# EDGAR Filing Document

**Accession Number:** 0001767074
**File Stem:** 0001752724-23-050015
**Filing Date:** 2023-3
**Character Count:** 158782
**Document Hash:** afc02ab01ffb13109bb3f676ba8cddb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050015.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050015

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIM Real Assets & Credit Fund
- **CENTRAL INDEX KEY:** 0001767074
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23425
- **FILM NUMBER:** 23692224

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 WILSHIRE BOULEVARD
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90010
- **BUSINESS PHONE:** 323.860.7421

**MAIL ADDRESS:**
- **STREET 1:** 4700 WILSHIRE BOULEVARD
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90010

## Nport-Ex

**CIM Real Assets & Credit Fund**

**Schedule of Investments**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Rate** | **Principal** | **Value** |
| **Bank Loans (17.36%)<sup>(a)</sup>** |  |  |  |  |
| **Consumer, Non-cyclical (2.12%)<sup>(b)(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baart Programs, Inc., Second Lien Term Loan | 06/11/2028 | 3M US L + 8.50% | $2189394 | $2112765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bengal Debt Merger SUB, LLC TL 1L | 01/24/2030 | 3M US L + 6.00% | 500000 | 404140 |
| &nbsp;&nbsp;&nbsp;MedMark Services, Inc., Second Lien Term Loan<sup>(c)</sup> | 06/11/2028 | 3M US L + 8.50% | 378788 | 365530 |
| &nbsp;&nbsp;&nbsp;&nbsp;RC Buyer, Inc., Second Lien Initial Term Loan | 07/30/2029 | 3M US L + 6.50% | 1016949 | 922037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spring Education Group, Inc., Second Lien Initial Term Loan | 07/30/2026 | 3M US L + 8.25% | 430240 | 389905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tony's Fresh Market / Cardenas Markets, First Lien Term Loan | 08/01/2029 | 3M SOFR + 6.75% | 1995000 | 1970063 |
| **Total Consumer, Non-cyclical** |  |  |  | 6164440 |
| **Electronics (0.57%)<sup>(b)</sup>**<sup>(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Idera, Inc. | 03/02/2029 | 3M US L + 6.75% | 2000000 | 1660000 |
| **Financial (0.25%)<sup>(b)</sup>**<sup>(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avison Young Canada, Inc., First Lien Term Loan | 01/31/2026 | 3M SOFR + 7.00% | 798000 | 714210 |
| **Food Products (0.26%)<sup>(b)(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. 2L TL | 06/08/2029 | 3M US L + 7.25% | 833333 | 758333 |
| **Healthcare Equipment and Supplies (0.80%)<sup>(b) (d)</sup>**<sup>(l)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kreg LLC, Revolver<sup>(c)</sup> | 12/20/2026 | 3M US L + 6.25% | 163043 | 154418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kreg LLC, Term Loan | 12/20/2026 | 3M US L + 6.25% | 2018343 | 1911572 |
| **Total Healthcare Equipment and Supplies** |  |  |  | 2065990 |
| **Healthcare Providers and Services (4.36%)<sup>(b) (d)</sup>**<sup>(l)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Boca Home Care Holdings Revolver<sup>(c)</sup> | 02/25/2027 | 1M SOFR + 6.50% | 580645 | 559510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boca Home Care Holdings, Inc DDTL | 02/25/2027 | 1M SOFR + 6.50% | 4296774 | 4140371 |
| &nbsp;&nbsp;&nbsp;Honor HN Buyer, Inc. DDTL<sup>(c)</sup> | 10/15/2027 | 3M US L + 6.00% | 1509427 | 1487540 |
| &nbsp;&nbsp;&nbsp;Honor HN Buyer, Inc. Revolver<sup>(c)</sup> | 10/15/2027 | 3M US L + 6.00% | 132013 | 130099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Honor HN Buyer, Inc. TL | 10/15/2027 | 3M US L + 6.00% | 1136036 | 1119564 |
| &nbsp;&nbsp;&nbsp;One GI Intermediate LLC, Revolver Upsize<sup>(c)</sup> | 12/22/2025 | 3M US L + 6.75% | 333333 | 312533 |
| &nbsp;&nbsp;&nbsp;&nbsp;One GI Intermediate LLC, Tranche B Delayed Draw Term Loan | 12/22/2025 | 3M US L + 6.75% | 1732500 | 1624392 |
| &nbsp;&nbsp;&nbsp;One GI Intermediate LLC, Tranche C Delayed Draw Term Loan<sup>(c)</sup> | 12/22/2025 | 3M US L + 6.75% | 916667 | 859467 |
| &nbsp;&nbsp;&nbsp;Shiftkey, Revolver<sup>(c)</sup> | 06/21/2027 | 3M US SOFR + 5.75% | 147059 | 145809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shiftkey,Term Loan | 06/21/2027 | 3M US SOFR + 5.75% | 2347059 | 2327109 |
| **Total Healthcare Providers and Services** |  |  |  | 12706394 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Rate** | **Principal** | **Value** |
| **Hotels, Restaurants & Leisure (1.62%)<sup>(b)</sup>**<sup>(d)(l)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SS Acquisition LLC, Delayed Draw Term Loan<sup>(c)</sup> | 12/30/2026 | 3M SOFR + 6.50% | $1800000 | $1767960 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS Acquisition LLC, Term Loan | 12/30/2026 | 1M US L + 6.87% | 3000000 | 2946600 |
| **Total Hotels, Restaurants & Leisure** |  |  |  | 4714560 |
| **Household Durables (0.26%)<sup>(b)(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astro One Acquisition Corporation | 09/14/2029 | 3M US L + 8.50% | 1000000 | 765000 |
| **Industrial (1.14%)<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AIDC INTERMEDIATE CO 2, LLC, Term Loan<sup>(d)(l)</sup> | 07/22/2027 | 3M SOFR + 6.25% | 2500000 | 2428500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Acquisition LP, Second Lien Initial Term Loan<sup>(m)</sup> | 06/26/2026 | 3M US L + 8.50% | 1097499 | 886231 |
| **Total Industrial** |  |  |  | 3314731 |
| **Retail (1.11%)<sup>(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LSF9 ATLANTIS HOLDINGS, LLC | 03/29/2029 | 1M SOFR + 7.25% | 3326316 | 3240663 |
| **Services, Business (3.24%)<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;24 Seven, Inc., Term Loan<sup>(d)</sup><sup>(l)</sup> | 11/16/2027 | 3M US L + 6.00% | 3960000 | 3920796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convergint Technologies LLC, Second Lien Term Loan<sup>(m)</sup> | 03/30/2029 | 3M US L + 6.75% | 999970 | 888304 |
| &nbsp;&nbsp;&nbsp;EOS-Metasource Intermediate, Inc., DDC<sup>(c)(d)(l)</sup> | 05/17/2027 | 1M US SOFR + 6.25% | 1500000 | 1398900 |
| &nbsp;&nbsp;&nbsp;EOS-Metasource Intermediate, Inc., TL<sup>(d)(l)</sup> | 05/17/2027 | 1M US SOFR + 6.25% | 3482500 | 3247779 |
| **Total Services, Business** |  |  |  | 9455779 |
| **Technology (0.91%)<sup>(b)</sup>**<sup>(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redstone HoldCo 2 LP, Second Lien Initial Term Loan<sup>(m)</sup> | 04/27/2029 | 3M US L + 7.75% | 800000 | 405504 |
| &nbsp;&nbsp;&nbsp;Rumbleon, INC. TL<sup>(d)</sup><sup>(l)</sup> | 08/31/2026 | 3M US L + 8.25% | 1660523 | 1507755 |
| &nbsp;&nbsp;&nbsp;RumbleOn, Inc., Delayed Draw Term Loan<sup>(c)(d)</sup><sup>(l)</sup> | 08/31/2026 | 3M US L + 8.25% | 724266 | 657633 |
| **Total Technology** |  |  |  | 2570892 |
| **Transportation (0.72%)<sup>(b)</sup>**<sup>(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reception Purchaser, LLC | 03/24/2028 | 1M US SOFR + 6.00% | 2184146 | 2107701 |
| **TOTAL BANK LOANS (Cost $52,937,765)** |  |  |  | 50238693 |
| **Collateralized Loan Obligations - Equity (7.70%)<sup>(a)(b)(e)(f)</sup>** |  | Estimated Yield of |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XV, Ltd., Class SUB<sup>(l)</sup> | 07/20/2035 | 15.81% | 4060000 | 3902066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Credit CLO 2021, Ltd., Class SUB<sup>(l)</sup> | 07/18/2034 | 15.83% | 2980000 | 2147835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XVII, Ltd., Class SUB<sup>(l)</sup> | 10/20/2034 | 19.73% | 3000000 | 2294250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dryden 98 CLO, Ltd., Class SUB<sup>(l)</sup> | 04/20/2035 | 14.00% | 5500000 | 4979975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO 2021-15, Ltd., Class SUB<sup>(l)</sup> | 01/05/2035 | 17.94% | 3662266 | 2340371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO 2021-15, Ltd., Class SUB<sup>(l)</sup> | 12/05/2035 | 17.94% | 87734 | 77813 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCM 31, Ltd., Class INC<sup>(m)</sup> | 01/20/2032 | 24.56% | 250000 | 164538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marble Point CLO XXI, Ltd., Class INC<sup>(l)</sup> | 10/17/2051 | 15.19% | 2750000 | 1865738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steele Creek CLO 2022-1, Ltd., Class SUB<sup>(l)</sup> | 04/15/2035 | 20.54% | 4955615 | 3605458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steele Creek CLO 2022-1, Ltd., Class SUB<sup>(l)</sup> | 04/15/2035 | 20.54% | 44385 | 42250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinitas CLO VIII, Ltd., Class SUB<sup>(m)</sup> | 07/20/2117 | 24.70% | 2300000 | 991300 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $23,733,617)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $23,733,617)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $23,733,617)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $23,733,617)** | 22411594 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Rate** | **Principal** | **Value** |
| **Collateralized Loan Obligations - Debt (21.46%)<sup>(a)(e)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegro CLO XII, Ltd., Class E<sup>(l)</sup> | 01/21/2032 | 3M US L + 7.10% | $1000000 | $919714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX, Ltd., Class E<sup>(l)</sup> | 10/19/2035 | 3M SOFR + 9.43% | 4000000 | 3678149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barings Middle Market CLO, Ltd. 2021-I, Class D<sup>(m)</sup> | 07/20/2033 | 3M US L + 8.65% | 1000000 | 875558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-4, Ltd., Class E<sup>(m)</sup> | 07/25/2034 | 3M US SOFR + 8.15% | 4250000 | 3965523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2022-6, Ltd., Class E<sup>(m)</sup> | 10/25/2034 | 3M US SOFR + 8.63% | 2000000 | 1928640 |
| &nbsp;&nbsp;&nbsp;&nbsp;CFIP CLO 2017-1, Ltd., Class ER<sup>(m)</sup> | 10/18/2034 | 3M US L + 7.30% | 5285000 | 4240982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevation CLO 2022-16, Ltd., Class E<sup>(m)</sup> | 07/25/2034 | 3M US SOFR + 8.30% | 9100000 | 8596458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empower CLO 2022-1, Ltd., Class E<sup>(m)</sup> | 10/20/2034 | 3M SOFR + 8.55% | 6000000 | 5798428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flatiron CLO 20, Ltd., Class E<sup>(m)</sup> | 11/20/2033 | 3M US L + 7.85% | 500000 | 469584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ivy Hill Middle Market Credit Fund XVIII, Ltd., Class E<sup>(m)</sup> | 04/22/2033 | 3M US L + 7.75% | 2000000 | 1695619 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCM 31, Ltd., Class E<sup>(m)</sup> | 01/20/2032 | 3M US L + 7.08% | 1250000 | 1107696 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCM 38, Ltd., Class E<sup>(m)</sup> | 07/15/2034 | 3M US SOFR + 7.80% | 5500000 | 5191988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XLVII, Ltd., Class E<sup>(m)</sup> | 01/19/2034 | 3M US L + 7.46% | 600000 | 564467 |
| &nbsp;&nbsp;&nbsp;&nbsp;MCF CLO VII LLC, Class ER<sup>(m)</sup> | 07/20/2033 | 3M US L + 9.15% | 2500000 | 2270123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Mml CLO X, Ltd., Class ER<sup>(m)</sup> | 05/20/2034 | 3M SOFR + 8.75% | 3500000 | 3027304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwoods Capital 25, Ltd., Class E<sup>(m)</sup> | 07/20/2034 | 3M US L + 7.14% | 2250000 | 1845073 |
| &nbsp;&nbsp;&nbsp;&nbsp;OCP CLO 2020-20, Ltd., Class E<sup>(m)</sup> | 10/09/2033 | 3M US L + 7.66% | 500000 | 469253 |
| &nbsp;&nbsp;&nbsp;&nbsp;PennantPark CLO III, Ltd., Class E<sup>(m)</sup> | 10/22/2032 | 3M US L + 8.14% | 3000000 | 2674350 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPM CLO 2022-6, Ltd., Class E<sup>(m)</sup> | 01/20/2031 | 3M US SOFR + 8.21% | 2000000 | 1835731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta Funding LP 2013-2A, Class DR2<sup>(m)</sup> | 01/15/2029 | 3M US L + 6.95% | 400000 | 352519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XXII Funding, Ltd., Class E<sup>(l)</sup> | 07/20/2035 | 3M US SOFR + 7.19% | 7000000 | 6430583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saratoga Investment Corp. CLO 2013-1, Ltd., Class F1R3<sup>(m)</sup> | 04/20/2033 | 3M US L + 10.00% | 2000000 | 1769420 |
| &nbsp;&nbsp;&nbsp;&nbsp;VCP CLO II, Ltd., Class E<sup>(m)</sup> | 04/15/2031 | 3M US L + 8.40% | 500000 | 477288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture 45 CLO, Ltd., Class E<sup>(l)</sup> | 07/20/2035 | 3M US SOFR + 7.70% | 3000000 | 2376345 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $66,223,467)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $66,223,467)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $66,223,467)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $66,223,467)** | 62560795 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Rate** | **Principal** | **Value** |
| **Commercial Mortgage-Backed Securities (18.38%)<sup>(e)(m)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BPR Trust 2021-TY, Class D<sup>(a)</sup> | 09/23/2023 | 1M US L + 2.35% | $391000 | $353014 |
| &nbsp;&nbsp;&nbsp;BX Trust 2022-PSB, Class E<sup>(a)</sup> | 08/15/2039 | 1M US SOFR + 6.50% | 1977126 | 1975197 |
| &nbsp;&nbsp;&nbsp;BX Trust 2022-PSB, Class F<sup>(a)</sup> | 08/15/2039 | 1M US SOFR + 7.50% | 3954252 | 3965600 |
| &nbsp;&nbsp;&nbsp;Campus Drive Secured Lease-Backed Pass-Through Trust, Series C<sup>(b)</sup> | 06/15/2058 | 6.91% | 3833647 | 2589245 |
| &nbsp;&nbsp;&nbsp;Capital Funding Mortgage Trust 2021-21, Class B<sup>(a)(b)</sup> | 11/15/2023 | 1M US L + 12.25% | 500000 | 490100 |
| &nbsp;&nbsp;&nbsp;CSMC 2020-TMIC, Class C<sup>(a)</sup> | 12/15/2023 | 1M US L + 6.75% | 400000 | 405504 |
| &nbsp;&nbsp;&nbsp;CXP Trust 2022-CXP1, Class E<sup>(a)</sup> | 12/15/2026 | 1M US SOFR + 4.54% | 4500000 | 4041969 |
| &nbsp;&nbsp;&nbsp;CXP Trust 2022-CXP1, Class F<sup>(a)</sup> | 12/15/2026 | 1M US SOFR + 5.46% | 1500000 | 1321103 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust 2021-ESH, Class E<sup>(a)</sup> | 07/15/2038 | 1M US L + 2.85% | 2928577 | 2797368 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust 2021-ESH, Class F<sup>(a)</sup> | 07/15/2038 | 1M US L + 3.70% | 9636140 | 9148159 |
| &nbsp;&nbsp;&nbsp;ILPT Commercial Mortgage Trust 2022-LPF2, Class E<sup>(a)</sup> | 10/15/2039 | 1M US SOFR + 5.94% | 2000000 | 1988300 |
| &nbsp;&nbsp;&nbsp;LAQ 2022-LAQ Mortgage Trust, Class E<sup>(a)</sup> | 03/15/2027 | 1M US SOFR + 4.87% | 337500 | 330935 |
| &nbsp;&nbsp;&nbsp;LAQ 2022-LAQ Mortgage Trust, Class F<sup>(a)</sup> | 03/15/2027 | 1M US SOFR + 5.97% | 3750000 | 3628302 |
| &nbsp;&nbsp;&nbsp;One New York Plaza Trust 2020-1NYP, Class B<sup>(a)</sup> | 01/15/2036 | 1M US L + 1.50% | 3710000 | 3536160 |
| &nbsp;&nbsp;&nbsp;One New York Plaza Trust 2020-1NYP, Class C<sup>(a)</sup> | 01/15/2036 | 1M US L + 2.20% | 3000000 | 2892846 |
| &nbsp;&nbsp;&nbsp;One New York Plaza Trust 2020-1NYP, Class D<sup>(a)</sup> | 01/15/2036 | 1M US L + 2.75% | 1500000 | 1400681 |
| &nbsp;&nbsp;&nbsp;TWO VA Repack Trust Class B-2, Series B2<sup>(b)(g)</sup> | 11/15/2033 | 0.00% | 1811000 | 502553 |
| &nbsp;&nbsp;&nbsp;VA Gilbert AZ Subordinated Note Lease-Backed Pass-Through Trust<sup>(b)</sup> | 03/15/2034 | 13.00% | 182755 | 200719 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2021-FCMT, Class D<sup>(a)</sup> | 05/15/2031 | 1M US L + 3.50% | 4010000 | 3619329 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust 2021-FCMT, Class F<sup>(a)</sup> | 05/15/2026 | 1M US L + 5.90% | 1000000 | 899688 |
| &nbsp;&nbsp;&nbsp;WMRK Commercial Mortgage Trust 2022-WMRK, Class E<sup>(a)</sup> | 11/15/2027 | 1M US SOFR + 5.676% | 7500000 | 7477683 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $54,268,436)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $54,268,436)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $54,268,436)** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $54,268,436)** | 53564455 |
| **Direct Real Estate (25.39%)<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3816-3822 W Jefferson Blvd<sup>(j)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 4906896 |
| &nbsp;&nbsp;&nbsp;&nbsp;4707 W Jefferson Blvd<sup>(j)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 3055446 |
| &nbsp;&nbsp;&nbsp;&nbsp;4901 W Jefferson Blvd - Los Angeles, CA<sup>(j)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 3510165 |
| &nbsp;&nbsp;&nbsp;Del Mar Terrace - Phoenix, AZ<sup>(c)(h)(k)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 17693044 |
| &nbsp;&nbsp;&nbsp;EPIC Dallas<sup>(h)</sup><sup>(k)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 22599827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sora Multifamily Residential Property | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 16105087 |
| &nbsp;&nbsp;&nbsp;Vale at the Parks - DC<sup>(h)(k)</sup> | N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 6113810 |
| **TOTAL DIRECT REAL ESTATE (Cost $61,570,319)** | **TOTAL DIRECT REAL ESTATE (Cost $61,570,319)** | **TOTAL DIRECT REAL ESTATE (Cost $61,570,319)** | **TOTAL DIRECT REAL ESTATE (Cost $61,570,319)** | 73984275 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Maturity Date** | **Rate** | **Principal** | **Principal** | **Value** |
| **Real Estate-Related Securities (8.22%)<sup>(a)</sup>** |  |  |  |  |  |
| **Debt Securities (8.22%)<sup>(b)(d) (h)</sup>**<sup>(k)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IENTC 2, LLC | 03/31/2031 | US SOFR + 9.75% | $| 1645000 | $1645000 |
| &nbsp;&nbsp;&nbsp;IENTC 2, LLC DDTL B-1<sup>(c)</sup> | 03/31/2031 | US SOFR + 9.75% |  | 6815000 | 6815000 |
| &nbsp;&nbsp;&nbsp;Society Las Olas – 301 S 1st Avenue Holdings LLC | 09/23/2023 | 1M US L + 6.82% |  | 5231984 | 5192221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Society Las Olas - PMG-Greybook Riverfront I LLC | 10/07/2023 | 1M US L + 1.47% |  | 10376845 | 10297981 |
| **Total Debt Securities** |  |  |  |  | 23950202 |
| **TOTAL REAL ESTATE-RELATED SECURITIES (Cost $24,004,600)** | **TOTAL REAL ESTATE-RELATED SECURITIES (Cost $24,004,600)** | **TOTAL REAL ESTATE-RELATED SECURITIES (Cost $24,004,600)** | **TOTAL REAL ESTATE-RELATED SECURITIES (Cost $24,004,600)** | **TOTAL REAL ESTATE-RELATED SECURITIES (Cost $24,004,600)** | 23950202 |
| **Loan Accumulation Facility (1.89%)<sup>(a)(b)(e)(f)</sup>** |  | Estimated Yield of |  |  |  |
| &nbsp;&nbsp;&nbsp;Anchorage Capital CLO 26, LTD., Warehouse<sup>(c)</sup> | 05/16/2024 | 14.50% |  | 1593750 | 1593750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brightwood Capital MM CLO 2022-11, LTD Class B LND | 12/31/2032 | 14.50% |  | 4000000 | 3919200 |
| **TOTAL LOAN ACCUMULATION FACILITY (Cost $5,593,750)** | **TOTAL LOAN ACCUMULATION FACILITY (Cost $5,593,750)** | **TOTAL LOAN ACCUMULATION FACILITY (Cost $5,593,750)** | **TOTAL LOAN ACCUMULATION FACILITY (Cost $5,593,750)** | **TOTAL LOAN ACCUMULATION FACILITY (Cost $5,593,750)** | 5512950 |
| **Common Stocks (2.43%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Boca Homecare Holdings, Inc. (Equity)<sup>(b)(d)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;N/A |  | 580645 | 550301 |
| &nbsp;&nbsp;&nbsp;Creative Media & Community Trust Corp.<sup>(h)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;N/A |  | 388344 | 1902885 |
| &nbsp;&nbsp;&nbsp;IENTC 1, LLC<sup>(b)(d)(h)</sup><sup>(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;N/A |  | 3760000 | 4620100 |
| **TOTAL COMMON STOCKS (Cost $7,447,007)** | **TOTAL COMMON STOCKS (Cost $7,447,007)** | **TOTAL COMMON STOCKS (Cost $7,447,007)** | **TOTAL COMMON STOCKS (Cost $7,447,007)** | **TOTAL COMMON STOCKS (Cost $7,447,007)** | 7073286 |
| **Warrants (0.00%)<sup>(b)(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RumbleON, Inc., Expires 02/28/2023, Strike Price $33.00<sup>(l)</sup> |  |  |  | 7576 | 214 |
| **TOTAL WARRANTS (Cost $83,469)** | **TOTAL WARRANTS (Cost $83,469)** | **TOTAL WARRANTS (Cost $83,469)** | **TOTAL WARRANTS (Cost $83,469)** | **TOTAL WARRANTS (Cost $83,469)** | 214 |
| **Short Term Investments (1.56%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, 4.150%<sup>(i)</sup> (Cost $4,541,403) |  |  |  | 4541403 | 4541403 |
| **TOTAL SHORT TERM INVESTMENTS (Cost $4,541,403)** | **TOTAL SHORT TERM INVESTMENTS (Cost $4,541,403)** | **TOTAL SHORT TERM INVESTMENTS (Cost $4,541,403)** | **TOTAL SHORT TERM INVESTMENTS (Cost $4,541,403)** | **TOTAL SHORT TERM INVESTMENTS (Cost $4,541,403)** | 4541403 |
| **TOTAL INVESTMENTS 104.39% (Cost $300,403,833)** | **TOTAL INVESTMENTS 104.39% (Cost $300,403,833)** | **TOTAL INVESTMENTS 104.39% (Cost $300,403,833)** | **TOTAL INVESTMENTS 104.39% (Cost $300,403,833)** | **TOTAL INVESTMENTS 104.39% (Cost $300,403,833)** | $303837867 |
| **Liabilities In Excess Of Other Assets (-4.40%)** |  |  |  |  | (12422637) |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** |  |  |  | $291415230 |

---

*<sup>(a)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of December 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.*

*<sup>(b)</sup>* *Fair value of this security was determined using significant, unobservable inputs and was determined in accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act").*

*<sup>(c)</sup>* *Investment or portion thereof was not funded as of December 31, 2022. The Fund had $15,782,404 at par value in unfunded commitments as of December 31, 2022.*

*<sup>(d)</sup>* *Please see table below entitled "Restricted Securities."*

*<sup>(e)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $144,049,794, which represented approximately 49.43% of net assets as of December 31, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.*

*<sup>(f)</sup>* *CLO subordinated notes are residual positions in the CLO vehicle. CLO subordinated notes are entitled to distributions that are generally equal to the residual cash flows of the underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the amount and timing of these distributions in addition to the estimated amount of terminal distribution. Effective yields for the CLO equity positions are updated generally once a quarter in connection with a transaction, such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Estimated yields are periodically adjusted based on information reported by the CLO as of the date of determination.*

*<sup>(g)</sup>* *Zero coupon bond.*

*<sup>(h)</sup>* *Affiliated investments pursuant to the 1940 Act. See Note 5 for more information.*

*<sup>(i)</sup>* *Money market fund; interest rate reflects seven-day yield as of December 31, 2022.*

<sup>(k)</sup> *A co-investment, completed under an order for exemptive relief granted by the SEC, that is advised by the CIM Sub-Adviser. See Note 6 for additional information.*

<sup>(l)</sup> *A co-investment, completed under an order for exemptive relief granted by the SEC, that is advised by the OFS Adviser.*

<sup>(m)</sup> *A co-investment under the "Mass Mutual" no action letters.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition Date | Costs | Market Value | Market Value as a Percentage of Net Assets |
| Kreg LLC, Revolver | 12/20/2021 | 269701 | 180155 | 0.06% |
| Kreg LLC, Term Loan | 12/20/2021 | 2450887 | 2154155 | 0.74% |
| Boca Home Care Holdings Revolver | 2/25/2022 | 574839 | 559510 | 0.19% |
| Boca Home Care Holdings, Inc DDTL | 2/25/2022 | 4282297 | 4140372 | 1.42% |
| Honor HN Buyer, Inc., Delayed Draw Term Loan | 10/15/2021 | 1122543 | 1488364 | 0.51% |
| Honor HN Buyer, Inc., Revolver | 10/15/2021 | 132013 | 130099 | 0.04% |
| Honor HN Buyer, Inc., Term Loan | 10/15/2021 | 1495470 | 1122391 | 0.39% |
| One GI Intermediate LLC, Revolver Upsize | 12/13/2021 | 326667 | 312533 | 0.11% |
| One GI Intermediate LLC, Tranche B Delayed Draw Term Loan | 12/13/2021 | 1720297 | 1628494 | 0.56% |
| One GI Intermediate LLC, Tranche C Delayed Draw Term Loan | 12/13/2021 | 907500 | 859467 | 0.30% |
| Shiftkey, Revolver | 6/21/2022 | 147059 | 145809 | 0.05% |
| Shiftkey, Term Loan | 6/21/2022 | 2330515 | 2327109 | 0.80% |
| SS Acquisition LLC, Delayed Draw Term Loan | 12/30/2021 | 1800000 | 1767960 | 0.61% |
| SS Acquisition LLC, Term Loan(b) | 12/30/2021 | 2971020 | 2946600 | 1.01% |
| AIDC INTERMEDIATE CO 2, LLC, Term Loan | 7/22/2022 | 2445542 | 2428500 | 0.83% |
| 24 Seven, Inc., Term Loan | 1/28/2022 | 3940881 | 3930697 | 1.35% |
| EOS-Metasource Intermediate, Inc., DDC | 5/17/2022 | 1485000 | 1398900 | 0.48% |
| EOS-Metasource Intermediate, Inc., TL | 5/17/2022 | 3457461 | 3247780 | 1.12% |
| RumbleOn, Inc., Delayed Draw Term Loan | 8/31/2021 | 747359 | 677403 | 0.23% |
| RumbleON, Inc., First Lien Term Loan | 8/31/2021 | 1653348 | 1573110 | 0.54% |
| IENTC 2, LLC | 3/31/2022 | 1645000 | 1645000 | 0.57% |
| IENTC 2, LLC DDTL B-1 | 3/31/2022 | 6815000 | 6815000 | 2.34% |
| Society Las Olas - PMG-Greybook Riverfront I LLC | 9/23/2021 | 10291856 | 10297981 | 3.54% |
| Society Las Olas – 301 S 1<sup>st</sup> Avenue Holdings LLC | 6/7/2022 | 5231984 | 5192221 | 1.78% |
| Boca Homecare Holdings, Inc. (Equity) | 8/31/2021 | 580645 | 550301 | 0.19% |
| IENTC 1, LLC | 3/31/2022 | 3760000 | 4620100 | 1.59% |
| RumbleON, Inc., Expires 02/28/2023, Strike Price $33.00 | 9/9/2021 - 10/6/21 | 83469 | 214 | 0.00% |
|  |  | 62668353 | 62140225 |  |

---

*We do not "control" and are not an "affiliate" of any of our portfolio investments, each as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). In general, under the 1940 Act, we would be presumed to "control" a portfolio investment if we owned 25% or more of its voting securities and would be an "affiliate" of a portfolio investment if we owned 5% or more of its voting securities.*

---

| |
|:---|
| **Investment Abbreviations:** |
| LIBOR - London Interbank Offered Rate<br> SOFR - Secured Overnight Financing Rate |
| **Reference Rates:** |
| 1M US L - 1 Month LIBOR as of December 31, 2022 was 4.39% |
| 3M US L - 3 Month LIBOR as of December 31, 2022 was 4.77% |
| 1M US SOFR - 1 Month SOFR as of December 31, 2022 was 4.31% |
| 3M US SOFR - 3 Month US SOFR as of December 31, 2022 was 4.25%<br>|
| *See Notes to Quarterly Schedule of Investments.* |

---

*See Notes to Quarterly Schedule of Investments.*

 

**TOTAL RETURN SWAP CONTRACTS<sup>(a)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Fund Pays** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Citibank, N.A. | American Axle & Manufacturing, Inc., TL, 1M SOFR +3.50<sup>(b)</sup> | $301034 | 3M US L + 1.35% | 12/06/2029 | $304397 | $3363 |
| Citibank, N.A. | Aramark Intermediate HoldCo Corp., 1M US L + 1.75 | 197839 | 3M US L + 1.35% | 03/11/2025 | 199344 | 1505 |
| Citibank, N.A. | BROOKFIELD WEC HOLDINGS INC TL 1L, 1M SOFR + 3.75 | 199500 | 3M US L + 1.35% | 08/01/2025 | 207358 | 7858 |
| Citibank, N.A. | Burlington Coat Factory Warehouse Corp., 1M US L + 2.00<sup>(b)</sup> | 539041 | 3M US L + 1.35% | 06/26/2028 | 539041 |  |
| Citibank, N.A. | CDK GLOBAL, INC.TLB 1L, 3M SOFR + 4.50 | 248179 | 3M US L + 1.35% | 07/06/2029 | 253131 | 4952 |
| Citibank, N.A. | Charlotte Buyer, Inc.; Curo Health Services, LLC, 1M SOFR + 5.25 | 930000 | 3M US L + 1.35% | 02/11/2028 | 950420 | 20420 |
| Citibank, N.A. | Compass Power Generation LLC, 1M SOFR + 4.25 | 437535 | 3M US L + 1.35% | 04/14/2029 | 448343 | 10808 |
| Citibank, N.A. | Dave & Buster's, Inc. TLB 1L, 1M SOFR + 5.00 | 252700 | 3M US L + 1.35% | 06/29/2029 | 265086 | 12386 |
| Citibank, N.A. | DexKo Global Inc., TL, 1M SOFR + 6.50 <sup>(b)</sup> | 158023 | 3M US L + 1.35% | 10/05/2028 | 158873 | 850 |
| Citibank, N.A. | Tony's Fresh Market / Cardenas Markets TLB 1L 6M SOFR + 6.75<sup>(b)</sup> | 937650 | 3M US L + 1.35% | 08/01/2029 | 985031 | 47381 |
| Citibank, N.A. | KKR Apple Bidco, LLC, 1M SOFR + 4.00<sup>(b)</sup> | 223157 | 3M US L + 1.35% | 09/22/2028 | 237476 | 14319 |
| Citibank, N.A. | LSF9 ATLANTIS HOLDINGS, LLC, 3M SOFR + 7.25 | 1201026 | 3M US L + 1.35% | 03/29/2029 | 1215249 | 14223 |
| Citibank, N.A. | Seattle SpinCo, Inc., 1M SOFR + 4.00<sup>(b)</sup> | 245644 | 3M US L + 1.35% | 02/28/2027 | 248125 | 2481 |
| Citibank, N.A. | Spirit AeroSystems, Inc., | 102105 | 3M US L + 1.35% | 1/15/2027 | 104573 | 2468 |
| Citibank, N.A. | TransDigm Inc., TLH, 1M SOFR + 3.25 | 487546 | 3M US L + 1.35% | 02/22/2027 | 496409 | 8863 |
|  |  | $6460936 |  |  | $6612856 | $151877 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Fund Pays** | **Termination** Date** | **Value** | **Net Unrealized** Depreciation** |
| Citibank, N.A. | Academy, Ltd., 1M US L + 3.75 | $570920 | 3M US L + 1.35% | 11/05/2027 | $565652 | $(5268) |
| Citibank, N.A. | Acrisure LLC, 1M US L + 3.50 | 587184 | 3M US L + 1.35% | 02/15/2027 | 554505 | (32679) |
| Citibank, N.A. | Acrisure LLC, 1M US L + 3.75 | 545651 | 3M US L + 1.35% | 02/15/2027 | 524983 | (20668) |
| Citibank, N.A. | Acrisure LLC, 1M US L + 4.25<sup>(b)</sup> | 147386 | 3M US L + 1.35% | 02/15/2027 | 144107 | (3279) |
| Citibank, N.A. | McAfee Corp. TLB 1L1M SOFR + 3.75 | 920375 | 3M US L + 1.35% | 03/01/2029 | 857448 | (62927) |
| Citibank, N.A. | ADMI Corp. TLB3 1L, 1M US L + 3.75 | 792389 | 3M US L + 1.35% | 12/23/2027 | 727437 | (64952) |
| Citibank, N.A. | Advantage Sales & Marketing, Inc., 3M US L + 4.50 | 750437 | 3M US L + 1.35% | 10/28/2027 | 632584 | (117853) |
| Citibank, N.A. | Aegion Corp., 1M US L + 4.75<sup>(b)</sup> | 432058 | 3M US L + 1.35% | 05/17/2028 | 406269 | (25789) |
| Citibank, N.A. | AHP Health Partners, Inc., 1M US L + 3.50 | 285656 | 3M US L + 1.35% | 08/24/2028 | 282312 | (3344) |
| Citibank, N.A. | Allen Media LLC, 3M SOFR + 5.50 | 1505389 | 3M US L + 1.35% | 02/10/2027 | 1252119 | (253270) |
| Citibank, N.A. | Allied Universal Holdco LLC, 1M US L + 3.75 | 491281 | 3M US L + 1.35% | 05/14/2028 | 470052 | (21229) |
| Citibank, N.A. | Amentum Government Services Holdings LLC TLB 1L, 6M SOFR + 4.00 | 349421 | 3M US L + 1.35% | 02/15/2029 | 343056 | (6365) |
| Citibank, N.A. | U.S. ANESTHESIA PARTNERS, INC., TL1M US L + 4.25 | 933921 | 3M US L + 1.35% | 10/02/2028 | 896057 | (37864) |
| Citibank, N.A. | AP Core Holdings II LLC, 1M US L + 5.50 | 1124206 | 3M US L + 1.35% | 09/01/2027 | 1034023 | (90183) |
| Citibank, N.A. | Applovin Corp., 1M US L + 3.25 | 194536 | 3M US L + 1.35% | 08/15/2025 | 187726 | (6810) |
| Citibank, N.A. | Arches Buyer, Inc., 1M US L + 3.25 | 594951 | 3M US L + 1.35% | 12/06/2027 | 554953 | (39998) |
| Citibank, N.A. | Asurion LLC, 1M US L + 3.00 | 193400 | 3M US L + 1.35% | 11/03/2024 | 189299 | (4101) |
| Citibank, N.A. | ASURION, LLC TLB 1L, 1M US L + 3.50 | 592266 | 3M US L + 1.35% | 02/15/2027 | 557821 | (34445) |
| Citibank, N.A. | Athenahealth Group Inc. 1L, 1M SOFR + 3.50 | 72101 | 3M US L + 1.35% | 02/15/2029 | 65606 | (6495) |
| Citibank, N.A. | Athenahealth Group Inc. TLB 1L, 1M SOFR + 3.50 | 423272 | 3M US L + 1.35% | 02/15/2029 | 385139 | (38133) |
| Citibank, N.A. | Athletico Physical Therapy TLB, 3M SOFR + 4.25<sup>(b)</sup> | 900023 | 3M US L + 1.35% | 02/15/2029 | 741162 | (158861) |
| Citibank, N.A. | Autokiniton US Holdings, Inc., 1M US L + 4.50 | 1086876 | 3M US L + 1.35% | 04/06/2028 | 1051633 | (35243) |
| Citibank, N.A. | Bakemark Holdings, Inc., 3M US L + 4.00<sup>(b)</sup> | 492525 | 3M US L + 1.35% | 09/05/2028 | 476903 | (15622) |
| Citibank, N.A. | Bausch Health Companies Inc. 1L TLB, 1M SOFR + 5.25 | 750696 | 3M US L + 1.35% | 02/01/2027 | 579454 | (171242) |
| Citibank, N.A. | BCPE North Star US Holdco 2, Inc. TL 1L, 3M US L + 4.00<sup>(b)</sup> | 950979 | 3M US L + 1.35% | 06/09/2028 | 879297 | (71682) |
| Citibank, N.A. | Caesars Resort Collection LLC, 1M US L + 3.50 | 281136 | 3M US L + 1.35% | 07/20/2025 | 280800 | (336) |
| Citibank, N.A. | Charter Next Generation, Inc., 1M US L + 3.75 | 733859 | 3M US L + 1.35% | 12/01/2027 | 720156 | (13703) |
| **TOTAL RETURN SWAP CONTRACTS<sup>(a)</sup> (continued)** | **TOTAL RETURN SWAP CONTRACTS<sup>(a)</sup> (continued)** | **TOTAL RETURN SWAP CONTRACTS<sup>(a)</sup> (continued)** |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity/Obligation** | **Notional Amount** | **Fund Pays** | **Termination Date** | **Value** | **Net Unrealized Appreciation** |
| Citibank, N.A. | CHG Healthcare Services, Inc., 1M US L + 3.25 | $346787 | 3M US L + 1.35% | 09/29/2028 | $341730 | $(5057) |
| Citibank, N.A. | City Brewing Co. LLC, 1M US L + 3.50 | 220542 | 3M US L + 1.35% | 04/05/2028 | 98476 | (122066) |
| Citibank, N.A. | Clydesdale Acquisition Holdings, Inc., 1M SOFR + 4.18 | 789161 | 3M US L + 1.35% | 04/13/2029 | 779597 | (9564) |
| Citibank, N.A. | Conduent Business Services LLC, 1M US L + 4.25<sup>(b)</sup> | 490050 | 3M US L + 1.35% | 10/15/2028 | 474581 | (15469) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Citibank, N.A. | Connect Finco Sarl, 1M US L + 3.50 | 737997 | 3M US L + 1.35% | 12/12/2026 | 729195 | (8802) |
| Citibank, N.A. | Core & Main LP, 1M US L + 2.50 | 410430 | 3M US L + 1.35% | 07/27/2028 | 407344 | (3086) |
| Citibank, N.A. | Corel Corp., 3M US L + 5.00<sup>(b)</sup> | 364338 | 3M US L + 1.35% | 07/02/2026 | 340543 | (23795) |
| Citibank, N.A. | CoreLogic, Inc., 1M US L + 3.50 | 492516 | 3M US L + 1.35% | 06/02/2028 | 413671 | (78845) |
| Citibank, N.A. | CORGI BIDCO, INC.TL 1L, 3M SOFR + 5.00 | 752000 | 3M US L + 1.35% | 09/20/2029 | 751600 | (400) |
| Citibank, N.A. | Cornerstone OnDemand, Inc, 1M US L + 3.75 | 687686 | 3M US L + 1.35% | 10/16/2028 | 619431 | (68255) |
| Citibank, N.A. | CP Atlas Buyer, Inc., 1M US L + 3.50 | 394628 | 3M US L + 1.35% | 11/23/2027 | 347118 | (47510) |
| Citibank, N.A. | Dermatology Intermediate Holdings III, Inc. 1L, 1M SOFR + 4.25<sup>(b)</sup> | 55581 | 3M US L + 1.35% | 03/26/2029 | 54331 | (1250) |
| Citibank, N.A. | Dermatology Intermediate Holdings III, Inc. TLB 1L, 1M SOFR + 4.25<sup>(b)</sup> | 289956 | 3M US L + 1.35% | 03/26/2029 | 289216 | (740) |
| Citibank, N.A. | DexKo Global Inc., TLB, 3M US L + 3.75 | 643919 | 3M US L + 1.35% | 10/04/2028 | 580291 | (63628) |
| Citibank, N.A. | DG Investment Intermediate Holdings 2, Inc., 1M US L + 3.75 | 1196508 | 3M US L + 1.35% | 03/31/2028 | 1148346 | (48162) |
| Citibank, N.A. | DIRECTV Financing LLC, 1M US L + 5.00 | 981919 | 3M US L + 1.35% | 08/02/2027 | 959666 | (22253) |
| Citibank, N.A. | Diversitech Holdings, Inc., 3M US L + 3.50 | 296517 | 3M US L + 1.35% | 12/22/2028 | 276029 | (20488) |
| Citibank, N.A. | East West Manufacturing, LLC Delayed TL 1L, 1M SOFR + 5.75<sup>(b)</sup> | 95238 | 3M US L + 1.35% | 12/22/2026 | 89048 | (6190) |
| Citibank, N.A. | East West Manufacturing, LLC TLB 1L, 1M SOFR + 5.75<sup>(b)</sup> | 643353 | 3M US L + 1.35% | 12/22/2028 | 607611 | (35742) |
| Citibank, N.A. | ELEMENT MATERIALS TECH GROUP US HDGS Delayed TL, 3M SOFR + 4.25 <sup>(b)</sup> | 55728 | 3M US L + 1.35% | 06/22/2029 | 54590 | (1138) |
| Citibank, N.A. | ELEMENT MATERIALS TECH GROUP US HOLDINGS INC. TL, 3M SOFR + 4.25 <sup>(b)</sup> | 120139 | 3M US L + 1.35% | 06/22/2029 | 118278 | (1861) |
| Citibank, N.A. | Fertitta Entertainment, LLC TLB 1L, 1M SOFR + 4.00 | 344354 | 3M US L + 1.35% | 01/29/2029 | 328908 | (15446) |
| Citibank, N.A. | MILANO ACQUISITION CORP. TLB, 3M US L + 4.00 | 233444 | 3M US L + 1.35% | 10/01/2027 | 219236 | (14208) |
| Citibank, N.A. | Garda World Security Corp., 3M US L + 4.25 | 593428 | 3M US L + 1.35% | 10/30/2026 | 578080 | (15348) |
| Citibank, N.A. | Garda World Security Corporation TLB 1L, 3M SOFR + 4.25<sup>(b)</sup> | 493763 | 3M US L + 1.35% | 02/01/2029 | 481294 | (12469) |
| Citibank, N.A. | LogMeIn, Inc. TLB1M US L + 4.75 | 689704 | 3M US L + 1.35% | 08/31/2027 | 446460 | (243244) |
| Citibank, N.A. | Great Outdoors Group, LLC TLB 1L, 1M US L + 3.75 | 1475144 | 3M US L + 1.35% | 03/06/2028 | 1430204 | (44940) |
| Citibank, N.A. | Help/Systems Holdings, Inc., 3M SOFR + 4.00 | 491162 | 3M US L + 1.35% | 11/19/2026 | 444133 | (47029) |
| Citibank, N.A. | HUB International, Ltd., 3M US L + 3.25 | 196742 | 3M US L + 1.35% | 04/25/2025 | 196472 | (270) |
| Citibank, N.A. | Hunter Douglas Inc.TLB 1L, 3M SOFR +3.50 | 495013 | 3M US L + 1.35% | 02/25/2029 | 440243 | (54770) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Citibank, N.A. | CCRR Parent, Inc. TLB, 1M US L + 3.75<sup>(b)</sup> | 888821 | 3M US L + 1.35% | 03/06/2028 | 846238 | (42583) |
| Citibank, N.A. | Ivanti Software, Inc., 3M US L + 4.25 | 660012 | 3M US L + 1.35% | 12/01/2027 | 526922 | (133090) |
| Citibank, N.A. | Jadex, Inc., 1M US L + 4.75<sup>(b)</sup> | 360421 | 3M US L + 1.35% | 02/18/2028 | 329631 | (30790) |
| Citibank, N.A. | KKR Apple Bidco, LLC, 1M US L + 2.75 | 949961 | 3M US L + 1.35% | 09/22/2028 | 940395 | (9566) |
| Citibank, N.A. | KNS Midco Corp., 6M US L + 6.25<sup>(b)</sup> | 581250 | 3M US L + 1.35% | 04/21/2027 | 528574 | (52676) |
| Citibank, N.A. | LBM Acquisition LLC, 3M US L + 3.75 | 637643 | 3M US L + 1.35% | 12/18/2027 | 556382 | (81261) |
| Citibank, N.A. | Liftoff Mobile, Inc., 1M US L + 3.75<sup>(b)</sup> | 491980 | 3M US L + 1.35% | 10/02/2028 | 311556 | (180424) |
| Citibank, N.A. | LSCS Holdings, Inc., 3M US L + 4.50<sup>(b)</sup> | 344768 | 3M US L + 1.35% | 12/16/2028 | 331990 | (12778) |
| Citibank, N.A. | MA FinanceCo LLC, 3M US L + 4.25<sup>(b)</sup> | 220346 | 3M US L + 1.35% | 06/05/2025 | 218162 | (2184) |
| Citibank, N.A. | Madison IAQ LLC, 3M US L + 3.25 | 641775 | 3M US L + 1.35% | 06/21/2028 | 603431 | (38344) |
| Citibank, N.A. | Magenta Buyer LLC, 3M US L + 4.75 | 800596 | 3M US L + 1.35% | 07/27/2028 | 691940 | (108656) |
| Citibank, N.A. | McAfee Corp. TLB 1L, 3M LIBOR + 4.75 | 913869 | 3M US L + 1.35% | 03/01/2029 | 857448 | (56421) |
| Citibank, N.A. | McGraw-Hill Education, Inc., 6M US L + 4.75 | 932968 | 3M US L + 1.35% | 07/28/2028 | 889675 | (43293) |
| Citibank, N.A. | Medline Industries, LP, Term Loan, 1M US L + 3.25 | 865732 | 3M US L + 1.35% | 10/21/2028 | 826844 | (38888) |
| Citibank, N.A. | MH Sub I LLC, 1M US L + 3.75 | 244870 | 3M US L + 1.35% | 09/15/2024 | 237990 | (6880) |
| Citibank, N.A. | Midwest Physician Administrative Services LLC, 3M US L + 3.25 | 724543 | 3M US L + 1.35% | 03/13/2028 | 669038 | (55505) |
| Citibank, N.A. | Mitchell International, Inc., 3M US L + 3.75 | 656704 | 3M US L + 1.35% | 10/15/2028 | 611701 | (45003) |
| Citibank, N.A. | Naked Juice LLC, 3M SOFR + 3.25 | 992513 | 3M US L + 1.35% | 01/24/2029 | 894808 | (97705) |
| Citibank, N.A. | Olaplex, Inc TL 1L, 1M SOFR + 3.50<sup>(b)</sup> | 352519 | 3M US L + 1.35% | 02/17/2029 | 337241 | (15278) |
| Citibank, N.A. | Oldcastle Building Envelope Inc TLB 1L, 6M SOFR +4.50 | 481294 | 3M US L + 1.35% | 04/30/2029 | 473503 | (7791) |
| Citibank, N.A. | Osmosis Buyer Limited Del T1 1L, 1M SOFR + 3.75 | 111111 | 3M US L + 1.35% | 07/31/2028 | 104907 | (6204) |
| Citibank, N.A. | Osmosis Buyer Limited TLB 1L, 3M SOFR + 3.75 | 634097 | 3M US L + 1.35% | 07/31/2028 | 603217 | (30880) |
| Citibank, N.A. | PetSmart LLC, 1M US L + 3.75 | 1282280 | 3M US L + 1.35% | 02/11/2028 | 1262999 | (19281) |
| Citibank, N.A. | Pitney Bowes INC.TL, 1M US L + 4.00<sup>(b)</sup> | 750380 | 3M US L + 1.35% | 03/17/2028 | 696257 | (54123) |
| Citibank, N.A. | Plaze, Inc., 1M US L + 3.75<sup>(b)</sup> | 400884 | 3M US L + 1.35% | 08/03/2026 | 359794 | (41090) |
| Citibank, N.A. | Pretium PKG Holdings, Inc., 3M US L + 4.00 | 276505 | 3M US L + 1.35% | 10/02/2028 | 222912 | (53593) |
| Citibank, N.A. | Primary Products Finance LLC, 3M SOFR+ 4.00 | 574612 | 3M US L + 1.35% | 04/01/2029 | 572024 | (2588) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Citibank, N.A. | Proofpoint, Inc., 3M US L + 3.25 | 705739 | 3M US L + 1.35% | 08/31/2028 | 683425 | (22314) |
| Citibank, N.A. | Quest Borrower Limited TL 1L, 3M SOFR + 4.25 | 987525 | 3M US L + 1.35% | 02/01/2029 | 774000 | (213525) |
| Citibank, N.A. | Redstone Holdco 2 LP, 3M US L + 4.75 | 706446 | 3M US L + 1.35% | 04/27/2028 | 493871 | (212575) |
| Citibank, N.A. | Ring Container Technologies Group LLC, 1M US L + 3.50 | 386607 | 3M US L + 1.35% | 08/12/2028 | 385136 | (1471) |
| Citibank, N.A. | Rough Country, LLC 1L, 3M US L + 3.50<sup>(b)</sup> | 1265441 | 3M US L + 1.35% | 07/26/2028 | 1190517 | (74924) |
| Citibank, N.A. | Ryan Specialty Group LLC, 1M SOFR + 3.00 | 195826 | 3M US L + 1.35% | 09/01/2027 | 194605 | (1221) |
| Citibank, N.A. | Scientific Games Holdings LP TLB 1L, 3M SOFR +3.50 | 453412 | 3M US L + 1.35% | 04/04/2029 | 433502 | (19910) |
| Citibank, N.A. | SINCLAIR TELEVISION GROUP, INC. TLB4 1L, 1M SOFR + 3.75 | 570376 | 3M US L + 1.35% | 04/13/2029 | 569685 | (691) |
| Citibank, N.A. | Sitel Worldwide Corp., 1M US L + 3.75 | 673757 | 3M US L + 1.35% | 08/27/2028 | 670202 | (3555) |
| Citibank, N.A. | Sovos Brands Intermediate, Inc., 3M US L + 3.50 | 351098 | 3M US L + 1.35% | 06/08/2028 | 344837 | (6261) |
| Citibank, N.A. | Specialty Building Products Holdings LLC, 1M US L + 3.25 | 494766 | 3M US L + 1.35% | 10/15/2028 | 448488 | (46278) |
| Citibank, N.A. | SRS Distribution Inc., 1M US L + 3.50 | 358571 | 3M US L + 1.35% | 06/02/2028 | 346282 | (12289) |
| Citibank, N.A. | Sunshine Luxembourg VII S.a r.l., 3M US L + 3.75 | 958835 | 3M US L + 1.35% | 10/02/2026 | 918609 | (40226) |
| Citibank, N.A. | Teneo Holdings LLC, 1M SOFR + 5.25<sup>(b)</sup> | 784970 | 3M US L + 1.35% | 07/12/2025 | 761955 | (23015) |
| Citibank, N.A. | TGP Holdings III LLC, 1M US L + 3.25 | 318971 | 3M US L + 1.35% | 06/29/2028 | 257972 | (60999) |
| Citibank, N.A. | TGP Holdings III LLC, 1M US L + 3.25 | 42164 | 3M US L + 1.35% | 06/29/2028 | 34015 | (8149) |
| Citibank, N.A. | TricorBraun Holdings, Inc., 1M US L + 3.25 | 608611 | 3M US L + 1.35% | 03/03/2028 | 588023 | (20588) |
| Citibank, N.A. | TruGreen LP, 1M US L + 4.00 | 157232 | 3M US L + 1.35% | 11/02/2027 | 139534 | (17698) |
| Citibank, N.A. | Virtusa Corporation TL 1L, 1M SOFR + 3.75<sup>(b)</sup> | 294773 | 3M US L + 1.35% | 02/15/2029 | 288197 | (6576) |
| Citibank, N.A. | Watlow Electric Manufacturing Co., 3M SOFR + 3.75 | 1044339 | 3M US L + 1.35% | 03/02/2028 | 1006722 | (37617) |
| Citibank, N.A. | WW International, Inc., 1M US L + 3.50 | 1171997 | 3M US L + 1.35% | 04/13/2028 | 676836 | (495161) |
| Citibank, N.A. | Zelis Payments Buyer, Inc., 1M US L + 3.50 | 982462 | 3M US L + 1.35% | 09/30/2026 | 976001 | (6461) |
|  |  | $62067013 |  |  | $57094268 | $(4972745) |
| TOTAL |  | $68527992 |  |  | $63707124 | $(4820868) |

---

*<sup>(a)</sup>* *The Fund's interest in the total return swap transactions are held through a wholly-owned subsidiary of the Fund, RACR-FS, LLC , a Delaware Limited Liability Company.*

*<sup>(b)</sup>* *Security is classified as Level 3 in the Fund's hierarchy (see Note 2).*

**Note 1 — Organization and Registration**

CIM Real Assets & Credit Fund (the "Fund"), a Delaware statutory trust, is a non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund engages in a continuous offering of shares and operates as an interval fund that offers to make quarterly repurchases of shares at net asset value ("NAV"). The Fund's investment objective is to generate current income through cash distributions and preserve shareholders' capital across various market cycles, with a secondary objective of capital appreciation.

The Fund's investment adviser is CIM Capital IC Management, LLC, a Delaware limited liability company (the "Adviser") that is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is primarily responsible for determining the amount of the Fund's total assets that are allocated to each of the Fund's sub-advisers, and will review such allocation percentage on an ongoing basis and adjust the allocation percentage as necessary to best achieve the Fund's investment objective.

The Adviser has engaged CIM Capital SA Management, LLC, a Delaware limited liability company (the "CIM Sub-Adviser") that is registered as an investment adviser with the SEC under the Advisers Act, to act as an investment sub-adviser to the Fund. The CIM Sub-Adviser is an indirectly wholly-owned subsidiary of CIM Group, LLC and is an affiliate of the Adviser. The CIM Sub-Adviser is responsible for identifying and sourcing investment opportunities with respect to real assets held by the Fund. The Fund defines "real assets" as assets issued by United States issuers where the underlying interests are investments in real estate or infrastructure in the United States ("Real Assets").The Fund's investments in Real Assets will consist of (1) direct real estate that may be held through one or more wholly-owned real estate investment trust ("REIT") subsidiaries (each, a "REIT Subsidiary"), (2) publicly traded REITs and private REITs, (3) real estate mortgages, (4) commercial mortgage-backed securities ("CMBS") and (5) infrastructure assets that may be held through a REIT Subsidiary. The Fund's investments in Real Assets will generally consist of real assets in densely populated qualified communities throughout the United States. In addition, the Fund may also invest up to 10% of its assets in real assets located in foreign countries (including real estate debt or mortgages backed by real estate in foreign countries) and in credit and credit-related investments of foreign issuers or that have foreign exposure. The Fund's foreign investments may be located in Canada, and in countries in Western Europe, Latin America or South America.

The Adviser has also engaged OFS Capital Management, LLC, a Delaware limited liability company (the "OFS Sub-Adviser", and, together with the CIM Sub-Adviser, the "Sub-Advisers") that is registered as an investment adviser with the SEC under the Advisers Act, to act as an investment sub-adviser to the Fund. The OFS Sub-Adviser is a wholly-owned subsidiary of Orchard First Source Asset Management, LLC, and is an affiliate of the Adviser. The OFS Sub-Adviser is responsible for identifying and sourcing credit and credit-related investment opportunities ("Credit and Credit-Related Investments") as well as investments in CMBS. The Fund intends for its Credit and Credit-Related Investments to consist of (1) investments in floating and fixed rate loans; (2) broadly syndicated senior secured corporate loans; (3) investments in the debt and equity tranches of collateralized loan obligations ("CLOs") and CLO warehouses; and (4) opportunistic credit investments, by which the Fund means stressed and distressed credit situations, restructurings and non-performing loans.

The Fund was organized as a statutory trust on February 4, 2019 under the laws of the State of Delaware. The Fund had no operations from that date through May 4, 2020 other than those relating to organizational matters and the registration of its shares under applicable securities laws. During this period, the Adviser purchased 4,000 of Class I Common Shares of beneficial interest (the "Class I Shares"), at an aggregate purchase price of $100,000, at a price of $25.00 per share.

On May 5, 2020, the Fund commenced a continuous public offering of Class I Shares, Class A Shares, Class C Shares and Class L Shares. The Fund has received exemptive relief from the SEC to permit the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early withdrawal charges.<sup>1</sup> Additionally, on May 5, 2020, an affiliate of the Adviser purchased 188,000 Class I Shares at a price of $25.00 per share, 4,000 Class A Common Shares (the "Class A Shares") at a price of $25.00 per share, 4,000 Class C Common Shares (the "Class C Shares") at a price of $25.00 per share, and 4,000 Class L Common Shares (the "Class L Shares") at a price of $25.00 per share. On January 28, 2020, an affiliate of the Adviser purchased 156,607 Class I Shares. The Adviser and its affiliates own shares in the Fund representing 2.99% and 3.17% of the NAV as of December 31, 2022 and January 31, 2023, respectively.

<sup>1</sup> (CIM Real Assets & Credit Fund, et al. (File No. 812-15001, Release No. IC-33659 (Oct. 22, 2019) (order), Release No. I -33630 (Sep. 23, 2019) (notice))

Class C Shares and Class I Shares are offered on a continuous basis at NAV. Class C Shares are subject to a 1.00% early withdrawal charge. Class A Shares are offered at NAV plus a maximum sales load of 5.75% of the offering price. Class L Shares are offered at NAV plus a maximum sales load of 4.25% of the offering price. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures, ongoing service and distribution charges and early withdrawal charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans, and other matters that exclusively affect such class, and separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class. The Fund's income, expenses (other than class-specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Class specific expenses, where applicable, include distribution fees, shareholder servicing fees, and networking fees.

**NOTE 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification ("ASC") *Topic 946 - Investment Companies*.

***Use of Estimates***

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from these estimates.

***Indemnifications***

The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and indemnification provisions. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

***Income Taxes***

For U.S. federal income tax purposes, the Fund intends to qualify as a regulated investment company under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code), by distributing substantially all of its investment company taxable net income and realized gains, not offset by capital loss carryforwards, if any, to its shareholders. The Fund intends to file U.S. federal, state, and local tax returns as required.

On March 30, 2022, the Fund formed a REIT subsidiary (the "REIT Subsidiary") to hold two of the Fund's existing real estate investments. The REIT Subsidiary qualified and elected to be taxed as a real estate investment trust ("REIT") for federal income tax purposes under Sections 856 through 860 of the Code, commencing with its taxable year ending December 31, 2022. If the REIT Subsidiary qualifies for taxation as a REIT, the REIT Subsidiary will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the REIT Subsidiary qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

*Portfolio Valuation* 

The Fund determines the NAV per each class of Common Shares on each day that the New York Stock Exchange ("NYSE") is open for business as of the close of the regular trading session (normally, 4:00 pm eastern time). The Fund calculates NAV per Common Share on a class-specific basis, by dividing the total value of the Fund's assets attributable to the applicable class by the total number of Common Shares of such class outstanding. The Fund's assets are determined by subtracting any liabilities (including borrowings for investment purposes) from the total value of its portfolio investments and other assets.

In accordance with *ASC Topic 820 – Fair Value Measurement and Disclosures*, and consistent with the Fund's valuation policy and procedures, portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Fund in accordance with Rule 2a-5, has adopted policies and procedures for determining the fair value of such securities and other assets.

**Fair Value Measurements**

In accordance with ASC Topic 820 – *Fair Value Measurements and Disclosures,* a three-tier fair value hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the fair value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.  |

---

---

| | |
|:---|:---|
| Level 2 – | Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices or identical for similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).  |

---

Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Fund's assumptions about the pricing of an asset or liability.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted<br> Quoted Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Bank Loans | $– | $3240663 | $46998030 | $50238693 |
| Collateralized Loan Obligations - Equity |  |  | 22411594 | 22411594 |
| Collateralized Loan Obligations - Debt |  | 62560795 |  | 62560795 |
| Commercial Mortgage-Backed Securities |  | 49781838 | 3782617 | 53564455 |
| Direct Real Estate |  |  | 73984275 | 73984275 |
| Real Estate-Related Securities |  |  | 23950202 | 23950202 |
| Common Stocks | 1902885 |  | 5170401 | 7073286 |
| Warrants |  |  | 214 | 214 |
| Loan Accumulation Facility<sup>(1)</sup> |  |  | 5512950 | 5512950 |
| Short Term Investments | 4541403 | – | – | 4541403 |
| Total | $6444288 | $115583296 | $181810283 | $303837867 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Total Return Swap Contracts |  | $83483 | 68394 | 151877 |
| **Liabilities** |  |  |  |  |
| Total Return Swap Contracts | $– | $(4062417) | $(910328) | $(4972745) |
| Total | $– | $(3978934) | $(841934) | $(4820868) |

---

*<sup>(1)</sup>* *Asset was held at cost as of December 31, 2022.*

The changes of the fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of September 30, 2022** | **Accrued Discount/premium** | **Return of Capital** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/Deperciation** | **Purchases** | **Sales Proceeds** | **Transfer into Level 3** | **Transfer Out of Level 3** | **Balance as of December 31, 2022** | **Net change in unrealized<br> appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at December 31, 2022** |
| Bank Loans | $51991403 | $34390 | $- | $3630 | $(1050007) | $- | $(740723) | $- | $(3240663) | 46998030 | $(1167577) |
| Collateralized Loan Obligations - Equity | 22816896 | (378353) |  |  | (26949) |  |  |  |  | 22411594 | (26949) |
| Commercial Mortgage-Backed Securities | 3773335 | 15456 |  | (400) | (33773) | 29771 | (1772) |  |  | 3782617 | (33773) |
| Direct Real Estate | 75602716 |  |  |  | (4600597) | 2982156 |  |  |  | 73984275 | (4600597) |
| CLO Warehouse Facilites | 9593750 |  |  |  | (80800) |  | (4000000) |  |  | 5512950 | (80800) |
| Equity Interests | 4742838 |  |  |  | 427563 |  |  |  |  | 5170401 | 427563 |
| Real Estate-Related Securities | 23878402 | 20760 |  |  | 51040 |  |  |  |  | 23950202 | 51040 |
| Warrants | 13917 | - | - | - | (13703) | - | - | - | - | 214 | (13703) |
|  | $192413257 | $(307747) | $- | $3230 | $(5327226) | $3011927 | $(4742495) | $- | $(3240663) | $181810283 | $(5444796) |

---

The following is a reconciliation for the period ended December 31, 2022 of the total return swap contracts for which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | |
|:---|:---|:---|
| | **Total Return Swap Contracts** | **Total** |
| Balance as of September 30, 2022 | $(726372) | $(726372) |
| Change in Unrealized Appreciation/Depreciation | 7708 | 7708 |
| Purchased Unrealized Appreciation/Depreciation | 4213 | 4213 |
| Sold Unrealized Appreciation/Depreciation | 8499 | 8499 |
| Transfers In of Unrealized Appreciation/Depreciation | (192880) | (192880) |
| Transfers Out of Unrealized Appreciation/Depreciation | 56898 | 56898 |
| Balance as of December 31, 2022 | $(841934) | $(841934) |
| Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at December 31, 2022 | $(180959) | $(180959) |

---

**NOTE 3 — Derivative Transactions**

The Fund's investment objectives allow the Fund to enter into various types of derivative contracts such as total return swaps and forward foreign currency contracts. In doing so, the Fund and RACR-FS, LLC (its "Swap Subsidiary") will employ strategies in differing combinations to permit it to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure only on certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Fund to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of effecting a similar response to market factors.

**Risk of Investing in Derivatives** – The Fund's use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund's performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Typically, the associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund.

**Total Return Swap Contract** – The Swap Subsidiary has entered into a total return swap referencing a portfolio of bank loans with Citibank, N.A. ("Citi") as the counterparty. The total return swap allows the Fund to indirectly obtain exposure to a portfolio of bank loans (each a "reference asset") without owning or taking physical custody of such bank loans. Under the total return swap, Citi has contractually committed to make payments based on the total return (income plus realized appreciation) of each reference asset in exchange for a periodic payment from the Swap Subsidiary based on a floating interest rate and any realized depreciation of each Reference Asset. Additionally, the Swap Subsidiary posts collateral to cover its potential contractual obligations to Citi under the total return swap. The total return swap is marked-to-market daily consistent with the Fund's Valuation Policy and changes in value are recorded by the Fund as unrealized gain or loss in the consolidated financial statements. If a reference asset is removed from the total return swap, the Fund records a realized gain or loss in the Consolidated Statement of Operations equal to the difference between the price of such reference asset from the date it was added to the total return swap and the price of the reference asset at the time it was removed from the total return swap. As of December 31, 2022, the total return swap had unrealized depreciation of ($4,820,868).

The total return swap effectively adds leverage to the Fund's portfolio because, in addition to the Fund's total net assets, the Fund would be subject to investment exposure on the amount of bank loans subject to the total return swap. The total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that the Fund will not be able to meet its obligations to the counterparty. In addition, because the total return swap is a form of synthetic leverage, such arrangement is subject to risks similar to those associated with the use of leverage. As of December 31, 2022, the Fund had two interest rate cap agreement designated as a hedging instrument with a fair value of $1,306,991.

**NOTE 4 — Direct Real Estate Investments**

During the three months ended December 31, 2022, the Fund did not acquire any direct real estate investments.

As of December 31, 2022 the Fund owned four wholly-owned properties, which had a fair market value of $27,577,593. As of December 31, 2022, the Fund had partial ownership in three properties. The Fund's partial ownership in these three properties had an aggregate fair market value of $46,406,682.

**NOTE 5 — Affiliated Transactions<sup>(1)</sup>**

Other than as indicated below, the following investments represent co-investments, completed under an order for exemptive relief granted by the EC, that are advised by the CIM Sub-Adviser during the three months ended December 31, 2022 and the related positions as of December 31, 2022 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Ownership %** | **Market Value as of October 1, 2022** | **Purchases** | **Sales** | **Market Value as of December 31, 2022** | **Share Balance as of September 30, 2022** | **Dividends** | **Change in Unrealized Gain (Loss)** |
| Creative Media & Community Trust Corp.<sup>(2)</sup> | 2% | $2481518 |  | $- | $1902885 | 388344 | $33009 | $(578633) |
| Del Mar Terrace - Phoenix, AZ | 18% | 18321612 | 25000 |  | 17693044 | N/A |  | (653568) |
| EPIC Dallas | 11% | 23315871 | 1000 |  | 22599827 | N/A |  | (717044) |
| IENTC 1, LLC | 21% | 4192400 |  |  | 4620100 | N/A |  | 427700 |
| IENTC 2, LLC | 24% | 1645000 |  |  | 1645000 | N/A |  |  |
| IENTC 2, LLC DDTL B-1 | 24% | 6815000 |  |  | 6815000 | N/A |  |  |
| Society Las Olas – 301 SW 1st Avenue Holdings LLC | 7% | 5168154 |  |  | 5192221 | N/A |  | 24067 |
| Society Las Olas - PMG-Greybook Riverfront I LLC | 7% | 10250248 |  |  | 10297981 | N/A |  | 47733 |
| Vale at the Parks - DC | 8% | 6218493 | 1600 | - | 6113810 | N/A | - | (106283) |
|  |  | $78408296 | $27600 | $- | $76879868 | $388344 | $33009 | $(1556028) |

---

*<sup>(1)</sup>* *The transactions described herein do not include co-investments completed under the Order that are advised by the OFS Sub-Adviser or the "Mass Mutual" no action letters. See "--Consolidated Schedule of Investments" and related disclosure for a list of such transactions.*

*<sup>(2)</sup>* *This is not a co-investment transaction. Rather, this is a publicly traded REIT that is externally managed by an affiliate of the Adviser.*

**NOTE 6 — LINE OF CREDIT**

As of December 31, 2022 the Fund has an unsecured credit facility with a bank in place under which the Fund can borrow up to $40 million, subject to a borrowing base calculation. Subject to the satisfaction of certain conditions and the borrowing base calculation, the Fund can increase the amount that it may borrow under the unsecured credit facility to $100 million. Outstanding advances under the unsecured credit facility bear interest at the rate of Secured Overnight Financing Rate (SOFR) plus 4.00%. The Fund also pays a quarterly facility fee of 0.125% of the commitment under the unsecured credit facility. The unsecured credit facility contains certain customary covenants, including a maximum debt to asset value ratio covenant and a minimum liquidity requirement. The unsecured credit facility matures in December 2026, provided that the Fund may elect to extend the maturity date for two periods of 12 months each, in each instance upon satisfaction of certain conditions. As of December 31, 2022, no amount was outstanding under the unsecured credit facility.

In addition to any indebtedness incurred by the Fund, the Fund may also utilize leverage by mortgaging properties held by the Fund (or any subsidiary), or by acquiring property with existing debt. Any such leverage relating to properties that are wholly owned or that are held in the REIT Subsidiary by the Fund will be consolidated with any leverage incurred directly by the Fund and subject to the 1940 Act's limitations on leverage which allows for borrowings in an aggregate amount of up to 33 1/3% of the Fund's total assets. As of December 31, 2022, a subsidiary of the Fund has a mortgage with an outstanding balance of $40.8 million with a fair value of $40.7 million in connection with the acquisition of a real property. Subject to the satisfaction of certain conditions, additional advances can be made under the mortgage, up to an aggregate amount of $41.7 million. The mortgage has an interest rate of SOFR plus 2.95 % and matures in January 2024, provided that, subject to the satisfaction of certain conditions, there is an option to extend the term for three additional 12-month periods. In addition, as of December 31, 2022, the Fund had three co-investments in real properties that had mortgage notes outstanding. The Fund's share of the mortgage notes outstanding related to these three co-investments was $51.5 million with a fair value of $49.9 million.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** CIM Real Assets & Credit Fund

- **b. Investment Company Act file number:** 811-23425

- **c. CIK number of Registrant:** 0001767074

- **d. LEI of Registrant:** 5493000K400JV7T0XQ39

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

  - **Street Address 1:** 4700 WILSHIRE BOULEVARD

  - **City:** LOS ANGELES

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90010

  - **Telephone number:** 3238604900

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

- **a. Name of Series:** CIM Real Assets & Credit Fund

- **c. LEI of Series:** 5493000K400JV7T0XQ39

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

- **a. Date of fiscal year-end:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $324010671.01

**Total Liabilities:** $32887427.41

**Net Assets:** $291123243.60

**Cash Not Reported:** $208808.72

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -32601.86356563 | **1-Year:** -9153.10668457 | **5-Year:** -22913.13828733 | **10-Year:** -4284.75252718 | **30-Year:** -6998.23242444

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 1.34%                | -1.41%               |
| Class ID N/A | -0.01%               | 1.25%                | -1.50%               |
| Class ID N/A | 0.00%                | 1.31%                | -1.42%               |
| Class ID N/A | -0.04%               | 1.32%                | -1.47%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-66132.64               | $-1329824.02                               |
| Month 2  | $-52793.19               | $1790077.70                                |
| Month 3  | $-45005.39               | $-5461645.58                               |

**Designated Index Information**

- **Index Name:** S&P US REIT 30%/CMBX.NA.BB 20%/LSTA United States Leveraged Loan 100 Index BB/B, 25%; CLO_US_3.0_B_Sector_N1600, 25%

- **Index Identifier:** Blended Designated Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citibank                                    | Fertitta Entertainment LLC TLB 1L                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $329736.07    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IENTC 2, LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1645000   | PA      | $1645000.00   | 0.57%             | 2031-03-31      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Allied Universal Holdco LLC                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $471242.48    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Wmrk Commercial Mortgage Trust              | WMRK Commercial Mortgage Trust 2022-WMRK                        | CUSIP: 929342AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 7500000   | PA      | $7477683.00   | 2.57%             | 2027-11-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Athenahealth Group Inc. TLB 1L                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $386106.52    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TWO VA PROPERTIES INVESTORS DST             | TWO VA Repack Trust Class B-2                                   | CUSIP: 90214FAA7<br>LEI: 549300C3Y5X695301D65 | Long             | ABS-MBS          | CORP              | US        | 1811000   | PA      | $502552.50    | 0.17%             | 2033-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                         | LSF9 ATLANTIS HOLDINGS, LLC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 3368421   | PA      | $3281684.21   | 1.13%             | 2029-03-29      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| N/A                                         | One GI Intermediate LLC, Tranche C Delayed Draw Term Loan       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 916667    | PA      | $859466.67    | 0.30%             | 2025-12-22      | Floating      | 10.87%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Core & Main LP                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $407343.74    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Lcm Ltd Partnership                         | LCM 31, Ltd.                                                    | CUSIP: 50201VAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 250000    | PA      | $164537.50    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | EOS-Metasource Intermediate, Inc., TL                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 3482500   | PA      | $3247779.50   | 1.12%             | 2027-05-17      | Floating      | 10.69%                | Yes           |                  3 | On Loan: No      |
| Steele Creek Clo Ltd                        | Steele Creek CLO 2022-1, Ltd.                                   | CUSIP: 85816HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 44385     | PA      | $42250.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | LSF9 ATLANTIS HOLDINGS LLC                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1230631.58   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro Clo Ltd                             | Allegro CLO XV, Ltd.                                            | CUSIP: 01749KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        | 4060000   | PA      | $3902066.00   | 1.34%             |  |  |  | No            |                  3 | On Loan: No      |
| Venture Cdo Ltd                             | Venture 45 Clo, Ltd.                                            | CUSIP: 92326HAA4<br>LEI: 549300ZDR5K71IXJ2M57 | Long             | ABS-CBDO         | CORP              | JE        | 3000000   | PA      | $2376344.55   | 0.82%             | 2035-07-20      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Proofpoint Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $683424.86    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Applovin Corp.                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $188215.28    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | AHP Health Partners Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $283026.41    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Steele Creek Clo Ltd                        | Steele Creek CLO 2022-1, Ltd.                                   | CUSIP: 85816HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 4955615   | PA      | $3605457.69   | 1.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Acrisure LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $144470.53    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Shiftkey, Revolver                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 147059    | PA      | $145808.80    | 0.05%             | 2027-06-21      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Osmosis Buyer Limited TLB 1L                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $603216.53    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Medline Industries LP Term Loan                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $828926.42    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Jadex Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $330469.98    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Caesars Resort Collection LLC                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $282058.28    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bx Trust                                    | BX Trust 2022-PSB                                               | CUSIP: 05606DAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3954252   | PA      | $3965600.23   | 1.36%             | 2039-08-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Conduent Business Services LLC                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $475779.69    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | ELEMENT MATERIALS TECH GROUP US HDGS Delayed TL                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $54589.88     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                            | CUSIP: 30227FAN0<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        | 9636140   | PA      | $9148158.96   | 3.14%             | 2038-07-15      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| N/A                                         | RumbleOn, Inc., Delayed Draw Term Loan                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 746039    | PA      | $677403.48    | 0.23%             | 2026-08-31      | Fixed         | 12.98%                | Yes           |                  3 | On Loan: No      |
| Spring Education Group, Inc.                | Spring Education Group, Inc.                                    | CUSIP: 78482HAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        | 430240    | PA      | $389905.00    | 0.13%             | 2026-07-30      | Floating      | 12.98%                | No            |                  3 | On Loan: No      |
| Citibank                                    | SRS Distribution Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $346281.95    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Burlington Coat Factory Warehouse Corp.                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $540409.38    | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Barings Middle Market Clo Ltd.              | Barings Middle Market CLO, Ltd. 2021-I                          | CUSIP: 06761EAA3<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-CBDO         | CORP              | KY        | 1000000   | PA      | $875557.70    | 0.30%             | 2033-07-20      | Floating      | 12.89%                | No            |                  2 | On Loan: No      |
| N/A                                         | Reception Purchaser, LLC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 2184146   | PA      | $2107701.23   | 0.72%             | 2028-03-24      | Floating      | 10.33%                | No            |                  3 | On Loan: No      |
| Citibank                                    | TricorBraun Holdings Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $589515.38    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2020-TMIC                                                  | CUSIP: 126390AJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 400000    | PA      | $405504.40    | 0.14%             | 2023-12-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | DexKo Global Inc. TLB                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $581752.94    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Acrisure LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $555930.24    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Vcp Clo Ii Ltd                              | VCP CLO II, Ltd.                                                | CUSIP: 91824EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 500000    | PA      | $477287.93    | 0.16%             | 2031-04-15      | Floating      | 12.49%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Sunshine Luxembourg VII S.a r.l.                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | LU        | 1         | NC      | $920946.33    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust       | Wells Fargo Commercial Mortgage Trust 2021-FCMT                 | CUSIP: 95003EAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1000000   | PA      | $899688.10    | 0.31%             | 2026-05-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| N/A                                         | One GI Intermediate LLC, Tranche B Delayed Draw Term Loan       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1736875   | PA      | $1628494.00   | 0.56%             | 2025-12-22      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| Flatiron Clo Ltd                            | Flatiron CLO 20, Ltd.                                           | CUSIP: 33883NAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 500000    | PA      | $469584.20    | 0.16%             | 2033-11-20      | Floating      | 12.53%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Clydesdale Acquisition Holdings, Inc.TL 1L                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $781555.32    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Empower Clo, Ltd.                           | Empower CLO 2022-1, Ltd.                                        | CUSIP: 29246YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 6000000   | PA      | $5798428.20   | 1.99%             | 2034-10-20      | Floating      | 12.51%                | No            |                  2 | On Loan: No      |
| N/A                                         | Kreg LLC, Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 2274475   | PA      | $2154155.05   | 0.74%             | 2026-12-20      | Floating      | 10.98%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | BCPE North Star US Holdco 2 Inc. TL 1L                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $881521.97    | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | TGP Holdings III LLC                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $257972.25    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Athenahealth Group Inc. 1L                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $65605.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Zelis Payments Buyer Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $978491.02    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Apex Credit Clo Llc                         | Apex Credit Clo 2021, Ltd.                                      | CUSIP: 03754DAG8<br>LEI: 549300PKXRJW5V5VW357 | Long             | ABS-O            | CORP              | KY        | 2980000   | PA      | $2147835.00   | 0.74%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | East West Manufacturing LLC Delayed TL 1L                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $89047.62     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Osmosis Buyer Limited Del T1 1L                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $104907.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RUMBLEON, INC.                              | RumbleON, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        | 7576      | NC      | $213.75       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Citibank                                    | MA Financeco. LLC                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $218162.38    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Mitchell International Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $613241.72    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Charlotte Buyer Inc.; Curo Health Services LLC                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $950420.00    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Brightwood Capital MM CLO 2022-11, LTD Class B LND              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        | 4000000   | PA      | $3919200.00   | 1.35%             |  |  |  | No            |                  3 | On Loan: No      |
| Elevation Clo Ltd                           | Elevation Clo 2021-15, Ltd.                                     | CUSIP: 70469GAC5<br>LEI: 5493005VN5WX000OV470 | Long             | ABS-O            | CORP              | KY        | 3662266   | PA      | $2340371.09   | 0.80%             |  |  |  | No            |                  3 | On Loan: No      |
| Bpr Trust                                   | BPR Trust 2021-TY                                               | CUSIP: 05592AAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 391000    | PA      | $353013.76    | 0.12%             | 2023-09-23      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| Marble Point Clo Xxi Ltd.                   | Marble Point CLO XXI, Ltd.                                      | CUSIP: 56606PAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 2750000   | PA      | $1865737.50   | 0.64%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Corel Corp.                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | CA        | 1         | NC      | $340542.79    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | PetSmart LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1262998.93   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | 24 Seven, Inc., Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 3970000   | PA      | $3930697.00   | 1.35%             | 2027-11-16      | Fixed         | 10.39%                | Yes           |                  3 | On Loan: No      |
| RC Buyer, Inc.                              | RC Buyer, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1016949   | PA      | $922037.29    | 0.32%             | 2029-07-30      | Floating      | 11.23%                | No            |                  3 | On Loan: No      |
| Citibank                                    | HUB International Ltd.                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $196973.39    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | KNS Midco Corp.                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $531984.38    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Plaze Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $360711.52    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | WW International Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $676836.21    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Hunter Douglas Inc.TLB 1L                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $441348.86    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Trinitas Clo Ltd                            | Trinitas Clo VIII, Ltd.                                         | CUSIP: 89641FAC8<br>LEI: 5493000JXST1RIX07H55 | Long             | ABS-O            | CORP              | KY        | 2300000   | PA      | $991300.00    | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | American Axle & Manufacturing Inc. TL                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $304397.07    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Brookfield WEC Holdings Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $207878.12    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Del Mar Terrace - Phoenix, AZ                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $17693044.28  | 6.08%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Honor HN Buyer, Inc. DDTL                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1510263   | PA      | $1488363.89   | 0.51%             | 2027-10-15      | Fixed         | 10.48%                | Yes           |                  3 | On Loan: No      |
| Lcm Ltd Partnership                         | LCM 38, Ltd.                                                    | CUSIP: 501965AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        | 5500000   | PA      | $5191987.90   | 1.78%             | 2034-07-15      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| La Quinta Mortgage Trust                    | LAQ 2022-LAQ Mortgage Trust                                     | CUSIP: 50172LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 337500    | PA      | $330934.66    | 0.11%             | 2027-03-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Redstone HoldCo 2 LP                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $495120.94    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                    | Madison Park Funding XLVII, Ltd.                                | CUSIP: 55820GAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 600000    | PA      | $564467.34    | 0.19%             | 2034-01-19      | Floating      | 11.69%                | No            |                  2 | On Loan: No      |
| Saratoga Investment Corp Clo Ltd            | Saratoga Investment Corp. CLO 2013-1, Ltd.                      | CUSIP: 80349BCB1<br>LEI: 549300471O2DE0Y4L506 | Long             | ABS-CBDO         | CORP              | KY        | 2000000   | PA      | $1769419.60   | 0.61%             | 2033-04-20      | Floating      | 14.24%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Pitney Bowes INC.TL                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $698028.29    | 0.24%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | EOS-Metasource Intermediate, Inc., DDC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1500000   | PA      | $1398900.00   | 0.48%             | 2027-05-17      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mcf Clo Llc                                 | MCF CLO VII LLC                                                 | CUSIP: 55281FAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 2500000   | PA      | $2270123.00   | 0.78%             | 2033-07-20      | Floating      | 13.39%                | No            |                  2 | On Loan: No      |
| Ocp Clo Ltd                                 | OCP CLO 2020-20, Ltd.                                           | CUSIP: 670864AA5<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        | 500000    | PA      | $469252.88    | 0.16%             | 2033-10-09      | Floating      | 11.57%                | No            |                  2 | On Loan: No      |
| Citibank                                    | KKR Apple Bidco LLC                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $942770.02    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Seattle SpinCo Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $248125.00    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | TransDigm Inc. TLH                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $496409.21    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                     | Dryden 98 CLO, Ltd.                                             | CUSIP: 26248CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 5500000   | PA      | $4979975.00   | 1.71%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Ivanti Software Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $528248.81    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Spirit AeroSystems Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $104572.63    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | VA Gilbert AZ Subordinated Note Lease-Backed Pass-Through Trust | CUSIP: 918470AA3<br>LEI: 549300DYNZ2DP16BTD37 | Long             | ABS-MBS          | CORP              | US        | 182755    | PA      | $200719.33    | 0.07%             | 2034-03-15      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| N/A                                         | IENTC 2, LLC DDTL B-1                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 6815000   | PA      | $6815000.00   | 2.34%             | 2031-03-31      | Fixed         | 1.00%                 | Yes           |                  3 | On Loan: No      |
| N/A                                         | Vale at the Parks - DC                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $6113810.28   | 2.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Atlas Senior Loan Fund Ltd                  | Atlas Senior Loan Fund XVII, Ltd.                               | CUSIP: 04942GAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        | 3000000   | PA      | $2294250.00   | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Asurion LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $189794.51    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                      | Northwoods Capital 25, Ltd.                                     | CUSIP: 66860WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 2250000   | PA      | $1845072.56   | 0.63%             | 2034-07-20      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1nyp          | One New York Plaza Trust 2020-1NYP                              | CUSIP: 68249DAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1500000   | PA      | $1400680.50   | 0.48%             | 2036-01-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Ppm Clo, Ltd.                               | PPM CLO 2022-6, Ltd.                                            | CUSIP: 69377XAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 2000000   | PA      | $1835731.30   | 0.63%             | 2031-01-20      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | CDK GLOBAL INC.TLB 1L                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $253130.85    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | GoTo Group Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $446459.83    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | LBM Acquisition LLC                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $557795.81    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Boca Homecare Holdings, Inc. (Equity)                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 580645    | NS      | $550300.64    | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ilpt Commercial Mortgage Trust              | ILPT Commercial Mortgage Trust 2022-LPF2                        | CUSIP: 449652AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 2000000   | PA      | $1988300.20   | 0.68%             | 2039-10-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| N/A                                         | Boca Home Care Holdings, Inc DDTL                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 4296774   | PA      | $4140371.62   | 1.42%             | 2027-02-25      | Floating      | 11.33%                | Yes           |                  3 | On Loan: No      |
| Regatta Xxii Funding Ltd.                   | Regatta XXII Funding, Ltd.                                      | CUSIP: 758969AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 7000000   | PA      | $6430582.90   | 2.21%             | 2035-07-20      | Floating      | 11.24%                | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust       | Wells Fargo Commercial Mortgage Trust 2021-FCMT                 | CUSIP: 95003EAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 4010000   | PA      | $3619328.96   | 1.24%             | 2031-05-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | ADMI Corp. 1M US L + 3.50                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $729278.70    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | ASURION LLC TLB 1L                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $559218.75    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc. | Convergint Technologies LLC, Second Lien Term Loan              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 999970    | PA      | $888303.63    | 0.31%             | 2029-03-30      | Floating      | 11.07%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Olaplex  Inc TL 1L                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $337240.58    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Garda World Security Corporation TLB 1L                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $481293.75    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | DexKo Global Inc. TL                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $158872.89    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Acrisure LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $526311.62    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Sovos Brands Intermediate Inc.                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $344837.49    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Primary Products Finance LLC                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $573461.09    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Campus Drv Lease-bckd C                     | Campus Drive Secured Lease-Backed Pass-Through Trust            | CUSIP: 13467UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3833647   | PA      | $2589245.17   | 0.89%             | 2058-06-15      | Fixed         | 6.91%                 | No            |                  3 | On Loan: No      |
| Citibank                                    | Dave & Buster's Inc. TLB 1L                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $265086.29    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | MH Sub I LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $238600.62    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Shiftkey,Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 2347059   | PA      | $2327108.85   | 0.80%             | 2027-06-21      | Floating      | 10.59%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Magenta Buyer LLC                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $691940.44    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Adeia Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $907851.56    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Charter Next Generation Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $720156.30    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Diversitech Holdings Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $276723.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Connect Finco Sarl                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | LU        | 1         | NC      | $729195.29    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Sitel Worldwide Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $671898.84    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | LSCS Holdings Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $332828.67    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Avison Young Canada Inc                     | Avison Young Canada, Inc.                                       | CUSIP: C0553HAE0<br>LEI: 549300JFJVF4I6PSM579 | Long             | LON              | CORP              | CA        | 800000    | PA      | $716000.00    | 0.25%             | 2026-01-31      | Floating      | 11.44%                | No            |                  3 | On Loan: No      |
| Citibank                                    | ELEMENT MATERIALS TECH GROUP US HOLDINGS INC. TL                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $118278.07    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Society Las Olas - PMG-Greybook Riverfront I LLC                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | PF                | US        | 10376845  | PA      | $10297981.45  | 3.54%             | 2023-10-07      | Fixed         | 1.57%                 | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Ryan Specialty Group LLC                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $195102.32    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevation Clo Ltd                           | Elevation Clo 2021-15, Ltd.                                     | CUSIP: 70469GAC5<br>LEI: 5493005VN5WX000OV470 | Long             | ABS-O            | CORP              | KY        | 87734     | PA      | $77813.00     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Ingenovis Health Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $846238.39    | 0.29%             |  |  |  | No            |                  3 | On Loan: No      |
| Baart Programs Inc                          | Baart Programs, Inc.                                            | CUSIP: 05518PAF5<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        | 2189394   | PA      | $2112765.15   | 0.73%             | 2028-06-11      | Floating      | 13.23%                | No            |                  3 | On Loan: No      |
| Citibank                                    | SINCLAIR TELEVISION GROUP INC. TLB4 1L                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $571115.91    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Midwest Physician Administrative Services LLC                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $670740.60    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Great Outdoors Group LLC TLB 1L                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1433825.18   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Red Planet Borrower LLC                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $312345.00    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Help/Systems Holdings Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $445274.60    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IENTC 1, LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        | 3760000   | PA      | $4620100.00   | 1.59%             | 2031-03-31      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Pretium PKG Holdings Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $223474.79    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Bx Trust                                    | BX Trust 2022-PSB                                               | CUSIP: 05606DAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1977126   | PA      | $1975197.47   | 0.68%             | 2039-08-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Cxp Trust                                   | CXP Trust 2022-CXP1                                             | CUSIP: 126721AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 1500000   | PA      | $1321102.95   | 0.45%             | 2026-12-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| La Quinta Mortgage Trust                    | LAQ 2022-LAQ Mortgage Trust                                     | CUSIP: 50172LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3750000   | PA      | $3628301.62   | 1.25%             | 2027-03-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies            | Carlyle US CLO 2022-4, Ltd.                                     | CUSIP: 14317EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 4250000   | PA      | $3965523.49   | 1.36%             | 2034-07-25      | Floating      | 11.34%                | No            |                  2 | On Loan: No      |
| Citibank                                    | DG Investment Intermediate Holdings 2 Inc.                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1151261.08   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Dermatology Intermediate Holdings III, Inc. 1L                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $54330.71     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | East West Manufacturing LLC TLB 1L                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $609141.38    | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Gainwell Acquisition Corp.                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $219795.26    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Virtusa Corporation TL 1L                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $288922.63    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Creative Media & Community Trust Corp       | Creative Media & Community Trust Corp.                          | CUSIP: 125525584<br>LEI: 549300X9XL9BLF80OY48 | Long             | EC               | CORP              | US        | 388344    | NS      | $1902885.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Senior Loan Fund Ltd                  | Atlas Senior Loan Fund XX, Ltd.                                 | CUSIP: 04943KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        | 4000000   | PA      | $3678149.40   | 1.26%             | 2035-10-19      | Floating      | 13.24%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Dermatology Intermediate Holdings III, Inc. TLB 1L              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $289942.62    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | McAfee Corp. TLB 1L                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $859602.53    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Boca Home Care Holdings Revolver                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 580645    | PA      | $559509.68    | 0.19%             | 2027-02-25      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Citibank                                    | CP Atlas Buyer Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $347978.20    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Honor HN Buyer, Inc. TL                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1138905   | PA      | $1122391.08   | 0.39%             | 2027-10-15      | Fixed         | 10.48%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Academy Ltd.                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $567830.56    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Kreg LLC, Revolver                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 190217    | PA      | $180154.89    | 0.06%             | 2026-12-20      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Advantage Sales & Marketing Inc.                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $634197.27    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Oldcastle Building Envelope Inc TLB 1L                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $474690.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Autokiniton US Holdings Inc. 12M US L + 4.50                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1051632.95   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                            | CUSIP: 30227FAL4<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        | 2928577   | PA      | $2797368.23   | 0.96%             | 2038-07-15      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Arches Buyer Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $554952.86    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | TGP Holdings III LLC                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $34015.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Acquisition LP                       | Energy Acquisition LP                                           | CUSIP: 29279EAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        | 1097499   | PA      | $886230.53    | 0.30%             | 2026-06-26      | Floating      | 12.88%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies            | Carlyle US CLO 2022-6, Ltd.                                     | CUSIP: 14317NAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 2000000   | PA      | $1928639.90   | 0.66%             | 2034-10-25      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1nyp          | One New York Plaza Trust 2020-1NYP                              | CUSIP: 68249DAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3000000   | PA      | $2892845.70   | 0.99%             | 2036-11-05      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| N/A                                         | 4901 W Jefferson Blvd - Los Angeles, CA                         | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $3510165.01   | 1.21%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Rumbleon, INC. TL                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1732500   | PA      | $1573110.00   | 0.54%             | 2026-08-31      | Floating      | 12.98%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Rough Country LLC 1L                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1190517.03   | 0.41%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Aegion Corp.                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $407297.57    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | BCPE North Star US Holdco 2, Inc. 2L TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 833333    | PA      | $758333.33    | 0.26%             | 2029-06-08      | Floating      | 11.98%                | No            |                  3 | On Loan: No      |
| Cxp Trust                                   | CXP Trust 2022-CXP1                                             | CUSIP: 126721AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 4500000   | PA      | $4041969.30   | 1.39%             | 2026-12-15      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Athletico Physical Therapy TLB                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $743024.15    | 0.26%             |  |  |  | No            |                  3 | On Loan: No      |
| Regatta Ii Funding Lp                       | Regatta Funding LP 2013-2A                                      | CUSIP: 75885XAG4<br>LEI: 549300K4VRY4OIWYX443 | Long             | ABS-CBDO         | CORP              | KY        | 400000    | PA      | $352519.24    | 0.12%             | 2029-01-15      | Floating      | 11.03%                | No            |                  2 | On Loan: No      |
| N/A                                         | Anchorage Capital CLO 26, LTD., Warehouse                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        | 1593750   | PA      | $1593750.00   | 0.55%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | McGraw-Hill Education Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $891927.10    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1nyp          | One New York Plaza Trust 2020-1NYP                              | CUSIP: 68249DAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 3710000   | PA      | $3536159.79   | 1.21%             | 2036-01-15      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Citibank                                    | Madison IAQ LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $604962.49    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Honor HN Buyer, Inc. Revolver                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 132013    | PA      | $130099.01    | 0.04%             | 2027-10-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Hispanic Food Holdings                      | Tony's Fresh Market / Cardenas Markets                          | CUSIP: 14141NAB6<br>LEI: 5493001410BFYZKO7E93 | Long             | LON              | CORP              | US        | 2000000   | PA      | $1975000.00   | 0.68%             | 2029-08-01      | Floating      | 6.75%                 | No            |                  3 | On Loan: No      |
| Monroe Capital Mml Clo X Llc                | Monroe Capital Mml Clo X, Ltd.                                  | CUSIP: 61034UAL9<br>LEI: 254900N1X9F88IDW7908 | Long             | ABS-CBDO         | CORP              | US        | 3500000   | PA      | $3027304.35   | 1.04%             | 2034-05-20      | Floating      | 13.03%                | No            |                  2 | On Loan: No      |
| Citibank                                    | AP Core Holdings II LLC                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1047809.71   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevation Clo Ltd                           | Elevation CLO 2022-16, Ltd.                                     | CUSIP: 28624BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 9100000   | PA      | $8596458.33   | 2.95%             | 2034-07-25      | Floating      | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                                         | 4707 W Jefferson Blvd                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $3055445.55   | 1.05%             |  |  |  | No            |                  3 | On Loan: No      |
| First American Treasury Obliga              | First American Treasury Obligations Fund                        | CUSIP: 31846V542<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        | 25284473  | NS      | $25284473.19  | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank                                    | Balrog Acquisition Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $478107.10    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | CORGI BIDCO INC.TL 1L                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $751600.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Pennantpark Clo                             | PennantPark CLO III, Ltd.                                       | CUSIP: 70806KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 3000000   | PA      | $2674350.15   | 0.92%             | 2032-10-22      | Floating      | 12.46%                | No            |                  2 | On Loan: No      |
| N/A                                         | Bengal Debt Merger SUB, LLC TL 1L                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 500000    | PA      | $404140.00    | 0.14%             | 2030-01-24      | Floating      | 10.68%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Garda World Security Corp.                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | CA        | 1         | NC      | $578079.81    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | DIRECTV Financing LLC                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $983995.64    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital Funding Mortgage Trust              | Capital Funding Mortgage Trust 2021-21                          | CUSIP: 14021CAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 500000    | PA      | $490100.00    | 0.17%             | 2023-11-15      | Floating      | 13.25%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Amentum Government Services Holdings LLC TLB 1L                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $343917.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Allen Media LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1255338.00   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Teneo Holdings LLC                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $763924.28    | 0.26%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | Sora Multifamily Residential Property                           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $16105087.25  | 5.53%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | Scientific Games Holdings LP TLB 1L                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $434588.65    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Society Las Olas 301 S 1st Avenue Holdings LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | PF                | US        | 5231984   | PA      | $5192221.26   | 1.78%             | 2023-09-23      | Fixed         | 6.82%                 | Yes           |                  3 | On Loan: No      |
| N/A                                         | AIDC INTERMEDIATE CO 2, LLC, Term Loan                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 2500000   | PA      | $2428500.00   | 0.83%             | 2027-07-22      | Floating      | 10.44%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Specialty Building Products Holdings LLC                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $449618.11    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Cfip Clo Ltd                                | CFIP CLO 2017-1, Ltd.                                           | CUSIP: 12528HAG5<br>LEI: 635400N9HTJKJSK1AS88 | Long             | ABS-CBDO         | CORP              | KY        | 5285000   | PA      | $4240981.81   | 1.46%             | 2034-10-18      | Floating      | 11.49%                | No            |                  2 | On Loan: No      |
| Citibank                                    | KKR Apple Bidco LLC                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $237475.87    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| Redstone HoldCo 2 LP                        | Redstone HoldCo 2 LP                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 800000    | PA      | $405504.00    | 0.14%             | 2029-04-27      | Floating      | 12.11%                | No            |                  3 | On Loan: No      |
| Citibank                                    | TruGreen LP                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $139889.57    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | CHG Healthcare Services Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $342594.76    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SS Acquisition LLC, Delayed Draw Term Loan                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1800000   | PA      | $1767960.00   | 0.61%             | 2026-12-30      | Floating      | 11.84%                | Yes           |                  3 | On Loan: No      |
| MedMark Services, Inc.                      | MedMark Services, Inc.                                          | CUSIP: 05518PAE8<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        | 378788    | PA      | $365530.30    | 0.13%             | 2028-06-11      | Floating      | 13.23%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Aramark Intermediate HoldCo Corp.                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $199344.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | One GI Intermediate LLC, Revolver Upsize                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 333333    | PA      | $312533.33    | 0.11%             | 2025-12-22      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Ivy Hill Middle Market Credit Fund Ltd      | Ivy Hill Middle Market Credit Fund XVIII, Ltd.                  | CUSIP: 46600QAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 2000000   | PA      | $1695618.50   | 0.58%             | 2033-04-22      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| Citibank                                    | Anesthesia Partners Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $898325.60    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | Astro One Acquisition Corporation                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1000000   | PA      | $765000.00    | 0.26%             | 2029-09-14      | Floating      | 13.23%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Quest Borrower Limited TL 1L                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $774000.15    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro Clo Ltd                             | Allegro CLO XII, Ltd.                                           | CUSIP: 01750UAA1<br>LEI: 254900E0ZQX4DLP7HF87 | Long             | ABS-CBDO         | CORP              | KY        | 1000000   | PA      | $919714.50    | 0.32%             | 2032-01-21      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| Citibank                                    | CoreLogic Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $414718.43    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Naked Juice LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $897056.74    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Bausch Health Companies Inc. 1L TLB                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $586882.56    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | 3816-3822 W Jefferson Blvd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $4906895.56   | 1.69%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank                                    | City Brewing Company LLC                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $98725.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lcm Ltd Partnership                         | LCM 31, Ltd.                                                    | CUSIP: 50200UAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 1250000   | PA      | $1107696.25   | 0.38%             | 2032-01-20      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| N/A                                         | Idera, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 2000000   | PA      | $1660000.00   | 0.57%             | 2029-03-02      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| Citibank                                    | Watlow Electric Manufacturing Co.                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $1009283.94   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | SS Acquisition LLC, Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 3000000   | PA      | $2946600.00   | 1.01%             | 2026-12-30      | Floating      | 11.10%                | Yes           |                  3 | On Loan: No      |
| Citibank                                    | Sunshine Software Merger Sub Inc.                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $620990.98    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Ring Container Technologies Group LLC                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $386108.33    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Compass Power Generation LLC                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $459958.88    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank                                    | Tony's Fresh Market / Cardenas Markets                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        | 1         | NC      | $987500.00    | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                         | EPIC Dallas                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $22599827.06  | 7.76%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** CIM Real Assets & Credit Fund

**Signature:** Barry Berlin

**Name of Signer:** Barry Berlin

**Title:** Chief Financial Officer