NPORT-EX 2 nportex_cim.htm CIM REAL ASSETS_NQ
CIM Real Assets & Credit Fund        Consolidated Schedule of Investments 
            June 30, 2025  (Unaudited)
             
Shares            Fair Value 
    Common Stock - 6.56%        
    Private - 6.56%  (a),(c)         
199   Avison Young Common Equity (e)        $                                  -   
288,507   Avison Young Preferred Equity  (12.50% PIK) (m),(o)                                            -   
583,271   Boca Homecare Holdings, Inc. (Equity) (b),(e)                                 315,644
155,086   CGA Holdings, Inc., Class A (b)                                 162,371
213   IENTC 1, LLC (d),(e)                            16,732,000
                                 17,210,015
             
    Real Estate Investment Trust - 0.00% (r)        
1,584   Creative Media & Community Trust Corp. (f)                                    12,735
             
    Total Common Stock (Cost $7,642,642)                            17,222,750
             
Principal Amount ($)     Spread Coupon Rate (%) Maturity Date  
    Bank Loans - 15.68%        
    Commercial Services & Supplies - 0.52%        
329,977   RumbleON, Inc. Delay Draw Term Loan (a),(b),(c),(g),(o),(p) 3M SOFR + CSA + 8.250% (7.25% Cash, 1.00% PIK) 12.802 8/31/2026                           314,138
1,093,413   RumbleON, Inc. Term Loan (a),(b),(c),(g),(o),(p) 3M SOFR + CSA + 8.250% (7.25% Cash, 1.00% PIK) 12.802 8/31/2026                        1,040,929
                                   1,355,067
    Electrical Equipment - 0.08%        
800,000   Redstone HoldCo 2 LP, Second Lien Initial Term Loan (a),(g),(m),(p) 3M SOFR + CSA + 7.750%                   -    4/27/2029                           209,000
             
    Energy Equipment & Services - 1.03%        
2,896,763   Exponential Power, Inc., Term Loan (a),(b),(c),(g),(o),(p) 3M SOFR + CSA + 7.750% (6.75% Cash, 1.00% PIK) 12.311 5/12/2026                        2,696,887
             
    Food & Beverage - 0.38%        
833,333   BCPE North Star US Holdco 2, Inc. 2L Term Loan (g),(p) 1M SOFR + CSA + 7.250% 11.688 6/8/2029                           819,446
70,000   Naked Juice LLC Second Out Term Loan (g),(p) 3M SOFR + CSA + 3.250% 7.558 1/24/2029                              56,000
280,000   Naked Juice LLC Third Out Term Loan (First Lien) (a),(g),(m),(o)   3M SOFR + 6.000% (5.00% PIK, 1.00% Cash)                   -    1/24/2030                           135,100
                                   1,010,546
             
    Health Care Equipment & Supplies - 0.83%        
163,043   Kreg LLC, Revolver (a),(b),(c),(g),(h),(p) 3M SOFR + CSA + 6.250% 10.699 12/20/2026                           156,195
2,124,258   Kreg LLC, Term Loan (a),(b),(c),(g),(o),(p) 3M SOFR + CSA + 6.750% (6.25% Cash, 0.50% PIK) 11.199 12/20/2026                        2,035,039
                                   2,191,234
    Health Care Providers & Services - 8.15%        
580,645   Boca Home Care Holdings Revolver (a),(b),(c),(g),(h) 1M SOFR + 6.500% 1.000 2/25/2027                           580,645
4,154,879   Boca Home Care Holdings, Inc Delayed Draw Term Loan (a),(b),(c),(g),(p) 3M SOFR + CSA + 6.500% 11.030 2/25/2027                        4,154,879
285,714   CVAUSA Management, LLC, Revolver (a),(b),(c),(g),(h) 3M SOFR + 6.500% 0.500 5/22/2028                           285,714
3,669,043   CVAUSA Management, LLC, Term Loan (a),(b),(c),(g) 1M SOFR + 5.250% 9.572 5/22/2029                        3,702,065
702,103   Honor HN Buyer, Inc. Delayed Draw Term Loan 1 (a),(b),(c),(g),(p) 3M SOFR + CSA + 5.750% 10.229 10/15/2027                           702,103
781,154   Honor HN Buyer, Inc. Delayed Draw Term Loan 2 (a),(b),(c),(g),(p) 3M SOFR + CSA + 5.750% 10.229 10/15/2027                           781,154
132,013   Honor HN Buyer, Inc. Revolver (a),(b),(c),(g),(h) Prime + 4.750% 12.250 10/15/2027                           132,013
1,110,217   Honor HN Buyer, Inc. Term Loan (a),(b),(c),(g),(p) 3M SOFR + CSA + 5.750% 10.229 10/15/2027                        1,110,217
1,026,443   MedMark Services, Inc., Delayed Draw Term Loan (a),(c),(g),(m),(p) 3M SOFR + CSA + 8.500%                   -    6/11/2028                           901,217
378,788   MedMark Services, Inc., Second Lien Term Loan (a),(c),(g),(m),(p) 3M SOFR + CSA + 8.500%                   -    6/11/2028                           332,576
246,809   MEDRINA, LLC Delayed Draw Term Loan (a),(b),(c),(g) 6M SOFR + 6.000% 10.254 10/20/2029                           249,277
212,766   MEDRINA, LLC Revolver (a),(b),(c),(g),(h) 3M SOFR + 6.000% 0.500 10/20/2029                           212,766
1,470,745   MEDRINA, LLC Term Loan (a),(b),(c),(g) 6M SOFR + 6.000% 10.125 10/20/2029                        1,485,452
333,333   One GI Intermediate LLC, Revolver Upsize (a),(b),(c),(g),(p) 1M SOFR + CSA + 6.750% 11.173 12/22/2025                           314,667
1,693,125   One GI Intermediate LLC, Tranche B Delayed Draw Term Loan (a),(b),(c),(g),(p) 1M SOFR + CSA + 6.750% 11.174 12/22/2025                        1,598,310
892,344   One GI Intermediate LLC, Tranche C Delayed Draw Term Loan (a),(b),(c),(g),(p) 1M SOFR + CSA + 6.750% 11.174 12/22/2025                           842,373
3,992,654   Spectrum Vision Holdings, LLC, Fifteenth Amendment Term Loan (a),(b),(c),(g),(p)  3M SOFR + CSA + 6.500% 11.061 11/17/2025                        3,992,653
                                 21,378,081
             
    Professional Services - 2.51%        
3,758,003   24 Seven, Inc., Term Loan (a),(b),(c),(g),(p) 1M SOFR + CSA + 7.125% 11.541 11/16/2027                        3,758,003
331,031   24 Seven Holdco, LLC 2023 Incremental Term Loan (a),(b),(c),(g),(p) 1M SOFR + CSA + 7.125% 11.541 11/16/2027                           331,031
2,443,750   AIDC Intermediate Co. 2, LLC, Term Loan (a),(b),(c),(g) 1M SOFR + 5.500% 9.824 7/22/2027                        2,441,306
57,157   AIDC Intermediate Co. 2, Incremental Term Loan (a),(b),(c),(g) 1M SOFR + 5.500% 9.824 7/22/2027                              57,100
                                   6,587,440
             
             

 

 
 

 

CIM Real Assets & Credit Fund        Consolidated Schedule of Investments 
            June 30, 2025 (Unaudited) (Continued)  
             
Principal Amount ($)     Spread Coupon Rate (%) Maturity Date  Fair Value 
    Bank Loans - 15.68% (Continued)        
    Real Estate Related Services - 0.08%        
267,450   Avison Young Canada, Inc., 2nd PIK Term Loan (a),(g),(o),(p) 3M SOFR + CSA + 8.000% (6.50% PIK, 1.50% Cash) 12.586 3/12/2029  $                       205,208
84,383   Avison Young Canada, Inc., 3rd PIK Lien Term Loan (a),(g),(m),(o),(p) 3M SOFR + CSA + 8.000% (6.50% PIK, 1.50% Cash)                   -    3/12/2029                              11,920
                                      217,128
    Software - 2.10%        
3,421,645   EOS-Metasource Intermediate, Inc., Term Loan (a),(b),(c),(g),(o),(p) 3M SOFR + CSA + 6.750% (6.25% Cash, 0.50% PIK)          11.340 5/17/2027                        3,230,032
147,059   Shiftkey, Revolver (a),(b),(c),(g),(h) 3M SOFR + 5.750% 0.500 6/21/2027                           137,941
2,278,523   Shiftkey, Term Loan (a),(b),(c),(g),(p) 3M SOFR + CSA + 5.750% 10.340 6/21/2027                        2,137,255
                                   5,505,228
             
    Total Bank Loans (Cost $42,789,241)                            41,150,611
             
    Collateralized Loan Obligations - Debt - 22.46% (c),(g),(i)        
1,000,000   Allegro CLO Ltd., 2020-1A, Class ER 3M SOFR + 7.400% 11.669 7/21/2037                        1,004,716
3,000,000   Atlas Senior Loan Fund Ltd., 2022-20A, Class ER 3M SOFR + 8.100% 12.369 10/19/2037                        3,022,916
2,000,000   Atlas Senior Loan Fund Ltd., 2024-23A, Class E 3M SOFR + 7.130% 11.399 7/20/2037                        2,009,751
2,450,000   Bardin Hill CLO Ltd., 2021 2A, Class E 3M SOFR + 7.960% 12.243 10/25/2034                        2,453,675
1,000,000   Barings Middle Market CLO, Ltd. 2021-I, Class D (p) 3M SOFR + CSA + 8.650% 13.181 7/20/2033                        1,014,563
2,000,000   Birch Grove CLO Ltd., 2019A, Class ERR 3M SOFR + 6.940% 11.220 7/17/2037                        1,980,000
1,003,974   Brightwood Capital MM CLO Ltd., 2023-1A, Class E (b) 3M SOFR + 10.360% 14.616 10/15/2035                        1,021,990
4,250,000   Carlyle Global Market Strategies, 2022-4A, Class ER 3M SOFR + 6.750% 11.032 7/25/2036                        4,356,771
2,000,000   Carlyle Global Market Strategies 2022-6A, Class ER  3M SOFR + 7.900% 12.182 10/25/2036                        2,026,894
5,285,000   CFIP CLO Ltd., 2017-1A, Class ER (p) 3M SOFR + CSA + 7.300% 11.831 10/18/2034                        5,182,802
9,100,000   Elevation CLO Ltd., 2022-16, Class E  3M SOFR + 8.300% 12.582 7/25/2034                        9,118,742
500,000   Flatiron CLO Ltd., 2020-1A, Class ER  3M SOFR + 6.400% 10.722 5/20/2036                           500,914
3,000,000   Gallatin Funding Ltd 2024-1A, Class E  3M SOFR + 8.000% 12.269 10/20/2037                        3,029,424
2,000,000   Harvest US CLO Ltd 2024-2A, Class E  3M SOFR + 6.900% 11.156 10/15/2037                        2,042,211
1,250,000   LCM Ltd Partnership, 31A, Class ER  3M SOFR + 7.250% 11.519 7/20/2034                        1,161,517
5,500,000   LCM Ltd. Partnership 38A, Class E  3M SOFR + 7.730% 11.986 10/15/2036                        5,401,874
2,500,000   MCF CLO LLC, 2017-3A, Class ER (p) 3M SOFR + CSA + 9.150% 13.681 7/20/2033                        2,537,979
2,250,000   Northwoods Capital Ltd. 2021-25A, Class E (p) 3M SOFR + CSA + 7.140% 11.671 7/20/2034                        2,204,216
3,000,000   PennantPark CLO 2021-3A, Class E (p) 3M SOFR + CSA + 8.140% 12.674 10/22/2032                        3,039,024
2,000,000   PPM CLO Ltd. ,2022-6AR, Class ER  3M SOFR + 8.960% 13.232 1/20/2037                        2,021,914
2,000,000   Saratoga Investment Corp. CLO Ltd., 2013-1, Class F1R3 (p) 3M SOFR + CSA + 10.000% 14.531 4/20/2033                        1,260,718
3,000,000   Venture CDO, Ltd., 2022-45A, Class E (b) 3M SOFR + 7.700% 11.972 7/20/2035                        2,540,414
    Total Collateralized Loan Obligations - Debt (Cost $59,063,819)                            58,933,025
             
    Collateralized Loan Obligations - Equity - 9.93% (a),(b),(c),(i),(j)        
4,681,654   Allegro CLO Ltd., 2022-1A, Class SUB    17.700 4/20/2038                        2,952,971
3,329,823   Allegro CLO Ltd., 2025-2A, Class SUB   14.546 7/25/2038                        2,500,000
2,980,000   Apex Credit CLO LLC 2021-1A, Class SUB    12.902 7/18/2034                        1,587,700
3,000,000   Atlas Senior Loan Fund  Ltd., 2021-17A, Class SUB   15.260 10/20/2034                        1,548,891
2,585,233   Brightwood Capital MM CLO Ltd., 2023-1A,  Class Sub1    11.045 10/15/2035                        2,016,696
5,500,000   Dryden Senior Loan Fund  2022-98A, Class SUB    8.438 4/20/2035                        2,844,947
3,837,734   Elevation CLO Ltd., 2018-3A, Class SUB    3.128 1/25/2035                        1,128,419
4,396,000   Empower CLO Ltd., 2024-1A  Class SUB    11.645 4/25/2037                        2,597,089
7,650,000   Empower CLO Ltd., 2024-2A, Class SUB    13.219 7/15/2037                        5,146,211
250,000   LCM Ltd. Partnership 2031A,  Class INC    4.827 7/20/2034                              84,428
2,750,000   Marble Point CLO XXI, Ltd., 2021-3A, Class INC    4.130 10/17/2034                        1,051,134
6,535,115   Steele Creek CLO Ltd., 2022-1, Class SUB    10.658 4/15/2038                        2,427,709
2,300,000   Trinitas CLO Ltd., 2018-8A, Class SUB (q)                     -    7/20/2117                           160,067
    Total Collateralized Loan Obligations - Equity (Cost $35,613,969)                            26,046,262
             

 

 
 

 

CIM Real Assets & Credit Fund        Consolidated Schedule of Investments 
            June 30, 2025 (Unaudited) (Continued)  
             
Principal Amount ($)     Spread Coupon Rate (%) Maturity Date  Fair Value 
    Commercial Mortgage-Backed Securities - 21.26% (i)        
3,000,000   Atrium Hotel Portfolio Trust Class D (n)   7.679 10/10/2039  $                    3,048,283
1,400,000   BX Trust 2022-PSB, Class E (g),(n) 1M SOFR + 6.337% 10.649 8/15/2039                        1,401,667
2,800,000   BX Trust 2022-PSB, Class F (g),(n) 1M SOFR + 7.333% 11.645 8/15/2039                        2,803,089
3,000,000   BXSC Commercial Mortgage Trust 2022-WSS, Class F (g),(n) 1M SOFR + 5.329% 9.641 3/15/2035                        3,019,810
4,148,028   Campus Drive Secured Lease-Backed Pass-Though Trust, Series C (a)   6.912 6/15/2058                        2,510,034
4,500,000   CXP Trust 2022-CXP1, Class E (a),(m)                     -    12/15/2038                           284,850
1,500,000   CXP Trust 2022-CXP1, Class F (a),(m)                     -    12/15/2038                                      -   
8,466,759   Extended Stay America Trust 2021-ESH, Class F (g),(n),(p) 1M SOFR + CSA + 3.700% 8.126 7/15/2038                        8,450,814
2,500,000   HTL Commercial Mortgage Trust 2024-T53, Class D (n)   8.198 5/10/2039                        2,583,361
4,034,600   ILPT Commercial Mortgage Trust 2022-LPF2, Class E (g),(n) 1M SOFR + 5.940% 10.252 10/15/2039                        4,027,410
3,750,000   La Quinta Mortgage Trust 2023-LAQ, Class D (g),(n) 1M SOFR + 4.188% 8.500 3/15/2036                        3,744,317
3,000,000   MCR Mortgage Trust 2024-HF1, Class E (g),(n) 1M SOFR + 4.190% 8.502 12/15/2041                        2,983,910
3,710,000   One New York Plaza Trust 2020-1NYP, Class B (g),(n) 1M SOFR + 1.500% 5.926 1/15/2036                        3,552,991
1,811,000   TWO VA Repack Trust B2, Class B2 (a),(e),(k)                     -    11/15/2033                           783,996
161,507   VA Gilbert AZ Subordinated Note Lease-Backed Pass -Through Trust (a)   12.997 3/15/2034                           188,330
4,010,000   Wells Fargo Commercial Mortgage Trust 2021-FCMT, Class D (g),(n),(p) 1M SOFR + CSA + 3.500% 7.926 5/15/2031                        3,960,437
1,000,000   Wells Fargo Commercial Mortgage Trust 2021-FCMT, Class F (g),(n),(p) 1M SOFR + CSA + 5.900% 10.326 5/15/2031                           961,277
7,500,000   WMRK Commercial Mortgage Trust 2022-WMRK, Class E (g),(n) 1M SOFR + 5.676% 9.988 11/15/2035                        7,496,229
4,000,000   WCORE Commercial Mortgage Trust 2024-CORE, Class E (g),(n) 1M SOFR + 3.939% 8.251 11/15/2041                        3,996,081
    Total Commercial Mortgage-Backed Securities (Cost $61,898,125)                            55,796,886
             
Cost Basis ($)            
    Direct Real Estate - 33.39% (a)        
6,028,003   1902 Park Avenue (d)                              5,832,277
5,107,443   3816-3822 W Jefferson Blvd                              3,745,622
4,590,582   4707 W Jefferson Blvd                              3,341,735
5,058,174   4901 W Jefferson Blvd                              4,893,380
21,714,997   Del Mar Terrace (d)                            11,475,686
13,701,343   EPIC (d)                            12,257,446
11,380,384   127, 165 & 171 S. La Brea                            14,265,609
4,620,782   101 N. & 145 S. La Brea                              5,798,795
31,247,664   Sora                            21,228,814
5,151,761   Vale at the Parks (d)                              4,767,509
    Total Direct Real Estate (Cost $108,601,133)                            87,606,873
             
Principal Amount ($)            
    Real Estate-Related Loans and Securities - 5.83% (a),(c),(d),(g)        
10,181,371   Society Las Olas - PMG Greybook Riverfront I LLC 1M SOFR + 1.470% 5.781 10/7/2025                      10,160,031
5,151,984   Society Las Olas 301 - S 1st Avenue Holdings LLC 1M SOFR + 6.823% 11.135 10/7/2025                        5,141,186
    Total Real Estate-Related Loans and Securities (Cost $15,330,414)                            15,301,217

 

 

 
 

 

CIM Real Assets & Credit Fund        Consolidated Schedule of Investments 
            June 30, 2025 (Unaudited) (Continued)  
             
Shares     Expiration Date Strike Price    Fair Value 
    Warrant — 0.00% (r)        
    Commercial Services & Supplies - 0.00%        
7,576   RumbleON, Inc. (a),(b),(c),(e) 8/14/2028 $33.00    $                            1,866
    Total Warrant (Cost $83,469)        
             
    Short-Term Investments - 4.00%        
    Money Market Funds - 4.00%         
9,136,835   First American Treasury Obligations Fund, Class Z, 4.03% (l)                              9,136,835
1,357,972   Fidelity Treasury Portfolio, Class I, 4.18% (l)                              1,357,972
    Total Short-Term Investments  (Cost $10,494,807)                            10,494,807
             
             
    Total Investments - 119.11% (Cost $341,517,619)        $               312,554,297
    Liabilities in Excess of Other Assets - (19.11%)                          (50,154,872)
    Net Assets 100.00%        $               262,399,425
             
             
(a) 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”), and as such, is categorized as Level 3 on the Fair Value Hierarchy.
(b) A co-investment with an affiliate, completed under an order for exemptive relief granted by the U.S. Securities and Exchange Commission ("SEC") on August 4, 2020, that is advised by the OFS Adviser.
(c) Restricted security.        
(d) A co-investment with an affiliate, completed under an order for exemptive relief granted by the SEC on August 4, 2020, that is advised by the CIM Sub-Adviser.
(e) Non-income producing security.        
(f) Investment in affiliate.        
(g) Variable or floating rate security.  The rate in effect as of June 30, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.
(h) This Investment or portion thereof was not funded as of June 30, 2025. The Fund had $1,396,044 at par value in unfunded commitments as of June 30, 2025.
(i) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"). The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of June 30, 2025, the total market value of 144A securities is $140,776,173 or 53.65% of net assets.
(j) Collateralized loan obligation ("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.
(k) Zero coupon bond.        
(l) Rate disclosed is the seven day effective yield as of June 30, 2025.
(m) Investment was on non-accrual status as of June 30, 2025. Interest payments subsequently received on non-accrual investments, if any, will be recognized as income when received or applied to cost depending upon management’s judgment.
(n) All or a portion of the security is pledged as collateral for open reverse repurchase agreements.
(o) Payment-in-kind ("PIK") security for which interest is paid in cash or additional principal.
(p) Security has a credit spread adjustment ("CSA") to account for the difference between London Interbank Offered Rate ("LIBOR") and SOFR.
(q) As of June 30, 2025, the effective accretable yield has been estimated to be 0%, as the aggregate amount of projected distributions, including projected distributions related to liquidations of the underlying portfolio upon the security's anticipated redemption, is equal to or less than current amortized cost. Projected distributions are monitored and re-evaluated quarterly. All actual distributions received will be recognized as reductions to amortized cost until such time, if and when occurring, a future aggregate amount of then-projected distributions exceeds the security's then-current amortized cost, at which point the Company would resume recognizing income based on the updated effective accretable yield.

(r)		 Percentage rounds to less than 0.01%.        

 

 

 
 

 

 

CIM Real Assets & Credit Fund          Consolidated Schedule of Investments 
            June 30, 2025  (Unaudited)
             
             
Reverse Repurchase Agreement            
Counterparty Interest Rate Trade Date Maturity Date Collateral Fair Value Principal Amount Value
JP Morgan 1M SOFR + 1.35% 6/20/2025 7/15/2025  $          1,401,667  $            1,055,000  $             1,055,000
JP Morgan 1M SOFR + 1.15% 6/20/2025 7/18/2025              3,048,283                2,556,000                 2,556,000
JP Morgan 1M SOFR + 1.40% 6/20/2025 7/15/2025              2,803,089                1,970,000                 1,970,000
JP Morgan 1M SOFR + 1.35% 6/20/2025 7/15/2025              4,027,410                3,018,000                 3,018,000
JP Morgan 1M SOFR + 1.10% 6/20/2025 7/18/2025              3,960,437                2,998,000                 2,998,000
JP Morgan 1M SOFR + 1.35% 6/20/2025 7/18/2025                 961,277                    613,000                     613,000
JP Morgan 1M SOFR + 1.25% 6/20/2025 7/18/2025              7,496,229                5,243,000                 5,243,000
JP Morgan 1M SOFR + 1.30% 6/20/2025 7/18/2025              3,996,081                2,993,000                 2,993,000
JP Morgan 1M SOFR + 1.35% 6/20/2025 7/18/2025              2,983,910                2,235,000                 2,235,000
JP Morgan 1M SOFR + 1.40% 6/20/2025 7/18/2025              3,019,810                2,095,000                 2,095,000
JP Morgan 1M SOFR + 1.40% 6/20/2025 7/18/2025              8,450,814                6,334,000                 6,334,000
JP Morgan 1M SOFR + 1.15% 6/20/2025 7/18/2025              2,583,361                2,030,000                 2,030,000
JP Morgan 1M SOFR + 1.15% 6/20/2025 7/18/2025              3,744,317                3,156,000                 3,156,000
JP Morgan 1M SOFR + 1.05% 6/20/2025 7/18/2025              3,552,991                3,015,000                 3,015,000
             
             
Total Reverse Repurchase Agreements          $           39,311,000
             
             
Reference Rate:            
1M SOFR - 1 Month SOFR as of June 30, 2025 was 4.32229%.

 

 
 

  

CIM Real Assets & Credit Fund       Consolidated Schedule of Investments
        June 30, 2025 (Unaudited)
Restricted Securities        
         
Issuer Description Acquisition Date  Cost  Fair Value  Fair Value as a Percentage of Net Assets
24 Seven Holdco, LLC 2023 Incremental Term Loan 3/1/2023  $                 324,150  $                 331,031 0.13%
24 Seven, Inc., Term Loan 1/28/2022                  3,739,453                  3,758,003 1.43%
AIDC Intermediate Co. 2, LLC, Term Loan 7/22/2022                  2,420,977                  2,441,306 0.93%
AIDC Intermediate Co. 2, Incremental Term Loan 7/31/2023                       56,392                       57,100 0.02%
Allegro CLO Ltd., 2020-1A, Class ER 7/12/2024                  1,000,000                  1,004,716 0.38%
Allegro CLO Ltd., 2022-1A, Class SUB 4/29/2022                  3,046,312                  2,952,971 1.13%
Allegro CLO Ltd., 2025-2A SUB 5/8/2025                  2,512,952                  2,500,000 0.95%
Apex Credit CLO LLC 2021-1A, Class SUB 5/28/2021                  2,060,839                  1,587,700 0.61%
Atlas Senior Loan Fund  Ltd., 2021-17A, Class SUB 9/20/2021                  2,133,717                  1,548,891 0.59%
Atlas Senior Loan Fund Ltd., 2022-20A, Class ER 9/25/2024                  2,914,745                  3,022,916 1.15%
Atlas Senior Loan Fund Ltd., 2024-23A, Class E 5/31/2024                  1,959,245                  2,009,751 0.77%
Avison Young Common Equity 3/12/2024                     212,208                                -    0.00%
Avison Young Preferred Equity (12.50% PIK) 3/12/2024                     213,549                                -    0.00%
Bardin Hill CLO Ltd., 2021 2A, Class E 6/4/2024                  2,450,000                  2,453,675 0.93%
Barings Middle Market CLO, Ltd. 2021-I, Class D 6/30/2021                     992,631                  1,014,563 0.39%
Birch Grove CLO Ltd., 2019A, Class ERR 4/23/2024                  1,983,077                  1,980,000 0.75%
Boca Home Care Holdings Revolver 2/25/2022                     574,839                     580,645 0.22%
Boca Home Care Holdings, Inc Delayed Draw Term Loan 2/25/2022                  4,127,645                  4,154,879 1.58%
Boca Homecare Holdings, Inc. (Equity) 2/25/2022                     583,271                     315,644 0.12%
Brightwood Capital MM CLO Ltd., 2023-1A, Class E 9/8/2023                     933,899                  1,021,990 0.39%
Brightwood Capital MM CLO Ltd., 2023-1A,  Class Sub1 9/8/2023                  2,349,608                  2,016,696 0.77%
Carlyle Global Market Strategies 2022-6A, Class ER 10/10/2023                  1,966,228                  2,026,894 0.77%
Carlyle Global Market Strategies, 2022-4A, Class ER 7/12/2024                  4,250,000                  4,356,771 1.66%
CFIP CLO Ltd., 2017-1A, Class ER 4/8/2022                  5,120,128                  5,182,802 1.98%
CGA Holdings, Inc., Class A 3/3/2023                     155,086                     162,371 0.06%
CVAUSA Management, LLC, Revolver 5/22/2023                     285,714                     285,714 0.11%
CVAUSA Management, LLC, Term Loan 5/22/2023                  3,636,215                  3,702,065 1.41%
Dryden Senior Loan Fund  2022-98A, Class SUB  2/3/2022                  4,128,916                  2,844,947 1.08%
Elevation CLO Ltd., 2018-3A, Class SUB 12/6/2021                  2,408,896                  1,128,419 0.43%
Elevation CLO Ltd., 2022-16, Class E 6/2/2022                  8,880,468                  9,118,742 3.48%
Empower CLO Ltd., 2024-1A  Class SUB 2/7/2024                  3,404,519                  2,597,089 0.99%
Empower CLO Ltd., 2024-2A, Class SUB 5/24/2024                  6,504,642                  5,146,211 1.96%
EOS-Metasource Intermediate, Inc., Term Loan 5/17/2022                  3,406,368                  3,230,032 1.23%
Exponential Power, Inc., Term Loan 5/17/2023                  2,878,841                  2,696,887 1.03%
Flatiron CLO Ltd., 2020-1A, Class ER 3/25/2024                     500,000                     500,914 0.19%
Gallatin Funding Ltd 2024-1A, Class E  10/24/2024                  3,000,000                  3,029,424 1.15%
Harvest US CLO Ltd 2024-2A, Class E  8/1/2024                  2,000,000                  2,042,211 0.78%
Honor HN Buyer, Inc. Delayed Draw Term Loan 1 10/15/2021                     702,103                     702,103 0.27%
Honor HN Buyer, Inc. Delayed Draw Term Loan 2 3/31/2023                     781,154                     781,154 0.30%
Honor HN Buyer, Inc. Revolver 10/15/2021                     132,013                     132,013 0.05%
Honor HN Buyer, Inc. Term Loan 10/15/2021                  1,100,773                  1,110,217 0.42%
IENTC 1, LLC 3/31/2022                  3,773,812                16,732,000 6.38%
Kreg LLC, Revolver 12/20/2021                     163,043                     156,195 0.06%
Kreg LLC, Term Loan 12/20/2021                  2,118,717                  2,035,039 0.78%
LCM Ltd Partnership, 31A, Class ER  7/1/2024                  1,201,957                  1,161,517 0.44%
LCM Ltd. Partnership 2031A, Class INC 12/18/2020                     154,654                       84,428 0.03%
LCM Ltd. Partnership 38A, Class E  8/24/2023                  5,361,903                  5,401,874 2.06%
Marble Point CLO XXI, Ltd., 2021-3A, Class INC  8/24/2021                  1,901,489                  1,051,134 0.40%
MCF CLO LLC, 2017-3A, Class ER 5/26/2021                  2,486,965                  2,537,979 0.97%
MedMark Services, Inc., Delayed Draw Term Loan 9/30/2022                  1,026,443                     901,217 0.34%
MedMark Services, Inc., Second Lien Term Loan 6/10/2021                     376,047                     332,576 0.13%
MEDRINA, LLC Delayed Draw Term Loan 10/20/2023                     246,809                     249,277 0.09%
MEDRINA, LLC Revolver 10/20/2023                     207,447                     212,766 0.08%
MEDRINA, LLC Term Loan 10/20/2023                  1,441,795                  1,485,452 0.57%
Northwoods Capital Ltd. 2021-25A, Class E 6/25/2021                  2,201,661                  2,204,216 0.84%
One GI Intermediate LLC, Revolver Upsize 12/13/2021                     333,333                     314,667 0.12%
One GI Intermediate LLC, Tranche B Delayed Draw Term Loan 12/13/2021                  1,690,373                  1,598,310 0.61%
One GI Intermediate LLC, Tranche C Delayed Draw Term Loan 12/13/2021                     892,344                     842,373 0.32%

 

 
 

 

CIM Real Assets & Credit Fund       Consolidated Schedule of Investments
        June 30, 2025 (Unaudited) (Continued)
Restricted Securities        
         
Issuer Description Acquisition Date  Cost  Fair Value  Fair Value as a Percentage of Net Assets
PennantPark CLO 2021-3A, Class E 10/1/2021  $              2,962,036  $              3,039,024 1.16%
PPM CLO Ltd. ,2022-6AR, Class ER  12/1/2023                  1,946,920                  2,021,914 0.77%
RumbleON, Inc. Warrant 8/31/2021                       83,469                          1,866 0.00%
RumbleON, Inc. Delay Draw Term Loan 8/31/2021                     329,977                     314,138 0.12%
RumbleON, Inc. Term Loan 8/31/2021                  1,075,048                  1,040,929 0.40%
Saratoga Investment Corp. CLO Ltd., 2013-1, Class F1R3 8/10/2021                  1,999,319                  1,260,718 0.48%
Shiftkey, Revolver 6/21/2022                     147,059                     137,941 0.05%
Shiftkey, Term Loan 6/21/2022                  2,268,201                  2,137,255 0.81%
Society Las Olas - PMG Greybook Riverfront I LLC 9/23/2021                10,178,430                10,160,031 3.87%
Society Las Olas 301 - S 1st Avenue Holdings LLC 6/7/2022                  5,151,984                  5,141,186 1.96%
Spectrum Vision Holdings, LLC, Fifteenth Amendment Term Loan 5/2/2023                  3,990,636                  3,992,653 1.52%
Steele Creek CLO Ltd., 2022-1, Class SUB  3/1/2022                  3,927,372                  2,427,709 0.93%
Trinitas CLO Ltd., 2018-8A, Class SUB 3/4/2021                  1,080,053                     160,067 0.06%
Venture CDO, Ltd., 2022-45A, Class E 4/18/2022                  2,952,637                  2,540,414 0.97%
     $         155,503,506  $         157,206,322 59.91%

 

 
 

 

CIM Real Assets & Credit Fund             Consolidated Schedule of Investments
                  June 30, 2025 (Unaudited)
                   
TOTAL RETURN SWAP CONTRACTS (a)              Net Unrealized 
      Notional   Payment Termination      Appreciation 
Counterparty   Reference Entity/Obligation Amount Fund Pays Frequency Date  Fair Value     (Depreciation) 
Citibank, N.A.   1011778 B.C. Unlimited Liability Company, Term B-6 Loan, 1M SOFR + 1.75%  $           495,630 3M SOFR + 1.50% Monthly 9/20/2030  $          494,751    $                     (959)
Citibank, N.A.   84 Lumber Company, Term B-1 Loan, 1M SOFR + 2.25%                 27,666 3M SOFR + 1.50% Monthly 11/1/2030                27,889                            222
Citibank, N.A.   ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (First Lien), 1M SOFR + 2.25%               679,119 3M SOFR + 1.50% Monthly 12/21/2028              688,039                         7,935
Citibank, N.A.   Academy, LTD., Initial Term Loan (2021), 1M SOFR + CSA + 3.75% (b)(f)               257,978 3M SOFR + 1.50% Monthly 11/5/2027              256,880                           (339)
Citibank, N.A.   Acuren, Amendment No. 1 Term Loan, 1M SOFR + 2.75%                 30,152 3M SOFR + 1.50% Monthly 7/30/2031                30,222                              71
Citibank, N.A.   ADMI Corp., Amendment No. 5 Incremental Term Loan, 1M SOFR + CSA + 3.75% (f)               774,335 3M SOFR + 1.50% Monthly 12/23/2027              744,178                      (32,276)
Citibank, N.A.   Advantage Sales & Marketing Inc., Term B-2 Loan (First Lien), 3M SOFR + CSA + 4.25% (f)               742,353 3M SOFR + 1.50% Monthly 10/28/2027              623,450                    (118,903)
Citibank, N.A.   Agco Grain & Protein, Initial Term Loan, 3M SOFR + 5.00% (b)               191,644 3M SOFR + 1.50% Monthly 10/31/2031              193,958                         2,283
Citibank, N.A.   Ahead DB Holdings, 2024 Incremental Term Loan (First Lien), 3M SOFR + 3.00%                 76,538 3M SOFR + 1.50% Monthly 2/3/2031                77,083                            531
Citibank, N.A.   AHP Health Partners, 2024 Term B Loan, 1M SOFR + 2.75%               250,247 3M SOFR + 1.50% Monthly 8/24/2028              251,989                         1,742
Citibank, N.A.   AL GCX Holdings LLC, Initial Term Loan, 1M SOFR + 2.00%               486,607 3M SOFR + 1.50% Monthly 4/20/2029              487,356                            838
Citibank, N.A.   AL GCX VIII Holdings, Initial Term Loan, 1M SOFR + 2.00%                 68,011 3M SOFR + 1.50% Monthly 1/27/2032                68,267                            247
Citibank, N.A.   Allen Media, LLC, Initial Term Loan (2021), 3M SOFR + CSA + 5.50% (b)(f)            1,470,554 3M SOFR + 1.50% Monthly 2/10/2027              958,831                    (521,080)
Citibank, N.A.   Allied Universal, Initial U.S. Dollar Term Loan, 1M SOFR + CSA + 3.75% (f)               480,088 3M SOFR + 1.50% Monthly 5/5/2028              485,344                         4,064
Citibank, N.A.   Amawaterways, Second Amendment Incremental Term Loan, 1M SOFR + 3.00%               180,909 3M SOFR + 1.50% Monthly 5/1/2031              181,477                            550
Citibank, N.A.   AMENTUM GOVERNMENT SERVICES HOLDINGS LLC, Initial Term Loan, 1M SOFR + 2.25%               464,543 3M SOFR + 1.50% Monthly 9/29/2031              464,639                              89
Citibank, N.A.   American Airlines, Inc., Third Amendment Replacement Term Loan, 6M SOFR + 2.25%               272,250 3M SOFR + 1.50% Monthly 6/4/2029              272,869                           (155)
Citibank, N.A.   American Airlines, Inc., Tenth Amendment Extended Term Loan, 6M SOFR + 2.25%               488,482 3M SOFR + 1.50% Monthly 2/15/2028              485,906                        (2,782)
Citibank, N.A.   American Axle & Manufacturing, Inc., New Tranche B Term Loan, SOFR + 3.00% (e)               967,686 3M SOFR + 1.50% Monthly 12/6/2029              974,789                         4,177
Citibank, N.A.   AmWins Group/American Wholesale Insurance Holding Company, LLC Initial Term Loan, 1M SOFR + 2.25%               531,335 3M SOFR + 1.50% Monthly 1/28/2032              532,782                         1,411
Citibank, N.A.   Amynta Agency Borrower Inc., 2024-1 Refinancing Term Loan (First Lien), 1M SOFR + 3.00%               684,852 3M SOFR + 1.50% Monthly 12/29/2031              689,077                         4,158
Citibank, N.A.   AP Core Holdings II, LLC Term B-1 Loan (First Lien), 1M SOFR + CSA + 5.50% (f)               778,696 3M SOFR + 1.50% Monthly 9/1/2027              713,243                      (71,342)
Citibank, N.A.   Apple Bidco, LLC, Amendment No. 5 Term Loan (First Lien), 1M SOFR + 2.50%               929,274 3M SOFR + 1.50% Monthly 9/22/2031              929,779                            460
Citibank, N.A.   Arches Buyer Inc., Refinancing Term Loan, 1M SOFR + CSA + 3.25% (f)               821,284 3M SOFR + 1.50% Monthly 12/6/2027              821,589                        (3,715)
Citibank, N.A.   ARCLINE FM HLDGS, LLC, 2025 New Term Loan (First Lien), 6M SOFR + 3.50%               114,686 3M SOFR + 1.50% Monthly 6/24/2030              115,469                            779
Citibank, N.A.   Astoria Energy, LLC, Term Loan B 2025 (c)               962,903 3M SOFR + 1.50% Monthly 6/16/2032              970,365                         7,461
Citibank, N.A.   Asurion, LLC, New B-10 Term Loan (First Lien), 1M SOFR + CSA + 4.00% (f)               578,906 3M SOFR + 1.50% Monthly 8/21/2028              601,800                       10,567
Citibank, N.A.   Asurion, LLC, New B-11 Term Loan (First Lien), 1M SOFR + CSA + 4.25% (f)               361,912 3M SOFR + 1.50% Monthly 8/14/2028              370,187                         4,581
Citibank, N.A.   athenahealth Group Inc., Initial Term Loan, 1M SOFR + 2.75%               432,515 3M SOFR + 1.50% Monthly 2/15/2029              434,654                         1,269
Citibank, N.A.   Athletico Physical Therapy, Initial Term B Loan, 3M SOFR + CSA + 4.25% (f)               879,670 3M SOFR + 1.50% Monthly 2/2/2029              610,907                    (270,575)
Citibank, N.A.   Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, 1M SOFR + CSA + 4.00% (f)               638,053 3M SOFR + 1.50% Monthly 4/6/2028              617,339                      (20,665)
Citibank, N.A.   Axalta Coating Systems US Holdings, Term B-7 Dollar Loan, 3M SOFR + 1.75%               471,410 3M SOFR + 1.50% Monthly 12/20/2029              475,527                         3,932
Citibank, N.A.   Azuria Water Solutions, Inc., 2025 Replacement Term Loan, 1M SOFR + 3.00%               798,100 3M SOFR + 1.50% Monthly 5/17/2028              805,936                         7,418
Citibank, N.A.   Balcan Innovations Inc., Initial Term B Loan (First Lien), 3M SOFR + 4.75% (b)               226,452 3M SOFR + 1.50% Monthly 10/10/2031              210,710                      (15,915)
Citibank, N.A.   Balrog Acquisition, Inc., First Lien Term Loan, 1M SOFR + CSA + 4.00% (f)               302,928 3M SOFR + 1.50% Monthly 9/5/2028              297,708                        (5,938)
Citibank, N.A.   Banijay Entertainment S.A.S., Facility B3 (USD), 1M SOFR + 2.75%               320,866 3M SOFR + 1.50% Monthly 3/1/2028              324,099                         3,024
Citibank, N.A.   BCPE North Star US Holdco 2, Inc., Initial Term Loan (First Lien), 1M SOFR + CSA + 4.00% (f)               929,324 3M SOFR + 1.50% Monthly 6/9/2028              923,720                        (7,621)
Citibank, N.A.   BIP Pipco Holdings, LLC, Initial Term Loan, 3M SOFR + 2.25%               152,969 3M SOFR + 1.50% Monthly 12/5/2030              153,853                            884
Citibank, N.A.   Blackhawk Network Holdings, Inc., Additional Term B-2 Loan (First Lien), 1M SOFR + 4.00%               181,210 3M SOFR + 1.50% Monthly 3/12/2029              184,045                         2,709
Citibank, N.A.   BMC Software Finance, Inc, 2031 Replacement Dollar Term Loans, 3M SOFR + 3.00%               249,662 3M SOFR + 1.50% Monthly 7/30/2031              248,734                           (945)
Citibank, N.A.   Boost Newco Borrower, LLC USD Term B-2 Loan, 3M SOFR + 2.00%               270,863 3M SOFR + 1.50% Monthly 1/31/2031              273,066                         2,138
Citibank, N.A.   Brookfield WEC Holdings Inc., TLB (2024), 1M SOFR + 2.25%               432,581 3M SOFR + 1.50% Monthly 1/20/2031              442,545                         8,518
Citibank, N.A.   Brown Group Holding, LLC, Incremental Term B-2 Facility, 1M SOFR + 2.50%               195,036 3M SOFR + 1.50% Monthly 7/1/2031              197,465                         2,045
Citibank, N.A.   Burgess Point Purchaser Corporation, Initial Term Loan (First Lien), 3M SOFR + CSA + 5.25% (f)               199,862 3M SOFR + 1.50% Monthly 7/25/2029              180,747                      (20,534)
Citibank, N.A.   Burlington Coat Factory Term B-7 Loan, 1M SOFR + 1.75%               529,241 3M SOFR + 1.50% Monthly 9/24/2031              529,505                            129
Citibank, N.A.   Buzz Merger Sub LTD., Initial Term Loan, 1M SOFR + CSA + 2.75% (f)               490,956 3M SOFR + 1.50% Monthly 1/29/2027              490,038                           (918)
Citibank, N.A.   Canister International Group, Amendment No.5 Term Loan, 1M SOFR + 3.50%                 61,748 3M SOFR + 1.50% Monthly 3/13/2029                62,207                            423
Citibank, N.A.   Carroll County Energy LLC, Term Loan (2024), 3M SOFR + 3.25%               915,317 3M SOFR + 1.50% Monthly 6/24/2031              928,954                       12,666
Citibank, N.A.   CD&R Hydra Buyer, Inc., First Refinancing Term Loan, 1M SOFR + CSA + 4.00% (f)               438,772 3M SOFR + 1.50% Monthly 3/25/2031              433,130                        (5,702)
Citibank, N.A.   Celsius, Inc, Initial Term Loan, 3M SOFR + 3.25%               130,532 3M SOFR + 1.50% Monthly 3/21/2032              132,123                         1,575
Citibank, N.A.   Century De Buyer LLC, 2024 Term Loan, 3M SOFR + 3.50%                 98,416 3M SOFR + 1.50% Monthly 10/30/2030                99,934                         1,457
Citibank, N.A.   Charlotte Buyer, Inc.; Curo Health Services, LLC Second Refinancing Term Loan (First Lien), 1M SOFR + 4.25%               451,005 3M SOFR + 1.50% Monthly 2/11/2028              480,725                       35,977
Citibank, N.A.   Chart Industries, Inc., Amendment No. 7 Term Loan, 3M SOFR + 2.50%               173,073 3M SOFR + 1.50% Monthly 3/15/2030              177,520                         3,936
Citibank, N.A.   Charter Communications Operating, LLC, Term B-4 Loan, 3M SOFR + 2.00%               248,741 3M SOFR + 1.50% Monthly 12/2/2030              248,896                            155
Citibank, N.A.   CHG Healthcare Services, Inc. Amendment No.5 Refinancing Term Loan (First Lien), SOFR + 3.00% (e)               531,777 3M SOFR + 1.50% Monthly 9/29/2028              537,565                         5,514
Citibank, N.A.   Clarios Global LP, Amendment No. 5 Dollar Term Loan (First Lien), 1M SOFR + 2.50%               285,672 3M SOFR + 1.50% Monthly 5/6/2030              286,573                            729
Citibank, N.A.   Clydesdale Acq Holdings Inc/Flex Acquisition Company, Inc., 2025 Incremental Closing Date Term B Loan (First Lien) (c)               114,758 3M SOFR + 1.50% Monthly 3/26/2032              115,305                            546
Citibank, N.A.   Clydesdale Acq Holdings Inc/Flex Acquisition Company, Inc., 2025 Incremental Delayed Draw Term B Loan (First Lien) (c)                   2,006 3M SOFR + 1.50% Monthly 3/26/2032                  2,016                              10
Citibank, N.A.   Clydesdale Acq Holdings Inc/Flex Acquisition Company, Inc., Term B Loan (First Lien), 1M SOFR + 3.18%               332,316 3M SOFR + 1.50% Monthly 3/30/2029              346,372                         8,889
Citibank, N.A.   Cogeco Communications Finance (USA), LP, Amendment No. 5 Incremental Term Loan B, 1M SOFR + CSA + 2.50% (f)               483,138 3M SOFR + 1.50% Monthly 9/1/2028              488,394                         3,688
Citibank, N.A.   Compass Power Generation, L.L.C., Tranche B-4 Term Loan, 3M SOFR + 3.25%               738,804 3M SOFR + 1.50% Monthly 4/14/2029              752,455                       13,552
Citibank, N.A.   Concentra Health Services, Inc., Tranche B-1 Term Loan, 1M SOFR + 2.00%                 32,140 3M SOFR + 1.50% Monthly 7/26/2031                32,338                            197
Citibank, N.A.   Connect U.S. Finco LLC, Amendment No. 4 Term Loan, 1M SOFR + 4.50%               967,471 3M SOFR + 1.50% Monthly 9/13/2029              920,491                      (46,980)
Citibank, N.A.   Corel, Initial Term Loan (First Lien), 3M SOFR + CSA + 5.00% (f)               545,966 3M SOFR + 1.50% Monthly 7/2/2026              537,897                      (21,444)
                   

 

 

 
 

 

CIM Real Assets & Credit Fund             Consolidated Schedule of Investments
                  June 30, 2025 (Unaudited) (Continued)
                   
TOTAL RETURN SWAP CONTRACTS (a)              Net Unrealized 
      Notional   Payment Termination      Appreciation 
Counterparty   Reference Entity/Obligation Amount Fund Pays Frequency Date  Fair Value     (Depreciation) 
Citibank, N.A.   CoreLogic, Inc. Initial Term Loan (First Lien), 1M SOFR + CSA + 3.50% (f)  $             96,431 3M SOFR + 1.50% Monthly 6/2/2028  $            95,811    $                     (725)
Citibank, N.A.   Cornerstone Generation, TLB 2024 (c)                 90,000 3M SOFR + 1.50% Monthly 10/28/2031                90,563                            563
Citibank, N.A.   Cornerstone OnDemand, Initial Term Loan (First Lien), 1M SOFR + CSA + 3.75% (f)               672,096 3M SOFR + 1.50% Monthly 10/16/2028              634,690                      (38,534)
Citibank, N.A.   Covetrus, Inc. Initial Term Loan (First Lien), 3M SOFR + 5.00%               168,646 3M SOFR + 1.50% Monthly 9/20/2029              161,955                        (9,906)
Citibank, N.A.   CP ATLAS BUYER, INC, Term B Loan, 1M SOFR + CSA + 3.75% (f)               213,291 3M SOFR + 1.50% Monthly 11/23/2027              213,047                           (244)
Citibank, N.A.   CPG International LLC Term Loan B, 1M SOFR + 2.00%               121,838 3M SOFR + 1.50% Monthly 9/26/2031              122,372                            509
Citibank, N.A.   CPV Fairview, LLC, Term B Advance, 1M SOFR + 3.00%               426,902 3M SOFR + 1.50% Monthly 8/14/2031              432,836                         5,847
Citibank, N.A.   CPV Shore Holdings, Term B Advance, 3M SOFR + 3.75%               305,712 3M SOFR + 1.50% Monthly 1/24/2032              307,932                         2,052
Citibank, N.A.   Crosby Worldwide Limited, Amendment No. 4 Replacement Term Loan, 1M SOFR + 3.50%               113,441 3M SOFR + 1.50% Monthly 8/16/2029              114,513                         1,072
Citibank, N.A.   Culligan, 2025 Refinancing Term B Loan, 1M SOFR + 3.00%               770,825 3M SOFR + 1.50% Monthly 7/31/2028              773,936                         2,702
Citibank, N.A.   Dermatology Intermediate Holdings III, Inc., Closing Date Term Loan, 3M SOFR + 4.25%               337,556 3M SOFR + 1.50% Monthly 3/26/2029              312,154                      (27,653)
Citibank, N.A.   Dexko Global Inc., Closing Date Dollar Term Loan (First Lien), 1M SOFR + CSA + 3.75% (f)               485,743 3M SOFR + 1.50% Monthly 10/4/2028              467,722                      (18,845)
Citibank, N.A.   DG Investment Intermediate Holdings 2, Inc., Closing Date Initial Term Loan (First Lien), 1M SOFR + CSA + 3.50% (f)               726,509 3M SOFR + 1.50% Monthly 3/31/2028              729,513                         2,603
Citibank, N.A.   DIRECTV FINANCING, LLC, Closing Date Term Loan, 3M SOFR + CSA + 5.00% (f)               129,558 3M SOFR + 1.50% Monthly 7/22/2027              131,048                         1,066
Citibank, N.A.   DYNASTY ACQUISITION CO., INC, Initial Term B-1 Loan, 1M SOFR + 2.00%               108,260 3M SOFR + 1.50% Monthly 10/27/2031              108,567                            296
Citibank, N.A.   DYNASTY ACQUISITION CO., INC, Initial Term B-2 Loan, 1M SOFR + 2.00%                 41,178 3M SOFR + 1.50% Monthly 10/27/2031                41,295                            112
Citibank, N.A.   East West Manufacturing, Initial Term Loan, 3M SOFR + 5.50% (b)               628,768 3M SOFR + 1.50% Monthly 12/22/2028              625,592                        (5,749)
Citibank, N.A.   Edgewater Generation, Term Loan-Add-on 2025, 1M SOFR + 3.00%               251,941 3M SOFR + 1.50% Monthly 8/1/2030              254,757                         2,731
Citibank, N.A.   EFS - Cogen Holdings I LLC, Term B Advance, 3M SOFR + 3.50%               441,797 3M SOFR + 1.50% Monthly 10/3/2031              443,639                         1,919
Citibank, N.A.   Element Materials Technology Group US Holdings Inc.(EM Midco 2 US LLC), Initial USD Term B Loan (First Lien), 3M SOFR + 3.75%               217,018 3M SOFR + 1.50% Monthly 6/22/2029              218,560                         1,347
Citibank, N.A.   EMRLD Borrower LP, Second Amendment Incremental Term Loan, 3M SOFR + 2.50%                 49,626 3M SOFR + 1.50% Monthly 8/4/2031                49,732                            102
Citibank, N.A.   Energizer Holdings, Inc., Initial Term Loan, 1M SOFR + 2.00%               337,017 3M SOFR + 1.50% Monthly 3/13/2032              340,052                         3,000
Citibank, N.A.   EnergySolutions, LLC, 2023 TLB, 1M SOFR + 3.25%               770,763 3M SOFR + 1.50% Monthly 9/23/2030              783,928                       11,687
Citibank, N.A.   EUC, Initial Term Loan, 3M SOFR + 4.50%               468,320 3M SOFR + 1.50% Monthly 7/1/2031              461,922                        (7,406)
Citibank, N.A.   Fiesta Purchaser, Inc., First Refinancing Term Loan, 1M SOFR + 3.25%               178,823 3M SOFR + 1.50% Monthly 2/12/2031              181,147                         2,223
Citibank, N.A.   First Brands Group, LLC, 2022-II Incremental Term Loan (First Lien), 3M SOFR + CSA + 5.00% (f)               259,526 3M SOFR + 1.50% Monthly 3/15/2027              248,518                      (12,092)
Citibank, N.A.   Flexera Software LLC, Term B-3 Loan, 3M SOFR + 3.00%               248,128 3M SOFR + 1.50% Monthly 3/3/2028              248,616                            488
Citibank, N.A.   Flutter Entertainment plc, 2024 Refinancing Term B Loan, 3M SOFR + 1.75%                 81,235 3M SOFR + 1.50% Monthly 11/30/2030                81,305                              59
Citibank, N.A.   Flutter Entertainment plc, Third Incremental Term B Loan, 1M SOFR + 2.00% (b)                 27,587 3M SOFR + 1.50% Monthly 6/4/2032                27,760                            172
Citibank, N.A.   Foundation Building Materials, 2024 Incremental Term Loan, SOFR + 4.00% (e)               493,760 3M SOFR + 1.50% Monthly 1/31/2031              487,202                        (6,801)
Citibank, N.A.   Franklin Square Holdings, Term B Loan, 1M SOFR + 2.25% (b)               247,505 3M SOFR + 1.50% Monthly 4/25/2031              248,435                            848
Citibank, N.A.   Froneri US, Inc., Facility B4 (First Lien), 6M SOFR + 2.00%               249,375 3M SOFR + 1.50% Monthly 9/17/2031              247,814                        (1,580)
Citibank, N.A.   Garda World Security, Twelfth Additional Term Loan, 1M SOFR + 3.00%            1,069,146 3M SOFR + 1.50% Monthly 2/1/2029           1,074,775                         5,434
Citibank, N.A.   Gates Global LLC, Initial B-5 Dollar Term Loan, 1M SOFR + 1.75%               259,893 3M SOFR + 1.50% Monthly 6/3/2031              260,168                            274
Citibank, N.A.   GBT Group Services B.V., Term B-1, 3M SOFR + 2.50%                 57,412 3M SOFR + 1.50% Monthly 7/25/2031                57,716                            298
Citibank, N.A.   Genesee & Wyoming, New Term Loan B, 3M SOFR + 1.75%               495,013 3M SOFR + 1.50% Monthly 4/7/2031              495,490                            145
Citibank, N.A.   Geosyntec Consultants, Inc. Initial Term Loan, 1M SOFR + 3.50%               372,192 3M SOFR + 1.50% Monthly 7/31/2031              376,400                         4,036
Citibank, N.A.   GIP Pilot Acquisition Partners L.P. Amendment No. 2 Refinancing Term Loan, 3M SOFR + 2.00%               231,477 3M SOFR + 1.50% Monthly 10/4/2030              233,611                         2,068
Citibank, N.A.   GLATFELTER CORPORATION, Term Loan, 3M SOFR + 4.25%               246,263 3M SOFR + 1.50% Monthly 11/4/2031              244,708                        (1,728)
Citibank, N.A.   Gloves Buyer, Inc., Initial Term Loan, 1M SOFR + 4.00%               298,500 3M SOFR + 1.50% Monthly 5/21/2032              294,750                        (3,765)
Citibank, N.A.   GOAT Holdco, LLC, Term B Loan, 1M SOFR + 2.75%               258,676 3M SOFR + 1.50% Monthly 1/27/2032              259,547                            862
Citibank, N.A.   Goosehead Insurance Holdings, LLC, Initial Term Loan, 1M SOFR + 3.50% (b)                 49,875 3M SOFR + 1.50% Monthly 1/8/2032                50,344                            462
Citibank, N.A.   GoTo Group , Exchange First Out Term Loan, 1M SOFR + CSA + 4.75% (f)               217,782 3M SOFR + 1.50% Monthly 4/30/2028              190,248                      (27,534)
Citibank, N.A.   GoTo Group , Second Out Term Loan, 1M SOFR + CSA + 4.75% (f)               300,746 3M SOFR + 1.50% Monthly 4/30/2028              109,021                    (191,726)
Citibank, N.A.   Great Outdoors Group, LLC, Term B-3 Loan, 1M SOFR + 3.25%            1,252,942 3M SOFR + 1.50% Monthly 1/16/2032           1,258,647                         5,446
Citibank, N.A.   Hamilton Projects Acquiror, LLC Initial Term Loan, 1M SOFR + 3.00%               805,208 3M SOFR + 1.50% Monthly 5/22/2031              809,699                         4,389
Citibank, N.A.   Harbor Freight Tools USA, Inc., Replacement Term Loan, 1M SOFR + 2.25%               492,835 3M SOFR + 1.50% Monthly 6/5/2031              487,193                        (5,818)
Citibank, N.A.   Herc Holdings Inc., Initial Term Loan (c)                 79,800 3M SOFR + 1.50% Monthly 6/2/2032                80,400                            600
Citibank, N.A.   Heritage Grocers Group, LLC, Term B Loan (First Lien), 3M SOFR + CSA + 6.75% (f)               837,844 3M SOFR + 1.50% Monthly 7/20/2029              822,357                      (32,268)
Citibank, N.A.   Hill Top Energy, Term Loan B 2025 (b)(c)               155,455 3M SOFR + 1.50% Monthly 6/26/2032              155,942                            487
Citibank, N.A.   HS Purchaser, LLC, and Help/Systems Holdings, Inc., Seventh Amendment Refinancing Term Loan, 3M SOFR + CSA + 4.00% (f)               325,007 3M SOFR + 1.50% Monthly 11/19/2026              310,474                      (14,533)
Citibank, N.A.   Hunter Douglas, Amendment No. 3 Tranche B-1 Term Loan, 3M SOFR + 3.25%               441,745 3M SOFR + 1.50% Monthly 1/14/2032              442,160                            350
Citibank, N.A.   HUNTERSTOWN GENERATION, LLC, Term Loan, 3M SOFR + 3.50%               407,657 3M SOFR + 1.50% Monthly 10/29/2031              410,329                         2,530
Citibank, N.A.   Hyperion Materials & Technologies, Initial Term Loan (First Lien), SOFR + CSA + 4.50% (e)(f)               734,220 3M SOFR + 1.50% Monthly 8/30/2028              712,273                      (22,716)
Citibank, N.A.   Idera, Incremental Term Loan (First Lien), 3M SOFR + 3.50%               493,769 3M SOFR + 1.50% Monthly 3/2/2028              466,733                      (27,650)
Citibank, N.A.   ImageFirst Holdings, LLC, Initial Term Loan, 3M SOFR + 3.25% (b)               249,375 3M SOFR + 1.50% Monthly 3/10/2032              250,313                            913
Citibank, N.A.   Inception Holdco S.à r.l., Facility B6, 3M SOFR + 3.75% (b)               153,460 3M SOFR + 1.50% Monthly 4/9/2031              154,995                         1,535
Citibank, N.A.   Indicor, Tranche D Dollar Term Loan (First Lien), 3M SOFR + 2.75%                 95,078 3M SOFR + 1.50% Monthly 11/23/2029                98,188                         2,840
Citibank, N.A.   Ingenovis Health, Inc., Initial Term Loan (First Lien), 3M SOFR + CSA + 4.25% (b)(f)               617,010 3M SOFR + 1.50% Monthly 3/6/2028              270,409                    (346,191)
Citibank, N.A.   Invenergy Thermal Operating I LLC Term Loan B 2025, 3M SOFR + CSA + 3.50% (f)               206,250 3M SOFR + 1.50% Monthly 5/17/2032              210,182                         3,906
Citibank, N.A.   Invenergy Thermal Operating I LLC, Term Loan C 2025, 3M SOFR + CSA + 3.50% (f)                 13,750 3M SOFR + 1.50% Monthly 5/17/2032                14,012                            260
Citibank, N.A.   Iridium Communications, Term B-4 Loan, 1M SOFR + 2.25%               563,403 3M SOFR + 1.50% Monthly 9/20/2030              566,282                         2,745
Citibank, N.A.   Janus International Group, LLC, Initial Term Loan (First Lien), 3M SOFR + 2.50%               209,503 3M SOFR + 1.50% Monthly 8/5/2030              211,434                         1,630

 

 

 
 

 

  

CIM Real Assets & Credit Fund             Consolidated Schedule of Investments
                  June 30, 2025 (Unaudited) (Continued)
                   
TOTAL RETURN SWAP CONTRACTS (a)              Net Unrealized 
      Notional   Payment Termination      Appreciation 
Counterparty   Reference Entity/Obligation Amount Fund Pays Frequency Date  Fair Value     (Depreciation) 
Citibank, N.A.   Kaman Corporation, Delayed Draw Term Loan, 3M SOFR + 2.75% (g)  $             21,552 3M SOFR + 1.50% Monthly 2/26/2032  $            21,553    $                          2
Citibank, N.A.   Kaman Corporation, Initial Term Loan, SOFR + 2.75% (e)               228,448 3M SOFR + 1.50% Monthly 2/26/2032              228,467                              18
Citibank, N.A.   Kidde Global, Term Loan, 1M SOFR + 4.25%               227,992 3M SOFR + 1.50% Monthly 12/2/2031              230,536                         2,481
Citibank, N.A.   Kodiak BP, LLC, Initial Term Loan, SOFR + 3.75% (e)               322,805 3M SOFR + 1.50% Monthly 11/26/2031              311,994                      (10,831)
Citibank, N.A.   LBM Borrower, LLC, Initial Term Loan (First Lien), 1M SOFR + CSA + 3.75% (f)               434,574 3M SOFR + 1.50% Monthly 12/9/2027              430,255                        (4,647)
Citibank, N.A.   LifePoint Health, 2024-1 Refinancing Term Loan (First Lien), 3M SOFR + 3.75%               235,708 3M SOFR + 1.50% Monthly 5/16/2031              245,880                       10,173
Citibank, N.A.   LifePoint Health, 2024-2 Refinancing Term Loan (First Lien), 3M SOFR + 3.50%               248,752 3M SOFR + 1.50% Monthly 5/16/2031              245,354                        (3,398)
Citibank, N.A.   LS Group OPCO Acquisition LLC, Term B-1 Loan, SOFR + 2.50% (e)               451,931 3M SOFR + 1.50% Monthly 4/23/2031              452,074                            142
Citibank, N.A.   M2S Group, Initial Term Loan, 3M SOFR + 4.75% (b)               443,621 3M SOFR + 1.50% Monthly 8/25/2031              462,999                       16,584
Citibank, N.A.   Madison IAQ LLC, Initial Term Loan, 6M SOFR + 2.50%               628,727 3M SOFR + 1.50% Monthly 6/21/2028              634,902                         3,654
Citibank, N.A.   Magenta Buyer LLC, First Out Term Loan (First Lien), 3M SOFR + CSA + 6.75% (f)                 70,827 3M SOFR + 1.50% Monthly 7/27/2028                59,706                      (11,161)
Citibank, N.A.   Magenta Buyer LLC, Second Out Term Loan (First Lien), 3M SOFR + CSA + 7.00% (f)                 92,567 3M SOFR + 1.50% Monthly 7/27/2028                43,967                      (48,650)
Citibank, N.A.   Magenta Buyer LLC, Third Out Term Loan (First Lien), 3M SOFR + CSA + 7.00% (5.50% PIK, 1.50% Cash) (b)(d)(f)               324,173 3M SOFR + 1.50% Monthly 7/27/2028                80,211                    (244,139)
Citibank, N.A.   McAfee, LLC, Second Amendment Tranche B-1 Term Loan, 1M SOFR + 3.00%               898,342 3M SOFR + 1.50% Monthly 3/1/2029              878,237                      (20,505)
Citibank, N.A.   McGraw Hill Global Education Holdings, LLC, 2025 Term Loan, 1M SOFR + 3.25%               437,443 3M SOFR + 1.50% Monthly 8/6/2031              442,171                         4,607
Citibank, N.A.   Medline Borrower, LP, Third Amendment Incremental Term Loan, 1M SOFR + 2.25%               770,873 3M SOFR + 1.50% Monthly 10/23/2028              775,048                         4,176
Citibank, N.A.   Mega Broadband Investments LLC, Initial Term Loan, 3M SOFR + CSA + 3.00% (f)               544,481 3M SOFR + 1.50% Monthly 11/12/2027              554,998                         5,467
Citibank, N.A.   MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), 1M SOFR + 4.25%               395,792 3M SOFR + 1.50% Monthly 5/3/2028              385,538                      (15,017)
Citibank, N.A.   MH Sub I LLC, 2024 December New Term Loan (First Lien), 1M SOFR + 4.25%               271,117 3M SOFR + 1.50% Monthly 12/31/2031              241,932                      (29,403)
Citibank, N.A.   Midcontinent Communications, Term Loan (2024), 1M SOFR + 2.50%               197,010 3M SOFR + 1.50% Monthly 8/18/2031              199,911                         2,717
Citibank, N.A.   Naked Juice LLC, Initial Second Out Term Loan, 3M SOFR + CSA + 3.25% (f)               339,867 3M SOFR + 1.50% Monthly 1/24/2029              272,300                      (67,585)
Citibank, N.A.   Naked Juice LLC, Initial Third Out Term Loan, 3M SOFR + 6.00% (5.00% PIK, 1.00% Cash) (b)(d)               339,867 3M SOFR + 1.50% Monthly 1/24/2030              164,231                    (175,637)
Citibank, N.A.   Newly Weds Foods, Initial Term Loan, 1M SOFR + 2.25%                 47,381 3M SOFR + 1.50% Monthly 3/8/2032                47,619                            230
Citibank, N.A.   Nexstar Broadcasting, Inc., Term Loan B 2025 (c)               399,194 3M SOFR + 1.50% Monthly 6/24/2032              402,974                         3,780
Citibank, N.A.   Nielsen Consumer Inc., Eleventh Amendment Dollar Refinancing Term Loan, 1M SOFR + 3.50%               995,315 3M SOFR + 1.50% Monthly 3/6/2028              999,685                         4,109
Citibank, N.A.   NorthStar Group Services, Inc., Term B Loan (2024), 1M SOFR + 4.75% (b)               184,749 3M SOFR + 1.50% Monthly 5/31/2030              187,032                         2,119
Citibank, N.A.   Nuvei Technologies, Tranche B-1 Term Loan, 1M SOFR + 3.00%               228,000 3M SOFR + 1.50% Monthly 11/17/2031              229,214                         1,174
Citibank, N.A.   nVent Thermal Management, Initial Term Loan, 1M SOFR + 3.50%                 28,429 3M SOFR + 1.50% Monthly 1/30/2032                28,788                            354
Citibank, N.A.   Olaplex, Inc., Initial Term Loan, 3M SOFR + CSA + 3.50% (f)               186,168 3M SOFR + 1.50% Monthly 2/20/2029              183,796                        (3,827)
Citibank, N.A.   Oldcastle BuildingEnvelope, Term B Loan, 3M SOFR + 4.25%               714,494 3M SOFR + 1.50% Monthly 4/27/2029              677,879                      (43,404)
Citibank, N.A.   Omnia Partners, LLC, Initial Term Loan (2024), 3M SOFR + 2.50%                 66,250 3M SOFR + 1.50% Monthly 7/25/2030                66,534                            274
Citibank, N.A.   Open Text Corporation, 2023 Replacement Term Loan, 1M SOFR + 1.75%               307,582 3M SOFR + 1.50% Monthly 1/31/2030              307,871                            289
Citibank, N.A.   Oregon Clean Energy, LLC, Term B Loan, 3M SOFR + 3.50%               614,399 3M SOFR + 1.50% Monthly 7/12/2030              623,423                         8,852
Citibank, N.A.   Outcomes Group Holdings, INC, 2024 Replacement Term Loan, 1M SOFR + 3.75%               246,958 3M SOFR + 1.50% Monthly 5/6/2031              249,911                         2,870
Citibank, N.A.   Performance Health Holdings, Initial Term Loan, 6M SOFR + 3.75% (b)               456,923 3M SOFR + 1.50% Monthly 3/19/2032              450,000                        (7,037)
Citibank, N.A.   PetSmart, Inc., Initial Term Loan, 1M SOFR + CSA + 3.75% (f)            1,249,775 3M SOFR + 1.50% Monthly 2/11/2028           1,243,961                        (7,935)
Citibank, N.A.   PHOENIX GUARANTOR INC, Tranche B-5 Term Loan (First Lien), 1M SOFR + 2.50%               735,738 3M SOFR + 1.50% Monthly 2/21/2031              745,808                         9,607
Citibank, N.A.   Pitney Bowes INC., Tranche B Term Loan, 1M SOFR + 3.75%               247,500 3M SOFR + 1.50% Monthly 3/19/2032              250,000                         2,403
Citibank, N.A.   PlayAGS, Inc., Term Loan B 2025 (c)               170,058 3M SOFR + 1.50% Monthly 6/11/2032              171,966                         1,908
Citibank, N.A.   Ply Gem Midco, Inc., Tranche B Term Loan, 1M SOFR + CSA + 3.25% (f)               238,847 3M SOFR + 1.50% Monthly 4/12/2028              243,144                        (7,850)
Citibank, N.A.   Ply Gem Midco, Inc., Tranche C Term Loan, 1M SOFR + 4.50%               247,506 3M SOFR + 1.50% Monthly 5/15/2031              212,681                      (35,023)
Citibank, N.A.   Potomac Energy, Term Loan B 2025 (b)(c)            1,033,178 3M SOFR + 1.50% Monthly 3/14/2032           1,036,842                         3,664
Citibank, N.A.   Quikrete Holdings, Inc, Tranche B-1 Term Loan (First Lien), 1M SOFR + 2.25%               493,889 3M SOFR + 1.50% Monthly 4/14/2031              494,700                            758
Citibank, N.A.   Radnet Management, Inc., 2024 Refinancing Term Loan (First Lien), 3M SOFR + 2.25%               246,264 3M SOFR + 1.50% Monthly 4/18/2031              248,785                         2,521
Citibank, N.A.   RC Buyer, Inc., Initial Term Loan (First Lien), 1M SOFR + CSA + 3.50% (f)               320,117 3M SOFR + 1.50% Monthly 7/26/2028              314,739                        (5,769)
Citibank, N.A.   RED PLANET BORROWER LLC, Initial Term Loan, 1M SOFR + CSA + 3.75% (f)               480,771 3M SOFR + 1.50% Monthly 9/25/2028              477,624                        (3,943)
Citibank, N.A.   Redstone Holdco 2 LP, Initial Term Loan (First Lien), 3M SOFR + CSA + 4.75% (f)               829,983 3M SOFR + 1.50% Monthly 4/27/2028              511,596                    (351,979)
Citibank, N.A.   Ring Container Technologies, 2024 Refinancing Term Loan, 1M SOFR + 2.75%               378,780 3M SOFR + 1.50% Monthly 8/14/2028              382,403                         3,232
Citibank, N.A.   Ryan Specialty Group , 2024 Term Loan, 1M SOFR + 2.25%               192,180 3M SOFR + 1.50% Monthly 9/15/2031              192,259                              93
Citibank, N.A.   Scientific Games Lottery, 2024 Refinancing Dollar Term Loan, 3M SOFR + 3.00%               689,890 3M SOFR + 1.50% Monthly 4/4/2029              692,563                         2,226
Citibank, N.A.   Sedgwick Claims Management, 2024 Term Loan, 1M SOFR + 3.00%               181,136 3M SOFR + 1.50% Monthly 7/31/2031              182,677                         1,523
Citibank, N.A.   Select Medical Corporation, Tranche B-2 Loan, 1M SOFR + 2.00%                 58,778 3M SOFR + 1.50% Monthly 12/3/2031                59,230                            440
Citibank, N.A.   Sinclair Television Group, Inc, Term B-7 Loan, 1M SOFR + CSA + 4.10% (f)               567,189 3M SOFR + 1.50% Monthly 12/31/2030              503,625                      (64,687)
Citibank, N.A.   Sitel, Initial Dollar Term Loan, 1M SOFR + CSA + 3.75% (f)               658,406 3M SOFR + 1.50% Monthly 8/28/2028              366,252                    (293,743)
Citibank, N.A.   Skechers U.S.A., Inc., Term Loan B 2025 (b)(c)                 41,563 3M SOFR + 1.50% Monthly 6/23/2032                41,927                            365
Citibank, N.A.   South Field Energy LLC, New Term Loan B Facility, 3M SOFR + 3.25%               880,970 3M SOFR + 1.50% Monthly 8/29/2031              887,168                         6,135
Citibank, N.A.   South Field Energy LLC, New Term Loan C Facility, 3M SOFR + 3.25%                 56,316 3M SOFR + 1.50% Monthly 8/29/2031                56,712                            392
Citibank, N.A.   Specialty Building Products Holdings, LLC, Initial Term Loan, 1M SOFR + CSA + 3.75% (f)               483,550 3M SOFR + 1.50% Monthly 10/16/2028              464,691                      (19,535)
Citibank, N.A.   Spring Education Group, Inc., Initial Term Loan, 3M SOFR + 4.00%               135,279 3M SOFR + 1.50% Monthly 9/30/2030              137,730                         2,131
Citibank, N.A.   SRAM, LLC, Initial Term Loan, 1M SOFR + 2.25% (b)                 91,241 3M SOFR + 1.50% Monthly 2/21/2032                90,783                           (476)
Citibank, N.A.   Staples, Inc., Closing Date Term Loan, 3M SOFR + 5.75%               408,343 3M SOFR + 1.50% Monthly 8/23/2029              393,606                      (17,158)
Citibank, N.A.   Star Parent, Inc., Term Loan, 3M SOFR + 4.00%               174,134 3M SOFR + 1.50% Monthly 9/30/2030              175,285                            495
Citibank, N.A.   Stonepeak Nile Parent LLC, Initial Term Loan, 3M SOFR + 2.75%               236,023 3M SOFR + 1.50% Monthly 4/9/2032              237,427                         1,399
Citibank, N.A.   SupplyOne, Term B Loan, 1M SOFR + 3.50%                 21,307 3M SOFR + 1.50% Monthly 4/21/2031                21,627                            294
Citibank, N.A.   Taylor Made Golf Company, Initial Term Loan, 1M SOFR + CSA + 3.25% (f)               551,756 3M SOFR + 1.50% Monthly 1/26/2029              553,225  

                         

248

 

 

 

 

 
 

 

 

CIM Real Assets & Credit Fund             Consolidated Schedule of Investments
                  June 30, 2025 (Unaudited) (Continued)
                   
TOTAL RETURN SWAP CONTRACTS (a)              Net Unrealized 
      Notional   Payment Termination      Appreciation 
Counterparty   Reference Entity/Obligation Amount Fund Pays Frequency Date  Fair Value     (Depreciation) 
Citibank, N.A.   Teneo Global LLC, Initial Term Loan, 1M SOFR + 4.75%  $        1,000,102 3M SOFR + 1.50% Monthly 3/13/2031  $       1,021,357    $                 19,879
Citibank, N.A.   Tenneco Inc., Term B Loan (First Lien), 3M SOFR + CSA + 5.00% (f)               425,000 3M SOFR + 1.50% Monthly 11/17/2028              489,125                       38,962
Citibank, N.A.   TK Elevator Midco GmbH Facility B (USD), 3M SOFR + 3.00%                 80,000 3M SOFR + 1.50% Monthly 4/30/2030                80,300                            300
Citibank, N.A.   Transdigm Inc., New Tranche J Term Loan, 3M SOFR + 2.50%                 89,777 3M SOFR + 1.50% Monthly 2/28/2031                90,263                            438
Citibank, N.A.   Transdigm Inc., Tranche K Term Loan, 3M SOFR + 2.75%               477,844 3M SOFR + 1.50% Monthly 3/22/2030              489,902                       10,545
Citibank, N.A.   Tronox Finance LLC, TLB 2024, 3M SOFR + 2.25%               246,881 3M SOFR + 1.50% Monthly 4/4/2029              245,830                        (1,051)
Citibank, N.A.   TruGreen Limited Partnership, Second Refinancing Term Loan (First Lien), 1M SOFR + CSA + 4.00% (f)               354,458 3M SOFR + 1.50% Monthly 11/2/2027              352,147                        (8,950)
Citibank, N.A.   TTM Technologies, Inc., New Term Loan, 1M SOFR + 2.25% (b)               247,416 3M SOFR + 1.50% Monthly 5/30/2030              248,745                         1,241
Citibank, N.A.   U.S. Anesthesia Partners , Initial Term Loan (First Lien), 1M SOFR + CSA + 4.25% (f)               551,523 3M SOFR + 1.50% Monthly 9/25/2028              548,499                        (4,315)
Citibank, N.A.   UFC Holdings LLC, Incremental Term B-4 Loan (First Lien), 3M SOFR + 2.25%                 48,598 3M SOFR + 1.50% Monthly 11/14/2031                48,896                            294
Citibank, N.A.   United Air Lines, Inc. and Continental Airlines, Inc., 2024 TLB, 3M SOFR + 2.00%               411,648 3M SOFR + 1.50% Monthly 2/22/2031              417,592                         5,784
Citibank, N.A.   United Natural Foods, 2024 Term Loan, 1M SOFR + 4.75%               116,206 3M SOFR + 1.50% Monthly 4/25/2031              119,763                         3,271
Citibank, N.A.   Vertex Aerospace Services Corp, 2024 Term Loan (First Lien), 1M SOFR + 2.25%                 47,441 3M SOFR + 1.50% Monthly 12/6/2030                47,478                              34
Citibank, N.A.   Victra Finance Corp., Fourth Amendment Incremental Term Loan, 3M SOFR + 4.25%               690,935 3M SOFR + 1.50% Monthly 3/31/2029              714,113                       21,905
Citibank, N.A.   Virtusa Corporation, Term B-2 Loan, 1M SOFR + 3.25%               776,320 3M SOFR + 1.50% Monthly 2/15/2029              783,474                         6,065
Citibank, N.A.   Vistage Worldwide, Initial Term Loan, 3M SOFR + 3.75% (b)               491,203 3M SOFR + 1.50% Monthly 7/13/2029              494,288                         2,571
Citibank, N.A.   Vivid Seats, 2025 Refinancing Term Loan (First Lien), 3M SOFR + 2.25%                 76,538 3M SOFR + 1.50% Monthly 2/5/2029                67,246                        (9,292)
Citibank, N.A.   Vizient, Inc., Term B-8 Loan, 1M SOFR + 1.75%                 59,198 3M SOFR + 1.50% Monthly 8/1/2031                59,591                            379
Citibank, N.A.   Voyager Parent LLC, Term Loan B 2025 (c)               242,500 3M SOFR + 1.50% Monthly 5/7/2032              247,778                         5,277
Citibank, N.A.   Watlow Electric Manufacturing Company, Initial Term Loan, 3M SOFR + 3.00%               936,388 3M SOFR + 1.50% Monthly 3/2/2028              940,343                         4,167
Citibank, N.A.   WELLFUL INC., Tranche B Term Loan (First Lien), 1M SOFR + CSA + 7.00% (b)(f)               373,873 3M SOFR + 1.50% Monthly 10/19/2030              315,222                      (58,651)
Citibank, N.A.   White Cap Supply Holdings, LLC, Tranche C Term Loan, 1M SOFR + 3.25%               286,397 3M SOFR + 1.50% Monthly 10/19/2029              285,890                           (592)
Citibank, N.A.   WhiteWater DBR, Term B-1 Loan, 3M SOFR + 2.25%               705,721 3M SOFR + 1.50% Monthly 3/3/2031              710,635                         4,712
Citibank, N.A.   WhiteWater Matterhorn, Initial Term Loan, 3M SOFR + 2.25%               173,043 3M SOFR + 1.50% Monthly 6/16/2032              174,058                         1,013
Citibank, N.A.   Wood MacKenzie, Term Loan, 3M SOFR + 3.00%               152,692 3M SOFR + 1.50% Monthly 1/31/2031              153,513                            821
Citibank, N.A.   Xperi, Initial Term B Loan, 1M SOFR + 2.50%               577,758 3M SOFR + 1.50% Monthly 6/8/2028              582,416                         4,400
Citibank, N.A.   ZelisRedCard, Term B-2 Loan, 1M SOFR + 2.75%               985,050 3M SOFR + 1.50% Monthly 9/28/2029              984,867                        (1,434)
       $   85,299,739        $  82,482,791  (h)   $        (3,047,758)
(a) 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.
(b) Security is classified as Level 3 in the Fund's fair value hierarchy.
(c) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to settlement date, including spread. 
(d) PIK security for which interest may be paid in cash or additional principal.
(e) Security has more than one contract with varying floating benchmark rates indexed to SOFR.
(f) Security has a CSA to account for the difference between LIBOR and SOFR.
(g) This Investment or portion thereof was not funded as of June 30, 2025.
(h) From time to time, the Fund may receive or pay upfront fees that generally represent premiums paid or received in relation to the total return swap contract reference entities listed in the table above.  The Fund has determined that such fees were not material to the total return swap contracts during the nine months ended June 30, 2025.
                   
Reference Rates - Reference rates reset throughout the period and therefore the rates in the schedule of investments may vary from the rates noted immediately below.
1M SOFR - 1 Month SOFR as of June 30, 2025 was 4.32229%.
3M SOFR - 3 Month SOFR as of June 30, 2025 was 4.29235%.
6M SOFR - 6 Month SOFR as of June 30, 2025 was 4.14656%.