Almitas Capital LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELME	ELME COMMUNITIES	1,012,210	$17,612	3.9%	$17.40	—	SH BEN INT	939653101
—	FS SPECIALTY LENDING FD	801,778	$11,337	2.5%	$14.14	—	COM SH BEN INT	644323107
—	LIBERTY ALL STAR EQUITY FD	804,614	$5,053	1.1%	$6.28	—	SH BEN INT	530158104
HYG	ISHARES TR	60,000	$4,838	1.1%	$80.63	—	IBOXX HI YD ETF	464288513
BPRE	BLUEROCK PVT REAL ESTATE FD	212,185	$3,183	0.7%	$15.00	—	COM	09631P102
—	PIMCO DYNAMIC INCOME STRATEG	151,260	$2,841	0.6%	$18.78	—	COM SHS BEN INT	69346N107
EBF	ENNIS INC	138,956	$2,503	0.6%	$17.16	0.0%	COM	293389102
—	BLACKROCK HEALTH SCIENCES TE	152,914	$2,301	0.5%	$15.05	—	COM SHS	09260E105
—	NUVEEN CORE PLUS IMPACT FUND	204,356	$2,080	0.5%	$10.18	—	COM BEN INT	67080D103
—	NUVEEN DOW 30 DYNMC OVERWRT	114,201	$1,743	0.4%	$15.26	—	SHS	67075F105
FSK	FS KKR CAP CORP	106,600	$1,579	0.3%	$14.70	0.0%	COM	302635206
TRC	TEJON RANCH CO	93,137	$1,469	0.3%	$15.95	0.0%	COM	879080109
STWD	STARWOOD PPTY TR INC	71,000	$1,279	0.3%	$18.01	—	COM	85571B105
SBET	SHARPLINK GAMING INC	124,283	$1,111	0.2%	$12.21	0.0%	COM NEW	820014405
HPP	HUDSON PAC PPTYS INC	97,816	$1,059	0.2%	$10.83	—	COM	444097406
NCDL	NUVEEN CHURCHILL DIRECT LEND	70,160	$936	0.2%	$13.75	0.0%	COM SHS	67090S108
—	NUVEEN FLOATING RATE INCOME	117,948	$924	0.2%	$7.83	—	COM	67072T108
EIC	EAGLE POINT INCOME COMPANY I	80,547	$919	0.2%	$11.41	—	COM	269817102
—	FIRST TR SR FLTG RATE INCOME	88,034	$887	0.2%	$10.07	—	COM	33733U108
—	NYLI CBRE GBL INFR MEGTRNDS	61,653	$848	0.2%	$13.76	—	COM	56064Q107
—	BLACKROCK CAP ALLOCATION TER	55,000	$779	0.2%	$14.16	—	COM	09260U109
—	FIRST TR HIGH YIELD OPPRT 20	55,326	$778	0.2%	$14.07	—	COM	33741Q107
CCIF	CARLYLE CREDIT INCOME FUND	157,285	$738	0.2%	$4.69	—	SHS BEN INT	92535C104
—	MFS MUN INCOME TR	134,361	$730	0.2%	$5.43	—	SH BEN INT	552738106
WD	WALKER & DUNLOP INC	11,600	$698	0.2%	$70.49	0.0%	COM	93148P102
—	CORNERSTONE TOTAL RETURN FD	86,417	$692	0.2%	$8.01	—	COM	21924U300
—	EATON VANCE FLTING RATE INC	59,404	$671	0.1%	$11.29	—	COM	278279104
NEWT	NEWTEKONE INC	53,570	$608	0.1%	$10.91	0.0%	COM NEW	652526203
CVCO	CAVCO INDS INC DEL	992	$586	0.1%	$566.58	0.0%	COM	149568107
—	LIBERTY ALL-STAR GROWTH FD I	110,481	$586	0.1%	$5.30	—	COM	529900102
CGBD	CARLYLE SECURED LENDING INC	42,885	$536	0.1%	$12.06	0.0%	COM	872280102
—	SRH TOTAL RETURN FUND INC	28,719	$532	0.1%	$18.54	—	COM	101507101
—	SABA CAPITAL INCOME & OPPORT	64,130	$529	0.1%	$8.25	—	COM NEW	880198205
TCPC	BLACKROCK TCP CAPITAL CORP	85,000	$465	0.1%	$5.76	0.0%	COM	09259E108
GSBD	GOLDMAN SACHS BDC INC	50,000	$464	0.1%	$9.81	0.0%	SHS	38147U107
—	CLEARBRIDGE ENERGY MIDSTRM O	9,549	$426	0.1%	$44.65	—	COM	18469P209
SKY	CHAMPION HOMES INC	5,000	$423	0.1%	$78.80	0.0%	COM	830830105
NMFC	NEW MTN FIN CORP	45,000	$414	0.1%	$9.17	0.0%	COM	647551100
ETHZ	ETHZILLA CORPORATION	80,408	$394	0.1%	$14.11	0.0%	COM SHS	68236V401
—	CALAMOS LNG SHR EQT DYNAMIC	25,204	$368	0.1%	$14.62	—	COM	12812C106
CIM	CHIMERA INVT CORP	29,177	$363	0.1%	$12.43	—	COM SHS	16934Q802
MSDL	MORGAN STANLEY DIRECT LENDIN	20,000	$330	0.1%	$16.42	0.0%	COM SHS	61774A103
—	ABRDN LIFE SCIENCES INVESTOR	19,239	$323	0.1%	$16.78	—	SH BEN INT	87911K100
—	EATON VANCE SR FLTNG RTE TR	28,829	$321	0.1%	$11.14	—	COM	27828Q105
—	NUVEEN CR STRATEGIES INCOME	63,304	$318	0.1%	$5.02	—	COM SHS	67073D102
GBDC	GOLUB CAP BDC INC	20,000	$271	0.1%	$13.54	0.0%	COM	38173M102
—	RIVERNORTH DOUBLELINE STRATE	33,963	$270	0.1%	$7.95	—	COM	76882G107
—	TOTAL RETURN SECURITIES FUND	36,781	$229	0.1%	$6.22	—	COM	870875101
BCSF	BAIN CAP SPECIALTY FIN INC	15,000	$209	0.0%	$13.37	0.0%	COM STK	05684B107
—	EATON VANCE RISK-MANAGED DIV	20,661	$182	0.0%	$8.82	—	COM	27829G106
—	ROYCE SMALL CAP TRUST INC	10,456	$168	0.0%	$16.10	—	COM	780910105
—	NUVEEN S&P 500 BUY-WRITE INC	10,320	$152	0.0%	$14.70	—	COM	6706ER101
—	INVESCO SR INCOME TR	43,310	$142	0.0%	$3.27	—	COM	46131H107
XNXCX	NUVEEN CALIF SELECT TAX FREE	10,372	$137	0.0%	$13.20	—	SH BEN INT	67063R103
—	BLACKROCK CORPOR HI YLD FD I	15,000	$134	0.0%	$8.90	—	COM	09255P107
—	CLOUGH GLOBAL DIVID & INCOME	19,287	$115	0.0%	$5.97	—	COM	18913Y103
—	EATON VANCE SR INCOME TR	14,653	$77	0.0%	$5.27	—	SH BEN INT	27826S103

Increased Positions (17)

— ASA GOLD AND PRECIOUS MTLS L 5.0%

Value ($000) $22,802 (+48.5%) Shares 382,139 (+14.0%) Est. Cost $47.50 Unrealized —

MRCC MONROE CAP CORP 1.4%

Value ($000) $6,364 (+732.4%) Shares 999,044 (+817.4%) Est. Cost $6.47 Unrealized -0.0%

— PIMCO CALIF MUN INCOME FD 1.2%

Value ($000) $5,592 (+319.2%) Shares 640,607 (+318.7%) Est. Cost $8.76 Unrealized —

QNCX QUINCE THERAPEUTICS INC 0.7%

Value ($000) $3,116 (+286.4%) Shares 930,134 (+88.0%) Est. Cost $2.06 Unrealized +21.9%

MYPS PLAYSTUDIOS INC 0.6%

Value ($000) $2,637 (+194.0%) Shares 4,047,346 (+334.5%) Est. Cost $0.85 Unrealized -8.1%

— CLOUGH GLOBAL OPPORTUNITIES 1.0%

Value ($000) $4,473 (+59.5%) Shares 790,286 (+60.7%) Est. Cost $5.40 Unrealized —

— CLOUGH GLOBAL EQUITY FD 0.5%

Value ($000) $2,474 (+185.2%) Shares 322,982 (+183.3%) Est. Cost $7.40 Unrealized —

CCAP CRESCENT CAP BDC INC 1.4%

Value ($000) $6,241 (+16.3%) Shares 444,234 (+18.0%) Est. Cost $14.11 Unrealized -2.1%

— BNY MELLON MUN BD INFRASTRUC 0.4%

Value ($000) $2,010 (+57.3%) Shares 182,924 (+53.2%) Est. Cost $10.71 Unrealized —

— BNY MELLON STRATEGIC MUN BD 1.3%

Value ($000) $5,715 (+13.4%) Shares 926,301 (+8.8%) Est. Cost $5.83 Unrealized —

MFA MFA FINL INC 0.3%

Value ($000) $1,192 (+67.6%) Shares 128,086 (+65.4%) Est. Cost $9.84 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.3%

Value ($000) $1,550 (+39.4%) Shares 135,477 (+46.1%) Est. Cost $11.76 Unrealized -1.5%

— MFS HIGH INCOME MUN TR 1.0%

Value ($000) $4,417 (+7.6%) Shares 1,193,886 (+8.2%) Est. Cost $3.48 Unrealized —

— COHEN & STEERS INFRASTRUCTUR 0.2%

Value ($000) $930 (+47.0%) Shares 38,562 (+51.2%) Est. Cost $24.57 Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.2%

Value ($000) $824 (+19.3%) Shares 610,073 (+33.4%) Est. Cost $2.93 Unrealized -50.3%

ANTX AN2 THERAPEUTICS INC 0.4%

Value ($000) $1,686 (-7.0%) Shares 1,479,129 (+3.6%) Est. Cost $1.21 Unrealized -3.5%

LADR LADDER CAP CORP 0.5%

Value ($000) $2,081 (+5.6%) Shares 189,357 (+4.8%) Est. Cost $11.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ASA GOLD AND PRECIOUS MTLS L	382,139 (+14.0%)	$22,802 (+48.5%)	5.0%	$47.50	—	SHS	G3156P103
MRCC	MONROE CAP CORP	999,044 (+817.4%)	$6,364 (+732.4%)	1.4%	$6.47	-0.0%	COM	610335101
—	PIMCO CALIF MUN INCOME FD	640,607 (+318.7%)	$5,592 (+319.2%)	1.2%	$8.76	—	COM	72200N106
QNCX	QUINCE THERAPEUTICS INC	930,134 (+88.0%)	$3,116 (+286.4%)	0.7%	$2.06	+21.9%	COM	22053A107
MYPS	PLAYSTUDIOS INC	4,047,346 (+334.5%)	$2,637 (+194.0%)	0.6%	$0.85	-8.1%	CLASS A COM	72815G108
—	CLOUGH GLOBAL OPPORTUNITIES	790,286 (+60.7%)	$4,473 (+59.5%)	1.0%	$5.40	—	SH BEN INT	18914E106
—	CLOUGH GLOBAL EQUITY FD	322,982 (+183.3%)	$2,474 (+185.2%)	0.5%	$7.40	—	COM	18914C100
CCAP	CRESCENT CAP BDC INC	444,234 (+18.0%)	$6,241 (+16.3%)	1.4%	$14.11	-2.1%	COM	225655109
—	BNY MELLON MUN BD INFRASTRUC	182,924 (+53.2%)	$2,010 (+57.3%)	0.4%	$10.71	—	COM SHS	09662W109
—	BNY MELLON STRATEGIC MUN BD	926,301 (+8.8%)	$5,715 (+13.4%)	1.3%	$5.83	—	COM	09662E109
MFA	MFA FINL INC	128,086 (+65.4%)	$1,192 (+67.6%)	0.3%	$9.84	—	COM	55272X607
MFIC	MIDCAP FINANCIAL INVSTMNT CO	135,477 (+46.1%)	$1,550 (+39.4%)	0.3%	$11.76	-1.5%	COM NEW	03761U502
—	MFS HIGH INCOME MUN TR	1,193,886 (+8.2%)	$4,417 (+7.6%)	1.0%	$3.48	—	SH BEN INT	59318D104
—	COHEN & STEERS INFRASTRUCTUR	38,562 (+51.2%)	$930 (+47.0%)	0.2%	$24.57	—	COM	19248A109
ZNTL	ZENTALIS PHARMACEUTICALS INC	610,073 (+33.4%)	$824 (+19.3%)	0.2%	$2.93	-50.3%	COM	98943L107
ANTX	AN2 THERAPEUTICS INC	1,479,129 (+3.6%)	$1,686 (-7.0%)	0.4%	$1.21	-3.5%	COM	037326105
LADR	LADDER CAP CORP	189,357 (+4.8%)	$2,081 (+5.6%)	0.5%	$11.10	—	CL A	505743104

Exited Positions (16)

XPHDX PIONEER FLOATING RATE FUND I 1.5%

Value ($000) $6,972 Shares 699,986 Est. Cost $9.89 Unrealized —

XENWX EATON VANCE NEW YORK MUN BD 1.3%

Value ($000) $6,088 Shares 617,454 Est. Cost $9.25 Unrealized —

IGF ISHARES TR 1.3%

Value ($000) $5,679 Shares 92,922 Est. Cost $61.12 Unrealized —

— FG NEXUS INC. 0.9%

Value ($000) $4,252 Shares 774,431 Est. Cost $5.49 Unrealized —

XJEQX ABRDN JAPAN EQUITY FUND INC 0.9%

Value ($000) $3,863 Shares 490,174 Est. Cost $7.46 Unrealized —

OXLC OXFORD LANE CAP CORP 0.4%

Value ($000) $2,032 Shares 119,999 Est. Cost $16.93 Unrealized —

XEVMX EATON VANCE CALIF MUN BD FD 0.4%

Value ($000) $1,978 Shares 208,466 Est. Cost $9.49 Unrealized —

VTGN VISTAGEN THERAPEUTICS INC 0.2%

Value ($000) $928 Shares 261,399 Est. Cost $2.80 Unrealized +29.0%

MSIF MSC INCOME FUND INC 0.1%

Value ($000) $396 Shares 30,146 Est. Cost $14.87 Unrealized -10.7%

— EATON VANCE CALIF MUN INCOM 0.0%

Value ($000) $183 Shares 18,152 Est. Cost $10.00 Unrealized —

— BLACKROCK INCOME TR INC 0.0%

Value ($000) $146 Shares 13,000 Est. Cost $11.24 Unrealized —

BOLD BOUNDLESS BIO INC 0.0%

Value ($000) $107 Shares 86,808 Est. Cost $2.76 Unrealized -54.9%

— COHEN & STEERS INFRASTRUCTUR 0.0%

Value ($000) $6 Shares 72,600 Est. Cost $0.08 Unrealized —

RIV-R RIVERNORTH OPPORTUNITIES FD 0.0%

Value ($000) $1 Shares 140,834 Est. Cost $0.01 Unrealized —

— CLEARBRIDGE ENERGY MIDSTRM O 0.0%

Value ($000) $1 Shares 58,223 Est. Cost $0.02 Unrealized —

— BLACKROCK INCOME TR INC 0.0%

Value ($000) $1 Shares 13,000 Est. Cost $0.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XPHDX	PIONEER FLOATING RATE FUND I	699,986	$6,972	1.5%	$9.89	—	—	72369J102
XENWX	EATON VANCE NEW YORK MUN BD	617,454	$6,088	1.3%	$9.25	—	—	27827Y109
IGF	ISHARES TR	92,922	$5,679	1.3%	$61.12	—	—	464288372
—	FG NEXUS INC.	774,431	$4,252	0.9%	$5.49	—	—	30329Y304
XJEQX	ABRDN JAPAN EQUITY FUND INC	490,174	$3,863	0.9%	$7.46	—	—	00306J109
OXLC	OXFORD LANE CAP CORP	119,999	$2,032	0.4%	$16.93	—	—	691543847
XEVMX	EATON VANCE CALIF MUN BD FD	208,466	$1,978	0.4%	$9.49	—	—	27828A100
VTGN	VISTAGEN THERAPEUTICS INC	261,399	$928	0.2%	$2.80	+29.0%	—	92840H400
MSIF	MSC INCOME FUND INC	30,146	$396	0.1%	$14.87	-10.7%	—	55374X208
—	EATON VANCE CALIF MUN INCOM	18,152	$183	0.0%	$10.00	—	—	27826F101
—	BLACKROCK INCOME TR INC	13,000	$146	0.0%	$11.24	—	—	09247F209
BOLD	BOUNDLESS BIO INC	86,808	$107	0.0%	$2.76	-54.9%	—	10170A100
—	COHEN & STEERS INFRASTRUCTUR	72,600	$6	0.0%	$0.08	—	—	19248A117
RIV-R	RIVERNORTH OPPORTUNITIES FD	140,834	$1	0.0%	$0.01	—	—	76881Y174
—	CLEARBRIDGE ENERGY MIDSTRM O	58,223	$1	0.0%	$0.02	—	—	18469P118
—	BLACKROCK INCOME TR INC	13,000	$1	0.0%	$0.06	—	—	09247F118

Decreased Positions (13)

FBTC FIDELITY WISE ORIGIN BITCOIN 25.8%

Value ($000) $117,138 (-27.2%) Shares 1,536,637 (-4.7%) Est. Cost $64.80 Unrealized —

CNNE CANNAE HLDGS INC 1.4%

Value ($000) $6,479 (-36.4%) Shares 411,893 (-26.0%) Est. Cost $18.72 Unrealized -9.8%

— BLACKROCK MUN TARGET TERM TR 7.5%

Value ($000) $33,911 (-1.9%) Shares 1,486,013 (-3.5%) Est. Cost $20.93 Unrealized —

ANRO ALTO NEUROSCIENCE INC 0.3%

Value ($000) $1,398 (+78.2%) Shares 78,520 (-59.8%) Est. Cost $6.24 Unrealized +101.8%

— BLACKROCK MULTI SECTOR INC T 0.1%

Value ($000) $255 (-66.6%) Shares 19,543 (-65.8%) Est. Cost $13.39 Unrealized —

— MEXICO FD INC 0.8%

Value ($000) $3,745 (-6.3%) Shares 185,924 (-8.4%) Est. Cost $14.60 Unrealized —

— JAPAN SMALLER CAPITALIZATION 1.1%

Value ($000) $4,831 (-4.8%) Shares 435,985 (-9.5%) Est. Cost $7.63 Unrealized —

— PGIM SHORT DUR HIG YLD OPP F 0.1%

Value ($000) $416 (-36.4%) Shares 25,277 (-35.4%) Est. Cost $15.11 Unrealized —

— MFS INVT GRADE MUN TR 0.8%

Value ($000) $3,617 (-5.7%) Shares 454,909 (-6.7%) Est. Cost $7.42 Unrealized —

— WESTERN ASST INFLTN LKD INM 0.1%

Value ($000) $603 (-25.3%) Shares 72,863 (-23.9%) Est. Cost $8.15 Unrealized —

— NUVEEN PENNSYLVANIA QLT MUN 1.0%

Value ($000) $4,385 (-3.3%) Shares 368,795 (-2.5%) Est. Cost $11.43 Unrealized —

GERN GERON CORP 0.3%

Value ($000) $1,183 (-8.7%) Shares 896,323 (-5.3%) Est. Cost $1.33 Unrealized -5.8%

FLGT FULGENT GENETICS INC 0.1%

Value ($000) $485 (+0.0%) Shares 18,478 (-14.0%) Est. Cost $18.50 Unrealized +40.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	1,536,637 (-4.7%)	$117,138 (-27.2%)	25.8%	$64.80	—	SHS	315948109
CNNE	CANNAE HLDGS INC	411,893 (-26.0%)	$6,479 (-36.4%)	1.4%	$18.72	-9.8%	COM	13765N107
—	BLACKROCK MUN TARGET TERM TR	1,486,013 (-3.5%)	$33,911 (-1.9%)	7.5%	$20.93	—	COM SHS BEN IN	09257P105
ANRO	ALTO NEUROSCIENCE INC	78,520 (-59.8%)	$1,398 (+78.2%)	0.3%	$6.24	+101.8%	COM SHS	02157Q109
—	BLACKROCK MULTI SECTOR INC T	19,543 (-65.8%)	$255 (-66.6%)	0.1%	$13.39	—	COM	09258A107
—	MEXICO FD INC	185,924 (-8.4%)	$3,745 (-6.3%)	0.8%	$14.60	—	COM	592835102
—	JAPAN SMALLER CAPITALIZATION	435,985 (-9.5%)	$4,831 (-4.8%)	1.1%	$7.63	—	COM	47109U104
—	PGIM SHORT DUR HIG YLD OPP F	25,277 (-35.4%)	$416 (-36.4%)	0.1%	$15.11	—	COM	69355J104
—	MFS INVT GRADE MUN TR	454,909 (-6.7%)	$3,617 (-5.7%)	0.8%	$7.42	—	SH BEN INT	59318B108
—	WESTERN ASST INFLTN LKD INM	72,863 (-23.9%)	$603 (-25.3%)	0.1%	$8.15	—	COM SH BEN INT	95766Q106
—	NUVEEN PENNSYLVANIA QLT MUN	368,795 (-2.5%)	$4,385 (-3.3%)	1.0%	$11.43	—	COM	670972108
GERN	GERON CORP	896,323 (-5.3%)	$1,183 (-8.7%)	0.3%	$1.33	-5.8%	COM	374163103
FLGT	FULGENT GENETICS INC	18,478 (-14.0%)	$485 (+0.0%)	0.1%	$18.50	+40.2%	COM	359664109

Unchanged Positions (20)

LYEL LYELL IMMUNOPHARMA INC 3.9%

Value ($000) $17,785 Shares 577,807 Est. Cost $9.11 Unrealized +145.6%

FETH FIDELITY ETHEREUM FD 4.2%

Value ($000) $19,247 Shares 650,000 Est. Cost $25.17 Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 5.6%

Value ($000) $25,641 Shares 2,122,597 Est. Cost $2.08 Unrealized +554.2%

DSGN DESIGN THERAPEUTICS INC 3.2%

Value ($000) $14,355 Shares 1,530,435 Est. Cost $2.92 Unrealized +167.9%

ETHA ISHARES ETHEREUM TR 1.1%

Value ($000) $4,921 Shares 219,405 Est. Cost $19.07 Unrealized —

ALXO ALX ONCOLOGY HLDGS INC 0.6%

Value ($000) $2,867 Shares 2,536,891 Est. Cost $1.04 Unrealized +45.9%

ETH GRAYSCALE ETHEREUM MINI TR E 0.6%

Value ($000) $2,513 Shares 89,557 Est. Cost $23.72 Unrealized —

ARR ARMOUR RESIDENTIAL REIT INC 0.8%

Value ($000) $3,841 Shares 217,149 Est. Cost $14.94 Unrealized —

— CENTRAL & EASTERN EUROPE FD 0.7%

Value ($000) $3,067 Shares 173,254 Est. Cost $10.43 Unrealized —

MSGS MADISON SQUARE GRDN SPRT COR 0.6%

Value ($000) $2,567 Shares 9,925 Est. Cost $206.57 Unrealized +10.2%

— RALLYBIO CORP 0.2%

Value ($000) $1,049 Shares 1,529,653 Est. Cost $0.89 Unrealized —

NLY ANNALY CAPITAL MANAGEMENT IN 0.6%

Value ($000) $2,589 Shares 115,765 Est. Cost $20.21 Unrealized —

BRSP BRIGHTSPIRE CAPITAL INC 1.3%

Value ($000) $5,765 Shares 1,029,464 Est. Cost $5.31 Unrealized —

— WHEELER REAL ESTATE INVT TR 0.1%

Value ($000) $461 Shares 5,271 Est. Cost $183.36 Unrealized —

CABA CABALETTA BIO INC 0.2%

Value ($000) $849 Shares 387,491 Est. Cost $2.11 Unrealized +17.5%

— MFS HIGH YIELD MUN TR 1.2%

Value ($000) $5,257 Shares 1,497,718 Est. Cost $3.45 Unrealized —

— TWO HARBORS INVENTMENT CORPO 0.4%

Value ($000) $1,613 Shares 1,613,000 Est. Cost $0.85 Unrealized —

— BNY MELLON STRATEGIC MUNS IN 0.3%

Value ($000) $1,254 Shares 197,096 Est. Cost $6.05 Unrealized —

— ALLIANCEBERNSTEIN NATL MUN I 0.5%

Value ($000) $2,319 Shares 214,282 Est. Cost $10.94 Unrealized —

— DTF TAX-FREE INCOME 2028 TER 0.9%

Value ($000) $4,008 Shares 350,940 Est. Cost $10.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LYEL	LYELL IMMUNOPHARMA INC	577,807	$17,785	3.9%	$9.11	+145.6%	COM NEW	55083R203
FETH	FIDELITY ETHEREUM FD	650,000	$19,247	4.2%	$25.17	—	SHS	31613E103
AMLX	AMYLYX PHARMACEUTICALS INC	2,122,597	$25,641	5.6%	$2.08	+554.2%	COM	03237H101
DSGN	DESIGN THERAPEUTICS INC	1,530,435	$14,355	3.2%	$2.92	+167.9%	COM	25056L103
ETHA	ISHARES ETHEREUM TR	219,405	$4,921	1.1%	$19.07	—	SHS	46438R105
ALXO	ALX ONCOLOGY HLDGS INC	2,536,891	$2,867	0.6%	$1.04	+45.9%	COM	00166B105
ETH	GRAYSCALE ETHEREUM MINI TR E	89,557	$2,513	0.6%	$23.72	—	SHS NEW	38964R203
ARR	ARMOUR RESIDENTIAL REIT INC	217,149	$3,841	0.8%	$14.94	—	COM SHS	042315705
—	CENTRAL & EASTERN EUROPE FD	173,254	$3,067	0.7%	$10.43	—	COM	153436100
MSGS	MADISON SQUARE GRDN SPRT COR	9,925	$2,567	0.6%	$206.57	+10.2%	CL A	55825T103
—	RALLYBIO CORP	1,529,653	$1,049	0.2%	$0.89	—	COM	75120L100
NLY	ANNALY CAPITAL MANAGEMENT IN	115,765	$2,589	0.6%	$20.21	—	COM NEW	035710839
BRSP	BRIGHTSPIRE CAPITAL INC	1,029,464	$5,765	1.3%	$5.31	—	COM CL A	10949T109
—	WHEELER REAL ESTATE INVT TR	5,271	$461	0.1%	$183.36	—	7% SR NT 31	963025804
CABA	CABALETTA BIO INC	387,491	$849	0.2%	$2.11	+17.5%	COM	12674W109
—	MFS HIGH YIELD MUN TR	1,497,718	$5,257	1.2%	$3.45	—	SH BEN INT	59318E102
—	TWO HARBORS INVENTMENT CORPO	1,613,000	$1,613	0.4%	$0.85	—	NOTE 6.250% 1/1	90187BAB7
—	BNY MELLON STRATEGIC MUNS IN	197,096	$1,254	0.3%	$6.05	—	COM	05588W108
—	ALLIANCEBERNSTEIN NATL MUN I	214,282	$2,319	0.5%	$10.94	—	COM	01864U106
—	DTF TAX-FREE INCOME 2028 TER	350,940	$4,008	0.9%	$10.82	—	COM	23334J107