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 210643<br>| &nbsp;&nbsp;&nbsp; 201907<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2015-GC32 D | &nbsp;&nbsp; 3.345% | &nbsp;&nbsp; 7/10/48 | &nbsp;&nbsp; 108720<br>| &nbsp;&nbsp;&nbsp; 106396<br>|
| &nbsp;&nbsp;&nbsp; HIH Trust, 2024-61P F (1 mo. Term SOFR + 5.437%) | &nbsp;&nbsp; 9.587% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 1477881<br>| &nbsp;&nbsp;&nbsp; 1491582<br> <sup>(g)(h)</sup><br>|

---

4\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; HIT Trust, 2022-HI32 G (1 mo. Term SOFR + 7.228%) | &nbsp;&nbsp; 11.378% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; $800000<br>| &nbsp;&nbsp;&nbsp; $810841<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HIT Trust, 2022-HI32 J (1 mo. Term SOFR + 9.122%) | &nbsp;&nbsp; 13.272% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242755<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home RE Ltd., 2023-1 M2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 10.356% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 535152<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 757172<br>| &nbsp;&nbsp;&nbsp; 765570<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2025-NQM1 A3 | &nbsp;&nbsp; 5.961% | &nbsp;&nbsp; 1/25/70 | &nbsp;&nbsp; 781489<br>| &nbsp;&nbsp;&nbsp; 786880<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2015-JP1 D | &nbsp;&nbsp; 4.386% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1417458<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2017-FL11 E (PRIME + <br> 0.964%) | &nbsp;&nbsp; 8.464% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 80707<br>| &nbsp;&nbsp;&nbsp; 80604<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. Term <br> SOFR + 4.529%) | &nbsp;&nbsp; 8.680% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501491<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYMZ M (1 mo. <br> Term SOFR + 7.614%) | &nbsp;&nbsp; 11.765% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 108502<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust, 2015-4 B2 | &nbsp;&nbsp; 3.507% | &nbsp;&nbsp; 6/25/45 | &nbsp;&nbsp; 294462<br>| &nbsp;&nbsp;&nbsp; 275328<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND E (1 mo. Term SOFR + 3.364%) | &nbsp;&nbsp; 7.520% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 991855<br>| &nbsp;&nbsp;&nbsp; 979193<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; KREF Ltd., 2021-FL2 C (1 mo. Term SOFR + 2.114%) | &nbsp;&nbsp; 6.257% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 928500<br>| &nbsp;&nbsp;&nbsp; 912968<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2024-RTL1 A2 | &nbsp;&nbsp; 9.165% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 658440<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2024-RTL2 A2 | &nbsp;&nbsp; 8.897% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 444890<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2024-RTL5 A1 | &nbsp;&nbsp; 5.323% | &nbsp;&nbsp; 9/25/39 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1506934<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506259<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2022-FL10 E (1 mo. Term SOFR + 6.229%) | &nbsp;&nbsp; 10.363% | &nbsp;&nbsp; 9/17/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1506241<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL17 D (1 mo. Term SOFR + 2.741%) | &nbsp;&nbsp; 6.877% | &nbsp;&nbsp; 2/18/40 | &nbsp;&nbsp; 2340000<br>| &nbsp;&nbsp;&nbsp; 2329527<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL17 E (1 mo. Term SOFR + 3.490%) | &nbsp;&nbsp; 7.626% | &nbsp;&nbsp; 2/18/40 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 357120<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 D (1 mo. Term SOFR + 3.440%) | &nbsp;&nbsp; 7.576% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000610<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2020-FL4 A (1 mo. Term SOFR + 1.814%) | &nbsp;&nbsp; 5.957% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 125277<br>| &nbsp;&nbsp;&nbsp; 125482<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2021-FL7 E (1 mo. Term SOFR + 2.914%) | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 984164<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2022-FL8 D (1 mo. Term SOFR + 2.650%) | &nbsp;&nbsp; 6.784% | &nbsp;&nbsp; 2/19/37 | &nbsp;&nbsp; 2715000<br>| &nbsp;&nbsp;&nbsp; 2702898<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL15 D (1 mo. Term SOFR + 4.038%) | &nbsp;&nbsp; 8.174% | &nbsp;&nbsp; 8/18/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400990<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL16 A (1 mo. Term SOFR + 1.541%) | &nbsp;&nbsp; 5.677% | &nbsp;&nbsp; 11/18/39 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003058<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1084564<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC B | &nbsp;&nbsp; 9.863% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 542849<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2 B | &nbsp;&nbsp; 3.485% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 458434<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-230P B (1 mo. Term SOFR + 1.563%) | &nbsp;&nbsp; 5.714% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1391470<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 2023-1 E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/56 | &nbsp;&nbsp; 1344000<br>| &nbsp;&nbsp;&nbsp; 991249<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 2023-2 D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/56 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 742579<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, 2022-LPFL F (1 mo. Term SOFR + 5.285%) | &nbsp;&nbsp; 9.445% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500444<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-JERI G (1 mo. Term SOFR + <br> 7.608%) | &nbsp;&nbsp; 11.758% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 1924761<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-RRI E (1 mo. Term SOFR + <br> 5.193%) | &nbsp;&nbsp; 9.343% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1494481<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-1A B6 | &nbsp;&nbsp; 5.343% | &nbsp;&nbsp; 2/25/57 | &nbsp;&nbsp; 1533180<br>| &nbsp;&nbsp;&nbsp; 1437567<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2022-NQM4 A3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/25/62 | &nbsp;&nbsp; 747257<br>| &nbsp;&nbsp;&nbsp; 739130<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC, 2025-FHT1 A | &nbsp;&nbsp; 6.545% | &nbsp;&nbsp; 3/25/32 | &nbsp;&nbsp; 666907<br>| &nbsp;&nbsp;&nbsp; 673609<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2025-NQM8 A3 | &nbsp;&nbsp; 5.826% | &nbsp;&nbsp; 3/25/65 | &nbsp;&nbsp; 1355301<br>| &nbsp;&nbsp;&nbsp; 1364395<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2025-NQM10 A3 | &nbsp;&nbsp; 5.706% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 1560127<br>| &nbsp;&nbsp;&nbsp; 1579208<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONNI Commercial Mortgage Trust, 2024-APT D | &nbsp;&nbsp; 7.237% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1262566<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Opteum Mortgage Acceptance Corp. Trust, 2006-1 1AC1 (1 mo. Term SOFR + <br> 0.714%) | &nbsp;&nbsp; 4.872% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 878175<br>| &nbsp;&nbsp;&nbsp; 832041<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM LLC, 2025-RCF3 A2 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 731178<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, 2024-RTL4 A2 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 581147<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, 2025-NQM2 A3 | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 2/25/65 | &nbsp;&nbsp; 948643<br>| &nbsp;&nbsp;&nbsp; 956338<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, 2025-NQM3 A2 | &nbsp;&nbsp; 5.852% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 1842469<br>| &nbsp;&nbsp;&nbsp; 1858570<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 10.150% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 824109<br>| &nbsp;&nbsp;&nbsp; 811106<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMR Mortgage Trust, 2022-IND G (1 mo. Term SOFR + 7.500%) | &nbsp;&nbsp; 11.650% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 549406<br>| &nbsp;&nbsp;&nbsp; 500757<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI E (1 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.851% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1637213<br> <sup>(g)(h)</sup><br>|

---

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|5

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Consolidated Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, 2021-4 B31 | &nbsp;&nbsp; 4.678% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; $1070000<br>| &nbsp;&nbsp;&nbsp; $757692<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA E (1 mo. Term SOFR + 3.340%) | &nbsp;&nbsp; 7.490% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 998750<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust, 2024-RRTL1 B1 | &nbsp;&nbsp; 10.335% | &nbsp;&nbsp; 2/25/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 302643<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust, 2024-RRTL1 B2 | &nbsp;&nbsp; 10.335% | &nbsp;&nbsp; 2/25/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242758<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust, 2024-RRTL2 B2 | &nbsp;&nbsp; 9.191% | &nbsp;&nbsp; 9/25/39 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 908344<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd., 2022-FL5 E (1 mo. Term SOFR + 4.350%) | &nbsp;&nbsp; 8.493% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500083<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C15 C | &nbsp;&nbsp; 5.308% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 621105<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-5 B1 | &nbsp;&nbsp; 7.999% | &nbsp;&nbsp; 6/25/68 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2017410<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-7 B1 | &nbsp;&nbsp; 7.886% | &nbsp;&nbsp; 10/25/68 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 598561<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-4 B1 | &nbsp;&nbsp; 7.643% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 244733<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-4 B2 | &nbsp;&nbsp; 7.996% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321954<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-8 B1 | &nbsp;&nbsp; 7.032% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1013539<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-INV1 A3 | &nbsp;&nbsp; 6.470% | &nbsp;&nbsp; 3/25/69 | &nbsp;&nbsp; 784588<br>| &nbsp;&nbsp;&nbsp; 794487<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-4 A3 | &nbsp;&nbsp; 5.753% | &nbsp;&nbsp; 5/25/70 | &nbsp;&nbsp; 1406583<br>| &nbsp;&nbsp;&nbsp; 1414382<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-R1 A3 | &nbsp;&nbsp; 5.774% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 924594<br>| &nbsp;&nbsp;&nbsp; 931680<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-R1 B1 | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1040530<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-C28 D | &nbsp;&nbsp; 4.236% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1430625<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-C42 D | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1009791<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2022-JS2 G | &nbsp;&nbsp; 3.569% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 557390<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2022-ONL F | &nbsp;&nbsp; 5.092% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 421183<br> <sup>(g)(h)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $154,572,626)** | **Total Collateralized Mortgage Obligations (Cost — $154,572,626)** | **Total Collateralized Mortgage Obligations (Cost — $154,572,626)** | **Total Collateralized Mortgage Obligations (Cost — $154,572,626)** | &nbsp;&nbsp; **156164743** |
| **Asset-Backed Securities — 2.5%** | **Asset-Backed Securities — 2.5%** | **Asset-Backed Securities — 2.5%** | **Asset-Backed Securities — 2.5%** | **Asset-Backed Securities — 2.5%** |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2024-35A C (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 6.225% | &nbsp;&nbsp; 1/21/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502552<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2025-42A B (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.919% | &nbsp;&nbsp; 7/22/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502351<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-16A BR (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.972% | &nbsp;&nbsp; 7/17/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502036<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares CLO Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.370%) | &nbsp;&nbsp; 5.695% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300742<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A2R (3 mo. Term SOFR + 1.850%) | &nbsp;&nbsp; 6.082% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470821<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2017-28A A2R (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.924% | &nbsp;&nbsp; 10/20/38 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 753779<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2023-45A CR (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 6.153% | &nbsp;&nbsp; 7/26/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500014<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A A1R (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 562540<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, 2024-1A A2 | &nbsp;&nbsp; 6.261% | &nbsp;&nbsp; 5/16/49 | &nbsp;&nbsp; 931178<br>| &nbsp;&nbsp;&nbsp; 963447<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Argent Securities Inc., Asset-Backed Pass-Through Certificates, 2003-W3 M1 | &nbsp;&nbsp; 3.935% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 220596<br>| &nbsp;&nbsp;&nbsp; 208689<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2024-2A D | &nbsp;&nbsp; 7.430% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1023612<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blackbird Capital Aircraft Lease Securitization Ltd., 2016-1A B | &nbsp;&nbsp; 5.682% | &nbsp;&nbsp; 12/16/41 | &nbsp;&nbsp; 531412<br>| &nbsp;&nbsp;&nbsp; 530658<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A B (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.075% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391386<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust, 2019-MH1 M | &nbsp;&nbsp; 5.985% | &nbsp;&nbsp; 11/25/44 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 290759<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2018-4A CR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.072% | &nbsp;&nbsp; 1/17/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501949<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 10/20/54 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1026287<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; EWC Master Issuer LLC, 2022-1A A2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 967500<br>| &nbsp;&nbsp;&nbsp; 956114<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2024-20A B (3 mo. Term SOFR + <br> 1.800%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351609<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hardee's Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.253% | &nbsp;&nbsp; 3/20/54 | &nbsp;&nbsp; 985000<br>| &nbsp;&nbsp;&nbsp; 1021912<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, 2021-2 F | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 479748<br>| &nbsp;&nbsp;&nbsp; 467726<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSI Asset Securitization Corp. Trust, 2005-I1 2A4 (1 mo. Term SOFR + 0.894%) | &nbsp;&nbsp; 5.052% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 398205<br>| &nbsp;&nbsp;&nbsp; 372880<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Invesco US CLO Ltd., 2023-3A BR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.068% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471759<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, 2005-1 M4 (1 mo. Term SOFR + 1.389%) | &nbsp;&nbsp; 5.547% | &nbsp;&nbsp; 2/25/35 | &nbsp;&nbsp; 136345<br>| &nbsp;&nbsp;&nbsp; 134285<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, 2025-2A C | &nbsp;&nbsp; 7.830% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 986208<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2004-HE6 A2 (1 mo. Term SOFR + <br> 0.794%) | &nbsp;&nbsp; 4.952% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 2243486<br>| &nbsp;&nbsp;&nbsp; 2108917<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2005-HE2 M2 (1 mo. Term SOFR + <br> 0.774%) | &nbsp;&nbsp; 4.932% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 1049255<br>| &nbsp;&nbsp;&nbsp; 1028328<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neighborly Issuer LLC, 2023-1A A2 | &nbsp;&nbsp; 7.308% | &nbsp;&nbsp; 1/30/53 | &nbsp;&nbsp; 1209000<br>| &nbsp;&nbsp;&nbsp; 1226397<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRM Excess LLC, 2024-FNT1 A | &nbsp;&nbsp; 7.398% | &nbsp;&nbsp; 11/25/31 | &nbsp;&nbsp; 477473<br>| &nbsp;&nbsp;&nbsp; 486417<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAAC Trust, 2007-SP1 M3 (1 mo. Term SOFR + 1.614%) | &nbsp;&nbsp; 5.772% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 608499<br>| &nbsp;&nbsp;&nbsp; 514679<br> <sup>(h)</sup><br>|

---

6\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

 **Clarion Partners Real Estate Income Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; RASC Trust, 2006-KS1 M3 (1 mo. Term SOFR + 0.534%) | &nbsp;&nbsp; 4.902% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; $1500000<br>| &nbsp;&nbsp;&nbsp; $1460946<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sapphire Aviation Finance Ltd., 2020-1A A | &nbsp;&nbsp; 3.228% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 442964<br>| &nbsp;&nbsp;&nbsp; 423503<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; SEB Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.386% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1023917<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; ServiceMaster Funding LLC, 2021-1 A2II | &nbsp;&nbsp; 3.113% | &nbsp;&nbsp; 7/30/51 | &nbsp;&nbsp; 899166<br>| &nbsp;&nbsp;&nbsp; 765884<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 3/25/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 992293<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2020-24A C1R (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 5.931% | &nbsp;&nbsp; 10/23/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 329997<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 5.266% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320002<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-18A BR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.075% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470929<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2025-32A B1 (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.022% | &nbsp;&nbsp; 7/23/38 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471504<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2025-4A C (3 mo. Term SOFR + 1.900%) | &nbsp;&nbsp; 6.157% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331335<br> <sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wave LLC, 2019-1 A | &nbsp;&nbsp; 3.597% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 954979<br>| &nbsp;&nbsp;&nbsp; 923666<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Willis Engine Structured Trust, 2025-A B | &nbsp;&nbsp; 6.070% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 991396<br>| &nbsp;&nbsp;&nbsp; 1008728<br> <sup>(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $27,488,107)** | **Total Asset-Backed Securities (Cost — $27,488,107)** | **Total Asset-Backed Securities (Cost — $27,488,107)** | **Total Asset-Backed Securities (Cost — $27,488,107)** | &nbsp;&nbsp; **27681557** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.276% |  | &nbsp;&nbsp; 72596<br>| &nbsp;&nbsp;&nbsp; 1841034<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust Inc., Non Voting Shares (6.250% to 10/12/26 then 3 mo. Term <br> SOFR + 5.440%) | &nbsp;&nbsp; 6.250% |  | &nbsp;&nbsp; 45278<br>| &nbsp;&nbsp;&nbsp; 1023283<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.981% |  | &nbsp;&nbsp; 76166<br>| &nbsp;&nbsp;&nbsp; 1759435<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.583% |  | &nbsp;&nbsp; 62186<br>| &nbsp;&nbsp;&nbsp; 1484380<br> <sup>(h)</sup><br>|
| **Total Preferred Stocks (Cost — $5,822,895)** | **Total Preferred Stocks (Cost — $5,822,895)** | **Total Preferred Stocks (Cost — $5,822,895)** | **Total Preferred Stocks (Cost — $5,822,895)** | &nbsp;&nbsp; **6108132** |
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Corporate Bonds & Notes — 0.3%** | **Corporate Bonds & Notes — 0.3%** | **Corporate Bonds & Notes — 0.3%** | **Corporate Bonds & Notes — 0.3%** | **Corporate Bonds & Notes — 0.3%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $1600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1486414**<br> <sup>(g)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1136022**<br> <sup>(g)</sup><br>|
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **573062**<br> <sup>(g)</sup><br>|
| **Total Corporate Bonds & Notes (Cost — $3,262,028)** | **Total Corporate Bonds & Notes (Cost — $3,262,028)** | **Total Corporate Bonds & Notes (Cost — $3,262,028)** | **Total Corporate Bonds & Notes (Cost — $3,262,028)** | &nbsp;&nbsp; **3195498** |
| **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp., Senior Notes (Cost — $1,699,294) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; **1710000**<br>|
| **Total Publicly-Traded Real Estate Securities (Cost — $192,844,950)** | **Total Publicly-Traded Real Estate Securities (Cost — $192,844,950)** | **Total Publicly-Traded Real Estate Securities (Cost — $192,844,950)** | **Total Publicly-Traded Real Estate Securities (Cost — $192,844,950)** | &nbsp;&nbsp; **194859930** |
| **Total Investments before Short-Term Investments (Cost — $1,088,304,620)** | **Total Investments before Short-Term Investments (Cost — $1,088,304,620)** | **Total Investments before Short-Term Investments (Cost — $1,088,304,620)** | **Total Investments before Short-Term Investments (Cost — $1,088,304,620)** | &nbsp;&nbsp; **1091294197** |
|  |  |  | Shares |  |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management, Institutional Shares (Cost — $28,798,397) | &nbsp;&nbsp; 4.057% |  | &nbsp;&nbsp; 28798397<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28798397**<br> <sup>(j)</sup><br>|
| **Total Investments — 100.1% (Cost — $1,117,103,017)** | **Total Investments — 100.1% (Cost — $1,117,103,017)** | **Total Investments — 100.1% (Cost — $1,117,103,017)** | **Total Investments — 100.1% (Cost — $1,117,103,017)** | &nbsp;&nbsp; **1120092594** |
| &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Other Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (672363)<br>|
| **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | **Total Net Assets Applicable to Common Shareholders — 100.0%** | &nbsp;&nbsp; **$1119420231** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|7

------

Consolidated Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Clarion Partners Real Estate Income Fund Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investment is valued using significant unobservable inputs (Note 1).

<sup>(b)</sup> Investment is fair valued in accordance with procedures approved by the Board of Directors (Note 1).

<sup>(c)</sup> Stated ownership % represents the Fund's contractual ownership in the joint venture prior to the impact of promote structures.

<sup>(d)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer. At September 30, 2025, the total market value of investments in Affiliated Companies was $123,075,597 and the cost was $115,801,298 (Note 2). 

<sup>(e)</sup> Floating rate investment. Interest rate disclosed is as of the most recent information available.

<sup>(f)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(g)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. 

<sup>(h)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(i)</sup> Securities traded on a when-issued or delayed delivery basis.

<sup>(j)</sup> Rate shown is one-day yield as of the end of the reporting period. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO | —  | Collateralized Loan Obligation |
| IO | —  | Interest Only |
| PAC | —  | Planned Amortization Class |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |

---

At September 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Number of <br>Contracts<br>| &nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 12/25 | &nbsp;&nbsp; $19821356 | &nbsp;&nbsp; $19912500 | &nbsp;&nbsp; **$(91144)**<br>|

---

This Consolidated Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

8\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

Notes to Consolidated Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Clarion Partners Real Estate Income Fund Inc. (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), that continuously offers its shares. The Fund is a Maryland corporation and has elected to be taxed as a real estate investment trust (a "REIT") for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund utilizes an Umbrella Partnership Real Estate Investment Trust ("UPREIT") structure to hold all or substantially all of its assets in an operating partnership (the "Operating Partnership"). The Operating Partnership is a Delaware limited partnership of which the Fund is the sole member of the general partner and a limited partner. At September 30, 2025, the Operating Partnership was wholly-owned by the Fund. The Board of Directors (the "Board") authorized 400 million shares of $0.001 par value common stock. The Fund's investment objective is to provide current income and long-term capital appreciation.

The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities.

Generally, all investments made by the Fund or the Operating Partnership in private commercial real estate, including real property and investments in real estate loans, will be made through individual special purpose vehicles ("SPV"). Unless otherwise noted, each SPV is wholly-owned by the Fund or the Operating Partnership and this schedule of investments is the consolidated schedule of investments of the Fund, the Operating Partnership and each SPV. Investments which are joint ventures, where no party has control, are not consolidated and are carried at fair value as disclosed below.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The Fund calculates its net asset value by subtracting liabilities (including accrued expenses or distributions) from the total assets of the Fund (the value of investments, plus cash or other assets, including interest and distributions accrued but not yet received). The Fund's assets and liabilities are valued in accordance with GAAP using the principles set forth below.

***<u>Private commercial real estate</u>***

The fair values of private real estate lending investments are generally determined by discounting the future contractual cash flows to the present value using a current market interest rate. The market rate is determined by considering one or more of the following criteria as appropriate: (i) interest rates for loans of comparable quality and maturity, (ii) the value of the underlying collateral and (iii) the prevailing state of the debt markets. The valuations of investments in real estate loans are prepared by independent external appraisers on a monthly basis. The significant unobservable inputs used in the fair value measurement of the Fund's investment in real estate loans are the selection of certain credit spreads and the loan to value ratios.

The fair values of real estate investments are generally determined by considering the income, cost and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property (typically 10 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The cost approach estimates the replacement cost of the building less physical depreciation plus the land value. Generally, this approach provides a check on the value derived using the income approach. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities that typically provide a range of value. The discount rate and the exit capitalization rate are significant inputs to these valuations. These rates are based on the location, type and nature of each property, and current and anticipated market conditions.

Many factors are also considered in the determination of fair value including, but not limited to, the operating cash flows and financial performance of the properties, property types and geographic locations, the physical condition of the asset, prevailing market capitalization rates, prevailing market discount rates, general economic conditions, economic conditions specific to the market in which the assets are located, and any specific rights or terms associated with the investment. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the values that would be determined by negotiations held between parties in a sale transaction.

The valuations of real estate investments are prepared by independent external appraisers. Limited scope, restricted appraisals are performed on a monthly basis and typically include a limited comparable sales analysis and a full discounted cash flow income approach. Annually, a full-scope, detailed appraisal report is completed and typically includes a market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis and direct capitalization method. The full-scope report is prepared by an additional third-party appraisal firm. Since appraisals consider the estimated effect of physical depreciation, historical cost depreciation and amortization on real estate related assets have been excluded from net investment income. Development costs and major renovations are capitalized as a component of cost, while routine maintenance and repairs are expensed as incurred.

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|9

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Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

Investments in non-consolidated joint ventures are stated at fair value. The Fund's ownership interests are valued based on the Fund's ownership interest in the underlying entities and the fair value of the underlying real estate, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered. Upon the disposition of all investments in joint ventures by an investee entity, the Fund will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, that occurs prior to the dissolution of the investee entity.

***<u>Real estate securities and other investments</u>***

The valuations for fixed income securities (which may include, but are not limited to, corporate bonds, mortgage-backed and asset-back securities, and collateralized mortgage obligations) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Board.

***<u>Valuation oversight</u>***

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio investment that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

10\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $413785816 | &nbsp;&nbsp; $413785816 |
| &nbsp;&nbsp;&nbsp; Investments in Non-Consolidated Joint Ventures | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123075597 | &nbsp;&nbsp; 123075597 |
| &nbsp;&nbsp;&nbsp; Investments in Real Estate Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 228715116 | &nbsp;&nbsp; 228715116 |
| &nbsp;&nbsp;&nbsp; Senior Lending | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112093036 | &nbsp;&nbsp; 112093036 |
| &nbsp;&nbsp;&nbsp; Preferred Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18764702 | &nbsp;&nbsp; 18764702 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $156164743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156164743 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 27681557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27681557 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $6108132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6108132 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 3195498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3195498 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1710000 |
| Total Long-Term Investments | &nbsp;&nbsp; 6108132 | &nbsp;&nbsp; 188751798 | &nbsp;&nbsp; 896434267 | &nbsp;&nbsp; 1091294197 |
| Short-Term Investments† | &nbsp;&nbsp; 28798397 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28798397 |
| **Total Investments** | &nbsp;&nbsp; **$34906529** | &nbsp;&nbsp; **$188751798** | &nbsp;&nbsp; **$896434267** | &nbsp;&nbsp; **$1120092594** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $91144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $91144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Consolidated Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments  | Balance <br>as of <br>December 31, 2024<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Real Estate** <br> **Investments**<br>| $364188058 |  |  | $(231491) | $49829249 |
| **Investments in Non-**<br> **Consolidated Joint** <br> **Ventures**<br>| 146697607 |  |  | (522496) | 3456210 |
| **Investments in Real** <br> **Estate Loans**<br>| 150941113 |  |  | 308200 | 96125949 |
| **Senior Lending** | 37683287 |  |  |  | 74409749 |
| **Preferred Equity** | 17903357 |  |  |  | 861345 |
| **Total** | **$717413422** | **—** | **—** | **$(445787)** | **$224682502** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments (cont'd) | Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>September 30, 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>still held at <br>September 30, 2025<sup>1</sup> <br>|
| **Real Estate** <br> **Investments**<br>|  |  |  | $413785816 | $(231491) |
| **Investments in Non-**<br> **Consolidated Joint** <br> **Ventures**<br>| $(26555724)<br> \*<br>|  |  | 123075597 | (522496) |
| **Investments in Real** <br> **Estate Loans**<br>| (18660146) |  |  | 228715116 | 308200 |

---

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|11

------

Notes to Consolidated Schedule of Investments (unaudited) (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments (cont'd) | Sales | Transfers<br> into<br> Level 3<br>| Transfers<br> out of<br> Level 3<br>| Balance<br> as of<br> September 30, 2025<br>| Net change<br> in unrealized<br> appreciation<br> (depreciation) for <br> investments<br> still held at<br> September 30, 2025<sup>1</sup><br>|
| **Senior Lending** |  |  |  | $112093036 |  |
| **Preferred Equity** |  |  |  | 18764702 |  |
| **Total** | **$(45215870)** | **—** | **—** | **$896434267** | **$(445787)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents return of capital from proceeds of issuance of mortgage note payable.

<sup>1</sup> Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. 

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain material Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information without adjustment (e.g., broker quotes, pricing services, net asset values). <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value <br>at 9/30/25 <br>(000's)\*<br>| Valuation <br>Technique(s)<br>| Unobservable <br>Input(s)<br>| Value/Range | Impact to Valuation <br>from an Increase in <br>Input\*\*<br>|
| **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** | **Real Estate Investments:** |
| Healthcare | $17900 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.25% <br>5.75%<br>| Decrease <br>Decrease<br>|
| Industrial | $209200 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 6.75% to 8.25% <br>5.50% to 7.00%<br>| Decrease <br>Decrease<br>|
| Mixed-Use | $34800 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.25% <br>6.50%<br>| Decrease <br>Decrease<br>|
| Office | $41200 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.75% <br>6.75%<br>| Decrease <br>Decrease<br>|
| Residential | $71700 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.00% <br>5.50%<br>| Decrease <br>Decrease<br>|
| **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** | **Investments in Non-Consolidated Joint Ventures:** |
| Healthcare | $15508 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 8.25% <br>7.00%<br>| Decrease <br>Decrease<br>|
| Industrial | $23854 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 6.75% <br>4.75%<br>| Decrease <br>Decrease<br>|
| Residential | $83714 | Discounted cash flow | Discount rate <br>Exit capitalization rate<br>| 7.00% to 7.75% <br>5.50% to 6.00%<br>| Decrease <br>Decrease<br>|
| **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** | **Investments in Real Estate Loans:** |
| Industrial | $50000 | Yield Method | Loan to value ratio | 65.40% | Decrease |
| Mixed-Use | $18000 | Yield Method | Credit spread <br>Loan to value ratio<br>| 7.96% <br>90.28%<br>| Decrease <br>Decrease<br>|
| Necessity Retail | $31000 | Yield Method | Credit spread <br>Loan to value ratio<br>| 8.75% <br>83.87%<br>| Decrease <br>Decrease<br>|
| Office | $14000 | Yield Method | Loan to value ratio | 90.51% | Decrease |
| Residential | $115715 | Yield Method | Credit spread <br>Loan to value ratio<br>| 5.50% to 6.00% <br>61.69% to 84.12%<br>| Decrease <br>Decrease<br>|
| **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** | **Senior Lending:** |
| Industrial | $112093 | Yield Method | Loan to value ratio | 44.88% to 80.60% | Decrease |
| **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** | **Preferred Equity:** |
| Residential | $18765 | Yield Method | Credit spread <br>Loan to value ratio<br>| 7.00% <br>77.40% to 84.83%<br>| Decrease <br>Decrease<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
| \* Real estate investments of $38,985,816 are fair valued at cost as of September 30, 2025, in accordance with procedures approved by the Board and are not <br> included in the table above.<br>|
| \*\* This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable <br> input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result <br> in significantly higher or lower fair value measurements.<br>|

---

12\|

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. The following companies were considered affiliated companies for all or some portion of the period ended September 30, 2025. The following transactions were effected in such companies for the period ended September 30, 2025. <br>

---

| | | | |
|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Purchased | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Proceeds |
| Fusion Life Science HQ, Carlsbad, <br> CA<br>| $17057087 |  |  |
| 456 Sullivan Avenue, South Windsor, <br> CT<br>| 21331302 | $1256185 |  |
| Gates at Marina, Marina, CA | 24856735 | 58325 |  |
| Martinique Bay, Henderson, NV | 48810501 | 1324000 | $26,555,724<br> \*<br>|
| Mosaic at Largo Station, Largo, MD | 34641982 | 817700 |  |
|  | **$146697607** | **$3456210** | **$26555724** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>September 30, <br>2025<br>|
| Fusion Life Science HQ, <br> Carlsbad, CA<br>|  | $1784915 | $(1549279)<br>| $15507808 |
| 456 Sullivan Avenue, South <br> Windsor, CT<br>|  | 751450 | 1266431 | 23853918 |
| Gates at Marina, Marina, CA |  | 895785 | 2027058 | 26942118 |
| Martinique Bay, Henderson, NV |  | 1236800 | 385974 | 23964751 |
| Mosaic at Largo Station, <br> Largo, MD<br>|  | 589711 | (2652680)<br>| 32807002 |
|  | **—** | **$5258661** | **$(522496)**<br>| **$123075597** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount represents return of capital from proceeds of issuance of mortgage note payable.

Clarion Partners Real Estate Income Fund Inc. 2025 Quarterly Report

\|13

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Clarion Partners Real Estate Income Fund Inc.

- **b. Investment Company Act file number:** 811-23408

- **c. CIK number of Registrant:** 0001762562

- **d. LEI of Registrant:** 549300HQZ8T32H6E5695

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

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-888-777-0102

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

- **a. Name of Series:** Clarion Partners Real Estate Income Fund Inc.

- **c. LEI of Series:** 549300HQZ8T32H6E5695

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1124816218.48

**Total Liabilities:** $9264880.70

**Net Assets:** $1115551337.78

**Cash Not Reported:** $1346856.36

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 130.18000000 | **1-Year:** 10920.38000000 | **5-Year:** 22831.88000000 | **10-Year:** 2415.33000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 254.54000000 | **1-Year:** 5637.55000000 | **5-Year:** 15811.89000000 | **10-Year:** 14196.45000000 | **30-Year:** 209.76000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000004 | 0.44%                | 0.44%                | 0.17%                |
| Class ID C000000002 | -3.11%               | -3.19%               | -3.28%               |
| Class ID C000000001 | 0.50%                | 0.50%                | 0.24%                |
| Class ID C000000003 | 0.41%                | 0.48%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-264020.27              | $721968.01                                 |
| Month 2  | $132021.70               | $814762.13                                 |
| Month 3  | $-55800.59               | $-1582739.86                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mosaic at Largo Station                     | Mosaic at Largo Station                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | GB        |         1 | OU      | $31265000.00  | 2.80%             |  |  |  | No            |                  3 | On Loan: No      |
| BIG Commercial Mortgage Trust               | BIG Commercial Mortgage Trust 2022-BIG                                      | CUSIP: 05551UAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501455.00    | 0.04%             | 2039-02-15      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-R1                                          | CUSIP: 92541AAE0<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1040530.47   | 0.09%             | 2065-05-25      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                          | 2023-MIC Trust/THE                                                          | CUSIP: 87256GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $542848.70    | 0.05%             | 2038-12-05      | Variable      | 9.86%                 | No            |                  2 | On Loan: No      |
| Cerberus-Outour IOS Portfolio               | Cerberus-Outour IOS Portfolio                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  66500000 | PA      | $66500000.00  | 5.96%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2025-FL10 Issuer LLC                                              | CUSIP: 30340KAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $980748.70    | 0.09%             | 2042-08-19      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Lodge Mezz               | Brickstone Boulder Lodge Mezz                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21400000 | PA      | $21400000.00  | 1.92%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| Hospitality Investors Trust                 | HIT Trust 2022-HI32                                                         | CUSIP: 40442AAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $810841.44    | 0.07%             | 2039-07-15      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                | Voya CLO 2025-4 Ltd                                                         | CUSIP: 92946DAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $331335.41    | 0.03%             | 2038-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38384WFF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5202674 | PA      | $525765.10    | 0.05%             | 2054-09-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2018-HQA2                                           | CUSIP: 35563XBE1<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $1093819.58   | 0.10%             | 2048-10-25      | Floating      | 15.47%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                                     | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1446000 | PA      | $1495344.75   | 0.13%             | 2042-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-CNYN                                                          | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1230276 | PA      | $1236329.34   | 0.11%             | 2041-04-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                    | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023612.00   | 0.09%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                    | Angel Oak Mortgage Trust 2025-6                                             | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-MBS          | CORP              | US        |    852580 | PA      | $859268.79    | 0.08%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Fusion Life Science HQ                      | Fusion Life Science HQ                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $15423106.35  | 1.38%             |  |  |  | No            |                  3 | On Loan: No      |
| MetroNet Infrastructure Issuer              | MetroNet Infrastructure Issuer LLC                                          | CUSIP: 59170JBB3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $986208.12    | 0.09%             | 2055-08-20      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-8                                           | CUSIP: 92540PAE8<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1013539.10   | 0.09%             | 2069-10-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL10 LLC                                                           | CUSIP: 55285BAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1500000 | PA      | $1506240.75   | 0.14%             | 2037-09-17      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1019126.00   | 0.09%             | 2044-02-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                            | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1480000 | PA      | $1483874.20   | 0.13%             | 2043-01-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E              | FARM 2024-2 Mortgage Trust                                                  | CUSIP: 307910AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    623282 | PA      | $562136.70    | 0.05%             | 2054-08-01      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust               | UBS Commercial Mortgage Trust 2018-C15                                      | CUSIP: 90278LBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $621104.84    | 0.06%             | 2051-12-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2025-RCF3 LLC                                                          | CUSIP: 69392PAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    730000 | PA      | $731178.37    | 0.07%             | 2055-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1506933.60   | 0.14%             | 2039-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei              | Santander Mortgage Asset Receivable Trust 2025-NQM3                         | CUSIP: 80263AAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1842469 | PA      | $1858570.31   | 0.17%             | 2065-05-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| The Biltmore Apartments                     | The Biltmore Apartments                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  43000000 | PA      | $43000000.00  | 3.85%             | 2027-07-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Trust 2017-CHOP                                                        | CUSIP: 12651QAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $398200.84    | 0.04%             | 2032-07-15      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                                | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $356133.14    | 0.03%             | 2044-01-25      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                      | Switch ABS Issuer LLC                                                       | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $992292.50    | 0.09%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                 | HOMES 2025-NQM1 Trust                                                       | CUSIP: 43761DAE0<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |    781489 | PA      | $786880.36    | 0.07%             | 2070-01-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2016-DNA1                                      | CUSIP: 3137G0HZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    511210 | PA      | $524122.26    | 0.05%             | 2028-07-25      | Floating      | 14.47%                | No            |                  2 | On Loan: No      |
| 12000 E 56th                                | 12000 E 56th                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $12200000.00  | 1.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank                                        | BANK 2022-BNK44                                                             | CUSIP: 06540KBQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $785328.10    | 0.07%             | 2032-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Rojas East                                  | Rojas East                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $52600000.00  | 4.72%             |  |  |  | No            |                  3 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XVIII Ltd                                                      | CUSIP: 89640LAM4<br>LEI: 2549005HDP7QU1IK5W96 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470929.00    | 0.04%             | 2035-01-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL4                           | CUSIP: 79584CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $581147.01    | 0.05%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA3                                     | CUSIP: 35564KWG0<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1886350.77   | 0.17%             | 2042-04-25      | Floating      | 14.11%                | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateraliz              | NRM FNT1 Excess LLC                                                         | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    477473 | PA      | $486417.01    | 0.04%             | 2031-11-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137H3ST0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4857697 | PA      | $695634.81    | 0.06%             | 2051-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp II                                              | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1089547.62   | 0.10%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GC28                                      | CUSIP: 36251FAG1<br>LEI: 5493002EPQ51IPGGFX73 | Long             | ABS-MBS          | CORP              | US        |    210643 | PA      | $201906.76    | 0.02%             | 2048-02-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                                     | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $787776.15    | 0.07%             | 2041-10-25      | Floating      | 11.86%                | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust Series 2025-NQM8                            | CUSIP: 10571JAE6<br>LEI: 254900Z6C8GAQR4M4U49 | Long             | ABS-MBS          | CORP              | US        |   1048563 | PA      | $1051356.56   | 0.09%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA3                                     | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $895456.35    | 0.08%             | 2033-10-25      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381Q3B5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5294691 | PA      | $496343.89    | 0.04%             | 2055-08-20      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                   | HIH Trust 2024-61P                                                          | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1477881 | PA      | $1491582.10   | 0.13%             | 2041-10-15      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL17 LLC                                                           | CUSIP: 55287HAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    360000 | PA      | $357120.25    | 0.03%             | 2040-02-18      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-R1                                          | CUSIP: 92541AAC4<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |    924594 | PA      | $931680.39    | 0.08%             | 2065-05-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA2                                     | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $820409.55    | 0.07%             | 2050-02-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5            | CUSIP: 46654PAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501491.40    | 0.04%             | 2038-11-15      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust               | MTN Commercial Mortgage Trust 2022-LPFL                                     | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500444.45    | 0.04%             | 2039-03-15      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Anker Haus                                  | Anker Haus                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18000000.00  | 1.61%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2022-LP2                                       | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $349997.24    | 0.03%             | 2039-02-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                  | CUSIP: 233636AL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $749528.70    | 0.07%             | 2042-06-18      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Brands                        | ServiceMaster Funding LLC                                                   | CUSIP: 81761TAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    899166 | PA      | $765883.51    | 0.07%             | 2051-07-30      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                 | HOMES 2024-NQM1 Trust                                                       | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |    757172 | PA      | $765570.32    | 0.07%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2019-IMC                                       | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1869000 | PA      | $1799296.77   | 0.16%             | 2034-04-15      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                | Atrium Hotel Portfolio Trust 2017-ATRM                                      | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1579937.50   | 0.14%             | 2036-12-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                      | Cascade MH Asset Trust 2019-MH1                                             | CUSIP: 14732FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $290759.01    | 0.03%             | 2044-11-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381NUY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4976410 | PA      | $476159.87    | 0.04%             | 2055-06-20      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA3                                           | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $843723.60    | 0.08%             | 2049-07-25      | Floating      | 12.62%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BIO2                                      | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $998425.10    | 0.09%             | 2041-08-13      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HKRE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3484527 | PA      | $630544.37    | 0.06%             | 2055-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                         | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1000000 | PA      | $1026933.40   | 0.09%             | 2033-09-26      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                 | Antares CLO 2018-1 Ltd                                                      | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300741.78    | 0.03%             | 2038-04-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                  | Driven Brands Funding LLC                                                   | CUSIP: 26209XAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $1026287.36   | 0.09%             | 2054-10-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| Avilla Enclave                              | Avilla Enclave                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10336407 | PA      | $10336406.70  | 0.93%             | 2099-03-31      | Floating      | 4.74%                 | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                                     | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $530236.60    | 0.05%             | 2041-11-25      | Floating      | 12.16%                | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust              | MSWF Commercial Mortgage Trust 2023-1                                       | CUSIP: 55376CBN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1344000 | PA      | $991249.06    | 0.09%             | 2056-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2023-BNK46                                                             | CUSIP: 06541DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1603386.00   | 0.14%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                     | Chimera Investment Corp                                                     | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     76166 | NS      | $1759434.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GoldenTree Loan Management US               | GoldenTree Loan Management US CLO 20 Ltd                                    | CUSIP: 38139MAE5<br>LEI: 984500CF2B1A04F63R63 | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $351609.34    | 0.03%             | 2037-07-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2023-V3 Mortgage Trust                                            | CUSIP: 08163VAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $400793.90    | 0.04%             | 2056-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2023-1 Ltd                                                          | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $535152.15    | 0.05%             | 2033-10-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R01                                | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $143724.29    | 0.01%             | 2040-01-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2022-JS2                              | CUSIP: 95003GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $557389.80    | 0.05%             | 2039-12-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Bank5                                       | BANK5 2024-5YR12                                                            | CUSIP: 06644XAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $240878.37    | 0.02%             | 2057-12-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HSI Asset Securitization Corpo              | HSI Asset Securitization Corp Trust 2005-I1                                 | CUSIP: 40430HCN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    398205 | PA      | $372880.03    | 0.03%             | 2035-11-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Opteum Mortgage Acceptance Cor              | Opteum Mortgage Acceptance Corp Trust 2006-1                                | CUSIP: 68383NDW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    878175 | PA      | $832040.69    | 0.07%             | 2036-04-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Jedburg Logistics Park Building 2           | Jedburg Logistics Park Building 2                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $25800000.00  | 2.31%             |  |  |  | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-7                                           | CUSIP: 92539YAE2<br>LEI: 213800W65K5FH3AI2J91 | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $598561.49    | 0.05%             | 2068-10-25      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2022-NQM4                               | CUSIP: 64831UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    747257 | PA      | $739129.96    | 0.07%             | 2062-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -177 | NC      | $-91144.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GC32                                      | CUSIP: 36250PAM7<br>LEI: 54930066YOFVQE068N73 | Long             | ABS-MBS          | CORP              | US        |    108720 | PA      | $106395.89    | 0.01%             | 2048-07-10      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2015-P1                                 | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    408007 | PA      | $395107.49    | 0.04%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | EFMT 2025-INV1                                                              | CUSIP: 26846XAE0<br>LEI: 2549005YTE90D77H8V23 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $759606.68    | 0.07%             | 2070-03-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                         | Apex Credit CLO 2021-II LLC                                                 | CUSIP: 03755QAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470820.48    | 0.04%             | 2034-10-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1059057.60   | 0.09%             | 2042-01-25      | Floating      | 12.01%                | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd               | CAFL 2023-RTL1 Issuer LLC                                                   | CUSIP: 124762AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $584773.57    | 0.05%             | 2030-12-28      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                      | CUSIP: 03881KAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    720000 | PA      | $718526.09    | 0.06%             | 2043-01-20      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| EWC Master Issuer LLC                       | EWC Master Issuer LLC                                                       | CUSIP: 26929HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    967500 | PA      | $956114.36    | 0.09%             | 2052-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2022-BNK44                                                             | CUSIP: 06540KBS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $222620.19    | 0.02%             | 2032-11-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust              | BOCA Commercial Mortgage Trust 2024-BOCA                                    | CUSIP: 096817AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $913095.81    | 0.08%             | 2041-08-15      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-INV1                                        | CUSIP: 92540FAC4<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-MBS          | CORP              | US        |    784588 | PA      | $794487.24    | 0.07%             | 2069-03-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2016-BNK2                                    | CUSIP: 61690YBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $458433.55    | 0.04%             | 2049-11-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Mack Place IOS Portfolio                    | Mack Place IOS Portfolio                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18077140.00  | 1.62%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-SPOT                                      | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1247914 | PA      | $1252098.14   | 0.11%             | 2040-04-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization T              | Willis Engine Structured Trust VIII                                         | CUSIP: 97063RAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    991396 | PA      | $1008727.59   | 0.09%             | 2050-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2015-4                                             | CUSIP: 46644VBR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294462 | PA      | $275328.13    | 0.02%             | 2045-06-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                               | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1003057.60   | 0.09%             | 2039-11-18      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-5                                           | CUSIP: 924934AE2<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2017409.80   | 0.18%             | 2068-06-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                          | 2023-MIC Trust/THE                                                          | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1084563.90   | 0.10%             | 2038-12-05      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR1                                           | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $787292.88    | 0.07%             | 2048-01-25      | Floating      | 12.82%                | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2020-FACT                                                              | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1379876.25   | 0.12%             | 2037-10-15      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| SMR 2022-IND Mortgage Trust                 | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    824109 | PA      | $811105.64    | 0.07%             | 2039-02-15      | Floating      | 10.15%                | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                  | CUSIP: 09228YAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    531412 | PA      | $530658.21    | 0.05%             | 2041-12-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                | AGL CLO 42 Ltd                                                              | CUSIP: 00791YAE8<br>LEI: 254900AMSJHVKQ5QFA09 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502351.00    | 0.05%             | 2038-07-22      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Chino Industrial Portfolio                  | Chino Industrial Portfolio                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $31000000.00  | 2.78%             |  |  |  | No            |                  3 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM8 Trust                                                         | CUSIP: 67449AAC9<br>LEI: 2549006UJL1L84XG2C80 | Long             | ABS-MBS          | CORP              | US        |   1355301 | PA      | $1364394.75   | 0.12%             | 2065-03-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| 15550 Export Plaza Drive                    | 15550 Export Plaza Drive                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $10900000.00  | 0.98%             |  |  |  | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                           | CUSIP: 92540GAE8<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $244733.09    | 0.02%             | 2069-06-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2018-IV Ltd                                                    | CUSIP: 17181TAN1<br>LEI: 254900PA63PFHC11GD90 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501949.05    | 0.04%             | 2038-01-17      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| 456 Sullivan Avenue                         | 456 Sullivan Avenue                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $20805000.00  | 1.86%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA2                                     | CUSIP: 35564NJA2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1152554.61   | 0.10%             | 2045-05-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BJVT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2409626 | PA      | $531077.62    | 0.05%             | 2051-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Pearl at Boulder Creek                  | The Pearl at Boulder Creek                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  43215116 | PA      | $43215116.00  | 3.87%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2019-HQA4                                     | CUSIP: 35565CBE5<br>LEI: 5493005LAQ76UDHPEE03 | Long             | ABS-MBS          | CORP              | US        |    710000 | PA      | $788359.72    | 0.07%             | 2049-11-25      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                       | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   1470000 | PA      | $1478725.48   | 0.13%             | 2040-05-25      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL19 LLC                                                           | CUSIP: 55287KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1000609.70   | 0.09%             | 2042-05-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2022-ONL                              | CUSIP: 95003WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $421183.00    | 0.04%             | 2039-12-15      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| SMR 2022-IND Mortgage Trust                 | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    549406 | PA      | $500757.30    | 0.04%             | 2039-02-15      | Floating      | 11.65%                | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2022-BNK43                                                             | CUSIP: 06541QAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2125000 | PA      | $1484320.36   | 0.13%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL8 Ltd                                                            | CUSIP: 55284JAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2715000 | PA      | $2702898.43   | 0.24%             | 2037-02-19      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2022-JERI                      | CUSIP: 63875LAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $1924761.00   | 0.17%             | 2039-01-15      | Floating      | 11.76%                | No            |                  2 | On Loan: No      |
| Southpark Meadows Mezzanine                 | Southpark Meadows Mezzanine                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  31000000 | PA      | $31000000.00  | 2.78%             | 2027-11-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HCN65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    624551 | PA      | $119395.97    | 0.01%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3667108 | PA      | $542751.74    | 0.05%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                       | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 890938AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $242757.72    | 0.02%             | 2039-02-25      | Variable      | 10.33%                | No            |                  2 | On Loan: No      |
| Regional Airport Center II                  | Regional Airport Center II                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $18400000.00  | 1.65%             |  |  |  | No            |                  3 | On Loan: No      |
| Argent Securities Inc.                      | Argent Securities Inc Asset-Backed Pass-Through Certificates Series 2003-W7 | CUSIP: 040104BF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220596 | PA      | $208688.63    | 0.02%             | 2033-09-25      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Trust 2017-CHOP                                                        | CUSIP: 12651QAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $956889.00    | 0.09%             | 2032-07-15      | Floating      | 11.79%                | No            |                  2 | On Loan: No      |
| 55 Messina Drive                            | 55 Messina Drive                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $17900000.00  | 1.60%             |  |  |  | No            |                  3 | On Loan: No      |
| Arbor Realty Commercial Real E              | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                      | CUSIP: 03881KAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    920000 | PA      | $919411.20    | 0.08%             | 2043-01-20      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                          | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  26796355 | NS      | $26796354.81  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1               | CUSIP: 35563PD71<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1700658 | PA      | $657340.66    | 0.06%             | 2061-11-25      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $506259.25    | 0.05%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                           | MFA Financial Inc                                                           | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     62186 | NS      | $1484379.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Symphony CLO Ltd                            | Symphony CLO XXIV Ltd                                                       | CUSIP: 87167QAW8<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $329997.39    | 0.03%             | 2035-10-23      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Weaverville Retreat                         | Weaverville Retreat                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $53700000.00  | 4.81%             |  |  |  | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2025-4                                           | CUSIP: 92540UAE7<br>LEI: 2138009ZO3B2B5MAHZ49 | Long             | ABS-MBS          | CORP              | US        |   1406583 | PA      | $1414382.02   | 0.13%             | 2070-05-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-C42                              | CUSIP: 95001GAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1009791.00   | 0.09%             | 2050-12-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INV CORP                        | Two Harbors Investment Corp                                                 | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1710000.67   | 0.15%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Martinique Bay                              | Martinique Bay                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $23488000.00  | 2.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2022-RRI                       | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1494480.60   | 0.13%             | 2035-03-15      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYMZ              | CUSIP: 46654GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $108502.00    | 0.01%             | 2026-06-15      | Floating      | 11.77%                | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust              | Long Beach Mortgage Loan Trust 2005-1                                       | CUSIP: 542514KC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136345 | PA      | $134284.47    | 0.01%             | 2035-02-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38383LC73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1186768 | PA      | $233113.53    | 0.02%             | 2049-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR4                                           | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $818824.65    | 0.07%             | 2047-11-25      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| Invesco CLO Ltd                             | Invesco US CLO 2023-3 Ltd                                                   | CUSIP: 46091RAN3<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    470000 | PA      | $471758.93    | 0.04%             | 2038-07-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38381PWW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9667104 | PA      | $448756.62    | 0.04%             | 2055-07-20      | Floating      | 0.76%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor              | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3           | CUSIP: 06427DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $873611.30    | 0.08%             | 2050-02-15      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| Avilla Suncoast                             | Avilla Suncoast                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8428296 | PA      | $8428295.57   | 0.76%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136B8K24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3605859 | PA      | $513666.92    | 0.05%             | 2050-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                       | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $302643.30    | 0.03%             | 2039-02-25      | Variable      | 10.33%                | No            |                  2 | On Loan: No      |
| Wave USA                                    | WAVE 2019-1 LLC                                                             | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    954979 | PA      | $923666.32    | 0.08%             | 2044-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                           | KREF 2021-FL2 Ltd                                                           | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    928500 | PA      | $912967.96    | 0.08%             | 2039-02-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants Holdings Inc                | Hardee's Funding LLC                                                        | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    985000 | PA      | $1021912.19   | 0.09%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1480509 | PA      | $1491024.85   | 0.13%             | 2034-05-15      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| Hollywood Ave IOS Portfolio                 | Hollywood Ave IOS Portfolio                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $20908676.00  | 1.87%             |  |  |  | No            |                  3 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                          | CUSIP: 3137HCMV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2975724 | PA      | $583898.34    | 0.05%             | 2054-04-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                          | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1493836.05   | 0.13%             | 2036-10-15      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2015-C28                              | CUSIP: 94989JBH8<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1430625.00   | 0.13%             | 2048-05-15      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2017-375H                                 | CUSIP: 36254JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $967869.40    | 0.09%             | 2037-09-10      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | Ellington Financial Mortgage Trust 2020-2                                   | CUSIP: 31573WAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $468273.30    | 0.04%             | 2065-10-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2025-FL17 LLC                                                           | CUSIP: 55287HAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2340000 | PA      | $2329527.33   | 0.21%             | 2040-02-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-1               | CUSIP: 35563PAT6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1625221 | PA      | $1575187.11   | 0.14%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                           | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $321953.92    | 0.03%             | 2069-06-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                  | Dwight 2025-FL1 Issuer LLC                                                  | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1001841.60   | 0.09%             | 2042-06-18      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK34                                                             | CUSIP: 06541JBW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $420054.96    | 0.04%             | 2063-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA4                                     | CUSIP: 35564KPP8<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $674120.45    | 0.06%             | 2041-12-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei              | Santander Mortgage Asset Receivable Trust 2025-NQM2                         | CUSIP: 802638AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    948643 | PA      | $956337.82    | 0.09%             | 2065-02-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus              | CSAIL 2015-C3 Commercial Mortgage Trust                                     | CUSIP: 12635FAZ7<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $163557.15    | 0.01%             | 2048-08-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| 100 Friars Boulevard                        | 100 Friars Boulevard                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $30700000.00  | 2.75%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1               | CUSIP: 46590KAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1417458.15   | 0.13%             | 2049-01-15      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                           | CUSIP: 3136BRLS4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3044285 | PA      | $617877.80    | 0.06%             | 2054-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONNI Commercial Mortgage Trust              | ONNI Commerical Mortgage Trust 2024-APT                                     | CUSIP: 682939AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1220000 | PA      | $1262565.56   | 0.11%             | 2039-07-15      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                  | Morgan Stanley ABS Capital I Inc Trust 2005-HE2                             | CUSIP: 61744CNC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1049255 | PA      | $1028327.90   | 0.09%             | 2035-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2015-GC29                               | CUSIP: 17323VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $786423.00    | 0.07%             | 2048-04-10      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK35                                                             | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3076923 | PA      | $1093020.90   | 0.10%             | 2064-06-15      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos CLO XLV Ltd                                                          | CUSIP: 03770MAS2<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500014.20    | 0.04%             | 2038-07-26      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Securitized Participation Interests Trust 2017-SPI1       | CUSIP: 3137G1CG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152684 | PA      | $130571.17    | 0.01%             | 2047-09-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Hospitality Investors Trust                 | HIT Trust 2022-HI32                                                         | CUSIP: 40442AAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $242754.86    | 0.02%             | 2039-07-15      | Floating      | 13.27%                | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                      | Arbor Realty Trust Inc                                                      | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     45278 | NS      | $1023282.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapphire Aviation Finance I Li              | SAPPHIRE AVIATION FINANCE II LTD                                            | CUSIP: 80307AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    442964 | PA      | $423503.37    | 0.04%             | 2040-03-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2022-2 Mortgage Loan Trust                                             | CUSIP: 19685EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $417493.95    | 0.04%             | 2067-02-25      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                     | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   1580000 | PA      | $1576091.55   | 0.14%             | 2045-01-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Memphis Logistics Mezz                      | Memphis Logistics Mezz                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14000000 | PA      | $14000000.00  | 1.25%             | 2035-08-09      | Floating      | 6.84%                 | No            |                  3 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38379FAG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2451783 | PA      | $493033.98    | 0.04%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T              | Ellington Financial Mortgage Trust 2022-1                                   | CUSIP: 31573CAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $559219.88    | 0.05%             | 2067-01-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Aimco                                       | AIMCO CLO 16 Ltd                                                            | CUSIP: 00901FAN6<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502035.95    | 0.05%             | 2037-07-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                                | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    695000 | PA      | $720121.12    | 0.06%             | 2041-12-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM5                                   | CUSIP: 105925AC5<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    753044 | PA      | $759242.87    | 0.07%             | 2064-06-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2021-BNK35                                                             | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $407046.15    | 0.04%             | 2064-06-15      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                                | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1557764.70   | 0.14%             | 2041-10-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential               | Starwood Mortgage Residential Trust 2021-4                                  | CUSIP: 85573PAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1070000 | PA      | $757692.36    | 0.07%             | 2056-08-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                                    | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $998750.20    | 0.09%             | 2042-02-15      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| Neighborly Issuer LLC                       | Neighborly Issuer 2023-1                                                    | CUSIP: 64016NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1209000 | PA      | $1226397.03   | 0.11%             | 2053-01-30      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd               | CAFL 2024-RTL1 Issuer LLC                                                   | CUSIP: 12770DAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $962291.16    | 0.09%             | 2031-11-28      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XVI Ltd                                                        | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320001.70    | 0.03%             | 2034-07-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2021-230P                                    | CUSIP: 61772WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1391469.90   | 0.12%             | 2038-12-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                    | CUSIP: 38384GXW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1080927 | PA      | $229616.56    | 0.02%             | 2053-12-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                                     | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1785906.75   | 0.16%             | 2034-01-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM10 Trust                                                        | CUSIP: 67121LAC0<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |   1560127 | PA      | $1579208.31   | 0.14%             | 2065-05-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2025-NQM7                                   | CUSIP: 10570TAD7<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |   1892210 | PA      | $1904083.67   | 0.17%             | 2065-07-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                                | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $509696.10    | 0.05%             | 2041-10-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                    | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    720000 | PA      | $573062.40    | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securities C              | RASC Series 2006-KS1 Trust                                                  | CUSIP: 76113AAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1460945.85   | 0.13%             | 2036-02-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Aertson Midtown Mezzanine Term Loan         | Aertson Midtown Mezzanine Term Loan                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  18000000 | PA      | $18000000.00  | 1.61%             | 2099-03-31      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $658439.86    | 0.06%             | 2029-01-25      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                      | Full House Resorts Inc                                                      | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1486414.08   | 0.13%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2021-KF117 Mortgage Trust                                             | CUSIP: 30320YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    680714 | PA      | $656513.89    | 0.06%             | 2031-07-25      | Floating      | 10.75%                | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                       | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAH8<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $908344.17    | 0.08%             | 2039-09-25      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| Congress Commons                            | Congress Commons                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $34800000.00  | 3.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos CLO XXVIII                                                           | CUSIP: 03767CAQ3<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $753779.33    | 0.07%             | 2038-10-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-1                                  | CUSIP: 64829JBP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1533180 | PA      | $1437567.48   | 0.13%             | 2057-02-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                        | KIND Trust 2021-KIND                                                        | CUSIP: 482606AQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    991855 | PA      | $979192.75    | 0.09%             | 2038-08-15      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                              | CarVal CLO XI C Ltd                                                         | CUSIP: 14688RAE0<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $391386.26    | 0.04%             | 2037-10-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2024-HC3                                                | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $747610.43    | 0.07%             | 2041-03-15      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                     | TRTX 2022-FL5 Issuer Ltd                                                    | CUSIP: 87277JAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500083.10    | 0.04%             | 2039-02-15      | Floating      | 8.49%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                   | BMP 2024-MF23                                                               | CUSIP: 05593JAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002663.60   | 0.09%             | 2041-06-15      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2023-BNK45                                                             | CUSIP: 06541BAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    637000 | PA      | $490706.20    | 0.04%             | 2056-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-HQA3                                           | CUSIP: 35564XBE0<br>LEI: 549300EUJICRX5L38Y52 | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $1092413.03   | 0.10%             | 2049-09-25      | Floating      | 11.97%                | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2021-2 Trust                                       | CUSIP: 43732VAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    479748 | PA      | $467725.63    | 0.04%             | 2026-12-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                         | Arbor Realty SR Inc                                                         | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1136021.65   | 0.10%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $444890.51    | 0.04%             | 2029-03-25      | Variable      | 8.90%                 | No            |                  2 | On Loan: No      |
| 3828 Civic Center                           | 3828 Civic Center                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $8600000.00   | 0.77%             |  |  |  | No            |                  3 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2021-INV2 Trust                                                        | CUSIP: 12659TBW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34989187 | PA      | $1049969.52   | 0.09%             | 2056-11-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Brickstone Boulder Pearl Mezz               | Brickstone Boulder Pearl Mezz                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8100000 | PA      | $8100000.00   | 0.73%             | 2027-07-01      | Floating      | 18.50%                | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2020-FL4 Ltd                                                            | CUSIP: 58003UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    125277 | PA      | $125482.17    | 0.01%             | 2035-12-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                  | BFLD Commercial Mortgage Trust 2024-UNIV                                    | CUSIP: 08861RAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1506888.30   | 0.14%             | 2041-11-15      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| The Gates at Marina                         | The Gates at Marina                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $28831250.00  | 2.58%             |  |  |  | No            |                  3 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-VLT4                                                          | CUSIP: 05612TAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1003537.00   | 0.09%             | 2041-06-15      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2017-FL11            | CUSIP: 46648PAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80707 | PA      | $80604.20     | 0.01%             | 2032-10-15      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                               | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1679615.20   | 0.15%             | 2033-03-10      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                                         | CUSIP: 26982EAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    920000 | PA      | $974789.31    | 0.09%             | 2033-09-26      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                | AGL CLO 35 Ltd                                                              | CUSIP: 00852KAD6<br>LEI: 254900LDCU83O7QV9777 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502551.55    | 0.05%             | 2038-01-21      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-SDMF                                                          | CUSIP: 12434CAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    927976 | PA      | $925010.87    | 0.08%             | 2034-09-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization              | AASET 2024-1                                                                | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    931178 | PA      | $963447.22    | 0.09%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                            | CUSIP: 55284AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $984163.60    | 0.09%             | 2036-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                                           | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $863082.88    | 0.08%             | 2047-09-25      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateraliz              | NRM FHT1 Excess Owner LLC                                                   | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    666907 | PA      | $673608.63    | 0.06%             | 2032-03-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| 73rd & Washington                           | 73rd & Washington                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20914022 | PA      | $20914022.14  | 1.87%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Summit at Surprise                          | Summit at Surprise                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24679014 | PA      | $24679014.00  | 2.21%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Nordeast Business Center                    | Nordeast Business Center                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $19000000.00  | 1.70%             |  |  |  | No            |                  3 | On Loan: No      |
| 280 Park Avenue Mortgage Trust              | 280 Park Avenue 2017-280P Mortgage Trust                                    | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2130000 | PA      | $2066062.94   | 0.19%             | 2034-09-15      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos Loan Fund 2024-1 Ltd                                                 | CUSIP: 037986AN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    560000 | PA      | $562540.22    | 0.05%             | 2038-10-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| RAAC Series                                 | RAAC Series 2007-SP1 Trust                                                  | CUSIP: 74978AAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    608499 | PA      | $514679.08    | 0.05%             | 2037-03-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                        | AGNC Investment Corp                                                        | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     72596 | NS      | $1841034.56   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Inc                  | Morgan Stanley ABS Capital I Inc Trust 2004-HE6                             | CUSIP: 61744CFA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2243486 | PA      | $2108916.93   | 0.19%             | 2034-08-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| The Sheds on Charlotte                      | The Sheds on Charlotte                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $41200000.00  | 3.69%             |  |  |  | No            |                  3 | On Loan: No      |
| SMRT                                        | SMRT 2022-MINI                                                              | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1637213.16   | 0.15%             | 2039-01-15      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust              | MSWF Commercial Mortgage Trust 2023-2                                       | CUSIP: 55361AAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $742578.90    | 0.07%             | 2056-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Corp                                                 | CUSIP: 16164AAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    740054 | PA      | $686294.55    | 0.06%             | 2045-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XXXII Ltd                                                      | CUSIP: 89642NAE6<br>LEI: 254900KN2E57M5580B74 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $471504.09    | 0.04%             | 2038-07-23      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| SEB Funding LLC                             | SEB Funding LLC                                                             | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1023917.00   | 0.09%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                               | CUSIP: 58003MAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $400990.12    | 0.04%             | 2041-08-18      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2025-6 Mortgage Loan Trust                                             | CUSIP: 19689BAB9<br>LEI: 213800IXUWCX6RHIO921 | Long             | ABS-MBS          | CORP              | US        |   1890750 | PA      | $1908408.38   | 0.17%             | 2070-08-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | Bravo Residential Funding Trust Series 2025-NQM1                            | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    686959 | PA      | $691525.40    | 0.06%             | 2064-12-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Agellan Portfolio III                       | Agellan Portfolio III                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  50000000 | PA      | $50000000.00  | 4.48%             | 2099-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Clarion Partners Real Estate Income Fund Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer